News Corp (NWSA) 2025 Q4 法說會逐字稿

Welcome to News Corp's fourth quarter and full year fiscal 2025 earnings conference call. Today's conference is being recorded. (Operator Instructions)

歡迎參加新聞集團 2025 財年第四季和全年財報電話會議。今天的會議正在錄製中。（操作員指示）

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.

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 fourth quarter 2025. 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 with some prepared remarks, and we'll be happy to take questions from the investment community.

非常感謝，接線生。大家好，歡迎收看新聞集團2025財年第四季財報。我們大約30分鐘前發布了財報新聞稿，現已發佈在我們的網站newscorp.com上。今天出席電話會議的有執行長羅伯特·湯姆森（Robert Thomson）和財務長拉瓦尼亞·錢德拉舍卡（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 cautionary 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結果有重大差異。新聞集團的 10-K 表格和 10-Q 表格文件指出了可能導致實際結果不同的風險和不確定性，並包含有關前瞻性資訊的警示性聲明。

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

此外，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適用期間的收益報告中找到。

With that, I'll 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. We are honored to report a sterling performance sustained across the four quarters of fiscal 2025, which was a record year for profitability on a continuing operations basis. For the full year, revenues rose 2% to nearly $8.5 billion, and total segment EBITDA improved 14% to finish the year at just over $1.4 billion, a record for the company on a continuing operations basis. While our net income from continuing operations increased 71% to $648 million. Profit margins also increased by 170 basis points to 16.7%.

謝謝你，麥克。我們很榮幸地報告，2025 財年四個季度的業績表現持續出色，這是持續經營盈利創紀錄的一年。全年營收成長 2%，達到近 85 億美元，整個部門的 EBITDA 成長 14%，年底達到略高於 14 億美元，創下了公司持續經營業績的最高紀錄。我們的持續經營淨收入成長了 71%，達到 6.48 億美元。利潤率也增加了170個基點，達到16.7%。

For the fourth quarter, revenues rose 1% to $2.1 billion, while profitability grew 5% to $322 million, and net income from continuing operations rose a handsome 28% to $86 million. These robust record results have enhanced our financial position and thus our ability to return capital to shareholders. That potency was reflected in our free cash flow for fiscal 2025, which was $571 million compared to $540 million in the prior year, even though we expanded CapEx at Dow Jones including at its rapidly growing Professional Information Business.

第四季度，營收成長 1% 至 21 億美元，獲利成長 5% 至 3.22 億美元，持續經營淨收入大幅成長 28% 至 8,600 萬美元。這些強勁的業績記錄增強了我們的財務狀況，從而提高了我們向股東返還資本的能力。這種潛力體現在我們 2025 財年的自由現金流中，儘管我們擴大了道瓊斯的資本支出，包括其快速增長的專業資訊業務，但該財年的自由現金流為 5.71 億美元，而上一年為 5.4 億美元。

Hence, the Board last month authorized a new $1 billion stock repurchase program in addition to the approximately $300 million remaining from the previous $1 billion program authorized four years ago. As we indicated in our announcement, we expect to begin executing repurchases at an accelerated rate soon after the release of these results. In short, a significantly larger total and a significantly faster tempo.

因此，董事會上個月批准了一項新的 10 億美元股票回購計劃，此外還批准了四年前批准的 10 億美元計劃中剩餘的約 3 億美元。正如我們在公告中所指出的，我們預計在這些結果發布後不久將開始以加速的速度執行回購。簡而言之，總量明顯更大，節奏明顯更快。

We remain dedicated to driving value across our three pillars: Dow Jones, Digital Real Estate Services and Book Publishing, which accounted for the vast majority of our total segment EBITDA for the year. The recent sale of Foxtel Group to our partners at DAZN further focused our portfolio and bolstered our cash position, while the teams have made savvy acquisitions for all three of the core businesses over the past year.

我們仍然致力於推動三大支柱的價值：道瓊斯、數位房地產服務和圖書出版，這三大支柱占我們全年分部 EBITDA 的絕大部分。我們最近將 Foxtel 集團出售給我們在 DAZN 的合作夥伴，進一步集中了我們的投資組合併增強了我們的現金狀況，同時團隊在過去一年中對所有三個核心業務進行了精明的收購。

And it has also become big over the past year that discerning audiences crave content that is profound and purposeful empathy amidst a morass of mediocrity and mendacity. Our riders and journalists and creators of all kinds are conscious of both responsibility and the opportunity, cognizant that we are at a historic inflection point in the age of AI. That AI age must cherish the value of intellectual property if we are collectively to realize our potential.

在過去的一年裡，有一點也變得越來越重要：在平庸和謊言的泥潭中，有眼光的觀眾渴望看到深刻而有目的的同理心的內容。我們的騎士、記者和各類創作者都意識到責任和機遇，體認到我們正處於人工智慧時代的歷史轉捩點。如果我們要共同發揮我們的潛力，人工智慧時代就必須珍惜智慧財產權的價值。

Much is made of the competition with China, but America's advantage is ingenuity and creativity, not bits and bytes, not watts, but with to undermine that comparative advantage by stripping away IP rights is to vandalize our virtuosity. We need to be more enlightened to unitize OpenAI socially and commercially.

與中國的競爭備受矚目，但美國的優勢在於獨創性和創造力，而不是比特和字節，也不是瓦特，而透過剝奪智慧財產權來破壞這種比較優勢就是破壞我們的精湛技藝。我們需要更加開明，將 OpenAI 在社會和商業上統一起來。

Take the example of President Trump. He has written many successful books, in particular, The Art of the Deal, which is still reporting notable sales. Is it right that his books should be consumed by an AI engine, which then profits from his thoughts by cannibalizing his concepts, thus undermining future sales of his book. Suddenly, The Art of the Deal has become the art of the steel. Is it fair that creators are having their works per Lloyd?

以川普總統為例。他寫過許多成功的書籍，尤其是《交易的藝術》，至今銷量仍然可觀。他的書是否應該被人工智慧引擎吞噬，然後透過蠶食他的概念從他的思想中獲利，從而破壞他書的未來銷售？突然之間，《交易的藝術》變成了《鋼鐵的藝術》。創作者依照勞埃德的要求創作作品是否公平？

Is it just that the President of the United States is being ripped off?

