Vizio Holding Corp (VZIO) 2021 Q1 法說會逐字稿

Good day, and thank you for standing by, and welcome to the Q1 2021 VIZIO Earnings Conference Call. (Operator Instructions)

美好的一天，感謝您的耐心等待，歡迎參加 2021 年第一季 VIZIO 收益電話會議。 （操作員說明）

I'd now like to hand the conference over to your speaker today, Mr. Michael Marks, Director of Investor Relations. Please go ahead, sir.

我現在想把會議交給今天的發言人，投資者關係總監麥可‧馬克斯先生。請繼續，先生。

Good afternoon, everyone, and thank you for joining us for our first quarter 2021 earnings call. Joining me for today's discussion are William Wang, our Founder and CEO; and Adam Townsend, our CFO. Also joining us for the Q&A portion of today's call is Mike O'Donnell, our Chief Revenue Officer for Platform Plus.

大家下午好，感謝您參加我們的 2021 年第一季財報電話會議。與我一起參加今天討論的是我們的創辦人兼執行長 William Wang；和我們的財務長 Adam Townsend。 Platform Plus 首席營收長 Mike O'Donnell 也參加了今天電話會議的問答部分。

Please note that in addition to our earnings release, we have a slide presentation for you to follow along with our remarks found on our Investor Relations website at investors.vizio.com.

請注意，除了我們的收益發布之外，我們還提供幻燈片演示供您觀看，以及我們在投資者關係網站 Investors.vizio.com 上的評論。

Note that all quarterly comparisons in today's remarks will be made on a year-over-year basis, unless otherwise specified.

請注意，除非另有說明，今天評論中的所有季度比較都將按同比進行。

I want to refer you to the second slide in the presentation and remind you that certain statements made on this call are forward-looking statements that involve risks and uncertainties. These risks and uncertainties that could cause actual results to differ materially from those forward-looking statements are discussed in more detail in our filings with the SEC, including our prospectus filed on March 25, 2021, and in our press release that was issued this afternoon. We undertake no obligation to revise any statements to reflect changes that occur after this call.

我想請您參閱簡報中的第二張投影片，並提醒您，本次電話會議中所做的某些陳述是涉及風險和不確定性的前瞻性陳述。這些可能導致實際結果與前瞻性陳述有重大差異的風險和不確定性在我們向SEC 提交的文件中進行了更詳細的討論，包括我們於2021 年3 月25 日提交的招股說明書以及今天下午發布的新聞稿。我們沒有義務修改任何聲明以反映本次電話會議後所發生的變更。

During the call, we'll also refer to non-GAAP financial measures, including adjusted EBITDA. Reconciliations with the most comparable GAAP measures for non-GAAP financial information discussed on this call can be found in the earnings release or on the Investors section of our website.

在電話會議中，我們也將提及非公認會計準則財務指標，包括調整後的 EBITDA。本次電話會議中討論的非公認會計準則財務資訊與最具可比性的公認會計準則衡量指標的對帳可以在收益報告或我們網站的投資者部分找到。

Now I will turn the call over to William.

現在我將把電話轉給威廉。

Thanks, Michael. Hello, everyone, and thank you for joining us for our first earnings call.

謝謝，麥可。大家好，感謝您參加我們的第一次財報電話會議。

We know that many of you are new to the VIZIO story. And we are excited to share that with you today and going forward. I'm confident as you learn more about VIZIO, you will find that we have a long history of innovation and culture that seeks to challenge the status quo. We have created a great business model fueled by ownership of both the hardware and the software, all designed to work together seamlessly.

我們知道你們中的許多人都不熟悉 VIZIO 的故事。我們很高興今天與您分享這一點並展望未來。我相信，當您進一步了解 VIZIO 時，您會發現我們擁有悠久的創新歷史和致力於挑戰現狀的文化。我們創建了一個由硬體和軟體所有權推動的偉大商業模式，所有這些都旨在無縫協作。

We see tremendous opportunity ahead of us as we continue to invest into the quality of our execution, the quality of our products, and most importantly, the quality of our team. We will continue to make these investments to bring exceptional user experiences to consumers as well as tremendous value to our channel partners, advertisers, content partners and, of course, our shareholders.

隨著我們繼續投資於執行質量、產品質量，以及最重要的團隊質量，我們看到了巨大的機會。我們將繼續進行這些投資，為消費者帶來卓越的用戶體驗，並為我們的通路合作夥伴、廣告商、內容合作夥伴，當然還有我們的股東帶來巨大的價值。

Our first quarter results demonstrate the payoff of these investments as we are now seeing the contribution from an expanding base of revenue sources. Total net revenue grew 52% to $506 million, driven by strong results in our device and Platform Plus businesses, both operating segments built based on momentum we got in 2020, with continued strength in TV and soundbars as well as an acceleration in our advertising revenue.

我們第一季的業績證明了這些投資的回報，因為我們現在看到了不斷擴大的收入來源基礎的貢獻。總淨收入成長了52%，達到5.06 億美元，這得益於我們的設備和Platform Plus 業務的強勁業績，這兩個業務部門都是基於我們在2020 年獲得的勢頭而建立的，電視和條形音箱的持續強勁以及廣告收入的加速成長。

The success in our advertising business is particularly impressive, given that we are just lapping our first year in the market. Gross profit in the quarter came in at $87 million, up 82%. The dynamics of the path here accelerates the adoption of streaming, and we are aligned to balance it in a bigger way even sooner than previously thought. This is an incredible, exciting time to be in our position within an industry undergoing such rapid transformation and massive shifts in consumer behaviors.

鑑於我們剛進入市場的第一年，我們廣告業務的成功尤其令人印象深刻。該季度毛利為 8,700 萬美元，成長 82%。這裡的動態加速了串流媒體的採用，我們比之前想像的更早以更大的方式平衡它。在這個正在經歷如此快速轉型和消費者行為巨大轉變的行業中，這是一個令人難以置信、令人興奮的時刻。

Adam will provide additional financial details in a bit, but first, I'd like to share more perspective on our businesses. We operate in 2 strategically integrated but separate business units: device and Platform Plus. I'll start with device.

亞當稍後將提供更多財務細節，但首先，我想分享更多關於我們業務的觀點。我們經營 2 個策略整合但獨立的業務部門：設備和 Platform Plus。我將從設備開始。

As we always have, we'll remain focused on bringing to consumer a range of high-quality smart TVs and soundbars at affordable prices. We are proud that our products continue to be recognized with numerous awards and accolades for delivering a mix of premium technology and innovation to market at a price within reach for most American households. A deep focus on value, quality and efficiency is what has made VIZIO a top TV and soundbar brand in the U.S. for many years.

一如既往，我們將繼續專注於以實惠的價格為消費者提供一系列高品質的智慧電視和條形音箱。我們感到自豪的是，我們的產品繼續獲得眾多獎項和榮譽，以大多數美國家庭可以負擔的價格向市場提供優質技術和創新的組合。對價值、品質和效率的高度關注使 VIZIO 多年來成為美國頂級電視和條形音箱品牌。

Now as we head into the spring-summer refresh in a few weeks, we are thrilled about the mix of our latest generation products hitting the shelf. Our TVs continue to win over critics for their processing speed, incredible picture quality and interactivity with the likes of Amazon Alexa, Google Home and Apple HomeKit, all of which have further positioned our offering at the center of the connected home. Likewise, we're expanding the features of our critically acclaimed soundbars to offer an even more immersive experience at an incredible value.

現在，幾週後即將迎來春夏季新品發布，我們對最新一代產品的上架感到興奮不已。我們的電視因其處理速度、令人難以置信的圖像品質以及與Amazon Alexa、Google Home 和Apple HomeKit 等的互動性而繼續贏得評論家的青睞，所有這些都進一步將我們的產品定位在互聯家庭的中心。同樣，我們正在擴展廣受好評的條形音箱的功能，以令人難以置信的價值提供更身臨其境的體驗。

Our investment in strong and long-standing relationship with OEM suppliers and retail channel partners remain core to our success. In a highly competitive industry, relationships matter. Our team works closely with these partners to control costs, ensure consistent supply and secure prominent shelf space with merchandising support.

