FuboTV Inc. (FUBO) 2026 Q3 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the FuboTV Inc.'s third-quarter fiscal 2026 earnings conference call. (Operator Instructions)

大家好。感謝各位加入我們，歡迎參加 FuboTV Inc. 2026 會計年度第三季財報電話會議。（接線員指示）

I will now hand the conference over to Ameet Padte, SVP, FP&A, Corporate Development and Investor Relations. Please go ahead.

現在我將把會議交給資深副總裁（FP&A、企業發展與投資人關係）Ameet Padte。請開始。

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

感謝各位加入我們，一同討論 FuboTV Inc. 2026 會計年度第三季業績。今天與我一同出席的有 FuboTV 執行長 Alisa Bowen，以及 FuboTV 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函中，可於我們網站投資人關係專區 ir.fubo.tv 查閱。

Before we begin, let me quickly review the format of today's call. Alisa will start with some brief remarks on the quarter and our business, and John will cover the financials and guidance. Then we will turn the call over to the analysts for Q&A.

在開始之前，我先快速說明今天電話會議的流程。Alisa 將先就本季與我們的業務做簡短說明，接著 John 將說明財務表現與財測指引。之後我們將把時間交給分析師進行問答。

I would like to remind everyone that the following discussion may contain forward-looking statements within the meaning of the federal securities laws, including, but not limited to, statements regarding our financial condition; 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, profitability, and trends in subscriber performance.

提醒各位，以下討論可能包含符合美國聯邦證券法定義的前瞻性陳述，包括但不限於：關於我們的財務狀況；我們預期的未來財務表現（包含財務展望、指引與長期目標）；業務策略與計畫（包含產品、訂閱方案與技術功能）；合作夥伴關係及其他安排；業務合併的效益（包含預期的協同效應與整合）；以及對成長、獲利能力與訂戶表現趨勢的預期。

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.

這些前瞻性陳述受若干風險、不確定性與假設影響。可能導致實際結果與前瞻性陳述有重大差異的重要因素，已於我們向 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基礎編製，不包含我們先前遊戲（Gaming）部門的歷史業績；該部門已按停業單位（discontinued operations）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 Q3 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，也收錄於我們 2026 年第三季致股東信函與新聞稿中，並可於 ir.fubo.tv 查閱。

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

接下來，我把電話交給 Alisa。

Good morning. Thank you all for joining us. I'm delighted to be here for my first earnings call as FuboTV's CEO. But before I share my early perspective and highlight some of our third-quarter results, I'd like to take a moment to introduce myself to our investors and our analysts.

各位早安。感謝大家加入我們。我很高興能以 FuboTV 執行長的身分參與我的第一場財報電話會議。不過在我分享初步觀點並重點說明第三季部分成果之前，我想先花一點時間向投資人與分析師自我介紹。

Over the past 25 years, I have built my career in technology, operations, and consumer experience roles in news and streaming at large global media companies. I've led multiple media organizations through periods of significant transformation, helping them adapt to changing industry landscapes and all with a focus on driving profitable growth.

過去 25 年，我的職涯主要在大型全球媒體公司中，擔任科技、營運與消費者體驗相關職務，涵蓋新聞與串流領域。我曾帶領多個媒體組織度過重大轉型期，協助其因應產業環境變化，並始終以推動獲利性成長為核心。

At The Walt Disney Company, I was part of the leadership team that built its global streaming business. I drove the launch of Disney+, and as its President, I helped to scale profitably that business into its market-leading position today. I also led several relevant business integrations, including the integration of Hulu and Disney+ businesses, and I led Disney+'s most recent global push into live events and sports.

在華特迪士尼公司（The Walt Disney Company），我曾是打造其全球串流業務的領導團隊成員之一。我主導 Disney+ 的推出，並在擔任其總裁期間，協助該業務以獲利方式擴張至今日的市場領先地位。我也主導多項相關的業務整合，包括 Hulu 與 Disney+ 業務的整合，並帶領 Disney+ 最近一次在全球推進直播活動與體育內容。

All these experiences have taught me that periods of disruption often create the greatest opportunities for companies willing to move swiftly and with discipline. They also told me that the strongest media businesses require three things: compelling content, our product and experience that customers value, and an operating model capable of delivering scale. I joined FuboTV because this company has all three of these attributes, and I'm optimistic it will serve as a robust foundation for growth.

這些經驗讓我體會到，產業動盪的時期往往為願意迅速且有紀律行動的公司帶來最大的機會。也讓我明白，最強健的媒體事業需要三項要素：引人入勝的內容、客戶重視的產品與體驗，以及能夠支撐規模化交付的營運模式。我加入 FuboTV，是因為這家公司具備上述三項特質，我也樂觀認為這將成為成長的堅實基礎。

While the media landscape broadly remains in a period of significant structural change, the enduring value of live programming and especially sports is increasingly clear. This past quarter alone has shown that live events have a very unique ability to bring audiences together at scale. And we saw significant excitement and engagement around programming like the World Cup and the NBA finals.

儘管整體媒體環境仍處於顯著的結構性變革之中，但直播節目，尤其是體育賽事的長期價值正愈發明確。僅就上一季而言，就顯示直播活動具備非常獨特的能力，能以規模化方式凝聚觀眾。我們也看到像世界盃與 NBA 總決賽等節目帶來顯著的熱度與參與度。

At the same time, consumers are becoming more deliberate about how they assemble and pay for their entertainment, creating demand for options that range from comprehensive channel packages to more targeted and flexible offerings. Against that backdrop, I really believe FuboTV enters this next chapter with a compelling business model for profitable growth that will drive long-term shareholder value.

同時，消費者在組合並支付娛樂內容的方式上變得更為審慎，因而催生從完整頻道套裝到更聚焦且更彈性的方案等多元需求。在此背景下，我確實相信 FuboTV 進入下一個篇章時，具備一個能實現獲利性成長、並推動長期股東價值的具吸引力商業模式。

Let me tell you why. First, in an environment where live TV is still a must-have, we operate in a sweet spot. We bring to market two live TV streaming services: Hulu + Live TV and Fubo that between them offer customers premium content, differentiated product quality, and the flexibility to bundle a well-priced plan that's right for them. We think Hulu + Live TV and Fubo's array of plan options gives us coverage for different customers all along the price to value curve and can maximize our reach.

我來說明原因。第一，在直播電視仍屬必需品的環境中，我們正處於甜蜜點。我們向市場提供兩項直播電視串流服務：Hulu + Live TV 與 Fubo；兩者合計可為客戶提供優質內容、差異化的產品品質，以及彈性組合出價格合理、適合自身需求的方案。我們認為，Hulu + Live TV 與 Fubo 多樣的方案選擇，讓我們能在不同的「價格—價值」曲線上覆蓋各類客群，並最大化觸及範圍。

Second, since the combination with Hulu + Live TV last fall, FuboTV has reached a new inflection point and now has the increased scale, content relationships to drive customer optionality, and the ability to leverage industry-leading advertising technology via Disney that positions us to better monetize our entire offering. And third, Fubo does this on a technology platform that provides one of the most innovative user experiences in Live TV. Altogether, these strengths give us an opportunity to compete more effectively and deliver an increasingly differentiated experience for subscribers.

第二，自去年秋季與 Hulu + Live TV 完成整合後，FuboTV 來到新的拐點：我們具備更大的規模、能推動客戶選擇性的內容合作關係，並可透過迪士尼運用業界領先的廣告技術，使我們能更有效地將整體產品變現。第三，Fubo 依託的技術平台，提供了直播電視領域中最具創新性的使用者體驗之一。綜合而言，這些優勢讓我們有機會更有效地競爭，並為訂戶提供愈加差異化的體驗。

And while I'm continuing to work with the business on our future strategy, our performance this quarter has reinforced my confidence in both the quality of the foundation and the long-term potential. As I look to a few of the Q3 highlights, there are several areas of success that I see we will continue to build upon.

