News Corp (NWSA) 2023 Q3 法說會逐字稿

Welcome to News Corp's Third 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 財年第三季度收益電話會議。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 Third 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. 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.

非常感謝你，接線員。大家好，歡迎來到新聞集團 2023 財年第三季度財報電話會議。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。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開場，然後我們將很樂意回答投資界的問題。

This call may include certain forward-looking information with respect to News Corp's business and strategy. Actual results could differ materially from what is said. News Corp's Form 10-K and Form 10-Q filings identify risks and uncertainties that could cause actual results to differ and contain caution statements regarding forward-looking information. Additionally, this call will include certain non-GAAP financial measurements such as total segment EBITDA, adjusted segment EBITDA and adjusted EPS. The definitions and GAAP to non-GAAP reconciliations of such measures can be found in the earnings release for the applicable periods posted on our website.

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告聲明。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. Before discussing our results for the third quarter of fiscal year 2023, it is particularly important to begin by noting that today marks the 44th day in captivity for Wall Street Journal reporter Evan Gershkovich, who was wrongfully, willfully detained in Russia. I would like to express our thanks and that of Almar Latour, Emma Tucker and all at Dow Jones for the outstanding support shown for Evan and his family by the U.S. and many other governments, media companies, journalism organizations and concerned principled people around the world. We trust that justice and common sense will prevail, and that Evan will soon be released.

謝謝你，邁克。在討論我們 2023 財年第三季度的業績之前，特別重要的是首先要指出，今天是《華爾街日報》記者埃文·格甚科維奇 (Evan Gershkovich) 被非法、故意拘留在俄羅斯的第 44 天。我要感謝美國和許多其他政府、媒體公司、新聞機構和世界各地有原則的相關人士對埃文和他的家人所提供的出色支持，以及我們和阿爾瑪·拉圖爾、艾瑪·塔克以及道瓊斯全體員工的感謝.我們相信正義和常識會佔上風，埃文很快就會獲釋。

Turning now to the third quarter results. We began to see meaningful improvements compared to the prior quarter with certain macro and sectoral trends more positive and our cost-cutting program beginning to gain traction. For context, these earnings follow record revenues and profitability in fiscal 2022, and we have been confronting the challenges of foreign exchange volatility, a surge in interest rates, persistent inflation and ongoing supply chain disruptions. Our results demonstrate the fundamental differences in the character of News Corp compared with other media companies. In a period in which advertising activity was clearly insipid in certain parts of the world, our core nonadvertising revenue was particularly robust, highlighted by a 38% increase in revenues at the Dow Jones Professional Information business.

現在轉向第三季度的結果。與上一季度相比，我們開始看到有意義的改善，某些宏觀和行業趨勢更加積極，我們的成本削減計劃開始獲得牽引力。就背景而言，這些收益是在 2022 財年創紀錄的收入和盈利能力之後出現的，我們一直面臨著外匯波動、利率飆升、持續通貨膨脹和持續供應鏈中斷的挑戰。我們的結果表明，與其他媒體公司相比，新聞集團在性格上存在根本差異。在世界某些地區廣告活動明顯平淡的時期，我們的核心非廣告收入特別強勁，道瓊斯專業信息業務的收入增長了 38%。

For the quarter, total revenues were over $2.4 billion, down only 2% year-over-year as compared to the 7% decline in Q2. Adjusted revenues, excluding our acquisitions and distinctly unfavorable ForEx movements, equaled those of last year. Meanwhile, profitability was $320 million, down 11% despite a tough prior year comparison and the just articulated external pressures. As for the company-wide cost reduction drive, we are well advanced in taking the difficult but necessary step of reducing headcount by 5%, which is now expected to yield more than $160 million in annualized savings by the end of this calendar year. In addition, we are strictly scrutinizing spending across all categories and expect further savings as we strive for efficiency and efficacy.

本季度總收入超過 24 億美元，同比僅下降 2%，而第二季度的降幅為 7%。調整後的收入，不包括我們的收購和明顯不利的外匯走勢，與去年持平。與此同時，盈利能力為 3.2 億美元，下降了 11%，儘管與去年同期相比很艱難，而且外部壓力也很明顯。至於全公司範圍內的成本削減計劃，我們在採取艱難但必要的步驟裁員 5% 方面進展順利，目前預計到本日曆年年底將產生超過 1.6 億美元的年度節省。此外，我們正在嚴格審查所有類別的支出，並期望在我們努力提高效率和功效的同時進一步節省開支。

There has been much discussion, some of it was enlightened, some not so, about the potential impact of generative AI, and there is no doubt that it will profoundly affect the media business. Candidly, generative AI may pose a challenge to our intellectual property and to the future of journalism. As those who've experimented with ChatGPT will be aware, the answers are only as insightful and factual as the source material and are more retrospective than contemporary. Given those precepts, we see 3 areas in which our content will be used by generative AI creators whose products will be enhanced by our IP for which we should be compensated.

關於生成人工智能的潛在影響，已經有很多討論，有些是開明的，有些不是，毫無疑問，它將對媒體業務產生深遠的影響。坦率地說，生成式人工智能可能對我們的知識產權和新聞業的未來構成挑戰。正如那些嘗試過 ChatGPT 的人會意識到的那樣，答案只與源材料一樣有見地和真實，並且比當代更具回顧性。鑑於這些規則，我們看到我們的內容將在 3 個領域被生成 AI 創作者使用，他們的產品將通過我們的 IP 得到增強，我們應該為此得到補償。

Firstly, our content will inevitably be used as has already been exploited to train AI engines. Secondly, specific examples of our content will be surfaced in response to users' AI queries. And thirdly and crucially, our content will certainly be aggregated and synthesized and those answers monetized by other parties. We expect our fair share of that monetization.

首先，我們的內容將不可避免地被用來訓練人工智能引擎。其次，我們的內容的具體示例將響應用戶的 AI 查詢而浮出水面。第三，也是至關重要的，我們的內容肯定會被聚合和合成，而這些答案將由其他方貨幣化。我們期望我們公平地分享這種貨幣化。

Generative AI cannot be degenerative AI. The digital debate over content and journalism has evolved significantly in the past few years. And we appreciate the social and commercial commitment of our partners at Google, Apple, Microsoft and Meta. The A in AI cannot be ambiguity nor can the I represent ignorance. Integrity would be more apt, which brings us to Dow Jones, among the world's foremost and most trusted purveyors of business news, data and analysis.

