二十一世紀福斯 (FOX) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們先生們，謝謝你們的支持。

Welcome to the Fox Corporation First Quarter Fiscal Year 2025 earnings conference call.

歡迎參加福斯公司 2025 財年第一季財報電話會議。

At this time, all participants are in listen-only mode.

此時，所有參與者都處於只聽模式。

Later, we will conduct a question and answer session.

隨後，我們將進行問答環節。

Now we'd like to emphasize that function of the question and answer queue will be given at that time.

現在我們要強調的是，問答隊列的功能將在那時給出。

If you should require assistance during the call, please press star then zero.

如果您在通話過程中需要協助，請按星號，然後按零。

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

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

現在我將請首席投資者關係官加布里埃爾布朗女士發言。

Please go ahead, Ms. Brown.

請繼續，布朗女士。

Thank you, operator.

謝謝你，接線生。

And we have had a technical difficulty, but good morning and welcome to our fiscal 2025 first earnings call.

我們遇到了技術困難，但早上好，歡迎參加我們的 2025 財年第一次財報電話會議。

For joining me on the call today are Lachlan Murdoch, Executive Chairman and Chief Executive Officer, John Nallen, our Chief Operating Officer, and Steve Van Dick, our Chief Financial Officer.

今天與我一起參加電話會議的有執行董事長兼首席執行官拉克蘭·默多克(Lachlan Murdoch)、首席營運官約翰·納倫(John Nallen) 和首席財務官史蒂夫·範迪克(Steve Van Dick)。

First, Lachlan, and he will give some prepared remarks on the most recent quarter.

首先是拉克蘭，他將就最近一個季度發表一些準備好的演講。

Please note that this call may include forward-looking statements regarding Fox Corporation, financial performance and operating results.

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。

These statements are based on management's current expectations and actual results could differ from what is stated as a result of factors identified on today's call and 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向 SEC 提交的文件中確定的因素，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.

此外，本次電話會議還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。

As we refer to it on this call.

正如我們在本次電話會議中所提到的。

Reconciliations of non-GAAP financial measures are included in our earnings release and our SEC, which are available in the Investor Relations section of our website.

非 GAAP 財務指標的調節包含在我們的收益發布和 SEC 中，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, Gary, and thank you all for joining us this morning to discuss our fiscal first quarter earnings.

謝謝加里，也謝謝大家今天早上加入我們討論我們第一財季的收益。

We again reported strong operating and financial results.

我們再次報告了強勁的營運和財務表現。

We have had a great quarter and a great to our fiscal year.

我們度過了一個美好的季度和一個美好的財年。

Our EBITDA of over $1 billion was up 21% on the back of sort of sustained revenue growth, which this quarter reached 11%, demonstrating the power of our content and brands and the ability of our strategy to consistently deliver outstanding results.

在營收持續成長的推動下，我們的 EBITDA 超過 10 億美元，成長了 21%，本季達到 11%，證明了我們的內容和品牌的力量以及我們的策略持續交付出色業績的能力。

A month of October alone, Fox Networks reached over 145 million people during this election cycle, Americans have turned to Fox News more than any other service to cover the key issues and events leading up to tomorrow's election among those events were Fox News hosted programming that in and of themselves made news and clearly resonated with viewers, for example, got felt delivered its highest rated telecast in history, with 1 million viewers tuning in on September 18th, separate or with President Trump joining the studio.

光是10 月一個月，福斯網絡在本次選舉週期就覆蓋了超過1.45 億人，美國人轉向福克斯新聞的人數超過任何其他服務，以報道導致明天選舉的關鍵問題和事件，其中包括由福克斯新聞主持的節目，例如，它本身就成了新聞，並明顯引起了觀眾的共鳴，感覺播出了歷史上收視率最高的電視節目，9 月18 日有100 萬觀眾收看，無論是單獨觀看還是特朗普總統加入演播室。

This is followed by the Trump town hall hosted by Harris softener was also garnered exceptionally strong ratings.

緊隨其後的是由哈里斯軟化劑主持的川普市政廳也獲得了異常強勁的收視率。

Thoughtful as these were, it was Brett bear presented you with Vice President, Harris that set a new bar for political interviews, generating over 1 million viewers on October 16th.

儘管這些內容深思熟慮，但正是布雷特貝爾向您介紹了副總統哈里斯，為政治採訪設定了新的標準，10 月 16 日吸引了超過 100 萬觀眾。

And while the election top of mind today, our new teams have done a brilliant job continuously reporting on events across the world for our audience.

雖然今天的首要任務是選舉，但我們的新團隊做得非常出色，不斷為我們的觀眾報導世界各地的事件。

Our dedication to news fair and balanced delivered almost 4 billion hours or FOX News media content consumed across and digital platforms.

我們致力於新聞公平和平衡，在數位平台上提供了近 40 億小時的福斯新聞媒體內容。

During Q1.

在第一季期間。

During the quarter, news total audience grew more than 40% year over year and more than 60% in the key 25 to 54 year old damage.

本季度，新聞總受眾年增超過 40%，其中 25 至 54 歲關鍵受眾群體成長超過 60%。

With engagement like this, it's no surprise to the Fox News Channel was the second most watched network in all of retail television or trailing only to Summer Olympics, enhanced NBC.

有了這樣的參與度，福斯新聞頻​​道成為所有零售電視中收視率第二高的網絡，或者僅次於夏季奧運會、增強版 NBC，也就不足為奇了。

Again, Fox News ended the quarter as the most-watched cable network in total day and in prime time, while maintaining its lead over peers as the most watched cable news network.

福克斯新聞再次成為本季全天和黃金時段收視率最高的有線電視網絡，同時保持其領先地位，成為收視率最高的有線電視新聞網。

Additionally, during the quarter of Fox News was the number one cable news channel number one among all major political parties in the demo.

此外，福克斯新聞在本季是演示中所有主要政黨中排名第一的有線新聞頻道。

That's right.

這是正確的。

The number one news channel with Republic, the number one news channel of Democrats and the number one news channel with independents.