難道美國總統只是被騙了嗎？

Companies are spending tens of billions on data centers, tens of billions on chips, tens of billions on energy generation. These same companies need to spend tens of millions or more on the content crucial for their success.

企業在資料中心、晶片和能源生產上花費了數百億美元。這些公司需要花費數千萬美元甚至更多來獲取對其成功至關重要的內容。

And I need to ensure that the content ecosystem remains healthy that there is a vast range of varied and verifiable sources and that a deeply derivative work AI does not become the default pathway to digital decay. In the meantime, we will fight to protect the intellectual property of our authors and journalists and continue to win and to sue companies that violate the most basic property rights.

我需要確保內容生態系統保持健康，擁有廣泛多樣且可驗證的來源，並且深度衍生作品 AI 不會成為數位衰退的預設途徑。同時，我們將努力保護我們的作家和記者的智慧財產權，並繼續贏得訴訟，起訴那些侵犯最基本財產權的公司。

Turning now to the segments. Dow Jones had another strong year, with revenue and EBITDA rising 4% and 8%, respectively. The business exited the year with strong momentum, reporting a healthy 7% increase in revenue for the fourth quarter to $604 million, significantly higher than the annual rate of 4%, while EBITDA for the fourth quarter rose 10% to $151 million.

現在轉向各個部分。道瓊又度過了強勁的一年，營收和 EBITDA 分別成長 4% 和 8%。該業務以強勁勢頭結束了這一年，報告稱第四季度收入增長 7%，達到 6.04 億美元，遠高於 4% 的年增長率，而第四季度的 EBITDA 增長 10%，達到 1.51 億美元。

Our Professional Information Business expanded revenues 10% overall for the fourth quarter, higher than the full year rate of 7%, supported by Risk & Compliance and Dow Jones Energy, where revenues increased by 21% and 12%, respectively, for the quarter. The addition of Dragonfly Intelligence and Oxford Analytica this quarter further solidified Risk & Compliance is a premier source for any business aiming to thoughtfully and legally navigate an increasingly complex global landscape.

我們的專業資訊業務第四季度整體收入增長 10%，高於全年 7% 的增長速度，這得益於風險與合規業務和道瓊斯能源業務的支持，這兩個部門本季度的收入分別增長了 21% 和 12%。本季 Dragonfly Intelligence 和 Oxford Analytica 的加入進一步鞏固了風險與合規的地位，對於任何旨在深思熟慮且合法地應對日益複雜的全球局勢的企業來說，風險與合規都是首要資源。

Compliance failures remain a serious issue for global financial institutions and sanctions regimes are a legal labyrinth. If now, your client is a priority, then you should strongly be a client of Dow Jones. At Dow Jones Energy, the team has created a portfolio of innovative products, including the global carbon market report and Rapro from Opus. This focus on our customers' emerging needs is a core factor behind our retention rates, which are north of 90% across Dow Jones Energy.

合規失敗仍然是全球金融機構面臨的嚴重問題，制裁制度是法律迷宮。如果現在，您的客戶是優先考慮的，那麼您應該成為道瓊斯的客戶。在道瓊斯能源，該團隊創建了一系列創新產品，包括全球碳市場報告和 Opus 的 Rapro。關注客戶的新興需求是我們客戶保留率的核心因素，道瓊能源的客戶保留率高達 90% 以上。

Factiva showed improvement over the second half of the year, thanks to a new generative AI data product and a concentrated focus on courting new customers in sectors such as communications and public relations.

由於新的生成式人工智慧數據產品以及專注於在通訊和公共關係等領域吸引新客戶，Factiva 在下半年表現出色。

On the consumer side of the business, we reported 10% growth in digital circulation revenues in the fourth quarter and saw increases in both print and digital advertising of 3% and 1%, respectively, as companies increasingly understood the power and the prestige of our platforms, including The Wall Street Journal, Barron's, MarketWatch and Investor's Business Daily.

在消費者業務方面，隨著企業越來越了解我們平台（包括《華爾街日報》、《巴倫周刊》、《MarketWatch》和《投資者商業日報》）的力量和威望，我們報告第四季度數位發行收入增長了 10%，印刷和數位廣告收入分別增長了 3% 和 1%。

Digital Real Estate revenues rose 9% for the year, while the segment posted increased EBITDA of 18%. At realtor.com, revenue grew for the third consecutive quarter in the fourth quarter despite the especially sluggish US housing market.

數位房地產收入全年增長 9%，而該部門的 EBITDA 增長了 18%。儘管美國房地產市場特別低迷，但 realtor.com 第四季的營收仍連續第三個季度成長。

We are particularly pleased with the three growth areas targeted by Damian Eales and the team. Revenue across rentals, new homes and seller accounted for 24% of revenues for the quarter, a rise of 5 percentage-points year over year.

我們對 Damian Eales 及其團隊所瞄準的三個成長領域感到特別滿意。租賃、新房和賣家收入佔本季營收的 24%，年增 5 個百分點。

These trends provide evidence that realtor should thrive when the US housing market ultimately nears normalcy after a period of punitively high mortgage rates and remarkably low turnover. Realtor's reach has extended despite the depressed markets with the share of visits significantly expanding in June when there were 256 million visits, 4x that of Homes.com and more than twice that of Redfin according to comScore. We are working to enhance our relationship with the National Association of Realtors to the benefit of both partners and crucially to the benefit of American seeking to buy or to sell a home.

這些趨勢證明，當美國房地產市場在經歷了一段高昂的抵押貸款利率和極低的營業額之後最終接近正常時，房地產經紀人應該會蓬勃發展。儘管市場低迷，但房地產經紀人的覆蓋範圍仍然擴大，6 月份訪問量份額大幅擴大，達到 2.56 億次訪問，根據 comScore 的數據，是 Homes.com 的 4 倍，Redfin 的兩倍多。我們正在努力加強與全國房地產經紀人協會的關係，以造福雙方，更重要的是，造福那些想要買房或賣房的美國人。

REA posted another healthy year in fiscal 2025, with 12% revenue growth or 13% on a constant currency basis to $1.25 billion, while audience reach saw continued improvement. For the year, realestate.com.au saw an average of 132 million visits per month, 4x that of the nearest competitor. In fact, 12.1 million people visited the site each month, of which 6.4 million were exclusive to REA.

