Super League Enterprise Inc (SLE) 2022 Q4 法說會逐字稿

Greetings, and welcome to the Super League Gaming Fourth Quarter and Full Year 2022 Conference Call. Please note, this conference call is being recorded. Before we begin, I'd like to caution listeners that comments made by management during this call may include forward-looking statements within the meaning of applicable securities laws. Statements involve material risks and uncertainties, and actual results could differ from those projected in any forward-looking statements due to numerous factors.

您好，歡迎來到超級聯賽第四季度和 2022 年全年電話會議。請注意，此電話會議正在錄製中。在我們開始之前，我想提醒聽眾，管理層在此次電話會議中發表的評論可能包括適用證券法含義內的前瞻性陳述。陳述涉及重大風險和不確定性，由於多種因素，實際結果可能與任何前瞻性陳述中預測的結果不同。

For a description of these risks and uncertainties, please see Super League's financial statements and MD&A for the fourth quarter and full year 2022 ended December 31, 2022, available on SEDAR and EDGAR. Important qualifications regarding forward-looking statements are also contained in Super League's earnings release distributed earlier this afternoon and also available on SEDAR and EDGAR. Furthermore, the content of this conference call contains time-sensitive information accurate only as of today, March 30, 2023. Super League undertakes no obligation to revise or otherwise update any statements to reflect events or circumstances after the date of this call.

有關這些風險和不確定性的描述，請參閱 SEDAR 和 EDGAR 上截至 2022 年 12 月 31 日的 Super League 第四季度和 2022 年全年財務報表和 MD&A。有關前瞻性陳述的重要條件也包含在今天下午早些時候發布的 Super League 收益報告中，也可在 SEDAR 和 EDGAR 上獲得。此外，本次電話會議的內容包含僅截至今天，即 2023 年 3 月 30 日的時效信息。Super League 不承擔修改或以其他方式更新任何聲明以反映本次電話會議日期後發生的事件或情況的義務。

I'd now like to turn the conference over to Ann Hand, Chief Executive Officer. Please go ahead.

我現在想將會議轉交給首席執行官 Ann Hand。請繼續。

Thank you for joining us today. We're very excited to share with you our Q4 and 2022 financial results. I'd like to briefly walk through some of our record financial highlights. But really today, I want to focus on how excited we are about our growth, positioning and our perseverance in a nascent industry where many others have struggled to thrive. First of all, I just need to emphasize our product market fit has never been stronger. This was evidenced by another record-breaking revenue quarter and strong full year 2022 revenue growth of approximately $20 million, an increase of 70% year-over-year despite macro headwinds.

感謝您今天加入我們。我們很高興與您分享我們的第四季度和 2022 年財務業績。我想簡要介紹一下我們創紀錄的財務亮點。但實際上，今天，我想重點談談我們對我們的成長、定位和我們在一個許多其他人都在努力發展的新興行業中堅持不懈感到多麼興奮。首先，我只需要強調我們的產品市場契合度從未如此強大。另一個創紀錄的收入季度和約 2000 萬美元的強勁全年收入增長證明了這一點，儘管存在宏觀逆風，但同比增長 70%。

As traditional advertising dollars shift to where audiences have moved, we expect our innovative products margins and sales force throughput to increase. Our margin profile is on solid footing with room for upside with new innovations ahead. And we started to tackle our cost structure, starting really back in June of last year. We streamlined our operational expenses for a 30% reduction on an annualized run rate basis, while refocusing our headcount towards revenue generation. Most importantly, we have taken steps to short the balance sheet.

隨著傳統的廣告資金轉移到觀眾移動的地方，我們預計我們的創新產品利潤率和銷售人員吞吐量將會增加。我們的利潤率基礎穩固，隨著未來的新創新，還有上升空間。我們從去年 6 月就開始著手解決我們的成本結構問題。我們精簡了運營費用，按年化運行率減少了 30%，同時將我們的員工重新集中在創收上。最重要的是，我們已採取措施縮短資產負債表。

Subsequent to the end of the quarter, we have closed on over $12 million with accredited investors in at-the-market transactions, enabling us to extinguish all debt. Again, I repeat we've extinguished all debt. Additionally, although no assurances can be given, I'm pleased to share that we have pending commitments for another $10 million in additional at-the-market capital and anticipate making a public announcement in the very near future. While I'm proud of our track record of delivering top line growth, our future is even brighter. The evidence is clear. Our strategy is working, and we see 3 leverage points driving our business momentum.

到本季度末，我們已經與合格投資者進行了超過 1200 萬美元的場內交易，使我們能夠清償所有債務。我再次重申，我們已經清償了所有債務。此外，儘管無法保證，但我很高興地告訴大家，我們有另外 1000 萬美元的額外上市資本的未決承諾，並預計在不久的將來會發佈公告。雖然我為我們實現頂線增長的記錄感到自豪，但我們的未來更加光明。證據很清楚。我們的戰略正在發揮作用，我們看到 3 個槓桿點推動了我們的業務發展勢頭。

Number one, we have a strong pipeline, both in depth and breadth and increasing deal sizes. We served over 100 brands in 2022 with 7 customers spending in excess of $1 million through the Super League channels and they keep coming back with a strong 70% repeat customer rate. And this includes great brands. Marvel's NewVerse has been spending continuous money to our Super Studios team with a long-running program. And also, last year, one of the most exciting parts of our year were very successful programs we launched with Mattel across multiple product lines.

第一，我們擁有強大的渠道，無論是深度還是廣度，以及不斷增加的交易規模。 2022 年，我們為 100 多個品牌提供服務，其中 7 位客戶通過超級聯賽渠道消費超過 100 萬美元，他們以 70% 的強勁回頭客率不斷回歸。這包括偉大的品牌。 Marvel 的 NewVerse 一直在為我們的 Super Studios 團隊持續投入資金，並推出了一個長期運行的項目。而且，去年，我們這一年最激動人心的部分之一是我們與 Mattel 在多個產品線推出的非常成功的計劃。

Now let's look forward a bit and why we're so confident about just alone with the business model we're in today, why we know that we're seeing that depth and breadth in the pipeline and those larger and larger deal sizes. Of the 78 deals in the current pipeline, 56 are 6 figures or more. That's right, 56 out of 78 and 8 of those 78 deals are 7-figure deals. And we're talking about the likes of Beats, Warner Brothers Games, L'Oreal, P&G and more, and just recently an exciting program with Nintendo and Fortnite. That's an important note, too. You can see that we're starting to move across virtual world engines and moving more and more beyond just the incredible footprint that we've built in Roblox and Minecraft.

現在讓我們向前看一點，為什麼我們對我們今天所處的商業模式如此自信，為什麼我們知道我們正在看到管道的深度和廣度以及越來越大的交易規模。在當前管道中的 78 筆交易中，有 56 筆交易的金額在 6 位數或以上。沒錯，78 筆交易中有 56 筆和這 78 筆交易中的 8 筆是 7 位數的交易。我們談論的是 Beats、Warner Brothers Games、L'Oreal、P&G 等公司，以及最近與 Nintendo 和 Fortnite 合作的激動人心的計劃。這也是一個重要的注意事項。你可以看到我們開始跨越虛擬世界引擎，越來越多地超越我們在 Roblox 和 Minecraft 中構建的令人難以置信的足跡。

The second point of leverage is our burgeoning global sales partner network. That helps us deliver against the massive international reach as a complement to our domestic direct sales force efforts. Our newly launched global sales partner strategy accounted for $3 million of the $20 million in revenue last year. That's about 15% for a channel that was effectively launched that year. So when you think about that, just the learning curve and the adoption curve that our channel partners need to go through, I'm really thrilled that if we can get $3 million out of that channel last year, 15% of revenue, there's massive upside.

第二個槓桿點是我們蓬勃發展的全球銷售合作夥伴網絡。這有助於我們實現龐大的國際影響力，作為對我們國內直銷團隊努力的補充。我們新推出的全球銷售合作夥伴戰略佔去年 2000 萬美元收入中的 300 萬美元。對於當年有效啟動的頻道來說，這大約是 15%。所以當你想到這一點時，我們的渠道合作夥伴需要經歷的學習曲線和採用曲線，我真的很興奮，如果我們去年能從該渠道中獲得 300 萬美元，佔收入的 15%，那將是巨大的上行。

And we've had some very signature successes with these partners, including a really great pop-up Visa shop activation. It was targeting Gen Zs and it delivered a 14% lift in brand preference versus other payment solutions that we gauged our exciting gaming audience around. And the leading indicators look promising as well for our global sales partners with multiple wins in the pipeline along with solid leads from global brands like Lego, Colgate and Nike.

