Vizio Holding Corp (VZIO) 2023 Q3 法說會逐字稿

Good afternoon, and welcome to VIZIO's Q3 '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 Mike O'Donnell, our Chief Revenue and Strategic Growth Officer.

下午好，歡迎參加 VIZIO 23 年第三季財報電話會議。我是投資者關係總監麥可‧馬克斯。今天參加討論的有我們的創辦人兼執行長 William Wang；以及我們的財務長亞當湯森（Adam Townsend）。我們的首席收入和策略成長長 Mike O'Donnell 也將參加今天電話會議的問答部分。

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.

請注意，除了我們的收益報告和今天的講話之外，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。

I will 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 fourth 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.

我將請您參閱簡報中的第三張投影片，並提醒您，本次電話會議上所做的某些陳述，包括關於我們預期的第四季度業績、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，都是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有重大差異，我們在向美國證券交易委員會提交的文件和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，我們不承擔修改任何聲明以反映本次電話會議後發生的變更的義務。

During the call, we also refer to non-GAAP financial measures, including adjusted EBITDA in 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 our quarterly comparisons and today's remarks will be made on a year-over-year basis and all metrics reported on today's call will be for Q3 '23 or as of the end of Q3 2023 as applicable, unless otherwise specified.

在電話會議中，我們也參考了非 GAAP 財務指標，包括某些營運和財務指標的調整後 EBITDA。本次電話會議中討論的非 GAAP 財務資訊與最具可比性的 GAAP 指標的對帳以及與指導、定義和指標相關的更多信息，可在我們網站的「投資者」部分中的收益報告中找到。請注意，我們的季度比較和今天的評論將以同比為基礎進行，並且今天電話會議上報告的所有指標均為 2023 年第三季或截至 2023 年第三季末的數據，除非另有說明。

Now I will turn the call over to William.

現在我將電話轉給威廉。

Thank you, Michael, and hello, everyone. Thank you for joining us today. Our third quarter results demonstrate that VIZIO's continued focus on high-quality products and innovative user experiences is driving strong gains in user engagement and platform monetization. This, in turn, is driving our continued outperformance in advertising revenue in the connected TV space. I remain exceptionally proud of our seasoned team that continues to execute well.

謝謝你，邁克爾，大家好。感謝您今天加入我們。我們的第三季業績表明，VIZIO 持續專注於高品質的產品和創新的用戶體驗，推動用戶參與度和平台貨幣化強勁成長。這反過來又推動了我們在連網電視領域的廣告收入持續表現出色。我對我們經驗豐富、持續表現優異的團隊感到非常自豪。

Despite some market uncertainty, VIZIO delivered another strong quarter with 27% growth in advertising revenue. Our growth was driven by large ad categories such as insurance, QSR, retail, and CPG. Importantly, we are delivering growth in an efficient and scalable fashion, which is reflected in VIZIO posting the third consecutive quarter of record total company gross profit margin of 22.6%.

儘管存在一些市場不確定性，VIZIO 仍表現強勁，廣告收入成長了 27%。我們的成長主要受到保險、QSR、零售和CPG等大型廣告類別的推動。重要的是，我們正在以高效和可擴展的方式實現成長，這反映在 VIZIO 連續第三個季度創下公司總毛利率 22.6% 的歷史新高。

Total company adjusted EBITDA came in above the high end of our guidance range, even as we continue to invest in expanding a multi-prong growth strategy. There's no doubt that we are seeing the fruit of these investments paying off as we have built up our platform resources across engineering, software development, and advertising tax and sales.

即使我們繼續投資擴大多管齊下的成長策略，公司調整後的總 EBITDA 仍高於我們預期範圍的高點。毫無疑問，隨著我們逐漸建立起涵蓋工程、軟體開發、廣告稅和銷售領域的平台資源，這些投資正在產生回報。

VIZIO has made tremendous progress in driving monetization. Over the past few years, we have learned much about user engagement and behavior trends, which informs us about TV lifetime value. Growth in engagement drives SmartCast ARPU, which grew 14% during the third quarter to a record $31.55. Just 2 years ago, this was under $20. So we have come a long way in a brief time. Yet, we believe there is still continued room for future growth given the strong consumer shift to streaming.

VIZIO 在推動貨幣化方面取得了巨大進展。在過去的幾年中，我們了解了很多關於用戶參與和行為趨勢的知識，這讓我們了解了電視的終身價值。參與度的成長推動了 SmartCast 的 ARPU 成長，第三季 ARPU 成長了 14%，達到創紀錄的 31.55 美元。就在兩年前，這個價格還不到 20 美元。因此我們在短時間內取得了長足的進步。然而，鑑於消費者強勁轉向串流媒體，我們相信未來仍有成長空間。

Given these monetization tailwinds, we are further refining our device strategy and emphasizing larger screen sizes, which tend to be the primary TV in the home. We expect these larger units will generate greater economic value over the long term. We have historically seen stronger engagement matters, such as streaming hours and lower churn with our larger TVs, which together drives higher ARPU. We believe that building a higher quality installed base and investing in the right SKUs rather than focusing on overall shipment volumes will best position us to drive sustainable growth and profitability over time.

鑑於這些貨幣化的順風，我們正在進一步完善我們的設備策略，並強調更大的螢幕尺寸，這往往是家庭中的主要電視。我們預計這些較大的單位將在長期內創造更大的經濟價值。從歷史上看，我們看到了更強的參與度，例如串流媒體播放時間以及大螢幕電視帶來的更低的用戶流失率，這些因素共同推動了 ARPU 的提高。我們相信，建立更高品質的安裝基礎並投資於正確的 SKU（而不是專注於整體出貨量）將使我們能夠隨著時間的推移實現可持續增長和盈利。

Additionally, over the past few years, we have been continuously retooling and enhancing our operating system to unlock further growth opportunities. Through these investments, our latest version is even faster and more responsive with the improved user-friendly experience that attracts engagement and customer satisfaction. We have also reached a phase where we believe we now have the software and experience to help other TV manufacturers within their platform solutions.

此外，在過去幾年中，我們一直在不斷調整和增強我們的作業系統，以釋放進一步的成長機會。透過這些投資，我們的最新版本速度更快、反應更快，並具有更佳的用戶友好體驗，從而吸引了參與度和客戶滿意度。我們也已經達到這樣一個階段，我們相信我們現在擁有軟體和經驗來幫助其他電視製造商提供其平台解決方案。

For the first time, we are beginning to explore potential partnership opportunities with other TV OEMs who have been looking for alternative operating system to help grow their CTV footprint in the U.S. Our deep expertise with integrated hardware and software provides distinct potential for mutually beneficial outcomes for VIZIO and future partners. This will take some time to work through the details with potential partners. But we are excited to open up this additional growth opportunity for VIZIO.

我們首次開始探索與其他電視 OEM 的潛在合作機會，這些 OEM 一直在尋找替代作業系統來幫助擴大其在美國 CTV 的影響力。這將需要一些時間來與潛在合作夥伴討論細節。但我們很高興為 VIZIO 開闢這個額外的成長機會。

Turning to our device segment. It should be no surprise to hear that TV environment has been hypercompetitive over the past quarters, which has had an impact on our market share. In the meantime, with financial discipline, we continue to focus on what we can control, which includes offering higher-quality TV at a price that deliver exceptional value to the consumers.

轉向我們的設備部分。聽到過去幾季電視環境競爭異常激烈，對我們的市場份額產生了影響，這應該不足為奇。同時，在財務紀律的限制下，我們繼續專注於我們能夠控制的事情，包括以合理的價格提供更高品質的電視，為消費者帶來卓越的價值。

We recently rolled out our own new Quantum 4K QLED in 65-inch for impressive $499 and 75-inch for $699. For that value, consumers can experience exceptional picture quality and premium gaming features. Consumers can also elevate the personal entertainment experience with one of VIZIO's premium soundbars. (inaudible) that consumers will be hard-pressed to find another Atmos enabled soundbar for under $500.

我們最近推出了自己的全新 Quantum 4K QLED，65 吋售價 499 美元，75 吋售價 699 美元。憑藉這一價值，消費者可以體驗卓越的圖像品質和優質的遊戲功能。消費者還可以使用 VIZIO 的高級條形音箱來提升個人娛樂體驗。 (聽不清楚) 消費者很難找到另一個價格低於 500 美元的支援 Atmos 的條形音箱。

And of course, this new TV collection comes with fast entertainment experiences right out of box. No download needed. Everything comes built in. Our consumer can experience the recently added ESPN app, including ESPN+ along with almost 200 other built in streaming apps, including our own WatchFree+. Within WatchFree+, we offer users over 290 free ad supported streaming channels and over 15,000 on-demand titles spanning a wide range of genres.

當然，這款新電視系列帶來了開箱即用的快速娛樂體驗。無需下載。一切都是內建的。透過 WatchFree+，我們為用戶提供超過 290 個免費廣告支援的串流頻道和超過 15,000 個涵蓋各種類型的隨選節目。

So as we look towards the future, we are excited of our new growth drivers and the opportunity we see ahead for continued growth. While VIZIO has already come a long way, I still believe we are in the early innings of what a smart TV can become. Our focus on building a quality user base through our award-winning products comes with a potential for incredible upside with the right team, the right products and the right user experience, all at the right time. I'm more excited now than ever before for VIZIO's future.

