二十一世紀福斯 (FOX) 2022 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the FOX Corporation Fourth Quarter 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們，先生們，謝謝你們的支持。歡迎參加 FOX Corporation 2022 年第四季度收益電話會議。 （操作員說明）作為提醒，本次會議正在錄製中。

I'll now turn the conference over to Chief Investor Relations Officer, Ms. Gabrielle Brown. Please go ahead, Ms. Brown.

我現在將會議轉交給首席投資者關係官加布里埃爾·布朗女士。請繼續，布朗女士。

Thank you, operator. Good morning, and welcome to our fiscal 2022 fourth quarter earnings call. Joining me on the call today are Lachlan Murdoch, Executive Chair and Chief Executive Officer; John Nallen, Chief Operating Officer; and Steve Tomsic, our Chief Financial Officer. First, Lachlan and Steve will give some prepared remarks on the most recent quarter, and then we'll take questions from the investment community.

謝謝你，接線員。早上好，歡迎參加我們的 2022 財年第四季度財報電話會議。今天和我一起參加電話會議的還有執行主席兼首席執行官拉克蘭·默多克（Lachlan Murdoch）；約翰納倫，首席運營官；和我們的首席財務官 Steve Tomsic。首先，拉克蘭和史蒂夫將就最近一個季度發表一些準備好的評論，然後我們將回答投資界的問題。

Please note that this call may include forward-looking statements regarding FOX Corporation's financial performance and operating results. These statements are based on management's current expectations and actual results could differ from what is stated as a result of certain factors identified on today's call and in the company's SEC filings.

請注意，本次電話會議可能包括有關 FOX Corporation 財務業績和經營業績的前瞻性陳述。這些陳述基於管理層當前的預期，由於今天的電話會議和公司提交給美國證券交易委員會的文件中確定的某些因素，實際結果可能與陳述的不同。

Additionally, this call will include certain non-GAAP financial measures including adjusted EBITDA or EBITDA, as we refer to it on this call. Reconciliations of non-GAAP financial measures are included in our earnings release and our SEC filings, which are available in the Investor Relations section of our website.

此外，本次電話會議將包括某些非 GAAP 財務措施，包括調整後的 EBITDA 或 EBITDA，正如我們在本次電話會議中提到的那樣。非公認會計原則財務指標的對賬包含在我們的收益發布和我們提交給美國證券交易委員會的文件中，這些文件可在我們網站的投資者關係部分找到。

And with that, I'm pleased to turn the call over to Lachlan.

有了這個，我很高興將電話轉給 Lachlan。

Thanks very much, Gabby, and welcome aboard. Well, we have concluded another successful fiscal year, achieving both the financial and operational goals we set ourselves, with a relentless focus on strengthening our core brands, while investing in our high-growth digital initiatives.

非常感謝，加比，歡迎加入。好吧，我們已經結束了又一個成功的財政年度，實現了我們為自己設定的財務和運營目標，不懈地專注於加強我們的核心品牌，同時投資於我們的高增長數字計劃。

Over the year, we delivered 8% total company revenue growth, including 7% affiliate revenue growth, notably without the benefit of any meaningful renewals and 9% advertising revenue growth, despite the record political revenues we saw in the prior fiscal.

一年來，我們實現了 8% 的公司總收入增長，其中包括 7% 的附屬收入增長，特別是沒有任何有意義的續訂和 9% 的廣告收入增長的好處，儘管我們在上一財年看到了創紀錄的政治收入。

Those of you on this call who were at our 2019 Investor Day will remember our commitment to you that we would have achieved $1 billion of incremental Television segment affiliate revenue by the end of calendar '22. I'm more than pleased to confirm that we have achieved that $1 billion target in this past quarter, a full 6 months ahead of schedule.

參加本次電話會議的那些參加 2019 年投資者日的人會記得我們對您的承諾，即到 22 年日曆結束時，我們將實現 10 億美元的電視部門附屬收入增量。我非常高興地確認，我們在上一季度已經實現了 10 億美元的目標，比計劃提前了整整 6 個月。

As anticipated, our EBITDA was down modestly as we continued our investment in TUBI and the FOX News Media digital properties, including FOX Nation and FOX Weather and with the launch of the USFL this past spring. Most importantly, FOX continues to stand apart in a crowded media ecosystem, delivering a consistent operating performance and a robust free cash flow profile alongside an enviable balance sheet.

正如預期的那樣，隨著我們繼續投資於 TUBI 和 FOX News Media 數字資產，包括 FOX Nation 和 FOX Weather，以及今年春天 USFL 的推出，我們的 EBITDA 略有下降。最重要的是，FOX 繼續在擁擠的媒體生態系統中脫穎而出，提供一致的運營業績和穩健的自由現金流狀況以及令人羨慕的資產負債表。

Our leadership position was again evident during the recent upfront advertising sales cycle in which we booked volume commitments approximately 15% above last year's upfront, with nearly 25% of our current year commitments across our growing digital properties. We achieved pricing increases in the high single to low double digits as compared to last year's upfront.

在最近的前期廣告銷售週期中，我們的領導地位再次明顯，我們預訂的數量承諾比去年的前期增加約 15%，我們不斷增長的數字資產的本年度承諾的近 25%。與去年的前期相比，我們實現了從高個位數到低兩位數的定價增長。

Sports led the upfront market, illustrated by the fact that we sold more NFL Sunday advertising in the current upfront market than we did across Sunday and Thursday combined in the prior year's market. This excludes advertising commitments for the upcoming Super Bowl, where we are pacing well ahead of schedule and seeing very robust demand at record pricing levels.

體育在前期市場中處於領先地位，我們在當前前期市場中銷售的 NFL 週日廣告比我們在上一年市場中周日和周四的總和還要多。這不包括即將到來的超級碗的廣告承諾，我們的節奏遠遠提前，並且在創紀錄的價格水平上看到了非常強勁的需求。

Our success in the upfront spanned our entire portfolio. We were able to achieved broadcast level pricing increases at FOX News, boosted sellout at FOX Entertainment and importantly, drove significantly more incremental ad dollars into TUBI. We are, of course, aware of the chatter around advertising headwinds. And of course, we will be prepared if the market turns downward. But let me be clear, we are currently not seeing an adverse advertising impact on our business.

我們在前期的成功跨越了我們的整個投資組合。我們能夠在 FOX News 實現廣播級定價增長，提高 FOX Entertainment 的銷售量，重要的是，顯著增加了 TUBI 的廣告收入。當然，我們知道圍繞廣告逆風的喋喋不休。當然，如果市場下跌，我們會做好準備。但讓我明確一點，我們目前沒有看到廣告對我們的業務產生不利影響。

This speaks to the unique positioning and strength of our core platforms. Over 2/3 of our fiscal '22 advertising revenue was generated by live content with sports and news delivering 40% and 30%, respectively. Locally, base market advertising sales have been stable. In fact, we are currently seeing a return to growth in the auto category for the first time in a couple of years. This stability in the base market provides a good foundation for the upcoming political cycle, where the outlook is remarkably strong.

