二十一世紀福斯 (FOX) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們、先生們，感謝你們的支持。

Welcome to the Fox Corporation fourth quarter fiscal year 2024 earnings conference call.

歡迎參加福斯公司2024財年第四季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）提醒一下，本次會議正在錄音。

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

現在，我將會議交給首席投資者關係長加布里埃爾布朗女士。

Please go ahead, Ms. Brown.

請繼續，布朗女士。

Thank you, operator.

謝謝您，接線生。

Good morning, and welcome to our fiscal 2024 fourth quarter earnings call.

早安，歡迎參加我們的 2024 財年第四季財報電話會議。

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.

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 (John Nallen)，營運長；以及我們的財務長 Steve Tomsic。

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

首先，Lachlan 和 Steve 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.

請注意，本次電話會議可能包含福克斯公司財務業績和經營業績的前瞻性陳述。

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.

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提交給美國證券交易委員會的文件中確定的某些因素，實際結果可能與所述的結果不同。

Additionally, this call will include certain non-GAAP financial measures, including adjusted EBITDA or EBITDA as we refer to it on this call.

此外，本次電話會議還將包括某些非 GAAP 財務指標，包括我們在本次電話會議中提到的調整後 EBITDA 或 EBITDA。

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.

非公認會計準則財務指標的對帳表包含在我們的收益報告和美國證券交易委員會 (SEC) 文件中，可在我們網站的「投資者關係」部分查閱。

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

現在，我很高興將電話轉給 Lachlan。

Thank you, Gabby, and thank you all for joining us this morning to celebrate our fiscal fourth quarter results.

謝謝你，加布麗，也謝謝大家今天早上和我們一起慶祝我們的第四季財務表現。

Fiscal 2024 was another successful year for Fox in which we delivered nearly $14 billion of revenue and $2.88 billion of EBITDA.

2024 財年對福斯來說又是成功的一年，我們實現了近 140 億美元的營收和 28.8 億美元的 EBITDA。

The year that just ended and the momentum from the start of our new fiscal year underscore that the soundness of our strategy, the consistency of our delivery, and the strength of our financial position has never been more clear.

剛過去的一年和新財年開始時的勢頭凸顯了我們策略的合理性、交付的一致性以及財務狀況的強勁。

Looking back, there were clear achievements across our businesses in fiscal '24, including delivering strong total company affiliate revenue growth each quarter from our ongoing renewals, cementing Tubi's position as the most watched free TV and movie streaming service in the United States, and generating a reinvigorated ratings and share growth at Fox News.

回顧過去，24財年我們的各項業務都取得了顯著成就，包括透過持續的續約，每季實現公司聯營公司總收入強勁增長，鞏固了Tubi作為美國收視率最高的免費電視和電影串流媒體服務的地位，並重新提高了福克斯新聞的收視率和份額。

The power of our brands and our ability to deliver engaged audiences at scale across our platforms remains remarkably strong.

我們的品牌力量和我們在各個平台上吸引大規模受眾的能力仍然十分強大。

Total time spent viewing all Fox brands increased in fiscal '24 despite the absence of the Super Bowl and FIFA Men's World Cup.

儘管沒有超級盃和國際足總男足世界杯，但 24 財年觀看福克斯所有品牌的總時間仍有所增加。

Tubi's viewing time as measured by Nielsen grew 57% in fiscal '24 for the absolute growth in minutes viewing easily surpassing the growth of leading subscription video-on-demand services.

根據尼爾森的統計數據，Tubi 的觀看時間在 24 財年增長了 57%，觀看分鐘數的絕對增長輕鬆超越了領先的訂閱視訊點播服務的增長。

Fox Sports Big Noon Saturday was the number one ranked window and college football for third straight year.

福克斯體育週六中午大節目連續第三年成為排名第一的窗口期和大學橄欖球節目。

While Americas game of the week hit an eight-year viewership high this fiscal year.

而本財年美國每週比賽的收視率創下了八年來的最高水準。

And Fox News was again the most watched network in cable news in fiscal '24 with 52% more minutes of viewing than its closest competitor.

福斯新聞再次成為 24 財年收視率最高的有線新聞網絡，收視時間比其最接近的競爭對手高出 52%。

Our foundation for this coming fiscal year is solid as we carry the momentum from fiscal '24 into another year of major events, particularly for our news and sports businesses.

我們為即將到來的財年打下了堅實的基礎，因為我們將延續24財年的勢頭，迎接另一個重大事件之年，特別是對於我們的新聞和體育業務而言。

The recent news cycle has been nothing short of extraordinary.

最近的新聞週期簡直是非同尋常。

And when news breaks, people turn to the news brand they trust.

當新聞爆出時，人們就會轉向他們信賴的新聞品牌。

The strength of our news coverage is unmatched, and Fox News remains the clear first choice for viewers during the most pivotal moment.

我們的新聞報導實力無與倫比，福斯新聞在最關鍵的時刻仍然是觀眾的首選。

The fourth quarter saw audience levels return to growth of the Fox News Channel, driven by our political coverage and strong prime time lineup.

第四季度，由於政治報道和強大的黃金時段節目陣容，福斯新聞台的觀眾水準恢復成長。

Fox News exited the fiscal year as the most watched network in all of cable in total day and in prime time and gained share amongst cable news networks in both prime and total day versus last year.

在本財年結束時，福克斯新聞台 (Fox News) 成為全天和黃金時段收視率最高的有線電視網絡，與去年相比，福克斯新聞台在黃金時段和全天收視率方面在有線電視新聞網絡中的份額都有所增加。

Furthermore, the rating story at Fox News continue to improve into this fiscal year when, in July, total viewers grew nearly 80% and the 25-54 Demo grew 120% over last year.

此外，福斯新聞的收視率在本財年持續提高，7月份，總觀眾人數比去年同期增加了近 80%，25-54 歲年齡層的觀眾人數增加了 120%。

Fox News had its highest rated we can ever in prime time in July with other -- with over 5.7 million viewers tuning in to its extended coverage of the Trump rally in Butler, Pennsylvania.

