Lionsgate Studios Corp (LION) 2026 Q3 法說會逐字稿

Good day and welcome to the Lionsgate Third Quarter Fiscal 2026 results call.

大家好，歡迎參加獅門影業2026財年第三季業績電話會議。

(Operator Instructions)

（操作說明）

I would now like to turn the conference over to Nilay Shah, head of investor relations. Please go ahead.

現在我將把會議交給投資者關係主管尼萊·沙阿。請繼續。

Good afternoon.

午安.

Thank you for joining us for the Lionsgate Studio Corporation's fiscal 2026 3rd quarter conference call. We'll begin with opening remarks from our CEO Jon Feltheimer, followed by remarks from our CFO Jimmy Barge. After their remarks, we'll open the call for questions. Also joining us on the call today. Vice Chairman Michael Burns, COO Brian Goldsmith, Chairman of the TV group Kevin Beggs, Chairman of the Motion Picture Group Adam Fogelson, President of Worldwide Television Distribution Jim Packer, and senior advisor to the Office of the CEO at Lionsgate and co-CEO of Three Arts Brian Weinstein. The matters discussed on the call also include forward-looking statements, including those regarding the performance of future fiscal years. Such statements are subject to a number of risks and uncertainties. Actual results could differ materially and adversely from those described in the forward-looking statements as a result of various factors. This includes the risk factors set forth in our public filings for Lionsgate Studios Corp. The company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect any future events or circumstances. I'll now turn the call over to John.

感謝您參加獅門影業公司 2026 財年第三季電話會議。首先由我們的執行長 Jon Feltheimer 致開幕詞，然後由我們的財務長 Jimmy Barge 致辭。他們發言結束後，我們將開放提問環節。今天也有他/她參加了我們的電話會議。副董事長麥可·伯恩斯、營運長布萊恩·戈德史密斯、電視集團董事長凱文·貝格斯、電影集團董事長亞當·福格森、全球電視發行總裁吉姆·帕克，以及獅門影業執行長辦公室高級顧問、三藝公司聯合執行長布萊恩·韋恩斯坦。電話會議討論的事項還包括前瞻性陳述，包括有關未來財政年度業績的陳述。此類聲明存在許多風險和不確定性。由於各種因素的影響，實際結果可能與前瞻性陳述中所述的結果有重大不利差異。這包括我們在獅門影業公司公開文件中列出的風險因素。本公司不承擔任何義務公開披露對這些前瞻性聲明的任何修訂結果，無論這些修訂是為了反映任何未來事件或情況。現在我將把電話交給約翰。

Thank you, Nilay, and good afternoon, everyone.

謝謝你，尼萊，大家下午好。

Thank you for joining us today. We're reporting a quarter that not only keeps us on track for our fiscal '26 financial targets. But positions us for significant growth in fiscal '27 and beyond as the investments we've been making into our intellectual property portfolio translate into strong and growing momentum across our businesses. During the quarter, we launched a new franchise with the worldwide box office success of Paul Feig's thriller The Housemaid.

感謝您今天蒞臨。我們公佈的季度業績不僅使我們繼續朝著 2026 財年的財務目標穩步前進。但隨著我們對智慧財產權組合的投資轉化為我們各項業務強勁且不斷增長的勢頭，這將使我們在 2027 財年及以後實現顯著成長。本季度，我們憑藉保羅費格執導的驚悚片《下女》在全球票房上的成功，推出了一個新的系列電影。

We expect the sequel, The Housemaid's Secret, to begin production later this year.

我們預計續集《女傭的秘密》將於今年稍晚開拍。

Released 12 days before the end of the quarter, the majority of the housemaid's contribution will fall in Q4 and continue into fiscal '27.

該職位在季度末前 12 天公佈，女傭的大部分收入將計入第四季度，並持續到 2027 財年。

Last week we began production on John Rambo directed by Sisu's Jalmari Helander with rising star Noah Centeno from our Lionsgate television series The Recruit, and we announced plans to produce one of our most iconic properties, Dirty Dancing, shepherded by Hunger Games producers Nina Jacobson and Brad Simpson and starring Jennifer Gray.

上週，我們開始製作由 Sisu 的 Jalmari Helander 執導、獅門影業電視劇《諜海計中計》中冉冉升起的新星 Noah Centeno 主演的《第一滴血3：約翰蘭博》。同時，我們也宣布了製作我們最具標誌性的作品之一《辣身舞》的計劃，該片由《飢餓遊戲》的製片人 Nina Jacobson 和 Brad Simpson 操刀，並由 Jennifer Gray 主演。

These are part of a growing portfolio of more than 40 active franchise properties that are being extended across multiple platforms including film, television, video games, and live experiences.

這些是不斷增長的特許經營項目組合的一部分，目前該組合擁有 40 多個活躍的特許經營項目，這些項目正在擴展到包括電影、電視、電子遊戲和現場體驗在內的多個平台。

After teasing it on the Grammy telecast, the next day, we release the full trailer of Michael to wildly enthusiastic fan response as we continue to ramp up the campaign for the film's April 24th global rollout.

在葛萊美頒獎典禮上進行預告後，第二天，我們發布了邁克爾的完整預告片，粉絲們反響熱烈，我們也繼續加大宣傳力度，為該片 4 月 24 日的全球上映造勢。

With 3 major tentpoles anchoring our fiscal '27 slate, we expect to continue building momentum generated by the housemaid and other recent box office successes.

憑藉 3 部重磅影片支撐著我們 2027 財年的計劃，我們預計將繼續保持《女傭》和其他近期票房成功影片所帶來的勢頭。

Our television group has secured renewals for 12 of our 13 current scripted series, and notably these renewals, which include the studio, The Hunting Wives, and The Rainmaker, are spread across 12 different buyers.

我們的電視集團已為我們目前 13 部劇本系列劇中的 12 部爭取到了續訂，值得注意的是，這些續訂劇集（包括工作室、《狩獵妻子》和《造雨人》）被分配給了 12 位不同的買家。

And finally, our film and television library achieved its fifth straight record quarter with trailing 12 month revenue reaching an all-time high of $1.05 billion.

最後，我們的電影和電視資料庫連續第五個季度創下紀錄，過去 12 個月的收入達到歷史新高 10.5 億美元。

Turning to our individual segments, our motion picture group had a strong quarter with the success of Francis Lawrence's profitable and critically acclaimed adaptation of Stephen King's The Long Walk. Ruben Fleischer's Now You See Me, Now You Don't, which grossed nearly $250 million at the worldwide box office, and of course the housemaid as we roll out a diversified slate that spans every genre and budget category. Both the Housemaid and Now You See Me achieved exceptionally strong international box office performances with particularly strong results in the markets where we self-distribute. The UK and Latin America bolstering our position as the only studio licensing a steady supply of major properties to leading international theatrical distributors.

