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 的 23 年第 3 季財報電話會議。我是投資者關係總監麥可‧馬克斯。與我一起參加今天討論的是我們的創辦人兼執行長 William Wang；和我們的財務長 Adam Townsend。我們的首席收入和策略成長長 Mike O'Donnell 也參加了今天電話會議的問答部分。

Please note that in addition to our earnings release 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 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.

我將向您推薦簡報中的第三張投影片，並提醒您本次電話會議中所做的某些陳述，包括有關我們第四季度預期業績、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。- 看起來涉及風險和不確定性的陳述。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 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，我們也提到了非公認會計準則財務指標，包括某些營運和財務指標中調整後的 EBITDA。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，我們的季度比較和今天的評論將按年進行，今天電話會議上報告的所有指標將針對 23 年第三季或 2023 年第三季末（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. 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。我們第三季的業績表明，VIZIO 對高品質產品和創新用戶體驗的持續關注正在推動用戶參與度和平台貨幣化的強勁成長。這反過來又推動了我們在連網電視領域廣告收入的持續優異表現。我仍然對我們經驗豐富的團隊繼續表現出色感到非常自豪。

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%。我們的成長是由保險、快餐、零售和消費品等大型廣告類別所推動的。重要的是，我們正在以高效且可擴展的方式實現成長，VIZIO 連續第三個季度創下 22.6% 的公司總毛利率紀錄就反映了這一點。

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.

儘管我們繼續投資擴大多管齊下的成長策略，但公司調整後的 EBITDA 總額仍高於我們指導範圍的高端。毫無疑問，隨著我們在工程、軟體開發、廣告稅和銷售方面建立了平台資源，我們正在看到這些投資的成果得到回報。

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。在過去的幾年裡，我們對用戶參與度和行為趨勢有了很多了解，這讓我們了解了電視的生命週期價值。參與度的成長推動了 SmartCast ARPU，第三季 ARPU 成長了 14%，達到創紀錄的 31.55 美元。就在 2 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，我們相信，鑑於消費者向串流媒體的強勁轉變，未來仍有持續的成長空間。

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.

考慮到這些盈利利好因素，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產生更大的經濟價值。從歷史上看，我們已經看到了更強的參與度問題，例如串流時間和更大電視的更低流失率，這些共同推動了更高的 ARPU。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推動永續成長和獲利能力。

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，我們一直在不斷重組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、反應更靈敏，改善了用戶友好的體驗，吸引了參與度和客戶滿意度。我們也達到了一個階段，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使用他們的平台解決方案。

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，以幫助擴大其在美國的CTV 業務。我們在整合硬體和軟體方面的深厚專業知識為互惠互利的結果提供了獨特的潛力。 VIZIO 和未來的合作夥伴。與潛在合作夥伴一起討論細節需要一些時間。但我們很高興能為 VIZIO 提供這一額外的成長機會。

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，這對我們的市場份額產生了影響，這應該不足為奇。同時，在財務紀律的約束下，我們繼續專注於我們可以控制的事情，其中​​包括以能夠為消費者帶來非凡價值的價格提供更高品質的電視。

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新型 Quantum 4K QLED，65 吋售價為 499 美元，75 吋售價為 699 美元。對於這一價值，消費者可以體驗卓越的圖像品質和高級遊戲功能。消費者還可以使用 VIZIO 的一款優質條形音箱提升個人娛樂體驗。 （聽不清楚）消費者將很難以低於 500 美元的價格找到另一個支援 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，這個新的電視系列也提供開箱即用的快速娛樂體驗。無需下載。一切都是內建的。我們的消費者可以體驗最近添加的 ESPN 應用程序，包括 ESPN+ 以及近 200 個其他內建串流應用程序，包括我們自己的 WatchFree+。在 WatchFree+ 中，我們為用戶提供超過 290 個免費廣告支援的串流頻道和超過 15,000 個涵蓋各種類型的隨選影片。

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，當我們展望未來時，我們對新的成長動力和未來持續成長的機會感到興奮。雖然 VIZIO 已經取得了長足的進步，但我仍然相信我們正處於智慧電視發展的早期階段。我們專注於透過屢獲殊榮的產品建立優質用戶群，只要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，就有可能帶來令人難以置信的優勢。我現在對 VIZIO 的未來比以往任何時候都更加興奮。

