Super League Enterprise Inc (SLE) 2024 Q2 法說會逐字稿

Greetings, and welcome to the Super League second quarter 2024 conference call. Please note this conference is being recorded.

大家好，歡迎參加超級聯賽 2024 年第二季電話會議。請注意，本次會議正在錄音。

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. For a description of these risks and uncertainties, please see Super League's financial statements and MD&A for the second quarter 2024 ended June 30, 2024, available on EDGAR.

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。這些聲明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聲明中的預測不同。有關這些風險和不確定性的描述，請參閱 EDGAR 上提供的超級聯賽截至 2024 年 6 月 30 日的 2024 年第二季財務報表和 MD&A。

Important qualifications regarding forward-looking statements are also contained in Super League's earnings release distributed earlier this afternoon and also available on EDGAR. Furthermore, the content of this conference call contains time-sensitive information accurate only as of today, August 14, 2024. Super League undertakes no obligation to revise or otherwise update any statements to reflect events or circumstances after the date of this call.

關於前瞻性陳述的重要限制也包含在今天下午早些時候發布的超級聯盟收益報告中，也可在 EDGAR 上查閱。此外，本次電話會議的內容所包含的時間敏感資訊僅截至今天（2024 年 8 月 14 日）的準確性。超級聯賽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發布之日後事件或情況的義務。

I'll now play a short video before I turn the conference over to Ann Hand, Chief Executive Officer.

在將會議交給執行長安·漢德 (Ann Hand) 之前，我將播放一段簡短的影片。

(video playing)

（影片播放）

Well, good afternoon, everyone. I'm delighted to report on Super League's second quarter financial results and provide an update on our company's continued operational progress. During the quarter, we continued on our mission to redefine the gaming industry as a media channel for global brands through our innovative technology, capabilities, and products. Our leadership position earned through the work we have done to date allows us to further grow our competitive moat with extensive barriers to entry.

大家下午好。我很高興報告超級聯賽第二季度的財務業績，並介紹我們公司持續營運進展的最新情況。在本季度，我們繼續履行我們的使命，透過創新的技術、能力和產品，將遊戲產業重新定義為全球品牌的媒體管道。我們透過迄今為止所做的工作贏得了領導地位，這使我們能夠透過廣泛的進入障礙進一步增強我們的競爭護城河。

Through a variety of collaborations with major global brands, IP owners, and talent, we launched multiple captivating immersive experiences with tremendous results that verify our ongoing momentum and driving 3D engagement on platforms where the massive generation Z and alpha audiences already live.

透過與全球主要品牌、智慧財產權所有者和人才進行各種合作，我們推出了多個引人入勝的沉浸式體驗，並取得了巨大的成果，驗證了我們持續的發展勢頭，並在大量 Z 世代和 alpha 觀眾已經生活的平台上推動 3D 參與度。

We continue to believe in the unstoppable secular shift in digital advertising towards 3D immersion. Immersive engagement allows brands to speak to young consumers in a highly customized and personalized way, and it performs, offering a 252% higher engagement rate and a 40% higher conversion rate.

我們始終堅信，數位廣告向 3D 沉浸式發展的轉變將無法阻擋。沉浸式互動使品牌能夠以高度客製化和個人化的方式與年輕消費者對話，而且它的效果非常好，參與率提高了 252%，轉換率提高了 40%。

This is a transformational time that we're all living in and the way that content is created and consumed. And it requires a new imperative for the C-suite to think differently about how they engage with the next generation. While it is new terrain, it offers an exciting opportunity for brands to create deeper affinity and ultimately, conversion for a greater share of consumers' wallets.

我們正處於一個變革時期，內容的創造和消費方式也正在改變。這要求高階主管以新的思維來思考如何與下一代互動。雖然這是一個新領域，但它為品牌提供了一個令人興奮的機會，可以創造更深層的親和力，並最終轉化為更大份額的消費者的錢包。

As you've heard me say before, the average Roblox users spends an astounding 156 minutes a day on the platform as compared to 95 average daily minutes on TikTok. These young consumers expect to meet brands-first in digital environments and feel as strongly about their digital identity as they do their physical identity.

正如你之前聽我說過的那樣，Roblox 用戶平均每天在該平台上花費 156 分鐘，而 TikTok 平均每天花費 95 分鐘。這些年輕的消費者期望首先在數位環境中遇到品牌，並且他們對數位身分的感覺與對實體身分的感覺一樣強烈。

Currently, 75% of Gen Z spend money on virtual and game items. And some in the industry believe that by 2030, this next generation will have 30% of their total wardrobe be in the shape of digital clothing for their digital sales.

目前，75% 的 Z 世代會在虛擬物品和遊戲物品上花錢。一些業內人士認為，到 2030 年，下一代衣櫃裡的衣物中將有 30% 會以數位服裝的形式出售。

Being in a nascent, rapidly changing industry, it is a requirement that we learn and iterate quickly as we continue to evolve the trajectory of the company. This is our office and makes us stronger against competition and stickier with our customers. And it speaks to our creative, collaborative, and competitive spirit that is really at Super League's core.

身處一個新興且快速變化的行業，我們需要在不斷發展公司發展軌蹟的同時，快速學習和迭代。這是我們的辦公室，它使我們在競爭中更加強大，與客戶的關係更加緊密。它體現了超級聯賽的核心——創造力、協作精神和競爭精神。

Super League is first and foremost, a product and technology company, with currently more than 10,000 experiences in our Roblox network alone that currently reach approximately 160 million monthly unique players. Now, that's real scale. This is what separates us from the pack.

Super League 首先是一家產品和技術公司，目前僅在我們的 Roblox 網路中就有超過 10,000 種體驗，目前每月覆蓋約 1.6 億獨立玩家。這才是真正的規模。這就是我們與其他群體的不同之處。

We are not merely an ad agency or a game development studio. Our approach to practization is how we scale our pipeline and grow our margin profile. When we build an immersive experience, we create a 3D model of key building blocks. These reusable elements collapse our development pipelines. They lower the cost of entry for new brands looking to enter these pioneering marketing channels, and they do allow us again to improve our margin profile.

我們不僅僅是一家廣告公司或遊戲開發工作室。我們的實踐方法是擴大我們的管道並增加我們的利潤。當我們建立沉浸式體驗時，我們會創建關鍵構建塊的 3D 模型。這些可重複使用的元素瓦解了我們的開發流程。它們降低了新品牌進入這些先鋒行銷管道的進入成本，也讓我們再次提高了利潤率。

Super League pop-ups, repeatable drag-and-drop elements of our customer experiences, which are deployed throughout our software are officially in market and can be easily reskinned for a wide berth of brands and IP owners. This leads to faster brand adoption and depth in key verticals like music, fashion, QSR, automotive and more.

超級聯賽彈出視窗是我們客戶體驗中可重複的拖放元素，這些元素已部署在我們的整個軟體中，並已正式進入市場，並且可以輕鬆地為廣泛的品牌和 IP 所有者重新設計。這會加速品牌在音樂、時尚、快餐、汽車等關鍵垂直領域的採用和深度。

As well, we create beautiful experiences and are increasingly being asked to build dedicated worlds that are more persistent in nature. So what did you think about the opening Olympics video? Pretty amazing, right?