共和黨排名第一的新聞頻道、民主黨排名第一的新聞頻道以及獨立人士排名第一的新聞頻道。

We are number one in all the key swing states and we are number one with Asian and Hispanic viewers are as diverse as it is valuable.

我們在所有關鍵搖擺州中排名第一，在亞洲和西班牙裔觀眾中排名第一，他們的多樣性非常有價值。

It is as engaged loyal through news and election cycles.

它在新聞和選舉週期中都保持忠誠。

Ratings momentum at Fox News continued through October with quarter to date total debuting totally ratings of 20% and prime ratings up.

福斯新聞的收視動能持續到 10 月份，本季迄今的首播總收視率達到 20%，主要收視率上升。

Obviously, the selection is not limited to the presidential race.

顯然，選舉並不限於總統競選。

We have also seen a highly contested down ballot and issue propositions across our strategic location footprint.

我們也在我們的策略位置足跡中看到了激烈競爭的投票和問題主張。

From a revenue perspective, it's a local stations that are election heroes, but it's not just our stations that are benefiting from strong political spend.

從收入的角度來看，地方電視台是選舉英雄，但受益於強勁政治支出的不僅是我們的電視台。

This cycle, we have seen to be become a material rep recipients, political advertising to these large from a hard to reach our audience, coupled with its with its advanced targeting and geo-targeting.

在這個週期中，我們看到政治廣告從難以接觸的受眾變成了物質代表，再加上其先進的定位和地理定位。

Hey, we've always had clearly differentiated 2b.

嘿，我們一直有明確區分的 2b。

Now I'm happy to report that company why we have achieved record political revenue for both our first quarter and the full fiscal year, inclusive of the very substantial and dramatic impact of the 2020 in Georgia Center runoff.

現在，我很高興向該公司報告，為什麼我們在第一季和整個財年都實現了創紀錄的政治收入，其中包括 2020 年喬治亞中心決選產生的非常實質和巨大的影響。

Strong engagement, coupled with healthy Direct Response growth, resulted in 19% revenue growth of two major, which has accelerated in Q2 thus far.

強烈的參與度，加上 Direct Response 的健康成長，導致兩大專業的收入成長了 19%，並且在第二季迄今有所加速。

Based on the current revenue run rate, we're looking for to be the 1 billion revenue mark.

根據目前的營收運行速度，我們的目標是達到 10 億美元的營收大關。

This.

這。

Turning to Fox Sports, we're having a strong fall season across our renowned portfolio of rights.

轉向福克斯體育，我們著名的轉播權組合正在經歷一個強勁的秋季賽季。

For example, just last week, our sports roster feature Green Bay, Detroit in America, game of the week of higher sales.

例如，就在上週，我們的體育賽事名單包括美國底特律的綠灣，這是本週銷售量較高的比賽。

Great and Penn State in our big new college football window and a Yankees Dodgers World Series.

偉大的和賓州州立大學在我們新的大學橄欖球大窗口和洋基道奇隊世界大賽中。

The MOB postseason has been both impressive and dramatic box at the highest rated divisional series ever on Fox Sports, one, the most-watched Lee catheters in the past five years and the best Major League Baseball postseason on Fox.

MOB 季後賽是福克斯體育頻道有史以來收視率最高的分區系列賽，是過去五年中收視率最高的李導管之一，也是福克斯電視台最好的美國職棒大聯盟季後賽。

Since 2017, the World Series dream match-up of a Yankees versus the Dodgers frequent two iconic franchises at somewhere Major League Baseball's biggest source.

自 2017 年以來，洋基隊與道奇隊的世界職棒大賽夢想對決經常在美國職棒大聯盟最大的發源地兩支標誌性球隊之間進行。

The average of 16 million.

平均1600萬。

Viewers tuned in each line of the five game series across our networks with almost 19 million viewers watching Game five, making this the most watched World Series and gain for seven years.

觀眾在我們的網路上觀看了五個系列賽的每一場比賽，有近 1900 萬觀眾觀看了第五場比賽，這使得該系列賽成為觀看次數最多的世界大賽，並連續七年收視。

Moving on to football.

繼續踢足球。

Bnfl on Fox is after its best start in five years for the Americas game of the week that Neville on program on all television, everybody, 6 million viewers, including our strong 28% increase in viewership and a young person last season.

福斯電視台的《Bnfl》是五年來最好的美洲本週比賽開局，內維爾在所有電視節目中播出，每個人都有600 萬觀眾，包括上賽季收視率強勁增長28% 和一名年輕人。

Additionally, we successfully launched our new for our FOX college football Friday's in September, which is averaging nearly EUR3 million each week, handily out rating our prior Friday night programming by over 40% in its 1st month.

此外，我們在 9 月成功推出了福克斯大學橄欖球週五晚間節目的新節目，平均每週收視率接近 300 萬歐元，第一個月的收視率輕鬆超過了之前週五晚間節目的 40% 以上。

It was pretty robust.

它非常堅固。

Mobile calendar yet become culminated with our broadcast of Super Bowl 59 and at record pricing.

隨著我們以創紀錄的價格直播第 59 屆超級盃比賽，行動日曆已達到頂峰。

The excitement continues at Fox Entertainment.

福克斯娛樂公司的興奮仍在繼續。

Premiere of universal basic guys was TVs, most-watched animation, the debut of the past decade and the seasons number one, comedy among adults 18 to 49.

普遍的基本男人的首映是電視、觀看次數最多的動畫、過去十年的首次亮相和季數第一、18 至 49 歲成年人的喜劇。

While rescue high serve Fox's first quarter results.

同時拯救了福克斯第一節的高發球成績。

Once again, highlight the strength of our leadership brands and demonstrate the merits of our differentiated strategy is supported by outstanding content across our platforms and advertising market that if it's healthy for us across the board, operating effectiveness, coupled with the strength of our balance sheet, support our commitment to deliver long-term shareholder value, whether that be through growing our existing business, thoughtful M&A or returning capital to our shareholders.

