二十一世紀福斯 (FOX) 2023 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Fox Corporation Fourth Quarter Fiscal Year 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們先生們，感謝你們的支持。歡迎參加福克斯公司 2023 財年第四季度收益電話會議。 （操作員指示）謹此提醒，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 2023 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 will take questions from the investment community.

謝謝你，接線員。早上好，歡迎參加我們的 2023 財年第四季度收益電話會議。今天與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；以及我們的首席財務官 Steve Tomsic。首先，拉克蘭和史蒂夫將就最近一個季度發表一些事先準備好的評論，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福克斯公司財務業績和經營業績的前瞻性陳述。這些聲明基於管理層當前的預期，由於今天的電話會議和公司向 SEC 提交的文件中確定的某些因素，實際結果可能與所述結果有所不同。

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公認會計準則財務指標，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 GAAP 財務指標的調節包含在我們的收益發布和 SEC 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.

至此，我很高興將電話轉給拉克蘭。

Thanks, Gabby, and thanks, everyone, for joining us this morning. With this morning's earnings release, we closed out a very strong fiscal 2023, fueled by successes across every aspect of our business. While Steve will cover the details of the fourth quarter in just a moment, for the full year, we generated record annual revenue and EBITDA.

謝謝加比，謝謝大家今天早上加入我們。在今天上午發布的財報中，我們在業務各個方面取得的成功推動了 2023 財年的業績非常強勁。雖然史蒂夫將稍後介紹第四季度的詳細信息，但全年我們的年收入和 EBITDA 創歷史新高。

Notably, we reported revenue growth of 7%, including 12% advertising growth, supported by major tentpole events like the midterm election, Super Bowl LVII and the FIFA Men's World Cup as well as outstanding growth of Tubi and 3% affiliate growth led by the first 1/3 of our distribution renewal cycle. These results demonstrate that Fox's differentiated strategy continues to deliver engaged audiences at scale for our advertising and distribution partners across our sports and news verticals while also driving exceptional growth across our digital businesses.

值得注意的是，我們報告收入增長了7%，其中包括12% 的廣告增長，這得益於中期選舉、第五十七屆超級碗和FIFA 男子世界杯等重大活動的支持，以及Tubi 的出色增長和由我們的發行更新周期的前 1/3。這些結果表明，福克斯的差異化戰略繼續為我們的體育和新聞垂直領域的廣告和分銷合作夥伴提供大規模的互動受眾，同時也推動了我們數字業務的卓越增長。

In a world of increasing audience fragmentation, Fox's collective linear and digital viewership was up 8% year-over-year. The onscreen reflection of that strategy was clearly apparent throughout fiscal '23 and across our networks and platforms. Fox's broadcast of Super Bowl LVII was the most watched TV show of all time. Our Thanksgiving day game was the most watched NFL regular season game of all time, and the U.S.-England match was the most watched U.S. Men's World Cup match of all time.

在觀眾日益分散的世界中，福克斯的集體線性和數字收視率同比增長了 8%。該戰略在整個 23 財年以及我們的網絡和平台上的屏幕反映非常明顯。福克斯電視台播出的第五十七屆超級碗是有史以來收視率最高的電視節目。我們的感恩節比賽是有史以來收視率最高的 NFL 常規賽比賽，而美國對英格蘭的比賽是有史以來收視率最高的美國男子世界杯比賽。

FOX News maintained its lead as both a top-rated national cable news channel as well as the top-rated network across the entire cable ecosystem and ranks as the #2 national network in all of U.S. Television. And on the streaming front, Tubi made its debut in Nielsen's The Gauge, growing total consumption in fiscal 2023 by 79%, making it the #1 AVOD player with consumption levels equal to a top 5 cable network.

福克斯新聞保持了其作為收視率最高的國家有線新聞頻道以及整個有線電視生態系統中收視率最高的網絡的領先地位，並在美國所有電視國家網絡中排名第二。在流媒體方面，Tubi 在尼爾森的 The Gauge 中首次亮相，2023 財年的總消費量增長了 79%，使其成為排名第一的 AVOD 播放器，其消費水平相當於排名前 5 的有線網絡。

Tubi's fiscal '23 was nothing short of spectacular, underpinned by growth in total view time, which in turn powered revenue growth. It was a year of increased awareness and engagement for Tubi, whether that was being recognized by Nielsen as America's most watched AVOD service, it's expanding content library and TBT metrics or the 5 Cannes Lions awards bestowed upon Tubi's Super Bowl spot. Each quarter during the year saw successive gains at Tubi and the fiscal fourth quarter was its most impressive of all, with revenue growth of 47%, driven by strong engagement with total viewer time growing by 65%. Each month of the quarter set new records from monthly viewers.

Tubi 的 23 財年表現非常出色，這得益於總觀看時間的增長，這反過來又推動了收入的增長。今年是Tubi 認知度和參與度不斷提高的一年，無論是被尼爾森認可為美國收視率最高的AVOD 服務，還是不斷擴大的內容庫和TBT 指標，還是Tubi 的超級碗廣告獲得了5 項戛納國際創意節獎項。 Tubi 全年每個季度都取得了連續的增長，其中最令人印象深刻的是第四財季，在強勁的參與度推動下，收入增長了 47%，總觀看時間增長了 65%。該季度每個月的月度觀看人數都創下新紀錄。

With Tubi's revenue and engagement accelerating in fiscal '23, we are looking to further strengthen Tubi's position in fiscal '24. To that end, we are very excited to welcome Anjali Sud as the new CEO of Tubi and look forward to seeing Tubi flourish further under her leadership.

隨著 Tubi 在 23 財年的收入和參與度加速增長，我們希望進一步加強 Tubi 在 24 財年的地位。為此，我們非常高興地歡迎 Anjali Sud 擔任 Tubi 新任首席執行官，並期待看到 Tubi 在她的領導下進一步蓬勃發展。

At FOX News Media, we continue to lead both in ratings and engagement. The FOX News Channel ended the fourth quarter as the most watched cable network in total day for the ninth consecutive quarter, while maintaining its lead as the most watch cable news network, beating CNN and MSNBC in both total viewers in the demo for both prime time and total day.

在福克斯新聞媒體，我們在收視率和參與度方面繼續處於領先地位。福克斯新聞頻道在第四季度連續第九個季度成為全天收視率最高的有線電視網絡，同時保持其作為收視率最高的有線新聞網絡的領先地位，在黃金時段的演示中，福克斯新聞頻道的總收視率均擊敗了CNN 和MSNBC和總天數。

FOX News debuted its tweaked prime time lineup last month. We are pleased with the initial results and are confident that our deep bench of talent will continue to set the standard for all news services as we move towards the 2024 presidential election.

