Lionsgate Studios Corp. (LION) 2026 Q4 法說會逐字稿

Good afternoon, and welcome to the Lionsgate Studios fourth quarter 2026 earnings conference call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Nilay Shah, Head of Investor Relations. Please go ahead.

下午好，歡迎參加獅門影業（Lionsgate Studios）2026 財年第四季財報電話會議。（接線員指示）請注意，本活動將被錄音。現在我想把電話會議交給投資人關係主管 Nilay Shah。請開始。

Good afternoon. Thank you for joining us for the Lionsgate Studios Corporation's fiscal 2026 fourth 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.

下午好。感謝各位參加獅門影業公司（Lionsgate Studios Corporation）2026 財年第四季電話會議。我們將先由執行長 Jon Feltheimer 發表開場談話；接著由財務長 Jimmy Barge 發表談話。在他們發言後，我們將開放提問。

Also joining us on the call today are Vice Chairman, Michael Burns; COO, Brian Goldsmith; Chairman of the TV Group, Kevin Beggs; Chairman of the Motion Picture Group, Adam Fogelson; Chief Revenue Officer, Jim Packer; and Senior Adviser to the Office of the CEO at Lionsgate and Co-CEO of 3 Arts, Brian Weinstein.

今天一同參與電話會議的還有副董事長 Michael Burns；營運長 Brian Goldsmith；電視事業群董事長 Kevin Beggs；電影事業群董事長 Adam Fogelson；營收長 Jim Packer；以及獅門執行長辦公室資深顧問、同時也是 3 Arts 共同執行長的 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 results of any revisions to these forward-looking statements that may be made to reflect any future events or circumstances.

本次電話會議所討論事項亦包含前瞻性陳述，包括關於未來財政年度表現的相關陳述。此類陳述受多項風險與不確定性影響。由於各種因素，實際結果可能與前瞻性陳述所描述者存在重大且不利的差異。其中包括我們為獅門影業公司（Lionsgate Studios Corp.）所提交之公開申報文件中所列的風險因素。本公司不承擔公開發布任何對前瞻性陳述之修訂結果的義務，即使該等修訂係為反映任何未來事件或情況而作出。

I'll now turn the call over to Jon.

現在我把電話會議交給 Jon。

Thank you, Nilay, and good afternoon, everyone. We just reported a quarter that is indicative of our earnings power, paving the way for outsized growth in fiscal '27 and '28. Since this is our fiscal year-end call, I'm going to take you through some of the highlights during the year.

謝謝你，Nilay，大家下午好。我們剛公布的這一季表現，展現了我們的獲利能力，並為 2027 與 2028 財年更大幅度的成長鋪路。由於這是我們的財年年終電話會議，我將帶各位回顧本年度的一些重點。

Last May, we completed the separation of Lionsgate and Starz into two stand-alone public companies, collapsing our dual share structure into a single class of stock. The market's response confirms that a focused content-driven Lionsgate is the right structure for unlocking value.

去年 5 月，我們完成將獅門與 Starz 分拆為兩家獨立上市公司，並將雙重股權架構整併為單一類別股票。市場的回應證實，以內容為核心、聚焦的獅門架構，是釋放價值的正確結構。

We've put together one of the strongest content pipelines we've ever had. Over the next two to three years, over half of our film, television and live entertainment slates will be comprised of branded, repeatable intellectual properties that we own or control.

我們打造了公司歷來最強之一的內容產線。在未來兩到三年內，我們的電影、電視與現場娛樂片單中，超過一半將由我們擁有或控制的品牌化、可重複開發的智慧財產（IP）所構成。

We secured renewals for 12 of our 13 scripted series, setting the stage for our television slate to nearly double the number of episodic deliveries from fiscal '26 to fiscal '27. We reported our third consecutive quarter of $1 billion trailing 12-month library revenue, creating valuable consistency in a constantly changing operating environment. We leaned into AI with a strategy designed to make technology a valuable part of the creative process and a driver of quality and efficiency across every part of our business. And we ended fiscal '26 and started fiscal '27 with two massively successful movies, The Housemaid and Michael, reasserting our brand and demonstrating our ability to compete effectively at every level of box office.

我們為 13 部劇情類影集中的 12 部成功續訂，為我們的電視片單奠定基礎，使 2027 財年的單集交付量相較 2026 財年幾乎倍增。我們連續第三季公布過去 12 個月累計的片庫收入達 10 億美元，在不斷變動的營運環境中建立了寶貴的一致性。我們以一套策略積極擁抱 AI，旨在讓科技成為創作流程中有價值的一環，並在業務各個環節推動品質與效率。此外，我們在 2026 財年末並於 2027 財年初，推出兩部極為成功的電影《The Housemaid》與《Michael》，再次強化我們的品牌，並展現我們在票房各個層級都能有效競爭的能力。

The Housemaid reinforces our unique model and entrepreneurial approach, a provocative movie, an unconventional release strategy, a risk-mitigated financial structure with significant upside and one of the highest box office to ancillary market conversion rates in the industry. We're excited to begin production later this year on The Housemaid Secret based on the best-selling second book in the Trilogy for a December 17, 2027 release.

《The Housemaid》強化了我們獨特的模式與創業家式作法：一部挑釁性十足的電影、一個非傳統的發行策略、一個風險可控且具顯著上行空間的財務結構，以及業界最高之一的「票房轉化至後續市場（ancillary market）」比率。我們很期待在今年稍晚開始製作《The Housemaid Secret》，改編自該三部曲暢銷第二集，預計於 2027 年 12 月 17 日上映。

During the quarter, we took a number of other steps to keep this momentum growing, kicking off the marketing campaign for the next installment of our Hunger Games franchise, wrapping production on a new interpretation of Rambo with rising star Noah Centineo, wrapping production on Mel Gibson's Resurrection of the Christ Parts 1 and 2, greenlighting the reimagining of Blair Witch in partnership with Blumhouse and James Wan's Atomic Monster and signing acclaimed Spider-Man Director, Sam Raimi, to direct a remake of the classic horror thriller, Magic.

本季期間，我們也採取了多項措施以延續這股動能：啟動《飢餓遊戲》系列下一部作品的行銷活動；完成由新生代明星 Noah Centineo 主演的《藍波》全新詮釋版本的拍攝；完成梅爾・吉勃遜（Mel Gibson）《基督復活》第一部與第二部的拍攝；與 Blumhouse 及溫子仁（James Wan）的 Atomic Monster 合作核准重塑《女巫布萊爾》；並簽下備受讚譽的《蜘蛛人》導演山姆・雷米（Sam Raimi）執導經典恐怖驚悚片《Magic》的重拍版。

After the quarter, we opened Michael. The scenes of moviegoers dressing up, bringing their families over and over and dancing in the aisles are a testament to what entertainment at its very best can do. With Japan still to open, Michael is on track to become our first movie grossing over $1 billion at the worldwide box office. And we believe there is a lot more story to tell and a lot more music to share.

在本季結束後，我們上映了《Michael》。觀眾盛裝打扮、帶著家人一看再看、並在走道間起舞的畫面，證明了娛樂在最巔峰時能帶來的力量。日本尚未上映之際，《Michael》已朝著成為我們首部全球票房突破 10 億美元的電影邁進。我們也相信，還有更多故事可以講、更多音樂可以分享。

Turning to television. The mantra remains the same, lean into the creative strengths that enabled us to secure renewals of scripted TV series with 12 different buyers, keep costs down and maintain our flexibility to make shows at every price point for every buyer and across a balanced mix of retained rights and cost-plus models. The Rookie, our long-running procedural at ABC and Hulu, showed no signs of slowing down in the quarter, coming off a Season 8 finale that set a new streaming viewership record for the series and benefiting from an influx of younger audiences, the show was renewed for its ninth season. And we're excited to extend the brand with the ABC pickup of The Rookie: North with potential breakout star Jay Ellis.

