News Corp (NWS) 2023 Q4 法說會逐字稿

Welcome to News Corp's Fourth Quarter and Full Year Fiscal 2023 Earnings Conference call. Todays conference is being recorded. (Operator Instructions) At this time I would like to turn the conference over to Michael Florin, Senior Vice President and Head of Investor Relations. Please go ahead.

歡迎參加新聞集團 2023 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。 （操作員指示） 現在我想將會議交給高級副總裁兼投資者關係主管 Michael Florin。請繼續。

Thank you very much, operator. Hello, everyone, and welcome to News Corp's Fiscal Fourth Quarter 2023 Earnings Call. We issued our earnings press release about 30 minutes ago, and it's now posted on our website at newscorp.com.

非常感謝您，接線員。大家好，歡迎參加新聞集團 2023 年第四季度財報電話會議。我們大約 30 分鐘前發布了收益新聞稿，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.

今天參加電話會議的是首席執行官羅伯特·湯姆森 (Robert Thomson)；蘇珊·帕努西奧 (Susan Panuccio)，首席財務官。

We will open with some prepared remarks, and then we'll be happy to take questions from the investment community. 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.

我們將首先發表一些準備好的講話，然後我們將很樂意回答投資界的問題。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存在重大差異。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出現差異的風險和不確定性，並包含有關前瞻性信息的警告聲明。

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 the earnings release for the applicable periods posted on our website. With that, I'll pass it over to Robert Thomson for some opening comments.

此外，本次電話會議還將包括某些非 GAAP 財務衡量指標，例如分部 EBITDA 總額、調整後分部 EBITDA 和調整後每股收益。此類措施的定義以及 GAAP 與非 GAAP 調節可以在我們網站上發布的適用期間的收益發布中找到。接下來，我將把它轉交給羅伯特·湯姆森（Robert Thomson），請他發表一些開場評論。

Thank you, Mike. Before we discuss the results for the fourth quarter and the full year of fiscal 2023, I'd like to acknowledge that we have now completed a decade of the new News Corp's existence. So this is surely an appropriate moment to reflect on our profound transformation, a transformation faithful to the company's founding principles. Consider the then and now. Our revenue base has changed fundamentally and expanded dramatically. News and Information Services, accounted for 72% of total revenues in fiscal 2014, which included News America Marketing and Dow Jones. By fiscal 2023, News Media was 23%, and revitalized Dow Jones segment was 22%. And Digital real estate comprised 5% of total revenues 10 years ago, and that has tripled to over 15% this past year, which includes the acquisition of Move, where revenues have more than doubled.

謝謝你，邁克。在我們討論第四季度和 2023 財年全年的業績之前，我想承認，我們現在已經完成了新新聞集團成立的十年。因此，現在無疑是反思我們深刻變革的合適時機，這一變革忠實於公司的創始原則。考慮一下當時和現在。我們的收入基礎發生了根本性變化並急劇擴大。新聞和信息服務佔 2014 財年總收入的 72%，其中包括 News America Marketing 和道瓊斯。到 2023 財年，新聞媒體佔 23%，振興的道瓊斯板塊佔 22%。 10 年前，數字房地產佔總收入的 5%，去年這一數字增加了兩倍，達到 15% 以上，其中包括收購 Move，後者的收入增加了一倍多。

Subscription Video services revenues increased from 6% of News Corp's total to 20%, bolstered by the consolidation and control of Foxtel, a business renewed and Foxtel's imminent completion of a refinancing is expected to facilitate repayments of our outstanding shareholder loans beginning this fiscal year. Candidly, since our reincarnation, we have increasingly digital recurring revenues, higher margins, significantly more free cash flow, robust finances and bright prospects for long-term growth and value creation for all our shareholders.

訂閱視頻服務收入從占新聞集團總收入的6% 增加到20%，這得益於對Foxtel 的整合和控制，該業務得到更新，而Foxtel 即將完成的再融資預計將有助於償還我們從本財年開始的未償還股東貸款。坦率地說，自從我們重生以來，我們的經常性收入越來越數字化，利潤率更高，自由現金流顯著增加，財務狀況穩健，為所有股東帶來了長期增長和價值創造的光明前景。

A few facts to demonstrate our digital scale today. Based on our June metrics, we had 79 million unique visitors at Dow Jones, 159 million at the Sun, 74 million at realtor.com, 21 million at Housing.com in India and 145 million at the increasingly influential New York Post. And that digital momentum is surely gathering pace in the age of generative AI.

一些事實可以展示我們今天的數字秤。根據我們6 月份的指標，道瓊斯(Dow Jones) 的獨立訪客數量為7,900 萬，《太陽報》(Sun) 的獨立訪客數量為1.59 億，realtor.com 的獨立訪客數量為7,400 萬，印度Housing.com的獨立訪客數量為2,100 萬，影響力日益增強的《紐約郵報》(New York Post) 的獨立訪客數量為1.45 億。在生成式人工智能時代，這種數字化勢頭肯定會加快步伐。

Along with this relentless focus on digitization, we have been intent on simplifying the company and heightening our cost consciousness. That cost discipline was clearly evident during a year that had a complicated plot line for books, while digital real estate was naturally inevitably affected by the interest rate hikes, which appear to be plateauing in the U.S. I would like to pay sincere tribute to Rupert and Lachlan Murdoch and our directors who have been steadfast in their strategic support and all our employees and our loyal insightful investors. Thanks to their collective committed efforts, News Corp achieved its 3 strongest fiscal years ever in the last 3 fiscal years, 2021, 2022 and 2023. In fact, fiscal '23 was our second most profitable year following fiscal '22 despite the difficult macro conditions in a couple of core segments. And our fourth quarter profitability was significantly higher than last year.

除了對數字化的不懈關注之外，我們還致力於簡化公司並提高成本意識。在書籍情節複雜的一年中，這種成本紀律顯而易見，而數字房地產自然不可避免地受到加息的影響，而加息在美國似乎已趨於穩定。我想向魯珀特和拉克蘭·默多克(Lachlan Murdoch) 和我們的董事以及我們所有的員工和我們忠誠且富有洞察力的投資者一直堅定不移地提供戰略支持。得益於他們的共同努力，新聞集團在過去3 個財年（2021 年、2022 年和2023 年）中實現了有史以來最強勁的3 個財年。事實上，儘管宏觀環境困難，23 財年是繼22 財年之後我們第二大盈利的年份在幾個核心部分。我們第四季度的盈利能力明顯高於去年。

There have certainly been fundamental changes in the media landscape. We have led the quest for appropriate compensation for content from the big digital platforms. And that quest begun publicly in 2007 when I testified before the House of Lords about the challenges for publishers and society in the Internet age has entered a new fascinating phase with the rise of generative AI.

媒體格局確實發生了根本性的變化。我們帶頭尋求對大型數字平台內容的適當補償。這一探索始於 2007 年，當時我在上議院就互聯網時代出版商和社會面臨的挑戰作證，隨著生成式人工智能的興起，這一探索進入了一個令人著迷的新階段。

Clearly, negotiations are well underway with the relevant companies. And once again, News Corp hopes to set precedents that benefit creators, publishers and journalists around the globe. It is crucial for our societies that AI is replete with EI. That recomposition does not lead to the decomposition of creativity and integrity.

顯然，與相關公司的談判正在順利進行。新聞集團希望再次樹立先例，讓全球的創作者、出版商和記者受益。人工智能充滿了智能，這對我們的社會至關重要。這種重組不會導致創造力和完整性的分解。

We have been characteristically candid about the AI challenge to publishers and to intellectual property. It is essentially a triptych. In the first instance, our content is being harvested and scraped and otherwise ingested to train AI engines. Ingestion should not lead to indigestion.

對於人工智能給出版商和知識產權帶來的挑戰，我們一直保持著一貫的坦誠態度。它本質上是一個三聯畫。首先，我們的內容被收集、抓取或以其他方式攝取以訓練人工智能引擎。攝入不應導致消化不良。

Secondly, individual stories are being serviced in specific searches.

其次，個別故事正在特定的搜索中得到服務。

And thirdly, original content can be synthesized and presented as distinct when it is actually an extracting of our editorial essence. These super snippets, distilling the effort and insight of great journalism are potentially designed so the reader will never visit a new site, thus, fatally undermining journalism and damaging our societies.

第三，原創內容可以被合成並以獨特的方式呈現，而實際上它是我們編輯精華的提取。這些超級片段濃縮了偉大新聞業的努力和洞察力，其設計目的可能是讓讀者永遠不會訪問新網站，從而致命地破壞新聞業並損害我們的社會。

It is reassuring that the prescient executives at the largest digital companies can see these complexities and understand that our shared responsibilities extend far beyond the commercial that generative AI cannot be degenerative. That we are paving a platform for future generations and that we will be collectively held to account and not just by accountants.

令人欣慰的是，最大的數字公司的有先見之明的高管能夠看到這些複雜性，並理解我們的共同責任遠遠超出了商業範圍，即生成式人工智能不能退化。我們正在為子孫後代搭建一個平台，我們將集體承擔責任，而不僅僅是會計師。

From the philosophical to the functional, there is no doubt that AI articulations will affect most sections of most companies, whether it be customer service, subscription management, chatbots, chit-chat bots, text to audio and audio to video. Experiences, efficiencies will be exponential. And we are absolutely clear in our company, there must be a confluence of the technological, the commercial and the culture.

