News Corp (NWS) 2022 Q4 法說會逐字稿

Good day, and welcome to the News Corp Fiscal 2022 Fourth Quarter and Full Year Earnings Conference Call. Today's conference is being recorded. (Operator Instructions) At this time, I would now like to turn the conference over to Mike Florin, Senior Vice President and Head of Investor Relations. Please go ahead.

美好的一天，歡迎參加新聞集團 2022 財年第四季度和全年收益電話會議。今天的會議正在錄製中。 （操作員說明）此時，我想將會議轉交給高級副總裁兼投資者關係主管 Mike Florin。請繼續。

Thank you very much, Sarah. Hello, everyone, and welcome to News Corp's Fiscal Fourth Quarter 2002 (sic) [2022] Earnings Call. We issued our earnings press release about 30 minutes ago, and it's now posted on our website at newscorp.com.

非常感謝你，莎拉。大家好，歡迎來到新聞集團 2002 財年第四季度（原文如此）[2022] 財報電話會議。大約 30 分鐘前，我們發布了收益新聞稿，現在發佈在我們的網站 newscorp.com 上。

On the call today are Robert Thomson, Chief Executive; and Susan Panuccio, Chief Financial Officer. We'll open with some prepared remarks, and then we'll be happy to take questions from the investment community.

今天的電話會議是首席執行官羅伯特湯姆森；和首席財務官 Susan Panuccio。我們將以一些準備好的評論開場，然後我們很樂意回答投資界的問題。

This call may include certain forward-looking information with respect to News Corp's business and strategy. Actual results could differ materially from what is said. News Corp's Form 10-K and Form 10-Q filings identify risks and uncertainties that could cause actual results to differ and contain cautionary statements regarding forward-looking information.

本次電話會議可能包括有關新聞集團業務和戰略的某些前瞻性信息。實際結果可能與所說的大不相同。新聞集團的 10-K 表格和 10-Q 表格文件確定了可能導致實際結果不同的風險和不確定性，並包含有關前瞻性信息的警示性聲明。

Additionally, this call will include certain non-GAAP financial measurements such as total Segment EBITDA, adjusted segment EBITDA and adjusted EPS. The definitions and GAAP to non-GAAP reconciliations of such measures can be found in our earnings release for the applicable periods posted on our website.

此外，本次電話會議將包括某些非公認會計準則財務指標，例如總分部 EBITDA、調整後分部 EBITDA 和調整後每股收益。此類措施的定義和 GAAP 與非 GAAP 對賬可以在我們網站上發布的適用期間的收益發布中找到。

With that, I'll pass it over to Robert Thomson for some opening comments.

有了這個，我將把它交給羅伯特湯姆森，以獲得一些開場評論。

Thank you, Mike. The overuse of superlatives really is unbecoming. But the past quarter and the full year have created so many unprecedented records that reflect well on all of News Corp and we believe have created a platform for future performance and enduring returns for our investors. These accomplishments, which necessarily demand the use of superlatives, follow intense digital transformation by the businesses and focused acquisitions that we expect will provide increased revenue and healthy profits far into the future.

謝謝你，邁克。過度使用最高級真的很不合適。但過去一個季度和全年創造瞭如此多前所未有的記錄，這些記錄很好地反映了整個新聞集團，我們相信為我們的投資者創造了一個未來表現和持久回報的平台。這些成就，必然需要使用最高級的，伴隨著企業的強烈數字化轉型和我們預計將在未來很長一段時間內增加收入和健康利潤的集中收購。

Profitability for the full year rose 31% to a record $1.67 billion, and that followed a 26% surge in the previous year, which itself was a record. Revenues rose a robust 11% despite incipient economic uncertainty and unfavorable forex fluctuations that outweighed the benefit of an extra week. In total, the favorable results were reflected in our reported EPS of $1.05 compared to $0.56 in the prior year.

全年盈利能力增長 31%，達到創紀錄的 16.7 億美元，而前一年則飆升 26%，這本身就是創紀錄的。儘管初期的經濟不確定性和不利的外匯波動超過了額外一周的收益，但收入仍強勁增長了 11%。總體而言，我們報告的每股收益為 1.05 美元，而去年同期為 0.56 美元，這反映了有利的結果。

It is worth noting that we saw enhanced success in each and every business segment last year, and we are confident of our prospects in fiscal 2023. Our core pillars, Dow Jones, Digital Real Estate Services and Book Publishing, all notched record results that exceeded the sterling performance of the previous fiscal year when new benchmarks were set across most of the company.

值得注意的是，去年我們在每個業務領域都取得了更大的成功，我們對 2023 財年的前景充滿信心。我們的核心支柱道瓊斯、數字房地產服務和圖書出版均創下了超過上一財年的出色表現，當時該公司的大部分業務都設定了新的基準。

And it's worth noting that our net cash from operating activities was a record $1.35 billion, topping the previous year's record of $1.24 billion. That extra cash has enabled us to return capital to shareholders and to be pointedly poised for opportunistic investments of the kind that have already transformed the Dow Jones business, making it more digital, more premium and more profitable.

值得注意的是，我們的經營活動產生的淨現金達到創紀錄的 13.5 億美元，超過了上一年 12.4 億美元的創紀錄水平。這筆額外的現金使我們能夠將資本返還給股東，並為已經改變道瓊斯業務的那種機會主義投資做好準備，使其更加數字化、更優質和更有利可圖。

The successful journey of our media properties is unlike any in the world as has been the principal pursuit of change in terms of trade with the big digital players. We believe the profoundly positive commercial and social impact of those changes will be felt for many years to come. None of that would have been possible without a strong corporate culture created by and curated by Rupert and Lachlan Murdoch, the support of an engaged, enlightened Board and passionate, committed and creative employees around the world.

我們媒體資產的成功之旅與世界上任何一家都不同，因為我們主要追求與大型數字玩家的貿易方式發生變化。我們相信，這些變化對商業和社會的深遠積極影響將在未來許多年體現。如果沒有魯珀特和拉克蘭默多克創建和策劃的強大企業文化、敬業、開明的董事會以及全球熱情、忠誠和富有創造力的員工的支持，這一切都不可能實現。

So we have a sturdy balance sheet, potent cash generation, profitable and growing businesses and the resources to take advantage of emerging opportunities. That muscularity was also reflected in the past year by the termination of our shareholder rights plan, or as it is referred to colloquially, the "poison pill."

因此，我們擁有穩健的資產負債表、強大的現金生成能力、盈利和不斷增長的業務以及利用新興機會的資源。在過去的一年中，我們股東權利計劃的終止也反映了這種力量，或者俗稱“毒丸”。

Over the past 8 years, our reported revenue has grown by $1.8 billion, even though our advertising revenue, print newspaper-dependent as it was, declined by $2.2 billion. That is a $4 billion swing. Over the same period, our total segment EBITDA has more than doubled, and our free cash flow available has increased by over 80%.

在過去的 8 年中，我們報告的收入增長了 18 億美元，儘管我們的廣告收入（儘管依賴於印刷報紙）下降了 22 億美元。這是一個 40 億美元的波動。同期，我們的總分部 EBITDA 增加了一倍以上，我們的可用自由現金流增加了 80% 以上。

Dow Jones has prospered, more than doubling its segment EBITDA, to $433 million in just the past 3 years. Our faith in its prospects has been shown by the acquisitions of Investor's Business Daily, OPIS and Base Chemicals, all of which we expect will contribute to revenue and profitability in the years ahead.

道瓊斯在過去 3 年裡蓬勃發展，其部門 EBITDA 翻了一番多，達到 4.33 億美元。收購 Investor's Business Daily、OPIS 和 Base Chemicals 表明了我們對其前景的信心，我們預計所有這些都將有助於未來幾年的收入和盈利能力。

Meanwhile, Digital Real Estate Services has expanded rapidly, from 5% of our revenues in 2014, to 17% in fiscal '22. To be precise, we have seen growth in every quarter of this past year despite the recent increases in interest rates and the home supply challenges. We are confident the digital runway for real estate is long and lucrative.

與此同時，數字房地產服務迅速擴張，從 2014 年占我們收入的 5% 到 22 財年的 17%。準確地說，儘管最近利率上升和房屋供應面臨挑戰，但我們在過去一年的每個季度都看到了增長。我們相信房地產的數字化跑道是漫長而有利可圖的。

It is certainly worth recognizing that News Corp's profits have expanded prodigiously compared to 8 years ago, rising from a reported $770 million in total segment EBITDA, to nearly $1.7 billion this year. Our teams have made this successful journey despite the upheaval in the advertising market, despite the significant challenges to print media and despite the pandemic. We are more digital, more mobile, more global, acutely cost-conscious and astutely tracking trends, in the quest for more revenues, increased profitability and enhanced returns for our investors.

