Podcastone Inc (PODC) 2026 Q3 法說會逐字稿

Ladies and gentlemen, this is the operator. Today's conference is scheduled to begin momentarily. Until that time, your lines will again be placed on music hold. Thank you for your patience. Hello and thank you for standing by. My name is Regina and I will be your conference operator today.

各位女士、先生，這裡是會議接線員。今天的電話會議將於稍後立即開始。在此之前，您的線路將再次進入音樂等待。感謝您的耐心等候。您好，感謝您在線等候。我叫 Regina，今天將擔任本次電話會議的接線員。

At this time, I would like to welcome everyone to Podcastone's third quarter fiscal 2026 financial results and business update conference call. (Operator Instructions) I would now like to turn the conference over to Ryan Carhart, Chief Financial Officer. Please go ahead.

此刻，我謹代表公司歡迎各位參加 Podcastone 2026 會計年度第三季財務業績與業務更新電話會議。(接線員指示) 現在我想將會議交給財務長 Ryan Carhart。請開始。

Good morning and welcome to Podcast One's fiscal third quarter 2026 conference call. The earnings release, which we issued this morning, is available on our website at ir.podcastone.com under the news and press release tab. During today's presentation, all participants will be in listen-only mode. Following the presentation, we will have a question-and-answer session. On the call today is Kit Gray, President and founder of Podcastone, and myself, Ryan Carhart, Chief Financial Officer.

各位早安，歡迎參加 Podcast One 2026 會計年度第三季電話會議。我們今天早上發布的財報新聞稿已刊登於公司網站 ir.podcastone.com 的「新聞與新聞稿」分頁。在今天的簡報期間，所有與會者將以僅收聽模式參與。簡報結束後，我們將進行問答環節。今天與會者包括 Podcastone 總裁兼創辦人 Kit Gray，以及我本人 Ryan Carhart，財務長。

I would like to remind listeners that some of the statements made on today's call are forward-looking and based on current expectations, forecasts, and assumptions that involve various risks and uncertainties. Actual results may differ materially. Please refer to podcast One's filing with the FEC for information about factors which could cause actual results to differ materially from these forward-looking statements.

我想提醒各位聽眾，今天電話會議中的部分陳述屬於前瞻性陳述，係基於目前的預期、預測與假設，並涉及各種風險與不確定性。實際結果可能會有重大差異。請參閱 Podcast One 向 FEC 提交的文件，以了解可能導致實際結果與這些前瞻性陳述出現重大差異的因素。

Reconciliations of non-GAAP financial measures to the most comparable GAAP financial measures discussed today are available in the company's earnings release on the investor relations website. This discussion, including responses to questions, contains time-sensitive information and reflects management's view as of February 12, 2026. Except as required by law, the company does not undertake any obligation to update this information after today's call.

今日所討論之非 GAAP 財務衡量指標與最可比 GAAP 財務衡量指標之調節表，已載於公司投資人關係網站上的財報新聞稿中。本次討論（包括對問題的回應）包含具時效性的資訊，並反映管理層截至 2026 年 2 月 12 日的觀點。除法律另有規定外，公司不承擔在今日電話會議後更新本資訊的任何義務。

This call is being recorded and will be available via webcast replay on Podcast One's investor relations website shortly following the conclusion of the call. Redistribution without the company's express written consent is strictly prohibited. With that, I would now like to turn the call over to PodcastOne's President, Kit Gray.

本次電話會議將被錄音，並將於會議結束後不久在 Podcast One 投資人關係網站提供網路重播。未經公司明確書面同意，嚴禁轉載或再散布。接下來，我將把電話會議交給 PodcastOne 總裁 Kit Gray。

Thank you, Ryan, and welcome to our fiscal third quarter 2026 earnings call. As a reminder, our fiscal year begins on April 1. This quarter was defined by strategic partnerships, long-term talent renewals, and meaningful expansion of our own and original content network Podcastone.

謝謝你，Ryan，也歡迎各位參加我們 2026 會計年度第三季財報電話會議。提醒各位，我們的會計年度自 4 月 1 日開始。本季的重點在於策略性合作夥伴關係、長期人才續約，以及我們自有與原創內容網路 Podcastone 的重要擴張。

Continues to distinguish itself as the leading pure play podcasting platform in the public markets through a vertically integrated model that combines talent development, content creation, distribution, analytics, and monetization, and operational efficiencies, all strengthened by our AI-powered infrastructure.

透過垂直整合的模式——結合人才培育、內容製作、發行、分析與變現，以及營運效率——並由我們的 AI 驅動基礎架構加以強化，我們持續在公開市場中以純播客（pure play）平台領先並展現差異化。

Our AI toolkit continues to enhance performance across every aspect of the business. FlightPath drives predictive profitability, boosters scales advertising management and proposal recommendations. Adobe Audition ensures best in class audio quality.

我們的 AI 工具組持續在業務各個面向提升表現。FlightPath 推動預測式獲利能力；Boosters 擴大廣告管理與提案建議的規模。Adobe Audition 確保一流的音訊品質。

Pod engine supports discoverability through SEO and insights. Magellan AI powers advertising attribution, and Opus Pro converts long form video into short form content that fuels audience growth across platforms. Our team consistently uses AI-based search components to discover new talent, match trending topics to specific content created on our programs, and more. These tools directly support how we grow shows, monetize audiences, and operate more efficiently at scale.

Pod engine 透過 SEO 與洞察支援內容可被發現性。Magellan AI 提供廣告歸因能力，而 Opus Pro 可將長影音轉換為短內容，推動跨平台的受眾成長。我們的團隊也持續使用 AI 搜尋元件來發掘新人才、將熱門議題與我們節目中產出的特定內容進行配對等。這些工具直接支援我們如何擴大節目規模、將受眾變現，並以規模化方式更有效率地營運。

This quarter, we announced one of the most significant strategic initiatives in PodcastOne's history through our partnership with [Dr. Phil's Envoy Media Company]. Together, we are launching a new podcast-based original and owned content network anchored by the all-new daily [Doctor Phil podcast]. This initiative expands podcast One beyond traditional podcast distribution into true multi-platform owned media, reinforcing our position as a content network rather than simply a podcast publisher.

