News Corp (NWSA) 2023 Q1 法說會逐字稿

Welcome to News Corp's First Quarter Fiscal 2023 Earnings Conference Call. Today's conference is being recorded. (Operator Instructions)

歡迎參加新聞集團 2023 財年第一季度收益電話會議。今天的會議正在錄製中。 （操作員說明）

At this time, I would like to turn the conference over to Mike Florin, Senior Vice President and Head of Investor Relations. Please go ahead.

此時，我想將會議轉交給高級副總裁兼投資者關係主管 Mike Florin。請繼續。

Thank you very much, operator. Hello, everyone, and welcome to News Corp's Fiscal First Quarter 2023 Earnings Call. We issued our earnings press release about 30 minutes ago, and it's now posted on our website at newscorp.com.

非常感謝您，接線員。大家好，歡迎來到新聞集團 2023 年第一季度財報電話會議。大約 30 分鐘前，我們發布了收益新聞稿，現在發佈在我們的網站 newscorp.com 上。

On the call today are Robert Thomson, Chief Executive; and Susan Panuccio, Chief Financial Officer. We'll open with some prepared remarks, and then we'll be happy to take questions from the investment community.

今天的電話會議是首席執行官羅伯特湯姆森；和首席財務官 Susan Panuccio。我們將以一些準備好的評論開場，然後我們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戰略的某些前瞻性信息。實際結果可能與所說的大不相同。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不同的風險和不確定性，並包含有關前瞻性信息的警示性聲明。

Additionally, this call will include certain non-GAAP financial measurements such as total segment EBITDA, adjusted segment EBITDA and adjusted EPS. The definitions and GAAP to non-GAAP reconciliations of such measures can be found in our earnings release for the applicable periods posted on our website.

此外，本次電話會議將包括某些非公認會計準則財務指標，例如總分部 EBITDA、調整後分部 EBITDA 和調整後每股收益。此類措施的定義和 GAAP 與非 GAAP 對賬可以在我們網站上發布的適用期間的收益發布中找到。

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

有了這個，我將把它交給羅伯特湯姆森，以獲得一些開場評論。

Thank you, Mike. While the macro environment is patently more volatile, we believe the resilient foundations of the reincarnated News Corp give us a platform for sustained growth and increased profitability. That clearly is evident in our revenue performance this quarter. While revenues were down 1% to $2.5 billion, that decline was obviously a consequence of foreign currency fluctuations. On an adjusted basis, our revenues grew a healthy 3%, building on the robust results from last year. Profitability for the quarter was $350 million, down 15%. Although that reflects the ForEx headwinds and a reset by Amazon of its book inventory levels and warehouse footprint.

謝謝你，邁克。雖然宏觀環境顯然更加動盪，但我們相信重生的新聞集團的彈性基礎為我們提供了持續增長和提高盈利能力的平台。這在我們本季度的收入表現中顯而易見。雖然收入下降 1% 至 25 億美元，但這種下降顯然是外匯波動的結果。在調整後的基礎上，我們的收入在去年強勁的業績基礎上增長了 3%。本季度的盈利能力為 3.5 億美元，下降 15%。儘管這反映了外匯逆風和亞馬遜對其書籍庫存水平和倉庫足蹟的重置。

We view neither factors reflective of core business conditions or of our long-term potential. Our results follow 2 successive years of record profits at News Corp. It is important to keep that unprecedented success in mind, especially as we encounter what we expect to be a femoral challenges. Our company has changed the digital terms of trade, and we expect the current situation to be transitory. We see positive prospects across all our segments and our mix of revenues and geographies is obviously advantageous in a complicated perplexing world.

我們認為這些因素既不能反映核心業務狀況，也不能反映我們的長期潛力。我們的業績是在新聞集團連續兩年創紀錄的利潤之後得出的。重要的是要牢記這一前所未有的成功，尤其是當我們遇到我們預期的股骨挑戰時。我們公司已經改變了數字貿易條款，我們預計目前的情況是暫時的。我們在所有細分市場都看到了積極的前景，而且我們的收入和地域組合在一個錯綜複雜的世界中顯然是有利的。

Turning first to Dow Jones. Q1 was the best first quarter on record since acquisition for revenue, profitability and margin, affirming the wisdom of our acquisition of Opus and CMA, which have bolstered the Dow Jones professional information business. Revenues grew a resounding 16% and advertising was up 4%, which compares rather favorably to a number of competitors. In particular, digital advertising at Dow Jones rose 11%, a noteworthy achievement in this complex environment.

首先轉向道瓊斯。第一季度是自收購以來收入、盈利能力和利潤率最好的第一季度，肯定了我們收購 Opus 和 CMA 的智慧，這增強了道瓊斯專業信息業務。收入增長了 16%，廣告增長了 4%，與許多競爭對手相比相當有利。尤其是道瓊斯的數字廣告增長了 11%，在這種複雜的環境中取得了令人矚目的成就。

In fact, Q1 represents the ninth consecutive quarter of year-over-year digital ad growth at Dow Jones. In the past year, Dow Jones added 473,000 digital-only subscriptions. And as of the end of Q1, 83% of subscriptions at Dow Jones were digital only. At Wall Street Journal, despite the tough market, paid digital subscriptions increased by over 350,000 year-over-year. During the quarter, Investor's Business Daily launched a paid newsletter Market TM to attract younger investors and commissioned an options information app that will present new analytics for options trading, a complex but potentially lucrative sector.

事實上，第一季度是道瓊斯連續第九個季度實現數字廣告同比增長。在過去的一年裡，道瓊斯增加了 473,000 個純數字訂閱。截至第一季度末，道瓊斯 83% 的訂閱僅是數字訂閱。在華爾街日報，儘管市場艱難，但付費數字訂閱量同比增長超過 350,000。在本季度，《投資者商業日報》推出了付費通訊 Market TM 以吸引年輕投資者，並委託了一個期權信息應用程序，該應用程序將為期權交易提供新的分析，這是一個複雜但可能有利可圖的行業。

With its panoplia premium products, Dow Jones has renewed focus on bundling our premium content, including the Wall Street Journal, MarketWatch and Barron's. These valuable combinations have already exceeded 200,000 subscriptions, and we have begun to roll out a bundle featuring WSJ, Barron's and IBD. Revenues at the Professional Information business rose 40% year-over-year. We continue to clearly see the benefit of risking compliance in an environment of intensifying scrutiny by regulators who are insisting that companies to minimize risk and maximize compliance. The integration of Opus and CMA has been proceeding successfully, and they joined a burgeon in Dow Jones Data and Intelligence business, providing an impressive $52 million in combined revenues in Q1 and contributing materially to profitability this quarter.

