News Corp (NWSA) 2025 Q3 法說會逐字稿

Welcome to the News Corp's third-quarter fiscal 2025 earnings conference call. Today's conference is being recorded. Media will be allowed on a listen-only basis.

歡迎參加新聞集團2025財年第三季財報電話會議。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。

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.

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 third-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.

非常感謝，接線生。大家好，歡迎參加新聞集團 2025 財年第三季財報電話會議。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。

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

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。我們將以一些準備好的發言開始，並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.

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。

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，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 的對帳可以在我們網站上發布的相應期間的收益報告中找到。

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

接下來，我將請羅伯特湯姆森 (Robert Thomson) 發表一些開場評論。

Thank you, Mike. The sustained strength of News Corp's third-quarter results reflects the company's strategic transformation. We have pursued digital growth, realigned our assets, focused relentlessly on cost discipline and asserted the essential value of our intellectual property in a changing, challenging content world.

謝謝你，麥克。新聞集團第三季​​業績的持續強勁體現了該公司的策略轉型。我們追求數位成長，重新調整資產，堅持不懈地專注於成本控制，並在不斷變化、充滿挑戰的內容世界中維護我們的智慧財產權的核心價值。

These potent results come despite political turbulence that has clearly affected some of our business partners and undermine their ability to plan coherently. We firmly believe that this disruption is a and that the US has the potential for robust growth when the heavens return to equilibrium. The administration's pursuit of sensible deregulation and a sound energy policy, combined with America's economic progress and innate creativity should surely produce favorable results.

儘管政治動盪明顯影響了我們的一些商業夥伴並削弱了他們制定連貫計劃的能力，但我們仍然取得了這些強勁的成果。我們堅信，這種混亂是積極的，當情況恢復平衡時，美國有潛力實現強勁成長。本屆政府追求合理的放鬆管制和健全的能源政策，再加上美國的經濟進步和內在的創造力，必將產生有利的結果。

When Adam Smith spoke safely of the power of the invisible hand, he did not envisage an economic slap in the face from the unruly introduction of exobitant tariffs. America's animal spirits do need emancipation from the cage of uncertainty.

當亞當·斯密 (Adam Smith) 自信地談論「看不見的手」的力量時，他並沒有預見到不加節制地徵收高額關稅會對經濟造成打擊。美國的動物精神確實需要從不確定性的牢籠中解放出來。

As for our company, net income from continuing operations rose 67% to $107 million in the third quarter compared to the prior year. While revenues were $2 billion, ahead of the prior period by 1% despite blustery currency headwinds.

就我們公司而言，第三季持續經營淨收入與去年同期相比成長 67%，達到 1.07 億美元。儘管面臨巨大的貨幣逆風，但營收仍達到 20 億美元，比上一季成長 1%。

Total segment EBITDA increased 12%, with the overall margin expanding from 13% to 14.4%. Third quarter adjusted revenues were actually ahead by 2%, while adjusted total segment EBITDA expanded 15%.

整個部門的 EBITDA 成長了 12%，整體利潤率從 13% 擴大到 14.4%。第三季調整後的營收實際上成長了 2%，而調整後的總部門 EBITDA 成長了 15%。

Our reported EPS from continuing operations doubled to $0.14, while our adjusted EPS was $0.17 compared to $0.13 a year ago.

我們報告的持續經營每股收益翻了一番，達到 0.14 美元，而調整後的每股收益為 0.17 美元，而去年同期為 0.13 美元。

Following the close of the quarter, we concluded the sale of Foxtel to DAZN highlighting our intention to concentrate investment on three core pillars of growth: Dow Jones, Digital Real Estate and Book Publishing.

本季結束後，我們完成了將 Foxtel 出售給 DAZN 的交易，突顯了我們將投資集中在三大核心成長支柱上的意圖：道瓊斯、數位房地產和圖書出版。

The transaction saw the transfer of USD724 million of Foxtel debt off our balance sheet and the direct repayment of AUD592 million in shareholder loans to News Corp. We also received an equity interest of approximately 6% in the fast-growing DAZN, which is a world leader in sports streaming.

這筆交易將 Foxtel 的 7.24 億美元債務從我們的資產負債表中轉移，並直接向新聞集團償還 5.92 億澳元股東貸款。我們還獲得了快速發展的 DAZN 約 6% 的股權，DAZN 是全球領先的體育串流媒體公司。

While music has Spotify, DAZN could well become Spotify. We are immensely proud of the Foxtel team and their transformation of the company in recent years and are also proud to be a global partner of DAZN, which has much technological expertise and global reach. The transaction is expected to be earnings accretive and improve our return on invested capital.

雖然音樂有 Spotify，但 DAZN 很可能會成為 Spotify。我們為 Foxtel 團隊及其近年來對公司的轉型感到無比自豪，同時也為成為擁有豐富技術專長和全球影響力的 DAZN 的全球合作夥伴而感到自豪。預計此交易將增加收益並提高我們的投資資本回報率。

As we noted last quarter, Moody's and S&P have both upgraded the company to investment grade. And there is no doubt that the return of significant cash from the deal, combined with the strength of our free cash flow and expected lower capital intensity has increased our optionality.

正如我們上個季度所指出的，穆迪和標準普爾都已將該公司的評級上調至投資級。毫無疑問，這筆交易帶來的大量現金回報，加上我們強勁的自由現金流和預期的較低資本密集度，增加了我們的選擇權。

As demonstrated with the sale of Foxtel, we are continuously exploring structural options to maximize returns for our shareholders. The sempiternal importance of quality journalism cannot be underestimated in the midst of the current political It is imperative that journalists focus on facts, a task complicated by fact checking. At a time when even science from climate to medicine has become politicized and polarizing, undermining the long-term credibility of one trusted experts and institutions.

正如 Foxtel 的出售所表明的那樣，我們正在不斷探索結構性選擇，以最大限度地提高股東的回報。在當前的政治情勢下，高品質新聞報導的永恆重要性不容小覷。記者必須關注事實，而事實查核使這項任務變得複雜。如今，從氣候到醫學等科學領域都已經變得政治化和兩極化，損害了值得信賴的專家和機構的長期信譽。

The currency of credibility will become even more crucial as AI continues its exponential growth and inevitably blurs the lines between the actual and the anthropomorphic.

隨著人工智慧繼續呈指數級增長並不可避免地模糊了現實與擬人之間的界限，可信度將變得更加重要。

We are pleased with our principal partnership with OpenAI and trust that other operators strip mining our intellectual property, fully appreciate their responsibilities to our company, to creativity and to the community. Having recently visited China, it is obvious that America's comparative advantage is not in chips or compute power or data storage, but in creativity, in lateral thinking.

