二十一世紀福斯 (FOX) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Fox Corporation Third Quarter Fiscal Year 2024 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。歡迎參加福斯公司 2024 財年第三季財報電話會議。 （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 2024 third quarter earnings call.

謝謝你，接線生。早上好，歡迎參加我們的 2024 財年第三季財報電話會議。

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.

今天與我一起參加電話會議的還有執行主席兼執行長拉克蘭默多克 (Lachlan Murdoch)；約翰‧納倫，營運長；以及我們的財務長 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福克斯公司財務業績和經營業績的前瞻性陳述。這些聲明是基於管理層目前的預期，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所提到的。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。

Thank you, Gabby, and thanks, everyone, for joining us this morning. This quarter, FOX continued to distinguish itself from its peers, delivering 7% EBITDA growth and demonstrating again the strength of our brands and the advantages of our strategy. This result is even more impressive when considering we are comping to last year's third quarter, which enjoyed a significant tailwind from Super Bowl LVII.

謝謝你，加比，也謝謝大家今天早上加入我們。本季度，FOX繼續在同業中脫穎而出，實現7%的EBITDA成長，再次展現了我們的品牌實力和策略優勢。考慮到我們與去年第三季相比，這一結果更加令人印象深刻，去年第三季受到了第五十七屆超級盃的顯著推動。

In the fiscal third quarter, total affiliate revenue fees grew 4% with positive growth at both our Television and Cable segments, driven by pricing benefits from our recent renewals. Headline advertising revenues were down during the quarter as expected, due to the absence of the Super Bowl and fewer NFL broadcast than in the prior year.

在第三財季，在我們最近續訂的定價優勢的推動下，我們的電視和有線電視業務部門的總收入費用增加了 4%。由於沒有超級盃比賽以及 NFL 的轉播量比前一年少，該季度的頭條廣告收入如預期下降。

If not for the difference in our NFL post season schedule, our total advertising revenues would have increased a few percent. Overall, advertising trends at FOX are clearly moving in the right direction, both in the scatter market and in early upfront discussions.

如果不是 NFL 季後賽日程安排的差異，我們的廣告總收入將會增加幾個百分點。總體而言，無論是在分散市場還是在早期的前期討論中，FOX 的廣告趨勢顯然都在朝著正確的方向發展。

Demand for sports remains robust, while trends at FOX News are improving across the board, including the fact that we have now fully lapped the direct response market issue that had adversely impacted FOX News DR revenues.

對體育的需求仍然強勁，而福克斯新聞的趨勢正在全面改善，包括我們現在已經完全解決了對福克斯新聞 DR 收入產生不利影響的直接響應市場問題。

And while there wasn't much of a primary season this year, we do expect strong political advertising for national and local races, as well as local ballot issues in the first half of our fiscal '25, which would largely benefit our station group. As we look to our annual upfront presentation next week, our focus on live content and must-watch events, such as the coming presidential election cycle and next year's Super Bowl combined with Tubi's position as the most watched free TV and movie streaming service will favor our enviable position with advertisers across the FOX portfolio.

雖然今年沒有太多的初選，但我們確實預計全國和地方競選的政治廣告將會強勁，以及我們 25 財年上半年的地方選票問題，這將在很大程度上使我們的電台集團受益。當我們展望下週的年度預覽時，我們對直播內容和必看活動的關注，例如即將到來的總統選舉週期和明年的超級碗，再加上Tubi 作為觀看次數最多的免費電視和電影串流服務的地位，將有利於我們在福斯投資組合中的廣告商中享有令人羨慕的地位。

Operationally, FOX News again ended the third quarter as the most watched cable network in total day and primetime. FOX News also strengthened its leadership position inside the category gaining share to now again, command 50% of total day viewing.

在營運方面，福斯新聞在第三季再次成為全天和黃金時段收視率最高的有線電視網。福斯新聞也鞏固了其在該類別中的領導地位，再次獲得份額，佔全日收視率的 50%。

These gains are underpinned by a dedicated team of journalists and staff, who are focused on delivering coverage and insights on current events most relevant to our viewers. Building from our strength in primetime, we are expanding our leadership across day parts, whether that be mornings with FOX & Friends, afternoons with the 5 or late nights with Gutfeld. And we expect this momentum to continue as we ramp action coverage heading into the fall.

這些成果的基礎是由記者和工作人員組成的專門團隊，他們專注於提供與觀眾最相關的時事報道和見解。憑藉我們在黃金時段的優勢，我們正在擴大我們在全天時段的領先地位，無論是《FOX & Friends》的早晨、《5》的下午還是《Gutfeld》的深夜。我們預計，隨著我們在秋季擴大行動覆蓋範圍，這種勢頭將持續下去。

Tubi ended the third quarter with 22% revenue growth driven by a 36% increase in Total View Time and 20% growth in monthly active users to just under 80 million MAUs. Our expansive content library and our differentiated user base have solidified Tubi's position as the most watched free TV and movie streaming service in the U.S. with 1.6% of total TV viewing, ahead of Peacock, MAX, The Roku Channel, Paramount+ and Pluto TV and only marginally behind Disney+.

Tubi 第三季末營收成長 22%，總觀看時間成長 36%，每月活躍用戶成長 20%，每月活躍用戶數略低於 8,000 萬。我們廣泛的內容庫和差異化的用戶群鞏固了Tubi 作為美國觀看次數最多的免費電視和電影串流服務的地位，佔電視總觀看次數的1.6%，領先於Peacock、MAX、Roku Channel、Paramount+ 和Pluto TV，並且僅略微落後於迪士尼+。

From its debut in Nielsen’s 'The Gauge', in February of '23 to the most recent Gauge in March of '24 Tubi's share of total U.S. TV view time grew 60%, which is faster than any other streaming service over that same period of time.