接著談電視業務。我們的核心方針不變：善用創意優勢，讓我們得以與 12 家不同買方成功續訂劇情類影集；同時控制成本，並維持彈性，能以各種預算水準為各類買方製作節目，並在保留權利與成本加成（cost-plus）模式之間取得平衡。《The Rookie》是我們在 ABC 與 Hulu 播出的長壽警匪程序劇，本季絲毫沒有放緩跡象；第 8 季季終集創下該劇新的串流收視紀錄，且受惠於更年輕觀眾的湧入，該劇已獲續訂第 9 季。我們也很期待透過 ABC 收購的《The Rookie: North》延伸品牌，並由具潛力爆紅的新星 Jay Ellis 主演。

No discussion of our television business would be complete without a few words about the hit comedy, The Studio on Apple TV. The series just took the International Category at the BAFTA Awards to complete one of the most dominant award runs in modern television history by winning the top prizes at the Emmys, Golden Globes, the Actor Awards and the PGA, DGA and WGA awards. We're so proud of Seth Rogen, Evan Goldberg, the amazing cast and writers together with our partners at Apple TV for everything they have and are continuing to accomplish.

談到我們的電視業務，不能不提 Apple TV 上的熱門喜劇《The Studio》。該影集剛在英國電影學院獎（BAFTA）拿下國際類別獎項，並在艾美獎、金球獎、演員工會獎以及 PGA、DGA 與 WGA 等獎項中奪得最高榮譽，完成了現代電視史上最具主宰性的得獎征程之一。我們為 Seth Rogen、Evan Goldberg、出色的演員與編劇團隊，以及 Apple TV 的合作夥伴所取得、並持續取得的一切成就感到非常自豪。

In closing, our success in the quarter is about more than one hit movie. We're beginning to see signs that our operating environment is improving. People are returning to theaters, IMAX, Dolby, XD and other premium large-format screens are transforming the moviegoing experience. Great storytelling is emerging in new and unexpected places across traditional and digital media alike.

最後，我們本季的成功不僅僅是因為一部賣座電影。我們開始看到營運環境正在改善的跡象。人們正在回到電影院，而 IMAX、Dolby、XD 與其他高端大銀幕（PLF）正在改變觀影體驗。優秀的敘事正在傳統與數位媒體中，以新的、出人意料的方式不斷湧現。

And Gen Z audiences are enabling shows like The Rookie to break out with renewed vitality as we're again seeing the resilience of our business in the largest entertainment market in the world in this improving environment. The fact that our content pipelines are strong, our library is robust, our brand stands out and our franchises are adding value from new markets and new audiences should give everyone confidence in a strong year ahead.

同時，Z 世代觀眾讓《The Rookie》這類影集得以以嶄新活力再度爆紅；在這個改善中的環境下，我們再次看見自身業務在全球最大娛樂市場中的韌性。我們強勁的內容產線、穩健的片庫、突出的品牌，以及我們的系列作品在新市場與新受眾中持續創造價值，應能讓大家對未來一年充滿信心。

In the coming weeks, we'll post several slides on our investor site that illustrate the core tenets of our business that I have touched on throughout my remarks, the proportion of repeatable branded properties on our film and television slates, the strength and consistent performance of our library and the uniqueness of our business models. I encourage you to take a look because we'll be returning to these themes often on future calls.

在接下來幾週，我們將在投資人網站上發布數張投影片，說明我在談話中提到的業務核心要點：我們電影與電視片單中可重複開發的品牌資產占比、我們片庫的實力與穩定表現，以及我們商業模式的獨特性。我鼓勵各位前往查看，因為在未來的電話會議中，我們將經常回到這些主題。

Now I'll turn things over to Jimmy.

現在我把時間交給 Jimmy。

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

謝謝你，Jon，大家下午好。我將簡要說明我們 2026 財年第四季影業部門的財務結果，並更新資產負債表狀況。

Beginning with the quarter, Lionsgate Studios revenue was expectedly down year-over-year to $907 million, while adjusted OIBDA reached a 12-year high of $165 million and was up 17% year-over-year. Operating income of $118 million was up over 50% compared to last year. Reported diluted earnings per share was $0.23 per share and diluted adjusted earnings per share were $0.37 per share.

從本季度開始，Lionsgate Studios 的營收如預期較去年同期下滑至 9.07 億美元，而調整後 OIBDA 則達到 1.65 億美元、創 12 年新高，並較去年同期成長 17%。營業利益為 1.18 億美元，較去年成長逾 50%。公告稀釋每股盈餘為每股 0.23 美元，稀釋後調整每股盈餘為每股 0.37 美元。

Free cash flow for the quarter was a strong positive $190 million, reflecting improved operating performance in the period as cash returns on our content investments in library were on full display. Trailing 12 months library revenue remained above $1 billion for yet another quarter, growing 5% year-over-year and continuing to demonstrate the durability and growing value of our content portfolio.

本季度自由現金流強勁轉正至 1.90 億美元，反映本期營運表現改善，且我們對片庫內容投資的現金回收成果充分展現。過去 12 個月的片庫營收連續又一季維持在 10 億美元以上，較去年同期成長 5%，持續證明我們內容組合的韌性與日益提升的價值。

Now breaking down the performance in the quarter, I'll start with the discussion of our Studio segment profit. Studio segment profit, which reflects our Motion Picture and Television segment profits before corporate overhead expense increased 24% year-over-year to $218 million. We began highlighting our Studio segment profit last quarter because this metric is generally more comparable to the Studio adjusted OIBDA figures reported by many of our peers. The increase in Studio segment profit was driven primarily by strong Motion Picture performance.

接下來拆解本季度表現，我先從我們影業（Studio）部門利潤的討論開始。影業部門利潤反映我們電影與電視部門在扣除公司總部管理費用前的利潤，較去年同期成長 24% 至 2.18 億美元。我們從上季開始強調影業部門利潤，因為此指標通常更能與許多同業所揭露的影業調整後 OIBDA 數據相互比較。影業部門利潤的增加主要由電影業務的強勁表現所帶動。

Moving to Motion Picture. Revenue increased 23% year-over-year to $652 million, while segment profit grew 39% to $187 million. The quarter was driven primarily by the outstanding performance of The Housemaid and continued carryover from Now You See Me: Now You Don't. Particularly noteworthy was The Housemaid strong carryover into the home entertainment window where it became the industry's highest gross in PVOD title among films with up to $150 million of domestic box office. Additionally, Motion Pictures' results were particularly impressive given we leaned in heavily near the end of the quarter with incremental pre-release P&A spend for Michael as well as early P&A spend for Hunger Games, Sunrise on Reaping and John Rambo.

接著談電影業務。營收較去年同期成長 23% 至 6.52 億美元，而部門利潤成長 39% 至 1.87 億美元。本季度主要由《The Housemaid》的亮眼表現，以及《Now You See Me: Now You Don't》的持續延續效應所驅動。特別值得一提的是，《The Housemaid》在家用娛樂檔期的延續表現強勁，並成為在北美票房不超過 1.5 億美元的電影中，PVOD 票房最高的片名。此外，考量到我們在季度末大幅加碼投入額外的上映前 P&A（宣傳與發行）費用於《Michael》，以及對《Hunger Games, Sunrise on Reaping》和《John Rambo》的前期 P&A 支出，電影業務的業績尤顯出色。

Turning to Television. Revenue was $255 million and segment profit was $31 million. Television's year-over-year comparisons continue to reflect the timing of episodic deliveries and lower volume of scripted deliveries versus the prior year. Television segment profit remained resilient, benefiting from continued strength in library performance, including The Rookie and Mad Men. Importantly, we remain confident in TV's growth in fiscal 2027 as we expect to double the number of episodic scripted deliveries versus fiscal 2026.