憑藉其 panoplia 優質產品，道瓊斯重新專注於捆綁我們的優質內容，包括華爾街日報、MarketWatch 和 Barron's。這些有價值的組合已經超過 200,000 個訂閱，我們已經開始推出包含 WSJ、Barron's 和 IBD 的捆綁包。專業信息業務的收入同比增長 40%。我們繼續清楚地看到在監管機構加強審查的環境中冒險合規的好處，監管機構堅持要求公司將風險降至最低並最大限度地提高合規性。 Opus 和 CMA 的整合一直在成功進行，他們加入了道瓊斯數據和情報業務的蓬勃發展，在第一季度提供了令人印象深刻的 5200 萬美元的總收入，並為本季度的盈利能力做出了重大貢獻。

Opus and CMA continue to leverage their proprietary data and analytics with new offerings, including carbon industries and are assisting companies in making sense of dynamic market for capital. Overall, we are delighted with the tangible progress in our professional information business, which is providing an existing flow of high-yield, low churn digital plan.

Opus 和 CMA 繼續利用其專有數據和分析來提供新產品，包括碳行業，並幫助公司了解動態的資本市場。總體而言，我們對專業信息業務取得的切實進展感到高興，該業務提供了現有的高收益、低流失數字計劃流程。

At Digital Real Estate Services this quarter, we saw resiliency even though housing market conditions have patently become more volatile, especially in the U.S. REA Group achieved substantial revenue growth in constant currency on the back of higher prices, increased penetration of its new Premier Plus enhancement and strong listing value while maintaining its more than 3 forward-leading traffic over the competition.

在本季度的數字房地產服務公司，我們看到了彈性，儘管房地產市場狀況明顯變得更加不穩定，尤其是在美國。REA 集團在價格上漲的背景下實現了以固定貨幣計算的大幅收入增長，其新的 Premier Plus 增強功能的滲透率增加和強大的上市價值，同時在競爭中保持超過 3 的領先流量。

There was also a notable audience of revenue growth at REA, India, which further consolidated its position as the #1 property portal in that massive and growing market. At Move, Realtor.com, revenues were down 6%, reflecting relatively similar trends to the fourth quarter. Realtor's unique users have risen 21% since the first quarter of financial '20. Thanks to product enhancements and increased marketing. The position and equip the business to take full advantage of the inevitable upswing in the market, we are expanding our offerings in rentals and in developing sell-side expertise, which we expect will drive profits far into the future.

印度 REA 的收入增長也很明顯，這進一步鞏固了其在這個龐大且不斷增長的市場中作為排名第一的房地產門戶網站的地位。在 Move, Realtor.com，收入下降了 6%，反映出與第四季度相對相似的趨勢。自 20 財年第一季度以來，Realtor 的獨立用戶增加了 21%。由於產品增強和營銷增加。為了充分利用市場不可避免的上漲，我們的業務定位和裝備，我們正在擴大我們在租賃和開發賣方專業知識方面的產品，我們預計這將在未來推動利潤。

Realtor is also taking decisive steps to streamline and optimize the business while enhancing reinvestment capacity and capitalizing on long-term growth opportunities. Our focus on seller leads, which are the source of most revenue in the Australian market is building on our recently acquired UpNest. The UpNest experience has been integrated into key seller placements across the site, providing sellers the ability to get proposals from multiple agents and offering consumers significantly more choice.

房地產經紀人還採取果斷措施來精簡和優化業務，同時提高再投資能力並利用長期增長機會。我們對賣家線索的關注是澳大利亞市場大部分收入的來源，這建立在我們最近收購的 UpNest 之上。 UpNest 體驗已集成到整個網站的主要賣家展示位置，使賣家能夠從多個代理商處獲得建議，並為消費者提供更多選擇。

Meanwhile, even in a challenging housing environment with higher mortgage rates, tight inventory and inflation, home prices have remained elevated, and we note that active listings at Realtor improved by 29% in the quarter compared to the prior year period.

與此同時，即使在抵押貸款利率較高、庫存緊張和通貨膨脹的充滿挑戰的住房環境中，房價仍然保持高位，我們注意到，與去年同期相比，該季度房地產經紀人的活躍掛牌量增加了 29%。

Realtor remains focused on the long-term opportunities in what is an estimated $200 billion addressable market. As mentioned earlier, the Amazon reset affected many publishers in Q1, including HarperCollins. This reset relates to Amazon's decision to reduce inventory levels and shutter warehouses and accounted for almost the entirety of HarperCollins revenue contraction and the vast majority of its profit decline this quarter. Notably, consumer appetite, which expanded during the pandemic, continue to be robust and provides us with increasing confidence going forward. And we are absolutely focused on cost control with HarperCollins and the imperative to improve margins in these challenging conditions.

房地產經紀人仍然專注於估計價值 2000 億美元的潛在市場中的長期機會。如前所述，亞馬遜的重置影響了第一季度的許多出版商，包括哈珀柯林斯。此次重置與亞馬遜降低庫存水平和關閉倉庫的決定有關，幾乎是哈珀柯林斯收入收縮的全部原因，也是本季度利潤下降的主要原因。值得注意的是，在大流行期間擴大的消費者需求繼續強勁，為我們提供了越來越大的信心。我們絕對專注於 HarperCollins 的成本控制以及在這些充滿挑戰的條件下提高利潤率的必要性。

Key frontlist titles in the quarter included Portrait of an Unknown Woman by Daniel Silva, Live Wire by Kelly Ripa and Breaking History by Jared Kushner. We are prospering from our global ownership rights to the Lord of the Rings trilogy given the popularity of the Amazon series, and we are looking forward to the release of the stories we tell by Joanna Gaines and Collin Hoover's next work.

本季度的主要前列標題包括 Daniel Silva 的《無名女性肖像》、Kelly Ripa 的 Live Wire 和 Jared Kushner 的 Breaking History。鑑於亞馬遜系列的受歡迎程度，我們正在從我們對指環王三部曲的全球所有權中蓬勃發展，我們期待著喬安娜·蓋恩斯和科林·胡佛的下一部作品發布我們講述的故事。

Finally, we noted HarperCollins focused last month acquired (inaudible) publishers, an independent publisher of quality gift books. Cider Mill specialized in cooking, wine and spirits and humor books, and includes Apple source press at children's brand. Its deep backlist should provide an ongoing source of incremental revenue. Our subscription video services, Foxtel had another stronghold, streaming subscriber penetration to expand and costs have been thoughtfully on. Foxtel has recently renewed or signed valuable long-term sports rights and content agreements, including the AFL, WWE and NBC University.