本季，我們透過與[Dr. Phil's Envoy Media Company] 的合作夥伴關係，宣布了 PodcastOne 歷史上最重要的策略性舉措之一。我們將共同推出一個以播客為核心的全新原創與自有內容網路，並以全新的每日[Doctor Phil podcast] 為主軸。此項計畫使 Podcast One 超越傳統播客發行，邁向真正的多平台自有媒體，強化我們作為內容網路的定位，而不僅僅是播客出版商。

We also proudly renewed Lady Gang in a multi-year agreement. This year marks 10 years of podcasting, 1,000 episodes, and over 300 million downloads. Few podcasts in the industry demonstrate that level of longevity and audience loyalty. In health and wellness, the Dr. Gundry podcast continues to be a standout performer with all18 million-time downloads across 548 episodes, educating millions globally on gut health, nutrition, and longevity through science-backed insights.

我們也很自豪地以多年期協議續約 Lady Gang。今年是其播客第 10 年、累計 1,000 集，下載量超過 3 億次。業界少有播客能展現如此長久的生命力與受眾忠誠度。在健康與保健領域，Dr. Gundry podcast 持續表現亮眼，於 548 集中累計達 1,800 萬次下載，透過科學佐證的洞察，向全球數百萬人傳遞腸道健康、營養與長壽相關知識。

This show exemplifies the long tail value of evergreen expert-driven content. Additionally, we renewed the Adam Carolla Show in a multi-year agreement with the show now joining the Megyn Kelly Channel on Sirius XM, extending its reach into new distribution channels and audiences. Further strengthening our slate, we renewed Bitch Bible, Some More News, and the prosecutors and acquired for your amusement in a multi-year agreement, expanding both genre, diversity, and monetization opportunities across the network.

該節目體現了常青、專家驅動內容的長尾價值。此外，我們也以多年期協議續約 Adam Carolla Show；該節目現已加入 Sirius XM 的 Megyn Kelly Channel，將觸及延伸至新的發行渠道與受眾。為進一步強化我們的節目陣容，我們以多年期協議續約 Bitch Bible、Some More News 與 the prosecutors，並收購 for your amusement，擴大網路在類型多元性與變現機會上的布局。

We also signed a multi-year partnership with AI-driven Listener.com, further advancing our data and audience intelligence capabilities. Our monetization engine continues to show measurable progress. Pod roll revenue increased more than 5% quarter over quarter, reflecting growing adoption of our dynamic ad marketplace by brands and agencies seeking efficient access to premium podcast inventory at scale.

我們也與 AI 驅動的 Listener.com 簽署多年期合作夥伴關係，進一步提升我們的數據與受眾洞察能力。我們的變現引擎持續展現可衡量的進展。Pod roll 收入較上一季成長超過 5%，反映品牌與代理商對我們動態廣告市集的採用度提升，藉此以更有效率的方式大規模取得優質播客廣告庫存。

This growth paired with our talent renewals and own content strategy continues to move PodcastOne into a higher revenue tier and reinforces the scalability of our platform. Lastly, Paramount's recent acquisition of Farnum Town from PodcastOne for development as a streaming project underscores the strength of Podcast One's original IP and storytelling slate. Ryan, back to you for financial results.

此一成長，搭配我們的人才續約與自有內容策略，持續推動 PodcastOne 進入更高的營收層級，並強化我們平台的可擴展性。最後，Paramount 近期自 PodcastOne 收購 Farnum Town，並將其開發為串流專案，凸顯 Podcast One 原創 IP 與敘事內容陣容的實力。Ryan，接下來請你說明財務結果。

Thank you, Kit. As a reminder, our fiscal year began on April 1. Revenue in the fiscal third quarter of 2026 was a record $15.9 million. Operating loss in the quarter was [153,000] compared to an operating loss of $1.6 million in the same year ago quarter. This improvement was driven primarily by higher advertising revenue and operational efficiencies across production and distribution.

謝謝你，Kit。提醒各位，我們的會計年度自 4 月 1 日開始。2026 會計年度第三季營收創新高，達 1,590 萬美元。本季營業損失為 [153,000]，相較去年同期營業損失 160 萬美元。此改善主要來自更高的廣告收入，以及在製作與發行方面的營運效率提升。

Net loss for the quarter was [$154,000, or negative $0.01 cents] per basic and diluted share, compared to net loss of [$1.6 million or negative $0.06] per share in the year ago quarter. Adjusted EBITDA for the quarter was a record $2.8 million compared to a negative [$670,000] in the same year ago quarter driven by revenue growth and discipline cost management. We ended the quarter with $3.4 million in cash and cash equivalents and no debt on the balance sheet. With that, I'll turn the call back over to Kit.

本季淨損為 [$154,000，或每股基本及稀釋後為負 $0.01 美分]，相較去年同期淨損為 [$160 萬，或每股為負 $0.06]。本季調整後 EBITDA 創新高，達 280 萬美元，相較去年同期為負 [$670,000]，主要受惠於營收成長與嚴謹的成本管理。本季期末現金及約當現金為 340 萬美元，資產負債表上無任何負債。接下來我將把電話會議交回給 Kit。

Thank you very much, Ryan. This quarter demonstrated podcast One's evolution into a true content and monetization network powered by technology, talent relationships, and owned media strategy. From the launch of the Doctor Phil's Network Initiative to long-term renewals of legacy shows like Lady Gang and Adam Carolla, to the growth of Podroll and expansion of our AI capabilities through Listener.com, we are building durable assets that extend well beyond individual podcast titles.

