二十一世紀福斯 (FOX) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Fox Corporation fourth quarter fiscal year 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being ordered.

女士們、先生們，感謝你們的支持。歡迎參加福斯公司2025財年第四季財報電話會議。（操作員指示）提醒一下，本次會議正在召開。

I will now turn the conference over to Chief Investor Relations Officer, Ms. Gabrielle Brown. Please go ahead, Ms. 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。請繼續，布朗女士。

Thank you, Karli. Good morning, and welcome to our fiscal 2025 fourth quarter earnings call. Joining me on the call today are Lachlan Murdoch, Executive Chair and Chief Executive Officer; John Nallen, Chief Operating Officer; and Steve Tomsic, our Chief Financial Officer.

謝謝你，卡莉。早安，歡迎參加我們的 2025 財年第四季財報電話會議。今天與我一起參加電話會議的還有執行主席兼首席執行官拉克蘭·默多克 (Lachlan Murdoch)、首席營運官約翰·納倫 (John Nallen) 和首席財務官史蒂夫·湯姆斯克 (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. Please note that this call may include forward-looking statements regarding Fox Corporation's financial performance and operating results. These statements are based on management's current expectations and actual results could differ from what is stated as a result of certain factors identified on today's call and in the company's SEC filings.

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。請注意，本次電話會議可能包含福克斯公司財務表現和經營成果的前瞻性陳述。這些聲明是基於管理層目前的預期，由於今天的電話會議和公司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結果有所不同。

Additionally, this call will include certain non-GAAP financial measures, including adjusted EPS and adjusted EBITDA or EBDA, as we refer to it on this call. Reconciliations of non-GAAP financial measures are included in earnings release and our SEC filings, which are available in the Investor Relations section of our website. We also refer to free cash flow to be defined as net cash provided by operating activities less capital expenditures.

此外，本次電話會議還將包括某些非 GAAP 財務指標，包括調整後的每股盈餘和調整後的 EBITDA 或 EBDA（我們在本次電話會議中提及）。非公認會計準則 (GAAP) 財務指標的對帳表包含在收益報告和我們向美國證券交易委員會 (SEC) 提交的文件中，您可以在我們網站的「投資者關係」部分找到這些文件。我們也將自由現金流定義為經營活動提供的淨現金減去資本支出。

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 very much, Gabi. Before we start, preemptively apologies from my coughing or cold, which Gabi and Steve are thrilled to be locked in a closet with me, but I'm -- you guys should all be thankful that your -- this is telephonic. Well, Gabi, thank you very much, and thank you all for joining us this morning as we discuss our fourth quarter and full year earnings results. Fiscal 2025 was another outstanding year for Fox, demonstrating the strength operationally and financially across all of our businesses and delivering our best year yet.

非常感謝，加比。在我們開始之前，我先為我的咳嗽或感冒道歉，加比和史蒂夫很高興能和我一起被鎖在壁櫥裡，但是我——你們都應該慶幸——這是通過電話進行的。好吧，加比，非常感謝你，也感謝大家今天上午加入我們討論第四季度和全年的盈利結果。2025 財年對福斯來說又是輝煌的一年，展現了我們所有業務在營運和財務方面的實力，並創造了迄今為止最好的一年。

The year was highlighted by our strong financial performance with revenue growth of 17% to $16 billion, EBITDA growth of 26% to $3.6 billion. Adjusted EPS growth of 39% to $4.78 per share and free cash flow growth of 100% to $3 billion, all records for Fox.

這一年，我們的財務表現十分出色，營收成長 17%，達到 160 億美元，EBITDA 成長 26%，達到 36 億美元。調整後每股收益成長 39% 至 4.78 美元，自由現金流成長 100% 至 30 億美元，均創下福斯的紀錄。

We also generated record political advertising revenue of well over $400 million across the FOX platforms. FOX's broadcast of Super Bowl 59 broke viewership and advertising records as the most watched telecast in US history, generating over $800 million of gross advertising revenue and engagement at FOX News led to record audience share, reaching over 70% of the cable news audience at times during the year.

我們也在 FOX 平台上創造了超過 4 億美元的創紀錄的政治廣告收入。福斯對第 59 屆超級盃的轉播打破了收視率和廣告記錄，成為美國歷史上收視率最高的電視轉播，產生了超過 8 億美元的廣告總收入，福克斯新聞的參與度也帶來了創紀錄的觀眾份額，全年有時覆蓋了有線新聞觀眾的 70% 以上。

Our noteworthy fiscal 2025 results were underpinned by a 26% lift in total advertising revenue to $7 billion. The momentum we have reported over the first three quarters of our fiscal year continued unabated during the fourth quarter, with 7% growth over last year despite tougher comparisons from last year's UEFA Euro and Copa America soccer tournaments.

我們值得關注的 2025 財年業績得益於廣告總營收成長 26% 至 70 億美元。我們報告的本財年前三個季度的成長勢頭在第四季度繼續保持，儘管與去年的歐洲足球錦標賽和美洲杯足球錦標賽相比更加艱難，但與去年相比仍增長了 7%。

As we look to fiscal '26, the overall advertising market for Fox continues to be healthy and robust, as evidenced by our recently concluded upfront where we achieved record-setting double-digit volume growth and strong pricing growth across our portfolio.

展望26財年，福斯的整體廣告市場持續保持健康強勁的勢頭，我們最近完成的預付款證明了這一點，我們的產品組合實現了創紀錄的兩位數銷量增長和強勁的價格增長。

The power of our brands and our ability to deliver engaged audiences at scale across our platforms is exceptionally strong. Nowhere is that scale and engagement more evident than at FOX News. FOX News ended the fiscal year as it began as the most watched cable network in total day and in prime time. In the fourth quarter, total day audience was up 25% in total viewers and 31% in the demo, while maintaining over 60% share of the cable news audience.

我們的品牌力量以及我們透過各個平台吸引大規模受眾的能力非常強大。這種規模和參與度在福斯新聞上體現得最為明顯。福克斯新聞在本財年結束時成為全天和黃金時段收視率最高的有線電視網。第四季度，全天觀眾總數增長了 25%，演示觀眾增長了 31%，同時保持了有線新聞觀眾 60% 以上的份額。

And now for the second quarter in a row, FOX News was the second most watched network in Monday through Friday Prime in all of television, surpassing all but one broadcast network. But it's not only linear news driving that performance. FOX News Digital achieved new records for engagement during the quarter with over 1.5 billion YouTube views and over 3.7 billion social media video views, our highest totals ever. Engagement trends are off to a good start in the first quarter of this new year with FOX News finishing at the highest rated television network in America for the month of July.

福斯新聞連續第二季成為週一至週五 Prime 時段收視率第二高的電視網絡，超越了除一家廣播網絡外的所有廣播網絡。但推動這一表現的不僅是線性新聞。FOX News Digital 本季的參與度創下了新高，YouTube 觀看次數超過 15 億次，社群媒體影片觀看次數超過 37 億次，均為史上最高。今年第一季度，參與度趨勢開局良好，福克斯新聞 (FOX News) 成為七月份美國收視率最高的電視網絡。

No doubt, aided by must-watch programming, Jesse Watters Primetime and Gutfeld the leading late night program on television. Fox Sports once again submitted its position, finishing the year first among all networks in live sports. That engagement was driven by an impressive portfolio of sporting events, including a riveting Major League Baseball post season, the launch of Fox College Football Fridays, the NFL on FOX and, of course, the record-breaking Super Bowl 59.

