News Corp (NWS) 2020 Q1 法說會逐字稿

Good day, and welcome to the News Corp Q1 Fiscal 2020 Conference Call. Today's conference is being recorded. (Operator Instructions) And at this time, I would like to turn the conference over to Michael Florin. Please go ahead.

美好的一天，歡迎參加新聞集團 2020 財年第一季電話會議。今天的會議正在錄製中。 （操作員指示）此時，我想將會議轉交給麥可‧弗羅林。請繼續。

Thank you very much, Eduardo. Hello, everyone, and welcome to News Corp's Fiscal First Quarter 2020 Earnings Call.

非常感謝你，愛德華多。大家好，歡迎參加新聞集團 2020 財年第一季財報電話會議。

We issued our earnings press release about an hour ago, and it's now posted on our website at newscorp.com. On the call today are Robert Thomson, Chief Executive; and Susan Panuccio, Chief Financial Officer. We'll open with some prepared remarks, and then we'll be happy to take questions from the investment community.

我們大約一小時前發布了收益新聞稿，現在已發佈在我們的網站 newscorp.com 上。今天參加電話會議的是執行長羅伯特湯姆森 (Robert Thomson)；蘇珊‧帕努西奧 (Susan Panuccio)，財務長。我們將首先發表一些準備好的評論，然後我們將很樂意回答投資界的問題。

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

本次電話會議可能包括有關新聞集團業務和策略的某些前瞻性資訊。實際結果可能與所說的有重大差異。新聞集團的 10-K 表格和 10-Q 表格文件確定了可能導致實際結果出現差異的風險和不確定性，並包含有關前瞻性資訊的警告聲明。此外，本次電話會議還將包括某些非 GAAP 財務衡量指標，例如分部 EBITDA 總額、調整後分部 EBITDA 和調整後每股盈餘。這些指標的定義以及公認會計原則與非公認會計原則的調節可以在我們的收益報告中找到。

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

接下來，我將把它轉交給羅伯特·湯姆森（Robert Thomson），請他發表一些開場評論。

Thanks, Mike.

謝謝，麥克。

In the first quarter of fiscal 2020, News Corp showed strong growth at Dow Jones and higher revenues at Move, operator of realtor.com. So the company also faced challenges from pronounced currency headwinds, a sluggish Australian economy, in particular, a struggling Australian property market, as well as difficult comparisons with the prior year onetime revenue item, a noncash impairment charge in this quarter. For the quarter, the company reported total revenues of $2.34 billion with total segment EBITDA of $221 million. This represents a decline of 7% in revenues and 38% in profitability versus the prior year. Of the revenue decline, 3% was directly attributable to currency and 2% to our onetime cash payment last year by Tabcorp in the U.K.

2020 財年第一季度，新聞集團在道瓊指數中表現出強勁成長，而 realtor.com 營運商 Move 的營收也有所增加。因此，該公司也面臨明顯的貨幣逆風、澳洲經濟低迷，特別是澳洲房地產市場陷入困境，以及與前一年一次性收入項目（本季的非現金減損費用）進行艱難比較的挑戰。該公司本季總營收為 23.4 億美元，部門 EBITDA 總額為 2.21 億美元。這意味著與前一年相比，收入下降了 7%，獲利能力下降了 38%。在收入下降中，3% 直接歸因於貨幣，2% 歸因於英國 Tabcorp 去年的一次性現金支付。

Before getting into the final details of the quarter by segment, I want to address a significant development that bodes well for our future prospects. There has been a fundamental change in the content landscape. For over a decade, News Corp has led the international debate in seeking fair returns for our high-quality content from the digital platforms. Clearly, the dominant digital platforms are under intense and continuing regulatory scrutiny on issues such as privacy and an opaque advertising market. There has, however, been a substantial development with Facebook's decision to pay a significant premium for our premium journalism at the WSJ and beyond. This decision begins to change the content equation, and we expect a positive impact on financials at our News and Information Services segment over the long term, beginning this fiscal year. The Facebook deal complements the agreement we reached with Apple in March when The Wall Street Journal became a launch partner for Apple News+, which expanded the reach of The Journal and its journalism to new audiences. Our brands and our content obviously benefit from the marketing region prowess of a partner, which has nearly 189 million phones in the U.S. and 1.4 billion devices globally.

在詳細介紹每個季度的最終細節之前，我想先談談一個對我們未來前景有好處的重大發展。內容格局發生了根本性變化。十多年來，新聞集團在為我們的數位平台高品質內容尋求公平回報方面一直引領著國際辯論。顯然，占主導地位的數位平台在隱私和不透明的廣告市場等問題上受到嚴格且持續的監管審查。然而，Facebook 決定為《華爾街日報》及其他媒體的優質新聞支付高額費用，這已經取得了實質進展。這項決定開始改變內容等式，我們預計從本財年開始，長期來看將對我們的新聞和資訊服務部門的財務產生正面影響。 Facebook 的交易補充了我們在 3 月與蘋果公司達成的協議，當時《華爾街日報》成為了 Apple News+ 的發布合作夥伴，這將《華爾街日報》及其新聞業的影響力擴大到了新的受眾。我們的品牌和內容顯然受益於合作夥伴在行銷領域的強大實力，該合作夥伴在美國擁有近 1.89 億支手機，在全球擁有 14 億部設備。

We expect the sectoral shift in the value of digital content to have significant implications for our investors and our bottom line. And let us be clear, these unprecedented changes in the publishing industry would not have been achieved without the determination of Rupert and Lock and Murdoch and the unwavering support of the new score board, which has taken a long-term principal stand on the need to change the digital ecosystem. Other publishers around the world should feel free to send us a commission for services rendered.

我們預計數位內容價值的產業轉變將對我們的投資者和我們的利潤產生重大影響。讓我們明確一點，如果沒有魯珀特、洛克和默多克的決心以及新記分板的堅定支持，出版業就不可能實現這些前所未有的變化，新記分板對需要採取長期的原則立場改變數字生態系統。世界各地的其他出版商應隨時向我們提供所提供服務的佣金。

Another development worth highlighting is the ongoing simplification of News Corp. As you are aware, we have put our News America Marketing business under strategic review and are in discussions regarding a possible sale of that business. We expect to update you in due course.

另一個值得強調的發展是新聞集團的持續簡化。如您所知，我們已經對新聞美國行銷業務進行了策略審查，並正在討論出售該業務的可能性。我們希望及時向您通報最新情況。

Consistent with that theme of simplification, we have our Unruly ad tech business under strategic view and are also in discussions about a potential sale. We have learned much from the very talented team at Unruly, and those lessons will inform our ad business for many, many years to come. With simplification being an ongoing process, the company will continue to review its structure with the aim of bringing extra focus to our key assets, allowing investors to have a far clearer review of their prospects.

與簡化的主題一致，我們將 Unruly 廣告技術業務納入策略考慮，並正在討論潛在的出售事宜。我們從 Unruly 非常有才華的團隊那裡學到了很多東西，這些經驗教訓將為我們未來很多很多年的廣告業務提供參考。隨著簡化工作持續進行，公司將繼續審查其結構，旨在更加關注我們的關鍵資產，使投資者能夠更清晰地評估其前景。

Let me turn to the News and Information Services segment in which Dow Jones had a strong quarter with increased revenues and greater profitability year-over-year. Wall Street Journal subscriptions grew 8%, and we have crossed the 70% threshold for the number of digital-only subscribers. Important to note, we currently do not include readers of Apple News+ in that number. So it certainly does not fully capture the number of readers who are now paying for access to The Journal.