福斯新聞 (Fox News) 7 月黃金時段收視率創下歷史新高，超過 570 萬觀眾收看了其對賓州巴特勒川普集會的延長報道。

In fact, Fox News had its highest share of the cable news audience across the board in prime time since August 2015.

事實上，自 2015 年 8 月以來，福斯新聞在黃金時段的有線新聞觀眾中所佔份額達到了最高。

And the Fox News Channel rated number one across all linear television in July for total viewers in weekday prime, beating the nearest broadcast competitor by nearly 10%.

7 月份，福斯新聞台在所有有線電視頻道中，平日黃金時段的收視總人數排名第一，比最接近的廣播競爭對手高出近 10%。

These positive trends bode well for news as we continue to this extraordinary news cycle.

隨著我們繼續進入這一非凡的新聞週期，這些積極的趨勢對新聞來說是一個好兆頭。

But news is not our only business with great momentum.

但新聞並不是我們唯一發展勢頭強勁的業務。

Tubi is also enjoying impressive viewership metrics and revenue growth.

Tubi 的收視率和收入也取得了令人印象深刻的成長。

Tubi improved upon its status as the most-watched free TV and movie streaming service in the US, finishing the fiscal year at a record high of 2% of total TV viewing.

Tubi 鞏固了其作為美國觀看人數最多的免費電視和電影串流服務的地位，並在本財年結束時佔據了總電視觀看人數的 2%，創下了歷史新高。

Tubi saw continued momentum in viewership during the fourth quarter, reaching an all-time high of 81 million monthly active users and growing total view time by 17% driven by expansive library that offers something for every consumer.

Tubi 第四季的收視率持續保持強勁勢頭，每月活躍用戶數達到歷史最高水準 8,100 萬，總觀看時間成長了 17%，這得益於其豐富的內容庫，能夠滿足每位消費者的需求。

Not only is the Tubi library the largest in the US, but it also has unique content that audiences can only find on Tubi.

Tubi 的內容庫不僅是美國最大的，而且還擁有觀眾只能在 Tubi 上找到的獨特內容。

Notwithstanding a complex digital advertising marketplace and a tough year-on-year comparison, this viewership grow 7% revenue growth during the quarter.

儘管數位廣告市場複雜且同比差異較大，但本季的觀眾收入仍成長了 7%。

Importantly, however, we ended the month of June with revenue growth in the teens, and that pace has continued into this quarter with steady pricing despite increased inventory in the overall market.

然而，重要的是，我們在六月底實現了十幾歲的收入成長，儘管整體市場庫存增加，但這一增長速度一直延續到本季度，價格保持穩定。

Over at Fox Sports, the fourth quarter was very active, thanks to Fox's Summer of Soccer, which exceeded all expectations and set viewership records.

在福斯體育方面，第四季非常活躍，這要歸功於福斯的《足球之夏》，它超出了所有人的預期並創下了收視率紀錄。

The UEFA European Championship averaged 1.7 million viewers across the Fox broadcast network and FS1, a 34% gain over 2021 tournament.

歐洲足球錦標賽透過福克斯廣播網絡和 FS1 平均吸引了 170 萬觀眾，比 2021 年錦標賽增長了 34%。

And Copa America averaged 1.4 million viewers over 3 times increase above the 2021 tournament.

美洲盃平均觀眾人數為 140 萬，比 2021 年錦標賽增加了 3 倍以上。

The two final also broke records and now rank of the most of our soccer matches ever on Fox other than World Cup matches.

這兩場決賽也打破了紀錄，成為福斯電視台播出除世界盃比賽之外最多的足球比賽。

But it's not just soccer that our audiences are watching this summer.

但今年夏天我們的觀眾觀看的不僅僅是足球。

The regular season of Major League Baseball is also trending positively.

美國職棒大聯盟的例行賽也呈現正向趨勢。

And our special broadcast of the record game and the Major League Baseball All-Star Game each performed well above expectations.

我們對創紀錄比賽和美國職棒大聯盟全明星賽的特別轉播表現都遠遠超出了預期。

And in just a few short weeks, we welcome back the NFL and College Football on Fox.

短短幾週後，我們就將在福克斯電視台重新迎來 NFL 和大學橄欖球節目。

Our 2024 NFL schedule will start strong.

我們的 2024 年 NFL 賽程將會強勁開局。

Fox's first four America's game of the week windows includes three Dallas Cowboys' games and a rematch of last year's Chiefs versus (Niners) Super Bowl.

福克斯本週首批四場美國比賽包括三場達拉斯牛仔隊的比賽以及去年酋長隊與（49 人隊）超級碗的重賽。

And of course, our schedule end strong queue culminating in Super Bowl LIX this February on Fox.

當然，我們的賽程安排以今年 2 月在福克斯電視台播出的第 59 屆超級盃為高潮。

Also debuting this fall will be a new lineup from Fox Entertainment with the return of popular shows like Hell's Kitchen and The Masked Singer and the debut of new dramas like Hi-Surf and Murder in a Small Town, which many of you saw a preview of our successful upfront presentation in May.

今年秋季還將首播福克斯娛樂 (Fox Entertainment) 的新劇集陣容，包括《地獄廚房》和《蒙面歌王》等熱門劇集的回歸，以及《Hi-Surf》和《小鎮謀殺案》等新劇集的首播，你們中的許多人已經在我們五月份成功預映的預告片中看過了。

Speaking of the upfront, we see a much healthier market than the nuanced one I referred to six months ago.

說到前期，我們看到的市場比我六個月前提到的市場健康得多。

As evidence, our upfront commitments were strong.

作為證據，我們的前期承諾是強而有力的。

Our focused portfolio of market-leading properties in sports, news, entertainment and streaming delivered year-over-year growth in both linear and digital advertising commitments as well as growth in the overall portfolio pricing in this year's upfront.

我們專注於體育、新聞、娛樂和串流媒體領域的市場領先資產組合，實現了線性和數位廣告承諾的同比增長，以及今年預付的整體投資組合定價的增長。

Notably, we saw double digit volume growth and stable pricing activity, which is testament to its incredible momentum in the streaming marketplace.

值得注意的是，我們看到了兩位數的銷售成長和穩定的定價活動，這證明了其在串流媒體市場的驚人發展勢頭。

At the local level, we are expecting a very robust election advertising cycle that will be weighted to our second quarter.

