News Corp (NWSA) 2023 Q2 法說會逐字稿

Welcome to News Corp's Second Quarter Fiscal 2023 Earnings Conference Call. Today's conference is being recorded. (Operator Instructions) At this time, I would like to turn the conference over to Michael Florin, Senior Vice President and Head of Investor Relations. Please go ahead.

歡迎來到新聞集團 2023 財年第二季度收益電話會議。今天的會議正在錄製中。 （操作員說明）此時，我想將會議轉交給高級副總裁兼投資者關係主管 Michael Florin。請繼續。

Thank you very much, operator. Hello, everyone, and welcome to News Corp's Fiscal Second 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. .

非常感謝你，接線員。大家好，歡迎來到新聞集團 2023 財年第二季度財報電話會議。我們大約 30 分鐘前發布了收益新聞稿，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 will open with some prepared remarks, and then we'll be happy to take questions from the investment community. 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.

今天接聽電話的是首席執行官羅伯特·湯姆森 (Robert Thomson)；和首席財務官 Susan Panuccio。我們將以一些準備好的評論作為開場白，然後我們將很樂意回答投資界的問題。本次電話會議可能包含某些有關新聞集團業務和戰略的前瞻性信息。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 the earnings release for the applicable periods posted on our website.

此外，此次電話會議將包括某些非 GAAP 財務衡量指標，例如分部 EBITDA 總額、調整後的分部 EBITDA 和調整後的每股收益。此類措施的定義和 GAAP 與非 GAAP 調節可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，我將把它傳遞給 Robert Thomson 以徵求一些開場白。 .

Thank you, Mike. The second quarter produced challenges for some of our businesses and highlighted the progress made in other segments that had been challenged. Obviously, a surge in interest rates and persistent inflation had an impact on all of our businesses, but in particular, Digital Real Estate and Book Publishing, which remains a majority of physical business and continues to be subject to logistical exigencies. But we believe these challenges are more ephemeral than eternal. And just as our company passed the stress test of the pandemic with record profits, the reform is now underway at our businesses should create a solid platform for future profitability.

謝謝你，邁克。第二季度為我們的一些業務帶來了挑戰，並突顯了其他受到挑戰的領域所取得的進展。顯然，利率飆升和持續通貨膨脹對我們的所有業務都產生了影響，但尤其是數字房地產和圖書出版，它們仍然是實體業務的主要部分，並且繼續受到物流緊急情況的影響。但我們相信這些挑戰是短暫的，而不是永恆的。正如我們公司以創紀錄的利潤通過了大流行的壓力測試一樣，我們業務正在進行的改革應該為未來的盈利創造一個堅實的平台。

Crucially, we will be reducing headcount across the company by 5%. That is a necessary response given these macro conditions. There are other broader trends that will inevitably be auspicious such as our evolving partnerships with major tech platforms and the incipient changes to the digital advertising market, which should enable us to improve yields for our valuable inventory and have more oversight of permission data.

至關重要的是，我們將整個公司的員工人數減少 5%。鑑於這些宏觀條件，這是必要的回應。還有其他更廣泛的趨勢不可避免地是吉祥的，例如我們與主要技術平台不斷發展的合作夥伴關係以及數字廣告市場的初步變化，這應該使我們能夠提高我們寶貴庫存的收益，並對許可數據進行更多監督。

At the same time, we are absolutely focused on reducing costs across our businesses and making price adjustments where prudent. And we are continuing to work on the integration of our recent acquisitions, OPIS and CMA, which are already enhancing revenue and profits at Dow Jones. As for our discussions over the potential sale of Move, we will provide an update at the appropriate moment. Obviously, any potential deal would be designed to maximize value for our shareholders in the short and long term.

與此同時，我們絕對專注於降低我們業務的成本，並在審慎的情況下進行價格調整。我們正在繼續致力於整合我們最近收購的 OPIS 和 CMA，它們已經提高了道瓊斯的收入和利潤。至於我們對 Move 的潛在出售的討論，我們將在適當的時候提供更新。顯然，任何潛在的交易都旨在為我們的股東在短期和長期內實現價值最大化。

Looking now at the second quarter of fiscal year 2023. We generated over $2.5 billion in revenues, representing a decline of 7% year-over-year, though most of that was due to foreign currency. Adjusted revenues were down only 3%. Profitability was $409 million compared to $586 million in the prior year, reflecting the challenges of interest rates and inflation noted earlier and the impact of fickle ForEx movements, which have shown signs of abating in recent weeks.

現在看看 2023 財年第二季度。我們創造了超過 25 億美元的收入，同比下降 7%，儘管其中大部分是由於外匯。調整後的收入僅下降了 3%。盈利能力為 4.09 億美元，而去年同期為 5.86 億美元，這反映了之前提到的利率和通貨膨脹的挑戰以及變幻無常的外匯走勢的影響，最近幾週出現了減弱的跡象。

Even in the midst of the obvious global challenges I've described, Dow Jones had a solid quarter, and the Professional Information Business displayed particular promise with revenues surging 45% year-over-year. The result highlights the value of our opportunistic acquisition of OPIS and CMA, where we have recently launched products, including carbon credit indices and are working on more sophisticated analytics for our growing customer base.

即使在我所描述的明顯的全球挑戰中，道瓊斯也有一個穩定的季度，專業信息業務表現出特別的希望，收入同比增長 45%。結果凸顯了我們機會主義收購 OPIS 和 CMA 的價值，我們最近推出了產品，包括碳信用指數，並正在為我們不斷增長的客戶群進行更複雜的分析。

Risk and Compliance again reported strong revenue growth, increasing 13% despite capricious currency trends, with the demand for New York customer tools expanding as governments globally continue to tighten regulations and wheeled sanctions. The imperative for an authoritative audit trial has expanded far beyond financial institutions and the credibility that Dow Jones brings is in itself an important factor for many companies. Is there anyone on this call who does not want to minimize risk and maximize compliance?

風險與合規部門再次報告了強勁的收入增長，儘管貨幣趨勢反复無常，但收入增長了 13%，隨著全球各國政府繼續收緊監管和實施制裁，對紐約客戶工具的需求不斷擴大。權威審計試驗的必要性已經遠遠超出了金融機構，道瓊斯帶來的可信度本身就是許多公司的重要因素。此電話會議中是否有人不想將風險降至最低並最大限度地提高合規性？

Dow Jones has begun to roll out a new user interface for the Aladdin's cave of content that is Factiva, which is an essential tool for serious businesses. The truth is that the interface was in need of simplifying, and the Dow Jones team have addressed that issue. The easier Factiva is to use, the more it will be used.

道瓊斯已經開始為阿拉丁的內容洞穴推出一個新的用戶界面，即 Factiva，這是嚴肅企業必不可少的工具。事實上，界面需要簡化，Dow Jones 團隊已經解決了這個問題。 Factiva 越容易使用，使用的人就越多。

Overall, at Dow Jones, digital revenues now comprise 76% of total revenues, a 4 percentage point rise over the past year. Some of that expansion is due to continuing strength in digital subscriptions. Digital-only subscriptions increased 10%, while total Dow Jones consumer subscriptions rose 5%. In fact, just in recent weeks, total Dow Jones subscriptions sold past the 5 million mark for the first time. Almar Latour and the team are increasing the emphasis on upselling subscriptions with the bundling of MarketWatch, the WSJ, IBD and Barron's. The basic strategy is to provide an ever more premium service for our readers as we leverage valuable audiences across platforms.

