News Corp (NWS) 2024 Q3 法說會逐字稿

Welcome to News Corp's Third Quarter Fiscal 2024 Earnings Conference Call. Today's conference is being recorded. (Operator Instructions)

歡迎參加新聞集團 2024 財年第三季財報電話會議。今天的會議正在錄製中。 （操作員說明）

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 Third 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 年第三季財報電話會議。我們大約 30 分鐘前發布了收益新聞稿，現在已發佈在我們的網站 newscorp.com 上。

On the call today are Robert Thomson, Chief Executive; and Susan Panuccio, Chief Financial Officer. We will 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講話，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 release 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。

Thank you, Mike. News Corp has again made substantial progress on our strategic imperative to transform the company and increase value for all shareholders. Our profitability rose slightly in the third quarter as compared to the prior year, continuing our growth this fiscal year and that increase follows the 3 most profitable years since the company was reincarnated in 2013.

謝謝你，麥克。新聞集團在公司轉型和為所有股東增加價值的策略使命方面再次取得了實質進展。與上年相比，第三季我們的獲利能力略有上升，本財年持續成長，自 2013 年公司重生以來，我們連續 3 年獲利最高。

That improvement, which gathered pace in April, came despite certain macroeconomic circumstances that were far from auspicious, whether a strong dollar that devalued our revenues outside the U.S., particularly in Australia, or the punitively high mortgage rates that obviously undermined activity in the U.S. housing market.

儘管某些宏觀經濟環境遠非樂觀，無論是美元走強導致我們在美國以外地區（尤其是澳大利亞）的收入貶值，還是懲罰性的高抵押貸款利率明顯削弱了美國房地產活動，這種改善在4 月份加快了步伐。

The U.S. housing market contrasts starkly with that of Australia, where strong performance underpinned robust revenue growth at Digital Real Estate Services. While at Dow Jones, the professional information business continued to prosper and the segment's profit margin expanded from 20.6% to 21.7%.

美國房地產市場與澳洲形成鮮明對比，澳洲的強勁表現支撐了數位房地產服務的強勁收入成長。在道瓊斯，專業資訊業務持續繁榮，該部門的利潤率從20.6%擴大到21.7%。

We remain well on track for the full year of strong results at News Corp. It is, by the way, worth highlighting that our free cash flow in the first 3 quarters was $491 million, a 53% increase on the $320 million for the same period last year. It is also worth noting that for more than a year, digital revenue has accounted for over half of our total revenues, and we believe that trend is destined to continue.

新聞集團全年仍有望取得強勁業績。另外值得注意的是，一年多來，數位收入已占我們總收入的一半以上，我們相信這種趨勢注定會持續下去。

We are in the midst of an exponential digital revolution, and our own company has continued to change significantly and profitably. Importantly, we are working to promote our quality journalism in the age of generative AI and are gratified that the most enlightened leaders in the industry appreciate the commercial and social value of that content.

我們正處於一場指數級的數位革命之中，我們自己的公司也持續發生重大變化並帶來獲利。重要的是，我們正在努力在生成人工智慧時代推廣我們的高品質新聞，並且很高興業內最開明的領導者欣賞這些內容的商業和社會價值。

Separately to that end, we have this week extended our existing partnership with Google. As mentioned previously, we have been reviewing our company's structure and that work is intense and ongoing, and we have made underlying changes to provide maximum flexibility.

為此，我們本週延長了與Google的現有合作夥伴關係。如前所述，我們一直在審查公司的結構，工作緊張且持續，我們已經做出了根本性的改變，以提供最大的靈活性。

Through 3 quarters of fiscal '24, circulation and subscriptions accounted for 45% of revenues, with advertising at a modest 16%. 10 years ago, we were dependent on advertising for almost half our revenues. Most tellingly, advertising at News Media, then our largest source of revenue now accounts for only 8% of total revenue. I should repeat that number, 8%, and half of that figure is now digital advertising. So the character of the company has fundamentally changed.

截至 2024 財年的 3 個季度，發行量和訂閱量佔營收的 45%，廣告收入僅佔 16%。 10 年前，我們幾乎一半的收入都依賴廣告。最能說明問題的是，當時我們最大的收入來源──新聞媒體的廣告現在只佔總收入的 8%。我應該重複這個數字，8%，而這個數字的一半現在是數字廣告。因此，公司的性質發生了根本性的變化。

Dow Jones continue to increase both revenue and profitability this quarter. The professional information business at Dow Jones is an increasingly powerful earnings engine with yet another quarter of double-digit revenue growth. It remains on track to be the largest contributor to the segment's profitability by the end of this fiscal year, and we believe far into the future, given its high margins and 90-plus percent retention rate.

道瓊斯本季的收入和盈利能力繼續增長。道瓊斯的專業資訊業務是一個日益強大的獲利引擎，收入又實現了四分之一的兩位數成長。到本財年結束時，它仍然有望成為該部門盈利能力的最大貢獻者，鑑於其高利潤率和 90% 以上的保留率，我們相信未來很遠。

Dow Jones Energy, where revenues rose 15%, has just launched the APAC Carbon Market Report, which provides data and insights into emissions trading in Australia, China, New Zealand and South Korea. This important new offering complements OPIS's carbon price coverage for North America and other international markets.

道瓊斯能源公司的收入成長了 15%，該公司剛剛發布了亞太地區碳市場報告，該報告提供了有關澳洲、中國、紐西蘭和韓國排放交易的數據和見解。這項重要的新產品補充了 OPIS 針對北美和其他國際市場的碳價格覆蓋範圍。

At Risk & Compliance, where revenues also rose 15%, the team debuted its first Gen AI-powered product, Integrity Check, a fully automated research platform that rapidly produces due diligence reports on businesses and individuals from our unique database. Created in partnership with SAPIEN, Integrity Check will help companies ensure they are compliant in a fiendishly complicated and legally fraud regulatory environment.

在風險與合規部門，收入也成長了15%，該團隊推出了首款由人工智慧驅動的產品Integrity Check，這是一個完全自動化的研究平台，可以從我們獨特的資料庫中快速產生有關企業和個人的盡職調查報告。與 SAPIEN 合作創建的完整性檢查將幫助公司確保他們在極其複雜且合法的詐欺監管環境中合規。

Digital subscriptions at Dow Jones increased 17% year-over-year and experienced the highest sequential quarterly net growth, with 322,000 added in the third quarter. Average daily digital subscriptions to Dow Jones brands, including The Wall Sheet Journal, Barron's, MarketWatch, Investor's Business Daily crossed 5 million for the first time during Q3. That total is approximately double the number 4 years ago.

道瓊斯的數位訂閱量年增 17%，並經歷了最高的季度淨增長，第三季增加了 322,000 份。包括《華爾街日報》、《巴倫周刊》、《MarketWatch》、《投資者商業日報》在內的道瓊斯品牌的平均每日數字訂閱量在第三季首次突破 500 萬份。這個總數大約是 4 年前的兩倍。

Given the access to a bundle of premium products with The Wall Street Journal at the heart, the Dow Jones team is confident we should see a reduction in churn and an increase in circulation revenues in quarters to come.