再次強調我們領導品牌的實力，並展示我們差異化策略的優點，這是由我們平台和廣告市場上的出色內容所支持的，如果這對我們整體健康、營運效率以及我們的資產負債表實力有利的話，支持我們實現長期股東價值的承諾，無論是透過發展現有業務、深思熟慮的併購或向股東返還資本。

And with that, let me now turn it over to Steve for some further details.

現在，讓我將其轉交給史蒂夫以獲取更多詳細資訊。

Thanks, Lachlan, and good luck on just described flexes up to a strong start to fiscal 2025, financially highlighted by broad-based top line growth with total company revenues grew 11% to 3.56 billion.

謝謝拉克蘭，祝您在剛剛描述的 2025 財年有一個強勁的開局，祝您好運，財務上的突出表現是廣泛的營收增長，公司總收入增長 11%，達到 35.6 億美元。

This revenue growth converted to a 21% increase in EBITDA, which reached 1.05 billion.

這一營收成長轉化為 EBITDA 成長 21%，達到 10.5 億美元。

Total Company advertising revenues were up 11% year over year, guided by political advertising at the stations, continued momentum in TV and strong audience growth at FOX News Media.

在電視台的政治廣告、電視的持續成長動能以及福斯新聞媒體的強勁觀眾成長的帶動下，公司廣告總收入年增 11%。

Total company affiliate fee revenues received a prior year quarter with 10% growth at our television segment and 3% growth in cable.

公司聯營費用總收入比去年同期成長了 10%，電視部門成長了 10%，有線電視部門成長了 3%。

This industry-leading affiliate revenue growth underscores the strength of our brands and focused portfolio of content.

這種業界領先的聯盟行銷收入成長突顯了我們的品牌實力和重點內容組合。

Total company revenues grew 47%.

公司總收入成長 47%。

A result of higher sports sublicensing revenues at our Cable segment of this growth in revenue was largely offset by a corresponding increase in rights cost, fairly material impact on year-over-year overall EBITDA growth.

由於我們有線電視部門的體育轉授權收入增加，這一收入成長在很大程度上被版權成本的相應增加所抵消，這對同比整體 EBITDA 成長產生了相當大的影響。

As I mentioned, total EBITDA was 1.05 billion, up 1% over the prior year with our revenue growth, partially offset by an 8% increase in expenses due to higher sports programming rights amortization and increased costs to be netted of the stockholders of 827 million, or $1.78 per share.

正如我所提到的，EBITDA 總額為 10.5 億美元，比上年增長 1%，收入增長，但部分被體育節目版權攤銷增加和股東淨成本增加 8.27 億增加的 8% 費用所抵消，或每股1.78 美元。

This compares to the 407 million for $0.82 per share reported in the prior-year period.

相比之下，去年同期的每股收益為 4.07 億美元，每股收益為 0.82 美元。

Increases underpinned by our EBITDA growth, coupled with the change in fair value of the Company's investment in Flutter recognized in non-operating.

我們的 EBITDA 成長以及公司在非經營性項目中確認的 Flutter 投資的公允價值變化支撐了這一增長。

Other than that, excluding non-core items, adjusted net income was 672 million and adjusted EPS was $1.45, equating to a year over year increase of 33%.

除此之外，剔除非核心項目，調整後淨利為6.72億美元，調整後每股收益為1.45美元，相當於年增33%。

Now turning to our operating segments, where in our cable networks were 15% year over year.

現在轉向我們的營運部門，我們的有線電視網路年增 15%。

This was led by advertising revenue growth, which was up 11%, predominantly driven by FOX News Media, where we saw higher ratings, Direct Response processing and digital advertising revenue, partially offset by higher preemptions associated with breaking news coverage.

這主要是由廣告收入成長所帶動的，廣告收入成長了11%，主要由福斯新聞媒體推動，我們看到收視率、直接回應處理和數位廣告收入更高，但部分被突發新聞報道相關的搶佔率提高所抵銷。

Cable affiliate fee revenues grew 3% in the quarter, with growth in pricing from our affiliate renewals outpacing the impact from the industry.

本季有線電視聯屬費用收入成長了 3%，聯盟續約帶來的定價成長超過了產業的影響。

Subscriber declines, running it at a touch under 8%, a slight improvement from last year.

訂戶數量下降，略低於 8%，比去年略有改善。

Cable.

電纜。

Other revenues increased $147 million due to the high splits of licensing revenues I mentioned earlier.

由於我之前提到的授權收入的大幅分配，其他收入增加了 1.47 億美元。

Total expenses increased 9%, primarily due to high sports programming rights amortization, increased news gathering costs to FOX News Media, including coverage in the U.S. presidential elections.

總支出增加了 9%，主要是因為體育節目版權攤銷較高、福斯新聞媒體的新聞採集成本增加（包括美國總統大選的報道）。

Holding EBITDA at our Cable segment grew 23% over the prior year quarter $748 million.

我們電纜部門的 EBITDA 比去年同期的 7.48 億美元成長了 23%。

Television advertising revenues were up 11%, led by the strong political cycle at our local stations, continued growth at 2B and the benefit of higher NFL ratings and NFL scheduling with weak for the season sliding back into the September quarter.

電視廣告收入成長了 11%，這得益於我們當地電視台強勁的政治週期、2B 的持續增長以及 NFL 收視率提高和 NFL 賽程安排的好處，而本賽季的疲弱狀態滑回到了 9 月季度。

Some of the WiFi euros and copper America in the current-year quarter were more than offset by the absence of the thesis of Women's World Cup.

本季 WiFi 歐元和銅美洲的部分價格因女足世界盃主題的缺席而被抵消。

Television affiliate fee revenues grew 10% year over year is healthy growth in fees across Fox owned and stations more than offset the impact from industry subscriber declines.

電視聯營費用收入年增 10%，福斯旗下各電視台的費用健康成長，足以抵銷產業訂戶下降的影響。

Television and other revenues increased 3%, primarily result of higher third party content revenues are independent production studios expenses of the television segment grew 11% over the prior year quarter, driven by higher programming realization at Fox Sports and increased costs to be collectively.