福克斯新聞上個月首次推出了調整後的黃金時段陣容。我們對初步結果感到滿意，並相信，隨著 2024 年總統選舉的臨近，我們的深厚人才將繼續為所有新聞服務樹立標準。

This past year, FOX News' leadership position was never at risk. We sustained double-digit advantages in total viewership of our nearest competitors for the entire fiscal year, even during the period where our prime time lineup was in transition. In fact, since its mid-July debut, FOX News' new prime time lineup is up over 35% in total viewers and up over 40% in the 25 to 54 demographic versus the June schedule.

在過去的一年裡，福克斯新聞的領導地位從未受到威脅。整個財年，即使在我們的黃金時段陣容轉型期間，我們在總收視率方面仍保持著兩位數的優勢，與最接近的競爭對手保持著兩位數的優勢。事實上，自 7 月中旬首播以來，福克斯新聞新黃金時段的觀眾總數比 6 月份的節目增加了 35% 以上，25 歲​​至 54 歲的受眾群體增加了 40% 以上。

Meanwhile, the FOX Business Network ended the quarter as the most watched business cable news network, beating CNBC and total viewers during the business day for the fifth consecutive quarter. Across at FOX Entertainment, we had a solid year, notching multiple wins, including the #1 entertainment telecast with Next Level Chef, the #1 new drama of 2023, with the Accused and the #1 new unscripted series with Special Forces: World's Toughest Test.

與此同時，福克斯商業網絡在本季度結束時成為收視率最高的商業有線新聞網絡，連續第五個季度擊敗 CNBC 和工作日收視總數。在福克斯娛樂公司，我們度過了堅實的一年，取得了多項勝利，包括排名第一的娛樂電視節目《Next Level Chef》、排名第一的2023 年新劇《被告》以及排名第一的新無劇本劇集《特種部隊：世界最強》測試。

Our local TV stations have delivered a record midterm election sales cycle that was just shy of the last presidential cycle. We are very pleased with fiscal '23, a year where Fox again delivered best-in-class results and further differentiated itself from its peers.

我們當地的電視台創造了創紀錄的中期選舉銷售週期，僅略低於上一屆總統週期。我們對 23 財年感到非常滿意，福克斯在這一年再次取得了一流的業績，並進一步從同行中脫穎而出。

We enter fiscal '24 from a position of strength despite headwinds facing our industry and the lingering effect of some macroeconomic uncertainty. We will renew the next 1/3 of our distribution agreements and navigate a variable ad environment, supported by solid results from the recent upfront for our unique content offering, which distinguishes itself in any marketplace.

儘管我們的行業面臨著阻力，而且一些宏觀經濟不確定性的影響揮之不去，但進入 24 財年時，我們仍然處於強勢地位。我們將續簽接下來 1/3 的分銷協議，並在多變的廣告環境中駕馭，這得益於我們獨特的內容產品最近前期的紮實成果，該內容在任何市場中都脫穎而出。

You've heard me say this many times, Fox's focus strategy is different from our peers. It's uniquely good. Nowhere is that more evident than in the current environment where Fox's leadership position is proven. In this year's upfront, we believe Fox led the market in both price and volume across our live sports and news offerings.

你已經聽我說過很多次了，福克斯的聚焦策略與我們的同行不同。這是獨一無二的好。在當前的環境中，這一點最為明顯，福克斯的領導地位得到了證明。在今年的前期工作中，我們相信福克斯在我們的體育直播和新聞節目的價格和數量上都領先於市場。

While it's early in the quarter, underlying ad trends have shown signs of improvement over last quarter. We are seeing an uptick in scatter driven largely by sports, and national news is solid. And at Tubi, we saw further momentum in both revenue and TBT growth in July. This promises to be another strong year for Fox as we wrap up the Women's World Cup in a few weeks with stellar advertising support before kicking off American football in early September with the Big Ten and the NFL.

雖然現在還處於本季度初期，但基本廣告趨勢已顯示出比上季度有所改善的跡象。我們看到分散度的上升主要是由體育運動推動的，而且全國性的新聞也很可靠。在 Tubi，我們在 7 月份看到了收入和 TBT 增長的進一步勢頭。對於福克斯來說，今年將是又一個強勁的一年，我們將在幾週後以出色的廣告支持結束女子世界杯，然後在9 月初與十大聯盟和美國國家橄欖球聯盟(NFL) 一起拉開美式橄欖球比賽的序幕。

We're already seeing our live sporting events continue to break records with the Women's World Cup broadcast. The U.S. versus the Netherlands on FOX was the most watched Women's World Cup group stage match ever on U.S. English language television. We'll also broadcast our first UEFA European soccer championship later this year. Further, we expect that our relaunch news lineup will continue its momentum as we head into the presidential election cycle, which will also be a boon to our local stations. And of course, we expect Tubi's growth and scale to extend even further.

我們已經看到我們的體育賽事直播不斷打破女子世界杯轉播記錄。福克斯電視台播出的美國隊對陣荷蘭隊的比賽是美國英語電視上收視率最高的女足世界杯小組賽比賽。我們還將在今年晚些時候轉播我們的首屆歐洲足球錦標賽。此外，我們預計，隨著我們進入總統選舉週期，我們重新啟動的新聞陣容將繼續保持勢頭，這也將是我們當地電視台的福音。當然，我們預計 Tubi 的增長和規模將進一步擴大。

Underpinning all of this, we can't forget our balance sheet, which remains robust even after this year's legal costs. We ended the quarter with $4.3 billion in cash and approximately $7.2 billion in debt, giving us a net leverage ratio of roughly 1x, the best balance sheet in the business. We have said it time and time again, our mix of assets puts us in a uniquely stronger position than our peers. With this strength and our relentless focus on our core business, we are committed to delivering value for our shareholders in a thoughtful and disciplined manner as we look forward to 2024.

作為這一切的基礎，我們不能忘記我們的資產負債表，即使在扣除今年的法律費用後，資產負債表仍然保持強勁。本季度末，我們擁有 43 億美元現金和約 72 億美元債務，淨槓桿率約為 1 倍，是業內最好的資產負債表。我們一再說過，我們的資產組合使我們比同行處於更有利的地位。憑藉這一優勢以及對核心業務的不懈關注，展望 2024 年，我們致力於以深思熟慮、嚴謹的方式為股東創造價值。

And with that, I'll turn it over to Steve to take you through the operating details of the quarter and full year.

接下來，我將把它交給史蒂夫，讓他帶您了解本季度和全年的運營細節。

Thanks, Lachlan, and good morning, everyone. Fox delivered strong financial results for fiscal 2023, with total company revenue growth of 7% and record EBITDA. Advertising revenues across the company were up 12%, led by a 17% increase in our television segment, made all the more impressive when comparing against revenues generated from last year's broadcast to Thursday night football. This growth was driven by a banner year of events, including the record-breaking Super Bowl LVII, FIFA Men's World Cup and the midterm election cycle, along with the considerable momentum we are driving at Tubi.