生成式 AI 不能是退化 AI。關於內容和新聞的數字辯論在過去幾年中發生了重大變化。我們感謝我們的合作夥伴 Google、Apple、Microsoft 和 Meta 的社會和商業承諾。 AI 中的 A 不能是歧義，I 也不能代表無知。誠信更合適，這讓我們想到了道瓊斯，它是世界上最重要、最值得信賴的商業新聞、數據和分析供應商之一。

The third quarter reflected its robust revenue generation even in testing economic times. And as I mentioned, was highlighted by the burgeoning of our professional information business, which reported a 38% surge in revenues, including a 16% rise at our Risk & Compliance business, and that number was negatively affected by ForEx fluctuations. Dow Jones has certainly benefited from the acquisitions of OPIS and CMA, which continued their high-margin growth in recent months. We will be expanding their product offerings over the next year with particular emphasis on renewables and carbon metrics, and we are confident of many years of strong growth ahead. Digital revenues accounted for 79% of all revenues at Dow Jones, a significant increase from the 60% level during fiscal 2018. Aside from the professional information business, digital subscriptions continue to grow up 9% to 3.3 million at The Wall Street Journal and up 10% to 4.3 million at Dow Jones as a whole, with total subscriptions now at 5.1 million despite print subscriptions, obviously being under some pressure.

第三季度反映了其強勁的創收能力，即使在經濟考驗時期也是如此。正如我所提到的，我們專業信息業務的蓬勃發展突顯了這一點，該業務的收入增長了 38%，其中包括我們的風險與合規業務增長 16%，而這一數字受到外匯波動的負面影響。道瓊斯無疑從 OPIS 和 CMA 的收購中受益，它們在最近幾個月繼續保持高利潤增長。我們將在明年擴大他們的產品供應，特別強調可再生能源和碳指標，我們對未來多年的強勁增長充滿信心。數字收入佔道瓊斯所有收入的 79%，比 2018 財年的 60% 水平有了顯著增長。除了專業信息業務外，《華爾街日報》及以上的數字訂閱量繼續增長 9%，達到 330 萬道瓊斯整體訂閱量增加 10% 至 430 萬，儘管有印刷版訂閱，但總訂閱量目前為 510 萬，顯然承受著一定的壓力。

The strong performance overall came despite an insipid ad market in the U.S. with continued weakness in tech advertising, so we did see an improvement in demand in April. So the auguries have improved. Dare I say, the failure of Silicon Valley Bank has been a catalyst for other U.S. financial institutions to try to reassure customers and highlight their own solidity. And The Wall Street Journal, Barron's and MarketWatch are vital platforms for any financial firm aspiring to bolster its credentials. In Australia, Foxtel Group continues to build on its streaming success. Streaming now accounts for 2/3 of the total Foxtel subscription base. And that revenue growth is more than offsetting the decline in broadcast. Fears that our world-class streaming products would be a catalyst for cannibalization have been unfounded. Broadcast churn is at near record low levels with Foxtel retail churn in March under 10%. That success is also a tribute to our marketing and customer service teams at Foxtel and to the leadership of Patrick Delany and Siobhan McKenna.

儘管美國廣告市場表現平淡，科技廣告持續疲軟，但總體表現依然強勁，因此我們確實看到 4 月份的需求有所改善。因此，占卜有所改善。我敢說，矽谷銀行的失敗一直是其他美國金融機構試圖安撫客戶並強調自身實力的催化劑。 《華爾街日報》、《巴倫周刊》和 MarketWatch 是任何希望提升其信譽的金融公司的重要平台。在澳大利亞，Foxtel Group 繼續鞏固其在流媒體方面的成功。流媒體現在佔 Foxtel 訂閱總數的 2/3。這種收入增長足以抵消廣播業務的下滑。擔心我們的世界級流媒體產品會成為蠶食的催化劑是沒有根據的。廣播流失率接近歷史最低水平，3 月份 Foxtel 零售流失率低於 10%。這一成功也歸功於我們在 Foxtel 的營銷和客戶服務團隊以及 Patrick Delany 和 Siobhan McKenna 的領導。

As at the end of March, Binge, our entertainment streaming product, launched advertising on its basic service, adding a new lucrative revenue stream. Interest from advertisers has been ardent as the initial phase of packages were sold out. We have demand and seemingly some flexibility on pricing in the months and years ahead. After a couple of tough quarters, fortunes have certainly improved at HarperCollins with a bevy of bestsellers and some moderation of supply chain snafus. Margins were higher in the third quarter compared to the first half. We also have an attractive roster of books in this in upcoming quarters. So we believe we are on a journey to the sunlit uplands. Amazon's orders improved in the quarter, and our titles prospered in particular, Ron DeSanit's', The Courage to be Free; Barbara Kingsolver's, Demon Copperhead; as well as Colleen Hoover and Tarryn Fisher's, Never Never; and Ben Halls, Saved.

截至 3 月底，我們的娛樂流媒體產品 Binge 在其基本服務上投放了廣告，增加了一個新的利潤豐厚的收入來源。由於初始階段的套餐已售罄，廣告商的興趣一直很濃厚。在未來的幾個月和幾年裡，我們有需求，而且似乎在定價方面有一些靈活性。在經歷了幾個艱難的季度之後，HarperCollins 的財富肯定有所改善，推出了一批暢銷書，供應鏈混亂也有所緩和。與上半年相比，第三季度的利潤率更高。在接下來的幾個季度中，我們也有一個有吸引力的書籍名冊。所以我們相信我們正在前往陽光普照的高地。亞馬遜的訂單在本季度有所改善，我們的圖書尤其是 Ron DeSanit 的 The Courage to be Free 大賣； Barbara Kingsolver's，惡魔銅斑魚；以及 Colleen Hoover 和 Tarryn Fisher 的 Never Never；和本·霍爾斯，得救了。

In the fourth quarter, Kat Timpf is already topping bestseller list with You Can't Joke About That. If I could make a self-interested recommendation, it is worth a read or a listen. Last week, we also published the latest incarnation of the Magnolia Table Cookbook. We are justifiably optimistic about prospects for the Bridgerton prequel Queen Charlotte by Julia Quinn and Shonda Rhimes, which went on sale this week, coinciding with the launch of the new Netflix series. The News Media segment reported a substantial improvement over the second quarter with advertising in constant currency increasing 2%, though down 5% in U.S. dollars. This increase was a vastly different outcome to that of most media companies in most countries. We are confident that our teams are more skilled in sharing advertising insights across borders and platforms, and that innate intelligence is reflected in our revenue numbers.

在第四季度，Kat Timpf 已經憑藉《你不能開玩笑》登上暢銷書榜首。如果我能提出一個符合自身利益的建議，那麼它值得一讀或一聽。上週，我們還發布了 Magnolia Table Cookbook 的最新版本。我們有理由對 Julia Quinn 和 Shonda Rhimes 的布里奇頓前傳夏洛特女王的前景持樂觀態度，該片於本週發售，恰逢新 Netflix 系列的推出。新聞媒體部門報告稱，與第二季度相比有了顯著改善，以固定匯率計算的廣告增長了 2%，但以美元計算下降了 5%。這種增長與大多數國家/地區的大多數媒體公司的增長結果截然不同。我們相信，我們的團隊更善於跨界和跨平台分享廣告見解，而我們的收入數字反映了與生俱來的智慧。

One success story is the sun.com, where total page views in the quarter surged 94% year-over-year, reaching close to 1 billion views. The site, which has benefited from the partnership with the New York Post and our other U.S. properties, has triumphed in tough times, and notably, The Sun's U.S. digital advertising revenues now exceed those of the British platform. In the U.K., connected listing hours at wireless hit an all-time high, reaching an average of 8.4 million per week in the quarter, a 10% increase from the prior year and reflective of our superb coverage of the Premier League, which reaches its seasonal crescendo in coming days, hopefully with an against-the-odds triumph by Arsenal. And as for the New York Post, the previously perennial lossmaker continues to be profitable in the third quarter and to build on its important influence on the national debate.