雖然我仍在與團隊共同研擬未來策略，但本季的表現進一步強化了我對這個基礎品質與長期潛力的信心。回顧第三季幾項重點，我看到數個成功領域，我們將持續在其上加碼與深化。

First and foremost, we saw strong subscriber performance in the third quarter, reflecting our ability to attract and engage audiences around major live events like the NBA Finals and the World Cup. The 2026 World Cup, which concluded 2.5 weeks ago, was a testament to the strength, innovation, and value of our programming. Across our portfolio of offerings, we streamed content in both English via FOX and in Spanish via Telemundo and Universo, thanks to our renewed partnership with NBCUniversal on the Fubo service.

首先也是最重要的，我們在第三季看到強勁的訂戶表現，反映出我們有能力在 NBA 總決賽與世界盃等大型直播賽事期間吸引並帶動觀眾參與。於 2.5 週前落幕的 2026 年世界盃，證明了我們節目內容的實力、創新與價值。在我們的產品組合中，我們透過 FOX 以英文串流內容，並透過 Telemundo 與 Universo 以西班牙文串流內容；這得益於我們在 Fubo 服務上與 NBCUniversal 續約的合作夥伴關係。

Over the course of the tournament, our total subscriber base grew, and there was notable strength in our enhanced Spanish language offerings and the Fubo branded services. While we expect some attrition, the World Cup was ultimately a powerful vehicle for introducing new high-quality subscribers to our Fubo platform.

在整個賽事期間，我們的訂戶總數成長，強化後的西班牙語內容與 Fubo 品牌服務表現尤為突出。雖然我們預期會有部分流失，但世界盃最終仍是將新的高品質訂戶導入 Fubo 平台的強力載體。

Our previously announced inclusion of links from ESPN's Where to Watch feature to Fubo is also off to a promising start. Since its launch, customers referred to Fubo from ESPN have been converting from free trials to paid subscriptions at a higher rate than customers acquired from other channels and are showing favorable early retention indicators. So we're continuing to work on new ways to bring ESPN's highly engaged sports fans to Fubo's offerings.

我們先前宣布，ESPN 的「Where to Watch」功能中將加入連結導向 Fubo，目前也有一個令人鼓舞的開局。自上線以來，從 ESPN 導流至 Fubo 的客戶，從免費試用轉為付費訂閱的轉換率高於其他渠道取得的客戶，且早期留存指標表現良好。因此，我們正持續探索新的方式，將 ESPN 高度投入的體育迷導入 Fubo 的產品與服務。

In a similar vein, we believe that Disney's progress towards integrating Hulu into Disney+ including the planned Live TV integrations will be another positive step in this direction.

同樣地，我們相信迪士尼在將 Hulu 整合進 Disney+（包括規劃中的 Live TV 整合）方面的進展，將是朝此方向邁出的另一個正面步驟。

And finally, since migrating our advertising inventory to the Disney ad server, we've already achieved monetization improvements on the Fubo platform with double-digit increases in CPM and fill rates compared to last year. This initiative is still only in its early stages, but with Disney's world-class advertising technology and data targeting capabilities, we believe our opportunity to improve the monetization of our direct-to-consumer engagement is sizable. And this year, FuboTV was included in Disney's advertising upfront for the first time, marking another important milestone in our relationship with Disney.

最後，自從將我們的廣告庫存遷移至 Disney 廣告伺服器以來，相較去年，我們已在 Fubo 平台上實現變現改善，CPM 與填充率均出現兩位數成長。這項計畫仍處於早期階段，但憑藉 Disney 世界級的廣告技術與數據定向能力，我們相信提升直面消費者互動變現的機會相當可觀。此外，今年 FuboTV 首次納入 Disney 的廣告預售（upfront）中，這也標誌著我們與 Disney 關係的另一個重要里程碑。

I took this role because I believe that FuboTV is a fundamentally differentiated leader in the virtual MVPD space. And my first few weeks have affirmed my views that there is significant runway to scale this business further.

我之所以接下這個職務，是因為我相信 FuboTV 在虛擬 MVPD 領域是一位具根本差異化的領導者。而我上任後的前幾週也印證了我的看法：這項業務仍有相當大的成長空間可進一步擴張。

As we look to this next phase of growth, I've been spending my time with the talented leaders and teams across FuboTV to better understand the strengths of our organization and where our greatest prospects lie. I want to ensure that the path forward is grounded in a clear assessment of our capabilities, the market and in the interest of all of our stakeholders, including our shareholders, subscribers, content partners, and our advertisers.

展望下一階段的成長，我一直與 FuboTV 各部門才華洋溢的領導者與團隊密切合作，以更深入了解我們組織的優勢，以及我們最大的機會所在。我希望確保未來的前進路徑建立在對我們能力與市場的清晰評估之上，並符合所有利害關係人的利益，包括股東、訂戶、內容合作夥伴與廣告主。

My vision is beginning to take shape in four strategic areas that I believe will deepen Fubo's strength and pave the way to profitable growth. One, optimizing our pricing and packaging segmentation to drive the appropriate flexibility, choice, and value that today's viewers demand. Two, expanding our content portfolio with our world-class partners to diversify our offering and better serve the broader market.

我對未來的願景正逐步成形，聚焦於四個策略領域；我相信這將深化 Fubo 的優勢，並為獲利性成長鋪路。第一，最佳化我們的定價與方案分層（packaging segmentation），以提供當今觀眾所要求的適當彈性、選擇與價值。第二，與世界級合作夥伴擴充內容組合，使我們的供給更多元，並更好地服務更廣泛的市場。

Three, developing our distribution and marketing partnerships to maximize the scale and total breadth of audiences served by our portfolio of Fubo and Hulu + Live TV products. And four, continuing to invest in innovation, technology, and AI to improve our leading user experience, enhance customizations for viewers and advertisers and increase our speed to market. There is still a lot of work to do to formalize our approach and execution, and I look forward to providing an update on these plans on our November earnings call.

第三，發展我們的發行與行銷合作夥伴關係，以最大化我們的 Fubo 與 Hulu + Live TV 產品組合所服務受眾的規模與總覆蓋廣度。第四，持續投資創新、技術與 AI，以改善我們領先的使用者體驗、強化對觀眾與廣告主的客製化，並提升我們的上市速度。要將我們的方法與執行正式化仍有許多工作要做，我期待在 11 月的財報電話會議上就這些計畫提供最新進展。

Lastly, as we continue this important work, Alberto Horihuela, FuboTV's Co-Founder and Chief Operating Officer, will begin a long-term transition from his current role into a new senior adviser role towards the end of the year. As a part of this transition, Alberto will remain with Fubo in the new role of Founder, Adviser through all of 2027, continuing to work closely with me and the broader management team to refine and execute our long-term operating strategy.

最後，在我們持續推進這項重要工作之際，FuboTV 共同創辦人兼營運長 Alberto Horihuela 將於年底前後開始一項長期過渡，從現任職務轉任新的資深顧問職務。作為此過渡的一部分，Alberto 將以「創辦人、顧問」的新角色留任至 2027 年底，並將持續與我及更廣泛的管理團隊緊密合作，完善並執行我們的長期營運策略。

With that, I'll turn the call over to John to walk us through our Q3 results.

接下來，我把電話交給 John，請他帶我們回顧第三季業績。

Thank you, Alisa. We are excited to begin this next chapter in our company's history. The third quarter of fiscal 2026 marked our second 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.

謝謝你，Alisa。我們很興奮能開啟公司歷史的下一個篇章。2026 會計年度第三季，是我們在完成與 Hulu + Live TV 的業務合併後，作為合併公司運作的第二個完整季度。提醒一下，為了便於期間比較，我們將同時以「已報告」與「備考（pro forma）」基礎討論業績；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。

Turning to the results for the quarter. In North America, our revenue for the third quarter was $1.474 billion compared to $1.074 billion in the prior year period. Pro forma revenue in the prior year period was $1.475 billion, approximately flat year over year. In terms of our customer base, we ended the quarter with 5.75 million total subscribers in North America, up 2% compared to 5.63 million in the prior year period.