毫無疑問，在必看節目、傑西沃特斯黃金時段和古特菲爾德電視上領先的深夜節目的幫助下。福斯體育 (Fox Sports) 再次榮登榜首，成為年度所有體育直播電視網中第一名。這種參與是由一系列令人印象深刻的體育賽事推動的，其中包括引人入勝的美國職棒大聯盟季後賽、福克斯大學橄欖球星期五節目的推出、福克斯的 NFL 比賽，當然還有破紀錄的第 59 屆超級碗。

And while our fourth quarter has a lighter sports calendar, Fox's first presentation of the Indianapolis 500 was an unqualified success, averaging over 7 million viewers, a 41% gain over last year and the most watched running of the race in 17 years.

儘管第四季的體育賽事安排較為清淡，但福克斯首次轉播的印第安納波利斯 500 大賽卻獲得了無可爭議的成功，平均觀眾人數超過 700 萬，比去年增長了 41%，是 17 年來收視率最高的一屆賽事。

The power of live sports remains unmatched, and our sports portfolio is an increasing demand by advertisers and viewers alike. We expect that to continue as we charge ahead to autumn when we welcome back post-season baseball, the NFL, and College Football on Fox. FOX's big new Saturday kicks off on August 30 with a highly anticipated rematch of last season's college football playoffs semi-final Texas versus Ohio State.

現場體育賽事的力量仍然無與倫比，我們的體育組合越來越受到廣告商和觀眾的青睞。我們預計，隨著秋季的到來，這種勢頭將持續下去，屆時我們將在福克斯電視台迎來季後賽棒球、NFL 和大學橄欖球比賽的回歸。FOX 全新大型週六節目將於 8 月 30 日拉開序幕，屆時將播出備受期待的上賽季大學橄欖球季後賽半決賽德克薩斯大學對陣俄亥俄州立大學的重賽。

By then, you will be able to watch our entire sports portfolio, along with our news and entertainment programming on FOX One our direct-to-consumer streaming platform. FOX One, is the truly innovative digital offering launching across the US on August 21 for $19.99 per month. While FOX One will be marketed to cordless market, current pay TV subscribers will also have access to FOX One an authenticated basis. And yes, we will be offering bundling opportunities that make sense to achieve our target objectives.

屆時，您將能夠在我們的直接面向消費者的串流平台 FOX One 上觀看我們的整個體育賽事以及新聞和娛樂節目。FOX One 是一款真正創新的數位產品，將於 8 月 21 日在美國推出，每月收費 19.99 美元。雖然 FOX One 將在無線市場上銷售，但現有的付費電視用戶也可以透過身分驗證存取 FOX One。是的，我們將提供有意義的捆綁機會來實現我們的目標。

We have said before that our aspiration for FOX One subscribers are modest and our measured investment toward this initiative will match these long-range goals. Speaking of the cordless market Tubi notched multiple achievements in fiscal 2025, including delivering the most streamed Super Bowl in history, exceeding 100 million monthly active users, generating over $1.1 billion in revenue and reaching an all-time high of 2.2% share of total US television viewing.

我們之前曾說過，我們對 FOX One 用戶的期望是適度的，我們對這項計劃的適度投資將與這些長期目標相符。說到無線市場，Tubi 在 2025 財年取得了多項成就，包括舉辦了歷史上串流媒體播放次數最多的超級盃比賽、每月活躍用戶超過 1 億、創造了超過 11 億美元的收入，並達到了美國電視收視總量 2.2% 的歷史最高份額。

The sustained momentum we have seen at Tubi throughout this fiscal year continued into the fourth quarter with 17% growth in total view time, along with favorable progress in our direct response and partner channels, combining to drive revenue growth of 32% in the quarter. Tubi's hard-to-reach audience resonates with advertisers looking to tap to the cordless market as evidenced by this year's upfront results that saw Tubi's volume grow over 35% year on year while holding rates stable in a competitive connected TV market.

Tubi 在整個財年中保持的持續增長勢頭延續到了第四季度，總觀看時間增長了 17%，同時直接反應和合作夥伴渠道也取得了良好進展，共同推動本季度收入增長 32%。Tubi 難以觸及的受眾引起了希望進入無線市場的廣告商的共鳴，今年的預付業績證明了這一點：Tubi 的銷量同比增長超過 35%，同時在競爭激烈的聯網電視市場中保持了價格穩定。

Fiscal 2025 was a decent year for FOX and a clear demonstration of the efficacy of our differentiated strategy, and there's more to come. On these calls, we have long said that we aspire to engage with our viewers wherever it suits them best. The traditional cable bundle remains our favorite distribution channel as we believe it continues to provide exceptional value to consumers.

2025 財年對 FOX 來說是不錯的一年，也清楚證明了我們差異化策略的有效性，未來還會有更多發展。在這些電話會議中，我們早就說過，我們渴望以最適合觀眾的方式與他們互動。傳統的有線電視捆綁銷售仍然是我們最喜歡的分銷管道，因為我們相信它能夠繼續為消費者提供卓越的價值。

Tubi, with two-thirds of its users cordless and outside of the bundle, serves a massive market hungry for free premium content and soon FOX One will additionally service another important audience segment, those wanting a paid targeted offerings encompassing all FOX brands.

Tubi 的三分之二用戶都是無線用戶且未使用套餐，因此服務於渴望免費優質內容的龐大市場，而 FOX One 很快還將為另一個重要的受眾群體提供服務，即那些希望獲得涵蓋所有 FOX 品牌的付費定向內容的受眾。

These pillars of our distribution strategy provide us access to the largest audience possible and will underpin our growth in the years ahead. We enter fiscal 2026 with solid operational and financial momentum across our company and we look forward to another exciting year that will see the launch of FOX One in just a few weeks, the renewal of one-quarter of our distribution revenue, a healthy advertising environment and, of course, FOX broadcast of the FIFA Men's World Cup beginning later this fiscal year.

我們的分銷策略支柱使我們能夠接觸到盡可能多的受眾，並將支撐我們未來幾年的成長。我們帶著穩健的營運和財務勢頭進入 2026 財年，我們期待著又一個令人興奮的一年，我們將在短短幾週內推出 FOX One，恢復四分之一的分銷收入，健康的廣告環境，當然還有 FOX 將於本財年晚些時候開始轉播 FIFA 男足世界杯。

Underscoring our confidence in the trajectory of the business, this morning, we are announcing a $5 billion increase to our share repurchase authorization with our balance sheet has never been stronger we expect to continue repurchasing our shares while still accommodating our continued program of organic investment and preserving flexibility to thoughtfully invest in new businesses. And with that, let me turn it over to Steve.

為強調我們對業務發展軌蹟的信心，今天上午，我們宣布將股票回購授權增加 50 億美元，我們的資產負債表從未如此強勁，我們預計將繼續回購股票，同時仍適應我們持續的有機投資計劃並保持靈活性，以便對新業務進行深思熟慮的投資。現在，讓我把麥克風交給史蒂夫。

Thanks, Lachlan, and good morning, everyone. With a strong fourth quarter, capping off which is already shaping up to be a strong year, Fox delivered record financial results in fiscal '25, with record total company revenues of over $16 billion growing 17% year over year and record adjusted EBITDA of $3.6 billion growing an impressive 26% year over year, converting to record free cash flow of $3 billion.

謝謝，Lachlan，大家早安。福克斯在第四季表現強勁，為今年的強勁表現畫上了圓滿的句號。 25 財年，福斯創造了創紀錄的財務業績，公司總收入超過 160 億美元，年增 17%，調整後息稅折舊攤銷前利潤 (EBITDA) 達到創紀錄的 36 億美元，年成長 26%，轉化為創紀錄的 30 億美元自由現金流。

Advertising revenues across the company were up 26%, with strong growth of both our television and cable network programming segments. This growth was driven by both our banner year of events, including record-breaking advertising revenues for both Super Bowl 59 and the Presidential election cycle, as well as strength in our underlying core, highlighted by accelerating Tubi growth, robust news pricing and engagement growth, and very healthy advertising demand for our sports programming.

