二十一世紀福斯 (FOX) 2022 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Fox Corporation Third Quarter 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded.

女士們，先生們，謝謝你們的支持。歡迎來到福克斯公司 2022 年第三季度收益電話會議。 （操作員說明）作為提醒，此電話會議正在錄音中。

I will now turn the conference over to our Chief Investor Relations Officer, Mr. Joe Dorrego. Please go ahead, sir.

我現在將把會議轉交給我們的首席投資者關係官 Joe Dorrego 先生。請繼續，先生。

Thank you, operator. Good morning, and welcome to our fiscal 2022 3rd 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. First, Lachlan and Steve will give some prepared remarks on the most recent quarter, and then we'll take questions from the investment community.

謝謝你，接線員。早上好，歡迎參加我們的 2022 財年第三季度財報電話會議。今天和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）；約翰納倫，首席運營官；和我們的首席財務官 Steve Tomsic。首先，拉克蘭和史蒂夫將就最近一個季度發表一些準備好的評論，然後我們將回答投資界的問題。

Please note that this call may include forward-looking statements regarding Fox Corporation's financial performance and operating results. These statements are based on management's current expectations, and actual results could differ from what is stated as a result of certain factors identified on today's call and in the company's SEC filings. Additionally, this call will include certain non-GAAP financial measures including adjusted EBITDA or EBITA, as we refer to it on this call. Reconciliations of non-GAAP financial measures are included in our earnings release and our SEC filings, which are available in the Investor Relations section of our website.

請注意，本次電話會議可能包括有關 Fox Corporation 財務業績和經營業績的前瞻性陳述。這些陳述是基於管理層當前的預期，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，實際結果可能與陳述的不同。此外，本次電話會議將包括某些非 GAAP 財務措施，包括調整後的 EBITDA 或 EBITA，正如我們在本次電話會議中提到的那樣。非公認會計原則財務指標的對賬包含在我們的收益發布和我們提交給美國證券交易委員會的文件中，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.

有了這個，我很高興將電話轉給 Lachlan。

Thanks, Joe, and good morning, everyone. Thank you for joining us on this call.

謝謝，喬，大家早上好。感謝您加入我們的電話會議。

I don't know about everyone else, but I often find early mornings after a coffee or 2 or 3 to be a good time to reflect on the progress we are making and to plan the days or weeks ahead. Sitting here on the Fox lot with my colleagues, I can recall our Investor Day when we saw all of you or most of you in person and kicked off the new Fox, now already a few years ago. Some of you asked then, correctly, could the new, streamlined Fox aggressively grow its top line revenues? And while we committed to you then that we would add $1 billion of television distribution revenue by calendar '22, we all knew that proof would be in the pudding. So it's pleasing that this quarter, we again delivered healthy distribution and advertising revenue growth across our brands and complemented by further stellar growth at Tubi. Overall, we delivered 7% revenue growth, led by 9% advertising growth and 5% growth in our distribution revenues. As a reminder, this 5% growth in distribution revenues does not include the benefit of any material renewals this fiscal year. Those renewals start next year.

我不了解其他人，但我經常發現在喝完咖啡或兩三點後的清晨是反思我們正在取得的進展併計劃未來幾天或幾週的好時機。和我的同事們坐在 Fox 地段，我可以回憶起我們的投資者日，當時我們親眼見到了你們所有人或你們中的大多數人，並啟動了新的 Fox，現在已經是幾年前了。你們中的一些人當時正確地問，新的、精簡的福克斯能否積極增加其收入？雖然我們當時向您承諾，我們將在 22 年日曆之前增加 10 億美元的電視發行收入，但我們都知道證據將在布丁中。因此，令人高興的是，本季度，我們再次在我們的品牌中實現了健康的分銷和廣告收入增長，並得到了 Tubi 進一步出色增長的補充。總體而言，我們實現了 7% 的收入增長，其中廣告收入增長 9%，分銷收入增長 5%。提醒一下，這 5% 的分銷收入增長不包括本財年任何重大更新的好處。這些續約將於明年開始。

And our advertising growth was notably broad-based. Cable advertising grew by 20% in the quarter. This growth was driven by FOX News as its pricing and rating strength more than offset the elevated level of preemptions due to the coverage of the war in Ukraine. Television advertising grew by 6% in the quarter. This increase was led by Tubi, which saw its advertising growth accelerate from approximately 40% in the December quarter to 50% on the back of increased engagement. In addition, continued strong demand for sports drove overall growth at the Fox Network. And at the local level, advertising revenues increased despite continued supply chain and other economic headwinds.

我們的廣告增長基礎非常廣泛。有線電視廣告在本季度增長了 20%。這一增長是由福克斯新聞推動的，因為其定價和評級實力足以抵消由於烏克蘭戰爭的報導而導致的搶購率上升。電視廣告在本季度增長了 6%。這一增長由 Tubi 引領，由於參與度增加，其廣告增長從 12 月季度的約 40% 加速至 50%。此外，對體育運動的持續強勁需求推動了 Fox Network 的整體增長。在地方層面，儘管供應鍊和其他經濟逆風持續存在，廣告收入仍有所增加。

As we look to our upfront next Monday, we are encouraged by the early momentum in the market. And we believe that our focus on live, including the must-have events of the coming year, such as the Super Bowl, the World Cup and even the mid-term political cycle, puts us firmly in the lead with our advertising partners as upfront deals are made. And as we established last year, Tubi will continue to play a leading integrated role in our upfront efforts.

當我們展望下週一的前期情況時，我們對市場的早期勢頭感到鼓舞。我們相信，我們對直播的關注，包括來年的必備賽事，如超級碗、世界杯甚至中期政治週期，使我們與我們的廣告合作夥伴保持領先地位。達成交易。正如我們去年成立的那樣，Tubi 將繼續在我們的前期工作中發揮主導綜合作用。

We are in this enviable position due to the execution of our strategy by our core business units. It's hard work, but it pays off.

