Skillz Inc (SKLZ) 2023 Q3 法說會逐字稿

Good afternoon, all. I would like to welcome you all to the Skillz Inc. 2023 third quarter results call. My name is Brica, and I will be your moderator for today's call. (Operator Instructions) I would now like to pass the conference over to your host, Jim Leahy from JCIR to begin. So, Jim, please go ahead.

大家下午好。歡迎大家參加 Skillz Inc. 2023 年第三季業績電話會議。我叫布里卡，我將擔任今天電話會議的主持人。 （操作員指示）我現在想將會議交給主持人、JCIR 的 Jim Leahy 開始。那麼，吉姆，請繼續。

Good afternoon and welcome to the Skillz third quarter earnings conference call. On the call today are Andrew Paradise, Skillz's Co-Founder and CEO; Casey Chafkin, Co-Founder and CSO; and Jason Roswig, President and CFO. This afternoon, Skillz issued it's 2023 third quarter results release, which is available on the company's Investor Relations website.

下午好，歡迎參加 Skillz 第三季財報電話會議。今天參加電話會議的是 Skillz 聯合創辦人兼執行長 Andrew Paradise； Casey Chafkin，共同創辦人兼首席策略長；以及總裁兼財務長 Jason Roswig。今天下午，Skillz 發布了 2023 年第三季業績報告，該報告可在該公司的投資者關係網站上查看。

Before I turn the call over to Andrew, please note that some of management's comments today will include forward-looking statements within the meaning of federal securities laws. Forward-looking statements, which are usually identified by the use of words such as will, expect, should, or other similar phrases are subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect. Therefore, you should exercise caution in interpreting and relying on them. We refer you to the company's SEC filings for more detailed discussion of the risks that could impact future operating results and financial condition.

在我將電話轉給安德魯之前，請注意，今天管理層的一些評論將包括聯邦證券法含義內的前瞻性陳述。前瞻性陳述通常透過使用「意願」、「期望」、「應該」或其他類似短語等詞彙來識別，這些陳述面臨眾多風險和不確定性，可能導致實際結果與我們的預期有重大差異。因此，您在解釋和依賴它們時應該小心謹慎。我們建議您參閱該公司向 SEC 提交的文件，以更詳細地討論可能影響未來營運績效和財務狀況的風險。

During the call, management will discuss non-GAAP measures, which it believes can be useful in evaluating the company's operating performance. These measures should not be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP. The reconciliation of these measures to the most directly comparable GAAP measures is available in the company's third quarter 2023 earnings release.

在電話會議期間，管理階層將討論非公認會計準則衡量標準，認為這些衡量標準有助於評估公司的營運表現。這些措施不應被孤立地考慮，也不應取代我們根據公認會計準則編制的財務表現。該公司 2023 年第三季財報中提供了這些指標與最直接可比較的 GAAP 指標的調整表。

With that, I'll turn the call over to Andrew for some opening remarks, followed by Jason for discussion of our financial performance before we open the call for questions. Andrew?

接下來，我將把電話轉給安德魯，讓他做一些開場白，然後由傑森討論我們的財務業績，然後再開始提問。安德魯？

Thank you and good afternoon to everyone. Throughout the third quarter, we made continued progress on the four strategic pillars we laid out last year that were expected to return Skillz to generating consistent top line growth cash flow.

謝謝大家，大家下午好。在整個第三季度，我們在去年制定的四大戰略支柱上取得了持續進展，預計這些支柱將使 Skillz 能夠產生持續的營收成長現金流。

These four pillars are: first, enhancing our platform to improve customer and developer engagement and retention; second, up-leveling our organization; third, improving our go-to-market efficiency; and fourth, demonstrating a clear path to profitability.

這四大支柱是：首先，增強我們的平台，以提高客戶和開發人員的參與度和保留率；二是提升組織水平；第三，提高上市效率；第四，展示清晰的獲利路徑。

I want to level set expectations because more progress needs to be achieved ahead in order for us to fully achieve our business term objectives. As an example, our traffic levels continue to lag where we want it to be. Paying monthly active users was 168,000 in Q3 compared to 200,000 in Q2. Ultimately, we still have more work ahead to grow Skillz platform to generate consistent profitable growth and enhance shareholder value.

