News Corp (NWSA) 2020 Q4 法說會逐字稿

Good day, everyone. Welcome to the News Corp Fourth Quarter Fiscal 2020 Conference Call. Today's conference is being recorded.

今天是個好日子。歡迎參加新聞集團 2020 財年第四季電話會議。今天的會議正在錄製中。

Media will be on a listen-only basis. And at this time, I would like to turn the conference over to Mike Florin, Senior Vice President and Head of Investor Relations. Please go ahead.

媒體將僅以收聽為基礎。現在，我想將會議交給高級副總裁兼投資者關係主管 Mike Florin。請繼續。

Thank you very much, Nicole. Hello, everyone, and welcome to News Corp's Fiscal Fourth Quarter 2020 Earnings Call. We issued our earnings press release about an hour ago, and it's now posted on our website at newscorp.com.

非常感謝你，妮可。大家好，歡迎參加新聞集團 2020 財年第四季財報電話會議。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. We'll open with some prepared remarks, and then we'll be happy to take questions from the investment community.

今天參加電話會議的是執行長羅伯特湯姆森 (Robert Thomson)；蘇珊‧帕努西奧 (Susan Panuccio)，財務長。我們將首先發表一些準備好的評論，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.

本次電話會議可能包括有關新聞集團業務和策略的某些前瞻性資訊。實際結果可能與所說的有重大差異。新聞集團的 10-K 表格和 10-Q 表格文件確定了可能導致實際結果出現差異的風險和不確定性，並包含有關前瞻性資訊的警告聲明。

Additionally, this call will include certain non-GAAP financial measurements such as total segment EBITDA, adjusted segment EBITDA and adjusted EPS. Definitions and GAAP to non-GAAP reconciliations of such measures can be found in our earnings release.

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 GAAP 與非 GAAP 的調整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. Let me say initially that I trust all on the call and your families are faring well. These are certainly complex times, and there are few who have not been touched in some manner. The coronavirus has irrevocably changed businesses and our businesses in expediting pre-existing digital trends, in challenging established practices and in prompting necessary introspection about work habits and the workplace itself. There has been much agility and adaptation at News Corp. The vast majority of our employees across the world have been working at home, and the resilience of the company's culture has been a core component in continuity. Without doubt, digitization has accelerated. And without doubt, all of our businesses have been affected and responded with customary ingenuity. I would like to express my sincere thanks to each of our employees and their families for having responded so promptly, so intelligently and so thoughtfully to these testing circumstances.

謝謝你，麥克。首先我要說的是，我相信通話中的所有人，你們的家人一切都很好。這無疑是一個複雜的時代，幾乎沒有人沒有受到某種程度的影響。冠狀病毒不可逆轉地改變了企業和我們的企業，加速了現有的數位化趨勢，挑戰了既定做法，並促使人們對工作習慣和工作場所本身進行必要的反思。新聞集團具有很強的靈活性和適應性。我們在世界各地的絕大多數員工一直在家工作，公司文化的彈性一直是連續性的核心組成部分。毫無疑問，數位化已經加速。毫無疑問，我們所有的業務都受到了影響，並以一貫的獨創性做出了反應。我謹向我們的每一位員工及其家人表示誠摯的感謝，感謝他們對這些測試情況做出如此迅速、如此明智和周到的反應。

Evidence of that response was seen in the fourth quarter, when virtually all of our businesses prudently reduced costs, sometimes painfully to ensure that they were robust enough to cope with volatility and disruption. Preserving cash was a priority, and it is worth noting that our cash balance increased in the last quarter by $129 million to over $1.5 billion as of June 30. Revenue comparisons are obviously made complex by the sale of News America Marketing and Unruly, plus the consequences of COVID. But our adjusted revenue for the quarter declined by 13%. Obviously, the net income and EPS were affected by noncash impairments, primarily at our U.K. and Australian businesses. And Susan will be able to provide more details momentarily. However, our adjusted total segment EBITDA declined by a modest 10%.

這種反應的證據在第四季度就可見一斑，當時我們幾乎所有業務都謹慎地降低了成本，有時甚至痛苦地確保它們足夠強大以應對波動和乾擾。保留現金是首要任務，值得注意的是，截至 6 月 30 日，我們的現金餘額在上一季增加了 1.29 億美元，達到超過 15 億美元。由於 News America Marketing 和 Unruly 的出售，加上新冠肺炎的後果。但我們該季度調整後的營收下降了 13%。顯然，淨利潤和每股收益受到非現金減損的影響，主要是我們的英國和澳洲業務。蘇珊將能夠立即提供更多詳細資訊。然而，我們調整後的總部門 EBITDA 小幅下降了 10%。

This is particularly significant and a somewhat historic earnings call. Regular listeners will recall that we had pledged to simplify the company and make the results more transparent. The sale of News America Marketing and Unruly certainly simplified the structure. And in the quest for transparency, beginning this quarter, we are presenting Dow Jones as a separate segment. This will highlight what we believe are 2 incontrovertible facts: the substantial and growing value of that company and its superior profit profile and prospects to those in the New York Times. In what has been a difficult year for many media companies, Dow Jones reported a 13% increase in segment EBITDA based on the strength of its professional information business and the preeminence of the Wall Street Journal. Our other global mastheads and digital information properties are gathered in the News Media segment, which will include our Australian titles, many of which are now digital-only: The Times, The Sun and Sunday Times as well as Talksport and Virgin Radio. It may be called News Media, but obviously, the segment is increasingly digital in personality, and virtually all of our mastheads had record audiences during the year. Our journalists have performed admirably in providing crucial insights to readers during the COVID crisis, delivering accurate information and analysis and providing an antidote to conspiracy theories and noxious nonsense proliferating elsewhere on the web.

這是一場特別重要且具歷史意義的財報電話會議。一般聽眾會記得，我們​​曾承諾簡化公司並使結果更加透明。 News America Marketing 和 Unruly 的出售無疑簡化了結構。為了追求透明度，從本季開始，我們將道瓊斯指數作為一個單獨的部分呈現。這將凸顯我們認為兩個無可爭議的事實：該公司龐大且不斷成長的價值，以及優於《紐約時報》的利潤狀況和前景。今年對許多媒體公司來說都是艱難的一年，道瓊斯報告稱，憑藉其專業資訊業務的實力和《華爾街日報》的卓越地位，其部門 EBITDA 增長了 13%。我們的其他全球標頭和數位資訊資產都集中在新聞媒體部分，其中包括我們的澳洲標題，其中許多現在都是純數字的：《泰晤士報》、《太陽報》和《星期日泰晤士報》以及Talksport和維珍廣播電台。它可能被稱為新聞媒體，但顯然，該細分市場的個性化程度越來越高，而且幾乎我們所有的標頭在這一年中都擁有創紀錄的受眾。在新冠病毒危機期間，我們的記者在向讀者提供重要見解、提供準確的資訊和分析以及為網路上其他地方氾濫的陰謀論和有害廢話提供解毒劑方面表現出色。

We are continuing to focus on acquiring digital subscribers and audience while rightsizing our businesses to be digital-first, which is necessarily resulting in significant cost reductions. The closure in Australia of many of our storied print editions and the emphasis on digital was further evidence of our willingness to be decisive at an epochal moment. We are very proud of our traditions, and we will always invest in the very best journalism. But the format is less important than the function. And we firmly believe that the digital reincarnation of these titles will ensure a profitable future and a continuing role in their community. We are also constantly restlessly reviewing our portfolio with a view to ensuring that we have the optimum asset mix. All of our executives understand that these are testing times and many of our executives around our businesses internationally have volunteered hefty cuts to their bonuses, which form a large part of their compensation. The Executive Chairman has forsaken 100% of his bonus, and Susan Panuccio and David Pitofsky, our General Counsel, who are with me on this call have also voluntarily given up a meaningful chunk of their bonus. All understand the importance of a stringent cost strategy, so we have launched a genuinely meaningful shared service program that we believe will transform the company by centralizing many of our functions. The mission is being led by 2 of our most talented executives, Damian Eales from Australia and Jane Viner from the U.K., in tandem with our CTO, the Global Head of HR, and CFO, in other words, Susan. The early indications are that the shared service program should be able to appreciably reduce our costs and we expect it to have a materially positive impact on our bottom line.

我們將繼續專注於獲取數位訂戶和受眾，同時調整我們的業務規模，實現數位優先，這必然會顯著降低成本。我們許多傳奇印刷版在澳洲的關閉以及對數位化的重視進一步證明了我們願意在劃時代的時刻採取果斷行動。我們對我們的傳統感到非常自豪，我們將始終投資於最好的新聞業。但格式不如功能重要。我們堅信，這些遊戲的數位化重生將確保獲利的未來以及在社區中的持續作用。我們也不斷地不斷審查我們的投資組合，以確保我們擁有最佳的資產組合。我們所有的高階主管都明白，現在是考驗時期，我們國際業務的許多高階主管都自願大幅削減獎金，而獎金構成了他們薪酬的很大一部分。執行主席放棄了100% 的獎金，與我一起參加這次電話會議的蘇珊·帕努西奧(Susan Panuccio) 和我們的總法律顧問大衛·皮托夫斯基(David Pitofsky) 也自願放棄了相當大一部分獎金。所有人都明白嚴格成本策略的重要性，因此我們啟動了一項真正有意義的共享服務計劃，我們相信該計劃將透過集中我們的許多職能來改變公司。該使命由我們兩位最有才華的高管領導，他們是來自澳大利亞的達米安·伊爾斯(Damian Eales) 和來自英國的簡·維納(Jane Viner)，以及我們的首席技術官、全球人力資源主管和財務長（即蘇珊）。早期跡象表明，共享服務計劃應該能夠顯著降低我們的成本，我們預計它會對我們的利潤產生實質的正面影響。

We will always emphasize integrity and creativity, but our ability to prioritize imperative projects will be enhanced by the program. We expect our technology platforms to be the best-in-class at the lowest available price. And the overall level of cooperation coordination among our businesses will certainly be enhanced. This is not an ephemeral project, but one that we believe will have a fundamental impact on the way we do business and on our earnings.

我們將始終強調誠信和創造力，但該計劃將增強我們優先考慮必要項目的能力。我們期望我們的技術平台能夠以最低的價格成為同類中最好的。雙方業務合作協調的整體水準必將提升。這不是一個短暫的項目，但我們相信它將對我們的業務方式和利潤產生根本性影響。

One other trend is already having an appreciable impact on our earnings, the change in terms of trade with the digital platforms. Those of you who watched the congressional testimony last week by the tech titans would have noticed overall that the political understanding of the issues has vastly improved. That is also true in Brussels, London and Australia, where the ACCC has just introduced a draft mandatory code of contact. I recommend that anyone seeking enlightenment, Google the name Rod Sims and read a few of his recent interviews. Mr. Sims chairs the ACCC.

