LiveOne Inc (LVO) 2025 Q1 法說會逐字稿

Hello, and welcome to the LiveOne Incorporated Q1 fiscal 2025 financial results And business update webcast. My name is Elliott and I'll be coordinating your call today. (Operator instructions)

您好，歡迎收看 LiveOne Incorporated 2025 財年第一季財務業績及業務更新網路廣播。我叫艾利歐特，今天我將協調您的電話。（操作員說明）

I would now like to hand over to Aaron Sullivan, CFO. Please go ahead.

我現在想將工作交給財務長亞倫·沙利文 (Aaron Sullivan)。請繼續。

Thank you. Good morning and welcome to LiveOne's business update and financial results conference call for the company's first quarter ended June 30, 2024. Presenting on today's call with me is Rob Ellin, CEO and Chairman of LiveOne. 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.

謝謝。早安，歡迎參加 LiveOne 公司截至 2024 年 6 月 30 日的第一季業務更新和財務業績電話會議。與我一起出席今天電話會議的是 LiveOne 執行長兼董事長 Rob Ellin。我想提醒大家，今天的電話會議中所做的一些陳述具有前瞻性，並且基於當前的預期、預測和假設，涉及各種風險和不確定性。

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 discussed on this call for a variety of reasons.

這些聲明包括但不限於有關公司未來業績的聲明，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，實際結果可能與本次電話會議中討論的結果有重大差異。

Please refer to the company's filing 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 its Annual Report on Form 10-K for the year ended March 31, 2024, and subsequent SEC filings.

請參閱該公司向SEC 提交的文件，以了解可能導致該公司實際業績與這些前瞻性陳述（包括截至2024 年3 月31 日的年度10-K 表格年度報告中描述的內容）存在重大差異的因素的信息，以及隨後向 SEC 提交的文件。

You will find reconciliations of non-GAAP financial measures to the most comparable GAAP financial measures discussed today in the company's earnings release, which is posted on its Investor Relations website. The company encourages you to periodically visit Investor Relations website for important content.

您可以在公司投資者關係網站上發布的收益報告中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。本公司鼓勵您定期造訪投資者關係網站以獲取重要內容。

The following discussion, including responses to your questions, contains time-sensitive information and reflects management's view as of the date of this call, August 13, 2024. And as except required by law, the company does not undertake any obligation to update or revise this information after the date of the call.

以下討論（包括對您的問題的答复）包含時間敏感信息，反映了截至本次電話會議之日（2024 年 8 月 13 日）管理層的觀點。除法律要求外，本公司不承擔在通話日期後更新或修改此資訊的任何義務。

I'd like to highlight to investors that the call is being recorded. The company is making it available to investors and the media via webcast, and a replay will be available on its website in the Investor Relations section shortly following the conclusion of the call.

我想向投資人強調，電話會議正在錄音。該公司正在透過網路廣播向投資者和媒體提供這一訊息，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。

Additionally, it is the property of the company and any redistribution, transmission or rebroadcast of this call or webcast in any form without the company's express, written consent is strictly prohibited.

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、傳輸或轉播本次電話會議或網路廣播。

Now, I would like to turn the call over to LiveOne's CEO, Rob Ellin.

現在，我想將電話轉給 LiveOne 的執行長 Rob Ellin。

Thank you, Aaron, and good morning, everyone, and thank you for joining us today. I'm thrilled to share the outstanding progress and success that LiveOne has achieved driven by our unwavering commitment to a creator first model. Our audio division comprising of Slacker Radio and PodcastOne, we reached incredible milestones in Q1 of fiscal 2025.

謝謝亞倫，大家早安，謝謝你們今天加入我們。我很高興與大家分享 LiveOne 在我們對創作者至上模式堅定不移的承諾的推動下取得的傑出進步和成功。我們的音訊部門由 Slacker Radio 和 PodcastOne 組成，我們在 2025 財年第一季實現了令人難以置信的里程碑。

We achieved a record breaking $31.9 million in revenues and $5.1 million in adjusted EBITDA, demonstrating the strength of our business strategy and execution. Looking ahead, we project a phenomenal year 2025 for audio division, which anticipated revenue of $130 million to $140 million and adjusted EBITDA ranging from $20 million to $25 million.

我們實現了創紀錄的 3,190 萬美元收入和 510 萬美元調整後 EBITDA，展現了我們業務策略和執行的實力。展望未來，我們預計 2025 年音訊部門將迎來非凡的一年，預計營收將達到 1.3 億至 1.4 億美元，調整後的 EBITDA 將在 2,000 萬至 2,500 萬美元之間。

Our solid foundation and exciting opportunity position us for continued growth. Under brad konkol's leadership, slacker radio's experience remarkable growth starting with our great partnership with Tesla, remain and continue to grow that partnership. We added bill wittress six -- almost seven months ago formerly headed up a division of Microsoft doing over hundreds of millions of dollars of B2B deals.

我們堅實的基礎和令人興奮的機會使我們能夠持續發展。在布拉德康科爾 (brad konkol) 的領導下，slacker radio 從我們與 Tesla 的良好合作夥伴關係開始經歷了顯著的成長，並維持並繼續發展這種夥伴關係。我們增加了比爾維特雷斯六號——大約七個月前，他曾領導微軟的一個部門，進行了數億美元的 B2B 交易。

He has crafted a strategic roadmap for B2B partnerships, securing and signing four major additional deals with 63 potential partnerships in the pipeline. We anticipating closing multiple partnerships with market cap companies ranging from $1 billion to $1 trillion before this year ends.

他為 B2B 合作夥伴關係制定了戰略路線圖，與 63 個潛在合作夥伴達成並簽署了四項主要附加協議。我們預計在今年年底前與市值 10 億美元到 1 兆美元之間的公司建立多個合作關係。

Based on a huge success signing five major additional partnerships including the $24 million partnership with one of the largest streaming networks, a Fortune 250 company, which is adding about $2 million of revenues a month, we've expanded our B2B team from one to six professionals. And now, aggressively moving to hire ahead of each vertical, we fully expect to have a team of over 10 people leading the charge in our B2B area.

基於簽署了五個主要合作夥伴關係的巨大成功，包括與最大的串流媒體網絡之一（財富250 強公司）價值2,400 萬美元的合作夥伴關係，每月增加約200 萬美元的收入，我們已將B2B 團隊從1 名擴大到6 名專業人士。現在，我們在每個垂直行業之前積極進行招聘，我們完全期望有一支超過 10 人的團隊在我們的 B2B 領域發揮領導作用。

Our membership growth continues to grow steadily increasing from $3.7 million to $3.9 million. We maintain cost efficient marketing spending less than $1 million this year with very little breakage, the lowest by far in the industry. PodcastOne led by kit gray is seeing tremendous success signing 37 new podcasts added in the last 12 months, bringing our total to 187,000-- 187 podcasts.

