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。

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

（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.

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。

Please go ahead, Ms. Brown.

請繼續，布朗女士。

Thank you, operator, and we apologize for the technical difficulties.

謝謝運營商，對於技術上的困難我們深表歉意。

But good morning, and welcome to our fiscal 2025 first-quarter earnings call.

但早上好，歡迎參加我們的 2025 財年第一季財報電話會議。

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，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'll take questions from the investment community.

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.

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 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.

此外，本次電話會議將包括某些非公認會計原則財務指標，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。

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 GAAP 財務指標的調整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 thank you all for joining us this morning to discuss our fiscal first-quarter earnings.

謝謝加比，也謝謝大家今天早上加入我們討論我們第一季的財務收益。

Today, we again reported strong operating and financial results.

今天，我們再次公佈了強勁的營運和財務業績。

We've had a great quarter and a great start to our fiscal year.

我們度過了一個出色的季度，並為本財年開了一個良好的開端。

Our EBITDA of over $1 billion was up 21% on the back 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。

In the month of October alone, Fox Networks reached over 145 million people.

光是 10 月份，Fox Networks 的受眾就超過 1.45 億。

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.

在這個選舉週期中，美國人使用福克斯新聞的次數比任何其他服務都多，以報導明天選舉之前的關鍵問題和事件。

Among those events were Fox News hosted programming that, in and of itself, made news and clearly resonated with viewers.

在這些活動中，福斯新聞主持的節目本身就成為新聞並明顯引起了觀眾的共鳴。

For example, Gutfeld delivered its highest-rated telecasts in history, with almost 5 million viewers tuning in on September 18th episode with President Trump joining the studio.

例如，Gutfeld 播出了史上收視率最高的電視節目，9 月 18 日川普總統加入攝影棚的那一集有近 500 萬觀眾收看。

This is followed by the Trump Town Hall hosted by Harris Faulkner, which also garnered exceptionally strong ratings.

其次是由哈里斯·福克納主持的川普市政廳，也獲得了異常強勁的收視率。

But as notable as these were, it was Brett Baier's interview with Vice President Harris that set a new bar for political interviews, generating over 9 million viewers on October 16.

但與這些同樣值得注意的是，布雷特·拜爾 (Brett Baier) 對副總統哈里斯的採訪為政治採訪設定了新的標準，10 月 16 日吸引了超過 900 萬觀眾。

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

雖然選舉是今天的首要任務，但我們的新聞團隊在不斷為觀眾報導世界各地的事件方面做得非常出色。

Our dedication to news, fair and balanced, delivered almost 4 billion hours of Fox News media content consumed across linear and digital platforms during Q1.

我們致力於公平和平衡的新聞，第一季在線上性和數位平台上提供了近 40 億小時的福斯新聞媒體內容。

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 demo.

本季度，新聞受眾總數較去年同期成長超過 40%，其中 25 至 54 歲的關鍵受眾群體成長超過 60%。

With engagement like this, it's no surprise that the Fox News channel was the second most-watched network in all of weekday television this past quarter, trailing only to Summer Olympics enhanced NBC.

有了這樣的參與度，福斯新聞頻​​道成為上個季度所有平日電視收視率第二高的網絡也就不足為奇了，僅次於夏季奧運會增強版的 NBC。

Once 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，同時保持領先於同行的收視率最高的有線電視新聞網絡的地位。

Additionally, during the quarter, Fox News was the number one cable news channel.

此外，在本季度，福斯新聞是排名第一的有線新聞頻道。

Number one among all major political parties in the demo.

演示中所有主要政黨中排名第一。

That's right, the number one news channel with Republicans, the number one news channel with Democrats, and the number one news channel with independents.

沒錯，共和黨的第一新聞頻道、民主黨的第一新聞頻道、獨立人士的第一新聞頻道。

We are number one in all the key swing states, and we are number one with Asian and Hispanic viewers.

我們在所有關鍵搖擺州排名第一，在亞洲和西班牙裔觀眾中排名第一。

Our audience is as diverse as it is valuable.

我們的受眾既多元又有價值。

It is as engaged as it is remarkably loyal.

它既投入又非常忠誠。

Loyal through news and election cycles.

在新聞和選舉週期中保持忠誠。

Ratings momentum at Fox News continued through October, with second quarter to-date total debuting total day ratings of 20% and prime ratings up over 30% over prior year.

福斯新聞的收視動能持續到 10 月份，第二季迄今的首播總日收視率達到 20%，主要收視率比去年同期成長了 30% 以上。

Obviously, this election is not limited to the presidential race.

顯然，這次選舉不僅限於總統競選。

We have also seen highly contested down-ballot and issue propositions across our strategic local station footprint.

我們也在我們的策略性本地電台足跡中看到了備受爭議的下投票和問題主張。

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

從收入的角度來看，地方電視台是我們的選舉英雄，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 Tubi become a material recipient of political advertising.

這個週期，我們看到Tubi成為政治廣告的物質接受者。

Tubi's large but hard-to-reach audience, coupled with its advanced targeting and geo-targeting capabilities, have clearly differentiated Tubi as campaigns look to maximize reach and efficiency.

