GameSquare Holdings Inc (GAME) 2022 Q4 法說會逐字稿

Greetings, and welcome to the Engine Gaming and Media fiscal fourth quarter and full year 2022 conference call. Please note that this conference call is being recorded. (Operator Instructions)

您好，歡迎參加 Engine Gaming 和 Media 第四季度和 2022 年全年電話會議。請注意，本次電話會議正在錄音中。 （操作員說明）

Before we begin, I would like to caution listeners that comments made by management during this call may include forward-looking statements within the meaning of applicable securities laws. These statements involve material risks and uncertainties, and actual results could differ from those projected in any forward-looking statement due to numerous factors.

在我們開始之前，我想提醒聽眾，管理層在本次電話會議中發表的評論可能包括適用證券法含義內的前瞻性陳述。這些陳述涉及重大風險和不確定性，由於多種因素，實際結果可能與任何前瞻性陳述中的預測有所不同。

For a description of these risks and uncertainties, please see Engine's financial statements and MD&A for its fiscal fourth quarter and full year 2022 ended August 31, 2022 available on SEDAR and EDGAR. Important qualifications regarding forward-looking statements are also contained in Engine's earnings release distributed early this afternoon and also available on SEDAR and EDGAR.

有關這些風險和不確定性的描述，請參閱 SEDAR 和 EDGAR 上提供的 Engine 截至 2022 年 8 月 31 日的第四財季和 2022 年全年的財務報表和 MD&A。有關前瞻性陳述的重要限定條件也包含在今天下午早些時候發布的 Engine 財報中，也可在 SEDAR 和 EDGAR 上獲取。

Furthermore, the content of this conference call contains time-sensitive information, accurate only as of today, November 29, 2022. Engine undertakes no obligation to revise or otherwise update any statements to reflect events or circumstances after the date of this call.

此外，本次電話會議的內容包含時間敏感信息，僅截至今天（2022 年11 月29 日）準確。Engine 不承擔修改或以其他方式更新任何聲明以反映本次電話會議之後發生的事件或情況的義務。

And I would now like to turn the conference over to Mr. Lou Schwartz, Chief Executive Officer, and Tom Rogers, Executive Chairman of Engine Gaming and Media. Thank you, gentlemen. Please go ahead.

現在我想將會議交給 Engine Gaming 和 Media 首席執行官 Lou Schwartz 先生和 Tom Rogers 執行主席。謝謝你們，先生們。請繼續。

Thank you, operator, and thanks to everyone for joining us on our fiscal fourth quarter and full year 2022 earnings call. We had very substantial revenue growth when looked at on an annual and sequential basis for the quarter.

謝謝運營商，也感謝大家參加我們的第四財季和 2022 年全年財報電話會議。從本季度的年度和環比來看，我們的收入增長非常可觀。

To begin, total revenue for the full year ended August 31, 2022 increased 25.6% to a record $41.9 million from $33.3 million in the same year ago period. Total revenue for the fourth quarter increased 24.4% to $11.5 million from $9.2 million in the fiscal third quarter of 2022. The increases were a function of substantial growth in advertising revenue and an increase in SaaS revenue, the two key revenue streams of our business.

首先，截至 2022 年 8 月 31 日的全年總收入從去年同期的 3,330 萬美元增長了 25.6%，達到創紀錄的 4,190 萬美元。第四季度的總收入從2022 年第三季度的920 萬美元增長了24.4%，達到1150 萬美元。這一增長是由於廣告收入大幅增長和SaaS 收入（我們業務的兩個主要收入來源）的大幅增長所致。

For the full year of fiscal 2022, advertising revenue increased 28.6% to $32.7 million from $25.4 million in the prior year. Advertising revenue for the fourth quarter of fiscal 2022 was $9 million, increasing 29.2% from the fiscal third quarter of $7 million.

2022 財年全年，廣告收入從上一年的 2540 萬美元增長 28.6% 至 3270 萬美元。 2022財年第四季度廣告收入為900萬美元，比第三財季的700萬美元增長29.2%。

Frankly Media supports this growth by continuously optimizing its 50-plus demand partner network to deliver higher yielding advertising revenue for its customers. Frankly increased both CPMs and RPMs during the 2022 fiscal period as compared to previous fiscal year by 33%, despite increasingly challenging market conditions and algorithmic changes to search methodologies.

