FuboTV Inc. (FUBO) 2026 Q2 法說會逐字稿

Good morning and welcome to the Fubo second quarter 2026 Earnings Call. (Operator Instructions) As a reminder, this conference call is being recorded.

早安，歡迎參加 Fubo 2026 年第二季財報電話會議。(接線員指示) 提醒各位，本次電話會議將被錄音。

I would now like to turn the call over to Amit Padte, SDP, FP&A, Corporate Development and Investor Relations. Thank you. Please go ahead.

現在我想把電話會議交給 Amit Padte，SDP、FP&A、企業發展與投資人關係負責人。謝謝。請開始。

Thank you for joining us to discuss Fubo's second quarter fiscal 2026 Results. With me today is David Gandler, Co-Founder and CEO of Fubo; and John Janedis, CFO of Fubo. Full details of our results and additional management commentary are available in our earnings release and letter to shareholders, which can be found on the Investor Relations section of our website at ir.fubo.tv. 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.

感謝各位加入我們，一同討論 Fubo 2026 會計年度第二季的業績。今天與我一同出席的有 Fubo 共同創辦人兼執行長 David Gandler，以及 Fubo 財務長 John Janedis。我們的業績完整細節與管理層補充評論，已刊載於財報新聞稿與致股東信，您可至我們網站投資人關係專區 ir.fubo.tv 查閱。在開始之前，我先快速說明今天電話會議的流程。David 將先就本季與我們的業務做簡短說明，接著 John 將說明財務表現與展望指引。

Then, we will turn the call over to the analysts for Q&A.

接著，我們將把電話會議交給分析師進行問答。

I would like to remind everyone that the following discussion may contain forward-looking statements within the meaning of the federal securities laws, including, but not limited to, payments regarding our financial condition, our expected future financial performance, including our financial outlook, guidance, and long-term targets. Business strategy and plans, including our products, subscription packages, and tech features, our partnerships, and other arrangements, the benefits of the business combination, including expected synergies and integrations, and expectations regarding growth and profitability.

我想提醒各位，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：關於我們財務狀況的說明、我們預期的未來財務表現（包含財務展望、指引與長期目標）。以及業務策略與計畫（包含我們的產品、訂閱方案與技術功能）、合作夥伴關係與其他安排、業務合併的效益（包含預期的協同效應與整合），以及對成長與獲利能力的預期。

These forward-looking statements are subject to certain risks, uncertainties, and assumptions. Important factors that could cause actual results to differ materially from forward-looking statements are discussed in our SEC filings.

這些前瞻性陳述受到若干風險、不確定性與假設的影響。可能導致實際結果與前瞻性陳述存在重大差異的重要因素，已在我們向 SEC 提交的文件中討論。

Except, as otherwise noted, the results and guidance we are presenting today are on a continuing operations basis, excluding the historical results of our former gaming segment, which are accounted for as discontinued operations.

除非另有說明，我們今天所呈現的業績與指引係以持續營運為基礎，不包含我們先前遊戲業務部門的歷史業績；該部門已按停業單位處理。

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 2026 earnings shareholder letter and press release, which are available on our website at ir.fubo.tv.

在本次電話會議中，我們也可能提及若干非 GAAP 財務衡量指標。這些非 GAAP 指標與最直接可比的 GAAP 指標之調節表，也已收錄於我們的 2026 年第二季致股東財報信與新聞稿中，並可於 ir.fubo.tv 查閱。

With that, I'll turn the call over to David.

接下來，我把電話會議交給 David。

Thank you, Ameet. We appreciate everyone joining us for today's call to discuss our Q2 2026 financial results. We delivered the strongest second quarter in our history on an adjusted EBITDA basis. More importantly, on a trailing 12-month basis, we have now exceeded $100 million in pro forma adjusted EBITDA.

謝謝你，Ameet。感謝各位參加今天的電話會議，一同討論我們 2026 年第二季的財務結果。以調整後 EBITDA 計算，我們交出了公司史上最強的第二季表現。更重要的是，以過去 12 個月為基礎，我們的備考（pro forma）調整後 EBITDA 現已超過 1 億美元。

An important milestone that reinforces our confidence in delivering against our long-term target of at least $300 million in adjusted EBITDA by 2028. We also achieved record revenue for the quarter, driven by continued expansion of our Fubo and Hulu + live TV offerings, differentiated content and product innovation.

這是一個重要的里程碑，進一步強化我們對於在 2028 年前達成至少 3 億美元調整後 EBITDA 長期目標的信心。我們本季也創下單季營收新高，主要受惠於 Fubo 與 Hulu + Live TV 產品持續擴張、差異化內容以及產品創新所帶動。

The migration of our advertising business to the Disney AD server began in February. And we are pleased with the early benefits to date, with both fill rates and CPMs experiencing healthy increases. The business combination fundamentally expands our strategic position. Fubo is now built to scale as a preeminent video player, driven by flexible content packaging.