同樣，我們創造了美好的體驗，並且越來越多地被要求建立本質上更持久的專用世界。那麼您對於奧運開幕式影片有什麼看法呢？相當令人驚奇，對吧？

Since our acquisition of Melon Studios last year, we've seen our dedicated build revenues increased by 3 times, and with a product mindset, we can build vast, exciting, dedicated worlds faster as well. And we don't stop there as we have proven success at driving real life commerce on behalf of our brand partners. That's a leading edge for us. We think about our brands P&L, not just trying to grab a portion of their end-year marketing spend.

自去年收購 Melon Studios 以來，我們的專用建置收入成長了 3 倍，而且憑藉產品思維，我們也可以更快地建立廣闊、令人興奮的專用世界。我們並不會就此止步，因為我們已經證明，我們能夠代表品牌合作夥伴成功推動現實生活中的商業活動。這對我們來說是一個領先優勢。我們考慮的是品牌的損益，而不僅僅是試圖從他們年底的行銷支出中撈取一部分。

As we transition now to Q2 results, we've seen some macroeconomic factors continue to provide an overhang, namely prolonged inflation resulting in softening of consumer spend and some ad sales. We were thrilled to see the positive inflation news this morning. And we hope this is an entry point for interest rate reductions and an opportunity for small cap stocks to begin to have their moment once again, a moment we've all been patiently waiting for, as have all of you on the call.

現在，隨著我們轉向第二季業績，我們看到一些宏觀經濟因素繼續帶來影響，即長期通膨導致消費者支出和部分廣告銷售疲軟。今天早上我們看到了積極的通膨消息，非常高興。我們希望這是一個降低利率的切入點，也是小型股再次開始獲得成功的機會，這是我們一直在耐心等待的時刻，就像電話會議中的各位一樣。

While our top-line revenues were flat sequentially, we did see approximately $1.8 million in expected revenues that were deferred due to delayed advertiser launch dates. And we continue to win big signature programs, some of which are offering recurring revenues beyond the immersive experience build and launch.

雖然我們的營業收入與上一季持平，但由於廣告商發布日期推遲，預計約 180 萬美元的收入被推遲。我們繼續贏得大型標誌性項目，其中一些項目除了沉浸式體驗的建構和發布之外，還帶來了經常性收入。

Going back to our productization approach, we are starting to see the impact on our forward margins. Currently, we have an internal target of 45% to 50% margins on most programs, with lower margin proposals accepted by exception only when they're offering a greater longer-term strategic benefit to the company, such as subsequent repeat business or perhaps a proof point for a new vertical that we're chasing. The more repeatable products we sell, the more the margins climb, making pop-ups and other product innovation essential.

回顧我們的產品化方法，我們開始看到對我們的預期利潤率的影響。目前，我們對大多數專案的內部目標利潤率為 45% 到 50%，只有當這些專案能為公司帶來更大的長期策略利益（例如後續的重複業務，或我們正在追逐的新垂直領域的證明點）時，才會破例接受利潤率較低的提案。我們銷售的重複產品越多，利潤就越高，因此彈出式產品和其他產品創新至關重要。

We continue to apply a laser focus on our P&L as we aim to achieve our first profitable quarter in Q4 of this year. And we continue to positively test the capacity of the organization as a core lever to profitability and scale.

我們將繼續專注於我們的損益表，力爭在今年第四季實現第一個獲利季度。我們將繼續積極測試組織作為獲利能力和規模的核心槓桿的能力。

We currently operate with approximately 15% less in headcount than we had last year, which has contributed to a 25% and 23% decrease in our Q2 pro forma operating expenses and operating losses, respectively. Again, to reiterate, a 25% decrease in our Q2 pro forma operating expenses relative to same quarter prior year and a 23% decrease in our operating losses relative to same quarter prior year.

我們目前的員工人數比去年減少了約 15％，這導致我們第二季度的預計營運費用和營運虧損分別減少了 25％ 和 23％。再次重申，我們第二季度的預期營業費用與去年同期相比減少了 25%，營業虧損與去年同期相比減少了 23%。

We are off to a strong start for Q3 and expect to be able to deliver a large amount of revenues in the second half of the year and do that inside of our current cost structure. Second-quarter 2024 top-line highlights included revenues associated with immersive experiences for global brands such as the International Olympic Committee, Visa, Maybelline, Claire's, Skechers, Google, and Universal Pictures. A fun one to highlight is the work we kicked out with Google, experiences to help use, learn more about Internet literacy and digital privacy. That's right, gamified education.

我們第三季開局強勁，預計能夠在今年下半年實現大量收入，並且在當前成本結構內實現這一目標。2024 年第二季的營收亮點包括與國際奧委會、Visa、美寶蓮、Claire's、Skechers、Google和環球影業等全球品牌的沉浸式體驗相關的收入。值得一提的有趣一點是我們與Google合作的工作，這些工作有助於使用、了解更多有關網路素養和數位隱私的知識。沒錯，遊戲化的教育。

And this program speaks to another important signal. With our proven expertise in the space, we were able to pitch and win this business within a 24-hour period. Chasing six- and seven-figure deals has become our new normal. We continue to see strong repeat opportunities with the likes of Kraft, iHeart, Samsung, Sony, Universal, Ubisoft and the FDA, as well as seeing new brands enter the space.

該計劃還發出了另一個重要信號。憑藉我們在該領域經過驗證的專業知識，我們能夠在 24 小時內贏得這項業務。追求六位數和七位數的交易已經成為我們的新常態。我們繼續看到卡夫、iHeart、三星、索尼、環球、育碧和 FDA 等公司強勁的重複機會，同時也看到新品牌進入該領域。

The FDA program is a fun one to highlight because it's another signature opportunity to really do good beyond just gameplay. That specific campaign is raising anti-vaping awareness amongst youths.

FDA 計劃是一個值得重點介紹的有趣計劃，因為它是除了遊戲玩法之外真正做好事的另一個標誌性機會。這項專門活動旨在提高年輕人的反電子煙意識。

If we look at our current pipeline, it features 51 repeat customers and 68 new brand entrants. As we anticipate the larger deal trend to continue, we can quickly scale our revenue with fewer brand partners that are committed to the larger and longer-term engagements. Our strategy begins with creating a brand's short-term experience and then we leverage that engagement into more persistent programs, offering them a way to enter into this new immersive marketing channel.

如果我們看看我們目前的管道，它有 51 個回頭客和 68 個新品牌進入者。我們預計交易規模擴大的趨勢將會持續，我們可以透過更少的致力於更大規模和更長期合作的品牌合作夥伴來迅速擴大我們的收入。我們的策略始於創造品牌的短期體驗，然後我們將這種參與度運用到更持久的計劃中，為他們提供進入這種新的沉浸式行銷管道的方式。

This is a well-recognized persistent strategy used already by brands today on traditional social media channels like Instagram and Facebook. They don't pop in here and there for a month or a week at a time. They have a consistent strategy. And that's the corner that we're starting to turn with more and more of these repeat brands that we've been engaging with. We expect larger deal sizes with more predictable longer-term revenue that over time should offer stable cash flow for the company and ultimately drive shareholder value.

