Vizio Holding Corp (VZIO) 2022 Q1 法說會逐字稿

Good afternoon, everyone, and thank you for joining us for our first quarter 2022 earnings call. Joining me for today's discussion are William Wang, our Founder and CEO; and Adam Townsend, our CFO. Also joining us for the Q&A portion of today's call is Michael O'Donnell, our Chief Revenue and Strategic Growth Officer.

大家下午好，感謝您加入我們的 2022 年第一季度財報電話會議。和我一起參加今天討論的還有我們的創始人兼首席執行官 William Wang；和我們的首席財務官 Adam Townsend。我們的首席收入和戰略增長官 Michael O'Donnell 也加入了我們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. I'll refer you to the second slide in the presentation and remind you that certain statements made on this call are forward-looking statements that involve risks and uncertainties. These risks and uncertainties that could cause actual results to differ materially from 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.

請注意，除了我們的收益發布和今天的評論之外，還可以在我們的投資者關係網站上找到幻燈片演示文稿，網址為investors.vizio.com。我將向您介紹演示文稿中的第二張幻燈片，並提醒您本次電話會議上的某些陳述是涉及風險和不確定性的前瞻性陳述。這些可能導致實際結果與這些前瞻性陳述存在重大差異的風險和不確定性在我們提交給美國證券交易委員會的文件和我們今天下午發布的新聞稿中進行了更詳細的討論。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化的義務。

During the call, we also refer to non-GAAP financial measures, including adjusted EBITDA. Reconciliations with the most comparable GAAP measures for non-GAAP financial information discussed on this call can be found in our earnings release or in the Investors section of our website. Note that all quarterly comparisons in today's remarks will be made on a year-over-year basis unless otherwise specified.

在電話會議中，我們還提到了非 GAAP 財務指標，包括調整後的 EBITDA。在本次電話會議上討論的非 GAAP 財務信息與最具可比性的 GAAP 措施的對賬可以在我們的收益發布或我們網站的“投資者”部分中找到。請注意，除非另有說明，否則今天評論中的所有季度比較都將按年進行。

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. This is about 2022 off to a great start with a high-margin Platform+ revenue growing 97% year-over-year in Q1. As streaming service fight for attention, the consumers navigate an ocean of content options. The promotion and search for quality programs is happening on VIZIO's home screens. The more time consumers spend surfing between apps, SaaS channels and our own and operated services such as WatchFree+, the more central VIZIO becomes to the consumer content journey. To put it another way, our platform looks like the Mall of America, a one-stop shop where consumers can find the latest and hottest from brands that they love, whether roaming through SVOD or AVOD, features or series, season premieres where all episodes that full traffic may migrate on store to store, but a journey is brought to you by VIZIO.

謝謝你，邁克爾，大家好。感謝您今天加入我們。這大約是 2022 年的一個良好開端，高利潤的 Platform+ 收入在第一季度同比增長 97%。隨著流媒體服務爭奪注意力，消費者在內容選擇的海洋中航行。 VIZIO 的主屏幕上正在推廣和搜索優質節目。消費者在應用程序、SaaS 渠道以及我們自己和運營的服務（如 WatchFree+）之間瀏覽的時間越多，VIZIO 就越成為消費者內容旅程的中心。換句話說，我們的平台就像美國購物中心，一個一站式商店，消費者可以在其中找到他們喜愛的品牌的最新和最熱門產品，無論是通過 SVOD 還是 AVOD 漫遊，功能或系列，所有劇集的季首映全部流量可能會在商店之間遷移，但 VIZIO 會為您帶來一段旅程。

And our Platform+ business continues to benefit from those dynamics again in Q1. With overall advertising revenue, seeing a year-over-year increase of 116%. As our VIZIO Ads platform has grown into a must-have for brand and entertainment marketers, we have seen the number of the right advertising clients grow. And the average revenue for advertising clients increased. That said, it's powered by the growth of fruitful client relationships across key advertising categories, including automotive, CPG, media and entertainment, insurance and others. Our investment in innovation continues to play a critical role in Platform+ revenue growth.

我們的 Platform+ 業務在第一季度繼續受益於這些動態。整體廣告收入同比增長 116%。隨著我們的 VIZIO 廣告平台已經發展成為品牌和娛樂營銷人員的必備品，我們看到合適的廣告客戶數量也在增長。廣告客戶的平均收入增加了。也就是說，它是由跨關鍵廣告類別（包括汽車、CPG、媒體和娛樂、保險等）的卓有成效的客戶關係增長推動的。我們對創新的投資繼續在 Platform+ 收入增長中發揮關鍵作用。

Our proprietary Household Connect product, launched in April 2021, has driven a significant year-over-year increase in off-platform revenue. And in March, we announced a new feature called Jump View. This capability bridges the gap between linear and stream content consumption, a huge benefit for consumers as they navigate their content favorites. With Jump View, our major network partners can allow a consumer to jump from linear episode of a program straight into additional episodes in the streaming environment. For example, my wife is a big Dateline fan. Now she can jump on an episode on CNBC to put more episodes on Peacock. And she want to keep in joining Dateline. This capability is a real win for consumers, and a promotional one for our network partners. And as I've mentioned many times before, this is just the tip of the iceberg for VIZIO's monetizable innovation on our hardware and software platform.

我們於 2021 年 4 月推出的專有家庭互聯產品推動了平台外收入的同比顯著增長。在 3 月，我們宣布了一項名為 Jump View 的新功能。這種能力彌合了線性內容消費和流內容消費之間的差距，這對消費者在瀏覽他們喜愛的內容時帶來了巨大的好處。借助 Jump View，我們的主要網絡合作夥伴可以讓消費者從節目的線性劇集直接跳轉到流媒體環境中的附加劇集。例如，我的妻子是日期線的忠實粉絲。現在她可以在 CNBC 上播放一集，以便在 Peacock 上播放更多劇集。她想繼續加入日期變更線。這種能力對消費者來說是一個真正的勝利，對我們的網絡合作夥伴來說是一種促銷。正如我之前多次提到的，這只是 VIZIO 在我們的硬件和軟件平台上的可貨幣化創新的冰山一角。

We combined innovation with even more comfort, the consumer experience keeps getting better. Enhancement to the VIZIO integrated entertainment platform, including the addition of more premium apps, such as Sling TV, Amazon Music and our WatchFree+ service has grown to more than 253 channels. The expansion of our studio partnership has grown to 26, adding 1,000 new on-demand titles to our WatchFree+ AVOD catalog during Q1.

我們將創新與更加舒適相結合，消費者體驗越來越好。對 VIZIO 綜合娛樂平台的增強，包括添加更多高級應用程序，如 Sling TV、亞馬遜音樂和我們的 WatchFree+ 服務，頻道已增長到超過 253 個。我們的工作室合作夥伴關係已擴大到 26 個，在第一季度為我們的 WatchFree+ AVOD 目錄增加了 1,000 個新的點播節目。

In addition, our first-party data is the core component of innovation and content enhancements and is used to power better content experiences and more relevant advertising for consumers. Beyond the increased value that VIZIO data brings to our own operated services, it is also fuels the ongoing evolution and modernization of the measurement landscape. 2 weeks ago, we announced a multiyear partnership with Nielsen, the de facto currency provider in the television industry for the last half century. Nielsen has selected our Inscape data to power their measurement capabilities and now grows our list of such partners to 7 of the top 8 in the U.S. This agreement further validates the Inscape data as the essential fuel for the measurement market, and demonstrates that the persistent investment were made in data during the last 7 years is paying off. "If we build it, they will come" has been my innovation mantra for 20 years. And in case momentum is positive proof of the operating philosophy.

此外，我們的第一方數據是創新和內容增強的核心組成部分，用於為消費者提供更好的內容體驗和更相關的廣告。除了 VIZIO 數據為我們自己的運營服務帶來的增值之外，它還推動了測量領域的持續發展和現代化。兩週前，我們宣布與過去半個世紀以來電視行業事實上的貨幣供應商尼爾森建立多年合作夥伴關係。 Nielsen 選擇了我們的 Inscape 數據來支持他們的測量能力，現在我們的此類合作夥伴名單已擴大到美國前 8 名中的 7 個。該協議進一步驗證了 Inscape 數據是測量市場的重要燃料，並證明了持續的投資在過去 7 年的數據中取得了回報。 “如果我們建造它，他們就會來”是我 20 年來的創新口號。如果勢頭是經營理念的積極證明。

I'd like to thank our measurement partners for their continued faith and most importantly, my teammates for their relentless effort toward building best-in-class ACR technology. Thanks to our dual revenue business model. Q1 saw a 23% increase in TV shipments versus pre-pandemic Q1 2019 levels. Our device business also achieved multiple Q1 wins. You will recall that during our last call, we referenced the implementation of an aggressive pricing strategy across selected models. I'm pleased to report that this strategy has paid out in Q1 with our 50-inch, V-Series being the #1 selling 4K TV in America. With this success in hand, we have more to come and intend to implement additional efforts to deliver great value to consumers and grow our TV market share.

我要感謝我們的測量合作夥伴一直以來的信任，最重要的是感謝我的隊友們為構建一流的 ACR 技術所做的不懈努力。得益於我們的雙重收入業務模式。與 2019 年第一季度大流行前的水平相比，第一季度的電視出貨量增長了 23%。我們的設備業務在第一季度也取得了多項勝利。您會記得，在我們上次的電話會議中，我們提到了在選定模型中實施激進的定價策略。我很高興地報告，這一策略在第一季度得到了回報，我們的 50 英寸 V 系列成為美國銷量第一的 4K 電視。有了這一成功，我們還有更多的事情要做，並打算實施更多的努力，為消費者提供巨大的價值並擴大我們的電視市場份額。

In addition, shipments for our heavily encased 43- to 58-inch models increased 40%, and VIZIO was the #1 TV brand in shelf space at Walmart and Target. I'm also proud to say that VIZIO was the #2 best-selling Smart TV brand in the U.S. during March.