再來看我們各個業務板塊，電影板塊本季表現強勁，弗朗西斯勞倫斯執導的史蒂芬金小說《長途跋涉》改編電影取得了成功，既盈利又廣受好評。魯本弗雷斯徹執導的《驚天魔盜團》在全球票房拿下近 2.5 億美元，當然還有女傭，因為我們推出了一系列涵蓋各種類型和預算類別的多元化影片。《下女》和《驚天魔盜團》都在國際票房上取得了非常強勁的成績，尤其是在我們自行發行的市場，成績更是十分亮眼。英國和拉丁美洲鞏固了我們作為唯一一家能夠持續向國際領先的院線發行商授權主要IP的電影製片廠的地位。

As I mentioned, we continue to expand the largest and most valuable portfolio of franchises and other branded IP outside the five major studios, fueling our slate with upcoming temples like Michael in April, The Hunger Games Sunrise on the Reaping in November, and Resurrection of the Christ, Parts 1 and 2, next March and May respectively.

正如我之前提到的，我們不斷拓展五大電影公司之外規模最大、最有價值的特許經營權和其他品牌知識產權組合，為我們的片單注入活力，即將上映的影片包括 4 月份的《邁克爾》，11 月份的《飢餓遊戲：收割日》，以及明年 3 月和 5 月分別上映的《基督復活》第一部和第二部。

Behind them, the housemaid's Secret, John Rambo, Dirty Dancing, Kane, the next film from the John Wick franchise, Naruto, American Psycho, and new installments of Saw and Blair Witch are all either in production, being readied for production, or in fast track development, a really powerful slate of intellectual property that matches the right creative auspices with the right content.

在它們身後，《女傭的秘密》、《第一滴血》、《熱舞狂潮》、《凱恩》、《疾速追殺》系列的下一部電影、《火影忍者》、《美國精神病人》以及《熱舞狂潮》和《女巫布萊爾》的新續集，要么正在製作中，要么正在準備製作合適，要么正在快速開發中，這是一系列非常強大的知識產權，將一系列的內容結合。

In television, our series continued to perform well across every platform. The studio, which just began shooting its second season for Apple TV, was one of the most critically acclaimed shows of the year.

在電視方面，我們的劇集在各個平台上的表現都持續良好。工作室剛開始為 Apple TV 拍攝第二季，這是今年最受好評的劇集之一。

The Hunting Wives was Netflix's top non-original English language series for the second half of last year and debuted high on their global list of TOP10 shows despite only airing on Netflix in the US.

《獵豔的妻子們》是 Netflix 去年下半年最受歡迎的非原創英語劇集，儘管只在美國 Netflix 上播出，但其全球十大劇集榜單中也名列前茅。

The Rainmaker was USA Network's most watched freshman series in 7 years.

《造雨人》是美國電視網7年來收視率最高的新劇。

Robin Hood has ranked #1 on MGM Plus for 9 weeks in a row, and the rookie has been resurgent in its 8th season on ABC.

《羅賓漢》已連續 9 週在 MGM Plus 收視率排名第一，這部新劇在 ABC 電視台播出第八季後也強勢回歸。

The rookie North spin-off pilot begins shooting in Vancouver later this month, and Spartacus House of Asher is one of the best reviewed series on Starz with a 92% Rotten Tomatoes rating and performing well across its international platforms.

新人影集《諾斯》衍生劇試播集將於本月稍晚在溫哥華開拍，《斯巴達克斯：阿舍爾之家》是 Starz 上評價最高的影集之一，爛番茄新鮮度高達 92%，在國際平台上的表現也十分出色。

And in a business where renewals are the name of the game, the renewal of nearly every one of our scripted shows anchors a fiscal '27 slate with double the number of scripted episode deliveries and a diversified mix of cost plus and retain rights models balancing profitability with long-term value creation.

在續訂至關重要的行業中，我們幾乎所有劇本節目的續訂，為 2027 財年奠定了基礎，劇本劇集交付量翻了一番，並採用了成本加成和保留權模式的多樣化組合，在盈利能力和長期價值創造之間取得了平衡。

33% of our record library revenue this quarter comes from our television series, more than doubling the percentage from 10 years ago.

本季我們唱片庫收入的 33% 來自電視劇，比 10 年前的比例翻了一番還多。

Achieving 5 record quarters in a row reflects the work we put into managing and growing that library, enhancing it with new technologies, monetizing it across new buyers and platforms, selectively buying back rights and striking the right balance between acquisitions and organic growth. As a result, we have one of the youngest major libraries of any studio with 85% of our 20,000 plus titles produced since 2000. And nearly 2/3 of library revenue coming from titles outside the TOP50. In closing, We like our place in the media ecosystem and the trajectory of our businesses. Our film and television pipelines are strong. Our library continues to grow, and we're replenishing it with valuable new franchises and brand defining television series.

連續 5 個季度創下紀錄，反映了我們在管理和發展該庫方面所付出的努力，包括利用新技術增強庫的實力、通過新的買家和平台實現庫的貨幣化、有選擇地回購版權以及在收購和自然增長之間取得適當的平衡。因此，我們擁有所有工作室中最年輕的主要遊戲庫之一，我們 20,000 多個遊戲作品中有 85% 都是在 2000 年之後製作的。近三分之二的圖書館收入來自前 50 名以外的圖書。最後，我們對自身在媒體生態系統中的地位以及我們業務的發展軌跡感到滿意。我們的影視產業發展管道強大。我們的片庫不斷擴充，我們持續引進有價值的新系列作品和品牌標誌性的電視影集。

We're a leading global content company at a time when content is king, critical to AI, essential to our partners, and the subject of every conversation around M&A and industry consolidation.

我們是全球領先的內容公司，而如今內容為王，對人工智慧至關重要，對我們的合作夥伴必不可少，並且是併購和產業整合相關討論的焦點。

We continue to lower our costs and restructure our businesses so we can move faster and more efficiently than ever before. We continue to align ourselves with our shareholders, adding former US Treasury Secretary and major shareholder Steven Mnuchin to our board, converting our dual share structure into a single class of stock and letting our shareholder rights plan lapse in May.

我們將繼續降低成本並重組業務，以便比以往任何時候都更快、更有效率地開展工作。我們繼續與股東保持一致，將前美國財政部長兼主要股東史蒂文·姆努欽納入董事會，將雙重股票結構轉換為單一類別股票，並讓我們的股東權利計劃在 5 月失效。

Although there are many disruptive forces reshaping our industry, the rise of AI, the power of social platforms, and the increased tempo of M&A, to name just a few, We believe that we are prepared to adapt to all of them as a dynamic, agile, and entrepreneurial company positioned for sustainable growth.

儘管有許多顛覆性力量正在重塑我們的行業，例如人工智慧的崛起、社交平台的力量以及併購節奏的加快等等，但我們相信，作為一家充滿活力、靈活敏捷、具有創業精神的公司，我們已經做好了適應所有這些變化的準備，以實現可持續增長。

Now I'd like to turn things over to Jimmy.

現在我想把事情交給吉米。

Thanks, John, and good afternoon, everyone. I'll briefly discuss our fiscal 3rd quarter 2026 studio financial results and provide an update on the balance sheet.