我們的會員成長持續穩定成長，從 370 萬美元增加到 390 萬美元。今年我們維持成本效益的行銷支出低於 100 萬美元，幾乎沒有破損，是迄今為止業界中最低的。由 Kit Gray 領導的 PodcastOne 在過去 12 個月內簽署了 37 個新播客，取得了巨大成功，使我們的播客總數達到 187,000 個，即 187 個。

We've sold a second major show to a streaming partner that is moving our podcast from podcasting to television and film. There's a unique amount of money that will be coming in from those television shows, shows over the next couple of years. Our publishing business led by Josh Hallbauer grew 300% and earned two Grammys.

我們已經將第二個主要節目出售給了一個串流媒體合作夥伴，該合作夥伴正在將我們的播客從播客轉向電視和電影。這些電視節目將在未來幾年內帶來一筆獨特的資金。我們的出版業務由 Josh Hallbauer 領導，成長了 300%，並贏得了兩項葛萊美獎。

We partnered with Kartoon Studios to produce and publish and distribute original programs for Winnie-the-Pooh, the mega brand funded by -- funded with over $30 million. our celebrity brands division led by Saturday, is set to introduce 10 to 12 celebrity brands over the next 12 months, including birthday that Chardonnay with Jeremiah smiley cough with KYLE.

我們與 Kartoon Studios 合作，為小熊維尼製作、出版和發行原創節目，該品牌是由 - 資助超過 3000 萬美元的大型品牌。我們的名人品牌部門由周六領導，計劃在未來 12 個月內推出 10 到 12 個名人品牌，其中包括 Chardonnay 和 Jeremiah 與 KYLE 笑臉咳嗽的生日品牌。

We're expanding our stock buyback again to $12 million, repurchased over $4.4 million shares of stock and extinguish those leaving us with additional $6.3 million dedicated to the program. This move on this move underscores our confidence in the company's future and its commitment to enhancing shareholder value.

我們將再次將股票回購規模擴大到 1,200 萬美元，回購了超過 440 萬美元的股票，並淘汰了那些留給我們的額外 630 萬美元專用於該計劃的股票。此舉凸顯了我們對公司未來的信心及其對提升股東價值的承諾。

In conclusion, we believe our stock remains extremely undervalued, given our impressive growth and unlimited future prospects. We're confident in our direction and excited about what lies ahead. Thank you, everyone, for your support and belief in LiveOne.

總之，鑑於我們令人印象深刻的成長和無限的未來前景，我們認為我們的股票仍然被極度低估。我們對自己的方向充滿信心，並對未來感到興奮。感謝大家對LiveOne的支持與信任。

I'm now going to hand it over to Aaron Sullivan to review the Q1 results.

我現在將把它交給 Aaron Sullivan 來審查第一季的結果。

Thanks, Rob. I'll spend just a minute providing a very brief overview of our results for the first quarter of fiscal 2025 ended June 30. Consolidated revenue for the three-month period ended June 30, 2024, was $33.1 million. Slacker posted record revenue for Q1 of $18.7 million and adjusted EBITDA of $5.4 million. PodcastOne posted record revenue of $13.2 million and with an adjusted EBITDA loss of $300,000.

謝謝，羅布。我將花一分鐘非常簡短地概述我們截至 6 月 30 日的 2025 財年第一季的業績。截至 2024 年 6 月 30 日的三個月期間的合併收入為 3,310 萬美元。Slacker 公佈第一季創紀錄收入 1,870 萬美元，調整後 EBITDA 為 540 萬美元。PodcastOne 公佈創紀錄的收入 1,320 萬美元，調整後 EBITDA 虧損為 30 萬美元。

For the first quarter of fiscal 2025, revenue consists of 56% membership and 44% advertising, sponsorship, merchandising and other, compared to 64% membership and 46% advertising, sponsorship and merchandise in the prior year period. Consolidated adjusted EBITDA for Q1 fiscal 2024 was $2.9 million. On a US GAAP basis, LiveOne posted a consolidated net loss of $1.7 million or $0.02 a share, diluted share in Q1 fiscal 2025.

2025 財年第一季度，收入由 56% 的會員收入和 44% 的廣告、贊助、商品及其他收入組成，而去年同期的收入為 64% 的會員收入和 46% 的廣告、贊助和商品收入。2024 財年第一季合併調整後 EBITDA 為 290 萬美元。根據美國公認會計原則，LiveOne 公佈 2025 財年第一季的合併淨虧損為 170 萬美元，即每股攤薄後的每股虧損 0.02 美元。

As of June 30, 2024, total members, which include free members were approximately 3.9 million. Note that included in total members are certain members who are currently subject to a contractual dispute for which we are not currently recognizing revenue.

截至 2024 年 6 月 30 日，會員總數（包括免費會員）約為 390 萬。請注意，會員總數中包括目前存在合約糾紛的某些會員，我們目前尚未確認其收入。

Rob, I'll turn it back to you.

羅布，我會把它還給你。

Yes, great. Good afternoon and thank you for the great job you've done. Just to wrap it up. Real focus right now is on those B2B partnerships that first $24 million deal revenues are just kicking in. We're seeing the growth in our revenues. We're seeing growth in our EBITDA, and we're seeing the opportunity that these B2B deals that we could go on a hot streak here.

是的，太好了。下午好，感謝您所做的出色工作。只是為了把它包起來。目前真正的焦點是那些剛開始產生首筆 2,400 萬美元交易收入的 B2B 合作夥伴關係。我們看到我們的收入正在成長。我們看到了 EBITDA 的成長，並且我們看到了這些 B2B 交易可以在這裡持續火爆的機會。

And as we do, these major companies are billion-to-trillion-dollar companies, major verticals across auto, obviously with cash flow expanding into other auto companies, carriers around the world. I'm merchandise businesses, retailers, hotels, airlines. There're so many opportunities right now.

正如我們所做的那樣，這些大公司都是價值數十億至數萬億美元的公司，是汽車行業的主要垂直領域，顯然現金流正在擴展到世界各地的其他汽車公司和營運商。我是商品企業、零售商、飯店、航空公司。現在有很多機會。

And the team has really put together a fabulous lineup. And that's why we're going to expand the team. We're going to grow the team for the first time in almost four years, and we're going to focus all that energy on those big $20 million plus partnerships with major partners across cross those verticals.

該團隊確實組建了一個神話般的陣容。這就是我們要擴大團隊的原因。我們將在近四年來首次擴大團隊規模，我們將把所有精力集中在與跨這些垂直領域的主要合作夥伴建立 2000 萬美元以上的合作夥伴關係上。

So, I want to thank everyone for joining and open it up for any questions.

因此，我要感謝大家的加入並提出任何問題。

(Operator instructions) Brian Kinstlinger, AGP.