非常感謝你，Ryan。本季展現了 PodcastOne 已演進為一個真正的內容與變現網路，並由科技、人才關係以及自有媒體策略所驅動。從啟動 Dr. Phil 的 Network Initiative，到像 Lady Gang 與 Adam Carolla 這類長青節目的長期續約，再到 Podroll 的成長，以及透過 Listener.com 擴展我們的 AI 能力，我們正在打造可長期累積的資產，其價值遠遠超越單一播客節目本身。

We remain focused on compelling content, strategic monetization, and long-term partnerships with creators and advertisers. With our AI powered infrastructure and growing portfolio of owned and original content, we are exceptionally well positioned for continued growth throughout fiscal 2026 and beyond. I want to thank our team, our creators, our partners, and our shareholders for their continued dedication and trust. With that, we'll now open the line for questions, operator.

我們仍專注於具吸引力的內容、策略性變現，以及與創作者與廣告主的長期合作夥伴關係。憑藉我們的 AI 驅動基礎設施與持續擴大的自有與原創內容組合，我們在 2026 財政年度及其後的持續成長方面具備極佳的有利位置。我要感謝我們的團隊、創作者、合作夥伴以及股東持續的投入與信任。接下來我們將開放提問，接線員。

(Operator Instructions)

（接線員指示）

Barry Sine, Litchfield Hills Research.

Barry Sine，Litchfield Hills Research。

Hey, good morning, Kit. Two questions if you don't mind. The first one is around, Dr. Phil. Obviously huge potential. We're I think about [1.5, maybe 2 months] into, his podcast on Podcastone . What are you seeing in terms of streams and downloads, from him, and then secondly, what has been the advertiser response as, Sue McNamara goes out there, too, sell advertising on those, on that program.

嗨，Kit，早安。如果你不介意，我有兩個問題。第一個是關於 Dr. Phil。顯然潛力巨大。我們大概已經在 PodcastOne 上線他的播客約 [1.5，可能 2 個月] 了。你們看到他在串流與下載量方面的表現如何？其次，當 Sue McNamara 也在外面銷售該節目的廣告時，廣告主的反應如何？

Hey, Barry, good to talk to you. Thanks for the questions. Appreciate it. Yeah, we're all really, excited about the Doctor Phil relationship and, he's got a lot of things going on that it's really exciting. You got the Doctor Phil podcast, you've got his Mystery and Murder podcast, which is doing great, and he's really getting his feet wet. We just had him on the Adam Carolla show. We have him, scheduled over the next month and a half to go on some of the biggest, podcasts.

嗨，Barry，很高興和你聊。謝謝你的提問。很感激。是的，我們都對與 Dr. Phil 的合作關係感到非常興奮，而且他正在推進很多事情，真的很令人期待。你有 Dr. Phil 的播客，還有他的《Mystery and Murder》播客，表現非常好，他也正逐步熟悉這個領域。我們剛讓他上了 Adam Carolla 的節目。接下來一個半月內，我們也已安排他去上幾個最大的播客節目。

In in the world and talking about his story, so he's well positioned for some great growth in the space. He's a pro, right? I mean, there's not a bigger name in television history really than him and advertisers are definitely, listening, and excited to hear more about his offerings as we go to market, but.

在全球範圍內，並談談他的故事，因此他在這個領域具備很好的成長條件。他是專業人士，對吧？我的意思是，在電視史上幾乎沒有比他更大的名字了，廣告主確實在關注，也很期待我們在推向市場時能更了解他的內容供給，不過。

Yeah, his show is great, and I think we have some great projects that we're going to be launching over the next three to six months within that envoy media company. Doctor Phil has a really big Rolodex of great people that we're going to want to pull in to do, video audio content for us, so, we're excited about that opportunity. But yeah, all things are great so far and we're really excited about it.

是的，他的節目很棒，而且我認為在接下來三到六個月內，我們會在那家 Envoy Media 公司旗下推出一些很棒的專案。Dr. Phil 有非常龐大的人脈名單（Rolodex），我們會希望邀請其中一些優秀人士來為我們製作影音內容，所以我們對這個機會感到很興奮。但總之，目前一切都很順利，我們也非常期待。

And the advertiser response so far?

那目前廣告主的反應呢？

Yeah, it's been great. They want to know more about what we're going to be offering, so we've just started putting some, presentations together and some offerings that not only just the podcast, but, they've got a ton of distribution through, some relationships that they have too, so we're really working towards, bigger deals that will include that as well as, the podcast on YouTube and, obviously the RSS feeds that go out through iTunes and iHeartRadio and Podcastone and all these different places.

是的，反應非常好。他們想更了解我們將提供哪些內容，因此我們才剛開始整理一些簡報與方案，不僅僅是播客本身；他們也透過一些既有合作關係擁有大量的發行/分發能力，所以我們正朝向更大型的交易努力，這些交易將涵蓋上述內容，也包括在 YouTube 上的播客，以及當然透過 iTunes、iHeartRadio、PodcastOne 等各種平台發出的 RSS feeds。

So, it's exciting because we're a different company as you guys know, we like to look at ourselves as thought leaders and game changers in the sense that, no one else is going out doing this. We're going to include, social media, video, audio, the podcast is TV distribution deals as well.

所以這很令人興奮，因為如各位所知，我們是一家不同的公司；我們喜歡把自己視為思想領袖與遊戲規則改變者，因為沒有人在外面做這些事。我們將把社群媒體、影片、音訊，以及播客的電視分發交易也一併納入。

So, You know that's something that that nobody else has done, so we're kind of educating the marketplace on those opportunities and they're excited to hear from us, 15 years ago no one even believed in podcasting and here we are, so we [gotta] keep, changing things and evolving and leading the way and that's why advertisers always take our phone calls because of that.