謝謝你，約翰，大家下午好。我將簡要討論我們 2026 財年第三季的工作室財務業績，並提供資產負債表的最新情況。

Landscape Studios revenue was up 1% year over year to $724 million. Adjusted OIBIDA was $85 million and operating income was $36 million. Reported fully diluted loss per share was $0.16, and fully diluted adjusted earnings was 1 penny a share.

Landscape Studios 的營收年增 1%，達到 7.24 億美元。調整後的 OIBIDA 為 8,500 萬美元，營業收入為 3,600 萬美元。報告顯示，完全稀釋後每股虧損為 0.16 美元，完全稀釋後調整後每股收益為 1 美分。

Net cash flow used in operating activities was $109 million while use of adjusted free cash flow for the quarter was $58 million.

本季經營活動使用的淨現金流為 1.09 億美元，而調整後自由現金流的使用量為 5,800 萬美元。

Trailing 12 month library revenue continued to demonstrate strength with growth of 10% year over year to $1.050 billion and reached record levels for the fifth consecutive quarter.

過去 12 個月的圖書館收入持續保持強勁勢頭，年增 10% 至 10.5 億美元，連續第五個季度創下歷史新高。

Now breaking down our performance in the quarter, I'll start with a discussion of our studio segment profit.

現在來分析我們本季的業績，我將先討論我們工作室部門的利潤。

Studio segment profit, which reflects our motion picture and television segment profits before corporate overhead expense, has grown sequentially throughout the fiscal year and was $114 million in the quarter.

工作室業務利潤（反映的是我們電影和電視業務在扣除公司管理費用之前的利潤）在本財年內逐季增長，本季達到 1.14 億美元。

This sequential cadence reflects the back end loaded fiscal year we previously outlined, and we expect it to continue into Q4.

這種循序漸進的節奏反映了我們先前概述的財年後期密集型安排，我們預計這種情況將持續到第四季度。

We reference our studio segment profit because this metric is generally more comparable to the studio EBITDA figures reported by many of our peers, as most other media companies do not include corporate overhead expenses in their reported studio results.

我們參考工作室部門的利潤，因為該指標通常與許多同行報告的工作室 EBITDA 數據更具可比性，因為大多數其他媒體公司在其報告的工作室業績中不包括公司管理費用。

Moving to motion picture, revenue grew 35% year over year to $421 million driven by the release of Now You See Me, Now You Don't, The Housemaid, and Good Fortune. Segment profit expectedly declined year over year to $59 million primarily on the timing of P&A spend to support three wide theatrical titles, including the December 19th release of the housemaid.

電影方面，受《驚天魔盜團》、《下女》和《好運》上映的推動，營收年增 35%，達到 4.21 億美元。由於宣傳和發行支出用於支持三部大規模院線電影（包括 12 月 19 日上映的《女傭》），該部門利潤按預期同比下降至 5,900 萬美元。

The quarter included approximately $100 million of P&A spend in the US, which is helping drive future value across our release slate and replenishing library.

本季在美國的宣傳推廣支出約為 1 億美元，這有助於推動我們未來發行計畫的價值成長並補充我們的產品庫。

Looking ahead, we expect Motion Picture will end the fiscal year strong as we have significant carryover box office from the housemaid and an increase in the number of titles entering their pay one window in Q4.

展望未來，我們預計電影業務將在本財年以強勁的勢頭結束，因為我們從《女傭》中獲得了可觀的票房收入，並且第四季度進入付費窗口的影片數量也有所增加。

As we outlined last quarter, There will be some P&A spend in the 4th quarter tied to the April release of Michael.

正如我們上個季度所概述的那樣，第四季度將有一些宣傳和推廣支出，這與邁克爾在四月的發布有關。

But we are confident this and other key tent pole theatrical releases in Fiscal '27 will drive robust growth in our motion picture business.

但我們相信，這部影片以及 2027 財年的其他幾部重磅院線電影將推動我們電影業務的強勁成長。

Moving to TV, revenue was $303 million and segment profit was $56 million. Revenue and segment profit were expectedly down year over year due to the previously mentioned timing of episodic deliveries in the quarter, partially offset by strengthened television library revenue. As a reminder, the prior year of third quarter included the financial contribution from the inaugural season of the studio, creating a difficult comparison.

電視業務方面，營收為 3.03 億美元，部門利潤為 5,600 萬美元。由於前面提到的本季劇集交付時間安排，收入和部門利潤同比下降，這在意料之中，但電視節目庫收入的增長部分抵消了這一影響。需要提醒的是，上一年第三季包含了工作室第一季度的財務貢獻，因此難以進行比較。

As John highlighted, the television group has already secured renewals for an impressive 12 out of 13 of its current scripted series, which reinforces our confidence in achieving our previously outlined goal of doubling scripted episodic deliveries in fiscal '27. Now let's take a look at the balance sheet. We ended the quarter with $1.75 billion of net debt, and leverage expectedly increased to 7.4 times due to lower trailing 12 month adjusted EBITDA. The revolver had $770 million of undrawn capacity available at the end of the quarter, and we had $213 million of cash on the balance sheet.

正如約翰所強調的那樣，該電視集團目前13部劇集中已有12部獲得了續訂，這增強了我們對實現先前製定的在2027財年將劇集交付量翻一番的目標的信心。現在我們來看一下資產負債表。本季末，我們的淨債務為 17.5 億美元，由於過去 12 個月的調整後 EBITDA 下降，槓桿率如預期般上升至 7.4 倍。截至季末，循環信貸額度仍有 7.7 億美元未提取，資產負債表上現金為 2.13 億美元。

We anticipate leverage will meaningfully decline from these levels as adjusted OIBIDA and free cash flow improve.

我們預計，隨著調整後 OIBIDA 和自由現金流的改善，槓桿率將從目前的水平大幅下降。

Additionally, our backlog remains elevated at $1.5 billion up 26% year over year. As you will recall, backlog represents off balance sheet contractual orders not yet delivered and is indicative of the visibility we have in future revenues and cash flow.

此外，我們的積壓訂單仍然很高，達到 15 億美元，年增 26%。您應該還記得，積壓訂單代表資產負債表外的合約訂單，尚未交付，它反映了我們對未來收入和現金流的可見度。

Looking forward, we anticipate exiting the fiscal year with significant momentum heading into fiscal '27 across both our motion picture and television businesses, with Q4 adjusted OIBIDA expected to improve materially from Q3 levels on strong theatrical carryover.

展望未來，我們預計在進入 2027 財年時，電影和電視業務都將保持強勁的增長勢頭，第四季度調整後的 OIBIDA 預計將比第三季度水平有顯著改善，這主要得益於強勁的影院票房增長。

With continued carryover profit from our fiscal '26 film slate, a tentpole heavy fiscal '27 release schedule, and increased scripted episodic deliveries, we remain on track to deliver strong, adjusted OBI growth in fiscal '27 relative to fiscal '25.

憑藉 2026 財年電影計劃的持續結轉利潤、2027 財年重磅影片上映計劃以及劇本類劇集的增加，我們仍有望在 2027 財年實現相對於 2025 財年的強勁的經調整 OBI 增長。

Now I'd like to turn the call over to Neelee for Q&A.