整個公司的廣告收入成長了 26%，電視和有線電視節目部門都實現了強勁成長。這一增長得益於我們標誌性的一年，包括第 59 屆超級盃和總統選舉週期創紀錄的廣告收入，以及我們核心業務的強勁增長，突出表現為 Tubi 的加速增長、強勁的新聞定價和參與度增長，以及對我們體育節目非常健康的廣告需求。

We successfully completed renewals with distributors representing approximately one quarter of our overall affiliate revenues this year with the financial benefits of these renewals driving 5% growth in total company affiliate fee revenues, led by 7% growth at the television segment.

我們成功地與經銷商完成了續約，這佔了我們今年整體聯營收入的約四分之一，這些續約帶來的財務利益推動了公司聯營費用總收入增長 5%，其中電視部門增長了 7%。

Total company other revenues were up 47% year over year, driven by high sports of licensing revenues in our cable network segments segment. As we've previously mentioned, this growth in revenue was largely offset by a corresponding increase in rise costs with no material impact on a year over year overall in the data.

該公司其他總收入年增 47%，這得益於有線網路部門授權收入的大幅成長。正如我們之前提到的，收入的成長在很大程度上被成本的相應增加所抵消，對整體數據的同比沒有實質影響。

Charitable company expenses increased 14%, largely due to high sports rights amortization and production costs, including costs associated with Super Bowl 59 and the sub licensing revenues I just mentioned. Net income attributable to stockholders was $2.3 billion or $4.91 per share, up versus the $1.5 billion or $3.13 per share reported in fiscal '24. Excluding non-core items, full year adjusted net income was $2.2 billion and adjusted EPS was $4.78 per share, up 39% year over year.

慈善公司支出增加了 14%，這主要是由於體育權利攤銷和製作成本高，包括與第 59 屆超級盃相關的成本以及我剛才提到的子授權收入。歸屬於股東的淨利潤為 23 億美元，即每股 4.91 美元，高於 24 財年的 15 億美元，即每股 3.13 美元。不包括非核心項目，全年調整後淨收入為 22 億美元，調整後每股收益為 4.78 美元，年增 39%。

Turning to our fiscal fourth quarter, Fox delivered another quarter of impressive results highlighted by a 6% increase in total revenues and 21% growth in adjusted data. Our advertising revenues increased 7%, led by continued growth at two and strong engagement and pricing at [news]. Total company affiliate fee revenues grew 3% over the prior year quarter, once again demonstrating the strength of our brands and focused portfolio of channels. Other revenues grew 33%, driven by higher content revenues.

回顧我們的第四財季，福斯又取得了令人印象深刻的業績，其中總收入成長了 6%，調整後數據成長了 21%。我們的廣告收入成長了 7%，主要得益於 2 的持續成長以及 2 的強勁參與度和定價。[訊息]。公司聯盟費總收入較去年同期成長 3%，再次證明了我們品牌和重點通路組合的實力。受內容收入增加的推動，其他收入成長了 33%。

Net income attributable to Fox stockholders was $717 million or [$57] per share as compared to the $319 million or $0.68 per share reported in the prior year period. Excluding non-core items, adjusted net income was $581 million and adjusted EPS was $1.27 up 41% compared to the $0.90 per share recorded in the prior year.

福斯股東淨利為 7.17 億美元，即每股收益 57 美元，去年同期為 3.19 億美元，即每股收益 0.68 美元。不包括非核心項目，調整後淨收入為 5.81 億美元，調整後每股收益為 1.27 美元，較上年同期的每股 0.90 美元增長 41%。

Now let's turn to the Q4 performance of our operating segments, starting with the cable network programming segment, which delivered 7% revenue growth and 6% EBITDA growth. Cable advertising revenues grew 15% over the prior year, driven by the strength in Fox News engagement and supported by healthy national and direct response pricing.

現在讓我們來看看我們各營運部門第四季度的業績，首先是有線電視網絡節目部門，其收入增長了 7%，EBITDA 增長了 6%。有線電視廣告收入比上年增長了 15%，這得益於福克斯新聞的強勁參與度以及健康的全國和直接響應定價的支持。

Cable affiliate fee revenues grew 2% over the prior year be as pricing gains from our affiliate renewals outpaced the impact from net subscriber declines, which were consistent with the prior quarter at under 7%. Cable other revenues grew 39%, led by higher Foxination subscribers. Revenue growth at Cable segment was partially offset by a 7% increase in expenses primarily attributable to an increase in sports rights amortization and production costs.

有線電視聯盟費收入較上年增長 2%，因為我們的聯盟續約帶來的定價收益超過了淨用戶減少的影響，淨用戶減少的影響與上一季的 7% 以下持平。有線電視其他收入成長 39%，主要得益於 Foxination 用戶數量的增加。有線電視部門的收入成長被 7% 的費用成長部分抵消，這主要歸因於體育版權攤提和製作成本的增加。

Turning to our Television segment, which delivered 6% revenue growth. Advertising revenues at television grew 3% over the prior year led by continued growth at Tubi, which more than offset the tough comparison against the UA European championships and Konmaol or America in the prior year.

談到我們的電視部門，其收入成長了 6%。在 Tubi 持續成長的帶動下，電視廣告收入比上年增長了 3%，這足以抵消與去年 UA 歐洲錦標賽和 Konmaol 或美國相比的艱難差距。

Television affiliate fee revenues increased 4% in the quarter as healthy growth in fees across both Fox owned and affiliated stations more than offset the impact from industry subscriber declines. Television and other revenues were up 34% year over year, primarily due to higher content revenues tied to our entertainment production studios.

本季電視附屬費用收入成長了 4%，因為福斯旗下和附屬電視台的費用健康成長足以抵消行業用戶下降的影響。電視和其他收入年增 34%，主要原因是與我們的娛樂製作工作室相關的內容收入增加。

Expenses at the Television segment decreased 5%, primarily reflecting the absence of the prior year broadcast of the UEFA Euros. All in, EBITDA at our TV segment was $308 million, an increase of over 100% as compared to the prior year quarter. Turning to cash flow, where we generated robust quarterly free cash flow of nearly $1.4 billion, this strong quarterly free cash flow delivery is consistent with the seasonality of our working capital cycle where the first half of our fiscal year reflects the concentration of payments for sports rights and buildup of advertising-related receivables, both of which reversed in the second half of our fiscal year.

電視部門的支出減少了 5%，主要原因是去年沒有轉播歐洲盃。總體而言，我們電視部門的 EBITDA 為 3.08 億美元，與去年同期相比成長了 100% 以上。談到現金流，我們創造了近 14 億美元的強勁季度自由現金流，這一強勁的季度自由現金流交付與我們營運資本週期的季節性相一致，我們財政年度上半年反映了體育版權支付的集中和廣告相關應收款的積累，這兩者在我們財政年度下半年都發生了逆轉。

Before we get to capital allocation and balance sheet, it is worth noting some key items for this coming fiscal year. From an affiliate revenue perspective in fiscal 2026, we have another relatively light year of renewals with approximately one-quarter of our total company distribution revenues up for renewal.

