二十一世紀福斯 (FOXA) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Fox Corporation's first-quarter fiscal year 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們、先生們，感謝你們的耐心等待。歡迎參加福斯公司2026財年第一季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。

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

現在我將把會議交給首席投資者關係官加布里埃爾布朗女士。請繼續，布朗女士。

Thank you, Pauly. Good morning, and welcome to our fiscal 2026 first-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，保利。早安，歡迎參加我們2026財年第一季財報電話會議。今天與我一起參加電話會議的有：執行主席兼執行長拉克蘭默多克；營運長約翰納倫；以及財務長史蒂夫托姆西克。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講話，然後我們將接受投資界的提問。

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.

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，實際結果可能因今天電話會議和公司向美國證券交易委員會提交的文件中確定的某些因素而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 EBITDA 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, which we define as net cash provided by operating activities, less capital expenditures.

此外，本次電話會議也將涉及一些非GAAP財務指標，包括調整後的每股盈餘和調整後的EBITDA，或如我們在本次電話會議中提到的EBITDA。非GAAP財務指標的調整表包含在獲利報告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查閱。我們也提到自由現金流，定義為經營活動產生的現金淨額減去資本支出。

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

接下來，我很高興把電話交給拉克蘭。

Thank you, Gabi, and thank you all for joining us this morning to discuss our fiscal first-quarter earnings. Fiscal 2026 started strong across our businesses with revenue growth of 5% and EBITDA growth of 2%.

謝謝Gabi，也謝謝各位今天上午與我們一起討論第一財季的收益情況。2026 財年開局強勁，各業務營收成長 5%，EBITDA 成長 2%。

Advertising revenue grew 6% during the quarter, despite not having last year's political revenue, with robust trends at news, sports, entertainment, and Tubi. This was supported by a gain and engagement across the portfolio, which distinguishes us from our peers and again underscores the strength of our brands and of the leading positions they hold in our ecosystem.

儘管沒有去年的政治廣告收入，本季廣告收入仍成長了 6%，新聞、體育、娛樂和 Tubi 等業務呈現強勁成長勢頭。整個產品組合的成長和參與度都為此提供了支持，這使我們從同行中脫穎而出，並再次凸顯了我們品牌的實力以及它們在我們生態系統中佔據的領先地位。

Distribution revenue grew by 3%, with subscriber declines remaining below 7% for the third consecutive quarter. The momentum in Q1 is continuing into Q2, led by a very healthy advertising market for us, [stemming] from both the upfront and from a strong scatter market.

分銷收入成長了 3%，用戶下降率連續第三個季度保持在 7% 以下。第一季的成長動能延續到了第二季度，這主要得益於我們非常健康的廣告市場，包括預售市場和強勁的散戶市場。

In fact, we are enjoying the most robust advertising market we have seen for some time, also in this quarter we launched FOX One. Though it's only been two months, we are encouraged by the enthusiastic response to the product.

事實上，我們正​​經歷著一段時間以來最強勁的廣告市場，本季我們也推出了FOX One。雖然上線僅兩個月，但市場對產品給予的熱烈反響令我們倍感鼓舞。

Subscriber trends have exceeded our expectations with those subscribers coming through direct acquisition and partnerships. We continue to believe that our content is best served as part of a bundle, whether it's in the pay TV bundle or direct to consumer bundle, as it provides value and choice to the consumer. At Fox, we are distribution agnostic. We are committed to ensuring our networks and content reach as many households as possible.

訂閱用戶成長趨勢超出了我們的預期，這些訂閱用戶主要來自直接獲取和合作夥伴關係。我們始終認為，我們的內容最好以捆綁銷售的形式提供，無論是付費電視捆綁銷售還是直接面向消費者的捆綁銷售，因為它能為消費者提供價值和選擇。在福斯，我們對發行管道沒有偏好。我們致力於確保我們的網路和內容能夠覆蓋盡可能多的家庭。

With that in mind, we launched two FOX One bundle partners earlier this month, ESPN and Verizon. These will build upon the strong momentum we have achieved with our groundbreaking Amazon Prime channels partnership. Kudos to everyone at Amazon, from Andrew Jasse down for their tremendous and brilliant support of the service. You all have done just a tremendous job.

基於此，我們在本月初推出了兩家 FOX One 套裝銷售合作夥伴：ESPN 和 Verizon。這將鞏固我們與亞馬遜Prime頻道開創性合作所取得的強勁勢頭。向亞馬遜的每一位員工致敬，從 Andrew Jasse 到其他所有員工，感謝他們對這項服務的巨大和出色支持。你們都做得非常出色。

Unsurprisingly, in terms of engagement, we have a balanced mix on FOX One with news driving audience and reach during the week and sports events doing the same over the weekend. Across all forms of distribution, interest and engagement in Fox's portfolio of live sports is increasing. Fox Sports kicked off the fall season with solid momentum.

不出所料，就互動性而言，FOX One 的內容組合相當均衡，新聞節目在工作日吸引觀眾和擴大覆蓋面，而體育賽事則在周末發揮同樣的作用。在所有發行管道中，觀眾對福斯體育直播節目的興趣和參與度都在不斷提高。福克斯體育以強勁的勢頭拉開了秋季檔的序幕。

The NFL on Fox is off to a great start, averaging almost 22 million viewers in September, a 12% increase over last season, and Fox's best start to an NFL season ever. And Fox's American's Game of the Week ranked as TV's number one show to the end of September with an average of 30 million viewers.