現在我想把電話交給尼莉，讓她回答大家的問題。

Thanks Jimmy.

謝謝你，吉米。

Operator. Can we open the lines up for Q&A?

操作員。我們可以開放問答環節嗎？

Yes sir, we will now begin the question-and-answer session.

是的，先生，我們現在開始問答環節。

(Operator Instructions)

（操作說明）

David Joyce, Seaport Research Partners.

David Joyce，Seaport Research Partners。

Thank you. I appreciate that 2027 is shaping up very strongly with theatrical releases that we've been talking about and the doubling of episodic deliveries on the TV side. What can give us confidence in the sustainability of these volumes and the profitability of the business model given the backdrop of industry consolidation?

謝謝。我很高興看到 2027 年的電影市場發展勢頭強勁，我們一直在討論電影上映計劃，而且電視劇集的播出量也將翻一番。在產業整合的大背景下，是什麼讓我們對這些銷售的可持續性和商業模式的獲利能力充滿信心？

What would you see happening in terms of the buyers or other platforms where you can monetize your content?

您認為在買家或其他可以實現內容變現的平台方面，將會發生什麼變化？

Thank you.

謝謝。

Hey David, it's Kevin Beggs responding. We're seeing some really nice green shoots, in the market, a number of players that we hadn't been working with before that we're doing more with, John pointed to the Rainmaker on USA. That's been a really great new partnership. They've been out of scripted for a while. This is moving into a second season, performed well. We have a hit in Robin Hood with MGM Plus. We had previously not worked there. We have more in development there. Many of the buyers that were kind of slowed down or taking it, a little more, carefully are opening up, more commissions, we continue to find entrepreneurial ways to get shows on the air via cost plus and or deficit models. Our distribution team is so strong we're getting commissions in international markets, bringing those shows back into the US, so. And many of the shows referenced are long-running shows, the rookies in season eight. It's been a great success for us on ABC. So those are the reasons that we feel, quite bullish about.

嗨，大衛，我是凱文貝格斯。我們看到市場上出現了一些非常好的復甦跡象，一些我們以前沒有合作過的玩家現在正在與我們進行更多合作，約翰指著美國Rainmaker公司說。那真是一項非常棒的新合作關係。他們已經有一段時間沒有照劇本表演了。這部劇已經進入第二季了，表現不錯。我們與 MGM Plus 合作推出的《羅賓漢》大獲成功。我們之前沒有在那裡工作過。我們還有更多項目正在那裡開發中。許多先前行動有所放緩或更謹慎的買家現在也開始放慢腳步，提供更多佣金，我們繼續尋找創業方法，透過成本加成或虧損模式讓節目播出。我們的發行團隊實力非常強大，我們在國際市場上獲得了委託，並將這些節目帶回了美國。而且，提到的許多節目都是長壽節目，新節目已經播出到第八季了。這對我們來說在ABC電視台取得了巨大的成功。所以，以上就是我們看好這家公司的原因。

This, cadence maintaining in place and holding, but it's not easy and requires, 24/7 attention and the kind of entrepreneurial ideas that we bring to the market every day.

保持節奏不變並堅持下去，但這並不容易，需要全天候的關注以及我們每天帶到市場上的那種創業理念。

Hi David, it's Jim Packer. One thing I would say also from a buying perspective, if you just look at our trailing 12 months and the and the directional number, it's obviously a new benchmark. We always have an ebb and flow with buyers. Certain buyers are slowing down because of mergers or acquisitions or various things, but others stand up and start to fill those voids. I don't have a streamer that I need to take into consideration so we can really play the market. And I think overall the trends are going to continue, and I also have a slate coming in from Adam of Now You See Me, Dirty Dancing, Hunger Games, another Wiccan so. If you look at those franchises, all of those have other film and TV products associated with them, and that helps my drag along. So I feel pretty good about it.

嗨，大衛，我是吉姆·帕克。從購買者的角度來看，還有一點需要說明，如果你看看我們過去 12 個月的業績和方向性數據，這顯然是一個新的基準。買家數量總是有起有落。由於合併、收購或其他各種原因，一些買家放慢了腳步，但其他買家則挺身而出，開始填補這些空白。我沒有需要考慮的主播，所以我們可以真正在市場上運作。而且我認為整體趨勢還會繼續下去，我還有來自《驚天魔盜團》、《熱舞狂潮》、《飢餓遊戲》以及另一部巫術題材電影的亞當的片單即將推出。如果你看看這些系列作品，你會發現它們都有相關的其他電影和電視產品，這對我繼續前進很有幫助。所以我感覺還不錯。

Yeah, and I would say from a macro, David, both the potential existing bidders are talking about more movies bolstering their streaming. Platforms on a global basis and at the end of the day a stronger scale streamers are going to be better for us in terms of original content, going to be better for us as Jim was saying in terms of selling a library, so I don't think, I think sort of the thesis that this consolidation is going to be a negative. I kind of see it the other way. I. I think it's going to be a positive. They both want to do movies. I think they're both committed. David just did, in the UK in his speech to really a big slate of movies. And so, and we want more movies in the marketplace. I think that that's bringing the audience already back to the theater. So we think we're heading towards a nice macro environment.

是的，從宏觀角度來看，David，目前潛在的競標者都在談論透過更多電影來增強他們的串流服務。從全球範圍來看，規模更大的串流媒體平台最終對我們原創內容更有利，正如吉姆所說，對我們銷售內容庫也更有利，所以我不認為這種整合會帶來負面影響。我的看法正好相反。我認為這將是件好事。他們兩個都想拍電影。我認為他們倆都很投入。大衛剛在英國發表演說時，就大力宣傳了一系列電影。所以，我們希望市場上能有更多電影。我認為這已經把觀眾帶回了劇院。所以我們認為我們正朝著一個良好的宏觀環境邁進。

Great, thank you very much.

太好了，非常感謝。

Thomas Yey, Morgan Stanley.

Thomas Yey，摩根士丹利。

Thanks so much. Hello, everyone. One more maybe on the health of the more immediate downstream window for motion picture. There was a big pay one deal struck recently, obviously, and I know you have an Amazon agreement kicking in as well. When you have a success like Housemaid, how should we think about the carryover benefits, particularly just in the context of the pay one monetization of that and whether you see maybe home video rental market as something that could be strong as well, or if that gets squeezed by pay one becoming more prominent. And then on the AI front, I saw the appointment of a Chief Ai Officer. Maybe give us an update on the runway partnership and what other avenues you're maybe looking to unlock here, with that position. That'd be very helpful.

非常感謝。大家好。或許還可以再探討電影產業更直接的下游發展階段的健康狀況。顯然，最近達成了一項大手筆的支付協議，而且我知道你還有一份亞馬遜的協議即將生效。當《女傭》取得像《Housemaid》這樣的成功時，我們應該如何看待其帶來的後續收益，尤其是在其付費模式的背景下，以及你是否認為家庭視頻租賃市場也可能表現強勁，或者是否會因為付費模式的日益普及而受到擠壓。然後，在人工智慧方面，我看到了首席人工智慧長的任命。或許可以跟我們介紹一下T台合作的最新進展，以及你希望利用這個職位開拓哪些其他途徑。那將非常有幫助。

Thank you.

