News Corp (NWS) 2026 Q1 法說會逐字稿

Welcome to News Corp's first quarter fiscal 2026 earnings conference call. Today's conference is being recorded. (Operator Instructions) At this time, I'd like to turn the conference over to Michael Florin, Senior Vice President and Head of Investor Relations. Please go ahead.

歡迎參加新聞集團2026財年第一季財報電話會議。今天的會議正在錄影。（操作員指示）現在，我將把會議交給高級副總裁兼投資者關係主管邁克爾·弗洛林。請繼續。

Thank you very much, operator. Hello, everyone, and welcome to News Corp's fiscal first quarter 2026 earnings call. We issued our earnings press release about 30 minutes ago, and it's now posted on our website at newscorp.com. On the call today are Robert Thomson, Chief Executive; and Lavanya Chandrashekar, Chief Financial Officer. We'll open with some prepared remarks, and then we'll be happy to take questions from the investment community.

非常感謝接線生。大家好，歡迎參加新聞集團2026財年第一季財報電話會議。我們大約30分鐘前發布了獲利新聞稿，現在已發佈在我們的網站newscorp.com上。今天參加電話會議的有執行長羅伯特·湯姆森和財務長拉瓦尼亞·錢德拉謝卡爾。我們將首先發表一些準備好的講話，然後我們很樂意接受投資界的提問。

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含有關新聞集團業務和策略的某些前瞻性資訊。實際結果可能與所述內容有重大差異。新聞集團的 10-K 表格和 10-Q 表格文件中列明了可能導致實際結果與預期結果存在差異的風險和不確定性，並包含有關前瞻性資訊的警示性聲明。

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一些非GAAP財務指標，例如總分部EBITDA、調整後分部EBITDA和調整後每股盈餘。此類指標的定義以及 GAAP 與非 GAAP 的調整表可在我們網站上發布的適用期間的盈利報告中找到。

With that, I'll pass it over to Robert Thomson for some opening comments.

接下來，我將把麥克風交給羅伯特‧湯姆森，請他發表一些開場白。

Thank you, Mike. Following a sterling performance in fiscal 2025, one that marked a record year for profitability on a continuing operations basis, News Corp continued to increase both revenue and profitability in the first quarter of fiscal 2026 led by strength at Dow Jones and Digital Real Estate Services and bolstered by digital and AI related revenues. The positive signs came despite an uncharacteristically weak performance in Book Publishing, which has shown clear signs of improvement in recent weeks.

謝謝你，麥克。在 2025 財年取得優異業績（持續經營業務盈利創歷史新高）之後，新聞集團在 2026 財年第一季繼續提高收入和盈利能力，這主要得益於道瓊斯和數位房地產服務業務的強勁表現，以及數位和人工智慧相關收入的推動。儘管圖書出版業表現異常疲軟，但整體仍呈現出正面的跡象，不過近幾週來，圖書出版業已明顯出現好轉跡象。

The Book Publishing results this quarter included a write-off related to the expected closure of a book distributor. But overall, our revenue for the period rose 2% versus the prior year to $2.14 billion, and total segment EBITDA increased by 5% to $340 million.

本季圖書出版業務的業績包括與一家圖書經銷商預期倒閉相關的減損損失。但整體而言，我們本期營收比上年同期成長 2%，達到 21.4 億美元，部門總 EBITDA 成長 5%，達到 3.4 億美元。

Net income from continuing operations was $150 million, up from $149 million last year. And our adjusted EPS rose from $0.20 to $0.22 in the quarter. Clearly, our current cash position is robust, and we expect to generate strong free cash flow this fiscal year and have thus materially increased the rate of our share buybacks. We believe our shares are undervalued, given the sum of our valuable parts and our profit trajectory. So we will continue to focus on ways and means to maximize shareholder value.

持續經營業務淨利為 1.5 億美元，高於去年的 1.49 億美元。本季調整後的每股收益從 0.20 美元增至 0.22 美元。顯然，我們目前的現金狀況良好，預計本財年將產生強勁的自由現金流，因此大幅提高了股票回購速度。我們認為，考慮到我們各部分的價值總和以及我們的獲利前景，我們的股票被低估了。因此，我們將繼續專注於如何最大限度地提高股東價值。

One other notable misconception is the value of IP in the age of AI. Information and sophisticated data are the essence of AI. And without these essential ingredients, AI is but empty, vacuous, ignorant infrastructure, electricity without alacrity, buildings without billings, chips without chops.

另一個值得注意的誤解是人工智慧時代的智慧財產權價值。資訊和複雜數據是人工智慧的本質。如果沒有這些基本要素，人工智慧就只不過是空洞、無知的基礎設施，沒有速度的電力，沒有計費的建築物，沒有肉排的晶片。

Thankfully, we are seeing a positive trend with both enlightened companies and wise courts, deciding that creativity and content must not be stolen, but purchased. Courtships and courts are both crucial components of our strategy. And I must salute Sam Altman and his team at OpenAI for being principal pioneers in understanding the inherent intrinsic value of actual intelligence.

值得慶幸的是，我們看到了一種積極的趨勢，一些開明的公司和明智的法院都認為，創意和內容不應該被竊取，而應該購買。求愛和法庭都是我們策略的關鍵組成部分。我必須向 Sam Altman 和他在 OpenAI 的團隊致敬，他們是理解真正智慧固有價值的主要先驅。

As regards to other AI players, our weaving and sewing continues at pace. But thankfully, the weaving has gained traction, and we expect to announce further partnerships in the near future. We anticipate these deals will have a positive impact on our results. The courts are also increasingly enlightened, and we and our authors certainly expect to benefit from the $1.5 billion award against Anthropic for its use of pirated books.

至於其他人工智慧玩家，我們的編織和縫紉仍在快速進行中。但令人欣慰的是，這種編織方式已經獲得了認可，我們預計在不久的將來會宣布更多合作關係。我們預計這些交易將對我們的業績產生正面影響。法院也越來越開明，我們和我們的作者當然希望從針對 Anthropic 使用盜版書籍而判處的 15 億美元賠償金中受益。

It is fair to say this will not be the last case of its kind, given the proliferation of piracy and increased scrutiny of shameless scraping by these epigonic enterprises. We would obviously prefer to partner and to limit lawyers' fees, but let me be absolutely clear to every large language model.