我們的廣告業務自 2 月起開始遷移至 Disney 的 AD server。我們對目前為止的初步效益感到滿意，無論是填充率（fill rates）或 CPM 都出現健康的提升。這次業務合併從根本上擴大了我們的策略地位。Fubo 現在已具備以彈性內容打包為驅動、成為領先影音平台並實現規模化的能力。

We can aggregate and deliver a range of content packages at different price points, allowing us to serve distinct consumer segments rather than forcing a single package across the entire bundle. That flexibility is a durable advantage and a key driver of both growth and margin over time. We are already executing on this strategy.

我們能夠整合並提供不同價位的多種內容方案，使我們得以服務不同的消費者族群，而不是把單一方案強加於整個組合包。這種彈性是一項可長期維持的優勢，也是隨時間推進帶動成長與毛利率的關鍵驅動因素。我們已經在執行這項策略。

We now offer our Spanish-speaking customers two clear options. Fubo Latino, a lighter bundle without Univision, and Hulu + Live TV Espanol, a more comprehensive package, launched this quarter which includes Univision.

我們現在為西語系客戶提供兩個清楚的選擇。Fubo Latino：較精簡的組合包、不含 Univision；以及本季推出的 Hulu + Live TV Espanol：更完整的方案，包含 Univision。

Fubo is applying the same approach across our broader service portfolio. We offer the Fubo Sports Service alongside our core Fubo bundle, as well as a more comprehensive entertainment offering through Hulu Live, which includes NBC and Versant.

Fubo 也將同樣的方法應用到更廣泛的服務組合中。除了核心的 Fubo 組合包之外，我們也提供 Fubo Sports Service；同時透過 Hulu Live 提供更完整的娛樂方案，其中包含 NBC 與 Versant。

This diversified product set is designed to expand choice while reducing churn. Importantly, we believe we have successfully navigated the loss of NBCU on Fubo, even during a period when NBC held a dominant portion of February sports programming.

這套多元化的產品組合旨在擴大選擇、同時降低流失率。重要的是，我們相信即使在 NBC 於 2 月體育節目占比極高的期間，我們也已成功因應 Fubo 失去 NBCU 的影響。

Consumers can select the content plan that's right for them, whether that's an English or Spanish package, our Fubo Sports service, the Fubo virtual MVPD or Hulu + Live TV's complete cable replacement package. Second, through our integration with ESPN, fans looking to watch a live game will soon be able to seamlessly access Fubo via linkouts on ESPN's Where to Watch pages, creating a new acquisition channel. Third, we previously announced that our Fubo Sports service will be integrated into ESPN's e-commerce flow through a reseller and marketing arrangement. I'm pleased to update you that launch is expected in the first half of calendar year 2027. As a reminder, the ESPN ecosystem reaches over 100 million users every month.

消費者可以選擇最適合自己的內容方案，無論是英文或西文方案、我們的 Fubo Sports 服務、Fubo 的虛擬 MVPD，或是 Hulu + Live TV 的完整有線替代方案。第二，透過與 ESPN 的整合，想觀看現場比賽的球迷很快就能在 ESPN「Where to Watch」頁面透過外連（linkouts）無縫進入 Fubo，創造新的獲客管道。第三，我們先前已宣布，Fubo Sports 服務將透過經銷與行銷安排，整合進 ESPN 的電商流程。我很高興向各位更新，預計將於 2027 年曆年上半年推出。提醒各位，ESPN 生態系每月觸及超過 1 億名使用者。

Through our progress on various cross-selling initiatives, we are building a powerful growth flywheel to scale our business. But this is just the start. We believe the next phase of aggregation will be the conversational layer, where discovery becomes the product. As content libraries expand, simplifying how consumers find and engage with programming becomes critical. This fall, we intend to launch our first AI conversational feature within the Fubo app, starting with sports.

透過在各項交叉銷售計畫上的進展，我們正在打造強勁的成長飛輪，以擴大業務規模。但這只是開始。我們相信，下一階段的聚合將是「對話層」，也就是把內容探索本身變成產品。隨著內容庫持續擴大，簡化消費者尋找並參與節目的方式變得至關重要。今年秋季，我們計畫在 Fubo App 內推出第一個 AI 對話功能，並先從體育內容開始。

With Fubo's AI Assistant, customers will be able to use natural conversational voice to search their DVR'd content for game highlights and ask for recommendations. They can ask precise questions, such as give me all of the scoring plays by the New England Patriots quarterback in the past two games, but I only want to see passing touchdowns, no rushing. Or I'm trying to figure out who to move on to my fantasy team. Show me all of the Kansas City Chiefs defensive highlights from last month.

透過 Fubo 的 AI 助理，客戶將能以自然的對話式語音搜尋其 DVR 錄製內容中的比賽精華，並索取推薦。他們可以提出精準問題，例如：請給我新英格蘭愛國者隊四分衛在過去兩場比賽中所有得分進攻，但我只想看傳球達陣，不要衝球。或者：我正在考慮我的夢幻球隊該換誰上場。請顯示堪薩斯城酋長隊上個月所有防守精華。

We believe our AI Assistant is a fundamentally more intuitive way to interact with live sports and video than scrolling up and down or being fed algorithmic carousels. We expect this to drive deeper engagement and stronger attention over time. We look forward to adding the AI Assistant to Fubo's Roku, Apple TV and mobile apps to start. We also plan to extend the AI Assistant to news and entertainment talk shows, enabling the Fubo app to instantly retrieve any clip our customers are looking for.

