Super League Enterprise Inc (SLE) 2023 Q2 法說會逐字稿

Greetings, and welcome to the Super League Second Quarter 2023 Conference Call. Please note, this conference 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. These 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，歡迎參加中超 2023 年第二季度電話會議。請注意，本次會議正在錄製中。在我們開始之前，我想提醒聽眾，管理層在本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。這些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的預測有所不同。

For a description of these risks and uncertainties, please see Super League's financial statements and MD&A for the second quarter 2023, ended June 30, 2023, available on the 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, August 14, 2023. Super League undertakes no obligation to revise or otherwise update any statements reflect events or circumstances after the date of this call.

有關這些風險和不確定性的描述，請參閱超級聯賽截至 2023 年 6 月 30 日的 2023 年第二季度財務報表和 MD&A，可在 SEDAR 和 EDGAR 上獲取。有關前瞻性陳述的重要限定條件也包含在今天下午早些時候發布的超級聯賽財報中，該財報也可在 SEDAR 和 EDGAR 上獲取。此外，本次電話會議的內容包含截至今天（2023 年8 月14 日）的時效性信息。超級聯賽不承擔修改或以其他方式更新反映本次電話會議之後發生的事件或情況的任何聲明的義務。

(presentation)

（推介會）

Thank you. I'd now like to turn the conference call over to Ann Han, Chief Executive Officer.

謝謝。我現在想將電話會議轉給首席執行官 Ann Han。

Hello, and welcome to our quarterly call. There's a little bit of lag in that video, but hopefully, you could still get a sense of the remarkable results that we deliver for some of the biggest brand partners in the world. So let's go ahead and kick off. I'll start by saying that setting records is starting to become a thing here at Super League. From our continuing growth of monthly unique player reach, topping $127 million last month to yet another record-setting quarterly revenue. These best ever Q2 revenues saw a nice sequential uptick from Q1, growing 51% sequentially to just over $5 million. And we're just halfway through the third quarter and expecting yet another quarterly record delivering north of $6 million in revenues based on the strength of early bookings. And again, we're only halfway through the quarter. That is worth a pause.

您好，歡迎致電我們的季度電話。該視頻有一點滯後，但希望您仍然可以感受到我們為世界上一些最大的品牌合作夥伴提供的卓越成果。那麼讓我們開始吧。首先我要說的是，在超級聯賽中，創造紀錄已經開始成為一件事情。我們的每月獨立玩家覆蓋範圍持續增長，上個月突破 1.27 億美元，季度收入再創紀錄。這些有史以來最好的第二季度收入較第一季度出現了良好的環比增長，環比增長了 51%，達到略高於 500 萬美元。第三季度剛剛過去一半，基於早期預訂的強勁勢頭，我們預計第三季度的收入將再次創下 600 萬美元以上的紀錄。再說一次，我們這個季度才剛剛過半。這值得暫停一下。

Our strategy is working and operating leverage is kicking in. We're proving we can take a greater share of advertisers wallets proven through larger deal sizes and continued high repeat percentages. Our sales force effectiveness is increasing as indicated by higher total revenue wins per seller. And we have signature clients like Hamilton now and Yas Island where we're delivering immersive experiences that are not just short-term campaigns, but persistent virtual worlds that change the size and distribution of our revenues to be more recurring, forecastable in nature. That's a big change because that hasn't -- has us looking like an ad model anymore. And we think that's something that investors are really going to embrace that smoothing out of revenues and that greater predictability.

我們的戰略正在發揮作用，運營槓桿正在發揮作用。通過更大的交易規模和持續的高重複百分比，我們正在證明我們可以在廣告商的錢包中佔據更大的份額。我們的銷售隊伍效率正在提高，每個賣家的總收入增加表明了這一點。我們擁有像漢密爾頓現在和亞斯島這樣的標誌性客戶，我們在這些客戶中提供身臨其境的體驗，這些體驗不僅僅是短期的活動，而是持久的虛擬世界，它改變了我們收入的規模和分配，使其本質上更加經常性、可預測。這是一個很大的變化，因為這並沒有讓我們看起來不再像一個廣告模特。我們認為，投資者確實會接受收入的平滑化和更大的可預測性。

We've built a leading scalable, vertically integrated publishing machine across some of today's largest digital social platforms and a metaverse innovation engine for the future of the immersive web. So let's pull up a level and look at the macro environment. Traditional digital advertising continues to face headwinds. Internet advertising saturation, ad blocking technologies and more continue to put down repression on underperforming ad CPMs. But here is what else we know. There's been a massive audience shift with over 0.5 billion monthly Gen Z and Alphas moving to the next generation of social digital platforms, these are platforms like Roblox, Minecraft and Fortnite, they're already there, and the ad dollars are still catching up. In-game advertising is expected to be a $56 billion industry by 2024, and young consumer behaviors are shifting as well. 47% of Gen Z expects to discover brands first in immersive environments. And that immersive content, 2D or 3D increases engagement by 252%.

我們在當今一些最大的數字社交平台上構建了領先的可擴展、垂直集成的出版機，並為未來的沉浸式網絡構建了元宇宙創新引擎。那麼我們就拉高一個層面來看看宏觀環境。傳統數字廣告繼續面臨阻力。互聯網廣告飽和、廣告攔截技術等繼續壓製表現不佳的廣告每千次展示費用。但這是我們所知道的其他內容。受眾群體發生了巨大的轉變，每月有超過 5 億的 Z 世代和 Alpha 群體轉向下一代社交數字平台，這些平台包括 Roblox、Minecraft 和 Fortnite，它們已經存在，而且廣告收入仍在追趕。到 2024 年，遊戲內廣告預計將成為一個價值 560 億美元的產業，而年輕消費者的行為也在發生變化。 47% 的 Z 世代希望首先在沉浸式環境中發現品牌。沉浸式內容（2D 或 3D）將參與度提高了 252%。

Hence, we offer brands a new high-performing marketing channel, a solution to their underperforming traditional digital ad channels, the future really of digital advertising. Even if you look at the recent earnings calls for Meta and Robolox, they validate what we see and what we do here at Super League. Robolox's revenues are growing 15% year-on-year. They continue to show strong new user growth, along with an increasing segment of 17- to 24-year-old players, proving that Robolox as well isn't a platform necessarily that you age out of. And you'll note that they don't call themselves a gaming platform, they're a social platform.

因此，我們為品牌提供了一個新的高性能營銷渠道，一個針對錶現不佳的傳統數字廣告渠道的解決方案，這是數字廣告的未來。即使你看看 Meta 和 Robolox 最近的財報電話，它們也驗證了我們在超級聯賽中所看到的和所做的事情。 Robolox 的收入同比增長 15%。他們繼續表現出強勁的新用戶增長，以及 17 至 24 歲玩家群體的不斷增加，這證明 Robolox 也不一定是一個隨著年齡增長而退出的平台。您會注意到，他們並不稱自己為遊戲平台，而是社交平台。

And meta, is now recognizing that there is a necessary transition space between the 2D web using the screens we all have in our lives today, our laptop screens, our phone screens, our TV screens and their point of view on a fully immersive 3D metaverse that requires a VR headset. This now makes them a real key partner for us to explore a strategic partnership because now that they're embracing a 2D transition, they have an opportunity to deliver a lot of users to their metaverse worlds because it would be much more accessible.

