LiveOne Inc (LVO) 2024 Q3 法說會逐字稿

Hello, everyone, and welcome to the Liwan, Inc. Q3 fiscal 2024 financial results and business update call and thank you for standing by. My name is Daisy, and I'll be coordinating your call today. If you would like to register a question, please press star followed by one on your telephone keypad. And I would now like to hand the call over to your host, Arne Sullivan, CFO again. So Alan, please go.

大家好，歡迎參加 Liwan, Inc. 2024 年第三季財務業績和業務更新電話會議，感謝您的支持。我叫黛西，今天我將協調您的電話。如果您想登記問題，請按電話鍵盤上的星號，然後再按一個。現在我想再次將電話轉交給主持人、財務長阿恩·沙利文 (Arne Sullivan)。所以艾倫，請走吧。

Thank you. Good morning, and welcome to Ligand's Business Update and Financial Results Conference Call for the company's third quarter ended December 31st, 2023. Presenting on today's call is Ms. Rob-L and CEO and Chairman of Liwan. I would like to remind you that some of the statements made on today's call are forward-looking and are based on current expectations forecasts and assumptions that involve various risks and uncertainties. These statements include, but are not limited to, statements regarding the future performance of the Company, including expected future financial results and expected future growth in the business. Actual results may differ materially from those expressed on the call for a variety of reasons for it to the Company's filings with the SEC. For information about factors which could cause the Company's actual results to differ materially from these forward-looking statements, including those described in our annual report on Form 10-K for the year ended March 31st, 2023 and subsequent SEC filings, you'll find reconciliations of non-GAAP financial measures to the most comparable GAAP financial measures discussed today. The Company's earnings release, which is posted on its Investor Relations website, encourages you to periodically visit our Investor Relations website for important content following discussions, including responsiveness and any time sensitive information that reflects management's view as of the date of this call, February eighth, 2024 as required. And except as required by law, the Company does not undertake any obligation to update or revise this information after today's call, I'd like to highlight to investors that this call is being recorded. The Company's making it available to investors and media via webcast, and a replay will be available on its website in the Investor Relations section shortly following the conclusion of the call. Additionally, it is the property of the Company and any redistribution, retransmission or rebroadcast of this call or webcast in any form without the Company's express written consent is strictly prohibited.

謝謝。早安，歡迎參加 Ligand 公司截至 2023 年 12 月 31 日的第三季業務更新和財務業績電話會議。出席今天電話會議的是 Liwan 執行長兼董事長 Rob-L 女士。我想提醒大家，今天的電話會議中所做的一些陳述是前瞻性的，並且基於當前的預期和假設，涉及各種風險和不確定性。這些報表包括但不限於有關公司未來業績的報表，包括預期的未來財務表現和預期的未來業務成長。由於多種原因，實際結果可能與公司向 SEC 提交的文件中所表達的結果有重大差異。有關可能導致公司實際結果與這些前瞻性陳述存在重大差異的因素的信息，包括我們截至2023 年3 月31 日的年度10-K 表格年度報告以及隨後向SEC 提交的文件中描述的因素，您可以找到非公認會計原則財務指標與今天討論的最具可比性的公認會計原則財務指標的調節表。本公司的收益發佈發佈在其投資者關係網站上，鼓勵您定期訪問我們的投資者關係網站，了解討論後的重要內容，包括響應能力以及反映截至本次電話會議之日（2 月8 日）管理層觀點的任何時間敏感訊息，2024 年（按要求）。除法律要求外，本公司不承擔在今天的電話會議後更新或修改此資訊的任何義務，我想向投資者強調，本次電話會議正在錄音。該公司透過網路廣播向投資者和媒體提供此訊息，電話會議結束後不久將在其網站的投資者關係部分提供重播。此外，它是公司的財產，未經公司明確書面同意，嚴禁以任何形式重新分發、轉發或轉播本次電話會議或網路廣播。

Now I would like to turn the call over to Lowell and CEL. well done.

現在我想將電話轉給 Lowell 和 CEL。做得好。

Thank you Aaron, and good morning, everyone. I'd like to thank you for joining us today. It's a really exciting time at Lab One, and I'm extremely pleased in how all areas of our business are performing was truly spectacular quarter and one that illustrates the power of our creator. First model focused on super fans, which rewards the talent and enriching the shareholders as we near the close of fiscal 2024, we conservatively guided consolidated revenues to $115 million to $120 million, and we raised our guidance for fiscal 2025 to $145 million to $155 million. Of note, our audio division contributing revenues of [130 million to 140 million] and $20 million to $25 million of EBITDA with over $17 million of positive cash flow. I'm so proud of our audio team considering at the time of the acquisitions of Slacker radio and podcast one, the combined pro forma revenue was around $40 million with 400,000 members losing $15 million a year. Today, Slacker radio has proudly passed 3.5 million members this past quarter end at over 300,000 members, close to 700,000 year to year over year. We are guiding this year over 1 million new members.

謝謝亞倫，大家早安。我要感謝您今天加入我們。這是 Lab One 的一個非常令人興奮的時刻，我對我們業務所有領域的表現感到非常高興，這個季度確實非常出色，也體現了我們創造者的力量。第一個專注於超級粉絲的模式，在2024 財年臨近結束時獎勵人才並豐富股東，我們保守地將合併收入指導為1.15 億至1.2 億美元，並將2025 財年的指導提高至1.45 億至1.55 億美元。值得注意的是，我們的音響部門貢獻了 [1.3 億至 1.4 億] 的收入和 2,000 萬至 2,500 萬美元的 EBITDA，以及超過 1,700 萬美元的正現金流。我為我們的音訊團隊感到非常自豪，考慮到在收購 Slacker 電台和播客 One 時，預計合併收入約為 4000 萬美元，其中 40 萬名會員每年損失 1500 萬美元。如今，Slacker 電台在上一季末的會員數量已超過 350 萬，達到 30 萬以上，年比接近 70 萬。今年我們引導了超過 100 萬新會員。

This past quarter, we onboarded 24 new podcasts signed to long-term contract, and we signed almost every one of our current podcast shows. We have a pipeline of over 100 existing podcasts. That's 10 times the amount than any in any in history, choices that we believe many will join our network. We focus on great creators with amazing stories that can benefit achieved increased engagements by joining our family. This shows you're averaging about $350,000 annual revenues to over $7 million adding. This gives us unique clarity and strong confidence in our ability to achieve our 2025 financial guidance.

上個季度，我們與 24 個新播客簽訂了長期合同，並且我們幾乎簽署了當前所有的播客節目。我們現有 100 多個播客。這是歷史上任何一次數量的 10 倍，我們相信許多人會選擇加入我們的人脈。我們專注於擁有精彩故事的偉大創作者，他們可以透過加入我們的大家庭來提高參與度。這表示您的平均年收入約為 35 萬美元，增加後將超過 700 萬美元。這讓我們對實現 2025 年財務指導的能力具有獨特的清晰度和堅定的信心。

Also, as we expand our podcast rep roster in our sponsorship, we now have over 600 advertisers and partners and growing as well as over 10 podcast networks as potential acquisitions, very similar to what we did with cash media Kit, Sue, Eli and the rest of the podcast team have done an amazing job and you have an opportunity to listen to Kit presenting at 11:30 call. I'm excited to announce this past quarter we closed a first ever, $20 million-plus, a B2B deal with one of the largest streaming platforms in the world, a Fortune 500 company. This combined with our extension of our 10-year partnership with Tesla extended contracts for at least another 18 months, ensures increasing monthly revenues, which provides us with full confidence that our business plan will provide more and more of these B2B deals we now have over 42 potential B2B partnerships in our pipeline across eight verticals. In my 30 plus year history of high level involvement in media and technology companies. Any time our companies have passed surpassed that $100 million in revenues with most of this almost guaranteed recurring next year. It has always provided both myself and my management team. The confidence in the runway and the ability to drive further revenues and sizable EBITDA.