這說明了我們核心平台的獨特定位和實力。我們 22 財年超過 2/3 的廣告收入來自直播內容，其中體育和新聞分別提供 40% 和 30%。在本地，基礎市場的廣告銷售一直穩定。事實上，我們目前看到汽車類別幾年來首次恢復增長。基礎市場的這種穩定性為即將到來的政治週期提供了良好的基礎，其前景非常強勁。

On a comparable basis, our June quarter political advertising revenues were roughly 3x larger than those of the fiscal fourth quarter of the last presidential election, which turned out to be an all-time record political cycle for the company. With the combination of political races and ballot issues across our markets, we continue to expect this election to deliver another record midterm cycle.

在可比的基礎上，我們 6 月季度的政治廣告收入大約是上次總統選舉第四財季的 3 倍，結果證明這是該公司歷史上創紀錄的政治週期。隨著我們市場上的政治競选和選票問題的結合，我們繼續預計這次選舉將帶來另一個創紀錄的中期週期。

In fact, excluding the impact of the Georgia runoffs in the last cycle, this midterm cycle looks certain to surpass the 2020 presidential cycle at our local stations. There are U.S. center races in 13 of our 18 markets, including what we expect to be heavy political spending in Arizona, Florida and Georgia. Additionally, there are gubernatorial races in 17 of our 18 markets where we expect heavy spending in Arizona, Florida, Georgia, Michigan, Texas and Wisconsin. Add to that the issue money in a few key markets, and we are seeing an unprecedented wave of political spending, which accelerates as we head towards November.

事實上，排除上個週期佐治亞州徑流的影響，這個中期週期看起來肯定會超過我們當地車站的 2020 年總統週期。在我們的 18 個市場中有 13 個有美國中心比賽，包括我們預計在亞利桑那州、佛羅里達州和佐治亞州的大量政治支出。此外，我們預計在亞利桑那州、佛羅里達州、喬治亞州、密歇根州、德克薩斯州和威斯康星州的 18 個市場中有 17 個市場將舉行州長競選。再加上幾個主要市場的發行資金，我們看到了前所未有的政治支出浪潮，隨著我們走向 11 月，這種浪潮正在加速。

At the national level, we believe that we achieved the highest upfront pricing increases in cable news history at FOX News, which, to a certain extent, is to be expected as the FOX News channel again closed the year as cable's most watched network in prime time in total day and continues to generate audiences on par with those of the Big 4 broadcast networks.

在全國范圍內，我們相信我們在 FOX 新聞中實現了有線電視新聞歷史上最高的前期定價增長，這在一定程度上是可以預期的，因為 FOX 新聞頻道再次成為有線電視最受關注的黃金時段頻道。總時間，並繼續產生與四大廣播網絡相當的觀眾。

FOX News was the only cable news network to post viewership gains in the fiscal year in the key adult 25 to 54 demo and total viewers, while extending its streak to 16 consecutive months beating CNN and MSNBC combined in prime and total day for both the key demo and total viewers.

FOX News 是唯一一家在 25 至 54 歲的關鍵成人演示和總觀眾中發布收視率增長的有線電視新聞網絡，同時連續 16 個月擊敗 CNN 和 MSNBC演示和總觀眾。

For over 2 decades, FOX News has been the highest-rated cable news channel in prime time. Notably, FOX News just finished the month of July as the third most viewed network in weekday prime in all of television, trailing only CBS and NBC.

20 多年來，福克斯新聞一直是黃金時段收視率最高的有線新聞頻道。值得注意的是，福克斯新聞剛剛在 7 月份結束，成為所有電視中平日黃金時段收視率第三高的網絡，僅次於 CBS 和 NBC。

I've spoken about the political diversity of the FOX News audience previously, specifically about the fact that we have more independents and Democrats watching us than watch CNN or MSNBC, but the diversity of our audience extends beyond political affiliation. In July, the Fox News Channel was the most viewed cable network with Asian and Hispanic viewers. In fact, in that month, viewing among Hispanic households was up 38% and among Asian households up 43%.

我之前談到過福克斯新聞觀眾的政治多樣性，特別是我們有更多的獨立人士和民主黨人觀看我們而不是觀看 CNN 或 MSNBC，但我們觀眾的多樣性超越了政治派別。 7 月，福克斯新聞頻道是亞洲和西班牙裔觀眾中收視率最高的有線網絡。事實上，在那個月，西班牙裔家庭的收視率增長了 38%，亞洲家庭的收視率增長了 43%。

Elsewhere news, the FOX Nation platform increased its subscriber base by approximately 80% over the past fiscal year. supported by sustained and high conversion rates of trialists to paid subscribers and retention rates well above industry averages.

其他消息，FOX Nation 平台在上一財年增加了大約 80% 的用戶群。試用者向付費用戶的持續高轉化率和遠高於行業平均水平的保留率提供了支持。

At FOX Sports, live event viewing was up 5% through the first half of the calendar year, led by our NASCAR schedule, which generated viewership up a solid 10% over 2021. This spring was busy for FOX Sports as we launched the inagural season of the USFL. The USFL averaged over 1 million viewers on FOX, at least 20% higher than the EPL on NBC and regular season NHL broadcast on ABC and more than twice the viewership of MLS on FOX.

在 FOX Sports，在我們的 NASCAR 賽程的帶動下，在日曆年上半年，現場賽事的收視率增長了 5%，這在 2021 年產生了穩定的 10% 的收視率。今年春天，FOX Sports 很忙，因為我們推出了首個賽季USFL 的。 USFL 在 FOX 上的平均收視人數超過 100 萬，比 NBC 上的 EPL 和 ABC 上的常規賽 NHL 廣播至少高出 20%，是 FOX 上 MLS 收視率的兩倍多。

In its first season, the USFL clearly delivered on its most essential goal, which was to demonstrate that the league belongs alongside other long-established spring sports properties. And as you know, we have an incredibly strong year ahead in sports, which includes the FIFA Men's World Cup beginning this November and the Super Bowl next February.

在其第一個賽季中，USFL 明確實現了其最重要的目標，即證明聯盟與其他歷史悠久的春季運動資產並列。如您所知，我們在體育方面將迎來令人難以置信的強勁一年，其中包括今年 11 月開始的 FIFA 男子世界杯和明年 2 月的超級碗。

At FOX Entertainment, our content strategy is focused on ad-supported multi-platform television that can thrive both creatively and financially well into the future. We look to use our broadcast network to build and support businesses beyond our linear air. An example of this approach is Next Level Chef, which was the #1 new broadcast entertainment program this past season and FOX' first owned production inside our partnership with Gordon Ramsay, whereas we used only to license Gordon's product from third parties, we now license hits like Next Level Chef to third parties, and we have done so with the sale of the format to ITV in the U.K. Another example of how we extend and monetize our IP is the just launch of Gordon Ramsay FAST Channel on TUBI.

