News Corp (NWSA) 2020 Q2 法說會逐字稿

Good day, and welcome to the News Corp's Second Quarter Fiscal 2020 Conference Call.

美好的一天，歡迎參加新聞集團 2020 財年第二季電話會議。

Today's conference is being recorded.

今天的會議正在錄製中。

(Operator Instructions)

（操作員說明）

And at this time, I'd like to turn the conference over to Michael Florin, Senior Vice President and Head of Investor Relations.

現在，我想將會議交給高級副總裁兼投資者關係主管 Michael Florin。

Please go ahead, sir.

請繼續，先生。

Thank you very much, Eduardo.

非常感謝你，愛德華多。

Hello, everyone, and welcome to News Corp's Fiscal Second Quarter 2020 Earnings Call.

大家好，歡迎參加新聞集團 2020 財年第二季財報電話會議。

We issued our earnings press release about an hour ago, and it's now posted on our website at newscorp.com.

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。

On the call today are Robert Thomson, Chief Executive; and Susan Panuccio, Chief Financial Officer.

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。

We'll open with some prepared remarks and then we'll be happy to take questions from the investment community.

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.

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。

Actual results could differ materially from what is said.

實際結果可能與所說的有重大差異。

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.

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.

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。

The definitions and GAAP to non-GAAP reconciliations of such measures can be found in our earnings release.

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。

Thank you, Mike.

謝謝你，麥克。

Before we begin the formalities, I would like to express my sincere thanks to our readers, customers and employees in Australia, who've combined to respond thoughtfully and meaningfully to the tragic bushfires, which have had profound consequences for many communities.

在我們開始辦理手續之前，我謹向澳洲的讀者、客戶和員工表示誠摯的感謝，他們共同對這場給許多社區帶來深遠影響的悲慘叢林大火做出了深思熟慮和有意義的回應。

In particular, our reporters and editors and photographers have done an extraordinary job in tracking the fires and highlighting the impact of the tragedy on towns and regions that will take much time to recover.

特別是，我們的記者、編輯和攝影師在追蹤火災並強調這場悲劇對城鎮和地區的影響方面做得非常出色，這些影響需要很長時間才能恢復。

We are pleased that the company and its founders have pledged more than AUD 11 million to the cause, and our company has continuing fundraising campaigns that will contribute significantly more over the coming months.

我們很高興公司及其創始人已承諾為這項事業提供超過 1,100 萬澳元，並且我們公司正在繼續開展籌款活動，這些活動將在未來幾個月內做出更多貢獻。

We also thank the many companies which have partnered with News Corp to make a positive difference for Australian communities.

我們也感謝許多與新聞集團合作為澳洲社區帶來正面影響的公司。

Turning to our results.

轉向我們的結果。

As we anticipated, the second quarter was somewhat soft for various businesses.

正如我們預期的那樣，第二季各項業務都有些疲軟。

However, we expect improvement in the second half as real estate markets in Australia show signs of gradual recovery, and we continued to progress with Opcity at Move, which should benefit the performance of our Digital Real Estate businesses.

然而，隨著澳洲房地產市場顯示出逐步復甦的跡象，我們預計下半年會有所改善，而且我們在 Move 的 Opcity 方面繼續取得進展，這應該有利於我們數位房地產業務的業績。

We also expect faster growth in digital revenues at Dow Jones from the previously announced content licensing arrangements, particularly with Facebook, and improvement in Book Publishing based on the timing of the release schedule.

我們也預計，由於先前宣布的內容授權安排（尤其是與 Facebook 的許可安排），道瓊斯的數位收入將出現更快的成長，並且基於發佈時間表的圖書出版業也會有所改善。

Meanwhile, we are on the cusp of the seasonal selling peak for Foxtel, given that the main Winter Sports are soon to launch, and Kayo, our streaming service, has already started seeing upturn in new subscribers even though we are still in the midst of the low season for sales.

與此同時，鑑於主要的冬季運動項目即將推出，我們正處於 Foxtel 季節性銷售高峰的風口浪尖，而我們的串流媒體服務 Kayo 已經開始看到新訂戶數量的增長，儘管我們仍處於其中銷售淡季。

We took an important step on our path towards simplification with the sale of Unruly, a notable development which will yield financial benefits for us going forward.

隨著 Unruly 的出售，我們在簡化的道路上邁出了重要的一步，這是一項顯著的發展，將為我們未來帶來經濟利益。

And I am pleased to say that following our strategic review of News America Marketing, we are engaged in negotiations for a sale of that business.

我很高興地說，在我們對新聞美國行銷進行策略審查之後，我們正在就出售該業務進行談判。

These ongoing simplification efforts shine a brighter light on the intrinsic and increasing value of our core assets, which have been patently unappreciated and underappreciated for too long.

這些持續的簡化工作更凸顯了我們核心資產的內在價值和不斷增長的價值，而這些資產顯然長期以來一直未被重視和低估。

For the quarter, the company reported total revenues of approximately $2.5 billion with total segment EBITDA of $355 million.

該公司公佈的本季總收入約為 25 億美元，部門 EBITDA 總額為 3.55 億美元。

This represents a decline of 6% in revenues and 4% in profitability versus the prior year.

這意味著與前一年相比，收入下降了 6%，獲利能力下降了 4%。

Foreign exchange fluctuations affected our results with a $50 million effect on revenues or negative 2%.

外匯波動影響了我們的業績，對收入造成了 5000 萬美元的影響，即負 2%。

As I mentioned last quarter, we are now seeing the early benefits from our long battle for equitable treatment by the dominant tech platforms.

正如我上個季度提到的，我們現在看到了主導科技平台爭取公平待遇的長期鬥爭的早期好處。

In particular, our deals with Apple and Facebook are beginning to yield financial dividends, and we welcome their respect for the premium journalism produced by the talented professionals in News Corp.

特別是，我們與蘋果和 Facebook 的交易開始產生財務紅利，我們歡迎他們尊重新聞集團才華橫溢的專業人士製作的優質新聞。

There are also positive signs that Sundar Pichai at Google has a thoughtful appreciation for the profound social influence of high-quality journalism.

還有積極的跡象表明，谷歌的桑達爾·皮查伊 (Sundar Pichai) 對高品質新聞的深遠社會影響深有體會。

In Digital Real Estate Services, listing volume in Australia remains challenged, but the trend improved somewhat in the quarter, particularly in Melbourne and Sydney.

在數位房地產服務方面，澳洲的掛牌量仍面臨挑戰，但這一趨勢在本季有所改善，尤其是在墨爾本和雪梨。

REA Group posted record traffic in October, and buyer inquiries were up 37% in Q2 versus the prior year.

REA 集團 10 月的客流量創歷史新高，第二季買家詢問量比去年同期成長了 37%。

These signs point to a gradual recovery this year in the Australian housing market, which will obviously be efficacious for REA's revenues.

這些跡象表明今年澳洲房地產市場將逐步復甦，這顯然將對 REA 的收入產生積極影響。

At Move, operator of realtor.com, profit contribution showed a substantial improvement in the quarter.

在realtor.com的營運商Move，本季利潤貢獻顯著改善。

Real estate revenue grew 4% as we transition to the referral model, which had a natural impact on the timing of revenues.