從23 年2 月在尼爾森的《The Gauge》中首次亮相到24 年3 月的最新一期《Gauge》，Tubi 在美國電視總觀看時間中所佔的份額增長了60%，這比任何其他流媒體服務都要快同一時段。

Apart from just its growing scale Tubi is also unique and uniquely valuable to advertisers through its reach and through its engagement. Over 60% of Tubi users are classified as Cord-cutters or Cord-nevers and 90% of those user time watching is proactively on demand as opposed to passively watching a FAST channel.

除了不斷擴大的規模之外，Tubi 還透過其影響力和參與度對廣告商來說是獨一無二的和獨特的價值。超過 60% 的 Tubi 用戶被歸類為“掐線者”或“從不掐線者”，其中 90% 的用戶觀看時間是主動點播，而不是被動觀看 FAST 頻道。

This positions Tubi very well as an important part of the growing digital streaming advertising marketplace. We are look forward to showcasing Tubi's strengths at next week's upfront.

這使得 Tubi 成為不斷成長的數位串流廣告市場的重要組成部分。我們期待在下週的前期展示 Tubi 的優勢。

FOX Sports had an impressive quarter with strength across all areas of our portfolio. We finished the 30th anniversary of the NFL on FOX on a high note with 3 NFC playoff games on FOX averaging an incredible 45 million viewers. This was capped with the NFC Championship game growing over 56 million viewers, which is 19% higher than last year's NFC Championship game and the most watched in over a decade.

福克斯體育 (FOX Sports) 的季度表現令人印象深刻，我們的投資組合的所有領域都表現強勁。我們在 FOX 上以高調結束了 NFL 成立 30 週年紀念活動，FOX 上播放了 3 場 NFC 季後賽，平均收視人數達到令人難以置信的 4500 萬。 NFC 冠軍賽的觀眾人數超過 5,600 萬，比去年的 NFC 冠軍賽高出 19%，是十多年來收視率最高的。

This season also reinforced FOX solid position in college sports with strong viewers from both college football and college basketball. In fact, in the current academic year, FOX's are the most watched college football, men's college basketball and women's college basketball games across the regular season. College sports has grown to become the second biggest source of FOX viewership behind only the NFL.

本賽季也鞏固了福克斯在大學體育領域的穩固​​地位，擁有強大的大學橄欖球和大學籃球觀眾。事實上，在本學年，福克斯的比賽是整個常規賽中收視率最高的大學橄欖球、男子大學籃球和女子大學籃球比賽。大學體育賽事已成為福克斯的第二大收視來源，僅次於 NFL。

Total consumption of college sports on FOX has grown by over 40% through the last 5 years. And in the March quarter, we launched the UFL, United Football League, the result of the merger of the USFL and XFL. With this merger, the outlook for spring football is promising, and we are pleased with the results through the midpoint of the season.

過去 5 年，FOX 上大學體育節目的總消費量增加了 40% 以上。在三月季度，我們推出了 UFL（聯合足球聯盟），它是 USFL 和 XFL 合併的結果。透過這次合併，春季足球的前景充滿希望，我們對賽季中期的結果感到滿意。

While the sports calendar in our upcoming fiscal fourth quarter tends to be quieter, FOX Sports is excited to present its summer of soccer, featuring over 200 hours of live soccer coverage across our platform starting with the UEFA, European Football Championship on June 14 and Copa America on June 20.

雖然我們即將到來的第四財季的體育賽事日曆趨於平靜，但福克斯體育很高興地展示其夏季足球賽事，從歐足聯、6 月14 日的歐洲足球錦標賽和美洲杯開始，我們平台上將提供超過200 小時的足球直播報道美國 6 月 20 日。

This summer will also feature a new schedule from FOX Entertainment, with returning favorites like Gordon Ramsay's Food Stars and exciting new shows like The 1% Club. This follows a successful spring slate that featured 2 of the top 5 new primetime series in Krapopolis, and The Floor. With Krapopolis, ranking as the #1 new primetime entertainment show and The Floor as the #1 game show season to date.

今年夏天，福克斯娛樂公司還將推出新的節目表，其中包括戈登拉姆齊的《美食明星》等熱門節目的回歸以及《1% 俱樂部》等令人興奮的新節目。此前，春季檔節目《克拉波波利斯》(Krapopolis) 和《地板》(The Floor) 推出了黃金時段前 5 部新劇集中的 2 部，取得了成功。其中《Krapopolis》名列新黃金時段娛樂節目第一名，《The Floor》則是迄今為止第一季遊戲節目。

Last quarter, we announced the formation of a new sports-focused digital distribution platform with our partners Disney and Warner Bros. Discovery. We are happy to have hired truly a world-class CEO in Pete Distad and he is off to a flying start.

上季度，我們宣布與合作夥伴迪士尼和華納兄弟探索頻道建立一個新的以體育為重點的數位發行平台。我們很高興聘請了皮特·迪斯塔德（Pete Distad）這位真正世界級的首席執行官，他的起步很順利。

In just several weeks, the JV now has over 150 engineers and executives dedicated to building a unique innovative product, which focuses on sports fans outside of the traditional TV bundle. We've already launched an internal data service, which I have been trialing this past week, and I have to say, it's an incredibly exciting product and we can't wait to launch it this fall.

在短短幾週內，該合資企業現已擁有 150 多名工程師和高管，致力於打造獨特的創新產品，該產品專注於傳統電視捆綁之外的體育迷。我們已經推出了一項內部數據服務，我上週一直在試用該服務，我不得不說，這是一個令人難以置信的令人興奮的產品，我們迫不及待地想在今年秋天推出它。

Today's media market is certainly dynamic, but the strength and leadership of our brands and their capacity to convert those strengths financially underscores our considered strategy. Underpinned by our best-in-class balance sheet, we ended the quarter with $3.8 billion in cash and just 1x net leverage. We remain committed to driving long-term shareholder value creation through the thoughtful balance of managing our existing businesses, pursuing new adjacencies and returning capital to our shareholders.