我們對與 OpenAI 的主要合作夥伴關係感到滿意，並相信其他業者會剝離我們的智慧財產權，充分認識到他們對我們公司、創造力和社區的責任。最近訪問中國後，很明顯美國的比較優勢不在於晶片、運算能力或資料存儲，而在於創造力和橫向思維。

And it would be shameful with big digital players undermine that source of strength by eviscerating IP rights. We believe some AI companies are still in content, so much so that they have no doubt ripped off even the President of the United States, Donald Trump, by ingesting books including the art of the deal and repurposing them for profit without his permission. And we expect the AI will surely have done the same with Truth Social, content and data to fuel their economic engines.

如果大型數位企業透過剝奪智慧財產權來破壞這一力量源泉，那將是可恥的。我們相信，一些人工智慧公司仍然沉迷於內容，甚至毫無疑問地欺騙了美國總體唐納德·川普，他們通過獲取包括交易的藝術在內的書籍，並在未經他許可的情況下將其重新用於牟利。我們預計人工智慧肯定會利用 Truth Social、內容和數據做同樣的事情來為其經濟引擎提供動力。

Returning to our results. Dow Jones was a highlight. We foresaw an improvement in the quarter, and that expectation was definitely realized. Dow Jones posted a healthy 6% revenue growth, while profitability surged 12% and the margin rose from 21.7% to 23%. There is still much toil ahead, as and the trustee team realized, but we saw digital circulation revenue expand 14%, the fastest growth rate in almost three years, and recorded improvement in digital ARPU year over year and quarter over quarter, while total consumer subscriptions surpassed the 6 million milestone.

回到我們的結果。道瓊斯指數是一大亮點。我們預見到本季會出現改善，而這項預期確實實現了。道瓊公司收入健康成長 6%，獲利能力飆升 12%，利潤率從 21.7% 上升至 23%。正如我們和受託團隊所意識到的，未來還有許多艱辛，但我們看到數位發行收入增長了 14%，這是近三年來的最快增長率，並且數位 ARPU 同比和環比都有所提高，而消費者訂閱總數超過了 600 萬的里程碑。

Since our resegmentation in 2020, not only has Dow Jones profitability more than doubled, but total subscriptions have risen over 60% with more than 90% now fully digital. The rather active news cycle has unsurprisingly contributed to further increases in audience traffic and subscriptions in recent days.

自 2020 年重新細分以來，道瓊斯不僅盈利能力增長了一倍以上，而且總訂閱量也增長了 60% 以上，其中 90% 以上已實現完全數位化。相當活躍的新聞週期毫無意外地促進了最近幾天觀眾流量和訂閱量的進一步增加。

The professional information business at Dow Jones continued to thrive, posting an improved 6% revenue growth, driven by double-digit expansion at both Risk and Compliance and Dow Jones Energy. Risk and Compliance posted 11% revenue growth despite unfavorable currency volatility as risks rose in the global economy and the need for compliance remained an imperative for thoughtful companies in a fast-changing regulatory environment.

道瓊斯的專業資訊業務繼續蓬勃發展，在風險與合規和道瓊斯能源兩位數擴張的推動下，收入增長了 6%。儘管全球經濟風險上升，貨幣波動不利，但風險與合規部門的收入仍增加了 11%，而且在快速變化的監管環境中，合規性對於深思熟慮的公司來說仍然是至關重要的。

Significantly, we completed the acquisition of Oxford Analytica and Dragonfly Intelligence in the fourth quarter, which should enhance our ability to provide insight and intel to companies across the globe. Meanwhile, Dow Jones Energy posted 10% revenue growth as we invested in product offerings and built on unique pricing products and real-time analysis.

值得注意的是，我們在第四季度完成了對 Oxford Analytica 和 Dragonfly Intelligence 的收購，這將增強我們為全球公司提供洞察力和情報的能力。同時，由於我們對產品供應進行了投資並建立了獨特的定價產品和即時分析，道瓊斯能源的收入增長了 10%。

One example was carbon and clean fuels analytics, which helps businesses, investors and traders capitalize on opportunities from energy transition at a time of pronounced regulatory upheaval. The Dow Jones team expects that Factiva, which has been an unfortunate drag on professional information revenues should improve in coming quarters as we cycle past the unfavorable impact of a contentious client dispute.

其中一個例子是碳和清潔燃料分析，它可以幫助企業、投資者和貿易商在監管劇變的時期利用能源轉型帶來的機會。道瓊斯團隊預計，隨著我們擺脫客戶糾紛的不利影響，Factiva 在未來幾季將有所改善，儘管該公司不幸拖累了專業資訊收入。

At Digital Real Estate Services, profitability surged 19% on a 5% increase in revenues and notably, margin improved from 26.8% to 30.5%. REA posted 6% revenue growth or 11% on a constant currency basis, thanks to a 15% increase in yield compared to the same period last year. REA maintained a rather healthy audience lead with nearly 4x as many average monthly visits as domain and nearly 5x the user engagement as measured by independent metrics.

數位房地產服務公司的獲利能力在收入成長 5% 的情況下飆升 19%，利潤率尤其從 26.8% 提高到 30.5%。由於收益率與去年同期相比增長了 15%，REA 的收入增長了 6%，按固定匯率計算增長了 11%。REA 維持了相當健康的受眾領先地位，根據獨立指標衡量，其每月平均訪問量幾乎是網域的 4 倍，用戶參與度幾乎是網域的 5 倍。

At realtor.com, revenues rose 2% as growth initiatives across rental, seller and new homes flourished, accounting for 22% of total revenue. Even though overall market conditions remain difficult because of elevated mortgage rates and economic instability and the Realtor team thrive on competition and are gaining audience and user loyalty, pulling further ahead of Redfin and Homes.com. Thanks to the network effect created by our media platforms.

在 realtor.com，由於租賃、賣方和新房的成長計劃蓬勃發展，收入增加了 2%，佔總收入的 22%。儘管由於抵押貸款利率上升和經濟不穩定，整體市場狀況依然艱難，但房地產經紀人團隊在競爭中蓬勃發展，贏得了觀眾和用戶的忠誠度，進一步領先於 Redfin 和 Homes.com。感謝我們的媒體平台所創造的網路效應。

We believe that network advantage will become more pronounced as the character of search continues to change profoundly in coming years. Based on third-party verified source comScore, total visits to the site reached 239 million in March, representing 29% of market share among the top real estate portals, and a 3.7x traffic advantage over Homes.com and 2.7x greater than Redfin. While our 4.5 visits per visitor is the category leader and a compelling sign of engagement and loyalty. And let's be very clear. These are not home brewed metrics.