鑑於能夠獲得以《華爾街日報》為核心的一系列優質產品，道瓊斯團隊相信我們應該會在未來幾季看到客戶流失率的減少和流通收入的增加。

As for advertising, the market for print remains somewhat soft, though digital advertising rose 4% compared to the prior year, and advertising trends overall improved on the preceding quarter.

至於廣告，儘管數位廣告比前一年增長了 4%，而且廣告趨勢總體上比上一季有所改善，但印刷市場仍然有些疲軟。

In digital real estate, REA continued to show robust growth, with revenues surging 15% year-over-year, a 6% increase in listings across Australia helped spur that success. And I should note that listing growth has again improved in April compared to March, which we believe augurs well for the fourth quarter. REA also remains by far the #1 digital real estate platform in Australia, with 4.1x more monthly visits on average than its nearest competitor.

在數位房地產領域，REA 繼續呈現強勁成長，營收年增 15%，澳洲各地掛牌量增加 6% 推動了這一成功。我應該指出，與 3 月相比，4 月的上市成長再次有所改善，我們相信這對第四季來說是個好兆頭。到目前為止，REA 仍然是澳洲排名第一的數位房地產平台，平均每月訪問量是最接近的競爭對手的 4.1 倍。

That strength and enhanced product mix for its customers enabled REA to introduce 10% average price increases. That new pricing schedule will apply from July, and we look forward to the benefits in the next fiscal year.

這種實力和針對客戶的增強的產品組合使 REA 的平均價格上漲了 10%。新的定價表將從 7 月開始適用，我們期待下一財年的好處。

Meanwhile, we are pleased with the continuing progress at REA India, with a 31% advance in revenues in the quarter. Outside, Housing.com is the leading digital real estate platform in the most populous country in the world. Given that country's economic growth, widely forecast to be around 7% this year and the prospect of ongoing political continuity, we are confident that we have a world-class asset with much potential for expansion.

同時，我們對 REA India 的持續進步感到滿意，本季營收成長了 31%。在外部，Housing.com 是世界上人口最多的國家領先的數位房地產平台。鑑於該國今年的經濟成長（普遍預測為 7% 左右）以及持續政治連續性的前景，我們相信我們擁有具有巨大擴張潛力的世界級資產。

At Move, we are obviously subject to abnormal aberrant conditions in a U.S. housing market, buffeted by high interest rates. However, revenue declines moderated this quarter and lead volume has turned positive for the first time in 2 years. The results this quarter are broadly consistent with our expectations, and we are improving the product and user experience to position ourselves to take advantage when the market trends change from headwind to tailwind.

在Move，我們顯然受到美國房地產市場異常狀況的影響，並受到高利率的衝擊。然而，本季營收下降幅度有所放緩，鉛銷量兩年來首次轉為正值。本季的結果與我們的預期基本一致，我們正在改進產品和用戶體驗，以便在市場趨勢從逆風變為順風時佔據優勢。

In the wake of legal developments involving the National Association of Realtors, I would echo Move's CEO, Damian Eales' recent perspicacious comments about the importance of buy-side agents for those seeking professional guidance when purchasing a home, which is surely the most significant investment decision for many families.

在涉及全國房地產經紀人協會的法律發展之後，我同意Move 首席執行官達米安·伊爾斯(Damian Eales) 最近的敏銳評論，即買方代理人對於那些在購房時尋求專業指導的人的重要性，這無疑是最重要的投資是許多家庭的決定。

We continue to closely monitor industry developments, but believe realtor.com is well positioned to capitalize on its relationship with homebuyers and with buyers and sell-side agents in this evolving landscape. We expect that interest rates will ultimately ease, and our experience in Australia suggests that the market will surge dramatically after an extended period of suppressed activity.

我們繼續密切關注行業發展，但相信 realtor.com 處於有利位置，可以在這個不斷變化的環境中充分利用其與購房者以及買家和賣方代理人的關係。我們預計利率最終會放鬆，​​而我們在澳洲的經驗表明，在長期的活動抑制之後，市場將大幅飆升。

It is worth noting, our landmark rental agreement between realtor.com and Zillow. This deal upgrades the rental experience for consumers and allows landlords and property managers to benefit from the combined audience of both the realtor.com and Zillow platforms. There is also a clear financial benefit for realtor.com, which will allow us to focus on our core buy and sell-side offerings.

值得注意的是，realtor.com 和 Zillow 之間具有里程碑意義的租賃協議。這筆交易提升了消費者的租賃體驗，並使房東和物業經理能夠從 realtor.com 和 Zillow 平台的聯合受眾中受益。 realtor.com 還具有明顯的財務優勢，這將使我們能夠專注於我們的核心買方和賣方產品。

Finally, I would point out that in March, according to Comscore, a verified third-party source, REALTOR's unique users grew 5% month-over-month, comparing very favorably to Homes.com, which experienced a decline in the same period. Moreover, realtor.com is 1.4x bigger in terms of monthly unique users and has approximately 3x the page views and minutes per visit.

最後，我要指出的是，根據經過驗證的第三方來源 Comscore 的數據，3 月份 REALTOR 的獨立用戶數環比增長了 5%，與同期下降的 Homes.com 相比非常有利。此外，realtor.com 的每月獨立用戶數量是原來的 1.4 倍，頁面瀏覽量和每次造訪分鐘數大約是原來的 3 倍。

Independent verification ensures statistical sumpsimus, not metrics mumpsimus. Our media platforms from The Wall Street Journal to the New York Post and MarketWatch and Bible Gateway give us a distinct advantage in expanding reach and building brands.

獨立驗證確保統計匯總，而不是指標匯總。從《華爾街日報》到《紐約郵報》、《MarketWatch》和《Bible Gateway》，我們的媒體平台為我們在擴大影響力和打造品牌方面提供了獨特的優勢。

Speaking of Bible Gateway, at HarperCollins, while revenues for the quarter were slightly behind the record Q3 results in the prior year, segment EBITDA rose 2%. And for the year-to-date period, EBITDA was 40% higher. In April, we saw a stronger performance and hope that will continue for the fourth quarter.

說到 Bible Gateway，HarperCollins 的該季度營收略低於去年第三季創紀錄的業績，但該部門的 EBITDA 成長了 2%。今年迄今，EBITDA 成長了 40%。四月份，我們看到了更強勁的表現，並希望第四季能繼續如此。

We continue to believe the audio book market holds much promise, especially given our unique partnership with Spotify, which has already broadened the book audience. We hope to benefit from Spotify's recent expansion of its audio offerings to Canada, Ireland and New Zealand. And by the way, fueled by the growth of audio books, HarperCollins digital revenues hit 25% of total consumer revenues in Q3. We believe there is little doubt that the audio segment will continue its expeditious expansion.

