AMC Networks Inc (Pre-Reincorporation) (AMCX) 2024 Q4 法說會逐字稿

Good day, and welcome to AMC Networks, Inc.'s fourth quarter earnings call. (Operator Instructions) As a reminder, this call may be recorded.

大家好，歡迎參加 AMC Networks, Inc. 第四季財報電話會議。（操作員指示）提醒一下，此通話可能會被錄音。

I would now like to turn the call over to Nick Siebert, VP of Corporate Development and Investor Relations. Please go ahead.

現在，我想將電話轉給企業發展和投資者關係副總裁 Nick Siebert。請繼續。

Thank you. Good morning, and welcome to the AMC Networks fourth quarter and full year 2024 earnings conference call. With us this morning are Kristin Dolan, Chief Executive Officer; Patrick O'Connell, Chief Financial Officer; Kim Kelleher, Chief Commercial Officer; and Dan McDermott, President of Entertainment and AMC Studios. Today's press release is available on our website at amcnetworks.com. We will begin with prepared remarks, and then we'll open the call for questions.

謝謝。早安，歡迎參加 AMC Networks 2024 年第四季和全年財報電話會議。今天早上與我們在一起的有首席執行官克里斯汀·多蘭 (Kristin Dolan)；奧康奈爾 (Patrick O’Connell)，財務長； Kim Kelleher，商務長；以及娛樂和 AM​​C 影業總裁丹麥克德莫特 (Dan McDermott)。今天的新聞稿可在我們的網站 amcnetworks.com 上查閱。我們將從準備好的發言開始，然後開始提問。

Today's call may include certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that could cause actual results to differ. Please refer to AMC Networks' SEC filings for a discussion of risks and uncertainties. The company disclaims any obligation to update any forward-looking statements made on this call. Today, we will discuss certain non-GAAP financial measures. The required definitions and reconciliations can be found in today's press release.

今天的電話會議可能包含 1995 年私人證券訴訟改革法案所定義的某些前瞻性陳述。任何此類前瞻性陳述都不能保證未來的績效或結果，並且涉及可能導致實際結果不同的風險和不確定性。請參閱 AMC Networks 向美國證券交易委員會 (SEC) 提交的文件，以了解有關風險和不確定性的討論。本公司不承擔更新本次電話會議中任何前瞻性陳述的義務。今天，我們將討論某些非 GAAP 財務指標。所需的定義和對帳可以在今天的新聞稿中找到。

And with that, I'd like to turn the call over to Kristin.

接下來，我想將電話轉給克里斯汀。

Thank you, Nick, and good morning, everyone. We appreciate you joining us today. Before we get into the call, I wanted to say that we've been focused on supporting our employees and creative partners in Los Angeles during the recent devastating fires. We're thankful for the heroic efforts of firefighters and first responders and recognize the long-term period of recovery and rebuilding that lies ahead for our people and the entire city. I also want to acknowledge the recent passing of our Founder and long-time Chairman, Charles Dolan, a visionary and industry icon who created businesses like Cablevision, HBO and AMC Networks.

謝謝你，尼克，大家早安。感謝您今天加入我們。在我們開始通話之前，我想說的是，在最近發生的毀滅性火災期間，我們一直致力於支持洛杉磯的員工和創意合作夥伴。我們感謝消防員和急救人員的英勇努力，並認識到我們的人民和整個城市未來仍面臨長期的恢復和重建。我還要緬懷我們的創辦人兼長期擔任董事長的查爾斯·多蘭 (Charles Dolan) 最近去世，他是一位富有遠見的行業偶像，創建了 Cablevision、HBO 和 AMC Networks 等企業。

Mr. Dolan always took a long-range view in business, building companies and shaping industries with a clear strategic vision. We have the privilege and responsibility of continuing that approach today and into the future as we execute on our core strengths and advantages and navigate the changing world of media.

多蘭先生在商業領域始終有著長遠的眼光，他以清晰的策略眼光創建公司、塑造產業。我們有幸也有責任在今天和未來繼續堅持這種方法，發揮我們的核心優勢並駕馭不斷變化的媒體世界。

Now to our results; as we look back on the fourth quarter and full year 2024, I'm encouraged by our progress. Patrick will report on our financial results and outlook in greater detail, but I'm pleased to report that even in this uncertain and shifting environment, we achieved our full year guidance for 2024.

現在來看看我們的結果；回顧 2024 年第四季和全年，我對我們的進步感到鼓舞。派崔克將更詳細地報告我們的財務表現和前景，但我很高興地報告，即使在這個不確定和不斷變化的環境中，我們仍然實現了 2024 年全年預期。

This includes consolidated revenue of [$2.4 million], consolidated AOI of $563 million and most importantly, free cash flow of $331 million. Free cash flow generation has been strong. And today, we are increasing our outlook to approximately $550 million of cumulative free cash flow over the '24-'25 period.

其中包括合併收入[240 萬美元]、合併 AOI 5.63 億美元，最重要的是 3.31 億美元的自由現金流。自由現金流產生強勁。今天，我們將 2024-25 年期間累積自由現金流預期上調至約 5.5 億美元。

At a time when all media companies are facing challenges, our size, nimbleness and independence allow us to move quickly to create new opportunities for ourselves and for our partners. Our innovative mentality is driving our approach to content creation, distribution, advertising and new partnerships.

在所有媒體公司都面臨挑戰的時候，我們的規模、靈活性和獨立性使我們能夠迅速採取行動，為自己和合作夥伴創造新的機會。我們的創新思維推動著我們的內容創作、發行、廣告和新合作關係的發展。

This freedom and ability to take a more imaginative approach to our business played out in a number of ways over the past year. We ended 2023 with an unconventional experiment to put some of our shows on the Max streaming service where they quickly became top titles.

這種自由和以更具想像力的方式開展業務的能力在過去的一年中以多種方式得到了充分發揮。2023 年結束時，我們進行了一項非常規實驗，將我們的一些節目放到了 Max 串流服務上，它們很快就成為了熱門節目。

In 2024, we built on this success with an expansive branded licensing agreement with Netflix that featured prior seasons of more than a dozen of our shows, including some of our most important franchises. We believe exposure on this massive platform would boost viewer awareness and interest in our titles, and that's exactly what happened. The exclusive availability of current seasons on AMC-plus drove viewership and acquisition on our own platform.

2024 年，我們在此基礎上再接再厲，與 Netflix 達成了一項廣泛的品牌許可協議，該協議收錄了我們十多個節目的前幾季，其中包括我們的一些最重要的系列節目。我們相信，在這個巨大的平台上曝光會提高觀眾對我們作品的認知和興趣，事實也確實如此。AMC-plus 獨家播放當前季數，推動了我們自己平台的收視率和用戶獲取量。

The Walking Dead: The Ones Who Live was added to Netflix last month and appeared on the platform's U. Top 10 list the following day and remained there for weeks, rising as high as number 2 ahead of Squid Game and other titles. As we prepare for the return of the US streaming rights to the original The Walking Dead series in less than two years, it's great to see continued strong interest in this very active and vibrant universe. Our partnership and bundling activity continued in the fourth quarter.