另一種趨勢已經對我們的收入產生了顯著影響，即數位平台貿易條件的變化。那些看過科技巨頭上週在國會作證的人會注意到，總體而言，人們對這些問題的政治理解已經大大提高。布魯塞爾、倫敦和澳洲也是如此，ACCC 剛剛在這些地方推出了強制性聯繫守則草案。我建議任何尋求啟蒙的人，谷歌搜尋羅德·西姆斯（Rod Sims）這個名字，並閱讀他最近的一些採訪。 Sims 先生擔任 ACCC 主席。

It is fair to say, without revealing details that we are deep in discussion with these companies and that the ecosystem has absolutely begun to evolve. For News Corp, which has been pursuing this issue for well over a decade, this favorable outcome would simply not have been possible without the leadership of Rupert and Lachlan Murdoch and the support of a board which backed advocacy even when News Corp often stood alone in pursuit of the principle of a premium for premium content.

可以公平地說，在不透露細節的情況下，我們正在與這些公司進行深入討論，生態系統絕對已經開始發展。對於新聞集團來說，十多年來一直在解決這個問題，如果沒有魯珀特和拉克蘭默多克的領導以及董事會的支持，即使新聞集團經常獨自解決問題，但董事會也支持倡導，這種有利的結果根本不可能實現。追求優質內容優質的原則。

Now for the numbers. At the new Dow Jones segment, revenues improved in fiscal year 2020 and profitability was up 13%, as I've mentioned. At $236 million, Dow Jones full segment -- full year segment EBITDA was the highest in separation, as were margins. Digital revenue surpassed $1 billion in fiscal '20 for the first time and represented 66% of total revenues, rising to 70% for the fourth quarter. We saw strong circulation volume growth, with digital-only subscriptions increasing 23% year-over-year for the Wall Street Journal in Q4 and 51% for the Barron's Group. MarketWatch, our finance website reported the highest annual revenue numbers in the brand's history, making it the third year in a row of record-breaking results. Equally impressive, unique users more than doubled to $62 million in the month of June.

現在來看數字。正如我所提到的，道瓊斯新部門的收入在 2020 財年有所改善，盈利能力增長了 13%。道瓊斯全年部門 EBITDA 為 2.36 億美元，是分離行業中最高的，利潤率也是。 20 世紀 20 財年，數位收入首次超過 10 億美元，佔總營收的 66%，第四季升至 70%。我們看到發行量強勁成長，《華爾街日報》第四季的純數位訂閱量年增 23%，《巴倫周刊》的數位訂閱量較去年同期成長 51%。我們的財經網站 MarketWatch 公佈了品牌史上最高的年收入數據，這使其連續第三年創下破紀錄的表現。同樣令人印象深刻的是，6 月的獨立用戶數量增加了一倍多，達到 6,200 萬美元。

In contrast to most COVID affected media sites, digital advertising was down only 7% in the quarter and the general shift towards digital as a source of revenue continues, with that segment representing 54% of advertising revenues in the quarter. We expect that digital will continue to outpace print, given we are seeing robust digital advertising despite the social and commercial volatility that has prompted many companies to be cautious in marketing spend. Even with the pandemic impact, digital advertising at Dow Jones was 4% higher for the year.

與大多數受新冠疫情影響的媒體網站相比，數位廣告在本季僅下降了 7%，且收入來源總體向數位化的轉變仍在繼續，該領域佔本季廣告收入的 54%。儘管社會和商業波動促使許多公司對行銷支出持謹慎態度，但鑑於我們看到強勁的數位廣告，我們預計數位廣告將繼續超過印刷廣告。即使受到疫情的影響，道瓊斯的數位廣告今年仍成長了 4%。

Full year revenues for the professional information business rose 7% year-over-year, driven by Risk & Compliance, which surged 20%. We remain particularly excited by the prospects for our Risk & Compliance business, given the intensification of regulatory scrutiny around the world. As we have noted on this call in the past, who among you does not want to minimize risk and maximize compliance? We are expanding our risk-related product lines, enhancing our software and ensuring that the increased flow of actionable intelligence is complemented by thoughtful analysis and compelling news feeds for our growing audience of clients. We contend that the all digital Risk & Compliance business is a highly undervalued part of a highly undervalued company, given the revenue trajectory, the still expanding market and the necessity for companies and individuals to have an audit trial of compliance.

在風險與合規性成長 20% 的推動下，專業資訊業務全年營收年增 7%。鑑於全球監管審查的加強，我們對風險與合規業務的前景仍然感到特別興奮。正如我們過去在這次電話會議中指出的那樣，你們當中誰不想最大限度地降低風險並最大限度地提高合規性？我們正在擴大與風險相關的產品線，增強我們的軟體，並確保為不斷增長的客戶群提供深思熟慮的分析和引人注目的新聞來源，以補充可操作情報的增加。我們認為，考慮到收入軌跡、仍在擴大的市場以及公司和個人進行合規審計試驗的必要性，全數位化風險與合規業務是一家被高度低估的公司中被高度低估的部分。

The creation of the Dow Jones segment allows us to make a direct comparison with The New York Times, and on most important measures, the Wall Street Journal and the Board of Dow Jones performed far better. The Journal is both the most trusted general newspaper in the U.S. according to Reuters Institute and the world's leading business use provider. And a vast, well-healed, well-informed audience provides an opportunity to upsell value-added lucrative business products to serve a specialist need.

道瓊斯指數的創建使我們能夠與《紐約時報》進行直接比較，在最重要的指標上，《華爾街日報》和道瓊斯指數的表現要好得多。路透社研究所稱，《華爾街日報》是美國最值得信賴的綜合性報紙，也是世界領先的商業用途提供者。龐大的、健康的、消息靈通的受眾提供了追加銷售增值利潤豐厚的商業產品以滿足專業需求的機會。

Here are a few metrics comparing the 2 companies for the quarter. Dow Jones segment EBITDA of $60 million was higher than in New York Times, having benefited from the stability of our vibrant professional information business. While Dow Jones segment EBITDA expanded by 13% year-over-year, New York Times declined by 6%. Dow Jones EBITDA margins were 15.7%, about 3 percentage points higher than the New York Times. In this time of COVID, Dow Jones revenue decline moderated at a higher rate than the New York times at 4% versus down over 7% for The Times. Dow Jones COVID-affected advertising revenue declined at a much lower rate than The Times, thanks largely to significant outperformance in digital advertising which was down just 7% at Dow Jones versus down 32% at The New York Times. In fact, Dow Jones generated more total ad dollars than The New York Times.

以下是對本季兩家公司進行比較的一些指標。道瓊斯分部 EBITDA 為 6,000 萬美元，高於《紐約時報》，這得益於我們充滿活力的專業資訊業務的穩定性。道瓊斯分部 EBITDA 年成長 13%，而《紐約時報》則下降 6%。道瓊 EBITDA 利潤率為 15.7%，比《紐約時報》高出約 3 個百分點。在新冠疫情期間，道瓊斯收入下降幅度比《紐約時報》高，為 4%，而《紐約時報》則下降了 7% 以上。道瓊斯受新冠疫情影響的廣告收入下降幅度遠低於《紐約時報》，這主要歸功於數位廣告的顯著表現，道瓊斯僅下降了 7%，而《紐約時報》則下降了 32%。事實上，道瓊斯的廣告總收入比《紐約時報》還要多。

We feel strongly that we should explain the virtues of Dow Jones to shareholders and potential shareholders so we will have an Investor Day in mid-September at which Dow Jones Chief Executive, Almar Latour, and other Dow Jones Executives and myself, will give you a more granular explanation of the company's extraordinary potential and an opportunity for you to interrogate.

我們強烈認為，我們應該向股東和潛在股東解釋道瓊斯的優點，因此我們將在 9 月中旬舉辦投資者日，屆時道瓊斯首席執行官 Almar Latour 以及其他道瓊斯高管和我本人將為您提供更詳細地解釋公司的非凡潛力，並為您提供詢問的機會。

The News Media segment, of course, had a challenging year, and we took prompt measures to confront those challenges. These included the aforementioned sales of NAM and Unruly as well as immediate cost reductions and the launch of strategic shared service project. In Australia, apart from migrating publications to digital only, we also sold our investment in the Australian associated press newswire and unfortunately, implemented hundreds of redundancies. The end of the relationship with AAP was both necessary and historic as the service was founded in 1935 by Sir Keith Murdoch.

當然，新聞媒體部門度過了充滿挑戰的一年，我們迅速採取措施應對這些挑戰。其中包括上述 NAM 和 Unruly 的銷售以及立即降低成本和啟動策略共享服務項目。在澳大利亞，除了將出版物遷移到數位化之外，我們還出售了對澳大利亞美聯社的投資，不幸的是，我們實施了數百名裁員。與 AAP 關係的結束既是必要的，也是歷史性的，因為該服務由基思·默多克爵士 (Sir Keith Murdoch) 於 1935 年創立。

Digital subscriptions across News Corp Australia rose 25% to nearly 650,000 by the end of the fiscal year. Meanwhile, at News U.K., The Times and The Sunday Times paid subscribers rose to 336,000, an increase of 11% year-over-year and benefited from a focus on attracting premium subscribers with a concomitant improvement in retention rates. The Sun's online audience expanded markedly during the year, including with the launch of a U.S. edition. In total, The Sun reported 133 million unique users globally in June for 1 month, which also reflects our expansion in the U.S. Importantly, The Sun remains as the leading news brand in the U.K. according to Pamco.

截至本財年末，澳洲新聞集團的數位訂閱量成長了 25%，達到近 65 萬份。同時，英國新聞、《泰晤士報》和《星期日泰晤士報》的付費訂戶數量增至336,000 人，同比增長11%，這得益於對吸引優質訂戶的關注以及隨之而來的保留率的提高。 《太陽報》的線上受眾在這一年中顯著增加，其中包括美國版的推出。據 Pamco 稱，《太陽報》6 月份全球獨立用戶總數為 1.33 億，持續 1 個月，這也反映了我們在美國的擴張。重要的是，《太陽報》仍然是英國領先的新聞品牌。

The sheer scale of our collective reach should not be underestimated. In the U.S., The New York Post digital network reached 177 million monthly unique users during the fourth quarter. It has long been known that The Post has been loss-making, but those losses have fallen dramatically in the past 18 months as we increased cover prices and benefited from ad revenue for our expanding digital readership and reduced the cost base. We can now see a clear path to profitability for The Post.

我們集體影響力的巨大規模不應被低估。在美國，《紐約郵報》數位網路第四季每月獨立用戶數達到 1.77 億。眾所周知，《華盛頓郵報》一直在虧損，但在過去 18 個月裡，隨著我們提高封面價格、從不斷擴大的數位讀者群的廣告收入中獲益以及降低成本基礎，這些虧損大幅下降。我們現在可以看到《華盛頓郵報》獲利的清晰途徑。

In book publishing, despite the viral vicissitudes, which included the near shutdown of U.S. physical stores, profitability was up in Q4. This is a testament to the resourcefulness of the team at HarperCollins, which moved quickly to bolster supply chains and emphasize e-books and online sales. These actions allowed us to make the most of changes in reading behavior during the pandemic.