當今的媒體市場無疑是充滿活力的，但我們品牌的實力和領導力以及他們將這些優勢轉化為財務的能力強調了我們深思熟慮的策略。在我們一流的資產負債表的支撐下，本季末我們擁有 38 億美元的現金，淨槓桿比率僅為 1 倍。我們仍然致力於透過管理現有業務、尋求新的相鄰業務和向股東返還資本之間的深思熟慮的平衡來推動長期股東價值的創造。

And with that, I'll hand it over to Steve.

這樣，我就把它交給史蒂夫了。

Thanks, Lachlan, and good morning, everyone. FOX's strategy continues to deliver solid results. Even with the comparison to our blockbuster NFL schedule of the prior year, we posted total revenues of $3.45 billion and grew adjusted EBITDA by 7% to $891 million. Total company affiliate fee revenues grew 4% over the prior year with growth at both our Television and Cable segments, supported by a recent cycle of affiliate renewals.

謝謝拉克蘭，大家早安。福克斯的戰略繼續取得紮實的成果。即使與去年轟動一時的 NFL 賽程相比，我們公佈的總收入為 34.5 億美元，調整後 EBITDA 增長了 7%，達到 8.91 億美元。在最近一輪聯盟續約的支持下，公司聯盟費用總收入比上年增長了 4%，電視和有線電視部門均有所增長。

Reflecting the event-driven nature of our business, advertising revenues on a headline basis were down 34% as we compare against last year's broadcast of the Super Bowl, along with 2 less NFL playoff broadcasts in the current year quarter. As Lachlan just mentioned, if not for the impact of these NFL schedule items, total company advertising revenues would have grown low single digits.

與去年超級盃的轉播相比，整體廣告收入下降了 34%，本季 NFL 季後賽轉播減少了 2 場，這反映了我們業務的事件驅動性質。正如拉克蘭剛才提到的，如果沒有這些 NFL 賽程項目的影響，公司廣告總收入將會成長到較低的個位數。

Total company other revenues were down 22% versus the prior year, primarily the result of the timing of sports of licensing revenues, which were more weighted towards our fiscal second quarter this year. Total company expenses fell 21% year-over-year, primarily a result of the NFL postseason schedule differences I just mentioned.

該公司其他總收入比前一年下降了 22%，這主要是由於授權收入的時間安排，該收入更多地集中在今年第二財季。公司總支出較去年同期下降 21%，主要是因為我剛才提到的 NFL 季後賽賽程差異。

Net income attributable to stockholders of $666 million or $1.40 per share compared to the net loss of $54 million or negative $0.10 per share reported in the prior year period. This year-over-year variance reflects the growth in EBITDA as well as the absence of last year's FOX News Media litigation charge and a current quarter book gain on the merger transaction of the USFL, which is now being deconsolidated in connection with the formation of the United Football League. Excluding these and other noncore items, adjusted EPS was $1.09, up 16% against last year's $0.94.

股東應佔淨利潤為 6.66 億美元，即每股 1.40 美元，而去年同期淨虧損為 5,400 萬美元，即每股負 0.10 美元。這一同比差異反映了 EBITDA 的增長，以及去年福克斯新聞媒體訴訟費用的缺失以及 USFL 合併交易的當前季度賬面收益，該交易目前因成立而被取消合併。排除這些和其他非核心項目，調整後每股收益為 1.09 美元，比去年的 0.94 美元增長 16%。

Now let's turn to our segment results. At Cable, revenues were $1.47 billion, down 6% from the prior year quarter, while EBITDA grew 3%. Cable affiliate fee revenues were up 1%, with growth in pricing from our distribution renewals outpacing the impact of -- from industry subscriber declines running in the mid-8% range. Cable advertising revenues fell by 6% or $20 million.

現在讓我們看看我們的細分結果。 Cable 的營收為 14.7 億美元，比去年同期下降 6%，而 EBITDA 成長 3%。有線電視加盟費收入成長了 1%，我們的分銷續約帶來的定價成長超過了產業訂戶下降 8% 左右的影響。有線電視廣告收入下降 6%，即 2,000 萬美元。

At the national sports networks, advertising revenues were down due to the absence of last year's Super Bowl-related programming, and the World Baseball Classic. At FOX News, ad revenues were impacted by moderating direct response pricing declines and lower digital traffic, partially offset by higher national pricing.

在國家體育網絡中，由於去年超級盃相關節目和世界棒球經典賽的缺席，廣告收入有所下降。在福斯新聞，廣告收入受到直接反應定價下降和數位流量下降的影響，但部分被全國定價上漲所抵消。

Cable other revenues decreased $89 million, primarily a result of the timing of sports sublicensing revenues, which were more weighted towards our fiscal second quarter. Cable expenses were 16% lower than the prior year, primarily due to the timing of the associated sports sublicensing expenses, lower costs at FOX News and the deconsolidation of the USFL. All in, and despite segment revenues being down 6%, quarterly adjusted EBITDA at Cable grew 3% over the prior year quarter to reach $890 million.

有線電視其他收入減少了 8,900 萬美元，主要是由於體育轉授權收入的時間安排，該收入更多地集中在我們第二財季。有線電視費用比前一年減少 16%，主要是由於相關體育轉許可費用的時間安排、福克斯新聞的成本降低以及 USFL 的拆分。總而言之，儘管該部門營收下降了 6%，但 Cable 的季度調整後 EBITDA 比去年同期成長了 3%，達到 8.9 億美元。

Turning to our Television segment, where revenues were $1.94 billion, down 22% from the prior year, while EBITDA increased 24%. TV affiliate fee revenues grew 9% over the prior year as price increases across our owned and operated as well as 30 FOX-affiliated stations more than offset the impact from subscriber declines.