謝謝拉克蘭，大家早上好。 Fox 2023 財年的財務業績強勁，公司總收入增長 7%，稅息折舊及攤銷前利潤 (EBITDA) 創歷史新高。在電視業務增長 17% 的帶動下，整個公司的廣告收入增長了 12%，與去年周四橄欖球之夜的轉播收入相比，這一數字更加令人印象深刻。這一增長是由標誌性事件推動的，包括破紀錄的第五十七屆超級碗、國際足聯男子世界杯和中期選舉週期，以及我們在 Tubi 推動的巨大勢頭。

We completed approximately 1/3 of our distribution renewals this year, supporting the lift in our total company affiliate fee revenues of 3%. As signaled previously, the impact from these initial renewals primarily benefited our television segment, leading to an 8% increase year-over-year.

今年我們完成了約 1/3 的分銷續約，使公司總會員費收入增長了 3%。正如之前所暗示的，這些初始續訂的影響主要使我們的電視部門受益，導致同比增長 8%。

Total company other revenues saw a 5% increase, the result of the full year impact of MarVista, TMZ and Studio Ramsay Global, which were acquired in fiscal '22, along with the higher FOX Nation subscription revenues. From a bottom line perspective, this robust company-wide revenue growth was the key driver of the 8% increase in full year EBITDA to $3.19 billion.

公司其他總收入增長了 5%，這得益於 22 財年收購的 MarVista、TMZ 和 Studio Ramsay Global 的全年影響，以及 FOX Nation 訂閱收入的增加。從盈利角度來看，全公司收入的強勁增長是全年 EBITDA 增長 8% 至 31.9 億美元的關鍵驅動力。

Net income attributable to stockholders was $1.24 billion or $2.33 per share, up versus $1.21 billion or $2.11 per share reported in fiscal '22. As you may recall, other net was impacted this year by charges associated with the FOX News Media litigation and the gain associated with the change in fair value of the company's investment in Flutter. Excluding this impact and other non-core items, full year adjusted net income increased 17% to $1.87 billion, with adjusted EPS up 26% to $3.51 per share.

股東淨利潤為 12.4 億美元，即每股 2.33 美元，高於 22 財年報告的 12.1 億美元，即每股 2.11 美元。您可能還記得，Other Net 今年受到了與福克斯新聞媒體訴訟相關的指控以及與公司投資 Flutter 的公允價值變化相關的收益的影響。排除這一影響和其他非核心項目，全年調整後淨利潤增長 17%，達到 18.7 億美元，調整後每股收益增長 26%，達到每股 3.51 美元。

Turning to our fiscal fourth quarter results, Fox delivered total company revenues of $3.03 billion, which is consistent with the amount reported in Q4 fiscal '22. Quarterly EBITDA was $735 million, down from the $770 million in the prior year. This was largely due to the cyclical comparison with the prior year's midterm election and advertising impacts on our FOX News and FOX Entertainment businesses, along with a modest increase in overall expenses.

談到我們第四財季的業績，福克斯的公司總收入為 30.3 億美元，這與 22 年第四財季報告的金額一致。季度 EBITDA 為 7.35 億美元，低於上年的 7.7 億美元。這主要是由於與上一年中期選舉的周期性比較以及我們的福克斯新聞和福克斯娛樂業務的廣告影響，以及總體費用的小幅增長。

Total company affiliate revenues grew 3% in the quarter as the pricing benefits from our recent renewals were partially offset by the impact of industry subscriber declines. Total company advertising revenues decreased 4%, which was primarily a result of lower political advertising revenues at our television stations, especially when compared to our June -- record June quarter last year, along with the impact of a softer direct response marketplace of FOX News Media.

本季度公司聯營公司總收入增長了 3%，因為我們最近續訂帶來的定價優勢被行業訂戶下降的影響部分抵消了。公司總廣告收入下降了 4%，這主要是由於我們電視台的政治廣告收入下降，特別是與去年創紀錄的 6 月季度相比，以及福克斯新聞直接反應市場疲軟的影響媒體。

The momentum we have seen at Tubi throughout the fiscal year accelerated in our fourth quarter, with revenue up 47% on the back of increased engagement and stable pricing. Total company other revenues were essentially unchanged from the prior year. Growth in total company expenses was a healthy 1% and includes investments at Tubi, albeit at a slower rate than Tubi's revenue growth and the expansion of the USFL as well as higher programming rights amortization and production costs at FOX Sports.

我們在 Tubi 整個財年看到的勢頭在第四季度加速，由於參與度增加和定價穩定，收入增長了 47%。公司其他收入總額與上年基本持平。公司總支出保持了 1% 的健康增長，其中包括對 Tubi 的投資，儘管增速低於 Tubi 的收入增長和 USFL 的擴張以及福克斯體育頻道更高的節目版權攤銷和製作成本。

Net income attributable to stockholders of $375 million or $0.74 per share was up versus the $306 million or $0.55 per share reported in the prior year quarter. As the EBITDA movements just described, along with the restructuring and other below-the-line costs were more than offset by the mark-to-market increases of our investment in Flutter. Excluding noncore items, adjusted net income in the quarter increased to $443 million and adjusted EPS increased 19% to $0.88 per share.

歸屬於股東的淨利潤為 3.75 億美元，即每股 0.74 美元，高於去年同期的 3.06 億美元，即每股 0.55 美元。正如剛才描述的 EBITDA 變動，以及重組和其他線下成本，我們對 Flutter 的投資按市值計算的增長遠遠抵消了這一點。不包括非核心項目，該季度調整後淨利潤增至 4.43 億美元，調整後每股收益增長 19% 至每股 0.88 美元。

Now turning to the quarterly results of our main operating segments. At Cable networks, fourth quarter revenue saw a 3% decrease year-over-year. Cable affiliate fee revenues were down 2% in the quarter, as pricing gains from our affiliate renewals were more than offset by net subscriber declines of approximately 8%.

現在轉向我們主要運營部門的季度業績。有線網絡第四季度收入同比下降 3%。本季度有線電視聯屬費用收入下降了 2%，因為聯屬續訂帶來的定價收益被約 8% 的淨訂戶下降所抵消。

Cable advertising revenues fell 11%, largely on the back of the softer direct response marketplace at FOX News, while cable other revenues increased 7%, led by revenues generated by the second season of the USFL. Quarterly adjusted EBITDA at cable was down 7% as these revenue impacts were partially offset by lower expenses, led by lower digital and use gathering costs at FOX News Media, partially offset by higher costs associated with the USFL.