我們與這些合作夥伴取得了一些非常有標誌性的成功，包括非常棒的彈出式 Visa 商店激活。它針對的是 Z 世代，與我們評估周圍令人興奮的遊戲受眾的其他支付解決方案相比，它的品牌偏好提升了 14%。對於我們的全球銷售合作夥伴來說，領先指標看起來也很有希望，他們正在取得多項勝利，以及來自樂高、高露潔和耐克等全球品牌的穩固領先地位。

And then there's a third point of leverage, and this is really where the business is going. And so this is a piece that I think it's so important that investors get excited about. And this is a move towards bigger partnerships. And these are partnerships that offer recurring long-term revenues because they look like annual or multiyear programs. So this isn't really just about changing the size of our deals, but it's also about changing our business model. And so what do I mean by that? Well, it's about the fact that we are now going to be a publisher of both owned and operated worlds for ourselves and for others. And in doing so, we have an opportunity to participate much more widely in the economy.

然後是第三個槓桿點，這才是真正的業務發展方向。因此，我認為這是讓投資者感到興奮的重要部分。這是邁向更大夥伴關係的一步。這些是提供經常性長期收入的合作夥伴關係，因為它們看起來像年度或多年計劃。所以這不僅僅是改變我們交易的規模，而是改變我們的商業模式。那麼我的意思是什麼？好吧，這是關於我們現在將成為我們自己和他人擁有和經營的世界的出版商這一事實。這樣做，我們就有機會更廣泛地參與經濟。

So what do I mean by that? Instead of being paid to create experiences in game worlds and placing media products to drive revenue around it, we have an opportunity to diversify and participate beyond media and experience publishing into the full economy, the full economy of digital revenues, digital to physical crossover revenues and even through data. When you talk about creating these persistent worlds, this isn't just a concept that I'm talking to you about today. This is a reality. We are doing this right now with customers like Abu Dhabi's Yas Island. We are creating multiple persistent virtual twin worlds as a complement to the real-life Yas Island entertainment destination to both attract young visitors and their parents.

那我的意思是什麼？我們沒有通過在遊戲世界中創造體驗並放置媒體產品來推動收入而獲得報酬，而是有機會多樣化和參與超越媒體和體驗發佈到完整的經濟，數字收入的完整經濟，數字到物理交叉收入甚至通過數據。當你談論創造這些持久的世界時，這不僅僅是我今天要和你談論的一個概念。這是現實。我們現在正在與阿布扎比的亞斯島等客戶合作。我們正在創建多個持久的虛擬雙胞胎世界，作為對現實生活中的亞斯島娛樂目的地的補充，以吸引年輕遊客和他們的父母。

Now turning to our outlook about where our business is heading, where we believe our business will be in the next few years. Ultimately, today, we are the strongest position in the company's history to execute on our vision and drive meaningful growth. Our core strategy is grounded in our efforts to further monetize the massive audience reach we've built in an already existing virtual game worlds and platforms, that's been our core, right, focused on where the audience is today and then beginning to apply this strategic vision, this technology, this capability backbone that we've built to new virtual world engines that extends our reach, that extends our revenue diversification as well. We see a clear line of sight towards organically growing our annual revenues to over $100 million, with a gross margin to the low to mid-60s.

現在轉向我們對業務發展方向的展望，我們相信我們的業務將在未來幾年內發展。最終，今天，我們在公司歷史上處於最強大的地位，可以執行我們的願景並推動有意義的增長。我們的核心戰略基於我們努力進一步將我們在現有虛擬遊戲世界和平台中建立的大量受眾範圍貨幣化，這是我們的核心，正確的，專注於當今受眾的位置，然後開始應用這一戰略我們為新的虛擬世界引擎構建的願景、這項技術、這種能力骨幹，擴大了我們的影響範圍，也擴大了我們的收入多元化。我們看到了將我們的年收入有機增長到超過 1 億美元，毛利率達到 60 年代中期的明確目標。

Further, strategic M&A is additive and something we continue to remain open and opportunistic to. But this is really about what we can do organically with both the technology and the massive footprint that we have already built today. Now there's ways we can underpin this $100 million very bold revenue target that we have in front of us over the next few years. The first thing we're going to do is apply our in-house publishing machine to deepen our owned metaverse game worlds and IP footprint for ourselves for a greater share of the consumer economy. But we're not really done with that. We then further innovate our media and analytics suite to expand our audience reach and generate more value for both our creator community and our brand partners and that leads us to larger, higher-performing programs and bigger margins.

此外，戰略併購是附加的，我們繼續保持開放和機會主義。但這實際上是關於我們可以利用我們今天已經建立的技術和巨大的足蹟有機地做些什麼。現在我們有辦法支持我們在未來幾年擺在我們面前的這個 1 億美元的非常大膽的收入目標。我們要做的第一件事是應用我們的內部出版機器來深化我們擁有的元宇宙遊戲世界和我們自己的 IP 足跡，以便在消費經濟中佔有更大的份額。但我們還沒有真正完成。然後，我們進一步創新我們的媒體和分析套件，以擴大我們的受眾範圍，並為我們的創作者社區和我們的品牌合作夥伴創造更多價值，從而使我們獲得更大、更高績效的計劃和更高的利潤。

We'll continue to expand and optimize our global network of sales partnerships, those international resellers we've talked about for continued monetization opportunities with all of that international sizable audience reach that we have. We'll continue to increase our sales force effectiveness through higher sales person throughputs. We're already seeing a big change in that. from averaging about $1.2 million to $1.5 million per sales leader last year to targets this year that are $2 million, $3 million and more per leader. And so as we continue to high-grade that talent and to really become more effective at that talent we expect to see not only higher throughput but again, those higher margin profiles that we spoke about. And we've taken good steps to even incent our sales team differently to be very margin net revenue centric.

我們將繼續擴大和優化我們的全球銷售合作夥伴網絡，我們已經討論過那些國際經銷商，以獲得我們擁有的所有國際龐大受眾群體的持續貨幣化機會。我們將通過更高的銷售人員吞吐量繼續提高我們的銷售人員效率。我們已經看到了巨大的變化。從去年每位銷售主管平均約 120 萬美元到 150 萬美元，今年的目標是每位銷售主管 200 萬、300 萬美元甚至更多。因此，隨著我們繼續提升該人才的等級並真正提高該人才的效率，我們不僅希望看到更高的吞吐量，而且希望再次看到我們談到的那些更高的利潤率。我們已經採取了很好的措施，甚至以不同的方式激勵我們的銷售團隊以淨利潤為中心。

And finally, I just can't iterate enough that we're moving beyond just being an advertising model by applying our end-to-end and immersive experience and media engine to new platforms for ownable and third-party intellectual property for greater control and share of the consumer experience, more participation in the digital and physical economies and as I mentioned, first-party data. Our organic growth over the next few years is supported right now by identified partner programs, a very healthy, robust product innovation road map and operational optimization, many of the bones of which we've already put in place since June. All of that is happening right now.

最後，我只是無法重複我們通過將我們的端到端和身臨其境的體驗和媒體引擎應用到擁有和第三方知識產權的新平台來更好地控制和分享消費者體驗，更多地參與數字和實體經濟，正如我提到的，第一方數據。我們未來幾年的有機增長現在得到了確定的合作夥伴計劃、非常健康、強大的產品創新路線圖和運營優化的支持，其中許多內容自 6 月以來我們已經落實到位。所有這一切都正在發生。

Make no mistake, the next big shift in advertising has already arrived. In fact, digital advertising hasn't traditionally caught up with where the audience is. And it's underperforming. As you can see in all the recent press about the faltering of traditional successful digital advertising platforms like Facebook and the like. When I talk to global media leaders, what they say to me is, and I know it's time to move my money. I need to go with that audiences and I just need to get educated and learn about it and understand it better. But the shift, as I said, make no mistake, is happening, and we're well positioned to generate significant recurring high-margin revenue leading to sustainable long-term value for our shareholders.