此外，隨著我們擴大贊助中的播客代表名冊，我們現在擁有超過600 家廣告商和合作夥伴，並且還在不斷增長，還有10 多個播客網絡作為潛在收購對象，這與我們對現金媒體Kit、Sue、Eli 和播客團隊的其他成員都做了出色的工作，您有機會在 11:30 的電話會議上聆聽 Kit 的演講。我很高興地宣布，上個季度我們與世界上最大的串流媒體平台之一（財富 500 強公司）達成了首筆價值超過 2000 萬美元的 B2B 交易。再加上我們與 Tesla 的 10 年合作夥伴關係再延長至少 18 個月，確保了每月收入的增加，這讓我們充滿信心，我們的業務計劃將提供越來越多的 B2B 交易。我們正在八個垂直領域建立42 個潛在的B2B 合作。在我 30 多年高層參與媒體和科技公司的歷史中。每當我們公司的收入超過 1 億美元時，其中大部分幾乎肯定會在明年再次出現。它一直為我自己和我的管理團隊提供幫助。對跑道的信心以及推動進一步收入和可觀 EBITDA 的能力。

Now for our shareholders, this is the live one flywheel. It starts with creative first focus on super fans driving traffic and engagement and producing multiple revenue streams from the same piece of content this quarter, our own our only negative EBITDA division or merchandise [EPS] has cut over $5 million of costs, and we'll continue to cost up to [$7.5 million to $10 million] of costs and use that cost saving to celebrate our celebrity brands. We will launch between 8 to 12 celebrity brands, starting with birth defects with Jeremiah and Russell Bevin. We sold out in our first few weeks of the first round of product this past year. Proudly our publishing division to undefined split line was nominated for three Grammys and to come to granules. And I would suggest the beginning we created sounds productions platform compete, which place where produces upload their Beats and sound to storefront for other creators to purchase them. Likewise, this is a subscription based service, but the big difference is our company and to create his own the IP and receive royalty payments. There's nothing better for a young artist and receiving mailbox money every month. This model motivates and attract creative talent to our platform, driving traffic and audience engagement, again, with very little cost to us an unlimited revenue potential revenues increased over 300% in our 1st year.

現在對我們的股東來說，這就是活生生的飛輪。首先，創意首先專注於超級粉絲推動流量和參與度，並從本季度的同一內容中產生多種收入流，我們自己唯一的負EBITDA 部門或商品[EPS] 已削減了超過500 萬美元的成本，而且我們'我們將繼續花費高達[750萬至1000萬美元]的成本，並利用節省的成本來慶祝我們的名人品牌。我們將推出 8 到 12 個名人品牌，首先是 Jeremiah 和 Russell Bevin 的先天缺陷品牌。去年，我們第一輪產品的前幾週就銷售一空。自豪的是，我們的出版部門以未定義的分割線獲得了三項格萊美獎提名，並獲得了顆粒。我建議一開始我們創建聲音製作平台競爭，在該平台上，製作者將他們的節拍和聲音上傳到店面，以供其他創作者購買。同樣，這是一項基於訂​​閱的服務，但最大的區別是我們公司創建自己的 IP 並收取版稅。對於每個月都能收到信箱錢的年輕藝術家來說，沒有什麼比這更好的了。這種模式激勵並吸引創意人才來到我們的平台，從而增加流量和受眾參與度，而且我們只需花費很少的成本即可實現無限的收入潛力，第一年收入就增加了 300% 以上。

I'd also like to highlight we created a subsidiary of podcasts, one called studio on focus on ownership of scripted IP was specifically focused on second with windows of selling television and film. This quarter, we proudly announced the acquisition and launch of four shows opportunities lost in Panama, vigilantly and Barnum town and which is already partnered with a major streaming platform and is waiting to be greenlit as a scripted TV show. Another one of those has partnered with a different platform and he's already sold as a documentary. Our supplies deepen our possibilities are endless. I really hope everyone had an opportunity to listen to our newest podcast them down hosted by Paul McLaughlin is a great example of the type of COD podcast We are targeting targeting, which have the traction to be major studio production. We believe we currently have eight to 12 current podcasts have the potential to turn into scripted shows in a more on the horizon, either creating our own or acquiring existing podcasts and promoting them with their community once again, owning more and more IP licensing merchandise in coming years, the division could become the most profitable division within the company. Given the current strength and future potential of our business, we believe our stock remains extremely undervalued. We increased our buyback from [4 million to 10 million], leaving approximately [6 million] of capacity.

我還想強調一下，我們創建了一個播客子公司，一個名為工作室的公司，專注於腳本智慧財產權的所有權，特別專注於第二個銷售電視和電影的窗口。本季度，我們很自豪地宣布收購並推出在巴拿馬、警惕和巴納姆鎮失去的四個節目機會，該節目已經與一家主要串流媒體平台合作，正在等待作為腳本電視節目獲得批准。其中另一個與另一個平台合作，他已經作為一部紀錄片出售。我們的供應深化了我們的無限可能。我真的希望每個人都有機會收聽由 Paul McLaughlin 主持的我們最新的播客，這是 COD 播客類型的一個很好的例子，我們的目標是瞄準目標，這對主要工作室製作具有吸引力。我們相信，我們目前有8 到12 個播客有潛力在不久的將來變成有劇本的節目，要么創建我們自己的播客，要么收購現有的播客，並再次與他們的社區進行推廣，在中國擁有越來越多的IP 授權商品。未來幾年，該部門可能成為公司內最賺錢的部門。鑑於我們業務目前的實力和未來潛力，我們相信我們的股票仍然被極度低估。我們將回購從[400萬]增加到1000萬，留下約[600萬]的產能。

Thank you, everyone, for your time and attention. And I'd like to hand it back to our CFO, Aaron Solomon, for Q. three. Repeat results.

謝謝大家的時間和關注。我想將第三個問題交還給我們的財務長 Aaron Solomon。重複結果。

Thanks, Rob. I'll spend just a few minutes providing a very brief overview of our results for the third quarter of fiscal 2024. The quarter ended December 31st, 2020, trips consolidated revenue for the three-month period ended December 31st, 2023, was $31.2 million. Soccer posted record revenue for Q3 of $16.8 million and adjusted EBITDA of $6.8 million. Project ONE posted revenue of $10.4 million, adjusted EBITDA loss of [400,000] for the third quarter of fiscal '24 revenue consists of 54% membership and 46% advertising sponsorship, merchandise and other compared to 49% membership and 51% advertising sponsorship and merchandise and other in the prior year period. Consolidated adjusted EBITDA for Q3 fiscal '24 was $3.3 million on a [GAAP to US GAAP] basis by one posted a consolidated net loss of $2.6 million or $0.03 per diluted share for Q3 fiscal 20 for RockPile. Turn it back to you.

謝謝，羅布。我將花幾分鐘時間非常簡短地概述 2024 財年第三季的業績。截至 2020 年 12 月 31 日的季度，截至 2023 年 12 月 31 日的三個月期間 Trips 的合併收入為 3,120 萬美元。Soccer 第三季營收創紀錄，達 1,680 萬美元，調整後 EBITDA 為 680 萬美元。Project ONE 公佈的收入為1,040 萬美元，24 財年第三季的調整後EBITDA 損失為[400,000]，其中包括54% 的會員費和46% 的廣告贊助、商品及其他收入，而49% 的會員費和51% 的廣告贊助和商品費則由Project ONE 公佈以及上一年期間的其他情況。根據《美國公認會計準則》（GAAP）計算，24財年第三季的綜合調整後EBITDA 為330 萬美元，其中RockPile 20 財年第三季的綜合淨虧損為260 萬美元，即稀釋後每股虧損0.03 美元。把它轉回給你。

Great. Thank you, Aaron. Again, a spectacular quarter for the Company, a huge growth again, in conclusion, I just want to reiterate, as each of my prior companies is broken that $100 million mark in revenues, whether it's digital turbine. I want Jakks THQ forward industries. Grand toys. Each have had substantial [5 to 100 times runs] for their shareholders. I'm confident excited because I believe this is the biggest opportunity in my career.