總體而言，在道瓊斯，數字收入現在佔總收入的 76%，比過去一年增加了 4 個百分點。部分擴張是由於數字訂閱的持續增長。純數字訂閱量增長了 10%，而道瓊斯消費者訂閱總量增長了 5%。事實上，就在最近幾週，道瓊斯訂閱總數首次突破 500 萬大關。 Almar Latour 和團隊通過 MarketWatch、WSJ、IBD 和 Barron's 的捆綁，更加重視向上銷售訂閱。基本策略是在跨平台利用有價值的受眾時為我們的讀者提供更優質的服務。

I am particularly proud to highlight the continuing revival of Foxtel's fortune under the sage leadership of Patrick and Siobhan and the team, we have increased profitability and thus optionality.

我特別自豪地強調，在 Patrick 和 Siobhan 以及團隊的明智領導下，Foxtel 的財富持續復甦，我們提高了盈利能力，從而提高了選擇性。

Reported segment revenues were down 7%, while segment EBITDA rose a healthy 5%. Even more impressively, adjusted revenues, which excludes the impact of ForEx volatility, rose 3%, while adjusted segment EBITDA rose a handsome 16%.

報告的部門收入下降了 7%，而部門 EBITDA 增長了 5%。更令人印象深刻的是，排除外匯波動影響的調整後收入增長了 3%，而調整後的分部 EBITDA 增長了 16%。

Streaming continues to be a core strength of Foxtel, as we have added well over 0.5 million paying OTT subscribers in the past year. BINGE reached nearly 1.4 million paying subscribers in the quarter, and we'll be launching an advertising tier later this fiscal year as we seek to maximize Foxtel's revenue potential. Total paying subscriptions at Foxtel were up 10% year-over-year, and we also saw the benefits of modest price increases at Kayo and BINGE.

流媒體仍然是 Foxtel 的核心優勢，因為我們在過去一年中增加了超過 50 萬付費 OTT 用戶。 BINGE 在本季度達到了近 140 萬付費用戶，我們將在本財年晚些時候推出一個廣告層，以尋求最大限度地提高 Foxtel 的收入潛力。 Foxtel 的總付費訂閱量同比增長 10%，我們還看到了 Kayo 和 BINGE 適度提價的好處。

Our sports programming portfolio has been enhanced with the renewal of Australian cricket rights to 2031. We are now on the cusp of the peak selling season for Kayo as the Australian Football and Rugby League seasons will start imminently, and we solidified our entertainment offerings with an expanded multiyear content deal with NBCU. Overall, Foxtel's continuing success and positive trajectory have certainly increased our optionality for that business.

隨著澳大利亞板球權利續簽至 2031 年，我們的體育節目組合得到了加強。隨著澳大利亞足球和橄欖球聯賽賽季即將開始，我們現在正處於 Kayo 銷售旺季的風口浪尖，我們通過以下方式鞏固了我們的娛樂產品擴大與 NBCU 的多年內容交易。總體而言，Foxtel 的持續成功和積極發展軌跡無疑增加了我們對該業務的選擇權。

HarperCollins experienced another difficult quarter, reflecting sluggish spending on books after the pandemic inspired surge, difficult front-list comparisons as well as the continuing impact of Amazon's logistics issues. Under the prevailing circumstances, it is absolutely necessary to confront the cost base as we seek to bolster long-term profitability in the post-pandemic marketplace. Some of our key titles this quarter include Fox News host Harris Faulkner's Faith Still Moves Mountains and joined games, the stories we tell. While best-selling authors, Colleen Hoover and Tarryn Fisher's work Never Never will be released later this month.

HarperCollins 經歷了另一個困難的季度，這反映出在大流行引發激增後圖書支出低迷、前列名單比較困難以及亞馬遜物流問題的持續影響。在目前的情況下，我們在尋求在大流行後市場中尋求增強長期盈利能力時，絕對有必要面對成本基礎。本季度我們的一些主要節目包括福克斯新聞主持人哈里斯·福克納 (Harris Faulkner) 的 Faith Still Moves Mountains 和加入遊戲，我們講述的故事。暢銷書作家科琳胡佛和塔林費希爾的作品 Never Never 將於本月晚些時候發布。

The News Media segment showed signs of real resilience in the midst of a volatile advertising market and ForEx headwinds. The standout masthead was the sun.com in the U.S., which reported 127% year-over-year increase in quarterly page views.

在動蕩的廣告市場和外匯逆風中，新聞媒體板塊顯示出真正的彈性跡象。最突出的標頭是美國的 sun.com，其季度頁面瀏覽量同比增長 127%。

Meanwhile, The Times and Sunday Times reached nearly 490,000 digital subscriptions in the quarter. And at News Corp Australia, total digital subs exceeded 1 million, representing an 11% rise year-over-year. Wireless had a solid quarter in connected listening, which was assisted by interest in the World Cup on talkSPORT, while TalkTV revitalized its lineup, and the New York Post remains on target for another profitable year despite the ad market.

與此同時，《泰晤士報》和《星期日泰晤士報》在本季度的數字訂閱量接近 490,000。在澳大利亞新聞集團，數字訂閱總數超過 100 萬，同比增長 11%。 Wireless 在連接收聽方面有一個穩定的季度，這得益於 talkSPORT 上對世界杯的興趣，而 TalkTV 重振了它的陣容，儘管廣告市場不景氣，紐約郵報仍有望在又一個盈利的年份實現目標。

As for Digital Real Estate Services, the patent complexities of the current housing market in both the U.S. and Australia are well known and have had an effect on REA and Move. The property market inevitably has interest rate-related cycles. But with rates nearing a peak in both the U.S. and Australia, we believe the next phase of the cycle is not far away. We have this week launched a new campaign to use our media inventory to drive traffic at realtor.com and the positive effect should be seen in coming months.

至於數字房地產服務，美國和澳大利亞當前房地產市場的專利複雜性是眾所周知的，並且對 REA 和 Move 產生了影響。房地產市場不可避免地存在與利率相關的周期。但隨著美國和澳大利亞的利率都接近峰值，我們認為周期的下一階段已經不遠了。我們本週推出了一項新活動，利用我們的媒體庫存來增加 realtor.com 的流量，未來幾個月應該會看到積極的效果。

REA continued to maintain its #1 market share in Australia this quarter with over 3.3x the audience of its nearest competitor. And our business in India, now the market leader in audience, is showing much potential. While leads were down at realtor.com in the quarter, the business saw a year-over-year improvement in revenue per lead as the team is focused on pricing, sell-through and close rights.

本季度，REA 繼續保持其在澳大利亞排名第一的市場份額，觀眾人數是最接近的競爭對手的 3.3 倍以上。而我們在印度的業務，現在是受眾市場的領導者，正在顯示出巨大的潛力。雖然本季度 realtor.com 的銷售線索有所減少，但由於團隊專注於定價、銷售率和成交權，該業務的每位銷售線索收入同比有所提高。

We now are increasing our emphasis on the monetization of sell-side listings as inventory time on the market has increased significantly in recent months, and we will be able to provide realtors and vendors with improved service.

