FuboTV Inc (FUBO) 2025 Q2 法說會逐字稿

Thank you for standing by. My name is Kate, and I will be your conference operator today. At this time, I would like to welcome everyone to Fubo 2Q '25 earnings call. (Operator Instructions)

感謝您的支持。我叫凱特，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Fubo 2025 年第二季財報電話會議。（操作員指示）

I would now like to turn the call over to Ameet Padte, SVP, FP&A, Corporate Development, and Investor Relations. Please go ahead.

現在，我想將電話轉給財務規劃與分析、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 second-quarter 2025 results.

感謝您加入我們討論 Fubo 2025 年第二季的表現。

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.fubo.tv.

今天與我一起的還有 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.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 will start with some brief remarks on the quarter and our business, and John will cover the financials. 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 將介紹財務狀況。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 products 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. Except as otherwise noted, the results 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。除非另有說明，我們今天呈現的結果是基於持續經營的結果，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 Q2 2025 earnings shareholder letter, which is available on our website at ir.fubo.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 指標的對帳也可在我們的 2025 年第二季收益股東信中找到，該信可在我們的網站 ir.fubo.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.

另請注意，在問答期間，本公司不會提供任何與 Hulu+ Live TV 即將進行的業務合併以及超出我們已經分享的正在進行的監管事項相關的資訊。

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

說完這些，我會把電話轉給大衛。

Thank you, Ameet, and good morning, everyone. We appreciate you joining us today to discuss Fubo's second-quarter 2025 results. We are pleased to report that the second quarter represented Fubo's first quarter of positive adjusted EBITDA, an important milestone for our business. This achievement is the result of Fubo's focused execution, our ability to deliver on consumer needs and our commitment to value and relevance despite a fragmented and friction-filled streaming marketplace.

謝謝你，Ameet，大家早安。感謝您今天加入我們，討論 Fubo 2025 年第二季的表現。我們很高興地報告，第二季度是富博首次實現調整後 EBITDA 為正的季度，這對我們的業務來說是一個重要的里程碑。這項成就歸功於 Fubo 的專注執行、我們滿足消費者需求的能力以及我們在分散且充滿摩擦的串流媒體市場中對價值和相關性的承諾。

Our global streaming business exceeded both revenue and subscriber expectations in the second quarter. In North America, we delivered total revenue of $371 million, down 3% year over year and 1,356,000 paid subscribers, down 6.5% year over year.

我們的全球串流媒體業務在第二季度的收入和用戶數量均超出預期。在北美，我們的總收入為 3.71 億美元，年減 3%，付費用戶數為 1,356,000 人，年減 6.5%。

In the Rest of World, we closed the quarter with total revenue of $8.7 million, up 4.7% year over year and 349,000 paid subscribers, down 12.5% year over year.

在世界其他地區，本季我們的總收入為 870 萬美元，年增 4.7%，付費用戶數為 349,000 人，年減 12.5%。

We have filed a preliminary proxy statement seeking shareholder approval of our agreement with the Walt Disney Company to combine Fubo with Hulu+ Live TV. As previously stated, we continue to be excited about the potential to increase competition and consumer choice in the pay-TV space.

我們已提交一份初步代理聲明，尋求股東批准我們與華特迪士尼公司達成的將 Fubo 與 Hulu+ Live TV 合併的協議。如前所述，我們繼續對付費電視領域增加競爭和消費者選擇的潛力感到興奮。

The anticipated timeline to close this transaction is currently the fourth quarter of calendar year 2025 or the first quarter of calendar year 2026. Closing remains subject to regulatory approvals, Fubo shareholder approval and the satisfaction of other customary closing conditions.

目前預計完成該交易的時間為 2025 年第四季或 2026 年第一季。交易完成仍需獲得監管部門的批准、Fubo股東的批准以及其他常規成交條件的滿足。

Fubo has a demonstrated history of fighting for consumer choice, and we continue to focus on super serving customers with flexible content options at appropriate price points. In the coming weeks, we will launch Fubo Sports, a skinny content service for sports fans. We look forward to sharing more details soon.