我們相信，相較於上下滑動或被演算法輪播（carousels）推送內容，AI 助理是一種與現場體育與影音互動上更直覺的方式。我們預期這將隨時間推進帶來更深度的互動與更強的注意力。我們期待先把 AI 助理加入 Fubo 的 Roku、Apple TV 與行動 App。我們也計畫將 AI 助理延伸至新聞與娛樂談話節目，讓 Fubo App 能即時擷取客戶正在尋找的任何片段。

In closing, we are more confident than ever in the Pay TV category and in Fubo's growing position within it. Based on these and other initiatives, we believe there will be opportunities to drive growth and scale as we focus on our long-term target of at least $300 million in adjusted EBITDA.

最後，我們對付費電視（Pay TV）類別以及 Fubo 在其中日益提升的地位，比以往任何時候都更有信心。基於這些及其他計畫，我們相信在聚焦至少 3 億美元調整後 EBITDA 的長期目標之際，將有機會推動成長並擴大規模。

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

我現在把電話交給財務長 John Janedis，請他更詳細地說明我們的財務結果。John？

Thank you, David, and good morning, everyone. The second quarter of fiscal 2026 marked our first full quarter as a combined company following the close of our business combination with Hulu + Live TV. As a reminder, to facilitate comparability between periods, we will discuss our results on both an as reported and a pro forma basis, which gives effect to the transaction as if it had been completed at the beginning of the first period presented. Turning to results for the quarter. In North America, our revenue for the second quarter was $1.566 billion compared to $1.125 billion in the prior year period.

謝謝你，David，各位早安。2026 會計年度第二季，是我們在與 Hulu + Live TV 的業務合併完成後，作為合併公司運作的第一個完整季度。提醒一下，為了便於期間之間的可比性，我們將同時以「已報告」與「備考（pro forma）」基礎來討論結果；備考數據假設該交易在所呈列的第一個期間開始時即已完成。接著看本季的結果。在北美，第二季營收為 15.66 億美元，較去年同期的 11.25 億美元增加。

Proforma revenue in the prior year period was $1.556 billion, representing 1% growth year-over-year. In terms of our user base, we ended the quarter with 5.7 million total subscribers in North America compared to 5.9 million in the prior year period.

去年同期的備考營收為 15.56 億美元，年增 1%。就用戶基礎而言，本季末北美總訂閱用戶為 570 萬，較去年同期的 590 萬略減。

Turning to our profitability metrics. Our net loss for the second quarter was $6.2 million compared to a reported net loss of $40.9 million in the prior year period. Proforma net income in the prior year period was $120.6 million, positively impacted by a $220 million net gain related to the settlement of litigation. Earnings per share for the quarter reflected a loss of $0.07. We delivered adjusted EBITDA of $37.7 million in the second quarter compared to proforma adjusted EBITDA of $1.4 million in the prior year period.

接著看獲利指標。第二季淨損為 620 萬美元，較去年同期已報告的 4,090 萬美元淨損改善。去年同期備考淨利為 1.206 億美元，其中受訴訟和解相關的 2.20 億美元淨收益正面影響。本季每股盈餘反映為每股虧損 0.07 美元。第二季調整後 EBITDA 為 3,770 萬美元，較去年同期備考調整後 EBITDA 的 140 萬美元提升。

From a cash and liquidity perspective, Fubo ended the quarter with $244 million in cash, cash equivalents and restricted cash on hand, and we continue to expect to finish the year with more than $200 million of cash on our balance sheet. I would also like to provide some additional commentary around the near- and long-term financial targets we recently released. For fiscal 2026, we continue to expect pro forma adjusted EBITDA of $80 million to $100 million and at least $300 million in fiscal 2028. We also expect to deliver positive free cash flow in fiscal 2027 and fiscal 2028 under our current operating plan.

從現金與流動性角度來看，Fubo 本季末持有現金、約當現金及受限制現金合計 2.44 億美元；我們仍預期年底資產負債表上的現金將超過 2.00 億美元。我也想就我們近期發布的近、中長期財務目標補充一些說明。就 2026 會計年度而言，我們仍預期備考調整後 EBITDA 為 8,000 萬至 1.00 億美元，並在 2028 會計年度至少達到 3.00 億美元。在目前的營運計畫下，我們也預期於 2027 與 2028 會計年度實現正的自由現金流。

Our outlook is supported by elements of our business combination in which we have a high degree of conviction. As a reminder, for our commercial agreement, Fubo received a wholesale fee relative to Hulu + Live TV's carriage costs, currently at 95% in calendar 2026 and scaling to 99% by 2028. This contractual step-up provides strong visibility into our expected earnings profile and adjusted EBITDA expansion. Furthermore, the company captures advertising revenue from both the Fubo and Hulu + Live TV businesses. Together, these elements reinforce our expectations regarding the long-term earnings power of our combined entity.

