IAC Inc (IAC) 2025 Q3 法說會逐字稿

Good morning, and welcome to the IAC third quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Mr. Christopher Halpin, COO and CFO. Please go ahead, sir.

早安，歡迎參加IAC 2025年第三季財報電話會議。（操作說明）請注意，本次活動正在錄影。現在我將把會議交給營運長兼財務長克里斯托弗·哈爾平先生。請繼續，先生。

Thank you. Good morning, everyone. Christopher Halpin here, and welcome to the IAC third quarter earnings call. Joining me today are Barry Diller, Chairman and Senior Executive of IAC; and Neil Vogel, CEO of People Inc. IAC has published a presentation on the Investor Relations section of our website today entitled Q3 Earnings Presentation.

謝謝。各位早安。我是克里斯多福·哈爾平，歡迎參加IAC第三季財報電話會議。今天與我一同出席的有IAC董事長兼高級執行官巴里·迪勒，以及People Inc.首席執行官尼爾·沃格爾。 IAC今天在其網站的投資者關係版塊發布了一份題為「第三季財報」的簡報。

On this call, Barry, Neil and I will provide some introductory remarks referencing that presentation and then open it up to Q&A. Before we get to that, I'd like to remind you that during this call, we may make certain statements that are considered forward-looking under the federal securities laws. These forward-looking statements may include statements related to our outlook, strategy and future performance and are based on current expectations and on information currently available to us.

在本次電話會議上，Barry、Neil 和我將就該簡報作一些介紹性發言，然後進行問答環節。在討論這個問題之前，我想提醒各位，在本次電話會議中，我們可能會發表一些根據聯邦證券法被視為前瞻性聲明的言論。這些前瞻性聲明可能包括與我們的展望、策略和未來業績相關的聲明，並且是基於我們目前的預期和我們目前可獲得的資訊。

Actual outcomes and results may differ materially from the future results expressed or implied in these statements due to a number of risks and uncertainties, including those contained in our most recent annual report on Form 10-K and in the subsequent reports we filed with the SEC. The information provided on this conference call and in the presentation should be considered in light of such risks. We'll also discuss certain non-GAAP measures, which, as a reminder, includes adjusted EBITDA, to refer to today as EBITDA for simplicity during the call.

由於存在許多風險和不確定性，實際結果可能與這些聲明中明示或暗示的未來結果存在重大差異，包括我們在最新的 10-K 表格年度報告以及隨後向美國證券交易委員會提交的報告中所包含的風險和不確定性。應結合這些風險來考慮本次電話會議和簡報中提供的資訊。我們還將討論一些非GAAP指標，提醒一下，其中包括調整後的EBITDA，為了簡便起見，今天在電話會議中我們將簡稱為EBITDA。

I'll also refer you to our earnings release, investor presentations, our public filings with the SEC and again, to the Investor Relations section of our website for all comparable GAAP measures and full reconciliations for all material non-GAAP measures.

我也會請您參閱我們的獲利報告、投資者簡報、我們向美國證券交易委員會提交的公開文件，以及我們網站的投資者關係部分，其中包含所有可比較的 GAAP 指標和所有重要非 GAAP 指標的完整調整表。

And now I will hand it over to Barry Diller.

現在我將把麥克風交給巴里·迪勒。

Thank you. I'm very glad to be with you all today. I've been talking to investors lately and I more than get everyone's desire for more clarity about IAC's future. With the departure of our CEO and the spin-off of Angie, it's understandable that there are questions about our direction and our future. And I'm going to address those this morning, both in my remarks and in answering any of your questions.

謝謝。今天能和大家在一起我非常高興。我最近一直在和投資者們交流，我完全理解大家希望更清楚地了解IAC未來發展的願望。隨著執行長的離職和Angie的剝離，人們對我們的發展方向和未來產生疑問是可以理解的。今天上午，我將在演講中以及回答你們提出的問題中談到這些問題。

There are two core parts to IAC today. They're underpinned by a strong cash position and our balance sheet. They are people and our investment in MGM. Broadly, we have been, and we will continue to slim down IAC's assets and our overhead. We'll get lean and crystal clear that People and MGM are IAC until something else wildly compelling comes along. What we want to do is, first, reimagine People Inc. from defense to offense.

如今的IAC主要由兩個部分組成。它們都得益於我們強勁的現金流和穩健的資產負債表。他們是人，也是我們對米高梅的投資。總的來說，我們已經並將繼續精簡 IAC 的資產和營運成本。我們將明確指出，在出現其他極具吸引力的方案之前，《人物》雜誌和米高梅都是 IAC 集團旗下的公司。我們首先要做的，是將 People Inc. 從防禦型轉變為進攻型。

Second, help MGM's excellent management teams simplify its businesses and change its pitiful multiple. Next, we'll divest our noncore holdings and reduce our overhead. And finally, continue to be opportunistic on share purchases -- repurchases. It certainly seems to be that opportunistic is now, as is increasing our ownership of MGM. There's this huge discount in the value of our shares and a mind-blowing discount in the value of MGM. I mean it's selling at an emergency multiple. There's no chance that is going to continue to infinity.

第二，幫助米高梅優秀的管理團隊簡化業務，改變其可憐的估值倍數。接下來，我們將剝離非核心持股並降低營運成本。最後，繼續抓住機會進行股票購買－回購。現在看來，這種投機取巧的做法確實存在，就像我們不斷增加對米高梅的持股一樣。我們的股票價值出現了巨大的折扣，而米高梅的價值更是出現了令人難以置信的折扣。我的意思是，它的售價是緊急估值倍數。這種情況不可能無限持續下去。

Time will correct this, but we won't let time stand still. So let's start talking about People Inc.. As for transparency, changing the name from the awkward DDM was a good first step. We are the largest digital and print publisher in America. We way outperform our peers with our brands and our content and our technology. The market narrative says content is dead, given all the AI talk of disintermediation and Google's continuing drive to shrink the revenue it shares with publishers. It's all a giant overreaction, and it ain't our reality.

時間會糾正這一切，但我們不會讓時間停滯不前。那麼，就讓我們開始討論《人民公司》吧。至於透明度方面，將彆扭的 DDM 名稱改為其他名稱是一個很好的開始。我們是美國最大的數位和印刷出版商。我們的品牌、內容和技術都遠遠超越同業。鑑於人工智慧帶來的去中介化趨勢以及Google不斷削減與出版商分成比例的舉措，市場普遍認為內容已死。這完全是反應過度，並非我們的現實。

Yes, there's a transition in search. Yes, we're getting declining traffic from Google. But for some years, we've known these disruptions were coming, and we've been preparing and mastering for this rocky environment. Our results speak to that as Neil Vogel and Chris Halpin will soon detail. If you just play the old game, like most publishers and yes, you're in trouble. We've been doing the opposite for several years now, and we're transferring these great brands built over a century in the old media mold into digital powerhouses.

是的，搜尋領域正在經歷轉型。是的，我們從谷歌獲得的流量正在下降。但多年來，我們早就知道這些動盪即將到來，我們也一直在為應對這種動盪的環境做準備和適應。我們的研究結果也印證了這一點，Neel Vogel 和 Chris Halpin 將很快詳細介紹。如果你像大多數發行商一樣，只玩老一套的遊戲，那你就麻煩了。幾年來，我們一直在反其道而行之，將這些在一個多世紀以來以傳統媒體模式建立起來的偉大品牌，轉變為數位巨頭。

We built out a massive modern content engine behind these brands that allows us to reach consumers wherever they are on our sites and apps via social media and news platforms through video, at events, actually everywhere. And for monetization, no one comes close to us. But beyond all that excellent execution from the great people at People, there is the evolution we're conducting beyond the hide-bound publishing industry.

我們為這些品牌建立了一個龐大的現代化內容引擎，使我們能夠透過我們的網站和應用程式、社群媒體和新聞平台、影片、活動，實際上在任何地方都能觸及消費者。在獲利方面，沒有人能與我們匹敵。但除了《人物》雜誌的優秀團隊所做的所有出色執行之外，我們還在進行一場超越墨守成規的出版業的變革。

What we're going to do is invert the base publishing model. I've used the following examples to my colleagues like what if five years ago at Travel & Leisure, which has always had these great pictures every place in the world, covers vacation spots, just some of the best photography and best experiences. What if they thought of white LOTUS and produced it.

我們將顛覆原有的出版模式。我曾用以下例子向我的同事們舉例，例如如果五年前《旅遊與休閒》雜誌（該雜誌一直以來都刊登世界各地精彩的照片，涵蓋度假勝地，呈現一些最棒的攝影作品和最棒的體驗）會是什麼樣子。如果他們想到了白蓮花並把它生產出來呢？

What if our Food & Wine magazine, knowing so much about all that, food and wine and stuff, they thought, why don't we invent [Casamigos]. Why didn't Investopedia, one of our sites and then Shark Tank. There's just --the other thing is at People, we test an astonishing 16,000 products a year. It's just got to be a pony in that. It goes on and on from there to every property we've got and all these incredible opportunities to invert our content businesses into a whole stream of new businesses.

如果我們的《美食與美酒》雜誌，對美食、美酒等等都瞭如指掌，他們想，為什麼我們不發明一些東西呢？[Casamigos]為什麼 Investopedia（我們的網站之一）和 Shark Tank 沒有…？還有一點——在《人物》雜誌，我們每年測試的產品數量驚人，高達 16,000 種。那肯定是一匹小馬。從這裡開始，我們可以把所有資產轉化為一系列全新的業務，從而獲得巨大的發展機會。

If we get that going, there's really no ceiling to what we can create, and it is to create and not be on the back foot like almost every other publisher seems to be these days. That's what we'll be doing while we continue to execute on the day-to-day grind of today's publishing business. Neil has got more to tell you. But for the first time, since we've acquired these assets, I am jointly excited about their future, frankly, if we spent all our time on this one asset of ours, we can create a giant octopus of owned and operated companies and businesses to the future.

如果我們能做到這一點，我們的創造力就沒有上限，而創造的意義就在於此，而不是像如今幾乎所有其他出版商那樣處於被動地位。這就是我們在繼續處理當今出版業日常繁瑣事務的同時所要做的事情。尼爾還有更多話要跟你說。但坦白說，自從我們收購這些資產以來，我第一次對它們的未來感到興奮。如果我們把所有的時間都投入到這項資產上，我們就能打造一個龐大的、由我們擁有和經營的公司和企業組成的未來網絡。

All right. MGM, here we're dealing with the opposite of the fear of disintermediation. MGM is a giant hedge against this intermediation. I use that a lot, because it's in the genuine and proper because it really is the genuine and proper scare word for the disruption from artificial intelligence. For sure, AI will affect everything other than live entertainment and travel experiences, as there is no simulation that's going to get between MGM and its worldwide customers. Please think on this. These assets can never be disintermediated. Las Vegas can never be disintermediated and no one, nowhere is ever going to build the depth and scale of Las Vegas.