Fubo 一直致力於爭取消費者的選擇，我們將繼續致力於以合適的價格為客戶提供靈活的內容選擇。在接下來的幾週內，我們將推出 Fubo Sports，一項針對運動迷的精簡內容服務。我們期待很快分享更多細節。

Fubo's recent launch of pay-per-view further underscores our commitment to offering flexible content experiences. This new feature allows both subscribers and non-subscribers to purchase access to premium live events, including boxing, wrestling, and soccer on a one-off basis. By opening the door to a broader audience, pay-per-view not only expands Fubo's reach, but also creates a strategic pathway to convert casual viewers into monthly subscribers.

Fubo 最近推出的按次付費服務進一步強調了我們致力於提供彈性內容體驗的承諾。這項新功能允許訂閱者和非訂閱者一次購買觀看拳擊、摔角和足球等高級現場賽事的權限。透過向更廣泛的受眾敞開大門，按次付費不僅擴大了 Fubo 的覆蓋範圍，而且還創建了將普通觀眾轉變為月度訂閱者的策略途徑。

Our strategy to introduce the Fubo experience to new audiences is exemplified by our recent content partnership with DAZN in the US. Through this collaboration, Fubo Sports Network, our free ad-supported streaming TV channel, has expanded its distribution to DAZN's platform, increasing visibility and reach. In turn, Fubo subscribers now enjoy access to a premium content package that includes the DAZN1 channel, featuring select exclusive sports rights.

我們最近與美國 DAZN 的內容合作體現了我們向新觀眾介紹 Fubo 體驗的策略。透過此次合作，我們的免費廣告串流電視頻道 Fubo Sports Network 已將其分發範圍擴展到 DAZN 平台，從而提高了知名度和影響力。反過來，Fubo 訂閱者現在可以存取包含 DAZN1 頻道的優質內容包，其中包含精選的獨家體育版權。

Notably, Fubo was first to market with this offering, reinforcing our leadership in sports streaming. At Fubo, we believe premium content must stand alongside product quality and user experience. Our recent launches of personalized features like Catch Up To Live, Game Highlights, and Timeline Markers optimize the live sports viewing experience on Fubo and complement our strategy of delivering the moments that matter, such as scoring plays in addition to full game access.

值得注意的是，Fubo 率先推出該產品，鞏固了我們在體育串流媒體領域的領導地位。在 Fubo，我們相信優質內容必須與產品品質和用戶體驗並駕齊驅。我們最近推出的個人化功能（如「追看直播」、「比賽精彩集錦」和「時間軸標記」）優化了 Fubo 上的體育直播觀看體驗，並補充了我們提供重要時刻的策略，例如除了完整的比賽訪問權限之外的得分錶演。

These and other engaging features enable our customers to consume content the way they choose and have driven a steady lift in time spent on Fubo.

這些和其他引人入勝的功能使我們的客戶能夠以自己選擇的方式消費內容，並推動了在 Fubo 上花費的時間的穩定提升。

In closing, the second quarter was a milestone for Fubo marked by our first ever quarter of positive adjusted EBITDA. We continue to focus on delivering a premium sports streaming experience at scale with flexibility and choice for every consumer. We look forward to keeping you updated on our progress.

最後，第二季對於 Fubo 來說是一個里程碑，這是我們有史以來第一個季度實現正調整後 EBITDA。我們將繼續致力於為每位消費者提供大規模、靈活的優質體育串流體驗和選擇。我們期待向您通報我們的進展。

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

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. Our second-quarter financial results reflect continued execution against our strategic priorities and profitability goals. Our performance once again demonstrates the value of our aggregated content model and technology-driven platform.

謝謝你，大衛。我們第二季的財務表現反映了我們繼續執行策略重點和獲利目標。我們的表現再次證明了我們的聚合內容模型和技術驅動平台的價值。

As disclosed last week in the announcement of our preliminary second-quarter 2025 results, the company meaningfully exceeded revenue and subscriber guidance. We delivered North America revenue of $371 million and North America paid subscribers of 1.36 million, and we are pleased with our ability to deliver outperformance in the second quarter versus expectations.

正如我們上週在 2025 年第二季初步業績公告中所揭露的那樣，該公司的收入和訂戶數量均大幅超出預期。我們在北美實現了 3.71 億美元的收入，北美付費用戶數為 136 萬，我們對第二季超出預期的業績感到滿意。

Ad revenue in North America totaled $25.5 million, a 2% year-over-year decline, primarily due to the loss of certain ad-insertable content from Warner Bros. Discovery and TelevisaUnivision.