值得肯定的是，與 8 年前相比，新聞集團的利潤有了驚人的增長，從報告的 EBITDA 總額從 7.7 億美元上升到今年的近 17 億美元。儘管廣告市場動盪，印刷媒體面臨重大挑戰，儘管大流行，我們的團隊仍然取得了成功。我們更加數字化、更加移動化、更加全球化、具有敏銳的成本意識並敏銳地跟踪趨勢，為我們的投資者尋求更多的收入、更高的盈利能力和更高的回報。

To be specific about the segments, Dow Jones is already seeing the tangible benefits of OPIS and Base Chemicals, which we have rebranded, Chemical Market Analytics, or CMA to the (inaudible). These 2 businesses complement each other, and they certainly complement Dow Jones. We were fortunate to acquire them at a favorable price as their sale was required by regulators for approval of the S&P Global-IHS Markit merger. We thank those companies and the regulators for the opportunity bequeathed to us.

具體來說，道瓊斯已經看到了 OPIS 和基礎化學品的實際好處，我們將其重新命名為化學品市場分析或 CMA（聽不清）。這兩項業務相輔相成，當然也與道瓊斯相得益彰。我們很幸運以優惠的價格收購它們，因為監管機構要求出售它們以批准 S&P Global-IHS Markit 合併。我們感謝這些公司和監管機構給予我們的機會。

Not only are OPIS and CMA starting to benefit us financially, but they have contributed to the depth and breadth of Dow Jones' overall expertise in commodities, in traditional fuel sources, in essential chemical products and in renewables and more. The analysis and analytics fit perfectly into our Professional Information Business, where we have seen sustained growth, particularly from Risk and Compliance, which reported an 18% surge in full year annual revenues, with the fourth quarter seeing another double-digit increase. That means we have reported 28, that is correct, 28 successive quarters of double-digit growth.

OPIS 和 CMA 不僅開始使我們在經濟上受益，而且它們還為道瓊斯在大宗商品、傳統燃料來源、基本化學產品和可再生能源等領域的整體專業知識的深度和廣度做出了貢獻。分析和分析完全適合我們的專業信息業務，我們在該業務中看到了持續增長，特別是在風險和合規方面，該業務報告全年年收入增長 18%，第四季度再次實現兩位數增長。這意味著我們已經報告了 28 個（正確的）連續 28 個季度實現兩位數增長。

Advertising at Dow Jones remained strong in the fourth quarter and was a significant contributor to the segment throughout the year. Total advertising at Dow Jones achieved year-over-year growth of 20% for the full year, the highest on record. Dow Jones also made progress in expanding its high-yielding subscriber base, which rose 9% to almost 4.9 million, including over 4 million digital-only subscribers.

道瓊斯的廣告在第四季度保持強勁，是全年該細分市場的重要貢獻者。道瓊斯的總廣告全年實現了 20% 的同比增長，創歷史新高。道瓊斯在擴大其高收益用戶群方面也取得了進展，增長了 9%，達到近 490 萬，其中包括超過 400 萬的純數字用戶。

As a point of comparison, digital advertising at Dow Jones rose 16% in the most recent quarter, while it shrank, it contracted, it diminished at the New York Times. In what was a resounding performance for News Corp, Dow Jones really is worthy of note. Dow Jones profitability saw 54% in the quarter, to $106 million. And as noted earlier, for the year, segment EBITDA was $433 million, up 30%, while revenues rose to over $2 billion, an 18% increase.

相比之下，道瓊斯的數字廣告在最近一個季度上漲了 16%，而在紐約時報則出現萎縮、收縮和減少。對新聞集團來說，道瓊斯的表現非常亮眼，確實值得一提。道瓊斯本季度的盈利能力為 54%，達到 1.06 億美元。如前所述，這一年，部門 EBITDA 為 4.33 億美元，增長 30%，而收入增長至超過 20 億美元，增長 18%。

The imperative at Dow Jones is to provide a premium service and premium value to a premium audience and is remembering that this is a premium audience at scale, with more than 100 million visitors each month to Dow Jones sites and thousands of the world's largest companies as enterprise clients. Our task, our opportunity, is to offer more of the information, the intelligence demanded by discerning professionals. These are fertile fields for the future.

道瓊斯的當務之急是為優質受眾提供優質服務和優質價值，並記住這是一個規模龐大的優質受眾，每月有超過 1 億訪問者訪問道瓊斯網站和數以千計的全球最大公司作為企業客戶。我們的任務，我們的機會，是提供更多的信息，以及眼光敏銳的專業人士所需要的智慧。這些都是未來的沃土。

At Digital Real Estate Services, revenues for the full year surged 25% to more than $1.7 billion, while segment EBITDA grew 12% to $574 million as we continue to build brands and products for future success.

在 Digital Real Estate Services，全年收入增長 25% 至超過 17 億美元，而部門 EBITDA 增長 12% 至 5.74 億美元，因為我們繼續打造品牌和產品以取得未來的成功。

In Australia, REA continued its expansion into intelligent adjacencies, most notably with the Mortgage Choice acquisition, and residential listing volume improved by 11% in fiscal '22 to the highest level since 2016. We also now have the #1 digital property company in India in terms of audience share, with Housing.com expanding its lead in an expanding market. Monthly visitors rose in June by 52% to $15.7 million.

在澳大利亞，REA 繼續向智能鄰接領域擴張，最引人注目的是收購了 Mortgage Choice，住宅掛牌量在 22 財年增長了 11%，達到 2016 年以來的最高水平。我們現在還擁有印度排名第一的數字房地產公司在觀眾份額方面，Housing.com 在不斷擴大的市場中擴大了領先地位。 6 月份的月度訪客增長了 52%，達到 1570 萬美元。

In the U.S., Move, operator of realtor.com, reported revenue growth for the year of 11%, while we invested in expanding our expertise in rentals and acquired UpNest, an agent marketplace that focuses on monetizing seller leads.

在美國，realtor.com 的運營商 Move 報告了 11% 的年度收入增長，同時我們投資擴大了我們在租賃方面的專業知識並收購了 UpNest，這是一個專注於將賣家線索貨幣化的代理市場。

The broader thing is that we see a confluence of trends in the U.S. and Australian marketplaces. The U.S. market has traditionally derived revenue from buyer leads, but the future will bring opportunity to harvest seller revenue, which is the basis for REA's emphatic success in Australia.

更廣泛的情況是，我們看到美國和澳大利亞市場的趨勢匯合。美國市場傳統上從買家線索中獲得收入，但未來將帶來收穫賣家收入的機會，這是 REA 在澳大利亞取得重大成功的基礎。

As for the U.S. housing market, obviously, the hiking of interest rates has influenced market trends. For example, mortgage refinancing has imploded, which plays to our strength as a source of mortgage origination leads, which mortgage companies were ignoring somewhat because it was easier to refinance an existing, a known customer.

至於美國房地產市場，顯然，加息對市場走勢產生了影響。例如，抵押貸款再融資已經崩潰，這對我們作為抵押貸款發起線索來源的優勢發揮了作用，抵押貸款公司在某種程度上忽略了這一點，因為它更容易為現有的已知客戶再融資。

The rate of price increases that put homes out of reach is generally expected to continue to decline, and inventories have at last started to improve, with active inventory in June up 19% year-over-year, according to realtor.com.

根據 realtor.com 的數據，通常預計使房屋無法購買的價格上漲速度將繼續下降，庫存終於開始改善，6 月份的活躍庫存同比增長 19%。

News Media, which in recent years has faced severe challenges, did particularly well, both in Q4 and throughout the fiscal year. To be precise, News Media was the single largest contributor to profit improvement across the company this fiscal year. Let's be candid. This spectacular result came as many other newspaper companies around the world struggled and is a true tribute to the efforts of our executives and teams in Australia, the U.K. and the U.S.