在地方層面，我們預期選舉廣告週期將非常強勁，這將影響到第二季的業績。

If anything, at the [price] as the polling tightens the election map may be extended to more of the markets in which we operate.

不管怎樣，隨著民調的收緊，選舉地圖可能會擴展到我們經營的更多市場。

As we enter a very exciting fiscal 2025, we will continue to focus on execution with events such as the US election cycle at our local stations and Fox News Super Bowl LIX on Fox, the renewal of a one-quarter of our distribution revenue and the launch of the Venu Sports streaming service in the fall.

隨著我們進入令人興奮的 2025 財年，我們將繼續專注於執行各種活動，例如我們當地電視台的美國大選週期和福克斯的福克斯新聞超級碗 LIX、四分之一分銷收入的續簽以及秋季推出 Venu Sports 串流媒體服務。

Our strong differentiated position, coupled with the strength of our balance sheet underpin our confidence on continuing to deliver meaningful shareholder returns.

我們強大的差異化地位，加上強勁的資產負債表，增強了我們持續為股東帶來可觀回報的信心。

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

現在我將把麥克風交給史蒂夫。

Thanks, Lachlan, and good morning, everyone.

謝謝，Lachlan，大家早安。

Fox once again delivered financially in fiscal 2024 with total company revenues of almost $14 billion and adjusted EBITDA of $2.88 billion.

福斯在 2024 財年再次實現財務業績，公司總收入接近 140 億美元，調整後 EBITDA 為 28.8 億美元。

We successfully completed approximately one-third of our affiliate renewals this year.

今年，我們成功完成了約三分之一的附屬公司的續約。

With the financial benefits of these renewals driving 4% growth in total company affiliate fee revenues led by 9% growth at the television segment.

這些續約帶來的財務利益推動了公司總聯營費收入成長 4%，其中電視部門成長 9%。

As fiscal 2024 results compare against the prior year of marquee events, including the record pricing Super Bowl LVII, the FIFA Men's World Cup in the midterm election cycle.

將 2024 財年的結果與前一年的大型賽事進行比較，包括創紀錄的第 57 屆超級盃、中期選舉週期中的國際足總男足世界盃。

As anticipated, the comparison to these cyclical events contributed to an 18% decline in total company advertising revenues.

正如預期的那樣，與這些週期性事件相比，導致公司廣告總收入下降了 18%。

Total company other revenues were down 4% year over year, with higher sports sub-licensing revenues more than offset by lower content revenues impacted by the SAG and WGA labor disputes.

該公司其他總收入年減 4%，其中體育轉授權收入的增加被美國演員工會 (SAG) 和美國作家協會 (WGA) 勞資糾紛造成的內容收入下降所抵消。

Total company expenses decreased 5%, largely due to the absence of costs associated with the Super Bowl and Men's World Cup in the prior year.

公司總支出減少了 5%，這主要是因為沒有上一年超級盃和男足世界盃的相關費用。

However, this was partially offset by the first year step up under our new NFL rights agreement.

然而，這一增長被我們新的 NFL 版權協議第一年的增長部分抵消了。

Also contributing to this overall decrease in expenses were lower entertainment programming costs due to the strikes.

罷工導致的娛樂節目成本降低也是導致整體支出下降的原因之一。

Net income attributable to stockholders was $1.5 billion or $3.13 per share, up versus the $1.24 billion or $2.33 per share reported in fiscal 2023.

歸屬於股東的淨利潤為 15 億美元，即每股 3.13 美元，高於 2023 財年的 12.4 億美元，即每股 2.33 美元。

Restructuring impairment and other corporate matters was impacted by charges associated with the FOX News Media litigation last year.

重組減損和其他公司事宜受到去年福斯新聞媒體訴訟相關指控的影響。

And non-operating other net was impacted by the change in fair value of the company's investment in Flutter.

而非經營性其他淨收入則受到公司對 Flutter 投資公允價值變動的影響。

Partially offset by the book gain on USFL [assets] contributed to the United Football League joint venture.

部分被 USFL（資產）對美國橄欖球聯盟合資企業的帳面收益所抵銷。

Excluding non-core items, full year adjusted net income was $1.65 billion and adjusted EPS was $3.43 a share.

不包括非核心項目，全年調整後淨收入為 16.5 億美元，調整後每股收益為 3.43 美元。

Turning to our fiscal fourth quarter, Fox delivered total revenues of $3.09 billion, up 2% from the prior year quarter and quarterly adjusted EBITDA of $773 million, up 5% from the prior year quarter.

回顧我們的第四財季，福斯的總營收為 30.9 億美元，較去年同期成長 2%，季調整後 EBITDA 為 7.73 億美元，較去年同期成長 5%。

Total company affiliate fee revenues grew 5% over the prior year, with growth at both our television and cable segments supported by our recent cycle as affiliate renewals.

公司總聯營費用收入比上年增長了 5%，其中，電視和有線電視部門的成長得益於近期聯營續約週期的支持。

Total company advertising revenues were flat as the revenue generated from our Summer of Soccer and growth of Tubi was offset by lower ratings and pricing at the Fox Network.

該公司廣告總收入持平，因為夏季足球賽和 Tubi 的成長產生的收入被福克斯網絡的收視率和定價下降所抵消。

Total company other revenues were down 11%, primarily due to a lower volume of third-party content sales in the current year quarter.

該公司其他總收入下降 11%，主要原因是本季第三方內容銷售量下降。

Growth in total company expenses was held to 1%.

公司總支出增幅控制在 1%。

Here, costs associated with the broadcast of the [UEFA Euros] and Copa America, along with digital investments at Tubi were partially offset by the deconsolidation of the USFL and lower programming and production costs at FOX Entertainment from the higher mix of unscripted versus scripted content.

在這裡，與歐洲盃和美洲盃轉播相關的成本以及 Tubi 的數位投資部分被 USFL 的分割和 FOX Entertainment 因非腳本內容與腳本內容比例較高而降低的節目製作成本所抵消。

Net income attributable to stockholders of $319 million or $0.68 per share was down versus the $375 million or $0.74 per share reported in the prior year quarter.