別搞錯了，廣告業的下一個重大轉變已經到來。事實上，傳統上數字廣告並沒有趕上觀眾的位置。而且表現不佳。正如你在最近所有關於傳統成功數字廣告平台（如 Facebook 等）步履蹣跚的新聞報導中所看到的那樣。當我與全球媒體領袖交談時，他們對我說的是，我知道是時候轉移我的錢了。我需要和那些觀眾一起去，我只需要接受教育並了解它並更好地理解它。但正如我所說，毫無疑問，這種轉變正在發生，我們有能力產生可觀的經常性高利潤收入，從而為我們的股東帶來可持續的長期價值。

And with that, thank you for listening to my opening remarks and for your interest, and we'll now kick off the Q&A session.

至此，感謝您聆聽我的開場白和您的興趣，我們現在將開始問答環節。

We'll now begin with a question-and-answer session. First, we'll take some questions sent in from the Super League greater community. What are Super League's plans to maintain its NASDAQ listing.

我們現在將從問答環節開始。首先，我們會回答一些來自超級聯賽大社區的問題。中超有何計劃維持納斯達克上市。

Yes. It's a great question. So obviously, it's very top of mind to us that our share price is sub-1 dollar. We have always been in very good standing with NASDAQ, and we take that very seriously and frankly, are honored to have our NASDAQ listing and maintain it. We have made no firm decisions at this time to do a reverse split. But obviously, we have time to remedy. We feel like our performance and delivery is really strong and powerful. And as the markets start to recover, we're very hopeful that we can push our share price to sustainably back above $1, and frankly, much higher and so that's our focus right now. It's just execution, execution. And if needed, we can cross that bridge when we've come to it, but we haven't come to it yet. And as a Board and as the executive team of the company, we're really excited about the announcements that we have in the coming, really days, weeks and months, but notably around shoring up our balance sheet, very exciting partner programs and announcements, things that we think will really help all of our shareholders in the market, create more awareness and excitement about our stock.

是的。這是一個很好的問題。很明顯，我們最關心的是我們的股價低於 1 美元。我們在納斯達克一直保持著良好的信譽，我們非常認真和坦率地對待這一點，很榮幸能夠在納斯達克上市並維持下去。目前我們還沒有做出反向拆分的明確決定。但顯然，我們有時間補救。我們覺得我們的表現和交付真的很強大。隨著市場開始復蘇，我們非常希望能夠將我們的股價持續推高至 1 美元以上，坦率地說，更高，所以這是我們現在的重點。這只是執行，執行。如果需要，我們可以在到達那座橋時過橋，但我們還沒有到達。作為董事會和公司的執行團隊，我們對未來幾天、幾周和幾個月的公告感到非常興奮，但特別是關於支撐我們的資產負債表、非常令人興奮的合作夥伴計劃和公告，我們認為將真正幫助市場上所有股東的事情，提高對我們股票的認識和興奮。

Thank you. In December, we were notified of a collaboration between DMA United and Super League Gaming. How is that partnership developed? What plans the Super League have -- one more -- I'm sorry, I apologize -- what plans the Super League have within the $5 billion digital fashion industry.

謝謝。 12 月，我們獲悉 DMA United 與 Super League Gaming 之間的合作。這種夥伴關係是如何發展的？超級聯賽有什麼計劃——還有一個——對不起，我很抱歉——超級聯賽在價值 50 億美元的數字時尚產業中有什麼計劃。

Yes, fashion is really an exciting vertical in itself. But keep in mind, at the intersection of pop culture is fashion, music, gaming and so much more. Our partnership with the DMA team, if people aren't familiar with the fashion industry, this is one of the leading strategic consultancies and they're in the hallways of the C-suite of the biggest brands we know from luxury like Gucci to streetwear and sportswear and more. And they have already been consulting with some really large big names that you know about what their future digital strategy should be.

是的，時尚本身確實是一個令人興奮的垂直領域。但請記住，流行文化的交叉點是時尚、音樂、遊戲等等。我們與 DMA 團隊的合作夥伴關係，如果人們不熟悉時尚行業，這是領先的戰略諮詢公司之一，他們在我們所知道的最大品牌的 C-suite 的走廊上，從 Gucci 等奢侈品到街頭服飾和運動服等等。他們已經在諮詢一些你知道他們未來的數字戰略應該是什麼的真正大牌。

And it's not just about gaming and virtual gaming world. It is that bigger vision about what is the next generation of their immersive website going to look like? Why can't with the fundamentals that have built with these virtual world engines, there's no reason your website can't be much more personalized, customized, intimate. There's no reason you can't try on makeup like we're doing with L'Oreal and Urban Decay or Tryon clothing or have a different type of relationship that's very complementary and is more loyalty centric that works against the traditional brick-and-mortar experience.

這不僅僅是關於遊戲和虛擬遊戲世界。這是關於他們的下一代沉浸式網站會是什麼樣子的更大願景？為什麼不能利用這些虛擬世界引擎構建的基礎知識，您的網站沒有理由不能更加個性化、定制化、私密化。您沒有理由不能像我們嘗試使用 L'Oreal 和 Urban Decay 或 Tryon 服裝那樣嘗試化妝，或者擁有一種不同類型的關係，這種關係非常互補，並且更加以忠誠度為中心，與傳統的實體店不同經驗。

So while I don't have any specific announcements at this time, what I can tell you is that there are many conversations happening with binding for fashion brands. Some of this is about us taking them into their owned and operated worlds. Some of that is having us bring them into ours and really allowing Super League to own some of the IP and being a new generation of a digital fashion marketplace. So stay tuned.

因此，雖然我目前沒有任何具體公告，但我可以告訴你的是，有很多關於時尚品牌綁定的對話。其中一些是關於我們將他們帶入他們擁有和經營的世界。其中一些是讓我們將它們帶入我們的，並真正允許 Super League 擁有一些 IP 並成為新一代的數字時尚市場。敬請期待。

Thank you. Can you provide any updates on the Yas Island metaverse project?

謝謝。您能否提供有關亞斯島元節項目的任何更新？

Yes. So this is something we've been working on now for about 6 months, really exciting. And again, this is a proof point about us having a capability and a meta innovation engine, so to speak, that we have built for ourselves and built tremendous success for ourselves, and now we're getting a chance to apply it on behalf of partners. So in May, we will be launching 2 virtual worlds for on behalf of Yas Island. One will be a virtual world targeting young potential visitors and roadblocks and another in Sandbox, which we'll be targeting a little bit of an older demographic and these instances, you'll be able to do all the things that you get to do if you go to the real life Yas Island in Abu Dhabi. You can ride a ferry roller coaster. You can visit a sea world. That's important, right? That's an important marketing strategy to then convert into people becoming physical visitors of the destination and really works in harmony beautifully with Abu Dhabi's greater goals to really reposition themselves as more diversified beyond the energy economy.

是的。所以這是我們已經研究了大約 6 個月的東西，真的很令人興奮。再一次，這證明了我們擁有能力和元創新引擎，可以這麼說，我們已經為自己打造並為自己取得了巨大的成功，現在我們有機會代表夥伴。因此在 5 月，我們將代表亞斯島推出 2 個虛擬世界。一個是針對年輕的潛在訪客和障礙的虛擬世界，另一個是 Sandbox，我們將針對一些年長的人群和這些實例，您將能夠做所有您可以做的事情，如果你去阿布扎比現實生活中的亞斯島。您可以乘坐輪渡過山車。你可以參觀海洋世界。這很重要，對吧？這是一項重要的營銷策略，可以將人們轉化為目的地的實際遊客，並真正與阿布扎比的更大目標完美協調，即真正將自己重新定位為超越能源經濟的多元化。

We believe this is the first international entertainment destination that's being brought to life inside these metaverse or open world gaming platforms. And it's already generated several follow-on conversations with other destinations, travel destination places, both domestically and internationally. So just like we talked about fashion being interesting vertical to apply all of this more immersive web or experiential interactions with their target consumers. The same can be said for the rich travel industry and several other verticals.