（操作員說明）Brian Kinstlinger，AGP。

Great. Thanks for taking my questions. It's great to see the solid sequential growth in podcast revenue. And you mentioned that the B2B partnership kicking in and beginning to have a material impact, sounds like about $2 million a quarter, I think you said. I'm curious, how much more does that partnership have to go in terms of reaching the peak run rate?

偉大的。感謝您回答我的問題。很高興看到播客收入持續穩定成長。您提到 B2B 合作關係開始產生重大影響，聽起來大約每季 200 萬美元，我想您說過。我很好奇，要達到高峰運行率，這種合作關係還需要做多少努力？

Yes. So we're not giving the exact numbers, Brian on it, but this is -- it started in November and scales up. So I think you'll see that revenue growth in each quarter going forward and yes, we couldn't be more excited about the partnership and the opportunity to get much bigger. This is the beginning of putting our content across large streaming platforms.

是的。所以我們沒有給出確切的數字，布萊恩，但這是——它從 11 月開始並擴大規模。因此，我認為您會看到未來每季的收入成長，是的，我們對合作夥伴關係和擴大規模的機會感到非常興奮。這是將我們的內容放到大型串流媒體平台上的開始。

And I think it's so critical that the cost of content has become so expensive that it's almost $1 million and $1.6 million an hour of content. And the beauty of our content is we have AAA content with the biggest social media stars in the world. Right, it costs us under $3,000 an hour. So we have the opportunity to really grow that.

我認為這一點非常重要，內容的成本已經變得如此昂貴，每小時的內容幾乎達到 100 萬美元和 160 萬美元。我們內容的美妙之處在於，我們擁有全球最大的社群媒體明星的 AAA 內容。是的，我們每小時的成本不到 3,000 美元。所以我們有機會真正發展這一點。

And I see this is the first of many streaming partners and streaming networks. When you think about music choice on cable or satellite and how many channels were audio, let alone video and you think about MTV and country music channels and all, there really is no thought leader in music anymore. And we have an opportunity to really be that thought leader across audio and video.

我認為這是眾多串流媒體合作夥伴和串流媒體網路中的第一個。當你考慮有線或衛星上的音樂選擇以及有多少個音頻頻道時，更不用說視頻了，當你考慮 MTV 和鄉村音樂頻道等等時，音樂領域真的不再有思想領袖了。我們有機會真正成為音訊和視訊領域的思想領袖。

Great. And then as it relates, I think so correct me if I'm wrong, the $24 million B2B partnership, you just mentioned the Amazon podcast press release that's the one that was pending on the last call net in addition to the other one that's ramping, is that right? And if that is right, can you kind of comment on details such as that 24 million over some period of time? And now how long do you think before that begins to ramp?

偉大的。然後，正如它所涉及的，我認為如果我錯了，請糾正我，價值2400 萬美元的B2B 合作夥伴關係，你剛剛提到了亞馬遜播客新聞稿，這是最後一個呼叫網絡上懸而未決的新聞稿，除了另一個正在增加的新聞稿之外，是嗎？如果這是正確的，您能否對一段時間內的 2400 萬美元等細節發表評論？現在你認為這種情況需要多長時間才能開始增加？

Yes. Let's be a little bit careful now. We're going to have a lot more details shortly on the next partnership, and we'll provide that publicly in the very near future. And I think it won't just be one, as we stated earlier, we've now signed four additional major partnerships, and we'll have some real clarity on that coming over the next couple of weeks.

是的。現在我們要小心一點。我們很快將獲得有關下一次合作夥伴關係的更多詳細信息，並將在不久的將來公開提供。我認為這不僅僅是一個，正如我們之前所說，我們現在已經簽署了另外四個主要合作夥伴關係，並且我們將在接下來的幾週內對此做出一些真正的澄清。

But just to be clear that this $24 million partnership, because it just happens to be the same number, I want to be clear, that's different than the $27 million from November, right?

但要澄清的是，這個 2400 萬美元的合作夥伴關係，因為它恰好是相同的數字，我想明確一點，這與 11 月的 2700 萬美元不同，對嗎？

No, no, that's the same one, that started in November and is growing and is scaling up.

不，不，這是同一個，從 11 月開始，並且正在成長並擴大規模。

Okay. And then can you speak maybe to the inventory fill rates of podcasts, I guess, the heart of the question is on today's viewership or listener -- sorry, on podcast, where could -- how much better could the inventory fill rates become as you win lots of these partnerships?

好的。然後你能談談播客的庫存填充率嗎？的合作夥伴關係？

And you want to take that?

你想接受嗎？

Yes, I think you know, we're seeing consistency in our kind of fill rates in terms of what we're able to sell through to partners so we will strive to optimize that. And the quicker way to revenue, though, is just to increase that the available inventory, right. That's kind of what we're what we're working towards. And yes, I think I'll leave it that. Rob, if you have anything to add.

是的，我想您知道，就我們能夠向合作夥伴銷售的產品而言，我們看到我們的填充率保持一致，因此我們將努力優化這一點。不過，更快的收入方法就是增加可用庫存，對吧。這就是我們正在努力的目標。是的，我想我就這樣吧。羅布，如果你有什麼要補充的。

Yes. I'm not sure I followed the exact question. I think what you're articulating with these additional B2B deals is not just inventory. This is traffic and audience, right? As we spread our tentacles spread it off across a Fortune 250 company, right, with a massive streaming network, we're getting more eyeballs onto ours, the more traffic, the more audience, the more advertising we're going to get. And I think that answers it, Brian. But I'm not sure I understood fully your question.

是的。我不確定我是否遵循了確切的問題。我認為您所闡述的這些額外的 B2B 交易不僅僅是庫存。這就是流量和觀眾吧？當我們將觸角伸向財富 250 強公司時，透過龐大的串流網絡，我們會吸引更多的眼球，流量越大，觀眾越多，我們獲得的廣告就越多。我想這就是答案，布萊恩。但我不確定我是否完全理解你的問題。

Yes. No, no, yes, we'll take it offline. Perfect. My last question is how aggressive are you advertising to increase your market share or growth in downloads and unique listeners?

是的。不，不，是的，我們會讓它離線。完美的。我的最後一個問題是，為了增加市場份額或下載量和獨特聽眾的成長，您的廣告力道有多大？

How aggressive -- say that one more time. (multiple speakers) (inaudible)

多麼咄咄逼人——再說一遍。（多位發言者）（聽不清楚）

I guess, I'm just curious, is the budget increasing, I mean, what -- how are you acquiring new listeners?

我想，我只是好奇，預算是否增加了，我的意思是，你們如何獲得新的聽眾？

Yes. The budget is now yields the beauty of this, of course, spotify app (technical difficulty) continue and multiple -- TikTok multiple times and yes, those opportunities to keep getting our content into new places where already the distribution and the traffic is built is really the key. And part of the beauty is, because we own our own technology, right, all those revenues come for us, right? The more traffic, the more audience, the more revenues we derive.

