FuboTV Inc (FUBO) 2026 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 2026 earnings call.

您好，感謝您的耐心等待。我叫蒂芬妮，今天將由我擔任你們的會議接線生。在此，我謹代表Fubo公司歡迎各位參加2026年第一季財報電話會議。

All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session.

所有線路均已靜音，以防止任何背景噪音。演講結束後，將進行問答環節。

(Operator Instructions) I would now like to turn the call over to Ameet Padte, SVP of Financial Planning, Analysis, Corporate Development, Investor Relations. Ameet, please go ahead.

（操作員指示）現在，我想把電話轉交給財務規劃、分析、企業發展、投資人關係資深副總裁 Ameet Padte。請開始會面。

Thank you for joining us to discuss Fubo's first quarter fiscal 2026 results. With me today is David Gandler, Co-founder and CEO of Fubo, and John Janedis, CFO of Fubo.

感謝您參加本次關於Fubo 2026財年第一季業績的討論會。今天和我一起的有 Fubo 的共同創辦人兼執行長 David Gandler 和 Fubo 的財務長 John Janedis。

Full details of our results and additional management commentary are available in our earnings release and letter to shareholders, which can be found on the Investor Relations section of our website at ir.fubo.tv.

有關我們業績的完整詳情和管理層補充評論，請參閱我們的盈利報告和致股東信，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 將介紹財務數據。然後我們將把電話轉交給分析師進行問答環節。

I would like to remind everyone that the following discussion may contain forward-looking statements within the meaning of the federal securities laws. These include statements regarding our financial condition, anticipated financial performance, expected synergies and benefits from our recent business combination, business strategy and plans, including our products, subscription packages, and commercial agreements, 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意義上的前瞻性陳述。這些聲明包括有關我們財務狀況、預期財務業績、近期業務合併的預期協同效應和收益、業務戰略和計劃（包括我們的產品、訂閱套餐和商業協議）、市場、行業和消費者趨勢以及對成長和盈利能力的預期。

These forward-looking statements are subject to certain risks, uncertainties, and assumptions which could cause actual results to differ materially from our current expectations. For further information, refer to the earnings release we issued today, our letter to shareholders, and our SEC filings, all of which are available on our website at ir.fubo.tv.

這些前瞻性陳述受到某些風險、不確定性和假設的影響，這些風險、不確定性和假設可能導致實際結果與我們目前的預期有重大差異。如需了解更多信息，請參閱我們今天發布的盈利報告、致股東的信函以及我們向美國證券交易委員會提交的文件，所有這些文件都可以在我們的網站 ir.fubo.tv 上找到。

During the quarter, we closed our business combination with Hulu+ live TV. As a result, our reported results for the current period reflect the results of the Hulu Live Business prepared on a carved out basis for the period from September 28, 2025 to October 28, 2025 and excludes Fubo's results for this period.

本季度，我們完成了與 Hulu+ 直播電視的業務合併。因此，我們報告的本期業績反映了 Hulu Live 業務在 2025 年 9 月 28 日至 2025 年 10 月 28 日期間的業績，該業績是按分拆方式編制的，不包括 Fubo 在此期間的業績。

For the period from October 29, 2025 through December 31, 2025, the results include the combined Fubo and Hulu Live businesses.

2025 年 10 月 29 日至 2025 年 12 月 31 日期間的表現包括 Fubo 和 Hulu Live 兩家公司的合併表現。

The reported prior year period fiscal Q1 2025 also reflects Hulu Live financials prepared on a carved-out basis and excludes the results of the historical Fubo business. To facilitate comparability between periods, we will discuss certain results on a pro forma basis, giving effect to the transaction as if it had been completed at the beginning of the first period presented.

報告的上一年度期間（2025 財年第一季）也反映了以分拆基礎編製的 Hulu Live 財務數據，並且不包括歷史 Fubo 業務的業績。為了方便比較不同期間的情況，我們將以備考方式討論某些結果，使交易如同在所列第一個期間開始時完成一樣生效。

We will also refer to certain non-GAAP measures during the call. Please refer to our Q1 fiscal 2026 letter to shareholders available on our website at ir.fugo.tv for a further description of the pro forma presentation and reconciliation of these non-GAAP measures to the most directly comparable GAAP measure.

我們也會在電話會議中提及一些非GAAP指標。有關這些非GAAP指標的備考列報和與最直接可比較的GAAP指標的調節的更多說明，請參閱我們網站ir.fugo.tv上提供的2026財年第一季致股東信。

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

接下來，我將把電話交給大衛。

Thank you, Ameet, and good morning everyone. Q1 marked our first as the owner of Hulu Live, and it validated the strategic rationale behind the combination, offering greater scale, broader distribution, and improved economics.

謝謝你，Ameet，大家早安。第一季是我們作為 Hulu Live 所有者的第一個季度，它驗證了合併背後的戰略理由，提供了更大的規模、更廣泛的分銷和更好的經濟效益。

On a pro forma basis over the past 12 months, the Fubo and Hulu Live businesses generated $6.2 billion of revenue and ended the period with 6.2 million subscribers in North America. This firmly establishes us as a scaled and relevant player in the Pay TV market and one focused on growing.

以過去 12 個月的考試基準計算，Fubo 和 Hulu Live 業務創造了 62 億美元的收入，並在北美地區擁有 620 萬訂閱用戶。這鞏固了我們作為付費電視市場中規模化、具有影響力的參與者的地位，並使我們專注於發展壯大。

On a trailing 12-month pro forma basis, adjusted EBITDA was $77.9 million. As a combined company, we believe there are meaningful opportunities ahead to unlock synergies and efficiencies that will support sustained growth and improved profitability.

以過去 12 個月的考試基準計算，調整後的 EBITDA 為 7,790 萬美元。合併後的公司相信，未來將有很多有意義的機會來釋放綜效和提高效率，從而支持持續成長和提高獲利能力。

Since closing the Hulu Live combination in late October, our priority has been execution to expand reach, scale, and monetization across all of our services. And just a few months in, we are converting strategy into action.

自 10 月下旬完成對 Hulu Live 的收購以來，我們的首要任務是執行，以擴大我們所有服務的覆蓋範圍、規模和盈利能力。短短幾個月，我們就將策略轉化為行動。

We are nearing completion of stage one of our integration plan, migrating Fubo's ad tech into the Disney ad server. Once live later this month, Fubo inventory will be sold alongside Disney Plus, ESPN Plus, and Hulu.