我們的展望受到此次業務合併中若干我們高度有信心的要素所支持。提醒一下，就我們的商業協議而言，Fubo 取得相對於 Hulu + Live TV 承載成本（carriage costs）的批發費率（wholesale fee），在 2026 曆年目前為 95%，並於 2028 年提高至 99%。此一合約性的逐步上調，讓我們對預期獲利輪廓與調整後 EBITDA 擴張具有高度能見度。此外，公司可同時取得 Fubo 與 Hulu + Live TV 兩項業務的廣告收入。綜合而言，這些要素強化了我們對合併後實體長期獲利能力的預期。

In summary, Q2 was a healthy quarter for our business, and we believe we are just beginning to realize the full potential of the Fubo and Hulu + Live TV business combination. As David noted earlier, we are excited about our new initiatives and the opportunities ahead. As we move forward, we remain focused on establishing a sustainable foundation for growth.

總結來說，第二季對我們的業務而言是健康的一季，我們相信我們才正開始實現 Fubo 與 Hulu + Live TV 業務合併的全部潛力。如同 David 先前提到的，我們對新計畫與未來機會感到振奮。展望未來，我們仍專注於建立可持續的成長基礎。

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

接下來，我把電話交回給接線員進行提問。接線員。

(Operator Instructions)

（接線員指示）

Kutgun Maral, Evercore ISI.

Kutgun Maral，Evercore ISI。

Great. Thanks for taking the question. There's a lot to talk about, but I want to actually focus on advertising. With Fulo's inventory having now moved over to Disney's ad platform, it seems like there's a lot of opportunity, but the broader streaming ad market has been choppy for some folks. So I'd be curious if you could talk about any of the early indicators you're seeing on whether the Disney relationship is creating real upside net of the 15% agency fee, perhaps in terms of CPMs, filler rates, or something else?

很好。謝謝讓我提問。有很多可以談，但我其實想聚焦在廣告。隨著 Fulo 的廣告庫存現在已移轉到 Disney 的廣告平台，看起來有很多機會，但更廣泛的串流廣告市場對某些業者而言一直相當波動。所以我想請你談談，你們目前看到的任何早期指標，是否顯示與 Disney 的合作在扣除 15% 代理費後，確實帶來實質上行空間，例如 CPM、填充率（fill rates）或其他指標？

And how much of the medium-term EDITDA plan that you laid out assumes a meaningful add monetization improvement versus just stabilization?

另外，你們提出的中期 EBITDA 計畫中，有多少是假設廣告變現（monetization）會有顯著改善，而不只是趨於穩定？

Thank you.

謝謝。

Hey, Kutgun, this is John. Let me answer this one. I would just say the short answer is yes. We're already seeing that. It's been less than 90 days since we started the migration of the inventory to Disney's ad server, and we have seen improvement in both CPMs and fill rate.

嗨，Kutgun，我是 John。這題我來回答。我想簡短的答案是：是的。我們已經看到了。自從我們開始把庫存遷移到 Disney 的廣告伺服器以來還不到 90 天，我們已看到 CPM 與填充率都有所改善。

And as those are the key components of that ARPU, and we think that can continue. The CPM improvement has come in faster than expected. I'd say in terms of timing, we expect the migration to be fully completed by the end of the year. And then at that point, the Huba at ARPU is expected to converge with Huba Live. On the second part of the question, look, the largest component of the. The adjusted EBITDA improvement will come from the contractual increase in the hotel fee from 95% to 99%.

而由於這些是 ARPU 的關鍵構成要素，我們認為這樣的趨勢可以延續。CPM 的改善速度比我們預期更快。就時程而言，我們預期遷移將在年底前全面完成。屆時，Huba 的 ARPU 預期將與 Huba Live 收斂。至於問題的第二部分，坦白說，最大的組成項目是——調整後 EBITDA 的改善將主要來自批發費率由 95% 提升至 99% 的合約性上調。

But I would say the ad monetization improvement is tracking in line to better as of now. And I'd say also the quarter came in ahead of expectations.

但我會說，就目前而言，廣告變現的改善進度符合預期甚至更好。另外我也想說，本季表現也優於預期。

Matt Condon, Citizens Bank.

Matt Condon，Citizens Bank。

Thank you so much for taking my question. I just want to ask, just given the combination with Hulu Live TV meaningfully expanding your subscriber base and with it sort of your content cost leverage, can you just help frame the timing of when that scale benefit really begin to show up in your content cost structure?

非常感謝讓我提問。我想問的是，鑑於與 Hulu Live TV 的合併顯著擴大了你們的訂閱用戶基礎，並因此在內容成本上帶來某種程度的規模槓桿，你們能否協助說明：這種規模效益大概會在什麼時間點，開始真正反映在你們的內容成本結構上？

Matt, hey, this is John. I'll start with this, and David may want to chime in also. Look, I'd say cost broadly in terms of scale and benefit to your question. First, on the content cost, we historically haven't spoken to the timing of specific deals. What I can tell you is that we've had a couple of small renewals come up since the close. Of the business combination, we're happy with that outcome or those outcomes.