我想調整預期，因為我們需要在未來取得更多進展，才能充分實現我們的業務目標。例如，我們的流量水平繼續落後於我們想要的水平。第三季的每月付費活躍用戶為 168,000 人，而第二季為 20 萬人。最終，我們仍然有更多的工作來發展 Skillz 平台，以實現持續的獲利成長並提高股東價值。

Our near-term focus has been to improve our user economics before focusing on growing traffic for the sake of growth. We have been focusing on reducing customer acquisition costs and ongoing LTV by improving our product experience to drive higher engagement. Once we reach our target of a sustained six-month payback period will shift focus to growing traffic.

我們近期的重點是提高用戶經濟效益，然後再專注於為了成長而增加流量。我們一直致力於透過改善產品體驗來提高參與度，從而降低客戶獲取成本和持續的生命週期價值。一旦我們達到持續六個月投資回收期的目標，我們就會將重點轉移到增加流量。

Beyond the product experience itself, we're working on our VIP program to ensure our most valuable players are recognized, awarded, and retained. We've built a unique platform and if we prioritize continuing to improve retention while maintaining healthy user economics, we can generate significant returns for our shareholders.

除了產品體驗本身之外，我們還致力於 VIP 計劃，以確保我們最有價值的玩家得到認可、獎勵和保留。我們建立了一個獨特的平台，如果我們優先考慮繼續提高保留率，同時保持健康的用戶經濟，我們可以為股東帶來可觀的回報。

Let me turn to a brief review of our third quarter progress and Q4 to date before I turn the call to Jason for a review of financials. I'll begin with some of the highlights of our efforts to enhance our platform to improve customer and developer engagement and retention.

在我致電傑森審查財務狀況之前，讓我簡要回顧一下我們第三季和第四季迄今為止的進展。我將首先介紹我們為增強平台以提高客戶和開發人員的參與度和保留率所做的努力的一些亮點。

As we discussed on our Q2 call, our product team is developing new future pipeline that's driving higher customer retention, engagement, and monetization. To this end, we introduced two new product features in Q3, daily challenges, and progressive leagues, which have now been rolled out to games that account for the majority of our revenue.

正如我們在第二季電話會議上所討論的那樣，我們的產品團隊正在開發新的未來管道，以提高客戶保留率、參與度和貨幣化率。為此，我們在第三季推出了兩項新產品功能：每日挑戰和漸進聯賽，這些功能現在已推廣到占我們收入大部分的遊戲中。

When we introduce new features, we're targeting a 10% or greater improvement in retention, engagement, and monetization. And I'm pleased to share the two new features accomplish this goal in Q3. For Q4, we expect to roll out two to three new features and then we'll look to extend that momentum into 2024. It's truly exciting to see the platform launching new meaningful features for our players.

當我們推出新功能時，我們的目標是在保留率、參與度和利潤方面提高 10% 或更高。我很高興與大家分享這兩項新功能在第三季實現了這一目標。對於第四季度，我們預計將推出兩到三個新功能，然後我們將把這一勢頭延續到 2024 年。看到該平台為我們的玩家推出有意義的新功能，真是令人興奮。

Turning to our second pillar, up-leveling our organization. Our focus on performance, ownership, and accountability is making a tangible difference in productivity as evidenced by the new accretive features of our product and engineering organizations that have been built this past quarter as well as the lineup of new product features for Q4 in 2024.

轉向我們的第二個支柱，提升我們的組織水平。我們對績效、所有權和責任的關注正在對生產力產生切實的影響，上個季度建立的產品和工程組織的新增值功能以及 2024 年第四季的新產品功能陣容就證明了這一點。

In Q3, we filled key roles that we expect will significantly benefit our company and included roles such as Vice President of Consumer, Head of Developer Product, and Head of Mobile Engineering. We're also making progress with transitioning away from our dependence on contract labor to full-time permanent employees that are committed to Skillz's mission. But we still have work to do.

在第三季度，我們填補了預計將為我們公司帶來重大利益的關鍵職位，包括消費者副總裁、開發人員產品主管和行動工程主管等職位。我們在擺脫對合約工的依賴，轉向致力於 Skillz 使命的全職永久員工方面也取得了進展。但我們還有工作要做。

We've made measured progress of putting the right people in the right roles or bringing our newer employees fully up to speed with our strategic priorities. In this respect, we expect our upcoming move into our new Las Vegas headquarters will further enhance collaboration, productivity, and accountability across the organization.