Frankly Media 通過不斷優化其 50 多家需求合作夥伴網絡來支持這一增長，為客戶提供更高收益的廣告收入。坦率地說，儘管市場條件日益嚴峻，搜索方法也發生了算法變化，但與上一財年相比，2022 財年的每千次展示費用和每千次展示費用均增加了 33%。

For the full year, SaaS revenue increased 15.9% to $9.2 million from $8 million in the prior year. The increase was primarily due to the full year impact of revenue recognized from the Sideqik acquisition and increased SaaS revenue from the Stream Hatchet business.

全年 SaaS 收入增長 15.9%，從上一年的 800 萬美元增至 920 萬美元。這一增長主要是由於收購 Sideqik 所確認的收入以及 Stream Hatchet 業務的 SaaS 收入增加對全年的影響。

SaaS revenue for the fourth quarter was $2.4 million, 9.4% higher sequentially when compared to $2.2 million in the third fiscal quarter of 2022. As a result, we exit Q4 with an annualized SaaS run rate of approximately $10 million.

第四季度的SaaS 收入為240 萬美元，與2022 年第三財季的220 萬美元相比，環比增長9.4%。因此，我們在第四季度結束時，SaaS 的年化運行率約為1000 萬美元。

For the full year ended August 31, 2022, net loss improved significantly to $14.5 million, compared to a net loss of $40.7 million in the full fiscal year 2021, an improvement of $26.2 million.

截至 2022 年 8 月 31 日的全年，淨虧損大幅改善至 1,450 萬美元，相比 2021 年全年的淨虧損 4,070 萬美元，改善了 2,620 萬美元。

Adjusted EBITDA, including discontinued operations, improved 23.3% sequentially to a loss of $4.3 million when compared to a loss of $5.6 million in the fiscal third quarter of 2022. Exclusive of discontinued operations, adjusted EBITDA was a loss of $4 million for the fourth quarter.

調整後 EBITDA（包括終止經營業務）環比增長 23.3%，虧損 430 萬美元，而 2022 年第三財季虧損 560 萬美元。不包括終止經營業務，第四季度調整後 EBITDA 虧損 400 萬美元。

When removing accounting estimate charges relating to certain financial assets and liabilities of approximately $400,000, which is the best way to assess our cost reduction efforts relating to operating performance, the revised improvement to adjusted EBITDA is 11.9% when compared to fiscal third quarter 2022 adjusted EBITDA.

刪除與某些金融資產和負債相關的約400,000 美元的會計估計費用（這是評估我們與經營業績相關的成本削減工作的最佳方式）時，與2022 財年第三季度調整後EBITDA 相比，調整後EBITDA 的修訂後改進為11.9% 。

Evident in our sequential analysis of our adjusted EBITDA is our pathway to profitability and sustainable growth. In line with this trend, our first fiscal quarter of 2023 is seeing further reduced operating expenses, leading to ongoing improvement in adjusted EBITDA.

在我們對調整後 EBITDA 的連續分析中，可以明顯看出我們實現盈利和可持續增長的途徑。與這一趨勢相一致，我們 2023 年第一財季的運營費用進一步減少，導致調整後 EBITDA 持續改善。

Additionally, we are continuing to streamline spending across the company with our stated goal of cash flow breakeven on a run rate basis in fiscal 2023, resulting in part from narrowing our focus on our core set of assets. We believe our collection of assets, which Tom will speak to in a moment, provide the company with a continued growth trajectory as evident in our recent client wins and contract extensions.

此外，我們正在繼續精簡整個公司的支出，以實現 2023 財年按運行率計算的現金流盈虧平衡的既定目標，部分原因是我們縮小了對核心資產的關注範圍。我們相信我們的資產集合（湯姆稍後將談到）將為公司提供持續的增長軌跡，這一點從我們最近贏得的客戶和合同延期中可以看出。

Our platforms immerse in the gaming, social influencer, and creator content spheres continue to benefit from the growing adoption of marketers and product enhancements that enhance their value proposition. These businesses become progressively important to game publishers, agencies, advertisers, and sponsors reaching the increasingly hard to reach younger demographics.

我們的平台專注於遊戲、社交影響者和創作者內容領域，繼續受益於營銷人員的不斷採用和產品增強，從而增強了其價值主張。這些業務對於遊戲發行商、代理商、廣告商和讚助商變得越來越重要，以吸引越來越難以接觸到的年輕人群。

I'll now pass the call to our Executive Chairman, Tom Rogers.