這是當今品牌在 Instagram 和 Facebook 等傳統社群媒體管道上已經採用的一種公認的持久策略。他們不會一次出現一個月或一週的時間。他們有一個一致的策略。隨著我們與越來越多的回頭客品牌合作，我們正在開始扭轉這種局面。我們預計交易規模將更大，長期收入將更可預測，隨著時間的推移，這將為公司提供穩定的現金流，並最終提高股東價值。

As we grow and deliver on these larger programs, it verifies our unique position as a one-stop shop and enterprise solution capable of driving commerce across a variety of existing immersive platforms and ultimately back to a brand's own immersive website and commerce experiences. We see evidence of this with retailers who are increasingly realize the value in hosting their own virtual worlds to create brand awareness, highlight trendy products, drive community among customers, and now to even recruit young workers. Recent moves from various major retailers, such as Walmart's rollout of Realm and IKEA's virtual universe confirm this trend.

隨著我們不斷發展和實施這些更大的項目，它驗證了我們作為一站式商店和企業解決方案的獨特地位，能夠在各種現有的沉浸式平台上推動商業發展，並最終回到品牌自己的沉浸式網站和商業體驗。我們看到這方面的證據是，零售商越來越意識到託管自己的虛擬世界的價值，可以創造品牌知名度，突顯流行產品，推動客戶社群發展，甚至可以招募年輕員工。沃爾瑪推出的 Realm 和宜家推出的虛擬世界等各大零售商的最新舉措證實了這一趨勢。

With our leadership position and relationships with a host of major global brands across various verticals, the opportunity in front of us remains enticing. Super League has the strategic and creative capabilities that when coupled with our suite of proprietary products and measurement tools, guide brands to appropriately position in this new 3D chapter of brand marketing, digital advertising, and e-commerce. And this new chapter is one that can truly transform business models.

憑藉我們的領導地位以及與各個垂直領域眾多全球主要品牌的良好關係，我們面前的機會仍然十分誘人。超級聯賽具有策略性和創造能力，與我們的專有產品和測量工具相結合，可引導品牌在品牌行銷、數位廣告和電子商務的新 3D 篇章中做出適當的定位。這一新篇章可以真正改變商業模式。

So now, let's move on to some operational highlights. First, focusing on dedicated worlds we build, there was no better example of the excitement and breadth in our offering than the work we launched in partnership with Visa. The Olympics Games in Paris provided a great opportunity to showcase the growth of immersive engagement and allowed Super League to shine through collaborations that showcase our innovation.

現在，讓我們來討論一些操作亮點。首先，我們專注於建立專用的世界，與 Visa 合作的工作最能體現我們所提供產品的令人興奮和廣度。巴黎奧運為展示沉浸式互動技術的發展提供了絕佳的機會，並透過展示我們創新的合作讓超級聯賽大放異彩。

In June, leading up to the games, we launched a first-of-its-kind event featuring a Post Malone hybrid concert. So there was a live concert and then a live stream virtual concert as well. That was hosted at the iconic Louvre Museum and streamed live into a Roblox event that we created, reaching over 170 countries worldwide. In addition to the concert, players were able to explore the virtual Louvre Museum experience we built to learn and interact with the collection of curated artworks such as the Mona Lisa.

今年 6 月，在奧運會前夕，我們推出了一項史無前例的活動，以 Post Malone 混合音樂會為特色。因此，有一場現場音樂會，然後還有一場直播虛擬音樂會。該活動在標誌性的羅浮宮博物館舉辦，並透過我們創建的 Roblox 活動進行直播，覆蓋全球 170 多個國家。除了音樂會之外，玩家還可以探索我們建造的虛擬羅浮宮體驗，以學習和與蒙娜麗莎等精選藝術品互​​動。

This was followed by the launch of Olympic World, a global experience to unite Olympic fans that was brought in partnership with Visa and the IOC. As shown in the opening video, the historic first features Olympic and Paralympic intellectual property, offering players the virtual space to explore the Olympic spirit through various games, activities, quests and events, including Olympic-inspired mini games and access to virtual products in the Olympic shop.

隨後，奧運世界正式啟動，這是由 Visa 和國際奧委會合作推出的全球體驗，旨在團結奧運愛好者。如開場影片所示，這款應用程式歷史性地首次採用了奧運會和殘奧會的知識產權，為玩家提供了透過各種遊戲、活動、任務和賽事探索奧林匹克精神的虛擬空間，包括奧運主題的迷你遊戲和奧運商店中的虛擬產品。

As well, we continue to gain traction with retailers such as with Skechers, where we created the first immersive Skechers store within Roblox’s Livetopia Mall. The Skechers Shop was designed to build community and engage young consumers in a world that bring Skechers brand to life. As a visitor, you could participate in the treasure hunt to win exclusive Skechers digital items as well as create stylish looks inspired by selected Skechers's products.

此外，我們繼續與 Skechers 等零售商取得合作，我們在 Roblox 的 Livetopia Mall 內創建了第一家沉浸式 Skechers 商店。Skechers 商店旨在建立社區並吸引年輕消費者，讓 Skechers 品牌煥發新生。作為訪客，您可以參加尋寶活動，贏取 Skechers 獨家數位商品，並打造受精選 Skechers 產品啟發的時尚外觀。

The results were compelling with 3.4 million visits to the store, 4 million try-ons, and nearly 45 million impressions generated in five weeks. And we're seeing more retailers getting in the mix. Go check out our recently launched Old Navy store, developed through our pop-up store product, offering players the opportunity to shop for digital twin fashions of current in real life clothing that is in stores now for the back-to-school shopping season.

成果非常引人注目：五週內門店客流量達 340 萬，試穿次數達 400 萬，展示次數達到近 4,500 萬次。我們看到越來越多的零售商加入到這一行列。去看看我們最近推出的 Old Navy 商店，它是透過我們的快閃店產品開發的，為玩家提供了購買當前現實生活中的服裝的數位孿生時尚的機會，這些服裝現在在商店中出售，以迎接返校購物季。

Additionally, during the quarter, we continued to demonstrate further product innovation with the debut of SOUNDZ, a new scalable immersive music offering inclusive of many of the elements that make for a great concert experience, including listening parties, dance moves, and digital merchandise.

此外，在本季度，我們繼續展示進一步的產品創新，首次推出了 SOUNDZ，這是一款全新的可擴展沉浸式音樂產品，包含了許多可帶來絕佳音樂會體驗的元素，包括聆聽派對、舞蹈動作和數位商品。

SOUNDZ launched with a bang Bebe Rexha. Her custom-built Avatar saying, dance and engage with fans through games, gave players the ability to try on and purchase virtual gear and offered other rewards, all while debuting Bebe Rexha's newest singles.