我們相信這是第一個在這些元宇宙或開放世界遊戲平台中栩栩如生的國際娛樂目的地。它已經與國內和國際的其他目的地、旅遊目的地地點進行了多次後續對話。所以就像我們談到時尚是有趣的垂直應用所有這些更身臨其境的網絡或與目標消費者的體驗式互動一樣。豐富的旅遊業和其他幾個垂直行業也是如此。

Thank you. I'd like to know if there are any plans to apply Super League's talent to the new Fortnite creative experience in any way?

謝謝。我想知道是否有任何計劃將超級聯賽的人才以任何方式應用到新的Fortnite創意體驗中？

100%. We are super excited about the launch of the Fortnite creative experience. Super League was founded on this notion of really empowering everyday creators. That's why a creator economy is an underpinning thread of everything we do. This is a world now where anybody can be a game maker. Anybody can be a gaming experience creator. And when you talk about these open world platforms like Roblox and now Fortnite, it's really putting the game design into the hand of those everyday enthusiasts and so all of the good hard work that we've done, the tech and the capability we've built to apply to 1 engine, we are now already applying into Fortnite and have always enjoyed a very nice strategic relationship with Epic, their owner as well.

100%。我們對 Fortnite 創意體驗的推出感到非常興奮。 Super League 建立在真正賦予日常創作者權力的理念之上。這就是為什麼創作者經濟是我們所做一切的支柱。這是一個任何人都可以成為遊戲製作人的世界。任何人都可以成為遊戲體驗的創造者。當你談論這些開放世界平台時，比如 Roblox 和現在的 Fortnite，它真的是將游戲設計交到那些日常愛好者的手中，所以我們所做的所有努力、我們的技術和能力專為應用於 1 個引擎而構建，我們現在已經應用於 Fortnite，並且一直與 Epic（他們的所有者）保持著非常良好的戰略關係。

So I mentioned already the work we're doing with Nintendo bringing Super Mario into a Fortnite experience. We've already as well been testing some of our various products and also thinking again of how else can we help that ecosystem just like we have been there to help the Roblox creator ecosystem thrive. And that's why we have several hundred games plugged into our network, and that's how we've built that massive audience reach, what are the way we can apply all of that to really have exciting sizable reach in Fortnite as well. Fortnite does bring us an older demo. It also brings a different kind of fidelity and experience. And so we're starting right now to invest in the resources we need to really have a sizable leadership position there as we've already built in other platforms.

所以我已經提到了我們正在與任天堂合作，將超級馬里奧帶入 Fortnite 體驗。我們已經在測試我們的各種產品中的一些，並再次思考我們還能如何幫助這個生態系統，就像我們一直在那裡幫助 Roblox 創作者生態系統蓬勃發展一樣。這就是為什麼我們有數百款遊戲接入我們的網絡，這就是我們如何建立龐大的受眾群體，我們可以通過哪些方式應用所有這些，從而在 Fortnite 中也真正擁有令人興奮的大規模影響力。 Fortnite 確實給我們帶來了一個較舊的演示。也帶來了別樣的保真度和體驗。所以我們現在開始投資我們需要的資源，因為我們已經在其他平台上建立了一個相當大的領導地位。

Thank you. The largest balance sheet asset is net intangible and other assets at approximately $20 million, heavily weighted in partnering customer relationships and develop technology. Are you currently actively working to grow this asset through internal tech development or more focused on capitalizing on the asset stack in place?

謝謝。最大的資產負債表資產是淨無形資產和其他資產，約為 2000 萬美元，在合作客戶關係和開發技術方面佔很大比重。您目前是積極致力於通過內部技術開發來增加這項資產，還是更專注於利用現有的資產堆棧？

Yes, sure, sure. Yes, that's a good question as well, and that answer can be broken up into 2 primary aspects. The first aspect is the technical accounting aspect. And the second aspect is the business and operational aspect. From a technical accounting standpoint, the specific intangible assets related to partner and customer relationships and developed technology included in the $20 million intangible asset on our balance sheet relate to specific intangible assets acquired in connection with some of our fiscal year 2021 acquisitions.

是的，當然，當然。是的，這也是一個很好的問題，這個答案可以分為兩個主要方面。第一個方面是技術會計方面。第二個方面是業務和運營方面。從技術會計的角度來看，我們資產負債表上 2000 萬美元無形資產中包含的與合作夥伴和客戶關係以及開發技術相關的特定無形資產與我們在 2021 財年的一些收購中獲得的特定無形資產有關。

Basically, the technical accounting rules require us to allocate the purchase price of those acquisitions to the identifiable intangible assets that existed as of the date of acquisition. In general, the accounting rules do not provide for the opportunity to add costs to these specific intangible assets subsequent to the date of acquisition from a technical standpoint. So for example, the accounting rules do not provide for the opportunity to capitalize additional costs incurred related to partner and customer relationships subsequent to the date of acquisition.

基本上，技術會計規則要求我們將這些收購的購買價格分配至收購日存在的可辨認無形資產。一般而言，從技術角度來看，會計規則不提供在收購日期之後為這些特定無形資產增加成本的機會。因此，例如，會計規則沒有提供機會將在收購日期之後發生的與合作夥伴和客戶關係相關的額外成本資本化。

While we are developing critical partner and customer relationships on a daily basis, the accounting rules do not allow for the capitalization of those types of costs. From a business and investment standpoint, we do, however, continue to invest time and resources into continuing to develop and advance and improve our proprietary cloud-based platform covering our advertising technology our metaverse game experience and tournament technology and our fully remote broadcast and live stream technology. And from an accounting standpoint, some of these costs are captured in the internal use software development cost subcomponent of the intangible asset line on our balance sheet, and the other costs incurred are required to be expensed as incurred in the income statement and are included in the engineering, technology and development costs line item in our P&L.

雖然我們每天都在發展重要的合作夥伴和客戶關係，但會計規則不允許將這些類型的成本資本化。然而，從商業和投資的角度來看，我們確實繼續投入時間和資源來繼續開發、推進和改進我們專有的基於雲的平台，涵蓋我們的廣告技術、元宇宙遊戲體驗和錦標賽技術以及我們的完全遠程廣播和直播流技術。從會計的角度來看，其中一些成本在我們資產負債表上的無形資產項目的內部使用軟件開發成本子組件中捕獲，而其他發生的成本需要在損益表中計入費用併計入我們損益表中的工程、技術和開發成本項目。

Thank you. You mentioned the $100 million revenue outlook as organic growth. Can you talk about M&A strategy and how the company is thinking about possible acquisitions as well?

謝謝。你提到 1 億美元的收入前景是有機增長。你能談談併購戰略以及公司如何考慮可能的收購嗎？

Yes. No. Thank you for that question. Much like our market cap is very depressed and at times, doesn't really feel fair. I guess the bright side of that is we do think that we are an exciting growth stock at a very reasonable price. We're not alone. There are many companies out there, smaller than us, in many cases, that are either private or public. And we get calls just about every day. What we've really tried to do is make sure that we stick to our vision. We think it's important that we've told a consistent story to all of you. And so with that, we try to be thoughtful and judicious when we dig in and look at some of these opportunities. We're trying to hold a pretty high bar that these things have to be accretive because again, while we know that we're a growth stock, we know that top line is most important because of the market environment we're in.

是的。不，謝謝你提出這個問題。就像我們的市值非常低迷，有時真的感覺不公平。我想好的一面是我們確實認為我們是一隻令人興奮的成長型股票，而且價格非常合理。我們並不孤單。在許多情況下，有許多公司比我們小，它們要么是私有的，要么是上市的。我們幾乎每天都會接到電話。我們真正嘗試做的是確保我們堅持我們的願景。我們認為向大家講述一個前後一致的故事很重要。因此，當我們深入研究並審視其中一些機會時，我們會盡量做到深思熟慮和明智。我們試圖保持一個相當高的標準，即這些東西必須是增值的，因為雖然我們知道我們是一隻成長型股票，但我們知道頂線是最重要的，因為我們所處的市場環境。

Your patience has truncated for breakeven like everybody's. And so we're mindful of profitability but we are very much looking at M&A that is smart, accretive, again, that really starts to support this direction we're moving in as well towards higher margins. I think if there's an important thing I want you to grab on to today. One is the fact that we're shifting from what just looks like a traditional ad model to something that, again, is much more recurring and diversified in revenues as we take all this capability and we move it into persistent virtual worlds and immersive Internet experiences. That's headline one.

