News Corp (NWS) 2024 Q4 法說會逐字稿

Welcome to News Corp's fourth quarter and full year fiscal 2024 earnings conference call. Today's conference is being recorded. (Operator Instructions)

歡迎參加新聞集團第四季和 2024 財年全年收益電話會議。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 fourth-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 年第四季財報電話會議。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 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 caution 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。這些措施的定義以及 GAAP 與非 GAAP 調整可以在我們網站上發布的適用期間的收益發布中找到。

With that, I will 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. Before we begin the examination of our excellent fourth-quarter results, I would like to express our sincere gratitude to all who contributed to the emancipation of Evan Gershkovich. His freedom was made possible by the concerted efforts of concerned, principled people who recognized that his incarceration was unjust and immoral.

謝謝你，麥克。在我們開始審查第四季度的出色業績之前，我謹向所有為埃文·格甚科維奇的解放做出貢獻的人表示誠摯的謝意。他的自由是透過關心、有原則的人們的共同努力得以實現的，他們認識到對他的監禁是不公正和不道德的。

And so many thanks are due to our leaders at Dow Jones, Emma Tucker, and Almar Latour, and to all at News Corp who campaigned vigorously for Evan's release. We also acknowledge the sterling work of the US government, which I oversaw the handover, and the role of several other enlightened governments whose divine interventions were crucial.

非常感謝道瓊斯公司的領導人艾瑪·塔克和阿爾瑪·拉圖爾，以及新聞集團的所有人士，他們為埃文的釋放做出了積極的努力。我們也承認美國政府的出色工作（我負責監督移交），以及其他幾個開明政府的作用，他們的神聖幹預至關重要。

As for the fourth quarter, revenues grew 6% from the prior year to almost $2.6 billion, while profitability improved by a healthy 11% to $380 million, a fourth-quarter record for News Corp. Reported EPS and net income were also markedly higher.

至於第四季度，營收較上年成長6%，達到近26 億美元，而獲利能力健康成長11%，達到3.8 億美元，創下新聞集團第四季的紀錄。也明顯較高。

Moreover, despite the negative impact of high interest rates in some of our businesses, fiscal 2024 was the second-best year on record with profitability rising 8% to $1.54 billion. Our core pillars of growth book publishing, digital real estate services, and Dow Jones inspired that increasing profitability and revenue growth, and we believe their strength augurs well for fiscal '25.

此外，儘管高利率對我們的一些業務產生了負面影響，2024 財年仍是有史以來第二好的一年，盈利能力增長 8% 至 15.4 億美元。我們的成長圖書出版、數位房地產服務和道瓊的核心支柱激發了獲利能力和收入成長，我們相信它們的實力預示著 25 財年的良好發展。

Prior to delving into the details, I would like to highlight several consequential matters for our company.We took a significant step to prepare for an [e-poc], which we believe will be defined by the confluence of artificial intelligence and emotional intelligence.

在深入研究細節之前，我想強調對我們公司來說重要的幾個事項。

Our landmark agreement with OpenAI is not only expected to be lucrative but will enable us to work closely with a trusted, pre-eminent partner to fashion a future for professional journalism and for provenance. That partnership is already fructifying.

我們與 OpenAI 達成的具有里程碑意義的協議不僅有望帶來豐厚的利潤，而且將使我們能夠與值得信賴的卓越合作夥伴密切合作，共同塑造專業新聞業和來源的未來。這種夥伴關係已經取得了成果。

We have also begun to take legal steps against the Gen AI aggressives, the egregious aggregators, who are less principled and more predatory in their confiscation of our content. So-called open source can never be a justification for open slather. We are also considering our legal options in confronting the blatant political bias of advertising industry bodies who have done serious damage and denied many advertisers access to a significant audience.

我們也開始對 Gen AI 攻擊者、惡劣的聚合者採取法律措施，他們在沒收我們的內容時缺乏原則性，更具掠奪性。所謂的開源永遠不能成為公開大肆宣傳的理由。我們也正在考慮我們的法律選擇，以應對廣告業機構公然的政治偏見，這些機構造成了嚴重損害，並剝奪了許多廣告商接觸大量受眾的機會。

We applaud the work of the US House Judiciary Committee in pursuing the misnomer that is the Global Alliance for Responsible Media, or GAM, and its coordinated boycott of media platforms perceived to be unfashionable by iliberal liberals. GAM harm has been real, and there need to be commercial consequences.

我們讚揚美國眾議院司法委員會在追查全球負責任媒體聯盟（GAM）的誤用詞方面所做的工作，以及它對非自由派認為不合時宜的媒體平台的協調抵制。 GAM 的危害是真實存在的，並且需要產生商業後果。

We believe the company's prospects are patently propitious, and we are also continuing to review our portfolio with a view to maximizing returns for shareholders. That review has coincided recently with third-party interest in a potential transaction involving the Foxtel Group, which has been positively transformed in recent years with record numbers of streaming subscribers, low broadcast churn, and rising broadcast and streaming ARPU.

我們相信公司的前景顯然是有利的，我們也將繼續審查我們的投資組合，以期為股東帶來最大回報。最近，該審查恰逢第三方對涉及Foxtel 集團的潛在交易感興趣。 。

We had no imminent intent to sell Foxtel but are reviewing potential strategic and financial options for the business with our advisers and engaging with third parties in light of that external interest. That process should not be interpreted as a sign that we are not reviewing the status of other segments.

我們無意立即出售 Foxtel，但正在與我們的顧問一起審查該業務的潛在策略和財務選擇，並根據外部利益與第三方接觸。這一過程不應被解釋為我們沒有審查其他部門的狀態的跡象。

As I mentioned, we were not actively looking for purchases, and we believe strongly in the potential of Foxtel, given its world-class technology and unique aggregation of sports and entertainment content. With that context, let us analyze the laudable performance in the fourth quarter.

正如我所提到的，我們並沒有積極尋求收購，而且我們堅信 Foxtel 的潛力，因為它擁有世界一流的技術以及獨特的體育和娛樂內容聚合。在此背景下，讓我們來分析一下第四季值得稱讚的表現。

Digital real estate had a particularly strong quarter as revenues rose 21% and segment EBITDA surged 25%.That resounding performance was mainly driven by REA, where listings flourished and financial services returned to growth, while revenues expanded substantially at REA India.

數位房地產季度表現尤為強勁，收入增長了21%，細分市場EBITDA 飆升25%。收入也大幅成長。

Listings growth continued into July as REA broadened its suite of successful premium products to improve results for clients and lift yields. In the United States, we enhanced both the technology and the offerings to sell and buy-side agents at Realtor.com, as we prepare for an upturn in our property market that has been pummeled by high mortgage rates, limited inventory, lofty prices, and historically low home sales.

隨著 REA 擴大其成功的優質產品系列以改善客戶業績並提高收益，掛牌量持續增長至 7 月。在美國，我們增強了 Realtor.com 上銷售和買方代理的技術和產品，因為我們為房地產市場的好轉做好了準備，該市場一直受到高抵押貸款利率、有限的庫存、高價格的打擊，以及歷史最低的房屋銷售量。

While prognostication is not our profession, we are hopeful that interest rate cuts by the Federal Reserve are imminent and will have a positive impact on affordability and liquidity in this stagnant market. Certainly, the lesson of the Australian market is that when suppressed demand is emancipated, activity in the housing sector accelerates rapidly and listings prosper.

雖然預測不是我們的專業，但我們希望聯準會即將降息，並對這個停滯的市場的承受能力和流動性產生積極影響。當然，澳洲市場的教訓是，當受抑制的需求被釋放時，房地產行業的活動就會迅速加速，房源數量也會激增。

We have already seen sequential improvement in revenue at Realtor.com as the company has taken astute advantage of the complementarity of our media platforms to drive traffic and improve the content experience. There was particular improvement on the sell side, which has become a priority for Realtor.com and which is the core source of revenue for our thriving Australian business.

