News Corp (NWSA) 2025 Q2 法說會逐字稿

Welcome to the News Corp's second quarter fiscal 2025 earnings conference call. Today's conference is being recorded. Media will be allowed on a listen-only basis. At this time, I'd like to turn the conference over to Michael Florin, Senior Vice President and Head of Investor Relations. Please go ahead.

歡迎參加新聞集團2025財年第二季財報電話會議。今天的會議正在錄製中。媒體將僅被允許以聆聽的方式進行。現在，我想將會議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 2025 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 Lavanya Chandrashekar, Chief Financial Officer. We'll open some prepared remarks. They'll be happy to take questions from the investment community.

非常感謝，接線生。大家好，歡迎參加新聞集團 2025 財年第二季財報電話會議。我們大約 30 分鐘前發布了收益新聞稿，現在已發佈在我們的網站 newscorp.com 上。參加今天電話會議的有執行長羅伯特湯姆森 (Robert Thomson)；和財務長 Lavanya Chandrashekar。我們將開始一些準備好的演講。他們很樂意回答投資界的提問。

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 cautious 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 conciliations of such measures can be found in the earnings releases for the applicable periods posted on our website.

本次電話會議可能包含與新聞集團業務和策略相關的某些前瞻性資訊。實際結果可能與所述的結果有重大差異。新聞集團的 10-K 表格和 10-Q 表格文件指明了可能導致實際結果出現差異的風險和不確定性，並包含有關前瞻性資訊的謹慎聲明。此外，本次電話會議還將包括某些非 GAAP 財務指標，例如總分部 EBITDA、調整後分部 EBITDA 和調整後 EPS。此類指標的定義以及 GAAP 與非 GAAP 的銜接可在我們網站上發布的相應期間的收益報告中找到。

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

接下來，我將把主題交給羅伯特湯姆森 (Robert Thomson) 來發表一些開場評論。

Thank you, Mike. News Corp had yet another fruitful quarter qualitatively and quantitatively. Revenues on a continuing operations basis, which excludes Foxtel, grew 5% to $2.24 billion, while profitability rose 20% to $478 million as we made significant progress in our digital development. A few more metrics to highlight our performance. Net income from continuing operations urged to $306 million, a 58% increase compared to the same quarter in the previous year, that is correct, 58%.

謝謝你，麥克。新聞集團無論從品質或數量上來說，又度過了一個碩果累累的季度。不包括 Foxtel 在內的持續經營收入成長 5%，達到 22.4 億美元，而由於我們在數位發展方面取得了重大進展，獲利能力成長 20%，達到 4.78 億美元。還有一些指標可以凸顯我們的表現。持續經營淨收入預估達 3.06 億美元，與去年同期相比成長 58%，沒錯，就是 58%。

While our EPS from continuing operations was $0.40 compared to $0.28 in the prior quarter. And our overall margin rose from 18.7% to 21.4%. Our three pillars of growth, Digital Real Estate, Dow Jones and Book Publishing continued to expand their segment, EBITDA robustly while we saw the positive impact of rigorous cost discipline and digital development in our News Media segment. With a keen eye on our innate strengths, we took a significant step towards implication with the agreement to sell Foxtel to DAZN, a premier [global sports] streaming provider for a total enterprise value of AUD3.4 billion or approximately 7x Foxtel's fiscal 2024 EBITDA. The agreement is a tangible recognition of Foxtel's successful digital transformation and should surely benefit our shareholders, our partners at the zone and all Australian sports fans.

我們的持續經營每股收益為 0.40 美元，而上一季為 0.28 美元。我們的整體利潤率從18.7%上升到21.4%。我們的三大成長支柱——數位房地產、道瓊斯和圖書出版——繼續強勁擴大各自的部門，EBITDA，同時我們看到嚴格的成本控制和數位化發展對新聞媒體部門產生了積極影響。我們敏銳地洞察到自身的優勢，並達成協議，將 Foxtel 出售給全球頂級串流媒體提供商 DAZN，總企業價值為 34 億澳元，約為 Foxtel 2024 財年 EBITDA 的 7 倍，這朝著目標邁出了重要一步。該協議是對 Foxtel 成功數位轉型的有力認可，必將使我們的股東、區域合作夥伴以及所有澳洲體育迷受益。

We expect the transaction to close in the second half of the current fiscal year subject to regulatory approvals and other customary clone conditions. Hence, Foxtel financials are now reported as discontinued operations. The sale of Foxtel should have a meaningful impact on our balance sheet. Upon closing, Foxtel's outstanding shareholder loans will be repaid in full, including AUD574 million to News Corp, while its third-party debt will be transferred with the business. News Corp will also hold an approximate 6% stake in the fast-growing DAZN.

我們預計該交易將在本財年下半年完成，但需獲得監管部門的批准並符合其他常規克隆條件。因此，Foxtel 的財務狀況現在被報告為已終止經營的業務。Foxtel 的出售應該會對我們的資產負債表產生重大影響。交易完成後，Foxtel 未償還的股東貸款將全額償還，其中包括向新聞集團償還的 5.74 億澳元，而其第三方債務將隨業務轉移。新聞集團還將持有快速發展的 DAZN 約 6% 的股份。

We are proud to be long-term partners with the DAZN team and see material value upside potential in the growth of a company that is at the cutting edge of international sports development. I encourage you all to download their app and delve into a vast range of sports. In the wake of this important deal, we were delighted that both S&P Global and Moody's upgraded our credit rating to investment grade, reflecting the impact of our long-term strategy of focused investment and emphasis on the return of invested capital.

我們很榮幸能與 DAZN 團隊建立長期合作夥伴關係，並看到了這家處於國際體育發展前沿的公司在成長過程中所具有的物質價值上升潛力。我鼓勵大家下載他們的應用程式並深入研究各種各樣的體育運動。在這項重要交易之後，我們很高興標準普爾全球和穆迪都將我們的信用評級上調至投資級，這反映了我們長期集中投資和重視投資資本回報的策略的影響。

We certainly lead the way in providing priceless content for Generative AI and remain vigilant in our pursuit of Degenerative AI and abuses of our intellectual property. We are pleased with our partnership with OpenAI and hope that other companies in the segment take a similarly enlightened approach.

我們確實在為生成性人工智慧提供無價內容方面處於領先地位，並且在追求退化人工智慧和濫用我們的智慧財產權方面保持警惕。我們很高興與 OpenAI 合作，並希望該領域的其他公司也能採取同樣開明的做法。

Our legal action against the perplexing Perplexity is underway and we look forward with relish to document discovery. We firmly believe that this discovery process will be important phase, not just for us, but for all who cherish the sanctity of IP. This sudden rise of DeepSeek, is itself, a (inaudible) lesson for all AI players. If they are unable to host fresh, trusted news, their version of AI will lack immediacy and relevance. Data centers and energy sources and new [fangled] chips may well be essential AI infrastructure.