轉向我們的電視部門，營收為 19.4 億美元，比上年下降 22%，而 EBITDA 成長 24%。由於我們擁有和經營的以及 30 個 FOX 附屬電視台的價格上漲，電視聯屬費用收入比上一年增長了 9%，這足以抵消訂戶數量下降的影響。

As mentioned previously, TV advertising revenues were impacted this quarter by the composition of our post-season NFL schedule, namely the absence of last year's Super Bowl and 2 less NFL playoff games. As a result, on a headline basis, TV advertising revenues were down 40%.

如前所述，本季電視廣告收入受到 NFL 賽季後賽程構成的影響，即缺少去年的超級盃比賽和少 2 場 NFL 季後賽。結果，總體而言，電視廣告收入下降了 40%。

TV Other revenues increased $30 million, primarily the result of the timing of deliveries from our entertainment production companies. While total TV revenues were down versus the prior year, this was more than offset by a 24% decrease in TV expenses.

電視其他收入增加了 3000 萬美元，主要是由於我們的娛樂製作公司的交付時間表所致。雖然電視總收入較上年有所下降，但電視支出下降 24% 足以抵消這一影響。

Expenses were lower in the quarter, primarily due to the impact of the NFL schedule along with fewer hours of original scripted primetime content, including the impact of the industry labor disputes. All in, we delivered quarterly adjusted EBITDA at the TV segment of $145 million up 24% over the prior year quarter.

本季度費用較低，主要是由於 NFL 賽程的影響以及原始劇本黃金時段內容的小時數減少，包括行業勞資糾紛的影響。總而言之，我們電視部門的季度調整後 EBITDA 為 1.45 億美元，比去年同期成長 24%。

Turning to cash flow, where we generated strong free cash flow of $1.39 billion in the quarter, reflecting our normal seasonal cycle of collecting advertising revenues from our fall programming, coupled with our major sports rights' payments being concentrated in the first half of our fiscal year.

談到現金流，我們在本季度產生了13.9 億美元的強勁自由現金流，反映了我們從秋季節目中收取廣告收入的正常季節性週期，加上我們的主要體育賽事轉播權付款集中在我們的上半財年年。

From a capital return perspective, from the commencement of the third quarter through today, we have repurchased $300 million under our share buyback program, along with returning nearly $125 million to our shareholders via our semiannual dividend payment.

從資本回報的角度來看，從第三季初到今天，我們已根據股票回購計畫回購了 3 億美元，並透過半年度股息支付向股東返還了近 1.25 億美元。

Our total cumulative buyback activity since the launch of the program in 2019 now amounts to $5.4 billion or 26% of our total shares outstanding and we remain committed to fully utilizing our current $7 billion authorization. These capital return measures are supported by our robust balance sheet, where we ended the quarter with $3.8 billion in cash and $7.2 billion in gross debt.

自 2019 年啟動該計劃以來，我們的累計回購活動總額現已達到 54 億美元，占我們已發行股份總數的 26%，我們仍然致力於充分利用當前 70 億美元的授權。這些資本回報措施得到了我們穩健的資產負債表的支持，本季末我們擁有 38 億美元的現金和 72 億美元的總債務。

And with that, I'll turn the call back over to Gabby to open the Q&A.

然後，我會將電話轉回 Gabby 以開始問答。

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

偉大的。謝謝，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 John Hodulik from UBS.

（操作員說明） 您的第一個問題來自 UBS 的 John Hodulik。

Strong growth again at Tubi. I guess couple of questions on that. I mean, first, what's driving the growth in TVT. Any color you guys can provide on CPMs. Disney yesterday gave you a little color on some weakness in connected TV CPMs. And then three, any color you can provide on dilution at Tubi and maybe how you guys view future profitability of that business?

Tubi 再次強勁成長。我想有幾個問題。我的意思是，首先，是什麼推動了 TVT 的成長。你們可以在每千次曝光費用上提供任何顏色。迪士尼昨天向您介紹了連網電視每千次曝光費用的一些弱點。第三，您可以提供有關 Tubi 稀釋的任何信息，以及您如何看待該業務的未來盈利能力？

Thanks very much, John. So let me -- I'll start. I'm not quite sure what I understand what you mean by dilution at Tubi, but let me start with the other 2. The growth at Tubi continues to be incredibly strong. I think TVT growth comes from both new subscribers or new viewers finding the platform.

非常感謝，約翰。那麼就讓我——我開始吧。我不太確定我理解你所說的 Tubi 稀釋是什麼意思，但讓我從其他兩個開始。我認為 TVT 的成長來自於新訂閱者或新觀眾發現該平台。

As you'd be aware, we've very efficiently be marketing the platform to bring more people to it, and it's becoming a wider and wider known and loved brand in the marketplace. And the reason for that is we have -- we've talked about it on calls before, with 250,000 movies and television series, on the platform. And now over 250 in fact, I think, around 270 live Fast Channels on the platform, it really does offer a tremendous product for everyone who's utilizing it.

如您所知，我們非常有效地行銷該平台，以吸引更多人使用它，並且它正在成為市場上越來越廣泛的知名和喜愛的品牌。原因是我們之前在電話中討論過這個問題，平台上有 25 萬部電影和電視劇。事實上，我認為現在平台上有超過 250 個即時快速頻道，大約有 270 個，它確實為每個使用它的人提供了一個巨大的產品。

But it's very interesting because of all those Fast Channels and all those 2,300 movies and TV series, 90% of the viewing comes on demand. And this is very important because when the viewing comes on demand and it's proactively on demand as opposed to passively sort of sitting back and watching our Fast Channel, that's much more valuable to advertisers. And it certainly is something that we're going to make a big deal about at our upfront presentations next week.