我們對與 OEM 供應商和零售通路合作夥伴建立的牢固且長期的關係的投資仍然是我們成功的核心。在競爭激烈的行業中，關係很重要。我們的團隊與這些合作夥伴密切合作，控製成本，確保持續供應，並透過銷售支援確保顯著的貨架空間。

This year, we are excited to expand our number of shops with several of the largest retailers in the country to bring an even wider range of products into these stores. We're also looking to expand within online sales channels, which are expected to gain share going forward.

今年，我們很高興能夠擴大與國內幾家最大的零售商合作的商店數量，為這些商店帶來更多種類的產品。我們也希望擴大線上銷售管道，預計未來將獲得更多份額。

Building on the strong foundation of our device business is Platform Plus. Through the wide range of content available on our proprietary SmartCast operating system, we're now tapping into the rapidly growing CTV ad marketplace. We drive recurrent revenue from free to consumer, ad-supported, WatchFree service as well as our inventory shared across many AVOD apps.

Platform Plus 建立在我們設備業務的堅實基礎上。透過我們專有的 SmartCast 作業系統上提供的廣泛內容，我們現在正在進入快速成長的 CTV 廣告市場。我們透過免費向消費者提供經常性收入、廣告支援、WatchFree 服務以及在許多 AVOD 應用程式中共享的庫存。

We also monetized our home screens with content and streaming service advertising as well as the sponsorships for brands and content hubs across big events, like the holidays and the Super Bowl. We're also positioned to grow from SVODs, TVODs and PVOD engagements right on our platform. And our rich data informs all that we do and drives advertisers to our platform as they seek to reach millions of streaming viewers that cannot be reached elsewhere.

我們也透過內容和串流服務廣告以及對節日和超級盃等大型活動的品牌和內容中心的贊助來貨幣化我們的主螢幕。我們也準備好透過我們平台上的 SVOD、TVOD 和 PVOD 互動來實現成長。我們豐富的數據告訴我們所做的一切，並推動廣告商來到我們的平台，因為他們試圖接觸到其他地方無法接觸到的數百萬串流觀眾。

Our investment in this integrated experience is paying off and being recognized, not only through our growing base of active accounts, but also by industry critics. In fact, just a few weeks ago, we were honored to receive the prestigious Digiday Award for Best Connected TV platform. So through the combination of our award-winning devices and our award-winning operating systems, we're excited about our growth potential ahead.

我們對這種綜合體驗的投資正在得到回報並得到認可，不僅透過我們不斷增長的活躍帳戶基礎，而且還得到了行業評論家的認可。事實上，就在幾週前，我們很榮幸獲得享有盛譽的 Digiday 最佳連網電視平台獎。因此，透過我們屢獲殊榮的設備和屢獲殊榮的作業系統的結合，我們對未來的成長潛力感到興奮。

But you may be wondering why the Plus in Platform Plus. We call it Platform Plus because it represents not just a great streaming platform, but also a wide array of technologies, solutions and data-informed tools that help us bring so much more to viewers, advertisers and a growing range of content partners.

但您可能想知道為什麼 Platform Plus 中的 Plus。我們稱之為Platform Plus，因為它不僅代表了一個出色的串流平台，還代表了一系列廣泛的技術、解決方案和數據工具，幫助我們為觀眾、廣告商和越來越多的內容合作夥伴帶來更多內容。

Just one example of this is our project OAR. This was an industry-wide consortium we spearheaded 3 years ago with a number of major media networks and ad agencies to develop a technology standard for delivering linear addressable advertising. Now the architecture and the standards are in place to enable dynamic ad insertion, and we are working closely with networks to help them increase the value of their ad inventory and improve the viewing experience for VIZIO users, more relevant apps for users and higher monetization potential for networks. Now that's a win-win powered by VIZIO.

我們的 OAR 專案就是其中一個例子。這是我們三年前與多家主要媒體網路和廣告代理商主導的全行業聯盟，旨在開發用於提供線性可尋址廣告的技術標準。現在，支援動態廣告插入的架構和標準已經到位，我們正在與廣告網路密切合作，幫助他們提高廣告庫存的價值，改善 VIZIO 用戶的觀看體驗，為用戶提供更相關的應用程式和更高的獲利潛力對於網路。現在，這是由 VIZIO 提供支援的雙贏。

The type of innovations made possible by continued investment in products such as Inscape of proprietary ACR technology. Inscape has grown to become a key data component in the TV management marketplace and fuels execution and addressable solutions across the media ecosystem. Through the integrations with our Smart TVs, Inscape can use anonymous glass-level data, which means we are able to detect content that hits the screen regardless of the input source. This data improves transparency, informs our network, agency and content partners to help drive better targeting solutions.

這種創新是透過對 Inscape 等專有 ACR 技術產品的持續投資而實現的。 Inscape 已發展成為電視管理市場的關鍵數據組件，並推動整個媒體生態系統的執行和可尋址解決方案。透過與我們的智慧電視集成，Inscape 可以使用匿名玻璃級數據，這意味著無論輸入來源如何，我們都能夠檢測到螢幕上的內容。這些數據提高了透明度，為我們的網路、代理商和內容合作夥伴提供訊息，幫助推動更好的定位解決方案。

We see tremendous opportunities ahead for our data-driven advertising business as we are just getting started. Last week, we participated in our first IAB NewFronts to help drive broader awareness of what we can bring to the advertisers. We presented a host of advertising capabilities and are very encouraged by the response so far.

由於我們的數據驅動廣告業務才剛起步，因此我們看到了巨大的機會。上週，我們參加了第一屆 IAB NewFronts，以幫助提高人們對我們可以為廣告商帶來什麼的更廣泛認識。我們展示了一系列廣告功能，並對迄今為止的反應感到非常鼓舞。

We also dramatically expanded our cross-device advertising capability in a product we call Household Connect through a new partnership with Verizon Media. Now we can offer our advertisers the ability to launch campaigns across our SmartCast inventory and deliver cross-screen advertising opportunities via desktop and mobile.

透過與 Verizon Media 建立新的合作夥伴關係，我們也大幅擴展了我們稱為 Household Connect 的產品的跨裝置廣告能力。現在，我們可以為廣告主提供在 SmartCast 庫存中發起活動的能力，並透過桌面和行動裝置提供跨螢幕廣告機會。

I also want to take a moment to highlight that our investments extend well beyond our product and software platform. For example, over the last 10 years, VIZIO has won 112 American business awards for customer service. We take consumer satisfaction very seriously, as we know it is the key component to the product experience and to build brand loyalty.

我還想花點時間強調一下，我們的投資遠遠超出了我們的產品和軟體平台。例如，在過去 10 年裡，VIZIO 贏得了 112 項美國客戶服務商業獎。我們非常重視消費者滿意度，因為我們知道這是產品體驗和建立品牌忠誠度的關鍵組成部分。

I'm really proud of our team and their award-winning efforts.

我為我們的團隊和他們屢獲殊榮的努力感到非常自豪。

So to wrap up, this is a very exciting time in our company's progression. We know that with the big changes underway in entertainment and advertising, there are significant opportunities ahead. We will continue to invest in our TVs, soundbars, software and people needed to further redefine how consumers engage with the largest screen in the home.

總而言之，這是我們公司發展過程中非常令人興奮的時刻。我們知道，隨著娛樂和廣告領域正在發生的巨大變化，未來存在著巨大的機會。我們將繼續投資於我們的電視、條形音箱、軟體和人員，以進一步重新定義消費者如何與家中最大的螢幕互動。

The evolution of TV is calling for a revolution and VIZIO is here to answer. We're happy you are here on the journey with us.

電視的發展呼喚著一場革命，VIZIO 在此回應。我們很高興您能與我們一起踏上旅程。

With that, I will now turn the call over to Adam to discuss the financial details of the quarter, and then we will take questions.

現在，我將把電話轉給 Adam，討論本季的財務細節，然後我們將回答問題。

Thank you, William. Let me start by saying Q1 was an exceptional one for VIZIO. We successfully completed our IPO during a challenging market environment, launching a new chapter for the company, but perhaps more importantly, we delivered strong financial results during an atypical business environment due to the pandemic, demonstrating the focus and tenacity of our team.

