(NWS) 2024 Q1 法說會逐字稿

Welcome to News Corp's First Quarter Fiscal 2024 Earnings Conference Call. Today's conference is being recorded. Media will be allowed on a listen-only basis. 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 2024 財年第一季財報電話會議。今天的會議正在錄製中。媒體將被允許以僅供收聽的方式進行。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 First Quarter 2024 Earnings Call. We issued our earnings press release about 30 minutes ago, and it's now posted on our website at newscorp.com. On the call today are Robert Thomson, Chief Executive; and Susan Panuccio, Chief Financial Officer. We'll open with some prepared remarks, and we'll be happy to take questions from the investment community.

非常感謝您，接線生。大家好，歡迎參加新聞集團 2024 年第一季財報電話會議。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。今天參加電話會議的是執行長羅伯特湯姆森 (Robert Thomson)；蘇珊‧帕努西奧 (Susan Panuccio)，財務長。我們將首先發表一些準備好的言論，並且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. 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.

本次電話會議可能包括有關新聞集團業務和策略的某些前瞻性資訊。實際結果可能與所說的有重大差異。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，並包含有關前瞻性資訊的警告聲明。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 和調整後每股盈餘。這些措施的定義以及 GAAP 與非 GAAP 調整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.

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. In a world replete with uncertainty, News Corp is proud to report rising revenues and increased profitability in the first quarter of fiscal 2024. These distinctly positive results come despite inauspicious macroeconomic conditions, including steep interest rates and unfavorable foreign exchange fluctuations. The potential for even profitability should be even more pronounced when we return to economic equilibrium.

謝謝你，麥克。在充滿不確定性的世界中，新聞集團自豪地報告2024 財年第一季營收成長和獲利能力提高。儘管宏觀經濟狀況不佳，包括利率過高和不利的外匯波動，但仍取得了這些明顯正面的業績。當我們恢復經濟平衡時，均勻獲利的潛力應該會更加明顯。

These results follow the 3 most profitable years since the creation of the new News Corp and our digital transformation has continued apace. And in our view, these results certainly highlight the disparity between the value of our company and our share price, which we believe does not reflect our present profitability yet to lower the potential of our incomparable growing businesses. We are acutely focused on enhancing long-term value for all of our investors, and in that quest, have the patent advantage of prized assets whose value we believe is increasing. We are also assiduously reviewing our structure in the quest to optimize that value.

自從新新聞集團成立以來，我們經歷了利潤最高的 3 年，並且我們的數位轉型持續快速進行，並取得了這些成果。在我們看來，這些結果無疑凸顯了我們公司的價值與股價之間的差距，我們認為這並不能反映我們目前的獲利能力，但會降低我們無與倫比的成長業務的潛力。我們非常注重為所有投資者提高長期價值，並在這項追求中擁有我們認為其價值正在不斷增加的珍貴資產的專利優勢。我們也正在孜孜不倦地審查我們的結構，以尋求優化該價值。

Our first quarter revenues rose modestly to $2.5 billion, while profitability rose 4%, marking the second consecutive quarter of profit growth in these challenging conditions. We believe these positive results are a harbinger of our potential in the medium and long term. We expect to continue to drive our digital growth, the scale of which has been transformative over the past decade. It is worth noting a couple of metrics for context and to highlight the intrinsic value of our company.

我們第一季的營收小幅成長至 25 億美元，而獲利能力則成長 4%，標誌著在這種充滿挑戰的環境下利潤連續第二季成長。我們相信這些正面成果預示著我們的中長期潛力。我們期望繼續推動我們的數位化成長，其規模在過去十年中發生了變革。值得注意的是一些背景指標，並強調了我們公司的內在價值。

In 2014, print-related advertising accounted for 39% of our revenue, and now it is trending at less than 5%, while digital revenues exceeded 50% of revenues last year, up almost 300%. Our loyal investors understand the inherent value of our assets and the scale of our dramatic transition, but we believe the market has yet to fully comprehend the magnitude of the metamorphosis or the future potential of our platform. We have been and expect to continue to generate significant free cash flow this fiscal year. And we have a $1 billion buyback plan well underway, and ample opportunity to be opportunistic.

2014年，印刷相關廣告占我們營收的39%，現在趨勢是不到5%，而數位收入去年超過了營收的50%，成長了近300%。我們忠實的投資者了解我們資產的內在價值以及我們戲劇性轉型的規模，但我們相信市場尚未完全理解我們平台的轉變程度或未來潛力。我們已經並預計本財年將繼續產生大量自由現金流。我們有一個 10 億美元的回購計劃正在順利進行，並且有充足的機會來投機取巧。

That opportunistic efficacy we've shown in our purchases of OPIS and CMA for Dow Jones, 2 high-margin digital businesses with recurring revenues, which have added much profitable prowess. Their impact means that we are at a pivotal point at our Dow Jones business. The B2B segment at Dow Jones is now outpacing the B2C segment in contributing to profit and at a far higher margin.

我們在為道瓊斯購買 OPIS 和 CMA 時就展示了這種機會主義功效，這兩家具有經常性收入的高利潤數位企業，增加了許多盈利能力。他們的影響力意味著我們正處於道瓊斯業務的關鍵時刻。道瓊斯的 B2B 部門現在在利潤貢獻方面超過了 B2C 部門，而且利潤率也高得多。

The net result is that we expect both Dow Jones and News Corporation are becoming more profitable, more digital, and even less dependent on the ebb and flow of advertising. That is why we are highlighting the Dow Jones results today and expect to be providing increasing visibility over the coming year so that potential investors can appreciate the full glory of our valuable assets, while we intensify our institutional introspection on structure.

最終結果是，我們預計道瓊斯和新聞集團將變得更加盈利、更加數位化，甚至更少依賴廣告的潮起潮落。這就是為什麼我們今天專注於道瓊斯業績，並期望在未來一年提供更高的知名度，以便潛在投資者能夠欣賞到我們寶貴資產的全部榮耀，同時我們加強對結構的機構反思。

As a reminder, Dow Jones profitability has more than doubled since we resegmented in fiscal 2020, generating close to $500 million in segment EBITDA last year with strong growth prospects ahead. And the EBITDA margin has been utterly transformed. In Q1 fiscal '18, it was approximately 9%. In Q1 fiscal '20, it was 12.8%. And in Q1 this fiscal year, 23.1%. We certainly agree with the perceptive commentators and analysts who suggest that News Corp is undervalued and its asset quality underappreciated. Our Board, our leaders, and our teams deserve much credit for skillfully navigating the turbulent media waters of the past decade, waters, which have proven treacherous for many media companies.

需要提醒的是，自 2020 財年重新細分以來，道瓊的獲利能力增加了一倍多，去年該細分市場的 EBITDA 接近 5 億美元，未來成長前景強勁。 EBITDA 利潤率也發生了徹底的變化。 18 財年第一季度，這一比例約為 9%。 20 財年第一季為 12.8%。本財年第一季為 23.1%。我們當然同意敏銳的評論家和分析師的觀點，他們認為新聞集團被低估，其資產品質也被低估。我們的董事會、我們的領導者和我們的團隊在過去十年中巧妙地駕馭了洶湧的媒體水域，值得高度讚揚，事實證明，這對許多媒體公司來說都是危險的。

As always, we remain focused on maximizing that value to the benefit of all shareholders. We are also looking to the future in maximizing the value of our premium content for AI. We are in advanced discussions with a range of digital companies that we anticipate will bring significant revenue in return for the use of our unmatched content sets. Generative AI engines are only sophisticated as their inputs and need constant replenishing to remain relevant, and we are proud to partner with responsible purveyors of AI products and their prescient leaders.