一個成功案例是 sun.com，該季度的總頁面瀏覽量同比激增 94%，瀏覽量接近 10 億次。該網站受益於與《紐約郵報》和我們在美國的其他資產的合作，在艱難時期取得了勝利，值得注意的是，太陽報在美國的數字廣告收入現已超過英國平台。在英國，無線連接上市時間創下歷史新高，本季度平均每周達到 840 萬，比上一年增長 10%，這反映了我們對英超聯賽的出色報導，該聯賽達到了未來幾天季節性漸強，希望阿森納能夠戰勝困難。至於紐約郵報，這家此前常年虧損的公司在第三季度繼續盈利，並在全國辯論中發揮重要影響力。

Engagement at The Post digital properties rose 4% over the prior year to 690 million page views in March, providing a powerful platform for its compelling content. At Digital Real Estate Services, obviously enough, the interest rate surged and accompanying uncertainty in the housing market have had an impact in the U.S. and Australia, but these are not permanent conditions and the digitization of the property market is far from complete. There were signs of improvement in the market this quarter, but we understand that the increase in rates has had an impact on affordability and created uncertainty for potential house sellers and buyers. When that uncertainty evaporates, we'll be primed to take full advantage of the opportunity. In the midst of the challenges, realtor is focusing on adjacencies, particularly on the sell side and rental segments, and we are continuing to see benefits from the use of our media platforms, among others, the wsj.com, New York Post and the U.S. edition of The Sun to drive brand recognition and generate traffic.

3 月份，The Post 數字資產的參與度較上年同期增長 4%，達到 6.9 億次頁面瀏覽量，為其引人入勝的內容提供了一個強大的平台。在 Digital Real Estate Services，很明顯，利率飆升以及隨之而來的房地產市場不確定性對美國和澳大利亞產生了影響，但這些都不是永久性的條件，房地產市場的數字化還遠未完成。本季度市場出現好轉跡象，但據我們了解，利率上升對負擔能力產生了影響，並給潛在的房屋買賣雙方帶來了不確定性。當這種不確定性消失時，我們將準備好充分利用這個機會。在挑戰中，房地產經紀人專注於鄰接業務，尤其是賣方和租賃部門，我們繼續看到使用我們的媒體平台（其中包括 wsj.com、紐約郵報和美國版 The Sun 旨在提高品牌知名度並產生流量。

The result of that campaign was seen in the past quarter, and we expect they will continue to be seen in coming quarters. Since the campaign began in February, the project has generated more than 0.5 billion impressions, and showing the unique power we have to bolster brands and turbocharge traffic. Realtor.com also further integrated UpNest into its seller experiences in Q3, and is seeing significantly higher conversion rates. At REA, revenues were softer in Q3 compared to the prior year due to the lower listing volume that we are seeing encouraging signs with realestate.com.au, reaching almost 132 million visits in March, the highest total in 16 months and the fifth highest on record. With indications that prices and demand are again strengthening in Australia, we believe we are poised to prosper.

該活動的結果在上個季度已經顯現，我們預計它們將在未來幾個季度繼續顯現。自該活動於 2 月開始以來，該項目已經產生了超過 5 億次展示，展示了我們在提升品牌和增加流量方面的獨特力量。 Realtor.com 還在第三季度進一步將 UpNest 整合到其賣家體驗中，並且轉化率顯著提高。在 REA，第三季度的收入較上年同期有所下降，原因是我們在 realestate.com.au 上看到了令人鼓舞的跡象，即 3 月份的訪問量達到近 1.32 億次，是 16 個月以來的最高總訪問量，排名第五記錄在案。有跡象表明澳大利亞的價格和需求再次走強，我們相信我們已經做好了繁榮的準備。

And that is also true in India, where housing.com is the leading digital property platform and saw 21% year-over-year growth in average site visits in the quarter. It is worth noting this metric, as India has just passed China as the most populous country and continues to have relative political stability and enormous economic potential.

在印度也是如此，housing.com 是領先的數字房地產平台，本季度的平均網站訪問量同比增長 21%。值得注意的是這一指標，因為印度剛剛超過中國成為人口最多的國家，並繼續擁有相對穩定的政治和巨大的經濟潛力。

As I said at the outset, there has been much tangible progress in the third quarter. And the auguries are certainly positive for coming quarters. We will absolutely focus on our core engines of growth and prioritize simplification, cost reductions and thoughtful capital stewardship. We remain committed to constantly reviewing our structure and to creating enduring value for our shareholders. And now to provide more insight into third quarter developments, I turn to Susan Panuccio.

正如我一開始所說，第三季度取得了很多切實進展。未來幾個季度的預兆肯定是積極的。我們將絕對專注於我們的核心增長引擎，並優先考慮簡化、降低成本和周到的資本管理。我們仍然致力於不斷審查我們的結構，並為我們的股東創造持久的價值。現在，為了更深入地了解第三季度的發展，我求助於 Susan Panuccio。

Thank you, Robert. Our financial results this quarter demonstrated tangible improvements from the first half, which combined with the implementation of our aggressive cost actions, should position News Corp well for fiscal 2024. We Third quarter total revenues were over $2.4 billion, down just 2% year-over-year, which was a significant improvement from the second quarter rate and included a $98 million or 4% negative impact from foreign currency headwinds. Excluding the impact of foreign currency fluctuations, acquisitions and divestitures, third quarter adjusted revenues were flat compared to the prior year with improving trends at the News Media subscription video services and Book Publishing segments, offset by the decline at Digital Real Estate Services segment. Advertising trends were mixed across our geographies. Total segment EBITDA was $320 million, 11% lower compared to the prior year's record Q3 profits. Results included $7 million of professional fees related to the proposed merger with Fox and the potential sale of Move. Adjusted total segment EBITDA declined 15% versus the prior year.

謝謝你，羅伯特。我們本季度的財務業績比上半年有了明顯改善，再加上我們積極的成本行動的實施，應該會使新聞集團在 2024 財年處於有利地位。我們第三季度的總收入超過 24 億美元，同比僅下降 2% -year，這比第二季度的利率有了顯著改善，其中包括外匯逆風帶來的 9800 萬美元或 4% 的負面影響。排除匯率波動、收購和資產剝離的影響，第三季度調整後的收入與上年同期相比持平，其中新聞媒體訂閱視頻服務和圖書出版部門的趨勢有所改善，被數字房地產服務部門的下滑所抵消。我們所在地區的廣告趨勢喜憂參半。總分部 EBITDA 為 3.2 億美元，比去年創紀錄的第三季度利潤低 11%。結果包括 700 萬美元的專業費用，這些費用與擬議中的與 Fox 的合併以及 Move 的潛在出售有關。調整後的總分部 EBITDA 與上一年相比下降了 15%。

For the quarter, we reported earnings per share of $0.09 compared to $0.14 in the prior year. Adjusted earnings per share were also $0.09 in the quarter compared to $0.16 in the prior year.