Tubi 擁有大量但難以接觸到的受眾，加上其先進的定位和地理定位功能，在尋求最大限度提高覆蓋範圍和效率的營銷活動中，Tubi 具有明顯的差異化優勢。

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

現在我很高興地向大家報告，在整個公司範圍內，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 年佐治亞州參議院決選產生的非常實質性和巨大的影響。

Strong engagement coupled with healthy direct response growth resulted in 19% revenue growth of Tubi during the quarter, which has accelerated in Q2 thus far.

強大的參與度加上健康的直接回應成長，使得 Tubi 在本季的營收成長了 19%，而第二季迄今成長速度有所加快。

Based on the current revenue run rate, we're looking for Tubi to cross the $1 billion revenue mark this fiscal year.

根據目前的營收運行率，我們預計 Tubi 本財年的營收將突破 10 億美元大關。

Turning to Fox Sports.

轉向福克斯體育。

We're having a strong fall season across our renowned portfolio of rights.

我們著名的版權組合正在經歷一個強勁的秋季。

For example, just last week, our sports roster featured Green Bay-Detroit, and America's Game of the Week, Ohio State and Penn State, and our Big Noon college football window, and a Yankees-Dodgers World Series.

例如，就在上週，我們的體育賽事名單包括綠灣-底特律、美國本週最佳比賽、俄亥俄州立大學和賓州州立大學、我們的 Big Noon 大學橄欖球窗口以及洋基隊-道奇隊世界大賽。

The MLB postseason has been both impressive and dramatic.

美國職棒大聯盟季後賽既令人印象深刻又充滿戲劇性。

Fox had the highest rated divisional series ever on Fox Sports 1, the most watched League championship series in the past five years and the best Major League Baseball postseason on Fox since 2017.

福斯體育頻道 (Fox Sports 1) 收視率最高的分區系列賽、過去五年收視率最高的聯盟冠軍系列賽以及自 2017 年以來福克斯頻道最佳的美國職棒大聯盟季後賽。

And of course, the World Series Dream matchup of the Yankees versus the Dodgers, featuring two iconic franchises and some of Major League Baseball's biggest stars.

當然，還有洋基隊與道奇隊的世界大賽夢想對決，由兩支標誌性球隊和美國職棒大聯盟的一些巨星組成。

We saw an average of 16 million viewers tuned in each night of the five-game series across our networks, with almost 19 million viewers watching Game 5, making this the most-watched World Series and Game 5 in seven years.

我們發現，在我們的網路上，平均每晚有 1600 萬觀眾收看五場系列賽，其中近 1900 萬觀眾觀看第五場比賽，使其成為七年來收視率最高的世界大賽和第五場比賽。

Moving on to football.

繼續踢足球。

The NFL on Fox is off to its best start in five years, with the America's Game of the Week, the number one program on all television, averaging almost 26 million viewers, including a strong 28% increase in viewership in younger demos versus last season.

Fox 頻道的 NFL 迎來了五年來最好的開局，美國本週比賽成為所有電視節目中排名第一的節目，平均收視人數接近 2600 萬，其中年輕演示節目的收視率較上賽季大幅增長 28% 。

Additionally, we successfully launched our new Fox College Football Fridays in September, which is averaging nearly 3 million viewers each week, handily outrating our prior Friday night programming by over 40% in its first month.

此外，我們在 9 月成功推出了新的《福克斯學院橄欖球星期五》，平均每周有近 300 萬觀眾，在第一個月就輕鬆超過了我們之前的星期五晚上的節目 40% 以上。

And we still have a pretty robust football calendar yet to come, culminating with our broadcast of Super Bowl 59 where, I'm sorry to say, we are already sold out and at record pricing.

我們還有一個相當強勁的足球賽程即將到來，最終我們將播出第 59 屆超級碗，很遺憾，我們的門票已經售罄，並且價格創歷史新高。

The excitement continues at FOX Entertainment.

福克斯娛樂公司的精彩仍在繼續。

The fall premier of Universal Basic Guys was TV's most-watched animation debut of the past decade and the season's number one comedy among adults 18 to 49, while Rescue: HI-Surf was TV's highest-rated fall drama debut in four years.

《Universal Basic Guys》秋季首播是過去十年來收視率最高的電視動畫首播，也是本季18 至49 歲成年人中排名第一的喜劇，而《救援：HI-Surf》則是電視四年來收視率最高的秋季電視劇首播。

Fox's first-quarter results once again highlight the strength of our leadership brands and demonstrate the merits of our differentiated strategy.

福斯第一季業績再次彰顯了我們領導品牌的實力，展現了我們差異化策略的優點。

Our momentum is supported by outstanding content across our platforms and an advertising market that is healthy for us across the board.

我們的動力來自於我們平台上的優秀內容以及對我們來說全面健康的廣告市場。

This operating effectiveness, coupled with the strength of our balance sheet, support our commitment to delivering long-term shareholder value, whether that'd be through growing our existing business, thoughtful M&A, or returning capital to our shareholders.

這種營運效率，加上我們的資產負債表實力，支持我們致力於提供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，或是向股東返還資本。

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 morning, everyone.

謝謝拉克蘭，大家早安。

As Lachlan just described, Fox is up to a strong start to fiscal 2025.

正如拉克蘭剛才所描述的，福克斯在 2025 財年迎來了一個良好的開局。

Financially, this is highlighted by broad-based top-line growth, where total company revenues grew 11% to $3.56 billion.