在 FOX 娛樂，我們的內容策略專注於廣告支持的多平台電視，這些電視可以在未來的創意和財務上蓬勃發展。我們希望使用我們的廣播網絡來建立和支持我們線性空氣之外的業務。這種方法的一個例子是 Next Level Chef，它是上一季排名第一的新廣播娛樂節目，也是 FOX 在我們與 Gordon Ramsay 的合作中首次擁有的製作，而我們過去只從第三方授權 Gordon 的產品，現在我們授權像 Next Level Chef 這樣的熱門歌曲向第三方出售，我們已經通過將格式出售給英國的 ITV 做到了這一點。我們如何擴展和貨幣化我們的 IP 的另一個例子是剛剛在 TUBI 上推出 Gordon Ramsay FAST 頻道。

And speaking of TUBI, 1 year ago -- 1 year into our focused investment cycle at TUBI, the platform generated TVT growth of nearly 40% and revenue growth of 45% across the fiscal year, with both metrics coming in better than planned and reinforcing our decision to invest in this strategic asset.

談到 TUBI，1 年前——在我們專注於 TUBI 的投資週期的第 1 年，該平台在整個財年實現了近 40% 的 TVT 增長和 45% 的收入增長，這兩個指標都好於計劃並加強了我們決定投資這一戰略資產。

During the June quarter, 34% growth in TVT helped drive revenue growth in the low double digits despite a more difficult prior year comparison when we began our ramped content and monetization strategy. In the quarter, we launched 25 linear channels, grew our VOD library to over 45,000 titles and premiered 13 efficient TUBI originals. We will continue to invest judiciously in TUBI with our sights set on achieving $1 billion in revenue run rate in the next couple of years.

在 6 月季度，TVT 增長 34% 幫助推動收入增長保持在兩位數的低位，儘管在我們開始擴大內容和貨幣化戰略時與上一年相比更加困難。在本季度，我們推出了 25 個線性頻道，將我們的 VOD 庫增加到超過 45,000 個標題，並首播了 13 個高效的 TUBI 原件。我們將繼續明智地投資於 TUBI，我們的目標是在未來幾年內實現 10 億美元的收入運行率。

As you know, our affiliate renewal cycle begins in earnest this new fiscal year, and we are again looking forward to industry-leading gains from the superior value of our channels and services. With some early meaningful station and affiliate deals already completed, including the recently closed Verizon deal, we go into this renewal cycle with confidence the market appreciates the value of our brands.

如您所知，我們的會員續約週期在新的財政年度正式開始，我們再次期待從我們的渠道和服務的卓越價值中獲得行業領先的收益。隨著一些早期有意義的電台和附屬交易已經完成，包括最近完成的 Verizon 交易，我們充滿信心地進入這個更新周期，市場欣賞我們品牌的價值。

In aggregate, these financial and operating achievements again highlight the fact that the FOX story is one of strength, one of focus and one of stability. We will see how the macroeconomic environment evolves during the months ahead. But as we have demonstrated over the course of the last few years, FOX is well positioned to outperform.

總的來說，這些財務和運營成就再次凸顯了這樣一個事實，即 FOX 的故事是一種力量、一種專注和一種穩定性。我們將看到未來幾個月宏觀經濟環境將如何演變。但正如我們在過去幾年中所證明的那樣，FOX 已經做好了跑贏大盤的準備。

We remain encouraged by the FOX specific trends that I've highlighted and that we're observing in real time, underpinned by the best balance sheet in the business, the same solid balance sheet that helped us thrive despite the challenges of COVID and that will continue to support our investments for long-term growth and shareholder returns.

我們仍然對我強調的 FOX 特定趨勢感到鼓舞，並且我們正在實時觀察，以業務中最好的資產負債表為基礎，儘管面臨 COVID 的挑戰，同樣穩固的資產負債表幫助我們茁壯成長，這將繼續支持我們的投資以實現長期增長和股東回報。

And with that, I will turn you over to Steve.

有了這個，我會把你交給史蒂夫。

Thanks, Lachlan, and good morning, everyone. We ended our third full fiscal year with total company revenue growth of 8% and top line growth across all of our operating segments in every quarter of fiscal '22. Even in a year that for us was light on major sports events and was an off-cycle political year, total company advertising revenues led this growth with a 9% increase over fiscal '21.

謝謝，拉克蘭，大家早上好。我們以 8% 的公司總收入增長和 22 財年每個季度的所有運營部門的收入增長結束了我們的第三個完整財年。即使在對我們來說重大體育賽事較少而且是非週期政治年的一年中，公司廣告總收入仍以比 21 財年增長 9% 引領這一增長。

Cable segment advertising revenues were up 9%, and primarily benefited from higher pricing across our news and sports networks. Television segment advertising revenues were up 8% on the back of increased engagement of TUBI as well as higher pricing and the normalization of live event programming at the FOX Network, following COVID-related disruptions last year. These gains were partially offset by the absence of the prior year's record political revenues and lower ratings of FOX Entertainment.

有線電視部門的廣告收入增長了 9%，主要受益於我們的新聞和體育網絡的更高定價。在去年與 COVID 相關的中斷之後，由於 TUBI 的參與度增加以及 FOX 網絡上的更高定價和現場活動節目的正常化，電視部分的廣告收入增長了 8%。這些收益被沒有上一年創紀錄的政治收入和FOX Entertainment較低的收視率部分抵消。

Total company affiliate revenues increased 7%, led by 10% growth at the Television segment and 5% at the Cable segment. Total company other revenues increased 15%, driven by higher sports sublicensing revenues as compared to prior year pandemic-related disruptions, growth in FOX Nation subscription revenues and the consolidation of TMZ, MarVista and Studio Ramsay Global. This growth in other revenues was partially offset by the impact of the divestiture of the company's sports marketing businesses last fiscal year.

公司附屬公司總收入增長 7%，其中電視部門增長 10%，有線電視部門增長 5%。公司其他總收入增長了 15%，這得益於與上一年大流行相關的中斷、FOX Nation 訂閱收入的增長以及 TMZ、MarVista 和 Studio Ramsay Global 的合併，體育分許可收入增加。其他收入的增長被公司上一財年體育營銷業務剝離的影響部分抵消。

We also delivered sustained momentum in our consolidated digital revenues with a nearly 30% increase year-over-year. This digital growth was supported by the organic investments across our digital portfolio that we articulated at the outset of the fiscal year. These investments, the establishment of USFL and higher programming rights amortization associated with the normalized sports and entertainment schedules, contributed to a modest decrease in our full year adjusted EBITDA, which came in at $2.96 billion.