SOUNDZ 與 Bebe Rexha 一起轟動推出。她定制的頭像上寫著“透過遊戲與粉絲一起跳舞和互動”，讓玩家有機會試穿和購買虛擬裝備並提供其他獎勵，同時推出 Bebe Rexha 的最新單曲。

In conjunction with our unlockables product module that offers unique player rewards, the experience was launched in three mini games inside of our vast network, delivering over 2 million visits, 230,000 dance party completions, and 43,000 visitors to our awards center. Key to our strategy as well as diversification across existing game platforms that again, with the vision of the company, leading to ownable dedicated worlds for brands and IP owners as well as for ourselves. So again, controlling more of that and fully ownable dot-com experience. Our recent announcement of a strategic partnership with Meta-Stadiums is precisely in that lane.

結合我們提供的獨特玩家獎勵的可解鎖產品模組，該體驗在我們龐大的網絡中的三個迷你遊戲中推出，帶來了超過 200 萬次訪問、230,000 次舞會完成以及 43,000 名獎勵中心訪客。我們的策略以及現有遊戲平台的多樣化的關鍵再次體現了公司的願景，即為品牌和智慧財產權所有者以及我們自己創造可擁有的專用世界。所以，再次強調，要控制更多的這些，並完全擁有自己的網路公司經驗。我們最近宣布與 Meta-Stadiums 建立策略夥伴關係正是朝著這個方向邁進。

Together, we offer a unified solution to build and leverage immersion with audiences on today's dominant gamified platforms such as Roblox, Fortnite Creative, Sandbox, Decentraland and more, and ultimately drive people to a brand owned and operated set of digital and physical experiences.

我們共同提供統一的解決方案，在當今主流遊戲平台（如 Roblox、Fortnite Creative、Sandbox、Decentraland 等）上打造和利用觀眾的沉浸感，並最終吸引人們獲得品牌擁有和運營的數位和實體體驗。

Meta-Stadiums is a cutting-edge platform to build, customize, and manage dedicated ownable virtual stadiums in the metaverse that coupled with our products and capability, can deliver metaverse world design and game development, live virtual events, Avatar item collections, digital to physical engagement systems, as well as comprehensive marketing, promotional, and content execution. The combined capabilities offer cross-platform immersive experiences and events.

Meta-Stadiums 是一個尖端平台，用於在元宇宙中構建、定制和管理專用的可擁有虛擬體育場，結合我們的產品和能力，可以提供元宇宙世界設計和遊戲開發、現場虛擬活動、頭像物品收集、數位到實體參與系統，以及全面的營銷、促銷和內容執行。綜合功能可提供跨平台沉浸式體驗和活動。

By leveraging our tech and expertise in creating captivating experiences, coupled with Meta-Stadium's incredible portfolio of top-tier sports and entertainment IP with proven commercialization and monetization capabilities, we create a compelling offering that we believe could be the beginning of our foray into new recurring revenue streams in the areas of consumer monetization and data.

透過利用我們的技術和專業知識來創造引人入勝的體驗，再加上 Meta-Stadium 擁有經過驗證的商業化和貨幣化能力的頂級體育和娛樂 IP 組合，我們創造了一款引人注目的產品，我們相信這可能是我們在消費者貨幣化和數據領域進軍新經常性收入來源的開始。

Finally, as we've mentioned, the company has never been more agile and proactive. Historical data has shown that a top seller in our organization can generate $4 million or more in annual bookings. As we strive to achieve annual bookings precedents, in Q2, we restructured our sales team, inclusive of a top-down reorganization, overall of our East Coast sales team, and the recruitment of an experienced new East Coast leader who's already contributing large programs to the pipeline.

最後，正如我們所提到的，公司從未如此敏捷和積極主動。歷史數據表明，我們組織中的頂級銷售人員每年可以帶來400萬美元或更多的預訂量。為了努力實現年度預訂先例，我們在第二季度重組了銷售團隊，包括自上而下的重組、整個東海岸銷售團隊的重組，以及招募一位經驗豐富的新東海岸領導者，他已經為我們的通路貢獻了大型項目。

Like margin growth and cost control, sales force effectiveness is an essential component for scale and profitability. So with that, operator, let's move to Q&A.

與利潤成長和成本控制一樣，銷售團隊效率是規模和獲利能力的重要組成部分。接線員，下面讓我們進入問答環節。

(Operator Instructions) Scott Buck, HC Wainwright.

（操作員指令） Scott Buck，HC Wainwright。

Hi. Good afternoon, Ann. Thanks for taking my questions.

你好。下午好，安。感謝您回答我的問題。

Hey, Scott.

嘿，斯科特。

I'm curious, the $1.8 million of revenue deferred to 3Q, has that program started now in the third quarter?

我很好奇，180 萬美元的收入推遲到第三季度，該計劃現在在第三季度開始了嗎？

Yeah. These are programs that should have launched in Q2. In some cases, the revenues were extending between Q2 and Q3. And so they now have Q3 launch dates, and then they're extending some into Q4. So we have about closer to $2.2 million in total revenues that deferred, but I'm only speaking to the 1/8 that are specifically will have impact in some of the Q3 revenues we'll be reporting on.

是的。這些項目應該在第二季啟動。在某些情況下，收入延續到第二季​​和第三季之間。所以他們現在有了第三季的發布日期，然後將一些發布日期延長到第四季。因此，我們有接近 220 萬美元的總遞延收入，但我只說了 1/8，這些收入將對我們將要報告的部分第三季收入產生影響。

Okay, but they're active now?

好的，但是他們現在活躍嗎？

Yeah, yeah.

是啊是啊。

Yeah, okay. Perfect. And then I was hoping you could maybe give a little more color on the Meta-Stadium's partnership. I'm not sure if there are direct economics or it's a partnership that you're able to go and join pitch? I mean maybe if you could just kind of walk us through the benefit of this relationship.

嗯，好的。完美的。然後我希望您能更詳細地介紹 Meta-Stadium 的合作關係。我不確定是否有直接的經濟學或您可以去參加的合作關係？我的意思是，也許您能向我們簡單介紹一下這種關係的好處。

Yeah, it's a little bit of both. So the first thing it starts with is, imagine if we hold a concert for Bebe Rexha inside one of our existing gate platforms. But at the same time, with Meta-Stadiums tech, we then create a dedicated Bebe Rexha stadium or concert that you can go to through a direct URL link. So you're not coming in through a gaming platform.

是的，兩者都有。所以首先要做的事情是，想像一下如果我們在現有的登機口平台之一內為 Bebe Rexha 舉辦一場音樂會。但同時，借助 Meta-Stadiums 技術，我們可以創建專門的 Bebe Rexha 體育場或音樂會，您可以透過直接 URL 連結前往。所以你不是透過遊戲平台進入的。

So we can promote and create the buildup and the excitement and audience inside the platforms where we have a lot of great reach, but then we can drive people to that maybe more signature marquee event. Once we've taken you into that dedicated event that's ownable and off-platform, the way that Meta-Stadiums work because they've actually brokered a lot of deals with big sports teams and top talent is they get to control a part of the economy.

