AMC Networks Inc (Pre-Reincorporation) (AMCX) 2025 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the AMC Network's first quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Nick Seibert, Senior Vice President of Corporate Development and Investor relations. Please go ahead.

您好，感謝您的支持。歡迎參加 AMC 網路 2025 年第一季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。現在，我想將會議交給今天的第一位發言者，企業發展和投資者關係高級副總裁尼克·西伯特 (Nick Seibert)。請繼續。

Thank you. Good morning, and welcome to the AMC Network's first quarter 2025 earnings conference call. Joining 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.

謝謝。早安，歡迎參加 AMC 網路 2025 年第一季財報電話會議。今天早上與我們一起參加活動的有首席執行官 Kristin Dolan；帕特里克·奧康奈爾 (Patrick O'Connell)，首席財務官； Kim Kelleher，首席商務官；以及娛樂和 AM​​C 影業總裁 Dan McDermott。

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. 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 future performance or results and involve risks and uncertainties that could cause actual results to differ.

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。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均不能保證未來的績效或結果，並涉及可能導致實際結果不同的風險和不確定性。

Please refer to AMC Network's 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, and with that I'd like to turn the call over to Kristin.

有關風險和不確定性的討論，請參閱 AMC Network 的 SEC 文件。該公司不承擔更新今天電話會議上所作任何前瞻性陳述的義務。我們將討論某些非公認會計準則財務指標。所需的定義和對帳可以在今天的新聞稿中找到，因此我想將電話轉給克里斯汀。

Thanks, Nick. Good morning, everyone. It was 18 months ago on this call that we first talked about programming, partnerships, and profitability as our three major areas of focus in running this business. Since then, I've been proud of our performance overall and particularly in these three categories, especially in a time of uncertainty and change.

謝謝，尼克。大家早安。18 個月前，在這次電話會議上，我們首次討論了程式設計、合作夥伴關係和獲利能力，這是我們經營這項業務的三大重點領域。從那時起，我一直為我們的整體表現感到自豪，特別是在這三個類別中的表現，尤其是在充滿不確定性和變化的時期。

Every media company today is trying to find its own path forward in a world that is increasingly complex. Our path is focused on the clear advantages we have in this moment and in the future. We make great shows. We're nimble and independent with the freedom to experiment and evolve, and our strong, distinct brands are home to some of the most passionate fandoms in entertainment.

當今，每家媒體公司都在努力在日益複雜的世界中尋找自己的前進道路。我們的道路集中在我們現在和將來所擁有的明顯優勢。我們製作精彩的演出。我們靈活而獨立，擁有嘗試和發展的自由，我們強大而獨特的品牌吸引了娛樂界一些最熱情的粉絲。

Our continued focus on profitability is driven by the strategic and disciplined steps we've taken to reimagine this company while prioritizing the generation of free cash flow. As a reminder, last quarter, we revised our two year cumulative free cash flow guidance upward to $550 million over the '24-'25 period. I'm pleased to report that we're off to a strong start this year, generating $94 million in free cash flow in the quarter.

我們持續關注獲利能力，這源自於我們為重塑公司而採取的策略性和嚴謹性步驟，同時優先考慮產生自由現金流。提醒一下，上個季度，我們將 2024-2025 年兩年累計自由現金流預期上調至 5.5 億美元。我很高興地報告，我們今年開局良好，本季產生了 9,400 萬美元的自由現金流。

In terms of distribution, we believe our strategic advantages in this or any environment are that we are fast moving, opportunistic, and able to deliver products that create value for our company, as well as for our partners.

在分銷方面，我們相信，無論在何種環境下，我們的策略優勢在於我們行動迅速、把握機遇，能夠提供能為我們公司和合作夥伴創造價值的產品。

For example, we developed an ad supported version of AMC+ in part to give our partners additional flexibility in how their customers connect to our high quality programming. That product is now part of our long-term affiliation agreement with Charter, serving both their desire to bundle streaming value into their existing video service and our own goal of expanding access to our shows and films. We're already seeing an excellent response to AMC+ from Charter subscribers as we did when we launched an integrated version of AMC+ on Philo last year.

例如，我們開發了 AMC+ 的廣告支援版本，部分目的是為我們的合作夥伴提供更多靈活性，讓他們的客戶能夠更靈活地連接到我們的高品質節目。該產品現在是我們與 Charter 的長期合作協議的一部分，既滿足了他們將串流媒體價值捆綁到現有視訊服務中的願望，也滿足了我們擴大節目和電影訪問量的目標。我們已經看到 Charter 訂閱者對 AMC+ 的熱烈響應，就像去年我們在 Philo 上推出 AMC+ 整合版本一樣。

We continue to meet advertiser demand for our programming and brands, while also making our services available to the broadest possible audience. As previously announced later this year, we will be launching an ad-supported version of Shudder, the world's best service for horror fans.

我們持續滿足廣告主對我們的節目和品牌的需求，同時也讓盡可能廣大的受眾能夠享受我們的服務。正如今年稍後宣布的那樣，我們將推出 Shudder 的廣告支援版本，這是全球最好的恐怖片愛好者服務。

We're also launching a new fast channel, Acorn TV Mysteries, to drive interest and awareness in this beloved streaming service focused on thrilling mysteries and crime dramas from around the world. This fast channel will raise the visibility of the Acorn streaming service, promote sampling of our content, and for the first time, give the advertisers early access to Acorn's loyal and highly engaged audience.

我們還將推出一個新的快速頻道 Acorn TV Mysteries，以提升人們對這項備受喜愛的串流媒體服務的興趣和知名度，該服務專注於來自世界各地的驚悚懸疑和犯罪劇。這個快速管道將提高 Acorn 串流服務的知名度，促進我們內容的取樣，並首次讓廣告主提前接觸到 Acorn 忠實且高度參與的觀眾。

We've made significant progress in partnership with Comcast Technology Solutions to standardize and modernize the back end support for our content distribution. This important and ongoing work will support our goal of meeting viewers wherever they are, while accelerating our time to market, enhancing cost predictability, and ensuring we are supported by the most advanced, efficient technologies available.

我們與康卡斯特技術解決方案公司的合作取得了重大進展，使我們的內容分發的後端支援標準化和現代化。這項重要且持續的工作將支持我們實現無論身在何處都能與觀眾見面的目標，同時加快我們的產品上市時間，提高成本可預測性，並確保我們獲得最先進、最高效的技術支援。

On the topic of partnerships, I do want to mention our recent upfront content showcase in New York. This year, we expanded the event to include our most important partners across advertising, distribution, and technology, giving them exposure to the great slate of content we will be releasing in the coming months. It was a meaningful moment for the company and an approach we plan to continue in the years ahead.