近年來面臨嚴峻挑戰的新聞媒體在第四季度和整個財年表現尤其出色。準確地說，新聞媒體是本財年全公司利潤增長的最大貢獻者。讓我們坦誠相待。這一驚人的結果是在全球許多其他報業公司苦苦掙扎的時候出現的，這是對我們在澳大利亞、英國和美國的高管和團隊的努力的真正敬意。

In fiscal 2022, revenues were up 10%, and the segment delivered $217 million of segment EBITDA, expanding 317% year-over-year. I should repeat that stunning number for clarity, 317%. At News UK, The Sun reported a historic shift, with digital advertising outpacing print in fiscal '22 as its online audience surged 33% in Q4 to 165 million monthly average uniques globally, including 173% growth for the sun.com driven by the successful launch of The Sun US. Overall, News UK, thanks to Rebekah Brooks and her team, increased its profit contribution by $54 million.

在 2022 財年，收入增長了 10%，該部門實現了 2.17 億美元的 EBITDA，同比增長 317%。為了清楚起見，我應該重複這個驚人的數字，317%。在英國新聞，《太陽報》報導了一個歷史性的轉變，數字廣告在 22 財年超過了印刷品，因為其在線受眾在第四季度飆升了 33%，全球每月平均獨立人數達到 1.65 億，其中 sun.com 的成功增長推動了 173% 《太陽美國》開播。總體而言，得益於 Rebekah Brooks 和她的團隊，News UK 的利潤貢獻增加了 5400 萬美元。

News Corp Australia, under Michael Miller and his team, increased its profit contribution by $109 million, its highest since separation as digital subscribers to News Corp Australia properties rose by 12%, to $964,000, and advertising revenues remained robust.

在邁克爾米勒和他的團隊的領導下，澳大利亞新聞集團的利潤貢獻增加了 1.09 億美元，這是自獨立以來的最高水平，因為澳大利亞新聞集團的數字訂閱用戶增長了 12%，達到 964,000 美元，而且廣告收入保持強勁。

The New York Post posted a historic result. It formally reported a profit, possibly the first since Alexander Hamilton founded the paper, and we are now on a pathway to increasing profit contribution. The Post has distinguished itself with brave journalism that has seen it so far above the media mediocrity. That is a tribute to the intrepid editor, Keith Poole, his journalists and to Sean Giancola, the Chief Executive, and all on the team.

《紐約郵報》發布了歷史性的結果。它正式報告了利潤，這可能是自亞歷山大·漢密爾頓創立該論文以來的第一次，我們現在正走在增加利潤貢獻的道路上。 《華盛頓郵報》以勇敢的新聞業而著稱，迄今為止，它已經超越了媒體的平庸。這是對無畏的編輯 Keith Poole、他的記者以及首席執行官 Sean Giancola 和團隊中所有成員的致敬。

We also transitioned from the Bronx printing site and are working towards completion of that facility's sale.

我們還從布朗克斯印刷廠過渡，並正在努力完成該設施的銷售。

At Subscription Video Services, the Foxtel Group's renaissance continued, with adjusted revenues, which excludes currency impact, rising 4% in the fourth quarter, while adjusted segment EBITDA rose 32% in the fourth quarter. And importantly, excluding currency, full year revenues for the segment rose for the first time in 5 years.

在訂閱視頻服務方面，Foxtel 集團繼續復興，調整後的收入（不包括貨幣影響）在第四季度增長了 4%，而調整後的部門 EBITDA 在第四季度增長了 32%。重要的是，不包括貨幣，該部門的全年收入五年來首次增長。

Again, the Foxtel Group is a company transformed and one generating record metrics. Total streaming subscribers at the end of the fiscal year soared 31% from a year ago, to $2.8 million, while broadcast churn fell to 13.8% in the fourth quarter, sharply lower than the prior year.

再一次，Foxtel 集團是一家轉型的公司，並且產生了創紀錄的指標。本財年末的流媒體用戶總數比去年同期飆升 31%，達到 280 萬美元，而第四季度的廣播客戶流失率則降至 13.8%，遠低於去年同期。

Our sports streaming service, Kayo, is particularly successful, with ARPU rising, partially attributable to the recent price increase and given the quality of our teams, productions and the quantity of quality sports.

我們的體育流媒體服務 Kayo 特別成功，ARPU 上升，部分原因是近期價格上漲，以及我們團隊的質量、製作和優質體育的數量。

HarperCollins grew full year revenue and segment EBITDA despite higher freight and manufacturing costs and a challenging prior year comparison given that the pandemic created a captive audience and record revenues in many countries. We can clearly see the virtue of acquiring Houghton Mifflin Harcourt Books & Media as the value of that priceless backlist is being realized.

儘管運費和製造成本較高，而且由於大流行在許多國家創造了受約束的受眾和創紀錄的收入，但與前一年的比較具有挑戰性，但 HarperCollins 的全年收入和部門 EBITDA 都實現了增長。我們可以清楚地看到收購 Houghton Mifflin Harcourt Books & Media 的好處，因為這份無價的後備清單的價值正在實現。

That efficacy should be obvious in coming months as HMH includes the U.S. rights to the Lord of the Rings collection, and we have seen increased orders ahead of the Rings of Power series on Amazon Prime, scheduled to be launched next month.

這種效果在未來幾個月應該會很明顯，因為 HMH 包括美國對指環王系列的權利，而且我們已經看到在計劃於下個月推出的 Amazon Prime 上的權力指環系列之前的訂單增加。

Speaking of superlatives, we have the best-selling book in the U.S. with the new Daniel Silva novel, Portrait of an Unknown Woman, and we are pleased by the lingering melody of Where the Crawdads Sing, the first movie that was just released in partnership with our friends at Sony Pictures.

說到最高級，我們擁有美國最暢銷的新書丹尼爾席爾瓦的新小說，一個不知名女人的肖像，我們對第一部剛剛合作發行的電影《小龍蝦歌唱處》揮之不去的旋律感到高興與我們在索尼影業的朋友一起。

The News Corporation of 9 years ago is not the News Corporation of now. The provenance and the principle endure, but the business is fundamentally transformed. It is vastly more profitable and with the potential for even greater growth. Our teams are rightly proud of the way they have influenced the digital landscape, changing the terms of trade for media businesses, bringing clarity to an opaque advertising market and increasing transparency to hit the 2 uncountable algorithms.

9年前的新聞集團不是現在的新聞集團。出處和原則經久不衰，但業務發生了根本性的轉變。它的利潤要高得多，並且具有更大的增長潛力。我們的團隊為他們影響數字領域的方式感到自豪，改變了媒體業務的貿易條件，為不透明的廣告市場帶來了清晰度，並提高了兩種算法的透明度。

The commercial changes are integral to our ongoing success, but the social consequences are also profound and enduring. Almost a decade after our reincarnation, thanks to the efforts of our employees and the faith of our investors, News Corp is set fair for the future.

商業變革是我們持續成功不可或缺的一部分，但其社會後果也是深遠而持久的。在我們轉世近十年後，由於我們員工的努力和投資者的信念，新聞集團為未來設定了公平。

Our CFO, Susan Panuccio, will now provide a concise account of what has transpired and a glimpse of the shining light that is the future.

我們的首席財務官 Susan Panuccio 現在將簡要介紹所發生的事情，並一窺未來的光芒。

Thank you, Robert. Fiscal 2022 was another record year for News Corp. We have taken significant steps over the years to reshape and strengthen the portfolio, reduce fixed costs, transition to become more digital and generate incremental high-margin revenues. I will come back to some thoughts about our fiscal 2023 outlook, but suffice to say, that News Corp is well positioned as we move into fiscal 2023, given the strength of our asset mix and balance sheet and the continued diversification of our revenue base.

謝謝你，羅伯特。 2022 財年是新聞集團又一個創紀錄的一年。多年來，我們採取了重大措施來重塑和加強投資組合、降低固定成本、向數字化轉型並產生增量的高利潤收入。我將回到對我們 2023 財年前景的一些想法，但我只想說，鑑於我們的資產組合和資產負債表的實力以及我們收入基礎的持續多元化，新聞集團在進入 2023 財年時處於有利地位。

Fiscal 2022 fourth quarter total revenues were almost $2.7 billion, up 7%. The fourth quarter includes an extra week, which positively impacted revenues by $110 million. That impact was more than offset by foreign exchange headwinds of $139 million. Excluding the impact of foreign currency fluctuations, acquisitions and divestitures, fourth quarter adjusted revenues grew 9% compared to the prior year, including the extra week.