謝謝你，威廉。首先我要說的是，第一季對 VIZIO 來說是一個特別的季度。我們在充滿挑戰的市場環境中成功完成了IPO，為公司開啟了新的篇章，但也許更重要的是，我們在疫情造成的非典型商業環境中取得了強勁的財務業績，體現了我們團隊的專注和堅韌。

For today's presentation, I will walk through the financial results and the key drivers of our business, which are also detailed in the presentation slides provided on the Investor Relations page on our website, and then I'll provide some comments on our outlook.

在今天的簡報中，我將介紹我們業務的財務業績和主要驅動因素，我們網站投資者關係頁面上提供的簡報幻燈片也詳細介紹了這些內容，然後我將對我們的前景發表一些評論。

I'd like to start with our key performance metrics that drive growth in our Platform Plus business. We view these as the most important indicators of our future success as we expect that Platform Plus gross profit will surpass device gross profit this year and represent the majority of growth going forward. We will focus on 4 key metrics that we believe provide the most significant insights into the drivers of our business.

我想從推動 Platform Plus 業務成長的關鍵績效指標開始。我們將這些視為我們未來成功的最重要指標，因為我們預計 Platform Plus 毛利今年將超過設備毛利，並代表未來成長的大部分。我們將重點放在 4 個關鍵指標，我們認為這些指標可以為我們的業務驅動因素提供最重要的見解。

The first is SmartCast active accounts. This is a measure of those units where a user has engaged in Smartcast-enabled TV during the most recent 30-day period being reported. Second, total VIZIO Hours. This is a measure of overall device level engagement and includes time spent across all input sources. Third, SmartCast hours. This represents time spent on our streaming platform itself. This is where we achieve the highest monetization. And finally, average revenue per user, or ARPU, which is defined as trailing 12-month SmartCast platform revenue divided by the average number of SmartCast active accounts over the annual period.

第一個是 SmartCast 活躍帳戶。這是對用戶在報告的最近 30 天內觀看支援 Smartcast 的電視的單位的衡量標準。其次，VIZIO 總小時數。這是對整體設備等級參與度的衡量，包括在所有輸入來源上花費的時間。第三，SmartCast 時間。這代表在我們的串流平臺本身上花費的時間。這是我們實現最高貨幣化的地方。最後是每位用戶平均收入 (ARPU)，其定義為過去 12 個月的 SmartCast 平台收入除以年度內 SmartCast 活躍帳戶的平均數量。

I want to be clear that when we talk about ARPU, we are only talking about smart cash-related revenue and accounts. Thus, we are excluding revenue and accounts associated with any units running our legacy operating system via Plus.

我想澄清的是，當我們談論 ARPU 時，我們只是在談論與智慧現金相關的收入和帳戶。因此，我們排除了與透過 Plus 運行舊版作業系統的任何單位相關的收入和帳戶。

In Q1, SmartCast active accounts grew 57% to $13.4 million for an addition of 1.2 million net new active accounts in the quarter. This marks the highest number of first quarter net additions we've seen since we started tracking this metric 3 years ago.

第一季度，SmartCast 活躍帳戶成長了 57%，達到 1,340 萬美元，該季度淨新增活躍帳戶數達到 120 萬。這標誌著自三年前我們開始追蹤這項指標以來第一季淨增量的最高數量。

Total VIZIO Hours grew 42% to $7 billion. Of this total, 3.6 billion hours were spent engaged with SmartCast specifically, representing a 70% increase. Growth in active accounts and increased engagement is the flywheel that drives our monetization model. Given the strong growth of each, SmartCast ARPU for the quarter increased 76% to $14.52, a new record for us.

VIZIO 總小時數成長了 42%，達到 70 億美元。其中，專門用於 SmartCast 的時間為 36 億小時，成長了 70%。活躍帳戶的成長和參與度的提高是推動我們獲利模式的飛輪。鑑於兩者的強勁成長，SmartCast ARPU 本季成長了 76%，達到 14.52 美元，創下了我們的新紀錄。

For further insight into the viewing behavior of our users, we also analyze time spent by input source on our SmartCast TVs. We are able to glean these insights due to our integrated hardware and software architecture. During the quarter, viewing on SmartCast represented 52% of total time spent on our TVs, up from 43% a year ago. During that period, time spent on linear fell from 41% to 34%, highlighting the continued consumer shift towards streaming.

為了進一步了解使用者的觀看行為，我們也分析了 SmartCast 電視上輸入來源所花費的時間。由於我們的整合硬體和軟體架構，我們能夠收集這些見解。本季度，SmartCast 上的觀看時間佔電視總時間的 52%，高於一年前的 43%。在此期間，觀看線性節目的時間從 41% 下降到 34%，凸顯了消費者持續轉向串流媒體。

Also of note, just 7% of time was spent using an external streaming device plugged into our TVs, which we believe provides further evidence that our consumers are seeking an integrated solution and are increasingly choosing SmartCast as their primary way to search, discover and consume content. We expect these trends to continue and drive more monetization opportunities across our platform while delivering exceptional value to consumers.

另外值得注意的是，只有7% 的時間花在使用插入電視的外部串流媒體設備上，我們相信這進一步證明我們的消費者正在尋求整合解決方案，並且越來越多地選擇SmartCast 作為搜尋、發現和消費的主要方式內容。我們預計這些趨勢將持續下去，並在我們的平台上帶來更多的獲利機會，同時為消費者提供卓越的價值。

Turning now to our financials for the quarter. As William mentioned, first quarter total net revenue grew 52% to $506 million. This was driven by 120% growth in Platform Plus revenue and 47% growth in device revenue. Our Platform Plus Q1 represents the first quarterly anniversary of the launch of our advertising business, which grew over fivefold and represented 67% or $35 million of our total $52 million in Platform Plus revenue during the quarter.

現在轉向我們本季的財務狀況。正如 William 所提到的，第一季總淨收入成長 52%，達到 5.06 億美元。這是由 Platform Plus 收入成長 120% 和設備收入成長 47% 推動的。我們的 Platform Plus 第一季是我們廣告業務推出的第一個季度週年紀念日，廣告業務成長了五倍多，佔本季 Platform Plus 總收入 5200 萬美元的 67%，即 3500 萬美元。

Our advertising revenue comes from a combination of video inventory across hundreds of ad-supported channels and apps on our platform as well as our ability to monetize off-platform inventory. It also includes ad placement on our SmartCast home screen, which represents a powerful promotion opportunity right in the center of the living room.

我們的廣告收入來自平台上數百個廣告支援管道和應用程式的影片庫存以及我們透過平台外庫存獲利的能力。它還包括在我們的 SmartCast 主螢幕上放置廣告，這代表了客廳中央的強大促銷機會。

With the continued shift of viewers towards streaming and advertisers following, demand for both advertising revenue sources is accelerating. Through these dynamics and our growing presence in the market with agencies and brand advertisers, we expect to see rising CPMs against our expanding ad inventory base, particularly within our monetizable VIZIO channels environment.

隨著觀眾不斷轉向串流媒體和廣告商的追隨，對這兩種廣告收入來源的需求正在加速成長。透過這些動態以及我們在代理商和品牌廣告商的市場中不斷增長的影響力，我們預計隨著我們不斷擴大的廣告庫存基礎，每千次展示費用將會不斷上升，特別是在我們可盈利的VIZIO 通路環境中。

Non-advertising revenue during the quarter was $17 million, slowing slightly from last year as we made a strategic decision in our data business to shift licensing growth in exchange for supporting more rapid growth in advertising revenue. Device revenue growth continued to benefit from strong demand for TVs and soundbars, where shipments grew 28% and 155%, respectively.

本季非廣告收入為 1,700 萬美元，較去年略有放緩，因為我們在數據業務中做出了策略決策，轉變授權成長以換取支持廣告收入更快的成長。設備收入成長持續受惠於電視和條形音箱的強勁需求，出貨量分別成長 28% 和 155%。

We delivered these strong numbers even as port congestions around the country caused delays. We expect these continued delays to move some units out of the first half of the year and into the back half. Fortunately, demand continues to outpace supply, so we view this as a timing dynamic with no change to our expectations for the year.

