(VZIO) 2023 Q2 法說會逐字稿

Good afternoon, and welcome to VIZIO's Q2 '23 earnings call.

下午好，歡迎參加 VIZIO '23 年第 2 季度財報電話會議。

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. 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.

我是投資者關係總監邁克爾·馬克斯。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 也參加了今天電話會議的問答部分。請注意，除了我們的收益發布和今天的評論之外，您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。

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 third 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.

我將向您推薦演示文稿中的第三張幻燈片，並提醒您，本次電話會議中所做的某些陳述，包括有關我們的預期第三季度業績、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陳述，涉及風險和不確定性的前瞻性陳述。這些風險和不確定性可能導致實際結果與這些前瞻性陳述存在重大差異，我們在向美國證券交易委員會提交的文件以及今天下午發布的新聞稿中對此進行了更詳細的討論。我們沒有義務修改任何聲明以反映本次電話會議後發生的變化，除非法律要求。

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 will be for Q2 '23 or as of the end of Q2 '23 as applicable, unless otherwise specified.

在電話會議中，我們還參考了非公認會計準則財務指標，包括調整後的 EBITDA 以及某些運營和財務指標。本次電話會議中討論的非公認會計準則財務信息的最具可比性的公認會計準則衡量標準的調節，以及與指導、定義和指標相關的更多信息，可以在我們網站的投資者部分的收益發布中找到。請注意，除非另有說明，今天講話中的所有季度比較都將按年進行，並且今天電話會議上報告的所有指標都將針對2023 年第二季度或截至23 年第二季度末（如果適用） 。

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.

謝謝你，邁克爾，大家好。感謝您今天加入我們。

Our Q2 results once again validate the power of our integrated hardware and software business model. Our products and services continue to resonate with consumers, content partners and advertisers alike. During the quarter, VIZIO has 4 of the best on in TV units in the U.S. market. And our sound bars continue to draw great acclaim on reviewers for their value and performance. In fact, RTINGS.com recently said VIZIO had 2 out of the 5 best sound bars under $500. Unlike the challenges many are facing in the advertising marketplace, our ad business is firing on all cylinders and our team delivered 35% growth in revenue during the quarter. This is even on the back of a 24% increase results in Q1. Through our growing presence with ad agencies, brands and content services, we are creating demand for CTV and continue to gain share within the fastest-growing part of the advertising marketplace.

我們第二季度的業績再次驗證了我們集成硬件和軟件業務模式的力量。我們的產品和服務繼續引起消費者、內容合作夥伴和廣告商等的共鳴。本季度，VIZIO 擁有美國市場上最好的 4 款電視產品。我們的條形音箱因其價值和性能而繼續贏得評論家的好評。事實上，RTINGS.com 最近表示，VIZIO 在 5 個價格低於 500 美元的最佳條形音箱中佔據了 2 個。與廣告市場中許多人面臨的挑戰不同，我們的廣告業務正在全力以赴，我們的團隊在本季度實現了 35% 的收入增長。即使在第一季度業績增長 24% 的情況下也是如此。通過與廣告代理商、品牌和內容服務的合作不斷擴大，我們正在創造對 CTV 的需求，並繼續在廣告市場增長最快的領域獲得份額。

We continue to invest in delivering improved quality with new features and innovations that drive deeper user engagement. Two more users spending more time on our platform, we are increasing scale and generating greater monetization. Our key measure of platform monetization, SmartCast ARPU grew 18% during the second quarter, surpassing $30 for the first time. Just 2 years ago, this metric was under $17. So we have come a long way in a very short time frame. I could not be prouder of our team's exceptional performance. With the right strategy, strong execution and disciplined investment framework, our team has transformed VIZIO from a hardware company into a proven and powerful CTV player that is reshaping the TV industry.

我們繼續投資通過新功能和創新來提高質量，從而推動更深入的用戶參與。又有兩個用戶在我們的平台上花費了更多的時間，我們正在擴大規模並產生更大的貨幣化。我們衡量平台貨幣化的關鍵指標 SmartCast ARPU 在第二季度增長了 18%，首次超過 30 美元。就在 2 年前，這一指標還不到 17 美元。因此，我們在很短的時間內取得了長足的進步。我對我們團隊的出色表現感到非常自豪。憑藉正確的戰略、強大的執行力和嚴格的投資框架，我們的團隊已將 VIZIO 從一家硬件公司轉變為一家經過驗證且強大的 CTV 播放器，正在重塑電視行業。

We plan to continue investing in our platform to support further SmartCast ARPU growth. While equipping content and advertising partners with compelling tools to understand audiences' taste and preferences, extend ad reach for targetability and measure efficiency. This strategy is being validated by our expanding and broadening advertising client list. While our media and entertainment partners remain a cornerstone, we have made tremendous strides in diversifying our client portfolio across major advertising categories. And big brands like General Motors, Heinz, General Mills, IKEA, Apple TV+, United Airlines, Safeway and Progressive, just to name a few. Strong user engagement is the key driver behind our successful growth in advertising revenue.

我們計劃繼續投資我們的平台，以支持 SmartCast ARPU 的進一步增長。同時為內容和廣告合作夥伴提供引人注目的工具來了解受眾的品味和偏好，擴大廣告覆蓋範圍以實現目標定位並衡量效率。我們不斷擴大的廣告客戶名單正在驗證這一策略。雖然我們的媒體和娛樂合作夥伴仍然是基石，但我們在跨主要廣告類別的客戶組合多元化方面取得了巨大進步。還有通用汽車、亨氏、通用磨坊、宜家、Apple TV+、聯合航空、西夫韋和 Progressive 等大品牌。強大的用戶參與度是我們廣告收入成功增長的關鍵驅動力。

Our asset user base of nearly 18 million continues to spend most of their time with our building operating systems, spending 56% of the total time on TV streaming content. Today, we have over 170 building streaming applications, including our own WatchFree+. Within WatchFree+, we offer users over 290 free ad-supported streaming channels and thousands of on-demand titles, spanning a wide range of genres. The power of our platform continues to be recognized by content and commerce companies alike. Let me give you a couple of examples.

我們近 1800 萬的資產用戶群繼續將大部分時間花在我們構建的操作系統上，其中 56% 的時間花在電視流媒體內容上。如今，我們擁有超過 170 個構建流媒體應用程序，包括我們自己的 WatchFree+。在 WatchFree+ 中，我們為用戶提供超過 290 個免費的廣告支持流媒體頻道和數千個點播節目，涵蓋各種類型。我們平台的力量繼續得到內容和商業公司的認可。讓我舉幾個例子。

Regarding content and audience engagement, we partnered with NBCUniversal to launch a Peacock Preview experience to WatchFree+. Through the partnership, we offered our users access to full episodes of premium NBCUniversal content for free within WatchFree+. Along with us, we introduced a new feature called content connections, which allows users to move the rightly between WatchFree+ and Peacock with just one click. This is an example of how content partners can utilize our platform to promote and target content to our audience to drive engagement back to the SVOD and TVOD services.

在內容和觀眾參與度方面，我們與 NBCUniversal 合作，在 WatchFree+ 上推出了孔雀預覽體驗。通過合作，我們為用戶提供了在 WatchFree+ 中免費觀看完整劇集的優質 NBCUniversal 內容的權限。我們與我們一起推出了一項名為“內容連接”的新功能，用戶只需單擊一下即可在 WatchFree+ 和 Peacock 之間正確切換。這是一個示例，說明內容合作夥伴如何利用我們的平台向受眾推廣和定位內容，從而推動 SVOD 和 TVOD 服務的參與度。

In terms of commerce, this past June, QVC and HSN launched their free interactive streaming shopping services on VIZIO. More recently, marketers for the Barbie movie leverage our operating assistance to drive awareness and ticket sales through unique key commerce enabled ad events hosting and 30-second interactive commercials within WatchFree+. With the continued focus on consumer experience, this past June, we rolled out a re-management design of home screen. With the new VIZIO home screen, discovering, navigating, personalization and streaming content has never been easier. And we have been thrilled to see the positive feedback we are getting from users and reviewers.

在商業方面，今年六月，QVC 和 HSN 在 VIZIO 上推出了免費的互動流媒體購物服務。最近，芭比電影的營銷人員利用我們的運營協助，通過在 WatchFree+ 內託管獨特的關鍵商務廣告活動和 30 秒互動廣告來提高知名度和門票銷售。隨著對消費者體驗的持續關注，今年6月，我們推出了主屏的重新管理設計。借助新的 VIZIO 主屏幕，發現、導航、個性化和流式傳輸內容變得前所未有的簡單。我們很高興看到用戶和評論者給予我們積極的反饋。

The new home screen also support our latest business unit, the branded content studio, a data-driven and brand-sponsored that approach to a exclusive content. We first tested our branded content studio model was premier of 3 pointers the successful strong form service sponsored by BetMGM. And I'm pleased to announce that our second series Clean Break is now available. This new series delves into the world of organization tips and tricks and is sponsored by SC Johnson.

新的主屏幕還支持我們最新的業務部門，即品牌內容工作室，這是一種數據驅動和品牌贊助的獨家內容方法。我們首先測試了我們的品牌內容工作室模型，這是由 BetMGM 贊助的成功的強大形式服務的首屈一指的 3 點。我很高興地宣布，我們的第二個系列《Clean Break》現已推出。這個新系列深入探討了組織技巧和竅門的世界，由莊臣贊助。

Turning to our device segment. We are thrilled to see consumers expand their VIZIO presence in their living room through our larger and more monetizable screens. For example, our 50-inch and 65-inch models were 2 of the top selling units in the market during the quarter. Through our data, we know that larger screen sizes tend to be the main TV in the home and show the highest engagement. Additionally, our (inaudible) business is the best way to compete the whole entertainment experience at an incredible value. As always, we picked our spots on where and when to be aggressive on pricing to support some of the best selling units in the market, and we do not see the need to play a race to the bottom game.

轉向我們的設備部分。我們很高興看到消費者通過我們更大、更具盈利能力的屏幕擴大 VIZIO 在客廳的影響力。例如，我們的 50 英寸和 65 英寸型號是本季度市場上最暢銷的兩款機型。通過我們的數據，我們知道較大的屏幕尺寸往往是家庭中的主要電視，並且表現出最高的參與度。此外，我們的（聽不清）業務是以令人難以置信的價值競爭整個娛樂體驗的最佳方式。一如既往，我們選擇在何時何地積極定價，以支持市場上一些最暢銷的產品，而且我們認為沒有必要玩“逐底競爭”遊戲。

The industry is navigating a demand-constrained environment, which has led to aggressive pricing strategies by many of our competitors. With that, we will continue to be disciplined with respect to our cost management and investments to deliver exceptional value to customers. We understand very well that price is only one consideration for consumers. As I often say, value isn't just price. We continue to focus on bringing feature-rich, great quality and reliable products to the market, along with affordable pricing and a world winning customer service.