福克斯電視台的 NFL 賽事開局良好，9 月份平均收視人數接近 2200 萬，比上賽季增長了 12%，是福克斯電視台 NFL 賽季開局收視率最高的一次。福斯電視台的《美國每週比賽》節目在9月底位居電視收視率榜首，平均收視人數達3,000萬人。

And our schedule only looks better from here right through to the NFC championship at the end of the season. Interest in college football continues to reach new heights as well. Through the end of September, Fox's big new Saturday window averaged over 6 million viewers, up 22% over last season.

從現在開始一直到賽季末的 NFC 冠軍賽，我們的賽程只會越來越好。人們對大學橄欖球的興趣也持續攀升。截至9月底，福克斯電視台週六黃金檔的平均收視人數超過600萬，比上一季成長了22%。

The strong start was punctuated by nearly 17 million viewers tuning in to watch Ohio State versus Texas, the most watched week one college football game ever on any network. Like with the NFL, we head back, we head into the back half of the college season with a strong roster of Big 10 and Big 12 matchups highlighted by the Michigan Ohio State game and capped off by both the Big 10 and Mountain West Conference championship games.

開局強勁，近 1700 萬觀眾收看了俄亥俄州立大學對陣德克薩斯大學的比賽，這是有史以​​來任何電視台收視率最高的大學橄欖球第一周比賽。就像 NFL 一樣，我們又回到了賽場，大學賽季的下半程即將到來，屆時將有多場精彩的 Big 10 和 Big 12 比賽，其中最引人注目的是密西根大學對陣俄亥俄州立大學的比賽，最後還將舉行 Big 10 和山地西部聯盟的冠軍賽。

And while we thought last year's Dodgers Yankees World Series would be a tough act to follow, Major League Baseball has once again performed well for us. Regular season ratings were up 3%, and as we go into game six of a spectacular World Series, our total postseason advertising revenues will likely surpass last year's.

雖然我們認為去年道奇隊和洋基隊在世界大賽上的精彩表現很難超越，但美國職棒大聯盟再次為我們帶來了精彩的比賽。常規賽收視率上升了 3%，隨著精彩的世界大賽第六場比賽的到來，我們的季後賽廣告總收入很可能會超過去年。

Speaking of revenue, to be achieved 27% revenue growth in the first quarter, driven by an 18% increase in total due time. This overall engagement trend has continued into Q2.

說到收入，第一季將實現 27% 的收入成長，這主要得益於總交貨時間增加了 18%。這整體參與度提升趨勢延續到了第二季。

Our expansive content library and our differentiated user base have solidified Tubi's position at the top premium AVoD platform in the US. And I'm happy to say Tubi reached possibility this past quarter. It's a great milestone, a credit to the Tubi brand, to our viewer experience, and to the revenue momentum we are seeing.

我們龐大的內容庫和差異化的使用者群體鞏固了 Tubi 在美國頂級高階 AVoD 平台的地位。我很高興地宣布，Tubi 在上個季度實現了預期目標。這是一個重要的里程碑，是對 Tubi 品牌、觀眾體驗以及我們所看到的營收成長勢頭的肯定。

This will likely lead to a partial moderation in the overall net investment we expected to deploy across our digital initiatives this year. Fox News sustained a strong ratings and audience momentum throughout the quarter. Fox News once again cemented its status as the most watched cable network in total day and in primetime. Even more impressive, Fox News is the most viewed network in all television in weekday prime calendar year-to-date.

這可能會導致我們今年在數位化專案上投入的淨投資總額出現部分放緩。福克斯新聞在本季度保持了強勁的收視率和觀眾成長勢頭。福克斯新聞再次鞏固了其在全天和黃金時段收視率最高的有線電視網的地位。更令人印象深刻的是，福斯新聞頻​​道是今年迄今為止工作日黃金時段所有電視節目中收視率最高的頻道。

This engagement and share led to the highest first quarter ad revenue in Fox News media history, with higher pricing across both direct response and national advertising during the quarter. Breaking news coverage throughout the quarter also drove, drove strong engagement at Fox News Digital, fueling growth in page views and minutes versus last year.

這種互動和份額使福斯新聞媒體第一季的廣告收入創下歷史新高，該季度直接響應廣告和全國性廣告的價格均有所上漲。本季突發新聞報道也推動了福斯新聞數位平台的強勁互動，頁面瀏覽量和觀看時間較去年同期有所成長。

Fox News Digital closed the quarter with over 6.5 billion social media video views, its highest total ever. The strong Q1 results we have just reported coupled with the ongoing trends we are seeing across the company give me great confidence in the positive outlook for Fox.

福斯新聞數位頻道本季社群媒體影片觀看量超過 65 億次，創歷史新高。我們剛剛公佈的強勁的第一季業績，加上公司目前的發展趨勢，讓我對福斯的積極前景充滿信心。

This is particularly underpinned by the strength of the advertising market, our leadership position across news and sports, and by Tubi reaching quarterly profitability earlier than expected. Coming off a record fiscal 2025, fiscal 2026 will again highlight the uniqueness of our strategy, the quality of our assets, our ability to deliver on screen and financially, and the overall strength of our financial position.

廣告市場的強勁勢頭、我們在新聞和體育領域的領先地位，以及 Tubi 比預期更早實現季度盈利，都為此提供了強有力的支撐。繼創紀錄的 2025 財年之後，2026 財年將再次凸顯我們策略的獨特性、資產的品質、我們在銀幕上和財務上的交付能力以及我們整體財務狀況的實力。

This confidence is clearly demonstrated by this morning's announcement of a $1.5 billion accelerated share repurchase transaction. Consistent with our track record, we remain committed to delivering value for our shareholders in a thoughtful and disciplined manner.