有線電視廣告收入下降 11%，主要是由於福克斯新聞直接反應市場疲軟，而有線電視其他收入增長 7%，主要是 USFL 第二季產生的收入。有線電視的季度調整後 EBITDA 下降了 7%，因為這些收入影響被支出減少所部分抵消，其中支出減少是由福克斯新聞媒體的數字和使用收集成本降低所導致，部分被 USFL 相關成本上升所抵消。

Our Television segment reported 4% growth in quarterly revenues. This was led by a 9% increase in Television affiliate fee revenues with healthy growth in pricing across Fox owned and operated and Fox-affiliated stations continued to outpace the impact from subscriber declines.

我們的電視部門季度收入增長了 4%。這主要得益於電視聯營費用收入增長了 9%，福克斯擁有和運營的定價健康增長，福克斯附屬電視台繼續超過訂戶下降的影響。

Television advertising revenues fell 1% as the strong growth at Tubi was offset by lower off-cycle political revenues and a slower rebound in the base market of the FOX Television stations and lower ratings at FOX Entertainment. Television other revenues grew 8% in the quarter, primarily a result of increased activity at our entertainment production companies.

電視廣告收入下降 1%，原因是 Tubi 的強勁增長被非週期政治收入下降、福克斯電視台基礎市場反彈放緩以及福克斯娛樂收視率下降所抵消。本季度電視其他收入增長了 8%，這主要是由於我們的娛樂製作公司的活動增加。

Quarterly adjusted EBITDA at our Television segment remained flat compared to the prior year quarter as the increase in revenues was offset by higher expenses where we had higher programming rights amortization and production costs at FOX Sports. Costs at Tubi were also higher than the prior year, however, this was outpaced by the rate of revenue growth to deliver improved EBITDA in the quarter.

我們電視部門的季度調整後 EBITDA 與去年同期相比保持持平，因為收入的增長被福克斯體育節目版權攤銷和製作成本增加所抵消。 Tubi 的成本也高於上一年，但收入增長率超過了該季度的 EBITDA 改善。

During the full year, we generated free cash flow, which we define as net cash provided by operating activities less CapEx of $1.4 billion, inclusive of legal settlement payments. Before we get to capital allocation and balance sheet, it is worth noting some key items for fiscal '24. We will, of course, be comparing to the marquee events of fiscal '23, including the Super Bowl and the midterm election cycle as well as transitioning to the first year of our NFL rights renewal and broadcasting our first UEFA European Championship.

全年，我們產生了自由現金流，我們將其定義為經營活動提供的淨現金減去 14 億美元的資本支出，其中包括法律和解付款。在我們討論資本配置和資產負債表之前，值得注意的是 24 財年的一些關鍵項目。當然，我們將與 23 財年的重大事件進行比較，包括超級碗和中期選舉週期，以及過渡到我們 NFL 轉播權續訂的第一年，並轉播我們的首屆歐洲聯盟錦標賽。

At the cable sports networks, we expect margins to improve in fiscal '24, reflecting our disciplined approach to college sports rights renewals, net of sublicensing income. In terms of affiliate revenue, we make no predictions on industry subscriber volumes. However, as we've previously indicated, we have another 1/3 of our total company distribution revenues up for renewal this year and expect to see the benefit of those renewals towards the back half of the year and skewed towards our Television segment.

在有線體育網絡，我們預計 24 財年的利潤率將有所改善，這反映出我們對大學體育版權續訂（扣除轉許可收入）的嚴格態度。就聯屬網絡營銷收入而言，我們不對行業訂戶數量做出預測。然而，正如我們之前所指出的，今年我們公司總發行收入的另外 1/3 需要續訂，預計將在今年下半年看到這些續訂的好處，並偏向我們的電視部門。

We expect to continue to invest in our growth initiatives. Here, Tubi will be the focus of investment spend with the collective portfolio expected to deliver EBITDA in line or better than fiscal '23. And from a cash flow perspective, we expect Fox will be subject to the new corporate alternative minimum tax beginning this fiscal year. This will not impact our P&L tax provision, but will likely elevate our cash taxes in the near term. However, we still expect to realize the full benefit of our cash tax asset over time.

我們預計將繼續投資於我們的增長計劃。在這裡，Tubi 將成為投資支出的焦點，集體投資組合預計將實現 EBITDA 與 23 財年持平或更好。從現金流的角度來看，我們預計福克斯將從本財年開始繳納新的企業替代最低稅。這不會影響我們的損益稅撥備，但可能會在短期內提高我們的現金稅。然而，我們仍然期望隨著時間的推移實現我們的現金稅收資產的全部收益。

Returning to capital allocation. Over the course of fiscal '23, we returned $2 billion of capital through the repurchase of 46 million Class A shares and 7.5 million Class B shares. This includes the cash impact of our previously announced $1 billion accelerated share repurchase transaction. This buyback activity was supplemented by over $260 million in dividend payments in the year. And underlining our continued commitment to shareholder returns, today, we announced an increase in our semiannual dividend to $0.26 per share.

回到資本配置。在 23 財年，我們通過回購 4600 萬股 A 類股票和 750 萬股 B 類股票，返還了 20 億美元的資本。這包括我們之前宣布的 10 億美元加速股票回購交易的現金影響。此次回購活動還輔以當年超過 2.6 億美元的股息支付。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至每股 0.26 美元。

With the payment of this dividend, we will have cumulatively returned over $6 billion of capital to our shareholders since the spin in 2019. This includes over $4.6 billion of share repurchases, including the ASR, representing over 22% of our total shares outstanding since the launch of the buyback program in November 2019.

通過支付本次股息，自2019 年分拆以來，我們將累計向股東返還超過60 億美元的資本。其中包括超過46 億美元的股票回購，其中包括ASR，佔自2019 年分拆以來我們已發行總股本的22% 以上。 2019 年 11 月啟動回購計劃。

This is all supported by the strength of our balance sheet, where as Lachlan mentioned, we ended the quarter with $4.3 billion in cash and approximately $7.2 billion in debt. Fiscal 2023 was another year of strategic focus and strong execution at Fox. That, combined with the most robust balance sheet in the industry supports our ongoing commitment to capital returns as well as flexibility to pursue value accretive investment.

這一切都得到了我們強勁的資產負債表的支持，正如 Lachlan 提到的，我們本季度末擁有 43 億美元的現金和約 72 億美元的債務。 2023 財年是福克斯戰略重點和強有力執行力的又一年。再加上業內最穩健的資產負債表，支持了我們對資本回報的持續承諾以及追求增值投資的靈活性。

And with that, let's turn the call back to Gabby to get started with Q&A.

接下來，讓我們將電話轉回給 Gabby，開始問答。

Thank you, Steve. And now we would 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 Phil Cusick from JPMorgan.