所以，你知道，這是其他人都沒做過的事，因此我們某種程度上也在教育市場了解這些機會，而他們也很期待聽我們分享。15 年前甚至沒人相信播客會成形，而現在我們就在這裡，所以我們[必須]持續改變、演進並引領方向；也正因如此，廣告主總是會接我們的電話。

Okay, my second question is around B2B deals. Rob talked extensively about what Live One is doing with B2B deals and, their numbers, the number of active deals, and the number in the pipeline. Some of those, many of those include podcast one content, although I guess not all. Can you talk specifically about how B2B deals are impacting your current results, and then what is the outlook going forward for the impact on results from a B2B deals that are in the works that will include podcasts?

好的，我的第二個問題是關於 B2B 交易。Rob 詳細談到 LiveOne 在 B2B 交易方面的進展，以及他們的數據、活躍交易數量與管線中的數量。其中有一些、很多包含 PodcastOne 的內容，雖然我猜不是全部。你能否具體談談 B2B 交易如何影響你們目前的業績表現，以及未來展望：那些正在推進、且將包含播客內容的 B2B 交易，對業績的影響會是如何？

Yeah, I mean, we have. The Amazon R19 deal is definitely one of the biggest deals we have in our company, that's continuing to do, just great things for us. They're great partners. They've helped us in terms of efficiencies and cost cutting.

是的，我的意思是，我們有。Amazon R19 的交易絕對是我們公司最大的交易之一，而且持續為我們帶來非常好的成果。他們是很棒的合作夥伴。他們在效率提升與成本削減方面也幫了我們很多。

But also, being able to get different revenue channels, right? I've explained this in the past, we have our direct sales, we have, the art 19, ad inventory marketplace where their sellers are including podcasting, run a network deal to their advertising relationships which continue to expand. And then we have our access to the programmatic desk through them and relationships through them, so that has been, tremendous, diversifying our ad sales revenue generation channels and being able to continue to grow and put pressure on our inventory.

但同時，也讓我們能取得不同的營收管道，對吧？我過去解釋過：我們有直銷團隊；我們有 Art19 的廣告庫存市集（ad inventory marketplace），他們的銷售人員把播客納入其中，並將網路型交易提供給他們持續擴大的廣告客戶關係。此外，我們也透過他們取得程式化（programmatic）交易平台（desk）的接入，以及透過他們建立的各種關係；因此這在分散我們的廣告銷售營收生成管道方面非常顯著，也讓我們能持續成長並對我們的庫存施加壓力（提高填充與變現）。

So, we have moved up to a second. Here, with impressions that we are able to offer, which gives us a really nice minimum guarantee from them, and we continue to grow, that relationship continues to grow and, there'll be more money involved in that, so that's exciting. We have a great relationship with Pluto TV, for years now that also is, has been a great relationship and continues to evolve. We're now talking to them about doing our, a Pluto TV podcast where, we'll be reviewing their programming, new programming, historic programming that they give their, in their platform.

所以，我們已提升到第二。在這裡，就我們能提供的曝光量（impressions）而言，這讓我們能從他們那裡取得相當不錯的最低保證（minimum guarantee）；而且我們持續成長，這段合作關係也持續擴大，未來也會涉及更多資金，所以這很令人振奮。我們多年來與 Pluto TV 也維持很好的合作關係，這同樣是一段很棒的合作，並且持續演進。我們現在也在和他們討論製作我們的 Pluto TV 播客，內容將會評論他們的平台節目，包括新節目與經典節目。

So those are really big deals that we have going on, Sue and her team, continue to crack the cone of new brands and New advertising relationships. I was, just listening to Adam Carolla and, he was doing a, live show up in Sugarloaf, and, I just listened to it, the other day at the gym and, the amount of brands that are in there and Adam's doing fantastic reads for, and they're great companies, it's amazing.

所以這些都是我們正在進行的非常大型的交易；Sue 和她的團隊持續打開新品牌與新的廣告合作關係。我剛在聽 Adam Carolla，他在 Sugarloaf 做了一場現場演出；我前幾天在健身房聽的，而裡面出現的品牌數量，以及 Adam 為其做的精彩口播（reads），而且都是很棒的公司，真的令人驚訝。

They're different ones, they're new ones, so, people are diving into, to the space on that front as well and we have a lot of other relationships on the docket that will, expand into this year and next, but yeah, positioned pretty well there.

它們是不同的案子，是新的案子，所以人們也在那個面向投入、進入那個領域；而且我們還有很多其他關係正在排程中，會在今年與明年擴展，不過是的，我們在那邊的布局相當不錯。

So, specifically, Rob called out three major new ones that are just coming online. Do any of those include podcasts or do all of them, or how many of them include podcasts?

所以，具體來說，Rob 點出了三個剛上線的重大新案子。其中有包含 Podcast 嗎？還是三個都有？或是有多少個包含 Podcast？

Well, we work, hand in hand, with the Live One team on a bunch of initiatives. So, yes, there's talk about content development for some of those relationships, as they create music channels for them. We would create podcast offerings, content offerings, a lot of them are in early discussion, so I can't really talk too much about them, but they're excited about it. I mean, this is a new world where we have access to talent and, great content and audience that we can now engage with those brands. So.

嗯，我們和 Live One 團隊在許多計畫上密切合作、並肩推進。所以是的，當他們為這些合作夥伴建立音樂頻道時，確實有在談其中一些關係的內容開發。我們會提供 Podcast 方案、內容方案；很多都還在早期討論，所以我不能講太多，但他們對此很興奮。我的意思是，這是一個新世界，我們現在能接觸到人才、優質內容與受眾，並且可以透過這些品牌去互動。所以。

Yeah, Kit, if you don't mind, I'll jump in just for a second and that, Barry, as when our app goes into any one of our partners, whether it's carriers, retailers, so on, podcasting is a big component of it. So, if you can reach your audiences of [$50 million plus], our podcasts get a whole new audience, right? That happens, as part of the deal, right? So, all of this, all of a sudden, we don't count that in our revenues today, but if you reach 50 million people, all of our podcasts are in their hands as well. So anytime the Live One app is there, Our podcast, even though we have everyone's podcast, our podcasts are always highlighted in the first position. So, you got a new, brand new massive audience amongst the amongst those three B2B deals and more to come.