讓我談談新聞和資訊服務部門，道瓊斯在該部門的季度表現強勁，收入增加，盈利能力同比提高。 《華爾街日報》的訂閱量增加了 8%，我們的純數位訂閱者數量已突破 70% 的門檻。需要注意的是，我們目前不包括 Apple News+ 的讀者。因此，它當然不能完全反映現在付費訪問《華爾街日報》的讀者數量。

Advertising revenue at Dow Jones grew 2% in the quarter and led notably by strong digital outperformance at wsj.com, which grew 13% as compared to a decline of the New York Times. We also saw stronger circulation revenue growth and increasing profitability as compared to the New York Times. Dow Jones Professional Information Business continue to thrive, with the burgeoning risk and compliance sector, in particular, growing 25% year-over-year. With many companies under intensifying regulatory scrutiny, the imperative to minimize risk and to maximize compliance remains a burgeoning source of business. Overall, our Professional Information Business represents a pronounced distinguishing advantage over media competitors and provides multiple opportunities for us to upsell specialist content to companies, professional investors and individual investors who actively manage their portfolio.

道瓊的廣告收入本季成長了 2%，這主要得益於 wsj.com 強勁的數位表現，與《紐約時報》的下滑相比，該網站成長了 13%。與《紐約時報》相比，我們也看到了更強勁的發行收入成長和獲利能力的提高。道瓊斯專業資訊業務持續蓬勃發展，尤其是新興的風險與合規部門，較去年同期成長 25%。隨著許多公司受到越來越嚴格的監管審查，最大限度地降低風險和最大限度地提高合規性仍然是一個新興的業務來源。整體而言，我們的專業資訊業務比媒體競爭對手具有明顯的優勢，並為我們提供了多種機會向積極管理其投資組合的公司、專業投資者和個人投資者追加銷售專業內容。

Barron's group continued to report strong traffic growth in Q1, with total unique users up 27% year-over-year driven by MarketWatch and Barron's online. Barron's subscribers grew 7% to 587,000, while MarketWatch Q1 revenue was its strongest quarterly revenue performance ever.

《巴倫周刊》集團第一季的流量持續強勁成長，在 MarketWatch 和《巴倫周刊》線上的推動下，獨立用戶總數較去年同期成長 27%。 《巴倫周刊》的訂閱者成長了 7%，達到 587,000 名，而 MarketWatch 第一季的營收是有史以來最強勁的季度營收表現。

In the U.K., digital subscribers at The Times and Sunday Times grew 19% to 312,000. Advertising in local currency was up for the first time since Q3 of financial year '18 as digital growth more than offset modest print declines. Digital advertising growth of The Sun accelerated from the prior quarter rate and benefited from a growing audience and higher yield with approximately 129 global monthly unique users in September 2019. Meanwhile, at Wireless, the October [radar] results show that the reach of Wireless's stations grew 21% year-over-year with a 26% increase in listening hours. And propelled by Chris Evans joining the network, Virgin Radio experienced a 300% increase in reach and a 500% jump in listening hours.

在英國，《泰晤士報》和《星期日泰晤士報》的數位訂戶增加了 19%，達到 312,000 人。自 18 財年第三季以來，以當地貨幣計價的廣告首次出現成長，因為數位成長足以抵消印刷品的小幅下降。 《太陽報》的數位廣告成長較上一季度有所加快，並受益於不斷增長的受眾和更高的收益，2019 年9 月全球每月獨立用戶數量約為129 名。同時，Wireless 10 月的[雷達]結果顯示Wireless 電台的覆蓋範圍年增 21%，收聽時間增加 26%。在 Chris Evans 加入網路的推動下，Virgin Radio 的覆蓋範圍增加了 300%，收聽時間增加了 500%。

Meanwhile, talkSPORT had a 20% increase in digital listening, thanks in part to the new Premier League rights, which drive Saturday listening up 120% year-over-year. In Australia, there were harsh economic conditions that affected all of our businesses, including HarperCollins. In media, we continue to execute on our digital strategy with the mastheads reaching more than 542,000 digital subscribers, representing 23% year-over-year growth. At the Australian, 65% of subscribers were digital, showing that a subscription sensibility is indeed evolving and more people expect to pay more for digital products. Circulation revenue was also lifted by cover price increases at our metropolitan mastheads. We took the bold step of sharply increasing the cover price of the New York Post in June, and there has been a 12% year-over-year increase in circulation revenue. Advertising also rose at a similar rate. It is worth noting that more than 70% of The Post advertising revenues in the quarter were digital.

與此同時，talkSPORT 的數位收聽量增加了 20%，這在一定程度上要歸功於新的英超轉播權，這使得週六收聽量同比增長 120%。在澳大利亞，嚴峻的經濟狀況影響了我們所有的業務，包括哈珀柯林斯。在媒體領域，我們繼續執行數位化策略，標頭覆蓋超過 542,000 名數位訂閱者，較去年同期成長 23%。在《澳洲人報》，65% 的訂閱者是數位訂閱者，這表明訂閱敏感度確實在不斷發展，越來越多的人希望為數位產品支付更多費用。我們的大都會報頭的封面價格上漲也提高了發行收入。 6月份，我們大膽提高了《紐約郵報》的封面價格，發行收入較去年同期成長了12%。廣告也以類似的速度成長。值得注意的是，該季度《華盛頓郵報》70%以上的廣告收入來自數位廣告。

Turning to subscription video services. Total subscribers at Foxtel grew 6% year-over-year despite the difficult conditions in Australia. The latest number of paying Kayo payer subscribers as of November 5 reached 402,000 with total subscribers at 443,000, and this is less than a year after its launch. With the Rugby World Cup ending last week, Kayo is now preparing for the seasonal shift to cricket and other summer sports in Australia. And Kayo customers continue to be highly engaged with over 75% of subscribers using the product each and every week. Kayo is a premium streaming service and shows that a far larger number of Australians are prepared to pay for content they had previously been presumed. Given that we have already acquired the sports rights, it's another important opportunity to monetize those rights without undermining the core broadcast offering.

轉向訂閱視訊服務。儘管澳洲情況嚴峻，Foxtel 的用戶總數仍較去年同期成長 6%。截至 11 月 5 日，最新的 Kayo 付費用戶數量達到 402,000 人，總用戶數為 443,000 人，而這距離推出不到一年。隨著橄欖球世界盃上週結束，Kayo 現在正在為澳洲的板球和其他夏季運動做好準備。 Kayo 客戶繼續保持高度參與，每周有超過 75% 的訂閱者使用該產品。 Kayo 是一項優質串流媒體服務，它表明越來越多的澳洲人準備為他們之前認為的內容付費。鑑於我們已經獲得了體育賽事轉播權，這是在不損害核心轉播服務的情況下將這些轉播權貨幣化的另一個重要機會。

During this quarter, Foxtel has continued to make significant enhancements to its product offering. The company began rolling out a new user interface to more than 1.1 million iQ3 and iQ4 set-top boxes. Since the end of September, Foxtel has also begun a major channel refresh for movies and entertainment with a focus on new Fox branded channels. In addition, Foxtel and NBCUniversal announced yesterday a long-term deal that will provide a variety of programming for Foxtel's broadcast on demand and streaming platforms, including Universal Studios movies, along with popular television series and other content. With the simplification of the Foxtel product offering having been completed, a new customer loyalty program called Foxtel First has been launched. We are all hopeful that these initiatives will help strengthen the product and reduce churn, which in the core Foxtel retail channel accounted for majority of broadcast subscribers, excluding wholesale partnerships, actually improved from 13.6% and to 12.2%.