接著看本季業績。在北美地區，我們第三季營收為 14.74 億美元，去年同期為 10.74 億美元。去年同期的備考營收為 14.75 億美元，年增率約持平。就客戶基礎而言，我們季末在北美的訂戶總數為 575 萬，較去年同期的 563 萬成長 2%。

In Rest of World, we ended the quarter with 356,000 subscribers compared to 349,000 in the comparable prior year period, a 2% increase. Revenue in Rest of World was $7.8 million in the quarter compared to pro forma revenue of $8.6 million in the comparable prior year period.

在世界其他地區（Rest of World），我們季末訂戶為 35.6 萬，去年同期為 34.9 萬，成長 2%。世界其他地區本季營收為 780 萬美元，去年同期的備考營收為 860 萬美元。

Turning to our profitability metrics. Our net loss for the third quarter was $25.7 million compared to a net loss of $38 million in the prior year period. Earnings per share in the quarter reflected a loss of $0.25. We delivered adjusted EBITDA of $19.1 million in the third quarter compared to pro forma adjusted EBITDA of $31 million in the prior year period.

接著看獲利指標。第三季淨損為 2,570 萬美元，去年同期淨損為 3,800 萬美元。本季每股盈餘反映為虧損 0.25 美元。我們第三季調整後 EBITDA 為 1,910 萬美元，去年同期備考調整後 EBITDA 為 3,100 萬美元。

From a cash and liquidity perspective, FuboTV ended the quarter with $236.4 million in cash, cash equivalents and restricted cash on hand, and we expect to finish the year with more than $200 million of cash on our balance sheet.

從現金與流動性角度來看，FuboTV 季末持有現金、約當現金及受限制現金合計 2.364 億美元；我們預期年底資產負債表上的現金將超過 2 億美元。

I would also like to provide some additional commentary around our near- and long-term financial targets. For fiscal 2026, we now expect pro forma adjusted EBITDA of $90 million to $100 million, and we continue to expect at least $300 million of adjusted EBITDA in fiscal 2028. We also continue to expect to deliver positive free cash flow in fiscal '27 and fiscal '28 under our current operating plan.

我也想就我們的中短期與長期財務目標補充一些說明。就 2026 會計年度而言，我們目前預期備考調整後 EBITDA 為 9,000 萬至 1 億美元；同時我們仍預期在 2028 會計年度至少達成 3 億美元的調整後 EBITDA。在目前的營運計畫下，我們也仍預期在 2027 與 2028 會計年度實現正向自由現金流。

In summary, Q3 was another step forward 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 Alisa noted earlier, we continue to look for areas to expand our collaboration with Disney and to explore additional growth opportunities. As we move forward, we remain focused on establishing a sustainable foundation for growth.

總結來說，第三季是我們業務再向前邁進的一步，我們相信我們才剛開始釋放 Fubo 與 Hulu + Live TV 業務合併的全部潛力。如同 Alisa 先前提到的，我們將持續尋找擴大與 Disney 合作的領域，並探索更多成長機會。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) Laura Martin, Needham.

(接線員指示) Laura Martin，Needham。

I'll ask two. Where is Fubo using AI to lower its operating expenses, its customer acquisition cost, its customer service ad targeting or content discovery? And do your learnings from Disney help you do that faster now that you've come to Fubo?

我問兩個問題。Fubo 在哪些方面使用 AI 來降低營運費用、客戶取得成本、客服、廣告定向或內容探索（content discovery）？以及你在 Disney 的學習是否能幫助你在加入 Fubo 後更快做到這些？

And then secondly, sounds like a lot of your experience over at Disney was integrating multiple products. So let's talk about should Hulu + Live TV and Fubo be collapsed into a single product, what are the advantages and disadvantages of combining those?

第二，你在 Disney 的許多經驗似乎是整合多項產品。那我們來談談：Hulu + Live TV 和 Fubo 是否應該整併為單一產品？把兩者合併的優點與缺點是什麼？

Good morning, Laura. Thanks for your question. Great questions. Let me take the second one first because I think you might have picked up from the remarks that we made during the prepared section of this call that I really see the two products in our portfolio and the two brands that we have in our portfolio as being an advantage rather than a problem that needs to be fixed.

早安，Laura。謝謝你的提問。問題都很好。我先回答第二個，因為我想你可能已從我們在本次電話會議準備稿段落中的發言聽出來：我其實把我們產品組合中的兩個產品、以及兩個品牌，視為優勢，而不是需要被修正的問題。

Let me talk about those advantages just real briefly. Both Fubo and Hulu + Live TV have very distinct and valuable subscriber bases that are anchoring what those brands stand for. Fubo has a really strong platform across news, sport, and entertainment. And that sports-first DNA has been a key differentiator, and it's something that the Fubo subscribers really love about the product.

我簡要談談這些優勢。Fubo 與 Hulu + Live TV 都擁有非常鮮明且具價值的訂戶基礎，並支撐各自品牌所代表的定位。Fubo 在新聞、體育與娛樂方面擁有非常強的平臺。而「以體育為先」的 DNA 一直是關鍵差異化因素，也是 Fubo 訂戶非常喜愛這項產品的原因。

Equally, Hulu + Live TV is very strong in the entertainment side of things and long recognized as a leader in entertainment television. And together with The Walt Disney Company SVOD bundles that are a part of the Hulu + Live TV package really speaks to a broader entertainment customer.

同樣地，Hulu + Live TV 在娛樂內容方面非常強，且長期以來被公認為娛樂電視領域的領導者。再加上華特迪士尼公司（The Walt Disney Company）的 SVOD 組合方案作為 Hulu + Live TV 套餐的一部分，確實能觸及更廣泛的娛樂型客群。

So I think having both in the market gives us the opportunity to really bring to market a range of products and services that meet different consumers where they are along that price value curve. And that's something that we're going to continue to lean into. We think that those opportunities give us the maximum reach and the chance for us to get to the most subscribers out there in the marketplace. And even within those product suites, we see the opportunity for increased segmentation.

所以我認為，讓兩者同時在市場上，讓我們有機會真正推出一系列產品與服務，能在價格／價值曲線上不同位置滿足不同消費者的需求。而這也是我們將持續加碼投入的方向。我們認為，這些機會能讓我們觸及最大範圍，並讓我們有機會在市場上接觸到最多的訂閱用戶。而且即使在這些產品組合之內，我們也看到進一步提升分眾細分的機會。

For example, there's a place for the very affordable Fubo Latino product, even alongside Hulu + Live TV's Español offering, which also includes Univision. So having both in the market and being able to operate that as a portfolio of offers, I think, is the best chance of continuing to grow and reach as many consumers as possible.

例如，非常實惠的 Fubo Latino 產品有其定位，即便與 Hulu + Live TV 的西班牙語方案（也包含 Univision）並列亦然。因此，讓兩者同時在市場上，並能以一個產品組合（portfolio）的方式來運作這些方案，我認為是持續成長並盡可能觸及更多消費者的最佳機會。

On your second question around AI, I've been actually very impressed with the way that the organization here is driving AI through every element of the business operations. Of course, we're using it in product features like content discovery and search and personalization. In fact, there were quite a number of user experience innovations delivered in time for the World Cup most recently that our viewers and subscribers engaged with really strongly. Those are things that help consumers find the content they're looking for with less friction and more quickly and get right to the point in play that they're seeking.

關於你第二個有關 AI 的問題，我其實對這裡的組織如何在營運的每個環節推動 AI 感到非常印象深刻。當然，我們在產品功能上也有使用，例如內容探索、搜尋與個人化。事實上，最近為了世界盃及時推出了相當多的使用者體驗創新，我們的觀眾與訂閱用戶參與度非常高。這些功能能幫助消費者以更少的摩擦、更快地找到他們要看的內容，並直接跳到他們想看的比賽進行片段。

And so we're very excited about how some of those features have performed. And we're on track to deliver the AI-driven voice search discovery feature that we previewed on a previous call, that was previewed on a previous call this fall in time for the football season.

因此，我們對其中一些功能的表現感到非常興奮。而且我們也按計畫在今年秋天、趕在美式足球賽季前，推出我們在先前電話會議中預告過的 AI 驅動語音搜尋探索功能。

But in addition to the features that AI is being used for here, I've also been pretty impressed with how our product and engineering teams are prototyping, developing, and using AI to solve problems. There are some very innovative tools that are changing the way that the engineering teams and the product teams here work. And of course, those things are more about bringing to market better features more quickly.