我們針對令人困惑的「困惑」所採取的法律行動正在進行中，我們熱切地期待文件發現。我們堅信，這個發現過程將是一個重要的階段，不僅對我們而言，而且對所有珍惜智慧財產權神聖性的人來說也是如此。DeepSeek 的突然崛起，本身就是給所有 AI 玩家的一個（聽不清楚）教訓。如果他們無法提供新鮮、可信的新聞，他們的人工智慧版本將缺乏即時性和相關性。資料中心、能源和新型晶片很可能成為不可或缺的人工智慧基礎設施。

But ultimately, we believe content will be king in the world of AI. One rather general generic post election observation. We are seeing a tangible increase in business confidence here in the U.S. since the election, the temporary turmoil of transactional tariffs aside. There is a confluence of economic optimism and a cultural awakening with the yoke of woke having been lifted.

但最終，我們相信在人工智慧的世界裡，內容為王。一個相當普遍的選舉後觀察。除交易關稅帶來的暫時動盪外，自大選以來，我們看到美國商業信心明顯增強。隨著覺醒的枷鎖被解除，經濟樂觀主義和文化覺醒正在融合。

We believe these trends should lead to less superfluous gratuitous regulation, greater capital formation, increased opportunities for all Americans and more candid creative, compelling conversations. Hopefully, an era of censorship and self-censorship is receding into the distance. As for specific segments, digital real estate revenue increased 13% to $473 million and segment EBITDA burgeoned 26% to $185 million.

我們相信，這些趨勢將減少不必要的監管，增加資本形成，為所有美國人提供更多機會，並促進更坦誠、創意且引人入勝的對話。希望審查和自我審查的時代逐漸遠去。具體到具體部門，數位房地產收入成長13%至4.73億美元，部門EBITDA成長26%至1.85億美元。

That strength came despite significant growth in the prior year quarter at REA and reflected renewed revenue growth at realtor.com despite the still hostile housing market conditions in the -- with the 30-year mortgage rates above 7% in recent weeks. Clearly, realtor.com's efforts to strengthen adjacent revenue streams are paying off with accelerated growth in rental, seller and new homes revenues.

儘管 REA 去年同期實現了大幅增長，但業績依然強勁，並反映出 realtor.com 的收入再次實現增長，儘管房地產市場狀況依然嚴峻，近幾週 30 年期抵押貸款利率超過 7%。顯然，realtor.com 加強鄰近收入來源的努力正在獲得回報，租賃、賣家和新房屋收入都加速成長。

Realtor continues to make significant progress in engagement, as evidenced by the highest repeat visitation and most number of views per visit in the industry in December as per comScore. At REA, the success story continues. As the company achieved a quarterly record in revenue, while extending its audience leadership and reinforcing its position as Australia's preeminent property side. REA achieved 129 million average monthly visits during the quarter, nearly 4x more than the nearest competitor on average. Listing volumes rose 4% with yield growth at 14% and while our India division continued to post healthy revenue growth.

房地產經紀人在參與度方面繼續取得重大進展，根據 comScore 的數據，12 月份該行業的重複訪問量和每次訪問瀏覽次數最多就證明了這一點。在 REA，成功的故事還在繼續。由於該公司實現了季度收入創紀錄，同時擴大了其受眾領導地位並鞏固了其作為澳洲卓越房地產公司的地位。REA 本季平均每月訪問量達到 1.29 億次，幾乎是其最接近的競爭對手平均訪問量的 4 倍。上市量成長 4%，收益率成長 14%，同時我們的印度分部持續實現健康的收入成長。

At Dow Jones, revenue grew 3% to $600 million. Segment EBITDA expanded 7% to $174 million and margins rose an impressive 110 basis points. While overall performance in the first half of the fiscal year has been strong, we expect year-over-year growth to increase in the second half of the year. In Q2, digital circulation revenue grew year-over-year at its fastest pace in 2 years as digital ARPU improved sequentially and the conversion from introductory promotion and digital bundle offers run ahead of expectations. Readers derive significant value from our Prestige portfolio of the Wall Street Journal, Barron's, IBD and MarketWatch.

道瓊斯的收入成長了 3%，達到 6 億美元。分部息稅折舊攤提前利潤 (EBITDA) 成長 7% 至 1.74 億美元，利潤率大幅上漲 110 個基點。雖然本財年上半年的整體表現強勁，但我們預計下半年的年成長將會加快。第二季度，數位發行收入年增率達到兩年來的最快水平，因為數位 ARPU 連續提高，介紹性促銷和數位捆綁優惠的轉換率超出預期。讀者可以從我們的《華爾街日報》、《巴倫周刊》、《IBD》和《MarketWatch》等權威雜誌中獲得巨大的價值。

And we believe there is potential for revenue improvement as we emphasize the strength and the distinctiveness of individual titles. Risk & Compliance and Dow Joe's Energy reported revenue growth of 11% and 10%, respectively and the teams continue to benefit from new products, such as advanced screening and monitoring and [Analytics Pro] that add meaningful value for our compliance-focused risk-averse clients. New initiatives contributed about one-third of B2B revenue growth this quarter. Now more than ever, Dow Jones' Risk and Compliance clients are navigating rapidly changing regulations and sanctions. This complex environment in the US.

我們相信，只要我們強調個別作品的優勢和獨特性，收入就有提高的潛力。風險與合規和道喬能源的收入分別增長了 11% 和 10%，團隊繼續受益於新產品，例如高級篩選和監控以及 [Analytics Pro]，這些產品為我們注重合規、規避風險的客戶增加了有意義的價值。新舉措貢獻了本季 B2B 收入成長的約三分之一。現在，道瓊斯的風險與合規客戶比以往任何時候都更需要應對快速變化的法規和製裁。美國的環境很複雜。

and globally boosts demand for risk and compliance products. As organizations rely on our expert insights and comprehensive data to make informed decisions and to stay compliant. The uncertainty regarding the transactional tariffs is driving demand for Dow Jones Energy's insights and forecasting services as clients seek to understand the potential impact on global energy markets and investment opportunities. Book Publishing reported yet another exceptional quarter with revenue expanding 8% to $595 million and segment EBITDA surging 19% to $101 million. Growth in the quarter was powered by strong bible sales, a sterling performance at HarperCollins UK.

並在全球範圍內推動了對風險和合規產品的需求。因為組織依靠我們的專家見解和全面的數據來做出明智的決策並保持合規。由於客戶尋求了解交易關稅對全球能源市場和投資機會的潛在影響，交易關稅的不確定性正在推動對道瓊斯能源洞察和預測服務的需求。圖書出版業務又報告了一個出色的季度，收入增長 8% 至 5.95 億美元，部門 EBITDA 飆升 19% 至 1.01 億美元。本季的成長得益於聖經銷售強勁，哈珀柯林斯英國公司表現出色。

and a healthy mix of titles. Margins improved, thanks to buoyant sales of backlist books and a particularly noteworthy 13% increase in audio revenue. Among the best [shows], the Pumpkin Spice cafe and the first volume of [shares in memoirs] were standouts. Successful cinematic release of Wicked have led to strong sales of Gregory & McGuire's four book series, and we anticipate a further boost from the next installment in their series. The positive cycle should continue with the release of the hit film sequel later this calendar year.