本季度，Foxtel 繼續對其產品提供重大改進。該公司開始向超過 110 萬台 iQ3 和 iQ4 機上盒推出新的使用者介面。自 9 月底以來，Foxtel 也開始對電影和娛樂頻道進行重大頻道更新，重點是新的 Fox 品牌頻道。此外，Foxtel 和 NBCUniversal 昨天還宣布了一項長期協議，將為 Foxtel 的點播和串流媒體平台提供各種節目，包括環球影城的電影以及熱門電視劇和其他內容。隨著 Foxtel 產品供應的簡化完成，名為 Foxtel First 的新客戶忠誠度計畫也已啟動。我們都希望這些措施將有助於加強產品並減少客戶流失，在核心 Foxtel 零售通路中，客戶流失率佔廣播訂戶的大多數（不包括批發合作夥伴），實際上從 13.6% 提高到了 12.2%。

In book publishing, results were influenced by an invidious comparison to the prior year when we saw 42% year-over-year EBITDA growth in the first quarter of fiscal 2019, thanks to the remarkable success of the Rachel Hollis and Mark Manson books. There are a number of important works in the HarperCollins pipeline, including a cookbook from Ree Drummond, author of the Pioneer Woman series in the current quarter as well as the Andromeda evolution by Michael Krein released next Tuesday. Other books in the second half of the fiscal year include a cookbook from Joanna Gaines of Magnolia Series fame; and in the U.K., a work by the best-selling children's order, David Williams. We also expect to see benefits from the release of the film version of A.J. Finn, Women in the Window, and HarperCollins also announced that it will be publishing back the compelling memoir by Tiger Woods.

在圖書出版方面，業績受到與上年相比的不利影響，當時我們看到2019 財年第一季EBITDA 同比增長42%，這要歸功於雷切爾·霍利斯(Rachel Hollis) 和馬克·曼森(Mark Manson) 書籍的巨大成功。哈珀柯林斯出版社有許多重要的作品，包括本季先鋒女性系列作者 Ree Drummond 的一本烹飪書，以及下週二發布的 Michael Kerin 的仙女座進化論。本財年下半年的其他書籍包括喬安娜·蓋恩斯（Joanna Gaines）因木蘭系列而聞名的一本烹飪書；在英國，暢銷兒童訂單大衛威廉斯的作品。我們也期望看到 A.J. 電影版的發行帶來的好處。 《芬恩》、《窗外的女人》和《哈珀柯林斯》也宣布將出版泰格伍茲的這部引人入勝的回憶錄。

Turning now to digital real estate services. REA results were challenged due to soft listing volumes in Australia, though average option clearance rates have returned to the levels seen before the market correction, over 80% in Melbourne and Sydney. And there has been some improvement in the month-on-month listing environment. With evidence of a gradual market recovery, we do expect enhancements in revenue in the second half of this fiscal year.

現在轉向數位房地產服務。儘管墨爾本和雪梨的平均選擇權清盤率已恢復至市場調整前的水平（超過 80%），但由於澳洲掛牌量疲軟，REA 業績受到挑戰。且上市環境季比有所改善。有證據顯示市場正在逐步復甦，我們預計本財年下半年的收入將會增加。

Moving, operator of realtor.com had a robust quarter, and we have reason to be optimistic over its prospects, thanks to signs of improving health in the U.S. housing market. Existing home sales are on the rise, and there has been rapid audience growth at realtor.com where there was an 18% year-over-year increase in traffic in the quarter.

移動，realtor.com 的運營商經歷了一個強勁的季度，由於美國房地產市場健康狀況改善的跡象，我們有理由對其前景感到樂觀。現房銷售呈上升趨勢，realtor.com 的受眾成長迅速，本季流量較去年同期成長 18%。

Based on the most recent Comscore data, realtor's.com traffic is clearly going significantly faster than that of our nearest competitor.

根據最新的 Comscore 數據，realtor's.com 的流量明顯快於我們最接近的競爭對手。

In addition, we are pleased with the ongoing integration of Opcity, a business that is helping realtor.com become even more connected to consumers and to REALTORS who are provided with higher quality refined leads that we expect to monetize in adjacencies such as mortgages. We are not entering the house flipping distressed sale business, but we want to offer vendors as many potential purchases as possible. The more competition for our house, the higher the price for the seller. While we have been in a period of reinvestment of Move due to the Opcity acquisition, we are seeing the benefits of that commitment with improving financials, and that will accelerate in the second half.

此外，我們對Opcity 的持續整合感到高興，該業務正在幫助realtor.com 與消費者和房地產經紀人建立更緊密的聯繫，這些房地產經紀人獲得了更高品質的精細銷售線索，我們希望透過抵押貸款等相關領域實現貨幣化。我們不會進入二手房倒賣業務，但我們希望為賣家提供盡可能多的潛在購買機會。我們房子的競爭越激烈，賣家的價格就越高。雖然由於 Opcity 收購，我們正處於 Move 再投資時期，但我們看到了這項承諾帶來的好處，即改善財務狀況，而這種情況將在下半年加速。

For News Corp, as the year unfolds, the simplification of our structure will continue, and we expect to see further benefits from the shift in a balance of power between creators of content and the digital distributors. Investors in News Corp should be the beneficiaries of that fundamental transformation.

對於新聞集團來說，隨著時間的推移，我們的結構將繼續簡化，我們預計將從內容創作者和數位發行商之間權力平衡的轉變中看到更多的好處。新聞集團的投資者應該是這項根本轉型的受益者。

And now for further insight, we will turn to Susan.

現在為了進一步了解，我們將轉向蘇珊。

Thank you, Robert.

謝謝你，羅伯特。

Turning to the financials. Fiscal 2020 first quarter total revenues were approximately $2.3 billion, down 7% versus the prior year, and total segment EBITDA was $221 million, down 38% versus the prior year. The results were impacted by last year's onetime benefit related to the exit of the partnership for Sun Bets in the U.K., coupled with continued currency headwinds and challenging prior year comparisons at HarperCollins.

轉向財務。 2020財年第一季總營收約23億美元，較上年下降7%，分部EBITDA總額為2.21億美元，較上年下降38%。結果受到去年與英國 Sun Bets 合作夥伴關係退出相關的一次性收益的影響，加上持續的匯率逆風和哈珀柯林斯 (Harper Collins) 與上一年的比較帶來的挑戰。

On an adjusted basis, which excludes the impact of acquisitions and divestitures, currency fluctuations and the other items disclosed in our release, revenues fell 4%, and total segment EBITDA decreased 30%. Net loss for the quarter was $211 million compared to net income of $128 million in the prior year, reflecting a $273 million of noncash impairment charges, primarily at News America Marketing. For the quarter, we reported a loss per share of $0.39 as compared to earnings per share of $0.17 in the prior year. Adjusted earnings per share were $0.04 in the quarter versus $0.17 in the prior year.

在調整後的基礎上，排除收購和剝離、貨幣波動以及我們新聞稿中披露的其他項目的影響，收入下降了 4%，部門 EBITDA 總額下降了 30%。本季淨虧損為 2.11 億美元，而上一年的淨利潤為 1.28 億美元，反映了 2.73 億美元的非現金減損費用，主要來自 News America Marketing。本季度，我們報告每股虧損 0.39 美元，而上一年每股收益為 0.17 美元。本季調整後每股收益為 0.04 美元，去年同期為 0.17 美元。

Turning now to the individual operating segments. In News and Information Services, revenues for the quarter were over $1.1 billion, down approximately 8% versus the prior year. Currency had a $35 million or 3% negative impact. Digital revenues for Dow Jones and the newspaper mastheads represented 38% of the combined revenues. Approximately 34% of the segment's revenues were digital, up from 33% in the prior year, which included the onetime Tabcorp payment. Advertising revenues for the segment were down 8% in the quarter versus the prior year, with approximately $15 million or 3% due to negative currency fluctuations. Performance was stable versus the prior quarter rate. Improvements at Dow Jones and News U.K., absent currency impacts, were offset by declines at News America Marketing and News Australia. Circulation and subscription revenues rose 1% versus the prior year despite a $15 million or 3% negative impact from foreign currency. Growth was again led by Dow Jones.