今天早上宣布的15億美元加速股票回購交易，清楚地表明了這種信心。秉承我們一貫的良好作風，我們將繼續以審慎嚴謹的方式為股東創造價值。

And now, let me turn over to Steve for more on the results.

現在，讓我們把麥克風交給史蒂夫，讓他來介紹一下結果。

Thanks, Lachlan, and good morning, everyone. Fox has made a strong start to fiscal 2026, highlighted by robust total company revenue growth of 5%. Advertising revenues were up 6% over the prior year, even with the tough comparison to the start of last year's record political cycle, driven by continued momentum at Tubi, strength in pricing at news, and pricing and ratings growth at sports.

謝謝你，拉克蘭，大家早安。Fox 在 2026 財年開局強勁，公司總收入實現了 5% 的穩健成長。儘管與去年創紀錄的政治週期開局相比較為艱難，但廣告收入仍比上年增長了 6%，這主要得益於 Tubi 的持續增長勢頭、新聞定價的強勁以及體育定價和收視率的增長。

Distribution revenues, which now include both affiliate fees for our linear channels as well as subscription fees for our direct-to-consumer streaming services, grew 3% over the prior year. Content and other revenues grew 12%, primarily due to higher entertainment content deliveries in the quarter.

分銷收入（現在包括我們線性頻道的聯盟費用以及我們直接面向消費者的串流媒體服務的訂閱費用）比上一年增長了 3%。內容和其他收入成長了 12%，主要原因是本季娛樂內容交付量增加。

Total company expenses were up 6% year-over-year, largely due to investments in our digital-led growth initiatives and higher entertainment programming costs. This was partially offset by lower sports programming costs. As a result, quarterly EBITDA grew 2% to $1.07 billion.

公司總支出年增 6%，主要原因是我們在數位成長計畫方面的投資以及娛樂節目製作成本的增加。體育節目製作成本的降低部分抵消了這一影響。因此，季度 EBITDA 成長 2% 至 10.7 億美元。

Net income attributable to stockholders of $599 million or $1.32 per share compares to the $827 million or $1.78 per share reported in the prior year period. Excluding non-core items, adjusted net income was $686 million and adjusted EPS was $1.51 equating to a year-over-year increase of 4%.

歸屬於股東的淨利潤為 5.99 億美元，即每股 1.32 美元，而去年同期報告的淨利潤為 8.27 億美元，即每股 1.78 美元。剔除非核心項目後，調整後淨收入為 6.86 億美元，調整後每股收益為 1.51 美元，年增 4%。

Now turning to our operating segments where our cable networks, revenue grew 4% over the prior year. Cable advertising revenues were up 7%, driven by robust pricing at Fox News, which more than offset the advertising impact from the absence of Copper America at our cable sports networks.

現在來看我們的營運部門，其中有線電視網路的收入比前一年成長了 4%。有線電視廣告收入成長了 7%，這主要得益於福斯新聞頻​​道強勁的定價策略，其成長足以抵消因 Copper America 缺席而對我們有線電視網絡造成的廣告影響。

Cable distribution revenues grew 3% in the quarter as pricing growth from our affiliate renewals outpaced the impact from industry subscriber declines, which continue to run at under 7%. Cable content and other revenues increased $13 million led by higher sports sublicensing revenues.

本季有線電視分銷收入成長了 3%，原因是附屬公司續約帶來的價格成長超過了產業用戶下降的影響，而產業用戶下降幅度仍低於 7%。有線電視內容和其他收入增加了 1300 萬美元，其中體育轉授權收入增加是主要原因。

Cable expenses grew 2%, primarily due to high sports programming rights and production costs led by international soccer rights. This was partially offset by lower news gathering costs relating to our coverage of last year's Presidential Election Cycle.

有線電視支出增加了 2%，主要原因是體育節目版權和製作成本高昂，其中以國際足球賽事版權為首。去年總統選舉週期報道相關的新聞採集成本降低，部分抵銷了上述影響。

All in our cable segment was $800 million an increase of 7% over the prior year quarter. Turning to our television segment where we delivered 5% growth in revenues. Television advertising revenues were up 6%, driven by continued growth at Tubi and strong sports pricing and engagement led by the NFL.

我們有線電視業務的總營收為 8 億美元，比上年同期成長 7%。接下來看看我們的電視業務板塊，該板塊的收入增長了 5%。電視廣告收入成長了 6%，這主要得益於 Tubi 的持續成長以及 NFL 等體育賽事的強勁定價和參與度。

This was partially offset by the absence of last year's political advertising revenues. Television distribution revenues grew 2% over the prior year quarter as healthy growth in fees across Fox-owned and affiliated stations more than offset the impact from industry subscriber declines.

去年政治廣告收入的缺失部分抵銷了這一損失。電視發行收入較上年同期成長 2%，福斯旗下及附屬電視台費用的穩健成長抵銷了產業用戶數量下降的影響。

Looking forward, we're stable to improving subscriber erosion trends, we expect continued total company distribution revenue growth for the full year. Reflecting the flow of our commercial terms with distributors in fiscal 2026, we would expect this growth to be driven by our cable segments.