我現在將把電話轉給我們的執行主席湯姆·羅傑斯。

Thanks, Lou. Let me focus in for a minute on our very strategically important gaming and social influencer units.

謝謝，盧。讓我花一點時間重點介紹一下我們具有非常重要戰略意義的遊戲和社交影響力部門。

Our results continue to define the company as one that through our data and analytics platforms, we have the ability to guide companies in marketing to gaming audiences, as well as addressing a broader array of brand sponsors, performance marketers, and media seller's needs. We provide highly valuable tech platforms, so that marketers can navigate the gaming and social influencer communities with extremely reliable data and analytics that can result in the most productive marketing programs.

我們的結果繼續將公司定義為：通過我們的數據和分析平台，我們有能力指導公司向遊戲受眾進行營銷，並滿足更廣泛的品牌贊助商、效果營銷人員和媒體銷售商的需求。我們提供非常有價值的技術平台，以便營銷人員可以通過極其可靠的數據和分析來瀏覽遊戲和社交影響者社區，從而製定最有效的營銷計劃。

As targeting challenges have continued to grow in the advertising market, utilizing social influencers as a targeting approach works to our strength in providing both the workflow tools and more direct communications enablement. As marketing programs look to increasingly use social influencers at great scale and affiliate marketers look to expand their programs in this realm, these trends play very favorably to product enhancements we have developed.

隨著廣告市場中的定位挑戰持續增長，利用社交影響者作為定位方法可以發揮我們在提供工作流程工具和更直接的溝通支持方面的優勢。隨著營銷計劃越來越多地大規模利用社會影響者，聯屬營銷人員也希望在這一領域擴展他們的計劃，這些趨勢對我們開發的產品增強非常有利。

We've begun to see in the gaming world an increasing number of clients beginning to utilize the services of both Stream Hatchet and Sideqik. The combined growth of Stream Hatchet and Sideqik fourth quarter over quarter is approximately 27%, demonstrating the particular value of both services to sponsors that want to access gaming audiences.

我們開始看到遊戲世界中越來越多的客戶開始使用 Stream Hatchet 和 Sideqik 的服務。 Stream Hatchet 和 Sideqik 第四季度環比綜合增長率約為 27%，這表明這兩項服務對於想要吸引遊戲受眾的讚助商具有特殊價值。

To this point, as outlined in Stream Hatchet's third quarter video game streaming report, the data our platforms are able to capture and collect is extremely actionable for marketers, researchers, and analysts as these platforms develop actionable insights had a best tap into the Gen Z and millennial highly prized 18 to 35 demographic. This is an industry with consistent growth over the last four years, and the insights our assets capture become more valuable as the market continues to expand.

到目前為止，正如Stream Hatchet 第三季度視頻遊戲流媒體報告中所述，我們的平台能夠捕獲和收集的數據對於營銷人員、研究人員和分析師來說非常具有可操作性，因為這些平台開發了可操作的見解，最好地利用了Z 世代千禧一代高度重視 18 至 35 歲的人群。這是一個在過去四年中持續增長的行業，隨著市場的不斷擴大，我們的資產所獲得的見解變得更加有價值。

The marketing reach of esports continues to be an area that advertisers and sponsors want to have greater exposure to, and this creates significant opportunity for our growing the number of brand clients we serve. Our precise and reliable audience analytics are particularly vital in navigating where gaming and medium meet in social influencer communities, and our necessary analytics enabling the marketer to determine how best to leverage the ever-expanding creator community.

電子競技的營銷範圍仍然是廣告商和讚助商希望更多接觸的領域，這為我們服務的品牌客戶數量不斷增加創造了重大機會。我們精確可靠的受眾分析對於引導遊戲和媒體在社交影響者社區中的交匯點尤其重要，我們必要的分析使營銷人員能夠確定如何最好地利用不斷擴大的創作者社區。

The traction of our platforms is evident in Stream Hatchet signed contract extensions with Microsoft, Activision, Ubisoft, while expanding its list of clients with the addition of Monumental Sports, PUBG, FIFA, Logitech, NVIDIA, and Octagon. Employing the platform tools and features from Sideqik's offerings make it an invaluable partner to the many companies navigating the complex social influencer sphere.