《陰屍路：倖存者》上個月被添加到 Netflix 中，並在第二天出現在該平台的美國熱門電視劇前 10 榜單上，並在那裡停留了數週，超過了《魷魚遊戲》和其他影片，位居第二。在我們準備在不到兩年的時間內歸還《陰屍路》系列原版美國串流媒體版權的同時，我們很高興看到人們對這個非常活躍和充滿活力的世界持續濃厚的興趣。我們的合作和捆綁活動在第四季度繼續進行。

We launched a two-month content exchange with MGM-plus to promote sampling and drive subscriptions on our respective platforms. Subscribers on both sides of the exchange reacted positively. We saw double-digit gains in engagement and acquisition on AMC-Plus led by the Sci-Fi Horror series From and The Walking Dead: Daryl Dixon was a top performer for MGM-Plus, spending multiple weeks in its Top 10 list and peaking at number two.

我們與 MGM-plus 開展了為期兩個月的內容交流，以促進採樣並推動我們各自平台上的訂閱量。交易所雙方的用戶都反應正面。我們看到 AMC-Plus 的參與度和購買量實現了兩位數增長，其中科幻恐怖劇集《來自》和《行屍走肉》領銜：達裡爾·迪克森是 MGM-Plus 的最佳表現者，在其前十名榜單中停留數週，最高排名第二。

We expanded access to the AMC-Plus and Starz bundle by making it available through Vizio. We offered new bundles through Verizon and brought AMC-Plus to platforms like Philo with a very positive consumer response.

我們透過 Vizio 提供 AMC-Plus 和 Starz 捆綁服務的存取權限，從而擴大了存取權限。我們透過 Verizon 提供了新的套餐，並將 AMC-Plus 引入 Philo 等平台，獲得了消費者的非常積極的反響。

These arrangements helped drive healthy streaming subscriber additions in the fourth quarter. They also underscore the strength of our AMC Studios IP and ability to partner and reach viewers in new ways. As audiences continue to fragment our number one goal as a company is to produce and curate great shows and films and make that content as easy as possible for viewers to find in a very crowded and noisy world. This strategy requires management of our own platforms and strong relationships with our distribution partners.

這些安排有助於推動第四季度串流媒體用戶的健康成長。它們也凸顯了我們的 AMC Studios IP 的實力以及以新方式合作和吸引觀眾的能力。隨著觀眾不斷分散，我們作為一家公司的首要目標就是製作和策劃精彩的節目和電影，並讓觀眾在這個非常擁擠和嘈雜的世界裡盡可能輕鬆地找到這些內容。這項策略要求我們管理自己的平台並與我們的分銷合作夥伴建立牢固的關係。

In 2024, we renewed agreements representing about half of our US linear footprint, including multiyear deals with Charter, Cox, Verizon, and Cable One, among others. And a reminder that our Charter deal will make AMC-Plus available at no additional cost to all spectrum customers who receive AMC as part of their TV package.

2024 年，我們續簽了約占我們美國線性覆蓋範圍一半的協議，其中包括與 Charter、Cox、Verizon 和 Cable One 等公司的多年期協議。需要提醒的是，我們的特許協議將使所有將 AMC 作為其電視套餐一部分的頻譜客戶都可以免費使用 AMC-Plus。

This is in keeping with Charter's broader strategy to bundle streaming value into its video service and will significantly expand the universe of people who have access to AMC-Plus. In the last 24 months, we renewed the vast majority of our Canadian distribution footprint with agreements that include easy access to AMC-Plus for our partners, video and broadband customers.

此舉符合 Charter 將串流媒體價值捆綁到其視訊服務的更廣泛策略，並將大大擴大可以存取 AMC-Plus 的受眾範圍。在過去的 24 個月中，我們透過協議續簽了絕大多數加拿大分銷網絡，其中包括為我們的合作夥伴、視訊和寬頻客戶輕鬆存取 AMC-Plus。

We also saw a significant expansion of our fast channel distribution with major launches on platforms like Roku and Prime Video, and we closed a long-term renewal with Amazon Prime Video channels for the distribution of our streaming services.

透過在 Roku 和 Prime Video 等平台上的重大發布，我們的快速頻道分銷也得到了顯著擴展，並且我們與 Amazon Prime Video 頻道達成了長期續約，以分銷我們的串流媒體服務。

We kicked off our '25-'26 Upfront last week, hosting some of our most important long-standing commercial partners at an event spotlighting our technological leadership in advertising. Building upon previous advances in addressable and programmatic buying through our Audience-Plus platform, we unveiled a groundbreaking attribution product called AMCN Outcomes.

我們上週啟動了 25-26 年 Upfront 活動，並在活動上接待了一些最重要的長期商業合作夥伴，重點介紹了我們在廣告領域的技術領導地位。基於我們透過 Audience-Plus 平台在可尋址和程式化購買方面取得的進展，我們推出了一款名為 AMCN Outcomes 的突破性歸因產品。

We now give our advertising partners real-time insights into purchasing decisions that are driven by consumers' exposure to our partners' marketing messages, another meaningful first for AMC Networks. And later this year, as previously announced, we will launch an ad-supported version of our popular Shudder streaming service. Let me share a few programming highlights across our linear networks, targeted streaming services and film business.

現在，我們為廣告合作夥伴提供即時洞察，讓他們了解消費者根據合作夥伴的行銷訊息所做的購買決策，這對 AMC 網路來說也是另一個有意義的創舉。正如先前宣布的那樣，今年晚些時候，我們將推出廣受歡迎的 Shudder 串流服務的廣告支援版本。讓我分享一下我們的線性網路、定向串流服務和電影業務的一些節目亮點。

The fourth quarter included our two biggest annual programming events on AMC and AMC-Plus, FearFest and Best Christmas ever. On Linear TV, AMC finished the quarter as a Top 10 entertainment network with adults 25 to 54, with FearFest and Best Christmas Ever driving the network to its highest rated months of the year in October and December.

第四季我們在 AMC 和 AMC-Plus 上推出了兩項最大的年度節目活動，分別是 FearFest 和 Best Christmas ever。在線性電視方面，AMC 在本季成為 25 至 54 歲成年人群體中收視率排名前 10 的娛樂網絡之一，而《FearFest》和《Best Christmas Ever》則在 10 月和 12 月推動該網絡創下今年收視率最高的月份。

BBC also attracted a record number of sponsors and advertising partners this year. On streaming, FearFest drove AMC-Plus to record movie viewership with Best Christmas Ever also showing double-digit year-over-year growth in film viewership. WE Tv remains the number one entertainment network on Friday nights among women in the 25 to 54 demo.

今年，BBC 也吸引了創紀錄數量的贊助商和廣告合作夥伴。在串流媒體方面，《FearFest》推動 AMC-Plus 創下電影收視率紀錄，《Best Christmas Ever》的電影收視率也實現了兩位數的同比增長。在 25 至 54 歲的女性群體中，WE Tv 仍然是周五晚間排名第一的娛樂網絡。

In 2024, WE Tv had two of the top three cable originals on Friday nights among women 25 to 54, including Mama June and Love After Lockup, which is also the number one Friday original among Black women 25 to 54, followed by The Braxtons at number two. The Braxtons finished its first season as WE tv's highest-rated new reality series in more than three years.