因此，展望未來，我們對新的成長動力和未來持續成長的機會感到興奮。儘管 VIZIO 已經取得了長足的進步，但我仍然相信我們仍處於智慧電視發展的早期階段。我們專注於透過我們屢獲殊榮的產品建立高品質的用戶群，透過在正確的時間擁有正確的團隊、正確的產品和正確的用戶體驗，這將帶來難以置信的成長潛力。我現在比以往任何時候都更期待 VIZIO 的未來。

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

說完這些，我將把電話轉給亞當，讓他更詳細地回顧我們第三季的業績。

Thanks, William. Before opening the call to questions, I will take you through our third quarter results and discuss our outlook for Q4. Our third quarter results demonstrate the benefits of our strategic focus on driving improvements in the quality and engagement level across our installed base. Through this focus, we are seeing steady growth across many key metrics that we use to track the usage of and engagement with our platform. I will provide more detail on these metrics in a moment.

謝謝，威廉。在開始提問之前，我將向您介紹我們第三季的業績並討論我們對第四季度的展望。我們的第三季業績證明了我們的策略重點是推動整個安裝基地的品質和參與度水準的提高所帶來的好處。透過這一重點，我們看到用於追蹤我們平台的使用情況和參與度的許多關鍵指標都在穩步增長。我稍後將提供有關這些指標的更多詳細資訊。

But first, for the quarter, total company revenue came in at $426 million, down 2%. This was through a combination of lower device revenue of 12% on lower TV unit volumes and lower average unit price. Partially offset by higher Platform+ revenue, which grew 22% on continued strength in advertising. Again, benefiting from the rapid growth in our high-margin Platform+ revenue, total company gross profit grew 20% year-over-year to $96 million. Gross profit margin expanded by 423 basis points to 22.6%. As William mentioned, this was our third consecutive quarter of record consolidated gross profit margin. Platform+ represented a new high of 37% of total revenue and over 100% of consolidated gross profit dollars.

但首先，本季公司總營收為 4.26 億美元，下降 2%。這是由於電視銷量下降、設備收入下降 12% 以及平均單價下降等因素造成的。但部分抵銷了 Platform+ 收入的增加，由於廣告業務持續強勁成長，其收入成長了 22%。同樣，受益於高利潤率 Platform+ 營收的快速成長，公司總毛利年增 20%，達到 9,600 萬美元。毛利率擴大423個基點至22.6%。正如威廉所提到的，這是我們連續第三個季度創下綜合毛利率紀錄。 Platform+ 佔總收入的 37% 和綜合毛利潤的 100% 以上，創下新高。

Total adjusted EBITDA came in at $27 million, well ahead of our expectations, benefiting from more judicious price promotion on device, capitalized software development expenses and continued growth in high-margin advertising revenue. Net income totaled $14 million, up from $2 million in the year ago period. While the retail environment has presented a number of challenges this year for many, I don't want to lose sight of the financial performance we have delivered so far this year despite these challenges.

總調整後 EBITDA 達到 2700 萬美元，遠超出我們的預期，受益於設備更明智的價格促銷、資本化的軟體開發費用以及高利潤廣告收入的持續增長。淨收入總計 1,400 萬美元，高於去年同期的 200 萬美元。儘管今年的零售環境給許多人帶來了許多挑戰，但我不想忽視我們今年迄今為止在面臨這些挑戰的情況下取得的財務表現。

Through the first 9 months, total gross profit grew 14% with a 480-basis point improvement in gross profit margin and adjusted EBITDA grew 59%. Our advertising revenue grew 28% to over $300 million for the first time ever, and total company net income improved to $15 million from a loss of $7 million for the same period a year ago.

前 9 個月，總毛利成長 14%，毛利率提高 480 個基點，調整後 EBITDA 成長 59%。我們的廣告收入首次成長28%，超過3億美元，公司總淨收入從去年同期的虧損700萬美元提高到1500萬美元。

Now to provide some additional segment level context for the third quarter specifically, I will start with Platform+. For the quarter, Platform+ revenue came in at the top end of our expected range and gross profit exceeded our outlook. This upside was due to stronger-than-expected home screen revenue, which along with the previously mentioned capitalized software expenses also helped deliver higher-than-expected gross profit margin.

現在，為了具體提供第三季的一些額外細分級別背景，我將從 Platform+ 開始。本季度，Platform+收入達到了我們預期範圍的最高值，毛利超出了我們的預期。這一增長是由於家庭螢幕收入強於預期，再加上前面提到的資本化軟體費用，也幫助實現了高於預期的毛利率。

Our strong Platform+ revenue growth of 22% was driven by a 27% increase in advertising revenue. We are particularly pleased with the continued strength of our advertising business given some of the softness being seen across the broader advertising marketplace. As we have said before, we are participating in the fastest-growing part of the advertising market and continue to take share within that market. We expanded our direct advertising relationships by 20%, adding 66 net new advertisers. And the returning advertisers increased their spend with us by 29% versus the year ago period.

我們的 Platform+ 收入實現了 22% 的強勁成長，這得益於廣告收入 27% 的成長。鑑於整個廣告市場呈現一定程度的疲軟，我們對廣告業務的持續強勁表現感到特別高興。正如我們之前所說，我們正在參與廣告市場中成長最快的部分，並繼續在該市場中佔據份額。我們將直接廣告關係擴大了 20%，新增了 66 個新廣告商。回歸的廣告商在我們這裡的支出與去年同期相比增加了 29%。

As we bring more content to our viewers and utilize enhanced personalization tools, as well as an improved search and discovery experience, we are seeing continued growth and engagement. Growth in time spent streaming outpaced all other sources on our TVs during the quarter. SmartCast hours, our proxy for streaming time, grew 21% to 5.2 billion hours compared to a 10% increase in total VIZIO hours.

隨著我們為觀眾帶來更多內容並利用增強的個人化工具以及改進的搜尋和發現體驗，我們看到了持續的成長和參與。本季度，串流媒體使用時間的成長速度超過了我們電視上所有其他來源的使用時間。 SmartCast 小時數（我們的串流時間代理）成長了 21%，達到 52 億小時，而 VIZIO 總小時數僅成長了 10%。

On a per active account basis, streaming hours totaled 290, the highest quarterly level we have seen in almost 3 years. Not surprisingly, this growth in streaming time came at the expense of linear VIZIO viewing where time spent on cable declined by 6 percentage points. So taken together, SmartCast hours as a percent of total hours during the quarter reached an all-time new high of 58%. Said differently, our users are spending more time streaming through our SmartCast operating system than watching content on cable TV, broadcast, game consoles, and attached media players combined.

以每個活躍帳戶計算，串流媒體播放總時長為 290 小時，這是近 3 年來的最高季度水準。毫不奇怪，串流媒體播放時間的成長是以犧牲 VIZIO 的線性觀看時間為代價的，因為 VIZIO 在有線電視上花費的時間減少了 6 個百分點。綜合起來，本季 SmartCast 小時數佔總小時數的百分比達到了 58% 的歷史新高。換句話說，我們的用戶透過 SmartCast 作業系統進行串流播放的時間比觀看有線電視、廣播、遊戲機和連接的媒體播放器上的內容的時間總和還要多。

Our non-advertising revenue within Platform+ also showed healthy growth, up 8% to $33 million. Data and content distribution revenue growth was partially offset by a decline in button revenue due to fewer TV shipments. In Q3, our SmartCast ARPU grew 14% to a new record of $31.55. As William mentioned, we believe our strategic focus on driving a higher quality installed base will only help accelerate this metric further.

Platform+ 內的非廣告收入也呈現健康成長，成長 8%，達到 3,300 萬美元。由於電視出貨量減少，按鈕收入下降，部分抵消了數據和內容分發收入的成長。第三季度，我們的 SmartCast ARPU 成長了 14%，達到 31.55 美元的新紀錄。正如威廉所提到的，我們相信，我們對推動更高品質安裝基礎的策略重點只會幫助進一步加速這一指標。

One way we aim to support this approach is through strategic unit pricing. Since we see about a 30% higher engagement level from larger-sized units, this is where we intend to concentrate our pricing investments going forward. Lastly, total SmartCast active accounts grew $1.3 million year-over-year to a new high of $17.9 million.

我們支持這種方法的一種方法是透過戰略單位定價。由於我們發現較大單位的參與度大約高出 30%，因此我們打算在未來將定價投資集中於此。最後，SmartCast 活躍帳戶總額年增 130 萬美元，達到 1,790 萬美元的新高度。

Turning to our Device segment. Total revenue was $270 million. TV shipments declined 8% to just over $1 million in the quarter, with our average unit price down 8% as well, compared to a 12% decline in the overall TV industry. In audio, soundbar shipments rose 19% versus the year ago period, along with an 11% increase in average unit price, aided by strong demand for our higher-end products in our lineup. With these results, we improved brand share within the sound bar category to 19.3% from 16.7% a year ago.

轉向我們的設備部分。總收入為2.7億美元。本季電視出貨量下降 8% 至 100 萬美元多一點，平均單價也下降了 8%，而整個電視行業則下降了 12%。在音響方面，由於我們產品線中高端產品的強勁需求，條形音箱的出貨量比去年同期增長了 19%，平均單價上漲了 11%。憑藉這些成果，我們將條形音箱類別中的品牌份額從一年前的 16.7% 提高到了 19.3%。

And finally, our balance sheet remains strong and highly liquid. We ended the third quarter with cash and short-term investments of $335 million and no debt.