展望未來，我們預期用戶流失趨勢將趨於穩定甚至改善，全年公司總分銷收入將持續成長。根據我們與經銷商在 2026 財年的商業條款，我們預計這項成長將由我們的有線電視業務推動。

Television content and other revenues increased 17%, primarily a result of high content revenues tied to our entertainment production studios. Expenses at the television segment grew 4% year-over-year, driven by higher entertainment programming costs and higher content costs at Tubi.

電視內容和其他收入成長了 17%，這主要是由於與我們的娛樂製作工作室相關的內容收入較高。電視業務支出較去年同期成長 4%，主要原因是娛樂節目製作成本增加以及 Tubi 的內容成本增加。

This growth was partially offset by lower sports programming costs, primarily from the absence of WWE and last year's broadcast of the UEFA Euros. All in quarterly [EBITDA] television segment grew 7% to $399 million.

這一增長部分被體育節目製作成本的降低所抵消，這主要是由於 WWE 的停播以及去年歐洲杯的轉播取消所致。電視業務季度[EBITDA]成長7%至3.99億美元。

Now turning to cash flow, free cash flow was negative $234 million in the quarter. 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 reverse in the second half of our fiscal year.

現在來看現金流，本季自由現金流為負 2.34 億美元。這與我們營運資金週期的季節性一致，我們財政年度的前半年以體育版權付款集中和廣告相關應收款積累為特徵，而這兩種情況在財政年度的後半年都會逆轉。

We remain active with our share buyback program where we have repurchased a further $300 million so far this fiscal year. In addition, as you'll have seen in this morning's release, underscoring our confidence in the outlook for the business and our commitment to create value for shareholders, we will enter into a $1.5 billion accelerated share repurchase transaction, consisting of $700 million of Class A common stock and $800 million of Class B common stock.

我們持續積極推動股票回購計劃，本財年至今已回購了價值 3 億美元的股票。此外，正如您在今天早上發布的公告中所看到的，為了強調我們對公司前景的信心以及我們為股東創造價值的承諾，我們將進行 15 億美元的加速股票回購交易，其中包括 7 億美元的 A 類普通股和 8 億美元的 B 類普通股。

This transaction will commence tomorrow, and we anticipate it being completed during the second half of fiscal 2026. This is all supported by the strength of our balance sheet where we ended the quarter with approximately $4.4 billion in cash and $6.6 billion in debt.

交易將於明天開始，預計 2026 財年下半年完成。這一切都歸功於我們強勁的資產負債表，截至本季末，我們擁有約 44 億美元的現金和 66 億美元的債務。

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

那麼，我就把電話轉回給加比了。

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

謝謝你，史蒂夫。現在我們很樂意接受投資界的提問。

Thank you, ladies and gentlemen. (Operator Instructions)

謝謝各位女士、先生。（操作說明）

John Hodulik, UBS.

瑞銀集團的約翰‧霍杜利克。

Great. Thanks, and good morning guys. Maybe just a couple questions on the digital efforts first, any other color you could provide on FOX One in terms of -- I know you don't want to give some numbers but just sort of sub uptake the engagement you're seeing what are -- what are people watching on the platform and did you guys see an acceleration growth when you launch the ESPN bundle.

偉大的。謝謝，各位早安。或許可以先問幾個關於數位化方面的問題，關於 FOX One，您能否提供一些其他資訊——我知道您不想透露具體數字，但能否提供一些關於用戶參與度、用戶互動等方面的資訊？人們在平台上觀看什麼內容？推出 ESPN 套餐後，您是否看到成長加速？

And then on to the -- yeah, congrats on turning positive there from a margin standpoint, how should we think of the long-term margin trajectory at on that platform? Thanks.

然後——是的，恭喜你們從利潤率的角度實現了盈利，我們該如何看待該平台的長期利潤率走勢呢？謝謝。

Hey, thanks, John. So starting on FOX One, like it's early days, right? The launch was only a couple of months ago, but the uptake has, as I mentioned before, absolutely exceeded expectations. Perhaps it shouldn't have exceeded expectations because it's a great platform. The team's done a brilliant job in developing, a tremendous service and obviously the content and the brands are absolutely, a premium.

嘿，謝謝你，約翰。所以一切都從 FOX One 開始，現在還處於早期階段，對吧？雖然產品上市才幾個月，但正如我之前提到的，其市場反應絕對超出了預期。或許它不應該超出預期，因為它本身就是一個很棒的平台。團隊在開發方面做得非常出色，提供了一項非常棒的服務，而且顯然，內容和品牌都是絕對一流的。

So, but having said that, we know we are incredibly pleased, with its -- with the early days, and its progress from a subscriber and from an engagement, point of view. You see a healthy mix between sports and news viewing, also obviously some entertainment viewing, but really the engagement's driven by sports over the weekend, and news viewing, during the week, and we see no deceleration of that as we go through, the busy, autumn, sports season.

所以，話雖如此，我們還是非常高興，從訂閱用戶和用戶參與度的角度來看，我們對它的早期發展和取得的進展感到非常滿意。你可以看到體育和新聞觀看之間存在著健康的平衡，當然也有一些娛樂觀看，但真正的參與度主要由周末的體育賽事和工作日的新聞觀看來驅動，而且隨著繁忙的秋季體育賽季的到來，我們也沒有看到這種趨勢有所減弱。

We're seeing, subscriber acquisitions flowing, very effectively and efficiently, through both football, be it NFL or college football, and also with postseason baseball. So it's very pleasing and then it's pleasing to see those subscribers and viewers also engaging with our other content on the platform, primarily news.