在圖書出版領域，儘管美國實體店幾乎關閉，但第四季的獲利能力仍有所上升。這證明了哈珀柯林斯團隊的足智多謀，該團隊迅速採取行動加強供應鏈並強調電子書和線上銷售。這些行動使我們能夠充分利用疫情期間閱讀行為的改變。

As we had indicated on previous calls, the second half of the fiscal year at HarperCollins was more propitious than the first half, with segment EBITDA improvement in both Q3 and Q4. Among the titles that performed well were the latest installment of Joanna Gaines' highly successful Magnolia Table series, Dutch House by Ann Patchett, The One and Only Bob by Katherine Applegate and World's Worst Parents by David Williams.

正如我們在先前的電話會議中指出的那樣，哈珀柯林斯會計年度下半年比上半年更為有利，第三季和第四季的部門 EBITDA 均有所改善。表現出色的作品包括喬安娜·蓋恩斯(Joanna Gaines) 非常成功的《木蘭桌》系列的最新作品、安·帕切特(Ann Patchett) 的《荷蘭屋》 (Dutch House)、凱瑟琳·阿普爾蓋特(Katherine Applegate) 的《唯一的鮑勃》(The One and Only Bob) 以及大衛威廉斯(David Williams) 的《世界上最糟糕的父母》。

Looking ahead to fiscal '21, we're already eagerly anticipating the release of Tiger Woods' autobiography, and expect strong results from the upcoming launch of Jenna Bush Hager's, Everything Beautiful in Its Time. We're certainly pleased by the early performance of Daniel Silver's, The Order and Ben Shapiro's, How to Destroy America in 3 Easy Steps, and we expect much from Lebron James' first children's book, I Promise, scheduled for release next Tuesday.

展望 21 財年，我們已經熱切期待泰格伍茲自傳的發行，並期待即將推出的珍娜布希海格的《一切美好都在其時代》取得強勁成果。我們當然對丹尼爾·西爾弗（Daniel Silver）的《教團》（The Order）和本·夏皮羅（Ben Shapiro）的《如何輕鬆三步摧毀美國》（How to Destroy America in 3 Easy Steps）的早期表現感到滿意，並且我們對勒布朗·詹姆斯（Lebron James）的第一本兒童讀物《我保證》（I Promise）寄予厚望，該書定於下週二發行。

In digital real estate services, REA's traffic and lead volume have rebounded in the wake of the shutdown in Australia, with record audiences in June and a dramatic increase in users potentially interested in a house move. There is simply no doubt that the COVID crisis has prompted many families to consider their housing circumstances, and that ultra-low interest rates have made a move more possible. We noted similar trends in the U.S. at realtor.com, and we saw a significant improvement in profitability at Move, which runs the realtor.com site in the fourth quarter and for the year as a whole.

在數位房地產服務方面，REA 的流量和潛在客戶量在澳洲停擺後有所反彈，6 月的觀眾人數創歷史新高，對搬家感興趣的用戶急劇增加。毫無疑問，新冠危機促使許多家庭考慮自己的住房狀況，而超低利率則讓搬家變得更有可能。我們在美國的 realtor.com 上註意到了類似的趨勢，並且我們看到 Move 的盈利能力顯著提高，該公司在第四季度和全年經營 realtor.com 網站。

The new leadership team at Move is working closely with the Dow Jones' executive team as the combined audience and lucrative demographic of the 2 sites in the U.S. is a hefty $124 million based on comScore statistics as of June. We are confident that the Dow Jones sites will provide a flow of potential buyers for realtor.com and that realtor.com will provide a flow of potential subscriptions for the WSJ and Barron's.

Move 的新領導團隊正在與道瓊斯的執行團隊密切合作，因為根據 comScore 截至 6 月的統計數據，美國這兩個網站的受眾和利潤豐厚的人口總數達到了 1.24 億美元。我們相信，道瓊斯網站將為 realtor.com 提供潛在買家流，而 realtor.com 將為《華爾街日報》和《巴倫周刊》提供潛在訂閱流。

Also in Australia, at Foxtel, our emphasis on streaming has brought a leap in new customers for both Kayo, the sports streaming service, and Binge, our entertainment offering, which has just launched. As of August 4, Kayo, showing great resilience, had 590,000 subscribers, including 48,000 trialists, while Binge had 217,000 subscribers, which includes 185,000 paying, just a short time after its formal launch. Both services are making the most of our existing rights without incurring extra content expenses and are certainly expanding the reach of Foxtel, which has now approached a new record number of total subscribers following an acceleration in July. Just this week, we crossed the 1 million OTT paying subscriber mark, setting a new record, thanks to our expanded streaming strategy.

同樣在澳洲的 Foxtel，我們對串流媒體的重視為 Kayo（體育串流服務）和 Binge（我們剛剛推出的娛樂產品）帶來了新客戶的飛躍。截至 8 月 4 日，Kayo 展現了強大的韌性，擁有 59 萬訂閱者，其中包括 4.8 萬名試用者，而 Binge 在正式推出後不久就擁有 21.7 萬訂閱者，其中包括 18.5 萬付費訂閱者。這兩項服務都充分利用了我們現有的權利，而不會產生額外的內容費用，並且無疑擴大了 Foxtel 的覆蓋範圍，繼 7 月份的加速增長之後，Foxtel 的訂戶總數現已接近新紀錄。就在本週，由於我們擴展的串流媒體策略，我們的 OTT 付費用戶突破了 100 萬大關，創下了新紀錄。

While there is certainly seasonality to Kayo, given the scheduling of the popular winter sports, we are reassured that so many subscribers have returned to the service so promptly and particularly encouraged by the early rush of subscribers at Binge. Our past acquisition of cricket rights means that we are well positioned when the Indian cricket teams arrive in Australia later this year.

雖然 Kayo 確實存在季節性，但考慮到流行的冬季運動的安排，我們感到放心的是，如此多的訂戶如此迅速地返回了該服務，特別是受到 Binge 訂戶的早期湧入的鼓舞。我們過去獲得的板球權利意味著，當印度板球隊今年稍後抵達澳洲時，我們處於有利地位。

On our last call, you will recall that I insisted that there would be a reset of sports prices. And in the midst of this year's shortened season, that has absolutely come to pass. While negotiations with some sports continue, deals already completed will reduce the cost of sports rights at Foxtel by at least AUD 180 million over the next 3 years as compared to the prior contracted value. This reset will have a positive long-term impact on Foxtel's profitability.

在我們上次通話中，您會記得我堅持要重置體育賽事價格。在今年縮短的賽季中，這絕對成為了現實。雖然與一些體育賽事的談判仍在繼續，但已經完成的交易將在未來 3 年內將 Foxtel 的體育賽事版權成本比之前的合約價值減少至少 1.8 億澳元。此次重置將對 Foxtel 的獲利能力產生積極的長期影響。

No doubt, the events of the first half of calendar year 2020 will remain resonant in our memories. I am particularly proud of the performance of all those who work at News Corp for showing professionalism, passion and compassion throughout these most difficult of times. Our reporters and opinion writers around the world have provided a profoundly important service, and many of our employees have contributed to their communities through philanthropic service in recent months.

毫無疑問，2020年上半年發生的事件將永遠留在我們的記憶中。我對新聞集團所有工作人員的表現感到特別自豪，他們在最困難的時期表現出了專業、熱情和同情心。我們在世界各地的記者和評論撰稿人提供了極其重要的服務，近幾個月來，我們的許多員工透過慈善服務為社區做出了貢獻。

And now for more granular detail and customary insight, Susan.

現在，讓我們了解更詳細的細節和慣常的見解，蘇珊。

Thank you, Robert. Before talking through our fiscal 20 results, I would like to recap on the actions we've taken this past year to better position News Corp for long-term success with a focus on increasing shareholder value and transparency. Firstly, the company has taken significant action on our cost base. Our publishing business in Australia has been significantly restructured with 112 of our regional and community markets transitioning to digital or closed. The cost base at Foxtel has been restructured with savings across programming and support functions. With increasing OTT scale and a lower cost base, Foxtel is better positioned for success, and I would like to reiterate that we have no plans to provide additional funding.

謝謝你，羅伯特。在討論 20 財年業績之前，我想回顧一下我們在過去一年中為更好地定位新聞集團以取得長期成功而採取的行動，重點是提高股東價值和透明度。首先，公司對我們的成本基礎採取了重大行動。我們在澳洲的出版業務進行了重大重組，112 個區域和社區市場已轉向數位化或封閉。 Foxtel 的成本基礎已透過編程和支援職能方面的節省進行了重組。隨著 OTT 規模的擴大和成本基礎的降低，Foxtel 更有能力取得成功，我想重申，我們沒有提供額外資金的計劃。

Our digital real estate businesses have also been proactive in reducing headcount to confront the challenges of COVID-19. In addition, we took quick and decisive action to reduce OpEx and CapEx in the fourth quarter with CapEx reducing by 1/3 year-on-year and total costs decreasing 21% year-on-year, partially due to divestments in FX, but primarily due to active cost management. We are also close to finalizing our savings opportunities for global shared services across the company as we look to leverage our global scale and reduce duplication. These collective actions resulted in a 7% reduction in headcount this year across the businesses, excluding the NAM and Unruly sales. Secondly, Dow Jones results are now reported as a separate segment, which better highlights its performance and provides a more complete comparison with its peers. The business saw record subscriptions and achieved growth in both revenue and EBITDA for the year. Thirdly, we are taking tangible steps to stabilize our newly formed News Media segment through digital subscriber growth, cover price increases and aggressive cost targets, which will be further enhanced by our global shared service initiative.

我們的數位房地產業務也積極減少員工人數，以應對 COVID-19 的挑戰。此外，我們在第四季度採取了迅速而果斷的行動，減少了營運支出和資本支出，資本支出同比減少了 1/3，總成本同比下降了 21%，部分原因是外匯撤資，但主要得益於主動成本管理。我們也即將敲定整個公司的全球共享服務的節省機會，因為我們希望利用我們的全球規模並減少重複。這些集體行動導致今年各業務部門的員工人數減少了 7%（不包括 NAM 和 Unruly 銷售部門）。其次，道瓊斯的業績現在作為一個單獨的部分報告，這更好地突出了其業績，並提供了與同行更完整的比較。該業務的訂閱量創歷史新高，並且全年收入和 EBITDA 均實現成長。第三，我們正在採取實際措施，透過數位用戶成長、封面價格上漲和積極的成本目標來穩定我們新成立的新聞媒體部門，我們的全球共享服務計畫將進一步加強這一點。

In relation to liquidity, the only debt exposures we have are at our non 100% owned subsidiaries, Foxtel and REA, and these are nonrecourse to News Corp. Finally, as part of our simplification efforts, we continue to reshape News Corp's portfolio this year with the divestments of News America Marketing and Unruly. With that as a backdrop, I will now discuss our latest financial results.