我們仍然相信有聲書市場前景廣闊，特別是考慮到我們與 Spotify 的獨特合作關係，Spotify 已經擴大了書籍受眾。我們希望受益於 Spotify 最近將其音頻產品擴展到加拿大、愛爾蘭和紐西蘭。順便說一句，在有聲書成長的推動下，哈珀柯林斯第三季的數位收入達到了消費者總收入的 25%。我們相信毫無疑問音頻領域將繼續迅速擴張。

Bestsellers in Q3 included Shelby Van Pelt's novel, Remarkably Bright Creatures. While Savannah Guthrie's Mostly What God Does continues to thrive, as does Peter Schweizer's Blood Money and Fangirl Down by Tessa Bailey. Pope Francis' memoir, Life: My Story through History, which we published in 8 languages, is selling well and will surely have an enduring [people] presence in libraries.

第三季的暢銷書包括謝爾比·範佩爾特的小說《非常聰明的生物》。薩凡納·格思裡(Savannah Guthrie) 的《Mostly What GodDoes》繼續暢銷，彼得·施韋澤(Peter Schweizer) 的《血錢》(Blood Money) 和泰莎·貝利(Tessa Bailey) 的《 Fangirl Down》也是如此。我們以 8 種語言出版了教宗方濟各的回憶錄《生命：我的歷史故事》，銷售量很好，並且肯定會在圖書館中長久存在。

We anticipate a strong performance in Q4 with Lucy Foley's, The Midnight Feast; The War on Warriors by Pete Hegseth and Day Trading Attention by Gary Vaynerchuk.

我們預期 Lucy Foley 的《午夜盛宴》將在第四季表現強勁； Pete Hegseth 的《勇士之戰》和 Gary Vaynerchuk 的日間交易關注。

At subscription video services, the Hubbl streaming aggregation product, launched in March, and we are working with our partners at Comcast to shepherd its adoption throughout Australia. The intent is to reduce churn by increasing engagement and improving the customer experience. Excluding ForEx fluctuations, adjusted segment EBITDA overall improved by 1% in the segment.

在訂閱視訊服務方面，Hubbl 串流聚合產品於 3 月推出，我們正在與康卡斯特 (Comcast) 的合作夥伴合作，引導其在澳洲各地的採用。目的是透過提高參與度和改善客戶體驗來減少客戶流失。排除外匯波動，調整後的部門 EBITDA 整體提高了 1%。

Kayo is benefiting from the impact of a fascinating season of both Aussie Rules Football and Rugby League, and had its highest sequential quarterly net additions since inception, powered by both new customer growth and reactivations. We anticipate that recent price increases at Kayo and expected strong subscriber growth will continue to benefit the bottom line as both leading sports codes are drawing record audiences.

Kayo 受益於澳式足球和橄欖球聯賽的精彩賽季的影響，在新客戶增長和重新激活的推動下，自成立以來連續季度淨增量達到最高水平。我們預計 Kayo 最近的價格上漲和預期的強勁訂戶成長將繼續有利於利潤，因為這兩個領先的體育節目都吸引了創紀錄的觀眾。

Foxtel continued to grow its streaming revenues in Q3, which now account for 29% of circulation and subscription revenues, up from 26% last year, which is helping to drive overall margins, which rose from 14.3% and to 14.5%.

Foxtel 第三季的串流媒體收入持續成長，目前佔發行量和訂閱收入的 29%，高於去年的 26%，有助於推動整體利潤率從 14.3% 上升至 14.5%。

In News Media, our brands continue to increase their digital penetration across the globe and we were vigilant on costs, which were 5% lower than a year earlier. We anticipate further significant savings as a result of our transition of TalkTV to focus on streaming and original video content for our established British brands. And we also expect tangible cost benefits following the regulatory approval for the joint printing agreement between News U.K. and the Daily Mail Group.

在新聞媒體方面，我們的品牌繼續提高其在全球的數位滲透率，我們對成本保持警惕，成本比一年前下降了 5%。我們預計，由於我們將 TalkTV 轉型為專注於我們成熟的英國品牌的串流媒體和原創視訊內容，因此將進一步節省大量成本。我們也預計，在監管機構批准《英國新聞報》和《每日郵報集團》之間的聯合印刷協議後，將帶來實際的成本效益。

The Times of London will expand digitally and gradually into the U.S. during Q4, inspired by the success of the U.S. Sun in reaching new audiences and enhancing digital revenues. Much journalism is unfortunately [joined us], but our imperative is for reporters to have the objective of being objective and for our economists to have the objective of being subjective.

受美國《太陽報》在吸引新受眾和提高數位收入方面取得的成功的啟發，《倫敦時報》將在第四季以數位方式逐步擴展到美國。不幸的是，許多新聞業[加入了我們]，但我們的當務之急是記者要有客觀的客觀性，而我們的經濟學家要有主觀的客觀性。

As of the end of March, The Times and Sunday Times closing digital subscribers, including The Times literary supplement, were at 582,000, up 5% year-over-year. Meanwhile, digital subscribers at News Corp Australia as of the end of March were over 1.1 million, up 7% compared to the prior year.

截至3月底，《泰晤士報》和《星期日泰晤士報》的最終數位訂閱用戶（包括《泰晤士報》文學副刊）為58.2萬，較去年同期成長5%。同時，截至 3 月底，澳洲新聞集團的數位訂閱用戶超過 110 萬，比去年同期成長 7%。

In the first 3 quarters of fiscal year 2024, News Corp delivered strong profit growth, and we fervently believe that the company is firmly on a pathway to continued success. Our trusted premium intellectual property resonates in an era of polarization and amidst a rising tide of AI field falsehoods and fuss. For us, AI stands for authentic and authenticated intelligence, not artificial intelligence or the artifice of intelligence.

在 2024 財年的前三個季度，新聞集團實現了強勁的利潤成長，我們堅信該公司正在堅定地走上持續成功的道路。我們值得信賴的優質智慧財​​產權在兩極分化的時代以及人工智慧領域的虛假和大驚小怪的浪潮中產生共鳴。對我們來說，人工智慧代表著真實且經過驗證的智能，而不是人工智慧或智能的技巧。

As always, we remain sincerely grateful for the astute leadership of Lachlan and Rupert Murdoch, and for the sage support of our Board, investors and customers and for the sterling efforts of all of our employees.

一如既往，我們衷心感謝拉克蘭和魯珀特·默多克的精明領導，感謝我們董事會、投資者和客戶的英明支持，感謝我們所有員工的出色努力。

One final note. For more than a year, our colleague, Evan Gershkovich, has been falsely and cruelly imprisoned in Moscow. In public and not so public ways, we are actively seeking his release. We deeply appreciate those who have assisted the cause and we sincerely look forward to his emancipation.