再來看電視業務。營收為 2.55 億美元，部門利潤為 3,100 萬美元。電視業務的年對年比較仍反映影集交付時點的差異，以及相較去年劇本類內容交付量較低。電視部門利潤仍具韌性，受惠於片庫表現持續強勁，包括《The Rookie》與《Mad Men》。重要的是，我們仍對 2027 財年的電視成長充滿信心，因為我們預期劇本類影集交付集數將較 2026 財年倍增。

Now turning to the balance sheet. This quarter marks a post-spin inflection point for strengthening our balance sheet as trailing 12-month adjusted OIBDA and free cash flow benefit from fully replenished pipelines in Motion Picture and Television. We ended the fiscal year with net debt of approximately $1.6 billion, an improvement of nearly $150 million relative to the prior quarter, driven by strong free cash flow. Year-end leverage improved well over a full turn to 6.1x, reflecting both higher trailing 12 months adjusted OIBDA and strength in free cash flow. At quarter end, we had approximately $800 million of unused capacity on our revolver available and $341 million of unrestricted cash on the balance sheet.

接著談資產負債表。本季度標誌著分拆後強化資產負債表的轉折點，因為過去 12 個月的調整後 OIBDA 與自由現金流受惠於電影與電視業務管線已全面補足。我們在財年末的淨負債約為 16 億美元，較上一季改善近 1.5 億美元，主要由強勁的自由現金流所帶動。年末槓桿比率大幅改善超過一個完整倍數至 6.1 倍，反映過去 12 個月調整後 OIBDA 提升以及自由現金流的強勁表現。截至季末，我們的循環信貸（revolver）尚有約 8 億美元未動用額度可用，且資產負債表上有 3.41 億美元不受限制現金。

Now let's discuss how the business is positioned going forward. Our first year as a stand-alone company was a transition year, and we have all the pieces in place to enter fiscal 2027 with a lot of momentum. In particular, we entered the year with strong carryover contribution from our fiscal 2026 theatrical slate. In addition to starting the year with the exceptional performance of Michael, we have a highly anticipated Motion Picture release schedule and a large increase in scripted episodic deliveries within television. We now have enhanced visibility and continue to expect significant adjusted OIBDA growth in fiscal 2027.

接下來談談公司未來的布局。我們作為獨立公司的第一年是過渡期，而我們已具備所有要素，將以強勁動能邁入 2027 財年。特別是，我們在年初承接了 2026 財年院線片單所帶來的強勁延續貢獻。除了以《Michael》的卓越表現開局之外，我們還有備受期待的電影上映排程，以及電視端劇本類影集交付量的大幅增加。我們目前的能見度更高，並持續預期 2027 財年調整後 OIBDA 將顯著成長。

Additionally, this adjusted OIBDA improvement is expected to result in substantial growth in free cash flow and a continuation of significant deleveraging over the course of the year.

此外，預期這項調整後 OIBDA 的改善將帶來自由現金流的大幅成長，並在全年持續顯著去槓桿。

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

現在我想把電話交給 Nilay 進行問答。

Thanks, Jimmy. Operator, can we open the line up for Q&A?

謝謝，Jimmy。接線員，我們可以開放問答嗎？

(Operator Instructions) Vikram Kesavabhotla, Baird.

(接線員指示) Baird 的 Vikram Kesavabhotla。

My first one is a higher-level question on the industry, and you referenced this a little bit in your prepared remarks, but it seems like the box office has been in a really good place over the past few months. And I'm curious to hear your perspective on the drivers behind those trends. And in particular, I'm curious if you think we're seeing a sustainable improvement in consumer demand at the box office or if you think it's too early to make that characterization. And I realize it's a tough question to unpack with a lot of precision, but it would be great to hear your perspective on the trends that you're observing out there.

我的第一個問題是關於產業的較高層次問題。你在事先準備的發言中也稍微提到，但看起來過去幾個月票房表現處於相當不錯的狀態。我想聽聽你對這些趨勢背後驅動因素的看法。特別是，我想了解你是否認為我們正在看到消費者對票房的需求出現可持續的改善，或你覺得現在下這個結論還太早。我知道這是個很難精準拆解的問題，但很希望聽到你對你所觀察到的趨勢之看法。

And then separate from that, Jimmy, I'm curious if you could just talk more about what the cadence of fiscal '27 is going to look like from a profit perspective. It seems like there are some moving pieces to consider relative to fiscal '26. You called out a few of those in the remarks. It would be great if you could just talk more about some of the puts and takes we should be taking into consideration.

另外一個問題，Jimmy，我想請你多談談 27 財年從獲利角度來看，節奏大概會是什麼樣子。相較於 26 財年，似乎有一些需要考量的變動因素。你在發言中點出其中幾項。如果你能多談談我們應該納入考量的一些利多與利空因素，會很有幫助。

Thanks, Vikram. I'll start, and I think I'll turn it over to Adam to say just one thing that I think is sort of an interesting statistic right now that the YouTube growth is actually being driven by 55-plus and that actually the growth in the exhibition business, the moviegoing business is actually being driven by Gen Z, who are up to about a 30%, 34%, I think, share of that market. And so that's obviously -- that's the group that we want to engage with right now. We're finding different ways to reach them. But overall, that's very exciting.

謝謝，Vikram。我先回答，然後我想把話交給 Adam 補充一點我覺得目前很有意思的統計：YouTube 的成長其實是由 55 歲以上族群所帶動；而展演業務、也就是觀影業務的成長，實際上是由 Z 世代所帶動，他們在該市場的占比已達約 30%、34% 左右。所以很明顯——那就是我們現在想要互動與觸及的族群。我們正在尋找不同方式來接觸他們。但整體而言，這非常令人振奮。

That, coupled with, obviously, this large screen formats that I talked about before, they're actually making the moviegoing experience really like the live what's going on in live right now. It's just much more of an event, especially if you've got an event movie, Adam, I don't know if you want to add to that.

再加上我先前提到的這些大銀幕格式，它們確實讓觀影體驗更像是現場正在發生的內容。這更像是一種活動，尤其當你有一部活動型電影時。Adam，我不知道你是否想補充。

Yes. Thanks, John. I would just say that I think the Studios have done a tremendous job over the last couple of years of understanding and recognizing what type of experience moviegoers of all ages want to have in a movie theater and how to reach moviegoers with marketing campaigns in a world where there is so much more fragmentation than there was once upon a time. So I think you are seeing lessons learned by Studios across the board. And I think there is much more content on the release schedule over the course of the next year and beyond that I think is going to continue to drive that type of attendance.

是的。謝謝，John。我想說的是，我認為過去幾年各大影業公司在理解並認知各年齡層觀眾在電影院想要什麼樣的體驗，以及在如今相較過去更為碎片化的環境中，如何透過行銷活動觸及觀眾方面，都做得非常出色。因此我認為你正在看到各家影業公司普遍吸取到的經驗與教訓。而且我認為在未來一年及更長時間的上映排程中，將有更多內容，會持續帶動那樣的觀影人次。

It's really exciting to see, and I'm listening to it in my own house, young people are talking about movies and going to the movie theaters as an incredibly fun way to spend time with their friends.

看到這樣的情況真的令人振奮，而且我在自己家裡聽到，年輕人正在談論電影，並把去電影院視為與朋友共度時光的一種極其有趣的方式。

And no question, the exit polls reflect what Jon said, which is that group is driving real outsized opportunity alongside groups that have gone in the past. So I'm encouraged by what's coming.

毫無疑問，出口民調反映了 Jon 所說的，也就是那個族群正與過去曾經進場的族群一起，帶動真正超出常態的機會。因此，我對接下來的發展感到鼓舞。

Yes. And thanks, Vikram. For sure, we've got great visibility and confidence as we look at significant growth rolling into '27 from a cadence standpoint, I would say that it's not as back-end loaded as it was in the prior year, so not as back-end loaded as fiscal '26. TV is a little bit more back-end loaded this year than Motion Picture. And to give you some color, part of that visibility, right, is we're doubling episodic deliveries going into fiscal '27.