在合作夥伴關係方面，我想提一下我們最近在紐約舉辦的前期內容展示。今年，我們擴大了活動範圍，邀請了廣告、分銷和技術領域最重要的合作夥伴，讓他們有機會接觸到我們將在未來幾個月發布的精彩內容。這對公司來說是一個意義重大的時刻，我們計劃在未來幾年繼續保持這種做法。

In our upfront conversations, we're seeing strong interest in the new AMCN outcomes attribution product and have added new data sources that expand the categories of advertisers who can benefit from this technology.

在我們先前的對話中，我們看到了人們對新的 AMCN 成果歸因產品的濃厚興趣，並增加了新的資料來源，擴大了可以從這項技術中受益的廣告商類別。

We've also announced several exciting new integrated marketing offers, including an innovative branding opportunity with Sphere as part of our annual FearFest programming event.

我們也宣布了幾項令人興奮的全新整合行銷優惠，包括與 Sphere 合作的創新品牌推廣機會，作為我們年度 FearFest 節目活動的一部分。

I'll end with our high quality premium programming and the vibrant franchises that drive everything we do, particularly as a company with a studio able to create lasting value by developing, owning, and distributing distinctive IP.

最後，我想談談我們高品質的優質節目和充滿活力的特許經營權，它們推動著我們所做的一切，特別是作為一家擁有工作室的公司，能夠透過開發、擁有和分發獨特的智慧財產權來創造持久的價值。

This quarter we saw the celebrated series Dark Winds return for a third season, once again earning high praise from critics and fans. The series delivered a premiere night audience of approximately 2.2 million viewers, with direct to consumer acquisition on AMC+ up significantly from the prior season. The show has the incredibly rare distinction of a 100% score on Rotten Tomatoes for all three seasons.

本季度，我們看到了備受讚譽的系列《黑暗之風》第三季的回歸，再次贏得了評論家和粉絲的高度讚譽。該劇集首播當晚吸引了約 220 萬觀眾，AMC+ 上的直接面向消費者的收視率較上一季大幅增加。該劇在爛番茄網站上三季均獲得了 100% 的罕見好評。

Dark Winds is currently in production on Season 4, and we see a very long life for this series that has become a franchise unto itself, led by star and executive producer Zahn McClarnon, who is already generating Emmy buzz.

《黑暗之風》目前正在製作第四季，我們認為這部劇集將會非常長壽，它已經成為一個獨立的系列，由主演兼執行製片人 Zahn McClarnon 領銜，他已經獲得了艾美獎的關注。

Just last week, The Walking Dead: Dead City returned for its second season with an international promotional push that generated significant attention and delighted the active and engaged fans of this franchise.

就在上週，《陰屍路：亡靈之城》第二季回歸，其國際宣傳活動引起了廣泛關注，並讓該系列的活躍粉絲們感到高興。

AMC+ saw its biggest single day of direct to consumer subscriber acquisition since last year's Season 2 premiere of The Walking Dead: Daryl Dixon. Later this year, Norman Reedus and Melissa McBride will return for a third season of Darryl.

AMC+ 實現了自去年《陰屍路：達裡爾迪克森》第二季首播以來單日直接面向消費者的訂閱用戶增長量的最高紀錄。今年晚些時候，諾曼瑞杜斯和梅麗莎麥克布萊德將回歸《達裡爾》第三季。

Also along the way this year is an important expansion of our Anne Rice's Immortal Universe. A third series will feature the Talamasca, a secretive organization that has been present in both Interview with the Vampire and Mayfair Witches.

今年我們的《安妮賴斯的不朽宇宙》也迎來了重要擴充。第三季將以塔拉瑪斯卡為主角，這是一個在《夜訪吸血鬼》和《梅菲爾女巫》中都出現過的秘密組織。

Talamasca: The Secret Order will serve as a bit of a through line connecting all three shows, while being bold and distinctive in its own right. Interview and Mayfair are preparing third seasons that will take the storytelling in exciting new directions next year.

《塔拉瑪斯卡：秘密組織》將成為連結這三部劇集的主線，同時本身也大膽而獨特。《Interview》和《Mayfair》正在籌備第三季，明年將以令人興奮的新方向講述故事。

We recently announced a new franchise and development called Great American Stories. Each season of this anthology series will be devoted to a different classic novel, play, or moment in history that is distinctly American.

我們最近宣布了一項名為“偉大的美國故事”的新特許經營和開發計劃。該選集系列的每一季都將致力於講述一部獨特的美國經典小說、戲劇或歷史時刻。

We're planning a first season around the Grapes of Wrath, the John Steinbeck classic that is as timely and relevant today as when it was published in 1939. More to come on this exciting concept, which has already generated strong interest in the creative community.

我們計劃圍繞《憤怒的葡萄》拍攝第一季，這是約翰史坦貝克的經典作品，如今它與 1939 年出版時一樣具有時代意義和現實意義。這個令人興奮的概念已經引起了創意界的濃厚興趣，未來還會有更多相關內容。

We're currently in production on a new series called The Audacity from talented writer Jonathan Glatzer that we'll bring to viewers next year. This series set in Silicon Valley has a stellar cast led by Billy Magnussen, and including Sarah Goldberg, Simon Helberg, Rob Corddry, and the unique talent that is Zach Galifianakis.

我們目前正在製作一部名為《大膽》的新系列劇，由才華橫溢的作家喬納森·格拉澤 (Jonathan Glatzer) 創作，將於明年與觀眾見面。這部以矽谷為背景的系列劇擁有由比利·馬格努森領銜的明星演員陣容，其中包括莎拉·戈德堡、西蒙·赫爾伯格、羅伯·考德瑞，以及才華橫溢的紮克·加利費安納基斯。

Our targeted streaming services, which are built to super serve fans of specific programming genres for a reasonable price, remain a strong differentiator for us. Acorn TV, the home of thrilling crime dramas and engaging mysteries, has new shows on the way from beloved stars Alicia Silverstone and Brooke Shields, along with an expanding slate of returning originals.

我們的目標串流服務旨在以合理的價格為特定節目類型的粉絲提供優質服務，這仍然是我們的一大差異化優勢。Acorn TV 是驚險犯罪劇和引人入勝懸疑劇的發源地，即將推出深受喜愛的明星艾莉西亞西爾維斯通和布魯克希爾茲的新劇，同時還有越來越多的回歸原創劇。

Last week we launched a new monthlong programming event on Acorn called Murder Mystery May. Similar to AMC's popular and long-running FearFest, this event offers Acorn's loyal fans a packed month of new shows and continuing franchises like Harry Wilde, Murdoch Mysteries, The Brokenwood Mysteries, and many more.

上週，我們在 Acorn 上啟動了一項為期一個月的新程式活動，名為「五月謀殺之謎」。與 AMC 廣受歡迎且長期舉辦的 FearFest 類似，該活動為 Acorn 的忠實粉絲提供了一個月的豐富新節目和連續劇，如《哈利·王爾德》、《默多克謎案集》、《布羅肯伍德謎案集》等等。

Shudder continues to cement its reputation as the premier service for horror fans. Later this year, we will debut a new competition reality show from Greg Nicotero called Guts & Glory, shot on the set of The Walking Dead in the woods of Georgia.