我們相信，隨著未來幾年搜尋特性的不斷深刻變化，網路優勢將變得更加明顯。根據第三方驗證來源 comScore 的數據，3 月該網站的總訪問量達到 2.39 億次，佔據頂級房地產入口網站 29% 的市場份額，比 Homes.com 的流量高出 3.7 倍，比 Redfin 高出 2.7 倍。我們每位訪客的訪問量為 4.5 次，是同類產品中的佼佼者，也是參與度和忠誠度的有力標誌。讓我們明確一點。這些並不是自製的指標。

In Book Publishing, in a relatively slow season, with Brian Murray's guidance, revenue expanded by 2% to $514 million and EBITDA rose 3% to $64 million. Thanks in large part to the recent acquisition of German book publisher, Additionally, digital revenues grew 3% as audio books continued to prosper, including contributions from our key partnership with Spotify.

在書籍出版領域，在相對淡季，在 Brian Murray 的指導下，營收成長 2% 至 5.14 億美元，EBITDA 成長 3% 至 6,400 萬美元。很大程度上要歸功於最近對德國圖書出版商的收購，此外，隨著有聲書的持續繁榮，數位收入增長了 3%，其中包括與 Spotify 的重要合作帶來的貢獻。

We saw strength from Gregory McGuire's latest addition to the weaker universe, along with other standouts, such as Tessa Bailey's Dream Girl Drama and Alex Aster's Summer in the City. Our Christian division showed sustained strength, particularly in Bible sales and Bible gateway, which we are developing as both a portal and a community had 87 million uniques during the quarter. We expect that burgeoning site will add to our network effect as a funnel for realtor.com and our media sites, which, in turn, will drive traffic to Bible Gateway.

我們看到了 Gregory McGuire 的最新作品為這個較弱的宇宙增添了力量，同時也看到了其他傑出作品，例如泰莎貝利 (Tessa Bailey) 的《夢幻女孩劇》 (Dream Girl Drama) 和亞歷克斯阿斯特 (Alex Aster) 的《城市的夏日》。我們的基督教部門表現出持續的實力，特別是在聖經銷售和聖經門戶網站方面，我們正在將其開發為門戶網站和社區，本季度擁有 8700 萬獨立用戶。我們期望這個蓬勃發展的網站能夠增強我們的網路效應，成為 realtor.com 和我們媒體網站的管道，進而為 Bible Gateway 帶來流量。

In the coming quarter, we are excited by the release of the paper back of Shelby per seller remarkably bright creatures, along with on democracies and debt by Douglas Murray, I wish someone had told me by Dana Perino, and Uptown Girl by Christi Brinklin. HarperCollins has acquired the North American rights to the land of Suite Forever, stories and essays by Harper Lee.

在即將到來的季度，我們很高興看到 Shelby 的《非常聰明的生物》平裝本的發行，同時還將發行道格拉斯·默里的《論民主與債務》、達娜·佩里諾的《我希望有人告訴我》和克里斯蒂·布林克林的《上城女孩》。哈珀柯林斯 (HarperCollins) 已獲得哈珀李 (Harper Lee) 的小說和散文《永恆之組曲》 (Suite Forever) 的北美版權。

The collection set to publish in the first half of fiscal year 2026, will include several unseen short stories from the legendary author of The News Media segment posted healthy EBITDA growth of 22%, building on the 30% year-on-year growth reported last quarter as our partnerships with open AI and other principal digital platforms continue to benefit our mastheads, while the teams were diligent in their cost discipline.

該合輯將於 2026 財年上半年出版，其中將收錄這位新聞媒體傳奇作者的幾篇從未公開過的短篇小說。由於我們與開放人工智慧和其他主要數位平台的合作繼續為我們的報頭版帶來好處，同時團隊嚴格控製成本，該合集的 EBITDA 增長了 22%，而上一季的同比增長率為 30%。

At News UK, under Rebecca Brooks' leadership, digital subscriptions to the Times and Sunday Times reached $629,000, rising 8% compared to prior year, and digital advertising revenue at the Times continued to expand. Meanwhile, we launched the Sun Club in February, which provides premium journalism and exclusive offers to members.

在 News UK，在 Rebecca Brooks 的領導下，《泰晤士報》和《星期日泰晤士報》的數位訂閱費達到 62.9 萬美元，比上年增長 8%，《泰晤士報》的數位廣告收入也繼續擴大。同時，我們在二月推出了太陽俱樂部 (Sun Club)，為會員提供優質新聞和獨家優惠。

At the New York Post, was as influential as its vast audience, finishing with 85 million uniques for the month of March. It is a rare publication indeed that can pose such a broad and deep leadership from the corner office to the office.

《紐約郵報》的影響力與其龐大的讀者群一樣大，三月的獨立讀者數量達到 8,500 萬人。這確實是一份罕見的出版物，能夠對從角落辦公室到辦公室的領導進行如此廣泛和深入的闡述。

News Corp Australia's mastheads provide an important platform for informed reporting and debate during the recent election campaign. And we also saw continued growth in digital subscriptions, reaching 1.1 million. Meanwhile, news.com.au was the number one digital news brand in page views, achieving $292 million per month in March according to And Sky News Australia was the country's number one YouTube news channel with 5.5 million subscriptions, reflecting its local and global reach.

新聞集團澳洲的報頭為最近的選舉活動期間的知情報導和辯論提供了重要平台。我們也看到數位訂閱量持續成長，達到 110 萬。同時，news.com.au 是頁面瀏覽量排名第一的數位新聞品牌，3 月月瀏覽量達到 2.92 億美元，而 Sky News Australia 是全國排名第一的 YouTube 新聞頻道，擁有 550 萬訂閱用戶，反映了其在本地和全球的影響力。

The strength of our results through the first three quarters of the current rather colorful fiscal year speaks to the meaningful metamorphosis that began a decade ago. That transformation simply would not have been possible without the leadership of our Chair, Lachlan Murdoch, and Chairman Emeritus, Rupert Murdoch, and a thoughtful and thoroughly engaged Board.

我們在本財年前三個季度取得的強勁業績證明了十年前開始的有意義的轉變。如果沒有我們的主席拉克蘭·默多克 (Lachlan Murdoch) 和名譽主席魯珀特·默多克 (Rupert Murdoch) 的領導，以及深思熟慮和全心投入的董事會，這種轉變根本不可能實現。

Our success is also a tribute to our employees around the world. And the collective achievement is a sturdy platform on which to build even greater returns for shareholders in the years to come.