在財務方面，這一點體現在廣泛的營收成長上，公司總收入成長了 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, boosted by political advertising at the stations, continued momentum at Tubi, and strong audience growth at Fox News Media.

該公司廣告總收入年增 11%，這得益於電視台的政治廣告、Tubi 的持續成長勢頭以及福斯新聞媒體的強勁受眾成長。

Total company affiliate fee revenues grew 6% over the prior year quarter, with 10% growth at our television segment and 3% growth at cable.

公司聯營費用總收入比去年同期成長 6%，其中電視部門成長 10%，有線電視部門成長 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品牌的實力和重點內容組合。

Total company other revenues grew 47%, a result of higher sports sublicensing revenues at our cable segment.

由於我們的有線電視部門的體育轉授權收入增加，公司其他總收入增加了 47%。

This growth in revenue was largely offset by a corresponding increase in rights cost, with no material impact on year-on-year overall EBITDA growth.

收入的成長在很大程度上被版權成本的相應增加所抵消，對整體 EBITDA 的同比增長沒有重大影響。

As I mentioned, quarterly EBITDA was $1.05 billion, up 21% 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 cost of Tubi.

正如我所提到的，季度 EBITDA 為 10.5 億美元，比上年增長 21%，我們的收入增長部分被體育節目版權攤銷增加和 Tubi 成本增加導致的 8% 費用增長所抵消。

Net income attributable to stockholders of $827 million or $1.78 per share compared to the $407 million or $0.82 per share reported in the prior year period.

股東淨利潤為 8.27 億美元，即每股 1.78 美元，而去年同期報告的淨利潤為 4.07 億美元，即每股 0.82 美元。

This increase is underpinned by our EBITDA growth, coupled with the change in fair value of the company's investment in Flutter, recognized in nonoperating other net.

這一增長是由我們的 EBITDA 成長以及公司對 Flutter 投資的公允價值變化（在非經營其他淨額中確認）所支撐的。

Excluding noncore items, adjusted net income was $672 million and adjusted EPS was $1.45, equating to a year-over-year increase of 33%.

不包括非核心項目，調整後淨利潤為 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, revenue grew 15% year over year.

現在轉向我們的營運部門，在我們的有線網路中，營收年增 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 pricing, 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，我們看到更高的收視率、直接回應定價和數位廣告收入，但部分被突發新聞報道相關的更高搶佔所抵消。

Cable affiliate fee revenues grew 3% in the quarter, with growth in pricing from our affiliate renewals outpacing the impact from industry subscriber declines, running at a touch under 8%, a slight improvement from last quarter.

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訂戶下降的影響，增幅略低於 8%，較上季略有改善。

Cable other revenues increased $147 million due to the higher sports sublicensing revenues I mentioned earlier.

由於我之前提到的體育轉授權收入增加，有線電視其他收入增加了 1.47 億美元。

Cable expenses increased 9%, primarily due to higher sports programming rights amortization and increased news gathering costs at Fox News Media, including coverage of the US presidential election cycle.

有線電視費用增加了 9%，主要是由於體育節目版權攤銷增加以及福克斯新聞媒體的新聞採集成本增加，包括美國總統選舉週期的報告。

All in, EBITDA at our cable segment grew 23% over the prior year quarter to reach $748 million.

總而言之，我們有線電視部門的 EBITDA 比去年同期成長了 23%，達到 7.48 億美元。

Turning now to our television segment, where we delivered 10% growth in revenues.

現在轉向我們的電視部門，我們的收入成長了 10%。

Television advertising revenues were up 11%, led by the strong political cycle at our local stations, continued growth at Tubi, and a benefit of higher NFL ratings and NFL scheduling, with week four of 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、Tubi 的持續成長以及 NFL 收視率和 NFL 日程安排的提高，本賽季第四週滑回到 9 月季度。

The benefit of the UEFA Euros and Copa America in the current year quarter were more than offset by the absence of the FIFA Women's World Cup.

本季歐洲盃和美洲盃的收益被國際足總女足世界盃的缺席所抵消。

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

電視聯屬費用收入年增 10%，福斯旗下及其附屬電視台的費用健康成長，足以抵銷產業訂戶下降的影響。

Television other revenues increased 3%, primarily a result of higher third-party content revenues tied to our entertainment production studios.

電視其他收入成長 3%，主要是因為與我​​們的娛樂製作工作室相關的第三方內容收入增加。

Expenses at the television segment grew 11% over the prior year quarter, driven by higher programming rights amortization at Fox Sports and increased cost of Tubi.

受福斯體育節目版權攤提增加和 Tubi 成本增加的推動，電視部門的支出比去年同期增加 11%。

Collectively, these revenue and expense movements resulted in quarterly EBITDA at our television segment increasing 6% to $372 million.

總的來說，這些收入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。

Now turning to cash flow.

現在轉向現金流。

Free cash flow, which we define as net cash provided by operating activities less CapEx, was positive $94 million in the quarter.

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）在本季為正 9,400 萬美元。

This is consistent with the seasonality of our working capital cycle, where the first half of our fiscal year is characterized by a concentration of payments for sports rights and the buildup of advertising-related receivables, both of which reversed in the second half of our fiscal year.