我們看到，無論是 NFL 橄欖球還是大學橄欖球，以及棒球季後賽，都能非常有效地吸引訂閱用戶。所以，看到這些訂閱者和觀眾也參與到我們平台上的其他內容（主要是新聞）中，這非常令人欣慰。

As for, I think the other question was to be. Look, we've said it before, we expect margins to, we're pleased with hitting profitability in this past quarter, and you've got to expect some seasonality with that, but certainly, growing profitability where we expect to be meaningful contributor to EBITDA in the medium term, and we would expect those margins to be in the 20% to 25% range ultimately.

至於，我認為另一個問題是…我們之前說過，我們預計利潤率會成長，我們對上個季度實現盈利感到滿意，而且你也要考慮到這其中的一些季節性因素，但可以肯定的是，盈利能力正在增長，我們預計在中期內將對 EBITDA 做出重大貢獻，我們預計最終利潤率將在 20% 到 25% 的範圍內。

Operator, next question please.

操作員，請問下一個問題？

Michael Morris, Guggenheim.

麥可莫里斯，古根漢美術館。

Thank you. Good morning. I wanted to ask you first about the stronger pricing on Fox News, and really trying to understand where you see this pricing relative to your potential and what's driving the strength and pricing there. I think at the end of last year you discussed some, a pretty large number of incremental advertisers coming in with interest and so trying to understand where we are in the cycle on pricing and what you think the potential is.

謝謝。早安.我首先想問您關於福克斯新聞頻道更強勁的定價策略，並真正想了解您如何看待這種定價策略與您的潛力之間的關係，以及是什麼因素推動了這種強勁的定價策略。我認為在去年年底，你們討論過一些，相當多的新廣告商表示出了興趣，所以你們試圖了解我們目前在定價週期中處於什麼階段，以及你們認為的潛力是什麼。

And then second, you did mention moderation in the investment level, given the success that you're seeing at Tubi, which is great. Would you be willing to give us some parameter of where you think that may come in, perhaps relative to the investment levels last year or something else that can help us size what you're thinking at this point? Thank you.

其次，鑑於 Tubi 取得的成功，您確實提到了投資水準要適度，這非常好。您能否提供一些參數，說明您認為這可能與去年的投資水平有關，或者提供一些其他信息，以幫助我們了解您目前的想法？謝謝。

Thank you very much, Michael. I'll handle both questions. On Fox News pricing, the strength of the Fox News pricing obviously comes from the share that they're achieving in the marketplace, consistent with the past quarters, I think a total day for the for Q1, and sort of in P2+, we're up at 63% share versus our news competitors. And I think for prime time, we're up 65% -- we're at 65% share versus our news competitors.

非常感謝你，麥可。這兩個問題我都會回答。關於福克斯新聞的定價，其定價優勢顯然來自於他們在市場上取得的份額，與過去幾季的情況一致。我認為，就第一季而言，全天的收視率，以及在 P2+ 級別，我們的市佔率比新聞競爭對手高出 63%。我認為在黃金時段，我們的收視率上升了 65%——我們的市佔率比新聞競爭對手高出 65%。

But equally important is, we are the number one channel in all of television year-to-date. Obviously as you go in the fall and you have full entertainment programming and football, that they're tough comps coming, but number one year-to-date in all of television is a tremendous achievement. And you have to remember that our CPMs are effectively half of what broadcasts are. So advertising clients who are -- we're still on?

但同樣重要的是，我們是今年迄今為止所有電視頻道中收視率最高的頻道。顯然，到了秋季，隨著各種娛樂節目和橄欖球比賽的到來，競爭會非常激烈，但今年迄今為止在所有電視節目中排名第一是一項巨大的成就。你必須記住，我們的 CPM 實際上只有廣播廣告的一半。所以，那些還在的廣告客戶──我們還在繼續嗎？

Hello, you're still connected.

你好，你的網路連線仍然正常。

We heard a goodbye, so. I was on a roll, so, our advertising is about half of what, the networks are able to achieve, from a CPM point of view. So it's a very efficient, buy for our clients who are experimenting on the channel and are coming back and continue to spend more. I think we've had three, we're about 350 new national clients on Fox News this year, and they continue to spend and in most cases increase their spend.

我們聽到了告別聲。我當時勢頭正猛，所以從 CPM 的角度來看，我們的廣告效果大約只有網路廣告商所能達到的一半。因此，對於那些正在嘗試該通路並不斷回來消費的客戶來說，這是一款非常有效率的購買產品。我認為我們已經新增了三家，今年我們在福克斯新聞上新增了大約 350 家全國性客戶，而且他們持續消費，並且在大多數情況下增加了消費。

So pricing that's driving pricing up both from a direct perspective of partnerships but also in direct response where we're seeing very healthy, very strong pricing, and when we don't see that there's no reason for that to change that momentum to change. In terms of a moderation of our investment level in our new businesses, to be hitting profitability earlier in the specter will absolutely moderate the conservative number that Steve gave last quarter.

因此，價格上漲既源自於合作關係的直接影響，也源自於直接回應，我們看到價格非常健康、非常強勁。如果我們沒有看到這種情況，就沒有理由改變這個趨勢。就我們新業務的投資水平而言，如果能更早實現盈利，肯定會降低史蒂夫上個季度給出的保守預期。

We're very pleased by that, but we will continue to invest in these businesses as we see fit. It's a modest investment for us in our future, and we will continue to invest what we think it's important strategically to build those businesses.

