二十一世紀福斯 (FOX) 2023 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Fox Corporation Second Quarter Fiscal Year 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. I'll now turn the conference over to Chief Investor Relations Officer, Ms. Gabrielle Brown. Please go ahead, Ms. Brown.

女士們，先生們，謝謝你們的支持。歡迎來到 Fox Corporation 2023 財年第二季度收益電話會議。 （操作員說明）提醒一下，正在錄製此會議。我現在將會議轉交給首席投資者關係官 Gabrielle Brown 女士。請繼續，布朗女士。

Thank you, operator. Good morning, and welcome to our fiscal 2023 2nd 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.

謝謝你，運營商。早上好，歡迎來到我們的 2023 財年第二季度財報電話會議。今天和我一起參加電話會議的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。

First, Lachlan and Steve will give some prepared remarks on the most recent quarter, and then we'll take questions from the investment community. 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.

首先，Lachlan 和 Steve 將就最近一個季度發表一些事先準備好的評論，然後我們將回答投資界的問題。請注意，此次電話會議可能包含有關 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，實際結果可能與今天的電話會議和公司向美國證券交易委員會提交的文件中確定的某些因素所陳述的結果不同。

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 on our SEC filings, which are available in the Investor Relations section of our website. And with that, I'm pleased to turn the call over to Lachlan.

此外，本次電話會議將包括某些非 GAAP 財務指標，包括我們在本次電話會議上提到的調整後 EBITDA 或 EBITDA。非 GAAP 財務指標的對賬包含在我們的收益發布和我們向美國證券交易委員會提交的文件中，這些文件可在我們網站的投資者關係部分找到。有了這個，我很高興把電話轉給拉克蘭。

Thanks, Gabby. And thank you all for joining us this morning to discuss our second quarter results. Our fiscal second quarter continued to build upon the strength of the first quarter to deliver record first half ratings and revenue at Fox. Financially, we delivered a 4% increase in our top line, including 4% advertising revenue growth. Our EBITDA grew a massive 71% and principally due to strong advertising results from sports and political as well as the impact of exiting Thursday night football.

謝謝，嘉比。感謝大家今天早上加入我們討論我們的第二季度業績。我們的第二財季繼續鞏固第一季度的實力，在 Fox 上半年創造了創紀錄的收視率和收入。在財務上，我們的收入增長了 4%，其中廣告收入增長了 4%。我們的 EBITDA 增長了 71%，這主要是由於體育和政治的強勁廣告效果以及退出週四晚上足球賽的影響。

Our television segment led this growth and had a truly stellar performance. The Stations Group posted another record political midterm cycle with approximately $250 million booked during the first half of our fiscal year. This is higher than our previous midterm record and just shy of our fiscal '21 presidential year record. These are impressive numbers and reinforce the strength and breadth of our station group. FOX Sports was also a key growth driver this past quarter where advertising pricing and demand remains solid on the back of viewership records for the NFL and for the World Cup.

我們的電視部門引領了這一增長，並取得了真正出色的表現。 The Stations Group 發布了另一個創紀錄的政治中期週期，在我們財政年度的上半年預訂了大約 2.5 億美元。這高於我們之前的中期記錄，略低於我們的 21 財年總統年度記錄。這些都是令人印象深刻的數字，增強了我們站組的實力和廣度。 FOX Sports 也是上個季度的主要增長動力，在 NFL 和世界杯收視記錄的支持下，廣告定價和需求保持穩定。

By every measure, Fox Sports is having an extraordinary year. FOX's domination of the fall was led by four of our most prominent rights packages, the NFL the Big Ten Network, Major League Baseball and FIFA, all coming together to produce a truly powerful schedule. For the fourth straight calendar year, FOX Sports is the industry leader in live events with some notable achievements that bode well for our future, including the current NFL regular season on FOX averaged over 19 million viewers and finished as the #1 NFL package on television.

從各方面來看，Fox Sports 都度過了不平凡的一年。 FOX 在秋季的主導地位是由我們最著名的四個轉播權包——美國國家橄欖球聯盟十大電視網、美國職業棒球大聯盟和國際足聯——共同構成了一個真正強大的時間表。連續第四個日曆年，FOX Sports 成為現場賽事的行業領導者，取得了一些預示著我們未來的顯著成就，包括目前在 FOX 上的 NFL 常規賽季平均超過 1900 萬觀眾，並成為電視上排名第一的 NFL 節目.

Americas game of the week averaged just over 24 million viewers and is projected to be the most watched program of all of television for the 14th straight year. And our Thanksgiving game this year was the most watched regular season game ever on any network, delivering 42 million viewers. College Football had its most watched season ever on Fox led by Big new Saturday, which was the most watched college football window for the second straight year. While the annual Ohio State Michigan rivalry was the most watched regular season college game on any network in 11 years. And, of course, the 2022 Men's World Cup exceeded our expectations with average viewership of over the tournament up 30% from the 2018 matches.

美國本週的比賽平均收視人數超過 2400 萬，預計將連續第 14 年成為所有電視節目中收視率最高的節目。我們今年的感恩節比賽是所有網絡上收視率最高的常規賽比賽，有 4200 萬觀眾觀看。大學橄欖球在 Big new Saturday 的帶領下迎來了 Fox 有史以來收視率最高的賽季，這是連續第二年收視率最高的大學橄欖球窗口。一年一度的俄亥俄州立大學密歇根大學比賽是 11 年來所有網絡上收視率最高的常規賽大學比賽。當然，2022 年男子世界杯的平均收視率比 2018 年比賽高出 30%，超出了我們的預期。

We can't wait for the Women's World Cup this summer, and we're already getting ready for the 2026 Men's World Cup here in North America. Of course, the strength of the Fox Sports portfolio was on full display this past Thanksgiving with our traditional Thanksgiving NFL game, USA versus England in the World Cup, a huge college football game and Americas game of the week all spread over just 4 days. The ratings were impressive, but the revenue we generated was even better.

我們已經等不及今年夏天的女足世界杯了，我們已經在為 2026 年在北美舉辦的男足世界杯做準備。當然，Fox Sports 產品組合的實力在過去的感恩節得到了充分展示，我們傳統的感恩節 NFL 比賽、美國對英格蘭的世界杯比賽、一場盛大的大學橄欖球比賽和本週的美洲比賽都在短短 4 天內展開。收視率令人印象深刻，但我們產生的收入甚至更好。

We wrote just shy of $250 million over the long weekend. And the strength of FOX Sports has continued into the current quarter on the back of exciting player football and what will be a record sold out Super Bowl this coming Sunday. At Tubi, we had another strong quarter where ad revenues grew by 25% over last year as we continue to outperform our peers. We have seen increases in almost every major KPI of Tubi including CPMs, TBT and engagement. In fact, Tubi had its highest quarterly viewership in the fiscal second quarter with total viewing time up 41% year-on-year, while December alone was the highest TBT and highest user month ever.