是的。也謝謝你，Vikram。確實，從節奏的角度來看，隨著顯著成長一路延伸到 27 年，我們具備很高的能見度與信心；我會說它不像前一年那樣那麼偏向後段認列，因此也不像 2026 財年那麼偏後段。今年電視業務相較於電影業務，會稍微更偏向後段。再補充一些背景：這份能見度的一部分，對吧，是我們在邁入 27 財年時，影集交付量將加倍。

You saw we had 12, 13 returning series renewed. So of that, about 90% of those episodes are going to fall over Q2, 3 and 4. That's just normal delivery cycles. So that's why TV will be a little bit more back-end loaded in that context.

你也看到我們有 12、13 部回歸影集獲得續訂。因此其中約 90% 的集數會落在第 2、3、4 季。這只是正常的交付週期。所以在這個脈絡下，電視業務會稍微更偏向後段。

David Joyce, Seaport Research Partners.

David Joyce，Seaport Research Partners。

A couple of questions. First, it was a great exit to 2026, great start to '27. But could you put a little finer point on the possible range of outcomes for the next year? Really, what does strong growth and significant growth mean given that you are also laying the groundwork on sequels and some other films coming out? And then I'll have a follow-up, please.

有幾個問題。首先，2026 年收官很漂亮，27 年開局也很強。但你能否更精準地說明一下明年可能的結果區間？考量到你們也在為續集以及一些即將上映的其他電影打基礎，「強勁成長」與「顯著成長」究竟代表什麼？然後我還有一個追問，謝謝。

Well, for sure. Thanks, David. I appreciate it. Yes, I mean, we clearly do have greater visibility in fiscal '27, as you would expect, as we're a bit closer, but it's still early in the year. I mean we got to remind you, right, there's timing and release schedules, both on our film slate, ultimately episodic deliveries, even the cadence of P&A spend, right?

好的，當然。謝謝你，David。我很感謝。是的，我的意思是，我們在 27 財年的確有更高的能見度，這也符合預期，因為我們離得更近一些，但現在仍是年初。我想也要提醒你，對吧，這裡牽涉到時點與上映/上線排程，包括我們的電影片單、最終的影集交付，甚至 P&A（宣傳與發行）支出的節奏。

So we're not going to put a range on that for you. But we've got great carryover coming out of the '26 slate. You know that. I mean Housemaid's written all over that. Obviously, a great year -- a great start to the year in terms of theatrical slate with Michael, but also great things to come as well as Hunger Games and beyond.

所以我們不會為你提供一個區間。但我們從 26 年片單延續下來的動能非常強。你是知道的。我的意思是，《Housemaid》就是很明顯的例子。顯然，今年在院線片單方面以《Michael》開局很棒，同時接下來也還有很多值得期待的作品，包括《飢餓遊戲》以及更多。

So -- and the TV episodic deliveries, I've already kind of provided some color there. I'd also point you -- I mean, I think it helps with the confidence and maybe it doesn't help you with the range, but the backlog, which is contractual future revenues and cash flows is $1.3 billion. So that likewise gives us a lot of confidence and probably 90% of that backlog will come within the next 24 months. So it's not only strong carryover into '27, but also fiscal '28 is also nicely set up as well. So thank you.

另外——電視影集交付方面，我剛才也已經提供了一些說明。我也想提醒你——我的意思是，我認為這有助於提升信心，或許對你判斷區間幫助不大——但我們的在手訂單（backlog），也就是合約約定的未來營收與現金流，為 13 億美元。因此這同樣讓我們非常有信心，而且其中大約 90% 會在未來 24 個月內實現。所以不僅是強勁動能延續到 27 年，28 財年也已經有很好的布局。謝謝。

I appreciate that there's a lot of moving pieces and timing is still to come. Could you talk about some of the other TV titles besides Rookie and the spin-off and the Studio, what are some others that you're excited about? And then finally, could you provide a perspective on what the impact might be from the Paramount, Skydance and Warner Bros. Discovery combination on your library business?

我理解這裡有很多變動因素，而且時點仍有待確認。除了《菜鳥新移民》（Rookie）及其衍生劇、以及《The Studio》之外，你能談談還有哪些你們感到興奮的電視作品嗎？最後，你能否分享一下 Paramount、Skydance 與華納兄弟探索（Warner Bros. Discovery）合併，對你們片庫（library）業務可能帶來的影響？

Kevin, why don't you start?

Kevin，你先開始好嗎？

Sure. This is Kevin Beggs speaking. In addition to The Rookie going into Season 9, which is really quite an accomplishment and as Jon alluded to in his remarks, getting younger every year in demographics, which is just simply unheard of in broadcast television. The Rookie: North spin-off is a great complement and expansion to that franchise. The Studio, obviously, we're in Season 2.

當然。我是 Kevin Beggs。除了《The Rookie》將進入第 9 季之外，這確實是相當了不起的成就；而且如 Jon 在發言中提到的，在受眾結構上每年都更年輕，這在無線電視中幾乎聞所未聞。《The Rookie: North》的衍生劇是對該系列很好的補充與延伸。《The Studio》當然，我們正在第 2 季。

Hunting Wives has been a breakout success for us on Netflix. We just wrapped shooting Season 2. We're in the middle of shooting the Rainmaker Season 2 for USA Network, a huge international driver for our business, about to start shooting Robinhood Season 2. And we continue to be deeply immersed in the Powerverse, the Power franchise that we share with Starz. Force wrapped up in early January.

《Hunting Wives》在 Netflix 上對我們而言是爆款成功。我們剛完成第 2 季的拍攝。我們正在為 USA Network 拍攝《Rainmaker》第 2 季，這對我們業務是很大的國際帶動因素；也即將開始拍攝《Robinhood》第 2 季。同時我們也持續深度投入 Powerverse，也就是我們與 Starz 共享的《Power》系列。《Force》在一月初殺青。

That particular show, Season 5 of Kanan is coming in June. And we're in the first season of production on Origins, which is essentially a Take on a Young Tower and hopefully, more powder in that pipeline.

那個系列中，《Kanan》第 5 季將於 6 月推出。而我們也正在製作《Origins》的第一季，基本上是以年輕的 Tommy 為主軸的全新詮釋，希望能讓這條產線有更多火力。

Speaking for -- about the Skydance, Paramount, and Warner potential combination, we're really excited about what Skydance and Paramount have done before that relative to opening up their platform to outside studio suppliers like ourselves, both in originals in my area and Jim Packer's distribution side. I think our thesis is that a strong unified streaming player, whether they differentiate that to two brands or just one is better than maybe two weaker ones in terms of firepower and ability to buy from the outside market. And we know we need to compete with the best creative product that we can and come up with better financial models, but knowing there's a receptive buyer, of course, makes that virtuous circle really work for us.

至於 Skydance、Paramount 與華納潛在的合併，我們對 Skydance 與 Paramount 先前所做的事情感到非常振奮，尤其是他們相對於向像我們這樣的外部製片供應商開放平台——不論是在我負責的原創內容領域，或是 Jim Packer 的發行端。我認為我們的論點是：一個強而整合的串流玩家——不論他們最後是以兩個品牌區隔，或只用一個品牌——在火力與向外部市場採購的能力上，都會比兩個相對較弱的玩家更好。我們知道我們必須以最好的創意內容來競爭，並提出更好的財務模型；但知道有一個願意買單的買方，當然能讓這個良性循環對我們真正發揮作用。

But Jim may want to talk about distribution.

不過 Jim 可能想談談發行。

Yes. David, I would say talking about Paramount and Warner Bros. also both of those platforms are really going to be wanting to be strong and compete internationally. HBO has just opened up a couple of new territories in the last 24 months. The one thing I've seen when all these types of mergers or consolidations go on is nobody stops competing.