此外，我們重封裝的 43 至 58 英寸型號的出貨量增加了 40%，VIZIO 是沃爾瑪和塔吉特貨架空間排名第一的電視品牌。我也很自豪地說，VIZIO 是 3 月份在美國排名第二的最暢銷智能電視品牌。

On the heels of our market share momentum, we're excited to launch a new collection of TVs and sound bars in the coming months. With a handful of CES awards already in hand, our 2022 collection will feature robust technology and the value enhancements that will make the entertainment experience more enjoyable. With VIZIO devices means that entertainment centerpiece in millions of American homes, we also have a history of outstanding customer service. That tradition continued in Q1, with VIZIO being the recipient of 5 TV awards. The series recognize excellence in customer service, and VIZIO has been a perennial leader in the space. These 5 awards bringing our TV awards total to 111 over the last decade. VIZIO takes great pride in our focus on the consumer. And I want to thank our customer service team, based in South Dakota, the Heartland of Americas for this accomplishment.

緊隨我們的市場份額勢頭，我們很高興在未來幾個月推出一系列新的電視和條形音箱。我們的 2022 年系列已經獲得了一些 CES 獎項，將採用強大的技術和價值提升，讓娛樂體驗更加愉快。憑藉 VIZIO 設備意味著數百萬美國家庭的娛樂中心，我們還擁有出色的客戶服務歷史。這一傳統在第一季度得到延續，VIZIO 獲得了 5 個電視獎項。該系列表彰卓越的客戶服務，VIZIO 一直是該領域的長期領導者。這 5 個獎項使我們在過去十年中獲得的電視獎項總數達到 111 個。 VIZIO 對我們對消費者的關注感到非常自豪。我要感謝我們位於美洲腹地南達科他州的客戶服務團隊取得的這一成就。

We were also honored with the 2021 Sustainable Material Management Gold Tier distinction from the U.S. Environmental Protection Agency. The sixth straight year that our sustainable practices have been honored. The EPA's gold tier award is presented to organizations with exemplary electronic selection and recycling programs. I'm very proud that VIZIO is the leader in sustainability and applauds the team for this recognition. But consumers continue to seek our value in both the consumer electronics and content purchases, we believe that VIZIO is prime to leverage not only our dual revenue model, our history of quality, affordability and innovation to own a preferred place in the hearts and homes of consumers.

我們還榮獲美國環境保護署頒發的 2021 年可持續材料管理金級榮譽。我們的可持續實踐連續第六年獲得榮譽。 EPA 的金級獎頒發給具有示範性電子選擇和回收計劃的組織。我為 VIZIO 是可持續發展領域的領導者感到非常自豪，並對團隊的這一認可表示讚賞。但消費者繼續在消費電子產品和內容購買方面尋求我們的價值，我們相信 VIZIO 不僅可以利用我們的雙重收入模式、我們的質量、可負擔性和創新歷史，在人們的心中和家庭中擁有一個首選的位置。消費者。

In our 20th year of delivering incredible value with affordable quality devices, we also bring the entirety of the entertainment experience to millions of homes. 6 years ago, we foresaw the strategic value in owning and operating the combined hardware and software experience. It seems that the market has taken notice. While we might view new entrants to this competition, it is also a validation of our strategic business and consumers benefit, of course, on a daily basis. As viewers navigate in the ocean of content options, we are proud to know that millions will be utilizing VIZIO screens and innovations to do it.

在我們通過價格實惠的優質設備提供令人難以置信的價值的 20 年中，我們還將完整的娛樂體驗帶到了數百萬家庭。 6 年前，我們預見到擁有和運營綜合硬件和軟件經驗的戰略價值。市場似乎已經註意到了。雖然我們可能會看到新的參賽者參加這場比賽，但這也是對我們戰略業務和消費者利益的驗證，當然，每天都是如此。當觀眾在內容選項的海洋中導航時，我們很自豪地知道數百萬人將利用 VIZIO 屏幕和創新來做到這一點。

With that, I will now turn it over to Adam to speak to Q1 results in more detail.

有了這個，我現在將把它交給亞當來更詳細地討論第一季度的結果。

Thanks, William. Before opening the call to questions, I'll take you through our quarterly financial highlights and discuss our outlook for Q2.

謝謝，威廉。在開始提問之前，我將帶您了解我們的季度財務亮點並討論我們對第二季度的展望。

Starting with the first quarter. Total company revenue came in at $485 million. Platform+ revenue was up 97% to $103 million. Platform+ growth was driven by advertising revenue, which grew 116% to $76 million. Our direct advertising client relationships grew by 80%, and the average revenue per advertising client rose by 65% during the quarter. We were incredibly pleased to see an acceleration in the advertising growth rate over the fourth quarter growth rate, particularly considering typical seasonal trends. In addition, this first quarter marked our ninth consecutive quarter of triple-digit ad revenue growth. We continue to see strength in our advertising business as we further expand our client relationships across multiple categories and increased their average spend on our platform.

從第一季度開始。公司總收入為 4.85 億美元。 Platform+ 收入增長 97% 至 1.03 億美元。 Platform+ 的增長受到廣告收入的推動，廣告收入增長 116% 至 7600 萬美元。我們的直接廣告客戶關係增長了 80%，本季度每個廣告客戶的平均收入增長了 65%。我們非常高興地看到廣告增長率超過第四季度的增長率，特別是考慮到典型的季節性趨勢。此外，第一季度標誌著我們連續第九個季度實現三位數的廣告收入增長。隨著我們進一步擴大跨多個類別的客戶關係並增加他們在我們平台上的平均支出，我們繼續看到我們的廣告業務的實力。

We are also making great strides in growing our off-device monetization led by our Household Connect product. Off-device advertising revenue grew by over 200% year-over-year, driven by strength in Household Connect and it represents a significant long-term opportunity to generate additional advertising monetization beyond our TV installed base. Our nonadvertising revenue, which includes data licensing, branded buttons and content distribution fees, also performed well during the quarter, up 57% year-over-year.

我們還在推動由我們的家庭連接產品引領的設備外貨幣化方面取得了長足的進步。在 Household Connect 實力的推動下，設備外廣告收入同比增長超過 200%，這是一個重要的長期機會，可以在我們的電視安裝基礎之外產生額外的廣告貨幣化。我們的非廣告收入（包括數據許可、品牌按鈕和內容分發費用）在本季度也表現良好，同比增長 57%。

As we indicated on our last call, we expect to see a resurgence in non-advertising revenue growth in 2022 led by our highly valuable viewership data. This data has become the backbone of TV viewership measurement across both linear and CTV and is in high demand from TV measurement companies, ad tech firms, ad agencies and networks. Contract renewals, new deals and expanded deals such as our recently announced agreement with Nielsen will continue to fuel steady growth in our overall non-advertising revenue growth going forward.

正如我們在上次電話會議中指出的那樣，在我們極具價值的收視率數據的帶動下，我們預計 2022 年非廣告收入增長將復蘇。這些數據已成為線性和 CTV 電視收視率測量的支柱，並且受到電視測量公司、廣告技術公司、廣告代理和網絡的高需求。續約、新交易和擴大交易（例如我們最近宣布與尼爾森達成的協議）將繼續推動我們未來整體非廣告收入的穩步增長。

Turning to our device segment. Total revenue was $383 million, down 16% on fewer TV unit shipments and lower average unit price compared to the year ago period, which was still elevated by COVID dynamics. In Q1, we shipped 1.4 million TV units. And while as expected, this was down compared to the pandemic elevated Q1 of 2021, it was 14% and 23% higher than the pre-pandemic first quarters of 2020 and 2019, respectively. Point being, we know demand was elevated by the state home orders and government stimulus programs during much of 2020 and into early 2021. But if you look at the longer-term trajectory, we have seen a nice overall growth trend. And the difficult year-over-year pandemic-related comparisons will begin to ease from this point forward as we lap the inventory constraints and the expiration of several government assistance programs last year.

轉向我們的設備部分。總收入為 3.83 億美元，與去年同期相比，由於電視機出貨量減少和平均單價下降，下降了 16%，而這一數字仍然受到 COVID 動態的推動。第一季度，我們出貨了 140 萬台電視。儘管正如預期的那樣，與 2021 年第一季度大流行相比有所下降，但分別比大流行前的 2020 年和 2019 年第一季度高出 14% 和 23%。重點是，我們知道在 2020 年大部分時間和 2021 年初，州政府的房屋訂單和政府刺激計劃提高了需求。但如果你看一下長期軌跡，我們已經看到了良好的整體增長趨勢。隨著庫存限制和去年幾項政府援助計劃的到期，從這一點開始，與大流行相關的艱難的逐年比較將開始緩解。

So given our now healthy channel inventory levels and our strong retail partnerships, we are increasingly confident in our ability to grow our TV unit shipment volumes this year over last year, even against expectations of a decline in the overall domestic TV market.

因此，鑑於我們目前健康的渠道庫存水平和強大的零售合作夥伴關係，我們對今年電視出貨量比去年增長的能力越來越有信心，即使與整體國內電視市場下滑的預期相反。

Turning to gross profit. Total company gross profit was $73 million for the quarter. Platform+ gross profit was $65 million or about 89% of the total and up 69% year-over-year. Device gross profit came in at $8 million. While our strategy has been to be more competitive with certain promotion pricing, and this has resulted in slightly lower than average device margins. We continue to acquire active accounts for our Platform+ business at a positive gross profit. Given the significant ARPU growth we have already achieved and the continued upside we see ahead, we believe our device strategy serves as an economically favorable growth driver for our Platform+ business.