北美廣告收入總計 2,550 萬美元，年減 2%，主要原因是失去了華納兄弟的某些廣告插入內容。Discovery 和 TelevisaUnivision。

Turning to Rest of World. Revenue was $8.7 million, and our subscriber count was 349,000 with both metrics also exceeding guidance. Net loss narrowed to $8 million or $0.02 per share compared to a loss of $25.8 million or $0.08 per share a year ago.

轉向世界其他地區。收入為 870 萬美元，我們的訂閱用戶數量為 349,000，這兩項指標也都超出了預期。淨虧損收窄至 800 萬美元或每股 0.02 美元，而去年同期的虧損為 2,580 萬美元或每股 0.08 美元。

We are also extremely pleased to report second quarter adjusted EBITDA of $20.7 million, an improvement of more than $30 million year over year. As David mentioned, this marks a major milestone as our first ever quarter of positive adjusted EBITDA. This underscores our ongoing focus on driving operating leverage in the model to best position the company for long-term growth.

我們也非常高興地報告第二季調整後的 EBITDA 為 2,070 萬美元，比去年同期成長了 3,000 多萬美元。正如 David 所提到的，這標誌著我們在第一個季度實現了正向調整後 EBITDA，這是一個重要的里程碑。這強調了我們持續專注於推動模型中的經營槓桿，以使公司在長期成長中佔據最佳位置。

Net cash used in operating activities in the quarter was $34.6 million and free cash flow declined by $2.4 million year over year to negative $37.7 million. We ended the quarter with over $285 million in cash, cash equivalents and restricted cash, providing ample financial flexibility.

本季經營活動所用淨現金為 3,460 萬美元，自由現金流年減 240 萬美元至負 3,770 萬美元。本季末，我們擁有超過 2.85 億美元的現金、現金等價物和受限現金，提供了充足的財務靈活性。

In closing, I want to emphasize how proud we are of this quarter's performance and the momentum we've sustained. We are energized by what we believe we can achieve through our pending business combination with Hulu + Live TV and look forward to updating you on our progress.

最後，我想強調的是，我們對本季的表現和保持的勢頭感到非常自豪。我們相信，透過與 Hulu + Live TV 進行的業務合併，我們能夠取得成就，我們對此充滿信心，並期待向您通報我們的進展。

With that, I'll turn it over to the operator for Q&A.

說完這些，我將把問題交給操作員進行問答。

(Operator Instructions) Patrick Sholl, Barrington Research.

（操作員指示）Patrick Sholl，Barrington Research。

Congrats on the EBITDA profitability. Just in terms of the third quarter, can you maybe just talk about some of the puts and takes and how we should formulate subscriber expectations for the quarter, just with the launch of products from competitors and near expected launch of a skinnier product? And with the competitive environment, how should we think about like the marketing efforts both to support -- to support your service relative to the traditional seasonal pattern?

祝賀 EBITDA 獲利。就第三季而言，您能否談談其中的一些利弊，以及在競爭對手推出新產品和即將推出更精簡的產品的情況下，我們應該如何制定本季的用戶預期？在競爭激烈的環境下，我們應該如何看待行銷工作，以支持您的服務（相對於傳統的季節性模式）？

Sure. Pat, maybe I'll start. This is John, and I think maybe David will jump in, too. But let me just start on July. Look, that finished in line in terms of the month with what we expected in terms of subscribers.

當然。帕特，也許我先開始。這是約翰，我想大衛也許也會加入。但我先從七月開始說吧。瞧，本月的訂閱用戶數與我們預期的一致。

What I would tell you, though, with the fall sports season starting soon, we would expect to see the typical seasonal uptick alongside of reactivations. In terms of puts and takes, we're mindful that the market is competitive. So the team spends a lot of time looking at SAC conversion and churn.

不過，我想告訴你的是，隨著秋季運動賽季即將開始，我們預計會看到典型的季節性上漲和重新激活。就收益和收益而言，我們注意到市場競爭激烈。因此，團隊花費大量時間研究 SAC 轉換和流失。

David, I'm not sure you have much to add on that.

大衛，我不確定你對此還有什麼要補充的。

Yeah. I would say, as you said on July, I think July, we're seeing some, I would say, relatively strong retention as it relates to our core English product. And because we've been so focused on more effective and efficient marketing, we believe that, that will lead to greater retention from this particular cohort going into the football season. And we're going to continue to maintain an effective and efficient approach to marketing in the third quarter because we do feel that there is that tailwind that we typically see in the season.