現在轉向各個營運部門。在新聞和資訊服務領域，本季營收超過 11 億美元，比上年同期下降約 8%。貨幣造成了 3500 萬美元的負面影響，即 3%。道瓊斯和報紙報頭的數位收入佔總收入的 38%。該部門約 34% 的收入來自數位化，高於去年的 33%，其中包括一次性的 Tabcorp 付款。由於匯率負面波動，該部門的廣告收入本季較上年同期下降 8%，約 1,500 萬美元，即 3%。與上一季相比，業績穩定。在沒有匯率影響的情況下，道瓊斯和英國新聞的進步被美國新聞行銷和澳洲新聞的下滑所抵消。儘管外匯帶來了 1500 萬美元或 3% 的負面影響，但發行量和訂閱收入仍比上年增長了 1%。道瓊斯指數再次引領成長。

Segment EBITDA for the quarter was $56 million, down from $109 million, with the decline due primarily to the absence of the net benefit related to the exit of the partnerships with Sun Bets in the U.K. last year. We reclassified approximately $7 million of costs in the first quarter of fiscal 2019 from the other segment to the News and Information Services segment. The costs are mainly related to initiatives, including News IQ, our global programmatic asset and some shared technology services that directly benefit the News and Information Services segment as part of our ongoing efforts to leverage our global scale to lower costs.

本季的部門 EBITDA 為 5,600 萬美元，低於 1.09 億美元，下降的主要原因是去年與英國 Sun Bets 退出合作關係所帶來的淨收益不存在。 2019 財年第一季度，我們將約 700 萬美元的成本從其他部門重新分類到新聞和資訊服務部門。這些成本主要與措施有關，包括 News IQ、我們的全球程序化資產和一些共享技術服務，這些服務直接使新聞和資訊服務部門受益，這是我們利用全球規模降低成本的持續努力的一部分。

I will now talk through some segment highlights. At Dow Jones, consumer circulation revenues in the first quarter remained very healthy, growing 6%, benefiting from 17% growth in digital-only paid subscribers at The Wall Street Journal to approximately 1.9 million as well as subscription price increases. Digital paid subscribers accounted for 71% of the total subscriber base at The Wall Street Journal, up from 65% last year. We see a big opportunity to scale The Wall Street Journal, both directly and through valuable third-party relationships, as Robert mentioned. As a result, we expect to see incremental revenues from these partnerships this year. Total subscribers in the quarter for Dow Jones consumer products, which also includes Barron's and financial news in the U.K., reached approximately 3.3 million, again posting record levels. Of that digital-only, subscribers rose 20% versus the prior year to almost 2.3 million subscribers. We remain optimistic about our Professional Information Business, which accounted for 29% of Dow Jones revenues this quarter. The key growth engine continues to be in Risk and Compliance, which accelerated its revenue growth to 25% in the quarter compared to the prior quarter. Overall, our Professional Information Business grew a robust 8% this quarter. Advertising revenues at Dow Jones in the quarter rose 2%, an improvement from the fiscal fourth quarter rate led by digital growth with a relatively stable print performance. Digital advertising accounted for 42% of total Dow Jones advertising compared to 37% last year.

我現在將談談一些片段的亮點。道瓊第一季的消費者發行收入仍然非常健康，成長了 6%，這得益於《華爾街日報》的純數位付費訂戶成長 17%，達到約 190 萬，以及訂閱價格的上漲。數位付費訂閱者佔《華爾街日報》總訂閱者總數的 71%，高於去年的 65%。正如羅伯特所提到的，我們看到了擴大《華爾街日報》規模的巨大機會，無論是直接還是透過寶貴的第三方關係。因此，我們預計今年這些合作關係的收入將會增加。本季道瓊斯消費品（還包括《巴倫周刊》和英國財經新聞）的訂戶總數達到約 330 萬，再次創下歷史新高。在純數位訂閱中，訂閱者數量比前一年增長了 20%，達到近 230 萬。我們對我們的專業資訊業務保持樂觀，該業務佔本季道瓊斯收入的 29%。關鍵的成長引擎仍然是風險與合規性，這使得本季的營收比上一季成長了 25%。總體而言，我們的專業資訊業務本季強勁成長了 8%。道瓊本季的廣告收入成長了 2%，較第四財季的成長率有所改善，這得益於數位成長和相對穩定的印刷表現。數位廣告佔道瓊斯廣告總量的 42%，而去年這一比例為 37%。

We continue to balance healthy revenue growth at Dow Jones with reinvestment, which is leading to ongoing profit growth. Elsewhere across our news portfolio, advertising conditions were mixed. News UK's advertising revenues were flat on a reported basis and up 6% in local currency, representing the first year-over-year increase in local currencies since the third quarter of fiscal 2018. The U.K. showed notable growth in digital, particularly at The Sun, which is growing in both audience and engagement.

我們繼續在道瓊健康的收入成長與再投資之間取得平衡，從而實現持續的利潤成長。在我們新聞組合的其他地方，廣告情況好壞參半。英國的廣告收入按報告數據持平，但以當地貨幣計算增長了6%，這是自2018 財年第三季度以來以當地貨幣計算的首次同比增長。英國的數位廣告收入顯著增長，尤其是《太陽報》 ，其受眾和參與度都在成長。

Advertising conditions in Australia were more challenged, notably in print, with advertising revenues down 13% on a reported basis and down 8% in local currency. Digital growth helped mitigate print declines with continued growth from music stand, small medium business initiatives and news.com.au.

澳洲的廣告狀況面臨更大的挑戰，尤其是印刷廣告，據報告，廣告收入下降了 13%，以當地貨幣計算下降了 8%。隨著樂譜架、中小型企業計畫和 news.com.au 的持續成長，數位成長幫助緩解了印刷品的下滑。

On circulation, our digital paid subscribers again grew at an impressive rate. Digital subscribers rose 19% at The Times and The Sunday Times and 22% at News Australia. The increase in digital subscribers, along with cover price increases at both News UK and News Australia, helped mitigate print volume declines and currency headwinds. Finally, at News America Marketing, revenues fell 10% driven by weakness in freestanding insert products given the ongoing digital migration, but partially offset by growth in in-store product revenue, which accounted for roughly half of the overall revenue.

在發行量方面，我們的數位付費訂戶再次以驚人的速度成長。 《泰晤士報》和《星期日泰晤士報》的數位訂戶增加了 19%，《澳洲新聞報》的數位訂戶增加了 22%。數位訂戶的增加以及英國新聞和澳洲新聞的封面價格上漲，有助於緩解印刷量下降和貨幣不利因素。最後，在新聞美國行銷部門，由於持續的數位化遷移，獨立式插入產品的疲軟導致收入下降了 10%，但部分被店內產品收入的增長所抵消，店內產品收入約佔總收入的一半。

Turning to the Subscription Video Services segment. Revenues for the quarter were $514 million, down 9% versus $565 million in the prior year, of which $34 million or 6% was due to the negative impact from foreign currency. Broadcast revenue trends were relatively similar to the prior quarter, with the revenue decline driven by a lower broadcast subscriber base and changes to the broadcast subscriber package mix. The revenue decline was partially offset by increased revenue contributions from Kayo and Foxtel Now. Importantly, as we look at a core driver of the business, TV subscription revenue, which includes both broadcast and OTT revenue, excluding the impact of currency, revenue growth from OTT products almost offset broadcast declines in the quarter, which will be key to the stability of the business.