隨著我們轉向推薦模式，房地產收入成長了 4%，這對收入的時間表產生了自然的影響。

Key indicators for the property market are encouraging, and we expect to see improvements at Move in the second half of the year, largely due to the progress at Opcity.

房地產市場的關鍵指標令人鼓舞，我們預計下半年 Move 將有所改善，這主要歸功於 Opcity 的進展。

We also envisage increasing monetization of relevant adjacencies as we further leverage our deep transaction data, which is made significantly more valuable by Opcity's ability to define and refine leads.

我們也設想，隨著我們進一步利用我們的深層交易數據，相關鄰接的貨幣化將會增加，而 Opcity 定義和細化潛在客戶的能力使這些數據變得更有價值。

Despite Q2 being a weaker quarter seasonally, we nonetheless saw traffic up 9% year-over-year and a more than 30% increase in page views based on internal metrics.

儘管第二季度是季節性疲軟的季度，但根據內部指標，我們的流量年增了 9%，頁面瀏覽量增加了 30% 以上。

Throughout most of calendar year 2019, realtor.com continued to gain audience share relative to Zillow and Trulia, according to comScore.

comScore 的數據顯示，在 2019 年的大部分時間裡，realtor.com 相對於 Zillow 和 Trulia 的受眾份額持續增加。

We welcomed David Doctorow to Move this week as the new CEO.

我們歡迎 David Doctorow 本週擔任新任執行長。

David, a savvy digital commerce leader, comes from eBay and had previously worked at Expedia.

David 是一位精明的數位商務領導者，來自 eBay，此前曾在 Expedia 工作。

His technological vision and marketing prowess will serve realtor.com and News Corp well in the years ahead.

他的技術遠見和行銷能力將在未來幾年為 realtor.com 和新聞集團帶來良好的服務。

Tracey Fellows, who ably served as acting Move CEO, is now focusing on her role as President of Global Digital Real Estate and will be emphasizing the development of our burgeoning digital real estate assets.

Tracey Fellows 曾出色地擔任 Move 代理首席執行官，現在專注於擔任全球數位房地產總裁，並將專注於發展我們蓬勃發展的數位房地產資產。

Speaking of new talent at News Corp, I'm also pleased to note the arrival of David Kline as News Corp's Chief Technology Officer.

談到新聞集團的新人才，我還很高興地註意到大衛‧克萊恩 (David Kline) 出任新聞集團技術長。

David was at Viacom for the past decade and earlier at Discovery Communications and is expert at driving innovations and efficiency in global content businesses.

David 過去十年在維亞康姆工作，早些時候在 Discovery Communications 工作，是推動全球內容業務創新和效率的專家。

David will ensure that our global shared services are robust, that costs are managed astutely, security integrity is heightened and technological creativity is enhanced.

大衛將確保我們的全球共享服務穩健，成本管理精明，安全完整性得到加強，技術創造力得到增強。

The News and Information Services segment showed tangible improvement in the quarter.

新聞和資訊服務部門在本季顯示出明顯的改善。

The segment EBITDA increasing 27% versus the prior year.

該部門 EBITDA 較上年增長 27%。

Dow Jones had another strong quarter with 17% growth in digital-only subscribers, including 13% growth in Wall Street Journal digital subscriptions year-over-year.

道瓊的季度表現再次強勁，純數位訂閱用戶成長了 17%，其中《華爾街日報》數位訂閱用戶較去年同期成長 13%。

The Journal's total subscriber base continues to set records with almost 2.7 million subscribers as of the end of the second quarter.

截至第二季末，《華爾街日報》的訂閱總數已接近 270 萬，繼續創下新紀錄。

And more recently, Dow Jones consumer subscriptions achieved a new record, surpassing 3.5 million, with the Journal crossing the 2 million digital subscriptions mark.

最近，《道瓊斯》消費者訂閱量創下新紀錄，超過 350 萬份，其中《華爾街日報》的數位訂閱量突破了 200 萬份大關。

I would like to highlight the continuing success of Risk and Compliance, where revenues grew a healthy 21%.

我想強調風險與合規部門持續取得的成功，收入健康成長了 21%。

In fact, Risk and Compliance has now seen over 20% revenue growth for 12 straight quarters.

事實上，風險與合規部門現已連續 12 個季度實現超過 20% 的營收成長。

We believe the intrinsic value of this business is rising, validated by recent transactions in the sector where acquisitions have commanded multiples of 20 to 25x EBITDA.

我們相信該業務的內在價值正在上升，該行業最近的交易證實了這一點，該行業的收購已達到 20 至 25 倍 EBITDA 的倍數。

Risk and Compliance is not only a jewel in the crown at Dow Jones, but is on the way to becoming one of News Corp's most valuable assets.

風險與合規部門不僅是道瓊斯皇冠上的明珠，而且正在成為新聞集團最有價值的資產之一。

Our efforts to leverage The Wall Street Journal's content continue to yield benefits and are clearly seen in the success of The Journal, the podcast produced with Spotify.

我們利用《華爾街日報》內容的努力不斷產生效益，這在與 Spotify 合作製作的播客《華爾街日報》的成功中得到了明顯體現。

Since its September launch, there have been 20 million downloads.

自 9 月推出以來，下載量已達 2,000 萬次。

We still have work to do in perfecting podcast, but the acquisition of Wireless in the U.K. has given us direct access to a professional pool of broadcast talent.

我們在完善播客方面還有很多工作要做，但收購英國 Wireless 使我們能夠直接接觸到專業的廣播人才庫。

And at the WSJ, we have just begun recognizing revenues from our Facebook content licensing agreement, with that contribution meaningfully increasing in the second half of the fiscal year under the terms of our contract.

在《華爾街日報》，我們剛開始確認 Facebook 內容授權協議的收入，根據我們的合約條款，這項貢獻在本財年下半年顯著增加。

Barron's subscribers hit a record at 615,000 in Q2, up 8% over the prior year.

《巴倫周刊》第二季的訂戶數量達到創紀錄的 61.5 萬人，比去年同期成長 8%。

And we launched a new show on the Fox Business Network during the quarter, Barron's Roundtable, which already has a full roster of sponsors.

本季我們在福斯商業網絡上推出了一個新節目《巴倫圓桌會議》，該節目已經擁有完整的贊助商名單。

In the U.K., where political stability and leadership have relievedly returned, News UK had a strong quarter, reflected in results from The Times, The Sunday Times and The Sun.

在英國，政治穩定和領導力已經恢復，《英國新聞報》季度表現強勁，《泰晤士報》、《星期日泰晤士報》和《太陽報》的業績反映了這一點。

We saw higher ad revenues at News UK in Q2 with digital growth outpacing print declines, led by meaningful improvement at The Sun, whose audience grew to approximately 134 million global average monthly unique users in Q2, an increase of 9% on Q1 according to Google Analytics.

我們看到《英國新聞》第二季度的廣告收入有所增加，數字增長超過了紙質廣告的下滑，這主要得益於《太陽報》的顯著改善，根據谷歌的數據，第二季度其受眾群體成長到全球平均每月獨立用戶數約1.34 億，比第一季成長了9%分析。

The Times and Sunday Times added digital readers and reached 320,000 subscriptions in Q2, up 19% year-over-year.