電視和其他收入增長了3%，主要是由於第三方內容收入增加，電視部門的獨立製作工作室費用比上年同期增長了11%，這是由福克斯體育頻道的節目變現率提高和成本上升共同推動的。

These revenue and expense movements resulted in quarterly EBITDA at our television segment increasing 6% to 372 million.

這些營收和支出變動導致我們電視部門的季度 EBITDA 成長 6%，達到 3.72 億美元。

Net cash flow.

淨現金流量。

Free cash flow, which we define as net cash provided by operating activities, less CapEx was positive $94 million, and this is consistent with the seasonality of working capital cycle for the first half of our fiscal year is characterized by a concentration of payments, both trials and the bill of advertising related receivables, both of which were this in the second half of our fiscal year.

自由現金流，我們定義為經營活動提供的淨現金，減去資本支出為正 9400 萬美元，這與我們財年上半年營運資金周期的季節性特徵一致，其特點是支付集中，試驗和廣告相關的應收帳款帳單，這兩者都是我們財年下半年的情況。

We remain active with our share buyback program, where we have repurchased a further $300 million so far this fiscal year, we have now cumulatively repurchased 9 billion, representing approximately 29% of our total shares out since the launch of the buyback program in 2019.

我們仍然積極開展股票回購計劃，本財年迄今為止，我們已進一步回購了 3 億美元，目前已累計回購 90 億股，約佔 2019 年啟動回購計劃以來總股本的 29%。

And we remain committed to utilizing a full buyback authorization of 7 billion.

我們仍然致力於利用 70 億美元的全額回購授權。

This is supported by this at our balance sheet.

我們的資產負債表證明了這一點。

We ended the quarter was approximately $4.1 billion in cash and $7.2 billion in debt.

本季結束時，我們的現金約為 41 億美元，債務為 72 億美元。

And with that, I'll turn the call over to Gary.

然後，我會將電話轉給加里。

Thank you, Steve.

謝謝你，史蒂夫。

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

現在我們很樂意回答投資界的問題。

Ladies and gentlemen, I'd like to advise the functionality for the question queue.

女士們先生們，我想建議一下問題隊列的功能。

If you wish to ask a question, please press star then one on your touch tone phone.

如果您想提問，請按按鍵式電話上的星號，然後按一個。

You will hear an announcement indicating your hand is being raised.

您將聽到一條通知，表明您正在舉手。

You may remove yourself from the queue at any time by once again pressing star one.

您可以隨時再次按一號星將自己從佇列中刪除。

If you are using a speakerphone, please pickup the handset before pressing the numbers.

如果您使用免持電話，請在按號碼之前拿起聽筒。

It has been requested that you limit yourself to one question.

我們要求您只回答一個問題。

Once again, if you have a question, please press star one now.

再次強調，如果您有疑問，請立即按星一號。

And we have a question from Michael Morris from Guggenheim Partners.

我們有一個來自古根漢合夥人公司的邁克爾莫里斯的問題。

Please go ahead.

請繼續。

To excuse me.

對不起。

Good morning, guys.

早安，夥計們。

Hi.

你好。

Comcast said last week that they're ordering separating their cable network business from the rest of the Company.

康卡斯特上週表示，他們正在下令將有線電視網路業務與公司其他業務分開。

And so broadly would be great to get your thoughts on how that may impact you or the industry at large and fast clearly has been a consistent supporter of the video bundle.

因此，廣泛地了解您對這可能如何影響您或整個行業的想法將是一件很高興的事，並且顯然一直是視頻包的一貫支持者。

So I'm curious if this seems like one of your major partners is maybe a little less clear Limited.

所以我很好奇你們的主要合作夥伴之一是否不太清楚有限公司。

And if I could just one other topic.

如果我可以換一個話題就好了。

You have seen an acceleration in affiliate revenue growth, cable and TV for two quarters in a row now, Steve, you mentioned the slight improvement in underlying subscriber trends.

史蒂夫，您已經看到有線電視和電視的聯盟收入成長連續兩個季度加速，您提到了基本訂戶趨勢的輕微改善。

Feel more comfortable maybe that we are getting closer to a bottom in the rate of bundled subscriber declines?

也許我們覺得捆綁訂戶下降率正在接近底部，這可能會讓您感到更放心嗎？

Thank you.

謝謝。

Thanks.

謝謝。

So we've got a lot comment on them.

所以我們對他們有很多評論。

Physically on more Comcast's plans may or may not be of on on I only read in the press and of itself on our call on, you know, I don't think it affects us from from from our perspective and drive tremendous amount of synergy Akron.

從物理上看，康卡斯特的計劃可能會或可能不會，我只在媒體上讀到我們的呼籲，你知道，我認為它不會從我們的角度影響我們，也不會推動阿克倫的巨大協同作用。

So So between on the entertainment network, obviously Fox Sports products for us wanted to share rights with the entertainment, our occupancy or the football, for instance, and baseball bats on on broadcast, the local television stations that underpin that on on their own ship and promotional capabilities and synergies with Fox News.

因此，在娛樂網絡上，顯然福克斯體育產品為我們提供的產品希望與娛樂、我們的居住或足球分享權利，例如，棒球棒在廣播中，當地電視台在他們自己的船上支持這一點以及與福克斯新聞的宣傳能力和協同效應。

And now obviously with incredible growth of 2b, which is really on assistant and driven by the strength and the reach of our kind of marketing platform across across on broadcast, cable and and sports.

現在，顯然 2b 的成長令人難以置信，這實際上是在助理方面，並受到我們在廣播、有線和體育領域的營銷平台的實力和影響力的推動。

And so from my perspective, I don't see how we could ever do that.

因此，從我的角度來看，我不知道我們如何做到這一點。

I think breaking apart part of that, this would be would be very difficult on both from a cost point of view and from our revenue on a promotional synergy target on in terms of the sub declines on a pro rata, Steve wants to come out of this, but obviously it's from deposits have decline.