我們平台的吸引力在 Stream Hatchet 與 Microsoft、動視、育碧簽署的合同延期中顯而易見，同時通過增加 Monumental Sports、PUBG、FIFA、羅技、NVIDIA 和 Octagon 來擴大其客戶名單。使用 Sideqik 產品中的平台工具和功能，使其成為許多在復雜的社交影響者領域中航行的公司的寶貴合作夥伴。

Sideqik added FoodPanda, Blizzard, Fanatics, and BenQ to its growing list of blue-chip companies, leveraging their suite of influencer marketing and social commerce technology. Renewals and extensions included Nike, Universal Music Group, Virgin Voyages, and Riot Games.

Sideqik 將 FoodPanda、Blizzard、Fanatics 和 BenQ 添加到其不斷增長的藍籌公司名單中，利用他們的影響者營銷和社交商務技術套件。續約和延期包括 Nike、環球音樂集團、Virgin Voyages 和 Riot Games。

Turning to the company more broadly. We are executing very well on our plan of focusing on our key strengths in a tough environment evident in our strong sequential quarter-over-quarter results. The cost reductions have certainly demonstrated, as we have indicated in prior calls, that we could substantially reduce EBITDA losses, a trend that will continue into the first quarter, as Lou mentioned.

轉向更廣泛的公司。我們正在很好地執行我們的計劃，即在艱難的環境中專注於我們的關鍵優勢，這從我們強勁的季度環比業績中可見一斑。正如我們在之前的電話會議中所指出的那樣，成本削減無疑表明我們可以大幅減少 EBITDA 損失，正如樓提到的，這一趨勢將持續到第一季度。

As we have previously stated, we feel this is an environment that is right for discussions with various parties that are also assessing how to create greater scale. We continue to rapidly narrow the focus of our strategic process and are confident that our efforts will result in a significant opportunity for the company to deliver on our stated goals in initiating this process of increasing scale, catalyzing further growth, and finding cost and revenue synergies.

正如我們之前所說，我們認為這是一個適合與各方進行討論的環境，這些各方也在評估如何擴大規模。我們繼續迅速縮小戰略流程的重點，並相信我們的努力將為公司帶來重大機會，以實現我們既定的目標，啟動擴大規模的流程，促進進一步增長，並找到成本和收入協同效應。

We look forward to providing an update as this process progresses. I think we'll now take a few questions. Thank you.

我們期待隨著此過程的進展提供更新。我想我們現在要回答幾個問題。謝謝。

Thank you. (Operator Instructions) Michael Kupinski, Noble Capital Markets.

謝謝。 （操作員說明）Michael Kupinski，Noble Capital Markets。

Thank you, and good afternoon. I have a couple of 64,000-foot view questions and then some other more specific.

謝謝你，下午好。我有幾個 64,000 英尺視角問題，還有其他一些更具體的問題。

There's been some recent press out there that provides some conflicting data about interest in gaming post the pandemic. There originally was some data that suggested that there was an increased interest even following the pandemic, but some recent press indicated that maybe there has been waning interest.

最近有一些媒體提供了一些關於疫情后人們對遊戲興趣的相互矛盾的數據。最初有一些數據表明，即使在大流行之後，人們的興趣仍在增加，但最近的一些媒體表明，興趣可能已經減弱。

And I was just wondering if you can talk about your esports play which has grown, and how do you explain the difference in view of what's out there in the media and what the data might support? I'm just wondering if we could have some color there.

我只是想知道你是否可以談談你的電子競技運動的發展，以及你如何解釋媒體報導和數據可能支持的差異？我只是想知道我們是否可以在那裡有一些顏色。

It's a great question. And this really goes to the heart of what Stream Hatchet, our gaming analytics unit, tracked.

這是一個很好的問題。這確實觸及了我們的遊戲分析部門 Stream Hatchet 所追踪的核心內容。

And it's evident from their recently released report that esports viewership has really never been higher globally. It reached 40% year-over-year viewership growth in the last year, which is actually an accelerated growth rate in terms of global viewership.

從他們最近發布的報告中可以明顯看出，全球電子競技收視率確實達到了前所未有的水平。去年收視率同比增長了40%，這實際上是全球收視率的加速增長。

And actually esports viewership is above the third quarter 2020 depths of pandemic time. So for esports to be above what was considered a highly unusual aberrant point, in terms of people locked in and playing, viewing live streaming games, I think, speaks very highly to just how much growth there has been there.

事實上，電子競技的收視率高於 2020 年第三季度疫情期間的最高水平。因此，對於電子競技來說，就人們鎖定和玩遊戲、觀看直播遊戲而言，超過被認為是非常不尋常的異常點，我認為，這非常充分地說明了那裡的增長程度。

What we are finding is that the audiences are there. Sponsors are clearly hungry to reach those younger demographics that have become exceptionally difficult to reach in more traditional media.