該行業正處於需求受限的環境中，這導致我們的許多競爭對手採取了激進的定價策略。因此，我們將繼續嚴格執行成本管理和投資，為客戶提供卓越的價值。我們非常理解，價格只是消費者考慮的因素之一。正如我常說的，價值不僅僅是價格。我們繼續專注於向市場提供功能豐富、品質卓越且可靠的產品，以及實惠的價格和贏得世界認可的客戶服務。

So I hope it's very clear that at VIZIO, we are driven by a passion for improving our customers' lives and plan to continue investing in our mission to deliver the best user experience in the industry. We have come a long way, but we are just scratching the surface of what's possible. And it is exciting to see how the many years of investing in our platform is now creating so many opportunities. I want to thank our team who are helping to deliver strong advertising performance in a challenging marketplace and for achieving record SmartCast ARPU quarter-after-quarter.

因此，我希望很明顯，在 VIZIO，我們對改善客戶生活的熱情所驅動，併計劃繼續投資於我們的使命，即提供業界最佳的用戶體驗。我們已經取得了長足的進步，但我們才剛剛觸及了可能性的表面。令人興奮的是，多年來對我們平台的投資現在創造瞭如此多的機會。我要感謝我們的團隊，他們幫助我們在充滿挑戰的市場中提供了強勁的廣告業績，並實現了創紀錄的 SmartCast ARPU。

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

接下來，我將把電話轉給 Adam，以更詳細地審查我們第二季度的業績。

Thanks, William.

謝謝，威廉。

Before opening the call to questions, I will take you through our second quarter results and discuss our outlook for Q3. Our second quarter results once again demonstrated the strength of our integrated model, which allows us to compete on device sales while expanding profit margins through our rapidly growing platform businesses despite a challenging macro environment.

在開始提問之前，我將向您介紹我們第二季度的業績並討論我們對第三季度的展望。我們第二季度的業績再次證明了我們整合模式的優勢，這使我們能夠在設備銷售方面展開競爭，同時通過快速增長的平台業務擴大利潤率，儘管宏觀環境充滿挑戰。

Taken together, total company revenue came in at $394 million, down 4%. This was through a combination of lower device revenue of 15% on fewer unit volumes and lower average unit price, partially offset by higher Platform+ revenue, which grew 28% on strong advertising. Again, benefiting from the strong growth of our high-margin Platform+ revenue, total company gross profit grew 17% to $86 million. Total company gross profit margin improved by 376 basis points to a new record 21.8%. Platform+ represented a new high 36% of total revenue and 100% of consolidated gross profit dollars.

總而言之，公司總收入為 3.94 億美元，下降 4%。這是由於單位銷量減少和平均單價降低導致設備收入下降 15%，但平台+收入增加部分抵消了這一影響，平台+收入因強勁的廣告增長了 28%。同樣，受益於我們高利潤的 Platform+ 收入的強勁增長，公司總毛利潤增長了 17%，達到 8600 萬美元。公司總毛利率提高了 376 個基點，達到新紀錄的 21.8%。 Platform+ 佔總收入的 36% 和綜合毛利潤的 100% 創下新高。

Total adjusted EBITDA came in at $18 million, well ahead of our expectations thanks to an acceleration in high-margin advertising revenue, more judicious price promotions on device and lower operating expenses.

調整後的 EBITDA 總額為 1800 萬美元，遠遠超出我們的預期，這要歸功於高利潤廣告收入的加速增長、設備價格促銷更加明智以及運營費用的降低。

To provide some additional segment-level context, I will start with Platform+. Our strong Platform+ revenue growth of 28% was driven by a 35% increase in advertising revenue. As William said, our advertising businesses fired on all cylinders during the quarter, accelerating from an already strong growth rate of 24% during the first quarter. We are most pleased by the fact that we are achieving this growth despite a less-than-ideal advertising environment. It's due to our expanded presence in the marketplace, where we continue to take share of the advertising dollars within CTV, the fastest-growing segment of the market.

為了提供一些額外的段級上下文，我將從 Platform+ 開始。我們的平台+收入強勁增長 28%，這得益於廣告收入增長 35%。正如 William 所說，我們的廣告業務在本季度開足馬力，較第一季度 24% 的強勁增長率進一步加速。我們最高興的是，儘管廣告環境不太理想，但我們仍實現了這一增長。這是由於我們在市場上的影響力不斷擴大，我們繼續在 CTV（市場增長最快的部分）的廣告收入中佔有份額。

During the quarter, we expanded our direct advertising client relationships by 25%, adding 80 net new advertisers. And as the returning advertisers, they increased their spend with us by 48% versus the year-ago period. While the media and entertainment category continues to be a key advertising category for us, particularly for our home screen revenue, we remain strategically focused on expanding and diversifying our advertising clients across our video inventory. Verticals like auto, QSR, CPG and pharmaceuticals were all up significantly during the quarter. With strong demand for our advertising inventory, driving user engagements specifically within our ad-supported content such as our own WatchFree+ app remains a key lever in our growth opportunity.

本季度，我們的直接廣告客戶關係擴大了 25%，淨增加 80 個新廣告商。作為回頭客，他們在我們這裡的支出比去年同期增加了 48%。雖然媒體和娛樂類別仍然是我們的一個關鍵廣告類別，特別是對於我們的主屏幕收入而言，但我們仍然戰略性地專注於在我們的視頻庫存中擴大和多樣化我們的廣告客戶。汽車、快餐、消費品和製藥等垂直行業在本季度均大幅上漲。由於對我們的廣告庫存的強勁需求，特別是在我們的廣告支持內容（例如我們自己的 WatchFree+ 應用程序）中推動用戶參與仍然是我們增長機會的關鍵槓桿。

During the quarter, we expanded our content offering with the addition of more local broadcast channels in WatchFree+, along with an exclusive premium Preview channel from Peacock. We also added apps to our platform, including the Weather Channel, Power Nation and Wild Earth. We continue to invest in new features, functionality and user interface enhancements to drive content discovery and engagement. An example of this is our investment in our reimagined home screen, which is already paying off. Since rolling out the reimagined home screen in June, we've already seen an increase of over 20% in click-through rates on our Hero Banner and Trending Now row, which are the premium home screen ad units.

本季度，我們擴大了內容供應，在 WatchFree+ 中添加了更多本地廣播頻道，以及 Peacock 的獨家優質預覽頻道。我們還在平台上添加了應用程序，包括 Weather Channel、Power Nation 和 Wild Earth。我們繼續投資新特性、功能和用戶界面增強功能，以推動內容髮現和參與。這方面的一個例子是我們對重新設計的主屏幕的投資，這已經得到了回報。自從 6 月份推出重新設計的主屏幕以來，我們已經看到我們的 Hero Banner 和 Trending Now 行（優質主屏幕廣告單元）的點擊率增長了 20% 以上。

As we bring more content to our viewers and enhance the user experience, it translates into deeper engagement. Time spent streaming by our users increased during the quarter as measured by the outpaced growth of SmartCast Hours versus total VIZIO hours. SmartCast Hours grew 16% to 5 billion compared to a 9% increase in total VIZIO hours. This means the shift to streaming continues and is the primary way our viewers are using their TVs. Time spent on SmartCast Hours as a percent of total VIZIO hours reached an all-time new high of 56% during the quarter. Said differently, our users are spending more time streaming than on cable TV, broadcast, game consoles or attached media players combined.

隨著我們為觀眾帶來更多內容並增強用戶體驗，它會轉化為更深入的參與。從 SmartCast 小時數與 VIZIO 總小時數的增長速度相比，我們的用戶在本季度流媒體上花費的時間有所增加。 SmartCast 小時數增長了 16%，達到 50 億小時，而 VIZIO 總小時數增長了 9%。這意味著向流媒體的轉變仍在繼續，並且這是我們的觀眾使用電視的主要方式。本季度，SmartCast 時長佔 VIZIO 總時長的百分比達到 56%，創下歷史新高。換句話說，我們的用戶花在流媒體上的時間比花在有線電視、廣播、遊戲機或附加媒體播放器上的時間總和還要多。

Our non-advertising revenue within Platform+ also showed healthy growth, up 10% to $33 million. Data and content distribution revenue growth was partially offset by a decline in button revenue due to fewer TV shipments. In Q2, our SmartCast ARPU grew 18% to a new record of $30.55, surpassing $30 for the first time. With the strength of our team, our product offering and the improving quality of our user base, as seen by our engagement and monetization measures, we believe SmartCast ARPU will continue to grow. Our SmartCast active account base grew 1.5 million year-over-year to a new record 17.6 million.

我們的 Platform+ 內的非廣告收入也呈現健康增長，增長 10% 至 3300 萬美元。數據和內容分發收入的增長被電視出貨量減少導致的按鈕收入下降部分抵消。第二季度，我們的 SmartCast ARPU 增長了 18%，達到 30.55 美元的新紀錄，首次超過 30 美元。憑藉我們團隊的實力、產品供應以及用戶群質量的提高（從我們的參與度和貨幣化指標來看），我們相信 SmartCast ARPU 將繼續增長。我們的 SmartCast 活躍帳戶群同比增長 150 萬，達到新紀錄的 1760 萬。

Turning to our Device segment. Total revenue was $252 million. TV shipments declined 11% to just over $1 million in the quarter with an average unit price down 4%. The market remains highly competitive, and we are committed to our disciplined approach to our pricing strategies and focused on growing our installed base of highly engaged users.

轉向我們的設備部分。總收入為 2.52 億美元。本季度電視出貨量下降 11%，僅略高於 100 萬美元，平均單價下降 4%。市場競爭依然激烈，我們致力於嚴格執行定價策略，並專注於擴大高度活躍的用戶群。

So with that, let me now turn to what we expect for the third quarter. For Q3, we expect Platform+ revenue to come in between $153 million and $157 million, representing 21% growth at the midpoint. This range contemplates expected delays in ad spend from content partners due to the ongoing labor strikes and our outlook for continued strong trends from other ad categories. We expect Platform+ gross profit of $93 million to $96 million, representing a margin of 61% at the midpoint. And finally, we expect total company adjusted EBITDA in the range of $10 million to $15 million.