Shudder 繼續鞏固其作為恐怖片愛好者首選服務平台的聲譽。今年晚些時候，我們將推出格雷格·尼科特羅 (Greg Nicotero) 主持的全新競賽真人秀節目《勇氣與榮耀》(Guts & Glory)，該節目在佐治亞州森林裡的《行屍走肉》片場拍攝。

I also want to call out Wii TV, which continues to serve up some of the most entertaining and conversation sparking franchises on television. The success of Love After Lock Up helped make Wii TV a top cable network with women on Friday nights and is enormously popular on streaming, in CTV and fast. Everywhere we have aired this real-life prison and relationship drama.

我還想提一下 Wii TV，它繼續為電視提供一些最有趣、最能引發討論的系列節目。《Love After Lock Up》的成功使 Wii TV 成為週五晚上最受女性歡迎的有線電視網絡之一，並且在串流媒體、CTV 和快訊中也非常受歡迎。我們在各地播放了這部現實生活中的監獄和人際關係劇。

Mama June delivers viewers season after season, and relative newcomer Toya & Reginae has also become a breakout hit, returning for its second season in the quarter and growing viewers in key demos from Season 1.

《媽媽六月》 (Mama June) 一季又一季地吸引著觀眾，而相對較新的《托雅與雷吉娜》 (Toya & Reginae) 也成為了熱門劇集，在本季度回歸第二季，並且在第一季的關鍵試播集中收視率不斷增長。

Our film group, which is seeing significant success across theaters, EST, and our own streaming platforms, just rebranded under a new name, IFC Entertainment Group. This banner includes the independent film company, IFC Center, RLJ Films, and Shudder. Our newest release, Clown in a Cornfield, is already generating significant buzz from horror fans and premieres tonight in theaters.

我們的電影集團在戲院、EST 和我們自己的串流平台上都取得了巨大的成功，剛剛更名為 IFC 娛樂集團。該橫幅包括獨立電影公司、IFC Center、RLJ Films 和 Shudder。我們最新上映的電影《玉米田裡的小丑》已經引起了恐怖片迷的廣泛關注，並於今晚在戲院首映。

This is just a snapshot of what we're doing in programming, furthering the vibrant franchises we are building and level of creative talent with whom we work. We're proud of our continued strong commitment to quality and of the kinds of shows and stories we're bringing to fans, even during a time of change and transformation in our industry.

這只是我們在程式設計方面所做工作的一個縮影，旨在進一步推進我們正在建立的充滿活力的特許經營權以及與我們合作的創意人才的水平。即使在行業變革和轉型時期，我們仍對品質和為粉絲帶來的節目和故事種類持續堅定承諾，我們對此感到自豪。

I want to thank you all for your time this morning and for your continued interest in AMC Networks. Now, I'll turn the call over to Patrick for a more detailed look at our financial results.

我想感謝大家今天早上抽出的時間以及對 AMC 網路的持續關注。現在，我將把電話轉給帕特里克，讓他更詳細地了解我們的財務表現。

Thank you, Kristin. As a nimble and innovative premium programmer, we continue to focus on what is in our control amidst continuing linear headwinds and recent macroeconomic uncertainty. This includes the reorientation of our business around free cash generation, investing in our valuable and sought after IP and franchise expansion, and maintaining flexibility across the operating business and the capital structure.

謝謝你，克里斯汀。作為一個靈活且富有創新精神的優質程式設計師，在持續的線性逆風和近期宏觀經濟不確定性的背景下，我們將繼續專注於我們能夠控制的事情。這包括圍繞自由現金產生重新定位我們的業務，投資於我們寶貴且受追捧的知識產權和特許經營擴張，並保持整個運營業務和資本結構的靈活性。

We are pleased with our first quarter results, particularly regarding free cash flow, which was $94 million in the quarter. We remain solidly on track to achieve our outlook of approximately $220 million of free cash flow for the full year.

我們對第一季的業績感到滿意，尤其是自由現金流，本季為 9,400 萬美元。我們仍有望實現全年約 2.2 億美元的自由現金流目標。

Consolidated net revenue declined 7% year over year to $555 million. Consolidated AOI declined 30% to $104 million with a 19% margin. Adjusted EPS was $0.52.

合併淨收入年減 7% 至 5.55 億美元。合併後的 AOI 下降 30% 至 1.04 億美元，利潤率為 19%。調整後的每股收益為 0.52 美元。

I'll now discuss our segment results. Domestic operations revenue decreased 7% to $486 million. Subscription revenue decreased 3% due to a 12% decline in affiliate revenue and was partly offset by streaming revenue growth of 8%.

我現在將討論我們的分部績效。國內營運收入下降 7% 至 4.86 億美元。由於聯盟收入下降 12%，訂閱收入下降 3%，但串流媒體收入成長 8% 部分抵消了這一下降。

With the launch of ads supported AMC+ on Charter at the end of March, we felt it was important to refine certain aspects of our streaming subscriber and subscription revenue definitions.

隨著 3 月底在 Charter 上推出廣告支援的 AMC+，我們認為有必要改進串流媒體用戶和訂閱收入定義的某些方面。

Therefore, customers who receive our services as part of a video package that also includes our linear networks are no longer included in our streaming subscriber count. This includes Charter Spectrum TV Select and Philo customers who would have been counted as subscribers under our prior definition.

因此，作為包含我們的線性網路的視訊套餐的一部分接受我們服務的客戶不再計入我們的串流訂閱用戶數量。其中包括 Charter Spectrum TV Select 和 Philo 客戶，根據我們先前的定義，他們將被視為訂戶。

While these customers will no longer be included in our streaming subscriber account, they are important to us as we employ our partner focused distribution strategy.

雖然這些客戶將不再包含在我們的串流訂閱帳戶中，但他們對我們很重要，因為我們採用以合作夥伴為中心的分銷策略。

We expect to provide further updates over time regarding the trending of these customers to ensure a holistic picture of AMC's programming distribution. Recast historical streaming subscribers can be found in the earnings release we issued today.

我們希望隨著時間的推移提供有關這些客戶趨勢的進一步更新，以確保全面了解 AMC 的節目分發情況。重播歷史串流訂閱用戶數可在我們今天發布的收益報告中找到。

Regarding revenue, to ensure consistency, we've made commensurate changes to our affiliate and streaming revenue definitions. Our affiliate revenue component now includes revenue from distributors that provide their customers access to our streaming services through a video package that also includes our linear networks. Our streaming revenue component is now entirely composed of a-la-carte subscription streaming revenue.