最後，我們注意到 HarperCollins 上個月專注於收購（聽不清）出版商，這是一家優質禮品書的獨立出版商。 Cider Mill 專注於烹飪、葡萄酒和烈酒以及幽默書籍，包括兒童品牌的 Apple source press。其深厚的後備清單應提供持續的增量收入來源。我們的訂閱視頻服務 Foxtel 擁有另一個據點，流媒體訂閱者的滲透率有待擴大，成本也得到了深思熟慮。 Foxtel 最近續籤或簽署了有價值的長期體育權利和內容協議，包括 AFL、WWE 和 NBC 大學。

We have obvious optionality at Foxtel where the conversation is no longer about how much capital we plan to invest but the potential for capital return. Foxtel streaming services obtained 2.8 million paying subscribers as of the end of September, surging 34% versus the prior year and accounting to 63% of the total subscriber bank. Kayo and BINGE added nearly [0.75 million] subscribers in the past year alone, underscoring the potential of Foxtel in a still expanding Australian market.

在 Foxtel，我們有明顯的選擇餘地，談話不再是我們計劃投資多少資本，而是資本回報的潛力。截至 9 月底，Foxtel 流媒體服務獲得了 280 萬付費用戶，同比增長 34%，佔用戶總數的 63%。 Kayo 和 BINGE 僅在過去一年就增加了近 [75 萬] 用戶，突顯了 Foxtel 在仍在擴張的澳大利亞市場中的潛力。

Foxtel Group delivered record audiences for the recent AFL and Minera finals. Meanwhile, Motorsport, the Regal World Cup and T20 Worldcup cricket are bolstering subscriber loyalty as we hear streamline directors. The News Media segment experienced a revenue decline of 4%, but it rose a healthy 6% on an adjusted basis when taking into account ForEx fluctuations and others.

Foxtel Group 為最近的 AFL 和 Minera 決賽提供了創紀錄的觀眾人數。與此同時，賽車運動、富豪世界杯和 T20 世界杯板球正在提高用戶忠誠度，因為我們聽到了精簡董事的聲音。新聞媒體部門的收入下降了 4%，但考慮到外匯波動和其他因素，調整後的收入增長了 6%。

In constant currency, we saw a healthy growth in advertising, circulation and subscription revenue. Our News Corp Australia circulation revenues improved in constant currency and digital subscriptions exceeded the $1 million mark for the first time, up 13% year-over-year. News.com.au asserted its leadership in the free media environment with an audience of 13 million in the month of September. Meanwhile, in New York Post continued to improve profitability, thanks in part to a strong increase in digital advertising revenues.

以固定匯率計算，我們看到廣告、發行和訂閱收入健康增長。我們的新聞集團澳大利亞發行收入按固定匯率計算有所增長，數字訂閱量首次突破 100 萬美元大關，同比增長 13%。 News.com.au 在 9 月份擁有 1300 萬觀眾，彰顯了其在自由媒體環境中的領導地位。與此同時，《紐約郵報》的盈利能力繼續提高，部分歸功於數字廣告收入的強勁增長。

The Post digital network also flexed its muscles with a 24% increase in page views, reaching an average of 129 million per week in Q1 and 151 million average monthly in September. At News UK, the Suns digital advertising exceeded print for the fourth consecutive quarter and accelerated its growth. And we're delighted by the success of the Sun.com, which continued to increase its already sizable audience, particularly in the United States.

Post 數字網絡也展示了自己的實力，頁面瀏覽量增加了 24%，第一季度平均每周達到 1.29 億次，9 月份平均每月達到 1.51 億次。在英國新聞，太陽隊的數字廣告連續第四個季度超過印刷品並加速增長。我們對 Sun.com 的成功感到高興，它繼續增加其已經相當大的受眾，尤其是在美國。

At the time, Sunday Times also saw a 23% increase in digital paid subscriptions, reaching 468,000, marking its second best-ever quarter of digital growth. News broadcasting, the new name for the radio and television brands of News U.K. reported an increase in both reach and listening hours according to the latest (inaudible) report. Forksport reached 2.9 million listeners. We've tuned in for more than 18 million hours, up 10% quarter-on-quarter, and we expect the imminent World Cup to be a source of audiences and of advertiser.

當時，《星期日泰晤士報》的數字付費訂閱量也增長了 23%，達到 468,000，這是其有史以來第二個最好的數字增長季度。新聞廣播是英國新聞廣播和電視品牌的新名稱，根據最新（聽不清）報告，其覆蓋面和收聽時間均有所增加。 Forksport 達到了 290 萬聽眾。我們已經觀看了超過 1800 萬小時，環比增長 10%，我們預計即將到來的世界杯將成為觀眾和廣告商的來源。

News Corp is building on a base that has grown stronger, more global and more digital in recent years. We have seen record profitability in each of the last 2 fiscal years. By many key measures, our resounding progress has continued, digital advertising on the rise, streaming, surging and subscriptions storing.

新聞集團正在建立一個近年來變得更加強大、更加全球化和更加數字化的基礎。我們在過去 2 個財政年度的每一年都看到了創紀錄的盈利能力。從許多關鍵指標來看，我們的巨大進步仍在繼續，數字廣告在上升、流媒體、激增和訂閱存儲。

Despite the macroeconomic uncertainty, having streamlined and digitized our businesses and reached substantial agreements with the big tech platforms to compensate us for our premium journalism, we are better equipped to generate increasing value to our investments. And our strong cash position means that we have been able to return capital to shareholders and invest shortly in future growth while hornoring our proud problems.

儘管宏觀經濟存在不確定性，但我們已對我們的業務進行了精簡和數字化，並與大型科技平台達成了實質性協議，以補償我們的優質新聞，我們更有能力為我們的投資創造越來越多的價值。我們強大的現金狀況意味著我們能夠向股東返還資本並在短期內投資於未來的增長，同時解決我們引以為豪的問題。

One last point. As we announced last month, following the receipt of letters from Rupert Murdoch and the Murdoch family trust, the News Corp Board of Directors has formed a special committee of independent board members to begin exploring a potential combination with Fox Corporation. There can be no certainty that the company will engage in such a transaction. We do not enter comment further at this time. And for that reason, we will not be taking questions on this topic today.

最後一點。正如我們上個月宣布的那樣，在收到魯珀特默多克和默多克家族信託基金的信函後，新聞集團董事會已成立一個由獨立董事會成員組成的特別委員會，開始探索與福克斯公司的潛在合併。無法確定該公司是否會進行此類交易。我們目前不進一步發表評論。出於這個原因，我們今天不會就這個話題提出問題。

We are, of course, happy to answer your questions about the performance of and prospects for our business, particularly as it relates to the first quarter of this fiscal year. As always, we thank our investors for their faith and confidence in us. and all our employees, advertisers, readers and audiences for their valuable contributions and enduring support.

當然，我們很高興回答您關於我們業務的業績和前景的問題，尤其是與本財年第一季度有關的問題。一如既往，我們感謝投資者對我們的信任和信心。感謝我們所有的員工、廣告商、讀者和觀眾的寶貴貢獻和持久的支持。

Now I turn to Susan and expand on these results.