最後，我們的資產負債表依然強勁且流動性強。截止第三季度，我們的現金和短期投資為 3.35 億美元，並且沒有債務。

So with that, let me now turn to what we expect for the fourth quarter. For Q4, we expect Platform+ revenue to come in between $162 million and $167 million, representing 20% growth at the midpoint. We expect Platform+ gross profit of $97 million to $103 million, representing a margin of 61% at the midpoint. And finally, we expect total company adjusted EBITDA in the range of $7 million to $16 million. As we head into the seasonally strong holiday season, we remain confident that we have a compelling product lineup in the market with strong channel inventory levels across the major retailers. We will focus our pricing strategies to align with sell-through of units that help to best drive our business.

因此，現在讓我來談談我們對第四季的預期。對於第四季度，我們預計 Platform+ 的營收將在 1.62 億美元至 1.67 億美元之間，中間值成長 20%。我們預計 Platform+ 的毛利為 9,700 萬美元至 1.03 億美元，中間值為 61%。最後，我們預期公司調整後的 EBITDA 在 700 萬美元至 1,600 萬美元之間。隨著我們進入季節性旺盛的假期季節，我們仍然相信，我們在市場上擁有引人注目的產品陣容，並且主要零售商的通路庫存水平強勁。我們的定價策略將重點放在那些能夠最大程度推動我們業務發展的單位銷售量。

2023 thus far has been a year of tremendous progress and execution against our strategy. We have transformed our financial profile, resulting in steady growth in customer engagement, our highest gross profit margin and record ARPU. As we look to 2024, we could not be more excited with the many opportunities we see ahead. From the potential for new revenue and active account growth through our operating system partnership initiatives, to the continued overall shift to ad-supported streaming, all the way to what is expected to be an all-time high in political spending, VIZIO is well positioned to continue to build on the investments and successes of 2023.

到目前為止，2023 年是我們在策略方面取得巨大進展和執行的一年。我們改變了財務狀況，客戶參與度穩定成長，毛利率達到最高，ARPU 創歷史新高。展望 2024 年，我們對未來的眾多機會感到無比興奮。從透過我們的作業系統合作夥伴計畫實現的新收入和活躍帳戶成長的潛力，到繼續全面轉向廣告支援的串流媒體，再到預計將創歷史新高的政治支出，VIZIO 已做好準備，繼續在 2023 年的投資和成功的基礎上再接再厲。

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

現在，我們開始提問。操作員？

(Operator Instructions). The first question comes from the line of Nick Zangler with Stephens.

（操作員指令）。第一個問題來自史蒂芬斯的尼克‧贊格勒 (Nick Zangler)。

Another solid quarter of Platform+ growth. So congrats there. Device margins, though, under incremental pressure. And I think just in general, investors are concerned about the ongoing declines in those device margins. I'm wondering at what level do you see these device margins leveling out and when that might occur? And then just for the meantime, maybe you can talk about balancing negative device margins with active account growth and your view of the lifetime value of a customer just to provide a better understanding of why you're willing to absorb negative device margins in the near term?

Platform+ 又一個季度實現穩健成長。恭喜你。然而，設備利潤率卻面臨越來越大的壓力。我認為總體而言，投資者擔心這些設備利潤率的持續下降。我想知道您認為這些設備利潤率在什麼水平上會趨於平穩，以及什麼時候會發生這種情況？然後，就目前而言，也許您可以談論平衡負設備利潤率和活躍帳戶成長以及您對客戶終身價值的看法，以便更好地理解為什麼您願意在短期內吸收負設備利潤率？

Yes, I'll take that. Thanks, Nick. It's Adam. Yes, I think it's really important what you said there at the end, frankly, when you think about how this model works and how we drive growth and overall economics over time and the lifetime value of a customer. To your point about device margins going negative in the quarter, look, we're trying to balance being competitive while also being disciplined.

是的，我接受。謝謝，尼克。是亞當。是的，坦白說，我認為你最後說的話非常重要，當你思考這個模型如何運作，以及我們如何隨著時間的推移推動成長和整體經濟以及客戶的終身價值時。關於您提到的本季設備利潤率出現負成長，我們正努力在保持競爭力和嚴守紀律之間取得平衡。

We have been operating in a very extreme, competitive environment lately, more extreme than many of this industry have been in a long time have seen. And so we want to make sure that we are competitive, but being thoughtful about how the economics of the overall business work. And that may mean foregoing some volumes in the immediate term because we don't want to chase some of the really extraordinary pricing that we've seen.

我們最近一直處於一個非常極端、競爭激烈的環境中，這種環境比這個行業許多公司長期以來所經歷的更為極端。因此，我們希望確保我們具有競爭力，但也要認真考慮整體業務的經濟運作。這可能意味著我們短期內會放棄一些交易量，因為我們不想追逐我們已經看到的一些真正異常的價格。

The way I think about it is more from a system economic standpoint because you can't really think about a device business as a stand-alone business separate and apart from our platform business. They work together. We manage them together. And all of our strategies and financial approaches take that into consideration.

我更多是從系統經濟的角度來思考這個問題，因為你不能真正將設備業務視為與平台業務分離的獨立業務。他們一起工作。我們共同管理它們。我們的所有策略和財務方法都考慮到了這一點。

If you look at just on a year-over-year basis, I think the point about our gross profit margin continuing to expand and hit actually or hold a new record for us in the quarter speaks to that point. I mean on a year-over-year basis, device gross profit margin came down about 160 basis points, but we expanded total company gross profit margin by over 400 basis points. So it's working together. We think that's the right approach.

如果僅從同比來看，我認為我們的毛利率持續擴大並在本季度創下或保持新紀錄就說明了這一點。我的意思是，與去年同期相比，設備毛利率下降了約 160 個基點，但我們將公司整體毛利率提高了 400 多個基點。所以這是一起工作的。我們認為這是正確的方法。

We want to focus on driving quality accounts that are going to be highly engaged. The right units for our model will drive increased profitability and economics. We're now approaching a $30 -- $32 ARPU on this population with a 60% gross margin. So when you think about a lifetime value, which was a part of your question, these highly engaged units tend to be with us for 6-plus years. And so if you run those economics out over time, a small upfront customer acquisition cost makes a lot of sense, and it's definitely going to generate a positive ROI over time.

我們希望集中精力吸引那些參與度高的優質帳戶。適合我們模型的單位將提高獲利能力和經濟效益。目前，我們在該族群中的 ARPU 接近 30 至 32 美元，毛利率為 60%。因此，當您考慮終身價值（這是您問題的一部分）時，這些高度參與的單位往往會與我們合作 6 年以上。因此，如果您隨著時間的推移計算這些經濟學，那麼少量的前期客戶獲取成本就非常有意義，並且肯定會隨著時間的推移產生積極的投資回報率。

So we're comfortable with it. We think it's the right structure. Now that we've scaled up and grown our platform business, we can deploy this in the numbers work for us.

因此我們對此感到滿意。我們認為這是正確的結構。現在我們已經擴大並發展了我們的平台業務，我們可以根據數位需求來部署它。

Understood. And then you mentioned your willingness to explore partnerships with other TV OEMs and the possibility of licensing the SmartCast OS to, I guess, competing TV OEMs in the marketplace. You guys have always been so adamant about the unique combination of VIZIO hardware for -- and VIZIO software. This obviously seems to represent a strategic shift. So question is, what has changed and why now?

明白了。然後您提到願意探索與其他電視 OEM 的合作夥伴關係，以及將 SmartCast OS 授權給市場上的競爭電視 OEM 的可能性。你們一直堅持 VIZIO 硬體和 VIZIO 軟體的獨特組合。這顯然代表著戰略轉變。那麼問題是，發生了什麼變化以及為什麼現在發生了變化？

Yes, Nick, this is William. I'll take that question. I continue to be a firm believer in the integrated experience. And consumers continue to show their preference in a great all-in-one smart TV. You can see that to the decline of dongles on similar players. In my view, the best way to provide an exceptional user experience is to prioritize equal importance on hardware and software and make them work together seamlessly to give consumers the best possible experience.

是的，尼克，這是威廉。我來回答這個問題。我始終堅信綜合經驗。消費者繼續表現出對一體化智慧電視的偏好。您可以看到類似播放器上的加密狗數量正在減少。在我看來，提供卓越使用者體驗的最佳方式是同等重視硬體和軟體，並使它們無縫協作，為消費者提供最佳體驗。

As you know, over the past several years, we have been investing heavily in our platform and our people to deliver great products, great user experience. But as important we need to create a highly monetized flow and more flexible operating system, SmartCast. When most people think about a TV operating system, they also only think about how you support streaming apps like Disney+ or Netflix. But it's so much more than that, especially when it's designed for integration with hardware in mind.

如您所知，過去幾年來，我們一直在大力投資我們的平台和員工，以提供優質的產品和出色的用戶體驗。但同樣重要的是，我們需要創建一個高度貨幣化的流程和更靈活的作業系統，SmartCast。當大多數人考慮電視作業系統時，他們也只會考慮如何支援 Disney+ 或 Netflix 等串流應用程式。但它的作用遠不止於此，特別是當它是為與硬體整合而設計的。

Our software not only support great streaming experiences, but actually works directly with the hardware to make the hardware itself perform even better. One way this is done is to picture quality enhancements through our internal own software capability, we will be able to work with the best OEMs in the world and the best component manufacturers in the world to push the boundaries of the final product. This means better contrast ratio, better black level, better color accuracy, better audio, just to name a few.