以及多種健康的標題組合。利潤率有所提高，這得益於舊書銷售旺盛以及音頻收入顯著增長 13%。在最佳[節目]中，南瓜香料咖啡館和第一卷[回憶錄中的股份]脫穎而出。《魔法壞女巫》在電影中的成功上映，帶動了格雷戈里和麥圭爾四本系列叢書的銷量強勁增長，我們預計該系列叢書的下一部將帶來進一步的銷量增長。隨著今年晚些時候這部熱門電影續集的上映，這種良性循環應該會繼續下去。

At News Media, revenue fell a modest 2% to $570 million, but segment EBITDA grew an impressive 30% to $74 million. Success in the quarter was driven by the transient of talk in the U.K. to streaming and our commercial printing partnership with DMG as well as reduced costs at News Australia. Overall, ad trends moderated world at times posted its largest quarterly net additions of paid digital subscriptions in 2 years. Digital advertising grew by 13% at the New York Post, where profitability was also assisted by our OpenAI deal.

新聞媒體部門的營收小幅下降 2% 至 5.7 億美元，但部門 EBITDA 卻大幅成長 30% 至 7,400 萬美元。本季的成功得益於英國串流媒體熱度的回升、我們與 DMG 的商業印刷合作以及 News Australia 成本的降低。整體而言，廣告趨勢放緩，全球有時會出現兩年來最大的季度付費數位訂閱淨增額。《紐約郵報》的數位廣告成長了 13%，我們的 OpenAI 交易也為其獲利提供了幫助。

News Media generally has clearly benefited from those OpenAI revenues and we are pleased with the progress in our partnership with Sam Altman and his exceptional colleagues. Content is one part of a broad deal. And for example, our legal and government affairs teams are swapping ideas, and experiences as we negotiate the nuances of AI. As part of our partnership, News Corp content will be featured in open AI's new operator product ensuring prominence for our journalism in the burgeoning world of [agent] AI. Both companies are striving to ensure that the AI does not stand [finnicky] and alphabetic or absurdity.

新聞媒體總體上明顯受益於 OpenAI 的收入，我們對與 Sam Altman 及其傑出同事的合作進展感到滿意。內容是廣泛交易的一部分。例如，我們的法律和政府事務團隊在討論人工智慧的細微差別時正在交換想法和經驗。作為我們合作的一部分，新聞集團的內容將出現在開放人工智慧的新營運商產品中，確保我們的新聞報導在蓬勃發展的[代理]人工智慧世界中佔據突出地位。兩家公司都在努力確保人工智慧不會出現「挑剔」和「字母化」或荒謬的情況。

In a world in which so many media companies and [mastheads] are in terminal decline, our business is thriving thanks certainly to the diligent and creative work of our talented teams and the savvy strategic guidance of Lachlan and Rupert Murdoch and our astute Board of Directors. Speaking of talent, I'm honored to introduce our new Chief Financial Officer, Lavanya Chandrashekar, who will eloquently expand on the (inaudible).

在這個許多媒體公司和報頭都陷入衰落的世界裡，我們的業務卻蓬勃發展，這當然要歸功於我們才華橫溢的團隊的勤奮和創造性工作，以及拉克蘭和魯珀特·默多克的明智戰略指導以及我們精明的董事會。說到人才，我很榮幸地介紹我們的新任財務長 Lavanya Chandrashekar，她將雄辯地闡述（聽不清楚）。

Thank you, Robert, for the kind introduction. I am delighted to be with all of you today and look forward to meeting many of you in the coming months. I'm excited to join News Corp amid the company's continued impressive digital evolution. As Robert mentioned in December, we announced an agreement to sell Foxtel to DAZN, which for New Corp will allow for a greater focus on our core growth pillars, we'll meaningfully strengthen our balance sheet and should reduce our future capital intensity. Turning to the quarter.

謝謝羅伯特的熱情介紹。我很高興今天能和大家在一起，並期待在未來的幾個月與你們見面。我很高興能夠在新聞集團持續進行令人印象深刻的數位轉型之際加入該公司。正如羅伯特在 12 月提到的那樣，我們宣布了一項將 Foxtel 出售給 DAZN 的協議，對於新公司來說，這將使我們能夠更加專注於我們的核心成長支柱，我們將顯著加強我們的資產負債表，並降低我們未來的資本密集度。轉向本季。

Foxtel's financial results are reflected as discontinued operations for fiscal 2025 and 2024 second quarter and year-to-date periods and subscription video service is no longer a reportable segment. I will not speak to Foxtel's results on this call, and they are excluded from the numbers I'll be discussing today. but more information will be available in the 10-Q to be filed tomorrow morning. We will also be filing an 8-K with recast historic financial information. News Corp reported fiscal second quarter revenues on a continuing operation basis of $2.2 billion rising 5% year-over-year and total segment EBITDA of $478 million increased 20% year-over-year.

Foxtel 的財務表現反映為 2025 財年和 2024 財年第二季及年初至今的停止運營，並且訂閱視訊服務不再是可報告的部分。我不會在這次電話會議上談論 Foxtel 的業績，而且它們也不包含在我今天要討論的數據中。但明天早上提交的 10-Q 文件中將提供更多資訊。我們還將提交一份包含重述歷史財務資訊的 8-K 表。新聞集團公佈其第二財季持續經營收入為 22 億美元，年增 5%，分部總息稅折舊攤提前利潤 (EBITDA) 為 4.78 億美元，較去年同期成長 20%。

Margins improved by nearly 270 basis points to 21.4%. Three core pillars, Dow Jones, Digital Real Estate and Book Publishing, collectively grew revenue by 7% and segment EBITDA by 16%. Second quarter adjusted revenues rose 4% compared to the prior year, with the difference from reported, primarily due to currency impact, while adjusted total segment EBITDA rose 20% versus the prior year. For the quarter, we reported earnings from continuing operations per share of $0.40 compared to $0.28 in the prior year. Adjusted earnings from continuing operations per share were $0.33 in the quarter compared to $0.27 in the prior year.