在我們討論資本配置和資產負債表之前，值得注意即將到來的財政年度的一些關鍵事項。從 2026 財年的聯營公司收入角度來看，我們又迎來了續約相對較輕的一年，公司總分銷收入中約有四分之一需要續約。

In fiscal '26, we expect to continue to invest in our digital-led growth initiatives. The excellent progress we have made at Tubi reinforces our confidence in Tubi's path to profitability, and its obvious asset value underscores the opportunity to drive ROI from our digital investments more broadly. Tubi delivered moderate improvement in profitability in fiscal '25, in line with the expectations we laid out at the start of the year, and we anticipate a more substantial improvement in Tubi profitability in 2026 which related towards the second half of the year.

在26財年，我們預計將繼續投資於數位化主導的成長計畫。Tubi 所取得的出色進展增強了我們對 Tubi 獲利之路的信心，其明顯的資產價值凸顯了從更廣泛的數位投資中提高投資回報率的機會。Tubi 在 25 財年的獲利能力實現了適度提升，符合我們年初制定的預期，我們預計 2026 年 Tubi 的獲利能力將有更大幅的提升，具體提升時間與下半年有關。

This total event will support our initial incremental investment in new opportunities, including LatAm sports or notably the launch of FOX One which will be more citrated in the first half of our fiscal year as we launched this offering this month.

整個活動將支持我們對新機會的初始增量投資，包括拉丁美洲體育賽事，尤其是 FOX One 的推出，由於我們本月推出了這項服務，因此它將在我們財政年度上半年獲得更多關注。

From a cyclical event perspective, we look forward to our broadcast of the 2026 FIFA men's World Cup which will span our fiscal fourth quarter of '26 and first quarter of '27. We are encouraged by the momentum we are already generating and expect this North American World Cup drive strong results for Fox. And finally, as we look at free cash flow, the strong working capital tailwind from the Super Bowl in fiscal '25 will give way to working capital timing headwinds from World Cup, where rights payments for the tournament will land in fiscal '26 while advertising receivables will be collected early in fiscal '27.

從週期性事件的角度來看，我們期待轉播 2026 年國際足聯男子世界杯，該賽事將跨越我們 2026 財年第四季度和 2027 年第一季度。我們對已經形成的勢頭感到鼓舞，並期待本次北美世界盃能為福斯帶來強勁的業績。最後，當我們看自由現金流時，25財年超級盃帶來的強勁營運資本順風將讓位於世界盃帶來的營運資本時機逆風，其中世界盃的版權費用將在26財年到賬，而廣告應收款將在27財年初收回。

In terms of capital allocation, in fiscal '25, we repurchased an additional $1 billion through our share buyback program and made approximate $245 million in dividend payments. As Lachlan mentioned, underscoring our commitment to return capital to shareholders. Today, we announced both an incremental buyback authorizing of $5 billion and an increase in our semiannual dividend to $0.28 per share. With the payment of this dividend and taking into account share repurchase activity since year-end, we will have cumulatively returned $8.5 billion of capital to our shareholders since the spin.

在資本配置方面，在 25 財年，我們透過股票回購計畫額外回購了 10 億美元，並支付了約 2.45 億美元的股利。正如 Lachlan 所提到的，這強調了我們向股東返還資本的承諾。今天，我們宣布授權增量回購 50 億美元，並將半年股利提高至每股 0.28 美元。加上這筆股利的支付以及自年底以來的股票回購活動，自分拆以來我們已累計向股東返還了 85 億美元的資本。

This includes $6.65 billion of share repurchases representing 31% of our total shares outstanding since the launch of the buyback program in November 2019. This is all supported by the strength of our balance sheet where we ended the quarter with approximately $5.4 billion in cash and $6.6 billion in debt.

其中包括 66.5 億美元的股票回購，佔 2019 年 11 月啟動回購計畫以來我們總流通股的 31%。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約為 54 億美元，債務約 66 億美元。

With that, I'll turn the call back over to Gabi.

說完這些，我就把電話轉回給加比。

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

謝謝你，史蒂夫。現在我們很樂意回答投資界的提問。

(Operator Instructions) Ben Swinburne, Morgan Stanley.

（操作員指示）摩根士丹利的本‧斯溫伯恩 (Ben Swinburne)。

I'm going to ask Steve a question because I can't ask Lachlan a question. I'd be cruel. Steve, you gave us a lot of good color thinking about fiscal '26. I know you're not going to guide or you also know that consensus is expecting like I think a 10% decline in EBITDA. Obviously, you lap political on the Super Bowl. But I don't know if your revenue trends have been this strong in a long time. So I'm just wondering if there's any way you can help us think about fiscal '26, maybe a little more specifically, one way might be just to talk about the sort of net drag on EBITDA from investment.

我要問史蒂夫一個問題，因為我不能問拉克蘭一個問題。我會很殘忍。史蒂夫，你為我們關於 26 財年的思考提供了許多精彩的見解。我知道你不會給予指導意見，或者你也知道大家普遍預期 EBITDA 會下降 10%。顯然，你在超級盃上談論政治。但我不知道你們的收入趨勢是否長期如此強勁。所以我只是想知道您是否可以幫助我們思考 26 財年，也許更具體地說，一種方法可能就是談論投資對 EBITDA 的淨拖累。

If you sort of put it all together, all the puts and takes, that digital drag in '26 versus '25 or anything else you can tell us to help us think about your expectations for EBITDA in the year ahead?

如果您將所有這些因素綜合起來，包括所有的得失、26 年與 25 年相比的數字阻力或其他任何您可以告訴我們的信息，以幫助我們思考您對未來一年 EBITDA 的預期？

And thank you for sparing Lachlan. Yes, there's a ton of puts and takes for '26. And you're right, listen, when we assemble our plan for '26, it starts with the really strong foundation of what the underlying momentum in the business is, particularly with respect to audience and advertising demand for sports and news verticals. So that's the starting point.

謝謝你饒恕了拉克蘭。是的，26 年有很多得失。你說得對，聽著，當我們制定 26 年計畫時，首先要打下堅實的基礎，即業務的潛在發展動力，特別是針對體育和新聞垂直領域的觀眾和廣告需求。這就是起點。

From an affiliate revenue perspective, as I called out, it's relatively light in this coming fiscal year. So only a quarter of the book is up for renewal. So we'll be more driven by where subscribers and over the course of the year. And if you look at sort of the next thing that sort of drives the results into next year, we've got a lot of moving parts from a cyclical event perspective. So -- we'll obviously have the political headwinds and particularly, we'll see that in the TV segment from the stations, and that's a real sort of first quarter, second quarter phenomenon for us.

從聯營公司收入的角度來看，正如我所說，即將到來的財政年度的收入相對較低。因此，只有四分之一的書可以續訂。因此，我們將更專注於訂閱用戶以及全年的發展。如果你看一下影響明年業績的下一件事，從週期性事件的角度來看，我們會發現有很多活動部件。所以——我們顯然會面臨政治阻力，特別是我們會在電視台的電視節目中看到這一點，這對我們來說是一種真正的第一季、第二季現象。

And so to give you some dimensioning of that, like I think the stations in the first half of the year in fiscal '25, [did] $270 million of political revenue. So we'll be swimming against that. We've obviously got Super Bowl in Q3, which will be an ad revenue negative for us. But from an EBITDA perspective, it's a bit of a push. And then we complete year from a cyclical event perspective.

為了給你一些具體數據，我認為 2025 財年上半年各電台獲得了 2.7 億美元的政治收入。所以我們會逆勢而行。我們顯然在第三季度迎來了超級碗，這對我們的廣告收入來說將是一個負面影響。但從 EBITDA 角度來看，這有點太過艱難。然後我們從週期性事件的角度來完成這一年。

We've got FIFA, which we have high hopes for in Q4 of the coming fiscal year and Q1 of the next fiscal year. The other put and take is MLB. We do massive MLB in Q1 and Q2 of fiscal '25. We hope for a blockbuster postseason again, but who knows? And then to sort of address your digital growth.