但除了 AI 在這裡被用於產品功能之外，我也對我們的產品與工程團隊如何進行原型設計、開發並運用 AI 來解決問題感到相當驚豔。有一些非常創新的工具正在改變這裡工程團隊與產品團隊的工作方式。當然，這些更多是為了更快把更好的功能推向市場。

So this is a growth business rather than thinking about AI as an opportunity to save costs or reduce resources. We're actually seeing it as an accelerator to bring better features to market more quickly and more of them.

因此，這是一門成長型的業務，而不是把 AI 視為節省成本或減少資源的機會。我們實際上把它視為加速器，讓我們能更快把更好的功能、以及更多功能推向市場。

And then last but not least, I'd call out marketing technology where AI has been an important step forward for the teams, both in terms of how we optimize our acquisition campaigns and also how we vastly increase the volume of creative that we have out in the market at any one point in time, which, of course, drives efficiency for us on the acquisition side.

最後但同樣重要的是，我想特別提到行銷科技：AI 對團隊而言是一個重要的進展，既包括我們如何最佳化拉新（acquisition）活動，也包括我們如何在任何時間點大幅提升投放到市場上的創意素材量，而這當然能提升我們在拉新端的效率。

So for us, AI is more about doing more with the team we have and moving more quickly.

所以對我們而言，AI 更像是用現有的團隊做更多事，並且加快速度。

Kutgun Maral, Evercore ISI.

Kutgun Maral，Evercore ISI。

I wanted to ask about your capital allocation priorities. You've guided to positive free cash flow in fiscal '27 and '28, and year-end cash above $200 million. As that cash builds, how are you prioritizing growth investments, the balance sheet, and the 2029 converts?

我想請教你們的資本配置優先順序。你們指引在 2027 與 2028 財年將有正的自由現金流，且年底現金高於 2 億美元。隨著現金累積，你們如何在成長投資、資產負債表，以及 2029 年可轉債之間做優先排序？

Hi, Kutgun. Thanks for the question. I'd say, to your point, based on our outlook and our cash balance, our balance sheet has never been this strong. So in terms of the balance sheet, our current cash level is actually greater than the outstanding face value of those '29 converts. So that does give us a lot of optionality.

嗨，Kutgun。謝謝你的問題。我會說，正如你所提，基於我們的展望與現金餘額，我們的資產負債表從未像現在這麼強健。就資產負債表而言，我們目前的現金水位其實高於那些 2029 年可轉債的未償還面額。因此，這確實給了我們很大的彈性與選擇空間。

On the investment front, to your question, we will continue to invest in growth. And I think we've been pretty consistent on what that may include, meaning programming, marketing, tech, and product.

在投資面，回到你的問題，我們將持續投資於成長。而且我認為我們對可能包含的項目一直相當一致，也就是內容／節目（programming）、行銷、技術與產品。

Next question?

下一題？

Brent Penter, Raymond James.

Brent Penter，Raymond James。

Alisa, looking forward to hearing your strategic road map in November. Can you all update us on the performance of the Fubo sport package and how you're thinking about the competitive landscape there, particularly with YouTube TV's recently introduced sports package?

Alisa，我很期待在 11 月聽到你們的策略路線圖。你們能否更新一下 Fubo 體育套件的表現，以及你們如何看待那裡的競爭格局，特別是 YouTube TV 最近推出的體育套件？

Good morning, Brent. Thanks for that question. We're really happy with the range of packages that we have and the optionality that's giving us to lean into the market at different moments in both the sports calendar and in our business cycle as well. So I think the sports package is one part of that. And given what I said in the prepared remarks about pricing and packaging, I think that is an advantage we have and something that we're really happy with.

早安，Brent。謝謝你的問題。我們對目前擁有的套件範圍感到非常滿意，而這種選擇彈性讓我們能在體育賽程與我們自身業務週期的不同時點，更有力地切入市場。所以我認為體育套件是其中一部分。而且考量我在事先準備的發言中提到的定價與打包策略，我認為這是我們的優勢之一，也是我們非常滿意的一點。

Our package competes with YouTube TV's sport package, obviously, but there are differences between each of these. And for example, the FOX News component in our sports package is something that's particularly valued by our subscriber base and is working well for us.

我們的套件顯然會與 YouTube TV 的體育套件競爭，但兩者之間也有差異。例如，我們體育套件中的 FOX News 組成，對我們的訂閱用戶群特別有價值，且對我們的成效表現良好。

Zooming out a little bit, I think we really like the ability for us to compete with competitors' programming options in a range of different ways. So for example, the RSNs has been a long-term differentiator for Fubo in certain markets and that ability to provide local sports gives us competitive edge in certain packages.

把視角拉遠一些，我認為我們非常喜歡能以多種不同方式與競爭對手的內容選項競爭的能力。例如，區域體育網（RSNs）長期以來一直是 Fubo 在某些市場的差異化優勢，而提供在地體育內容的能力，讓我們在某些套件上具備競爭優勢。

Hulu + Live TV has the SVOD bundles, which again, is unique as a proposition for those product lines. And even something like Fubo Latino, which I mentioned earlier, a very price competitive proposition for access to key sports, so that particular segment is proving valuable to us.

Hulu + Live TV 有 SVOD 綁定組合，這同樣是這些產品線獨特的主張。甚至像我先前提到的 Fubo Latino，也是一個在價格上非常具競爭力、可觀看關鍵體育內容的方案，因此那個特定分眾對我們而言正證明其價值。

So there are multiple different ways that we intend to continue leaning into these different market segments with different offers beyond just the sports and news package that we've been marketing during the World Cup.

因此，除了我們在世界盃期間主打行銷的體育與新聞套件之外，我們還打算以多種不同方式，持續透過不同方案深入這些不同的市場分眾。

Okay. Got it. And then second question for me, one feature that I think is important for sports fans is multiview, particularly as we get into heavier sports season here into the fall. You all have rolled that out, obviously, across Fubo. How should we think about your multiview road map and particularly progress towards bringing that to Hulu + Live TV?

好的。了解。那我第二個問題是，我認為對體育迷來說很重要的一個功能是多畫面（multiview），特別是我們進入秋季、體育賽事更密集的時段。你們顯然已在 Fubo 全面推出。我們應該如何看待你們的多畫面路線圖，尤其是把它帶到 Hulu + Live TV 的進展？

Yeah. Thanks for that question. We did launch multiview on Fubo for the LG platform in the quarter, along with several of those other UX improvements that I mentioned earlier. Zooming out, though, Fubo has long had a real emphasis on UI innovations, and that is an area that we're going to continue to focus on as a team and make sure that we are investing to protect our edge there.

是的。謝謝你的問題。我們在本季於 LG 平台上為 Fubo 推出了多畫面功能，同時也推出了我先前提到的其他幾項使用者體驗改善。不過從更宏觀的角度來看，Fubo 長期以來非常重視 UI 創新，而這也是我們作為團隊將持續聚焦的領域，並確保我們投入資源以維持我們在這方面的領先優勢。

Deeper product and tech road map plans are part of the strategic review that I mentioned that is underway at the moment. And we'll be sharing more about what that road map looks like when we regather together in the November time frame.

更深入的產品與技術路線圖規劃，是我提到目前正在進行的策略檢視的一部分。我們會在 11 月左右再次聚在一起時，分享更多關於該路線圖的樣貌。

As it relates to the Hulu + Live TV integration onto the Disney+ app, we're looking forward to seeing that come to market at the end of this calendar year, and there will be more to share from Disney's perspective about what the Hulu + Live TV road map looks like as we get closer to that milestone.

至於 Hulu + Live TV 整合到 Disney+ App 之上，我們期待在今年曆年年底看到它上市，而隨著我們更接近那個里程碑，迪士尼方面也會分享更多關於 Hulu + Live TV 路線圖的資訊。

Matt Condon, Citizens Bank.

Matt Condon，Citizens Bank。

Alisa, welcome aboard. I had a question for you, just what excites you most about the opportunity you see ahead for Fubo? And where are the biggest areas you see of untapped potential today?