好的。米高梅，我們在這裡討論的是與害怕去中介化截然相反的問題。米高梅是抵禦這種中間環節的巨大屏障。我常用這個詞，因為它真實而恰當，因為它確實是用來形容人工智慧帶來的顛覆性影響的真實而恰當的恐嚇詞。可以肯定的是，人工智慧將影響除現場娛樂和旅行體驗之外的一切，因為沒有任何模擬手段能夠阻隔米高梅與其全球客戶之間的關係。請仔細考慮一下。這些資產永遠不可能被剝離。拉斯維加斯永遠無法擺脫中介機構，也沒有任何人、任何地方能夠建立起拉斯維加斯那樣的深度和規模。

It's now and it's forever going to be the entertainment capital of the world. It's got more infrastructure per square inch than anywhere else, sports, gaming, performances from every big time interior, the best food, on and on. It may ebb and flow given macroeconomic issues from time to time. But it's been a constant build over 30 years or 30 years really when Steve Wynn kind of reinvented the city. Las Vegas is actually almost 100 years old. And MGM's footprint in Las Vegas with 9 resorts is so violently strong that it has 0 comparison.

現在它是，將來也永遠是世界娛樂之都。這裡的基礎設施密度比其他地方都高，體育、遊戲、各大室內演出、最好的美食等等，應有盡有。鑑於宏觀經濟問題時有發生，它可能會呈現波動。但這是過去 30 年來持續發展的結果，或者說，實際上是 30 年來，自從史蒂夫·韋恩對這座城市進行改造以來，它一直在不斷發展壯大。拉斯維加斯其實已經有近100年的歷史了。米高梅在拉斯維加斯擁有 9 個度假村，其影響力之大，無與倫比。

Back in 2020 at the height of COVID, we invested in MGM. We bought it right, understanding extraordinary position in Las Vegas that had a superb management team, exciting digital opportunities and was building a truly most extraordinary resort in Japan. Our expectations have been realized [revenue] rebounded from the lows of the pandemic. Digital operations scaled to profitability and have bought astounding 45% of its shares.

2020年新冠疫情最嚴重的時候，我們投資了米高梅公司。我們買對了，我們了解了它在拉斯維加斯的絕佳位置，它擁有優秀的管理團隊、令人興奮的數位化機遇，並且正在日本打造一個真正非凡的度假村。我們的預期已經實現，收入已從疫情低谷反彈。數位化營運規模擴大並實現盈利，並已收購了該公司驚人的 45% 的股份。

Shockingly, despite all this, MGM share prices declined 29% since the beginning of '22. As management said on the last earnings call, if you back out the value of MGM's publicly traded holdings in MGM China and the value of its 50% stake in MGM, everything else in MGM is trading at less than 3 times EBITDA. It's extraordinary to say the least, and it will not continue.

令人震驚的是，儘管如此，米高梅的股價自 2022 年初以來下跌了 29%。正如管理層在上次財報電話會議上所說，如果扣除美高梅在中國公開交易的股份價值和其在美高梅集團持有的 50% 股份價值，美高梅的其他所有股份的交易價格均不到 EBITDA 的 3 倍。這簡直匪夷所思，而且這種情況不會繼續下去。

Think about what we got at them, Jim. Just think about it without all the gnarling on this and that individual stat, 9 casinos, 40,000 hotel rooms, convention centers at scale that no one else has anywhere, restaurants, hundreds, 400-or-so restaurants, 120 music halls, arenas, et cetera, upcoming F1 and more sports teams coming along in the next years. It just can't be duplicated anywhere. Our ownership at MGM is now at 24%, and I believe it will increase over time, both by our direct purchases as well as MGM stock purchases.

吉姆，想想我們從他們身上得到了什麼。撇開對各種具體數據的糾纏不清，想想看：9 家賭場、4 萬間酒店客房、規模空前的會議中心、數百家餐廳（約 400 家）、120 個音樂廳、體育館等等，還有即將到來的 F1 賽事以及未來幾年將有更多體育隊伍加入。它在任何其他地方都無法複製。我們目前持有米高梅24%的股份，我相信隨著時間的推移，透過我們直接購買以及購買米高梅股票，我們的持股比例將會增加。

I'm continually awestruck that the stock market seems beyond too focused, I have always does, I guess, in the short term. But Bayer's point to the economic overhang of Las Vegas after this massive post-pandemic bounce, the 50-50 JV structure at MGM, BetMGM and the fact that Japan is going to take some years before it comes online.

我一直都對股市過於關注短期利益而感到震驚，我想，我一直都是這樣，至少在短期內是如此。但拜耳指出，拉斯維加斯在疫情後經濟大幅反彈後仍存在經濟滯後，MGM 和 BetMGM 的 50-50 合資結構，以及日本市場需要數年時間才能上線的事實。

When Japan comes online, the only casino in the entire country of Japan, I mean, can you imagine? Well, all these people may say in MGM, they're all wrong and time will certainly tell. On IAC capital allocation, which I telegraphed earlier, we purchased an additional $100 million of shares since our earnings call in early August, which brings our total year-to-date purchases to $300 million, which is 7 million shares or 8% or so of our shares outstanding.

日本上線的時候，全國唯一的賭場，我的意思是，你能想像嗎？好吧，米高梅公司裡這些人可能會這麼說，但他們都錯了，時間會證明一切。關於 IAC 的資本配置，正如我之前預告的那樣，自 8 月初的財報電話會議以來，我們又購買了價值 1 億美元的股票，使我們今年迄今為止的總購買量達到 3 億美元，相當於 700 萬股，約占我們已發行股份的 8%。

Our cash balances are over $1 billion and they will be enhanced when we sell these noncore assets. I don't intend for our capital sit idle, nor to be spent on acquisitions at high prices and speculatively questionable concepts. We've been inventing and building businesses at IAC for over 30 years. We had a green field for decades in Internet and e-commerce.

我們的現金餘額超過10億美元，出售這些非核心資產後，現金餘額還會增加。我不希望我們的資金閒置，也不希望它們被用於高價收購和投機性強、前景不明的項目。在IAC，我們從事創新和業務建設已有30多年。幾十年來，網路和電子商務領域一直處於一片空白地帶。

That period has pretty much ended, but it doesn't take a birdbrain to be sure there are going to be opportunities in the future and in our future. But I'm patient. Well, I'm not really very patient about almost anything. But I'm cautious now of the pricing of assets, and I've got no intention of splurging.

那段時期基本上已經結束了，但顯而易見的是，未來，尤其是在我們未來，仍然會有很多機會。但我很有耐心。嗯，我對幾乎任何事都沒什麼耐心。但我現在對資產定價持謹慎態度，沒有揮霍的打算。

And if needs more saying, I will say it again, People and MGM have enough opportunity to fully engage us. So now Neil Vogel will give you more detail on People Inc.

如果還需要更多說明，我會再說一遍，人民和米高梅有足夠的機會讓我們充分參與其中。現在，尼爾沃格爾將為大家詳細介紹 People Inc. 公司的情況。

Thanks. Hello, everyone. I share BD's confidence and optimism around our business. We had a strong quarter. It was our 8th consecutive quarter of digital revenue growth. The 9% digital revenue growth in Q3 was the second quarter in a row at 9% and high end of our guidance range.

謝謝。大家好。我和BD一樣，對我們的業務充滿信心和樂觀。我們本季業績表現強勁。這是我們連續第八個季度實現數位收入成長。第三季數位收入成長 9%，這是連續第二季達到 9% 的成長率，也達到了我們預期範圍的高端。

We've talked to you guys a lot about what drives our performance, and it remains consistent. Our performance resulted from three things: our iconic portfolio of brands, the scaled audiences we've built and our superior execution around those two things. We've continued to focus, as we said we would, on diversifying our sources of revenue and audience in the quarter.

我們已經和大家多次討論過是什麼驅動著我們的表現，而這些表現始終如一。我們的出色表現源於三件事：我們標誌性的品牌組合、我們建立的龐大受眾群體以及我們在這兩方面卓越的執行力。正如我們之前所說，本季我們繼續專注於實現收入來源和受眾群體的多元化。

And you can see the evidence of that and the strong results in our licensing and performance marketing revenue streams and our continued extremely strong off-platform audience growth. We've got real traction, and we're excited about it. Even with our investments in the quarter, we saw improved profitability, $72 million of digital EBITDA, 27% margins, and 26% incremental margins around that. And we're positioned to grow as we evolve the business. And as BD said, we're doing this on our front foot, not our back foot, and we feel very good about that.

這一點可以從我們的授權和效果行銷收入來源以及我們持續強勁的平台外受眾成長中得到印證。我們取得了真正的進展，我們對此感到非常興奮。即使我們在本季度進行了投資，我們也看到了盈利能力的提高，數位 EBITDA 為 7,200 萬美元，利潤率為 27%，並且在此基礎上增加了 26% 的利潤率。隨著業務的發展，我們也做好了成長的準備。正如 BD 所說，我們是在主動出擊，而不是被動退縮，我們對此感到非常滿意。

So going to the next slide. Our core asset and advantage is our iconic brands. These are incredible brands with real gravitas, real cultural resonance and real history. People, Food & Wine, Travel & Leisure, household names. And each has scale that puts us near the top in audience size or at the top in audience size of every category that we participate. Fun fact, we reach over half the US population each month with our assets.

接下來是下一張投影片。我們的核心資產和優勢在於我們擁有的標誌性品牌。這些都是極具分量、擁有真正文化底蘊和悠久歷史的傑出品牌。人物、美食美酒、旅遊休閒，家喻戶曉的品牌。而且，我們參與的每個類別都擁有極高的受眾規模，使我們在受眾規模方面接近頂尖水平，或在受眾規模方面名列前茅。有趣的是，我們每月透過我們的資產覆蓋超過一半的美國人口。

And importantly, for our brands and the type of content we do in an era where content feels increasingly artificial and manufactured and is, in fact, increasingly artificial and manufactured. We are authentic. And our audiences want more of what is authentic. You see it in our growing audiences, and we see it in the responses to our offerings. We have a real relationship between our audiences and our brands. It's been built over decades. That is the core, and that is the underpinning of the opportunity to grow the medium business and do a lot of the things BD talked about.

更重要的是，對於我們的品牌以及我們所製作的內容類型而言，在當今這個內容越來越感覺虛假和人為製造，而且實際上也越來越虛假和人為製造的時代，這一點尤為重要。我們真誠待人。我們的觀眾想要更多真實的內容。從我們不斷成長的受眾群體中可以看出這一點，從用戶對我們產品的回饋中也可以看出這一點。我們的受眾與品牌之間建立了真正的連結。它歷經數十年才建成。這是核心，也是發展中型企業並進行 BD 所談到的許多事情的機會的基礎。

So if we go to the third slide of our presentation, an important concept is we are where audiences are and where audiences are going. Diverse sources of audience have become a real strength of ours and have been a real focus of ours for a longer time than it's been sexy. What we've been doing across audience categories is exactly what drove our growth over the last 8 quarters. And let's talk about our different categories, just so everybody understands what we do.