偉大的。謝謝你，亞倫。再次，這對公司來說是一個引人注目的季度，再次實現了巨大的成長，總之，我只想重申一下，因為我之前的每家公司的收入都突破了1 億美元大關，無論是數位渦輪機。我想要 Jakks THQ 推動工業發展。大玩具。每家公司都為股東進行了大量的[5到100次運行]。我很自信很興奮，因為我相信這是我職業生涯中最大的機會。

I personally invested over [$18 million] in this Company and I increased our Company stock stock buyback to $10 million because I see where we're headed and strongly believe our stock is undervalued. We said we were going to achieve hitting 10 million subscribers was over a five year period. We're well on that way at SuperCom category hit. There do will be over $1 billion in revenues, and this will be the stock will be substantially higher. And I want to thank everyone for their support and look forward to any questions.

我個人在這家公司投資了超過 [1800 萬美元]，並且我將公司股票回購增加到了 1000 萬美元，因為我看到了我們的發展方向，並堅信我們的股票被低估了。我們說過，我們將在五年內實現訂閱用戶數達到 1000 萬。我們在 SuperCom 類別的熱門產品中走得很好。營收確​​實將超過 10 億美元，而股價也會大幅上漲。我要感謝大家的支持，並期待提出任何問題。

Thank you.

謝謝。

Brian Kinstlinger, Alliance Global Partners.

Brian Kinstlinger，聯盟全球合作夥伴。

Great.

偉大的。

Thank you. Congrats on your eight figure sponsorship deal with podcast. first is this a new sponsor or a larger agreement from an existing sponsor? I guess I'm trying to understand if this is all incremental revenue to podcast current run rate.

謝謝。恭喜您與播客達成八位數的贊助協議。首先，這是新的贊助商還是現有贊助商的更大協議？我想我想了解這是否是播客當前運行率的全部增量收入。

Yes. So this is a brand new partner. It started sort of the end of last year, we announced that it will continue to grow and it's way more than eight figures. It's well over $20 million, and you'll start to see that incremental growth in this quarter and substantially higher as each quarter goes forward. This gives us a streaming partner, one of one of the biggest in the world, Fortune 500 company and gives us a massive audience to reach to showcase our content.

是的。所以這是一個全新的合作夥伴。它從去年年底開始，我們宣布它將繼續成長，並且已經超過八位數。其金額遠遠超過 2000 萬美元，您將開始看到本季度的增量增長，隨著每個季度的發展，增長幅度將大幅提高。這為我們提供了一個串流媒體合作夥伴，世界上最大的公司之一，財富 500 強公司之一，並為我們提供了大量的觀眾來展示我們的內容。

Fantastic. And then more broadly, we've heard from the Googles and Facebooks of the world that the ad market is finally beginning to strengthen. And then we also have an election year ahead, which usually helps the ad market.

極好的。更廣泛地說，我們從世界各地的Google和 Facebook 得知，廣告市場終於開始走強。然後我們還有一個選舉年，這通常會對廣告市場有所幫助。

First, are you seeing the same signs in the market where pricing might begin to strengthen and then we'll podcast benefit from political ad trends.

首先，您是否在市場上看到了相同的跡象，即定價可能開始走強，然後我們的播客將從政治廣告趨勢中受益。

And the answer to both is yes, we're already seeing that and we're seeing telltale signs that this is going to be a fantastic year, as you could see by the numbers we announced this morning and podcast one, we almost matched last year right. We did $32 million last year were $31 million and change already with a quarter to go. And obviously our fourth quarter, right, especially with this new contract is going to be the biggest quarter ever in the history of the Company. So we're seeing telltale signs. It's strong. Politics does work in advertising, but I think the biggest thing Brian to look at is the trends in podcasting usage, the number of people that are moving, the podcast, the demographics that are moving to getting younger and younger as well and also the number of sponsors that are moving into podcasting. It's it's really a maturing business. And what I've told everyone is this business was going to grow and we bought podcasts went from $4 million to eventually $5 million to $7 million. What I would tell you and Alex can be way more like $7 million to $10 million by 2030. So it's a big market developing. This is really unique time for our advertising and podcast business.

這兩個問題的答案都是肯定的，我們已經看到了這一點，我們看到了明顯的跡象，這將是美好的一年，正如你可以從我們今天早上宣布的數字和播客中看到的那樣，我們幾乎與去年持平年對了。去年我們做了 3,200 萬美元，現在是 3,100 萬美元，在還有一個季度就已經改變了。顯然，我們的第四季度，尤其是這份新合同，將成為公司歷史上最大的季度。所以我們看到了明顯的跡象。它很強。政治確實在廣告中發揮作用，但我認為布萊恩最需要關注的是播客使用的趨勢、移動的人數、播客、變得越來越年輕的人口統計數據以及數量。進入播客領域的贊助商。這確實是一項日趨成熟的業務。我告訴大家的是，這個業務將會成長，我們購買播客的價格從 400 萬美元增加到最終的 500 萬美元到 700 萬美元。我想告訴你和亞歷克斯，到 2030 年，這個數字可能會達到 700 萬到 1000 萬美元。所以這是一個正在發展的大市場。對於我們的廣告和播客業務來說，這確實是一個獨特的時刻。

Right is the heart of the question? I declare podcast. One revenue is growing. Our growth is a function of downloads versus price. I think you grew downloads 15% if I read an article correctly or unique visitors. So I guess I'm wondering what are the pricing trends if I speak to the ad market, is pricing generally been flat and you expect to increase, has it been increasing? Just speak to pricing on the ad side, if you could yes.

問題的核心是對的嗎？我宣布播客。其中一項收入正在成長。我們的成長是下載量與價格的函數。我認為如果我正確閱讀了一篇文章或獨立訪客，您的下載量會增加 15%。所以我想我想知道如果我與廣告市場交談，定價趨勢是什麼，定價是否總體上持平，並且您預計會增加，是否一直在增加？如果可以的話，請談談廣告方面的定價。

I mean, I could talk to the overall market, right is increasing somewhat broad. But really what's happening for us is because we built this community, right? We're able to sell across the community and part of the excitement. And you'll see when when you see podcasts like Brendan Schwab move over and Brendan moved over doing, you know, doing what he started doing two times what it was doing before because of our community where there's upsell and sell at very different CPA with CPMs. And some of the bigger guys are who are mostly doing programmatic advertising. So as a trend, the trend is our friend. The industry itself is going up. But for us, we're going up even higher because our community continues to grow.

我的意思是，我可以與整個市場交談，右翼的範圍正在擴大。但真正發生在我們身上的事情是因為我們建立了這個社區，對吧？我們能夠在整個社區進行銷售，並獲得部分興奮感。當你看到像布倫丹·施瓦布（Brendan Schwab）這樣的播客轉移過來時，你就會看到，布倫丹（Brendan Schwab）轉移過去做他開始做的事情，他開始做的事情是以前做的事情的兩倍，因為我們的社區有追加銷售，並且以非常不同的每次轉換費用（CPA）進行銷售。每千次展示費用。一些較大的公司主要從事程序化廣告。所以作為一種趨勢，趨勢是我們的朋友。行業本身正在上升。但對我們來說，我們會走得更高，因為我們的社區正在不斷發展。

Great.