但這非常有趣，因為所有這些快速頻道和所有 2,300 部電影和電視劇，90% 的觀看都是點播的。這非常重要，因為當觀看是按需觀看時，並且是主動點播，而不是被動地坐下來觀看我們的快速頻道，這對廣告商來說更有價值。這肯定是我們將在下週的前期演示中重點討論的事情。

So because of that, we are very confident we can hold our CPMs at Tubi. We're already very efficient with our CPMs. I think some of our competitors priced themselves when they entered the AVOD market over the past 12 and 18 months are very high, and we're seeing the marketplace then having to drop CPMs as new entrants add supply to the market.

因此，我們非常有信心能夠在 Tubi 保持 CPM。我們每千次的展示費用已經非常有效率。我認為我們的一些競爭對手在過去 12 和 18 個月進入 AVOD 市場時的定價非常高，而且我們看到隨著新進入者增加市場供應，市場不得不降低每千次展示費用。

So that's affecting the market overall. It certainly has an impact on the market for advertising for Tubi. But from a CPM point of view, it's not really going to be a big impact to us. I should just say, though, that next quarter, we are going to be facing difficult comps in the fourth quarter.

這正在影響整個市場。這無疑對 Tubi 的廣告市場產生了影響。但從每千次曝光費用的角度來看，這對我們來說並不會產生太大的影響。不過，我只想說，下個季度，我們將在第四季面臨困難的競爭。

I think if you remember, this time last year, Tubi was up 47%, in revenue, and that's going to be a very difficult comp for us next quarter. So there will be some headwinds for the whole marketplace, but from a comp point of view for Tubi as well in the next quarter. So that's just a slight word of caution.

我想如果你還記得的話，去年這個時候，Tubi 的收入成長了 47%，這對我們下個季度來說將是一個非常困難的競爭。因此，整個市場將面臨一些阻力，但從 Tubi 的競爭角度來看，下一季也是如此。所以這只是一個小小的警告。

Your next question comes from the line of Robert Fishman from Moffett.

你的下一個問題來自莫菲特的羅伯特‧菲什曼。

Given all the press about the NBA negotiations underway. I'm Just curious if you can think a little bit as far as your broader sports rights go? And how do you think about the value of FOX broadcast network as you negotiate those future sports, right?

鑑於所有媒體都在報導 NBA 談判正在進行中。我只是好奇你能否思考你更廣泛的運動權利？當您談判這些未來的體育賽事時，您如何看待福斯廣播網的價值，對吧？

And then the flip side of that is you feel like you're at a competitive disadvantage without your own SVOD service to compete for future rights? And then if I can, just separately, given all the M&A discussion in the industry, what are your latest thoughts on monetizing some of your strategic noncore assets like your FanDuel option and Studio Lot?

另一方面，如果沒有自己的 SVOD 服務來爭取未來的權利，您會覺得自己處於競爭劣勢嗎？然後，如果我可以單獨考慮一下行業中所有的併購討論，您對將部分戰略性非核心資產（例如 FanDuel 選項和 Studio Lot）貨幣化的最新想法是什麼？

Thanks, Roger (sic) [Robert]. So with the NBA, obviously, I can't sort of comment on other people's sort of negotiations and where that may or may end up. And in terms of how we think about it affecting the value of the FOX network and our sports portfolio. We're very happy with our sports portfolio.

謝謝，羅傑（原文如此）[羅伯特]。因此，對於 NBA，顯然，我無法對其他人的談判以及談判可能或可能的結果發表評論。就我們如何看待它影響福克斯網絡和我們的體育投資組合的價值而言。我們對我們的體育產品組合非常滿意。

We obviously look at -- right packages as they come up, but we see them as a portfolio or a bouquet of sports rights that we have, and we feel very strong with the current portfolio that we have, which is one of the reasons why we didn't pursue the NBA in this round of negotiations.

顯然，我們會關注出現的合適方案，但我們將它們視為我們擁有的一個投資組合或一束體育版權，我們對現有的投資組合感到非常強大，這就是原因之一這輪談判我們沒有追求NBA。

But I think it does go to the value of broadcast television because sports leagues still need reaches the -- is still incredibly important for them, for them to drive their fan bases, for them to get the maximum amount of viewership to their games and matches. And so the value of the FOX network and frankly, are our strategically kind of our position station group to any sports league only increases over time is what we're seeing.

但我認為這確實體現了廣播電視的價值，因為體育聯盟仍然需要達到——對他們來說仍然非常重要，對他們來說仍然非常重要，對他們來說，推動他們的球迷基礎，讓他們獲得最大數量的比賽和比賽的收視率。因此，福克斯網絡的價值，坦白說，我們對任何體育聯盟的戰略定位站組的價值只會隨著時間的推移而增加，這是我們所看到的。

And therefore, I don't think coming of -- second part of your question, I don't think we are strategically disadvantaged with not having a subscription video-on-demand service because we found in the past, we can partner with others. Well, frankly, the leagues to tend to partner with others, we can take the rights where we can broadcast to the most amount of Americans -- possible and they can allocate rights to SVODs as needed. But they're never going to be able to live entirely without a broadcast network and the broadcast distribution. M&A?

因此，我不認為你的問題的第二部分，我不認為我們因沒有訂閱視訊點播服務而處於戰略劣勢，因為我們過去發現，我們可以與其他人合作。好吧，坦白說，聯盟傾向於與其他聯盟合作，我們可以在可能的情況下向盡可能多的美國人轉播權利，並且他們可以根據需要向 SVOD 分配權利。但如果沒有廣播網絡和廣播發行，他們永遠無法生存。嘛？

Yes. So Robert, just in terms of the M&A picture, the way our posture on sort of what near-term noncore assets, like we're strong believers in the sports betting market in this country. We read with interest you all now to put $1 billion value on it. And so it is now our intention is to see through and eventually exercise.