轉向訂閱視訊服務部分。該季度營收為 5.14 億美元，比去年同期的 5.65 億美元下降 9%，其中 3,400 萬美元或 6% 是由於外匯的負面影響。廣播收入趨勢與上一季相對相似，收入下降是由於廣播用戶基數下降和廣播用戶套餐組合的變化所致。 Kayo 和 Foxtel Now 收入貢獻的增加部分抵消了收入下降。重要的是，當我們審視業務的核心驅動力時，電視訂閱收入，包括廣播和 OTT 收入，排除貨幣的影響，OTT 產品的收入增長幾乎抵消了本季度廣播的下降，這將是關鍵業務的穩定性。

Segment EBITDA in the quarter was $81 million, down 28% with the prior year, which, in addition to the revenue trends, was also impacted by $16 million of costs related to domestic cricket rights, which we didn't have in the prior year and $14 million related to the noncash accelerated amortization of certain of our entertaining -- entertainment programming costs, as we highlighted last quarter. We continue to expect approximately $30 million to $35 million impact from the accelerated amortization for the full year with a greater impact in the first half of the year.

本季的部門 EBITDA 為 8,100 萬美元，比上年下降 28%，除了收入趨勢外，還受到與國內板球版權相關的 1600 萬美元成本的影響，而上一年我們沒有這些成本正如我們上季度強調的那樣，1400 萬美元與我們某些娛樂節目成本的非現金加速攤銷有關。我們仍預計全年加速攤銷將產生約 3,000 萬至 3,500 萬美元的影響，其中上半年影響更大。

Other costs notably in overheads were lower this quarter as the team is focused on rightsizing the cost base. We continue to expect full year capital expenditures to be approximately 20% lower than the prior year and for the cash flow generation to improve.

本季其他成本（尤其是管理費用）較低，因為團隊專注於調整成本基礎。我們仍預期全年資本支出將比上年減少約 20%，現金流產生將有所改善。

Turning to the KPIs. Foxtel's closing paid subscriber base was approximately 3.1 million as of September 30, with volume growing 6% versus the prior year driven by the launch of Kayo last November. Of that subscriber base, over 2.3 million of the total closing subscribers were broadcast and commercial subscribers, and the remainder consisted of Kayo and Foxtel Now. Kayo paying subscribers grew to 364,000, up from 331,000 last quarter or 12% of the total Foxtel subscriber base, including trial list Kayo rose 430,000 subscribers. We are seeing that customer activations are more pronounced around big events. The first quarter had less exclusive content, particularly following the Cricket World Cup, but we have seen notably stronger ads with the start of the Rugby World Cup, which began in late September. As of November 5, Kayo paying subscribers have increased to approximately 402,000.

轉向 KPI。截至 9 月 30 日，Foxtel 的付費用戶總數約為 310 萬，在去年 11 月推出 Kayo 的推動下，用戶數量較上年增長了 6%。在該用戶群中，超過 230 萬最終用戶是廣播和商業用戶，其餘用戶包括 Kayo 和 Foxtel Now。 Kayo 付費訂戶數量從上季度的 331,000 人增至 364,000 人，佔 Foxtel 用戶總數的 12%，其中試用名單上的 Kayo 訂戶數量增加了 43 萬人。我們發現，大型活動周圍的客戶活化更加明顯。第一季的獨家內容較少，特別是在板球世界盃之後，但隨著 9 月底開始的橄欖球世界盃的開始，我們看到了明顯更強的廣告。截至 11 月 5 日，Kayo 付費用戶已增至約 402,000 名。

We continue to see that Kayo subscribers are incremental to the subscriber base with very little cannibalization from the core broadcast business. Paying subscribers for Foxtel Now were approximately 375,000, down from 446,000 last quarter following the conclusion of the Game of Thrones, but still up from the prior year and have seen an improvement in ARPU from both the last quarter and the prior year. In addition, Foxtel is also planning a new entertainment product, which will leverage the Kayo platform with the commercial launch anticipated later in this fiscal year.

我們繼續看到 Kayo 的訂戶數量不斷增加，核心廣播業務的蠶食很少。 Foxtel Now 的付費訂戶約為 375,000 人，低於《權力的遊戲》結束後上一季的 446,000 人，但仍高於去年同期，並且 ARPU 較上一季和去年同期均有所改善。此外，Foxtel 還計劃推出一款新的娛樂產品，該產品將利用 Kayo 平台，預計在本財年稍後推出商業版。

In the first quarter, broadcast churn was 14.4% versus 12.9% in the prior year, but down from 14.7% in Q4, reflecting continued focus on churn management in the Foxtel direct channel and higher penetration of the iQ4 set-top boxes.

第一季度，廣播客戶流失率為 14.4%，去年同期為 12.9%，但低於第四季度的 14.7%，反映出對 Foxtel 直接頻道客戶流失管理的持續關注以及 iQ4 機上盒滲透率的提高。

As a reminder, lower ARPU customers on expiring contracts from the past 12 to 24 months compounded by a price rise is resulting in higher churn versus the prior year. Churn from platinum and sports teams remain materially lower than the base.

需要提醒的是，過去 12 至 24 個月到期合約的 ARPU 客戶較低，再加上價格上漲，導致客戶流失率比前一年更高。白金和運動隊伍的流失率仍然大大低於基數。

Broadcast ARPU grew 2% to about AUD 78 per month. We expect to complete the refinancing of a significant portion of Foxtel debt in the coming weeks, which will include a package of bank refinancing, third-party financing and additional shareholder funding. As part of the refinancing, News Corp has contributed an additional AUD 200 million loan, and the new financing that will extend maturities for at least 3 years and, importantly, provide Foxtel with ample liquidity and flexibility to execute on its strategy. At Book Publishing, HarperCollins faced an unusually difficult comparison to the prior year due to the success of Rachel Hollis' Girl, Wash Your Face, Angie Thoma's The Hate U Give and Mark Manson's Subtle Art. As a result, revenues for the quarter fell 3% to $405 million and segment EBITDA fell to $49 million.

廣播 ARPU 成長 2%，達到每月約 78 澳元。我們預計將在未來幾週內完成 Foxtel 大部分債務的再融資，其中將包括一攬子銀行再融資、第三方融資和額外股東融資。作為再融資的一部分，新聞集團額外提供了 2 億澳元貸款，新融資的期限將延長至少 3 年，重要的是，將為 Foxtel 提供充足的流動性和靈活性來執行其策略。在書籍出版方面，由於雷切爾·霍利斯(Rachel Hollis) 的《女孩，洗臉》(Girl, Wash Your Face)、安吉·托瑪(Angie Thoma) 的《The Hate U Give》和馬克·曼森(Mark Manson) 的《微妙藝術》(Subtle Art) 的成功，哈珀柯林斯出版社面臨著與前一年異常困難的比較。結果，該季度營收下降 3%，至 4.05 億美元，部門 EBITDA 下降至 4,900 萬美元。

Notable releases this quarter include Daniel Silva's New Girl, Ann Patchett's, The Dutch House, Karin Slaughter's The Last Widow, Demi Moore's Inside Out and Ant Middleton's The Fear Bubble. Digital revenues declined 5% and represented 20% -- 22% of consumer revenues also impacted by the year ago comparison. At the Digital Real Estate Services segment, revenues were down 7% to $272 million, of which $10 million or 3% was due to the negative impact from foreign currency. On an adjusted basis, revenues declined 5%. REA Group revenues were down 14% and down 8% in local currency as higher yield and improved product mix was more than offset by an overall 15% year-over-year decline in new listing volume during the quarter. Developer revenues were also down on the back of a 26% decline in new project development. Revenue decline was also impacted by the extended duration of premier all listings from 45 to 60 days, which increased the revenue deferral for the period.