With that, I will turn the call over to Adam to review our third 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。我們第三季的業績證明了我們的策略重點是推動整個安裝基礎的品質和參與水準的提高。透過這一重點，我們看到用於追蹤平台使用情況和參與度的許多關鍵指標穩步增長。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和平均單價下降導致設備收入下降 12%。部分被較高的 Platform+ 收入所抵消，該收入因廣告持續強勁而增長了 22%。同樣，受益於我們高利潤的 Platform+ 收入的快速成長，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+ 佔總營收的 37%，佔綜合毛利的 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.

調整後的 EBITDA 總額為 2700 萬美元，遠遠超出我們的預期，這得益於更明智的設備價格促銷、資本化的軟體開發費用以及高利潤廣告收入的持續增長。淨利潤總計 1,400 萬美元，高於去年同期的 200 萬美元。儘管今年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所取得的財務業績，儘管面臨這些挑戰。

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%。我們的廣告收入成長了 28%，首次超過 3 億美元，公司總淨利潤從去年同期的虧損 700 萬美元增至 1,500 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上限，毛利超出了我們的預期。這一上漲是由於主螢幕收入強於預期，加上前面提到的資本化軟體支出也有助於實現高於預期的毛利率。

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.

廣告收入成長 27%，推動了我們 22% 的強勁平台+營收成長。鑑於更廣泛的廣告市場出現一些疲軟，我們對廣告業務的持續強勁感到特別滿意。正如我們之前所說，我們正在參與廣告市場成長最快的部分，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%，淨增加 66 個新廣告商。與去年同期相比，回歸的廣告商在我們身上的支出增加了 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，我們電視上串流媒體播放時間的成長速度超過了所有其他來源。 SmartCast 時長（我們的串流時間代表）成長了 21%，達到 52 億小時，而 VIZIO 總時長僅成長了 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，串流媒體播放時長總計 290 小時，這是近 3 年來的最高季度水準。毫不奇怪，串流媒體時間的成長是以線性 VIZIO 觀看時間為代價的，有線電視上花費的時間下降了 6 個百分點。總而言之，SmartCast 小時數佔本季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 作業系統觀看串流媒體的時間比在有線電視、廣播、遊戲機和附加媒體播放器上觀看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% 至 3,300 萬美元。數據和內容分發收入的成長被電視出貨量減少導致的按鈕收入下降部分抵消。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，我們相信我們的策略重點是推動更高品質的安裝基礎，這只會有助於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.

我們旨在支持這種方法的一種方式是透過戰略單位定價。由於我們發現較大規模單位的參與度高出約 30%，因此我們打算將定價投資集中在這方面。最後，SmartCast 活躍帳戶總數年增 130 萬美元，達到 1,790 萬美元的新高。

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%，僅略高於 100 萬美元，平均單價也下降 8%，而整個電視產業的降幅為 12%。在音響領域，由於對我們產品線中高端產品的強勁需求，條形音箱出貨量較去年同期增長了 19%，平均單價增長了 11%。憑藉這些結果，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，我們的資產負債表仍然強勁且流動性很高。截至第三季末，我們的現金和短期投資為 3.35 億美元，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.

那麼現在讓我談談我們對第四季的預期。對於第四季度，我們預計 Platform+ 營收將在 1.62 億美元至 1.67 億美元之間，中間成長率為 20%。我們預計 Platform+ 毛利為 9,700 萬美元至 1.03 億美元，中間利潤率為 61%。最後，我們預期公司調整後 EBITDA 總額在 700 萬美元至 1,600 萬美元之間。隨著我們進入季節性強勁的假期季節，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很高。我們將重點關注我們的定價策略，以與有助於最好地推動我們業務的單位銷售量保持一致。

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.