由於我們的核心業務部門執行我們的戰略，我們處於這個令人羨慕的位置。這是一項艱苦的工作，但它有回報。

FOX News Channel finished the first quarter of calendar '22 as cable's most watched network in prime time and total day viewers. In fact, FOX News was the only cable news network to post gains versus the prior year quarter in total viewers and the key demographic, adults 25 to 54. FOX News has now beat CNN and MSNBC combined in total day and with both total viewers and the key demo for 9 consecutive months, and with a total day share of 54% across both demos. These achievements reflect the growing breadth and depth of our programming slate. Notably, The Five was the most watched program in cable news for the second consecutive quarter. Meanwhile, Gutfeld! delivered its highest-rated quarter ever, while Jesse Watters Primetime, which launched in late January, is averaging over 3 million viewers in the 7:00 p.m. time slot.

FOX 新聞頻道在 22 年第一季度結束時成為有線電視在黃金時段和全天收視率中收視率最高的網絡。事實上，FOX 新聞是唯一一家在總觀眾人數和 25 至 54 歲的成年人中與去年同期相比有所增長的有線新聞網絡。FOX 新聞現在已經擊敗了 CNN 和 MSNBC，總觀眾人數和總觀眾人數和連續 9 個月的關鍵演示，兩個演示的總日份額為 54%。這些成就反映了我們節目單的廣度和深度不斷增長。值得注意的是，《五人組》連續第二個季度成為有線電視新聞中收視率最高的節目。與此同時，古特菲爾德！發布了有史以來收視率最高的季度，而 1 月下旬推出的 Jesse Watters Primetime 在晚上 7:00 平均有超過 300 萬觀眾。時隙。

Broadcasting 97 of the Top 100 most watched cable news telecasts this past quarter, FOX News continues to attract the most politically diverse audience in its peer group, watched by more democrats and independents than MSNBC and CNN in total day and prime time.

在上個季度播出的前 100 名收視率最高的有線新聞節目中，有 97 部 FOX 新聞繼續吸引同齡群體中政治多元化程度最高的觀眾，在全天和黃金時段，其收視人數超過了 MSNBC 和 CNN。

Meanwhile, our sustained and disciplined investment continued to drive subscriber growth and engagement at FOX Nation. The FOX Nation subscriber base has more than tripled in less than 18 months, driving engagement levels to new heights in each quarter. The avid FOX News fans have clearly embraced the FOX Nation platform as demonstrated by its consistently high conversion rate of trialists to paid subscribers and retention rates well above industry averages.

與此同時，我們持續而有紀律的投資繼續推動 FOX Nation 的用戶增長和參與度。 FOX Nation 的用戶群在不到 18 個月的時間裡增長了兩倍多，每個季度的參與度都達到了新的高度。狂熱的 FOX 新聞粉絲顯然已經接受了 FOX Nation 平台，這從試用者向付費訂閱者的持續高轉換率和遠高於行業平均水平的保留率中得到證明。

Momentum also continued at FOX Weather, which benefited from expanded distribution on Roku, YouTube TV and Amazon, resulting in sequential growth in total view time across each month of the quarter.

FOX Weather 的勢頭也在繼續，這得益於 Roku、YouTube TV 和亞馬遜上的擴展分發，導致本季度每個月的總觀看時間連續增長。

At FOX Sports, the USFL is off to an encouraging start. Through its first 3 weeks, nearly 20 million people have watched the USFL on TV, and games on FOX and NBC are averaging 1.5 million viewers. That compares favorably to well-established spring sports properties like the NHL, Formula 1, the EPL and MLS, all properties which either recently earned sizable rights increases or are expected to do so soon. We are clearly establishing that the USFL belongs in this competitive set, which is our primary goal in this first season.

在 FOX Sports，USFL 的開端令人鼓舞。在最初的 3 週內，近 2000 萬人在電視上觀看了 USFL，FOX 和 NBC 的比賽平均有 150 萬觀眾。這與 NHL、一級方程式、EPL 和 MLS 等成熟的春季運動資產相比是有利的，所有最近獲得大量權利的資產都會增加或預計很快就會增加。我們清楚地確定 USFL 屬於這個競爭組合，這是我們在第一個賽季的主要目標。

At the NFL, we are pleased to announce that we have reached agreement to carry an incremental game this coming year on Christmas Day. As a reminder, last year's Christmas Day game on FOX delivered over 28 million viewers. We look forward to the release of the full NFL schedule expected later this week.

在 NFL，我們很高興地宣布，我們已達成協議，將在明年聖誕節舉辦一場增量比賽。提醒一下，去年 FOX 的聖誕節遊戲吸引了超過 2800 萬觀眾。我們期待本週晚些時候公佈完整的 NFL 賽程表。

Elsewhere, our NASCAR season is off to a strong start. Though early, the low teens gains we are seeing in viewership would represent one of the more meaningful single-season improvements across the 22-year history of NASCAR on FOX. And we couldn't be more excited about the upcoming 2022 FIFA World Cup on FOX Sports, with the qualifications of the U.S. Men's Team and its blockbuster match against England on Friday, November 25. This match will contribute to an unprecedented Thanksgiving weekend of sports on FOX, bookended by the Dallas Cowboys on Thanksgiving Day and the Michigan-Ohio State rivalry on Saturday. That's likely to add up to the most watched NFL game of the regular season, the most watched U.S. men's national soccer team match ever, and the most watched college football game of the season, all during the busiest consumer shopping weekend of the year. This speaks to the power of our platforms and to the prudence of our strategy.

在其他地方，我們的 NASCAR 賽季開局良好。雖然很早，但我們在收視率方面看到的青少年低增長將代表 FOX 上 NASCAR 22 年曆史中更有意義的單季改進之一。我們對即將在 FOX Sports 舉辦的 2022 年 FIFA 世界杯感到無比興奮，美國男隊的資格賽以及 11 月 25 日星期五對陣英格蘭隊的重磅比賽。這場比賽將為前所未有的感恩節體育運動做出貢獻在 FOX 上，感恩節被達拉斯牛仔隊預定，週六被密歇根-俄亥俄州立大學淘汰。在一年中最繁忙的消費者購物週末，這可能會成為常規賽收視率最高的 NFL 比賽、有史以來收視率最高的美國男子國家足球隊比賽以及本賽季收視率最高的大學橄欖球賽。這說明了我們平台的力量和我們戰略的審慎性。

Of course, our linear businesses are complemented by Tubi, where total view time increased 50%, propelled by record quarterly viewership. In fact, Tubi delivered 18 of its top 20 TVT days in its history this past quarter, a period where there's traditionally some softer seasonality in the AVOD market. Meanwhile, Tubi expanded its industry-leading library, and now counts more than 42,000 titles in this portfolio. Importantly, Tubi also renewed key distribution deals, including its Amazon partnership, and signed its first custom deal for Samsung's smart TVs.