一如既往，我們仍然專注於最大化該價值，以造福所有股東。我們也展望未來，最大限度地發揮人工智慧優質內容的價值。我們正在與一系列數位公司進行深入討論，我們預計這些公司將透過使用我們無與倫比的內容集帶來可觀的收入。生成式人工智慧引擎的複雜性取決於其輸入，並且需要不斷補充才能保持相關性，我們很自豪能夠與負責任的人工智慧產品供應商及其有先見之明的領導者合作。

One observation about generative AI, we often hear about misinformation and disinformation to the point where the very words have become politicized and polluted. The potential for the (inaudible) of the perverse will become ever more real with the inevitable inexorable rise of artificial intelligence. But however, artful the artificial intelligence, it is no match for great reporting and for genuine journalistic (inaudible).

關於生成人工智慧的一項觀察，我們經常聽到錯誤訊息和虛假訊息，以至於這些詞彙已經被政治化和污染了。隨著人工智慧不可避免的不可阻擋的崛起，反常行為（聽不清楚）的潛力將變得更加真實。但是，儘管人工智慧很巧妙，但它無法與出色的報導和真正的新聞報導相提並論（聽不清楚）。

On the subject of journalism, I would like to pay tribute to our reporters in the Middle East and in Ukraine, who are each day taking calculated risks to bring insight and intelligence to readers around the world, during a period of unpredictable turbulence. And I would like to highlight the fate of Evan Gerskovich, the Wall Street Journal reporter who has been unjustly incarcerated in Russia for more than 7 months merely for doing his job as a journalist.

就新聞業而言，我要向我們在中東和烏克蘭的記者致敬，在一個不可預測的動盪時期，他們每天都在冒著經過計算的風險，為世界各地的讀者帶來洞察力和情報。我想強調《華爾街日報》記者埃文·格斯科維奇的命運，他僅僅因為履行記者工作而在俄羅斯被不公正地監禁了七個多月。

Let me begin the more detailed exegesis with the increasingly valuable POS Dow Jones, where revenues rose 4% in Q1 despite the volatility of the ad market, while segment EBITDA was lifted by an impressive 10% as revenue and profit contribution continued to expand in the professional information business. Dow Jones offers a unique set of services and products for global business users and readers. As a result, many of our customers encounter Dow Jones products several times each day, not just the Wall Street Journal, Barron's, MarketWatch and Dow Jones Newswires, but also risk and compliance, Dow Jones Energy and Factiva. Risk and Compliance revenues surged 23%, thanks to increased demand from the financial and corporate sectors seeking to minimize risk and compliance. I trust all of the institutions on the call today aspire to those 2 worthy goals. R&C has expanded revenues by over 600%. Let me repeat that number, over 600% since we relaunched news in 2013.

讓我開始對價值日益增長的 POS 道瓊斯進行更詳細的解釋，儘管廣告市場波動，但該公司第一季的收入仍增長了 4%，而隨著收入和利潤貢獻在專業資訊業務。道瓊斯為全球商業用戶和讀者提供一套獨特的服務和產品。因此，我們的許多客戶每天都會多次遇到道瓊斯產品，不僅是《華爾街日報》、《巴倫周刊》、MarketWatch 和道瓊斯通訊社，還有風險與合規性、道瓊斯能源和 Factiva。由於金融和企業部門尋求最大限度降低風險和合規性的需求增加，風險與合規性收入激增 23%。我相信今天參加電話會議的所有機構都渴望實現這兩個有價值的目標。 R&C 的營收成長了 600% 以上。讓我重複這個數字，自 2013 年我們重新發布新聞以來，這一數字已經超過 600%。

It's worth emphasizing that the business is fully digital and has retention rates of over 90%. Dow Jones Energy, which includes both OPIS and CMA continues to see excellent double-digit revenue growth driven in part by higher pricing and is exceeding our initial expectations, thanks to the global energy transition and opportunities emerging in renewable energy, along with continued reinvestment. Our customer base is growing as we launch compelling products and create critical pricing benchmarks. We are genuinely impressed by the vitality and drive an initiative among our new colleagues at both OPIS and CMA.

值得強調的是，該業務已完全數位化，並且保留率超過 90%。道瓊斯能源（包括 OPIS 和 CMA）繼續實現出色的兩位數收入增長，部分原因是定價上漲，並且由於全球能源轉型和可再生能源領域出現的機會以及持續的再投資，超出了我們的最初預期。隨著我們推出引人注目的產品並創建關鍵的定價基準，我們的客戶群不斷成長。 OPIS 和 CMA 新同事的活力和推動力給我們留下了深刻的印象。

Factiva is benefiting from its innovative partnership with Cision. And Factiva should be an important building block in the AI future given that it has a database of 33,000 sources in 32 languages from more than 200 countries and territories. That impressive content collection complements our contemporaneous news offerings as we seek to serve corporate, professional, and consumer audiences. Across Dow Jones, subscription volume remained strong with digital subscriptions reaching 4.6 million, up 12%, while total subscriptions reached 5.3 million, up 8%. Our teams are focused on reducing churn and maximizing the lifetime value of each and every subscriber.

Factiva 受益於與 Cision 的創新合作夥伴關係。 Factiva 應該成為人工智慧未來的重要組成部分，因為它擁有一個包含來自 200 多個國家和地區、32 種語言的 33,000 個來源的資料庫。當我們尋求為企業、專業和消費者受眾提供服務時，這些令人印象深刻的內容集合補充了我們的同期新聞產品。整個道瓊的訂閱量依然強勁，數位訂閱量達到 460 萬，成長 12%，總訂閱量達到 530 萬，成長 8%。我們的團隊專注於減少客戶流失並最大化每個訂閱者的終身價值。

As for advertising, we saw a particular improvement in trends with the declines of past quarters abating and digital advertising down only 2%. In digital real estate, it was a tale of 2 markets during the quarter with the Australian property market improving and the U.S. market still bearing the burden of particularly high mortgage rates, which obviously suppressed demand.

至於廣告，我們看到趨勢有所改善，過去幾季的下降趨勢有所減弱，數位廣告僅下降了 2%。在數位房地產方面，本季是兩個市場的故事，澳洲房地產市場有所改善，而美國市場仍然承受著特別高的抵押貸款利率的負擔，這顯然抑制了需求。

But it is fair to say that the revenue rebound in the Australian market certainly surpassed the sluggishness in the U.S. market. REA reported strong growth in listing volumes in the 2 key markets of Sydney and Melbourne, and our valued clients were keen to subscribe to premium products, thus improving yield.

但可以公平地說，澳洲市場的收入反彈肯定超過了美國市場的低迷。 REA報告稱，雪梨和墨爾本這兩個主要市場的掛牌量強勁成長，我們尊貴的客戶熱衷於認購優質產品，從而提高了收益率。

We also saw resounding top line performance and volumes remained strong in October. REA India is the #1 property portal in a country with a rapidly expanding middle class and both its audience and revenue continued to surge during the quarter. As REA has disclosed, the total audience in India in the quarter was up 16% year-over-year, while revenue during the quarter was 25% higher than a year ago. Given a relative political stability in India and ongoing economic growth, REA India is a jewel in the crown.

我們也看到 10 月份的營收表現出色，銷售依然強勁。 REA India 是中產階級迅速壯大的國家中排名第一的房地產入口網站，其受眾和收入在本季度持續激增。正如 REA 所披露的那樣，該季度印度的觀眾總數同比增長 16%，而該季度的收入較去年同期增長 25%。鑑於印度相對的政治穩定和持續的經濟成長，REA India 堪稱皇冠上的一顆明珠。

In the U.S., Realtor.com, like the industry at large, was affected by the unusually high interest rates, which do appear to plateau and are expected to ease over the coming year. But these short-term conditions do not change our long-term optimism for Realtor to capitalize on the increasing digitization of the world's largest property market. It is easier by transient traffic in the short term, but that is merely a sugar high that leads to digital diabetes.