本季上映的著名電影包括丹尼爾席爾瓦的《新女孩》、安帕切特的《荷蘭屋》、卡琳史勞特的《最後的寡婦》、黛米摩爾的《腦筋急轉彎隊》和安特·米德爾頓的《恐懼泡沫》。數位收入下降了 5%，佔消費者收入的 20% 至 22% 也受到了去年同期的影響。在數位房地產服務領域，收入下降 7% 至 2.72 億美元，其中 1000 萬美元或 3% 是由於外匯的負面影響。調整後的收入下降了 5%。 REA 集團營收下降 14%，以當地貨幣計算下降 8%，原因是收益率提高和產品組合改善，但本季新掛牌量總體同比下降 15% 抵消了這一影響。由於新項目開發下降 26%，開發商收入也出現下降。收入下降也受到首要所有上市期限從 45 天延長至 60 天的影響，這增加了該期間的收入遞延。

Please refer to REA's earnings release and their conference call that just concluded for additional details and comments on the outlook. Group revenues rose 4% to $123 million versus the prior year, with real estate revenues growing 11%, which is an improvement from the fourth quarter rate. The increase in real estate revenues, which represented 80% of total revenues, was led by a higher contribution from Opcity, combined with an improvement in lead volume and audience. This is in the context of the U.S. housing market showing signs of improvement, with existing home sales up low single digits in the quarter compared to the prior year.

請參閱 REA 的收益發布以及剛結束的電話會議，以了解更多詳細資訊和對前景的評論。集團營收較上年成長 4%，達到 1.23 億美元，其中房地產收入成長 11%，較第四季有所改善。佔總收入 80% 的房地產收入的成長是由 Opcity 的貢獻增加以及潛在客戶數量和受眾的增加所帶動的。這是在美國房地產市場顯示出改善跡象的背景下，本季現有房屋銷售量較上年同期成長較低的個位數。

As I mentioned last quarter, we began live testing a performance-based-only model in over a dozen markets starting on May 1 to analyze the impact and scalability of the platform. The test also allows us to better control the consumer experience and the transaction. Although it is still relatively early in the testing, every single one of the core metrics has gone up materially. Leads, meeting rates, home values and close rates are all trending in the right direction. We are very encouraged by the results and have continued to allocate more leads to the Opcity model, which will allow greater opportunities to further extend into ancillary revenues. On audience, we saw an acceleration in audience growth versus the fourth quarter growth rate with average monthly unique users at realtor.com reaching over 71 million, rising 18% versus the prior year, together with a notable pickup in both page views and time spent. Segment EBITDA fell 22% to $82 million due to REA revenue declines and investment at Move due to Opcity. Adjusted segment EBITDA declined just 2%.

正如我上季度提到的，我們從 5 月 1 日開始在十幾個市場中開始即時測試基於效能的模型，以分析該平台的影響和可擴展性。測試也讓我們更能將控消費者體驗和交易。儘管測試仍處於相對早期階段，但每項核心指標都已大幅提升。潛在客戶、會議率、房屋價值和成交率都朝著正確的方向發展。我們對結果感到非常鼓舞，並繼續向 Opcity 模型分配更多銷售線索，這將為進一步拓展輔助收入提供更多機會。在受眾方面，與第四季度相比，我們看到受眾成長加速，realtor.com 的平均每月獨立用戶數超過 7,100 萬，比上年增長 18%，頁面瀏覽量和花費時間均顯著增加。由於 REA 收入下降以及 Opcity 對 Move 的投資，該部門 EBITDA 下降 22% 至 8,200 萬美元。調整後的部門 EBITDA 僅下降 2%。

Other costs increased to $47 million from $37 million. The majority of the increase is related to higher equity comp due to the performance, existing schemes and the stock appreciation since the grant date as well as the phasing of certain strategic initiatives. Most importantly, we do not expect this increase to be reflective of the full year.

其他成本從 3700 萬美元增加到 4700 萬美元。成長的大部分與由於業績、現有計劃和自授予日以來的股票升值以及某些戰略舉措的分階段而導致的更高的股本補償有關。最重要的是，我們預計這一增長不會反映全年情況。

I would now like to talk about some themes in the upcoming quarter. In News and Information services, advertising trends thus far remains similar to the prior quarter levels, although visibility remains limited. We continue to seek cost efficiencies, particularly in both the U.K. and Australia. Comparisons should ease now that we have moved past the Sun Bets benefit, and we expect to show improvements, particularly at our news brands.

我現在想談談下一季的一些主題。在新聞和資訊服務領域，廣告趨勢迄今仍與上一季水平相似，儘管可見度仍然有限​​。我們繼續尋求成本效益，特別是在英國和澳洲。既然我們已經超越了 Sun Bets 的福利，那麼比較應該會有所緩解，並且我們預計會有所改進，尤其是在我們的新聞品牌方面。

In Subscription Video Services, we will anniversary the acquisition of the domestic cricket rights, and cost trends should be more favorable. We will also lap the price increase from October last year. In Book Publishing, as Robert mentioned, we're excited about the recent launch of Ree Drummond's Pioneer Woman The New Frontier, although we'll continue to face difficult comparisons as the prior year included Joanna Gaine's Homebody and strong backlist sales. Given the timing of the release schedule, we expect performance will be more second half weighted.

在訂閱視訊服務方面，我們將週年慶收購國內板球版權，成本趨勢應該會更有利。我們也將從去年10月開始漲價。在書籍出版方面，正如羅伯特所提到的，我們對最近推出的雷·德拉蒙德(Ree Drummond) 的《女性先鋒》(Pioneer Woman The New Frontier) 感到很興奮，儘管我們將繼續面臨困難的比較，因為去年包括喬安娜·蓋恩(Joanna Gaine) 的《Homebody》和強勁的回單銷售。考慮到發佈時間表的時間安排，我們預計下半年的表現將更加重要。

At Digital Real Estate Services, we anticipate improvements at Move as we lap the Opcity acquisition, particularly in the second half. As noted on their release, REA expects revenue growth to be skewed towards the second half of the fiscal year. Please see the release for more detail.

在 Digital Real Estate Services，我們預計隨著 Opcity 收購的完成，Move 將會有所改善，特別是在下半年。正如其新聞稿中所指出的，REA 預計營收成長將偏向本財年下半年。請參閱發布以了解更多詳細資訊。

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

那麼，讓我將其交給接線員進行問答。

(Operator Instructions) I'll take our first question from Kane Hannan at Goldman Sachs.

（操作員說明）我將回答高盛凱恩漢南 (Kane Hannan) 提出的第一個問題。

Just at Dow Jones revenue growth of 6%., can you give a bit more color around the level of cost growth during the quarter to drive that growth? And then I suppose, some comments around the revenue quantum we should be expecting from those digital partnerships this year, sort of next year? I -- should we expect them to be material?

就道瓊斯營收成長 6% 而言，您能否對本季推動這一成長的成本成長水準進行更多說明？然後我想，關於我們今年（或明年）應該從這些數位合作關係中獲得的收入數量的一些評論？我──我們應該期望它們是物質的嗎？

Well, look, I'll take the second part of the question first, Kane. The Facebook deal is a big deal. It establishes a clear precedent of paying a premium for premium journalism. And there are a couple of other initiatives that are notable. When you click on a headline in the Facebook News tab, you'll be taken to our site. So the story is not hosted by Facebook. And that means that we're able to sell advertising directly, and we'll have a more lucrative flow of permission data. And these were all essential preconditions for our ascent and our agreement, and will have a long-term benefit on our accounts.