這與我們的營運資金週期的季節性是一致的，我們財政年度上半年的特點是體育版權付款的集中和廣告相關應收帳款的積累，這兩者在我們財政年度的下半年都出現逆轉。

We remain active with our share buyback program, where we have repurchased a further $300 million so far this fiscal year.

我們仍然積極實施我們的股票回購計劃，本財年迄今為止我們已經回購了 3 億美元。

We have now cumulatively repurchased $5.9 billion, representing approximately 29% of our total shares outstanding since the launch of the buyback program in 2019.

目前，我們已累計回購 59 億美元，約佔 2019 年啟動回購計畫以來已發行股份總數的 29%。

And we remain committed to utilizing our 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 the strength of our balance sheet, where we ended the quarter with approximately $4.1 billion in cash and $7.2 billion in debt.

這得到了我們強勁的資產負債表的支持，本季末我們擁有約 41 億美元的現金和 72 億美元的債務。

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

然後，我會將電話轉給加比。

Thank you, Steve.

謝謝你，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問題。

(Operator Instructions) Michael Morris, Guggenheim Partners.

（操作說明）Michael Morris，Guggenheim Partners。

Comcast said last week that they are considering separating their cable network business from the rest of the company, and so broadly, it'd be great to get your thoughts on how that may impact you or the industry at large.

康卡斯特上週表示，他們正在考慮將有線電視網絡業務與公司其他業務分開，從廣義上講，如果您能了解這可能會對您或整個行業產生怎樣的影響，那就太好了。

Fox clearly has been a consistent supporter of the video bundle.

福克斯顯然一直是視頻包的堅定支持者。

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

所以我很好奇你的主要合作夥伴之一是否不太忠誠。

And if I could, just one one other topic.

如果可以的話，就換一個話題吧。

You have seen this modest acceleration in affiliate revenue growth, cable and TV, for two quarters in a row now.

您已經看到有線電視和電視聯營公司營收成長連續兩個季度出現小幅加速。

Steve, you mentioned the slight improvement in underlying subscriber trends.

史蒂夫，您提到了潛在訂閱者趨勢的輕微改善。

Do you feel any more comfortable maybe that we are getting closer to a bottom in the rate of bundled subscriber declines?

也許我們已經接近捆綁訂戶下降率的底部，您是否感到更放心？

Thanks, Michael.

謝謝，麥可。

So look, I don't want to comment specifically on what Comcast's plans may or may not be.

所以看，我不想具體評論康卡斯特的計劃可能是什麼或可能不是。

I've only read the press and heard about what they said on their call.

我只閱讀了新聞並聽到了他們在電話中所說的內容。

But I don't think it affects us in any way at all.

但我認為這不會以任何方式影響我們。

I think from our perspective, at Fox, we could drive tremendous amount of synergy across all of our platforms.

我認為從我們的角度來看，在福克斯，我們可以在所有平台上發揮巨大的協同作用。

So between the entertainment network, obviously, Fox Sports, Fox Sports 1 and 2 share rights with the entertainment network, the football, for instance, and baseball that's on broadcast, the local television stations that underpin that, there are relationship and promotional capabilities and synergies with Fox News.

因此，顯然，在娛樂網絡之間，福克斯體育頻道、福克斯體育頻道 1 和 2 與娛樂網絡（例如正在播放的橄欖球和棒球）以及支持該節目的當地電視台共享版權，存在關係和促銷能力，並且與福克斯新聞的協同作用。

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

現在，顯然，Tubi 取得了令人難以置信的成長，這確實得到了我們在廣播、有線和體育領域的行銷平台的實力和影響力的幫助和推動。

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 the business would be very difficult, both from a customer point of view and from a revenue and a promotional synergy point of view.

我認為，無論是從客戶的角度還是從收入和促銷協同的角度來看，拆分部分業務都將非常困難。

In terms of the sub-declines, I don't know if Steve wants to add to this, but obviously, some of sub-declines have declined, the rate has declined somewhat in this quarter, it's pleasing to see.

就次級下降而言，我不知道史蒂夫是否想補充這一點，但顯然，一些次級下降已經下降，本季的比率有所下降，這是令人高興的。

But we do believe that there is a subfloor.

但我們確實相信有底層地板。

We don't know where it is, but we do believe there is a subfloor and there will always be consumers and subscribers who will want a core package, and a core package that includes all of our brands.

我們不知道它在哪裡，但我們確實相信有一個底層地板，並且總會有消費者和訂戶想要一個核心包，以及一個包含我們所有品牌的核心包。

When you're number one in news, you're number one in sports, you have an incredible base of local television stations retransmitted in that core package, it's a package people will always want and is very valuable to that consumer base.

當你在新聞領域排名第一時，你在體育領域排名第一，你在該核心包中擁有令人難以置信的本地電視台轉播基礎，這是人們永遠想要的包，並且對於該消費者群來說非常有價值。

Yeah, and Mike, listen, I think we're very pleased with where the revenue growth got to in the quarter, like cable ticking up to plus 3% and TV at plus 10% have brought excellent results for us.

是的，麥克，聽著，我認為我們對本季的營收成長非常滿意，例如有線電視成長了 3%，電視成長了 10%，為我們帶來了出色的業績。

Most of that, I think, is really driven by the pricing increases we've got, but as Lachlan said, the moderation in subscriber declines is obviously helpful.