我們已經有了 FIFA，我們對它在接下來的財年第四季和下一個財年第一季寄予厚望。另一個投入和產出是 MLB。我們在 25 財年第一季和第二季大規模地進行 MLB 活動。我們希望季後賽再次上演精彩的場面，但誰知道呢？然後解決您的數位成長問題。

You'll remember, I think at the start of fiscal '24, we called out an envelope of about $350 million of EBITDA deficit that would be used towards funding our digital growth initiatives. And you will remember that we had expected that investment envelope to decrease in fiscal '25, and it has largely on the back of things like Tubi improving profitability.

你會記得，我想在 24 財年開始時，我們提出了約 3.5 億美元的 EBITDA 赤字，這筆資金將用於資助我們的數位成長計畫。您會記得，我們​​曾預期 25 財年的投資額度會減少，這主要是因為 Tubi 獲利能力的提高。

And so I think when you look at fiscal '26 from that digital investment perspective, you should expect Tubi to improve quite a lot, but then -- and that will happen in the back half of our fiscal year. And then Q1 and Q2, we'll be looking to invest in things like Latin America and FOX One. And when you put that all together, I think we're on a conservative sort of forecasting basis, I'd imagine that sort of collective investment portfolio moves back towards that $350 million mark.

因此，我認為，當你從數位投資的角度來看待 26 財年時，你應該預期 Tubi 會有很大的改善，但這將發生在我們財年的下半年。然後，在第一季和第二季度，我們將考慮在拉丁美洲和FOX One等領域進行投資。綜合考慮這些因素，我認為我們目前的預測比較保守，我預期這類投資組合的規模將回升至3.5億美元的水平。

John Hodulik, UBS.

瑞銀的約翰·霍杜里克（John Hodulik）。

I don't know if this is for Lachlan or maybe Steve can handle it, but just an update on the cable advertising trends and the efforts to sort of expand the advertising base and the receptivity you're getting from advertisers there. And then maybe, Steve, can you just follow up on the LatAm comments? Just what's the strategy there? I don't know if you can give us a sense of how much spending, but just what the plan is and potential growth opportunities in LatAm.

我不知道這是否適合拉克蘭，或者史蒂夫是否可以處理，但只是關於有線電視廣告趨勢的更新，以及擴大廣告基礎和從那裡的廣告商那裡獲得的接受度的努力。那麼，史蒂夫，您能否跟進有關拉丁美洲的評論？那裡的策略到底是什麼？我不知道您是否可以告訴我們支出有多少，但請告訴我們計劃是什麼以及在拉丁美洲的潛在成長機會。

Thanks, John. On the cable advertising trends and we'll probably talk more later, someone asked about the sort of overall advertising market. But if you're speaking specifically about really the incredibly positive momentum at Fox News advertising is very strong, both from an upfront perspective, from a CPM perspective, and direct response. So -- and this is all obviously driven off tremendous ratings.

謝謝，約翰。關於有線電視廣告趨勢，我們稍後可能會詳細討論，有人詢問整體廣告市場的狀況。但如果你具體談論福克斯新聞廣告的積極勢頭，那麼無論是從前期角度、從 CPM 角度還是從直接反應來看，它都非常強勁。所以——這顯然都是由極高的收視率所推動的。

I think in the fourth quarter, our P2 plus ratings were up in both total day and prime about 25% and even better in the kind of all-important demo 25% to 54% which we obviously sell to where in total day, we were up 31%. And in prime time, we were up, I think, 34%. So these -- this rating strength has really flown directly through to the 25% of our advertising revenue increase. I think as you go forward and think about sort of the quarters ahead, obviously, this time last year, there was the kind of the Butler assassination attempt on July 13 against then Canada Trump. And then buying dropping out of the race, I think in a couple of weeks later, July 21.

我認為在第四季度，我們的 P2 plus 收視率在全天和黃金時段都上漲了約 25%，在最重要的演示時段甚至更好，從 25% 到 54%，顯然我們賣到了全天，我們的收視率上漲了 31%。在黃金時段，我們的收視率上漲了 34%。所以這些——這種收視率優勢實際上直接影響了我們廣告收入 25% 的成長。我認為，當你展望未來並思考未來幾個季度時，顯然，去年這個時候，7 月 13 日發生了針對當時的加拿大川普的​​巴特勒暗殺事件。然後退出競選，我想是在幾週後，也就是 7 月 21 日。

And so there was a big uplift in ratings in which we've been able to sustain since then. But the comps do get harder. Having said that, if you think about our share in July, so as we've started this first quarter, our share has actually marginally increased against our competitors. So in P2+, in total day, I think we're up to 64% of our cable news audience share versus MSNBC at 21%, CNN at 15%. And also in prime the numbers are roughly the same. So, we feel very good about maintaining our share and our elevated ratings, to be frank, and obviously that'll flow through to the advertising revenue line.

因此，收視率大幅提升，並且自那時起我們一直能夠維持這種水準。但比賽確實變得更加困難。話雖如此，如果你想想我們七月份的份額，那麼從我們第一季開始，我們的份額相對於競爭對手實際上略有增加。因此，在 P2+ 中，就全天而言，我認為我們的有線新聞觀眾份額高達 64%，而 MSNBC 為 21%，CNN 為 15%。而且在質數中數字也大致相同。因此，坦白說，我們對保持我們的份額和較高的收視率感到非常高興，顯然這將轉化為廣告收入。

One last time and Steven talk to the numbers, but we're very excited about our purpose of Caliente TV streaming service in Mexico. The FOX brand remains incredibly strong, both in Mexico and Latin America, and we see it as an opportunity for us to sort of further grow with a relatively modest investment spend in those markets.

最後一次和史蒂文談論數字，但我們對在墨西哥推出 Caliente 電視串流服務的目的感到非常興奮。FOX 品牌在墨西哥和拉丁美洲仍然保持著極強的勢頭，我們認為這是一個機會，讓我們能夠透過在這些市場進行相對適度的投資來實現進一步的成長。

Steve, do you want to ?

史蒂夫，你想？

Yes. So John, in the quarter, so LatAm is kind of being two things for us. We've organically assembled some sports rights there, which impacted the P&L in this fiscal year and in this quarter, and that's in the sort of the low to mid tens of in terms of expenses on those. And then very recently, you would have noticed we acquired Caliente TV which gives us a running start or a really fast start in terms of -- it's already got SOD platform there and already has distribution arrangements.

是的。約翰，在本季度，拉丁美洲對我們來說有兩件事。我們在那裡有機地整合了一些體育賽事的版權​​，這對本財年和本季的損益產生了影響，就這些費用而言，我們的損益表處於百分之十到十幾的低點。然後就在最近，你可能注意到我們收購了 Caliente TV，這為我們提供了良好的開端或快速的起步——它已經在那裡擁有 SOD 平台並已經有了分銷安排。

And so we would expect some investment spend over the course of this current fiscal year, but then once we get monetization into a sort of full force, and we'll start to see that come back to us.

因此，我們預計本財年會有一些投資支出，但一旦我們充分發揮貨幣化的作用，我們就會開始看到回報。

Michael Morris, Guggenheim.

麥可·莫里斯，古根漢。

Two, if I could, please. First, I just wanted to ask on Tubi. I appreciate the color and the strength you're seeing there. You're outpacing the broader CTV market pretty meaningfully. So I'd love to hear any detail on why you think you've been able to do that and how you feel about the ability to continue to beat the market in the coming year.