Alisa，歡迎加入。我想問你一個問題：對於你所看到 Fubo 未來的機會，最讓你感到興奮的是什麼？以及你認為目前最大的尚未被充分開發的潛力領域在哪裡？

Good morning, Matt. Nice to meet you. Well, as I mentioned in my prepared remarks, FuboTV is now the number one virtual pay TV operator in the US market. And I think that position of scale, which is new for this business is a very unique vantage point to start thinking about what the growth trajectory of this business could really look like as we double down on the combined business entity.

早安，Matt。很高興認識你。嗯，正如我在事先準備的發言中提到的，FuboTV 現在是美國市場排名第一的虛擬付費電視營運商。我認為這種規模地位（對這項業務而言是新的）提供了一個非常獨特的有利視角，讓我們開始思考：當我們加碼投入這個合併後的業務實體時，這項業務的成長軌跡實際上可能會是什麼樣子。

So I think the distinct core advantages remain our products, our technology, that scale I mentioned as well as the talented team. And this is obviously a business and an industry that I know very well. So those opportunities to lean into that strength and to partner with Disney on making sure that we're able to develop new innovations in this market is something that I think will unlock significant new growth opportunities.

所以我認為，我們明確的核心優勢仍然是我們的產品、我們的技術、我剛才提到的規模，以及才華洋溢的團隊。而這顯然是一門我非常熟悉的業務與產業。因此，善用這些優勢並與 Disney 合作，確保我們能在這個市場開發新的創新，我認為這將釋放出顯著的全新成長機會。

So that's what really attracted me to this opportunity. I think the business is very well poised to take that next step in a number of strategic directions that we'll be sharing more on in November.

所以這就是最吸引我投入這個機會的原因。我認為這項業務已經具備非常好的條件，可以在多個策略方向上邁出下一步；我們會在 11 月分享更多內容。

Great. We look forward to that. And Alisa, just given your background at Disney, what opportunities do you see to more deeply integrate Fubo into the Disney ecosystem? How should we think about driving subscriber growth as well as revenue growth going forward?

很好。我們很期待。另外，Alisa，考量你在 Disney 的背景，你認為有哪些機會可以更深度地把 Fubo 整合進 Disney 生態系？我們應該如何思考未來推動訂戶成長以及營收成長？

Okay. Well, obviously, I know that team very well. And I'm very confident that we'll continue to strengthen those relationships as we work together on what the future opportunities for both Fubo and Hulu + Live TV are. But even today, nine months, just nine months after the close, there are some really interesting areas of opportunity that we're very enthusiastic about.

好的。嗯，顯然我非常了解那個團隊。我也非常有信心，當我們一起合作、思考 Fubo 與 Hulu + Live TV 的未來機會時，我們會持續強化這些關係。但即使是現在，在交易完成後僅僅九個月——真的只有九個月——我們就已經看到一些非常有趣、令我們非常振奮的機會領域。

First and foremost, in our opening remarks, we mentioned the marketing partnerships. The ESPN relationship is at its very early stages. And while the numbers are small, the signals are very convincing. There's better conversion and retention from that heavily enthusiastic sports base for the Fubo products versus some of the other marketing media channels that we have and tapping into that audience that ESPN served so well is a clear opportunity.

首先也是最重要的，在我們的開場發言中提到行銷合作夥伴關係。與 ESPN 的合作仍處於非常早期的階段。雖然數字還不大，但訊號非常有說服力。相較於我們其他一些行銷媒體管道，來自那群高度熱情的運動族群，對 Fubo 產品的轉換率與留存率更好；而切入 ESPN 長期服務得很好的那個受眾，顯然是一個機會。

And then I've mentioned also in other questions that I've answered here that Disney's plans to integrate Hulu and Hulu + Live TV into the Disney+ app will be a key step forward in a similar vein. So I think that is a great opportunity to broaden the top of the funnel for the Hulu SKUs and the Fubo SKUs that we're offering out in the marketplace.

另外，我在這裡回答其他問題時也提過，Disney 計畫把 Hulu 與 Hulu + Live TV 整合進 Disney+ App，這將是同樣脈絡下的一個關鍵進展。因此我認為，這是擴大我們在市場上提供的 Hulu 各 SKU 與 Fubo 各 SKU 漏斗上端（top of the funnel）的絕佳機會。

As it relates to advertising, again, we're very bullish on our opportunity to best leverage the Disney ad sales operation in a couple of regards. First and foremost, we're thrilled to be part of Disney's upfront activities this year. That really provides Fubo with access to the power of Disney's scale and reach in that upfront process and a great opportunity for us to be part of their story around live and sports in a year when they're going to market with an unprecedented array of live and sports assets for advertisers to get associated with. So that's a great opportunity.

就廣告而言，同樣地，我們對於在幾個面向上充分運用 Disney 的廣告銷售營運能力非常樂觀。首先，我們很高興今年能參與 Disney 的 upfront 活動。這讓 Fubo 在 upfront 流程中得以接觸到 Disney 的規模與觸及力所帶來的力量，也讓我們有很好的機會成為他們「直播與運動」敘事的一部分；尤其在今年，他們將以前所未有的直播與運動資產組合走向市場，讓廣告主能與之連結。所以這是一個很好的機會。

And then I've mentioned the capacity and utilization improvements that we've seen and pricing improvement. That really speaks to the power of the technology that Disney's ad sales operation is built on and their ability to serve the Fubo audience to advertisers in a highly segmented way using the Disney audience graph. So in both of those areas, I think there's a lot of opportunity for us to continue building on that.

此外，我也提到我們看到的容量與使用率改善，以及定價改善。這確實反映出 Disney 廣告銷售營運所建構的技術力量，以及他們運用 Disney 受眾圖譜（audience graph），以高度分眾的方式向廣告主提供 Fubo 受眾的能力。因此在這兩個領域，我認為我們有很多機會可以持續在此基礎上再加碼建設。

At the same time, Fubo's products and services retain a certain level of customization and flexibility so we can benefit from the scale of Disney's ad-serving platform as well as their sales approach while also still serving advertisers with customized executions, creative content, and other integrations that have been historically part of the Fubo ad sales proposition. And then, of course, there are other operating savings that the team have previously alluded to and will continue to drive those synergies.

同時，Fubo 的產品與服務仍保有一定程度的客製化與彈性，因此我們既能受益於 Disney 廣告投放平台的規模以及他們的銷售方式，也仍能以客製化的執行、創意內容與其他整合方案來服務廣告主——這些一向都是 Fubo 廣告銷售主張的一部分。當然，團隊先前也提到還有其他營運節省，我們也會持續推動這些綜效。

So as we think about the future of our relationship with Disney, I think it's doubling down on many of the strategies and initiatives that have already been delivered or outlined by the team and yet to be delivered as well as a range of new opportunities that we see to try and best leverage those marketing and advertising relationships that we have.

因此，當我們思考與 Disney 關係的未來時，我認為重點在於加碼投入許多團隊已經交付或已經勾勒、以及仍待交付的策略與計畫，同時也包括我們看到的一系列新機會，來盡可能充分運用我們既有的行銷與廣告合作關係。

David Joyce, Seaport Company.

David Joyce，Seaport Company。

With the World Cup having been so popular and Fubo's origins and carrying soccer programming, you did get the NBC and Telemundo's content in just a nick of time. What was the subscriber lift from that event? And then separately, I wanted to see if the FuboTV and Hulu Live programming contracts are getting close to being coterminous or when that might happen and what the margin scale benefits could be?

世界盃非常受歡迎，而 Fubo 的起源也與承載足球節目內容有關；你們也在最後關頭及時拿到了 NBC 與 Telemundo 的內容。那個活動帶來的訂戶提升幅度是多少？另外，我也想了解，FuboTV 與 Hulu Live 的節目內容合約是否正逐步接近同到期（coterminous），或大概何時會發生？以及在規模化後對毛利率的效益可能會是什麼？

Okay. Thanks, David. So on your first question, to your point, we're pretty happy to be able to bring back Telemundo on our Fubo Latino package in time for the World Cup. And for some markets, we brought NBC back on Fubo English by the end of June. I would say, as a reminder, Hulu Live had the NBC programming all along. So while we don't break out the performance of individual services, the availability of World Cup programming did have a favorable impact on subscribers in the quarter.

