News Corp (NWS) 2024 Q2 法說會逐字稿

Welcome to News Corp's Second Quarter Fiscal 2024 Earnings Conference Call. Today's conference is being recorded. Media will be allowed on a listen-only basis.

歡迎參加新聞集團 2024 財年第二季財報電話會議。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。

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.

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 Second 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.

非常感謝您，接線生。大家好，歡迎參加新聞集團 2024 年第二季財報電話會議。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。

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

今天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評論，然後我們將很樂意回答投資界的問題。

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

本次電話會議可能包括有關新聞集團業務和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。

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 releases for the applicable periods posted on our website.

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。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。

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。

For the second quarter in succession, News Corp has achieved growth in both revenue and profitability. And we believe there are strong prospects for further growth as difficult, inauspicious macroeconomic conditions ease in some of our markets. We saw particularly robust results across the 3 core pillars of our company: Dow Jones, Book Publishing and Digital Real Estate Services, where there was a resounding improvement in Australia in Q2. And there are early signs of recovery in the U.S. residential sector after the most sluggish market conditions in almost 3 decades. Given the potential of our world-leading brands, we remain intent on creating long-term value for investors. And as part of our commitment, our diligent, concerted review of the company's structure continues apace.

新聞集團連續第二個季度實現了收入和獲利能力的成長。我們相信，隨著一些市場困難、不利的宏觀經濟狀況的緩解，進一步成長的前景十分強勁。我們看到該公司的 3 個核心支柱取得了特別強勁的業績：道瓊斯、圖書出版和數位房地產服務，其中澳洲在第二季度取得了巨大的進步。在經歷了近三十年來最低迷的市場狀況之後，美國住宅市場出現了復甦的早期跡象。鑑於我們世界領先品牌的潛力，我們仍然致力於為投資者創造長期價值。作為我們承諾的一部分，我們將繼續快速地對公司結構進行勤勉、一致的審查。

Looking at the top line results. News Corp's second quarter revenues rose 3% to $2.6 billion, and profitability surged 16%, marking the third consecutive quarter of profit growth in testing economic times. Our net income for the quarter rose to $183 million from $94 million in the same quarter last year, while our reported EPS was $0.27 against $0.12 for the same period last year.

查看頂線結果。新聞集團第二季營收成長3%，達26億美元，獲利能力飆升16%，標誌著經濟情勢嚴峻時期獲利連續第三個季度成長。我們本季的淨利潤從去年同期的 9,400 萬美元增至 1.83 億美元，而我們報告的每股收益為 0.27 美元，而去年同期為 0.12 美元。

The company's digital progress and prowess are increasingly evident. Halfway through fiscal 2024, digital now comprises approximately 52% of all revenues. That is more than an e-evolution. It is an e-revolution, one that has touched and transformed every element of every business, and we are far from satisfied, far from complacent, far from completion.

該公司的數位化進步和實力日益明顯。 2024 財年已過半，數位收入目前約佔所有收入的 52%。這不僅僅是一次電子進化。這是一場電子革命，它觸及並改變了每項業務的每一個要素，但我們遠遠未滿足、遠未自滿、遠未完成。

We are seeing the collective benefit of our conscious strategic shift away from potentially volatile advertising revenues to growth in circulation and subscription revenues. In fiscal 2014, nearly half of News Corp revenues were from advertising, with 31% from circulation and subscriptions. There has been a fundamental metamorphosis.

我們看到了我們有意識的策略轉變所帶來的集體利益，即從潛在不穩定的廣告收入轉向發行量和訂閱收入的成長。 2014財年，新聞集團近一半的收入來自廣告，其中31%來自發行量和訂閱量。已經發生了根本性的轉變。

In the first half of the fiscal year, advertising had preceded to 16%, with circulation of subscriptions surging to 44%. Overall, News Corp as of Q2 had over 7 million subscriptions to our news brands, including The Wall Street Journal, Barron's, The Times and Sunday Times, The Australian and other publications. And we have an additional 4.3 million paid subscribers at Foxtel in Australia, which includes our popular streaming services Kayo and Binge. And those figures don't include the growing number of loyal subscribers at our professional information business at Dow Jones, where the average retention rate is comfortably above 90%.

本財年上半年，廣告佔比已升至 16%，訂閱發行量飆升至 44%。整體而言，截至第二季度，新聞集團的新聞品牌訂閱量超過700 萬，包括《華爾街日報》、《巴倫周刊》、《泰晤士報》、《星期日泰晤士報》、《澳洲人報》和其他出版品。我們在澳洲的 Foxtel 擁有另外 430 萬付費訂戶，其中包括我們廣受歡迎的串流媒體服務 Kayo 和 Binge。這些數字還不包括道瓊斯專業資訊業務部門不斷增長的忠實訂戶數量，該部門的平均保留率輕鬆超過 90%。

Artificial intelligence, with all its permutations and perturbations, will play an increasingly important role at most businesses. We expect to be a core content provider for generative AI companies who need the highest quality, timely content to ensure the relevance of their products. The [corny kilo] cliche is that AI companies are selling the picks and shovels during the seeming gold rush. Well, we are selectively reselling gold nuggets and those crucial negotiations are at an advanced stage.

人工智慧及其各種排列和擾動將在大多數企業中發揮越來越重要的作用。我們希望成為生成人工智慧公司的核心內容提供商，這些公司需要最高品質、及時的內容來確保其產品的相關性。陳腔濫調是人工智慧公司在看似淘金熱期間出售鎬和鏟子。好吧，我們正在選擇性地轉售金塊，而那些關鍵的談判正處於後期階段。

It is reassuring that certain digital companies appreciate the value of integrity, quality and creativity. And while certain other media companies prefer litigation, we prefer consultation as the former is merely creating a gold rush for lawyers. Courtship is preferable to courtrooms. We are wooing, not suing. But let's be clear, in my view, those who are repurposing our content without approval are stealing. They are undermining creativity. Counterfeiting is not creating, and the AI world is replete with content counterfeiters.

令人欣慰的是，某些數位公司重視誠信、品質和創造力的價值。雖然某些其他媒體公司更喜歡訴訟，但我們更喜歡諮詢，因為前者只是為律師創造了淘金熱。求愛比法庭更可取。我們是在上訴，而不是起訴。但我們要明確一點，在我看來，那些未經批准而重新利用我們的內容的人就是偷竊。他們正在破壞創造力。造假不是創造，人工智慧世界充斥著內容造假者。

I would like to compliment Sam Altman of OpenAI, who has shown a clear understanding of the social importance of journalism. He also appears to have emerged unscathed from his first visit to Davos, where there is always attitude at altitude. We are hopeful that, again, News Corp will be able to set meaningful global precedence with digital companies that will assist journalists and journalism and ensure that gen AI is not fueled by digital drops.

我要讚揚 OpenAI 的 Sam Altman，他對新聞業的社會重要性有著清晰的認知。第一次訪問達沃斯時，他似乎也毫髮無傷，那裡總是有高海拔的態度。我們再次希望新聞集團能夠在數位公司中建立有意義的全球領先地位，為記者和新聞業提供幫助，並確保新一代人工智慧不會受到數位下降的推動。

We speak of the AI hallucinating, yet we, as a society, are hallucinating if we don't focus firmly on provenance at a time when even the very words misinformation and disinformation have themselves become sources of misinformation and disinformation. Too many media companies are scanning the landscape and presuming that they have a glimpse of the future and yet they cannot distinguish between trendiness and actual trends. Too many media companies, for too long, have been guilty of the Abilene Paradox.