所以，如果我們來看簡報的第三張投影片，一個重要的概念是，我們身處觀眾所在之處，也朝著觀眾的未來發展。多元化的受眾來源已經成為我們的一大優勢，而且長期以來一直是我們的關注重點，遠比它變得熱門要久遠得多。過去 8 個季度，我們針對不同受眾群體所採取的策略，正是推動我們成長的根本原因。我們來談談我們的不同類別，讓大家都能了解我們是做什麼的。

The first is sort of the left side of the slide, which are owned and operated assets. These are assets obviously we own, they're scaled, it's diverse ways to reach audiences, everything from events to websites to e-mails to our direct-to-consumer properties. Off-platform, where our content lives on other platforms and increases the value of those platforms. It is where audiences are increasingly online and we're there with them. Apple News, YouTube, TikTok, these are our recent Feedfeed acquisition, we'll talk about, et cetera, et cetera.

第一部分有點像幻燈片的左側，指的是自有和經營的資產。顯然，這些都是我們擁有的資產，它們規模龐大，可以透過多種方式接觸受眾，包括活動、網站、電子郵件以及我們的直接面向消費者的管道。平台外內容，即我們的內容存在於其他平台上，並提升這些平台的價值。觀眾越來越多地聚集在網路空間，而我們也與他們同在。Apple News、YouTube、TikTok，這些是我們最近收購的 Feedfeed，我們會談談它們，等等等等。

And then the third category is addressable audiences. an addressable audience for us is how can we take our assets and our skills and extend them across the open web. What -- and we do that with something called D/Cipher, which we've talked a lot to you guys about -- we can leverage our trove of proprietary first-party data around consumer intent and use that to target ads not only on our sites, but around the web.

第三類是可觸達受眾。對我們而言，可觸達受眾指的是我們如何利用自身資源和技能，將其擴展到開放的網路上。我們透過一種稱為 D/Cipher 的技術來實現這一點，我們已經和大家談了很多次了——我們可以利用我們豐富的關於消費者意圖的專有第一方數據，並利用這些數據不僅在我們自己的網站上，而且在整個網絡上投放定向廣告。

Our ads perform in a superior way to almost anything we can find online, and we can extend that across the Internet. This allows us to 4 and 5x the addressable market for our ad products and unlocks the ability for us to target CTV as well, which we're very excited about.

我們的廣告效果遠勝於網路上幾乎所有其他廣告形式，而且我們可以將這種優勢擴展到整個網路。這使我們能夠將廣告產品的目標市場擴大 4 到 5 倍，並使我們能夠定位 CTV，對此我們感到非常興奮。

D/Cipher is our fastest-growing product by revenue growth, our fastest growing by investment since its launch, it has grown every quarter sequentially and we're excited. It's going to be a meaningful contributor in 2026 and really expands what we can do with our audiences.

D/Cipher 是我們營收成長最快的產品，也是自推出以來投資成長最快的產品，它每季都實現了連續成長，我們為此感到非常興奮。它將在 2026 年發揮重要作用，並真正擴展我們與受眾互動的方式。

Slide 4 outlines our audience trends. And let's specifically talk about changes in Google search traffic and what that has meant to us. As you can see from the first chart on the left, and this is the first time we've shared this, the rise of AI overviews on the Google search results page for searches that we compete has been rapid and dramatic. Google Search as a traffic source for our core brands has gone from 54% of our traffic two years ago even more than that, if you go back to the time we put Dotdash and Meredith together to 24% of our traffic this past quarter.

第 4 張投影片概述了我們的受眾趨勢。讓我們具體談談Google搜尋流量的變化以及這對我們意味著什麼。從左側第一張圖表中可以看到，這是我們第一次分享這個圖表，在我們競爭的搜尋中，Google搜尋結果頁面上的 AI 概述的出現速度非常快，而且非常顯著。谷歌搜尋作為我們核心品牌的流量來源，已經從兩年前的 54% 下降到上個季度的 24%。如果追溯到我們將 Dotdash 和 Meredith 合併的時候，Google搜尋的流量佔比甚至更高。

The good news, and this is the good news is we've maintained our scaled audiences despite this because we were prepared for it, as BD said. We were very early to recognize changes in Google, and we are very early to recognize AI, and that is why every other meaningful source of traffic has increased for us over the past two years. We expect the Google Search challenges will continue, but believe our strategy and investments are going to enable us to maintain our overall growth.

好消息是，正如 BD 所說，儘管如此，我們仍然保持了規模化的受眾群體，因為我們為此做好了準備。我們很早就意識到Google的變化，也很早就意識到人工智慧的發展，正因如此，在過去兩年裡，我們所有其他重要的流量來源都增加了。我們預計谷歌搜尋帶來的挑戰還會持續，但我們相信我們的策略和投資將使我們能夠保持整體成長。

If you look at core sessions, as we mentioned at the Goldman conference a bit ago, we expect it to be down this quarter in the range of 4% to 6%. We're down about 6%. That was due to some tough comps. We lapped the Olympics last year and the lead up to the election and obviously, the Google challenges. This is the primary reason our ad revenue declined 3% in the quarter, which was very much volume-related, not rate related, but we expect to return to growth in Q4 despite continued pressure on Google sessions.

如我們前段時間在高盛會議上提到的那樣，如果關注核心交易時段，我們預計本季核心交易時段將下降 4% 至 6%。我們下跌了約 6%。那是因為比賽難度比較大。去年我們錯過了奧運、選舉前的種種事件，當然還有Google挑戰賽。這是我們本季廣告收入下降 3% 的主要原因，這主要是由於廣告量下降，而不是費率下降。儘管谷歌訪問量持續承壓，但我們預計第四季度將恢復成長。

And off-platform use has been a bright spot. Again, it's something we've been focused on for a long time. And again, I can't say this enough times. It is where consumers are and it's where consumers are growing, off-platform audiences accelerated 66% year-over-year. Over a third of this quarter's revenue is not based on user sessions and this is our fastest-growing revenue stream at 16%, our fastest growing -- faster growing than the outset based revenue.

而平台外的使用情況則是亮點。再次強調，這是我們長期以來一直在關注的事情。我再說一遍，這句話怎麼強調都不為過。消費者聚集於此，消費者也不斷成長，平台外受眾較去年同期成長 66%。本季超過三分之一的收入並非基於用戶會話，這是我們成長最快的收入來源，成長了 16%，比基於初始會話的營收成長速度更快。

And I want to talk a little bit about our Feedfeed acquisition. Feedfeed, as I think most of you know now, is a leading food influencer network. It's the first time we have bought of capability and not just a media property, it just shows our focus on how we're going to monetize audiences off platform and how we're going to play in an influencer marketplace, which is increasingly important as a media mix, particularly when selling to advertisers social advertising is the fastest-growing sector, digital, and this really put some wind in our sales in that area.

我想稍微談談我們對 Feedfeed 的收購。Feedfeed，我想你們大多數人現在都知道了，是一個領先的美食網紅網絡。這是我們第一次購買能力而不僅僅是媒體資產，這表明我們專注於如何將用戶在平台外變現，以及如何在網紅市場中發揮作用。網紅市場作為一種媒體組合，其重要性日益凸顯，尤其是在向廣告商銷售時。社群廣告是成長最快的領域，數位廣告也是如此，而此次收購確實為我們在該領域的銷售注入了強勁動力。

In regard to the last slide, we can talk about our execution, where we go from here. The first thing we should probably talk about is a bit of news that was in the release last night. Our AI conversations are heating up. As you saw in the release, we have an agreement with Microsoft to be a launch partner of what they're calling their publisher content marketplace. It is essentially a pay-per-use market where AI players directly can compensate publishers for use of their content on sort of like an a la carte basis.

關於最後一張投影片，我們可以談談我們的執行情況，以及我們接下來的計畫。我們首先應該談談昨晚發布的一些新聞。我們關於人工智慧的討論正在升溫。正如您在新聞稿中看到的，我們與微軟達成協議，成為他們所謂的「出版商內容市場」的啟動合作夥伴。它本質上是一個按使用付費的市場，人工智慧玩家可以直接向出版商支付使用其內容的費用，類似於單點服務。

As we've said, we intend to have a seat at the table as these content markets develop, and we work directly with Microsoft. We are physically in the room with Microsoft, helping to concept this marketplace. The really interesting thing about this is Microsoft has committed to paying for content to support its AI efforts and Microsoft's CoPilot is going to be the first buyer in this marketplace.

正如我們所說，我們打算在這些內容市場發展的過程中佔有一席之地，並且我們直接與微軟合作。我們與微軟人員在同一個房間裡，共同構思這個市場平台。真正有趣的是，微軟已承諾付費購買內容以支援其人工智慧項目，而微軟的 CoPilot 將成為該市場上的首批買家。

It's a very strong endorsement of us to be in the room with them and a very strong endorsement of the publishing marketplace and the value of content to make AI that is of high value. If you zoom out a little bit and you take a look at the broader Ideal landscape, which is obviously of great interest to us and to many of you guys.

能與他們同台交流，是對我們極大的肯定，也是對出版市場和內容價值的極大肯定，內容價值對於打造高價值人工智慧至關重要。如果你稍微拉遠視角，看看更廣闊的理想圖景，這顯然是我們和你們很多人非常感興趣的。

There seems to be two types of deals happening in the world, sort of like this deal, the a la carte Microsoft type deal, which is a marketplace, a vibrant marketplace where people can buy content as they need it, or broad use deals like we have with OpenAI, kind of the all-you-can-eat deal, where people can access our content as much as they would like. We are very happy in either model. Both can be viable as long as our content is respected and paid for. we can work in our model.

目前世界上似乎有兩種類型的交易，有點像我們這次的交易，一種是像微軟那樣的按需付費交易，它就像一個市場，一個充滿活力的市場，人們可以根據需要購買內容；另一種是像我們與 OpenAI 達成的廣泛使用協議，有點像自助餐式交易，人們可以根據自己的喜好訪問我們的內容。我們對這兩種車型都非常滿意。只要我們的內容受到尊重和付費，兩種模式都可行。我們可以沿用這種模式。

Now let's briefly talk about where we're focusing and we've talked about this on past calls as well. We are doing two things. We're trying to connect directly with our consumers and we're trying to connect directly with our advertisers and our marketers.

現在我們簡要地談談我們的重點工作，我們在之前的電話會議中也討論過這個問題。我們正在做兩件事。我們正在努力與消費者直接溝通，也正在努力與廣告商和行銷人員直接溝通。

In key investments and growth initiatives, we have a deep pipeline, again, as BD alluded to, of direct-to-consumer ideas that we are going to be trying, running down, and we're very excited about them. We call it inversion ideas around here, but these are new ideas, harnessing the power of our brands.

在關鍵投資和成長計劃方面，我們擁有豐富的專案儲備，正如 BD 所暗示的那樣，我們將嘗試並推進一系列直接面向消費者的想法，我們對此感到非常興奮。我們在這裡稱之為顛覆性創意，但這些都是新想法，就是利用我們品牌的力量。

We've done some of this already. We've discussed my recipes and the People app. We recently launched something called Review, which is a new commerce offering based on our great commerce relationships for product categories that our brands don't typically cover. And we've got real momentum around these direct-to-consumer properties.