最後一點。一年多來，我們的同事埃文·格甚科維奇在莫斯科被錯誤而殘酷地監禁。我們正在以公開或非公開的方式積極尋求祂的釋放。我們深深感謝那些為這項事業提供幫助的人，並真誠地期待他的解放。

I now turn to Susan Panuccio for additional details of our performance in Q3.

我現在請蘇珊·帕努西奧（Susan Panuccio）了解我們第三季度表現的更多細節。

Thank you, Robert, and good afternoon to everyone. As Robert highlighted, we remain focused on the execution of our strategy to transform News Corp with an increased mix of recurring and digital revenues as we continue to expand our information services businesses. This has been balanced with reinvestment in key growth initiatives and cost efficiencies as we navigate ongoing inflationary pressures in our markets.

謝謝羅伯特，大家下午好。正如羅伯特所強調的那樣，隨著我們繼續擴大資訊服務業務，我們仍然專注於執行新聞集團轉型策略，增加經常性收入和數位收入。當我們應對市場持續的通膨壓力時，這與對關鍵成長計畫和成本效率的再投資取得了平衡。

Our third quarter total revenues were over $2.4 billion, down 1% compared to the prior year, while adjusted revenues were flat compared to the prior year.

我們第三季的總營收超過 24 億美元，比去年同期下降 1%，而調整後的營收與去年同期持平。

Total segment EBITDA was $322 million for the quarter, up 1% compared to the prior year on a reported and adjusted basis, and ranked as the second most profitable Q3 since the company's separation in 2013.

該季度的 EBITDA 總額為 3.22 億美元，以報告和調整後的數據計算，較上年增長 1%，是自 2013 年公司分拆以來第三季度利潤第二高的季度。

For the quarter, we reported earnings per share of $0.05 compared to $0.09 in the prior year. Adjusted earnings per share were $0.11 in the quarter compared to $0.09 in the prior year.

本季度，我們報告每股收益為 0.05 美元，而去年同期為 0.09 美元。本季調整後每股收益為 0.11 美元，去年同期為 0.09 美元。

Moving on to the results of the individual segments, starting with Digital Real Estate Services. Segment revenues were $388 million, up 7% versus the prior year and up 9% on an adjusted basis. Segment EBITDA was $104 million, up 2% as higher profit contribution from the REA Group was partly offset by lower revenues and approximately $11 million of higher costs at Move. Adjusted segment EBITDA grew 7%.

接下來看看各個細分市場的結果，從數位房地產服務開始。部門營收為 3.88 億美元，比上年成長 7%，調整後成長 9%。部門 EBITDA 為 1.04 億美元，成長 2%，原因是 REA 集團較高的利潤貢獻被 Move 收入下降和約 1100 萬美元的較高成本部分抵消。調整後部門 EBITDA 成長 7%。

REA had another very strong quarter with revenues rising 15% year-on-year on a reported basis to $256 million and up 20% in constant currency. Growth was again driven by a combination of residential yield increases and improved growth in national listings, favorable geographic mix and customer contract upgrades.

REA 又經歷了一個非常強勁的季度，據報道，營收年增 15%，達到 2.56 億美元，以固定匯率計算，營收成長 20%。成長再次受到住宅收益率成長、全國掛牌量成長改善、有利的地理組合和客戶合約升級的共同推動。

New buyer listings rose approximately 6%, with Sydney up 20% and Melbourne up 18% despite an early Easter, which negatively impacted March volumes. Please refer to REA's earnings release and their conference call for more details.

儘管復活節提早對 3 月的成交量產生了負面影響，但新買家掛牌量仍上漲了約 6%，其中雪梨上漲了 20%，墨爾本上漲了 18%。請參閱 REA 的收益發布及其電話會議以了解更多詳細資訊。

Move's revenues of $132 million were down 6% compared to the prior year, with declines continuing to moderate from recent quarters. For the quarter, real estate revenues fell 5%, driven by lower referral and lead gen revenues, reflective of the broader industry trends and lower transaction volumes.

Move 的營收為 1.32 億美元，較上年下降 6%，降幅較最近幾季繼續放緩。本季度，由於推薦和銷售線索收入下降，房地產收入下降了 5%，這反映了更廣泛的行業趨勢和交易量下降。

We saw an improvement in lead volumes for the first time in over 2 years, growing 4% year-over-year, benefiting from product enhancements and some stabilization in the housing market. Average monthly unique users for the quarter were flat versus the prior year at 72 million, but improving 9% from the second quarter.

由於產品的改進和房地產市場的穩定，我們的鉛銷售兩年多來首次出現改善，年增 4%。本季平均每月獨立用戶數為 7,200 萬，與上年持平，但較第二季成長 9%。

As Robert mentioned, we announced a rentals partnership with Zillow to syndicate large multifamily rental listings, which went live May 1. The agreement, financially beneficial, allows us to materially expand and improve our rental content offerings and to reallocate investment to marketing and our core buy and sell-side offerings.

正如Robert 所提到的，我們宣布與Zillow 建立租賃合作夥伴關係，聯合大型多戶家庭租賃清單，該清單已於5 月1 日上線。的租賃內容產品，並將投資重新分配到行銷和我們的核心業務買方和賣方產品。

As we communicated last quarter, we are focused on best positioning realtor.com for a housing recovery, and as a result, are increasing the rate of reinvestment in the second half of fiscal 2024. To reiterate, some of the key strategic focuses include modernizing the technology stack, ensuring we have the best content for our product offerings and leveraging News Corp's network to drive audience share.

正如我們上季度所傳達的那樣，我們的重點是為房地產復甦做好最佳定位，因此，我們將在 2024 財年下半年提高再投資率。我們擁有適合我們產品的最佳內容，並利用新聞集團的網路來提高受眾份額。

Damian has been very focal about the ongoing benefits of buyer agents. And while we will closely monitor the impact of the proposed NAR settlement, we continue to believe in the long-term opportunity for realtor.com and have not altered our strategic direction, which already includes diversifying revenues and expanding our seller offerings, which continue to scale.

達米安（Damian）非常關注買方代理的持續利益。雖然我們將密切關注擬議的 NAR 和解的影響，但我們仍然相信 realtor.com 的長期機遇，並且沒有改變我們的戰略方向，其中已經包括收入多元化和擴大我們的賣家產品，這將繼續規模。

Turning to the Subscription Video Services segment. Revenues for the quarter were $455 million, down 5% compared to the prior year. On an adjusted basis, revenues were down 1% versus the prior year. Streaming revenues accounted for over 29% of circulation and subscription revenues versus 26% in the prior year.

轉向訂閱視訊服務部分。該季度營收為 4.55 億美元，比去年同期下降 5%。經調整後，收入較上年下降 1%。串流媒體收入佔發行和訂閱收入的 29% 以上，而前一年為 26%。

Total closing paid subscribers across the Foxtel Group were over 4.5 million at quarter end, down 1% from the prior year, but up 5% versus the second quarter as Foxtel transitions into the winter sports season.

