二十一世紀福斯 (FOXA) 2026 Q4 法說會逐字稿

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

各位女士、先生，感謝您稍候。歡迎參加福斯公司（Fox Corporation）2026 會計年度第四季財報電話會議。（接線員指示）提醒您，本次會議將被錄音。

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投資人關係長 Gabrielle Brown 女士。Brown 女士，請開始。

Thank you, Polly. Good morning and welcome to our fiscal 2026 fourth-quarter earnings call. Joining me on the call today are Lachlan Murdoch, Executive Chair and Chief Executive Officer; John Nallen, President and Chief Operating Officer; and Steve Tomczyk, our Chief Financial Officer.

謝謝你，Polly。各位早安，歡迎參加我們 2026 會計年度第四季財報電話會議。今天與我一同出席的有：執行董事長兼執行長 Lachlan Murdoch、總裁兼營運長 John Nallen，以及財務長 Steve Tomczyk。

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。Lachlan 與 Steve 將就最近一季發表事先準備的談話，接著我們將回答投資界的提問。請注意，本次電話會議可能包含有關福斯公司財務表現與營運結果的前瞻性陳述。這些陳述係基於管理階層目前的預期，實際結果可能因今日電話會議及公司向美國證券交易委員會（SEC）申報文件中所識別的若干因素而與所述內容有所差異。

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 our 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，本次電話會議將包含若干非 GAAP 財務衡量指標，包括調整後每股盈餘（adjusted EPS）與調整後 EBITDA，或如我們在本次電話會議中所稱的 EBITDA。非 GAAP 財務衡量指標之調節表載於我們的財報新聞稿與 SEC 申報文件中，並可於本公司網站的投資人關係專區取得。我們亦會提及自由現金流，我們將其定義為營運活動提供之淨現金減資本支出。

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

接下來，我很高興把電話會議交給 Lachlan。

Thank you, Gabby, and thank you all for joining us today. Our fiscal 2026 was a notable year for Fox. We successfully launched our direct-to-consumer streaming service, Fox One, broadcast the FIFA Men's World Cup to record audiences in the US. Continue to keep America informed through a dynamic and fast-moving news cycle, enhanced Tubi's position as a leading streaming service and announced the next chapter in Fox's digital evolution with our pending acquisition of Roku.

謝謝你，Gabby，也感謝各位今天加入我們。2026 會計年度對福斯而言是值得關注的一年。我們成功推出直面消費者（DTC）的串流服務 Fox One，在美國以破紀錄的收視播出 FIFA 男子世界盃。在瞬息萬變的新聞週期中持續讓美國民眾掌握資訊，強化 Tubi 作為領先串流服務的地位，並透過我們擬議收購 Roku，宣布福斯數位演進的下一篇章。

These milestones were underpinned by a year of record financial performance. Revenue grew by 5% to over $17 billion, driven by record advertising and distribution revenue, while EBITDA grew 8% to a record $3.9 billion. These are excellent results, made even more impressive by comparison to the especially strong prior year, which benefited from the Super Bowl and the Presidential election. We closed the year with outstanding top and bottom line momentum.

這些里程碑奠基於創紀錄的年度財務表現。營收成長 5% 至超過 170 億美元，主要由創新高的廣告與發行（distribution）收入帶動；同時 EBITDA 成長 8% 至創紀錄的 39 億美元。這些成果十分出色，尤其在與前一年度特別強勁的表現相比之下更顯難得；前一年度受惠於超級盃與總統大選。我們以卓越的營收與獲利動能為本年度畫下句點。

Our fiscal fourth quarter total revenue increased 28% to $4.2 billion and EBITDA improved 27% to $1.2 billion. On the distribution side, revenue in the fourth quarter increased 5%, deported in part by the strong momentum of Fox One, which continues to exceed our expectations. Advertising revenue during the quarter was notably strong, increasing 78% with growth fueled by continued strength of Tubi, healthy advertising trends across the broader Fox portfolio, and our broadcast of the first stages of the 2026 FIFA Men's World Cup.

我們 2026 會計年度第四季總營收成長 28% 至 42 億美元，EBITDA 提升 27% 至 12 億美元。在發行方面，第四季收入成長 5%，部分由 Fox One 的強勁動能所帶動；Fox One 持續超出我們的預期。本季廣告收入表現尤其強勁，成長 78%；成長動能來自 Tubi 持續強勢、福斯整體內容組合的健康廣告趨勢，以及我們播出 2026 FIFA 男子世界盃的前期賽事。

At a time when audiences are increasingly fragmented, the World Cup demonstrated the unique power of Fox to deliver live premium sports that bring people together at scale. I am proud of what the team achieved through the broadcast of the entire World Cup across the entirety of Fox. As we have shown time and again, we excel at mobilizing the whole company to deliver outstanding experiences for viewers, advertisers and distributors.

在觀眾日益分眾的時代，世界盃展現了福斯獨特的能力：提供能以大規模凝聚人心的高端現場體育賽事。我為團隊在整個福斯平台播出完整世界盃所達成的成果感到自豪。我們一次又一次證明，我們擅長動員全公司，為觀眾、廣告主與發行合作夥伴帶來卓越體驗。

What is not explicit on screen or in the financial results is the intense amount of skillful work, preparation, promotion, production, marketing and ad sales that goes on behind the scenes. We had thousands of colleagues directly involved in the production of all of our programming over the course of the tournament. We deployed all of our platforms, including the stations, the network, Fox Sports, Fox News, Fox One, Tubi and our other digital assets to proactively drive record-breaking broadcasts from Fox.

螢幕上或財務結果中未能明確呈現的是：幕後投入了大量專業工作，包括籌備、宣傳、製作、行銷與廣告銷售。在整個賽事期間，我們有數千位同仁直接參與所有節目的製作。我們動用所有平台，包括地方電視台、全國聯播網、Fox Sports、Fox News、Fox One、Tubi 以及其他數位資產，主動推動福斯創下破紀錄的轉播表現。

From the flawless simulcast of the opening matches on Tubi right through to the historic final, we brought the 104 matches and shoulder programming to American homes and watch parties like no other World Cup before. The success of the World Cup led Fox to top all networks in live event sports consumption in fiscal '26, a remarkable achievement given that the next highest rated broadcast network benefited from both the Super Bowl and the Winter Olympics.