在美國，Realtor.com 與整個產業一樣，受到了異常高利率的影響，利率似乎已趨於穩定，預計明年將有所緩解。但這些短期條件並不會改變我們對房地產經紀人利用全球最大房地產市場日益數位化的長期樂觀態度。短期內通過短暫的交通更容易，但這只是導致數位糖尿病的高血糖。

We have a long-term commitment to all Americans who are buying and selling a home and to real estate professionals. We also have the ability to leverage our unique media platform from wsj.com to the New York Post, among many others, who had a combined monthly audience of over 200 million uniques in September. These are verified authenticated numbers, not an cocktail of cockamamie. Under Damian Eales' energetic decisive leadership, Realtor is building on the gains of his predecessors and focusing on developing core markets, core clients, and core profitability. The Realtor team is working ever more closely with REA executives in ways that are benefiting both businesses with the sharing of software, marketing mechanics, and AI insights.

我們對所有購買和出售房屋的美國人以及房地產專業人士做出長期承諾。我們還能夠利用我們獨特的媒體平台，從 wsj.com 到《紐約郵報》等，這些平台在 9 月的每月獨立受眾總數超過 2 億。這些都是經過驗證的真實號碼，而不是混合的 cockamamie。在 Damian Eales 充滿活力、果斷的領導下，房地產經紀人正在其前任的基礎上繼續發展，並專注於開發核心市場、核心客戶和核心盈利能力。房地產經紀人團隊正在與 REA 高層更加密切合作，透過共享軟體、行銷機制和人工智慧見解來使雙方企業受益。

The script for our publishing business was completely rewritten in the first quarter. After a few difficult quarters, segment EBITDA at HarperCollins lipped 67%. Revenues posted a healthy 8% increase, and that growth, combined with cost initiatives undertaken over the past year and an easing of supply chain inflationary impacts recalibrated the performance at HarperCollins. The logistical upheaval at Amazon has passed, returned nets are far lower, and both the frontlist and backlist notch gains during the quarter.

我們出版業務的劇本在第一季被徹底改寫。在經歷了幾個困難的季度後，哈珀柯林斯公司的部門 EBITDA 下降了 67%。收入實現了 8% 的健康成長，這種成長，加上過去一年採取的成本舉措以及供應鏈通膨影響的緩解，重新調整了哈珀柯林斯的表現。亞馬遜的物流動盪已經過去，退貨率要低得多，並且本季度的前列和後列列表均有所增長。

Among the many and varied strong sellers were Tom Lake by Ann Patchett, Demon Copperhead by Barbara Kingsover, The Collector by Daniel Silva, and Remarkably Bright Creatures by Shelby VanPelt. We saw particular strength in our Christian books business, including Rebar McEntire's Not That Fancy. Rebar was clearly not describing the HarperCollins performance. And speaking of Christian Books, we look forward to publishing a new book by His Holiness Pope Francis next spring. I would like to highlight our new partnership with Spotify to broaden the reach of audio books. This is a project we have discussed for some time with the Arsenal -- Daniel Ek, with whom I share a passion for books and for the Arsenal Football Club.

在眾多不同的暢銷書中，有安·帕切特的《湯姆·萊克》、芭芭拉·金索弗的《惡魔銅斑蛇》、丹尼爾·席爾瓦的《收藏家》和謝爾比·範佩爾特的《非凡明亮的生物》。我們在基督教書籍業務中看到了特別的優勢，其中包括雷巴·麥肯泰爾的《Not That Fancy》。 Rebar 顯然沒有描述哈珀柯林斯的表現。說到基督教書籍，我們期待明年春天出版教宗方濟各陛下的新書。我想強調我們與 Spotify 的新合作夥伴關係，以擴大有聲書的覆蓋範圍。這是我們與阿森納丹尼爾·埃克（Daniel Ek）討論了一段時間的一個項目，我和他都對書籍和阿森納足球俱樂部充滿熱情。

The new partnership has begun with the U.K. and Australia and in the U.S. announced yesterday. And we are genuinely confident that it will be positive for both companies for authors and for those who love to read and to listen to books. This market has needed a strong new entrant and Daniel and his team are among the most skillful players on the pitch.

昨天宣布，新的合作關係已開始與英國和澳洲以及美國建立。我們真誠地相信，這對兩家公司、對於作家以及那些熱愛閱讀和聽書的人來說都是正面的。這個市場需要一個強大的新進入者，丹尼爾和他的團隊是球場上技術最精湛的球員之一。

At Subscription Video Services, revenues were up in constant currency for the seventh consecutive quarter. As expected, the decline in EBITDA was mainly due to sports right costs and ForEx fluctuations. But we have no doubt that our streaming strategy has been successful at a time when other companies in other markets are struggling. Overall, paid streaming subscriptions rose 8% on the same quarter last year, while broadcast churn was down from 14.2% to 11.4%, showing that the 2 products are undoubtedly complementary.

訂閱視訊服務的營收以固定匯率計算連續第七個季度成長。如預期，EBITDA 下降主要是由於體育賽事轉播權成本和外匯波動。但我們毫不懷疑，當其他市場的其他公司陷入困境時，我們的串流策略已經取得了成功。總體而言，付費串流訂閱量較去年同期成長了 8%，而廣播用戶流失率則從 14.2% 下降至 11.4%，這表明這兩種產品無疑是互補的。

But the team at Foxtel is far from complacent. And so we are on the cusp of launching our new streaming aggregation product, Hubbl, which will greatly simplify the search for fascinating entertainment and sports from our own companies and from those of our cherished partners to the benefit of all in particular, to the benefit of viewers.

但 Foxtel 的團隊遠未自滿。因此，我們即將推出新的串流媒體聚合產品 Hubbl，這將大大簡化我們自己公司和我們珍惜的合作夥伴對精彩娛樂和體育的搜索，特別是造福所有人。的觀眾。

The News Media segment faced macroeconomic headwinds and volatility caused by algorithmic changes at the large platform, but these trends are more ephemeral than eternal. Subscriptions continue to increase at The Times and Sunday Times, which reported an 8% rise and at News Corp Australia, where we saw a 4% increase in digital subs. As I mentioned earlier, we are increasingly less reliant on advertising, which is now a smaller fraction of our overall revenue focused on digital recurring revenue streams. We saw strong performance at Wireless in the U.K., which had a record 45 million listening hours over the April to September period, up 17% from the prior year, according to RAJAR, led by sports and news.

新聞媒體領域面臨著宏觀經濟的逆風和大型平台演算法變化所引起的波動，但這些趨勢是短暫的，而不是永恆的。 《泰晤士報》和《星期日泰晤士報》的訂閱量持續增加，據報道增加了 8%；而澳洲新聞集團的數位訂閱量增加了 4%。正如我之前提到的，我們對廣告的依賴越來越少，廣告現在只占我們總收入的一小部分，主要集中在數位經常性收入流上。我們看到了英國 Wireless 的強勁表​​現，根據以體育和新聞為首的 RAJAR 數據，該公司在 4 月至 9 月期間的收聽時間達到了創紀錄的 4500 萬小時，比去年增長了 17%。

Our teams in the U.K. and Australia were also acutely cost conscious, and we are retooling the infrastructure to reflect the contemporary and future initiatives, including printing operations, advertising networks, and back office expenses. Rebekah and her teams in the U.K. have been leaders in creating programmatic ad partnerships, which enable all to increase yield and harvest valuable data.