我們的成功也是對全球員工的致敬。這項集體成就將為未來幾年為股東創造更大回報奠定堅實的基礎。

And now I turn to our esteemed Chief Financial Officer; Lavanya Chandrashekar, to provide further insight into our third quarter results.

現在我來談談我們尊敬的財務長； Lavanya Chandrashekar，將進一步介紹我們第三季的業績。

Thank you, Robert, and good afternoon. I'd like to start by reinforcing our distinguished Chief Executive's comments on our ongoing transformation. While economic and geopolitical conditions have been uncertain, we continue to be purposeful in our execution and strategic focus. We have transformed our asset mix, increasing exposure to recurring revenues while reducing advertising exposure. Moreover, the majority of our revenue is now digital.

謝謝你，羅伯特，下午好。首先，我想重申我們傑出的執行長對我們正在進行的轉型的評論。儘管經濟和地緣政治條件不確定，但我們仍然堅持目標執行和戰略重點。我們改變了資產組合，增加了經常性收入的曝光度，同時減少了廣告曝光度。此外，我們現在的大部分收入都來自數位化。

Our divestiture of Foxtel has resulted in News Corp being more weighted to our three core pillars: Dow Jones, Digital Real Estate Services and Book Publishing. This is expected to drive faster growth with less capital intensity and hence, a higher return on invested capital.

我們對 Foxtel 的剝離使得新聞集團更加重視我們的三大核心支柱：道瓊斯、數位房地產服務和書籍出版。預計這將以更低的資本密集度推動更快的成長，從而提高投資資本的回報率。

Our strong balance sheet and steady cash flow enables us to maximize shareholder value creation. During these turbulent times, as you would expect from Newscorp, we are monitoring trends closely. As things stand, the direct impact of tariffs on News Corp is expected to be immaterial. Of note, at present, newsprint is excluded from additional tariffs as our children's and Christian books imported from China. In these volatile times, we will continue to focus on what we can control, and we'll seek to take cost action as necessary.

我們強勁的資產負債表和穩定的現金流使我們能夠最大限度地創造股東價值。在這些動盪時期，正如您對新聞集團的期望一樣，我們正在密切關注趨勢。從目前情況來看，關稅對新聞集團的直接影響預計並不大。值得注意的是，目前，新聞紙與我國從中國進口的兒童和基督教書籍一樣，不受附加關稅的約束。在這些動盪的時期，我們將繼續專注於我們能夠控制的事情，並在必要時尋求採取成本行動。

Turning to the quarterly results, which I'm pleased to report, were again strong. As a reminder, Foxtel's financial results are reflected as discontinued operations for the fiscal 2025 and 2024 third quarter and year-to-date periods, and subscription video services is no longer a reportable segment.

談到季度業績，我很高興地報告，業績再次表現強勁。提醒一下，Foxtel 的財務表現反映為 2025 財年和 2024 財年第三季及年初至今的停止經營業務，訂閱視訊服務不再是可報告的部分。

News Corp reported fiscal third quarter revenues on a continuing operations basis of $2 billion, rising 1% year over year, and total segment EBITDA of $290 million, increasing 12% year-over-year. Margins improved by 140 basis points to 14.4%. This quarter, Dow Jones and Digital Real Estate contributed 88% of profitability. Third quarter adjusted revenues rose 2% compared to the prior year, with the difference from reported being primarily due to currency impact, while adjusted total segment EBITDA rose 15% versus the prior year.

新聞集團公佈第三財季持續經營收入為 20 億美元，年增 1%，分部總息稅折舊攤提前利潤 (EBITDA) 為 2.9 億美元，較去年同期成長 12%。利潤率提高了 140 個基點，達到 14.4%。本季度，道瓊斯和數位房地產貢獻了88%的利潤。第三季調整後的營收較上年同期成長 2%，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 15%。

For the quarter, we reported earnings from continuing operations per share of $0.14 compared to $0.07 in the prior year. Adjusted earnings from continuing operations per share were $0.17 in the quarter compared to $0.13 in the prior year.

本季度，我們報告的每股持續經營收益為 0.14 美元，而去年同期為 0.07 美元。本季調整後每股持續經營收益為 0.17 美元，去年同期為 0.13 美元。

Moving to the individual segments, starting with Dow Jones. As we expected, Dow Jones results year-over-year improved from the first half with reported revenues of $575 million, up 6% versus the prior year period and was again the largest segment contributor to overall company revenue, and for this quarter, also to total segment EBITDA. Digital revenue accounted for 82% of total Dow Jones segment revenues this quarter, improving one percentage point from last year.

轉到各個部分，從道瓊斯開始。正如我們預期的那樣，道瓊斯業績較上半年同比有所改善，報告營收為 5.75 億美元，較上年同期增長 6%，再次成為公司整體營收的最大貢獻者，並且在本季度也是整個部門 EBITDA 的最大貢獻者。本季數位收入佔道瓊斯部門總收入的 82%，比去年同期提高了一個百分點。

Overall, professional information business revenues, which reflect our B2B products and services rose 6% year-over-year, overcoming a 200 basis point adverse impact from Factiva, primarily due to the ongoing customer dispute that we mentioned last quarter, a modest improvement from the second quarter impact.

總體而言，反映我們 B2B 產品和服務的專業資訊業務收入同比增長 6%，克服了 Factiva 帶來的 200 個基點的不利影響，這主要是由於我們上個季度提到的持續的客戶糾紛，與第二季度的影響相比略有改善。

Risk and Compliance grew 11% to $84 million with the growth driven by new customers, new products and improved yield. At Dow Jones Energy, revenue grew 10% to $69 million with customer retention remaining very strong at over 90%. In April, we reinvested in risk and compliance to further enhance its product offerings and data sets to include geopolitical, security intelligence and risk analysis via the acquisition of Dragonfly and Oxford Analytica.

風險與合規業務成長 11%，達到 8,400 萬美元，成長主要得益於新客戶、新產品和收益提高。道瓊斯能源的收入成長了 10%，達到 6,900 萬美元，客戶保留率仍然非常高，超過 90%。4 月份，我們重新投資於風險和合規性，透過收購 Dragonfly 和 Oxford Analytica，進一步增強其產品供應和資料集，包括地緣政治、安全情報和風險分析。

At energy, customer demand for our key benchmark pricing products remained robust, and we continue to expand our offerings with the launch of several new indices, assisting customers to hedge more effectively and manage risk in increasingly volatile markets.