我們發現觀眾就在那裡。贊助商顯然渴望接觸那些在傳統媒體中變得異常難以接觸的年輕人群。

The issue is not if esports is attracting those audiences; the issue that sometimes creates some skepticism about the esports space is about whether brands can really successfully connect to those audiences. And to successfully connect to those audiences, they need the tools that give them a better understanding of what those audiences are, help brands find the most authentic ways to activate among those audiences.

問題不在於電子競技是否吸引了這些觀眾，而在於電子競技是否吸引了這些觀眾。有時對電子競技領域產生一些懷疑的問題是品牌是否能夠真正成功地與這些受眾建立聯繫。為了成功地與這些受眾建立聯繫，他們需要工具來更好地了解這些受眾，幫助品牌找到最真實的方式來激活這些受眾。

And what we are finding is our specific tools, our business intelligence suite, our real-time dashboards, our creator discovery tools, our assessment of earned media value, our competitive dashboards, and just the historical trend data that we're able to bring really provide the tools that help advertisers, sponsors navigate the space and will help mature the space for media purposes, so that the vast audience and the amount that brands want to connect that to those audiences can be fully realized.

我們發現的是我們的特定工具、我們的商業智能套件、我們的實時儀表板、我們的創作者發現工具、我們對贏得媒體價值的評估、我們有競爭力的儀表板，以及我們能夠帶來的歷史趨勢數據真正提供幫助廣告商、贊助商駕馭該領域的工具，並有助於媒體用途的成熟，從而充分實現廣大受眾以及品牌希望將其與這些受眾聯繫起來的數量。

So I hope that connects your trend question to what we're looking to do to exploit that.

因此，我希望將您的趨勢問題與我們希望利用這一點的做法聯繫起來。

Definitely. And TikTok has begun to show broader audiences beyond the youth demographic in the content creation.

確實。而TikTok在內容創作方面也開始向年輕人以外的更廣泛受眾展示。

I was just wondering your thoughts on -- your focus on gaming which obviously has a younger demographic. Well, do you still think that you'll participate in the broader appeal of social influence marketing given your younger demographic focus?

我只是想知道您對遊戲的看法，您對遊戲的關注顯然是由更年輕的人​​群組成的。那麼，考慮到您的年輕受眾群體，您是否仍然認為您會參與更廣泛的社會影響力營銷？

Yeah. That's an important point to clarify, because we analyze over 20 social media and live streaming platforms globally. And we measure the content consumption regardless of whether that's gaming content or other content that is found on those various platforms.

是的。這是需要澄清的重要一點，因為我們分析了全球 20 多個社交媒體和直播平台。我們衡量內容消費，無論是遊戲內容還是在這些不同平台上找到的其他內容。

We obviously have a distinct and very well-known role when it comes to gaming and focus on platforms like Twitch or YouTube Gaming, where we provide specific gaming insights. But we think the increased demand by older demographics for TikTok, which has obviously created some huge competitive challenges for traditional media, is actually a great trend for us because we have years of experience discovering and connecting and measuring social influencers, content creators on that platform.

在遊戲領域，我們顯然扮演著獨特且眾所周知的角色，並專注於 Twitch 或 YouTube Gaming 等平台，在這些平台上我們提供具體的遊戲見解。但我們認為，老年人口對TikTok 的需求增加，這顯然給傳統媒體帶來了一些巨大的競爭挑戰，這對我們來說實際上是一個很好的趨勢，因為我們擁有多年發現、聯繫和衡量該平台上的社會影響者、內容創作者的經驗。

And so the overall rise of TikTok, its greater usage, and the fact that it has a broadening demographic that includes older demographics than it used to have is a very positive macro trend for us.

因此，TikTok 的整體崛起、使用量的增加以及其受眾範圍的擴大（其中包括比以前更年長的人口）這一事實對我們來說是一個非常積極的宏觀趨勢。

Got you. And then just kind of drilling down into revenues, you put up some nice improvement in revenues in your advertising particularly. And this is -- kind of goes against what the industry is seeing in a tough environment.

明白你了。然後深入研究收入，特別是在廣告收入方面取得了一些不錯的進步。這有點違背了行業在艱難環境下所看到的情況。

Can you just talk a little bit about what's unique about your advertising revenue growth, and how you're able to kind of buck to the trend and the headwinds in the environment out there?