我們已經看到 Realtor.com 的收入持續成長，因為該公司巧妙地利用了我們媒體平台的互補性來增加流量並改善內容體驗。賣方方面取得了特別的進步，這已成為 Realtor.com 的首要任務，也是我們蓬勃發展的澳洲業務的核心收入來源。

The progress at Dow Jones continues to pace with revenue growth in the quarter of 4% despite a mixed advertising market. At the heart of that growth is the continued strength of B2B, where revenues climbed 14% of Dow Jones Energy and 12% at Risk & Compliance.

儘管廣告市場好壞參半，但道瓊斯的收入持續成長，本季營收成長了 4%。這一成長的核心是 B2B 業務的持續強勁，道瓊斯能源公司的收入成長了 14%，風險與合規部門的收入成長了 12%。

In fact, fiscal '24 was a pivotal moment in the history of the company as it was the first year in which more than 50% of Dow Jones profitability was driven by the surging B2B segment. Indeed, it is difficult to overstate the impact of B2B growth on Dow Jones and News Corp over the past four years as B2B revenue has expanded at a compound annual rate of 17% and the margin at Dow Jones has broadened from 15% to 24% while segment EBITDA has more than doubled.

事實上，24 財年是該公司歷史上的關鍵時刻，因為這是道瓊斯公司 50% 以上盈利能力由蓬勃發展的 B2B 部門推動的第一年。事實上，過去四年 B2B 成長對道瓊斯和新聞集團的影響怎麼強調都不為過，因為 B2B 收入以 17% 的複合年增長率增長，道瓊斯的利潤率從 15% 擴大到 24%而該部門的EBITDA 則增加了一倍以上。

Crucially, digital accounted for 80% of fiscal 2024 segment revenue, up from 67% in 2020, and the core B2B products have renewal rates north of 90%. In that same four-year span, total subscriptions in the consumer business have burgeoned early 55% with digital subs almost doubling. For the fourth quarter, Dow Jones gained 158,000 digital subscribers sequentially and digital advertising expanded 14% year over year, more than offsetting the expected declines in print advertising.

至關重要的是，數位業務佔 2024 財年部門收入的 80%，高於 2020 年的 67%，而且核心 B2B 產品的續訂率超過 90%。在同一四年內，消費者業務的總訂閱量激增了 55%，其中數位訂閱量幾乎翻了一番。第四季度，道瓊斯連續增加了 158,000 名數位訂戶，數位廣告年增 14%，遠遠抵消了印刷廣告的預期下降。

The quality of Wall Street Journal content continues to be a differentiator as our company signed a valuable multi-year content licensing agreement with the London Stock Exchange Group to provide WSJ news and analysis to its corporate clients, thus building our brand in the European marketplace.

《華爾街日報》內容的品質仍然是一個差異化因素，因為我們公司與倫敦證券交易所集團簽署了一份有價值的多年內容許可協議，向其企業客戶提供《華爾街日報》新聞和分析，從而在歐洲市場建立了我們的品牌。

HarperCollins reported a notably strong quarter with a more than 250% increase in segment EBITDA to $57 million as revenue rose 15% to $512 million, reflecting strength in Bible sales, in Amazon demand, and in audiobooks, thanks in part to our successful partnership with Spotify. The HarperCollins back catalog continued to perform vibrantly with The Bridgerton collection benefiting from the latest streaming series, while new works like Lucy Foley's The Midnight Feast and Sarah A. Parker's When the Moon Hatched reached fresh audiences.

哈珀柯林斯(Harper Collins) 報告稱，該季度的表現尤為強勁，部門EBITDA 增長了250% 以上，達到5,700 萬美元，收入增長了15%，達到5.12 億美元，反映出聖經銷售、亞馬遜需求和有聲讀物的強勁勢頭，這在一定程度上要歸功於我們與Spotify。哈珀柯林斯出版社的舊目錄繼續表現活躍，布里奇頓系列受益於最新的串流媒體系列，而露西·弗利的《午夜盛宴》和莎拉·A·帕克的《當月亮孵化時》等新作品吸引了新的觀眾。

Overall, digital sales grew 12%. And for the first time, audiobooks were a larger share of that segment than e-books, soaring by 28% in the quarter. That's right, 28%. There is much to cherish this quarter, including the latest works from best-selling authors Daniel Silva, Tessa Bailey, Lisa Turkish, and Jeffrey Archer, among others.

總體而言，數位銷售額成長了 12%。有聲書在該細分市場中的份額首次超過電子書，本季飆升 28%。沒錯，28%。本季有許多值得珍惜的內容，包括暢銷書作家丹尼爾席爾瓦、泰莎貝利、麗莎土耳其和傑弗瑞阿徹等人的最新作品。

One interesting sales phenomenon is the resurgence of interest in J.D. Vance's Hillbilly Elegy, which sold 150,000 copies in various formats within 24 hours after his selection as Donald Trump's running mate was announced. In July alone, Hillbilly Elegy sold 877,000 units which will have a positive impact on our Q1 results for fiscal 2025.

一個有趣的銷售現像是人們對J.D. 萬斯(J.D. Vance) 的《鄉巴佬輓歌》(Hillbilly Elegy) 的興趣重新燃起，在宣布他被選為唐納德·特朗普的競選搭檔後，該書在24小時內以各種格式售出了15 萬本。僅在 7 月份，Hillbilly Elegy 就售出了 877,000 輛，這將對我們 2025 財年第一季的業績產生積極影響。

At subscription video services, revenue in the quarter grew on both a reported and constant currency basis as streaming strength more than offset broadcast declines. Audiences are continuing to transition from traditional broadcast to over-the-top consumption.

在訂閱視訊服務方面，本季的營收按報告和固定匯率計算均有所增長，因為串流媒體的實力足以抵消廣播的下降。觀眾正繼續從傳統廣播轉變為過度消費。

We believe Foxtel is particularly well positioned for both subscriber and advertising growth, as Kayo and BINGE have gained traction given their unique strengths in sports and entertainment programming. Those two services added almost 200,000 paying subscribers in the quarter.

我們相信 Foxtel 在用戶和廣告成長方面處於特別有利的地位，因為 Kayo 和 BINGE 因其在體育和娛樂節目方面的獨特優勢而獲得了關注。這兩項服務在本季增加了近 20 萬名付費用戶。

And digital advertising now represents more than 40% of Foxtel's total advertising, with Kayo growing 42% compared to the prior year and the recently rolled out ad offering at BINGE growing fourfold. We will keep you updated on the advertising renaissance as the quarters unfold.

目前，數位廣告佔 Foxtel 廣告總量的 40% 以上，其中 Kayo 比前一年增長了 42%，最近在 BINGE 推出的廣告產品增長了四倍。隨著季度的展開，我們將隨時向您通報廣告復興的最新情況。

Our launch of the Hubbl service is still in its early days. But encouragingly, more than 30% of Hubbl customers are new to Foxtel, which is significant given our existing presence and profile in the Australian marketplace. About 75% of customers of the Hubbl aggregation service purchased an additional Foxtel product along with their device and subscription.

我們推出 Hubbl 服務仍處於早期階段。但令人鼓舞的是，超過 30% 的 Hubbl 客戶是 Foxtel 的新客戶，考慮到我們在澳洲市場的現有影響力和形象，這一點意義重大。大約 75% 的 Hubbl 聚合服務客戶購買了額外的 Foxtel 產品及其設備和訂閱。

On the broadcast side, ARPU grew 6% and churn was a pleasingly low 11.7% for the quarter. Foxtel continued to generate strong cash flow as we were able to monetize our long-term sports rights across multiple platforms.

在廣播方面，本季 ARPU 成長了 6%，而流失率則低至 11.7%，令人欣喜。 Foxtel 繼續產生強勁的現金流，因為我們能夠在多個平台上將我們的長期體育轉播權貨幣化。

In News Media, our profile and impact have only grown over the past year when many news organizations lost the plot editorially and commercially. The collapse of old and new media titles is in stark contrast to our mastheads and our journalists.