本季度，我們報告的每股收益為 0.09 美元，而去年同期為 0.14 美元。本季度調整後的每股收益也為 0.09 美元，而去年同期為 0.16 美元。

Before I discuss the quarter, I wanted to provide an update on our headcount reduction program. Reductions across the business units will vary given the differing nature of our businesses and cost work done to date. We currently expect the annualized growth cost savings to exceed $160 million, up from our initial estimate of at least $130 million with the majority of the savings to be reflected in fiscal 2024. We also expect to incur approximately $90 million to $100 million of cash restructuring charges related to the headcount reductions in the second half of fiscal 2023.

在討論本季度之前，我想提供有關裁員計劃的最新信息。鑑於我們業務的不同性質和迄今為止完成的成本工作，各業務部門的削減幅度將有所不同。我們目前預計年化增長成本節省將超過 1.6 億美元，高於我們最初估計的至少 1.3 億美元，其中大部分節省將反映在 2024 財年。我們還預計將進行約 9000 萬至 1 億美元的現金重組與 2023 財年下半年裁員相關的費用。

Moving on to the results of the individual reporting segments, starting with Digital Real Estate Services. Segment revenues were $363 million, down 13% compared to the prior year, impacted by the ongoing macroeconomic pressures on both the U.S. and the Australian housing markets. The results include a negative impact of $13 million or 3% from foreign currency fluctuations. On an adjusted basis, segment revenues decreased 10%. Segment EBITDA declined 26% to $102 million, impacted by lower revenues, the negative impact related to currency headwinds and higher costs related to REA India, partially offset by lower costs at Move.

從數字房地產服務開始，繼續討論各個報告部分的結果。受美國和澳大利亞房地產市場持續的宏觀經濟壓力影響，該部門收入為 3.63 億美元，比上年下降 13%。結果包括外匯波動帶來的 1300 萬美元或 3% 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 26% 至 1.02 億美元，受收入下降、與貨幣逆風相關的負面影響以及與 REA India 相關的成本上升的影響，部分被 Move 的成本下降所抵消。

Adjusted segment EBITDA declined 24%. REA revenues were $222 million, which declined 10% on a reported basis or down 4% on a constant currency basis. The revenue decline was primarily driven by lower residential revenues and to a lesser extent, softness in financial services. In the quarter, Australia national residential buy listings were down 12%, with Sydney and Melbourne down 20% and 18%, respectively. Those declines were partially offset by the annual price increases in the residential and commercial businesses increased uptake in premium products, including Premier Plus, favorable depth penetration and another robust performance from REA India, which maintained its audience leadership. Like our other businesses at News Corp, REA is taking steps to reduce expenses with a focus on discretionary operational spend and marketing costs. Please refer to REA's earnings release and their conference call following this call for more details.

調整後的部門 EBITDA 下降了 24%。 REA 收入為 2.22 億美元，按報告基礎下降 10%，按固定匯率計算下降 4%。收入下降的主要原因是住宅收入下降，其次是金融服務業疲軟。本季度，澳大利亞全國住宅購買掛牌量下降了 12%，其中悉尼和墨爾本分別下降了 20% 和 18%。這些下降部分被住宅和商業業務的年度價格上漲所抵消，包括 Premier Plus 等優質產品的增加、有利的深度滲透以及 REA India 的另一項強勁表現，保持了其受眾領導地位。與我們在新聞集團的其他業務一樣，REA 正在採取措施減少開支，重點是可自由支配的運營支出和營銷成本。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 $141 million, down 17% compared to the prior year. Real estate revenues were down 23%, driven by lower lead and transaction volumes, reflecting broader housing market challenges. Lead volume fell 30%, while Realtor's average monthly unique users declined 24% to $72 million in the third quarter based on internal metrics, yet up from the $66 million in the second quarter. Realtor has been focusing on optimizing revenues via a prioritized set of initiatives while managing operating expenses as the business weathers ongoing market headwinds. Initiatives include enhancing media advertising placements, including implementing a broader partnership with the businesses across News Corp; optimizing lead allocation across markets; accelerating our go direct path for new homes; and building out the rentals vertical.

Move 的收入為 1.41 億美元，比上年下降 17%。房地產收入下降了 23%，受鉛和交易量下降的推動，反映出更廣泛的房地產市場挑戰。根據內部指標，第三季度 Realtor 的平均每月獨立用戶數量下降 30%，下降 24% 至 7,200 萬美元，但高於第二季度的 6,600 萬美元。 Realtor 一直專注於通過一系列優先計劃來優化收入，同時在企業經受住持續的市場逆風時管理運營費用。舉措包括加強媒體廣告投放，包括與新聞集團的企業建立更廣泛的合作夥伴關係；優化跨市場的潛在客戶分配；加快我們的新房直達之路；並建立垂直租賃。

Turning to the Subscription Video Services segment. Revenues for the quarter were $477 million, down 3% compared to the prior year on a reported basis due to foreign currency headwinds. On a constant currency basis, revenues rose 2% versus the prior year, the fifth consecutive quarter of growth in constant currency. Streaming revenues accounted for 26% of circulation and subscription revenues compared to 20% in the prior year and again, more than offset broadcast revenue declines, benefiting from both volume growth and higher pricing at Kayo and Binge. Total closing paid subscribers across the Foxtel Group improved to nearly 4.6 million at quarter end, up 6% year-over-year. Total paid streaming subscribers were approximately 3 million, increasing 16% versus the prior year and accounted for approximately 65% of Foxtel's total paid subscriber base.

轉向訂閱視頻服務部分。由於外匯逆風，本季度收入為 4.77 億美元，與上年同期相比下降 3%。按固定匯率計算，收入較上年增長 2%，連續第五個季度實現固定匯率增長。流媒體收入佔發行量和訂閱收入的 26%，而上一年為 20%，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。截至本季度末，Foxtel Group 的付費訂戶總數增加至近 460 萬，同比增長 6%。付費流媒體用戶總數約為 300 萬，比上年增長 16%，約佔 Foxtel 付費用戶總數的 65%。

Paid subscribers for Kayo reached a record of over 1.3 million, up 14% year-over-year. Net adds from the prior quarter improved to 183,000, the largest sequential increase in 7 quarters with the start of the popular winter sports codes in March. Revenues also benefited from a price rise implemented in February. Binge paid subscribers grew 22% year-over-year or 109,000 net adds from the last quarter to nearly 1.5 million subscribers, benefiting from the successful release of the Last of Us. As Robert mentioned, on March 30, Foxtel introduced advertising within the Binge Basic product. The product accounts for approximately 30% of all Binge subscribers. We expect a modest revenue contribution from advertising beginning in the fourth quarter.