現在我轉向蘇珊並擴展這些結果。

Thank you, Robert. We have entered fiscal 2023 with a different macro environment, including volatility in foreign currency impacting our headline results from our Australian and U.K. businesses. Throughout fiscal 2022, we successfully navigated the company to be in a position of strength, guided by our ongoing cost transformation work, which we have balanced with investment and innovation to drive digital expansion.

謝謝你，羅伯特。我們進入了 2023 財年，宏觀環境有所不同，包括影響我們澳大利亞和英國業務總體業績的外匯波動。在整個 2022 財年，在我們正在進行的成本轉型工作的指導下，我們成功地使公司處於強勢地位，我們已經平衡了投資和創新以推動數字擴張。

The first quarter of fiscal 2023 presented some challenges, particularly at HarperCollins, but most of the businesses performed well in constant currency and suffice to say that News Corp remains well positioned given the strength of our asset mix, healthy balance sheet and the continued diversification of our revenue base. First quarter total revenues were approximately $2.5 billion, down 1%, which included a $153 million or 6% negative impact from foreign currency headwinds. Excluding the impact of foreign currency fluctuations, acquisitions and divestitures, first quarter adjusted revenues grew 3% compared to the prior year.

2023 財年第一季度帶來了一些挑戰，尤其是在 HarperCollins，但大多數業務按固定匯率計算都表現良好，足以說明，鑑於我們的資產組合實力、健康的資產負債表和持續的多元化，新聞集團仍然處於有利地位我們的收入基礎。第一季度總收入約為 25 億美元，下降 1%，其中包括來自外匯逆風的 1.53 億美元或 6% 的負面影響。剔除外匯波動、收購和資產剝離的影響，第一季度調整後收入同比增長 3%。

Total segment EBITDA was $350 million, down 15% compared to the prior year, which saw a record profit with 53% growth. That being said, total segment EBITDA this quarter was still up 31% over fiscal 2021, underscoring the material changes in recent years. Also noteworthy is that the majority of the profit line in this quarter was driven by lower sales from Amazon due to the reset of its inventory levels and the rightsizing of its warehouse footprint as well as foreign currency fluctuations neither of which we believe are reflective of underlying performance. Adjusted EBITDA declined 13% versus the prior year period.

分部 EBITDA 總額為 3.5 億美元，與去年同期相比下降 15%，利潤增長 53%，創歷史新高。話雖如此，本季度總分部 EBITDA 仍比 2021 財年增長 31%，突顯了近年來的重大變化。同樣值得注意的是，本季度的大部分利潤線是由於亞馬遜的庫存水平重置和倉庫規模的調整以及外匯波動導致的銷售額下降，我們認為這兩者都不能反映潛在的表現。調整後的 EBITDA 與去年同期相比下降了 13%。

For the quarter, we reported earnings per share of $0.07 compared to $0.33 in the prior year. Adjusted earnings per share were $0.12 in the quarter compared to $0.23 in the prior year.

本季度，我們報告的每股收益為 0.07 美元，而去年同期為 0.33 美元。本季度調整後每股收益為 0.12 美元，而去年同期為 0.23 美元。

Moving on to the results for the individual reporting segments, starting with Digital Real Estate Services. Segment revenues were $421 million, down 1% compared to the prior year. The results include a negative impact of $20 million or 5% from foreign currency fluctuations. On an adjusted basis, segment revenues increased 3%. Segment EBITDA declined 14% to $119 million impacted by higher employee costs and increased operating costs driven by strategic investment activities of both Move and REA together with negative impact related to currency headwinds. The increase in investment costs at Move was due to the expansion into adjacencies, including salaries, rentals and new homes as we focus on the longer-term opportunity.

繼續討論各個報告部分的結果，從數字房地產服務開始。分部收入為 4.21 億美元，比上年下降 1%。結果包括來自外匯波動的 2000 萬美元或 5% 的負面影響。經調整後，分部收入增長 3%。受 Move 和 REA 的戰略投資活動推動的員工成本增加和運營成本增加以及與貨幣逆風相關的負面影響的影響，部門 EBITDA 下降了 14% 至 1.19 億美元。 Move 投資成本的增加是由於我們專注於長期機會，因此向鄰近地區擴張，包括工資、租金和新房。

Adjusted segment EBITDA declined 7%. Move revenues were $169 million, down 6%, following 30% growth in the prior year period. For the quarter, real estate revenues fell 9% driven by lower lead and transaction volumes, reflective of the broader industry trends. Consumer affordability constraints impacted uniquely volumes, which declined 32% in the quarter, although that was a slight improvement from the fourth quarter rate.

調整後的部門 EBITDA 下降了 7%。在去年同期增長 30% 之後，移動收入為 1.69 億美元，下降 6%。本季度，由於鉛和交易量下降，房地產收入下降了 9%，這反映了更廣泛的行業趨勢。消費者負擔能力的限制對銷量產生了獨特的影響，該季度銷量下降了 32%，儘管與第四季度相比略有改善。

Both trends were partially offset by price optimization within the traditional lead gen business, higher sell-through of our hybrid offering, market VIP, home price appreciation and continued advertising gains. We also had revenue growth from our adjacencies, including the acquisition of UpNest, albeit these revenue streams are still in the early stages of development.

這兩種趨勢都被傳統潛在客戶業務中的價格優化、我們的混合產品更高的銷售量、市場 VIP、房價升值和持續的廣告收益所部分抵消。我們的鄰近地區也有收入增長，包括收購 UpNest，儘管這些收入流仍處於發展的早期階段。

Referral offerings accounted for approximately 30% of total revenues, down from 32% last year, impacted by lower transaction volumes, partially offset by higher home prices. Based on our internal metrics, Foxtel's average monthly unique users were 86 million in the first quarter. REA had another strong quarter, with revenues rising 2% year-on-year on a reported basis to $252 million, which included a $20 million or 9% negative impact from foreign exchange.

推薦產品約佔總收入的 30%，低於去年的 32%，受交易量下降的影響，部分被房價上漲所抵消。根據我們的內部指標，第一季度 Foxtel 的月均獨立用戶為 8600 萬。 REA 又一個強勁的季度，據報告收入同比增長 2% 至 2.52 億美元，其中包括 2000 萬美元或 9% 的外匯負面影響。

Growth was driven by price increases, contribution from Premier Plus favorable debt penetration and growth in national listings, partially offset by a modest decline in financial services revenues due to lower settlement activity. Overall, new buy listings rose 5% with Sydney and Melbourne up 5% and 12%, respectively. Please refer to REA's earnings release and their conference call following this call for more details.

增長受到價格上漲、Premier Plus 有利的債務滲透和全國上市增長的推動，但部分被結算活動減少導致的金融服務收入小幅下降所抵消。總體而言，新買房源增長了 5%，其中悉尼和墨爾本分別增長了 5% 和 12%。有關更多詳細信息，請參閱 REA 的收益發布和電話會議後的電話會議。

Turning to the Subscription Video Services segment. Revenues for the quarter were $502 million, down approximately 2% compared to the prior year on a reported basis due to foreign currency headwinds. Importantly, on an adjusted basis, revenue grew 6% versus the prior year, accelerating from the prior quarter rate of 4% growth. Streaming revenues accounted for 25% of circulation and subscription revenues versus 19% in the prior year and again, more than offset broadcast revenue declines.