從在 Tubi 上無瑕同步轉播開幕賽，一路到具歷史意義的決賽，我們以前所未有的方式，將 104 場比賽及周邊節目帶進美國家庭與觀賽派對。世界盃的成功使福斯在 2026 會計年度的現場體育賽事收視消費上領先所有聯播網；考量到收視排名第二的廣播聯播網同時受惠於超級盃與冬季奧運，這是一項非凡成就。

The tournament also proved to be a customer acquisition opportunity for Fox One, driving incremental subscriber acquisition and strong retention rates that surpassed our expectations. Importantly, through Fox One, we continue to see minimal cannibalization of our traditional Pay-TV business, reinforcing our strategy of targeting the cordless population, which has delivered meaningful additional distribution revenue across the company.

本次賽事也證明是 Fox One 的客戶獲取機會，帶動額外的訂戶新增與強勁的留存率，均超出我們的預期。重要的是，透過 Fox One，我們持續看到對傳統付費電視業務的侵蝕（cannibalization）極為有限，進一步印證我們鎖定「無線族群」（cordless population）的策略；該策略已為公司帶來可觀的額外發行收入。

We are a nimble, purposeful company, expert at delivering complex events at scale. We'll demonstrate this expertise again as we begin another broadcast season of the NFL on Fox starting next month. In advance of the season, we've had a recent thorough and productive discussions with the league. And as a result, we will not be making any amendments to our existing contractual relationship, which extends to the completion of the 2029 season.

我們是一家靈活且目標明確的公司，擅長以規模化方式交付複雜的大型活動。下個月起，我們將開始新一季在 Fox 播出的 NFL 轉播季，再次展現這項專業能力。在賽季開始前，我們近期已與聯盟進行深入且富有成效的討論。因此，我們不會對現有合約關係做任何修訂；該合約將延續至 2029 賽季結束。

We'll be ready to engage with the NFL on the opt-out seasons and beyond at a date closer to the 2030 season, which has been the customary timetable. While our sports calendar had the most attention in the quarter, Fox News remained the leader in live news, finishing the quarter and the year as both the most watched cable network in total day and in prime time, while continuing to reinforce its leadership position with market share levels well ahead of all of its competitors combined.

我們將在更接近 2030 賽季的時間點，依照慣例的時程，就可選擇退出（opt-out）的賽季及其後續與 NFL 展開協商。雖然本季市場焦點多集中在體育賽程，但 Fox News 仍是即時新聞的領導者；本季及全年在全日與黃金時段皆為收視最高的有線電視頻道，並持續以遠高於所有競爭對手合計的市占水準，鞏固其領先地位。

This robust audience engagement, combined with the addition of another 400 new advertisers to the platform during the year, helped drive record revenue of Fox News Media in both the fourth quarter and the fiscal year.

這種強勁的觀眾互動，再加上本年度平台新增 400 位廣告主，推動 Fox News Media 在第四季與整個會計年度的營收雙雙創下新高。

Tubi's delivered its most streamed and highest revenue quarter ever. Fourth quarter revenue growth accelerated to 35%, fueled by a 17% increase in total viewing time. Tubi's World Cup hub attracted over 20 million viewers across the tournament, while additionally, the final cast of two early round matches generated two of the highest traffic days in the platform's history, in addition to promoting the tournament in the broadest way possible. That momentum helped Tubi close the fiscal year with 110 million monthly active users.

Tubi 交出史上最高串流量與最高營收的一季。第四季營收成長加速至 35%，主要由總觀看時數成長 17% 所帶動。Tubi 的世界盃專區在整個賽事期間吸引超過 2,000 萬名觀眾；此外，兩場早期輪次賽事的決賽轉播（final cast）創下平台史上流量最高的兩個單日之一，同時也以最廣泛的方式推廣本次賽事。這股動能協助 Tubi 以 1.1 億月活躍用戶為 2026 會計年度畫下句點。

Tubi and Fox One are the result of a successful strategy and skilled execution. Our pending acquisition of Roku is an extension of these. This transaction will bolster our position in connected TV distribution and advertising, which have compelling long-term growth profiles. Fox has deep digital resources and skills, most notably seen in our consumer-facing products such as Tubi, Fox One, Fox Nation, and Fox News and Fox Sports Digital.

Tubi 與 Fox One 是成功策略與熟練執行的成果。我們對 Roku 的待完成收購是上述成果的延伸。此交易將強化我們在連網電視（Connected TV）分發與廣告領域的地位，而這兩者具備極具吸引力的長期成長輪廓。Fox 擁有深厚的數位資源與能力，最明顯體現在我們面向消費者的產品上，例如 Tubi、Fox One、Fox Nation，以及 Fox News 與 Fox Sports Digital。

We have developed these businesses across their growth path to become important digital brands. For example, when we acquired Tubi in its early stages, we have turned it into a leading streaming platform with 10 times the revenue from when we started. The addition of Roku to Fox will expand our digital footprint and offerings even further. Roku brings us streaming at scale through its open, partner-friendly platform that makes it a leading TV streaming platform in the US.

我們已沿著這些業務的成長軌跡加以培育，使其成為重要的數位品牌。例如，當我們在 Tubi 早期階段收購它時，我們已將其打造為領先的串流平台，營收較我們開始時成長了 10 倍。Roku 加入 Fox 將進一步擴大我們的數位版圖與產品供給。Roku 透過其開放、對合作夥伴友善的平台，為我們帶來具規模的串流能力，使其成為美國領先的電視串流平台。

Together, Fox and Roku combine premium live content, deep market relationships, scale distribution and leading platform capabilities, including subscriptions to respond to the evolving needs of consumers and advertisers.