我們在讓合適的人擔任合適的角色或讓新員工完全跟上我們的策略重點方面取得了可衡量的進展。在這方面，我們預期即將遷入拉斯維加斯新總部將進一步增強整個組織的協作、生產力和責任感。

Moving on to our third pillar or go to market. Our Q3 user acquisition cost was the lowest since 2020. We're on-track to achieve a payback period of six months in the next few quarters. This will position Skillz as having well above the industry average payback period for companies in the mobile gaming market. Moreover, in Q3, we launched our highest number of prize enabled games since Q2 of last year. So that's the highest since we started turning around our business.

繼續我們的第三個支柱或進入市場。我們第三季的用戶獲取成本是自 2020 年以來最低的。我們預計在接下來的幾季實現六個月的投資回收期。這將使 Skillz 的投資回收期遠高於行動遊戲市場公司的行業平均值。此外，在第三季度，我們推出了自去年第二季以來數量最多的有獎遊戲。這是自我們開始扭轉業務以來的最高水準。

This reflects the changes we made in Q2 to relaunch our developer revenue share agreement. To remind listeners, we now have share revenue based on entry fees as opposed to percentage of profits, which is much easier for developers to understand and calculate in real time.

這反映了我們在第二季為重新啟動開發者營收分成協議所做的改變。提醒聽眾，我們現在根據入場費而不是利潤百分比來分享收入，這對於開發者來說更容易即時理解和計算。

So this change, several of our biggest developers introduced new games in Q3. Developers such as Big Run Studios and Tether Studios released new content for the first time in several quarters and are reengaged in growing the platform. Beyond getting our developer community to launch more content, we're also improving the transparency and monitoring of games. There are candidates under our Skillz publishing model.

因此，透過這項變化，我們的幾家最大的開發商在第三季推出了新遊戲。 Big Run Studios 和 Tether Studios 等開發商幾個季度以來首次發布了新內容，並重新致力於發展該平台。除了讓我們的開發者社群推出更多內容之外，我們還提高了遊戲的透明度和監控。我們的 Skillz 發布模式下有候選人。

As we finish improving user economics and transition to growing traffic as our top priority, we'll look to grow new titles beyond the existing core library. We'll tightly monitor the game-level economics that channels to ensure that every dollar spent generates an attractive return on investment.

當我們完成改善用戶經濟並過渡到增加流量作為我們的首要任務時，我們將尋求在現有核心庫之外開發新的遊戲。我們將密切監控遊戲層面的經濟狀況，以確保花費的每一美元都能產生有吸引力的投資回報。

Before we move to discuss our fourth pillar of moving the company to profitability, I wanted to revisit a topic that we discussed on our Q2 call. Critical to the customer and developer engaged in our industry is addressing the disruptive use of bots to defraud players of their winnings, which has become prevalent across our industry.

在我們開始討論使公司實現盈利的第四個支柱之前，我想回顧一下我們在第二季度電話會議上討論的主題。對於我們行業的客戶和開發人員來說，至關重要的是解決使用機器人來欺騙玩家獎金的破壞性行為，這種情況在我們的行業中已經很普遍。

I want to expand on this topic now as it's essential to ensuring the future of our industry. To be clear, our industry cannot exist without sharing players are not deceived by bots. As this attacks the very essence of fair and meaningful competition. Skillz proprietary platform fairly matches players against other real players.

我現在想擴展這個主題，因為它對於確保我們行業的未來至關重要。需要明確的是，如果沒有共享玩家不被機器人欺騙，我們的產業就不可能存在。因為這攻擊了公平和有意義的競爭的本質。 Skillz 專有平台公平地將玩家與其他真實玩家配對。

You always play humans when you play on Skillz. This is not the case with all companies in our market. To preserve the fairness in the industry we've created, we've deployed a meaningful amount of resources to combat this disruption.

當你在 Skillz 上玩遊戲時，你總是扮演人類。並非我們市場上的所有公司都是這種情況。為了維護我們創建的行業的公平性，我們部署了大量資源來應對這種破壞。

An example of this is a lawsuit we filed alongside Big Run Studios against AviaGames as it's evident to us and Big Run that AviaGames uses bots. This is a company that is committing consumer fraud, that to date amounts to over $1 billion. Their deceptive use of bots means the games on their platform are rigged, pure and simple.