就流動性而言，我們唯一的債務風險來自我們的非100% 控股子公司Foxtel 和REA，而這些債務對新聞集團來說是無追索權的。最後，作為我們簡化工作的一部分，我們今年持續重塑新聞集團的投資組合隨著 News America Marketing 和 Unruly 的撤資。以此為背景，我現在將討論我們最新的財務表現。

Fiscal 2020 fourth quarter total revenues were approximately $1.9 billion, down 22% versus the prior year, reflecting the impacts of COVID-19 and the divestment of News America Marketing in early May. Total segment EBITDA was $195 million, down 28% versus the prior year. Excluding the divestment of NAM, acquisitions, currency fluctuations and the other items disclosed in our release, adjusted revenues fell 13% and adjusted total segment EBITDA decreased 10% as growth in segment EBITDA at the Dow Jones, book Publishing and subscription video services segments were outweighed by the negative impact of COVID-19. Our best estimate for the revenue impact of COVID-19 for the quarter was negative $330 million or 13%, together with a negative impact on total segment EBITDA estimated to be between $40 million to $55 million or 15% to 20%. For the quarter, we reported a net loss per share of $0.67 as compared to a net loss per share of $0.09 in the prior year. The loss includes $292 million of noncash impairment charges primarily related to fixed assets in the U.K. and Australia. Adjusted earnings per share were negative $0.03 in the quarter compared to positive $0.07 in the prior year.

2020 財年第四季總營收約 19 億美元，比前一年下降 22%，反映了 COVID-19 和 5 月初剝離 News America Marketing 的影響。部門 EBITDA 總額為 1.95 億美元，較上年下降 28%。不包括NAM 的撤資、收購、貨幣波動和我們新聞稿中披露的其他項目，調整後的收入下降了13%，調整後的部門EBITDA 總額下降了10%，因為道瓊斯指數、圖書出版和訂閱視頻服務部門的EBITDA 成長COVID-19 的負面影響超過了這一影響。我們對 COVID-19 對本季營收影響的最佳估計為負 3.3 億美元或 13%，對總部門 EBITDA 的負面影響估計在 4,000 萬至 5,500 萬美元或 15% 至 20% 之間。本季度，我們報告每股淨虧損為 0.67 美元，而去年同期每股淨虧損為 0.09 美元。該損失包括主要與英國和澳洲固定資產相關的 2.92 億美元非現金減損費用。本季調整後每股收益為負 0.03 美元，而去年同期為正 0.07 美元。

Moving on to the quarterly results for the individual reporting segments, starting with Dow Jones. Revenues for the quarter were $381 million, down 4% compared to the prior year, with digital revenues accounting for a record 71% of total revenues this quarter. Circulation revenues rose 2% due to robust growth in digital circulation revenues, partially offset by lower print circulation revenues, which were impacted by the decline in newsstand sales and fewer amenity copies primarily related to COVID-19. As Robert mentioned, Dow Jones again achieved record subscriptions in the quarter and saw an acceleration in year-over-year growth compared to the prior quarter. Dow Jones average subscriptions for the quarter were almost 3.8 million, up 15% from the prior year. And of that, digital-only subscriptions were 2.8 million, up 28% year-over-year. For the Wall Street Journal, there were approximately 3 million total subscriptions for the quarter, up 15% from the prior year, with digital-only subscriptions growing 23% to more than 2.2 million, improving from the 15% year-over-year growth rate in the prior quarter. To frame the improvement, we added 203,000 Wall Street Journal digital-only subscriptions this quarter compared to 112,000 in the third quarter and 43,000 in the prior year.

接下來是各個報告部門的季度業績，從道瓊斯開始。該季度營收為 3.81 億美元，較上年下降 4%，其中數位收入佔本季總收入的比例達到創紀錄的 71%。由於數位發行收入的強勁增長，發行收入增長了2%，但印刷發行收入的下降部分抵消了印刷發行收入的下降，印刷發行收入的下降受到報亭銷售下降和主要與COVID-19 相關的便利副本減少的影響。正如羅伯特所提到的，道瓊斯在本季度再次實現了創紀錄的訂閱量，並且與上一季相比，同比增長加速。該季度道瓊斯平均訂閱量接近 380 萬份，比上年同期增長 15%。其中，純數位訂閱量為 280 萬，較去年同期成長 28%。對於《華爾街日報》，該季度的總訂閱量約為 300 萬份，比上年同期增長 15%，其中純數字訂閱量增長 23%，達到超過 220 萬份，同比增長 15%。上一季的利率。為了實現這一改進，我們本季增加了 203,000 份《華爾街日報》數位版訂閱，而第三季為 112,000 份，去年同期為 43,000 份。

Revenues from Dow Jones Professional Information business rose 6% year-over-year, slightly higher than the third quarter rate, driven by 14% revenue growth at Risk & Compliance. Consistent with our expectations, Risk & Compliance revenues reached approximately $160 million for fiscal 2020. As we mentioned last quarter, advertising revenues, which accounted for only 19% of revenues this quarter were impacted by COVID-19 and declined 28% to $71 million. For the first time, digital advertising revenue was greater than print, accounting for 54% of total advertising revenues for the quarter.

道瓊斯專業資訊業務的營收年增 6%，略高於第三季的增幅，主要得益於風險與合規業務收入成長 14%。與我們的預期一致，2020 財年風險與合規收入達到約1.6 億美元。正如我們上季度提到的，僅佔本季營收19% 的廣告收入受到COVID-19 的影響，下降了28% 至7100 萬美元。數位廣告收入首次超過印刷廣告，佔本季廣告總收入的 54%。

Digital advertising revenues fell 7%, helped by strong growth in programmatic while print advertising was down 43%, which included the impact from the cancellation of live events. Total unique visitors across our Dow Jones Digital platforms more than doubled in the quarter versus the prior year.

由於程序化廣告的強勁增長，數位廣告收入下降了 7%，而印刷廣告收入下降了 43%，其中包括取消現場活動的影響。本季道瓊斯數位平台上的獨立訪客總數比前一年增加了一倍以上。

Dow Jones segment EBITDA for the quarter rose 13% to $60 million.

道瓊斯分部本季 EBITDA 成長 13%，達到 6,000 萬美元。

Turning to our other news segment, News Media, which primarily includes News Australia, News U.K. and the New York Post and the News America Marketing and Unruly companies prior to their disposal. Revenues for the quarter were $490 million, down 41% versus the prior year, of which the impact from the divestment of News America Marketing accounted for over half of the total revenue decline. On an adjusted basis, which excludes NAM, Unruly and the other items mentioned in our release, revenues declined 22%. Advertising revenue fell 58% on a reported basis, of which $179 million or 36% of the decline was from the sale of News America Marketing, and the rest of the decline was driven by the negative impact from COVID-19, weaknesses in the print advertising market and a $20 million or 4% negative impact related to the suspension of certain community titles in Australia. Advertising revenues at News U.K. fell 46% on a reported basis and 45% in local currency, relatively consistent with our April commentary, with lower print trends, partially offset by strong digital advertising growth at The Sun. Performance was similar in Australia, with advertising down 46% on a reported basis and 42% in local currency, which includes the negative impact related to the suspension of certain community titles. Circulation and subscription revenues declined 9%, impacted by lower newsstand sales related to COVID-19, partially offset by strong digital paid subscriber growth and cover price increases in Australia. Segment EBITDA for the quarter was a loss of $44 million, down $95 million from the prior year. The divestment of News America Marketing accounted for $43 million of the year-over-year decline. Also included in the results are approximately $8 million of additional cost related to the decommissioning of print operations in Australia.

轉向我們的另一個新聞部門，新聞媒體，主要包括澳洲新聞、英國新聞、紐約郵報以及美國新聞行銷和 Unruly 公司在處置之前。該季度營收為 4.9 億美元，比去年同期下降 41%，其中美國新聞行銷公司撤資的影響佔總營收下降的一半以上。在調整後的基礎上，不包括 NAM、Unruly 和我們新聞稿中提到的其他項目，收入下降了 22%。據報告，廣告收入下降了 58%，其中 1.79 億美元（即下降的 36%）來自美國新聞行銷公司的出售，其餘下降是由 COVID-19 的負面影響、印刷品的弱點造成的廣告市場以及與澳大利亞某些社區所有權暫停相關的2000 萬美元或4% 的負面影響。據報道，英國新聞社的廣告收入下降了46%，以當地貨幣計算則下降了45%，這與我們4 月份的評論相對一致，印刷版趨勢下降，部分被《太陽報》數位廣告的強勁增長所抵消。澳洲的表現也類似，據報道，廣告下降了 46%，以當地貨幣計算下降了 42%，其中包括與暫停某些社區遊戲相關的負面影響。發行量和訂閱收入下降了 9%，受到與 COVID-19 相關的報刊亭銷量下降的影響，但部分被澳洲數位付費用戶的強勁成長和封面價格上漲所抵消。該季度的部門 EBITDA 虧損 4,400 萬美元，比上年同期減少 9,500 萬美元。年減 4,300 萬美元，原因是美國新聞行銷部的撤資。結果還包括與澳洲印刷業務退役相關的約 800 萬美元的額外成本。

It is important to note that we do not expect this to be the new normal, and we are taking significant and decisive steps to improve the trajectory of the segment, including better monetizing our growing and global audience and further cost reductions. These include leveraging existing content to source incremental licensing revenues. We believe that we are very well positioned to benefit from incremental licensing revenues as early as this fiscal year, which should have a meaningful impact on EBITDA. Our biggest source of revenues in the News Media segment is now circulation and subscription. We expect continued growth in our digital subscriptions, and we will be looking at cover and subscription prices to help offset print advertising declines. Our global shared service initiative, which we expect to centralize many of our back-office functions and remove duplication. We'll also continue to work on newsroom transformation and the ongoing review of our printing sites and office space. We have reduced our total headcount within the segment by 12% in fiscal 2020, which will lower our cost base going forward, and we expect additional reductions in fiscal 2021. The impact of COVID-19 remains uncertain, and we do expect continued advertising challenges. However, we will continue to focus on the digital transformation of this segment, new ways to monetize our content and continue to take aggressive cost measures as we look to provide a more stable outlook.

值得注意的是，我們並不認為這會成為新常態，我們正在採取重大而果斷的措施來改善該細分市場的發展軌跡，包括更好地利用不斷增長的全球受眾實現貨幣化，並進一步降低成本。其中包括利用現有內容來獲取增量授權收入。我們相信，我們已經處於有利位置，最早可以在本財年從增量授權收入中受益，這應該會對 EBITDA 產生有意義的影響。我們在新聞媒體領域最大的收入來源現在是發行量和訂閱。我們預計數位訂閱量將持續成長，並且我們將關注封面和訂閱價格，以幫助抵消印刷廣告的下降。我們的全球共享服務計劃，我們希望能夠集中我們的許多後台職能並消除重複。我們也將繼續致力於新聞編輯室轉型以及對我們的印刷站點和辦公空間的持續審查。我們在2020 財年將該部門的總人數減少了12%，這將降低我們未來的成本基礎，我們預計在2021 財年將進一步減少。COVID-19 的影響仍然不確定，我們預計廣告挑戰將持續存在。然而，我們將繼續關注該細分市場的數位轉型、內容貨幣化的新方法，並繼續採取積極的成本措施，以提供更穩定的前景。

At the Digital Real Estate Services segment, revenues decreased 16% to $238 million, primarily due to a decline in listings in Australia and the U.S. related to COVID-19 and associated customer support measures. On an adjusted basis, revenues declined 13%. Segment EBITDA fell 10% to $71 million or 5% on an adjusted basis.