可以肯定地說，鑑於盜版行為的猖獗以及對這些無恥盜版企業的審查力度加大，這不會是此類案件的最後一起。我們當然更希望透過合作來降低律師費，但我想向所有大型語言模型明確說明這一點。

However, large, however small, if you have received stolen goods, we intend to pursue you relentlessly. You may not have done the actual stealing, but receiving stolen property is an offense in legal jurisdictions around the world.

無論大小，只要你收受了贓物，我們都將不遺餘力地追究你的責任。你可能沒有實際實施盜竊，但在世界各地的法律管轄範圍內，接收贓物都是違法行為。

Content crime does not and will not pay. As for our segments during the quarter, Dow Jones EBITDA rose 10% compared to a year earlier, following a solid 6% increase in revenue. Once again, we saw particularly strong revenue growth at Risk & Compliance, where revenues surged 16%, while Dow Jones Energy revenues were 7% higher.

內容犯罪不會也永遠不會得逞。本季各業務部門方面，道瓊指數的 EBITDA 較上年同期成長 10%，營收也實現了 6% 的穩健成長。風險與合規業務的營收成長再次表現強勁，成長了 16%，而道瓊能源業務的營收也成長了 7%。

We expanded our offerings in the rapidly growing professional information business by acquiring Eco-Movement, which provides unique data sets that are sold to map providers and car manufacturers seeking to provide enhanced service for their customers.

我們透過收購 Eco-Movement 擴大了我們在快速成長的專業資訊業務領域的產品範圍。 Eco-Movement 提供獨特的資料集，這些資料集出售給地圖提供者和汽車製造商，幫助他們為客戶提供更優質的服務。

At the consumer business, total average subscriptions expanded 8% to 6.4 million, including an 11% surge in digital-only subscriptions to The Wall Street Journal. Digital circulation revenues rose from 72% of total circulation revenues last year to 75%, and an increase in digital advertising revenue was offset by a marginal decline in print advertising. In total, digital accounted for 68% of advertising revenues for the quarter, a new record.

在消費者業務方面，總平均訂閱量成長了 8%，達到 640 萬，其中包括《華爾街日報》純數位訂閱量成長了 11%。數位發行收入佔總發行收入的比例從去年的 72% 上升到 75%，數位廣告收入的成長被印刷廣告收入的略微下降所抵消。本季度，數位廣告收入佔總廣告收入的 68%，創歷史新高。

In Digital Real Estate Services, we saw the beginnings of an expected renaissance in the US real estate market as lower interest rates stimulated higher demand for housing. With the Federal Reserve cutting rates and the current 30-year mortgage rate approaching 6%, it is reasonable to conclude that we will be high-fiving when mortgage rates are in the high 5s.

在數位房地產服務領域，我們看到了美國房地產市場預期中的復興的開端，因為較低的利率刺激了對住房的更高需求。隨著聯準會降息，目前 30 年期抵押貸款利率接近 6%，我們可以合理地得出結論：當抵押貸款利率達到 5% 以上時，我們會擊掌慶祝。

Even though the market was far from normalized in the first quarter, realtor.com, delivered a 9% revenue boost year-on-year. That result is a tribute to the concerted work of Damian Eales and his team. who have ensured that we are benefiting from more premium offerings and higher yields.

儘管第一季市場遠未恢復正常，但 realtor.com 的營收年增了 9%。這項成果歸功於達米安·伊爾斯及其團隊的共同努力，他們確保我們能夠獲得更多優質產品和更高收益。

The team has targeted three areas of growth: the sell side, new homes and rentals, which collectively comprised 22% of revenues this quarter, rising 3 percentage points over the prior year, and we see no reason to suggest the opportunities for growth will abate. We have been working to ensure that realtor.com provides a holistic real estate experience.

該團隊已將成長目標鎖定在三個領域：銷售、新房和租賃，這三個領域在本季合計佔營收的 22%，比去年同期成長了 3 個百分點，我們認為沒有理由認為成長機會將會減少。我們一直致力於確保 realtor.com 提供全方位的房地產體驗。

Our moat is uniqueness and quality. So we have built in recent years, the largest publisher of original residential real estate news in the United States. as measured by visits per unique user by comScore, not by home brewed metrics. We are providing more reasons for potential buyers and sellers to come to our site, which is why our user metrics are patently superior to those of other sites.

我們的優勢在於獨特性和品質。因此，近年來我們打造了美國最大的原創住宅房地產新聞出版商，這是根據comScore的每位獨立用戶的訪問量來衡量的，而不是根據我們自己制定的指標。我們為潛在買家和賣家提供了更多訪問我們網站的理由，這就是為什麼我們的用戶指標明顯優於其他網站的原因。

In September, we had the largest number of visits per user, clearly outstripping Zillow and other lesser sites. While revenue growth at realtor.com was superior to that at REA this quarter, we have seen increased signs of life in the Australian property market in recent weeks, with auction levels in Melbourne and Sydney on track for the most active October in recent years.

9 月份，我們每個用戶的訪問量最高，明顯超過了 Zillow 和其他一些規模較小的網站。雖然 realtor.com 本季的營收成長優於 REA，但近幾週來，我們看到澳洲房地產市場出現了更多復甦跡象，墨爾本和雪梨的拍賣水準預計將迎來近年來最活躍的 10 月。

For the quarter, Revenue at REA Group rose 3% or 5% in constant currency, and yield grew by double digits. Overall, our margin in Digital Real Estate rose from 30.6% a year ago to 33%. We welcomed a new Chief Executive to the business, Cameron McIntyre, who comes with a distinguished digital background and professional pedigree.

本季度，REA集團的營收成長了3%，以固定匯率計算成長了5%，收益率實現了兩位數的成長。總體而言，我們在數位房地產領域的利潤率從一年前的 30.6% 上升至 33%。我們迎來了新任執行長卡梅倫·麥金泰爾，他擁有傑出的數位背景和專業資歷。

There is no doubt that his predecessor, Owen Wilson, performed exceedingly well, and it is positive contribution will resonate at the company for many years to come. You will be able to welcome Cam and laud Owen when REA formally delivers its results later today.