我們的綜合數字收入也實現了持續增長，同比增長近 30%。這種數字化增長得到了我們在本財年開始時闡明的數字化投資組合的有機投資的支持。這些投資、USFL 的建立以及與正常化的體育和娛樂時間表相關的更高的節目權利攤銷，導致我們全年調整後的 EBITDA 適度下降，為 29.6 億美元。

Full year net income attributable to stockholders was $1.21 billion or $2.11 per share, while adjusted EPS was $2.79, down modestly against the $2.88 billion -- sorry, the $2.88 reported last year, primarily due to the impacts on EBITDA I just mentioned.

歸屬於股東的全年淨利潤為 12.1 億美元或每股 2.11 美元，而調整後的每股收益為 2.79 美元，略低於 28.8 億美元——對不起，去年報告的 2.88 美元，主要是由於我剛才提到的對 EBITDA 的影響。

Turning to the quarter, we delivered total company revenues of $3.03 billion, up 5% over the same period in '21. This growth was led by a 7% increase in total company advertising revenues, highlighted by the strength of FOX News, record June quarter political revenues at FOX Television stations and continued growth of TUBI. Total company affiliate revenues grew 4%, with 7% growth at the Television segment and 2% growth at the Cable segment. Once again, this distribution revenue growth was driven by rate increases as the rate of subscriber declines increased modestly in the quarter with trailing 12-month industry sub losses running in the high 5% range.

談到本季度，我們的公司總收入為 30.3 億美元，比 21 年同期增長 5%。這一增長得益於公司廣告總收入增長 7%，這得益於 FOX News 的強勁表現、FOX 電視台創紀錄的 6 月季度政治收入以及 TUBI 的持續增長。公司附屬公司總收入增長 4%，其中電視部門增長 7%，有線電視部門增長 2%。再一次，這種分銷收入增長是由費率上漲推動的，因為本季度訂戶下降率適度增加，過去 12 個月的行業子損失在 5% 的高位範圍內運行。

Total company other revenues increased 4% as the consolidation of our entertainment production companies and continued momentum at FOX Nation were partially offset by the timing of sports sublicensing revenues, which were impacted by COVID in the prior year. Quarterly adjusted EBITDA was $770 million, up 7% over the comparative period in fiscal '21 as our revenue growth was partially offset by higher expenses, including the impact of the anticipated digital investments of FOX News Media and TUBI and the first year deficit associated with the launch of the USFL.

由於我們的娛樂製作公司的整合和 FOX Nation 的持續發展勢頭被上一年受 COVID 影響的體育分許可收入的時機部分抵消，公司其他總收入增長了 4%。季度調整後 EBITDA 為 7.7 億美元，比 21 財年同期增長 7%，因為我們的收入增長部分被更高的費用所抵消，包括 FOX News Media 和 TUBI 的預期數字投資的影響以及與USFL的成立。

Net income attributable to stockholders of $306 million or $0.55 per share was higher than the $253 million or $0.43 per share in the prior year quarter. This variance reflects the EBITDA movement I just described, along with the mark-to-market adjustments associated with the company's investments recognized in other than that.

歸屬於股東的淨收入為 3.06 億美元或每股 0.55 美元，高於去年同期的 2.53 億美元或每股 0.43 美元。這種差異反映了我剛才描述的 EBITDA 變動，以及與除此之外的公司投資相關的按市值計價調整。

Excluding non-core items, adjusted EPS in the June quarter of $0.74 was up 14% over last year's $0.65. It is worth noting our effective income tax rate was higher for both the quarter and the full year, primarily due to a $30 million remeasurement of our net deferred tax assets associated with changes in the mix of our jurisdictional earnings. This had no impact on our cash taxes.

剔除非核心項目，6 月季度調整後每股收益為 0.74 美元，比去年的 0.65 美元增長 14%。值得注意的是，我們本季度和全年的有效所得稅率均較高，這主要是由於我們重新計量了與我們的司法管轄區收益組合變化相關的遞延所得稅淨資產 3000 萬美元。這對我們的現金稅沒有影響。

Now let's turn to the performance of our operating segments for the quarter, starting with Cable Networks, which reported a 4% increase in revenues. This was led by a 14% increase in cable advertising revenues, driven by strong gains in both pricing and audience at FOX News notwithstanding slightly higher levels of preemptions associated with our breaking news coverage.

現在讓我們來看看我們本季度運營部門的表現，首先是有線電視網絡，該公司報告的收入增長了 4%。這得益於有線電視廣告收入增長 14%，這得益於 FOX 新聞的定價和觀眾的強勁增長，儘管與我們的突發新聞報導相關的搶占率略高。

Also contributing to the overall segment revenue growth was a 2% increase in affiliate revenues, once again due to the healthy pricing gains across all of our networks. Cable other revenues were unchanged compared to the prior year as the continued subscription momentum at FOX Nation and the addition of the USFL were offset by the impact of the timing of sports sublicensing revenues as a result of COVID in the prior year.

對整體部門收入增長做出貢獻的還有附屬收入增長 2%，這再次歸功於我們所有網絡的健康定價收益。與上一年相比，有線電視其他收入沒有變化，因為 FOX Nation 的持續訂閱勢頭和 USFL 的加入被上一年 COVID 導致的體育轉許可收入時間的影響所抵消。

EBITDA at our Cable segment was down 7% against the prior year as these revenue increases were more than offset by increased expenses, including the planned digital investment and higher programming costs, including those associated with breaking news coverage at Fox News Media as well as the launch of the USFL.

我們有線電視部門的 EBITDA 較上年下降 7%，因為這些收入增長被增加的費用所抵消，包括計劃的數字投資和更高的節目成本，包括與 Fox News Media 的突發新聞報導相關的費用以及USFL 成立。

Our television segment reported a 5% increase in quarterly revenues. This was led by a 7% increase in television affiliate revenues, reflecting increases for both direct retransmission revenues at our owned and operated stations and our programming fees from non-owned station affiliates. Our Television segment delivered 4% growth in advertising revenues, driven by higher political advertising at the FOX Television stations, continued growth at TUBI and the introduction of the USFL, partially offset by lower ratings of FOX Entertainment.

我們的電視部門報告季度收入增長了 5%。這是由電視附屬公司收入增長 7% 帶動的，這反映了我們擁有和運營的電台的直接轉播收入以及非自有電台附屬機構的節目費用的增加。我們的電視部門實現了 4% 的廣告收入增長，這得益於 FOX 電視台更高的政治廣告、TUBI 的持續增長和 USFL 的引入，部分被 FOX 娛樂的較低收視率所抵消。

Other revenues at television increased 3% in the quarter, primarily due to the impact of the acquisitions of TMZ and MarVista Entertainment and the consolidation of our stake in Studio Ramsay Global, partially offset by the timing of deliveries at Bento Box.

本季度其他電視收入增長 3%，主要是由於收購 TMZ 和 MarVista Entertainment 以及合併我們在 Studio Ramsay Global 的股份的影響，部分被 Bento Box 的交付時間所抵消。

EBITDA at our Television segment increased over 50% as expenses were flat against the prior year quarter. Here, we saw an accelerated digital investment at TUBI and the consolidation of the entertainment production assets, offset by the timing of programming costs at FOX Entertainment.