偉大的。

I have a couple more if you don't mind. And first, I ask this every quarter, I may have missed it. Can you speak to the number of podcasts that are pending onboarding and speak to the expected timeframe. I could be wrong. I think last quarter you had [6 of the 27] from cast. I might be reading my notes wrong. So if I'm wrong, sorry, and then there's probably others pending So suggested maybe take us through what's pending in the timeframe.

如果你不介意的話，我還有幾個。首先，我每季都會問這個問題，我可能錯過了。您能否談談等待加入的播客數量以及預計的時間範圍。我可能是錯的。我想上個季度你有[27 人中的 6 人]。我可能讀錯我的筆記了。因此，如果我錯了，抱歉，然後可能還有其他待處理的問題，所以建議也許可以帶我們了解一下時間範圍內待處理的事情。

Yesterday, we announced we added 24 this year that's by far a record for the company, right? We're now up to close to 180 podcasts, but we said it for the first time in history, we have over 100 podcasts in our pipeline. And the reason that that's happening is you read the announcement Spotify, they hired a massive team with very talented team of creators, and they just got rid of all. They woke up and realized the best distribution, right? And we're a great partner for them distribution, but they're really managing the small podcasts is not does not make sense for a lot of these contracts that was [$28 billion] back positions in the industry. The industry was the trend was it was a seller's market for podcasts. Both podcast networks as well as podcasters are right now is a buyer's market. You're going to see from Amazon and Spotify and Apple and Sirius, a lot of these podcasts that do $250,000 to $5 million in revenues. Your contracts are coming up and you really need a place that can cancel them and support them right in this market. And it's really not going to happen in these big companies. It's not really the right place in the base. So this is the biggest pipeline we've ever had. And I fully expect to beat that '24 number. We'll have still a lot more coming in this fourth quarter, and I expect to beat that number of [call it 27 to 30] this year. I fully expect to beat that next year. I mean, just looking at our pipeline and how close we are amenities, I think you'll see some really exciting announcements, you'll see some major major podcasters are moving over to our platform like Brendan did it's rare that you see those kind of moves, but you're going to see them in a unique way and the big guys are going to they're going to they're going to control distribution, which is wonderful that we have these partnerships with Spotify and Apple and Samsung and so on.

昨天，我們宣布今年增加了 24 名員工，這是該公司迄今為止的記錄，對嗎？我們現在有接近 180 個播客，但我們歷史上第一次這麼說，我們的管道中有超過 100 個播客。發生這種情況的原因是你讀過 Spotify 的公告，他們聘請了一支擁有非常有才華的創作者團隊的龐大團隊，但他們剛剛擺脫了一切。他們醒來並意識到最好的分配，對嗎？我們是他們的優秀發行合作夥伴，但他們確實管理著小型播客，這對於許多在行業中處於 [280 億美元] 地位的合約來說並不是沒有意義。這個行業是趨勢，因為它是播客的賣方市場。播客網絡和播客現在都處於買方市場。你會看到亞馬遜、Spotify、蘋果和 Sirius 等播客的許多收入都在 25 萬到 500 萬美元之間。您的合約即將到期，您確實需要一個可以取消這些合約並在這個市場上為其提供支援的地方。在這些大公司裡，這確實不會發生。這確實不是基地的正確位置。所以這是我們有史以來最大的管道。我完全希望能夠打破 24 年的數字。第四季我們還會有更多的產品推出，我預計今年會超過這個數字（稱之為 27 到 30 個）。我完全期望明年能夠擊敗它。我的意思是，只要看看我們的管道以及我們與便利設施的距離有多近，我想您會看到一些非常令人興奮的公告，您會看到一些主要的播客正在轉移到我們的平台，就像布倫丹所做的那樣，您很少會看到這種情況動作，但你會以一種獨特的方式看到它們，大公司會控制發行，這是很棒的，我們與Spotify 、蘋果和三星建立了這些合作夥伴關係很快。

Right, but they're also going to be focused on the Joe Rogan to the world. You signed a new $250 million contract, right? And the shows just moved over from Amazon, $100 million a year for Spotless, right, just more and more money pouring into the system. But the big guys going to focus on how it serves and the Joe Rogan. And we're going to have a unbelievable opportunity to acquire existing podcast with traffic and audience as well as like we did cash media. I fully expect. We said we have 10 acquisitions in the pipeline. I fully expect additional acquisitions in the podcast space as well this year that are hugely accretive to our bottom line Great.

是的，但他們也會向全世界關注喬·羅根。你簽了一份價值 2.5 億美元的新合同，對嗎？這些節目剛從亞馬遜轉移過來，《一塵不染》每年的收入為 1 億美元，對吧，越來越多的資金湧入系統。但大佬們會注意它的發球方式和喬·羅根。我們將有一個難以置信的機會來獲取現有的具有流量和受眾的播客，就像我們做現金媒體一樣。我完全期待。我們表示，我們正在進行 10 項收購。我完全預計今年播客領域還會有更多收購，這將大大增加我們的利潤。

Last question I have I think I don't think you discussed that I think is really important point that you and I have discussed in the past. So maybe you can share any stats for recently onboarded podcast, how they perform compared to when they were on other platforms?

我的最後一個問題我認為你沒有討論過我認為你和我過去討論過的非常重要的一點。那麼也許您可以分享最近加入的播客的任何統計數據，與在其他平台上相比，它們的表現如何？

Not in the podcast one platform in the first six months or so. I think that we've had a good discussion that I think would be helpful if you could share some stats.

在前六個月左右的時間裡，沒有出現在播客一個平台上。我認為我們已經進行了很好的討論，如果您能分享一些統計數據，我認為這將會有所幫助。

And I think this is a credit to kit, Nillai and Sue and they've got 65 years of history in doing billions of dollars of revenues in radio rights who ran all of sales for Howard Stern and Mel Karmazin, all three of them trained on the new on patents who is a pioneer in radio and you know, creating one of the great public companies and great radio with this company previously with Westwood One our team has been able to move over podcasts and without giving names, we moved up one podcast that literally had 20,000 downloads, making it a couple of very talented to women, very talented from a small town. We moved them onto our platform. We put a moment the Vanderpump. So we put them onto all the housewives. We put them on all of our female network, which we're most powerful and have now grown to 150,000 downloads and they're doing millions of dollars of revenues. So we're and there's multiple stories like that and very few companies left that can do that with a community that they're really working on the sales, the marketing, the PR, the production, all of it in one and working with that talent to deliver and way better, CPAs, way more traffic way more audience. We also put them on Good Morning America and put them on TV and did all the cross work of a PR firm that really grow them, and I couldn't be more proud of it.

我認為這要歸功於Kit、Nillai 和Sue，他們擁有65 年的廣播版權收入數十億美元的歷史，他們負責霍華德·斯特恩(Howard Stern) 和梅爾·卡馬辛(Mel Karmazin) 的所有銷售，他們三人都接受過新的專利誰是廣播領域的先驅，你知道，創建了偉大的上市公司之一和偉大的廣播公司，之前與Westwood One 我們的團隊已經能夠移動播客，並且無需透露姓名，我們就移動了一個播客該遊戲的下載量達到了 20,000 次，這對於來自小鎮的女性來說非常有才華。我們將它們轉移到我們的平台上。我們把范德泵放了一會兒。所以我們把它們放在所有的家庭主婦身上。我們把它們放在我們所有的女性網路上，這是我們最強大的，現在下載量已經成長到 15 萬次，她們的收入達到了數百萬美元。因此，我們有很多這樣的故事，很少有公司能夠與社區一起做到這一點，他們真正致力於銷售、行銷、公關、生產，所有這些都集中在一個方面並與之合作提供更好的人才、註冊會計師、更多的流量、更多的受眾。我們也把它們放在《早安美國》上，放在電視上，並做了公關公司的所有交叉工作，真正培養了它們，我對此感到非常自豪。

Brendan Brennan shows exploded since I came on a network, it's up 2.5 times sales from them are being broadcast media.

