Fubotv Inc (FUBO) 2022 Q1 法說會逐字稿

Thank you for joining us to discuss fuboTV's First Quarter 2022. With me today is David Gandler, Co-Founder and CEO of fubo; and John Janedis, CFO of fubo.

感謝您加入我們討論 fuboTV 的 2022 年第一季度。今天和我在一起的是 fubo 的聯合創始人兼首席執行官 David Gandler；和 fubo 的首席財務官 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.

我們的業績和其他管理評論的全部細節可在我們的收益發布和致股東的信中獲得，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 presentation. David is going to start with some brief remarks on the quarter and fubo strategy and John will cover the financials and guidance. Then I'm going to turn the call over to the analysts to dig into Q&A.

在開始之前，讓我快速回顧一下今天的演示文稿的格式。大衛將從本季度和 fubo 策略的一些簡短評論開始，約翰將介紹財務和指導。然後，我將把電話轉給分析師以深入了解問答。

Before we begin, I would like to remind everyone that the following discussion may contain forward-looking statements within the meaning of the federal securities laws, including but not limited to statements regarding our financial condition, anticipated financial performance, including quarterly and annual guidance and cash flow and adjusted EBITDA targets, market opportunity, acquisition strategy and ability to integrate those acquisitions, expected synergies of the technology platforms, business strategy and plans. The expected continued rollout of fubo Sportsbook, and the continued shift in consumer behavior. 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 can be found in the Risk Factors section of our quarterly report on Form 10-Q for the quarterly period ended March 31, 2022 to be filed with the Securities and Exchange Commission and other periodic filings with the SEC. These statements reflect our current expectations based on our beliefs, assumptions and information currently available to us. Although we believe these expectations are reasonable, we undertake no obligation to revise any statements to reflect changes that occur after this call.

在開始之前，我想提醒大家，以下討論可能包含聯邦證券法含義內的前瞻性陳述，包括但不限於關於我們的財務狀況、預期財務業績的陳述，包括季度和年度指導以及現金流和調整後的 EBITDA 目標、市場機會、收購戰略和整合這些收購的能力、技術平台的預期協同效應、業務戰略和計劃。 fubo Sportsbook 的預期持續推出，以及消費者行為的持續轉變。這些前瞻性陳述受某些風險、不確定性和假設的影響。可能導致實際結果與前瞻性陳述產生重大差異的重要因素可在我們提交給證券交易委員會的截至 2022 年 3 月 31 日的季度 10-Q 表格季度報告的風險因素部分中找到以及向 SEC 提交的其他定期文件。這些陳述反映了我們當前基於我們當前可獲得的信念、假設和信息的預期。儘管我們認為這些預期是合理的，但我們不承擔修改任何陳述以反映本次電話會議後發生的變化的義務。

During the call, we also refer to non-GAAP financial measures. These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from our GAAP results. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are also available in our Q1 2022 earnings shareholder letter, which is available on our website at ir.fubo.tv.

在電話會議中，我們還提到了非公認會計準則財務指標。這些非公認會計原則措施應作為我們公認會計原則結果的補充而不是替代或孤立考慮。這些非公認會計原則措施與最直接可比的公認會計原則措施的對賬也可在我們的 2022 年第一季度收益股東信函中找到，該信函可在我們的網站 ir.fubo.tv 上找到。

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

有了這個，我會把電話轉給大衛。

Thank you, Alison, and good afternoon, everyone. In the first quarter, against the challenging macro environment, fubo's North American streaming business continue to deliver solid double-digit year-over-year growth. Total revenue increased 98% to $237 million, including an 81% rise in advertising revenue to $23 million. Our total paid subscribers also increased 81% year-over-year to 1,056,000.

謝謝你，艾莉森，大家下午好。第一季度，在充滿挑戰的宏觀環境下，fubo 的北美流媒體業務繼續實現穩定的兩位數同比增長。總收入增長 98% 至 2.37 億美元，其中廣告收入增長 81% 至 2300 萬美元。我們的付費用戶總數也同比增長 81% 至 1,056,000。

We are also pleased with our reduction in churn for the 14th consecutive quarter, including an improvement of 49 basis points year-over-year in Q1 and acquisition efficiency with our SAC to ARPU ratio at the low end of our target range of 1x to 1.5x. In rest of world streaming, we were pleased to end the quarter ahead of expectations with approximately 305,000 total paid subscribers and $5.5 million in total revenue. This marks our first full quarter of being operational in France following our acquisition of Molotov in December.

我們也對連續第 14 個季度的客戶流失率下降感到高興，其中包括第一季度同比增長 49 個基點以及收購效率，我們的 SAC 與 ARPU 比率處於我們目標範圍 1 倍至 1.5 的低端X。在世界其他地區的流媒體中，我們很高興以大約 305,000 名付費用戶總數和 550 萬美元的總收入結束了本季度的預期，超出了預期。這標誌著我們在 12 月收購 Molotov 後在法國運營的第一個完整季度。

Our goal is to grow in a measured way with primary focus on driving operating leverage and expanding margin. Notably, we strengthened our balance sheet, ending the quarter with $456 million of cash. The increased financial flexibility is expected to take us through 2023. And we are targeting positive cash flow and adjusted EBITDA in 2025 with a relatively modest cash requirement anticipated in 2024.

我們的目標是以有節制的方式增長，主要關注推動經營槓桿和擴大利潤率。值得注意的是，我們加強了資產負債表，以 4.56 億美元的現金結束本季度。增加的財務靈活性預計將帶領我們度過 2023 年。我們的目標是在 2025 年實現正現金流和調整後的 EBITDA，預計 2024 年的現金需求相對適中。

We have sharpened our focus on strategies to achieve profitability as we continue to scale and there are still 72.5 million households who have yet to cut the cord and we expect to continue to benefit from the shift from cable and satellite to Internet-delivered TV bundles. We will primarily focus on 5 key areas: Efficient growth, content costs, advertising, tech costs and our fubo Sportsbook to achieve our 2025 cash flow goal. We believe our focus on these initiatives strike an appropriate balance of building growth while driving the operating leverage inherent in our model.

隨著我們繼續擴大規模，我們更加關注實現盈利的戰略，仍有 7250 萬戶家庭尚未切斷電源線，我們預計將繼續受益於從有線和衛星電視向互聯網提供的電視捆綁的轉變。我們將主要關注 5 個關鍵領域：高效增長、內容成本、廣告、技術成本和我們的 fubo Sportsbook，以實現我們的 2025 年現金流目標。我們相信，我們對這些舉措的關注在建立增長和推動我們模型固有的運營槓桿之間取得了適當的平衡。

First, a key lever in our path to profitability will be managing our marketing spend to acquire higher margin subscribers at the low end of our SAC target. Since the quarter ended, we optimized the funnel to drive take rate of higher margin products for new users and migrated existing users in lower ARPU packages to higher ARPU bundles. While we had anticipated a short-term churn impact, we did not experience any material changes to churn related to these price changes. The churn we are seeing in Q2 is related to our seasonality of sports content. And in fact, this approach is already yielding meaningful ARPU expansion, which we expect to continue in the quarters to come.