由於費用與去年同期持平，我們電視部門的 EBITDA 增長了 50% 以上。在這裡，我們看到 TUBI 的數字投資加速和娛樂製作資產的整合，被 FOX Entertainment 的節目成本時間所抵消。

During the full year, we generated free cash flow, which we define as net cash provided by operating activities less CapEx of $1.6 billion. Over the course of fiscal 2022, we returned $1 billion of capital through the repurchase of 18.7 million Class A shares and 8.7 million Class B shares. This was supplemented by over $270 million in dividend payments And underlining our continued commitment to shareholder returns, today, we announced an increase in our semi-annual dividend to $0.25 per share.

在全年，我們產生了自由現金流，我們將其定義為運營活動提供的淨現金減去 16 億美元的資本支出。在 2022 財年，我們通過回購 1870 萬股 A 股和 870 萬股 B 股，返還了 10 億美元的資本。超過 2.7 億美元的股息支付對此進行了補充。為了強調我們對股東回報的持續承諾，今天，我們宣布將半年度股息增加到每股 0.25 美元。

With the payment of this dividend, we will have cumulatively returned over $3.75 billion of capital to our shareholders since the formation of FOX. This includes share repurchases totaling over $2.65 billion against our buyback authorization of $4 billion. From our balance sheet perspective, we ended the quarter with $5.2 billion in cash and approximately $7.2 billion in debt.

自 FOX 成立以來，隨著本次股息的支付，我們將累計向股東返還超過 37.5 億美元的資本。這包括根據我們 40 億美元的回購授權進行總額超過 26.5 億美元的股票回購。從我們的資產負債表的角度來看，我們在本季度末擁有 52 億美元的現金和約 72 億美元的債務。

Our fiscal 2022 financial performance, along with the progress we have made on our strategic priorities, provide a strong foundation for us to springboard into fiscal '23, where the setup is incredibly favorable. We remain confident that collectively, the financial tailwinds from Super Bowl 57, the early exit of Thursday Night Football, the momentum heading into November's midterm elections and the start of our next major distribution cycle will deliver record revenues and EBITDA in fiscal '23.

我們 2022 財年的財務業績，以及我們在戰略重點方面取得的進展，為我們跳入 '23 財年奠定了堅實的基礎，其中的設置非常有利。我們仍然相信，第 57 屆超級碗的財務順風、週四晚上足球賽的提前退出、進入 11 月中期選舉的勢頭以及我們下一個主要分銷週期的開始將在 23 財年創造創紀錄的收入和 EBITDA。

As we've highlighted previously, our plans for fiscal '23 incorporate maintaining our current level of investment in our digital growth initiatives. From an affiliate revenue perspective, as you would expect, we make no predictions on industry subscriber volumes. However, from a rate perspective, given the timing and nature of our affiliate renewals, you should expect to see the financial benefit of these renewals skewed to the second half of the fiscal year and concentrated toward our Television segment.

正如我們之前強調的那樣，我們的 23 財年計劃包括維持我們目前對數字增長計劃的投資水平。從聯盟收入的角度來看，正如您所料，我們不對行業訂戶數量做出任何預測。但是，從費率的角度來看，鑑於我們的會員續訂的時間和性質，您應該會看到這些續訂的財務收益偏向於本財年的下半年，並集中在我們的電視部門。

Our focused strategy and operational execution continue to distinguish us. Together, they have delivered sustained financial outperformance since the establishment of FOX and will be showcased with a banner year of events in fiscal '23. This momentum, supported by the most robust balance sheet in the industry, position us well to navigate the broader macroeconomic turbulence, while creating value for our shareholders.

我們專注的戰略和運營執行繼續使我們與眾不同。自 FOX 成立以來，他們共同實現了持續的財務表現，並將在 23 財年的標誌性事件中展示。這一勢頭得到業內最強勁的資產負債表的支持，使我們能夠很好地應對更廣泛的宏觀經濟動盪，同時為我們的股東創造價值。

And with that, Gabby, let's now open it up for Q&A.

有了這個，Gabby，現在讓我們打開它進行問答。

Thank you, Steve. And now we will be happy to take questions from the investment community.

謝謝你，史蒂夫。現在我們很樂意回答投資界的問題。

(Operator Instructions) We have a question from John Hodulik with UBS.

（操作員說明）我們有一個來自瑞銀的 John Hodulik 的問題。

Okay. Great. Two quick ones, if I could. First of all, on the Verizon renewal, anything you could tell us about pricing you got with that deal and how that positions you for the sort of upcoming renewal cycle? And then looking out into '23, given the cash balance and sort of all these sort of EBITDA drivers, how should we think about capital return and the buyback? And do we have to wait for a resolution to the FanDuel situation? Or how should we think about just sort of giving all the cash on the books and which you'll generate this year?

好的。偉大的。兩個快的，如果可以的話。首先，在 Verizon 續訂時，您能告訴我們有關您通過該交易獲得的定價以及您在即將到來的續訂週期中的定位嗎？然後展望 23 年，考慮到現金餘額和所有這些 EBITDA 驅動因素，我們應該如何看待資本回報和回購？我們是否必須等待 FanDuel 問題的解決？或者我們應該如何考慮只是把所有的現金都放在賬面上，而你今年會產生多少？

John, I'll start. I'll answer the Verizon renewal question, and I'll let Steve answer the fun question about our cash on the books. So -- and he's got the keys. So that's the important answer.

約翰，我要開始了。我將回答 Verizon 續訂問題，讓史蒂夫回答有關我們賬面上現金的有趣問題。所以——他有鑰匙。所以這是重要的答案。

The -- like on the Verizon renewal, I'm obviously not going to give you a specific exact pricing, but it's absolutely in line with what our forecast and sort of long-term plan suggested. We're very happy with our partnership with Verizon. And I think it's fair to say that we achieved industry-leading pricing increases for really are the best brands in the business between our local stations and retransmission renewals and the really incredible strength of FOX News and the loyalty and engagement of the FOX News audience, we're able to drive this industry leading pricing increases.

- 就像 Verizon 續訂一樣，我顯然不會給你一個具體的確切定價，但這絕對符合我們的預測和長期計劃所建議的。我們對與 Verizon 的合作非常滿意。而且我認為公平地說，我們實現了行業領先的價格上漲，因為我們的本地電台和轉播續訂之間的業務中確實是最好的品牌，以及 FOX 新聞的真正令人難以置信的實力以及 FOX 新聞觀眾的忠誠度和參與度，我們能夠推動這一行業領先的價格上漲。

Just one added element to that, which I think is important for us is we're also able to achieved distribution for FOX Weather, which will continue to include in our future upcoming renewals. And also, we expanded our relationship with Verizon to include distribution of TUBI.