在數位房地產服務部門，收入下降 16% 至 2.38 億美元，主要是由於與 COVID-19 和相關客戶支援措施相關的澳洲和美國掛牌量下降。調整後的收入下降了 13%。部門 EBITDA 下降 10%，至 7,100 萬美元，調整後下降 5%。

REA Group revenues fell 21%, primarily reflecting FX, lower developer revenues and a 14% decline in residential listing volumes for the quarter. REA saw improvements in listings as the quarter progressed, with 11% listing volume growth in June, combined with record traffic. The volume growth was partly related to easier year-on-year comparisons which included the impact from the federal election in the prior year. Please refer to REA's earnings release and their conference call immediately following this call for more details.

REA 集團營收下降 21%，主要反映了外匯、開發商收入下降以及本季住宅掛牌量下降 14%。隨著本季的進展，REA 的掛牌量有所改善，6 月的掛牌量增加了 11%，客流量也創歷史新高。銷售成長部分與較容易的年比比較有關，其中包括前一年聯邦選舉的影響。請參閱 REA 的收益發布以及本次電話會議後立即舉行的電話會議，以了解更多詳細資訊。

Move revenues declined 10% to $111 million, with real estate revenues down 5%. However, the decline in real estate revenues was almost entirely due to an estimated $13 million impact related to the customer billing relief initiative. Move is also still being impacted by the transition to the referral model, given the longer time period by which revenues are recognized. Despite the transition, we remain very confident in the long-term growth potential of the referral model, including upside through incremental ancillary services.

搬遷收入下降 10%，至 1.11 億美元，其中房地產收入下降 5%。然而，房地產收入的下降幾乎完全是由於與客戶帳單減免計劃相關的估計 1300 萬美元的影響。鑑於收入確認的時間較長，Move 仍受到向推薦模式過渡的影響。儘管發生了轉變，我們仍然對推薦模式的長期成長潛力充滿信心，包括透過增量輔助服務帶來的好處。

Similar to REA, we are also seeing record traffic at REALTOR with June achieving 86 million monthly unique users, up 18% year-over-year, combined with a greater than 50% year-on-year increase in core real estate lead volumes in June. Despite the revenue impact from COVID-19 for both the quarter and the full year, Move increased its contribution to segment EBITDA year-on-year, benefiting from the restructuring of the organization, including the integration of the teams at REALTOR and Opcity.

與 REA 類似，我們也看到 REALTOR 的流量創歷史新高，6 月份每月獨立用戶數達到 8600 萬，同比增長 18%，核心房地產潛在客戶量同比增長超過 50%。六月。儘管 COVID-19 對本季和全年的收入產生了影響，但得益於組織重組，包括 REALTOR 和 Opcity 團隊的整合，Move 對部門 EBITDA 的貢獻同比增加。

Turning to the subscription Video Services segment. Revenues for the quarter were $407 million, down 24% versus $536 million in the prior year, which included a negative 5% impact from FX. The revenue decline was driven by fewer residential subscribers, a reduction in commercial subscribers related to the suspension of billings due to the closing of licensed venues and a decline in advertising revenues. Approximately half of the year-over-year revenue decline in the quarter was due to commercial and advertising revenues, which we believe was mostly a function of the impact from COVID-19.

轉向訂閱視訊服務部分。本季營收為 4.07 億美元，比去年同期的 5.36 億美元下降 24%，其中包括外匯帶來的 5% 的負面影響。收入下降的原因包括住宅用戶減少、商業用戶減少（因許可場所關閉而暫停計費）以及廣告收入下降。本季營收年減的大約一半是由於商業和廣告收入造成的，我們認為這主要是受 COVID-19 影響的結果。

Foxtel's closing paid subscriber base was approximately 2.8 million as of June 30, down 12%, which reflects the decline in commercial subscribers, which fell to 86,000 from 264,000 in the prior year, primarily associated with COVID-19 restrictions. We expect improvements as licensed commercial venues begin to reopen, although timing is still uncertain given the recent spikes in infections in Victoria.

截至 6 月 30 日，Foxtel 的付費用戶基數約為 280 萬，下降了 12%，這反映出商業用戶的下降，商業用戶從上一年的 264,000 降至 86,000，這主要與 COVID-19 限制有關。我們預計，隨著獲得許可的商業場所開始重新開放，情況會有所改善，但鑑於最近維多利亞州感染病例激增，時間仍不確定。

Foxtel Now subscribers were also impacted by a difficult year ago comparison as the prior year benefited from the final season of Game of Thrones, but the number was stable sequentially. Pleasingly, we saw a significant decline in broadcast churn down to 13.2% compared to 14.7% in the prior year, which was the lowest in 7 quarters. The improvement was supported by the implementation of several COVID-19 mitigation measures, including opening up content tiers and offer extensions and favorable impacts from a slowdown in Telstra's NBN migration activity. Broadcast ARPU was relatively stable at AUD 78. Segment EBITDA in the quarter was $104 million, up 24% from the prior year, driven by lower costs.

Foxtel Now 的訂戶數量也受到了去年困難的比較的影響，因為去年受益於《權力的遊戲》最後一季，但該數字連續穩定。令人高興的是，我們看到廣播流失率大幅下降至 13.2%，而去年同期為 14.7%，這是 7 個季度以來的最低水準。這項改進得益於多項 COVID-19 緩解措施的實施，包括開放內容層級、提供擴展以及 Telstra NBN 遷移活動放緩帶來的有利影響。廣播 ARPU 相對穩定，為 78 澳元。在成本下降的推動下，本季的部門 EBITDA 為 1.04 億美元，比上年增長 24%。

Overall expenses declined about $145 million, which includes approximately $70 million of lower sports rights costs, primarily related to the suspension of live sports. Results include 1 month of expense related to the NRL and AFL, and the majority of the deferred sports costs will be recognized in fiscal 2021. I will discuss this further in the outlook commentary.

整體費用減少了約 1.45 億美元，其中包括約 7,000 萬美元的體育版權成本下降，主要與體育賽事直播的暫停有關。結果包括 1 個月與 NRL 和 AFL 相關的費用，大部分遞延體育費用將在 2021 財年確認。我將在展望評論中進一步討論這一點。

Foxtel also benefited from lower entertainment costs from renegotiated affiliate and output deals, lower transmission costs and lower overheads due to staff reductions.

Foxtel 也受益於重新談判的附屬機構和輸出交易帶來的娛樂成本降低、傳輸成本降低以及人員削減帶來的管理費用降低。

As Robert mentioned, we are pleased with the resilience of Kayo and the early progress and level of engagement for Binge, Foxtel's new entertainment streaming service. We look forward to building on Foxtel's expanding OTT subscriber base in the year ahead. During the quarter, Foxtel also accelerated its cost transformation plan for the business, reducing its headcount by approximately 17%. This action, together with other operational efficiencies and content renegotiations will help put Foxtel in a better position longer term.

正如 Robert 所提到的，我們對 Kayo 的韌性以及 Foxtel 的新娛樂串流服務 Binge 的早期進展和參與程度感到滿意。我們期待在未來一年繼續擴大 Foxtel 不斷擴大的 OTT 用戶群。本季度，Foxtel 還加快了業務成本轉型計劃，員工人數減少了約 17%。這一行動，連同其他營運效率和內容重新談判，將有助於使 Foxtel 在長期內處於更好的地位。

At book publishing, HarperCollins had a strong quarter with revenues down only 3% to $407 million and segment EBITDA up 9% to $47 million despite significant bricks-and-mortar store closures, which was a far better performance than we had anticipated. We saw the strongest digital growth in recent years with total digital sales up 26% to represent 29% of consumer revenues. With the shelter in place orders related to COVID-19, e-book sales returned to robust growth, increasing 31% year-over-year with downloadable audio books also growing at a healthy 17%, despite an initial dip due to the falling individuals commuting to work.

在書籍出版方面，哈珀柯林斯的季度表現強勁，儘管實體店大量關閉，收入僅下降 3% 至 4.07 億美元，但部門 EBITDA 增長 9% 至 4700 萬美元，這比我們的預期要好得多。我們看到了近年來最強勁的數位成長，數位化總銷售額成長了 26%，佔消費者收入的 29%。隨著與 COVID-19 相關的就地避難令，電子書銷量恢復強勁增長，同比增長 31%，可下載有聲讀物也以 17% 的健康速度增長，儘管最初因人數下降而出現下滑上班通勤。

As Robert noted, HarperCollins benefited from a strong release slate, which included Joanna Gaines' Magnolia Table Volume 2 and a great performance from our Children's division.

正如羅伯特所指出的那樣，哈珀柯林斯出版社受益於強大的發行陣容，其中包括 Joanna Gaines 的 Magnolia Table 第 2 卷以及我們兒童部門的精彩表演。

I would now like to talk about some themes in the upcoming quarter. Forecasting remains challenging, so I will discuss the trends we have seen in July. At Digital Real Estate services, as noted in their release, July new buy listings at REA were up 16%. However, residential revenue growth is expected to be offset by a reduction in development projects, listing declines in Commercial and Asia businesses and the recent government restrictions in Victoria. Please refer to REA's press release for more details.

我現在想談談下一季的一些主題。預測仍然具有挑戰性，因此我將討論我們在 7 月看到的趨勢。在 Digital Real Estate services 中，正如其新聞稿中所指出的，REA 的 7 月新買房量增加了 16%。然而，住宅收入的成長預計將被開發案的減少、商業和亞洲企業上市量的下降以及維多利亞州政府最近的限制所抵消。請參閱 REA 的新聞稿以了解更多詳情。

REALTOR is facing lower industry-wide real estate transactions, but encouragingly, lead volume and unique users remained strong, similar to June. In Subscription Video Services, advertising in July improved modestly with the return of live sports. We expect gradual recovery of commercial subscribers but timing will largely be dictated by government restrictions and the broader impact from COVID-19. Broadcast churn is modestly higher versus the prior year and the fourth quarter. On sports costs, assuming no further disruption of play, we will recognize approximately $55 million or AUD 78 million of additional sports programming rights costs, the majority of which is related to the NRL and AFL rights costs that were deferred from fiscal 2020 to fiscal 2021 due to the temporary sport suspension. However, we expect at least $100 million or AUD 160 million of overall savings, net of the increase in sports cost for the full year in fiscal 2021 as a result of the cost-out initiatives taken during fiscal 2020.

房地產經紀人正面臨全行業房地產交易量下降的局面，但令人鼓舞的是，潛在客戶數量和獨立用戶仍然強勁，與 6 月類似。在訂閱視訊服務中，隨著體育賽事直播的回歸，七月份的廣告略有改善。我們預計商業訂戶將逐步恢復，但具體時間將在很大程度上取決於政府的限制和 COVID-19 的更廣泛影響。與去年和第四季相比，廣播流失率略有上升。在體育成本方面，假設比賽不再受到干擾，我們將確認約 5500 萬美元或 7800 萬澳元的額外體育節目版權成本，其中大部分與從 2020 財年推遲到 2021 財年的 NRL 和 AFL 版權成本有關由於運動暫停。然而，扣除因 2020 財年採取的成本削減措施而導致 2021 財年全年體育成本增加的情況，我們預計整體節省至少 1 億美元或 1.6 億澳元。

At Dow Jones, subscription trends in July continued to be strong with over 25% growth in digital-only subscriptions at The Wall Street Journal. Advertising trends improved modestly in July, but with digital up very strongly. In book publishing, similar to the fourth quarter, HarperCollins continued to see strong growth in online sales in July. Retail stores are slowly reopening, albeit likely at a reduced foot traffic and continued risk from any recurrence of COVID.