好的。謝謝你，David。就第一個問題而言，正如你所說，我們很高興能在世界盃前及時把 Telemundo 帶回 Fubo Latino 套餐。而在部分市場，我們在 6 月底前也把 NBC 帶回 Fubo English。我想提醒一下，Hulu Live 一直都有 NBC 的節目內容。因此，雖然我們不會拆分單一服務的表現，但世界盃節目內容的可得性，確實在本季對訂戶帶來了正面影響。

And maybe I'll give a little bit more context there in terms of what that means. If you look back to fiscal 3Q '25 we saw pro forma sequential declines. You know the seasonality of our business of about 250,000 subscribers when compared to the prior quarter. If you look this year, we posted a gain of 25,000 sequentially or a slight sequential improvement. So really a step function change in trajectory that again, we're very happy about.

我也許再補充一些背景，說明這代表什麼。如果回頭看 2025 財年第三季（3Q '25），我們看到按 pro forma 計算的連續季下滑。你知道我們業務的季節性，大約相較前一季少了 25 萬名訂戶。而今年，我們連續季增加了 2.5 萬名，或是說連續季略有改善。所以這確實是成長軌跡上的一個階梯式變化（step function change），我們也再次對此感到非常高興。

As it relates to your second question, I would just say that the short answer is yes, and there's still work to be done. And I think what you've heard me say historically is that when we look at the three buckets of synergies, we have the programming piece, the advertising piece, and the procurement piece, programming really is the medium to longer-term opportunity for us based on the timing of our renewals that are typically multiyear agreements. And so nine months in, what I can tell you is that on the renewals that have come up, and there's been a handful, we have seen the benefits of our scale. And those deals are now coterminous.

至於你的第二個問題，我只能說簡短答案是：是的，但仍有工作要做。我想你過去也聽我說過，當我們看綜效的三個桶（three buckets）時，分別是節目內容、廣告，以及採購；而節目內容對我們而言，因為續約時點通常是多年期合約，所以屬於中長期的機會。因此，在九個月後，我可以告訴你的是：在已到期需要續約的那些合約（數量不多，但確實有幾個）上，我們已經看到規模帶來的效益。而這些交易現在已經同到期（coterminous）。

As it relates to margins. We haven't specifically broken out that opportunity on the margin dollars or margin percentage. But I would say that we're happy with what we've seen, and it should be accretive upon renewal.

至於毛利率。我們並沒有特別拆分這個機會在毛利金額或毛利率百分比上的影響。但我會說，我們對目前看到的結果感到滿意，而且在續約時應該會帶來增益（accretive）。

Tyler DiMatteo, BTIG.

Tyler DiMatteo，BTIG。

I wanted to come back to the ad revenue trends. I know you gave some comment on capacity and pricing. It seems like that's trending in the right direction. Just curious, maybe broadly speaking, how is that tracking with Hulu versus the expectations just given the first half integration that we're at? That's my first question.

我想回到廣告營收趨勢。我知道你提到了一些關於容量與定價的評論。看起來那正朝著正確方向發展。我只是好奇，從更宏觀的角度來看，考量我們目前處於上半年整合的階段，這與 Hulu 的表現相比、或相對於原先的預期，追蹤下來的情況如何？這是我的第一個問題。

And then my second question, John, for you, just on the guidance, we increased EBITDA again, maintained free cash. I'm curious, can we just talk a little bit about levers and where there's upside or opportunity from here and where you could see that from the integration?

然後我的第二個問題，John，想請教你，關於指引方面，我們再次上調了 EBITDA，同時維持自由現金流。我很好奇，我們能否稍微談談有哪些槓桿、從現在起哪裡還有上行或機會，以及你認為這些機會可能會從整合中在哪些地方體現？

Okay. Thanks, Tyler. I'll take your first question. And I'm just going to circle back to David's as well and just point out that in addition to the subscriber benefits from World Cup, World Cup was also a key driver of engagement that obviously led to some significant advertising impacts that we were really pleased to see as well, and that bodes well as we head into football season. Obviously, that's a great time of year for us.

好的。謝謝你，Tyler。我先回答你的第一個問題。我也想回到 David 的問題並補充指出，除了世界盃帶來的訂戶效益之外，世界盃同時也是帶動互動的重要驅動因素，這顯然也帶來了一些顯著的廣告影響，我們對此也非常樂見，而這在我們進入美式足球賽季之際是個好兆頭。顯然，對我們來說那是一年中非常棒的時段。

But more broadly, in terms of advertising and how those trends are tracking for the FuboTV business. I'd say we're very happy with what we've seen. Our full integration, including all the technology aspects of integrating with the Disney ad sales organization only wrapped in June, and those results have been very strong, as we mentioned earlier, meaningful uplift in CPM and fill rates versus the prior period.

但更廣泛地說，就廣告以及這些趨勢在 FuboTV 業務上的進展而言。我會說我們對目前看到的情況非常滿意。我們的全面整合（包括與 Disney 廣告銷售組織整合的所有技術面）直到 6 月才完成，而這些結果非常強勁；如同我們先前提到的，相較於前一期間，CPM 與填充率都有顯著提升。

In terms of how the product performances compare, I want to take one step back here and just to explain the Disney ad server is really -- and the Disney ad sales strategy is really an audience-first strategy. And that is really important for us, and we see it as a great opportunity. What that means is that the Disney ad sales proposition is really selling the entire reach of the portfolio indifferent to specific platforms or brands and then leveraging the capability of the ad server for audience-based targeting.

就產品表現如何比較而言，我想先退一步，說明一下 Disney 的廣告伺服器其實——以及 Disney 的廣告銷售策略——本質上是一個「以受眾為先」的策略。這對我們非常重要，我們也視之為一個很好的機會。這代表 Disney 的廣告銷售主張，是在不區分特定平台或品牌的情況下，銷售整個產品組合的總觸及，並運用廣告伺服器的能力進行以受眾為基礎的定向投放。

And so that gives Fubo two distinct advantages. Firstly, we're part of the scale and reach that is the primary selling proposition. But also, we're able to make sure that the fandoms and the data signals that are coming from the sports-specific TV viewing, which is an area in very strong demand from advertisers is a part of the way that advertisers are able to reach our audience, and we're feeding into the Disney audience graph very actively in that regard.

因此，這為 Fubo 帶來兩個明確優勢。第一，我們成為其主要銷售主張——規模與觸及——的一部分。第二，我們也能確保來自以運動為主的電視收視所產生的粉絲族群（fandoms）與數據訊號——這是廣告主需求非常強勁的領域——能成為廣告主觸及受眾的方式之一；在這方面，我們也非常積極地把資料輸入到 Disney 的受眾圖譜（audience graph）中。

So we have the benefit of the scale and being part of the larger organization while also being able to benefit from and contribute to the audience graph for specific audience targeting metrics. So that actually is a powerful lever. It means that the sports audiences and the fandoms that advertisers are looking for can be found on the Fubo platform and also followed through to the other platforms where they're consuming perhaps entertainment content or VOD content in a different context.

所以我們既能受惠於規模、成為更大組織的一部分，同時也能受惠於並貢獻給受眾圖譜，以支援特定受眾定向的衡量指標。因此這其實是一個強而有力的槓桿。這表示廣告主想要的運動受眾與粉絲族群，不僅能在 Fubo 平台上被找到，也能在他們於其他平台上消費（例如在不同情境下觀看娛樂內容或 VOD 內容）時被持續追蹤與觸及。

So that kind of world-class technology through the ad platform is one of the reasons that I'm really optimistic about our ability to monetize our direct-to-consumer engagement and that the upside from that will be important for our business.

因此，透過這個廣告平台的世界級技術，是我對我們將直接面向消費者（DTC）的互動有效變現能力感到非常樂觀的原因之一，而由此帶來的上行空間也將對我們的業務很重要。

John, do you want to speak to the follow-up commentary on some of the rates that we're seeing for July?