在新聞媒體中，我們的形象和影響力在過去一年才有所增長，當時許多新聞機構在編輯和商業上都失去了情節。新舊媒體的崩潰與我們的報頭和記者形成了鮮明的對比。

The quality of our journalism was a prime motivator for Sam Altman and his talented team at OpenAI with whom we are genuinely proud to partner. Leaders from both companies have already begun working together to improve the flow of trustworthy information and develop contemporary distribution channels. Those learnings will be deployed in newsrooms around the world to strengthen our journalists' understanding of how the digital reading experience is evolving and how we need to adapt to that changed content consciousness.

我們的新聞品質是 Sam Altman 及其才華橫溢的 OpenAI 團隊的主要動力，我們非常自豪能夠與他們合作。兩家公司的領導者已經開始共同努力改善可信賴資訊的流動並開發現代的分銷管道。這些知識將部署在世界各地的新聞編輯室中，以加強我們的記者對數位閱讀體驗如何演變以及我們需要如何適應變化的內容意識的理解。

Meanwhile, we are far from complacent and continuing to develop and reform our news media operations. We are in the midst of a restructuring in Australia designed to enhance our digital progress, while the New York Post was once again profitable this year after decades of chronic losses. And we will look to expand its audience and influence and profitability in the coming year.

同時，我們並沒有自滿，並繼續發展和改革我們的新聞媒體業務。我們正在澳洲進行重組，旨在加強我們的數位化進程，而《紐約郵報》在經歷了數十年的長期虧損後，今年再次實現盈利。我們將尋求在來年擴大其受眾、影響力和獲利能力。

It is worth highlighting that the post reached a monthly digital audience of 117 million unique visitors in June and that News Corp owns two of the top three best-selling print mastheads in the US with the Wall Street Journal and the New York Post.

值得強調的是，該貼文在 6 月的數位受眾數量達到了 1.17 億，而且新聞集團與《華爾街日報》和《紐約郵報》一起擁有美國最暢銷的三大印刷報頭中的兩個。

News UK under Rebekah Brooks leadership saw an improved profit contribution for the quarter and the full year, as we benefited from lower newsprint costs, increased digital subscriptions, cover price rises, and lower television expenses.

在麗貝卡·布魯克斯(Rebekah Brooks) 的領導下，英國新聞部(News UK) 本季和全年的利潤貢獻有所改善，因為我們受益於新聞紙成本降低、數位訂閱量增加、封面價格上漲和電視費用降低。

Our strong results for the year and record returns for the quarter would not have been possible without the leadership of Lachlan and Rupert Murdoch, the support of our Board, and the admirable efforts of our employees around the world. The company's enduring success is built on an honorable tradition of creativity and curiosity and integrity.

如果沒有拉克蘭和魯珀特·默多克的領導、董事會的支持以及我們世界各地員工的令人欽佩的努力，我們今年的強勁業績和本季度創紀錄的回報是不可能實現的。公司的持久成功建立在創造力、好奇心和誠信的光榮傳統之上。

Our success would also be impossible without the support of our shareholders and we are acutely conscious of our responsibility to generate value and provide robust returns to those who have invested both money and faith in News Corporation. And we are certainly not beholden to pass structures as we confront the future.

如果沒有股東的支持，我們的成功也是不可能的，我們敏銳地意識到我們有責任創造價值，並為那些對新聞集團投入資金和信心的人提供豐厚的回報。當我們面對未來時，我們當然不會被迫通過結構。

I now hand you to our CFO, the Sage, Susan Panuccio.

現在我將您交給我們的財務長、聖人蘇珊·帕努喬 (Susan Panuccio)。

Thank you, Robert, and good afternoon to everyone. As Robert highlighted, our transformation of News Corp continues at pace. We have materially grown recurring and digital revenues, added incremental high-margin licensing revenues, and focused our reinvestment plans primarily around the core pillars of book publishing, digital real estate services, and Dow Jones, where we expect the highest rate of returns and shareholder value creation.

謝謝羅伯特，大家下午好。正如羅伯特所強調的那樣，新聞集團的轉型仍在穩步推進。我們的經常性收入和數位收入大幅成長，增加了增量高利潤授權收入，並將我們的再投資計劃主要集中在圖書出版、數位房地產服務和道瓊斯等核心支柱上，我們預計這些領域的回報率和股東人數最高價值創造。

We continue to deliver cost efficiencies to mitigate inflationary pressures, but more importantly, to allow for investment in growth initiatives across our businesses. This disciplined approach has allowed us to deliver our second best year on record and our strongest-ever fiscal fourth-quarter profitability.

我們繼續提高成本效率，以減輕通膨壓力，但更重要的是，允許對整個業務的成長計劃進行投資。這種嚴格的方法使我們能夠實現有史以來第二好的一年和有史以來最強勁的第四財季獲利能力。

For today's discussion, I will focus on the fourth-quarter performance. Fourth-quarter total revenues were almost $2.6 billion, up 6% year over, year; and total segment EBITDA was $380 million, up 11% year over year. Margins improved by 70 basis points to 14.7%. Our core pillars accounted for 87% of News Corp's profits and grew at a robust 28%.

今天的討論，我將重點放在第四季的業績。第四季總營收近 26 億美元，年增 6%；分部 EBITDA 總額為 3.8 億美元，較去年同期成長 11%。利潤率提高了 70 個基點，達到 14.7%。我們的核心支柱佔新聞集團利潤的 87%，並以 28% 的強勁速度成長。

Fourth-quarter adjusted revenues rose 6% compared to the prior year, while adjusted total segment EBITDA rose 13% versus the prior year. For the quarter, we reported earnings per share of $0.09 compared to a $0.01 loss in the prior year. Adjusted earnings per share was $0.17 in the quarter compared to $0.14 in the prior year.

第四季調整後營收較上年成長 6%，而調整後總部門 EBITDA 較上年成長 13%。本季度，我們報告每股收益為 0.09 美元，而去年同期虧損 0.01 美元。本季調整後每股收益為 0.17 美元，去年同期為 0.14 美元。

Moving on to the results for the individual segments, starting with digital real estate services. Segment revenues were $448 million, up 21% versus the prior year on both a reported and adjusted basis.Segment EBITDA was $135 million, up 25% as higher profit contribution from the REA Group was partly offset by approximately $11 million of higher costs at Move, a similar increase to the third quarter.

接下來看看各個細分市場的結果，從數位房地產服務開始。分部營收為4.48 億美元，按報告和調整後計算，較上年增長21%。較高成本部分抵消，與第三季類似的成長。

Adjusted segment EBITDA grew 28%. REA had another outstanding quarter with revenues rising 37% year on year. Growth was driven by a combination of residential yield increases and improved growth in national listings, favorable geographic mix, and customer contract upgrades. New buy listings rose approximately 16% with Sydney up 26% and Melbourne, up 32%.

調整後部門 EBITDA 成長 28%。 REA 又一個出色的季度，營收年增 37%。住宅收益率的成長、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共同推動了成長。新買房量上漲約 16%，其中雪梨上漲 26%，墨爾本上漲 32%。

In addition, REA saw strong growth at financial services, which benefited from the absence of a negative valuation adjustment in the prior year and some improvement in settlements, together with higher revenue at REA India. Please refer to REA's earnings release and their conference call for more details.

此外，REA 在金融服務領域實現了強勁成長，這得益於上一年沒有出現負估值調整、結算方面有所改善，以及 REA India 的收入增加。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 for the quarter of $143 million were down just 2% compared to the prior year as declines continued to moderate from last year. For the quarter, real estate revenues fell 2%, driven by lower referral and lead generation revenues, reflective of the broader macro trends and lower transaction volumes.

Move 本季的營收為 1.43 億美元，與去年同期相比僅下降了 2%，降幅較去年繼續放緩。本季度，由於推薦和潛在客戶開發收入下降，房地產收入下降了 2%，這反映了更廣泛的宏觀趨勢和交易量的下降。

Lead volume was flat, still constrained by higher mortgage rates, while average monthly unique users for the quarter were also flat versus the prior year at $74 million, but up sequentially 3%. And -- it is worth noting that we have been able to maintain market share according to the MACOM score data.