我們在長周末只寫了 2.5 億美元。在激動人心的球員橄欖球比賽和即將到來的周日超級碗門票售罄的支持下，FOX Sports 的實力一直持續到本季度。在 Tubi，我們有另一個強勁的季度，廣告收入比去年增長了 25%，因為我們繼續跑贏同行。我們看到 Tubi 的幾乎所有主要 KPI 都有所增加，包括 CPM、TBT 和參與度。事實上，Tubi 在第二財季的季度收視率最高，總觀看時長同比增長 41%，而僅 12 月就創下了有史以來最高的 TBT 和最高用戶月數。

These trends have continued early into the third quarter as tubi adds viewers and content to the platform. At Fox Entertainment, Rob Wade has settled in his new role as CEO and has already launched two of the season's biggest hits, Accused ranked as the most watched debut on any broadcast or cable network in 2 years. And Special Forces World's Toughest Test is this season's #1 unscripted program. Further, Fox Entertainment recently announced a multiyear extension with Hulu of our long-standing content licensing agreement which bolsters Fox's streaming audience and provides Hulu with a key point of differentiation in a crowded streaming world.

隨著 tubi 向平台增加觀眾和內容，這些趨勢一直持續到第三季度初。在 Fox Entertainment，Rob Wade 已擔任首席執行官一職，並且已經推出了本季的兩部最熱門歌曲，《被告人》被評為兩年來所有廣播或有線網絡中收視率最高的處女作。特種部隊世界最艱難的考驗是本季排名第一的即興節目。此外，Fox Entertainment 最近宣布與 Hulu 延長多年的內容許可協議，該協議支持 Fox 的流媒體觀眾，並為 Hulu 在擁擠的流媒體世界中提供差異化的關鍵點。

Turning to Fox News Media. The Fox News Channel ended the second quarter as the most watched cable network in total day and in prime time, while maintaining its lead as the most washed cable news network beating CNN and MSNBC combined in both total viewers and demo in the quarter for both prime and Total Bay. And the Fox Business Network ended the quarter as the most watched business cable network beating CNBC and total viewers through the Business Day and market hours for the third consecutive quarter.

轉向福克斯新聞媒體。福克斯新聞頻道在第二季度結束時成為全天和黃金時段收視率最高的有線網絡，同時保持其作為最受關注的有線新聞網絡的領先地位，在本季度的總觀眾和演示中擊敗 CNN 和 MSNBC 的總和和總灣。 Fox Business Network 在本季度末成為收視率最高的商業有線網絡，連續第三個季度在營業日和市場時段擊敗 CNBC 和觀眾總數。

Fox Nation accelerated subscriber growth over the last quarter and last year and had the best quarter ever for engagement in terms of ours view, no doubt driven by brilliant fresh content like Yellowstone 150. Looking at the distribution side of our business, we have now completed most of the deals expiring in the first year of our multiyear affiliate renewal cycle. So far, the results confirm the confidence we have in monetizing our leading brands and content, and we are pleased that the market recognizes the value that Fox delivers to their offerings.

Fox Nation 在上個季度和去年加快了訂戶增長，並且在我們看來是有史以來參與度最好的一個季度，這無疑是受到 Yellowstone 150 等精彩新鮮內容的推動。看看我們業務的分銷方面，我們現在已經完成大多數交易在我們多年的聯盟更新周期的第一年到期。到目前為止，結果證實了我們對通過領先品牌和內容獲利的信心，我們很高興市場認可 Fox 為其產品提供的價值。

It has been a truly strong quarter, one that showcased the very best of Fox and have shown that the underlying performance of Fox is exceptionally healthy. Looking ahead into this third fiscal quarter, our top line will, of course, be aided by a record Super Bowl. But we are still seeing solid national demand for our news and sports platforms, growth in the Tubi KPIs, and we are encouraged to see multiple ad categories pacing strongly positive at our local stations.

這是一個真正強勁的季度，展示了福克斯最好的一面，並表明福克斯的基本表現非常健康。展望第三財季，我們的收入當然會受到創紀錄的超級碗的幫助。但我們仍然看到全國對我們的新聞和體育平台的強勁需求，Tubi KPI 的增長，我們很高興看到多個廣告類別在我們的地方電視台表現強勁。

Before handing the call over to Steve, I want to add some perspective to the Fox story. In the almost 4 years since the spin, Fox has grown and flourished, while pursuing a simple strategy. A core business of trusted brands that delivers consistent and substantial audiences and a portfolio of digital growth initiatives that scale over time. With our focused sports and news franchises, we have taken a differentiated approach choosing to serve our audience primarily through the pay TV ecosystem, which optimizes the delivery and value of live programming.

在將電話轉交給史蒂夫之前，我想對 Fox 的故事添加一些觀點。自成立以來的近 4 年裡，福克斯在追求簡單戰略的同時不斷發展壯大。值得信賴的品牌的核心業務，提供一致且大量的受眾，以及隨著時間的推移而擴展的數字增長計劃組合。憑藉我們專注的體育和新聞特許經營權，我們採取了一種差異化的方法，選擇主要通過付費電視生態系統為我們的觀眾提供服務，這優化了直播節目的交付和價值。

Our ability to drive our business and execute our strategy is underpinned by a number of accomplishments. For example, our affiliate and advertising revenue growth is driven by our pricing power reinforced by regularly delivering large-scale audiences and uniquely providing exclusive content to our pay TV distributors. This approach has led to nearly $2 billion in affiliate revenue growth and over $1.3 billion in advertising revenue growth since the spin in 2019.

我們推動業務發展和執行戰略的能力得到了一系列成就的支持。例如，我們的聯屬網絡營銷和廣告收入增長是由我們的定價能力推動的，我們的定價能力通過定期向大量觀眾提供服務並向我們的付費電視分銷商提供獨特的獨家內容而得到加強。自 2019 年分拆以來，這種方法已導致聯盟收入增長近 20 億美元，廣告收入增長超過 13 億美元。

By focusing on live content, our core Fox brands have been able to run sharply counter to the broader trend of linear TV. We can see this by looking at consumption trends. Over the past 10 years, consumption of FOX Sports events is up 18%, and consumption of FOX News is up 28%. Our portfolio of sports rights is secure and is the best out there with the vast majority of them locked up for the foreseeable future. Our NFL rights, the single best package in all of television extends through the 2033 season.