是的。預算現在產生了這個美麗，當然，Spotify 應用程式（技術難度）繼續和多次 - TikTok 多次，是的，那些不斷將我們的內容帶到已經建立了分發和流量的新地方的機會是真的是關鍵。美妙之處在於，因為我們擁有自己的技術，對吧，所有這些收入都是我們帶來的，對嗎？流量越多，觀眾越多，我們獲得的收入就越多。

Okay. Thank you.

好的。謝謝。

Barry Sine, Hills Research.

巴里辛恩，希爾斯研究公司。

Good morning, gentlemen. How are you? Can you hear?

早安，先生們。你好嗎？你聽得到嗎？

Excellent, Barry. Good to hear your voice.

太棒了，巴里。很高興聽到你的聲音。

Okay. Okay. Likewise. On the $63 million pipeline, I wonder if we can get a little more breakdown on that. Rob, you mentioned a number of different verticals. You're hiring senior managers for each of the verticals. How does that pipeline breakdown by vertical? And within that pipeline, how many of those have you tendered a contract to, say you're far along in the process. Could you give us a little more visibility on that pipeline?

好的。好的。同樣地。關於 6300 萬美元的管道，我想知道我們是否可以對此進行更多細分。羅布，您提到了許多不同的垂直領域。您正在為每個垂直行業招募高級經理。該管道如何依垂直方向細分？在這個管道中，你已經向其中的多少人簽訂了合同，比如說你在這個過程中已經取得了長足的進步。您能否讓我們更了解該管道？

Yes. I think, I don't know if I can get much deeper than that from a legal standpoint, but I can tell you this is a we absolutely will have additional auto companies this year, right. Number two is, because our balance sheet and all the debt was converted at $2.10, right. Our balance sheet is pretty pristine now and very shaped. It gives us the opportunity to expand globally, right. So we have opportunities with carriers around the globe. I love the opportunity. Love, love, and couldn't be more excited about where we're going with retail, right.

是的。我想，我不知道從法律的角度來看是否可以比這更深入，但我可以告訴你，今年我們絕對會有更多的汽車公司，對吧。第二點是，因為我們的資產負債表和所有債務都以 2.10 美元換算，對吧。我們的資產負債表現在非常原始，而且形狀非常好。它給了我們在全球擴張的機會，對吧。因此，我們有與全球營運商合作的機會。我喜歡這個機會。愛，愛，對我們零售業的發展方向感到無比興奮，對吧。

The opportunity that you're watching Amazon, right, and Amazon has so much rich media. Everyone from best buy to walmart to costco all came, all the retailers must have, right, that are competing in the digital world, right, must have content. And you're seeing that happen and starting to see some of my thoughts come to fruition as you saw Walmart buy Vizio for $2.3 billion.

你有機會觀看亞馬遜，對吧，亞馬遜擁有如此多的富媒體。從百思買到沃爾瑪再到好市多，每個人都來了，所有零售商都必須有，對，在數位世界競爭的，對，必須有內容。當你看到沃爾瑪以 23 億美元收購 Vizio 時，你會看到這種情況的發生，並開始看到我的一些想法變成了現實。

It only sold for $230 million only three years ago, right, when Charlie Collier bought it. Now they're paying $2.3 billion for it. That's the first telltale sign they're going to compete head on with Amazon and they're going to create their own content like Amazon Prime. And I see the same thing across all the retailers is really exciting.

僅在三年前，查理·科利爾 (Charlie Collier) 買下它時，它才以 2.3 億美元的價格出售。現在他們為此支付了 23 億美元。這是他們將與亞馬遜正面競爭的第一個跡象，他們將創建自己的內容，例如亞馬遜 Prime。我看到所有零售商都在做同樣的事情，這真是令人興奮。

In terms of hotels and airlines and loyalty programs, really just massive opportunity for our company. We're one of 10 DSPs in the world. We're the third fastest growing. We've got this very unique content and proving more and more original content like the event we're doing tonight, right?

就酒店、航空公司和忠誠度計劃而言，這對我們公司來說確實是巨大的機會。我們是全球 10 家 DSP 之一。我們的成長速度排名第三。我們已經有了這個非常獨特的內容，並證明了越來越多的原創內容，就像我們今晚要做的活動一樣，對嗎？

You're going to have more and more original content from music, right, to podcasting to podcasts turning to television shows that I think that more and more networks are going to need our content. And so I'm really excited about where that's going. And that 63 deals, we're -- there's way more than that in the sort of pipeline. These are the ones that we think have really moved along that are in shape, that have an opportunity to close in the next 12 months.

你將擁有越來越多的原創內容，從音樂到播客，再到播客，再到電視節目，我認為越來越多的網路將需要我們的內容。所以我對接下來的發展感到非常興奮。我們正在處理的 63 筆交易遠不止這些。這些是我們認為真正取得進展且狀況良好的項目，有機會在未來 12 個月內關閉。

And then continuing on that I believe you've said that there are four deals that are actually signed. You can't discuss who they are, but as they go live, we'll see press releases with announcements on those and the update on that process?

然後繼續說下去，我相信您已經說過，實際上已經簽署了四項協議。你不能討論他們是誰，但當他們上線時，我們會看到新聞稿，其中包含有關這些內容的公告以及該流程的更新？

Oh, yes, it's coming. So again, those are all we said before year-end is coming. So the year is coming fast, right? And so you're going to see announcements on each one of those shortly. And with those, you'll see some details and highlights where they're going. And when you're talking about billion to trillion, multi-trillion dollar partners, right. You got to be careful what they're going to let you say and how much the detail they're going to give in it, right?

哦，是的，它來了。再說一遍，這些都是我們在年底前所說的。所以今年很快就到來了，對嗎？因此，您很快就會看到關於其中每一項的公告。透過這些，您將看到一些細節並突出顯示它們的發展方向。當你談論數十億到數萬億美元、數萬億美元的合作夥伴時，對吧。你必須小心他們會讓你說什麼以及他們會提供多少細節，對吧？

But for us, as you can imagine, these are very meaningful, right? Every $20 million deal, if four more deals hit, right, and we had those four deals, even if they're half the size of last one, that's going to put us in the $200 million range next year. What I've told the Street is, our goal is to get 10 million subscribers. And 10 million subscribers, we'll be doing $0.5 billion in revenues and $150 million in EBITDA. And that's the goal of the next couple of years.