Fox 與 Roku 結合後，將匯聚優質的直播內容、深厚的市場關係、規模化分發與領先的平台能力（包括訂閱服務），以回應消費者與廣告主不斷演變的需求。

I know I speak for Anthony in saying that we are eager to get the transaction closed and for our teams to get started. While we are in the early approval process, only in the early approval process, the transaction is on track and we expect closing in the first half calendar 2027. We have had an outstanding fiscal 2026 and fiscal 2027 is also off to an excellent start. The success of the World Cup, combined with the early stages of the midterm political cycle, has driven continued advertising momentum across our national, local, and digital portfolio during our fiscal first quarter.

我想我也代表 Anthony 表示，我們都很期待完成這筆交易，並讓我們的團隊開始投入。雖然我們仍處於審批流程的早期階段，而且僅僅是在早期階段，但交易進展順利，我們預期將於 2027 年上半年完成交割。我們在 2026 財年表現非常出色，而 2027 財年也有一個極佳的開局。世界盃的成功，加上期中選舉政治周期的早期階段，推動我們在本財年第一季於全國、地方與數位組合的廣告動能持續增強。

The healthy advertising environment we saw throughout fiscal 2026 has carried into the new year, culminating in one of the strongest upfronts in our history with double-digit growth in volume. These results underscore the strength of the Fox portfolio and our unmatched ability to deliver premium, highly engaged audiences at scale across linear, digital and streaming platforms, while also delivering sustained growth and shareholder value.

我們在 2026 財年全年度所見的健康廣告環境延續到新年度，最終促成我們史上最強勁的 upfront 之一，量（volume）呈現雙位數成長。這些成果凸顯 Fox 產品組合的實力，以及我們無可匹敵的能力：在傳統線性、數位與串流平台上，以規模化方式觸及優質且高度投入的受眾，同時帶來持續成長與股東價值。

I'll now turn it over to Steve to discuss the financials.

接下來我把時間交給 Steve，請他說明財務表現。

Thanks, Lachlan, and good morning, everyone. Fox has just delivered an exceptionally strong fiscal '26, highlighted by record annual revenue of over $17 billion and record EBITDA of $3.9 billion. Advertising revenue across the company grew 7%, which is particularly noteworthy when measured against last year's Super Bowl 59 and Presidential election cycle. This growth was led by our broadcast of the 2026 FIFA Men's World Cup along with continued growth at Tubi.

謝謝你，Lachlan，各位早安。Fox 剛交出極為強勁的 2026 財年成績，亮點包括年度營收創新高、超過 170 億美元，以及 EBITDA 創新高、達 39 億美元。全公司廣告營收成長 7%，若考量去年有第 59 屆超級盃與總統選舉周期，這一成長尤其值得注意。此成長主要由我們轉播 2026 年 FIFA 男子世界盃，以及 Tubi 的持續成長所帶動。

Despite it being a relatively light year of renewals, distribution revenue increased 4%, led by 5% growth at our cable segment. Content and other revenue was up 4%, primarily due to higher sports hub licensing revenue at our cable segment. Total expenses increased 4%, mainly a result of World Cup rights and production costs, Fox One first-year costs, and higher digital content costs.

儘管今年屬於續約相對較少的一年，分發營收仍成長 4%，其中以我們有線業務部門 5% 的成長為主。內容及其他營收成長 4%，主要因我們有線業務部門的體育內容樞紐（sports hub）授權收入增加。總費用成長 4%，主要來自世界盃轉播權與製作成本、Fox One 首年成本，以及較高的數位內容成本。

Net income attributable to stockholders was $1.7 billion or $3.84 per share as compared to the $2.3 billion or $4.91 per share reported in fiscal '25. Excluding non-core items, full year adjusted net income was $2.4 billion and adjusted EPS was $5.42 per share, up 13% compared to the $4.78 per share reported in the prior year.

歸屬於股東的淨利為 17 億美元或每股 3.84 美元，相較於 2025 財年所報告的 23 億美元或每股 4.91 美元。剔除非核心項目後，全年調整後淨利為 24 億美元，調整後每股盈餘（EPS）為每股 5.42 美元，較前一年度所報告的每股 4.78 美元成長 13%。

Our financial delivery has been strong throughout fiscal '26 and we ended the year with tremendous momentum with our fiscal fourth quarter results headlined by 28% growth in total revenue and 27% growth in EBITDA. This was driven by a 78% increase in advertising revenue, primarily a result of this year's broadcast to the World Cup and accelerating growth at Tubi. Distribution revenue grew 5%, once again demonstrating the strength of our brands and focused portfolio of channels.

我們在 2026 財年全年度的財務表現都很強勁，並以強大動能結束年度；其中第四財季的結果最為醒目：總營收成長 28%，EBITDA 成長 27%。這主要由廣告營收成長 78% 所帶動，主要原因是今年轉播世界盃，以及 Tubi 成長加速。分發營收成長 5%，再次展現我們品牌的實力與聚焦的頻道組合。

Content and other revenue was $262 million as compared to the $269 million reported in the prior year quarter, primarily due to the timing of sports sub-licensing revenue. Expenses increased 28%, driven by higher sports programming rights, amortization and production costs led by the World Cup, as well as costs associated with the growth of Fox One. Net income attributable to Fox stockholders was $691 million or $1.61 per share as compared to the $717 million or $1.57 per share reported in the prior year period.

內容及其他營收為 2.62 億美元，相較於去年同期的 2.69 億美元，主要因體育轉授權（sub-licensing）收入認列時點的差異。費用成長 28%，由較高的體育節目權利費、攤銷與製作成本（以世界盃為主）所帶動，並包含與 Fox One 成長相關的成本。歸屬於 Fox 股東的淨利為 6.91 億美元或每股 1.61 美元，相較於去年同期的 7.17 億美元或每股 1.57 美元。

Excluding non-core items, adjusted net income was $765 million. And adjusted EPS was $1.79, up 41% compared to the $1.27 per share recorded in the prior year period.