我們已經做了一些這方面的工作。我們討論了我的食譜和 People 應用。我們最近推出了一項名為 Review 的服務，這是一項基於我們良好的商業關係而推出的全新商業服務，涵蓋我們品牌通常不會涉及的產品類別。我們在這些直接面向消費者的領域已經取得了真正的進展。

We're also very focused on editorial tentpoles that can drive multiple revenue streams, we just launched something called [Red Plate Cafe, et cetera, homes and garden] and Gardens and most of you have heard of Best New Chefs and Travel + Leisure Best and Food & Wine. Moving down the page, we talked about Feedfeed, and off platform, we talked about D/Cipher and all the different networks that our content lives.

我們也非常注重能夠帶來多種收入來源的重點編輯內容，我們剛剛推出了名為 [Red Plate Cafe, et cetera, homes and garden] 和 Gardens 的內容，你們大多數人也聽說過 Best New Chefs、Travel + Leisure Best 和 Food & Wine。向下看，我們討論了 Feedfeed，在平台之外，我們還討論了 D/Cipher 以及我們內容所在的各種網路。

And to close, we've made some hard decisions this past quarter. We laid off about 6% of our workforce. We did that essentially to free up capital to make all these investments and to be very mindful of our profitability goals. So to close, we had a strong quarter. Our brands are great. Our audience are strong. Our execution has been pretty good, and we've got all the ingredients we need for a bright future.

最後，我們在上個季度做出了一些艱難的決定。我們裁掉了大約 6% 的員工。我們這樣做主要是為了釋放資金進行所有這些投資，並且非常注重我們的獲利目標。總而言之，我們本季業績表現強勁。我們的品牌很棒。我們的受眾群體非常強大。我們的執行情況相當不錯，我們已經具備了擁有美好未來所需的一切要素。

I'll now turn it over to Chris.

現在我把麥克風交給克里斯。

Thanks, Neil. I'll be efficient so we can get to Q&A, but there was some expense noise in the quarter, which on first blush Cloud's results we were quite happy with. Just turning to slide 11. Let's quickly walk through People Inc.'s third quarter financial performance. As Neil said, we realized 9% digital revenue growth at the top end of our previous range. Strong growth in performance marketing and licensing offsetting decline in advertising revenue. I'm sure we'll talk about that more in Q&A.

謝謝你，尼爾。我會提高效率，以便我們能盡快進入問答環節，但本季有一些費用方面的波動，乍一看，我們對 Cloud 的業績相當滿意。翻到第11張幻燈片。讓我們快速瀏覽一下 People Inc. 第三季的財務表現。正如尼爾所說，我們實現了 9% 的數位收入成長，達到了我們先前預期範圍的上限。效果行銷和授權業務的強勁成長抵消了廣告收入的下滑。我相信我們會在問答環節進一步討論這個問題。

Focusing on profitability. These numbers are pro forma excluding the two major onetime impacts in the quarter. $15 million of severance expense deriving from People Inc. reduction in force and a $5 million favorable gain for the buyout of a lease on attractive terms as we rationalize our real estate footprint. Reconciliations for both the one-timers are in the appendix.

注重盈利能力。這些數字是備考數據，不包括本季度兩個主要的一次性影響：一是因 People Inc. 裁員而產生的 1500 萬美元遣散費；二是因我們合理化房地產佈局而以優惠條件買斷租賃權而獲得的 500 萬美元收益。這兩筆一次性交易的結算情形請見附錄。

Digital adjusted EBITDA grew 9% pro forma in the quarter to $72 million. Incremental margins were in line with total margins. Continued cost management in the print division led to only a 10% decline in adjusted EBITDA and a 15% revenue decline, which we are happy with, and corporate costs declined 15% pro forma.

數位業務調整後 EBITDA 以備考計算本季成長 9% 至 7,200 萬美元。增量利潤率與總利潤率一致。印刷部門持續的成本管理使得調整後的 EBITDA 僅下降了 10%，收入下降了 15%，我們對此感到滿意；公司成本按備考計算下降了 15%。

So in aggregate, excluding the two onetime items mentioned before. People Inc. produced $75 million in adjusted EBITDA in the quarter, above the high end of our previous guidance range, which had specifically excluded the effective severance.

因此，總的來說，不包括前面提到的兩個一次性項目。People Inc. 本季調整後 EBITDA 為 7,500 萬美元，高於我們先前預期範圍的上限，而先前預期的範圍已明確排除了實際遣散費。

Looking forward, we expect digital revenue growth in the 7% to 10% range and the usual strong adjusted EBITDA margins in the fourth quarter. For the year, we've slightly lowered the bottom end of our adjusted EBITDA guidance range to $325 million to $340 million. Note, this excludes both the $15 million in severance and $41 million of lease gains year-to-date.

展望未來，我們預計第四季數位營收成長將達到 7% 至 10%，調整後 EBITDA 利潤率也將保持強勁。今年，我們略微下調了調整後 EBITDA 預期範圍的下限，至 3.25 億美元至 3.4 億美元。請注意，這不包括 1500 萬美元的遣散費和今年迄今為止 4100 萬美元的租賃收益。

The wider range reflects some uncertainty around the continued disruptions in Google Search as well as approximately $4 million of legal expenses for our ad tech litigation at Google. The timing of this litigation has accelerated due to favorable judge's decisions and we view this spend as worthwhile given the magnitude of the sought damages underlying our claims. But it will have a negative impact on profitability in the fourth quarter this year and going into next year.

更廣泛的範圍反映了Google搜尋持續中斷帶來的一些不確定性，以及我們在Google廣告科技訴訟中產生的約 400 萬美元的法律費用。由於法官做出了有利於我們的裁決，這場訴訟的進程加快了，考慮到我們索賠金額巨大，我們認為這筆花費是值得的。但這將對今年第四季以及明年的獲利能力產生負面影響。

Turning to page 12. We wanted to highlight some large onetime items that impacted the quarter beyond those at People Inc. Cares profitability was impacted by $3.5 million of nonrecurring charges deriving from a lease impairment and severance. Additionally, our emerging and other segments swung to negative $20 million of EBITDA this quarter driven entirely by $21 million in legal expenses for litigation that concluded in the quarter related to a legacy business.

翻到第12頁。我們想重點介紹一些對本季產生重大影響的一次性項目，這些項目與 People Inc. Cares 的獲利能力無關。由於租賃減損和遣散費，產生了 350 萬美元的非經常性費用，影響了 Cares 的獲利能力。此外，由於本季與遺留業務相關的訴訟產生了 2,100 萬美元的法律費用，導致我們新興業務和其他業務部門的 EBITDA 轉為負 2,000 萬美元。

We had included costs for this litigation in our guidance, but the final costs increased over prior estimates. Importantly, we would note that the total expense for this legal matter for the year were $34 million that future expenses related to the matter will be negligible and that the rest of emerging and other is profitable.

我們在指導意見中已將此次訴訟的費用計入在內，但最終費用比先前的估計有所增加。值得注意的是，本年度該法律事務的總支出為 3,400 萬美元，與該事務相關的未來支出將微不足道，其餘新興業務和其他業務均盈利。

Going to -- are the company's Care as mix performance. Good news is consumer continues to return to growth, great work by Brad Wilson and team on product, marketing, and we're seeing improvement in sign-ups and retention. Unfortunately, enterprise business has slowed significantly over the past few months due to employers tightening their spend with care.

即將推出——是該公司的護理組合表現。好消息是消費者數量持續回升，Brad Wilson 和他的團隊在產品和行銷方面做得非常出色，我們看到註冊量和留存率都有所提高。不幸的是，由於雇主謹慎地收緊開支，過去幾個月企業業務大幅放緩。

For the fourth quarter, driven by those enterprise pressures, we expect 7% to 9% revenue declines in care. We expect consumer and have line of sight to return to growth in the second quarter next year and then the whole business to grow in the back half of the year. For the full year, we're modifying our adjusted EBITDA range for Care to $45 million to $50 million, reflecting the aforementioned $3.5 million in onetime severance and lease impairment costs as well as a little bit from enterprise revenue headwinds.

受這些企業壓力的影響，我們預計第四季醫療保健收入將下降 7% 至 9%。我們預計消費者需求將在明年第二季恢復成長，然後整個業務將在下半年成長。鑑於上述350萬美元的一次性遣散費和租賃減損成本，以及企業收入受到的一些不利影響，我們將全年護理業務的調整後EBITDA範圍調整為4500萬美元至5000萬美元。

And then finally, turning to page 14. As Barry said, we bought back $100 million in the quarter. We bought back $300 million, about 8% of the company year-to-date. As Barry said, buybacks continue to be a core part of our capital allocation strategy and our shares at present would seem to be even more attractively priced than earlier this year and there's a high bar on M&A.

最後，翻到第 14 頁。正如巴里所說，我們本季回購了 1 億美元。今年迄今為止，我們回購了價值 3 億美元的股份，約占公司總股份的 8%。正如巴里所說，股票回購仍然是我們資本配置策略的核心部分，而且我們目前的股價似乎比今年稍早更具吸引力，併購門檻也很高。

With that, let's go to Q&A. Operator, first question, please.

接下來，我們進入問答環節。接線員，請問第一個問題。

Dayton Helfstein, Oppenheimer.

戴頓·赫爾夫斯坦，奧本海默。

Barry, nice to have you on the call. I was going to ask about your current thinking on MGM's valuation, what the market is missing, but I think you've covered that pretty thoroughly. So I guess it's really, I guess, why would an investor want to invest in MGM through you? Why wouldn't they just buy it directly, intellectually wouldn't and inherently trade at a discount, like under IAC, and I guess you'd say, that's -- you get it cheaper if you buy it through IAC, but then over time, how do you close the discount and obviously, the RF community is involved here and they find ways to make money.

巴里，很高興你能來通話。我本來想問您目前對米高梅估值的看法，以及市場忽略了什麼，但我想您已經對此進行了相當全面的闡述。所以我想問的是，投資人為什麼要透過你投資米高梅呢？為什麼他們不直接買呢？從理智上講，他們不會這麼做，而且交易本身就帶有折扣，就像透過 IAC 一樣。我想你會說，透過 IAC 購買更便宜，但隨著時間的推移，如何消除折扣？顯然，射頻社區也參與其中，他們會找到賺錢的方法。

But I guess -- it just feels like fundamental investors are struggling with the IAC stock with MGM just such a big piece of the value. You can look out the stock trades. It literally mirrors the MGM stock price. So that's question number one, I guess, is just like what you can do to get kind of IAC to separate from the performance of MGM. That's question one.

但我猜——感覺基本面投資者對IAC股票感到擔憂，因為MGM佔據瞭如此大的份額。你可以關注股票交易。它與米高梅的股價完全一致。所以，第一個問題，我想，就是如何才能讓 IAC 與 MGM 的表現分開。這是第一個問題。

And then question two, Chris, how should we think about the onetime expense cleanup in 3Q? Is there more to come as far as in the P&L? Or should we think about just the numbers should be clean going forward?