REA 在 2025 財年又取得了健康的一年，營收成長 12%（以固定匯率計算成長 13%），達到 12.5 億美元，同時受眾覆蓋率也持續改善。今年，realestate.com.au 每月平均訪問量為 1.32 億次，是其最接近的競爭對手的 4 倍。事實上，每月有 1,210 萬人造訪該網站，其中 640 萬人專門造訪 REA。

There is no question that REA's business thrives on competition and we look forward to meeting the changes and the challenges ahead in the Australian market with our customary spirit of creativity and innovation.

毫無疑問，REA 的業務在競爭中蓬勃發展，我們期待以我們一貫的創造力和創新精神迎接澳洲市場未來的變化和挑戰。

Book Publishing posted its second best revenue year on record in fiscal 2025, with a 3% increase to $2.1 billion, while segment EBITDA expanded by 10% to $296 million. Margins were nearly 14% for the year, an improvement of over 90 basis points compared to the prior year. Performance was weighted in the first half, due in part to the impact of a strong frontlist schedule and the success of Hillbilly Elegy and Wicked.

2025 財年，圖書出版業務收入創歷史第二高，成長 3%，達到 21 億美元，部門 EBITDA 成長 10%，達到 2.96 億美元。全年利潤率接近 14%，比前一年提高了 90 多個基點。上半年的表現較為突出，部分原因是受到強勁的前排演出日程以及《鄉下人的悲歌》和《魔法壞女巫》成功的影響。

We have seen softness in the overall book market in more recent months. And that trend was reflected in some of our divisions, though our Elegies and children's book divisions continue to perform well. Key titles scheduled for fiscal 2026 should portend positively for the full year with a new book from Daniel Silver last month and upcoming works from The Pioneer Woman, Ree Drummond, Mitch Albom and R. F. Kuang.

近幾個月來，我們看到整個圖書市場表現疲軟。儘管我們的輓歌和兒童讀物部門繼續表現良好，但這種趨勢也反映在我們的一些部門中。2026 財年計畫出版的關鍵書籍應該會為全年帶來積極的影響，其中包括丹尼爾·西爾弗 (Daniel Silver) 上個月出版的新書以及《先鋒女性》(The Pioneer Woman)、瑞·德拉蒙德 (Ree Drummond)、米奇·阿爾博姆 (Mitch Albom) 和 R. F. 匡威 (R. F. Kuang) 即將出版的作品。

Sylvester Stallone's memoir, The Steps, will no doubt prove inspiring upon its release in November, and we are looking forward to the exclusive release of previously unpublished stories by Harper Lee, the author of To Kill a Mockingbird.

西爾維斯特史泰龍的回憶錄《台階》在 11 月發布後無疑會鼓舞人心，我們也期待著《殺死一隻知更鳥》的作者哈珀李的未發表小說的獨家發布。

Our global reach was enhanced by the agreed acquisition of Crunchyroll's Manga publishing operations in France and Germany. And that transaction is expected to close before the end of this calendar year. We already have a strong network of Manga contracts through our book business in Japan and believe that our team's collective expertise will enable us to prosper from one of the fastest-growing sections of the reading market.

透過收購 Crunchyroll 在法國和德國的漫畫出版業務，我們增強了全球影響力。該交易預計將在今年年底前完成。透過在日本的圖書業務，我們已經擁有強大的漫畫合約網絡，並相信我們團隊的集體專業知識將使我們在閱讀市場成長最快的領域之一中取得成功。

Digital revenues grew 5% for the year, supported by the partnership with Spotify, who last month announced plans to expand audio book offerings for premium customers in the UK, Australia and parts of Europe. In News Media, profitability improved 15% for the year despite a challenging advertising environment, reflecting our editorial creativity and cost consciousness. There are also benefits to our mastheads from our digital partnerships with the principal platforms and subscription growth at News UK and News Corp Australia.

在與 Spotify 合作的支持下，今年的數位收入成長了 5%。 Spotify 上個月宣布計劃擴大為英國、澳洲和歐洲部分地區高端客戶提供有聲書服務。在新聞媒體領域，儘管廣告環境充滿挑戰，但全年獲利能力仍提高了 15%，這反映了我們的編輯創造力和成本意識。我們與主要平台的數位合作夥伴關係以及 News UK 和 News Corp Australia 的訂閱量成長也為我們的報頭帶來了好處。

The Times and Sunday Times in particular, again, built on their healthy circulation base, closing the year with 640,000 paying digital subscribers compared to 594,000 a year ago. The phenomenal expansion in influence and the improvement in profitability over the past decade of the New York Post continued in the last year. The masthead plays a unique role in the New York area.

尤其是《泰晤士報》和《星期日泰晤士報》，再次鞏固了其健康的發行量基礎，年底付費數位訂閱用戶數量為 64 萬人，而一年前為 59.4 萬人。過去十年來，紐約郵報的影響力顯著擴大，獲利能力不斷提升，去年這股勢頭依然延續。報頭在紐約地區發揮獨特的作用。

But also far beyond and to reflect that prowess, we have just announced plans to expand in California, which surely needs the packaged profundity that characterizes the post. Soon, all will not be quiet on the Western front.

但遠不止於此，為了體現這種實力，我們剛剛宣布了在加州擴張的計劃，這無疑需要該職位所特有的打包深度。很快，西線戰場將不再平靜。

To conclude, the fiscal year with such impressive results against the backdrop of complex macro conditions and political dynamics is a testament to our transformation. That work simply would not be possible without the astute leadership of Lachlan Murdoch, the support of an enlightened Board and the enduring resonance of our Chairman Emeritus, Rupert Murdoch. We also salute the invaluable contributions of our employees around the world.