Meta 現在認識到，使用我們今天生活中所擁有的屏幕、筆記本電腦屏幕、手機屏幕、電視屏幕的 2D 網絡與他們對完全沉浸式 3D 元宇宙的觀點之間存在必要的過渡空間這需要 VR 耳機。現在，這使他們成為我們探索戰略合作夥伴關係的真正關鍵合作夥伴，因為現在他們正在擁抱 2D 轉型，他們有機會將大量用戶帶到他們的虛擬世界，因為這將更容易訪問。

In summary, this is all fueled by spatial computing. The technology that has origins in these social gaming platforms exist and can now transform the dot-com experience. As you'll hear me say again and again, we have a leading publishing engine for the immersive web, one that will offer interactive, customizable, personalized web experiences beyond the platforms we operate in today.

總之，這一切都是由空間計算推動的。起源於這些社交遊戲平台的技術已經存在，並且現在可以改變互聯網體驗。正如您會聽到我一遍又一遍地說的那樣，我們擁有一個領先的沉浸式網絡發布引擎，它將提供超越我們今天運營的平台的交互式、可定制、個性化的網絡體驗。

Now let's move on to some Q2 and subsequent operating highlights. As I mentioned last quarter, M&A and consolidation are ongoing themes in our emerging industry and our lean position makes us a magnet. To that end, we opportunistically acquired Melon in a very shareholder-friendly intelligently structured deal. Melon now branded SL Studios is a groundbreaking development studio, it's renowned for creating award-winning high-profile experiences across an impressive array of global brands, including the likes of the NFL, Chipotle, American Girl owned by Mattel, Clarks and Dave & Buster's.

現在讓我們來看看第二季度和後續的運營亮點。正如我上季度提到的，併購和整合是我們新興行業的持續主題，我們的精益地位使我們具有吸引力。為此，我們機會主義地通過一項非常有利於股東的明智結構交易收購了 Melon。 Melon 現在更名為SL Studios，是一家開創性的開發工作室，以在一系列令人印象深刻的全球品牌中創造屢獲殊榮的高調體驗而聞名，其中包括NFL、Chipotle、Mattel 旗下的American Girl、 Clarks 和Dave & Buster's 。

The Chipotle activation alone is one that -- when I talk about with investors, I get a lot of excitement and reaction from it because I think they can feel as well how groundbreaking it is for us, and our opportunities that lie ahead. That activation provided us with a particular point of differentiation beyond just delivering material off-the-charts digital engagement. Not only did our immersive experiences deliver 24 million visits and generated billions of PR impressions, but we also set records for Chipotle's highest digital app download day and second highest digital food sales day ever in the company's history, along with giving away 130,000 burritos in just 30 minutes. Similarly, our June activation with Clarks shoe brand created a 2-way straight between the digital and physical worlds, driving real-life customers into an immersive Clarks' digital world to try on new shoe styles and then back to the store for purchase. We believe being a leader in measurable digital to physical conversion is a game changer for brands and again, a real distinction point for Super League.

僅 Chipotle 的激活就是一個——當我與投資者談論時，我從中得到了很多興奮和反應，因為我認為他們也能感覺到這對我們來說是多麼具有開創性，以及我們未來的機會。這種激活為我們提供了一個特殊的差異化點，而不僅僅是提供超乎尋常的數字參與材料。我們的沉浸式體驗不僅帶來了2400 萬次訪問並產生了數十億的公關印象，而且我們還創下了Chipotle 歷史上最高數字應用下載日和第二高數字食品銷售日的記錄，並在短短一年內贈送了130,000 個墨西哥捲餅30分鐘。同樣，我們6 月份與Clarks 鞋履品牌的活動在數字世界和實體世界之間建立了雙向直接聯繫，推動現實生活中的顧客進入身臨其境的Clarks 數字世界，嘗試新鞋款，然後返回商店購買。我們相信，成為可衡量的數字到物理轉換的領導者對於品牌來說是一個遊戲規則的改變者，也是超級聯賽的一個真正的區別點。

Finally, it is of note that this accretive acquisition raises our in-house publishing capability. which we expect to improve our publishing margin profile while further augmenting our vertically integrated one-stop shop. And in this nascent ecosystem of immersive experiences and media products, one that didn't even exist 4 to 5 years ago, we're in the company of few. We know the landscape and the types of partnerships that complement and accelerate our strategy. To that end, one such partner is LandVault who consider themselves the largest digital construction company in the metaverse. In April, we formed a strategic partnership, creating a unique, powerful metaverse alliance, ready to provide brands with scalable solutions and bridge the gap between Web2 and Web3. Together, we've already launched programs in the UAE specific to virtual tourism and see abundant opportunities in this vertical alone across the UAE and greater GCC.

最後，值得注意的是，這次增值性收購提高了我們的內部出版能力。我們預計這將改善我們的出版利潤狀況，同時進一步增強我們的垂直整合一站式服務。在這個由沉浸式體驗和媒體產品組成的新興生態系統中，四五年前還不存在的生態系統中，我們的公司屈指可數。我們了解補充和加速我們戰略的情況和合作夥伴類型。為此，LandVault 就是這樣的合作夥伴之一，他們認為自己是虛擬宇宙中最大的數字建築公司。今年 4 月，我們結成了戰略合作夥伴關係，創建了一個獨特、強大的 Metaverse 聯盟，準備為品牌提供可擴展的解決方案，並彌合 Web2 和 Web3 之間的差距。我們已經共同在阿聯酋推出了專門針對虛擬旅遊的項目，並在阿聯酋和大海灣合作委員會地區看到了這一垂直領域的大量機會。

We have a powerful narrative combining the 2 companies' notable successes, and we share a common vision regarding the evolution of the immersive technology and how it will rapidly fuel a more immersive web. And then there's the biggies, the $1 billion titans in our space that can change our faith. That's exactly how we feel about our recently announced strategic partnership with Robolox. Yes, Robolox appreciates the role we play in complementing their business objectives and appointed us in a very coveted position as a key partner. So with what we would argue, at least in Super League's point of view, is the most significant social digital platform in the world. While we continue to reach those 100 million plus monthly active players in Robolox alone through our distributed network of game worlds, this partnership gives us access to their astounding audience reach in the hundreds of millions, to sell our immersive experiences and dynamic content along with their innovative ad inventory.

我們對兩家公司的顯著成功進行了強有力的敘述，並且對於沉浸式技術的發展以及它將如何快速推動更加沉浸式的網絡，我們有著共同的願景。然後是我們領域中價值 10 億美元的巨頭，它們可以改變我們的信仰。這正是我們對最近宣布與 Robolox 建立戰略合作夥伴關係的感受。是的，Robolox 讚賞我們在補充他們的業務目標方面所發揮的作用，並任命我們作為重要合作夥伴。因此，我們認為，至少從超級聯賽的角度來看，它是世界上最重要的社交數字平台。雖然我們繼續通過我們的分佈式遊戲世界網絡接觸到Robolox 中超過1 億的月活躍玩家，但這種合作夥伴關係使我們能夠接觸到數億令人震驚的受眾群體，銷售我們的沉浸式體驗和動態內容以及他們的內容。創新的廣告庫存。

The added inventory augments Super League's powerful end-to-end solutions, and we believe will result in not just larger deal sizes, but also a larger overall sales pipeline as Robolox refers brand partners our way. It's having really truly an extra salesperson fueling our pipeline, but a salesperson on steroids, so to speak. And then there's the business that we're in right now. Every week, we're creating powerful, high-impact immersive experiences for brands through our technology and capabilities. One of the coolest experiences we launched recently was in partnership with Interscope Records, the world leader in music entertainment. For the Imagine Dragons Live in Vegas Hulu Watch Party on Robolox, this exclusive digital event marked the first ever music documentary watch party on Robolox and create an innovative way to bring an immersive concert watch party to life and activate their massive fan base.