迄今為止，2023 年是我們策略取得巨大進展和執行的一年。我們改變了我們的財務狀況，從而實現了客戶參與度的穩定成長、最高的毛利率和創紀錄的 ARPU。展望 2024 年，我們對未來看到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帶來的新收入和活躍帳戶成長潛力，到持續全面轉向廣告支援的串流媒體，一直到預計政治支出將達到歷史最高水平，VIZIO 處於有利地位繼續鞏固2023 年的投資和成功。

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

接下來，讓我們開始提問。操作員？

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

（操作員說明）。第一個問題來自尼克·贊格勒和史蒂芬斯的對話。

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+ 又是穩健成長的季度。所以恭喜你。不過，設備利潤率面臨越來越大的壓力。我認為總的來說，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在什麼水平上趨於平穩以及何時可能發生？然後，與此同時，也許您可以討論平衡負設備利潤與活躍帳戶增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近期吸收負設備利潤學期？

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，我會接受的。謝謝，尼克。是亞當。是的，坦白說，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，我認為你最後所說的非常重要。對於您關於本季設備利潤為負值的觀點，我們正在努力在保持競爭力和遵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.

最近，我們一直在一個非常極端的競爭環境中運營，比這個行業長期以來所見過的更加極端。因此，我們希望確保我們具有競爭力，但要深思熟慮整個業務的經濟效益。這可能意味著在短期內放棄一些銷售量，因為我們不想追逐我們所看到的一些真正非凡的定價。

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.

我的思考方式更多是從系統經濟的角度來看，因為你不能真正將設備業務視為與我們的平台業務分開的獨立業務。他們一起工作。我們一起管理它們。我們所有的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.

如果你只看同比，我認為我們的毛利率繼續擴大並在本季度實際達到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，但我們將公司總毛利率擴大了 400 多個基點。所以它是一起工作的。我們認為這是正確的做法。

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.

我們希望專注於推動高參與度的優質客戶。適合我們模型的單位將提高獲利能力和經濟性。現在，我們針對該族群的 ARPU 已接近 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，這些高度敬業的單位往往會在我們這裡工作 6 年以上。因此，如果隨著時間的推移，你會發現，少量的前期客戶獲取成本是很有意義的，而且隨著時間的推移，它肯定會產生正面的投資報酬率。

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.

所以我們對此感到滿意。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，我們可以在適合我們的數字中部署它。

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。然後您提到您願意探索與其他電視 OEM 的合作夥伴關係，以及向市場上競爭的電視 OEM 授權 SmartCast 作業系統的可能性。你們一直對 VIZIO 硬體和 VIZIO 軟體的獨特組合如此堅定。這顯然代表著一種戰略轉變。那麼問題是，發生了什麼變化以及為什麼現在會改變？

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。我仍然堅信綜合體驗。消費者繼續表現出對出色的一體式智慧電視的偏好。您可以看到類似播放器上的加密狗的衰落。在我看來，提供卓越使用者體驗的最佳方式是硬體和軟體同等重要，讓它們無縫協作，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，在過去的幾年中，我們一直在我們的平台和人員方面進行了大量投資，以提供出色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。當大多數人想到電視作業系統時，他們也只會想到如何支援 Disney+ 或 Netflix 等串流應用程式。但它的意義遠不止於此，特別是當它設計用於與硬體整合時。

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，而且實際上直接與硬體配合使用，使硬體本身表現得更好。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提高質量，我們將能夠與世界上最好的原始設備製造商和世界上最好的零件製造商合作，以突破最終產品的界限。這意味著更好的對比度、更好的黑色電平、更好的色彩準確度、更好的音訊等等。

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），我們看到市場中正在出現一個巨大的機會，某些高附加價值OEM 正在尋求更深入的合作夥伴關係，而不僅僅是（聽不清楚）或Window 作業系統合作夥伴關係。他們想要一個擁有資源或專業知識的合作夥伴來幫助他們的產品更好地提供更好的體驗。他們希望合作夥伴能夠幫助他們打造更好的產品，但不僅僅是放棄品質和價格，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相互更好的專業合作關係，這是當今市場上無法實現的。正如我之前提到的，我們已經在進行早期討論，這需要一些時間才能達成一致，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我們的廣告業務。

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

我們將回答勞拉·馬丁和李約瑟提出的下一個問題。

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 2.一個是我對你們新聞稿的最後一個要點很感興趣，你們是 Intuit SMB Media Labs 的獨家 CTV 合作夥伴，它解鎖了 B2B 預算的新 TAM，新一波零售媒體網絡合作夥伴關係對於維齊奧來說。我真的很想了解更多相關資訊。