《泰晤士報》和《星期日泰晤士報》增加了數位讀者，第二季訂閱人數達到 32 萬，較去年同期成長 19%。

Speaking of these publications, News UK last week announced the creation of Times Radio, a new digital station, which will bring together the expertise of The Times and The Sunday Times and Wireless.

談到這些出版物，英國新聞報上週宣布創建新的數位電台 Times Radio，該電台將匯集《泰晤士報》、《星期日泰晤士報》和 Wireless 的專業知識。

The Sun also moved to monetize its already substantial American audience by launching a U.S.-based website last month.

《太陽報》上個月也推出了一個美國網站，以利用其現有的大量美國觀眾來賺錢。

Early signs strongly suggest that it's tapping into an underserved, growing and potentially lucrative audience.

早期跡象強烈表明，它正在吸引服務不足、不斷增長且潛在利潤豐厚的受眾群體。

In Australia, where the economy has been a little listless and currency relatively weak, our mastheads expanded to more than 566,000 digital subscriptions as of the end of the quarter, 23% year-over-year growth.

在澳大利亞，經濟有些萎靡，貨幣也相對疲軟，截至本季末，我們的標頭數位訂閱量已超過 566,000 人，年增 23%。

That figure is led by the continued digital transformation at The Australian with 65% of total subscribers now digital-only.

這一數字主要得益於《澳洲人報》持續的數位轉型，目前 65% 的訂戶僅使用數位版。

In the U.S., New York Post revenues rose with digital advertising, again, reaching over 70% of total advertising revenues and achieving more than 20% revenue growth.

在美國，《紐約郵報》的收入再次因數位廣告而成長，達到廣告總收入的 70% 以上，並實現了 20% 以上的收入成長。

The Post Digital Network had an audience of 95.2 million unique visitors in December, up over 30% year-over-year.

12 月份，郵政數位網路的獨立訪客數量為 9,520 萬，年成長超過 30%。

Also in the U.S., just last week, we launched Knewz.com in beta, delivering a uniquely wide range of automated and curated journalism to readers on mobile and desktop.

同樣在美國，就在上週，我們推出了 Knewz.com 測試版，為行動和桌面讀者提供一系列獨特的自動化和精選新聞報導。

Knewz.com offers prominence for providence and aims to bring as much data as possible to publishers, while subscription sites will not be punished in the ranking system.

Knewz.com 為普羅維登斯提供了突出的地位，旨在為出版商帶來盡可能多的數據，而訂閱網站不會在排名系統中受到懲罰。

By combining sophisticated artificial intelligence with its professional editing, Knewz.com exposes readers to a vast array of news and views, from left to right, from large publishers to small, national and regional and from every state in the country.

透過將先進的人工智慧與其專業編輯相結合，Knewz.com 使讀者能夠接觸到大量的新聞和觀點，從左到右，從大型出版商到小型出版商，從國家到地區，從全國各州。

In its first week of soft launch, Knewz had 258,000 users according to Google Analytics.

根據 Google Analytics 的數據，在試運行的第一周，Knewz 就擁有 258,000 名用戶。

I recommend that you all download the Knewz app.

我建議大家下載 Knewz 應用程式。

If you don't Knewz, you simply don't know.

如果你不知道，你根本不知道。

Turning to Subscription Video Services.

轉向訂閱視訊服務。

Foxtel subscribers increased by 3% to 2.95 million, benefiting from the launch of Kayo in November 2018.

受惠於 2018 年 11 月 Kayo 的推出，Foxtel 用戶成長了 3%，達到 295 萬。

We are in the traditional low season for sports subscriptions, but Kayo had 372,000 subscribers and 350,000 fully paid subscribers as of the quarter's end, up from 42,000 at the same time last year.

目前正處於體育訂閱的傳統淡季，但截至本季末，Kayo 擁有 372,000 名訂閱者和 35 萬名全額付費訂閱者，高於去年同期的 42,000 名。

As of February 5, Kayo had over 370,000 paid subscribers, a positive trajectory as we head into the higher season for sports in Australia.

截至 2 月 5 日，Kayo 擁有超過 37 萬名付費訂閱者，隨著我們進入澳洲體育旺季，這是一個積極的軌跡。

Customer reviews are overwhelmingly positive, and user interface and experience are world-class, in fact, they are peerless.

客戶的評論絕大多數是正面的，使用者介面和體驗是世界一流的，事實上，它們是無與倫比的。

Foxtel remains focused on the user experience and strengthening the core foundation of its business, including its powerful entertainment lineup, now featuring 6 new Fox-branded channels, more video-on-demand content, a refreshed movie offering and a partnership with Netflix, among various other streaming services.

Foxtel 仍然專注於用戶體驗並加強其業務的核心基礎，包括強大的娛樂陣容（目前擁有 6 個新的 Fox 品牌頻道）、更多視訊點播內容、更新的電影產品以及與 Netflix 的合作夥伴關係等各種其他串流媒體服務。

Foxtel also completed key content agreements with NBCU and Discovery in the quarter, providing more on-demand content so that it is the go-to provider of programming in Australia.

Foxtel 在本季也與 NBCU 和 Discovery 完成了關鍵內容協議，提供更多點播內容，使其成為澳洲的首選節目提供者。

Finally, at Foxtel, we are planning our entertainment OTT product, which is built off the Kayo system and, like Kayo, will help maximize the value of existing rights and reach binge-conscious consumers outside our traditional realm.

最後，在Foxtel，我們正在規劃我們的娛樂OTT 產品，該產品基於Kayo 系統構建，與Kayo 一樣，將有助於最大限度地提高現有權利的價值，並吸引傳統領域之外的有狂歡意識的消費者。

In Book Publishing, we had tough comparisons with the prior year, though HarperCollins did see better growth sequentially in digital through the continued expansion of audiobooks.

在圖書出版方面，我們與前一年進行了嚴格的比較，儘管哈珀柯林斯確實看到透過有聲書的持續擴張，數位出版業出現了更好的連續成長。

David Walliams' latest children's book, The Beast of Buckingham Palace, did well in the U.K. We are confident that we should see improvement in the second half given the timing of the release schedule, the continued popularity of The Dutch House by Ann Patchett and the recent successful release of Profiles in Corruption by Peter Schweizer.

大衛威廉斯(David Walliams) 的最新兒童讀物《白金漢宮的野獸》(The Beast of Buckingham Palace) 在英國表現出色。考慮到發行時間表、安·帕切特(Ann Patchett) 的《荷蘭之家》(The Dutch House) 的持續受歡迎以及最近成功發布了彼得·施韋澤 (Peter Schweizer) 所著的《腐敗概況》。

We also look forward to the April release of Volume 2 of Joanna Gaines' highly popular Magnolia Table.

我們也期待喬安娜蓋恩斯 (Joanna Gaines) 廣受歡迎的木蘭桌 (Magnolia Table) 第 2 卷的 4 月發行。

We have also just released books by Jessica Simpson and Carrie Underwood.