2022 財年第四季度總收入接近 27 億美元，增長 7%。第四季度包括額外的一周，這對收入產生了 1.1 億美元的積極影響。這一影響被 1.39 億美元的外匯逆風所抵消。排除外匯波動、收購和資產剝離的影響，第四季度調整後的收入與去年同期相比增長了 9%，包括額外的一周。

Total segment EBITDA was $315 million, up 50% versus the prior year, primarily due to higher overall revenues and lower costs in the Other segment, partially offset by higher costs from recent acquisitions and the negative impact from foreign currency fluctuations. The current quarter results include a onetime $20 million legal settlement charge for Insignia.

總分部 EBITDA 為 3.15 億美元，比上年增長 50%，主要是由於其他分部的整體收入增加和成本降低，部分被近期收購的成本增加和外匯波動的負面影響所抵消。當前季度的業績包括 Insignia 一次性 2000 萬美元的法律和解費用。

Adjusted EBITDA grew a healthy 34% versus the prior period. For the quarter, we reported earnings per share of $0.19 compared to a loss of $0.02 in the prior year. Adjusted earnings per share was $0.37 in the quarter compared to $0.16 in the prior year. Our free cash flow generation remains strong and remains a key area of focus.

調整後的 EBITDA 較上一期增長了 34%。本季度，我們報告的每股收益為 0.19 美元，而去年同期為虧損 0.02 美元。本季度調整後每股收益為 0.37 美元，而去年同期為 0.16 美元。我們的自由現金流產生仍然強勁，並且仍然是重點關注領域。

Moving on to the results for the individual reporting segment for the fourth quarter, starting with Digital Real Estate Services. Segment revenues were $443 million, an increase of 7% compared to 74% revenue growth in the prior year. The results include a negative impact of $22 million from a valuation adjustment of future trail commissions at REA's financial services business and a negative impact of $20 million or 5% from foreign currency fluctuations, partially offset by the $21 million contribution from Mortgage Choice and the benefit from the extra week, which added $14 million to Move's revenues.

繼續討論第四季度個人報告部分的結果，從數字房地產服務開始。分部收入為 4.43 億美元，與去年 74% 的收入增長相比增長了 7%。結果包括 REA 金融服務業務未來跟踪佣金的估值調整帶來的 2200 萬美元的負面影響，以及外匯波動帶來的 2000 萬美元或 5% 的負面影響，部分被 Mortgage Choice 的 2100 萬美元貢獻和收益所抵消從額外的一周開始，Move 的收入增加了 1400 萬美元。

On an adjusted basis, segment revenues increased 7%, which does not exclude the benefit from the extra week. Segment EBITDA declined 11% to $121 million driven by the $14 million negative impact at REA related to the revaluation of trail commissions and an $8 million or 6% negative impact related to currency headwinds as well as higher employee costs at both REA and Move. Adjusted segment EBITDA declined 1%.

在調整後的基礎上，分部收入增長了 7%，這不排除額外一周的收益。分部 EBITDA 下降 11% 至 1.21 億美元，原因是 REA 與跟踪佣金重估相關的 1400 萬美元負面影響以及與貨幣逆風相關的 800 萬美元或 6% 的負面影響以及 REA 和 Move 的員工成本增加。調整後部門 EBITDA 下降 1%。

Move's revenues were $193 million, up 4% following 68% growth in the prior year. For the quarter, real estate revenues grew 3% and accounted for 84% of total revenues. Price optimization within the core lead-gen business, higher penetration of our hybrid offering, Market VIP, and continued home price appreciation, coupled with higher advertising revenues, helped to offset the impact from lower lead volumes and transaction volumes.

Move 的收入為 1.93 億美元，在去年增長 68% 之後增長了 4%。本季度，房地產收入增長 3%，佔總收入的 84%。核心潛在客戶業務的價格優化、我們的混合產品市場 VIP 的更高滲透率以及持續的房價上漲，加上更高的廣告收入，有助於抵消潛在客戶數量和交易量下降的影響。

Move's revenues also benefited by $40 million from the extra week. Referral offerings accounted for approximately 31% of total revenues, up from 30% last year. Based on our internal metrics, REALTOR's average monthly unique users were $93 million in the fourth quarter.

Move 的收入也從額外的一周中受益了 4000 萬美元。推薦產品約佔總收入的 31%，高於去年的 30%。根據我們的內部指標，REALTOR 的平均每月獨立用戶在第四季度為 9300 萬美元。

Lead volumes in the quarter fell 39% compared to the prior year, impacted by continued lack of supply and home price appreciation as well as the recent rising mortgage rates. Home prices remain high, growing in mid-teens in June, underscoring the continued supply and demand imbalance.

受供應持續不足和房價上漲以及近期抵押貸款利率上升的影響，本季度的鉛銷量與去年同期相比下降了 39%。房價居高不下，在 6 月中旬持續上漲，突顯了持續的供需失衡。

During the quarter, Move acquired UpNest, advancing REALTOR's seller and listing agent strategy, and continued to make investments in rentals and new homes as they build out those adjacencies. In the last 2 years, REALTOR's focus was not only to take advantage of the strong market dynamics during the pandemic, but also to position itself for long-term growth while focusing on core competencies and improving the product to deliver deeper and richer information for consumers and customers.

在本季度，Move 收購了 UpNest，推進了 REALTOR 的賣方和上市代理戰略，並在建造這些相鄰區域時繼續對租賃和新房進行投資。過去兩年，REALTOR 的重點不僅在於利用疫情期間強勁的市場動態，更在於將自身定位於長期增長，同時專注於核心競爭力和改進產品，為消費者提供更深入、更豐富的信息和客戶。

This is evidenced by the shift to the data-rich referral base model with the integration of Opcity, which enabled the launch and expansion of Market VIP, the hybrid product, and Seller's Marketplace to allow customers to explore seller leads without risking our own capital to enter iBuying. These investments, together with the UpNest acquisition, have allowed us to expand our scale compared to 2 years ago and capture other elements of the transaction life cycle.

這體現在通過整合 Opcity 轉向數據豐富的推薦基礎模型，這使得 Market VIP、混合產品和賣方市場的推出和擴展成為可能，使客戶能夠在不冒著自有資金風險的情況下探索賣方線索進入iBuying。與兩年前相比，這些投資以及對 UpNest 的收購使我們能夠擴大規模並捕捉交易生命週期的其他要素。

REA had another strong quarter, with revenues rising 10% year-on-year on a reported basis to $250 million as growth in residential depth revenues and the contribution from the Mortgage Choice acquisition more than offset the negative impacts from currency fluctuations and the revaluation of trail commissions.

REA 又一個強勁的季度，收入同比增長 10%，達到 2.5 億美元，因為住宅深度收入的增長和 Mortgage Choice 收購的貢獻抵消了貨幣波動和重估的負面影響。跟踪佣金。

REA continued to benefit from the favorable market backdrop, which saw Australian residential new-buy listings rise 2% despite comparing against 54% growth in listing volumes in the prior year and expected uncertainty around the federal election in May. Please refer to REA's earnings release and their conference call following this call for more detail.

REA 繼續受益於有利的市場背景，儘管與去年掛牌量增長 54% 和 5 月聯邦大選的預期不確定性相比，澳大利亞住宅新購買掛牌量增長了 2%。有關更多詳細信息，請參閱 REA 的收益發布和電話會議後的電話會議。

Turning to the Subscription Video Services segment. Revenues for the quarter were $524 million, sequentially higher than the third quarter and down approximately 3% compared to the prior year on a reported basis due to foreign currency headwinds. Importantly, on an adjusted basis, revenues rose 4%, accelerating from the prior quarter rate of 1%. Streaming revenues accounted for 23% of circulation and subscription revenues versus 16% in the prior year and more than offset broadcast revenue decline this quarter.

轉向訂閱視頻服務部分。由於外匯逆風，該季度的收入為 5.24 億美元，環比高於第三季度，與去年同期相比下降約 3%。重要的是，在調整後的基礎上，收入增長了 4%，高於上一季度的 1%。流媒體收入佔發行和訂閱收入的 23%，而去年為 16%，超過了本季度廣播收入的下降。

We believe this is a key inflection point for the business and has helped underpin the recent stability in Foxtel Group's revenue. Total closing paid subscribers across the Foxtel Group reached over 4.4 million at quarter end, up 13% year-over-year. Total subscribers, including trial, has reached over 4.5 million. Total paid streaming subscribers reached 2.7 million, increasing 34% versus the prior year and adding 114,000 sequentially, with streaming subscribers now representing 61% of Foxtel's total paid subscriber base.