好吧，我先回答問題的第二部分，凱恩。 Facebook 的交易是一件大事。它開創了為優質新聞付費的明顯先例。還有其他一些值得注意的措施。當您點擊 Facebook 新聞標籤中的標題時，您將被帶到我們的網站。所以這個故事不是由 Facebook 託管的。這意味著我們能夠直接銷售廣告，並且我們將擁有更有利可圖的許可資料流。這些都是我們上升和達成協議的重要先決條件，並將為我們帶來長期利益。

The fact is that there'll be less prominence if there's not a premium for Providence. And it's frankly clear that the revenue show flow had shifted dramatically from the creators to the distributors. So for us, there are -- commercially, there are 2 things that are meaningful and absolutely essential. Firstly, development of a subscription sensibility. There has to be more of a propensity to pay. Thankfully, Facebook understood that priority. Secondly, the digital advertising market is dysfunctional. The so-called open market is a virtual monopoly. We've been very public about our concerns on that segment, which is in dire need of reform, and is thankfully now under close scrutiny by 50 U.S. attorneys general.

事實上，如果普羅維登斯沒有溢價，那麼它的知名度就會降低。坦白說，很明顯，節目收入流已經從創作者轉移到發行商。因此，對我們來說，在商業上，有兩件事是有意義且絕對必要的。首先，培養訂閱敏感度。必須有更多的支付傾向。值得慶幸的是，Facebook 理解這一優先事項。其次，數位廣告市場功能失調。所謂開放市場，就是一種虛擬的壟斷。我們一直非常公開地表達了我們對該領域的擔憂，該領域迫切需要改革，值得慶幸的是，現在正受到 50 名美國司法部長的密切監督。

And Kane, just in relation to the costs, we saw about a 4% increase in cost for the quarter for Dow Jones. So you should use that number as your proxy.

凱恩，就成本而言，我們看到道瓊斯本季的成本增加了約 4%。因此，您應該使用該號碼作為您的代理。

Eduardo, we'll take our next question please.

Eduardo，我們將回答下一個問題。

(Operator Instructions) We'll now take the next question from Eric Pan at JPMorgan.

（操作員說明）我們現在將回答摩根大通的 Eric Pan 提出的下一個問題。

You mentioned in your comments, you're bringing extra focus on your key assets. And given the proposed sale of NAM, how should we think about the company's overall strategy going forward? Are you looking to unlock the value of the assets via monetization? Or could you be looking to beef up your existing businesses with acquisitions?

您在評論中提到，您將額外關注您的關鍵資產。鑑於 NAM 的出售提議，我們應該如何思考公司未來的整體策略？您是否希望透過貨幣化來釋放資產的價值？或者您希望透過收購來增強現有業務？

Eric, simplification is indeed an ongoing process, and it doesn't stop at News America Marketing and Unruly. But we're very cognizant that the company trades at a discounted to some of the parts. We're seeking to rectify that situation and maximize value for all our shareholders. So it's fair to say that the institutional introspection will continue apace.

艾瑞克，簡化確實是一個持續的過程，而且它並不僅僅停留在 News America Marketing 和 Unruly 上。但我們非常清楚，該公司的某些零件的交易價格有折扣。我們正在尋求糾正這種情況，並為所有股東實現價值最大化。因此可以公平地說，機構反思將繼續快速進行。

Eduardo, we'll take our next question please.

Eduardo，我們將回答下一個問題。

Our next question comes from Entcho Raykovski at Credit Suisse.

我們的下一個問題來自瑞士信貸銀行的 Entcho Raykovski。

Robert. Just a couple from me related to [SVs]. And just firstly, Susan, wanted to clarify your comments around the next quarter. You said you've lapped the increase seen in domestic cricket rights, so should we expect any increase in the cost of the cricket heading into Q2? And then just secondly, your commentary around the launch of an entertainment-only offering in SVOD. Do you expect any additional costs associated with that offering? Or do you think that you can pretty effectively utilize your existing rights and offer streaming products? And then just related to that, sorry, to kind of carry on with this. But just your rationale for it given that it feels like it is a pretty crowded space in streaming services in Australia?

羅伯特.我只有幾個與 [SV] 相關的。首先，蘇珊想在下個季度澄清您的評論。您說您已經接受了國內板球權利的增加，那麼我們是否應該預期進入第二季度的板球成本會增加？其次，您對 SVOD 推出純娛樂產品的評論。您預計該產品會產生任何額外費用嗎？或者您認為您可以非常有效地利用現有權利並提供串流媒體產品嗎？然後就與此相關，抱歉，繼續進行下去。但考慮到澳洲的串流服務領域相當擁擠，你的理由是什麼？

I'll take maybe the first 2, and Robert can take the last one Entcho, if that's okay. So just in relation to cricket, we would expect to see very, very modest increases over the course of the year. So the bulk of those costs have come through in Q1. But I think it's important to note when we think about the cost base, the largest increase that's come through is because of the noncash amortization in relation to those entertainment expenses. So over the full year, absent those costs, we would expect the whole cost base to be relatively stable. But it is important to note that the team down in Australia are continuing to focus on rightsizing their cost base and are continuing to look for opportunities as they move forward.

我可能會拿前兩個，羅伯特可以拿最後一個 Entcho，如果可以的話。因此，就板球運動而言，我們預計今年的成長將非常非常小。因此，大部分成本已在第一季支付。但我認為重要的是要注意，當我們考慮成本基礎時，最大的成長是由於與這些娛樂費用相關的非現金攤提。因此，在全年中，如果沒有這些成本，我們預計整個成本基礎將相對穩定。但值得注意的是，澳洲的團隊正在繼續專注於調整成本基礎，並在前進的過程中繼續尋找機會。

In relation to [Aeries], we are looking to launch that towards the back half of this particular fiscal year. We're not expecting to see significant incremental costs to your point. We do have a lot of the content covered within existing deals. We will, of course, have marketing costs as we scale up that product, but the actual incremental cost that we'd expect to see within the year is going to be minimal.

關於 [Aeries]，我們希望在本財年下半年推出。我們預計不會出現像您所說的那樣顯著的增量成本。我們確實在現有交易中涵蓋了很多內容。當然，當我們擴大產品規模時，我們會產生行銷成本，但我們預計年內看到的實際增量成本將很小。

And if I could just supplement Susan's comments. And it will obviously be based on the Kayo distribution platform. So much of the engineering there has already been done. And I think when you speak of streaming, this salient point to note about Foxtel is the rapid growth of Kayo from nothing a year ago to 402,000 paying customers now and another 443,000 in total. And this is not a service that cost $6.99 a month. It's $25 a month. And given the view of feedback and satisfaction, there's obviously some longer-term elasticity in that price. And when you see the sluggishness in the Australian economy in advertising and real estate, which has obviously had an impact on our earnings, the results are even more impressive.

如果我能補充一下蘇珊的評論就好了。它顯然將基於 Kayo 分發平台。那裡的大部分工程已經完成。我認為當你談到串流媒體時，Foxtel 值得注意的一個突出點是 Kayo 從一年前的無到有的快速增長，現在付費客戶數量達到 402,000 名，總數增加到 443,000 名。而且這不是每月花費 6.99 美元的服務。每月 25 美元。考慮到反饋和滿意度，該價格顯然存在一些長期彈性。而當你看到澳洲廣告和房地產經濟的低迷，這顯然對我們的收入產生了影響時，結果就更令人印象深刻了。

Thank you, Entcho. Eduardo, we'll take our next question, please.

謝謝你，恩喬。 Eduardo，我們將回答下一個問題。

We'll now take our next question from Craig Huber at Huber Research Partners.

現在我們將回答 Huber Research Partners 的 Craig Huber 提出的下一個問題。

All right. We'll now take our last question from Fraser Mcleish at MST.