（操作員說明）您的第一個問題來自摩根大通的 Phil Cusick。

A couple of quick ones, if I can. First, ESPN talking about looking for partners. Given your portfolio of sports rights, could a sports-centric JV makes sense for Fox? And alternatively, would a league investment in a peer or competitor run into legal issues? And then second, can you just give us any update on the overall ad environment, including demand for linear and -- versus digital?

如果可以的話，有幾個快速的。首先，ESPN談論尋找合作夥伴。考慮到你們的體育版權組合，一家以體育為中心的合資企業對福克斯有意義嗎？或者，聯盟對同行或競爭對手的投資是否會遇到法律問題？其次，您能否向我們提供有關整體廣告環境的最新信息，包括線性廣告和數字廣告的需求？

Thanks for the questions. So as regards FOX Sports and our sports portfolio and any sort of direct-to-consumer proposition, I think the -- our business is fundamentally very similar to ESPN's. And so we face the same strategic priorities as they do and probably looking at doing -- looking at similar paths forward as we go forward with our portfolio.

感謝您的提問。因此，就福克斯體育頻道和我們的體育產品組合以及任何直接面向消費者的主張而言，我認為我們的業務從根本上來說與 ESPN 的業務非常相似。因此，我們面臨著與他們相同的戰略優先事項，並且可能正在考慮採取行動——在我們推進我們的投資組合時尋找類似的前進道路。

The thing that we put first and foremost is really to protect our premium sports content and place it in front of consumers wherever we can. At the moment, that premium content drives the most value from being behind a paywall within the traditional cable and satellite pay-TV universe. And we think that pay-TV ecosystem continues to be of tremendous value for our businesses and really drives the value of FOX Sports and that content and will for a long time to come.

我們首先要做的就是保護我們的優質體育內容，並儘可能將其呈現在消費者面前。目前，優質內容從傳統有線和衛星付費電視領域的付費專區中獲得最大價值。我們認為付費電視生態系統仍然對我們的業務具有巨大價值，並真正推動了福克斯體育及其內容的價值，並將在未來很長一段時間內發揮作用。

Having said that, as consumer demands change, consumer tastes change, we will endeavor to put our content and our brands in front of consumers in whichever manner makes the most sense for them, provided that it remains behind a pay wall and we get full value for those rights and those brands.

話雖如此，隨著消費者需求的變化、消費者品味的變化，我們將努力以對消費者最有意義的方式將我們的內容和品牌呈現在消費者面前，前提是它仍然在付費牆後面並且我們獲得全部價值對於這些權利和品牌。

But it's very important to say it's not an either-or proposition. It's not a -- we don't envision a moment when you leave a pay-TV universe and quickly transition to a direct-to-consumer universe, we think you'll enter a phase where both are important. You're not choosing between one or the other or ultimately, the consumer might choose between one or the other, but we'll be well positioned in any distribution mechanism.

但非常重要的是，這不是一個非此即彼的命題。這不是——我們不設想你離開付費電視領域並迅速過渡到直接面向消費者的領域，我們認為你將進入一個兩者都很重要的階段。您不會在其中之一之間進行選擇，或者最終，消費者可能會在其中之一之間進行選擇，但我們將在任何分配機制中處於有利地位。

So as -- I can't answer your question on the legal ramifications of having league investors in AM in a platform. But I can give you an update on the broader advertising environment. We're very pleased with our upfront from a national advertising perspective. Our upfront results were very pleasing. We were able to drive both pricing and volume across our key categories of news and sports. And obviously, you've heard about the tremendous growth at Tubi this past quarter and, in fact, all year.

因此，我無法回答您關於在平台上擁有 AM 聯盟投資者的法律後果的問題。但我可以向您介紹更廣泛的廣告環境的最新情況。從全國廣告的角度來看，我們對我們的前期工作非常滿意。我們的前期結果非常令人滿意。我們能夠推動新聞和體育關鍵類別的定價和數量。顯然，您已經聽說過 Tubi 上個季度乃至全年的巨大增長。

Categories that really impacted the upfront were like positive -- in August, for national, remaining with national, auto mobiles, very strong category for us, travel in the upfront, very strong in pharmaceuticals. From a local perspective, if you look at a local pacing ex political, obviously, we've got a year-on-year comparison with very strong political year last year.

真正對前期產生影響的類別是積極的——八月份，對於全國而言，仍然是全國，汽車，對我們來說非常強大的類別，前期旅行，製藥方面非常強勁。從當地的角度來看，如果你看看當地的前政治節奏，顯然，我們與去年政治非常強勁的一年進行了同比比較。

Ex-political, we're pacing flat to slightly up. That includes some of the local digital revenues. And those categories, similar, auto was very strong. Financial service was strong. Health, but offset by softness in sort of retail, telecom, and we know, as we've talked about in past quarters, our wagering. So overall, we're very pleased with where we are, and we think we're going to have a pretty decent second half -- calendar second half.

除政治因素外，我們的步伐持平或略有上升。這包括一些當地的數字收入。與這些類別類似，汽車也非常強大。金融服務強勁。健康，但被零售、電信領域的疲軟所抵消，正如我們在過去幾個季度談到的那樣，我們知道我們的賭注。總的來說，我們對自己的現狀非常滿意，我們認為我們將有一個相當不錯的下半場——日曆下半場。

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

您的下一個問題來自美國銀行的 Jessica Reif。

Just moving back to the balance sheet. I know you've commented in your prepared remarks, but litigation aside, you really do have the strongest balance sheet. And at this point, it feels -- it seems like there are attractive assets, possible attractive assets at depressed multiples. Can you give us a little bit more of your thought process in terms of what you -- what areas are interesting to you? Or is it really just about returning capital to shareholders?

只是回到資產負債表。我知道您已經在準備好的發言中發表了評論，但除了訴訟之外，您確實擁有最強勁的資產負債表。在這一點上，感覺似乎存在有吸引力的資產，可能是市盈率低下的有吸引力的資產。您能否向我們介紹一下您對哪些領域感興趣的思考過程？或者真的只是為了向股東返還資本？

And then on content, you mentioned the sports step-up with the NFL, but overall content spend like entertainment, are you rethinking how you're spending on entertainment both overall content spend, up or down in coming years?

然後在內容方面，您提到了 NFL 的體育賽事，但整體內容支出就像娛樂一樣，您是否正在重新考慮未來幾年在娛樂方面的支出，無論整體內容支出是上升還是下降？

Thanks very much, Jessica. On the balance sheet and Steve can chime in, but we continue to agree with you wholeheartedly that I think we have the best balance sheet in the business. It gives us tremendous flexibility moving forward in both how we return capital to shareholders, whether it's through dividends or share repurchases.