但對我們來說，你可以想像，這些都是非常有意義的，對吧？每一筆價值2000 萬美元的交易，如果還有四筆交易成功，對吧，而且我們已經完成了這四筆交易，即使它們的規模只有上一筆的一半，這將使我們明年的交易金額達到2 億美元。我告訴華爾街的是，我們的目標是獲得 1,000 萬訂閱者。如果有 1,000 萬訂戶，我們將實現 5 億美元的營收和 1.5 億美元的 EBITDA。這是未來幾年的目標。

And then I wanted to pick up on the word you've used a couple of times on the call, which is globally. In your script, you talked about serving carriers globally and then a minute ago in response to my question, you cited the balance sheet cleanup that will allow you to go global. So that's been a long-term aspiration of the company to get global streaming rights.

然後我想了解您在電話會議中多次使用過的詞，即全球性的詞。在您的腳本中，您談到了為全球運營商提供服務，然後在一分鐘前回答我的問題時，您提到了資產負債表清理，這將使您能夠走向全球。因此，獲得全球串流媒體播放權是該公司的長期願望。

And one of the things I believe that kicks in almost automatically is Tesla and automatically. So, is that what you're alluding to is that you're closer to getting some music streaming rights on a global or at least European basis? And what would the implications of that be?

我相信幾乎自動啟動的事情之一就是特斯拉，而且是自動啟動的。那麼，您是在暗示您距離在全球或至少在歐洲獲得一些音樂串流播放權又更近了一步嗎？這會產生什麼影響？

I'm hoping you'll see very shortly. And this is -- we've gone through some tough times here. We had to survive COVID. We lost our entire live business. We were inches away from having all those licenses and moving overseas then, but it was unaffordable, right, post-COVID, we lost 30% of our revenues and a big part of the growth story of the company, we had to pivot it, right, and turn it.

我希望你很快就能看到。我們在這裡經歷了一些艱難時期。我們必須熬過新冠疫情。我們失去了整個直播業務。那時我們距離獲得所有這些許可證並搬到海外只有幾英寸的距離，但這是負擔不起的，對吧，在新冠疫情之後，我們損失了30% 的收入和公司增長故事的很大一部分，我們必須調整它，右，然後轉動它。

We this team has just done a magical job of fighting through adversity and difficult times. And we've proven we're going to survive it. But not only going to survive, we're going to expand around the globe. And for anyone that knows me, my last two companies, including digital turbine was built off the backs of carriers, right, overseas, right, we have tremendous relationships over there. So it's definitely in the forefront of positioning where the company is going.

我們團隊剛完成了一項神奇的工作，克服了逆境和困難時期。我們已經證明我們能夠渡過難關。但我們不僅要生存，還要在全球擴張。對於任何認識我的人來說，我的最後兩家公司，包括數位渦輪機，都是在運營商的支持下建立的，對的，海外的，對的，我們在那裡有巨大的關係。因此，它絕對處於公司發展方向的前沿。

And absolutely, if you look at all the memberships, whether it's Netflix or it's Spotify, half their revenues come US and have come overseas, right? We have 25%, 28% of our traffic is overseas. We're not deriving any revenues from it. But it had to be affordable. It had to make sense and now it's the time where we're ready and way better positioned to be able to do that.

當然，如果你看看所有的會員，無論是 Netflix 還是 Spotify，他們的收入有一半來自美國，也來自海外，對嗎？我們25%、28%的流量是在海外。我們沒有從中獲得任何收入。但它必須是負擔得起的。它必須有意義，現在是我們做好準備並且處於更好的位置來做到這一點的時候了。

And I think you'll start to see long-term deals with our partners, right, our existing partners, not only those 63 right there in the pipeline, but also our existing partners start to see for the first time, long-term partnerships and expansion of where we can -- where our content can live.

我認為您將開始看到與我們的合作夥伴的長期合作，對吧，我們現有的合作夥伴，不僅是正在醞釀中的63 個合作夥伴，而且我們現有的合作夥伴也開始第一次看到長期合作夥伴關係以及擴展我們可以存在的地方——我們的內容可以存在的地方。

Okay. That's great. And then my last question, you just alluded to my last question, you started to mention live events. And I know in the early history of the company pre-COVID, that was the main event live events I saw and I thought it was interesting that you put a press release out, you're doing a live event in the Hamptons in previously.

好的。那太棒了。然後我的最後一個問題，你剛剛提到了我的最後一個問題，你開始提到現場活動。我知道，在公司在新冠疫情之前的早期歷史中，這是我看到的主要活動現場活動，我認為您發布新聞稿很有趣，您之前在漢普頓舉辦了現場活動。

What you've said is that you would not do live events unless they were profitable and you need to get a sponsor to do that. So are we is the company dipping its toes back in the water on live events and does that mean you found a way to do this more profitably?

你所說的是，你不會做現場活動，除非它們有利可圖，並且你需要找到贊助商才能做到這一點。那麼，我們公司是否正在重新嘗試現場活動，這是否意味著你們找到了更有利可圖的方法？

Yes, absolutely. And the event that we're doing tonight, we have great sponsors from E11EVEN Vodka on, right? We're positioning ourselves again that we've proven right, and Josh Hallbauer runs our music has proven, yes, we had Teddy Swims play at our studio in Beverly Hills, right?

是的，絕對是。我們今晚要做的活動，我們有來自 E11EVEN Vodka 的偉大贊助商，對吧？我們再次為自己定位，我們已經證明是正確的，喬希·哈爾鮑爾（Josh Hallbauer）運行我們的音樂已經證明，是的，我們在比佛利山莊的工作室裡演奏了泰迪游泳，對吧？

And next, after seeing him on streaming platform, guy becomes one of the biggest stars in the world, right? We had Kid Laroi before anyone heard of him. So we're going back to our thesis that as a thought leader in music, it is critical to be a thought leader, and not just audio, but video.

接下來，在串流平台上看到他之後，傢伙就成為了世界上最偉大的明星之一，對吧？在人們聽到基德·拉羅伊之前，我們就已經認識他了。因此，我們回到我們的論點，作為音樂領域的思想領袖，成為思想領袖至關重要，不僅是音頻，還有視頻。

And now that we have the resources, right, and we obviously have the relationships with the talent as well, the industry, this is the time to really step on the gas. And you're going to watch something pretty spectacular tonight. You're going to see 12 artists perform of all genre of music.

現在我們擁有了資源，對吧，而且我們顯然也與人才、行業建立了關係，現在是真正加強的時候了。今晚你將會看到一些非常壯觀的東西。您將看到 12 位藝術家表演各種音樂流派。

You're going to see one of the greatest pianists, classical pianists play all the way up to the main squeeze. And in between, you're going to see some of the great R&B and Hip-Hop artists performing. So it's going to be a really special night. And our talent is getting closer to our company.