好的。現在我們將回答 MST 的 Fraser Mcleish 提出的最後一個問題。

Robert, I'm just interested in your comments upfront that you were talking about giving us a clear view of the assets and the value, you're willing to just give us a little bit more insight to what you mean there. I assume you're talking about The Wall Street Journal and timing of that. I mean do we now have to wait until the next financial year for that? And that's my first question. And then just secondly, just on Move, which the margins -- you've got to do a little bit of work obviously to back them out because you don't report them, but look later around about that sort of 10% level and have sort of been stubbornly at that level for a little while. Is it structurally just a low-margin industry in the U.S. because they're obviously very low margins relative to similar businesses around the world? Or do you think you can really see some margin improvement there over the next few years?

羅伯特，我只是對你之前的評論感興趣，你所說的讓我們對資產和價值有一個清晰的認識，你願意讓我們對你的意思有更多的了解。我假設您正在談論《華爾街日報》及其時機。我的意思是我們現在必須等到下一個財政年度嗎？這是我的第一個問題。其次，就 Move 而言，利潤率 - 你顯然必須做一些工作來支持它們，因為你沒有報告它們，但稍後看看那種 10% 的水平，已經有一段時間頑固地處於這個水平了。從結構上看，這是否只是美國的一個低利潤行業，因為與世界各地的類似企業相比，它們的利潤率顯然非常低？或者您認為未來幾年您真的可以看到利潤率有所改善嗎？

On your first question, we really can't go into detail about what simplification means in the longer term. What it does mean at the moment is News America Marketing and Unruly, which are under strategic review. But as I said, that strategic review does not stop with those 2 properties, and we are very conscious of the need to highlight the value of the company and provide more transparency for investors. As for Move, both short, medium and long term, we believe that realtor.com is a tremendous property. You could see that the growth in audience is far superior to that at Zillow at the moment. If you take the independent comScore figures from September, the unique users at realtor.com were up 17%, while Zillow grew at only 2%. And Trulia actually shrank by 2%. And the divergence was even more marked on desktop with 10% of growth at realtor and Zillow, down by 12% year-on-year.

關於你的第一個問題，我們確實無法詳細說明簡化的長期意義。目前它真正意味著的是新聞美國行銷和不守規矩，它們正在接受策略審查。但正如我所說，策略審查並不僅限於這兩個資產，我們非常意識到有必要強調公司的價值並為投資者提供更多的透明度。至於 Move，無論是短期、中期或長期，我們相信 realtor.com 是一個巨大的資產。你可以看到，觀眾的成長遠高於目前 Zillow 的成長。如果你看 9 月的獨立 comScore 數據，realtor.com 的獨立用戶成長了 17%，而 Zillow 僅成長了 2%。 Trulia 實際萎縮了 2%。桌面端的差異更為明顯，房地產經紀人和 Zillow 成長了 10%，年減了 12%。

We're at a very early stage of the evolution of the digital real estate market in the United States. And we think as it evolves, those margins will surely increase.

我們正處於美國數位房地產市場發展的早期階段。我們認為，隨著它的發展，這些利潤肯定會增加。

And Fraser, I think I'll just add to that, that part of the reason and the rationale for acquiring Opcity was to accelerate that revenue growth going forward and provide an opportunity for margin expansion via ancillary revenues and different services. And so we would expect to see for the balance of this year and over the full year that revenue and EBITDA will continue to grow within that business.

Fraser，我想我要補充一點，收購 Opcity 的部分原因和理由是為了加速未來的收入成長，並透過輔助收入和不同的服務提供利潤擴張的機會。因此，我們預計今年剩餘時間和全年該業務的收入和 EBITDA 將繼續成長。

Thanks, Fraser. Eduardo, we'll take our next question.

謝謝，弗雷澤。愛德華多，我們將回答下一個問題。

All right, we'll now take the next question from Craig Huber at Huber Research Partners once again.

好吧，我們現在再次回答 Huber Research Partners 的 Craig Huber 提出的下一個問題。

Yes. Can you hear me this time?

是的。這次你聽得到我說話嗎？

We can hear you.

我們能聽到你的聲音。

Yes, we can hear you. Loud and clear, Craig.

是的，我們能聽到你的聲音。響亮而清晰，克雷格。

I have no idea what happened there. Look, I have 2 questions. Housekeeping question, circulation revenue across Dow Jones, Australia and the U.K. with and without currency. Did you give that? Maybe I missed it, but that's my first question. And my second question, Robert, you mentioned, I think a lot of people agree with you on this, that there's 2 large monopolies out there on the digital advertising front. I'd like to hear from you if you could just expand upon this, what do you think the solution is on that front?

我不知道那裡發生了什麼事。聽著，我有 2 個問題。內務管理問題，道瓊斯、澳洲和英國的流通收入（有貨幣和無貨幣）。你給了嗎？也許我錯過了，但這是我的第一個問題。我的第二個問題，羅伯特，你提到，我認為很多人都同意你的觀點，即數位廣告領域有兩大壟斷企業。我想聽聽您的意見，您是否可以對此進行擴展，您認為這方面的解決方案是什麼？

Craig, just in relation to your housekeeping question. So circulation at Dow Jones was up 6%. In the U.K., it was flat. But in reported numbers, down 5%. And in Australia, it was down 2% in local currency; reported, down 8%.

克雷格，關於你的家事問題。因此道瓊斯的發行量上升了 6%。在英國，則持平。但從報道的數字來看，下降了 5%。在澳大利亞，以當地貨幣計算下跌了 2%；據報道，下降了8%。

Craig, obviously, the tech topography is evolving very quickly. If you think back even 12 months ago, the prospects of Facebook paying for content, a carriage fee, as we called it, in fact, Rupert was the first to cite that as a need, the prospects seem remote. It's now real. And what we're finding generally in our discussion with the digital platforms is that, that they have indeed adopted a new approach. They realize that for various reasons that their past policies were unsustainable. But as I made clear to you, it's not just about paying a premium for premium journalism. It is also about sorting out what is an opaque advertising market, and there's no doubt that the regulatory pressure in that area is only going to increase. And a consequence of that, it will, I suspect, be that, as we're already seeing, more advertisers understand how dysfunctional that market is and seek association with high-quality content, and we will undoubtedly be a beneficiary of that given the excellent journalism that we have, not only in this country but around the world.

克雷格，顯然，科技格局正在快速發展。如果你回想 12 個月前，Facebook 為內容付費（我們稱之為運輸費）的前景，事實上，魯伯特是第一個將其視為一種需求的人，前景似乎很遙遠。現在它是真的了。在與數位平台的討論中，我們普遍發現的是，他們確實採用了一種新方法。他們意識到，由於各種原因，他們過去的政策是不可持續的。但正如我向您明確表示的那樣，這不僅僅是為優質新聞支付額外費用。它還涉及清理不透明的廣告市場，毫無疑問，該領域的監管壓力只會增加。我懷疑，其結果將是，正如我們已經看到的那樣，更多的廣告商了解該市場的功能失調並尋求與高品質內容的聯繫，鑑於我們不僅在這個國家而且在世界各地都有出色的新聞報道。

Thank you, Craig. Eduardo, we'll take our next question.

謝謝你，克雷格。愛德華多，我們將回答下一個問題。

(Operator Instructions) It appears there are no further questions at this time. I'd like to turn the conference back to Michael Florin for any additional closing remarks.

（操作員說明）目前似乎沒有其他問題。我想請邁克爾·弗羅林（Michael Florin）在會議上發表任何補充的結束語。

Great. Thank you, Eduardo, and thank you for all participating. We look forward to talking to you soon. Have a great day.

偉大的。謝謝你，愛德華多，也謝謝大家的參與。我們期待盡快與您交談。祝你有美好的一天。

This now concludes today's call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。