利潤率提高了近270個基點，達到21.4%。道瓊、數位房地產和圖書出版三大核心支柱總收入成長了 7%，部門 EBITDA 成長了 16%。第二季調整後的營收較上年同期成長 4%，與報告營收的差異主要由於貨幣影響，而調整後的總部門 EBITDA 較上年同期成長 20%。本季度，我們報告的每股持續經營收益為 0.40 美元，而去年同期為 0.28 美元。本季調整後每股持續經營收益為 0.33 美元，去年同期為 0.27 美元。

Moving to the individual segments, starting with Dow Jones. Dow Jones reported revenues of $600 million, up 3% year-over-year, similar to the first quarter and was again the largest segment contributor to overall company revenue. [Ditch] revenue accounted for 81% of total Dow Jones segment revenue this quarter, improving 3 percentage points from last year. Overall, professional information business revenue which reflects our B2B products raise $0.04 year-over-year, notwithstanding an over 300 basis point adverse impact from Factiva.

轉到各個部分，從道瓊斯開始。道瓊斯公佈其營收為 6 億美元，年增 3%，與第一季持平，並再次成為公司整體營收的最大貢獻者。 [Ditch]收入佔本季道瓊斯部門總收入的81%，比去年同期提高了3個百分點。總體而言，反映我們 B2B 產品的專業資訊業務收入年增 0.04 美元，儘管 Factiva 產生了超過 300 個基點的不利影響。

Primarily due to the ongoing customer dispute that we mentioned last quarter with the impact greater in the second quarter. This quarter, the growth came from customers, new products and improved yield at risk and compliance, which grew 11% to $80 million including a modest negative FX impact to European exposure and Dow Jones Energy, which grew 10% to $16 million with customer retention remaining very strong at over 90%.

主要是由於我們上個季度提到的持續存在的客戶糾紛，其影響在第二季度更大。本季的成長來自於客戶、新產品以及風險和合規收益的提高，成長了 11%，達到 8,000 萬美元，其中包括對歐洲業務和道瓊斯能源的適度負面外匯影響，成長了 10%，達到 1,600 萬美元，客戶保留率仍然非常強勁，超過 90%。

During the quarter, Risk and Compliance enhanced its product offerings with the acquisition of WorldECR, a London-based provider of export control and trade sanction news. And in [energy], we continue to see strong demand for newer products associated with carbon, retail fuels and liquefied petroleum gas and experienced robust pipelines and strong closing rates. Within the Dow Jones consumer business, circulation revenues rose 3% since the prior year, benefiting from improved digital circulation revenues of 8%, double the quarter one rate and the highest quarterly growth in two years. We have started to benefit from the conversion to high pricing from our digital subscriptions added in the past year via introductory promotional offers. Digital ARPU also increased quarter-over-quarter.

本季度，風險與合規部門收購了總部位於倫敦的出口管制和貿易制裁新聞提供商 WorldECR，增強了其產品供應。在[能源]領域，我們繼續看到與碳、零售燃料和液化石油氣相關的新產品的強勁需求，並且經歷了強勁的管道和強勁的成交率。道瓊斯消費業務方面，發行收入較上年同期增長 3%，受益於數位發行收入增長 8%，是第一季增幅的兩倍，創下兩年來的最高季度增幅。我們已開始從過去一年透過介紹性促銷活動增加的數位訂閱向高價轉變中獲益。數位 ARPU 也環比增長。

Digital circulation revenues accounted for 73% of circulation revenues per quarter, up from 70% in the prior year. Digital-only subscriptions improved by 13% year-over-year and by 27,000 sequentially, negatively impacted by the phasing of marketing promotions and seasonality, particularly related to students and some industry headwinds on search algorithms. That said, we do expect stronger volumes in the third quarter. Bundling subscriptions for the quarter improved by 45% year-over-year to over 950,000 while also benefiting from improved yield with the focus on the three product bundle of Wall Street Journal, MarketWatch and [Prints]. Print volume declined by 16% year-over-year, but its sequential decline was the lowest since the fourth quarter of fiscal 2021.

數位發行收入佔每季發行收入的 73%，高於前一年的 70%。純數位訂閱量年增 13%，比上一季增加 27,000 份，這受到行銷促銷分階段和季節性因素的負面影響，尤其是與學生和搜尋演算法方面的一些行業阻力有關。儘管如此，我們確實預計第三季的銷量會更高。本季捆綁訂閱量年增 45%，達到 95 萬份以上，同時收益也得到提升，重點關注《華爾街日報》、《MarketWatch》和《[印刷]。印刷量年減16%，但季減幅為2021財年第四季以來的最低水準。

Advertising revenue of $121 million moderated from the prior quarter to a decline of 4% year-over-year as print declined 10% with digital flat, an improvement from the first quarter. Digital represented 64% of advertising revenues, up from 62% last year. Dow Jones segment EBITDA for the quarter grew 7% to $174 million with margins increasing to 29%. Moving on to digital real estate. Digital Real Estate had another exceptional quarter with segment revenues of $473 million up 13% versus the prior year and 12% on an adjusted basis.

廣告收入為 1.21 億美元，較上一季度有所放緩，年減 4%，其中印刷版廣告收入下降 10%，而數位版廣告收入持平，較第一季有所改善。數位廣告收入佔廣告收入的 64%，高於去年的 62%。道瓊斯部門本季 EBITDA 成長 7% 至 1.74 億美元，利潤率增至 29%。轉向數位房地產。數位房地產又度過了一個出色的季度，其部門收入為 4.73 億美元，比上年增長 13%，調整後增長 12%。

Segment EBITDA was $185 million, up 26%, driven by higher profit contribution from REA Group the highest growth since 2021. Adjusted segment EBITDA grew 25%. REA had an outstanding quarter, with revenues rising 17% year-on-year to $343 million marking its highest ever quarterly revenue on [record]. Growth was again driven by a combination of residential yield increases, continued strong growth in National listings and customer contract upgrades. Residential lead growth improved by 14%.

分部息稅折舊攤銷前利潤 (EBITDA) 為 1.85 億美元，成長 26%，這得益於 REA 集團利潤貢獻的增加，實現了 2021 年以來的最高成長。調整後部門 EBITDA 成長 25%。REA 本季表現出色，營收年增 17%，達到 3.43 億美元，創下有史以來最高的季度營收。[記錄]。成長再次受到住宅收益率提高、全國房源數量持續強勁增長以及客戶合約升級等因素的推動。住宅銷售線索成長提高了 14%。

New [by listings] rose approximately 4% with Sydney and Melbourne each up 2%. Please refer to REA's earnings release and their conference call for more details. [Real core revenue] for the quarter of $130 million were up 2% compared to the prior year, marking the first year-over-year improvement since the fourth quarter of fiscal 2022. At realtor, real estate revenues were essentially flat as lower referral and lead generation revenues were largely offset (inaudible) growth from adjacencies. Lead volumes fell 2%, while average monthly unique users for the quarter fell 6% year-over-year to $62 million at realtor.com.