這方面的一個例子是我們與 Big Run Studios 一起針對 AviaGames 提起的訴訟，因為我們和 Big Run 都清楚 AviaGames 使用機器人。這家公司正在實施消費者欺詐，迄今為止金額已超過 10 億美元。他們對機器人的欺騙性使用意味著他們平台上的遊戲是被操縱的，純粹而簡單。

They're stealing money from players that don't know they're playing against the bot and believe they're playing against another human opponents. Despite clear evidence that contrary, AviaGames continues to publicly state that they do not use bots and continues to entice consumers based on a false promise of fairness. I want to thank the news outlets in the past months that have already covered this fraud in our industry, and I'd encourage everyone on this call to read the press coverage. We know there are other companies in our industry who use bots and that makes from just as corrupt as AviaGames and we will continue our efforts to expose those practices.

他們從不知道自己正在與機器人比賽並相信自己正在與另一個人類對手比賽的玩家那裡竊取金錢。儘管有明確的證據表明相反，AviaGames 仍然公開聲明他們不使用機器人，並繼續基於虛假的公平承諾來吸引消費者。我要感謝過去幾個月已經報道了我們行業中這種欺詐行為的新聞媒體，我鼓勵參加這次電話會議的每個人都閱讀新聞報道。我們知道我們行業中還有其他公司使用機器人，其行為與 AviaGames 一樣腐敗，我們將繼續努力揭露這些行為。

This year, our legal spend will approximately amount to $18 million. And while it certainly impacts our near-term operating results and cash burn, we know they're [ridding] in this industry of these deceptive practices is the only path forward for the industry. Since we're the leading company that created this industry and we don't engage in bots, we have to fight this. We anticipate the elimination of this practice to dramatically change the future of the industry.

今年，我們的法律支出約為 1800 萬美元。雖然這肯定會影響我們的近期經營業績和現金消耗，但我們知道他們在這個行業中[擺脫]這些欺騙性做法是該行業前進的唯一道路。由於我們是創建這個行業的領先公司，並且我們不參與機器人，因此我們必須與之抗爭。我們預計這種做法的消除將極大地改變該行業的未來。

Absent our actions, consumers to engage in skill-based games will continue to be deceived and this industry would eventually lose the public's trust. It's absolutely critical for both players and developers that 100% of the industry needs the highest level of trust for consumers.

如果我們不採取行動，參與技能遊戲的消費者將繼續受到欺騙，這個產業最終將失去大眾的信任。對於玩家和開發者來說，100% 的產業需要消費者的最高信任度絕對至關重要。

Now, we've discussed the fight for fairness, let me talk a little bit about our fourth pillar, which is demonstrating a clear path to profitability. Jason will review the details of our Q3 results in a moment, but I'm encouraged by the progress we've achieved to become profitable. This provides with cautious optimism that we are on pace to generate quarterly sequential top-line growth to 2024 and achieve our goal of generating positive adjusted EBITDA on a run-rate basis by the end of next year.

現在，我們已經討論了爭取公平的鬥爭，讓我談談我們的第四個支柱，它展示了一條清晰的盈利之路。傑森（Jason）稍後將回顧我們第三季度業績的詳細信息，但我對我們在盈利方面取得的進展感到鼓舞。這讓我們抱持謹慎樂觀的態度，認為我們預計在 2024 年之前實現季度連續營收成長，並實現到明年年底按運行率產生正調整 EBITDA 的目標。

In Q3, we continued to improve our cash management as our operating cash burn was $18.5 million and our total cash burn including one-time items came to approximately $21 million. Given our net cash position of approximately $210 million in quarter over quarter improvements of our operating cash burn, we have a significant runway to return our business to sustainable, high-velocity, profitable growth.

第三季度，我們繼續改善現金管理，營運現金消耗為 1,850 萬美元，包括一次性項目在內的總現金消耗量約為 2,100 萬美元。鑑於我們的淨現金部位約為 2.1 億美元，與上一季相比，我們的營運現金消耗有所改善，我們有一條重要的道路可以使我們的業務恢復可持續、高速、盈利的增長。

In closing, while real progress has been made, I hope it's evident that we're well aware that we have much work to do. The Skillz's Board, management team, and the entire organization remains firmly dedicated to successfully executing on our four pillars and creating a strong foundation to create value for our shareholders.