2024 年，WE Tv 在 25 至 54 歲女性週五晚間收視率排名前三的有線電視原創劇集中擁有兩部，包括《Mama June》和《Love After Lockup》，後者也是 25 至 54 歲黑人女性中排名第一的周五原創劇集，其次是排名第二的《The Braxtons》。《布拉斯頓一家》第一季完美收官，成為 WE 電視台三年多來收視率最高的新真人秀系列。

BBC America, which we now fully own, just premiered the most recent BBC Natural History Tentpole series, the stunning Planet Earth Asia, again narrated by Sir David Attenborough. We are excited to kick off 2025 with a robust slate of highly anticipated new original programming, including the second season of Anne Rice's Mayfair Witches and the highly anticipated third season of Dark Winds exclusively on AMC and AMC-Plus. We are excited for the return of Dark Winds on March 9 after the series' first two seasons spent an uninterrupted month on the Netflix Top 10 list last summer.

現已由我們全資擁有的英國廣播公司美國台 (BBC America) 剛剛首播了最新的 BBC 自然歷史重磅節目系列，令人震撼的《亞洲地球脈動》，該節目再次由大衛·愛登堡爵士講述。我們很高興在 2025 年推出一系列備受期待的新原創節目，其中包括安妮賴斯 (Anne Rice) 的《梅菲爾女巫》第二季和備受期待的《黑暗之風》第三季，這些節目將在 AMC 和 AMC-Plus 上獨家播出。去年夏天，該劇集的前兩季連續一個月停留在 Netflix 十大榜單上，我們很高興《黑暗之風》將於 3 月 9 日回歸。

This year, we'll see the return of The Walking Dead: Dead City, a thrilling new series called Nautilus, the third season of The Walking Dead: Daryl Dixon set in Spain and a new series in our growing Anne Rice's Immortal Universe called Anne Rice's Talamasca: The Secret Order.

今年，我們將看到《陰屍路：死亡之城》的回歸、驚心動魄的新系列《鸚鵡螺》、行屍走肉第三季：以西班牙為背景的達裡爾·迪克森，以及我們不斷壯大的安妮·賴斯不朽宇宙中的新系列《安妮·賴斯的塔拉馬斯卡：秘密組織》。

Our targeted streaming services continue to delight viewers with the depth of content in distinct categories that are not available anywhere else. Shudder had an incredible year, releasing six of the Top 10 horror films of 2024 as ranked by Rotten Tomatoes. Acorn TV brought fans another season of Jane Seymour and Harry Wild, Sharon D. Clarke and Inspector Ellis and will premiere a new series called Irish Blood, starring Alicia Silverstone later this year.

我們針對性的串流服務繼續以其他地方無法提供的不同類別的深度內容取悅觀眾。Shudder 度過了精彩的一年，發行了爛番茄評選的 2024 年十大恐怖電影中的六部。Acorn TV 為粉絲們帶來了另一季《簡·西摩與哈里·懷爾德》、《莎朗·D·克拉克》和《埃利斯探長》的劇集，並將於今年晚些時候首播由艾莉西亞·西爾維斯通主演的新劇集《愛爾蘭血統》。

This is a sample of the depth and appeal our targeted streaming services offer as research shows streaming subscribers continue to seek out special and distinctive as opposed to more of the same. IFC Films had a fantastic year. Its diverse slate included critically acclaimed titles like Memoir of a Snail, Ghostlight: The Taste of Things and Late Night with the Devil, which set an opening weekend box office record for the company. I want to congratulate everyone at IFC Films for the recent Oscar nomination for Memoir of a Snail in the best animated feature category. We're all incredibly proud of the film and grateful for this recognition.

這是我們的目標串流服務所提供的深度和吸引力的一個例子，研究表明，串流媒體訂閱者繼續尋求特殊和獨特的服務，而不是更多相同的服務。IFC Films 度過了輝煌的一年。該公司的影片類型多樣，包括《蝸牛回憶錄》、《鬼燈：事物的味道》和《與魔鬼一起度過的夜晚》等廣受好評的影片，這些影片創下了該公司首映週末的票房紀錄。我要祝賀 IFC Films 公司的《蝸牛回憶錄》最近獲得奧斯卡最佳動畫片獎提名。我們都為這部電影感到無比自豪並感謝這種認可。

We've consistently emphasized programming partnerships and profitability as our key priorities in running this business and moving the company forward. As we look back on our 2024 results and look forward to a productive year ahead, I'd like to also recognize our people. This is not an easy or straightforward time to be working in media, but as I see our progress, I'm thankful for our collective ability to adapt, evolve and lean into the advantages and strengths we bring to this dynamic and changing marketplace.

我們始終強調程式設計合作夥伴關係和獲利能力是我們經營這項業務和推動公司向前發展的首要任務。當我們回顧 2024 年的業績並展望未來富有成效的一年時，我還要對我們的員工表示感謝。現在從事媒體工作並不容易，但當我看到我們的進步時，我很感謝我們集體適應、發展和利用我們為這個充滿活力和變化的市場帶來的優勢和力量的能力。

Now I'd like to turn the call over to Patrick for a detailed look at our financial results.

現在我想把電話轉給派崔克，讓他詳細了解我們的財務表現。

Thank you, Kristin. I'm pleased to report today that 2024 landed right where we said it would. As a nimble and innovative premium programmer, we've maintained focus on what is within our control despite a challenging linear environment. We are proud of the progress we've made over the last two years, including reorienting our business around free cash flow, investing in valuable world-class IP and remaining focused on our balance sheet. We achieved our full year guidance for 2024.

謝謝你，克里斯汀。今天我很高興地報告，2024 年已經實現了我們的預期。作為一名靈活而富有創新精神的高級程式設計師，儘管面臨著充滿挑戰的線性環境，我們仍然專注於我們能夠控制的事情。我們為過去兩年所取得的進步感到自豪，包括圍繞自由現金流重新定位我們的業務、投資有價值的世界級知識產權以及繼續關注我們的資產負債表。我們實現了 2024 年全年目標。

Consolidated revenue was [$2.4 million]. On an apples-to-apples basis, excluding 2023 revenue from 25/7 Media, Silo, the Hulu return of rights and 2024 revenue related to the onetime advertising revenue adjustments at AMCNI, consolidated revenue decreased 6%.

合併收入為[240 萬美元]。依照同類比較標準，不包括 25/7 Media、Silo、Hulu 的權利返還以及與 AMCNI 一次性廣告收入調整相關的 2024 年收入，綜合收入下降了 6%。

Consolidated operating loss was $40 million and included impairment and other charges of $400 million and restructuring charges of $49 million. Consolidated adjusted operating income was $563 million. And most importantly, we delivered significant year-over-year free cash flow growth with free cash flow of $331 million.

綜合營業虧損為 4,000 萬美元，其中包括 4 億美元的減損和其他費用以及 4,900 萬美元的重組費用。合併調整後營業收入為 5.63 億美元。最重要的是，我們的自由現金流較去年同期大幅成長，達到 3.31 億美元。

For the fourth quarter, consolidated revenue was $599 million. Consolidated operating loss was $254 million and included impairment and other charges of $303 million and restructuring charges of $43 million. Adjusted operating income was $129 million, and we generated free cash flow of $38 million.

