Vizio Holding Corp (VZIO) 2023 Q1 法說會逐字稿

Good afternoon, and welcome to VIZIO's Q1 '23 Earnings Call. I'm Michael Marks, Director of Investor Relations. 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 Michael O'Donnell, our Chief Revenue and Strategic Growth Officer.

下午好，歡迎來到 VIZIO 的 Q1 '23 收益電話會議。我是投資者關係總監 Michael Marks。與我一起參加今天討論的是我們的創始人兼首席執行官 William Wang；和我們的首席財務官 Adam Townsend。我們的首席收入和戰略增長官 Michael O'Donnell 也加入了今天電話會議的問答環節。

Please note that in addition to our earnings release and today's remarks, a slide presentation can be found on our Investor Relations website at investors.vizio.com. I'll refer you to the third slide in the presentation and remind you that certain statements made on this call including certain statements about our expected second quarter results, advertising relationships and partners, product rollouts and functionality and future customer demand for our products are forward-looking statements that involve risks and uncertainties. These risks and uncertainties that could cause actual results to differ materially from these forward-looking statements are discussed in more detail in our filings with the SEC and our press release that was issued this afternoon. We undertake no obligation to revise any statements to reflect changes that occur after this call, except as required by law.

請注意，除了我們的收益發布和今天的評論外，還可以在我們的投資者關係網站 investors.vizio.com 上找到幻燈片演示。我將向您介紹演示文稿中的第三張幻燈片，並提醒您在本次電話會議上所做的某些聲明，包括有關我們預期的第二季度業績、廣告關係和合作夥伴、產品推出和功能以及未來客戶對我們產品的需求的某些聲明。 - 包含風險和不確定性的陳述。這些可能導致實際結果與這些前瞻性陳述存在重大差異的風險和不確定性在我們向美國證券交易委員會提交的文件和我們今天下午發布的新聞稿中進行了更詳細的討論。除非法律要求，否則我們沒有義務修改任何聲明以反映此次電話會議後發生的變化。

During the call, we also refer to non-GAAP financial measures, including adjusted EBITDA and certain operational and financial metrics. Reconciliations to the most comparable GAAP measures for non-GAAP financial information discussed on this call as well as further information related to guidance, definitions and metrics can be found in our earnings release, which is on the Investors section of our website. Note that all quarterly comparisons in today's remarks will be made on a year-over-year basis and all metrics reported on today's call be for Q1 2023 or as of the end of Q1 2023 as applicable, unless otherwise specified.

在電話會議期間，我們還提到了非 GAAP 財務指標，包括調整後的 EBITDA 以及某些運營和財務指標。與本次電話會議上討論的非 GAAP 財務信息的最具可比性 GAAP 措施的調節以及與指導、定義和指標相關的更多信息可以在我們網站投資者部分的收益發布中找到。請注意，除非另有說明，否則今天評論中的所有季度比較都將按年進行，今天電話會議上報告的所有指標都是針對 2023 年第一季度或 2023 年第一季度末（如適用）。

Now I will turn the call over to William.

現在我將把電話轉給威廉。

Thank you, Michael, and hello, everyone. Thank you for joining us today. Q1 kicked off our 21st year of selling, award-winning affordable products and experiences, and we continue to see success in the execution of our combined hardware and software strategy. Last year, personnel challenge on multiple funds, and it was a little surprise to many, the uncertainty in the macro economy environment resulted in pressure across the broader advertising marketplace, particularly towards the end of 2022.

謝謝邁克爾，大家好。感謝您今天加入我們。第一季度開啟了我們銷售屢獲殊榮的實惠產品和體驗的第 21 個年頭，我們繼續看到我們在執行我們的硬件和軟件組合戰略方面取得的成功。去年，多個基金的人事挑戰令許多人感到有些意外，宏觀經濟環境的不確定性導致更廣泛的廣告市場面臨壓力，尤其是在 2022 年底。

As you can see from our results today, our advertising business continued to show strength in Q1, up 24% year-over-year, which delivered upside against our expectations. While these results speak of some general improvement in the marketplace, they also speak to the progress we have made increasing awareness of VIZIO as a skilled destination for advertisers to reach viewers.

從我們今天的業績中可以看出，我們的廣告業務在第一季度繼續表現強勁，同比增長 24%，超出了我們的預期。雖然這些結果說明了市場的一些普遍改善，但它們也說明了我們取得的進展，即我們越來越意識到 VIZIO 作為廣告商接觸觀眾的熟練目的地。

By our measure, we'll continue to gain share within connected TV, one of the fastest-growing areas of advertising marketplace. As viewer share growth and as dollars continue to shift away from linear TV, we remain confident that VIZIO will be well positioned to benefit.

根據我們的衡量，我們將繼續在聯網電視中獲得份額，這是廣告市場增長最快的領域之一。隨著觀眾份額的增長和收入繼續從線性電視轉移，我們仍然相信 VIZIO 將能夠從中受益。

Last week, at our third IAB NewFronts presentation between an in-person and virtual audience, we welcomed close to 1,000 partners, advertisers and content providers where we showcased a host of new and innovative ways brands can connect with the VIZIO audience. Since launching our advertising business in 2019, we have broadened our advertising clients beyond just the media and entertainment category to verticals like pharmaceuticals, travel and quick service restaurants, all of which have recently been growing rapidly for us.

上週，在我們第三次面向現場和虛擬觀眾的 IAB NewFronts 演示中，我們迎來了近 1,000 家合作夥伴、廣告商和內容提供商，我們展示了品牌與 VIZIO 觀眾建立聯繫的一系列創新方式。自 2019 年推出廣告業務以來，我們已將廣告客戶從媒體和娛樂類別擴展到製藥、旅遊和快餐店等垂直領域，所有這些最近都為我們帶來了快速增長。

We have introduced new advertising units, functionality and sponsorship opportunities, all of which create more inventory for us to manage directly and offer advertisers attractive ad campaign returns. Our active user base of nearly 18 million continues to increase time spent on our building operating system market, hitting a new high of 54% of total time spent on our TV streaming content.

我們推出了新的廣告單元、功能和讚助機會，所有這些都為我們創造了更多的庫存，可以直接管理並為廣告商提供有吸引力的廣告活動回報。我們近 1800 萬的活躍用戶群繼續增加我們在構建操作系統市場上花費的時間，創下了我們在電視流媒體內容上花費的總時間的 54% 的新高。

By combining the deeper engagement with a robust Inscape automated content recognition data, we can improve the viewer experience and help partners expand beyond traditional ad buying to reach specific audiences quickly and effectively.

通過將更深入的參與與強大的 Inscape 自動內容識別數據相結合，我們可以改善觀眾體驗並幫助合作夥伴超越傳統的廣告購買範圍，以快速有效地覆蓋特定受眾。

For instance, as one example, an automotive company recently turned to VIZIO ads to help expand its reach to connected TV viewers most interest in buying [card]. Using our ACR data, the automotive company identified distinct audiences across different TV formats to deliver a more relevant ad experience.

例如，一家汽車公司最近轉向 VIZIO 廣告，以幫助擴大其對最有興趣購買 [卡片] 的聯網電視觀眾的影響力。使用我們的 ACR 數據，這家汽車公司確定了不同電視格式的不同受眾，以提供更相關的廣告體驗。

A couple of weeks ago, I had the privilege of attending the 74th Annual Technology & Engineering Emmy Awards. On behalf of our team, I would not say to take home an Emmy for our innovative use of ACR technology. This award is a testament to the advances that our VIZIO team has made to deliver better entertainment experiences for millions of viewers.

幾週前，我有幸參加了第 74 屆年度技術與工程艾美獎頒獎典禮。代表我們的團隊，我不會說因為我們對 ACR 技術的創新使用而獲得艾美獎。該獎項證明了我們的 VIZIO 團隊在為數百萬觀眾提供更好的娛樂體驗方面取得的進步。

By doing this, we also expand monetization for our content and advertising clients. Speaking of our experiences, we continue to bring consumers more of what they want with expanded content offerings and improved streaming experience.

通過這樣做，我們還為我們的內容和廣告客戶擴大了貨幣化。說到我們的體驗，我們繼續通過擴展的內容產品和改進的流媒體體驗為消費者帶來更多他們想要的東西。

During the quarter, we made enhancements to user interface in our mobile app to help consumer easily navigate the many choices available in streaming today. We continue to expand WatchFree+, which remains the #2 most watched free ad-supported app platform.

在本季度，我們改進了移動應用程序的用戶界面，以幫助消費者輕鬆瀏覽當今流媒體中可用的眾多選擇。我們繼續擴展 WatchFree+，它仍然是排名第二的最受關注的免費廣告支持應用程序平台。

VIZIO is in great position to reap the benefit, as consumers continue to shift their streaming consumption habits and look for great [study] from all the great free content on services like our own WatchFree+.

VIZIO 處於從中獲益的有利位置，因為消費者繼續改變他們的流媒體消費習慣，並從我們自己的 WatchFree+ 等服務上的所有精彩免費內容中尋找精彩 [學習]。

During the quarter, we expanded our partnership with AMC Networks, bringing even more premium programming to VIZIO's smart TVs. The expanded partnership includes the recent addition of the AMC+ app, 93 streaming channels and over 150 on-demand feature films. This quarter, we also expanded our built-in streaming apps from partners like SiriusXM, OWN, Animal Planet, Destination America and many more. Today, we have almost 170 built-in streaming apps on our platform, providing entertainment across many genres.

在本季度，我們擴大了與 AMC Networks 的合作夥伴關係，為 VIZIO 的智能電視帶來更多優質節目。擴大的合作夥伴關係包括最近添加的 AMC+ 應用程序、93 個流媒體頻道和 150 多部點播故事片。本季度，我們還擴展了來自 SiriusXM、OWN、Animal Planet、Destination America 等合作夥伴的內置流媒體應用程序。今天，我們的平台上有近 170 個內置的流媒體應用程序，提供多種類型的娛樂。

Turning to our device segment. We are navigating an environment that remains demand constraint, given the challenging backdrop of a slow economy and high inflation. Despite that, we'll continue to deliver a award-winning product to the market, and our seasoned team remains well ahead of the curve.