轉向毛利。本季度公司總毛利為 7300 萬美元。 Platform+ 毛利潤為 6500 萬美元，約佔總利潤的 89%，同比增長 69%。設備毛利潤為 800 萬美元。雖然我們的策略是通過某些促銷定價更具競爭力，但這導致設備利潤率略低於平均水平。我們繼續以正的毛利潤為我們的 Platform+ 業務獲取活躍賬戶。鑑於我們已經實現的 ARPU 顯著增長以及我們看到的未來持續上行空間，我們相信我們的設備戰略可以為我們的 Platform+ 業務提供經濟上有利的增長動力。

Total company adjusted EBITDA for the quarter was $4 million, slightly ahead of our expectations and down from $40 million a year ago. I would like to take a minute to provide some further specifics to help put this year-over-year decline into context.

本季度公司調整後的 EBITDA 總額為 400 萬美元，略高於我們的預期，低於一年前的 4000 萬美元。我想花一點時間提供一些進一步的細節，以幫助將今年同比下降納入背景。

The change versus Q1 2021 is the net effect of 4 factors: First, device margins coming down from the previously elevated levels during the pandemic period and additional strategic investment we have made to strengthen our competitiveness in the market; second, $9 million in higher marketing spend to help drive device sales; third, higher SG&A due to investments in our engineering and software development teams to build future monetization features and opportunities as well as certain corporate functions needed now that we are a public company; finally, these 3 headwinds were partially offset by growth in our Platform+ results.

與 2021 年第一季度相比的變化是 4 個因素的淨效應：首先，設備利潤率從大流行期間的先前高水平下降，以及我們為增強市場競爭力而進行的額外戰略投資；其次，增加 900 萬美元的營銷支出以幫助推動設備銷售；第三，由於對我們的工程和軟件開發團隊的投資，以建立未來的貨幣化功能和機會，以及我們作為上市公司所需的某些公司職能，因此提高了 SG&A；最後，這三個不利因素部分被我們 Platform+ 業績的增長所抵消。

Looking forward, we expect to see the impact of these factors begin to moderate as we scale the business and benefit from further growth. As a result, we expect adjusted EBITDA to improve throughout the year. We continue to maintain a strong, highly liquid balance sheet with no debt and significant flexibility to invest for future growth.

展望未來，隨著我們擴大業務規模並從進一步增長中受益，我們預計這些因素的影響將開始緩和。因此，我們預計調整後的 EBITDA 將在全年有所改善。我們繼續保持強勁、高流動性的資產負債表，沒有債務，並為未來的增長提供了極大的投資靈活性。

Now turning to our key performance metrics. Our Q1 results continue to highlight the growing success we are experiencing in driving overall monetization across our platform. ARPU growth this quarter accelerated to a record $23.68, up 64% over the year-ago period, benefiting from growth in home screen monetization, growth in video advertising revenue, particularly within WatchFree+ and growth in data licensing revenue driven by several contract renewals at higher rates.

現在轉向我們的關鍵績效指標。我們的第一季度業績繼續突出我們在推動整個平台的整體貨幣化方面取得的日益成功。本季度 ARPU 增長加速至創紀錄的 23.68 美元，同比增長 64%，這得益於主屏幕貨幣化的增長、視頻廣告收入的增長，尤其是在 WatchFree+ 中的增長以及數據許可收入的增長，這些增長是由幾份更高的合同續約推動的率。

We are pleased with the success we've achieved in monetizing our platform in a short period, and we continue to see significant upside from here as we launch new features and gain further traction in the marketplace. Total VIZIO hours grew 18% to $8.2 billion and SmartCast average grew 14% to $4.1 billion, exceeding 4 billion hours in the quarter for the very first time. While we continue to see solid overall growth in our total hours and SmartCast hours, as we have said before, where those hours are spent is particularly important to our monetization opportunities. To that point, we are pleased by a trend we have seen over the past 6 months where growth in time spent on WatchFree+ has significantly outpaced overall time spent on our platform. This has helped fuel our growth in video advertising revenue. SmartCast monthly active accounts grew just over $500,000 to $15.6 million.

我們很高興我們在短時間內通過我們的平台貨幣化所取得的成功，隨著我們推出新功能並在市場上獲得進一步的吸引力，我們繼續看到這裡的顯著上升空間。 VIZIO 總小時數增長 18% 至 82 億美元，SmartCast 平均小時數增長 14% 至 41 億美元，在本季度首次超過 40 億小時。正如我們之前所說，儘管我們的總工作時間和 SmartCast 時間繼續保持穩健的整體增長，但這些時間的花費對我們的貨幣化機會尤為重要。在這一點上，我們對過去 6 個月中看到的趨勢感到高興，在 WatchFree+ 上花費的時間增長顯著超過了在我們平台上花費的總時間。這有助於推動我們視頻廣告收入的增長。 SmartCast 每月活躍賬戶增長超過 500,000 美元，達到 1560 萬美元。

So now let me turn to what we expect to see for the second quarter. We expect Platform+ revenue to be between $107 million and $111 million, with strong contributions from both advertising and data licensing. We expect Platform+ gross profit to be between $66 million and $69 million, implying continued strong margins over 60% at the midpoint of these ranges. From a total company perspective, we expect adjusted EBITDA to be in the range of $3 million to $7 million. We also expect to see significant increase from this level in Q3 and Q4.

所以現在讓我談談我們對第二季度的預期。我們預計 Platform+ 的收入將在 1.07 億美元至 1.11 億美元之間，其中廣告和數據許可的貢獻很大。我們預計 Platform+ 的毛利潤將在 6600 萬美元至 6900 萬美元之間，這意味著在這些範圍的中點，利潤率將持續保持強勁，超過 60%。從整個公司的角度來看，我們預計調整後的 EBITDA 將在 300 萬美元至 700 萬美元之間。我們還預計第三季度和第四季度的這一水平將出現顯著增長。

So overall, Q1 was a great demonstration of the strengths and benefits of our dual revenue model. Our monetization capabilities continue to expand as we execute on existing market opportunities and tap into new opportunities through product innovations, all while delivering to consumers an exceptional user experience at a tremendous value.

因此，總體而言，第一季度很好地展示了我們雙重收入模式的優勢和優勢。隨著我們利用現有市場機會並通過產品創新挖掘新機會，我們的貨幣化能力不斷擴大，同時為消費者提供具有巨大價值的卓越用戶體驗。

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

有了這個，讓我們打開問題的電話。操作員？

(Operator Instructions) We'll take our first question today from Jim Goss of Barrington.

（操作員說明）我們今天將從巴靈頓的 Jim Goss 那裡回答我們的第一個問題。

Okay. I'd like to ask first, the 50-inch V-Series TV that was #1 4K set sold, can you talk about what the share of total TV revenue, TV set revenues that represented? And is that the principal reason for the drop in device gross profit to $8 million from $48 million. And I'll have my one follow-up.

好的。我想先問一下，50 英寸 V 系列電視是銷量第一的 4K 電視機，你能談談在電視總收入中所佔的份額，電視機收入代表什麼？這就是設備毛利潤從 4800 萬美元下降到 800 萬美元的主要原因。我會有我的一個後續行動。

Jim, no. So first of all, the decline in gross profit is part of our broader strategy of becoming more competitive in the marketplace as we come into this year. The V-Series is an example of us -- of a tactic we deployed to achieve that competitiveness. So we price that in the market to be very aggressive. It quickly gained share. It surged into -- into the March time frame and pushed up our market share over the course of the quarter. So it's a tactic that really proved itself.

吉姆，沒有。因此，首先，毛利潤的下降是我們今年進入市場時變得更具競爭力的更廣泛戰略的一部分。 V 系列就是我們的一個例子——我們為實現這種競爭力而部署的策略。所以我們在市場上定價非常激進。它迅速獲得了份額。它飆升至 3 月份的時間框架，並在本季度推高了我們的市場份額。所以這是一個真正證明了自己的策略。

More broadly, remember, a year ago, the gross profit was elevated due to the pandemic dynamics. It was a period of time when there was enormous demand. There was a challenged supply in the marketplace. You didn't need a discount or overly market product. And so it actually generated above normal gross profit in our device business. Year-on-year, we're now normalizing down to what I would have imagined to be more of a regular gross profit margin. And then on top of that, we have strategically moved like the example on the 50-inch to be even more competitive and push those margins down into the low single-digit level.

更廣泛地說，請記住，一年前，由於大流行的動態，毛利潤有所提高。那是一個需求巨大的時期。市場供應受到挑戰。您不需要折扣或過度營銷的產品。因此，它實際上在我們的設備業務中產生了高於正常的毛利潤。與去年同期相比，我們現在正在正常化到我想像的更正常的毛利率。最重要的是，我們已經像 50 英寸的例子一樣戰略性地移動，以提高競爭力，並將這些利潤率降低到低個位數的水平。

At that level, as I said in the prepared remarks, it allows us to drive growth, competitiveness in the marketplace that then feeds our Platform+ business. So we're going to look for other opportunities on other SKUs that may fit this same strategy in the months ahead and see if we can continue to move the needle. We really prove ourselves by gaining market share throughout the quarter. We ended March in the #2 market share position in TV, and that's really a great evidence point of the strategy.