你的耐心和每個人一樣，為了收支平衡而縮短。因此，我們關注盈利能力，但我們非常關註明智、增值的併購，這再次真正開始支持我們朝著更高利潤率邁進的方向。我想如果有什麼重要的事情我想讓你抓住今天。一是事實是，我們正在從看起來像傳統廣告模式轉變為收入更加經常和多樣化的模式，因為我們利用所有這些功能並將其轉移到持久的虛擬世界和身臨其境的互聯網體驗中.這是標題之一。

But headline 2, I want you to grab a hold of and it does drive the M&A strategies is how do we start walking margins up, right? 45%, 50% margins, we're doing pretty well. But we have products in our portfolio that have 65%, 70% margins. And we believe that with some smart M&A, we have an opportunity to bring more of that margin in-house, more of that capability in that tech and that will allow us to kind of fulfill that aspiration. We have on a weighted basis to start moving north of 50% and into those 60s kinds of targets that we have over the horizon of the next 2 to 3 years. So we think M&A can play an important role in the margin strategy as well, diversification of revenues and then smartly bringing in-house more tech and capability that allows us to grab more of that margin for ourselves.

但標題 2，我希望你抓住它，它確實推動了併購戰略，我們如何開始提高利潤率，對吧？ 45%、50% 的利潤率，我們做得很好。但我們的產品組合中有 65%、70% 的利潤率。我們相信，通過一些明智的併購，我們有機會在內部帶來更多的利潤，更多的技術能力，這將使我們能夠實現這一願望。我們已經在加權基礎上開始向北移動 50%，並進入我們在未來 2 到 3 年內的 60 年代目標。因此，我們認為併購也可以在利潤率戰略中發揮重要作用，實現收入多元化，然後巧妙地引入更多內部技術和能力，使我們能夠為自己爭取更多的利潤率。

(Operator Instructions) Our first question today is coming from Scott Buck from H.C. Wainwright.

（操作員說明）我們今天的第一個問題來自 H.C. 的 Scott Buck。溫賴特。

Ann, could you give us a little more color on the opportunity in the reseller channel? And maybe you talked about the $3 million in 2022, but what are the pipeline you laid out is coming from that channel?

安，你能給我們更多關於經銷商渠道機會的顏色嗎？也許你談到了 2022 年的 300 萬美元，但你佈置的管道來自那個渠道是什麼？

Yes, yes. I mean, when we really got kicked off this strategy -- by the time we really had a fleet of partners signed on, and we're really starting to test, well, which ones are coming up to the curve and understanding how to sell this type of very innovative ad inventory on our behalf. It's a learning curve. These are people used to selling more traditional media products. I was pleasantly surprised as we were wrapping up the year to see that something that was a very new to sales channel was able to deliver 15% of last year's revenue.

是的是的。我的意思是，當我們真正開始這個戰略時——當我們真的有一批合作夥伴簽約時，我們真的開始測試，好吧，哪些合作夥伴正在走上正軌並了解如何銷售代表我們的這種非常創新的廣告資源。這是一個學習曲線。這些人習慣於銷售更傳統的媒體產品。當我們結束這一年時，我很驚喜地看到，對銷售渠道來說非常新的東西能夠帶來去年收入的 15%。

And what I'm also seeing in the pipeline is their deal sizes are getting bigger. The opportunities I mentioned with brands like Lego, again, 6-figure deals versus a lot of last year was small media buys, media buys that were 10,000, 15,000, 25,000. So that $3 million of revenue that we achieved last year was cobbled together by lots of little programs because what they were doing was they were learning and growing and putting it in small ways into other media packages and deals. So the fact that we now are increasingly seeing 6-figure deals tells me that they're getting their footing and it also means that we can expect a lot more than $3 million for 2023.

而且我在管道中還看到的是他們的交易規模越來越大。我再次提到樂高等品牌的機會，與去年的很多交易相比，6 位數的交易是小型媒體購買，媒體購買為 10,000、15,000、25,000。因此，我們去年實現的 300 萬美元收入是由許多小程序拼湊而成的，因為他們正在做的是學習和成長，並以小的方式將其用於其他媒體包和交易。因此，我們現在越來越多地看到 6 位數的交易這一事實告訴我，他們正在站穩腳跟，這也意味著我們可以預計 2023 年的交易額將超過 300 萬美元。

I think it's conceivable that we could deliver $10 million of revenue this year out of that channel or maybe more. The other exciting thing is it becomes a very important pipeline feeder for us because it's a brand like a Lego, for example, says, "I want to do a big media buy through your channels. They also may want package with it an experience, much like when we brought Barbie Dreamhouse to light last -- and back in October. And in that instance, when we're doing that experiential buy, that is a deal. That piece of that deal flows right back to our domestic sales team, again, it flows inside where we have that built-in in-house capability to deliver really robust virtual world experiences. So they're out there selling the bigger brand on our behalf, and that's becoming a feeder to our own internal pipeline as well.

我認為我們今年可以通過該渠道實現 1000 萬美元或更多的收入，這是可以想像的。另一件令人興奮的事情是它成為我們非常重要的管道饋線，因為它是一個像樂高這樣的品牌，例如，說，“我想通過你們的渠道進行大量媒體購買。他們也可能希望將其打包成一種體驗，很像我們去年 10 月份展示芭比夢屋時的情況。在那種情況下，當我們進行體驗式購買時，這就是一筆交易。這筆交易的一部分直接回流到我們的國內銷售團隊，再次，它流入我們擁有內置內部能力的地方，可以提供真正強大的虛擬世界體驗。所以他們在那裡代表我們銷售更大的品牌，這也成為我們自己內部管道的饋線.

Great. That's helpful. And it sounds like you guys have really done a good job in ensuring up the balance sheet here in the first part of 2023. Can you talk a little bit about where that capital will be allocated? Is that investment capital to drive revenue? Or is it capital more just to support what's currently in the pipeline?

偉大的。這很有幫助。聽起來你們在確保 2023 年上半年的資產負債表方面確實做得很好。你能談談這筆資金將分配在哪裡嗎？投資資本是為了增加收入嗎？還是更多的資金只是為了支持目前正在籌備中的項目？

I mean when you look at the fact that we've stripped 30% of our cost out, we have really leaned this organization out. About 58% of our head count right now is revenue facing. So that's a pretty significant shift. I think at the same time last year, it was kind of in the low 30s. And so we have gotten the company to a place that is ultra lean, and we're going to continue to look at ways to further lean it out. But what we aren't going to sacrifice is the investment in our sales and business development capability. And so some of this capital is to continue the push to bring cost out but also redirect more and more investment in our sales capability because as you know, when we've talked before, we're sitting on a massive amount of inventory that so much of it that we could further monetize through bigger and bigger programs with brands and advertisers. So to me, it is investing in our organic growth strategy and it is growth capital to that respect. It's certainly to the capital that we feel we need to raise to get to profitability.

我的意思是，當你看到我們已經削減了 30% 的成本這一事實時，我們真的已經精簡了這個組織。我們目前約有 58% 的員工面臨收入問題。所以這是一個非常重要的轉變。我認為去年的同一時間是 30 多歲左右。因此，我們已經讓公司達到了超精益的水平，我們將繼續尋找進一步精益的方法。但我們不會犧牲對我們的銷售和業務發展能力的投資。因此，其中一些資金將繼續推動降低成本，同時也將越來越多的投資重新定向到我們的銷售能力上，因為正如你所知，當我們之前談過時，我們正坐擁大量庫存，因此其中大部分我們可以通過與品牌和廣告商的越來越大的計劃進一步貨幣化。所以對我來說，它正在投資於我們的有機增長戰略，它是這方面的增長資本。我們認為我們需要籌集資金才能實現盈利，這當然是資本。

And then last one for me. I just want to make sure I'm clear. the $100 million revenue target you laid out, that's all organic, right? That does not include any additional M&A to get you there over the next few years.