最後，雖然已經取得了真正的進展，但我希望我們清楚地意識到我們還有很多工作要做。 Skillz 的董事會、管理團隊和整個組織仍然堅定地致力於成功執行我們的四大支柱，並為我們的股東創造價值奠定堅實的基礎。

With that, I'll turn it over to Jason.

這樣，我就把它交給傑森。

Thanks, Andrew. Revenue in the third quarter was $36.4 million, down 38% year-over-year and down 9.3% sequentially. Our paid user conversion rate, which is paying MAU divided by MAU, was 16% in Q3, slightly down from 18% in Q2 due to prioritizing optimizing our platform over user acquisition in the prior quarter. Third quarter UA marketing was $6.2 million, a decrease of 66% year-over-year and a 21% decrease quarter over quarter. As Andrew indicated, we are confident in our ability to continue to improve our payback period with the goal of achieving a best-in-class six-month target.

謝謝，安德魯。第三季營收為 3,640 萬美元，年減 38%，季減 9.3%。我們的付費用戶轉換率（即付費月活躍用戶數除以每月活躍用戶數）在第三季為16%，略低於第二季的18%，因為上一季優先優化我們的平台而不是用戶獲取。第三季UA行銷為620萬美元，年減66%，季減21%。正如安德魯所指出的，我們對繼續改善投資回收期的能力充滿信心，以實現一流的六個月目標。

Q3 engaging marketing was $16.9 million, down 28% year-over-year and in line with Q2. Research and development expense was $7.9 million in the quarter, down 1% year over year. On a GAAP basis, R&D was 21.6% of quarterly revenue. Sales and marketing expense was $31.9 million, down 38% year over year, including $2.5 million of stock-based compensation. On a GAAP basis, sales and marketing was 88% of Q3 revenue, up 1 basis point year-over-year and up 7 basis points quarter over quarter.

第三季參與行銷收入為 1,690 萬美元，年減 28%，與第二季持平。本季研發費用為 790 萬美元，年減 1%。以 GAAP 計算，研發佔季度營收的 21.6%。銷售和行銷費用為 3,190 萬美元，年減 38%，其中包括 250 萬美元的股票薪酬。以 GAAP 計算，銷售和行銷佔第三季營收的 88%，較去年同期成長 1 個基點，較上季成長 7 個基點。

General and administrative expense was $24.4 million, inclusive of $8.5 million in stock-based compensation, up 16.5% year over year. On a GAAP basis, G&A was 67% of revenue, up 31.6 basis points year over year. Quarter over quarter, G&A was up 2 basis points as a percent of revenue.

一般及管理費用為 2,440 萬美元，其中包括 850 萬美元的股票薪酬，年增 16.5%。以 GAAP 計算，G&A 佔營收的 67%，較去年同期成長 31.6 個基點。與上一季相比，G&A 佔營收的百分比上升了 2 個基點。

Net loss of $33.5 million decreased by $49.7 million year over year. Adjusted EBITDA in the quarter was negative $18.5 million, a 14% year-over-year decrease and a 2% decrease quarter over quarter. Adjusted EBITDA margin decreased by 4% from negative 47% in Q2 to negative 51% in Q3.

淨虧損 3,350 萬美元，年減 4,970 萬美元。該季度調整後 EBITDA 為負 1850 萬美元，年減 14%，季減 2%。調整後 EBITDA 利潤率下降 4%，從第二季的負 47% 降至第三季的負 51%。

We ended the third quarter with $339.9 million of cash comprised of $330 million cash and cash equivalents, $7 million of marketable securities, $2.9 million in restricted cash, and at the end of the quarter with approximately $130 million of total outstanding debt. With our improving cash burn rate, we have the flexibility to deploy capital to enhance shareholder value.

第三季末，我們擁有3.399 億美元的現金，其中包括3.3 億美元的現金和現金等價物、700 萬美元的有價證券、290 萬美元的限制性現金，截至本季末，我們的未償債務總額約1.3 億美元。隨著現金消耗率的提高，我們可以靈活地部署資本以提高股東價值。

Last, I would like to touch on an adjustment we made to our Q2 2023 financial statements that will be reflected in our Q3 2023 10-Q filing. During the preparation of condensed consolidated financial statements for the period ended September 30, 2023, the company identified certain immaterial errors related to stock compensation expense and operating expense accrual for the three months ended June 30, 2023, which resulted in a net overstatement of operating expenses for the period.