增加的庫存增強了超級聯賽強大的端到端解決方案，我們相信，隨著Robolox 以我們的方式推薦品牌合作夥伴，這不僅會帶來更大的交易規模，還會帶來更大的整體銷售渠道。可以說，這確實是一個額外的銷售人員為我們的渠道提供了動力，但是一個使用類固醇的銷售人員。然後是我們現在正在進行的業務。每週，我們都通過我們的技術和能力為品牌創造強大、高影響力的沉浸式體驗。我們最近推出的最酷的體驗之一是與全球音樂娛樂領域的領導者 Interscope Records 合作。對於在Robolox 上舉辦的Imagine Dragons Live in Vegas Hulu 觀看派對來說，這一獨家數字活動標誌著Robolox 上首次音樂紀錄片觀看派對，並創造了一種創新方式，將沉浸式音樂會觀看派對帶入生活並激活其龐大的粉絲群。

And while creating a virtual replica of Barbie's Dreamhouse is still very near and dear to my heart, that was something we delivered late last year, delivering 60 million visits in just 30 days, especially in the time of Barbie mania, so to speak. That was a (inaudible) moment for sure. But now we have Hamilton. It is a privilege to bring the biggest Broadway hit ever in history into the metaverse with last week's launch of the Hamilton simulator, a revolutionary way to experience and bring to life that shows groundbreaking music through innovative design and iconic artistic set pieces, new and existing fans alike can now immerse themselves into an adventure inspired by history with themed activities and interactive discovery of the magic of Hamilton.

雖然創建芭比夢幻屋的虛擬複製品仍然非常貼近我的心，但這是我們去年年底推出的產品，在短短 30 天內實現了 6000 萬次訪問，可以說，特別是在芭比狂熱時期。那肯定是一個（聽不清）時刻。但現在我們有了漢密爾頓。上週推出的漢密爾頓模擬器很榮幸能夠將歷史上最熱門的百老匯熱門歌曲帶入虛擬世界，這是一種革命性的體驗和現實方式，通過創新設計和標誌性藝術作品（無論是新的還是現有的）展示開創性的音樂。車迷們現在可以通過主題活動和互動發現漢密爾頓的魔力，沉浸在受歷史啟發的冒險之中。

As we know, Hamilton is a once-in-a-generation cultural touchstone, and the experience further demonstrates that anything that exists in the physical world can have a virtual twin to reach new, younger audiences and prove that learning about American history can be gamified in a way that makes education more fun and memorable. The results so far speak for themselves. Our Hamilton world has already experienced over 100,000 visits just in the first day alone, an average play session is about 27 minutes with a 97% like rating. Those are stats that go way beyond the typical Robolox game. And the presses field that interest with over 400 pieces of coverage reaching a potential audience of about 6.5 billion readers.

眾所周知，漢密爾頓是千載難逢的文化試金石，這一經歷進一步表明，現實世界中存在的任何事物都可以有一個虛擬雙胞胎，以吸引新的年輕觀眾，並證明了解美國歷史可以成為現實。以一種讓教育更有趣、更難忘的方式進行遊戲化。迄今為止的結果不言而喻。僅第一天，我們的漢密爾頓世界就已經有超過10萬的訪問量，平均遊戲時長約為27分鐘，點贊率高達97%。這些統計數據遠遠超出了典型的 Robolox 遊戲。媒體對 400 多篇報導感興趣，覆蓋了約 65 億讀者的潛在受眾。

And now we will provide you a little bit of a sample of some of the Hamilton experience. Could you play the video, please.

現在我們將為您提供一些漢密爾頓體驗的樣本。請您播放視頻好嗎？

(presentation)

（推介會）

Fantastic. So hopefully, some of you on the call have children or grandchildren in your lives, and you can imagine how exciting of an experience that can be for them, again, to learn about history and do it in a such fun empowering way. So now let's move on to pipeline trends. I often say my favorite meme of the week is our weekly revenue pipeline review, in part because the confidence, the positivity, the synergy and the momentum of our best-in-class sales leadership is palpable. We continue to maintain a high repeat percentage of 70% for immersive experiences and products. This indicates that we're not only delivering on advertisers' ROI, but also this new marketing channels increasingly becoming a standard go to for their marketing campaigns. As well, we continue to attract new verticals beyond entertainment, toys and gaming, with notable growth in the categories of fashion, beauty, automotive, financial services, tourism, brands like Maybelline, Lego, Sony, H&M, Procter & Gamble and many more all put ad dollars to work with us in Q2.

極好的。因此，希望在座各位中的一些人在生活中有孩子或孫子，您可以想像，對於他們來說，再次了解歷史並以一種如此有趣的賦權方式來了解歷史是多麼令人興奮的經歷。現在讓我們繼續討論管道趨勢。我經常說我本週最喜歡的模因是我們每週的收入渠道回顧，部分原因是我們一流的銷售領導力的信心、積極性、協同作用和勢頭是顯而易見的。我們繼續保持沉浸式體驗和產品70%的高重複率。這表明我們不僅實現了廣告商的投資回報率，而且這種新的營銷渠道日益成為他們營銷活動的標準選擇。此外，我們繼續吸引娛樂、玩具和遊戲之外的新垂直領域，時尚、美容、汽車、金融服務、旅遊、美寶蓮、樂高、索尼、H&M、寶潔等品牌等類別顯著增長他們都在第二季度投入了廣告資金與我們合作。

We've already booked 4 deals this year that are over $1 million in value, the likes of [Kraft Boots] and Toyota to name a couple versus just one singular deal last year in those 7 figures. And there are more 7 figure deals that we are chasing in the pipeline as we continue on. Our average deal size in the pipe remains in that $300,000 range, with 60% of the deals we're pursuing, 6 figures or more in nature. And as I mentioned at the start, our sales force effectiveness is on the rise.

今年我們已經預訂了 4 筆價值超過 100 萬美元的交易，例如 [Kraft Boots] 和豐田等，而去年只有一筆交易價值超過 7 位數。隨著我們的繼續，我們正在尋求更多 7 位數的交易。我們的平均交易規模仍保持在 30 萬美元的範圍內，其中 60% 的交易規模為 6 位數或更多。正如我在開始時提到的，我們的銷售隊伍效率正在上升。

In 2002, the bar for our highest-performing sales executive was about $3 million in annual sales. This year as our sales team becomes a more sophisticated, experienced, we're seeing our top sellers now setting a benchmark of $4 million to $5 million in annual sales capacity. At that rate, our 8-person domestic sales team, separate from our international resellers, separate from our business development partnerships, has a capacity of up to $40 million in annual revenue, and that's just if we stood still, but we're not. Further evidence is that our sales leverage is kicking in. Our win rates are trending upwards to north of 50% and we are increasingly becoming the preferred partner of the brands we serve. But as I said, not standing still, we're expanding both our suite of new, innovative and high-margin immersive products, and our sales talent performance to accelerate top line growth.