當然，我們的線性業務得到了 Tubi 的補充，在創紀錄的季度收視率的推動下，總觀看時間增加了 50%。事實上，Tubi 在上個季度實現了其歷史上前 20 天 TVT 中的 18 天，而這一時期傳統上 AVOD 市場的季節性較為疲軟。與此同時，Tubi 擴展了其行業領先的圖書館，現在該產品組合中包含超過 42,000 種圖書。重要的是，Tubi 還續簽了關鍵分銷協議，包括與亞馬遜的合作，並簽署了三星智能電視的首個定制協議。

In the third quarter, we continue to invest in the future of Tubi, which we believe will be a strong growth engine for the company for years to come. We have also invested in FOX Weather, which is now available ubiquitously in every broadband home across the country and provides our clients with a new, very broad advertising platform.

在第三季度，我們繼續投資於 Tubi 的未來，我們相信這將成為公司未來幾年的強勁增長引擎。我們還投資了 FOX Weather，它現在在全國每個寬帶家庭中隨處可見，並為我們的客戶提供了一個新的、非常廣泛的廣告平台。

And finally, FOX Nation goes from strength to strength as it builds upon the engagement between FOX News and our most ardent fans. These initiatives illustrate the entrepreneurial nature of FOX, endowed with America's strongest media brands and most enviable balance sheet.

最後，FOX Nation 不斷壯大，因為它建立在 FOX 新聞和我們最熱心的粉絲之間的參與之上。這些舉措說明了 FOX 的創業本質，擁有美國最強大的媒體品牌和最令人羨慕的資產負債表。

Before handing over to Steve, I'd just like to acknowledge the incredible bravery, sacrifice and professionalism of the entire FOX News reporting team in covering the war in Ukraine. Journalism is rarely easy, and often, it is very hard. Bearing light on the horrors of this war and the resulting refugee and humanitarian crisis that is born is probably the hardest assignment we can give. I am, we all are, deeply grateful for the tremendous work and extraordinary journalism that Trey Yingst, Jennifer Griffin, Steve Harrigan, Jeff (sic) [Greg] Palkot, Ben Hall and many more excellent reporters have provided our audience.

在移交給史蒂夫之前，我只想感謝整個福克斯新聞報導團隊在報導烏克蘭戰爭時所表現出的令人難以置信的勇敢、犧牲和專業精神。新聞工作很少容易，而且往往非常困難。了解這場戰爭的恐怖以及由此產生的難民和人道主義危機可能是我們能給予的最艱鉅的任務。我，我們都非常感謝 Trey Yingst、Jennifer Griffin、Steve Harrigan、Jeff (sic) [Greg] Palkot、Ben Hall 和更多優秀記者為我們的觀眾提供的巨大工作和非凡的新聞報導。

Tragically, 2 of our journalists were killed in Kiev, and Ben Hall remains in treatment for his serious injuries. Our thoughts and the thoughts of the whole Fox family are with them and their families.

不幸的是，我們的 2 名記者在基輔遇害，本·霍爾因重傷仍在接受治療。我們的想法和整個福克斯家族的想法都與他們和他們的家人同在。

With that, I'll hand over to Steve.

有了這個，我將交給史蒂夫。

Thank you, Lachlan, and good morning, everyone.

謝謝你，拉克蘭，大家早上好。

Our third quarter results once again reflect the strength of our leadership brands and the continued growth of our digital businesses. We achieved total company revenue growth of 7% year-over-year, delivering top line growth across all of our operating segments for our fourth consecutive quarter. Total company affiliate revenues increased 5% despite the fact that only 5% of our total company distribution revenues have been up for renewal this fiscal year. Meanwhile, the rate of industry subscriber declines remained steady in the quarter, with trailing 12-month sub losses running below 5%. Total company advertising revenues grew 9% as our leadership brands once again delivered premium pricing, coupled with continued strong momentum at Tubi.

我們第三季度的業績再次反映了我們領導品牌的實力和我們數字業務的持續增長。我們實現了公司總收入同比增長 7%，連續第四個季度實現了所有運營部門的收入增長。儘管本財年我們公司總分銷收入中只有 5% 需要更新，但公司附屬公司總收入增長了 5%。與此同時，該季度行業用戶的下降率保持穩定，過去 12 個月的子用戶下降率低於 5%。公司廣告總收入增長 9%，原因是我們的領導品牌再次提供溢價定價，再加上 Tubi 的持續強勁勢頭。

Quarterly adjusted EBITDA was $811 million, down 10% over the comparative period last year, as the revenue growth was more than offset by higher expenses. As we have foreshadowed on prior calls, the increase in expenses was mainly driven by the anticipated increase in digital investments, including FOX News Media and Tubi. Additionally, we saw higher programming rights amortization and production costs at Fox Sports, and were impacted by an approximately $30 million write-down of certain scripted programming at Fox Entertainment.

季度調整後的 EBITDA 為 8.11 億美元，比去年同期下降 10%，因為收入增長被更高的費用所抵消。正如我們在之前的電話會議中所預示的那樣，費用的增加主要是由數字投資的預期增加推動的，包括 FOX News Media 和 Tubi。此外，我們看到 Fox Sports 的節目權利攤銷和製作成本較高，並受到 Fox Entertainment 某些腳本節目減記約 3000 萬美元的影響。

Net income attributable to stockholders of $283 million or $0.50 per share compared to the $567 million or $0.96 per share we reported in the prior year quarter. As we have seen in recent quarters, this below-the-line variance was primarily due to the change in fair value of the company's investment in Flutter, which we recognize in other net.

歸屬於股東的淨收入為 2.83 億美元或每股 0.50 美元，而我們在去年同期報告的為 5.67 億美元或每股 0.96 美元。正如我們在最近幾個季度所看到的那樣，這種低於線的差異主要是由於公司對 Flutter 的投資公允價值的變化，我們在其他淨值中確認了這一點。

Excluding this impact and other non-core items, adjusted EPS was $0.81 per share compared to last year's $0.88, primarily reflecting the movement in EBITDA.