轉向我們的設備部分。鑑於經濟放緩和高通脹的挑戰性背景，我們正在應對需求仍然受限的環境。儘管如此，我們將繼續向市場提供屢獲殊榮的產品，並且我們經驗豐富的團隊仍然遙遙領先。

The value consumer gets when we they our products, has never been greater. A leading technology publisher recently said, when we compare the best budget TVs side-by-side, VIZIO's picture quality emerge as the leader of the pack. Thanks to the success of our dual revenue business model, we will continue to invest in innovation to elevate our award-winning devices even further.

當我們購買我們的產品時，消費者獲得的價值從未如此巨大。一家領先的技術出版商最近表示，當我們並排比較性價比最高的電視時，VIZIO 的圖像質量脫穎而出。由於我們雙重收入業務模式的成功，我們將繼續投資於創新，以進一步提升我們屢獲殊榮的設備。

At VIZIO, we are driven by our entrepreneurial spirit and plan to continue to make strategic investments to support an affordable and better TV experience for our consumers. Our company is centered around a disciplined culture that balances growth with profitability. We continue to maintain a strong and highly liquid balance sheet with no debt, which remains an essential advantage.

在 VIZIO，我們受到企業家精神的驅動，併計劃繼續進行戰略投資，為我們的消費者提供負擔得起的更好的電視體驗。我們公司以一種紀律嚴明的文化為中心，這種文化平衡了增長與盈利能力。我們繼續保持強勁且高流動性的資產負債表，沒有債務，這仍然是一個重要優勢。

We remain focused on the key priorities that will enable us to better serve our consumers, leveraging our dual revenue business model to increase our installed base and deliver long-term sustainable growth for our shareholders. Our model of discipline and efficiency, along with the right team, will serve us well as market conditions improve.

我們仍然專注於使我們能夠更好地為消費者服務的關鍵優先事項，利用我們的雙重收入業務模式來增加我們的安裝基礎並為我們的股東帶來長期可持續增長。隨著市場條件的改善，我們的紀律和效率模式以及合適的團隊將為我們服務。

With that, I will turn the call over to Adam to review our first quarter results in more detail.

有了這個，我將把電話轉給亞當，以更詳細地審查我們的第一季度業績。

Thanks, William. Before opening the call to questions, I will take you through our first quarter results and discuss our outlook for Q2.

謝謝，威廉。在開始提問之前，我將向您介紹我們第一季度的業績並討論我們對第二季度的展望。

Our first quarter results highlight a key advantage of our dual revenue model. While the device market remains challenged, our expanding presence in the advertising market drove upside to our high-margin platform revenue to result in overall gross profit growth for the quarter. Taken together, total company revenue came in at $357 million, down 27%, while total gross profit grew 4% to $75 million.

我們第一季度的業績突出了我們雙重收入模式的一個關鍵優勢。雖然設備市場仍然面臨挑戰，但我們在廣告市場不斷擴大的業務推動了我們高利潤平台收入的增長，從而導致本季度的整體毛利潤增長。總的來說，公司總收入為 3.57 億美元，下降 27%，而總毛利增長 4% 至 7500 萬美元。

Platform Plus represented a new high 35% of total revenue and 98% of consolidated gross profit. To provide some additional segment-level context, I will start with Platform Plus. Total platform Plus revenue grew 22% to $126 million. Advertising revenue rose 24% to $94 million.

Platform Plus 佔總收入的 35% 和綜合毛利的 98%，創歷史新高。為了提供一些額外的段級上下文，我將從 Platform Plus 開始。 Plus 平台總收入增長 22% 至 1.26 億美元。廣告收入增長 24% 至 9400 萬美元。

Throughout the quarter, we saw strong growth in video revenue, which benefited from a combination of deeper user engagement and a steady improvement in advertising demand. Our users continue to increase time spent with our streaming environment as measured by SmartCast hours as a percent of total VIZIO hours, which reached a new high of 54% during the quarter.

在整個季度中，我們看到視頻收入強勁增長，這得益於更深入的用戶參與和廣告需求的穩步改善。根據 SmartCast 小時數佔 VIZIO 總小時數的百分比衡量，我們的用戶在我們的流媒體環境上花費的時間繼續增加，在本季度達到了 54% 的新高。

Said differently, our users are spending most of their time on our TV streaming content within our SmartCast platform. They spend more time on SmartCast than cable TV, game consoles or attached media players combined. This behavior is directly increasing our monetization opportunities in multiple ways, including our home screen advertising, video impressions, data and content distribution. Among these, advertising is by far the largest component of our Platform Plus revenue, representing 75% of the total for the quarter.

換句話說，我們的用戶大部分時間都花在我們 SmartCast 平台內的電視流媒體內容上。他們花在 SmartCast 上的時間比花在有線電視、遊戲機或附加媒體播放器上的總和還要多。這種行為以多種方式直接增加了我們的貨幣化機會，包括我們的主屏幕廣告、視頻印象、數據和內容分發。其中，廣告是迄今為止我們 Platform Plus 收入的最大組成部分，佔本季度總收入的 75%。

And in Q1, we delivered another quarter of strong ad growth of 24%. During the quarter, we also expanded the number of brands we have worked with by 77%, adding 148 net new advertisers. In other returning advertisers, they grew their spend with us by 53% versus the prior year period. So through a powerful combination of more users spending more time streaming, more new advertisers coming to our platform and existing advertisers spending more money with us once they are here, we believe we once again gained share of advertising among CTV platforms with our 24% growth in the first quarter.

在第一季度，我們又實現了 24% 的強勁廣告增長。在本季度，我們還將與之合作的品牌數量增加了 77%，淨增加了 148 個新廣告商。在其他回頭客中，他們在我們這裡的支出比去年同期增長了 53%。因此，通過更多用戶花更多時間流媒體、更多新廣告商來到我們的平台以及現有廣告商在我們這里花更多錢的強大組合，我們相信我們再次以 24% 的增長在 CTV 平台中獲得廣告份額在第一季度。

Our nonadvertising revenue within Platform Plus also showed healthy growth, up 19% to $32 million. Data and content distribution revenue growth was partially offset by a decline in button revenue due to fewer TV shipments. Turning to our device segment. Total revenue was $231 million. Given continued consumer demand challenges and relatively full retail supply, TV shipments declined 32% to just over $900,000 for the quarter.

我們在 Platform Plus 中的非廣告收入也呈現健康增長，增長 19% 至 3200 萬美元。數據和內容分發收入的增長部分被電視出貨量減少導致的按鈕收入下降所抵消。轉向我們的設備部分。總收入為 2.31 億美元。鑑於持續的消費者需求挑戰和相對充足的零售供應，本季度電視出貨量下降了 32%，略高於 900,000 美元。

Total company adjusted EBITDA for the quarter was $7 million, up 52% over the year ago period. As we have stated previously, we remain vigilant in managing our SG&A expenses while continuing to invest in new features and capabilities to drive future growth. We plan to remain focused on operational efficiencies and expense management to allow us to reinvest back into the business to support competitiveness and drive deeper user engagement.

本季度公司調整後的 EBITDA 總額為 700 萬美元，比去年同期增長 52%。正如我們之前所說，我們在管理我們的 SG&A 費用方面保持警惕，同時繼續投資於新特性和功能以推動未來增長。我們計劃繼續專注於運營效率和費用管理，使我們能夠重新投資於業務，以支持競爭力並推動更深入的用戶參與。

Now turning to our key performance metrics. Our Q1 results highlight the growing success of our efforts to drive overall monetization across our platform. SmartCast ARPU grew to just over $29, up 23% over the year ago period and a new record. Total time spent streaming also outpaced all other times spent by our users as measured by a 19% increase in SmartCast hours against a 10% increase in total VIZIO hours.

現在轉向我們的關鍵績效指標。我們的第一季度業績突顯了我們為推動整個平台的整體貨幣化所做的努力越來越成功。 SmartCast ARPU 增至略高於 29 美元，比去年同期增長 23%，創下新紀錄。流式傳輸的總時間也超過了我們用戶花費的所有其他時間，SmartCast 時間增加了 19%，而 VIZIO 總時間增加了 10%。

SmartCast hours per active account grew for the fourth consecutive quarter and was the highest in a first quarter since 2021 just before we started to lap the COVID-related lockdowns of 2020. With enhanced personalization and data-driven content that helps support continued user engagement, our ability to grow time spent and monetizable content continues to increase.

每個活躍賬戶的 SmartCast 小時數連續第四個季度增長，並且是自 2021 年以來第一季度最高的，就在我們開始對 2020 年與 COVID 相關的鎖定進行測試之前。通過增強的個性化和數據驅動的內容，有助於支持持續的用戶參與，我們增加花費時間和貨幣化內容的能力不斷增強。

Our SmartCast active account base grew a little over 1.8 million year-over-year to a new record 17.5 million. So with that, let me now turn to what we expect for the second quarter. We are encouraged by the resurgence in advertising activity, particularly by large categories such as pharma, travel and quick service restaurants. We remain cautious regarding growth from the media and entertainment category, and that is reflected in our outlook. While we do expect to deliver overall growth in home screen revenue in Q2, as we have expanded sponsorship opportunities for a wider range of brands, we expect the overall rate of growth will still be heavily weighted to activity from M&E clients.