首先，我們盈利之路的一個關鍵槓桿將是管理我們的營銷支出，以在我們的 SAC 目標的低端獲得更高利潤的訂戶。自本季度結束以來，我們優化了渠道，以提高新用戶對更高利潤產品的使用率，並將較低 ARPU 套餐中的現有用戶遷移到更高 ARPU 套餐中。雖然我們預計會產生短期的客戶流失影響，但我們並未遇到與這些價格變化相關的客戶流失率的任何重大變化。我們在第二季度看到的流失與我們體育內容的季節性有關。事實上，這種方法已經產生了有意義的 ARPU 擴展，我們預計這將在未來幾個季度繼續。

Second, we are laser focused on realigning our content costs as we continue to scale the business. Leading the strategy for fubo is Henry Ahn, our newly appointed Chief Business Officer. Leveraging his 3 decades of experience negotiating content deals with both traditional and digital platforms, Henry is tasked with driving content margin expansion. Henry and his team are already executing our plan to increase number of Free Ad-Supported Television channels or fast networks on fubo. We believe this approach will enable us to significantly grow our ad inventory and increase ad revenue. FAST channels also allow us to bring even more premium programing to our customers with minimal content costs.

其次，隨著我們繼續擴大業務規模，我們專注於重新調整我們的內容成本。領導 fubo 戰略的是我們新任命的首席商務官 Henry Ahn。憑藉 3 年與傳統和數字平台談判內容交易的經驗，Henry 的任務是推動內容利潤的擴大。 Henry 和他的團隊已經在執行我們的計劃，在 fubo 上增加免費廣告支持的電視頻道或快速網絡的數量。我們相信這種方法將使我們能夠顯著增加我們的廣告庫存並增加廣告收入。 FAST 頻道還使我們能夠以最低的內容成本為客戶帶來更多優質節目。

Third, our advertising business. As mentioned earlier on the call, we achieved an 81% increase in ad revenue year-over-year. Despite a less than robust ad market particularly in categories like finance and technology, fubo also experienced challenges during the quarter, including delays in launching ad tech improvements and new capabilities for advertisers.

第三，我們的廣告業務。正如之前在電話會議上提到的，我們的廣告收入同比增長了 81%。儘管廣告市場不那麼強勁，尤其是在金融和技術等領域，但 fubo 在本季度也遇到了挑戰，包括延遲推出廣告技術改進和為廣告商提供新功能。

Moving forward, our plan is to remain focused on strategic hires, continued deployment of first-party data and optimization of our ad serving platform to further enhance our targeting capabilities. Additionally, we expect to expand the types of ad formats offered and inventory available across our video and Sportsbook products. We believe these efforts will lead to improvement as the year progresses and we maintain our long-term target for ad ARPU at $15 to $20.

展望未來，我們的計劃是繼續專注於戰略招聘、繼續部署第一方數據和優化我們的廣告服務平台，以進一步提高我們的定位能力。此外，我們希望擴大我們的視頻和體育博彩產品中提供的廣告格式類型和可用庫存。我們相信隨著時間的推移，這些努力將帶來改善，我們將廣告 ARPU 的長期目標維持在 15 至 20 美元。

We have also rolled out a new recommendations-driven homepage across all of our device platforms, giving us sophisticated tools to promote higher value advertising content in a personalized way for our subscribers. These initiatives will position us to benefit from market trends that continue to favor fubo's value proposition to advertisers and grow contribution margin.

我們還在我們所有的設備平台上推出了一個新的推薦驅動主頁，為我們提供了複雜的工具，以個性化的方式為我們的訂閱者推廣更高價值的廣告內容。這些舉措將使我們受益於市場趨勢，這些趨勢繼續支持 fubo 對廣告商的價值主張並增加邊際貢獻。

Building our ad sales infrastructure remains a key strategic priority as advertising represents a vital lever for profitability.

建立我們的廣告銷售基礎設施仍然是一個關鍵的戰略重點，因為廣告是盈利的重要槓桿。

Number 4, leveraging many synergies we have across the company will also allow us to achieve cost savings. The integration of Molotov and Edisn.ai, both of which we acquired in December continue to lay the foundation for growth and profitability for fubo globally. We believe the unification of our technology platforms across the global business will result in approximately $75 million in cost synergies between 2022 and 2025.

第 4 點，利用我們在整個公司擁有的許多協同效應也將使我們能夠實現成本節約。我們在 12 月收購的 Molotov 和 Edisn.ai 的整合繼續為 fubo 的全球增長和盈利能力奠定基礎。我們相信，我們在全球業務中技術平台的統一將在 2022 年至 2025 年間產生約 7500 萬美元的成本協同效應。

And finally, the fubo Sportsbook. Wagering remains a key pillar of our strategy to integrate interactivity into our live TV streaming experience. We believe our differentiated approach of bringing to market our proprietary fubo Sportsbook, which integrates live sports streaming and wagering into a single ecosystem will disrupt both video and gaming.

最後是 fubo Sportsbook。投注仍然是我們將互動性整合到直播電視流媒體體驗中的戰略的關鍵支柱。我們相信，我們將專有的 fubo Sportsbook 推向市場的差異化方法將直播體育流媒體和投注整合到一個單一的生態系統中，這將顛覆視頻和遊戲。

Mindful of the increasing cost of capital, we've taken a measured approach to our rollout of our fubo Sportsbook. However, we do not see this is a long-term challenge. Our Sportsbook is both a differentiated product feature within our streaming business as well as a standalone service. Unlike other books in the market, we have the advantage of leaning in on our growing customer database to scale, therefore significantly decreasing our marketing cost to acquire players, which we expect will shorten our path to profitability.

考慮到不斷增加的資本成本，我們採取了謹慎的方法來推出我們的 fubo Sportsbook。然而，我們認為這不是一個長期的挑戰。我們的體育博彩既是我們流媒體業務中的差異化產品功能，也是獨立服務。與市場上的其他書籍不同，我們的優勢在於依靠我們不斷增長的客戶數據庫進行擴展，因此顯著降低了我們獲取玩家的營銷成本，我們預計這將縮短我們的盈利之路。

In summary, our total revenue and subscriber results for the quarter were formidable, but we will continue to focus on the path to profitability. We are highly confident in the value of bundling for media companies and consumers alike. And we are even more comfortable that the plan we have put in place is achievable.

總而言之，我們本季度的總收入和訂戶業績令人敬畏，但我們將繼續專注於盈利之路。我們對捆綁對媒體公司和消費者的價值充滿信心。我們更放心的是，我們制定的計劃是可以實現的。

We are well on our way to building a sustainable business that reduces both capital and time required to achieve our positive cash flow goal in 2025. And we are excited to share more regarding our strategic plan, our key initiatives and long-term financial targets at our Investor Day in mid-August, where we will showcase our continued progress towards building a sustainable live TV streaming business.

我們正在努力建立可持續發展的業務，從而減少實現 2025 年正現金流目標所需的資金和時間。我們很高興在我們將在 8 月中旬舉辦投資者日，屆時我們將展示我們在建立可持續的直播電視流媒體業務方面取得的持續進展。

I would now like to turn the call over to John Janedis, our CFO, to review our financial performance. John?

我現在想將電話轉給我們的首席財務官 John Janedis，以審查我們的財務業績。約翰？

Thank you, David and good afternoon, everyone. Despite a challenging macro environment in the first quarter, we saw solid year-over-year growth in revenue and better than expected paid subscribers. Importantly, we ended the quarter with a strengthened balance sheet and a steadfast commitment to driving operating leverage and expanding margins. As David alluded, we have continued to sharpen our focus on advancing towards profitability as we continue to scale and capture market share.