我認為，其中大部分確實是由我們的定價上漲所推動的，但正如拉克蘭所說，用戶的下降放緩顯然是有幫助的。

There's more seasonality, obviously, intra year nowadays.

顯然，現在的年內季節性因素更多。

But no, we're very pleased with the trends, both revenue and sub side.

但不，我們對收入和副方的趨勢非常滿意。

Operator, next question please?

接線員，請問下一個問題嗎？

Ben Swinburne, Morgan Stanley.

本‧斯威本，摩根士丹利。

Want to ask you guys about political advertising.

想請教大家關於政治廣告的問題。

I don't know if you would agree, it feels like the sort of connected TV streaming market is really participating in this cycle in a way, at least that I haven't noticed in the past.

我不知道你是否同意，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，至少我過去沒有註意到。

And Tubi clearly is gaining share in the political advertising market.

Tubi 顯然正在政治廣告市場上獲得份額。

So what are 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 Tubi?

例如他們如何看待本地電台購買和 Tubi 購買？

Are you solving sort of different equations for campaigns and candidates?

您是否正在為競選活動和候選人求解不同的方程式？

And do you think there's any cannibalization?

你認為有任何蠶食嗎？

In other words, is Tubi taking money out of the station group?

也就是說，土比是在從站團拿錢嗎？

And I don't know if Steve, if you want to sort of quantify kind of holistically the political dollars you're seeing in the quarter or for the cycle, that would be helpful, too.

我不知道史蒂夫，如果你想全面量化你在本季或本週期看到的政治資金，這是否也會有幫助。

So just by way of background, I'd say the political spend this cycle is different in some significant ways from four years ago.

因此，僅作為背景，我想說，本週期的政治支出與四年前在某些重要方面有所不同。

Four years ago, there was more sort of national dollar spent.

四年前，花費了更多的國家資金。

And there was a somewhat of a shift, not a majority, but some shift four years ago towards national from local.

四年前，有些轉變，不是大多數，而是一些轉變，從地方轉向全國。

The first time we talked about it in those quarterly calls back then, for the first time, seeing national political dollar spend was unique four years ago.

四年前，我們第一次在季度電話會議中談論這個問題，第一次看到國家政治資金支出是獨一無二的。

This year, the cycle sort of reverted to form and the campaigns on both sides of -- all sides of politics have shifted back to being more local and targeted spends.

今年，這個週期有點回歸常態，政治各方的競選活動都已轉向更在地化和有針對性的支出。

That has assisted us both in the station group, which will have record political revenues, but as I mentioned in my earlier comments, also in Tubi that can target very efficiently and specifically geo-target its advertisers as well.

這對我們電視台集團都有幫助，該集團將獲得創紀錄的政治收入，但正如我在先前的評論中提到的，Tubi 也可以非常有效地定位其廣告商，並專門針對其廣告商進行地理定位。

So in fact, we haven't seen any evidence of cannibalization from stations into digital or into Tubi.

所以事實上，我們還沒有看到任何證據表明電台被數位化或 Tubi 蠶食。

In fact, it's quite the reverse.

事實上，情況恰恰相反。

Tubi was able to capture money that, frankly, we couldn't take entirely in the station.

坦白說，圖比（Tubi）能夠捕獲我們無法完全帶入車站的資金。

There was such a tidal wave of political dollars to have much of that captured by Tubi as well is really pleasing to see.

政治資金的浪潮如此之大，圖比也捕獲了其中的大部分，這真是令人高興。

I think it also shows the -- obviously, the strength of Tubi.

我認為這顯然也顯示了 Tubi 的力量。

It's obviously -- it's not just the geo targeting that was valuable, but this is a very hard demographic to reach.

顯然，有價值的不僅僅是地理定位，而且這是一個很難接觸到的人群。

Most of them are cord nevers.

他們中的大多數都是繩子。

They're younger, they're very diverse, and it's a very valuable audience.

他們更年輕，他們非常多樣化，而且是非常有價值的觀眾。

And it shows now that Tubi has the scale and has the marketplace and sort of awareness to have sort of graduated into a tier of advertisers that's a must buy for people who wanted to reach this audience.

現在它表明，Tubi 擁有一定的規模、市場和認知度，可以躋身廣告商的行列，對於想要接觸這些受眾的人來說，這是必須購買的。

So it's very pleasing to see.

所以很高興看到。

Yeah, and Ben, just to put some numbers around it, if I look at just the quarter, local, like it really is more and more in terms of -- it's not cannibalistic at all between Tubi and the stations.

是的，Ben，只是為了放一些數字，如果我只看季度，本地，就像它真的越來越多一樣 - Tubi 和車站之間根本不是同類相食。

The stations were up in Q1 by sort of 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 benefited from the Georgia runoff post the election.

然後，如果我看一半，請記住，這些電視台受益於選舉後喬治亞州的決選。

They've already done more than what they did that last half in -- sorry, Q1 and Q2 of fiscal '21.

他們所做的事情已經超過了上半年——抱歉，是 21 財年的第一季和第二季。

So we sort of -- we did just north of $260 million in that half in four years ago and we're north of that already in this current fiscal year.