儘管全國各地的港口擁堵導致延誤，但我們還是交付了這些強勁的數據。我們預計這些持續的延誤將使一些單位從上半年轉移到下半年。幸運的是，需求繼續超過供應，因此我們認為這是一個時間動態，我們對今年的預期沒有改變。

Average unit price across TVs and soundbars also rose during the quarter, partly due to the overall strong demand, but also as a result of a higher mix of larger screen TV units and from the success we are seeing within our higher-end 5.1 and Atmos soundbar products. Total company gross profit grew 82% to $87 million. Total gross profit margin increased 270 basis points to 17%.

本季電視和條形音箱的平均單價也有所上漲，部分原因是整體需求強勁，但也由於大螢幕電視單元的組合增多以及我們在高端 5.1 和 Atmos 中看到的成功條形音箱產品。公司總毛利成長 82%，達到 8,700 萬美元。總毛利率成長 270 個基點至 17%。

Breaking this out further, Platform Plus gross profit grew 152% to $38 million. Platform Plus gross profit margin was 74%, benefiting from a favorable mix of higher-margin ad revenue, particularly from expanded monetization of our home screen.

Platform Plus 的毛利成長了 152%，達到 3,800 萬美元。 Platform Plus 毛利率為 74%，受益於利潤率較高的廣告收入的有利組合，特別是主螢幕貨幣化的擴大。

Device gross profit grew 48% to $48 million, representing an 11% margin. Our device profit margin continues to remain somewhat elevated from atypical market conditions due to the pandemic. The total company operating expenses were $73 million compared to $37 million in the year ago quarter. This increase was driven by a combination of higher share-based compensation, higher R&D expenses as well as continued investment in people to support the growth of our platform business and transition to a public company.

設備毛利成長 48%，達到 4,800 萬美元，利潤率為 11%。與因疫情而導致的非典型市場狀況相比，我們的設備利潤率繼續保持在一定水平上。該公司總營運費用為 7,300 萬美元，而去年同期為 3,700 萬美元。這一成長是由更高的股權薪酬、更高的研發費用以及為支持我們的平台業務成長和向上市公司轉型而持續進行的人員投資共同推動的。

Adjusted EBITDA, which has only been adjusted to exclude share-based compensation, grew 218% to $40 million. And finally, net income totaled $3.3 million compared to $9.3 million a year ago, driven primarily by an increase in noncash share-based compensation expense.

調整後的 EBITDA 成長了 218%，達到 4,000 萬美元，僅經過調整以排除股權激勵。最後，淨利潤總計 330 萬美元，而去年同期為 930 萬美元，這主要是由於非現金股票薪酬費用的增加。

With that, let me turn to what we see ahead for Q2 and provide a little insight into our approach to our outlook commentary. As you know, our business includes 2 segments that, while strategically integrated, contain very different operating histories. For this reason, we want to provide more specific details on the shorter-term trends for the Platform Plus business, and in longer term, directional commentary for the device businesses, which aligns well with the planning cycles and visibility more typical of that business.

接下來，讓我談談我們對第二季的展望，並就我們的展望評論方法提供一些見解。如您所知，我們的業務包括兩個部門，雖然在策略上整合在一起，但經營歷史卻截然不同。因此，我們希望提供有關 Platform Plus 業務的短期趨勢的更具體細節，以及設備業務的長期方向性評論，這與該業務更典型的規劃週期和可見性非常吻合。

So starting with Platform Plus, we see continued momentum and monetization throughout the platform. We are seeing accelerating viewership and ad-supported streaming content, particularly in our free channels where we typically have the highest inventory share. Based on what we know right now, we expect to generate Q2 Platform Plus revenue in the range of $55 million to $59 million, representing over 100% growth year-over-year. We expect Platform Plus gross profit in the $36 million to $40 million range, also doubling year-over-year. We plan to continue to invest in engineering and ad sales resources to capitalize on the rapid growing opportunities we see ahead.

因此，從 Platform Plus 開始，我們看到整個平台的持續發展勢頭和貨幣化。我們看到收視率和廣告支援的串流內容不斷增加，特別是在我們通常擁有最高庫存份額的免費頻道中。根據我們目前所知，我們預計第二季 Platform Plus 營收將在 5,500 萬美元至 5,900 萬美元之間，年增超過 100%。我們預計 Platform Plus 的毛利將在 3,600 萬美元至 4,000 萬美元之間，也將比去年同期翻倍。我們計劃繼續投資工程和廣告銷售資源，以利用我們看到的未來​​快速成長的機會。

In terms of our active account growth, Q1 typically sees much higher net account growth versus shipment volume. This is due to holiday purchases that often become registered and an active account early in the first quarter. As a result, we would not extrapolate the Q1 ratio to the full year.

就我們的活躍帳戶成長而言，第一季的淨帳戶成長通常比出貨量高得多。這是由於假期購物通常會在第一季初註冊並成為活躍帳戶。因此，我們不會將第一季的比率推斷為全年。

Turning to devices. We tend to experience similar seasonality trends as overall retail with typically higher shipment volumes in the second half of the year. The holiday-driven fourth quarter is usually our largest quarter, and the second quarter is typically our lowest. Of course, we expect that some of these trends this year will be altered due to the pandemic disruption. This will cause atypical year-over-year comparisons over the next several quarters as we lap the stay-at-home orders and the impact of the initial stimulus checks last year, which drove a spike in TV and soundbar sales.

轉向設備。我們往往會經歷與整體零售業類似的季節性趨勢，下半年的出貨量通常會更高。假期驅動的第四季通常是我們最大的季度，而第二季度通常是我們最低的季度。當然，我們預計今年的一些趨勢將因大流行的破壞而改變。這將導致未來幾季出現非典型的同比比較，因為我們經歷了去年的居家訂單和最初的刺激檢查的影響，這推動了電視和條形音箱銷量的激增。

We expect device gross profit margin to trend towards the single-digit range over the coming quarters, which is more consistent with historical norms. How quickly margins normalize will be a function of several factors, including consumer demand, industry-wide product supply and competitor pricing strategies, all of which remain more difficult to predict than usual given the current global dynamics.

我們預計未來幾季設備毛利率將趨於個位數，這更符合歷史水準。利潤率正常化的速度將取決於多種因素，包括消費者需求、全行業產品供應和競爭對手的定價策略，考慮到當前的全球動態，所有這些因素仍然比平時更難以預測。

Finally, we expect to generate Q2 total company adjusted EBITDA of between $12 million and $18 million.

最後，我們預計第二季公司調整後 EBITDA 總額將在 1,200 萬美元至 1,800 萬美元之間。

Overall, we are very pleased with the results we generated in our first quarter as a public company. We continue to benefit from the rapid adoption of streaming and our expanding presence in the advertising marketplace. We are increasing our offering of ad-supported content on SmartCast, driving higher CPM rates and generating more data from our growing active account base that helps us deliver higher value proposition to consumers. Demand for our smart TVs and audio products remain strong, moving us closer to our mission of becoming the center of the connected home.

整體而言，我們對作為上市公司第一季所取得的業績感到非常滿意。我們繼續受益於串流媒體的快速採用以及我們在廣告市場中不斷擴大的影響力。我們正在增加 SmartCast 上提供的廣告支援內容，提高每千次曝光費用 (CPM) 率，並從不斷增長的活躍帳戶群中產生更多數據，幫助我們向消費者提供更高的價值主張。對我們的智慧電視和音訊產品的需求仍然強勁，使我們更接近成為互聯家庭中心的使命。

And with that, operator, let's open the call up to questions.

那麼，接線員，讓我們開始提問。

(Operator Instructions) Your first question is from the line of Douglas Anmuth with JPMorgan.

（操作員說明）您的第一個問題來自摩根大通的 Douglas Anmuth。

It's Cory on for Doug. Hoping you could expand some on the strategic partnership you recently announced with Verizon, how meaningful that could potentially be for you this year.