那麼現在讓我談談我們對第三季度的預期。對於第三季度，我們預計 Platform+ 收入將在 1.53 億美元至 1.57 億美元之間，中間增長率為 21%。這一範圍考慮到由於持續的勞工罷工以及我們對其他廣告類別持續強勁趨勢的展望，內容合作夥伴的廣告支出預計會出現延遲。我們預計 Platform+ 毛利潤為 9300 萬美元至 9600 萬美元，中間利潤率為 61%。最後，我們預計公司調整後 EBITDA 總額在 1000 萬美元至 1500 萬美元之間。

In closing, through our significant and thoughtful investments in technology, software and people, we have positioned VIZIO to capitalize on a number of powerful trends now playing out across the industry.

最後，通過我們對技術、軟件和人員的重大和深思熟慮的投資，我們使 VIZIO 能夠利用目前整個行業出現的許多強大趨勢。

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

接下來，讓我們開始提問。操作員？

(Operator Instructions) Your first question comes from the line of Laura Martin with Needham.

（操作員說明）您的第一個問題來自 Laura Martin 和 Needham 的線路。

I wanted to drill down into the homepage KPIs for success. You said the click-through rate went up. Are you seeing higher -- you've got really nice CPM increases here. Is that because of the home screen do-over, do you think? And other metrics that prove their success or failure of the new home screen redo in June?

我想深入研究主頁 KPI 以取得成功。你說點擊率上升了。您是否看到了更高的效果？這裡的每千次展示費用 (CPM) 增長非常可觀。您認為這是因為主屏幕的重新設計嗎？還有其他指標可以證明他們在 6 月份重做新主屏幕的成功或失敗嗎？

Laura, let me answer your question. So we've been working on a new home screen experience for over a year. First of all, I want to thank our amazing team for putting this together. So I will see design to partner, our engineering team to partnership development. So everyone at VIZIO had a big part to it. I want to thank you all. The new home screen is out, where I wish I showed that to you in person. It is more immersive and it's a lot easier to search, easier to discover new content and a lot easier to personalize and navigate. Now the preliminary response from consumer was super encouraging, like you mentioned. We see an engagement increase of over 20%, and our advertisers love it.

勞拉，讓我回答你的問題。因此，我們一年多來一直致力於新的主屏幕體驗。首先，我要感謝我們出色的團隊將其整合在一起。因此，我將看到設計到合作夥伴，我們的工程團隊到合作夥伴的發展。因此，VIZIO 的每個人都為此做出了重要貢獻。我要感謝大家。新的主屏幕已經推出，我希望親自向您展示。它更加身臨其境，更容易搜索，更容易發現新內容，更容易個性化和導航。現在，正如您提到的，消費者的初步反應非常令人鼓舞。我們看到參與度增加了 20% 以上，我們的廣告商對此很滿意。

Mike, do you care to add a little bit more for that.

邁克，你願意為此補充一點嗎？

Yes. I think you covered in terms of the experience, I think, ties directly into kind of future CPM growth, that should be contemplated. I think Laura, in terms of the timing, we rolled this out towards the end of the quarter, just coming into the start of Q3. So that shouldn't be contemplated into the Q2 numbers. That said, with this experience, as William pointed out, it's more immersive, it's more intuitive, better personalized opportunities, larger ad units, more video. We are already seeing increased demand as well as increase in CPMs for the units that we have there. So it was very good both from a consumer experience perspective, definitely a better well-received consumer experience, but also we believe will have a good impact on the business. And I think just a 20% increase in engagement, I think the number Adam shared in his opening remarks, is a good indicator of our ability to drive better performance for the partners that do advertise on the platform.

是的。我認為您所涵蓋的經驗與未來每千次展示費用的增長直接相關，這是應該考慮的。我認為勞拉，就時間安排而言，我們在本季度末推出了這一計劃，剛剛進入第三季度初。因此，不應將這一點納入第二季度的數據中。也就是說，正如威廉所指出的，這種體驗更加身臨其境、更加直觀、更好的個性化機會、更大的廣告單元、更多的視頻。我們已經看到需求的增加以及我們在那裡的單位的每千次展示費用的增加。因此，從消費者體驗的角度來看，這非常好，絕對是一種更受歡迎的消費者體驗，而且我們相信會對業務產生良好的影響。我認為，僅僅 20% 的參與度增長，我認為 Adam 在他的開場白中分享的數字，就很好地表明了我們有能力為在平台上做廣告的合作夥伴帶來更好的業績。

Awesome. And then my second and final question has to do with the 290 channels of fast you have now. Like can you -- you guys run an integrated hardware software platform. So can you talk about discovery and whether there's just too much choice at some point where consumers can't find what they want to watch because there's just overwhelming choice of these free channels?

驚人的。我的第二個問題也是最後一個問題與您現在擁有的 290 個快速通道有關。就像你們可以——你們運行一個集成的硬件軟件平台。那麼您能否談談發現以及在某些時候是否存在太多選擇，導致消費者無法找到他們想觀看的內容，因為這些免費頻道的選擇太多了？

So I think there's kind of 2 parts to that, Laura. There's one, how do we get the consumers and there's a lot of choice on the platform, and that's great. We have a lot of different content opportunities. within VIZIO itself on the SmartCast platform. So how do we get consumers into WatchFree+ and then how do we get them to find the right content they're looking for within the EPG we have within WatchFree+. So on the first part, I think this ties into your first question. We know the home screen is critical for search and discovery, right? We saw, in terms of time spent from last year to this year, a 68% increase in time spent on the home screen, just in search and discovery.

所以我認為這有兩部分，勞拉。有一件事，我們如何吸引消費者，平台上有很多選擇，這很好。我們有很多不同的內容機會。在 SmartCast 平台上的 VIZIO 本身內。那麼，我們如何讓消費者進入 WatchFree+，然後如何讓他們在 WatchFree+ 內的 EPG 中找到他們正在尋找的正確內容。所以在第一部分，我認為這與你的第一個問題有關。我們知道主屏幕對於搜索和發現至關重要，對吧？我們發現，從去年到今年，花在主屏幕上的時間（僅搜索和發現）就增加了 68%。

So our ability to leverage the data we have as well as create engaging ad units for WatchFree+ that we can use from what we consider -- what we call an editorial perspective, we can help identify what viewers like to watch and help them find that within the WatchFree+ environment. right? So if you're interested in sports, we can recommend sports channels within WatchFree+ that gives you the opportunity to click and drive directly into that. Once within WatchFree+, we've invested a lot in continuing to enhance the user experience and the user interface within there. We have a lot of different categories and different types of mini guides that help our consumers navigate through the EPG. Once they've got there to look for the content they most like to watch or we've recommended for them, we make it pretty seamless and easy for them to find other additional channels, but more importantly, other categories that they can search for throughout.

因此，我們有能力利用我們擁有的數據，為WatchFree+ 創建引人入勝的廣告單元，我們可以從我們的考慮中使用這些廣告單元——我們稱之為編輯視角，我們可以幫助確定觀眾喜歡觀看什麼，並幫助他們在其中找到這些內容。 WatchFree+ 環境。正確的？因此，如果您對體育感興趣，我們可以推薦 WatchFree+ 內的體育頻道，讓您有機會點擊並直接進入該頻道。一旦進入 WatchFree+，我們就投入了大量資金來繼續增強用戶體驗和用戶界面。我們有許多不同類別和不同類型的迷你指南，可以幫助我們的消費者瀏覽 EPG。一旦他們到達那裡尋找他們最喜歡觀看的內容或我們為他們推薦的內容，我們就可以讓他們非常無縫且輕鬆地找到其他附加頻道，但更重要的是，他們可以搜索其他類別自始至終。

And then, Laura, this is Adam. I just leaving a concept here. So as we think about WatchFree+ being a cable replacement, you think about the model is different. This is a rev share structure model. So as we source content and bring it in, if people watch it and we're able to drive engagement, we make money and the partners make money. And so it's a different dynamic than running a cable service, we are going out and paying affiliate fees to bring content into your service and then hope that people watch it, and you have an opportunity to monetize it. It's actually the reverse of that in a much more economically beneficial structure.

然後，勞拉，這是亞當。我只是在這裡留下一個概念。因此，當我們將 WatchFree+ 視為電纜替代品時，您會認為該模型是不同的。這是一個收益份額結構模型。因此，當我們採購內容並將其引入時，如果人們觀看並且我們能夠提高參與度，我們就能賺錢，合作夥伴也能賺錢。因此，這與運營有線電視服務是不同的動態，我們出去支付附屬費用，將內容引入您的服務，然後希望人們觀看它，您就有機會將其貨幣化。實際上，在經濟上更有利的結構中，情況恰恰相反。

Our next question comes from Cameron McVeigh with Morgan Stanley.

我們的下一個問題來自摩根士丹利的卡梅倫·麥克維。

Curious if you could discuss the categories of strength and weakness in ad spend that you're seeing or really if it's all strength at the moment, with 35% growth in ad spend is quite impressive in this environment? And just how your visibility is into the back half of the year?

想知道您是否可以討論您所看到的廣告支出的優勢和劣勢類別，或者目前是否真的都是優勢，在這種環境下，廣告支出 35% 的增長是相當令人印象深刻的？您對下半年的能見度如何？

Yes, I think I'll take that one. For the first half of this year, we saw Q1 start pretty slow, but ramp as the quarter went on. Q2, we saw that momentum at the end of Q1 carried through to the end of the quarter, right? So we saw 24% growth in advertising in Q1, 35% growth in Q2. And we remain very enthusiastic about our opportunity heading into the second half. We do expect some challenges on the media and entertainment side with the writer strike as it remains somewhat unclear as to when that will end, and we think those delays or we're confident those delays will impact fall premiers.

是的，我想我會接受那個。今年上半年，我們看到第一季度開始時相當緩慢，但隨著本季度的繼續而增長。第二季度，我們看到第一季度末的勢頭延續到了本季度末，對嗎？因此，我們看到第一季度的廣告增長了 24%，第二季度增長了 35%。我們仍然對進入下半年的機會充滿熱情。我們確實預計媒體和娛樂方面會因作家罷工而面臨一些挑戰，因為目前還不清楚罷工何時結束，我們認為這些延誤或我們相信這些延誤將影響秋季首映。

But when you look at that 35% advertising growth in Q2, a majority of that growth came from categories outside of media and entertainment. So we've strategically focused on expanding and diversifying the advertising clients we have. And so we continue to become less reliant on a single vertical. So we did see this past quarter verticals like automotive, QSR, pharma, they all had triple-digit growth in the quarter for us. CPG was up 80%. I think we talked about adding 80 new advertisers again this quarter, nearly all of those were from categories outside of M&E. So the team has done a great job of executing on this. And I think we're fairly confident about the back half of this year across all verticals outside of M&E, which we're just cautious about right now.