我們談論人工智慧的幻覺，但作為一個社會，如果我們不堅定地關注出處，那麼我們就會產生幻覺，即使是「錯誤訊息」和「虛假訊息」這些詞本身也成為了錯誤訊息和虛假訊息的來源。太多的媒體公司正在審視整個局勢，並假設他們已經看到了未來，但他們無法區分流行趨勢和實際趨勢。長期以來，太多的媒體公司都犯下了阿比林悖論。

Before I turn to the results in detail, I must mention once again our colleague, Evan Gershkovich, who continues to be unjustly detained in a Moscow prison. He has been incarcerated for almost a year solely for being a highly professional journalist. We, at News Corp, and of course, Evan's family and many friends, hope that justice will prevail and that he will be released immediately. I would like to personally thank all those who publicly and not so publicly have been working diligently to secure his emancipation.

在詳細討論結果之前，我必須再次提及我們的同事埃文·格甚科維奇（Evan Gershkovich），他仍然被不公正地關押在莫斯科監獄中。僅僅因為他是一名高度專業的記者，他就被監禁了近一年。我們新聞集團，當然還有埃文的家人和許多朋友，都希望正義能夠伸張，並希望他立即被釋放。我個人要感謝所有公開和非公開地為確保他的解放而辛勤工作的人們。

Turning now to Dow Jones, which yet again achieved its highest level of quarterly revenues and profitability since News Corp's acquisition. That result is thanks to solid performance across the business, most notably in the increasingly successful professional information business, which remains on track to be the largest contributor to profitability at Dow Jones this fiscal year.

現在轉向道瓊斯，該公司再次實現了自新聞集團收購以來的最高季度收入和盈利水平。這一結果得益於整個業務的穩健表現，尤其是日益成功的專業資訊業務，該業務仍有望成為道瓊斯本財年盈利的最大貢獻者。

The Professional Information Business is seeing robust growth due to the integration of Opus, which was completed ahead of schedule, and CMA, which is near complete. I would like to compliment, in particular, the News Corp Finance team for masterminding executing and delivering the Opus and Base Chemicals deals, which have been so critical to Dow Jones burgeoning growth.

由於提前完成的 Opus 和接近完成的 CMA 的整合，專業資訊業務實現了強勁成長。我要特別讚揚新聞集團財務團隊策劃執行和交付 Opus 和基礎化學品交易，這些交易對於道瓊斯的快速成長至關重要。

Executives at Dow Jones are far from smug and are building a bevy of new and compelling products. For example, Opus' Analytics Pro utilizes our database of more than 130,000 fuel stations to track visits and help customers assess their pricing strategies and market trends as well as compile customer loyalty rates and demographics, among other valuable, actionable data points.

道瓊斯的高層一點也不沾沾自喜，他們正在開發一系列引人注目的新產品。例如，Opus 的Analytics Pro 利用我們包含130,000 多個加油站的資料庫來追蹤訪問情況，幫助客戶評估其定價策略和市場趨勢，並編制客戶忠誠度和人口統計數據以及其他有價值的、可操作的數據點。

Meanwhile, Risk and Compliance's financial instruments product in partnership with BigTXN provides a fleet of R&C-sanctioned profiles mapped to commonly used financial instruments, which is crucial compliance cartography in a heavily regulated world. And DJ Integrity Check, our partnership with [Sapien], provides generative AI-driven insight into companies and relevant potentially problematic individuals.

同時，Risk and Compliance 與 BigTXN 合作的金融工具產品提供了一系列映射到常用金融工具的 R&C 批准的配置文件，這在嚴格監管的世界中是至關重要的合規製圖。我們與 [Sapien] 的合作夥伴 DJ Integrity Check 為公司和相關的潛在問題個人提供了人工智慧驅動的生成式洞察。

Subscriptions at the news business are continuing to grow. And during the month of January, average daily digital subscriptions to Dow Jones portfolio, including The Wall Street Journal, Barron's, MarketWatch and Investor's Business Daily, reached over 4.9 million, which represents more than double the pre-COVID average level of 2.4 million digital subscriptions in Q2 fiscal '20.

新聞業務的訂閱量持續成長。 1 月份，包括《華爾街日報》、《巴倫周刊》、《MarketWatch》和《投資者商業日報》在內的道瓊斯投資組合的日均數字訂閱量超過490 萬，是新冠疫情爆發前240 萬數字平均水準的兩倍多20 財年第二季的訂閱。

The acceleration of digital subscription growth has been driven in part by the team's bundling of products, which is designed to increase reader engagement and reduce long-term churn. While we have purposely shifted emphasis to recurring revenues at Dow Jones, we are happy to report that although we faced some challenges in print advertising, digital advertising grew year-over-year for the first time since the first quarter of fiscal 2023. This positive result has been driven primarily by growth in the tech and automotive sectors and most notably at wsj.com.

數位訂閱成長的加速在一定程度上是由團隊的產品捆綁所推動的，該捆綁產品旨在提高讀者參與度並減少長期流失。儘管我們有意將道瓊斯的重點轉向經常性收入，但我們很高興地報告，儘管我們在平面廣告方面面臨一些挑戰，但數位廣告自 2023 財年第一季以來首次實現同比增長。這一結果主要是由科技和汽車產業的成長所推動的，尤其是《華爾街日報》。

Digital Real Estate Services had a strong quarter, thanks largely to the prospering of REA, where there was 22% revenue growth year-over-year, fueled by an 8% increase in listings with heightened activity in the core Melbourne and Sydney markets and higher pricing. REA India continues to expand rapidly and reported over 19 million monthly average unique visitors in December, solidifying its lead as the foremost digital housing platform in the world's most populous country, where strong economic growth and political stability have created a platform for further expansion.

數位房地產服務季度表現強勁，主要得益於 REA 的繁榮，在墨爾本和雪梨核心市場及其他市場的掛牌量增加 8% 的推動下，REA 的收入同比增長 22%價格。 REA India 繼續快速擴張，12 月份平均每月獨立訪客超過 1,900 萬，鞏固了其作為世界人口最多國家最重要數位住房平台的領先地位，強勁的經濟增長和政治穩定為進一步擴張創造了平台。

At Move, realtor.com, continued to be affected by the high U.S. interest rates that have undermined activity in the market. But mortgage rates are beginning to moderate. And in recent weeks, there have been early signs of an increase in all important leads.

Move 的 realtor.com 繼續受到美國高利率的影響，從而削弱了市場活動。但抵押貸款利率開始放緩。最近幾週，所有重要線索都有增加的早期跡象。

The National Association of Realtors announced that the index for pending home sales increased just over 8% in December versus the prior year, the largest increase since June 2020. realtor.com's latest housing report revealed that January marked the third consecutive month of year-over-year inventory growth, with a 2.8% increase in newly listed homes for sale compared to January 2023. Unique users at REALTOR have also stabilized, with December comScore data signaling a return to growth.

全國房地產經紀人協會宣布，12 月份待售房屋銷售指數較上年同期增長略高於8%，這是自2020 年6 月以來的最大增幅。realtor.com 的最新住房報告顯示，1 月份是連續第三個月同比增長年庫存增長，與 2023 年 1 月相比，新上市待售房屋增加了 2.8%。 REALTOR 的獨立用戶也趨於穩定，12 月 comScore 數據顯示恢復增長。

During the downturn, the realtor.com team has been assiduously improving the user experience, broadening the portfolio of products for our customers and bolstering the back-end technology, so we are poised to take full advantage of the incipient recovery in the U.S. housing market.