毫無疑問，他的前任歐文威爾森表現非常出色，他的積極貢獻將在未來很多年對公司產生深遠影響。今天晚些時候，REA正式公佈結果時，您將有機會歡迎Cam並讚揚Owen。

Book Publishing faced blustery wins in the first quarter with orders slowing from both readers and retailers, and the write-off of a $13 million receivable due to the expected closure of a book distributor. The numbers last year were elevated by the dramatic resurgence of J.D. Vance's Hillbilly Elegy after he was nominated as the vice presidential candidate. But it does appear that the sluggish market has turned in recent weeks. As orders have rebounded and our recent releases are thriving including that of R. F. Kuang, whose Katabasis has quickly become a bestseller.

第一季圖書出版業遭遇了嚴峻的挑戰，讀者和零售商的訂單都在放緩，而且由於一家圖書分銷商預計倒閉，還註銷了 1300 萬美元的應收賬款。去年，由於 J.D. Vance 被提名為副總統候選人，他的《鄉下人的輓歌》再次風靡一時，銷量也隨之大幅增長。但近幾週來，低迷的市場似乎有所改善。訂單已經回升，我們最近推出的作品也取得了成功，包括 R. F. Kuang 的作品，他的《Katabasis》迅速成為暢銷書。

We are also seeing strong sales for the latest works by Mitch Albom, Brett Baier, and Ree Drummond. A collection of previously unreleased stories by Harper Lee, author of To Kill a Mockingbird has also become an instant hit. We look forward to the release later this month of Wicked: For Good, which should bolster book sales through cross promotions and Movie Magic.

我們也看到米奇·阿爾博姆、布雷特·拜爾和里·德拉蒙德的最新作品銷售強勁。《殺死一隻知更鳥》的作者哈珀李的一系列先前未發表的故事也迅速走紅。我們期待本月晚些時候《邪惡：為了正義》的發行，這將透過交叉推廣和電影宣傳來促進圖書銷售。

In religious books, we saw elevated interest in the Bible following the tragic assassination of Charlie Kirk. September Bible's sales revenue rose more than 65% compared to the prior year, with retailers reporting a significant influx of new and younger customers.

在宗教書籍方面，我們看到，在查理·柯克不幸遇刺後，人們對《聖經》的興趣顯著提高。九月聖經的銷售收入比前一年增長了 65% 以上，零售商報告稱，新客戶和年輕客戶數量顯著增加。

At News Media, revenues rose 1%, while EBITDA grew a resounding 67%. At the New York Post, preparations are underway for the launch of the California Post early in the new year and the buzz around the project is already audible.

新聞媒體的收入成長了 1%，而 EBITDA 則實現了驚人的 67% 的成長。《紐約郵報》正在為新年伊始推出《加州郵報》做準備，目前該計畫已引起廣泛關注。

We are taking advantage of the post's reach and influence, which expands with each passing day. One indication of the potency is the advertising revenue at the post, which lapped 19% year over year and nearly 90% of that advertising was digital.

我們正在利用該貼文的傳播範圍和影響力，而且這種影響力每天都在擴大。該報的廣告收入是其影響力的體現，年增 19%，其中近 90% 的廣告是數位廣告。

It is also worth noting that our Rugby League team, the Brisbane Broncos, has just won the Australian version of the Super Bowl. That will provide a modest fill-up for our business in Australia and an immodest fill-up to the mood in Queensland.

值得一提的是，我們的橄欖球聯盟球隊布里斯班野馬隊剛剛贏得了澳大利亞版的超級碗冠軍。這將為我們在澳洲的業務帶來適度的成長，並極大地提振昆士蘭的氛圍。

Rebecca and the team in the UK oversaw continued growth at The Times and Sunday Times, where digital subscribers rose from 600,000 to 640,000, while digital subscriptions at News Corp Australia expanded 3% to 1.162 million. Overall, our margin for the News Media business increased from 3.3% a year ago to 5.5%. The first quarter saw a positive start to fiscal 2026 even though there were temporary headwinds that obviously were not suspicion.

Rebecca 和英國團隊負責監督《泰晤士報》和《星期日泰晤士報》的持續成長，這兩家報社的數位訂閱用戶從 60 萬增加到 64 萬，而澳洲新聞集團的數位訂閱用戶成長了 3%，達到 116.2 萬。總體而言，我們的新聞媒體業務利潤率從一年前的 3.3% 成長到 5.5%。儘管存在一些暫時的不利因素，但2026財年第一季開局良好，這些不利因素顯然並非懷疑因素。

Thankfully, the wind direction has changed in recent weeks in the book business, and we look forward to building on that momentum through the second quarter and for the rest of the year. We are also confident in the outlook for Digital Real Estate and Dow Jones and expect to continue aggressively pursuing our buyback in coming months.

值得慶幸的是，近幾週圖書業的風向發生了轉變，我們期待在第二季以及今年剩餘的時間裡，能夠繼續保持這種發展勢頭。我們對 Digital Real Estate 和道瓊的前景也充滿信心，並預計在未來幾個月繼續積極推進我們的股票回購計畫。

With that, I see to our insightful Chief Financial Officer, Lavanya Chandrashekar for further detail.

對此，我將向我們富有洞察力的財務長拉瓦尼亞·錢德拉謝卡爾諮詢更多細節。

Thank you, Robert, and good afternoon to everyone. I would like to start with an update on our capital allocation strategy. We are making strong progress in returning value to our shareholders through the accelerated and expanded share buyback program, which we announced in July 2025.

謝謝你，羅伯特，大家下午好。我想先報告我們的資本配置策略的最新情況。我們透過加速和擴大股票回購計劃，在為股東創造價值方面取得了顯著進展。該計劃於 2025 年 7 月宣布。

Since we last reported earnings, we have repurchased at a rate of approximately $2.5 million per day over 4 times the previous pace. We are confident in the company's growth potential and continue to believe the stock is trading at a significant discount to net asset value. As a reminder, we expect fiscal 2026 pacing to benefit from the repayment of approximately $380 million of Foxtel shareholder loans.