Matt，嗨，我是 John。我先回答，David 也可能會補充。我想就你問的規模與效益，從成本面廣泛來說。首先在內容成本方面，我們過去一向不會談特定合約的時間點。我能告訴你的是，自從交易完成後，我們已經遇到幾個小型續約。就結果而言，我們對那個結果或那些結果感到滿意。

And I think what I've also said historically is that on the timing, we've talked to medium, short, and longer-term in terms of seeing that benefit. On the content cost side, given that we typically have about one renewal per year, that will have a bit of a longer tail to show up in the numbers.

而且我過去也提過，在時間點上，我們談的是中期、短期與較長期逐步看到效益。在內容成本端，考量到我們通常一年大約只有一次續約，反映到數字上會需要更長的時間尾端（longer tail）。

Drew Crum, B. Riley.

Drew Crum，B. Riley。

Okay, thanks. Hey, guys, good morning. So, on your fiscal '26 adjusted EBITDA guidance, you've generated $79 million during the first half, which suggests a pretty meaningful step-down in the second half. Can you reconcile the two and address what's driving the deceleration? Thanks.

好的，謝謝。各位早安。關於你們 2026 會計年度調整後 EBITDA 指引，上半年你們已產生 7,900 萬美元，這意味著下半年會有相當明顯的下滑。你能否把兩者對起來，並說明減速的驅動因素是什麼？謝謝。

Yeah, this is David. Why don't I start, and then I'll let John chime in. So just in terms of where we are, as we are a sports-first table replacement service and the seasonality of our business typically allows us to generate 40% to 50% of our gross adds in the last fiscal quarter. And therefore, we keep our powder dry until then.

是的，我是 David。不如我先開始，然後再讓 John 補充。就我們目前的狀況而言，作為一家以體育為優先的電視替代服務，我們業務的季節性通常使我們能在最後一個財政季度貢獻 40% 到 50% 的新增總用戶。因此，我們會把資源先保留到那個時點再投入。

So we do expect to spend more in marketing. And also, given the initiatives that we just laid out. For you in my opening comments, we want to make sure that we have the flexibility to not only focus on profitability, but also growth. So this really allows us to take a balanced approach.

所以我們確實預期會在行銷上投入更多。另外，考量到我們剛剛提出的各項計畫。在我開場的評論中提到，我們希望確保具備彈性，不僅能專注於獲利，也能兼顧成長。因此，這讓我們能採取更均衡的策略。

And I would just want to add one quick point in terms of a one-timer. We did have a $6.5 million above-the-line tax-related benefit during the quarter.

另外我想就一次性項目補充一點。本季度我們有一筆 650 萬美元、列在營業利益以上的稅務相關利益。

And just one last thing I'll say is, look, we provided guidance a few weeks ago. Our plan. Is really to focus on the at least $300 million of EBITDA in 2028. And so we are planning accordingly and working with Disney on a number of these initiatives that we -- again, of course, as we get traction, we'll look to double down on some of these efforts.

最後我再說一點：我們幾週前已提供指引。我們的計畫。確實是聚焦於在 2028 年達成至少 3 億美元的 EBITDA。因此我們正據此規劃，並與 Disney 在多項計畫上合作——同樣地，當然，隨著我們取得進展，我們會考慮在其中一些努力上加碼投入。

Tyler DiMatte, BTIG.

Tyler DiMatte，BTIG。

Hi, good morning, guys. Thanks for taking the question here. I was hoping we could unpack some of the organic growth trends in the business, in particular, the subscriber trends. I was hoping we could kind of get a little bit more color about maybe let's split between Hulu Live and Fubo, and then also, more importantly, kind of how you see that trending through the year, and maybe any comments on ARPU as well. Thank you.

嗨，各位早安。謝謝讓我提問。我想更深入拆解一下公司有機成長的趨勢，特別是訂戶趨勢。我希望能多了解一些細節，例如可否區分 Hulu Live 與 Fubo，並且更重要的是，你們如何看待這些趨勢在今年的走勢，以及也請談談 ARPU。謝謝。

Yeah, thank you. I'll start. So, one, we don't separate our sub-count. Going forward. This is one company, and we're focused on creating leverage for the business as a combined entity. In terms of where we are from an organic perspective, I laid out three initiatives that we're working on at the moment just to kind of reinforce those. The first is utilizing our storefront to drive sales for Hulu Live.

好的，謝謝。我先回答。第一，我們不會拆分公布訂戶數。往後也是如此。這是一家公司，我們專注於以合併後的整體來為業務創造槓桿效益。就有機成長而言，我剛才提出我們目前正在推進的三項計畫，我再重申一下。第一是利用我們的前台（storefront）來帶動 Hulu Live 的銷售。

I think you know the Fubo team has been very strong in driving growth. Organically and inorganically over the last few years. So we'll look to really attempt to drive growth on the Hulu side. Due to the array of products that we offer, it makes sense for us to be able to push people towards a bundle that includes a comprehensive portfolio of networks. And I think part of the opportunity here is we're the only company today that offers such an array of offers, everything from as low as $9.99 on the Fubo Latino package.