正如我在準備好的評論中所說，在那個層面上，它使我們能夠推動市場的增長和競爭力，然後為我們的平台+業務提供支持。因此，我們將在未來幾個月內尋找其他 SKU 上可能符合相同策略的其他機會，看看我們是否可以繼續前進。我們通過在整個季度獲得市場份額來真正證明自己。我們在 3 月份結束時在電視市場份額排名第二，這確實是該戰略的一個很好的證據。

Okay. And the other question was, is there room for, say, a joint venture with some other Smart TV sellers that has not been as aggressive or innovative as you have that could extend the platform and perhaps both of you?

好的。另一個問題是，是否有空間與其他一些沒有你所擁有的積極或創新的智能電視銷售商建立合資企業，從而擴展平台，也許還有你們倆？

No, not at this time. We're not really working with other Smart TV manufacturers to license our platform OS, if that's the question you have.

不，不是在這個時候。如果您有這個問題，我們並沒有真正與其他智能電視製造商合作來許可我們的平台操作系統。

Yes. I just thought the objective is the platform.

是的。我只是認為目標是平台。

Your next question comes from the line of Jason Kreyer of Craig-Hallum.

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

Great. First one just on Jump View. Curious if you've seen traction beyond the FOX relationship, and then any color on the user experience that you've seen so far just in terms of utilization or how customers are adopting that pivot over to streaming.

偉大的。第一個只是在跳轉視圖上。好奇您是否已經看到了 FOX 關係之外的牽引力，以及到目前為止您所看到的用戶體驗的任何顏色，僅在利用率或客戶如何採用這種轉向流媒體方面。

Yes. I'll take that. I think, one, I think we're pretty excited about Jump View because it showcases really the benefits of that integrated system we have, right, hardware, software, all the data flowing through it, gives us the opportunity to create some really cool consumer experiences. As in Jump View, which allows them to seamlessly -- consumers can seamlessly jump between linear and streaming environment, regardless of HDMI input.

是的。我會接受的。我認為，一，我認為我們對 Jump View 感到非常興奮，因為它真正展示了我們擁有的集成系統的好處，對，硬件、軟件，所有流經它的數據，讓我們有機會創造一些非常酷的東西消費者體驗。就像在 Jump View 中一樣，它允許他們無縫地——消費者可以在線性和流媒體環境之間無縫地跳轉，而不管 HDMI 輸入如何。

So in terms of the launch partnership with FOX, went really well. That was the beta in the marketplace. It's now a good opportunity for us to continue to push. There's been significant demand for it from -- specifically from the media and entertainment community. And we think it opens up not only opportunities for media entertainment, but also the opportunity to expand into additional categories.

因此，就與 FOX 的發布合作而言，進展非常順利。那是市場上的測試版。現在是我們繼續推進的好機會。對它的需求很大——特別是來自媒體和娛樂界。我們認為它不僅為媒體娛樂開闢了機會，也為擴展到其他類別提供了機會。

Perfect. And then maybe a follow-up. On the analytics side, that was a key component of your NewFronts presentation a couple of weeks ago. Just curious, the key components that drove the good results in the quarter. And then any takeaways that you've had from that NewFronts presentation where you really focus that off-platform capability?

完美的。然後可能是後續行動。在分析方面，這是幾週前您的 NewFronts 演示文稿的一個關鍵組成部分。只是好奇，推動本季度良好業績的關鍵因素。然後，您從 NewFronts 演示文稿中獲得的任何收穫，您真正關注的是平台外功能？

Yes. Look, in terms of what are the key growth drivers for us this quarter, it continues to be surrounding WatchFree+. Obviously, we continue to invest and support WatchFree+. We've seen significant growth. We've made a lot of innovations to it. If you think about it 3 quarters ago, we went through a complete redesign, right, where we took over the user experience, now controlled all the content. Q4, we added on-demand content with deals with all the major studios. That was a big benefit to consumers and to the advertisers. And then we continue to add to it in Q1 with expansion of our video features.

是的。看，就本季度我們的主要增長動力而言，它繼續圍繞著 WatchFree+。顯然，我們將繼續投資和支持 WatchFree+。我們已經看到了顯著的增長。我們對它進行了很多創新。如果您考慮一下 3 個季度前，我們進行了徹底的重新設計，對，我們接管了用戶體驗，現在控制了所有內容。第四季度，我們通過與所有主要工作室的交易添加了點播內容。這對消費者和廣告商來說都是一個很大的好處。然後我們在第一季度繼續添加它，擴展我們的視頻功能。

And if you look at those video features, specifically Fork & Flight and VIZIO investigation, we're seeing viewership that's lasting about 3x longer than the standard fast channel out there. So all of this has allowed us, with WatchFree+ to continue to grow active users and continue to grow time spent, which is converting into increased monetization. And now the number two, ad-supported app on our platform.

如果您查看這些視頻功能，特別是 Fork & Flight 和 VIZIO 調查，我們看到的收視率比標準快速頻道長約 3 倍。因此，所有這一切都使我們能夠通過 WatchFree+ 繼續增加活躍用戶並繼續增加所花費的時間，這正在轉化為增加的貨幣化。現在是我們平台上的第二大廣告支持應用。

The other key growth driver continues to be our home screen. We continue to do very well with the media and entertainment community, helping them grow awareness of new shows they have in the market, help them reduce churn on subscriptions and continue to bring new partners into the fold through brand sponsorships given the opportunity for customers like CPG or insurance companies to get access to our home screen in innovative ways.

另一個關鍵的增長動力仍然是我們的主屏幕。我們繼續在媒體和娛樂界做得很好，幫助他們提高對市場上新節目的認識，幫助他們減少訂閱流失，並通過品牌贊助繼續吸引新的合作夥伴，為客戶提供機會CPG 或保險公司以創新方式訪問我們的主屏幕。

And I would say the last driver really is our off-device. So Household Connect, we continue -- I think we mentioned we grew it over 200%. We continue to be out there in the marketplace, evangelizing the strength of our data and how those data -- that data can help increase our TAM by expanding advertising opportunities for our customers off platform.

我會說最後一個驅動程序真的是我們的設備外。所以Household Connect，我們繼續——我想我們提到我們增長了200%以上。我們繼續在市場上展示我們數據的力量以及這些數據如何通過為我們的客戶在平台外擴大廣告機會來幫助增加我們的 TAM。

In terms of NewFronts, we've got really good response from the advertising community, both brands and agencies from our NewFronts. And I think we were very successful piggybacking off last year's NewFronts to drive significant upfront commitments that we're working through this year. And we've now started the negotiations with major holding companies as well as large brands to what we believe have a much larger upfront this year. So very well received.

就 NewFronts 而言，我們得到了來自廣告界的非常好的回應，包括來自我們 NewFronts 的品牌和代理機構。而且我認為我們非常成功地搭載了去年的 NewFronts，以推動我們今年正在努力的重大前期承諾。我們現在已經開始與主要控股公司以及大品牌進行談判，我們認為今年的預付款要大得多。所以很受歡迎。

Your next question comes from Steven Cahall of Wells Fargo.

您的下一個問題來自富國銀行的 Steven Cahall。

First one for me, the SmartCast conversion was a little weaker than last quarter. Based on what you said about being able to grow shipments for the rest of the year to above last year and then just what you see on deactivations. I was wondering if you had any sense of how we could think about that ratio for the remainder of the year. Do you think you can get back to that kind of 50% that you ran at a little bit more historically?

第一個對我來說，SmartCast 轉換比上一季度要弱一些。根據您所說的能夠將今年剩餘時間的出貨量增加到去年以上，然後就是您在停用時看到的情況。我想知道你是否知道我們如何考慮今年剩餘時間的這個比率。你認為你可以回到你在歷史上運行的那種 50% 嗎？

And then secondly, SmartCast hours, I think those are rough kind of teens, but obviously, ad revenue was up over 100%. It looks like it accelerated. That just implies a lot of incremental ad monetization. So would love to just kind of help me frame up how you're thinking about that? What are you doing to drive folks on to WatchFree+, maybe what your content strategy is there? Any other color.

其次，SmartCast 小時，我認為這些都是粗略的青少年，但很明顯，廣告收入增長了 100% 以上。看起來它加速了。這只是意味著大量的增量廣告貨幣化。所以很想幫助我了解你的想法嗎？你在做什麼來推動人們使用 WatchFree+，也許你的內容策略是什麼？任何其他顏色。

Sure, Steven. It's Adam. I'll start with the first one and then turn it over to Mike for the second one. So yes, on the conversion ratio, as I said last quarter, we think in a normalized environment that, that metric is kind of going to shake out between 40% and 50%. Now we've clearly not been in a normal environment for quite a while. There's been ebbs and flows versus shipments versus sell-through, and those dynamics can play a role in that metric.

當然，史蒂文。是亞當。我將從第一個開始，然後將第二個交給 Mike。所以是的，關於轉換率，正如我上個季度所說，我們認為在正常化的環境中，該指標會在 40% 到 50% 之間搖擺不定。現在我們顯然已經有一段時間沒有處於正常的環境中了。出貨量與銷售量之間存在起起落落，這些動態可以在該指標中發揮作用。

In Q1, it was a period where we saw shipments out into the retail channels exceed sell-through. And that was as we were trying to catch up and build up the channel inventory so that we'd be in a strong position to deploy the pricing strategies that we've already talked about. And so as a result of that dynamic, you're seeing the shipment number, which is what we disclosed because it is what is tied to revenue recognition. But when shipments exceed sell-through, it's going to -- is going to depress that metric from just a math standpoint. But over the course of the year, we're still looking at being in that 40% to 50% range. At the end of the day, we grew our active accounts by a solid over 500,000. That's pretty consistent with what we've seen over the last 4 quarters. And then Mike is going to be able to monetize that on the platform side as we grow that base. So I think about it in that context.