我們也剛發行了傑西卡辛普森和凱莉安德伍德的書。

And in May, we expect to benefit from the release of the film, Woman in the Window, based on the autonomous best seller by A.J. Finn.

5 月份，我們預計將受益於電影《窗中的女人》的上映，該電影改編自 A.J. 的自主暢銷書。芬恩.

To summarize, the first half was, as expected, a tad sluggish, but we see progress across many of the segments in the second half.

總而言之，上半年正如預期的那樣有點低迷，但我們看到下半年許多領域都取得了進展。

It is increasingly clear that News Corp is harvesting benefits from being a creator of content as markets, societies and the big tech platforms appreciate its commercial value.

越來越明顯的是，隨著市場、社會和大型科技平台認識到新聞集團的商業價值，新聞集團正在從內容創造者中獲益。

We are simplifying the structure of the company with a view to maximizing its value for investors.

我們正在簡化公司的結構，以期為投資者實現價值最大化。

As a result, for example, the inherent value of our Digital Real Estate assets and Dow Jones will be more obvious to the benefit of all our shareholders.

因此，例如，我們的數位房地產資產和道瓊斯的內在價值將更加明顯，有利於我們所有股東的利益。

And now for more details on the second quarter of financial 2020, I turn to Susan Panuccio.

現在，有關 2020 年第二季度財務的更多詳細信息，我向 Susan Panuccio 尋求幫助。

Thank you, Robert.

謝謝你，羅伯特。

Turning to the financials.

轉向財務。

Fiscal 2020 second quarter total revenues were approximately $2.5 billion, down 6% versus the prior year.

2020 財年第二季總營收約 25 億美元，較上年下降 6%。

And total segment EBITDA was $355 million, down 4% versus the prior year.

部門 EBITDA 總額為 3.55 億美元，較上年下降 4%。

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 3%, a notable improvement from the prior quarter's EBITDA performance.

在調整後的基礎上，不包括收購和剝離、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3%，較上一季度的EBITDA 表現顯著改善。

For the quarter, diluted earnings per share were $0.14 as compared to $0.16 in the prior year.

本季稀釋後每股收益為 0.14 美元，而去年同期為 0.16 美元。

Adjusted earnings per share were $0.18 in the quarter, flat with the prior year.

該季度調整後每股收益為 0.18 美元，與去年持平。

Turning now to the individual operating segments.

現在轉向各個營運部門。

In News and Information Services, revenues for the quarter were over $1.2 billion, down 1% versus the prior year.

在新聞和資訊服務領域，本季營收超過 12 億美元，比上年下降 1%。

On an adjusted basis, revenues were flat, reflecting a material improvement from the prior quarter.

調整後的收入持平，反映出較上一季有實質改善。

Advertising fell 5%, while circulation and subscriptions grew 3% despite currency headwinds.

儘管匯率不利，廣告數量下降了 5%，而發行量和訂閱量增加了 3%。

Digital revenues for Dow Jones and the newspaper mastheads represented 39% of their combined revenues, up from 35% in the prior year.

道瓊斯和報紙報頭的數位收入佔其總收入的 39%，高於前一年的 35%。

Segment EBITDA for the quarter was $142 million, up 27% from $112 million, benefiting from the growth at News UK and Dow Jones.

該季度的部門 EBITDA 為 1.42 億美元，比 1.12 億美元增長 27%，受益於英國新聞和道瓊斯的成長。

There was a onetime benefit of approximately $22 million due to the settlement of certain warranty-related claims in the U.K. However, even absent that benefit, we saw growth in segment EBITDA.

由於在英國解決了某些與保固相關的索賠，因此獲得了約 2,200 萬美元的一次性收益。然而，即使沒有這種收益，我們也看到了該部門 EBITDA 的成長。

This was driven by the U.K., Dow Jones and the narrowing losses at the New York Post, partially offset by lower contributions from News Australia and News America marketing.

這是由英國、道瓊斯指數和《紐約郵報》虧損收窄推動的，但澳洲新聞社和美國新聞社行銷貢獻的減少部分抵消了這一影響。

Similar to the first quarter, we reclassified approximately $8 million of costs in the second quarter of fiscal 2019 from the other segment to the News and Information Services segment.

與第一季類似，我們在 2019 財年第二季將約 800 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。

These reallocated costs are related to various initiatives, including News IQ, our global programmatic effort, and certain 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.

這些重新分配的成本與各種措施相關，包括 News IQ、我們的全球計畫工作以及某些直接使新聞和資訊服務部門受益的共享技術服務，作為我們利用全球規模降低成本的持續努力的一部分。

Turning now to the segment highlights.

現在轉向該部分的亮點。

At Dow Jones, consumer circulation revenues grew at a healthy 5%, reflecting 17% growth in digital paid subscribers across Dow Jones consumer products.

道瓊的消費者流通收入健康成長了 5%，反映出道瓊消費品的數位付費用戶成長了 17%。

This includes 13% growth in digital-only paid subscribers at The Wall Street Journal.

其中《華爾街日報》的純數位付費訂戶增加了 13%。

In the aggregate, The Wall Street Journal subscriber base reached approximately 2.6 million.

整體而言，《華爾街日報》的訂戶數量達到約 260 萬人。

Professional Information Business revenues accounted for 27% of Dow Jones revenues this quarter, growing 8% to $115 million, maintaining momentum from the first quarter.

本季專業資訊業務收入佔道瓊斯收入的 27%，成長 8%，達到 1.15 億美元，維持了第一季的成長動能。

As Robert mentioned, the key growth engine continues to be in Risk and Compliance, which grew a healthy 21% this quarter.

正如 Robert 所提到的，關鍵的成長引擎仍然是風險與合規部門，該部門本季健康成長了 21%。

This is a highly profitable and scalable business and is on track to approach $160 million of revenues this fiscal year.

這是一項利潤豐厚且可擴展的業務，本財年收入預計將接近 1.6 億美元。

The Newswires product also showed growth benefiting from licensing deals with Bloomberg and FactSet, while Factiva was stable.

Newswires 產品也顯示出受益於與 Bloomberg 和 FactSet 的授權協議的成長，而 Factiva 則保持穩定。

Advertising at Dow Jones was weaker this quarter, falling about 5% compared to the prior year.

本季道瓊斯的廣告表現較弱，與去年同期相比下降了約 5%。

Digital accounted for 43% of advertising revenues.

數位廣告收入佔廣告收入的 43%。

Digital advertising was lower in the second quarter, primarily due to tough comparatives from the prior year, which saw significant programmatic growth from MarketWatch.

第二季數位廣告下降，主要是因為與去年相比，MarketWatch 的程式化成長顯著。

However, we have seen a strong start so far this quarter, although visibility remains limited.

然而，儘管能見度仍然有限​​，但本季到目前為止，我們已經看到了強勁的開局。

While it is very early days, we are making progress on monetizing valuable third-party partnerships, which is our key strategic focus as we expand the reach of Dow Jones and The Wall Street Journal across digital platforms and markets.

雖然現在還處於早期階段，但我們正在透過有價值的第三方合作夥伴關係貨幣化方面取得進展，這是我們擴大道瓊斯和《華爾街日報》在數位平台和市場上的影響力的關鍵戰略重點。

These include deals with Twitter for our WSJ Watch Now videos, our weekday podcast, The Journal with Spotify and our recent content partnerships with Apple and Facebook.