我們對此感到非常高興，但我們將繼續根據實際情況對這些企業進行投資。這筆投資對我們來說是面向未來的適度投資，我們將繼續進行我們認為對發展這些業務具有戰略意義的投資。

Next question please.

下一個問題。

Michael Ng, Goldman Sachs.

Michael Ng，高盛集團。

Hey, good afternoon, good morning. I just have wanted a quick follow-up, just on the coming around, distribution growth for the company for this year, I was wondering if you could just expand a little bit on, what you think the key drivers of the stable to improving subscriber erosion trends are and how important it is FOX One to your outlook on distribution growth, and then just as the as a follow-up I was just wondering if you could explain, a little bit more about the ASR, why now, and also why the composition between, Class A's and B's just given the more limited float on these. Thank you.

嘿，下午好，早安。我只是想快速跟進一下，關於公司今年的發行成長情況。我想請您詳細解釋一下，您認為推動穩定成長、改善用戶流失趨勢的關鍵因素是什麼？ FOX One 對您發行成長前景的重要性又是什麼？另外，我還想請您進一步解釋一下 ASR，為什麼現在推出，以及考慮到 A 類和 B 類股票流通量有限，為什麼它們的組成比例會是這樣？謝謝。

Great, thanks, [Mark]. On distribution growth, I think what we're seeing is we're seeing the early days of a benefits flowing through from skinny bundles, which we are participate in all of them. I think we're beginning to see, and this is a third-quarter now of sort of reduced subscriber erosion which is pleasing as we see sort of subscriber erosion ameliorate, to some degree and it's a combination of the consumer, having more flexibility and getting the ability to, where they don't want to be in an overall bundle to participate in the skinny bundles.

太好了，謝謝。[標記]。關於分銷成長，我認為我們現在看到的是，我們正在見證精簡捆綁銷售帶來的早期效益，而我們參與了所有這些捆綁銷售。我認為我們開始看到，現在是第三季度，用戶流失有所減少，這令人欣慰，因為我們看到用戶流失在某種程度上有所緩解，這是消費者擁有更多靈活性，並且能夠選擇不加入整體套餐，而是加入精簡套餐的綜合結果。

And again, what really drives these skinny bundles are bundles that are based around entertainment and news, and sports. So we're -- I think, it's pleasing to see and also obviously the digital distributors continue to do well. FOX One really won't have a material impact on that. It is additive to our subscriber numbers because we are targeting.

再次強調，真正推動這些精簡套餐發展的，是那些以娛樂、新聞和體育為核心的套餐。所以我覺得——這令人欣慰，而且很明顯，數位發行商也繼續表現出色。FOX One 對此不會產生實質影響。因為我們採取了定向推廣策略，所以訂閱用戶數量會增加。

A subscribers that are outside of the bundle that are cord cutters or core neighbors, but as we said before, our aspirations in Fox One are remain in the low-to-mid single-digit millions of subscribers. So overall it's not, it's certainly in the short-term going to have a material impact.

還有一些用戶不在套餐內，他們是剪線族或核心鄰居，但正如我們之前所說，Fox One 的目標仍然是達到數千萬用戶。所以總的來說，它不會，但肯定在短期內不會產生實質影響。

Yeah, and just to elaborate, Mike, in terms of that distribution growth, as I just to reiterate in what I said. We absolutely, given where subscriber trends are growing and to Auckland's point, FOX One, we expect to be totally additive to where we're at. We're expecting total company distribution revenue to grow this year. At the TV segment, given the timing, or given the timing of our rate increases, we'd expect that our full year FY26 TV affiliate revenue to be at or about where we were in '25.

是的，麥克，我再詳細說說分銷成長方面的情況，就像我剛才重申的那樣。鑑於訂閱用戶成長趨勢以及奧克蘭的 FOX One 頻道，我們絕對相信這將對我們目前的發展起到錦上添花的作用。我們預計今年公司分銷總收入將有所成長。就電視業務而言，考慮到時間因素，或考慮到我們提價的時間因素，我們預計 2026 財年全年電視附屬機構收入將與 2025 年持平或大致相同。

But given those timing of those rate increases, we'd expect overall TV overall total company distribution revenue growth to be up in '27 coming from both segments. So we feel pretty good about where the book is there.

但考慮到這些費率上漲的時機，我們預計 2027 年電視業務整體公司總發行收入將有所成長，這兩個業務部門的收入都將成長。所以我們對這本書目前的狀況感覺相當不錯。

And then to capture your question on ASR, in terms of the splits, the way that the way the ASR will work is we'll enter into the transaction tomorrow. We'll get 80% of the shares back, on settlement, so straight away. And then it'll take the better part of the current fiscal year to work through that. The split between the A's and the B's, I think it talks to the fact that the bees are currently trading at a 10% or 11% discount to the A's.

然後，為了回答您關於 ASR 的問題，就拆分而言，ASR 的工作方式是，我們明天將進行交易。結算時，我們將立即收回 80% 的股份。然後，解決這個問題將需要本財政年度的大部分時間。我認為A級和B級之間的差距表明，目前蜜蜂的交易價格比A級低10%或11%。

So it's just an outright efficiency of buying with respect to the bees versus the A's. And then if you look at the balance of our ASR, not our ASR, our buyback activity since then right now at about $6.9 billion cumulatively bought back, of which [$5.9 billion] has been the A's and only [$1 billion] has been the B's. So we think that's the appropriate mix for the balance of the fiscal year.