在能源方面，客戶對我們主要基準定價產品的需求仍然強勁，我們繼續擴大產品範圍，推出幾個新指數，幫助客戶更有效地對沖並在日益動蕩的市場中管理風險。

Within the Dow Jones consumer business, circulation revenues rose 7% versus the prior year, benefiting from an improvement in digital circulation revenue of 14%, notably higher than the 8% growth posted in the second quarter as we move customers from introductory and bundled promotions to higher pricing.

在道瓊斯消費業務中，發行收入較上年增長 7%，這得益於數位發行收入 14% 的增長，明顯高於第二季度 8% 的增幅，因為我們將客戶從介紹和捆綁促銷轉向了更高的定價。

Digital ARPU also increased quarter over quarter and year over year. Also of note, the digital circulation revenue growth included an approximate 300 basis points timing benefit. Digital circulation revenues accounted for 75% of circulation revenues for this quarter, up from 70% in the prior year.

數位 ARPU 也較上季、年成長。另外值得注意的是，數位發行收入成長包括約 300 個基點的時機效益。本季數位發行收入佔發行收入的 75%，高於去年同期的 70%。

Digital-only subscriptions improved by 9% year on year and by 191,000 sequentially, benefiting from seasonality, particularly related to students and marked the highest addition since the third quarter of 2024.

純數位訂閱量年增 9%，季增 191,000 份，受益於季節性因素（尤其是與學生相關的因素），創下 2024 年第三季以來的最高增幅。

Advertising revenue of $86 million was flat, improving from the prior quarter and the first half rate, with both digital and print relatively flat. Digital represented 63% of advertising revenues, in line with the prior year. Dow Jones segment EBITDA for the quarter grew 12% to $132 million with margins increasing to 23%. Moving on to Digital Real Estate.

廣告收入為 8,600 萬美元，與上一季持平，較上半年有所改善，其中數位廣告和印刷廣告收入均相對持平。數位廣告收入佔廣告收入的 63%，與前一年持平。道瓊斯部門本季的 EBITDA 成長 12% 至 1.32 億美元，利潤率增至 23%。轉向數位房地產。

Digital Real Estate had another solid quarter despite a tough prior year comparison and ForEx headwinds, with segment revenues of $406 million, up 5% versus the prior year and up 8% on an adjusted basis. Segment EBITDA was $124 million, up 19% and up 25% on an adjusted basis.

儘管與去年同期相比表現不佳且面臨外匯逆風，但數位房地產本季仍表現穩健，分部收入達 4.06 億美元，較上年同期增長 5%，調整後增長 8%。分部 EBITDA 為 1.24 億美元，成長 19%，調整後成長 25%。

REA revenues rose 6% year on year to $271 million, which included a $14 million adverse impact from ForEx fluctuations. REA revenue grew 11% on a constant currency basis. Growth was driven by a combination of residential yield increases and customer contract upgrades. Residential yield growth improved by 15%.

REA 營收年增 6% 至 2.71 億美元，其中包括外匯波動帶來的 1,400 萬美元不利影響。以固定匯率計算，REA 收入成長了 11%。成長是由住宅收益率增加和客戶合約升級共同推動的。住宅收益率成長提高了15%。

Listings in the quarter were flat compared to the prior year, with listings in Sydney up 4%, and Melbourne down 3%. Listings benefited from Easter falling into the fourth quarter this year, but were negatively impacted by floods in Queensland.

本季的上市數量與去年持平，雪梨的上市數量上漲 4%，墨爾本的上市數量下跌 3%。今年復活節恰逢第四季度，房屋掛牌量因此受益，但昆士蘭州的洪水卻對其產生了負面影響。

REA also benefited from higher revenues at REA India and growth at Financial Services due to higher settlements. Please refer to REA's earnings release and their conference call for more details. Realtors revenue for the quarter of $135 million was up 2% compared to the prior year, marking the second consecutive quarter of revenue growth despite continued difficult macro conditions.

REA 也受益於 REA 印度公司收入的增加以及金融服務業務因結算額增加而實現的成長。請參閱 REA 的收益報告及其電話會議以了解更多詳情。本季房地產經紀人營收為 1.35 億美元，比上年成長 2%，儘管宏觀環境持續艱難，但這仍是營收連續第二季成長。

At Realtor, lower referral and lead generation revenues were more than offset by robust growth from adjacencies. Realtor continued to show strong growth from new revenue streams such as seller, new homes and rentals, which now represent 22% of revenues.

在 Realtor，較低的推薦和潛在客戶生成收入被鄰近業務的強勁成長所抵消。房地產經紀人繼續從賣方、新房和租賃等新收入來源中表現出強勁增長，目前佔總收入的 22%。

Rentals, in particular, was notably strong, driven by the partnership with Zillow. Realtor.com has been shifting its audience acquisition and engagement strategies to focus on higher-quality consumers and leads, which resulted in a notable increase in revenue per lead in the quarter, partly offsetting softer lead volumes. This shift, combined with the persistent affordability issues and home sales volatility, resulted in lead volumes declining 17%, while average monthly unique users for the quarter fell 8% year over year to $66 million at realtor.com. Expenses at Realtor came in better than we had initially forecasted, driven by the shift of a new brand campaign to the fourth quarter.

受與 Zillow 合作的推動，租賃業務表現尤為強勁。Realtor.com 一直在轉變其受眾獲取和參與策略，將重點放在更高品質的消費者和潛在客戶上，這導致本季每條潛在客戶的收入顯著增加，部分抵消了潛在客戶數量的疲軟。這種轉變，加上持續存在的負擔能力問題和房屋銷售波動，導致銷售線索量下降 17%，而 realtor.com 本季平均每月獨立用戶數量較去年同期下降 8%，至 6,600 萬美元。由於新品牌活動轉移到第四季度，房地產經紀人的支出比我們最初預測的要好。

At Book Publishing, as expected, the phasing of frontlist titles weighed on performance this quarter. That said, segment revenues of $514 million, which rose 2%, represented the second highest third quarter on record, while segment EBITDA of $64 million rose 3%. The third quarter results included the recently acquired German book publisher. The strong performance from Christian Publishing and continued growth from the UK offset lower general book sales due to timing of frontlist releases compared with the third quarter last year.

在圖書出版方面，正如預期的那樣，新書的逐步淘汰對本季度的業績產生了影響。儘管如此，該部門營收為 5.14 億美元，成長 2%，創下有記錄以來第二高的第三季業績，而該部門 EBITDA 為 6,400 萬美元，成長 3%。第三季的業績包括最近收購的德國圖書出版商。與去年第三季相比，基督教出版業的強勁表現和英國市場的持續成長抵消了由於新書發佈時間導致的整體書籍銷售下降。

Adjusted revenues were flat. HarperCollins posted digital revenues of $122 million, up 3%, which was impacted by a combination of the current release slate and lapping the start of the Spotify partnership last year. In total, digital sales represented 25% of consumer revenues, flat compared to the prior year. The backlist contributed 65% of consumer revenues, up from 63% last year.