轉向訂閱視頻服務部分。由於外匯逆風，本季度的收入為 5.02 億美元，與去年同期相比下降了約 2%。重要的是，在調整後的基礎上，收入同比增長 6%，高於上一季度 4% 的增長率。流媒體收入佔發行和訂閱收入的 25%，而去年為 19%，這再次抵消了廣播收入的下降。

Total closing paid subscribers across Foxtel Group reached almost 4.5 million at quarter end, up 16% year-over-year with the growth rate improving 3 percentage points from the fourth quarter. Total subscribers, including trial has reached over 4.6 million. Total paid stream subscribers reached over 2.8 million, increasing 34% versus the prior year and adding 117,000 sequentially with streaming subscribers now representing 63% of Foxtel's total paid subscriber base.

Foxtel 集團的付費用戶總數在季度末達到近 450 萬，同比增長 16%，增長率比第四季度提高了 3 個百分點。包括試用在內的總訂戶已超過 460 萬。付費流媒體用戶總數超過 280 萬，比上年增長 34%，連續增加 117,000 名，流媒體用戶現在佔 Foxtel 總付費用戶群的 63%。

Kayo paying subscribers reached almost $1.3 million, up nearly 19% year-over-year, slightly down from the fourth quarter levels due to typical seasonal patterns at the end of the AFL and NRL seasons in September. BINGE paying subscribers grew a robust 67% year-over-year to over 1.3 million subscribers benefiting from the release of the House of the Dragon and the popularity of the Foxtel Origin series, The 12. Foxtel ended the quarter with over 1.4 million residential broadcast subscribers, down 10% year-over-year, similar to the fourth quarter rate.

由於 9 月 AFL 和 NRL 賽季結束時的典型季節性模式，Kayo 付費用戶達到近 130 萬美元，同比增長近 19%，略低於第四季度的水平。得益於《龍之屋》的上映和 Foxtel Origin 系列 The 12 的流行，BIGE 付費用戶同比增長 67%，達到 130 萬以上。 Foxtel 以超過 140 萬的住宅廣播結束本季度訂戶同比下降 10%，與第四季度相似。

Broadcast churn was 14.2% compared to 14% in the prior year, partly reflecting the acceleration of migrating subscribers of cable. Broadcast ARPU rose over 1% to approximately AUD 83. Segment EBITDA in the quarter of $111 million fell 3% versus the prior year, significantly impacted by currency, with adjusted segment EBITDA increasing 5%.

與去年的 14% 相比，廣播客戶流失率為 14.2%，部分反映了有線電視用戶遷移的加速。廣播 ARPU 增長超過 1%，達到約 83 澳元。該季度的分部 EBITDA 為 1.11 億美元，比上年下降 3%，受貨幣影響很大，調整後的分部 EBITDA 增長了 5%。

Moving on to Dow Jones. Dow Jones continued to post strong performance in the first quarter with revenues of $515 million, up 16% compared to the prior year, with digital revenues accounting 79% of total revenues this quarter, up 4 percentage points from last year. Results included a full quarter from both the Opus and Chemical market analytics acquisitions. On an adjusted basis, revenues rose approximately 6%.

繼續看道瓊斯。道瓊斯在第一季度繼續保持強勁表現，收入為 5.15 億美元，比去年同期增長 16%，數字收入佔本季度總收入的 79%，比去年增長 4 個百分點。結果包括來自 Opus 和 Chemical 市場分析收購的整個季度。經調整後，收入增長約 6%。

Circulation revenue grew 5%, driven by strong year-over-year volume gains with the Wall Street Journal digital-only subscriptions, up 13% to over $3.1 million and total Dow Jones digital-only subscriptions also up 13%. Professional information business revenues rose 40% and accounted for approximately 35% of segment revenues driven by the acquisitions of Opus and CMA. Revenues from the acquisitions are progressing in line with our expectations as the businesses benefited from strong demand across numerous industries, including metals, carbon, plastics, sustainability, biofuels and renewables, while yields continue to rise and retention remains strong. Risk and Compliance revenues grew 6%, although currency had a 10 percentage point negative impact on revenue growth given the business' higher exposure to Europe and APAC.

發行收入增長 5%，主要得益於《華爾街日報》數字版訂閱量同比強勁增長，增長 13% 至 310 萬美元以上，道瓊斯數字版訂閱總量也增長了 13%。在收購 Opus 和 CMA 的推動下，專業信息業務收入增長了 40%，約佔部門收入的 35%。收購收入的進展符合我們的預期，因為這些業務受益於眾多行業的強勁需求，包括金屬、碳、塑料、可持續性、生物燃料和可再生能源，而產量繼續上升，保留率依然強勁。風險和合規收入增長了 6%，儘管鑑於該業務在歐洲和亞太地區的敞口較高，貨幣對收入增長產生了 10 個百分點的負面影響。

Advertising revenues grew a healthy 4% to $94 million despite lapping 29% growth in the prior year. Digital advertising revenues rose 11% in the quarter as we continue to see very strong yield improvement and saw growth in all categories, especially in B2B this quarter. Digital advertising accounted for approximately 65% of total advertising revenues, which improved 4 percentage points from last year.

儘管去年增長了 29%，但廣告收入仍增長了 4%，達到 9400 萬美元。本季度數字廣告收入增長了 11%，因為我們繼續看到非常強勁的收益提高，並且所有類別都出現了增長，尤其是本季度的 B2B。數字廣告約佔廣告總收入的 65%，比去年提高了 4 個百分點。

Print advertising revenues were down 6%. Dow Jones segment EBITDA for the quarter rose 19% to $113 million as margins continued to improve with 50 basis points of expansion year-over-year to nearly 22%, helped by the inclusion of Opus and CMA. Adjusted segment EBITDA for the quarter was down 1%, reflecting higher employee costs. At Book Publishing, as we fared during the quarter, results were materially hampered by Amazon's reset of inventory levels and rightsizing of its warehouse footprint resulting in significantly lower orders and higher returns. Supply chain pressures continue to impact freight and manufacturing costs but are showing some signs of easing from recent quarters.

平面廣告收入下降了 6%。道瓊斯分部 EBITDA 本季度增長 19% 至 1.13 億美元，利潤率繼續提高，同比增長 50 個基點至近 22%，這得益於 Opus 和 CMA 的加入。本季度調整後的部門 EBITDA 下降了 1%，反映了員工成本上升。在 Book Publishing，正如我們在本季度的表現一樣，亞馬遜重新調整庫存水平和調整倉庫規模，導致訂單顯著減少和回報增加，這嚴重阻礙了業績。供應鏈壓力繼續影響貨運和製造成本，但從最近幾個季度開始出現一些緩解跡象。

As it relates to Amazon, we have not seen similar inventory level adjustments from other book distributors or retailers. And as Robert noted, consumer demand has remained healthy, and consumer sales data remained consistent with prior quarters. For the quarter, revenues declined 11% to $487 million and segment EBITDA declined 54% to $39 million.