通過專注於直播內容，我們的核心 Fox 品牌能夠與更廣泛的線性電視趨勢形成鮮明對比。我們可以通過查看消費趨勢來了解這一點。過去 10 年，FOX 體育賽事的消費量增長了 18%，FOX 新聞的消費量增長了 28%。我們的體育權利組合是安全的，並且是最好的，其中絕大多數在可預見的未來都被鎖定。我們的 NFL 權利是所有電視節目中最好的單一節目，一直延續到 2033 賽季。

We've just completed the first year of our Major League Baseball extension and renewed our big 10 rights, which each takes us out through the end of the decade. We have the European championships through 2028 and another cycle with our FIFA World Cup rights. These long-term rights provide us their visibility and necessary flexibility to plan our businesses and pursue growth opportunities moving forward. On the digital side, we have made calculated investments in areas where we believe we can add significant value.

我們剛剛完成了美國職業棒球大聯盟延期的第一年，並續簽了我們的十大權利，每一項都讓我們度過了這個十年的末期。我們擁有到 2028 年的歐洲錦標賽和另一個擁有 FIFA 世界杯權利的周期。這些長期權利為我們提供了知名度和必要的靈活性，以規劃我們的業務並尋求未來的增長機會。在數字方面，我們在我們認為可以增加重要價值的領域進行了有計劃的投資。

Sports wagering and advertising video on demand are the two best examples of this. We have affirmed footing in the sports gambling space. We were the first among U.S. media companies to strike a partnership with a betting operator because we see the potential for sports betting to drive engagement, enhance the viewing experience and keep viewers coming back to Fox Sports linear and digital platforms.

體育博彩和廣告視頻點播就是這方面的兩個最好的例子。我們已經在體育博彩領域站穩了腳跟。我們是美國媒體公司中第一家與博彩運營商建立合作夥伴關係的公司，因為我們看到了體育博彩推動參與、增強觀看體驗並讓觀眾回到 Fox Sports 線性和數字平台的潛力。

The various financial options and investments we have reflect our view that sports gambling is a long-term play, and we are focused on cementing our leadership in this rapidly evolving and high-growth sector. Tubi, the #1 AVOD player leads our streaming strategy and with minimal investment when compared to our peers. Revenue and engagement KPIs at Tubi have far exceeded our expectations and are consistently growing in the healthy double-digit range since we acquired it almost 3 years ago.

我們擁有的各種財務選擇和投資反映了我們的觀點，即體育博彩是一項長期投資，我們專注於鞏固我們在這個快速發展和高增長領域的領導地位。 Tubi 是排名第一的 AVOD 播放器，與我們的同行相比，它以最少的投資引領我們的流媒體戰略。 Tubi 的收入和參與度 KPI 遠遠超出了我們的預期，並且自從我們將近 3 年前收購它以來一直在健康的兩位數範圍內增長。

The result in Tubi is a proof that our strategy is working and we will continue investing in and growing this platform. Finally, I'd like to address the recent announcement regarding News Corporation. As you know, my father and I have reached the conclusion that exploring a combination with News Corp is not optimal for shareholders of Fox or News Corp at this time.

Tubi 的結果證明我們的戰略正在奏效，我們將繼續投資和發展這個平台。最後，我想談談最近關於新聞集團的公告。如你所知，我父親和我得出的結論是，目前探索與新聞集團的合併對於福克斯或新聞集團的股東來說並不是最佳選擇。

As such, the special committees were disbanded and no further time or action is being taken on this topic. I've said in the past that I think scale provides flexibility and that it's important to be prepared when opportunities present themselves. The rationale behind considering our combination with News Corp was about that: scale, flexibility, synergies, opportunities, great IP and above all, creating value for all shareholders.

因此，特別委員會被解散，並且不再就此主題採取進一步的時間或行動。我過去曾說過，我認為規模提供了靈活性，並且在機會出現時做好準備很重要。我們考慮與新聞集團合併的理由是：規模、靈活性、協同效應、機會、偉大的知識產權，最重要的是，為所有股東創造價值。

As the CEO of Fox, I have never felt more confident about our strategy, the quality of our assets and the strength of our financial position. This confidence is clearly demonstrated by this morning's announcement to increase our share repurchase authorization to $7 billion with the immediate deployment of $1 billion of the expanded authorization toward an accelerated share repurchase transaction while continuing our current in-market purchases.

作為 Fox 的首席執行官，我對我們的戰略、資產質量和財務實力從未如此自信過。今天早上宣布將我們的股票回購授權增加到 70 億美元，並立即部署 10 億美元的擴大授權以加速股票回購交易，同時繼續我們目前的市場購買，這一信心清楚地表明了這一點。

Consistent with our track record, we remain committed to delivering value for our shareholders in a thoughtful and disciplined manner and we will continue to explore every opportunity to maximize that value over the long term. And now let me turn it over to Steve for more on the results.

與我們的業績記錄一致，我們仍然致力於以深思熟慮和紀律嚴明的方式為我們的股東創造價值，我們將繼續探索每一個機會，以長期實現價值最大化。現在讓我把它轉交給史蒂夫，了解更多結果。

Thanks, Lachlan. And good morning, everyone. Fox continued to deliver financially in the fiscal second quarter with total company revenue growth of 4% and 71% growth in EBITDA. Notwithstanding the absence of Thursday night football, our overall revenue growth was led by a 4% increase in advertising revenues, where in the quarter, we saw continued strength in political advertising at the stations which when viewed across the full fiscal first half, nearly matched the political record set during the 2020 presidential cycle.

謝謝，拉克蘭。大家早上好。福克斯在第二財季繼續實現財務業績，公司總收入增長 4%，EBITDA 增長 71%。儘管沒有周四晚上的足球比賽，但我們的整體收入增長是由廣告收入增長 4% 帶動的，在本季度，我們看到電視台的政治廣告持續強勁，從整個上半年的財政年度來看，這幾乎是匹配的2020 年總統任期內創下的政治記錄。

Additionally, our sports advertising was supported by its full roster of marquee events and to be continued to sustain its high-growth trajectory. Our affiliate revenues increased by 1% with limited renewal activity impacting the quarter and trailing 12-month subscriber losses remaining consistent at approximately 7%. Quarterly adjusted EBITDA was $531 million, up $220 million over the prior year. In addition to our revenue growth, we also benefited from lower expenses as a result of our early exit from the Thursday night football agreement.

此外，我們的體育廣告得到了其完整的大型賽事名單的支持，並將繼續保持其高增長軌跡。我們的附屬公司收入增長了 1%，續訂活動對本季度的影響有限，過去 12 個月的訂戶流失率保持在 7% 左右。季度調整後的 EBITDA 為 5.31 億美元，比上年增加 2.2 億美元。除了我們的收入增長外，由於我們提前退出週四晚上的足球協議，我們還受益於較低的支出。

Net income attributable to stockholders was $313 million or $0.58 per share up meaningfully against a net loss of $85 million or negative $0.15 per share reported in the prior year period. Alongside our growth in EBITDA, you'll recall that our GAAP P&L is regularly impacted by the change in fair value of the company's investment in Flutter, which we recognize in other than that. Excluding this impact and other noncore items, growth was strong with adjusted EPS of $0.48 per share, up $0.35 against last year's $0.13 per share.