是的。我想說，正如您在七月所說的那樣，我認為在七月份，我們看到了與我們的核心英語產品相關的相對強勁的保留率。而且由於我們一直專注於更有效、更有效率的行銷，我們相信，這將使這個特定群體在足球賽季中獲得更高的保留率。我們將在第三季度繼續保持有效且高效的營銷方式，因為我們確實感覺到我們在這個季節通常會看到的順風。

Laura Martin, Needham.

勞拉·馬丁，尼德姆。

So David, I would like to go to the French acquisition. And the industrial logic there were not only were they great tech guys, but we also have really great like a free streaming service, and you're going to try to bring some of that know-how into Fubo to offer.

所以大衛，我想去法國收購。那裡的工業邏輯不僅在於他們擁有出色的技術人員，而且我們還有非常棒的免費串流媒體服務，您將嘗試將其中一些專業知識帶到 Fubo 來提供。

Can you update us on what's happening with the French assets? And were they -- did it actually come true? Did it actually, actually help you? Because I can't -- you haven't done that much with free services in front of the paywall in the end, right? So can you update us on whether the logic sort of worked there? And if not, why not? And if so, how?

能向我們介紹一下法國資產的最新進展嗎？而這些真的實現了嗎？它真的對你有幫助嗎？因為我不能——你最終在付費牆前沒有做那麼多免費服務，對嗎？那麼，您能否告訴我們這種邏輯是否有效？如果不是，為什麼？如果是的話，怎麼辦？

Yeah. Thank you, Laura. I think there were a few pieces to that acquisition that we talked about. One was our CTO, our current CTO led the Molotov streaming platform. So we've integrated the technology teams. We've been very focused on unifying our technology stack, which will give us a significant edge as we look to continue to drive value across the Rest of World. I know we've been very focused on France.

是的。謝謝你，勞拉。我認為我們討論了有關此次收購的幾個方面。一位是我們的首席技術官，我們現任的首席技術官領導莫洛托夫串流平台。因此我們整合了技術團隊。我們一直非常注重統一我們的技術堆疊，這將為我們帶來顯著的優勢，讓我們能夠繼續在世界其他地區創造價值。我知道我們一直非常關注法國。

But at the same time, as you know, we've been really focused on achieving our profitability targets. That has been the priority. But I will say in France that we're in the midst of discussing French property, sports properties, in particular, I still want to talk about the ones that we're in the process of negotiating, but we believe that there will be some significant sports rights that will likely come online in the coming few weeks.

但同時，如您所知，我們一直非常專注於實現獲利目標。這是當務之急。但我將在法國說，我們正在討論法國的財產，特別是體育財產，我仍然想談談我們正在談判的財產，但我們相信，一些重要的體育權利可能會在未來幾週內上線。

So we are very focused on that. I do believe that there's a significant opportunity there. The technology stack is now capable of handling multiple services that we develop. So I'm very bullish on that.

所以我們非常關注這一點。我確實相信那裡存在著重大機會。該技術堆疊現在能夠處理我們開發的多項服務。所以我對此非常樂觀。

The other thing is we haven't really provided Molotov with a lot of the ad technology that we've been developing over the last couple of years. And all of that, we believe, will become available to Molotov sometime in either end of fourth quarter or certainly around first quarter of 2026.

另一件事是，我們並沒有真正向莫洛托夫提供我們過去幾年開發的大量廣告技術。我們相信，所有這些都將在第四季度末或 2026 年第一季左右提供給莫洛托夫。

Interesting, David. And then the other one is, this is not you, this is me. Disney, in my opinion, has decided to collapse. They just told us that their launch of the new ESPN flagship service, ESPN+ is going to cost $30. And in that, you will get free Disney+ and Hulu. So they're collapsing all of their streaming services into this new ESPN flagship app. That's me.

有趣，大衛。另一個是，這不是你，這是我。在我看來，迪士尼已經決定倒閉了。他們剛剛告訴我們，他們推出的全新 ESPN 旗艦服務 ESPN+ 售價為 30 美元。而且，您還可以免費獲得 Disney+ 和 Hulu。因此，他們將所有串流媒體服務整合到這個新的 ESPN 旗艦應用程式中。這就是我。

So my question for you is, theoretical only, if you had an open book with unlimited access to all sports, having nothing to do with Fubo's pass, but just a much broader range of sports and you could overlay your tech aspirations onto the consumer experience. What would you say would be the ideal sort of upgraded consumer experience over what's in the marketplace today to give your offering -- your go-to-market a competitive advantage?