科里替補道格。希望您能夠擴展您最近宣布的與 Verizon 的戰略合作夥伴關係，這對您今年可能具有多大的意義。

And then for SmartCast, could you talk some about the product road map and key investment priorities for the year?

那麼SmartCast，您能談談今年的產品路線圖和重點投資重點嗎？

Yes, I'll take that one. So look, we believe the relationship between customers, smart TV and the smartphone creates real opportunity for innovation for us, for both the consumer experience and advertising. Our Household Connect product, which is an example of this investment we're making and building new and creative solutions for advertisers that we think will connect our glass-level data and the consumers' personal device, which will ultimately give our sales team a lot of opportunities to now sell off platform.

是的，我會接受那個。因此，我們相信客戶、智慧電視和智慧型手機之間的關係為我們創造了真正的創新機會，無論是消費者體驗還是廣告。我們的Household Connect 產品是我們正在為廣告商進行投資和構建新的創意解決方案的一個例子，我們認為該解決方案將連接我們的玻璃級數據和消費者的個人設備，這最終將為我們的銷售團隊帶來許多好處現在出售平台的機會。

The Verizon partnership is significant for us in helping to create scale around this product. It marries the largest footprint of opted-in ACR Smart TV data with the largest identity graph in the marketplace. So this gives us the opportunity to tap into over 200 billion daily cross-screen signals. And it's going to enable a lot of cross-device solutions for advertisers in the marketplace.

與 Verizon 的合作夥伴關係對於我們幫助擴大該產品的規模具有重要意義。它將最大的選擇加入 ACR 智慧電視數據與市場上最大的身份圖結合起來。因此，這使我們有機會利用每日超過 2000 億的跨螢幕訊號。它將為市場上的廣告商提供許多跨裝置解決方案。

It's a great opportunity for us to, as I mentioned, expand off-platform and sell outside of the SmartCast platform.

正如我所提到的，這對我們來說是一個很好的機會，可以在平台外進行擴張並在 SmartCast 平台之外進行銷售。

And then -- Cory, it's Adam. I'll take the second -- or the first part of that.

然後——科里，是亞當。我將接受第二部分——或者第一部分。

So when you think about the road map, I mean, we've laid out a plan that we think is going to bring more interactivity, more capabilities for us to monetize the platform and more engagement for our viewers over time. These can range from additional interactivity on advertising solutions. This can range into capabilities for increased monetization and economics around subscription services.

因此，當你考慮路線圖時，我的意思是，我們已經制定了一項計劃，我們認為隨著時間的推移，該計劃將為我們帶來更多的互動性、更多的平台貨幣化能力以及更多的觀眾參與度。這些範圍包括廣告解決方案的額外互動。這可以包括提高訂閱服務的貨幣化和經濟性的能力。

So this year is really going to be a year where we take what we learned from last year, where we validated the strategy, we validated the ad team, we validated what Mike O'Donnell has brought to us and built out, and now, we're going to be able to invest and lean into that to drive additional growth.

因此，今年確實是我們汲取去年經驗的一年，我們驗證了策略，驗證了廣告團隊，驗證了邁克·奧唐納為我們帶來和構建的內容，現在，我們將能夠投資並依靠它來推動額外的增長。

You've already seen really strong growth on a year-over-year basis in terms of our ARPU, up over 70% year-over-year, and we're going to continue to lean into that with more resources on the engineering side, more resources on the ad sales side, all to drive increased ARPU.

您已經看到我們的 ARPU 年比成長非常強勁，年成長超過 70%，我們將繼續在工程方面投入更多資源來實現這一目標、廣告銷售方面的更多資源，都是為了帶動ARPU的成長。

And your next question is from the line of Laura Martin with Needham.

你的下一個問題來自勞拉馬丁和李約瑟的對話。

So William, one of the things that you've been consistent about is -- the goal of wanting to be the center of the connected home. And if we hypothesize that you're successful in that, that in 5 years you are the center of the connected home. Tell me how you think that drives value. What are you -- what opportunities does that give you in your mind to drive value upsides for shareholders if, in fact, you are successful becoming the center of the connected home space?

威廉，你一直堅持的目標之一是——想要成為互聯家庭的中心。如果我們假設您在這方面取得了成功，那麼 5 年後您將成為互聯家庭的中心。告訴我你認為這如何驅動價值。如果您確實成功成為互聯家居空間的中心，那麼您是什麼——您認為有哪些機會可以為股東帶來價值提升？

Yes, Laura, great question. The -- currently, we're monetizing our platform, mostly because the users shift away from linear, from cable to streaming. But I do believe TV is a status symbol in the living room. In the similar living room, we can do more things than just streaming entertainment content. And you can look at who's at the front door, you can -- perhaps it's streaming music to you when you're not watching TV, when you're in the kitchen cooking.

是的，勞拉，好問題。目前，我們正在將我們的平台貨幣化，主要是因為用戶從線性轉向串流媒體。但我確實相信電視是客廳裡地位的象徵。在類似的客廳裡，我們可以做的事情不僅僅是串流娛樂內容。你可以看看誰在前門，你可以——也許當你不看電視時，當你在廚房做飯時，它正在向你播放音樂。

So there are so many more applications, we believe, that the device in the middle of the living room can provide you, more convenience and better experience. So we believe we can bring that to the consumer. We can definitely monetize based on that. So my theory always has been that if we can provide consumers a better experience, we'll also be able to monetize based on that. So that's what we're looking forward to.

所以還有更多的應用，我們相信客廳中央的設備可以為您提供更多的便利和更好的體驗。因此，我們相信我們可以將其帶給消費者。我們絕對可以在此基礎上獲利。所以我的理論一直是，如果我們能為消費者提供更好的體驗，我們也將能夠在此基礎上獲利。這就是我們所期待的。

Okay. And then I'm not sure who this one's for. I know you guys said you just participated in the NewFronts for the first time. Could you sort of give us what your goals were of going to the NewFronts and doing the presentation? Or what your learnings are to date from what your conversations with advertisers have been after your NewFront presentation?

好的。然後我不確定這個是給誰的。我知道你們說你們是第一次參加 NewFronts。您能否告訴我們您前往 NewFronts 並進行演示的目標是什麼？或者，在 NewFront 演示之後，您從與廣告商的對話中學到了什麼？

Yes. I think, Mike?

是的。我想，麥克?

Yes, I'll take that. Yes, we're really excited about being able to participate in the first NewFronts for us, very well received by the marketplace. And if you think about our sales efforts, we really only launched VIZIO Ads about a year ago. So this was a great opportunity for us to continue to tell our story to the marketplace.

是的，我會接受的。是的，我們非常高興能夠參與首屆 NewFronts，並受到市場的好評。如果您考慮我們的銷售工作，我們實際上大約一年前才推出了 VIZIO 廣告。因此，這對我們來說是一個很好的機會，可以繼續向市場講述我們的故事。

Not only our direct-to-device offering, so the ability to talk about our owned and operated inventory, what we can do with our first-party Inscape ACR data, but as well as talk about new products that we have in the marketplace, like our Household Connect, which I just mentioned as well as VIZIO Features, which is a data-driven -- or data-informed, sponsor-driven content programming opportunity that we rolled out. So it's been very well received.

不僅是我們的直接面向設備的產品，還有談論我們擁有和運營的庫存、我們可以使用第一方 Inscape ACR 數據做什麼的能力，以及談論我們在市場上擁有的新產品的能力，就像我剛才提到的Household Connect 以及VIZIO Features，這是我們推出的數據驅動或數據通知、贊助商驅動的內容編程機會。所以它很受歡迎。

And if you look at the growth we had just over this past year and the growth we're thinking about for the future, this is a great opportunity for us to continue to evolve our relationships with brands and agencies that are moving out of that old test-and-learn scenarios into really more of this upfront -- more enterprise-type relationship.

如果你看看我們去年的成長以及我們對未來的考慮，這對我們來說是一個很好的機會，可以繼續發展與正在擺脫舊模式的品牌和代理商的關係。將測試和學習場景融入到更多這種預先的、更多企業類型的關係中。

Great numbers, you guys. Congratulations.