是的。羅伯特，就併購情況而言，我們對近期非核心資產的態度，就像我們是這個國家體育博彩市場的堅定信徒一樣。我們現在饒有興趣地閱讀了你們對它的估價 10 億美元。所以現在我們的目的是看透並最終鍛鍊。

And then the Studio Lot, we think, is a long-term asset for us. We have development plans for that. And so we don't any change in posture around early monetization of those assets. We think they are incredibly valuable for the long-term.

我們認為，工作室對我們來說是一項長期資產。我們有這方面的發展計畫。因此，我們對這些資產的早期貨幣化的態度沒有任何改變。我們認為從長遠來看，它們具有難以置信的價值。

And I'd just remind you, it's not only the value of the option, but also the equity that we have in Flutter, which is today worth over $900 million.

我想提醒您的是，這不僅是選擇權的價值，還包括我們在 Flutter 中擁有的股權，該股權目前價值超過 9 億美元。

Next question please operator?

請接線生下一個問題？

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。

Just sort of a question around kind of your products coming to market, the streaming JV and also maybe how Tubi might fit in, any more you can share with us on sort of what you think is really differentiated about the product? We haven't seen it yet, you have.

只是關於您即將上市的產品類型、串流媒體合資企業以及 Tubi 可能如何融入的問題，您可以與我們分享您認為該產品真正與眾不同的地方嗎？我們還沒看到，你已經看到了。

And I noticed in the Disney deck yesterday that it says that a definitive agreement hasn't been signed yet. So I didn't know if there was something holding it up or if that meant anything or any update on sort of the go-forward plan?

我昨天在迪士尼平台上註意到，上面寫著尚未簽署最終協議。所以我不知道是否有什麼東西阻礙了它，或者這是否意味著任何事情或前進計劃的任何更新？

And then I'm wondering Tubi with its reach as an app-based service, is that an opportunity for maybe bundling the JV product or merchandising and in some way, you have a pretty interesting direct customer relationship with Tubi. I know it's a different kind of product offering. But I was curious, if you thought about leveraging that asset or those 2 assets together to create more value for the company.

然後我想知道 Tubi 作為基於應用程式的服務的影響力，是否是捆綁合資產品或商品的機會，並且在某種程度上，您與 Tubi 建立了非常有趣的直接客戶關係。我知道這是一種不同類型的產品。但我很好奇，您是否考慮利用該資產或這兩項資產為公司創造更多價值。

Thanks very much, Ben. So first of all, as I said, I've got actually in the room behind me, I've got the beta version of the streaming app and I don't think we've announced the name yet, so I won't inadvertently do it on this call. I hope not yet anyway.

非常感謝，本。首先，正如我所說，我實際上已經在我身後的房間裡，我已經有了串流媒體應用程式的測試版，我認為我們還沒有宣布這個名稱，所以我不會在這次通話中無意中執行了此操作。無論如何我希望還沒有。

And -- but look, it's something that we've been able to engage with, and it is really looking tremendously exciting, as I said in my comments. It's very innovative. It's designed to be entirely focused on the Cord-nevers, Cord-cutters, people who are not in the cable bundle.

而且——但是你看，這是我們能夠參與的事情，而且它看起來確實非常令人興奮，正如我在評論中所說的那樣。這是非常有創新性的。它的設計目標是完全專注於那些不喜歡電線的人、那些不喜歡電線的人以及那些不屬於電纜束的人。

And we frankly can't -- won't be able to compare it to a tier of live channels. It's a very different digital-first product which I'm -- when you eventually get it and get to enjoy it, you'll understand how groundbreaking certainly in this country, it really is.

坦白說，我們不能--無法將其與一級直播頻道進行比較。這是一款非常不同的數位優先產品，當你最終得到它並開始享受它時，你就會明白它在這個國家確實是多麼具有開創性。

In terms of the speed, everyone are running at a sort of full pace to get the product finished and delivered. Obviously, there's the fun side of it, which is like the user interface and how you use it, which has been great to use, but there's a ton of work, obviously, in engineering behind that in ingesting content from multiple partners and being able to combine that into one sort of seamless platform.

就速度而言，每個人都在全速奔跑以完成並交付產品。顯然，它有有趣的一面，就像用戶界面以及如何使用它一樣，使用起來很棒，但顯然，在從多個合作夥伴獲取內容並能夠在其背後的工程方面有大量的工作要做。其組合成一種無縫平台。

So there's a tremendous amount of work that's being done to get them -- to get us over the line this autumn but we're incredibly excited. And so there's no -- I wouldn't read anything into a final deal terms being signed. It's just a matter of everyone running on all cylinders to get this finished.

因此，我們正在做大量的工作來實現這些目標——讓我們在今年秋天越過界限，但我們感到非常興奮。因此，我不會在簽署的最終交易條款中解讀任何內容。只需要每個人都全力以赴才能完成這件事。

So -- on Tubi, sorry, the Tubi. We don't see Tubi is a very different product. We don't see an opportunity at this stage, or we haven't contemplated an opportunity at this stage to bundle the sports service with Tubi. I think it makes potentially more sense to bundle sports with other SVOD services, which you'll likely see as we go forward.

所以——關於圖比，對不起，圖比。我們不認為 Tubi 是一個非常不同的產品。我們現階段沒有看到機會，或者我們現階段沒有考慮過將體育服務與 Tubi 捆綁在一起的機會。我認為將體育賽事與其他 SVOD 服務捆綁在一起可能更有意義，隨著我們的發展，您可能會看到這一點。

Next question please.

請下一個問題。

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

您的下一個問題來自美國銀行的傑西卡·埃利希。

A couple of questions. First, on political advertising. Lachlan, you seem pretty confident that it will come back, but I guess the question is really -- will it come back to linear the way it has in the past and what's your overall outlook?