我們的整合計畫第一階段即將完成，即將把 Fubo 的廣告技術遷移到迪士尼的廣告伺服器。本月晚些時候上線後，Fubo 的庫存將與 Disney Plus、ESPN Plus 和 Hulu 一起銷售。

We expect this integration to drive a meaningful uplift in both CPM and fill rates. Stage 2 of our plan is focused on the consumer. We've experienced strong market traction for our well priced Fubo Sports service. It resonates with value oriented consumers and complements our broader content offering.

我們預期此次整合將顯著提升 CPM 和訂單滿足率。我們計劃的第二階段將重點放在消費者。我們價格合理的Fubo Sports服務獲得了強勁的市場迴響。它能引起注重價值的消費者的共鳴，並完善我們更廣泛的內容產品。

Fubo Sports includes major networks such as ESPN, ABC, CBS, and FOX, among others. Building on this momentum, we are pleased to announce that we are working with ESPN to include Fubo Sports in ESPN's commerce flow. Customers will be able to purchase Fubo Sports alongside offerings such as ESPN Unlimited and the ESPN, Disney Plus, Hulu bundle, and then watch directly on the Fubo app.

Fubo Sports 包括 ESPN、ABC、CBS 和 FOX 等主要電視網。乘著這股勢頭，我們很高興地宣布，我們正在與 ESPN 合作，將 Fubo Sports 納入 ESPN 的商業流程。顧客可以同時購買 Fubo Sports 和 ESPN Unlimited、ESPN、Disney Plus、Hulu 套餐等服務，然後直接在 Fubo 應用程式上觀看。

This opportunity is particularly exciting, given ESPN's scale. Per Comscore. ESPN's digital and social properties reached four out of every five US adults in November of 2025, representing hundreds of millions of unique fans. It allows us to market Fubo Sports directly to a sports-centric audience and drive subscriber growth more efficiently with meaningfully lower customer acquisition costs.

考慮到ESPN的規模，這個機會尤其令人興奮。據 Comscore 報導。2025 年 11 月，ESPN 的數位和社群平台覆蓋了五分之四的美國成年人，擁有數億獨立粉絲。它使我們能夠直接向以運動為中心的受眾推廣 Fubo Sports，並以顯著降低的客戶獲取成本更有效地推動用戶成長。

We continue to focus on our Spanish speaking audience and in fiscal 1Q '26, we delivered record high subscribers on Fubo's Latino product. In January, Hulu Live launched the Spanish language bundle, meaning that Spanish speaking customers now have two plan options within the Fubo and Hulu Live ecosystem.

我們繼續專注於我們的西班牙語受眾，在 2026 財年第一季度，Fubo 的 Latino 產品訂閱用戶數量創歷史新高。今年 1 月，Hulu Live 推出了西班牙語套餐，這意味著講西班牙語的用戶現在在 Fubo 和 Hulu Live 生態系統中有兩種套餐選擇。

Stage 3 of our plan focuses on achieving content cost efficiencies commensurate with our increased scale and applying greater portfolio discipline as we evaluate which content best supports flexible pricing and affordability.

我們計劃的第三階段重點是實現與我們不斷擴大的規模相稱的內容成本效益，並在評估哪些內容最能支持靈活定價和可負擔性時，應用更嚴格的投資組合管理。

As major distribution agreements for the Fubo services and the Hulu Live service come up for renewal, our objective is to move towards market-based pricing and penetration that reflects our combined increased scale.

隨著 Fubo 服務和 Hulu Live 服務的主要分銷協議即將續簽，我們的目標是轉向以市場為基礎的定價和滲透，以反映我們合併後不斷擴大的規模。

In the near term, I want to address NBCUniversal as we've received questions from investors and subscribers. Through November, our teams were engaged in renewal discussions with NBCU.

近期，我想談談NBC環球，因為我們收到了投資者和訂閱用戶的相關問題。整個十一月，我們的團隊都在與NBC環球進行續約談判。

Following the confirmation of the Versant spinoff, we paused discussions to allow the separation process to proceed. Beginning in early January, Comcast ceased engagement in renewal discussions despite multiple outreach attempts.

在 Versant 分拆計劃得到確認後，我們暫停了討論，以便讓分拆過程繼續進行。從1月初開始，儘管多次嘗試聯繫，康卡斯特公司仍停止了續約談判。

Comcast indicated that they are satisfied with their existing Hulu Live arrangement and do not intend to engage in renewal discussions on the Fubo side at this time, preferring to re-engage closer to the Hulu Live expiration. Given that most commercial terms had been largely aligned prior to the Versant spin-off, this position is very difficult to reconcile.

康卡斯特表示，他們對現有的 Hulu Live 合作安排感到滿意，目前不打算與 Fubo 方面進行續約談判，而是傾向於在 Hulu Live 到期前再進行談判。鑑於 Versant 分拆之前大多數商業條款已經基本達成一致，這種立場很難調和。

Importantly, the subscriber impact to date has been modest since the removal of NBC content and better than our expectations. We believe this reflects the resilience of our sports-focused value proposition, the actions we took to preserve consumer value, including our decision to lower prices and customers' ability to supplement Fubo with Peacock.

重要的是，自從移除 NBC 內容以來，迄今為止對訂閱用戶的影響並不大，而且比我們預期的要好。我們認為這反映了我們以體育為中心的價值主張的韌性，以及我們為維護消費者價值而採取的行動，包括我們降低價格的決定，以及客戶能夠將 Fubo 與 Peacock 結合使用。

While we remain open to constructive engagement, we will review the role of the NBCU and Versant portfolios as we continue to evaluate content alignment for our 6 million-plus subscriber base.

儘管我們仍然願意進行建設性的交流，但隨著我們繼續評估內容與我們超過 600 萬訂閱用戶群的契合度，我們將重新審視 NBCU 和 Versant 旗下業務的作用。

Looking ahead, our 2026 North Star is simple, growth. We are focused on expanding our subscriber base through differentiated sports offerings, scale distribution partnerships, and improved monetization, driving long-term value for consumers and shareholders.

展望未來，我們 2026 年的北極星目標很簡單：成長。我們致力於透過差異化的體育產品、規模化的分銷合作夥伴關係和改進的獲利模式來擴大用戶群體，從而為消費者和股東創造長期價值。

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

現在我將把電話交給財務長約翰·賈內迪斯，讓他更詳細地討論我們的財務表現。約翰。

Thank you, David, and good morning, everyone. Fiscal Q1 2026 marked our first quarter reporting as a combined company following the completion of our business combination with Hulu Live in late October.