您將看到最偉大的鋼琴家之一、古典鋼琴家一直演奏到主音。在此期間，您將看到一些偉大的 R&B 和嘻哈藝術家的表演。所以這將會是一個非常特別的夜晚。而我們的人才也離我們的公司越來越近。

As you can see by these celebrity deals, right, these celebrity partnerships, we don't only want to be able to derive revenues just by putting music up. We're starting to own products in conjunction with that talent. And I'm really proud of the team and what they've done.

正如您從這些名人交易中看到的那樣，對，這些名人合作夥伴關係，我們不僅僅希望能夠僅通過播放音樂來獲得收入。我們開始擁有與這些人才結合的產品。我為這個團隊和他們所做的事情感到非常自豪。

Sara who's joined us is Head of our Celebrity Brands, brings a unique talent to the company, unique skill driving massive revenues. She was at White Claw when they were doing $600,000 revenues. I think she left when they were doing about $4 billion. We see a huge opportunity to be able to drive more and more revenues, offer those relationships with podcasters, as well as with social media stars, including artists.

加入我們的薩拉是我們的名人品牌負責人，為公司帶來了獨特的人才，獨特的技能推動了巨額收入。當 White Claw 的收入達到 60 萬美元時，她就職於該公司。我認為她在他們賺了大約 40 億美元的時候就離開了。我們看到了一個巨大的機會，能夠推動越來越多的收入，提供與播客以及包括藝術家在內的社群媒體明星的關係。

Okay, that's my questions. Congratulations on a great quarter, guys.

好吧，這就是我的問題。夥計們，恭喜你們度過了一個出色的季度。

Thanks, Barry, and thanks for your support.

謝謝巴里，也謝謝您的支持。

Sean McGowan, Roth Capital Partners.

肖恩·麥高恩，羅斯資本合夥人。

Thank you. I apologize if these questions have been asked already. I get dropped from the call a couple of times. First, Aaron, on cost of sales seems to be a little higher than we had expected, particularly at PodcastOne. Can you talk about what's driving that?

謝謝。如果這些問題已經被問過，我深感抱歉。我有幾次電話掛斷。首先，Aaron，銷售成本似乎比我們預期的要高一些，特別是在 PodcastOne。您能談談是什麼推動了這個趨勢嗎？

Yes. Hi Sean, how are you? Yes. So our content acquisition costs have been a little bit higher than we anticipated. That's kind of the upfront cost to signing some of these deals and new podcasts. Going forward, we expect it to level out over the next couple of quarters about where we're at today and then start to improve from there.

是的。嗨，肖恩，你好嗎？是的。所以我們的內容獲取成本比我們預期的要高一些。這是簽署其中一些交易和新播客的前期成本。展望未來，我們預計在接下來的幾個季度中我們將達到目前的水平，然後開始改進。

And tying that question for Rob then, is this surprising to you? I thought we were in an environment where it was actually going to be easier to pick up shows that we're either getting dropped or not getting renewed on the same terms from other networks. Is that proving not to be the case or less of the case than you had expected?

那麼，把這個問題連結到 Rob，你會感到驚訝嗎？我認為我們所處的環境實際上會更容易接收到我們要么被放棄，要么沒有從其他網絡以相同的條件續訂的節目。事實證明情況並非如此，或者情況比您預期的要少嗎？

So, the case than you had expected no, it's actually really exciting. I mean, we just signed Sony podcast. We're announcing one almost every week and there's a cost to it right? The way that it works, Sean, and in podcasting, you and I had talked about a little bit is, is you signed the podcast, right?

所以，這個案子比你預想的不，它實際上真的很令人興奮。我的意思是，我們剛剛簽署了索尼播客。我們幾乎每週都會發布一個訊息，但這是有成本的，對嗎？它的運作方式，肖恩，在播客中，你和我討論過一點是，你簽署了播客嗎？

You pay them some money, right? They even if they stop doing the podcast next morning. You're paying them for the next three months and you're not collecting back to your money for three to four months. There's a window of time. So, I would say you know, you know, Arun hit it right on the nose, but it's really, it's really exciting on the M&E podcast resigning, and they're adding about $350,000 to $500,000 on average per revenue.

你付給他們一些錢，對吧？他們即使第二天早上停止播客。您將在接下來的三個月內向他們付款，並且在三到四個月內不會收回您的錢。有一個時間窗口。所以，我想說，你知道，你知道，阿倫說得很對，但 M&E 播客的退出真的非常令人興奮，他們平均每項收入增加了 35 萬到 50 萬美元。

Every single one of these podcasts as a joint. So there's going to be a little cost to it at the beginning but can't really can't be better than growing the revenues right now and doing that, and we'll achieve we'll get that in the back and we'll get those back in the back end when we start to get paid by the advertisers.

這些播客中的每一個都是一個聯合體。因此，一開始會有一點成本，但實際上沒有比現在增加收入並這樣做更好的了，我們將實現這一點，我們將在後面實現這一點，我們將當我們開始從廣告商那裡獲得報酬時，將這些返還給後端。

So it's not so much that you have to pay more per podcast to get them, it's just that you're signing more than you had expected to, so that's why the cost is higher.

因此，並不是說你必須為每個播客支付更多費用才能獲得它們，而是你簽署的內容比你預期的要多，所以這就是成本更高的原因。

Yes. Yes. This has been really exciting. There's been some really exciting signings as well, that there's a little bit of money, it's got to go out the door day one.

是的。是的。這真的很令人興奮。還有一些非常令人興奮的簽約，有一點錢，它必須在第一天就出去。

Okay, got it. And then in terms of your talk, you talked a lot about these deals that you're in process with the signing in aligning on more partners. So is your strategy then to only update or improve or increase the revenue guidance once the deals are signed?

好的，明白了。然後，就您的演講而言，您談到了很多正在進行的交易以及與更多合作夥伴的簽約。那麼，您的策略是在交易簽署後才更新或改進或增加收入指引嗎？

Because I would have thought that if you're signing new deals and renewed close on some others, maybe even increase the revenue guidance is, are you just going to wait until they're nailed down?

因為我以為，如果你要簽署新協議並與其他一些協議重新簽訂協議，甚至可能增加收入指導，你是否會等到它們敲定為止？

Well, I think the guidance is a good number right now. And we're going to -- as we announce the next B2B deals, right again the more -- the bigger our distribution is, the bigger our audience is, right, the more revenues we're going to drive. So I'd be surprised if we don't raise those guidance again at the end of next quarter. But let's look carefully.

嗯，我認為目前的指導數字是一個很好的數字。當我們宣布下一個 B2B 交易時，我們的發行範圍越大，我們的受眾就越多，對吧，我們將帶來更多的收入。因此，如果我們不在下個季度末再次提高這些指導，我會感到驚訝。但讓我們仔細看看。

This is great growth, spectacular growth for PodcastOne. And let's look at that number again at the end of this quarter and really make sure that we're going to beat the number, right? This is a tough market out there, as -- we want to make sure we beat the numbers.