但當你觀察第二季度 35% 的廣告增長時，你會發現其中大部分增長來自媒體和娛樂以外的類別。因此，我們戰略性地專注於擴大我們擁有的廣告客戶並使之多樣化。因此，我們繼續減少對單一垂直領域的依賴。因此，我們確實看到上個季度的垂直行業，如汽車、QSR、製藥，它們在本季度都實現了三位數的增長。 CPG 上漲了 80%。我想我們討論過本季度再次增加 80 個新廣告商，幾乎所有這些廣告商都來自 M&E 以外的類別。所以團隊在這方面做得很好。我認為我們對今年下半年除媒體與娛樂之外的所有垂直領域都相當有信心，但我們現在對此持謹慎態度。

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

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

First one for William. I just wanted to get your thoughts on the longer-term evolution for hardware pricing. Curious if you think there's a point in the macro cycle where that pressure starts to abate? Or if we're just seeing more competition in the market right now that's keeping pricing tighter and profitability more challenged?

第一個是給威廉的。我只是想了解您對硬件定價長期演變的看法。好奇您是否認為宏觀週期中存在壓力開始減弱的點？或者，如果我們現在看到市場競爭加劇，導致定價更加緊張，盈利能力面臨更大挑戰？

Yes. Great question. Well, like I mentioned many times, a great value for consumer isn't just price. And during the quarter, we faced many challenges on the irrational pricing moves that was motivated by many different factors. I think sound because newcomers coming citing for the incremental CTV market share and some because of excess fiscal inventory. And as you know, the global demand on TV dropped dramatically and it was a lot of inventory out there looking for a home.

是的。很好的問題。嗯，就像我多次提到的那樣，對消費者來說，最大的價值不僅僅是價格。在本季度，我們面臨著許多由多種不同因素引發的非理性定價變動的挑戰。我認為這是合理的，因為新來者的理由是增加了 CTV 市場份額，還有一些是因為財政庫存過多。如您所知，全球電視需求急劇下降，大量庫存在尋找下家。

And so by VIZIO, we believe price is not only value we can invest in the long-term success for our shareholders and our consumers. We stay extremely disciplined and focused on investment, different TVs on a bigger TV sizes where it means the most for the most engagement for us and also maintaining the investment in critical areas such as customer satisfaction, software development and healthy margin profile for our retail partners. All those matter in the long-term success as we are increasing our ARPU. And we do see the pricing gap decreasing most recently as we see the pricing on the TV creeping up in the last few weeks.

因此，VIZIO 相信價格不僅是我們可以為股東和消費者的長期成功投資的價值。我們保持嚴格的紀律並專注於投資，不同的電視尺寸更大，這對我們來說意味著最大的參與度，同時也保持對關鍵領域的投資，例如客戶滿意度、軟件開發和零售合作夥伴的健康利潤狀況。隨著我們不斷提高 ARPU，所有這些對於長期成功都很重要。我們確實看到價格差距最近正在縮小，因為我們看到電視的價格在過去幾週內不斷上漲。

Adam, you want to add to that?

亞當，你想補充一下嗎？

Yes. So I think it's something we're going to watch pretty closely because it's going to drive how we think about some of our pricing strategies towards the back half of the year. And it depends on what our competitors are doing. As William said earlier in our prepared remarks, we don't feel the need to chase deep into a race to the bottom kind of dynamic. So we're going to be pretty disciplined. We're going to sit back. There are places where we have continued to gain share in screen sizes even without being the price leader. So I think that speaks to the strength of the brand. It speaks to the strength of the value prop, we're bringing to consumers, and we're going to use that as a part of our overall pricing as we think about strategies and what device margins should look like going forward.

是的。所以我認為這是我們將密切關注的事情，因為它將推動我們如何思考今年下半年的一些定價策略。這取決於我們的競爭對手在做什麼。正如威廉早些時候在我們準備好的發言中所說的那樣，我們認為沒有必要深入追尋逐底競爭的動態。所以我們會非常自律。我們要坐下來。在某些地方，即使我們沒有成為價格領先者，我們仍然在屏幕尺寸方面繼續獲得份額。所以我認為這說明了品牌的實力。它說明了我們為消費者帶來的價值支撐的力量，當我們考慮策略以及未來設備利潤率應該是什麼樣子時，我們將把它作為我們整體定價的一部分。

Perfect. Adam, sticking with you, just in your guide, you talked about being -- that being impacted by the labor strike. Can you just maybe expand on how you would be impacted by that?

完美的。亞當，堅持你的說法，就在你的指南中，你談到了受到勞工罷工的影響。您能否詳細說明一下您將如何受到影響？

Yes. It really goes back to the media and entertainment category being a key advertiser, particularly as we go into the fall premier launches, specifically on our home screen. And that's a place where they tend to spend nicely with us to promote their new shows. If we don't have new shows due to the labor stoppage then that money, I think, just gets pushed out. So to me, it's more of a timing dynamic than an if. Our home screen is an incredibly powerful place to promote content. It's right in the living room, where people have the highest intent to view. And our partners know that.

是的。這實際上可以追溯到媒體和娛樂類別作為主要廣告商，特別是當我們進入秋季首發時，特別是在我們的主屏幕上。他們往往會在我們這里花很多錢來宣傳他們的新節目。如果我們由於停工而沒有新的節目，那麼我認為這筆錢就會被擠出。所以對我來說，這更多的是一個時間動態而不是一個假設。我們的主屏幕是一個非常強大的內容推廣場所。它就在客廳，人們最想觀看的地方。我們的合作夥伴知道這一點。

And so we think the money comes back to us as soon as those shows are available and ready to be launched. That is -- those are also high-margin dollars. So as I think about the guide, yes, we're making great progress in expanding and diversifying our ad client base. Media and entertainment continues to be a core partner, particularly on the home screen. And so we wanted to be thoughtful about the timing of those dollars and when they'll come in. If they come in sooner, great, then we'll look forward to that. If they come in and get shipped out later, we'll have to see the timing of when that will actually come into the model.

因此，我們認為，一旦這些節目可用並準備好推出，資金就會回到我們身邊。也就是說——這些也是高利潤的美元。因此，當我思考該指南時，是的，我們在擴大廣告客戶群並使之多樣化方面取得了巨大進展。媒體和娛樂仍然是核心合作夥伴，尤其是在主屏幕上。因此，我們想要考慮這些資金的時機以及它們何時進入。如果它們能更快進入，那就太好了，那麼我們會期待這一點。如果它們進來並稍後發貨，我們將不得不看看它們實際進入模型的時間。

The next question comes from Michael Morris with Guggenheim.

下一個問題來自古根海姆的邁克爾·莫里斯。

I wanted to ask about pricing and the topic of CPM that came up earlier. You're obviously growing your active accounts and your power as well, but you're growing your revenue faster as you see in the ARPU. I know that you've been -- you've kind of referencing supply constrained in the past. So I guess my question is, is all of the difference in that stronger growth above the hours viewed coming from pricing? Or are you creating more inventory or supply even within those hours and you have a number of these new initiatives on the home screen and things like that? So if you could help us bridge how much pricing is driving the strength versus how much incremental engagement and incremental supply can be helping there? That would be my first question.

我想問一下之前提到的定價和每千次展示費用的話題。顯然，您的活躍帳戶和權力也在增長，但您的收入增長速度更快，正如您在 ARPU 中看到的那樣。我知道您曾經提到過過去的供應受到限制。所以我想我的問題是，超過觀看時間的強勁增長的所有差異是否都來自於定價？或者，即使在這些時間內，您是否仍在創建更多庫存或供應，並且主屏幕上有許多此類新舉措以及類似的內容？那麼，您是否可以幫助我們平衡定價在多大程度上推動了實力與增量參與和增量供應可以提供多少幫助？這是我的第一個問題。

Yes. I'll take that. I think there's a couple of different factors that build in. First, we have been able to generate more supply within the platform. We talked about on the home screen alone, there's 68% growth year-over-year in terms of time spent in search and discovery. That's led to a lot more impressions, not only in terms of -- for the home screen ad units, but also our ability to drive consumers into more monetizable places like our own WatchFree+. So with 18% increase in engagement year-over-year or usage of SmartCast itself, we've been able to increase the time spend in those monetizable environments. So supply has helped.

是的。我會接受的。我認為有幾個不同的因素。首先，我們能夠在平台內產生更多的供應。我們僅在主屏幕上談到，搜索和發現所花費的時間同比增長了 68%。這帶來了更多的印象，不僅是在主屏幕廣告單元方面，而且還在於我們有能力將消費者吸引到更多可盈利的地方，例如我們自己的 WatchFree+。因此，隨著 SmartCast 本身的參與度或使用量同比增加 18%，我們已經能夠增加在這些可盈利環境中花費的時間。因此供應有所幫助。

We've also invested heavily on the ad tech infrastructure side to improve our fill rates, so we've invested both in the technology itself as well as in people, continuing to increase headcount around product and engineering on this front. That's helped us not only execute better on our direct sales, but also increase and sell more through programmatic channels. And then the last piece is the CPM growth. We do have best-in-class data in the marketplace through our first-party viewing data as more dollars shift out of linear into connected TV budgets, there is more of an appetite for a digital-like buy that has helped us increase our CPMs, whether that be for that TV viewing data or for identifying things like incremental reach or leveraging the data to identify incremental reach. So that's helped our CPM growth. So I think there's a couple of different factors that have helped increase advertising revenue.

我們還在廣告技術基礎設施方面投入了大量資金，以提高我們的填充率，因此我們在技術本身和人員方面都進行了投資，繼續增加這方面的產品和工程人員數量。這不僅幫助我們更好地執行直接銷售，還幫助我們通過程序化渠道增加和銷售更多產品。最後一部分是 CPM 增長。通過我們的第一方觀看數據，我們確實擁有市場上一流的數據，隨著越來越多的資金從線性轉移到聯網電視預算，人們對數字類購買的興趣越來越大，這幫助我們提高了每千次展示費用，無論是電視觀看數據還是識別增量覆蓋範圍或利用數據來識別增量覆蓋範圍。這有助於我們每千次展示費用的增長。所以我認為有幾個不同的因素有助於增加廣告收入。

That's really helpful, Michael. I appreciate that insight. One other question I wanted to ask is about the upfront. You shared some good information about the new front on the prior call, but we haven't really heard anything. I don't believe about sort of dollar commitments. And it's been a slower marketplace overall this year. So I'm curious, your take on upfront dollars, how it would impact your business if you're giving some of those maybe unusual dynamics in the market this year?