調整後收入持平。哈珀柯林斯公佈的數位收入為 1.22 億美元，成長 3%，這受到當前發行計畫和去年與 Spotify 合作開始的影響。整體而言，數位銷售佔消費者收入的 25%，與前一年持平。舊書貢獻了 65% 的消費者收入，高於去年的 63%。

Turning to News Media. Overall revenue performance was challenged due to tougher advertising conditions, partially offset by increased cover prices and subscription pricing across Revenue for the quarter was $514 million, down 8% versus the prior year, while adjusted revenues fell 6%.

轉向新聞媒體。由於廣告環境更加嚴峻，整體營收表現面臨挑戰，但封面價格和訂閱價格上漲部分抵消了這一影響。本季營收為 5.14 億美元，較上年下降 8%，調整後營收下降 6%。

Segment EBITDA was up 22% year over year to $33 million, driven by cost savings initiatives similar to the first half, most notably in the U.K. from the benefits of the commercial printing joint venture with DMG Media and lower Top costs, and further cost initiatives at News Australia. Adjusted segment EBITDA also rose 22%.

該部門的 EBITDA 年成長 22% 至 3,300 萬美元，這得益於與上半年類似的成本節約舉措，最明顯的是英國與 DMG Media 成立的商業印刷合資企業帶來的好處以及 Top 成本的降低，以及 News Australia 的進一步成本舉措。調整後部門 EBITDA 也上漲了 22%。

Turning to the outlook. Some of the themes across each of our segments.

轉向展望。我們每個部分都有一些主題。

At Dow Jones, the team remains focused on B2B growth, including upselling and new products across Risk and Compliance and Dow Jones Energy. We are pleased with the performance and continue to expect improvement in growth in the second half compared to the first half.

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。我們對業績感到滿意，並預計下半年的成長將比上半年有所改善。

Given the mix of subscribers and timing, we expect circulation revenue growth to be more similar to the second quarter, which was also very strong. At Digital Real Estate, Australian residential due by listings for April were down 11%, which was impacted by the timing of public holidays. Please refer to REA for a more detailed outlook commentary.

考慮到訂閱用戶和時間的組合，我們預計發行收入成長將與第二季更加相似，而且第二季的表現也非常強勁。在 Digital Real Estate，4 月澳洲住宅上市數量下降了 11%，這是受到公共假日時間的影響。請參閱 REA 以獲得更詳細的展望評論。

Realtor.com will continue to focus on technology improvements and enhanced content and product offerings. We expect the rate of reinvestment to be modestly higher in the fourth quarter as we continue to focus on growth initiatives, and as mentioned, also plan to launch a new ad campaign in the quarter. At Book Publishing, overall, we will face particularly difficult comparisons in the fourth quarter compared to the prior year.

Realtor.com 將繼續專注於技術改進和增強內容和產品供應。我們預計第四季度的再投資率將略有上升，因為我們將繼續專注於成長計劃，如前所述，我們也計劃在本季推出新的廣告活動。整體而言，在圖書出版方面，與去年同期相比，我們在第四季將面臨特別困難的比較。

At News Media, we expect the segment to continue to benefit from ongoing cost initiatives while advertising is likely to be volatile given the macro uncertainty. Also of note, we will lap the beginning of the cost savings from the commercial joint venture with DMG Media and the changes at Top TV. As mentioned last quarter, we expect other segment costs to be higher than last year, including ongoing AI and related legal costs.

在新聞媒體方面，我們預計該部門將繼續受益於持續的成本舉措，而鑑於宏觀不確定性，廣告可能會出現波動。另外值得注意的是，我們將開始利用與 DMG Media 的商業合資企業和 Top TV 的變革來節省成本。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。

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

現在，讓我將問題交給接線員進行解答。

(Operator Instructions) Kane Hannan, Goldman Sachs.

（操作員指示）高盛的凱恩漢南 (Kane Hannan)。

Just I suppose on the Dow Jones business, the standout in the quarter. Is there any more color you can share around how we think about the rate of investment going into the fourth quarter. It did pick up a little bit this quarter. And just where that investment was on sort of the Dow Jones consumer or across the business? And also how we think about that going forward as well would be helpful.

我只是認為道瓊斯業務是本季的佼佼者。您能否進一步分享我們對第四季投資率的看法？本季確實有所回升。那麼，這些投資究竟是針對道瓊消費者還是針對整個企業呢？我們如何看待這個問題以及未來如何發展也會有所幫助。

There was no particular startling increase in investment in Dow Jones. We did make the acquisition and the related acquisition costs that of Dragonfly and Oxford Analytica which will add to the professional information business, but we are duly focused on both the consumer business where we are seeing that increase in ARPU that Lavanya spoke about on the last call, and we'll continue to do what's necessary and reasonable to drive that revenue. And secondly, with I can say is that we're consistently reporting double-digit revenue increases in the key segments and there's no reason to presume that those double-digit increases will not continue, particularly at Risk and Compliance and Energy, where we have been adding new services modestly and creating new products about charging a premium for premium content. So -- as mentioned, the overall numbers have been complicated by a Factiva relationship, which had a 200 basis point impact on total revenue, but we are now beginning to let that issue. Overall, we are extremely confident about the continuing growth of both revenue and profits at the professional information business.

道瓊斯的投資並沒有特別驚人的成長。我們確實進行了收購，並支付了 Dragonfly 和 Oxford Analytica 的相關收購成本，這將增強專業資訊業務，但我們也適當地關註消費者業務，我們看到 Lavanya 在上次電話會議上提到的 ARPU 有所增長，我們將繼續採取必要且合理的措施來推動這一收入增長。其次，我可以說的是，我們在關鍵領域的收入一直保持兩位數成長，而且沒有理由認為這些兩位數的成長不會持續下去，特別是在風險與合規和能源領域，我們一直在適度增加新服務，並創造新產品，對優質內容收取額外費用。因此 - 正如所提到的，由於與 Factiva 的關係，總體數字變得複雜，這對總收入產生了 200 個基點的影響，但現在我們開始解決這個問題。整體而言，我們對專業資訊業務的收入和利潤的持續成長非常有信心。

Entcho Raykovski, Partners.