所以，就蜜蜂和A隊而言，這完全是購買效率上的差異。然後，如果你看一下我們的 ASR 餘額，而不是我們的 ASR，而是我們自那時以來的回購活動，目前累計回購了約 69 億美元，其中 [59 億美元] 是 A 類股票，只有 [10 億美元] 是 B 類股票。所以我們認為這是本財年剩餘時間內適合的投資組合。

Operator, we can go to the next question please.

操作員，我們可以進入下一個問題了。

Jessica Reif Ehrlich, Bank of America.

傑西卡·雷夫·埃爾利希，美國銀行。

Oh thank you. Good morning everybody. So I guess the first question is, even with the accelerated share buyback, you have tons of balance sheet flexibility. You just talk about, how you may use that. Do you think your asset mix will change in coming years, and it seems pretty clear there will be, M&A in the industry, how it, whether you participate or not, like just the impact on Fox.

哦，謝謝。大家早安。所以我想第一個問題是，即使加快了股票回購，你們的資產負債表仍然有很大的彈性。你只需要談談你可以如何使用它。你認為你的資產組合在未來幾年會改變嗎？很明顯，業界會有併購活動，無論你是否參與，這些併購活動會對福斯產生什麼影響？

And then on advertising you Lachlan, you talked about, strengthen both up front and scatter. Can you give us some color? You gave some color on the news side based on the broader advertising, sports and entertainment, and to be like this would be great.

然後，在廣告宣傳方面，拉赫蘭，你談到了加強正面宣傳和分散宣傳。能為我們增添一些色彩嗎？你從更廣泛的廣告、體育和娛樂角度對新聞方面進行了一些補充說明，如果能做到這一點就太好了。

Sure, good morning, Jessica. Steve can speak, specifically to the balance sheet, but you're 1000% correct as usual it's an industry leading, balance sheet, we're very, proud of it and we work hard to maintain its strength, but having said that, ultimately you have to be utilized and utilized with M&A.

當然，早上好，潔西卡。史蒂夫可以就資產負債表發表具體意見，但你一如既往地完全正確，我們的資產負債表在業內領先，我們為此感到非常自豪，並努力保持其優勢，但話雖如此，最終你必須在併購中加以利用。

We continue to look at all opportunities that come to us, and that we identify internally as well, and we would expect to be doing, more M&A over the coming period, having said that there's nothing on the table now. And so but, we think M&A is going to be an important part of our growth going forward. We'll continue to be very disciplined, with it.

我們將繼續關注所有出現的機會，以及我們在內部發現的機會，我們預計在未來一段時間內會進行更多併購活動，儘管目前還沒有任何具體的併購計劃。因此，我們認為併購將是我們未來發展的重要組成部分。我們將繼續保持高度的自律。

We looking at areas where we believe there are, tailwinds rather than headwinds, so you won't see us investing in things that have like high exposure, for instance to the cable, industry or certainly, anything that's entertainment or cable, assets. So that's our, that's a broadly how we're viewing and how we're filtering the opportunities that we assess.

我們關注的是那些我們認為有順風而不是逆風的領域，所以你不會看到我們投資於那些風險較高的領域，例如有線電視行業，或者當然，任何與娛樂或有線電視相關的資產。所以，這就是我們看待和篩選評估機會的大致方式。

And from an advertising point of view, just because -- as I mentioned, this is since 2019, since New Fox, was created, this is the strongest advertising market we have seen in our kind of verticals, and the reason I make that sort of, especially relate to what we're seeing is because I think our verticals in live news and live sports in particular are really the beneficiaries of sort of the broad reach that we have and money flowing from linear entertainment, particularly linear cable entertainment revenue into the broad reach of live sports and live news supplies.

從廣告的角度來看，正如我所提到的，自從 2019 年新福克斯成立以來，這是我們在同類垂直領域所見過的最強勁的廣告市場。我之所以特別強調這一點，是因為我認為我們的直播新聞和直播體育等垂直領域真正受益於我們廣泛的覆蓋範圍，以及來自線性娛樂（尤其是線性有線電視娛樂收入）的資金流入到直播體育和直播新聞的廣泛覆蓋範圍。

Having said that, we also, Tubi has had incredibly strong, revenue growth, and so it's really sort of across the board. If I look, specifically national advertising, very strong in pharma in the quarter, financial services and in tech, driven by AI. The AI companies advertising, in sports, NFL is strong and even this World Series, will -- we believe if it didn't last night, will in Game 6 likely surpass our revenue for postseason last year.

話雖如此，Tubi 的收入成長也非常強勁，所以這真的是全方位的。如果我仔細觀察，特別是全國性廣告，本季醫藥、金融服務和科技業的廣告表現非常強勁，而人工智慧是推動這一趨勢的主要動力。AI 公司在體育廣告領域，NFL 表現強勁，甚至在本屆世界大賽中，我們相信，即使昨晚沒有超過，第六場比賽的收入也可能會超過我們去年季後賽的收入。

So sports and college football is also going very well. The Fox News has seen strong price increasing increases in their direct response advertising as well as for the big premium sort of branded advertising on the platform.

所以體育運動和大學橄欖球比賽也進行得非常順利。福克斯新聞的直接回應廣告以及平台上的高端品牌廣告的價格都出現了大幅上漲。

Local stations, if anything has improved, from as a trend, where we said the market for local stations was mixed in the past. It's less mixed now, and that's a really positive thing we've seen. We saw very strong farm advertising in the quarter for local stations, and then where the weaknesses, the stations are sort of restaurants, I think some, telecoms slightly weaker and on auto is sort of flattish. So we're very pleased with the outlook of the of the stations.