Kayo 的付費用戶達到創紀錄的 130 萬以上，同比增長 14%。與上一季度相比，淨增加增加到 183,000，這是 7 個季度以來最大的連續增幅，因為流行的冬季運動代碼在 3 月份開始。收入還受益於 2 月份實施的價格上漲。受益於《最後生還者》的成功發行，Binge 付費用戶同比增長 22% 或比上一季度淨增加 109,000 名用戶，達到近 150 萬。正如羅伯特所說，3 月 30 日，Foxtel 在 Binge Basic 產品中引入了廣告。該產品約佔所有 Binge 訂閱者的 30%。我們預計從第四季度開始，廣告收入貢獻不大。

Foxtel ended the quarter with over 1.3 million residential broadcast subscribers. Broadcast churn continued to improve, down 200 basis points year-over-year to 12.3%. In fact, Foxtel retail churn was just under 10% for March 2023. Broadcast ARPU rose 2% to over AUD 84. Segment EBITDA in the quarter of $68 million was down 14% versus the prior year. Adjusted segment EBITDA declined 9%, reflecting higher sports costs due to contractual escalators and enhancements.

Foxtel 在本季度結束時擁有超過 130 萬住宅廣播用戶。廣播流失率繼續改善，同比下降 200 個基點至 12.3%。事實上，Foxtel 在 2023 年 3 月的零售流失率略低於 10%。廣播 ARPU 增長 2% 至超過 84 澳元。該季度的部門 EBITDA 為 6800 萬美元，較上年同期下降 14%。調整後的分部 EBITDA 下降了 9%，反映出由於合同自動扶梯和增強功能導致的運動成本增加。

Moving on to Dow Jones. Dow Jones posted healthy top line growth in the third quarter with revenues of $529 million, up 9% compared to the prior year. Digital revenues accounted for 79% of total revenues this quarter, up 3 percentage points from last year. Circulation and subscription-based revenues represented over 80% of total revenues, up 3 percentage points from the prior year, underscoring the stability and recurring nature of the revenue base. On an adjusted basis, revenues were flat, impacted by weaker advertising revenues compared to the prior year. We are continuing to see very strong momentum in our professional information business with revenues rising 38% year-over-year, reflecting the acquisitions of OPIS and CMA, coupled with strong revenues from Risk & Compliance. PIB revenues accounted for 37% of segment revenues. Risk & Compliance revenues rose 16% despite a 3 percentage point negative impact from foreign currency, led by an increase in demand for screening and monitoring and financial crime search products.

轉到道瓊斯。道瓊斯在第三季度公佈了健康的收入增長，收入為 5.29 億美元，比去年同期增長 9%。數字收入佔本季度總收入的 79%，比去年上升 3 個百分點。基於流通和訂閱的收入佔總收入的 80% 以上，比上一年上升 3 個百分點，凸顯了收入基礎的穩定性和經常性。在調整後的基礎上，收入持平，受到與上一年相比廣告收入疲軟的影響。我們的專業信息業務繼續保持強勁勢頭，收入同比增長 38%，這反映了對 OPIS 和 CMA 的收購，以及來自風險與合規的強勁收入。 PIB 收入佔分部收入的 37%。風險與合規收入增長了 16%，儘管外匯帶來了 3 個百分點的負面影響，這主要是由於對篩选和監控以及金融犯罪搜索產品的需求增加。

The pipeline remains robust, most notably in EMEA. OPIS and CMA's strong revenue performance is helping reshape Dow Jones revenues to be more recurring as we have increased pricing across our customer base. As Robert mentioned, its carbon index offering continues to expand, and we expect will lead to the creation of new products for current and new customers. Retention rates for OPIS and CMA's products remained well over 90% in the quarter. Circulation revenues declined 1%. The modest decline was driven by lower print volumes and some softness in IBD. Total Dow Jones digital-only subscriptions grew 10% year-over-year or by 208,000 sequentially, the highest net adds since the fourth quarter of fiscal 2021. The focus this year has been on the launch of bundles, which expanded to include IBD in the third quarter. Advertising revenues declined 14% to $88 million and accounted for 17% of Dow Jones revenues this quarter. Within advertising, digital fell 17% and print was down 8%, with notable impacts from the technology and finance categories, as we mentioned last quarter.

管道仍然強勁，尤其是在歐洲、中東和非洲。 OPIS 和 CMA 強勁的收入表現正在幫助重塑道瓊斯收入，因為我們提高了客戶群的定價。正如羅伯特所提到的，其碳指數產品不斷擴大，我們預計將為現有和新客戶創造新產品。本季度 OPIS 和 CMA 產品的保留率仍遠高於 90%。流通收入下降了 1%。印刷量下降和 IBD 的一些疲軟推動了溫和下降。道瓊斯純數字訂閱總數同比增長 10%，環比增長 208,000，這是自 2021 財年第四季度以來的最高淨增。今年的重點一直是捆綁的推出，捆綁擴展將 IBD 納入其中第三季度。廣告收入下降 14% 至 8800 萬美元，佔本季度道瓊斯收入的 17%。正如我們上個季度提到的，在廣告中，數字下降了 17%，印刷下降了 8%，技術和金融類別的影響顯著。

While the advertising market remains challenged, we are seeing encouraging signs with the rate of decline abating. After hitting a low in December, each successive month showed an improvement, with March notably down mid-single digits, and we saw further improvements in April. Dow Jones segment EBITDA for the quarter grew 24% to $109 million as cost growth moderated from the first half, albeit the business is still experiencing the impact of inflationary pressures. The results also reflect the lapping of transaction costs related to the OPIS acquisition last year. Segment EBITDA margins rose to over 20%. Adjusted segment EBITDA for the quarter declined 11%.

儘管廣告市場仍然面臨挑戰，但我們看到令人鼓舞的跡象，下降速度正在放緩。在 12 月觸及低點後，隨後的每個月都出現了改善，3 月明顯下降了中個位數，我們看到 4 月進一步改善。道瓊斯分部本季度的 EBITDA 增長 24% 至 1.09 億美元，原因是成本增長較上半年放緩，儘管該業務仍在承受通脹壓力的影響。結果還反映了去年與 OPIS 收購相關的交易成本的重疊。部門 EBITDA 利潤率上升至 20% 以上。本季度調整後的分部 EBITDA 下降了 11%。

At Book Publishing, revenues were flat at $515 million, driven by higher Christian book sales offset by foreign currency fluctuations. After a challenging first half of the year, we saw some positive trends with stability in Amazon orders in North America following the reset in the first half as well as stronger performance from several recent titles. Segment EBITDA declined 9% to $61 million. Costs rose approximately 1%, reflecting ongoing supply chain issues in North America, specifically in manufacturing, distribution and freight costs, which are now showing signs of moderation.