從哲學到功能，毫無疑問，人工智能的表達將影響大多數公司的大多數部門，無論是客戶服務、訂閱管理、聊天機器人、聊天機器人、文本到音頻和音頻到視頻。經驗、效率將呈指數級增長。我們非常清楚，在我們的公司裡，必須有技術、商業和文化的融合。

Last earnings, I mentioned the plight of Wall Street Journal reporter Evan Gershkovich, unjustly incarcerated by Russia for being a journalist, seeking facts, seeking the truth both the journal and the U.S. government vehemently deny the allegations against it. Evan has now spent almost 5 months in prison, and we thank the many thoughtful people from all around the globe who have rallied to his course and sought his release. And we thank those who are continuing to press determinedly for his emancipation and providing support to his courageous family.

上一份財報中，我提到了《華爾街日報》記者埃文·格甚科維奇的困境，他因擔任記者而被俄羅斯不公正地監禁，尋求事實、尋求真相，該報和美國政府都強烈否認針對其的指控。埃文現已在監獄中度過了近 5 個月的時間，我們感謝來自世界各地的許多有思想的人們，他們團結起來支持他的路線並尋求他的釋放。我們感謝那些繼續堅定地推動他的解放並為他勇敢的家人提供支持的人們。

Turning now to our results for Q4 and fiscal year 2023. The aforementioned macroeconomic factors, that is inflation, supply chain complications and volting interest rates, along with volatile foreign exchange rates patently presented challenges, some of which are more ephemeral than internal. Nonetheless, we still saw significant progress across several segments. And thanks to our digital and international strategic focus and acute cost consciousness including the announced 5% headcount reduction, which we expect to yield more than $160 million in annual gross savings. Not only was this fiscal year, the second best ever in terms of profits, we believe we are poised for greater growth in the years ahead. As for the fourth quarter, revenues were over $2.43 billion, 9% lower year-over-year.

現在轉向我們第四季度和 2023 財年的業績。上述宏觀經濟因素，即通貨膨脹、供應鏈複雜性和浮動利率，以及波動的匯率顯然帶來了挑戰，其中一些挑戰比內部挑戰更為短暫。儘管如此，我們仍然在幾個領域看到了重大進展。得益於我們的數字和國際戰略重點以及敏銳的成本意識，包括宣布的 5% 員工人數削減，我們預計每年將節省超過 1.6 億美元的總成本。本財年不僅是利潤方面第二好的財年，而且我們相信我們將在未來幾年實現更大的增長。第四季度營收超過 24.3 億美元，同比下降 9%。

Though a majority of that decline is attributable to foreign exchange rates and an extra week last year, a 53rd week to balance out the multiyear calendar. Mathematically, that 1 extra week accounts for almost half of the difference and will obviously not be a factor in the current year.

儘管下降的主要原因是外匯匯率和去年額外的一周，即第 53 週來平衡多年日曆。從數學上講，多出的一周幾乎佔了差異的一半，並且顯然不會成為今年的一個因素。

Profitability in the quarter rose 8%, which is especially notable in that it comes after a 50% rise a year earlier. We are building on our positive performances even when the headwinds are blustery. Full year revenues were $ 9.879 billion, down 5% on our record prior year. And total segment EBITDA was over $1.4 billion, 15% lower, though still the second highest profits recorded for the new News Corp.

本季度利潤增長 8%，尤其值得注意的是，去年同期利潤增長了 50%。即使逆風猛烈，我們也會繼續保持積極的表現。全年收入為 98.79 億美元，比上年創紀錄下降 5%。部門 EBITDA 總額超過 14 億美元，下降了 15%，但仍是新新聞集團的第二高利潤記錄。

Dow Jones posted its highest profitability for both the quarter and the full year since we acquired the company, helped by impressive results in the professional information business. In fact, taking a step back Dow Jones has doubled it's profitability in the past 4 years. And for the first time, Dow Jones was the highest contributor of profits across all of News Corp in fiscal 2023 as we continue to develop the higher-margin B2B offerings.

得益於專業信息業務的驕人業績，道瓊斯公佈了自我們收購該公司以來本季度和全年最高的盈利能力。事實上，道瓊斯退後一步，在過去四年裡其盈利能力翻了一番。隨著我們繼續開發利潤率更高的 B2B 產品，道瓊斯首次成為新聞集團 2023 財年利潤貢獻最大的公司。

We are focused on Dow Jones as a pillar of News Corp's future growth with significant value appreciation for shareholders. Dow Jones is nearing an important threshold, with the lucrative B2B business expected to be the highest contributor to profitability in fiscal 2024 and a key driver for future margin expansion.

我們將道瓊斯視為新聞集團未來增長的支柱，為股東帶來顯著的價值增值。道瓊斯指數正接近一個重要門檻，利潤豐厚的 B2B 業務預計將成為 2024 財年盈利能力的最大貢獻者，也是未來利潤率擴張的關鍵驅動力。

Dow Jones has been bolstered over the past year by the acquisitions of OPIS and Chemical market analytics and by continuing double-digit growth of risk and compliance. It is worth noting that risk and compliance revenues have risen sixfold over the past decade. We believe prospects remain decidedly bright as the corporate imperative to minimize risk and maximize compliance, grows in an ever more complex regulatory regime. We believe the energy transition is an enormous global opportunity for Opus, and we will capitalize on it through new products, the establishment of compelling benchmarks and the generation of must-have data, pricing and analytics, whether it be for fossil fuels, hydrogen, solar, lithium, cobalt, EVs or carbon credits and offsets. The industry relies on Opus for pricing transparency which is critical to day-by-day decision-making in a market that is undergoing massive transformation.

去年，道瓊斯公司因收購 OPIS 和化學市場分析公司以及風險和合規性持續兩位數增長而得到提振。值得注意的是，風險和合規收入在過去十年中增長了六倍。我們相信，隨著企業在日益複雜的監管制度中最小化風險和最大化合規性的迫切需要，前景依然光明。我們相信能源轉型對於 Opus 來說是一個巨大的全球機遇，我們將通過新產品、建立引人注目的基準以及生成必備數據、定價和分析來利用它，無論是化石燃料、氫氣、太陽能、鋰、鈷、電動汽車或碳信用額和抵消。該行業依靠 Opus 來實現定價透明度，這對於正在經歷大規模轉型的市場中的日常決策至關重要。

Dow Jones digital subscription growth accelerated in the second half. partly helped by bundling of our products to capitalize on our clients' needs for a sophisticated market analysis and analytics. We want to channel market watch readers to WSJ, then to Barron's and Investors Business Daily and from there to our specialist business products. That is a pathway to profits for the company. Moreover, we are increasing our international digital focus for the Wall Street Journal, which currently has only 12% of subscriptions outside the U.S., where there is much untapped potential.

道瓊斯數字訂閱增長在下半年加速。部分幫助是通過捆綁我們的產品來利用客戶對複雜的市場分析和分析的需求。我們希望引導市場觀察讀者閱讀《華爾街日報》，然後閱讀《巴倫周刊》和《投資者商業日報》，然後再閱讀我們的專業商業產品。這是公司盈利的途徑。此外，我們正在加大對《華爾街日報》國際數字化的關注，目前該報在美國以外地區的訂閱量僅為 12%，而美國以外地區還有很多尚未開發的潛力。

Subscription Video Services reported adjusted revenue and profit growth, which excludes currency impact for the second straight year and also for the fourth quarter, a remarkable turnaround from the recent past. We have long-term rights to the key Australian sports and the prime international sports for Australians and have created a model that streamers around the world are now trying to emulate. Our streaming revenue growth again outpaced broadcast declines in both Q4 and the full year, with paid subscribers scaling at a double-digit rate to nearly 3.1 million. So we are particularly confident about Foxtel's future and our optionality given the imminent completion of our refinancing. We were asked frequently in the past how much more capital we would need to commit to Foxtel. But the question now is how much cash we will receive in coming years. REA continued to be impacted by macroeconomic challenges in the Australian housing market. So we do see an easing of those challenges as the interest rate cycle peaks. Home prices have again started to increase, and the auction completion rate crossed 70% in June, up from 55% in the prior year.

訂閱視頻服務連續第二年和第四季度報告了調整後的收入和利潤增長，其中排除了匯率影響，與最近的過去相比，這是一個顯著的轉變。我們擁有澳大利亞主要體育賽事和澳大利亞主要國際體育賽事的長期轉播權，並創建了一種模式，全世界的主播現在都在努力效仿。我們的流媒體收入增長在第四季度和全年均再次超過了廣播收入的下降，付費訂閱用戶以兩位數的速度增長至近 310 萬。因此，鑑於我們的再融資即將完成，我們對 Foxtel 的未來和我們的選擇尤其有信心。過去經常有人問我們需要向 Foxtel 投入多少資金。但現在的問題是，未來幾年我們將收到多少現金。 REA 繼續受到澳大利亞房地產市場宏觀經濟挑戰的影響。因此，隨著利率週期見頂，我們確實看到這些挑戰有所緩解。房價再次開始上漲，6 月份拍賣完成率突破 70%，高於去年同期的 55%。

REA's audience share against its nearest competitor continued to expand to north of 3.5x in June. While visits to the site have expanded year-over-year for 4 consecutive months. REA did benefit from product price increases linked to improvements in the quality of those products while India remains a source of ongoing potential, given that Housing.com is already the market leader in a country on a positive economic trajectory with a rapidly expanding middle class.