自從我們上次公佈收益以來，我們已以每天約 250 萬美元的速度回購股票，是先前速度的 4 倍以上。我們對公司的成長潛力充滿信心，並繼續認為該股目前的交易價格遠低於其淨資產值。再次提醒，我們預計 2026 財年的業績成長將受益於 Foxtel 股東約 3.8 億美元貸款的償還。

This quarter, our results demonstrate the continued strength and resilience of our digital businesses. particularly within Dow Jones and digital real estate services. Despite the backdrop of ongoing macroeconomic uncertainty and difficult prior year comparisons, especially in our Book Publishing business, our results underscore the benefits of our strategic diversification across recurring, high-margin content licensing and digital revenues.

本季度，我們的業績表明，我們的數位業務，特別是道瓊斯和數位房地產服務，持續保持強勁勢頭和韌性。儘管宏觀經濟持續存在不確定性，且與去年同期相比業績不佳，尤其是在圖書出版業務方面，但我們的業績凸顯了我們在經常性、高利潤內容授權和數位收入方面進行策略多元化所帶來的益處。

As a reminder, since fiscal 2018, the percentage of our business comprising digital revenues has almost doubled to 62% in fiscal 2025.

提醒一下，自 2018 財年以來，我們業務中數位收入的比例幾乎翻了一番，到 2025 財年將達到 62%。

Dow Jones and Digital Real Estate, which together accounted for 29% of our revenue and 55% of our EBITDA in fiscal 2018 accounted for 49% of revenue and 84% of our EBITDA for fiscal 2025. On the other hand, our reliance on advertising revenue has reduced by almost 50% to just 16% of revenues for fiscal 2025.

道瓊斯和數位房地產業務在 2018 財年分別占我們營收的 29% 和 EBITDA 的 55%，到 2025 財年，這兩項業務分別占我們營收的 49% 和 EBITDA 的 84%。另一方面，我們對廣告收入的依賴程度已降低近 50%，到 2025 財年僅佔營收的 16%。

Shareholder value accretive M&A in this decade has brought valuable assets such as OPIS and CMA to our portfolio while divesting assets such as News America Marketing, and we have successfully exchanged Foxtel for a valuable stake in DAZN, the Netflix of sports. There is always more to do on this front, and we remain committed to maximizing shareholder value.

在本世紀，透過增值併購，我們為股東帶來了 OPIS 和 CMA 等寶貴資產，同時剝離了 News America Marketing 等資產，並且成功地將 Foxtel 換成了 DAZN（體育界的 Netflix）的寶貴股份。在這方面我們還有很多工作要做，我們將繼續致力於實現股東價值最大化。

Turning to the results. News Corp reported fiscal first quarter revenues of over $2.1 billion, up 2% from the prior year and total segment EBITDA of $340 million, up 5% year over year. Total segment EBITDA was negatively impacted by a $13 million write-off of a receivable at HarperCollins related to the expected closure of one of its distributors. Margins improved from the prior year by 40 basis points to 15.9%.

接下來看一下結果。新聞集團公佈了其第一財季的收入，超過 21 億美元，比上年同期增長 2%；總部門 EBITDA 為 3.4 億美元，比去年同期增長 5%。由於哈珀柯林斯的一家分銷商預計關閉，導致其應收帳款減值 1300 萬美元，對整個部門的 EBITDA 產生了負面影響。利潤率較前一年提高 40 個基點，達到 15.9%。

This quarter, 89% of profits were from Dow Jones and Digital Real Estate Services, which we believe underscores the inherent value discount and the company's ability to drive long-term profit growth. First quarter adjusted revenues were up 2%, while adjusted total segment EBITDA rose 5% versus the prior year. Note that the adjusted result includes the $13 million write-off of the receivable at HarperCollins.

本季度，89% 的利潤來自道瓊斯和數位房地產服務，我們認為這凸顯了其固有的價值折讓以及公司推動長期利潤成長的能力。第一季調整後營收成長 2%，而調整後的總部門 EBITDA 比上年同期成長 5%。請注意，調整後的結果包括對 HarperCollins 應收帳款的 1300 萬美元註銷。

For the quarter, we reported earnings from continuing operations per share of $0.20 and compared to $0.21 in the prior year. Adjusted earnings from continuing operations per share were $0.22 in the quarter compared to $0.20 in the prior year.

本季度，我們公佈的持續經營每股收益為 0.20 美元，而去年同期為 0.21 美元。本季持續經營業務調整後每股收益為 0.22 美元，而去年同期為 0.20 美元。

Moving to the individual segments, starting with Dow Jones. Dow Jones delivered another strong quarter with reported revenues of $586 million, up 6% versus the prior year period. Digital revenues accounted for 84% of Dow Jones segment revenue this quarter improving by 2 percentage points from last year. Professional information business revenues, which reflect our B2B products and services, rose 10% year over year, repeating the Q4 fiscal 2025 growth rate.

接下來我們來看各個板塊，首先是道瓊指數。道瓊公司又迎來了一個強勁的季度，公佈的收入為 5.86 億美元，比去年同期成長 6%。本季度，數位收入佔道瓊斯業務部門營收的 84%，比去年同期成長了 2 個百分點。專業資訊業務收入（反映我們的 B2B 產品和服務）年增 10%，與 2025 財年第四季的成長率持平。

Within that, Risk & Compliance revenues grew 16% to $94 million driven by new customers, new products and improved yield. We saw continued momentum from risk fees and API solutions and further penetration of advanced cleaning and monitoring products. At Dow Jones Energy revenue grew 7% to $73 million, with customer retention remaining very strong at approximately 90% and in addition to improving yields.

其中，風險與合規收入成長了 16%，達到 9,400 萬美元，這得益於新客戶、新產品和收益率的提高。我們看到風險費用和 API 解決方案持續成長，先進的清潔和監控產品也進一步滲透。道瓊斯能源公司營收成長 7% 至 7,300 萬美元，客戶留存率維持在 90% 左右，且收益率有所提高。

Admittedly, the rate of growth was lower than recent quarters, partially impacted by the timing of the World Chemical Forum event. In September, Dow Jones acquired Eco-Movement a leading global platform for EV charging station data, which collects and optimizes EV data across almost 2 million connectors across more than 80 countries. Eco-Movement strengthens Dow Jones Energy with best-in-class data and analytics and builds on OPIS's energy transition activity in carbon markets, clean fuels, solar and hydrogen.