總而言之，在複雜的宏觀條件和政治動態背景下，本財年取得如此令人矚目的業績，證明了我們的轉型。如果沒有拉克蘭·默多克的精明領導、開明的董事會的支持以及名譽主席魯珀特·默多克的持久支持，這項工作根本無法實現。我們也向世界各地的員工所做的寶貴貢獻致敬。

And now I see to Lavanya Chandrashekar, our Chief Financial Officer, who will provide granularity and sagacity.

現在我請我們的財務長 Lavanya Chandrashekar 提供詳細而睿智的建議。

Thank you, Robert, and good afternoon. As Robert highlighted, fiscal 2025 marked a big step in the transformation of News Corp as we continue to expand into high-margin content licensing and increased recurring and digital revenues. We streamlined our asset base with the divestiture of Foxtel Group and have been relentless on cost management while continuing to invest in our core pillars of Dow Jones, Digital Real Estate Services and Book Publishing.

謝謝你，羅伯特，下午好。正如羅伯特所強調的，2025財年標誌著新聞集團轉型邁出了一大步，我們將繼續擴展到高利潤的內容授權領域，並增加經常性收入和數位收入。我們透過剝離 Foxtel 集團精簡了資產基礎，並堅持不懈地進行成本管理，同時繼續投資於道瓊斯、數位房地產服務和圖書出版等核心支柱。

We finished the fiscal year and the fourth quarter yet again delivering strong financial results, including improved year-over-year margins in each quarter, underscoring the durability of our brands and benefits of diversification.

我們在本財年和第四季度再次取得了強勁的財務業績，包括每季的同比利潤率提高，這凸顯了我們品牌的持久性和多元化的優勢。

Before discussing the financial results, I will discuss capital allocation, which is one of my key priorities. Based announcement last month and to reiterate Robert's point, the Board authorized a new $1 billion buyback program in addition to the approximately $300 million remaining under the existing program, providing $1.3 billion of total capacity.

在討論財務結果之前，我將討論資本配置，這是我的重點之一。根據上個月的公告並重申羅伯特的觀點，董事會批准了一項新的 10 億美元回購計劃，加上現有計劃剩餘的約 3 億美元，總容量達到 13 億美元。

We expect the pace of the program will meaningfully increase from the current rate and expect that fiscal 2026 pacing will benefit from the approximately $380 million of proceeds from repayment of Foxtel shareholder loans. We believe the stock is trading at a significant discount to net asset value and believe equity shrinkage is a lever to attack that discount. Importantly, we expect to maintain plenty of financial flexibility and continue reinvesting to drive further growth.

我們預計該計劃的進度將比目前的速度大幅加快，並預計 2026 財年的進度將受益於 Foxtel 股東貸款償還所得的約 3.8 億美元收益。我們認為，該股票的交易價格相對於淨資產價值有大幅折讓，我們認為股權縮水是突破這一折讓的一個槓桿。重要的是，我們希望保持充足的財務靈活性並繼續進行再投資以推動進一步成長。

For today's discussion, I will focus on the fourth quarter performance. As a reminder, Foxtel's financial results are reflected as discontinued operations for fiscal 2025 and 2024. We closed the Foxtel transaction in early April and have disclosed recast financials in the previous 8-K filing.

今天的討論我將重點放在第四季的表現。提醒一下，Foxtel 的財務表現反映為 2025 財年和 2024 財年的終止經營業務。我們於 4 月初完成了 Foxtel 交易，並在先前的 8-K 文件中披露了重鑄財務數據。

News Corp reported fiscal fourth quarter revenues of $2.1 billion, up 1% from the prior year and total segment EBITDA of $322 million, up 5% year-over-year. Margins improved by 60 basis points to 15.3%. This quarter, 94% of profits were from Dow Jones and Digital Real Estate, which we believe underscores the inherent value discount and the company's ability to drive long-term profitable growth.

新聞集團公佈第四財季營收為 21 億美元，較上年成長 1%，部門總息稅折舊攤提前利潤 (EBITDA) 為 3.22 億美元，年增 5%。利潤率提高了 60 個基點，達到 15.3%。本季度，94% 的利潤來自道瓊斯和數位房地產，我們認為這凸顯了內在價值折扣和公司推動長期獲利成長的能力。

Fourth quarter adjusted revenues were flat, while adjusted total segment EBITDA rose 6% versus the prior year. For the quarter, we reported earnings from continuing operations per share of $0.09 compared to $0.08 in the prior year. Adjusted earnings from continuing operations per share were $0.19 in the quarter compared to $0.20 in the prior year.

第四季調整後營收持平，而調整後總分部 EBITDA 較上年成長 6%。本季度，我們報告的每股持續經營收益為 0.09 美元，而去年同期為 0.08 美元。本季調整後每股持續經營收益為 0.19 美元，去年同期為 0.20 美元。

Moving to the individual segments, starting with Dow Jones. Dow Jones delivered another strong quarter with reported revenues of $604 million, up 7% versus the prior year period, marking the highest quarterly rate of growth this year and was again the largest segment contributor to overall company revenues. Digital revenue accounted for 83% of Dow Jones segment revenues this quarter, improving 2 percentage-points from last year.

轉到各個部分，首先是道瓊斯。道瓊斯本季業績再創佳績，報告營收達 6.04 億美元，較去年同期成長 7%，創下今年季度最高成長率，並再次成為公司整體營收的最大貢獻者。本季數位收入佔道瓊斯部門收入的 83%，比去年同期提高了 2 個百分點。

Professional Information Business revenues, which reflect our B2B products and services, rose 10% year-over-year, the highest quarterly year-over-year growth this fiscal year. Within that, Risk & Compliance revenues grew 21% to $92 million, driven by new customers, new products and improved yield. We continue to see strength in several products including advanced screening and monitoring and our financial instruments product.