6 月份，REA 的觀眾份額相對於最接近的競爭對手繼續擴大到 3.5 倍以上。而該網站的訪問量連續 4 個月同比增長。 REA 確實受益於與產品質量改進相關的產品價格上漲，而印度仍然是一個持續潛力的來源，因為 Housing.com 已經是一個經濟發展良好且中產階級迅速擴大的國家的市場領導者。

In the U.S., we have new leadership at Move, operator realtor.com. Move experienced much success under David Doctorow and broadened its offerings with the acquisitions of Opcity, UpNest and Avail. We sincerely thank David for his positive contribution, which will resonate for years to come, Damian Eales brings vast digital experience, a fiercely competitive spirit and much knowledge of how to leverage News Corp's powerful U.S. platforms. Whether that be the New York Post or the Wall Street Journal or Barron's to build the brand and expand market share. Damian has just returned from Australia, where the Realtor team spent time at REA and the creative collaboration between the 2 companies will certainly intensify. Scale is crucial. And to put our scale in perspective, based on June Comscore data, Realtors valuable and engaged audience is well over 2x of that of Homes.com. Not only do we have scale in residential sales, we believe that we can continue to monetize that audience successfully. For HarperCollins and for other book publishers, Q4 and fiscal '23 generally was a challenging period with the post-COVID market resetting, logistical issues at Amazon and acute inflationary pressures. Some particular signs of success were Joanna Gaines Magnolia Table Volume 3 and Remarkably Bright Creatures by Shelby Van Pelt, and we have reason for optimism in the near future with books like Tom Lake by Ann Patchett, The Collector by Daniel Silva. And in the U.K., TV, Big Adventures on the Small Screen by Peter Kay.

在美國，我們的運營商 realtor.com Move 有了新的領導層。 Move 在 David Doctorow 的領導下取得了巨大成功，並通過收購 Opcity、UpNest 和 Avail 擴大了其產品範圍。我們衷心感謝大衛的積極貢獻，這將在未來幾年引起共鳴，達米安·伊爾斯帶來了豐富的數字經驗、激烈的競爭精神以及如何利用新聞集團強大的美國平台的豐富知識。無論是《紐約郵報》、《華爾街日報》還是《巴倫周刊》，都是為了打造品牌並擴大市場份額。 Damian 剛剛從澳大利亞回來，房地產經紀人團隊在 REA 工作了一段時間，兩家公司之間的創意合作肯定會加強。規模至關重要。從我們的規模來看，根據 6 月份的 Comscore 數據，房地產經紀人的有價值且活躍的受眾遠遠超過 Homes.com 的 2 倍。我們不僅在住宅銷售方面具有規模，而且我們相信我們可以繼續成功地通過這些受眾獲利。對於哈珀柯林斯(Harper Collins) 和其他圖書出版商來說，第四季度和23 財年總體來說是一個充滿挑戰的時期，因為新冠疫情后的市場重置、亞馬遜的物流問題和嚴重的通脹壓力。一些特別成功的跡像是喬安娜·蓋恩斯的《木蘭花桌》第3 捲和謝爾比·範·佩爾特的《非常聰明的生物》，我們有理由對不久的將來感到樂觀，比如安·帕切特的《湯姆·萊克》和丹尼爾·席爾瓦的《收藏家》等書。在英國，還有彼得·凱 (Peter Kay) 的電視《小屏幕上的大冒險》(Big Adventures on the Small Screen)。

In Q2, we are looking forward to the next Pioneer Woman Cooks by Ree Drummond and The Little Liar by Mitch Albom. In News Media, advertising trends vary distinctly by geography, with the U.K. and the U.S. performing best in the quarter. In the U.K., the Sun had a successful year with digital outpacing print ads again in the fourth quarter and for the full year. This strength was accentuated by the year-over-year growth of the Sun in the U.S. which reported a substantial surge in page views and even higher yields than the successful U.K. side. The Times and Sunday Times also hit 565,000 digital subscriptions at the end of June, an 11% increase, underscoring the strength of their journalism and the global potential of the brand.

在第二季度，我們期待著 Ree Drummond 的下一部《先鋒女廚師》和 Mitch Albom 的《小騙子》。在新聞媒體中，廣告趨勢因地理位置而異，英國和美國在本季度表現最佳。在英國，《太陽報》度過了成功的一年，數字廣告在第四季度和全年再次超過了平面廣告。美國《太陽報》的頁面瀏覽量大幅上升，收益率甚至比成功的英國還要高，這進一步強化了這一優勢。截至 6 月底，《泰晤士報》和《星期日泰晤士報》的數字訂閱量也達到 565,000 人，增長 11%，凸顯了其新聞實力和品牌的全球潛力。

News Corp Australia achieved almost 1.1 million digital subscriptions, an increase of 10%. News.com.au was the leading news website in Australia according to the Ipsos rankings, while the Australian was also in the top 10.

澳大利亞新聞集團的數字訂閱量接近 110 萬，增長 10%。根據 Ipsos 排名，News.com.au 是澳大利亞領先的新聞網站，而《澳大利亞人報》也躋身前十。

In the U.S., the New York Post reported another year of strong profits after decades, if not centuries, of endless losses. As I mentioned, the Papers improved commercial fortunes have been accompanied by growing influence in New York, Washington and beyond. As the papers Founder, Alexander Hamilton, safely observed those who stand for nothing fall for everything.

在美國，《紐約郵報》報導稱，在經歷了數十年甚至數百年的無休止虧損之後，又一年實現了強勁利潤。正如我所提到的，《外報》商業財富的改善伴隨著在紐約、華盛頓及其他地區的影響力的不斷增長。正如報紙創始人亞歷山大·漢密爾頓（Alexander Hamilton）安全地觀察到的那樣，那些一事無成的人會為一切而墮落。

In a fiscal year affected by the reverberations of war, inflation, interest rate hikes, supply chain disruption and other macroeconomic challenges and in a business inevitably impacted by foreign exchange fluctuations News Corp is proud to report its second most profitable year since its reincarnation a decade ago. Our teams have been tested and have clearly passed that exacting test. We ended the year on an upswing with the company returning to profit growth in the quarter with inflation showing signs of abating, interest rates plateauing and incipient signs of stability in the housing market, we have sound reasons for optimism.

在一個受到戰爭、通貨膨脹、加息、供應鏈中斷和其他宏觀經濟挑戰影響的財政年度，以及不可避免地受到外匯波動影響的業務中，新聞集團自豪地報告了自十年來重生以來第二個盈利最多的一年前。我們的團隊已經過測試，並且顯然已經通過了嚴格的測試。我們以經濟增長結束了這一年，公司在本季度恢復了利潤增長，通貨膨脹顯示出減弱的跡象，利率趨於穩定，房地產市場出現了穩定的跡象，我們有充分的理由保持樂觀。

All specious macro conditions will surely work to the benefit of a company that has become more digital, more global and with more recurring revenues in higher-margin segments. We have navigated the sometimes perilous media waters adroitly and are particularly proud of our providence, a providence based on commitment, curiosity and integrity. We look forward with a sense of genuine of tangible excitement in the potential of our people and our businesses, and we remain utterly determined to deliver positive results for our customers, our employees and most certainly for our shareholders.

所有似是而非的宏觀條件肯定會對一家更加數字化、更加全球化、在高利潤領域擁有更多經常性收入的公司有利。我們巧妙地駕馭了有時危險的媒體水域，並為我們的天意感到特別自豪，這種天意基於承諾、好奇心和正直。我們對我們的員工和業務的潛力感到真正的、切實的興奮，我們仍然堅定地決心為我們的客戶、我們的員工，尤其是我們的股東帶來積極的成果。

I will now pass you to our erudite CFO, Susan Panuccio, who will provide more insight into our financial coordinates.

現在我將把您交給我們博學的首席財務官蘇珊·帕努西奧 (Susan Panuccio)，她將為您提供有關我們財務協調的更多見解。

Thank you, Robert. Our second half results show marked improvement from the first half of the year, with fourth quarter profitability up year-over-year, highlighting the diversity and durability of our revenue streams and our ongoing cost efficiencies as we navigated the ever-changing macro conditions, supply chain pressures and currency headwinds. As the company continues to transition to digital. Digital revenues now comprise over half of the company's fiscal 2023 revenues. We have also transformed the revenue base away from cyclical advertising revenues to one that is much more recurring and subscription base with strong growth prospects. We have made strategic acquisitions that we believe have fundamentally strengthened the company. The acquisitions of OPIS, CMA, HMH, Mortgage Choice and IBD during fiscal 2021 and 2022 have essentially replaced the revenues from News America Marketing, providing a much stronger base for long-term growth. The company has changed and evolved since 2013 and is well positioned for future success. We have maintained a very healthy balance sheet while we strengthened the asset base, transform digitally generated healthy free cash flow and continue to improve our operating efficiencies.

謝謝你，羅伯特。我們下半年的業績顯示較上半年顯著改善，第四季度盈利能力同比增長，凸顯了我們收入來源的多樣性和持久性，以及我們在應對不斷變化的宏觀條件時持續的成本效率，供應鏈壓力和貨幣逆風。隨著公司不斷向數字化轉型。目前，數字收入佔該公司 2023 財年收入的一半以上。我們還將收入基礎從周期性廣告收入轉變為更具經常性和訂閱基礎且具有強勁增長前景的收入基礎。我們進行了戰略收購，我們相信這些收購從根本上增強了公司的實力。 2021 財年和 2022 財年對 OPIS、CMA、HMH、Mortgage Choice 和 IBD 的收購基本上取代了 News America Marketing 的收入，為長期增長提供了更強大的基礎。該公司自 2013 年以來發生了變化和發展，並為未來的成功做好了準備。我們保持了非常健康的資產負債表，同時加強了資產基礎，轉變了數字化方式產生的健康的自由現金流，並繼續提高了我們的運營效率。

Turning to our financials. I will focus on the fourth quarter performance. Fourth quarter total revenues were over $2.4 billion, down 9% year-over-year, which was heavily impacted by the $110 million or 4% negative impact related to the extra week last year and the $72 million or 3% impact from foreign currency fluctuations.