誠然，成長率低於最近幾個季度，部分原因是世界化學論壇的舉辦時間。9 月，道瓊斯收購了 Eco-Movement，這是一個領先的全球電動車充電站數據平台，收集並優化了 80 多個國家近 200 萬個連接器的電動車數據。Eco-Movement 透過一流的數據和分析增強了道瓊斯能源的實力，並鞏固了 OPIS 在碳市場、清潔燃料、太陽能和氫能領域的能源轉型活動。

Factiva returned to growth driven by lapping a customer contract dispute, which has now been settled and new customer acquisitions with a focus on GenAI. Within the Dow Jones consumer business, circulation revenues increased 3% versus the previous year with digital circulation revenues up 8%.

Factiva 恢復成長的動力來自於解決客戶合約糾紛（該糾紛現已解決）以及專注於 GenAI 的新客戶獲取。在道瓊斯消費者業務中，發行收入比去年成長了 3%，數位發行收入成長了 8%。

We recently raised the full price rate for, The Wall Street Journal digital subscription for new customers and to a portion of our tenured customers. Recognizing the value of our best-in-class journalism, we are actively reviewing our go-forward pricing strategy.

我們最近提高了《華爾街日報》數位訂閱的新客戶和部分老客戶的全額。我們認識到我們一流新聞報道的價值，正在積極審查我們未來的定價策略。

Digital circulation revenues accounted for 75% of circulation revenues for the quarter, up from 72% in the prior year. Digital-only subscriptions improved by 10% year over year and by 159,000 sequentially, driven by enterprise customers. While ARPU dilutive, these are margin accretive.

數位發行收入佔本季發行收入的 75%，高於去年的 72%。純數位訂閱用戶年增 10%，季增 15.9 萬，主要得益於企業客戶的推動。雖然這些措施會稀釋每位用戶平均收入（ARPU），但卻能提升利潤率。

Wall Street Journal digital subscriptions increased 91,000 sequentially and were up 11% year over year. Advertising revenues were $85 million for the quarter, stable versus prior year, with digital up 2% and print down 4%.

《華爾街日報》數位訂閱量較上月增加 9.1 萬份，較去年同期成長 11%。本季廣告收入為 8,500 萬美元，與去年同期持平，其中數位廣告成長 2%，印刷廣告下降 4%。

Digital represented 68% of advertising revenues up 1 point from the prior year. Dow Jones segment EBITDA for the quarter grew a robust 10% to $144 million, with margins increasing to almost 25% and an increase of 90 basis points year over year.

數位廣告收入佔總廣告收入的 68%，比前一年增加 1 個百分點。道瓊部門本季 EBITDA 強勁成長 10% 至 1.44 億美元，利潤率增至近 25%，較去年同期成長 90 個基點。

Moving on to Digital Real Estate. Digital Real Estate had another solid quarter despite the uneven macro environment and softer listing volumes in Australia, driven by a tough prior year comparison. Segment revenues of $479 million were up 5% versus the prior year, an improvement to the growth rate in the prior quarter and up 7% on an adjusted basis.

接下來我們來談談數位房地產。儘管宏觀環境不平衡，且受去年同期基數較高影響，澳洲的房源數量有所下降，但數位房地產業務依然取得了穩健的季度業績。該部門營收為 4.79 億美元，比上年同期成長 5%，比上一季的成長率有所提高，經調整後成長 7%。

Segment EBITDA was $158 million, up 13% and up 16% on an adjusted basis. Recollect, last year in this quarter, the EBITDA included $12 million of deal-related costs for the proposed offer to acquire Rightmove, which was subsequently withdrawn. REA revenues gained 3% year-on-year to $327 million and were up 5% on a constant currency basis.

分部 EBITDA 為 1.58 億美元，年增 13%，經調整後年增 16%。回想一下，去年同期，EBITDA 包含了與收購 Rightmove 的擬議要約相關的 1,200 萬美元交易成本，但該收購要約隨後被撤回。REA 的營收年增 3% 至 3.27 億美元，以固定匯率計算成長 5%。

Growth was driven by a combination of residential yield increases and customer contract upgrades. Residential yield growth improved by 13%, driven by strong premium plus retention and the growth in extension products, including AMEX.

成長主要由住宅收益率提高和客戶合約升級共同推動。住宅收益率成長了 13%，這主要得益於保費和續保率的強勁增長以及包括 AMEX 在內的擴展產品的增長。

New buy listings in the quarter declined 8% with listings in Melbourne and Sydney down 4% and 6%, respectively, while home prices remained strong. Financial Services posted a strong improvement driven by higher settlements.

本季新房掛牌量下降了 8%，其中墨爾本和雪梨的掛牌量分別下降了 4% 和 6%，而房價依然堅挺。受結算額增加的推動，金融服務業實現了強勁成長。

In September, the business divested PropTiger in India, and following recent regulatory changes impacting the commercial viability of the housing edge offering, REA India made the decision to discontinue this business in October.

9 月，該公司剝離了印度的 PropTiger 業務；由於近期監管變化影響了住房邊緣產品的商業可行性，REA India 於 10 月決定停止這項業務。

Please refer to REA's earnings release and their conference call for more details. We are very pleased with the continued progress at realtor.com, which posted revenues of $152 million, up 9% compared to the prior year, marking the fourth consecutive quarter of revenue growth and the highest quarterly growth rate in nearly four years.

更多詳情請參閱REA的盈利報告和電話會議。我們對 realtor.com 的持續發展感到非常滿意，該公司營收達 1.52 億美元，比上年增長 9%，連續第四個季度實現營收成長，也是近四年來最高的季度增長率。

Revenue growth was driven by the continued strength of growth adjacencies, new homes, rentals and sellers which represented 22% of revenues in the quarter. Importantly, core real estate revenues also returned to growth this quarter as the strategic shift to higher intent and quality audiences is beginning to pay off.

營收成長主要得益於成長鄰近領域、新房、租賃和銷售的持續強勁表現，這些領域在本季佔營收的 22%。重要的是，隨著向更高意向性和更高品質的受眾群體進行策略轉型開始取得成效，本季核心房地產收入也恢復了成長。

Strong penetration of RealPro Select, a product targeted primarily at larger brokers led to higher annualized contract values. Lead volumes declined by just 1% with trends improving throughout the quarter, a notable improvement compared to the quarter four decline of 13%.