謝謝大衛，大家下午好。儘管第一季度宏觀環境充滿挑戰，但我們看到收入同比穩健增長，付費用戶好於預期。重要的是，我們在本季度結束時資產負債表得到加強，並堅定地致力於提高經營槓桿和擴大利潤率。正如大衛所暗示的那樣，隨著我們繼續擴大規模和占領市場份額，我們將繼續加強對盈利能力的關注。

Turning to our results. In the first quarter, we delivered revenue of $242 million. This includes North America streaming where we delivered revenue of $237 million in line with our guidance. Subscription revenue was $240 million, an increase of 100% year-over-year. This was primarily driven by paid subscriber growth of 81% as well as subscription ARPU expansion of 2%. This was also our first full quarter with Molotov in our Rest of World streaming segment, generating $5.5 million of revenue in the quarter on a base of 305,000 subscribers with both metrics ahead of guidance.

轉向我們的結果。第一季度，我們實現了 2.42 億美元的收入。這包括北美流媒體，我們根據我們的指導實現了 2.37 億美元的收入。訂閱收入為 2.4 億美元，同比增長 100%。這主要是由付費用戶增長 81% 以及訂閱 ARPU 增長 2% 推動的。這也是我們在世界其他地區的流媒體部門與 Molotov 合作的第一個完整季度，在 305,000 名訂閱者的基礎上，本季度產生了 550 萬美元的收入，這兩個指標都超出了指導水平。

Advertising revenue increased 81% year-over-year to $23 million and accounted for 9.6% of total revenue. Ad ARPU decreased approximately 5% year-over-year to $6.87 and was a primary factor in adjusted contribution margin softness. We remain confident that the initiatives David discussed earlier will lead to improvement as the year progresses and position us to expand contribution margin over time.

廣告收入同比增長 81% 至 2300 萬美元，佔總收入的 9.6%。廣告 ARPU 同比下降約 5% 至 6.87 美元，是調整後邊際貢獻疲軟的主要因素。我們仍然相信，大衛之前討論的舉措將隨著時間的推移而有所改善，並使我們能夠隨著時間的推移擴大邊際貢獻。

In the first quarter, expenses as a percentage of revenue ticked up modestly largely driven by subscriber related expenses, which increased as a percentage of revenue due to contractual escalators in our content agreements. As a result of this increase, our first quarter adjusted EBITDA loss came in at $105 million.

在第一季度，費用佔收入的百分比小幅上升，這主要是受訂戶相關費用的推動，由於我們的內容協議中的合同自動扶梯，費用佔收入的百分比有所增加。由於這一增長，我們第一季度調整後的 EBITDA 虧損為 1.05 億美元。

As David mentioned, we have enacted a series of measures to expand subscription ARPU that we expect to meaningfully strengthen this metric over the coming quarters.

正如大衛所說，我們已經制定了一系列措施來擴大訂閱 ARPU，我們預計這些措施將在未來幾個季度顯著加強這一指標。

We had a first quarter 2022 earnings per share loss of $0.89. Adjusted EPS in the first quarter of 2022 was a loss of $0.69 and adjusted EPS excludes the non-cash impact of stock-based compensation, the re-measurement of warrant liabilities and the amortization of intangibles and debt discount.

我們的 2022 年第一季度每股收益虧損 0.89 美元。 2022 年第一季度調整後每股收益為 0.69 美元，調整後每股收益不包括股票薪酬的非現金影響、認股權證負債的重新計量以及無形資產的攤銷和債務折扣。

Now turning to cash flow. Operating cash flow in the quarter was negative $120.1 million inclusive of the impact of $2.6 million of non-recurring payments and $7.5 million associated with the wagering business. Relative to 1Q '22, our expectation is that operating cash flow losses will moderate meaningfully over the rest of the year.

現在轉向現金流。本季度的經營現金流為負 1.201 億美元，其中包括 260 萬美元的非經常性付款和與投注業務相關的 750 萬美元的影響。相對於 22 年第一季度，我們的預期是運營現金流損失將在今年餘下時間顯著放緩。

Now turning to the balance sheet. We ended the quarter with $456 million of cash, cash equivalents and restricted cash. This includes $203.8 million of net proceeds from securities sales pursuant to our at-the-market program, $2 million cash expense related to M&A activities and $11.6 million cash investments or wagering activities. We remain highly disciplined in the management of our capital structure to afford fuboTV the financial flexibility and optionality to fund measured and disciplined growth initiatives.

現在轉向資產負債表。我們在本季度末擁有 4.56 億美元的現金、現金等價物和受限現金。這包括根據我們的市場計劃從證券銷售中獲得的 2.038 億美元淨收益、與併購活動相關的 200 萬美元現金支出以及 1160 萬美元的現金投資或投注活動。我們在資本結構的管理方面保持高度自律，為 fuboTV 提供財務靈活性和選擇性，以資助衡量和有紀律的增長計劃。

Moving on to our outlook. We remain well positioned to execute on our long-term revenue and margin goals, all while delivering a differentiated and world-class experience to the consumer. As a reminder, our guidance metrics are by region, specifically North America and rest of world, which includes, Spain and the recently acquired Molotov operations. Note that this guidance does not include any projected revenue from online sports wagering.

繼續我們的展望。我們仍然有能力實現我們的長期收入和利潤目標，同時為消費者提供差異化和世界級的體驗。提醒一下，我們的指導指標是按地區劃分的，特別是北美和世界其他地區，其中包括西班牙和最近收購的莫洛托夫業務。請注意，本指南不包括任何來自在線體育博彩的預計收入。

First, we will discuss North America streaming. For the second quarter of 2022, we expect to generate revenue of $220 million to $225 million with subscribers of 965,000 to 975,000. This sequential subscriber decline is consistent with normal seasonal trends in our business, and reflects the moderate churn impact of our recent price up.

首先，我們將討論北美流媒體。到 2022 年第二季度，我們預計將產生 2.2 億至 2.25 億美元的收入，訂閱人數為 96.5 萬至 97.5 萬。這種連續的用戶下降與我們業務的正常季節性趨勢一致，並反映了我們近期價格上漲的適度流失影響。

On a full year basis, we expect to generate revenue of $1.02 billion to $1.03 billion with subscribers of 1.465 million to 1.485 million. As with our 2Q guide, this full year guidance revision reflects the churn impact of our recent price up and a less robust ad market.

在全年的基礎上，我們預計將產生 10.2 億至 10.3 億美元的收入，訂戶為 146.5 萬至 148.5 萬。與我們的第二季度指南一樣，這一全年指南修訂反映了我們近期價格上漲和廣告市場不那麼強勁的客戶流失影響。

For rest of world streaming, we expect to generate revenue of $5 million to $6 million with subscribers of 300,000 to 310,000. On a full year basis, we expect to generate revenue of $20 million to $25 million with subscribers of 300,000 to 310,000. This limited growth for the balance of the year reflects our focus on integration and synergy capture.

對於世界其他地區的流媒體，我們預計將產生 500 萬至 600 萬美元的收入，訂閱者為 30 萬至 31 萬。在全年的基礎上，我們預計將產生 2000 萬至 2500 萬美元的收入，訂閱者為 30 萬至 31 萬。今年餘下時間的有限增長反映了我們對整合和協同效應的關注。

Going forward, we will continue to apply a disciplined approach towards capital deployment and subscriber acquisition to drive both top line growth and improved bottom line results.

展望未來，我們將繼續對資本部署和訂戶獲取採取嚴格的方法，以推動收入增長和改善底線業績。

fuboTV has come a long way in a short period of time and we remain confident that the actions we are taking to strengthen the business are positioning the company for near and long-term success as we continue to transform the live TV streaming space.

fuboTV 在短時間內取得了長足的進步，我們仍然相信，隨著我們繼續改變直播電視流媒體空間，我們為加強業務而採取的行動正在使公司獲得近期和長期的成功。

Before going to Q&A, David will end with some closing remarks.