非常感謝，傑西卡。在資產負債表上，史蒂夫可以插話，但我們仍然全心全意地同意你的觀點，我認為我們擁有業內最好的資產負債表。它為我們在如何向股東返還資本方面（無論是通過股息還是股票回購）提供了巨大的靈活性。

I think Steve mentioned in his remarks, I mean we repurchased $2 billion worth of shares this past year. That's probably an elevated level because as we look across the landscape, we didn't see any attractive M&A opportunities this past year that particularly caught our attention. We are always looking for businesses that fit our portfolio, that will be attractive growth businesses for the business.

我想史蒂夫在他的講話中提到，我的意思是我們去年回購了價值 20 億美元的股票。這可能是一個較高的水平，因為當我們縱觀全局時，我們在過去的一年中沒有看到任何特別引起我們注意的有吸引力的併購機會。我們一直在尋找適合我們投資組合的業務，這些業務對於企業來說將是有吸引力的增長業務。

But we take this with a -- what's the word, dispassion -- dispassionate kind of view in terms of what's going to drive the best sort of long-term shareholder value. So we balance up return of capital and sort of accretive value opportunities on pretty much a daily basis.

但我們以一種——用什麼詞來形容，冷靜——冷靜地看待這件事，以什麼樣的方式推動最佳的長期股東價值。因此，我們幾乎每天都會平衡資本回報和增值機會。

So Steve, do you want to add anything to that?

史蒂夫，你想補充什麼嗎？

Yes. No, I think that's exactly right, Lachlan. The balance sheet that we've assembled gives us the flexibility to look at everything, and we'll ultimately do what delivers ultimately the best value for shareholders.

是的。不，我認為這是完全正確的，拉克蘭。我們編制的資產負債表使我們能夠靈活地看待一切，並且我們最終將做為股東帶來最大價值的事情。

Jessica, just on your content spend question. Next year is a bit of -- the year-on-year change is heavily influenced by the fact that we don't have a Super Bowl running through the amortization line of our content costs. But if you look sort of through that, we would expect content spend to increase. We've got increasing rights amortization costs of the sports business. The entertainment business from a linear perspective probably holds steady if you normalize for the strike. It will probably be down given the strike.

傑西卡，關於您的內容支出問題。明年的同比變化很大程度上受到以下事實的影響：我們沒有超級碗比賽貫穿我們的內容成本攤銷線。但如果你仔細觀察一下，我們預計內容支出將會增加。我們的體育業務的權利攤銷成本不斷增加。如果你將罷工正常化，從線性角度來看，娛樂業可能會保持穩定。考慮到罷工，它可能會下降。

But then we're going to continue to invest in content at Tubi. Some of that is passive in the form of revenue share payments, but we'll also be active in terms of production and licensing costs and use as a relatively sort of low growth but continued growth in increased spend in content. So hopefully, that gives you enough color there.

但接下來我們將繼續投資 Tubi 的內容。其中一些以收入分成支付的形式是被動的，但我們也會在製作和許可成本以及使用方面採取積極的態度，作為相對較低的增長，但內容支出的增加會持續增長。希望這能給你足夠的色彩。

Operator, next question please.

接線員，請下一個問題。

Next question comes from the line of John Hodulik from UBS.

下一個問題來自瑞銀集團 (UBS) 的約翰·霍杜利克 (John Hodulik)。

You guys recently announced that you'll be winding down FOX Bet. So I guess, 3 quick ones. Sort of first, any financial implications to that? Has your view on the sort of sports betting opportunity in the U.S. changed? And anything you could tell us about your sports betting strategy going forward?

你們最近宣布將結束 FOX Bet。所以我想，3個快的。首先，這有什麼財務影響嗎？您對美國體育博彩機會的看法有變化嗎？您能告訴我們有關您未來體育博彩策略的任何信息嗎？

Thanks, John. Why don't I start back to front with the strategy and the shuttering of FOX Bet, the joint venture, at least end -- and Steve can jump in on the financial implications. So yes, as we announced last week, it was announced last week, Flutter exercised its right to terminate the FOX Bet joint venture. They have every right to do this. They were the operator and really, the entire funder of FOX Bet. And when they reached a certain benchmark investment, they had the right to cancel that joint venture, and really chose to focus on their other brand, FanDuel, which is America's #1 sports wagering site.

謝謝，約翰。我為什麼不從頭開始講起戰略和福克斯貝特（至少是合資企業）的關閉——史蒂夫可以介入討論財務影響。所以，是的，正如我們上周宣布的那樣，上周宣布，Flutter 行使其權利終止 FOX Bet 合資企業。他們完全有權這樣做。他們是 FOX Bet 的運營商，實際上是整個資助者。當他們達到一定的基準投資時，他們有權取消該合資企業，並真正選擇專注於他們的另一個品牌FanDuel，這是美國排名第一的體育博彩網站。

So while it's fair to say we were disappointed by this outcome, ultimately, we aspire to be operators of a wagering -- sports wagering business. Now we did anticipate it. And I can't stress more that we are extremely pleased with the financial outcome and the value creation through FOX Bet that we have generated for all of our shareholders. And to explain that, I should just step back a moment and remind everyone of a couple of things.

因此，雖然可以公平地說，我們對這一結果感到失望，但最終，我們渴望成為博彩——體育博彩業務的運營商。現在我們確實預料到了。我不能再強調的是，我們對通過 FOX Bet 為所有股東創造的財務成果和價值創造感到非常滿意。為了解釋這一點，我應該退一步提醒大家一些事情。

FOX Bet, we didn't spend any capital in FOX Bet. That was entirely funded by Flutter. And we had the option to pick up 50% of FOX Bet upon licensing, if we became a licensed betting operator in the United States. So while we didn't put any cash into the FOX Bet joint venture, I think we've derived -- we were extremely successful, and we derived significant value from it.

FOX Bet，我們沒有在FOX Bet 中花費任何資金。這完全是由 Flutter 資助的。如果我們成為美國獲得許可的博彩運營商，我們可以選擇在獲得許可後獲得 FOX Bet 的 50%。因此，雖然我們沒有向 FOX Bet 合資企業投入任何現金，但我認為我們已經取得了巨大的成功，並從中獲得了巨大的價值。

One of the remaining elements of value coming out of FOX Bet is the brand of FOX Bet Super 6, which is the most successful free-to-play wagering business in the United States and offers a tremendous funnel for wagering sites going forward. And this is a brand and an operation that we continue -- we will continue to operate.