對於 PodcastOne 來說，這是巨大的、驚人的成長。讓我們在本季末再次查看這個數字，並真正確保我們能夠打破這個數字，對吧？這是一個艱難的市場，因為我們希望確保我們能夠擊敗數字。

Right. Thank you very much. Appreciate it.

正確的。非常感謝。欣賞它。

John Liviakis, Liviakis Financial.

約翰·利維亞基斯，利維亞基斯金融公司。

Hey guys, congratulations on a strong quarter. And I'm sorry for the technical problems on the conference call was Sean, that's there was some issues. But anyway, excellent presentation. A quick question for you so at one time, the Company disclose its relationship with JPMorgan who represent them in strategic dialogue. Any comments you want to make and what your plans are there and how it's progressing.

嘿夥計們，恭喜本季表現強勁。對於肖恩在電話會議上出現的技術問題，我感到很抱歉，確實存在一些問題。但無論如何，出色的演示。這是一個簡單的問題，因此公司有一次披露了與摩根大通的關係，摩根大通代表他們進行策略對話。您想發表的任何評論以及您的計劃是什麼以及進展如何。

I mean, we've always been an acquisition vehicle, and we've been hampered out over the last couple of years from doing that with all the different e-mail or different difficulties that have been out there and this is certainly a time that, yes, both offensively and defensively, we are continuing to aggressively explore and we are extremely excited about the opportunities that are out there, right.

我的意思是，我們一直是一個收購工具，在過去的幾年裡，由於各種不同的電子郵件或存在的不同困難，我們一直無法做到這一點，這肯定是一個時候是的，無論是進攻還是防守，我們都在繼續積極探索，我們對現有的機會感到非常興奮，對吧。

And we keep moving up the ladder were number 11 in the world and podcasting, we're number 10 in audio, right? We're certainly a candidate that so it come aggressively tried to buy us, but we're also we're also looking at some great assets that media assets have been decimated and probably even more on the public side and the private there's some great assets out there that we will aggressively look at.

我們不斷攀升，在世界排名第 11 位，在播客領域，我們在音訊領域排名第 10 位，對吧？我們當然是一個候選人，所以它積極地試圖收購我們，但我們也在尋找一些偉大的資產，媒體資產已被大量摧毀，甚至可能在公共方面和私人方面有一些偉大的資產我們將積極關注那裡的資產。

If we can find another Slacker, which funded the podcast one, we bought both of those companies doing $20 million of revenues, while Slacker is now in run rate to do $85 million, right? We bought podcast one doing $20 million. It's now on a run rate to do over $50 million if we can find another great asset that is accretive to us and fits in with the team and the skills that we have.

如果我們能找到另一家為播客提供資金的 Slacker，我們就收購了這兩家公司，收入為 2000 萬美元，而 Slacker 現在的運行速度為 8500 萬美元，對吧？我們花了 2000 萬美元買下了播客 One。如果我們能找到另一項對我們有增值作用並適合我們團隊和我們擁有的技能的優質資產，現在的運行速度將超過 5000 萬美元。

We are absolutely aggressively looking on both sides both the offense to do a deal especially and the entire JPMorgan team is coming in for the event tonight. So we're deep in the trenches with them on a regular base basis on all the excitement and energy around both sides, both offensively and defensively.

我們絕對積極地希望雙方在進攻方面達成協議，特別是整個摩根大通團隊都將參加今晚的活動。因此，我們定期與他們深入戰壕，雙方都充滿興奮和活力，無論是進攻還是防守。

Sounds great. The Slacker acquisition looks to be brilliant. And what a job that Brad's been doing. And any quick comment on that? You mentioned 63 B2B contracts in a pipeline, but actually now you're saying that that's really the core opportunities and there's vastly more than that in a pipeline, that's an interesting comment. And what's the intellectual property there? How many patents do you have and how that differentiates from the rest seem to be really taking off that business, its unique model, et cetera.

聽起來很棒。對 Slacker 的收購看起來很精彩。布拉德所做的工作真是棒極了。對此有何評論？您提到了正在醞釀中的 63 個 B2B 合同，但實際上現在您說這確實是核心機會，而且正在醞釀中的機會遠不止於此，這是一個有趣的評論。那裡有什麼知識產權？你擁有多少專利，以及它與其他專利的區別，似乎真正推動了該業務、其獨特的模式等等。

Yes. Well, we have over 40 patents. I think from a patent standpoint, we're one of the thought leaders in the space. I think from a -- from the standpoint of our IP, this is the first time we're starting to showcase how valuable our IP could be. And just think about taking a podcast, right, and I said Varnamtown would be a bidding war, right? We just sold the rights to it and we'll talk about who the partner is very shortly, right?

是的。嗯，我們擁有 40 多項專利。我認為從專利的角度來看，我們是該領域的思想領導者之一。我認為，從我們智慧財產權的角度來看，這是我們第一次開始展示我們的智慧財產權的價值。想想看一個播客，對吧，我說過 Varnamtown 將是一場競購戰，對吧？我們剛剛出售了它的版權，我們很快就會討論合作夥伴是誰，對吧？

And in taking a podcast that cost us almost no money, right? Literally limited money and now selling it to television, they're very serious money. My background previously and my team's background, we've made a lot of movies, we've made a lot of television shows. The cost is zero to us going forward.

收聽播客幾乎不需要花任何錢，對吧？從字面上看，資金有限，現在把它賣給電視台，他們是非常賺錢的。我之前的背景和我的團隊的背景，我們拍了很多電影，我們拍了很多電視節目。我們未來的成本為零。

So when you own that IP, you get a second window of money that could be staggering, right? And I said we were going to sell one a year for the next couple of years. Now we've sold two this year. If we could sell two a year, could be tens of millions of dollars in profits, let alone revenues, but profits that come to the company over the next few years with no additional cost to us.

因此，當您擁有該 IP 時，您將獲得第二個收入窗口，這可能是驚人的，對嗎？我說我們將在接下來的幾年裡每年出售一個。現在我們今年已經賣了兩輛。如果我們每年能賣出兩輛，可能會帶來數千萬美元的利潤，更不用說收入了，但公司在未來幾年內將獲得利潤，而無需增加我們的任何成本。

And just to give you an idea on both Vigilante and Varnamtown, their streaming partners are going to be in by the time we turn the corner. Vigilante, they've already spent well over $1 million on Varnamtown will be well over $1 million shortly that studios are spending money on.

只是為了讓您對 Vigilante 和 Varnamtown 有一個了解，當我們轉彎的時候，他們的串流媒體合作夥伴就會加入。Vigilante，他們已經在 Varnamtown 上花費了超過 100 萬美元，很快工作室的投資就會超過 100 萬美元。

And because we have a proven, not only do we have proven IP, but on top of having the IP, we have proof that there's an audience. When we go into those negotiations, we go with a very different bullet than you go in. When you just go in and you got a book or a script or great story, I see really, really super opportunities and excitement around that.