新房源數量上漲約 4%，其中雪梨和墨爾本均上漲 2%。請參閱 REA 的收益報告及其電話會議以了解更多詳情。本季[實際核心收入]為 1.3 億美元，較上年增長 2%，這是自 2022 財年第四季以來首次實現同比增長。在房地產經紀人方面，房地產收入基本上持平，因為較低的推薦和潛在客戶生成收入在很大程度上抵消了（聽不清楚）來自鄰接的成長。realtor.com 本季的銷售線索量下降了 2%，平均每月獨立用戶數量較去年同期下降 6% 至 6,200 萬美元。

However, realtor continues to maintain strong audience share despite much higher competitive marketing spend, underscoring the strength and quality of their audience. Realtor also continued to show strong traction on new revenues as seller, new home and rentals represented 20% of revenues, and we anticipate continued strong growth in these adjacencies going forward this fiscal year. At Book Publishing, momentum from the prior year continued with the year-over-year growth, improving from first quarter with revenues of $595 million, up 8%, while segment EBITDA improved by 19% to $101 million. Margins expanded by 150 basis points to 17% as positive operating leverage was underpinned by strong digital and backlist performance. We saw strong growth in Christian Publishing from higher bible sales and very strong sales in the U.K., as Robert mentioned.

然而，儘管競爭激烈的行銷支出大幅增加，房地產經紀人仍保持著強勁的受眾份額，這凸顯了其受眾的實力和品質。房地產經紀人也繼續對新收入表現出強勁的吸引力，因為賣方、新房和租賃佔總收入的 20%，我們預計本財年這些相關業務將繼續保持強勁增長。在圖書出版方面，上年的勢頭延續了同比增長，較第一季有所改善，收入達到 5.95 億美元，增長 8%，而部門 EBITDA 增長 19%，達到 1.01 億美元。由於強勁的數位和後台表現支撐了積極的營運槓桿，利潤率擴大了 150 個基點，達到 17%。正如羅伯特所提到的，我們看到基督教出版業的強勁增長，因為聖經銷量增加，而且英國的銷量非常強勁。

[Harper] continued to benefit from strong physical book orders and continued robust audio book growth across all regions. HarperCollins posted digital revenues of $120 million, increasing 9% from the prior year driven by strong audio book growth across all regions, including increased adoption at Spotify and increased performance from audible. In total, digital sales represented 21% of consumer revenue in line with prior year. Audio books grew 13% year-over-year, a slower rate than quarter 1 as we began to lap the initial rollout from Spotify in the UK, Australia and US. The backlist contributed 61% of consumer revenues, up from 60% last year.

[哈珀] 持續受益於強勁的實體書籍訂單和各地區有聲書的持續強勁成長。哈珀柯林斯公佈的數位收入為 1.2 億美元，比上年增長 9%，這得益於所有地區有聲書的強勁增長，包括 Spotify 的採用率增加和 Audible 的表現提升。整體而言，數位銷售額佔消費者收入的 21%，與去年持平。有聲書年增 13%，增速低於第一季度，因為我們開始跟進 Spotify 在英國、澳洲和美國的首次推出。舊書貢獻了 61% 的消費者收入，高於去年的 60%。

Turning to News Media. Overall revenue performance improved from the first quarter with advertising declines moderating and the segment benefited from increased cover prices and subscription pricing across mast heads. Revenues for the quarter were $570 million, down 2% versus the prior year, while adjusted revenues fell 3%. Note that both periods were recast to include the contribution from Sky News Australia which previously had been included in the subscription video service segment. Sky News contributed $17 million in revenues -- compared to the prior year.

轉向新聞媒體。整體營收表現較第一季有所改善，廣告下滑幅度有所緩和，且該部門受惠於封面價格和報頭訂閱價格的上漲。本季營收為 5.7 億美元，較上年下降 2%，調整後營收下降 3%。請注意，這兩個時期都經過重新調整，以包括天空新聞澳洲的貢獻，該貢獻之前已包含在訂閱視訊服務部分中。與前一年相比，天空新聞貢獻了 1700 萬美元的收入。

Segment EBITDA showed strong improvement, rising 30% year-over-year, driven by cost savings initiatives, as we mentioned last quarter, most notably at the UK from the benefits of the commercial printing joint venture with DMG Media and lower top costs. Adjusted segment EBITDA increased 28%. Turning to the outlook. Market trends remain mixed geographically.

分部 EBITDA 呈現強勁改善，年增 30%，這得益於成本節約舉措，正如我們上個季度所提到的，最明顯的是英國與 DMG Media 成立商業印刷合資企業帶來的好處以及最高成本的降低。調整後分部 EBITDA 成長 28%。轉向展望。從地理來看，市場趨勢依然混合。

And given the current spot rates for the Australian dollar and pound sterling versus the US dollar, we expect currency translation to be a headwind in the second half. Some of the themes across each of our segments. At Dow Jones, the team remains focused on B2B growth, including upselling and new products across risk and compliance and Dow Jones Energy. As Robert mentioned, for total Dow Jones, we expect to see improvement in growth in the second half.

鑑於目前澳元和英鎊兌美元的現貨匯率，我們預計下半年貨幣轉換將面臨阻力。我們每個部分都有一些主題。在道瓊斯，團隊仍然專注於 B2B 成長，包括風險與合規以及道瓊斯能源領域的追加銷售和新產品。正如羅伯特所提到的，對於道瓊斯指數整體而言，我們預計下半年成長將會改善。

We expect expenses to be modestly higher year-over-year due to investment, notably in B2B. However, we will continue to focus on cost efficiencies to drive growth. At digital real estate, Australia residential new buy listings for January were up 3%. Refer to REA for more detailed outlook commentary. Realtor.com will continue to focus on technology improvements and enhanced content and product offerings with the goal to be best positioned to drive share when the housing market recovers.

我們預計，由於投資（尤其是 B2B 領域的投資），支出將比去年同期略有增加。然而，我們將繼續注重成本效率來推動成長。在數位房地產方面，1 月澳洲住宅新購屋掛牌量上漲了 3%。請參閱 REA 以獲得更詳細的展望評論。Realtor.com 將繼續專注於技術改進和增強內容和產品供應，目標是在房地產市場復甦時佔據最佳位置來推動市場份額。

We hope to see some revenue improvement, notably from continued growth from adjacencies, but continue to monitor macro trends. We currently expect the rate of reinvestment to be modestly higher in the second half as we continue to focus on growth initiatives. At Book Publishing, as mentioned last quarter, we hope to see further profit improvement in fiscal 2025, albeit likely at a much more modest rate due to difficult prior year comparisons and quarter three, will be impacted by facing a frontlist releases.