專業資訊業務收入（反映我們的 B2B 產品和服務）年增 10%，是本財年最高的季度年增。其中，受新客戶、新產品和收益提高的推動，風險與合規收入成長 21%，達到 9,200 萬美元。我們繼續看到多種產品的優勢，包括先進的篩選和監控以及我們的金融工具產品。

We also benefited from the addition of Dragonfly Intelligence and Oxford Analytica, which contributed approximately $4 million to revenues. Integration of those assets is ahead of plan with joint editorial and product initiatives across both Risk & Compliance and Dow Jones Energy. At Dow Jones Energy, revenue grew a healthy 12% to $73 million with customer retention remaining very strong at over 90% in addition to improving yields.

我們也受益於 Dragonfly Intelligence 和 Oxford Analytica 的加入，它們為收入貢獻了約 400 萬美元。這些資產的整合正在按計劃進行，風險與合規部門和道瓊斯能源部門將推出聯合編輯和產品計劃。道瓊斯能源公司的收入健康成長了 12%，達到 7,300 萬美元，客戶保留率仍然非常高，超過 90%，而且收益率也有所提高。

Newswires also saw modest growth due to new licensing deals, while Factiva continued to be negatively impacted by a customer dispute, albeit the decline rates have continued to moderate through the second half of the year. Across our B2B products, higher volumes, including new customers and new products accounted for 60% of revenue growth with higher yields accounting for the balance.

由於新的授權協議，新聞通訊社也實現了適度成長，而 Factiva 繼續受到客戶糾紛的負面影響，儘管下半年下滑率繼續放緩。在我們的 B2B 產品中，包括新客戶和新產品在內的更高銷售量佔收入成長的 60%，而更高的收益率則佔剩餘部分。

Within the Dow Jones consumer business, circulation revenues increased 5% versus the prior year. Notably, digital circulation revenues grew by 10%, surpassing our expectations. This increase was driven by growth in digital-only subscriptions and the ongoing shift of customers from introductory and bundled promotions to higher pricing strategies.

道瓊斯消費業務的發行收入較上年增長了 5%。值得注意的是，數位發行收入成長了10%，超出了我們的預期。這一成長是由純數位訂閱的成長以及客戶從介紹和捆綁促銷轉向更高定價策略的持續轉變所推動的。

Digital circulation revenues accounted for 75% of circulation revenues for the quarter up from 71% in the prior year. Digital-only subscriptions improved 9% year-over-year and by 176,000 sequentially, including the benefit of our recent enterprise partnership with LSEG. WSJ Digital subscription increased 213,000 sequentially and were up 9% year-over-year.

本季數位發行收入佔發行收入的 75%，高於去年同期的 71%。純數位訂閱量年增 9%，季增 176,000 份，其中包括我們最近與 LSEG 建立的企業合作夥伴關係所帶來的收益。《華爾街日報》數位版訂閱量較上月增加 21.3 萬份，年增 9%。

Advertising revenues of $104 million rose 2%, with year-over-year trends improving each quarter. For the quarter, print advertising revenues increased 3%, while digital grew by 1%, both benefiting from the strength in finance and technology sectors. Digital represented 65% of advertising revenues compared to 66% in the prior year. Dow Jones segment EBITDA for the quarter grew 10% to $151 million with margins increasing to 25%.

廣告收入 1.04 億美元，成長 2%，且每季的年比趨勢都有所改善。本季度，印刷廣告收入成長 3%，數位廣告收入成長 1%，均受益於金融和科技業的強勁成長。數位廣告收入佔廣告收入的 65%，而前一年這一比例為 66%。道瓊斯部門本季 EBITDA 成長 10% 至 1.51 億美元，利潤率增至 25%。

Moving on to Digital Real Estate. Digital Real Estate had another solid quarter despite the macro environment and softer listing volumes in Australia, driven by a tough prior year comparison. Segment revenues of $466 million were up 4% versus the prior year and up 6% on an adjusted basis. Segment EBITDA was $152 million, up 13% and up 16% on an adjusted basis.

轉向數位房地產。儘管宏觀環境不佳且澳洲上市量疲軟，但受去年同期業績不佳的影響，Digital Real Estate 本季表現依然穩健。該部門營收為 4.66 億美元，較上年成長 4%，調整後成長 6%。分部 EBITDA 為 1.52 億美元，成長 13%，調整後成長 16%。

REA revenues gained 4% year-on-year to $318 million and were up 7% on a constant currency basis. Growth was driven by a combination of residential yield increases and customer contract upgrades. Residential yield growth improved by 14%. New by listings in the quarter declined 8% following a 16% increase in the same quarter last year. Listings in Melbourne and Sydney were down 11% and 10%, respectively, while home prices remained strong.

REA 營收年增 4% 至 3.18 億美元，以固定匯率計算成長 7%。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14%。本季新上市房屋數量下降了 8%，而去年同期則增加了 16%。墨爾本和雪梨的房屋掛牌量分別下降了 11% 和 10%，但房價依然強勁。

Please refer to REA's earnings release and their conference call for more details.

請參閱 REA 的收益報告及其電話會議以了解更多詳情。

Realtors revenue for the quarter of $148 million grew 3% compared to the prior year, marking the third consecutive quarter of revenue growth despite continued difficult macro conditions. At Realtor, revenue growth was driven by the continued strength of growth adjacencies, new homes, rentals and seller, which represented 24% of revenues in the quarter.

本季房地產經紀人營收為 1.48 億美元，較上年同期成長 3%，儘管宏觀環境持續艱難，但營收仍連續第三個季度成長。在房地產經紀人方面，收入成長是由持續強勁的成長鄰接、新房、租賃和賣家推動的，佔本季營收的 24%。

Realtor continues to focus on higher-quality leads through the RealPRO Select offering, which once again drove an increase in revenue per lead in the quarter. Lead volumes declined 13%, an improvement compared to the quarter three decline of 17%. Average monthly unique users for the quarter fell 3% year-over-year to 72 million. That said, based on comScore, Realtor continues to maintain audience share and grow share of visits, benefiting from continued search engine optimization and the scale of New Corp's global audience.