是的。David，我會說，談到 Paramount 與華納兄弟，這兩個平台都會非常希望變得更強，並在國際市場上競爭。HBO 在過去 24 個月也剛開拓了幾個新地區。我看到的情況是，當這類併購或整併發生時，沒有人會停止競爭。

They just compete, and we have the kind of content that really fits competition well. Going back, I know Kevin talked a lot about the original shows. But if you just look at our library, I'll give you one quick stat that gives you a sense of the strength of our TV library.

他們只會繼續競爭，而我們擁有的內容類型非常適合在競爭環境中發揮。回到剛才，我知道 Kevin 談了很多原創影集。但如果你只看我們的片庫，我給你一個快速數據，讓你感受我們電視片庫的實力。

In fiscal '22, we only had four series that were sold to the big six streamers. And if you look at fiscal '26, we had 17 series. But the most important part of that 10 of those 17 ranked in the top 10 of those various top 6 streaming platforms, things like Nurse Jackie, Hightown, Mad Men, as you saw, went to number one or number two on HBO and Spartacus. So the library itself from a TV perspective, continues to perform in a way that I think many, many clients are going to want.

在 2022 財年，我們只有 4 部影集賣給六大串流平台。而如果你看 2026 財年，我們有 17 部影集。但更重要的是，在那 17 部之中，有 10 部在這六大串流平台各自的前 10 名中名列前茅，例如《Nurse Jackie》、《Hightown》、《Mad Men》，以及你看到的在 HBO 衝到第 1 或第 2 名的作品，還有《Spartacus》。因此，從電視的角度來看，我們的片庫持續以我認為會讓非常非常多客戶想要的方式在表現。

Omar Mejias, Wells Fargo.

Omar Mejias，富國銀行。

Jimmy, can you remind us what's the path to deleveraging here? Is 3 Arts still a part of that deleveraging story? Or are you now focused on organic deleveraging?

Jimmy，你能提醒我們這裡去槓桿的路徑是什麼嗎？3 Arts 仍然是這個去槓桿故事的一部分嗎？還是你們現在更專注於有機去槓桿？

And then my second question, Adam, following the sale performance of Michael, could you give us an update on Michael 2? And if you believe Part 2 carries a similar strong commercial deal as Part 1 given the arc of the story?

然後我的第二個問題，Adam，延續《Michael》的銷售表現，你能否向我們更新一下《Michael 2》的情況？以及就故事弧線而言，你是否認為第二部會像第一部一樣帶來同樣強勁的商業交易？

Omar, it's Adam. I'll go first, and then I'll turn it over to Jimmy. We are really excited about the progress we're making with respect to a second Michael film. All the conversations that we've been having with all of the appropriate parties continue to go exceptionally well. And I would say that there is a ton of incredibly entertaining Michael Jackson story and much of the biggest and most popular parts of his music catalog that were not touched upon in the first film.

Omar，我是 Adam。我先回答，然後再交給 Jimmy。我們對第二部《Michael》電影的進展感到非常興奮。我們與所有相關方進行的所有對話都持續進展得非常順利。我想說，麥可·傑克森的故事中仍有大量極具娛樂性的內容，而且他音樂曲庫中許多最重要、最受歡迎的部分在第一部電影中並未觸及。

And also, I would just say we can go forwards and backwards in telling this story. There are so many other events that happened even in the time frame of the original movie that weren't touched upon. So we're very, very confident that we've got an incredibly entertaining movie that will appeal once again to a global audience as the pieces come together.

另外，我也想說，我們在講述這個故事時可以往前也可以往後。即使在原本那部電影所涵蓋的時間範圍內，也發生了很多其他事件並未被觸及。因此，隨著各個要素逐步到位，我們非常、非常有信心能做出一部極具娛樂性、再次吸引全球觀眾的電影。

And Omar, we're just naturally delevering. I mean with the visibility that we have in the context of EBITDA growth, significant growth in '27, likewise, strong positive free cash flow momentum just coming through our operations. So 3 Arts really isn't either here or there with regards to the delevering. I'm looking at 4x, 4.5x leverage off of 6.1x this period, which was, as you saw, down just a little over a full turn from the prior quarter, okay? All of that is natural.

而且 Omar，我們就是在自然去槓桿。我的意思是，基於我們對 EBITDA 成長的能見度——在 27 年有顯著成長——同樣地，強勁且正向的自由現金流動能也正從我們的營運中自然產生。所以就去槓桿而言，3 Arts 並不是關鍵因素。我看到槓桿倍數會從本期的 6.1 倍降到 4 倍、4.5 倍；如你所見，這比上一季下降了略多於一個 turn（約 1 倍）左右，好嗎？這一切都是自然發生的。

When we get into the fourth quarter of our fiscal '27. As you know, there's a 3 Arts put there. We could easily absorb that. That would be about half a turn. Otherwise, if it's the right thing to do for 3 Arts, and we'll do whatever we need to do, it is great for shareholder value in the business. But as far as deleveraging, we're deleveraging naturally.

當我們進入 27 財年第四季時。如你所知，那裡有一個 3 Arts 的賣權（put）。我們完全可以輕鬆吸收。那大約會增加半個 turn（約 0.5 倍）。否則，如果對 3 Arts 來說是正確的事，我們也會做需要做的一切，這對業務的股東價值很有利。但就去槓桿而言，我們是在自然去槓桿。

Yes. And just -- it's Brian Weinstein just jumping in. Look, we're -- it's an interesting time in our category. There's a ton of momentum in the entire space.

是的。另外——我是 Brian Weinstein，插一句。你看，我們——我們這個類別現在是一個很有意思的時點。整個領域都有很強的動能。

There's a lot of investor focus. And if you take a step back and you look at the Excel transaction with Goldman Sachs and the team's process formerly (inaudible), there is just quite a bit of enthusiasm in the space for us. In spite of some downward pressure in scripted and unscripted, we have real momentum in our core business. And look, our decision to diversify has proven to be the right one.

投資人關注度很高。如果你退一步看 Goldman Sachs 與 Excel 的交易，以及團隊先前（聽不清）所走的流程，市場對我們這個領域其實有相當多的熱情。儘管劇本與非劇本內容面臨一些下行壓力，我們的核心業務仍然有實質動能。而且你看，我們做多元化的決策已被證明是正確的。

Just to give you some specifics on the production side, we've got renewals with running point on Netflix and Will Trend and nobody wants this and Hunting Lives & the Full-On Lives of Reggie tickets. So it feels good for our business, the long-term deals at SAG and the WGA struck are a real positive sign going forward.

就製作端給你一些具體例子，我們在 Netflix 的《Running Point》以及《Will Trend》都拿到續訂，還有《Nobody Wants This》以及《Hunting Lives & the Full-On Lives of Reggie tickets》。所以我們的業務感覺很好；SAG 與 WGA 達成的長期協議，對未來而言是一個非常正面的訊號。

In our diversification strategy, we got ahead of some of the stuff. We've signed clients in sports like Miles Garrett and Mookie Betts and Jayden Daniels and Sophie Cunningham. We feel real good about that. Obviously, the creator economy business is a big part of everyone's future, including ours. We're really proud we've got a client in [King Parsons], who's film in the backroom has come out soon, started on his own YouTube channel, made it into a major motion picture.

在我們的多元化策略上，我們提前布局了一些事情。我們在體育領域簽下了像 Miles Garrett、Mookie Betts、Jayden Daniels 和 Sophie Cunningham 這些客戶。我們對此感覺非常好。顯然，創作者經濟（creator economy）業務是每個人未來的重要部分，也包括我們。我們也非常自豪擁有一位客戶 [King Parsons]，他在後台拍的電影即將上映；他從自己的 YouTube 頻道起步，最後進入了大型院線電影。

It's just a sign of the sort of things to come as we move forward. So we're excited.

這只是我們往前走時、未來將出現各種事情的一個訊號。所以我們很興奮。

Yes. I would add the strategic conversations we've alluded to before would probably involve some deleveraging, but they will, for sure, be driven by the strategy, not the delevering.