那麼第二個問題，克里斯，我們該如何看待第三季的一次性費用清理工作？損益表方面是否有後續進展？或者我們應該考慮的是，今後這些數據應該保持清晰明了？

Well, I mean I don't think the issue is separate from MGM. As I said before, IAC is now will be primarily People Inc. and MGM. One, by the way, is, as we talked about, we are -- this, I believe, and increasingly going to become this publishing content and businesses that come out of that. And I would think any acquisitions we make, I wouldn't say any, but certainly, acquisitions in line with that, we just made a very small acquisition, but one, I think what was it? Total purchase price was?

嗯，我的意思是，我不認為這個問題與米高梅無關。正如我之前所說，IAC現在主要由People Inc.和MGM組成。順便說一句，正如我們討論過的，我們正在——我相信，而且將會越來越成為出版內容以及由此衍生出的業務。我認為我們進行的任何收購，我不會說任何收購，但肯定的是，符合這項原則的收購，我們剛剛進行了一次非常小的收購，但我想那是什麼來著？總購買價格是多少？

We didn't disclose it, but not material.

我們沒有揭露，但內容並不重要。

Well, fine. So like around $10 million, disclose it or not. There it is disclosed, Neil. But, acquisitions in line with where we're kind of inverting this publishing business where we're going to create new businesses out of publishing. So that's kind of -- that is in the world of disintermediated media. I think we're going -- we are dodging it better than our competitors, and we're going to continue to dodge it on that side of it.

好吧。所以大概有1000萬美元左右，公開與否都無所謂。尼爾，真相就在那裡。但是，這些收購符合我們正在顛覆出版業的理念，我們將透過出版業創造新的業務。所以，這算是──這是去中介化媒體的世界。我認為我們正在——我們比競爭對手更好地躲避了它，而且我們將繼續在這方面躲避它。

And then we've got this absolute disintermediated asset of MGM. The one is -- I wouldn't call it a hedge against the other. But there's -- you can certainly go out and buy MGM, when you buy IAC, you are getting our ambitions in publishing and you're getting MGM. And I think that, that is a very good balance. I don't think that's going to hold forever. I think new things are going to come out of that over time. But it is what it is. Well, you can buy MGM on its own, as they say, we're a twofer.

然後，我們就有了米高梅這家完全去中介化的資產。其中一個——我不會稱之為對沖另一個的手段。但是——你當然可以去收購米高梅，當你收購IAC時，你就獲得了我們在出版領域的雄心壯志，同時也獲得了米高梅。我認為，這是一個很好的平衡。我不認為這種情況會一直持續下去。我認為隨著時間的推移，會從中湧現出新的事物。但事情就是這樣。正如人們常說的，你可以單獨購買米高梅公司，我們是買一送一。

Yes. I think the -- I'll just quickly add to that, you are owning MGM, in our view, even cheaper through buying it through IAC than owning MGM. We fully support you buying MGM directly. We think both stocks as Barry said are outrageously discounted. But within IAC, you're getting as evidenced on the first slide on our private assets, all our holdings, People Inc., Care, Vivian or little search business that keeps chugging, Daily Beast and other holdings at a discount at a negative value. So embedded, you have even more value upside and optionality in the IAC stock if you believe in MGM.

是的。我認為——我再補充一點，在我們看來，透過 IAC 購買 MGM 比直接擁有 MGM 更划算。我們完全支持您直接購買米高梅的商品。正如巴里所說，我們認為這兩隻股票都被嚴重低估了。但正如第一張投影片所示，IAC 內部的私人資產，包括 People Inc.、Care、Vivian 或仍在穩步發展的小型搜尋業務、Daily Beast 和其他持股，都以負價值的折扣價出售。因此，如果你看好 MGM，那麼 IAC 股票的價值上漲空間和選擇權就更大了。

With respect to the one-timers, and we do feel like we cleaned up a ton this quarter. we don't expect the severance or lease gains. We don't see anything of that continuing to people. We'll always be optimizing our cost structure, but large onetime charges at people, we see a clean path forward care, the lease impairment and severance there were onetime.

至於一次性付款，我們感覺本季已經清理了很多。我們預計不會有遣散費或租賃收益。我們沒有看到這種情況繼續發生在人們身上。我們將始終優化成本結構，但對於員工而言，一次性的大額費用，我們看到了清晰的前進道路，租賃減損和遣散費都是一次性的。

And then on the emerging and other legal case, that is fully behind us. And as we said, we expect any future costs associated with that to be negligible -- we also had an adverse ruling on a real estate dispute that showed up in other expense and income, and that was settled through previously escrowed funds.

至於新出現的法律案件和其他法律案件，都已經過去了。正如我們所說，我們預計未來與此相關的任何費用都將微不足道——我們還曾因一起房地產糾紛而受到不利裁決，該裁決計入了其他支出和收入，但已通過先前託管的資金予以解決。

So we really cleaned up a lot in the quarter. Looking forward, the only thing in my mind that I'd highlight would be the Google litigation, where we said we're spending about $4 million this quarter and expect to spend a little bit. But in that case, we are plaintiff seeking damages. So again, it's what we believe is an ROI --

所以，我們這季真的清理了很多東西。展望未來，我唯一想重點提及的就是谷歌的訴訟，我們說過本季將為此花費約 400 萬美元，預計還會花費一些。但在這種情況下，我們是尋求賠償的原告。所以，歸根結底，這就是我們認為的投資回報率——

And the range of damages, potentially.

以及潛在的損失範圍。

We're seeking hundreds of millions of dollars in damages.

我們尋求數億美元的賠償。

Yes, from any point of view that we've looked at we went into this and said, is it really worth it for us to do it. It was almost as if because I don't like lawsuits, if we actually couldn't have done it, I wouldn't have done it, but we had no choice. There are hundreds and hundreds of millions of dollars that are potentially to be gained here.

是的，從我們所考慮的任何角度來看，我們都曾問過自己，這樣做真的值得嗎？就好像因為我不喜歡訴訟，如果我們真的做不到，我就不會去做，但我們別無選擇。這裡潛在獲利金額高達數億美元。

Cory Carpenter, JPMorgan.

科里·卡彭特，摩根大通。

Maybe for you, Neil, just thanks for the background on People. You had a busy quarter, the risk, the Feedfeed acquisition, the Microsoft IPO. Maybe pulling all together, just latest thoughts on the state of the business and what this indicates about your kind of view on the future, recognizing you covered some of that already. And then I want to follow up on the People litigation, which you just referenced. What's the update on that, Chris, I think you mentioned there was another ruling that has implication that came through recently. So how should we think about that going forward?

尼爾，或許對你來說，只是感謝你提供的《人物》的背景資訊。你們這個季度很忙，面臨風險，收購了 Feedfeed，微軟也上市了。或許可以把所有內容綜合起來，談談你對公司現狀的最新看法，以及這反映了你對未來的看法，我知道你已經談到了一些這方面的內容。然後我想跟進您剛才提到的《人民報》訴訟案。克里斯，那件事的最新進展如何？我記得你提到最近還有一項有影響力的裁決出台。那麼，我們接下來該如何看待這個問題呢？

I'll go first, and then I'll pass it to Chris. I think in aggregate the things you mentioned are all reasons for confidence and optimism. The first is the Microsoft deal, which we talked about the mechanics of it. But I think what it is, is an indication that these deals are happening now. This summer, we started to block AI crawlers. It was very effective. It brought almost everyone to the table. I expect, and I think the pundetreate also expects there will be more deals happening. Hopefully, we'll have some news for you over the coming months and quarters over deals, that could be both sort of the all-you-can-eat deals any a la carte. So we feel very good about that. The value of our content is becoming clear to people. That is very important.

我先來，然後傳給克里斯。我認為你提到的這些事情總體上都是讓人充滿信心和樂觀的理由。首先是微軟的交易，我們已經討論過其中的運作機制。但我認為這表明這些交易現在正在發生。今年夏天，我們開始封鎖人工智慧爬蟲。效果非常好。它幾乎把所有人都召集到了一起。我預計，而且我認為評論員也預計，會有更多交易發生。希望在接下來的幾個月和幾個季度裡，我們能為您帶來一些關於優惠活動的消息，這些優惠活動既可以是包吃包喝的，也可以是單點的。所以我們對這一點感到非常滿意。人們越來越清楚地認識到我們內容的價值。這一點非常重要。

Second feed seed is just an evidence of how well we're doing off-platform and how important that is to our future. We're going to continue to look to ways to monetize these audiences. And I think it's worth noting, and it's something that Chris has talked about before. Our relationships with platforms like Instagram and TikTok and YouTube are very different than our relationship with Google.

第二次種子資料正好證明了我們在平台外做得有多好，以及這對我們的未來有多重要。我們將繼續尋找將這些受眾群體變現的方法。我認為這值得注意，而且克里斯之前也談過這一點。我們與 Instagram、TikTok 和 YouTube 等平台的關係與我們與 Google 的關係截然不同。

Google, took and use our content and then had to send traffic out to us, right? So there's an inherent conflict built into that, that they lose value in theory when they send us traffic. These other platforms, our content makes better. We make excellent content, excellent video. We have very close relationships with these, and our content makes these platforms better. So the state of the relationships and nature of the relationships is stronger, and it allows us to do things like Feedfeed, and I think there'll be more things like that in the future.

谷歌拿走了我們的內容，然後不得不把流量引到我們這裡，對吧？所以這裡面存在著一個固有的衝突，即從理論上講，當他們為我們帶來流量時，他們的價值就會降低。我們的內容讓其他平台變得更好。我們製作優質的內容和影片。我們與這些平台有著非常密切的聯繫，我們的內容也讓這些平台變得更好。因此，人際關係的狀態和性質更加牢固，這使我們能夠做像 Feedfeed 這樣的事情，我認為未來會有更多類似的事情發生。

And then on litigation, just to give the background, the lawsuit builds on the government's antitrust case against Google from an ad tech perspective, where Google was found to have monopolized the ad server and ad exchange markets, harming online publishers. We Dotdash and Meredith combined into People Inc. today are and were one of the largest of those publishers who were harmed. And we, like several other publishers, brought suit to hold to Google accountable and recover the lost revenue resulting from Google's anti-competitive behaviors.

關於訴訟，簡單介紹一下背景，這場訴訟建立在政府針對谷歌的廣告技術反壟斷案之上，該案認定谷歌壟斷了廣告服務器和廣告交易市場，損害了在線出版商的利益。我們 Dotdash 和 Meredith 合併成了 People Inc.，如今我們仍然是受害出版商中規模最大的公司之一。我們和其他幾家出版商一樣，提起訴訟，要求谷歌承擔責任，並追回因谷歌的反競爭行為而造成的收入損失。

Now damages will be proved in the litigation, but we seek to recover hundreds of millions of dollars and damages. And to your question, Corey, you likely saw the recent ruling in favor of the Gannett and Daily Mail cases where the court ruled that the publishers in those cases don't need to prove again what the government has already proved that Google engaged an anticompetitive conduct.