轉向我們的財務狀況。我將重點關注第四季度的業績。第四季度總收入超過 24 億美元，同比下降 9%，其中受到去年額外一周相關 1.1 億美元或 4% 負面影響以及外匯波動 7,200 萬美元或 3% 負面影響的嚴重影響。

Impressively, total segment EBITDA was $341 million, up 8% year-over-year despite very difficult year-over-year comparisons and weak trading conditions at HarperCollins. Margins improved by over 2 percentage points to 14%.

令人印象深刻的是，儘管哈珀柯林斯的年度比較非常困難且交易條件疲軟，但該部門的 EBITDA 總額為 3.41 億美元，同比增長 8%。利潤率提高了 2 個百分點以上，達到 14%。

Fourth quarter adjusted revenues declined 7% compared to the prior year, while adjusted total segment EBITDA rose 2% versus the prior year. Both revenues and total segment EBITDA were also negatively impacted by the extra week last year. Adjusted revenue and total segment EBITDA did not exclude that impact.

第四季度調整後收入較上年下降 7%，而調整後總部門 EBITDA 較上年增長 2%。去年額外的一周也對收入和總部門 EBITDA 產生了負面影響。調整後的收入和總部門 EBITDA 並未排除這種影響。

Earnings per share in the quarter were a loss of $0.01 compared to income of $0.19 in the prior year. The current quarter reflects $85 million of restructuring and impairment charges, mostly related to our company-wide headcount reduction that we communicated on the last earnings call and an $81 million noncash write-down in equity losses of affiliates related to REA's investment in Property Guru. The prior year income of $0.19 benefited from $149 million tax benefit. Adjusted earnings per share were $0.14 in the quarter compared to $0.37 in the prior year.

本季度每股收益虧損 0.01 美元，而去年同期收益為 0.19 美元。本季度反映了8500 萬美元的重組和減值費用，主要與我們在上次財報電話會議上通報的全公司員工人數減少以及與REA 對Property Guru 投資相關的附屬公司股權損失的8100 萬美元非現金減記有關。上一年的收入為 0.19 美元，受益於 1.49 億美元的稅收優惠。本季度調整後每股收益為 0.14 美元，上年同期為 0.37 美元。

Moving on to the results for the individual reporting segments, starting with Digital Real Estate Services.

接下來看各個報告部分的結果，從數字房地產服務開始。

Segment revenues were $369 million, down 17% compared to the prior year, impacted by the ongoing macroeconomic pressures, a negative impact of $15 million or 4% from foreign currency fluctuations, and $14 million or 3% of negative impact from the extra week last year.

受持續的宏觀經濟壓力、外匯波動帶來的1500萬美元或4%的負面影響以及上週額外一周的1400萬美元或3%的負面影響的影響，該部門收入為3.69億美元，比上年下降17%年。

On an adjusted basis, segment revenues decreased 14%. Segment EBITDA declined 11% to $108 million, impacted by lower revenues, partially offset by the lower discretionary costs, compensation and broker commissions. Adjusted segment EBITDA declined 5%. REA revenues were $223 million, which declined 11% on a reported basis or down 5% on a constant currency basis.

經調整後，該部門收入下降了 14%。受收入下降的影響，該部門的 EBITDA 下降了 11%，至 1.08 億美元，但可自由支配成本、薪酬和經紀人佣金的下降部分抵消了這一影響。調整後部門 EBITDA 下降 5%。 REA 收入為 2.23 億美元，按報告數據計算下降 11%，按固定匯率計算下降 5%。

The revenue decline was due to the impact of lower national listings and a decrease in financial services revenue driven by lower settlement activity. New buy listings for the fourth quarter were down 18% year-over-year with the higher-yielding metro areas of Sydney and Melbourne showing improvement each month of the quarter, yet ended down 17% and 16%, respectively. Those declines were partially offset by the annual price increases in the residential and commercial businesses increased uptake in premium products, including Premier Plus, favorable death penetration and continued strong performance from REA India, which maintained its audience leadership. Please refer to REA's earnings release and their conference call following this call for more details.

收入下降的原因是全國上市量減少以及結算活動減少導致金融服務收入減少。第四季度新掛牌上市量同比下降 18%，收益較高的悉尼和墨爾本大都市地區本季度每個月都表現出改善，但最終分別下降了 17% 和 16%。這些下降被住宅和商業業務的年度價格上漲、優質產品（包括 Premier Plus）的吸收增加、有利的死亡滲透率以及 REA India 的持續強勁表現所部分抵消，REA India 保持了其受眾領先地位。請參閱 REA 的收益發布以及本次電話會議後的電話會議了解更多詳細信息。

At Move, revenues were $146 million, down 24% compared to the prior year, which reflects the $14 million or 7% negative impact related to the absence of the extra week. Excluding the extra week impact, revenue declined 17%, similar to the third quarter results with yield optimization in the lead generation products, partially offsetting lower lead and transaction volume.

Move 的收入為 1.46 億美元，比上一年下降 24%，這反映出與缺席一周額外時間相關的 1400 萬美元或 7% 的負面影響。排除額外一周的影響，收入下降了 17%，與第三季度的結果類似，因為潛在客戶生成產品的產量優化，部分抵消了潛在客戶和交易量的下降。

Lead volumes moderated to down 14% year-over-year compared to a decline of 30% in the third quarter while Realtor's average monthly unique users declined 20% from the prior year to $74 million in the fourth quarter based on internal metrics yet up from $72 million in the third quarter.

與去年同期相比，潛在客戶數量下降了14%，而第三季度下降了30%，而根據內部指標，第四季度房地產經紀人的平均每月獨立用戶數比去年同期下降了20%，至7,400 萬美元。第三季度為 7200 萬美元。

We remain focused on driving both usage and Engagement through continued product enhancements And improvements to SEO while expanding our core adjacencies of seller, rentals and new homes.

我們仍然專注於通過持續的產品增強和搜索引擎優化改進來提高使用率和參與度，同時擴大我們的賣家、租賃和新房的核心鄰接關係。

Turning to the switch and Video Services segment. Revenues for the quarter were $501 million, down 4% compared to the prior year on a reported basis due to foreign currency headwinds. On a constant currency basis, revenues rose 3% versus the prior year, the sixth consecutive quarter of growth in constant currency. Streaming revenues accounted for 29% of circulation and subscription revenues compared to 23% in the prior year. OTT revenue growth again more than offset broadcast revenue declines, benefiting from both increased subscribers and price increases at Kayo and BINGE. Total closing paid subscribers across the Foxtel Group improved to over $4.6 million at quarter end, up 5% year-over-year.

轉向交換機和視頻服務部分。由於外匯不利因素，本季度收入為 5.01 億美元，較上年同期下降 4%。按固定匯率計算，收入較上年增長 3%，這是按固定匯率計算連續第六個季度增長。流媒體收入佔發行和訂閱收入的 29%，而上一年為 23%。 OTT 收入的增長再次抵消了廣播收入下降的影響，這得益於 Kayo 和 BINGE 的訂戶數量增加以及價格上漲。截至季度末，Foxtel 集團的最終付費用戶總數增至超過 460 萬美元，同比增長 5%。

Total paid streaming subscribers approached $3.1 million, increasing 14% versus the prior year and accounted for approximately 66% of Foxtel's total paid subscriber base. Binge continued to expand advertising inventory on the basic product generating both modest incremental revenues and some upgrade activity to the higher tiered subscription offerings.

付費流媒體用戶總數接近 310 萬美元，比上年增長 14%，約佔 Foxtel 付費用戶總數的 66%。 Binge 繼續擴大基本產品的廣告庫存，既產生了適度的增量收入，又進行了一些升級到更高級別訂閱產品的活動。

Foxtel ended the quarter with over 1.3 million residential broadcast subscribers, down only 9% year-over-year. Broadcast churn continued to improve, down more than 260 basis points year-over-year to 11.1%, the lowest level since fiscal 2016, while broadcast ARPU rose 2% to over AUD 84 Foxtel announced a price rise beginning in July across some of the broadcast tiers, the first since fiscal 2019, which will benefit the fiscal 2024 results. Segment EBITDA in the quarter of $78 million was down 4% versus the prior year, but was up 4% on an adjusted basis despite higher programming costs, mostly related to contractual escalators across key sports rights. On the product front, following the successful growth in streaming, the business will be launching a streaming aggregation device leveraging the Sky glass technology. Expectation is for a commercial launch later in fiscal 2024 and we will keep you updated on our progress.

Foxtel 本季度末擁有超過 130 萬住宅廣播用戶，同比僅下降 9%。廣播客戶流失率繼續改善，同比下降超過 260 個基點至 11.1%，為 2016 財年以來的最低水平，而廣播 ARPU 上漲 2%，超過 84 澳元 Foxtel 宣布從 7 月開始對部分地區進行價格上漲這是自2019 財年以來的首次，這將有利於2024 財年的業績。本季度的EBITDA 為7800 萬美元，與上一年相比下降了4%，但儘管節目製作成本較高（主要與主要體育賽事轉播權的合同自動扶梯有關），但調整後的利潤卻增長了4%。在產品方面，隨著流媒體業務的成功增長，該公司將推出一款利用 Sky glass 技術的流媒體聚合設備。預計將於 2024 財年晚些時候進行商業發布，我們將隨時向您通報我們的進展情況。

Moving to Dow Jones, Dow Jones had another strong quarter with revenues of $546 million, down 3%, which includes the negative impact of $40 million or 7% related to the absence of the extra week from last year. We lapped the Opus acquisition in March and CMA in June. Digital revenues accounted for 79% of total revenues this quarter, up 3 percentage points from last year. Circulation and subscription-based revenues represent over 79% of total revenues, up over 2 percentage points from the prior year, underscoring the stability and recurring nature of the revenue base. On an adjusted basis, revenues declined 6% but would have delivered a modest improvement, excluding the extra week. We are continuing to see strong momentum in our professional information business with revenues rising 10% year-over-year, benefiting from the continued integration of Opus and CMA coupled with strong revenues from risk and compliance. Results were partly offset by the extra week last year, which led to a $14 million or 8% negative impact on the performance. Excluding the extra week, PIB revenues grew 18%. PIB revenues this quarter accounted for 37% of segment revenues. And while we don't disclose specific margins, PIB margins are higher than the overall Dow Jones margin and are contributing strongly to segment EBITDA. Underscoring the uniqueness and durability of the Dow Jones asset mix. Risk & Compliance revenues rose 10% despite the extra week in the prior year and continued to grow at a high teens rate on a like-for-like basis. While 60% of the customers are in the financial services sector, the fastest growth is now coming from corporates with demand driven by the anti-money laundering financial corruption and ESG screening and monitoring products. Retention remains over 90%.