偉大的數字，你們。恭喜。

Thanks.

謝謝。

Thank you, Laura.

謝謝你，勞拉。

Thank you.

謝謝。

The next question is from the line of Wamsi Mohan with Bank of America.

下一個問題來自美國銀行的瓦姆西·莫漢 (Wamsi Mohan)。

I had two questions. One on the device side, the magnitude of shipments that are pushed out, what do you think that will not result in either lost sales or lost share? And can you quantify what is the magnitude of the pushout from the first to the second half? And I have a follow-up.

我有兩個問題。在設備方面，出貨量的減少，你認為什麼不會導致銷售損失或份額損失？你能量化一下從上半場到下半場的推出幅度是多少嗎？我有一個後續行動。

Yes. Look, it's really a result of some of the delays that we're seeing in the biggest ports in the country, particularly in California, where a lot of our product comes through. There's been a slowdown in being able to unload vessels and get products processed and out into the distribution hubs.

是的。看，這實際上是我們在該國最大的港口看到的一些延誤的結果，特別是在加利福尼亞州，我們的許多產品都經過那裡。卸船、加工產品並運送到配送中心的能力已經放緩。

We don't think it's that material over the course of a number of months or even into a quarter. So we wanted to give you some indication that while we had a great number, an increase of 29% growth in shipments in Q1, it doesn't really reflect even what could have been possible if not for those delays, right?

我們認為這在幾個月甚至一個季度內都不會產生那麼大的影響。因此，我們想向您提供一些信息，雖然我們第一季的出貨量增長了 29％，但它並沒有真正反映出如果沒有這些延遲，本可以實現的目標，對吧？

And so our view is the year is intact. We think demand continues to be very strong. We're now seeing, as you all know, another round of stimulus checks going out to consumers. There's actions being proposed even in California for additional stimulus. So we think there's demand in the marketplace, and it's just a matter of getting our products into those stores and onto the shelves.

因此我們認為這一年完好無損。我們認為需求仍然非常強勁。眾所周知，我們現在看到另一輪刺激支票發放給消費者。甚至在加州也有人提出採取額外刺激措施的行動。因此，我們認為市場有需求，只需將我們的產品放入這些商店並擺上貨架即可。

So we think overall, over the course of a year, doesn't change our view of total shipment volumes that we can see. Maybe a little bit of a shift out of Q1 and into either Q2 or into Q3 if it pushes out that far. There's only so much we can do to control the dynamics at the ports.

因此，我們認為總體而言，在一年的時間裡，我們對總出貨量的看法不會改變。如果它推得那麼遠，也許會從第一季轉移到第二季或第三季。我們能做的就是控制港口的動態。

Okay. And as a follow-up, on the Platform Plus side, you saw some deceleration in your hour stream per SmartCast account. Given that there is -- the trajectory of the economy looks like it's heading towards a reopening and a lot of companies are sort of alluding to a slowdown in consumption of on-demand content, can you help us think through how you're thinking about the second half trajectory here? I know you mentioned some seasonality in comps because of COVID.

好的。作為後續行動，在 Platform Plus 方面，您發現每個 SmartCast 帳戶的小時流有所減速。鑑於經濟的軌跡看起來正在走向重新開放，而且許多公司都在暗示點播內容的消費放緩，您能否幫助我們思考一下您的想法下半場軌跡在這裡？我知道您提到了由於新冠疫情而導致的一些季節性因素。

Yes. I'll start, and then I think Adam can talk about where the trends are moving. But I think we saw a slight dip, but still pretty consistent. You're seeing about 70% year-over-year growth in terms of our SmartCast platform. We've continued to add a ton of new content to the platform, a ton of new ways in which we can engage consumers on the SmartCast platform.

是的。我先開始，然後我認為 Adam 可以談談趨勢的發展方向。但我認為我們看到了輕微的下降，但仍然相當穩定。您會看到我們的 SmartCast 平台年增約 70%。我們繼續為該平台添加大量新內容，透過大量新方式在 SmartCast 平台上吸引消費者。

So I think we added 32 free ad-supported channels, including a bunch from AMC, QVC, HSN. We added some new apps during this quarter in terms of CW, FOX NOW, FOX Nation. And we're pretty excited about some of the upcoming or additional partnerships we'll be announcing in the next few months.

所以我認為我們添加了 32 個免費的廣告支援頻道，其中包括來自 AMC、QVC、HSN 的大量頻道。本季我們在 CW、FOX NOW、FOX Nation 方面添加了一些新應用程式。我們對未來幾個月將宣布的一些即將到來的或額外的合作夥伴關係感到非常興奮。

So we continue to see opportunities and see growth on our SmartCast platform. There was a slight dip. But at the same time, we're also thinking about how we can continue, as things open up, how we can continue to drive engagement on the device as well as mentioning again our Household Connect product, but how we can leverage that TV viewership data as people start to get out more -- out and about more, and how we can leverage new products outside of the household, so how do we continue to grow our advertising base, both on platform and off.

因此，我們繼續在 SmartCast 平台上看到機會和成長。有輕微的下降。但同時，我們也在考慮如何繼續，隨著事情的發展，我們如何繼續推動設備上的參與度，並再次提到我們的 Household Connect 產品，但我們如何利用電視收視率隨著人們開始更多地外出、了解更多信息，以及我們如何在家庭之外利用新產品，我們如何繼續擴大我們的廣告基礎，無論是在平台上還是在平台外。

Yes. But I would -- let me just add that fundamentally, we believe that the consumers can continue to shift towards streaming more and more. There's no doubt that as people are able to get back to normal life, they're going to spend their time a little bit differently. But over the long term, we think there's absolute secular shift going on that's going to continue to favor more and more activity on streaming.

是的。但我想補充一點，從根本上來說，我們相信消費者可以繼續越來越多地轉向串流媒體。毫無疑問，隨著人們能夠恢復正常生活，他們的生活方式將會有所不同。但從長遠來看，我們認為絕對長期的轉變正在發生，這將繼續有利於越來越多的串流媒體活動。

It's one of the reasons we measure and even disclose and talk about our metric around total VIZIO hours and then SmartCast as a subset. We want to be able to highlight that the growth is happening in the streaming piece, even if people watch less TV overall, perhaps, that they're moving into a place where we monetize them the most effectively.

這是我們衡量甚至揭露和討論 VIZIO 總小時數以及將 SmartCast 作為子集的指標的原因之一。我們希望能夠強調串流媒體領域正在發生成長，即使人們整體上看電視的時間減少了，但他們可能正在進入一個我們最有效地透過他們獲利的地方。

And so to Mike's point, he's going to focus on how do we drive consumers into a monetizable viewing experience into our WatchFree channels, of our VIZIO free channels, where we have the best economics. Can we drive CPM growth up from where we are today? We think we have a lot of room to grow in terms of both consumption on our highly monetized content offerings as well as the CPM against that. And so the combination of those 2 things are really what's going to help us drive ARPU, and that remains our continued focus.

因此，就 Mike 而言，他將專注於如何推動消費者進入我們的 WatchFree 頻道、VIZIO 免費頻道，獲得可獲利的觀看體驗，這些頻道的經濟效益最好。我們能否推動每千次曝光費用 (CPM) 的成長比目前的水平更高？我們認為，我們在高貨幣化內容產品的消費以及每千次展示費用方面都有很大的成長空間。因此，這兩件事的結合確實會幫助我們提高 ARPU，這仍然是我們持續關注的焦點。

And your next question is from the line of Steven Cahall with Wells Fargo.

你的下一個問題來自富國銀行的史蒂文·卡霍爾。

Maybe just picking up on those ARPU question -- comments, Adam. So I think ARPU grew faster than hours and accounts. I guess that would imply that you did get some nice pricing increase, CPM increase. Maybe you could just delve a little bit into what happened in the quarter.

也許只是了解 ARPU 問題——評論，Adam。所以我認為 ARPU 的成長速度比小時數和帳戶數成長得更快。我想這意味著您確實獲得了一些不錯的價格上漲，每千次展示費用增加。也許您可以深入研究本季發生的事情。

Are these advertising trends? Is this what's going on in the home screen? So a little color, I think, would be great there. We saw some acceleration in ARPU, and I think CPMs at Roku as well, and maybe kind of wondering about how that bakes into your Q2 guidance.