潛在客戶數量持平，但仍受到抵押貸款利率上升的限制，而該季度的平均每月獨立用戶數也與上年持平，為 7,400 萬美元，但環比增長 3%。而且——值得注意的是，根據 MACOM 評分數據，我們已經能夠保持市場份額。

Encouragingly, we are continuing to have notable success diversifying our revenue base with accelerating performance from our sell-side offerings; rentals, which includes our newly formed partnership with Zillow; and new homes. Collectively, those businesses accounted for 19% of revenues in the quarter and grew substantially versus the prior year.

令人鼓舞的是，我們透過賣方產品的績效加速，在收入基礎多元化方面持續取得顯著成功；租金，其中包括我們與 Zillow 新建立的合作夥伴關係；和新家園。總的來說，這些業務佔本季營收的 19%，並且與前一年相比大幅成長。

As we communicated last quarter, we are focused on best positioning Realtor.com for a housing recovery. Our key strategic focus areas remain the same as we head into the new financial year and include modernizing our technology stack; investing in content for our product offerings, which most recently included the release of a new dynamic mapping feature; 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。進入新財年，我們的關鍵策略重點領域保持不變，包括實現技術堆疊現代化；投資於我們產品的內容，其中最近包括發布新的動態映射功能；並利用新聞集團的網絡來提高觀眾份額。

Turning to the subscription video services segment. Revenues for the quarter were $506 million, up 1% compared to the prior year. On an adjusted basis, revenues rose 2% versus the prior year. Streaming revenues accounted for 32% of circulation and subscription revenues versus 29% in the prior year.

轉向訂閱視訊服務領域。該季度營收為 5.06 億美元，比上年增長 1%。經調整後，營收較上年成長 2%。串流媒體收入佔發行和訂閱收入的 32%，而前一年為 29%。

Total closing paid subscribers across the Foxtel Group were nearly $4.7 million at quarter end, up 1% from the prior year. Total paid streaming subscribers reached a record $3.2 million, increasing 5% versus the prior year and accounting for nearly 70% of the total paying subscriber base, with Kayo adding 108,000 subscribers and BINGE adding 76,000 compared to the prior quarter. This speaks to the success of our winter sports codes and strong entertainment content.

截至季末，Foxtel 集團的付費用戶總數接近 470 萬美元，比上年成長 1%。付費串流媒體訂戶總數達到創紀錄的320 萬美元，比上年增長5%，佔付費訂戶總數的近70%，其中Kayo 較上一季度增加了108,000 名訂戶，BINGE 則較上一季度增加了76,000名訂戶。這證明了我們的冬季運動準則和強大的娛樂內容的成功。

Foxtel ended the quarter with over 1.2 million residential broadcast subscribers, down 10% year-over-year. Broadcast churn was 11.7% versus 11.1% in the prior year, but down from over 13% last quarter, while broadcast ARPU rose 6% to AUD90, benefiting 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 10%。廣播客戶流失率為 11.7%，去年同期為 11.1%，但低於上一季的 13% 以上，而廣播 ARPU 成長 6%，達到 90 澳元，受益於 3 月實施的新定價和包裝計畫。

As a result, broadcast revenues declined at the lowest rate in constant currency in over five years. Segment EBITDA in the quarter of $74 million was down only $4 million or 5% versus the prior year despite including approximately $28 million of costs related to Hubbl for devices and marketing. Excluding the Hubbl investment, Foxtel's profitability would have been higher for the quarter.

結果，以固定匯率計算，廣播收入以五年多來的最低水準下降。儘管包括與 Hubbl 相關的約 2,800 萬美元的設備和行銷成本，本季的部門 EBITDA 為 7,400 萬美元，與前一年相比僅下降了 400 萬美元或 5%。如果不包括 Hubbl 的投資，Foxtel 本季的獲利能力將會更高。

For the quarter, adjusted segment EBITDA fell 4%.

本季度，調整後部門 EBITDA 下降 4%。

Moving on to Dow Jones. Fourth-quarter results were again strong at Dow Jones with revenues of $566 million, up 4% year over year with digital revenue accounting for 81% of total revenues this quarter, up 2 percentage points from last year.

轉向道瓊。道瓊第四季業績再次強勁，營收達 5.66 億美元，年增 4%，其中數位營收佔本季總營收的 81%，較去年成長 2 個百分點。

Circulation and subscription-based revenues represented 79% of total revenues, again reinforcing the stability and recurring nature of the revenue base. We continue to see strong growth at PIB with revenues rising 8% year over year, including 12% growth at Risk & Compliance to $76 million and 14% growth at Dow Jones Energy to $65 million.

發行和訂閱收入佔總收入的 79%，再次增強了收入基礎的穩定性和經常性。我們繼續看到 PIB 的強勁成長，營收年增 8%，其中風險與合規部門成長 12%，達到 7,600 萬美元，道瓊能源部門成長 14%，達到 6,500 萬美元。

At Risk & Compliance, demand remains strong from new and existing customers with notable success in new products, including advanced media screening and financial instruments. From a customer mix perspective, corporate customers remain the fastest growth segment, growing over 20% and accounting for 45% of our customer base.

在風險與合規部門，新客戶和現有客戶的需求仍然強勁，他們在新產品（包括先進的媒體篩選和金融工具）方面取得了顯著的成功。從客戶結構的角度來看，企業客戶仍是成長最快的細分市場，成長超過20%，占我們客戶群的45%。

At Dow Jones Energy, revenue in the quarter continued to benefit from the pricing review together with the launch of a number of new products and benchmarks. Overall, retention remains strong at approximately 90%.

道瓊斯能源公司本季的收入繼續受益於定價審查以及一系列新產品和基準的推出。總體而言，保留率仍然很高，約為 90%。

Within the Dow Jones consumer business, circulation revenues rose 1% versus the prior year, with digital-only subscriptions improving by 16% year over year and higher by 158,000 sequentially. Bundling accounted for approximately 40% of the sequential digital-only volume growth in Q4.

在道瓊消費者業務中，發行收入較前一年成長 1%，純數位訂閱量年增 16%，較上年增加 158,000 份。捆綁銷售佔第四季純數位銷售季成長的約 40%。

ARPU was stable sequentially as the introductory pricing is starting to rise and the subscribers acquired over the past year have started to migrate to higher pricing. Advertising revenues increased 2% to $102 million, marking the first quarter of year-over-year growth since the first quarter of fiscal 2023.

由於介紹性定價開始上漲，並且過去一年獲得的訂戶已開始轉向更高的定價，因此 ARPU 連續穩定。廣告收入成長 2%，達到 1.02 億美元，這是自 2023 財年第一季以來首次出現同比增長。

Digital advertising improved 12%, and that marked the strongest growth since the fourth quarter of fiscal 2022, principally due to a rebound in the technology category. Print remained challenged down 13% and broadly consistent with recent quarters.

數位廣告成長了 12%，這是自 2022 財年第四季以來最強勁的成長，這主要是由於技術類別的反彈。印刷品仍面臨下降 13% 的挑戰，與最近幾季基本一致。

Digital represented 66% of advertising revenues, up from 60% last year. Dow Jones segment EBITDA for the quarter grew 3% to $137 million and was again the largest segment EBITDA contributor across the company.

數位廣告收入佔廣告收入的 66%，高於去年的 60%。道瓊斯部門本季 EBITDA 成長 3%，達到 1.37 億美元，再次成為該公司最大的部門 EBITDA 貢獻者。

As expected, expenses were higher this quarter, reflective of the phasing of marketing and higher employee costs, which includes a retro payment related to the ratification of a new union agreement. The Dow Jones segment finished as the highest contributor to full-year company revenue in financial year '24 for the first time and the highest contributor to total segment EBITDA for the second consecutive year.