股東應占淨收入為 3.13 億美元或每股 0.58 美元，較上年同期報告的淨虧損 8500 萬美元或每股負 0.15 美元大幅上升。除了我們在 EBITDA 上的增長，您會記得我們的 GAAP P&L 經常受到公司對 Flutter 投資的公允價值變化的影響，我們認識到這一點。排除這一影響和其他非核心項目，增長強勁，調整後每股收益為 0.48 美元，比去年的每股 0.13 美元增加 0.35 美元。

Turning to our segments. At television, we delivered 6% revenue growth including a 5% increase in advertising revenues. As you know, our advertising revenues in the December quarter of last year benefited from our coverage of Thursday night football. Despite that comparable headwind, we delivered meaningful gains across the segment. This was led by the strong political cycle, the addition of the World Cup at Fox Sports and continued strong growth at Tubi.

轉向我們的細分市場。在電視方面，我們實現了 6% 的收入增長，其中包括 5% 的廣告收入增長。如您所知，我們去年 12 月季度的廣告收入得益於我們對周四晚上足球的報導。儘管有類似的逆風，我們在整個細分市場取得了可觀的收益。這是由強勁的政治週期、Fox Sports 世界杯的加入以及 Tubi 的持續強勁增長所帶動的。

On the NFL specifically, we also benefited from strong pricing, a record-breaking Thanksgiving Day broadcast and the timing of week 18 of the season sliding back into the December quarter. Meanwhile, advertising revenue growth of Tubi was up 25% in the quarter and exceeded $200 million on the back of record levels of engagement. In an uneven programmatic advertising marketplace, we are able to maintain CPMs and are well positioned to deploy more inventory as market conditions strengthen.

具體到 NFL，我們還受益於強勁的定價、創紀錄的感恩節轉播以及本賽季第 18 週的時間回到 12 月季度。與此同時，在創紀錄的參與度的支持下，Tubi 的廣告收入在本季度增長了 25% 並超過了 2 億美元。在不平衡的程序化廣告市場中，我們能夠保持每千次展示費用，並有能力隨著市場條件的增強部署更多庫存。

Television affiliate fee revenues were up 6% as healthy growth in pricing across all FOX-affiliated stations continue to outpace the impact from subscriber declines. Other revenues increased 26% in the quarter primarily reflecting the consolidation of the prior year acquisition of MarVista. EBITDA at our Television segment was up $529 million to $256 million as we benefited from the strong political market and realize the anticipated financial benefit from the exit of our Thursday night football agreement.

由於所有 FOX 附屬電視台的定價健康增長繼續超過訂戶下降的影響，電視附屬費用收入增長了 6%。本季度其他收入增長 26%，主要反映了對上一年收購 MarVista 的整合。我們電視業務的 EBITDA 增長了 5.29 億美元，達到 2.56 億美元，這是因為我們受益於強勁的政治市場，並實現了周四晚上足球協議退出帶來的預期財務收益。

These benefits were partially offset by higher costs from the World Cup and the annual growth in rights amortization we see across our sports portfolio. Similar to the levels reported in our fiscal first quarter, our net EBITDA investment in Tubi amounted to approximately $50 million in the December quarter. At Cable, we saw revenues generally in line with the prior year. Cable advertising revenues were essentially flat. As Lachlan mentioned, we continue to see meaningful pricing gains in national advertising across our leadership brands. Additionally, our national sports networks benefited from the broadcast of the World Cup in the quarter.

這些收益部分被世界杯帶來的更高成本和我們在體育投資組合中看到的權利攤銷的年度增長所抵消。與我們第一財季報告的水平相似，我們在 Tubi 的淨 EBITDA 投資在 12 月季度達到約 5000 萬美元。在 Cable，我們看到收入與上一年基本持平。有線廣告收入基本持平。正如 Lachlan 所提到的，我們繼續看到我們的領導品牌在全國廣告中的顯著定價收益。此外，我們的國家體育網絡也受益於本季度世界杯的轉播。

However, this was offset by a softer direct response marketplace that impacted FOX News Media. Cable affiliate fee revenues were broadly flat, coming in at $1.03 billion. As we have signaled previously, we are in the early days of our next distribution renewal cycle, where we expect revenue gains to be skewed towards the television segment. Meanwhile, Cable other revenues were up 7% in the quarter, once again led by higher Fox Nation subscription revenues.

然而，這被影響 FOX News Media 的更疲軟的直接反應市場所抵消。有線電視附屬費用收入基本持平，為 10.3 億美元。正如我們之前發出的信號，我們正處於下一個分銷更新周期的初期，我們預計收入增長將偏向電視領域。與此同時，有線電視其他收入在本季度增長了 7%，再次受到 Fox Nation 訂閱收入增加的帶動。

EBITDA at our Cable segment was $353 million compared to the $668 million reported last year, largely due to higher costs of the national sports networks led by the World Cup and postseason baseball. Expenses were also elevated at Fox News Media due to the digital investments of nation and weather and higher legal costs associated with ongoing litigation.

我們有線電視部門的 EBITDA 為 3.53 億美元，而去年報告為 6.68 億美元，這主要是由於以世界杯和季后賽棒球為首的國家體育網絡的成本較高。由於國家和天氣的數字投資以及與正在進行的訴訟相關的更高法律成本，福克斯新聞媒體的費用也有所增加。

Now turning to cash flow, where consistent with the normal seasonality of our working capital cycle, we recorded a free cash flow deficit of $610 million in the quarter. This typical first half trend reflects the concentration of payments for sports rights and the buildup of advertising-related receivables, both of which reversed in the second half of our fiscal year. From a capital deployment perspective, fiscal year-to-date, we have repurchased $550 million higher our share buyback program. This takes the total cumulative amount repurchased to $3.15 billion, representing 15% of our total shares outstanding since the launch of the program in 2019.

現在轉向現金流，這與我們營運資金周期的正常季節性一致，我們在本季度錄得 6.1 億美元的自由現金流赤字。這種典型的上半年趨勢反映了體育轉播權付款的集中和廣告相關應收賬款的增加，這兩者在我們財政年度的下半年都發生了逆轉。從資本部署的角度來看，本財年迄今，我們已經回購了 5.5 億美元的股票回購計劃。這使得累計回購總額達到 31.5 億美元，占我們自 2019 年啟動該計劃以來已發行股票總數的 15%。

In addition, today, we declared a $0.25 semiannual dividend. And as Lachlan mentioned, this morning, we also announced an incremental buyback authorization of $3 billion taking our total authorization to $7 billion. We will immediately deploy $1 billion of this expanded authorization toward an accelerated share repurchase transaction. While concurrently continuing with our normal course buyback pacing, which would see us repurchase $450 million in additional shares across the remainder of the fiscal year.