這些是廣告趨勢嗎？這是主螢幕上發生的情況嗎？所以我想，一點顏色會很棒。我們看到 ARPU 有所成長，我認為 Roku 的 CPM 也有所成長，也許有點想知道這將如何融入您的第二季指引。

And then you had a number of streaming app launches in the quarter. Maybe just if you could put some color on how those negotiations are going with content providers, especially on the AVOD side. Are you finding that your terms are improving as you gain scale in the industry? Are things getting more combative or is it still sort of like a rising tide mentality?

然後，本季度推出了許多串流媒體應用程式。也許你可以對與內容提供者的談判進行一些說明，尤其是在 AVOD 方面。您是否發現，隨著產業規模的擴大，您的條件正在改善？事情是變得更加好鬥還是仍然有點像漲潮的心態？

Yes. Let me -- I'll take the first one, Steven. Absolutely. I mean, the growth in ARPU is really demonstrating sort of the flywheel effect of the model that we talked about. So as we grow active accounts, we grow engagement, we grow engagement in the right content on the platform, that helps drive growth at a compounding rate on the ARPU side.

是的。讓我——我選第一個，史蒂文。絕對地。我的意思是，每位使用者平均收入 (ARPU) 的成長確實反映了我們所討論的模型的飛輪效應。因此，隨著活躍帳戶的增加，我們的參與度也隨之提高，我們對平台上正確內容的參與度也隨之提高，這有助於推動 ARPU 方面的複合率成長。

In addition, we've said we are kind of new to the game. We're early in it. We're only lapping on our first year being in the ad marketplace, and the awareness and the opportunity for advertisers to come to our platform and send their messages to consumers and use our tools to help them generate a better ROI is really in the early innings. And so we think there's a lot of headroom to continue to grow that, and that will continue to drive ARPU overall.

此外，我們已經說過我們是這個遊戲的新手。我們還處於早期階段。我們剛剛進入廣告市場的第一年，廣告商進入我們的平台並向消費者發送訊息並使用我們的工具幫助他們產生更好的投資回報率的意識和機會確實處於早期階段局。因此，我們認為持續成長的空間很大，這將繼續推動整體 ARPU 的成長。

Mike, do you want to take the second part of that?

麥克，你想聽第二部分嗎？

Yes. In terms of negotiations, look, I think touching on the fact that we're relatively new to the ad marketplace, from an investment perspective, we're also continuing or -- we're somewhat earlier on in our investment in building out our business development efforts on content.

是的。在談判方面，我認為，從投資的角度來看，我們在廣告市場上相對較新，我們也在繼續，或者說，我們在投資建設我們的廣告市場方面處於較早的階段。內容上的業務發展努力。

And we've seen over the past year, massive growth in terms of the number of partners we've onboarded as we've been able to get out and work with them around the story we have, right. The #2 smart TV in the marketplace, continued accelerated growth across our SmartCast platform. And as we move into negotiations, it is a rising tide, as you mentioned, a rising tide scenario.

在過去的一年裡，我們已經看到，我們加入的合作夥伴數量大幅增長，因為我們能夠走出去，圍繞我們的故事與他們合作，對吧。市場上排名第二的智慧電視在我們的 SmartCast 平台上持續加速成長。當我們進入談判時，正如你所提到的，這是一個上漲的浪潮，一個上漲的浪潮。

Negotiations have been going well. And as I mentioned before, I mean, we're pretty excited about the future announcements we'll be making around the content side as well.

談判進展順利。正如我之前提到的，我的意思是，我們對未來將在內容方面發布的公告感到非常興奮。

And your next question is from the line of Michael Morris with Guggenheim.

你的下一個問題來自邁克爾·莫里斯和古根漢的合作。

A couple of follow-up questions on some of the prior questions and things you just said. My first is about the mix of revenue on the Platform Plus side and the strength you saw this quarter.

關於之前的一些問題和您剛才所說的內容的幾個後續問題。我的第一個問題是關於 Platform Plus 方面的收入組合以及您在本季度看到的實力。

Can you help us with any more details on sort of the mix between display advertising, particularly given a number of new streaming service launches and then your core video advertising? And maybe any thoughts on how you think those 2 sort of sources progress from here.

您能否幫助我們提供有關展示廣告之間的組合的更多詳細信息，特別是考慮到許多新的串流媒體服務的推出以及您的核心影片廣告？也許你對這兩個來源的任何想法都是從這裡開始的。

And then my second is a question about on-platform content and unique content. I think Mike referenced some sponsored content or some branded content earlier. And so I guess my question is, how important is it for you to have programming that's unique to VIZIO? Is original content something you would invest in? And maybe a little more detail on that particular content Mike referenced, so we understand what you're doing there.

然後我的第二個問題是關於平台內容和獨特內容的問題。我認為麥克之前提到了一些贊助內容或一些品牌內容。所以我想我的問題是，擁有 VIZIO 獨有的程式設計對您來說有多重要？您會投資原創內容嗎？也許還可以提供有關邁克引用的特定內容的更多詳細信息，以便我們了解您在那裡所做的事情。

Sure, yes. Thanks, Mike. I can give a little more breakdown on the Platform Plus revenue. We're not disclosing all the different components of it, but just to give you a general sense, when you look at the advertising business in the quarter, AVOD, advertising and home screen were roughly 50-50, albeit a little bit larger on the AVOD side. It really shows we've had tremendous growth on the home screen monetization as we've learned how to bring that value to various partners on that front.

當然，是的。謝謝，麥克。我可以對 Platform Plus 的收入進行更多細分。我們不會透露它的所有不同組成部分，只是為了給您一個總體感覺，當您查看本季度的廣告業務時，AVOD、廣告和主螢幕大約為 50-50，儘管在AVOD 端。這確實表明我們在主螢幕貨幣化方面取得了巨大的成長，因為我們已經學會瞭如何為這方面的各個合作夥伴帶來價值。

And there's a lot of ways that we can monetize. It's not just them advertising a show on our hero banner. There's the sponsored hubs we talked about. So what it does for us is it broadens the advertiser category base outside of just entertainment. We've done deals with T-Mobile. We've done deals with Microsoft.

我們可以透過很多方式獲利。這不僅僅是他們在我們的英雄橫幅上為節目做廣告。這是我們討論過的贊助中心。因此，它對我們的作用是擴大廣告客戶的類別基礎，而不僅僅是娛樂。我們已經與 T-Mobile 達成了交易。我們已經與微軟達成了交易。

And so as we are able to bring that solution, which is a really powerful message right in the home, it's the screen that someone sees when they're deciding where to go watch content, what to do, right? And so for the advertiser to put themselves in that spot, it's really, really powerful. And so that's driving great monetization on that piece.

因此，當我們能夠推出該解決方案時，這在家庭中是一個非常強大的訊息，當人們決定去哪裡觀看內容、做什麼時，他們會看到這個螢幕，對嗎？因此，對於廣告商來說，將自己置於這樣的位置，這真的非常非常強大。因此，這推動了該作品的巨大盈利。

Over the long term, we do think the AVOD is a larger addressable market. As you know very well, $70 billion linear TV ad market is going to be looking to find and chase those viewers that are moving more and more into the connected TV space. So we think that's a very large addressable market, and we are getting increasingly set up to monetize that across our platform.

從長遠來看，我們確實認為 AVOD 是一個更大的潛在市場。如你所知，價值 700 億美元的線性電視廣告市場將尋找並追逐那些越來越多地進入連網電視領域的觀眾。因此，我們認為這是一個非常大的潛在市場，我們正在越來越多地透過我們的平台將其貨幣化。

So I think the advertising piece at large definitely grows significantly from here. The nonadvertising pieces have a different growth profile to them. As I mentioned before, data will be a little bit different. We have our sponsored button dynamics. And so those -- that's a different growth profile versus advertising in total. But the combination of the AVOD, where viewers are growing rapidly and home screen is really, really a great driver for us.