然後最後一個給我。我只是想確保我清楚。你制定的 1 億美元的收入目標，都是有機的，對吧？這不包括在未來幾年內為實現這一目標而進行的任何額外併購。

Yes, that is right now. Now that doesn't mean we won't do M&A because we aren't going to stay static, but certainly, when we look at the those 3 leverage points, larger deals, right, leveraging other people sales teams, that international sales partner strategy. I love that strategy. Think about it. We're not building up our own international sales teams. We're leveraging other people's P&L. And we're doing it still with strong margins. And then third, on top of it. And this is really where you start to get a real escalation. It's moving into both our own and third-party persistent virtual world.

是的，就是現在。現在這並不意味著我們不會進行併購，因為我們不會保持不變，但可以肯定的是，當我們查看這 3 個槓桿點時，更大的交易，對，利用其他人的銷售團隊，那個國際銷售合作夥伴戰略。我喜歡這個策略。想想看。我們沒有建立自己的國際銷售團隊。我們正在利用其他人的損益。而且我們仍在以可觀的利潤率這樣做。然後是第三，最重要的是。這確實是您真正開始升級的地方。它正在進入我們自己和第三方的持久虛擬世界。

And if you're running a persistent world that runs for 12, 24, 36 months, that can't possibly be a $1 million program just in just creating and operating the world alone, that's what advertisers pay us just to run something for a month for them. So if we're running things that are annual in nature, just the traditional work of building the experience and operating it is a multiyear program. But then on top of it, in the case where we get to participate more in the economy beyond just bringing the world to life and optimizing it, but get to participate in the direct-to-consumer revenues, that's where we see that diversification in revenue, and again, exponentially more revenue per program, just different in nature.

如果你運行一個持續運行 12、24、36 個月的持久世界，那不可能是一個 100 萬美元的項目，僅僅為了創造和運營這個世界，這就是廣告商付給我們的錢，只是為了運行一些東西對他們來說一個月。因此，如果我們運行的東西本質上是一年一度的，那麼建立經驗和運營它的傳統工作就是一個多年計劃。但最重要的是，如果我們更多地參與經濟，而不僅僅是讓世界栩栩如生並優化它，而是參與直接面向消費者的收入，那就是我們看到多元化的地方收入，再一次，每個項目的收入成倍增加，只是性質不同。

Great. That's helpful. A very impressive quarter, guys. Congrats.

偉大的。這很有幫助。一個非常令人印象深刻的季度，伙計們。恭喜。

Thank you. I do think that, to your point, look, you saw a lot of the topics about advertiser pullback. -- we're really fortunate that in 4Q, we had a record-breaking quarter. And we really did it through a fantastic sales team and sales partner team but also the fact that we have really innovative, high-performing products. And again, as I mentioned earlier, I'm hearing it straight from the mouth of the Global Head of Media at Mattel and other big name firms that they have to figure out where to put their dollars where the audience is gone, and we are where the audience is. And so I think that's why we were able to deliver a strong quarter. That doesn't mean, as we said earlier, that these market headwinds are still out there. They are for everybody. But I think our products and our offer stand out and put us in a really good position. We are the future of digital advertising. We are not the traditional digital advertising of the past.

謝謝。我確實認為，就你的觀點而言，你看到了很多關於廣告客戶撤回的話題。 -- 我們真的很幸運，在第四季度，我們有一個破紀錄的季度。我們確實通過出色的銷售團隊和銷售合作夥伴團隊做到了這一點，而且我們擁有真正創新的高性能產品。再一次，正如我之前提到的，我直接從 Mattel 和其他知名公司的全球媒體負責人口中聽到，他們必須想辦法把錢花在觀眾離開的地方，而我們觀眾在哪裡。所以我認為這就是我們能夠實現強勁季度的原因。正如我們之前所說，這並不意味著這些市場逆風仍然存在。它們適合所有人。但我認為我們的產品和報價脫穎而出，使我們處於非常有利的位置。我們是數字廣告的未來。我們不是過去的傳統數字廣告。

Your next question is coming from Jack Vander Aarde from Maxim.

您的下一個問題來自 Maxim 的 Jack Vander Aarde。

Okay. Great. I appreciate the update and congrats on the strong momentum to finish the year. Ann, you kind of touched on this already, so -- and I appreciate all your detailed comments and commentary and prepared remarks. You finished 2022 with about $20 million revenue, gross margin on that 43%, the next few years, you're seeing that organic revenue growing $100 million with gross margins approaching the mid-60s. So just a couple of questions there. First, at 2023, any specific 2023 kind of growth targets or guidance outlook there? And then on the $100 million target, how do you get there from the gross margin sense? Is that organic growth expansion as well for the mid-60s to gross margin? Or is that coming from the M&A.

好的。偉大的。我感謝更新並祝賀今年結束的強勁勢頭。安，你已經談到了這一點，所以——我感謝你所有詳細的評論和評論以及準備好的評論。到 2022 年，您的收入約為 2000 萬美元，毛利率為 43%，接下來幾年，您將看到有機收入增長 1 億美元，毛利率接近 60 年代中期。所以只有幾個問題。首先，在 2023 年，有什麼具體的 2023 年增長目標或指導前景嗎？然後在 1 億美元的目標上，你如何從毛利率意義上實現目標？對於 60 年代中期的毛利率來說，這種有機增長是否也是如此？或者是來自併購。

Yes. So we -- like most companies right now, we feel a little more comfortable, gain ourselves a little further into the year before thinking about giving any kind of top line guidance, we've had a decent start to the year, so -- but we just feel -- gosh, we've all just survived the last like 18 months on the stock market, right? And so every time we think that we've seen it all more challenges come, we seem to be pretty resilient. And so knock on wood, we just keep hustling and keep running a smarter and more efficient business for it. That makes me feel good about what we've gone through, really good is the perseverance, but also we are -- again, we've never had better product market fit, and we are the healthiest we've ever been as a company.

是的。所以我們 - 就像現在的大多數公司一樣，我們感覺更舒服一些，在考慮提供任何類型的頂線指導之前讓自己更進一步進入這一年，我們今年有一個不錯的開端，所以 -但我們只是覺得——天哪，我們都在股市上度過了過去 18 個月，對吧？因此，每當我們認為我們已經看到更多挑戰來臨時，我們似乎都非常有彈性。因此，敲木頭，我們只是繼續忙碌，並為此繼續經營更智能、更高效的業務。這讓我對我們所經歷的事情感覺良好，毅力真的很好，但我們也是——再一次，我們從未有過更好的產品市場契合度，我們是有史以來最健康的公司.

So we haven't given that kind of 2023 guidance. But when I talk about how we stair-step our way to being a $100 million top line company over the next few years, we see that we have -- when we start looking at again -- the diverse going deeper inside the platforms we are today is one, diversifying across other virtual world platforms is step 2 and then number 3, more and more owned and operated or owned IP or third-party persistent worlds where, again, we get that diversification of revenue. So it takes those 3 steps for us to be able to live into that kind of full top line number that we're very motivated by.

所以我們沒有給出那種 2023 年的指導。但是當我談到我們如何在未來幾年逐步成為一家價值 1 億美元的頂級公司時，我們看到我們已經 - 當我們再次開始審視時 - 我們正在深入了解平台的多樣性今天是一個，跨其他虛擬世界平台多樣化是第 2 步，然後是第 3 步，越來越多的擁有和運營或擁有 IP 或第三方持久世界，我們再次獲得收入的多樣化。因此，我們需要這 3 個步驟才能實現我們非常有動力的那種完整的頂線數字。

That's -- that we know that's the company that we've built and the company that we are today. As far as the margins go, Certainly, M&A helps in that story. There's no doubt about it. Again, the more that we can bring in additional tech or capability to really round out this end-to-end meta innovation engine I've mentioned, it means that all of that is ours to capture. And so first and foremost, margin improvement comes from us selling smarter. Selling smarter means our salespeople more focused on net revenue and higher-margin products. The second way is us continuing to innovate our products because we do have some products that are very high margin, very high performing. And so we want to lean more into more of those products in our suite of menu and offerings and pushing brands towards those high-performing high-margin products.