排除這種影響和其他非核心項目，調整後每股收益為 0.81 美元，而去年為 0.88 美元，主要反映了 EBITDA 的變動。

Now let's turn to our business segment results, starting with Cable Networks, which reported an 8% in revenues. The strong revenue delivery was underpinned by significant gains in cable advertising revenues, which grew 20% in the quarter. Notwithstanding slightly higher levels of preemptions associated with our breaking news coverage of the war in Ukraine, FOX News was the engine of this advertising revenue growth, with strong gains in both audience and pricing. Cable affiliate revenues increased 3% over the prior year period, a result of healthy pricing gains across all of our networks.

現在讓我們看看我們的業務部門業績，首先是有線電視網絡，它報告了 8% 的收入。強勁的收入交付得益於有線電視廣告收入的顯著增長，該季度增長了 20%。儘管與我們對烏克蘭戰爭的突發新聞報導相關的搶占率略高，但 FOX 新聞是這種廣告收入增長的引擎，在受眾和定價方面都有強勁增長。有線電視附屬公司的收入比去年同期增長了 3%，這是我們所有網絡的健康定價收益的結果。

Cable other revenues increased 23%, led by the timing of sports sublicensing revenues, which were impacted by COVID last year, as well as continued subscription momentum at FOX Nation. This growth was partially offset by the disposition of our sports marketing businesses, which was sold in March of last year.

有線電視其他收入增長了 23%，這主要得益於去年受到 COVID 影響的體育轉許可收入的時機，以及 FOX Nation 的持續訂閱勢頭。這一增長被我們去年 3 月出售的體育營銷業務的處置部分抵消。

EBITDA at our Cable segment increased by $14 million over the prior year period as these revenue increases were partially offset by higher expenses related to the digital investment at FOX News Media and the timing of programming amortization and production costs at the cable sports networks following the COVID-related disruptions of the prior year.

我們有線電視部門的 EBITDA 比去年同期增加了 1400 萬美元，因為這些收入增長部分被與 FOX News Media 的數字投資相關的更高費用以及 COVID 之後有線電視體育網絡的節目攤銷時間和製作成本所抵消- 與上一年相關的中斷。

Almost matching the strong revenue growth in Cable, our Television segment delivered a 7% increase in revenue. This was led by an 8% increase in television affiliate revenues over the prior year quarter, reflecting increases for both our direct retransmission revenues at our owned and operated stations and for our programming fees from non-owned station affiliates. This run rate assures achievement of our target of $1 billion of incremental television affiliate revenue this calendar year that we announced at our Investor Day back in 2019.

幾乎與有線電視的強勁收入增長相匹配，我們的電視部門實現了 7% 的收入增長。這是由於電視附屬公司收入比去年同期增長了 8%，這反映了我們在自有和運營的電台的直接轉播收入以及非自有電台附屬機構的節目費用的增長。這一運行率確保了我們在 2019 年投資者日宣布的本日曆年增加 10 億美元電視附屬收入的目標。

Our Television segment also delivered 6% advertising revenue growth, reflecting strong linearizing at the FOX Network and continued growth at Tubi, partially offset by lower impressions of FOX Entertainment. At Fox Sports, the impact of the additional week to the NFL regular season was offset by the absence of the rotating NFL divisional playoff game this year. And at the FOX Television stations, notwithstanding the ongoing supply chain-related challenges to the auto category, we continue to grow advertising revenues supported by gains from our digital sales efforts and continued demand from the sports betting category.

我們的電視部門也實現了 6% 的廣告收入增長，這反映了 FOX Network 的強勁線性化和 Tubi 的持續增長，部分被 FOX Entertainment 的較低印象所抵消。在 Fox Sports，NFL 常規賽延長一周的影響被今年 NFL 分區季后賽輪換賽的缺席所抵消。在 FOX 電視台，儘管汽車類別持續面臨與供應鏈相關的挑戰，但由於我們的數字銷售工作的收益和體育博彩類別的持續需求，我們繼續增加廣告收入。

Other revenues in our Television segment increased 17%, primarily due to the impact of the acquisitions of MarVista Entertainment and TMZ and the consolidation of our stake in Studio Ramsay Global.

我們電視部門的其他收入增長了 17%，主要是由於收購 MarVista Entertainment 和 TMZ 以及合併我們在 Studio Ramsay Global 的股份的影響。

Television EBITDA was lower by $100 million against the prior year period, as its healthy revenue growth was more than offset by the planned digitization at Tubi, higher sports programming amortization and production costs at FOX Sports, and an approximately $30 million write-down of certain scripted programming at FOX Entertainment.

與去年同期相比，電視 EBITDA 減少了 1 億美元，因為其健康的收入增長被 Tubi 計劃的數字化、FOX Sports 更高的體育節目攤銷和製作成本以及約 3000 萬美元的某些資產減記所抵消。 FOX Entertainment 的腳本編程。

Turning now to cash flow. We generated strong free cash flow of $1.54 billion in the quarter, reflecting our normal seasonal cycle of collecting advertising revenues from our old programming and the result of our sports rights payments being concentrated in the first half of our fiscal year. Our share repurchases since the commencement of the quarter have totaled $300 million, and fiscal year-to-date, we have now returned over $1 billion of capital to shareholders. This is comprised of approximately $275 million in the form of our semi-annual dividend payment and a further $800 million in share buybacks.

現在轉向現金流。我們在本季度產生了 15.4 億美元的強勁自由現金流，這反映了我們從舊節目中收取廣告收入的正常季節性週期以及我們的體育版權支付集中在本財年上半年的結果。自本季度開始以來，我們的股票回購總額為 3 億美元，截至本財年，我們已向股東返還了超過 10 億美元的資本。這包括大約 2.75 億美元的半年度股息支付和另外 8 億美元的股票回購。

We remain committed to utilizing our full buyback authorization of $4 billion and have now cumulatively repurchased approximately $2.4 billion, representing over 11% of our total shares outstanding since the launch of the buyback program in November 2019. We continue to maintain a very strong balance sheet, ending the quarter with $4.6 billion in cash and $7.2 billion in debt.

自 2019 年 11 月回購計劃啟動以來，我們仍致力於利用我們 40 億美元的全部回購授權，目前已累計回購約 24 億美元，占我們流通股總數的 11% 以上。我們繼續保持非常強勁的資產負債表，以 46 億美元現金和 72 億美元債務結束本季度。

So as we look forward, the setup for fiscal 2023 remains incredibly strong with the financial tailwinds from Super Bowl LVII, the early exit of Thursday Night Football, November's mid-term elections, and the start of our next major distribution renewal cycle.