因此，四年前我們在這一半的收入就超過了 2.6 億美元，而在本財年我們已經超過了這個數字。

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

因此，各電視台在政治方面經歷了令人難以置信的上半場。

And then as Lachlan mentioned, Tubi went from virtually nothing four years ago to a meaningful number for us, what you call that sort of absolutely local or national sort of your core.

然後，正如 Lachlan 所提到的，Tubi 從四年前幾乎一無所有變成了對我們有意義的數字，你稱之為絕對本地或全國性的核心。

And then just finally, it's the sports, right?

最後，這是體育運動，對吧？

The strength of our sports programming over the last few weeks has, I believe, driven -- that's where the national political dollars have come in.

我相信，過去幾週我們體育節目的實力已經推動了——這就是國家政治資金發揮作用的地方。

And I apologize to anyone who's enjoying their football over the weekend and are bombarded by political ads, but yeah, but the sports has really been the beneficiary of national political advertising.

我向那些在周末享受足球比賽並受到政治廣告轟炸的人表示歉意，但是，是的，但體育運動確實是國家政治廣告的受益者。

Operator, next question please.

接線員，請下一個問題。

Robert Fishman, MoffettNathanson.

羅伯特‧菲什曼，莫菲特‧內森森。

Maybe just a follow-up on Tubi more broadly.

也許只是 Tubi 更廣泛的後續行動。

Now that it's on track to reach $1 billion in revenue, can you just help us investors think about like what the future of this asset really looks like and how big it can get with this current momentum?

現在它的收入預計將達到 10 億美元，您能否幫助我們投資者思考一下該資產的未來到底是什麼樣子，以及在目前的勢頭下它能達到多大？

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

然後也許只是第二點，您可以提供有關維努未來的任何更新嗎？

If it doesn't launch, do you have a willingness 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？

Thanks, Robert.

謝謝，羅伯特。

First, on Tubi.

首先是圖比。

Look, the growth is -- it continues to be very impressive.

看，成長仍然令人印象深刻。

We were very pleased with the growth.

我們對成長感到非常滿意。

I won't give you the October revenue number because Gabby will kick me under the table.

我不會告訴你十月的收入數字，因為蓋比會在桌子底下踢我。

(laughter) Obviously, it's a beneficiary of a tremendous amount of political money, so it would be misleading, although staggering, statistically.

（笑聲）顯然，它是巨額政治資金的受益者，所以這可能會產生誤導，儘管從統計角度來看是令人震驚的。

(laughter)

（笑聲）

And yet ex-political, we continue to see growth in the second quarter and we think beyond.

然而，除政治因素外，我們繼續看到第二季度的成長，並且我們的思考更遠。

This is driven -- I think we're now seeing a very sustainable model of the largest AVOD library. 95% of the library is revenue share, although only 65% of the viewing is revenue share, the 5% that we spend in our sort of direct content -- purchase content drives about 30% of the viewing.

這是驅動的——我認為我們現在看到了最大的 AVOD 庫的一個非常可持續的模型。圖書館的 95% 是收入分成，儘管只有 65% 的觀看次數是收入分成，但我們在直接內容上花費的 5%——購買內容驅動了大約 30% 的觀看次數。

So the business continues to grow.

所以業務持續成長。

It's a fantastic platform, and then we see it growing from strength to strength.

這是一個非常棒的平台，我們看到它不斷成長。

And really, we'll increasingly be the way Americans watch free television.

事實上，我們將越來越成為美國人觀看免費電視的方式。

That's absolutely the case.

絕對是這樣。

And of course, the fact that it's video on demand and not a fast channel platform also adds to the value of that audience that's proactively choosing to watch our content at increasingly high levels.

當然，事實上，它是視訊點播而不是快速頻道平台，這也增加了主動選擇以越來越高的水平觀看我們內容的觀眾的價值。

On Venu, obviously, we are awaiting our appeal of the injunction, and we'll see where we go from there.

顯然，在金星上，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 Venu is a tremendous pro-consumer, pro-competition platform.

我們仍然相信 Venu 是一個有利於消費者、有利於競爭的巨大平台。

We're very excited to launch it when we have the ability to do so.

當我們有能力時，我們非常高興能夠推出它。

And then in licensing content, we are in the business of building brands, producing programming.

然後在授權內容方面，我們從事的是打造品牌、製作節目的業務。

And we're not a sublicensee or licensor of sports rights in any sort of substantial or significant way.

我們不是任何實質或重要方式的體育權利的轉許可人或許可方。

Great.

偉大的。

Operator, next question please.

接線員，請下一個問題。

John Hodulik, UBS.

約翰‧霍杜里克，瑞銀集團。

Two, if I could.

兩個，如果可以的話。

First, can you guys comment on sort of how you see the ad environment shaping up post election?

首先，你們能評論一下你們如何看待選舉後廣告環境的形成嗎？

And maybe what you're seeing now in terms of pricing from a direct response standpoint?

也許從直接回應的角度來看，您現在在定價方面看到了什麼？

And then obviously, ratings have been very strong.

顯然，收視率非常高。

It looks like you guys have some easier -- maybe not quite as easy, but 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個季度裡有一些更容易的——也許不是那麼容易，但更容易的比賽。

How should we think about the outcome of 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 -- we've seen recently regardless of the outcome?