正如預期的那樣，本季度的費用較高，反映出行銷的分階段和較高的員工成本，其中包括與批准新工會協議相關的追溯付款。道瓊斯分部首次成為 24 財年全年公司收入貢獻最大的公司，並連續第二年成為分部總 EBITDA 貢獻最大的公司。

At book publishing, the fourth quarter delivered very strong results and kept a robust turnaround for the full year at HarperCollins, which benefited from normalization of customer demand, strong Amazon sales, moderating inflationary pressure, an upswing in digital revenues, and much lower return rates. Revenues were $512 million, up 15%, while segment EBITDA improved over 250% to $57 million driven by strong top-line growth, coupled with easy comparisons in the prior year.

在圖書出版方面，哈珀柯林斯第四季度取得了非常強勁的業績，並在全年保持了強勁的扭虧為盈，這得益於客戶需求正常化、亞馬遜銷售強勁、通膨壓力緩和、數位收入上升以及退貨率大幅下降。營收為 5.12 億美元，成長 15%，而在強勁的營收成長以及與上一年的輕鬆比較的推動下，部門 EBITDA 成長了 250% 以上，達到 5700 萬美元。

That said, HarperCollins nearly matched its highest fourth-quarter revenue on record and achieved its highest fourth-quarter profitability since 2018 underscoring that the performance clearly wasn't just a function of easy comparisons.

儘管如此，哈珀柯林斯第四季度收入幾乎達到了有史以來的最高水平，並實現了自 2018 年以來最高的第四季度盈利能力，這突顯了其業績顯然不僅僅是簡單比較的結果。

The backlist contributed 62% of consumer revenues, up from 59% last year, while digital sales rose 12%, reaching 24% of consumer sales. Audiobooks rose 28% in part helped by the recent Spotify partnership and increased promotions from Audible, which led to audiobooks exceeding e-books for the first time this quarter.

回溯清單貢獻了消費者收入的 62%，高於去年的 59%，而數位銷售成長了 12%，達到消費者銷售額的 24%。有聲書成長了 28%，部分原因是最近與 Spotify 的合作以及 Audible 加大促銷力度，導致有聲書本季首次超過電子書。

Turning to news media, performance was mixed with News UK posting an improved performance for the quarter, which was more than offset by challenging conditions at News Corp Australia. Revenues for the quarter were $545 million, down 5% versus the prior year, while adjusted revenues fell 4%.

說到新聞媒體，業績好壞參半，英國新聞集團公佈本季業績有所改善，但澳洲新聞集團充滿挑戰的狀況足以抵銷這一改善。該季度營收為 5.45 億美元，比去年同期下降 5%，調整後營收下降 4%。

Circulation and subscription revenue fell 3% on a reported and constant currency basis due to lower print volumes in the absence of [measure] revenues in Australia, which more than offset cover price increases and digital subscriber growth. Advertising was down 5% on a reported basis and 4% in constant currency, with UK digital advertising more challenged due to the continued impact from platform algorithm changes.

由於澳洲缺乏[衡量]收入，印刷量下降，發行量和訂閱收入按報告和固定貨幣計算下降了 3%，這足以抵消封面價格上漲和數位訂戶成長。以報告計算，廣告下降 5%，以固定匯率計算下降 4%，由於平台演算法變化的持續影響，英國數位廣告面臨更大挑戰。

As our News Media businesses face ongoing print challenges, they continue to focus on their transition to digital revenues and ongoing cost efficiencies. Segment EBITDA of $28 million declined $17 million or 38%, which was attributed to challenges at News Australia, including higher newsprint prices. Adjusted segment EBITDA declined 38%.

由於我們的新聞媒體業務面臨持續的印刷挑戰，他們繼續關注向數位收入的過渡和持續的成本效率。部門 EBITDA 為 2800 萬澳元，下降了 1700 萬澳元，即 38%，這歸因於澳洲新聞社面臨的挑戰，包括新聞紙價格上漲。調整後部門 EBITDA 下降 38%。

Turning to the outlook. Market trends remain mixed geographically. However, we exited the fiscal fourth quarter with total segment EBITDA growth, and we hope to see improvements going in fiscal 2025.

轉向前景。從地理來看，市場趨勢仍參差不齊。然而，我們在第四財季結束時，部門 EBITDA 整體成長，我們希望看到 2025 財年有所改善。

Some themes across each of our segments. At digital real estate, Australian residential new buy listings for July are up 12%, although the listing volume increase benefited from two additional working days. REA should benefit from an average 10% price increase in Premier Plus that has been successfully implemented.

我們每個細分市場的一些主題。在數位房地產方面，澳洲 7 月新買住宅掛牌量增加了 12%，儘管掛牌量的成長得益於兩個工作日的增加。 REA 應該會受益於已成功實施的 Premier Plus 平均 10% 的價格上漲。

Year-over-year growth rates for fiscal 2025 will reflect strong prior period listing volumes, particularly for Melbourne and Sydney. Move plans to continue with their investment strategy focused on technology improvements and enhanced content and product offerings. We hope to see some revenue improvements given expected interest rate cuts and continued growth from adjacencies.

2025 財年的年成長率將反映出前期強勁的掛牌量，尤其是墨爾本和雪梨。 Move 計劃繼續實施專注於技術改進以及增強內容和產品的投資策略。鑑於預期的降息和周邊地區的持續成長，我們希望看到收入有所改善。

We will be closely monitoring the impact from the implementation of the new buyer agent rules, but we believe we are well placed to benefit from the expected market recovery given the scale of our audience, the quality of our leads, and expansion of our adjacencies.

我們將密切關注新買家代理規則實施的影響，但我們相信，鑑於我們的受眾規模、潛在客戶的品質以及鄰近地區的擴張，我們完全有能力從預期的市場復甦中受益。

At subscription video services, we plan to continue to scale streaming products while retaining high-value broadcast customers through improved ARPU and churn measures. While we anticipate the rate of investment at Hubbl to be lower in fiscal 2025, we do expect modestly higher programming costs related to sports rights escalators.

在訂閱視訊服務方面，我們計劃持續擴大串流媒體產品的規模，同時透過改進 ARPU 和客戶流失措施留住高價值廣播客戶。雖然我們預計 2025 財年 Hubbl 的投資率會較低，但我們確實預期與運動版權手扶梯相關的專案成本會適度增加。

At Dow Jones, we will remain focused on B2B growth, including upselling and new products across Risk & Compliance and Dow Jones Energy. We expect to see improved circulation revenue growth through digital subscription step-up pricing, and we'll be monitoring those trends very closely.

在道瓊斯，我們將繼續專注於 B2B 成長，包括風險與合規和道瓊斯能源的追加銷售和新產品。我們預計透過數位訂閱逐步定價將提高發行收入成長，並且我們將非常密切地監視這些趨勢。

While we expect the rate of expenses to be moderately higher year over year due to investment, notably in B2B, we will continue to focus on cost efficiencies to drive growth.

雖然我們預計由於投資（尤其是 B2B 領域的投資），費用率將同比略有上升，但我們將繼續專注於成本效率以推動成長。

At book publishing, we have seen strong momentum from the backlist in July, including a resurgence from J.D. Vance's Hillbilly Elegy, and are very pleased with the partnership with Spotify, which is driving increased competition in audiobooks. We hope to see further profit improvements in 2025, albeit likely at a much more modest rate given more normalized prior year comparisons.

在書籍出版方面，我們看到了 7 月重新出版的強勁勢頭，包括 J.D. Vance 的 Hillbilly Elegy 的複蘇，並且對與 Spotify 的合作感到非常滿意，這正在推動有聲讀物的競爭加劇。我們希望看到 2025 年利潤進一步改善，儘管考慮到與往年相比，利潤可能會小得多。

At news media, the advertising market remains challenging, and the businesses will continue to focus on enhancing first-party data offerings with an emphasis on video to drive higher-quality advertising. We expect the segment to benefit from lower talkTV costs together with savings associated with the new commercial printing joint venture in the UK and ongoing operational efficiencies will remain a focus.