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 已經超額交付了。你們剛剛宣布第三季的 EBITDA 數字是我們預期的兩倍，年增 60%。但你們對第四季 EBITDA 的指導是高端的，年減 20%。那麼是否有一些獨特的東西不會像以前那樣重複出現呢？或者你們打算對電視設備的定價進行洗澡，這將消除 EBITDA 並使其在第四季度更低？第三季 EBITDA 成長 60% 與第四季度指引中的 EBITDA 同比下降之間發生了什麼？

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，我要開始了。謝謝，勞拉。是麥克。我想我們在上個季度分享了一些內容。但 Intuit 正在推出一個以小型企業為中心的零售媒體網路。它被稱為中小企業媒體實驗室。這使得廣告主能夠跨越各種媒體資產來定位目標客戶（QuickBooks）。 VIZIO 是該公司的獨家連網電視合作夥伴，對吧？對於我們接觸小型企業來說，這確實是非常有價值的數據。我們可以利用 Intuit 的高傳真資料集來擴充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.

這將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，正如您所知，零售行銷是廣告市場中快速成長的一部分。因此，我們很高興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.

勞拉，是亞當。在 EBITDA 方面，本季有幾件事需要考慮。我的意思是，是的，我很高興我們超額交付了，而且它肯定超出了我們的預期，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.

對於你關於一次性的問題，我確實評論了資本化軟體開發成本的好處。這是本季出現的情況。該季度的收益約為 300 萬美元，而且今後不會再發生這種情況。這是一個考慮因素。

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.

總的來說，我們對本季的廣告實力，尤其是主螢幕上的廣告實力感到非常滿意。我們正在應對媒體娛樂領域的挑戰，我們非常保守地指導，以確保我們能夠抓住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.

儘管其中一些問題已經解決，但市場上仍然存在許多猶豫。活躍的罷工可能仍會持續到本週。我們對仍然存在的需求感到非常滿意。因此，需求量更高——利潤率更高。因此，如果您查看平台+利潤率，特別是您會看到高於我們通常認為的或高於我們指導範圍預期的水平，這將有助於支撐。

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，第四季絕對是一個更高的促銷類型的時期。現在是假期，對嗎？我們在市場上有許多非常有吸引力的定價疑問，以便在消費者的季節性旺季期間保持競爭力。這就是其中的一部分。這就是我們對指導的預期，這就是為什麼你會看到它的下降，因為這是一個更高的促銷期，我們將傾向於這一點。現在是在假期期間推動活躍帳戶成長以及當時消費者需求通常回升的好時機。所以我們嘗試將所有這些因素考慮在內。

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

我們將回答摩根士丹利本‧斯威本 (Ben Swinburne) 提出的下一個問題。

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。第一，是否有助於思考前期費用如何以及這可能如何影響明年第四季的廣告前景？其次，我認為，亞當，你提到鑑於更高的參與度，你們的目標是更大的螢幕格式。我想我沒聽錯。如果這是真的，那麼就投資水平或您與零售商和商店空間的關係以及高端的競爭動態而言，這會產生什麼樣的財務影響？您可以分享的任何有助於我們思考這意味著什麼的內容都會有所幫助。

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, Farma 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。我將回答前面的問題。我認為，如你所知，前期對每個人來說都有點緩慢。但從我們的角度來看，今天我們的承諾已經逐年增加。我認為我們已經看到了對CPG、QSR、Farma 等類別的承諾增加，雖然我想說一些較大的前期市場今年已經放緩，但這使我們處於更好的優勢地位，這要歸功於我們的第一-各方資料解決方案，尤其是在分散市場中。

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，雖然我們的前期費用逐年上升，但我們看到分散市場目前非常強勁。我們談到上個季度新增了 66 個廣告商。其中大部分是為了分散而來。因此，我們的目標始終是確保我們對前期週期中承諾的資金有一個健康的基線。我們可以與主要機構和品牌合作夥伴完成健康的預付款，然後在一年中仍然可以增加我們的分散資金，將更多的淨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，我們的期望是，進入明年，我們將在健康的基礎上增加前期收入，並且隨著我們在分散市場中的不斷進步，我們預計將顯著增長。

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，Ben，關於另一個問題，我們真的很喜歡市場上更大的螢幕尺寸部分。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，如果您查看我們的指標，我們就會開始看到，由於串流媒體的成長速度超過了品質和參與度指標，因此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來投放更多廣告並透過主螢幕參與度等貨幣化，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.