2002 年，我們表現最好的銷售主管的標準是年銷售額約 300 萬美元。今年，隨著我們的銷售團隊變得更加成熟、經驗豐富，我們看到我們的頂級銷售人員現在設定了年銷售能力 400 萬至 500 萬美元的基準。按照這個速度，我們的 8 人國內銷售團隊，獨立於我們的國際經銷商，獨立於我們的業務開發合作夥伴，年收入可達 4000 萬美元，這只是如果我們停滯不前的話，但我們不是。進一步的證據表明，我們的銷售槓桿正在發揮作用。我們的勝率呈上升趨勢，超過 50%，並且我們越來越成為我們所服務的品牌的首選合作夥伴。但正如我所說，我們並沒有停滯不前，我們正在擴大我們的一系列新的、創新的和高利潤的沉浸式產品，以及我們的銷售人才績效，以加速收入增長。

As for our cost structure, following vigorous cost-cutting initiatives began in mid-2022, we have a leaner operating structure. In the second quarter of 2023, excluding significant noncash charges, we reduced our pro forma operating expense roughly 30% compared to the prior year quarter. This was achieved through a 71% reduction in our cloud services and platform technology costs, as well as reductions in personnel, marketing and other corporate costs. This more optimized structure underscores our commitment to focusing on top line revenues, pulling forward breakeven and profitability and increasing our operating leverage. The successful completion of $24.4 million capital raise, including $10.3 million in the second quarter has helped us eliminate all debt and shore up our balance sheet during the period. And we have enough going for us that we are confident we can address our short-term and long-term working capital needs, as we have done so historically.

至於我們的成本結構，繼 2022 年中期開始大力削減成本舉措後，我們的運營結構更加精簡。 2023 年第二季度，排除大量非現金費用，我們的預計運營費用比去年同期減少了約 30%。這是通過雲服務和平台技術成本降低 71%，以及人員、營銷和其他企業成本的減少來實現的。這種更加優化的結構凸顯了我們致力於專注於營收、提高盈虧平衡和盈利能力以及提高運營槓桿的承諾。成功完成 2440 萬美元的融資（包括第二季度的 1030 萬美元）幫助我們消除了在此期間的所有債務並支撐了我們的資產負債表。我們有足夠的動力，我們有信心能夠滿足我們的短期和長期營運資金需求，就像我們歷史上所做的那樣。

Our revenue growth is being well received by investors that have historically stood by us. Looking ahead, as we enter the seasonally strong second half of the year for us, we couldn't be more excited to deliver yet another record-breaking second half for 2023. We have never been in a stronger position to achieve our vision through our more streamlined focused operating structure. That completes our review of the second quarter and corporate update. And so now, operator, let's go ahead with Q&A.

我們的收入增長受到了歷來支持我們的投資者的好評。展望未來，隨著我們進入季節性強勁的下半年，我們非常高興能夠在 2023 年下半年實現另一個破紀錄的業績。我們從未處於更有利的地位，可以通過我們的更加精簡、集中的運營結構。我們對第二季度和公司更新的回顧到此結束。現在，接線員，讓我們繼續進行問答。

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

（操作員說明）我們的第一個問題來自 Scott Buck H.C.溫賴特。

First one for me. It's great that you guys are seeing larger average deal sizes. I'm curious if this is a trend that's specific to what Super League can offer? Or does it reflect kind of easing of some of the macroeconomic headwinds that we've seen over the course of the past 6 to 9 months?

對我來說第一個。很高興你們看到更大的平均交易規模。我很好奇這是否是超級聯賽特有的趨勢？或者這是否反映出我們在過去 6 至 9 個月中看到的一些宏觀經濟阻力有所緩解？

I think it is 100% more about what Super League can offer. There's no doubt that advertisers have started to loosen up the spend again in Q2, and you saw things improve across other kinds of digital platforms as well. But this is about the fact that we can be a one-stop shop to deliver digital experiences plus immersive media products. And by extension, other products, I have a sales leader in the company who talks about as kind of like we own Disneyland. And it's not just about the fact that we make the great ride, but we kind of get to control the pathways and even the gift shop on the way out. And so I say that as an analogy to say that when we're putting together these sizable packages for to deliver end-to-end campaign solutions, there is a large mix of products now on our menu that really augment and drive the excitement to the immersive experience, but by extension, we're able to double or triple the size of campaigns and programs that we can pitch to advertisers because we can hit all of their ROI objectives, not just the experiential ones. So I think it is 100% due to the fact that we are that end-to-end solution.

我認為超級聯賽能提供的東西更多了100%。毫無疑問，廣告商在第二季度開始再次放鬆支出，並且您也看到其他類型的數字平台的情況有所改善。但這是因為我們可以成為提供數字體驗和沈浸式媒體產品的一站式商店。延伸到其他產品，我公司有一位銷售主管，他說的就像我們擁有迪士尼樂園一樣。這不僅僅是因為我們能完成一次偉大的旅程，而且我們可以控制路徑，甚至在出去的時候控制禮品店。所以我說，作為一個類比，當我們將這些相當大的包組合在一起以提供端到端的活動解決方案時，我們的菜單上現在有大量的產品，這些產品確實增強並推動了人們的興奮身臨其境的體驗，但通過擴展，我們能夠將向廣告商推銷的活動和計劃的規模擴大一倍或三倍，因為我們可以實現他們所有的投資回報率目標，而不僅僅是體驗性的目標。所以我認為這是 100% 因為我們是端到端的解決方案。

Great. That's helpful. And then I wanted to ask about direct-to-consumer. I saw that was down year-over-year. I was just kind of curious what was going on there in the quarter? And what's the longer-term outlook for that segment.

偉大的。這很有幫助。然後我想問一下直接面向消費者的問題。我發現這一數字逐年下降。我只是有點好奇這個季度發生了什麼？該細分市場的長期前景是什麼？

It's not really anything specifically that's kind of down. We just kind of had some kind of strong sales in that regard, mainly with our Mine Ville and Pixel Paradise servers that we run for Microsoft around the Minecraft product. We've been pivoting the Pixel Paradise server to actually go after a different type of audience now. So we're going to try to see if we can get that performance up to kind of the levels of Mine Ville. And so it's a little bit about when you launch a new server, you get a spike of excitement. And then you have to continue to keep optimizing those servers and approach those businesses in different ways. It is important though to note that we do believe the more that we're running fully immersive game worlds in a persistent way for the Hamilton, and the Yas Island of the world, we do believe the bigger opportunity for us on direct-to-consumer, which is a very attractive high-margin revenue stream is when we deliver those programs that we'll start to negotiate these deals in a way where we have a potential to participate in the consumer moderation of those worlds.