房地產經紀人繼續透過 RealPRO Select 產品關注更高品質的潛在客戶，這再次推動了本季每個潛在客戶收入的成長。鉛交易量下降了 13%，與第三季 17% 的降幅相比有所改善。本季平均每月獨立用戶數年減 3% 至 7,200 萬。儘管如此，根據 comScore 的數據，由於持續的搜尋引擎優化和 New Corp 的全球受眾規模，Realtor 繼續保持受眾份額並增加訪問量份額。

Expenses at Realtor were modestly higher as expected, due to the launch of a new brand campaign. Realtor recently announced the acquisition of Zenlist, a mobile-first communication platform, which provides a unified search experience for agents and customers. The tool is being used by 35,000 plus agents and will be integrated as another enhancement to our products.

由於推出了新的品牌活動，房地產經紀人的支出如預期般略有增加。Realtor 最近宣布收購行動優先通訊平台 Zenlist，為代理商和客戶提供統一的搜尋體驗。該工具正被 35,000 多名代理商使用，並將作為我們產品的另一項增強功能進行整合。

At Book Publishing, as expected, very difficult prior year comparisons weighed on the results this quarter. The quarter was also impacted by softer U.S. market conditions per AAP data. Segment revenues of $494 million declined 4%, while segment EBITDA of $50 million declined $7 million or 12%. While performance in Christian Publishing continued to be resilient, sales of general books were lower than the prior year.

在圖書出版方面，正如預期的那樣，與去年同期相比非常困難，這對本季的業績造成了影響。根據 AAP 數據，本季也受到美國市場疲軟的影響。分部營收為 4.94 億美元，下降 4%，而分部 EBITDA 為 5,000 萬美元，下降 700 萬美元，降幅為 12%。儘管基督教出版業的表現持續保持強勁，但一般書籍的銷售量低於前一年。

ReCollect this quarter last year had a dual benefit of a stronger front list and a stronger backlist from Bridgeton.

ReCollect 在去年本季獲得了 Bridgeton 更強大的前期書單和更強大的後期書單的雙重優勢。

Digital revenues at HarperCollins fell 3% to $116 million, lapping the start of the Spotify partnership last year and driven by a weaker front list. In total, digital sales represented 25% of consumer revenues compared to 24% in the prior year. This quarter, the backlist contributed 65% of consumer revenues up from 62% last year.

哈珀柯林斯的數位收入下降 3% 至 1.16 億美元，與去年與 Spotify 合作開始時的收入持平，且受前線名單較弱的影響。整體而言，數位銷售佔消費者收入的 25%，而前一年則為 24%。本季度，舊書貢獻了 65% 的消費者收入，高於去年的 62%。

Turning to News Media. Overall revenue performance was challenged with continued soft advertising conditions partially offset by increased cover prices and subscription pricing across mastheads. Revenue for the quarter were $545 million, down 4% versus the prior year, while adjusted revenues fell 4%.

轉向新聞媒體。整體營收表現面臨挑戰，廣告環境持續疲軟，但封面價格和報頭訂閱價格上漲部分抵銷了這一影響。本季營收為 5.45 億美元，較上年下降 4%，調整後營收下降 4%。

Segment EBITDA declined $4 million or 13% year-over-year to $28 million. Lower advertising revenues were partially offset by ongoing cost reductions. Adjusted segment EBITDA declined 18%.

該部門 EBITDA 年減 400 萬美元，或 13%，至 2,800 萬美元。廣告收入的下降被持續的成本削減部分抵銷。調整後分部 EBITDA 下降 18%。

Turning to the outlook. Some of the themes across each of our segments. At Dow Jones, trends remain healthy, and we expect continued margin expansion as the business shifts to B2B. At Digital Real Estate, Australian residential new buy listings for July were down 8%. Please refer to REA for more detailed outlook commentary.

轉向展望。我們每個部分都有一些主題。道瓊斯的趨勢依然健康，隨著業務轉向 B2B，我們預計利潤率將繼續擴大。在 Digital Real Estate，7 月澳洲住宅新購掛牌量下降了 8%。請參閱 REA 以獲得更詳細的展望評論。

At Realtor, we continue to focus on growth adjacencies, including the integration of Zenlist acquisition. We hope to see continued revenue improvement and much will depend on the broader housing market. At Book Publishing, July trends were soft and comparisons are difficult given the strong backlist performance last year due to Hillbilly Elegy by J.D. Vance. At News Media, we expect recent trends to continue.

在 Realtor，我們繼續專注於成長鄰接，包括 Zenlist 收購的整合。我們希望看到收入持續改善，這在很大程度上取決於更廣泛的房地產市場。在圖書出版方面，7 月的趨勢較為疲軟，而且由於去年 J.D. Vance 的《鄉下人的悲歌》表現強勁，因此很難進行比較。在新聞媒體，我們預計最近的趨勢將會持續下去。

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

說完這些，讓我把時間交給接線生進行問答。

Thank you. We will now start the Q&A session.

謝謝。我們現在開始問答環節。

(Operator Instructions)

（操作員指示）

David Karnovsky, JPMorgan

摩根大通戴維卡諾夫斯基

Hi, thank you. For Robert or Lavanya, I just -- I was hoping you could expand a bit on the decision to accelerate the buyback. What drove that? Where might we expect you to raise your quarterly repurchase activity? You had referenced the Foxtel debt pay down. Does that mean we should sort of assume that, that amount gets swept into a buyback?

你好，謝謝。對於羅伯特或拉瓦尼亞，我只是——我希望你們能夠稍微詳細地闡述加速回購的決定。是什麼導致了這種情況？我們預計您會在哪裡增加季度回購活動？您曾提到 Foxtel 債務償還。這是否意味著我們應該假設這筆錢會被用來回購？

And then just given the transformation of the company to a more recurring revenue business, how are you thinking about a target leverage going forward? Thank you.

那麼，考慮到公司向經常性收入業務轉型，您如何考慮未來的目標槓桿率？謝謝。

Well, David, one can only reiterate what Lavanya and I indicated earlier in our statements. The scale of the buyback has increased, and the pace of the buyback will increase in coming weeks. We have worked hard as a company to improve our free cash flow and return on investment. And we now have the ability to reward shareholders with cap returns. And as you referenced, that ability has certainly been enhanced by the sale of Foxtel to our partners at DAZN.