我們希望看到收入有所改善，特別是來自鄰近地區的持續成長，但我們會繼續監測宏觀趨勢。由於我們繼續關注成長計劃，我們目前預計下半年再投資率將略有上升。在圖書出版方面，正如上個季度所提到的，我們希望看到 2025 財年的利潤進一步提高，儘管由於與去年同期相比困難，且第三季度將受到新書發布的影響，利潤提高的速度可能會小得多。

At News Media, while we expect the segment to continue to benefit from lower top TV costs together with savings associated with the new commercial printing joint venture with DMG in the UK. advertising conditions remain difficult with limited visibility and coupled with ForEx headwinds, we anticipate a more challenging second half.

在新聞媒體方面，我們預計該部門將繼續受益於較低的頂級電視成本以及與英國 DMG 建立新的商業印刷合資企業所帶來的節省。由於能見度有限，廣告環境依然艱難，再加上外匯逆風，我們預計下半年將面臨更具挑戰性的情況。

As mentioned last quarter, we expect other segment costs to be higher than last year, including ongoing AI and related legal costs. With that, let me hand it over to the operator for Q&A.

正如上個季度所提到的，我們預計其他部門的成本將高於去年，包括持續的人工智慧和相關的法律成本。現在，讓我將問題交給接線員進行解答。

Thank you. We will now start the Q&A session. (Operator Instructions)

謝謝。我們現在開始問答環節。（操作員指示）

David Karnovsky, JPMorgan.

摩根大通的戴維卡諾夫斯基。

All right. Thank you. Just maybe on the Foxtel deal. I want to see if you could discuss a bit the structure here and reasoning to take [this] own equity as payment and maybe your view on the asset. And then following this, Robert, would be great to hear your view on the overall News Corp structure, and can you say at this point if you're still engaged in an overall strategic review?

好的。謝謝。或許只是關於 Foxtel 交易。我想看看您是否可以討論這裡的結構以及以[此]自有股權作為支付的理由，以及您對該資產的看法。接下來，羅伯特，我很想聽聽您對新聞集團整體結構的看法，您能否說一下現在您是否仍在進行整體策略評估？

Thank you.

謝謝。

David, obviously, the deal is subject to the usual regulatory approvals, in particular out of the foreign investment review board in (inaudible) in Australia, and we're providing whatever information is important agencies require. We do expect that the deal formally close this fiscal. But I should emphasize that we will be close partners with DAZN whose team we've found to be particularly impressive. And I think it's fair to say that they have found the Foxtel team to be particularly impressive. Essentially, you have the marriage of two world-class companies, and together, they will be more than a sum of their parts.

大衛，顯然，該交易需要經過通常的監管部門批准，特別是澳大利亞外國投資審查委員會的批准，我們正在提供重要機構所需的任何資訊。我們確實預計該交易將在本財年正式完成。但我要強調的是，我們將與 DAZN 保持密切的合作，我們發現 DAZN 的團隊特別令人印象深刻。我認為可以公平地說，他們發現 Foxtel 團隊特別令人印象深刻。從本質上來說，這是兩家世界級公司的聯姻，而合併後，它們的效益將遠大於各部分之和。

As for structural reform, the Foxtel deal itself should reinforce the sense that we are constantly reviewing our portfolio. And that deal is eloquent testimony that we don't just review, we act decisively. We are conscious of maximizing returns to our shareholders and the improved returns have certainly come from buttressing of bolstering our core pillars. And that is reflected in our share price, not entirely, obviously, but somewhat. I'm sure you're aware that our shares have risen more than 26% over the past 6 months.

至於結構性改革，Foxtel 交易本身應該強化我們不斷審查投資組合的意識。這項協議雄辯地證明，我們不只是進行審查，而是採取果斷行動。我們意識到要為股東實現回報最大化，而回報的提高無疑來自於對我們核心支柱的支持。這顯然不完全反映在我們的股價上，但有所反映。我相信您知道我們的股價在過去 6 個月中上漲了 26% 以上。

Kane Hannan, Goldman Sachs.

高盛的凱恩漢南 (Kane Hannan)。

Morning guys. Maybe just the comments in the introduction, Robert, around Dow Jones earnings growth accelerating in the second half despite the expectations for more OpEx growth in the second half. Talk a little bit more about what's driving that? Is that the fact (inaudible) impact dropping away, the improvement in subscriber trends you called out of the journal. So let's just help us stand what gives you the confidence in the improving second half.

大家早安。羅伯特，也許只是介紹中的評論，儘管預計下半年營運支出將進一步成長，但道瓊斯下半年獲利成長將加速。再多談談推動這現象的原因是什麼？事實上（聽不清楚）影響正在消失，您在期刊中提到的訂閱者趨勢正在改善。因此，讓我們幫助我們堅持下去，讓您對下半年的進步充滿信心。

Well, Kane, I think it's a combination of two things. The Dow Jones circulation trends, the total subs were up 9% at around 5.9 million digital, only up 13% and we're very focused they're on average revenue per subscriber and are seeing positive trends in the Dow Jones dynamics pricing strategy unfolds. And that was the reflecting the overall 3% increase in circulation revenues despite a continuing fall in print circulation revenue to be counted. So digital circ revenues were up 8% and the Dow Jones' team is generally confident that the phasing of subscribers discounted entry-level offers to more standard pricing is proceeding well.

嗯，凱恩，我認為這是兩件事的結合。道瓊發行量趨勢顯示，總訂閱用戶數上漲了 9%，達到約 590 萬，而數位訂閱用戶數僅上漲了 13%，我們非常關注每訂閱用戶的平均收入，並且看到道瓊動態定價策略呈現積極趨勢。儘管印刷版發行收入持續下降，但整體發行收入仍成長了 3%。因此，數位發行收入成長了 8%，道瓊斯團隊普遍相信，訂戶折扣入門級優惠轉向更標準定價的進程正在順利進行。

And we will see that reflected in ensuing months. And then it -- Clearly, Risk and Compliance and Dow Jones Energy are both faring well, and we have all confidence in them.

我們將在接下來的幾個月中看到這一點。然後——顯然，風險與合規部門和道瓊斯能源部門都表現良好，我們對它們充滿信心。

If I could just add to that, Robert. I mean -- Kane, one of the things we need to remember is that the second half generally tends to be the time when we have more additions in any case. So there is a seasonality piece there as well, which will help.

如果我可以補充一點的話，羅伯特。我的意思是——凱恩，我們需要記住的一件事是，無論如何，下半場通常都是我們增加更多球員的時候。因此其中也包含季節性因素，這會有所幫助。

Jason Bazinet, Citi.

花旗銀行的 Jason Bazinet。

Just had a question for Mr. Thomson. Given that it's a year into the Spotify deal, can you just remind us what you are hoping to achieve with that agreed? And then based on consumer behavior sort of a year-end, what essence, if any of you learned, so far?