在第一季度，我們看到進入零售渠道的出貨量超過了銷售量。那是因為我們試圖趕上並建立渠道庫存，以便我們能夠在部署我們已經討論過的定價策略方面處於有利地位。因此，由於這種動態，您會看到發貨數量，這是我們披露的，因為它與收入確認相關。但是，當出貨量超過銷售量時，它會——從數學的角度來看會壓低這個指標。但在這一年中，我們仍在考慮保持在 40% 到 50% 的範圍內。最終，我們的活躍賬戶增長了超過 500,000 個。這與我們在過去四個季度中看到的情況非常一致。然後，隨著我們擴大基礎，邁克將能夠在平台方面將其貨幣化。所以我在這種情況下考慮它。

Yes. And I think to answer your question around the ramp of ad monetization versus that growth, I think we just talked about the key growth drivers we had, but we still have a lot of runway. We talked about this in the past, but we're still just a little over 2 years in to our ad monetization or driving our direct sales business. So we continue to close or drive relationships with brands and agencies in the marketplace. I think we expanded our direct advertising client base by 73%, increased average revenue per advertiser by over 70% -- 76% versus last year. So we still have a long runway ahead of us to continue to grow and continue to build ARPU on the advertising side. So we'll continue to take advantage of that.

是的。我想回答你關於廣告貨幣化與增長的問題的問題，我認為我們剛剛談到了我們擁有的關鍵增長驅動因素，但我們仍然有很多跑道。我們過去曾討論過這一點，但我們的廣告貨幣化或推動我們的直銷業務仍然只有 2 年多一點的時間。因此，我們繼續與市場上的品牌和代理商建立或推動關係。我認為我們將直接廣告客戶群擴大了 73%，每位廣告客戶的平均收入增加了 70% 以上——與去年相比增加了 76%。因此，我們還有很長的路要走，繼續增長並繼續在廣告方面建立 ARPU。所以我們將繼續利用這一點。

And then in terms of driving people into WatchFree+, look, we have multiple touch points to get our consumers into WatchFree+, whether that be the remote button, whether that be the app on the platform, different carousels that we incorporate within our platform, but the biggest driver continues to be the promotion. And we have an incredible UI for search and discovery when you get to the SmartCast home screen. And we continue to utilize that inventory to drive our consumers into WatchFree+ and show them the great high-quality content we have available. So -- as we continue to support that, we believe we'll continue to drive up WatchFree+ and ultimately continue to drive up the advertising commoditization.

然後在推動人們進入 WatchFree+ 方面，看，我們有多個接觸點讓我們的消費者進入 WatchFree+，無論是遠程按鈕，還是平台上的應用程序，我們在平台中加入的不同輪播，但是最大的推動力仍然是促銷。當您進入 SmartCast 主屏幕時，我們為搜索和發現提供了令人難以置信的 UI。我們繼續利用這些庫存來吸引我們的消費者使用 WatchFree+，並向他們展示我們可用的優質內容。所以——隨著我們繼續支持這一點，我們相信我們將繼續推動 WatchFree+ 並最終繼續推動廣告商品化。

Your next question comes from the line of Cory Carpenter from JPMorgan.

您的下一個問題來自摩根大通的 Cory Carpenter。

I had two. Just first, hoping to hear your thoughts on Netflix launching ad-supported service. I'm curious how impactful you think that -- something like that could be from VIZIO over time. And then secondly, I think this is the first call in a while where we didn't talk at length about the TV supply chain. So just hoping for an update there and how close you think we are back to a more normal environment.

我有兩個。首先，希望聽到您對 Netflix 推出廣告支持服務的想法。我很好奇你認為這有多大影響——隨著時間的推移，VIZIO 可能會出現類似的情況。其次，我認為這是一段時間以來我們第一次沒有詳細討論電視供應鏈。所以只是希望那裡有更新，以及您認為我們回到更正常的環境有多接近。

All right. I'll take the Netflix question. I mean look, I think Netflix and Disney, I think we're pretty excited about them getting into the advertising space. As a whole, we think it's really good for the entire connected TV ecosystem and very good for our ecosystem. The opportunity to bring an ad-supported tier in, we think will continue to help shift viewers into streaming and also help them reduce any churn they have on our platform. Those are good for us because we've got economics with them and economics with those partners.

好的。我會回答 Netflix 的問題。我的意思是看，我認為 Netflix 和迪士尼，我認為我們對他們進入廣告領域感到非常興奮。總的來說，我們認為這對整個聯網電視生態系統非常有益，對我們的生態系統也非常有益。我們認為，引入廣告支持層的機會將繼續幫助觀眾轉向流媒體，並幫助他們減少他們在我們平台上的任何流失。這些對我們有好處，因為我們與他們有經濟學，與那些合作夥伴有經濟學。

We also -- it's good as more partners come into the streaming environment, where we still have more and more opportunities to monetize our home screen, more time spent on the home screen leads to more monetization. But I think from the advertising side, it's going to be really good for the market. CTV right now is underbought compared to its reach and amount of time spent. And we believe this move will most likely accelerate the shift of linear dollars into connected TV. And for us, as more and more dollars shift into -- at a linear and interconnected TV, WatchFree+ will benefit from that. We are effectively a next-generation cable network, and we should see good upside as more dollars are able to be brought out -- pulled out of linear and into streaming.

我們也 - 隨著越來越多的合作夥伴進入流媒體環境，我們仍然有越來越多的機會通過我們的主屏幕獲利，在主屏幕上花費更多時間會帶來更多的獲利。但我認為從廣告方面來看，這對市場來說是非常好的。與其覆蓋面和花費的時間相比，CTV 現在的購買力不足。我們相信，這一舉措很可能會加速線性美元向聯網電視的轉移。對我們來說，隨著越來越多的資金投入到線性和互連的電視上，WatchFree+ 將從中受益。我們實際上是下一代有線網絡，隨著更多的美元能夠被拿出來——我們應該看到好的上升空間——從線性和流媒體中拉出來。

And then I think finally, it's also good for us from a data standpoint. I think William and Adam both touched on, we continue to build our relationships and partnerships and expand those with next-generation currencies that are trying to solve the problem of the shift from linear to streaming. And we've got -- we already had deals in place with 7 out of the 8 top partners, the iSpot, Comscore, VideoAmp and more that are continuing to build out these solutions. And then we just brought on Nielsen this past quarter. And our data is powering or fueling the next generation of their products, looking to help bring measurement and currencies to the connected TV space. So all in all, very good for us across pretty much all our revenue streams.

然後我認為最後，從數據的角度來看，這對我們也有好處。我認為威廉和亞當都談到了，我們繼續建立我們的關係和合作夥伴關係，並使用下一代貨幣擴大這些關係和合作夥伴關係，試圖解決從線性向流媒體轉變的問題。而且我們已經 - 我們已經與 8 個頂級合作夥伴中的 7 個達成了交易，iSpot、Comscore、VideoAmp 等等正在繼續構建這些解決方案。然後我們剛剛在上個季度引入了尼爾森。我們的數據正在為他們的下一代產品提供動力或燃料，希望幫助將測量和貨幣帶入聯網電視空間。總而言之，這對我們幾乎所有的收入來源都非常有利。

Yes. Regarding your question of supply chain on TV, the shutdown of the major city in China definitely brought a lot of challenges to the supply chain. However, we have a great team. I want to thank our team for being well prepared for this particular shutdown and our supply chain at this time is pretty healthy for the short term and near term. And again, I want to thank them because they were way ahead of the curve, and we were prepared. So our supply chain looks pretty good right now.

是的。關於你在電視上提到的供應鏈問題，中國主要城市的停工確實給供應鏈帶來了很多挑戰。然而，我們有一個很棒的團隊。我要感謝我們的團隊為這次特殊的停工做好了充分的準備，我們此時的供應鏈在短期和短期內都非常健康。再一次，我要感謝他們，因為他們走在了潮流的前面，我們已經做好了準備。所以我們的供應鏈現在看起來還不錯。

Your next question comes from Nick Zangler of Stephens.

您的下一個問題來自 Stephens 的 Nick Zangler。

First off, I just take these results and the guidance here is phenomenal, so congrats there. But I got a few, starting with Inscape. Obviously, Nielsen expanding their partnership with VIZIO in the quarter, gaining access to ACR data for use of local TV measurement. Any way to size up how incremental this is? And do you see your other CTV measurement partners looking to gain access to this local data just like Nielsen is? I mean, obviously, results here were very strong this quarter. And it sounds like the growth trajectory here is inflecting, so maybe just also if you could frame up how we should think about the segment going forward?

首先，我只是接受這些結果，這裡的指導非常出色，所以恭喜。但我有一些，從 Inscape 開始。顯然，尼爾森在本季度擴大了與 VIZIO 的合作夥伴關係，獲得了用於本地電視測量的 ACR 數據。有什麼方法可以確定這是多少增量？您是否看到您的其他 CTV 測量合作夥伴希望訪問這些本地數據，就像 Nielsen 一樣？我的意思是，顯然，本季度的結果非常強勁。聽起來這裡的增長軌跡正在發生變化，所以也許你也可以確定我們應該如何看待未來的細分市場？

Yes. I think touching on -- touching on the Nielsen, not necessarily getting to the specifics, but I think within that, our ability to start to add incremental local stations. I think we talked about 400 into our fold. There is a window of exclusivity for Nielsen, which is good for our partnership and will help continue to build the marketplace, especially around local within cross-screen measurement. Once that window of exclusivity is up, it's good for our business because it just continues to give us more opportunities to grow and sell against the new revenue stream within data.