這真的很有幫助，邁克爾。我很欣賞這種洞察力。我想問的另一個問題是關於前期的。您在之前的電話會議上分享了一些有關新戰線的好信息，但我們還沒有真正聽到任何消息。我不相信某種美元承諾。今年市場整體增速放緩。所以我很好奇，你對預付款的看法，如果你今年在市場上提供一些可能不尋常的動態，這會對你的業務產生什麼影響？

Yes. So the new fronts were very successful for us. I think we talked about it last quarter. Great show well received by both advertising agencies and brands themselves. And I think set us up very well heading into these upfront conversations. They are a little slower than they have been, but I'm pretty confident they will get closed in time to launch during the Q4 time period, which is the typical seasonality for upfronts. And in terms of the discussions on our side, I mean, we're not ready to share a dollar value. But as you know, we've really been just over 3 years in this business. So 2 years ago, in our first upfront, we did $100 million. This past year, we did $200 million, and we expect to grow that once again based on the conversations we're having heading into next year.

是的。所以新戰線對我們來說非常成功。我想我們上個季度就討論過這個問題。精彩的表演受到廣告公司和品牌本身的一致好評。我認為我們為這些預先對話做好了很好的準備。他們比以前慢了一點，但我非常有信心他們會在第四季度期間及時關閉並推出，這是預付款的典型季節性。就我們這邊的討論而言，我的意思是，我們還沒有準備好分享美元價值。但如您所知，我們從事這項業務實際上才三年多。兩年前，我們在第一筆預付款中投入了 1 億美元。去年，我們投入了 2 億美元，我們預計根據明年的對話，這一數字將再次增長。

The next question comes from Steven Cahall with Wells Fargo.

下一個問題來自富國銀行的史蒂文·卡霍爾。

Maybe first, can you talk about how different ARPU is on accounts that have younger devices versus older devices? We only see the net adds on your active accounts, but just wondering what you're seeing in gross adds and if you're able to drive an installed base that has a better setup for trying to drive ARPU and if that's one of the key drivers of some of the ARPU strength or the ad strength that you've talked about and which appears to be strong versus the peer group? And similarly, I'm wondering if you can roll out the home screen to the entire installed base or a percentage of it or if it's only available to customers with new devices?

首先，您能否談談使用較舊設備的帳戶與使用較舊設備的帳戶的 ARPU 有什麼不同？我們只看到您的活躍帳戶的淨增加量，但只是想知道您在總增加量中看到了什麼，以及您是否能夠推動擁有更好的設置來嘗試推動ARPU 的安裝基礎，以及這是否是關鍵之一您談到的 ARPU 強度或廣告強度的驅動因素是什麼？與同行相比，哪一個看起來更強？同樣，我想知道您是否可以將主屏幕推廣到整個安裝群或其中的一部分，或者是否僅適用於擁有新設備的客戶？

Yes. Steve, thanks for the question because you're touching on a really important point about the improvements we're making and the quality of our user base. I think you're seeing that in the growth in ARPU. You're seeing it in the outpaced SmartCast Hours, so streaming hours versus total time spent using the TV. So our user base is not only growing, but it's growing in the areas that's most valuable to us, meaning highly engaged around streaming. As we mentioned in the prepared remarks, 56% of time spent using our TVs is now in our streaming environment. That's a new record for us.

是的。史蒂夫，感謝您提出這個問題，因為您談到了有關我們正在做出的改進和用戶群質量的非常重要的一點。我想您已經從 ARPU 的增長中看到了這一點。您可以在 SmartCast 小時數中看到這一點，即流媒體小時數與使用電視的總時間之比。因此，我們的用戶群不僅在增長，而且在對我們最有價值的領域也在增長，這意味著對流媒體的高度參與。正如我們在準備好的評論中提到的，現在使用電視的時間中有 56% 是在流媒體環境中。這對我們來說是一個新紀錄。

If you look at SmartCast Hours per active account, this quarter was the highest since going back to Q1 of 2021. So we're back on that upward trajectory in terms of the adoption and move into streaming. That's a really powerful opportunity for us to continue to drive monetization. There is absolutely a high positive correlation between screen size and engagement. It makes sense, right? The larger the screen, it tends to be the main TV in the home. That's where you're going to be doing most of your entertainment time spend, and that's going to be really valuable for us. So we do want to be able to be competitive in those larger screens. We want to have strategies to make sure we're continuing to grow and gain share in the units that work well for our model and drive our monetization opportunities. So I think it's all coming together. You're seeing it for sure in the engagement numbers and our metrics. That sets us up from a quality standpoint to keep driving ARPU higher from here.

如果您查看每個活躍帳戶的 SmartCast 小時數，就會發現本季度是自 2021 年第一季度以來最高的。因此，我們在採用率方面又回到了上升軌道，並進入了流媒體領域。這對於我們繼續推動貨幣化來說是一個非常強大的機會。屏幕尺寸和參與度之間絕對存在高度正相關關係。這是有道理的，對吧？屏幕越大，它往往是家裡的主要電視。這就是您將花費大部分娛樂時間的地方，這對我們來說非常有價值。因此，我們確實希望能夠在更大的屏幕上具有競爭力。我們希望制定戰略，以確保我們能夠繼續發展並在適合我們的模式並推動我們的貨幣化機會的部門中獲得份額。所以我認為這一切都在一起了。您可以在參與度數字和我們的指標中看到這一點。從質量的角度來看，這使我們能夠繼續提高 ARPU。

And then just a follow-up on device. In the kind of competitive environment, how willing are you to step into a little bit more lower margin or negative margin? And maybe what's implied in the EBITDA guide for device margins for Q3?

然後只是設備上的後續操作。在這樣的競爭環境下，你願意進入稍微低一點的利潤率或者負利潤率嗎？也許第三季度設備利潤的 EBITDA 指南中暗示了什麼？

Yes. So we're going to treat the back half of the year, which tends to be a seasonally stronger period for consumers to be purchasing new TV. So it is an area that makes sense where we want to be competitive. We're still going to maintain our same discipline that we have around the right pricing strategies on the right units that we think we can really make an impact. We've seen great success in consumers responding to our offers around particular screen sizes and be able to move product. That's why even in this quarter, the competitive environment, maybe our overall shipments didn't grow year-over-year, but we did gain share. And then we had top 5 -- sorry, 4 of the top selling units in the market in the quarter. So it speaks to the strength of the brand, even when we're not the price leader on a screen size by screen size basis. So I think that's helpful to us.

是的。因此，我們將考慮下半年，這往往是消費者購買新電視的季節性旺季。因此，這是一個我們希望保持競爭力的領域。我們仍將保持我們在正確的單位上採取正確的定價策略的原則，我們認為我們可以真正產生影響。我們已經看到消費者對我們針對特定屏幕尺寸的產品做出反應並能夠移動產品取得了巨大成功。這就是為什麼即使在本季度的競爭環境下，也許我們的整體出貨量沒有同比增長，但我們確實獲得了份額。然後我們列出了前 5 名——抱歉，是本季度市場上最暢銷的 4 名單位。因此，即使我們不是各個屏幕尺寸的價格領先者，它也說明了品牌的實力。所以我認為這對我們有幫助。

As we go into the back half of the year, we obviously want to accelerate active account growth. A key way to do that is to increase sell-through, which means pushing more products off the shelf and out in the homes. So we will deploy pricing strategies that we think give us the best opportunity to achieve exactly that. And we're leaning to that where it makes the most sense.

當我們進入今年下半年時，我們顯然希望加速活躍賬戶的增長。實現這一目標的一個關鍵方法是提高銷量，這意味著將更多產品從貨架上推出並進入家庭。因此，我們將部署我們認為最有機會實現這一目標的定價策略。我們傾向於最有意義的地方。

Steven, I just realized I forgot to tie back to your home screen question on the first question. Yes, we're able to do the backwards compatibility to all of our SmartCast-enabled units in the field. So coming up with a new home screen like that and be able to deploy that out across the fleet is really great. So here's a user experience. Someone's had a TV for multiple years, and they just got a brand-new experience brought into their unit. It's a great user experience. It's great for us as well because we can deploy new features that will include engagement, monetization opportunities. All of that comes together and to be able to do that on a backward compatibility basis is really a great attribution to our software team and our overall architecture.

史蒂文，我剛剛意識到我忘記在第一個問題上聯繫到你的主屏幕問題。是的，我們能夠向後兼容現場所有支持 SmartCast 的設備。因此，想出一個像這樣的新主屏幕並能夠在整個艦隊中部署它真的很棒。所以這是一個用戶體驗。有人擁有電視多年，但他們剛剛在自己的單位中獲得了全新的體驗。這是一個很棒的用戶體驗。這對我們來說也很棒，因為我們可以部署新功能，包括參與度和盈利機會。所有這些結合在一起，並且能夠在向後兼容的基礎上做到這一點，確實是對我們的軟件團隊和整體架構的巨大貢獻。

The next question comes from Nick Zangler with Stephens.

下一個問題來自尼克·贊格勒和斯蒂芬斯。

I still want to buy pizza through my TV. But in the meantime, looking to drill down into some of these announcements made in the quarter. First, can you just talk about the recent partnership with Intuit, which seems to have built a retail media network here? Just what incremental opportunity on the advertising front is -- does the VIZIO and Intuit partnership represent? And is this just one of many potential retail media like partnerships that are to come?

我仍然想通過電視買披薩。但與此同時，希望深入了解本季度發布的一些公告。首先，您能談談最近與 Intuit 的合作嗎？ Intuit 似乎在這裡建立了零售媒體網絡？ VIZIO 和 Intuit 的合作夥伴關係代表了廣告領域的哪些增量機會？這只是即將到來的眾多潛在零售媒體（如合作夥伴）之一嗎？

Yes, Nick. Look, I think we're excited about the Intuit partnership. What that is, is Intuit's launching a small business-focused retail media network called SMB MediaLabs. It allows advertisers to target customers of QuickBooks across various media properties. VIZIO is the exclusive connected TV partner, right? So it's a very valuable data set for reaching small business and small business owners. And we think there's a high value prop being able to augment our best-in-class TV data with -- into a totality data sets. We think from an opportunity perspective, obviously, this can help us expand our partnerships with categories we already are growing like telco and travel. But we also think it helps us expand into some newer categories like fintech and workplace services. And yes, retail marketing is a rapidly growing portion of the ad market. So we're excited about this partnership, and I think there are some good opportunities for us in this space in the future.