關於收入，為了確保一致性，我們對聯屬收入和串流媒體收入定義做出了相應的更改。我們的附屬收入部分現在包括來自分銷商的收入，分銷商透過包含我們的線性網路的視訊包為其客戶提供我們的串流服務。我們的串流媒體收入部分現在完全由單點訂閱串流媒體收入組成。

The impact of prior period streaming and affiliate revenue is not material. These definitional refinements better reflect how our networks and services are typically sold to our affiliate partners on a package basis as part of an affiliation agreement and more importantly provide a clean apples-to-apples comparison of our high value intent driven streaming subscriber base to our reported streaming revenue.

前期串流媒體和聯盟收入的影響並不重大。這些定義上的改進更好地反映了我們的網路和服務通常如何作為聯盟協議的一部分以套餐形式出售給我們的聯盟合作夥伴，更重要的是，它們提供了我們高價值意圖驅動的串流媒體用戶群與我們報告的串流媒體收入的清晰的同類比較。

In terms of streaming subscribers for the quarter under our new subscriber definition, we ended the quarter with 10.2 million streaming subscribers, flat as compared to the prior year. Subscribers declined slightly as compared to 10.4 million subscribers at the end of 2024.

根據我們新的用戶定義，就本季的串流媒體用戶數量而言，我們本季結束時擁有 1,020 萬串流媒體用戶，與去年持平。與 2024 年底的 1,040 萬訂閱用戶相比，訂閱用戶數量略有下降。

The sequential decrease reflects our continued focus on higher quality subscribers, which was realized through the implementation of tighter credit standards for new sign-ups across our D2C and partner acquisition funnels, as well as the timing and cadence of our content slate and subscriber acquisition marketing.

環比下降反映了我們持續關注更高品質的用戶，這是透過在我們的 D2C 和合作夥伴獲取管道中實施更嚴格的新註冊信用標準，以及我們的內容清單和用戶獲取行銷的時間和節奏來實現的。

We are already seeing the benefits of the further strengthening of our subscriber base with strong retention and engagement across the portfolio.

我們已經看到了進一步加強用戶群以及整個產品組合中強大的保留率和參與度所帶來的好處。

In the first quarter we saw a year-over-year improvement in retention, and in terms of engagement we saw a sequential double-digit increase in viewership hours per subscriber. We're pleased with the diet that our services continue to offer and we successfully implemented rate initiatives at AMC+ and All Black in the quarter.

在第一季度，我們的用戶留存率同比有所提高，而就參與度而言，我們的每位訂閱用戶的觀看時長也實現了連續兩位數的增長。我們對我們的服務持續提供的內容感到滿意，並且我們在本季度成功實施了 AMC+ 和 All Black 的費率計劃。

In April we implemented a $2 rate of Shudder and we will implement a $1 increase at both acorn and high dive in the second and third quarters respectively.

今年 4 月，我們實施了 Shudder 2 美元的漲價政策，並將分別在第二季和第三季將 acorn 和 high dive 的漲價幅度提高 1 美元。

We expect streaming revenue growth to accelerate as the year progresses and as the benefits of rate activity, new series debuts, and opportunistic acquisition and retention marketing compound.

我們預計，隨著時間的推移，以及利率活動、新劇集的推出以及機會性收購和保留行銷的疊加效應，串流媒體收入成長將會加速。

Moving to domestic operations advertising revenue. Advertising revenue decreased 15% year by year, primarily due to lower linear ratings. We are part of the same challenging ad markets as everyone else, but we remain encouraged by the strength of our programming and our significant advanced and digital advertising capabilities.

轉向國內營運廣告收入。廣告收入較去年同期下降15%，主要原因是線性收視率下降。我們與其他人一樣，處於同樣充滿挑戰的廣告市場中，但我們的節目製作實力以及強大的先進數位廣告能力仍然令我們感到鼓舞。

While there's been a recent uptick in macroeconomic uncertainty broadly, we remain highly engaged with our advertising partners, and we are not seeing meaningful indicators that suggest a material pullback. Content licensing revenue was $54 million for the quarter, reflecting the timing and availability of deliveries in the period. Licensing revenues are often lumpy due to the timing of new deals and delivery schedules.

儘管近期宏觀經濟不確定性普遍上升，但我們仍與廣告合作夥伴保持著密切聯繫，而且我們並未看到任何表明出現實質回調的有意義的指標。本季內容授權收入為 5,400 萬美元，反映了該期間交付的時間和可用性。由於新交易的時間和交付時間表，許可收入通常不穩定。

And as a reminder, we continue to anticipate approximately $250 million of domestic operations content licensing revenue for the full year. Domestic operations AOI was $124 million for the quarter, representing a decrease of 24%.

提醒一下，我們仍然預計全年國內營運內容授權收入約為 2.5 億美元。本季國內業務 AOI 為 1.24 億美元，下降 24%。

The decrease in AOI was largely driven by the continued linear revenue headwinds, increased SG&A, including marketing expenses, and partly offset by lower programming expense.

AOI 的下降主要是由於持續的線性收入逆風、包括行銷費用在內的銷售、一般及行政費用增加，並被節目費用的降低部分抵消。

Moving to an international segment. First quarter international revenue of $70 million decreased 7%. Subscription revenue decreased 12% due to the non-renewal with Movistar in Spain that occurred in the fourth quarter of 2024.

轉向國際領域。第一季國際營收為 7,000 萬美元，下降 7%。由於 2024 年第四季未與西班牙的 Movistar 續約，訂閱收入下降了 12%。

Advertising revenue increased 5% due to increased ratings and digital and advanced advertising growth in the UK, partly offset by lower advertising revenues across our other European markets.

由於英國收視率上升以及數位和高級廣告的成長，廣告收入成長了 5%，但其他歐洲市場的廣告收入下降部分抵消了這一增長。

International AOI for the first quarter decreased 26% to $10 million with a 14% margin. The decrease in AI AOI was largely attributable to lower subscription revenue.

第一季國際 AOI 下降 26% 至 1,000 萬美元，利潤率為 14%。AI AOI 的下降主要歸因於訂閱收入的下降。

Moving to the balance sheet. We remain focused on our balance sheet. We ended the quarter with net debt of $1.5 billion and a consolidated net leverage ratio of 2.9 times.

轉到資產負債表。我們仍然關注我們的資產負債表。本季末，我們的淨債務為 15 億美元，合併淨槓桿率為 2.9 倍。

We have no bond maturities until 2029, a healthy cash position, and more than $1 billion of total liquidity. We appreciate the flexibility and optionality of our meaningful cash balance. We continue to believe that our securities will present attractive opportunities for us to deploy cash optimistically across the capital structure to create equity value.

我們的債券到期日是 2029 年，我們的現金狀況良好，總流動資金超過 10 億美元。我們欣賞我們有意義的現金餘額的靈活性和可選性。我們仍然相信，我們的證券將為我們在整個資本結構中樂觀地部署現金以創造股權價值提供有吸引力的機會。

In April we capitalized on volatility in the capital markets through open market repurchases of our 4.25% senior unsecured notes due 2029.