是的。我會補充，我們先前提到的策略性對話可能會涉及一些去槓桿，但它們肯定會由策略驅動，而不是由去槓桿驅動。

Brent Penter, Raymond James.

Brent Penter，Raymond James。

First one for me on Michael, is there any color you all can give in terms of EBITDA contribution from that movie? Or at least as we try and do our own math, how to think about the puts and takes versus another movie of a similar scale in terms of maybe a very strong international presale, but also factoring in the estates portion?

我第一個關於《Michael》的問題：你們能否提供一些顏色（補充說明），例如那部電影對 EBITDA 的貢獻？或者至少在我們自己試著估算時，該如何看待與另一部同等規模電影相比的增減因素（puts and takes），例如非常強勁的國際預售，同時也要把遺產方（estate）的分成部分納入考量？

Yes, we're not going to break out the absolute contribution on that, but obviously, it's strong. Keep in mind, we have Universal as a partner on the international side. And then, of course, we handle the presales in Japan, which, as Jon noted, is yet to open, but great demand and great things happening there, we think. And so we're just excited about this, and that's part of the momentum. Again, coming into the year extremely strong gives us enhanced visibility. We were always looking and striving for significant growth into fiscal '27. And I think this lays it out. And I think we're in a good position to not only drive '27, but also a great carryover into '28.

是的，我們不會拆分揭露那部分的絕對貢獻，但顯然是很強勁的。請記住，我們在國際端有 Universal 作為合作夥伴。當然，我們也負責日本的預售；如 Jon 所提，日本尚未上映，但我們認為那裡需求很強、進展也很好。所以我們對此非常興奮，這也是動能的一部分。再次強調，以非常強勁的態勢進入今年，讓我們的能見度提升。我們一直在尋求並努力在 27 財年實現顯著成長。我認為這把路徑清楚地鋪陳出來了。而且我認為我們不僅能推動 27 年，也能在 28 年有很好的延續效應。

Okay. Great. And then just in broad terms, without getting into numbers, how should we think about the Sequel and puts and takes in terms of economics there? I think maybe there was some footage from the first one that's already been shot that you might be able to use. So how might that benefit you for the Sequel?

好的。很好。然後更廣泛地問一下，不談數字的情況下，我們應該如何看待續集在經濟性上的增減因素（puts and takes）？我想也許第一部已經拍攝的一些素材可以沿用。那麼這會如何讓你們在續集上受益？

Yes. As we've said -- it's Adam. As we've said previously, looking at the story for the second movie is unfolding, we think we've got 25% to 30% of a second movie already shot from the prior production activity. And so obviously, that will have some benefit ultimately. But we're going to make sure we make a big and satisfying movie for a global audience once again. So I wouldn't want to quantify exactly what that's going to look like. But undoubtedly, 25% to 30% will be material.

是的。如我們所說——我是 Adam。如我們先前所說，隨著第二部電影的故事逐步展開，我們認為在先前的製作活動中，已經拍好了第二部約 25% 到 30% 的內容。所以顯然，最終這會帶來一些效益。但我們會確保再次為全球觀眾打造一部宏大且令人滿意的電影。因此我不想精確量化最終會呈現成什麼樣子。但毫無疑問，25% 到 30% 會是實質性的。

Okay. Okay. Great. And then final question for me. The poison pill expired on May 7.

好的。好的。很好。然後我最後一個問題。毒丸條款在 5 月 7 日到期了。

Can you all talk at all about what that enables for you or what conversations that has enabled now that the poison pill is no longer in place?

你們能否談談，毒丸不再存在後，這為你們帶來了哪些可能性，或是促成了哪些對話？

It's not going to change our business materially. We have a -- the shareholders can always decide if they want to re-up a poison pill, but we're going to leave it in their hands. And we think at the time that we did it, it was the right thing to do. And so as you mentioned, it will be expiring in the next shareholder meeting.

這不會對我們的業務造成實質性的改變。我們有——股東隨時都可以決定是否要重新啟用毒丸條款，但我們會把決定權交到他們手上。而且我們認為在當時那樣做是正確的。因此如你所提到的，它將在下一次股東大會時到期。

Sean Diffley, Morgan Stanley.

Sean Diffley，摩根士丹利。

Two, if I may. The first is curious how you see AI changing Studio margins over time and different things that it could unlock for your business? And then the second follow-up to the poison pill question. Just as you think about the strategic landscape and obviously, the value of IP, which has been underscored by Warner Bros. and other instances, how do you think about the stand-alone opportunity versus the potential benefits of being part of a bigger strategic organization?

如果可以的話，我有兩個問題。第一個是想了解你如何看待 AI 隨時間推移對影業部門（Studio）利潤率的影響，以及它可能為你們的業務解鎖哪些不同的機會？第二個是延伸毒丸條款的問題。當你思考策略版圖，且智慧財產權（IP）的價值已被華納兄弟等案例所凸顯時，你如何看待獨立經營的機會，相較於成為更大型策略性組織一部分所可能帶來的潛在好處？

Well, the landscape continues to be moving towards more scale. It's creating significant opportunities for a pure-play studio like ours. We love the core assets that we put together over the last 25 years, both built and acquired, and we're laser-focused on maximizing the shareholder value. We separated the business to create a stand-alone studio and collapsed into a single share class, which has given us a great deal of maximum optionality, but also certainly increased our liquidity dramatically. And we feel like that we have a world where scale and franchises as well as very well-known IP have never been more relevant.

嗯，整體環境仍持續朝向更大規模（scale）發展。這為像我們這樣的純影業公司（pure-play studio）創造了重大的機會。我們很喜歡過去 25 年來所整合的核心資產，包含自建與併購而來的資產，我們也高度聚焦於最大化股東價值。我們分拆業務以打造一家獨立的影業公司，並整併為單一股權類別，這讓我們擁有極大的最大化選擇權（maximum optionality），同時也確實大幅提升了我們的流動性。我們認為在一個規模、系列（franchises）以及非常知名的 IP 從未如此重要的世界裡，我們處於有利位置。

From a studio margins perspective, we feel good about that. I mean, obviously, we had really strong margins in the fourth quarter. So you can't always look to something like The Housemaid, for example, which was very modestly priced and even less expensive when you look at it relative to our New Jersey tax credits that were something special here. And you get $400 million of global box office.

就影業利潤率而言，我們對此感到樂觀。我的意思是，顯然我們在第四季有非常強勁的利潤率。所以你不能總是拿《The Housemaid》這樣的案例來看，例如它的製作成本非常適中，而且若考量我們在新澤西州的稅收抵免（tax credits）——那在這裡是相當特別的——相對成本更低。而你卻能拿到 4 億美元的全球票房。

So yes, you can't look at that margin. But generally speaking, good margins going into next year. If you look at our fiscal '26 margins in total, growing those in Motion Pictures as we go into '27. TV right around the same level. I would think you've got a lot of renewals, but there are some soft more series that are building in terms of profitability and margin.

所以，是的，你不能用那樣的利潤率作為常態參考。但整體而言，展望明年，我們的利潤率表現不錯。如果看我們 2026 財年的整體利潤率，隨著我們邁向 2027 年，電影業務（Motion Pictures）的利潤率會成長。電視（TV）大致維持在相同水準。我認為你會看到很多續約，但也有一些較弱的影集在獲利能力與利潤率方面正在逐步建立。

I mean certainly profitable, but margins is building. So I think I feel really strong about '27 margins continuing to increase or hold certain levels in TV.

我的意思是，當然是有獲利的，但利潤率正在提升。所以我對 2027 年電視業務的利潤率持續上升或維持在某些水準感到非常有信心。

I just want to clarify one thing. We put the pill in a year ago. It has expired.

我想澄清一件事。我們是一年前設立毒丸條款的。它已經到期了。

Matthew Harrigan, Benchmark.