我們的軟體不僅支援出色的串流體驗，而且實際上可以直接與硬體配合使用，使硬體本身的效能更加出色。實現這一目標的一種方法是透過我們內部自己的軟體功能來增強影像質量，我們將能夠與世界上最好的 OEM 和世界上最好的零件製造商合作，突破最終產品的界限。這意味著更好的對比度、更好的黑色水平、更好的色彩準確度、更好的音頻，僅舉幾例。

At the rate we are now to control the living room (inaudible) we see a great opportunity emerging in the market where certain highly value-added OEMs are looking for deeper partnership, not simply a (inaudible) or a Window OS partnership. They want a partner that has resource or the know-how to help their product perform better at delivering improved experience. And they want a partner who can help them build better products, but not just giving up quality and rates to the bottom on price, which in long term, we all know it's unsustainable.

按照我們現在控制客廳的速度（聽不清楚），我們看到市場上出現了一個巨大的機遇，某些高附加價值的 OEM 正在尋求更深層的合作，而不僅僅是（聽不清楚）或 Windows OS 合作。他們希望有一個擁有資源或專業知識的合作夥伴來幫助他們的產品表現得更好，提供更好的體驗。他們希望能找到能夠幫助他們打造更好產品的合作夥伴，而不是僅僅為了壓低價格而犧牲品質和價格，因為從長遠來看，我們都知道這是不可持續的。

Most importantly, we believe we can create mutually better professional partnership, which we believe is not available in the market today. So as I mentioned earlier, well, we are already in early discussions, and this will take some time to come together, but we are very optimistic of the potential this can bring to leverage the investment, we have really made to expand our platform penetration and further scale our advertising business.

最重要的是，我們相信我們可以建立更好的專業合作關係，而我們認為這在當今市場上是不存在的。正如我之前提到的，我們已經處於早期討論中，這需要一些時間才能完成，但我們對這可以帶來的投資潛力非常樂觀，我們確實已經擴大了我們的平台滲透率並進一步擴大了我們的廣告業務。

We will take our next question from Laura Martin with Needham.

我們將回答來自 Needham 的 Laura Martin 的下一個問題。

I have 2. One is I'm really intrigued by the last bullet point of your press release that says you're the exclusive CTV partner of Intuit SMB Media Labs, which unlock new TAM of B2B budgets a new wave of retail media network partnerships for VIZIO. I would really like to learn more about that.

我有 2 個。我真的很想了解更多關於這方面的資訊。

And then, Adam, for you, this EBITDA, you way overdelivered. You doubled the EBITDA number versus our estimates in the quarter, you just announced the third quarter, so up 60% year-over-year. But your guidance for the fourth quarter has the EBITDA down in the high end, down 20% year-over-year. So was there something unique that won't be recurring as before? Or are you guys going to take a bath on the TV device pricing, which is going to wipe out the EBITDA and make it be lower in 4Q? What's going on between the 60% growth in EBITDA in 3Q versus EBITDA down year-over-year in Q4 guidance?

然後，亞當，對你來說，這個 EBITDA，你超額完成了。與我們的季度估計相比，你們的 EBITDA 數字增加了一倍，你們剛剛宣布了第三季的數據，因此比去年同期成長了 60%。但您對第四季的預期是 EBITDA 處於下降趨勢，年減 20%。那麼是否存在一些獨特的東西，不會像以前那樣重複出現呢？或者你們打算大幅降低電視設備定價，從而抹去 EBITDA，並使其在第四季度變得更低？第三季 EBITDA 成長 60% 與第四季 EBITDA 年減之間有什麼關係？

Yes, I'll start. Thanks, Laura. It's Mike. I think we shared a little bit about this last quarter. But Intuit is launching a small business-focused retail media network. It's called SMB Media Labs. This allows advertisers to target customers, a QuickBooks, across kind of various media properties. VIZIO is the exclusive connected TV partner of that, right? It's really valuable data for us to reach small businesses. We can augment kind of our best-in-class TV data with Intuit's high-fidelity data sets.

是的，我先開始了。謝謝，勞拉。是麥克。我想我們在上個季度已經分享了一些關於這一點的內容。但 Intuit 正在推出一個以小型企業為中心的零售媒體網路。它被稱為 SMB 媒體實驗室。這使得廣告主能夠透過各種媒體資源定位客戶和 QuickBooks。 VIZIO 是其獨家連網電視合作夥伴，對嗎？對於我們接觸小型企業來說，這確實是很有價值的數據。我們可以利用 Intuit 的高傳真資料集來增強我們一流的電視資料。

This should continue to help us expand our partnerships in telco, in travel as well as newer categories, potentially like fintech and workplace services. I think also partnering with Intuit helps put us into retail marketing discussions, which, as you know, is a rapidly growing portion of the ad market. So we're pretty excited to be an exclusive partner with them.

這應該會繼續幫助我們擴大在電信、旅遊以及金融科技和工作場所服務等新領域的合作夥伴關係。我認為與 Intuit 的合作也有助於我們參與零售行銷討論，正如你所知，這是廣告市場中快速成長的一部分。因此，我們非常高興能成為他們的獨家合作夥伴。

Laura, it's Adam. And on the EBITDA side, there are a couple of things in the quarter to think about for this quarter. I mean, yes, I'm glad that we over delivered and it came in certainly ahead of our expectations, which is a good thing.

蘿拉，我是亞當。就 EBITDA 方面而言，本季有幾件事需要考慮。我的意思是，是的，我很高興我們超額完成了任務，而且遠遠超出了我們的預期，這是一件好事。

To your question about nonrecurring, I did comment about the benefit from capitalized software development costs. That was something that came up during the quarter. It was about $3 million of benefit to the quarter, and that will not repeat sort of going forward. That's one consideration.

對於您關於非經常性費用的問題，我確實評論了資本化軟體開發成本的好處。這是本季出現的問題。本季的收益約為 300 萬美元，並且這種情況今後不會再發生。這是一個考慮。

For the quarter in general, we're really pleased with the advertising strength and particularly the strength on the home screen. We were bracing with the -- what challenges in the media entertainment space, we guided pretty conservatively making sure that we would capture the fact that those strikes are still underway.

總體而言，就本季而言，我們對廣告實力，尤其是主螢幕的實力感到非常滿意。我們正在應對媒體娛樂領域面臨的挑戰，我們採取了相當保守的指導方針，確保我們能夠掌握這些罷工仍在進行的事實。

And while some of those are resolved, there's still a lot of hesitation in the market. There's still -- the active strike could still be going on until just this week. And we were really pleased with the demand that still came in. And so that came in at a higher -- that comes in at a much higher margin. And so that helped bolster if you look at the Platform+ margin, particularly, you see higher than we would have normally thought or higher within our guidance range expectation there.

雖然一些問題已經解決，但市場仍然存在許多猶豫。積極的罷工可能仍會持續到本週。我們對仍有需求感到非常高興。因此，如果您查看 Platform+ 利潤率，您會發現這有助於增強利潤率，具體而言，您會看到該利潤率高於我們通常認為的利潤率，或高於我們的指導範圍預期。

For Q4, Q4 is definitely -- it's a higher promotion type of period. It is the holiday season, right? We've got a number of very attractive pricing doubt in the market to be competitive during the seasonally strong period for consumers. So that's part of it. That's what's in our expectation around the guidance, and that's why you see it on a down basis because it is a higher promotion period, we will be leaning into that. It's a great time to be driving growth in active accounts around the holidays and the usual consumer demand that picks up at that time. So we try to factor all of that in.

對於第四季來說，第四季肯定是一個更高促銷類型的時期。現在是假期吧？在消費者旺季期間，我們毫無疑問地在市場上推出了一系列極具吸引力的定價方案以保持競爭力。這就是其中的一部分。這就是我們對指引的預期，這也是為什麼你會看到它下降，因為這是一個更高的促銷期，我們將傾向於此。在假日和通常的消費需求回升期間，這是一個推動活躍帳戶成長的好時機。因此我們嘗試將所有這些都考慮進去。

We will take our next question from Ben Swinburne with Morgan Stanley.

下一個問題來自摩根士丹利的 Ben Swinburne。

Two questions. One, any help thinking about how the upfront went and how that might be impacting the fourth quarter advertising outlook into next year? And then secondly, I think, Adam, you mentioned you guys are targeting larger screen formats going forward given the higher engagement. I think I heard that right. If that's true, what are the sort of financial implications of that in terms of either investment levels or your relationships with retailers and shop space, the competitive dynamics at that higher end? Anything you can share to help us think about what that means would be helpful.

兩個問題。首先，您能幫我想想預付款的進度嗎？其次，亞當，我想你提到過，考慮到更高的參與度，你們未來的目標是更大的螢幕格式。我想我聽得沒錯。如果是這樣，那麼從投資水準、與零售商和店鋪空間的關係，以及高端競爭動態等方面來看，這會有什麼樣的財務影響呢？如果您能分享任何有助於我們思考這意味著什麼的訊息，那將是有幫助的。

Yes, this is Mike. I'll take the upfront question. I think that, as you know, upfront have been kind of slow for everyone. But from our standpoint, we're up year-over-year already today in terms of commitments. I think we've seen increased commitments in categories like CPG, QSR, [pharma] and while I would say some of the larger upfront market has slowed this year, that kind of put us in a much better position of strength, thanks to our first-party data solutions, especially in the scatter market.