FOX Bet 剩下的價值要素之一是 FOX Bet Super 6 品牌，該品牌是美國最成功的免費投注業務，為投注網站的未來發展提供了巨大的渠道。這是我們將繼續經營的一個品牌和一項業務——我們將繼續經營。

Of course, we anticipated this potential outcome with -- started moving away from FOX Bet. So we were able to negotiate our 18.6% option in FanDuel, as I mentioned, the #1 site in the United States. If you just look at the value of DraftKings, the increasing value of DraftKings over recent times, some people have put that value of our option in FanDuel of up to $2 billion. So we are very pleased with that outcome, and we wish FanDuel every continued success.

當然，我們預料到了這一潛在結果 - 開始遠離 FOX Bet。因此，正如我提到的，我們能夠在 FanDuel 中協商我們的 18.6% 選項，這是美國排名第一的網站。如果你只看 DraftKings 的價值，DraftKings 的價值近年來不斷增加，有些人認為我們在 FanDuel 中的期權價值高達 20 億美元。所以我們對這個結果非常滿意，並祝愿 FanDuel 繼續取得成功。

We also, as part of this journey invested into the top co at Flutter, purchasing 2.5% of the business for roughly $400 million. I think that investment now sits at a value of over $800 million. And importantly now, as we move forward, we are now free to work with any of the other betting operators. Many of them have reached out to us already.

作為這一旅程的一部分，我們還投資了 Flutter 的頂級公司，以大約 4 億美元的價格購買了該公司 2.5% 的股份。我認為現在的投資價值超過 8 億美元。現在重要的是，隨著我們的前進，我們現在可以自由地與任何其他博彩運營商合作。他們中的許多人已經與我們聯繫。

So we feel our existing sort of performance in FOX Bet has been terrific. We've built a tremendous amount of value, and we're really positioned well to continue to benefit from the emergence of sports wager in the United States. That gives you kind of an overview of where we are. It's an important time. But Steve, do you want to mention any of the financial...

所以我們覺得我們在 FOX Bet 中現有的表現非常出色。我們已經創造了巨大的價值，而且我們確實處於有利位置，可以繼續從美國體育博彩的興起中受益。這可以讓您大致了解我們的情況。這是一個重要的時刻。但是史蒂夫，你想提一下財務方面的事情嗎？

Yes. That's a pretty comprehensive overview and financial overview. So financially, just to reiterate, as Lachlan mentioned, we weren't funding the business at all. So there's no change to us from that perspective. There were some pretty small sort of commercial payments between FOX Bet and Fox, which will be -- which are immaterial to us in the grand scheme of things and is potentially ameliorated by the fact that we're now sort of free to look at other partnerships. So from that perspective, I think it's a bit of a push either way.

是的。這是一個相當全面的概述和財務概述。因此，在財務上，正如拉克蘭所提到的，重申一下，我們根本沒有為該業務提供資金。所以從這個角度來看，我們沒有任何改變。 FOX Bet 和 Fox 之間存在一些相當小的商業付款，這對我們來說在宏偉的計劃中並不重要，並且由於我們現在可以自由地查看其他內容，這一事實可能會有所改善。夥伴關係。所以從這個角度來看，我認為無論哪種方式都有點推動。

And then as Lachlan mentioned, we absolutely preserve the value of the FanDuel option, which is very valuable to us as well as the value of our holding in the headstock. But I think Lachlan covered it pretty well in his opening remarks.

然後，正如 Lachlan 提到的，我們絕對保留 FanDuel 選項的價值，這對我們以及我們持有的 headstock 的價值都非常有價值。但我認為拉克蘭在他的開場白中很好地闡述了這一點。

Operator, next question please.

接線員，請下一個問題。

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

您的下一個問題來自摩根士丹利的 Ben Swinburne。

Lachlan, can you talk a little bit more about the long-term strategy around Tubi , particularly on the programming side, how you see that product evolving over a multiyear period? And I don't know if -- I apologize if you guys have already talked about it, but any sense of sort of the impact from EBITDA Tubi? Is that still in investment mode? Like when do you see that turning profitable?

Lachlan，您能否多談談 Tubi 的長期戰略，特別是在編程方面，您如何看待該產品在多年的發展過程中？我不知道——如果你們已經談論過這個問題，我很抱歉，但你是否能感覺到 EBITDA Tubi 的影響？還處於投資模式嗎？比如你什麼時候會看到盈利？

And I was just curious if you could talk about the Big Ten quickly with the additional expansion, whether that's going to have a notable financial impact as you guys go into the season as the Big Ten becomes, I think the big 16 now?

我只是很好奇你們能否快速談論一下十大聯盟的額外擴張，當你們進入賽季時，隨著十大聯盟的擴大，這是否會對財務產生顯著的影響，我想現在是 16 強？

Thanks, Ben. Look, first on Tubi, the -- obviously, Anjali, she starts September 1, and we're looking forward to her adding her expertise and experience to the business. And obviously, with any incoming CEO, I'm sure you'll see it with fresh eyes and find fresh opportunities. If you look at the Tubi business today, the TBT growth has really been everything. It's grown tremendously rapidly and strongly. And then what that's done is then that's obviously driven advertising opportunities and revenue.

謝謝，本。看，首先是 Tubi，顯然是 Anjali，她將於 9 月 1 日開始工作，我們期待她為業務增添專業知識和經驗。顯然，對於任何一位即將上任的首席執行官，我相信您都會以新的眼光看待它並找到新的機會。如果你看看今天的 Tubi 業務，就會發現 TBT 的增長確實決定了一切。它的增長非常迅速和強勁。然後所做的就是顯然推動了廣告機會和收入。

TBT growth continues to grow at a faster pace than revenue. So you see fill rates not actually keeping up to pace with TBT growth, which is a good thing because there's actually more opportunities to place our clients' advertising than we can fill at the moment, and that's really driven by the strong viewership growth.

TBT 的增長速度繼續快於收入的增長速度。因此，您會發現填充率實際上並沒有跟上TBT 增長的步伐，這是一件好事，因為實際上有更多的機會來放置我們客戶的廣告，而我們目前無法填充，而這實際上是由強勁的收視率增長推動的。

I think over time, and I should also say, with the viewership growth, I think one of the key differentiators for Tubi, if you look across the AVOD market, is that it's primarily built on an on-demand platform. So our viewers are actively -- proactively clicking on content to watch. And so we know they're engaged, and we know they're in front of their screens watching that content. This is very different from just a fast channel where someone might tune in the channel and then leave it on and it auto plays in the background.