因此，正如我們所期待的那樣，隨著超級碗 LVII 的財務順風、週四晚上足球賽的提前退出、11 月的中期選舉以及我們下一個主要分銷更新周期的開始，2023 財年的設置仍然非常強勁。

So with that, I'll now turn the call back to Lachlan.

因此，我現在將電話轉回 Lachlan。

Thank you very much, Steve.

非常感謝你，史蒂夫。

As you know, we usually -- after Steve's comments, we go straight to Joe and straight to questions. But we have breaking news, which I'm -- in the spirit of being always open and giving our investors and our shareholders the latest news in the company, I'll go straight to this, and literally, this is happening in real time.

如您所知，我們通常—— 在史蒂夫發表評論後，我們會直接去找喬並直接提問。但是我們有突發新聞，我是——本著始終保持開放的精神，向我們的投資者和股東提供公司的最新消息，我會直截了當地說，從字面上看，這是實時發生的.

We are pleased to announce that immediately following his playing career, whenever that may be, 7-time Super Bowl winner, Tom Brady, will be joining us at Fox Sports as our lead analyst. Over the course of this long-term agreement, Tom will not only call our biggest NFL games with Kevin Burkhart, but will also serve as an ambassador for us, particularly with the client and promotional initiatives. We are delighted that Tom has committed to joining the FOX team, and we wish him all the best during this upcoming season. I'm sure everyone joins me in warmly welcoming Tom Brady on board. Thank you very much.

我們很高興地宣布，在他的職業生涯結束後，無論何時，7 次超級碗冠軍湯姆·布雷迪都將加入 Fox Sports 擔任我們的首席分析師。在這項長期協議的過程中，湯姆不僅將與凱文·伯克哈特一起召集我們最大的 NFL 比賽，而且還將擔任我們的大使，特別是在客戶和促銷活動方面。我們很高興 Tom 承諾加入 FOX 團隊，我們祝愿他在即將到來的賽季中一切順利。我相信每個人都會和我一起熱烈歡迎 Tom Brady 的加入。非常感謝。

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

有了這個，我將交給喬。

Thanks, Lachlan. And now we'd be happy to take questions from the investment community.

謝謝，拉克蘭。現在我們很樂意接受投資界的提問。

(Operator Instructions) We have a question from the line of Ben Swinburne.

（操作員說明）我們有一個來自 Ben Swinburne 的問題。

Well, I want to ask when Tom Brady is actually going to stop playing, but I'll save that for an offline conversation. Congrats on the deal.

好吧，我想問一下 Tom Brady 什麼時候真的會停止比賽，但我會把它留到離線對話中。恭喜成交。

I wanted to ask you guys about Tubi heading into fiscal '23. Could you talk a little bit, Lachlan, about how you plan to position that business in the upfront, to the extent you can share any goals in terms of how much of that business may actually be sold in the upfront? And how are you guys thinking about investments relative to letting that business start to generate some profits next year as you continue to obviously see a lot of top line growth?

我想問你們關於 Tubi 進入 23 財年的事。 Lachlan，您能否談談您計劃如何在前期定位該業務，以便您可以分享任何目標，即前期實際銷售多少業務？你們如何看待與讓該業務明年開始產生一些利潤相關的投資，因為你們顯然繼續看到很多收入增長？

Ben. Look, I can tell you on the first part of your question that, like I said, we're incredibly excited to have Tom joining us. It's entirely up to him for when he chooses to retire and move into his, what will be an exciting and stellar sort of television career, but that's up to him to make that choice when he sees fit.

本。聽著，我可以在你問題的第一部分告訴你，就像我說的，我們非常高興湯姆能加入我們。當他選擇退休並進入他的職業生涯時，這完全取決於他，這將是一個令人興奮和輝煌的電視生涯，但這取決於他在他認為合適的時候做出選擇。

In regards to Tubi and the upfront and how that plays into sort of how we position the Tubi business going forward and when it returns to profitability, it's important to note that on Monday, when we engaged in our upfront presentations, we've already spent several weeks engaging with clients and advertisers on upfront negotiations, and Tubi has been at the forefront of all of those conversations. I think our clients can see both the shift to AVOD and the streaming advertising. At the same time, they see the strength of where Tubi is positioned as a leader in that market.

關於 Tubi 和前期，以及這如何影響我們如何定位 Tubi 業務的未來以及何時恢復盈利，重要的是要注意，週一，當我們進行前期演示時，我們已經花了與客戶和廣告商進行了數週的前期談判，Tubi 一直處於所有這些對話的最前沿。我認為我們的客戶可以看到向 AVOD 和流媒體廣告的轉變。同時，他們看到了 Tubi 被定位為該市場領導者的實力。

We're constantly -- it's on a regular, sort of daily basis, balancing carefully the ad load in Tubi and the fill rate of those advertising slots. And as you know, Tubi has an incredibly intelligent ad tech that can do that dynamically viewer to viewer, customer to customer. We can dial that up or dial it down really as we see fit, but we think it's important that this early life cycle of advertising video-on-demand services maintain the highest sort of quality viewer experience and kind of consumer experience on the service.

我們一直在 - 定期，每天，仔細平衡 Tubi 中的廣告負載和這些廣告位的填充率。如您所知，Tubi 擁有令人難以置信的智能廣告技術，可以動態地實現觀眾對觀眾、客戶對客戶的動態。我們可以在我們認為合適的時候調高或調低它，但我們認為廣告視頻點播服務的早期生命週期保持最高質量的觀眾體驗和服務上的消費者體驗是很重要的。

So we're pleased with where that is. But really, it would be up to us to be able to increase that ad load and drive revenue and bring it back to profitability, which, as you know, Tubi has been profitable in past quarters. But as of today, the right strategy and the right way forward is to continue to carefully and deliberately invest in the growth of Tubi, which we think is going to really be the leader in advertising video-on-demand certainly in this country.