第四季綜合營收為 5.99 億美元。綜合營業虧損為 2.54 億美元，其中包括 3.03 億美元的減損和其他費用以及 4,300 萬美元的重組費用。調整後的營業收入為 1.29 億美元，我們產生了 3,800 萬美元的自由現金流。

I'll now discuss our segment results. Domestic operations revenues decreased 9% to [$2.1 million] for the full year and decreased 11% to $520 million for the fourth quarter.

我現在將討論我們的分部績效。全年國內營運收入下降 9% 至 [210 萬美元]，第四季下降 11% 至 5.2 億美元。

Subscription revenue decreased 5% for the full year and 4% for the fourth quarter. The decrease was primarily due to linear subscriber declines, resulting in a 13% decline in affiliate revenue for both the year and the quarter. This was partially offset by streaming revenue growth of 7% for the year and 8% for the quarter. We ended the year with 12.4 million streaming subs, representing year-over-year increase of 8%. Domestic operations advertising revenue decreased 11% for the year and 12% for the fourth quarter.

全年訂閱收入下降 5%，第四季訂閱收入下降 4%。下降的主要原因是訂閱用戶數量線性下降，導致全年和本季聯盟收入均下降 13%。但全年串流媒體收入成長 7% 和本季成長 8% 部分抵消了這一成長。截至今年年底，我們的串流訂閱用戶數為 1,240 萬，年增 8%。國內營運廣告收入全年下降 11%，第四季下降 12%。

The decrease was primarily due to lower linear ratings and a challenging ad market for entertainment and was partially offset by continued digital growth. Digital advertising revenue, including addressable and revenue from our FAST and AVOD offerings continues to grow at a double-digit rate.

下降的主要原因是線性收視率下降和娛樂廣告市場面臨挑戰，但數位廣告的持續成長部分抵消了下降。數位廣告收入（包括可尋址收入和來自我們的 FAST 和 AVOD 產品的收入）繼續以兩位數的速度成長。

And in 2024, this digital revenue represented approximately a quarter of our overall domestic operations ad revenue. Content licensing revenue was $277 million for the full year and $67 million for the fourth quarter. There were a couple of items in 2023 that impacted the comparability of our 2024 results, including the final delivery of AMC Studios produced episodes of Silo to Apple and the early return of rights from Hulu, which resulted in $56 million and $20 million of onetime revenue in 2023, respectively.

到 2024 年，這筆數位收入約占我們整體國內營運廣告收入的四分之一。全年內容授權收入為 2.77 億美元，第四季內容授權收入為 6,700 萬美元。2023 年有幾項事件影響了我們 2024 年業績的可比性，包括 AMC Studios 製作的《Silo》劇集最終交付給蘋果以及 Hulu 提前歸還版權，這分別導致 2023 年的一次性收入為 5600 萬美元和 2000 萬美元。

Excluding these items, our full year licensing revenue increased 4%. As our library grows every year, we have more SKUs to sell and while some of our bigger ticket shows like Fear the Walking Dead contributed less meaningfully to our 2024 results as compared to 2023, this was more than offset by new business, including Netflix, Sky in the UK and increased licensing volume from our targeted services. Domestic Operations AOI was $620 million for the full year and $152 million for the quarter. Margins for both the full year and fourth quarter were 29%.

除這些項目外，我們的全年授權收入成長了 4%。隨著我們圖書館每年都擴大，我們有更多的 SKU 可供銷售，雖然我們的一些票房較高的節目，如《行屍之懼》，對我們 2024 年的業績貢獻不如 2023 年那麼大，但這被包括 Netflix、英國 Sky 在內的新業務以及我們目標服務的許可量增加所抵消。國內營運 AOI 全年為 6.2 億美元，本季為 1.52 億美元。全年和第四季的利潤率均為29%。

The year-over-year decrease in AOI for the full year was largely driven by continued linear revenue headwinds. For the fourth quarter, the increase in AOI is primarily driven by lower expenses and streaming revenue growth, partly offset by linear revenue headwinds.

全年 AOI 的年減主要是由於持續的線性收入逆風所致。第四季度，AOI 的成長主要得益於費用降低和串流媒體收入成長，部分被線性收入逆風所抵銷。

Moving to our International segment; International revenue included advertising revenue related to retroactive onetime adjustments reported by a third party of $21 million for the full year and $7 million for the fourth quarter. Excluding 25/7 Media, which we divested a year ago and the onetime adjustments I just mentioned, international revenues decreased 3% for the full year and increased 2% for the quarter. On an apples-to-apples basis, advertising revenues grew 16% and 12% for the full year and fourth quarter, respectively.

轉向我們的國際部門；國際收入包括第三方報告的追溯一次性調整相關的廣告收入，全年為 2,100 萬美元，第四季為 700 萬美元。除去我們一年前剝離的 25/7 Media 和我剛才提到的一次性調整，全年國際收入下降 3%，本季成長 2%。以同類比較，全年和第四季的廣告收入分別成長了 16% 和 12%。

This was largely the result of the strong performance of our AVOD offerings on the ITVX in the UK as well as increased ratings and growth across our Central and Northern European advertising markets. Subscription revenues declined 11% for the full year and 5% for the quarter. For the full year, the decrease in subscription revenue was attributable to the nonrenewal of a distribution agreement in the UK that occurred in the prior year.

這主要得益於我們在英國 ITVX 上提供的 AVOD 產品的強勁表現以及我們中歐和北歐廣告市場的收視率和成長。全年訂閱收入下降 11%，本季訂閱收入下降 5%。全年訂閱收入的下降是由於去年英國分銷協議未續簽。

For the quarter, the decrease was primarily driven by unfavorable FX. Moving to International AOI; excluding the onetime adjustments to advertising revenue, full year AOI was $45 million with a 15% margin and fourth quarter AOI was $1 million.

本季的下降主要是由於不利的外匯因素造成的。轉向國際 AOI；不包括廣告收入的一次性調整，全年 AOI 為 4,500 萬美元，利潤率為 15%，第四季 AOI 為 100 萬美元。

On to the balance sheet; we ended the year with net debt of [$1.6 million] and a consolidated net leverage ratio of 2.8 times. We remain focused on our balance sheet, and we're pleased with the results of our efforts over the last 24 months. This includes gross debt reduction of approximately [$0.5 billion] and the completion of a series of financings that extended our maturity profile, now with no bond maturities until 2029.

進入資產負債表；我們年底的淨債務為 160 萬美元，合併淨槓桿率為 2.8 倍。我們仍然關注我們的資產負債表，我們對過去 24 個月的努力成果感到滿意。這包括減少約 [5 億美元] 的總債務和完成一系列融資，延長了我們的債務期限，現在直到 2029 年都沒有債券到期。

Additionally, we've maintained a healthy cash position and ended the year with approximately $1 billion in total liquidity. This includes $785 million of cash on the balance sheet and our undrawn $175 million revolver. We appreciate the flexibility and optionality of our meaningful cash balance and continue to expect that our capital structure will present attractive opportunities for us over time.