謝謝你，大衛，大家早安。2026 財年第一季是我們與 Hulu Live 於 10 月下旬完成業務合併後，作為合併公司發布的第一季財報。

As a reminder, because the transaction closed mid-quarter, to aid in analysis of the combined business, we will also discuss our results on a pro forma basis, giving effect to the combination as if it had been completed at the first period presented.

提醒各位，由於該交易是在本季度中期完成的，為了幫助分析合併後的業務，我們還將按備考基準討論我們的業績，將合併的影響視為該合併已在第一個報告期內完成。

Turning to the financial results for the quarter. In North America, reported revenue was $1.54 billion compared to $1.11 billion in the prior year period. On a pro forma basis, North American revenue was $1.68 billion compared to $1.58 billion in the prior year, representing growth of 6%.

接下來來看看本季的財務業績。在北美，報告收入為 15.4 億美元，而去年同期為 11.1 億美元。以備考基準計算，北美地區營收為 16.8 億美元，而去年同期為 15.8 億美元，成長了 6%。

This reflects the scale of the combined platform and continued demand for Live TV streaming across both the Fubo and Hulu Live brands.

這反映了合併後平台的規模，以及Fubo和Hulu Live兩大品牌對直播電視串流服務的持續需求。

On a combined basis, we ended the quarter with approximately 6.2 million North America subscribers compared to 6.3 million in the prior year.

整體而言，本季末我們在北美擁有約 620 萬用戶，而去年同期為 630 萬。

Turning to our profitability metrics, our reported net loss for the quarter was $19.1 million, a meaningful improvement from a $38.6 million loss in the prior year period.

從獲利能力指標來看，本季報告的淨虧損為 1,910 萬美元，與上年同期虧損 3,860 萬美元相比，有了顯著改善。

On a pro forma basis, net loss improved to $46.4 million compared to $130.4 million last year. Importantly, we delivered positive pro forma adjusted EBITDA of $41.4 million nearly doubling from $22 million in the prior year period.

以備考基準計算，淨虧損從去年的 1.304 億美元改善至 4,640 萬美元。重要的是，我們實現了經過調整後的 EBITDA 為 4,140 萬美元，比去年同期的 2,200 萬美元幾乎翻了一番。

From a cash and liquidity perspective, we entered the quarter with $458.6 million in cash, cash equivalents and restricted cash. Note that operating cash flow in the quarter was impacted by working capital timing, particularly of bills and accounts receivable following the close of the transaction, which we expect to normalize over subsequent quarters.

從現金和流動性角度來看，我們本季初擁有 4.586 億美元的現金、現金等價物和受限現金。請注意，本季的經營現金流受到營運資金到帳時間的影響，特別是交易完成後應收帳款和帳單的到帳時間，我們預計這種情況將在隨後的幾季內得到改善。

Earnings per share for the quarter reflected a loss of $0.02 based on 351.9 million Class A Shares outstanding with an additional 947.9 million Class B Shares outstanding on a vote-only basis.

本季每股收益反映出虧損 0.02 美元，基於已發行 3.519 億股 A 類股份，以及僅具有投票權的 9.479 億股 B 類股份。

We also announced today a planned reverse stock split of our common stock. The reverse split is intended to make the stock more accessible to a broader base of investors and will reduce the number of outstanding shares of common stock to a level better aligned with the company's size and scope.

我們今天也宣布了一項普通股反向股票分割計畫。反向拆股旨在讓更多投資者更容易獲得股票，並將流通在外的普通股數量減少到與公司規模和範圍更相符的水平。

We aim to execute the reverse split by the end of fiscal 2Q26. In summary, fiscal Q1 represented a strong start to the year and an important first quarter as a combined company.

我們的目標是在2026財年第二季末完成反向拆股。總而言之，第一財季標誌著今年開局強勁，也是合併後公司重要的第一個季度。

Our results demonstrate healthy top-line growth and significant year over year expansion and profitability metrics, including positive pro forma adjusted EBITDA.

我們的表現顯示營收健康成長，獲利能力指標和年比顯著擴張，包括正的備考調整後 EBITDA。

As we move forward, we remain focused on disciplined execution, driving further efficiencies across the combined business, and continuing to improve our profitability metrics and cash generation over time.

展望未來，我們將繼續專注於嚴謹的執行，進一步提高合併後業務的效率，並隨著時間的推移不斷改善我們的獲利能力指標和現金流。

With that, I'll turn the call back to the operator for questions. Operator.

這樣，我就把電話轉回接線生，回答大家的問題。操作員。

(Operator Instructions) David Joyce, Seaport Research Partners.

（操作說明）David Joyce，Seaport Research Partners。

Thank you. Two questions, please. First, to kind of drill down a little further on the issue with NBCUniversal, with more streamers getting more access to sports rights and industry consolidation out of the way, what's your view to being able to retain or regain sports rights to keep that new focus going forward? And do you think that Comcast is not re-engaging because they're driving the Peacock service in the near term because of the Olympics? Can you return to the table with TelevisaUnivision for soccer? When does the Peacock -- or when does the Comcast and NBC deal with Hulu Live come up for renewal? Any further thoughts on that, please?

謝謝。請問兩個問題。首先，為了更深入地探討一下 NBCUniversal 的問題，隨著越來越多的串流平台獲得更多體育賽事版權，以及行業整合的推進，您認為 NBCUniversal 能否保留或重新獲得體育賽事版權，從而繼續保持這一新的發展方向？你認為康卡斯特沒有重新參與是因為他們在短期內要利用奧運來推廣Peacock服務嗎？你們能和 TelevisaUnivision 重返足球轉播桌嗎？Peacock（或稱為 Hulu Live）的續約協議何時到期？關於這一點，您還有其他想法嗎？

Yeah, why don't I take that, John. So David, thank you. This is David. I mean there was a bunch of questions in there. So let me start with, if I remember, with the NBC question.

是啊，約翰，我來拿吧。大衛，謝謝你。這是大衛。我的意思是，裡面有很多問題。那麼，如果我沒記錯的話，就讓我先從NBC提出的問題開始。

First, I want to say that, obviously going forward, we're not going to separate out the numbers for Hulu Live and Fubo, but just to be very clear, we were up 3% year over year versus the prior year in subscribers despite the fact that we were down with NBC for, I believe, over four weeks. So it speaks to the quality of the team, our ability to market on platform, and to really understand the type of consumers we have. We also were able to drive some traffic to Hulu Live TV.