在經濟低迷時期，realtor.com 團隊一直在孜孜不倦地改善用戶體驗，為客戶擴大產品組合，並加強後端技術，因此我們準備充分利用美國房地產市場的初步復甦。

HarperCollins had stellar results for the second successive quarter. This was thanks to strength in both the front list and the back list, notably in the blossoming audio books category. We saw 15% digital revenue growth in the quarter, fueled by a 29% audio books sales increase due to a flourishing market and our new partnership with Spotify. Spotify appears to be expanding demand for audio books and opening the category up to new consumers. I would like to commend our thoughtful partner, Daniel Ek, for his commitment to creativity.

哈珀柯林斯公司連續第二個季度取得了出色的業績。這要歸功於前列表和後列表的實力，特別是在蓬勃發展的有聲讀物類別中。由於市場蓬勃發展以及我們與 Spotify 的新合作夥伴關係，有聲書銷量成長了 29%，推動本季數位營收成長了 15%。 Spotify 似乎正在擴大有聲書的需求，並向新消費者開放該類別。我要讚揚我們深思熟慮的伴侶 Daniel Ek 對創造力的承諾。

In Q2, we saw success with bestsellers like The Pioneer Woman Cooks—, Dinner's Ready! by Ree Drummond; The Little Liar by Mitch Albom; Ann Patchett's Tom Lake; and Barbara Kingsolver's Demon Copperhead. We also saw strong sales for Christian books, including The Great Disappearance by Dr. David Jeremiah, who is rapture ready, and The Bible itself. Looking ahead to Q3, we have great expectations for, among others, A.J. Finn's End of Story and I Am More Than by LeBron James.

在第二季度，我們看到了《先鋒女廚師》、《晚餐準備好了！》等暢銷書的成功。作者：雷‧德拉蒙德；米奇·阿爾博姆的《小騙子》；安·帕切特飾演湯姆·萊克；以及芭芭拉金索佛飾演的惡魔銅斑蛇。我們也看到基督教書籍的強勁銷售，包括大衛·耶利米博士的《大失蹤》，他已準備好被提，以及《聖經》本身。展望第三季度，我們對 A.J.勒布朗·詹姆斯的《芬恩的故事結尾》和《我不僅僅是》。

At Subscription Video Services, our new streaming aggregation product, Hubbl, is expected to launch next month and improve the search experience for our cherished customers seeking entertainment and sports. We believe Hubbl will be the most effective conduit between consumer and content and add to the Foxtel success story. In a volatile world, Foxtel has achieved 8 consecutive quarters of revenue growth in constant currency, while being acutely and astutely cost conscious in managing the transition to streaming. At Kayo, we are looking forward to the upcoming winter sports season for Australian rules football and Rugby League, the 2 dominant sports. And at Binge, there has been early success with advertising at the basic tier while continuing ad-free service for premium customers.

在訂閱視訊服務中，我們的新串流聚合產品 Hubbl 預計將於下個月推出，並改善我們尊貴的尋求娛樂和體育客戶的搜尋體驗。我們相信 Hubbl 將成為消費者和內容之間最有效的管道，並為 Foxtel 的成功故事增添色彩。在動盪的世界中，Foxtel 按固定匯率計算已連續 8 個季度實現收入成長，同時在管理向串流媒體的過渡時具有敏銳的成本意識。在 Kayo，我們期待即將到來的澳式橄欖球和橄欖球聯盟這兩項主要運動的冬季運動賽季。 Binge 在基本層的廣告方面取得了早期成功，同時繼續為高級客戶提供無廣告服務。

In News Media, our news brands have seen improvement in traffic in recent weeks, a turnaround after convulsions in the first half, where there were algorithmic aberrations. Gratifyingly, we experienced digital subscription growth during the quarter. Rebekah Brooks and her team at News U.K., have overseen continuing progress at The Times and Sunday Times, which set a new record for the quarter in digital subscriptions, at 575,000, and saw significant digital ad growth, up 21% on a reported basis and over 15% in local currency.

在新聞媒體方面，我們的新聞品牌最近幾週的流量有所改善，這是繼上半年出現演算法異常之後出現的改善。令人欣慰的是，我們在本季經歷了數位訂閱的成長。 Rebekah Brooks 和她在News U.K. 的團隊監督了《泰晤士報》和《星期日泰晤士報》的持續進展，該季度的數位訂閱量創下了新紀錄，達到575,000 份，數位廣告增長顯著，據報道增長了21%，以當地貨幣計算超過 15%。

We expect the success of The Times to continue beyond Britain's borders with the imminent digital launch of The Times in the U.S. We are confident that it will resonate with discerning readers hungry for objective news coverage in a market saturated with narrative non-journalism.

我們預計，隨著《泰晤士報》即將在美國推出數位版，《泰晤​​士報》將在英國以外繼續取得成功。我們相信，在敘事性非新聞報道飽和的市場中，它將引起渴望客觀新聞報導的挑剔讀者的共鳴。

At News Corp Australia, news.com.au was again the country's leading news web with nearly 13 million monthly uniques in December according to metrics from Ipsos. And The New York Post is again on course to be profitable and has expanded its positive political influence in these vexed and vexing times.

根據益普索 (Ipsos) 的統計，澳洲新聞集團 (News Corp Australia) 的 news.com.au 再次成為該國領先的新聞網站，12 月每月獨立用戶數接近 1,300 萬。 《紐約郵報》再次走上了獲利之路，並在這個令人煩惱的時代擴大了其積極的政治影響力。

With the strong results in Q2 and Q1, we are off to a sterling start in fiscal year 2024, which follows the 3 most profitable years for the new News Corp. We can sense that investors are beginning to appreciate keenly the value of our brands and the potential of our portfolio.

憑藉第二季和第一季的強勁業績，我們在2024 財年迎來了良好的開局，繼新新聞集團連續三年盈利最多的年份之後。我們可以感覺到投資者開始敏銳地認識到我們品牌的價值，並且我們投資組合的潛力。

On behalf of all our investors, we have transformed free cash flow generation, bolstered our balance sheet, initiated a dividend and are continuing our $1 billion buyback plan. For that transformative success, I would like to pay tribute to the strategic support of Rupert and Lachlan Murdoch and to our highly engaged directors and to the commitment of our employees around the world.

我們代表所有投資者，改變了自由現金流的產生方式，增強了資產負債表，啟動了股息，並繼續實施 10 億美元的回購計畫。對於這項變革性的成功，我要向魯珀特·默多克和拉克蘭·默多克的策略性支持、高度敬業的董事以及我們世界各地員工的奉獻表示敬意。

I am now pleased to turn to my talented colleague, Susan Panuccio, who will elaborate on these bouyant results.

現在我很高興邀請我才華洋溢的同事蘇珊·帕努西奧（Susan Panuccio）來詳細闡述這些令人振奮的結果。

Thank you, Robert, and good afternoon to everyone. As Robert mentioned, we had a strong second quarter, resulting in first half year-over-year improvements in both profitability and revenues. We continue to transform the company and move towards higher recurring and digital revenues, together with exercising strong capital allocation discipline and balancing reinvestment across the portfolio with ongoing fixed cost reductions.