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？

Just any perspective you have there would be great.

只要你有任何觀點都會很棒。

Thanks a lot for the question, John.

非常感謝你的提問，約翰。

That's helpful.

這很有幫助。

What's going to happen tomorrow, I don't know.

明天會發生什麼，我不知道。

So from a -- look, our advertising revenues and the advertising marketplace that we participate in is very healthy, right?

因此，從表面上看，我們的廣告收入和我們參與的廣告市場都非常健康，對吧？

It helps that we're not overly exposed to general entertainment, general entertainment cable inventory and programming.

這有助於我們避免過度接觸一般娛樂、一般娛樂有線電視庫存和節目。

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

因此，在我們參與的所有市場中，我們都看到了非常健康的成長，而且顯然，我們看到的健康成長不是在我們剛剛報告的季度，而是在未來。

I mentioned, like if you look at sports, we had just a tremendous World Series.

我提到過，如果你看看運動，我們剛剛舉辦了一場精彩的世界大賽。

I think it's probably -- I haven't checked this, but I'm pretty sure, even for five-game World Series, it's probably a record amount of revenue within five games.

我認為這可能是——我沒有檢查過這一點，但我很確定，即使對於五場比賽的世界大賽，這也可能是五場比賽內收入的創紀錄數額。

It outperformed our budget and our expectations.

它超出了我們的預算和預期。

We have the Super Bowl coming up.

我們即將迎來超級盃比賽。

Football has sold very well, regular season.

例行賽足球銷量非常好。

And of course, we're sold out for the Super Bowl.

當然，我們的超級盃門票已經售罄。

We have record -- what we believe, a record on pricing.

我們有記錄——我們相信，定價記錄。

News ratings, we've talked about how strong news ratings are, particularly in the key 25 to 54 demographics.

新聞收視率，我們已經討論過新聞收視率有多強，尤其是在 25 至 54 歲的關鍵人群中。

And that's also helped at a significant sort of multiplier effect by direct pricing being up very 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 pricing for direct response.

因此，這對於我們直接回應的定價來說非常強大。

Entertainment scatter is strong, and we've talked about the local political spend already.

娛樂分散度很強，我們已經討論過當地的政治支出。

Obviously, one thing that happens there, if you point anything out, local political pushes out some local-based market advertising.

顯然，那裡發生的一件事，如果你指出的話，當地政治推動了一些基於當地的市場廣告。

You only have so much inventory.

你的庫存只有這麼多。

And so if you look at the local base markets, you have auto, soft; retail is soft; betting now is the one category that's pretty strong.

因此，如果你看看當地的基礎市場，你會發現汽車、軟裝、汽車、軟裝等。零售業疲軟；現在投注是相當強大的一類。

So betting has sort of returned to growth.

因此，博彩業已經恢復成長。

And I think we've talked about Tubi already being up 19% and accelerating in the second quarter.

我想我們已經討論過 Tubi 已經上漲了 19%，並且在第二季加速成長。

So what happens this week with the election and how that would impact?

那麼本週的選舉會發生什麼事以及這會產生什麼影響？

I don't think it would impact us.

我認為這不會影響我們。

I think, again, in the markets that we're seeing, we're seeing tremendous amount of growth and health.

我再次認為，在我們所看到的市場中，我們看到了巨大的成長和健康狀況。

Operator, next question please.

接線員，請下一個問題。

Jessica Reif Ehrlich, Bank of America Securities.

傑西卡·雷夫·埃利希，美國銀行證券公司。

Maybe switching gears a little bit to Flutter and FanDuel.

也許稍微切換一下 Flutter 和 FanDuel。

Can you talk about how long it will take you to get through the approval process?

您能談談您需要多長時間才能完成審批流程嗎？

And once you do, what would make you exercise earlier or later?

一旦你這樣做了，什麼會讓你更早或更晚運動？

And ultimately, what do you think you'd do with this asset?

最終，您認為您會如何處理該資產？

And then one last thing, if we could just go back to Tubi, which is so phenomenal.

最後一件事，如果我們能回到圖比，那真是太神奇了。

And you said it's accelerating, Lachlan you walked through all the characteristics, but you had that before, so why is it accelerating?

你說它正在加速，拉克蘭，你已經了解了所有的特徵，但你以前就有過，那麼為什麼它會加速呢？

Are you selling differently or using different advertising tools?

您的銷售方式是否不同或使用不同的廣告工具？

So on Flutter and FanDuel, so we have six years, I think, in our options, so there's no immediate need to rush the process.

所以在 Flutter 和 FanDuel 上，我認為我們有六年的選擇時間，所以沒有必要立即匆忙這個過程。

But we have now engaged, I just checked it, it's like in 26 states.

但我們現在訂婚了，我剛剛查了一下，好像在26個州。

We have to get licensed in every state that FanDuel operates in.

我們必須在 FanDuel 運營的每個州獲得許可。

And so it is an in-depth process.

所以這是一個深入的過程。

It will take some time.

這需要一些時間。

I don't think it will take an exorbitant amount of time, but we expect that process to go relatively smoothly, and we'd be able to complete that process within a year.