首先，我想說，顯然，今後我們不會再單獨統計 Hulu Live 和 Fubo 的數據，但需要明確的是，儘管我們與 NBC 的合作中斷了（我相信超過四周），但我們的訂閱用戶數量仍比上一年增長了 3%。這體現了我們團隊的素質、我們在平台上進行行銷的能力，以及我們對所擁有消費者類型的真正了解。我們也成功地為 Hulu Live TV 帶來了一些流量。

As it relates to the programming, look, we have strong relationships with the leagues. We have an excellent relationship with Major League Baseball. We've been working with them closely as teams begin to migrate to the MLB platform. But for the most part, I think the major content deals and partnerships that we have with obviously with Disney, FOX, CBS, those are still active. And let's not forget NBC is still on Hulu Live and we're working with Disney and the Hulu team to ensure that we can drive traffic to NBC on Hulu Live.

至於節目製作方面，我們與各聯盟都保持著良好的關係。我們與美國職棒大聯盟保持著良好的關係。隨著各隊開始遷移到 MLB 平台，我們一直在與他們密切合作。但總的來說，我認為我們與迪士尼、福斯、哥倫比亞廣播公司等主要內容交易和合作關係仍然有效。別忘了，NBC 仍然在 Hulu Live 上播出，我們正在與迪士尼和 Hulu 團隊合作，以確保我們能夠為 Hulu Live 上的 NBC 帶來流量。

As it relates to Univision, again, just to want to be very clear here, we've exceeded our own expectations. We've reached an all-time high on our Latino package, and in the same vein, Hulu Live now has its own Skinny package which does include Univision.

關於 Univision，再次強調，我們已經超越了自己的預期。我們的拉丁裔套餐價格達到了歷史最高水平，同樣，Hulu Live 現在也推出了自己的精簡套餐，其中包含 Univision 頻道。

And so going forward we should be thinking about our sub-base in totality. So we're north of 6 million subscribers, which is the second largest vMVPD in the United States, and we think that we'll be very focused on continuing to provide flexibility, optionality, and affordable packaging.

因此，展望未來，我們應該從整體上考慮我們的潛艇基地。我們現在擁有超過 600 萬用戶，是美國第二大虛擬多頻道視訊節目分銷商 (vMVPD)，我們認為我們將繼續專注於提供靈活性、選擇性和價格合理的套餐。

Clark Lampen, BTIG.

克拉克·蘭彭，BTIG。

Thanks very much. John, I know you guys aren't providing guidance for the year, but maybe with regard to sort of '26 and if we refer back to the old forecast that you provided as part of the proxy, can you remind us whether those targets included any revenue and expense synergies? You guys have laid out a couple of things that seem potentially interesting with ad server integration and consumer packaging flows that could be accretive. Was that a part of the old guidance?

非常感謝。約翰，我知道你們沒有提供今年的業績指引，但是關於 2026 年的情況，如果我們回顧一下你之前在委託書中提供的預測，你能否提醒我們一下，那些目標是否包括任何收入和支出協同效應？你們提出的幾個方面，例如廣告伺服器整合和消費者包裝流程，看起來很有潛力，可能會帶來收益。那是舊版指導方針的一部分嗎？

And then, maybe second question for your fiscal Q2, the March quarter, should we expect that assuming nothing changes with NBC, do you anticipate positive year on year growth with subscribers, or is there any context that you could provide directionally for how we should think about the impact maybe for fiscal Q2 or fiscal Q3? Thanks a lot.

那麼，關於您的第二財季（3 月的季度），第二個問題可能是：假設 NBC 的情況沒有變化，您是否預計訂閱用戶數量將實現同比增長？或者，您能否提供一些方向性訊息，以便我們思考其對第二財季或第三財季的影響？多謝。

Yeah, sure, Clark. So let me handle the first question and then I'll go on to the one about the March quarter. So on synergies, when we put the deck out last January, what was in there, what we stated was that we expected and assumed $120 million-plus in synergies.

當然可以，克拉克。那麼，讓我先回答第一個問題，然後再回答關於三月季度的問題。所以關於協同效應，當我們去年一月發布簡報時，其中我們聲明，我們預期並假設會有超過 1.2 億美元的協同效應。

In that deck, we also stated that the assumption was those took place on day one in terms of when the deal closed, and that was more or less a simplifying assumption. In terms of the timeline around that, maybe just give a little bit more color, in the short-term, to David's point around the Disney ad server, that will come first in terms of the synergies. That's a combination of film and CPM.

在那份文件中，我們也提到，假設這些事情發生在交易完成的第一天，這或多或少是一個簡化的假設。就時間安排而言，或許可以稍微補充一些細節，短期內，大衛關於迪士尼廣告伺服器的觀點，這將是協同效應的首要目標。這是電影和 CPM 的結合。

And maybe a little more color on that. If you think about our ad numbers, at Fubo standalone historically, call it, they're around, say, 100 million-ish. And so I would say that the CPM and the fill opportunity is both in the double-digits.

或許還可以再添一點細節。如果你看看我們Fubo的廣告數量，單就歷史數據而言，大概在1億左右。因此，我認為 CPM 和成交機會都達到了兩位數。

The second piece was the content and slash programming synergies, those are -- I call more medium to long-term because those take place as contracts renew. There's a third piece that we didn't speak to a year ago, which was, I'd say, call it, procurement. We're in the very early stages of that now, and I would say I'm optimistic that that could be a needle mover.

第二部分是內容和/或節目製作的協同效應，這些——我稱之為中長期效應，因為這些效應會在合約續約時發生。一年前我們沒有談到的第三個方面，我稱之為採購。我們現在還處於非常早期的階段，但我認為它可能會起到關鍵作用。

And so those are the 3, but again, none of those assumed day one -- I'm sorry, they all assume day one. But they will -- clearly fluent over time.

所以以上就是這 3 個，但再說一遍，它們都沒有假設第一天——抱歉，它們都假設第一天。但隨著時間的推移，他們肯定會變得非常流利。

Sorry, John. Just one more thing, Clark, this is David. Just around NBC, I understand that it's a concern, but as I mentioned before, we believe that it's very important for us to be able to provide various packaging across a spectrum where we're able to offer consumers enough flexibility and it's very important to note that the Fubo Sports service, which is a skinnier version of our Legacy Fubo package, which includes NBC, is actually performing very well.

抱歉，約翰。克拉克，還有一件事，這位是大衛。我知道NBC方面存在一些問題，但正如我之前提到的，我們認為提供各種套餐非常重要，以便為消費者提供足夠的靈活性。值得注意的是，Fubo Sports服務（它是我們包含NBC的Legacy Fubo套餐的精簡版）的表現實際上非常好。

We haven't been marketing it very hard. It continues to grow, trial conversion rates are very high. And more importantly, when you look at -- I think that package is now in its third or fourth month, when you look at it from a retention perspective, retention is actually about 30% above what the legacy plan is.