股東淨利為 3.19 億美元，即每股 0.68 美元，低於去年同期的 3.75 億美元，即每股 0.74 美元。

Excluding non-core items, adjusted net income in the quarter increased to $423 million, while adjusted EPS grew 2% to $0.90 a share.

不包括非核心項目，本季調整後淨收入增至 4.23 億美元，調整後每股收益成長 2% 至每股 0.90 美元。

Now turning to the quarterly results of our main operating segments.

現在來談談我們主要營運部門的季度業績。

At Cable Networks, fourth quarter revenue grew 2% year over year.

有線電視網絡公司第四季營收年增 2%。

Cable affiliate fee revenues increased 2%, with growth in pricing from our affiliate renewals outpacing the impact from industry subscriber declines running in the mid 8% range.

有線電視聯盟費收入成長了 2%，聯盟續約帶來的定價成長超過了產業用戶減少 8% 左右的影響。

Cable advertising revenues grew 3% at the national sports networks, advertising benefited from the broadcast of CONMEBOL Copa America and the UEFA European Championship.

國家體育網絡的有線廣告收入增長了 3%，廣告收入受益於南美杯和歐洲足球錦標賽的轉播。

At FOX News, ad revenues benefited from higher pricing, improved ratings and slightly lower preemptions.

福斯新聞的廣告收入得益於更高的定價、更高的收視率和略微降低的搶佔率。

Had other revenues were essentially unchanged from the prior year quarter.

其他收入與去年同期相比基本沒有變化。

Total expenses were 11% lower than the prior year quarter, primarily due to the deconsolidation of the USFL and lower programming costs at FOX News partially offset by the UEFA Euros and Copa America.

總支出比去年同期下降了 11%，這主要是由於 USFL 的拆分和 FOX News 的節目製作成本降低（但被歐洲杯和美洲杯部分抵消）。

All in quarterly adjusted EBITDA at the Cable segment grew 20% over the prior year quarter to reach $703 million.

有線電視部門季度調整後息稅折舊攤提前利潤較去年同期成長 20%，達到 7.03 億美元。

Turning to our television segment, where we delivered 2% growth in quarterly revenues.

談到我們的電視部門，我們的季度收入成長了 2%。

This was led by 9% growth in television affiliate fee revenues as price increases across Fox owned and operated and Fox affiliated stations continued to outpace the impact from subscriber declines.

由於福斯自有和經營的電視台以及福斯附屬電視台的價格上漲繼續超過訂戶減少的影響，電視附屬費收入增加了 9%。

Television advertising revenues fell 1% as the broadcast of the UEFA Euros and Copa America and growth at Tubi were offset by lower ratings and pricing at the Fox Network.

電視廣告收入下降了 1%，原因是歐洲盃和美洲盃的轉播以及 Tubi 的成長被福克斯電視網的收視率下降和定價所抵消。

Television other revenues fell 19% in the quarter, primarily a result of a lower volume of third-party content sales.

本季電視其他收入下降 19%，主要原因是第三方內容銷售量下降。

Expenses at the television segment grew 8% over the prior year quarter, primarily due to costs associated with UEFA Euros and Copa America and digital investment in Tubi, partially offset by lower programming and production costs at FOX Entertainment.

電視部門的支出較去年同期增長了 8%，主要原因是與歐錦賽和美洲杯相關的成本以及對 Tubi 的數位投資，但福克斯娛樂公司的節目和製作成本的降低部分抵消了這一增長。

Taking all these factors into account, quarterly adjusted EBITDA at the television segment declined 35% against the prior year quarter to $148 million.

綜合考慮所有這些因素，電視部門的季度調整後 EBITDA 較去年同期下降 35% 至 1.48 億美元。

During the full year, we generated free cash flow, which we define as net cash provided by operating activities less CapEx to $1.5 billion.

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資本支出，達到 15 億美元。

Before we get to capital allocation and balance sheet, it is worth noting some key guidance for this coming fiscal year.

在我們討論資本配置和資產負債表之前，值得注意的是下一財年的一些關鍵指引。

Most notably, we returned to another major event cycle in fiscal 2025, led by Super Bowl LIX, which we expect will drive significant growth in both advertising revenues and free cash flow.

最值得注意的是，我們在 2025 財年回到了另一個重大事件週期，以超級盃 LIX 為首，我們預計這將推動廣告收入和自由現金流的顯著增長。

However, this is the first Super Bowl under our new NFL contract and accordingly will have elevated rights amortization.

然而，這是我們根據新的 NFL 合約舉辦的第一場超級盃比賽，因此權利攤銷將會提高。

We continue to expect strong political advertising in the first half of the fiscal year from the election cycle, which will particularly benefit our stations group.

我們繼續預計，在財政年度上半年，選舉週期將帶來強勁的政治廣告，這將特別有利於我們的電台集團。

From an affiliate revenue perspective, we have a relatively light year of renewals with approximately one quarter of our total company distribution revenues up for renewal, which are more weighted to our cable segment.

從聯營公司收入的角度來看，今年我們的續約業務相對較少，約有四分之一的公司總分銷收入需要續約，這些收入主要來自我們的有線電視部門。

We expect to continue to invest in our digitgal lead growth initiatives.

我們希望繼續投資我們的數位領先成長計劃。

Here, Tubi will continue to be the focus of investment spend with the collective digital portfolio expected to deliver improved EBITDA relative to 2024.

在這裡，Tubi 將繼續成為投資支出的重點，預計其集體數位投資組合將比 2024 年實現更好的 EBITDA。

We also look forward to the expected launch of Venu Sports this fall.

我們也期待今年秋季 Venu Sports 的推出。

As a reminder, our share of ownership results from Venu will be recorded below EBITDA in equity earnings.

提醒一下，我們從 Venu 獲得的所有權份額結果將記錄在股權收益的 EBITDA 以下。

Returning to capital allocation.

回歸資本配置。

Over the course of the fiscal year, we returned $1 billion of capital through the repurchase of 40 million Class A shares and a further $250 million in dividend payments, underlining our continued commitment to shareholder returns.