其中包括與 Twitter 就我們的《華爾街日報》立即觀看影片、我們的平日播客、《華爾街日報》與 Spotify 達成的協議，以及我們最近與蘋果和 Facebook 的內容合作夥伴關係。

Overall, Dow Jones posted 4% revenue growth and another quarter of increased segment EBITDA contribution.

總體而言，道瓊斯的營收成長了 4%，而該部門的 EBITDA 貢獻又增加了一個季度。

Elsewhere across our news portfolio, advertising conditions were mixed.

在我們新聞組合的其他地方，廣告情況好壞參半。

News UK's advertising revenues rose 5% on both a reported and local currency basis, representing second consecutive quarter of year-over-year growth on a local currency basis, led by digital advertising growth at The Sun and moderating print declines.

News UK 的廣告收入按報告收入和當地貨幣計算均增長5%，以當地貨幣計算連續第二個季度實現同比增長，這主要得益於《太陽報》數位廣告的增長以及紙質廣告下降的放緩。

Advertising conditions in Australia remained challenging, but improved slightly from the prior quarter rate with revenues down 11% on a reported basis and down 7% in local currency.

澳洲的廣告狀況仍充滿挑戰，但較上一季略有改善，報告收入下降 11%，以當地貨幣計算下降 7%。

For circulation revenues, the increase in cover prices and digital subscribers at both News Australia and News UK helped mitigate print volume declines and Australian currency headwinds.

就發行收入而言，《澳洲新聞報》和《英國新聞報》封面價格和數位訂戶的增加有助於緩解印刷量下降和澳洲貨幣不利因素。

Finally, at News America Marketing, revenues fell 4%, an improvement from quarter 1.

最後，News America Marketing 的收入下降了 4%，較第一季有所改善。

Turning to the Subscription Video Services segment.

轉向訂閱視訊服務部分。

Revenues for the quarter were $501 million, down 11% versus $562 million in the prior year, of which $25 million or 5% was due to the negative impact from foreign currency.

該季度營收為 5.01 億美元，較上年同期的 5.62 億美元下降 11%，其中 2,500 萬美元或 5% 是由於外匯的負面影響。

On an adjusted basis, revenues declined 6%.

調整後的收入下降了 6%。

Broadcast subscriber 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 as well as modestly lower pay-per-view revenues.

廣播訂戶趨勢與上一季相對相似，收入下降是由於廣播訂戶基數下降、廣播訂戶套餐組合變化以及按次付費收入略有下降所致。

Revenue declines were partially offset by expanding OTT revenues.

OTT 收入的擴大部分抵消了收入下降的影響。

As a reminder, we lapped the price increase from last year, which also impacted the year-over-year comparison.

提醒一下，我們經歷了去年的價格上漲，也影響了年比比較。

Segment EBITDA in the quarter was $70 million, down 17% from the prior year, driven by the revenue decline, partially offset by lower total cost, including programming and transmission costs, as the team at Foxtel continues to focus on streamlining business.

本季的部門EBITDA 為7000 萬美元，比上年下降17%，這是由於收入下降所致，但由於Foxtel 團隊繼續專注於精簡業務，包括節目和傳輸成本在內的總成本下降部分抵消了這一影響。

Turning to the KPIs.

轉向 KPI。

Foxtel's closing paid subscriber base was approximately 3 million as of December 31, reflecting a 3% growth or 96,000 subscribers versus the prior year, driven by the launch of Kayo in November 2018.

截至 12 月 31 日，Foxtel 的付費用戶基數約為 300 萬，在 2018 年 11 月推出 Kayo 的推動下，用戶數量較上年增長 3%，即 96,000 名。

Total paying OTT subscribers reached 684,000, up 73% versus last year.

付費 OTT 用戶總數達到 68.4 萬，比去年增加 73%。

We have seen over the past year that Kayo's paid customers will increase around key exclusive events.

我們在過去的一年中看到，Kayo 的付費客戶將圍繞著重要的獨家活動而增加。

With the conclusion of Australia's popular Winter Sports and the Rugby World Cup, the number of paid subscribers in Kayo fell from the prior quarter.

隨著澳洲熱門冬季運動和橄欖球世界盃的結束，Kayo 的付費用戶數量較上一季下降。

Notwithstanding, Kayo viewer engagement continues to be strong with subscribers watching an average of 5.3 weekly hours, with the average customer watching 7 of the 50 different sports available on Kayo each week.

儘管如此，Kayo 觀眾的參與度仍然很高，訂戶平均每週觀看 5.3 小時，平均每週觀看 Kayo 上提供的 50 種不同體育賽事中的 7 種。

We have also been pleased with the increasing brand awareness, the stability of the platform and, more importantly, customer feedback in relation to the user experience.

我們也對品牌知名度的提高、平台的穩定性以及更重要的是與用戶體驗相關的客戶回饋感到滿意。

Kayo's solid subscriber base gives us optimism as it enters its second year ahead of the prime Winter Sports selling season.

Kayo 堅實的用戶基礎讓我們感到樂觀，因為它在冬季運動銷售旺季之前進入了第二個年頭。

The team continues to work on a new OTT entertainment product built on the Kayo technology platform with the commercial launch anticipated in the fourth quarter.

該團隊繼續致力於開發基於 Kayo 技術平台的新 OTT 娛樂產品，預計將於第四季度推出商業版。

In the second quarter, broadcast churn was 16%, which is slightly higher than the 15.6% in the prior year.

第二季度，廣播流失率為16%，略高於去年同期的15.6%。

Foxtel direct channel churn of 14% was 2.5 points lower than the prior year, which was the lowest second quarter rate in 4 years.

Foxtel 直接通路流失率為 14%，比去年同期低 2.5 個百分點，這是 4 年來第二季的最低流失率。

Like last quarter, the main driver behind the higher churn is coming from the lower ARPU Telstra wholesale customers on expiring contracts from the past 12 to 24 months.

與上季一樣，客戶流失率上升的主要原因是過去 12 至 24 個月合約到期的 Telstra 批發客戶 ARPU 較低。

Broadcast ARPU declined about 1% to over AUD 77 per month.

廣播 ARPU 下降約 1%，至每月 77 澳元以上。

In November, we completed the refinancing of a significant portion of Foxtel debt, which extended maturities for at least 3 years.

11 月，我們完成了 Foxtel 債務很大一部分的再融資，將到期日延長了至少 3 年。

More details will be available in the 10-Q filing.

更多詳細資訊將在 10-Q 檔案中提供。

At Book Publishing, HarperCollins revenues for the quarter fell 11% to $442 million, and segment EBITDA fell 28% to $63 million.

在圖書出版方面，哈珀柯林斯本季營收下降 11% 至 4.42 億美元，部門 EBITDA 下降 28% 至 6,300 萬美元。

As we have previously indicated, the revenue decline this quarter was primarily due to a tough comparison with the prior year, which included Homebody by Joanna Gaines; Girl, Wash Your Face by Rachel Hollis; The Hate U Give by Angie Thomas; and higher backwards sales from The Subtle Art by Mark Manson.