我只是想問湯姆森先生一個問題。鑑於與 Spotify 的交易已經進行了一年，您能否提醒我們您希望透過該協議實現什麼目標？然後，根據年終消費者行為，到目前為止，你們學到了什麼本質？

Jason, I'm very proud of the partnership with Spotify, which I think itself has changed the audio book market and the broad trends there remain in place now. The audience is expanding and audio overall was 13% higher. And there I say, even the e-books were 6% higher after a couple of years of relatively sluggish sales. I think what we are seeing is a change in consumer behavior, adaptation by both Spotify and Audible for that increased audience. And dare I say we are beneficiaries of that.

傑森，我為與 Spotify 的合作感到非常自豪，我認為這本身就改變了有聲書市場，而那裡的大趨勢現在仍然存在。受眾群體正在擴大，音訊總體成長了 13%。我要說的是，在經歷了幾年相對低迷的銷售之後，電子書的銷量也上漲了 6%。我認為我們看到的是消費者行為的改變，Spotify 和 Audible 都為適應日益增長的受眾而做出了調整。我敢說我們就是其中的受益者。

Entcho Raykovski, Evans and Partners.

Entcho Raykovski、Evans 和合作夥伴。

Hi, Robert. Hi Lavinia. My question is just around the expected use of the proceeds from the Foxtel sale. I appreciate the transaction is yet to close, but you'll get some money as part of the shareholder loan repayment. So do you expect that presents some scope for capital management? Or is your intention to reinvest those proceeds. And I don't know as part of that answer, if you can give us any sort of broad guidance on where you expect CapEx to trend going forward post completion of the sale?

你好，羅伯特。你好，拉維妮亞。我的問題是關於 Foxtel 出售所得的預期用途。我知道交易尚未完成，但您將獲得一些錢作為股東貸款償還的一部分。那麼您是否認為這為資本管理提供了一些空間？或者您打算重新投資這些收益。我不知道作為答案的一部分，您是否可以為我們提供任何關於您預計在完成銷售後資本支出趨勢如何的廣泛指導？

Thank you.

謝謝。

Well, Entcho, clearly, we are absolutely focused on generating maximum value long term for our shareholders. We have a $1 billion buyback provision in place. And you can see from our disclosures that , that buyback is well underway. As well as that, we have the dividend payments. So we're extremely conscious of shareholder returns and returning to shareholders.

嗯，Entcho，顯然，我們絕對專注於為股東創造長期最大價值。我們已製定了 10 億美元的回購準備金。從我們的揭露中您可以看到，回購正在順利進行中。除此之外，我們還要支付股利。因此，我們非常注重股東回報和回報股東。

I mean last fiscal, we returned 70% of our available free cash flow through the buyback. And clearly, the significant increase in our free cash flow in recent years has given us optionality and the upgrades to investment grade by both Moody's and S&P Global in recent days reflect that reality. But we will go on being conscious of our duty to shareholders, but we do so from a position of strength.

我的意思是，上個財年，我們透過回購返還了 70% 的可用自由現金流。顯然，近年來我們的自由現金流大幅增加為我們提供了選擇權，穆迪和標準普爾在全球最近幾天將我們的投資級評級上調也反映了這一現實。但我們將繼續意識到我們對股東的責任，但我們是以實力為依託來這樣做的。

David Joyce, Seaport Research.

大衛喬伊斯，海港研究。

Thank you. I appreciate your outlook for the back half of the year. Could you provide some more color though on the timing of when we would be lapping the price increases, Dow Jones on the consumer and professional services side. And also when you would expect the products to be coming online at the REA and contributing them? And then finally, on Book Publishing. If you have more of an outlook over the next few quarters of significant titles that would be released -- that will be drivers.

謝謝。我很欣賞您對下半年的展望。不過，您能否提供一些關於我們何時會提高價格的更多細節，道瓊斯在消費者和專業服務方面。您預計這些產品何時會在 REA 上線並進行捐贈？最後，關於圖書出版。如果您對未來幾季將要發布的重要作品有更多的展望——這些將成為驅動力。

Thank you.

謝謝。

Well, I think we've given as much guidance as we can. They're on the likely trajectory for Dow Jones and pricing. Essentially, what you are seeing, by the way, there is the increase in digital and all which led to 81% of our revenues are being generated through digital compared to 78% last year. And secondly, the continuing influence through the expansion of the pit business relative to the entire business. And the impact of that higher margin business on our profitability is quite obvious.

嗯，我認為我們已經給了盡可能多的指導。它們正處於道瓊斯指數和定價的可能軌跡上。順便說一下，從本質上講，您所看到的是數位化的成長，這使得我們的收入有 81% 是透過數位化產生的，而去年這一比例為 78%。其次，透過擴大場站業務相對於整個業務的影響力持續增強。利潤率較高的業務對我們獲利能力的影響是相當明顯的。

The margin at Dow Jones rose from 27.9% to 29%. And there's every reason to believe in coming months and quarters and years do I say that as [PIB] takes a larger share of revenue, that margin will continue to expand. As for the books business, we have a full roster as always, at HarperCollins, the books that (inaudible) I mentioned.

道瓊斯的利潤率從27.9%上升至29%。並且有充分的理由相信，在未來的幾個月、幾個季度和幾年裡，隨著 [PIB] 佔據更大的收入份額，該利潤率將繼續擴大。至於圖書業務，我們在哈珀柯林斯一如既往地擁有完整的圖書目錄，包括我提到的（聽不清楚）那些書。

But also we have a very strong backlist there, which is some -- the value of which is sometimes underestimated by certain analysts and through the years, we have been working diligently on bolstering that back, which tends to be more profitable, obviously, enough. And it's not insignificant, the backlist share rose from 60% to 61% of total sales in the recent quarter. That backlist is a platform for future growth.

但我們也擁有非常強大的儲備名單，這些名單的價值有時被某些分析師低估，多年來，我們一直在努力鞏固儲備名單，這顯然會更有利可圖。這並不是微不足道的，最近一個季度，舊書的份額從總銷售額的 60% 上升到了 61%。該舊目錄是未來發展的平台。

Let me just add to that, just to -- on Harper. I mean what we have guided to in the second half is that growth will be moderating because we've had more phasing of this -- off the front list into the first half of the year. So that's just something to keep in mind.

讓我補充一下關於哈珀的問題。我的意思是，我們對下半年成長的預期是，成長將會放緩，因為我們已經採取了更多階段性措施——從前期名單中移除，到上半年。所以這只是需要記住的事情。

Craig Huber, Huber Research.

克雷格·胡貝爾（Craig Huber），胡貝爾研究公司（Huber Research）。

Thank you, Robert, I just wanted to ask you, -- as you know, you guys went public with your thoughts on optimizing the structure of the company, two Novembers ago. A lot of people applaud you for what you did with Foxtel or simple (inaudible) from that angle. I'm just curious, as the other gentleman was asking as well. Is there more to go here to simplify the company? I know part of it's kind of maybe bumped up a little bit here, just given the tough US.