隨著近幾個月來市場上的庫存時間顯著增加，我們現在更加重視賣方上市的貨幣化，我們將能夠為房地產經紀人和供應商提供更好的服務。

In closing, while we expect the macro trends to have a continuing effect on our businesses and are committed to a 5% reduction in our workforce, we are confident that the combination of prudent cost management, sound capital stewardship, commitment to digital expansion and simplification should provide a firm foundation for future growth. And we will remain acutely focused on the creation of value for our shareholders as the possible sale of Move eloquently testifies. We also remain firmly committed to our $1 billion share buyback and dividend program.

最後，雖然我們預計宏觀趨勢將對我們的業務產生持續影響，並承諾裁員 5%，但我們相信審慎的成本管理、健全的資本管理、對數字化擴張和簡化的承諾相結合應該為未來的發展打下堅實的基礎。我們將繼續專注於為我們的股東創造價值，因為 Move 的可能出售雄辯地證明了這一點。我們還堅定地致力於我們 10 億美元的股票回購和分紅計劃。

And now for more granular account of our second quarter, I give you over to Susan Panuccio.

現在，為了更詳細地介紹我們的第二季度，我把你交給 Susan Panuccio。

Thanks, Robert. Before we discuss the quarterly results, I want to expand on Robert's opening comments. As we noted in our recent SEC filing, we have been engaged in discussions with CoStar about a potential sale of Move. Any potential transaction would need to not only maximize shareholder value, but also strengthen realtor.com's competitive position. We do not plan on making additional comments on this call regarding the potential transaction, and we'll update the market when appropriate.

謝謝，羅伯特。在我們討論季度業績之前，我想詳細談談羅伯特的開場白。正如我們在最近提交給美國證券交易委員會的文件中指出的那樣，我們一直在與 CoStar 就 Move 的潛在出售進行討論。任何潛在的交易不僅需要最大化股東價值，還需要加強 realtor.com 的競爭地位。我們不打算就潛在交易對此次電話會議發表更多評論，我們會在適當的時候更新市場信息。

Turning to our fiscal 2023 second quarter results. The macro environment weighed heavily on the financial results and conditions worsened as the quarter progressed, most notably in December. Second quarter total revenues were over $2.5 billion, down 7% year-over-year, which included a $171 million or 6% negative impact from foreign currency headwinds. Excluding the impact of foreign currency fluctuations, acquisitions and divestitures, second quarter adjusted revenues fell 3% compared to the prior year. The revenue decline was primarily driven by the Book Publishing and Digital Real Estate Services segment. On a constant currency basis, we saw continued growth in circulation and subscription revenues, which was partially offset by a modest decline in advertising revenues.

轉向我們 2023 財年第二季度的業績。宏觀環境嚴重影響了財務業績，隨著季度的推進，情況不斷惡化，尤其是在 12 月份。第二季度總收入超過 25 億美元，同比下降 7%，其中包括外匯逆風帶來的 1.71 億美元或 6% 的負面影響。排除匯率波動、收購和資產剝離的影響，第二季度調整後的收入較上年同期下降 3%。收入下降主要是由圖書出版和數字房地產服務部門推動的。在固定匯率的基礎上，我們看到發行量和訂閱收入持續增長，但部分被廣告收入的小幅下降所抵消。

Total segment EBITDA was $409 million, 30% lower compared to the prior year's record profits. The results included $6 million of onetime costs incurred by the special committee and the company regarding the proposal from the Murdoch Family Trust, which has now been withdrawn and the special committee has been dissolved. Adjusted total segment EBITDA declined 28% versus the prior year period. For the quarter, we reported earnings per share of $0.12 compared to $0.40 in the prior year due to lower total segment EBITDA and higher losses from equity affiliates. Adjusted earnings per share were $0.14 in the quarter compared to $0.44 in the prior year.

總分部 EBITDA 為 4.09 億美元，比去年創紀錄的利潤低 30%。結果包括特別委員會和公司因默多克家族信託的提案而產生的 600 萬美元一次性費用，該提案現已撤回，特別委員會也已解散。調整後的總分部 EBITDA 與去年同期相比下降了 28%。本季度，我們報告的每股收益為 0.12 美元，而去年同期為 0.40 美元，原因是分部 EBITDA 總額較低以及股權附屬公司的虧損較高。本季度調整後每股收益為 0.14 美元，上年同期為 0.44 美元。

Moving on to the results for the individual reporting segments, starting with Digital Real Estate Services. Segment revenues were $386 million, down 15% compared to the prior year, impacted by the ongoing macroeconomic pressures on both the Australian and U.S. housing markets. The results include a negative impact of $26 million or 5% from foreign currency fluctuations. On an adjusted basis, segment revenues decreased 10%. Segment EBITDA declined 28% to $128 million, impacted by lower revenues and a negative impact related to currency headwinds, partially offset by lower broker commissions REA. Adjusted segment EBITDA declined 22%.

從數字房地產服務開始，繼續討論各個報告部分的結果。受澳大利亞和美國房地產市場持續的宏觀經濟壓力影響，該部門收入為 3.86 億美元，比上年下降 15%。結果包括外匯波動帶來的 2600 萬美元或 5% 的負面影響。在調整後的基礎上，分部收入下降了 10%。分部 EBITDA 下降 28% 至 1.28 億美元，受到收入下降和與貨幣逆風相關的負面影響的影響，部分被較低的經紀人佣金 REA 所抵消。調整後的部門 EBITDA 下降了 22%。

REA revenues were $240 million, down 16% on a reported basis, including a 9% negative impact from foreign exchange. Revenues were impacted by the weakness in financial services due to fewer settlements amid rising interest rates and a decline in residential revenues driven by lower new buy listings. In the quarter, Australia national residential buy listings were down 21% with Sydney and Melbourne down 34% and 31%, respectively. Those declines were partially offset by price increases in the residential and commercial businesses, higher contribution from Premiere Plus and favorable depth penetration as well as continued momentum at REA India, which is scaling in both traffic and revenues. Please refer to REA's earnings release and their conference call following this call for more details.

REA 收入為 2.4 億美元，按報告基礎下降 16%，其中包括來自外彙的 9% 的負面影響。收入受到金融服務疲軟的影響，原因是利率上升導致結算減少，以及新購買上市數量減少導致住宅收入下降。本季度，澳大利亞全國住宅購買掛牌量下降了 21%，其中悉尼和墨爾本分別下降了 34% 和 31%。這些下降部分被住宅和商業業務的價格上漲、Premiere Plus 的更高貢獻和有利的深度滲透以及 REA India 的持續增長勢頭所抵消，REA India 的流量和收入都在擴大。有關更多詳細信息，請參閱 REA 的收益發布及其之後的電話會議。

At Move, revenues were $146 million, down 14% compared to the prior year, with real estate revenues down 17% driven by lower lead and transaction volumes, reflective of the broader housing market challenges. Unique lead volumes fell 37%, while Realtor's average monthly unique users were $66 million in the second quarter based on internal metrics.

Move 的收入為 1.46 億美元，比上年下降 14%，其中房地產收入下降 17%，原因是潛在客戶和交易量下降，反映出更廣泛的房地產市場挑戰。根據內部指標，第二季度 Realtor 的平均每月獨立用戶數量下降了 37%，為 6600 萬美元。

Turning to the Subscription Video Services segment. Revenues for the quarter were $462 million, down 7% compared to the prior year on a reported basis due to foreign currency headwinds. On a constant currency basis, revenues rose 3% versus the prior year, the fourth consecutive quarter of growth in constant currency, underscoring the improved stability of the business.