此外，我們保持了健康的現金狀況，年底的總流動資金約為 10 億美元。其中包括資產負債表上的 7.85 億美元現金和未提取的 1.75 億美元循環信貸。我們欣賞我們有意義的現金餘額的靈活性和可選性，並繼續期待我們的資本結構將隨著時間的推移為我們提供有吸引力的機會。

Our capital allocation philosophy remains prudent and opportunistic. First, we look to support the business by creating and acquiring compelling programming that resonates with our audiences, while maintaining healthy levels of cash flow generation.

我們的資本配置理念仍然是審慎和機會主義的。首先，我們希望透過創作和獲取能引起觀眾共鳴的引人入勝的節目來支持業務，同時保持健康的現金流產生水平。

Second, we remain focused on continually improving our balance sheet by reducing gross debt and optimizing our capital structure. Lastly, M&A, share repurchases and dividends remain further down our priority list.

其次，我們將繼續致力於透過減少總債務和優化資本結構來持續改善我們的資產負債表。最後，併購、股票回購和股息仍然排在我們的優先事項之後。

Moving on to our outlook for 2025. I'll start with our most important metric, free cash flow. As Kristin mentioned, on the heels of strong cash generation we delivered in 2024, we are pleased to update our outlook today for the two-year period ending 2025. We now expect to generate cumulative free cash flow of approximately $550 million by the end of 2025.

接下來是我們對 2025 年的展望。我將從我們最重要的指標——自由現金流開始。正如克里斯汀所說，繼 2024 年實現強勁現金創造之後，我們很高興今天更新截至 2025 年的兩年展望。我們目前預計到 2025 年底將產生約 5.5 億美元的累積自由現金流。

This implies approximately $220 million of free cash flow for the full year 2025. Our outlook contemplates increased cash interest payments resulting from the recent refinancing activity as well as a year-over-year increase in cash taxes as we lap certain tax benefits recognized in 2024.

這意味著 2025 年全年的自由現金流約為 2.2 億美元。我們的展望考慮到最近的再融資活動導致的現金利息支付增加以及由於我們在 2024 年實現某些稅收優惠而導致的現金稅同比增長。

Looking at revenue for 2025, we expect total consolidated revenue for the full year 2025 to decrease approximately 5% as compared to 2024, implying total revenue of approximately [$2.3 million]. As it is still early in the year, the geography of certain revenue and expense items may shift as the year unfolds. Notwithstanding that, I'll unpack the current assumptions that underpin our outlook.

展望 2025 年的收入，我們預計 2025 年全年總合併收入將比 2024 年下降約 5%，這意味著總收入約為[230 萬美元]。由於今年仍處於初期，某些收入和支出項目的地理位置可能會隨著時間的推移而改變。儘管如此，我還是將闡釋支撐我們觀點的當前假設。

First, regarding domestic operations subscription revenue, we expect 2025 subscription revenue to be flat as compared to 2024. We anticipate that linear subscriber headwinds will persist and will result in slightly worse year-over-year affiliate revenue growth as compared to 2024. This will be offset by accelerated streaming growth. Streaming revenue growth will be driven by price increases, expanded distribution of our offerings and discretionary marketing investments. As such, we expect streaming revenue growth in the low to mid-teens percent area as compared to 2024.

首先，關於國內營運訂閱收入，我們預計 2025 年的訂閱收入將與 2024 年持平。我們預計，線性用戶逆風將持續存在，並將導致聯盟收入同比增長率與 2024 年相比略有下降。串流媒體的加速成長將抵消這項變化。串流媒體收入的成長將受到價格上漲、產品分銷範圍擴大和自主行銷投資的推動。因此，我們預計與 2024 年相比，串流媒體收入成長率將達到百分之十幾到十幾之間。

With respect to advertising revenue, as I mentioned earlier, digital advertising revenue growth remains robust, and we're now growing off a more meaningful base. Notwithstanding that, the linear ratings environment and entertainment ad marketplace continue to be challenging. Therefore, we expect 2025 domestic advertising revenue to decline approximately 10% as compared to 2024.

關於廣告收入，正如我之前提到的，數位廣告收入成長依然強勁，而且我們現在正從一個更有意義的基礎上成長。儘管如此，線性收視率環境和娛樂廣告市場仍充滿挑戰。因此，我們預計 2025 年國內廣告收入將較 2024 年下降約 10%。

Content licensing remains an important source of revenue for us, and we continue to be innovative, aggressive and disciplined regarding this important revenue stream. As you know, licensing revenues are often deal dependent and can be lumpy due to timing or shifting delivery schedules.

內容授權依然是我們的重要收入來源，對於這個重要的收入來源，我們將持續保持創新、積極和嚴謹。眾所周知，許可收入通常依賴交易，並且可能由於時間或交付計劃的變化而出現波動。

Today, across the many desirable titles in our library, we anticipate approximately $250 million of domestic operations content licensing revenue for 2025. For AMC Networks International, we expect revenue in the range of $290 million to $300 million for the full year 2025. As I discussed earlier, we recognized $21 million of onetime adjustments that benefited advertising revenue in 2024.

今天，對於我們圖書館中的眾多熱門圖書，我們預計 2025 年的國內營運內容授權收入將達到約 2.5 億美元。對於 AMC Networks International，我們預計 2025 年全年營收將在 2.9 億美元至 3 億美元之間。正如我之前所討論的，我們確認了 2,100 萬美元的一次性調整，這將使 2024 年的廣告收入受益。

For 2025, excluding these 2024 adjustments, we expect year-over-year international advertising revenue growth. Additionally, we anticipate that subscription revenue would decrease year-over-year, largely owed to a recent nonrenewal with Movistar in Spain.

除去 2024 年的這些調整，我們預期 2025 年國際廣告收入將年增。此外，我們預計訂閱收入將同比下降，這主要是由於最近與西班牙的 Movistar 未續約。

We expect that this nonrenewal will represent a $15 million headwind to both revenue and AOI in the segment.

我們預計，此次不續約將為該部門的收入和 AOI 帶來 1500 萬美元的損失。

Moving to expenses; for 2025, we expect consolidated technical and operating expenses to increase as compared to 2024, driven by higher non-amortization technical and operating expenses, including certain duplicate expenses related to our technology outsourcing transformation. This will be partly offset by a year-over-year decrease in programming amortization related to our 2025 slate timing and composition and programming write-offs that occurred in 2024.

轉移到費用；預計 2025 年綜合技術和營運費用將較 2024 年增加，主要原因是非攤銷技術和營運費用增加，其中包括與我們的技術外包轉型相關的某些重複費用。這將被與我們 2025 年計劃時間和組成以及 2024 年發生的編程註銷相關的編程攤銷的同比減少部分抵消。

For SG&A, we anticipate a year-over-year increase in SG&A expense for '25, primarily related to increased streaming-related marketing investments focused on driving retention, which we anticipate will drive profitable streaming growth.