我想你也知道，Fubo 團隊在推動成長方面一直很強。過去幾年不論是有機或併購式成長皆是如此。因此我們會努力在 Hulu 端推動成長。由於我們提供的產品組合相當多元，把用戶導向包含完整頻道網路組合的綑綁方案是合理的。我認為其中一部分機會在於：目前只有我們能提供如此多樣的方案，從最低每月 9.99 美元的 Fubo Latino 套餐起。

Then there's the Hulu Espanol package, which starts at the $30 range, which is well below some of our competitors and really gives us an opportunity to drive growth across these packages. As lower pricing typically yields greater subscriber growth and. Top of the funnel conversion. So we're focused on that.

另外還有 Hulu Espanol 套餐，起價約在 30 美元區間，明顯低於部分競爭對手，這確實讓我們有機會推動這些方案的成長。因為較低的定價通常會帶來更高的訂戶成長。以及漏斗頂端的轉換。所以我們會聚焦在這一點。

From a product and technology perspective, we've built a pretty strong mousetrap, I would say. Today, we're really focused on continuing to enhance our product capabilities to drive engagement and to take advantage of what John was talking about earlier around the advertising. The more engagement that we can drive on the platform, the more Disney will be able to drive ad sales on behalf of Fubo Inc.

從產品與技術角度來看，我會說我們打造了一個相當強的「捕鼠器」。目前我們真正專注的是持續強化產品能力，以提升互動參與度，並把握 John 先前提到的廣告機會。我們在平台上能帶動的互動越多，Disney 就越能代表 Fubo Inc. 推動廣告銷售。

And I would just add on seasonality, given your question in terms of organic, look, the FUBO service tends to have a bit more seasonality than Hulu Live. But when we look at the sequential change in subscribers from fiscal 1Q to 2Q over the past two years, the trends were nearly identical for both areas and for both services.

另外就你問到的有機成長與季節性，我再補充：FUBO 服務的季節性通常比 Hulu Live 更明顯一些。但當我們觀察過去兩年從財年第一季到第二季的訂戶環比變化時，兩個業務、兩項服務的趨勢幾乎一致。

Brent Penter, Raymond James.

Brent Penter，Raymond James。

Hey, good morning, everyone. Thanks for taking the question. It's good to see some of the RSN deals ahead of MLB season. I just want to zoom out and get your broader view as that space evolves and some of those businesses face some headwinds. How do you maintain your advantage in local sports as that ecosystem changes? And then with Hulu Live now, any plans to push Hulu Live more into the RSN space?

嗨，各位早安。謝謝讓我提問。很高興看到在 MLB 球季開始前就敲定了一些 RSN 的合作。我想拉高一點視角，請你們談談隨著該領域演變、且部分業者面臨逆風時，你們的整體看法。在生態系改變之際，你們如何維持在在地體育內容上的優勢？另外，現在有 Hulu Live 之後，是否有計畫讓 Hulu Live 更深入切入 RSN 領域？

Yeah. So obviously, we are working in an ever-evolving landscape. I think we've done a very good job navigating the different changes that the industry is dealing with. As you said, we've done a great job adding, I think it was 14 local baseball teams in a very short period of time, as well as the Dodgers, the Braves, and the Mets before opening day, if I'm not mistaken. And that allowed us to really offset losses from the subs that rolled off due to the NBCU drop.

好的。顯然我們所處的是一個持續演變的環境。我認為我們在因應產業面臨的各種變化方面做得很好。如你所說，我們在很短時間內新增了我記得是 14 支在地棒球隊的內容，並且在開幕日之前也加入了道奇、勇士與大都會（若我沒記錯）。這使我們能有效抵消因 NBCU 下架而流失的訂戶所帶來的影響。

So we feel pretty good about where we are. Of course, we enjoy our position as a leader in local sports. But we'll be focused on football season next -- the World Cup and then football season after that at this juncture. So that's where our focus is, and we'll look to evaluate the situation as things change. But as we've constantly been proactive about some of these decisions that we've made, and they've obviously worked out very well for us.

所以我們對目前的狀況感到相當不錯。當然，我們也很享受自己在在地體育領域的領先地位。但在這個時間點，我們接下來會把重心放在足球賽季——先是世界盃，之後是美式足球賽季。因此這是我們的聚焦方向，我們也會隨著情勢變化來評估狀況。不過我們一向在這些決策上保持主動，而結果顯然也對我們非常有利。

David Joyce, Seaport Research Partners.

David Joyce，Seaport Research Partners。

Thank you. Could you just provide a little bit more color on what you said about the Olympics earlier and Super Bowl and NBCUniversal? What's your retention experience been like versus prior years? And then secondly, it seems like you're mostly integrated with Disney ad sales. Is there any technological work remaining on that front?