4 月份，我們利用資本市場的波動，在公開市場回購了 2029 年到期的 4.25% 優先無擔保票據。

We repurchased $32 million of bonds for approximately $23 million or roughly 71% of face value and captured approximately $9 million of discount. Our capital allocation philosophy remains prudent and optimistic.

我們以約 2,300 萬美元（約佔票面價值的 71%）回購了 3,200 萬美元的債券，並獲得了約 900 萬美元的折扣。我們的資本配置理念依然謹慎樂觀。

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.

首先，我們希望透過創作和獲取能引起觀眾共鳴的精彩節目來支持業務，同時保持健康的現金流生成水準。

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順序之後。

I'll now summarize and reiterate our 2025 outlook. We continue to expect free cash flow of approximately $220 million consolidated revenue of approximately $2.3 billion, reflecting continued linear headwinds partially offset by profitable streaming and digital growth, and consolidated AOI in the range of $400 million to $420 million.

現在我將總結並重申我們對 2025 年的展望。我們繼續預期自由現金流約為 2.2 億美元，合併收入約為 23 億美元，這反映了持續的線性逆風，但被盈利性的串流媒體和數位成長部分抵消，合併 AOI 在 4 億美元至 4.2 億美元之間。

We continue to anticipate year to year increase in technical and operating expenses, including approximately $10 million of expenses related to our technology outsourcing transformation, as well as increased SG&A expenses driven by streaming-related marketing.

我們預計技術和營運費用將逐年增加，其中包括與我們的技術外包轉型相關的約 1000 萬美元的費用，以及串流媒體相關行銷推動的銷售、一般和行政費用增加。

We acknowledge that a lot has changed in the few short months since we issued our 2025 outlook. It's still early in the year, and the geography of certain revenue and expense items may shift as the year progresses. From where we sit, we haven't seen anything suggesting any meaningful impacts for our business, but we remain vigilant.

我們承認，自我們發布 2025 年展望以來的短短幾個月內發生了很多變化。今年還處於初期階段，隨著時間的推移，某些收入和支出項目的地理位置可能會改變。從目前的情況來看，我們還沒有看到任何跡象表明會對我們的業務產生重大影響，但我們仍然保持警惕。

We are well-capitalized with a large cash balance and no immediate financing needs. We continue to take a long range view of the business and are managing AMC networks with a clear strategic plan centered around programming, partnerships, and profitability. At the same time, we are nimble and adaptable when and where we need to be. With that operator, please open the line for questions.

我們資本充足，擁有大量現金餘額，沒有緊急融資需求。我們繼續以長遠的眼光看待業務，並以圍繞節目製作、合作夥伴關係和盈利能力的明確策略計劃來管理 AMC 網路。同時，我們能夠在所需的時間和地點靈活變通、適應能力強。請與該接線員聯繫，以便我們解答疑問。

(Operator Instructions)

（操作員指示）

Thomas Yeh, Morgan Stanley.

摩根士丹利的 Thomas Yeh。

Can you tell us a bit more about the streaming subscribers coming in through the bundled video packages? What's the uptake so far on Spectrum TV and are you seeing any risk of cannibalization on the a-la-carte side and that may be just a clarification on the affiliate revenues. Is it a variable, a source of revenues based on a sign up, any color there that would be helpful.

您能否向我們詳細介紹一下透過捆綁視訊套餐加入的串流訂閱用戶的情況？到目前為止，Spectrum TV 的接受度如何？您是否看到點菜方面有任何蠶食風險？這可能只是對聯盟收入的澄清。它是一個變量，還是基於註冊的收入來源，任何有用的顏色。

I'll take the first one. Thomas, good morning. So on the streaming front, actually we're very happy with the way things are going with Charter and as we've spoken about in the past, our integration with Philo last year and so, Charter has a good sense of what they anticipate the take rates and importantly, the authentication for anybody that has access to the embedded streaming services within their platform. And so we're tracking exactly where we want it to be so we're really happy with that, as are they. To your second question, Patrick is there.

我要第一個。湯瑪斯，早安。因此，在串流媒體方面，實際上我們對 Charter 的進展情況非常滿意，正如我們過去談到的，我們去年與 Philo 的整合，因此，Charter 很清楚他們預期的收費率，以及重要的是，任何可以訪問其平台內嵌入式串流媒體服務的人的身份驗證。因此，我們正在精確地追蹤我們想要達到的目標，我們對此感到非常高興，他們也是如此。對於你的第二個問題，帕特里克在那裡。

Yeah, specifically on cannibalization, Thomas, I would say listen, we are taking -- we are small and obviously we are taking a partner approach to our distribution. That means through existing partners and new partners.

是的，特別是在蠶食方面，托馬斯，我想說，聽著，我們正在採取——我們的規模很小，顯然我們正在採取合作夥伴的方式進行分銷。這意味著透過現有合作夥伴和新合作夥伴。

Obviously we've got long standing relationships with Charter, Comcast, Dish, DirecTV, etc. All of our traditional NPD distributors, and we see incredible value and thus expanding the distribution of our of our content. We think this is going to create a much healthier video ecosystem.

顯然，我們與 Charter、Comcast、Dish、DirecTV 等所有傳統的 NPD 經銷商都建立了長期的合作關係，我們看到了巨大的價值，因此擴大了我們內容的分銷。我們認為這將創造一個更健康的視訊生態系統。

You could go so far as to say we're sort of, kind of Charter members of Charter's vision for an improved video ecosystem. We think this will improve the video experience for customers broadly. We think it will help distribution partners as well in terms of packaging broadband or wireless with value enhanced video offerings, and we think it creates just a healthier programming distribution ecosystem more broadly.

您甚至可以說，我們是 Charter 改進視訊生態系統願景的創始成員。我們認為這將大大改善客戶的視訊體驗。我們認為，它也將在寬頻或無線與增值視訊產品的包裝方面為分銷合作夥伴提供幫助，並且我們認為它將更廣泛地創造一個更健康的節目分銷生態系統。

We actually think that over time this is going to present additional revenue opportunities for the company in the form of upselling, customers from an ad supported product to a premium product. We think it'll generate additional viewership and engagement, of which we can drive additional advertising revenue.

我們實際上認為，隨著時間的推移，這將以追加銷售的形式為公司帶來額外的收入機會，讓客戶從廣告支援的產品轉向高端產品。我們認為它將吸引更多的觀眾和參與度，從而我們可以獲得額外的廣告收入。

And we think it'll also get in sort of success and healthier ecosystem and slightly reduced cord cutting will create a more solid foundation of sort of going forward as well. So we're taking a long term view here, but we think there's a ton of upside in this strategy.