現在損失將在訴訟中得到證明，但我們尋求追回數億美元的賠償金和損失賠償。至於你的問題，Corey，你可能已經看到了最近對 Gannett 和 Daily Mail 兩案的有利裁決，法院裁定，這些案件中的出版商無需再次證明政府已經證明的谷歌存在反競爭行為。

Just what are the specific claims and the damages there. The timing of our case was accelerated by our judge, which we view as a positive. So we now expect to spend about $4 million in the quarter and continue to spend in the coming quarters after that. Total magnitude of spend or the pace of it is hard to predict. We'll keep you guys updated. But we believe, as Barry was saying, the spend is more than warranted by the opportunity to cover significant damages we believe we're on.

具體索賠內容和損失金額是多少？我們的案件審理速度因法官的安排而加快，我們認為這是一個積極的信號。因此，我們預計本季將支出約 400 萬美元，並在接下來的幾季繼續支出。支出總額或支出速度難以預測。我們會隨時向大家報告最新情況。但正如巴里所說，我們認為這筆支出完全合理，因為它可以彌補我們認為正在遭受的重大損失。

That is demanded, given what's there for the -- kind of what the government has already found, it's not just a question of saying, totaling up all our stuff. And I think just sending out checks, but I simplify things. All right, let's go on.

鑑於目前的情況——以及政府已經發現的情況，這是必須的，這不僅僅是把我們所有的東西加起來的問題。我覺得直接寄支票就可以了，但我盡量簡化事情。好的，我們繼續。

James Heaney, Jefferies.

James Heaney，傑富瑞集團。

Just can you give us an update on what you're currently seeing in the macro environment so far in Q4 across the different IAC businesses? And then I had another one.

能否請您介紹一下，在第四季度，IAC 各個業務部門的宏觀環境目前狀況如何？然後我又得了一個。

I think just for environment, everything is good at the middle and upper end, not so great at the lower end. And you can make any prediction you want about what's going to happen in the future. But it's been this for a while. Again, for exome exogenous event, I suspect that will continue for a while.

我認為就環境而言，中高端市場都很好，低端市場則不太理想。你可以對未來會發生什麼做出任何你想做的預測。但這種情況已經持續了一段時間。再次強調，對於外顯子群體外源事件而言，我懷疑這種情況還會持續一段時間。

Yeah. I'd say if you look at our performance marketing and credit to Neil and his team, but it's growing strongly. The consumer -- the US consumer is hanging in there and spending. It is skewed to the high end. On the Care enterprise side, we have seen corporations belt tightening probably due to a bit to reducing head count and also due to pressures on health care costs and others. So we have seen some pressures on the corporate benefit side. But broadly, things seem in the macro economy seem pretty good.

是的。我認為，如果你看看我們的效果行銷，這要歸功於尼爾和他的團隊，它正在強勁成長。美國消費者仍堅守陣地，繼續消費。它偏向高端市場。在護理企業方面，我們看到各公司都在勒緊褲腰帶，這可能是由於減少員工人數以及醫療保健成本和其他方面的壓力所致。因此，我們看到企業福利方面面臨一些壓力。但整體而言，宏觀經濟情勢似乎相當不錯。

Yes. I mean I'll just add one thing. I think looking at the ad markets in the macro sense, I think it's in line with what BD said. I think if you had a 10-point rating scale, they're probably at 6, healthy moving ahead, but there are challenged categories. The challenged categories aligned with what BD said, CPG, food and beverage, there's real momentum in some of the higher-end categories like travel and tech and some other things. But I think the ad market is solid, not fantastic, but solid.

是的。我只想補充一點。我認為從宏觀角度來看，廣告市場的情況與BD的說法一致。我認為如果採用 10 分制評分標準，他們大概能達到 6 分，健康狀況良好，可以繼續前進，但也存在一些挑戰。BD 所說的受挑戰的類別與 CPG、食品和飲料等類別一致，而旅遊、科技等一些高端類別則呈現出真正的成長動能。但我認為廣告市場很穩健，雖然稱不上非常出色，但也算穩健。

No, I was just going to add. I'm also involved in share of Expedia and Expedia in the general travel market with some exceptions, Canadian travel to the US, some other little things, but Travel is exceptionally strong. And we've been double-digit growing at Expedia now, I don't know, 12 quarters, and it only accelerates. So anyway. I'm not on all that. Next question.

不，我正打算補充。我也參與了 Expedia 的份額，Expedia 在一般旅遊市場（除一些例外情況外，例如加拿大到美國的旅遊和其他一些小事外）表現非常強勁。Expedia 已經連續 12 個季度保持兩位數成長，而且成長速度還在加快。總之。我沒參與那些。下一個問題。

And then the second part of my question was just around capital allocation going forward. We saw the $100 million buyback in the quarter. Curious how to think about that going forward as you kind of think about potentially M&A or other uses of cash?

然後，我問題的第二部分是關於未來資本配置的問題。本季我們看到了1億美元的股票回購。很好奇您如何看待未來的併購或其他現金用途？

Well, I mean, I kind of think I talked about that. I don't know what we call it, a signal or a giant flag, green flag going down or saying, we're opportunistic. The opportunity is now. We're going to be buying stock in IAC. We're going to be buying stock in MGM. That's what we're going to do with our capital at this point as far as acquisitions go. I've said before, I said it earlier, a lot of things are too pricey.

嗯，我的意思是，我覺得我之前好像談過這件事。我不知道該怎麼稱呼它，是訊號還是巨旗，是綠旗落下還是在說，我們是在投機取巧。機會就在眼前。我們將購買IAC的股票。我們將購買米高梅的股票。這就是我們目前在收購方面將資金用於此的計劃。我之前說過，很多東西都太貴了。

And we're not anxious. We're always interested. We're always curious. We're always digging around and seeing what's on what's around the next corner, which we've been doing fairly interestingly for 30 years. I expect there'll be more of that being out there banging at things that are overpriced, of which many are. We are wildly underpriced. So I want to stay on that track.

我們並不焦慮。我們一直都對此很感興趣。我們總是充滿好奇心。我們總是四處探索，看看下一個轉角處有什麼，而我們30年來一直在做這件事，而且做得相當有趣。我預計會有更多人抨擊那些價格過高的產品，而這類產品中有很多確實價格過高。我們的價格絕對超低。所以我想繼續沿著這條路走下去。

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛集團。

Maybe two with respect to People Inc. Can you talk a little bit about the building blocks of growth, both the headwinds and the tailwinds that you're seeing with respect to digital revenue that inform your forecast for Q4 and how we should be thinking about those broadly going into '26.

或許可以就 People Inc. 談兩點。您能否談談成長的基石，以及您在數位收入方面看到的順風和逆風，這些因素會影響您對第四季的預測，以及我們應該如何看待這些因素對 2026 年的影響？

And the second part of the question that maybe feeds back into it would be how should we be thinking about the growth trajectory of off-platform traffic and revenue for People Inc. and the resulting margin impact from that traffic and revenue going forward?

問題的第二部分可能反過來影響這一點，那就是我們應該如何看待 People Inc. 的平台外流量和收入的成長軌跡，以及這些流量和收入對未來利潤率的影響？

I'll take a crack at the first and then I'll hand it over to Chris. I feel like going forward, I think we're in a pretty good position. I think we expect a solid Q4 despite the session challenges. The session challenges is what I would say is the primary headwind in the business. Ads will improve. We're a very good sales team. We have very happy clients. We have very good premium sales. Off-platform is going to improve. D/Cipher is going to start to kick in. Commerce will continue to be strong, although due to the timing of some payments, it might not be as year-over-year strong in fourth quarter, licensing continues to perform and be strong. .

我先嘗試做第一個，然後交給克里斯。我覺得展望未來，我們處於相當有利的地位。儘管面臨一些挑戰，但我認為我們預計第四季業績將保持穩健。我認為，會議方面的挑戰是業務發展面臨的主要阻力。廣告效果會更好。我們是一支非常優秀的銷售團隊。我們的客戶非常滿意。我們的高端產品銷售情況非常好。平台外服務將會改善。D/Cipher即將開始發揮作用。商業活動將繼續保持強勁勢頭，儘管由於某些付款的時間安排，第四季度的同比增速可能不如去年同期強勁，但許可業務將繼續保持強勁表現。。

Our brands are really resonating. They're resonating on our own assets including a lot of the new stuff like People app and the events we're launching and all this other stuff, they're still resonating with sessions. It's still a big number, even though it's not growing. And again, it's really working off platform, and it's really working in all these other places.

我們的品牌引起了強烈的共鳴。它們在我們自己的資產上引起了共鳴，包括許多新東西，例如 People 應用程式、我們正在推出的活動以及所有其他東西，它們仍然在會議中引起共鳴。雖然沒有成長，但仍然是一個很大的數字。而且，它在平台外也運作良好，在其他所有地方也運作良好。

So we feel really good about the formula for Q4. I think it's going to be the same formula for 2026 roughly. The mix is all going to change. Again, I think in 2026, you're going to see real improvement -- real growth, not just improvement in D/Cipher+, and some other things and get some real traction on some of these new things we've launched. And we'll go to Chris.

所以我們對第四季的方案非常有信心。我認為到 2026 年，情況大致會和現在一樣。一切都將改變。我再次認為，到 2026 年，你會看到真正的進步——真正的成長，不僅僅是 D/Cipher+ 的進步，還有其他一些方面，並且我們推出的一些新產品將會獲得真正的市場認可。接下來我們去找克里斯。

Yes. And to talk about margins, there are multiple different components of our off-platform traffic, including Apple News Plus, social media, as Neil said, a D/Cipher+, they have different margins, but I think for simplicity and this is, in many ways, probably a modeling question that you guys would have as you forecast higher growth in off platform.

是的。至於利潤率，我們的平台外流量包含多個不同的組成部分，包括 Apple News Plus、社群媒體，正如 Neil 所說，還有 D/Cipher+，它們的利潤率各不相同。但我認為，為了簡單起見，這在很多方面可能是一個建模問題，你們在預測平台外流量成長較高時可能會遇到這個問題。

For simplicity and conservatism, incremental digital EBITDA margins on off platform, you can assume are neutral to slightly accretive to our aggregate annual digital EBITDA margins of plus/minus 28%, 29%, maybe a little more. So I would think of it as around 30%, maybe a little bit more of incremental digital adjusted EBITDA margins on off-platform and then on platform, as we've said before, is higher.

為了簡單和保守起見，您可以假設平台外新增的數位 EBITDA 利潤率對我們年度數位 EBITDA 利潤率的總體影響為中性或略有增長，約為 28%、29%，甚至更多。所以我認為，平台外數位調整後 EBITDA 利潤率的增量大約是 30%，甚至可能更高一些，而平台內的增量，正如我們之前所說，則更高。

Ross Sandler, Barclays.