道瓊 7 月的訂閱趨勢持續強勁，《華爾街日報》的純數位訂閱量成長了 25% 以上。七月份廣告趨勢略有改善，但數位化成長非常強勁。在圖書出版方面，與第四季類似，哈珀柯林斯出版社 7 月線上銷售持續強勁成長。零售商店正在緩慢重新開業，儘管人流可能會減少，而且新冠疫情復發的風險仍然存在。

At News Media, we continue to expect advertising and single copy sales revenues to be adversely affected due to COVID-19. Advertising revenues in July at the newspaper mastheads in the segment declined 25% to 30% in total compared to the prior year. As a reminder, advertising revenues in the prior year included the results from News America Marketing. Overall decline in circulation volumes for July improved from the lows experienced early in the fourth quarter, particularly for the weekend papers. Pleasingly, we have continued to see strong digital subscriber growth at the Australian mastheads and at The Times and The Sunday Times, and we will continue to focus on cost transformation to mitigate the revenue headwinds.

在新聞媒體，我們仍然預期廣告和單份銷售收入將因 COVID-19 受到不利影響。 7 月該領域報紙報頭的廣告收入與去年同期相比下降了 25% 至 30%。提醒一下，上一年度的廣告收入包括美國新聞行銷公司的表現。 7 月發行量的整體降幅較第四季初的低點有所改善，尤其是週末報紙。令人高興的是，我們繼續看到澳洲報頭以及《泰晤士報》和《星期日泰晤士報》的數位用戶成長強勁，我們將繼續專注於成本轉型，以減輕收入阻力。

CapEx for the year is expected to be approximately $400 million compared to $434 million in fiscal 2020, subject to foreign currency fluctuations. We will be monitoring this number very closely throughout the year and will take necessary actions to reduce this amount as needed.

受外匯波動影響，今年的資本支出預計約為 4 億美元，而 2020 財年為 4.34 億美元。我們將全年密切監測這一數字，並將根據需要採取必要行動減少這一數字。

And as a reminder, we have a strong balance sheet with over $1.5 billion of cash and access to a $750 million revolving credit facility. The COVID-19 crisis has presented challenges across all of our businesses, and we are very pleased with the actions that our businesses have taken to ensure they are well positioned to withstand the ongoing volatility as we move through the next 12 months.

提醒一下，我們擁有強大的資產負債表，擁有超過 15 億美元的現金，並可獲得 7.5 億美元的循環信貸額度。 COVID-19 危機為我們所有業務帶來了挑戰，我們對我們的業務所採取的行動感到非常滿意，這些行動確保它們能夠在未來 12 個月內抵禦持續的波動。

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) We'll take our first question from Kane Hannan with Goldman Sachs.

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

Robert, Susan, just 2 for me on the cost program for Foxtel. So just around those $100 million in savings you're talking to next year. Does that have all of the sports rights savings that you think you can get across the various codes in that number? And are they all confirmed? And then how should we be thinking about the cost of Binge and the launch of some of your OTT platforms into '21?

羅伯特、蘇珊，Foxtel 成本計畫中只有我 2 個。因此，明年您所說的節省金額約為 1 億美元。您認為可以透過該數字中的各種代碼獲得所有體育賽事轉播權節省嗎？他們都得到證實了嗎？那麼我們應該如何考慮 Binge 的成本以及在 21 世紀推出一些 OTT 平台？

And then secondly, just around the simplification agenda. Should we be thinking that's roughly on hold through this crisis? Or how do we think about the next steps from here and things like the Foxtel IPO that you've spoken about previously?

其次，圍繞簡化議程。我們是否應該認為在這場危機中這一切都被擱置了？或者我們如何考慮接下來的步驟以及您之前談到的 Foxtel IPO 等事情？

It's Robert here. I'll take the simplification question first. Simplification is a continuing process, and it must be. As you can see, we've appointed a global Head of Digital Real Estate, Tracey Fellows, formerly the Head of REA, and that's given us a much more focused international approach and intensified the dialogue and sharing between REALTOR and REA.

這是羅伯特。我先回答簡化問題。簡化是一個持續的過程，而且必須如此。正如您所看到的，我們任命了數位房地產全球負責人 Tracey Fellows（前 REA 負責人），這為我們提供了更集中的國際方法，並加強了房地產經紀人和 REA 之間的對話和共享。

And as you can see, we are constantly reviewing our portfolio. We sold Amplify, the digital education business. We sold our local papers in the U.S. well ahead of the present downturn. We sorted out and simplified the ownership of Foxtel. We sold News America Marketing. We sold Unruly. We've closed the print editions of most regional community papers in Australia, and these will actually not be the last changes that we make.

正如您所看到的，我們不斷審查我們的產品組合。我們出售了數位教育業務 Amplify。我們在當前的經濟低迷之前就出售了美國當地的報紙。我們整理並簡化了 Foxtel 的所有權。我們出售《美國新聞報》行銷部。我們賣了不守規矩的。我們已經關閉了澳洲大多數地區社區報紙的印刷版，這實際上不會是我們所做的最後一次改變。

And Kane, just in relation to the cost program. So the $100 million net number, yes, it does include -- it's net of the sports cost increase, so that's approximately $55 million. And so we have factored the savings into that number. And when we think about the OTT cost, in relation to Binge and Kayo, again, that number is net of any investment that we would expect to see within those products. I'm largely, clearly it would be marketing because we scale given we've got the content.

凱恩，只是與成本計劃有關。所以，1 億美元的淨值，是的，它確實包括——它扣除了體育費用的增加，所以大約是 5500 萬美元。因此，我們已將節省的費用計入該數字。當我們考慮與 Binge 和 Kayo 相關的 OTT 成本時，這個數字再次扣除了我們期望在這些產品中看到的任何投資。很明顯，我很大程度上認為這將是行銷，因為我們已經擁有了內容，因此我們可以進行擴展。

But just to complement Susan's comment. We are indeed pleased with: one, how quickly the subscription growth has picked up at Kayo after the COVID interruption. And secondly, the early numbers for Binge, the entertainment streaming service are particularly encouraging.

但這只是為了補充蘇珊的評論。我們確實對以下方面感到滿意：第一，在新冠疫情中斷後，Kayo 的訂閱成長速度有多快。其次，娛樂串流服務 Binge 的早期數據尤其令人鼓舞。

We'll take our next question from Entcho Raykovski with Crédit Suisse.

我們將回答瑞士信貸銀行的 Entcho Raykovski 提出的下一個問題。

I've got a couple of as well. The first one is just around the $40 million to $55 million negative COVID impact, which you flagged for the quarter. I just wanted to clarify, does this take into account some of the positive benefits of lower sports rights costs that you've seen over the course of the quarter? So it's basically a net number. Or it's perhaps a large number, and we need to take those benefits separately into account. Just interested to what extent you can recoup in the future years.

我也有幾個。第一個是大約 4000 萬至 5500 萬美元的新冠肺炎負面影響，您在本季度標記了這一影響。我只是想澄清一下，這是否考慮到了您在本季度看到的降低體育版權成本的一些積極好處？所以它基本上是一個淨值。或者它可能是一個很大的數字，我們需要單獨考慮這些好處。只是感興趣您在未來幾年可以恢復多少。

And then just secondly, advertising trends over the course of the quarter seem to get slightly worse at Dow Jones. I mean, obviously, very strong performance in the segment as a whole. But if I look at advertising, I think it was tracking at 20% down in April and then down 28% for the quarter, whereas the market improved. So just interested in whether there was anything specific, which might be driving that.

其次，道瓊本季的廣告趨勢似乎略有惡化。我的意思是，顯然，整個細分市場的表現非常強勁。但如果我看一下廣告，我認為 4 月廣告下降了 20%，然後本季下降了 28%，而市場卻有所改善。所以只是想知道是否有任何具體的因素可能會推動這一點。

So just in relation to the first question. So the impact in relation to COVID is net of all the potential costs and revenue impacts that we could see across the business. So yes, it does include the impact from Foxtel.

關於第一個問題。因此，與新冠疫情相關的影響並未扣除我們在整個企業中可能看到的所有潛在成本和收入影響。所以，是的，它確實包括 Foxtel 的影響。

In relation to going forward, clearly, we'll have a double up of costs for a period of 2 months in the next financial year in relation to Foxtel for those sport rates, as I've outlined. But the overarching and underlying cost base will decrease, notwithstanding that. And we expect to see within sports rights as well as right across the organization. So it's in relation to the first question.

就未來而言，顯然，正如我所概述的那樣，我們將在下一個財政年度的兩個月內將 Foxtel 的體育費率費用加倍。但儘管如此，整體和潛在的成本基礎仍將下降。我們希望在體育權利內部以及整個組織內看到這種權利。所以這與第一個問題有關。

And maybe if you could just repeat the second question. It's quite lengthy.

也許你可以重複第二個問題。這是相當長的。

Yes, sorry. So the second question, money collection loss in April, at the last set of results, you mentioned that revenue was down -- or ad revenue was down 20% in ad fills from Dow Jones. It seems to have gotten a little bit worse, down 28% for the quarter. So it looks like the trends have deteriorated. And if I look at the underlying market, that seems to have actually gotten better. So just wondering whether there is anything specific within Dow Jones which might be driving that.

是的，抱歉。所以第二個問題，四月份的收款損失，在最後一組結果中，您提到收入下降了——或者道瓊斯廣告填充中的廣告收入下降了 20%。情況似乎變得更糟了，本季下降了 28%。所以看起來趨勢已經惡化。如果我看看基礎市場，情況似乎實際上已經變得更好了。因此，我想知道道瓊斯內部是否有任何具體因素可能推動這一趨勢。

Entcho, what you saw in particular was the onset of the COVID crisis in May. So May was a tough month, June was better and July better again. And so we are, in particular, seeing strong digital advertising. Clearly, as in many countries around the world, print is affected. But generally speaking, the trend has been positive since May.

Entcho，您特別看到的是五月新冠危機的爆發。所以五月是個艱難的一個月，六月更好，七月又更好。因此，我們尤其看到了強大的數位廣告。顯然，與世界上許多國家一樣，印刷品也受到了影響。但整體而言，5月以來趨勢向好。

Our next question comes from Alexia Quadrani with JPMorgan.

我們的下一個問題來自摩根大通的 Alexia Quadrani。

My question actually following up on your comments on digital advertising trends at Dow Jones. It has remarkably outperformed some of your peers. And I'm curious, is it the vertical SKU? Or if there's any color you can give on why you think you're relatively doing quite well on the digital advertising front. And then just sort of staying on Dow Jones. Would love to hear more if you can tell us about the strong digital subscriber growth we're seeing at The Wall Street Journal, how much it you think is driven by the elevated news cycle and sort of what promotional strategies you might have in place.