對於銷售、一般及行政費用，我們預計 25 年銷售、一般及行政費用將同比增長，主要與增加流媒體相關營銷投資有關，重點是提高保留率，我們預計這將推動流媒體盈利增長。

In terms of consolidated adjusted operating income, while we see strong streaming and digital advertising revenue growth and expect our portfolio of streaming services will contribute to our consolidated AOI in 2025, the dynamics I just discussed, including continued linear revenue headwinds and year-over-year expense growth remain the primary factors in driving our AOI outlook.

就合併調整後營業收入而言，雖然我們看到串流媒體和數位廣告收入強勁增長，並預計我們的串流服務組合將在 2025 年為我們的合併 AOI 做出貢獻，但我剛才討論的動態，包括持續的線性收入逆風和同比增長的費用仍然是推動我們 AOI 前景的主要因素。

As such, we expect consolidated AOI for the full year to be in the range of $400 million to $420 million. Cash programming spend can vary quarter-to-quarter and year-to-year. And for 2025, we expect a slight decrease in year-over-year cash programming spend due to the timing of our programming commitments. As Kristin said earlier, we take a long-range view of the business, and we're managing AMC Networks with a clear strategic plan centered around programming, partnerships and profitability. As we enter our third year since reorienting the business, this strategy continues to animate our market approach.

因此，我們預計全年合併 AOI 將在 4 億至 4.2 億美元之間。現金編程支出可能因季度和年份的不同而有所差異。而到 2025 年，由於我們的節目承諾的時間安排，我們預計現金節目支出將比去年同期略有下降。正如克里斯汀之前所說，我們對業務有長遠的眼光，並且我們以圍繞節目製作、合作夥伴關係和盈利能力的明確戰略計劃來管理 AMC 網絡。如今，我們進入了重新定位業務的第三年，這項策略持續激發著我們的市場策略。

Our commitment to creating high-quality content remains at the center of everything we do. As an independent, nimble and innovative premium programmer, we approach the marketplace a bit differently than others, including building out our library of powerful franchises, monetizing our content across an evolving distribution ecosystem and driving profitable outcomes.

我們致力於創造高品質的內容，這是我們所做一切的核心。作為一家獨立、靈活且富有創新精神的優質節目製作公司，我們以不同於其他公司的方式對待市場，包括建立強大的特許經營庫、在不斷發展的分銷生態系統中將內容貨幣化並推動盈利結果。

We'll continue to preserve capital with a focus on our balance sheet and cash flow generation and balance appropriate levels of programming investment against the available monetization opportunities.

我們將繼續保存資本，重點關注資產負債表和現金流產生，並平衡適當水平的節目投資和可用的貨幣化機會。

Operator, please open the line for questions.

接線員，請打開電話線以回答問題。

(Operator Instructions) Thomas Yeh, Morgan Stanley.

（操作員指示） 摩根士丹利的 Thomas Yeh。

I wanted to ask about the free cash flow outlook in the context of your cash spending comments. The $930 million of cash spend you put up, I think, this year ended up being a little bit lower than the $1 billion you guided to, and you spoke to further decreases in 2025. How much of that is timing versus just an increased focus on efficiency and your outlook updated in terms of how you see the potential opportunity for putting new content to work in the system?

我想結合您對現金支出的評論，詢問一下自由現金流的前景。我認為，您今年投入的 9.3 億美元現金支出最終略低於您預計的 10 億美元，而且您還表示 2025 年還會進一步減少。其中有多少是時機問題，還是僅僅更加重視效率，以及您如何看待在系統中引入新內容的潛在機會方面的展望更新？

Sure. Great. Hey Thomas, it's Patrick. Thanks for the question. Listen, our strategy remains the same, right, which is balancing investments in our programming with driving profitability in the business.

當然。偉大的。嘿，托馬斯，我是派崔克。謝謝你的提問。聽著，我們的策略保持不變，對吧，那就是平衡對程式設計的投資與提高業務獲利能力。

Obviously, programming is our largest expense category. We're extraordinarily focused on maintaining a portfolio of super high-quality scripted programming across linear streaming, etcetera. We continue to do that even as others have pulled back from the market and frankly, the differentiator in any of our affiliate conversations. So the strategy has not changed. In terms of the specifics, the cash programming spend came in a little bit lighter in 2024 than we had initially guided to.

顯然，程式設計是我們最大的開支類別。我們非常注重維護線性串流媒體等領域的超高品質腳本節目組合。即使其他公司已經退出市場，我們仍會繼續這樣做，坦白說，這是我們與任何聯營公司對話的差異化因素。所以策略沒有改變。具體而言，2024 年的現金編程支出比我們最初預期的要少一些。

This is us just being prudent. We're able to produce on a per episode basis, a little bit better than we expected. We've got some fantastic people internally who are taking available -- or taking advantage of all the tools available to produce efficiently. So we've been the beneficiary of that.

這只是我們的謹慎之舉。我們能夠按集進行製作，這比我們預期的要好一點。我們內部有一些出色的人才，他們利用所有可用的工具來有效生產。因此，我們是這一進程的受益者。

And we have also instituted a program where we're sharing more content across channels, platforms, etcetera, that's allowed us to sort of program the broader company a bit more efficiently, but we obviously remain committed to similar levels of cash programming spend going forward.

我們還設立了一項計劃，透過各種管道、平台等共享更多內容，這使我們能夠更有效地為整個公司進行規劃，但顯然，我們仍致力於在未來保持類似水平的現金規劃支出。

So I would say efficiency was kind of the reason for the beat in 2024, slight reductions in volume going forward, but not significant. We're producing at similar volumes going forward into 2025. The slight sort of decrease that I expect in cash programming for 2025 has to do with sort of those two factors, I would say. One, modest reductions in volume, but not anything dramatic. And then two, and you might appreciate this, there is a lag in our receipt of certain tax credit receivables.

因此，我認為效率是 2024 年銷售成長放緩的原因之一，未來銷量會略有下降，但並不顯著。到 2025 年，我們的產量將保持相似水準。我預計 2025 年現金編程會略有下降，我想說與這兩個因素有關。第一，音量適度減少，但不劇烈。其次，您可能會注意到，我們收到某些稅收抵免應收款有滯後現象。

And those are going to -- there's a bunch of them that are going to hit in 2025. So those net out against our cash programming expenses, and that's driving part of the reduction in the year-over-year decline.

其中許多都將於 2025 年實現。因此，這些淨額抵消了我們的現金編程費用，這是減少同比降幅的部分原因。

Just want to just reiterate, and we were pretty specific about it in the script that the quality of the content that Dan and team continue to produce is -- it's very reassuring to see the attention we got on Netflix, the Oscar nod for Memoir and just overall, the response that we have and the engagement that we have to the shows that we're producing.

我只想重申一下，我們在劇本中非常具體地說明了丹和團隊繼續製作的內容的質量——看到我們在 Netflix 上獲得的關注、《回憶錄》獲得奧斯卡提名，以及總體而言，我們製作的節目的反響和參與度，我們感到非常欣慰。

And we've really been able to capitalize in shows like Daryl Dixon, where we're filming in Spain or in France on tax efficiencies. We have some shows planned in Canada. We do a lot in Ireland. So we're really optimizing without in any way compromising the integrity and the quality of what's coming out of our shop.