我們認為它也會獲得某種成功和更健康的生態系統，略微減少的剪線也會為未來的發展奠定更堅實的基礎。因此，我們在這裡採取的是長遠眼光，但我們認為這項策略有許多好處。

Yeah, on the third part of your question there in terms of like the nature of the economics, I would say this is a really fluid environment we're operating in, right. We've signed a couple of these deals. Each one is a bit different, each one is a bit bespoke, so I don't think it's worth getting into sort of the microeconomics of each specific deal.

是的，關於你問題的第三部分，就經濟性質而言，我想說，我們所處的環境非常不穩定，對吧。我們已經簽署了幾項這樣的協議。每一個都有點不同，每一個都有點定制，所以我認為不值得深入研究每筆具體交易的微觀經濟學。

Suffice to say that we wanted to make sure that we were very clear in terms of, streaming revenue being driven by our new streaming, subscriber definition. And so that should make comparisons, I think, more valuable in terms of, ARPU, churn, etc. So you'll have sort of clean numbers going forward.

可以說，我們希望確保我們非常清楚，串流媒體收入是由我們新的串流媒體、訂閱用戶定義所驅動的。因此，我認為，從 ARPU、客戶流失率等方面來看，這應該會讓比較更有價值。這樣，你將獲得一些清晰的數字。

Got it. That's helpful. And then maybe just the last one, Patrick, you mentioned no meaningful indicators yet on the macro related concerns for the ad market. Can you maybe just help us think through the year-over-year comparisons on ad declines to the balance of the year of their, potential incremental tails from some of the factors that you just mentioned as an offset to some of the linear declines.

知道了。這很有幫助。然後也許只是最後一個，帕特里克，你提到目前還沒有關於廣告市場宏觀相關問題的有意義的指標。您能否幫助我們思考一下，將廣告下降的同比數字與全年餘額進行比較，以及您剛才提到的一些因素可能帶來的增量尾部，以抵消一些線性下降。

Yeah, sure. I mean, listen, Thomas, maybe what I'll do is I'll start with, kind of our initial expectations for the year and sort of juxtapose kind of Q1 performance versus that I'll break out sort of linear and digital, I think that would be sort of the way to attack this.

是的，當然。我的意思是，聽著，托馬斯，也許我會做的是，我將從我們對今年的初步預期開始，並將第一季度的表現與我將要突破的線性和數字進行比較，我認為這將是一種解決這個問題的方法。

I think, listen, that the linear market remains challenged, right? That's sort of well understood. Our performance on linear is almost entirely a function of the ratings environment. That is a very similar dynamic to last year in terms of the split between ratings and what we call kind of marketplace or pricing.

聽著，我認為線性市場仍然面臨挑戰，對嗎？這很好理解。我們的線性表現幾乎完全取決於收視率環境。就評級和我們所謂的市場或定價之間的分歧而言，這與去年的動態非常相似。

That's been consistent on the linear side year over year and in fact in Q1 linear was frankly a little bit stronger than we had. Obviously overall domestic advertising revenue was down 15%. I would say the underperformance there was just a soft on the digital side.

與去年同期相比，線性方面一直保持一致，事實上，第一季的線性表現坦率地說比我們之前的要強一些。顯然，國內整體廣告收入下降了15%。我想說的是，那裡的表現不佳只是數字上的疲軟。

We're seeing the exact same trends as everyone else in terms of a lot more additional supply in the market, kind of putting pressure on price, putting pressure on fill rates as well. So that was sort of the underperformance that we noted in the quarter.

我們和其他人一樣看到了同樣的趨勢，即市場上的額外供應量大大增加，這給價格帶來了壓力，也給供應率帶來了壓力。這就是我們在本季注意到的表現不佳的情況。

As far as the balance of the year goes, listen, it's a fluid market. These dollars, especially on the digital side, they move fast. They can come in, they can come out. We're really pleased with the reception that our programming has received in the market. Most recently at our upfront that continues to resonate. We hear from partners on a daily basis and so we feel that with the tools that we've given our partners in terms of kind of attribution and whatnot, we will be well-positioned to attack this market going forward.

就今年的餘額而言，聽著，這是一個流動的市場。這些資金，尤其是數位資金，流動速度很快。他們可以進來，也可以出去。我們對我們的節目在市場上受到的歡迎感到非常高興。最近，我們的前期工作繼續引起共鳴。我們每天都會聽到合作夥伴的聲音，因此我們認為，憑藉我們為合作夥伴提供的歸因等工具，我們將能夠更好地進入這個市場。

David Joyce, Seaport Research Partners.

大衛‧喬伊斯（David Joyce），海港研究夥伴。

Thank you, I guess, just a couple more add-ons there. I was just wondering how much of your advertising is coming from streaming at this point, given that, that's where some of the pressures are, it's still in the like the low single digits portion of your advertising, and I was wondering on the international side, when you would be lapping the subscription revenue issues from the Spanish drop.

謝謝，我想，只需要再增加一些附加元件即可。我只是想知道目前你們的廣告有多少來自串流媒體，考慮到串流媒體帶來的一些壓力，它仍然佔你們廣告收入的低個位數部分，我想知道在國際方面，你們什麼時候能夠彌補西班牙訂閱收入下降的問題。

David, it's Kim. I'll take your first question on the streaming advertising. It delivers incremental overall revenue to our pool. However, it does give us -- because of our genre-based services, it gives us a great opportunity on the sponsorship side for integrated partnerships and an opportunity for marketers to really actually heavy hit the tip of the spear of the horror fans and with the Shudder launch and with our AMC franchises. So it's part of an overall mix that drives actually significant dollars for the company overall.

大衛，我是金。我來回答您關於串流廣告的第一個問題。它為我們的資金池帶來了增量總收入。然而，由於我們基於類型的服務，它確實為我們提供了贊助方面建立綜合合作夥伴關係的絕佳機會，也為營銷人員提供了一個機會，透過 Shudder 的推出和我們的 AMC 系列特許經營，真正重擊恐怖片粉絲的矛頭。因此，它是整體組合的一部分，實際上可以為整個公司帶來大量收入。

It's Kristin. I'll take the international question. So with Movistar, not dissimilar to BT in the UK a couple of years ago, they've completely changed their strategy and as of last fall said they no longer wanted to carry any linear services.

是克里斯汀。我來回答國際問題。因此，Movistar 與幾年前英國的 BT 類似，他們徹底改變了策略，並從去年秋天開始表示不再提供任何線性服務。

So similar to BT, we were probably one of the last ones that they had maintained. There's been some significant shifts in their senior leadership over the past month or so, and we continue to speak with them. But at the same time, our growth in the Spanish market with other partners has been significant, and so we anticipated this change. We have plans in place to offset the revenue changes there and we're optimistic that we may have a different relationship with Movistar going forward.