在進行問答之前，大衛將以一些結束語結束。

Thank you, John. I want to take this opportunity to express my gratitude and appreciation to the entire fubo team across North America, Europe and India for their ongoing commitment to our mission. I also want to assure our shareholders that the entire company is focused on execution and we are working harder, faster and smarter than ever before.

謝謝你，約翰。我想藉此機會向北美、歐洲和印度的整個 fubo 團隊表示感謝和讚賞，感謝他們對我們使命的持續承諾。我還想向我們的股東保證，整個公司都專注於執行，我們比以往任何時候都更加努力、更快、更聰明地工作。

Thank you everyone for joining us on the call today, we appreciate your interest and continued support and look forward to continuing to update you on our progress.

感謝大家今天加入我們的電話會議，我們感謝您的關注和持續的支持，並期待繼續向您通報我們的進展。

(Operator Instructions) Our first question comes from Laura Martin with Needham.

（操作員說明）我們的第一個問題來自與 Needham 的 Laura Martin。

I will stick to the rules and just ask one. So love the advertising number and actually love the North America sub number much better than we thought. So I'm going to go to gross margins, David. It was there a big step up. We didn't have a gross margin below 5% all of last year. And here we have a negative 2% gross margin, I think. So was there a big cost step up in some of your contracts that's an annual step up maybe or did the acquisitions add a bunch of costs to subscriber related expenses? Could you talk about the gross margin pressure in that first quarter, please?

我會遵守規則，只問一個。所以愛廣告號碼，實際上愛北美子號碼比我們想像的要好得多。所以我要去毛利率，大衛。這是一個很大的進步。我們去年全年的毛利率都沒有低於 5%。我認為，這裡的毛利率為負 2%。那麼，您的某些合同中是否有大幅的成本增加，可能是每年一次的增加，或者收購是否會為訂閱者相關費用增加大量成本？你能談談第一季度的毛利率壓力嗎？

Why don't I start, if David wants to comment for the ad, he can do that. So there are a couple of things there, one is really on the content escalators. And so those kicked in as you can imagine on Jan 1 and so we didn't really have a corresponding price increase. We didn't increase prices in 2021 and so, the gross margin should improve going forward somewhat so in 2Q and then significantly in the back half of the year both in 3Q and 4Q. So that predominantly where the pieces for that.

我為什麼不開始，如果大衛想為廣告發表評論，他可以做到。所以那裡有幾件事，其中一件真的是在內容自動扶梯上。因此，正如您想像的那樣，那些在 1 月 1 日開始生效，因此我們並沒有真正實現相應的價格上漲。我們在 2021 年沒有提高價格，因此，毛利率應該會在第二季度有所改善，然後在第三季度和第四季度的下半年顯著改善。所以這主要是為了那個。

I would just say on -- while we're just talking about content, I think in the 3 months I've been here, we probably had about 5 or so renewals and I'd say that we've been very pleased with all 5 of those. Now, as you know, it takes time for those to kind of flow through given we have 3-year contract for the most part. And so I would say, on top of that, as we move through, let's say the next 6 to 12 months and beyond, you will also start to see those content cost start to improve as we become more relevant right. When those deals were done a couple of years ago, we were a fraction of the size we are today. And so as we've now call it kicked in above 1 million subs going to 1 million 4 plus over the back half of the year, I think those negotiations also favour us.

我只想說——雖然我們只是在談論內容，但我想在我來這裡的 3 個月裡，我們可能有大約 5 次左右的續訂，我想說我們對所有內容都非常滿意其中5個。現在，如您所知，考慮到我們大部分時間都有 3 年的合同，這些人需要時間才能通過。所以我想說，最重要的是，隨著我們的發展，假設在接下來的 6 到 12 個月及以後，隨著我們變得更加相關，您還將開始看到這些內容成本開始改善。幾年前完成這些交易時，我們的規模只是今天的一小部分。因此，正如我們現在所說的那樣，它在今年下半年將超過 100 萬個訂閱者增加到 100 萬個 4 加，我認為這些談判也有利於我們。

Our next question comes from Samuel Nielsen with Oppenheimer.

我們的下一個問題來自奧本海默的塞繆爾尼爾森。

I'm in for Jed tonight. Nice quarter. The first question is on Turner and the NBA, the showing of NBA play out in March Madness viewership we've seen recently, do you feel like it's a piece of the puzzle that you will need in the future to achieve your vision of kind of an all-encompassing sports entertainment platform?

我今晚要參加傑德。漂亮的季度。第一個問題是關於特納和 NBA，我們最近看到的瘋狂三月的 NBA 比賽收視率，你是否覺得這是你未來需要的一塊拼圖，以實現你的願景一個包羅萬象的體育娛樂平台？

Well, Sam, I think what we've demonstrated last year that we were able to continue to grow in excess of the market without Turner. Obviously, you always want to have more content rather than less content, but we don't believe that it is a requirement to have Turner in order to continue to grow the way we have. So those conversations will continue and if the pricing is in line with our 2025 goal of hitting profitability, then there is a chance that we can always bring Turner back.

好吧，山姆，我認為我們去年證明了我們能夠在沒有特納的情況下繼續超越市場增長。顯然，您總是希望擁有更多的內容而不是更少的內容，但我們不認為必須擁有 Turner 才能繼續以我們擁有的方式發展。因此，這些對話將繼續進行，如果定價符合我們 2025 年實現盈利的目標，那麼我們就有機會讓特納回來。

Makes sense. And then if I could follow-up. You're few months into launching wagering in Arizona and Iowa. So I'm wondering if there is any early learnings on subscriber retention or any type of increased viewership you're seeing from people that actually use the Sportsbook?

說得通。然後如果我可以跟進。您在亞利桑那州和愛荷華州開展投注還有幾個月的時間。所以我想知道是否有任何關於訂閱者保留的早期學習，或者你從實際使用體育博彩的人那裡看到的任何類型的增加的收視率？

Yes. So look, I think when we came into this, we had a thesis and I think what we've learned in the first 2 state launches is that people who are watching TV spend more time gambling. They place more bets and they spend more money. And so what we've been doing most recently is managing our marketing effectiveness and our promotions. And as we sort of get a better sense of how we'd like to roll that out, we'll continue to look to migrate our subscribers over to the book. But so far, we're very happy about what we've seen and we're looking forward to doing more.

是的。所以看，我認為當我們進入這個問題時，我們有一個論文，我認為我們在前 2 個州發布中學到的是，看電視的人會花更多時間賭博。他們下更多的賭注，他們花更多的錢。因此，我們最近一直在做的是管理我們的營銷效果和促銷活動。隨著我們更好地了解我們希望如何推出它，我們將繼續尋求將我們的訂閱者遷移到這本書。但到目前為止，我們對我們所看到的感到非常高興，我們期待著做更多的事情。

I guess my question is more of the other way around. Are you seeing subscribers stay because of the additional capabilities that you have?

我想我的問題更多的是相反的。您是否看到訂閱者因為您擁有的額外功能而留下來？

Yes. Good question. Right now, we've been focused on subscribers to the book versus the other way around. And the reason is we want to take advantage of the million plus folks on the platform. What that allows us to do is ensure we don't have a very significant marketing cost bringing players in. But right now, we just don't have enough volume to be able to see if there is an uptick and engagement of viewership from folks that are playing.

是的。好問題。現在，我們一直專注於這本書的訂閱者，而不是相反。原因是我們想利用平台上的百萬多人。這讓我們能夠做的是確保我們不會有非常高的營銷成本來吸引玩家。但是現在，我們只是沒有足夠的數量來查看人們的收視率是否有所上升和參與正在玩。

Our next question comes from Dan Salmon with BMO.