Entcho Raykovski，合夥人。

My question is also on Dow Jones. Just a follow-up on the 200 basis point impact on from the Factiva dispute. Do you mind just to clarify, do you expect a similar impact in the fourth quarter? And then longer term, I'm just interested in any comments you could provides on where Dow Jones margins can get to? You mentioned last quarter that you'd expect margins to expand given people will be a greater contributor to earnings.

我的問題也是關於道瓊斯的。這只是對 Factiva 爭議造成的 200 個基點影響的後續關注。您介意澄清一下嗎，您是否預期第四季也會出現類似的影響？從長遠來看，我只是想知道您能否就道瓊斯利潤率能達到多少提供一些評論？您在上個季度提到，由於員工對獲利的貢獻更大，您預期利潤率將會擴大。

I mean, you obviously saw that 1.3% expansion in the quarter. So is there a longer-term target you can share or even just some quantitative direction that would be quite useful.

我的意思是，你顯然看到了本季 1.3% 的成長。那麼，您能否分享一個長期目標，還是只是一些非常有用的量化方向？

Thank you, Entcho. I'll maybe start and then Robert can add on. On the Factiva dispute, Look, as we cycle through it, as we start to lap it, I mean, the impact of the -- will start to reduce. So in the fourth quarter, I would expect a smaller impact than what we've seen in the third quarter, which was sequentially smaller than in the second quarter as well. On margins, here's how I think about margins on Dow Jones.

謝謝你，Entcho。也許我會開始，然後羅伯特可以補充。關於 Factiva 爭議，你看，隨著我們不斷討論它，隨著我們開始著手解決它，我的意思是，它的影響將開始減少。因此，我預計第四季的影響會比第三季小，而第三季的影響也比第二季小。關於利潤率，以下是我對道瓊斯利潤率的看法。

First and foremost, the growth of the Professional Information Service business, that really does help lead to margins, the kind of strong growth that we've had on that business of 6% this quarter with risk and compliance up 11%, indulgence, energy up 10%. That definitely helps both with operating leverage as well as with sweetening the mix. The growth on the consumer business as well helps with operating leverage. And then the team, as always, continues to be focused on being very disciplined on costs as well. And so that also helps with margin growth.

首先也是最重要的，專業資訊服務業務的成長確實有助於提高利潤率，本季我們的專業資訊服務業務實現了 6% 的強勁成長，其中風險與合規業務成長了 11%，放縱與能源業務成長了 10%。這無疑有助於提高營運槓桿率以及改善組合。消費者業務的成長也有助於提高營運槓桿。然後，團隊一如既往地繼續注重嚴格控製成本。這也有助於利潤率的成長。

Yes, just to reiterate what Lavanya said, as you note, the margin expanded from 7% to 23%. And there's every reason to believe that as that professional information business expands, so will the overall margin as that is a higher-margin segment. revenues now account for 39% of revenues and a majority of profit, and that share of the business is expanding quarter after quarter.

是的，只是重申 Lavanya 所說，正如您所說，利潤率從 7% 擴大到了 23%。我們有充分的理由相信，隨著專業資訊業務的擴張，整體利潤率也會隨之提高，因為這是一個利潤率較高的領域。收入目前佔總收入的 39% 和利潤的大部分，而這項業務份額正在逐季擴大。

David Joyce, Seaport Research.

大衛喬伊斯，海港研究。

Given your very strong balance sheet position now, I was wondering how you're prioritizing the strategy going forward for capital allocation across internal investments, external investments, capital returns. And to the extent there are MandA opportunities, do you envision anything that would provide incremental connectivity among your business lines or would be really still focusing on some of the core growth drivers like professional business services.

鑑於您現在非常強勁的資產負債表狀況，我想知道您如何優先考慮內部投資、外部投資和資本回報的資本配置策略。就 MandA 機會而言，您是否設想任何能夠為您的業務線之間提供增量連接的東西，或者仍然真正專注於一些核心成長動力，例如專業業務服務。

David, when it comes to acquisitions, obviously, we can't be specific, but we can be -- give general guidance and that is we have identified three core pillars, and we will look for opportunities in those three areas, what we will certainly not do is squander earned cash by overpaying for businesses. And I think you can see our record in that regard in recent years, has been impeccable. Look, it's also true that we've received a approximately AUD 592 million in cash for the repayment of the Foxtel shareholder loans. Now we've obviously been conscious of our responsibility to shareholders and that imperative will simply There has been -- we've all been subject to a certain amount of market turbulence. But our share price as of the close today, was just over 32% higher than a year ago.

大衛，談到收購，顯然我們不能具體說明，但我們可以給出一般性的指導，那就是我們已經確定了三個核心支柱，我們將在這三個領域尋找機會，我們肯定不會通過為企業支付過高的價格來浪費賺來的現金。我想您可以看到我們近年來在這方面的記錄是無可挑剔的。你看，我們確實收到了約 5.92 億澳元現金，用於償還 Foxtel 股東貸款。現在我們顯然已經意識到我們對股東的責任，而這項命令將簡單地存在——我們都受到一定程度的市場動盪的影響。但截至今天收盤，我們的股價比一年前上漲了 32% 以上。

And look, we take that not as a conclusion, but as an increment. And it is fair to say we've been careful in marshaling our cash, maximizing our investments and ensuring that returns through our dividend and $1 billion buyback reflect those resources. Last fiscal, we returned 70% of our available free cash flow to investors. And as was noted, we've been recently upgraded to investment grade by both Moody's and SandP. So clearly, our optionality has really been greater.

瞧，我們不認為這是一個結論，而是一個增量。公平地說，我們一直謹慎地調配現金，最大化投資，並確保透過股息和 10 億美元回購獲得的回報能夠反映這些資源。上一財年，我們將 70% 的可用自由現金流返還給了投資者。正如所指出的，穆迪和桑德斯最近都將我們的評級提升至投資級。顯然，我們的可選性確實更大了。

Frank Huber, Huber Research.

胡貝爾（Frank Huber），胡貝爾研究公司。

Robert, I guess, first, congratulations on getting the Foxtel deal done. Should investors -- if you guys think out over the next 6 to 12 months, expect you guys to rationalize, simplify the company any further. I mean, anything more potentially on the real estate side, where we have to maybe wait until maybe realtor.com sort of turns the corner here in terms of revenue growth and the margin of or and also Factiva too. I mean, I go back a long way with Dow Jones. I mean, covering the sell-side a stand-alone company of 22 years ago.