截至季末，Foxtel 集團的付費用戶總數超過 450 萬，比上年同期下降 1%，但隨著 Foxtel 進入冬季運動賽季，與第二季度相比增長了 5%。

Total paid streaming subscribers were nearly 3.1 million, increasing 3% versus the prior year, benefiting from a strong start to the AFL and NRL seasons.

由於 AFL 和 NRL 賽季的強勁開局，付費串流訂閱用戶總數接近 310 萬，比上年增長 3%。

Kayo added 269,000 paying subscribers this quarter, the highest sequential quarterly net addition since its launch in fiscal 2019, which is consistent with recent trends of customers returning post summer.

Kayo 本季增加了 269,000 名付費用戶，這是自 2019 財年推出以來最高的季度淨增量，這與夏季過後客戶回歸的最新趨勢一致。

Foxtel ended the quarter with over 1.2 million residential broadcast subscribers, down 9% year-over-year. Broadcast churn was 13.3% versus 12.3% in the prior year, while broadcast ARPU rose 2% to AUD 85 benefiting modestly from new pricing and packaging plans implemented in March.

Foxtel 本季末擁有超過 120 萬住宅廣播用戶，較去年同期下降 9%。廣播用戶流失率為 13.3%，而前一年為 12.3%，廣播 ARPU 成長 2%，達到 85 澳元，受益於 3 月實施的新定價和包裝計畫。

Segment EBITDA in the quarter of $66 million was down only 3% versus the prior year despite the inclusion of $13 million of costs related to Hubbl, which launched in early March, and a 4% negative impact from foreign currency fluctuations. Adjusted segment EBITDA increased 1%.

儘管計入與 3 月初推出的 Hubbl 相關的 1,300 萬美元成本，以及外匯波動 4% 的負面影響，但本季的 EBITDA 為 6,600 萬美元，僅比上年下降 3%。調整後分部 EBITDA 成長 1%。

Moving on to Dow Jones. Third quarter results were again strong at Dow Jones with revenues of $544 million, up 3% year-over-year with digital revenue accounting for 81% of total revenues this quarter, up 2 percentage points from last year. Circulation and subscription-based revenues represented 82% of total revenues, again, reinforcing the stability and recurring nature of the revenue base.

轉向道瓊。道瓊第三季業績再次強勁，營收達 5.44 億美元，年成長 3%，其中數位營收佔本季總營收的 81%，比去年成長 2 個百分點。發行和訂閱收入佔總收入的 82%，再次增強了收入基礎的穩定性和經常性。

We saw strong growth at PIB, with revenues rising 10% year-over-year, including a 15% growth at Risk & Compliance to $76 million and 15% growth at DJ Energy to $63 million. Total PIB retention rates remained strong at over 90%.

我們看到 PIB 強勁成長，營收年增 10%，其中風險與合規業務成長 15%，達到 7,600 萬美元，DJ Energy 成長 15%，達到 6,300 萬美元。 PIB 總保留率維持在 90% 以上。

Across the B2B portfolio this quarter, over 2/3 of the growth is coming from new customers, new products or upsells with the balance coming from annual price increases. At Dow Jones Energy, the mix between pricing and volume is more balanced this year due to the benefit of a pricing review, which led to above-average increases.

在本季的 B2B 投資組合中，超過 2/3 的成長來自新客戶、新產品或追加銷售，其餘部分來自年度價格上漲。在道瓊斯能源公司，由於定價審查的好處，今年定價和銷售之間的組合更加平衡，從而導致了高於平均水平的增長。

Within the Dow Jones Consumer business, circulation revenues were flat versus the prior year, with digital-only subscription growth accelerating from the Q2 rate to 17% year-over-year and higher by 322,000 subscriptions sequentially, helped by increased penetration of the 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.

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從第二季度加速至 17%，在道瓊斯指數滲透率提高的幫助下，訂閱量環比增加了 322,000 份捆綁提供，因為他們希望更好地利用多個產品的訂閱獲取成本，利用產品之間的最小重疊並提高參與度。

Bundling accounted for approximately 45% of the incremental digital only volume growth in Q3 and now represents about 14% of total subscriptions. We have taken price rises this quarter, increasing monthly rates by nearly 20% to a cohort of tenured print subscribers.

捆綁銷售佔第三季純數位銷售量增量的約 45%，目前約佔總訂閱量的 14%。本季我們提高了價格，將長期印刷版訂戶的月費提高了近 20%。

Advertising revenues declined 2% to $86 million, with year-over-year declines moderating slightly from the first half with digital improving, up 4%, driven by a rebound in technology spend. WSJ.com grew 12%, underscoring the strength of the platform and its valuable audience. Print advertising declined 11% due to weakness in the financial sector. Digital represented 63% of advertising revenues, up from 59% last year.

廣告收入下降 2%，至 8,600 萬美元，年減幅較上半年略有放緩，在技術支出反彈的推動下，數位業務有所改善，成長 4%。 WSJ.com 成長了 12%，凸顯了該平台的實力及其寶貴的受眾。由於金融業疲軟，平面廣告下降 11%。數位廣告收入佔廣告收入的 63%，高於去年的 59%。

Dow Jones segment EBITDA for the quarter grew 8% to $118 million and was again the largest segment EBITDA contributor across the company. Margins improved year-over-year by 110 basis points to 21.7%, driven by the strong B2B performance, which remains on track to be the largest contributor to Dow Jones profitability in fiscal 2024.

道瓊斯部門本季 EBITDA 成長 8%，達到 1.18 億美元，再次成為該公司最大的部門 EBITDA 貢獻者。在強勁的 B2B 業績推動下，利潤率年增 110 個基點，達到 21.7%，B2B 業績有望成為道瓊斯 2024 財年盈利的最大貢獻者。

Costs, as expected, rose modestly, partly due to the phasing of sales and marketing expenses as we mentioned last quarter. At Book Publishing, strong growth in our Christian business was not enough to offset some softness in our romance general books and children's divisions. Consumer softness and headwinds in the mass merchandiser accounts such as Costco and Walmart were greater than we expected in March.

正如預期的那樣，成本小幅上升，部分原因是我們上季度提到的分階段銷售和行銷費用。在圖書出版業，基督教業務的強勁成長不足以抵消浪漫類普通圖書和兒童圖書部門的疲軟。 Costco 和 Walmart 等大型超市的消費者疲軟和不利因素在 3 月的表現超出了我們的預期。

Revenues were $506 million, down 2%, but that compares with a record third quarter last year, while segment EBITDA improved 2% to $62 million compared to the prior year, largely due to the easing of supply chain pressures and the cost efficiencies driven by the HarperCollins team over the past 12 months. Margin improved slightly to over 12%.