謝謝你，羅伯特，我只是想問你——如你所知，兩年前的 11 月，你們就公開討論了優化公司結構的想法。很多人對你在 Foxtel 所做的工作表示讚賞，或者從那個角度簡單（聽不清楚）。我只是好奇，因為另一位先生也在問。還有什麼可以做的來簡化公司嗎？我知道，考慮到美國的強硬態度，部分原因可能在這裡增加。

mortgage market, if you ever going to do anything with realtor.com, nobody would want you to potentially sell that into the lousy work and we may not optimize the value of it and so forth. But putting that issue aside, can we maybe potentially get another announcement here before maybe we get to the 2-year mark. I just want to get a little sense here what we're playing with here. Is there more to come here and they optimize the company.

抵押貸款市場，如果你打算對 realtor.com 做任何事情，沒有人會希望你把它賣給糟糕的公司，我們可能不會優化它的價值等等。但是，撇開這個問題不談，我們是否有可能在兩年期限之前再次發佈公告。我只是想稍微了解一下我們在這裡玩的是什麼。還有更多的事情要做嗎？他們會優化公司。

Thank you.

謝謝。

Craig, we are constantly reviewing the structure of the company. And look, it is fair to say that the Foxtel deal itself is hard evidence of that, that -- our consideration of the appropriate structure does not end with that significant decision. But there is no doubt that we have a collection of very valuable assets. And I certainly wouldn't underestimate the value of realtor. I mean when you look at the new growth areas there, so seller-related revenues, new homes and rentals all of which have been a focus of investment by Damian and the team.

克雷格，我們正在不斷審查公司的結構。公平地說，Foxtel 交易本身就是確鑿的證據，我們對適當結構的考慮並不會隨著這個重大決定而結束。但毫無疑問，我們擁有一系列非常寶貴的資產。我當然不會低估房地產經紀人的價值。我的意思是，當你看到那裡的新成長領域時，與賣方相關的收入、新房和租賃都是達米安和團隊投資的重點。

Those revenues rose 51% in the quarter compared to a year earlier. And just one other point worth highlighting at realtor and this is according to comScore, so it's independent, not one of those wonderful internal metrics used by some. Realtor has a significantly higher rate of visits per unique page visits -- per unique visits than Zillow. And that's valuable. That shows that we have a quality audience.

本季這些營收與去年同期相比成長了 51%。還有一點值得在房地產經紀人中強調，這是根據 comScore 的數據得出的，因此它是獨立的，而不是某些人使用的那些精彩的內部指標之一。Realtor 的每次獨立頁面造訪量（每次獨立造訪量）都明顯高於 Zillow。這很有價值。這表明我們擁有高品質的觀眾。

These are drive buyers. These are not drug buyers, I should say. These are customers parking the car in the garage.

這些都是主動買家。我應該說，這些人不是毒品買家。這些是將車停在車庫裡的顧客。

Brian Han, Morningstar.

布萊恩韓（Brian Han），晨星公司。

Robert, just to be clear on Dow Jones, your expectation that year-on-year growth will accelerate in the second half. Were you referring to revenue growth or earnings growth? And are there any plans to increase investment in Dow Jones going forward, whether in marketing or technology?

羅伯特，我只是想明確道瓊斯指數，你預計下半年年增率將會加速。您指的是營收成長還是獲利成長？未來是否有計劃增加對道瓊斯的投資，無論是在行銷還是技術方面？

Thanks.

謝謝。

We're always looking for opportunities for Dow Jones. And you can see from the investments, dare I say, sage investments made in recent years, which are now coming to fruition that if there's an opportunity at a reasonable price, we'll pursue it. We see two areas of potential improvement from the Dow Jones team. One, we're coming into the period as Lavanya mentioned, of higher sales. And secondly, we are also seeing that the dynamic pricing system adopted by the team is starting to bring us benefit. So the combination of both.

我們一直在為道瓊斯尋找機會。您可以從近年來的投資中看到，我敢說，這些投資是明智的，現在這些投資正在取得成果，只要有一個合理價格的機會，我們就會抓住它。我們發現道瓊斯團隊在兩個方面有待改進。首先，正如 Lavanya 所提到的，我們正進入銷售額更高的時期。其次，我們也看到團隊採用的動態定價系統開始為我們帶來效益。所以兩者結合。

(Operator Instructions)

（操作員指示）

[Evan Karatzas], UBS

瑞銀（UBS）的埃文·卡拉扎斯（Evan Karatzas）

Yeah, morning. Can I just ask one around the strong Dow Jones margin expansion you're delivering. Maybe -- sorry, you talked about a couple of minutes ago. Can you just firstly just give an idea of the margin headwind from the Factiva dispute to help with, I guess, a more normalized margin? And then you kind as well, is this expectation of the 100-ish basis points quarterly margin expansion. Is that around the level?

是的，早安。我可以問一下有關你們所實現的道瓊利潤率強勁擴張的情況嗎？也許——抱歉，你幾分鐘前就談到了。首先，您能否簡單介紹 Factiva 糾紛對利潤率造成的不利影響，以幫助實現更正常化的利潤率？然後您也一樣，這是對季度利潤率擴大 100 個基點的預期嗎？大概是這個水平嗎？

Are you expecting for the rest of the year or, I guess, going forward, just given the multiple moving parts happening there in the second half that you've spoken to?

您是否對今年剩餘時間的情況有預期，或者，考慮到您談到的下半年發生的多個變動因素，您對未來情況有何預期？

Thank you for your question, Evan, this is Lavanya.

謝謝你的提問，艾文，我是拉瓦尼亞。

We're not -- I'm not going to be giving margin guidance for Dow Jones for the second half of the year. But to kind of talk about what the impact of Factiva was -- just from a revenue perspective, [Factiva] had more than a 300 basis points impact revenue. And so you can kind of do the math there on what that may have impacted from a margin perspective. Look, in the second half, we will continue to be disciplined on cost.

我們不會——我不會為道瓊斯提供今年下半年的保證金指導。但要談論 Factiva 的影響——僅從收入角度來看，[Factiva] 對收入的影響超過 300 個基點。因此，您可以從利潤率的角度計算出這可能產生的影響。你看，下半年我們將繼續嚴格控製成本。

We will continue to work towards improving profitability and really focused on monetizing all the subscriptions that we added last year. And we should expect to continue to see upside in margins.

我們將繼續努力提高獲利能力，並真正專注於將去年增加的所有訂閱業務貨幣化。我們預計利潤率將繼續上漲。

At this time. We have no further questions. I will hand the call over to Michael Florin for closing remarks.

此時。我們沒有其他問題了。我將把發言權交給邁克爾·弗洛林 (Michael Florin) 來做結束語。

Great. Well, thank you all for participating. We look forward to speaking to you soon. Have a wonderful day. Take care.

偉大的。好的，謝謝大家的參與。我們期待很快與您交談。祝您有美好的一天。小心。