是的，這是麥克。我將回答這個前面的問題。我認為，如你所知，對每個人來說，前期進展都比較緩慢。但從我們的角度來看，我們今天的承諾已經比去年同期增加。我認為我們在 CPG、QSR、[製藥] 等類別中看到了承諾的增加，儘管我認為一些較大的預付市場今年已經放緩，但由於我們的第一方數據解決方案，尤其是在分散市場，這使我們處於更有利的地位。

So while we are up year-over-year on the upfronts, we're seeing the scatter market is really strong right now. We talked about having 66 new advertisers this past quarter. A majority of those came for scatter. So our goal is always to ensure we have kind of a healthy baseline of committed dollars coming out of the upfront cycle. And we can close healthy upfronts with major agencies and brand partners and then still kind of grow our scatter dollars throughout -- over the course of the year, adding more of these net new brands to our platform.

因此，雖然我們的預付款同比增長，但我們看到分散市場現在非常強勁。我們談到上個季度有 66 個新廣告商。其中大多數都是為了分散注意力而來。因此，我們的目標始終是確保我們在前期週期中擁有一定健康的承諾資金基準。我們可以與主要代理商和品牌合作夥伴達成健康的預付款協議，然後在全年內繼續增加我們的分散資金，將更多的新品牌添加到我們的平台上。

So our expectation is, heading into next year, is that we will grow the upfront and with that healthy baseline, and we expect to grow significantly as we improve even more and more in the scatter market.

因此，我們預計，進入明年，我們將在健康的基礎上實現前期成長，並且隨著我們在分散市場中的不斷改進，我們預計還將實現顯著成長。

Yes, Ben, on the other question, we really like that larger screen size part of the market. I mean, our data supports the higher engagement and therefore, the longer and better higher customer lifetime value of those units. There's no doubt, as I mentioned, that if you look at our metrics, we're starting to see already some of the improvement in the quality and engagement metrics by the outpacing growth in streaming. Larger units, which tend to be the main screen in the home, are going to significantly outperform in terms of time spend streaming, which gives us a better opportunity to serve more ads and monetize home screen engagement and over -- and drive overall ARPU.

是的，本，關於另一個問題，我們真的很喜歡市場上更大螢幕尺寸的部分。我的意思是，我們的數據支援更高的參與度，因此這些單位的客戶生命週期價值更長、更好。毫無疑問，正如我所提到的那樣，如果你看看我們的指標，我們已經開始看到由於串流媒體的快速成長，品質和參與度指標有所改善。較大的設備往往是家庭中的主螢幕，在串流媒體花費的時間方面將顯著優於其他設備，這使我們有更好的機會投放更多廣告並將主螢幕參與度貨幣化並提高整體 ARPU。

As I mentioned in the prepared remarks, our larger screens, which tend to be those mainstreams in the home, actually deliver an ARPU that's 30% higher than the smaller units. It's obviously in the blended 31, 55 ARPU that we reported this quarter, but that subset of that cohort is certainly delivering much greater economic value. So we need to think about how we position. We've got great products in the market with great reviews around it. That helps drive consumer demand and interest. We work with our retailers very closely, those partnerships to have attractive pricing and merchandising support. And so there is an element of leaning into that strategy that we know will drive much greater long-term value over time.

正如我在準備好的演講中提到的，我們的大螢幕往往是家庭中的主流，其 ARPU 實際上比小螢幕高出 30%。顯然，這體現在我們本季報告的混合 31、55 ARPU 中，但該群體的子集無疑提供了更大的經濟價值。所以我們需要思考如何定位。我們在市場上推出了優質的產品，並獲得了極高的評價。這有助於推動消費者的需求和興趣。我們與零售商密切合作，這些合作夥伴關係具有有吸引力的定價和商品支援。因此，我們知道，傾向於這項策略將隨著時間的推移帶來更大的長期價值。

We will take our next question from Mike Morris with Guggenheim.

我們將回答古根漢的麥克莫里斯的下一個問題。

This is Charlie Wilber on for Mike Morris. Just wanted to -- are you guys able to hear me?

這是查理威爾伯 (Charlie Wilber) 為邁克莫里斯 (Mike Morris) 主持的節目。只是想──你們聽得到我說話嗎？

Yes. Go ahead, Charlie.

是的。繼續吧，查理。

I just wanted to follow-up on the OEM partnerships and ask if you could provide any color on how you're thinking about the licensing potential there. And just how are you positioning your offer, your pitch to partners in order to compete with others like Google, Roku and Amazon? And do you expect to share an advertising economics with the OEMs?

我只是想跟進 OEM 合作關係，並詢問您是否可以提供一些關於您如何看待那裡的許可潛力的詳細資訊。那麼，您如何定位自己的產品、如何向合作夥伴推銷，以便與Google、Roku 和亞馬遜等公司競爭？您是否希望與 OEM 分享廣告經濟學？

Yes. Look, it's early. We're really excited about some of these conversations that are already underway, and we're working out details of what arrangements will look like. But we really are confident and feel strongly based on the feedback we're hearing that there's a real demand for something different in the market, and we hope to be able to bring that to these partners.

是的。瞧，還早著呢。我們對一些已在進行的對話感到非常興奮，我們正在製定具體安排的細節。但我們確實有信心，並根據聽到的回饋強烈地感覺到，市場確實需要一些不同的東西，我們希望能夠把它帶給這些合作夥伴。

I view it also is really a TAM expanding opportunity for us. If you look at the U.S. TV market, it's a little over 40 million units a year. We're at about 11%, 12% market share of that. So it's a very large market outside of our own existing sort of our own product market share where there's an opportunity to break and penetrate more and more. The more we can expand our platform into the market, the more we can scale advertising business, the more viewership, we can take advantage of. We become a more important partner for advertisers, content partners, really across the board of benefits.

我認為這對我們來說也是一個 TAM 擴展機會。如果你看看美國電視市場，每年的銷量略高於 4000 萬台。我們的市佔率約為 11% 到 12%。因此，除了我們自己的現有產品市場份額之外，這是一個非常大的市場，有機會突破並滲透更多領域。我們的平台在市場上的拓展能力越強，我們的廣告業務規模就越大，我們可以利用的觀眾就越多。我們成為廣告商、內容合作夥伴更重要的合作夥伴，真正帶來全方位的利益。

So we'll update as these things come together, but early indications, we're really excited about the progress we're already making in these early conversations.

因此，我們會在這些事情進展過程中及時更新，但早期跡象表明，我們對這些早期對話中已經取得的進展感到非常興奮。

And one follow-up, if I could. On engagement, you noted the strong growth in the SmartCast hours per account in the quarter. Can you speak to anything that drove this engagement lift, any impact you would call out from the launches of the ESPN or NFL apps? And then what levers you have to drive further growth from here?

如果可以的話，我還有一個後續問題。在參與度方面，您注意到本季每個帳戶的 SmartCast 小時數強勁成長。您能否談談推動參與度提升的因素以及 ESPN 或 NFL 應用程式的推出所帶來的影響？那麼，您有什麼槓桿可以推動進一步的成長呢？

Yes. I'll take this off. So one of the key factors, look, we continue to add more apps to the platform. I think we shared we added ESPN, we added NFL. We have a ton of great content partnerships that have helped drive more time spent in addition to the already great partnerships we have. But one of the key drivers this quarter was around the redesign we've implemented. So we -- as you know, we redesigned our home screen towards the end of last quarter. It's more immersive, it's more interactive. It's got a cleaner look and feel, and we're really pleased with the results of the redesign, right?

是的。我要把這個脫掉。因此，其中一個關鍵因素是我們繼續為該平台添加更多應用程式。我想我們共享了 ESPN，我們添加了 NFL。我們擁有大量優秀的內容合作夥伴，這些合作夥伴除了我們已有的優秀合作夥伴關係之外，還幫助我們投入了更多的時間。但本季的一個關鍵驅動因素是我們實施的重新設計。因此，如您所知，我們在上個季度末重新設計了主螢幕。它更具沉浸感，互動性更強。它的外觀和感覺更加簡潔，我們對重新設計的結果非常滿意，對嗎？

Reviewers were overwhelmingly positive. Consumers definitely are as well. And we know consumers are because they vote with their behavior. And not only are streaming hours up, but we've also seen engagement rates on the home screen, up over 60% this past quarter. So it's been great for consumers. They're spending more time. They're engaging more with the home screen. They're using it more for search and discovery. This is great for advertisers, obviously, could help drive more engagement into the apps that they're promoting. It's great for WatchFree+ because we invest a lot of home screen real estate and driving consumers into our owned and operated app.

評論者們對此給予了極為正面的評價。消費者肯定也如此。我們知道消費者是這麼做的，因為他們會用自己的行為來投票。不僅串流媒體播放時間增加了，我們還看到主螢幕上的參與率在過去一個季度上升了 60% 以上。這對消費者來說是件好事。他們花了更多時間。他們更加關注主螢幕。他們更多地使用它來進行搜索和發現。這對廣告商來說是一件好事，顯然可以幫助推動更多人參與他們所推廣的應用程式。這對 WatchFree+ 來說很棒，因為我們投入了大量主螢幕空間並吸引消費者使用我們擁有和經營的應用程式。

And what is a very important factor in it is, it's all the backwards compatible. So if you bought a VIZIO TV 7 years ago or you have one bought one yesterday, you have that same great redesign on the home screen to help drive more time spent and more engagement.