是的，尼克。看，我認為我們對 Intuit 的合作夥伴關係感到很興奮。也就是說，Intuit 推出了一個專注於小型企業的零售媒體網絡，稱為 SMB MediaLabs。它允許廣告商跨各種媒體資產定位 QuickBooks 的客戶。 VIZIO 是獨家聯網電視合作夥伴，對嗎？因此，對於接觸小企業和小企業主來說，這是一個非常有價值的數據集。我們認為，能夠將我們一流的電視數據增強為整體數據集是一個高價值的支柱。我們從機會的角度來看，顯然，這可以幫助我們擴大與電信和旅遊等我們已經發展的類別的合作夥伴關係。但我們也認為這有助於我們擴展到一些較新的類別，例如金融科技和工作場所服務。是的，零售營銷是廣告市場中快速增長的一部分。因此，我們對這種合作夥伴關係感到很興奮，我認為未來我們在這個領域有一些很好的機會。

Got it. Helpful. And then just on the Peacock Preview experience delving a little bit deeper there. Obviously, new this quarter. I think generally, it just demonstrates yet another way the streaming services are willing to engage with you as an operating system. I guess the question is, how should we think about like monetization of these incremental relationships? And then just whether you see additional products like these being adopted by other various streaming services, just again, is yet another means of attracting viewership?

知道了。有幫助。然後就孔雀預覽體驗進行更深入的研究。顯然，本季度是新的。我認為總的來說，它只是展示了流媒體服務願意作為操作系統與您互動的另一種方式。我想問題是，我們應該如何考慮這些增量關係的貨幣化？然後，您是否看到其他各種流媒體服務採用類似的其他產品，這是否是吸引觀眾的另一種手段？

Yes. So look, I think the Peacock Preview was another exciting -- we call it another exciting partnership for us, and we actually think it could be a great model for the future. So just to give an update on what that was, we partnered with NBCU Peacock to offer episodes of their original content within our WatchFree+ app for free to our customers. So episodes of Bel-Air for instance was available for free to our consumers and programmed in a fast channel by us. Great for Peacock because it generated exposure to a new audience, added promotion off the home screen, got customers to engage and see their new content, great for us because it got additional premium content into the WatchFree+ environment. So all around, great for them, great for us, great for consumers or viewers of WatchFree+.

是的。所以看，我認為 Peacock 預覽版是另一個令人興奮的——我們稱之為另一個令人興奮的合作夥伴關係，我們實際上認為它可能是未來的一個偉大模型。因此，為了提供最新信息，我們與 NBCU Peacock 合作，在我們的 WatchFree+ 應用程序中向我們的客戶免費提供其原創內容的劇集。例如，《貝萊爾》的劇集免費提供給我們的消費者，並由我們在快速頻道中進行編程。對Peacock 來說非常好，因為它吸引了新的受眾，增加了主屏幕外的促銷，讓客戶參與並看到他們的新內容，對我們來說也很好，因為它在WatchFree+ 環境中提供了額外的優質內容。總而言之，這對他們、對我們、對 WatchFree+ 的消費者或觀眾來說都很好。

But what made it really cool, I believe, is that we added an interactive overlay to this that enabled viewers to jump or with one click directly head into Peacock to watch more episodes, subscribe and catch up on past episodes. So we add an interactive component that made it very seamless to jump between WatchFree+ and the Peacock app, right? We saw, I believe, a 14% engagement rate on that overlay itself, which was great. But to me, this is a great example, as our partners can kind of utilize our platform to promote their content in new ways and drive back to their subscription services.

但我相信，真正讓它變得很酷的是，我們添加了一個交互式疊加層，使觀眾能夠跳轉或單擊一下直接進入 Peacock 觀看更多劇集、訂閱並追看過去的劇集。因此，我們添加了一個交互式組件，使得在 WatchFree+ 和 Peacock 應用程序之間跳轉非常無縫，對吧？我相信，我們看到疊加層本身的參與率為 14%，這非常好。但對我來說，這是一個很好的例子，因為我們的合作夥伴可以利用我們的平台以新的方式推廣他們的內容，並推動他們的訂閱服務。

So from a monetization standpoint, obviously, there's great opportunities for us to continue to partner with these apps that are -- we have core relationships with and have been working with on the media and entertainment side to build out new features that can help them not only grow engagement but grow subscribers, reduce churn. And in that, it will lead to increased home screen promotion, obviously, opportunities for us to capture some of that subscription revenue and also new ways to monetize through the interactive overlay.

因此，從盈利的角度來看，顯然，我們有很大的機會繼續與這些應用程序合作，我們與媒體和娛樂方面有核心關係，並一直在合作開發新功能，幫助他們不不僅提高參與度，還增加訂閱者，減少流失。在這一點上，這將導致主屏幕推廣的增加，顯然，我們有機會獲得一些訂閱收入，以及通過交互式疊加貨幣化的新方法。

Our next question comes from Tom Champion with Piper Sandler.

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

This is Jim on for Tom. I guess first one for William. It seems like you're having a lot of success with selling some of the larger-sized TVs. Is it possible these customers are either more likely to convert to SmartCast or potentially just higher-value customers? I guess how should we think about that?

這是吉姆替湯姆發言。我想第一個是給威廉的。看來您在銷售一些大尺寸電視方面取得了很大成功。這些客戶是否更有可能轉化為 SmartCast，或者可能只是更高價值的客戶？我想我們應該如何思考這個問題？

Yes. The larger screens have the tendency to being people to the main living room versus a secondary bedroom. So people use that and engage with for streaming and everyday usage. So the engagement our -- somehow longer than the smaller sizes.

是的。較大的屏幕更容易讓人進入主客廳而不是次臥室。因此，人們使用它並參與流媒體和日常使用。因此，我們的接觸時間比較小尺寸的接觸時間要長。

Adam, you want to add some data to it?

Adam，你想添加一些數據嗎？

Yes. I mean I think as I mentioned earlier that strong correlation to the growth, what it does is it shows us what the lifetime value of that TV is. So we look very closely at how long the TV stays engaged in the home and what the streaming time spent is, we analyze this across our entire unit lineup. And so we know that those units are very valuable. Once you get a 65-inch on your wall at home, you're probably sticking with that unit for a while. And to your question, these are sophisticated consumers who are adopting and moving into streaming more and more. And so as we continue to bring more content to the platform, more ways to engage with them, more information on the home screen that allows them to interact with content and search and discover as Mike pointed out, absolutely, these are very quality households to have, and we see a lot of opportunities to drive monetization over time with them.

是的。我的意思是，我認為正如我之前提到的，與增長的密切相關性，它的作用是向我們展示電視的生命週期價值。因此，我們非常仔細地觀察電視在家裡停留的時間以及流媒體所花費的時間，我們在整個設備陣容中對此進行了分析。所以我們知道這些單位非常有價值。一旦您在家中的牆上安裝了 65 英寸的設備，您可能會繼續使用該設備一段時間。對於你的問題，這些都是經驗豐富的消費者，他們越來越多地採用並轉向流媒體。因此，隨著我們繼續為平台帶來更多內容、更多與他們互動的方式、主屏幕上的更多信息，使他們能夠與內容互動以及搜索和發現，正如邁克指出的那樣，絕對，這些都是非常優質的家庭隨著時間的推移，我們看到了很多與他們一起推動貨幣化的機會。

Yes. And during Q2, our 65-inch was the best-selling TV in the U.S.

是的。在第二季度，我們的 65 英寸電視是美國最暢銷的電視。

It was. Yes, it's a very valuable TV for us.

它是。是的，這對我們來說是非常有價值的電視。

Okay. Great. And then I guess just a follow-up on the SmartCast net adds result. Is there any seasonality we should keep in mind with 2Q? Or I guess, how should we think about the cadence of that going forward?

好的。偉大的。然後我想 SmartCast 網絡上的後續行動會增加結果。第二季度我們應該注意什麼季節性因素嗎？或者我想，我們應該如何考慮未來的節奏？

Yes. There is some seasonality. We see some seasonality around June typically. We see some seasonality even in February and that can impact the first quarter. So first half definitely had some dynamics to it. That's why as we think about the back half now, we do expect to see improvement in that metric. The growth rate of active accounts should pick up along with, as I mentioned earlier, some of our initiatives to drive more sell-through and volume around the seasonally strong period of the year for TVs. So I think we'll see that pick up. We've already seen an acceleration here in Q3. I know it's early. It's only got a month of data behind us, but we definitely saw better trends in July than we saw through most of Q2. So that's encouraging so far, but we do think it will be a seasonally stronger period for overall growth in the back half of the year versus the first half.

是的。有一定的季節性。我們通常會在六月左右看到一些季節性因素。即使在二月份，我們也看到了一些季節性因素，這可能會影響第一季度。所以上半場肯定有一些動態。這就是為什麼當我們現在考慮後半部分時，我們確實期望看到該指標的改進。正如我之前提到的，活躍賬戶的增長率應該會隨著我們在電視季節性旺季期間推動更多銷量和銷量的一些舉措而加快。所以我認為我們會看到這種情況的好轉。我們已經在第三季度看到了加速增長。我知道現在還早我們只得到了一個月的數據，但我們確實看到了 7 月份的趨勢比第二季度大部分時間要好。因此，到目前為止，這令人鼓舞，但我們確實認為，與上半年相比，今年下半年的整體增長將是季節性更強的時期。

Next question comes from 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)。

It's Ruplu filling in for Wamsi today. Adam, I had 2 questions, one on the advertising revenue and one on the non-advertising. Let me start with the non-advertising. So that grew 10% year-on-year, which was a little bit less than the 19% that you saw last quarter. When you think about these 3 buckets, data licensing, content distribution and the buttons, can you help us understand like how these 3 fare between quarters, like which of the 3 was stronger than the first quarter, which was weaker than the first quarter?

今天由 Ruplu 代替 Wamsi。 Adam，我有兩個問題，一是關於廣告收入，一是關於非廣告收入。讓我從非廣告開始。同比增長 10%，略低於上季度的 19%。當您考慮這3 個桶、數據許可、內容分發和按鈕時，您能否幫助我們了解這3 個季度之間的表現如何，比如這3 個中哪一個比第一季度強，哪一個比第一季度弱？

Sure. Yes. So 10% growth, still good double-digit growth there, I would say, but I want to remind you that it's not just the 3 components that you pointed out, I'll sort of dig into each of those. But also, this is the first full quarter of comping against the Nielsen deal that we did in the middle of Q1 last year. So 19% growth in Q1 was only a partial quarter comp against that deal from the year-ago period.