其實並不是什麼特別讓人沮喪的事情。我們在這方面取得了某種強勁的銷售，主要是我們為微軟圍繞 Minecraft 產品運行的 Mine Ville 和 Pixel Paradise 服務器。我們現在一直在調整 Pixel Paradise 服務器，以真正吸引不同類型的受眾。因此，我們將嘗試看看能否將性能提升到《礦城》的水平。所以當你啟動一個新服務器時，你會感到一陣興奮。然後你必須繼續優化這些服務器並以不同的方式處理這些業務。但值得注意的是，我們確實相信，我們越是以持久的方式為漢密爾頓和世界亞斯島運行完全沉浸式的遊戲世界，我們確實相信我們在直接到-消費者，這是一個非常有吸引力的高利潤收入來源，當我們提供這些計劃時，我們將開始以我們有潛力參與這些世界的消費者節制的方式談判這些交易。

Today, we're being paid to design, develop and operate and optimize them. So that is one type of really publishing revenue. What we would like to see as we become more sophisticated and have more deals like that under our belt that we can have more leverage with clients to ask for a portion of the royalty rev share on the consumer side. That is where I think you'll start to see direct-to-consumer maybe become a more meaningful wedge of our revenue portfolio.

如今，我們的工作是設計、開發、運營和優化它們。所以這是一種真正的出版收入。我們希望看到的是，隨著我們變得更加成熟並且擁有更多類似的交易，我們可以與客戶有更多的影響力，要求消費者獲得部分版稅收入分成。我認為這就是你開始看到直接面向消費者可能成為我們收入組合中更有意義的楔子的地方。

Super. That's helpful. And then last one for me. I'm just kind of curious what kind of insight you guys may have into the fourth quarter and then whether or not you're seeing that kind of typical seasonality hold in some of the conversations you've been having with advertisers.

極好的。這很有幫助。然後是我的最後一張。我只是有點好奇你們對第四季度有什麼樣的見解，然後你們是否在與廣告商的一些對話中看到了這種典型的季節性。

I mean completely, as I said, we're seeing here only halfway through Q3, and we're talking already about having a line of sight to north of $6 million. That's pretty great. So indefinitely again, beats last year's Q3, which was a record-setting quarter. And then as you know, we did about $7.5 million last year in Q4, which, again, was our largest quarter ever, not just Q4, our largest quarter ever in the history of the company because that's what you'd expect with that seasonality, and when I talked earlier about the fact that our -- we're seeing kind of off-the-charts delivery from some of our top sales executives, we've got a sales executive who's already booked for Q3 more than they delivered -- or for Q4 more than they delivered in all of last year.

我的意思是，正如我所說，我們在第三季度剛剛過半時就看到了這一點，而且我們已經在談論將視線擴展到 600 萬美元以上。那真是太棒了。再次無限期地擊敗了去年第三季度，這是創紀錄的季度。如您所知，我們去年第四季度的收入約為750 萬美元，這又是我們有史以來最大的季度，而不僅僅是第四季度，我們公司歷史上最大的季度，因為這是您對季節性的期望，當我早些時候談到這樣一個事實時，我們的一些高級銷售主管的交付量超出了圖表，我們有一位銷售主管已經預訂了第三季度的訂單量，超過了他們交付的量—— - 或者第四季度的交付量超過了去年全年的交付量。

And so all of those trend lines are showing that Q4 is going to be, again, another record breaker for us. So we like all of that momentum. But then what we also really do like is that, again, when you're running Hamilton or Yas Island or increasingly some of these other game worlds, 12 months out of the year or in a persistent way, that's going to smooth that revenue out. And I think investors will be happy with that because I think that does give us a chance to start to have a little bit more predictability and not be quite so subject to that seasonality.

因此，所有這些趨勢線都表明，第四季度將再次打破我們的紀錄。所以我們喜歡所有這些動力。但我們真正喜歡的是，當你在一年中 12 個月或以持續的方式運行漢密爾頓或亞斯島或越來越多的其他遊戲世界時，這將平滑收入。我認為投資者會對此感到滿意，因為我認為這確實讓我們有機會開始擁有更多的可預測性，而不是太受季節性的影響。

Look, we don't mind it in Q4. We're going to take as much of those ad dollars they want to put to work at the holidays as we can get. But wouldn't it be nice if a big chunk of our revenues as well, we're kind of spread throughout the year and felt more recurring in nature as well. And the reason that also what's happening, and why do we think advertisers will get there and start having more persistent channels in these worlds, it's no different than when they were first trying to understand what is Facebook 15 years ago. And why do I have to advertise there? But then they saw the massive audiences and they realized, they can't have a strategy on Facebook or Instagram that just pops up here and there for a couple of weeks and then goes to dark and then pops up again.

看，我們在第四季度並不介意。我們將盡可能多地利用他們想要在假期中投入的廣告費用。但是，如果我們的收入的很大一部分也分佈在全年，並且本質上也更加頻繁，那不是很好嗎？正在發生的事情以及為什麼我們認為廣告商會到達那裡並開始在這些世界中擁有更持久的渠道，這與 15 年前他們第一次嘗試了解 Facebook 是什麼時沒有什麼不同。為什麼我必須在那裡做廣告？但後來他們看到了海量的受眾，他們意識到，他們不能在 Facebook 或 Instagram 上製定一個策略，讓它在幾週內到處出現，然後就變暗，然後再次出現。

It's now a persistent ad channel. It's a persistent chunk of their annual spend and they sprinkle it accordingly throughout that year. What's happening is, once these advertisers are getting a taste of what we can do for them, like the Barbie example, they don't turn off Barbie's Instagram account 11 months out of the year. But we only ran the Dreamhouse for one month. And really what we try to convince Mattel and other clients is now that you've seen that off the charts engagement, how can you start thinking about the ways that you could have used that Dreamhouse channel all year long to achieve all kinds of campaign objectives.

它現在是一個持久的廣告渠道。這是他們年度支出中持續存在的一大塊，他們全年都會相應地進行分配。實際情況是，一旦這些廣告商體驗到我們能為他們做些什麼（就像芭比娃娃的例子一樣），他們就不會在一年中的 11 個月內關閉芭比娃娃的 Instagram 帳戶。但我們只運營了夢想屋一個月。事實上，我們試圖說服美泰和其他客戶的是，現在您已經看到了超乎尋常的參與度，您如何開始考慮全年使用 Dreamhouse 渠道來實現各種活動目標的方式。

Congrats on the quarter.

恭喜本季度。

Next question is coming from Howard Halpern from Taglich Brothers.

下一個問題來自 Taglich Brothers 的 Howard Halpern。

In what you just talked about with Barbie, is that something with data analytics packages that could eventually be an offering for you guys?

在您剛剛與芭比談論的內容中，數據分析包最終可能會成為你們的產品嗎？

That's a really good question. Yes, we think that one of the things that makes us unique with the tech and the capability backbone that we've built is the fact that we really understand these players and the way they want to engage around brands, and the way that they convert -- attribution is the key, it's like the Chipotle example into real-life drivers of P&Ls for these brands. And so between the data and the opportunity as well for -- to start to really be paid on conversion. We think are 2 places that for others who try to do the best they can to kind of mimic what we do. And usually, that's just going to be a traditional service ad agency who kind of going out and hiring a Robolox game developer, maybe buying some of our media products or Robolox's. We are distinctive again because we're a one-stop shop as acknowledged by that Robolox strategic partnership, but equally we do see that the data, the insights is an area that is improving attribution that conversion piece are points of distinction.