所以我們對它的位置感到滿意。但實際上，我們有責任增加廣告負載並推動收入並使其恢復盈利，如您所知，Tubi 在過去幾個季度一直盈利。但截至今天，正確的戰略和正確的前進方向是繼續謹慎而有意識地投資於 Tubi 的增長，我們認為 Tubi 將真正成為該國視頻點播廣告的領導者。

Operator, we can go to the next question.

接線員，我們可以進入下一個問題。

We have a question from Jessica Reif Ehrlich, Bank of America.

我們有一個來自美國銀行的 Jessica Reif Ehrlich 的問題。

Trying to think of how I make this one question.

試著想想我是如何提出這個問題的。

So your 2 key drivers are obviously advertising and distribution revenue. And in the advertising, you're incredibly well positioned going into the upfront, given as you highlighted your incredible array of marquee sports. You also have USFL coming in, and news couldn't be more dominant. So just can you give us color on expectations for -- I mean, your positioning is great, but expectations for your performance in the upfront market and the health of the overall industry.

因此，您的兩個關鍵驅動因素顯然是廣告和分銷收入。在廣告中，由於您突出顯示了令人難以置信的字幕運動，因此您在前期處於非常有利的位置。你也有 USFL 進來，新聞不能更占主導地位。因此，您能否就我們的期望給出顏色 - 我的意思是，您的定位很好，但對您在前期市場的表現和整個行業的健康狀況的期望。

And on the pay-TV side, while you're -- again, our performance in news and other areas is very strong, pay-TV market has been shrinking. You seem pretty confident about the affiliate renewal cycles coming up. So can you give us color on that and how you offset the shrinking universe?

在付費電視方面，雖然我們在新聞和其他領域的表現非常強勁，但付費電視市場一直在萎縮。您似乎對即將到來的會員續訂週期充滿信心。那麼你能給我們一些顏色，以及你如何抵消不斷縮小的宇宙嗎？

Sure. Jessica. I'm not sure if there was 2 questions or 7, but they're always good questions. So thank you very much.

當然。傑西卡。我不確定是 2 個問題還是 7 個問題，但它們總是很好的問題。所以非常感謝。

On the outlook. So I think I'll remember to answer most of them as I go through this answer. But look, from an advertising perspective and particularly heading into these upfront negotiations, we're already in the upfront season. But as we get to the pointy end of that season, we're seeing really solid demand across our businesses.

關於前景。所以我想我會記得在完成這個答案時回答其中的大多數。但是，從廣告的角度來看，特別是進入這些前期談判，我們已經處於前期階段。但隨著那個季節即將結束，我們看到我們業務的需求非常強勁。

In pricing, Entertainment is seeing pricing in the sort of high single digit -- mid to high single digit sort of range above last year. But in Sports News, as you said, we're very well positioned, we're seeing sort of our pricing in sort of mid-double digits. So sort of the mid to high teens pricing increases driven by demand across some live sports and live news.

在定價方面，娛樂公司的定價處於高個位數 - 高於去年的中高個位數範圍。但正如你所說，在體育新聞中，我們處於非常有利的位置，我們看到我們的定價在兩位數中。因此，由於一些現場體育和現場新聞的需求，中高青少年的價格上漲。

So that gives us a great deal of confidence as we move into these upfront negotiations. You add to that, obviously, the inclusion of Tubi with 50% growth in TVT time and engagement. It's a really strong position to be in.

因此，當我們進入這些前期談判時，這給了我們很大的信心。顯然，您還添加了 Tubi，其 TVT 時間和參與度增長了 50%。這是一個非常強大的位置。

Our sports properties are driving and then our must-have sports tent poles this year are really driving a lot of interest from our clients. If I could give a word of advice, I wouldn't do, but if I can give one word of advice to our clients and advertising partners, it's getting in early, because some of these key events are selling extremely well already. So we fully expect to see sort of continued advertising strength.

我們的運動項目正在蓬勃發展，今年我們必備的運動帳篷桿確實引起了我們客戶的極大興趣。如果我能給我們一點建議，我不會這樣做，但如果我可以給我們的客戶和廣告合作夥伴一點建議，那就早了，因為其中一些關鍵事件已經非常暢銷。因此，我們完全期望看到持續的廣告實力。

That's without even talking about the mid-term election cycle, which, by all estimates, will be a record midterm cycle for us. We keep a close eye on the races in all of our markets, and it's pretty amazing to see where we have -- not only tight races, but also contested primaries pretty much across the majority of our owned and owned stations. So we think the coming mid-term elections will really be an advertising boon for us as well.

這甚至沒有談論中期選舉週期，據估計，這對我們來說將是創紀錄的中期選舉週期。我們密切關注我們所有市場的比賽，看到我們擁有的地方真是太神奇了——不僅是緊張的比賽，而且在我們擁有和擁有的大多數站點中幾乎都有競爭性的初選。所以我們認為即將到來的中期選舉對我們來說也確實是一個廣告福音。

Now moving on to pay-TV pricing. Well, frankly, from both an advertising point of view, which is incredibly strong with the strength of Fox News, and I spoke about it a little bit in my in my earlier statements, the strength of Fox News, but also the strength of Fox News and the station group from our retransmission and distribution revenue point of view really has never been stronger. FOX News is effectively competing with the free-to-air broadcasters in terms of audience. It's actually usually beating -- many nights of the week sort of beating broadcast networks, and we expect our pricing power to continue to strengthen with performance like that.

現在轉向付費電視定價。好吧，坦率地說，從廣告的角度來看，這對福克斯新聞的實力來說是非常強大的，我在之前的發言中談到了一點，福克斯新聞的實力，也是福克斯的實力新聞和台組從我們的轉播收入來看確實是從來沒有這麼強過。 FOX News 正在與免費廣播公司在觀眾方面進行有效競爭。它實際上通常在擊敗 - 一周中的許多晚上都在擊敗廣播網絡，我們預計我們的定價能力將繼續加強這樣的表現。

So yes, I think I've answered most of, if not all of your questions, Jessica. But in short, both from an advertising perspective and from a television distribution and retransmission revenue perspective, we think we're well positioned, particularly in a year or a cycle where we're coming up to, I think, over the next 2 years, 2/3 of our distribution revenue coming up for renewals.

所以是的，我想我已經回答了你的大部分問題，如果不是全部的話，傑西卡。但簡而言之，無論是從廣告的角度還是從電視發行和轉播收入的角度來看，我們都認為我們處於有利位置，尤其是在我們即將到來的一年或一個週期內，我認為，在接下來的 2 年，我們 2/3 的分銷收入將用於續訂。

Operator, we can go to the next question.