當然。是的。所以我想說，10% 的增長，仍然是不錯的兩位數增長，但我想提醒你，這不僅僅是你指出的 3 個組成部分，我會深入研究每一個組成部分。而且，這是與我們去年第一季度中期進行的尼爾森交易相比的第一個完整季度。因此，第一季度 19% 的增長只是與去年同期交易相比的部分季度業績。

Q2 now we have the full quarter comparison. So we've been indicating for a couple of quarters that we would eventually lap on that deal, and we would expect the growth rate of non-advertising to moderate a bit. We're still very bullish on the growth in our data license business. We know we have the most valuable data in the marketplace, our ACR data is really valuable to all of our partners that subscribe to that data, and we think that, that continues to have value, and we'll have renewals that allow us to price that higher as we go forward. So there will be a steady growth contribution there from the data business.

第二季度現在我們有了完整的季度比較。因此，我們在幾個季度中一直表示我們最終會接受這項交易，並且我們預計非廣告業務的增長率會略有放緩。我們仍然非常看好數據許可業務的增長。我們知道我們擁有市場上最有價值的數據，我們的 ACR 數據對於訂閱該數據的所有合作夥伴來說非常有價值，我們認為這將繼續具有價值，並且我們將進行續訂，使我們能夠隨著我們的前進，價格會更高。因此，數據業務將帶來穩定的增長貢獻。

The content distribution side is really in ramp-up mode. It's still pretty early for us there. A lot of that is tied to our growth in VIZIO accounts and consumers adding that feature and then being able to subscribe the content through that mechanism. I think we're -- and we're in the building phase there. And so I think there's certainly a runway for growth for that to continue to contribute over time. So it's another component of our overall growth.

內容分發方面確實處於加速模式。對我們來說還很早。這很大程度上與我們 VIZIO 帳戶的增長以及消費者添加該功能然後能夠通過該機制訂閱內容有關。我認為我們正處於建設階段。因此，我認為肯定有一條增長跑道，可以隨著時間的推移繼續做出貢獻。所以這是我們整體增長的另一個組成部分。

The button revenue is a nice revenue source, but it is definitely tied to our shipment volumes. So as you've seen shipment volumes come down a little bit. I think we're down about 11% in Q2. It was going to be a direct correlation to that because that's just a per unit pricing dynamic. So in periods where there's lower shipments, that is going to be a headwind to the growth for non-advertising revenue.

按鈕收入是一個很好的收入來源，但它絕對與我們的出貨量相關。正如您所看到的，出貨量略有下降。我認為第二季度我們下降了約 11%。這將與此直接相關，因為這只是單位定價的動態。因此，在出貨量較低的時期，這將成為非廣告收入增長的阻力。

Got it. For my follow-up, let me ask you on advertising revenues, so strong growth at 35% year-on-year. I think traditionally, most of your sales have come from direct sales versus open marketplace. As programmatic becomes more -- as it becomes a higher percent of overall CTV spend, do you think that mix changes? Or do you think as you gain more traction with advertisers and continue to gain market share, most of the sales will still be through direct sales? So just your thoughts on that mix of programmatic versus direct sales.

知道了。接下來，我想問一下廣告收入的情況，同比增長 35%，非常強勁。我認為傳統上，您的大部分銷售額來自直接銷售而不是開放市場。隨著程序化變得越來越多——隨著它在 CTV 總支出中所佔的比例越來越高，您認為這種組合會發生變化嗎？或者您是否認為，隨著您獲得廣告商的更多關注並繼續獲得市場份額，大部分銷售仍將通過直接銷售進行？那麼，請談談您對程序化銷售與直接銷售組合的看法。

Yes. I think generally, given where we are in the phase of building up clients and relationships and broadening with big TV brands, like some of the categories that we mentioned already, we think that the value in building those relationships through the ad agencies and with those brands directly in many cases, leans us towards more managed services or direct sales as a percent of the total. We've been trending around kind of 80-20 in terms of direct versus open marketplace programmatic.

是的。我認為，總的來說，考慮到我們正處於建立客戶和關係以及擴大與大型電視品牌的階段，就像我們已經提到的一些類別一樣，我們認為通過廣告代理商和與這些品牌建立這些關係的價值在許多情況下，品牌直接銷售使我們傾向於更多的管理服務或直接銷售佔總數的百分比。就直接與開放市場程序化而言，我們的趨勢一直在 80-20 左右。

We certainly have opportunities to adjust that mix. That's one of the beauties of our models that were pretty agile around this topic. But as we want to do deeper, bigger campaigns with big ad buyers that are looking for reach in some cases, targetability in some cases, using our first-party data. So I might want to leverage our off-platform capabilities with Household Connect, a lot of different dynamics that we can bring to them that help them achieve their goals around their campaigns, and that requires more of a higher touch managed services approach.

我們當然有機會調整這種組合。這是我們模型的優點之一，它圍繞這個主題非常靈活。但我們希望利用我們的第一方數據，與大型廣告買家開展更深入、更大規模的活動，這些買家在某些情況下尋求覆蓋面，在某些情況下尋求目標定位。因此，我可能想利用我們與 Household Connect 的平台外功能，我們可以為他們帶來許多不同的動力，幫助他們實現其營銷活動的目標，這需要更多更高層次的託管服務方法。

But Mike, do you want to add anything there?

但是邁克，你想在那裡添加什麼嗎？

Yes. I think, Adam, you touched on all the points. I would add, CPMs are also a factor. So from our standpoint, that 80-20 mix today, connected TV is still relatively new in the marketplace, right? There's this big shift out of linear dollars into streaming or connected TV, but that takes a lot of education for some of the larger advertisers who have been spending for a very long time in a linear environment. So what we found is through the direct sales or through the managed service aspect, we've been able today to generate higher CPMs. So as we continue to generate higher CPMs from our direct sales efforts, we'll continue to use programmatic somewhat of a backfill to increase fill rates and make more dollars. I think over time, we should see, as expected, over time, we should see programmatic CPMs continue to increase. And as they increase, I think we'll see that mix continue to change.

是的。我認為，亞當，你談到了所有要點。我想補充一點，每千次展示費用也是一個因素。因此，從我們的角度來看，當今 80-20 的混合電視聯網電視在市場上仍然相對較新，對嗎？從線性資金轉向流媒體或聯網電視的這一重大轉變，但這對於一些長期在線性環境中支出的大型廣告商來說需要大量的教育。因此，我們發現，通過直接銷售或託管服務方面，我們今天已經能夠產生更高的每千次展示費用。因此，隨著我們繼續通過直接銷售努力產生更高的每千次展示費用，我們將繼續使用程序化的回填方式來提高填充率並賺取更多收入。我認為隨著時間的推移，我們應該看到，正如預期的那樣，隨著時間的推移，我們應該看到程序化每千次展示費用繼續增加。隨著它們的增加，我認為我們會看到這種組合繼續發生變化。

Our next question comes from Vasily Karasyov with Cannonball Research.

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

Mike, I have one for you. You mentioned that you're taking share of advertising dollars from other CTV players and obviously, looking at the growth rate that makes sense. But can you explain to us mechanically how you think that happens and why? So you come to an advertiser and you say give us -- advertise with us. Do they just take budgets from other channels, from other connected TV platforms or AVOD services or -- and just give it to you? Or do they just give the incremental dollars to you? And if so, why? So can you just help us understand how this happens on the ground there? And what helps you achieve that?

邁克，我有一份給你。您提到您正在從其他 CTV 運營商那裡獲得廣告收入，顯然，看看增長率是有意義的。但你能機械地向我們解釋一下你認為這種情況是如何發生的以及為什麼會發生嗎？所以你找到一個廣告商並說給我們——和我們一起做廣告。他們只是從其他頻道、其他聯網電視平台或 AVOD 服務獲取預算，還是直接給你？或者他們只是把增量的錢給你？如果是這樣，為什麼？那麼你能幫助我們了解這種情況是如何發生的嗎？什麼可以幫助您實現這一目標？

Yes. So I think from our perspective, I would say we focus less necessarily on trying to take share from the rest of the marketplace. I think it's been a significantly increasing pie out there. I think this year, there's going to be $25 billion spent in connected TV. Next year, the expectation is that up to $30 billion. So what I think our team has done really well, and we look at that 80-20 in terms of direct sales, our direct sales team has done an incredible job getting out there and educating the marketplace, not only in the value of VIZIO and smart TV itself, but the value of our Inscape Data or our first-party data set.

是的。因此，我認為從我們的角度來看，我們不一定會專注於試圖從其他市場中奪取份額。我認為這是一個顯著增加的餡餅。我認為今年將在聯網電視上花費 250 億美元。明年預計將達到 300 億美元。所以我認為我們的團隊做得非常好，我們在直銷方面考慮了 80-20，我們的直銷團隊在走出去和教育市場方面做得非常出色，不僅體現在 VIZIO 的價值上，智能電視本身，而是我們的Inscape Data 或我們的第一方數據集的價值。

And that first-party data set solves problems for the customer, not only in terms of how to reach our target audiences based on viewing data, but we also have a really good story around incremental reach or how do you identify plan, target and measure against incremental reach that may have been lost in a historically linear environment. So continuing to build new tools around our data, as I mentioned, whether it be for planning, targeting, measurement and then the sales team doing a really good job executing around that story in the marketplace has helped us continue to ramp up, and I think get a very strong position in the marketplace.

第一方數據集為客戶解決了問題，不僅涉及如何根據觀看數據接觸目標受眾，而且我們還有一個關於增量覆蓋或如何確定計劃、目標和衡量標準的非常好的故事防止在歷史線性環境中可能丟失的增量覆蓋範圍。因此，正如我所提到的，繼續圍繞我們的數據構建新工具，無論是用於規劃、定位、衡量，還是銷售團隊在市場上圍繞該故事執行得非常出色，這幫助我們繼續發展，我認為在市場上獲得非常強大的地位。

Well, let me ask you a follow-up. But if you are pitching yourself as selling incremental reach, right? So that by definition puts you in a competition with the linear TV, right? So does that mean that your pricing -- an advertiser would be comparing your pricing to the linear TV option, right? So do you price yourself on par below, above? How do you think about pricing? Is pricing something that allows you to get your foot in the door? Or is it the differentiation because of the first-party data? Or what is it?