羅斯·桑德勒，巴克萊銀行。

Great. Just following up on that last question, Neil, like there's some crazy forecast out there. I think Forrester just put something out that said Open Web display is going to decline 30% next year because of the shift to Gen AI. I doubt that's what's going to happen. But as you're talking with agencies and brands about outlook, what are you hearing?

偉大的。尼爾，我只是想接著你剛才的問題問一下，好像有什麼非常離譜的天氣預報似的。我認為 Forrester 最近發布了一份報告，表示由於向人工智慧時代的轉型，明年開放式 Web 顯示廣告的市場份額將下降 30%。我懷疑事情不會那樣發展。但是，當你與代理商和品牌談論前景時，你聽到了什麼？

And how should we think about the context of people growth relative to the industry in '26. And if we strip out like the impact from Google, which is down to mid-teens of revenue from that traffic, is the rest of People going to grow in line, faster or slower than the broader open web display industry?

那麼，我們該如何看待 2026 年人才成長相對於產業發展的背景呢？如果我們剔除Google的影響力（Google帶來的收入只有十幾個百分點），那麼People的其他部分會比更廣泛的開放網路展示廣告產業成長得更快還是更慢呢？

What I'll say is we are not hearing down 30%. Again, we are the biggest publisher in America. We have scale. We have terrific brands. We have a history of ad performance. We have great assets we're launching a whole host of new things. There's a lot of energy around everything we're doing from events to off platform to influence things.

我想說的是，我們沒有聽到下降 30% 的消息。我們再次強調，我們是美國最大的出版商。我們擁有規模優勢。我們擁有非常棒的品牌。我們擁有良好的廣告成效記錄。我們擁有強大的資源，我們將推出一系列全新產品。從活動到場外活動，我們所做的每一件事都充滿了活力，旨在影響事物的發展。

So we're actually hearing the opposite. There's a lot of energy around our business and our ability to reach audiences. I can't speak to the long tail open web, I don't know where this information comes from, but it is inconsistent with what we are hearing look, we feel pretty good about next year.

所以我們實際上聽到的卻是相反的情況。我們的業務充滿活力，而且我們有能力觸及受眾。我無法評論長尾開放網絡，我不知道這些資訊來自哪裡，但這與我們聽到的消息不符。你看，我們對明年感覺相當不錯。

And I think when you get the mix of brands and trust and the new things we're doing at our history of performance and our history performance advertisers I think we're much more likely to be share takers in this market than anything else.

我認為，當我們把品牌、信任以及我們正在做的新事情，結合我們以往的業績表現和以往的業績表現廣告商的經驗，我們更有可能成為這個市場的份額獲取者，而不是其他任何競爭者。

We have been going to be. I mean, you can narrow at this or that little fat or that, whatever. But this business, for the last, I don't know, how many quarters that we've been growing, and despite everything that has been thrown at it, this People Inc. and this group that Neil has -- and how many people you got in this thing?

我們一直打算這麼做。我的意思是，你可以把重點放在這個或那個小脂肪上，或是其他地方。但是，在過去的幾個季度裡，我不知道我們一直在發展壯大，儘管面臨各種挑戰，但這家 People Inc. 和 Neil 的團隊——你們有多少人參與其中？

3,500 plus

3500多人

I mean, they've been executing just such an outstanding way through this while at the same time, we're going to build new businesses inside and out of all the content reboost and all the knowledge that we've got in almost every sector. How many books do we publish?

我的意思是，他們在這方面做得非常出色，同時，我們將利用所有內容的重新推廣以及我們在幾乎所有領域擁有的所有知識，在內部和外部建立新的業務。我們出版多少本書？

I mean we've got 40 brands. We actually in print. We have 6 books still in print.

我的意思是，我們有40個品牌。我們確實有印刷版。我們還有6本書仍在印刷發行。

How many print?

印了多少張？

6.

6.

How many ?

多少？

More than 200 million actual books printed a year.

每年實際印刷的書籍超過2億冊。

Right. That sit on People's tables that -- you look at Southern Living, which I see all (technical difficulty) been in the South. I was in Savannah last weekend. It's all around. Every place you go, you see Southern Living it has such great influence, but not only from the south, but beyond it. So you've got all these things cooking. And as you say, I don't know, how do you say it any better? You say you're confident in the fourth quarter and your projections for next year are solid and good. Plus, we're building all these new businesses. It seems to me like pretty good.

正確的。擺在人們餐桌上的那些東西——看看《南方生活》雜誌，我看到的所有（技術困難）都來自南方。我上週末在薩凡納。它無所不在。無論走到哪裡，都能看到《南方生活》雜誌，它的影響力非常大，不僅在南方，而且在南方以外的地方也是如此。所以你手頭上有很多事情要做。正如你所說，我不知道，還能怎麼更好地表達呢？你說你對第四季充滿信心，而且你對明年的預測也很穩健良好。此外，我們也正在創建所有這些新業務。我覺得還不錯。

John Blackledge, TD Cowen.

約翰·布萊克利奇，TD Cowen。

Two questions. First, could you talk about corporate costs and how we should think about trajectory into the fourth quarter?

兩個問題。首先，您能否談談企業成本以及我們應該如何看待第四季的發展軌跡？

I can think about corporate costs going lower.

我可以考慮降低企業成本。

Keep going, John.

約翰，繼續加油。

Yes. Into fourth quarter in 2026. And then second question is, how should we think about the timing of slimming down the IAC's assets? And should we consider everything outside of people and MGM is noncore?

是的。進入2026年第四季。第二個問題是，我們該如何考慮精簡 IAC 資產的時機？那麼，除了人以外，我們是否應該把米高梅公司視為非核心業務？

Okay, Chris, you (multiple speakers) answer.

好的，克里斯，你（多位發言者）回答。

On corporate overhead, we talked about how we've been rationalizing over the year. Right now, we're at a run rate of basically $22 million to $23 million on a quarterly run rate basis. That is -- there's a little bit of onetime noise in the last quarter that we're still working through. As we've said before, Q1 was highly elevated due to spin costs, CEO separation, et cetera. We expect to be in the mid-80s range from there and we'll -- next year, and we'll continue to look to rationalize costs. .

關於公司管理費用，我們討論了過去一年來我們是如何進行合理化的。目前，我們的季度營收大致在 2,200 萬美元到 2,300 萬美元之間。也就是說，上個季度出現了一些一次性的干擾因素，我們仍在努力解決。正如我們之前所說，第一季由於分拆成本、CEO離職等原因而大幅上升。我們預計明年將維持在 80% 左右，我們將繼續努力降低成本。。

Yes, it's going to come down. What was the second thing?

是的，它要倒塌了。第二件事是什麼？

Just the approach to Exiting or strategic --

只是退出或策略方面的方法。--

Look, not going to do it, dumbly. I mean we're going to get good prices for everything that we've got. But we are going to -- anything, frankly, other than really -- other than not really, other than MGM and People, those are the core, right? No more. So -- and we've got several other businesses that have real value in them.

聽著，我不會傻到去做這件事。我的意思是，我們所有的東西都會賣個好價錢。但坦白說，我們什麼都願意做，除了真正意義上的——除了米高梅和《人物》雜誌，那才是核心，對吧？不再。所以——我們還有其他幾家企業也很有價值。

Yes. We know we have strategic assets and inbounds from time to time.

是的。我們知道我們擁有戰略資產，並且會不時獲得投資。

So timing, three months, six months at the most. And then we'll probably have another, I don't know, $1 billion or so of capital.

所以時間上，最多三個月，六個月。然後我們可能還會再獲得，我不知道，大約10億美元的資金。

Well, we're not going to speculate too much, but we will --

我們不會妄加猜測，但我們會…--

I said around that. I just speculated.

我大概是這麼說的。我只是猜測。

Dan Kurnos, The Benchmark Company.

Dan Kurnos，基準公司。

Chris, can you maybe just talk a little bit about on the run rate savings from the RF. How much do you expect to reinvest, how much will flow through to the bottom line? And then Neil, I guess, sort of a 2-parter. I've asked you before a lot about communitizing your properties. Obviously, Feedfeed looks like more of a move in that direction. And I still think people don't get the value of the off-platform interactivity that you're building. So is there a way to throw more gas on that fire and are there any creative new channels to expand distribution on?

克里斯，你能稍微談談RF帶來的運作成本節省嗎？您預計會有多少資金用於再投資，又有多少最終會轉化為利潤？然後是尼爾，我想，這算是兩個部分的故事吧。我之前多次問過你關於房產公有化的問題。顯然，Feedfeed 看起來更像是朝著這個方向邁出的一步。我仍然認為人們沒有意識到你正在建立的平台外互動功能的價值。那麼，有沒有辦法進一步推動這一趨勢，以及是否有任何創新的新管道來擴大分銷範圍？

I'll do savings first. So we said it's about $60 million of run rate savings. I think you can think about half of that being realized in profitability and margins than half being reinvested in high ROI digital activities. We've called out previously the drag on our incremental margins that have been occurring Q2, Q3 with our investments in D/Cipher+, my Recipes and People app, et cetera.

我先存錢。所以我們說，這大約可以節省 6,000 萬美元的營運成本。我認為你可以把其中一半轉化為獲利能力和利潤率，另一半再投資於高投資報酬率的數位活動。我們之前已經指出，由於我們在 D/Cipher+、我的食譜和人物應用程式等方面的投資，第二季和第三季我們的增量利潤都受到了拖累。

So we do have these investments we can make as well as content. We're conservatively saying we'll reinvest about half as we go, but we'll be thoughtful as we look at the performance of the market and our growth to make sure we drive profitability and margins using the savings.

所以我們確實可以進行這些投資，以及製作內容。我們保守估計將大約一半的資金再投資，但我們會密切關注市場表現和自身成長情況，確保利用節省的資金提高獲利能力和利潤率。

Yes. So I think your question is how do we poor gas on some of the off-platform stuff we're doing. And what I would say is we're really focused on doing that. Our brands are uniquely permission to play in these places. People love them. And again, I go to in a world where things are fake and artificial and no one as who's made what.

是的。所以我覺得你的問題是，我們如何為我們正在進行的一些非平台性工作提供動力。我想說的是，我們正全力以赴地去做這件事。我們的品牌擁有在這些地方開展業務的獨特許可。人們很喜歡它們。我又一次來到了一個虛假、矯揉造作的世界，沒有人知道是誰製造了什麼。

When you see things from our editors, our influencers, our brands on social. The response is great, and the stats of them are great. Like -- for instance, last night on Jimmy Fallon, we announced this year's Sexiest Man Alive, the 40th Sexiest Man Alive. That will be --

當你在社群媒體上看到我們編輯、我們的影響力人物、我們的品牌發布的內容。反應很好，相關數據也很棒。例如——昨晚在吉米法倫的節目中，我們宣布了今年的“全球最性感男士”，也就是第 40 位“全球最性感男士”。那將是--

Who is it?