我們在英國和澳洲的團隊也非常注重成本，我們正在重組基礎設施以反映當代和未來的舉措，包括印刷業務、廣告網路和後台費用。 Rebekah 和她在英國的團隊一直是建立程序化廣告合作夥伴關係的領導者，這使得所有人都能提高產量並收穫有價值的數據。

This was in another way and historic quarter. Our Executive Chair, Rupert Murdoch, announced that he will be transitioning to Chairman Emeritus next week at our AGM. I can personally assure you that there has been no change in his heightened levels of curiosity and energy since the announcement and his vast experience will be an important ongoing resource for the company. All of us at News Corp stand on the shoulders of a giant.

這是另一種方式，也是歷史性的一刻。我們的執行主席魯珀特·默多克 (Rupert Murdoch) 宣布，他將在下週的年度股東大會上轉任名譽主席。我個人可以向您保證，自從宣布這一消息以來，他的好奇心和精力沒有任何變化，他豐富的經驗將成為公司持續的重要資源。新聞集團的所有人都站在巨人的肩膀上。

And I genuinely look forward to Lachlan becoming sole chair next week. His thoughtful engagement with our teams already enhances the business each working day. And his passion for principal journalism is obvious to all who work with him. There is no doubt that Lachlan's multidisciplinary expertise and his philosophical integrity will be invaluable as we continue the next phase of our crucial journey.

我真誠地期待拉克蘭下周成為唯一的主席。他與我們團隊的深思熟慮的合作已經增強了每個工作日的業務。他對主要新聞事業的熱情對於所有與他共事的人來說都是顯而易見的。毫無疑問，當我們繼續下一階段的關鍵旅程時，拉克蘭的多學科專業知識和他的哲學完整性將是無價的。

And now our team CFO, Susan Panuccio, will provide more financial granularity.

現在，我們團隊的財務長 Susan Panuccio 將提供更多的財務粒度。

Thank you, Robert, and good afternoon, everyone. As Robert mentioned, we are pleased with the positive start to the new fiscal year, returning to revenue growth and posting the second consecutive quarter of profit growth despite the macroeconomic conditions. We have been diligently executing on our long-term plan to drive greater value for our shareholders and believe this is yet to be reflected in our current market value.

謝謝羅伯特，大家下午好。正如羅伯特所提到的，我們對新財年的積極開局感到高興，儘管宏觀經濟狀況不佳，但收入恢復增長，並連續第二個季度實現利潤增長。我們一直在努力執行我們的長期計劃，為股東創造更大的價值，並相信這尚未反映在我們當前的市場價值中。

Our first quarter total revenues were $2.5 billion, up 1% compared to the prior year, marking the first year-over-year revenue growth since the fourth quarter of fiscal 2022. Adjusted revenues also grew 1% compared to the prior year. Total segment EBITDA was $364 million, up 4% compared to the prior year. HarperCollins was the largest contributor to the profit improvement, which is encouraging on the back of last year's challenging results. Adjusted total segment EBITDA grew 5% versus the prior year. For the quarter, we reported earnings per share of $0.05 compared to $0.07 in the prior year. Adjusted earnings per share was $0.16 in the quarter compared to $0.12 in the prior year.

我們第一季的總營收為 25 億美元，比上年成長 1%，這是自 2022 財年第四季以來營收首次年增。調整後營收也比上年成長 1%。部門 EBITDA 總額為 3.64 億美元，比上年增長 4%。哈珀柯林斯 (HarperCollins) 是利潤改善的最大貢獻者，這在去年充滿挑戰的業績的背景下令人鼓舞。調整後的部門 EBITDA 總額比上年增加 5%。本季度，我們報告每股收益為 0.05 美元，而去年同期為 0.07 美元。本季調整後每股收益為 0.16 美元，去年同期為 0.12 美元。

Moving on to the results for the individual reporting segments, starting with Digital Real Estate Services. Segment revenues were $403 million, down 4% compared to the prior year, a notable improvement from the fourth quarter rate. On an adjusted basis, segment revenues declined just 2%. Despite the revenue decline, segment EBITDA rose 3% to $122 million due to higher contribution from the REA Group and cost-saving initiatives that move that were partially offset by revenue headwinds. Adjusted segment EBITDA rose a healthy 8%.

接下來看各個報告部分的結果，從數位房地產服務開始。部門營收為 4.03 億美元，較上年下降 4%，較第四季顯著改善。經調整後，該部門收入僅下降 2%。儘管收入下降，但由於 REA 集團的貢獻增加以及成本節約舉措的推動，該部門的 EBITDA 增長了 3%，達到 1.22 億美元，但部分被收入逆風所抵消。調整後部門 EBITDA 健康成長 8%。

REA had a very strong quarter, with revenues rising 4% year-on-year on a reported basis to $261 million, which included an $11 million or 4% negative impact from foreign exchange. Growth was driven by residential yield increases and growth in national listings, along with 25% revenue growth at REA India. Results were partially offset by modest decline in Financial Services revenues due to lower settlement activity. Overall, new buy listings rose 1%, with Sydney and Melbourne up 16% and 14%, respectively, enabling upward pressure on yields. Please refer to REA's earnings release and their conference call following this call for more details.

REA 的季度表現非常強勁，據報告營收年增 4%，達到 2.61 億美元，其中包括 1,100 萬美元或 4% 的外匯負面影響。住宅收益率的成長和全國掛牌量的成長以及 REA India 25% 的收入成長推動了成長。結算活動減少導致金融服務收入小幅下降，部分抵銷了業績。總體而言，新掛牌上市房屋上漲 1%，其中雪梨和墨爾本分別上漲 16% 和 14%，這給收益率帶來了上行壓力。請參閱 REA 的收益發布以及本次電話會議後的電話會議以了解更多詳細資訊。

Move's revenues of $142 million were down 16% compared to the prior year, relatively similar to the fourth quarter trend, absent the 53rd week impact. For the quarter, real estate revenues fell 20%, driven by lower lead and transaction volumes reflective of the broader industry trends. Lead volumes fell 11% year-over-year, while Realtor's average monthly unique users declined 12% from the prior year to 76 million in the first quarter based on internal metrics, but improved from 74 million in the fourth quarter.

Move 的營收為 1.42 億美元，比去年同期下降 16%，與第四季的趨勢相對相似，排除了第 53 週的影響。本季度，房地產收入下降 20%，原因是鉛和交易量下降（反映了更廣泛的行業趨勢）。根據內部指標，潛在客戶數量較去年同期下降11%，而房地產經紀人的平均每月獨立用戶數較上年同期下降12%，至第一季的7,600 萬，但較第四季的7,400 萬有所改善。

As Robert mentioned, despite challenging market and competitive conditions, we've made solid progress in Q1 across a number of strategic areas, including SEO improvements, expanding our sell-side offerings into the launch of a listing agent tool kit, deepening our collaboration with News Corp's powerful global platform to drive further reach, and the recent launch of a new brand campaign.

正如羅伯特所提到的，儘管市場和競爭條件充滿挑戰，但我們在第一季在許多戰略領域取得了堅實的進展，包括搜尋引擎優化改進、將我們的賣方產品擴展到上市代理工具包的推出、深化我們與新聞集團強大的全球平台推動了進一步的影響力，並於近期推出了新的品牌活動。

Turning to the Subscription Video Services segment. Revenues for the quarter were $486 million, down approximately 3% compared to the prior year on a reported basis due to foreign currency headwinds. Importantly, on an adjusted basis, revenues rose 1% versus the prior year, the seventh consecutive quarter of growth. Streaming revenues accounted for 30% of circulation and subscription revenues versus 25% in the prior year, and again, more than offset broadcast revenue declines, benefiting from both a year-over-year increase in subscribers and price rises at Kayo and BINGE.