由於它與亞馬遜有關，我們沒有看到其他圖書分銷商或零售商進行類似的庫存水平調整。正如羅伯特所指出的，消費者需求保持健康，消費者銷售數據與前幾個季度保持一致。本季度，收入下降 11% 至 4.87 億美元，分部 EBITDA 下降 54% 至 3900 萬美元。

We estimate Amazon accounted for almost the entire year-over-year revenue decline and the majority of the year-over-year segment EBITDA shortfall. Our backlist contributed 65% of revenues, up slightly from last year, benefiting from the demand of token titles helped by the premier of the Rings of Power on Amazon. Digital sales rose 1% this quarter and accounted for 23% of consumer sales. On an adjusted basis, revenues fell 7% and segment EBITDA declined 51%.

我們估計亞馬遜幾乎佔了整個同比收入下降的原因，並且佔了同比分部 EBITDA 缺口的大部分。我們的後備名單貢獻了 65% 的收入，比去年略有上升，這得益於亞馬遜上的 Rings of Power 的首映對代幣頭銜的需求。本季度數字銷售額增長 1%，佔消費者銷售額的 23%。經調整後，收入下降 7%，分部 EBITDA 下降 51%。

Turning to News Media. We continue to see relatively strong advertising trends, particularly at News Australia. Revenues were $553 million, down 4% versus the prior year, largely due to currency, which had a $62 million or a 11% negative impact on revenue. Importantly, despite macro uncertainty, adjusted revenues for the segment increased a healthy 6% compared to the prior year due to strength in circulation and subscription and advertising revenues in constant currency.

轉向新聞媒體。我們繼續看到相對強勁的廣告趨勢，尤其是在澳大利亞新聞網。收入為 5.53 億美元，比上年下降 4%，主要是由於貨幣對收入產生了 6200 萬美元或 11% 的負面影響。重要的是，儘管存在宏觀不確定性，但由於發行量、訂閱和廣告收入以固定匯率計算的強勁，該部門的調整後收入與上一年相比增長了 6%。

Circulation and subscription revenues declined 6%, but that included a 12% or $32 million negative impact from currency fluctuations. Growth in constant currency was driven by cover price increases in the U.K. and Australia, and increase in content licensing revenues and double-digit subscriber gains across News Australia and The Time and the Sunday Times.

發行和訂閱收入下降了 6%，但這包括貨幣波動帶來的 12% 或 3200 萬美元的負面影響。不變貨幣的增長是由英國和澳大利亞的封面價格上漲推動的，以及內容許可收入的增加以及澳大利亞新聞和《時代》和《星期日泰晤士報》的兩位數訂閱用戶收益的增長。

Advertising revenues declined 4% compared to the prior year, which included a 9% or $22 million negative impact from currency fluctuations. Growth in constant currency was driven by an increase in digital advertising revenues, primarily of the sun where digital revenue yet again equals print revenue, while Australia benefited from strong preperformance led by a recovery in retail and travel, which were impacted by the lockdowns in the prior year.

廣告收入與去年相比下降了 4%，其中包括 9% 或 2200 萬美元的貨幣波動負面影響。固定貨幣的增長是由數字廣告收入的增長推動的，主要是數字收入再次等於印刷收入的太陽，而澳大利亞則受益於零售和旅遊復甦帶來的強勁前表現，而零售和旅遊的複蘇受到了封鎖的影響。去年。

The New York Post also posted strong digital games. Segment EBITDA of $18 million declined 47%, driven by over $20 million of higher costs related to Talk TV and other digital investments, together with higher news production and distribution costs across the businesses, which are being impacted by the current inflationary and supply chain challenges. Adjusted segment EBITDA fell 44%.

《紐約郵報》還發布了強大的數字遊戲。分部 EBITDA 為 1800 萬美元，下降 47%，原因是與 Talk TV 和其他數字投資相關的成本增加超過 2000 萬美元，以及受當前通脹和供應鏈挑戰影響的整個業務的新聞製作和發行成本增加.調整後的 EBITDA 下降了 44%。

Before we look at the outlook for the next quarter, I would like to touch on free cash flow. First quarter free cash flow is typically lower due to the timing of working capital payments, and we remain focused on driving strong and positive free cash flow generation for the year.

在我們查看下一季度的前景之前，我想先談談自由現金流。由於營運資金支付的時間安排，第一季度的自由現金流通常較低，我們仍然專注於推動今年強勁和正的自由現金流產生。

Turning to the upcoming quarter. We continue to expect higher costs due to supply chain and inflationary pressures. Advertising conditions are mixed and visibility remains limited across the businesses. We also expect ongoing foreign exchange headwinds, given the current spot rate for the Australian dollar and pound sterling compared to the prior year. Looking at each of our segments, at Digital Real Estate Services, Australian residential new buy listings for October declined 18% as we lapped tougher prior year comparisons.

轉向即將到來的季度。由於供應鍊和通脹壓力，我們繼續預計成本會上升。廣告條件好壞參半，整個企業的知名度仍然有限。鑑於當前澳元和英鎊的即期匯率與上一年相比，我們還預計外匯將持續逆風。縱觀我們的每個細分市場，在 Digital Real Estate Services，10 月份澳大利亞住宅新購買房源下降了 18%，因為我們與上一年進行了更嚴格的比較。

Please refer to REA for more specific outlook commentary. At Move, we expect lead and transaction volumes will be challenged in the short term, and we will continue to take steps to mitigate those pressures while balancing ongoing investments with cost discipline. In Subscription Video Services, we remain pleased with the performance of the streaming products and the ongoing focus of broadcast ARPU and churn as we continue to migrate customers from cable to streaming.

有關更具體的展望評論，請參閱 REA。在 Move，我們預計領先和交易量將在短期內受到挑戰，我們將繼續採取措施減輕這些壓力，同時平衡持續投資與成本紀律。在訂閱視頻服務方面，隨著我們繼續將客戶從有線電視轉移到流媒體，我們仍然對流媒體產品的表現以及廣播 ARPU 和客戶流失的持續關注感到滿意。

At Dow Jones, we remain focused on the integration of Opus and CMA. Advertising visibility remains short term. However, we are expecting a more challenging second quarter. We also expect the rate of investment in the second quarter to be higher than the prior year as we continue to focus on driving consumer subscription and enhancing our PIB offerings.