我們認為這是該業務的一個關鍵拐點，並有助於鞏固 Foxtel 集團近期收入的穩定。 Foxtel 集團的付費用戶總數在季度末達到 440 萬，同比增長 13%。包括試用在內的總訂戶已超過 450 萬。付費流媒體用戶總數達到 270 萬，比上年增長 34%，環比增加 114,000，流媒體用戶現在佔 Foxtel 總付費用戶群的 61%。

Kayo benefited from strong winter sports content, very high retention from the initial repricing of the legacy Live Pass customers and the successful implementation of the price rise in May. Kayo paying subscribers reached almost 1.3 million, up nearly 23% year-over-year.

Kayo 受益於強大的冬季運動內容、舊版 Live Pass 客戶的初始重新定價以及 5 月成功實施價格上漲帶來的極高留存率。 Kayo 付費用戶達到近 130 萬，同比增長近 23%。

Binge paying subscribers grew 63% year-over-year to 1.2 million subscribers, which is relatively stable with the third quarter as the net adds were impacted by the timing of content availability and the record adds in the third quarter. In July, we announced a AUD 2 price rise for Binge's standard offering.

狂歡付費訂戶同比增長 63% 至 120 萬訂戶，這與第三季度相對穩定，因為淨增加量受到內容可用性時間和第三季度創紀錄增加量的影響。 7 月，我們宣布 Binge 的標準產品價格上漲 2 澳元。

Foxtel ended the quarter with approximately 1.5 million residential broadcast subscribers, down 10% year-over-year, with the rate of decline modestly improving from the third quarter rate. Foxtel continues to focus on managing broadcast churn, which reduced by over 3 percentage points year-over-year in the quarter to 13.8%, even though cable customers are being actively migrated to the iQ5. This reflects 11 consecutive months of year-over-year churn reduction.

Foxtel 在本季度末擁有約 150 萬住宅廣播用戶，同比下降 10%，下降速度較第三季度略有改善。 Foxtel 繼續專注於管理廣播客戶流失率，儘管有線電視客戶正在積極遷移到 iQ5，但該季度的客戶流失率在本季度同比下降了 3 個多百分點至 13.8%。這反映了連續 11 個月的客戶流失率同比下降。

The focus on retaining high-value subscribers for broadcast ARPU steadily rise by 2% to AUD 83. Segment EBITDA in the quarter of $81 million rose 23% versus the prior year and 32% on an adjusted basis. Foxtel continues to exhibit healthy cash generation and used existing facilities to pay its AUD 306 million of July USPP maturities.

保留廣播 ARPU 高價值用戶的重點穩步上升 2% 至 83 澳元。該季度的分部 EBITDA 為 8100 萬美元，比上年同期增長 23%，調整後增長 32%。 Foxtel 繼續表現出健康的現金產生，並利用現有設施支付了 3.06 億澳元的 7 月 USPP 到期費用。

For the full year, the business showed stability in revenue and segment EBITDA. And as Robert mentioned, full year adjusted revenues improved for the first time in 5 years, which is a great result for the business given the challenges of recent years. As expected, total costs were relatively stable in local currency.

全年，該業務的收入和部門EBITDA表現穩定。正如羅伯特所提到的，全年調整後的收入在 5 年內首次出現增長，考慮到近年來的挑戰，這對企業來說是一個很好的結果。正如預期的那樣，以當地貨幣計算的總成本相對穩定。

Moving on to Dow Jones. Dow Jones continued its strong performance in the fourth quarter, with revenues of $565 million, up 26% compared to the prior year, with digital revenues accounting for 76% of total revenues this quarter, up 4 percentage points from last year. Results include a full quarter from the OPIS acquisition and 1 month from the Chemical Market Analytics acquisition, which closed in early June. On an adjusted basis, revenues rose an impressive 16%, with the extra week contributing $40 million.

繼續看道瓊斯。道瓊斯第四季度繼續保持強勁表現，收入為 5.65 億美元，同比增長 26%，數字收入佔本季度總收入的 76%，同比增長 4 個百分點。結果包括 OPIS 收購的一個完整季度和 6 月初結束的 Chemical Market Analytics 收購的 1 個月。在調整後的基礎上，收入增長了令人印象深刻的 16%，額外的一周貢獻了 4000 萬美元。

Circulation revenues grew 17%, reflecting an additional $17 million for the extra week as well as strong volume gains in digital-only subscriptions. Total Dow Jones digital-only subscriptions were over 4 million, up 14%, including 88,000 net adds in the fourth quarter. Professional Information Business revenues rose 47% and accounted for 32% of segment revenues driven by recent acquisitions and growth across all product lines, partly due to $14 million of additional revenues from the extra week.

發行收入增長了 17%，這反映了額外一周額外的 1700 萬美元以及純數字訂閱量的強勁增長。道瓊斯數字版訂閱總數超過 400 萬，增長 14%，其中包括第四季度的 88,000 淨增長。專業信息業務收入增長 47%，佔部門收入的 32%，這得益於近期收購和所有產品線的增長，部分原因是額外一周增加了 1400 萬美元的收入。

We are focused on further expansion of PIB, which was significantly enhanced with the acquisitions of OPIS and CMA. These acquisitions continue to move Dow Jones to a more recurring and digital revenue base, with very high retention rates, strong margins, premium products and optionality into new market verticals. While we don't break out margins specifically for PIB, it is fair to assume that the products in the business have attractive margins, which we expect to be enhanced by our recent acquisitions.

我們專注於進一步擴展 PIB，通過收購 OPIS 和 CMA 顯著增強了 PIB。這些收購繼續將道瓊斯推向更加經常性和數字化的收入基礎，擁有非常高的保留率、強勁的利潤率、優質的產品和進入新垂直市場的選擇性。雖然我們沒有專門為 PIB 劃分利潤率，但可以公平地假設該業務中的產品具有有吸引力的利潤率，我們預計我們最近的收購將提高利潤率。

Revenue from Risk and Compliance increased 19% driven by higher sales activity, including strong growth across all regions, most notably in Europe, and we have a very strong pipeline of new business activity. OPIS generated $37 million of revenues in the quarter, with the business benefiting from price rises, high customer retention and strong demand in existing verticals. CMA contributed approximately $6 million of revenues in the quarter.

來自風險與合規的收入增長了 19%，這得益於銷售活動的增加，包括所有地區的強勁增長，尤其是在歐洲，而且我們擁有非常強大的新業務活動渠道。 OPIS 在本季度創造了 3700 萬美元的收入，該業務受益於價格上漲、高客戶保留率和現有垂直行業的強勁需求。 CMA 在本季度貢獻了大約 600 萬美元的收入。

Advertising revenues grew 13% to $116 million despite lapping 45% growth in the prior year. The extra week contributed $9 million to revenues. Digital advertising revenues rose 16% in the quarter despite facing a record 53% growth comparable from the prior year. Digital accounted for 58% of total advertising revenues, which improved 2 percentage points from last year.

儘管去年增長了 45%，但廣告收入增長了 13% 至 1.16 億美元。額外的一周為收入貢獻了 900 萬美元。儘管面臨與去年同期相比創紀錄的 53% 的增長，但本季度數字廣告收入增長了 16%。數字廣告收入佔總廣告收入的 58%，比去年提高了 2 個百分點。

We continue to see very strong yield improvement and full strength in the B2B, B2C and finance categories this quarter. It is also noteworthy that the vast majority of our digital advertising comes from direct sales rather than via third-party programmatic exchanges, which has been helpful to our yield improvement. Print advertising rose 9%.

本季度，我們繼續看到 B2B、B2C 和金融類別的產量大幅提升和全面增長。還值得注意的是，我們絕大多數的數字廣告來自直銷，而不是通過第三方程序化交易，這有助於我們提高收益。平面廣告上漲 9%。

Dow Jones segment EBITDA for the quarter rose 54% to $106 million. Excluding the contribution from the acquisitions, currency fluctuations and other items disclosed in the release, adjusted segment EBITDA for the quarter rose an impressive 30% despite higher employee costs and higher sales and marketing costs.

本季度道瓊斯分部 EBITDA 增長 54% 至 1.06 億美元。剔除新聞稿中披露的收購、貨幣波動和其他項目的貢獻，儘管員工成本和銷售和營銷成本增加，但本季度調整後的部門 EBITDA 仍增長了 30%，令人印象深刻。

At Book Publishing, HarperCollins posted 4% revenue growth to $513 million and segment EBITDA declined 2% to $47 million as we continue to navigate supply chain and inflationary pressures as communicated during the fiscal year. To that effect, margins were down slightly from the prior year.