我們的 SmartCast 活躍賬戶基礎同比增長略高於 180 萬，達到創紀錄的 1750 萬。因此，現在讓我談談我們對第二季度的預期。我們對廣告活動的複蘇感到鼓舞，尤其是醫藥、旅遊和快餐店等大類廣告活動。我們對媒體和娛樂類別的增長持謹慎態度，這反映在我們的展望中。雖然我們確實希望在第二季度實現主屏幕收入的整體增長，因為我們已經擴大了對更廣泛品牌的讚助機會，但我們預計整體增長率仍將嚴重依賴於 M&E 客戶的活動。

So for Q2, we expect Platform Plus revenue to come in between $133 million and $137 million, representing 22% growth at the midpoint. This also implies an accelerated growth rate in our advertising business versus the first quarter. We expect Platform Plus gross profit to be $78 million to $83 million, representing a margin of 60% at the midpoint. The expected sequential margin improvement includes the net of an anticipated higher mix of video ad revenue and greater scale against certain fixed operating costs that reduced our margin in Q1.

因此，對於第二季度，我們預計 Platform Plus 收入將在 1.33 億美元至 1.37 億美元之間，中點增長 22%。這也意味著我們的廣告業務與第一季度相比增速加快。我們預計 Platform Plus 的毛利潤為 7800 萬至 8300 萬美元，中點利潤率為 60%。預期的連續利潤率改善包括視頻廣告收入的預期更高組合和針對某些固定運營成本的更大規模的淨額，這降低了我們第一季度的利潤率。

And finally, we expect total company adjusted EBITDA in the range of $6 million to $11 million as we expect to continue to strategically support competitive pricing activities to increase customer acquisition. In closing, we see the accelerated adoption of CTV as a major tailwind to our business. At the same time, with our platform business only being a few years old, we remain in the early innings of this opportunity and are encouraged by its considerable momentum. We look forward to continuing to support our consumers with a seamless and relevant TV viewing experience and our ad clients with vast possibilities to deliver impactful advertising campaigns. With a commitment to efficiency, productivity and discipline, we are excited about the opportunities that lie ahead.

最後，我們預計公司調整後的 EBITDA 總額在 600 萬美元至 1100 萬美元之間，因為我們希望繼續戰略性地支持競爭性定價活動以增加客戶獲取。最後，我們認為 CTV 的加速採用是我們業務的主要推動力。與此同時，由於我們的平台業務只有幾年的歷史，我們仍處於這個機會的早期階段，並對其巨大的發展勢頭感到鼓舞。我們期待繼續為我們的消費者提供無縫且相關的電視觀看體驗，並為我們的廣告客戶提供開展有影響力的廣告活動的巨大可能性。憑藉對效率、生產力和紀律的承諾，我們對未來的機遇感到興奮。

With that, let's open the call to questions. Operator?

有了這個，讓我們打開問題的電話。操作員？

(Operator Instructions) Our first question for today comes from Laura Martin of Needham.

（操作員說明）我們今天的第一個問題來自 Needham 的 Laura Martin。

My first question is on devices. So William, this is the eighth quarter where device revenue has been negative year-over-year, and it's the worst negative, down 40%. So my question is, do you see any -- are the price wars just getting worse? And do you see any end in sight of devices being a headwind to growth?

我的第一個問題是關於設備的。所以 William，這是設備收入同比出現負增長的第八個季度，而且是最嚴重的負增長，下降了 40%。所以我的問題是，你是否看到任何 - 價格戰是否正在變得更糟？您是否認為設備成為增長的逆風會結束？

And part B, Adam, on this specific device point, are we still in a positive lifetime value? Because I know that was one of the reasons we were willing to take like lower prices. Do we still have positive lifetime value with pricing on these devices today? That's my first question.

B 部分，亞當，在這個特定的設備點上，我們是否仍處於積極的生命週期價值中？因為我知道這是我們願意接受較低價格的原因之一。今天這些設備的定價是否仍然具有積極的生命週期價值？這是我的第一個問題。

Laura, William here. We're obviously in the hottest space in the advertising market and everyone wants to be in the CTV space. CTV will be the future, and we're so glad we're a part of that future. We have been in that business, as you know, for a long time now, and we've been seeing the cycle many times through our history. Price wars are the nature of this business and especially when there are new entrants. Just like how we thought of our previous price war in our history, we will be extremely disciplined and take well-balanced approach to be strategic about our price points so we can maximize return to our shareholders and deliver in [quite] value to our consumers.

勞拉，這裡是威廉。我們顯然處於廣告市場最熱門的領域，每個人都想進入 CTV 領域。 CTV 將是未來，我們很高興我們是那個未來的一部分。如您所知，我們從事該業務已有很長時間了，並且在我們的歷史中已經多次看到這種循環。價格戰是這項業務的本質，尤其是當有新進入者時。就像我們如何看待我們歷史上之前的價格戰一樣，我們將非常自律並採取平衡的方法來戰略性地制定我們的價格點，以便我們可以最大限度地回報股東並為我們的消費者提供 [相當] 價值.

Using Q1, as an example, under the extremely challenging environment, we outperformed our internal expectations. And thanks to our dual business revenue model and our disciplined and experienced team. Adam?

以Q1為例，在極具挑戰性的環境下，我們的表現超出了內部預期。還要感謝我們的雙重業務收入模式和我們紀律嚴明且經驗豐富的團隊。亞當？

Yes, sure, sure. Laura, to your question, absolutely, if you look at the device business, the gross profit in the quarter was up modestly, right? But you can't look at that in the absence of ARPU. So the point being, if that is our -- if our customer acquisition costs are kind of at that breakeven level. But we're now generating ARPU that's approaching $30. And that goes with the lifetime of the television, the usage of that unit.

是的，當然，當然。勞拉，對於你的問題，當然，如果你看一下設備業務，本季度的毛利潤略有上升，對吧？但是在沒有 ARPU 的情況下你不能看那個。所以關鍵是，如果那是我們的——如果我們的客戶獲取成本處於那種盈虧平衡水平。但我們現在產生的 ARPU 接近 30 美元。這與電視的使用壽命以及該單元的使用有關。

And so when you think about the customer lifetime value and discount it back, even with these aggressive pricings that are out in the market and the competition we're seeing still a very positive NPV on acquiring a customer. So we're pleased with our positioning. We're pleased with the monetization progress we've made.

因此，當您考慮客戶生命週期價值並將其折現時，即使市場上出現了這些激進的定價和競爭，我們仍然看到在獲取客戶方面仍然有非常積極的淨現值。所以我們對我們的定位感到滿意。我們對我們取得的貨幣化進展感到滿意。

You're seeing it in our outperformance. We grew advertising 24% in the quarter. I think some of our peers were closer to flat or different. So we're pretty pleased with the team, the execution is there. It's paying off, and we want to continue to really drive growth in households overall and have a competitive product.

你在我們的出色表現中看到了這一點。本季度我們的廣告業務增長了 24%。我認為我們的一些同行更接近持平或不同。所以我們對團隊非常滿意，執行力就在那裡。這是有回報的，我們希望繼續真正推動整體家庭的增長，並擁有具有競爭力的產品。

Our next question comes from Ben Swinburne of Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Ben Swinburne。

I wanted to ask about the advertising trends. Obviously, healthy Q1, acceleration in Q2. There was a lot of discussion around weakness in programmatic, as you sure you remember back in January, February. So I'm wondering if you could talk a little bit out what you're seeing in programmatic versus direct? And then I'm wondering on WatchFree+, if there's any engagement statistics you can share with us or anything on sort of -- you mentioned that a deeper engagement across the platform? But how is that product performing and driving advertising growth as you look at the first half of the year sitting here today?

我想問一下廣告趨勢。顯然，Q1 健康，Q2 加速。有很多關於程序化弱點的討論，你肯定記得在一月、二月。所以我想知道你是否可以談談你在程序化和直接交易中看到的情況？然後我想知道在 WatchFree+ 上，是否有任何參與統計數據可以與我們分享或任何類似的東西——你提到了跨平台的更深入參與？但是，當您今天坐在這裡回顧今年上半年時，該產品的表現如何並推動了廣告增長？

Yes, I'll take the advertising question. I think based on the numbers, we definitely saw a rebound in Q1. I think Q4 was a challenging market, especially in the programmatic space. January started out a little soft. We saw that ramp up in February and March. March was a very good month for us. We're kind of cautiously optimistic about that trajectory heading into Q2, but seeing really good signs of rebound, not only in the programmatic space but also in the direct space.

是的，我會回答廣告問題。我認為根據這些數字，我們肯定在第一季度看到了反彈。我認為第四季度是一個充滿挑戰的市場，尤其是在程序化領域。一月開始有點疲軟。我們在 2 月和 3 月看到了這種增長。三月對我們來說是一個非常好的月份。我們對進入第二季度的軌跡持謹慎樂觀態度，但看到了非常好的反彈跡象，不僅在程序化領域，而且在直接領域。

And I think when you look at our kind of makeup of direct versus programmatic, I think the way we think about it is direct versus open marketplace. And I think we've said in the past about 80% of our business is direct sold one-to-one relationships with our advertiser community. And the other 20% open marketplace or open exchange is real-time bidding with SSPs and DSPs. So we've seen both rebound very well. I think as Adam pointed out in the comments, we added another 148 new advertisers to the mix, and we've seen growth across all key verticals for us.

而且我認為，當您查看我們直接與程序化的構成時，我認為我們考慮它的方式是直接與開放市場。我想我們過去說過，我們大約 80% 的業務是直接銷售的，與我們的廣告商社區存在一對一的關係。另外 20% 的開放市場或開放交易是與 SSP 和 DSP 進行實時競價。所以我們看到兩者都反彈得很好。我認為正如 Adam 在評論中指出的那樣，我們又增加了 148 個新的廣告商，我們已經看到了所有關鍵垂直領域的增長。

Yes, Ben, in terms of WatchFree+, we don't specifically break out the metrics yet on WatchFree+, but we're very pleased with the continued growth and that is a key contributor to the growth in our advertising. It is the -- as we know, it's the second largest destination on our platform that's free ad supported and that's where we directly monetize.