在道瓊斯，我們仍然專注於 Opus 和 CMA 的整合。廣告知名度仍然是短期的。然而，我們預計第二季度將更具挑戰性。我們還預計第二季度的投資率將高於去年，因為我們將繼續專注於推動消費者訂閱和增強我們的 PIB 產品。

Input publishing supply chain and inflationary pressures continue to persist, albeit by showing signs of easing. We still expect headwinds from Amazon in the second quarter, although with strong customer demand, we expect any issues to be short term in nature. At News Media, like the first quarter, we expect incremental costs in relation to price investments across the businesses, including top TV and other digital initiatives, together with ongoing inflationary pressures, including newsprint prices.

投入出版供應鍊和通脹壓力繼續存在，儘管出現緩和跡象。我們仍然預計亞馬遜在第二季度會遇到逆風，儘管由於客戶需求強勁，我們預計任何問題都是短期的。在新聞媒體，與第一季度一樣，我們預計與整個業務的價格投資相關的成本增加，包括頂級電視和其他數字計劃，以及持續的通脹壓力，包括新聞紙價格。

Before we open for questions, I would like to remind everyone that we will not be addressing any questions related to the special committee and/or a potential combination with FOX Corporation, as Robert stated earlier. With that, let me hand it over to the operator for Q&A.

在我們提出問題之前，我想提醒大家，我們不會像羅伯特之前所說的那樣解決與特別委員會和/或與 FOX 公司的潛在合併有關的任何問題。有了這個，讓我把它交給運營商進行問答。

(Operator Instructions)

（操作員說明）

The first question comes from Kane Hannan from Goldman Sachs.

第一個問題來自高盛的 Kane Hannan。

Perfect. Maybe just on the book publishing side of things, helpful comments there at the end around Amazon and the broader inflationary pressures. Just give us a sense of, I suppose, the margin decline in the first quarter, some 50 basis points what you'd attribute to Amazon's impact and what you'd attribute to, I suppose, the inflationary side of things that is probably going to continue for the rest of the year? And then just as a second sort of quick follow-on. Just talk about how you're thinking about M&A in the publishing space whether you think ARPU would have been the regulatory pushback that Penguin Random House had with their proposed acquisition?

完美的。也許只是在圖書出版方面，最後圍繞亞馬遜和更廣泛的通脹壓力發表了有益的評論。讓我們了解一下，我想，第一季度的利潤率下降了大約 50 個基點，你認為亞馬遜的影響是什麼，我想，你認為可能是通脹方面的原因繼續在今年剩下的時間裡？然後作為第二種快速跟進。談談您如何看待出版領域的併購，您是否認為 ARPU 會成為企鵝蘭登書屋在其擬議收購中遇到的監管阻力？

Kane, look, clearly, the supply chain is a factor. But as for Amazon, it's fair to say, it's a femoral, not eternal, but meaningful in the first quarter. The combination of both inventory adjustment and warehouse closures clearly created logistic issues, which we trust Amazon will resolve relatively soon. But the demand for books is undiminished, and we certainly have some luring titles looming including China Gains and Colleen Hoover. So -- and in the meantime, Brian Murray and his team are resolutely focused on cost control and necessarily improving margins.

凱恩，看，很明顯，供應鍊是一個因素。但至於亞馬遜，公平地說，它是一個股骨，不是永恆的，但在第一季度是有意義的。庫存調整和倉庫關閉的結合顯然造成了物流問題，我們相信亞馬遜會很快解決這些問題。但對書籍的需求並沒有減少，我們當然也有一些誘人的書籍迫在眉睫，包括 China Gains 和 Colleen Hoover。所以——與此同時，Brian Murray 和他的團隊堅定地專注於成本控制並必然提高利潤率。

As for Simon and Schuster, look, clearly, there is much more work ahead for the lawyers at both companies. the legal documents must already run into many volumes themselves. But it is appropriate that the judge rule that the proposed merger would create a book behemoth, literally Leviathan, a titan of times that will disproportionate weight in the industry. For ourselves, we're absolutely resolutely focused on building the HarperCollins business and continuing the integration of Houghton Mifflin Harcourt.

至於西蒙和舒斯特，顯然，兩家公司的律師還有很多工作要做。法律文件本身必須已經有很多卷。但法官裁定，擬議的合併將創造一個圖書巨獸，字面意思是利維坦，一個在行業中佔有不成比例的時代巨頭，這是恰當的。對於我們自己，我們絕對堅定地專注於建立 HarperCollins 業務並繼續整合 Houghton Mifflin Harcourt。

And Kane, maybe just to frame the Amazon impact. The majority of the EBITDA decrease was due to Amazon. We had hopes that it will be limited to Q1, but we are expecting to see some impacts coming into the second quarter. But all things being while we expect the second half to pick back up. And the inflationary impacts has been coming down actually. We are seeing a slightly offset by volume, but we can hopefully again, expect to see those subside a little bit in the second half.

還有凱恩，也許只是為了描述亞馬遜的影響。 EBITDA 下降的大部分原因是亞馬遜。我們曾希望它將僅限於第一季度，但我們預計會在第二季度看到一些影響。但一切都在我們預計下半年會回升的同時。通脹影響實際上已經下降。我們看到交易量略有抵消，但我們可以再次希望看到這些交易量在下半年有所下降。

Next question comes from David Karnovsky from JPMorgan.

下一個問題來自摩根大通的 David Karnovsky。

Robert, on (inaudible) digital subscribers. Can you talk to the subtrends there for the prior 2 quarters? I think you mentioned a tough market. I wanted to see how you view factors, like new cycle or economy? And then Dow Jones utilizes grew strongly in the quarter. Is that sort of the disposed to the macro? Or would you expect some impact to the demand eventually?

羅伯特，關於（聽不清）數字訂閱者。你能談談前兩個季度的次趨勢嗎？我想你提到了一個艱難的市場。我想看看您如何看待新周期或經濟等因素？然後道瓊斯指數在本季度強勁增長。是那種對宏的處置嗎？或者您預計最終會對需求產生一些影響？

Second part of the question was a little unclear but on digital subs, they were up 30% for both Dow Jones and the Wall Street Journal. Our total subs were up 8% at Dow Jones, 4.9 million and the WSJ, that's 3.8 million. What we're seeing with Dow Jones generally is that we're able to take advantage of a massive audience, which is 116 million monthly uniques and then gradually push people up for the hierarchy of premium products at a premium price. And clearly, as we've taken on more professional information content, the ability to take advantage of that opportunity is realized.

問題的第二部分有點不清楚，但在數字訂閱方面，道瓊斯和華爾街日報都上漲了 30%。道瓊斯的訂閱人數增加了 8%，達到 490 萬，而華爾街日報的訂閱人數增加了 380 萬。我們在道瓊斯公司看到的總體情況是，我們能夠利用龐大的受眾群體，即每月 1.16 億的獨立用戶，然後逐漸將人們推向高價產品的等級。很明顯，隨著我們採用更專業的信息內容，我們實現了利用這個機會的能力。

And secondly, we believe in vertical bundling. So for example, MarketWatch and WSJ, WSJ and IBD, IBD and Barron's not what you might call horizontal bundling which other companies in Belgium. And there's no doubt that you'll see, over the next 6 months, the virtue of those bundles that Dow Jones has just begun marketing. So we'll be able to update you in succeeding quarters, but we have no doubt that the strategy is a wise one.