在本財政年度，我們透過回購 4,000 萬股 A​​ 類股和另外支付 2.5 億美元的股息返還了 10 億美元的資本，凸顯了我們對股東回報的持續承諾。

Today, we announced an increase in our semiannual dividend to $0.27 per share.

今天，我們宣布將半年股息增加至每股 0.27 美元。

With the payment of this dividend and taking into account share repurchase activity since year end, we will accumulatively returned over $7.25 billion dollars of capital to our shareholders since the spin in 2019.

透過支付此股利並考慮到自年底以來的股票回購活動，自 2019 年分拆以來，我們將累計向股東返還超過 72.5 億美元的資本。

This includes $5.65 billion of share repurchases, representing over 27% of our total shares outstanding since the launch of the buyback program in November 2019.

其中包括 56.5 億美元的股票回購，占我們自 2019 年 11 月啟動回購計畫以來總流通股的 27% 以上。

This is all supported by the strength of our balance sheet, where we ended the quarter with $4.3 billion in cash and approximately $7.2 billion in debt.

這一切都歸功於我們強勁的資產負債表，本季末我們的現金餘額為 43 億美元，債務約 72 億美元。

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

說完這些，我將把電話轉回給 Gabby，開始問答環節。

Great.

偉大的。

Thanks, Steve.

謝謝，史蒂夫。

And now we will be happy to take questions from the investment community.

現在我們很樂意回答投資界的提問。

(Operator Instructions) Ben Swinburne, Morgan Stanley.

（操作員指示） 摩根士丹利的本‧斯溫伯恩 (Ben Swinburne)。

Thank you.

謝謝。

Good morning.

早安.

I want to ask about Venu, which is launching quite soon.

我想詢問有關即將推出的 Venu 的問題。

You guys have announced, or they've announced the price point.

你們已經宣布了，或者他們已經宣布了價格點。

I guess, Lachlan, how are you thinking about this product now that it's about to launch and pricings out?

我想，Lachlan，現在這款產品即將上市，定價也已經公佈，您對它有什麼看法？

You've given us some sense of longer-term subscriber potential, but I didn't know if you wanted to revisit that or to share your thoughts on how you think that product fits and who the audience is.

您向我們介紹了一些長期訂閱用戶的潛力，但我不知道您是否願意重新討論這個問題，或者分享一下您認為該產品適合什麼類型以及其受眾是誰的想法。

And Steve, is there anything we should be thinking about in terms of the impact of the financials in fiscal '25 from Venu.

史蒂夫，就 Venu 對 25 財年財務的影響而言，我們應該考慮什麼嗎？

Sort of across the income statement or cash flow statement that we should be keeping our eyes on.

我們應該密切注意損益表或現金流量表。

I know you guys are obviously equity partners and also will benefit from any revenue generation product.

我知道你們顯然是股權合作夥伴，也會從任何創收產品中受益。

Thanks so much.

非常感謝。

Hey, Ben, thank you very much for your question and good morning.

嘿，本，非常感謝你的提問，早安。

Obviously, a number of our milestones have been achieved on the development of Venu as we've gone through the beta and as it leads towards the launch later this month.

顯然，隨著我們完成測試階段並將於本月稍後發布，我們在 Venu 開發過程中實現了許多里程碑。

This new beta releases, we are practically every day and the product is looking both excellent, really good, but also in a quite revolutionary in the way Americans are going to view sport, so, we remain incredibly excited about it.

在新的測試版發布後，我們幾乎每天都在關注，產品不僅看起來非常出色，而且非常好，而且對美國人觀看體育運動的方式也具有革命性，因此，我們對此感到非常興奮。

Venu announced their pricing and $42.99 as an initial launch price.

Venu 公佈了其定價，初始發布價為 42.99 美元。

We think that really hits the right mark and the target for where we want to be as a business, but also as a consumer proposition.

我們認為，這確實達到了正確的標準，不僅代表了我們身為企業的目標，也代表了我們身為消費者的訴求。

And there's no update really on our expectations of 5 million subscribers over five years.

我們對於五年內 500 萬用戶的預期並沒有實際更新。

That's what's in the business plan, and that's what we're in to achieve.

這就是商業計畫中的內容，也是我們要實現的目標。

Obviously, it's very important that those subscribers are focused on cord cutters and cord nevers.

顯然，讓這些訂閱者關注剪線族和永不剪線族非常重要。

We feel that and all the partners in Venu feel very strongly that we can target our marketing and our subscriber acquisition to sports fans that are not currently in the cable television bundle, that's important to us.

我們和 Venu 的所有合作夥伴都堅信，我們可以將我們的行銷和訂戶獲取目標鎖定在目前尚未訂閱有線電視套餐的體育迷身上，這對我們而言非常重要。

And that really is what leads us to subscriber level in the mid single digit millions.

這確實使我們的用戶數量達到了數千萬。

Steve?

史蒂夫？

Yeah.

是的。

Thanks, Ben.

謝謝，本。

So in terms of impact in financial statements, obviously, we had a two sided relationship with Venu Sports.

因此，就對財務報表的影響而言，顯然我們與 Venu Sports 是雙向關係。

So -- as a shareholder, the business is going to take some time to sort of get the cash flow breakeven.

因此，身為股東，企業需要一些時間才能達到現金流量收支平衡。

So from a shareholder perspective, you'll see that investment come through.

因此從股東的角度來看，您會看到投資獲得成功。

We'll take the deficit through equity earnings in the P&L and investment through the cash flow that obviously we're a key supplier to the JV being a content supplier of our sports networks.

我們將透過損益表中的股權收益和現金流中的投資來彌補赤字，顯然我們是合資企業的主要供應商，也是我們體育網絡的內容供應商。

And so, the benefit that you'll see come through from their affiliate fee revenues, both in cable and TV.

因此，您將看到收益來自於他們的有線電視和電視的聯盟費收入。

So it's a touch early.

所以現在還為時過早。

I think we've assumed 100% locked down in terms of launch date to give you any sort of guide on quantum in terms of fiscal '25 impact.

我認為我們已經 100% 確定了發布日期，以便為您提供有關財政 25 影響方面的量子指導。

But as I said, I think a couple of earnings calls ago, on a net-net basis, it should be accretive to us from a pretty quick basis.