我們的下一個問題來自 BMO 的 Dan Salmon。

I'm going to follow-up just on advertising. John, you mentioned a little bit of shortfall in ARPU and a couple of different reasons I think you ticked off there. So a couple of categories that maybe David mentioned that we're short financials and technology, maybe some product rollout that was a little slower than expected. Just in terms of that shortfall, maybe can you rank for us, sort of, what was the more important things relative to your expectations. What were the bigger shortfalls? And then visibility on correcting some of those things and bringing them back in line where your original expectations were?

我將跟進廣告。約翰，你提到了 ARPU 的一點不足，以及我認為你在那兒打勾的幾個不同的原因。所以大衛可能提到的幾個類別是我們做空金融和技術，也許一些產品的推出比預期的要慢一些。就這一差距而言，也許你能為我們排名，在某種程度上，相對於你的期望，什麼是更重要的事情。更大的不足是什麼？然後在糾正其中一些事情並將它們恢復到您最初的期望的地方的可見性？

Why don't I start and you can talk about some of that text? Yes, so let me give you some more color in terms of the quarter and how it played out? And so I think like a lot of others you heard out there -- I spend a lot of time in this space -- January was a really strong month for us and then February was a little bit softer. And the margin a little bit softer, but still all in 81%.

為什麼我不開始，你可以談談其中的一些文本？是的，所以讓我給你一些關於這個季度的顏色以及它是如何發揮作用的？所以我想和你聽到的很多其他人一樣——我在這個領域花了很多時間——一月對我們來說是一個非常強勁的月份，然後二月就稍微溫和了一點。並且邊際稍微軟一些，但仍然全部在 81%。

On from a category perspective, of all things, auto was our #1 category and it was up materially above where the 81% came in and then we saw a lot of strength in the consumer packaged goods category as well as the retail category. And so little more flavor there.

從品類的角度來看，汽車是我們的第一大品類，大大高於 81% 的品類，然後我們看到包裝消費品品類和零售品類有很大的優勢。還有一點味道。

As we go into April, just for context, not a lot of visibility. I would tell you from April, we're still seeing strength in auto, seeing a little bit of softness that we haven't seen historically speaking in the CPG category.

當我們進入四月時，只是為了上下文，沒有太多的能見度。我會告訴你，從 4 月份開始，我們仍然看到汽車行業的實力，看到了一些我們在 CPG 類別中歷史上從未見過的疲軟。

From a resource perspective, I would tell you that we are adding to our sales force and so call it since the end of the quarter or so we've added 3 sales resources and we'll start to see the benefits of them coming in in the back half of the second quarter into the back half of the year. So let me stop there and then maybe David can add the other pieces of this.

從資源的角度來看，我會告訴你，我們正在增加我們的銷售隊伍，所以自本季度末以來我們已經增加了 3 個銷售資源，我們將開始看到它們帶來的好處第二季度後半段進入今年後半段。所以讓我停在那裡，然後也許大衛可以添加其他部分。

Yes, I would just say Dan that the key for us right now is the technology side. We believe we'll be able to launch that header bidding solution sometimes towards the end of the second quarter. Some of those delays were really based off the fact that obviously hiring right now is not an easy task. And so resource allocation internally to be able to develop that capability, I think it's been a little bit slower than we had anticipated. And obviously given the opportunity around heading header bidding, we believe that that component could add 15% to 20% upside on both Phil and CPM. So it is important for us and hopefully we'll have that up, as I said, towards the end of the second quarter.

是的，我只想說丹，我們現在的關鍵是技術方面。我們相信我們有時會在第二季度末推出該標頭競價解決方案。其中一些延誤實際上是基於這樣一個事實，即現在顯然招聘並不是一件容易的事。因此，內部資源分配能夠開發這種能力，我認為這比我們預期的要慢一些。顯然，考慮到標題標頭競價的機會，我們認為該組件可以為 Phil 和 CPM 增加 15% 到 20% 的上漲空間。所以這對我們來說很重要，希望我們能像我所說的那樣在第二季度末實現這一目標。

Okay. Not alone on top hiring these days.

好的。這些天來，並非只有一個人在招聘。

Our next question comes from Darren Aftahi with ROTH.

我們的下一個問題來自 ROTH 的 Darren Aftahi。

Just curious with the shift from the start up plan being removed kind of increase to Pro. I know it's early, but what kind of customer have you seen kind of good, bad and different.

只是好奇從啟動計劃被刪除到 Pro 的轉變。我知道現在還早，但是您看到什麼樣的客戶有好有壞和不同。

Yes. So, Darren. Good question. Look, I think, as John just mentioned in the previous question, we didn't roll up a price hike in 2021. So we've been managed -- we've been managing that very closely and what we've seen pretty much is what we had anticipated was that the price up didn't really have such a major impact and it's more so the seasonality that played a bigger part, both in the first quarter and in our guidance. But we anticipate a good portion of our subscribers to be profitable from a subscriber perspective. So it's something that we're very excited about comfortable with and the other thing that's really important is the higher priced packages typically result in higher ad ARPU for those customers. So just looking at some of the more expensive packages, they deliver double digit ad ARPU. So, we'll keep a very close eye on that as we go forward.

是的。所以，達倫。好問題。看，我認為，正如約翰在上一個問題中剛剛提到的那樣，我們沒有在 2021 年進行價格上漲。所以我們已經被管理了——我們一直在非常密切地管理這件事，而且我們已經看到了很多我們的預期是，價格上漲並沒有真正產生如此重大的影響，而且在第一季度和我們的指導中，季節性因素發揮了更大的作用。但我們預計，從訂戶的角度來看，我們的訂戶中有很大一部分是有利可圖的。因此，我們對此感到非常興奮，而另一件真正重要的事情是更高價格的套餐通常會為這些客戶帶來更高的廣告 ARPU。因此，只要看看一些更昂貴的套餐，它們就會提供兩位數的廣告 ARPU。因此，在我們前進的過程中，我們將密切關注這一點。

Let me just add to that. Because now with that price up I just wanted to make clear. It wasn't fair a sight. I didn't hear the entire question before, but that on an ACM basis now, all of our subscribers are positive now on a margin basis.

讓我補充一下。因為現在價格上漲了，我只想說清楚。這是不公平的景象。我之前沒有聽到完整的問題，但現在在 ACM 的基礎上，我們所有的訂閱者現在在保證金基礎上都是積極的。

Our next question is from Shweta Khajuria with Evercore.

我們的下一個問題來自 Evercore 的 Shweta Khajuria。

My question is on operating cash flow. So you mentioned in your shareholder letter that the first quarter operating cash flow will starting first quarter into second, third and fourth will start improving. Could you talk about the drivers there and perhaps frame the magnitude of improvement through the year for cash flow? And then I guess a quick follow-up is, how do you think about ARPU expansion through this year? You mentioned a couple of levers including up-sell, could you help us think about the magnitude of that please?

我的問題是關於營運現金流。所以你在股東信中提到，第一季度運營現金流將從第一季度開始到第二、第三和第四季度開始改善。您能否談談那裡的驅動因素，並可能勾勒出全年現金流改善的幅度？然後我想一個快速的跟進是，你如何看待今年 ARPU 的增長？您提到了包括追加銷售在內的幾個槓桿，您能幫我們考慮一下它的重要性嗎？

Yes, so let me start with that, let me start with the second question first, right? So from an ARPU perspective, clearly the price up will be a big driver of that. We're working on products so there'll be more attachments to come there as well. And then we assume that from an ad ARPU perspective, we'll see improvement as well as they go into the back half of the year. So those are the components of the expansion there.