轉向訂閱視訊服務部分。由於外匯不利因素，本季營收為 4.86 億美元，較上年同期下降約 3%。重要的是，在調整後的基礎上，收入比上年增長了 1%，這是連續第七個季度增長。串流媒體收入佔發行量和訂閱收入的 30%，而上一年為 25%，並且再次抵消了廣播收入下降的影響，受益於訂閱者的同比增長以及 Kayo 和 BINGE 的價格上漲。

Total closing paid subscribers across the Foxtel Group reached almost $4.6 million at quarter end, up 2% year-over-year. Total paid streaming subscribers were 3 million, increasing 8% versus the prior year, although declining sequentially impacted by less output at bids related to the strikes in Hollywood, as well as typical seasonality at Kayo due to the end of the winter sports codes in September.

截至季末，Foxtel 集團的付費訂戶總數接近 460 萬美元，年增 2%。付費串流訂閱用戶總數為300 萬，比上年增長8%，但由於好萊塢罷工相關的出價產出減少以及Kayo 因9 月份冬季運動規則結束而造成的典型季節性影響，導致付費串流訂閱用戶總數有所下降。 。

Foxtel ended the quarter with 1.3 million residential broadcast subscribers, down 9% year-over-year broadcast churn continued to improve, down 280 basis points year-over-year to 11.4%, while broadcast ARPU rose 3% to over AUD 85 helped in part by a price rise for non-platinum subscribers implemented in July. Segment EBITDA in the quarter of $93 million was down 16% versus the prior year driven by contractual price escalators in Foxtel sports rights agreements. Adjusted segment EBITDA declined 13%. We completed the debt refinancing in the first quarter, which included securing a new AUD 1.2 billion credit facility. As we said last quarter, given the improved performance and the completion of the refinancing, this provides a pathway for repayment of our shareholder loans.

Foxtel 本季末擁有 130 萬住宅廣播用戶，年減 9%，廣播用戶流失率持續改善，年減 280 個基點至 11.4%，而廣播 ARPU 成長 3%，超過 85 澳元，這有助於部分原因是7 月實施的非白金訂戶價格上漲。由於 Foxtel 體育版權協議中的合約價格上漲，該季度的部門 EBITDA 為 9,300 萬美元，較上年下降 16%。調整後部門 EBITDA 下降 13%。我們在第一季完成了債務再融資，其中包括獲得新的 12 億澳元信貸額度。正如我們上季度所說，鑑於業績的改善和再融資的完成，這為我們償還股東貸款提供了途徑。

Moving on to Dow Jones. Dow Jones had a strong quarter with revenues of $537 million, up 4% year-over-year despite fully lapping recent acquisitions. Digital revenues accounted for 12% of total revenues this quarter, up 2 percentage points from last year. Circulation and subscription-based revenues represented over 81% of total revenues, up approximately 1 percentage point from the prior year, underscoring the stability and recurring nature of the revenue base. On an adjusted basis, revenues grew 3%. We are continuing to see very strong growth in our professional information business with revenues rising 14% year-over-year driven by risk and compliance and strong gains at Dow Jones Energy.

轉向道瓊。儘管全面完成了最近的收購，但道瓊斯季度業績強勁，營收達 5.37 億美元，年增 4%。本季數位收入佔總營收的12%，比去年上升2個百分點。基於發行和訂閱的收入佔總收入的 81% 以上，比前一年增加約 1 個百分點，凸顯了收入基礎的穩定性和經常性。調整後的收入成長了 3%。我們的專業資訊業務持續保持強勁成長，在風險和合規性以及道瓊能源公司強勁成長的推動下，營收年增 14%。

Factiva posted modest growth benefiting from a new licensing deal. Retention across B2B offerings remains at over 90% with nearly all of the revenues recurring. Risk and compliance revenues rose 23% with consistent growth between financials and corporates. Europe remained the largest territory at over 50% of revenues and also the fastest source of growth. Secular trends remain very favorable with global corporations navigating complex sanctions and trade guidance, particularly as it relates to Russia and China.

受益於新的授權協議，Factiva 實現了適度成長。 B2B 產品的保留率維持在 90% 以上，幾乎所有收入都是經常性的。隨著金融部門和企業部門的持續成長，風險與合規收入成長了 23%。歐洲仍然是最大的地區，佔收入的 50% 以上，也是成長最快的來源。對於跨國公司應對複雜的製裁和貿易指導，特別是與俄羅斯和中國有關的情況，長期趨勢仍然非常有利。

We were really pleased with the 20% growth at Dow Jones Energy, which benefited from price escalators, the rollout of new products, and new customers. The results also benefited mid-single digits from onetime items and the World Chemical Forum, a new annual event this quarter, which leveraged the wider Dow Jones experience in corporate events. Circulation revenues gained 1% in the prior year, with digital-only subscriptions growing 12% year-over-year or 101,000 sequentially, which was principally driven by an increased focus on Dow Jones bundling offer as they look to better leverage subscription acquisition costs across multiple products, capitalize on minimal overlap between products, and drive greater engagement from customers. We believe that in the medium term, bundling will drive higher ARPU per subscriber and reduce long-term churn.

我們對道瓊能源公司 20% 的成長感到非常滿意，這得益於價格的上漲、新產品的推出和新客戶。一次性專案和世界化學論壇（本季一項新的年度活動）也使業績達到中個位數，該活動利用了道瓊斯在企業活動方面更廣泛的經驗。上一年的發行收入增長了1%，純數位訂閱量同比增長12%，即環比增長101,000 份，這主要是由於道瓊斯捆綁報價的日益關注，因為他們希望更好地利用各個領域的訂閱獲取成本。多種產品，最大限度地減少產品之間的重疊，並提高客戶的參與度。我們認為，從中期來看，捆綁將提高每位用戶的 ARPU 並減少長期流失。

Advertising revenues declined 3% to $91 million due to 6% and 2% declines in print and digital advertising revenues, respectively, with trends improving from the fourth quarter. Advertising accounted for 17% of total revenue was 66% being digital, up 100 basis points from last year. Dow Jones segment EBITDA for the quarter grew 10% to $124 million, with margins improving 120 basis points to 23.1%, the highest first quarter margin since News Corp's acquisition of Dow Jones, driven by the strong B2B performance, which is on track to be the largest contributor to Dow Jones profitability in fiscal 2024.

廣告收入下降 3%，至 9,100 萬美元，原因是印刷廣告收入和數位廣告收入分別下降 6% 和 2%，但趨勢較第四季有所改善。廣告收入佔總收入的 17%，其中數位廣告收入佔 66%，比去年增加了 100 個基點。道瓊分部本季EBITDA 成長10%，達到1.24 億美元，利潤率提高120 個基點，達到23.1%，這是自新聞集團收購道瓊斯以來第一季的最高利潤率，這得益於強勁的B2B 業績，預計將對道瓊斯 2024 財年盈利能力的最大貢獻者。

At Book Publishing, we saw a big recovery from fiscal 2023 results. Revenues were $525 million, up 8%, while segment EBITDA improved 67% to $65 million compared to the prior year. Margins improved over 400 basis points to 12.4%. You will recall the results a year ago were significantly impacted by the Amazon reset of inventory levels and rightsizing of its warehouse footprint. The strong performance this quarter benefited from the success of some key front-list titles, as Robert mentioned, and also saw improvement in backlist sales, including a notable increase from Christian Publishing.

在圖書出版業，我們看到 2023 財年業績大幅復甦。營收為 5.25 億美元，成長 8%，而部門 EBITDA 與上年相比成長 67%，達到 6,500 萬美元。利潤率提高了 400 個基點，達到 12.4%。您可能還記得一年前的業績受到亞馬遜重置庫存水準和調整倉庫規模的重大影響。正如羅伯特所提到的，本季度的強勁表現得益於一些重要的前列圖書的成功，並且還看到了舊書銷售的改善，其中包括基督教出版社的顯著增長。

Return rates improved materially, while inventory levels appear to have normalized. Inflationary costs are beginning to moderate with lower manufacturing costs helped by product mix and lower freight and distribution costs this quarter. The backlist contributed 61% of revenues, down from 65% last year, while digital sales rose 3% this quarter and accounted for 22% of consumer sales. Within the 22%, downloadable audio accounted for 45% of digital revenues. On an adjusted basis, revenues gained 6%, and segment EBITDA rose 59%.