自從我進入電視網以來，布倫丹布倫南 (Brendan Brennan) 的演出就爆炸式增長，透過廣播媒體獲得的銷售額增長了 2.5 倍。

Great.

偉大的。

Thanks for all the details.

感謝您提供所有詳細資訊。

Thanks, Brian. Appreciate your time.

謝謝，布萊恩。珍惜您的時間。

Our next question is from Jon Hickman from Ladenburg John, please go ahead. Your line is open.

我們的下一個問題來自 Ladenburg John 的 Jon Hickman，請繼續。您的線路已開通。

Yes, hey, Rob, I'm Could you walk through like how a podcast becomes a in our streaming or television type and asset and what the revenues, what your portion of the revenues could be?

是的，嘿，羅布，我可以介紹一下播客如何成為我們的串流媒體或電視類型和資產以及收入是多少嗎？您的收入比例可能是多少？

Yes.

是的。

Great. Thanks, Jon. I mean you and I go back a long way. I think I met you when I owned atmosphere films and I had a sleeve of television and film and I was very fortunate, yes, those films turned out to be one one turned out to the movie. The movie 300 another, what turned out to be Spider with Chronicle, and we did well over $1 billion of revenues.

偉大的。謝謝，喬恩。我的意思是你和我已經走了很長一段路了。我想我遇見你的時候，我擁有了大氣電影，我有一整套電視和電影，我很幸運，是的，那些電影竟然是一部一部變成了電影。電影《蜘蛛人300》又上映了，我們的收入遠遠超過了 10 億美元。

Here's the beauty of this model. You take a podcast like bottom down my partner and Board member.

這就是這個模型的美妙之處。你可以像我的合作夥伴和董事會成員一樣觀看播客。

Patrick, let's burger one of the great creators of content maybe in history. Just wondering, the Academy Award for Coda created Twilight Lala land came to us with a show called bottomed out, guys. The amazing story line, I'll make it really brief, but 300 people little town for any of you old enough to know this this spanned Coach REO Speedway, a plan, a plane lands in this little town of 300 people in North Carolina and all of a sudden everybody explosion becomes rich money is kind of get it out of the new models coming out of their pockets. So so wild, how many how much money is created system? And of course, what happens murders and CIA. and FPI. and drug enforcement and tax authorities and so on. This little kind of 300 people of that show I highly believe is going to come a bidding war for the streaming networks. It's the story of Pablo Escobar infiltrating little town in North Carolina, and it out in the Valley one who has an opportunity to listen to it, I think you're going to really enjoy it and you've seen the show ARC. Are you seeing any of these True Crime tribes type shows? This is one of the best I've ever seen. And I think that's one of our four shows we've announced so far. Yes, stay tuned because you're going to a lot more announced any minute now these all 4 in this quarter by opportunist vigil and he has already sold to a major studio. They just wired a $70,000 .

派崔克，讓我們來認識一下歷史上最偉大的內容創造者之一。只是想知道，奧斯卡金像獎為《暮光之城》創作的《拉拉之地》來到了我們身邊，帶來了一部名為《觸底》的節目，夥計們。令人驚奇的故事情節，我會說得非常簡短，但是對於你們任何一個足夠大的人來說，這個300人的小鎮跨越了REO賽道，一個計劃，一架飛機降落在北卡羅來納州這個有300人的小鎮上突然之間，每個人都暴富了，錢可以從他們口袋裡的新車型中掏出來。這麼狂野，到底創造了多少多少錢的系統？當然，還有謀殺案和中央情報局發生的事情。和 FPI。以及緝毒執法和稅務機關等。我非常相信這個節目的 300 人將會引發一場串流媒體網絡的競購戰。這是巴勃羅·埃斯科巴(Pablo Escobar) 潛入北卡羅來納州小鎮的故事，在山谷裡，如果有機會聽到這個故事，我想你會非常喜歡它，而且你已經看過《ARC 》節目了。您看過這些真實犯罪部落類型的節目嗎？這是我見過的最好的之一。我認為這是我們迄今為止宣布的四場演出之一。是的，請繼續關注，因為機會主義守夜者將在本季隨時宣布這 4 項內容，而且他已經賣給了一家大型工作室。他們剛剛電匯了 7 萬美元。

Just to start with you, John, when you look at these things, you're going to start to get production money, you're going to start to get your back end money. And as we grow it, we expect to do 10 to 12 of those shows a year, which we're doing anyway right there on our platform, make some money off the podcast, but then sell to that second window where there's no risk and Netflix or Apple or Amazon or HBO buys the rights to it. And we sit with the catcher's mitt and collect money for the rest of our lives. I'm very fortunate when I did 300 is now almost 20 years, yes, those royalty checks come into life. And so it's really exciting. The next generation of where podcast is going

首先，約翰，當你看到這些事情時，你將開始獲得生產資金，你將開始獲得後端資金。隨著我們的發展，我們預計每年會製作 10 到 12 個這樣的節目，無論如何我們都會在我們的平台上做這些節目，透過播客賺一些錢，然後賣給沒有風險的第二個窗口， Netflix 、蘋果、亞馬遜或HBO 購買了它的版權。我們戴著捕手的手套，在餘生中收集金錢。我很幸運，當時我做了 300 年，現在已經快 20 年了，是的，那些版稅支票變成了現實。這真的很令人興奮。下一代播客的發展方向

so is there any cost to do that Europe being

那麼，歐洲這樣做需要付出什麼代價嗎？

zero impact embedded on losing whatever

失去任何東西的影響為零

Austrian cargo is 100% margin?

奧貨保證金是100%嗎？

Correct.

正確的。

Once once we once we yes. So as an example, right. And vigilantly, we just got to $70,000 a check, but we get that check writing some of it's already handed off, right? They've already hired the writers to produce. So on it, right, we're executive producers on it and we'll continue to get paid is produces on. It will continue to get paid back and it is successful and literally if it makes it, you make it the 1st year, we're going to get paid a lot of money and mix second and 3rd year, this becomes mailbox money to life. So how

一次我們一次我們是的。舉個例子，對吧。警惕的是，我們剛拿到一張 7 萬美元的支票，但我們拿到的支票上寫著其中一些已經交付，對嗎？他們已經聘請了編劇來製作。所以，對吧，我們是它的執行製片人，我們將繼續透過製作獲得報酬。它將繼續得到回報，它是成功的，從字面上看，如果它成功了，你就做到了第一年，我們將獲得很多錢，並混合第二年和第三年，這將成為生活中的郵箱錢。又怎樣

who ruin your shop is shepherding that initiatives?

是誰毀了你的商店？

Theres is a team of people. So remember, it starts as a podcast, right? So the podcast, again, Nielsen Audio Imagine imagine that now you can go instead of scripts and book sell for $1 million, $2 million, right? Then you got to hire a writer here already approved at the shows are the up the traffic sorry, where the audience is already there and now you're selling to Netflix and Young.

有一個團隊的人。所以請記住，它是從播客開始的，對吧？所以播客，尼爾森音頻想像一下，現在你可以代替劇本和書籍以 100 萬美元、200 萬美元的價格出售，對吧？然後你必須在這裡聘請一位已經在節目中獲得批准的作家，對不起，流量增加了，觀眾已經在那裡，現在你要賣給Netflix和Young。

Okay. The show is already number four on Apple, right? It's already had 100,000 downloads in the first week. They've got proof of concept proof of customer base to very unique model. And yes, I'm really excited about this. I think it's going to be a I think it's going to be a real winner for us and it will take a little bit of time. But just as the small, the small bits of money coming in some next year could be some very substantial money coming in and growing every year.