RealPro Select 是一款主要針對大型經紀商的產品，其強勁的市場滲透率帶來了更高的年度合約價值。本季潛在客戶數量僅下降了 1%，且趨勢有所改善，與第四季度下降 13% 相比，這是一個顯著的進步。

Average monthly unique users for the quarter fell 6% to 72 million. comScore data for the first quarter and the month of September highlighted that Realtor once again had the highest engagement amongst real estate portals at almost five visits per unique user.

本季平均每月獨立用戶數下降6%至7,200萬。 comScore資料顯示，第一季和9月份，Realtor再次成為房地產入口網站中用戶參與度最高的網站，平均每位獨立用戶造訪近5次。

Realtor has also gained audience share with total visits reaching over double that of Homes.com and that of Redfin, while narrowing the gap versus Zillow. The improvement reflects Realtor's focus on high-quality audiences and the benefits of the investments made to improve user experience and increase brand awareness.

Realtor 的受眾份額也得到了提升，總訪問量超過了 Homes.com 和 Redfin 的兩倍，同時與 Zillow 的差距也在縮小。這項改進反映了房地產經紀人對高品質受眾的重視，以及為改善用戶體驗和提高品牌知名度而進行的投資所帶來的益處。

At Book Publishing, as expected, very difficult prior year comparisons weighed on the results this quarter. The quarter was impacted by both timing of ordering and softer US market conditions albeit trends improved in the recent weeks.

正如預期的那樣，圖書出版業務本季業績受到去年同期高企的業績基數影響。本季業績受到訂單時間和美國市場疲軟狀況的雙重影響，儘管近幾週趨勢有所改善。

Segment revenue of $534 million declined 2%, while segment EBITDA of $58 million declined $23 million or 28%, as mentioned earlier, EBITDA was negatively impacted by a $13 million receivable write-off relating to the expected closure of Baker & Taylor, a distributor focused predominantly on the library channel.

分部營收為 5.34 億美元，下降 2%；分部 EBITDA 為 5,800 萬美元，下降 2,300 萬美元，降幅達 28%。如前所述，EBITDA 受到與 Baker & Taylor（一家主要面向圖書館通路的經銷商）預期關閉相關的 1,300 萬美元應收帳款減損的影響。

While performance in the UK and Christian Publishing continue to be resilient, sales of general books were notably lower than the prior year. Recollect, this quarter last year benefited from a strong performance by J.D. Vance's Hillbilly Elegy, the Bridgerton series, and Wicked. Digital revenues at HarperCollins fell 9% with audio books down 11%, driven by the mix of titles compared to last year.

雖然英國和基督教出版業的業績依然保持韌性，但普通書籍的銷售量明顯低於前一年。回想一下，去年同期，J.D. Vance 的《鄉下人的輓歌》、布里奇頓系列和《魔法壞女巫》的強勁表現功不可沒。受去年圖書種類組合的影響，哈珀柯林斯出版社的數位收入下降了 9%，其中有聲書收入下降了 11%。

In total, digital sales represented 23% of consumer revenues compared to 25% in the prior year. This quarter, the backlist contributed 65% of consumer revenues up from 64% last year. News Media had a very strong quarter, with revenues rising 1% to $545 million, led by higher cover and subscription prices in the UK and Australia.

整體而言，數位銷售額佔消費者收入的 23%，而前一年這一比例為 25%。本季，舊書銷售收入佔消費者收入的 65%，高於去年的 64%。新聞媒體本季表現非常強勁，營收成長 1% 至 5.45 億美元，主要得益於英國和澳洲更高的封面和訂閱價格。

Advertising trends were mixed but with notable strength at the New York Post. Segment EBITDA grew 67% to $30 million, driven by continued cost efficiencies.

廣告趨勢喜憂參半，但《紐約郵報》表現特別強勁。部門 EBITDA 成長 67% 至 3,000 萬美元，主要得益於持續的成本效率提升。

Turning to the outlook. Some of the themes across each of our segments. At Dow Jones, overall trends remain healthy, and we expect continued strong revenue growth in B2B, we also expect cost growth to be slightly higher in quarter two, primarily due to the prior year comparisons.

展望未來。我們各個板塊的一些共同主題。道瓊整體趨勢依然健康，我們預計 B2B 收入將繼續強勁增長，同時預計第二季度成本增長將略高，主要是由於與去年同期相比的較高水平。

At Digital Real Estate, Australian residential new buy listing for October were down 3%, please refer to REA for more detailed outlook commentary. At Realtor, we hope that improving market conditions driven by a reduction in mortgage rates will lead to continued healthy revenue growth alongside growth in adjacencies.

根據 Digital Real Estate 報道，澳洲 10 月住宅新掛牌量下降了 3%，請參考 REA 更詳細的展望評論。在房地產經紀公司，我們希望抵押貸款利率下降帶來的市場狀況改善能持續促進收入的健康成長，並帶動相關業務的成長。

At Book Publishing, October trends were encouraging, and we expect quarter two to benefit from the timing of ordering and a stronger front list. At News Media, despite difficult advertising trends, we are focused on continuing to drive cost efficiencies. We expect strong free cash flow in the current fiscal year despite anticipating capital spending to be up moderately from the prior year.

圖書出版方面，10 月的趨勢令人鼓舞，我們預計第二季將受益於訂購時間和更強勁的新書陣容。儘管新聞媒體產業面臨嚴峻的廣告趨勢，但我們仍致力於持續提高成本效益。儘管預計本財年資本支出將比上年略有成長，但我們預計本財年自由現金流將十分強勁。

The increase in capital spending will be partially driven by an investment in new supply chain logistics facilities for HarperCollins, which should deliver additional cost savings and continued investment in technology.

資本支出的增加部分原因是哈珀柯林斯公司投資建造新的供應鏈物流設施，這將帶來額外的成本節約，並促使公司繼續投資於技術。

And as I mentioned at the start of my remarks, we expect to repurchase shares at an elevated rate reflecting our confidence in the company's growth potential, and we continue to believe the stock is trading at a significant discount to net asset value.