因此，我們可以在具有廣泛影響力的平台內進行推廣，創造氛圍，激發熱情，吸引觀眾，然後我們可以吸引人們參加也許更具標誌性的大型活動。一旦我們將您帶入可擁有的、平台外的專用活動，Meta-Stadiums 的工作方式就是透過與大型運動隊伍和頂尖人才達成大量交易來控制部分經濟。

So if you're buying virtual goods inside that dedicated Bebe Rexha stadium, they get a very attractive rev share from that as part of their licensing agreements. And so, this is probably one of the most generous partnerships, and I'm really indebted to [Delence] and all of his leadership for it because what they're doing is they are willing to allow us to participate in that final note of the economy.

因此，如果您在專用的 Bebe Rexha 體育場內購買虛擬商品，他們將根據許可協議從中獲得非常可觀的收入分成。因此，這可能是最慷慨的合作夥伴關係之一，我真的非常感謝 [Delence] 和他的所有領導，因為他們願意讓我們參與經濟的最後階段。

So the conversations we're having is we're going out and jointly pitching is that in the event that we win programs that start where we have reach and through our product and tech, but then it turns into a second component, which is where they have products and tech that we will get to participate in the consumer monetization of it.

因此，我們正在進行的對話是，我們正在出去共同推銷，如果我們贏得項目，這些項目將從我們能夠觸及的地方開始，透過我們的產品和技術，但隨後它會變成第二個組成部分，也就是他們擁有產品和技術，我們將參與消費者貨幣化。

And I'll say too, I mean, their relationships are extremely impressive. So we were in front of people at Warner Music through Bebe Rexha. They're in front of people as well, very complementary over there. So it really is something that right out of the gate we're putting active pitches together selling sounds, which is our product and their Meta-Stadium product has one core program, which again will be sizable, right? And on top of it, I don't think with the types of relationships they're bringing that's going to be too long before we're announcing the deal.

我還要說的是，他們的關係非常令人印象深刻。因此，我們透過 Bebe Rexha 出現在華納音樂的觀眾面前。他們也在人們面前，在那裡非常互補。所以這真的是一件一開始就把活躍的音調放在一起銷售聲音的事情，這是我們的產品，他們的 Meta-Stadium 產品有一個核心程序，這個程序的規模也會相當大，對吧？最重要的是，我認為，憑藉他們所建立的關係，我們很快就會宣布這筆交易。

Great. That's very helpful. And then last one for me. You guys have done a really nice job on the cost reductions. It sounds like you're set for the remainder of this year, but how much of the revenue growth in '25 and potentially '26 can the current cost infrastructure support? I mean you have to add at some point, right?

偉大的。這非常有幫助。這對我來說是最後一個。你們在降低成本方面做得非常好。聽起來你已經為今年剩餘時間做好了準備，但是目前的成本基礎設施可以支援25年以及26年的收入成長多少呢？我的意思是你必須在某個時候添加，對嗎？

Yeah. I mean we've talked about this before. Historically, because a lot of our work was highly manual, every time we took on a bigger program or more work, we were adding bodies. And it's really, again, the product approach, which started with our acquisition of Bloxbiz, which is now two years ago that we started to lean into this notion of repeatable products.

是的。我的意思是我們之前已經談論過這個問題。從歷史上看，由於我們的許多工作都是高度手動的，所以每當我們承擔更大的專案或更多的工作時，我們就會增加人手。這其實又是產品方法，從我們收購 Bloxbiz 開始，兩年前我們開始傾向於可重複產品的概念。

We first built repeatable media products, and now the bigger dollars are where the immersive experiences are. So applying that mindset to be able to launch an Old Navy store faster or concert faster, that's really the key there. And that is the difference between us not having to take on larger and larger programs and start adding more cost.

我們首先打造了可重複的媒體產品，現在更大的資金投入在於沉浸式體驗。因此，運用這種思維方式能夠更快地開設 Old Navy 商店或音樂會，這才是關鍵。這就是我們不必承擔越來越大的專案並開始增加更多成本的差異。

Now, inevitably, when we're delivering $50 million in top-line revenue, I'm not going to pretend that our cost profile is going to look the same as it does next quarter. But what I would say is that productization is the path to really change that ratio relationship that for every additional dollar of revenue, it's an exponentially lower amount of cost that has to be incurred.

現在，不可避免的是，當我們實現 5,000 萬美元的營業收入時，我不會假裝我們的成本狀況與下個季度相同。但我想說的是，產品化是真正改變這種比例關係的途徑，也就是每增加一美元的收入，就需要承擔的成本倍增。

And again, you just can't take it out of our DNA at this stage anymore. I mean, we've just become, as I said, so hypercritical on profitability in the P&L that I approve every new hire in the company personally and every salary increase. And Clayton and I every week go through a fine-tooth comb of all expenditure, and that's just become the way we operate.

再說了，現在你無法再將它從我們的 DNA 中剔除。我的意思是，正如我所說的，我們對損益表中的盈利能力變得如此挑剔，以至於我親自批准公司的每一位新員工和每一次加薪。克萊頓和我每週都會仔細梳理所有支出，這已經成為了我們的運作方式。

That's great to hear. And then if I could just sneak in one more. Of the 68 new customers in the pipeline, where are these originating through? How much are coming from your internal sales team versus some of your agency relationships?

我很高興聽到這個消息。然後如果我可以再偷偷溜進去一次。68 位新客戶來自哪裡？有多少是來自於你們的內部銷售團隊以及你們的一些代理關係？

Yeah. I've historically said that the makeup has typically been about 80% agencies representing brands and 20% direct relationships with brands. Actually, we've started to see that we're improving that percentage. A higher percent is direct relationships with brands, brands like Chipotle that we've had a long-standing relationship with. Then there's a few really exciting opportunities in the pipeline for this year for more work that we're going to do with them.

是的。我曾經說過，這種結構通常由 80% 的代理商和 20% 的與品牌的直接關係組成。事實上，我們已經開始看到這一比例正在提高。更高比例的是與品牌的直接關係，例如我們與 Chipotle 等品牌有著長期的合作關係。那麼，今年我們將與他們一起開展一些非常令人興奮的工作機會。

Google is a good example where we very quickly got directly in front of the brand and that's why we're able to have such a quick timeframe between pitch and conversion being notified that we have won the account. We have some great leaders in the company who really understand how to nurture those longer-term business development like partnerships.

谷歌就是一個很好的例子，我們能夠非常迅速地直接出現在品牌面前，這就是為什麼我們能夠在如此短的時間內從推銷到轉換就收到通知，告知我們贏得了帳戶。我們公司有一些優秀的領導者，他們真正懂得如何培養合作關係等長期業務發展。

So when you look at our sales work, while our day-to-day sellers are working very closely with the agencies and they're hunting down those new RFPs, we have three or four sellers in the company who really have some expertise coming in from the brand. So over time, it's not that we want to cut the agency out, right? Because that is a part of the name of the game. They are holding the in-year marketing budget.