我們並沒有大力推廣這款產品。它持續成長，試用轉換率非常高。更重要的是，當你觀察——我認為這個套餐現在已經進入第三或第四個月了——從用戶留存率的角度來看，其留存率實際上比傳統套餐高出約 30%。

And so when I think about a future in the short-term that might or may -- or may not include NBC, I think this package has a significant opportunity to grow. It fits very nicely into the overall ecosystem with YouTube TV sitting in that sort of $80-plus range. And then you have the ESPN, FOX One bundle, which, if I'm not mistaken, is in that sort of high 30s range. And with our promotional pricing of $45.99 or $44.99, this is a very attractive entry point to get access to local NFL games, college football, and a very strong portfolio of programming. So again, basically what we're seeing now is just strong KPIs across that package.

因此，當我考慮短期內可能包含或不包含 NBC 的未來時，我認為這個組合有很大的發展機會。它與 YouTube TV 的整體生態系統非常契合，YouTube TV 的價格在 80 美元以上。然後還有 ESPN 和 FOX One 的捆綁套餐，如果我沒記錯的話，價格大概在 30 多美元左右。憑藉我們 45.99 美元或 44.99 美元的促銷價格，這是一個非常有吸引力的入門機會，可以觀看當地的 NFL 比賽、大學橄欖球賽以及非常強大的節目組合。所以，基本上我們現在看到的是，該方案的各個關鍵績效指標都表現強勁。

And as I mentioned before with ESPN, if we can -- I mean if we can figure out very quickly, which, as you've heard that we're doing, we should be able to drive a tremendous amount of traffic at some point when we go live with them.

正如我之前提到的與 ESPN 的合作，如果我們能夠——我的意思是，如果我們能夠很快地弄清楚這一點，正如你們所聽到的，我們正在這樣做，那麼當我們與他們合作直播時，我們應該能夠在某個時候吸引大量的流量。

There are two different opportunities that we've been focused on. The first really is around marketing. Think of what YouTube is able to do for YouTube TV from a top of the funnel perspective. ESPN, engages with four out of five adults in the United States. So if we can just leverage that, that should have a significant impact on our blended sack numbers and frankly, we could be a lot more measured and disciplined around how we market. So that's just one angle.

我們一直關注著兩個不同的機會。首先，這確實與行銷有關。從用戶轉換漏斗頂端的角度來看，想想 YouTube 能為 YouTube TV 做些什麼。ESPN 在美國擁有五分之四的成年觀眾。所以如果我們能夠利用這一點，應該會對我們的綜合擒殺數產生重大影響，坦白說，我們在行銷方面可以更加謹慎和自律。這只是其中一個角度。

And the second one in the commerce flow, again, this is another area where not only it would open up the funnel, but at the same time I think it would have a pretty significant retention metrics around it just, given the fact that this would be part of an ESPN umbrella or ID.

在商業流程的第二個方面，這不僅會打開銷售漏斗，而且我認為，考慮到這將是 ESPN 旗下或 ID 的一部分，它還將擁有相當重要的用戶留存指標。

So all of these things I think are positive and I think this gives us a chance to continue to grow. We've demonstrated our ability to grow, losing partners, in the past and our goal is to continue to grow this product and reach new highs.

所以我認為所有這些都是積極的，我認為這給了我們繼續發展的機會。我們過去已經證明，即使失去合作夥伴，我們也能繼續發展壯大，我們的目標是繼續發展這款產品，並達到新的高峰。

And Clark, maybe one last thing or an exclamation point on David's comment. As it relates to growth going forward, whether it's the March quarter, June quarter, or beyond, let me just add a couple more things.

克拉克，或許可以對大衛的評論補充一點，或者說加個感嘆號。至於未來的成長，無論是三月的季度、六月的季度還是更遠的未來，我只想補充幾點。

One is, again, we've been pleased to date with the results, but clearly, we'll know more following the Super Bowl and then the Olympics. And just as a reminder, traditionally we don't spend much against the Olympics because those subs don't retain well, but our goal is to grow and to grow profitably.

一方面，我們對目前的結果感到滿意，但顯然，在超級盃和奧運會之後，我們會了解更多。再次提醒大家，傳統上我們不會在奧運會上投入太多資金，因為這些替補隊員的留存率不高，但我們的目標是發展壯大，並實現盈利增長。

Brent Penter, Raymond James.

Brent Penter，Raymond James。

Hey, everyone. Thanks for taking the question. The first one for me, David, you talked about your North Star being growth, and with the merger closed and now you have more scale and a bigger balance sheet, how do you think about your priorities in terms of investing for subscriber growth versus at the standalone company, I think you're a little more focused on just generating free cash flow now.

大家好。感謝您回答這個問題。大衛，我的第一個問題是，你曾說過你的北極星是成長，隨著合併完成，你現在擁有了更大的規模和更龐大的資產負債表，你如何看待你在投資用戶增長方面的優先事項，與獨立公司時期相比，我認為你現在更專注於產生自由現金流。

How can you -- how does the merger increase your ability to invest? And then, second, just any quantification for the benefits you might have seen from the Disney, YouTube TV blackout in the quarter. Thanks.

合併如何提升您的投資能力？其次，能否量化一下本季迪士尼和 YouTube TV 停播可能帶來的好處？謝謝。

Yeah, sure. So first on the profitability front, I think we have now seen three consecutive quarters of profitability. I think this was a major concern dating back three or four years, so I think we've resolved that. The balance sheet as John -- like we talked about, shortly, is very strong, and we're very well positioned to be able to take advantage of various tailwinds. You did mention the fact that you know we're in a much stronger position.

當然可以。首先就獲利能力而言，我認為我們已經連續三個季度實現盈利了。我認為這是一個可以追溯到三、四年前的主要問題，所以我覺得我們已經解決了這個問題。正如約翰所說，我們簡要討論過，公司的資產負債表非常強勁，我們完全有能力利用各種順風因素。你確實提到過，你知道我們現在處於更有利的地位。

I think the beautiful thing about where we sit right now and the potential of the flywheel within the Disney ecosystem is that you know they reach hundreds of millions of people every year. And so you know if we can figure out which -- we're in the process of doing one of the most efficient and effective marketing channels, it really shouldn't impact our our cost structure very much.