轉向道瓊斯，道瓊斯又一個強勁的季度，營收為 5.46 億美元，下降 3%，其中包括與去年相比沒有額外一周的負面影響 4000 萬美元，即 7%。我們於 3 月份完成了對 Opus 的收購，並於 6 月份完成了對 CMA 的收購。本季度數字收入佔總收入的79%，比去年上升3個百分點。基於發行和訂閱的收入佔總收入的 79% 以上，比上一年增加了 2 個百分點以上，凸顯了收入基礎的穩定性和經常性。調整後的收入下降了 6%，但如果不包括額外一周的時間，收入會略有改善。我們的專業信息業務繼續保持強勁勢頭，收入同比增長 10%，這得益於 Opus 和 CMA 的持續整合，以及來自風險和合規的強勁收入。去年的額外一周部分抵消了業績，這對業績造成了 1,400 萬美元或 8% 的負面影響。不包括額外一周的收入，PIB 收入增長了 18%。本季度 PIB 收入佔該部門收入的 37%。雖然我們沒有透露具體的利潤率，但 PIB 利潤率高於道瓊斯的整體利潤率，並且對部門 EBITDA 做出了巨大貢獻。強調道瓊斯資產組合的獨特性和持久性。儘管上一年多了一周，風險與合規收入仍增長了 10%，並繼續以十幾位數的同比增長率增長。雖然 60% 的客戶來自金融服務行業，但目前增長最快的來自於反洗錢、金融腐敗和 ESG 篩选和監控產品驅動需求的企業。保留率仍保持在 90% 以上。

Opus and CMA's revenue performance remained robust, benefiting from price escalators, new products and new customers. Retention rates for Opus and CMA subscription products remain in the mid-90s, which is underpinning the transformation of Dow Jones revenue base. Circulation revenues declined 6% due to the absence of the extra week lower print volume and weakness at IBD, as we noted in the third quarter. Excluding the extra week impact of $17 million or 7%, circulation revenues were up 1% year-over-year, which is slightly higher than the third quarter rate. Total Dow Jones digital-only subscriptions grew 12% year-over-year or by $163,000 sequentially, with the year-over-year rate improving from last quarter. Advertising revenues declined 14% to $100 million and accounted for 18% of Dow Jones revenues this quarter, with digital down 10% and print down 18%. Excluding the negative impact from the absence of the extra week of $9 million or 8%, the decline rate moderated from the third quarter to down 6%. Dow Jones segment EBITDA for the quarter grew 25% to $133 million as cost growth moderated from the first half. Margins improved to 24%, up from 19% last year. Adjusted segment EBITDA for the quarter increased 17%, a notable improvement over the third quarter and the full year performance.

受益於價格上漲、新產品和新客戶，Opus 和 CMA 的收入表現依然強勁。 Opus 和 CMA 訂閱產品的保留率仍保持在 90 年代中期，這支撐著道瓊斯收入基礎的轉型。正如我們在第三季度指出的那樣，由於沒有額外一周的印刷量下降以及 IBD 的疲軟，發行收入下降了 6%。剔除一周額外增加的 1700 萬美元或 7% 的影響，發行收入同比增長 1%，略高於第三季度的增幅。道瓊斯數字版訂閱總數同比增長 12%，即環比增長 163,000 美元，同比增長率較上季度有所改善。本季度廣告收入下降 14%，至 1 億美元，佔道瓊斯收入的 18%，其中數字廣告收入下降 10%，印刷廣告收入下降 18%。排除因缺少額外一周 900 萬美元或 8% 的負面影響，第三季度的降幅放緩至 6%。由於成本增長較上半年放緩，道瓊斯分部本季度 EBITDA 增長 25%，達到 1.33 億美元。利潤率從去年的 19% 提高至 24%。本季度調整後的分部 EBITDA 增長 17%，較第三季度和全年業績顯著改善。

At Book Publishing, both HarperCollins and the industry more broadly faced challenging headwinds in the quarter, revenues fell 13% to $446 million, which included approximately $20 million or 4% of negative impact from the absence of the extra week. Consumer demand slowed in the fourth quarter more than we initially expected, leading to lower frontlist sales and higher returns, particularly in Christian Publishing and General books. Most of the weakness was in North America.

在圖書出版業，哈珀柯林斯和整個行業在本季度都面臨著挑戰，收入下降了 13% 至 4.46 億美元，其中包括約 2000 萬美元或 4% 的負面影響，因為沒有額外的一周。第四季度消費者需求放緩幅度超出了我們最初的預期，導致前列銷量下降和回報增加，尤其是在基督教出版和普通圖書方面。大部分疲軟出現在北美。

Segment EBITDA declined 66% year-over-year to $16 million, a 4% segment EBITDA margin. Segment EBITDA was impacted by the weak top line performance as well as higher-than-normal levels of royalty write-offs due to the underperformance of certain titles further compressing profit margins. Despite some unusual headwinds, we are seeing moderation in freight and manufacturing costs, while headcount reduction initiatives are expected to exceed the 5% target. The backlist represented 59% of revenues for the quarter, up 3 points from last year but down slightly from Q3. Digital sales declined 10% this quarter, mostly driven by lower e-book sales and accounted for 25% of consumer sales, up from 24% last year. On an adjusted basis, revenues fell 13% and segment EBITDA fell 17%. Turning to News Media. Revenues were $571 million, down 9%, primarily due to the absence of the extra week, which negatively impacted revenues by $36 million or 6% and the impact from foreign currency of $18 million or 3%. Adjusted revenues declined 7%. And Advertising declined around 15%, reflecting a $15 million or 6% negative impact related to the absence of the extra week and a $6 million or 2% negative impact from foreign currency fluctuations. Excluding the impact from the extra week in currency, advertising revenues declined approximately 7% due to weaknesses at News Australia, which was impacted by last year's federal election and some softness in real estate and retail. News U.K. and New York Post were relatively stable versus the prior year. Circulation and subscription revenues decreased 7% due to the absence of the extra week negatively impacting revenues by $19 million or 6% and at a $9 million or 3% negative impact from foreign currency. Excluding the extra week and currency impact, circulation and subscription revenues rose 2% and with growth driven by cover price increases in the U.K. and Australia and double-digit subscriber growth across News Australia and, The Times, and The Sunday Times. Segment EBITDA of $45 million rose 36% due to a 12% decline in cost driven by ongoing cost saving initiatives and lower costs related to Talk TV and other digital investments. Adjustment segment EBITDA rose 42%.

部門 EBITDA 同比下降 66% 至 1,600 萬美元，部門 EBITDA 利潤率為 4%。該部門的 EBITDA 受到營收表現疲弱以及由於某些作品表現不佳而導致的特許權使用費沖銷高於正常水平的影響，進一步壓縮了利潤率。儘管存在一些不尋常的阻力，但我們看到貨運和製造成本有所放緩，而裁員舉措預計將超過 5% 的目標。回流名單佔本季度收入的 59%，比去年增加 3 個百分點，但比第三季度略有下降。本季度數字銷售下降 10%，主要是由於電子書銷售下降，佔消費者銷售的 25%，高於去年的 24%。調整後的收入下降了 13%，部門 EBITDA 下降了 17%。轉向新聞媒體。收入為 5.71 億美元，下降 9%，主要是由於沒有額外的一周，這對收入產生了 3600 萬美元或 6% 的負面影響，以及外彙的影響為 1800 萬美元或 3%。調整後收入下降 7%。廣告業務下降了 15% 左右，反映出與缺少額外一周相關的 1500 萬美元或 6% 的負面影響，以及外匯波動造成的 600 萬美元或 2% 的負面影響。排除額外一周貨幣影響，澳大利亞新聞社的廣告收入下降約 7%，原因是澳大利亞新聞社受到去年聯邦大選以及房地產和零售業疲軟的影響。英國新聞和紐約郵報與去年相比相對穩定。由於沒有額外的一周，發行量和訂閱收入下降了 7%，對收入產生了 1,900 萬美元或 6% 的負面影響，以及外匯帶來的 900 萬美元或 3% 的負面影響。排除額外周數和匯率影響，發行量和訂閱收入增長了2%，增長的推動因素是英國和澳大利亞的封面價格上漲以及《澳大利亞新聞報》、《泰晤士報》和《星期日泰晤士報》的兩位數訂戶增長。由於持續的成本節約舉措以及與 Talk TV 和其他數字投資相關的成本降低，成本下降了 12%，導致該部門的 EBITDA 達到 4500 萬美元，增長了 36%。調整部分 EBITDA 增長 42%。

Turning to the outlook. Market trends remain mixed geographically. That said, we have taken aggressive action over the years to improve our asset base including a shift to more recurring and digital revenues, coupled with strong cost initiatives and focused reinvestment in our core pillars. We still expect some inflationary pressures, but are hopeful that they will be at a more modest rate. We exited the fiscal fourth quarter with a return to total segment EBITDA growth, and we hope to see improvements in fiscal 2024.