是的，本，就 WatchFree+ 而言，我們還沒有具體列出 WatchFree+ 的指標，但我們對持續增長感到非常滿意，這是我們廣告增長的關鍵因素。這是 - 正如我們所知，它是我們平台上支持免費廣告的第二大目的地，也是我們直接獲利的地方。

And so the fact that WatchFree+ has continued to outpace streaming activity across other offerings on the platform is a core component of our ability to drive that growth. And when you think about what we've done, we've continued to enhance the functionality of it, make it a better user experience. Just in this quarter alone, we added 23 additional channels, including names like Tastemade Home and Portlandia and MSG Sports Zone. So there's a lot of variety in what we're bringing to consumers. We've also bolstered our AVOD capabilities. And so you combine that overall user experience, it certainly suggests and shows why it continues to grow. We use our home screen data. We use that as a promotion platform to drive people into that content and make sure they're aware of what's available for them. So overall, it's really a key component to our growth in advertising, and we'll continue to make enhancements and refinements as we go forward.

因此，WatchFree+ 繼續超越平台上其他產品的流媒體活動這一事實是我們推動這一增長能力的核心組成部分。當您考慮我們所做的事情時，我們會繼續增強它的功能，使其成為更好的用戶體驗。僅在本季度，我們就新增了 23 個頻道，其中包括 Tastemade Home 和 Portlandia 以及 MSG Sports Zone 等名稱。因此，我們為消費者帶來的產品種類繁多。我們還增強了 AVOD 功能。因此，您將整體用戶體驗結合起來，它肯定會暗示並說明它為什麼會繼續增長。我們使用我們的主屏幕數據。我們將其用作推廣平台，以吸引人們關注該內容，並確保他們了解他們可以使用的內容。所以總的來說，它確實是我們廣告業務增長的一個關鍵組成部分，我們將在前進的過程中繼續進行改進和改進。

Our next question comes from Vasily Karasyov from Cannonball Research.

我們的下一個問題來自 Cannonball Research 的 Vasily Karasyov。

Michael, I wanted to ask you to go into a little more detail how you manage your sales process in terms of what kind of inventory you sell directly, what kind you sell dramatically. And maybe give us a little more of understanding of how the 20% of inventory sold programmatically evolved over time and where it's going as that's a topic of interest right now in our community at least?

邁克爾，我想請你更詳細地介紹一下你是如何管理你的銷售流程的，比如你直接銷售什麼樣的存貨，你會大幅銷售什麼樣的庫存。也許讓我們更多地了解 20% 的庫存銷售是如何隨著時間的推移以編程方式演變的，以及它的發展方向，因為這至少是我們社區現在感興趣的話題？

And also terminology, it's confusing for us sometimes looking from the outside. What you referred to as open programmatic, would that be correct to describe this? What some describe as decision programmatics, i.e. fully programmatic auctions through the -- sold through private marketplaces. So I would appreciate you educating us on your thought process on your sales process here?

還有術語，有時從外面看會讓我們感到困惑。您所說的開放程序化，這樣描述是否正確？有些人稱之為決策程序化，即通過私人市場銷售的完全程序化拍賣。所以我很感激你在這裡教育我們你對你的銷售過程的思考過程？

Yes, definitely, Vasily. I think I need (inaudible) to answer this question, but I'll do my best to simplify it. So if you look at our revenue streams on the advertising side, we have 2. We have home screen display and video. Home screen itself is a 100% direct sold via managed service. So nothing programmatic today with our home screen relationships.

是的，當然，瓦西里。我想我需要（聽不清）來回答這個問題，但我會盡力簡化它。所以如果你看看我們在廣告方面的收入來源，我們有 2 個。我們有主屏幕顯示和視頻。主屏幕本身是 100% 通過託管服務直接銷售的。因此，今天我們的主屏幕關係沒有任何程序化。

For video, as I just explained, it's 80-20 in terms of direct sold, 1-to-1 relationships with the advertisers versus 20% open marketplace. Now within that 80%, about 50% of that spend comes in through a DSP. So we have -- with transacted through DSP.

對於視頻，正如我剛剛解釋的那樣，就直接銷售而言，它是 80-20，與廣告商的一對一關係與 20% 的開放市場。現在，在這 80% 的支出中，大約 50% 的支出來自 DSP。所以我們 - 通過 DSP 進行了交易。

So as we've said from the beginning, we've maintained flexibility. We want to give our advertisers the opportunity to work through any DSP or ad server that they like. So we will transact in a programmatic direct or a private marketplace capacity as part of those direct relationships. And if you look at the overall business from a strategy perspective, today, direct sold business is clearing at much higher CPMs than the open marketplace.

因此，正如我們從一開始就說過的那樣，我們保持了靈活性。我們希望讓我們的廣告商有機會通過他們喜歡的任何 DSP 或廣告服務器開展工作。因此，作為這些直接關係的一部分，我們將以程序化直接或私人市場的形式進行交易。而且，如果您從戰略角度審視整個業務，那麼今天，直銷業務的每千次展示費用比公開市場高得多。

Part of that is to new growth, I think, in the CTV space. I think there's still a lot of education. I think getting the direct sales team out to evangelize kind of core products we have, the differentiated data or differentiated first-party viewing data, our home screen, the unique audience they could deliver within WatchFree+ has helped us drive today higher CPMs than we're seeing at the open exchange or we're seeing in the open marketplace.

我認為，其中一部分是 CTV 領域的新增長。我認為還有很多教育。我認為讓直銷團隊出去宣傳我們擁有的核心產品、差異化數據或差異化的第一方觀看數據、我們的主屏幕、他們可以在 WatchFree+ 中提供的獨特受眾幫助我們今天推動了比我們更高的每千次展示費用。在公開交易所看到，或者我們在公開市場看到。

Interesting. And that's for comparable inventory. Is that the right way to look at it?

有趣的。這是可比較的庫存。這是看待它的正確方式嗎？

Yes. That's against the supply we have, which is the mix of WatchFree+ as well as inventory or revenue shares we have across partner apps on the platform. So it's the same supply. And really, when it comes down to, Vasily, is prioritization. We continue to not only evangelize the key value prop but also prioritize the direct sold campaigns. And that's one of the factors that helps us drive higher CPMs.

是的。這與我們擁有的供應相悖，這是 WatchFree+ 以及我們在平台上跨合作夥伴應用程序擁有的庫存或收入份額的組合。所以這是相同的供應。實際上，歸根結底，Vasily 是優先級排序。我們不僅繼續宣傳關鍵價值支柱，而且還優先考慮直銷活動。這是幫助我們提高每千次展示費用的因素之一。

Our next question comes from Steven Cahall of Wells Fargo.

我們的下一個問題來自富國銀行的 Steven Cahall。

Yes. Just to dig in into advertising a little further and understand some of those building blocks. So Adam, you talked about the increase in share that you're getting with SmartCast within the VIZIO hours, and then it sounds like VIZIO hours within the household hours. So maybe first is if you talked about the ad trends in terms of just monetizable hours within the account base? Could you get us a sense of how much you feel like that's growing on a per account basis, kind of the volume of component?

是的。只是為了更深入地研究廣告並了解其中的一些構建塊。所以亞當，你談到了在 VIZIO 小時內使用 SmartCast 獲得的份額增加，然後聽起來就像家庭時間內的 VIZIO 小時。因此，也許首先是您是否根據帳戶基礎中的可獲利時間來談論廣告趨勢？您能否讓我們了解您對每個帳戶增長的感覺，以及組件的數量？

And then the second is that we're seeing Roku CPMs were maybe down around 20% in Q4 and Q1. It doesn't sound like you're seeing really much CPM pressure. You might even be seeing CPM growth. So I was wondering if you could talk about the CPM side of the ad equation as well, so kind of a price and volume question?

然後第二個是我們看到 Roku CPM 在第四季度和第一季度可能下降了 20% 左右。聽起來您並沒有看到真正的每千次展示費用壓力。您甚至可能會看到 CPM 增長。所以我想知道你是否也可以談談廣告等式的 CPM 方面，比如價格和數量問題？

Yes. Sure, Steven. No problem. Look, we're really pleased with the engagement trends we're seeing across the platform. It shows up in a variety of ways, right? The comment already made about streaming time spent up 19% in SmartCast versus 10% of the platform in general, that's telling us that people are spending more time in our streaming environment. So that sort of building block #1.

是的。當然，史蒂文。沒問題。看，我們對我們在整個平台上看到的參與趨勢感到非常滿意。它以多種方式出現，對吧？已經發表的關於流媒體時間在 SmartCast 中花費了 19% 而在一般平台上花費了 10% 的評論，這告訴我們人們在我們的流媒體環境中花費了更多時間。所以那種構建塊#1。

Then it shows up in monetization by way of, obviously, the advertising growth and ultimately ARPU, which was up 23% in the quarter. So when we look across time spent per user, where they're spending time, what they're engaging with in terms of our content, I would say all of our engagement metrics are really moving in the right direction, and that's what's showing up in our overall financials. When you think about our account growth in the larger context, if you look back over 2 years, we've grown our installed base by 29%. We're now at 17.5 million monthly active users. But in that same time period, we've more than doubled our ARPU against that.

然後它通過廣告增長和最終的 ARPU 表現在貨幣化方面，該季度增長了 23%。因此，當我們查看每個用戶花費的時間、他們花時間的地方、他們在我們的內容方面參與的內容時，我想說我們所有的參與度指標都在朝著正確的方向發展，這就是所顯示的在我們的整體財務狀況中。當您在更大的背景下考慮我們的客戶增長時，如果您回顧過去 2 年，我們的安裝基數增長了 29%。我們現在每月有 1750 萬活躍用戶。但在同一時間段內，我們的 ARPU 翻了一番還多。

So we're growing our base. That basically becomes more valuable as it becomes more scaled and more engaged as we're showing from these other metrics. That attracts advertisers, it becomes self-fulfilling. And that's why our ARPU growth and our ability to monetize is outpacing just the pure growth of our installed base. So we're pleased with the metrics we're seeing. We're going to continue to enhance the offering. That's why we use -- like I said earlier, we use a lot of the data to inform us about what content to bring on the platform, how to use it for search and discovery, how to do personalization on the home screen, how do we drive engagement.