此外，今天，我們宣布派發 0.25 美元的半年度股息。正如 Lachlan 提到的，今天早上，我們還宣布了 30 億美元的增量回購授權，使我們的總授權達到 70 億美元。我們將立即動用這筆擴大授權中的 10 億美元，用於加速股票回購交易。在繼續我們正常的課程回購步伐的同時，我們將在本財政年度剩餘時間內回購 4.5 億美元的額外股票。

These meaningful capital return measures are enabled by the strength of our financial position that we again closed the quarter with a very robust balance sheet, comprising $4 billion in cash and $7.2 billion in debt. And with that, let me turn it back to Gabby.

這些有意義的資本回報措施得益於我們強大的財務狀況，我們再次以非常穩健的資產負債表結束了本季度，其中包括 40 億美元現金和 72 億美元債務。然後，讓我把它轉回給 Gabby。

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) Your first question comes from the line of Robert Fishman from MoffettNathanson.

（操作員說明）您的第一個問題來自 MoffettNathanson 的 Robert Fishman。

Lachlan, you've talked about the importance of scale in the media industry. So now that the News Corp deal is no longer being explored, can you just help investors think about what the future of Fox is as a stand-alone entity in the coming years? And ultimately, do you think it will be better off combined with another strategic or financial partner?

Lachlan，你談到了媒體行業規模的重要性。因此，既然不再探討與新聞集團的交易，您能否幫助投資者思考未來幾年福克斯作為獨立實體的未來？最終，您認為與另一個戰略或財務合作夥伴合併會更好嗎？

Robert. Good to hear your voice. So I think -- I do think scale is important. And as we look at sort of our growth going forward and enhancing sort of our growth opportunities, I think scale is important, but equally important is the depth of our business. So we think about scale in terms of adding and broadening our sort of business lines, but also the depth of how we engage with our consumers.

羅伯特。很高興聽到你的聲音。所以我認為 - 我確實認為規模很重要。當我們審視我們未來的增長和增強我們的增長機會時，我認為規模很重要，但同樣重要的是我們業務的深度。因此，我們從增加和拓寬我們的業務線的角度考慮規模，同時也考慮我們與消費者互動的深度。

And we'll be investing, I think, probably equally in both. If we look at our strategy and how it's performing, I think you just have to look at our results. I think this quarter, our results have really been truly stellar. I think we stand out in the media landscape, certainly in this country in terms of the health of our results, and that goes to our strategy. We are very focused. We're focused on a core set of brands that are really must-have brands in the United States media landscape.

我認為，我們可能會在兩者上進行同等投資。如果我們看看我們的戰略及其表現，我認為你只需要看看我們的結果。我認為本季度，我們的業績確實非常出色。我認為我們在媒體領域脫穎而出，尤其是在這個國家，就我們結果的健康程度而言，這與我們的戰略有關。我們非常專注。我們專注於一組核心品牌，這些品牌在美國媒體領域確實是必不可少的品牌。

So we like our strategy. We're absolutely focused on it, but we will pursue both scale and further investment in sort of the depth of our engagement with our consumers.

所以我們喜歡我們的策略。我們絕對專注於此，但我們將追求規模和進一步投資，以增加我們與消費者互動的深度。

Your next question comes from the line of Jessica Reif Ehrlich from Bank of America Securities.

你的下一個問題來自美國銀行證券公司的 Jessica Reif Ehrlich。

I guess two topics, but one, can you give us some color on the advertising outlook. Obviously, it will be a good, great quarter with the Super Bowl, but just besides that underneath that. And then Tubi maybe talk a little bit more about the drivers of growth. I think you're adding one of brothers Discovery fast channels. I think that Steve said that something that you held back advertising.

我想有兩個主題，但是一個，你能給我們一些關於廣告前景的顏色嗎？顯然，這將是超級碗的一個很好、很棒的季度，但除此之外。然後 Tubi 可能會更多地談論增長的驅動因素。我認為您正在添加 Discovery 快速頻道兄弟之一。我認為史蒂夫說的是你阻止了廣告。

You -- what's going on with demand there, but how many minutes are you selling? And how many can you go up to?

你 - 那裡的需求是怎麼回事，但是你賣了多少分鐘？你能達到多少？

Jessica, so let me start with the advertising market. And as you mentioned, obviously -- I don't believe I'll talk to the kind of the outlook. Advertising like I know there's a lot of talk about advertising being soft in the market. We're really not seeing that. We're seeing advertising being sort of fluid and money coming late.

傑西卡，讓我從廣告市場開始。正如你提到的，顯然——我不相信我會談論那種前景。廣告就像我知道的那樣，市場上有很多關於廣告疲軟的討論。我們真的沒有看到。我們看到廣告有點流動，錢來晚了。

So it is different. It's a different environment than we were in a year ago or even a couple of quarters ago. But at the end of the day, we're still hitting our goals and achieving our revenue targets, it's just coming in late. And look, I think, to be honest, I think that goes to the strength of our portfolio, right? I think being in news and being in sports and the leader in those two categories. I think sets us apart in the advertising marketplace from a lot of our peers.

所以它是不同的。這是一個與一年前甚至幾個季度前不同的環境。但歸根結底，我們仍在實現我們的目標並實現我們的收入目標，只是來晚了。而且，我認為，老實說，我認為這會影響我們的投資組合，對嗎？我認為在新聞和體育領域以及這兩個類別中的領導者。我認為我們在廣告市場上有別於許多同行。

So I don't want to say that, that's our strength and certainly, our relative strength in advertising is not indicative of the whole marketplace, but it's definitely indicative of our brands and our ability to achieve our revenue goals. So the Super Bowl to talk about some specifics. As I said, the money came in late. So we had some nervous moments. But we will write just shy of gross about $600 million of revenue next Sunday. We are sold out. It will be a record Super Bowl for us, both in terms of total revenue and obviously in our -- what we got to you for each spot.

所以我不想說，那是我們的優勢，當然，我們在廣告方面的相對優勢並不代表整個市場，但它絕對代表了我們的品牌和我們實現收入目標的能力。所以超級碗要談一些具體的事情。正如我所說，錢來晚了。所以我們有一些緊張的時刻。但我們將在下週日公佈略低於 6 億美元的總收入。我們賣完了。對我們來說，這將是一個創紀錄的超級碗，無論是在總收入方面，還是在我們——我們為每個位置給你帶來的收益方面。

Ex the Super Bowl, if you back out the Super Bowl, we are still up in national advertising revenue. And so I think that, again, bodes to the certainly the strength of our brands and so the powers of Fox. If I look at local stations, Jessica, categories, we're really happy to see a lot of categories back into robust growth. Auto pacing up almost 30% health, up 30%; Pharmaceuticals, up 45% and travels, up 60%. And of course, this is offset with categories like crypto money exchanges, I think down 97%. And still trying to find who the 3% less that's advertising. So there are some sort of swings and roundabouts, but the key categories are back in a very strong way.