我的問題實際上是繼您對道瓊斯數位廣告趨勢的評論之後提出的。它的表現明顯優於一些同行。我很好奇，這是垂直SKU嗎？或者，如果您可以給出任何顏色，說明為什麼您認為自己在數位廣告方面相對做得相當不錯。然後就留在道瓊指數上。如果您能告訴我們《華爾街日報》數位訂閱用戶的強勁成長，您認為這在多大程度上是由新聞週期加快所推動的，以及您可能採取的促銷策略，我們很樂意聽到更多資訊。

Alexia, I think it's fair to say that Dow Jones is a unique media property. It's clearly got both a consumer business and a professional business, and the 2 complement each other. And that helps us certainly with subscriptions, but also in terms of contracts with potential advertisers. So -- and in terms of a subscription funnel, we certainly have continuing faith in the growth potential for subscriptions at The Wall Street Journal. And as Susan mentioned, the trend in July has again been positive.

Alexia，我認為可以公平地說瓊斯是一個獨特的媒體財產。顯然它既有消費者業務又有專業業務，而且兩者相輔相成。這當然有助於我們訂閱，也有助於我們與潛在廣告商簽訂合約。因此，就訂閱管道而言，我們當然對《華爾街日報》的訂閱成長潛力抱持著持續的信心。正如蘇珊所提到的，七月份的趨勢再次向好。

And also the Barron's Group where subs rose 49% in Q4 compared to a year earlier. And what we have in Dow Jones is a continuing funnel of potential clients coming in through MarketWatch, which as you know, the free financial news site. At MarketWatch in Q4, traffic rose 143%. So a MarketWatch user can easily graduate to be a Wall Street Journal subscriber, who can become a Barron's subscriber, who can become a subscriber to our high-end financial information intelligence in the professional information division. And it's really a unique opportunity in that we have a digital daisy chain, and each product in the chain is higher yielding.

巴倫周刊 (Barron's Group) 的訂閱人數在第四季比去年同期成長了 49%。我們在道瓊擁有的是透過 MarketWatch（如您所知，免費的金融新聞網站）進入的潛在客戶的持續漏斗。 MarketWatch 在第四季的流量成長了 143%。因此，MarketWatch 用戶可以輕鬆升級為《華爾街日報》訂閱者、《巴倫周刊》訂閱者、我們專業資訊部門高端金融資訊情報的訂閱者。這確實是一個獨特的機會，因為我們擁有數位菊花鏈，而且鏈中的每種產品的產量都更高。

And just in relation to the actual advertising question on what was driving the digital growth. So we actually did see much stronger-than-expected performance in programmatic, largely as a consequence of increased volume, and we had higher display CPMs. And just in relation to, I guess, our competitors, we're less exposed to luxury entertainment. So we have more dependency on tech, finance, B2C, B2B, and that's been driving the performance.

就與推動數位成長的實質廣告問題有關。因此，我們實際上確實看到程式化的表現比預期強得多，這主要是由於數量增加，而且我們的展示廣告每千次曝光費用更高。我想，與我們的競爭對手相比，我們接觸奢侈娛樂的機會較少。因此，我們更加依賴科技、金融、B2C、B2B，這推動了業績的成長。

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

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

My first question, you mentioned -- Susan, you guys took 112-year mastheads at the smaller papers down in Australia, either shut them down or transitioned them to digital. I was just wondering, what percent of revenues did that represent down there in the Australian newspapers? The first question. About 5% to 10%?

我的第一個問題，你提到 - 蘇珊，你們把澳洲小報紙 112 年的報頭拿走了，要么關閉它們，要么將它們轉變為數位化。我只是想知道，這佔澳洲報紙收入的百分之多少？第一個問題。大約5%到10%？

So in relation to Q4, it was about $20 million, impact in Q4, given we closed them down sort of midway through the quarter. We don't disclose, obviously, the full number of revenue for that, but $20 million should give you a guide.

因此，考慮到我們在本季度中期關閉了它們，第四季度的影響約為 2000 萬美元。顯然，我們不會透露其全部收入，但 2000 萬美元應該可以為您提供指導。

You closed in mid-4Q, okay. And my other question or maybe request. I was very happy to see you guys are breaking out the Dow Jones numbers, the revenues and obviously, the EBITDA here, the detail, obviously, for the fourth quarter and maybe for this year, a year ago, fourth quarter, to the full year as well. I was wondering, would it be possible -- would you seriously consider doing it for all 3 quarters so we would have it for all 8 quarters? And I could sort of estimate it, but it would very helpful if you're going this far to take one more step here, the last 5%, just put it together for the other 3 quarters and they put out an 8-K or something. Is that fair to ask you?

你們在第四季中旬就關門了，好吧。還有我的其他問題或請求。我很高興看到你們正在公佈道瓊斯數據、收入，顯然還有 EBITDA，詳細信息，顯然是第四季度，也許是今年、一年前、第四季度的全部數據。年也。我想知道，您是否會認真考慮在所有 3 個季度都這樣做，以便我們在所有 8 個季度都這樣做？我可以大概估計一下，但如果你走到這一步，在這裡再邁出一步，最後 5%，只需將其他 3 個季度的數據放在一起，他們會給出 8-K 或某物。這樣問你公平嗎？

Craig, I think we're going to have an Investor Day in September, which Robert mentioned. And so we'll certainly be able to do that at the Investor Day for you.

克雷格，我想我們將在九月舉辦投資者日，羅伯特提到過。因此，我們一定能夠在投資者日為您做到這一點。

Fraser McLeish from MST Marquee has our next question.

MST Marquee 的 Fraser McLeish 有我們的下一個問題。

Great. Just a very basic one for you just for Susan, if that's okay. Just on the Binge subscriber numbers, Susan, I would imagine numbers at Telstra is quite important for driving those. Are you just able to confirm whether anything with Telstra is going into paid subscriber or as a nonpaid subscriber in those August Q4 numbers you've disclosed?

偉大的。如果可以的話，這只是給你和蘇珊的一個非常基本的。蘇珊，就 Binge 用戶數量而言，我想 Telstra 的數量對於推動這些用戶來說非常重要。您能否確認在您揭露的 8 月第四季數據中，Telstra 的任何產品是否將進入付費用戶或非付費用戶？

If Telstra are providing the sales channel, yes, we do include those numbers within the Binge numbers, yes. So yes, I can confirm that.

如果 Telstra 提供銷售管道，是的，我們確實將這些數字包含在 Binge 數字中，是的。所以是的，我可以確認這一點。

Would that come as a paying -- into what you're calling a paying subscriber?

這會成為你所說的付費訂戶嗎？

Correct. Correct.

正確的。正確的。

Our question comes from Alan Gould from Loop Capital.

我們的問題來自 Loop Capital 的艾倫·古爾德。

Robert, I noticed that The New York Times dropped Apple News. I was wondering if you can help us frame of how we should think about how big the opportunity could be of getting paid premium payments for premium content?

羅伯特，我注意到《紐約時報》放棄了蘋果新聞。我想知道您是否可以幫助我們思考如何為優質內容獲得付費的機會有多大？

Yes. It's a really good question. For us, it's been a beneficial experience. And if you look at the Wall Street Journal, it's really 2 papers in one, both a general news service and business-specific news service. In that sense, there are a lot of potential readers and potential subscribers out there who don't understand the quality of the general news coverage, the politics, the economics, the arts, the lifestyle, the weekend section, the magazine. I'm sure you're a regular reader. You understand what I'm talking about. And so that Apple News partnership allows us to focus on that tier of content and bring in a significantly new audience that we would hope to graduate to a paid WSJ subscription over time. And it is a genuinely different audience. It's actually, of late, more women than men. For the Wall Street Journal itself, it's more men than women. It's a younger demographic. And it is obviously a source of potential subscribers for us.

是的。這是一個非常好的問題。對我們來說，這是一次有益的經驗。如果你看《華爾街日報》，它其實是兩本報紙合而為一，既是一般新聞服務，也是特定商業新聞服務。從這個意義上說，有很多潛在的讀者和潛在的訂戶不了解一般新聞報道、政治、經濟、藝術、生活方式、週末版塊和雜誌的品質。我確信您是一名普通讀者。你明白我在說什麼。因此，與 Apple News 的合作使我們能夠專注於此層內容，並吸引大量的新受眾，我們希望隨著時間的推移，這些受眾將逐漸轉向付費訂閱《華爾街日報》。這是一群真正不同的觀眾。事實上，最近女性多於男性。對《華爾街日報》本身來說，男性多於女性。這是一個年輕的人口群。這顯然是我們潛在訂閱者的來源。

Yes. If I can just follow up. When we think of just broader than just Apple, when we look at the whole digital universe and getting paid premium -- getting paid for your premium content, how should we frame that? How should we be thinking about what the potential is there?

是的。如果我能跟進的話。當我們考慮的不僅僅是蘋果以外，當我們放眼整個數位世界並獲得優質報酬時——透過優質內容獲得報酬時，我們應該如何建構它？我們該如何思考其中的潛能？

Well, one way of framing it would be to think of it as the contemporary equivalent of carriage fees or retrans for all broadcasters. Because there's no doubt that these deals will add up. What's public is the deal we have with Facebook, the deal we have with Apple. And of course, this is paying for content. And much of that money drops to the bottom line. And it's also fair to say that negotiations are going on with other companies and other regions. I can't go into detail at the moment because we're in the midst of them. But when you combine these deals, they are having a significant impact on our revenue and on our profitability. And it's frankly true for all media companies. So if any executives of other media companies would like to send News Corp a commission check, we'd be happy to receive it. That, too, may be a source of revenue.

好吧，一種構建方式是將其視為當代所有廣播公司的傳輸費或轉播費。因為毫無疑問這些交易會增加。公開的是我們與 Facebook 的交易、我們與 Apple 的交易。當然，這是為內容付費。其中大部分資金都下降到了底線。公平地說，我們正在與其他公司和其他地區進行談判。我現在無法透露細節，因為我們正處於其中。但當你把這些交易結合起來時，它們會對我們的收入和獲利能力產生重大影響。坦白說，對於所有媒體公司來說都是如此。因此，如果其他媒體公司的任何高層願意向新聞集團發送佣金支票，我們將很樂意收到。這也可能是收入來源。

Our next question comes from Brian Han from Morningstar.

我們的下一個問題來自晨星公司的 Brian Han。

Just a quick question. The newspapers in the News Media division, did they fall into losses this June quarter because of the virus? Or were they loss-making even before then?

只是一個簡單的問題。新聞媒體部門的報紙，今年六月季度是否因為病毒而陷入虧損？或者說他們在此之前就已經虧損了？

No, it was because of the COVID impact for the quarter. Clearly, a very disruptive quarter for that segment.