這是一個非常好的問題。是的，我們認為，我們所建立的技術和能力支柱使我們獨一無二的原因之一是我們真正了解這些參與者以及他們想要參與品牌的方式以及他們轉換的方式——歸因是關鍵，就像Chipotle 的例子一樣，它是這些品牌損益表的現實驅動因素。因此，在數據和機會之間——開始真正通過轉化獲得報酬。我們認為，對於那些盡力做到最好的其他人來說，有兩個地方可以模仿我們所做的事情。通常情況下，這只是一家傳統的服務廣告公司，他們會出去僱用 Robolox 遊戲開發人員，也許會購買我們或 Robolox 的一些媒體產品。我們再次與眾不同，因為正如 Robolox 戰略合作夥伴所承認的那樣，我們是一站式商店，但同樣我們也確實看到，數據和見解是一個正在改善歸因的領域，轉換部分是區別點。

Okay. And when you talk about deal size, and the length of the deals increasing, how do you look at it over the next couple of years that, that could end up driving gross margin?

好的。當您談論交易規模和交易長度增加時，您如何看待未來幾年這最終可能推動毛利率的增長？

Yes. So I would say on the margin side, I mean, we continue -- as I said, think of us as having this beautiful rich, dense menu of different types of products and activation. So when an advertiser comes to us and says, these are the goals that I'm seeking. This is the type of KPIs I want to achieve, we can pull from that menu and deliver and beat a lot of those engagement numbers, but we have a plethora of high margin offerings inside of there. So we can cobble together the right programs that meet those goals, but also tap into, frankly, the products that we have that deserve those types of strong margins because they are the highest value generating.

是的。所以我想說，在邊際方面，我的意思是，我們繼續——正如我所說，認為我們擁有這個美麗、豐富、密集的不同類型產品和激活的菜單。因此，當廣告商來找我們並說這些就是我正在尋求的目標時。這就是我想要實現的 KPI 類型，我們可以從該菜單中提取並交付並擊敗許多參與度數字，但我們內部有大量的高利潤產品。因此，我們可以拼湊出滿足這些目標的正確計劃，但坦率地說，我們也可以利用我們擁有的值得獲得此類高利潤的產品，因為它們能產生最高的價值。

And so we'll continue to expand and look at margin. But I would say the margin opportunities also improve with these longer programs because of what I mentioned earlier that it will allow us to instead of just being hired on a temporal basis, it will allow us to not only get more revenue persistent basis, but also start to grab some new revenue streams, hopefully getting a cut of some of the direct-to-consumer monetization as well. And direct-to-consumer monetization inside these virtual world platforms tends to be about a 70%, 80% margin product. So that in itself could be a meaningful chunky way to walk up our overall average margins as a company.

因此，我們將繼續擴張並關注利潤率。但我想說的是，這些較長的計劃的利潤率機會也會有所改善，因為我之前提到過，這將使我們不再只是臨時受聘，它不僅使我們能夠獲得更多的持續收入，而且開始抓住一些新的收入來源，希望也能從直接面向消費者的貨幣化中分得一杯羹。這些虛擬世界平台內的直接面向消費者的貨幣化往往約為 70%、80% 的利潤率產品。因此，這本身可能是提高我們公司整體平均利潤率的一種有意義的方式。

Our next question today is coming from Jack Cordero from Maxim Group.

今天我們的下一個問題來自 Maxim Group 的 Jack Cordero。

This is Jack Cordero calling in for Jack Vander Aarde. Congrats on a solid quarter. You guys gave some great commentary in the shareholder letter about the capacity of this new direct account team. I was wondering if you could give any additional color on specific sales headcount. Have you expanded there? I think I heard you say 8, so that would be maybe 1 more sequentially? And then on that $32 million to $40 million number, that sounds like sort of like a goal run rate based on the capability of top performers. I was wondering how do you think about that in terms of like how to unlock that. If you could explain that a bit more, how we should think about that number, that would be helpful.

我是傑克·科德羅 (Jack Cordero) 呼叫傑克·范德·阿德 (Jack Vander Aarde)。祝賀季度業績穩健。你們在股東信中對這個新的直接客戶團隊的能力給出了一些精彩的評論。我想知道您是否可以對具體的銷售人數提供任何額外的說明。你在那裡擴張了嗎？我想我聽到你說 8，那麼接下來可能還會有 1？然後，對於 3200 萬至 4000 萬美元的數字，這聽起來有點像基於表現最佳者的能力的目標運行率。我想知道您如何看待如何解鎖它。如果您能多解釋一下我們應該如何看待這個數字，那將會很有幫助。

Yes, absolutely. Yes. I mean, look, first of all, we're -- we've got a fantastic sellers, but equally, they're selling products that didn't exist 3 or 4 years ago. And so there's certainly a learning curve when you're pulling people who are coming maybe from more traditional media sales to now kind of understand how to sell these immersive both experiences and media products. That said, we're seeing a faster learning curve or ramp up as we bring in a new salesperson, they're getting up that curve faster. And a lot of that is having those more seasoned senior salespeople above them that can kind of play that mentoring role. The other thing that we're noticing is, as I mentioned, our couple of top sellers last year, that delivered $2.5 million, $3 million are now going to hit $4 million or $5 million, even maybe more million this year. So we now know what a new bar for capacity looks like.

是的，一點沒錯。是的。我的意思是，首先，我們擁有出色的賣家，但同樣，他們銷售的產品是三四年前還不存在的。因此，當你讓那些可能來自傳統媒體銷售的人現在了解如何銷售這些沉浸式體驗和媒體產品時，肯定會有一個學習曲線。也就是說，當我們引入新的銷售人員時，我們看到了更快的學習曲線或上升，他們的學習曲線更快。其中很大一部分是讓那些經驗豐富的高級銷售人員在他們之上，可以起到指導作用。正如我提到的，我們注意到的另一件事是，去年我們的幾款暢銷書銷量為250 萬美元、300 萬美元，現在將達到400 萬美元或500 萬美元，甚至今年可能會更多。現在我們知道新的容量標準是什麼樣子了。

If you had asked us last year, we would have said, "Oh, maybe 3 is about the max." Well, now we're seeing again bigger deal sizes and the opportunity to walk that up more. The other thing that I would say is, we did -- we do churn our sales talent. Look, this type of a sales effort, it's not traditional media sales. It's much more about brand and partnership development and especially when you look at the nature of the recurring deals, but also the size of the deals. I mean, brands are trusting us with, in this case, and some millions of dollars. And so it really takes a very seasoned, experienced relationship builder. And so what you're seeing in those 8 strong that we have now is some churn where we've high-graded some folks. In fact, we poached 2 fantastic sellers from an agency called SuperAwesome, which has tended to be the main agency we're going up against often when we're winning some of these bigger programs.