剔除非核心項目後，調整後淨利為 7.65 億美元。調整後每股盈餘為 1.79 美元，較去年同期的每股 1.27 美元成長 41%。

Now let's turn to the quarterly results of our operating segments. Starting with the cable network programming segment where revenue grew 9% and EBITDA declined 3%. Cable advertising revenue grew 22% over the prior year, driven by this year's broadcast of the World Cup. Cable distribution revenue grew 7% over the prior year quarter as pricing gains from our affiliate renewals outpaced the impact from net subscriber declines, which remained consistent with the prior quarter at under 6.5% across our third-party distributors. This is before taking into account the meaningful positive contribution from Fox One.

接下來我們來看各營運部門的季度表現。先從有線電視網路節目部門開始，該部門營收成長 9%，EBITDA 下滑 3%。有線廣告營收較去年成長 22%，由今年轉播世界盃所帶動。有線分發營收較去年同期成長 7%；我們與聯盟夥伴（affiliate）續約帶來的價格提升，超過了淨訂戶下滑的影響；而在我們第三方分發商範圍內，淨訂戶下滑幅度與前一季一致，低於 6.5%。此處尚未計入 Fox One 帶來的顯著正向貢獻。

Cable content and other revenue declined 39% due to the timing of sports sub-licensing revenue. Revenue growth at the cable segment was more than offset by a 20% increase in expenses, primarily attributable to an increase in sports programming rights amortization and production costs led by the World Cup.

有線內容及其他營收下滑 39%，原因在於體育轉授權收入認列時點的差異。有線部門的營收成長，已被費用增加 20% 以上所抵銷；費用上升主要歸因於體育節目權利費攤銷與製作成本增加，其中以世界盃為主。

Turning to our Television segment, which delivered 45% revenue growth and 129% EBITDA growth. Advertising revenue at our Television segment grew 108% over the prior year, led by the current year broadcast of the World Cup, higher political advertising revenue at our television stations, and continued growth at Tubi, which was EBITDA positive in each quarter of fiscal 2026. Television distribution revenue was essentially flat compared to the prior year.

接著看我們的電視部門，該部門營收成長 45%，EBITDA 成長 129%。電視部門的廣告營收較去年成長 108%，主要由本年度世界盃轉播、我們電視台更高的政治廣告收入，以及 Tubi 的持續成長所帶動；而 Tubi 在 2026 財年的每一季都實現 EBITDA 轉正。電視分發營收與去年相比基本持平。

Television content and other revenue was up 14%, primarily due to higher content revenues tied to our entertainment production studios. Expenses at the Television segment increased 27%, primarily reflecting higher sports programming rights amortization and production costs, led by the broadcast of the World Cup.

電視內容及其他營收成長 14%，主要因與我們娛樂製作工作室相關的內容收入增加。電視部門費用成長 27%，主要反映體育節目權利費攤銷與製作成本上升，其中以世界盃轉播為主。

Turning to cash flow, where we generated robust quarterly free cash flow of $726 million. As expected, quarterly free cash flow was impacted by the timing of working capital related to the World Cup, where rights payments for the tournament landed in fiscal '26, while advertising receivables will be collected early in fiscal '27.

轉向現金流方面，我們本季產生了強勁的季度自由現金流7.26億美元。如預期，季度自由現金流受到與世界盃相關的營運資金時點影響：賽事轉播權付款落在2026會計年度，而廣告應收款將於2027會計年度初收回。

Before we get to capital allocation and balance sheet, it is worth noting some key items for this coming fiscal year. From a cyclical event perspective, we will continue to have the benefit of the World Cup in the first quarter of '27, with total tournament revenues weighted toward fiscal '26 versus '27 and with 2027 revenues strongly weighted toward our television segment, which carried the majority of the knockout stage matches.

在談到資本配置與資產負債表之前，值得先指出即將到來的本會計年度的一些關鍵事項。從週期性事件角度來看，我們將在2027年第一季持續受惠於世界盃；整體賽事收入在2026會計年度的比重高於2027會計年度，而2027年的收入將明顯偏向我們的電視（TV）部門，因其播出了多數淘汰賽階段的比賽。

The other major cyclical tailwind will be the midterm elections, which are expected to boost advertising revenues, particularly at our local stations and to be within our TV segment. From a distribution revenue perspective, we return to a more normalized level of renewals in fiscal '27, which will be more skewed toward TV. We continue to expect both our cable and TV segments to contribute to distribution revenue growth in fiscal '27.

另一個主要的週期性利多將是期中選舉，預期將帶動廣告收入成長，尤其是在我們的地方電視台，並將反映在我們的電視（TV）部門中。從發行（distribution）收入角度來看，我們在2027會計年度將回到較為正常化的續約水準，且將更偏向電視（TV）。我們仍預期在2027會計年度，我們的有線（cable）與電視（TV）部門都將對發行收入成長有所貢獻。

With the performance of Tubi and FOX One running ahead of expectations, the level of investment in digital-led growth initiatives moderated in fiscal '26 versus the prior year, and we expect to see continued bottom line improvement in this portfolio going into fiscal '27.

隨著Tubi與FOX One的表現優於預期，以數位為主導的成長計畫投資水準在2026會計年度較前一年有所趨緩；我們預期在邁入2027會計年度時，該投資組合的獲利底線將持續改善。

In terms of capital allocation, in fiscal '26, we repurchased an additional $2 billion through our share buyback program and distributed approximately $243 million in dividend payments. As Lachlan mentioned, underscoring our commitment to return capital to shareholders, today we announced an increase in our semi-annual dividend to $0.29 per share. With the payment of this dividend and our share repurchase activity, we will have cumulatively returned $10.7 billion of capital to our shareholders since the spin.

就資本配置而言，在2026會計年度，我們透過股票回購計畫額外回購了20億美元，並發放約2.43億美元的股利。如Lachlan所提，為強調我們回饋股東資本的承諾，我們今天宣布將半年配息提高至每股0.29美元。在支付此股利及進行股票回購後，自分拆以來，我們累計已向股東回饋107億美元的資本。

This includes $8.6 billion of share repurchases, representing approximately 36% 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 $4.2 billion in cash and $6.6 billion in debt.