轉向訂閱視頻服務部分。由於外匯逆風，本季度收入為 4.62 億美元，與上年同期相比下降 7%。按固定匯率計算，收入較上年增長 3%，連續第四個季度實現固定匯率增長，凸顯了業務穩定性的提高。

Streaming revenues accounted for 26% of circulation and subscription revenues compared to 19% in the prior year and again, more than offset broadcast revenue declines, benefiting from both volume growth and higher pricing at Kayo and BINGE. We also benefited this quarter from growth in commercial revenues as the prior year results were impacted by the pandemic-related lockdown.

流媒體收入佔發行量和訂閱收入的 26%，而上一年為 19%，並且再次抵消了廣播收入的下降，這得益於 Kayo 和 BINGE 的銷量增長和更高的定價。本季度我們還受益於商業收入的增長，因為上一年的業績受到與大流行相關的封鎖的影響。

Total closing paid subscribers across the Foxtel Group reached over 4.3 million at quarter end, up 10% year-over-year. Total paid streaming subscribers were approximately 2.7 million, increasing 25% versus the prior year and represented 62% of Foxtel's total paid subscriber base.

截至本季度末，Foxtel Group 的付費訂戶總數超過 430 萬，同比增長 10%。付費流媒體用戶總數約為 270 萬，比上年增長 25%，佔 Foxtel 付費用戶總數的 62%。

Kayo paying subscribers reached over 1.1 million, up 11% year-over-year, but declined sequentially from the first quarter as it exhibited typical seasonal patterns with the end of the AFL and NRL seasons in September. Given its enhanced and expanded content offerings, Foxtel has rolled out a price rise to its Kayo customers effective this month on its basic 2 stream tier.

Kayo 付費用戶超過 110 萬，同比增長 11%，但與第一季度相比環比下降，因為它在 9 月 AFL 和 NRL 賽季結束時表現出典型的季節性模式。鑑於其增強和擴展的內容產品，Foxtel 已向其 Kayo 客戶推出其基本 2 流級別的價格上漲，從本月開始生效。

BINGE paying subscribers grew a robust 48% year-over-year to almost 1.4 million subscribers, benefiting from a strong release slate, which included the second season of White Lotus and carryover demand from House of the Dragon. As Robert mentioned, we are looking forward to the introduction of advertising within BINGE later this fiscal year and have begun selling launch packages.

BINGE 付費訂戶同比增長強勁 48%，達到近 140 萬訂戶，這得益於強勁的發行計劃，其中包括《白蓮花》第二季和《龍之屋》的結轉需求。正如羅伯特所提到的，我們期待在本財年晚些時候在 BINGE 中引入廣告，並已開始銷售啟動包。

Foxtel ended the quarter with 1.4 million residential broadcast subscribers, down 10% year-over-year. Broadcast churn improved sequentially and year-over-year to 12.9% despite the migration of cable subscribers to streaming or satellite. At quarter end, less than 80,000 subscribers remained on cable as Foxtel continues to migrate subscribers from cable by fiscal year-end. Broadcast ARPU rose 2% to AUD 83.

Foxtel 在本季度結束時擁有 140 萬住宅廣播用戶，同比下降 10%。儘管有線用戶轉向流媒體或衛星，但廣播流失率環比和同比提高至 12.9%。在本季度末，由於 Foxtel 繼續在財年末將訂戶從有線電視轉移出去，因此只有不到 80,000 名訂戶留在有線電視上。廣播 ARPU 上漲 2% 至 83 澳元。

Segment EBITDA in the quarter of $90 million was 5% higher versus the prior year, which reflects an 11% negative impact from foreign exchange. Adjusted segment EBITDA increased 16% despite higher sports and entertainment costs.

本季度的部門 EBITDA 為 9000 萬美元，比上年同期增長 5%，這反映了外匯帶來的 11% 的負面影響。儘管體育和娛樂成本增加，但調整後的分部 EBITDA 增長了 16%。

Moving on to Dow Jones. Dow Jones posted a strong top line performance in the second quarter with revenues of $563 million, up 11% compared to the prior year. Digital revenues accounted for 76% of total revenues this quarter, up 4 percentage points from last year. On an adjusted basis, revenues rose 1%, impacted by a weaker advertising marketplace compared to the prior year. Circulation revenues grew 3%, driven by strong year-over-year volume gains, including bundled offerings with total Dow Jones digital-only subscriptions up approximately 10% to over $4.1 million.

轉到道瓊斯。道瓊斯第二季度的收入表現強勁，收入為 5.63 億美元，比去年同期增長 11%。本季度數字收入佔總收入的76%，比去年上升4個百分點。在調整後的基礎上，受廣告市場較上年疲軟的影響，收入增長 1%。發行量收入增長 3%，這得益於強勁的同比銷量增長，其中包括道瓊斯數字訂閱總額的捆綁產品增長約 10%，超過 410 萬美元。

We are particularly pleased with the performance in our Professional Information Business, which saw revenue growth accelerate from the prior quarter to 45%. PIB revenues accounted for 33% of segment revenues. The integration of OPIS and CMA are progressing in line with our expectations as the businesses benefit from the strong demand across numerous industries, including metals, carbon plastics, sustainability, biofuels and renewables, while yields continue to rise and retention remains strong.

我們對專業信息業務的表現特別滿意，該業務的收入增長較上一季度加快至 45%。 PIB 收入佔分部收入的 33%。 OPIS 和 CMA 的整合進展符合我們的預期，因為企業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，同時收益率繼續上升，保留率仍然很高。

Risk and Compliance revenue growth accelerated from the prior quarter, up 13% despite a 7 percentage point negative impact from foreign currency. We saw improved growth in all regions, underpinned by a healthy new business pipeline most notably in EMEA, led by demand for screening and monitoring and financial crime search products. Retention remains strong at above 90%.

儘管外匯帶來了 7 個百分點的負面影響，但風險與合規收入的增長較上一季度加快，增長了 13%。我們看到所有地區的增長都有所改善，這得益於健康的新業務渠道，尤其是在歐洲、中東和非洲地區，這是由對篩选和監控以及金融犯罪搜索產品的需求帶動的。保留率保持在 90% 以上。

Advertising revenues declined 7% to $131 million, with digital advertising revenues down 3% in the quarter and print down 13%, which was mostly due to weakness in December, with October and November reasonably stable versus the prior year. Digital advertising accounted for 59% of total advertising revenues, which improved 3 percentage points from last year. The technology and financial categories, which are typically our 2 largest advertising categories, were both impacted by the macro conditions. We saw digital advertising growth at the wallstreetjournal.com, underscoring its premium audience. However, this was more than offset by the declines at MarketWatch, which face more headwinds as its audience and advertising demand tend to be more stock market-sensitive.