所以我想問您的問題是，這只是理論上的，如果您有一本可以無限制訪問所有體育項目的開放書籍，這與 Fubo 的通行證無關，而只是更廣泛的體育項目，您可以將您的技術願望疊加到消費者體驗上。您認為與當今市場相比，理想的升級消費者體驗是什麼，才能為您的產品—您的市場進入產品—帶來競爭優勢？

Look, I think we've been very focused on two things. One, we wanted to develop a super aggregated service where we can comfortably sell standalone offerings, which we've started to do as well as a more broad sports offering, whether it's the service or the bundle.

看，我認為我們一直非常關注兩件事。首先，我們希望開發一種超級聚合服務，讓我們可以輕鬆地銷售獨立產品，我們已經開始這樣做了，同時也提供更廣泛的體育產品，無論是服務還是捆綁服務。

And I think that that's where we're still headed. We've seen a nice uptick on the standalone offers that we put out there. It's become very clear that consumers are very focused on spending less rather than more, and we see that in the data, at least across Latino and some of our standalone sorts bundles.

我認為這就是我們繼續前進的方向。我們發現我們推出的獨立優惠有了顯著的成長。很明顯，消費者非常注重減少支出而不是增加支出，我們從數據中看到了這一點，至少在拉丁裔和一些獨立分類套餐中是如此。

But as it relates to a more broader opportunity, I do think that there continues to be a lot of fragmentation and confusion for consumers in the market. We will be implementing -- yes, actually, I think we implemented as of today and emails will be going out over the next few days, the authentication to ESPN+. But my sense is that a broader package will appeal to many people. Lots of folks don't have interest in looking for programming.

但由於它涉及更廣泛的機遇，我確實認為市場上的消費者仍然存在許多分散和困惑。我們將實施——是的，實際上，我認為我們從今天開始實施，並且電子郵件將在接下來的幾天內發出，對 ESPN+ 進行身份驗證。但我的感覺是，更廣泛的方案會吸引很多人。許多人對尋找程式設計不感興趣。

They're not sure where it can be found. But the market is evolving quickly, and I think we've been -- not only have we been proactive, but we've also been reactive very quickly to ensure that we remain at the forefront for consumers.

他們不確定在哪裡可以找到它。但市場正在快速發展，我認為我們不僅積極主動，而且還能迅速做出反應，以確保我們始終處於消費者的領先地位。

So broadly speaking, I do think that there's a need in the market for broad packages. And as we've always said, the goal is to deliver value to consumers along the demand curve at different price points. So that's what we'll continue to focus on.

所以從廣義上講，我確實認為市場需要廣泛的包裝。正如我們一直所說，目標是沿著需求曲線以不同的價格點向消費者提供價值。所以這就是我們將繼續關注的重點。

And again, as it relates to ESPN, I think everyone is looking for the right strategy. And again, this is just another example of a company that's looking to leverage all of its assets and create a better price-to-value equation for consumers in such a competitive environment.

再次，就 ESPN 而言，我認為每個人都在尋找正確的策略。再說一次，這只是公司希望利用所有資產並在如此競爭的環境中為消費者創造更好的價格價值平衡的另一個例子。

Alicia Reese, Wedbush.

艾莉西亞·里斯，韋德布希。

Congratulations on the positive EBITDA you printed in the quarter.

恭喜您本季實現了正的 EBITDA。

So if I could, I'd like to start by asking about the ad trends in the quarter. Obviously, you had some nice uptick in the ad ARPU year over year. So that was really nice to see. I'm wondering if you've seen a slowdown in the ad bookings related perhaps to the tariff pressure on consumer brands. And if by what you surmised the Fubo Sports Network FAST channel is working to offset those trends, if that's the piece that's offsetting it or if there are other factors, if you could highlight those?

因此，如果可以的話，我想先詢問本季的廣告趨勢。顯然，您的廣告 ARPU 同比去年有了一些不錯的成長。看到這一點真的很高興。我想知道您是否發現廣告預訂量有所放緩，這可能與消費品牌面臨的關稅壓力有關。如果您推測 Fubo Sports Network FAST 頻道正在努力抵消這些趨勢，如果這是抵消趨勢的因素，或者還有其他因素，您能否強調一下？

Yeah. Hey, Alicia, this is John. There's a few things in there. So if I missed anything, let me know.