其次，我們相信垂直捆綁。例如，MarketWatch 和 WSJ、WSJ 和 IBD、IBD 和 Barron's 並不是比利時其他公司所謂的橫向捆綁。毫無疑問，在接下來的 6 個月裡，您將看到道瓊斯剛剛開始營銷的那些捆綁產品的優點。因此，我們將能夠在接下來的幾個季度為您提供最新信息，但我們毫不懷疑該策略是明智的。

And David, look, I think on the advertising. We didn't quite catch what the question was, but we actually been really pleased with the performance of advertising in Dow Jones have been growing advertising quarter-on-quarter for quite a few quarters now, which has been really pleasing and actually have surpassed our expectations as to how well they've been doing. I did say in my comments that we were expecting it to be a little bit more challenged come Q2. Q2 is one of the biggest advertising quarters across our markets, but it's still pretty early days, and we'll see how that pans out. So we do expect it to be a little bit more challenged in the second quarter against tougher comps.

大衛，看，我認為是廣告。我們不太明白問題是什麼，但實際上我們對道瓊斯的廣告表現感到非常滿意，現在已經有好幾個季度的廣告季度環比增長了，這真的很令人愉悅，實際上已經超過我們對他們做得如何的期望。我在評論中確實說過，我們預計第二季度會面臨更多挑戰。第二季度是我們市場上最大的廣告季度之一，但仍處於早期階段，我們將拭目以待。因此，我們確實希望它在第二季度面對更艱難的比賽時會面臨更多挑戰。

Next question is from Darren Leung from Macquarie.

下一個問題來自麥格理的 Darren Leung。

Just a quick one about the BINGE subscriber growth. So it's up quarter-on-quarter (inaudible) consumers and maybe know by that (inaudible).

關於 BIGE 訂戶增長的快速說明。所以它是季度環比（聽不清）消費者，也許知道（聽不清）。

We are very pleased with the subscription performance at BINGE. And frankly, at Kayo, both have around 1.3 million subscribers now. And what we're seeing is very uplifting in the sense that even though the streaming subscription has increased notably, in fact, up 35%. While broadcast ARPU is actually higher. So we're not seeing the fear cannibalization. And what it has done with Foxtel, it's given us optionality, which is a tribute to the toil of Patrick Savona and the team in Australia, we've secured long-term rights, the most watched sports and entertainment in Australia, and they have been working relentlessly to improve the customer experience. And the focus not only on what the customer watches, but how they watch and that's why the churn performance has been so good.

我們對 BIGE 的訂閱表現非常滿意。坦率地說，在 Kayo，現在兩者都有大約 130 萬用戶。從某種意義上說，我們所看到的非常令人振奮，即使流媒體訂閱量顯著增加，實際上增長了 35%。而廣播ARPU實際上更高。所以我們沒有看到恐懼自相殘殺。它對 Foxtel 所做的，它給了我們選擇權，這是對帕特里克·薩沃納和澳大利亞團隊辛勤工作的致敬，我們獲得了長期權利，澳大利亞最受關注的體育和娛樂節目，他們擁有一直在不懈地努力改善客戶體驗。不僅關注客戶觀看的內容，還關注他們觀看的方式，這就是客戶流失性能如此出色的原因。

And next question is from Brian Han from Morningstar.

下一個問題來自 Morningstar 的 Brian Han。

Just a quick one. In digital real estate, can you please confirm that News Corp is still investing in those adjacencies and cellulite businesses in the U.S. Or is cost cutting the main thing now for the division?

只是一個快速的。在數字房地產領域，您能否確認新聞集團仍在投資美國的這些鄰接和脂肪團業務。或者削減成本是該部門現在的主要任務嗎？

Brian, very much so because we see a bright long-term future for Realtor. And that's why we are indeed investing, we're rightly cost-conscious. But whether it's rentals, whether it's the sell side as well as the buyer side, we're continuing to invest in products because there is absolutely no doubt about the long-term opportunity that digital real estate presents in the United States.

布賴恩，非常如此，因為我們看到了房地產經紀人光明的長期未來。這就是為什麼我們確實在投資，我們正確地具有成本意識。但無論是租金，無論是賣方還是買方，我們都在繼續投資產品，因為毫無疑問數字房地產在美國提供的長期機會。

And Brian, just to add to that, our actual core operating expenses at Realtor are flat within the core business year-on-year and actually, the increase that we've seen in costs year-on-year due to those 3 adjacencies in the investment mode.

布賴恩，再補充一點，我們在 Realtor 的實際核心運營費用與核心業務同比持平，實際上，由於這 3 個相鄰關係，我們看到的成本同比增長投資模式。

Next question is from (inaudible) Partners.

下一個問題來自（聽不清）合作夥伴。

I just wanted to ask about BINGE again and then specifically on the ad pack. Can you talk about expectations on ARPU and then also the demand from advertisers as well?

我只是想再次詢問有關 BIGE 的問題，然後專門詢問廣告包。您能否談談對 ARPU 的期望以及廣告商的需求？

Well, generally, we're very pleased with the BINGE performance bringing in advertising gives us another layer of revenue potential and I have no doubt that the team does its modeling of that potential that we'll be able to update you in coming quarters as it's unfilled to the market.

好吧，總的來說，我們對 BINGE 帶來的廣告表現感到非常滿意，這給我們帶來了另一層收入潛力，我毫不懷疑團隊對這種潛力進行了建模，我們將能夠在未來幾個季度為您更新市場空缺。

And Johnny, just to add to that. So I think there's been a couple of questions just in relation to the pricing. We've been really pleased actually with how customers have been retained for BINGE and the price-rise that's been put through. So we've been very, very pleased with that. And as Robert said, we're expecting strong performance across BINGE with the content that we've got and the work that, that business has been doing down there.

還有約翰尼，只是補充一下。所以我認為有幾個與定價有關的問題。實際上，我們對 BINGE 如何留住客戶以及所經歷的價格上漲感到非常滿意。所以我們對此非常非常滿意。正如羅伯特所說，我們期待在 BIGE 中表現強勁，我們擁有的內容和該業務一直在那裡所做的工作。

There are no further questions from the line.

該線路沒有進一步的問題。

Great. Well, thank you, Tatiana. Thank you all for participating. Have a great day, and we will talk to you soon. Take care.

偉大的。好吧，謝謝你，塔蒂亞娜。謝謝大家的參與。祝您有美好的一天，我們將很快與您交談。小心。