轉向前景。從地域上看，市場趨勢仍然參差不齊。也就是說，多年來我們採取了積極行動來改善我們的資產基礎，包括轉向更多的經常性收入和數字收入，再加上強有力的成本計劃和對核心支柱的集中再投資。我們仍然預計會出現一些通脹壓力，但希望通脹壓力會更加溫和。我們在第四財季結束時，部門 EBITDA 恢復了增長，我們希望看到 2024 財年有所改善。

Looking at each of our segments. At Digital Real Estate Services, Australian residential new buy listings for July declined 5%.

看看我們的每個細分市場。 Digital Real Estate Services 的數據顯示，7 月份澳大利亞新買住宅掛牌量下降了 5%。

REA should benefit from double-digit residential yield growth as price increases have been successfully implemented. Please refer to REA for a more specific outlook commentary.

隨著價格上漲的成功實施，房地產應該受益於兩位數的住宅收益率增長。請參閱 REA 了解更具體的展望評論。

At Move, while we anticipate improvements in lead volume and transactions across the full year, they will likely remain challenging in the short term. We also expect higher marketing spend compared to the fourth quarter, together with ongoing investment in adjacencies, which we will balance with cost reductions.

在 Move，雖然我們預計全年的銷售量和交易量將有所改善，但短期內可能仍將面臨挑戰。我們還預計，與第四季度相比，營銷支出將會增加，同時對周邊地區的持續投資也將與成本削減相平衡。

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 complete the migration of customers from cable in the first half. We expect modestly higher expenses for the full year driven by sports rights and product investment, which will be more weighted to the first half. We expect full year CapEx and profitability will be relatively stable in local currency. At Dow Jones, we hope to see improvement in advertising declines, but as is typical, visibility is limited. We also expect to see continued strong growth from PIB. We expect modestly higher overall expenses in the first quarter and for the full year in contrast to the fourth quarter.

在訂閱視頻服務方面，我們對流媒體產品的性能以及對廣播 ARPU 和客戶流失的持續關注感到滿意，因為我們在上半年完成了客戶從有線電視的遷移。我們預計，在體育轉播權和產品投資的推動下，全年支出將小幅上漲，其中上半年的比重將更大。我們預計全年資本支出和盈利能力以當地貨幣計算將相對穩定。在道瓊斯，我們希望看到廣告下降情況有所改善，但正如典型情況一樣，能見度有限。我們還預計 PIB 將持續強勁增長。我們預計第一季度和全年的總體費用將比第四季度小幅上升。

In Book Publishing, HarperCollins in the industry exhibited more volatility last year than normal. That said, July was encouraging, with a return to revenue growth, EBITDA margins lifting from the fourth quarter lows, and prior year comparisons are easing.

在圖書出版領域，哈珀柯林斯去年表現出比正常情況更大的波動性。儘管如此，7 月份的情況令人鼓舞，收入恢復增長，EBITDA 利潤率從第四季度的低點回升，而且與去年同期相比正在放緩。

At News Media, July advertising trends remain mixed geographically. We expect Talk TV costs will be similar, if not lower than the prior year in local currency. We have also seen moderating newsprint cost pressures in the U.K. We expect CapEx in fiscal 2024 to be moderately higher than in fiscal 2023, primarily due to digital reinvestment.

在新聞媒體，7 月份的廣告趨勢在地域上仍然參差不齊。我們預計 Talk TV 的成本即使不低於上一年（以當地貨幣計算），也將相似。我們還看到英國新聞紙成本壓力有所緩解。我們預計 2024 財年的資本支出將略高於 2023 財年，這主要是由於數字再投資。

That being said, our CapEx came in notably lower than we expected this fiscal year, and we will be monitoring it closely with respect to macro and business conditions as we did during the current year.

話雖這麼說，我們本財年的資本支出明顯低於我們的預期，我們將像今年一樣密切關注宏觀和商業狀況。

We expect to generate strong cash flows and expect to return a high percentage of shareholders in the form of buybacks and dividends. With that, let me hand it over to the operator for Q&A.

我們期望產生強勁的現金流，並期望以回購和股息的形式回報高比例的股東。那麼，讓我將其交給接線員進行問答。

(Operator Instructions) Our first question comes from David Karnovsky from JPMorgan.

（操作員指令）我們的第一個問題來自摩根大通的 David Karnovsky。

Maybe Susan, just on the cost initiatives. I don't know if there's a way you could frame how much of that was a contributor in the quarter. And then I think last earnings, you stated you thought the majority of the benefit would come through in the fiscal first quarter. Is that still the case? And then just on other segment EBITDA that was better sequentially. Is that from the cost savings and should we think about that line as sustainable?

也許蘇珊，只是關於成本計劃。我不知道是否有辦法可以確定本季度的貢獻者有多少。然後我認為在上一份財報中，您表示您認為大部分收益將在第一財季實現。現在還是這樣嗎？然後，其他細分市場的 EBITDA 也連續有所好轉。這是因為節省了成本嗎？我們是否應該認為這條線是可持續的？

Thanks, David. Look, I think we did have a really good quarter in Q4 in relation to the cost savings, and that certainly helped some of the segments, particularly News Media. You can see that coming through in the results. And yes, I did say last quarter that we would expect to see the full benefit coming through into fiscal 2024. I think that still is the case as we sit here today. We do expect to exceed that $160 million of gross cost savings from the 5% headcount reduction.

謝謝，大衛。看，我認為我們在第四季度確實在成本節省方面取得了非常好的季度業績，這無疑對某些細分市場有所幫助，特別是新聞媒體。您可以在結果中看到這一點。是的，我上個季度確實說過，我們預計到 2024 財年就能看到全部效益。我認為我們今天坐在這裡的情況仍然如此。我們確實預計，員工人數減少 5% 後，總成本節省將超過 1.6 億美元。

But I would note, as we go into 2024, we will have some inflationary pressures related to wages, newsprint prices and manufacturing costs, and we will continue with our digital reinvestment initiatives across the various businesses. So that number quoted was gross cost savings, and that will help offset those increases in investments. Just in relation to the other segment, there are a couple of things going on. We had the NAM settlement, the legal fees in the quarter last year. So we got the benefit of that in this quarter. We also had lower bonus accruals coming through in this year than what we did relative to the prior year. I think if you want to think about the next year, I'd probably have a look at the Q3 rate as sort of an indicative performance for going forward.

但我要指出的是，進入 2024 年，我們將面臨一些與工資、新聞紙價格和製造成本相關的通脹壓力，我們將繼續在各個業務領域實施數字再投資舉措。因此，引用的數字是總成本節省，這將有助於抵消投資的增加。就其他部分而言，有一些事情正在發生。我們在去年季度達成了 NAM 和解協議，即法律費用。所以我們在本季度得到了好處。我們今年的應計獎金也低於上一年。我認為，如果你想考慮明年，我可能會看看第三季度的利率，作為未來的指示性表現。

Our next question comes from Alan Gould from Loop Capital.

我們的下一個問題來自 Loop Capital 的艾倫·古爾德。

Robert, I've got 2 actually. On the generative AI, can you give us an indication of this consortium? Are you in a consortium, what the process is? Is there any legislative movement? And secondly, can you give some discussion on Simon & Schuster. I realize that they have one offer that could be very productive, but it does seem like the multiple was quite expensive.

羅伯特，實際上我有兩個。在生成人工智能方面，您能給我們介紹一下這個聯盟嗎？你們是聯合體的，流程是怎樣的？有立法運動嗎？其次，您能否對西蒙與舒斯特進行一些討論。我意識到他們有一個非常有成效的報價，但似乎倍數確實相當昂貴。

Yes, Alan. Look, first of all, on AI, you're right by instinct that this is an important moment in the history of news and knowledge with commercial and social implications and a profound impact on creativity and integrity. If fake news and deep fakes are a concern, the potential for sophisticated forgeries for counterfed content is almost endless. And separately, generative AI has the potential to recycle itself in what you might call, endless perfidious permutations. And that's why the provenance of the archival base is so crucial and why refreshing daily weekly with incremental improvements is imperative. So the potential is enormous, but garbage in, garbage out and garbage all about.

是的，艾倫。首先，就人工智能而言，你的直覺是正確的，這是新聞和知識史上的重要時刻，具有商業和社會影響，並對創造力和誠信產生深遠影響。如果假新聞和深度造假是一個問題，那麼複雜偽造假冒內容的可能性幾乎是無窮無盡的。另外，生成式人工智能有可能以你所謂的“無盡的背信棄義的排列”的方式自我循環。這就是為什麼檔案庫的來源如此重要，以及為什麼每週進行增量改進勢在必行。所以潛力是巨大的，但垃圾進來，垃圾出去，到處都是垃圾。

We've invested billions of dollars in knowledge creation, actually tens of billions of dollars. And that content certainly has a value in this editorial epoch. For almost 2 decades, we've genuinely led the digital debate about Providence, which is echoed in Washington and London, Brussels and Canberra and Tokyo and Rome. For us, what gives me confidence for our company and our community, is that the leaders of the largest digital companies are clearly sincerely focused on the issue. They understand our collective responsibility, and we are actively individually engaged in fruitful discussions. I can't be more specific at this moment. but we see a positive financial result through consensual negotiation, not through litigation. We would like to reward journalists, not lawyers. As for Simon & Schuster, normally, we don't speculate on speculation about M&A. But candidly, as you intimate, we wouldn't be prepared to go that high, given that, in our case, you could reasonably expect 18 months of scrupulous scrutiny by the antitrust authorities with all the related legal costs and the financial opportunity cost. We obviously have great respect for the company and resources. But given the regulatory risk, we were quietly hoping that, frankly, Simon & Schuster would be remanded and that we would get the company for a bargain. But it obviously didn't end up in the Barnes & Noble bargain Ben.