謝謝。能否就你先前提到的奧運、超級盃以及 NBCUniversal 再多補充一些細節？你們的留存表現相較於往年如何？第二，看起來你們大多已與 Disney 的廣告銷售整合。在這方面是否還有任何技術工作尚未完成？

Why don't I start with the first part of the question and let John touch on the technological side of the ads. Look, from a retention perspective, I think we've done very well. As I said, we've navigated the issues. With the NBC loss in a particularly dominant month for NBCUniversal, which included the Super Bowl, the Olympics, and let's not forget, the All-Star game. So I think from January through March, we've experienced better retention across all plans, which is obviously very important. And we've seen growth on that front, which really translates into the, I would say, relatively flat sub-base on a year-over-year basis, which I think is very impressive.

我先回答問題的第一部分，然後讓 John 談談廣告技術面的部分。就留存而言，我認為我們做得非常好。如我所說，我們已妥善處理相關問題。即便是在 NBCUniversal 特別強勢的一個月份發生 NBC 下架，其中包含超級盃、奧運，別忘了還有全明星賽。因此我認為從 1 月到 3 月，我們在所有方案上的留存都有所改善，這顯然非常重要。而且我們在這方面也看到成長，這實際上反映為我會說在年對年基礎上相對持平的訂戶基數，我認為這非常令人印象深刻。

In April, what we've already experienced is retention levels that are on par with 2024. Again, that's offset by local baseball. And the only year, I think. Where we may have experienced better retention was during the pandemic in 2021. Reactivations were also very strong, which really highlights the fact that people really enjoy the Fubo product during the baseball season. So again, we're very focused on continuing to drive growth across all of our plans and to ensure that we don't rely on any one provider of programming for our service.

在 4 月，我們已經看到的情況是，留存水準與 2024 年相當。再次強調，這被本地棒球所抵銷。而且我想唯一的一年，我們可能經歷過更好的留存是在 2021 年疫情期間。再啟用也非常強勁，這確實凸顯出人們在棒球賽季期間非常喜歡 Fubo 的產品。因此，我們仍然非常專注於持續推動我們所有方案的成長，並確保我們的服務不會依賴任何單一的節目內容供應商。

Hey, Devin, just on the tech front, like I would just say that there was, as you'd expect, a fair amount of tech work that was done, and that's also largely complete.

嘿，Devin，就技術面來說，我想我會說，如你所預期的，確實做了相當多的技術工作，而這也大致已經完成了。

Alicia Reese, Wedbush.

Alicia Reese，Wedbush。

All right, thank you. And then moving back to one-time events or occasional events, I'd like to ask on the World Cup. And I have a couple questions, Mara, two partner, on that. If you could talk first about what level of subscription uplift is embedded in the guidance from the World Cup. And then also if you could talk about any, like how you're participating outside of subscriptions in terms of perhaps shoulder programming around the World Cup that you can advertise against whether it's on Fubo or Hulu?

好的，謝謝。接著回到一次性事件或偶發事件，我想就世界盃提問。我有幾個問題，Mara，關於那兩個合作夥伴。你能否先談談，指引中納入了世界盃帶來的訂閱提升大概是什麼水準？另外也請談談，除了訂閱之外，你們是否以任何方式參與，例如在世界盃周邊的「肩部」節目編排上，讓你們可以對其投放廣告，不論是在 Fubo 或 Hulu 上？

Hey, Lisa, this is John. Look, for World Cup, we do think there may be a good incremental opportunity for us, particularly on Fubo Sports, given the lower price point. I would say on previous World Cups. Really haven't had a major impact on ad revenue. I'd say this time around, we do have several sponsorships that we haven't had in the past because we're now selling hubs. And so combined with that, given with the friendlier time zone, there could be more of an advertising opportunity this year.

嘿，Lisa，我是 John。你看，對於世界盃，我們確實認為可能會有不錯的增量機會，特別是在 Fubo Sports 上，因為價格點較低。我會說在過去的世界盃，其實對廣告營收沒有造成重大影響。但這次，我們有幾個過去沒有的贊助案，因為我們現在在銷售內容樞紐（hubs）。因此再加上時區更友善，今年可能會有更多的廣告機會。

On subscribers, look, I'd say that we haven't shared a subscriber outlook specific in terms of our guidance. But I would say that our marketing team expects an uplift in trials, and so there could also be upside based on conversion.

在訂閱用戶方面，你看，我會說我們並沒有在指引中分享特定的訂閱用戶展望。但我會說，我們的行銷團隊預期試用會有所提升，因此基於轉換率也可能有上行空間。

Patrick Scholl, Barrington Research.

Patrick Scholl，Barrington Research。

Hi, thanks for taking the question. With your pre-cash flow expectations for 2027 or sooner, could you maybe outline some of your capital allocation priorities, whether in terms of growth, investment, leverage targets, or other areas of investment? Thank you.

嗨，謝謝讓我提問。以你們對 2027 年或更早達成前自由現金流（pre-cash flow）的預期來看，你們能否概述一下資本配置的優先順序，例如在成長、投資、槓桿目標或其他投資領域方面？謝謝。

Hey, Pat, it's John. Look, we're investing in several areas. David alluded to them in the letter, but I would just add again, we're investing product. And tech. I think we're seeing some of the fruits of that in terms of what we're seeing in retention and churn, content in terms of the RSNs, marketing, all in an effort to drive customer delight and customer growth.