您能否簡單談談您的廣告收入增長的獨特之處，以及您如何能夠逆勢而行，克服環境中的逆風？

Sure. I'll take that one, Mike. Listen, our advertising team has done a tremendous job in managing our inventory, the delivery yield improvement during a really challenging advertising period, including all the Google algorithmic changes, the search and discovery that we've seen.

當然。我要那個，邁克。聽著，我們的廣告團隊在管理我們的庫存、在一個真正具有挑戰性的廣告時期提高交付率方面做了巨大的工作，包括所有谷歌算法的變化、我們所看到的搜索和發現。

That said, we've been able to grow our CPMs and our RPMs by 33% between fiscal 2021 to 2022. And we've accomplished that primarily by diversifying our demand network and driving higher CPM values from our supply inventory through our demand partners.

也就是說，在2021 財年至2022 財年期間，我們的每千次展示費用和每千次展示費用增長了33%。我們主要通過需求網絡多樣化以及通過需求合作夥伴從供應庫存中推動更高的每千次展示費用價值來實現這一目標。

I would say, more importantly, our network of sites is targeted. They are brand safe, and they've been proven to engage very highly with audiences. So advertisers are willing to pay us a premium for a safe network and for advertising against a safe audience.

我想說，更重要的是，我們的網站網絡是有針對性的。它們是品牌安全的，並且已被證明能夠與受眾高度互動。因此，廣告商願意為安全的網絡和針對安全受眾的廣告向我們支付溢價。

Got you. And this probably is for you, Lou. Can you talk a little bit about the improvement in adjusted EBITDA and what you're looking for? I know you indicated that you should see further improvement in the fiscal first quarter.

明白你了。這可能是給你的，盧。您能談談調整後 EBITDA 的改善以及您的期望嗎？我知道您表示第一財季應該會看到進一步的改善。

Can you talk a little bit about your cost reduction efforts? Are they still ongoing? Are we cycling -- when are we going to be cycling through most of those cost reduction efforts? And maybe give us just kind of a glimpse of what your thoughts are about how we should look at adjusted EBITDA going into the next fiscal year?

您能談談您在降低成本方面所做的努力嗎？他們還在繼續嗎？我們是否要循環——我們什麼時候要循環實施大部分成本削減工作？也許讓我們大致了解一下您對我們應該如何看待下一財年調整後的 EBITDA 的看法？

Well, as we stated in our release, we've shown both year-over-year and sequential sort of improvement in our adjusted EBITDA figures, and that's a result of a combination of things.

嗯，正如我們在新聞稿中所述，調整後的 EBITDA 數據同比和環比均有所改善，這是多種因素綜合作用的結果。

One, just refocusing sort of the business on our B2B elements, but two, also the cost reductions as you highlighted, that came from both corporate and non-corporate expense. And as you know, these take some time to flow through the P&L.

第一，只是將業務重新集中在我們的 B2B 元素上，但第二，正如您強調的那樣，來自公司和非公司費用的成本降低。如您所知，這些需要一些時間才能體現在損益表中。

We've seen improvement over the last couple of quarters. I think you'll continue to see improvement into Q1 2023 and in subsequent quarters. This is something that is absolutely top of mind.

我們在過去幾個季度中看到了進步。我認為您將在 2023 年第一季度及後續幾個季度繼續看到改進。這絕對是最重要的事情。

We've been extremely disciplined about rightsizing the organization and addressing our cash burn rate, and we remain focused on achieving cash flow breakeven in 2023 on a run rate basis.

我們在調整組織規模和解決現金消耗率方面一直非常嚴格，並且我們仍然致力於在運行率的基礎上在 2023 年實現現金流盈虧平衡。

Great. That's all I have. Thank you, guys.

偉大的。這就是我的全部。感謝你們。

Thanks, Mike.

謝謝，邁克。

Thanks, Mike.

謝謝，邁克。

Jason Tilchen, Canaccord Genuity.

Jason Tilchen，Canaccord Genuity。

Yeah, great. Thanks for taking our question. Just a quick follow-up first on the advertising business. Obviously, you just talked a lot about the reasons why you saw really strong results in fiscal Q4, the quarter ended August 31.

很好。感謝您提出我們的問題。首先快速跟進廣告業務。顯然，您剛才談到了為什麼您在第四財季（截至 8 月 31 日的季度）取得了非常強勁的業績的原因。

So just wondering if you could comment maybe on some of the trends you've seen over the past few months and if some of that strength has held up as you go into a seasonally important quarter for the advertising business.