謝謝。

Yeah, on Housemaids, a great carryover thinks it's fantastic, and page 1 will be rolling over.

是的，《女傭》這部劇的續訂率很高，認為它很棒，第一頁的排名會一直保持高位。

We're very excited about that as part of the carryover into Q4 and then obviously major carryover in 27 on Housemates and quite frankly, the entire fiscal '26 film slate. So we're really excited about that.

我們對此感到非常興奮，因為這將延續到第四季度，然後顯然，2027 年《室友》以及坦白說，整個 2026 財年的電影計畫也將迎來重大的延續。所以我們對此感到非常興奮。

Yeah, Thomas, I would say also on the pay one environment in general, I think the Sony Netflix deal solidified the fact that pay movies are some of the most valuable content out there.

是的，托馬斯，我也想說，就整個付費環境而言，我認為索尼與Netflix的合作鞏固了付費電影是目前最有價值的內容之一。

We saw it, we have a great pay one deal with Starz. We have Amazon after Stars.

我們看到了，我們和Starz達成了一項很棒的一次性付費協議。亞馬遜在明星之後。

Housemaids, as you mentioned, is actually going to be Starz and HBO. But really the key for us is that right after these pay one windows are over, you have.

正如你所提到的，《女傭》實際上將在 Starz 和 HBO 播出。但對我們來說，關鍵在於這些一次性付款窗口結束後，您就擁有了。

Multiple years that you can go into the open market and people can really bid on these titles so that the beauty of having a housemaid is we haven't had one of kind of this level in a while so that's going to really, I think, help the entire team and we go out to an ecosystem that, can have a shot at something that's going to be a great, I think a great bidding situation for us.

多年來，你可以進入公開市場，人們可以真正競標這些職位，所以擁有一個女傭的好處是，我們已經很久沒有這種級別的職位了，所以我認為這真的會幫助整個團隊，我們將進入一個生態系統，有機會獲得一些職位，我認為這對我們來說將是一個絕佳的競標機會。

And I'll answer your question on AA look.

我會回答你關於AA外觀的問題。

We have the opportunity to bring in somebody, Kathleen Grace. You read about her, somebody who obviously has a very strong grasp of AI of the AI ecosystem. She's going to report directly to me that shows how important this is as we integrate it into every facet of our business. I should point out she comes from both a creative background as well as from a company, of Vermillion, that really their whole mandate is the protection of creators and talent in respect to AI, adoption. So that's a real priority for us. In terms of runway, look, we have a Really strong relationship with Cristobal and all of his people and are experimenting in a lot of ways and I would say Kathleen will be the point person for us, the point of the spear in terms of any conversation we have, and I expect to have some pretty interesting ones with all of the major AI companies in terms of potential future partnerships.

我們有機會引進凱瑟琳·格雷斯。你讀過關於她的報道，她顯然對人工智慧和人工智慧生態系統有著非常深刻的理解。她將直接向我匯報，這表明在我們將其融入業務的各個方面時，這件事有多重要。我應該指出，她既有創意背景，又來自 Vermillion 公司，該公司的真正使命是保護創作者和人才在人工智慧應用方面的權益。所以這確實是我們工作的重中之重。就跑道而言，我們與 Cristobal 和他的團隊建立了非常牢固的關係，並且正在以多種方式進行嘗試。我認為 Kathleen 將是我們的聯絡人，也是我們所有對話的先鋒。我預計會與所有主要的 AI 公司進行一些非常有趣的對話，探討未來潛在的合作關係。

Thank you.

謝謝。

Thanks how much operator that we could go ahead.

非常感謝運營商的幫助，我們才能繼續進行下去。

Oh, thank you.

哦，謝謝。

Omar Majz, Wells Fargo.

奧馬爾‧馬伊茲，富國銀行。

Hey, it's TK Hall on for Omar. Since I'm on the call tonight, I might squeeze a few in if that's okay. First, John, I was just hoping to follow-up on your comments on AI.

嘿，我是TK Hall，正在為Omar解說。因為我今晚要參加電話會議，如果可以的話，我可能會擠出時間回答幾個問題。約翰，首先，我只是想就你之前關於人工智慧的評論做一些後續探討。

If you could just talk a little more about some of the broad initiatives for the company, I know, I think Jim Packer has some benefits in his business and program. Fast channels we've heard there's things like reshoots and visual effects that can benefit as well. So in addition to the partnerships, I'd love to just know how you're thinking about kind of infusing it into the business day to day.

如果您能再多談談公司的一些整體舉措，我知道，我認為吉姆·帕克在他的商業和計劃中取得了一些成就。我們聽說，快速通道還能從補拍和視覺特效等方面受益。所以除了合作關係之外，我還很想知道您是如何考慮將它融入日常業務中的。

Michael, I saw you on CNBC in December. You talked about the success of the housemaid, another face-based film that maybe was at Lionsgate, but I'm just wondering as you. Kind of the middle budget targeted area, what you're most excited about for the slate beyond Michael in fiscal '27 and then finally Jimmy, just, you talked a lot about the EBITDA growth coming ahead.

邁克爾，我去年12月在CNBC上看到你。你談到了《女傭》的成功，這是另一部以臉部特寫為賣點的電影，可能是在獅門影業出品的，但我只是和你一樣好奇。預算目標範圍大致在中等水平，對於 2027 財年邁克爾之後的計劃，以及最後吉米，你最興奮的是什麼？你談到了很多關於未來 EBITDA 成長的事情。

Do you see any pathways to inorganic de leveraging as well as organic de leveraging as you look ahead? Thanks.

展望未來，您認為有哪些方法可以實現無機去槓桿化以及有機去槓桿化？謝謝。

Let's start with. Adam.

讓我們從…開始。亞當。

Yeah, hey, so as it relates to the opportunities in the mid-budget space, we're excited to be working off of the success that we've had recently. Obviously the Housemaid was an incredibly well priced film that's generated massive returns. Similarly, The Long Walk was loved by critics, loved by audiences, and we worked with Francis Lawrence and our talent partners to make sure we made it for a price where it could deliver a spectacular return on investment.

是的，嘿，就中等預算領域的機會而言，我們很高興能夠基於我們最近的成功開展工作。很明顯，《下女》是一部製作成本非常低的電影，並且獲得了巨大的收益。同樣，《長途跋涉》深受評論家和觀眾的喜愛，我們與法蘭西斯勞倫斯和我們的人才合作夥伴一起努力，確保這部電影的製作成本能夠帶來驚人的投資回報。

We've got a couple more coming in the very near future. Strangers is the 3rd chapter of a of a trilogy made for such an incredibly smart and responsible price that. We're looking at fantastic results, and I can only imagine follows right on its heels, sequel to the highest grossing, faith movie that the studio has had, and we've got, a bunch of other films coming that fit into that category. So alongside the tent poles, alongside the Michaels and The Hunger Games and The Resurrections, we've got a bunch of films in the low and mid-budget category that we feel really good are made with the right creative partners made. The right price, have a marketing hook embedded in the idea that we can work off of, and when we look at the at the slate in total, we think we're going to turn out some really good returns.