謝謝羅伯特，大家下午好。正如羅伯特所提到的，我們第二季表現強勁，導致上半年獲利能力和收入年比都有所改善。我們繼續對公司進行轉型，向更高的經常性收入和數位收入邁進，同時實行強有力的資本配置紀律，並在整個投資組合的再投資與持續的固定成本削減之間取得平衡。

Our second quarter total revenues were $2.6 billion, up 3% compared to the prior year, an increase from the 1% growth delivered in the first quarter. Adjusted revenues grew 2% compared to the prior year. Total segment EBITDA was $473 million for the quarter, up 16% compared to the prior year, driven by strong performances across our 3 key growth pillars: Book Publishing, Digital Real Estate Services and Dow Jones, which all posted double-digit profit gains. In fact, in the aggregate, those key segments delivered 24% profitability growth this quarter.

我們第二季的總營收為 26 億美元，比去年同期成長 3%，高於第一季 1% 的增幅。調整後收入較上年增長 2%。本季 EBITDA 總額為 4.73 億美元，比上年增長 16%，這得益於我們三大主要成長支柱的強勁表現：圖書出版、數位房地產服務和道瓊斯，它們均實現了兩大的利潤增長。事實上，總的來說，這些關鍵領域本季的獲利能力成長了 24%。

Our second quarter total segment EBITDA was also the highest in 2 years adjusted total segment EBITDA grew 14% versus the prior year. For the quarter, we reported earnings per share of $0.27 compared to $0.12 in the prior year. Adjusted earnings per share were $0.26 in the quarter compared to $0.14 in the prior year.

我們第二季的總部門 EBITDA 也是兩年來最高的，調整後的總部門 EBITDA 與前一年相比成長了 14%。本季度，我們報告每股收益為 0.27 美元，而去年同期為 0.12 美元。本季調整後每股收益為 0.26 美元，去年同期為 0.14 美元。

Moving on to the results for the individual reporting segments, starting with Digital Real Estate Services. Segment revenues were for $419 million, up 9%, a notable improvement from the first quarter rate and a return to revenue growth for the first time since the fourth quarter of financial year 2022. On an adjusted basis, segment revenues rose 8%. Segment EBITDA rose an impressive 15% to $147 million due to a higher contribution from the REA Group, partially offset by revenue headwinds at Move. Adjusted segment EBITDA rose a healthy 16%.

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 4.19 億美元，成長 9%，較第一季顯著改善，自 2022 財年第四季以來首次恢復營收成長。經調整後，部門營收成長 8%。由於 REA 集團的貢獻增加，該部門的 EBITDA 成長了 15%，達到 1.47 億美元，但被 Move 的收入逆風部分抵消。調整後部門 EBITDA 健康成長 16%。

REA had another very strong quarter with revenues rising 22% year-on-year on a reported basis to a quarterly record of $292 million with minimal impact from foreign exchange. Growth was again primarily driven by residential yield increases, improved growth in national listings favorable geographic mix and customer contract upgrades. Overall, new buy listings rose approximately 8%, with Melbourne up 24% and Sydney up 22%. Please refer to REA's earnings release and their conference call, which will commence directly after hours for more details.

REA 又經歷了一個非常強勁的季度，據報告，營收年增 22%，達到季度紀錄的 2.92 億美元，而外匯影響極小。成長再次主要受到住宅收益率成長、全國掛牌房源成長的改善、有利的地理組合以及客戶合約升級的推動。總體而言，新買房量上漲約 8%，其中墨爾本上漲 24%，雪梨上漲 22%。請參閱 REA 的收益發布及其電話會議，該電話會議將在下班後立即開始，以了解更多詳細資訊。

Move's revenues of $127 million were down 13% compared to the prior year, with declines moderating from recent quarters. For the quarter, real estate revenues fell 14%, driven by lower lead and transaction volume, reflective of the broader industry trends. Lead volumes fell 7% year-over-year with December improving to down just 2%, benefiting from a combination of easier comparisons as well as recent declines in mortgage rates. Average monthly unique users for the quarter were flat compared to the prior year, at 66 million.

Move 的營收為 1.27 億美元，比去年同期下降 13%，最近幾季的降幅有所放緩。本季度，由於鉛和交易量下降，房地產收入下降了 14%，反映了更廣泛的行業趨勢。受益於更容易的比較以及近期抵押貸款利率的下降，鉛銷量年減 7%，12 月僅下降 2%。該季度平均每月獨立用戶數與去年持平，為 6,600 萬。

The U.S. housing environment remains tough, with existing home sales hitting 30-year lows, although we are hopeful the market will start to show improvement in the second half given recent declines in mortgage rates. That said, irrespective of any market considerations, we are determined to strengthen realtor.com's product and content offering so it's best positioned for success when the housing market moves.

美國住房環境依然嚴峻，成屋銷售觸及 30 年來的低點，但鑑於近期抵押貸款利率下降，我們希望市場將在下半年開始改善。也就是說，無論市場考慮如何，我們都決心加強 realtor.com 的產品和內容提供，以便在房地產市場發生變化時，它能夠最好地取得成功。

To that end, the realtor.com team is focused on executing several key strategic priorities, which include modernizing the technology platform to help with unifying the customer experience across all platforms; creating unique and scaled data for proprietary content to assist with increased personalization; leveraging News Corp's network in relation to AI initiatives and capturing audience share; and accelerating the diversification of revenues with a greater focus on the sell-side offering.

為此，realtor.com 團隊專注於執行幾個關鍵策略優先事項，其中包括實現技術平台現代化，以幫助統一所有平台上的客戶體驗；為專有內容創建獨特且規模化的數據，以幫助提高個人化；利用新聞集團與人工智慧計畫相關的網路並獲取受眾份額；加速收入多元化，更重視賣方產品。

Turning to the Subscription Video Services segment. Revenues for the quarter were $470 million, up 2% compared to the prior year. On an adjusted basis, revenues rose 3% versus the prior year. Streaming revenues accounted for 29% of circulation and subscription revenues versus 26% in the prior year. Total closing paid subscribers across the Foxtel Group were over 4.3 million a quarter and flat with the prior year. Total paid streaming subscribers were 2.8 million, increasing 4% versus the prior year, although declining sequentially due to seasonality at Kayo, tougher financial conditions caused by the inflationary environment for consumers and a weaker sports cycle.

轉向訂閱視訊服務部分。該季度營收為 4.7 億美元，比上年增長 2%。經調整後，營收較上年增長 3%。串流媒體收入佔發行和訂閱收入的 29%，而前一年為 26%。 Foxtel 集團每季的付費訂戶總數超過 430 萬，與前一年持平。付費串流訂閱用戶總數為 280 萬，比上年增長 4%，但由於 Kayo 的季節性、消費者通膨環境導致的財務狀況惡化以及體育週期疲軟而導致連續下降。

Foxtel ended the quarter with 1.3 million residential broadcast subscribers, dowant to 9% year-over-year. Broadcast churn was flat at 12.9% despite the final migration of cable in October. While broadcast ARPU rose 3% to approximately AUD 86, helped in part by a price rise for non-platinum subscribers implemented in July.

Foxtel 本季末有 130 萬住宅廣播用戶，較去年同期下降 9%。儘管有線電視於 10 月進行了最終遷移，但廣播流失率仍持平於 12.9%。廣播 ARPU 上漲 3%，達到約 86 澳元，部分原因是 7 月實施的非白金訂戶價格上漲。

Segment EBITDA in the quarter of $77 million was down 14% versus the prior year, driven by contractual price escalators in Foxtel sports rights agreements and $10 million related to the upcoming launch of Hubbl, partially offset by higher revenues and lower technology and marketing costs. Adjusted segment EBITDA declined 13%.