廣告收入下降 7% 至 1.31 億美元，本季度數字廣告收入下降 3%，印刷廣告收入下降 13%，這主要是由於 12 月的疲軟，而 10 月和 11 月與去年同期相比相當穩定。數字廣告佔廣告總收入的59%，比去年提高了3個百分點。技術和金融類別通常是我們最大的兩個廣告類別，它們都受到宏觀環境的影響。我們在 wallstreetjournal.com 看到了數字廣告的增長，強調了它的優質受眾。然而，這被 MarketWatch 的下滑所抵消，後者面臨更多阻力，因為其受眾和廣告需求往往對股市更敏感。

Dow Jones segment EBITDA for the quarter declined 3% to $139 million, reflecting a higher spending rate compared to both the prior year and first quarter, driven by costs related to the OPIS and CMA acquisitions, higher compensation costs and phasing of marketing expenses. Adjusted segment EBITDA for the quarter was down 16%. We expect cost growth to moderate in the second half, and I will provide more detail on this later in my commentary about the outlook for the upcoming quarter.

道瓊斯分部本季度的 EBITDA 下降 3% 至 1.39 億美元，反映出與去年同期和第一季度相比支出率更高，原因是與 OPIS 和 CMA 收購相關的成本、更高的薪酬成本和營銷費用的分階段調整。本季度調整後的分部 EBITDA 下降了 16%。我們預計下半年成本增長將放緩，稍後我將在我對下一季度前景的評論中提供更多細節。

At Book Publishing, while we saw some impacts from the logistic constraints at Amazon. The results were mostly hampered by significant softness in consumer demand across the industry, notably in North America. On the cost side, lower cost due to volume declines were partially offset by ongoing supply chain inventory and inflationary pressures, further contracting margins. For the quarter, revenues declined 14% to $531 million and segment EBITDA declined 52% to $51 million. The backlist represented 57% of revenues, up slightly from last year, partly driven by weaker frontlist performance with the mix being more weighted towards physical copies rather than digital, which had an adverse impact on margins.

在 Book Publishing，我們看到了亞馬遜物流限制的一些影響。結果主要受到整個行業消費者需求顯著疲軟的影響，尤其是在北美。在成本方面，由於銷量下降而導致的成本下降被持續的供應鏈庫存和通脹壓力部分抵消，進一步縮小了利潤率。本季度，收入下降 14% 至 5.31 億美元，部門 EBITDA 下降 52% 至 5100 萬美元。後備名單佔收入的 57%，比去年略有上升，部分原因是前名單表現較弱，混合更偏重於物理副本而不是數字副本，這對利潤率產生了不利影響。

Digital sales declined 7% this quarter and accounted for 19% of consumer sales. On an adjusted basis, revenues fell 11%, and segment EBITDA declined 51%. To mitigate the recent challenges, HarperCollins has already implemented price increases and has been actively reviewing its cost structure, including the recently announced 5% company-wide headcount reduction.

本季度數字銷售額下降了 7%，佔消費者銷售額的 19%。在調整後的基礎上，收入下降 11%，分部 EBITDA 下降 51%。為了緩解最近的挑戰，HarperCollins 已經實施了提價，並一直在積極審查其成本結構，包括最近宣布的全公司裁員 5%。

Turning to News Media. Revenues were $579 million, down 9%, which included a $65 million or 10% negative impact on revenues from foreign currency. Adjusted revenues rose 1%. Circulation and subscription revenues declined 7%, but were up 4% in constant currency. Growth on a constant currency basis was driven by cover price increases in the U.K. and Australia and double-digit subscriber growth across News Australia and The Times and The Sunday Times. We saw advertising conditions worsened from the prior quarter, albeit with variance across our markets. Advertising revenues were down 13%, but down 3% in constant currency. Advertising at News U.K. was down modestly in constant currency as lower print advertising revenues were partially offset by strong growth in digital advertising at The Sun, which has seen very strong momentum in both page views and yields from its U.S. site.

轉向新聞媒體。收入為 5.79 億美元，下降 9%，其中包括 6500 萬美元或 10% 的外匯收入負面影響。調整後收入增長 1%。發行和訂閱收入下降了 7%，但按固定匯率計算增長了 4%。以固定匯率為基礎的增長是由英國和澳大利亞的封面價格上漲以及澳大利亞新聞、泰晤士報和星期日泰晤士報的兩位數訂戶增長推動的。我們看到廣告狀況比上一季度惡化，儘管我們的市場存在差異。廣告收入下降了 13%，但按固定匯率計算下降了 3%。 News U.K. 的廣告按固定匯率計算略有下降，因為印刷廣告收入的減少部分被 The Sun 數字廣告的強勁增長所抵消，後者在其美國網站的頁面瀏覽量和收益率方面都表現出非常強勁的勢頭。

Advertising trends were notably weaker in Australia and at the New York Post. During the quarter, we saw that December was the weakest month for both the U.K. and the New York Post, while in Australia, November was the most challenging with December showing modest improvements month-over-month.

澳大利亞和紐約郵報的廣告趨勢明顯較弱。在本季度，我們看到 12 月是英國和紐約郵報最疲軟的月份，而在澳大利亞，11 月是最具挑戰性的月份，12 月環比略有改善。

Segment EBITDA of $59 million declined 47%, which was driven by approximately $22 million of higher costs related to the talkTV initiative in the U.K. and other digital investments, notably in Australia as well as nearly $21 million negative impact from higher newsprint pricing.

分部 EBITDA 為 5900 萬美元，下降了 47%，這是由於與英國的 talkTV 計劃和其他數字投資相關的約 2200 萬美元的成本增加，特別是在澳大利亞，以及新聞紙定價上漲帶來的近 2100 萬美元的負面影響。

New York Post remained a positive contributor to segment EBITDA. Adjusted segment EBITDA fell 43%. Free cash flow for the 6 months ending December 31 was lower than the prior year due to lower total segment EBITDA as well as the timing of working capital payments, which included the payment for sports rights in the second quarter. We remain focused on driving strong and positive free cash flow generation for the year.

紐約郵報仍然是 EBITDA 細分市場的積極貢獻者。調整後的部門 EBITDA 下降了 43%。截至 12 月 31 日的 6 個月自由現金流低於上年，原因是分部 EBITDA 總額較低以及營運資本支付的時間安排，其中包括第二季度的體育轉播權支付。我們仍然專注於推動今年強勁和積極的自由現金流產生。

Turning to the outlook. We continue to expect a higher cost due to supply chain and inflationary pressures, advertising conditions remain challenging and visibility is limited. We expect ongoing foreign exchange headwinds, albeit at a more modest impact given recent sport rights. We remain committed to reducing costs where we can, driven by headcount reductions across our business units, prioritized marketing spending and lower discretionary costs, while balancing investment spend.

轉向前景。由於供應鍊和通脹壓力，我們繼續預計成本會更高，廣告條件仍然充滿挑戰，可見度有限。我們預計外匯逆風將持續存在，儘管考慮到最近的體育權利，影響較小。在我們業務部門裁員、優先營銷支出和降低可自由支配成本的推動下，我們仍然致力於盡可能降低成本，同時平衡投資支出。

Looking at each of our segments. Our digital real estate services, Australian residential new buy listings for January declined 9%. Please refer to REA for a more specific outlook commentary. At Move, we expect lead volumes to remain challenged in the near term, due to macro conditions, albeit moderating mortgage rates have led to early signs of improving trends in the housing market.