所以我們正在擴大我們的基礎。正如我們從這些其他指標中展示的那樣，隨著它變得越來越規模化和參與度越來越高，這基本上變得更有價值。這吸引了廣告商，它變得自我實現。這就是為什麼我們的 ARPU 增長和我們的貨幣化能力超過了我們安裝基礎的純粹增長。因此，我們對所看到的指標感到滿意。我們將繼續增強產品。這就是為什麼我們使用 - 就像我之前說的，我們使用大量數據來告知我們要在平台上帶來什麼內容，如何使用它進行搜索和發現，如何在主屏幕上進行個性化，如何我們推動參與。

Because ultimately, at the end of the day, you're playing a probability game. You're trying to increase the probability that someone spends time in content where we can monetize and they have a good user experience around that. So fundamentally, that -- those are sort of the building blocks, and we're on a great trajectory here, and we're really pleased with the engagement trends. Mike, do you want to talk about CPM?

因為歸根結底，在一天結束時，你是在玩概率遊戲。您正在嘗試增加某人將時間花在我們可以獲利的內容上的可能性，並且他們在此方面擁有良好的用戶體驗。所以從根本上說，這些都是構建基塊，我們在這裡的發展軌跡很好，我們對參與趨勢感到非常滿意。 Mike，你想談談 CPM 嗎？

Yes. I can speak to CPMs. Yes, we've been able to hold pretty consistent with quality CPMs in the marketplace. I think a lot of that's driven around our ability to leverage our first-party data, right? Our first-party data (inaudible) data is best-in-class, not only from a targeting perspective, but also in helping our clients or advertisers understand incrementality, right? We know a small number of TV households soak up a mass majority of the linear TV impressions.

是的。我可以與 CPM 交談。是的，我們已經能夠與市場上的高質量 CPM 保持相當一致的水平。我認為其中很多是圍繞著我們利用第一方數據的能力推動的，對吧？我們的第一方數據（聽不清）數據是一流的，不僅從定位的角度來看，而且在幫助我們的客戶或廣告商理解增量方面，對嗎？我們知道少數電視家庭吸收了絕大多數線性電視印象。

So as those advertisers shift into connected TV, we can help them tell that story, both from a planning, targeting and ultimately on the back-end measurement perspective, and that's helped us or enabled us to help maintain, I think, pretty strong CPMs in the marketplace.

因此，隨著這些廣告商轉向聯網電視，我們可以幫助他們從規劃、定位和最終後端測量的角度講述這個故事，這幫助我們或使我們能夠幫助維持非常強勁的每千次展示費用在市場上。

Our next question comes from Michael Morris of Guggenheim.

我們的下一個問題來自古根海姆的邁克爾莫里斯。

Great. William, you referenced the -- your NewFronts presentation in your prepared remarks and talked about close to 1,000 partners connecting with you there. I know that over the last couple of years, you've seen the dollars committed double. I'm curious if you can talk about your ambitions for this year, maybe what kind of growth you anticipate or you don't want to be that specific, just what kind of engagement you got, what type of products and how we should think about how that could drive growth?

偉大的。威廉，你在準備好的發言中提到了你的 NewFronts 演示文稿，並談到了將近 1,000 個合作夥伴在那裡與你聯繫。我知道在過去的幾年裡，你已經看到投入的資金翻了一番。我很好奇你能否談談你今年的雄心壯志，也許你期待什麼樣的增長，或者你不想那麼具體，只是你得到了什麼樣的參與，什麼類型的產品以及我們應該如何思考關於這將如何推動增長？

And then, Adam, you guys are moving pretty close to GAAP profitability this quarter, which is great. I'd love to hear your thought about moving toward positive cash flow generation and how you're thinking about that balance with ongoing investment ambitions?

然後，亞當，你們本季度非常接近 GAAP 盈利能力，這很棒。我很想听聽您關於轉向產生正現金流的想法，以及您如何考慮這種平衡與持續的投資野心？

Yes, Michael. Yes, I attended the NewFronts a week ago. It was very exciting. It was actually my first NewFronts and I missed the last 2 years. The first year in 2021, we did like $100 million. And in 2022, we did over a couple of hundred million. And we do expect to have a significant growth again this year. And we -- like I mentioned earlier, we have like close to 300 people in person and over 700 people during the live stream. It was extremely exciting for me, and I'm really optimistic on how we're going to go to our NewFronts this year. Michael, do you want to add anything to that?

是的，邁克爾。是的，我一周前參加了 NewFronts。那真是太讓人激動了。這實際上是我的第一個 NewFronts，我錯過了最後 2 年。 2021 年的第一年，我們確實有 1 億美元。到 2022 年，我們完成了超過兩億。我們確實預計今年會再次出現顯著增長。我們 - 就像我之前提到的那樣，我們有近 300 人在場，直播期間有 700 多人。這對我來說非常令人興奮，我對今年我們將如何進入 NewFronts 非常樂觀。邁克爾，你想補充什麼嗎？

No, I think it was a very positive NewFronts for us. As you guys know, this is a -- it's a big event for us, right? It's our opportunity to speak to a large group of advertisers and highlight the key product offerings that we have in market or will be bringing to market. And this year, we were able to showcase, I think a couple of things.

不，我認為這對我們來說是一個非常積極的 NewFronts。正如你們所知，這對我們來說是一件大事，對吧？這是我們與大量廣告商交談並強調我們在市場上或將要推向市場的主要產品的機會。今年，我們能夠展示一些東西。

One, our first-party data, again, our ability to drive incremental reach. We talked about some enhancements we had to the home screen, some new formats we're bringing out to improve search and discovery, some innovative ad formats for our ad partners which I think is -- continues to be a big driver for us in terms of growth.

一是我們的第一方數據，再次是我們推動增量覆蓋的能力。我們討論了我們對主屏幕的一些改進，我們為改進搜索和發現而推出的一些新格式，我認為為我們的廣告合作夥伴提供的一些創新廣告格式 - 繼續成為我們的重要推動力的增長。

And then we rolled out our new branded content studio, which was well received and a great opportunity for us to expand not only to create original content for our consumers, but also bring new opportunities for advertisers.

然後我們推出了新的品牌內容工作室，受到好評，這對我們來說是一個很好的擴展機會，不僅可以為我們的消費者創造原創內容，還可以為廣告商帶來新的機會。

So I think as William mentioned, we went from $100 million in 2021, $200 million or a little over $200 million in 2022. And we're expecting significant growth. We've already started to have those conversations. But our third NewFronts was the best one yet. And I think we've established -- we've had a lot of growth over the past 3 years. And I think we've established ourselves firmly as a key player in the connected TV space.

所以我認為正如威廉所說，我們從 2021 年的 1 億美元，到 2022 年的 2 億美元或略高於 2 億美元。我們預計會有顯著增長。我們已經開始進行這些對話。但是我們的第三個 NewFronts 是迄今為止最好的一個。而且我認為我們已經建立 - 我們在過去 3 年中取得了很大的增長。我認為我們已經確立了自己在聯網電視領域的穩固地位。

Yes, Mike. And then in terms of your question to me, look, certainly, I think we've proven over a number of quarters now that we're very disciplined and always looking for efficiencies within the business. But at the same time, we also identify a lot of opportunities to invest. So it comes down to a question of capital allocation and where is our best place to put our next dollar. Right now, we're really excited about the opportunities that are coming around the platform business. That's probably going to need additional investment around engineering, software development, maybe a little bit on the advertising sales and that upside to keep executing on that overall opportunity ahead for us. So it's just a balancing act between where do we lean in, where do we hold back.

是的，邁克。然後就你向我提出的問題而言，當然，我認為我們已經在多個季度證明了我們非常自律並且一直在尋求業務效率。但與此同時，我們也發現了很多投資機會。所以這歸結為一個資本配置問題，以及我們下一筆資金的最佳投資地點。現在，我們對平台業務即將到來的機遇感到非常興奮。這可能需要圍繞工程、軟件開發進行額外投資，可能需要在廣告銷售方面進行一些投資，以及繼續執行我們未來的整體機會。所以這只是我們在哪些地方傾斜，哪些地方退縮之間的平衡行為。

I think the opportunity is very large, a lot of headroom ahead for us. So it would be wise, I think in our view, to continue to invest and support the growth in the business. We're on a great trajectory. Since the last 2 years really proving, not only proof of concept, but that we can execute against that, and we want to be putting dollars against that. So it's close.

我認為機會非常大，我們有很大的發展空間。因此，我認為在我們看來，繼續投資和支持業務增長是明智的。我們正走在一條偉大的軌道上。由於過去 2 年確實證明了，不僅是概念證明，而且我們可以針對它執行，我們希望為此投入資金。所以它很接近。

Yes, when you look at the GAAP profitability, it's sort of right there. We don't want to shortchange the opportunity ahead for us by focusing too much on that. But I think we'll do it in an overall discipline in a pretty thoughtful way. I think that's our DNA, that's our sort of culture and we'll stick to that.

是的，當您查看 GAAP 盈利能力時，它就在那裡。我們不想因為過分關注這一點而縮短我們前面的機會。但我認為我們會以一種非常周到的方式在整體學科中做到這一點。我認為那是我們的 DNA，那是我們的文化，我們會堅持下去。

Our next question comes from Cory Carpenter of JPMorgan.

我們的下一個問題來自摩根大通的 Cory Carpenter。

I wanted to ask about M&E and it sounds like it's certainly still challenging. I was just hoping you could expand a bit on what you're seeing and any signs that the market could be closer to stabilizing or turning for M&E? And then secondly, just as your ad business continues to scale, how is that informing the role you see for exclusive programming and even potentially originals on WatchFree+?