嘿，Pat，我是 John。你看，我們正在幾個領域投資。David 在信中提到了一些，但我再補充一下：我們正在投資產品，以及技術。我認為我們已經在留存與流失率方面看到一些成果；內容方面包括 RSN（區域體育聯播網）；行銷也是如此，所有這些都是為了提升客戶滿意度並推動客戶成長。

On the free cash flow front, look, I would say we are tracking in line to slightly better relative to our expectations. Look, on leverage, we don't have a leverage target. Look, more or less, what we've said is that in terms of cash, we expect to have north of $200 million of cash. On the balance sheet at the end of the fiscal year, based on our debt outstanding, we have a very manageable net debt level, if you will.

在自由現金流方面，你看，我會說我們的進度與預期一致，甚至略優於預期。至於槓桿，我們沒有設定槓桿目標。我們大致上所說的是，就現金而言，我們預期在會計年度末，資產負債表上的現金將超過 2 億美元；以我們未償債務來看，我們的淨負債水準相當可控。

Laura Martin, Needham.

Laura Martin，Needham。

Okay, on AI, can you guys talk about how you're affecting -- AI is affecting costs and also whether it's accelerating revenue? And then on international, can you tell us sort of what's going on in the international subs and how those subs fit into your strategy now that you're part of Hulu + Live TV?

好的，關於 AI，你們能談談 AI 如何影響成本，以及是否也在加速營收嗎？另外在國際方面，你能否說明一下國際訂閱用戶目前的情況，以及在你們成為 Hulu + Live TV 一部分之後，這些訂閱用戶如何融入你們現在的策略？

Yeah, thank you. Hey, Laura, this is David. I'll take both of those, I think.

好的，謝謝。嘿，Laura，我是 David。我想這兩個問題我都來回答。

Let me start with the international question. I think post our business combination with Hulu + Live TV, we're very focused on driving domestic growth, given the size of our subscriber base here. So we'll probably put that on the back burner, given all the priorities we have, particularly with some of the initiatives that we are implementing in the relatively short-term.

我先從國際的問題開始。我認為在我們與 Hulu + Live TV 完成業務合併之後，鑑於我們在這裡的訂閱用戶基礎規模，我們非常專注於推動國內成長。因此，考量到我們有許多優先事項，特別是一些我們將在相對短期內推行的計畫，我們可能會先把這部分擱置。

As it relates to AI, I think you and I are sitting together on May 12, at your conference. I'm looking forward to it. This is a major topic. I think this is one of the most underrated topics within streaming video. On the back end, I would say from a business perspective, about 35% of all of our code is now completed with AI.

至於 AI，我想你和我會在 5 月 12 日於你的研討會上同場。我很期待。這是一個重大議題。我認為這是串流影音領域中最被低估的議題之一。在後端方面，從商業角度來看，我們目前大約有 35% 的程式碼是由 AI 完成的。

About 200% of our employees now use either ChatGPT or Claude code to really drive more effectiveness and efficiency. Some of our top engineers actually don't code anymore. There's still a learning curve here. We're still going through that. But I do think that there's opportunities for us to enhance across all of the various functions in the company.

我們員工的使用率約為 200%（每位員工平均使用超過一種工具），現在都在使用 ChatGPT 或 Claude code，以真正提升效能與效率。我們的一些頂尖工程師其實已經不再親自寫程式了。這裡仍然有學習曲線。我們仍在經歷這個過程。但我確實認為，我們有機會在公司各種不同職能上全面提升。

From an external-facing perspective, as I mentioned, on the technology front, we're going to start with our AI assistant. I actually think times are changing. Everyone has been so focused on the billing relationship. I think going forward, it's really the conversational layer.

從對外的角度來看，如我提到的，在技術方面，我們會先從 AI 助理開始。我其實認為時代正在改變。大家一直都非常專注於帳務／收費關係。我認為未來真正重要的是對話層（conversational layer）。

That's going to really drive value for consumers and for companies. And our job really is to try and to compress the entire journey from discovery to purchase. And that means that there will be some level of graphic UI deconstruction.

這將真正為消費者與企業創造價值。而我們的工作就是嘗試把從探索到購買的整段旅程壓縮。這也意味著圖形化使用者介面（GUI）會在某種程度上被解構。

Where I think we're going to really start to experiment, as we've done historically with 4K and MultiView and other capabilities that we've brought to the forefront, which I think the industry has benefited from. So we're looking forward to implementing some of these features, in the short-term before the fall to start testing and looking forward to talking about these in the future.

我認為我們真正要開始實驗的地方，是如同我們過去在 4K、MultiView 以及其他我們帶到前台的功能所做的一樣，而我認為整個產業也因此受益。因此，我們期待在秋季之前的短期內導入其中一些功能，開始測試；也期待未來能進一步談論這些。

We have no further questions. This will conclude today's conference call. Thank you for your participation. You may now disconnect.

我們沒有其他問題。今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。