好吧，大衛，我們只能重申拉瓦尼亞和我之前在聲明中指出的內容。回購規模已經增加，未來幾週回購步伐將會加快。作為一家公司，我們一直在努力提高自由現金流和投資回報率。現在我們有能力透過上限回報來獎勵股東。正如您所提到的，將 Foxtel 出售給我們在 DAZN 的合作夥伴後，這種能力無疑得到了增強。

We also believe that there is a significant discount between our current share price and a net asset value of the company. Do the math, and that would be rather obvious. So this is a moment to invest in our future by buying our stock. Given the necessary regulatory disclosures, you will be able to track the trajectory of the purchases and see for yourself how the program has indeed been intensified.

我們也認為，我們目前的股價與公司的淨資產價值之間存在著很大的折讓。算一下，這將會相當明顯。因此，現在是透過購買股票來投資未來的時候了。在必要的監管披露下，您將能夠追蹤購買軌跡並親眼看到該計劃確實是如何加強的。

Just add to that, Robert, by saying that, as I said in my prepared remarks, David, fiscal 2026 will benefit -- the pacing in fiscal 2026 will benefit from the proceeds of the Foxtel sale. And we're not putting out a target leverage ratio at this point in time. As you would have noticed, our balance sheet is extremely conservative. And we believe that with the strength of our business and the strength of our cash flows, we'll continue to maintain it that way.

羅伯特，我還要補充一點，正如我在準備好的演講中所說的那樣，大衛，2026 財年將受益——2026 財年的步伐將受益於 Foxtel 出售的收益。目前我們還沒有公佈目標槓桿率。正如您所注意到的，我們的資產負債表極度保守。我們相信，憑藉我們業務的實力和現金流的強勁，我們將繼續保持這種狀態。

Thanks, Dave.

謝謝，戴夫。

Laila, we will take our next question, please.

萊拉，請回答我們的下一個問題。

Kane Hannan, Goldman Sachs.

高盛的凱恩漢南 (Kane Hannan)。

good morning, guys. Maybe just Move -- obviously, a pretty solid quarterly result there. Can you just talk a little bit more about the strategy at Move, I suppose, where you think adjacencies could get to over time relative to that 24%? I suppose as we think about 2026, I mean do you think about this as another year of investment. You also called out some of the ad campaigns and the like that were coming through in the fourth quarter this year.

大家早安。也許只是移動——顯然，這是一個相當穩健的季度業績。您能否再多談 Move 的策略，您認為隨著時間的推移，鄰接度相對於那 24% 會達到什麼程度？我想，當我們考慮 2026 年時，我的意思是您是否認為這是另一個投資年。您也提到了今年第四季開展的一些廣告活動等。

Kane, we're particularly positive about the prospects of Realtor. You can see that we've had revenue growth in the past three quarters despite the sluggish torpid property market, a market hobbled by high interest rates. And we're delighted with the progress in the three areas that we've chosen to develop as growth businesses, that is rentals, new homes and seller. Don't forget that most of the revenue in the US market now come from the buy side, while the opposite is true in our market-leading REA business in Australia.

凱恩，我們對房地產經紀人的前景特別樂觀。大家可以看到，儘管房地產市場低迷不振，受到高利率的拖累，但過去三個季度我們的收入仍然實現了成長。我們對我們選擇發展為成長業務的三個領域（即租賃、新房和賣家）所取得的進展感到非常高興。不要忘記，現在美國市場的大部分收入來自買方，而我們在澳洲市場領先的 REA 業務則相反。

Now those three segments accounted for 24% of total revenues, up 5%. And overall, those revenues increased around 40% over the year, and we do foresee that increase continuing this fiscal.

現在這三個部門佔總收入的 24%，成長了 5%。總體而言，這些營收在去年同期成長了約 40%，我們預計本財年將繼續保持這一成長動能。

And it's worth referencing that the audience engagement at Realtor is far in excess of that at Zillow homes or Redfin. And that is the number of visits per visitor each month and the number of pages viewed per visit. And we had 256 million site visits in June according to comScore. And by the way, we've now built the largest property news and analysis site in the US as part of Realtor, and that's another reason why visitors keep returning to the site.

值得一提的是，Realtor 的受眾參與度遠遠超過 Zillow homes 或 Redfin。這就是每個訪客每月的造訪次數和每次造訪瀏覽的頁面數。根據 comScore 的數據，6 月我們的網站流量達到 2.56 億次。順便說一句，我們現在已經建立了美國最大的房地產新聞和分析網站，作為 Realtor 的一部分，這也是訪客不斷返回網站的另一個原因。

And Realtor has certainly had a role in the overall improvement in our real estate margin, which was 32.6% in Q4 compared with 30.1% in the same quarter a year ago.

房地產經紀人無疑在我們房地產利潤率的整體提高中發揮了作用，第四季度的利潤率為 32.6%，而去年同期為 30.1%。

If I could add to that, Robert. I mean, we will continue to invest in Realtor for sure. As you would have seen recently again, we did acquire Zenlist, which is a delightful little acquisition that will add to the capabilities that we have on Realtor. And the integration of Zenlist is well underway, and it will be a part of our -- the continued strategy that Realtor has pursued of increasing revenue per lead by pursuing higher quality leads as we've done through the RealPRO MLS -- RealPRO Select program so far.

如果我可以補充的話，羅伯特。我的意思是，我們肯定會繼續投資房地產經紀人。正如您最近再次看到的那樣，我們確實收購了 Zenlist，這是一次令人高興的小收購，它將增強我們在 Realtor 方面的能力。Zenlist 的整合工作正在順利進行中，它將成為我們房地產經紀人持續追求的策略的一部分，即透過追求更高品質的銷售線索來增加每個銷售線索的收入，就像我們迄今為止透過 RealPRO MLS——RealPRO Select 計劃所做的那樣。

Great. Thank you, Kane.

偉大的。謝謝你，凱恩。

Leila, we will take our next question, please.

萊拉，請回答我們的下一個問題。

Entcho Raykovski, Evans & Partners.