我們在知識創造上投入了數十億美元，實際上是數百億美元。這些內容在這個編輯時代肯定具有價值。近 20 年來，我們真正引領了有關普羅維登斯的數字辯論，華盛頓和倫敦、布魯塞爾和堪培拉、東京和羅馬都對此做出了回應。對我們來說，最大的數字公司的領導者顯然真誠地關注這個問題，這讓我對我們的公司和社區充滿信心。他們理解我們的集體責任，而我們也積極地單獨參與富有成效的討論。我現在不能說得更具體。但我們通過協商一致的談判而不是通過訴訟看到了積極的財務結果。我們想獎勵記者，而不是律師。至於西蒙舒斯特，通常情況下，我們不會猜測併購的猜測。但坦率地說，正如您所透露的，我們不准備採取那麼高的價格，因為就我們而言，您可以合理地預期反壟斷機構將進行18 個月的嚴格審查，並承擔所有相關的法律成本和財務機會成本。顯然我們非常尊重公司和資源。但考慮到監管風險，坦率地說，我們悄悄地希望西蒙與舒斯特能夠被還押，並且我們能夠以便宜的價格收購該公司。但它顯然並沒有最終出現在巴諾書店的討價還價本中。

Our next question comes from Kane Hannan from Goldman Sachs.

我們的下一個問題來自高盛的凱恩·漢南。

Just on Foxtel, should we still think about the 5 million subs, $3 billion revenue target you guys set out for next year, I think back at the Investor Day? And just given those CapEx comments, I mean do we still think it will eventually come down to that 4% target or something changed there?

就 Foxtel 而言，我們是否還應該考慮你們為明年設定的 500 萬訂閱者、30 億美元收入目標，我回想起投資者日？考慮到這些資本支出評論，我的意思是我們是否仍然認為最終會降至 4% 的目標或發生什麼變化？

Well, Kane, we're certainly aiming high when it comes to Foxtel. And you can see from the success that we've had in streaming. Our total streaming subs rose 14% to $3.1 million, and our streaming revenues rose 26%. So that's also a healthy growth in ARPU. At the same time, our broadcast churn fell sharply and was 11.1% in the quarter compared to 13.8% in the prior year, while broadcast ARPU rose 2%. So, where else in the world are you actually witnessing a decline in the broadcast churn rate while experiencing a continuing surge in streaming? That really is the Foxtel success story.

好吧，Kane，我們在 Foxtel 方面的目標當然很高。您可以從我們在流媒體領域取得的成功中看到這一點。我們的流媒體訂閱總數增長了 14%，達到 310 萬美元，流媒體收入增長了 26%。所以這也是 ARPU 的健康增長。與此同時，我們的廣播客戶流失率大幅下降，本季度為 11.1%，而去年同期為 13.8%，而廣播 ARPU 增長了 2%。那麼，世界上還有哪些地方的廣播流失率在下降，而流媒體卻在持續激增呢？這確實是 Foxtel 的成功故事。

And Kane, just in relation to the CapEx. Yes, we still think that's a relevant target over time. As I've mentioned in my comments, we expect CapEx to be relatively stable in the coming year because we've got the reinvestment in relation to the aggregation service that we're about to launch.

還有凱恩，就資本支出而言。是的，隨著時間的推移，我們仍然認為這是一個相關的目標。正如我在評論中提到的，我們預計來年的資本支出將相對穩定，因為我們已經對即將推出的聚合服務進行了再投資。

Our next question comes from Entcho Raykovski from Evanson Partners.

我們的下一個問題來自 Evanson Partners 的 Entcho Raykovski。

Robert. Susan. My question is around the Foxtel shareholder loan. Obviously, you flagged the intention for it to be repaid. Just interested, once that's repaid, do you expect any recourse to News Corp from lenders? In other words, will you have to guarantee any of the Foxtel refi? And I guess as part of answering that question, is there anything in particular which has driven the ability of Foxtel to refinance, particularly if you're not guaranteeing the loan. And sorry, I will just extend it a little bit further. Should we read this into a preparation for a potential spin out of Foxtel down the track? Obviously, that's been speculated for a little while.

羅伯特.蘇珊.我的問題是關於 Foxtel 股東貸款的。顯然，您表明了償還的意圖。只是感興趣，一旦償還，您是否期望貸款人向新聞集團追索？換句話說，您必須保證 Foxtel 的任何改裝嗎？我想，作為回答這個問題的一部分，是否有什麼特別的因素推動了 Foxtel 的再融資能力，特別是如果您不為貸款提供擔保的話。抱歉，我將進一步擴展它。我們是否應該將此解讀為未來 Foxtel 可能分拆的準備？顯然，這已經被猜測了一段時間了。

Entcho , maybe I'll take the first couple. So no, we don't have a guarantee on there. And no, we don't that there will be anything to do with the guarantee going forward in relation to the refi. Actually, the reason that we could refi it so successfully is really because of the underlying business performance of Foxtel. They've had a great couple of years and really reinvented themselves. And it's a real credit to the team down there that they've got themselves into this position. So that's really what's driving the strong refi outcome. And maybe I'll hand over to Robert to comment on the IPO.

Entcho，也許我會帶第一對。所以不，我們對此沒有保證。不，我們不認為與再融資相關的擔保有任何關係。事實上，我們之所以能夠如此成功地改造它，確實是因為Foxtel的底層業務表現。他們度過了美好的幾年，並真正重塑了自己。對於那裡的團隊來說，他們能達到這個位置確實值得稱讚。所以這確實是推動再融資強勁結果的原因。也許我會交給羅伯特對首次公開募股發表評論。

Yes. Entcho, obviously we can't comment specifically about an IPO. But what I can say with absolute certainty is that the success we've had with Foxtel has given us absolutely the option of optionality.

是的。 Entcho，顯然我們不能具體評論 IPO。但我可以絕對肯定地說，我們在 Foxtel 上取得的成功給了我們絕對的選擇性。

Our next question comes from Craig Huber from Huber Research.

我們的下一個問題來自 Huber Research 的 Craig Huber。

Book Publishing, obviously, the margins and the profit dollars there were much lower than I think most people expect it, certainly me, but also they are much lower than pre-COVID and stuff. Is there any reason to think this environment that this revenue performance and the margins won't continue for at least a few more quarters?

顯然，圖書出版業的利潤率和利潤遠低於我認為大多數人（當然是我）的預期，但也遠低於新冠疫情之前的水平。是否有任何理由認為這種收入表現和利潤率不會至少再持續幾個季度？

Craig, look, obviously, the 53rd week comparison exaggerates the decline, but the inflationary pressures are beginning to abate and some of the costs around royalty write-offs were relatively unique. So the team at HarperCollins have obviously been taking a remedial action to improve our fortunes for this fiscal. We've implemented a price rise across various categories. And actually, the team is particularly confident about the impact of our current releases.

克雷格，顯然，第 53 週的比較誇大了下降幅度，但通脹壓力開始減弱，而且圍繞特許權使用費沖銷的一些成本相對獨特。因此，哈珀柯林斯的團隊顯然一直在採取補救措施，以改善我們本財年的命運。我們對各個類別實施了漲價。事實上，團隊對我們當前版本的影響特別有信心。

And it's safe to say that our expectation, our firm expectation is that there will be significant margin improvement this year. This very week. We have Three of the top 10 fiction bestsellers in the U.S. with the #1 seller Ann Patchett's Tom Lake, which has already sold more than 100,000 copies across print and digital in the first week on sale. As well in that top 10, we have Demon Copperhead from Barbara Kingsolver and The Collector by Daniel Silva. Now that success in the top 10 will be reflected in the bottom line.

可以肯定地說，我們的預期、我們堅定的預期是，今年的利潤率將會顯著改善。就在這週。我們擁有美國十大暢銷小說中的三本，其中排名第一的是安·帕切特(Ann Patchett) 的《湯姆·萊克》(Tom Lake)，該書在發售第一周就已售出超過100,000 冊印刷版和數字版。在前十名中，我們還有 Barbara Kingsolver 的《Demon Copperhead》和 Daniel Silva 的《The Collector》。現在，進入前十名的成功將反映在利潤中。

Our next question comes from Lucy Huang from UBS.

我們的下一個問題來自瑞銀集團的 Lucy Huang。

I just have one question on Professional Information Services. Are you able to talk through kind of what drove the growth over the fourth quarter. What's the contribution from subscriber growth versus price growth in that business? And I guess maybe if you can talk through some of your margin expectations coming into the fourth quarter. Is there expected to be more incremental investment in this space? Or could we see margins continue to expand into next year?

我只有一個關於專業信息服務的問題。您能談談推動第四季度增長的因素嗎？該業務的用戶增長與價格增長的貢獻是什麼？我想也許您可以談談第四季度的一些利潤預期。預計該領域是否會有更多增量投資？或者我們能否看到利潤率在明年繼續擴大？

Well, Lucy, safe to say we're delighted with the progress in the Dow Jones B2B business. You can see the impact on our margin more broadly at Dow Jones and longer term, you'll see it at News Corporation.