在圖書出版公司，HarperCollins 公佈收入增長 4% 至 5.13 億美元，部門 EBITDA 下降 2% 至 4700 萬美元，因為我們繼續應對本財年傳達的供應鍊和通脹壓力。為此，利潤率比上一年略有下降。

We saw revenue growth driven by a strong frontlist performance in general books and a $20 million benefit from the extra week. Our backlist contributed 56% of revenues, down slightly from last year, impacted by lower sales of the Bridgerton series compared to last year. Digital sales rose 9% this quarter and accounted for 24% of consumer sales. On an adjusted basis, revenues rose 4% and segment EBITDA declined 6%.

我們看到收入增長是由普通圖書的強勁前列表現和額外一周帶來的 2000 萬美元收益推動的。我們的後備名單貢獻了 56% 的收入，比去年略有下降，這受到布里奇頓系列與去年相比銷量下降的影響。本季度數字銷售額增長 9%，佔消費者銷售額的 24%。經調整後，收入增長 4%，分部 EBITDA 下降 6%。

Turning to News Media, where the momentum continued in the fourth quarter. Revenues were $629 million, up 6% versus the prior year and included $53 million or 9% of negative impact due to currency headwinds, that more than offset the additional $36 million from the extra week.

轉向新聞媒體，第四季度的勢頭仍在繼續。收入為 6.29 億美元，比去年同期增長 6%，其中包括 5300 萬美元或 9% 的負面影響，由於貨幣逆風，這足以抵消額外一周帶來的額外 3600 萬美元。

Adjusted revenues for the segment increased 14% compared to the prior year. We again saw a very strong performance in advertising as well as continued growth in circulation and subscription revenues, which was driven by the contribution from our recent content licensing deals, higher digital subscriptions and cover prices.

與上一年相比，該部門的調整後收入增長了 14%。我們再次看到了非常強勁的廣告表現以及發行量和訂閱收入的持續增長，這得益於我們最近的內容許可交易、更高的數字訂閱和封面價格的貢獻。

Digital revenues continued to expand, increasing to 35% of segment revenues from 32%, primarily driven by the strength of digital advertising, which we expect will soon be the largest source of the segment's advertising revenues. Within the segment, revenues at News Corp Australia increased 6% and revenues at News UK were flat as both were materially impacted by currency headwinds. The New York Post also continued to show strong top line growth, up 23%.

數字收入繼續擴大，佔分部收入的比例從 32% 增加到 35%，主要受數字廣告的強勁推動，我們預計數字廣告將很快成為該分部廣告收入的最大來源。在該部門中，澳大利亞新聞集團的收入增長了 6%，而英國新聞集團的收入持平，因為兩者都受到貨幣逆風的重大影響。 《紐約郵報》也繼續表現出強勁的收入增長，增長了 23%。

Circulation and subscription revenues rose 3%, including double-digit digital subscriber growth across News Australia and The Times and Sunday Times. Currency headwinds had a $26 million or 9% negative impact, which more than offset the $19 million benefit from the extra week.

發行和訂閱收入增長了 3%，其中包括澳大利亞新聞、泰晤士報和星期日泰晤士報的兩位數數字用戶增長。貨幣逆風產生了 2600 萬美元或 9% 的負面影響，超過了額外一周帶來的 1900 萬美元收益。

Advertising revenues increased 8% compared to the prior year, with strength in digital across all our key mastheads, most notably at The Sun, where digital exceeded print advertising for the third consecutive quarter, benefiting from significantly high yields and its successful launch in the U.S. Currency negatively impacted advertising revenues by $21 million or 9%, partially offset by the additional $15 million from the extra week.

與去年相比，廣告收入增長了 8%，我們所有的主要刊頭都在數字方面表現強勁，尤其是在《太陽報》，數字廣告連續第三個季度超過印刷廣告，這得益於顯著的高收益及其在美國的成功推出。貨幣對廣告收入的負面影響為 2100 萬美元或 9%，部分被額外一周額外的 1500 萬美元所抵消。

Segment EBITDA of $33 million increased also by that amount, reflecting higher revenues, partially offset by incremental investments of over $20 million related to talkTV in the U.K., which launched in April, and other digital initiatives. News Corp Australia and News UK contributed $23 million and $16 million, respectively, to the segment EBITDA growth. And the New York Post and Wireless Group were also again positive contributors.

3300 萬美元的部門 EBITDA 也增加了這一數額，反映了收入的增加，部分被 4 月在英國推出的與 talkTV 和其他數字計劃相關的超過 2000 萬美元的增量投資所抵消。澳大利亞新聞集團和英國新聞集團分別為該部門的 EBITDA 增長貢獻了 2300 萬美元和 1600 萬美元。紐約郵報和無線集團也再次成為積極的貢獻者。

News Corp finishes fiscal 2022 more dependent on recurring and circulation-based revenue, less dependent on advertising revenue and with greater cost discipline across the company as a consequence of navigating the past couple of years.

新聞集團在 2022 財年結束時更加依賴經常性和發行收入，減少對廣告收入的依賴，並且由於過去幾年的發展，整個公司的成本紀律更加嚴格。

As for fiscal 2023, we expect to see an improvement in top line revenue growth, partially driven by the integration of OPIS and CMA, but also by continued digital gains across the company, albeit much will depend on macro conditions and the volatility of foreign currencies. We expect CapEx to be modestly higher in fiscal 2023 and anticipate strong levels of free cash flow.

至於 2023 財年，我們預計收入增長將有所改善，部分原因是 OPIS 和 CMA 的整合，以及整個公司持續的數字收益，儘管很大程度上取決於宏觀條件和外幣波動.我們預計 2023 財年資本支出將小幅上升，並預計自由現金流將保持強勁水平。

For the upcoming quarter, I would like to discuss a few things. We expect cost impacts from continued supply chain and inflationary pressures, together with wage inflation challenges, to continue. We will take necessary action to address those pressures, including pricing adjustments, together with our ongoing focus on cost management. Visibility on advertising remains limited across the businesses, and we continue to expect foreign exchange headwinds given the current spot rate for the Australian dollar and pound sterling compared to the prior year.

對於即將到來的季度，我想討論一些事情。我們預計持續供應鍊和通脹壓力以及工資通脹挑戰對成本的影響將繼續存在。我們將採取必要的行動來應對這些壓力，包括定價調整，以及我們對成本管理的持續關注。各企業的廣告可見度仍然有限，鑑於當前澳元和英鎊的即期匯率與去年相比，我們繼續預計外匯逆風。

Looking at each of our segments. At Digital Real Estate Services, Australian residential new-buy listings for July rose 7%. Please refer to REA for a more specific outlook commentary. As Robert mentioned, across the industry in the U.S., inventory and active listings improved in June as we begin to cycle into more normalized year-over-year comparisons. We still assume lead volumes at Move will be challenged in the short term, and we'll look to mitigate that through yield optimization, new or enhanced products as well as balancing ongoing investment with cost discipline.

查看我們的每個細分市場。在 Digital Real Estate Services，澳大利亞 7 月份的住宅新購買量增長了 7%。有關更具體的展望評論，請參閱 REA。正如羅伯特所提到的，隨著我們開始進入更規範的同比比較，6 月份美國整個行業的庫存和活躍掛牌量有所改善。我們仍然假設 Move 的鉛量將在短期內受到挑戰，我們將尋求通過產量優化、新產品或增強產品以及平衡持續投資與成本紀律來緩解這一挑戰。

In Subscription Video Services, we remain pleased with the performance of the streaming products and the ongoing focus on broadcast ARPU and churn as we continue to migrate customers from cable. We look forward to the launch of House of the Dragon on Binge later this month, which we will expect will drive an improvement in net subscriber additions, and we continue to expect to see stability in earnings in local currency across the year.

在訂閱視頻服務方面，我們仍然對流媒體產品的表現以及對廣播 ARPU 和客戶流失的持續關注感到滿意，因為我們繼續將客戶從有線電視轉移。我們期待本月晚些時候在 Binge 上推出《龍之屋》，我們預計這將推動淨用戶增加的改善，我們繼續預計全年以當地貨幣計算的收益將保持穩定。

At Dow Jones, we remain focused on the integration of OPIS and CMA. We expect the rate of investment in the first quarter to be higher than the prior year as we continue to invest to drive consumer subscriptions and enhance our PIB offerings. As a reminder, over 75% of Dow Jones revenues are recurring or subscription-based, the majority digital, with a strong margin, and we feel confident of its growth trajectory leading into 2023.