退貨率大幅改善，而庫存水準似乎已恢復正常。由於本季產品組合以及運輸和分銷成本降低，製造成本下降，通貨膨脹成本開始放緩。舊專輯貢獻了 61% 的收入，低於去年的 65%，而本季數位銷售額成長了 3%，佔消費者銷售額的 22%。在這 22% 的收入中，可下載音訊佔數位收入的 45%。調整後的收入成長了 6%，部門 EBITDA 成長了 59%。

Turning to News Media. Overall trends continue to be mixed geographically. Revenues were $548 million, down 1% versus the prior year, while adjusted revenues declined 2%. Advertising declined 5% and was down 6% in constant currency. While circulation and subscription rose 2% and was flat in constant currency. At News Australia, advertising saw some improvement compared to the fourth quarter, while the U.K. weakened, notably in digital. As Robert mentioned, we did see declines in our traffic at several mastheads related to changes in algorithms at the large platforms which we are monitoring closely and have been felt across the wider publishing industry.

轉向新聞媒體。整體趨勢在地域上持續參差不齊。營收為 5.48 億美元，較上年下降 1%，調整後營收下降 2%。廣告下降 5%，以固定匯率計算下降 6%。而發行量和認購量成長了 2%，以固定匯率計算則持平。澳洲新聞社的廣告業務與第四季相比有所改善，而英國的廣告業務則有所減弱，尤其是在數位領域。正如羅伯特所提到的，我們確實看到幾個報頭的流量下降，這與我們正在密切監控的大型平台的演算法變化有關，並且整個出版業都感受到了這些變化。

Segment EBITDA of $14 million declined $4 million results included approximately $3 million related to onetime costs as a result of the proposed combination of printing operations in the U.K. with DMG. This initiative demonstrates the continued focus on driving cost efficiencies across our news media businesses.

部門 EBITDA 為 1,400 萬美元，減少了 400 萬美元，其中包括因擬議將英國印刷業務與 DMG 合併而產生的一次性成本約 300 萬美元。這項舉措顯示我們對提高新聞媒體業務成本效率的持續關注。

Before we look at the outlook for the next quarter, I would like to touch on free cash flow. First quarter free cash flow is typically lower due to the timing of working capital payments, including sports rights payments at Foxtel, and this year, it was also impacted from the lower HarperCollin sales in Q4 of the prior year. We anticipate generating strong and positive free cash flow for the year weighted to the second half, consistent with prior years.

在我們展望下一季的前景之前，我想談談自由現金流。由於營運資金支付的時間表（包括 Foxtel 的體育版權支付），第一季的自由現金流通常較低，而今年，它也受到去年第四季 HarperCollin 銷售額下降的影響。我們預計今年下半年將產生強勁且正的自由現金流，與往年一致。

As for the outlook, similar to our comments last quarter, we are continuing to operate in a difficult environment that remains unpredictable in the short term. That said, we expect the second quarter to continue to show an improvement in revenues and profitability.

至於前景，與我們上季的評論類似，我們將繼續在短期內仍難以預測的困難環境中運作。也就是說，我們預計第二季營收和獲利能力將繼續改善。

Looking at each of our segments. At Digital Real Estate Services, Australian residential new buy listings for October grew 16%. Please refer to REA for a more specific outlook commentary. At Move, U.S. housing conditions remain challenging, and we are expecting some reinvestment in marketing to improve share of voice levels, including the recently launched advertising campaign, and also in product development to ensure we are best positioned to take advantage of market conditions when they improve.

看看我們的每個細分市場。 Digital Real Estate Services 的數據顯示，10 月澳洲新買住宅掛牌量增加了 16%。請參閱 REA 以了解更具體的展望評論。在Move，美國的住房條件仍然充滿挑戰，我們預計在行銷方面進行一些再投資，以提高聲音水平的份額，包括最近推出的廣告活動，並在產品開發方面進行一些再投資，以確保我們能夠在市場條件出現變化時處於最佳位置。提升。

In Subscription Video Services, as mentioned last quarter, we continue to expect modestly higher expenses for the full year, driven by sports rights and some costs related to the launch of Foxtel streaming aggregation service, Hubbl, but remain on track to deliver relatively stable results for the year in local currency. At Dow Jones, we hope to see continued improvements in advertising declines, but as typical, visibility is limited. We continue to expect modestly higher overall expenses for the full year and strong revenue growth in B2B revenues.

在訂閱視訊服務方面，正如上季度所提到的，我們繼續預計全年支出將小幅上漲，原因是體育賽事轉播權以及與Foxtel 串流媒體聚合服務Hubbl 的推出相關的一些成本，但仍有望提供相對穩定的業績以當地貨幣計算的年度。在道瓊斯，我們希望看到廣告下降的情況持續改善，但通常情況下，可見度有限。我們仍預期全年整體支出將小幅上升，B2B 收入將強勁成長。

At Book Publishing, while we expect year-over-year improvements versus the prior year, revenue and profit growth is expected to be more modest than the first quarter given overall industry trends and the normalization of return rates. At News Media, revenue trends remain mixed geographically, and we will continue to focus on ongoing cost efficiencies.

在圖書出版方面，雖然我們預計與上年相比將出現同比改善，但鑑於整體行業趨勢和回報率正常化，預計收入和利潤增長將比第一季更為溫和。在新聞媒體，收入趨勢在地域上仍然參差不齊，我們將繼續關注持續的成本效率。

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

那麼，讓我將其交給接線員進行問答。

(Operator Instructions) Our first question comes from Lucy Huang from UBS.

（操作員說明）我們的第一個問題來自UBS 的Lucy Huang。

My one question is in relation to Move. So I just wonder if you can give us updating to the competitive landscape in the U.S.? And just any early thoughts on the recent U.S. court ruling around agent commissions. Like do you think this could have an impact on industry dynamics more broadly? And I guess, for the Move business longer term?

我的一個問題與 Move 有關。所以我想知道您能否向我們介紹美國競爭格局的最新情況？以及對最近美國法院關於代理佣金的裁決的任何早期想法。您認為這會對更廣泛的行業動態產生影響嗎？我想，從長遠來看，行動業務會怎麼樣？

Yes, Lucy. Well, first of all, we'll have to see what transpires on appeal in that particular case. But it's clear that the U.S. property market has already been evolving if rather incrementally. I mean our focus is solely on providing the best possible service for vendors, for purchases, and for real estate professionals, and we'll continue to build audience through the use of our rather large media platforms. We've been taking advantage of the present downturn in the market to build out our sell-side operations. And there is definitely a downturn in existing home sales when you have an annual rate of $3.9 million, which is well below the normal average of $5.5 million. .

是的，露西。好吧，首先，我們必須看看在該特定案件中上訴會發生什麼。但很明顯，美國房地產市場已經在逐步發展。我的意思是，我們的重點只是為供應商、購買者和房地產專業人士提供最好的服務，我們將繼續透過使用我們相當大的媒體平台來建立受眾。我們一直在利用當前市場低迷的機會來建立我們的賣方業務。當年利率為 390 萬美元（遠低於 550 萬美元的正常平均值）時，現有房屋銷售肯定會出現下滑。 。

We certainly foresee stronger activity longer term on the sell side, a bit like the Australian market, and we've acquired a company UpNest, which is particularly strong in that area. And there are interesting lessons for the U.S. market generally from Australia about what happens when the market turns, patently much suppressed demand here at the moment. In Australia, we saw listings in Melbourne and Sydney surge 14% and 16% in the last quarter. And those numbers were even higher in October, Melbourne listings surged 32% and Sydney saw 33%. So we look forward to similar surging and soaring in the U.S. market when mortgage rates moderate.