對，Kit，如果你不介意，我插一句；Barry，當我們的 App 進入任何一個合作夥伴的平台，不論是電信商、零售商等等，Podcast 都是其中很重要的一個組成。所以，如果你能觸及到超過[5,000 萬]的受眾，我們的 Podcast 就會獲得一個全新的受眾群，對吧？這是交易的一部分，對吧？所以，突然之間，這些我們今天還沒有計入營收，但如果你能觸及 5,000 萬人，我們所有的 Podcast 也同樣會到他們手上。所以只要 Live One 的 App 在那裡，我們的 Podcast——即便我們也有收錄所有人的 Podcast——我們的 Podcast 永遠會被放在第一個位置重點呈現。所以，在那三個 B2B 交易以及後續更多交易之中，你就會得到一個全新、龐大、巨量的受眾。

I'm well aware I have the Live One app on my iPhone, my iPad, and my Apple TV. Thank you very much, gentlemen.

我很清楚，我的 iPhone、iPad 和 Apple TV 上都有 Live One 的 App。非常感謝，各位先生。

Hey, good to talk to you, Barry.

嘿，很高興跟你聊，Barry。

Sean McGowan, Roth Capital.

Sean McGowan，Roth Capital。

Hi guys, thanks for taking the call. Can you hear me, okay? I got some construction going on where I am.

嗨各位，謝謝接聽。你們聽得到我嗎？我這邊剛好有些施工。

Yeah, hey, how are you?

有，嘿，你好嗎？

Pretty good, Kit. Thanks. A couple of questions for me too. So, on cost of sales, nice, a nice reduction in cost of sales as a percentage of revenue, and I imagine that some of that is. Revenue from things like, selling programs like Barnumtown where there really isn't a lot of incremental cost but there's revenue. So, can you give us a sense of if you excluded that kind of revenue with like really no cost associated with it, has there been another shift in cost of sales as a percentage of revenue, or is it, is the reduction pretty much due just to that issue.

還不錯，Kit。謝謝。我也有幾個問題。關於銷貨成本（cost of sales），銷貨成本占營收比重有很不錯的下降；我想其中一部分可能是來自像 Barnumtown 這類節目的銷售，幾乎沒有太多新增成本，但有營收。所以，你們能否說明一下：如果把這種幾乎沒有相關成本的營收排除掉，銷貨成本占營收比重是否還有其他結構性變化？還是說，這次下降幾乎主要就是因為那個因素？

Sure, [I'll in Ryan. So, oh, go ahead, Ryan].

當然。[我讓 Ryan 來回答。喔，Ryan，你先請。]

Yeah, thanks guys. Hey Sean, so, yeah, it's a good question. I mean, our margin generally, what has been, slightly ticking up all year, so there's, there is a little bit of disprovement based on all the hard work that Kit and his team is doing, to improve that, additionally that that there were, one time. Benefits coming through from certain things that were sold during the quarter, so, yeah, it was a strong quarter for us there was one one-off item in there, but otherwise, it's positive and strong and quarter of a quarter.

好的，謝謝各位。嘿 Sean，這問題問得很好。我的意思是，我們的毛利率整體來說，今年一路都有些微上升，所以確實有一些改善，這要歸功於 Kit 和他的團隊為了提升毛利所做的努力；另外，本季也有一些一次性的效益，來自於季度內出售的某些項目，所以，是的，這對我們來說是個強勁的季度，裡面有一個一次性項目，但除此之外，整體是正向且強勁的，而且是逐季改善。

I'm kind of related to that when, I just love that Farnham town, when do you think that would be kind of available for general consumer viewership, with the partner.

這跟剛才有點相關，我真的很喜歡那個 Farnham town；你覺得它大概什麼時候會透過合作夥伴，讓一般消費者可以觀看？

And guys, I'll jump in on that, you never know the date, but they're in for a lot of money, right, they've now spent. At least $1.5 million, probably $2 million right, on options, getting the rights to it. It's now at the streaming partner, right? If that gets greenlit, as Sean, you've been around me for a long time. When I did the movie 300 and Spiderway Chronicles, we did, a billion dollars of revenue in these. If you get a TV show on the air on a major streaming network, there could be millions to tens of millions of dollars with zero additional cost to us. So we couldn't be more excited and there's 4 of those, right, that have now been sold. There's 12 total. I'm sorry, there's 15 total in the pipeline.

各位，我來補充一下：日期你永遠很難確定，但他們投入了很多錢，對吧，他們現在已經花了。至少 150 萬美元，可能 200 萬美元，對吧，用在選擇權、取得相關權利上。現在已經送到串流合作夥伴那邊了，對吧？如果它被核准立項（greenlit），Sean，你跟我很久了。當年我做《300》跟《Spiderway Chronicles》時，我們在這些案子上做到了 10 億美元的營收。如果你能在大型串流平台上把影集播出，對我們來說可能是數百萬到數千萬美元，而且我們幾乎不需要任何額外成本。所以我們非常興奮；而且這樣的案子已經賣出 4 個了，對吧？總共有 12 個。抱歉，管線裡總共有 15 個。

In fact, we're going to market with another two of them shortly. It couldn't be really more exciting than that. We've always talked about original IP and what original IP can do for us and how it changes the dynamics of the industry dramatically and those second windows of original programming to television and film.

事實上，我們很快還會再把其中兩個拿去市場上推。真的再也沒有比這更令人興奮的了。我們一直在談原創 IP，以及原創 IP 能為我們帶來什麼、它如何大幅改變產業動態，還有原創節目在電視與電影上的第二窗口變現。

Products owned in conjunction with the talent, which Kit's going to be talking about a lot more over the next couple of quarters and live shows which is just exploding in podcasts as whether it's all in or it's, Rogan and so on, these, the live shows are just expansive and you're seeing so many people. Into that live market as you saw Ari Emanuel just raised $2 billion to expand the market and you see Irving Aysoff in the market. The live market is robust and just opens up the floodgates for additional revenues at way bigger margins for us going forward.