Book Publishing 的收入持平，為 5.15 億美元，這是由於基督教書籍銷售額的增長被外匯波動所抵消。在經歷了充滿挑戰的上半年之後，我們看到了一些積極的趨勢，即上半年重置後北美亞馬遜訂單的穩定性以及最近幾款遊戲的強勁表現。部門 EBITDA 下降 9% 至 6100 萬美元。成本上漲約 1%，反映了北美持續存在的供應鏈問題，特別是製造、分銷和貨運成本方面的問題，這些問題現在顯示出緩和跡象。

The headcount initiative is well underway, which should result in lower employee costs in the fourth quarter. In the quarter, HarperCollins also settled a 3-month-long strike with the UAW. The backlist represents 60% of revenues for the quarter, up slightly from last year. Digital sales declined 3% this quarter and accounted for 23% of consumer sales, in line with the prior year. On an adjusted basis, revenues rose 2%, and segment EBITDA fell over 7%.

裁員計劃正在順利進行，這應該會降低第四季度的員工成本。在本季度，HarperCollins 還解決了與 UAW 長達 3 個月的罷工問題。後備名單佔本季度收入的 60%，比去年略有上升。本季度數字銷售額下降 3%，佔消費者銷售額的 23%，與上年持平。在調整後的基礎上，收入增長 2%，而分部 EBITDA 下降超過 7%。

Turning to News Media. Revenues were $563 million, down 3% and included a $42 million or 7% negative impact on revenues from foreign currency fluctuations. Adjusted revenues rose 4%, improving from the prior quarter rate. Circulation and subscription revenues declined 4% but rose 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 digital subscriber growth across News Australia and The Times and The Sunday Times.

轉向新聞媒體。收入為 5.63 億美元，下降 3%，其中包括 4200 萬美元或 7% 的外匯波動對收入的負面影響。調整後的收入增長 4%，高於上一季度的增長率。發行量和訂閱收入下降 4%，但按固定匯率計算增長 4%。按固定匯率計算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數字訂閱用戶增長推動的。

Advertising trends improved this quarter as advertising revenues were down 5%, but gained 2% in constant currency. Advertising revenues at News U.K. rose 8% in constant currency, led by strong digital advertising performance which is continuing to benefit from the growing scale of the sun.com in the U.S. and an improved performance at The Times and Sunday Times. Advertising was flat at News Australia in constant currency and notably, both Australia and the New York Post benefited from an improvement in print advertising this quarter. Segment EBITDA of $34 million declined 13%, reflecting a much more modest decline from the first half rate as incremental year-over-year investments related to the TalkTV initiative in the U.K. and other digital initiatives in Australia slowed to approximately $13 million. Newsprint costs remain a challenge, having $40 million of negative impact this quarter from higher prices. Those pressures were partially offset by ongoing cost-saving initiatives across the businesses. Adjusted segment EBITDA fell 5%.

本季度廣告趨勢有所改善，廣告收入下降了 5%，但按固定匯率計算增長了 2%。 News U.K. 的廣告收入按固定匯率計算增長了 8%，這得益於強勁的數字廣告業績，該業績繼續受益於美國 sun.com 不斷擴大的規模以及《泰晤士報》和《星期日泰晤士報》的業績改善。按固定匯率計算，澳大利亞新聞報的廣告業務持平，值得注意的是，澳大利亞和紐約郵報都受益於本季度印刷廣告的改善。分部 EBITDA 為 3,400 萬美元，下降 13%，反映與上半年相比下降幅度要小得多，因為與英國 TalkTV 計劃和澳大利亞其他數字計劃相關的同比增量投資放緩至約 1,300 萬美元。新聞紙成本仍然是一個挑戰，本季度因價格上漲而產生了 4000 萬美元的負面影響。這些壓力被各企業正在進行的成本節約舉措部分抵消了。調整後的部門 EBITDA 下降了 5%。

Turning to the outlook. As a reminder, last year's fourth quarter included an extra week, which contributed $110 million to revenues or about 4% to revenue growth and will impact prior year compares. We continue to face some supply chain and inflationary pressures and advertising conditions remain uncertain. However, it is important to note that the company's exposure to advertising has materially declined as a result of the reshaping of our portfolio, including the acquisitions of OPIS and CMA. In fact, advertising revenues represented only 16% of total revenues in the third quarter. Despite the extra week, a difficult prior year comparison and ongoing foreign exchange headwinds, given current spot rates, we expect to see improvements in profitability in the fourth quarter as we continue to implement aggressive cost initiatives.

轉向前景。提醒一下，去年第四季度多了一周，這為收入貢獻了 1.1 億美元或收入增長約 4%，並將影響去年的比較。我們繼續面臨一些供應鍊和通脹壓力，廣告條件仍然不確定。然而，值得注意的是，由於我們的投資組合重塑，包括收購 OPIS 和 CMA，公司的廣告曝光率已大幅下降。事實上，廣告收入僅佔第三季度總收入的 16%。儘管多了一周，與去年相比困難重重，而且外匯逆風持續存在，但考慮到當前的即期匯率，我們預計隨著我們繼續實施積極的成本舉措，第四季度的盈利能力將有所改善。

Looking at each of our segments. At Digital Real Estate Services, Australian residential new buy listings for April declined 24%. Please refer to REA for a more specific outlook commentary. At Move, like the third quarter, we expect lead volumes to remain challenged in the near term, and we will continue to balance marketing spend and reinvestment in adjacencies with necessary cost reductions elsewhere.

看看我們的每個細分市場。在 Digital Real Estate Services，4 月份澳大利亞住宅新買掛牌量下降了 24%。請參閱 REA 以獲得更具體的前景評論。在 Move，與第三季度一樣，我們預計鉛量在短期內仍將面臨挑戰，我們將繼續平衡營銷支出和對鄰近地區的再投資，並在其他地方進行必要的成本削減。

In Subscription Video Services, we continue to expect the Foxtel Group's profitability in local currency for the full year to be relatively stable to the prior year despite a step-up in sports rights costs in the second half related to annual contractual escalators. At Dow Jones, we saw an improvement in advertising in April, albeit visibility remains limited as the prior year compares will be further impacted by the extra week in fiscal 2022. We expect the rate of investment spending to slow, which should lead to improved profitability in the fourth quarter. We have now fully lapped the OPIS acquisitions in the third quarter and will lap CMA in June.

在訂閱視頻服務方面，儘管下半年與年度合同自動扶梯相關的體育轉播權成本有所增加，但我們繼續預計 Foxtel Group 全年以當地貨幣計算的盈利能力將與上一年相對穩定。在道瓊斯，我們看到 4 月份的廣告有所改善，儘管能見度仍然有限，因為 2022 財年的額外一周將進一步影響上一年的比較。我們預計投資支出的速度將放緩，這應該會提高盈利能力在第四季度。我們現在已經在第三季度完成了對 OPIS 的收購，並將在 6 月完成對 CMA 的收購。

In Book Publishing, April revenue trends were soft, consistent with industry data, but we expect cost pressures to start to moderate and are optimistic about our release slide, which as Robert noted, includes Magnolia Table Volume 3 from Joanna Gaines, and Queen Charlotte, a prequel to Bridgerton from Julia Quinn and Shonda Rhimes.