接線員，我們可以進入下一個問題。

We have a question from Robert Fishman of MoffettNathanson.

我們有一個來自 MoffettNathanson 的 Robert Fishman 的問題。

A question on television profitability. Given the $30 million write-down of the scripted programming at FOX Entertainment in the quarter, and then as we get closer to fiscal '23 when Thursday Night Football losses go away, can you just help frame the other swing factors that could impact a big increase in television EBITDA next year? And maybe any early look into incremental digital investments and how you're thinking about the general entertainment programming spend to help fill that Thursday Night programming gap?

關於電視盈利能力的問題。鑑於本季度 FOX 娛樂公司的腳本節目減記了 3000 萬美元，然後當我們接近 23 財年時，星期四晚上足球的虧損消失了，你能不能幫助確定可能影響重大的其他搖擺因素？明年電視EBITDA會增加嗎？也許對增量數字投資的早期研究以及您如何考慮一般娛樂節目支出以幫助填補週四晚上的節目空白？

So, Robert, one of the pieces of work that the entertainment network has sort of undertook over the last -- I would say, last year, but it's earlier than that, it is really the ability to kind of transform that business to where it can tightly control its programming costs in a way that really has them at a level that really hasn't been achievable before. This goes to the acquisition a few years ago of Bento Box, so we can control more of our animation costs. It goes to the acquisition of TMZ, so we can really control sort of high-quality factual content and specials that we put on the network, and other things such as MarVista. MarVista was focused a bit more on Tubi.

所以，羅伯特，娛樂網絡在去年完成的一項工作——我想說，去年，但比那更早，它確實是一種將業務轉變為它的地方的能力可以嚴格控制其編程成本，使其真正達到以前無法實現的水平。幾年前收購了 Bento Box，這樣我們就可以控制更多的動畫成本。它涉及到 TMZ 的收購，所以我們可以真正控制我們放在網絡上的高質量事實內容和特價商品，以及 MarVista 等其他東西。 MarVista 更專注於 Tubi。

So the work in the background of being able to own and control -- oh, I should also mention, by the way, I apologize for not, very importantly, the joint venture with Gordon Ramsay and Gordon Ramsay Productions, that's incredibly exciting. Gordon's been a key partner of ours for many, many years, and his plans for the growth of that business, not just in the U.S., but what we can do with the IP, Gordon Ramsay's IP around the world is really exciting to see. So we have high expectations for that partnership.

所以在能夠擁有和控制的背景下的工作 - 哦，我還應該提到，順便說一下，我很抱歉沒有，非常重要的是，與 Gordon Ramsay 和 Gordon Ramsay Productions 的合資企業，這非常令人興奮。多年來，Gordon 一直是我們的重要合作夥伴，他對這項業務的發展計劃，不僅是在美國，還有我們可以用 IP 做些什麼，Gordon Ramsay 的 IP 在全球範圍內令人興奮。因此，我們對這種夥伴關係寄予厚望。

So all of that really feeds into the network's really ability to control its programming across multiple nights. As you know, the FOX network is only 2 hours a night in prime time, and so it's an easier volume of hours to digest and to program towards.

因此，所有這些都真正體現了網絡在多個晚上控制其節目的真正能力。如您所知，FOX 網絡在黃金時段每晚只有 2 小時，因此更容易消化和編程。

So Robert, just in terms of the swing factors, listen, there's a ton of tailwind behind the TV segment going into next year. So you called out Thursday Night Football dropping off. So that, I think we've said in the past, that releases around $350 million to $400 million to the bottom line for us net-net-net. But then you've got all the other things that play into next year for us. So you've got Super Bowl, political, and you've got the FIFA World Cup, and then you've got 2 with the momentum that's showing top line. So we couldn't be better positioned for fiscal '23 from a Television segment perspective.

所以羅伯特，就波動因素而言，聽著，明年的電視部分背後有很多順風。所以你叫周四晚上足球下車。因此，我認為我們過去曾說過，這為我們 net-net-net 釋放了大約 3.5 億至 4 億美元的底線。但是你已經為我們準備了明年的所有其他事情。所以你有超級碗，政治，你有國際足聯世界杯，然後你有 2 的勢頭，顯示出頂線。因此，從電視領域的角度來看，我們在 23 財年的定位再好不過了。

You can stay more pleased. He's very careful.

你可以保持更高興。他非常小心。

Operator, we can go to the next question.

接線員，我們可以進入下一個問題。

We have a question from Doug Mitchelson of Credit Suisse.

我們有一個來自瑞士信貸的 Doug Mitchelson 的問題。

Should investors expect fiscal '23 to see operating leverage against your digital investments? Revenue growing faster than OpEx with those?

投資者是否應該期望 23 財年看到您的數字投資的運營槓桿？收入增長快於運營支出？

And Lachlan, I'm not sure if you're prepared to give any sort of update on ambitions for Tubi, but it's been growing rapidly, you're investing a lot in it, and Fox has been in kind of the interesting investment in that, not making a stronger pivot to streaming to some of your peers, but yet Tubi is an interesting investment opportunity that's impacting margins this year. So just kind of understand where you think that asset could go and what the investment cycle looks like would be helpful, I think.

還有 Lachlan，我不確定你是否準備好就 Tubi 的野心提供任何最新信息，但它一直在迅速發展，你在這方面投入了大量資金，Fox 一直在進行有趣的投資那個，並沒有更強烈地轉向你的一些同行，但 Tubi 是一個有趣的投資機會，它正在影響今年的利潤率。因此，我認為只需了解您認為資產可以去哪里以及投資週期的樣子會有所幫助。

So look, we see the level of investment this year in our digital properties, and that's Tubi, but it also includes FOX Weather and FOX Nation and some other smaller elements, we see the current level of investment at the appropriate level going forward. So that's in that and we've guided market between $200 million and $300 million that we're putting back into investing, into growing those businesses. And we would not expect any kind of significant level above that on sort of our current plans. And we think that level is the right amount, particularly with an asset like Tubi that there really is really going to be the future of how people watch television in this country.