其中一個非常重要的因素是，它是完全向後相容的。因此，無論您 7 年前購買了一台 VIZIO 電視，還是昨天購買了一台，主螢幕都具有同樣出色的重新設計，可幫助您花費更多時間並提高參與度。

Yes, Charlie, this is Adam. Just to add. What I like about it is we're seeing real indication that it's not just engagement for the sake of engagement, but it's actually engagement in areas where we have an opportunity to monetize as well. If you look at the statistics we provided, the SmartCast hours for active account, you can calculate that up was up 12%. But our ad revenue per average active account in the quarter was up 16%. So again, showing that we're actually able to monetize that engagement and that will obviously drive our revenue and growth over time.

是的，查理，這是亞當。僅補充一下。我喜歡的是，我們看到了真正的跡象，表明這不僅僅是為了參與而參與，而且實際上是在我們有機會貨幣化的領域中的參與。如果您查看我們提供的統計數據，即活躍帳戶的 SmartCast 小時數，您可以計算上漲了 12%。但本季我們平均每個活躍帳戶的廣告收入成長了 16%。所以，這再次表明我們實際上能夠將這種參與貨幣化，而這顯然會隨著時間的推移推動我們的收入和成長。

We will take our next question from Steve Cahall with Wells Fargo.

下一個問題將由富國銀行的史蒂夫卡霍爾 (Steve Cahall) 提出。

This is Omar on for Steve. Quick question on the TV licensing opportunity. Do you envision finding partnerships in your current pricing range? Or is this an opportunity more attractive to you guys, for device types on price ranges where you have a lower market share, especially at the upper end of the market?

這是奧馬爾代替史蒂夫上場。關於電視許可機會的快速提問。您是否希望在目前的價格範圍內尋找合作夥伴？或者對於你們市場份額較低的價格範圍內的設備類型，尤其是高端市場，這是一個對你們更有吸引力的機會嗎？

Look, I think we got to be competitive in pricing on everything we do. I mean, that is the market, right? We know we compete with house brands like ON, we compete with TCL, Hisense, we compete all the way up the letter. And so whatever we do has to be a compelling offering for the consumer. It has to be competitive, but it has to be thoughtful and great -- and we're looking for a partnership relationship with that as we mentioned can be mutually beneficial.

看，我認為我們所做的一切的定價都必須具有競爭力。我的意思是，這就是市場，對吧？我們知道，我們與 ON 等自有品牌競爭，我們與 TCL、海信競爭，我們在整個過程中都在競爭。因此，無論我們做什麼，都必須為消費者提供有吸引力的產品。它必須具有競爭力，但也必須是深思熟慮的、偉大的——而且我們正在尋求一種合作夥伴關係，正如我們所提到的，這種關係可以互惠互利。

So back to my comment about continuing to be thoughtful, competitive but disciplined in our own products and then having these partnerships being an opportunity to expand our TAM beyond that. That's really sort of the great add-on to this that this can bring to us.

所以回到我的評論，關於繼續在我們自己的產品上保持深思熟慮、競爭力和紀律性，然後透過這些合作夥伴關係來擴大我們的 TAM。這確實是一件能帶給我們極大幫助的事。

And maybe staying on the competitive environment. Just can you talk around what is the like out there from a pricing standpoint, especially across some of your close competitors?

或許還能繼續留在競爭環境。您能否從定價的角度談談那裡的情況，特別是與一些競爭對手相比？

Yes. Look, it's -- we track it, as you can imagine, very, very closely across the board to understand where we're positioned versus others. I would characterize the pricing dynamics as continuing to be very competitive, but not quite as extreme as we saw in Q1 and Q2. Some of the big outliers have moved back up closer to the averages for the -- on a given SKU. And that helps a bit. I mean, it certainly takes out some of those very, very extreme dynamics we saw maybe 1 or maybe 2, but really one particular brand gain a bunch of share in the first half of the year. That seems to have moderated a bit. And so we're encouraged by that.

是的。看，正如你所想像的，我們會非常非常密切地跟踪它，以了解我們相對於其他人的地位。我認為定價動態將繼續保持非常有競爭力，但不像第一季和第二季那樣激烈。對於給定的 SKU，一些較大的異常值已經回升至更接近平均值的水平。這有一點幫助。我的意思是，它肯定會消除我們看到的一些非常極端的動態，可能有 1 個或 2 個，但實際上有一個特定的品牌在上半年獲得了大量份額。這似乎已經有所緩和。因此我們對此感到鼓舞。

But there's no doubt we expect it to continue to be competitive into the holidays, and that's why we've kind of factored in our positioning and our expectations around the holiday period where there's a lot of demand. We want to make sure that we have a strong competitive pricing. But again, we're going to continue to be disciplined about how we approach that.

但毫無疑問，我們預計它在假期期間仍將保持競爭力，這就是為什麼我們在定位和預期中考慮了假期期間的需求很大。我們希望確保我們擁有強大的競爭力。但再次強調，我們將繼續嚴格處理這個問題。

We will take our next question from Jason Kreyer with Craig-Hallum.

我們將回答 Craig-Hallum 的 Jason Kreyer 提出的下一個問題。

Adam, just a question on the device gross margins. I know with that turning negative this quarter and the focus on the bigger screen sizes. Can you give any more color just on how aggressive you plan to get on those specific SKUs that you're targeting kind of where margins could go there?

亞當，我只是想問一下設備毛利率。我知道本季的情況出現負面趨勢，並且焦點轉向更大的螢幕尺寸。您能否進一步說明您計劃在多大程度上積極推廣您所針對的特定 SKU，以及利潤率如何？

Look, we don't guide the specific margins. Obviously, there's really a lot of competitive detail and information in that. We look at our pricing versus the market where others are on a SKU-by-SKU basis and want to make sure that we are competitive. But again, avoid this sort of race to the bottom dynamic. I think -- we don't think that some of those pricing strategies are sustainable in the market. And as a result, we don't feel the need to chase them in the immediate term that can jeopardize further economics. And so we're going to apply it kind of discipline around it.

你看，我們不指導具體的利潤。顯然，其中確實包含了許多競爭細節和資訊。我們將我們的定價與其他市場的SKU定價進行比較，以確保我們具有競爭力。但同樣，要避免這種競相壓價的動態。我認為——我們認為其中一些定價策略在市場上是不可持續的。因此，我們認為短期內沒有必要追逐這些貨幣，因為這可能會危及進一步的經濟發展。因此我們將對此實施某種紀律。

But clearly, if you're sorting a 65-inch product with a higher average selling price versus say, a 32, the then there's different dollars that you need to support. But my point is that the customer lifetime value of a 65-inch as an example, is significantly higher than a 24 or a 32. And so for that reason, you're willing to make that investment because at the ARPU level, we're now generating and the strong margins in our Platform+ business, it is a positive customer lifetime value in a significant way.

但顯然，如果您要對 65 吋產品進行排序，其平均售價高於 32 吋產品，那麼您需要支援的價格就不同。但我的觀點是，以 65 英寸為例，其客戶生命週期價值明顯高於 24 英寸或 32 英寸。

And so when there's a race to gain households as we've talked about, it's competitive to be gaining and representing the operating system in a living room. We want to be really thoughtful about how we do that. And we like our strategy. We like this dual revenue structure that we've built. We've scaled up and run our platform business to a level now that gives us that financial and strategic flexibility, and we're going to be thoughtful about how we approach that in the overall market.

所以，正如我們所說的，當出現爭奪家庭的競爭時，在客廳中獲得和展示操作系統的競爭是相當激烈的。我們要認真思考如何做到這一點。我們喜歡我們的策略。我們喜歡我們建立的這種雙重收入結構。我們已經擴大了平台業務的規模，並使其運作到能夠為我們帶來財務和策略靈活性的水平，我們將認真考慮如何在整個市場中實施此策略。

Maybe one for Mike. Just Curious if you can talk about the trends you've seen in advertising recently. We've just heard a lot of commentary on a tougher start to Q4. It doesn't seem like you're really guiding to that, but if you've noticed any of that in the market?

也許給麥克一個。我只是好奇您是否可以談談您最近在廣告中看到的趨勢。我們剛剛聽到很多關於第四季開局更艱難的評論。看起來您並沒有真正引導這一點，但是您是否注意到了市場上存在任何此類現象？

Yes. Look, speaking for VIZIO here, I mean, we saw a 27% growth in Q3. I think we're projecting pretty strong growth again in Q4. In terms of trends, M&E there's still some uncertainty. But as you mentioned, it wasn't as bad as we were expecting. I think we're well positioned there heading into Q4. There could be more upside as things come to a close. And potentially new releases come out or more premiers come out into the market.

是的。看，代表 VIZIO 發言，我的意思是，我們在第三季實現了 27% 的成長。我認為我們預測第四季將再次出現相當強勁的成長。就趨勢而言，M&E 仍存在一些不確定性。但正如您所提到的，情況並不像我們想像的那麼糟糕。我認為我們在進入第四季度時已經做好了準備。隨著事情接近尾聲，可能會有更多上漲的空間。並且可能會有新片上映或更多首映片進入市場。

But if you look at those 66 new advertisers we had, I mean, we saw a strong vertical growth, CPG, QSR roll up over triple digits. Pharma was up, insurance was up. I mean, we saw headwinds definitely in the automotive sector, but we're still up 60%. And we could have captured more dollars if there wasn't for a separate strike of their own. But by our ability to continue to add new advertisers, bring new partners into the fold, like automotive, we were able to get down into the Tier 2, Tier 3 categories, to help accelerate some of the advertising dollars. So we continue to feel strong about our position heading into Q4.