但正如我所說的，我認為在幾次收益電話會議之前，從淨收入來看，它應該會以相當快的速度為我們帶來增值。

Operator, next question, please.

接線員，請問下一個問題。

John Hodulik, UBS.

瑞銀的 John Hodulik。

Maybe a couple of quick questions on the ad market.

也許有幾個關於廣告市場的快速問題。

First of all, on the TV side, you had mentioned lower pricing that you're seeing.

首先，在電視方面，您提到了您看到的較低的價格。

Can you delineate what you're seeing on the sports side versus entertainment.

您能描述一下您在體育方面和娛樂方面所看到的東西嗎？

And on cable, just any outlook you can provide on the cable ads outlook, just given the strong ratings we've seen thus far in 3Q?

關於有線電視，鑑於第三季迄今的強勁收視率，您能否對有線電視廣告的前景提供一些展望？

And then lastly, on political, as we head into this, what I would call unprecedented political situation, I mean, just any way to size what you expect from political spending versus other previous presidential elections would be great.

最後，關於政治，當我們討論這個問題時，我稱之為前所未有的政治局勢，我的意思是，任何能夠衡量你對政治支出與以往總統選舉相比的預期的方式都是很好的。

Thanks

謝謝

Thanks very much, John.

非常感謝，約翰。

So overall, our pricing is very strong, and we had both pricing and volume increases are coming out of our upfront.

因此，整體而言，我們的定價非常強勁，而且我們的定價和銷售成長都來自於前期費用。

We've now closed or upfront.

我們現在已經結束或提前結束。

We've -- 99% of the businesses in house.

我們 99% 的業務都在公司內部進行。

So the upfront processes is now completed.

因此前期流程現已完成。

I'm happy to report it very successfully.

我很高興能夠非常成功地報道此事。

Going into the upfront to be totally honest, there was internationals.

坦白說，前面有國際球員。

There were some headwinds that you can see and we still remain cautiously optimistic about what could be achieved, but we actually came through the upfront above our expectations.

您可以看到存在一些阻力，並且我們仍然對可能取得的成就保持謹慎樂觀的態度，但實際上我們已經超越了我們的預期。

And again, I'm pretty pleased with the momentum that we saw in our businesses.

我對我們的業務所取得的進展感到非常滿意。

Of course, this was led by sport in both the sport inventory that we have and marquee events that we have are culminating in Super Bowl LIX this year.

當然，這主要由體育運動引領，我們擁有的體育項目和大型賽事都在今年的超級碗 LIX 中達到高潮。

Sport was incredibly strong, not just in football, but also in Major League Baseball.

運動非常強大，不僅在足球方面，而且在美國職棒大聯盟方面也是如此。

So we're very pleased with that.

我們對此非常滿意。

In cable, Fox News also saw volume increases in the upfront most pleasingly.

在有線電視方面，福斯新聞的預付費量也令人欣喜地出現了成長。

I think -- obviously, that's coupled with really remarkable ratings increases, but most important, and we've talked about this a number of times on previous calls, the strength in the direct response marketplace in the high teens, in terms of pricing is a great return to growth in pricing for our direct response and really bodes well for that line of our business.

我認為——顯然，這與非常顯著的評級增長相結合，但最重要的是，我們在之前的電話會議上多次談到這一點，直接響應市場在定價方面表現出高水平的實力，這是我們直接響應定價的巨大恢復，這對我們的業務線來說確實是一個好兆頭。

When we then look at on political, we expect probably [X] the Georgia runoff.

當我們從政治角度看待問題時，我們預期喬治亞州可能會出現決選。

So, if you look at -- so the apples to apples of political cycles, we would expect a record political cycle this year.

因此，如果你看一下政治週期的相互對比，我們預計今年的政治週期將創下紀錄。

And in particular as the race heats up, we're seeing more money flow into the marketplace and a new marketplace is emerging as I mentioned in my prepared comments, as the races tightens.

特別是隨著競爭日益激烈，我們看到越來越多的資金流入市場，而且正如我在準備好的評論中提到的那樣，隨著競爭日益激烈，一個新的市場正在湧現。

For instance, Atlanta and Phoenix, where there's a significant amount of money now being placed only in the last couple of weeks.

例如亞特蘭大和鳳凰城，光是最近幾週就有大量資金投入其中。

So we do expect a very robust political cycle.

因此，我們確實預期會出現一個非常強勁的政治週期。

And we think a record political cycle (inaudible) the Georgia runoff four years ago.

我們認為創紀錄的政治週期（聽不清楚）是四年前的喬治亞州決選。

Next question, please.

請回答下一個問題。

Operator.

操作員。

Robert Fishman, MoffettNathanson.

羅伯特·菲什曼、莫菲特·納森森。

Hi, good morning, everyone.

大家早安。

Can you share your latest expectations to keep growing affiliate fees than fiscal '25 after the pricing increases roll through from your recent renewals?

您能否分享一下您最近的預期，即在最近的續約導致價格上漲之後，聯盟費用是否會繼續比 25 財年有所增長？

And how much more room is there to drive retrans price, given the importance of Fox's exclusive sports content in the pay TV ecosystem?

考慮到福斯獨家體育內容在付費電視生態系統中的重要性，轉播價格還有多少上漲空間？

And then just separately, if I can, how should investors think about the level of content spend across the company?

然後單獨來說，如果可以的話，投資人應該如何看待整個公司的內容支出水準？

Maybe just help us with the right balance between sport and scripted entertainment, unscripted and even Tubi?

也許只是幫助我們在運動和有劇本的娛樂、非劇本的娛樂甚至 Tubi 之間取得適當的平衡？

Thanks so much.

非常感謝。

Thank you very much, Robert.

非常感謝，羅伯特。

I think, on growing affiliate fees, we expect to continue to modestly grow our affiliate fees in light of, obviously, the declining volume of subscribers.

我認為，在聯盟費用不斷增長的情況下，考慮到訂閱用戶數量明顯下降，我們預計聯盟費用將繼續適度增長。

I think from -- we called out in the past quarter or last quarter, sort of a reduction in subscribers of around 8%, mid 8%.