不，這是因為本季新冠疫情的影響。顯然，對於該細分市場來說，這是一個極具顛覆性的季度。

And also, Brian, don't forget, you've got the NAM numbers taken out. So it's not a like-for-like comparison. What I would say is that, essentially, the breaking out of Dow Jones is doing 2 things. It is providing more scrutiny generally for each of those segments, Dow Jones and News media. And scrutiny has to be a good thing. Because we are very confident that our news media executives will continue the transition to digital, which they are certainly on the pathway to doing. And sorts of deals that we've been discussing today are of themselves helpful. And then Dow Jones, Dow Jones is a uniquely undervalued property in what I would argue is a uniquely undervalued News Corp.

另外，布萊恩，別忘了，你已經把 NAM 號碼拿掉了。所以這不是同類比較。我想說的是，道瓊指數的突破本質上有兩件事。它對道瓊斯和新聞媒體等每個細分市場進行了更嚴格的審查。審查一定是件好事。因為我們非常有信心我們的新聞媒體高層將繼續向數位轉型，他們肯定正在這樣做。我們今天討論的各種交易本身都是有幫助的。然後是道瓊斯，道瓊斯是一個被獨特低估的資產，我認為這是一個被獨特低估的新聞集團。

I think maybe just to add just some further context. So if you look even at the year-on-year decline, which we're talking about, the sort of the $95 million movement, probably 75% of that comes from NAM and the closure of the regional communities or the suspension of the mastheads down there. So actually a really big bulk of that number. Does come from that. And then clearly, you've got the impact of advertising and print circulation on that, which we will expect to pick up as we move through the coming year.

我想也許只是添加一些進一步的背景。因此，如果你看看我們正在談論的同比下降，即 9500 萬美元的變動，其中的 75% 可能來自 NAM 以及地區社區的關閉或報頭的暫停在下面。所以實際上這個數字中很大一部分。確實來自於此。顯然，廣告和印刷品發行量對此產生了影響，我們預計隨著來年的發展，這種影響將會增強。

Our final question will come from Andrew Levy from Macquarie.

我們的最後一個問題將來自麥格理的安德魯·利維。

If I could sneak in 3. The first one is, Robert, I'd just be interested in your thoughts on the digital platforms review in Australia, and particularly on the structure of the News Media bargaining code, if that's a structure that News is supportive of and works for you guys in its current form. The second was also you made a reference to licensing news media content globally. Is that a discussion around extracting dollars from the digital platforms? Or is there a broader sort of mandate or avenues that you think you can license from the news media content. Any thoughts would be helpful on that one. And the third one, Susan, just sorry to come back to it, but just on the COVID impacts on the quarter, if I wrote it down correctly, you're saying $330 million revenues and $40 million to $50 million of EBITDA. And obviously, a large chunk of the cost impacts of COVID are the sporting rights. So I was wondering if you could give us some color on what else is in the cost offsets for the period and how we should think about outside of sports, which you've obviously discussed, what's sustainable? Or what sort of bounces back into the cost base in '21?

如果我可以偷偷插一句的話 3. 第一個是，羅伯特，我只是想知道你對澳大利亞數位平台審查的想法，特別是對新聞媒體討價還價代碼的結構的看法，如果新聞媒體是這樣的結構的話以目前的形式支持你們並為你們服務。第二個是您也提到了全球新聞媒體內容的許可。這是關於從數位平台提取資金的討論嗎？或者您認為可以從新聞媒體內容中獲得更廣泛的授權或途徑。任何想法都會對此有所幫助。第三個，蘇珊，很抱歉回到這個問題，但就新冠疫情對本季的影響而言，如果我寫得正確的話，你說的是3.3 億美元的收入和4000 萬到5000 萬美元的EBITDA 。顯然，新冠疫情造成的成本影響很大一部分是體育權利。所以我想知道你是否可以告訴我們這段時期的成本抵銷還有哪些內容，以及我們應該如何考慮體育以外的事情，你顯然已經討論過，什麼是可持續的？或者說 21 年成本基礎會以什麼樣的方式反彈？

I'll talk about the Australian regulations or the draft mandatory code of conduct, which is particularly important. It's important in 2 ways. One, for what it defines in terms of remedies and in particular, for what it defines in terms as an industry. But it's also part of a global discussion, whether it be the consideration in Brussels, the hearings here last week in Congress with the big 4 digital heads giving testimony, and in London. And so what you're seeing, and this is crucial, is the increase in content consciousness among regulators around the world. These are no longer mystifying issues. The issues have been clearly defined. And you saw that in Congress last week. And you see that in the ACCC Report, the original digital report, and now the draft mandatory code of conduct, which I think is quite a moment of itself, a real Internet inflection point.

我講一下澳洲的法規或強制性行為準則草案，這點特別重要。它在兩個方面很重要。一是它對補救措施的定義，特別是它對產業的定義。但這也是全球討論的一部分，無論是布魯塞爾的考慮、上週在國會舉行的四大數位巨頭作證的聽證會，還是在倫敦。因此，您所看到的，這一點至關重要，是世界各地監管機構內容意識的增強。這些都不再是神秘的問題。問題已經明確界定。你上週在國會看到了這一點。你可以在 ACCC 報告中看到，最初的數位報告，現在的強制性行為準則草案，我認為這本身就是一個重要時刻，一個真正的網路轉折點。

And this -- essentially, we are talking about carriage fees or retrans payments for premium journalism. And there are obviously more deals to come. Now some of those deals will be outside Australia. But I suspect, in some ways, influenced by Australian regulatory thinking. But I can assure you that not only regulators but media companies around the world and the digital platforms are watching Australia closely. Now we've obviously been fighting this fight for well over a decade. And the News Corp Board has supported the quest because it was absolutely crucial to the future of journalism. Newspapers delivered in whatever format are vital to a well-informed society. And what's obvious is the collective understanding of issues is past the point of no return, the point of no action, shall we say. But there are obviously regulatory changes to come in Australia. And the commercial landscape is not yet fully formed, but it will be a landscape far more hospitable to journalism and to News Media and to News Corp.

從本質上講，我們談論的是優質新聞的運輸費或轉口費。顯然還有更多交易即將到來。現在，其中一些交易將在澳洲境外進行。但我懷疑，在某些方面受到澳洲監管思維的影響。但我可以向你們保證，不僅是監管機構，世界各地的媒體公司和數位平台都在密切關注澳洲。現在，我們顯然已經為這場鬥爭奮鬥了十多年。新聞集團董事會支持這項探索，因為這對新聞業的未來絕對至關重要。無論以何種形式提供的報紙對於資訊靈通的社會都至關重要。顯而易見的是，對問題的集體理解已經到了無法回頭、不採取行動的地步，容我們說。但澳洲顯然將出現監管變化。商業景觀尚未完全形成，但它將是一個更適合新聞業、新聞媒體和新聞集團的景觀。

Now as for your a question about the licensing of content. Clearly, we're always looking for opportunities to monetize our content. But in a digital context, we have a unique comparative advantage with global properties, which often write about similar subjects. So not only in licensing in a traditional subscription sense, but think a little bit about the segmentation of digital products, products around sport, products around lifestyle, around food, around puzzles even. So it's a real opportunity for us to divide up our content in a different way, monetize that content and provide compelling digital opportunities for potential subscribers at different price points for different content sets.

現在關於內容許可的問題。顯然，我們一直在尋找透過內容獲利的機會。但在數位環境中，我們與全球資產擁有獨特的比較優勢，這些資產經常撰寫類似的主題。因此，不僅在傳統訂閱意義上的許可方面，而且要考慮一下數位產品的細分，圍繞運動的產品，圍繞生活方式的產品，圍繞食物，甚至圍繞謎題。因此，這對我們來說是一個真正的機會，可以以不同的方式劃分我們的內容，將內容貨幣化，並以不同的價格點為不同的內容集為潛在訂閱者提供引人注目的數位機會。

I'll just jump in on the cost side. So if I have a look at the expenses for the quarter on an adjusted basis, they were down $273 million or 14%. So the bulk of that reduction between reported and adjusted was due to NAM and FX. The COVID impact we're predicting in about $270 million odd, $280 odd million in order to get you to that EBITDA impact. We were expecting costs to increase slightly for the quarter because we did have increased revenue at Dow Jones and HarperCollins and some of our businesses. And what I would say in relation to the COVID impact cost is, clearly, there's a lot that are related to volume, so particularly on our mastheads around the globe. And we would expect to see those scale obviously, as those businesses scale back up. But we have also reduced headcount by 7% across the business, excluding NAM and Unruly, and that's savings that we would certainly expect to continue into the next year. We've made significant cuts on marketing. We clearly will have a look at what we think is an appropriate level for marketing going forward, and it may never be back to the level that we had pre COVID. Likewise, with most companies, we've got a lot of cost cuts coming through on TNE and other discretionary spend, which again, when we think forward, we will review exactly what we think we need as a business in order to continue spending within that area. We've clearly got compensation cost reductions as well as a result of lower bonuses. And outside of the OpEx impact, we've got the cuts that came through in CapEx. I think I mentioned that we've cut that by third year-on-year. So clearly, as we move forward into next year, it's difficult to predict exactly that cost base is going to look like because it will all depend on the revenue trends. But we are confident that there's a significant amount of reoccurring costs that will go into next year from a cost reduction perspective. And we do actually believe that we can continue to take costs out, as we've mentioned.

我只想談談成本方面。因此，如果我看看調整後的本季費用，就會發現減少了 2.73 億美元，即 14%。因此，報告和調整後的減少大部分是由於 NAM 和 FX 造成的。我們預計新冠疫情的影響約為 2.7 億美元，為了讓您達到 EBITDA 影響，我們預計將產生約 2.80 億美元的影響。我們預計本季的成本會略有增加，因為道瓊斯和哈珀柯林斯以及我們的一些業務的收入確實有所增加。關於新冠疫​​情的影響成本，我想說的是，顯然，有很多因素與數量有關，尤其是在我們全球的報頭上。隨著這些業務規模的擴大，我們預計這些規模將會明顯擴大。但我們也將整個業務部門的員工人數減少了 7%（不包括 NAM 和 Unruly），我們預計這種節省將持續到明年。我們大幅削減了行銷費用。顯然，我們將研究我們認為未來行銷的適當水平，它可能永遠不會回到新冠疫情爆發前的水平。同樣，對於大多數公司來說，我們在 TNE 和其他可自由支配支出方面進行了大量成本削減，同樣，當我們展望未來時，我們將準確審查我們認為我們作為一家企業需要什麼，以便繼續在那個區域。我們顯然已經降低了薪資成本以及較低的獎金。除了營運支出的影響之外，我們還削減了資本支出。我想我提到過我們已經將這個數字比去年同期減少了第三次。很明顯，當我們進入明年時，很難準確預測成本基礎會是什麼樣子，因為這完全取決於收入趨勢。但我們相信，從降低成本的角度來看，明年將出現大量重複發生的成本。正如我們所提到的，我們確實相信我們可以繼續降低成本。

Thank you, Andrew. Thank you, Nicole, and thank you all for participating. We look forward to speaking with you soon. Have a great day. Take care.

謝謝你，安德魯。謝謝妮可，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。小心。

And once again, ladies and gentlemen, that concludes today's conference. We appreciate your participation today.

女士們、先生們，今天的會議到此結束。我們感謝您今天的參與。