我們近期還會推出另外幾款產品。《陌生人》是三部曲的第三部，製作成本非常合理且合理。我們看到了非常棒的成績，我可以想像，這部電影的續集將會緊隨其後，成為該工作室有史以來票房最高的信仰題材電影，而且我們還有很多其他符合這一類別的電影即將上映。所以，除了像邁克爾斯、《飢餓遊戲》和《復活》這樣的大製作之外，我們還有很多低成本和中等預算的電影，我們覺得這些電影製作得非常好，而且是由合適的創意夥伴製作的。價格合適，創意中融入了行銷賣點，我們可以以此為基礎開展工作，當我們全面審視所有項目時，我們認為我們將獲得非常好的回報。

Yeah. I'll take, I'll drill down more with you on AIDK, but you covered a lot of ground, frankly. You talked about scheduling fast channels. Yes, we're doing that postproduction, enhancing some of the effects, something I think I may have mentioned before, we are tainly. I used it on Spartacus very effectively to open it up. Expect to use it even more, plan for it a little bit more this year. We use it for pre-vis in the motion picture business. We're looking at it in enhancing in some ways, some script. Revisions, things like that, obviously working with the writers, if we are, we certainly have it integrated into all of our technical operations, obviously that's a reasonably easy one, and if we're playing with it in any original creation ways, maybe we are, but I'm not going to talk about it.

是的。我會繼續深入探討 AIDK，但坦白說，你已經涵蓋了很多內容。你談到了安排快速通道。是的，我們正在進行後製，增強一些效果，我想我之前可能提到過，我們確實在這樣做。我用它對付斯巴達克斯，效果非常好，很快就打開了它。今年預計會更頻繁地使用它，所以要為此做更多規劃。我們在電影業中將其用於前期視覺化。我們正在研究如何從某些方面改進它，例如一些腳本。修改之類的事情，顯然要和編劇合作，如果我們有合作的話，我們肯定會將其融入到我們所有的技術操作中，這顯然比較容易，如果我們以任何原創的創作方式來嘗試它，也許我們會，但我不會談論它。

Yeah, and Omar, your question about an organic de levering, if you will, certainly 3 arts would be an opportunity to de lever, but you know we're in a position of strength there. That's not the primary objective. I would really go more to give you comfort. On the organic delevering that will naturally occur. You see the pipeline, you see the backlog of billion 5, 80% of that is future revenue and cash flows that come in in the next 15 months, okay. So we're going to naturally, we said this was the peak leverage. We're naturally we're trailing 12 months and free cash flow, not only back end loaded this year, but the carryovers into 27 and the significant growth in the 27. Feel really good about that. Levering, I will tell you we're going to be, I would expect to be in kind of the mid 4s by the middle of fiscal '27 and, that 3 to 3.5 range where we would more likely be in fiscal '28. So that's just happening naturally.

是的，奧馬爾，你問的關於有機去槓桿化的問題，如果你願意這麼說的話，當然，3 Arts 是一個去槓桿化的機會，但你知道我們在這方面處於優勢地位。那並非主要目標。我真的很想多花點時間讓你感到舒適。關於自然發生的有機去槓桿化。你看，專案儲備金高達50億美元，其中80%是未來15個月內的收入和現金流，好嗎？所以很自然地，我們說過這是槓桿作用的峰值。我們自然會關注過去 12 個月的自由現金流，不僅今年的業績會大幅下滑，而且還會延續到 2027 年，並帶來 2027 年的顯著增長。對此我感到非常欣慰。槓桿作用方面，我可以告訴你，我預計到 2027 財年中期，我們的比率將達到 4% 左右，而到 2028 財年，我們更有可能達到 3% 到 3.5% 的區間。所以這都是自然而然發生的。

Thanks.

謝謝。

Brent Pitner, Raymond James.

Brent Pitner，Raymond James。

Hey, everyone, thanks for taking the questions. First one on the M&A topic you brought up, Warner Brothers obviously commanding a very high valuation and has had 3 large, sophisticated bidders. The question is, why now? Why do you think there's so much interest in this kind of studio asset now in particular and for Lionsgate, it seems like you all have more openly talked about M&A recently and you're letting the poison pill expire. So, the same question to you all in terms of why would now make sense for you to participate in M&A versus sometime in the past.

大家好，感謝大家回答問題。首先，關於你提到的併購話題，華納兄弟顯然估值很高，並且已經吸引了 3 家實力雄厚、經驗豐富的競購者。問題是，為什麼是現在？你認為為什麼現在人們對這類工作室資產如此感興趣，尤其是對獅門影業而言？你們最近似乎更公開地談論併購，而且你們正在讓「毒丸計畫」失效。所以，同樣的問題也問你們：為什麼現在參與併購對你們來說比過去更有意義？

We think. That Michael, we think that recognizable world-class IP has never been more valuable, and you're certainly seeing a validation of premium content when you have those well-heeled players pursuing Warner Brothers. We don't know who's going to end up with that, but we do believe that that is the first domino to fall.

我們認為。邁克爾，我們認為，如今世界級知名IP的價值從未如此之高，而當那些財力雄厚的公司競相收購華納兄弟時，你無疑也看到了優質內容的價值得到了認可。我們不知道最終會是誰得到它，但我們相信這是第一張倒下的骨牌。

Okay, and then a financial question, so on OID, my understanding has always been, OIDA gets hit for the financing cost of production loans on films, which is why we don't include those in net debt or EV valuation multiples. Can you just update us on how much film financing cost there is above the line that hits OIDA?

好的，接下來是一個財務問題。關於 OID，我的理解一直是，OIDA 會因電影製作貸款的融資成本而受到影響，這就是為什麼我們不將這些成本計入淨債務或 EV 估值倍數的原因。能否告知我們電影融資成本中，除OIDA規定的成本外，還有多少成本需要額外支付？

Yeah, I mean, naturally. Whether you're using production loans or not for working capital or to bridge and true up cash flows between cash out and cash in and better align. You capitalize industry, you capitalize interest above the line, and that becomes part of your production costs that amortizes through. So that's just fairly natural for us. It's really more about managing our working capital, right? It's a great source, if you will, of film obligation that matches. Cash outflows which naturally occur 12 to 18 months ahead of of release or delivery of episodic deliveries, and it's just a nice mechanism like any other working capital on the balance sheet to match cash flows. It's just good financial discipline.

是的，我的意思是，這很自然。無論你是使用生產貸款還是用於營運資金，或用於銜接和調整現金流，以便更好地協調現金支出和現金流入。你將工業成本資本化，將利息資本化，這些都會成為你的生產成本的一部分，並透過攤銷攤提。所以這對我們來說是很自然的事。其實更重要的是管理我們的營運資金，對吧？如果你願意的話，這是一個很好的電影義務匹配來源。現金流出自然發生在分期交付發布或交付前 12 至 18 個月，這只是資產負債表上與其他營運資本一樣，用來匹配現金流的一種很好的機制。這只是良好的財務紀律。

Got it thanks guys.