有幾個問題。首先，關於政治廣告。拉克蘭，你似乎對它會回來很有信心，但我想問題實際上是——它會像過去那樣恢復到線性狀態嗎？

Second, on M&A, you may have the strongest balance sheet in the industry. So I was just wondering, if you could explore what opportunities you see out there? There seems to be a lot of things going on in the industry.

其次，在併購方面，您可能擁有業界最強勁的資產負債表。所以我只是想知道，您是否可以探索您看到的機會？行業內似乎發生了很多事情。

And then finally, just a follow-up on Tubi, which has -- I mean such incredible momentum you've really pulled away from certainly all the other Fast Channels and competing with the big SVOD channels or network platforms. What does it look like over the next 3 years or so?

最後，只是 Tubi 的後續行動，我的意思是，它有著令人難以置信的勢頭，你確實已經脫離了所有其他快速頻道，並與大型 SVOD 頻道或網絡平台競爭。未來3年左右的時間會是什麼樣子？

Great. Thanks, Jessica. So on -- let me start with political. We are confident -- obviously we're disappointed for multiple reasons that there wasn't a more competitive primary season. But we certainly know this is an election which both sides of politics or all sides of politics are very focused on, have raised a tremendous amount of money, and that money will flow ultimately to local television. And we are extremely confident of that.

偉大的。謝謝，傑西卡。等等——讓我從政治開始。我們很有信心——顯然，由於多種原因，我們對沒有更具競爭力的初選賽季感到失望。但我們當然知道，這是一場政治雙方或政治各方都非常關注的選舉，籌集了大量資金，而這些資金最終將流向當地電視台。我們對此非常有信心。

One of the reasons we're confident in addition to the amount of money that we know has been raised are just a position of our stations -- specific stations within the group and how that aligns with the political map. If you look at the tight -- so putting aside presidential election and everyone focuses on (inaudible) call to talk about sort of national trends and people focus on presidential. But you have to look below presidential and look at sort of Senate races.

除了我們知道已經籌集到的資金之外，我們充滿信心的原因之一就是我們電台的立場——集團內的特定電台以及它如何與政治地圖保持一致。如果你看一下緊張的情況，那麼拋開總統選舉，每個人都專注於（聽不清楚）呼籲談論某種國家趨勢，人們關注總統。但你必須看看總統以下的情況，看看參議院的競選。

So we have tight Senate races in key markets where we have big stations. And you have to remember, Jessica, these are big new stations, right? And political money tends to run alongside news on local news. And so there's tight races in Arizona, in -- these are presented in Michigan, tight races Senate race in Pennsylvania and in Wisconsin. And also, of course, our DC station will benefit from tight race in Maryland.

因此，我們在擁有大型電台的關鍵市場上進行了激烈的參議院競選。你必須記住，傑西卡，這些都是大型新電台，對吧？政治資金往往與當地新聞一起出現。因此，亞利桑那州的競選非常激烈，密西根州的競選也很激烈，賓州和威斯康辛州的參議院競選也很激烈。當然，我們的華盛頓車站也將受益於馬裡蘭州的激烈競爭。

In addition, you've got a lot of issues on the ballot in different markets. So Arizona, Florida, I think Maryland again all have a lot of issue money flowing into those onto the ballot.

此外，不同市場的選票也存在著許多問題。因此，亞利桑那州、佛羅裡達州、馬裡蘭州都有大量發行資金流入選票。

So we think it's going to be an incredibly strong political season. We're just starting later than we had first expected. And then you traditionally have -- when you have a primary -- more contested primers. So we'll start to see the benefit of that in the first half of our next fiscal '25 for us.

因此，我們認為這將是一個異常強勁的政治季節。我們只是比我們最初預期的開始得晚而已。然後，當你有初選時，傳統上你會有更多有爭議的引子。因此，我們將在下一個 25 財年上半年開始看到這一點為我們帶來的好處。

The next question on M&A and the balance sheet, I agree wholeheartedly. I think we have the best balance sheet in the industry. So I think that's the math. That's just a fact. And so we continue to look for accretive opportunities that would align with our kind of strategic goals and initiatives, and we'll continue to do that. We obviously don't want our balance sheet to go to waste, but we haven't found anything yet that we're going to do or follow. So -- but it is something we are keeping a close eye on.

關於併購和資產負債表的下一個問題，我完全同意。我認為我們擁有業內最好的資產負債表。所以我認為這就是數學。這只是事實。因此，我們繼續尋找與我們的策略目標和舉措一致的增值機會，我們將繼續這樣做。我們顯然不希望我們的資產負債表被浪費，但我們還沒有找到任何我們要做或遵循的事情。所以——但這是我們正在密切關注的事情。

And then on Tubi, what is -- how does Tubi look over the next 3 years? Well, Tubi continues to grow. Obviously, as you get to scale, the growth trajectory, which is just harder to comp with the growth that we've had over the last couple of years. But Tubi continues to grow.

然後在 Tubi 上，未來 3 年 Tubi 會是什麼樣子？嗯，Tubi 還在繼續成長。顯然，隨著規模的擴大，成長軌跡就更難與我們過去幾年的成長相比較。但 Tubi 仍在持續成長。

Money will continue to flow from linear entertainment television, particularly cable entertainment networks into streaming AVOD and SVOD with advertising supported SVOD services. That trend will not slow and Tubi will be one of the main beneficiaries of that money flow. So we're confident in the continued growth of Tubi. And under the leadership of Anjali, it just goes from strength to strength.

資金將繼續從線性娛樂電視（尤其是有線娛樂網路）流向串流媒體 AVOD 和 SVOD（具有廣告支援的 SVOD 服務）。這一趨勢不會放緩，Tubi 將成為該資金流的主要受益者之一。所以我們對 Tubi 的持續成長充滿信心。在 Anjali 的領導下，它不斷壯大。

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 Michael Morris from Guggenheim.