好的。該劇已經在蘋果網站上排名第四了，對吧？第一週就已經有 10 萬次下載。他們已經獲得了非常獨特模型的客戶群概念證明。是的，我對此感到非常興奮。我認為這對我們來說將是真正的勝利者，但這需要一點時間。但就像小錢一樣，明年流入的小額資金也可能是每年流入並成長的大量資金。

Hey, real quick. Can you remind the four that you've already announced for July, any farm in town? What are the other two?

嘿，真快。您能提醒四位您已宣布 7 月在鎮上的任何農場嗎？另外兩個是什麼？

Yes. So opportunist, which amazingly has just told me once just everyone's doing 100,000 downloads will make it a lot of money, just that's just off the relaunch already tied to that first three years of it when we acquired that from cash media, Joanne is already sold to a major network guy opportunities. So opportunities partnering with a network to do a documentary of just one season of IT guy. We're out with two other seasons, two new networks and the other one is called loss in Panama.

是的。所以機會主義者，令人驚訝的是，它只是告訴我，一旦每個人進行100,000 次下載，就會賺很多錢，這只是重新啟動，已經與我們從現金媒體收購時的前三年聯繫在一起，喬安妮已經被出售了給了各大網絡達人機會。因此，我們有機會與網路合作製作一部有關 IT 人員一季的紀錄片。我們已經退出了另外兩個賽季，兩個新的網絡，另一個被稱為巴拿馬的損失。

Okay.

好的。

And I think you will add another one on this.

我想你會在此基礎上再添加一個。

We'll probably add another one every couple of weeks, John, right now.

約翰，我們現在可能會每隔幾週再增加一個。

Okay. Okay. Go go into.

好的。好的。進去吧。

Thank you. Appreciate you.

謝謝。感謝你。

Thank you. Our next question is from [Sam Lee].

謝謝。我們的下一個問題來自[山姆李].

Sam.

薩姆.

Your line is open and I'm pleased on the talk lately.

您的熱線已開通，我對最近的談話感到很高興。

As that Tom has disconnected. So I'll move on to our next question.

因為湯姆已斷開連線。我將繼續討論下一個問題。

Our next question is from Sean McGowan from ROTH MKM. John, please go ahead. Your line is open.

我們的下一個問題來自 ROTH MKM 的 Sean McGowan。約翰，請繼續。您的線路已開通。

Are you able to hear me say

你聽得到我說嗎

hey, John Hayden. But yes, pretty good.

嘿，約翰·海登。但是，是的，相當不錯。

How are you?

你好嗎？

Let me start with that with our and first of all, congratulations on the recent promotions, but second, can you give us an idea of exactly when the 10-Q will be out?

讓我從我們的開始，首先，祝賀最近的促銷活動，但其次，您能否告訴我們 10-Q 的具體發佈時間？

Thanks, John. Appreciate it. And so we are looking at both though it will be early next week deadline is Wednesday the 14th. We're hoping to get out maybe a day or two sooner.

謝謝，約翰。欣賞它。因此，我們正在考慮兩者，儘管截止日期是 14 號星期三，下週初。我們希望能早一兩天出門。

Okay.

好的。

But would you mind repeating those percentage breakdowns on the revenue being between subscription and ad and and any kind of color you can provide on revenue outside of those two categories?

但是，您介意重複訂閱和廣告之間的收入百分比細目，以及您可以為這兩個類別之外的收入提供的任何顏色嗎？

Yes, sure, Adam. So let's see. Thank you. We mentioned that Slacker revenue was $16.8 million for the quarter and podcast one was [$10.4 million]. So that's that's two big buckets there. And then in terms of the percentages, it's 54% membership and then 46% advertising sponsorship, merchandise and other for the current quarter and in the prior year quarter was 49% membership and 51% advertising sponsorship merchandising another growth, but

是的，當然，亞當。那麼讓我們來看看。謝謝。我們提到 Slacker 該季度的營收為 1,680 萬美元，播客收入為[1040萬美元]。這就是那裡的兩個大桶子。就百分比而言，本季會員比例為 54%，廣告贊助、商品及其他比例為 46%，去年同期會員比例為 49%，商品廣告贊助比例為 51%，再次成長，但

that's just within audio.

那隻是在音訊中。

But can you just give me any color on revenue outside of that? Just any meaningful change going on there?

但除此之外，你能告訴我有關收入的任何資訊嗎？那裡正在發生任何有意義的變化嗎？

So the outside of that you've gotten it basically merchandise revenue make up the remainder, yes.

所以除此之外，你已經得到的基本上是商品收入構成了剩餘部分，是的。

Okay. And then on the $20 million deal on CapEx, if you can provide any a little bit more color on that, for example, what timeframe does that cover? And is all of that revenue going to be booked in kind of in one bucket? Or will be will it be spread around.

好的。然後，關於 2000 萬美元的資本支出交易，您是否可以提供更多信息，例如，該交易涵蓋什麼時間範圍？所有這些收入是否都將被記入一個桶子？或將會被傳播。

So that will be that over the course of calendar 24. And so you should see it in a relatively straight line manner over that period and that that will be in the advertising categories.

這就是日曆 24 日期間的情況。因此，您應該在這段時間內以相對直線的方式看到它，並且這將屬於廣告類別。

Okay.

好的。

So it's all podcasts direct, I would say

所以我想說，這都是直接播客

correct.

正確的。

then back to Slack historically.

然後回到歷史上的 Slack。

And secondly, any updates or color on expanded relationship with Tesla or with any other equipment manufacturers? I think you've hinted in the past that there could be you have some additional partners for audio streaming, anything new there?

其次，關於與特斯拉或任何其他設備製造商擴大關係的任何更新或顏色？我想您過去曾暗示過，您可能會有一些額外的音訊串流合作夥伴，有什麼新的嗎？

Yes. And let me jump in on that, Sean. So we just announced is that we expanded our pipeline from 35 to 42 partners, right? Our streaming partners, the first of many of these B2B deals. And we fully expect that at those 42, somewhere somewhere in the 5% to 10% of those, those will we'll close this year. And so anywhere from two to four of those in each of those are with billions to multi-trillion dollar companies, very similar to this type of deal. And so we couldn't be more excited about the pipeline. We bought a great team at Microsoft. We've done billions of dollars of B2B deals. And as you know, John, my entire business and Digital Turbine was built off the backs of B2B deals that was just with carriers and hardware companies. We have eight verticals here. So we fully expect to expand our our auto business and we fully expect to expand our carrier business. And historically, Slacker has had partnerships with everybody from Samsung, Verizon, T-Mobile and as interest rates rise and you're going to hear this theme exactly as I described in Digital Turbine for a seven year year is the same trend this year as interest rates are going up, those commodity businesses must have a closer relationship and must own the data. Are there customers. And you're seeing more and more of those partners now signing up with content, knowing their own content and having their own content deals versus giving it to Apple and Android and just allowing them to own all that data. So really exciting pipeline. The biggest by far in the history of the Company, it's the one area that we're adding people and we're now four people in our database. We'll continue to add to that group, and you'll probably see some announcements around that and expand that B to B as we announce the next the next deal.