在圖書出版方面，4 月份的收入趨勢疲軟，與行業數據一致，但我們預計成本壓力將開始緩和，並對我們的發行幻燈片持樂觀態度，正如羅伯特指出的那樣，其中包括來自喬安娜蓋恩斯和夏洛特女王的 Magnolia Table Volume 3， Julia Quinn 和 Shonda Rhimes 的 Bridgerton 前傳。

At News Media, advertising trends remain volatile with limited visibility. We expect total segment cost decline, in part, due to lower incremental costs related to the TalkTV investment, which launched in April 2022, and we hope to see improved profitability for the segment. We have also seen moderating newsprint cost pressures in the U.K.

在新聞媒體，廣告趨勢仍然不穩定，可見度有限。我們預計分部總成本將下降，部分原因是與 2022 年 4 月推出的 TalkTV 投資相關的增量成本較低，我們希望看到該分部的盈利能力有所提高。我們還看到英國的新聞紙成本壓力正在緩和。

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 David Karnovsky from JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 David Karnovsky。

Robert, following up on your comments about generative AI. I'd be interested to get kind of your expanded view on how you think this tech is going to impact how consumers receive their news and information and what opportunities or risks that opens up for you in terms of your relationship with readers. And then maybe as a follow-on, what use cases do you see for the technology and the generation or repackaging of some of the news content produced?

羅伯特，跟進你對生成人工智能的評論。我有興趣了解您對這項技術將如何影響消費者接收新聞和信息的方式的看法，以及在您與讀者的關係方面為您帶來哪些機會或風險。然後也許作為後續行動，您看到了哪些技術用例以及所產生的某些新聞內容的生成或重新包裝？

David, a very thoughtful question. We're obviously at an early stage of the evolution of generative AI, it will have a profound impact. And I was recently tech hosting our teams, and in recent months, HarperCollins Japan has been using sophisticated programs to create images for manga stories by transforming a sketch or a photo or just inputting words through a separate generative AI programs. We use an image from our library to create complete manga scenes, obviously saving a lot of time and transforming potentially the character of that business. But it's not only going to have an impact on content, it will clearly have a profound impact on the management of the business, whether customer service or billing or whatever. I mean one contradiction of any business is that the more you customize, the harder and more expensive it is to scale. And that contradiction can be overcome with AI. I think as the well-known management consultant Socrates observed, the secret of change is to focus all of your energy not on fighting the old, but building the new.

大衛，一個非常深思熟慮的問題。我們顯然處於生成式人工智能發展的早期階段，它將產生深遠的影響。我最近在技術上主持我們的團隊，最近幾個月，HarperCollins Japan 一直在使用複雜的程序通過轉換草圖或照片或僅通過單獨的生成 AI 程序輸入文字來為漫畫故事創建圖像。我們使用我們庫中的圖像來創建完整的漫畫場景，顯然可以節省大量時間並潛在地改變該業務的特徵。但它不僅會對內容產生影響，而且顯然會對業務管理產生深遠影響，無論是客戶服務還是計費等等。我的意思是任何企業的一個矛盾是，你定制的越多，規模化就越難，成本也越高。而這種矛盾可以用人工智能來克服。我認為正如著名的管理顧問蘇格拉底所觀察到的，改變的秘訣在於將所有的精力都集中在建設新事物上，而不是與舊事物作鬥爭。

The next question comes from Kane Hannan from Goldman Sachs.

下一個問題來自高盛的凱恩漢南。

Maybe just the cost out. I'm just interested, I suppose, on some of the commentary there, particularly Dow Jones, and then books was pretty positive on the top line outlook and how things have been improving. Just interested why the cost out target has been upgraded with that backdrop. And I suppose as a follow-on to that, just what the net benefit of the cost-out program was in the first quarter, if we think about all-in with the restructuring charges potentially coming through?

也許只是成本。我想，我只是對那裡的一些評論感興趣，尤其是道瓊斯，然後書籍對頂線前景和事情如何改善非常積極。只是對為什麼在這種背景下升級了成本目標感興趣。我想作為後續行動，如果我們考慮可能通過的重組費用，那麼第一季度成本削減計劃的淨收益是多少？

Kane, look, obviously, the headcount reduction is about calibration, not celebration, but it's fair to say that the savings will exceed the -- significantly the $136 million that we identified in the last earnings call, and we'll now surpass $160 million. That's attribute to the diligence of our teams undertaking difficult work. And to emphasize that's just one element of the cost cutting that's underway at the company as we severely scrutinize everything from tech spend to travel expenses. So the total savings number next year will obviously exceed that total.

凱恩，顯然，裁員是為了校準，而不是慶祝，但可以公平地說，節省的資金將超過——顯著超過我們在上次財報電話會議中確定的 1.36 億美元，而我們現在將超過 1.6 億美元.這歸功於我們團隊在艱苦工作中的勤奮。並強調這只是公司正在進行的成本削減的一個因素，因為我們嚴格審查從技術支出到差旅費用的所有內容。所以明年的總儲蓄數顯然會超過這個總數。

And Kane, just to add, our business units, they're quite experienced at identifying areas for improvement, and we can leverage those across the group as we look for cost savings, which is one of the reasons we've been able to drive additional cost savings. We're not going to get into the details about sort of the net off of the cost savings, but we can expect that as we head into fiscal 2024, from Q1, we really would expect to see the majority of those cost savings hit the P&L.

凱恩，補充一下，我們的業務部門，他們在確定需要改進的領域方面非常有經驗，我們可以在整個集團中利用這些領域來尋求成本節約，這是我們能夠推動的原因之一額外的成本節約。我們不會詳細討論成本節約的淨額，但我們可以預期，隨著我們進入 2024 財年，從第一季度開始，我們真的希望看到這些成本節約中的大部分達到盈虧。

The next question comes from Craig Huber from Huber Research.

下一個問題來自 Huber Research 的 Craig Huber。

Craig Huber. I had a similar question on the cost. Obviously, you've announced 5% head count reduction 3 months ago. That's roughly about 2% of the total costs. Can you quantify at all what the other cost savings you're talking about is? I mean, a few companies just reduced headcount but don't touch other stuff, and you guys are taking costs out elsewhere. Can you quantify that for us? Is that possible?

克雷格·胡貝爾。我對成本有類似的問題。顯然，您在 3 個月前宣布裁員 5%。這大約佔總成本的 2%。您能否量化您所說的其他成本節約是多少？我的意思是，一些公司只是裁員但不涉及其他事情，你們正在其他地方削減成本。你能為我們量化一下嗎？那可能嗎？

We haven't quantified it, Craig. But what I can say is cuts across a couple different areas. We're looking at discretionary spend, as you'd expect, office expenses, T&E, we have a look across our print sites, and we're constantly looking for opportunities around our manufacturing plants and what we can do there. We look at our casual cost base with the variable costs. We have a look at marketing costs as well. So it's really a variety of costs that we continue to focus on. As I said, the businesses are pretty good at actually having a look at this now.