因此，當您查看我們的銷售工作時，您會發現，雖然我們的日常銷售人員正在與代理商密切合作，他們正在尋找那些新的 RFP，但公司中有三到四名銷售人員確實擁有來自該品牌的一些專業知識。所以從長遠來看，我們並不是想取消代理機構，對嗎？因為這是遊戲名稱的一部分。他們正在掌握年度行銷預算。

So when we're trying to meet a new brand for the first time, a lot of times we are going to meet them through the agency. But the power over time of us shifting that relationship to be one that's co-owned by the brand or agency or just through the brand is that that's when you get into the bigger repeat programs and that notion of creating like a persistent strategy.

因此，當我們第一次嘗試接觸一個新品牌時，很多時候我們都會透過代理商來接觸他們。但隨著時間的推移，我們將這種關係​​轉變為由品牌或代理商共同擁有或僅僅透過品牌的關係，這時你就會進入更大的重複計劃，並創造出一種持久的策略。

Heather is one of our great business developers. She spent a lot of time coding that Chipotle relationship. She is the person behind the direct relationship with Dave & Buster's and Main Event. It was her in sack there, winning Google. So we've got people who that is their natural selling strength is to go direct to brand.

希瑟是我們出色的業務開發人員之一。她花了很多時間來編碼與 Chipotle 的關係。她是與 Dave & Buster's 和 Main Event 直接聯繫的人。正是她在那裡贏得了谷歌。所以，我們找到的這些人，他們的天然銷售優勢就是直接面對品牌。

Great. No, that's helpful. Appreciate the added color. Thank you very much.

偉大的。不，這很有幫助。欣賞所添加的色彩。非常感謝。

Yeah. Thank you, Scott.

是的。謝謝你，斯科特。

Jack Codera, Maxim Group.

傑克‧科德拉 (Jack Codera)，馬克西姆集團 (Maxim Group)。

Hi, Ann. This is Jack Codera calling in for Jack Vander Aarde. Thanks for taking my questions. In terms of the advertiser habits, can you give a little more color on like these delayed launch dates? Do you think this kind of persists? And any color -- are they dialing back spend or just pausing it in preparation for a higher ROI holiday season? How should we be thinking about that?

你好，安。我是傑克·科德拉 (Jack Codera)，代表傑克·范德阿爾德 (Jack Vander Aarde) 打電話。感謝您回答我的問題。就廣告主習慣而言，您能否提供更多關於這些延遲發布日期的詳細資訊？您認為這種情況會持續下去嗎？無論顏色如何——他們是否在減少支出或只是暫停支出，為投資回報率更高的假期做準備？我們該如何思考這個問題？

Yeah. I definitely wouldn't say that it is them canceling programs or dialing down budgets as much. I do think that, generally speaking, if I was in the shoes of a CMO right now, there's no doubt that with the continued inflation, there was a little bit of fatigue happening in consumer spend, right? And finally, the impacts of inflation are kind of catching up with people, but financially and psychologically. So advertisers will respond to that and be watching those elements.

是的。我絕對不會說他們取消了專案或大幅削減了預算。我確實認為，一般來說，如果我現在處於 CMO 的位置​​，毫無疑問，隨著通貨膨脹的持續，消費者支出會出現一些疲勞，對嗎？最後，通貨膨脹的影響正在逐漸顯現，無論是經濟上或心理上。因此廣告商會對此作出反應並關注這些元素。

And certainly, to your point, you get the biggest ROI in Q3 and Q4. But in this case, the deferred programs really came down to things like just internally getting all their ducks in a row. So it wasn't so much that we have to hold back budget or there's a message in the org that budgets are on hold or anything like that. These are just more that when a brand -- especially when a brand is building something dedicated or this is their first time in, they're trying to learn about this space.

當然，正如您所說，您在第三季和第四季獲得的投資回報率最高。但在這種情況下，推遲的計劃實際上歸結為諸如內部將所有事情安排妥當之類的事情。因此，這並不是說我們必須削減預算，也不是說組織中傳出預算暫停的消息，或者諸如此類的事情。這些只是當一個品牌——特別是當一個品牌正在打造某個專門的東西或這是他們第一次進入這個領域時——他們正在嘗試了解這個領域。

And so, sometimes -- like Google is launching a few weeks later. And it's really -- and by the way, this one I've heard has been like project managed on both sides of the house like to the T, like it's been a wonderful experience for our team and the way they work so well with the Google project team. But people are excited because the program is so meaningful and how it's going to educate young people about the Internet and safety that people really want to design the game and get it right. And so sometimes, it's just the creative excitement that can sometimes make a brand want to spend a few more weeks in the ideation phase.

所以，有時候——例如Google會晚幾週推出新產品。而且這確實是 — — 順便說一句，我聽說這個專案在雙方的管理下都達到了完美的程度，這對我們團隊來說是一次很棒的經歷，他們與 Google 專案團隊的合作也非常愉快。但人們很興奮，因為這個計畫非常有意義，而且它將如何教育年輕人了解網路和安全，人們真的想設計這個遊戲並做好它。所以有時候，正是創造性的興奮有時會讓品牌願意在構思階段多花幾個星期。

Okay, that's very helpful. And then it's nice to see the continued focus on moving towards profitability. I was wondering if you could give any additional color on the actual number of sales forces, the scope of the sales force and then where you expect that trending towards the end of the year?

好的，這非常有幫助。很高興看到我們繼續關注盈利能力。我想知道您是否可以進一步介紹一下銷售人員的實際數量、銷售人員的範圍以及您預計今年年底的趨勢如何？

Yeah. I mean, depending on how you look at it, we have eight sellers. But then again, people like Matt, our President is always selling, right? He's behind a lot of the work we've done with Visa. And so I talked about those more business development sellers.

是的。我的意思是，這取決於你怎麼看待它，我們有八個賣家。但話又說回來，像我們的總統馬特這樣的人總是在推銷，對吧？我們與 Visa 合作的許多工作都是由他完成的。因此我談論了那些更多的業務發展賣家。

So when you look at it more kind of holistically, it's kind of on a full-time equivalent, more like 10 active sellers. And I do think that, again, the reorganization we did, we've talked about this a little bit before, but we were seeing like anywhere from like a six- to eight-month learning curve for a new seller because these are completely new ad products and our patients just kind of worth then. And so, I'm proud of the intervention that we took there.

因此，當你從更全面的角度來看待它時，它就相當於一個全職的賣家，更像是 10 個活躍賣家。我確實認為，我們之前已經談過我們所做的重組，但我們看到新賣家需要六到八個月的學習曲線，因為這些都是全新的廣告產品，而我們的患者才有價值。因此，我為我們在那裡採取的干預措施感到自豪。

What we did we released a few sellers, brought in that new senior East Coast leader, I talked about, who like I said, is already out of the gate bringing big deals in the pipeline because he understood the space and was selling similar types of products prior. So we didn't have that same learning curve and he's got a vast role at X and all of that.