正如我在準備好的評論中提到的，我們的大螢幕（往往是家庭主流）實際上提供的 ARPU 比小螢幕高出 30%。顯然，我們本季報告的 ARPU 值分別為 31 和 55，但該群體的這個子集無疑正在帶來更大的經濟價值。所以我們需要思考如何定位。我們在市場上提供了優質的產品，並獲得了好評。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，這些合作夥伴關係提供有吸引力的價格和銷售支援。因此，我們知道，隨著時間的推移，採用該策略將帶來更大的長期價值。

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

我們將回答古根漢麥克莫里斯提出的下一個問題。

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

這是麥克莫里斯的[查理威爾伯]。只是想──你們聽得到我說話嗎？

Yes. Go ahead, Charlie.

是的。來吧，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 合作夥伴關係，並詢問您是否可以提供任何關於您如何看待那裡的許可潛力的資訊。為了與Google、Roku 和亞馬遜等其他公司競爭，你如何定位你的產品和向合作夥伴的推銷？您是否希望與原始設備製造商分享廣告經濟學？

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，時間還早呢。我們對已經開始的一些對話感到非常興奮，我們正在製定具體的安排。但我們確實很有信心，並且根據我們聽到的回饋強烈感受到市場上對不同產品的真正需求，我們希望能夠將這種需求帶給這些合作夥伴。

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拓展 TAM 的機會。如果你看看美國電視市場，你會發現每年的銷售量略高於 4,000 萬台。我們的市佔率約為 11%、12%。因此，除了我們現有的產品市場份額之外，這是一個非常大的市場，有機會突破和滲透越來越多的市場。我們越能將我們的平台擴展到市場，我們就能擴大廣告業務，我們就能利用更多的收視率。我們成為廣告商、內容合作夥伴更重要的合作夥伴，真正帶來全面的利益。

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，我們將在這些事情匯集在一起時進行更新，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，還有一個後續行動。關於參與度，您注意到本季每個帳戶的 SmartCast 小時數強勁成長。您能談談推動參與度提升的因素嗎？您認為 ESPN 或 NFL 應用程式的推出有何影響？那麼您可以利用什麼槓桿來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。我會把這個脫掉。所以關鍵因素之一是，我們繼續在平台上添加更多應用程式。我想我們分享了我們添加了 ESPN，我們添加了 NFL。我們擁有大量優秀的內容合作關係，除了我們已經擁有的良好合作關係之外，這些合作夥伴關係還有助於推動我們花費更多的時間。但本季的關鍵驅動因素之一是我們實施的重新設計。如您所知，我們在上個季度末重新設計了主螢幕。它更加身臨其境，更具互動性。它具有更清晰的外觀和感覺，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.

評論家給予了壓倒性的正面評價。消費者肯定也是如此。我們知道消費者是因為他們用自己的行為投票。不僅串流媒體時長有所增加，而且我們還看到主螢幕上的參與率在上個季度增長了 60% 以上。所以這對消費者來說是件好事。他們花更多的時間。他們更專注於主螢幕。他們更多地將其用於搜索和發現。顯然，這對廣告商來說非常好，可以幫助提高他們所推廣的應用程式的參與度。這對 WatchFree+ 來說非常棒，因為我們投入了大量的主螢幕空間，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，它都是向後相容的。因此，如果您 7 年前購買了 VIZIO 電視，或者昨天購買了一台 VIZIO 電視，您的主螢幕上也會有同樣出色的重新設計，以幫助您花更多的時間和更多的參與度。

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。只是補充一下。我喜歡它的原因是，我們看到了真正的跡象，表明這不僅僅是為了參與而參與，而且實際上是我們有機會獲利的領域的參與。如果您查看我們提供的統計數據，即活躍帳戶的 SmartCast 小時數，您可以計算出成長了 12%。但本季我們的平均活躍帳戶廣告收入成長了 16%。再次表明，我們實際上能夠將這種參與度貨幣化，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.