我認為我們現在所處的位置以及迪士尼生態系統中飛輪效應的潛力最美妙的地方在於，你知道他們每年都能接觸到數億人。所以你知道，如果我們能找出——我們正在做的是最有效率和最有效的行銷管道之一——它真的不會對我們的成本結構產生太大影響。

And so I think that flexibility does give us the chance to invest more into growth.

因此，我認為這種靈活性確實給了我們機會，讓我們能夠加大對成長的投入。

But I will say, if you look at our -- again, on a standalone basis, we've spent less on marketing in the fourth quarter despite losing NBC and still been able to sort of maintain solid numbers on the Fubo side. So from that perspective, we'll be working closely with the various teams within Disney. I want to say that the relationships have been great. Let's not forget this deal closed on October 29, right before the holiday season. And we're just getting to know the various folks who run different teams, and everyone's been very supportive. So we look forward to building those relationships and driving value for the overall subscriber base.

但我要說的是，如果你看一下我們的——再說一遍，就獨立數據而言，儘管失去了 NBC，我們在第四季度的營銷支出卻減少了，而且仍然能夠在 Fubo 方面保持相當穩定的業績。因此，從這個角度來看，我們將與迪士尼內部的各個團隊密切合作。我想說，我們之間的關係一直都很好。別忘了這筆交易是在10月29日完成的，就在假期前夕。我們逐漸熟悉各團隊的負責人，大家都非常支持我們。因此，我們期待建立這些關係，並為全體用戶創造價值。

And then last question I think was around YouTube TV.

最後一個問題好像是關於 YouTube TV 的。

Yeah. So I'll take that one. I'll just say that the impact from YouTube TV going dark with Disney was immaterial to the overall platform. And then Brent, maybe just circling back again, just going back to the balance sheet and priorities, look, I think it's important again to look at the balance sheet evolution and so David spoke to the priorities.

是的。那我就選這個了。我只想說，YouTube TV 停止播放迪士尼的內容對整個平台的影響微乎其微。然後，布倫特，也許我們又回到了資產負債表和優先事項上來，你看，我認為再次審視資產負債表的演變很重要，所以大衛談到了優先事項。

But just as a reminder, if we look at where we were two years ago, at the end of '23, we had about $400 million debt outstanding with a maturity of February 26. Now we have, call it, $320 million outstanding with virtually all of them maturing in '29 and '31. And then our adjusted EBITDA for '24 was a loss of $86 million and now on a performative basis we just reported that $78 million for calendar '25. So some pretty major improvements.

但需要提醒的是，如果我們回顧兩年前，也就是 2023 年底的情況，當時我們有大約 4 億美元的未償債務，到期日為 2 月 26 日。現在我們有，姑且稱之為 3.2 億美元的未償債務，其中幾乎全部將於 2029 年和 2031 年到期。然後，我們 2024 年的調整後 EBITDA 虧損 8,600 萬美元，而現在，以業績計算，我們剛剛報告 2025 年的業績為 7,800 萬美元。所以，這算得上是一些相當大的進步。

And so to the investment priorities I would just say that the free cash flow generation should be an output of those investments.

所以，對於投資重點，我想說的是，自由現金流的產生應該是這些投資的產出。

Patrick Sholl, Barrington Research.

Patrick Sholl，巴林頓研究公司。

Hi, good morning. Thanks for taking the question. Just on the advertising front, is there any sort of ramp period after you merge the tech stack with Disney for the ad sales relationship until you get that -- I think you said double-digit improvement in fill rates and CPMs?

您好，早安。感謝您回答這個問題。就廣告方面而言，在將科技堆疊與迪士尼合併後，廣告銷售關係是否會有一個過渡期，直到——我想你說過填充率和 CPM 實現兩位數的增長？

And then just on the variety of service offerings that you guys have in market now, could you maybe talk about the different seasonality trends and how to think about those as we model out growth over the course of the year? Thank you.

那麼，就你們目前在市場上提供的各種服務而言，能否談談不同的季節性趨勢，以及我們在模擬全年成長時應該如何考慮這些趨勢？謝謝。

Yeah, Pat, why don't I start on the ad ramp? Look, this is a very straightforward business. The beautiful thing about the advertising integration is that essentially Disney is selling ads. They've been selling ads for a very long time. They've been selling against Live networks that they own themselves. They've been selling against Hulu Live. This is basically the same service with just more inventory.

是啊，帕特，我為什麼不從廣告坡道開始呢？你看，這其實是個很簡單的生意。廣告置入的妙處在於，迪士尼本質上是在賣廣告。他們賣廣告已經很久了。他們一直在與他們自己擁有的直播網絡進行競爭。他們一直在與 Hulu Live 競爭。這項服務與之前的服務基本相同，只是庫存量更大。

Our ad inventory will roll right in to that ad server, and we'll sit alongside these other channels and programs. And so our sense is that we should see an impact as soon as it's integrated towards the end of the quarter or maybe slightly thereafter.

我們的廣告資源將直接匯入該廣告伺服器，我們將與其他頻道和節目並肩而立。因此，我們認為，一旦方案在本季末或稍晚一些時候被整合進來，我們就應該能看到影響。

And Patrick, maybe I'll just quickly hit on the seasonality. Just as a reminder to David's earlier report, we're not really going to break out the various services, but I can give you maybe a couple of high-level comments. One is that I think you know that the Hulu Live service tends to be and has historically been far less seasonal than the Fubo service.

派崔克，或許我可以簡單地談談季節性。再次提醒大衛之前的報告，我們不會詳細介紹各項服務，但我可以給你一些高屋建瓴的評論。其一是，我認為您也知道，Hulu Live 服務往往（而且歷來）受季節性影響遠小於 Fubo 服務。

Within the Fubo service, as it's been highly seasonal around fall sporting season. And so the one thing we don't know yet is how seasonal the Skinny Sports service will be. But then again, as it relates to that as the percentage of total subs, I don't think they'll -- there'll be any visible incremental seasonality as it relates to those smaller services for the foreseeable future.

Fubo 服務在秋季體育賽事期間具有強大的季節性。因此，我們目前還不知道的一件事是 Skinny Sports 服務會有怎樣的季節性。但話說回來，就其佔總訂閱用戶的百分比而言，我認為在可預見的未來，這些較小的服務不會出現任何明顯的季節性增長。

Doug Arthur, Huber Research.

道格·阿瑟，Huber Research。

Yeah, thanks. Just a couple of geeky, financial questions. John, the difference between sort of reported revenues and pro forma revenues is around $134 million give or take, is that the impact of closing Hulu Live late in October? That's question one.