營收為5.06 億美元，下降2%，但與去年第三季創紀錄的水平相比，而該部門的EBITDA 比上年增長2%，達到6200 萬美元，這主要是由於供應鏈壓力的緩解和成本效率的推動HarperCollins 團隊過去 12 個月的情況。利潤率略有改善，達 12% 以上。

We continue to see improvements in supply chain-related costs with freight distribution and manufacturing costs all down versus the prior year. Return rates again improved compared to last year, while inventory levels appear to have normalized across our distribution network. The backlist contributed 63% of consumer revenues, up from 60% last year, while digital sales rose 5% this quarter, reaching 25% of consumer sales. Downloadable audio rose mid-teens helped by the recent Spotify partnership.

我們持續看到供應鏈相關成本的改善，貨運配送和製造成本都較上年下降。與去年相比，退貨率再次提高，而我們的分銷網絡的庫存水準似乎已經正常化。回溯清單貢獻了消費者收入的 63%，高於去年的 60%，而本季數位銷售成長了 5%，達到消費者銷售額的 25%。由於最近與 Spotify 的合作，下載音訊的銷量增長了 15%。

Turning to News Media, performance continued to be challenged in the quarter with print advertising declines returning to more historic levels. Revenues were $530 million, down 6% versus the prior year, while adjusted revenues also declined 6%.

轉向新聞媒體，本季的業績繼續受到挑戰，印刷廣告下降回到歷史水平。營收為 5.3 億美元，較上年下降 6%，調整後營收也下降 6%。

Circulation and subscription revenues were flat and down 1% in constant currency as cover price increases and digital subscriber growth were offset by lower print volumes.

發行量和訂閱收入持平，以固定匯率計算下降 1%，原因是封面價格上漲和數位訂戶成長被印刷量下降所抵銷。

Advertising remained challenging, down 13%, both on a reported basis and in local currency with print advertising trends notably weak across all markets.

廣告仍然具有挑戰性，無論是按報告還是以當地貨幣計算，均下降了 13%，所有市場的印刷廣告趨勢均明顯疲軟。

As our News Media businesses face ongoing print challenges, they continue to work hard on their transition to digital and ongoing cost efficiencies. Segment EBITDA of $26 million declined $8 million, which was due to the lower revenue, partly offset by lower print volume and newsprint expenses. Adjusted segment EBITDA declined 26%.

由於我們的新聞媒體業務面臨持續的印刷挑戰，他們繼續努力轉型為數位化和持續的成本效率。部門 EBITDA 為 2,600 萬美元，下降了 800 萬美元，這是由於收入減少，但部分被印刷量和新聞紙費用的減少所抵消。調整後部門 EBITDA 下降 26%。

As for the outlook, similar to our comments last quarter, it is challenging to forecast in the short term, albeit economic indicators 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指標各不相同，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 April grew 32% due to the timing of Easter as well as easier comparisons to the prior year. Please refer to REA for a more specific outlook commentary.

縱觀我們的各個細分市場，在 Digital Real Estate Services 中，由於復活節的時間以及與前一年相比更容易進行比較，4 月份澳大利亞住宅新買房量增長了 32%。請參閱 REA 以了解更具體的展望評論。

At Move, we hope to see continued moderation in revenue declines. Like the third quarter, we expect continued reinvestment in marketing and product development, which will be partially offset by cost reductions elsewhere and the new rental agreement with Zillow.

在 Move，我們希望看到收入下降繼續放緩。與第三季一樣，我們預計行銷和產品開發將繼續進行再投資，這將被其他地方的成本削減以及與 Zillow 的新租賃協議所部分抵消。

In Subscription Video Services, consistent with our message last quarter, we continue to expect modestly higher expenses for the full year and some softness in streaming revenues due to the first half, which may impact full year profitability in local currency.

在訂閱視訊服務方面，與我們上季度的信息一致，我們繼續預計全年費用將小幅增加，並且上半年串流媒體收入將有所疲軟，這可能會影響以當地貨幣計算的全年盈利能力。

At Dow Jones, while we continue to expect strong revenue and profitability performance for the full year, underpinned by our B2B offerings, we expect modestly higher overall expenses for the fourth quarter and full year.

在道瓊斯，雖然我們繼續預計全年收入和盈利表現將在 B2B 產品的支撐下強勁，但我們預計第四季度和全年的總體支出將小幅上升。

At Book Publishing, overall industry revenue trends appear relatively stable, albeit third quarter was a bit softer than the first half for physical sales, but we are encouraged by the strength in downloadable audio. We continue to expect margins to improve versus the prior year and expect strong performance in Q4, partly due to the prior year comparison.

在書籍出版方面，整體產業營收趨勢顯得相對穩定，儘管第三季的實體銷售比上半年略顯疲軟，但可下載音訊的強勁勢頭令我們感到鼓舞。我們繼續預期利潤率將較上年有所改善，並預計第四季度表現強勁，部分原因是與前一年相比。

At News Media, advertising revenue trends remain challenging, particularly in Australia, and we will continue to focus on ongoing cost efficiencies in our digital product offerings.

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，我們將繼續關注數位產品的持續成本效率。

For the other segment, we expect costs for the fourth quarter to be in line with the previous 3 quarters. We now expect CapEx to be relatively stable to last year, slightly lower than our initial expectations.

對於其他部門，我們預計第四季度的成本將與前三個季度持平。我們現在預計資本支出將與去年相比相對穩定，略低於我們最初的預期。

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 Entcho Raykovski from Evans & Partners.

（操作員說明）我們的第一個問題來自 Evans & Partners 的 Entcho Raykovski。

So my question is around the Move investment, which you've made during the quarter and you flagged is ongoing. It sounds like it's both marketing and product development. Are you able to confirm that? And how much is going into marketing? How much is going to product development?

所以我的問題是圍繞移動投資，您在本季度進行的並且標記為正在進行中。聽起來既是行銷又是產品開發。你能證實嗎？行銷方面投入了多少？產品開發投入了多少？

And on the product development side, are you specifically targeting the sell-side agents with that spend given the NAR settlements? If you can provide some more detail around the sort of products you're investing in? And just more broadly, how do you think that settlement is going to impact the business model going forward?

在產品開發方面，鑑於 NAR 和解，您的支出是否專門針對賣方代理商？您能否提供有關您所投資的產品類型的更多詳細資訊？更廣泛地說，您認為和解將如何影響未來的商業模式？

Entcho, look, obviously, I don't intend to comment on specific legal cases. And the U.S. real estate industry is clearly in transition. But there's no doubt that realtors have a crucial role in the purchasing process, and we are proud to serve them.

Entcho，你看，顯然，我不打算對具體的法律案件發表評論。美國房地產產業顯然正在轉型。但毫無疑問，房地產經紀人在購買過程中發揮著至關重要的作用，我們很自豪能為他們提供服務。

As for realtor.com, our experience in Australia and our complementary media platforms and U.S. position us perfectly to take advantage of that tradition, where transition. We are very focused in the interim of on making sure that the back end is solid, that the user interface is great and that our customers get value for money.