如果可以的話，請給我兩份。首先，我只是想在 Tubi 上問一下。我很欣賞你在那裡看到的色彩和力量。您已經顯著超越了更廣泛的 CTV 市場。因此，我很想聽聽您為什麼認為自己能夠做到這一點，以及您對於在來年繼續擊敗市場的能力有何看法。

And then just bigger picture, there's been some press reports that ESPN and NFL might enter an agreement that would give the NFL an ownership stake in ESPN. And I'm curious if you could comment at all on what that might mean for FOX Sports and your relationship with NFL or sports leagues more broadly?

從更大的角度來看，有新聞報導 ESPN 和 NFL 可能會達成協議，讓 NFL 獲得 ESPN 的所有權。我很好奇，您能否評論一下這對 FOX 體育以及您與 NFL 或更廣泛的體育聯盟的關係意味著什麼？

Thanks, Mike. So first, on Tubi, you're correct. Tubi is competing very well in the TV market. I said this is obviously for a number of reasons that I think we've spoken about before, the core technology, the ad tech technology. I think we've now grown the library to over 300,000 movies and television titles.

謝謝，麥克。首先，關於 Tubi，你是對的。Tubi 在電視市場上競爭非常激烈。我說這顯然是出於一些原因，我想我們之前已經討論過了，核心技術，廣告技術。我認為我們現在的影片庫已經擴大到超過 30 萬部電影和電視劇。

So it's clearly by a wide margin of the largest television and movie library in the country. It reaches two-thirds of its users are outside of the traditional cable bundle. They're cordless. This is a very difficult market for advertisers to reach.

因此，它顯然遙遙領先全國最大的電視和電影庫。其三分之二的用戶不在傳統有線電視套餐範圍內。它們是無線的。對於廣告商來說，這是一個很難進入的市場。

And so it makes Tubi's engagement with our users incredibly valuable and covered by our clients. So all of these things come together to really make it a tremendous, exciting product that we are -- we were enjoying the growth and the growth that we see continuing into the future. Obviously, in the quarter, we've announced a 17% total viewing time growth in the fourth quarter. We believe this sort of growth is relatively sustainable and 32% revenue growth in the quarter and which is or highest growth in any of our segments. Tubi now, I think, achieves in the upfront about 25% of our upfront committed revenue.

因此，Tubi 與我們用戶的互動變得非常有價值，並且受到我們客戶的重視。所以所有這些因素結合在一起，才真正使其成為一款出色的、令人興奮的產品——我們享受著這種增長，並且看到這種增長將持續到未來。顯然，在本季度，我們宣布第四季度總觀看時間增加了 17%。我們相信這種成長是相對可持續的，本季營收成長 32%，是我們所有部門中最高的成長。我認為，Tubi 目前的預付款已占我們承諾預付款收入的 25% 左右。

So it's really become a significant part of the business. And if you look at our competitors, I think that stat on the cordless market, we reach more cordless viewers than sort of any of our competitor set. So it's not something that's actually simply applicable to the CTV market. The Tubi audience really does skew cordless and younger.

因此它確實已成為業務的重要組成部分。如果你看看我們的競爭對手，我認為在無線市場上，我們比任何競爭對手都擁有更多的無線觀眾。因此，它實際上並不簡單適用於 CTV 市場。Tubi 的受眾確實偏向無線且年輕。

And we saw that very much in our Super Bowl broadcast or some cast. Earlier in the year, our median age watching the Super Bowl was 38 years old. It was younger and more female significantly than the broadcast audience. I think 40% of that audience was between 18 and 34. And really, it was with the help of Tubi that are really pushed the audience for the Super Bowl to the record highs of 128 million viewers that the roll achieved.

我們在超級盃轉播或一些演員表演中經常看到這種情況。今年早些時候，觀看超級盃的平均年齡為 38 歲。與廣播觀眾相比，他們的年齡和女性人數明顯增加。我認為 40% 的觀眾年齡在 18 至 34 歲之間。事實上，正是在 Tubi 的幫助下，超級盃的觀眾人數才真正達到了創紀錄的 1.28 億。

I don't think broadcast would have achieved that statistically, broadcast wouldn't have achieved alone without Tubi simulcasting the streaming. So we're incredibly excited about and to be as we go forward. On the NFL, and they're rumored, I don't know if they'll announce something tomorrow, but the rumored investment into ESPN. We have a tremendous relationship with the NFL. We appreciate that they are their fans of the broadcast and cable networks, and we look forward to working with them and deepening our relationship with them as we move forward.

從統計上看，我認為廣播不可能有這樣的成績，如果沒有 Tubi 同步播放串流媒體，廣播不可能單獨取得這樣的成績。因此，我們對於未來的發展感到無比興奮。關於 NFL，有傳言說，我不知道他們明天是否會宣布一些消息，但有傳言說他們將投資 ESPN。我們與 NFL 有著良好的關係。我們很高興他們是廣播和有線電視網絡的粉絲，我們期待與他們合作，並在未來不斷深化與他們的關係。

Michael Ng, Goldman Sachs.

高盛的 Michael Ng。

I just wanted to follow-up with Steve on the comments around the collective investments for fiscal '26. I think that implies at least $100 million to maybe $150 million of additional investments in LatAm and Fox One next year, just given the $50 million to $75 million improvement this year and the comments you made about Tubi profits further improving next year.

我只是想跟進史蒂夫關於 26 財年集體投資的評論。我認為這意味著明年至少需要對 LatAm 和 Fox One 進行 1 億到 1.5 億美元的額外投資，因為今年 Tubi 的利潤已經增長了 5000 萬到 7500 萬美元，而且您還提到了 Tubi 的利潤明年會進一步提高。

I just wanted to ask, is that kind of like the ballpark of the incremental investment levels that we're talking about? And maybe you can just help frame some of the expected returns on those investments, whether that be for LatAm or FOX One subscribers to just give a little bit more transparency there.

我只是想問一下，這是否類似於我們談論的增量投資水平的大概情況？也許您可以幫助確定這些投資的一些預期回報，無論是針對拉丁美洲還是 FOX One 的訂閱者，都可以提供更多的透明度。

So I'll talk for you, Mich. But in terms of the investment, I think where we were for this -- when you look at it collectively across the P&L, I look at our digital growth investments, which isn't just Tubi, it's Tubi plus things like Nation, whether across the portfolio, we've touch under 300 across those for fiscal '25. And what I basically saying is as we get improvement in those kind of businesses. Those growth businesses have become more mature, we'll give some of that towards these new initiatives and in particular, FOX One and Latin America, where the collective goes back towards that $3.50 mark.

所以我會為你說話，密西根。但就投資而言，我認為我們當時的情況是——當你從損益表中綜合來看時，我會看到我們的數位成長投資，不僅僅是 Tubi，還有 Tubi 加上 Nation 之類的東西，無論是在整個投資組合中，我們在 25 財年的投資已經低於 300 個。我基本上是說，隨著我們在這類業務上取得進步。這些成長業務已經變得更加成熟，我們將把其中的一部分用於這些新舉措，特別是 FOX One 和拉丁美洲，這兩個地區的整體收入將回到 3.50 美元的大關。

Now how we break that up and how we see that going through, I think we'll look at over the course of the year. But that's kind of the envelope we're looking at. And then when you look at, I think, return profile, I think you should expect like Tubi is probably the best benchmark that we have, right, which is we've been investing in that. And as we have continued to see growth in that business and opportunity to continue to build in it, we've continued to invest in it.