最後，我想談談我們對 2023 年第二季財務報表所做的調整，該調整將反映在我們的 2023 年第三季 10-Q 備案中。在編制截至2023年9月30日的簡明合併財務報表期間，該公司發現了與截至2023年6月30日止三個月的股票補償費用和應計營業費用相關的某些非重大錯誤，導致營業費用淨高估。期間的費用。

First, we identified that in accrual related to professional services was incorrectly over-accrued in Q2. As a result of the adjustment, our Q2 financial statement operating expenses improved by $1.3 million and adjusted EBITDA resulted in a change in Q2 from negative $20.2 million to negative $18.4 million.

首先，我們發現第二季與專業服務相關的應計費用被錯誤地超額提列。經過調整，我們第二季的財務報表營運費用減少了 130 萬美元，調整後的 EBITDA 導致第二季從負 2,020 萬美元變為負 1,840 萬美元。

Second, we identified an error in how we reported stock-based compensation, resulting in a benefit of $4 million to our net loss. Both of these areas resulted in an improvement in Q2 net loss from negative $22 million to negative $16.7 billion. We have the proper controls in place to ensure these errors only impact Q2 and will not be repeated.

其次，我們發現報告股票薪酬的方式有錯誤，導致我們的淨虧損增加了 400 萬美元。這兩個領域都導致第二季淨虧損從負 2,200 萬美元改善至負 167 億美元。我們採取了適當的控制措施，以確保這些錯誤僅影響第二季度並且不會重複。

At this time, we'll turn the call to the operator for the Q&A session.

此時，我們會將通話轉給接線生進行問答環節。

(Operator Instructions)

（操作員說明）

Ed Alter, Jefferies.

艾德‧阿爾特，傑弗里斯。

Hi, everyone. This is Ed Alter. I'm from Jefferies. It's for Andrew. Just provide an update on new rev share agreement and how Studios (technical difficulty) larger reacting to that? And when we can expect to see some of them putting some of their own marketing dollars behind spending their games and what that impact would be?

大家好。這是埃德·阿爾特。我來自杰弗里斯。這是給安德魯的。只需提供新的收益分成協議的最新情況以及工作室（技術難度）對此有何反應？當我們可以預期看到他們中的一些人將自己的一些行銷資金投入到他們的遊戲上時，這會產生什麼影響？

Sure. Ed, thank you for the question. So the DevRev share went live in May. To give everyone a good idea of timing of how long it takes to build a mobile game, bring it to market, and scale, we should expect 6 to 18 months and probably more realistically, 18 months. So 6 months being kind of the fastest time to market to build a game. We've seen a reinvigorated content creation community building games again on the platform.

當然。艾德，謝謝你的提問。因此，DevRev 共享於 5 月上線。為了讓每個人都能清楚地了解開發一款手機遊戲、將其推向市場和規模化需要多長時間，我們預計需要 6 到 18 個月，更現實的可能是 18 個月。因此，6 個月是建立遊戲的最快上市時間。我們看到內容創作社群重新煥發活力，再次在該平台上建立遊戲。

And I mentioned in my remarks, both Big Run and Tether built and launched games in Q3, which are two of our top customers. But we have a mix of both existing and new customers that make up all the games that went live in Q3. From an expectation standpoint of when those could scale, I would say we should look for them to have a impact on revenue in more like 6 to 12 months.

我在演講中提到，Big Run 和 Tether 都在第三季開發並推出了遊戲，它們是我們的兩個頂級客戶。但我們既有現有客戶，也有新客戶，他們構成了第三季上線的所有遊戲。從這些何時可以擴展的預期角度來看，我想說我們應該期待它們在 6 到 12 個月內對收入產生影響。

Great. Thanks for that. And then looking at the take rate, looks like it's been dipping down last couple quarters. Just talk to kind of the drivers of that. Is that the rev share coming through on that? Or what's driving that?

偉大的。感謝那。然後看看採用率，看起來過去幾季一直在下降。只需與相關驅動因素交談即可。這就是收益份額嗎？或者是什麼推動了這一點？

That's a great question, Ed. Jason, do you want to take that one?