與 BT 非常相似，我們可能是他們維護的最後一個公司之一。在過去一個月左右的時間裡，他們的高層領導發生了一些重大變動，我們將繼續與他們交談。但同時，我們與其他合作夥伴在西班牙市場取得了顯著成長，因此我們預料到了這項變化。我們已經制定了計劃來抵消那裡的收入變化，並且我們樂觀地認為我們未來可能會與 Movistar 建立不同的關係。

And then just to add on that on your financial question there, that happened at the end of the year 2024, so it's sort of a clean comp in terms of you're looking at year over year, number one, number two, this was built into our guidance, so it's not a change in terms of how we're kind of attacking the year.

然後補充您提到的財務問題，那是在 2024 年底發生的，所以從逐年來看，這是一種乾淨的比較，第一，第二，這已經融入到我們的指導中，所以就我們應對這一年的方式而言，這並不是一種改變。

Understood. And if I could just ask about the seasonality this year, any comparison challenges or benefits based on new originals coming on the impact of revenue or the cost side of things?

明白了。如果我可以問今年的季節性，那麼基於新原創作品對收入或成本的影響是否存在任何比較挑戰或好處？

Yeah, David, I'd call out one. I wouldn't call it seasonality. I'd call it more just kind of cash flow dynamics in terms of the production schedule. You will have noted the very healthy free cash flow generation in Q1. I think the free cash flow generation is going to be kind of front loaded this year towards the first half, partly because we've got more production lined up in the in the back half.

是的，大衛，我會叫出一個。我不會稱之為季節性。我認為它更像是生產計劃方面的現金流動態。您會注意到第一季的自由現金流產生非常健康。我認為，今年上半年自由現金流的產生將會提前，部分原因是我們在下半年安排了更多的生產。

And in terms of the specific working capital dynamics, obviously there's some additional headwinds kind of below the line from increased interest expense. We don't have the tax benefits that we recognized in the first half of last year. Those have been mostly offset by working capital kind of grab backs or good guys we've been able to find this year. So that's the only, I think kind of noteworthy seasonality aspect to the you know kind of the income statement I think it's worth calling out at this point.

就具體的營運資本動態而言，顯然利息支出的增加會帶來一些額外的阻力。我們沒有獲得去年上半年確認的稅務優惠。這些損失大部分已被我們今年能夠找到的營運資金回收或好人所抵消。所以我認為這是損益表中唯一值得注意的季節性方面，我認為現在值得一提。

(Operator Instructions)

（操作員指示）

Steven Cahall, Wells Fargo.

富國銀行的史蒂文·卡霍爾 (Steven Cahall)。

First, Patrick, maybe to just follow-up on some of the seasonality questions. So I think revenue in Q1 was down a little weaker than what you've guided to for the year. Where do you expect that revenue acceleration to come from as we get through the balance of the year? Is that from streaming as you start to put through some of those price actions that you talked about? Is it some of the lumpiness to the content schedule for advertising? So just helping us maybe shape the year on rev revenue a little bit.

首先，派崔克，也許只是想跟進一些季節性問題。因此我認為第一季的營收比你預測的全年營收低。當我們度過今年的剩餘時間時，您預計收入成長將從何而來？當您開始執行您談到的一些價格操作時，這是來自串流媒體嗎？這是否會導致廣告內容安排不協調？因此，這可能只是幫助我們稍微塑造一下今年的收入。

And then I'd love to revisit the ad market. I think what we've heard kind of to sum up from the peer group this week is that there's definitely some of that digital weakness, tough to tell what's going to happen in in linear, some caution, but as you say, kind of not downright challenges quite yet.

然後我很想重新審視廣告市場。我認為本週我們從同行那裡聽到的總結是，數位化方面肯定存在一些弱點，很難說線性方面會發生什麼，有些謹慎，但正如你所說，目前還不是徹底的挑戰。

I guess following up, how much of the business do you think is exposed to some of these digital trends and as you start to get into the upfront, do you think you can firm up some of the linear stuff to offset that? We just have to kind of get a sense of how you broadly think about your advertising revenue growth expectations for the year versus maybe where you started last quarter.

我想接下來，您認為有多少業務受到了這些數位趨勢的影響？當您開始進入前期業務時，您認為您可以鞏固一些線性的東西來抵消這些影響嗎？我們只是想大致了解一下，您對今年的廣告收入成長預期與上個季度相比有何不同。

Steven, it's Patrick. I'll take the first and Kim will take the second. In terms of the cadence of the revenue of the balance of the year, you've effectively answered your own question, which is with the price increases we've put through on the streaming side in Q1, and we've got a couple more price actions to take in Q2 and Q3, as I mentioned in my prepared remarks, that's going to compound over time. And so you'll see an acceleration of streaming revenue growth throughout the year.

史蒂文，我是派崔克。我將選擇第一個，而 Kim 將選擇第二個。就今年剩餘收入的節奏而言，您實際上已經回答了您自己的問題，即我們在第一季度對串流媒體方面實施了提價，並且我們在第二季度和第三季度還會採取一些價格行動，正如我在準備好的發言中提到的那樣，隨著時間的推移，這些價格行動將會複合增長。因此，你會看到全年串流媒體收入成長加速。

The streaming revenue growth that we articulated as part of the guidance was largely predicated on pricing as opposed to volume. I was looking to grow both, but it was more pricing heavy. And to date, the pricing actions we've put through have taken extraordinarily well. So in line with expectations, we feel really good about that.

我們在指導中闡明的串流媒體收入成長主要取決於定價而非數量。我希望兩者都能發展，但價格會更高。到目前為止，我們採取的定價措施取得了非常好的效果。因此，正如預期的那樣，我們對此感到非常高興。

And then the second piece of the equation is obviously content licensing. It was a little bit lighter this quarter. We had frankly, a large deal moved from Q1 to Q2, so you'll see that kind of rebound over the balance of the year. I wouldn't call it seasonality as much as I would just call it's just the nature of the content licensing beast, but I think those are the two factors I'd call out in terms of the revenue acceleration over the balance of the year.

那麼等式的第二部分顯然就是內容授權。本季的情況稍微輕鬆一些。坦白說，我們已經將一筆大交易從第一季度轉移到了第二季度，因此您將在今年剩餘的時間裡看到這種反彈。我不會稱之為季節性，而只會稱之為內容授權的本質，但我認為就全年收入加速而言，這兩個因素是我所說的兩個因素。

Hi Steven, I would definitely agree with our peer group in expressing that uncertainty in the marketplace. It is here, but it is not new.

你好，史蒂文，我完全同意我們同行對市場不確定性的表達。它就在這裡，但不是新的。

We've all been navigating these uncertain times since the pandemic. I feel like specific to your questions, we have a highly trained sales organization at AMC that's in place to navigate these changes and fluctuations in an ongoing way. As Patrick mentioned, we're seeing real strength in our direct sales and our programmatic sold business Q1 specifically, but that influx of supply is putting pressure on price for the marketplace overall.