如果您去年問我們，我們會說：“哦，也許 3 就是最大值。”好吧，現在我們再次看到更大的交易規模以及進一步擴大規模的機會。我想說的另一件事是，我們確實流失了我們的銷售人才。你看，這種銷售方式，不是傳統的媒體銷售。這更多的是關於品牌和合作夥伴關係的發展，尤其是當你關注經常性交易的性質以及交易的規模時。我的意思是，品牌信任我們，在這種情況下，有數百萬美元。因此，這確實需要一位經驗豐富、經驗豐富的關係建立者。所以你在我們現在擁有的 8 名強者中看到的是一些流失，我們對一些人進行了高評價。事實上，我們從一家名為 SuperAwesome 的代理商那裡挖來了 2 位出色的賣家，當我們贏得一些更大的項目時，這家代理商往往是我們經常遇到的主要代理商。

They're purely just a service ad agency, but they've been out, so they don't have our tech and capability in-house. They can't publish Game World. They don't have our dynamic content ad products. But they were going out and kind of being a middleman. And so they had a bunch of salespeople who are out still selling that nature of those programs, even if they didn't have the in-house capability in tech to deliver it. So that was a real kind of big boost for us in bringing in people who already had some experience in the space. Now the question then becomes, well, then why not add 4 more salespeople?

他們純粹只是一家服務廣告公司，但他們已經退出了，所以他們內部沒有我們的技術和能力。他們無法發布《遊戲世界》。他們沒有我們的動態內容廣告產品。但他們要走出去，充當中間人。因此，他們有一群銷售人員仍在銷售這些程序的性質，即使他們不具備提供這些程序的內部技術能力。因此，這對我們引進已經在該領域有一定經驗的人來說是一個真正的巨大推動。現在的問題是，那麼為什麼不再增加 4 名銷售人員呢？

And that's why our cost-cutting efforts have been so important. We never wanted to take a hit on the top line, but we really tightened and focused our product strategy, made sure that we're putting the product and engineering half of the company into the areas that have the highest growth opportunity for us. And what that also has done, leaning out other parts of the org, including some of the corporate cost structure is allowing us to redirect a higher percent back into the sales team, the people who are customer and revenue-facing. And so you'll continue to see us very opportunistically grow that team faster because the next big step up on top line growth, and we've now turned that corner a more profitable company.

這就是為什麼我們的成本削減工作如此重要。我們從來不想在營收上受到打擊，但我們確實收緊並集中了我們的產品戰略，確保我們將公司的產品和工程一半投入到對我們來說具有最高增長機會的領域。這也起到了作用，傾斜組織的其他部分，包括一些公司成本結構，使我們能夠將更高的百分比重新分配給銷售團隊，即面向客戶和收入的人員。因此，您將繼續看到我們非常機會主義地更快地發展該團隊，因為這是收入增長的下一個重大步驟，而我們現在已經扭轉了這一局面，成為一家盈利能力更強的公司。

I have one more question, this a bit more general on kind of the longer-term target in a few years or so is like $100 million target. Do you have any like directional thoughts on how your segments are evolving, how will that $100 million breakout between your different segments kind of in the future?

我還有一個問題，這是一個更籠統的問題，即幾年左右的長期目標，比如 1 億美元的目標。對於您的細分市場如何發展，您有什麼類似的方向性想法嗎？未來您的不同細分市場之間將如何實現 1 億美元的突破？

Yes. It's a really good question. I mean, as you can see, we had a 250-plus percent jump in our publishing content studio revenue this quarter. So that just shows that these immersive experiences now that we're doing 4 brands are chunkier and bigger in nature. So again, instead of us just selling a lot of media products, we're now really kind of taking a leadership position as the place to go to, to create the highest engagement immersive experiences like Hamilton and the Barbie Dreamhouse. So that's exciting because, again, that's a distinction and in-house capability that we have that really separates us.

是的。這是一個非常好的問題。我的意思是，正如您所看到的，本季度我們的出版內容工作室收入增長了 250% 以上。這表明我們現在正在做 4 個品牌，這些沉浸式體驗本質上更厚重、更大。因此，我們不再只是銷售大量媒體產品，而是真正佔據了領導地位，創造像漢密爾頓和芭比夢幻屋這樣最高參與度的沉浸式體驗。所以這很令人興奮，因為我們擁有真正讓我們與眾不同的獨特之處和內部能力。

So again, what I would say is that while this year, you're going to still see that when you add up the publishing content line plus our advertising products line, that's still going to look like the bulk of the revenue of the company. I do think that starting next year, we could see direct-to-consumer start to emerge. It won't be larger than publishing and advertising together, but it will certainly be increasingly a more growing revenue stream for us. So that excites us to get a little bit more balanced in those products. But I think the most important balance in revenues or change in revenues that I think I want the investors to understand is, first, to understand it. The publishing line plus the advertising product side, those things are really we separate them because they have a little bit different margin profile to them, but they're essential, they work together.

所以，我想說的是，今年，你仍然會看到，當你將出版內容線加上我們的廣告產品線加起來時，這仍然看起來像是公司收入的大部分。我確實認為從明年開始，我們可以看到直接面向消費者的模式開始出現。它不會比出版和廣告加起來更大，但它肯定會成為我們日益增長的收入來源。因此，我們很高興在這些產品中變得更加平衡。但我認為，我認為我希望投資者理解的最重要的收入平衡或收入變化是，首先要理解它。出版線加上廣告產品方面，這些東西實際上是我們分開的，因為它們的利潤狀況略有不同，但它們是必不可少的，它們一起工作。

Our strong point of view is the way we deliver the best programs for brands is when we do both. That's what makes us that end-to-end solution. And so often, I tell investors, you should almost look at those. They are different capabilities, they're different products, but they always 9 times out of 10, we're pitching using both of those legs of revenue to deliver all of these big brand programs. So I first want to want people to realize the importance and the dependency -- powerful dependency those things have.

我們的強烈觀點是，我們為品牌提供最好的項目的方式就是同時做到這兩點。這就是我們提供端到端解決方案的原因。我經常告訴投資者，你幾乎應該看看這些。它們具有不同的功能，它們是不同的產品，但它們總是十分之九，我們正在利用這兩個收入來源來提供所有這些大品牌計劃。所以我首先想讓人們認識到這些東西的重要性和依賴性——強大的依賴性。

And then the question becomes data, direct-to-consumer, what are the new revenue streams we can begin to carve out. But at least for the publishing and advertising what investors, I think, should be looking for most next year as far as the change in revenue is to start to see instead of those 2 powerful legs of revenue working together for short-term objectives, for delivering brands campaign goals that we should see more and more Yas Island and Hamiltons. And that is a very powerful change in the business model, and then coupled with us digging into new revenue streams like data and direct-to-consumer, which again can have really attractive margins to help that overall margin profile.

然後問題就變成了直接面向消費者的數據，我們可以開始開闢哪些新的收入來源。但至少對於出版和廣告，我認為投資者明年最應該關注的就是收入的變化，而不是這兩個強大的收入支柱為短期目標而共同努力，實現品牌活動目標，我們應該看到越來越多的亞斯島和漢密爾頓。這是商業模式的一個非常強大的變化，再加上我們挖掘數據和直接面向消費者等新的收入來源，這些收入來源再次可以擁有真正有吸引力的利潤，以幫助改善整體利潤狀況。

That's awesome. And I actually have one more question, if possible. Given your comments on kind of these new -- emerging verticals, in fashion, are you seeing any specific industries that have like particularly sticky customers? Is there certain industries that given their single dollar ad spend towards Super League, is it a little bit more efficient and therefore, those customers are coming back more than others? Do you have any comment there?