由於Foxtel 體育版權協議中的合約價格上漲以及與即將推出的Hubbl 相關的1000 萬美元，該部門的EBITDA 為7700 萬美元，較上年下降14%，部分被較高的收入以及較低的技術和行銷成本所抵銷。調整後部門 EBITDA 下降 13%。

Moving on to Dow Jones. As Robert mentioned, the second quarter results delivered the highest quarterly revenue and segment EBITDA performance since the acquisition of Dow Jones over 15 years ago. Dow Jones delivered revenues of $584 million, up 4% year-over-year, which made Dow Jones the highest segment revenue contributor for the quarter for the first time since it was resegmented.

轉向道瓊。正如 Robert 所提到的，第二季業績創造了自 15 年前收購道瓊斯以來最高的季度營收和部門 EBITDA 業績。道瓊斯公司實現收入 5.84 億美元，年增 4%，這使道瓊斯公司自重新細分以來首次成為該季度收入貢獻最高的部門。

Digital revenues accounted for 78% of total revenues this quarter, up 2 percentage points from last year. Circulation and subscription-based revenues represented almost 76% of total revenues, up approximately 2 percentage points from the prior year, reinforcing the stability and recurring nature of the revenue base. On an adjusted basis, revenues grew 3%.

本季數位收入佔總營收的78%，比去年上升2個百分點。發行和訂閱收入幾乎佔總收入的 76%，比前一年增加約 2 個百分點，增強了收入基礎的穩定性和經常性。調整後的收入成長了 3%。

We had very strong growth at PIB with revenues rising 13% year-over-year, including 16% growth at Risk and Compliance to $72 million and 15% growth at Dow Jones Energy to $62 million. Factiva again posted growth, benefiting from a new licensing deal. Total [pretension] rates remain very strong at over 90%. We are continuing to review our disclosures with the primary focus on increasing transparency to help the market appropriately value Dow Jones. To that end, we are now providing revenues for both Risk and Compliance and Dow Jones Energy in the 10-Q.

PIB 的成長非常強勁，營收年增 13%，其中風險與合規部門成長 16%，達到 7,200 萬美元，道瓊能源部門成長 15%，達到 6,200 萬美元。受益於新的授權協議，Factiva 再次實現成長。總[自負]率仍然非常高，超過 90%。我們將繼續審查我們的披露信息，主要關注提高透明度，以幫助市場正確評估道瓊斯指數。為此，我們現在提供風險與合規部和道瓊斯能源公司 10 季度的收入。

Within the Dow Jones consumer business, circulation revenues were flat versus the prior year, with digital-only subscriptions growing 15% year-over-year or by 135,000 sequentially, driven by an increased focus on the Dow Jones bundling offer as they look to better leverage subscription acquisition costs across multiple products, capitalize on minimal overlapping between products and drive greater engagement. Bundling accounted for over 70% of the incremental digital-only volume growth in quarter 2.

在道瓊斯消費者業務中，發行收入與上年持平，純數位訂閱量同比增長 15%，環比增長 135,000 份，這是由於人們越來越關注道瓊斯捆綁產品，因為他們希望更好地發展利用多個產品的訂閱獲取成本，最大限度地減少產品之間的重疊並提高參與度。第二季純數位銷售量增量中，捆綁式銷售佔比超過 70%。

Advertising revenues declined 4% to $126 million, relatively stable with the first quarter rate, although digital returned to year-over-year revenue growth for the first time since the first quarter of financial year '23, rising 1%, driven by strength in the technology and auto categories. Print declined 11% due to weaknesses in financial services. Digital represented 62% of advertising revenues, up 59% last year. Dow Jones segment EBITDA for the quarter grew 17% to $163 million and was the largest segment EBITDA contributor with margins improving 320 basis points to 27.9%, driven by the strong B2B performance, which remains on track to be the largest contributor to Dow Jones profitability in fiscal 2024. Cost declined about 1%, driven by head count reductions and lower newsprint production and distribution costs, in addition to phasing of sales and marketing miniature.

廣告收入下降 4%，至 1.26 億美元，與第一季的成長率相對穩定，儘管數位收入自 23 財年第一季以來首次恢復同比增長，在廣告收入增長的推動下增長了 1%。技術和汽車類別。由於金融服務疲弱，印刷業下降了 11%。數位廣告收入佔廣告收入的 62%，比去年增長 59%。本季道瓊斯部門EBITDA 成長17%，達到1.63 億美元，是最大的部門EBITDA 貢獻者，在強勁的B2B 業績的推動下，利潤率提高了320 個基點，達到27.9%，而B2B 業績仍有望成為道瓊斯獲利能力的最大貢獻者2024 財年。由於人員減少、新聞紙生產和分銷成本降低以及分階段銷售和行銷微型化，成本下降了約 1%。

At Book Publishing, financial performance, again, meaningfully exceeded our expectations, particularly in profitability. Revenues were $550 million, up 4%, while segment EBITDA improved 67% to $85 million compared to the prior year. Margins increased by almost 600 basis points to 15.5%. The strong performance this quarter benefited from the success of some key front-list titles, as Robert mentioned, and saw improvement in backlist sales, including a notable increase from Christian publishing. Churn rates again improved materially due to better sell-through compared to last year, while inventory levels appear to have normalized across our distribution network.

在圖書出版業，財務業績再次大大超出了我們的預期，特別是在獲利能力方面。營收為 5.5 億美元，成長 4%，而部門 EBITDA 與上年相比成長 67%，達到 8,500 萬美元。利潤率增加了近 600 個基點，達到 15.5%。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，並且後列圖書的銷量有所改善，其中基督教出版的銷量顯著增長。由於銷售量比去年更好，客戶流失率再次大幅改善，而我們的分銷網絡的庫存水準似乎已經正常化。

Inflationary costs moderated with lower manufacturing costs, helped by product mix and lower freight and distribution costs this quarter. The backlist contributed 60% of revenues, up from 57% last year, while digital sales rose 15% this quarter and accounted for 21% of consumer sales. Downloadable audio accounted for nearly 50% of digital sales, a record high, and we are pleased with the early positive signs from our partnership with Spotify, which generated incremental digital revenues and EBITDA this quarter. As way of background, Spotify is a usage-based model, not a pooled model. On an adjusted basis, revenues gained 2% and segment EBITDA rose 65%.

得益於本季產品組合以及運輸和分銷成本的降低，通膨成本隨著製造成本的降低而有所緩和。舊專輯貢獻了 60% 的收入，高於去年的 57%，而本季數位銷售額成長了 15%，佔消費者銷售額的 21%。下載音訊佔數位銷售額的近 50%，創歷史新高，我們對與 Spotify 合作的早期積極跡象感到高興，該合作在本季度帶來了增量數位收入和 EBITDA。作為背景，Spotify 是基於使用的模型，而不是池模型。調整後的收入成長了 2%，部門 EBITDA 成長了 65%。

Turning to News Media. Performance in this segment was more challenged. Revenues were $563 million, down 3% versus the prior year, while adjusted revenues declined 5%. Advertising declined 9% and were down 11% in constant currency, while circulation and subscription rose 5% and was up 2% in constant currency, benefiting from cover price increases. Advertising remained particularly challenged, with digital advertising trends again negatively impacted by the lower traffic at several mastheads related to changes in algorithms at the large platforms. That said, as Robert noted, encouraging me, we are seeing some recovery in recent weeks, particularly at The Sun in the U.S.