我們確實能夠利用像《達裡爾·迪克森》這樣的節目，我們在西班牙或法國拍攝有關稅收效率的節目。我們計劃在加拿大舉辦一些演出。我們在愛爾蘭做了很多事。因此，我們確實在進行最佳化，但絲毫不損害我們商店所生產產品的完整性和品質。

Okay, understood. That's helpful. Some nice momentum in the streaming subscriber growth continued into 4Q. It sounded like bundled partnerships helped, but also the Netflix licensing deal was a contributor as well. Can you maybe just tease out the balance of the contribution between those two and how we kind of see the outlook being supported in '25 from a volume perspective in AMC-Plus and maybe the future of the targeted streaming services?

好的，明白了。這很有幫助。串流媒體用戶成長的良好勢頭延續到了第四季度。這聽起來像是捆綁合作有所幫助，但 Netflix 授權協議也是一個貢獻者。您能否簡單梳理一下這兩者之間的貢獻平衡，以及我們如何從 AMC-Plus 的銷售角度看待 25 年的前景，以及目標串流服務的未來？

And then if I could just squeeze one last one in that same kind of context. Just a clarification on the guide. Is the Charter deal showing up in some allocated form between affiliate and streaming in terms of the subcomponents, Patrick, that you provided?

然後，如果我可以在同樣的背景下再擠出最後一個。僅對指南進行澄清。派崔克，就您提供的子組件而言，憲章協議是否以某種分配形式出現在聯營公司和串流媒體之間？

Yeah, sure. Great. Thanks, Thomas. Yes, listen, on the streaming subs, listen, we continue to have pretty good momentum across all of our services. And when you look at it across the entire business, we had sort of the lowest churn or we had year-over-year declines in churn on a consolidated basis across the portfolio.

是的，當然。偉大的。謝謝，托馬斯。是的，聽著，在串流媒體訂閱方面，我們所有的服務都繼續保持著良好的發展勢頭。從整個業務來看，我們的客戶流失率是最低的，或者說，從整個投資組合的綜合基礎來看，我們的客戶流失率比去年同期有所下降。

So obviously, retaining subscribers kind of helps drive the numbers. We've also, as you pointed out, been the beneficiary of some fantastic kind of bundled arrangements. As Kristin has talked about a lot, we are very nimble, very flexible. We love to partner with others. We're highly complementary.

顯然，保留訂閱者有助於提高數量。正如您所指出的，我們也從一些極好的捆綁安排中受益。正如克里斯汀多次談到的那樣，我們非常敏捷，非常靈活。我們樂意與他人合作。我們具有很強的互補性。

We think it adds value into the ecosystem. It's great for consumers. It's obviously great for us in terms of being able to distribute product with a little bit less kind of hard marketing dollars. So those are very efficient go-to-market channels for us. As we look forward into 2025, we're expecting really healthy streaming revenue growth.

我們認為它為生態系統增加了價值。這對於消費者來說非常好。這對我們來說顯然是件好事，因為我們可以用較少的行銷費用來分銷產品。所以對我們來說這些都是非常有效的市場進入通路。展望 2025 年，我們預期串流媒體收入將實現真正健康的成長。

That will be driven by a lot of price action, but also kind of unit volume as well. So we're really excited about this momentum. And I'd point out for folks that if you unpack the guide, you'll notice that we've called out sort of flat subscription revenue year-over-year. So that implies almost $100 million of incremental streaming revenue here, which is going to essentially offset some of the secular declines in the business. So super excited about that.

這將受到大量價格行為以及單位數量的影響。因此，我們對這種勢頭感到非常興奮。我想指出的是，如果你仔細閱讀這份指南，你會發現我們公佈的訂閱收入比去年同期持平。這意味著這裡的串流媒體收入將增加近 1 億美元，這將從根本上抵消業務的一些長期下滑。我對此感到非常興奮。

In terms of the specific geography on the guide in terms of revenue, you should assume that, that Charter deal is baked into the specific revenue line items that we gave. More to come on and that -- importantly, that deal doesn't kick in until Q1. So we'll have more to say in terms of the details in terms of subscribers, but you should just take the guide at face value at this point, Charter deal is baked in.

就收入指南中的具體地理位置而言，您應該假設，Charter 交易已包含在我們提供的特定收入項目中。接下來還有更多消息，重要的是，該交易要到第一季才會生效。因此，我們在訂閱者方面還有更多細節要說，但此時你應該只從表面來理解指南，Charter 交易已經確定。

And just to add on the streaming equation, the partnerships that we're engaging in for bundles are important, but also our relationships with our wholesalers, so Amazon, Roku, Philo, other folks that we participate with in addition to the traditional MVPDs are really critical, and they are great partners in giving us data and insights around our subscribers and our utilization. So we're getting smarter and better at really identifying in a privacy-compliant way, who's watching what and how to engage with them in addition to the communications that are coming from their subscription providers.

再補充一下串流方程式，我們為捆綁而建立的合作夥伴關係很重要，與批發商的關係也很重要，因此，除了傳統的 MVPD 之外，我們與亞馬遜、Roku、Philo 和其他合作方的關係也至關重要，他們是向我們提供有關我們的訂戶和使用情況的數據和見解的絕佳合作夥伴。因此，我們變得越來越聰明，越來越善於以符合隱私的方式識別誰在看什麼，以及如何與他們互動，以及來自訂閱提供者的資訊。

So if Amazon is talking to a customer, we know, but then we can supplement that conversation with specific sort of nods and suggestions to keep the engagement level high. And then I'm particularly proud here of the team really learning and taking a page from sort of the Cablevision playbook on triple play and retention marketing that we're getting really sophisticated and smarter about retaining customers as opposed to just going after and spending subscriber acquisition money to bring them on board. So we're learning a lot and heavily focused on retention, which obviously will pay for itself in the long run.

因此，如果亞馬遜正在與客戶交談，我們知道，但我們可以透過特定點頭和建議來補充對話，以保持較高的參與度。然後，我特別自豪的是，我們的團隊真正學習並借鑒了 Cablevision 在三重播放和保留行銷方面的策略，我們在保留客戶方面變得更加成熟和聰明，而不是僅僅追逐和花費用戶獲取資金來吸引他們。因此，我們學習了很多東西，並專注於保留，這顯然在長遠來看會帶來回報。

David Joyce, Seaport Research Partners.

大衛‧喬伊斯（David Joyce），海港研究夥伴。

Could you please provide some more color on what kind of lift in viewership and linear ad revenue that you are interpolating is probably coming from licensing your content to Netflix? And given you did say there's double-digit growth in digital advertising, just was wondering what it will take to get that whole segment, including linear to get closer to matching the connected TV ad growth?

您能否詳細說明一下，您所推斷的內容授權給 Netflix 可能會帶來哪些收視率和線性廣告收入的提升？鑑於您確實說過數位廣告實現了兩位數的成長，我只是想知道需要做些什麼才能使整個領域，包括線性領域，更接近聯網電視廣告的成長？

Sure. David, this is Kim Kelleher. Thanks for your question. I'd just clarify that the Netflix partnership is not ad-supported on platform, even though our shows are distributed on both their ad tier and on their ad-free tier, they are distributed in a no ad way. So there is -- well, I just want to clarify that one point.