正如我們之前指出的，本季度收入下降主要是由於與上一年的艱難比較，其中包括 Joanna Gaines 的 Homebody；女孩，洗你的臉，雷切爾·霍利斯 (Rachel Hollis)；安吉·托馬斯的《你給予的仇恨》；馬克曼森 (Mark Manson) 的《微妙藝術》(The Subtle Art) 的向後銷量更高。

The declines were partially offset by new releases, which include The Pioneer Woman Cooks: The New Frontier by Ree Drummond and The Beast of Buckingham Palace by David Walliams.

新上映的影片部分抵消了這一下降，其中包括雷·德拉蒙德的《先鋒女廚師：新前沿》和大衛·威廉斯的《白金漢宮的野獸》。

We saw a 5% improvement in digital sales compared to the prior year, primarily due to the 17% growth in downloadable audiobooks.

與前一年相比，我們的數位銷售額成長了 5%，這主要是由於可下載有聲書成長了 17%。

Overall digital sales represented 19% of consumer revenues for the quarter.

該季度整體數位銷售額佔消費者收入的 19%。

Progress is being made with our non-publishing ventures.

我們的非出版業務正在取得進展。

We expect the partnerships with Elizabeth Gabler's group at Sony Pictures and Bell Media to provide a longer-term payoff.

我們預計與索尼影業伊麗莎白·加布勒 (Elizabeth Gabler) 團隊和貝爾媒體 (Bell Media) 的合作將帶來長期回報。

These partnerships underscore the value of our intellectual property and should allow us to capitalize on other revenue streams with very modest capital outlay.

這些合作關係強調了我們智慧財產權的價值，並使我們能夠以非常有限的資本支出利用其他收入來源。

At the Digital Real Estate Services segment, revenues were down 5% to $294 million, of which foreign currency fluctuations had a negative impact of $8 million or 2%.

數位房地產服務部門的收入下降了 5%，至 2.94 億美元，其中外匯波動產生了 800 萬美元的負面影響，即 2%。

On an adjusted basis, revenues declined 3%.

調整後的收入下降了 3%。

REA Group revenues were down 8% or down 4% in local currency.

REA 集團營收下降 8%，以當地貨幣計算下降 4%。

The decline moderated from last quarter, but the benefit from higher yield and improved product mix in the residential business were more than offset by a 12% year-over-year decline in the new listing volume during the quarter, although the rate improved in each month during the quarter.

跌幅較上季度放緩，但住宅業務收益率提高和產品組合改善帶來的收益被本季度新掛牌量同比下降 12% 所抵消，儘管各方面的比率有所提高。該季度期間的一個月。

Traffic, page views, app launches all trended higher, and we are seeing key indicators pointing to a gradual property market recovery.

流量、頁面瀏覽量、應用程式啟動量均呈上升趨勢，我們看到關鍵指標顯示房地產市場正在逐步復甦。

In the developer market, new project commencements fell 33% in the quarter, and the associated revenues have remained challenged.

在開發商市場，本季新項目開工量下降了 33%，相關收入仍面臨挑戰。

Please refer to REA's earnings release and their conference call that just concluded for additional details and comments on their outlook.

請參閱 REA 的收益發布和剛結束的電話會議，以了解更多詳細資訊和對其前景的評論。

Move revenues declined 1% to $121 million, although importantly, real estate revenues grew 4%.

搬家收入下降 1%，至 1.21 億美元，但重要的是，房地產收入增加了 4%。

Revenue trends slowed in the quarter, primarily due to the lapping of the Opcity acquisition in October 2018 and the subsequent transition of leads from the core lead model to the referral model, which has a tiny impact as revenue is recognized when a transaction closes.

本季營收趨勢放緩，主要是由於 2018 年 10 月收購 Opcity 的過程結束，以及隨後線索從核心線索模型轉變為推薦模型，這產生的影響很小，因為收入是在交易結束時確認的。

The increase in real estate revenues, which represented 82% of total Move revenues, was led by growth in audience and high-lead volume, together with an increased penetration of Local Experts, a local branded product.

房地產收入的成長佔 Move 總收入的 82%，其成長得益於受眾群體和高潛在客戶數量的成長，以及本地品牌產品「本地專家」滲透率的提高。

Results at Opcity remain encouraging as we saw improvement in the KPIs across the 17 markets we are testing, including and most importantly, close rates.

Opcity 的結果仍然令人鼓舞，因為我們看到我們正在測試的 17 個市場的 KPI 有所改善，包括最重要的是成交率。

We are very encouraged by the results and continue to anticipate improvements at Move in the second half.

我們對結果感到非常鼓舞，並繼續期望 Move 在下半年取得進步。

On audience, average monthly unique users for the quarter at realtor.com were 59 million, rising 9% versus the prior year and a gain from very strong year-over-year growth in page views and time spent on the site.

在受眾方面，realtor.com 本季的平均每月獨立用戶數為 5,900 萬，比上一年增長 9%，這得益於頁面瀏覽量和網站停留時間的同比強勁增長。

Segment EBITDA fell 2% to $118 million.

部門 EBITDA 下降 2%，至 1.18 億美元。

However, on an adjusted basis, EBITDA rose 2%.

然而，調整後的 EBITDA 卻成長了 2%。

Results reflect increased profit contribution at Move benefiting from phasing of marketing, restructuring changes implemented late last year and the lapping of investment cost at Opcity, offset by lower REA revenues.

業績反映出 Move 的利潤貢獻增加，這得益於去年年底實施的營銷分階段、重組變革以及 Opcity 投資成本的調整，但 REA 收入下降所抵消。

I would now like to talk about some of the themes in the upcoming quarter.

我現在想談談下一季的一些主題。

At News and Information Services, overall advertising trends thus far remain similar to the prior quarter levels, although visibility remains limited.

在新聞和資訊服務領域，儘管可見度仍然有限​​，但迄今為止的整體廣告趨勢仍與上一季的水平相似。

We expect to see improvements at Dow Jones from increased licensing revenues from previously announced content licensing agreements, notably from Facebook.

我們預計道瓊斯將因先前宣布的內容授權協議（尤其是來自 Facebook）的授權收入增加而有所改善。

As I noted, we have also seen a pickup in digital advertising at Dow Jones so far this quarter.

正如我所指出的，本季到目前為止，我們也看到道瓊斯數位廣告業務有所回升。

Overall, we would expect to see improvements compared to the prior year among our news brands, although News America Marketing likely remains challenged.

總體而言，儘管《美國新聞》行銷可能仍面臨挑戰，但我們預計我們的新聞品牌將比前一年有所改善。

In Subscription Video Services, for the third quarter, we expect approximately USD 10 million of costs related to the accelerated amortization that we previously noted and modestly higher marketing costs in front of the key Winter Sports selling season.

在訂閱視訊服務方面，我們預計第三季的成本約為 1000 萬美元，與我們之前提到的加速攤銷以及關鍵冬季運動銷售季節之前的行銷成本略有上升有關。

However, we expect full year costs to be relatively stable with the prior year in local currency given the lower total expenses this quarter, as I mentioned earlier.