John，你要不要就我們在 7 月看到的一些費率補充說明一下？

Yeah, sure, actually. Let me speak on the ad piece to Alisa's point. First, let me stick to the sports theme. I would just add that what we're seeing in terms of the upfront, we are seeing sports CPMs showing healthy increases. So we're pleased with that.

好的，當然。我先就廣告部分呼應 Alisa 的觀點。首先我先延續運動這個主題。我想補充的是，就我們在 upfront（預售）看到的情況而言，我們看到運動類 CPM 有健康的增幅。所以我們對此很滿意。

And then I would say separately, with the enhanced targeting capabilities that Alisa spoke to, for instance, in June, which is really when they started to kick in. June, we saw the Fubo business the best month of ad growth, I'd say, in at least a couple of years. And I'd also say, related to that, although we've been talking about relative softness in entertainment now as it relates to CPMs for a while, it is worth noting that CPMs were up in June year over year for new sports and entertainment. So again, we're pretty pleased with that outcome.

另外，關於 Alisa 提到的強化定向能力，例如在 6 月——也就是這些能力真正開始發揮作用的時候。6 月我們看到 Fubo 業務出現我認為至少兩年來最好的廣告成長月份。同時我也想說，雖然我們談到娛樂類 CPM 相對疲弱已經有一段時間，但值得注意的是，6 月不論是新聞、運動與娛樂的 CPM 都較去年同期上升。所以再次強調，我們對這個結果相當滿意。

As it relates to your question around the leverage on guidance, I'd say a couple of things. One is on a positive note. We feel really good about delivering the year in terms of adjusted EBITDA at the upper end of the original guidance range for the year. And as I said in my prepared remarks, we now expect $90 million to $100 million, up $10 million at the low end of the range.

至於你問到指引的槓桿，我會說幾點。第一是正面的部分。我們對於今年在調整後 EBITDA 方面能夠落在原先全年指引區間的上緣非常有信心。而且如同我在事先準備的發言中提到的，我們現在預期為 9,000 萬到 1 億美元，區間下緣上調 1,000 萬美元。

In terms of levers, I'd highlight a few. One on advertising, again, given Alisa's comments on how well the advertising integration is going on the Disney ad server, all things equal, that could be a lever, not only for the fourth quarter, but I'd also say for the next several quarters.

就槓桿而言，我想強調幾個。第一是廣告方面，再次呼應 Alisa 對於在 Disney 廣告伺服器上的廣告整合進展良好的評論，在其他條件不變下，這可能是一個槓桿，不僅影響第四季，我也會說接下來好幾個季度都可能受惠。

And then on marketing, look, our team saw an opportunity to invest in marketing channels that delivered high LTV subscribers in terms of the third quarter, that opportunity may present itself again as it relates to the fiscal fourth quarter.

再來是行銷方面，你看，我們團隊看到一個機會，可以投資於能帶來高 LTV（終身價值）訂戶的行銷渠道；就第三季而言，這個機會可能會再次出現，並延伸到會計年度第四季。

And then I guess I'd say on how integration is tracking, I'd say, ahead of plan. Again, on advertising, we achieved a CPM lift that we had expected to take, I'd say, a fair amount longer to recognize them than we actually did. And then the team has done a really great job of integrating and selling the Fubo inventory.

另外，談到整合進度，我會說是超前計畫。同樣在廣告方面，我們達成了 CPM 的提升，而原本我們預期要花更長時間才會看到這些成果，但實際上比預期更快。而且團隊在整合並銷售 Fubo 庫存（inventory）方面做得非常出色。

Patrick Sholl, Barrington Research.

Patrick Sholl，Barrington Research。

Maybe just following up on the ad graph and kind of the list that you expect on advertising from that. Like how do advertisers currently value like their respective inventory? And how long do you think it would be to kind of like ramp up the value that they're placing on the Fubo inventory? Is it just a function of getting enough engagement? Or maybe just a little bit more discussion on how those work.

我想追問一下受眾圖譜（ad graph）以及你們預期它對廣告帶來的提升。例如，廣告主目前是如何評價各自的庫存價值？你們認為要花多久時間，廣告主才會逐步提高他們對 Fubo 庫存的估值？這只是取得足夠互動量的函數嗎？或者能否再多談一點這些機制如何運作？

Okay, Pat. I'll add a little bit more color to that by saying I think that the technical integrations just wrapped in June, as I mentioned earlier. So that certainly unlocks one lever now. And then in addition to that, Fubo was part of Disney's upfront sales process this year for the first time. That also is in the process of wrapping or it just wrapped.

好的，Pat。我補充一些背景說明：如我先前提到，技術整合在 6 月才剛完成。因此，這確實在現在解鎖了一個槓桿。此外，Fubo 今年也是第一次參與 Disney 的 upfront 銷售流程。那個流程也正在收尾，或是剛剛結束。

So there are two new key levers that we should see in a go-forward basis reflected in our numbers. Obviously, the specifics around what that means for the business will be part of the strategic review that we're in the process of completing at the moment, and we'll have more to share as we get further into that and on our next call.

因此，未來我們應該會看到兩個新的關鍵槓桿，並在我們的數字中反映出來。當然，這對業務的具體意涵，將會是我們目前正在完成的策略檢視的一部分；隨著我們在這方面更往前推進，以及在下一次電話會議上，我們會分享更多。

But I think also the other thing I'd point out is that if you look at the landscape, I'll just double down on what John mentioned, while there are some areas of softness across the advertising marketplace in general, what really stands out is live and sports. And so as we head into college and NFL season, that is obviously -- there's been a lot of momentum to continue building on and will continue to be our core focus.

但我也想指出另一點：如果你看整體市場環境，我想再次強調 John 提到的，雖然整體廣告市場確實有一些疲弱的區塊，但真正突出的仍是直播與運動。因此，隨著我們進入大學賽事與 NFL 賽季，顯然——我們有很大的動能可以持續累積，也會繼續把它作為我們的核心重點。

Advertisers value the opportunity to meet consumers where they are in those kinds of moments. And there's nothing more compelling when it comes to those kinds of events and opportunities for reach at scale as live sports. So as we head into those -- to that football season and in the run up to Super Bowl, that's obviously something that is going to continue to be a distinct advantage for the Fubo proposition and more broadly for the FuboTV proposition across the rest of the Hulu Live programming.

廣告主重視在那種時刻於消費者所在之處與其相遇的機會。而在這類事件中，就能以規模化觸及（reach at scale）而言，沒有什麼比直播運動更具吸引力。因此，當我們邁入——進入那個美式足球賽季並一路推進到超級盃之前的期間，這顯然會持續成為 Fubo 主張的獨特優勢，也更廣泛地成為 FuboTV 主張在 Hulu Live 其餘節目內容上的優勢。

Okay. And then you had talked earlier about like the synergy opportunities. Can you provide some of the opportunities around vendor contracts and maybe just the timing of executing on that?

好的。接著你先前提到協同效益的機會。你能否說明一下供應商合約方面有哪些機會，以及大概執行的時程？

Sure. Let me ask John to take that one.

當然。我請 John 來回答這題。

Yes, Pat. Sure. So as a reminder, going back to the timing of the business combination, we did not assume any benefit related to any improved vendor contracts. I'd say, as of now, in many instances, from what we've seen, the difference in pricing is significant. And to date, again, we've executed on a handful of those deals with a substantial improvement in rates for the ones that we've actually completed.

是的，Pat。當然。提醒一下，回到這次業務合併的時點，我們並未假設任何來自改善供應商合約的效益。我會說，就目前而言，在許多情況下，從我們看到的來看，價格差異相當顯著。而截至目前，同樣地，我們已經在少數幾筆交易上完成執行，對於那些我們實際完成的合約，費率有大幅改善。

I'd say looking ahead, we've identified several larger opportunities. It's still early because some of those larger contracts are multiyear in nature. But I'd say the annual savings could be significant as they come up, and this is really a priority for our team.

我會說，展望未來，我們已辨識出幾個更大型的機會。目前仍屬早期，因為其中一些較大的合約是多年期性質。但我會說，當這些合約到期可談時，年度節省金額可能相當可觀，而這確實是我們團隊的優先事項。

Drew Crum, B. Riley Securities.