露西，可以肯定地說，我們對道瓊斯 B2B 業務的進展感到高興。您可以在道瓊斯公司更廣泛地看到這對我們利潤率的影響，從長遠來看，您可以在新聞集團看到它。

In the fourth quarter of 2022, the EBITDA margin at Dow Jones was adding 0.8% in the last quarter, it was 24.4%, and the overall margin at News Corp rose from 11.8% to 14%, and in a year where we were presented with real macro challenges. Net margin increase is, of course, a measure of growing profitability, but it's also a measure of our robustness. So quarter after quarter, year after year, we've seen double-digit growth increases at Risk & Compliance. We now expect the same for Opus and CMA and we're frankly, delighted with the speed of integration of both Opus and CMA and ensuing quarters, will see the benefits of that.

2022 年第四季度，道瓊斯的 EBITDA 利潤率在上一季度增加了 0.8%，達到 24.4%，新聞集團的整體利潤率從 11.8% 上升到 14%，而在我們介紹的這一年面臨真正的宏觀挑戰。當然，淨利潤率增長是衡量盈利能力增長的一個指標，但它也是衡量我們穩健性的一個指標。因此，一個季度又一個季度、年復一年，我們看到風險與合規部門實現了兩位數的增長。我們現在期望 Opus 和 CMA 也能做到這一點，坦率地說，我們對 Opus 和 CMA 的集成速度感到高興，並且在接下來的幾個季度中將看到由此帶來的好處。

Our next question comes from Brian Han from Morningstar.

我們的下一個問題來自晨星公司的 Brian Han。

On the Wall Street Journal, can you please provide some color on digital subscription pricing in terms of how much it rose in the June quarter and what the outlook may be for '24?

在《華爾街日報》上，您能否提供一些有關數字訂閱定價的信息，包括 6 月份季度的上漲幅度以及 24 世紀的前景如何？

Brian, difficult to be too specific. What you're seeing in the circulation patterns at Dow Jones is partly a matter of phasing and a modest decline in print subscriptions. The emphasis is on the digital bundle with the combination of Mark Wash Barns and The Wall Street Journal. And sometimes in the shorter term, that means the average price of age is a little lower, but we are building loyalty and reducing churn in each of the products and in the long term, increasing the price elasticity. I mean, the biggest problem for any Richemont business, apart from acquisition itself is churn.

布萊恩，很難說得太具體。您在道瓊斯的發行模式中看到的部分原因是印刷版訂閱量的分階段和適度下降。重點是 Mark Wash Barns 和《華爾街日報》聯合推出的數字捆綁包。有時在短期內，這意味著年齡的平均價格會低一些，但我們正在建立忠誠度並減少每種產品的流失，從長遠來看，增加價格彈性。我的意思是，對於歷峰集團的任何業務來說，除了收購本身之外，最大的問題就是客戶流失。

Our next question comes from Darren Leung from Macquarie.

我們的下一個問題來自麥格理的 Darren Leung。

Just a quick one on Move, please. It looks like the revenues declined 24 -- odd % but listing is obviously only down 20%. So I just wanted a bit of clarity in terms of this seems to be the first period where we've actually seen revenue growth declined more than volume growth. So I just wanted a bit of clarity at what's happening to the yield and other products base, that's usually been a bit of an offset for the business, please?

請快速介紹一下 Move。看起來收入下降了 24%——奇怪的是，但上市顯然只下降了 20%。因此，我只是想澄清一下，這似乎是我們第一次實際看到收入增長下降超過銷量增長的時期。所以我只是想清楚地了解產量和其他產品基礎的情況，這通常對業務有一定的抵消作用，好嗎？

Obviously, the housing market slowdown in the U.S. is having a profound impact on all digital property companies. And that is being reflected to a certain extent at REALTOR but I have to say the company is core to News corporation, it's complementary to other assets. And you're going to see that irrefutable fact in coming months with the impact of Damian Eales, who knows our company intimately. And what you will see with a lot of digital property companies is the cost of marketing. And we're remaking our marketing and have strong plans for leveraging our platforms. And look, we're talking about enormously influential digital platforms. It helps the Wall Street Journal, by the way, to have exposure in Florida via Realtor. And it helps Realtor to have the Florida audience in the New York Post, which is in the many, many millions. As I mentioned, the post has about 145 million monthly uniques. We have about 80 million at Dow Jones. And in the U.S. alone, about $110 million at the Sun depending on the month. And so in building both listings and yield, we're going to be obsessively focused on leveraging that comparative advantage.

顯然，美國房地產市場放緩正在對所有數字房地產公司產生深遠影響。這在一定程度上反映在房地產經紀人身上，但我不得不說該公司是新聞集團的核心，它是其他資產的補充。在接下來的幾個月裡，在達米安·伊爾斯 (Damian Eales) 的影響下，你將看到這個無可辯駁的事實，他對我們公司非常了解。您會在許多數字財產公司中看到營銷成本。我們正在重塑我們的營銷方式，並製定了利用我們平台的強有力的計劃。看，我們正在談論具有巨大影響力的數字平台。順便說一句，它幫助《華爾街日報》通過房地產經紀人在佛羅里達州進行曝光。它還幫助房地產經紀人在《紐約郵報》上擁有數百萬佛羅里達州的讀者。正如我提到的，該帖子每月的獨立瀏覽量約為 1.45 億。道瓊斯指數大約有 8000 萬股。僅在美國，Sun 的銷售額就高達 1.1 億美元，具體取決於月份。因此，在建立上市和收益方面，我們將專注於利用這種比較優勢。

And Darren, there's a little bit of noise in the numbers because of week 53. If you exclude the week 53 impact, it was actually down 17%, which was consistent with what it was down last quarter.

Darren，由於第 53 週，數字中存在一些噪音。如果排除第 53 週的影響，它實際上下降了 17%，這與上個季度的下降情況一致。

And I would just make one further observation about the Australian property market, as Susan alluded to earlier. I would say that we are seeing some particularly positive signs in Australian housing market, which will surely benefit REA and us. There's no doubt that activity has already picked up this quarter, and that should be reflected in our results. It's a very transparent market. Anyone can track listings and the auction completion rate. So I would encourage investors to do the math in coming weeks. Sometimes we've forgotten that thanks to Lachlan Murdoch, REA is an integral part of News Corporation, and it has a market cap today of around AUD 21 billion.

正如蘇珊之前提到的，我只想對澳大利亞房地產市場進行進一步觀察。我想說的是，我們在澳大利亞房地產市場看到了一些特別積極的跡象，這肯定會讓 REA 和我們受益。毫無疑問，本季度的活動已經有所回升，這應該反映在我們的業績中。這是一個非常透明的市場。任何人都可以跟踪列表和拍賣完成率。因此，我鼓勵投資者在未來幾週內進行計算。有時我們忘記了，得益於拉克蘭·默多克 (Lachlan Murdoch)，REA 成為新聞集團不可分割的一部分，如今其市值約為 210 億澳元。

Next question will be a follow-up from Craig Huber from Huber Research .

下一個問題將由 Huber Research 的 Craig Huber 提出。

I appreciate the much better results in this quarter and you guys have had some really good results you know ever since COVID happened in particular. But it comes up all the time with investors, why is this company News Corp so complicated? And is there any potential movement here to to simplify the company going forward? I guess, I'd love to have updated thoughts on that with what you can tell us.

我很欣賞本季度取得的更好的業績，自從新冠疫情發生以來，你們已經取得了一些非常好的業績。但投資者總是會問，為什麼新聞集團這家公司如此復雜？未來是否有任何潛在的舉措來簡化公司？我想，我很樂意通過您告訴我們的內容來更新對此的想法。

Look, we are constantly reviewing our structure to ensure the optimal use of resources and the best outcomes for investors. That's why we were prepared to contemplate a sale of REALTOR for rather generous price. And why we've done much underlying structural and regulatory work that gives us more flexibility in our collective decision-making. So we're conscious, acutely conscious of our responsibilities to investors, but also acutely aware of the value of our assets. And we've been building a portfolio for a reason. You can see, since our split, annual print-related revenues have decreased almost $3.2 billion. That is correct, $3.2 billion. And we've more than replaced that number with digital growth and made the company far more profitable with far greater free cashflow. So we know that we do need to provide more transparency so that the value and the potential of our assets are better understood as you made clear. That's why we broke out Dow Jones. And you can see the rapidly increasing revenues, particularly in the professional information business, which was the largest contributor to profitability this year. And that has already been noticed by investors.

看，我們不斷審查我們的結構，以確保資源的最佳利用和投資者的最佳結果。這就是為什麼我們準備考慮以相當慷慨的價格出售房地產經紀人。以及為什麼我們做了很多基礎結構和監管工作，使我們在集體決策中擁有更大的靈活性。因此，我們清楚地意識到我們對投資者的責任，但也敏銳地意識到我們資產的價值。我們建立投資組合是有原因的。您可以看到，自從我們分拆以來，每年與印刷相關的收入減少了近 32 億美元。沒錯，是 32 億美元。我們不僅用數字化增長取代了這個數字，而且通過更大的自由現金流使公司盈利能力大大提高。因此，我們知道我們確實需要提供更多的透明度，以便像您明確指出的那樣，更好地了解我們資產的價值和潛力。這就是我們突破道瓊斯指數的原因。你可以看到收入的快速增長，特別是專業信息業務，這是今年盈利的最大貢獻者。投資者已經註意到了這一點。

At this time, we have no further questions. So I'll hand over to Michael Florin for closing remarks.

目前，我們沒有其他問題了。我將請邁克爾·弗羅林 (Michael Florin) 致閉幕詞。

Great. Well, thank you, Leila, and thank you all very much for participating. Have a wonderful day, and we'll talk to you soon. Take care.

偉大的。好的，謝謝你，萊拉，也非常感謝大家的參與。祝您有美好的一天，我們很快就會與您交談。小心。