因此，我想知道您是否可以評論一下您在過去幾個月中看到的一些趨勢，以及當您進入廣告業務的季節性重要季度時，其中的一些優勢是否仍然存在。

Yeah. Hey, Jason. I could start, and Tom, if you'd like to augment, feel free.

是的。嘿，傑森。我可以開始了，湯姆，如果你想補充，請隨意。

I mean, listen, we've seen continued improvement in our advertising business because we've been really nimble, and we've been efficient with the inventory that we've been managing on behalf of our publishing customers. And we've been able to offset some of the headwinds that some of our peers have experienced because we've been able to partner with highly productive demand partners.

我的意思是，聽著，我們的廣告業務不斷得到改善，因為我們非常靈活，而且我們代表出版客戶管理的庫存非常高效。我們已經能夠抵消一些同行所經歷的一些不利因素，因為我們能夠與高生產力的需求合作夥伴合作。

And that's enabled us to offset some of the traffic patterns that we've seen, particularly as we highlighted from some of the algorithmic changes from Google. But we're certainly not seeing some - anywhere near what some of the other digital media peers are seeing in terms of the material impact on CPM and RPM.

這使我們能夠抵消我們所看到的一些流量模式，特別是當我們強調谷歌的一些算法變化時。但我們肯定沒有看到一些——任何其他數字媒體同行所看到的對每千次展示費用和每千次展示費用的實質性影響。

The demand partners really value the inventory and the safety sort of our network and have been able to sort of maintain premium values for the supply that we expose to their networks.

需求合作夥伴非常重視我們網絡的庫存和安全性，並且能夠在一定程度上維持我們向他們的網絡提供的供應的溢價。

Yeah. I think, just supplementing that, the upgrade of the exchanges that we offer our inventory through has clearly given us an ability to raise price, and the shifts increasingly in inventory to more video-oriented inventory has also contributed to that. And the combination of those upgrades and shifts have countered the somewhat downdraft in advertising that I think the market is more broadly experiencing.

是的。我認為，補充一下，我們提供庫存的交易所的升級顯然使我們有能力提高價格，並且庫存越來越多地轉向更多以視頻為導向的庫存也促成了這一點。這些升級和轉變的結合抵消了廣告方面的一些下滑，我認為市場正在更廣泛地經歷這種情況。

As Lou said, our greater challenge has been Google algorithmic changes which hit groups of publishers from time to time and making sure that we can adjust to those, which always takes a bit of time when algorithms are changed, is really the more direct challenge we've seen and are operating in a tough advertising environment and being able to handle those headwinds.

正如樓說的，我們更大的挑戰是谷歌算法的變化，它時不時地影響到出版商群體，並確保我們能夠適應這些變化，當算法發生變化時，這總是需要一些時間，這確實是我們更直接的挑戰。已經看到並正在艱難的廣告環境中運營，並且能夠應對這些逆風。

Thanks a lot. That's really helpful. Just two other quick ones.

多謝。這真的很有幫助。還有另外兩個快的。

One, when it comes to these blue-chip wins that we've seen, the pace of those sort of accelerating over the past few quarters. Is it as simple as just a combination of Stream Hatchet and Sideqik that you've talked about a lot?

第一，當談到我們所看到的這些藍籌股的勝利時，這些勝利的步伐在過去幾個季度中有所加快。它是否像您經常談論的 Stream Hatchet 和 Sideqik 的組合那麼簡單？

Is there anything else that's going on in regards to your goal-to-market strategy -- how you're approaching these brands? Are they coming to you? Maybe you could just touch on the success there.

關於您的市場目標策略，還有其他什麼事情發生嗎？您如何接觸這些品牌？他們來找你嗎？也許你可以談談那裡的成功。

Well, the brands -- certainly, we have a very formidable reputation in the gaming space. And what we've been increasingly looking to do is get the gaming sector to understand that the breadth that Sideqik brings -- in terms of tying the gaming and social media world, where there's fragmentation among gaming influencers that cross over between live streaming and social media -- that's a particular area that we've been able to talk to that is significantly differentiating for us.