我們所做的就是發布了一些賣家，引入了之前提到的東海岸新任高級領導，正如我所說，他已經開始著手進行大筆交易，因為他了解這個領域，而且之前也在銷售類似類型的產品。所以我們沒有相同的學習曲線，而且他在 X 等方面發揮著重要作用。

But what we really are trying to do is collapse that learning curve time. So we've lost a little momentum when you let three sellers go and you have to backfill. You're going to lose a little bit of time in 2Q, but it was the right long-term decision for the company.

但我們真正想做的是縮短學習曲線的時間。因此，當你讓三名賣家離開並且必須補充時，我們就失去了一些動力。你會在第二季損失一點時間，但對公司來說，這是正確的長期決策。

Okay, that's helpful. And then if I add one more. I think it's really, really exciting to see this pickup in the repeat customers, just this growing group of customers that like the product. I don't know if you track this, but do you have any sense if this was a customer in 2023 and then you repeat them in 2024. What's the scope of these repeat customers, the growth and their initial spend towards, say, like a year later? If you have any color there would be helpful.

好的，這很有幫助。然後如果我再添加一個。我認為看到回頭客的增加，以及喜歡該產品的顧客群體的不斷增長，真的非常令人興奮。我不知道您是否追蹤了這一點，但您是否知道這是否是 2023 年的客戶，然後您將在 2024 年重複他們。這些回頭客的範圍有多大？如果您有任何顏色的話，那將會很有幫助。

Yeah, it's a good question. When I think about like a Chipotle, we've done a couple of engagements for them previously. We now have three new engagements in the pipeline for this year. So order of magnitude, over two years, we did two engagements, now we have three. So inevitably, those dollars are bigger.

是的，這是個好問題。當我想到 Chipotle 時，我們之前已經為他們做過幾次約定。我們今年已經籌劃了三項新業務。因此，在數量級上，兩年內我們進行了兩次交戰，現在我們有三次。因此不可避免的是，這些金額會更大。

Some repeat work that we're pursuing right now for Kraft, we're excited about and very hopeful that we'll win that business. But remember that the Kraft program we did last year was Lunchables was almost a $4 million campaign. So in that instance, that's a pretty big bogey to hit for a repeat.

我們目前正在為卡夫開展一些重複性的工作，我們對此感到興奮並非常希望能夠贏得這些業務。但請記住，我們去年開展的卡夫計畫 Lunchables 是一項耗資近 400 萬美元的活動。因此，在那種情況下，這是一個很大的重複打擊目標。

But my gut would be and I can definitely -- we can do some more analysis on it, Jack can give it to you, but my gut would be that anybody who's repeating is spending more. And the key is, again, first, we want to see you come in and test the campaign. The second thing we want you to become is more like the way Sony and Universal have become to us, where we do several campaigns with them throughout the year.

但我的直覺是，我可以肯定——我們可以對此進行更多的分析，傑克可以告訴你，但我的直覺是，任何重複的人都會花費更多。關鍵是，首先，我們希望看到您參與並測試該活動。第二，我們希望你們能夠像索尼和環球一樣，全年與它們一起開展多項活動。

They're all discrete independent campaigns because they're for different movie launches. But when you add up the spend they spend with us, they spend north of $1 million a year when you add up those unique campaigns.

它們都是獨立的活動，因為它們是為了不同的電影發行而設立的。但如果你把他們在我們這裡的花費加起來，加上這些獨特的活動，他們每年的花費超過 100 萬美元。

But then the third place we want to take you to is to say from just a marketing spend efficiency point of view, don't keep popping in and out, and we do a new build for you every time. Let's build a universal theater and let's leave it open all year long. You'll leverage that development cost over multiple campaigns, and then we can have that movie theater open for you all year long to handle 2x the amount of new releases.

但是，我們要帶您去的第三點是，僅從行銷支出效率的角度來看，不要不斷地進進出出，我們每次都會為您進行新的構建。讓我們建造一個通用劇院，並讓它全年開放。您將在多個活動中利用該開發成本，然後我們可以全年為您開放該電影院，以處理兩倍的新上映電影數量。

So whether it's a persistent world for Dave & Buster's, the way the Olympics build is now being leveraged for the Paralympics and for the winter games. What we really are trying to impress upon people is to make that progression from a onetime campaign trial to multiple campaigns because now you understand the channel to the smart thing to do is to create a persistent strategy where it's an always-on strategy.

因此，無論 Dave & Buster's 是否堅持不懈，奧運會的建設方式現在都為殘奧會和冬季奧運會所借鑒。我們真正想要讓人們明白的是，從一次性活動試驗進展到多次活動，因為現在你明白了，最明智的做法是創建一個持久的策略，使其成為一個永遠在線的策略。

That's helpful. Congrats on the progress. I'll hop back in the queue. Thank you.

這很有幫助。祝賀你取得進展。我將重新回到隊列中。謝謝。

Thank you.

謝謝。

Howard Halpern, Taglich.

霍華德‧哈爾彭 (Howard Halpern)，塔格利奇 (Taglich)。

Hi, Howard.

你好，霍華德。

Hi. You got me?

你好。你抓到我了？

Yeah, I can hear you.

是的，我聽得到你的聲音。

Okay. Can you talk a little bit more about the opportunity that the data analytics side will present to you over the longer term?

好的。能否進一步談談數據分析在長期內為您帶來的機會？

Yeah. So right now, inside other people's platforms, namely in Roblox, we do have additional analytical tools and insights. And often, when we're pitching a brand, because we are a one-stop shop, we say we want to build your experience. We also want to be the people who continue to maintain and operate it with updates to keep it lively, we want to pull from our shelf of products to build that faster and make it more engaging and exciting for you.

是的。所以現在，在其他人的平台內，也就是在 Roblox 中，我們確實有額外的分析工具和見解。通常，當我們推銷一個品牌時，因為我們是一站式商店，所以我們會說我們想要打造您的體驗。我們還希望繼續維護和運營它，並透過更新使它保持活力，我們希望從我們的產品貨架上抽出時間來更快地建造它，並使其對您更具吸引力和令人興奮。

At the same time, we want to throw in additional modules like that reward center. So that's ways that we can help a brand further incentivize players to keep coming back and earning in game rewards, but they could also tie to physical rewards. So that's one more way that we can help a brand capture that consumer and convert them into a physical consumer of theirs.

同時，我們也想加入類似獎勵中心的附加模組。因此，我們可以幫助品牌進一步激勵玩家不斷回來並獲得遊戲獎勵，但他們也可以將其與實體獎勵聯繫起來。這是我們幫助品牌吸引消費者並將其轉化為實體消費者的另一種方式。

And then often, because we have kind of very advanced strong analytics and reporting, it's also the way we report on performance and other end of sites. So inside the universe today, when we're taking down these large programs, and I say we're end to end, it has all of those elements in it. And we also will do influencer marketing to further amplify our platform.