其中包括86億美元的股票回購，自2019年11月啟動回購計畫以來，約占我們流通在外總股數的36%。這一切皆由我們強健的資產負債表所支撐；本季末我們約有42億美元現金與66億美元負債。

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

接下來我把電話交回給Gabby。

Great. Thank you, Steve. And now we would be happy to take questions from the investment community. Please note that we are limited in what we can say regarding Fox's pending Roku transaction at this time. We have filed materials about the transaction, including the merger agreement with the SEC. When we file the registration statement for the transaction, it will provide additional information.

好的。謝謝你，Steve。現在我們很樂意回答投資界的提問。請注意，對於Fox與Roku尚在進行中的交易，我們目前能說的內容有限。我們已向美國證券交易委員會（SEC）提交了與該交易相關的文件，包括合併協議。當我們就該交易提交註冊聲明時，將提供更多資訊。

For today, we would ask that questions focus on Fox's standalone results.

今天我們希望問題聚焦於Fox作為獨立公司的業績表現。

Ladies and gentlemen, I would like to emphasize the functionality for the question-and-answer queue. (Operator Instructions)

各位女士先生，我想強調提問與回答隊列的操作方式。(接線員指示)

John Hodulik, UBS. Please go ahead.

UBS的John Hodulik。請開始。

And good morning, everyone. Lachlan, any color you can provide on the underlying ad market? Some of your peers during the earnings season here have sort of talked about mixed results. Maybe first on the linear side, what you saw in the upfront in terms of pricing and then sort of overall demand for sports and news inventory?

各位早安。Lachlan，你能否就廣告市場的基本面提供一些補充說明？你的一些同業在這次財報季提到結果有些分歧。也許先談線性（linear）端：你們在預售（upfront）中看到的價格走勢如何？以及對體育與新聞庫存的整體需求如何？

And then any comments you could provide on the health of the CTV market? You had some positive trends there with Tubi, but just anything you could provide in terms of pricing and fill rates.

另外，你能否評論一下CTV市場的健康狀況？你們在Tubi上看到一些正向趨勢，但想請你就定價與填充率（fill rates）方面提供任何可分享的資訊。

And then lastly, just a quick clarification on your comments on the NFL. I guess at this point, we shouldn't expect a change in pricing of those rights until 2030. And if you could provide any color in terms of how that came to be, I think there's a lot of expectations that you would see a price increase either up for this season or for next season. So any color there would be great too. Thanks.

最後，想快速釐清你對NFL的評論。我想在這個時間點，我們不應預期這些轉播權的價格在2030年前會有變動。若你能就其形成過程提供一些背景說明也很好；市場原本普遍預期你們會在本季或下季看到價格上調。因此若能補充一些說明就太好了。謝謝。

Great. Thanks, John, and good morning. So first on the ad market, we are seeing a very strong ad market for us. I can't speak for the total ad market, but certainly for our businesses and really across our entire portfolio, we are very pleased with the strength of the demand for impressions across sports, news, the local stations, Tubi and also entertainment. So it's a strong market.

好的。謝謝你，John，早安。先談廣告市場：我們看到對我們而言非常強勁的廣告市場。我無法代表整體廣告市場發言，但就我們的業務而言，且幾乎涵蓋我們整個投資組合，我們對於體育、新聞、地方電視台、Tubi以及娛樂內容的曝光（impressions）需求強度感到非常滿意。所以這是一個強勁的市場。

Our upfronts, we completed some time ago with double-digit volume growth across sports news and Tubi. And we achieved rates of change, which we believe are sort of leading amongst our peers. It's always difficult to tell, but certainly that's what our front-facing ad sales team is telling us, they believe we've both achieved this double-digit volume growth in addition to leading our rates of change. So we're pleased with that.

我們的預售（upfront）在一段時間前就已完成，在體育、新聞與Tubi方面的量（volume）皆達到雙位數成長。而且我們達成的價格變動幅度（rates of change），我們認為在同業中屬於領先。這總是很難判斷，但至少我們第一線的廣告銷售團隊告訴我們，他們相信我們不僅達成雙位數的量成長，也在價格變動幅度上領先。因此我們對此感到滿意。

When I look at the categories that we're benefiting from, I think of the 10 categories that we track, we're up in sort of 8 of the 10 categories in the upfront. So entertainment, financial, auto, pharma, dining, retail, technology and telecom all have very strong upfronts for us. So that's from an upfront perspective. Moving into where we are today, we're seeing that momentum and that strength continue into the first quarter. So we are very pleased.

從受惠的產業類別來看，我們追蹤的10個類別中，有大約8個在預售（upfront）表現成長。因此，娛樂、金融、汽車、製藥、餐飲、零售、科技與電信等類別對我們而言都有非常強勁的預售表現。以上是預售層面的情況。再看目前的狀況，我們看到這股動能與強度延續到第一季。所以我們非常滿意。

The CTV market remains very competitive. There's a lot of new inventory available in that market. But in that segment, Tubi's has seen a 35% revenue growth, so has competed exceedingly well despite the heavy competition, and we're seeing that momentum continue in the first quarter.

CTV市場仍然競爭非常激烈。該市場有大量新的庫存供給。但在這個領域，Tubi的營收成長達35%，即使競爭激烈仍表現非常出色，我們也看到這股動能在第一季持續。

On the NFL, you're correct, we don't see any changes to our contractual terms until the 2030 season, but I can't really give you any color in terms of the background of how we've come to that.

至於NFL，你說得沒錯，在2030賽季之前，我們看不到合約條款有任何變動，但我無法就其形成背景提供更多說明。

But thank you for the question, John.

不過謝謝你的提問，John。

Next question please.

請下一題。

Michael Morris, Guggenheim.

Michael Morris，Guggenheim。

Thank you. Good morning and thanks for all the work from the World Cup. It was a very enjoyable event as a fan.