轉向新聞媒體。該細分市場的業績面臨更大挑戰。營收為 5.63 億美元，較上年下降 3%，調整後營收下降 5%。廣告下降 9%，以固定匯率計算下降 11%，而發行量和訂閱量增長 5%，以固定匯率計算增長 2%，受益於封面價格上漲。廣告仍面臨特別的挑戰，數位廣告趨勢再次受到與大型平台演算法變化相關的幾個標頭流量下降的負面影響。儘管如此，正如羅伯特鼓勵我指出的那樣，最近幾週我們看到了一些復甦，特別是在美國的《太陽報》。

Segment EBITDA of $52 million, declined $7 million, which was due to the lower revenue, partly offset by lower print volume and newsprint and lower spend at talkTV. Adjusted segment EBITDA declined 15%.

部門 EBITDA 為 5,200 萬美元，下降了 700 萬美元，這是由於收入減少，但部分被印刷量和新聞紙的減少以及 talkTV 支出的減少所抵消。調整後部門 EBITDA 下降 15%。

As for the outlook, similar to our comments last quarter, it is challenging to forecast in the short term, albeit economic conditions vary across markets.

至於前景，與我們上季度的評論類似，儘管各個市場的經濟狀況各不相同，但短期內的預測仍具有挑戰性。

Looking at each of our segments. At Digital Real Estate Services, Australian residential new buy listings for January grew 12%. Please refer to REA for a more specific outlook commentary. At Move, we hope to see continued improvements in lead volumes, with January up 1% year-over-year, given recent declines in borrowing costs, albeit off low prior year comparisons. As we mentioned last quarter, we are expecting some reinvestment in marketing and product development in the second half, increasing from depressed levels last year, which will be partially offset by cost reductions elsewhere.

看看我們的每個細分市場。在 Digital Real Estate Services 中，1 月澳洲新買住宅掛牌量增加了 12%。請參閱 REA 以了解更具體的展望評論。在 Move，我們希望看到鉛量持續改善，鑑於近期借貸成本下降（儘管與去年相比較低），1 月同比增長 1%。正如我們上季度提到的，我們預計下半年行銷和產品開發方面會有一些再投資，較去年低迷的水平有所增加，這將被其他地方的成本削減部分抵消。

In Subscription Video Services, as mentioned last quarter, we continue to expect modestly higher expenses for the full year, ongoing inflationary pressures, fewer new releases across entertainment due to the writers and actors' strike and a weaker summer sports schedule has created softness in streaming revenues, which may impact full year profitability in local currency.

在訂閱視訊服務方面，正如上季度所提到的，我們仍然預計全年費用將小幅上漲，持續的通膨壓力，由於編劇和演員的罷工導致娛樂領域的新片數量減少，以及夏季體育賽事的疲軟導致流媒體市場疲軟收入，這可能會影響以當地貨幣計算的全年獲利能力。

At Dow Jones, we expect strong revenue and profitability performance, underpinned by the transformation of our B2B offerings, and as mentioned previously, continue to expect modestly higher overall expenses for the full year.

在道瓊斯，我們預計在 B2B 產品轉型的支撐下，收入和盈利能力將強勁，並且如前所述，全年總體支出將繼續小幅上升。

At Book Publishing, overall industry revenue trends remain relatively stable, and we are encouraged by the strength in the downloadable audio. We continue to expect margins to improve versus the prior year.

在圖書出版方面，整體產業收入趨勢保持相對穩定，可下載音訊的強勁勢頭令我們感到鼓舞。我們繼續預計利潤率將較上年有所改善。

At News Media, advertising revenue trends remain challenging, particularly in Australia, and we will continue to focus on ongoing cost efficiencies. Finally, given the current spot rate for the Australian dollar versus the U.S. dollar, we do expect some negative translation in the third quarter.

在新聞媒體，廣告收入趨勢仍然充滿挑戰，特別是在澳大利亞，我們將繼續關注持續的成本效率。最後，考慮到澳元兌美元目前的即期匯率，我們確實預期第三季會出現一些負面影響。

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 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。

I guess the AI topic, Robert, you noted in the release you expect to be a core content provider for gen AI companies. Maybe you can speak a bit to current negotiations. What are the key sticking points key priorities for you or even the red lines for News Corp as you engage on this?

我猜想人工智慧主題，羅伯特，你在新聞稿中指出，你希望成為新一代人工智慧公司的核心內容提供者。也許你可以談談當前的談判。當您參與此事時，您的關鍵癥結和優先事項是什麼，甚至是新聞集團的紅線？

Yes, David, obviously, there's confidential negotiations, and so I can't go into too much detail. I mean it is fair to say that we've been leading the intellectual debate among media companies on AI. And it's also fair to say that we're probably leading the commercial discussions. I mean, 17 years ago, when prestige-craving media executives were sashaying with Silicon Valley, we were raising down stats about providence but also about the [valuable] impact on vulnerable young people of the smartest engineers on the planet creating compulsive-addictive experiences.

是的，大衛，顯然，這是秘密談判，所以我不能透露太多細節。我的意思是，可以公平地說，我們一直在引領媒體公司之間關於人工智慧的智力辯論。公平地說，我們可能正在主導商業討論。我的意思是，17 年前，當渴望聲望的媒體高管與矽谷大肆交流時，我們不僅提高了有關普羅維登斯的統計數據，還提高了地球上最聰明的工程師創造強迫性上癮體驗對弱勢年輕人的[寶貴]影響。

Anyway, we're certainly not naive as well about the potentially positive and negative impacts of AI on our journalism, our creativity, our content. We've had almost 2 decades of distribution, dominating creation and almost 60%-or-so journalists have lost jobs in the U.S. And candidly, unfortunately, a certain percentage of that is down to journalistic pomposity and price consciousness, not audience consciousness and relevance consciousness.

不管怎樣，對於人工智慧對我們的新聞業、創造力和內容的潛在正面和負面影響，我們當然也不天真。我們已經進行了近 20 年的發行，主導了創作，幾乎 60% 左右的記者在美國失業了。坦白說，不幸的是，其中一定比例是由於新聞浮誇和價格意識，而不是受眾意識和關聯意識。

But AI is a hyper-effective form of -- or gen AI is a hyper-effective form of derivative distribution. It's retrospective, not prospective. And the thoughtful AI companies understand that fact. And so that's why on this occasion, I would like to highlight the thoughtfulness of Sam Altman. Thoughtful people do understand that counterfeiting is not creating. And crucially, in this exceedingly erratic era, we have deep facts, not deep fakes.

但人工智慧是一種超有效的形式——或者說人工智慧是一種超有效的衍生性商品分配形式。這是回顧性的，而不是前瞻性的。有思想的人工智慧公司明白這個事實。因此，在這個場合，我想強調 Sam Altman 的深思熟慮。有思想的人確實明白，偽造不是創造。至關重要的是，在這個極不穩定的時代，我們擁有深刻的事實，而不是深刻的虛假。

Our next question comes from [Anja Rakowski] from Evans & Partners.

我們的下一個問題來自 Evans & Partners 的 [Anja Rakowski]。

Robert, maybe if I can pick up on the generative AI question as well. I appreciate there's only so much you can say, but how do you think about the potential payments which could come for the value of your content relative to what you're currently receiving from the digital platforms? Is it a similar sort of quantum? Could it be even a greater quantum over time, at least on a relative basis, I'd be interested in how you're thinking about it. And longer term, do you expect that those payments from the digital platforms will continue to come through?