我認為對我們來說很重要的一個附加元素是我們還能夠實現 FOX Weather 的分發，這將繼續包含在我們未來即將到來的續訂中。此外，我們擴大了與 Verizon 的關係，包括 TUBI 的分銷。

So overall, we are very pleased with that renewal, and we think it sets us up well for the next 2 years, but we have 2/3 of our distribution coming up. So we're very pleased, and we appreciate the partnership with Verizon. Steve?

所以總的來說，我們對這次續約感到非常滿意，我們認為它為未來 2 年奠定了良好的基礎，但我們還有 2/3 的分配即將到來。因此，我們非常高興，我們感謝與 Verizon 的合作。史蒂夫?

Yes, John. So yes, you're right. Listen, we've got a really strong balance sheet. We ended the year with a little over $5 billion in cash and we -- as the opening remarks indicate, we're really bullish about going into fiscal '23 from a revenue, EBITDA and cash flow perspective.

是的，約翰。所以，是的，你是對的。聽著，我們的資產負債表非常強勁。我們以略高於 50 億美元的現金結束了這一年，正如開場白所表明的那樣，從收入、EBITDA 和現金流的角度來看，我們非常看好進入 23 財年。

But this now story remains consistent. We're going to continue to -- our biggest use of cash since the inception of FOX from a capital perspective is to be -- is to actually return it to shareholders and in my opening remarks, I talked about the volume that we have returned to shareholders, and we continue to remain committed to that.

但是這個現在的故事仍然是一致的。我們將繼續——從資本角度來看，自 FOX 成立以來，我們最大的現金用途是——將其實際返還給股東，在我的開場白中，我談到了我們返還的數量股東，我們將繼續致力於這一點。

We have $4 billion authorization. We have $1.35 billion of headroom left in that. But we're going to remain open to investing both organically and inorganically in the business. We're going to be balanced about that as we see opportunities on the horizon. So a remarkably consistent story on our capital allocation.

我們有 40 億美元的授權。我們還有 13.5 億美元的淨空。但我們將保持對業務的有機和無機投資持開放態度。當我們看到即將到來的機會時，我們將對此保持平衡。因此，關於我們的資本配置，這是一個非常一致的故事。

And that is from Phil Cusick with JPMorgan.

那是來自摩根大通的菲爾庫斯克。

One quick follow-up on your comments on the ad market. Any sort of thing you're seeing overall in the macro environment, whether it's your own deals or not that we should be aware of? And then second, I wonder if you can talk about -- you mentioned, I think it was high 5s of industry declines.

快速跟進您對廣告市場的評論。你在宏觀環境中看到的任何事情，無論是你自己的交易還是我們應該注意的？然後第二，我想知道你是否可以談談 - 你提到，我認為這是行業衰退的高 5 秒。

I'm curious if FOX affiliate customer accounts reflect that acceleration in the video industry decline or if maybe you're seeing a little bit less given your different customer base?

我很好奇 FOX 附屬客戶帳戶是否反映了視頻行業的加速下降，或者鑑於您的客戶群不同，您看到的可能會少一些？

So on the advertising market, Phil, I'll give you a little bit of color. I might jump around a little bit. But as I mentioned, for us, one of the most sort of pleasing things that we're seeing is actually in the local stations, our base markets. So ex-political, the base market is very stable. And as I mentioned in my remarks, particularly the return to growth for the auto category is -- it's obviously something that's concerned us over the last couple of years with COVID and the softness in the auto category, the return of growth in the auto category is a really strong indicator of things to come.

所以在廣告市場上，菲爾，我會給你一點色彩。我可能會跳來跳去。但正如我所提到的，對我們來說，我們看到的最令人愉快的事情之一實際上是在本地車站，我們的基礎市場。因此，除政治因素外，基礎市場非常穩定。正如我在講話中提到的那樣，特別是汽車類別的恢復增長是——這顯然是我們在過去幾年中擔心的事情是一個非常強大的指標。

We are seeing locally 2 verticals or 2 categories that are soft. One is the local wagering sort of betting category soft. But that's really what we're seeing there. I think it's pretty interesting and perhaps predictable, a shift of that business going to national. So where we're seeing softness in local for wagering, we're seeing strength in national for the betting market. I think that's the purpose or the reason for that is, obviously, as more states become legalized in the national platform is particularly national sports is an efficient and a good buy for the betting businesses.

我們在本地看到 2 個垂直行業或 2 個軟類別。一種是本地投注類型的軟投注。但這確實是我們在那裡看到的。我認為這很有趣，也許是可以預見的，該業務向全國轉移。因此，在我們看到本地投注疲軟的情況下，我們看到全國投注市場的實力。我認為這是目的或原因，顯然，隨著越來越多的州在國家平台上合法化，特別是國家體育對博彩企業來說是一種有效且物美價廉的選擇。

And then we're seeing some softness in government spending, that was really COVID health spending, over the last couple of years, which obviously is not there anymore. But that's being more than made up across our other strength in our other categories. So 2 areas of weakness, locally in betting and government, but it's more than made up by strength in other categories.

然後我們看到過去幾年政府支出出現疲軟，這實際上是 COVID 醫療支出，顯然已經不存在了。但這不僅僅是我們在其他類別中的其他優勢所彌補的。因此，在博彩和政府方面有 2 個局部薄弱環節，但其他領域的優勢足以彌補這一點。

In terms of the scatter market, we're actually seeing a -- scatter for us, before we get into the fall sports cycle, is a quiet. The summer is a quiet period for us or it has been. So we actually don't have a lot of scatter avails, but scatter pricing is up in the low double digits, which is good to see that strength.

就分散市場而言，在我們進入秋季運動週期之前，我們實際上看到了一個分散的市場，是一種安靜的狀態。夏天對我們來說是一個安靜的時期，或者它一直是。因此，我們實際上並沒有很多分散收益，但分散定價以兩位數的低位上漲，很高興看到這種力量。

And then from a macro environment point of view, again, we're seeing no impact in our advertising across our businesses. with the exception of softness in, which I think has been well reported in other areas, some softness in programmatic advertising.

然後從宏觀環境的角度來看，我們再次看到我們的廣告對我們的業務沒有影響。除了柔軟度，我認為在其他領域已經得到很好的報導，程序化廣告有些柔軟度。

For us, that's sort of 10% of our advertising business. So it's not having a significant or meaningful impact on us at all, and that 10% is really due to programmatic advertising into TUBI and into our FOX News Media digital platforms.

對我們來說，這是我們廣告業務的 10%。因此，它對我們根本沒有顯著或有意義的影響，這 10% 確實是由於 TUBI 和我們的 FOX 新聞媒體數字平台的程序化廣告。

Steve, do you want to answer the second part of the question?

史蒂夫，你想回答問題的第二部分嗎？

Yes. So Phil, just on the rate of subscriber erosion, I think with our channels -- our must-carry channels. So I think we're best positioned to buffer any sort of weakness in the subscriber universe. I think where people find it challenging to reconcile between sort of how we report numbers and how -- where you see numbers from the Street, there's a couple of things.