在超級碗之前，如果你退出超級碗，我們的全國廣告收入仍然在增加。所以我認為，這再次預示著我們品牌的實力以及 Fox 的力量。如果我看看本地電台，傑西卡，類別，我們真的很高興看到很多類別恢復強勁增長。 Auto pacing up almost 30% health, up 30%;藥品增長 45%，旅遊增長 60%。當然，這被加密貨幣交易等類別所抵消，我認為下降了 97%。並且仍在努力尋找廣告少了 3% 的人。所以有一些波動和迴旋處，但關鍵類別以非常強勁的方式回歸。

So that's probably more than you wanted on advertising, Jessica. On Tubi, look, all of our -- well, I'd say almost all of our KPI's are at record highs. I think December, the end of December was actually a particularly strong year in appeared in terms of TBT and engagement. And what we'll see is we'll see revenue. Revenue is up 25% but I think what we're really pleased about is when your engagement and your total viewing time is up by more than that. As the market strengthens, we expect certainly more revenue to flow and follow that audience that we've garnered in Tubi.

所以這可能比你想要的廣告更多，傑西卡。在 Tubi 上，看，我們所有的 - 好吧，我想說我們幾乎所有的 KPI 都處於歷史高位。我認為 12 月，12 月底實際上是 TBT 和參與度方面特別強勁的一年。我們將看到的是我們將看到收入。收入增長了 25%，但我認為我們真正感到高興的是當您的參與度和總觀看時間的增長幅度不止於此。隨著市場走強，我們預計肯定會有更多收入流入並追隨我們在 Tubi 中獲得的觀眾。

And all of the major studios continue to work with us. I think we're seeing benefit of people realizing that their libraries, they're sort of deep libraries, we can help them monetize those libraries. And so we're seeing -- you mentioned the Warner Brother's deal. We're seeing everyone work with us, which is why Tubi has the biggest television movie library in streaming anywhere in the world. So we're really very, very pleased with it.

所有主要工作室都繼續與我們合作。我認為我們看到了人們意識到他們的圖書館的好處，他們是一種深度圖書館，我們可以幫助他們從這些圖書館中獲利。所以我們看到 - 你提到了華納兄弟的交易。我們看到每個人都與我們合作，這就是為什麼 Tubi 擁有世界上最大的流媒體電視電影庫。所以我們真的非常非常滿意。

Your next question comes from the line of Phil Cusick from JPMorgan.

你的下一個問題來自摩根大通的 Phil Cusick。

Wonder if you could talk about wagering. Lachlan, you discussed cementing your leadership today. And last quarter, I think you discussed potential volatility in that market. Where do you see the market going at this point? And how ideally would you like to see Fox involve?

想知道您是否可以談談投注。 Lachlan，你今天討論了鞏固你的領導地位。上個季度，我認為你討論了該市場的潛在波動性。您認為此時市場將走向何方？您希望 Fox 參與其中的理想情況如何？

Look, I think we have a -- look, the market -- we remain incredibly excited and optimistic about the waging market going forward in this country. Obviously, it will take some more time for further states to be licensed and you'll start to see a shift from wagering advertising and marketing shift from local markets to national markets.

看，我認為我們有一個 - 看，市場 - 我們對這個國家未來的開工市場仍然非常興奮和樂觀。顯然，更多的州需要更多時間才能獲得許可，您將開始看到博彩廣告和營銷從本地市場轉向全國市場。

We're obviously incredibly well positioned on both sides to capture revenue from the wagering operators as they battle it out for us, supremacy in each of their markets. So we've done extremely well at the local stations and I think we'll see that shift to the national markets where obviously, FOX Sports and to some extent, FOX News and the entertainment network, we'll continue to capture that revenue. So we are incredibly optimistic about it. I think from a corporate perspective, we're also the best positioned media brand to continue to partner with our wagering partners, particularly, obviously, the 18.6% option that we have in FanDuel is a fantastic position to be in.

顯然，我們在雙方都處於非常有利的地位，可以從博彩運營商那裡獲得收入，因為他們為我們而戰，在他們的每個市場中佔據主導地位。所以我們在地方電視台做得非常好，我認為我們會看到轉向全國市場，顯然，FOX Sports，在某種程度上，FOX News 和娛樂網絡，我們將繼續獲得收入。所以我們對此非常樂觀。我認為從企業的角度來看，我們也是繼續與我們的博彩合作夥伴合作的最佳定位媒體品牌，特別是顯然，我們在 FanDuel 中擁有 18.6% 的選擇權是一個絕佳的位置。

We have about a 10-year option, I think we were about 8 years to go on the option. And Flutter will be our partner for a long time. So we feel very well in terms of where we're positioned.

我們有大約 10 年的選擇權，我認為我們有大約 8 年的時間來執行該選擇權。而 Flutter 將是我們長期的合作夥伴。因此，就我們的定位而言，我們感覺非常好。

Your next question comes from the line of Ben Swinburne from Morgan Stanley.

你的下一個問題來自摩根士丹利的 Ben Swinburne。

Ask when Tom Brady is joining the Fox booth, someone's hoping me and if you don't want to answer that one, maybe just a couple of strategic questions, picking up on fills. What do you guys think the value of FOX Bet is? And what could that business or that asset be over the longer term in sort of the bull case? And then you extended with Hulu not a huge shock, but just any comment on sort of whether that's enough of a needle mover financially or how robust the market was for those -- for that content because obviously, that's a lot of licensing revenue potential. Just wondering if you could comment a little bit on how you approach that renewal and the outcome.

問問湯姆布拉迪什麼時候加入福克斯展台，有人希望我，如果你不想回答那個問題，也許只是幾個戰略問題，隨便找找。你們認為 FOX Bet 的價值是什麼？在某種牛市案例中，從長遠來看，該業務或該資產會是什麼？然後你擴展了 Hulu，這並不是一個巨大的衝擊，而是關於這是否足以在財務上推動針頭推動或市場對這些內容有多強勁的任何評論——因為很明顯，這是一個很大的許可收入潛力。只是想知道您是否可以就您如何處理更新和結果發表一些評論。

Thanks, Ben. Let me -- I'll answer the Tom Brady part of the question and maybe the Hulu part, I'll let Steve talk to the value of Fox Spend and importantly, the obviously, the Flutter or FanDuel option. Let me -- I won't be the first to congratulate Tom on a stellar career and congratulate him on his retirement. The whole Fox Sports team and Fox Corporation overall, it's really excited to have Tom join the team here. That will be in the fall of next year, '24 is going to take a little bit of time to decompress and which he will deserve after such a stellar career.