在新聞媒體領域，廣告市場仍然充滿挑戰，企業將繼續專注於增強第一方數據產品，重點是視頻，以推動更高品質的廣告。我們預計該細分市場將受益於 TalkTV 成本的降低以及與英國新商業印刷合資企業相關的節省，並且持續的營運效率仍將是焦點。

We will see new revenue from our OpenAI partnerships in fiscal 2025 reflected in the Dow Jones and news media segments. We expect CapEx in fiscal 2025 to be moderately higher than in fiscal 2024, primarily due to digital reinvestment in our growth pillars.

2025 財年，我們將看到 OpenAI 合作夥伴帶來的新收入反映在道瓊指數和新聞媒體板塊中。我們預計 2025 財年的資本支出將略高於 2024 財年，這主要是由於我們對成長支柱的數位再投資。

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。

Thank you. We will now start the Q&A session. (Operator Instructions) David Karnovsky, JPMorgan.

謝謝。我們現在開始問答環節。 （操作員指示）David Karnovsky，摩根大通。

Hi. Thank you. Robert, on the Foxtel third-party interest, can you say anything about the nature of the transaction that's being contemplated? And are you engaged with one or multiple parties? It was a little unclear for your remarks. And then how does the potential interest here complicate the thinking or maybe even the time line behind the broader process of the strategic review?

你好。謝謝。羅伯特，關於 Foxtel 第三方利益，您能談談正在考慮的交易的性質嗎？您是否與一個或多個團體有聯繫？你的言論有點不清楚。那麼這裡的潛在利益如何使思考甚至更廣泛的策略審查過程背後的時間線變得複雜？

Well, David, you can see from my earlier statement that there are various processes in motion. We have had an overture a significant overdue, which we're naturally assessing.

好吧，大衛，你可以從我之前的陳述中看到，有各種各樣的過程在進行中。我們已經提出了一個嚴重遲來的提議，我們自然正在對其進行評估。

But let me make absolutely clear that we have full faith in the potential of Foxtel and our talented team at Foxtel who've fashioned a world-class viewing experience and [credit] Kayo, which really is the best sports streaming platform globally, hence the interest in emulating its success in the US.

但讓我絕對明確地說，我們對 Foxtel 和 Foxtel 的才華橫溢的團隊充滿信心，他們創造了世界一流的觀看體驗和 [信用] Kayo，它確實是全球最好的體育流媒體平台，因此有興趣效仿其在美國的成功。

But on behalf of shareholders, we obviously have to evaluate any interest knowing that we are ourselves fervent Foxtel fans. I mean the streaming business is surging, and broadcast ARPU in the most-recent quarter was 6% higher than a year earlier.

但代表股東，我們顯然必須評估任何興趣，因為我們自己就是 Foxtel 的狂熱粉絲。我的意思是串流媒體業務正在蓬勃發展，最近一個季度的廣播 ARPU 比去年同期高出 6%。

But secondly, strategically, we have been undertaking a broad review of our portfolio and its potential in the quest to increase shareholder value. Now that review continues to pace. But on that particular matter, you'll have to stay tuned, but not indefinitely, not perpetually, not at infinitum.

但其次，從策略上講，我們一直在對我們的投資組合及其在尋求增加股東價值方面的潛力進行廣泛的審查。現在，審查仍在繼續進行中。但在那個特定的問題上，你必須保持關注，但不是無限期的、不是永久的、不是無限期的。

Thank you. David. Leila, we'll take our next question please.

謝謝。大衛.萊拉，我們將回答下一個問題。

Kane Hannan, Goldman Sachs.

凱恩·漢南，高盛。

Morning, guys. Just to deal with OpenAI. I mean, your agents were talking about [US 250] over five years.Is there any more color or things you can talk about around that deal that would help us? I mean particularly, how much of that value in the deal was around the back catalog, which may not need to be renewed in five years' time versus the ongoing content production?

早安，夥計們。只是為了對付OpenAI。我的意思是，你們的經紀人在五年內一直在談論 [US 250]。我特別指的是，交易中的價值有多少是圍繞過往目錄的，與正在進行的內容製作相比，這些目錄在五年內可能不需要更新？

Kane, we really can't go into the precise details, but you will be able to see the impact in our news businesses. It's tangible, it's meaningful. The way to regard the OpenAI agreement is that there will be a guaranteed amount and the two companies will be working to create products that generate even more value for both companies.

凱恩，我們確實無法詳細說明，但您將能夠看到對我們新聞業務的影響。它是有形的、有意義的。看待 OpenAI 協議的方式是，會有一個保證金額，兩家公司將致力於創造為兩家公司創造更多價值的產品。

The OpenAI team under Sam Altman has a sophisticated sense of how to productize profitably and with principal. And neither of those qualities are given with all Gen AI players, some of whom are merely content carpet baggers.

Sam Altman 領導的 OpenAI 團隊對於如何獲利和本金有著深刻的認知。所有 Gen AI 玩家都沒有具備這些特質，其中有些人只是滿足於地毯式的裝袋者。

Thank you, Kane. Leila, we'll take our next question, please.

謝謝你，凱恩。萊拉，我們將回答下一個問題。

Entcho Raykovski, Evans & Partners.

Entcho Raykovski，埃文斯合夥人。

Hi, Robert. Hi, Susan. I've got a Foxtel transaction question as well. I mean assuming some Foxtel transaction goes ahead, do you still expect to be able to recoup all of the Foxtel shareholder loans? And if you can remind us how much is still outstanding, I think that would be quite helpful in relation to those loans.

嗨，羅伯特。嗨，蘇珊。我也有 Foxtel 交易問題。我的意思是，假設 Foxtel 的某些交易繼續進行，您是否仍期望能夠收回所有 Foxtel 股東貸款？如果您能提醒我們還有多少未償還貸款，我認為這對這些貸款將非常有幫助。

And I mean, I appreciate there's only so much you can say, but is that a trade or financial buyer that's most interested? What do you -- I mean, what do you think is the most likely identity of the buyer that ends up coming through?

我的意思是，我很高興您能說的就這麼多，但最感興趣的是貿易或金融買家嗎？你是什​​麼意思——我的意思是，你認為最終買家最有可能的身份是什麼？

Well, look, Entcho, as for Foxtel, we just want to be sure that the process is full and fair and to reassure our cherished colleagues that the external interest should be seen as a clear vote of confidence in what they have achieved and how they have positively transformed the company.

嗯，聽著，Entcho，至於Foxtel，我們只是想確保整個過程是完整和公平的，並向我們親愛的同事保證，外部利益應該被視為對他們所取得的成就以及他們如何實現的明確信任票。

I mean you recall the skepticism about Foxtel's fate four or five years ago. That skepticism has become optimism, and the company's performance has obviously caught the eye, the discerning eye, dare I say, of others who not only see a great company, but in these turbulent troubled times, an expanding market like Australia, which offers regulatory certainty and ongoing economic opportunity.

我的意思是，你還記得四、五年前人們對 Foxtel 命運的懷疑。這種懷疑已經變成了樂觀，公司的業績顯然吸引了人們的目光，我敢說，其他人的眼光是敏銳的，他們不僅看到了一家偉大的公司，而且在這個動盪不安的時代，看到了像澳洲這樣不斷擴大的市場，它提供了監管確定性和持續的經濟機會。

And Entcho, just in relation to the shareholder loans, they're just shy of $600 million outstanding at the moment. And clearly, any transaction would contemplate what we do with those loans.

而 Entcho，僅就股東貸款而言，目前未償還的貸款接近 6 億美元。顯然，任何交易都會考慮我們如何處理這些貸款。

Thank you, Entcho. Leila, we will take our next question, please.

謝謝你，恩喬。萊拉，我們將回答下一個問題。

Brian Han, Morningstar.

布萊恩漢，晨星公司。

Hello. Good morning. You guys have been investing in Move for some time now, yet the traffic numbers for Realtor.com continued to be pretty stagnant. So will there be any changes in the kind of investments you'll be making in Move?

你好。早安.你們已經投資 Move 一段時間了，但 Realtor.com 的流量數字仍然相當停滯。那麼，您對 Move 的投資類型會有什麼改變嗎？

Brian, our unique users in Q4 were 3% higher sequentially at $74 million, even though the market itself is sluggish and the competition is more intense. But the most important thing to bear in mind with Realtor that Damian and the team have been doing a vast amount of work in improving the tech, the experience. And so they're poised with poise, day I say, given that the market does seem on the cusp of a revival.