那就是——我們知道那是我們建立的公司，也是我們今天的公司。就利潤率而言，當然，併購在這個故事中有所幫助。毫無疑問。同樣，我們可以引入更多的技術或能力來真正完善我提到的這個端到端的元創新引擎，這意味著所有這些都是我們要捕獲的。因此，首先，利潤率的提高來自於我們更聰明的銷售。更聰明地銷售意味著我們的銷售人員更專注於淨收入和更高利潤的產品。第二種方式是我們繼續創新我們的產品，因為我們確實有一些利潤率非常高、性能非常高的產品。因此，我們希望在我們的菜單和產品組合中更多地關注這些產品，並將品牌推向那些高性能、高利潤的產品。

The third way we grow revenue is building out, as I mentioned, more of that end-to-end in-house capability so that we can control all of that margin profile from the start to the finish of virtual world experiences and supporting media -- so it's about that. And some of that will happen through M&A, we think. And then the fourth way is, again, diversification of revenues. Right now, we don't talk a lot about our direct-to-consumer revenues. They're small, right? There are $2 million, $2.5 million of our total revenues for last year.

正如我提到的，我們增加收入的第三種方式是建立更多的端到端內部能力，這樣我們就可以從虛擬世界體驗和支持媒體的開始到結束控制所有的利潤率—— - 就是這樣。我們認為，其中一些將通過併購實現。第四種方式再次是收入多元化。目前，我們並沒有過多談論直接面向消費者的收入。它們很小，對吧？去年我們的總收入有 200 萬美元，250 萬美元。

But the more that we start to operate persistent worlds where we participate in the consumer economy, we believe when we look at that $100 million profile future for us in a few years, we won't just look like a temporal advertising company anymore. That will be a piece of our revenue stream, those media products but there should be a more balanced mix between the direct-to-consumer side and then, of course, the media side and then the publishing engine or experience side. And so we think those 3 legs of diversification inevitably push our margin up because in a lot of these virtual worlds, the direct-to-consumer margin side is in the high 80s or 90%. So it is very much about more than anything, getting that good mix of revenues in our future forward-looking profile.

但是，我們越是開始經營我們參與消費經濟的持久世界，我們相信，當我們展望幾年後 1 億美元的未來時，我們將不再只是一家臨時廣告公司。這將是我們收入流的一部分，那些媒體產品，但在直接面向消費者的方面應該有一個更平衡的組合，當然還有媒體方面，然後是發布引擎或體驗方面。因此，我們認為多元化的 3 條腿不可避免地推高了我們的利潤率，因為在許多虛擬世界中，直接面向消費者的利潤率方面處於 80% 或 90% 的高位。因此，最重要的是，在我們未來的前瞻性概況中獲得良好的收入組合。

So a lot of fantastic color there. I appreciate that, Ann. And then maybe I'll just ask 1 more follow-up on the pipeline, your larger deal size is obviously, 7x, 7 customers were $1 million customers in 2022, 56 are 6 figures. So maybe just 2 questions there. How likely is it that those 56, 6-figure customers graduate to $1 million customers in 2023 or 2024. And then of the 100 brands you served in 2022, how do you see the total number of brands you're going to serve in 2023 and 2024 kind of tracking? Is it a win in your growth? Or what are you seeing where you stand today?

那裡有很多奇妙的顏色。我很感激，安。然後也許我會再問 1 個關於管道的後續行動，你更大的交易規模顯然是 7 倍，7 個客戶在 2022 年是 100 萬美元的客戶，56 個是 6 位數。所以也許只有兩個問題。在 2023 年或 2024 年，這 56 名 6 位數客戶升級為 100 萬美元客戶的可能性有多大。然後，在您在 2022 年服務的 100 個品牌中，您如何看待 2023 年要服務的品牌總數和 2024 年的跟踪？這是你成長的勝利嗎？或者你今天所看到的是什麼？

Yes, it's a really good question. First of all, we 100% see the pattern of they dip their toe in and then they come back for more, either the brand directly or their agency. And so we're watching that true progression of people trying out maybe a 50,000 buy. And this is examples with like our investor Paramount or Universal when they're doing new family-friendly motion picture releases, once they understand how well we performed with say the bad guys, then it's time for the Minions release and they're coming back and saying, "Oh, you're now a core part of my media mix. Every time I launch, you're a piece of it. just like you would say, historically, a piece of it might go to YouTube or Instagram. We're a piece of it because we're really just a new better, in my opinion, social channel that is kind of mitigating what's not working in a lot of traditional digital channels today.

是的，這是一個非常好的問題。首先，我們 100% 看到了他們涉足的模式，然後他們直接回來尋求更多，無論是品牌還是他們的代理。因此，我們正在觀察人們嘗試 50,000 次購買的真正進展。這是我們的投資者派拉蒙或環球影業的例子，當他們正在發行新的適合家庭的電影時，一旦他們了解我們在壞人方面的表現如何，那麼就該發行小黃人了，他們又回來了並說，“哦，你現在是我媒體組合的核心部分。每次我發佈時，你都是其中的一部分。就像你會說的那樣，從歷史上看，它的一部分可能會出現在 YouTube 或 Instagram 上。我們是其中的一部分，因為在我看來，我們真的只是一個更好的新社交渠道，它可以緩解當今許多傳統數字渠道中不起作用的問題。

And so we're just becoming a natural piece of the pie. And then what does happen over time as they say, I want more. I don't want just a media buy. I want an experience as well. And once you package the experience and the media and in some cases, like what you guys know so well that we did for Samsung with the broadcast of the virtual Charlie XCX concert last year, if they want a broadcaster content component to that's when they start to become $600,000, $800,000, $1.2 million programs. because it's really, again, packaging all the aspects of what we can do holistically as a company for these really exciting campaigns that are not just like temporal ad campaigns because they're kind of like product placement on steroids meets smarter kind of digital marketing, so to speak.

所以我們只是自然而然地成為餡餅的一部分。然後正如他們所說，隨著時間的推移會發生什麼，我想要更多。我不想只是媒體購買。我也想體驗一下一旦你把體驗和媒體打包在一起，在某些情況下，就像你們非常了解的那樣，我們去年為三星做了虛擬查理 XCX 音樂會的廣播，如果他們想要一個廣播公司的內容組件，那就是他們開始的時候成為價值 60 萬美元、80 萬美元、120 萬美元的項目。因為它真的再次包裝了我們作為一家公司可以為這些真正令人興奮的活動整體做的所有方面，這些活動不僅僅是臨時廣告活動，因為它們有點像類固醇的產品放置遇到更智能的數字營銷，可以這麼說。

And so your second question was about this year's pipeline and about serving 100 brands. And it's a good question because it's a struggle in a good way. If you think about it, with the trend lines of us doing, the fact that 2/3 of our pipeline are 6-figure deals, and we've got 7 plus deals that are north of 1 million to deliver a $20 million a year, we don't have to serve 100 brands. But we want to, right? Because we want to serve 200 brands, 500 brands. And when you look at the fact that we're now working multiple ways across fashion, cosmetics, food categories, fashion, automotive, you name it, we're so diversified. There we don't want to say no to any advertiser because there's just so much in front of us. They're just starting to understand this marketing channel that we offer for them. But what should give investors a lot of confidence is you don't have to deliver against 100 customers or 100 unique brands and deliver a $30 million, $40 million revenue this year when your deal sizes are inevitably getting bigger and you continue to have 70% repeat.

所以你的第二個問題是關於今年的管道和服務 100 個品牌。這是一個很好的問題，因為這是一場很好的鬥爭。如果您考慮一下，根據我們的趨勢線，我們 2/3 的管道是 6 位數的交易，而且我們有 7 筆交易超過 100 萬，每年交付 2000 萬美元，我們不必為 100 個品牌提供服務。但我們想要，對吧？因為我們要服務200個品牌，500個品牌。當你看到我們現在在時尚、化妝品、食品類別、時尚、汽車等領域以多種方式開展工作時，你會發現我們是如此多元化。在那裡，我們不想對任何廣告商說不，因為擺在我們面前的太多了。他們才剛剛開始了解我們為他們提供的營銷渠道。但是應該給投資者很大信心的是，當你的交易規模不可避免地越來越大並且你繼續擁有 70%重複。

I guess if I were in the investor shoes, what it would give me comfort is to say, gosh, if they built the operational capacity to service 100 brands, and they can -- with bigger programs, deliver a huge step change in revenue growth by only servicing 25 or 50, then now I can see whatever I thought the ceiling for -- with this company, had just lifted, it just lifted as far as capacity goes. And so we don't want to say no to anybody yet. We're not in that position. We very humbly, are grateful for every exciting new brand and advertiser who wants to come and work with us.