謝謝。早安，也感謝大家為世界盃所做的所有工作。以球迷的角度來看，這是一場非常愉快的賽事。

I want to ask you about that -- First of all, can you help us anymore with the size of the contribution to add revenue and profitability both in the fiscal fourth quarter and what you're expecting from a contribution perspective in the fiscal first quarter?

我想就那點請教你——首先，能否再多協助我們一些，說明在會計年度第四季對營收與獲利的貢獻規模，以及你們預期在會計年度第一季從貢獻角度會是如何？

And then bigger picture, Lachlan, maybe for you, I'd love to hear how the strength of a unique event like the World Cup in the US and North America, which is not recurring, does help the business on a sustainable basis. How do you keep momentum for this and from this, and what else does this fuel for Fox going forward post World Cup?

然後從更宏觀的角度，Lachlan，或許想請你談談：像世界盃這種在美國與北美舉辦、且不會重複發生的獨特賽事，其強勁表現如何在可持續的基礎上幫助業務。你們如何為此並從中延續動能？而在世界盃結束後，這又會為 Fox 未來帶來哪些推進力？

Thanks, Mike. I'm glad you enjoyed the World Cup as a fan, we also enjoyed it as a business even more.

謝謝你，Mike。很高興你以球迷身分享受了世界盃；我們作為企業方更是享受其中。

As you allude to in your question, it really was a unique event and I think -- In addition to the -- which I think speaks to the second part of your question, in addition to the strength of Fox, our focus, our ability to amplify the World Cup across our entire portfolio, a tremendous amount of planning and work went into this. I think it illustrated that really only Fox can take events like this and amplify them in a way that's frankly unique in the market.

如你在問題中所提到，這確實是一個獨特的事件，我想——除了——我認為這也呼應你問題的第二部分：除了 Fox 的實力之外，我們的聚焦、我們將世界盃在整個內容組合中放大聲量的能力，背後投入了大量的規劃與工作。我認為這也說明了，基本上只有 Fox 能把這類賽事以一種在市場上坦白說相當獨特的方式加以放大。

So we were very pleased with the World Cup. Obviously, though, it's an American World Cup, it came in the summer months without a lot of sports competition and I had tremendous enthusiasm by both our viewers and fans, but also by our clients and advertising partners. So the star is really aligned to deliver a tremendous result for both FIFA and for fans and for us.

因此我們對世界盃的成果非常滿意。當然，這是一屆在美國舉辦的世界盃，發生在夏季、體育賽事競爭不多的月份；觀眾與球迷熱情高漲，我們的客戶與廣告合作夥伴也同樣熱烈。所以各項條件可說是天時地利人和，為 FIFA、球迷以及我們都帶來了非常出色的成果。

I think that goes to the second part of your question, how we move forward? I think we can show all sports leagues, the value of Fox and the value of what we bring. Obviously, leagues are intense and focused on monetizing their IP and their properties most efficiently. But it's important to realize the strength of the marketing, the reach, the planning, the production that we put behind events like this.

我想這也回到你問題的第二部分：我們接下來如何前進？我認為我們可以向所有體育聯盟展示 Fox 的價值，以及我們能帶來的價值。顯然，各聯盟都非常積極且專注於以最高效率將其 IP 與資產變現。但同樣重要的是，要認知到我們在這類賽事背後投入的行銷力道、觸及規模、規劃與製作能力之強。

Next question please.

請下一題。

Michael Ng, Goldman Sachs.

Michael Ng，Goldman Sachs。

Hey, good morning. Thank you very much for the question. I have two as well.

嗨，早安。非常感謝讓我提問。我也有兩個問題。

Just first on Tubi and the very strong 35% year-over-year growth, maybe you could just help us break that down between benefits from things like the World Cup hub versus underlying? And then could you just remind us what the digital loss number or digital investment number was for fiscal '25 so we can model off of that and could you just comment on the free cash flow outlook for next year? Thank you.

首先關於 Tubi，以及年增 35% 的強勁成長，或許你們可以協助我們拆解一下：其中有多少是來自像世界盃專區（hub）這類帶來的效益，多少是來自基本面？另外，也請提醒我們會計年度 '25 的數位虧損金額或數位投資金額是多少，讓我們可以據此建模；並且能否談談明年的自由現金流展望？謝謝。

Great. Thanks, Mike. Good morning. I'll talk to the Tubi momentum and Steve can talk to investment. Use your word (inaudible), but really important and sort of disciplined investment in our digital categories.

好的。謝謝你，Mike。早安。我先談 Tubi 的動能，Steve 會談投資。借用你的用詞（聽不清），但這確實是對我們數位類別非常重要、而且相當有紀律的投資。

So Tubi grew, as you mentioned, 35%. That momentum has continued into the first quarter. That's driven off a number of things. Obviously, it's total viewing time, which grew 17%. That's the key metric, if we can continue to grow the engagement and the viewing time, the impressions and ad revenue flow from that.

如你所提，Tubi 成長了 35%。這股動能也延續到第一季。這是由多項因素所驅動。顯然，最重要的是總觀看時長，成長了 17%。這是關鍵指標：只要我們能持續提升互動與觀看時長，曝光量與廣告營收就會隨之而來。

Why if you just take a step back and think about why Tubi has been so successful in addition to its sort of really industry-leading library and sort of user interface and platform? It's that I think it's close to 70% up to these viewers are cordless, are either cord members or cord cutters. And this far exceeds any of our competitors in the marketplace. So we have the largest cohort of cordless, which means very hard to reach audience, viewers for the advertising market.