自從疫情爆發以來，我們都在經歷這些不確定的時期。對於您的問題，我覺得很具體，AMC 擁有一支訓練有素的銷售團隊，可以持續應對這些變化和波動。正如帕特里克所提到的，我們在第一季的直銷和程序化銷售業務中看到了真正的實力，但供應的湧入給整個市場的價格帶來了壓力。

We're feeling very confident about our premium content, the shows that are coming, our advanced advertising capabilities that we've worked on for the last four years in earnest, and that continues to separate us from the crowded market and it's delivering very unique value to our advertising customers.

我們對我們的優質內容、即將推出的節目以及過去四年來認真打造的先進廣告能力充滿信心，這些讓我們在擁擠的市場中脫穎而出，並為我們的廣告客戶提供非常獨特的價值。

I think our goal is to focus on our viewers first strategy, which is to make sure our viewers can watch our content wherever and whenever they want on any device at any time. So from this vantage point, I would say the increase in the inventory is actually a good thing, showing viewership shifts into areas like FAST and AVOD, areas that we fully embraced as a company from a distribution standpoint.

我認為我們的目標是專注於我們的觀眾優先策略，即確保我們的觀眾可以隨時隨地在任何設備上觀看我們的內容。因此，從這個角度來看，我認為庫存的增加實際上是一件好事，表明觀眾轉向了 FAST 和 AVOD 等領域，從分銷的角度來看，我們公司完全接受這些領域。

I think the only other thing I'd just say is we're -- the impact of what we're seeing is something we're really trying to insulate ourselves against, and we're working very closely with our television distribution partners on making more and more of our linear inventory DAI enabled, which means digitally enabled, which actually this growth allows us to continue to let our content scale and digitally monetize against what has traditionally been a linear monetization environment. So we're sticking to the plan and anticipate being able to navigate this bumpiness.

我認為我唯一想說的是，我們正在努力避免受到我們所看到的影響，我們正在與電視發行合作夥伴密切合作，使越來越多的線性庫存支持 DAI，也就是數位化，實際上這種增長使我們能夠繼續擴大內容規模，並在傳統的線性貨幣化環境中實現數位貨幣化。因此，我們堅持計劃並期望能夠克服這一困難。

And maybe just to take it up for a macros here or two macro level, Steven for a second is like just to reiterate you know this. Our streaming products are profitable and to Kim's point about digital, we go through it a lot, but people don't always remember, we have 19 fast channels, 136 feeds on 12 different platforms. So if you integrate that with the existing ads supported streaming services in AMC+ and soon Shudder and the others following behind that, we just keep expanding our capacity.

也許只是為了在這裡將其提升到一個或兩個宏觀層面，史蒂文只是想重申一下，您知道這一點。我們的串流媒體產品利潤豐厚，正如 Kim 提到的數位化，我們對此進行了大量研究，但人們並不總是記得，我們​​有 19 個快速頻道，在 12 個不同的平台上提供 136 個節目。因此，如果將其與 AMC+ 中現有的廣告支援串流服務以及即將推出的 Shudder 和其他緊隨其後的服務相結合，我們將不斷擴大我們的容量。

For digital advertising and then we couple that with the technological advances that we have to do both digital insertion on linear and then integrated selling of segments across all of these 136 instances of our products in a digital format. So it's all coming together which helps us, I think, sustain our momentum when the marketplace gets a little chunky like it is right now.

對於數位廣告，我們將其與技術進步結合起來，我們必須在線上進行數位插入，然後以數位格式在我們所有 136 個產品實例中進行細分銷售。所以我認為，當市場變得像現在這樣低迷時，所有的因素都有助於我們保持發展勢頭。

Thanks for all that and maybe just a quick follow-up in case I missed this. Did you talk about what you expect content spend and content amortization to be this year? That'd be helpful to understand too. Thanks.

感謝您提供的一切，如果我錯過了這一點，也許可以快速跟進。您是否談到了您預計今年的內容支出和內容攤銷是多少？這也會有助於理解。謝謝。

Hey Steven, it's Patrick. Please report there's no change from, kind of what we've been articulating in the past, which is immunization is going to be probably slightly lower year over year. Cash content spends also going to be down kind of slightly, I would say, but important to note there that the volume of productions are staying reasonably flat year by year in terms of the number of episodes that we're producing across our platforms.

嘿，史蒂文，我是派崔克。請報告，與我們過去所說的情況相比沒有變化，即免疫接種率可能會逐年略有下降。我想說，現金內容支出也會略有下降，但需要注意的是，就我們在各個平台上製作的劇集數量而言，製作量逐年保持相當平穩。

We've shifted the mix a little bit and we're trying to program them as efficiently as possible, obviously. But there's been no change in the volume of production or the expectations around our cash costs this year or.

顯然，我們稍微改變了組合方式，並試圖盡可能有效地進行程式設計。但今年的生產量或現金成本預期沒有改變。

The quality. I just want to reiterate, a show like Dark Winds, which is extremely efficient in the amount of money that we spend per episode continues. We're so proud of the Rotten Tomatoes 100%, all three seasons, the lift that we got.

品質。我只是想重申一下，像《黑暗之風》這樣的節目，我們在製作每集時花費的資金非常高效，而且會一直持續下去。我們為三季都獲得爛番茄 100% 好評而感到自豪，這給了我們很大的鼓舞。

AMC+ this year for the Season 3 premiere and just the overall awareness and interest in that series and then the continued interest in The Walking Dead and we're excited for next quarter to give you some updates on how Dead City Season 2 went and then we're looking forward to the next season of Daryl Dixon with The Walking Dead.

今年 AMC+ 將首播第三季，這不僅提升了人們對該系列的整體認知度和興趣，也提高了人們對《陰屍路》的持續關注。我們很高興能在下個季度向大家提供《死亡之城》第二季的最新進展，我們也期待著達裡爾·迪克森在《行屍走肉》中的下一季。

But the unscripted, also, as we mentioned in the comments, the unscripted continues to perform really well, in addition, and everybody knows that's less expensive programming too, but the edict from above, which has been in place for forever, is we can never sacrifice the quality of what we create for any business situation. And thankfully, Dan and the team continue to produce amazing content that is well-received at a very reasonable price, so it's a big piece of our success.

但是，正如我們在評論中提到的那樣，非腳本節目的表現仍然非常好，此外，每個人都知道這也是一種成本較低的節目，但是上級的命令一直存在，那就是我們永遠不能為了任何商業情況而犧牲我們創作內容的質量。值得慶幸的是，丹和他的團隊繼續以非常合理的價格製作出廣受好評的精彩內容，所以這是我們成功的重要因素。

Thank you. And I'm showing no further questions at this time. I would like to turn the call back to Nick for closing remarks.

謝謝。我現在沒有其他問題了。我想把電話轉回給尼克，請他做最後發言。

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

感謝您今天加入我們。祝你有美好的一天。

And thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

也感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。