Brian，儘管市場本身低迷且競爭更加激烈，但我們第四季的獨立用戶數比上一季成長了 3%，達到 7,400 萬美元。但對於房地產經紀人來說，最重要的是要記住，達米安和團隊在改進技術和體驗方面做了大量工作。所以我說，考慮到市場確實正處於復甦的風口浪尖，他們泰然自若。

And as mentioned earlier, we've seen from our Australian experience that an extended period of suppressed demand can lead to almost an explosion in activity as families can finally afford to make the moves that they've been delaying. And once those movements start, there will be more liquidity, which of itself stimulates further demand.

正如前面提到的，我們從澳洲的經驗中看到，長期的需求抑制可能會導致活動幾乎爆炸，因為家庭終於有能力採取他們一直推遲的行動。一旦這些運動開始，就會出現更多的流動性，這本身就會刺激進一步的需求。

Have to say that Damian has done an excellent job in taking full advantage of our media platforms to raise the profile of Realtor and drive traffic. And there's much anticipation, excitement at Realtor.

不得不說，達米安在充分利用我們的媒體平台來提高房地產經紀人的知名度和增加流量方面做得非常出色。房地產經紀人充滿期待和興奮。

And in particular, because the revenue of the newer product lines, seller, for example, is markedly higher than a year ago. The US has traditionally been a bio-led market, but the Australian market where we've had stunning success with REA is a seller market. So we're pleased to see that growth trend here.

特別是，因為新產品線的收入，例如賣家，明顯高於一年前。美國傳統上是一個生物主導市場，但我們在 REA 方面取得了驚人成功的澳洲市場是一個賣方市場。因此，我們很高興看到這種成長趨勢。

And we're also pleased to see today that 30-year mortgage rates dropped to a 15-month low to 6.47%. Now it's fair to presume that rate will continue to fall over time. And historically, there's been a corresponding increase in housing activity.

今天我們也很高興看到 30 年期抵押貸款利率降至 15 個月低點 6.47%。現在可以公平地假設該利率將隨著時間的推移而繼續下降。從歷史上看，住房活動也相應增加。

And Brian, to that end, and to what Robert was saying, we will keep investing in the business because we believe in the business. We expect the cost increases to be modest for the full year, with the increases more weighted to the second half. But you can expect that the dollar value of those increments are going to be less than the dollar value of the increments that you saw in Q3 and Q4 of this year.

布萊恩，為此，以及羅伯特所說的，我們將繼續投資這項業務，因為我們相信這項業務。我們預計全年成本上漲幅度較小，下半年的上漲幅度更大。但您可以預期，這些增量的美元價值將低於您在今年第三季和第四季看到的增量的美元價值。

Thank you, Brian. Leila, we will take our next question, please.

謝謝你，布萊恩。萊拉，我們將回答下一個問題。

Darren Leung, Macquarie.

梁達倫，麥格理。

Good morning, guys. Thanks for the opportunity and congrats on the good results. My question was just in relation to Foxtel, maybe just on the operational side. Robert, you made some comments about the improvement in Foxtel thus far.

早安，夥計們。感謝您提供的機會並祝賀取得了良好的成績。我的問題只是與 Foxtel 有關，也許只是在營運方面。羅伯特，您對 Foxtel 迄今為止的改進發表了一些評論。

I guess when I think about the Investor Day in 2021, there were sort of three major aspirational targets, subscribers, revenue, CapEx targets, things like that. We hit 2024, and we're just a little bit shy of those targets.

我想當我想到 2021 年的投資者日時，有三個主要的理想目標：訂閱者、收入、資本支出目標，諸如此類。我們已經到了 2024 年，距離這些目標還差一點點。

I guess I'm keen to hear if there's any update in terms of how you're thinking about those new targets either from a commentative perspective or from a timeline perspective, particularly in light of the strategic review. Thanks.

我想我很想知道你們如何從評論角度或從時間表角度思考這些新目標，特別是考慮到戰略審查，是否有任何更新。謝謝。

Darren, we can't really reveal any more figures than we already have today. But our ambitions for Foxtel are undaunted. And I think what is particularly striking is that you're seeing growth in the streaming business while combined with about 6% increase in ARPU in the broadcast segment.

達倫，我們無法透露比今天更多的數據。但我們對 Foxtel 的雄心壯志毫不畏懼。我認為特別引人注目的是，您看到串流媒體業務的成長，同時廣播領域的 ARPU 成長了約 6%。

So you're not seeing the fundamentally fatal contradictions that you are at some broadcasting companies in other parts of the world, which is why, no doubt, the success of Kayo, the success of BINGE, the emerging success of Hubbl have attracted a certain amount of attention.

所以你沒有看到世界其他地方的一些廣播公司存在的根本性致命矛盾，這就是為什麼毫無疑問，Kayo 的成功、BINGE 的成功、Hubbl 的新興成功吸引了一定的關注。

And Darren, since we had that Investor Day, I mean, it's fair to say that the landscape has changed materially over the last couple of years. But we're really proud of the fact that the streaming subscribers are an all-time high.

達倫，自從我們舉辦了投資者日以來，我的意思是，可以公平地說，過去幾年的情況發生了重大變化。但令我們感到非常自豪的是，串流媒體訂閱者數量創歷史新高。

We have been taking price across our broadcast and our streaming products in order to focus on that revenue growth. And our CapEx, notwithstanding the investment in Hubbl in the current year, has been coming down. So I think we feel pretty good about those targets that we put out there.

為了專注於收入成長，我們一直在對廣播和串流媒體產品進行定價。儘管今年對 Hubbl 進行了投資，但我們的資本支出一直在下降。所以我認為我們對我們提出的這些目標感覺很好。

Thank you, Darren. Leila, we'll take our next question.

謝謝你，達倫。萊拉，我們將回答下一個問題。

Lucy Huang, UBS.

露西黃，瑞銀。

Hi, Robert, and hi, Susan. So my question is on cost as well coming into FY25. I mean I think this year, we've seen pretty strong cost control across the business. Just wondering how we should be thinking about the cost momentum into '25?

嗨，羅伯特，嗨，蘇珊。所以我的問題是關於 25 財年的成本。我的意思是，我認為今年，我們在整個業務中看到了相當強大的成本控制。只是想知道我們應該如何考慮 25 世紀的成本動量？

I note that recently, you made some changes in the Australian business as well to take some cost out. So just wondering if we can go through some puts and takes.

我注意到最近你們對澳洲業務也做了一些改變，以減少一些成本。所以只是想知道我們是否可以進行一些操作。

Look, we talk about this each quarter. I think we feel pretty good about our cost cadence. Clearly, it's going to be different depending on the segments that we operate in. We're just talking about Realtor expecting that whilst they will still focus on cost efficiencies there's likely to be reinvestment in that segment.

聽著，我們每季都會討論這個問題。我認為我們對成本節奏感覺很好。顯然，根據我們經營的細分市場的不同，情況會有所不同。

Within news media, we have sort of got a little bit ahead of the game in that the UK has done their transition from linear of talkTV and the commercial joint venture printing venture that we've mentioned. So that will give them some good cost savings coming into '25.

在新聞媒體方面，我們在這場遊戲中領先了一點，因為英國已經完成了從線性的 talkTV 到我們提到的商業合資印刷企業的轉型。因此，這將為他們在 25 世紀節省一些很好的成本。

And as you mentioned, News Corp Australia has restructured down there. So that will also give some added momentum going into the new year.

正如你所提到的，澳洲新聞集團已經在那裡進行了重組。因此，這也將為新的一年帶來一些額外的動力。

We expect across Dow Jones that costs would increase probably mid-single digits. That's pretty consistent with what we saw this year, and that supports the fact that that business is growing, particularly on the B2B side of the business.