我想詢問有關 M&E 的問題，聽起來它肯定仍然具有挑戰性。我只是希望你能稍微擴展一下你所看到的以及市場可能接近穩定或轉向 M&E 的任何跡象？其次，正如您的廣告業務不斷擴大一樣，這如何告知您在 WatchFree+ 上看到的獨家節目甚至潛在原創節目的角色？

All right. So I'll start with the M&E category. So in Q1, M&E was roughly flat for us year-over-year. It continues to be challenged. We were able to have a very successful quarter because we made up to that in a lot of other key verticals for us. I think we saw pharma up over 400% year-over-year, telco up 113%, QSR 98%, food and beverage up 79% and the list goes on. So as media and entertainment, which is our largest category, remains challenged. We think we've done a good job making it up by not only expanding our advertiser base, 148 new advertisers this quarter, but also growth in other key verticals out there in the market. We do expect M&E for us to be up slightly this year, but will not grow at the pace it has over the past few years.

好的。所以我將從 M&E 類別開始。因此，在第一季度，我們的 M&E 同比大致持平。它繼續受到挑戰。我們能夠有一個非常成功的季度，因為我們在許多其他關鍵垂直領域彌補了這一點。我認為我們看到製藥業同比增長超過 400%，電信業增長 113%，QSR 增長 98%，食品和飲料業增長 79%，而且這個例子還在繼續。因此，我們最大的類別媒體和娛樂仍然面臨挑戰。我們認為我們不僅擴大了我們的廣告商基礎，本季度有 148 個新廣告商，而且市場上其他關鍵垂直領域的增長也很好地彌補了這一點。我們確實預計今年我們的 M&E 會略有上升，但不會以過去幾年的速度增長。

Cory, it's Adam. Just on the content side, exclusive programming is something we think a lot about and what -- how it fits in our overall model. As you saw, I think, last week or so, we announced a branded content studio launch. But I want to be clear that, that is really a structure where we think it fits to our model and we manage the financial cost and discipline around that. So in other words, meaning, we can launch some of this exclusive content on our platform by using more of a cost-plus type model that you might be familiar with out there. So this is not going out and either producing or buying or trying to develop big multimillion dollar per episode type content.

科里，是亞當。就內容方面而言，獨家節目是我們經常思考的問題——它如何融入我們的整體模式。正如你所見，我認為，上週左右，我們宣布推出品牌內容工作室。但我想明確一點，這確實是一個我們認為適合我們模型的結構，我們圍繞它管理財務成本和紀律。因此，換句話說，我們可以通過使用更多您可能熟悉的成本加成類型模型，在我們的平台上推出一些獨家內容。因此，這不會出去，也不會製作或購買或嘗試開發每集價值數百萬美元的大型內容。

This is content that fits with what we have. We use data to form us around what's likely to be used and consumed, and then it's built around, again, this financial discipline and has an effective built-in margin to it. Mike can probably give some more color on the recent launches.

這是符合我們現有的內容。我們使用數據來圍繞可能使用和消費的內容形成我們，然後它再次圍繞這種財務紀律構建，並具有有效的內置邊際。 Mike 可能會為最近的發布添加更多色彩。

Yes. I think this is part of us rolling out our branded content studio at the NewFronts. We launched or we showcased one of our first originals within the branded content studio. It was a series called Three Pointers.

是的。我認為這是我們在 NewFronts 推出品牌內容工作室的一部分。我們在品牌內容工作室推出或展示了我們的第一批原創作品之一。這是一個系列，叫做三分球。

We -- as Adam pointed out, we look at a model in which not only are we going to bring great content to those consumers, leveraging the data we have or the viewership patterns we know about, but also bringing a sponsorship as well. So from a consumer perspective, we identified using data we have, I think 42% of our viewers are foodies, 75% are sports enthusiasts.

我們——正如亞當指出的那樣，我們著眼於一種模式，在這種模式下，我們不僅要為這些消費者帶來精彩的內容，利用我們擁有的數據或我們了解的收視率模式，還要帶來贊助。因此，從消費者的角度來看，我們使用現有數據確定，我認為我們的觀眾中有 42% 是美食家，75% 是運動愛好者。

So Three Pointers was a show created with Casey Webb for Man vs Food that helped you with your March Madness viewing party, food, drinks, games to play, 4 episodes, was well received. But on the advertiser side, we were able to integrate that MGM into the full experience. So not only through promotion, so integrating them into the home screen sponsorships that we're pushing promotion towards Three Pointers, but also integrate them and weave them throughout the show. So pretty seamless experience for the advertiser, and we think great content for the consumer.

所以三分球是與 Casey Webb 一起為 Man vs Food 創作的節目，它幫助你度過了瘋狂三月的觀看派對，食物，飲料，遊戲，4 集，受到好評。但在廣告商方面，我們能夠將 MGM 整合到完整的體驗中。因此，不僅通過推廣，將它們整合到主屏幕贊助中，我們正在推動三分球的推廣，而且還將它們整合併貫穿整個節目。對於廣告商來說，這是非常無縫的體驗，我們認為對消費者來說是很棒的內容。

Our next question comes from Jason Kreyer of Craig-Hallum.

我們的下一個問題來自 Craig-Hallum 的 Jason Kreyer。

Great. First, just on Household Connect. I know you've added some new partnerships there recently. Just looking for any updates on the trajectory of that business. Second question, at the NewFronts, you teased out some updates that are coming to the home screen. Just curious if you can elaborate on that and how that could influence monetization trends?

偉大的。首先，就在 Household Connect 上。我知道你們最近在那裡增加了一些新的合作夥伴關係。只是尋找有關該業務軌蹟的任何更新。第二個問題，在 NewFronts，你梳理了一些即將出現在主屏幕上的更新。只是好奇您是否可以詳細說明它以及它如何影響貨幣化趨勢？

All right. So I'll take that. So on the home -- sorry, on Household Connect, we'll start with that. As we said before, Household Connect is a great way for us to increase the TAM for our advertising partners, right? It's a unique way for advertisers to leverage TV viewing data within the home and extend that outside of the home, either into mobile, tablet or desktop, right? Delivers incremental reach and allows us to tap into new budgets.

好的。所以我會接受的。所以在家裡 - 抱歉，在家庭連接上，我們將從那裡開始。正如我們之前所說，Household Connect 是我們為廣告合作夥伴增加 TAM 的好方法，對吧？這是廣告商在家中利用電視觀看數據並將其擴展到家庭之外的一種獨特方式，無論是手機、平板電腦還是台式機，對吧？提供增量覆蓋面並允許我們利用新的預算。

We see that it continues to be a growth driver for us on the video side, albeit it still is moving off a smaller base, but is adding incremental growth. And as you saw this past quarter, you mentioned, we continue to make investments. So we expanded the partners we have from a device graph perspective. We have been working with Verizon and TransUnion.

我們看到它繼續成為我們在視頻方面的增長動力，儘管它仍在從較小的基數上移開，但正在增加增量增長。正如你在上個季度看到的那樣，你提到，我們繼續進行投資。因此，我們從設備圖的角度擴展了我們擁有的合作夥伴。我們一直在與 Verizon 和 TransUnion 合作。

Now we've added Experian into the mix. So we'll continue to make investments and continue to expand Household Connect, so we can increase and grow that overall TAM for advertising base. In terms of the operating system, we rolled out some pretty good enhancements, we think, during the NewFronts. For us, the home screen is obviously a critical piece in terms of it's the first thing that a consumer sees right when they turn on the television.

現在，我們已將 Experian 添加到組合中。因此，我們將繼續進行投資並繼續擴展 Household Connect，以便我們可以增加和發展廣告基礎的整體 TAM。在操作系統方面，我們認為在 NewFronts 期間推出了一些相當不錯的增強功能。對我們來說，主屏幕顯然是一個關鍵部分，因為它是消費者打開電視時首先看到的東西。

This past 6 months, I think we saw a 53% increase in time spent just on our home screen. So consumers are spending more and more time in search and discovery, trying to identify the content they want to watch. And we think it's incumbent on us to leverage our UI to make that easier and more engaging for them. So as consumers spend more time, we're also rolling out a lot of new advertising opportunities.

在過去的 6 個月裡，我認為我們花在主屏幕上的時間增加了 53%。因此，消費者花費越來越多的時間在搜索和發現上，試圖找出他們想要觀看的內容。我們認為我們有責任利用我們的 UI 來讓他們更輕鬆、更吸引人。因此，隨著消費者花費更多時間，我們也推出了許多新的廣告機會。

So one of the things we showcase is some enhancements we're going to be making later on this year, preview them for advertising partners, specifically around our hero and Discover units, those first units you see directly on the television. We're making them more into a Swiss Army knife. So not only will they be displayed, but they'll be interactive. They'll have more video components. So great opportunity for our partners, media entertainment partners to showcase the new content they have to help drive subscribers, reduce churn and also a good way for us to increase CPMs as well.

因此，我們展示的其中一件事是我們將在今年晚些時候進行的一些改進，為廣告合作夥伴預覽它們，特別是圍繞我們的英雄和發現單元，你在電視上直接看到的第一批單元。我們正在把它們做成一把瑞士軍刀。因此，它們不僅會被展示，而且還會具有交互性。他們將有更多的視頻組件。對於我們的合作夥伴、媒體娛樂合作夥伴來說，這是一個很好的機會來展示他們必須幫助吸引訂戶、減少流失的新內容，這也是我們提高每千次展示費用的好方法。

Our next question comes from Nick Zangler of Stephens.

我們的下一個問題來自 Stephens 的 Nick Zangler。

Great quarter here. Just a few high-level questions actually this time around. The TV market obviously continues to evolve. I'm wondering what your research is telling you about consumer purchase intent for TVs? I mean are they driven by price? Is it the quality, the picture, the pixels? Are we at a point where the CTV operating system is a differentiator?

這裡很棒。這次實際上只是幾個高級問題。電視市場顯然在繼續發展。我想知道您的研究告訴您關於消費者購買電視的意圖是什麼？我的意思是他們受價格驅動嗎？是質量、圖片還是像素？我們是否處於 CTV 操作系統成為差異化因素的地步？

Just curious in your view, what are the real drivers? And will we reach a point where the CTV OS itself will be the main differentiator and primary factor for a consumer deciding to purchase the TV? Because I don't know if we're there quite yet, but maybe we can get there, but just your overall thoughts there.