正如我在演講開始時提到的，我們預計將以較高的速度回購股票，這反映了我們對公司成長潛力的信心，我們仍然認為該股票的交易價格相對於其淨資產值存在顯著折讓。

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

那麼，接下來我將把問答環節交給接線生。

(Operator Instructions)

（操作說明）

Kane Hannan, Goldman Sachs.

凱恩漢南，高盛集團。

Just, Move, obviously a very strong revenue print there. Given the housing backdrop and some of the comments that were made, is there anything you can see or anything we should be thinking about that I suppose stops that business doing double-digit revenue growth through the year?

Just, Move，顯然其營收表現非常強勁。鑑於當前的房屋市場環境和一些評論，您認為有什麼因素或我們應該考慮的因素會阻止該業務在全年實現兩位數的收入成長嗎？

Well, Kane, look, we are delighted by the growth in revenue at Realtor, which is expanding despite a US housing market still somewhat hamstrung by high interest rates. We've been very much focused on the three aforementioned growth areas, Zillow, new homes and rentals as well as high-yield sales. And that strategy is clearly paying dividends even though we're only at the very start of the housing market recovery.

凱恩，你看，儘管美國房地產市場仍然受到高利率的某種程度的限制，但房地產經紀人的收入仍在增長，我們對此感到非常高興。我們一直非常關注上述三個成長領域：Zillow、新房屋和租賃以及高收益銷售。儘管我們才剛開始房地產市場復甦，但這項策略顯然已經取得了成效。

We have built a site that is a holistic housing experience and -- which is the leader in residential property news in the US The value of that investment and the value of Realtor itself will be increasingly obvious as the market likely gathers momentum over the coming year.

我們打造了一個提供全方位住房體驗的網站，並且是美國住宅房地產新聞的領導者。隨著市場在未來一年內可能逐漸加速發展，這項投資的價值以及 Realtor 本身的價值將越來越明顯。

David Karnovsky, JPMorgan.

David Karnovsky，摩根大通。

Maybe just on the repurchase, recognizing that you've already accelerated this rate by 4 times. I think there's still a question naturally from investors on why not lean in kind of even further for a period, given where shares have traded and the views you've expressed on the call regarding value.

或許只是在回購時，意識到你已經將這個速度提高了 4 倍。我認為，鑑於股票目前的交易情況以及您在電話會議上表達的關於價值的觀點，投資者自然會問，為什麼不進一步加大投資力度呢？

And then if I can ask just one more on the business with The Wall Street Journal price increase. I don't know if you could speak to the decision to raise the rate there and what you've observed so far and how that kind of informs your strategy ahead.

然後，我能否再問一個關於《華爾街日報》漲價的問題？我不知道您是否可以談談提高利率的決定，以及您目前觀察到的情況，以及這些情況如何影響您未來的策略。

David, you can indeed see from our disclosures that the rate of the buyback has accelerated markedly actually at 4 times the previous rate. And we intend to fully take advantage of the expanded resources approved by our Board. Our robust cash position means that we certainly have the potential to increase the buyback, if that is the optimal strategy.

戴維，從我們的揭露資訊確實可以看出，回購速度明顯加快，實際上是之前速度的 4 倍。我們將充分利用董事會批准的擴充資源。我們雄厚的現金實力意味著，如果增加股票回購是最佳策略，我們當然有能力這樣做。

We have genuine optionality, and we will exercise that optionality with all of our investors in mind. And as for the Wall Street Journal, clearly, we're at the early stage of testing and reviewing subscription pricing. But believe that there is definitely elasticity an elasticity that will be enhanced by planned product improvements in coming months. Our WSJ readers do indeed recognize that they should pay a premium service.

我們擁有真正的選擇權，我們將以所有投資者的利益為重，行使這種選擇權。至於《華爾街日報》，很顯然，我們目前還處於訂閱定價測試和評估的早期階段。但我相信，市場肯定存在彈性，而且隨著未來幾個月計畫中的產品改進，這種彈性將會增強。我們的《華爾街日報》讀者確實意識到他們應該為優質服務付費。

Entcho Raykovski, Evans and Partners.

恩喬·雷科夫斯基、埃文斯和合夥人。

My question is around Dow Jones and the Factiva dispute, which has obviously now been settled. Given that settlement, obviously, not a headwind anymore. I'm just curious on whether you've seen any revenues in the PR and communications category in the quarter, which obviously was the source of the dispute. And if it was a tailwind, are you able to quantify the contribution to growth and whether that tailwind is likely to accelerate into Q2?

我的問題是關於道瓊斯和Factiva之間的糾紛，現在顯然已經解決了。鑑於這項和解協議，顯然，這不再是一個阻力。我只是好奇，本季度您在公關和傳播類別中是否有任何收入，這顯然是爭議的根源。如果這是順風，您能否量化其對成長的貢獻，以及這種順風是否有可能在第二季加速發展？

Entcho, it's difficult to be specific. But I think overall, Dow Jones the performance was excellent with a 16% increase in revenues at Risk & Compliance. And as you indicate, much improvement at Factiva, which had been hobbled by that legal dispute, but increased revenues 9%. And we had a growth of 7% at Dow Jones Energy.

恩喬，很難具體說明。但我認為總體而言，道瓊斯的表現非常出色，風險與合規部門的收入成長了 16%。正如你所指出的，Factiva 的情況有了很大的改善，該公司此前因法律糾紛而舉步維艱，但收入​​增長了 9%。道瓊能源指數成長了7%。

And there, I should point out that as Lavanya mentioned, the revenues were somewhat affected by a shift in date for its landmark event, the World Chemical Forum, which will be held this year in Q3. So factor that into your calculations. Nonetheless, we are strengthening the team at Dow Jones Energy and have an impressive array of new and enhanced offerings pending for our customers, current and potential.

在此，我應該指出，正如拉瓦尼亞所提到的，由於其標誌性活動——世界化學論壇的日期有所調整，收入受到了一定程度的影響，該論壇將於今年第三季度舉行。所以要把這一點考慮進你的計算中。儘管如此，我們正在加強道瓊斯能源團隊，並為我們現有和潛在客戶準備了一系列令人印象深刻的全新和改進的產品和服務。

Sorry, I'd just add to that. What we got from the settlement of the dispute was very modest. The good news is we are bringing in new customers into that space. We do have a very cool GenAI search capability now in Factiva, and that is turning out to be a good source of success as well.