看看我們的每個細分市場。我們的數字房地產服務，1 月份澳大利亞住宅新買掛牌量下降了 9%。請參閱 REA 以獲得更具體的前景評論。在 Move，我們預計鉛量在短期內仍將受到宏觀環境的挑戰，儘管放緩的抵押貸款利率已導致房地產市場趨勢改善的早期跡象。

In Subscription Video Services, we remain pleased with the performance of the streaming products and the ongoing focus on broadcast ARPU and churn as we continue to migrate customers off cable. We are very encouraged by the year-to-date performance and continue to expect the Foxtel Group's profitability in local currency for the full year to be relatively stable. Profitability will be skewed to the fourth quarter as we expect third quarter cost to be higher in local currency compared to the prior year given the contractual escalators and expanded content from the AFL and NRL.

在訂閱視頻服務方面，我們對流媒體產品的性能以及持續關注廣播 ARPU 和客戶流失率感到滿意，因為我們繼續將客戶從有線電視中轉移出去。我們對年初至今的業績感到非常鼓舞，並繼續預計 Foxtel Group 全年以當地貨幣計算的盈利能力將相對穩定。由於合同自動扶梯以及 AFL 和 NRL 的擴展內容，我們預計第三季度的當地貨幣成本將高於上一年，因此盈利能力將偏向第四季度。

At Dow Jones, we remain focused on the integration of OPIS and CMA. January advertising trends were similar to December with revenues down versus the prior year, and we expect trends to remain challenged, especially given the ongoing pressures within the technology category, noting that visibility is limited as usual. As I mentioned earlier, we expect the rate of investment spending growth in the second half to be more modest than the first half rate, which should aid profitability.

在道瓊斯，我們仍然專注於 OPIS 和 CMA 的整合。 1 月份的廣告趨勢與 12 月份相似，收入與去年同期相比有所下降，我們預計趨勢仍將面臨挑戰，特別是考慮到技術類別的持續壓力，並指出可見度一如既往地有限。正如我之前提到的，我們預計下半年的投資支出增長率將低於上半年，這應該有助於盈利。

In Book Publishing, we are optimistic about our new release site, which should help with the performance in the second half, although near-term industry trading conditions have remained challenged.

在圖書出版方面，我們對我們的新發行網站持樂觀態度，這應該有助於提高下半年的業績，儘管近期行業交易條件仍然充滿挑戰。

At News Media, similar to the second quarter, we expect ongoing inflationary cost pressures, especially on newsprint prices, which will be balanced by targeted cost initiatives. We will continue to see incremental costs in relation to product investments, albeit at a lower rate than the second quarter.

在新聞媒體，與第二季度類似，我們預計持續的通脹成本壓力，尤其是新聞紙價格，將通過有針對性的成本舉措來平衡。我們將繼續看到與產品投資相關的增量成本，儘管增速低於第二季度。

And finally, in relation to the potential sale of Move and the special committee's work on the now withdrawn proposal, we expect to see some additional onetime transaction costs in the third quarter.

最後，關於 Move 的潛在出售和特別委員會對現已撤回的提案的工作，我們預計第三季度會出現一些額外的一次性交易成本。

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

說到這裡，就交給接線員問答吧。

(Operator Instructions) Our first question comes from Kane Hannan from Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的凱恩漢南。

Just 2 quick ones. One, just that 5% headcount reduction you're talking about, I mean we saw the 5% reduction for books. Do we think that's broadly consistent across the News Corp group? Or could it be more skewed to Dow Jones or NIS or some of the other segments? And then I'm trying my luck, obviously seen the Move and I take your comments, Susan. So how do I think about the importance of REA in the broader portfolio, if we assume that the Move sale was complete. And so some of the synergies of owning REA would diminish without the Move asset in the portfolio. So just interested any comments you can make there.

只有 2 個快速的。第一，你所說的裁員 5%，我的意思是我們看到書籍裁員 5%。我們認為這在整個新聞集團集團中大體一致嗎？或者它會更傾向於道瓊斯或 NIS 或其他一些細分市場嗎？然後我試試運氣，顯然看到了 Move，我接受你的評論，Susan。那麼，如果我們假設 Move 銷售已經完成，我如何看待 REA 在更廣泛的投資組合中的重要性。因此，如果投資組合中沒有 Move 資產，擁有 REA 的一些協同效應將會減弱。所以只對您可以在那裡發表的任何評論感興趣。

Okay. First of all, the 5% reduction will be across all businesses, and it will be conducted in coming months with a view to concluding this calendar year. We expect savings of the order of at least $130 million annualized.

好的。首先，所有業務都將減少 5%，並將在未來幾個月內進行，以期結束本日曆年。我們預計每年可節省至少 1.3 億美元的訂單。

As for REA, what I can say is that REA is a core part of our portfolio. It's a different company to move the -- and you can do the math for what REA is worth to us in terms of market cap, which is around AUD 16.6 billion and our shares around 61.4%. Obviously, we all (inaudible) gratitude for his digital property prescience. But we're very pleased with the way the business is progressing. You heard a little from Susan about the success that we're currently having in India where traffic was up 37% to 38 million uniques. And we've transferred the oversight of the India business to the REA team whether you expertise evidence and candidly, the time zones more sympathetic. So not only do we have the most successful property site in Australia, we have the largest digital property side in India. So tell me what that's worth now and what that will be worth in a decade from now.

至於 REA，我能說的是，REA 是我們投資組合的核心部分。這是一家不同的公司——你可以計算一下 REA 對我們的市值價值，市值約為 166 億澳元，我們的股份約為 61.4%。顯然，我們都（聽不清）感謝他對數字財產的先見之明。但我們對業務的發展方式感到非常滿意。你從 Susan 那裡聽說了我們目前在印度取得的成功，印度的流量增長了 37%，達到 3800 萬獨立用戶。我們已經將對印度業務的監督轉移給了 REA 團隊，無論您是否有證據，坦率地說，時區更有同情心。因此，我們不僅擁有澳大利亞最成功的房地產網站，我們還擁有印度最大的數字資產方面。所以告訴我現在值多少錢，十年後值多少錢。

Our next question comes from David Karnovsky from JPMorgan.

我們的下一個問題來自摩根大通的 David Karnovsky。

With Book Publishing, wondering if you could quantify the Amazon impact in the quarter or maybe relative to last quarter. And then you noted a slowing consumer demand generally, is that a function of post-pandemic behavior of the economy or just the titles that are in the market? And then Susan, any update on when you might expect some easing on the inflationary pressures there?

對於 Book Publishing，想知道您是否可以量化亞馬遜在本季度或相對於上一季度的影響。然後你注意到消費者需求普遍放緩，這是大流行後經濟行為的一個功能，還是僅僅是市場上的標題？然後是 Susan，關於什麼時候您可以預期那裡的通脹壓力會有所緩解的最新消息？

Well, first of all, it's difficult to specifically identify or quantify the Amazon effect, I didn't just say that it's real. And you can see from the fact that there was a 14% decline in revenues and segment EBITDA fell 52%, that the impact of inflation generally was profound. But let's be very clear, this is not the new normal. The relatively large EBITDA fall shows inflation, which over the past year, has risen significantly had an impact. And it was because of the mix of titles, so you've probably heard that physical was around 81% of the business in the most recent quarter. In the past, years, digital has been as much as 24% or 25%. And the physical is obviously more impacted by inflationary pressures given paper, printing and distribution. Susan?