是誰？

Jonathan Billy from Licken. Okay. I think it's a great show. I wanted to take an Barkley, but they gave me --

來自利肯的喬納森·比利。好的。我覺得這節目很棒。我想拿巴克利獎，但他們給了我--

You guys were two finalist, I wasn't on the run.

你們兩個是決賽入圍者，我當時並沒有參加比賽。

But where you will see that, today, is there will be so much in and around social on that from just a simple release to almost like reality type event type buildups for how we got here. Another great example of what we're doing is in, in style, we launched a series of you called the intern, which is like a mock reality show, 3-, 4-minute episodes. We are getting millions of use per episode on this, and it's a bit of a phenomenon among like the Gen Z female crowd, and it's been a huge hit.

但你今天會看到，社群媒體上到處都會有關於此事的討論，從簡單的發佈到幾乎像現實事件一樣的鋪墊，來解釋我們是如何走到這一步的。我們正在做的事情的另一個很好的例子是，我們推出了一個名為“實習生”的系列節目，它就像一個模擬真人秀，每集 3 到 4 分鐘。我們每集的觀看量都達到了數百萬，這在 Z 世代女性群體中引起了不小的轟動，而且非常受歡迎。

We are -- if you're in the target market of our brands, I am very sure and you're active on social, you will see us everywhere in all kinds of ways. And it's part of what Chris has talked about, we are pivoting our resources to where the audiences are, and you're going to see much more from us here.

如果您是我們品牌的目標市場，並且您活躍於社交媒體，我非常肯定您會在各種場合看到我們。這也是克里斯之前談到的一部分，我們正在將資源轉移到觀眾所在的地方，你們將會看到我們在這裡推出更多內容。

Youssef Squali, Truist.

Youssef Squali，Truist。

This is Robert on for Youssef Squali. Just one. Sorry if I missed this. Curious what the deal with Microsoft looks like, how long it's for, and the unit economics there. And any prospects for new deals on any of the other businesses?

這是羅伯特，代表尤瑟夫·斯誇利。就一個。如果我錯過了這條訊息，請見諒。很好奇與微軟的交易細節、期限、單位經濟效益。其他業務方面有任何達成新交易的前景嗎？

I'll answer it as quick because we already covered it. Yes, I anticipate there will be new deals coming forward. And two, we didn't disclose any terms of the Microsoft deal. Those are confidential. But again, it is a pay-per-use marketplace. So it's a little more a la carte where something like our open AI deal is much more all you can eat, much more of a blanket deal.

我會盡快回答，因為我們之前已經討論過這個問題了。是的，我預計會有新的交易達成。第二，我們沒有透露與微軟交易的任何條款。這些都是機密資訊。但再次強調，這是一個按次付費的市場。所以它更像是點菜式，而像我們開放人工智慧協議這樣的項目則更像是自助餐式的，更像是一攬子協議。

Stephen Ju, UBS.

Stephen Ju，瑞銀集團。

This is (technical difficulty) on for Stephen. So just a couple of questions. the LLM that have been designated as high-value content seems to be changing and publishers are making the change in real time to adjust away from traditional SEOs. So can you just talk more about the steps that you have taken so far? And the other question is in the deck, it mentions that Google search now accounts for 24% of core sessions.

這是史蒂芬遇到的技術問題。所以，我還有幾個問題。那些被認定為高價值內容的LLM（LLM）似乎正在發生變化，出版商們也在即時做出調整，以擺脫傳統的SEO策略。那麼，您能否詳細介紹一下您目前為止採取的步驟？另一個問題在簡報中提到，Google搜尋現在佔核心會話的 24%。

And it seems like the rate of decline has been accelerating, but at the same time, it's also de-indexed from being half your traffic from two years ago. So the headwinds have to dissipate over the coming quarters. So can you talk more about the steps you're taking to control what you control, especially as it regards to the traffic you're getting from elsewhere?

而且，下降速度似乎還在加快，但同時，它的流量也從兩年前的一半下降到了現在的水平。因此，這些不利因素必須在接下來的幾個季度內消散。那麼，您能否詳細談談您為控制自己能夠控制的因素而採取的措施，特別是關於您從其他地方獲得的流量方面？

So let's do the second question first. I didn't totally understand the first question. So I'm going to reask that after I answer the second. Yes, you did -- I mean, you did the math right. We have we're down from at the time of our merger, 60%-ish of our traffic came from Google Search and now it's down to ['24]. So we can see the other side of this. We know what the world looks like, where Google is a very limited source I don't know where it ends. It's definitely not going to 0. I mean we still get traffic from searches where there is an overview.

那我們先來回答第二個問題。我不太明白第一個問題。所以我打算在回答完第二個問題之後再重新問這個問題。是的，你算對了——我的意思是，你計算得沒錯。我們現在的流量比合併時下降了不少，當時大約 60% 的流量來自谷歌搜索，而現在這個比例已經下降了。['24]。所以我們可以看到事情的另一面。我們知道世界是什麼樣子，谷歌提供的資訊非常有限，我不知道它的盡頭在哪裡。絕對不會降到0。我的意思是，我們仍然能從提供概覽的搜尋結果中獲得流量。

So we still do pretty well, and they're not in every category. So I don't know where it ends up, but we're confident we can deal with it. In terms of -- I think what you're asking is how do we fill the sessions gap to keep sessions healthy as part of our mix, that's a combination of a whole bunch of things. It's our own e-mails, it's Google Discover, which is their version of Apple News.

所以我們仍然做得相當不錯，而且他們並非在所有類別中都表現出色。所以我不知道最終結果會如何，但我們有信心可以應付。至於——我認為你問的是我們如何填補課程空缺，以保持課程健康地融入我們的組合中，這涉及到很多方面。這是我們自己的電子郵件，是 Google Discover，它是 Google 版的 Apple News。

It's traffic from direct, it's referral traffic. It's traffic from our direct consumer things we've built, like my recipes and some of the people app stuff. There's a whole host of things we're doing to keep sessions healthy that we'll continue to do. Can you ask your --

既有直接訪問的流量，也有推薦訪問的流量。這是來自我們直接面向消費者的產品帶來的流量，例如我的食譜和一些用戶應用程式之類的東西。為了保持會議的健康發展，我們正在採取一系列措施，並將繼續這樣做。你能問問你的--

That's enough.

夠了。

Matt Condon, Citizens.

馬特康登，市民。

I'll just ask one here. Barry, you talked about launching our standing up businesses based on people's content and brands. Just what stage are we in today with that? Would we expect the products to be launched during the coming quarters.

我就問一個問題吧。巴里，你曾說過要根據人們的內容和品牌來創辦我們的獨立企業。目前我們在這方面處於什麼階段？我們預計這些產品將在未來幾季內上市。

I don't know about coming -- well, certainly, quarter-by-quarter. What I can tell you and Neil can talk about this, but we started this process this inversion idea, a month or two ago, we're going like book by book as deep as we can in sessions where given how much we know about these things. it seems to me, at least probable that we'll be able to invent take out of that knowledge, new products that we own, whether they're new shows, as I've ripped on white LOTUS.

我不知道是否會來——嗯，當然，是按季度來。我可以告訴你的是，尼爾可以跟你聊聊這個，但我們大約一兩個月前就開始了這個「反轉」的想法，我們正在逐本書深入研讀，盡可能地挖掘我們對這些領域的了解。在我看來，至少很有可能，我們能夠利用這些知識創造出我們擁有的新產品，無論是新的節目，就像我之前在《白蓮花》節目中提到的那樣。

But it seems just very obvious to me. If you got travels, you know so much about travel and you're sitting around looking at all those pictures and you say, Well, you know a show about a resort, not hard to think about. It's just the skim of the surface -- in every one of the categories. And we can cover -- I mean, almost every category of content.

但在我看來，這明明很明顯。如果你經常旅行，你對旅行了解很多，你坐在那裡看著那些照片，然後你會說，嗯，你知道，一個關於度假村的節目，這不難想到。這只是冰山一角——在每個類別中都是如此。而且我們可以涵蓋——我的意思是，幾乎所有類型的內容。

So looking at our content, as a way to drive out of it, all sorts of new things that we can start that we can own seems so juicy to me. We can spend mean the next forever, just doing that deep and wide. So I would say it isn't going to come kind of next quarter, but -- we're in it now. But I want to be clear, we do -- we have a roster and pipeline of ideas that are like the people up and like my recipes, ideas that are a little closer to fundamentally what we do now that we are going to roll out over the coming quarters.

所以，審視我們的內容，以此為出發點，從中衍生出各種我們可以開始並擁有的新事物，這對我來說似乎非常有吸引力。我們可以把接下來的時間都用來做這件事，深入而廣泛地去做。所以我覺得它不會在下個季度到來，但是——我們現在已經身處其中了。但我想明確一點，我們確實有——我們有人才儲備和創意儲備，就像我的食譜一樣，這些創意與我們現在所做的事情在本質上更接近，我們將在接下來的幾個季度推出。

Yes, there's not going to be a quiet period. Yes, no. These ideas are coming up. The fundamentals and all the stuff that is natural. -- has been done -- is being done will come out in the next quarters. The stuff I'm talking about, which is real invention here, I think, is going to take a while. But that's why I think it's got I think there's more future in this. I talked earlier about the greenfield of e-commerce that we've exploited for 20-some-odd years. I think there's greenfield here from now to forever.

是的，不會有平靜期。是的，也不是。這些想法正在湧現。基本面和所有自然而然的事情——已經完成的——正在完成的——將在接下來的幾個季度中公佈。我認為，我所說的這種真正的發明創造，還需要一段時間才能實現。但也因為如此，我認為它更有發展前景。我之前談到了我們已經開發了二十多年的電子商務這片新興領域。我認為這裡從現在到永遠都是一片綠地。

Or the strength of the brands because of how much -- what's it -- look, just in the initial sessions, Neil, that we had with our colleagues, -- we just came up with this, that and the other.

或者說，品牌的力量源自於──該怎麼說呢──你看，尼爾，就在我們和同事們最初的幾次會議上，我們提出了這個、那個等等。

It's incredibly energizing to have these brands that have permission to do these things, and it's fun and it's going to be exciting.

看到這些品牌被允許做這些事情，真是令人振奮，而且很有趣，也很令人興奮。

Yes. But -- so I really do think -- and I don't think I'm overhyping it, but this inversion concept of dealing with our brands in this way, we are out impeding everybody else in publishing and chugging through to the other side of the search all these search downtrends, I think that's just puts us in a just fantastic issue.

是的。但是——所以我真的認為——而且我認為我並沒有誇大其詞，但是這種顛覆性的品牌管理理念，讓我們在出版業中脫穎而出，並克服了搜尋量下滑的趨勢，我認為這讓我們處於一個非常棒的境地。

Anyway, with that, thank you, Neil. Thank you, Chris, certainly. And glad to be somewhat noisily with you on this call, and I hope that I will be able to continue that. So thank you all for your time.

總之，謝謝你，尼爾。謝謝你，克里斯，當然。很高興能和你們一起在電話裡聊得這麼開心，也希望以後能繼續這樣下去。感謝各位抽出時間。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。