嗯，謝謝。幾個比較專業的金融問題。John，已公佈的收入和預計收入之間的差額約為 1.34 億美元，這是 10 月底關閉 Hulu Live 的影響嗎？這是第一個問題。

Yeah, sure. Yeah, that's correct. And so it's a little bit quirky there in the sense that because Hulu Live was the accounting acquirer, it actually -- we reported the three months of Hulu Live and then the two months and a couple days of Fubo. And so the delta there is just -- yeah, that Fubo revenue more or less for the 28 days of October.

當然可以。是的，沒錯。所以這有點奇怪，因為 Hulu Live 是會計收購方，實際上——我們報告了 Hulu Live 的三個月，然後報告了 Fubo 的兩個月零幾天。所以，差額就是──是的，Fubo 的收入大致相當於 10 月 28 天的收入。

Okay. So when I look at the 8-K on page 6 where you kind of break down, not the pro forma, but the actual reported revenue breakdown between subscription related party advertising, et cetera, the Fubo Live numbers are sort of a stub period there. I'm trying to just back out in terms of how Fubo did ex-Hulu Live.

好的。所以，當我查看第 6 頁的 8-K 表格時，其中詳細列出了訂閱相關方廣告等實際報告的收入明細，而不是預測數據，Fubo Live 的數據在那裡只是一個過渡時期。我只是想擺脫 Fubo 之前經營 Hulu Live 的方式。

Yeah, Doug, let me take up that. I don't have the 8-K in front of me, so we can talk about that offline. What I can tell you though, broadly speaking, is that if we want to isolate the Fubo business, what I can tell you to the points we made is: number one, that we had a better subscriber outcome than we expected, and that flowed through the P&L. So I think we're pretty pleased with the outcome on the Fubo business.

好的，道格，這件事就交給我來處理吧。我手邊沒有8K，所以我們可以私下討論這個問題。不過，總的來說，我可以告訴你的是，如果我們要單獨討論 Fubo 業務，我可以告訴你的是，就我們提出的幾點而言：第一，我們的用戶數量比預期要多，這體現在損益表中。所以我覺得我們對Fubo業務的最終結果相當滿意。

We'll just aggregate that later. Thank you.

我們稍後會匯總這些數據。謝謝。

Okay.

好的。

Laura Martin, Needham & Company.

勞拉馬丁，尼德姆公司。

Hey, my first one is breaking news. After this call started, Disney did announce that it is confirming the appointment of Josh D'Amaro, the next CEO to succeed Bob Iger. So this is the second time the Board of the Walt Disney Company is telling us that Disney is a parks company and not an entertainment company. So my first question to you, David, is how does that affect your world if Disney going forward is going to be really focusing on the real world, which is its parks assets and not its let's call it traditional TV and streaming assets?

嘿，我的第一則訊息是突發新聞。電話會議開始後，迪士尼宣布確認任命喬許·達馬羅為下一任首席執行官，接替鮑勃·伊格爾。這是華特迪士尼公司董事會第二次告訴我們，迪士尼是一家主題樂園公司，而不是娛樂公司。所以我的第一個問題是，大衛，如果迪士尼未來真正專注於現實世界，也就是它的主題樂園資產，而不是我們稱之為傳統電視和串流媒體資產的業務，這對你的世界會產生什麼影響？

Yeah, well, first of all, congratulations to Josh. We didn't know about that. So thank you for letting us know. As it relates to, I think the business, Disney is a very large company. It takes a lot of time for them to decide on what their priorities are going to be, and I think from what I heard on the last earnings call, Bob was very focused on highlighting the fact that they're still working on their technology stack, unifying their platform into one app.

首先，恭喜喬許。我們對此並不知情。謝謝你告知我們。就業務而言，我認為迪士尼是一家非常龐大的公司。他們需要很長時間才能決定他們的優先事項是什麼，而且我認為從我在上次財報電話會議上聽到的內容來看，鮑勃非常注重強調他們仍在完善技術棧，將他們的平台統一到一個應用程序中。

So I don't know what the impact will really be on us. We're having conversations with the various teams, as I mentioned, strong conversations with ESPN. We have announced some of the things that we plan to do with ESPN. We've spoken to Dana and others, the Hulu team, and our Board has been very focused on trying to make sure that we're talking to the right people to really grow the business.

所以我不知道這會對我們產生什麼真正的影響。正如我之前提到的，我們正在與各個團隊進行對話，特別是與 ESPN 進行了深入的對話。我們已經公佈了一些我們計劃與 ESPN 合作的項目。我們已經和 Dana 以及 Hulu 團隊的其他人談過了，我們的董事會也一直非常注重確保我們和合適的人談，以真正發展業務。

So from my perspective, I don't really see any changes in the short-term, but obviously that's yet to be determined.

所以從我的角度來看，短期內我看不出會有什麼變化，但這顯然還有待觀察。

Okay. And then my second one is, I was really intrigued in your shareholder letter that you said you were investing in the next generation of consumer-centric innovations, and it sounded like your goal is to close the gap with YouTube Live TV which has about 10 million subs as your biggest competitor now that you guys are 6.2 million subs. What kinds of things are on that roadmap for the next generation of consumer-centric, innovations that would help you close that subscriber gap?

好的。我的第二個問題是，我在你們的股東信中讀到，你們正在投資下一代以消費者為中心的創新，這讓我非常感興趣。聽起來你們的目標是縮小與 YouTube Live TV 的差距，YouTube Live TV 目前擁有約 1000 萬訂閱用戶，是你們最大的競爭對手，而你們擁有 620 萬訂閱用戶。下一代以消費者為中心的創新路線圖上有哪些內容可以幫助你們縮小使用者差距？

Yeah. So look, there's lots of things that we're focused on. We think that there's a huge opportunity around mobile. We see a significant number of subscribers, trial users that enter our ecosystem through the mobile app. And so we'll be relaunching that experience shortly.

是的。所以你看，我們有很多關注點。我們認為行動領域蘊藏著巨大的機會。我們看到大量訂閱用戶和試用用戶透過行動應用程式進入我們的生態系統。因此，我們將很快重新推出這項體驗。

And again, we're continuing to review some of the amazing capabilities that Disney and ESPN have. And when you look at their fantasy business which has over 10 million users, you think about their betting capabilities, and when you sort of look at all of the ways in which that we can engage a very large funnel, we start thinking about ways in which we can really sort of develop our technology, our consumer apps, and features around that. So there'll be more to come on that front, but yeah, we're very focused on product.