所以看，我們看到了今年對我們數字資產的投資水平，那就是 Tubi，但它還包括 FOX Weather 和 FOX Nation 以及其他一些較小的元素，我們看到當前的投資水平在適當的水平上向前發展。就是這樣，我們引導市場在 2 億到 3 億美元之間重新投入投資，發展這些業務。在我們目前的計劃中，我們預計不會有任何高於該水平的顯著水平。我們認為這個水平是合適的，特別是像 Tubi 這樣的資產，真的會成為這個國家人們看電視的未來。

When you look at Tubi, it's interesting, I looked this up the other day. But Farhad really began Tubi, or the early version of what ultimately became Tubi, with an ad tech business over 11 or 12 years ago. And that ultimately evolved into Tubi as he understood the value of taking his intelligent ad tech business and actually licensing programming along that to monetize that program most efficiently. And as I said before, it's great to have the Tubi team as a company really focused on the technology side of this business and understand how they drive engagement and drive viewing, which is very different from what an older sort of media model or view of it would be.

當你看 Tubi 時，這很有趣，我前幾天看了這個。但 Farhad 真正開始了 Tubi，或最終成為 Tubi 的早期版本，在 11 或 12 年前從事廣告技術業務。這最終演變成 Tubi，因為他明白了將他的智能廣告技術業務和實際許可編程以最有效地通過該程序貨幣化的價值。正如我之前所說，很高興 Tubi 團隊作為一家公司真正專注於這項業務的技術方面，並了解他們如何推動參與和推動觀看，這與舊的媒體模型或觀點截然不同這將是。

So because of that and because of the long track record, the lead time they have, the fact that they've been doing this a long time, we think it's really poised to continue to win in the market, and that level of investment is the right level to help it as you've done.

因此，正因為如此，由於長期的記錄，他們擁有的交貨時間，他們已經這樣做了很長時間的事實，我們認為它真的準備好繼續在市場上獲勝，而且這種投資水平是正確的水平來幫助它，就像你所做的那樣。

Operator, we have time for one more question.

接線員，我們有時間再問一個問題。

Our last question will come from the line of Steven Cahall of Wells Fargo.

我們的最後一個問題將來自富國銀行的 Steven Cahall。

Yes. Maybe first -- and sorry if I missed this, but I think you maybe indicated that you could be at an end of arbitration by June, so I just wanted to see if that timing is still correct? And would love to know if you have any metrics to update us on for FOX Bet and how that has continued to grow? And how you kind of feel about the relationship with Flutter and some of your strategic opportunities there?

是的。也許首先——如果我錯過了這個很抱歉，但我想你可能表示你可能會在 6 月結束仲裁，所以我只是想看看那個時間是否仍然正確？並且很想知道您是否有任何指標可以更新我們的 FOX Bet 以及它是如何繼續增長的？您如何看待與 Flutter 的關係以及您在那裡的一些戰略機會？

And then also, as we think about long-term sports rights, you've got a lot of rights, especially digital rights. Do you see those as largely staying inside the linear ecosystem? Or do you think there's an opportunity to sublicense some of those to some of your peers who are spending a lot on their a la carte streaming products?

此外，當我們考慮長期體育權利時，您擁有很多權利，尤其是數字權利。您是否認為這些主要停留在線性生態系統中？或者你認為有機會將其中一些再授權給你的一些在點菜流媒體產品上花費很多的同行？

Steven. So in terms of our sports wagering strategy and business, we remain in arbitration, and we expect in the summer that arbitration to be resolved, if not sooner, and there's not much more we can say about it, but it's been, as you know, a long and sometimes arduous process.

史蒂文。因此，就我們的體育博彩策略和業務而言，我們仍處於仲裁階段，我們預計仲裁將在夏天得到解決，如果不是更早的話，我們對此無話可說，但正如你所知，它一直存在，一個漫長而有時艱鉅的過程。

But the most important thing to remember, I suppose, is the value of the business that we've created and the value of that sort of top of the funnel with FOX Bet Super 6 in particular, a free game with 6.6 million, I believe, now. And we're in traditionally a quiet period for sports rate and particularly around, obviously, with no football. And so the FOX Bet Super 6 continues to do incredibly well and continues to be able to drive wager and customers into paying games. So we're incredibly pleased with how we've delivered operationally on our side of the partnership. So we look forward to the end of arbitration and moving forward with our wager strategy.

但我認為，最重要的是要記住我們所創造的業務的價值，以及特別是 FOX Bet Super 6 的那種漏斗頂部的價值，我相信這是一款擁有 660 萬的免費遊戲， 現在。而且我們傳統上處於體育運動率的安靜時期，尤其是在沒有足球的情況下。因此，FOX Bet Super 6 繼續表現出色，並繼續能夠推動投注和客戶進入付費遊戲。因此，我們對我們在合作夥伴方面的運營方式感到非常滿意。因此，我們期待仲裁結束並繼續推進我們的投注策略。

In terms of sports rights and whether they remain on linear -- our own sort of owned sort of linear platforms. Absolutely. We think that our key rights deserve the ability to stay on our broadcast and cable networks exclusively. This is very important to us. It both gives our league partners the most breadth and reach that they can achieve in viewership for the fans, but also it's really key to our distribution strategy. It's how we will deliver industry-leading distribution revenue gains by keeping the highest-quality exclusive content within our platforms, as I said, exclusively, and sublicensing those to others or to put behind a struggling paywall would not be the right strategy.

在體育權利方面，以及它們是否保留在線性平台上——我們自己擁有的那種線性平台。絕對地。我們認為我們的關鍵權利應該能夠獨家留在我們的廣播和有線網絡上。這對我們來說非常重要。它既為我們的聯盟合作夥伴提供了他們在球迷收視率方面所能達到的最大範圍和影響力，也是我們分銷策略的關鍵。正如我所說，我們將通過在我們的平台中保留最高質量的獨家內容來提供行業領先的分銷收入收益，正如我所說，將這些內容轉授權給其他人或將其置於苦苦掙扎的付費牆後面不是正確的策略。

At this point, we are out of time. But if you have any further questions, please give me or Dan Carey a call. Thank you once again for joining today's call.

在這一點上，我們已經沒有時間了。但如果您還有其他問題，請給我或 Dan Carey 打電話。再次感謝您加入今天的電話會議。

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

女士們，先生們，今天的電話會議結束了。感謝您使用 AT&T 行政電話會議。您現在可以斷開連接。