我們當然預見到賣方的長期活動將會更加強勁，有點像澳洲市場，我們已經收購了 UpNest 公司，該公司在該領域特別強大。對於美國市場來說，澳洲可以給我們一些有趣的教訓，當市場轉向時會發生什麼，目前這裡的需求明顯受到嚴重抑制。在澳大利亞，上個季度墨爾本和雪梨的掛牌房源數量分別激增 14% 和 16%。 10 月這些數字甚至更高，墨爾本的掛牌房屋數量激增 32%，雪梨的掛牌房屋數量激增 33%。因此，當抵押貸款利率放緩時，我們期待美國市場出現類似的飆升和飆升。

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 was wondering if you can get into a little bit more detail about this residulously reviewing our structure? And secondly, if you could comment on how the recent real estate lawsuit might affect the Realtor and Move?

羅伯特，我想知道您是否可以更詳細地了解我們的結構審查？其次，您能否評論一下最近的房地產訴訟可能如何影響房地產經紀人和搬家？

I think, Alan, I answered the second question. just now. So we'll have to wait for the appeal there. The market itself is still obviously suffering from the heavy burden of mortgage rates here in the U.S. As for structure, look, we agree with the general thesis that the company has been transformed over the past decade, and the full value of our incomparable assets is not fully represented in the share price.

艾倫，我想我回答了第二個問題。現在。所以我們必須等待那裡的上訴。市場本身顯然仍然承受著美國抵押貸款利率的沉重負擔。至於結構，你看，我們同意公司在過去十年中已經轉型的總體論點，我們無與倫比的資產的全部價值是沒有完全反映在股價中。

And that's a tribute to the leaders of all our business from Rebekah in London to Patrick at Foxtel, and to all our teams who have navigated through fundamental changes in each of their sectors and through the pandemic and the subsequent surge in interest rates. And as you can divine from today's numbers, we are in a truly different position to most media companies with a robust balance sheet and are poised for even greater growth and profitability in the coming years when the economic heavens return to equilibrium. .

這是對我們所有業務的領導者（從倫敦的Rebekah 到Foxtel 的Patrick）的致敬，也是對我們所有團隊的致敬，他們在各自的行業中經歷了根本性的變化，並度過了大流行和隨後的利率飆升。正如您從今天的數字中可以看出的那樣，我們與大多數資產負債表穩健的媒體公司處於完全不同的位置，並且在未來幾年經濟恢復平衡時，我們將實現更大的增長和盈利能力。 。

But at the same time, we are consciously and constantly reviewing our structure and have already taken tangible steps to clarify internal corporate structures to ensure that we have maximum flexibility in that overall structural consideration.

但同時，我們正在有意識地、不斷地審查我們的結構，並已採取切實步驟來澄清內部公司結構，以確保我們在整體結構考慮方面具有最大的靈活性。

Our next question comes from David Karnovsky from JPMorgan.

我們的下一個問題來自摩根大通的大衛卡諾夫斯基。

This is Ted on for David. I wanted to ask if you could give us an update on digital ad trends. Any color you can share on the quarter and expectations moving forward would be appreciated?

這是特德為大衛介紹的。我想問您能否向我們介紹數位廣告趨勢的最新情況。您可以分享有關本季度的任何顏色和未來的期望嗎？

Sure. Obviously, the trends across the mass heads vary by segment and region. And algorithm changes can have a short-term impact. Though we do have a strong relationship with both Google and Facebook, and they tend to respond thoughtfully to any infulicities that we identify. And I'd particularly like to call out Sundar Pichai and his trustee team, who are conscious of the importance of journalists and journalism.

當然。顯然，大眾頭部的趨勢因細分市場和地區而異。演算法的變化可能會產生短期影響。儘管我們確實與Google和 Facebook 都有著牢固的關係，而且他們往往會對我們發現的任何不妥之處做出深思熟慮的回應。我特別想讚揚桑達爾·皮查伊（Sundar Pichai）和他的受託團隊，他們意識到記者和新聞事業的重要性。

Specifically at Dow Jones, advertising was down 3%, which was a marked improvement after a 14% decline in the prior quarter. Both digital and fringe reported improvement in trend lines. And there was a more modest decline of 8% in the U.K., but most of that was actually in print as digital advertising was flat compared to the same quarter last year. And the New York Post, while flat overall, actually saw an increase in print-related advertising as the paper continued to expand its social, political and commercial reach.

具體來說，道瓊斯的廣告業務下降了 3%，與上一季下降 14% 相比，這是一個顯著的改善。數字和邊緣都報告了趨勢線的改善。英國的下降幅度較小，為 8%，但其中大部分實際上是印刷品，因為數位廣告與去年同期持平。 《紐約郵報》雖然整體持平，但隨著該報繼續擴大其社會、政治和商業影響力，與印刷相關的廣告實際上有所增加。

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。

Firstly, I just wanted to ask, given that there have been some public comments from a shareholder over the past month about a proposal to spin out REA, interested in your comment as to whether you see merit in that proposal, and is that something you're willing to explore? Or are you looking at other ways, as you've spoken about of closing the valuation gap. And if I can quickly throw a second one in there as well, hopefully, a straightforward one. Given the Foxtel refinance over the quarter, when do you think the shareholder lines will be repaid? Are there any other impediments or hurdles to that repayment taking place now?

首先，我只是想問一下，考慮到過去一個月有一位股東就分拆 REA 的提議發表了一些公開評論，我想听聽您是否認為該提議有其優點，以及您是否認為該提議值得評論。願意探索嗎？或者您是否正在尋找其他方法，正如您所說的縮小估值差距。如果我能快速地把第二個也放進去，希望是一個簡單的。鑑於 Foxtel 本季的再融資，您認為股東額度何時會償還？現在還款是否有其他障礙或障礙？

It would obviously be inappropriate to comment on any shareholder in particular, and actually inappropriate to comment on any shareholder comment. But as I've made clear, we are conscientiously reviewing our structure and have taken steps corporately to ensure that we have maximum flexibility that of itself reflects the constant institutional introspection that characterizes the way we oversee these very valuable assets.

對任何特定股東發表評論顯然是不合適的，而且對任何股東的評論實際上並不合適。但正如我已經明確表示的那樣，我們正在認真審查我們的結構，並採取集體措施，以確保我們擁有最大的靈活性，這本身就反映了不斷的機構內省，而這種內省是我們監督這些非常有價值的資產的方式的特徵。

Entcho, just in relation to your question on Foxtel, we expect a modest return this year and anticipate the bulk of the repayments to come over the next few years. That's obviously dependent on the current plans and cash flow position.

Entcho，就您關於 Foxtel 的問題而言，我們預計今年將獲得適度的回報，並預計大部分還款將在未來幾年內完成。這顯然取決於當前的計劃和現金流狀況。

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。

Great. Robert, it's nice to hear that you guys are reviewing your structure, and I have long talked about for the last 10 years or so. I mean, the company is very complicated from an investor -- an outside investor standpoint. So I'm glad to hear you guys are looking at it seriously. I mean when I look at the stock, I mean, I looked at a 35% to 40% conglomerate discount that's embedded in your stock in order to justify the stock at in the low 20s here and stuff. So I guess we'll see what happens. I hope some significant happens on that front.