我認為這不會花費太多時間，但我們預計這個過程會相對順利，我們能夠在一年內完成這個過程。

And Jessica, sorry, what was the second question?

潔西卡，抱歉，第二個問題是什麼？

Tubi.

圖比。

So this year -- well, this quarter that we're seeing, Jessica, we've talked before about the fill rate in Tubi.

所以今年——好吧，我們看到的這個季度，傑西卡，我們之前已經討論過 Tubi 的填充率。

And what we're really being able to do is actually reduce -- kind of improve the fill rate very, very significantly.

我們真正能夠做的是減少——非常非常顯著地提高填充率。

So we've been in a very competitive market.

所以我們一直處於一個競爭非常激烈的市場。

We've been able to hold pricing, but we've really been able to drive our fill rate to accelerate that revenue growth.

我們一直能夠保持定價，但我們確實能夠提高填充率以加速收入成長。

Operator, we have time for one more question.

接線員，我們還有時間再問一個問題。

Michael Ng, Goldman Sachs.

邁克爾吳，高盛。

Just was wondering if you could talk about some of the EBITDA bridge components at TV for fiscal '25, Steve?

只是想知道您是否可以在電視上談論 25 財年的一些 EBITDA 橋樑組成部分，史蒂夫？

Specifically, I know you talked about digital losses going to the high $200 million this year, given the Tubi outperformance.

具體來說，我知道您談到，鑑於 Tubi 的出色表現，今年的數字損失將高達 2 億美元。

Is that number better?

這個數字比較好？

And then anything else that you would flag for us as we think about the build for TV?

當我們考慮電視的構建時，您還有什麼需要向我們提出的嗎？

Yes.

是的。

So if I look at the balance of the year for the company -- and a lot of it is TV, but if you look at -- we've obviously got an enormous cyclical tailwind with political where those FTS numbers and including the Tubi revenue plus the sport political revenue that Lachlan mentioned is all going to be beneficial to the TV segment.

因此，如果我看看公司今年的餘額 - 其中很多是電視，但如果你看看 - 我們顯然有一個巨大的周期性順風與政治，其中 FTS 數字，包括 Tubi 收入再加上拉克蘭提到的體育政治收入都將對電視領域有利。

From a trading momentum perspective, obviously, Fox News is benefiting in the cable segment from top-line growth.

從交易勢頭的角度來看，顯然，福克斯新聞在有線電視領域受益於營收成長。

You have Tubi underlying momentum and then you've had an amazing MLB postseason which is going to be an uplift for us, both from a revenue and margin perspective.

你有 Tubi 的潛在動力，然後你就有了一個令人驚嘆的 MLB 季後賽，這對我們來說是一個提升，無論是從收入還是利潤的角度來看。

If I look at Q2 specifically, from a football perspective, NFL scheduling will be a headwind from an advertising revenue perspective because we're down the Christmas games which we had last year.

如果我具體看一下第二季度，從橄欖球的角度來看，從廣告收入的角度來看，NFL 的賽程安排將是一個阻力，因為我們去年的聖誕節比賽已經結束了。

And then college is a whole sort of -- the reorientation of sports rights is a big shift for us in Q2, particularly in Q2.

然後大學是一個整體——體育權利的重新定位對我們來說是第二季的重大轉變，尤其是第二季。

You got Big Ten expansion, which will be cost up for us in the quarter.

你得到了十大擴張，這將在本季增加我們的成本。

You got increased rights fees across the board, but then to partially offset that, we've got no WWE for the remainder of the year, and then we've also obviously discontinued with Pac-12.

你的版權費全面增加，但為了部分抵銷這一點，我們在今年剩下的時間裡沒有WWE，而且我們也顯然停止了Pac-12。

If I look further out, we've got Super Bowl in Q3, which will be a big driver, be very, very cash flow accretive for the company but will not be from an EBITDA perspective for us.

如果我看得更遠，我們將在第三季舉辦超級盃比賽，這將是一個很大的推動力，對公司來說會非常非常增加現金流，但從EBITDA 的角度來看，這對我們來說不會。

And then we also have the impact of the Q3 entertainment schedule coming back versus where we were last year.

然後，我們也受到第三季娛樂節目安排與去年相比的影響。

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，我們感覺電視在第二、第三和第四季將會非常非常強勁。

And obviously, in Q4, when we look at it from a soccer perspective, which can knock us around, we don't have either UEFA, Copa, or FIFA, so that's going to be helpful in that final quarter.

顯然，在第四季度，當我們從足球的角度來看時，這可能會讓我們感到震驚，我們沒有歐足總、美洲杯或國際足聯，所以這在最後一個季度會有所幫助。

So hopefully, that gives you enough breadcrumbs to try to model that out (laughter) but no, there's a really nice tailwind with our TV segment across all of those verticals.

所以希望這能給你足夠的麵包屑來嘗試建模（笑聲），但不，我們的電視部分在所有這些垂直領域都有一個非常好的順風。

At this point, we are out of time.

此時，我們已經沒有時間了。

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

但如果您有任何其他問題，請打電話給我或查理·科斯坦佐。

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

非常感謝您參加今天的電話會議。

Thanks, everyone.

謝謝大家。

Thank you.

謝謝。

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 joining us.

感謝您加入我們。

You may now disconnect.

您現在可以斷開連線。