在您看來只是好奇，真正的驅動因素是什麼？我們是否會達到 CTV 操作系統本身將成為消費者決定購買電視的主要差異化因素和主要因素的地步？因為我不知道我們是否已經到了那裡，但也許我們可以到達那裡，但只是你的總體想法。

Yes. Nick, this is William. Well, the answer is other things you mentioned. I truly believe a great software will make great hardware and vice versa. That's why we took an integrated approach for by controlling both hardware and software in-house, and we will continue to invest in both hardware and software innovation. Users want to see excellent picture quality as well as easy-to-use OS. We proved the business model works well and our competitors are copying our model.

是的。尼克，這是威廉。好吧，答案是你提到的其他事情。我真的相信一個偉大的軟件將成為偉大的硬件，反之亦然。這就是為什麼我們採取集成方法來控制內部硬件和軟件，我們將繼續投資於硬件和軟件創新。用戶希望看到出色的圖像質量以及易於使用的操作系統。我們證明了商業模式運作良好，我們的競爭對手正在復制我們的模式。

We've been producing quality value in TVs for the last 21 years, and consumers love for VIZIO is reflected in our high-star ratings across our various products and various different channels. So like I mentioned, over the years, we're extremely disciplined, we'll continue to focus on customer satisfaction, and we will take an extremely balanced and strategic approach to price points in order to further acquire a bigger audience.

在過去的 21 年裡，我們一直在創造電視的質量價值，消費者對 VIZIO 的喜愛反映在我們對各種產品和各種不同渠道的高星級評價上。所以就像我提到的，多年來，我們非常自律，我們將繼續關注客戶滿意度，我們將對價格點採取極其平衡和戰略性的方法，以進一步獲得更多的觀眾。

Super helpful. And then just another one here. When you take a look at VIZIO's operating expenses relative to the platform revenues that you're able to generate and maybe compare that to peers, that OpEx level is well below peers. And obviously, it's helping you drive adjusted EBITDA profitability as we continue to see.

超級有幫助。然後這裡只有另一個。當你看一下 VIZIO 的運營費用與你能夠產生的平台收入之間的關係，並可能將其與同行進行比較時，你會發現 OpEx 水平遠低於同行。顯然，正如我們繼續看到的那樣，它正在幫助您推動調整後的 EBITDA 盈利能力。

I'm wondering if you can sustain this level of efficiency and continually at the same time, meaningfully expand ARPU? Or will there come a time where VIZIO needs to step up investments in head count or R&D just to actually fund that next leg or further ARPU expansion? Maybe said another way, is your operating system missing any key components relative to peers that will require some sort of significant uptick in investment, again, across R&D or what have you?

我想知道您是否可以在保持這種效率水平的同時持續有效地擴大 ARPU？或者會不會有一天 VIZIO 需要加大對員工人數或研發的投資，只是為了實際為下一站或進一步的 ARPU 擴張提供資金？也許換句話說，您的操作系統是否缺少與同行相關的任何關鍵組件，這些組件需要某種顯著增加的投資，再次，跨研發或你有什麼？

Yes. Thanks, Nick. Yes. Look, again, as I said before, I think we pride ourselves on being very focused and disciplined on these things. Obviously, we want to generate and create an opportunity to unlock operating leverage in our model. But at the same time, it's really important that we continue to invest in the resources to drive future monetization.

是的。謝謝，尼克。是的。再一次，正如我之前所說，我認為我們以在這些事情上非常專注和自律而自豪。顯然，我們希望產生並創造機會來釋放我們模型中的運營槓桿。但與此同時，我們繼續投資資源以推動未來的貨幣化非常重要。

The delivery of opportunity is still early and going to be very, very big. This is the future of TV, and we want to make sure we're there. So I don't think it's so much as a need for a massive step function higher, but more of an evolution and a gradual increase. So when you think about our total OpEx really, most of the line items are pretty well in check. I think SG&A, because that's our people cost is a place where we do need to continue to invest. We have to attract great talent. We have to attract great engineers to fulfill this vision, this opportunity that's ahead for us.

機會的交付還為時過早，而且會非常非常大。這是電視的未來，我們希望確保我們在那裡。所以我認為這與其說是需要更高的巨大階梯函數，不如說是進化和逐漸增加。因此，當您真正考慮我們的總運營支出時，大多數訂單項都得到了很好的控制。我認為 SG&A，因為那是我們的人員成本，是我們確實需要繼續投資的地方。我們必須吸引優秀的人才。我們必須吸引優秀的工程師來實現這個願景，這個擺在我們面前的機會。

So I think you will see some increases there as they go. But again, I think the big heavy lift in terms of building out on the back of the proof of concept and really launching the company in this area. That was done a couple of years ago. Now I think it is a little bit more gradual, appropriate and prudent investment in engineering resources and capabilities.

所以我認為你會看到他們去那裡有一些增加。但同樣，我認為在概念驗證的基礎上構建並真正在該領域推出公司方面的重大提升。那是幾年前完成的。現在我覺得是對工程資源和能力的投入更加循序漸進、適度和審慎一些。

Our next question comes from Tom Champion of Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Tom Champion。

William, I understand you're still investing behind the product. But just curious what device features outside of pricing you think might drive consumption decisions here in the intermediate term? And I guess I'm partially just curious based on your experience, whether or not there's room for optimism in the second half of the year, whether or not we might see a little bit stronger demand trends in the back half just based on your experience and what you've seen in prior markets?

威廉，我知道你仍在投資產品。但只是好奇您認為定價之外的哪些設備功能可能會在中期推動這裡的消費決策？而且我想我部分只是根據你的經驗好奇，今年下半年是否有樂觀的空間，我們是否會根據你的經驗在下半年看到更強勁的需求趨勢以及您在之前的市場中看到了什麼？

And then maybe just a quick one for Mike O'Donnell. I'm looking at Slide 11 and the SmartCast, #2 most watched free ad-supported app and the bullets described there, and I see improved personalization and features, and we're well into the hype cycle of this one, but just curious to what extent maybe ML or kind of newer personalization technologies, maybe figuring into that and driving improved content consumption and discoverability? Any comments there would be interesting to hear.

然後可能只是 Mike O'Donnell 的快速發言。我正在看 Slide 11 和 SmartCast，#2 最受關注的免費廣告支持應用程序和那裡描述的項目符號，我看到改進的個性化和功能，我們已經進入了這個的炒作週期，但只是好奇ML 或某種更新的個性化技術在多大程度上可能會考慮到這一點並推動改進的內容消費和可發現性？那裡的任何評論都會很有趣。

Yes, Tom. Yes, we're investing in both hardware and software just like I mentioned earlier. And we want to drive the better picture quality, like always, and we want to have a better user experience. So we're investing a lot of money into our OS, like Michael mentioned, a little bit earlier, we're going to have a new home screen coming up. And we're going to have a better and faster streaming experience, and we've been working on that for the past few years, and we'll continue to invest in that heavily. And...

是的，湯姆。是的，正如我之前提到的，我們正在投資硬件和軟件。我們希望一如既往地推動更好的畫面質量，我們希望擁有更好的用戶體驗。所以我們在我們的操作系統上投入了大量資金，就像邁克爾早些時候提到的那樣，我們將推出一個新的主屏幕。我們將擁有更好更快的流媒體體驗，過去幾年我們一直在努力，我們將繼續大力投資。和...

Let me take the next one. So thank you for reading the deck. The -- in terms of improved personalization, I think for us -- we've added a couple of new features within WatchFree+ leveraging the data we have, right? So our best-in-class ACR first-party viewing data enables us to understand what users are watching regardless of HDMI input. So we understand what they're watching in a cable environment, in a streaming environment, what they're playing on a gaming console or if they have a secret dongle plugged in, right? So we understand the consumer journey once someone or a user enters into WatchFree+.

讓我拍下一張。所以感謝你閱讀甲板。在改進個性化方面，我認為對我們來說——我們利用我們擁有的數據在 WatchFree+ 中添加了一些新功能，對嗎？因此，無論 HDMI 輸入如何，我們一流的 ACR 第一方觀看數據使我們能夠了解用戶正在觀看的內容。因此，我們了解他們在有線環境、流媒體環境中觀看的內容、他們在遊戲機上玩的內容，或者他們是否插入了秘密加密狗，對吧？因此，我們了解某人或用戶進入 WatchFree+ 後的消費者旅程。

So we can help create more personalized experience in terms of curating recommendations that they may want to watch. We've brought in some of those functionalities as well as some other user enhancements to favor and things of that nature. In terms of kind of where that leads to for AI?

因此，我們可以在策劃他們可能想要觀看的推薦方面幫助創造更加個性化的體驗。我們已經引入了其中一些功能以及一些其他用戶增強功能，以支持和具有這種性質的東西。就人工智能的發展方向而言？

I think our ACR data actually gives us a pretty good leg up because we've already got experience in this area, right? As AI continues to evolve, the models need to be traded. And when it comes to what people are watching, we have the best data set in the entire TV space to train them. So we've been leveraging machine learning now in all our recommendation engines. And I think we believe AI will only help us enhance the consumer experience there.

我認為我們的 ACR 數據實際上為我們提供了很好的支持，因為我們已經在這方面積累了經驗，對吧？隨著 AI 的不斷發展，模型需要進行交易。當談到人們在看什麼時，我們擁有整個電視領域最好的數據集來訓練他們。所以我們現在一直在我們所有的推薦引擎中利用機器學習。而且我認為我們相信人工智能只會幫助我們提升那裡的消費者體驗。

Our next question comes from Wamsi Mohan from Bank of America.