至於realtor.com，我們在澳洲的經驗以及我們與美國的互補媒體平台使我們能夠完美地利用這項傳統，即轉型。在此期間，我們非常專注於確保後端穩定、用戶介面出色以及我們的客戶物有所值。

We are very focused on buy-sell, hence our partnership deal with Zillow on rentals, which will be beneficial to both companies. And the imperative, really, is to focus on the world's largest property market, which is still relatively early in its digital evolution. And we have the media assets and now, from our global experience, to make the most of that moment.

我們非常注重買賣，因此我們與 Zillow 就租賃達成了合作夥伴關係，這對兩家公司都有好處。事實上，當務之急是關注全球最大的房地產市場，該市場仍處於數位發展的相對早期階段。我們擁有媒體資產，現在根據我們的全球經驗，可以充分利用這一刻。

And Entcho, maybe just to add on that, too. I mean the spend itself is probably broadly focused roughly evenly across both categories. But I think the thing to remember is in relation to the back half of last year, we pulled back significantly on the marketing spend, particularly in Q3 and a little bit in Q4. So the prior year compares will look more challenging in relation to marketing spend. But to think about it more broadly, it's focused on both areas, product and marketing.

還有 Entcho，也許只是為了補充這一點。我的意思是，支出本身可能大致均勻地集中在這兩個類別上。但我認為要記住的是，與去年下半年有關，我們大幅削減了行銷支出，特別是在第三季和第四季。因此，與前一年相比，行銷支出看起來更具挑戰性。但從更廣泛的角度來看，它關注的是產品和行銷這兩個領域。

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。

Maybe on Book Publishing. I wanted to see if you could speak a little more broadly to what you're seeing in terms of demand trends right now. You mentioned some softness at big box retailers.

也許在圖書出版方面。我想看看您是否可以更廣泛地談談您目前所看到的需求趨勢。您提到了大型零售商的一些疲軟情況。

And then with Spotify, what potential tailwind do you see for streaming and widening kind of the overall market for audio books? And can you say if you've seen any incremental interest from other DSPs to carry HarperCollins content?

那麼，對於 Spotify，您認為串流媒體和擴大有聲讀物整體市場有哪些潛在的推動力？您能否說一下您是否發現其他 DSP 對承載 HarperCollins 內容的興趣有所增加？

Well, as for HarperCollins, we are all bookish to a certain degree and purchases ebb and flow like the pilot books on the bedside table.

嗯，就哈珀柯林斯出版社而言，我們在某種程度上都是書呆子，購買的東西就像床頭櫃上的飛行員書籍一樣潮起潮落。

Early last quarter, sales were strong, and then there was clearly a slight pause in purchasing. But what I can say is that we have seen a return to strong year-on-year performance in April and have a compelling roster of new releases. And even in Q3, we saw an improvement in margin from 11.8% last year to 12.3% this year.

上季初，銷售強勁，隨後採購明顯略有停頓。但我可以說的是，我們在 4 月看到了同比強勁表現的回歸，並且推出了一系列引人注目的新產品。即使在第三季度，我們也看到利潤率從去年的 11.8% 提高到今年的 12.3%。

We're certainly benefiting from the international expansion of audio books, as you mentioned, and the efforts of Spotify, who have transformed audio book streaming revenue, which rose 14% in the third quarter. So we're proud to partner with Daniel Ek and his talented team as they roll out streaming globally.

正如您所提到的，我們當然受益於有聲書的國際擴張，以及 Spotify 的努力，他們改變了有聲讀物流媒體收入，第三季成長了 14%。因此，我們很榮幸能夠與 Daniel Ek 及其才華橫溢的團隊合作，幫助他們在全球範圍內推出串流媒體服務。

And David, maybe just to complement that a little bit. It's not like a perfect comparison. The Book Scan data, when we have a look at it for Q3, showed consumption down 3%. So that gives you an indication that the market was a little bit softer for Q3. But going into Q4, we did have a particularly weak Q4 last year, so we would expect to see pretty strong compares as we finish out the year.

大衛，也許只是為了補充一點。這並不是一個完美的比較。當我們查看第三季的 Book Scan 數據時，顯示消費量下降了 3%。因此，這表明第三季市場有點疲軟。但進入第四季度，我們去年的第四季度確實特別疲軟，因此我們預計在今年結束時會看到相當強勁的比較。

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。

Question on the Google transaction. Can you flesh -- or this renewal, can you flesh this out a little bit? And remember, at one point last year, you talked about a 9-figure deal with the digital companies. I don't recall if that was just Google or others. And does this include generative AI in addition to using your journalism for other sources?

關於 Google 交易的問題。你能充實一下——或者說這次更新，你能充實一下嗎？請記住，去年的某個時候，您曾談到與數位公司達成 9 位數的交易。我不記得是谷歌還是其他人這麼做了。除了將您的新聞報導用於其他來源之外，這還包括生成人工智慧嗎？

Look, I can't comment on the financial details of the deal other than to say that this is a renewal of the existing deal. It has nothing to do with a payment for AI, Gen AI use of our content, servicing of that content, training of that content or grounding of the content. So any negotiations for that particular use of our content will come later.

看，我無法評論該交易的財務細節，只能說這是現有交易的續約。它與人工智慧的付費、Gen AI 對我們內容的使用、該內容的服務、該內容的培訓或內容的基礎無關。因此，有關我們內容的特定用途的任何談判都將在稍後進行。

And Alan, just from a financial perspective, well, we've never given a doubt specifically, you can assume that it's broadly consistent with the financials of the previous deal.

艾倫，僅從財務角度來看，我們從未具體提出過疑問，你可以假設它與先前交易的財務狀況大致一致。

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。

Yes, can you hear me okay?

是的，你聽得到我說話嗎？

Yes, Craig.

是的，克雷格。

Yes. Just -- I think everybody is really curious just about the progress that you're trying to make here to transform the company, to simplify the company and stuff. And obviously, we talked about this 3 months ago and 6 months when you talked about it privately -- I mean publicly, I should say. And obviously, you've done a lot of work on this before you made the announcement 6 months ago.

是的。只是——我認為每個人都對你們試圖在公司轉型、簡化公司等方面取得的進展感到好奇。顯然，我們在 3 個月前和 6 個月前討論過這個問題，當時你私下談論過這個問題——我應該說，我的意思是公開的。顯然，在 6 個月前宣布這一消息之前，您已經在這方面做了很多工作。

I'm just kind of curious, can you give investors at all any sort of timeline when you guys might wrap this up and stuff? I mean, obviously, things are pretty quiet out there for most of the investment banks and the legal folks after that work on this sort of stuff.

我只是有點好奇，你們能給投資者任何可以完成這件事的時間表嗎？我的意思是，顯然，對於大多數投資銀行和法律人員來說，在從事此類工作之後，事情變得相當安靜。

So I know it's very complicated, what you guys are doing here, but what -- how much longer do you think we should have to wait with the next quarter or so? Or do you really have no idea?