在道瓊斯，我們仍然專注於 OPIS 和 CMA 的整合。我們預計第一季度的投資率將高於去年，因為我們將繼續投資以推動消費者訂閱並增強我們的 PIB 產品。提醒一下，超過 75% 的道瓊斯收入是經常性或基於訂閱的，主要是數字化，利潤率很高，我們對其進入 2023 年的增長軌跡充滿信心。

In Book Publishing, supply chain and inflationary pressures continue to persist. We look to capitalize on our global English language rights for J.R.R. Tolkien's work in our backlist as we look forward to the release of The Rings of Power on Amazon Prime in early September.

在圖書出版領域，供應鍊和通脹壓力繼續存在。我們希望利用我們為 J.R.R. 提供的全球英語語言權利。托爾金的作品在我們的後備名單中，因為我們期待著 9 月初在 Amazon Prime 上發布 The Rings of Power。

At News Media, we still expect higher content licensing revenue from our platform deals as we implement elements of the broader Google partnership, such as Subscribe with Google, and also benefit from our expanded Apple relationship. We expect incremental costs in relation to product investments across the businesses, including talkTV and our other digital initiatives, together with pressure on newsprint prices. As a reminder, we have recently raised cover prices in both the U.K. and Australia this calendar year.

在新聞媒體，我們仍然預計我們的平台交易會帶來更高的內容許可收入，因為我們實施了更廣泛的谷歌合作夥伴關係的元素，例如訂閱谷歌，並且還受益於我們擴大的蘋果關係。我們預計與整個業務的產品投資相關的成本增加，包括talkTV和我們的其他數字計劃，以及新聞紙價格的壓力。提醒一下，我們最近在本日曆年提高了英國和澳大利亞的保險價格。

With that, let me hand it over to the operator for Q&A.

有了這個，讓我把它交給運營商進行問答。

(Operator Instructions) And we'll take our first question from Entcho Raykovski with Credit Suisse.

（操作員說明）我們將回答瑞士信貸的 Entcho Raykovski 提出的第一個問題。

Entcho here. I've got a question in relation to Move, particularly given those comments you have made around the next quarter season. I'm just conscious that Zillow have guided to declines in their [I&P] revenues in the double digits into the September quarter.

恩喬在這裡。我有一個關於 Move 的問題，特別是考慮到你在下個季度做出的那些評論。我只是意識到 Zillow 已經引導他們的 [I&P] 收入在 9 月季度出現兩位數的下降。

It sounds like you are more positive given the yield improvements that you've mentioned. I guess can you expand on whether you're likely to see, in your view, revenue growth into the next quarter, notwithstanding some of the challenges in the macro environment?

鑑於您提到的產量提高，聽起來您更加積極。我想您能否詳細說明您是否可能會看到下個季度的收入增長，儘管宏觀環境存在一些挑戰？

Entcho, Robert here. Look, the U.S. property market is replete with contradictions. Obviously, mortgage rates have risen. But by historical standards, they are relatively low and have been hovering around 5% in recent days. Obviously, also, there are ways to get lower rates than that in the shorter term.

恩喬，羅伯特在這裡。看，美國房地產市場充滿了矛盾。顯然，抵押貸款利率已經上升。但按照歷史標準，它們相對較低，最近幾天一直徘徊在 5% 左右。顯然，還有一些方法可以在短期內獲得比這更低的利率。

Our price increases have abated in much of the U.S., meaning an end to the eternal increases, which patently strained affordability. And I mentioned earlier, our active inventory in June was actually up 19% year-on-year, so the more listings, the more opportunities for our teams.

我們在美國大部分地區的價格上漲已經減弱，這意味著永久上漲的結束，這顯然使負擔能力緊張。而且我之前提到過，我們6月份的活躍庫存實際上同比增長了19%，所以上市越多，我們團隊的機會就越多。

And having properties on the market for longer is not a problem, but generally a plus. It really doesn't suit us if a house is sold in 4 minutes or frankly, takes 4 years. Somewhere in between is ideal. So it's a volatile market, certainly, but opportunity abounds.

在市場上擁有更長時間的房產不是問題，但通常是一個加分項。如果房子在 4 分鐘內售出，或者坦率地說，需要 4 年時間，這真的不適合我們。介於兩者之間是理想的。因此，這是一個動蕩的市場，當然，但機會比比皆是。

Next, we'll move on to Kane Hannan with Goldman Sachs.

接下來，我們將繼續討論高盛的凱恩漢南。

Just on the Book segment and of course, The Lord of the Rings series next year, I mean, I imagine that's going to drive a pretty strong revenue outcome. Can you talk a bit about how we should think about that from an EBITDA perspective? I suppose if there's any other key titles in the pipeline for next year that we should be thinking about.

就在圖書部分，當然還有明年的指環王系列，我的意思是，我想這將帶來相當強勁的收入結果。你能談談我們應該如何從 EBITDA 的角度思考這個問題嗎？我想明年我們是否應該考慮其他關鍵遊戲。

Kane, obviously, The Lord of the Rings series or the series based on The Lord of the Rings is going to have a profound impact on HarperCollins' performance, and the related publicity will no doubt stimulate sales. We're not in a position to give you an accurate forecast for the future, but it is fair to say it's going to be a significant moment for HarperCollins in coming months.

凱恩，很明顯，《指環王》系列或者根據《指環王》改編的系列將對哈珀柯林斯的業績產生深遠的影響，相關宣傳無疑會刺激銷量。我們無法為您提供對未來的準確預測，但可以公平地說，這將是未來幾個月哈珀柯林斯的重要時刻。

And I think the only other thing that I could add to that, Kane, is that, obviously, given it's going to be backlist, we typically have higher margins on the backlist than what we would see in the first year for frontlist titles.

我認為我唯一可以補充的一點是，凱恩，很明顯，鑑於這將是後備名單，我們在後備名單上的利潤率通常高於第一年我們在前名單標題中看到的利潤率。

Next, we'll move on to Craig Huber with Huber Research Partners.

接下來，我們將繼續與 Huber Research Partners 一起討論 Craig Huber。

Just a quick comment there. Robert, I've been listening to you for 9 years. I don't think I've ever heard you so excited about your business. Maybe you had a few cups of coffee, but you sounded very excited. I'm kidding there, but like my question for you is costs, for you or Susan.

只是一個快速的評論。羅伯特，我已經聽了你 9 年了。我想我從來沒有聽說過你對你的生意如此興奮。也許你喝了幾杯咖啡，但你聽起來很興奮。我在開玩笑，但就像我問你的問題是成本，你或蘇珊。

As you think across your portfolio, if the environment does get worse here in the coming quarters, do you feel you have a room to take out costs out of your various segments? And I guess, more importantly, do you feel -- are you willing to take out cost investment spending here if the environment gets materially worse across your segments?

正如您在整個投資組合中所考慮的那樣，如果未來幾個季度的環境確實變得更糟，您是否覺得您有空間從各個細分市場中扣除成本？而且我想，更重要的是，如果您所在細分市場的環境嚴重惡化，您是否願意在這裡承擔成本投資支出？

I might take that one, Craig. So look, obviously, as our revenue grows, we would expect our cost to increase given the variable nature of some of our businesses. And we are expecting supply chain and inflationary pressures to persist, most notably in (inaudible) manufacturing at HarperCollins and on newsprint prices at the mastheads, together with wage inflation.

我可能會拿那個，克雷格。因此，顯然，隨著我們收入的增長，鑑於我們某些業務的可變性，我們預計我們的成本會增加。我們預計供應鍊和通脹壓力將持續存在，尤其是在哈珀柯林斯的（聽不清）製造業和報頭的新聞紙價格，以及工資通脹。

Our business units so far are more in tune with the levers that they can use, having successfully navigated the past couple of years. And we do have a healthy pipeline of ongoing cost-saving initiatives, which gives us confidence that we can continue to take our cost to help mitigate some of those macro challenges.

到目前為止，我們的業務部門更適應他們可以使用的槓桿，在過去的幾年裡已經成功地駕馭了。我們確實擁有一系列持續的成本節約計劃，這讓我們有信心繼續承擔成本來幫助緩解其中的一些宏觀挑戰。

Next, we'll move on to Alan Gould with Loop Capital.

接下來，我們將繼續討論 Loop Capital 的 Alan Gould。

Robert, I just wondering if you can give us a little more insight on what's happening with these platform deals, specifically with Facebook, which supposedly is resisting paying for news going forward, and what the implications would be in Australia, given the recent laws that have been implemented there.