現在，我們將如何分解這個問題以及我們如何看待這個問題的進展，我想我們將在今年內進行研究。但這就是我們正在看的信封。然後，當你查看回報概況時，我認為你應該期望 Tubi 可能是我們擁有的最佳基準，對吧，這就是我們一直在投資的。隨著我們不斷看到該業務的成長和繼續發展的機會，我們將繼續對其進行投資。

And now we're seeing at a point where we can continue to drive the growth and start to see sort of real meaningful profitability improvement over -- and that's been over three to four years. I imagine for both of those two new investments, whether it be Latin America or F One, you should be thinking around that same sort of profile.

現在，我們看到我們可以繼續推動成長，並開始看到獲利能力在三到四年內真正有意義的提高。我想，對於這兩項新投資，無論是拉丁美洲還是 F One，都應該考慮同樣的概況。

Can I just answer that in a non-math part of your question non-math answer, just on FOX One because FOX One is the larger piece of the new investment. And it's important just to remember that none of the investment in FOX One is original programming or exclusive programming to that platform. FOX One will encompass all of our existing Fox content with the addition as well of the FoxNation content on a tier.

我能否僅就您問題中的非數學部分（非數學答案）來回答這個問題，僅就 FOX One 而言，因為 FOX One 是新投資中較大的一部分。重要的是要記住，對 FOX One 的任何投資都不是該平台的原創節目或獨家節目。FOX One 將包含我們現有的所有 Fox 內容，並在一個層級上加入 FoxNation 內容。

But none of that will include any incremental and sort of a sticky sort of additional spend. So the new spend in FOX One other than some overhead and some relatively modest tech costs it is really the marketing and launch costs of FOX One. And it's important to remember that our subscriber expectations or aspirations for FOX One are modest.

但這些都不包括任何增量和某種黏性的額外支出。因此，除了一些管理費用和相對適中的技術成本外，FOX One 的新支出實際上都用於行銷和發布。需要記住的是，我們對 FOX One 的訂閱用戶預期或期望並不高。

And therefore, our marketing spend, we can -- is relatively modest compared to our peers as well, and it's something that we can toggle up and down depending on how FOX One is going and if we're meeting our relatively modest goal. So I think that's an important context when we think about both the initial upfront cost of launching FOX One, but the sustainability of that business and the return profile of that business going forward.

因此，與同行相比，我們的行銷支出相對適中，而且我們可以根據 FOX One 的進展以及我們是否達到了相對適中的目標來調整支出。因此，我認為，當我們考慮推出 FOX One 的初始前期成本以及該業務的可持續性和未來回報狀況時，這是一個重要的背景。

Jessica Reif Ehrlich, Bank of America Securities.

美國銀行證券公司的傑西卡·賴夫·埃利希 (Jessica Reif Ehrlich)。

I guess the first question your balance sheet. Even if you did your full -- newly announced buyback, you still have flexibility. And clearly, the industry is going to M&A in the current year or the coming year. How will Fox participate or not, your investment needs, as you guys just outlined very specifically, very modest at $50 million. So just curious, it seems like it's finally going to happen maybe as soon as next week. So that's one.

我想第一個問題就是你的資產負債表。即使您完成了新宣布的全部回購，您仍然具有靈活性。顯然，該行業將在今年或明年進行併購。福克斯是否會參與，你們的投資需求，正如你們剛才非常具體地概述的那樣，非常適中的金額是 5000 萬美元。所以只是好奇，看起來它最終可能會在下週發生。這就是其中之一。

And then late maybe just to go back to something you mentioned on advertising, just kind of bigger picture. You guys are like clearly outpacing the market. And so you gave us some color on Tubi and Fox News just overall television, what you guys seeing?

然後也許只是回到您提到的有關廣告的某個方面，只是更大的圖景。你們顯然已經超越市場了。所以你給我們介紹了 Tubi 和 Fox News 的整體電視狀況，你們看到了什麼？

Yes. Sorry, Jessica. At the beginning of your question, your first question is on M&A overall and whether or not how we participate in any M&A activity. The short answer is we don't have anything to announce. We look at all sorts of opportunities.

是的。對不起，潔西卡。在您的問題開始時，您的第一個問題是關於併購總體情況以及我們是否參與任何併購活動。簡短的回答是，我們沒有什麼可宣布的。我們關注各種各樣的機會。

We have a very high internal benchmark for the use of our capital. And so obviously, we reject out of hand anything that we think would not be a prudent use of that and our shareholders' capital as well. So -- but we're always looking at opportunities, but we haven't found anything yet that sort of surpasses our sort of benchmarks in terms of what we feel we need to do to own inorganically kind of grow the business. So we're pretty focused on our organic growth at the moment.

我們對資本的使用有非常高的內部基準。因此，顯然，我們會斷然拒絕任何我們認為不明智地使用資本和股東資本的行為。所以——但我們一直在尋找機會，但就我們認為需要做些什麼來實現業務的無機成長而言，我們還沒有發現任何超越我們基準的東西。因此，我們目前非常關注我們的有機成長。

In terms of the overall ad market, the ad sales are across the business very strong. Again, we've talked before about the ad market that we see versus the ad market, maybe the rest of the market sees is a little bit different because of the fortune of being so focused on the segments that we're in, particularly live news, live sports and obviously, a successful free streaming platform such as Tubi.

就整體廣告市場而言，整個產業的廣告銷售都非常強勁。再說一次，我們之前討論過我們所看到的廣告市場與廣告市場相比，也許其餘市場所看到的有些不同，因為我們非常專注於我們所處的領域，特別是現場新聞、現場體育賽事，顯然還有一個成功的免費串流媒體平台，例如 Tubi。

Ad sales nationally, Jessica, are very strong, really led by pharma category, financial services category, consumer packaged goods category. And this really played out in the upfront where we saw double-digit volume increases and strong pricing growth across all of our businesses. I think we've called out earlier that FOX Sports had the record-breaking upfront, if you exclude the impact of the Super Bowl.

傑西卡，全國的廣告銷售非常強勁，主要由製藥類、金融服務類、消費品類主導。這確實在前期就體現出來了，我們看到所有業務的銷量都實現了兩位數的增長，價格也強勁增長。我想我們之前已經說過，如果不考慮超級盃的影響，FOX Sports 已經打破了紀錄。

I think, over $2 billion committed in the upfront. Tubi saw a 35% volume increase with stable pricing. I think the stable pricing on Tubi is important to call out because the CTV market is, I know other people have mentioned this on their earnings calls, the CTV market is incredibly competitive, but Tubi has been competing and winning very strongly in that market. I think while that market, this is as an industry comment, while that market is competitive, it will remain the beneficiary of advertising revenue shifting from linear cable entertainment programming into digital and, frankly, also in the (technical difficulty) and sports.

我認為，前期投入的資金超過 20 億美元。Tubi 的銷售量成長了 35%，價格也保持穩定。我認為 Tubi 的穩定定價很重要，因為 CTV 市場，我知道其他人在他們的收益電話會議上提到了這一點，CTV 市場競爭非常激烈，但 Tubi 一直在該市場上競爭並且非常強勁。我認為，儘管該市場競爭激烈，但從行業評論來看，它仍將是廣告收入從線性有線娛樂節目轉向數位節目的受益者，坦率地說，在（技術難度）和體育領域也是如此。

So the CDP market, the people you're fighting for the advertising revenue, we're the beneficiary of that, but we see the volume of advertising dollars continue to stream into that market pretty heavily. Our sports upfront, as I mentioned was very strong and remains healthy. It's a single data point, but we had record revenue for the major League All-Star game, the demand far outstripped the supply of our spots in that game.