我們預計道瓊斯指數的成本可能會增加中個位數。這與我們今年看到的情況非常一致，並且支持了該業務正在成長的事實，特別是在 B2B 業務方面。

And HarperCollins really, their costs have started to stabilize off the back of a pretty choppy couple of years. And so we expect that the margins of that business will be broadly consistent as we go into 2025.

事實上，哈珀柯林斯公司的成本在經歷了幾年的相當波動後已經開始穩定下來。因此，我們預計到 2025 年該業務的利潤率將大致保持一致。

Thank you, Lucy. Leila, we'll take our next question, please.

謝謝你，露西。萊拉，我們將回答下一個問題。

Alan Gould, Loop Capital.

艾倫·古爾德，Loop Capital。

Thank you. I've got two questions, please. First, Robert, how does signing the OpenAI deal impact your negotiations with other Gen AI companies?

謝謝。我有兩個問題，請教。首先，Robert，簽署 OpenAI 協議對您與其他 Gen AI 公司的談判有何影響？

And my second question is, both you and Susan in the press release discussed the divisions -- the three divisions that are the pillars of growth. It makes one think when we have the other two divisions.

我的第二個問題是，您和蘇珊在新聞稿中都討論了這些部門——作為成長支柱的三個部門。當我們擁有另外兩個部門時，這會讓人思考。

Now Foxtel may take care of itself. And I don't know if Rupert and Lachlan are on the call, but I know that News Media is the genesis of the company. But you see the -- it'd be simpler and the company will be growing quicker without those two divisions? So just your thoughts on those two questions. Thank you.

現在 Foxtel 可能會照顧好自己。我不知道魯珀特和拉克蘭是否參加了電話會議，但我知道新聞媒體是公司的起源。但你看，如果沒有這兩個部門，事情會比較簡單，公司也會發展得更快？所以只是你對這兩個問題的想法。謝謝。

Well, Alan, I'll take the second question first. We're constantly reviewing our structure. We're very proud of all the divisions and the growth that we're seeing across the majority of them over the past quarter and the past year, you can see from yourself from new accounts.

好吧，艾倫，我先回答第二個問題。我們不斷審查我們的結構。我們對所有部門以及我們在過去一個季度和過去一年中看到的大多數部門的成長感到非常自豪，您可以從新客戶中看到這一點。

As for OpenAI, we have made clear in the past that we would prefer to woo rather than to sue, to negotiate rather than to litigate. But for some, the process of suing has started. Now sometimes, the threat of suing can be a precursor to wooing, but we will surely see the upcoming coming months.

至於OpenAI，我們過去已經明確表示，我們更願意拉攏而不是起訴，願意談判而不是訴訟。但對一些人來說，起訴過程已經開始。有時，起訴的威脅可能是求愛的先兆，但我們肯定會在接下來的幾個月中看到這一點。

And Alan, just to add just on News Media, we have been really focusing on that segment in order to keep that segment stable and transition to digital. They've faced enormous headwinds since we separated.

艾倫，僅補充新聞媒體，我們一直非常關注該細分市場，以保持該細分市場的穩定並向數位化過渡。自從我們分開以來，他們面臨著巨大的阻力。

And that business has actually done an enormous job in light of the huge print declines that we've seen across those businesses. And those businesses also provide a valuable audience that we use across the rest of the portfolio.

鑑於我們在這些業務中看到的印刷量大幅下降，該業務實際上已經做了巨大的工作。這些業務還提供了我們在投資組合的其餘部分中使用的寶貴受眾。

They've really helped REA with advertising from a marketing perspective. They help audience growth across Move. They've helped support Foxtel with some of the marketing efforts down in Australia. And so we do utilize those segments in a broader way across the portfolio.

從行銷角度來看，他們確實為 REA 的廣告提供了幫助。它們幫助 Move 的受眾成長。他們幫助支持 Foxtel 在澳洲的一些行銷工作。因此，我們確實在整個投資組合中以更廣泛的方式利用這些細分市場。

And just to reinforce that point, for example, at the New York Post, we have 117 million monthly uniques. There's content complementarity with Realtor. That's true for many of our media properties around the world, the combination between our news media properties in Australia and REA and Foxtel. So these companies together are far more than the sum of the parts.

為了強調這一點，例如，在《紐約郵報》，我們每月有 1.17 億獨立用戶。與房地產經紀人有內容互補性。我們在世界各地的許多媒體資產都是如此，包括我們在澳洲的新聞媒體資產與 REA 和 Foxtel 的結合。因此，這些公司加起來遠大於各部分的總和。

And the content is hugely valuable when we think about these content deals that we're doing across the business. They have valuable archives that go back hundreds of years that are hugely important to us.

當我們考慮我們在整個企業中進行的這些內容交易時，這些內容非常有價值。他們擁有數百年前的寶貴檔案，對我們來說非常重要。

Thank you, Alan. Leila, we'll take our next question, please.

謝謝你，艾倫。萊拉，我們將回答下一個問題。

Craig Huber, Huber Research.

克雷格‧胡貝爾，胡貝爾研究中心。

Yes, hi. Thank you. Robert, I just wanted to ask you [if I] asking you in prior calls about the simplifying the company. Obviously, almost nine months to the day, you made the formal public announcement of looking at the process of simplifying the company. We're here nine months later. When I asked you three months ago, you sort of hinted that part of the holdup here with on the regulatory side of things and stuff.

是的，嗨。謝謝。羅伯特，我只是想問你，[我是否]在之前的電話中詢問過你有關簡化公司的問題。顯然，近九個月後的今天，您正式公開宣布考慮簡化公司的流程。九個月後我們來到這裡。當我三個月前問你時，你暗示了這裡的部分阻礙與監管方面的事情有關。

I guess my question, honestly, is, why was that not anticipated? And also, why would -- did you guys go public with your thoughts that you want to simplify the company nine months as opposed to just waiting longer here and do more homework in the background?

老實說，我想我的問題是，為什麼沒有預料到這一點？而且，為什麼你們要公開表達自己的想法，即希望將公司簡化九個月，而不是在這裡等待更長的時間並在後台做更多的功課？

Because you talked about before, you have -- you did a lot of work on this before you made the public announcement, and we're still here on nine months later. I know a lot of investors are quite eager to see a simplification of the company here, and so we're sitting here nine months into it.

因為你之前談過，在公開宣布之前，你在這方面做了很多工作，九個月後我們仍然在這裡。我知道很多投資人都非常渴望看到公司的簡化，所以我們已經坐在這裡九個月了。

It doesn't sound like it's around the quarter. I don't know that for sure. But I guess my question is how much longer is this going to -- the process is going to take? I know it's a complicated company , but is it just simple -- just the regulatory side of things that's what slowing this whole thing down? Thank you.

聽起來不像是本季左右。我不確定。但我想我的問題是這個過程需要多長時間？我知道這是一家複雜的公司，但這只是簡單的事情嗎——只是監管方面的事情導致了整個事情的進展？謝謝。

Craig, we're constantly -- institutionally, in perspective, we've obviously been engaged in the process. And as I indicated earlier, that process will not continue indefinitely nor perpetually. But we have actually already completed a significant amount of regulatory work to make possible that kind of introspection.

克雷格，我們一直在──從制度上、從角度來看，我們顯然一直在參與這個過程。正如我之前指出的，這個過程不會無限期或永久地持續下去。但實際上我們已經完成了大量的監管工作，使這種反思成為可能。

But we can't give you a specific date. We can assure you that there's much effort going on. And obviously, that effort now coincides with interest in Foxtel, that process has to play out in a full and fair manner for all concerned. But clearly, there will be a certain amount of tension on that in coming weeks and coming days.

但我們無法給您具體日期。我們可以向您保證，我們正在付出很多努力。顯然，這項努力現在與 Foxtel 的興趣不謀而合，這一過程必須以全面、公平的方式對所有相關方進行。但顯然，未來幾週和幾天內將會出現一定程度的緊張局勢。

Thank you, Craig. Thanks, Craig. Leila, we'll take our next question, please.

謝謝你，克雷格。謝謝，克雷格。萊拉，我們將回答下一個問題。

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

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。

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

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。