我們的下一個問題來自美國銀行的 Wamsi Mohan。

It's Ruplu filling in for Wamsi. I had 2. First, Adam, the nonadvertising revenues grew 19% year-on-year. How much was that from data licensing versus content distribution? And when you look at 2023, what percent of your platform revenues do you think comes from data licensing this year versus last year? Do you see year-on-year growth?

是 Ruplu 代替 Wamsi。我有 2 個。首先，亞當，非廣告收入同比增長 19%。數據許可與內容分發有多少？當您展望 2023 年時，與去年相比，您認為今年平台收入中有多少來自數據許可？你看到同比增長了嗎？

And the second question I have is on device margins. So now that Roku has launched their TVs, how should we think about your device gross margins? Do you think you need to be more aggressive on pricing than you have in the past? Just your thoughts on the competitive landscape? And how should we think about device margins going forward?

我的第二個問題是關於設備利潤率。那麼既然 Roku 已經推出了他們的電視，我們應該如何考慮您的設備毛利率？您認為您需要比過去更積極地定價嗎？只是您對競爭格局的看法？我們應該如何考慮未來的設備利潤率？

Sure. Yes, no problem. Yes. So the 19% growth in nonadvertising revenue, data is the majority of that line item. So it does dictate a lot of that growth. And as I mentioned last quarter, we are now lapping on the Nielsen deal from a year ago.

當然。是沒有問題。是的。因此，非廣告收入增長 19%，數據是該行項目的大部分。所以它確實決定了很多增長。正如我在上個季度提到的那樣，我們現在正在處理一年前與尼爾森的交易。

Q1 has a partial period lap because that deal was done around mid-quarter in the last year period. So the comps were easier in the first half of the quarter than the second half of the quarter. That suggests some more -- some further moderation in the absolute growth rate of that line item. But to your question as well, the content distribution side is growing quite rapidly. It's just off a bunch of smaller base. That's going to be a function of us continuing to build out and get more people under VIZIO account, using it to subscribe, we're doing partnerships with various SVOD partners.

第一季度有一個部分週期，因為該交易是在去年的季度中期左右完成的。因此，本季度上半段的補償比本季度下半段更容易。這表明更多 - 該行項目的絕對增長率進一步放緩。但對於你的問題，內容分發方面也在迅速增長。它只是一堆較小的基地。這將是我們繼續建立並讓更多人使用 VIZIO 帳戶、使用它進行訂閱的功能，我們正在與各種 SVOD 合作夥伴建立合作夥伴關係。

We've now increased on our platform, the partners that are part of that where you can subscribe and we can monetize. It's about 1/3 of the total on the platform. And so that's a good -- continued good progress. We've done some great promotions with people like Starz, that's worked out well for them and us.

我們現在在我們的平台上增加了合作夥伴，您可以在其中訂閱並且我們可以從中獲利。約占平台總數的 1/3。所以這是一個很好的 - 持續的良好進展。我們與像 Starz 這樣的人一起做了一些很棒的促銷活動，這對他們和我們來說都很好。

And so we're very pleased with the progress we're making there. It's just off a smaller base. So the data part does represent a much larger component of it. So the 19% could moderate a bit from here, but still a very good growth source for us, and it's pretty steady and predictable. So that doesn't have sort of the volatility that might come from other revenue sources.

因此，我們對我們在那裡取得的進展感到非常滿意。它只是一個較小的基地。所以數據部分確實代表了它的一個更大的組成部分。所以 19% 可能會有所緩和，但對我們來說仍然是一個非常好的增長來源，而且它非常穩定和可預測。因此，這沒有可能來自其他收入來源的波動。

And then the question on the device side, look, I think we've said it a few different ways, which is we're going to be strategic about our pricing. We're going to look at where does it make sense to be more competitive and where does it make sense to kind of lean back when others want to be exceedingly competitive.

然後是設備方面的問題，看，我想我們已經用幾種不同的方式說過了，那就是我們將在定價方面具有戰略意義。我們將研究在哪些方面更具競爭力是有意義的，以及在其他人想要極具競爭力時向後傾斜在哪些方面是有意義的。

And so ultimately, it's about continuing to do what works for our model, having that financial discipline having a plan around it in the strategy. You saw what we did last year where we pinpointed 2 particular models, where we leaned in hard on price on those models and consumers responded incredibly well.

因此，最終，這是關於繼續做對我們的模型有用的事情，讓財務紀律在戰略中有一個圍繞它的計劃。你看到了我們去年所做的事情，我們確定了 2 個特定型號，我們在這些型號上大力依賴價格，消費者反應非常好。

Those are great models that work really well for us in our model, and so that made sense. And so we'll continue to look at the marketplace and assess competitors and where they are. Again, going back to a comment earlier on the call, if you think about -- even if you lose some money on a particular unit, that's a customer acquisition cost.

這些都是很棒的模型，在我們的模型中非常適合我們，所以這是有道理的。因此，我們將繼續關注市場並評估競爭對手及其所在位置。再一次，回到電話早些時候的評論，如果你想一想——即使你在某個特定的單位上虧了一些錢，這也是客戶獲取成本。

That's a cap to us. But with ARPU now where it is, it gives a lot more flexibility and freedom to do that. We're generating great economics once the TV goes into a home. And so that allows us to think strategically about what the right pricing level is and what the right profitability needs to be.

那是我們的上限。但隨著 ARPU 現在的位置，它提供了更多的靈活性和自由度。一旦電視進入家庭，我們就會產生巨大的經濟效益。因此，這使我們能夠從戰略上思考什麼是正確的定價水平，以及需要什麼樣的盈利能力。

Our final question for today comes from Jim Goss of Barrington Research.

我們今天的最後一個問題來自 Barrington Research 的 Jim Goss。

All right. I was thinking too about the Platforms Plus as a content hub that was a device that was attractive to differentiating our TVs as a selling point. I'm wondering if we're -- if you're getting to a point where it might switch the argument such that it would alleviate the need to go to a 0 margin on some of the TVs as you were just saying, Adam, to -- so that maybe you get some of the margin back on the device side.

好的。我也在考慮將 Platforms Plus 作為一個內容中心，它是一種很有吸引力的設備，可以讓我們的電視成為一個賣點。我想知道我們是否 - 如果你到了一個可以改變論點的地步，這樣它就可以減輕對某些電視的零利潤率的需求，就像你剛才說的那樣，亞當，到 - 這樣也許您可以在設備端獲得一些利潤。

And then a second thought, you talked about partnering with Amazon, Best Buy, Costco, Sam's Club, et cetera. I was wondering, with those special deals, is there a consistency of terms or are the unique deals to each?

然後再想一想，你談到了與亞馬遜、百思買、好市多、山姆會員店等的合作。我想知道，對於那些特別優惠，條款是否一致，或者每個條款都有獨特的優惠？

Yes, sure. On the first part, Jim, look, I mean, that would be -- what you're describing as a nice long-term aspiration. I don't think we're there yet. I think what we need to do is keep building great products, great value, keep enhancing the operating system, bring that user experience to consumers where they do start to build an affinity and want to specifically select us as their entertainment source, right, as their device.

是的，當然。在第一部分，吉姆，看，我的意思是，這將是 - 你所說的一個很好的長期願望。我認為我們還沒有。我認為我們需要做的是繼續打造偉大的產品，創造巨大的價值，不斷增強操作系統，將用戶體驗帶給消費者，他們開始建立親和力，並希望專門選擇我們作為他們的娛樂來源，對吧，作為他們的設備。

And so as you do that over time, as you've seen some players, obviously, like Apple has done that very well over the years, right? They created affinity. They created passionate users. And then there's loyalty that comes with that. And I think that long-term aspiration, absolutely, we'd love to see a product that could command margins back in device.

所以當你隨著時間的推移這樣做時，就像你看到一些玩家一樣，很明顯，就像蘋果多年來做得很好，對吧？他們創造了親和力。他們創造了熱情的用戶。然後隨之而來的是忠誠度。而且我認為，絕對是長期的願望，我們希望看到一種可以在設備中獲得利潤的產品。

For now, because we have this great dual revenue model, it allows us to kind of build towards that while still executing in a very strong way financially. And so that's where we are today. We'll see. We'll bring new features to the TV. We'll bring new experiences to it, new capabilities. That's part of the driver behind the investment in the engineering and software development I talked about earlier. So those are all building blocks towards the future that could look like what you're describing. Do you want to talk about the...

目前，由於我們擁有這種出色的雙重收入模式，它使我們能夠朝著這個方向發展，同時仍然以非常強大的財務方式執行。這就是我們今天所處的位置。我們拭目以待。我們將為電視帶來新功能。我們將為它帶來新的體驗，新的能力。這是我之前談到的工程和軟件開發投資背後的部分驅動因素。所以這些都是未來的基石，可能看起來像你所描述的那樣。你想談談...

Look, a lot of those can be fairly consistent. We value our retail relationships very deeply. We have strong relationships and long track record with many of the names you just mentioned. Some of them -- some of the club stores have expectations of different membership value and perks and things that go with that. So we have to contemplate that in terms of our overall approach. But we really value all those partners. We want to continue to make a great product for them that they can sell and generate a margin and that we benefit as well to that overall relationship. So we manage through that very effectively with those partners.

看，其中很多可以相當一致。我們非常重視我們的零售關係。我們與您剛才提到的許多名字都有牢固的關係和長期的記錄。其中一些 - 一些俱樂部商店對不同的會員價值和津貼以及隨之而來的事情有不同的期望。因此，我們必鬚根據我們的整體方法來考慮這一點。但我們真的很重視所有這些合作夥伴。我們希望繼續為他們製作出色的產品，他們可以銷售並產生利潤，我們也將從整體關係中受益。因此，我們與這些合作夥伴一起非常有效地管理了這一點。

Thanks, Jim, and thanks, everyone, for joining. This concludes today's call. Have a great evening.

謝謝 Jim，也謝謝大家的加入。今天的電話會議到此結束。祝你有個愉快的夜晚。

Thank you for joining today's call. You may now disconnect your lines.

感謝您參加今天的電話會議。您現在可以斷開線路。