所以我知道你們在這裡所做的事情非常複雜，但是你們認為我們應該在下個季度左右等待多長時間？還是你真的不知道嗎？

Craig, I'm sure that you and all on the call are sage enough to pass the phrases used in my earlier explanation and define the potential meaning. You can see that we're well advanced now, thinking and planning and that planning has involved necessary regulatory steps, and those were not simple steps, to ensure that we have maximum flexibility, genuine optionality.

克雷格，我相信你和所有參加電話會議的人都足夠聰明，能夠傳遞我之前解釋中使用的短語並定義潛在的含義。你可以看到我們現在在思考和規劃方面已經很先進，並且規劃涉及必要的監管步驟，而這些步驟並不簡單，以確保我們擁有最大的靈活性和真正的選擇性。

We want to continue to generate momentum and create maximum value for our shareholders. And we're certainly not complacent. Even though the share price has risen as of yesterday, just over 46% in the past year, we do recognize that there is a significant sum of the parts discount, so stay tuned and not indefinitely.

我們希望繼續創造動力，為股東創造最大價值。我們當然不會自滿。儘管截至昨天股價已經上漲，去年漲幅略高於46%，但我們確實認識到零件折扣很大，所以請繼續關注，而不是無限期地關注。

Our next question comes from Darren Leung from Macquarie.

我們的下一個問題來自麥格理的 Darren Leung。

Just a quick one for me. Looking at the BINGE subscribers in Foxtel, they're down sequentially quarter-on-quarter. So the second time it has happened. But I'm just keen to understand a little bit about the drivers here and your response and thought process here, please?

對我來說只是一個快速的。從 Foxtel 的 BINGE 用戶數量來看，他們環比下降。於是第二次又發生了。但我只是想了解這裡的驅動因素以及您的反應和思考過程，好嗎？

Darren, I think when we think about it from the last quarter, I think we talked about this, there was the writer's strike towards the back end of last year, and that obviously had an impact on the content that was flowing through there. So that did have an impact on the subscribers, and we're seeing a carry forward of that. I mean, that's really what the impact is.

達倫，我想當我們從上個季度開始思考這個問題時，我想我們討論過這個問題，去年年底發生了作家罷工，這顯然對那裡的內容產生了影響。所以這確實對訂閱者產生了影響，而且我們看到了這種影響的延續。我的意思是，這確實是影響。

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。

My question is in relation to cost out. I guess right now, the macro outlook still seems relatively uncertain, particularly for advertising and similar way with like the U.S. housing market. So just wondering if there's any script for some further cost reductions through the course of the next year if these conditions start to improve?

我的問題與成本有關。我想目前宏觀前景似乎仍然相對不確定，特別是對於廣告和美國房地產市場。因此，我想知道如果這些情況開始改善，是否有任何腳本可以在明年進一步降低成本？

I think, Lucy, you might remember, we did -- we sort of announced, I think, probably a year ago, the 5% head count reduction. And I think we quoted a number of 160 million for the cost out. I mean it's great that we're actually -- we hit those numbers and exceeded those numbers actually.

我想，露西，你可能還記得，我們​​確實——我想，可能在一年前，我們宣布了 5% 的員工人數減少。我認為我們報價的成本是 1.6 億。我的意思是，我們實際上達到了這些數字並超過了這些數字，這真是太好了。

But the really good thing is that the businesses are actually always focused on costs. So whilst that was a particular exercise that we did across the whole group, across all our businesses, there are different transformation initiatives that they continue to work on as they look for efficiencies.

但真正好的一點是，企業其實總是關注成本。因此，雖然這是我們在整個集團、所有業務中進行的一項特殊活動，但他們在尋求效率時仍在繼續實施不同的轉型舉措。

So we feel pretty confident that we've got a good cadence in relation to that, that can help offset any shortfalls in revenue. And that's why you've seen such good margin expansion in the year.

因此，我們非常有信心，我們在這方面擁有良好的節奏，這可以幫助抵消收入的任何短缺。這就是為什麼今年利潤率成長如此之好。

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, just on that cost out question. So it looks like some sort of cost reduction initiatives will be ongoing in the current fourth quarter. But how much of that do you think will be reinvested in realtor.com?

蘇珊，關於成本問題。因此，看起來某種成本削減措施將在當前第四季持續進行。但您認為其中有多少會再投資於 realtor.com？

We sort of -- we're trying to keep the balanced reinvestment within REALTOR itself. So I think I said in my prepared remarks, we've got some benefit from the upside in the new rental agreements that we've done with Zillow and we've got some other cost savings that we're doing with REALTOR. So whilst there is an increase in cost, we are trying to manage it there.

我們有點——我們正在努力保持房地產經紀人內部的平衡再投資。因此，我想我在準備好的發言中說過，我們從與 Zillow 達成的新租賃協議中獲益，並與 REALTOR 達成了其他一些成本節約。因此，儘管成本有所增加，但我們正在努力對其進行管理。

I think when we sort of think more broadly about costs across the business, and sort of to the earlier point that we talked to with Lucy, we just constantly focus on looking for efficiency. So the U.K., we've announced a pivot in the TalkTV strategy to streaming, and that should unlock some savings, which we'll really see come through in fiscal 2025. The U.K. team have also announced a joint venture with the Daily Mail Group in relation to joint printing, that should unlock further savings. We know our Australian team are constantly iterating when it comes to savings.

我認為，當我們更廣泛地思考整個企業的成本時，以及我們之前與露西交談的觀點時，我們只是不斷地專注於尋找效率。因此，在英國，我們宣布將 TalkTV 策略轉向串流媒體，這應該會節省一些成本，我們將在 2025 財年真正實現這一目標。印刷而言，這應該會進一步節省開支。我們知道我們的澳洲團隊在節約方面不斷迭代。

So we sort of -- we try and have to think about it broadly across the whole company, but specifically in the divisions that we look for those cost savings.

因此，我們嘗試並必須在整個公司範圍內廣泛考慮這一問題，特別是在我們尋求節省成本的部門。

Our next question comes from Jamie Laskovski from Goldman Sachs.

我們的下一個問題來自高盛的傑米·拉斯科夫斯基。

I was just wondering if you could elaborate on the underlying company structure changes that have happened so far that were called out and what we should expect over the medium term?

我只是想知道您是否可以詳細說明迄今為止所發生的基本公司結構變化以及我們在中期應該期待什麼？

Jamie, they were regulatory changes related to the original composition of the company in Australia. And really, other than what I said earlier, I'm not at the liberty to say anything more at this moment.

傑米，這些是與澳洲公司原始組成相關的監管變化。事實上，除了我之前所說的之外，我現在無權多說。

At this time, we have no further questions. I'll now hand back to you for closing remarks.

目前，我們沒有其他問題了。現在請您作結束語。

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

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