我認為，從成本的角度來看，從我們的促銷協同目標的收入來看，從按比例的子下降來看，這將是非常困難的，史蒂夫希望擺脫這種情況這，但顯然是來自存款的下降。

The rate has declined somewhat in this quarter.

本季該比率有所下降。

It was pleasing to see some we do believe on that there is a sub flow or are we still know where it is, but we do believe there's a there was a subpar and there will always be on our consumers and subscribers who will want.

很高興看到一些我們確實相信存在子流或我們仍然知道它在哪裡，但我們確實相信存在一個低於標準的東西，並且我們的消費者和訂閱者總是會想要。

I am a core package Anacor package that includes all of our brands.

我是一個核心包Anacor包，包含了我們所有的品牌。

When you're number one news, are you want to sports, um, you have from an incredible base of local television stations, retransmitted in that core PET package or packers that people will always on those loans and it's very valuable to back to that.

當你成為頭條新聞時，你想要體育節目嗎？ 嗯，你有來自當地電視台的令人難以置信的基礎，以核心PET 包或包裝機重新傳輸，人們將永遠依靠這些貸款，這是非常有價值的。

Our consumer base market was and I think we said we're very pleased with where the revenue growth of two in the quarter like cable ticking up to plus 3% and TV plus Canada, both excellent results for us, most really driven by the pricing increases with Gulf, as Lachlan said, the moderation subscriber declines.

我們的消費者基礎市場是，我想我們說過，我們對本季兩個收入的成長感到非常滿意，例如有線電視成長了3%，電視加加拿大，這對我們來說都是出色的業績，最真正由定價推動的正如拉克蘭所說，海灣地區的訂閱量隨著海灣地區的增加而增加，而節制訂閱者則減少。

This is obviously helpful.

這顯然是有幫助的。

There's more seasonality, obviously, into entry nowadays, but now we're very pleased with the trains, both revenue and Fetzer.

顯然，現在的進入有更多的季節性，但現在我們對火車非常滿意，無論是收入還是費策。

Operator, next question, please.

接線員，請下一個問題。

We have a question from Ben Swinburne from Morgan Stanley.

我們有來自摩根士丹利的 Ben Swinburne 的提問。

Please go ahead.

請繼續。

Thank you.

謝謝。

Good morning.

早安.

I would ask you guys about political advertising.

我想問你們有關政治廣告的問題。

If you would agree, it feels like the sort of connected TV streaming market is really participating this cycle in a way, at least that I have I noticed in the past to this clearly is gaining share, the political advertising market.

如果你同意的話，感覺那種連網電視串流媒體市場確實以某種方式參與了這個週期，至少我過去注意到，政治廣告市場顯然正在獲得份額。

So what do you guys seeing in terms of advertiser demand?

那麼你們對廣告商的需求有何看法？

Like how do they look at local station buys versus other other solving sort of different equations for for campaigns and candidates?

例如他們如何看待當地電台的購買與其他解決競選活動和候選人的不同方程式的情況？

And is it do you think there's any cannibalization or just to be taking money out of the station group?

您是否認為存在任何蠶食或只是從電視台集團中拿錢？

And Steve, if you go into sort of quantify kind of holistically at the political dollars you're seeing in the quarter or for the cycle, that would be helpful to.

史蒂夫，如果你對本季或週期內看到的政治資金進行整體量化，這將會有所幫助。

Thanks so much.

非常感謝。

So despite more than just by way of background on the political spend, this cycle is different and some significant ways.

因此，儘管不僅僅是政治支出的背景，但這個週期是不同的，並且有一些重要的方面。

From four years ago, four years ago, there was more or national dollar spent on.

從四年前開始，四年前，花的錢還是國家的錢變多了。

There was a somewhat of a shift or not.

是否有某種轉變。

They're not majority, but there are some shift four years ago stores channel from local.

他們並不佔多數，但四年前，商店管道發生了一些轉變，從當地管道轉移過來。

And we for the first thing we talk from on those quarterly calls back them for the first time seeing national political dollars that was was unique for years ago this year.

我們在季度電話會議上談論的第一件事就是今年第一次看到多年前獨一無二的國家政治資金。

The cycles are reverted to form.

循環又恢復原狀。

And their campaigns on both sides are all sides of politics have shifted back to being more local and targeted our spends that has some assistance assist us both in the station group cloud, which will have a record political revenues, but also in, as I mentioned in my in my earlier comments, also to me that can target on very efficiently because every geo target eyes advertisers as well.

他們在雙方的競選活動都是政治的各個方面都已經轉向更加本地化，​​並有針對性地我們的支出，這些支出有一些幫助幫助我們在電台集團雲中，這將有創紀錄的政治收入，而且正如我提到的在我之前的評論中，也對我來說，可以非常有效地定位，因為每個地理目標也關注廣告商。

So in fact, we haven't seen any evidence of a cannibalization on from stations are entering into digital or into to be.

因此，事實上，我們還沒有看到任何證據表明電視台正在進入數位化或即將進入數位化時代。

In fact, quite the reverse Sumi was able to capture money that frankly, we wouldn't take our entire mistakes there.

事實上，恰恰相反，Sumi 能夠賺到錢，坦白說，我們不會在那裡犯下所有錯誤。

Susser tidal wave of political dollars on to have them to have on much of that call.

蘇塞爾的政治資金浪潮讓他們參與了大部分的呼籲。

Our are captured out to be as well is really pleasing to see.

我們被捕獲也很令人高興。

I think it also shows the obviously the strength of to be it obviously is not just the VM geo-targeting.

我認為這也明顯地表明了它的優勢不僅僅是虛擬機器地理定位。

Those valuable of these are very hard on demographic to reach.

其中有價值的人很難接觸。

Most of them are cord nevers on their younger.

他們中的大多數人對他們的孩子沒有臍帶。

They're very diverse and as a very valuable are very valuable audience.

他們非常多樣化，並且是非常有價值的受眾。

And it shows now the 2B has the scale and has the marketplace some sort of awareness to be faster.