棒極了。如果可能的話，我實際上還有一個問題。鑑於您對時尚領域這些新興垂直行業的評論，您是否看到任何特定行業擁有特別粘性的客戶？是否有某些行業在超級聯賽上投入了一美元的廣告費用，是否效率更高一些，因此這些客戶的回頭率比其他行業更多？你對此有何評論？

Well, I definitely think that fashion and beauty makes perfect sense. You can first test with your digital self or avatar new looks styles, new makeup trends, new hair styles, new fashion looks, and you can even purchase those things for your digital self and then that encourages you to now want to translate that into your physical life. So I think it makes sense that because so much is built inside these immersive worlds around your own avatar, and how you customized yourself, how you want your digital self to occur, you're decorating yourself effectively with a hair and makeup and clothing anyway just to be kind of really distinguish your digital avatar from others. And so those areas make perfect sense.

嗯，我絕對認為時尚和美麗是非常有意義的。您可以首先用您的數字自我或頭像測試新的外觀風格、新的化妝趨勢、新的髮型、新的時尚外觀，您甚至可以為您的數字自我購買這些東西，然後這會鼓勵您現在想要將其轉化為您的物質生活。所以我認為這是有道理的，因為在這些圍繞你自己的化身的沉浸式世界中建立了很多東西，以及你如何定制自己，你希望你的數字自我如何出現，無論如何你都在用頭髮、化妝和衣服有效地裝飾自己只是為了真正將您的數字化身與其他人區分開來。因此，這些領域非常有意義。

I think the one that I'm -- we're really excited about, I mentioned a little bit earlier, is virtual tourism. When you think about the typical dot-com experience for tourism is a bunch of stock photos, right? But if you want to think about visiting the real Yas Island and Abu Dhabi, wouldn't it be cool to do a fly-through of SeaWorld or right around the F1 track. Well, that's exactly what the immersive worlds that we've built for Yas Island enable is both for kids and parents to be able to experience the virtual experience and then hopefully converting them into real-life visitors of this amazing recreation island.

我想，我之前提到過，我們真正感到興奮的是虛擬旅遊。當您想到旅遊業的典型網絡體驗時，就是一堆庫存照片，對嗎？但如果您想參觀真正的亞斯島和阿布扎比，飛越海洋世界或繞 F1 賽道不是很酷嗎？嗯，這正是我們為亞斯島打造的沉浸式世界，讓孩子和家長能夠體驗虛擬體驗，然後希望將他們轉變為這座令人驚嘆的休閒島嶼的現實遊客。

And so I think that one just makes so much sense. Ever since some of that press came out, we started getting contacted by markets in the United States that have some of the largest public golf course communities or hotel communities. In some cases, it's specifically maybe the golf course company themselves, in other cases, it's the city that's trying to say, what can we do to attract more visitors to our city as a whole and maybe one of their biggest attractions is some signature courses or other types of activities. So we have noticed that tourism seems to just be a no-brainer because wouldn't it be a lot better to first experience, do a fly-through versus just looking again at some of those stock photo images.

所以我認為這是非常有道理的。自從一些媒體報導出來後，我們開始與美國的市場聯繫，這些市場擁有一些最大的公共高爾夫球場社區或酒店社區。在某些情況下，具體可能是高爾夫球場公司本身，在其他情況下，是城市試圖說，我們可以做些什麼來吸引更多的遊客來到我們整個城市，也許他們最大的吸引力之一就是一些標誌性球場或其他類型的活動。所以我們注意到，旅遊似乎是一件理所當然的事，因為第一次體驗、飛翔而不是再看一些庫存照片不是更好嗎？

The nice thing too, on virtual tourism is that you can see that it starts where we're building these virtual worlds inside of -- like Robolox or Sandbox, a place that already has the engine to create that virtual tour and fly through an experience. But again, as I mentioned earlier in the call, spatial computing technology being used in gaming can be used for a website today. And you don't need a VR headset to be able to go to, I don't know, call it myrtlebeach.com, and to be able to see that you can have that same kind of immersive way to explore it. So when we talk a lot about the immersive web and it being here right now, we're saying the tech is there, it exists and this is the opportunity we now have to take a brand from saying, come over here and build immersive worlds where all of these Gen Z and Alphas are living. But then in those conversations, now let's talk to you about what is your web strategy as a company? What could Barbie.com look and feel like using again this tech that already exists?

虛擬旅遊的好處是，你可以看到它開始於我們在其中構建這些虛擬世界的地方，例如 Robolox 或 Sandbox，這些地方已經擁有創建虛擬旅遊和飛行體驗的引擎。但正如我之前在電話會議中提到的，遊戲中使用的空間計算技術現在也可以用於網站。你不需要 VR 耳機就可以訪問，我不知道，稱之為 myrtlebeach.com，並且能夠看到你可以以同樣的沉浸式方式來探索它。因此，當我們談論沉浸式網絡及其現在就在這裡時，我們說的是技術就在那裡，它存在，這是我們現在必須抓住一個品牌的機會，不要說，來這裡並建立沉浸式世界所有Z 世代和阿爾法一代都生活在那裡。但在這些對話中，現在讓我們來談談您作為一家公司的網絡戰略是什麼？再次使用這項已經存在的技術，Barbie.com 會是什麼樣子？

Congrats again on the quarter.

再次祝賀本季度。

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

我們的問答環節結束了。我想將發言權交還給安，以徵求進一步的意見或結束意見。

Well, thank you. I'll be a bit repetitive here, but I can consistently talk about Super League being in the strongest position in our history to execute our vision. Our rocket ship to the immersive web has never had a more focused operation, a clean balance sheet with no debt. We serviced over 100 brands last year. So in my view, liftoff is complete and it's now about acceleration and scale, as we march towards $100 million in revenue over the next few years. We'll continue to act on all opportunities to further streamline our cost structure and expand into higher-margin products to turn that important corner to profitability in short order. While our roots and success are in the creation of immersive digital experiences and products inside some of the world's largest open world gaming platforms today, our future is in building the premier publishing engine for the immersive web. Thank you so much for your time, and please reach out to our IR team if you have any other questions or comments.

嗯，謝謝。我在這裡會有點重複，但我可以始終如一地談論超級聯賽在我們歷史上處於最有力的位置來執行我們的願景。我們通往沉浸式網絡的火箭飛船從未有過如此集中的運營，乾淨的資產負債表，沒有債務。去年我們為 100 多個品牌提供了服務。因此，在我看來，起飛已經完成，現在的重點是加速和規模化，因為我們將在未來幾年內向 1 億美元的收入邁進。我們將繼續抓住一切機會，進一步簡化我們的成本結構，並擴展到利潤率更高的產品，以在短時間內扭轉這一重要局面，實現盈利。雖然我們的根源和成功在於在當今世界上一些最大的開放世界遊戲平台中創建沉浸式數字體驗和產品，但我們的未來是為沈浸式網絡構建一流的發布引擎。非常感謝您抽出寶貴時間，如果您有任何其他問題或意見，請聯繫我們的 IR 團隊。

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

謝謝。今天的網絡研討會和電視廣播到此結束。此時您可以斷開線路，度過美好的一天。我們感謝您今天的參與。