當然。大衛，這是金凱萊赫。感謝您的提問。我只想澄清一下，Netflix 合作夥伴關係在平台上不支援廣告，儘管我們的節目在其廣告層和無廣告層上發行，但它們是以無廣告的方式發行的。所以——好吧，我只想澄清這一點。

But to your next question, I do believe we are making great progress. The innovation we're doing in advertising, which is really focused on three areas. It's to make our inventory more available to buy seamlessly to use data, as Kristin just talked about in targeting to make our inventory more valuable.

但對於您的下一個問題，我確實相信我們正在取得巨大進展。我們在廣告領域所做的創新其實集中在三個領域。這是為了讓我們的庫存更易於購買，從而使用數據進行無縫購買，正如克里斯汀剛才談到的，讓我們的庫存更有價值。

And then last, packaging our inventory in a cross-platform way so that marketers can access our full scale of viewership at once regardless of how they watch TV. So we've mentioned on past calls, we've innovated with making our debut with industry-first biddable programmatic buying capabilities embedded across our linear networks.

最後，以跨平台的方式打包我們的庫存，以便行銷人員無論如何都看電視，都可以同時訪問我們的整個觀眾群。我們在過去的電話會議上提到過，我們透過在我們的線性網路中嵌入業界首個可競價程序化購買功能進行了創新。

We have added AMC-Plus ad-supported inventory to our cross-platform solutions, and that's been incredibly well received by the marketplace. We're adding a Shudder ad tier, as Patrick just talked about in Q1 so that will add inventory as well -- sorry, I meant to say in fall.

我們已將 AMC-Plus 廣告支援庫存添加到我們的跨平台解決方案中，並且受到了市場的高度好評。我們正在添加 Shudder 廣告層，正如帕特里克在第一季談到的那樣，這也會增加庫存——抱歉，我的意思是在秋天。

And then it's that way we package that inventory, like really delivering full genres to advertisers that are looking for targeted cohorts and audiences, really engaged fan communities, and it's working incredibly well.

然後我們就可以透過這種方式來打包這些庫存，就像將完整的類型內容提供給那些尋找目標群體和受眾以及真正參與的粉絲社群的廣告商一樣，而且效果非常好。

Most recently, as Kristin talked about in her remarks at the top, we launched Outcomes, our new performance product that's built into our Audience-Plus Insights and data targeting platform. And this allows advertisers to see campaign outcomes and optimize delivery in real time.

最近，正如克里斯汀在上面的演講中提到的那樣，我們推出了 Outcomes，這是我們的新性能產品，它內建在我們的 Audience-Plus Insights 和數據定位平台中。這使得廣告主能夠看到廣告活動結果並即時優化投放。

So what I'm saying is cumulatively, we are making tracks towards leveling out the differential between the declining linear environment and the growth in our digital environment. It's just going to take a little bit of time.

所以我想說的是，從總體上看，我們正在努力消除線性環境下降和數位環境成長之間的差異。這只是需要一點時間而已。

I appreciate that. What I was looking for, I guess, was how are you interpolating your licensing to Netflix into what kind of incremental viewership you're attracting on your linear properties, like the new seasons of what you've put on to Netflix, for example?

我很感激。我想問的是，你如何將對 Netflix 的授權融入到你對線性資產（例如你在 Netflix 上推出的新季）所吸引的增量觀眾群中？

I think it's not so much, I guess, a direct correlation with linear, but I would say what we're thrilled about is as we are launching the new seasons of these shows that were on Netflix prior, we're seeing significant increases in AMC-Plus acquisition based on people watching the earlier seasons on Netflix.

我認為這與線性沒有太大的直接關係，但我想說，讓我們興奮的是，隨著我們推出之前在 Netflix 上播出的這些節目的新季，我們看到 AMC-Plus 的購買量顯著增加，因為人們在 Netflix 上觀看了前幾季的節目。

So we definitely see a strong correlation between they viewed it on the massive platform that is Netflix and then they're hungry for more. So they come back to us and purchase AMC-Plus to see the latest, which is exactly why we -- it's the Netflix effect that we talked about on the last call, and that definitely has worked really well for us.

因此，我們確實看到了這樣的一個很強的相關性：觀眾在 Netflix 這個大型平台上觀看了某部劇，然後渴望獲得更多的劇集。因此他們又回來找我們併購買 AMC-Plus 來觀看最新的節目，這正是我們在上次通話中談到的 Netflix 效應，這對我們來說確實非常有效。

Understood. And just one final thing, if I could, please. On the content licensing, are there specific projects that are being sold to third parties like you did with Silo or is everything still going to be for your services first?

明白了。如果可以的話，我還有最後一件事。在內容授權方面，是否有特定的項目正在出售給第三方，就像您對 Silo 所做的那樣，還是一切仍然首先為您提供服務？

Yeah. David, this is Dan McDermott from the Studio side. Currently, we're producing pretty much exclusively for our AMC owned platforms right now. We do have a studio. We are able to produce for third parties when it's beneficial to us and it makes financial sense.

是的。大衛，我是工作室的丹‧麥克德莫特 (Dan McDermott)。目前，我們幾乎只為 AMC 旗下的平台進行製作。我們確實有一個工作室。當對我們有利並且有財務意義時，我們可以為第三方生產。

We do have a lot of interest in our studio content. So we're going to be strategic and opportunistic as we go forward. And when it makes sense and we can generate revenue and will be accretive to the business, we'll explore those opportunities.

我們確實對我們工作室的內容很感興趣。因此，我們在前進的過程中將採取策略性和機會性的態度。當它有意義並且我們能夠創造收入並促進業務成長時，我們就會探索這些機會。

And David -- yeah, from the finance side, you'll recall the guide last year for 2024 was $225 million of run rate content licensing revenue. That was based on our current level of production. We're at $250 million this year, right? So I just want to -- that helps sort of contextualize the fact that, one, we continue to produce at very healthy levels; and two, the market continues to be extraordinarily receptive to the programming that we're producing. So it was a net growth driver in 2024, and we think it's going to continue to be a tailwind.

大衛 — — 是的，從財務方面來看，您會記得，去年 2024 年的預期是內容授權收入的運作率是 2.25 億美元。這是基於我們目前的生產水準。我們今年的收入是 2.5 億美元，對嗎？所以我只是想——這有助於說明這樣一個事實：第一，我們繼續以非常健康的水平生產；二是市場對我們製作的節目繼續表現出極高的接受度。因此，它是 2024 年的淨成長動力，我們認為它將繼續成為順風。

(Operator Instructions) There are no further questions at this time. I'd like to turn the call back over to Nick Seibert for any closing remarks.

（操作員指示）目前沒有其他問題。我想將電話轉回給 Nick Seibert，請他做最後發言。

Thank you all for joining us today. Have a good day.

感謝大家今天的參與。祝你有美好的一天。

Thank you for your participation. This does conclude the program. You may now disconnect. Good day.

感謝您的參與。該計劃確實結束了。您現在可以斷開連線。再會。