這表明現在 2B 已經具備了規模，市場已經有了某種更快的意識。

I graduated into on a tear of advertisers that that's a must-buy offer people who wanted to reach some reach this audience.

我對廣告商的淚水感到驚訝，因為這是那些想要接觸這些受眾的人必須購買的產品。

So it's very opportunistic.

所以這是非常機會主義的。

And then just to put numbers around it, if I look at just the quota local like it really is more reasonable in terms of not cannibalistic at all between to be in the stations.

然後只是放一些數字，如果我只看當地的配額，那麼就在車站之間根本不會同類相食而言，它真的更合理。

The stations were up in Q1 by tens of millions of dollars.

第一季這些電視台的收入增加了數千萬美元。

And then if I look at the half, remember that the stations benefit from the Georgia runoff post deal action, we have already done more than what they did that loss in Q2 sorry, Q1 and Q2 of fiscal 21.

然後，如果我看一半，請記住，各電視台從喬治亞州決選交易後行動中受益，我們已經做了比他們在第二季度（對不起，21財年第一季度和第二季度的損失）所做的更多的事情。

Sort of we did just north of 60 million in the half in four years ago in north of that already in the fiscal year.

可以說，四年前的一半，我們在本財年的銷售額就已經超過 6,000 萬美元了。

So the stations have had unbelievable first half in terms of political.

因此，各電視台在政治方面的上半場表現令人難以置信。

And then as Lachlan mentioned, 2b went from virtually nothing four years ago to have to a meaningful number for us when you pull that sort of absolutely local or national sort of vehicle.

然後，正如 Lachlan 所提到的，當你拉那種絕對本地或全國性的車輛時，2b 從四年前幾乎沒有變成對我們來說是一個有意義的數字。

And then just finally is this forthright about the strength of our sports on programming over the last few weeks has are driven.

最後，我們直率地表達了過去幾週我們體育項目在節目方面的實力。

That's where the national political dollars have come in.

這就是國家政治資金發揮作用的地方。

And I apologize to anyone who was enjoying their fall over the we have not affect our Wal-Mart have I for us, but on the sports is really being the Yum.

我向那些享受跌倒的人道歉，我們沒有影響我們的沃爾瑪，但在體育方面確實是百勝餐飲。

Have a beneficiary of some of national flavor house have greater.

有一些民族風味的房子有更大的受益者。

Next question, please.

請下一個問題。

We had a question from Robert Fishman of MoffettNathanson.

MoffettNathanson 的 Robert Fishman 向我們提出了一個問題。

Please go ahead.

請繼續。

Hi, good morning, everyone.

嗨，大家早安。

And maybe just a follow-up on to be more broadly.

也許只是更廣泛的後續行動。

Now that's on track to reach $1 billion in revenue.

現在，該公司的收入預計將達到 10 億美元。

I guess, help us for investors think about like what the future of that that they're really look like and how big it can get with its current momentum?

我想，請幫助我們投資人思考他們的未來到底是什麼樣子，以及以目前的勢頭可以達到多大？

And then maybe just secondly, any updates you can provide on the future?

其次，您可以提供有關未來的任何更新嗎？

Yes.

是的。

If it doesn't launch, do you have a willing to license Fox sports content to other potential partners?

如果沒有推出，您是否願意將福克斯體育內容授權給其他潛在合作夥伴？

Thank you.

謝謝。

Thanks, Robert.

謝謝，羅伯特。

First on the outlook for growth is it continues to be very impressive.

首先，成長前景仍然令人印象深刻。

We're very pleased with the growth on while the October revenue number because I'm Gary will actually taking it on the Halo, obviously is the beneficiary of a tremendous amount of political money.

我們對 10 月收入數據的成長感到非常滿意，因為我是加里，實際上我將把它放在光環上，顯然是大量政治資金的受益者。

So what I'm remiss of misleading on, although staggering us to take that and yet and yet your exploration portfolio, we continue to see growth in the second quarter.

因此，我疏忽了誤導，儘管我們震驚地接受了這一點，但你們的勘探組合，我們繼續看到第二季度的成長。

And we think out beyond this is driven, I think we announced universe animal model of the largest on the Avon library on at 95% of the library new share, although on a 65% of viewing is revenue share of the 5%.

我們認為超越這個驅動力，我認為我們宣布最大的宇宙動物模型在雅芳圖書館上佔圖書館新份額的95％，儘管在65％的觀看上是收入份額的5％。

Everything in our is our Director of our content purchase content is on we've got about 30% of the view on.

我們的一切都是我們的內容總監，我們對購買內容有大約 30% 的看法。

So the business continues to grow.

所以業務持續成長。

It's a fantastic platform.

這是一個很棒的平台。

And then when we see going from a consensus rents and really well, increasingly the Americans wash off retailers, that that's absolutely the case on endorse the fact that it's video-on-demand and not affect our FastChannel.

然後，當我們看到共識租金越來越多，美國人越來越多地洗掉零售商時，這絕對是事實，因為它是視訊點播，不會影響我們的 FastChannel。

That also adds to the on the value of that audience that some in choosing a proactive measures and talk to wants to watch our content on at increasing that on venue.

這也增加了觀眾的價值，一些觀眾在選擇主動措施並與之交談時希望觀看我們的內容，以增加現場觀眾的價值。

I'm obviously we are on we are waiting on our appeal of the injunction, and we will see on where we go from there.

顯然，我們正在等待禁令的上訴，我們將看看接下來的發展方向。

We continue to believe venue is a tremendous pro-consumer, pro-competition, our platform.

我們仍然相信場館是我們的一個巨大的有利於消費者、有利於競爭的平台。

We're very excited to launch it on when we have the ability to produce.

當我們有能力生產時，我們非常高興能夠推出它。

So and then on licensing content and on how we we are in the business of building are producing programming.

然後關於許可內容以及我們如何從事製作節目的業務。

And while we're not a sublicense less of a licensee or less license or a sports rights are in any sort of substantial or significant were saying.