我認為——我們在上個季度或上個季度預測過，用戶數量會減少 8% 左右。

And as that continues, we'll be able to grow our pricing above that, but it's going to be modestly above that number.

隨著這種情況的持續，我們將能夠把價格提高到這個水平以上，但會略高於這個數字。

And that's really based on the focus of our core brands.

這確實是基於我們核心品牌的重點。

The fact that we're not carrying the baggage of any entertainment cable channels or legacy channels which would you have to use or the leverage of FOX News or Fox Sports to support.

事實上，我們不會背負任何娛樂有線頻道或傳統頻道的包袱，這些頻道可能必須藉助福克斯新聞 (FOX News) 或福克斯體育 (Fox Sports) 來支持。

We can be entirely focused on driving the appropriate value for our core cable brands and also for our television stations re-transmission.

我們可以完全專注於為我們的核心有線電視品牌以及電視台的轉播創造適當的價值。

Yeah.

是的。

And Robert, in terms of content standards, if I just go through the key verticals we have.

羅伯特，就內容標準而言，如果我只介紹我們擁有的關鍵垂直領域。

At sports, we got regular amortization increases obviously, the NFL is the single largest piece of that.

在體育方面，我們的定期攤銷明顯增加，NFL 是其中最大的一塊。

In fiscal '25, that's partially offset by the fact that in October, we move away from WWE in program with College Sports rights.

在25財年，這一影響被以下事實部分抵消：10月份，我們將不再參與WWE的大學體育轉播權計劃。

Tubi, I think you should expect us to continue to grow content.

Tubi，我想你應該期待我們繼續增加內容。

Some of that is active in terms of license content in originals.

其中一些在原件許可內容方面是活躍的。

And some of that is passive because so much of the revenues come from revenue share deals.

其中一部分是被動的，因為大部分收入來自收入分成交易。

And so, that just grows with the amount of usership and advertising growth.

所以，它只會隨著用戶數量和廣告數量的增長而增長。

News is pretty modest growth, a lot of that to do with talent and breaking news coverage, and that's very predictable.

新聞的成長相當溫和，這很大程度上與人才和突發新聞報道有關，這是可以預見的。

And then the final one I think you were alluding to with entertainment and the shift from scripted to unscripted.

最後一個我想你指的是娛樂以及從腳本到非腳本的轉變。

With that, it's probably worth noting that fiscal '24 obviously was very impacted by the strikes.

因此，值得注意的是，24財年顯然受到了罷工的嚴重影響。

And so, you had a very significant shift from scripted to unscripted programming.

所以，你從腳本化程式設計到非腳本化程式設計發生了很大的轉變。

And that is what has partially dramatic fiscal '24 was -- that trend was particularly amplified and it basically saved north of $100 million in terms of entertainment programming costs.

這就是 2024 財年的部分戲劇性之處——這一趨勢尤其明顯，基本上節省了娛樂節目成本 1 億美元以上。

Don't expect that to continue to have an impact.

不要指望這會繼續產生影響。

It will swing back a little bit the other way as we sort of rebalance the portfolio the slight next year with a little bit more scripted fair.

隨著我們明年稍微重新平衡投資組合，並更加重視腳本化，它將會稍微往另一個方向回調。

I think when we look at entertainment, we look at it from the perspective of how do we get our cost per hour down when I compare what I think fiscal '25 will look like versus fiscal '23 that cost per hour is probably down 10% to 15%.

我認為，當我們看待娛樂業時，我們會從如何降低每小時成本的角度來看待它，當我比較我認為 25 財年與 23 財年的情況時，每小時成本可能會下降 10% 到 15%。

But we obviously want to have a balanced broadcast network that serves our cross promotional needs, serves that capacity monetize from an advertising perspective and serves our capacity to monetize our content in downstream windows and in ownerships of the content.

但我們顯然希望擁有一個平衡的廣播網絡，以滿足我們的交叉促銷需求，滿足從廣告角度實現貨幣化的能力，並滿足我們在下游窗口和內容所有權中將內容貨幣化的能力。

So we're going to be balanced about it.

因此我們會對此保持平衡。

Operator, we can go to the next question.

接線員，我們可以進入下一個問題了。

Jessica Reif Ehrlich, Bank of America.

美國銀行的傑西卡·賴夫·埃利希 (Jessica Reif Ehrlich)。

Thanks.

謝謝。

One follow-up and one questions.

一次跟進和一個提問。

So on the follow-up, it sounds like you had a great upfront.

因此，在後續行動中，聽起來你已經做好了很好的準備。

I'm wondering this is the first year of your new ad sales team.

我想知道這是你們新廣告銷售團隊成立的第一年。

Is there anything that they're doing that's like anything different in their approach?

他們所做的事情在方法上有什麼不同嗎？

You've obviously had a great result, but you also have like great events.

你顯然取得了很好的成績，但你也經歷過一些很棒的事情。

And then secondly, one of the key assets of the company is your balance sheet front.

其次，公司的關鍵資產之一是資產負債表。

And just wondering since you're already in like live news and sports, like couple of areas of the traditional media industry that are still growing, where do you see your next opportunity, like where do you expect to deploy capital?

我很好奇，既然您已經涉足現場新聞和體育等傳統媒體行業仍在增長的幾個領域，您認為下一個機會在哪裡，您預計在哪裡部署資本？

Thanks very much, Jessica, good morning.

非常感謝，傑西卡，早安。

First on the ad sales team up, thank you for calling them out.

首先感謝廣告銷售團隊的點名。

They've done a tremendous job and we're very happy with their performance.

他們完成了出色的工作，我們對他們的表現非常滿意。

Jeff Collins has stepped into the role very, very well and is leading the team effectively.

傑夫·柯林斯非常出色地擔任了這一職位並有效地領導了團隊。

And obviously, monetizing all the impressions that we're able to generate.

顯然，我們將把所有能夠產生的影響貨幣化。

So we're very pleased with that.

我們對此非常滿意。

Going into the upfront, we're structured I think a little bit differently some other media companies.

從前期來看，我認為我們的結構與其他媒體公司略有不同。

I'm not aware of the structure of advertising sales organizations across the entire industry, but we retain expertise across the verticals.