好吧，首先，很難具體識別或量化亞馬遜效應，我並沒有說它是真實的。從收入下降 14% 和部門 EBITDA 下降 52% 的事實可以看出，通貨膨脹的影響總體上是深遠的。但讓我們非常清楚，這不是新常態。相對較大的 EBITDA 下降表明通貨膨脹在過去一年中顯著上升並產生了影響。這是因為標題的混合，所以你可能聽說最近一個季度實體業務約佔業務的 81%。在過去的幾年裡，數字已經高達 24% 或 25%。鑑於紙張、印刷和發行方面的通貨膨脹壓力，實體顯然更容易受到影響。蘇珊？

David, just in relation to Amazon, just to add a couple of points on that. One, we did see a slightly lower impact in Q2 than what we did in Q1. And actually, in January, we have seen Amazon sort of spending patterns return to relatively normal levels, albeit that is predicated on macro conditions going forward. Just in relation to inflation, unfortunately, I think we expect those inflationary impacts to continue through the balance of this fiscal year, which is one of the reasons that we've implemented the headcount reductions that we've talked about. .

大衛，就亞馬遜而言，只是想補充幾點。第一，我們確實看到第二季度的影響略低於第一季度。實際上，在 1 月份，我們已經看到亞馬遜的某種支出模式恢復到相對正常的水平，儘管這是基於未來的宏觀環境。不幸的是，就通貨膨脹而言，我認為我們預計這些通貨膨脹的影響將持續到本財政年度的餘額，這是我們實施我們所討論的裁員的原因之一。 .

Our next question comes from Craig Huber from Huber Research.

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

Craig.

克雷格。

(Operator Instructions)

（操作員說明）

Two questions if I could real quick. If you can hear me, in your equity investment line, you had like a $29 million loss there. Can you explain that, if you would, please. And second, is there sort of recurring here for next few quarters? And separate from that, I want to ask you, CMA and the OPIS acquisitions, what was the organic revenue growth there if you had owned it in both periods, please, in the quarter?

如果我能真正快速地回答兩個問題。如果你能聽到我的話，在你的股權投資領域，你在那裡損失了 2900 萬美元。你能解釋一下嗎，如果你願意的話。其次，在接下來的幾個季度中是否會再次出現這種情況？除此之外，我想問你，CMA 和 OPIS 的收購，如果你在兩個時期都擁有它，請問你在這個季度的有機收入增長是多少？

Craig, I'll just -- I'll take these. So the first question in relation to the equity losses, we've actually got a small investment in a wagering platform down in Australia, the sub USD 50 million investment, and the quarter reflects some start-up losses in relation to that venture. I think importantly, we don't expect that equity loss reflected in Q2 to be the run rate going forward.

克雷格，我會——我會接受這些。因此，關於股權損失的第一個問題，我們實際上對澳大利亞的一個投注平台進行了小額投資，投資額低於 5000 萬美元，該季度反映了與該企業相關的一些啟動虧損。我認為重要的是，我們預計第二季度反映的股權損失不會成為未來的運行率。

And then just in relation to OPIS and CMA, we don't break out the run rate for that going forward. But you can see from the adjusted revenues DJ revenues up 1%, and you can see the impact of what the reported numbers were.

然後就 OPIS 和 CMA 而言，我們不會打破未來的運行率。但你可以從調整後的收入中看到 DJ 收入增長了 1%，你可以看到報告數字的影響。

And our next question comes from Entcho Raykovski from Credit Suisse.

我們的下一個問題來自瑞士信貸的 Entcho Raykovski。

Just 1 very quick clarification around the 5% head count reduction, and I'd appreciate that must be a difficult decision. Presumably, that only applies to the wholly owned assets and not REA. And then just secondly, I appreciate you're not talking about the sale of Move specifically. But assuming it was to go ahead, how do you think about the use of the proceeds, given they could be reasonably material. Are you thinking about reinvestment? Or are you thinking about further returns to shareholders?

只需快速澄清 5% 的人數減少，我認為這一定是一個艱難的決定。據推測，這僅適用於全資擁有的資產，而不適用於 REA。其次，我很感激你沒有專門談論 Move 的銷售。但假設它繼續進行，你如何看待收益的使用，因為它們可能是相當重要的。你在考慮再投資嗎？還是您正在考慮進一步回報股東？

Entcho, obviously, REA is a separate listed company, but I think I can assure you that they are very much focused on cost reduction in the present climate and you'll be able to hear more from the REA team a little later. Look, I can only speak generally about capital allocation. We're constantly reviewing our capital allocation policies. As I said earlier, we're committed to our $1 billion buyback to our dividend program. And obviously, we're going to consider further measures given the potential proceeds of the Move deal and the savings inherent in the cost-cutting program we've announced today. But we'll also be opportunistic on investment as OPIS and CMA providentially proved, and we'll seek to share those profits -- that providence with shareholders.

Entcho，顯然，REA 是一家獨立的上市公司，但我想我可以向你保證，他們非常注重在當前環境下降低成本，稍後你將能夠從 REA 團隊那裡聽到更多信息。看，我只能籠統地談談資本配置。我們不斷審查我們的資本配置政策。正如我之前所說，我們致力於將 10 億美元回購給我們的股息計劃。顯然，鑑於 Move 交易的潛在收益以及我們今天宣布的成本削減計劃所固有的節省，我們將考慮採取進一步措施。但正如 OPIS 和 CMA 天意證明的那樣，我們也會在投資上採取機會主義態度，我們將尋求與股東分享這些利潤——天意。

Our next question comes from Alan Gould from Loop Capital.

我們的下一個問題來自 Loop Capital 的 Alan Gould。

I've got 2, please. Robert, we're seeing the U.S. streaming companies sort of get religion and now looking for profits as opposed to just growth. How does that impact Foxtel? I know Foxtel had gotten a lot of its content from HBO and some of the other U.S. companies. So does it now appear that, that content will stay on Foxtel as opposed to those companies that are starting their own streaming areas? And secondly, you talked about one of your policies being simplification. Obviously, selling Move would help for simplification, but are there any other simplification moves we're seeing?

我有2個，謝謝。羅伯特，我們看到美國流媒體公司有點信奉宗教，現在正在尋求利潤，而不僅僅是增長。這對 Foxtel 有何影響？我知道 Foxtel 從 HBO 和其他一些美國公司那裡獲得了很多內容。那麼現在看來，這些內容會保留在 Foxtel 上，而不是那些開始自己的流媒體區域的公司嗎？其次，您談到了您的一項政策是簡化。顯然，出售 Move 有助於簡化，但我們是否看到了任何其他簡化舉措？

Well, first of all, I think we've spoken on past calls about the prospect of Imperial overstretch among some of the U.S. entertainment companies. I think that prognostication is indeed coming to pass. And it also shows you the value of the Foxtel platform. It's of itself clearly a success story, not only for our company for Australia, but globally. They've got the streaming mix right. They've secured the sports rights long term that would truly matter to viewers and not only 1 sport in 1 region, but across sports and regions. And looking here from New York, Foxtel genuinely being transformed by much toil and sustained sagacity and it has evolved from what you might call euphemistically, a complicated situation to a genuine opportunity, and we will be opportunistic with that opportunity.