雖然我們不是從屬許可證，但較少的被許可人或較少的許可證或體育權利是任何實質或重要的說法。

Operator, next question, please.

接線員，請下一個問題。

We have a question from John Hodulik from UBS.

我們有來自瑞銀 (UBS) 的約翰·霍杜利克 (John Hodulik) 的提問。

Please go ahead.

請繼續。

Great, thanks to if I could.

太好了，如果可以的話，謝謝。

First, can you guys comment on sort of how you see the environment shaping up post election and maybe what you're seeing now in terms of pricing from our from a direct response standpoint?

首先，你們能否評論一下你們如何看待選舉後環境的形成，以及你們現在從直接反應的角度來看定價方面的情況？

And then obviously ratings and very strong.

然後顯然收視率非常強。

It looks like you guys have some some easier making that easier comps over the next couple of quarters at Fox News.

看來你們在福克斯新聞接下來的幾季會做出一些比較容易的製作。

How should we think about the outcome on the election?

我們該如何看待選舉結果？

And maybe historically, do you expect to keep the same momentum we have seen recently regardless of the outcomes?

也許從歷史上看，無論結果如何，您是否希望保持我們最近看到的相同的勢頭？

And just any perspective you have there would be great.

你的任何觀點都會很棒。

Thanks.

謝謝。

A lot of questions that half-on-half what's going to happen.

很多問題都在問會發生什麼事。

I was going to happen tomorrow.

我本來打算明天就發生。

I don't know, Tom.

我不知道，湯姆。

So if I look at our our advertising, our revenues on and off about them for the advertising marketplace that we participate in is very healthy right now on helps that were that were not exposed to general entertainment, ocular January 10th cable on inventory and programming.

因此，如果我看看我們的廣告，我們參與的廣告市場的斷斷續續的收入現在非常健康，因為我們沒有接觸到一般娛樂領域，請關注 1 月 10 日的庫存和節目。

And so in all of the markets that we participate in, um, we're seeing very healthy growth and we're seeing healthy growth was not in the quarter that we've just reported.

因此，在我們參與的所有市場中，嗯，我們看到了非常健康的成長，但我們看到的健康成長並不在我們剛剛報告的季度中。

But going forward, I mentioned when you look at sports, we had a just a tremendous series.

但展望未來，我提到當你看體育比賽時，我們有一個很棒的系列賽。

I think it's probably our average check this, but I'm pretty sure are highest in four or five game world series is probably a good amount of revenue in within Powergen hands on it outperformed on our budget and our expectations we have to evolve our coming up on football has sold very well regular season.

我認為這可能是我們的平均檢查，但我很確定在四到五場遊戲世界系列賽中最高的是 Powergen 手中的大量收入，它超出了我們的預算和我們的期望，我們必須發展我們的未來例行賽《Up on Football》的銷售量非常好。

And of course, we're sold out our Super Bowl had record on what we believe are record on pricing.

當然，我們的超級盃已經售罄，我們相信它的定價是創紀錄的。

Our new news ratings will talk about how strong news ratings are particularly key 25 to 54 demographics.

我們的新新聞收視率將討論新聞收視率對 25 至 54 歲族群的影響有多強。

And that's also out helps are on that are significant sort of multiplier effect by direct pricing being up very significantly significantly in the first quarter and almost double significantly in the second quarter.

這也有助於產生顯著的乘數效應，直接定價在第一季大幅上漲，在第二季幾乎翻倍。

So it's a very strong for our on our part and for direct response, entertainment center is strong, and we've talked about the local political spend already.

因此，這對我們來說非常強大，對於直接反應來說，娛樂中心很強大，我們已經討論了當地的政治支出。

Obviously one thing that happens there.

顯然那裡發生了一件事。

If you if you on point anything up, local political pushes out some local base market advertising, you only so much inventory.

如果你在點上任何東西，當地政治推出一些當地基礎市場廣告，你就只有這麼多庫存。

And so if you look at the local base markets you have on auto is off, our retail is soft right now is the one category.

因此，如果你看看當地的汽車基礎市場已經關閉，我們的零售業目前疲軟就是其中一類。

That's that's pretty strong.

那就是相當強了。

So Bob, embedding has sort of returns are our growth.

所以鮑勃，嵌入的回報就是我們的成長。

And I think we're talking about a two year being up 19% and an accelerating in the second quarter.

我認為我們談論的是兩年內成長 19% 以及第二季的加速成長。

So on what happens this week with the election, how that would impact.

那麼本週的選舉會發生什麼，這會產生什麼影響。

I don't think it would impact us, I think, come again in the markets that we're seeing.

我認為這不會影響我們，我認為，我們會再次進入我們所看到的市場。

We're seeing a tremendous amount of growth health.

我們看到了巨大的健康成長。

Okay.

好的。

Operator, next question, please.

接線員，請下一個問題。

So we have a question from Jessica Reif Ehrlich with Bank of America Securities.

我們有來自美國銀行證券的 Jessica Reif Ehrlich 的提問。

Please go ahead.

請繼續。

Thank you for joining us on.

感謝您加入我們。

Maybe switching gears a little bit on to Flutter intangible.

或許可以稍微轉向一下 Flutter 無形的。

Can you talk about how long it will take you to get through the approval process and once you do, but what would make you exercise earlier or later?

您能談談您需要多長時間才能完成審批流程以及一旦完成，那麼什麼會讓您提前或推遲鍛鍊呢？

And ultimately what could do with this asset?

最終可以用這個資產做什麼？

And then one last thing for you just got to be, which is phenomenal.

最後一件事對你來說必須是，這是驚人的。

And you said it's accelerating.

你說它正在加速。

It luck when you walk through all the characteristics, but you had that before.

當你了解所有特徵時很幸運，但你以前就有過這樣的特徵。

So why is it accelerating the use selling differently?

那麼為什麼它會以不同的方式加速使用銷售呢？

You are using different advertising tools.

您正在使用不同的廣告工具。

So on Flutter and FanDuel.