羅伯特，也許我也能回答產生人工智慧問題。我很感激你能說的就這麼多，但相對於你目前從數位平台收到的內容，你如何看待你的內容的價值可能帶來的潛在付款？它是類似的量子嗎？隨著時間的推移，它是否會變得更大，至少在相對基礎上，我很想知道你是如何看待它的。從長遠來看，您預計來自數位平台的支付會繼續進行嗎？

And so I'm sorry to be a basic, but I simply can't comment on the content and the negotiations. But I can't say they're at an advanced stage, and we are dealing with willing partners.

因此，我很抱歉成為基本人士，但我無法對內容和談判發表評論。但我不能說他們已經處於高級階段，而且我們正在與願意合作的合作夥伴打交道。

Next question comes from Kane Hannan from Goldman Sachs.

下一個問題來自高盛的凱恩漢南。

Maybe just on Dow Jones. I think the costs were down about $3 million in the quarter. Can you just talk a bit more about the [downtown] cost base, whether we can extrapolate that sort of performance going forward? And maybe as a follow-on to that, just the Professional Information Services within Dow Jones. I mean, obviously, extra disclosure. Did that business see margin expansion in the quarter? Or is the strong margin expansion, the Dow Jones overall, more of a mix and cost out in the other businesses?

也許只是道瓊指數。我認為本季成本下降了約 300 萬美元。您能否多談談[市中心]的成本基礎，我們是否可以推斷出未來的這種表現？也許作為其後續，只是道瓊斯內部的專業資訊服務。顯然，我的意思是額外的披露。該業務本季的利潤率是否有所成長？或者說，道瓊斯指數整體利潤率的強勁擴張，更多的是其他業務的混合和成本下降？

Hi, Kane, welcome back. Look, just in relation to the costs, we did see a pretty good cost performance for the first half at Dow Jones. And I think like all our businesses, they are pretty cost focused. So they do constantly have a look at transformation opportunities within the business, and they certainly participated in the 5% headcount reduction, and they're getting the benefit of that. But like all the businesses, we do like to invest in them. So we do see variable costs going up as the revenue scales. They have had inflationary costs in relation to headcount, and we'll continue to invest in headcount given the growth in that business. In the second half of the year, we would expect to see some phasing and additional costs coming through from marketing. We do tend to have seasonally higher net adds in the second half than we do in the first half. And so that typically warrants some additional marketing costs. So that's sort of in relation to the cost base.

嗨，凱恩，歡迎回來。看，就成本而言，我們確實看到道瓊斯上半年的性價比相當不錯。我認為像我們所有的企業一樣，他們非常注重成本。因此，他們確實不斷地關注企業內部的轉型機會，當然也參與了 5% 的裁員，他們正在從中受益。但像所有企業一樣，我們確實喜歡投資它們。因此，我們確實看到變動成本隨著收入規模的擴大而上升。他們的員工數量存在通貨膨脹成本，鑑於該業務的成長，我們將繼續投資於員工數量。在今年下半年，我們預期行銷會產生一些階段性的費用和額外的費用。我們下半年的季節性淨增加確實比上半年更高。因此，這通常需要一些額外的行銷成本。所以這與成本基礎有關。

And then in relation to PIB, we don't give out the margins, as you know, but the PIB margins did improve for the quarter, which was really pleasing to see as they continue to scale that business. And as we said in our prepared remarks, for the full year, we're continuing to expect to see the majority of the profit come from the PIB segment.

然後，就 PIB 而言，如您所知，我們不會給出利潤率，但本季 PIB 利潤率確實有所提高，隨著他們繼續擴大業務規模，這確實令人高興。正如我們在準備好的演講中所說，全年的大部分利潤將繼續來自 PIB 部門。

Yes. And just to supplement Susan's answer, obviously, there was a priority for Dow Jones and for News Corp. And we are providing more visibility overall, Jones because it's such a positive story. And frankly, the more you see, the more you like.

是的。只是為了補充蘇珊的答案，顯然，道瓊斯和新聞集團有一個優先事項。瓊斯，我們總體上提供了更多的可見性，因為這是一個如此積極的故事。坦白說，你看的越多，你就越喜歡。

I mean overall, the margin at Dow Jones has risen from 24.7% a year ago to 27.9% and now that we're lapping the purchases of Opus and CMA, the strong growth rates are clear at these companies, which we have grouped into Dow Jones Energy, where revenues expanded by 15% and it is also, though, worth noting the result of the always burgeoning Risk and Compliance segment where revenues rose 16%. In short, these high-margin recurring businesses providing essential services and thus have renewal rates well north of 90%.

我的意思是，總體而言，道瓊斯的利潤率已從一年前的24.7% 上升至27.9%，現在我們正在收購Opus 和CMA，這些公司的強勁增長率是顯而易見的，我們已將這些公司歸入道瓊斯指數Jones Energy 的收入增長了 15%，不過，值得注意的是始終蓬勃發展的風險與合規部門的結果，該部門的收入增長了 16%。簡而言之，這些高利潤的經常性業務提供基本服務，因此續約率遠高於 90%。

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. I wanted to ask, on the portfolio review and simplification announced that you mentioned 3 months ago and you briefly touched on it today. Can you just give us a further update. I'm just curious on the timing of this. I mean, I personally didn't expect a major announcement within just the first 3 months, but also the flip side, when it is expected to take another 6-plus months from this stage going forward? Do you just give us a little sense of the timing there? I mean, I assume you guys did an awful lot of work behind the scenes before you even talked about it 3 months ago in your conference call. You've certainly done some -- I'm sure some of these last 3 months. Just give us a little bit sense of the timing when we might get an announcement here, please?

偉大的。我想問一下，關於您三個月前提到的投資組合審查和簡化宣布，您今天簡要地談到了它。您能給我們進一步的更新嗎？我只是好奇這發生的時間。我的意思是，我個人並沒有預料到在前 3 個月內就會有重大公告，但另一方面，預計從這個階段開始還需要 6 個多月的時間？您能否讓我們了解一下那裡的時間安排？我的意思是，我認為你們在三個月前的電話會議上談論這件事之前，已經在幕後做了很多工作。你肯定已經做了一些事——我確信在過去的三個月裡你已經做了一些。請讓我們了解一下我們可能會在此處發佈公告的時間，好嗎？

Craig, your presumption about preparation is not your conceived, but this being a rather sophisticated audience one which understands the nuances of phrases and the subtleties of the SEC. You can take the words I used in my statement as purposefully delivered. There is clearly much introspection, not casual, not peripheral. But significant serious introspection about structure, and it's functional, not emotional.

克雷格，你對準備工作的假設不是你想像的，但這是一位相當老練的觀眾，他們理解措辭的細微差別和 SEC 的微妙之處。你可以認為我在發言中使用的字詞是有目的的。顯然有很多內省，不是隨意的，也不是外圍的。但對結構進行了重大、嚴肅的反思，它是功能性的，而不是情感性的。

And the prevailing truth is that we have created options for our shareholders, and that's a tribute to all at News Corp with the active support of enlighten Board and leadership from Rupert and Lachlan and the efforts of our employees around the world. Let us not forget that (inaudible) investment bankers were decidedly down beat at the time of the split a decade ago. And now, however, the discussion is how to get full value from, how to fully monetize a precious prestigious portfolio that has an obvious growth trajectory. That is indeed not an evolution, but a revolution.