是的。所以菲爾，就訂戶流失的速度而言，我認為我們的頻道——我們必須攜帶的頻道。所以我認為我們最適合緩衝訂戶領域的任何弱點。我認為人們發現很難在我們報告數字的方式和如何 - 你從街頭看到數字之間調和的地方，有幾件事。

One is we're in a 2-month delay versus what's being reported by the distributors. And the other piece is there's a fair amount of opacity around some of the platforms that don't report. So you got the -- many of the virtual MVPDs don't break out their numbers and DIRECTV no longer breaks out its numbers. And so that's probably where you're seeing the sort of friction between the reported numbers.

一是與分銷商報告的相比，我們延遲了 2 個月。另一部分是一些不報告的平台存在相當多的不透明度。所以你得到了——許多虛擬 MVPD 沒有公佈他們的數字，而 DIRECTV 也不再公佈它的數字。因此，這可能就是您看到報告數字之間存在摩擦的地方。

That's the line of Robert Fishman with MoffettNathanson.

這就是羅伯特·菲什曼和莫菲特·內森森的觀點。

There's lots of chatter right now around the Big Ten renewal in the marketplace. Just wondering if there's anything you can share specifically on those rights or maybe bigger picture of how FOX is positioned to renew key sports rights with your current portfolio of assets compared to either some of the pure digital companies or other media companies with SVOD services? And then how do you think about the ROI of the sports rights investments going forward?

現在市場上有很多關於十大更新的喋喋不休。只是想知道與某些純數字公司或其他提供 SVOD 服務的媒體公司相比，您是否可以專門分享有關這些權利的任何內容，或者更宏觀地了解 FOX 如何利用您當前的資產組合更新關鍵體育權利？那麼您如何看待未來體育權利投資的投資回報率？

So overall, I mean, I'll talk overall then I can come down to drill down to Big Ten. We're always going to look at sports rights as they become available. I think we've been very disciplined in terms of how we analyze and how we think about acquiring any additional incremental sports rights.

所以總的來說，我的意思是，我會全面談談，然後我可以下來深入研究十大。我們總是會關注體育權利，因為它們變得可用。我認為我們在如何分析以及如何考慮獲得任何額外的增量體育權利方面非常自律。

We look at it both obviously, from what any individual sport can achieve both in terms of an audience and advertising revenue, we can attach to that. We specifically also drill down into what we can see from our subscriber, what we can attribute to our affiliation agreement with a distributor in terms of subscription revenue.

我們很明顯地看待它，從任何一項運動可以在觀眾和廣告收入方面取得的成就，我們可以附加到這一點。我們還特別深入研究了我們可以從訂閱者那裡看到的內容，我們可以將訂閱收入歸因於我們與分銷商的附屬協議。

So we do take a pretty scientific and I think a very disciplined approach to how we view sports rights, but we do look at all the sports across the marketplace and see what would fit within FOX Sports. I think the -- if you look past -- over the past years, the store hasn't been written is the sports rights that we pass on, right, that we decide are too expensive or won't add any incremental revenue to our business.

所以我們確實採取了一種非常科學的方法，我認為我們如何看待體育權利是一種非常有紀律的方法，但我們確實會研究整個市場上的所有運動，看看什麼適合 FOX Sports。我認為 - 如果你回顧過去 - 在過去的幾年裡，商店還沒有被寫入是我們傳遞的體育權利，對，我們認為太貴或不會增加我們的任何增量收入商業。

So -- and that continues to be the way we look at it. As regards to Big Ten, Big Ten Network is a key strategic partner of ours. We've had a great relationship with them. And we look forward to renewing those rights, potentially with some new broadcast partners within the mix. That will be an announcement the Big Ten will make we expect in the near term, but it's one that we will leave for them to make. But we're looking forward to our continued long-term and profitable relationship with them.

所以 - 這仍然是我們看待它的方式。就十大網賭而言，十大網路是我們的重要戰略合作夥伴。我們和他們的關係很好。我們期待更新這些權利，可能會與一些新的廣播合作夥伴一起。這將是十大巨頭將在短期內發布的公告，但這是我們將留給他們做的公告。但我們期待與他們繼續保持長期和有利可圖的關係。

That is the line of Ben Swinburne with Morgan Stanley.

這就是本·斯威本與摩根士丹利的路線。

Two questions. One, I think there's been a lot of enthusiasm over the past couple of years about Fox's opportunity in sports betting. I think it's gotten a little quieter on that front, at least in terms of the market discussion. Could you guys update us on what you see ahead of the company there both directly with FOX Bet? And is there any timing on something with Flutter? And also just sort of the benefits to the broader business?

兩個問題。一，我認為在過去的幾年裡，人們對福克斯在體育博彩領域的機會充滿熱情。我認為在這方面它變得有點安靜，至少在市場討論方面。你們能否直接通過 FOX Bet 向我們介紹你們在公司之前看到的情況？ Flutter 有什麼時間安排嗎？也只是對更廣泛的業務的好處？

And then I just wanted to clarify, Steve, you said you expect to maintain the current investment level in fiscal '23 versus '22. Is that a comment on just the amount of capital you're deploying? Or is that sort of an EBITDA, net impact on EBITDA, just to make sure we understood the comment there?

然後我只是想澄清一下，史蒂夫，你說你希望在 23 財年與 22 財年保持目前的投資水平。這是對您正在部署的資金數量的評論嗎？或者是那種 EBITDA，對 EBITDA 的淨影響，只是為了確保我們理解那裡的評論？

Thanks, Ben. So look, we continue to have beliefs or have a fundamentally strong belief in the sports betting business. We think it's a huge opportunity in the marketplace, specifically in its association with the FOX Sports brand. We drive the largest sports audiences in this country, and no other broadcaster can achieve kind of the reach and engagement that we deliver during the -- certainly during the autumn and the fall on a weekly basis.

謝謝，本。所以看，我們繼續對體育博彩業務抱有信念或從根本上堅定信念。我們認為這是市場上的巨大機會，特別是與 FOX Sports 品牌的關聯。我們吸引了這個國家最大的體育觀眾，沒有其他廣播公司可以達到我們在秋季和秋季每週提供的那種覆蓋面和參與度。

And so we've proven this last couple of years with FOX Bet's Super 6, which really taking our sports audiences. And I know we've talked about it before, then by taking our sports audiences from television into Fox Bet Super 6 provides a tremendous funnel, which Fox Bet is the ultimate beneficiary of. That continues to be our strategy and it continues to be very successful.