我們將回答富國銀行史蒂夫·卡霍爾的下一個問題。

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?

這是史蒂夫的[奧馬爾]。關於電視許可機會的快速問題。您是否打算在目前的定價範圍內尋找合作夥伴？或者，對於您的市場份額較低的價格範圍內的設備類型（特別是在高端市場）來說，這是一個對您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.

聽著，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，對嗎？我們知道我們與 ON 等自有品牌競爭，我們與 TCL、海信競爭，我們一路競爭。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，但它必須是深思熟慮的和偉大的——我們正在尋找一種夥伴關係，正如我們所提到的，這種關係可以是互惠互利的。

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.

回到我的評論，即在我們自己的產品中繼續深思熟慮、具有競爭力但遵守紀律，然後讓這些合作夥伴關係成為我們擴展 TAM 的機會。這確實是它可以為我們帶來的一個偉大的附加功能。

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?

也許還能留在競爭環境中。您能否從定價的角度談談市場的情況，尤其是一些緊密的競爭對手？

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，正如你可以想像的那樣，我們非常非常全面地跟踪它，以了解我們相對於其他人的定位。我認為定價動態仍然非常有競爭力，但不像我們在第一季和第二季看到的那麼極端。在給定的 SKU 上，一些較大的異常值已經回到接近平均值的位置。這有一點幫助。我的意思是，它肯定消除了我們看到的一些非常非常極端的動態，可能是 1 或 2，但實際上有一個特定的品牌在今年上半年獲得了很多份額。這似乎有所緩和。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將繼續具有競爭力，這就是為什麼我們在需求旺盛的假期期間考慮了我們的定位和預期。我們希望確保我們的定價具有強大的競爭力。但同樣，我們將繼續嚴格遵守我們的處理方式。

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

我們將回答 Jason Kreyer 和 Craig-Hallum 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，只是關於設備毛利率的問題。我知道這個季度的情況會轉為負面，人們會關注更大的螢幕尺寸。您能否詳細說明您計劃對那些特定的 SKU 採取何種積極的態度，以達到利潤率的目標？

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.

看，我們不指導具體的邊距。顯然，其中確實有很多競爭細節和資訊。我們會根據每個 SKU 來比較我們的定價與其他市場的定價，並希望確保我們具有競爭力。但再次強調，要避免這種逐底競爭的情況。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，我們認為沒有必要在短期內追趕它們，因為這可能會進一步危及經濟。因此，我們將圍繞它應用某種紀律。

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，如果您選擇平均售價高於 32 吋的 65 吋產品，那麼您需要支援不同的價格。但我的觀點是，以 65 英寸為例，其客戶終身價值明顯高於 24 或 32 英寸。因此，出於這個原因，您願意進行這項投資，因為在 ARPU 水平上，我們「我們的平台+業務現在正在產生強勁的利潤，這在很大程度上是積極的客戶終身價值。

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.

因此，正如我們所討論的那樣，當存在爭奪家庭的競賽時，在客廳中獲得併代表操作系統是具有競爭力的。我們希望認真考慮如何做到這一點。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。我們已經將平台業務擴大並運作到一定水平，為我們提供了財務和策略靈活性，我們將認真考慮如何在整個市場中實現這一目標。

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?

也許是給麥克的。只是好奇您能否談談您最近在廣告中看到的趨勢。我們剛剛聽到了很多關於第四季開局較為艱難的評論。看起來你並沒有真正指導這一點，但你是否注意到市場上有這樣的情況？

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。聽著，對於 VIZIO 來說，我的意思是，我們在第三季看到了 27% 的成長。我認為我們預計第四季將再次出現相當強勁的成長。從趨勢來看，M&E仍存在一定的不確定性。但正如您所提到的，情況並不像我們預期的那麼糟糕。我認為進入第四季度我們處於有利位置。隨著事情的結束，可能會有更多的好處。可能會出現新版本或更多首發產品進入市場。

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 成長超過三位數。醫藥股上漲，保險股上漲。我的意思是，我們在汽車行業確實遇到了阻力，但我們仍然成長了 60%。如果他們沒有單獨發動罷工，我們本來可以奪取更多美元。但憑藉我們不斷增加新廣告商、引入新合作夥伴（例如汽車行業）的能力，我們能夠深入第二、第三層類別，以幫助加速一些廣告收入的成長。因此，進入第四季度，我們仍然對我們的立場感到堅定。