謝謝，本。讓我 - 我將回答問題的湯姆布雷迪部分，也許還有 Hulu 部分，我會讓史蒂夫談談 Fox Spend 的價值，重要的是，顯然是 Flutter 或 FanDuel 選項。讓我——我不會是第一個祝賀湯姆取得輝煌職業生涯並祝賀他退休的人。整個 Fox Sports 團隊和 Fox Corporation 整體而言，Tom 加入這裡真的很興奮。那將是在明年的秋天，'24 將需要一些時間來減壓，而在如此輝煌的職業生涯之後，他應得的。

Let me just quickly talk to Hulu. The Hulu renewal was important -- very important to us and also very important to Hulu. The kind of symbiotic relationship that we have with Hulu, it grows in significance as viewers more and more watch our content on a sort of catch-up basis. So when we look at our hit shows, we're not monetizing them in the first window in the live or even live plus same day window, as you all know, in the same manner that we used to.

讓我快速與 Hulu 交談。 Hulu 的更新很重要——對我們非常重要，對 Hulu 也非常重要。我們與 Hulu 之間的這種共生關係，隨著觀眾越來越多地以一種追趕的方式觀看我們的內容，這種關係變得越來越重要。因此，當我們看我們的熱門節目時，我們並沒有像你們都知道的那樣，在直播的第一個窗口甚至直播加上當天的窗口中將它們貨幣化。

And so by being able to capture the engagement after a live in the same day or even live plus 7 days is critically important. And our Hulu deal really allows us to do that. For Hulu, it gives them tremendous content the next day and they are able to, I'd say, sort of benefit from or piggyback on the marketing spend and the reach that we give all of our content as we push it out.

因此，能夠在當天直播甚至直播後 7 天后捕捉參與度至關重要。我們與 Hulu 的交易確實讓我們能夠做到這一點。對於 Hulu，它在第二天為他們提供了大量內容，我想說，他們能夠從營銷支出和我們推出所有內容時提供的覆蓋範圍中受益或搭載。

So it works very well for Hulu and it works very well for us. Steve, do you want to talk to the Fox Bet value?

所以它對 Hulu 非常有效，對我們也非常有效。史蒂夫，你想談談 Fox Bet 的價值嗎？

Yes, Ben, listen, on Fox bet, I think we take a step back and just see how our betting in totality in terms of the investment. So Fox Bet is one component of it, and it's an important component. We'd like to see it in more states than the four states is in at the moment. But it's being operated by Flutter who bear the investment cost of that asset. And so in some respects, we're ever has in terms of how they develop that.

是的，本，聽著，關於 Fox 的賭注，我想我們退後一步，看看我們在投資方面的整體賭注。所以 Fox Bet 是其中的一個組成部分，而且是一個重要的組成部分。我們希望在比目前四個州更多的州看到它。但它是由承擔該資產投資成本的 Flutter 運營的。因此，在某些方面，我們一直了解他們如何開發它。

But we look at it clear marker for success in terms of Fox Bet Super 6 for us in terms of the way we've developed that and cross-promoted that with our stations. And also, it's not just Fox Bet sports betting, but also includes the [PokerStars] non-sports betting assets. So it's an important asset, but when we look at the totality of our betting position, we increasingly think that the option that we have over FanDuel is the one that's really important for us. It's the leading market player. We have the opportunity over a long, long period of time to take a very, very new stake in a player that's sort of head and shoulders market leader right now.

但就我們開發 Fox Bet Super 6 的方式以及與我們的電台交叉推廣的方式而言，我們認為它是 Fox Bet Super 6 成功的明確標誌。而且，它不僅包括 Fox Bet 體育博彩，還包括 [PokerStars] 非體育博彩資產。所以這是一項重要的資產，但當我們審視我們的整體投注狀況時，我們越來越認為我們擁有的 FanDuel 選項對我們來說非常重要。它是領先的市場參與者。我們有機會在很長很長一段時間內持有一個非常非常新的股份，這個玩家現在是頭肩市場的領導者。

Your next question comes from the line of Doug Mitchelson from Credit Suisse.

你的下一個問題來自瑞士信貸的 Doug Mitchelson。

Lachlan, where are you with the life cycle for your digital investments? I'm just sort of curious, when I think about Tubi, pretty consistently, you've been talking about growth every quarter on these calls and engagement viewer and adding more content how much more content is there to add? How much more growth is there to drive Tubi? And same question on the FOX digital side.

Lachlan，您的數字投資生命週期在哪裡？我只是有點好奇，當我想到 Tubi 時，你一直在談論這些電話和參與觀眾每個季度的增長，並添加更多內容還有多少內容要添加？還有多少增長可以推動 Tubi？ FOX 數字方面也有同樣的問題。

Thanks, Doug. So in terms of the life, I'm trying to think about the question in terms of the life cycle for sort of digital investments, I think the reality is, there are teenagers that are putting on muscle and growing pretty spectacularly. So if I look at Tubi, as an example, and you think about the key metrics we've talked about now for several quarters, is the total viewing time.

謝謝，道格。因此，就生活而言，我試圖從某種數字投資的生命週期的角度來思考這個問題，我認為現實是，有些青少年正在長出肌肉，並且長得非常驚人。因此，如果我以 Tubi 為例，你想想我們已經討論了幾個季度的關鍵指標，那就是總觀看時間。

Total viewing time is -- it's not the [equivalent to it] but it's like ratings, we can get -- we continue to grow to total viewing time. The revenue that we're seeing follow that, we have 25% up in this quarter, which I think is pretty fantastic. But the opportunity is much higher, right? Because the total viewing time has grown faster at a much bigger rate, a faster rate than the revenue has. So already within Tubi and when we look at these metrics, there's a ripeness for very significant revenue growth.

總觀看時間是——它不是[等同於它]，但它就像我們可以獲得的收視率——我們繼續增長到總觀看時間。我們看到的收入隨之而來，本季度我們增長了 25%，我認為這非常棒。但是機會要高得多，對吧？因為總觀看時間的增長速度更快，速度更快，速度比收入更快。因此，在 Tubi 內部，當我們查看這些指標時，收入增長非常顯著的時機已經成熟。

So digital investments are adolescents, but they're a huge upside as they get older. And then when you talk about Fox Digital, the digital assets, I was pretty amazed. We went through some numbers yesterday, just things like the local TV stations. The digital advertising business now at the local TV stations is really becoming quite significant. So when we look across our whole portfolio and we push further into our websites, our fast channels, our apps.

所以數字投資是青少年，但隨著年齡的增長，它們會帶來巨大的好處。然後當你談論 Fox Digital 數字資產時，我感到非常驚訝。我們昨天查看了一些數字，比如當地電視台。現在地方電視台的數字廣告業務確實變得相當重要。因此，當我們審視我們的整個產品組合時，我們會進一步深入我們的網站、我們的快速渠道和我們的應用程序。

This revenue is becoming very significant and even in parts of the company that you wouldn't expect. So we believe that the future of our business is obviously digital and we're making that transition pretty rapidly and very robustly. So yes.