我想如果我站在投資者的立場上，讓我感到欣慰的是，天哪，如果他們建立了為 100 個品牌提供服務的運營能力，並且他們可以通過更大的計劃，實現收入增長的巨大變化通過只為 25 或 50 人提供服務，那麼現在我可以看到我認為的上限——這家公司剛剛解除，就容量而言，它剛剛解除。所以我們還不想對任何人說不。我們不在那個位置。我們非常謙虛地感謝每一個想要與我們合作的令人興奮的新品牌和廣告商。

I have investors introducing me to big global CMOs every week because they understand our products and they want to let other brands they know about them. So we're not in a position yet to say no. But there is probably going to become a point increasingly where we're going to have to prioritize bigger programs or make a decision about getting that right balance right about capacity. And look, I think with confidence, we can also start to walk customers up and say, look, we know you want to put $25,000 to work for us. Here's a $100,000 media buy. This is what we think you need to do and with a lot of confidence we can move them into that higher territory.

我每週都有投資者將我介紹給大型全球 CMO，因為他們了解我們的產品，並且希望讓其他品牌了解這些產品。所以我們還不能說不。但可能會越來越多地成為一個點，我們將不得不優先考慮更大的項目或做出關於在容量方面取得正確平衡的決定。看，我自信地認為，我們也可以開始讓客戶走上前來說，看，我們知道您想投入 25,000 美元為我們工作。這是 100,000 美元的媒體購買。這就是我們認為您需要做的，我們有信心將他們帶入更高的領域。

Excellent. Sounds like there's no shortage of growth levers for you guys to pull. So I appreciate the update. That's it for me.

出色的。聽起來你們不乏可以拉動的增長槓桿。所以我感謝更新。對我來說就是這樣。

One more thing I just want to mention because I saw a couple of comments coming through chat about Mobcrush, and so I think it's important that we comment on that. We have integrated the Mobcrush broadcasting tech. We had our own broadcasting tech. You've heard us talk historically about something that we call Virtualis that is now called Super View. So we have our Super Studios team that's powered by Super View, which again, is a very exciting proprietary virtual remote production capability and monitoring capability that we've built in house. We use it for our brand partners. We use it for ourselves. It's smart. It's extremely high quality. It's very affordable. And that's exactly the type of capability that's allowed us to deliver some of those great broadcasts. I mentioned earlier, it's also the talent that's behind the work that I talked about earlier that we're doing for Marvel's NewVerse as well.

我還想提一件事，因為我看到一些關於 Mobcrush 的聊天評論，所以我認為我們對此發表評論很重要。我們集成了 Mobcrush 廣播技術。我們有自己的廣播技術。您聽說過我們在歷史上談論過我們稱為 Virtualis 的東西，現在稱為 Super View。因此，我們擁有由 Super View 提供支持的 Super Studios 團隊，這又是一個非常令人興奮的專有虛擬遠程製作功能和我們內部構建的監控功能。我們將其用於我們的品牌合作夥伴。我們自己使用它。這很聰明。它的質量非常高。這是非常實惠的。而這正是使我們能夠提供一些出色廣播的能力類型。我之前提到過，這也是我之前談到的我們正在為 Marvel 的 NewVerse 所做的工作背後的人才。

We've integrated the best pieces of the Mobcrush tech into that and really turned it into 1 stack of broadcasting tech. Secondly, it may not have been completely obvious to everyone. But at the heart of what Mobcrush was when we acquired them was they really understood gaming-centric influencers -- and most of their revenues were coming through creator influencer marketing, so to speak. And so when I talk about us being an end-to-end solution for brands, and we'll just use the Barbie example, it's easy.

我們已經將 Mobcrush 技術的最佳部分集成到其中，並真正將其變成了一堆廣播技術。其次，它可能不是每個人都完全清楚的。但在我們收購 Mobcrush 時，他們的核心是他們真正了解以遊戲為中心的影響者——可以說，他們的大部分收入來自創作者影響者營銷。因此，當我談到我們是品牌的端到端解決方案時，我們將只使用芭比娃娃的例子，這很簡單。

We built a virtual pop-up Barbie Dreamhouse experience, they also paid us for media products that we dropped in other games that really targeted that Barbie Girl consumer to drive visitation to the Barbie experience.

我們構建了一個虛擬的彈出式芭比夢幻屋體驗，他們還為我們在其他遊戲中投放的媒體產品付費，這些遊戲真正針對芭比女孩消費者，以推動對芭比體驗的訪問。

But we also packaged it with Barbie influencers because it's one thing to get all the reach you can get inside a platform like Roblox and Minecraft, but you also want to amplify it out into the universe, right? And so you want to work with the best influencers who have big followings on YouTube and other platforms to drive additional traffic in and really to give you that 360 solution and influencer marketing was a good chunk, about $5 million of our revenue last year. It's still core. It's a core piece. So now when we say we're doing 6-, 7-figure deals, it's got all the elements I laid out, experiential media, there's always some kind of influencer piece to it. And it's that capability and talent that we bought through Mobcrush that has really brought that in-house and yet then we've taken that great talent, and we've turned them into people who can also sell the experience in the Endgame media products, too. So now they can sell that holistic solution.

但我們也將它與芭比娃娃的影響者打包在一起，因為在像 Roblox 和 Minecraft 這樣的平台中獲得所有影響力是一回事，但你也想將它擴展到宇宙中，對吧？因此，您想與在 YouTube 和其他平台上擁有大量追隨者的最有影響力的人合作，以增加流量，並真正為您提供 360 度解決方案和有影響力的營銷是一個很好的部分，去年我們的收入約為 500 萬美元。它仍然是核心。這是一個核心部分。所以現在當我們說我們正在做 6 位、7 位數字的交易時，它包含了我列出的所有元素，體驗式媒體，總會有一些有影響力的東西。正是我們通過 Mobcrush 購買的能力和人才真正將其帶入內部，然後我們又吸收了這些優秀人才，我們將他們變成了可以在 Endgame 媒體產品中銷售體驗的人，也。所以現在他們可以出售該整體解決方案。

Thank you. We reached end of our question-and-answer session. I'd like to turn the floor back over to Ann for any further closing comments.

謝謝。我們的問答環節結束了。我想將發言權轉回給 Ann，聽取任何進一步的結束評論。

Well, just thank you so much for joining us today. Really appreciate it. Appreciate the support that we get for hanging in there with us during this kind of crazy market ride, we've been through. I hope people are proud of the fact that we have delivered on really significant step change top line growth from $2 million in 2020 and to $11 million in 2021 to $20 million in 2022. Again, facing the market conditions we have, we feel good about that. And I think that, coupled with the really aggressive cost reductions and leaning out that I spoke of, I hope people can see that we're building a very healthy, sustainable company going forward and really excited to do everything we can to deliver against your shareholder return expectations. And with that, I'd just encourage you to please feel free to reach on an e-mail to our IR team with any additional questions that you have, we're happy to follow up.

好吧，非常感謝你今天加入我們。真的很感激。感謝我們在這種瘋狂的市場行情中與我們一起堅持的支持，我們已經經歷過。我希望人們為我們實現了真正重大的步驟變化而感到自豪，收入增長從 2020 年的 200 萬美元增長到 2021 年的 1100 萬美元到 2022 年的 2000 萬美元。同樣，面對我們所擁有的市場條件，我們對那。而且我認為，再加上我所說的真正積極的成本削減和精益求精，我希望人們能夠看到我們正在建設一個非常健康、可持續發展的公司，並且真的很高興竭盡所能來實現你的目標股東回報預期。有了這個，我只是鼓勵您隨時通過電子郵件聯繫我們的 IR 團隊，如果您有任何其他問題，我們很樂意跟進。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your lines at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網絡廣播到此結束。此時您可以斷開線路，度過美好的一天。感謝您今天的參與。