因此，在 CDP 市場中，那些為廣告收入而戰的人，我們是受益者，但我們看到大量的廣告收入繼續大量湧入該市場。正如我所提到的，我們的運動前期表現非常強勁，並且仍然健康。這是一個單一的數據點，但我們在美國職棒大聯盟全明星賽中獲得了創紀錄的收入，該比賽的需求遠遠超過了我們在該比賽中的席位供應。

The NFL college football all are pacing very well and we're incredibly encouraged by the demand that kind of incredible demand for the FIFA World Cup later on in the year. News, we've talked about before, DR pricing is up by 30% and scatter pricing in news is up 54% above the upfront.

NFL 大學橄欖球賽的節奏都非常好，我們對今年稍後舉行的 FIFA 世界盃的旺盛需求感到非常鼓舞。新聞方面，我們之前談過，DR 定價上漲了 30%，而新聞中的分散定價比預付價格上漲了 54%。

So all very good. The local market is the one that remains mixed with gains from, again, like National, a strong pharmaceutical segment, but that's offset by telecom and I believe restaurants are offsetting those gains in pharmaceutical. And then just finally, and we talk about Tubi but on entertainment, very healthy with double-digit increases in scatter pricing. So the advertising market is robust for us and strong and it really is propelling us forward.

所以一切都很好。本地市場表現好壞參半，同樣受到國家市場等強勁的製藥業的推動，但電信業的成長抵消了這一增長，而且我認為餐飲業也抵消了製藥業的成長。最後，我們來談談 Tubi，但在娛樂方面，情況非常健康，分散定價實現了兩位數的成長。因此，廣告市場對我們來說是強勁而健康的，它確實推動我們前進。

Steven Cahall, Wells Fargo.

富國銀行的史蒂文·卡霍爾 (Steven Cahall)。

So first, Lachlan, sorry to make you speak, but you did mention that there could be some bundles coming for FOX One. I was just wondering how you think about different partners there. One partner has probably the most sports rights. There are some others that could be kind of complementary to your afternoon NFL package. And also how you think about sort of integrating apps versus just having them be sort of more pricing bundles for consumers.

首先，Lachlan，很抱歉打擾你說話，但你確實提到FOX One可能會推出一些捆綁產品。我只是想知道你對FOX One的不同合作夥伴有何看法。合夥人可能擁有最多的體育權利。還有一些其他內容可以作為您下午的 NFL 套餐的補充。您如何看待應用程式的集成，而不是僅僅為消費者提供更多的定價套餐。

And then over on the TV side of things, the FCC has been much more vocal around. I think, what it's kind of expecting in terms of reverse comp and splits between networks and affiliates. Do you think things have changed in this outlook for your network business and your relationship with affiliates and is there any meaningful financial impact we need to think about for the next couple of years from that?

而在電視方面，聯邦通訊委員會 (FCC) 的言論則更加活躍。我認為，就反向補償和網路與附屬機構之間的分割而言，這是一種預期。您是否認為您的網路業務前景以及與附屬公司的關係發生了變化？這是否會對未來幾年的財務產生任何重大影響？

Thanks, Steve. Let me start with the -- obviously, within the order of your question with FOX One and bundling. On we will bundle FOX One with other services. That's absolutely in our marketing and sort of launch plans, but it will also be obviously available the 1999 as a stand-alone service.

謝謝，史蒂夫。讓我先從——顯然，按照你的問題與 FOX One 和捆綁的順序開始。我們將把 FOX One 與其他服務綁在一起。這絕對在我們的行銷和發布計劃中，但顯然它也將在 1999 年作為獨立服務推出。

One thing is with the bundles that we're cognizant of what there's two factors. One is to offer the consumer the most convenient package of our content and channels and others that they desire to subscribe to and so the most convenient, the most sort of valuable bundles that you could put together, we'll be in a position to help them do that. But we're also very focused on keeping FOX One as a very targeted service. That's targeted on the cordless audience.

有一件事是，我們意識到捆綁有兩個因素。一是向消費者提供最方便的套餐，包括我們的內容和頻道以及他們想要訂閱的其他內容，因此，我們將能夠幫助他們做到這一點。但我們也非常注重將 FOX One 保持為非常有針對性的服務。本產品的目標客戶為無線用戶。

And sometimes those two things in conflict with each other. So we want to stay very targeted, but we also want to make it easy for our consumers and our viewers to gain our content, whether it's in conjunction with other services or not. We don't really see -- and you'll understand this on the 21 when you see FOX One.

有時這兩件事會互相衝突。因此，我們希望保持高度的針對性，但我們也希望讓我們的消費者和觀眾輕鬆獲得我們的內容，無論是否與其他服務結合。我們真的沒有看到——當你在 21 日觀看 FOX One 時你就會明白這一點。

We don't really see this as a service that is -- that you can compare to our a separate bundle of channels only. The FOX One user interface is incredibly innovative. It can be very highly personalized and realize some really, very sort of clever technology to offer something that's truly unique in the marketplace.

我們實際上並不認為這是一種服務——您可以將其與我們單獨的頻道包進行比較。FOX One 使用者介面極具創新性。它可以高度個人化，並實現一些非常聰明的技術，從而提供市場上真正獨特的產品。

So we see FOX One all of our brands, all of our content, but in a truly kind of unique and I think important user interface so that will be very cutting edge. On FCC and (technical difficulty) , we are -- well, first of all, I should say, on the FCC, we're very pleased that under the new leadership of the FCC, the FCC is pro local stations, is pro-competitive. They bring a lot of fresh ideas to the regulatory environment, and we're very pleased to see that.

因此，我們在 FOX One 上看到了我們所有的品牌、所有內容，但都採用了真正獨特且我認為很重要的使用者介面，因此它將非常前沿。關於聯邦通信委員會 (FCC) 和（技術難題），我們——嗯，首先，我應該說，關於聯邦通信委員會，我們非常高興在聯邦通信委員會的新領導下，聯邦通信委員會支持地方電台，支持競爭。他們為監管環境帶來了許多新想法，我們很高興看到這一點。

As regards to how it affects our affiliates, we remain, I think, the most affiliate-focused company, certain broadcasting company in this country. And we don't really see it impacting in any way with our relationships, if anything, it could improve them. I should mention as it draws the two questions together. FOX One will uniquely combine both our Fox can content, but our local affiliates content.

至於它對我們的附屬公司的影響，我認為，我們仍然是這個國家最注重附屬公司的公司，尤其是廣播公司。我們並沒有真正看到它對我們的關係產生任何影響，如果有的話，它可能會改善我們的關係。我應該提到，因為它將這兩個問題連結在一起。FOX One 將獨特地結合我們的 Fox 罐頭內容和我們當地分公司的內容。

If you're a FOX One, our aspiration is if you're a FOX One subscriber, you will be getting your local sports and local news not just through our owned and owned stations, but our affiliate stations as well are available to you on that app.

如果您是 FOX One 的用戶，我們希望您不僅可以透過我們擁有和經營的電台獲取本地體育和本地新聞，還可以透過該應用程式存取我們的附屬電台。

So we're excited and we're very happy to be pro our local affiliate groups and local independent stations. And I think that's an important place for us to be in the marketplace.

因此，我們非常興奮，並且很高興能夠支持我們的當地附屬團體和當地獨立電台。我認為這是我們在市場上的一個重要地位。

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

至此，我們的時間已經不夠了。但如果您還有其他問題，請打電話給我或查理。再次感謝您今天加入我們。

Thank you.

謝謝。

Thanks, everyone. Thank you.

謝謝大家。謝謝。

Ladies and gentlemen, that does conclude the Fox Corporation fourth quarter fiscal year 2025 earnings conference call. Thank you.

女士們，先生們，福克斯公司 2025 財年第四季財報電話會議到此結束。謝謝。