然而，正如我之前提到的，鑑於本季總支出較低，我們預計全年成本以當地貨幣計算將與去年相對穩定。

In Book Publishing, as Robert mentioned, we expect the timing and slate of new releases, combined with less challenging prior year comparisons in the fourth quarter, to lead to improvement in Book Publishing in the second half.

在圖書出版方面，正如羅伯特所提到的，我們預期新書出版的時間和順序，加上第四季度與去年相比挑戰性較小，將導致下半年圖書出版業的改善。

And at Digital Real Estate Services, as noted in their release, REA anticipates more favorable listing conditions in the second half of financial year '20 to deliver a stronger revenue outcome.

在 Digital Real Estate Services，正如其新聞稿中所指出的，REA 預計 20 財年下半年的上市條件將更加有利，以實現更強勁的營收成果。

Please see their release for more details.

請參閱他們的發布以了解更多詳細資訊。

We also expect improvements in the second half with the ongoing progress at Opcity.

我們也預計，隨著 Opcity 的持續進展，下半年會有所改善。

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 now take our first question from Kane Hannan at Goldman Sachs.

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

Just 2 for me, please.

請給我 2 個。

Firstly, can you just update us around the expected timing on that NAM sale negotiations and also your latest thoughts around the use of these proceeds now that Foxtel debt financing has been finalized?

首先，您能否向我們介紹 NAM 出售談判的預期時間，以及您在 Foxtel 債務融資已最終確定後對這些收益的使用的最新想法？

And then secondly, just on the entertainment OTT plans.

其次，就是娛樂 OTT 計劃。

What should we read into the HBO Max trademark that was recently filed in Australia?

我們該如何看待最近在澳洲申請的 HBO Max 商標？

And can you comment on how you think about the importance of HBO to your Foxtel's entertainment offering?

您能否評論一下您如何看待 HBO 對您的 Foxtel 娛樂產品的重要性？

First of all, our News America Marketing was indeed marketed.

首先，我們的《新聞美國行銷》確實是行銷了。

We're engaged in active negotiations for the sale of the company, and I'm happy to report that those discussions are well advanced.

我們正在就公司的出售進行積極的談判，我很高興地報告說，這些討論進展順利。

Frankly, the company's balance of revenues have shifted from being a newspaper insert company to being more of an in-store marketing company, the latter is certainly a profitable business, but not core to our competencies.

坦白說，公司的收入平衡已經從一家報紙插頁公司轉變為店內行銷公司，後者當然是一項盈利業務，但不是我們的核心競爭力。

I won't comment on the use of the funds.

我不會評論資金的用途。

As for HBO-related questions, you really should pose those to HBO.

至於與 HBO 相關的問題，你確實應該向 HBO 提出。

What I would say is that we have an unparalleled collection of programming at Foxtel, where unlike U.S. cable companies in that our suite ranges across a real range of providers.

我想說的是，我們在 Foxtel 擁有無與倫比的節目集合，與美國有線電視公司不同的是，我們的套件涵蓋了真正的提供者範圍。

And there's no doubt, for example, with recent renewals of Fox, NBCU, Sony, Discovery, BBC, we still have 2 more years of HBO that we're in very good shape.

毫無疑問，隨著福斯、NBCU、Sony、Discovery、BBC 最近的續訂，我們還有 2 年的 HBO 處於非常好的狀態。

So I'll take the next question from Entcho Raykovski at Crédit Suisse.

接下來我將回答瑞士信貸銀行 (Crédit Suisse) 的 Encho Raykovski 提出的問題。

My question is around Kayo.

我的問題是關於Kayo的。

Obviously, subs declined in the quarter.

顯然，本季的訂閱人數有所下降。

You've pointed to some seasonal factors driving this.

您指出了一些季節性因素推動了這一趨勢。

I'm just interested in how that decline is compared to your expectations.

我只是想知道與您的預期相比，下降幅度如何。

Are you a little bit surprised that subs are down over the period?

您對這段時間潛水艇數量的下降感到有點驚訝嗎？

And I mean, do you feel that we have now reached close to full penetration for Kayo, admittedly, it's fairly early since the launch?

我的意思是，您是否認為我們現在已經接近 Kayo 的全面滲透，誠然，自推出以來還為時過早？

And then just related to that, I mean, do you think pricing speaks at the right level?

與此相關的是，我的意思是，您認為定價是否處於正確的水平？

Do you feel like you need additional content?

您覺得需要額外的內容嗎？

Any comments would be helpful.

任何評論都會有幫助。

Entcho, we're at a very early phase of the evolution of Kayo, and it has been an exponential evolution.

Entcho，我們正處於 Kayo 發展的早期階段，而且是指數級的發展。

If you look at it, really only been in existence for just over a year.

如果你看一下，確實只存在了一年多。

And as you know, we are very much in the low sports season in Australia.

如您所知，我們正處於澳洲體育淡季。

Our cricket, fascinating, sometimes antediluvian as it can be, is not as compelling for crowds in Australia as Aussie Rules or Rugby League, but cricket has certainly made a positive difference to audience retention.

我們的板球運動令人著迷，有時甚至有些過時，對於澳洲的觀眾來說，它不像澳式足球規則或橄欖球聯盟那麼有吸引力，但板球無疑對保留觀眾產生了積極的影響。

But the Winter Sports in Australia are about congregation and audience aggregation, and we're on the cusp of that selling season.

但澳洲的冬季運動是關於集會和觀眾聚集的，而我們正處於銷售季節的風口浪尖。

Look, there's no doubt that Kayo is an absolutely world-class OTT offering.

看，毫無疑問，Kayo 絕對是世界一流的 OTT 產品。

Also, no doubt that it has a hell of a runway.

而且，毫無疑問它有一條地獄般的跑道。

As you know, the customer reviews are resoundingly positive and the streaming technology, without equal in Australia, is unrivaled and nonpareil.

如您所知，客戶的評論非常積極，串流媒體技術在澳洲是無與倫比的。

And let us be clear, this is not a $6.99 offering, but a premium $25-a-month product.

讓我們明確一點，這不是 6.99 美元的產品，而是每月 25 美元的優質產品。

Our next question comes from Alan Gould at Loop Capital.

我們的下一個問題來自 Loop Capital 的艾倫·古爾德。

I've got 2 questions, please.

我有 2 個問題請教。

First, for Susan, can you just talk where the Foxtel's debt stands now, including this sell-through debt and what kind of covenant it has and how it stands relative to its covenants?

首先，Susan，您能否談談 Foxtel 目前的債務情況，包括這筆轉售債務以及它擁有什麼樣的契約以及相對於其契約的情況如何？

And Robert, for you, a more philosophical question.

羅伯特，對你來說，這是一個更具哲學性的問題。

Warren Buffett has given up on local newspapers in the U.S. In the U.S., you have a national newspaper without local newspapers.

華倫·巴菲特已經放棄了美國的地方報紙。在美國，有一份全國性報紙，但沒有地方報紙。

How important are the local newspapers in Australia to your national newspapers and the rest of your Australian business?

澳洲當地報紙對您的全國性報紙以及您的其他澳洲業務有多重要？

Alan, just in relation to the Foxtel refinancing, you'd be able to find all the details in the 10-Q.