是的，所以讓我從那個開始，讓我先從第二個問題開始，對吧？因此，從 ARPU 的角度來看，顯然價格上漲將是其中的一大推動力。我們正在開發產品，因此也會有更多的附件。然後我們假設從廣告 ARPU 的角度來看，我們會看到改進以及它們進入今年下半年。所以這些是那裡擴張的組成部分。

In terms of the cash piece, let me kind of try to walk you through some of this. You'll get, I think a much more fulsome response, if you will, at the Investor Day. But the way I would think about it is that from a big picture business perspective, right, we have greater cash needs in the first half of the year versus the second half, just based on some timing of expenses. Right? So Q1, we tend to be our largest or close to our largest cash quarter, the back half of the year tends to be much smaller. And so the way I would think about it, Shweta, is that, you see a pretty meaningful decline in terms of cash uses for the back half of this year. Then we'll see an incrementally speaking bigger decline in '23 versus '22.

就現金而言，讓我嘗試帶您了解其中的一些內容。如果你願意的話，我認為你會在投資者日得到更令人滿意的回應。但我的想法是，從大局業務的角度來看，對，我們在上半年的現金需求比下半年更大，這只是基於一些支出的時間安排。對？所以第一季度，我們往往是我們最大的或接近我們最大的現金季度，下半年往往要小得多。所以我會這麼想，Shweta，你會看到今年下半年現金使用量出現了相當大的下降。然後我們會看到 23 年相對於 22 年的下降幅度越來越大。

In terms of cash usage, the bridge to get to 25 where we say EBITDA or cash flow positive, there is a relatively modest cash need in '24, particularly relative to '22. So hopefully that gives you some pieces to get to what you're trying to get to as it relates to your model or just cash in general.

在現金使用方面，我們說 EBITDA 或現金流為正的 25 歲的橋樑，在 24 年有相對適度的現金需求，特別是相對於 22 年。所以希望這能給你一些東西來獲得你想要得到的東西，因為它與你的模型或一般來說只是現金有關。

Our next question comes from Phil Cusick with JPMorgan.

我們的下一個問題來自摩根大通的 Phil Cusick。

I have one question with 2 parts and a follow-up. If you don't mind.

我有一個問題，包括 2 個部分和一個後續問題。如果你不介意。

That's a sneaky approach, right. Okay.

這是一種偷偷摸摸的方法，對。好的。

Yes. That cash burn bigger in '23 than '22, can you expand on why that is? Is that sort of gaming effort or ramping up in growth?

是的。 23 年的現金消耗比 22 年更大，你能詳細說明為什麼會這樣嗎？是那種遊戲努力還是加速增長？

Let me stop you there Phil for a second. Let's take it one at the time. So if I said that, I didn't mean it. What I meant to say was that '23 is less than '22 and then '24 is less than '23, just to clarify. From a segment perspective, there is a pretty significant improvement in North America streaming in '23 relative to '22.

讓我停在那裡菲爾一會兒。到時候就拿一個吧。所以，如果我這麼說，我不是這個意思。我的意思是'23小於'22，然後'24小於'23，只是為了澄清。從細分市場的角度來看，相對於 22 年，23 年北美流媒體的改進相當顯著。

Okay. That makes more sense. Maybe I misunderstood. So the question is really you raised about $200 million in an ATM in the first quarter at record low share prices and your AMG filing looks like you continue to sell shares after the quarter closed. I'm curious what you expect to continue to do in an ATM to fund the business. And if you look at other sources of cash, was an ATM below $5 a share really the most attractive source? And finally, your converts trading at about $0.50 on the dollar. Would you consider doing anything or if you had incoming interest to do something about that to take advantage of this coming? Thank you.

好的。這更有意義。也許我誤解了。所以問題是你在第一季度以創紀錄的低股價在 ATM 上籌集了大約 2 億美元，而你的 AMG 文件看起來你在季度結束後繼續出售股票。我很好奇您希望繼續在 ATM 上做什麼來為業務提供資金。如果你看看其他現金來源，每股低於 5 美元的 ATM 真的是最有吸引力的來源嗎？最後，您的轉換交易價格約為 0.50 美元。您是否會考慮做任何事情，或者您是否有興趣為此做一些事情以利用這一到來？謝謝你。

I'll start with a couple of those things, one is in terms of the convert. I wouldn't signal by what we would or would be willing to do, as you can I think respect. So I'll pass on that. As it relates to the ATM, we didn't do the ATM at $5. We did it something more like $7.50 a share. I think it was $7.52 actually and so significantly more than where you are today in terms of the stock price. And I guess what I would say is that there is a lot of uncertainty as you know and so between macro geopolitical capital markets, et cetera, we thought it was the most efficient way to raise capital relative to doing other things that could have been presented to us.

我將從其中幾件事開始，其中之一是關於轉換的。我不會暗示我們會或願意做什麼，因為我認為你可以尊重。所以我會傳遞這個。由於它與 ATM 相關，我們沒有以 5 美元的價格使用 ATM。我們的做法更像是每股 7.50 美元。我認為它實際上是 7.52 美元，就股價而言，比你今天的水平要高得多。而且我想我想說的是，正如你所知，存在很多不確定性，因此在宏觀地緣政治資本市場等之間，我們認為相對於做其他可能提出的事情而言，這是籌集資金的最有效方式給我們。

So I would say that in terms of the go forward, look, as we said in the letter, we've got 7 plus quarters of cash. So where I sit, I don't see you need to do anything for at least a couple of quarters in that longer. So we'll see where it lands. In terms of the ATM, we have call it, north of $100 million available. If we wanted to use that, I would say the plan would be to not access the ATM at $5 a share. Hope that answers your question.

所以我想說的是，就前進而言，看，正如我們在信中所說，我們有 7 個多季度的現金。所以在我坐的地方，我認為在更長的時間內至少有幾個季度你不需要做任何事情。所以我們會看到它落在哪裡。就 ATM 而言，我們稱之為可用的 1 億美元以上。如果我們想使用它，我會說計劃是不以每股 5 美元的價格訪問 ATM。希望這能回答你的問題。

Our next question comes from Jim Goss with Barrington.

我們的下一個問題來自 Jim Goss 和 Barrington。

First, I admit, I'd like to applaud this focus on making moves toward achieving profitability. I think that's a very positive thing. I was going to ask to the end of the call about potential competition from FAST and connected TV. And now, it looks like you are embracing it as one of your partnership opportunities. I was wondering how you plan to make that work? Would you be sort of a doing a split with the branded party like Pluto TV or creating your own? How would that exactly work? Then I have one follow-up.

首先，我承認，我要讚揚這種專注於實現盈利的舉措。我認為這是一件非常積極的事情。我打算在電話結束時詢問有關 FAST 和聯網電視的潛在競爭。現在，您似乎正在將其視為您的合作機會之一。我想知道你打算如何進行這項工作？您會與 Pluto TV 等品牌方分道揚鑣，還是創建自己的品牌方？那究竟是如何工作的？然後我有一個跟進。

Yes. So thanks for the question, Jim. We have been adding FAST channels. So this is not -- there's 2 types of relationships. There is one for our own network, the fubo sports network. That's a relationship that we would develop with FAST platforms like Pluto or Tubi. I believe we're available in 50 million or 60 million homes right now through Roku channel and others.