但如果你看看我們擁有的 66 個新廣告商，我的意思是，我們看到了強勁的垂直成長，CPG、QSR 的成長都超過了三位數。製藥業上漲，保險業上漲。我的意思是，我們確實看到了汽車產業面臨的阻力，但我們仍然成長了 60%。如果他們沒有單獨發動攻擊，我們本來可以奪取更多的美元。但是，透過我們不斷增加新的廣告商、引入新的合作夥伴（例如汽車行業）的能力，我們能夠進入 2 級和 3 級類別，以幫助加速部分廣告收入。因此，我們對自己在第四季的立場仍然充滿信心。

We will take our next question from Cory Carpenter with JPMorgan.

我們將回答摩根大通的 Cory Carpenter 提出的下一個問題。

Mike, I wanted to ask you about political and how big of an impact do you think that could have in the work you guys are going to prepare for political advertising? And then maybe just a bigger picture question on SmartCast for Adam. $31 ARPU, you still have a gap that you're closing with peers. Where do you feel like you're still most under monetized on SmartCast?

麥克，我想問你關於政治的問題，你認為這對你們準備的政治廣告工作會產生多大的影響？然後也許只是對 Adam 的 SmartCast 的一個更大的問題。每位用戶平均收入 (ARPU) 為 31 美元，您與同業之間仍有差距。您覺得 SmartCast 在哪些方面仍未能充分獲利？

Yes. Thanks, Cory. Look, we're very optimistic about the 2024 political cycle. When you think about what political advertisers are looking for, they want targeted buys against local markets and we're positioned incredibly well, right? We have the ability to target audiences down to the most narrow geographic regions. We just added 35 more local channels for WatchFree+ recently to add more local content. We've got obviously unique data through Inscape viewing data as well as broad reach in key swing states.

是的。謝謝，科里。看，我們對 2024 年的政治週期非常樂觀。當你考慮政治廣告商正在尋找什麼時，他們希望針對當地市場進行有針對性的購買，而我們的定位非常好，對嗎？我們有能力將受眾鎖定在最狹窄的地理區域。我們最近剛剛為 WatchFree+ 增加了 35 個本地頻道，以添加更多本地內容。我們透過 Inscape 查看數據獲得了明顯獨特的數據，並且在關鍵搖擺州具有廣泛的影響力。

So we're set up well to capture some of, I think, what people are projecting to be I think $1.3 billion in CTV advertising this cycle. Last cycle, 2022, we learned a lot about how to improve sales. We did okay, not as good as we should have. But we learned from that. We've added sales staff in D.C. to be closer to clients. And we've also kind of improved our programmatic partnerships and the capabilities we have there to capture additional demand. So overall, we're very optimistic about our political revenue outlook for the back half of next year.

所以，我們已經做好了準備，可以抓住人們預計本週期 CTV 廣告收入將達到 13 億美元的機會。上一個週期，也就是 2022 年，我們學到了很多關於如何提升銷售額的知識。我們做得還不錯，但沒有達到應有的水準。但我們從中吸取了教訓。我們在華盛頓特區增加了銷售人員，以便更貼近客戶。我們還改進了我們的程式化合作夥伴關係，並提高了我們捕捉額外需求的能力。因此整體而言，我們對明年下半年的政治收入前景感到非常樂觀。

Yes. And on the ARPU question. I mean, obviously, we've made tremendous progress and we're very proud of the team and the execution that's got us to where we are, but we also believe there's significant headroom from here. If you look at just the U.S. market, we think there's a lot more room for growth versus this number that we're putting up today. And so we got to continue to keep investing in a great overall experience with the consumer, more content, use our home screen to drive engagement and ideally drive engagement in the areas where, as we've said before, where we have an opportunity to monetize. We want to deliver an exceptional user experience but also have an opportunity to serve ads and monetize that time spent.

是的。關於 ARPU 問題。我的意思是，顯然，我們已經取得了巨大的進步，我們為團隊和執行力感到非常自豪，這些讓我們取得了今天的成就，但我們也相信，還有很大的發展空間。如果只看美國市場，我們認為與我們今天公佈的這個數字相比，還有很大的成長空間。因此，我們必須繼續投資於消費者的整體體驗，提供更多內容，使用我們的主螢幕來推動參與度，理想情況下，在我們有機會盈利的領域推動參與度，正如我們之前所說的那樣。我們希望提供卓越的用戶體驗，同時也有機會投放廣告並將用戶花費的時間貨幣化。

There's no better place for us to achieve that than in WatchFree+. That's why we continue to add more fast channels there. We're adding more on-demand movie titles and television show titles. We're expanding that capability to bring more to the consumer and a greater value proposition over all of them. As we can drive more time in monetizable content, more engagement means more ads served, which means more revenue.

對我們來說，沒有比 WatchFree+ 更好的地方來實現這一目標了。這就是我們繼續在那裡添加更多快速通道的原因。我們正在添加更多點播電影標題和電視節目標題。我們正在擴展這項能力，為消費者帶來更多產品，並為他們提供更大的價值主張。由於我們可以在可獲利內容上投入更多時間，因此更多的參與度意味著投放更多的廣告，這意味著更多的收入。

Also as we utilize our targeting tools and the data that we have, we can deliver exceptional campaigns for advertisers who are looking for specific ways to deploy campaigns and messages to consumers. So taking all of that together, again, we're really excited about the upside that there remains to our ARPU number.

此外，當我們利用我們的定位工具和我們擁有的數據時，我們可以為那些尋求特定方式向消費者部署廣告活動和資訊的廣告商提供出色的廣告活動。所以綜合考慮所有這些因素，我們對於 ARPU 數字仍具有上升空間感到非常興奮。

VIZIO Account is an area where there's an opportunity, to your point, about the gap. We only rolled this out 1.5 years ago, and we're building out the partnerships that are available on VIZIO Account, and that will help drive subscriber revenue in that business. We've got about 40% of all the SVOD and TVOD apps that are now including that functionality. We're going to be adding the NFL app later this quarter for subscriber revenue as well.

正如您所說，VIZIO 帳戶是一個存在機會的領域，但也有差距。我們在一年半前才推出這項服務，我們正在建立 VIZIO 帳戶上的合作夥伴關係，這將有助於推動該業務的訂戶收入。目前，大約有 40% 的 SVOD 和 TVOD 應用都包含此功能。我們將在本季晚些時候推出 NFL 應用程序，以增加訂閱收入。

So as we get the word out to our users that we've got this great way to manage their subscription services to engage with VIZIO Account and drive growth, we're seeing great lift in premium apps like Stars. That's a place where there's still, to your question, a gap versus what you see in existing marketplace today. So we're going to continue to work to close that.

因此，當我們向用戶宣傳我們有這種很好的方式來管理他們的訂閱服務以與 VIZIO 帳戶互動並推動增長時，我們看到 Stars 等優質應用程式的巨大提升。對於您的問題，這就是與您今天在現有市場中看到的相比仍然存在差距的地方。因此我們將繼續努力消除這一問題。

We will take our next question from Tom Champion with Piper Sandler.

下一個問題將由 Piper Sandler 的湯姆·查賓 (Tom Champion) 提出。

William, I'm just curious, based on your experience and tenure in the industry, what inning of the price work on the device side you think we're in, whether this cycle is following kind of a familiar template. What inning are we in? Could it extend well into next year? And would you expect the device segment to return to a positive gross profit contribution when all is said and done?

威廉，我只是好奇，根據你在該行業的經驗和任職年限，你認為我們處於設備方面價格工作的哪個階段，這個週期是否遵循一種熟悉的模板。我們處於哪一局？這種趨勢能延續到明年嗎？您是否預期設備部門最終將恢復正的毛利貢獻？

I had a second question on VIZIO accounts. Adam, you kind of just talked about it a little bit. Just wanted to see if there was any additional update there. Mike O'Donnell, I don't know if you'd have anything to add.

我對 VIZIO 帳戶還有第二個疑問。亞當，你剛才稍微談了一下這一點。只是想看看那裡是否還有其他更新。麥克·奧唐納，我不知道您是否還有什麼要補充。

Yes, sure. So the TV market has been up and down for many years. And I think the beginning of the year, there's definitely oversupply of components that drove down the price quite a bit. And that situation eased up quite a bit. And I think the component manufacturer, they are more careful with the pricing because the more that they sell, the lower prices, there's more they're going to lose. They don't want to do that anymore again. Twelve months ago, there was a surplus of inventories. So maybe a lot of irrational pricing decisions. But now that's kind of disappeared.

是的，當然。因此電視市場多年來一直起起伏伏。我認為，今年年初，零件供應肯定過剩，導致價格大幅下降。這種情況已經緩解很多了。我認為零件製造商在定價時會更加謹慎，因為他們賣得越多，價格越低，他們損失的就越多。他們不想再這樣做了。十二個月前，庫存過剩。因此可能存在許多不合理的定價決策。但現在這種感覺已經消失了。

But I think in the coming years, the price will be driven by not just component inventory pressure, but I think that's gone away. I think it's really a competition between the CTV system where people are fighting for CTV market share. So that's there to -- it's been out there for years now. I think that will continue, but the component pressure on surplus inventory ease up quite a bit in the past few months. Adam?