本地電視台的市場趨勢有所改善，此前我們曾表示，本地電視台的市場情況喜憂參半。現在情況不那麼混亂了，這是我們看到的非常積極的一點。我們看到本季本地電視台的農業廣告非常強勁，而電視台的薄弱環節在於餐飲業，我認為有些電信業略顯疲軟，汽車業則比較平淡。所以我們對這些車站的前景非常滿意。

Tubi, this time last year too we had a lot of political revenue which we called out, because of its targeting and because of its audience, which is very hard to reach for advertisers. It attracted a significant amount of political advertising, but despite that we're still seeing tremendous growth in Tubi.

去年這個時候，Tubi 也為我們帶來了大量的政治收入，我們曾公開表示，因為它的目標定位精準，受眾群體也很大，而廣告商很難觸及這些受眾。雖然吸引了大量的政治廣告，但儘管如此，我們仍然看到 Tubi 實現了巨大的成長。

So we're pleased with the advertising outlook and particularly where we sit within that ecosystem.

因此，我們對廣告前景感到滿意，尤其對我們在廣告生態系統中的地位感到滿意。

Operator, we have time for one more question.

操作員，我們還有時間再問一個問題。

Ben Swinburne, Morgan Stanley.

本‧斯溫伯恩，摩根士丹利。

Thank you. Good morning, everyone. Maybe taking another stab just at the investment levels this year. I think Steve's conservative estimate last quarter was [350], I believe for '26 , I don't know if maybe you'd give us an update based on how you guys are trending so far. And then Lachlan, kind of back to FOX One, just anything you called out and you know thanked Prime Video for their contribution, but is anything interesting or surprising to you and how you sort of your acquiring FOX One customers when you look at all the different options and channels? I know it's early, but I'll be interested. Thank you.

謝謝。各位早安。或許今年可以再嘗試調整投資水準。我認為史蒂夫上個季度的保守估計是[350]，我相信對於2026年來說，我不知道你是否可以根據你們目前的趨勢給我們一個更新。然後，拉赫蘭，回到 FOX One，你剛才提到了什麼，也感謝了 Prime Video 的貢獻，但是當你看到所有不同的選擇和頻道時，你如何獲得 FOX One 的客戶，有沒有什麼有趣或令人驚訝的事情發生？我知道現在說這些還為時過早，但我會很感興趣。謝謝。

So the -- let me start with FOX One. Thanks, Ben. So the I don't think it's that surprising. Our partnerships are very important, and obviously partnerships will launch with ESPN and Verizon, we think they're going to be, a big part of Fox One's growth, but I have to say, and I should just say, Amazon's just been a brilliant partner at the launch has done a tremendous job in distributing and the product and acquiring subscribers.

那麼——就先從FOX One說起吧。謝謝，本。所以我覺得這並不奇怪。我們的合作夥伴關係非常重要，顯然，與 ESPN 和 Verizon 的合作將會啟動，我們認為這將是 Fox One 發展的重要組成部分，但我必須說，亞馬遜在啟動階段一直是一位出色的合作夥伴，在產品分發和用戶獲取方面做得非常出色。

So, we give them a huge amount of credit and appreciate their partnership. And from a content perspective or broad perspective, it's probably not surprising that sports, and all sports are tremendous attraction on the product and really drive some a lot of uptake over the weekends and then that flows into sort of those people once they're on the platform, assessing news and entertainment content during the week.

因此，我們高度讚揚他們，並感謝他們的合作。從內容角度或廣義角度來看，體育賽事，尤其是所有體育項目，對產品具有巨大的吸引力，並在周末推動了大量用戶成長，這並不奇怪。然後，一旦用戶進入平台，他們就會在工作日瀏覽新聞和娛樂內容。

So this the sports season and then the busy autumn sports season for us is a really important, period to drive, subscriber acquisitions, so like it's early days, but we couldn't be more pleased with how well FOX One is doing. That's a real credit to the team. I guess I have to hand this over to you, on the digital.

所以現在是體育賽季，接下來繁忙的秋季運動賽季對我們來說是一個非常重要的時期，可以推動用戶成長。雖然現在還處於早期階段，但我們對 FOX One 的表現非常滿意。這真是團隊的功勞。我想我得把這個以電子方式交給你了。

Yeah, so Ben, you're spot on. We did call out 350, on the Q4 call for what we expected to see in fiscal '26. I think as we sit here today, we think that as we sort of qualified, we think we thought that was a conservative estimate. We still think it's a conservative estimate. But I think too early in the year to sort of put you on to a different number.

是的，本，你說得完全正確。我們在 2026 財年第四季電話會議上提到了 350，這是我們對 2026 財年的預期。我認為，就我們今天在這裡的討論而言，我們認為，經過一番評估，我們認為這是一個保守的估計。我們仍然認為這是一個保守的估計。但我認為現在就給出不同的數字還為時過早。

Great. At this point, we are out of time, but if you have any further questions, please give me or Charlie Costanzo a call. Thanks so much for joining us today.

偉大的。時間到了，如果您還有其他問題，請致電我或查理·科斯坦佐。非常感謝您今天加入我們。

Thanks everyone.

謝謝大家。

Ladies and gentlemen, that does conclude the Fox Corporation first-quarter fiscal year 2026 earnings conference call. Thank you.

女士們、先生們，福斯公司 2026 財年第一季財報電話會議到此結束。謝謝。