我們還沒有量化它，克雷格。但我能說的是跨越幾個不同的領域。正如您所料，我們正在考慮可自由支配的支出、辦公費用、T&E，我們查看了我們的印刷網站，我們一直在尋找製造工廠周圍的機會以及我們可以在那裡做些什麼。我們用可變成本來審視我們的臨時成本基礎。我們也關注營銷成本。所以我們繼續關注的是各種成本。正如我所說，企業現在非常擅長實際審視這一點。

The next question will come from Darren Leung from Macquarie.

下一個問題將來自麥格理的 Darren Leung。

I just wanted to ask around the high printing costs and supply chain issues in books, please. So I think we had talked about it being a headwind in prior periods. And looking at it, it looks like it's flat versus the prior year. Can you just give us a feel as to what we've achieved or what's changed in the business to sort of maintain that, please?

我只是想問問書籍的高印刷成本和供應鏈問題。所以我認為我們在之前的時期已經討論過它是一個逆風。看著它，它看起來與前一年持平。您能否讓我們了解一下我們取得的成就或業務中發生了什麼變化以保持這種狀態，好嗎？

Actually, I think the comps are up year-on-year because we are still experiencing some of those supply chain pressures. I mean what I would say is freight costs, we're seeing a moderating of that as we're seeing easing of some of the supply chain pressures on shipping costs. But we are seeing enhanced paper costs still coming through, and we're seeing some additional fuel costs that are coming in because of the inflationary pressures. So it was a little bit mixed. We are seeing them moderating, but they have been up.

實際上，我認為補償同比增長是因為我們仍在承受一些供應鏈壓力。我的意思是我要說的是運費，我們看到運費有所緩和，因為我們看到供應鏈對運輸成本的一些壓力有所緩解。但我們看到紙張成本仍在增加，而且由於通脹壓力，我們看到一些額外的燃料成本正在增加。所以有點混亂。我們看到他們正在緩和，但他們已經起來了。

And so Darren, just to supplement Susan. Of course, what has been particularly prevalent over the past year is the change in purchasing, as I said, at Amazon. And now that the reset has been reset, we have more confidence in the profitability of HarperCollins. And no doubt that the current crop of bestsellers will make a positive difference in coming quarters.

所以 Darren，只是為了補充 Susan。當然，正如我所說，在過去一年中特別普遍的是亞馬遜採購方式的變化。而現在重置已經重置，我們對HarperCollins的盈利能力更有信心。毫無疑問，目前的暢銷書將在未來幾個季度產生積極的影響。

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。

Robert, Susan, I'm always shocked how well the News Media business continues to hold up. Two things on there. Can you give us a little more detail of what's happening with TalkTV and the plans to turn that profitably? And secondly, just shocked to see print advertising actually doing better than digital advertising this quarter. What is happening there?

羅伯特、蘇珊，我總是對新聞媒體業務持續保持良好狀態感到震驚。那裡有兩件事。您能否向我們詳細介紹一下 TalkTV 的情況以及將其盈利的計劃？其次，看到本季度印刷廣告實際上比數字廣告表現更好，我感到很震驚。那裡發生了什麼？

Well, Alan, on TalkTV, we've always said it will be a low-cost, high-quality project, and that we'll constantly review progress and technological developments that give us flexibility in delivery and reduced expenses. In the coming months, you should see that incremental costs are falling with a naturally positive impact on our earnings. And I have to say the venture has certainly enabled us to promote products across a plethora of our platforms and enhanced our video capability globally, given that we're able to slice and dice programs in different formats for different time zones. And as you can imagine, increasing our video expertise generally is a core priority for all our businesses.

好吧，艾倫，在 TalkTV 上，我們一直說這將是一個低成本、高質量的項目，我們將不斷審查進展和技術發展，使我們能夠靈活地交付和減少開支。在接下來的幾個月裡，您應該會看到增量成本正在下降，這自然會對我們的收入產生積極影響。我不得不說，考慮到我們能夠針對不同時區以不同格式對節目進行切片和切塊，我不得不說，該合資企業無疑使我們能夠在眾多平台上推廣產品，並在全球範圍內增強我們的視頻能力。正如您可以想像的那樣，增加我們的視頻專業知識通常是我們所有業務的核心優先事項。

And then Alan, just on the print side, I mean, look, it has been a pleasant surprise, and we've seen this over the last couple of years as it relates to print advertising. It really just depends on the categories. Down in Australia, they've seen a pickup in travel advertising, which has really helped Dow there as the market has started to open up. They do get some good tailwinds from retail in different quarters as well. So it really is variable each quarter, but it's down to the different category.

然後艾倫，就印刷方面而言，我的意思是，看，這是一個令人驚喜的驚喜，我們在過去幾年中已經看到了這一點，因為它與印刷廣告有關。這真的只取決於類別。在澳大利亞，他們看到旅遊廣告有所回升，隨著市場開始開放，這確實幫助了道瓊斯指數。他們也確實從不同領域的零售業中獲得了一些良好的順風。所以它確實每個季度都在變化，但它取決於不同的類別。

We'll take a follow-up from Craig Huber from Huber Research.

我們將聽取來自 Huber Research 的 Craig Huber 的跟進。

Sorry. Sorry about that. Your book revenues held up much better than we thought in the quarter. I mean, given the issues you guys have called out in the past about Amazon and warehouse issues with them and stuff, can you just talk through that? Or do you think that's all behind you now?

對不起。對於那個很抱歉。您的圖書收入在本季度的表現比我們想像的要好得多。我的意思是，考慮到你們過去提出的關於亞馬遜和倉庫問題之類的問題，你們能談談嗎？或者你認為這一切都在你身後了嗎？

Craig, as I mentioned earlier, there clearly has been an adjustment at Amazon. That adjustment, as we understand it, is complete. And so those awkward moments are passed. And now really, it's down to the quality of the frontlist and expanding the impact of our backlist. For example, in the most recent quarter, backlist was 60% of sales. As you know, backlist generally is more profitable for us. And so now we have an opportunity to make the most of our excellent authors and our marketing potential.

克雷格，正如我之前提到的，亞馬遜顯然進行了調整。據我們了解，這種調整已經完成。那些尷尬的時刻就這樣過去了。現在真的，這取決於前列名單的質量和擴大我們後列名單的影響。例如，在最近一個季度，備貨清單佔銷售額的 60%。如您所知，備份列表通常對我們來說更有利可圖。所以現在我們有機會充分利用我們優秀的作者和我們的營銷潛力。

And Craig, we're also -- I mean, for April, we've just had the results come in, and there has been a little bit of softness just in consumption. So we're still waiting to see where consumption settles down in the post-COVID world. But pleasingly the results for Q3 were much better than the first half.

克雷格，我們也是——我的意思是，對於 4 月份，我們剛剛得到了結果，而且消費方面有一點疲軟。因此，我們仍在觀望消費在後 COVID 世界中的穩定位置。但令人高興的是，第三季度的結果比上半年好得多。

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. Have a great day, and we'll talk to you soon. Take care.

偉大的。嗯，謝謝你，Leila，也謝謝大家的參與。祝你有美好的一天，我們會盡快與你交談。小心。