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

我們將回答摩根大通科里·卡彭特的下一個問題。

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，你認為這會對你們準備政治廣告的工作產生多大的影響？然後也許只是 Adam 關於 SmartCast 的一個更大的問題。 ARPU 為 31 美元，您與同行之間仍有差距。您認為 SmartCast 在哪些方面的獲利仍然最不足？

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。當您考慮政治廣告商正在尋找什麼時，他們希望針對本地市場進行有針對性的購買，而我們的定位非常好，對吧？我們有能力將受眾定位到最狹窄的地理區域。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 觀看數據以及關鍵揮桿狀態的廣泛覆蓋範圍獲得了明顯獨特的數據。

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.

因此，我認為，我們已經做好了準備，可以捕捉人們預測的本週期 CTV 廣告收入（我認為 13 億美元）的一部分。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的知識。我們做得還不錯，但沒有達到我們應有的水平。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，以更貼近客戶。我們還改善了我們的計劃合作夥伴關係以及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，很明顯，我們已經取得了巨大的進步，我們對團隊和使我們達到目前位置的執行力感到非常自豪，但我們也相信這裡還有很大的發展空間。如果你只看美國市場，我們認為與我們今天公佈的數字相比，還有更大的成長空間。因此，我們必須繼續投資於為消費者提供良好的整體體驗、更多內容，使用我們的主螢幕來推動參與度，並且最好在我們有機會參與的領域推動參與度。貨幣化。我們希望提供卓越的用戶體驗，但也有機會投放廣告並將所花費的時間貨幣化。

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。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和電視節目。我們正在擴展這種能力，為消費者帶來更多的東西，並為所有消費者帶來更大的價值主張。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，我們可以為正在尋找特定方法向消費者部署活動和訊息的廣告商提供卓越的活動。因此，將所有這些綜合起來，我們再次對 ARPU 值的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.

就您而言，VIZIO 帳戶是一個存在機會的領域，可以彌補差距。我們僅在 1.5 年前推出此功能，並且正在建立 VIZIO Account 上可用的合作夥伴關係，這將有助於推動該業務的訂戶收入。目前，大約 40% 的 SVOD 和 TVOD 應用程式都包含該功能。我們還將在本季度稍後添加 NFL 應用程式以增加訂戶收入。

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，當我們向用戶傳達這樣的訊息：我們有這種很好的方式來管理他們的訂閱服務，以與 VIZIO 帳戶互動並推動成長時，我們看到 Stars 等高級應用程式的巨大成長。對於您的問題來說，與您今天在現有市場中看到的情況相比，仍然存在差距。因此，我們將繼續努力解決這個問題。

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

我們將回答 Tom Champion 和 Piper Sandler 提出的下一個問題。

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，我只是很好奇，根據您在行業中的經驗和任期，您認為我們處於設備方面的價格走勢，這個週期是否遵循熟悉的模板。我們現在處於第幾局？它能延續到明年嗎？當一切塵埃落定之後，您是否預期設備細分市場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.