好吧，讓我問你一個後續問題。但是，如果您將自己定位為銷售增量覆蓋範圍，對吧？因此，根據定義，這會讓您與線性電視競爭，對嗎？那麼，這是否意味著您的定價——廣告商會將您的定價與線性電視選項進行比較，對吧？那麼你對自己的定價是低於還是高於？您如何看待定價？定價是否能讓你邁出第一步？還是因為第一方數據的差異化？或者它是什麼？

Yes. I think from our perspective, the differentiation is around the first-party data, which separates us from typically how someone buys linear, which is on an audience or demographic basis, right? Typically, we're adding in targeting capabilities, which is more of a digital buy that helps us get kind of increasing CPMs or typically increase CPMs in the marketplace. So we are positioning ourselves or selling ourselves on the value prop to advertisers different necessarily than broadly the linear environment. It's more of an addressable solution. So that's worked well with us.

是的。我認為從我們的角度來看，差異化在於第一方數據，這將我們與人們通常購買線性產品的方式（基於受眾或人口統計的基礎）區分開來，對吧？通常，我們會添加定位功能，這更像是一種數字購買，可以幫助我們提高每千次展示費用或通常提高市場中的每千次展示費用。因此，我們對自己的定位或將自己推銷給廣告商的價值支撐必然不同於廣泛的線性環境。它更像是一個可尋址的解決方案。所以這對我們來說效果很好。

And I think the other component of that is when we look at incremental reach, I'll give you an example, we have a product we call it True Incremental Reach in which we have been able to generate higher CPMs by leveraging the data we have, which we understand what people are watching in a cable environment, in a streaming environment as well and being able to guarantee certain levels of incremental reach. If we hit those targets, those CPMs go up. And if we don't, they go down. But we have the tools and planning tools in place to help us deliver and execute against that.

我認為另一個組成部分是當我們考慮增量覆蓋時，我給你舉個例子，我們有一個產品，我們稱之為真正的增量覆蓋，我們能夠通過利用我們擁有的數據來生成更高的每千次展示費用，我們了解人們在有線環境和流媒體環境中觀看的內容，並能夠保證一定程度的增量覆蓋。如果我們達到這些目標，每千次展示費用就會上升。如果我們不這樣做，它們就會下降。但我們擁有適當的工具和規劃工具來幫助我們實現和執行這一目標。

Yes. Vasily, it's Adam. I just want to add one idea here. We don't think about this as a sort of a zero-sum game. Obviously, CTV is expanding and the advertisers are chasing where the viewers are going. So as we continue to grow and generate more scale, there's just more capacity there. We continue to be sort of supply constrained. So as we grow our base and we grow our user base in terms of where they're spending their time and more hours of streaming in that supported content, it's an opportunity to tell advertisers, hey, we now can take your campaigns. We can bring those dollars in because we're at a bigger scale. So I think kind of where we are in terms of our maturation is an important part to think about this and the scale of the opportunity.

是的。瓦西里，是亞當。我只想在這裡添加一個想法。我們不認為這是一種零和遊戲。顯然，CTV 正在擴張，廣告商正在追逐觀眾的去向。因此，隨著我們不斷發展並產生更大的規模，那裡的容量就會更大。我們的供應仍然受到限制。因此，隨著我們的基礎不斷擴大，我們的用戶群也在不斷增長，他們在支持的內容上花費了更多的時間和時間，這是一個告訴廣告商的機會，嘿，我們現在可以接受您的廣告活動了。我們可以把這些錢帶進來，因為我們的規模更大。因此，我認為我們的成熟度是思考這個問題和機會規模的一個重要部分。

Our final question today comes from Scott Searle with ROTH.

我們今天的最後一個問題來自羅斯的斯科特·塞爾。

And maybe just to go back quickly to SmartCast net additions. It slowed the last couple of quarters. It sounds like from your comments that there are legacy devices that are churning off. I wanted to just get clarity on that front beyond seasonality, if there's something to read into it. If it's older devices churning off and newer devices are still sort of maintaining that higher attach rate and higher ARPUs that go along with it?

也許只是為了快速回到 SmartCast 網絡添加。過去幾個季度放緩了。從您的評論來看，似乎有一些舊設備正在大量生產。我只是想弄清楚季節性以外的情況，如果有什麼值得解讀的話。如果舊設備正在淘汰，而新設備仍然保持著較高的連接率和隨之而來的更高的 ARPU？

Yes, Scott. Yes, absolutely. I mean newly sold TV is still -- we see them activate after being purchased at over 90% rate. It's never been 100%. There's reasons why people will bring it home and have different use cases for it, someone can buy a TV to be a monitor or some other purpose. And so it's never been 100%, but it's still nicely over 90% and that really hasn't changed. Our installed base is getting bigger. And as it grows, if you think about -- even just to use some generic numbers, like a 1% churn number in a bigger base is going to be more quarterly or monthly of headwinds. You've got to be shipping more, selling more through, gaining more at the top of the funnel to offset that churn in the base. We have seen an environment where we have shipped fewer and sell-through rates have been a little bit lower. So the top of the funnel has not been as strong to help offset what is growth in absolute number terms in terms of the churn out of the base.

是的，斯科特。是的，一點沒錯。我的意思是新售出的電視仍然是——我們看到它們在被購買後激活率超過 90%。從來都不是100%。人們將它帶回家並有不同的用例是有原因的，有人可以購買電視作為顯示器或其他用途。所以它從來都不是 100%，但仍然遠遠超過 90%，而且這一點確實沒有改變。我們的安裝基礎正在變得越來越大。隨著它的增長，如果你想一想，即使只是使用一些通用數字，比如在更大的基數中 1% 的流失數字，每季度或每月都會遇到更多的阻力。你必須運送更多，銷售更多，在漏斗頂部獲得更多收益，以抵消底部的流失。我們已經看到了這樣的環境：我們的發貨量減少了，銷售率也稍微低了一些。因此，漏斗的頂部並沒有那麼強大，無法幫助抵消基數流失帶來的絕對數量增長。

Again, our definition of an active account includes someone who's -- the unit is connected to the Internet, and it's turned on during the month. So if it falls off the Internet for some reason that they decided to put it in a different part of the house and not use it as frequently, that will add to the churn number. And so those factors working together is what generates -- lays out our net account growth. But we are doing a number of initiatives to help improve that engagement and reengagement activity. We're doing some activities around marketing. We're working with our customer service agents as well. We're working with our engineering team to make sure we're deploying updates in a timely way that reduces friction or disruptions to consumers. So a lot of different ways we're looking to attack this and improve the net adds going forward. And I am, as I said earlier, very optimistic that the back half of the year will show stronger growth in our active account base than we saw in the first half so far.

同樣，我們對活動帳戶的定義包括該設備連接到互聯網並且在該月內打開的人。因此，如果由於某種原因它從互聯網上掉下來，他們決定將其放在房子的不同部分而不是經常使用它，這將增加流失率。因此，這些因素共同作用，就產生了我們的淨賬戶增長。但我們正在採取一些舉措來幫助改善參與和重新參與活動。我們正在圍繞營銷開展一些活動。我們也正在與我們的客戶服務代理合作。我們正在與工程團隊合作，確保及時部署更新，以減少對消費者的摩擦或乾擾。因此，我們正在尋求多種不同的方法來解決這個問題並改進未來的網絡添加。正如我之前所說，我非常樂觀地認為，今年下半年我們的活躍賬戶基礎將比上半年表現出更強勁的增長。

Okay. Very helpful. And lastly, if I could just wrap up. Your SmartCast ARPU has been growing at a good clip, although it's been coming down a little bit over the past couple of quarters. But the delta between ARPU growth and SmartCast Hours has been narrowing. And I assume part of that is related to capacity and fill rates and what you've been able to do on that front. I'm wondering what's the sustainability of ARPU growth in excess of SmartCast Hour growth, given CPMs, given things like bringing e-wall and e-commerce capabilities in. And now with the home page, new home page, does that drive an inflection and then expansion of the delta between those 2 numbers?

好的。很有幫助。最後，如果我能結束的話。您的 SmartCast ARPU 一直在快速增長，儘管在過去幾個季度有所下降。但 ARPU 增長與 SmartCast 小時數之間的差距一直在縮小。我認為其中一部分與容量和填充率以及您在這方面所做的事情有關。我想知道，考慮到每千次展示費用，考慮到引入電子牆和電子商務功能等因素，ARPU 增長超過SmartCast Hour 增長的可持續性是什麼。現在有了主頁，新的主頁，這是否會帶來變化然後擴大這兩個數字之間的增量？

Well, I think one of the factors to think about is you're drawing a correlation between time spent and ARPU. And for us, it really matters where they're spending their time. As I've said before, someone increases their quarterly hours in streaming, but it happens to be in a non-ad-supported service, that's not going to add to our ARPU. So it's incumbent upon us to make sure that we are bringing great content and great user experience into our ad-supported apps and channels where we have inventory and monetization opportunity so that every hour becomes more valuable to us in that sense so that we can actually lift that monetization and have that disconnect the other direction. So it just depends on where they're spending their time. That's an important consideration to that factor.

嗯，我認為需要考慮的因素之一是您正在繪製花費的時間和 ARPU 之間的相關性。對於我們來說，他們把時間花在哪裡真的很重要。正如我之前所說，有人增加了每季度的流媒體播放時間，但它恰好是在非廣告支持的服務中，這不會增加我們的 ARPU。因此，我們有責任確保將精彩的內容和出色的用戶體驗帶入廣告支持的應用程序和渠道，在這些應用程序和渠道中，我們擁有庫存和貨幣化機會，從這個意義上說，每一個小時對我們來說都變得更有價值，這樣我們就可以真正做到這一點。提升貨幣化並斷開另一個方向。所以這僅僅取決於他們把時間花在哪裡。這是對該因素的一個重要考慮因素。

We think there's plenty of room for upside in ARPU. We know what the marketplace is for and look at some of our peers in the market. We know what those numbers are. We've had a riot it for a long time. We've made a lot of progress in a pretty short period, as we've talked about, plenty of headroom to go for ARPU growth from here. The U.S. marketplace supports much stronger numbers than where we even are today. So we're excited about how we can execute against that and keep driving growth.

我們認為 ARPU 有很大的上升空間。我們了解市場的用途，並研究了市場上的一些同行。我們知道這些數字是多少。我們已經騷亂很久了。正如我們所討論的，我們在很短的時間內取得了很大的進步，ARPU 的增長還有很大的空間。美國市場支持的數字比我們今天要強大得多。因此，我們對如何應對這一問題並繼續推動增長感到興奮。

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

謝謝斯科特，也謝謝大家的加入。今天的電話會議到此結束。祝您度過一個美好的夜晚。

Thank you, everyone, for joining us today. You may now disconnect your lines.

謝謝大家今天加入我們。您現在可以斷開線路。