是的。所以謝謝你的問題，吉姆。我們一直在添加 FAST 頻道。所以這不是——有兩種類型的關係。我們自己的網絡有一個，fubo sports network。這是我們將與 Pluto 或 Tubi 等 FAST 平台建立的關係。我相信我們現在可以通過 Roku 渠道和其他渠道在 5000 萬或 6000 萬戶家庭中使用。

In terms of our own platform. I think the key is, we have a very engaged audience. So what we've been seeking out most recently is high quality FAST channel programing that allows us to dilute the viewership on the platform of channels where we have less available ad inventory.

就我們自己的平台而言。我認為關鍵是，我們有一個非常投入的觀眾。因此，我們最近一直在尋找的是高質量的 FAST 頻道節目，它允許我們在可用廣告資源較少的頻道平台上稀釋收視率。

So that strategy has been working quite well in the early testing and we think we're going to roll out 50 to 100 more channels on the platform and the key here is that people are spending lots of time on the platform. As you know, live TV is still sort of the way most people watch television and with the effort that we've put into Discovery, we feel that we can drive viewers to like programing where we have more inventory and obviously that will lead to more ad revenue.

因此，該策略在早期測試中運行良好，我們認為我們將在平台上推出 50 到 100 個更多頻道，這裡的關鍵是人們在平台上花費了大量時間。如您所知，直播電視仍然是大多數人看電視的方式，並且通過我們在探索頻道中投入的努力，我們認為我們可以推動觀眾喜歡我們擁有更多庫存的節目，顯然這將導致更多廣告收入。

The last thing I'll say is the FAST channels are also a great way to lower content costs. The typical deals are managing fees with 50-50 Rev Share. So again it's something that we think we can take advantage of over the long term.

我要說的最後一件事是，FAST 頻道也是降低內容成本的好方法。典型的交易是 50-50 Rev Share 的管理費用。所以這也是我們認為我們可以長期利用的東西。

Okay. And the other sort of related thing is just -- you might discuss the changes in the competitive space with ever increasing numbers of streaming services. You're all competing for the same number of viewers and there are a lot of options there growing, how is that affecting your strategy?

好的。另一種相關的事情是——你可能會討論隨著流媒體服務數量的不斷增加而競爭空間的變化。你們都在爭奪相同數量的觀眾，並且有很多選擇不斷增長，這對您的策略有何影響？

Look I mean our strategy is intact. I look at the world -- the world that we're in, which I like to call an infinite sum game, meaning that all media partners take advantage of any one other partner, whether it's a distribution partner or like a non-sports network group that takes advantage of the Olympics on NBC because fubo carries that and pays out in variable rates, but all of these streaming services these plus services are now heading into a zero in some game where. There will be losers and there will be winners and what we're proposing is an opportunity for everybody to make money. This is a bundled platform. We believe that consumers prefer bundles. I think I mentioned in my in the shareholder letter that according to a recent Nielsen survey, 64% of surveyed were unhappy that they're not able to find the content that they're looking for, which is very interesting because when we had started this business back in '17, '18, I remember there was a survey that came out this is 64% of people very unhappy with cable because it was for whatever reason, expensive, the ads, et cetera, but it looks like we're coming full circle.

看，我的意思是我們的策略是完整的。我看世界——我們所處的世界，我喜歡稱之為無限和遊戲，這意味著所有媒體合作夥伴都可以利用任何其他合作夥伴，無論是分銷合作夥伴還是非體育網絡在 NBC 上利用奧運會的組織，因為 fubo 攜帶它並以可變費率支付，但所有這些流媒體服務這些加服務現在在某些遊戲中趨向於零。會有輸家，也會有贏家，我們提議的是每個人都有機會賺錢。這是一個捆綁的平台。我們認為消費者更喜歡捆綁銷售。我想我在股東信中提到，根據尼爾森最近的一項調查，64% 的受訪者不滿意他們無法找到他們正在尋找的內容，這非常有趣，因為當我們開始這項業務早在 17 年、18 年，我記得有一項調查顯示，64% 的人對有線電視非常不滿意，因為無論出於何種原因，昂貴、廣告等等，但看起來我們又來了一圈。

And I believe that virtual MVPD will become the gateways to television, it's an opportunity to create a very frictionless environment for consumers to move in and out of programming of different media companies and also allows us to create a very personalized experience that really creates more value for the users. So I think over the long term we've positioned ourselves the right way and we differentiate in 3 ways. One is on brand. We've built a platform that's known for coming for the sports and staying for the entertainment. Number 2, we do have some content differentiation in the sports space. And number 3, we continue to develop product features. That are differentiated from general entertainment platforms like YouTube TV and Sling. So across the board we feel very good about our position and we're very confident we'll continue to grow.

我相信虛擬 MVPD 將成為通向電視的門戶，這是一個機會，可以為消費者創造一個非常順暢的環境，讓他們進出不同媒體公司的節目，也讓我們能夠創造一種非常個性化的體驗，真正創造更多價值為用戶。所以我認為從長遠來看，我們已經以正確的方式定位自己，我們以 3 種方式進行區分。一是關於品牌。我們已經建立了一個平台，該平台以為運動而來，為娛樂而停留而聞名。第二，我們在體育領域確實有一些內容差異化。第三，我們繼續開發產品功能。這與 YouTube TV 和 Sling 等一般娛樂平台不同。因此，總體而言，我們對自己的位置感覺非常好，我們非常有信心我們會繼續發展。

Yes, Jim, if I could just add to that. Actually, when you look at say our subs overall, we grew 81% year-over-year in Q1. Even with the step down sequentially in terms of the full-year guidance we're hovering around 30% growth in the marketplace at least obviously on the traditional side which is declining. And so we feel great about our market share gains, even assets, but I'll just throw it out there as well in terms of just with the path we need to get to if you think about profitability looking at to '25, we need call it 3 million subs or less to get the profitability. So if you're thinking about longer term, David, that's a number to think about.

是的，吉姆，如果我能補充一點的話。實際上，當你整體來看我們的潛艇時，我們在第一季度同比增長了 81%。即使在全年指導方面連續下降，我們仍然在市場上徘徊在 30% 左右的增長，至少顯然在下降的傳統方面。因此，我們對我們的市場份額增長甚至資產感到非常滿意，但如果你考慮到 25 年的盈利能力，我們需要稱其為 300 萬或更少的訂閱量以獲得盈利能力。所以，如果你在考慮長期，大衛，這是一個需要考慮的數字。

(Operator Instructions) Our next question comes from Clark Lampen with BTIG.

（操作員說明）我們的下一個問題來自 BTIG 的 Clark Lampen。

Thanks a lot. So I have a question on extensions. I know FAST and fubo Gaming are much bigger priorities at the moment. But David, last quarter I think while you were talking about inflation, you kind of mentioned off hand that paraphernalia is big source of consumer spending especially amongst avid sports fans, which is a key piece of your sub base. So maybe this is in part of the sort of short-term roadmap. But I guess, as we think about maybe out 2025 since that's part of the purview right now, is that maybe a part of the roadmap or sort of long-term strategy for you guys?

非常感謝。所以我有一個關於擴展的問題。我知道 FAST 和 fubo Gaming 目前是更大的優先事項。但是大衛，上個季度，我認為當你談論通貨膨脹時，你順便提到了隨身物品是消費者支出的重要來源，尤其是在狂熱的體育迷中，這是你的子群的關鍵部分。所以也許這是短期路線圖的一部分。但我想，當我們考慮到 2025 年時，因為這是目前權限的一部分，這可能是你們路線圖或長期戰略的一部分嗎？

Look, it's a good question. Right now we're very focused on the areas that I discussed in my prepared remarks. I will say that some of the technology that we've acquired around AI allows us to really understand what's happening on screen on screen. So I do believe that there is a world where there'll be very targeted ads, based on what you're seeing on screen and that technology right now is available. We have several patents around that. And we'll continue to build it out. But I think the key takeaway for me from what you're saying is that fubo is a very special company. We have a very, I would say focused position in the marketplace, 96% of our users watch sports, which means that we can continue to price up if necessary if content costs, particularly around sports, continue to escalate.