如果你退一步思考，為什麼 Tubi 能如此成功，除了其可說是業界領先的內容庫，以及使用者介面與平台之外？我認為原因在於，接近 70% 的觀眾是「無線」族群，也就是仍有線但不綁線（cord-nevers）或已剪線（cord-cutters）。這個比例遠高於市場上任何競爭對手。因此我們擁有最大規模的無線族群，也就是對廣告市場而言非常難觸及的受眾與觀眾。

So when you add Tubi to a media buy, you really are getting expanding your reach dramatically and is a very valuable position to be in. In addition to that, you have to remember that Tubi is viewing is like 96% of video on demand. Someone is actually choosing -- proactively choosing to watch that content in their living room or in their home. It's not a fast channel -- driven by fast channels, which is much more akin to a linear stream, which makes its advertising even more valuable for the high engagement with the consumer.

因此當你把 Tubi 納入媒體採買時，實際上是大幅擴張你的觸及範圍，這是一個非常有價值的位置。此外，你也要記得，Tubi 的觀看有約 96% 是隨選影片（video on demand）。也就是有人在客廳或家中主動——主動選擇觀看那些內容。它不是 FAST 頻道——不是由 FAST 頻道所驅動；FAST 更像線性串流，因而在消費者高互動的情況下，Tubi 的廣告價值更高。

So we're very pleased with Tubi and we're pleased to see its momentum continue into the new fiscal year. Now Steve?

所以我們對 Tubi 非常滿意，也很高興看到它的動能延續到新的會計年度。接下來 Steve？

Hey Mike. Just in terms of the digital investments, just to remind people, in fiscal '25, we were just under $300 million in digital investments. This current year, just picking up the comments Lachlan had about Tubi and the outperformance there, plus the incredible outperformance we saw at Fox One, saw that digital investment number collectively come in at less than $200 million in the most recent fiscal year, so fiscal '26, and we'd expect, as I mentioned in my remarks, for that improvement to continue going into fiscal '27.

嗨，Mike。就數位投資而言，提醒大家一下，在會計年度 '25，我們的數位投資略低於 3 億美元。本年度，延續 Lachlan 對 Tubi 與其超預期表現的評論，再加上我們在 Fox One 看到的驚人超預期表現，使得整體數位投資金額在最近一個會計年度（也就是會計年度 '26）降到低於 2 億美元；而且如我在發言中提到的，我們預期這項改善在會計年度 '27 仍將持續。

And Mike, I didn't answer your part about the Tubi World Cup revenue. It was important revenue, good revenue, but it's relatively small in the context of the overall revenue growth at Tubi.

另外，Mike，我剛才沒有回答你關於 Tubi 世界盃營收的部分。那是一筆重要的營收、也是不錯的營收，但相對於 Tubi 整體營收成長的規模而言，占比仍然較小。

Next question please.

請下一題。

Peter Supino, Wolfe Research.

Peter Supino，Wolfe Research。

Hi. Good morning. Another one on Tubi. I wondered if you could discuss ad sales at Tubi from the perspective of sellout and CPM trends, and whether you can share levels especially on sellout to give us a sense of how that's going and obviously relates to your proposed acquisition of Roku even though the question isn't directly about Roku.

嗨。早安。再問一題關於 Tubi。我想請你們從廣告銷售的角度談談 Tubi 的售罄率（sellout）與 CPM 趨勢；以及是否能分享一些水位，特別是售罄率，讓我們了解目前進展如何——而且這顯然也與你們擬議收購 Roku 有關，雖然這題並非直接在問 Roku。

And as a brief second one, if you could talk about FOX One subscriber retention, how important has been bundling FOX One to your churn rate? Thank you.

另外簡短第二題，能否談談 FOX One 的訂戶留存？將 FOX One 進行捆綁對你們的流失率（churn rate）有多重要？謝謝。

Thanks, Peter. So let me start with Tubi. So as we mentioned, the CTV ad market remains very active and very competitive, which means very price sensitive. Tubi though has always been priced very efficiently for the current environment. And so while I think other platforms in the market have had to reduce price to compete or compete for volume. In the market, Tubi's has not had to drop its rates of change or advertising rate in order to compete. But that's partially because we're already a tremendously efficient advertising vehicle for people.

謝謝你，Peter。那我先從 Tubi 談起。如同我們提到的，CTV 廣告市場仍然非常活躍且競爭激烈，這也意味著對價格非常敏感。不過，Tubi 一直以來在當前環境下的定價都非常有效率。因此，雖然我認為市場上其他平台為了競爭或爭取量能不得不降價。在市場上，Tubi 為了競爭並不需要下調其變動費率或廣告費率。但這部分原因在於，我們本來就是對客戶而言極具效率的廣告載體。

So on the second question on FOX One, bundling is important for FOX One. We will continue to bundle FOX One where it makes sense for consumers. Consumers are either self-bundling obviously as they choose their streaming services, but where it makes sense, we will continue to bundle to make it more efficient for consumers and more effective for consumers, where there's a natural fit for FOX One with another provider. So that will continue.

至於第二個關於 FOX One 的問題，綑綁對 FOX One 很重要。我們會在對消費者有意義的情況下，持續進行 FOX One 的綑綁。消費者在選擇串流服務時，顯然也會自行綑綁；但在合理的情況下，只要 FOX One 與其他供應商之間有自然的契合點，我們就會持續透過綑綁，讓消費者使用上更有效率、也更有成效。因此這將會持續下去。

And the pleasing thing with FOX One, in addition to the fact that the subscribers to date are truly incremental, we've seen that through our data and our numbers, we are not churning any traditional MVPT customers, which are incredibly valuable to us. We are huge supporters of the VMPD marketplace. And so these are new subscribers, incremental subscribers that come from outside the traditional ecosystem. And so that's very encouraging. But the second thing that's encouraging is that churn has been well below our expectations and looks like it's continuing that in the first quarter.

而 FOX One 令人欣慰的一點是，除了目前為止的訂戶確實是增量之外——我們從數據與數字中已經看到了——我們並沒有讓任何傳統 MVPT 客戶流失，而這些客戶對我們而言極其珍貴。我們是 VMPD 市場的堅定支持者。因此，這些都是來自傳統生態系之外的新訂戶、增量訂戶。這非常令人鼓舞。另外一個令人鼓舞的是，流失率遠低於我們的預期，而且看起來在第一季仍會維持這樣的趨勢。

Next question, please.