抱歉，我還要補充一點。我們從糾紛解決中獲得的賠償非常有限。好消息是，我們正在為這個領域引入新客戶。Factiva 現在擁有非常酷炫的 GenAI 搜尋功能，而且事實證明，這也是我們成功的重要因素。

(Operator Instructions)

（操作說明）

Craig Huber, Huber Research.

Craig Huber，Huber Research。

Robert, I typically like to ask you, I mean, you obviously fairly recently disposed of your Foxtel operation, pleased a lot of investors there. I'm wondering if your thoughts have changed at all here about further simplifying of the business at News Corp here. Any changes there in your mindset?

羅伯特，我通常喜歡問你，我的意思是，你顯然不久前出售了你的 Foxtel 業務，這讓那裡的許多投資者感到高興。我想知道您對進一步簡化新聞集團業務的看法是否有所改變。你的心態有改變嗎？

Craig, we are certainly not allergic to structural changes. And as you indicated, the recent sale of Foxtel to our partners at the DAZN is eloquent testimony to that willingness to simplify, not only to be institutionally perspective, but actually active.

克雷格，我們當然不會對結構性變化過敏。正如您所指出的，最近將 Foxtel 出售給我們的合作夥伴 DAZN，這雄辯地證明了我們不僅願意從機構的角度出發，而且願意積極主動地簡化業務。

But we also believe in the importance of transparency, hence, for example, the research segmentation and the increased focus on the performance of Dow Jones, which is a global growth engine for the company and on our News Media business, which reported a significant increase in margin for the quarter.

但我們也相信透明度的重要性，因此，例如，我們進行了研究細分，更加關注道瓊斯指數的表現（道瓊斯指數是公司的全球成長引擎）以及我們的新聞媒體業務（該業務本季利潤率大幅增長）。

Overall, we are acutely conscious of the need to consider the evolving environment and to maximize returns for our shareholders, which is why we have significantly accelerated the buyback and maintained our dividend. And we certainly have an armory and arsenal when it comes to the buyback.

總而言之，我們深切意識到需要考慮不斷變化的環境並最大限度地提高股東回報，因此我們大幅加快了股票回購速度並維持了股息。在回購方面，我們當然有充足的武器庫和資源。

David Joyce, Seaport Global.

David Joyce，Seaport Global。

I am very fascinated by the growth at Risk & Compliance, granted that little bit of that came from some acquisitions. But I'm wondering what could be some further tailwinds to growth there? Specifically, I was wondering if some of the services could be -- maybe mandated by certain industry verticals, regulatory bodies, for example. Just wondering what your thoughts are for the runway there.

風險與合規部門的成長令我非常著迷，當然，其中一部分成長來自於收購。但我很好奇，還有哪些因素可能進一步促進那裡的成長？具體來說，我想知道某些服務是否可以——例如，由某些行業垂直領域、監管機構強制要求提供。想知道你對那裡的跑道有什麼看法。

We're very optimistic about the trajectory of Risk & Compliance. Clearly, companies, boards want to minimize risk and maximize compliance. The Know Your Client regulations, which are stringent and being enforced by governments around the world are also a source of new business. So while we saw 16% growth in the most recent quarter, we're confident that further growth is indeed possible in coming quarters.

我們對風險與合規領域的未來發展軌跡非常樂觀。顯然，公司和董事會都希望最大限度地降低風險並最大限度地提高合規性。世界各國政府都在嚴格執行「了解你的客戶」（KYC）法規，這也為企業帶來了新的業務。因此，儘管我們在最近一個季度實現了 16% 的成長，但我們有信心在未來幾季實現進一步成長。

David Fabris, Macquarie.

David Fabris，麥格理集團。

I just wanted to ask about News Media. So revenues returned to growth modestly, and there's been a big improvement in EBITDA. How should we be thinking about the trajectory of that business from here?

我只是想問一下關於新聞媒體的問題。因此，營收略有恢復成長，EBITDA 也大幅改善。我們該如何看待這家企業未來的發展軌跡？

David, we saw a slight increase in revenue, but also the benefits of leadership and cost discipline across the businesses in Australia and the UK and a significant surge in advertising at New York Post. Digital advertising at the post was up 23% year on year.

David，我們看到收入略有成長，但澳洲和英國的業務也受惠於領導力和成本控制，紐約郵報的廣告收入也大幅成長。該郵報的數位廣告收入年增了 23%。

And we are looking forward to the extra inventory that is great journalism that will be generated when the California Post launches early next year. It really is a testament to all the team's hard work around the world that the margin at News Media rose from 3.3% last year to 5.5%.

我們期待《加州郵報》明年初創刊時能帶來更多優質的新聞報導。新聞媒體的利潤率從去年的 3.3% 上升到 5.5%，這充分證明了全球團隊的努力。

Yeah. I'd just add to that on the cost front, especially, I mean, really great work done by the team in News UK. The commercial printing joint venture that we entered into last year is continuing to deliver savings to us. We've also saved money on the top TV business. And that's been an important move for the team over there. News Australia as well has continued to really press the boundaries in terms of cost efficiency, leveraging new capabilities to deliver better EBITDA growth.

是的。我還要補充一點關於成本方面的內容，特別是，我的意思是，News UK 團隊真的做得非常出色。我們去年成立的商業印刷合資企業繼續為我們節省成本。我們在頂級電視業務上也節省了資金。這對那邊的球隊來說是一個重要的舉措。澳洲新聞集團也一直在成本效益方面不斷突破極限，利用新的能力實現更好的 EBITDA 成長。

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

目前我們沒有其他問題了。現在我將把電話交給麥可‧弗洛林，請他作總結發言。

Well, thank you for participating. We look forward to speaking to you very soon. Have a great day. Luke, thanks as always, for your help, and we'll talk to you soon. Have a great day.

謝謝您的參與。我們期待盡快與您聯繫。祝你有美好的一天。盧克，一如既往地感謝你的幫助，我們很快再聯繫。祝你有美好的一天。