我還有關於 VIZIO 帳戶的第二個問題。亞當，你只是談了一點。只是想看看是否有任何其他更新。麥克·奧唐納，我不知道你是否還有什麼要補充的。

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。所以電視市場多年來一直起起落落。我認為今年年初，零件供應肯定過剩，導致價格大幅下降。而這種情況也緩和了不少。我認為零件製造商在定價方面更加謹慎，因為他們銷售的產品越多，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。所以也許有很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，價格將不僅僅是由零件庫存壓力驅動，但我認為這種情況已經消失。我認為這實際上是CTV系統之間的競爭，人們在爭奪CTV市場份額。所以這就是——它已經存在很多年了。我認為這種情況將會持續下去，但過去幾個月零件過剩庫存的壓力已經緩解了不少。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。看看，從長期利潤來看，當然。我的意思是，我認為隨著時間的推移，隨著這一切的展開，你可以想像我們將重新獲得設備的利潤。但同樣，我們之前提到的我們的安裝基礎的價值以及隨著我們執行 ARPU 的顯著上升而不斷增長的價值。從客戶終身價值的角度來看，它繼續傾向於部署我們現在正在研究的策略。所以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。 Tom，關於您關於 VIZIO 帳戶的問題，除了 Adam 之外，沒有太多資料點可以添加。所以我認為你們分享了 SVOD 的 40%，TVOD 基礎的訂閱用戶成長比去年增長了 200% 以上。但我們所做的一件事是我們最近剛在上個季度舉行了開發者大會。對我們來說，繼續發展與平台上開發者的關係至關重要。 VIZIO Account 是我們繼續實現這一目標的一種方式。我認為這為他們創造了機會，吸引更多訂閱者來更接近我們的客戶群。但我們也利用它來提供幫助，有超過 200 名與會者向他們講述了我們可以幫助他們獲利的其他方式，以及我們可以透過廣告來實現這一目標的方式。

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.

然後，我們也圍繞著互動性、行動平台的增強功能、主螢幕的增強功能部署了一些獨特的工具，我們可以在這些工具中幫助他們推動更多創新。因此，VIZIO 帳戶是幫助我們繼續成長獲利的組件之一。但我認為這也是一個重要的組成部分，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集成，並向他們展示我們擁有面向今天和未來的大量能力。

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

我們將接受[Tom Champion 和Barrington] 提出的最後一個問題。

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

我們將接受吉姆·戈斯和巴林頓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，我想知道關於較大系列的更高貨幣化的評論。我想知道您是否可以談談具有較高終生價值的驅動程式的組合。僅僅是使用量的增加嗎？或者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.

聽著，我想兩者兼具。我的意思是他們使用該設備的方式，對吧？如果你能想像的話，我們還是以 65 吋為例。這將是家裡的主要電視。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透過這種互動貨幣化的方式參與，不僅在主螢幕上，而且顯然在各種第三方應用程式中，然後希望他們是隨著我們不斷建立和擴展最佳服務，您在WatchFree+ 上花費的時間越來越多。

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.

與較小的設備相比，隨著時間的推移，它可能會成為臥室裡的電視，但它的使用頻率卻不那麼高。也許它是一個監視器。許多不同的用例可以跨越不同的規模。隨著我們對數據的了解越來越多，我們也了解其終身價值。我們了解特定電視在我們的機群中保持活躍的數量和時間。它確實有助於推動並告知我們有關定價和零售關係的決策，因為最終，這實際上是有機會擴大貨幣化。

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

如果您有多個 VIZIO TV 家庭，會產生綜合效應嗎？還是你將它們分開對待？

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，對吧？因此，這一切都融入了我們的平均報告統計數據中。因此，如果一個家庭的一個房間使用 24 吋顯示器，另一個房間使用 65 吋顯示器，並且他們以不同的方式使用它們，那麼這將在我們的總體報告統計數據中混合顯示。

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。另一件快速的事情是 VIZIO 品牌內容工作室，您的一張投影片解決了這個問題。我想知道您能否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，是麥克。我會接受的。因此，從主螢幕的角度來看，我們一直在尋找多種方法來擴大我們的廣告客戶群，使其超越媒體和娛樂領域。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一批新的廣告商帶入主螢幕，或透過影片或家庭連結之外的方式透過它們獲利。

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，品牌內容工作室對我們的廣告產品來說是一個很好的補充。我們的電視數據可以幫助我們了解消費者喜歡觀看什麼。因此，品牌內容計劃幫助我們將廣告商與根據他們的口味製作的內容配對。我想你已經看到我們上週剛推出了最新一期。它被稱為 Merry & Bright，是由 Home Depot 與 Jordin Sparks 合作的節日裝飾秀。

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了獨家的原創內容。這對廣告商來說非常好，因為我們的用戶在打開電視時可以保證看到主螢幕，因此它將為他們提供出色的品牌宣傳，並直接整合到內容本身中。透過家得寶，它們不僅整合到內容中，而且我們還擁有二維碼。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，當你從經濟角度將所有這些結合在一起時，我們在原始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整合到主螢幕的非媒體和娛樂合作夥伴關係的好方法。

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

謝謝大家的加入。今天的電話會議到此結束。祝您有個美好的夜晚。