艾倫，就 Foxtel 再融資而言，您可以在 10-Q 中找到所有詳細資訊。

They will have the different charges with the interest rates and the maturities by every individual chart in there.

他們將根據其中的每個圖表收取不同的利率和到期日費用。

What I would say, though, is in relation to the covenants, we did put $700 million of a shareholder loan in subordinated in order to provide plenty of headroom in relation to the covenants.

不過，我要說的是，就契約而言，我們確實將 7 億美元的股東貸款置於次級貸款中，以便為契約提供充足的空間。

So we have absolutely no concerns at this stage that there's any issues with those.

因此，現階段我們絕對不擔心這些會出現任何問題。

And as for papers, Alan, look, I think yours is a philosophical question, and I'll give you an even more philosophical answer is that the ecosystem generally for news content is in the midst of 2 levels of transition.

至於論文，艾倫，你看，我認為你的問題是一個哲學問題，我會給你一個更哲學的答案，即新聞內容的生態系統通常處於兩個過渡階段。

We have to change the ecosystem for news content.

我們必須改變新聞內容的生態系統。

It is digitally dysfunctional, which affects national and local papers.

它的數位功能失調，影響到國家和地方報紙。

And then our papers, whether local or national, have to transform themselves within that changing landscape.

然後，我們的報紙，無論是地方報紙還是全國報紙，都必須在不斷變化的環境中自我轉變。

Unless fundamental changes take place at both levels, the heavens will not be, cannot be in equilibrium.

除非兩個層次都發生根本性的變化，否則天堂不會、不可能處於平衡。

And let's be clear, we are literally dealing with fundamental changes in the character and valued content.

讓我們明確一點，我們實際上正在處理角色和有價值內容的根本變化。

And it is absolutely fair to say that with Rupert and Lachlan Murdoch's leadership, no company has been as influential on this issue as News Corp.

可以絕對公平地說，在魯珀特·默多克和拉克蘭·默多克的領導下，沒有一家公司在這個問題上像新聞集團那樣具有影響力。

Our next question comes from Craig Huber at Huber Research Partners.

我們的下一個問題來自 Huber Research Partners 的 Craig Huber。

I got a few questions.

我有幾個問題。

Maybe if I can just go one at a time, please.

也許我可以一次只去一個。

On your last call, Robert, you mentioned a little bit of it today, I'd like to hear a little bit further about your relationship with Facebook.

羅伯特，在您上次通話中，您今天提到了一些內容，我想進一步了解您與 Facebook 的關係。

The Wall Street Journal, the payment there, is there room there as you can kind of think out in the coming years to actually expand that relationship?

《華爾街日報》，那裡的付款，那裡有你可以考慮在未來幾年真正擴大這種關係的空間嗎？

And the size of monetary payment, what's the benefit for you?

而金錢支付的規模，對你來說有什麼好處？

That's my first question.

這是我的第一個問題。

Craig, obviously, that's an evolving relationship, and not just with Facebook, but with the other digital platforms, where -- I can't, obviously, go into specific details about the agreement, but it is a substantial agreement.

克雷格，顯然，這是一種不斷發展的關係，不僅是與Facebook 的關係，而且是與其他數位平台的關係，顯然，我無法詳細說明該協議的具體細節，但這是一項重要的協定.

It creates new precedents.

它創造了新的先例。

We host the content, we sell the advertising and Facebook pays a premium for premium journalism.

我們託管內容，我們銷售廣告，Facebook 為優質新聞支付溢價。

And up until that point, that kind of precedent hasn't been established, and it is a precedent that will resonate.

到目前為止，這種先例還沒有建立，而且這是一個會引起共鳴的先例。

Do you see anything, Robert, the other platforms that's like a Google or something coming down the pike at some point, maybe get some payments there?

羅伯特，你有沒有看到其他平台，例如穀歌或其他平台，在某個時候可能會得到一些付款？

Or is that not realistic?

或者說這並不現實？

I couldn't possibly comment on other platforms other than the observation I made about the real appreciation of Sundar Pichai for the importance of high-quality journalism for society.

除了我對桑達爾·皮查伊（Sundar Pichai）對高品質新聞對社會的重要性的真正欣賞的觀察之外，我不可能對其他平台發表評論。

Our next question comes from Brian Han at Morningstar.

我們的下一個問題來自晨星公司的布萊恩漢。

Now that you've sold Unruly and put NAM on the sales book, would it be fair to say that assets such as the Wireless Group, Storyful and Sky News are also being looked at?

既然您已經出售了 Unruly 並將 NAM 列入銷售名單，那麼可以公平地說，Wireless Group、Storyful 和 Sky News 等資產也在考慮之中嗎？

And also, Susan, in News and Information, did you guys change the prior quarter's EBITDA number from $120 million to $112 million?

另外，蘇珊，在《新聞與資訊》中，你們是否將上一季的 EBITDA 數字從 1.2 億美元改為 1.12 億美元？

And if so, why?

如果是這樣，為什麼？

On your question on simplification, obviously, we love all our assets, and we just acquired Wireless, which is playing a beneficial role in the development of, for example, as I mentioned, podcast skills.

關於你關於簡化的問題，顯然，我們喜歡我們所有的資產，而且我們剛剛收購了 Wireless，它在播客技能的發展中發揮著有益的作用，例如，正如我所提到的。

Look, simplification is an ongoing process with a clear, cogent purpose to make the inherent value of the company more obvious to investors.

看，簡化是一個持續的過程，其目的明確、令人信服，目的是使公司的內在價值對投資者來說更加明顯。

You may have noticed, it was a complexity to the company given the mix of assets and the degree of transition in some of the sectors.

您可能已經注意到，考慮到資產組合和某些行業的轉型程度，這對公司來說很複雜。

And the more, frankly, that we can highlight the value of the individual assets, the more that the positive trajectory and the transparency of the company will become obvious.

坦白說，我們越能突顯個人資產的價值，公司的正面軌跡和透明度就越明顯。

And Brian, just in relation to your question around the News and Information Services EBITDA, as I mentioned in my prepared remarks, we -- this is similar to what we did last quarter.

布萊恩，就你關於新聞和資訊服務 EBITDA 的問題而言，正如我在準備好的發言中提到的，我們——這與我們上季度所做的類似。

We had about $8 million of costs that we reallocated into that segment from the other segment and those costs related to various initiatives, including News IQ, which is our global programmatic asset, shared technology services that directly impacts on that particular segment, which we continually look at as we look to leverage our global scale.

我們將約800 萬美元的成本從其他細分市場重新分配到該細分市場，以及與各種措施相關的成本，包括News IQ（我們的全球程序化資產）、直接影響該特定細分市場的共享技術服務，我們不斷看看我們如何利用我們的全球規模。

It appears there are no further questions at this time.

目前似乎沒有其他問題了。

I'd like to turn the conference back to Michael Florin for any additional closing remarks.

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。

Thank you, Eduardo, and thank you for all participating.

謝謝你，愛德華多，也謝謝大家的參與。

We look forward to talking to you soon.

我們期待盡快與您交談。

Have a great day.

祝你有美好的一天。

Take care.

小心。

This now concludes today's call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。