我不知道整個行業廣告銷售組織的結構，但我們保留了各個垂直領域的專業知識。

So we have a very focused sports team.

所以我們有一支非常專注的運動隊伍。

We have a very focused news team, entertainment and importantly, more our digital team, which is obviously the great part is Tubi.

我們擁有一支非常專注的新聞團隊、娛樂團隊，更重要的是，我們有數位團隊，其中最棒的部分顯然是 Tubi。

So what we have is expertise in those teams.

所以我們在這些團隊中擁有專業知識。

In the upfront, we are able to sell across the entire portfolio under one Fox portfolio, and that proved to be very successful and very effective in this upfront.

在前期，我們能夠在一個 Fox 投資組合下銷售整個投資組合，事實證明這在前期非常成功且非常有效。

So I'm not sure of that very different from what everyone else is doing.

所以我不確定這與其他人所做的有什麼不同。

But it's a structure that we think works for us and has certainly proven its value in the marketplace this year.

但我們認為這種結構對我們來說是可行的，並且今年已經在市場上證明了其價值。

In terms of what we're doing with our balance sheet and how we deploy capital, I think we are careful and prudent deployers of capital.

就我們如何處理資產負債表以及我們如何部署資本而言，我認為我們是謹慎和審慎的資本部署者。

That's going to continue.

這種情況將會持續下去。

We have the right mix of investment -- capital investment in the business of organic investment in our businesses in return to shareholders and then increasingly our focus on M&A.

我們擁有正確的投資組合——對業務的資本投資、對業務的有機投資以回報股東，然後我們越來越關注併購。

We have nothing to update you in the latter category, other than to say, we're going to be prudent and careful, but we are aware that M&A remains one of the important levers that we have and how we deploy our capital.

關於後一類，我們沒有什麼可以更新的，只能說，我們會謹慎小心，但我們知道，併購仍然是我們的重要槓桿之一，也是我們部署資本的方式。

Next question, please.

請回答下一個問題。

Michael Ng, Goldman Sachs.

高盛的 Michael Ng。

Hey, good morning.

嘿，早安。

Thank you very much for the question.

非常感謝您的提問。

I'll ask one on Tubi, mid teens revenue growth, which is great in the quarter despite some heightened competition on the connected TV side.

我想問一個關於 Tubi 的問題，其營收成長率達到了十幾歲，儘管連網電視方面的競爭有些激烈，但本季的表現還是不錯的。

I was wondering if you could just talk a little bit more about that strength and then give us an update on what are the digital investment losses ended up this year in fiscal '24 and your outlook for fiscal '25.

我想知道您是否可以再多談一下這一優勢，然後向我們介紹今年 24 財年的數位投資損失以及您對 25 財年的展望。

Thank you.

謝謝。

Great.

偉大的。

Let me start with Tubi, then I'll hand over to Steve.

讓我先從 Tubi 開始，然後交給史蒂夫。

Tubi continues to go from strength to strength.

Tubi 繼續不斷發展壯大。

I think importantly, exiting the fourth quarter with revenue growth in the mid to upper teens.

我認為重要的是，第四季末的營收成長率將達到百分之十幾到十幾。

I think was very good to see that momentum as we moved into July.

我認為，進入七月後看到這樣的勢頭非常好。

We've seen that momentum continue into this quarter in July.

我們看到這種勢頭持續到了 7 月的本季。

You have to put that in context of tremendous supply of advertising entering into the streaming market with Amazon Prime entering the advertising supported streaming business, that caused a lot of other streamers to really fight hard for their revenue and drop pricing.

你必須把這個背景放在這樣一個背景下：大量廣告進入串流媒體市場，例如亞馬遜 Prime 進入廣告支援的串流媒體業務，這導致許多其他串流媒體公司不得不為收入而拼命競爭，降低價格。

Tubi did not have to, Tubi has stable pricing in this market.

Tubi 沒有必要這樣做，Tubi 在這個市場上的定價很穩定。

And really our robust growth on the strength of the brand and the tremendous reach and quality of its audience.

我們的強勁成長確實歸功於品牌的實力以及龐大的受眾覆蓋率和品質。

So we're very pleased with that and we're expecting further growth in Tubi as the year progresses.

因此，我們對此感到非常高興，並且我們預計隨著時間的推移，Tubi 將進一步成長。

Thanks, Lachlan.

謝謝，Lachlan。

Good to hear from you, Mike.

很高興收到你的來信，麥克。

So just in terms of investment, if I look at where we landed for fiscal '24, Tubi was the single largest driver of the investment across our growth portfolio.

因此，僅從投資方面來看，如果我看一下我們 24 財年的業績，Tubi 是我們成長投資組合中最大的投資驅動力。

So its level of investment was it a consistent clip to where we were in fiscal '23.

因此，其投資水準與 23 財年的水準保持一致。

[So to the mid $200 million range].

[所以是 2 億美元左右的區間]。

If I look across all the other growth businesses, whether it be nation, where the credible, the entertainment studios that we're building out, that collectively sum to about another $100 million rough -- in rough numbers.

如果我看看所有其他成長業務，無論是國家、可信度，還是我們正在建造的娛樂工作室，這些業務加起來大約是 1 億美元——這是粗略的數字。

Looking forward to fiscal '25, I think most of the improvement comes from a little less investment at Tubi, which should put us in the high-twos, I think from a net investment perspective across those businesses.

展望 25 財年，我認為大部分的改善來自於對 Tubi 的投資減少，我認為從這些業務的淨投資角度來看，這應該會讓我們進入前兩位。

Okay.

好的。

At this point, we are out of time.

現在，我們的時間已經不夠了。

But if you have any further questions, please give me or Charlie Costanzo a call.

但如果您還有其他問題，請給我或 Charlie Costanzo 打電話。

Thanks so much for joining us today.

非常感謝您今天加入我們。

Ladies and gentlemen, that does conclude your conference call for today.

女士們、先生們，今天的電話會議到此結束。

Thank you for using AT&T Executive Teleconference.

感謝您使用 AT&T 高階主管電話會議。

You may now disconnect.

您現在可以斷開連線。