是的。嘿，艾莉西亞，我是約翰。裡面有一些東西。因此，如果我遺漏了什麼，請告訴我。

But I'll start by saying on the tower front, I think I called out auto softness last quarter, particularly in foreign auto. I would say that's continued. But I wouldn't call the overall decline in dollars significant. I would say maybe it's 1 percentage point plus drag in terms of the total portfolio on growth.

但我首先要說的是，在塔式車市場方面，我認為我上個季度就指出汽車市場的疲軟，尤其是外國汽車市場。我想說這種情況還會繼續。但我並不認為美元整體的下跌有多大。我想說，就整個投資組合的成長而言，這也許會拖累 1 個百分點以上。

I'd say outside of auto, nothing stands out as it relates to, call it, tariff driven. More broadly on the consumer, what I would tell you is that as I look at some of the stronger categories and some of the larger categories, retail e-com is one of our top five categories, and it was up double digits. Tech was up strong double digits. And so I would say nothing too obvious there as it relates to the tariff piece.

我想說，除了汽車之外，沒有什麼與關稅驅動相關的突出問題。更廣泛地講，就消費者而言，我想告訴你的是，當我查看一些較強的類別和一些較大的類別時，零售電子商務是我們排名前五的類別之一，並且增長了兩位數。科技股強勁上漲兩位數。因此，我認為與關稅相關的問題沒有太明顯的地方。

I'd say more broadly on 3Q, I think too soon to call. July, as you know, is our smallest month of the quarter. I don't know that we have a strong read on back to school yet. And with the sports calendar hitting later this month, I'd say we'll have a better sense of the quarter kind of by mid to late August.

我想更廣泛地說一下第三季的情況，我認為現在下結論還為時過早。眾所周知，七月是我們本季規模最小的月份。我不知道我們是否已經對返校有了充分的了解。隨著本月稍後體育賽事日程的公佈，我想我們將在 8 月中下旬對本季的情況有更好的了解。

One last thing I'd also add -- sorry, go.

最後我還要補充一點——抱歉，走吧。

I was just wondering if you could highlight the -- at least qualitatively, how the FAST channel is contributing.

我只是想知道您是否可以強調一下——至少從品質上來說，FAST 頻道是如何做出貢獻的。

Yeah, sure. Yeah, sure. On the FAST channels, I think what David and I have said in the past is that in terms of the totality of it, the dollars are in the mid to high singles and the growth is in the strong doubles. And so over time, that number has grown, meaning as a percentage of the total.

是的，當然。是的，當然。關於 FAST 頻道，我認為 David 和我過去曾說過，就總體而言，美元處於中高單打水平，而增長處於強勁雙打水平。隨著時間的推移，這個數字不斷增長，佔總數的百分比也不斷增加。

So now FAST channels are, call it, high single digits, approaching low doubles and so -- and still growing strong double digits. And so a modest positive tailwind, if you will, to the overall ad growth.

因此，現在 FAST 通路的成長率已經達到了高個位數，接近低兩位數等等，並且仍然保持強勁的兩位數成長。因此，如果你願意的話，這對整體廣告成長來說是一個適度積極的順風。

Joseph Spiezio, BTIG.

約瑟夫·斯皮齊奧，BTIG。

In absence of guidance this quarter, I was just kind of hoping to get your thinking around the directional trend for EBITDA from here. If we strip out some of the onetime costs that were in the quarter, we still land at a pretty good number. So I was just curious if this is maybe the new normal in terms of EBITDA profitability or if there are some seasonal fluctuations that we should keep in mind looking forward?

由於本季缺乏指導，我只是希望您能從這裡了解 EBITDA 的方向趨勢。如果我們剔除本季的一些一次性成本，我們仍然可以獲得一個相當不錯的數字。所以我只是好奇這是否是 EBITDA 盈利能力方面的新常態，或者是否存在一些我們應該牢記的季節性波動？

Yeah, sure. I'll take that. This is John. Look, I would say that, as you know, our business has been and remains seasonal. Historically speaking, 2Q has been our strongest adjusted EBITDA quarter of the year. And then in the back half of the year, while we grow our subs sequentially meaningfully typically, there's also marketing costs associated with that. And so I would say that the normal seasonal trends as it relates to profitability directionally should continue.