Flutter 和 FanDuel 也是如此。

So we have six years and they can in our enrollment in our options.

所以我們有六年的時間，他們可以在我們的入學中選擇我們的選擇。

So with that, I know there's no on there's no immediate need to rush the press, but we have now engaged in the second and talk and 26 states.

因此，我知道沒有必要立即催促媒體，但我們現在已經在 26 個州進行了第二次談話。

We have to get a license and I restate the FanDuel operation.

我們必須獲得許可證，我重申 FanDuel 的操作。

And so it is a in-depth our process.

所以這是我們的一個深入的過程。

It takes some time and I think it will take our exorbitant amount of time, but we expect that that process to go relatively smooth it slowly and and I will be able to complete the process within a year on Alliance's here.

這需要一些時間，我認為這會花費我們大量的時間，但我們希望這個過程能夠相對順利地進行，並且我將能夠在聯盟這裡的一年內完成該過程。

So this year, but this quarter that were though with overseeing Jessica on we will talk before about the fill rate I intubation.

今年，但這個季度，我們將在傑西卡的監督下討論插管的填充率。

And what we're really being able to do is actually on some of our reduce or are you looking to improve the fill rate are very, very significantly on.

我們真正能夠做的實際上是在我們的一些減少或您希望提高填充率方面非常非常顯著。

So we've been in are in a very competitive market, being able to hold pricing.

因此，我們一直處於競爭非常激烈的市場中，能夠維持定價。

And but we've really been able to drive our fill rate come to, um, accelerate that, that revenue growth.

但我們確實能夠推動我們的填充率，嗯，加速收入成長。

Operator, we have time for one more question.

接線員，我們還有時間再問一個問題。

Your final question comes from the line of Michael Ng from Goldman Sachs.

你的最後一個問題來自高盛的 Michael Ng。

Please go ahead.

請繼續。

Hi, good morning.

嗨，早安。

Thanks for the question.

謝謝你的提問。

I was wondering if you could talk about some of the EBITDA bridge components that TV for fiscal 25, Steve, and specifically, I know you digital losses are going to the high $200 million this year, given the 2B outperformance on that.

我想知道你是否可以談談 25 財年電視的一些 EBITDA 橋接組件，史蒂夫，特別是，我知道你今年的數字損失將高達 2 億美元，因為 2B 表現出色。

Is there and then anything else that you had flagged as we think about the build for TV?

當我們考慮電視的構建時，您還有什麼其他標記嗎？

Thank you.

謝謝。

Yes, if I look at my thanks for the question.

是的，如果我看看我對這個問題的感謝。

If I look at the balance of the year for the company and a lot of any TV.

如果我看看公司和很多電視的年度餘額。

But if you look at, we've obviously got an enormous cyclical tailwind with political, but definitely and including the 2B revenue plus the sport political revenue that Lachlan mentioned is open at all going to be beneficial to the TV segment.

但如果你看一下，我們顯然在政治方面有巨大的周期性順風，但絕對包括拉克蘭提到的 2B 收入加上體育政治收入，這將有利於電視領域。

From a trading momentum perspective, obviously, for fuses benefiting in the cable segment from top line growth to the underlying momentum in that you've had an amazing and they'll be post season, which is going to be an uplift first, both from a revenue and margin perspective.

從交易勢頭的角度來看，顯然，對於電纜領域的保險絲來說，從營收增長到潛在動力，你已經取得了驚人的成績，他們將在賽季結束後，這將首先是一個提​​升，無論是從收入和利潤的角度。

So I look at Q2 specifically and from and from a football perspective, and if FDA drilling will be a headwind from an advertising revenue perspective because we were down the Christmas game, which we had last year and in college is a whole sort of the four reorientation of sports rights, big shift for us in Q2 to be 10 expansion, which will be cost up for us in the quarter.

因此，我特別從足球的角度來看第二季度，從廣告收入的角度來看，FDA 的鑽探是否會成為逆風，因為我們在聖誕節比賽中落後了，去年我們在大學裡進行的比賽是四場比賽的整體。

And we got increased right phase across the board would.

我們得到了全面增加的正確相位。

But then we've been saying to partially offset that no WWE in the remainder of the year.

但我們一直在說要部分抵銷今年剩餘時間沒有WWE的影響。

And then we've also obviously discontinued with cash flow for look further out and got Super Bowl, which will be a big driver of the very, very cash-flow accretive for the Company, but not be from our perspective for us.

然後，我們顯然也停止了現金流，以尋求更長遠的發展，並獲得了超級碗，這將是公司現金流增長的一大推動力，但從我們的角度來看，這並非如此。

And then we also have the impact of the key three Entertain scheduled coming back.

然後我們也受到預定回歸的關鍵三項娛樂活動的影響。

This is where we were last year.

這就是我們去年的情況。

Generally speaking, we feel very we think TV is going to have a really, really strong sort of second, third and fourth quarter.

總的來說，我們非常認為電視在第二、第三和第四季將會有非常非常強勁的表現。

And obviously, in Q4, when we look at it from a software perspective, which can knock us around, we don't have either a couple of fee-for service can be helpful in that fund.

顯然，在第四季度，當我們從軟體的角度來看時，這可能會讓我們感到困惑，我們沒有任何收費服務可以對該基金有所幫助。

So hopefully, that gives you enough breadcrumbs, Charlie Nicoletta.

希望這能為您提供足夠的麵包屑，查理·尼科萊塔。

And but now there's a really nice tailwind that TV segment across all of those verticals.

但現在，電視細分市場在所有這些垂直領域都迎來了非常好的順風車。

We are at a time.

我們正處於一個時期。

But if you have any further questions, please give me a retiree contango account.

但如果您還有任何疑問，請給我一個退休人員期貨溢價帳戶。

Thanks so much for joining us on today's call as everyone.

非常感謝大家參加我們今天的電話會議。

Thank you.

謝謝。

And that does conclude your conference call for today.

今天的電話會議到此結束。

Thank you for joining us.

感謝您加入我們。

You may now disconnect.

您現在可以斷開連線。