以及與藝人共同持有的產品——Kit 在接下來幾個季度會談更多——還有現場演出；Podcast 的現場演出正快速爆發，不管是 All In，或是 Rogan 等等，這些現場秀的規模正在擴張，你也看到很多人湧入現場市場；就像你看到 Ari Emanuel 剛募了 20 億美元來擴張市場，你也看到 Irving Azoff 也在這個市場裡。現場市場很強勁，並且會為我們未來打開閘門，帶來更多營收，而且毛利率會高得多。

Thank you. And then, Ryan, like we talk about the, that one-off on the cost of sales. How about some of the other, cost trends, would you expect the G&A to kind of stay at this level or should we be looking for increases?

謝謝。另外，Ryan，剛才我們談到銷貨成本裡那個一次性項目。那其他成本趨勢呢？你預期 G&A（一般及行政費用）會維持在這個水準，還是我們應該預期會增加？

You, I would say you would expect G&A to stay at this level, short, short-term. There were some awards that are, driving that right now in addition to sales and marketing. So, but it's mostly stock complic gets adjusted out, but I think the team, has done a great job of containing not only containing costs, but Kit and team have done a really good job of doing a lot more with the same amount of resources and trimming costs wherever they can. So yeah, we should expect, you should expect more of the same going forward.

我會說，短期內你可以預期 G&A 會維持在這個水準。目前有一些獎酬項目在推升這個數字，另外也包含銷售與行銷。不過多數是股票酬勞（stock comp），會在調整後被剔除；但我認為團隊在控管成本方面做得很好，不只是控制成本，Kit 和團隊也很擅長用同樣的資源做更多事，並在能修剪的地方盡量降低成本。所以是的，往後你應該會看到大致相同的趨勢。

Okay, so then in terms of cost of sales, in, x this one-off, and I know there'll be other one-offs, and probably bigger down the road, but excluding that, would you expect. The overall cost of sales as a percentage of revenue to kind of get back to where it was early, kind of rise back up to where it was earlier in the fiscal year.

好的，那麼就銷貨成本而言，在，x 這個一次性項目（我知道之後還會有其他一次性項目，而且可能會更大），但若排除這個，你是否預期。整體銷貨成本占營收的百分比會回到先前的水準，也就是回升到本財年較早時的水準。

I mean that would be sort of like the normalized one that we're seeing going forward, maybe a blend of that and maybe a little bit better because we continue to improve on our contractual negotiations which you'll see it creep up as those start flowing through, but, yeah the one, like to your question, some of these one off they're not exactly, they're not exactly, easy to predict the timing of, right, but, yeah, I see you should expect these coming through through occasionally, as we do more of these deals and they start coming to fruition.

我的意思是，那會有點像我們往後看到的常態化水準，可能是那個水準的混合，再加上可能會稍微更好一些，因為我們持續改善合約談判；當那些開始反映出來時，你會看到它慢慢上升。不過，對，你問到的這些一次性項目，它們的發生時點並不是、並不是很容易預測，對吧？但，對，我認為你應該預期這些會不時出現，因為我們做更多這類交易，且它們開始落地實現。

Okay, and then looking at stock-based comps, it was like roughly $2 million year over year increase. How does that divide out between, G&A and cost of sales? Is some of that taken in cost of sales?

好的，然後看股票基礎薪酬（stock-based comp），年增大約 200 萬美元。這在 G&A 和銷貨成本之間是怎麼分配的？其中有一部分是計入銷貨成本嗎？

Yeah, some of the sad in the cost of sales, so we have a contribution margin reconciliation that, that's in the queue that kind of breaks that out, so you can kind of see that breakout there, so, I think if you're looking at the quarter, yeah, so you're looking at the quarter, about north of a [million, about 11.4], coming out of cost of sales.

對，有一部分是在銷貨成本裡，所以我們有一個貢獻毛利（contribution margin）調節表，已經在排程裡，會把這部分拆分出來，讓你可以看到那個拆分。所以，我想如果你看這一季，對，如果你看這一季，大概有超過 100 萬（大約 11.4）是從銷貨成本裡出來的。

Okay, thank you. And then my last question is, you guys pre-announced a couple of weeks ago. You came in a little better even than that in the fourth quarter. The guidance though, I mean, in the third quarter, the guidance for the fourth quarter kind of implies a pretty significant deceleration. I think at the bottom end it actually would be down. So, what, what's driving that not raising the guidance for the March quarter?

好的，謝謝。然後我最後一個問題是，你們幾週前做了預告。第四季的實際表現甚至比那個還要好一些。但指引方面，我是說，在第三季，對第四季的指引似乎暗示相當明顯的減速。我想在區間下緣甚至會是下滑。所以，是什麼原因導致你們沒有上調 3 月季度的指引？

Yeah, I'm happy to take both of that. Go ahead, Ryan. Yeah.

對，我很樂意兩個都回答。Ryan，你先。對。

Go. Oh, no. This is actually probably one for you to answer. It's, yeah, go ahead, buddy.

你來。喔，不。這其實可能是你來回答比較合適。對，你來吧，老兄。

Sure, no problem. So typically, calendar year fourth quarter is always the biggest in terms of. Ad revenue spent, right, and we're still, that's still a majority of our business. So, as you go into the new year, advertisers, really kind of slow down, and then we start up they've got ads in place, and then they kind of ramp it up on what's working, what's not, and kind of pivot from that.