是的。我認為觸及 - 觸及尼爾森，不一定要了解細節，但我認為在此範圍內，我們開始添加增量本地電台的能力。我認為我們討論了 400 個。尼爾森有一個排他性窗口，這有利於我們的合作夥伴關係，並將有助於繼續建立市場，尤其是在跨屏幕測量中的本地市場。一旦排他性窗口打開，這對我們的業務有好處，因為它只會繼續為我們提供更多的機會來發展和銷售數據中的新收入流。

Yes. Nick, the way to think about these as well, these data contracts are multiyear contracts. So we have good visibility on what they look like and what the ramp looks like over time. So that helps us with predictability in that nonadvertising revenue growth. And as we said, we do expect that to inflect this year. Remember, last year, we were in the middle of a little bit of a strategic pivot on how we handled our data and what we're willing to license in the marketplace. We've made that change. You've seen the benefits to our own advertising business as a result of that change. And now we're in a position where the data that we are licensing in the market is becoming increasingly valuable and we're expanding the number of deals we're doing with these players. We're adding and expanding our relationship with the large people like Nielsen, as you mentioned. And with the multiyear structure, it gives us really good visibility. So we do think we're going to see a reacceleration of non-advertising revenue growth this year.

是的。尼克，考慮這些的方式，這些數據合同是多年合同。因此，我們可以很好地了解它們的外觀以及隨著時間的推移坡道的外觀。因此，這有助於我們對非廣告收入增長的可預測性。正如我們所說，我們確實預計今年會有所改變。請記住，去年，我們正處於關於如何處理我們的數據以及我們願意在市場上許可什麼的戰略支點中。我們已經做出了改變。您已經看到了這種變化給我們自己的廣告業務帶來的好處。現在，我們在市場上獲得許可的數據變得越來越有價值，我們正在擴大與這些參與者進行的交易數量。正如你所提到的，我們正在增加和擴大與尼爾森等大公司的關係。憑藉多年的結構，它為我們提供了非常好的知名度。因此，我們確實認為今年我們將看到非廣告收入增長重新加速。

Got it. And just any learnings from the more aggressive pricing strategy that you guys employed in the first quarter? I mean, actually, the gross margins on the device are higher than I expected. So it almost suggests that you could press even harder. But maybe you could just level set on the expectations on pricing how much more or less promotional and aggressive you'll be as you push forward.

知道了。從你們在第一季度採用的更激進的定價策略中學到了什麼？我的意思是，實際上，該設備的毛利率高於我的預期。所以它幾乎暗示你可以更加努力。但也許你可以對定價的預期水平設定多少，在你推進的過程中，你會增加或減少多少促銷和積極性。

Well, I'd say the first learning is that when you give consumers a great product at an amazing price, they buy it. So we saw great growth in that product as we talked about the gains in the 50 inch were fantastic. We specifically went after the 50 inch because it's just such a great volume product and a highly engaged product, right? That is a screen size that does really well for us on our Platform+ side. And so we are going to take those learnings and look at other SKUs that fit that paradigm and try to push into the market and see where we can be competitive.

嗯，我想說的第一個學習是，當你以驚人的價格向消費者提供優質產品時，他們就會購買。因此，當我們談到 50 英寸的收益非常驚人時，我們看到了該產品的巨大增長。我們特別關注 50 英寸，因為它是一款體積龐大且參與度很高的產品，對吧？這個屏幕尺寸在我們的 Platform+ 方面非常適合我們。因此，我們將吸取這些經驗，研究其他適合該範式的 SKU，並嘗試進入市場，看看我們可以在哪些方面具有競爭力。

So we're very pleased with the immediate reaction consumers took to the strategy. We see the lift in market share. We see what it did for the whole product lineup. We'll get surgical about what units make sense next. But by and large, overall, we can continue to manage this at a -- and as I said, we're acquiring customers at a positive gross profit dollar on selling devices. So even if it's a lower margin than had historically been, the strategy is proving itself and it feeds right into our dual revenue model.

因此，我們對消費者對該策略的直接反應感到非常滿意。我們看到市場份額的提升。我們看到它對整個產品陣容做了什麼。我們將對下一步有意義的單位進行手術。但總的來說，總的來說，我們可以繼續管理這一點——正如我所說，我們在銷售設備時以正的毛利潤美元獲得客戶。因此，即使利潤率低於歷史水平，該策略也正在證明自己，並直接融入我們的雙重收入模式。

Got it. And then just one final fun question for you guys. I'm still ordering my pizza through my phone. I'd love to order it through my TV. How far away are we from the introduction of more expansive e-commerce capabilities?

知道了。然後給你們最後一個有趣的問題。我仍在通過手機訂購披薩。我很想通過我的電視訂購它。我們離引入更廣泛的電子商務能力還有多遠？

That's a great question. I've been waiting for that day for 25 years. Since my first Smart TV, I really thought we're going to make a lot of money selling pizzas. So that days are coming relatively soon because we've been -- VIZIO has been building the fundamental building blocks to make that happen, the billing engine, the voice capability, the mobile experience. And Mike, do you want to chime in, add a little bit more?

這是一個很好的問題。我等那一天已經25年了。自從我的第一台智能電視開始，我真的認為我們會通過賣披薩賺很多錢。因此，這一天來得相對較快，因為我們一直在——VIZIO 一直在構建實現這一目標的基本構建塊，計費引擎、語音功能、移動體驗。邁克，你想插話，再加一點嗎？

Yes. I think we touched on it in the past, but for us to get to the next phase of Smart TVs as we extend beyond entertainment, for VIZIO, we're excited about that. We obviously continue to hire and bring on people to start to think about the future of television. But at the start, we need to lay that foundation, right? And for us, that foundation, and William touched on, is making sure it's very easy to communicate with the television. So we've made -- continue to make enhancements to our mobile offering. We've continued to add voice capabilities. We added voice to a majority of our televisions rolling out or moving forward all new televisions that we bring into the marketplace will be voice -- will have voice capabilities. So we're excited about that.

是的。我認為我們過去曾接觸過它，但是對於我們來說，隨著我們超越娛樂，進入智能電視的下一階段，對於 VIZIO，我們對此感到興奮。我們顯然會繼續僱傭和吸引人們開始思考電視的未來。但一開始，我們需要打好基礎，對吧？對我們來說，William 談到的基礎是確保與電視的交流非常容易。所以我們已經 - 繼續增強我們的移動產品。我們繼續添加語音功能。我們為我們推出或推出的大多數電視添加了語音，我們引入市場的所有新電視都將是語音 - 將具有語音功能。所以我們對此感到興奮。

We needed to have the foundation of billing system and a wallet. We're still on track with that to launch midsummer with that product. And I think the last foundational piece is around interactivity and notifications. And while we have that capability, I think Jump View, which we already touched on, is a good example of how we can continue to innovate around interactivity, how we can start to move consumers between HDMI inputs and serve notifications in a different and unique way that really enhances the consumer experience. So I think we're in a good position from a foundational standpoint, and I think a lot of those opportunities are on the horizon.

我們需要有計費系統和錢包的基礎。我們仍在按計劃在仲夏推出該產品。我認為最後一個基礎部分是關於交互性和通知的。雖然我們有這種能力，但我認為我們已經談到的 Jump View 是一個很好的例子，說明我們如何繼續圍繞交互性進行創新，我們如何開始在 HDMI 輸入之間移動消費者並以不同和獨特的方式提供通知真正提升消費者體驗的方式。所以我認為從基礎的角度來看，我們處於有利位置，而且我認為很多這樣的機會都在眼前。

Your next question comes from Michael Morris of Guggenheim Partners.

您的下一個問題來自 Guggenheim Partners 的 Michael Morris。

I have two questions. My first one is about WatchFree+ and the competitive dynamic there. So it's great to see the success of WatchFree+, but it does or can, I guess, come at the expense of some of your partners who buy display advertising from you. So I'm just curious, maybe for Mike O'Donnell, how do you see that dynamic playing out? How you can win on the attention side of WatchFree+, but still be a valuable partner for other networks, especially ad-supported networks? Curious to your thoughts there.

我有兩個問題。我的第一個是關於 WatchFree+ 和那裡的競爭動態。因此，很高興看到 WatchFree+ 的成功，但我猜它確實或可能會犧牲一些從您那裡購買展示廣告的合作夥伴。所以我只是好奇，也許是對 Mike O'Donnell，你是如何看待這種動態的？您如何在 WatchFree+ 的關注方面贏得關注，同時仍然是其他網絡（尤其是廣告支持的網絡）的寶貴合作夥伴？很好奇你的想法。

And then the second thing, maybe bigger picture. One of the big complaints we hear is there's so much content now, right? It's hard to sort of organize and find what you want. It feels like you guys continue to have an awesome sort of position to help people with that. So maybe some of that is a wallet, but I'm curious if there's any more that you can share about the economic opportunity for you for helping organize and prioritize the content that people want across a number of platforms they might subscribe to.

然後是第二件事，也許是更大的圖景。我們聽到的最大抱怨之一是現在內容太多了，對吧？很難組織和找到你想要的東西。感覺就像你們繼續擁有一個很棒的職位來幫助人們。所以也許其中一些是一個錢包，但我很好奇你是否可以分享更多關於你的經濟機會，以幫助組織和優先考慮人們在他們可能訂閱的許多平台上想要的內容。

Yes. So in terms of competitive growth, kind of going back to the question around Netflix and Disney, I think it really does validate that customers have an appetite for ad-supported services, right? They also have an appetite for subscription services in the marketplace. Being a distribution platform with scale and scale that's growing significantly, I think we're well positioned to service all the -- that entire customer base. And I think there's plenty of eyeballs as well as ad dollars available to service all the different partners on the platform.