Drew Crum，B. Riley Securities。

Alisa, welcome. You addressed the lift you saw from World Cup in the quarter. How about baseball, which seems to be enjoying some resurgence in popularity? And given that, looking ahead to fiscal '27, a work stoppage for MLB seems increasingly likely, obviously difficult to predict, but can you address potential impact to your business and what you're doing to prepare for such a scenario?

Alisa，歡迎。你提到本季世界盃帶來的拉抬。那棒球呢？看起來棒球的人氣似乎正在回升。此外，展望 2027 財年，MLB 出現停工的可能性似乎越來越高，當然很難預測，但你能否談談對你們業務的潛在影響，以及你們正在做哪些準備以因應這種情境？

Drew, it's obviously way too early and premature to speculate on what might happen as a result of some of the noise around MLB and what that might mean for our business. I mean our focus in terms of mitigating any risk from that or any other content disruption is really to focus on having the most diversified content portfolio we can across both news, sports, and entertainment.

Drew，現在顯然還太早，也不適合去推測圍繞 MLB 的一些雜音可能會帶來什麼結果，以及那對我們業務意味著什麼。我的意思是，我們在降低那類風險或任何其他內容中斷風險方面的重點，確實是專注於在新聞、體育與娛樂三方面，盡可能擁有最多元化的內容組合。

So that certainly helps us mitigate some reliance on any single programming category, and that's something that the team has continued to be really focused on. And this industry is in constant change, and particularly in sports, there is a lot of movement on the rights front. So our focus is on staying agile and making sure that we can adapt and be as flexible as possible as the context unfolds, and we'll continue to do that into the baseball season.

因此，這當然有助於我們降低對任何單一節目類別的依賴，而這也是團隊一直非常專注的事情。而這個產業持續在變化，尤其在體育方面，版權端有很多變動。所以我們的重點是保持敏捷，確保我們能隨著情勢發展而調整，並盡可能保持彈性；我們也會在棒球賽季持續這麼做。

Alicia Reese, Wedbush.

Alicia Reese，Wedbush。

I have a couple for Alisa. I know it's only been a few weeks so far, but I was wondering if you can expand upon any of the low-hanging fruit that you've identified for improvements, particularly within the four areas of strategic growth that you identified between the pricing tier optimization, content expansion, distribution development. I think you talked about innovation investing already? And I have a follow-up.

我有幾個問題想問 Alisa。我知道目前才過了幾週，但我想請你進一步說明你們已辨識到哪些「低垂的果實」可用來改善，特別是在你提到的四個策略成長領域之中，包括定價層級最佳化、內容擴張、通路發展。我想你已經談過創新投資？我還有一個追問。

Okay. I think that providing more granular detail on those areas is something that we're planning to do when we circle back in the November time frame, Alicia. So I think what I can say is that many of the areas that are already working well that might be characterized as low-hanging fruit, as you put it, would include some of the focus on the ad sales upside that we've talked about as well as our retail acquisition plans and how we think about the Disney streaming platforms as a source of retail acquisition.

好的。Alicia，我想我們計畫在 11 月左右回來更新時，再就這些領域提供更細緻的細節。所以我現在能說的是，許多已經運作良好、可被你所說的「低垂的果實」的領域，會包括我們先前談到的廣告銷售上行空間，以及我們的零售獲客計畫，還有我們如何看待 Disney 串流平台作為零售獲客來源。

And then as we lean into the launch of the football season, the team is actively working right now in terms of how we balance the portfolio of products that we have to emphasize different propositions to different segments of the market. So there are a few of the areas tied to the overall four strategic priorities that we're particularly focused on in the very short term. But we'll have more to share on all of these topics with you at our next call.

接著，隨著我們迎向美式足球賽季的開打，團隊目前正積極投入，思考如何在我們的產品組合之間取得平衡，以便對市場中不同客群強調不同的價值主張。因此，在整體四大策略優先事項之下，有幾個領域是我們在非常短期內特別聚焦的。不過，我們會在下一次電話會議上，就所有這些主題與各位分享更多。

Excellent. And I was wondering if you could talk about just your philosophical approach to balancing margin expansion opportunities as you approach carriage deals and whether you would go the direction that Fubo has historically gone in terms of going into full disputes?

很好。我想請你談談，在面對轉播/上架（carriage）合約時，你在哲學上如何在毛利率擴張機會之間取得平衡；以及你是否會走向 Fubo 過去的做法，也就是進入全面性的爭議（disputes）？

And then prioritizing on the other side, consistent and more reliable content availability for subscribers, perhaps that being at the expensive margin or increasing the subscription pricing. Could you just talk about that, how you'd approach that philosophically?

另一方面，是否會優先考量讓訂戶能持續且更可靠地取得內容，即使這會犧牲毛利率或需要提高訂閱價格。你能否談談你在哲學上會如何處理、如何取捨？

Yeah. I think, Alicia, you articulated the real trade-off there as they are. And look, nobody likes blackout. That's not good for us. It's not good for the subscribers, and it's not good for programmers. But we do have an obligation to make sure that we're delivering the value that our subscribers are seeking, and that we have the flexibility to continue innovating as an industry because consumers are demanding it.

是的。我想，Alicia，你把其中真正的取捨講得很清楚。而且坦白說，沒有人喜歡斷訊（blackout）。那對我們不好。對訂戶不好，對節目供應商也不好。但我們確實有義務確保我們提供的是訂戶所追求的價值，同時也要有彈性，讓我們能在這個產業持續創新，因為消費者正在要求這些。

So the best way that we think we can manage that is to provide the broadest possible reach and subscriber base because that does matter to programmers. And we want to be the best possible partner that we can be to them. So now as the second largest virtual Pay TV provider by subscriber count in the US, I do think that, that's an opportunity for our scale to play a role.

因此，我們認為管理這件事的最佳方式，是提供盡可能廣的觸及與訂戶基礎，因為這對節目供應商確實很重要。而我們也希望成為他們能夠合作的最佳夥伴。所以，現在我們已是美國按訂戶數計算的第二大虛擬付費電視（virtual Pay TV）供應商，我確實認為，這是讓我們的規模發揮作用的一個機會。

And it is also the reason that we're most critically focused on growth. That's my top priority to make sure that we are continuing to expand that subscriber base and therefore, a more valuable partner to the programmers as we go into those discussions.

而這也是我們最關鍵聚焦在成長的原因。我的首要任務，是確保我們持續擴大訂戶基礎，因此在進入那些討論時，能成為對節目供應商更有價值的合作夥伴。

This concludes the Q&A session. I will now turn the call back to Alisa Bowen, CEO, for closing remarks.

問答環節到此結束。我現在把電話交回給執行長 Alisa Bowen 作結語。

Thank you, operator, and thank you to all the analysts who joined the call. I really appreciate your questions. It was great for me to get a sense of what you're most interested in as we continue to refine the strategy and to share with you our third-quarter results today.

謝謝主持人，也謝謝所有參與本次電話會議的分析師。我非常感謝各位的提問。今天能在我們持續精煉策略的同時，了解各位最關心的議題，並與各位分享我們第三季的業績，對我來說很棒。

I want to thank you again for joining. And I hope that you've managed to take away from this a sense of the energy and enthusiasm that we have around four key pillars of focus: the pricing and packaging, programming and content, our distribution and marketing opportunities, and the user experience innovations that we intend to continue developing.

再次感謝各位參與。我也希望各位能從本次會議中感受到我們對四個關鍵聚焦支柱的活力與熱情：定價與方案組合、節目編排與內容、我們的通路與行銷機會，以及我們打算持續開發的使用者體驗創新。

So I'm really looking forward to updating you with more on our progress against each of these areas and our focus going forward when we regroup on the November quarterly call. Thank you all for joining and have a great day.

因此，我非常期待在 11 月的季度電話會議再次聚首時，向各位更新我們在各項領域的進展，以及我們未來的聚焦方向。謝謝各位參與，祝各位有美好的一天。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。各位現在可以掛線。