明白了，謝謝各位。

Vikram Kazavahala, Baird

Vikram Kazavahala，貝爾德

Yeah, hey, thanks for taking the questions. My first one is on Michael, just wondering if you could talk more about the reception to the marketing efforts there. You released the official trailer a few days ago, how is that performed relative to your expectations and, what else are you monitoring in terms of the data points. Inform the potential success of that film, and then separately, you talked about extending the value of your IP into other areas like video games and live experiences. Can you talk more about how some of those initiatives are going and what are some of the latest examples of where those strategies have been particularly impactful? Thanks.

好的，謝謝你回答這些問題。我的第一個問題是關於邁克爾的，我想問問您能否多談談那裡的市場營銷活動所受到的反響。你們幾天前發布了官方預告片，它的表現是否符合你們的預期？你們還在監測哪些其他數據點？告知這部電影的潛在成功，然後您又單獨談到了將您的智慧財產權價值擴展到其他領域，例如電子遊戲和現場體驗。您能否詳細介紹這些措施的進展情況，以及這些策略在哪些方面取得了顯著成效？謝謝。

Sure, it's Adam. Thanks for the question, Vikram. So with respect to Michael, I can tell you that we've now started screening the movie pretty actively, and the response to the movie itself has been extraordinarily positive. So we love the film that's been made, and that's a great thing to have in our pocket, and we're excited for everyone to get to see it. In terms of the release of this latest trailer, it once again has broken records for us. It is by far the highest viewed music biopic trailer you can find, and it sits at the top end of of views, alongside some of the biggest movies that have happened over the course of the last. Decade obviously in addition to views we're monitoring sentiment we're monitoring engagement we have very sophisticated tools that are available to everybody but we have very sophisticated tools to be able to identify how people are responding to the content to what extent they're passing that content along and talking about it with other people and.

沒錯，是亞當。謝謝你的提問，維克拉姆。關於邁克爾，我可以告訴你，我們現在已經開始積極地放映這部電影，而且觀眾對這部電影的反應非常積極。我們非常喜歡這部影片，能把它帶回家真是太好了，我們很興奮能讓大家都能看到它。就最新預告片的發布而言，它再次為我們打破了紀錄。這是迄今為止觀看次數最高的音樂傳記片預告片，其觀看次數也名列前茅，與過去幾年中一些最熱門的電影並駕齊驅。顯然，除了瀏覽量之外，我們還在監測使用者情緒，監控使用者參與度。我們擁有非常先進的工具，這些工具對所有人開放，但我們擁有非常先進的工具來識別人們對內容的反應，以及他們在多大程度上轉發這些內容並與其他人討論這些內容。

The every single metric is in a very strong place when you add that to the commitment that the IMAX and large formats have made to wanting to make sure that we've got an incredible footprint there, and the enthusiasm we're seeing from every territory around the world, it's very encouraging, and you never want to count your chickens before they're hatched, but this feels like it is lined up in an extraordinarily, strong way with respect to your second question. Look, the financial benefits of our non-theatrical opportunities will take a couple of years to fully materialize, but we have made significant progress on every platform. We opened the Hunger Games Live in London to terrific reviews and incredible attendance. We opened the Now You See Me Live event in Australia. Again, great reviews and spectacular attendance.

考慮到 IMAX 和大格式電影致力於確保我們在大格式領域擁有強大的影響力，以及我們從世界各地看到的積極反響，每項指標都處於非常強勁的狀態，這非常令人鼓舞。當然，我們永遠不應該在小雞孵化之前就數小雞，但就你的第二個問題而言，感覺一切都朝著非常強勁的方向發展。你看，我們非戲劇性機會帶來的經濟效益需要幾年時間才能完全實現，但我們在每個平台上都取得了顯著進展。我們在倫敦舉辦的《飢餓遊戲》現場演出獲得了極佳的評價和驚人的上座率。我們在澳洲舉辦了《驚天魔盜團》現場活動。再次獲得好評，上座率也十分驚人。

Our wonder stage show has gotten incredible reviews in Boston, and we're excited to talk about what the next opportunities are there. Dirty Dancing and La La Land both have great plans that are coming together for their live stage, and on the games front, we'll have a lot more. To say about John Wick, which we've been talking about for a while, but I think there's going to be some really exciting stuff to talk about in the near future, not only on that, but a couple of the other projects as well. So there has been real and significant progress over the last 18 months, and we think that there'll be a lot of good stuff not only to talk about in terms of response but to talk about in terms of revenue contribution.

我們在波士頓的精彩舞台劇獲得了令人難以置信的好評，我們很高興能探討接下來在那裡的發展機會。《熱舞狂潮》和《樂來樂愛你》都有很棒的計劃，正在逐步完善它們的現場舞台，在遊戲方面，我們也會推出更多內容。關於約翰·威克，我們已經談論了一段時間了，但我認為在不久的將來會有一些非常令人興奮的事情可以談論，不僅是關於這部電影，還有其他幾個項目。因此，在過去的 18 個月裡，我們取得了真正的、顯著的進展，我們認為不僅在市場反響方面會有很多值得討論的好消息，而且在收入貢獻方面也會有很多值得討論的好消息。

Great, thank you.

太好了，謝謝。

Peter Supino with Wolf Research.

Peter Supino，來自 Wolf Research。

Hi, thank you. Jack did on for Peter. I was hoping if you could unpack the sources of growth for your library revenues and the contribution from fast services.

您好，謝謝。傑克替彼得做了這件事。我希望您能詳細分析圖書館收入成長的來源以及快速服務所做出的貢獻。

Thank you.

謝謝。

Hi Jack, it's Jim Packer. Well, first of all, again, as I said earlier, the trajectory of it has been strong. It's really driven by our core of film and TV. This particular quarter we had a lot of Hunger Games revenue flowing through some pay windows. Delivering a new season of Ghost to Paramount Plus, and then obviously I'm sure everybody has known and read about Mad Men going to HBO Max, and that was another thing that happened this quarter that was very helpful, and really if you look at the new platforms and. You look at what we're doing with self-directed licensing, it's fast. It's ABOD REV share, Amazon add-on channels. That's a very consistent, piece of revenue for us. It's around 6% of this number growing next year, hopefully to between 10 and 15% of our trailing 12. And then, lastly, just looking at our EST and VOD, which is, the rental and the buying of movies and TV shows globally, that transactional piece is about 10%. And it's very consistent, very strong, and as new movies come through, as I mentioned earlier with all of these franchises that Adam's team is revitalizing, all of that content gets benefited, so it ultimately helps it. So, I feel pretty good about it, and all of its coming together to keep the numbers high.