嗯，品牌——當然，我們在遊戲領域擁有非常強大的聲譽。我們越來越希望做的是讓遊戲行業了解 Sideqik 所帶來的廣度——將游戲和社交媒體世界聯繫起來，其中跨越直播和社交的遊戲影響者之間存在碎片化媒體——這是我們能夠談論的一個特定領域，它對我們來說具有顯著的差異化。

The other thing that I want to point to, since we've talked about brands and we obviously have some really great blue-chip clients here that are involved with us -- our social influencer or platform is really also tailored to having a self-serve solution for small- and medium-sized businesses.

我想指出的另一件事是，既然我們已經討論過品牌，而且我們顯然有一些非常出色的藍籌客戶與我們合作——我們的社交影響者或平台實際上也是為擁有自我而量身定制的。為中小企業提供解決方案。

They, too, are suffering some of the consequences of what's going on in terms of targeting efficiency in the advertising world and being able to allocate their marketing resources increasingly towards social influencer spend is an opportunity. Of course, that social influencer world for a smaller business is not easy to navigate.

他們也正在遭受廣告界目標效率方面所發生的一些後果，並且能夠將營銷資源越來越多地分配給社會影響者的支出是一個機會。當然，對於小型企業來說，社交影響者的世界並不容易駕馭。

You really need to be able to really simply and easily have a platform that can discover for you and communicate and provide the payment capability to cut through the friction that would otherwise exist for a small marketing operation. And we have a lot of resource geared toward that.

您確實需要能夠真正簡單輕鬆地擁有一個可以為您發現、溝通並提供支付功能的平台，以消除小型營銷運營中可能存在的摩擦。我們有大量的資源用於此目的。

And so I don't want to talk to our success being one that is only focused on brands. That SMB community is a very important part of the building we're doing.

因此，我不想談論我們的成功只是專注於品牌。中小企業社區是我們正在建設的一個非常重要的部分。

Great. Another very helpful explanation there. One last one just on the comments around the run rate of cash flow breakeven for fiscal 2023. Can you maybe just talk to the current cash positioning and just how you feel about the cadence of that maybe burn in the first half of the year or improvements throughout the year?

偉大的。還有另一個非常有用的解釋。最後一個是關於 2023 財年現金流盈虧平衡運行率的評論。您能否談談當前的現金狀況以及您對今年上半年可能燒毀或改進的節奏的看法全年？

Do you think that there's going to be a need to potentially raise additional capital? Or do you think that trajectory of improving expense reductions and things like that will help reduce that need in fiscal 2023?

您認為是否有必要籌集額外資金？或者您認為改善開支削減等措施的軌跡是否有助於減少 2023 財年的需求？

Yeah. So let me respond to that. So we finished our quarter with $8.6 million of cash.

是的。那麼讓我對此做出回應。因此，本季度結束時我們獲得了 860 萬美元的現金。

As I mentioned to Mike, some of the adjustments that we've made to OpEx will continue to flow through in future quarters. And I think it will be more evident how aggressive we've been in terms of rightsizing our cost structure and preserving cash to extend our runway.

正如我向邁克提到的，我們對運營支出所做的一些調整將在未來幾個季度繼續實施。我認為，我們在調整成本結構和保留現金以延長跑道方面所採取的積極行動將會更加明顯。

That said, we're in the middle of a strategic process. That strategic process is intended to create scale and to create growth and an opportunity for the company going forward.

也就是說，我們正處於戰略進程之中。該戰略流程旨在擴大規模，為公司未來發展創造增長和機會。

And we expect that through that strategic process, we'll be able to deliver continued growth and the ability to finance the future company on much better terms and remain shareholder friendly as we've been in the past by reducing any potential dilution in the future. But we remain focused on rationalizing our OpEx and getting to cash flow breakeven on a standalone basis in 2023.

我們預計，通過這一戰略流程，我們將能夠實現持續增長，並能夠以更好的條件為未來的公司提供融資，並通過減少未來任何潛在的稀釋來保持對股東的友好，就像我們過去所做的那樣。但我們仍然專注於合理化我們的運營支出，並在 2023 年獨立實現現金流收支平衡。

Great. Thanks a lot.

偉大的。多謝。

There are no additional analysts with questions. And at this time, I would like to turn the floor back over to Lou for any closing comments.

沒有其他分析師提出疑問。此時，我想將發言權轉回給盧，以徵求結束意見。

Well, thank you everyone for your attendance today. We look forward to keeping you updated as we make further progress. Thank you again very much for attending. Bye-bye.

好的，謝謝大家今天的出席。隨著我們取得進一步進展，我們期待向您通報最新情況。再次非常感謝您的出席。再見。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation, and have a great day.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與，祝您有美好的一天。