偉大的。羅伯特，很高興聽到你們正在審查你們的結構，我在過去 10 年左右的時間裡一直在談論這一點。我的意思是，從投資者——外部投資者的角度來看，這家公司非常複雜。所以我很高興聽到你們正在認真對待它。我的意思是，當我查看該股票時，我的意思是，我查看了您的股票中嵌入的 35% 至 40% 的綜合企業折扣，以證明該股票在 20 多美元的價格是合理的。所以我想我們會看看會發生什麼。我希望在這方面發生一些重大的事情。

If I could ask a question about books. I mean it's nice to see the recovery from a year ago. Are you seeing anything in the book area, whether it be on the cost side or on the revenue side that would stop you from getting back to your EBITDA level that you're at in the low 300s back in fiscal '21 and '22?

如果我可以問一個關於書的問題。我的意思是很高興看到一年前的復甦。您是否在帳面方面看到任何東西，無論是在成本方面還是在收入方面，都會阻止您回到 21 財年和 22 財年 300 多歲的 EBITDA 水準？

Craig, look, obviously, HarperCollins is journey through a rather unique period of unusual circumstances, the pandemic, logistical issues at Amazon, cost pressures. And it has emerged from that confluence of complexity with a strong front back list and margins actually dramatically improvement, improving from the percent in the final quarter of last fiscal to 12.4%. So we are seeing that margin improvement already. And there's also no doubt that there's reason for excitement about the entry of Spotify into audio books. Over the past few years, audio books have been by far the fastest-growing sector. And Spotify itself has really transformed both the concept and the experience of streaming.

克雷格，你看，顯然，哈珀柯林斯正在經歷一個相當獨特的時期，其中包括不尋常的情況、流行病、亞馬遜的物流問題和成本壓力。它是從複雜性與強大的前後端清單的整合中出現的，利潤率實際上顯著提高，從上一財年最後一個季度的百分比提高到 12.4%。因此，我們已經看到利潤率有所改善。毫無疑問，Spotify 進軍有聲書領域是有理由令人興奮的。在過去的幾年裡，有聲書一直是成長最快的領域。 Spotify 本身確實改變了串流媒體的概念和體驗。

And so Daniel Ek and I have been discussing audio books for a few years, and we've reached an agreement on a model that is great for orders, for book lovers, for Spotify, and for us. And the early signs from the U.K. and Australian markets are certainly positive. And if those trends hold, audio, which now comprise about 45% of digital sales will reach a far higher threshold level, we'll be generating significantly more revenue and as you asked, be improving our EBITDA.

因此，丹尼爾·埃克 (Daniel Ek) 和我多年來一直在討論有聲讀物，我們已經就一種對訂單、圖書愛好者、Spotify 和我們來說都非常有利的模式達成了一致。英國和澳洲市場的早期跡象無疑是積極的。如果這些趨勢持續下去，目前佔數位銷售額約 45% 的音訊將達到更高的門檻水平，我們將產生顯著更多的收入，並且正如您所要求的那樣，我們將提高我們的 EBITDA。

And Craig, maybe just to add, we do expect continued profit growth in the balance of the year given certainly the prior year compares subject, of course, to that consumer demand that Robert talked about. But we expect it to be at a more modest rate than Q1. And we're hopeful that the EBITDA margin can remain positive to last year and in the low double digits for the full year, having delivered the 12.3% in Q1. So I expect that margin rate will be more over the medium term when we look to lift it.

克雷格也許只是補充一下，我們確實預計今年餘下的利潤將持續增長，因為當然，考慮到與前一年相比，當然，羅伯特談到的消費者需求。但我們預計其成長速度將比第一季更為溫和。我們希望 EBITDA 利潤率能與去年持平，並在全年保持在較低的兩位數水平，第一季為 12.3%。因此，我預計，當我們尋求提高保證金率時，中期內保證金率將會更高。

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。

Robert or Susan, can you please clarify, did you guys say in Dow Jones, B2B earnings are larger in B2C earnings? Or did you mean its contribution to growth is now larger than B2C?

羅伯特或蘇珊，請澄清一下，你們是否說過在道瓊斯指數中，B2B 收益比 B2C 收益更大？或者您的意思是它對成長的貢獻現在比 B2C 更大？

They are larger and on track to be larger for the full year. So yes, we did say that.

它們規模更大，並且預計全年規模更大。所以是的，我們確實這麼說過。

On track to be larger.

有望變得更大。

And they were for the quarter .

它們是本季的。

And they're obviously a higher margin, digital high retention rates. .

而且它們顯然具有更高的利潤率、更高的數位保留率。 。

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。

I just have one on Move, please. The real estate revenues were obviously down 20%, and you called out listings at 11%, pretty crude, but it sort of implies that yield average yield was down about 9%. Can you talk a little bit about the drivers on this front, please? And how we should be thinking about the yield driver in the remainder of the year?

我在 Move 上只有一張，謝謝。房地產收入明顯下降了 20%，而你列出的掛牌價格為 11%，相當粗略，但這在某種程度上意味著收益率平均收益率下降了約 9%。您能談談這方面的驅動程式嗎？我們該如何考慮今年剩餘時間的收益率驅動因素？

Darren, we don't, as you know, give out specific yields. You may recollect that actually over the course of probably the last 18 months, we've been seeing increases in yields that have helped us offset some of those declines. You could imagine in the current market, it's obviously challenging to be pushing yields up in the U.S. So look, I think what we would say is that we just continue to balance where we think we can push yields in certain markets with the current macro environment. That's probably all we can say on that.

達倫，如你所知，我們不會給出具體的報酬率。您可能還記得，實際上在過去 18 個月的時間裡，我們看到收益率有所上升，這幫助我們抵消了部分下降的影響。你可以想像，在當前的市場中，推高美國的收益率顯然是具有挑戰性的。所以看，我認為我們要說的是，我們只是繼續在我們認為可以在當前宏觀環境下推高某些市場的收益率的地方保持平衡。對此我們能說的大概就這些了。

We can go to Craig Huber with a follow-up.

我們可以聯絡 Craig Huber 進行後續跟進。

Yes. The follow-up question on Realtor.com, please. Can you maybe just comment a little further on what you're plan doing the cost side of the business for the rest of the fiscal year here? I understand obviously the pressure on the top line. But I mean, where do you guys think profits and Realtor.com are going to go the issue with issue on the top line from a macro standpoint, but you want to invest more, it sounds like on the R&D side and in marketing?

是的。請在 Realtor.com 上提出後續問題。您能否進一步評論一下您計劃在本財年剩餘時間裡進行的業務成本方面的工作？我顯然理解頂線面臨的壓力。但我的意思是，從宏觀角度來看，你們認為利潤和 Realtor.com 將在哪裡解決營收問題，但你們想投資更多，聽起來像是在研發方面和行銷方面？

Craig. Look, I think if you think about the next quarter, you could probably expect cost to be relatively in line with what we've seen in Q1. As we mentioned, we do want to continue to invest in that business. We see a huge opportunity in that business when the market picks up, and we want to make sure that we're in the best position to take advantage of that.

克雷格.看，我認為如果您考慮下一個季度，您可能會預期成本與我們在第一季看到的相對一致。正如我們所提到的，我們確實希望繼續投資該業務。當市場回升時，我們在該業務中看到了巨大的機會，我們希望確保我們處於充分利用這一機會的最佳位置。

Some of the investment areas that we're looking at are building our product investment having a look at marketing, obviously, just given the competitive position there. It's really important that we do that. So we will probably back in some of those cost investments depending on how revenue trends.

我們正在考慮的一些投資領域正在建立我們的產品投資，並專注於行銷，顯然，只是考慮到那裡的競爭地位。我們這樣做非常重要。因此，我們可能會根據收入趨勢來支持其中一些成本投資。

Thank you. Leila. Any other questions?

謝謝。萊拉。還有其他問題嗎？

There are no further questions on the line at this time.

目前線路上沒有其他問題。

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

正確的。嗯，謝謝大家的參與。祝您有美好的一天，我們很快就會與您交談。小心。