嗨，傑克，我是吉姆·帕克。首先，正如我之前所說，它的發展軌跡一直很強勁。這實際上是由我們的電影和電視核心業務所驅動的。本季度，我們透過一些付費窗口獲得了大量的《飢餓遊戲》遊戲收入。將《人鬼情未了》新一季帶到 Paramount Plus，然後，顯然我相信大家都知道並讀到《廣告狂人》將登陸 HBO Max，這是本季度發生的另一件非常有幫助的事情，而且如果你看看這些新平台，就會發現…看看我們在自主授權方面所做的工作，速度很快。這是 ABOD REV 份額，亞馬遜附加管道。這是一筆非常穩定的收入來源。預計明年這一數字將成長約 6%，希望能夠達到過去 12 年的 10% 到 15%。最後，僅就我們的 EST 和 VOD（即全球電影和電視節目的租賃和購買）而言，這部分交易額約佔 10%。而且它非常穩定、非常強勁，正如我之前提到的，隨著新電影的推出，亞當的團隊正在重振所有這些系列電影，所有這些內容都會受益，所以最終這對它有所幫助。所以，我感覺還不錯，所有因素都在共同作用，讓數字保持在高位。

Thank you.

謝謝。

Matthew Harrigan, benchmark.

馬修·哈里根，基準。

Thank you. The other interesting implication on the TV scripted doubling apart from the effect on the LTV if you manage to sustain that is how you're able, to scale that. Certainly AI helps and people believe in the long run you can see that software stocks sell off and the transformational effects expected there, but, certainly in the near term you could argue that the benefits are overhyped. It certainly isn't showing in a lot of macro numbers, but how It seems counterintuitive that you can, I mean, you're not making widgets and even doubling the amount of widgets in a given year is pretty high hurdle, but and you've been really keeping a cap, tight cap on costs. So how are you managed to accomplish that? That seems like a pretty herculean feat just in terms of getting it done.

謝謝。除了對 LTV 的影響之外，如果你能夠維持這種模式，那麼電視劇本式的雙重拍攝還有另一個有趣的意義，那就是你如何才能擴大這種模式的規模。人工智慧當然會有所幫助，人們相信從長遠來看，軟體股可能會出現拋售，並帶來預期的變革性影響，但是，就短期而言，可以說人工智慧帶來的好處被過分誇大了。雖然在許多宏觀數據中並沒有體現出來，但這似乎有悖常理，我的意思是，你又不是在生產小部件，即使在某一年內將小部件的數量翻一番也是個很高的門檻，但你卻做到了，而且你一直嚴格控制著成本。那麼你是如何做到這一點的呢？光是完成這件事本身，就感覺像是一項艱鉅的任務。

Thank you, it's Kevin again.

謝謝，我是凱文。

Well, I think, a lot of what we're coming out from under the overhang of, the strike. It always takes a lot longer. COVID was still, impacting things long after it ended, if you will, for day to day living, and, 21 big piece of the chess puzzle, came into focus with Skydance completing the Acquisition of Paramount and Paramount Plus, expanding its its business, to, more third parties and I think they're going to do more as they've talked about and discussed and in general the kind of chill that can prevent buyers from taking a few more risks or getting a few more budgets approved for series. Is thawing a little bit, and we, because we can produce quite effectively economically both the highest premium, kinds of shows like something like the studio, which is a critical darling but also just a terrific hit for Apple, but also find a way to work economically with some other platforms that don't have the kind of budget capacity of Apple and find ways to make that work. It makes us attractive.

嗯，我認為，我們現在所經歷的很多事情，都是在罷工的陰影下發生的。總是需要更長的時間。即使疫情結束很久，COVID 仍對日常生活產生影響。隨著 Skydance 完成對 Paramount 和 Paramount Plus 的收購，這塊重要的拼圖逐漸清晰起來，Skydance 將其業務擴展到更多第三方。我認為他們還會做更多的事情，因為他們已經談論和討論過。總的來說，這種寒意可能會阻止買家承擔更多風險或為劇集獲得更多預算批准。情況正在略微好轉，因為我們既能經濟高效地製作像《工作室》這樣的頂級節目（它不僅備受評論界喜愛，而且對蘋果來說也是一部非常成功的節目），也能找到經濟的方式與其他一些沒有蘋果那樣預算能力的平台合作，並找到方法讓合作成功。它讓我們更有魅力。

Partner and Jim and A Guffy's team, really chasing down international numbers that make these formulas work is critical of a studio that deficit finances when we need to, that distributes all over the world. There are only a handful. Companies that do that that are independent, only one or two that aren't beholden to their internal streamers, which is what Jim alluded to. So, we've just become a really good dance partner and right now the cadence of the dance is moving up a little more quickly than it was a year ago.

合夥人、吉姆和A·古菲的團隊，真正努力追蹤國際數據，使這些公式得以運作，這對於一家在需要時進行赤字融資、並向全世界發行電影的工作室來說至關重要。只有寥寥幾個。這樣做的公司都是獨立的，只有一兩家不受內部串流媒體的約束，這正是吉姆所暗示的。所以，我們已經成為了非常好的舞伴，現在舞蹈的節奏比一年前加快了一些。

And clearly you have the people to do that.

顯然你們有這樣的人。

In place.

就位。

We have an amazing team.

我們擁有一支非常棒的團隊。

We've got an incredible group that I'm honored and humbled to work with across our scripted and unscripted groups. And obviously the partnership with Three Arts continues to, provide great dividends. Hunting Wives is an amazing success story for our two units and one for Netflix and our international partners around the world. We look for those opportunities and really convert on them when we find them. Part of it is being nimble and quick decision making that comes from the top down, from John to myself and Sandra and our group. And really just, top creative people and Scott and Jocelyn and Lee in my group and that's the secret sauce. Part of it is being nimble enough to move on these opportunities quickly.

我們擁有一個非常優秀的團隊，能夠與他們共事，無論是在劇本創作團隊或是非劇本創作團隊，我都深感榮幸和謙卑。顯然，與 Three Arts 的合作持續帶來豐厚的回報。《獵艷記》對我們兩個製作團隊來說是一個了不起的成功案例，對 Netflix 和我們在世界各地的國際合作夥伴來說也是一個了不起的成功案例。我們會尋找這樣的機會，並在發現時牢牢地把握住它們。一部分原因在於要靈活快速地做出決策，這種決策是從上到下，從約翰到我、桑德拉以及我們團隊的。其實，我們團隊裡都是頂尖的創意人才，像是 Scott、Jocelyn 和 Lee，這就是成功的秘訣。部分原因在於要夠靈活，能夠迅速抓住這些機會。

Thanks, Kevin.

謝謝你，凱文。

This concludes our question-and-answer session. I would like to turn the conference back over to Nilay Shaw for any closing remarks.

我們的問答環節到此結束。我謹將會議交還給尼萊·肖，請他作總結發言。

Please.

請。

Refer to the press releases and events tab under the investor relations section of our website for discussion of certain non-GAAP forward-looking measures discussed on this call.

有關本次電話會議中討論的某些非GAAP前瞻性指標的討論，請參閱我們網站投資者關係部分的「新聞稿和活動」標籤。

Thank you.

謝謝。

The conference has now concluded.

會議已經結束。

Thank you for attending today's presentation. You may now disconnect.

感謝各位參加今天的報告會。您現在可以斷開連線了。