羅伯特，我只是想知道你能否讓我們更深入地了解這些平台交易的情況，特別是與 Facebook 的交易，它據稱拒絕為未來的新聞付費，以及考慮到最近的法律，這會對澳大利亞產生什麼影響已經在那裡實施。

Alan, I think it's fair to say we have entered a new Facebook phase. We have a 3-year agreement with Facebook in Australia. But beyond that, we have open discussions with Facebook on the role of professional content in areas, from sport, to video, to the metaverse.

Alan，我認為可以說我們已經進入了一個新的 Facebook 階段。我們與澳大利亞的 Facebook 簽訂了為期 3 年的協議。但除此之外，我們還與 Facebook 就專業內容在體育、視頻和虛擬世界等領域的作用進行了公開討論。

Just one brief diversion. To be candid, some of the political pressures on Facebook to sensor content are rather perverse. The definition of disinformation or misinformation is often political and disingenuous. So some sympathy for them in that instance.

只是一個短暫的轉移。坦率地說，Facebook 對傳感器內容施加的一些政治壓力是相當不正當的。虛假信息或錯誤信息的定義通常是政治性的和不誠實的。所以在那種情況下對他們表示同情。

But more broadly, look, we set out with a clear aim of redefining the value of news content, and that value surely has been redefined permanently and positively. And that's definitely to the benefit of journalists and communities around the world. We have extended our significant Apple deal, thanks to Tim and Eddy, who both firmly believe in news. And our engagement with Google is creative and purposeful, thanks to Sundar and his team. We are, however, still waiting patiently for commission checks from other publishers around the world.

但更廣泛地說，看，我們的明確目標是重新定義新聞內容的價值，而這種價值肯定已經被永久而積極地重新定義了。這絕對有利於世界各地的記者和社區。感謝 Tim 和 Eddy，他們都堅信新聞，我們延長了與 Apple 的重大交易。多虧了 Sundar 和他的團隊，我們與 Google 的合作具有創造性和目的性。然而，我們仍在耐心等待來自世界各地其他出版商的佣金支票。

And next, we'll move on to Darren Leung with Macquarie.

接下來，我們將繼續與麥格理一起討論 Darren Leung。

Good performance in the Risk and Compliance, 19% growth in the quarter. Can you give us a feel if this is acquisition-impacted? And if so, what is it, excluding the acquisitions, please?

在風險與合規方面表現良好，本季度增長 19%。如果這受到收購影響，您能給我們一個感覺嗎？如果是這樣，請問是什麼，不包括收購？

No, there's no acquisitions in Risk and Compliance, basically within the PIB segment, but not Risk and Compliance.

不，風險與合規領域沒有收購，基本上是在 PIB 領域，但風險與合規領域沒有。

Next, we'll move on to Brian Han of Morningstar.

接下來，我們將繼續討論 Morningstar 的 Brian Han。

So strategic moves that you guys would like to do with REA, but cannot do due to the fact that you don't own 100% of it. And Susan, what is the revenue base of Risk and Compliance and now, within Dow Jones?

你們想用 REA 做的戰略舉措，但由於你沒有 100% 擁有它，所以不能做。蘇珊，風險與合規部門的收入基礎是什麼？現在，道瓊斯公司的收入基礎是什麼？

Brian, I think I missed the start of your question, but I presume it was about the structure of Digital Real Estate, is that right, if you would?

布賴恩，我想我錯過了你問題的開頭，但我認為這是關於數字房地產的結構，對嗎，如果你願意的話？

Yes. What would you like to do with the REA, but you cannot do it because you don't own 100% of it?

是的。您想用 REA 做什麼，但因為您沒有 100% 擁有它而無法做到？

Look, we're very proud of REA's performance. I would leave it to Owen and the team here to give you specifics. And we're passionate generally about digital property. As you know, there's real cooperation between and among the teams.

看，我們對 REA 的表現感到非常自豪。我會把它留給歐文和這裡的團隊來告訴你細節。我們通常對數字財產充滿熱情。如您所知，團隊之間存在真正的合作。

And we do see a confluence in the broader market trends, with more emphasis on providing sell-side solutions in the U.S. market, which is the strength characteristically of the Australian market, where we provide premium solutions for agents. More broadly, for News Corp, we're constantly reviewing the structure of the company. We're institutionally introspective and certainly never complacent, self-satisfied or smug.

我們確實看到了更廣泛的市場趨勢的匯合，更加強調在美國市場提供賣方解決方案，這是澳大利亞市場的特點，我們為代理商提供優質的解決方案。更廣泛地說，對於新聞集團，我們一直在審查公司的結構。我們在製度上是內省的，當然從不自滿、自滿或自鳴得意。

And Brian, just in relation to the number for Risk and Compliance, the annual revenue was $225 million for '22, $220 million, excluding week 53, so 18% growth in the full year, and we had a 19% growth in Q4.

布賴恩，就風險和合規的數字而言，22 年的年收入為 2.25 億美元，不包括第 53 週，為 2.2 億美元，全年增長 18%，第四季度增長 19%。

And next, we'll move on to David Karnovsky with JPMorgan.

接下來，我們將繼續討論摩根大通的 David Karnovsky。

This is actually John on for David. Just touching on the U.S. real estate market again, but given the current crosscurrents of a stabilizing market against a weakening macro backdrop, how should we think about the performance of the different product offerings at Move, particularly as it relates to some of the more referral-based services versus the more lead-heavy ones?

這實際上是大衛的約翰。再次談到美國房地產市場，但鑑於當前市場趨於穩定，宏觀背景趨弱，我們應該如何看待 Move 不同產品的表現，特別是因為它與一些更推薦的產品有關基於鉛的服務與鉛含量更高的服務？

Well, John, the most important aspect for us is listings, the number of leads and then our ability, through sort of the traditional lead model as well as the referral model, to maximize the value of each of those leads. And then as I mentioned earlier, on mortgages, those leads now have more value because the refi market has imploded and the origination market has increased and relatively important.

好吧，約翰，對我們來說最重要的方面是列表、潛在客戶的數量，然後是我們的能力，通過傳統的潛在客戶模型和推薦模型，最大化每個潛在客戶的價值。然後正如我之前提到的，在抵押貸款方面，這些線索現在具有更大的價值，因為 refi 市場已經崩潰，原始市場已經增加並且相對重要。

So what we've created with the team at REALTOR is an ability to maximize returns on any particular lead. And so that model will be something that provides us robust revenues regardless of a certain amount of volatility, a volatility indeed, that may be efficacious for the market.

因此，我們與 REALTOR 的團隊一起創造了一種能夠最大化任何特定潛在客戶的回報的能力。因此，該模型將為我們提供強勁的收入，而不管一定程度的波動，確實是波動，這可能對市場有效。

And John, maybe I can just add to that as well. Given some of the headwinds that we face within the core lead-gen with volumes down, we have had success in driving increased revenue given higher yield. And we've also reached -- recently launched the hybrid product, Market VIP, which we're starting to see growth, and that's getting traction as well. So that's helping to mitigate some of those headwinds.

約翰，也許我也可以補充一下。鑑於我們在核心潛在客戶中面臨的一些不利因素以及銷量下降的情況，鑑於更高的收益率，我們已經成功地推動了收入的增加。而且我們還達到了 - 最近推出了混合產品 Market VIP，我們開始看到它的增長，而且它也得到了牽引力。因此，這有助於緩解其中一些不利因素。

And one further point, John, even ad sales at realtor.com have become more precise, more focused, taking the advantage of our yield lessons elsewhere in our media properties. And ads were up 11% at realtor.com last year.

還有一點，約翰，甚至 realtor.com 上的廣告銷售也變得更加精確、更加專注，利用了我們媒體資產其他地方的收益課程。去年 realtor.com 的廣告增長了 11%。

And we have no further questions. So I would like to turn the conference back over to Mike Florin for any additional closing remarks.

我們沒有進一步的問題。因此，我想將會議轉回 Mike Florin 進行任何額外的閉幕詞。

Great. Thank you, Sarah. Thank you all for participating today. Have a great day. And we look forward to speaking with you in the near future. Take care.

偉大的。謝謝你，莎拉。感謝大家今天的參與。祝你有美好的一天。我們期待在不久的將來與您交談。小心。

Thank you. And that does conclude today's teleconference. We do appreciate your participation. You may now disconnect.

謝謝你。這確實結束了今天的電話會議。我們非常感謝您的參與。您現在可以斷開連接。