好的。這個問題來自古根漢的邁克爾·莫里斯。

Two questions, if I could. The first one is on the JV and some of your existing distribution partners have brought up concerns. That it's in some way unfair to them for you to have a sports-only JV. It seems that you would disagree by virtue of the fact that you're moving forward. So I'd love if you could address those concerns and whether you think there will be changes in the marketplace or whether you think those concerns are unfounded?

如果可以的話，有兩個問題。第一個是關於合資企業，您現有的一些分銷合作夥伴提出了擔憂。從某種程度上來說，擁有隻從事體育運動的合資企業對他們來說是不公平的。看來你會因為你正在前進的事實而不同意。因此，我希望您能解決這些擔憂，以及您是否認為市場會發生變化，或者您認為這些擔憂是沒有根據的？

And the second question, a bit more on the model, perhaps for Steve, television profit was, I think, notably strong in the quarter, given that on a year-over-year basis, you did not have the Super Bowl or those extra playoff games. So can you maybe unpack a little bit?

第二個問題，更多關於模型，我認為，也許對史蒂夫來說，電視利潤在本季度特別強勁，因為與去年同期相比，你沒有超級盃或那些額外的收入季後賽。那你能稍微解壓一下嗎？

We would think that those types of events would be uniquely profitable so to show profit growth as you comp those challenges. I'd be curious if you could talk about sort of the sustainability and whether maybe we're overestimating how profitable those games are?

我們認為這些類型的活動將具有獨特的獲利能力，因此在您應對這些挑戰時可以顯示利潤成長。我很好奇你能否談談永續性，以及我們是否高估了這些遊戲的獲利能力？

Thanks, Mike. Well, let me start. So on the sports joint venture and how we certainly view it and how we discuss it with our distribution partners. I think the first thing, and this is incredibly important to us is that we are wholly and fundamentally supportive of the traditional cable television bundle.

謝謝，麥克。好吧，讓我開始吧。那麼關於體育合資企業以及我們如何看待它以及我們如何與我們的分銷合作夥伴討論它。我認為第一件事，這對我們來說非常重要，是我們完全和從根本上支持傳統的有線電視捆綁。

It will continue to be, for a very long time, our #1 revenue stream. And we are all in to support our distributors in every way we can in that bundle and supporting their subscribers and their business. So that's -- that is absolutely a fundamental fact for us.

在很長一段時間內，它將繼續成為我們的第一大收入來源。我們將全力以一切方式支持我們的經銷商，並支持他們的訂戶和業務。所以這對我們來說絕對是一個基本事實。

Having said that, we've always said it's important for us to put our brands where viewers are, right? And in the universe of sports fans that don't currently take a cable bundle, that is the universe that the sports joint venture will be entirely focused on, and it's frankly important to us that because we are so invested in the cable bundle, that the sports joint venture will be very targeted and very focused on the nontraditional pay TV viewer universe.

話雖如此，我們總是說將我們的品牌放在觀眾所在的地方很重要，對嗎？在目前不接受有線電視捆綁的體育迷群體中，這就是體育合資企業將完全關注的領域，坦率地說，這對我們來說很重要，因為我們對有線電視捆綁如此投入，該體育合資企業將非常有針對性，並且非常關注非傳統付費電視觀眾群體。

And we think we can very cleverly and very -- in a very targeted way market to those subscribers so that we minimize any cannibalization of the traditional -- of traditional subscribers. And so we're very open with our distributors. We're very open with how important they are to us and also how -- because of that importance, how we can focus the sports joint venture and the areas that needs to be focused on.

我們認為我們可以非常聰明、非常有針對性地向這些訂戶進行行銷，以便我們最大限度地減少對傳統訂戶的蠶食。因此，我們對經銷商非常開放。我們非常開放地了解它們對我們的重要性，以及由於這種重要性，我們如何能夠專注於體育合資企業以及需要關注的領域。

Mike, it's Steve. Just in terms of television profitability. So quarter-to-quarter, we were up close to $30 million. The way to think about it is the single biggest event was Super Bowl, which was a high tens of million dollars EBITDA contribution last year versus this year. But then you look at NBC to offset that, we grew affiliate fee in the segment by about $70 million. And so one for the other basically is a push, TV was a push quarter-on-quarter in terms of EBITDA deficit there.

麥克，這是史蒂夫。僅就電視獲利能力而言。因此，我們每季的營收成長了近 3,000 萬美元。想想看，最大的單一賽事是超級碗，與今年相比，去年的 EBITDA 貢獻高達數千萬美元。但你看看 NBC 來抵消這一影響，我們在該領域的聯盟費用增加了約 7000 萬美元。因此，一個對另一個基本上是一種推動，就 EBITDA 赤字而言，電視是季度環比的推動。

And so then what's left is the biggest EBITDA sort of driver of contribution when you look at it from a quarter-on-quarter perspective, is the change in entertainment programming costs, which was an ongoing push towards from scripted towards unscripted to get dollar cost per hour down without harming dealership as well as the impact of the strikes. And so that's -- there's a lot of other puts and takes in there, but there are sort of the big 3 things that driver.

因此，當你從季度環比的角度來看時，剩下的最大的 EBITDA 貢獻驅動因素是娛樂節目成本的變化，這是從腳本到無腳本的持續推動，以獲得美元成本每小時的下降不會損害經銷商以及罷工的影響。所以，還有很多其他的投入和投入，但有 3 件大事在推動。

At this point, we are out of time. But if you have any further questions, please give me or Charlie Costanzo a call. Thanks so much for joining us today.

此時，我們已經沒有時間了。但如果您有任何其他問題，請打電話給我或查理·科斯坦佐。非常感謝您今天加入我們。

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

女士們、先生們，今天的電話會議到此結束。感謝您使用 AT&T 高階主管電話會議。您現在可以斷開連線。