是的。因此，就競爭增長而言，回到圍繞 Netflix 和迪士尼的問題，我認為這確實證明了客戶對廣告支持的服務有興趣，對吧？他們還對市場上的訂閱服務有興趣。作為一個規模和規模都在顯著增長的分銷平台，我認為我們有能力為所有客戶群提供服務。而且我認為有大量的眼球和廣告資金可用於為平台上的所有不同合作夥伴提供服務。

As I mentioned earlier, look, we think of WatchFree+, we continue to invest. We continue to support it, but we continue to generate revenue in a multitude of different ways across our platform. And it's important for us to continue to help and support the partners on our platform because they are partners from us, not only from a consumer viewership standpoint, but also from a revenue standpoint. But we're also going to continue to feed WatchFree+ where we can from an editorial standpoint on our home screen.

正如我之前提到的，看，我們想到了 WatchFree+，我們繼續投資。我們繼續支持它，但我們繼續在我們的平台上以多種不同的方式產生收入。對我們來說，繼續幫助和支持我們平台上的合作夥伴很重要，因為他們是我們的合作夥伴，不僅從消費者收視率的角度來看，而且從收入的角度來看。但我們也將繼續在我們的主屏幕上從編輯的角度提供 WatchFree+。

And I mentioned earlier, we think of WatchFree+ as a next-generation cable channel. And I think with that, there's opportunities as more and more dollars shift over for us to continue to grow at an accelerated pace, WatchFree+ as well as the rest of the partners on the platform continue to grow their revenue and opportunities. And then the next question -- Mike, sorry, the next question was around search and discovery, right?

我之前提到過，我們將 WatchFree+ 視為下一代有線頻道。我認為，隨著越來越多的資金轉移到我們身上，我們有機會繼續加速增長，WatchFree+ 以及平台上的其他合作夥伴繼續增加他們的收入和機會。然後是下一個問題——邁克，抱歉，下一個問題是關於搜索和發現的，對吧？

Exactly. The potential for value creation there totally.

確切地。完全有創造價值的潛力。

Yes. Look, I think for us, we're already -- we continue to invest in refining search and discovery for our consumers. Our user interface, we continue to hear from customers as well as partners that it's the best in the market for search and discovery. And I think as our partners continue to grow, as we bring more eyeballs to SmartCast and time spent as well as active user grows, we think there's going to be a lot of opportunities for us to continue to drive not only viewership or subscriptions for our partners, help them reduce churn, but also continue to increase monetization for our most monetizable opportunities, which includes WatchFree+.

是的。看，我認為對我們來說，我們已經 - 我們繼續投資於為我們的消費者改進搜索和發現。我們的用戶界面，我們繼續從客戶和合作夥伴那裡聽到，它是市場上最好的搜索和發現工具。而且我認為，隨著我們的合作夥伴繼續增長，隨著我們為 SmartCast 帶來更多的眼球，花費的時間以及活躍用戶的增長，我們認為我們將有很多機會繼續推動我們的收視率或訂閱合作夥伴，幫助他們減少客戶流失，同時繼續為我們最可盈利的機會增加盈利，其中包括 WatchFree+。

Your next question comes from the line of Tom Champion of Piper Sandler.

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

I'm just looking at the Smart TV shipments chart in the deck. In 2 of the 3 years, it looks like 1Q is kind of the low-water mark. And I don't know if this was stated already, but I mean, is the implication there that you expect shipments to increase sequentially through the year? And I'm wondering if you could just talk a little bit about kind of your view of the economy, how you think the consumer is doing. And maybe just last one, in terms of the promotions, how are competitors responding? Any thoughts on that would be really helpful.

我只是在看甲板上的智能電視出貨量圖表。在 3 年中的 2 年中，看起來 1Q 是一種低水位線。而且我不知道這是否已經說明，但我的意思是，是否暗示您預計全年出貨量將連續增加？我想知道你是否可以談談你對經濟的看法，你認為消費者的表現如何。也許只是最後一個，就促銷而言，競爭對手的反應如何？對此的任何想法都會非常有幫助。

Yes, sure, Tom. Look, there is some seasonality throughout the year. Typically, Q4 is our biggest, that's obviously our big holiday sales period. Q1 usually does fairly well. Q2 can have a little change depending on if we're in a reset period if we're bringing back. So the comps over multiple periods is a little bit tricky. The comment we made was we looked back at last year and some of the availability constraints that we dealt with. We are confident that we're going to be able to grow our shipments this year over last year. And that will -- I don't know if it will be exactly steadily throughout every single quarter, but absolutely moving in that direction with a lot of strength because of the strong position we have right now with available product in the channels and the pricing strategies we deployed, we feel good about both shipments. And then obviously, sell-through and how that starts to feed into active account growth, as I talked about earlier.

是的，當然，湯姆。看，一年四季都有一些季節性。通常，第四季度是我們最大的，這顯然是我們的大假期銷售期。 Q1 通常表現不錯。第二季度可能會有一些變化，這取決於我們是否處於重置期，如果我們要帶回來的話。所以多個時期的比賽有點棘手。我們所做的評論是回顧去年以及我們處理的一些可用性限制。我們有信心今年的出貨量將比去年增加。這將——我不知道它是否會在每個季度都完全穩定，但由於我們現在在渠道和定價方面擁有強大的地位，因此絕對會以很大的力量朝著這個方向前進我們部署的策略，我們對兩批貨物都感覺良好。然後很明顯，正如我之前談到的，銷售以及它如何開始促進活躍賬戶的增長。

So the comps start to get easier. As I mentioned in the prepared remarks, we're obviously lapping now on the period a year ago, where there was availability supply constraints. There were -- the country was reopening up. People were getting out and doing other things. And so the dynamics we're shifting, we're now comping against that, which should be favorable for growth rates as you look at this year.

所以比賽開始變得更容易。正如我在準備好的評論中提到的那樣，我們現在顯然是在一年前的時期，當時存在供應限制。有——這個國家正在重新開放。人們出去做其他事情。所以我們正在改變的動力，我們現在正在與之抗衡，這應該有利於今年的增長率。

And then from a marketplace standpoint, look, in an environment where there's challenges, we know that consumers tend to gravitate towards value. VIZIO has a long history of being a value brand. We've been in the marketplace a long time with that presence. Consumers will select quality at a great price, and we think we have a very strong hand to play into that in this environment that you're describing. So we'll watch it like everybody else will. The backdrop is still strong from a labor standpoint. People are working. Obviously, there's inflation. So everyone's got to figure out how to navigate these things. But having good strong channel inventory, an attractively priced product at a great quality, we've got a good hand to play.

然後從市場的角度來看，在充滿挑戰的環境中，我們知道消費者傾向於被價值所吸引。 VIZIO 作為價值品牌有著悠久的歷史。我們在市場上已經有很長時間了。消費者會以優惠的價格選擇質量，我們認為在您所描述的這種環境中，我們有很強的實力來發揮作用。所以我們會像其他人一樣觀看它。從勞工的角度來看，背景仍然很強勁。人們在工作。很明顯，有通貨膨脹。所以每個人都必須弄清楚如何駕馭這些事情。但是，擁有強大的渠道庫存，價格誘人且質量上乘的產品，我們可以玩一手好牌。

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

您的下一個問題來自美國銀行的 Wamsi Mohan。

Yes. On your guide for Platform+ revenues, I mean, if you look at 2Q guide, it's about at the midpoint, about $6 million incremental sequentially. And last year, 1Q to 2Q, you did crossly double that. Why should you not be tracking a lot higher on a quarter-on-quarter basis, given also some of the new initiatives you have?

是的。在您的 Platform+ 收入指南中，我的意思是，如果您查看 2Q 指南，它大約處於中點，連續增加約 600 萬美元。去年，從第一季度到第二季度，你確實翻了一番。考慮到您擁有的一些新舉措，為什麼您不應該在季度環比的基礎上跟踪更高的數據？

Yes. Thanks, Wamsi. I mean, look, I think it still certainly reflects very strong year-over-year growth. We're looking at the environment. This is also a period where we come off of sort of Q1 and then the new selling season, right? We have benefit from last year's upfront that rolls through. And then now, the new season will start when the fall launches come around, and Mike can talk maybe a little bit more about what he mentioned in terms of the NewFronts and so forth. But look, I think it still reflects very strong growth, which is what we want to show and demonstrate. We're going to push the team. Obviously, they continue to execute really well against that, and we'll see where it comes out. But it's not lose sight of the fact that we are now lapping on periods where the team was more established this time a year ago versus the earlier days where the comps are much, much easier. So keep that in context, but excellent growth if we can achieve that midpoint of the range.

是的。謝謝，萬西。我的意思是，看，我認為它仍然肯定反映了非常強勁的同比增長。我們在看環境。這也是我們從第一季度開始，然後是新的銷售季節的時期，對吧？我們從去年的預付款中受益。然後現在，新賽季將在秋季發佈時開始，邁克可能會多談談他在新前線等方面提到的內容。但是看，我認為它仍然反映了非常強勁的增長，這是我們想要展示和展示的。我們將推動團隊。顯然，他們在這方面的表現仍然非常好，我們將看看結果如何。但我們並沒有忽視這樣一個事實，即我們現在正在回顧一年前這個時候團隊更加成熟的時期，而早期的比賽要容易得多。因此，請在上下文中保持這一點，但如果我們能夠達到該範圍的中點，則將實現出色的增長。

Yes. I was just going to add. I think -- from our perspective, I think, again, there's good growth in Q2. As I mentioned before, we still got a lot of opportunities to continue our growth trajectory that we've been on. I think what Adam was referencing is coming out of the NewFronts, as we get into the back half of this year, we'll start to kind of reset with the new upfront commitments that we're negotiating now. We think that's a good opportunity for growth. As the year moves on, we're projecting some good impact from political in the back half of this year. So from our perspective, like I said, I think good growth in Q2, still lot of opportunity, still time left in the second quarter. But I think we're positioned well, not only for Q2, but for the back half of this year as well.