下一個問題，請。

Sean Diffley, Morgan Stanley.

Morgan Stanley 的 Sean Diffley。

Great. Thanks very much, team. Two, if I may.

很好。非常感謝，各位團隊。如果可以的話，我有兩個問題。

First on political, any thoughts on how ad revs are shaping up into this cycle relative to prior?

第一個關於政治廣告，你們對於本輪週期的廣告收入相較以往週期的走勢，有什麼看法？

And then on capital allocation, obviously, Roku deal announced, you're still buying back stock. Anything we should think about in terms of being able to buy back more stock over the course of the next fiscal year? Thanks.

第二個關於資本配置，顯然你們已宣布 Roku 交易，同時也仍在回購股票。就未來下一個會計年度而言，我們是否需要考量你們有能力回購更多股票的可能性？謝謝。

Sure. So I'll answer it political. Steve can talk to the rest of the question. So political ad sales, it looks like -- well -- I'll start by saying the independent political ad tracking firms are estimating over $11 billion of political ad spending in the upcoming midterm election. This combined with what we're already seeing in an off-cycle year, strong political revenue, we believe this will be a record midterm cycle for us.

當然。我先回答政治廣告的部分。Steve 可以談其餘問題。政治廣告銷售方面，看起來——嗯——我先說，獨立的政治廣告追蹤機構預估，即將到來的期中選舉政治廣告支出將超過 110 億美元。再加上我們在非選舉年已經看到的強勁政治收入，我們相信這將會是我們創紀錄的期中選舉週期。

Just to put that in context, in the Presidential election, so not the midterm cycle, but the Presidential election in 2024, we saw over $400 million of political revenue. And then two years before that, the last midterm cycle, we did over $260 million in revenue, and we would expect this midterm cycle to beat that and be a record cycle.

為了提供一些背景，在總統大選——也就是不是期中選舉週期，而是 2024 年的總統大選——我們的政治收入超過 4 億美元。而在兩年前、上一個期中選舉週期，我們的收入超過 2.6 億美元；我們預期這次期中選舉週期會超越該水準，並成為創紀錄的一次。

Yes. So, Sean, in terms of capital allocations, we ended the year with the balance sheet exactly where we expected it to be as we were planning out the Roku transaction. You remember the Roku sort of the coordinates on the deal from a leverage perspective close the deal at about net leverage of 2.8 times. And so the structure of that deal gives us an incredible amount of capital allocation flexibility. So you should expect that our buyback program continues unabated through the pendency of the transaction and beyond it.

是的。所以，Sean，就資本配置而言，我們在年底時的資產負債表正如我們在規劃 Roku 交易時所預期的那樣。你還記得 Roku 交易在槓桿角度的相關參數：完成交易時的淨槓桿約為 2.8 倍。因此，該交易的結構讓我們在資本配置上擁有極高的彈性。所以你應該預期，我們的回購計畫在交易進行期間以及交易完成之後，都會持續不受影響地推進。

We have time for one more question.

我們還有時間再問一個問題。

David Karnovsky, JP Morgan.

JP Morgan 的 David Karnovsky。

Thank you. Lachlan, I appreciate you taking comments around the NFL conversations, but can you maybe shed any light into what your thinking was around engaging with the League now versus entering a more open market after '29?

謝謝。Lachlan，我很感謝你願意就與 NFL 的對話發表一些看法，但你能否再多透露一些，你們為什麼選擇現在就與聯盟接觸，而不是等到 2029 年之後進入更開放的市場再談？

And then when we look at the rights landscape, there's a lot in the pipeline in the next couple of years, including some things that you're the incumbent on like MLB or World Cup. Just assuming the NFL would opt out, how are you thinking about your rights portfolio ahead of them?

另外，當我們看權利版圖時，未來幾年有很多項目正在推進中，包括一些你們目前是既有持有者的項目，例如 MLB 或世界盃。假設 NFL 會選擇退出（opt out），你們在此之前會如何思考你們的權利組合配置？

So we always -- not going into specifics about discussions with our partners. But suffice to say that our relationship with the NFL is an incredibly positive one. We engage with them all the time. Obviously, we've been talking with them over the last period about the future of our rights, certainly for the next four years and then beyond the opt-out period, but we feel we continue to have a great relationship with them in a good place.

所以我們一向——不會就與合作夥伴的討論細節多談。但可以這麼說，我們與 NFL 的關係非常正向。我們一直都與他們保持頻繁互動。顯然，在過去一段時間裡，我們也一直在與他們討論我們權利的未來，當然包括接下來四年，以及退出條款期間之後；但我們認為我們與他們仍維持很好的關係，且處於良好狀態。

When we sit down and talk about the contractual extension of our rights after 2029 into 2030 season or 2029 season, I think we'll do that much closer to that date. I point to the fact that we might have talked about on the last earnings call that in Mexico, we've just taken NFL rights for Mexico. We continue to promote and amplify their games and the league which we've been doing for the last 30 years.

至於在 2029 年之後、延伸到 2030 賽季或 2029 賽季的權利合約延長，我想我們會在更接近那個時間點時再坐下來討論。我也想指出，我們可能在上一次財報電話會議提過，在墨西哥，我們剛取得 NFL 在墨西哥的轉播權。我們也持續推廣並放大他們的比賽與聯盟，而這是我們過去 30 年一直在做的事。

So we're very pleased with the relationship and we think we can see a clear path forward, certainly through the '29 season and also beyond.

因此，我們對這段關係非常滿意，也認為我們能看到一條清晰的前進道路，至少會延續到 2029 賽季，並且也會延伸到之後。

Great. Thank you. 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.

很好。謝謝。到這裡我們的時間已經到了。但如果你還有任何進一步的問題，請打電話給我或 Charlie Costanzo。非常感謝今天加入我們。

Thanks, everyone.

謝謝各位。

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

各位女士、先生，以上即為 Fox Corporation 2026 會計年度第四季財報電話會議的全部內容。謝謝。