因為我們擁有經過驗證的智慧財產權，而且除了擁有智慧財產權之外，我們還擁有觀眾的證據。當我們進行這些談判時，我們採用的子彈與您採用的子彈完全不同。當你剛進去時，你得到了一本書、一個劇本或一個很棒的故事，我看到了非常非常好的機會和興奮。

For anyone that doesn't know, I owned atmosphere films previously and was fortunate enough to have the movie 300 and Spiderwick Chronicles. And when the studios are paying for these things, you never know how they can go. And 300 ended up doing it, $1.1 billion in revenues. So we're really energized about owning our own IP and it's kind of this team skill is owning our own IP

對於不知道的人來說，我以前擁有過氣氛電影，並且很幸運擁有電影 300 和 Spiderwick Chronicles。當製片廠為這些東西付費時，你永遠不知道他們會如何發展。最終有 300 家公司實現了這一目標，收入達 11 億美元。因此，我們對擁有自己的 IP 感到非常興奮，而這種團隊技能就是擁有我們自己的 IP

Great. Thank you. Rob.

偉大的。謝謝。搶。

[Sachem] -- a Private Investor.

[Sachem]－私人投資者。

Sorry, I was muted. Thank you for your presentation and congratulations on your remarkable results. And most of my questions have already been answered, but I still have some questions. And first of all is, I noticed that your general and administrative costs quite increased. And could you explain it? How could you expose this?

抱歉，我被靜音了。感謝您的演講並祝賀您取得的顯著成果。我的大部分問題已經得到解答，但我仍然有一些問題。首先，我注意到你們的一般和行政成本大幅增加。你能解釋一下嗎？你怎麼能揭露這件事？

Aaron, you want to take it? I'm having a little trouble hearing.

阿龍，你想接受嗎？我的聽力有點困難。

I'll take that one yes, I think the question was our G&A expenses have increased. And so yes, there are two drivers to that.

我認為是的，我認為問題是我們的一般管理費用增加了。是的，有兩個驅動因素。

Yes, that's right.

是的，沒錯。

One is additional stock-based compensation. We've had some executive contracts that have some stock-based comp in them, and that's kind of across the business units. And then specifically as it relates to PodcastOne and this is kind of included in consolidated results as well.

一是額外的股票薪酬。我們簽訂了一些高階主管合同，其中包含一些基於股票的薪酬，這是跨業務部門的。然後具體來說，因為它與 PodcastOne 相關，這也包含在合併結果中。

And there's additional G&A, just as it's a separate public entity. So you've got additional legal accounting and just general public company expenses. That's really what's driving the increase in G&A.

還有額外的一般行政費用，就像它是一個獨立的公共實體。所以你有額外的法律會計和一般上市公司的費用。這確實是推動一般管理費用成長的原因。

So there's no extraordinary costs included there.

因此，其中不包含任何額外費用。

Sorry. I didn't quite catch that. Can you repeat that?

對不起。我不太明白。你能再說一次嗎？

All some extraordinary costs were included in G&A costs?

所有一些特殊費用都包含在一般管理費用中嗎？

think that was --

認為那是--

Yes, I think if we get linear right now, really, yes, I think it's really hard to hear you. But that's I think I think just to answer you, and our finance team have done a brilliant job and that we're filing to audited financials, right? As additional costs there, both legal and accounting for both the public companies live one podcast one. And then we also explored the opportunity of doing a spec which Slacker radio, right?

是的，我認為如果我們現在變得線性，真的，是的，我認為真的很難聽到你的聲音。但這就是我想我想回答你的問題，我們的財務團隊做得非常出色，我們正在提交經過審計的財務數據，對嗎？作為額外成本，兩家上市公司的法律和會計都會直播一個播客。然後我們也探討了製定 Slacker 無線電規範的機會，對嗎？

And so those There were also additional costs of doing the audits on Slacker. So, and stay tuned on that. There'll be some excitement and energy around that as well. But there is additional both legal and accounting costs this.

因此，對 Slacker 進行審計也會產生額外的成本。所以，請繼續關注。圍繞它也會有一些興奮和能量。但這會產生額外的法律和會計成本。

Okay. Thank you. And one more question, is that revenue from Audio Division may be to someextent explained by seasonal factor. Is there any seasonal pressure in your Audio Division revenue?

好的。謝謝。還有一個問題是，音頻部門的收入在某種程度上可能是由季節性因素來解釋的。您的音頻部門收入是否有季節性壓力？

I've actually tried that one more time. I think that I really apologize.

我實際上又嘗試過一次。我想我真的很抱歉。

I think the question is there seasonal pressure across the business units? I think that's the question.

我認為問題是各業務部門是否有季節性壓力？我想這就是問題所在。

Seasonal factors?

季節性因素？

Yes, we do yet although we have some seats, we are filling it up right now.

是的，我們已經這樣做了，雖然我們有一些座位，但我們現在正在填滿。

And seasonal factors --

以及季節因素--

Yes, we have some -- go ahead, Aaron.

是的，我們有一些——繼續吧，亞倫。

There is no change in our merchandise business and in podcast or our Q3, which is a fiscal Q3 or calendar Q4. That's our largest quarter. But other than that, our subscription business, no seasonality there and that kind of evens things out a little bit.

我們的商品業務和播客或我們的第三季（財年第三季或日曆第四季）沒有變化。這是我們最大的季度。但除此之外，我們的訂閱業務沒有季節性，這讓事情變得更加平衡。

Okay, thank you.

好的，謝謝。

(Operator Instructions) We have no further questions. I'll now hand back to Robert Ellin for any final remarks.

（操作員說明）我們沒有其他問題了。我現在將把最後的評論交還給羅伯特·埃林。

Yes. I think we covered a lot today. I think we covered a lot in the earnings and how spectacular the numbers were. I want to thank everyone for joining and thank everyone for the support. And we look forward to updating everyone very shortly on some major B2B partnerships.

是的。我想我們今天討論了很多內容。我認為我們在收益方面報道了很多，以及這些數字是多麼的驚人。我要感謝大家的加入並感謝大家的支持。我們期待很快向大家通報一些主要 B2B 合作夥伴關係的最新情況。

And those four that we have already signed will be announced shortly, and there'll be more to come. So thank you, everyone, and appreciate it, and we look forward to the next call

我們已經簽署的這四份合約將很快公佈，而且還會有更多合約簽署。謝謝大家，非常感謝，我們期待下次通話

Ladies and gentlemen, today's call is now concluded. We'd like to thank you for your participation. You may now disconnect your lines.

女士們、先生們，今天的電話會議到此結束。我們衷心感謝您的參與。現在您可以斷開線路。