這筆收入變得非常重要，甚至在您意想不到的公司的某些部分也是如此。因此，我們相信我們業務的未來顯然是數字化的，我們正在非常迅速、非常穩健地實現這一轉變。所以是的。

Operator, we have time for one more question.

接線員，我們還有時間再問一個問題。

Okay. That question comes from the line of John Hodulik from UBS.

好的。這個問題來自瑞銀的 John Hodulik。

First question on the balance sheet. I mean investors are definitely going to like the accelerated repurchase, but you still have $4 billion on the books, relatively low debt. Mean just maybe talk about sort of the usage of that cash? I mean, how much cash do you need on the books and maybe what the M&A environment looks like out there and what kind of opportunities do you see?

資產負債表上的第一個問題。我的意思是投資者肯定會喜歡加速回購，但賬面上仍有 40 億美元，債務相對較低。意思是也許只是談論現金的用途？我的意思是，您需要多少賬面現金，也許那裡的併購環境是什麼樣的，您看到什麼樣的機會？

And then on the affiliate line, you said you haven't seen the impact of the renewals and the 1/3 that you expect that you'll see over the renewals you'll expect to do over the next couple of years. I mean, when do you expect to sort of get into the sort of the wheelhouse and see that those lines really start to turn from the renewals?

然後在附屬線上，你說你沒有看到續約的影響，以及你希望在未來幾年內看到的續約影響的 1/3。我的意思是，你希望什麼時候進入駕駛室並看到這些線路真的開始從續訂中轉向？

Thanks, John. Steve jump in at any point, but you want to -- No, no, I'll start to start with that, John. So first of all, on the balance sheet, I think we do have an enviable balance sheet. We're going to deploy our capital, as we have in a very disciplined manner and entirely focused on shareholder returns for all of our shareholders.

謝謝，約翰。史蒂夫隨時會插話，但你想——不，不，我將從那個開始，約翰。所以首先，在資產負債表上，我認為我們確實擁有令人羨慕的資產負債表。我們將以非常有紀律的方式部署我們的資本，並完全專注於所有股東的股東回報。

That will be both as evidenced this morning with our accelerated share repurchase, which we think is a great sort of mechanism strategy to return some of this capital to our shareholders. But we will also obviously we'll be looking at M&A and other opportunities to use to deploy our capital against. We don't have anything on the table today, but we are, I think, in a strong position to capture opportunities when they present themselves.

今天早上我們加速股票回購就證明了這一點，我們認為這是一種很好的機制戰略，可以將部分資本返還給我們的股東。但我們顯然也會關注併購和其他機會來部署我們的資本。我們今天沒有什麼可談的，但我認為，我們處於有利地位，可以在機會出現時抓住機會。

And obviously, there are other companies in our sector that are not in a greater position and we'll be things that will, I'm sure, cast our eyes over. So we do expect the M&A will be part a more important part of our toolkit as we deploy capital, but we have nothing on the table in front of us today. Before I go onto (inaudible), Steve, if you have anything...

顯然，我們行業中還有其他公司沒有處於更有利的地位，我敢肯定，我們會成為我們關注的對象。因此，我們確實希望在我們部署資本時，併購將成為我們工具包中更重要的一部分，但今天擺在我們面前的桌面上什麼都沒有。在我繼續（聽不清）之前，史蒂夫，如果你有什麼...

Just, John, I think if you fast forward, like if you fast forward to the end of the fiscal, based on the ASR and our regular share repurchases, we'll have done $4.6 billion in share repurchases by June 30, call it. You compare that against how much we've deployed in M&A, which on a gross basis, about $1.5 billion on a net basis after asset sales is probably $500 million, $600 million. So we've been super balanced, super disciplined on M&A. And if anything, the SKU so far in the life of Fox has been towards capital returns to shareholders.

只是，約翰，我認為如果你快進，比如如果你快進到財政結束，根據 ASR 和我們的定期股票回購，到 6 月 30 日我們將完成 46 億美元的股票回購，稱之為。您將其與我們在併購中部署的數量進行比較，按毛額計算，資產出售後的淨額約為 15 億美元，可能為 5 億美元、6 億美元。所以我們在併購方面一直非常平衡，非常有紀律。如果說有什麼不同的話，那就是 Fox 迄今為止的 SKU 一直是向股東返還資本。

So we're going to continue to be thoughtful in the way we deploy capital.

因此，我們將在部署資本的方式上繼續深思熟慮。

And then on the affiliate question, John. So I think we are now through for this fiscal year, all of our significant bar, maybe one, all of our significant affiliate renewals will start again in the very beginning of the next fiscal year, this summer with some important renewals. But for this fiscal, we're through them.

然後是關於會員問題，約翰。所以我認為我們現在已經完成了本財政年度，我們所有重要的酒吧，也許是一個，我們所有重要的附屬公司更新將在下一個財政年度的開始重新開始，今年夏天有一些重要的更新。但對於本財政年度，我們已經度過了難關。

The -- what we've seen in the renewals this past year is the importance really of our FOX brands with our affiliate partners and the pricing power that we have with them. And I think that's been pretty very evident in all of our renewals to date. More and more, like when you look at the split between our cable affiliate revenue and our television affiliate revenue, we really negotiate those together. So we've been focused on the television half of that ledger, but you have to think about the strength of these brands as a combined strength and where we are in the marketplace find -- are kind of best ability to push rate -- is where we do.

我們在過去一年的續約中看到的是我們的 FOX 品牌對我們的附屬合作夥伴的重要性以及我們與他們的定價權。我認為這在我們迄今為止的所有續約中都非常明顯。越來越多的，就像當你看到我們的有線電視附屬收入和我們的電視附屬收入之間的分配時，我們真的在一起協商。所以我們一直專注於該分類帳的電視一半，但你必須考慮這些品牌的綜合實力以及我們在市場上的位置發現 - 是推動率的最佳能力 - 是我們在哪裡。

And that's been really on the television side, the retransmission side, of that ledger. But it's the strength of the portfolio that allows us to do that. So yes, so we are looking forward to continued success our affiliate renewals really as we get into the next fiscal year.

這真的是在電視方面，在那個分類帳的轉播方面。但正是產品組合的實力使我們能夠做到這一點。所以是的，所以我們期待在進入下一個財政年度時我們的附屬公司續約繼續取得成功。

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 again for joining us today.

在這一點上，我們沒時間了。但是，如果您有任何其他問題，請給我或 Dan Carey 打電話。再次感謝您今天加入我們。

Thank you, everyone.

謝謝大家。

Ladies and gentlemen, that does conclude your conference for today. Thank you for your participation and 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。感謝您的參與和使用 AT&T Executive Teleconference。您現在可以斷開連接。