羅伯特，我想，首先，恭喜你完成 Foxtel 交易。投資人是否應該——如果你們在未來 6 到 12 個月內思考，預計你們會進一步合理化、簡化公司。我的意思是，在房地產方面，任何更具潛力的事情，我們可能要等到 realtor.com 在收入成長和利潤率方面出現轉機，或者 Factiva 也是如此。我的意思是，我與道瓊斯有著長長的淵源。我的意思是，報道 22 年前的獨立公司賣方。

And on the back then, Factiva was tough shape and still struggling, just listen to the numbers and stuff. Just wondering if that might be open to be off the books. Just further thoughts on simplify the company.

當時，Factiva 的狀況很艱難，仍在苦苦掙扎，只要聽聽數據和其他數據就知道了。我只是想知道這是否可以不予記錄。只是進一步思考如何簡化公司。

Sure. Craig, look, the Foxtel deal itself is a living breading example of our continuing illness to make significant decisions about structure and focus in the interest of our shareholders. There's often much discussion about Digital Real Estate, and we obviously examine all segments. But I think Craig, as you savvily noted on the last earnings call, the current state of the US property market means that there's a significant underappreciation of realtors value.

當然。克雷格，你看，Foxtel 交易本身就是一個活生生的例子，表明我們一直未能根據股東的利益做出有關結構和重點的重大決策。關於數位房地產的討論經常有很多，我們顯然會研究所有部分。但我認為，克雷格，正如您在上次收益電話會議上敏銳地指出的那樣，美國房地產市場的現狀意味著房地產經紀人的價值被嚴重低估。

And whatever we may happen to do in whatever sector, we are focused on realizing maximum value for our shareholders. If you look at what we've done over the past few years, we are certainly not strategic some We have a fairly clear vision of trends and challenges and opportunities, and we are now in a prime position to take further advantage for both the short and long-term advantage of our shareholders. The assets we've retained and developed a world class as are our teams, and they are in sectors primed for growth.

無論我們在任何領域做什麼，我們都致力於為股東實現最大價值。如果你看看我們過去幾年所做的事情，你會發現我們肯定不是戰略性的，但是我們對趨勢、挑戰和機會有一個相當清晰的認識，我們現在處於有利位置，可以進一步為股東帶來短期和長期利益。我們保留並發展的資產和我們的團隊都是世界一流的，而且它們都處於準備成長的行業中。

Look, we remain focused on increasing our asset value and reducing the implied discount to intrinsic value. And needless to say, which means I am indulging in tortology, we have never been complacent, but we do have some reason to be confident.

你看，我們仍然專注於提高我們的資產價值並降低隱含的內在價值折扣。不用說，這意味著我沉迷於侵權法，我們從來沒有自滿，但我們確實有理由充滿信心。

Alan Gould, Loop Capital.

艾倫·古爾德（Alan Gould），Loop Capital。

Robert, I'd like to talk about the original portion of the Dow Jones business. is doing great, but the original one you're continuing to grow subs, I know part of the strategy is converting people from promotional pricing to higher paying pricing? How is that endeavor going?

羅伯特，我想談談道瓊斯業務的原始部分。做得很好，但是原來的那個你繼續增加訂閱量，我知道該策略的一部分是將人們從促銷價格轉變為更高支付價格？這項工作進展如何？

Yes, you're exactly right in placing our strategy at Dow Jones and total subs were 7% higher, driven by digital subs, which rose 14%. And we are very focused on average revenue per subscriber and seeing positive trends as the Dow Jones dynamic pricing strategy is unfolding. I mean, that trend itself was reflected in the overall 7% increase in circulation revenues, which were up from 3% increase in the previous quarter. Now the Dow Jones team is rather confident that the phasing of subscribers from discounted entry-level offers to more standard pricing is proceeding well, and that strategy will be reflected in the digital numbers in coming quarters. And by the way, in total at Dow Jones, our digital contributed to 82% of revenue.

是的，您完全正確地將我們的策略應用於道瓊斯，總訂閱量增加了 7%，其中數位訂閱量增加了 14%。我們非常關注每位用戶的平均收入，隨著道瓊斯動態定價策略的展開，我們看到了積極的趨勢。我的意思是，這一趨勢本身就反映在發行收入整體成長 7% 上，高於上一季 3% 的增幅。現在，道瓊斯團隊非常有信心，訂閱用戶從折扣入門級優惠轉向更標準定價的進程正在順利進行，這一策略將在未來幾季的數字中得到體現。順便說一句，道瓊斯公司的數位業務總體貢獻了 82% 的收入。

So we are talking about a company that's certainly contemporary in character and a powerful digital platform on which to build.

因此，我們談論的是一家具有現代特色並擁有強大數位平台的公司。

(Operator Instructions) Evan Karatzas, UBS.

（操作員指示）瑞銀 (UBS) 的 Evan Karatzas。

Just maybe a follow-up on that with the higher-priced player moving customers to higher price plan. Just can you talk to, I guess, the churn impact from those customers moving to the nonpromotion plans? And I guess also any learnings from that in terms of the elasticity of those consumer subs, and I guess, maybe more medium term, if potentially price increases could be more of a theme going forward, that might help with continued ARPU growth for that consumer subs business, please?

也許這只是後續行動，高價位的播放器會將客戶轉移到更高價位的計畫。您能否談談那些轉向非促銷計劃的客戶流失的影響？我想，從這些消費者訂閱的彈性面，您能從中學到什麼嗎？我想，也許從中期來看，如果價格上漲可能成為未來的一個主題，那麼這可能有助於消費者訂閱業務的 ARPU 持續成長，對嗎？

Evan, we're learning every day about price elasticity, which is the -- really the kernel of the dynamic pricing system that's being deployed by the team at Dow Jones. Obviously, advanced AI is making that process somewhat easier. You're able to identify certain cohorts where you do have more elasticity and you are able to identify certain cohorts where there may be some vulnerability. And so over time, there's no doubt the aim is to reduce churn and maximize revenue, and we have both the expertise and the tools at our disposal.

埃文，我們每天都在學習價格彈性，這是道瓊斯團隊正在部署的動態定價系統的核心。顯然，先進的人工智慧使得這個過程變得更容易一些。您可以識別出具有更大彈性的某些群體，也可以識別出可能存在某些脆弱性的某些群體。因此，隨著時間的推移，毫無疑問我們的目標是減少客戶流失並最大化收入，而我們擁有專業知識和可用的工具。

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

目前我們沒有其他問題。我將把電話轉回給邁克爾·弗洛林 (Michael Florin) 做結束語。

Well, thank you, Luke, and thank you for all the investors for participating. We look forward to talking to you shortly and have a wonderful day. Bye for now.

好吧，謝謝你，盧克，也謝謝所有投資人的參與。我們期待很快與您交談並祝您有美好的一天。暫時再見。