但我認為，在未來幾年，價格不僅會受到零件庫存壓力的推動，而且我認為這種因素已經消失。我認為這實際上是 CTV 系統之間的競爭，人們在爭奪 CTV 的市場份額。所以它就在那裡——它已經存在好幾年了。我認為這種情況將會持續下去，但過去幾個月過剩庫存帶來的零件壓力已經減輕了不少。亞當？

Yes. Look, on long-term margins, sure. I mean, I think over time, as this plays out, you could imagine that we would get margin back into device. But again, to our earlier points in the value of our installed base and the growing value as we execute against the significant upside we have to ARPU. From a customer lifetime value standpoint, it continues to tend to deploy the strategy that we're working on right now. So we're going to continue to be focused on that.

是的。從長期利潤來看，確實如此。我的意思是，我認為隨著時間的推移，隨著這一切的展開，你可以想像我們會將利潤重新投入在設備中。但是，回到我們之前提到的已安裝基數的價值，以及隨著我們執行而產生的 ARPU 大幅上升帶來的不斷增長的價值。從客戶生命週期價值的角度來看，它繼續傾向於部署我們目前正在實施的策略。因此我們將繼續關注這一點。

Yes. Tom, on your question on VIZIO Account, not too much data points to add beyond Adam. So I think you shared 40% of the SVOD, TVOD base has integrated over 200% increase in terms of subscriber growth over last year. But one of the things we've done is we just recently held our developer conference this last quarter. And it's critically important for us to continue to grow our relationships with the developers on our platform. And VIZIO Account is one way we're continuing to do that. I think it creates opportunities for them to drive more subscribers to get closer to our customer base. But we also leverage it to help and we had over 200 attendees speak to them about other ways in which we can help them monetize, ways we can do that through advertising.

是的。湯姆，關於你關於 VIZIO 帳戶的問題，除了亞當之外，沒有太多數據點可以添加。所以我認為你們佔了 40% 的 SVOD 份額，與去年相比，TVOD 的用戶成長超過了 200%。但我們所做的事情之一是，我們最近一個季度剛剛舉行了開發者大會。對我們來說，繼續發展與我們平台上的開發人員的關係至關重要。 VIZIO 帳戶是我們繼續這樣做的方式之一。我認為這為他們創造了機會，吸引更多的用戶來更接近我們的客戶群。但我們也利用它來提供幫助，我們有超過 200 名與會者向他們介紹了我們可以幫助他們賺錢的其他方式，即透過廣告來實現這一點的方式。

And then also some of the unique tools we have put in place around interactivity, around our enhancements to our mobile platform, enhancements to our home screen in which we can help them drive more innovation. So VIZIO Account is one component that will help us continue to grow monetization. But I think it's also an important component that helps us integrate more deeply with the app partners on our platform and show them that we have a lot of capabilities for today and for the future.

此外，我們還在互動性、行動平台的增強和主螢幕的增強方面採用了一些獨特的工具，以幫助他們推動更多創新。因此，VIZIO 帳戶是幫助我們繼續實現貨幣化的一個組成部分。但我認為它也是一個重要組成部分，可以幫助我們與平台上的應用程式合作夥伴進行更深入的整合，並向他們展示我們現在和未來的許多能力。

We will take our final question from [Tom Champion with Barrington].

我們將回答 [Barrington 的 Tom Champion] 的最後一個問題。

We will take our final question from Jim Goss with Barrington.

我們將回答巴林頓的吉姆·高斯提出的最後一個問題。

I was wondering, first, the comment about the higher monetization of the larger sets. I was wondering if you could talk about the mix of drivers of that higher lifetime value. Was it the increased usage only? Or were there differences in the ad exposure and the monetization events that were taking place?

首先，我想知道關於更大集合更高貨幣化的評論。我想知道您是否可以談談更高生命週期價值的驅動因素組合。只是使用量增加了嗎？或者說廣告曝光和正在發生的貨幣化事件是否有差異？

Look, I think it's sort of both. I mean it's the way that they use the unit, right? If you could imagine, let's just use a 65-inch again as an example. That's going to be the main TV in the home. That's where they're going to be watching most of their lean back long-form content. They're going to be highly engaged with streaming services and engaging in a way that we have an opportunity to monetize that interaction, not only in the home screen, but obviously across a variety of third-party apps and then hopefully, they're spending a growing amount of time in our WatchFree+ as we continue to build out and expand best service offers.

我覺得，兩者兼具。我的意思是他們使用該單位的方式，對嗎？如果你能想像，我們再次以 65 吋為例。這將成為家裡的主要電視。他們將在那裡觀看大部分長篇內容。他們將高度參與串流媒體服務，並以一種我們有機會將這種互動貨幣化的方式參與其中，不僅在主螢幕上，而且顯然還在各種第三方應用程式中，然後希望他們在我們繼續建立和擴展最佳服務產品的同時，在我們的 WatchFree+ 上花費越來越多的時間。

Contrasting that to a smaller unit where, maybe over time, it becomes a TV in the bedroom, it's not used as frequently. Maybe it's a monitor. A lot of different use cases can span across the various sizes. And so as we understand that data more and more and we understand the lifetime value. We understand how many -- how long a particular TV stays active in our fleet. It really helps drive and inform us around decisions on pricing, on retail relationships because ultimately, it's really about having an opportunity to expand the monetization.

與較小的裝置相比，也許隨著時間的推移，它會變成臥室裡的電視，使用頻率就不會那麼高了。也許它是一個監視器。許多不同的用例可以跨越各種尺寸。隨著我們對數據的了解越來越多，我們也越來越了解其終身價值。我們了解多少台電視在我們的設備中可以運行多長時間。它確實有助於推動和指導我們做出有關定價、零售關係的決策，因為歸根結底，這實際上是關於擴大貨幣化的機會。

Do you get a combined effect if you have multiple VIZIO TV households? Or do you treat them separately?

家庭擁有多台 VIZIO 電視能有綜合效果嗎？或者你是分別對待它們嗎？

It's really device metric, right? And so it all gets blended into our average reported statistics. So if a household is a 24-inch in 1 room and a 65-inch in the other room, and they use them differently, that will show up on a blended basis in our overall reporting statistics.

這確實是設備指標，對嗎？所以所有這些都被混合到了我們報告的平均統計數據中。因此，如果一個家庭在一個房間中安裝了 24 英寸的電視，在另一個房間中安裝了 65 英寸的電視，並且他們的使用方式不同，那麼這將在我們的整體報告統計數據中以混合方式顯示出來。

Okay. And one other quick thing is the VIZIO branded content studio, you have one of your slides addresses that. I wonder if you could talk about the potential importance of it? What you're planning to do with that?

好的。另一個簡單的是 VIZIO 品牌內容工作室，您的一張投影片就提到了這一點。我想知道您是否可以談談它的潛在重要性？你打算用它做什麼？

Yes, Jim, it's Mike. I'll take that. So from a home screen perspective, we've been looking at a lot of ways in which we can expand our advertiser base beyond media and entertainment. And I think we've done a really good job, whether that be with promotion of certain content we have within our platform, whether that be sponsorships of custom curated collections or channels as well as branded content. It's all ways in which we can bring a new fleet of advertisers into the home screen or monetize them beyond video or household connect.

是的，吉姆，我是麥克。我接受。因此，從主螢幕的角度來看，我們一直在尋找多種方式來擴大我們的廣告商基礎，使其不再局限於媒體和娛樂領域。我認為我們做得非常好，無論是推廣我們平台內的某些內容，還是贊助客製化精選系列或頻道以及品牌內容。我們可以透過各種方式將新的廣告商引入主螢幕，或在影片或家庭連線之外將其轉換為現金。

So branded content studio has been a great addition for us to our advertising offering. Our TV data helps us understand what our consumers like to watch. So the branded content initiative helps us pair advertisers with content that's produced for their tastes. I think you see we just rolled out this past week, our latest installment. It's called Merry & Bright, a holiday decorating show with Jordin Sparks and it's brought to you by Home Depot.

因此，品牌內容工作室對於我們的廣告產品來說是一個很好的補充。我們的電視數據幫助我們了解消費者喜歡看什麼。因此，品牌內容計劃幫助我們將廣告商與符合他們口味的內容配對。我想你知道我們上週剛剛推出了我們的最新一期。它被稱為 Merry & Bright，是 Jordin Sparks 主持的節日裝飾秀，由 Home Depot 為您呈現。

We think the branded content studio is great because it gives our consumers exclusive original content. It's great for the advertiser because our users are guaranteed to see the home screen when they turn the TV on, so it will provide great branding for them, as well as integrations directly into the content itself. With Home Depot, not only are they integrated into content, but we also have QR codes. So we're able to create a shoppable experience as well.

我們認為品牌內容工作室很棒，因為它為我們的消費者提供獨家的原創內容。這對廣告主來說非常棒，因為我們的用戶在打開電視時一定能看到主螢幕，因此這將為他們提供出色的品牌推廣，同時還能直接與內容本身進行整合。有了 Home Depot，它們不僅整合到內容中，而且我們還有二維碼。因此我們也能夠創造一種購物體驗。

And then when you tie it all together from an economic standpoint, all the investment that we're making in this original content is covered by the partnership. So we think it's a great way to continue to grow our relationships with non-media and entertainment partners integrated into the home screen.

然後，當你從經濟角度將這一切聯繫在一起時，我們在原創內容上所做的所有投資都由合作夥伴關係承擔。因此，我們認為這是繼續發展與主螢幕中整合的非媒體和娛樂合作夥伴的關係的好方法。

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

感謝大家的加入。今天的電話會議到此結束。祝您有個愉快的夜晚。