我認為，隨著時間的推移，我還應該說，隨著收視率的增長，如果你縱觀 AVOD 市場，我認為 Tubi 的關鍵區別之一是它主要建立在點播平台上。因此，我們的觀眾正在積極主動地點擊要觀看的內容。所以我們知道他們很投入，並且我們知道他們在屏幕前觀看該內容。這與快速頻道有很大不同，在快速頻道中，有人可能會調入頻道，然後將其打開，然後它會在後台自動播放。

There's an absolute room and a place for fast channels. Tubi has a fast channel service within it. But I think 90% of his viewing is actually from video-on-demand, people proactively clicking on that content and coming to us to watch that movie or that TV show. And the library of those movies and TV shows continues to grow. I think this time last quarter, we had 55,000 titles. We now have 60,000 titles, which equates to roughly 200,000 hours of individual movies and TV shows for our consumers to enjoy.

這裡有一個絕對的空間和一個快速頻道的地方。 Tubi 內部有快速通道服務。但我認為他90%的觀看實際上來自視頻點播，人們主動點擊該內容並來找我們觀看那部電影或電視節目。這些電影和電視節目的庫還在不斷增長。我想上個季度的這個時候，我們有 55,000 個標題。我們現在擁有 60,000 部影片，相當於大約 200,000 小時的單部電影和電視節目供消費者欣賞。

So that will continue. I think one of the areas that we'll be looking at is expanding the categories that we're strong in. There's certain sort of content categories and verticals that we are super serving and other ones that we can continue to -- there's some low-hanging fruit to continue to monetize.

所以這將繼續下去。我認為我們將關注的領域之一是擴大我們擅長的類別。我們正在超級服務某些類型的內容類別和垂直領域，而我們可以繼續提供其他內容 - 有一些低- 掛果繼續變現。

Steve, do you want to talk to the EBITDA investment?

史蒂夫，你想談談 EBITDA 投資嗎？

Yes. Sure. So Ben, I'm not sure if you caught it in the opening remarks. In terms of Tubi, the investment for the full year was sort of in the low to mid negative 200 range, which is similar to where we had it in fiscal '22. The quarter, we were actually better, we were better by nearly $30 million.

是的。當然。 Ben，我不確定你是否在開場白中明白了這一點。就 Tubi 而言，全年投資在負 200 的中低範圍內，這與我們在 22 財年的情況類似。這個季度，我們實際上更好了，多了近 3000 萬美元。

As we look to '24, Tubi's an absolute shining light from our growth portfolio, our digital portfolio. And given the momentum we're seeing in the business, whether it be what we just saw in Q4, what we're seeing already in July, it sort of behooves us to continue to invest in that business. And so you should expect to see the same net investment level or even a bit more going into fiscal '24, but that will be offset as we look at the broader growth portfolio by things like nation, weather, USFL sort of coming back a bit in terms of investment. So -- but we were pretty excited and sort of very convinced of Tubi, so we're going to continue to maintain our leadership position there.

展望 24 年，Tubi 絕對是我們的增長投資組合和數字投資組合中的亮點。考慮到我們在該業務中看到的勢頭，無論是我們剛剛在第四季度看到的，還是我們在 7 月份已經看到的，我們都應該繼續投資該業務。因此，您應該預計到 24 財年將看到相同的淨投資水平，甚至更多，但當我們考慮更廣泛的增長投資組合時，國家、天氣、USFL 等因素會有所回升，這將被抵消在投資方面。所以——但我們非常興奮，並且對 Tubi 非常有信心，所以我們將繼續保持我們在那裡的領導地位。

And just finally, on the Big Ten as regards to University of Oregon and University of Washington coming into the Big Ten conference, look, we just think these additions will only strengthen our, call it, football franchise across FOX Sports, but particularly our partnership, and it is a partnership in the Big Ten Network. So we think it's very positive for us across the board.

最後，關於俄勒岡大學和華盛頓大學進入十大聯盟的十大聯盟，我們認為這些補充只會加強我們在福克斯體育頻道的足球特許經營權，特別是我們的合作夥伴關係，它是十大網絡中的合作夥伴。所以我們認為這對我們來說是非常積極的。

Operator, we have time for 1 more question.

接線員，我們還有時間回答 1 個問題。

Okay. That question comes from the line of Robert Fishman from MoffettNathanson.

好的。這個問題來自莫菲特內森森 (MoffettNathanson) 的羅伯特·菲什曼 (Robert Fishman)。

After seeing some of the news earlier this year with CBS and its affiliates negotiating with the vMVPDs, can you just help us think about how Fox's relationship is with affiliates today? And with this backdrop, if you can talk about your confidence about continuing to grow affiliate fees despite the elevated levels of cord cutting?

在看到今年早些時候哥倫比亞廣播公司及其附屬公司與 vMVPD 談判的一些新聞後，您能否幫助我們思考一下福克斯今天與附屬公司的關係如何？在這種背景下，您是否可以談談您對繼續增加聯盟費用的信心，儘管“掐線”水平有所提高？

Thank you very much, Robert. So look, our relation with affiliates is very strong. We catch up with them regularly. And we understand the headwinds facing broadcast television. And we're without -- in our station group, right, we see -- have all the same issues that they have. So we're simpatico with them in both the opportunities and the risk of the headwinds in that business.

非常感謝你，羅伯特。所以看，我們與附屬公司的關係非常牢固。我們定期與他們聯繫。我們了解廣播電視面臨的阻力。我們看到，在我們的電台組中，我們沒有遇到與他們相同的問題。因此，我們與他們在該業務中的機遇和逆風風險方面都保持著友好的關係。

We are pretty -- what's the word, vocal or proud of the fact that we've protected our key sports franchises for pay-TV environment, but also the -- for our affiliates, our distribution, our most important distribution partners. We don't take our NFL games and put them anywhere else. We keep them exclusive for our distribution partners. And I think that's understood and very well received.

我們很漂亮——用什麼詞來形容，是大聲疾呼還是為我們在付費電視環境中保護我們的主要體育特許經營權而感到自豪，但也為我們的附屬公司、我們的發行、我們最重要的發行合作夥伴。我們不會把 NFL 比賽放在其他地方。我們將它們獨家提供給我們的分銷合作夥伴。我認為這是可以理解的並且很受歡迎。

And because of that, I think we will be able to continue to drive the sort of industry-leading pricing, both in a pay universe and free universe. And that pricing will certainly continue to ameliorate or balance any reduction in subscriber erosion and subscribers across the universe. So that's where we feel we are with our affiliates. And I think we're in a pretty good place for them.

正因為如此，我認為我們將能夠繼續推動行業領先的定價，無論是在付費領域還是免費領域。而且定價肯定會繼續改善或平衡訂戶流失和全球訂戶的減少。這就是我們與我們的附屬公司的感覺。我認為我們對他們來說處於一個非常好的位置。

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。此時，我們已經沒有時間了。但如果您還有任何疑問，請給我或丹·凱里打電話。再次感謝您參加今天的電話會議。

Thank you.

謝謝。

Thank you. 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.

謝謝。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 高管電話會議。您現在可以斷開連接。