當然，沒問題。所以通常，曆年第四季在。廣告營收投放（ad revenue spent）方面一直都是最大的一季，對吧？而且這仍然是我們業務的大宗。所以，進入新的一年時，廣告主通常會放慢腳步，然後我們開始，他們先把廣告上線，接著再根據哪些有效、哪些無效逐步加碼，並且依此做調整。

But yeah, typically if you look at all our history it's always this this Q4 fiscal year calendar year Q1 that January February, those are usually our slower revenue ad generation March months so it's normalized. I think we're still going to beat what we did in in last year's quarter if I had to bet, but I think that's just kind of normal for the for all the businesses and media.

不過對，如果你看我們所有的歷史，通常都是這樣：這個財年 Q4、曆年 Q1，也就是 1 月、2 月，通常是我們廣告帶動營收比較慢的月份，3 月就會回到常態。我想如果要我押注，我們仍會優於去年同季的表現，但我認為這對所有企業與媒體來說都算正常。

Okay, thank you.

好的，謝謝。

Leo Carpio with Joseph Gunnar.

Joseph Gunnar 的 Leo Carpio。

Good morning, gentlemen. Actually, I have a couple of questions. First, regarding the, EBITDA, it seems like a quarter on an EBITDA basis, you kind of hit that pivot point, yet it sounds like there's a quarter benefit from a couple of one-offs. So, the question is, looking into the fourth quarter and then looking into fiscal 2027, is it possible that the EBITDA is going to be break-even again and is it going to be like one-off driven or pure straight efficiency driven?

早安，各位先生。其實我有幾個問題。首先，關於 EBITDA，看起來以單季 EBITDA 來看，你們似乎到達了那個轉折點，但聽起來也有一些一次性項目帶來的單季利益。所以問題是，展望第四季以及展望 2027 財年，EBITDA 是否有可能又回到損益兩平？而且會是一次性項目驅動，還是純粹由效率提升所驅動？

Thanks, Leo. Well, we expect adjusted EBITDA to continue into the future quarters. The one-off this quarter wasn't driving all of the EBITDA by any stretch of the imagination. What you've seen in the first two quarters this year is minimally what we expect, on top of what we did this quarter. So, we expect it to kind of slowly continue and climb, and we put that out, as well, in this release.

謝謝你，Leo。我們預期調整後 EBITDA 會在未來幾季持續。本季的一次性項目並沒有在任何程度上主導全部的 EBITDA。你在今年前兩季看到的，是我們預期的最低水準，再加上我們本季做到的表現。所以我們預期它會緩步延續並攀升，我們也在這次新聞稿中提到這點。

Okay, and then turning toward the talent pool, now that you've been successfully adding new shows and looking at bigger and better contracts and, What is the talent environment out there in terms of, are you able to find like good mid-tier talent that's brings a solid franchise and are the economics still favors or is it still a buyer's market for you or is it beginning to shift?

好的，然後轉向人才庫：現在你們成功新增了新節目，並在看更大、更好的合約，而且，外部的人才環境如何？就你們而言，是否能找到優質的中階人才，能帶來穩固的品牌／系列？而在經濟條件上，是否仍對你們有利、仍是買方市場？還是開始出現轉變？

Yeah, it's a good question, Leo. What we're seeing, I actually read something this morning in the trades that in January there were more new podcasts launched than than last January, which is really a good, sign for the health of the industry in the sense that more people are getting into the space and developing great content. Which opens, more opportunities for us, right?

對，這是個好問題，Leo。我們看到的是——我今天早上其實在業內媒體上讀到一則消息，說 1 月推出的新播客比去年 1 月還多，這對產業健康度來說是很好的訊號，因為有更多人進入這個領域並開發優質內容。這也為我們帶來更多機會，對吧？

So that's a great sign, it's still competitive for sure, there are companies out there that'll. Go low on margins and take what we would consider deals that we wouldn't take and I don't know. I could say they're bad deals or not, but they're not, they wouldn't work for us, so we continue to, sledge forward with our method of making smart deals, that work for us that we know we can grow, so we have a big funnel of shows and companies that we're still talking to on the M&A side.

所以這是很好的訊號，當然競爭仍然激烈，外面有些公司會。用很低的毛利去做，並接受我們認為我們不會做的交易，我也不知道。我能不能說那是壞交易，但那些交易不適合我們、對我們行不通，所以我們會持續以我們的方法往前推進：做對我們有利、而且我們知道能成長的聰明交易。因此在併購（M&A）方面，我們仍在和大量節目與公司洽談，漏斗很大。

That would be not just, one off shows here and there but actual networks of programs, putting them in our systems, cutting some costs and growing those that's still a huge part of what we do. But we've been really lucky with some of our long-term relationships like, even theirley's, right? They're launching another show, with Todd and his two boys and we are in talks with A&E about not only continuing that relationship which has been 9 year relationship and a great one where we've launched, now 4 or 5 shows with them. We've got 3 or 4 with them as well so they're, these relationships that we have are continuing to expand. I talked about the lady gang.

那不只是零星的一次性節目，而是實際的節目網路，把它們導入我們的系統、削減一些成本並把它們做大，這仍是我們工作中很重要的一部分。但我們在一些長期關係上也非常幸運，例如，甚至是 theirley's，對吧？他們正在推出另一個節目，由 Todd 和他的兩個兒子一起，我們也在和 A&E 討論，不只是延續這段合作關係——這已經是 9 年的合作，而且非常成功——我們已經和他們一起推出了 4 或 5 個節目。我們也還有 3 或 4 個和他們合作，所以這些我們擁有的關係正在持續擴大。我也提到了 lady gang。

Show and them being with us for 10 years now, we're actually going to be launching a parenting program, or segment in that show as well. So not only are we out there getting new podcasts, but the ones that we're doing, having great success with or wanting to do more with us, they're seeing. How profitable, how big in terms of creating communities it is for them.