Matthew Harrigan，Benchmark。

Congratulations. Firstly, I guess it came out a few hours ago that you're actually going to separate the Resurrection Ascension Day '26 and '27 versus having them so tightly clustered, which I always thought was kind of maybe not economically optimal. You get more cannibalization, you get more anticipation for the second film. Is there anything to comment on there other than the economics probably look better with better separation? Just out of curiosity.

恭喜。首先，我想幾個小時前有消息指出，你們實際上會把《Resurrection》與《Ascension Day》的上映檔期分開，分別放在 2026 與 2027 年，而不是排得那麼緊密；我一直覺得那樣可能在經濟上不是最優。你會有更多互相侵蝕（cannibalization），也會讓觀眾更期待第二部。除了把檔期拉開、經濟效益可能更好之外，還有什麼可以評論的嗎？只是好奇。

Matthew, it's Adam. Thanks for the question. No, you hit the nail right on the head. Look, it was -- we claimed those two dates because those were the two most obvious dates where a film like the Resurrection could conceivably go, and we were able to protect both dates.

Matthew，我是 Adam。謝謝你的提問。不，你說得完全正確。你看，我們——我們之所以先占下那兩個日期，是因為那是像《Resurrection》這樣的電影最有可能上映的兩個最明顯檔期，而我們也得以把兩個日期都保護住。

Having just seen production wrap actually slightly ahead of schedule and slightly under budget, the scale of what Mel and the team have created is astonishing, and we couldn't be more comfortable that there are two stand-alone exquisite movies and with Ascension Day falling effectively at the beginning of the incredibly lucrative summer moviegoing corridor, taking advantage of that in consecutive years as other films in multiple parts have done so well, just felt like the right decision. So the reality is that initial dating was designed more than anything to protect the two possible dates we might want, and we're excited now that we've landed on this as our go-forward strategy.

在剛看到製作其實略早於進度完成、且略低於預算之後，Mel 和團隊所打造的規模令人驚嘆；而且我們非常有信心，這會是兩部可各自獨立成立、極其精緻的電影。再加上《Ascension Day》實際上落在極其賺錢的暑期觀影檔期走廊的開端，連續兩年利用這個檔期——就像其他多部曲電影做得很成功一樣——我們覺得這是正確的決定。

And Matthew, with regards to just the economics on fiscal '27, right? As you move that out of the back end to '27, that's a slight improvement. But realize we're also dropping [Day Drinker] in on that date and you're going to have P&A there. So it's actually relatively neutral, probably slightly down a bit, just those changes on their own relative to fiscal '27.

另外 Matthew，關於 2027 財年的經濟性，對吧？當你把它從年末移到 2027 年，這會有些微改善。但也要注意，我們也會在那個日期安排上映《Day Drinker》，而且那裡會有 P&A（宣傳與發行）費用。所以整體其實相對中性，可能略微下降一點；就這些變動本身而言，相較於 2027 財年。

And then secondly, I know this is really conjectual, but you had the [Sedance 2.0] sell off among the Studio stocks in February. And then we had some talk today on [Hill grind] that shown it can, which is supposedly produced for $500,000, which only doesn't look like a top studio film that looks a lot better than you expect for $500,000 from what I've seen. How do you feel about just on the -- obviously, you've got benefits on the timeline for getting movies out faster and costs. But how do you feel about emerging competition from maybe people outside even the traditional studio rather particularly on the streaming side?

第二點，我知道這很推測性，但二月在 Studio 類股中出現了所謂的 [Sedance 2.0] 抛售。然後今天在 [Hill grind] 上也有一些討論，提到那部據說只花 50 萬美元製作的作品（shown it can），從我看到的內容來看，它看起來不像一般大型片廠的電影，但以 50 萬美元的成本而言，品質比你預期的要好很多。你怎麼看待——顯然你們在縮短電影推出時程與降低成本上會受益。但你如何看待來自可能甚至不在傳統片廠體系內的新興競爭者，尤其是在串流端？

Yes. Look, as you well know, through the history of our business, all the technological advances have unlocked value for media companies. This is going to be the same. I'm very bullish. We're very bullish that AI is a total net positive for us.

是的。你也很清楚，回顧我們這個產業的歷史，所有技術進步都為媒體公司解鎖了價值。這次也會一樣。我非常看多。我們也非常看多，認為 AI 對我們而言整體是淨正面（total net positive）。

We want more people to engage with content. We're across all of our digital footprints, YouTube, social channels, and then we'll be launching -- I'm very excited that we're launching a new fan and creator site. We're engaging with the fans wherever they are, and these are digital toolkits that we're going to give them that will empower them to interact with our content to extend our brands, to build new versions of our brands. We're excited about the use of AI across the board.

我們希望有更多人參與內容互動。我們在所有數位觸點上——YouTube、社群頻道——而且我們也將推出——我非常興奮，我們將推出一個新的粉絲與創作者網站。我們會在粉絲所在之處與他們互動，而我們會提供他們一套數位工具包，賦能他們與我們的內容互動、延伸我們的品牌、打造我們品牌的新版本。我們對 AI 在各方面的應用都感到興奮。

In our own company right now, we've deployed it over 80% of our workforce, whether it's Copilot, whether it's ChatGPT Enterprise, Snowflake, whatever. We're utilizing it across the board for productivity, for advanced analytics. And so across the board, whether it's just the operations of our business in terms of sales or whether it's enhancing our preproduction, post-production. AI is a total net positive for us. And again, we want to engage with our fans.

在我們公司內部，目前我們已經把它部署到超過 80% 的員工，不管是 Copilot、ChatGPT Enterprise、Snowflake 或其他工具。我們全面用它來提升生產力、做進階分析。因此不論是業務營運（例如銷售）層面，或是強化我們的前期製作、後期製作。AI 對我們而言整體是淨正面。而且再說一次，我們希望與粉絲互動。

We want to give them digital toolkits to create different versions, obviously, in a protected environment, obviously, with the authority and approvals of our talent. But we're really excited about it. Our early engagement with Runway enabled us to take an early look at generative AI. And so big plus for us, a big value add, looking forward to more and more deployments.

我們希望提供他們數位工具包，讓他們能創作不同版本；當然是在受保護的環境中，並且當然要取得我們人才（talent）的授權與核准。但我們對此真的非常興奮。我們早期與 Runway 的合作，讓我們得以提早一窺生成式 AI。所以這對我們是很大的加分、很大的價值增益，也期待未來有更多、更多的部署。

Vikram Kesavabhotla, Baird.

Vikram Kesavabhotla，Baird。

I just wanted to follow up on Michael, given that it was such a standout result for you. Now that you've had time to reflect on the feedback and the reactions, why do you think that this film performed as well as it did? It seems like there's some unique approaches to marketing around that film that may have benefited the performance as well. I'd be curious if you could elaborate on some of the strategies that you use there that helped drive the success.

我只是想就《Michael》再追問一下，因為這對你們而言是相當突出的成果。現在你們有時間回顧相關回饋與市場反應，你認為這部片為何能有如此好的表現？看起來在這部片的行銷上有一些獨特作法，可能也有助於表現。我也想請你進一步說明，你們採用了哪些策略來推動成功。

Sure. I'm happy to try to offer some thoughts. Look, I think we said on multiple earnings calls prior to the release of the film that the fact that Michael is inarguably one of the most influential artists in human history and that so many of not only his songs, but his dance, his impact on fashion, his impact on motion pictures, his impact across so many different areas had a profound emotional effect on people all over the world.

當然。我很樂意分享一些想法。你看，我想我們在電影上映前的多次財報電話會議上都提到過：Michael 無疑是人類歷史上最具影響力的藝術家之一；不僅是他的許多歌曲，還包括他的舞蹈、他對時尚的影響、他對電影的影響，以及他在許多不同領域的影響，都在全球各地的人們心中引發了深刻的情感共鳴。

And so the idea that when people had a chance to, if they're old enough, relive many of those extraordinary moments and for younger people who we were not shocked but thrilled at how many young people are really, really engaged with his music and his life. And Antoine and Graham did an extraordinary job of capturing that with energy.