普遍的事實是，我們為股東創造了選擇，這是對新聞集團全體員工的致敬，得到了啟蒙董事會、魯珀特和拉克蘭領導層的積極支持，以及我們世界各地員工的努力。我們不要忘記，（聽不清楚）投資銀行家在十年前的分拆時明顯感到沮喪。然而，現在的討論是如何充分發揮價值，如何將具有明顯成長軌蹟的珍貴的、享有盛譽的投資組合充分貨幣化。這確實不是一種進化，而是一場革命。

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。

Robert, Susan. My question is on PIB as well. Given we're kind of getting through the end of the [interaction of a person] CMA. Just wondering strategically how you're thinking about the growth in the business? And are there any other data sets that you would be looking to maybe build-out acquire over time? Like are there intentions or, I guess, capabilities you'll like to plug with PIB?

羅伯特、蘇珊.我的問題也是關於 PIB 的。鑑於我們即將完成 CMA [人際互動] 的尾聲。只是想知道您如何從策略角度考慮業務成長？隨著時間的推移，您是否希望擴展獲取任何其他數據集？例如您有意圖或我想您想要使用 PIB 來插入功能？

Listen, obviously, we're pleased with the progress of the PIB business. And as I said, you can see the overall increase in margin at Dow Jones, and that is to a large extent due to the success of the big businesses. I can't get into any more details about what our plans are. But needless to say, PIB is core to Dow Jones and its quarter News Corp.

聽著，顯然，我們對 PIB 業務的進展感到滿意。正如我所說，你可以看到道瓊斯利潤率的整體成長，這在很大程度上歸功於大企業的成​​功。我無法透露更多有關我們計劃的細節。但不用說，PIB 是道瓊斯及其季度新聞集團的核心。

And Lucy, what I say is that the thing that's great about PIB and the energy businesses is that the new products can leverage the existing data sets that we have, so the pricing, reporting analytics and newsletters and they can draw off a lot of the core data that we have. So I think that's fantastic. And I think Robert's mentioned in previous quarters, we've got areas like renewables that are coming in that we really think that could provide an exciting opportunity for us.

露西，我要說的是，PIB 和能源業務的偉大之處在於，新產品可以利用我們現有的數據集，因此定價、報告分析和時事通訊可以藉鑑許多我們擁有的核心數據。所以我認為這太棒了。我認為羅伯特在前幾個季度提到過，我們正在進入再生能源等領域，我們確實認為這可以為我們提供令人興奮的機會。

Thank you, Lucy.

謝謝你，露西。

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。

Susan, I noticed the second quarter PCP growth in books EBITDA is exactly the same as the first quarter PCP growth, both exactly, I think, 2/3 up on prior period. Is there some sort of a contracted step-up in earnings for books? Or is that just pure coincidence?

蘇珊，我注意到第二季度 PCP 圖書 EBITDA 成長與第一季 PCP 成長完全相同，我認為兩者都比上一時期成長了 2/3。圖書收入是否有某種合約上的提升？或者這只是純粹的巧合？

I'd like to think they would be at that level, but no. No, I think it's just a coincidence. Look, we -- as we sort of said in the remarks, the Book Publishing segment has continued to exceed our expectations. And look, it's partly because we've had a return to more stability in the revenue post-COVID. So the returns have settled down and the market has settled down a little bit.

我想他們會達到那個水平，但沒有。不，我認為這只是一個巧合。看，正如我們在發言中所說，圖書出版部門繼續超越我們的預期。看，部分原因是我們的收入在疫情後恢復了更穩定的狀態。所以回報已經穩定下來，市場也穩定了一點。

And it's also partly because of the great work that the HarperCollins team has done in relation to their cost base. I mean in the face of some pretty challenging conditions last year, they also took the opportunity to push through some price rises on books. So a combination of all of that has really helped with putting the good results in for the first half. Look, I think across the full year, we're still expecting margins to be sort of in the low double digits, a good improvement from the prior year, but probably not to the levels that we've seen in the first half.

部分原因也在於 HarperCollins 團隊在成本基礎上所做的出色工作。我的意思是，面對去年一些相當具有挑戰性的情況，他們也藉此機會推動了書籍價格的上漲。因此，所有這些因素的結合確實有助於我們在上半年取得良好的成績。看，我認為在全年中，我們仍然預計利潤率將在兩位數左右，比前一年有很大改善，但可能不會達到我們上半年看到的水平。

Thank you, Brian. We will take our next question, please.

謝謝你，布萊恩。我們將回答下一個問題。

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 wanted to ask a bit about the cost-out program. Can you give us a feel as to how much has been completed so far this fiscal year of the previous $160 million number. And just a feel for -- do you expect more of it to be [weighted] in third quarter or fourth quarter? Maybe another way to answer the question is what the [Dow Jones] should we expect to see a lot of this cost out come from, please?

我只是想問一下有關成本計劃的問題。您能否讓我們了解一下本財年迄今為止 1.6 億美元的數字已經完成了多少？只是感覺 - 您是否預計第三季或第四季會[加權]更多？也許回答這個問題的另一種方式是，我們應該期望[道瓊斯]看到大量的成本來自哪裡？

Yes. Look, it's pleasing to say that actually, we quoted, I think, Dow Jones' number in relation to that cost-out program, and we are going to exceed that number. And actually, from a run rate perspective, we're pretty much there already. We have said in previous statements though, that's the gross cost savings, and we do have reinvestments across our businesses, as you can see within Dow Jones, within our REA, [Legacy News] with the Hubbl launch. And so that is the gross cost savings. What I would say is, notwithstanding that we are always looking at cost savings across our businesses. And so that was pertaining just to headcount reductions. We're constantly looking at our cost base and workflows and our efficiencies, and we do continue to drive great savings on that, which helps us reinvest in these businesses.

是的。聽著，很高興地說，實際上，我認為我們引用了道瓊斯關於該成本支出計劃的數字，並且我們將超過該數字。事實上，從運行率的角度來看，我們已經差不多了。不過，我們在先前的聲明中已經說過，這就是總成本節省，而且我們確實對我們的業務進行了再投資，正如您在道瓊斯、我們的 REA、隨著 Hubbl 的推出而看到的那樣。這就是總成本節省。我想說的是，儘管我們一直在考慮整個業務的成本節約。因此，這僅與裁員有關。我們不斷關注我們的成本基礎、工作流程和效率，我們確實繼續在這方面節省大量成本，這有助於我們對這些業務進行再投資。

And Darren, I'd just like to supplement Susan's point, we are not going to let these excellent results in any way, induce complacency in the company. All the teams are extremely cost conscious. And we're already seeing very interesting trends in the ability of AI to risk costs related to technology spend to the creation of code to the cultivation of code. And so not only are we going to be pursuing our conventional costs, but we're looking ahead and trying to make the most of new developments.

達倫，我想補充蘇珊的觀點，我們不會讓這些出色的業績以任何方式引起公司的自滿。所有團隊都非常注重成本。我們已經看到了非常有趣的趨勢，人工智慧能夠承擔與技術支出、程式碼建立和程式碼培養相關的成本風險。因此，我們不僅要追求傳統成本，而且要展望未來並努力充分利用新的發展。

Thank you. Darren. We'll take our next question, please.

謝謝。達倫.請我們回答下一個問題。

(Operator Instructions). At this time, we have no further questions. I'll now hand over to Michael Florin for closing remarks.

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

Well, thank you, Leila, and thank you all for participating. Have a wonderful day, and we will talk to you soon. Take care.

好吧，謝謝你，萊拉，也謝謝大家的參與。祝您有美好的一天，我們很快就會與您交談。小心。