通常，因為我們擁有非常先進的分析和報告功能，這也是我們報告網站效能和其他方面的方式。因此，在今天的宇宙中，當我們拆除這些大型程式時，我說我們是端到端的，它包含了所有這些元素。我們還將進行影響力行銷，以進一步擴大我們的平台。

We'll do other off-platform media buys. Maybe you want to manage a budget for you and buy some YouTube advertising across the campaign too. So when I say one-stop shop in the data component today, that's where we are. But when you start to think about the ways that we can capture a consumer in a web environment like a landing page and incentivize them with new rewards. We can now build a relationship with them directly.

我們將進行其他平台外的媒體購買。也許您想管理預算並在整個廣告活動中購買一些 YouTube 廣告。所以當我今天說資料組件的一站式服務時，這就是我們所處的狀態。但當你開始思考如何在網路環境（例如登陸頁面）中吸引消費者，並用新的獎勵激勵他們。我們現在可以直接與他們建立關係。

We can capture their e-mail and start allowing to brand ourselves to have more communication and drive more commerce with them. When I talk about the Meta-Stadiums' opportunity in that event, because Meta-Stadiums owns a large interest in the stadium event that's being created for the music artist or team talent, they not only get a large piece of the consumer monetization, they also have a large stake in the data. And so, it's a journey that we're on, I would say that first step is getting more consumer monetization going further downstream and then data, we think, could be the icing on the cake down the road.

我們可以獲得他們的電子郵件並開始建立自己的品牌，以便與他們進行更多溝通並進行更多貿易。當我談到 Meta-Stadiums 在該活動中的機會時，由於 Meta-Stadiums 對為音樂藝術家或團隊人才創建的體育場活動擁有很大的興趣，他們不僅可以獲得大量消費者貨幣化，還可以獲得大量數據。所以，這是我們正在進行的旅程，我想說，第一步是讓更多的消費者進一步貨幣化，然後，我們認為，數據可能是未來的錦上添花。

Okay. And just one last one. Of the potential new customers, new entrants, have some of them started to come from the Roblox program that you're now part of?

好的。只剩最後一個了。在潛在的新客戶和新進者中，是否有一些來自您現在參與的 Roblox 計劃？

Yeah. So there's a handful of us that were deemed last year's strategic partners. And certainly, when we're talking about things like the Olympics, while that didn't come through Roblox, I mean, they were right there because it was such a groundbreaking event, we're liaising with them in real time because these great experiences that we're launching are a reflection of their platform as well, and they want to be a part of it and promote it and be excited.

是的。我們當中有少數人被視為去年的策略夥伴。當然，當我們談論奧運會之類的事情時，雖然這不是透過 Roblox 實現的，但我的意思是，他們就在那兒，因為這是一個開創性的活動，我們正在實時與他們聯繫，因為我們推出的這些偉大體驗也是他們平台的反映，他們希望成為其中的一部分，推廣它並感到興奮。

And we need their promotion. That's a wonderful thing for us, if they're willing to promote it through their reach, which is 3x ours. So we certainly had some recommendations.

我們需要他們的推廣。如果他們願意透過他們的影響力來推廣它，這對我們來說是一件很棒的事情，他們的影響力是我們的三倍。所以我們當然有一些建議。

We're currently right now doing a couple of things through the Roblox EDU group, so the education team. That's where they've come to us, they have a dedicated fund specific to educational programs, and they have brought us now a couple of deals that they are funding for us to launch education campaigns. So they have been the source of nominating us as a good party.

我們目前正在透過 Roblox EDU 小組（即教育團隊）做一些事情。他們就是在這裡找到我們的，他們有專門用於教育計畫的基金，現在他們為我們帶來了幾筆交易，他們資助我們開展教育活動。因此他們一直是提名我們為好政黨的來源。

And the thing that's different is the other partners that are out there, they're more like traditional game studios, but I don't think that they would define themselves as a product company, and certainly, we do define ourselves as a product. So when we talk to Roblox leadership, what I see is that their eyes light up about things like pop-ups and ways that we can accelerate getting more brands in faster through the innovative products that we're launching.

不同之處在於，其他合作夥伴更像傳統的遊戲工作室，但我不認為他們會將自己定義為產品公司，而我們確實將自己定義為產品。因此，當我們與 Roblox 領導層交談時，我看到他們對彈出視窗等內容以及我們透過推出創新產品加速更多品牌進入的方式感到眼前一亮。

Okay. Well, thanks and keep up the great work.

好的。好吧，謝謝，繼續努力。

Okay. Thank you, Howard. Have a nice day.

好的。謝謝你，霍華德。祝你今天過得愉快。

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

謝謝。我們的問答環節已經結束。我想將發言權轉回給大家，以便大家可以發表進一步的評論或結束語。

Yeah. So we are pleased with our Q2 financial results, all things considered. While revenues were relatively flat, we adjusted and continued to deliver material decreases to our operating expenses and losses in our March 2 profitable Q4. Our confidence in the opportunity and our ability to execute is unwavering, and our product approach is our differentiator, as I just said, that allows for scale and margin growth.

是的。因此，從各方面來看，我們對第二季的財務表現感到滿意。雖然收入相對持平，但我們進行了調整，並在 3 月 2 日實現盈利的第四季度中繼續大幅減少營運費用和損失。我們對機會和執行能力的信心堅定不移，正如我剛才所說，我們的產品方法是我們的差異化因素，可以實現規模和利潤的成長。

I'd like to leave you with five key takeaways that capture our strategy positioning and the unmistakable traction that has us so excited about our product set for the future of the immersive world and media. The macro environment challenges come and go, but what cannot be disputed is the massive audience shift to gaming platforms that offer personalization and socialization that goes way beyond traditional video gaming. This is the future of social media, and it's here now.

我想給你們留下五個關鍵要點，它們概括了我們的策略定位和明顯的吸引力，讓我們對面向沉浸式世界和媒體未來的產品感到興奮不已。宏觀環境挑戰來來去去，但無可爭辯的是，大量觀眾轉向提供超越傳統視訊遊戲的個人化和社交化的遊戲平台。這就是社交媒體的未來，它現在就在這裡。

Our larger share of publishing content revenue leads to larger and longer brand programs, opening the door for recurring revenue growth and more predictable, stable cash flow. Our innovative technology and productization of repeatable elements establish a competitive edge and enable higher margins. And diversification, across immersive world platform, improves our audience breadth and the opportunity to create and participate in expanded revenue streams at ownable dot-com world.

我們在出版內容收入中所佔的份額越大，品牌計劃就越大、持續時間越長，從而為經常性收入增長和更可預測、更穩定的現金流打開了大門。我們的創新技術和可重複元素的產品化建立了競爭優勢並實現了更高的利潤。沉浸式世界平台的多元化擴大了我們的受眾廣度，並增加了在 ownable.com 世界創造和參與擴大收入來源的機會。

Expertise in driving greater commerce through digital to physical crossover is our key. As I said earlier, we stand in the shoes of our brand partners with a P&L mindset. And with that, we thank you for your interest and your ongoing support. Have a nice day.

我們的關鍵在於透過數位到實體的交叉來推動更大範圍的商業發展的專業知識。正如我之前所說，我們站在品牌合作夥伴的立場上，考慮盈虧情況。最後，我們感謝您的關注與持續支持。祝你今天過得愉快。