因此，當人們有機會——如果年紀夠大——重溫那些非凡時刻；而對於年輕族群，我們雖不意外但非常欣喜地看到，有這麼多的年輕人真的、真的很投入他的音樂與人生。Antoine 和 Graham 以充滿能量的方式把這些捕捉得非常出色。

And so we expected something big. We were planning for something big, when we said to everyone that it was the most watched trailer in the history of the Studio. It wasn't just that fact. It was looking into the details of who was responding to it. And you're seeing the ancillary benefits because his music is at the top of the charts now as well.

所以我們預期會有很大的反響。我們也為「很大」做了規劃；當我們告訴大家它是本公司史上觀看次數最高的預告片時，重點不只是這個事實。而是深入看細節：究竟是哪些人群在回應它。而且你也看到周邊的帶動效益，因為他的音樂現在也登上排行榜前列。

In terms of marketing, it is definitely a different era than when I was running marketing 20 years ago, how you reach people has significantly changed. And I give an immense amount of credit to both our marketing and our distribution teams and in partnership with Universal. We really found ways to create stunts that were not only exciting to the people who were seeing them in the moment but became viral and pass along on every platform in social media. And you just can't buy your way into awareness and enthusiasm anymore. You have to create the tools for fans to share with one another.

就行銷而言，這確實是與我 20 年前負責行銷時截然不同的時代；觸及受眾的方式已經大幅改變。我非常肯定我們的行銷與發行團隊，並且也要肯定與環球（Universal）的合作夥伴關係。我們確實找到方法打造一些「事件式」操作（stunts），不僅讓當下看到的人感到興奮，還能在各個社群媒體平台上病毒式擴散並被轉傳。而且現在你已經無法再靠砸錢就買到知名度與熱情。你必須創造工具，讓粉絲彼此分享。

And I think the teams here and around the world did that extraordinarily well.

我認為這裡以及全球各地的團隊都做得非常出色。

Okay. That's helpful. And then just last one for me. Curious if you could talk about or refresh us on your philosophy around balancing the mix of tentpole films versus mid-budget films over the next few years and particularly given the success you've had recently with The Housemaid and Michael, if any of that has affected your perspective on how you plan to manage the portfolio going forward?

好的。這很有幫助。那我最後一個問題。想請你談談或幫我們回顧一下：未來幾年你們在「旗艦大片（tentpole）」與「中等預算電影」之間如何平衡組合的理念？特別是考量你們近期《The Housemaid》和《Michael》的成功，這是否影響了你們對未來如何管理片單組合的看法？

Yes. No, it has not changed it. It's reinforced what I've been talking about, what Jon has been talking about in the conversations that we've been having. I mean it's nice that when you mention a movie like The Housemaid and a movie like Michael, you are talking about two very different movies. One, lower end of mid-budget film that while it had a passionate fan base from book sales, it was not a massive fan base for Book Sales. And Michael being a very large movie and both of them were extraordinarily profitable. The criteria we're using to decide what films to make remains unchanged.

是的。沒有，並沒有改變。反而強化了我一直在談的、Jon 也一直在談的，以及我們在對話中反覆討論的觀點。我的意思是，當你提到《The Housemaid》和《Michael》時，你談的是兩部非常不同的電影。其中一部是中等預算偏低端的電影；雖然它因為書籍銷售而有一群熱情的粉絲，但就書籍銷售而言並不是一個龐大的粉絲基礎。而《Michael》是一部規模非常大的電影，而且兩者都極其獲利。我們用來決定要拍哪些電影的標準仍然不變。

Do we believe it can be creatively great? And I'm so thrilled every time we make another announcement about what filmmakers and what actors and actresses are coming on board, what producers we're working with. Can it be creatively great? Is there a marketing strategy that allows us to do what I was just talking about, that allows us to reach consumers where they are now and the way they want to be impacted. And then is there a rational business plan? Can you make enough money in reasonable success to justify the risks that go into every film?

我們是否相信它在創意上能做到非常出色？每當我們再宣布有哪位導演、哪些男演員與女演員加入、以及我們與哪些製片人合作時，我都非常興奮。它能否在創意上很出色？是否有一套行銷策略能讓我們做到我剛才所說的——讓我們能在消費者現在所在之處、以他們希望被影響的方式去觸及他們？然後，是否有一個理性的商業計畫？在合理的成功情境下，能否賺到足夠的錢，以支撐每部電影所承擔的風險？

And so we've definitely been working hard to make sure that our existing IP, when we see an audience demanding more that we're giving them an exciting version of what they're demanding. But when Jon mentioned in his opening remarks, things like Blair Witch or another Hunger Games movie, those are very modestly priced films.

因此，我們確實一直努力確保：對於我們既有的 IP，當我們看到觀眾要求更多時，我們能提供一個令人興奮、符合他們需求的版本。但正如 Jon 在開場談話中提到的，例如《Blair Witch》或另一部《Hunger Games》電影，那些都是成本相當克制的電影。

When we're talking about a Hunger Games or we're talking about a Michael, those are larger films. And when any film is able to pass the threshold criteria that I laid out, it becomes a great candidate. And I think we'll have two to four tentpoles and the rest of the films will fit into a variety of other cost categories.

當我們談《Hunger Games》或談《Michael》時，那些就是規模更大的電影。而當任何一部電影能通過我剛才列出的門檻標準時，它就會成為很好的候選案。我想我們會有 2 到 4 部旗艦大片，其餘電影則會落在多種不同的成本類別中。

Yes. I think I'd just add that, that word tentpole implies just a huge box office, a huge project. You could interchange tentpole and franchise and then just branded properties. And as I said in my remarks, we're going to be posting and we're going to keep doing that in the future. We're going to be posting at least one slide that just shows what our pipeline looks like going forward in terms of television, film and live entertainment.

是的。我想我只補充一點：「旗艦大片（tentpole）」這個詞通常意味著非常巨大的票房、非常大型的專案。你也可以把 tentpole 和 franchise（系列／加盟）互換使用，然後再加上品牌化資產（branded properties）。正如我在發言中所說，我們會公布，而且未來也會持續這麼做。我們會至少公布一張投影片，展示我們未來在電視、電影與現場娛樂方面的內容管線（pipeline）長什麼樣子。

And I think everyone is going to be really surprised to see how many branded properties we have. I think you'll be able to look at that, and you will see that we have as many well-known branded properties as any studio in the business, so we'll be filling the pipeline with those properties in the future.

我想大家會非常驚訝地看到我們擁有多少品牌化資產。你看了之後會發現，我們擁有的知名品牌化資產不亞於業界任何一家片廠，因此未來我們會用這些資產來充實內容管線。

And obviously, whether it's a Housemaid that was made for about 1/5 of the price of Michael, I mean, you can call that now a tentpole, you can call it a franchise. But I think the key thing is take a look at that slide. I think you'll be excited to know how much visibility we have in terms of improved IP going forward.

而且很明顯地，不論是一部《Housemaid》——它的製作成本大約只有《Michael》的五分之一——我的意思是，你現在也可以稱它為旗艦大片，你也可以稱它為系列作品。但我認為關鍵是去看那張投影片。我想你會很振奮地知道：就未來強化後的 IP 而言，我們有相當高的能見度。

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

問答環節到此結束。我想把會議交回給 Nilay Shah，請他做任何結語。

Hi, everyone. Please refer to the Press Releases and Events tab under the Investor Relations section of our website for a discussion of certain non-GAAP forward-looking measures discussed on this call. Thank you.

各位好。關於本次電話會議中討論的某些非 GAAP 前瞻性衡量指標，請參閱我們網站「投資人關係」專區下的「新聞稿與活動」分頁中的相關說明。謝謝。

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

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛線。