是的，當然。我會接受的。這是約翰。我想說的是，正如你所知，我們的業務一直是季節性的。從歷史上看，第二季是我們一年中調整後 EBITDA 表現最強勁的季度。然後在今年下半年，雖然我們的訂閱量通常會持續顯著成長，但這也會產生相關的行銷成本。因此我想說，與獲利能力方向相關的正常季節性趨勢應該會持續下去。

Doug Arthur, Huber Research.

道格·亞瑟（Doug Arthur），Huber Research。

A question either for David or John. Just interested in your take on the sub guide that -- the original sub guide for Q2 and then the revised sub guide a couple of weeks ago, what were the sort of puts and takes on that? And then a follow-up. In terms of these broad relationships that you have terminated over the last several quarters, where are we in terms of the arc of those like Univision? Where do you see that sort of annualizing?

這個問題是問大衛還是約翰。我只是想知道您對子指南的看法——Q2 的原始子指南以及幾週前修訂的子指南，對此有何看法？然後進行後續行動。就過去幾季你們終止的這些廣泛合作關係而言，我們與 Univision 等公司的合作關係處於什麼位置？您在哪裡看到這種年度化現象？

This is John. Maybe I'll start with the sub guide. And so look, to your point, we guide more or less to where we're forecasted in terms of pacing. And so we came in, call it, 100,000 or so ahead relative to the original guide.

這是約翰。也許我應該從子指南開始。所以，就你的觀點而言，我們或多或少會按照我們預測的速度來引導。因此，我們比原來的指南領先了大約 10 萬人。

I would say it was a couple of things there. One was that we continue to see strong interest in the Latino product given the price reduction there post the Univision drop. And then we've also seen better retention trends in terms of churn across the portfolio for the quarter.

我想說的是那裡有幾件事。一是，鑑於 Univision 停播後拉丁裔產品的價格下降，我們繼續看到人們對拉丁裔產品的濃厚興趣。我們也看到本季整個投資組合的客戶流失率呈現更好的保留趨勢。

Yeah. And just to add to that, as John said, I mean, we have had a very difficult year that I think we've performed exceptionally well in with respect to the number of content channels and partners that have dropped since June of last year, as you've rightly stated, Warner Bros. Discovery as well as Univision. I think, again, as I said earlier, it's very clear consumers are price sensitive at this point. They're looking for a tremendous amount of value.

是的。補充一點，正如約翰所說，我們度過了非常艱難的一年，但我認為，就內容管道和合作夥伴的數量而言，我們的表現非常好，儘管自去年 6 月以來，這些數量有所下降，但正如你正確指出的那樣，華納兄弟。探索頻道 (Discovery) 和環球電視網 (Univision)。我認為，正如我之前所說，很明顯消費者現在對價格很敏感。他們正在尋找巨大的價值。

And we have seen -- although we ended up not able to get to a deal with Univision, we've still seen a pretty strong conversion uptick on our Latino packages, which John briefly mentioned in his earlier comment. And so we think that those deals will ultimately work themselves out.

我們已經看到——儘管我們最終未能與 Univision 達成協議，但我們的拉丁裔套餐的轉換率仍然大幅上升，John 在之前的評論中簡要提到了這一點。因此我們認為這些交易最終會順利完成。

But I think right now, we're situated well. We've been able to stabilize the advertising business after losing a significant number of advertising-enabled channels. We've started to put together some standalone offers. We're very focused on our skinny sports service that we've called Fubo Sports.

但我認為現在我們的處境很好。在失去大量廣告管道後，我們已經能夠穩定廣告業務。我們已經開始整合一些獨立的優惠。我們非常專注於瘦身運動服務，我們稱之為「Fubo Sports」。

And so again, we're really looking for price value equation. I think over time, particularly over the next year with some of the changes that are going to happen at the traditional media company side. We just -- we're keeping our options open. But again, we think those things will work themselves out in due time.

所以，我們真正在尋找的是價格價值方程式。我認為隨著時間的推移，特別是明年傳統媒體公司方面將會發生一些變化。我們只是—我們保留我們的選擇。但我們再次認為，這些事情會在適當的時候得到解決。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

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。