所以我認為整個廣告片肯定會從這裡顯著增長。非廣告作品的成長概況與它們不同。正如我之前提到的，數據會略有不同。我們有贊助按鈕動態。因此，與廣告總量相比，這是不同的成長情況。但 AVOD 的觀看者數量快速增長和主螢幕的結合對我們來說確實是一個巨大的推動力。

Yes. And I think to answer your question on VIZIO Features and what we discussed, when you look at our home screen, obviously AVOD is a huge growth from partners we have, not only the entertainment category, but more categories in the space. But advertisers are always coming to us and continuing to look to ways in which they can expand their investment beyond just 15s and 30s, right?

是的。我想回答您關於 VIZIO 功能和我們討論的問題，當您查看我們的主螢幕時，顯然 AVOD 是我們合作夥伴的巨大增長，不僅是娛樂類別，而且是該領域的更多類別。但廣告商總是來找我們，並繼續尋找可以將投資擴大到 15 歲和 30 歲以上的方法，對嗎？

So VIZIO Features is really a sponsor-driven content programming opportunity. The benefit to advertisers is it provides more ways for them to engage with our consumers inside the SmartCast experience, whether on the home screen or within the actual content. And for consumers, it gives them access to original or exclusive programming unique to VIZIO.

因此，VIZIO Features 確實是一個贊助商驅動的內容編程機會。對廣告主的好處是，它為他們提供了更多在 SmartCast 體驗中與消費者互動的方式，無論是在主螢幕上還是在實際內容中。對於消費者來說，它使他們能夠訪問 VIZIO 獨有的原創或獨家節目。

From an original strategy perspective, we see this as kind of a low-risk, low capital-intensive way of providing more value for our advertisers, content partners and, ultimately, more stickiness and loyalty for our consumers.

從最初的策略角度來看，我們認為這是一種低風險、低資本密集的方式，可以為我們的廣告商、內容合作夥伴提供更多價值，並最終為我們的消費者提供更多的黏性和忠誠度。

Can you share when that will come to market? Or any particular partnerships you've struck to date?

能分享一下什麼時候上市嗎？或者到目前為止您已經建立了任何特定的合作關係？

We're not going to announce -- we'll be rolling that out this year, and we go deep into it, and our NewFronts presentation has been well received by partners as well. So we'll be rolling that out over the next few quarters. Not ready yet to announce the specific partnerships, but we will soon.

我們不會宣布——我們將在今年推出，我們將深入研究它，我們的 NewFronts 演示也受到了合作夥伴的好評。因此，我們將在接下來的幾個季度內推出這項計劃。尚未準備好宣布具體的合作夥伴關係，但我們很快就會宣布。

And your final question comes from the line of Tom Champion with Piper Sandler.

你的最後一個問題來自 Tom Champion 和 Piper Sandler 的台詞。

So maybe just looping back to the SmartCast attach rate, which seemed very high this quarter, it sounded like there was some delayed holiday impact there. Maybe you could just elaborate on that.

因此，也許只是回到 SmartCast 附加率，本季似乎非常高，聽起來好像有一些延遲的假期影響。也許你可以詳細說明一下。

And I guess I'm curious, you added 30-plus free channels, you're kind of working on the platform offering overall. Do you feel like that has a tangible benefit to your attach rate?

我想我很好奇，您添加了 30 多個免費頻道，您正在致力於整個平台的提供。您覺得這對您的附加率有實際的好處嗎？

Sure, Tom. Why don't I take the first one. Yes, what I tried to highlight in the prepared comments was that Q1 typically does have a higher attach rate or conversion ratio, whatever you'd like to call it, because of the dynamics that happen towards the end of the year. Oftentimes, it's either we bought around holidays, and then it doesn't get connected and become an active account maybe until early in Q1.

當然，湯姆。為啥我不選第一個。是的，我在準備好的評論中試圖強調的是，由於年底發生的動態，第一季通常確實有更高的附加率或轉換率，無論你怎麼稱呼它。通常，我們要么在假期前後購買，然後可能直到第一季初才連接並成為活躍帳戶。

And so we tend to see very strong ratio of -- in the first quarter relative to shipments. That doesn't continue necessarily throughout the year, right? So I want to be realistic about how that happens, and there's some dynamics that will cause other quarters to fluctuate a bit.

因此，我們往往會看到第一季相對於出貨量的比率非常高。這種情況不一定會持續一整年，對吧？因此，我想現實地看待這種情況是如何發生的，並且有一些動態會導致其他季度出現一些波動。

Historically, we have seen somewhere around a 60% to 65% growth in active accounts relative to the volume of shipments, and we think we can continue to sort of drive that and look for ways to improve that over time. But that is sort of the historical context that I want you to keep in mind.

從歷史上看，我們看到活躍帳戶相對於發貨量增長了 60% 到 65% 左右，我們認為我們可以繼續推動這一趨勢，並尋找隨著時間的推移改進這一情況的方法。但這是我希望你們牢記的歷史背景。

We always like seeing the strong numbers in Q1. We had really strong holiday sales of our devices, and that did translate into very strong Q1 numbers. Overall, for the year, we think we're going to continue to track closer to the more historical averages on attach rates. Mike?

我們總是喜歡看到第一季的強勁數據。我們的設備在假期銷售非常強勁，這確實轉化為非常強勁的第一季數據。總體而言，今年，我們認為我們將繼續接近附加率的歷史平均值。麥克風？

Yes. And in terms of, I would say, adding more and more free channel content to create stickiness for our consumers, yes, we'll continue to do that moving forward. I mean, I think we've made a large investment in continuing to grow out our owned and operated services on the platform. And we mentioned 32 channels this past quarter. We're going to continue to build on and announce some newer relationships to add that.

是的。我想說的是，添加越來越多的免費頻道內容來為我們的消費者創造黏性，是的，我們將繼續這樣做。我的意思是，我認為我們已經投入了大量資金來繼續發展我們在平台上擁有和經營的服務。上個季度我們提到了 32 個頻道。我們將繼續建立並宣布一些新的關係來補充這一點。

We know our customers. While we have a large portion of our customers that come for subscription services that we make available, we know a lot of our consumers want to come for free, right? And they see free as a huge opportunity. So we'll continue to invest in growing that platform and building out our WatchFree service, which is the #2 ad-supported service on our platform, to make more and more free content available to our consumers across multiple categories.

我們了解我們的客戶。雖然我們有很大一部分客戶是為了我們提供的訂閱服務而來，但我們知道很多消費者都希望免費，對嗎？他們將免費視為一個巨大的機會。因此，我們將繼續投資發展該平台並建立我們的 WatchFree 服務，這是我們平台上排名第二的廣告支援服務，以便為我們的多個類別的消費者提供越來越多的免費內容。

And just to add one more thing, Tom, I think it's important to understand that we know how important free content is and their -- the engagement level of our viewers once they're on the platform.

湯姆，我還要補充一件事，我認為重要的是要了解我們知道免費內容的重要性以及觀眾進入平台後的參與程度。

Going back to that statistic I mentioned during the call, when you look at how people are spending their time on our TVs, over 52% of the time is on SmartCast itself. They're looking for streaming solutions. But if you look at the total time they spend on streaming, they're using SmartCast to do it almost 90% of the time.

回到我在電話中提到的統計數據，當你看到人們如何在電視上花費時間時，你會發現超過 52% 的時間花在 SmartCast 本身。他們正在尋找串流媒體解決方案。但如果你看看他們花在串流媒體上的總時間，你會發現他們幾乎 90% 的時間都使用 SmartCast 來完成。

And so it really tells us they are wanting that integrated solution. They want to find content there, and Mike and his team will continue to feed that appetite and bring more and more to the platform.

這確實告訴我們他們需要這種整合解決方案。他們希望在那裡找到內容，麥克和他的團隊將繼續滿足這種需求，並為該平台帶來越來越多的內容。

Thanks, Tom, and thanks, everyone, for joining.

謝謝湯姆，也謝謝大家的加入。

This concludes today's call. Have a great evening.

今天的電話會議到此結束。祝您有個美好的夜晚。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。