因此，我們在過去幾年用 FOX Bet 的 Super 6 證明了這一點，它確實吸引了我們的體育觀眾。而且我知道我們之前已經討論過它，然後通過將我們的體育觀眾從電視帶到 Fox Bet Super 6 提供了一個巨大的漏斗，Fox Bet 是最終的受益者。這仍然是我們的戰略，並且仍然非常成功。

As regards to Flutter, we're still in our arbitration process with them. We look forward to the clarity of getting through that process, which we expect to be in the next couple of months, certainly sort of by the beginning of the autumn. But once that situation is clarified, and also in early September, as you see the NFL season kick off, again, you'll see a lot more activity around FOX Bet and FOX Bet Super 6.

至於 Flutter，我們仍在與他們進行仲裁。我們期待通過這個過程的清晰性，我們預計在接下來的幾個月內，肯定會在秋季開始之前。但是一旦這種情況得到澄清，也是在 9 月初，當你看到 NFL 賽季開始時，你會再次看到 FOX Bet 和 FOX Bet Super 6 的更多活動。

Ben, just picking up on your question around organic investment. So the way we define -- we had -- we called out $200 million to $300 million of net EBITDA of our investment for fiscal '22. So put another way, our fiscal '22 EBITDA would have be $200 million to $300 million higher than what it was had we not made those investments. We don't -- we anticipate maintaining that level of investment, meaning that when you compare '23 to '22, you will not have that drag on the results. So that explains that for you.

Ben，剛剛回答了你關於有機投資的問題。因此，我們定義的方式——我們有——我們在 22 財年的投資中提取了 2 億至 3 億美元的淨 EBITDA。因此，換句話說，如果我們沒有進行這些投資，我們的 22 財年 EBITDA 將高出 2 億至 3 億美元。我們不會——我們預計會保持這種投資水平，這意味著當你比較 '23 和 '22 時，你不會對結果產生那種拖累。所以這就為你解釋了。

Operator, we have time for one more question.

接線員，我們有時間再問一個問題。

That's the line of Doug Mitchelson with Crédit Suisse.

這就是瑞士信貸的道格·米切爾森 (Doug Mitchelson) 的路線。

If I could get a clarification on the Big Ten. You have digital rights for Big Ten games, and you'll maintain those in any new deal that you're looking at? Another clarification. I'm wondering if you have upfront volumes ex-Super Bowl and ex-FIFA.

如果我能得到關於十大的澄清。您擁有十大遊戲的數字版權，並且您會在您正在考慮的任何新協議中保留這些權利？另一個澄清。我想知道你是否有前超級碗和前國際足聯的預付費用。

I'm just trying to get an ex unusual how strong are your upfront volumes? And then lastly, Steve, any swing factors in that free cash flow outlook for fiscal '23 that we should be thinking about working capital or CapEx or anything like that?

我只是想讓前任不尋常，您的前期交易量有多強？最後，史蒂夫，在 23 財年的自由現金流前景中，我們應該考慮營運資本或資本支出或類似的東西嗎？

So on -- we have a Big Ten digital rights, and we will keep those in the new deal. So I hope that clarifies that again, I don't want to say too much because it's really -- it's for the Big Ten to announce their new agreements.

依此類推——我們擁有十大數字版權，我們將在新協議中保留這些權利。所以我希望再次澄清這一點，我不想說太多，因為這真的是 - 十巨頭宣布他們的新協議。

In terms of upfront volumes, ex, I think your question was what are they ex-Super Bowl. Obviously, we look at everything ex-Super Bowl because it's obviously such a huge year for us. We're looking forward to we're getting record pricing for Super Bowl, and we're well ahead of plan in terms of selling our Super Bowl position.

就前期數量而言，例如，我認為您的問題是他們是什麼前超級碗。顯然，我們關注前超級碗的一切，因為這對我們來說顯然是非常重要的一年。我們期待著獲得超級碗的創紀錄價格，而且我們在出售我們的超級碗位置方面遠遠超出了計劃。

But ex-Super Bowl, upfront volumes were about 15% higher than the last upfront. I think one of the -- and that's across entertainment, sports and news. I think the important thing to note there though is that the upfront volumes, to some degree, are a metric that we control. We chose a very, very purposefully and I think in a very disciplined and hopefully, a judicious way. to sell more volume into this upfront because we felt it was a period where having certainty around or the highest level of certainty we can around our sales and our inventory was important.

但在前超級碗比賽中，前期交易量比上一次增加了約 15%。我認為其中之一——那就是娛樂、體育和新聞。我認為需要注意的重要一點是，前期交易量在某種程度上是我們控制的指標。我們選擇了一種非常、非常有目的的方式，我認為這是一種非常自律的方式，希望是一種明智的方式。提前銷售更多的銷量，因為我們認為這是一個確定性或最高確定性的時期，我們可以圍繞我們的銷售和庫存進行最高水平的確定性是很重要的。

So for instance, in years where we would -- in the past years, where we would sell in the mid-70s percent of our kind of available ad impressions. We announced we sold in this upfront in the low to mid-80s. And I think that was sort of a smart decision and one that we felt was appropriate given any uncertainty around the economy of the advertising market going forward.

因此，例如，在過去幾年中，我們將出售 70% 左右的可用廣告展示次數。我們宣布我們在 80 年代中期到中期提前售出。我認為這是一個明智的決定，考慮到未來廣告市場經濟的不確定性，我們認為這個決定是合適的。

Doug, it's Steve. Just on the free cash flow. I think from a working capital perspective, a big swing factors, I think from an accounting version of working capital, remember that going into -- we're into a Super Bowl year. So therefore, we amort a ton of the NFL costs in a Super Bowl year so it has an impact on our working capital.

道格，是史蒂夫。就在自由現金流上。我認為從營運資金的角度來看，一個很大的波動因素，我認為從營運資金的會計版本來看，請記住進入 - 我們進入超級碗年。因此，我們在超級碗一年中分攤了大量的 NFL 費用，這對我們的營運資金產生了影響。

Our CapEx was down to a touch over $300 million this year, which was down from a touch north of $480 million. The year before, you should expect the $300 million to go up a touch. But the rest of it is, I think, really pretty much stock in trade in terms of cash flow swings. There's nothing particularly unique about next year, apart from the tailwinds that we have going into it from an operating perspective.

今年我們的資本支出降至 3 億多美元，低於 4.8 億美元。前一年，你應該預計 3 億美元會有所增加。但我認為，就現金流波動而言，其餘部分實際上是相當多的交易存量。明年沒有什麼特別獨特的，除了我們從運營角度考慮的順風。

Great. At this point, we are out of time. But if you have any further questions, please give me, or Dan Carey a call. Thank you once again for joining today's call.

偉大的。在這一點上，我們已經沒有時間了。但如果您還有其他問題，請給我或 Dan Carey 打電話。再次感謝您加入今天的電話會議。

Thanks, everyone.

感謝大家。

Thank you.

謝謝你。

Ladies and gentlemen, that does conclude your conference for today. Thank you for using AT&T Executive Teleconference. You may now disconnect.

女士們，先生們，今天的會議到此結束。感謝您使用 AT&T 行政電話會議。您現在可以斷開連接。