是的。讓我來談談這一點，肖恩。所以我們剛剛宣布我們將管道合作夥伴從 35 個擴大到 42 個，對嗎？我們的串流媒體合作夥伴是眾多 B2B 交易中的第一個。我們完全預計，在這 42 個項目中，即其中 5% 到 10% 的某個地方，我們將在今年關閉這些項目。因此，每個交易中都有兩到四家擁有數十億至數萬億美元的公司，與此類交易非常相似。因此，我們對管道感到非常興奮。我們在微軟收購了一支優秀的團隊。我們已經完成了數十億美元的 B2B 交易。如你所知，約翰，我的整個業務和 Digital Turbine 都是建立在僅與運營商和硬體公司進行 B2B 交易的基礎上的。我們這裡有八個垂直領域。所以我們完全期望擴大我們的汽車業務，我們完全期望擴大我們的承運商業務。從歷史上看，Slacker 與三星、Verizon、T-Mobile 的每個人都建立了合作夥伴關係，隨著利率的上升，你會聽到這個主題，正如我在《數位渦輪》中所描述的那樣，七年的趨勢今年是相同的利率上升，這些大宗商品企業必須擁有更密切的關係並且必須擁有數據。有顧客嗎。你會看到越來越多的合作夥伴現在簽署內容，了解自己的內容並擁有自己的內容交易，而不是將其交給蘋果和安卓，然後只允許他們擁有所有這些數據。如此令人興奮的管道。這是公司歷史上迄今為止規模最大的一個領域，我們正在增加人員，現在我們的資料庫中有四個人。我們將繼續為該組添加內容，您可能會看到一些與此相關的公告，並在我們宣布下一筆交易時將該 B 到 B 擴展。

Okay.

好的。

And then when you talk about those 35 to 42 partners or is that all within bloggers that include partnerships that would be in podcast you know, audio auto partnerships, right?

然後，當您談論這 35 到 42 個合作夥伴時，或者這些都是博客作者內部的合作夥伴，其中包括您知道的播客中的合作夥伴關係，音頻汽車合作夥伴關係，對吧？

So even though this first deal is for podcasts, that doesn't mean it can't expand to radio, right? So it doesn't mean it can't expand to our live streaming of a pay-per-view. We have these massive libraries of video. So don't be surprised if you start to see announcements at crossover multiple.

因此，儘管第一筆交易是針對播客的，但這並不意味著它不能擴展到廣播領域，對吧？因此，這並不意味著它不能擴展到我們的按次付費直播。我們擁有大量的影片庫。因此，如果您開始看到跨界倍數的公告，請不要感到驚訝。

Okay, thank you. And then last thing, Rob, can you give us a little bit more color on what we should expect to see at other products coming soon in celebrity is on can you give us a little peek there. I mean, the wind is off to a great start, but what other things should we expect to see in the coming quarters?

好的謝謝。最後一件事，羅布，您能給我們更多關於我們應該在名人即將推出的其他產品中看到的內容嗎？您能給我們看一下嗎？我的意思是，風向已經有了一個良好的開端，但在接下來的幾個季度我們還應該看到哪些其他事情？

Yes. Yes, M&A be patient because it's coming any minute now, right. What I said is you're going to see another two or three products launched. So we have two wines already, and that will be a launch you're going to see us across big spaces, things like coffee, right, cosmetics. So when you think about what's happened in the industry, the social media storage, which we live with every day with their podcast with musicians with social media stars. We worked with all of them, I think Logan, Paul and Prime and how it's now doing [$1.5 billion] revenues, right and I think you think of Kim Kardashian, $700 million of revenue in two years and what she has done for the cosmetic industry. And I think I'll go back go back to, you know, in oh two RBO right inside of Entourage in Q2 are being created inside of it. We see this great opportunity with very little to no cost to us to be able to partner with our creators with already having the rev shares bill and be able to launch products and find out if there's social media driving at their social media drives it. You can have a great brand. It doesn't drive a pretty good chance that's going to be one you're going to pass on. So we expect to launch 10 to 12 I'm sorry, 8 to 12 this year and we'll expand to 10 to 12 the year after it. And for the year after these will all be with very little cost to us. It's really just an extension of our content and new revenue streams that come out of it. And I can't wait to do the ones with podcasters because with podcasters just thinking about it, right, 50% of the business is direct response. So they have proven records that you are selling products right directly up that podcast because these podcasts have super fans. So they're not to be massive businesses. Again, they can be hugely accretive and usually grow our business overnight.

是的。是的，併購要有耐心，因為它隨時都會到來，對吧。我所說的是，您將看到另外兩到三種產品推出。所以我們已經有兩種葡萄酒了，這將是一次發布，你將在廣闊的空間中看到我們，例如咖啡，對，化妝品。因此，當您思考行業中發生的事情時，社交媒體存儲，我們每天都與社交媒體明星的音樂家和播客一起生活。我們與他們所有人合作，我想Logan、Paul 和Prime，以及它現在的收入情況[15 億美元]，對吧，我想你會想​​到Kim Kardashian，兩年內收入7 億美元，以及她為化妝品所做的事情行業。我想我會回到，你知道，在第二季度的 Entourage 內部正在創建兩個 RBO。我們看到了這個巨大的機會，我們能夠以很少甚至免費的成本與我們的創作者合作，並能夠推出產品，並找出是否有社交媒體推動他們的社交媒體推動它。你可以擁有一個偉大的品牌。它不會帶來一個很好的機會，而你會放棄這個機會。因此，我們預計今年將推出 10 到 12 個，對不起，是 8 到 12 個，後年我們將擴大到 10 到 12 個。而在接下來的一年裡，我們只需付出很少的代價就能實現這些。這其實只是我們內容和由此產生的新收入來源的延伸。我迫不及待地想與播客合作，因為播客們只是想一想，對，50% 的業務是直接回應。因此，他們有證明記錄表明您直接在該播客上銷售產品，因為這些播客擁有超級粉絲。所以它們不會成為大型企業。同樣，它們可以帶來巨大的增值，通常會在一夜之間發展我們的業務。

Great.

偉大的。

Thank you very much.

非常感謝。

Okay, thank you.

好的謝謝。

Our next question is a follow-up from Brian Kinstlinger.

我們的下一個問題是布萊恩金斯林格的後續問題。

Brian.

布萊恩.

Please go ahead. Your line is open.

請繼續。您的線路已開通。

Thank you, Peter.

謝謝你，彼得。

And I to the first one, I just want I'm sure lots of people our thinking miss about is$20 million deal. So I'm going to ask it to make sure we're all thinking about the right way to look at podcast one's revenues you've been at about $10.5 million for each of the first three quarters, plus or minus. Is the way to think about it that you're going to do $42 million-ish this year, whatever it is plus or minus and next year is we are already off to $20 million higher, so 50% growth based on that $20 million deal? Or is there something I'm not thinking about the right way there?

對於第一個問題，我只是想相信很多人忽略了 2000 萬美元的交易。因此，我要求它確保我們都在考慮正確的方法來看待播客的收入，前三個季度每季的收入約為 1050 萬美元，包括正負。想想看，今年你要做 4200 萬美元左右，無論是正數還是負數，而明年我們已經增加了 2000 萬美元，所以基於 2000 萬美元的交易增長了 50% ？或者有什麼我沒有考慮正確的方法嗎？

Yes.

是的。

Look, we'll come out, Brian. We can't go any deeper than we publicly announce. What we said is we expect to be on a run rate of $45 million to $50 million with [four to five] (technical difficulty) . We're going to have we're going to have to update that shortly. And give us give us a minute to do that. But we haven't publicly announced anything deeper there, but you're certainly you certainly thinking the right way, right. And one of the exciting things here is you now have you now have your your advertising business growing almost as fast as your audio bit this?

聽著，我們會出來的，布萊恩。我們不能比我們公開宣布的更深入。我們所說的是，我們預計運行費用為 4500 萬至 5000 萬美元【四到五】（技術難度）。我們很快就會更新這一點。請給我們一分鐘的時間來做這件事。但我們還沒有公開宣布任何更深層的內容，但你肯定你的想法是正確的，對吧。這裡令人興奮的事情之一是您現在的廣告業務成長速度幾乎與您的音訊位元一樣快？

Right.

正確的。

So this is the first time we have two moon shots. It's happening at the same time.

所以這是我們第一次進行兩次登月計畫。它是同時發生的。

Okay.