好吧，首先，我認為我們在過去的電話會議上談到了一些美國娛樂公司過度擴張的前景。我認為預言確實要實現了。它還向您展示了 Foxtel 平台的價值。它本身顯然是一個成功的故事，不僅對我們公司在澳大利亞，而且在全球範圍內都是如此。他們有正確的流媒體組合。他們已經獲得了對觀眾真正重要的長期體育權利，不僅是一個地區的一項運動，而且是跨運動和跨地區的。從紐約看這裡，Foxtel 真正地通過大量的辛勤工作和持續的智慧而轉變，它已經從你可能委婉地說的複雜情況演變為真正的機會，我們將抓住這個機會。

And then the question on simplification.

然後是關於簡化的問題。

As for simplification, look, simplification and transparency, obviously important, as you can see by how the company is involved in recent years. We've broken out the Dow Jones numbers, which shed some light, not only on its potential and potency, but on the situation of -- and revival of News Media, as you know, the New York Post was profitable last year and will be likely to be profitable again this year, and that profitability should increase over time. And you know that in that sector, we've sold News America Marketing, which became more peripheral over time given the changes in that sector. The peripheral is we're not the integral. But simplification does not mean reductio ad observers. And it does mean focusing on core growth engines which is why we've invested in the Professional Information Business at Dow Jones and the fruits of that investment already obvious, even in difficult trading conditions overall.

至於簡化，看，簡化和透明，顯然很重要，從公司近年來的參與方式就可以看出。我們已經打破了道瓊斯的數字，這不僅揭示了它的潛力和效力，還揭示了新聞媒體的情況和復興，如你所知，紐約郵報去年盈利，並將今年很可能再次盈利，而且盈利能力應該會隨著時間的推移而增加。你知道，在那個部門，我們已經出售了新聞美國營銷，隨著時間的推移，鑑於該部門的變化，它變得更加外圍。外圍是我們不是整體。但簡化並不意味著減少觀察者。這確實意味著專注於核心增長引擎，這就是我們投資道瓊斯專業信息業務的原因，這項投資的成果已經顯而易見，即使在整體交易條件困難的情況下也是如此。

And our next question comes from Brian Han from Morningstar.

我們的下一個問題來自 Morningstar 的 Brian Han。

Robert, you mentioned making price adjustments where necessary. Where do you see the priority divisions for such adjustments from this point onwards?

羅伯特，你提到在必要時進行價格調整。從現在開始，您認為此類調整的優先級劃分在哪裡？

Maybe I can take that, Brian. I mean, look, I think we've all -- we've got opportunities in each of our segments. We take cover price increases as it pertains to the mastheads across news media, the journal. We're constantly having our yields from advertising to see what we can do to maximize those. As I've mentioned in my commentary, we've just recently announced price rise at Kayo that goes to the strength of the products down there. We had a price rise on BINGE not so long ago. And we've also been having a look at price rises across half the column. So actually, we have a lot of pricing power and we think about our different segments, and we really just assess the market conditions as we work our way through what's appropriate.

也許我可以接受，布賴恩。我的意思是，看，我認為我們都有 - 我們在每個細分市場都有機會。我們採取封面價格上漲，因為它與新聞媒體、期刊的標頭有關。我們不斷地從廣告中獲得收益，看看我們可以做些什麼來最大化這些收益。正如我在評論中提到的那樣，我們最近剛剛宣布 Kayo 的價格上漲，這會影響那裡產品的實力。不久前我們的 BINGE 價格上漲。我們也一直在關注半數專欄的價格上漲。所以實際上，我們有很多定價權，我們考慮我們的不同細分市場，我們真的只是在評估市場狀況時通過合適的方式工作。

Next question comes from [Johnny Quinn] from Evans and Partners.

下一個問題來自 Evans and Partners 的 [Johnny Quinn]。

I just wanted to ask on the interest in the advertising tier and being so far. Like I know Netflix had some issues launching in Australia. We've done (inaudible), but not enough audience. So I just wanted to see your thoughts on any strategies around this as well.

我只是想問一下對廣告層的興趣以及到目前為止。我知道 Netflix 在澳大利亞推出時遇到了一些問題。我們已經完成（聽不清），但聽眾還不夠。所以我也想看看你對這方面的任何策略的看法。

Look, I think we're just doing a soft launch in relation to the ad tier down in Foxtel. It hasn't yet launched. So we haven't got any learnings from that, and we just expect a modest uptick in the current financial year as a consequence of that launching later in the fiscal year. So we'll have more learnings from that once we've got it out in the marketplace. .

看，我認為我們只是在 Foxtel 中進行與廣告層相關的軟啟動。它尚未啟動。因此，我們沒有從中吸取任何教訓，我們只是預計由於本財年晚些時候推出，本財年會出現適度增長。因此，一旦我們將其推向市場，我們就會從中學到更多東西。 .

Our next question comes from Darren Leung from Macquarie.

我們的下一個問題來自麥格理的 Darren Leung。

I just wanted to ask quickly, in the release, it indicates some in relation to REALTOR or Move that as part of the transaction is to create shareholder value and strengthen REALTOR'S competitive position. So I appreciate not talking about the transaction as such. But can you give us an idea as to what strengthened competitive position looks like, please?

我只是想快速問一下，在發布中，它表明一些與 REALTOR 或 Move 有關的交易是為了創造股東價值並加強 REALTOR 的競爭地位。所以我很感激沒有談論這樣的交易。但是你能給我們一個關於加強競爭地位的想法嗎？

Look, sorry, Darren, to be so cherry or so circumspect, but we really can't say any more about the discussion, so you'll have to stay tuned. You can presume that we are very much focused on shareholder value and we would have an ongoing role in value creation. Those are imperatives and always been the imperative of News Corporation. I have to say in passing, and we have much respect to CoStar as a company, its leadership, what they've created, what they could create, what they could do for competition in a very competitive digital real estate market here and frankly, how we could partner with.

抱歉，Darren，如此謹慎或謹慎，但我們真的不能對討論再多說什麼，所以你必須繼續關注。您可以假設我們非常關注股東價值，並且我們將在價值創造方面發揮持續作用。這些都是當務之急，而且一直是新聞集團的當務之急。我不得不順便說一句，我們非常尊重 CoStar 作為一家公司，它的領導層，他們創造了什麼，他們可以創造什麼，他們可以為這裡競爭非常激烈的數字房地產市場的競爭做些什麼，坦率地說，我們如何合作。

And look, I think I'd also add that it is important for us if and when we complete any sale, what actually goes to an owner where we believe we'll continue to invest and grow that business going forward. I think that's important for any assets that we look to sell.

看，我想我還要補充一點，這對我們來說很重要，如果我們完成任何銷售，當我們完成任何銷售時，我們相信我們將繼續投資和發展該業務的所有者實際上是什麼。我認為這對我們希望出售的任何資產都很重要。

At this time, we have no further questions. So I'll hand back to Michael Florin for closing remarks.

目前，我們沒有進一步的問題。因此，我將交還給 Michael Florin 作結束語。

Great. Well, thank you, Leila, and thank you all for participating. We look forward to talking to you soon. Have a wonderful day to talk to you soon.

偉大的。嗯，謝謝你，Leila，也謝謝大家的參與。我們期待盡快與您交談。祝您有美好的一天與您交談。