看，這是個好問題。現在，我們非常關注我在準備好的發言中討論的領域。我會說，我們圍繞 AI 獲得的一些技術讓我們能夠真正了解屏幕上正在發生的事情。因此，我確實相信，根據您在屏幕上看到的內容以及現在可用的技術，會有一個非常有針對性的廣告的世界。我們在這方面擁有多項專利。我們將繼續構建它。但我認為你所說的對我來說關鍵的一點是，fubo 是一家非常特別的公司。我想說，我們在市場上有一個非常集中的位置，我們 96% 的用戶觀看體育賽事，這意味著如果內容成本，特別是圍繞體育運動的內容成本繼續上漲，我們可以在必要時繼續定價。

And people are spending a lot of time on the platform. We have a very captive audience, which means we'll have opportunities to really sell more and more goods as we get better at putting the foundational technology in place. So I'm extremely bullish people will continue to watch TV and there are 72 million households that still have cable. And going into a recession, I think it's really compelling to have a competitive lower priced alternative to cable that still gives people robust bundle at a relatively low cost. John, I think you mentioned the cost per hour to me earlier, it was quite low. So we think this is a good space to be in, and we're very comfortable that we'll be able to really build a sustainable business over the next 3 years.

人們在平台上花費了大量時間。我們擁有非常強大的受眾，這意味著隨著我們更好地實施基礎技術，我們將有機會真正銷售越來越多的商品。所以我非常看好人們會繼續看電視，還有 7200 萬戶家庭仍然擁有有線電視。進入衰退期，我認為擁有一種具有競爭力的低價電纜替代品確實很有吸引力，它仍然以相對較低的成本為人們提供強大的捆綁服務。約翰，我想你之前向我提到了每小時的成本，它相當低。所以我們認為這是一個很好的空間，我們很高興我們能夠在未來 3 年內真正建立一個可持續發展的業務。

Our next question comes from Zachary Silverberg with Berenberg.

我們的下一個問題來自 Zachary Silverberg 和 Berenberg。

Can you talk about maybe near-term Sportsbook outlook maybe in light of the decision from the Illinois Gaming Board and the potential for longer-term revenue contribution from these Sportsbook segment.

鑑於伊利諾伊州博彩委員會的決定以及這些體育博彩部門對長期收入貢獻的潛力，您能否談談近期體育博彩的前景。

Yes, I'll take that. Look, we have 10 market access deals now signed. We have a pipeline of, call it 4 to 5 more. Can't really comment on the state's decision. But again, we received 10 approvals before that. I'm not sure what the line of questioning was. I'm not even sure they even reached out to us to provide any additional information, but I'm pretty sure, our General Counsel is probably talking to the state already about what has happened.

是的，我會接受的。看，我們現在簽署了 10 份市場准入協議。我們有一個管道，稱它為 4 到 5 個。無法真正評論國家的決定。但同樣，我們在此之前獲得了 10 個批准。我不確定提問的方向是什麼。我什至不確定他們是否與我們聯繫以提供任何額外信息，但我很確定，我們的總法律顧問可能已經在與州政府討論所發生的事情。

I'm sorry, what was the second part of your question?

對不起，你問題的第二部分是什麼？

Just maybe any sort of update on the potential long-term contribution from the Sportsbook segment, if you can give any?

如果您可以提供任何關於體育博彩部門潛在長期貢獻的最新信息？

Yes, what I'll say right now is that we'll probably launch a couple of more states before the end of the year, number 1. Long-term, the goal from an ARPU expansion perspective is probably low to mid-single digits from a dollar perspective and we will probably start to see some revenue coming in in 2023. I don't know if we have any additional color on that.

是的，我現在要說的是，我們可能會在今年年底之前推出更多的州，排名第一。從長期來看，從 ARPU 擴張的角度來看，目標可能是低到中個位數從美元的角度來看，我們可能會在 2023 年開始看到一些收入。我不知道我們是否有任何額外的顏色。

Yes, I would just add to your question. We'll start seeing some revenue kick in latest 3Q, 4Q. So you'll start seeing that line start to tick up a bit. And then a more material revenue will start in '23 just to add to that point.

是的，我只想補充你的問題。我們將在最近的第三季度和第四季度開始看到一些收入增長。所以你會開始看到那條線開始上升一點。然後更多的物質收入將在 23 年開始，只是為了增加這一點。

Our next question comes from Nick Zangler at Stephens.

我們的下一個問題來自 Stephens 的 Nick Zangler。

I'm excited to join the group here. So with regard to FanView, sports viewership is unique right in that it's an entertainment offering in which consumers actually might desire to have interface on the screen, showing them stats that enhance viewer experience. So in this way, I feel like Google has an opportunity for FanView to provide unique -- that other premium services simply can't, where you have effectively a corporate sponsorship or some type of advertising inventory on screen potentially at all time. So at least about FanView up. So I'm just curious on how you're thinking about leveraging FanView as an advertising asset and if that's currently creating at all today?

我很高興能在這裡加入這個小組。因此，就 FanView 而言，體育收視率是獨一無二的，因為它是一種娛樂產品，消費者實際上可能希望在屏幕上擁有界面，向他們展示增強觀眾體驗的統計數據。因此，通過這種方式，我覺得谷歌有機會為 FanView 提供獨特的——其他高級服務根本無法提供的機會，在這種情況下，您可能一直有有效的企業贊助或某種類型的廣告庫存在屏幕上。所以至少大約FanView了。所以我很好奇您是如何考慮將 FanView 作為一種廣告資產使用的，以及目前是否正在創造這種資產？

Yes, thank you for that question. I mentioned in my prepared remarks that we're continuing to expand our portfolio of ad formats. So I think you're on track with leveraging FanView as a way for us to integrate product experiences and we're doing that with predictive games as well. So this is an area of focus for us because outside of the video inventory, we think there is ways for us to really create brand value. And as you know sports fans like to participate with brands. During events, you see that in stadium and in other places. So again this is an area of focus for us. We're trying to build out the right product set to ensure that we're not sort of interfering with the viewing experience. So that sort of experimentation is going to continue, but certainly on our radar.

是的，謝謝你提出這個問題。我在準備好的評論中提到，我們將繼續擴展我們的廣告格式組合。所以我認為你正在使用 FanView 作為我們整合產品體驗的一種方式，我們也在使用預測遊戲來做到這一點。所以這是我們關注的一個領域，因為在視頻庫存之外，我們認為我們有辦法真正創造品牌價值。如您所知，體育迷喜歡與品牌一起參與。在活動期間，您會在體育場和其他地方看到這一點。所以這又是我們關注的一個領域。我們正在嘗試構建正確的產品集，以確保我們不會干擾觀看體驗。因此，這種實驗將繼續進行，但肯定會在我們的雷達上。

Great. This now concludes the Q&A portion of our call. I want to thank everybody for your participation. We realize it's an incredibly busy earnings season in today, and particularly it was very busy. So we really appreciate your participation and your thoughtful questions and look forward to speaking with everybody soon. Thanks very much again.

偉大的。現在結束我們電話的問答部分。我要感謝大家的參與。我們意識到今天是一個非常繁忙的財報季，尤其是非常繁忙。因此，我們非常感謝您的參與和您深思熟慮的問題，並期待很快與大家交談。再次非常感謝。

Thank you.

謝謝你。