好的。

That's good to hear. The second one, just maybe for Aaron, on the cost side and the pros and cons, if you just walk me through it. The first on the OpEx side, it's substantially down the December quarter to September quarter. I assume that's your cost cutting efforts. I want to make sure there's nothing one-time and this is kind of indicative of the near term or lower as you've talked about in the past. And then on the gross margin side, I'm not sure what impacted the mix. It was a little bit lower than it's been for the last many quarters. So just if you could just take me through the dynamics on the cost side, and how we should think about that going forward? And that's all the questions I have.

聽起來還不錯。第二個，也許對亞倫來說，在成本方面以及利弊方面，如果你讓我了解一下的話。首先是營運支出方面，從 12 月季度到 9 月季度大幅下降。我想這就是你們削減成本的努力。我想確保沒有什麼是一次性的，這表明了近期或更低的情況，正如您過去談到的那樣。然後在毛利率方面，我不確定是什麼影響了這個組合。比過去幾季的水平略低一些。那麼，如果您能帶我了解成本方面的動態，以及我們未來應該如何考慮這一點？這就是我的所有問題。

Thank you.

謝謝。

Yes, thanks, Brian. So on the OpEx question, I think we're you know, this did not and overall is not any one-time, significant one-time matters. And here it came down a little bit from last quarter, simply because and we had substantial costs related to spinning off podcast one. So you had accounting and legal costs, et cetera, probably filing costs in previous quarters. So so you don't have that noise kind of going forward. And so that's that's that. And then on the margin side, there's about three percentage points of additional spend in the current quarter where we're acquiring content. And we we expect that to kind of normalize in the coming quarter. So you should see an increase of about 2%, 3% there. And I think that's kind of the run rate we've been on previously. And so should should drug for association drop down this quarter should should pick back up and in coming quarters.

是的，謝謝，布萊恩。因此，關於營運支出問題，我想您知道，這並沒有，而且總體而言不是任何一次性的、重大的一次性問題。與上季相比，這一數字略有下降，僅僅是因為我們與剝離播客相關的成本很高。所以你有會計和法律費用等等，可能還有前幾季的歸檔費用。所以這樣你就不會再有那種噪音了。就是這樣。然後在利潤方面，本季我們獲取內容的額外支出增加了約三個百分點。我們預計這種情況將在下個季度趨於正常化。所以你應該會看到大約 2%、3% 的成長。我認為這就是我們之前的運行率。因此，如果關聯藥物在本季下降，那麼在未來幾季應該會回升。

Great.

偉大的。

Thanks for the explanation.

感謝您的解釋。

Thanks, Brent.

謝謝，布倫特。

(Operator Instructions)

（操作員說明）

Thierry Wuilloud, Water Tower Research LLC. Terry, please go ahead. Your line is open.

Thierry Wuilloud，水塔研究有限責任公司。特里，請繼續。您的線路已開通。

Yes, thank you very much. Good quarter, guys, and you've already covered a lot of ground. So I just have just one question, you're guiding to a very a substantial jump in EBITDA for the fourth quarter. And I was wondering if you could give us some color how much of that is seasonally driven by a one-time deal. Boy, part of it is maybe leverage in the model.

是的謝謝你。夥計們，講得好，你們已經了解了很多內容。所以我只有一個問題，您正在指導第四季度 EBITDA 大幅躍升。我想知道您能否告訴我們其中有多少是由一次性交易季節性推動的。天哪，部分原因可能是模型中的槓桿作用。

So I'll take this rather than you can you can jump in. So for Q4 and as I mentioned earlier, and we had a lot of kind of onetime noise in kind of Q2, Q1, Q2 with a little bit bleeding into the current quarter on our and efforts to spin a podcast one. So that's behind us. And so we're expecting to see some some cost savings there as the audio business continues to grow into into Q4, we just see additional contribution down to the down to the bottom line there. And that's really kind of the two driving trends there and the EBITDA for our expected EBIT for Q4.

所以我會接受這個而不是你可以，你可以跳進去。因此，對於第四季度，正如我之前提到的，我們在第二季度、第一季度、第二季度中遇到了很多一次性噪音，在我們的播客和旋轉播客的努力中，本季度有一些滲入。這就是我們身後的事了。因此，隨著音訊業務繼續發展到第四季度，我們預計會看到一些成本節省，我們只是看到了對利潤的額外貢獻。這確實是兩個驅動趨勢以及我們預期的第四季度息稅折舊攤提前利潤 (EBITDA)。

I know, Rob, if you have anything else to add.

我知道，羅布，如果你還有什麼要補充的。

Yes. I mean, I would just say not just podcasts, one that we had also filed a public offering for Slacker radio to emerging to a spec, which we subsequently pulled because the market was so terrible, but also because the company is growing so fast, right, revenues and EBITDA. So we had the costs of three oh three audit our legal fees so on, that's very expensive. And Aaron, who is just made Seattle, it's just done a great job of that and a great job of managing it. And you'll see I think you'll see those margins come down. You had a strong quarter.

是的。我的意思是，我想說的不僅僅是播客，我們還為 Slacker 電台提交了公開募股，以符合規範，我們隨後撤回了該規範，因為市場如此糟糕，而且因為該公司發展如此之快，對，收入和EBITDA。因此，我們需要三到三次審計我們的法律費用等等，這是非常昂貴的。亞倫剛來到西雅圖，他在這方面做得很好，在管理方面也做得很好。我想你會看到這些利潤率下降。你有一個強勁的季度。

Great.

偉大的。

So I mean, if I if I summarize that the EBITDA level you're forecasting for the fourth quarter is maybe a sustainable level going forward and and in kind of a new quarterly basis?

所以我的意思是，如果我總結一下，您預測的第四季度 EBITDA 水平可能是一個可持續的水平，並且是一個新的季度基礎？

Yes. I mean, our EBITDA, as you can see and we don't break down by quarter, but we did put out guidance for next year where we said our audio business was going to do and [130 million to 140 million], right, with $20 million to $25 million of EBITDA, right? So you're starting to see some real traction and I'm showing real real move towards cash cash flow and bottom line.

是的。我的意思是，我們的EBITDA，正如你所看到的，我們不會按季度細分，但我們確實提出了明年的指導，我們說我們的音頻業務將要做到[1.3 億到1.4 億]，對吧， EBITDA 為 2000 萬至 2500 萬美元，對吧？所以你開始看到一些真正的吸引力，我正在展示現金流和利潤的真正進展。

Great.

偉大的。

That's it for me, guys. Thank you very much.

我就是這樣，夥計們。非常感謝。

Thank you.

謝謝。

Thank you. We have no further questions, so I'd like to hand back to Robert and then for any closing or further remarks.

謝謝。我們沒有其他問題了，所以我想把問題交還給羅伯特，然後請他作結束語或進一步的評論。

Well, I just want to thank everyone and appreciate your time. And in a difficult market like this, you know, this is a great time for our company and growth. We're going to continue to buy stock and we'll be able to buy stock in the next couple of days.

好吧，我只是想感謝大家並感謝您的寶貴時間。在這樣一個困難的市場中，你知道，這對我們公司和成長來說是一個偉大的時刻。我們將繼續購買股票，並且在接下來的幾天內我們將能夠購買股票。

Now the earnings are off and we'll continue to buy stock. And if we're going to trade at these low levels, we'll expand that buyback again if we need to. So I want to thank everyone and thank you for spending the time. We appreciate your support in a tough market.

現在獲利已經減少，我們將繼續買進股票。如果我們要在如此低的水平上進行交易，我們將在需要時再次擴大回購規模。所以我要感謝大家，感謝你們花時間。我們感謝您在艱難的市場中的支持。

Thank you, everyone, for joining today's call. You may now disconnect your line and have a lovely day.

謝謝大家參加今天的電話會議。您現在可以斷開線路並度過美好的一天。