我們將繼續回顧迪士尼和ESPN所擁有的一些令人驚嘆的能力。當你看到他們擁有超過 1000 萬用戶的夢幻體育業務時，你會想到他們的投注能力，當你思考我們可以用哪些方式來吸引如此龐大的用戶群時，我們就會開始思考如何圍繞這一點來真正開發我們的技術、消費者應用程序和功能。所以這方面還會有更多消息，但目前我們確實非常專注於產品。

Okay. And I'm going to violate the rule, and I'm going to drill down on the betting. One of the things you did early on, David, is really wanted -- you really wanted to go into betting, and then we just couldn't afford the cost. Could you get back into the betting business through ESPN?

好的。我要違反規則，我要深入研究投注情況。大衛，你早期做的一件事，其實是我們非常想做的——你真的很想涉足博彩業，但我們當時負擔不起相關費用。你能透過 ESPN 重返博彩業嗎？

So, again, I don't think anything's off the table. It's still early -- like I said, we've only been talking with Disney and ESPN for a couple months so we're trying to navigate the different teams, but I do think that you know we have a very strong engineering team. We have a strong product DNA at Fubo, and we'll be looking to bring ideas that we can deliver to Disney across the Fubo platform.

所以，我再次強調，我認為一切都有可能。現在還處於早期階段——就像我說的，我們才和迪士尼以及 ESPN 談了幾個月，所以我們還在努力協調不同的團隊，但我確實認為，你知道，我們擁有一支非常強大的工程團隊。Fubo 擁有強大的產品基因，我們將努力將能夠透過 Fubo 平台交付給迪士尼的想法帶給大家。

But as I think about Disney, generally speaking, I would say, it's akin to being a kid in a candy store. We're a sports platform and when you look at the size, the reach that they have, the different elements and touch points that they use to drive engagement, I think that we can really develop a strong business there.

但總的來說，當我想到迪士尼時，我會說，它就像一個孩子進了糖果店一樣。我們是一個體育平台，當你看到他們的規模、覆蓋範圍以及他們用來推動用戶參與的各種元素和接觸點時，我認為我們真的可以在那裡發展一項強大的業務。

And just some of the things that you and I already talked about, I believe, we're highlight generation, which that -- we've been really focused on as well. I think there's an area to improve as well. And then the DVR experience related to sports, I think is another area where we continue to innovate, given the number of events that we carry and the level of personalization that we afford consumers.

我相信，我們之前已經談到的一些事情，像是高光生成，也是我們一直以來非常關注的。我認為這方面也有需要改進的地方。我認為，就與體育賽事相關的 DVR 體驗而言，鑑於我們提供的賽事數量以及我們為消費者提供的個人化程度，這是我們不斷創新的另一個領域。

So I'm very excited, generally speaking. It's just a matter of meeting with the right teams and focusing on delivering value for our consumers.

總的來說，我非常興奮。關鍵在於找到合適的團隊，並專注於為我們的消費者創造價值。

David Joyce, Seaport Research Partners.

David Joyce，Seaport Research Partners。

Thank you. I appreciate the follow-ups. There's a lot to digest here with the new Fubo. Two things. One, people were concerned when they saw Disney shelf filing for Fubo shares, but could you please confirm that that two-year standstill is there and why the filing came out?

謝謝。感謝您的後續跟進。新款Fubo有很多值得我們去了解的地方。兩件事。第一，當人們看到迪士尼提交了對Fubo股票的擱置申請時，他們感到擔憂，請問您能否確認一下是否存在為期兩年的停滯期，以及提交申請的原因？

And then secondly, what's your philosophy on guidance metrics from here? Normally, that's something you did through the standalone, but any sort of projections or guardrails you would put up for us? Thanks.

其次，您對於未來的指導指標有何理念？通常情況下，這是透過獨立程序完成的，但您會為我們設定任何預測或限制嗎？謝謝。

Yeah. Sure, David. Hey, thanks for the question. So, on the first one, look, the short answer is that's correct. So the two-year lockup remains in place. Look, the shelf, it was a routine housekeeping item following the Hulu Live closing that required us to just put up a new shelf, including registering Disney shares. But Disney remains subject to the 24 month lockup period and the filing does not change that restriction in any way.

是的。當然可以，大衛。嘿，謝謝你的提問。所以，對於第一個問題，簡短的答案是：正確。因此，兩年的禁售期仍然有效。你看，那個架子，是 Hulu Live 關閉後例行的家務活，我們只需要添置一個新的架子，包括登記迪士尼的股份。但迪士尼仍受 24 個月禁售期的限制，而這項申請並未以任何方式改變這項限制。

On the guidance, I would say, no guardrails yet. Look, the comment in the letter around guidance suggests that they're just some factors that were in the process of refining in terms of timing and sizing, and that's going to impact our subs and therefore our subscription and therefore the ad revenue.

關於指導方針，我認為目前還沒有設定任何限制。你看，信中關於指導意見的評論表明，這些因素在時間和規模方面還在不斷完善，這將影響我們的訂閱用戶，進而影響我們的訂閱量和廣告收入。

Just as an example, today's agreement with ESPN, the timing on that, for example, or the ESP -- or the NBC programming, look, we're only 98 days into this combination, so it's just going to take us a little bit more time.

舉個例子，今天與 ESPN 達成的協議，例如 ESP 或 NBC 的節目安排，你看，我們合併才 98 天，所以還需要一些時間。

Yeah, and just to add one more point on the reverse split. Again, I think we've been very transparent from the onset. People, of course, get nervous around, hearing reverse splits, but the reality is it was important for us to align with our operational scale.

是的，再補充一點關於反向分割的問題。再次強調，我認為我們從一開始就非常透明。當然，人們一聽到反向拆股就會感到緊張，但實際上，對我們來說，與我們的營運規模保持一致是很重要的。

We wanted to reduce volatility, and also attract institutional investment. These are natural things that have to take place and it really is part of the corporate hygiene that we're trying to put in place, particularly after we've dealt with the convert.

我們希望降低市場波動性，同時也吸引機構投資。這些都是自然而然發生的事情，也是我們正在努力建立的企業衛生體系的一部分，尤其是在我們處理轉化者之後。

So again, all of this is sort of trying to prepare Fubo for a very bright future and this is just one of those steps.

所以，這一切都是為了讓 Fubo 擁有一個非常光明的未來，而這只是其中的一步。

That concludes our question-and-answer session. Ladies and gentlemen, this concludes the Fubo first quarter 2026 earnings call. Thank you all for joining. You may now disconnect.

我們的問答環節到此結束。女士們、先生們，Fubo 2026 年第一季財報電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。