是的。我只是要補充。我認為 - 從我們的角度來看，我認為第二季度再次增長良好。正如我之前提到的，我們仍然有很多機會繼續我們一直以來的增長軌跡。我認為亞當所指的是新前線，隨著我們進入今年下半年，我們將開始重新設定我們現在正在談判的新的前期承諾。我們認為這是一個很好的增長機會。隨著時間的推移，我們預計今年下半年政治會產生一些良好的影響。所以從我們的角度來看，就像我說的那樣，我認為第二季度的增長很好，仍然有很多機會，第二季度還有時間。但我認為我們的定位很好，不僅在第二季度，而且在今年下半年。

I appreciate that. And then on your ARPU growth, can you give us any color on how much of that is sort of CPM growth driven versus growth in monetizable ad impressions?

我很感激。然後關於您的 ARPU 增長，您能否告訴我們其中多少是 CPM 增長驅動與可貨幣化廣告印像數增長的對比？

Yes. I would say both. I think the answer is both. I think if you're looking at the growth we've had and if you go back to when we launched this business, 2 years ago, we were somewhere around, I think, $7. We've more than tripled the ARPU. So where we've seen growth has been in monetizable impressions. We continue to see an increase in that. I think I mentioned WatchFree+ is growing at a faster pace than overall time spent on our platform. That's a positive for us. We also, as we continue to solidify those relationships, we talked about average revenue per advertiser growing by over 76%. That's a function of getting bigger deals, but that's also a function of us continuing to leverage -- to grow CPMs and continue to leverage the data we have, our Inscape ACR data, to drive higher CPMs through addressable advertising.

是的。我會說兩者。我認為答案是兩者兼而有之。我認為，如果您正在查看我們的增長情況，並且如果您回到我們在 2 年前推出這項業務時，我認為我們大約是 7 美元。我們的 ARPU 增加了兩倍多。因此，我們看到增長的地方在於可獲利的印象。我們繼續看到這種增長。我想我提到 WatchFree+ 的增長速度比在我們平台上花費的總時間要快。這對我們來說是積極的。此外，隨著我們繼續鞏固這些關係，我們談到每個廣告客戶的平均收入增長了 76% 以上。這是獲得更大交易的功能，但這也是我們繼續利用的功能 - 增加每千次展示費用並繼續利用我們擁有的數據，我們的 Inscape ACR 數據，通過可尋址廣告推動更高的每千次展示費用。

Yes. And Wamsi, I would just add, it's a great point, Mike. And I would just add to that. The comments earlier where we talked about the growth in WatchFree+ relative to other content on the platform is really important to this because as we grow accounts, where they spend their time is really, really critical. And to Mike's point, all the things we're doing to drive people into WatchFree+ that disproportionately benefits us on the ARPU side, because it's putting more time spent in the highest and best place where we can monetize video inventory, which is WatchFree+. So those taken together is really driving the ARPU higher even on the size of the active account growth that you've seen.

是的。還有Wamsi，我想補充一下，這是一個很好的觀點，邁克。我只想補充一點。之前我們談到 WatchFree+ 相對於平台上其他內容的增長的評論對此非常重要，因為隨著我們賬戶的增長，他們將時間花在哪裡非常非常關鍵。就邁克而言，我們為推動人們使用 WatchFree+ 所做的所有事情都使我們在 ARPU 方面受益匪淺，因為它把更多的時間花在了我們可以通過視頻廣告資源獲利的最高和最好的地方，即 WatchFree+。因此，即使在您所看到的活躍賬戶增長規模上，這些因素加在一起確實推動 ARPU 更高。

Okay. If I could just really quickly, is the Netflix password sharing crackdown efforts converting into more time on WatchFree+? I mean you guys can probably tell that from your data that you see. But has that already happened? Or is that yet to happen? Or any color there, please.

好的。如果我真的可以很快，Netflix 密碼共享打擊工作是否會轉化為更多時間在 WatchFree+ 上？我的意思是你們可能可以從你看到的數據中看出這一點。但這已經發生了嗎？還是那還沒有發生？或者那裡有任何顏色，請。

Look, I don't know if we can comment directly on that. I mean the concept we wanted people to make sure they understand is that if people are moving around and there's a saturation in certain services, obviously, the availability of more content that's ad-supported is really great for us. And that behavior is shifting. We've seen that trend now for quite a while, and that's a positive for us. So when the marketplace reacts to declines in some of these very highly distributed, arguably saturated services, that doesn't necessarily mean that consumers are not streaming. They're streaming in different ways, sampling other content. We have all that content. It's actually a good tailwind for us.

看，我不知道我們是否可以直接對此發表評論。我的意思是我們希望人們確保他們理解的概念是，如果人們四處走動並且某些服務已經飽和，顯然，更多廣告支持的內容的可用性對我們來說真的很棒。這種行為正在發生變化。我們已經看到這種趨勢已經有一段時間了，這對我們來說是積極的。因此，當市場對其中一些高度分散的、可以說飽和的服務的下降做出反應時，這並不一定意味著消費者沒有流媒體。他們以不同的方式流式傳輸，對其他內容進行採樣。我們擁有所有這些內容。這對我們來說實際上是一個很好的順風。

Your final question today comes from Vasily Karasyov of Cannonball Research.

您今天的最後一個問題來自 Cannonball Research 的 Vasily Karasyov。

I wanted to ask you to talk about gross margin associated with different revenue since within Platform+, so that we could understand what the incremental impact on gross profit is. For example, what kind of costs are recognized against leader advertising revenue, homes premium and so on. So even if you can talk about it in terms of ranking them or something like that to the extent you can.

我想請您談談自平台+以來與不同收入相關的毛利率，以便我們了解對毛利潤的增量影響是什麼。例如，針對領導者廣告收入、房屋保費等確認了什麼樣的成本。因此，即使您可以在可能的範圍內對它們進行排名或類似的事情來談論它。

Yes. Let me get -- I'll take a shot at it. If you think about the various revenue sources, they each have sort of somewhat different dynamics to them, right? So I'd say our home screen is one of the very highest, very, very high. We own that inventory. There's very little costs that go against that. So that's a really tremendous and highly attractive inventory source for us. Buttons on our remote control, as you can imagine, don't have much incremental cost to go against that. So those are high margin, and they are attached to, obviously, shipment volumes.

是的。讓我——我會試一試。如果您考慮各種收入來源，它們每個都有不同的動力，對吧？所以我想說我們的主屏幕是最高、非常、非常高的屏幕之一。我們擁有該庫存。與此相反的成本很少。所以這對我們來說是一個非常巨大且極具吸引力的庫存來源。正如您可以想像的那樣，我們遙控器上的按鈕並沒有太多的增量成本來反對這一點。所以這些都是高利潤，而且很明顯，它們與出貨量有關。

Our data licensing revenue is probably maybe next on the chart because once the infrastructure is in place, we put some analytics around it, we have some workflows that go against it to make it a good product. But in general, it's a very high margin contributor. And then as you get into video, video is a mix of on-platform and off-platform. And those, as we've said many times, have very different characteristics, right? On-platform is going to have a higher margin, but a lot of our products are rev share structures. We've talked about our rev share dynamics before, and so that's going to play a function in terms of what the margin is for us on the video side.

我們的數據許可收入可能是圖表上的下一個收入，因為一旦基礎設施到位，我們就會圍繞它進行一些分析，我們有一些與之相反的工作流程，使其成為一個好的產品。但總的來說，這是一個非常高的利潤率貢獻者。然後當你進入視頻時，視頻是平台上和平台外的混合體。正如我們多次說過的那樣，它們具有非常不同的特徵，對嗎？平台上的利潤率會更高，但我們的很多產品都是rev share結構。我們之前已經討論過我們的轉速份額動態，因此這將對我們在視頻方面的利潤率發揮作用。

And then off-device is more of an arbitrage model where we go out and get inventory and we resell that inventory. That's going to come through at a lower margin profile. But what I'd like about that is that it gives us broader TAM beyond our installed base on our TVs. So we don't have to think about just how do we monetize what's in people's homes or with our brand, but the entire ecosystem more broadly. And those are going to be incremental dollars to our total system. So -- that's kind of the hierarchy as you think about it, and you can see how the various growth dynamics will play into the aggregate gross profit margin as we deliver going forward.

然後，設備外更像是一種套利模式，我們出去獲取庫存，然後轉售庫存。這將以較低的利潤率實現。但我想要的是，它為我們提供了超出我們電視安裝基礎的更廣泛的 TAM。因此，我們不必考慮如何將人們家中的物品或我們的品牌貨幣化，而是更廣泛地考慮整個生態系統。這些將是我們整個系統的增量資金。所以 - 這就是你認為的那種層次結構，你可以看到隨著我們未來的發展，各種增長動力將如何影響總毛利率。

Well, this is very helpful. Just a quick follow-up. So would it be correct to infer from what you say that video advertising revenue not every dollar has similar gross margin?

嗯，這很有幫助。只是快速跟進。那麼根據你所說的推斷視頻廣告收入並非每一美元都有相似的毛利率是否正確？

That is true. It depends on where it's occurring on-device, off-device and what the partnership rev share mixes might look like. Yes.

那是真實的。這取決於它在設備上、設備外發生的位置以及合作夥伴關係收益共享組合的樣子。是的。

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

謝謝，瓦西里，也謝謝大家的加入。今天的電話會議到此結束。有一個美好的夜晚。

Thank you, everyone, for joining. You may now disconnect.

謝謝大家的加入。您現在可以斷開連接。