節目以及他們與我們合作至今已經 10 年了，我們其實也將在該節目中推出一個育兒方案或單元。所以我們不僅在外面拓展新的 Podcast，而且對於我們正在製作、且取得很大成功或希望與我們進一步合作的那些節目，他們也看到了。這對他們而言有多麼有利可圖、以及在建立社群規模方面有多大。

So yeah, it, it's great. It's still challenging. I mean, the agents are doing a great job of representing, great podcasts and bringing them to us, but that makes it a competitive environment. But we're well positioned for success there as well. So yeah, we look, we're really excited about where that, where that stands right now.

所以是的，這很棒。但仍然具有挑戰性。我的意思是，經紀人確實很擅長代表優秀的 Podcast 並把它們帶到我們這裡，但這也讓環境變得更具競爭性。不過我們也處於很有利的位置，能在那裡取得成功。所以是的，我們很期待目前那個狀況、以及它現在所處的位置。

Okay, and then in terms of acquisitions, anything on the horizon that seems appealing to you or it's more a case of just looking at talents first and then acquisitions if it's an opportunity that comes about.

好的，那在併購方面，有沒有什麼看起來吸引你、在地平線上的機會？還是說比較像是先看人才，然後如果有機會出現再考慮併購？

Yeah, there's some great ones out there. We are in deep in talks with a couple of them, some that are bigger than us, believe it or not, and some that are smaller that would complement us. So we're really excited about those discussions and where those stand. Steve Raymond and team are doing great things there. We're all having conversations. I think it'd be. There's a lot of these companies, not the big ones, that are still trying to find their way and have great opportunities and great growth potential, so we're talking to all of them and, at the same time our talent acquisition team is out there talking to individual shows, every day.

是的，外面有一些很棒的標的。我們正在與其中幾個進行深入洽談，有些規模甚至比我們大（信不信由你），也有些比較小、但能與我們形成互補。所以我們對這些討論以及目前進展感到非常興奮。Steve Raymond 和團隊在那方面做得非常出色。我們都在進行對話。我認為會是。這些公司當中有很多（不是那些大型公司）仍在摸索方向，但同時也有很好的機會與很大的成長潛力，所以我們正在和他們全部洽談；同時，我們的人才招募團隊也每天都在與各個單一節目洽談。

Okay, and the last question regarding the industry environment in general, how are you seeing, advertiser spending? Is it still, is it robust? Is it improving, and is it driven at any particular demographic group or show category or style?

好的，最後一個關於整體產業環境的問題：你們怎麼看廣告主支出？它仍然強勁嗎？是否正在改善？以及是否由特定族群、節目類別或風格所帶動？

Yeah, we're really fortunate. The media spending level is increasing. Every report I see it, it's continued growth, record growth, when you look at the companies that are out there and and tracking, who's spending in the space, you're looking at, the Amazons of the world, the progressives of the world, the state farms of the world, these are. Big brands with big media budgets that that are shifting their spends to this podcasting world and they continue to believe in it.

是的，我們非常幸運。媒體支出水準正在上升。我看到的每一份報告都顯示持續成長、創紀錄的成長；當你看那些在市場上、並追蹤誰在這個領域投放的公司時，你會看到像 Amazon、Progressive、State Farm 這些品牌。這些都是擁有龐大媒體預算的大品牌，正在把支出轉向 Podcast 這個世界，而且他們持續相信這個媒介。

They continue to dive into it, and you know I think the medium is just exploding and the technology, the ROI, the attribution, all of that allows these companies to not just spend blindly like they may have in the past with other mediums. They really have a true tell that that this is working.

他們持續加碼投入；而且你知道，我認為這個媒介正在爆發式成長，技術、投資報酬率（ROI）、歸因（attribution）等各方面，讓這些公司不必像過去在其他媒介那樣盲目投放。他們真的能清楚判斷這確實有效。

Okay, thanks.

好的，謝謝。

And this concludes our question-and-answer session. I'll hand the call back over to Kit Gray for any closing comments.

我們的問答環節到此結束。我將把電話交回給 Kit Gray，請他做結語。

Well, thank you very much, everybody. I really appreciate your time today. We had a really strong quarter and great results. I can't thank my team enough and all the people that believe in us in terms of investors and Live One for all of their support, Ryan and Rob, I appreciate you guys and we're excited to develop some great things moving forward and excited to talk to you, throughout the year. Thank you very much, everyone. We appreciate it.

好，非常感謝各位。我非常感謝大家今天撥冗參與。我們本季表現非常強勁、成果也很出色。我對我的團隊感激不盡，也感謝所有相信我們的人，包括投資人以及 Live One 對我們的支持；Ryan 和 Rob，我也很感謝你們。我們很期待接下來能推動一些很棒的事情，也期待在今年持續與各位交流。非常感謝各位。我們很感激。

Yeah, and just before we hang up, I'm just going to add to that. I just want to thank you, Kit and Ryan for a great job. This is a spectacular quarter. It's going to continue, and what I would tell you is that Live One, not only as a supporter, but we're buying back a lot of stock. We're going to continue to add to our position and you'll see us, I think we bought [657,000 shares] recently.

是的，在我們掛線之前，我再補充一下。我想感謝 Kit 和 Ryan 做得非常出色。這是一個非常亮眼的季度。這樣的表現會持續下去；我想告訴各位的是，Live One 不僅是支持者，我們也正在回購大量股票。我們會持續增加持股部位；我想我們最近買了 [657,000 股]。

We'll be adding to that. Substantially, success of this company, Kit has just done an absolutely spectacular job of delivering revenues and EBITDA. So could be prouder of my team and you'll see us in the market very shortly as soon as we have approval from our attorneys to buy back more stock.

我們還會在此基礎上繼續加碼。就這家公司的成功而言，Kit 在交付營收與 EBITDA 方面做得極其出色。所以我對我的團隊感到無比自豪；而且你們很快就會看到我們回到市場上——只要我們的律師批准我們再回購更多股票。

Everyone, this will conclude our call today. Thank you all for joining. You may now disconnect.

各位，我們今天的電話會議到此結束。感謝大家參與。您現在可以掛線。