這是一個很好的問題，艾德。傑森，你想拿走那個嗎？

Thanks, Ed. So I think we've had over the last several quarters -- as we've had lower user acquisition, we have less users, but we've been seeing that the users on our platform have become more valuable to us. Over time, we've seen our mature, more mature user economics improving despite lower -- despite overall lower users on the platform. I'd also say that as you lower your marketing expense and share it with the developers, that will also reduces their payments, right? So you also have that effect showing through in the financials.

謝謝，艾德。所以我認為過去幾季我們的情況是——由於我們的用戶獲取量較低，我們的用戶也較少，但我們已經看到我們平台上的用戶對我們來說變得更有價值。隨著時間的推移，我們已經看到我們成熟的、更成熟的用戶經濟儘管較低，但仍在改善——儘管平台上的用戶總體較低。我還想說，當你降低行銷費用並與開發商分享時，這也會減少他們的付款，對吧？因此，這種影響也會在財務數據中反映出來。

Ed, this is Casey Chafkin. Just to make sure I clarify what Jason is saying there. When we spend money on consumer acquisition, that money is treated as an operating expense, meaning it actually increases our revenue. The developer portion of that, though, is a contra revenue and that expense is shared with our developers. So when our marketing expense is higher, the developers are sharing in that expense and that increases our -- the effective take rate. When the marketing expense is lower, developers aren't sharing -- or don't have as much of that expense burden and so their revenue share goes up as a percentage of revenue.

艾德，這是凱西·查夫金。只是為了確保我澄清傑森在那裡所說的內容。當我們花錢購買消費者時，這筆錢被視為營運費用，這意味著它實際上增加了我們的收入。不過，其中開發人員部分是一項相反收入，該費用由我們的開發人員分擔。因此，當我們的行銷費用較高時，開發人員會分擔該費用，這會增加我們的有效採用率。當行銷費用較低時，開發商不會分攤費用，或沒有那麼多費用負擔，因此他們的收入份額佔收入的百分比會上升。

I see. So then, what would be kind of a longer term target to think about as you look towards that profitability mark in 4Q '24, what would the take rate kind of be in the ballpark there in that scenario?

我懂了。那麼，當您展望 24 年第四季的獲利水準時，需要考慮的長期目標是什麼？在這種情況下，採取率大約是多少？

From my perspective, I think what you can expect is if Skillz is running the acquisition budget, you could expect the take rate roughly in line with where we are right now. But as we see games that are running their own marketing budgets, that take rate would conceivably be lower.

從我的角度來看，我認為您可以預期的是，如果 Skillz 正在執行收購預算，您可以預期採用率大致與我們目前的情況一致。但正如我們看到的遊戲有自己的行銷預算，可以想像，其採用率會更低。

And so right now, we don't as a -- from a forecasting perspective, we don't break out those two possibilities in terms of growth, but you could do kind of expect in a status quo environment where Skillz is largely the driving force of marketing on the platform, the take rate would be in line with where it is now.

因此，現在，我們不會——從預測的角度來看，我們不會在成長方面突破這兩種可能性，但你可以在目前的環境中進行預期，其中 Skillz 很大程度上是驅動力平台上的行銷力量，採用率將與現在保持一致。

Great. Thanks. That's all I had. Thanks for the time, guys.

偉大的。謝謝。這就是我所擁有的一切。謝謝你們抽出時間。

Thanks, Ed.

謝謝，艾德。

Thank you. I would now like to hand it back to Andrew Paradise for closing remarks.

謝謝。現在我想把它交還給安德魯·帕拉代斯 (Andrew Paradise)，讓他發表閉幕詞。

Great. All right. Well, thank you all again for joining us today. We look forward to providing updates on our progress as we return Skillz to sustained profitable growth in 2024, and we'll look forward to meeting with you to discuss our fourth quarter results on our next call. Till then, take care.

偉大的。好的。好的，再次感謝大家今天加入我們。隨著 Skillz 在 2024 年恢復持續盈利增長，我們期待提供最新進展情況，並且我們期待在下次電話會議上與您會面，討論我們的第四季度業績。到那時，請保重。

Thank you for joining the Skillz Inc. 2023 third-quarter results call. I can confirm this is now concluded. Please have a lovely rest of your day, and you may now disconnect your lines.

感謝您參加 Skillz Inc. 2023 年第三季業績電話會議。我可以確認這件事現在已經結束了。請度過愉快的一天，現在您可以斷開線路了。