Entcho Raykovski，Evans & Partners。

Hi, Robert. Hi, Lavanya. My question is on Dow Jones, which had, I mean, accelerating revenue growth performance in the second half. As you've noted, I think revenue growth was 6% in 2H versus 3% in the first half. So my question is, do you expect the second half trajectory can continue into fiscal '26? And what do you expect will drive this? Is it mainly the B2B segment and further growth in risk and compliance.

你好，羅伯特。你好，Lavanya。我的問題是關於道瓊斯的，我的意思是，道瓊斯在下半年的收入成長表現加速。正如您所說，我認為下半年的收入成長率為 6%，而上半年為 3%。所以我的問題是，您是否預計下半年的走勢將持續到 26 財年？您預計什麼因素將推動這項進程？主要是 B2B 領域以及風險和合規性的進一步成長。

And as part of the answer, if you could please address how you think about the corresponding OpEx growth which is required to support the revenue growth. Thank you.

作為答案的一部分，請您談談您如何看待支持收入成長所需的相應營運支出成長。謝謝。

Well, look, we're delighted with the progress at Dow Jones generally. And we are seeing growth in both the Professional Information Business and in the consumer business. Clearly, the Professional Information Business, which now accounts for 39% of revenues and around half the profits at Dow Jones, has been a growth engine over recent years. And there is no reason to imagine that, that growth will decline. It's fair to say that when the new news call split was an area that we absolutely identified as a priority for expansion and investment, not over-investment, I must emphasize.

嗯，看，我們對道瓊斯的整體進展感到高興。我們看到專業資訊業務和消費者業務都在成長。顯然，專業資訊業務已成為道瓊斯近年來的成長引擎，目前該業務佔道瓊斯總收入的 39% 和利潤的一半左右。並且沒有理由認為成長將會下降。公平地說，當新的新聞電話拆分成為我們絕對確定的擴張和投資重點領域時，我必須強調，這不是過度投資。

And we purposely developed Risk & Compliance where revenues rose 21% in the fourth quarter compared to a year earlier. While Dow Jones Energy revenues were 12% higher.

我們特意開發了風險與合規部門，該部門第四季度的營收與去年同期相比成長了 21%。而道瓊能源的收入則成長了12%。

On the OpEx question, cost growth in the second half of the year was mid-single digits. And with that, we have continued to expand margins on the Dow Jones business. I mean, in the last quarter itself, I mean, margins were up at 25%, up from 24.2% and a lot of this does come from the benefit we get from the faster growth of the Professional Information Services business, which, as we've mentioned in the past, does have a much higher margin profile than the consumer part of the business.

關於營運支出問題，下半年的成本成長率為中等個位數。由此，我們持續擴大道瓊斯業務的利潤率。我的意思是，在上個季度，利潤率從 24.2% 上升到了 25%，這在很大程度上得益於專業資訊服務業務的快速增長，正如我們過去提到的，該業務的利潤率確實比消費者業務高得多。

Thank you, Entcho.

謝謝你，Entcho。

Leila, we will take our next question, please.

萊拉，請回答我們的下一個問題。

Craig Huber, Huber Research.

克雷格·胡貝爾（Craig Huber），胡貝爾研究公司。

Thank you. Robert, just curious, any update from you and your Board, how much you think about maybe further simplifying the company? And maybe in conjunction with that, are you guys seeing anything -- any improvements on the US housing market that benefit realtor.com? I realize it's probably so tied together. How would you answer that, please?

謝謝。羅伯特，我只是好奇，您和您的董事會有什麼最新消息嗎？您是否考慮過進一步簡化公司？也許與此相關，你們是否看到了什麼——美國房地產市場有任何有利於 realtor.com 的改善嗎？我意識到它們可能是緊密聯繫在一起的。請問您會如何回答？

Craig, that's a very astute observation. We've been investing in Realtor.com. You already see the signs -- the positive signs and the returns on that investment. And so it is poised to surge when the property market improves, that is when interest rates decline. But we're not at that point at the moment.

克雷格，這是一個非常敏銳的觀察。我們一直在投資 Realtor.com。您已經看到了一些跡象——積極的跡象和投資回報。因此，當房地產市場好轉，也就是利率下降時，它就會飆升。但目前我們還沒到那個地步。

But more broadly, obviously, the sale of Foxtel to our partners at DAZN was a sign of simplification in and of itself. They've obviously built an impressive global boards franchise, and that's their specialty. For us, we didn't really have the same economies of scale and have to be realistic about the best use of our capital now and in the future for our investors.

但從更廣泛的角度來看，將 Foxtel 出售給我們在 DAZN 的合作夥伴顯然本身就是一種簡化的標誌。他們顯然已經建立了令人印象深刻的全球滑板特許經營權，這是他們的專長。對我們來說，我們實際上並沒有同樣的規模經濟，並且必須現實地考慮現在和將來如何為我們的投資者最好地利用我們的資本。

Now that institutional introspection of wanes and we are constantly challenging ourselves and explaining the trajectory of the company to investors so that they fully appreciate the value of the extraordinary assets we have in our portfolio. And we'd focused on cap returns, hence our dividend and a much enhanced buyback facilities. As for further strategic moves, the concentrated contemplation continues.

現在，機構的反省逐漸減弱，我們不斷挑戰自己，向投資人解釋公司的發展軌跡，以便他們充分認識到我們投資組合中非凡資產的價值。我們專注於資本回報，因此我們的股息和回購設施得到了大大增強。至於進一步的策略舉措，我們仍在繼續集中思考。

Thank you, Craig.

謝謝你，克雷格。

Leila, we will take our next question, please.

萊拉，請回答我們的下一個問題。

Alan Gould, Loop Capital.

艾倫·古爾德（Alan Gould），Loop Capital。

Thank you. I had a question -- a couple of questions regarding AI. I was wondering what the -- Robert, what the impact of AI interviews, AI overviews is having on your publishing business? Is that part of the reason that print ad revenue grew quicker than digital ad revenue at the Dow Jones segment? And also wondering what the Amazon -- the New York Times Amazon licensing deal and the present AI action plan, what impact they're going to have on the business? Thank you.

謝謝。我有一個問題——幾個關於人工智慧的問題。我想知道——羅伯特，人工智慧訪談、人工智慧概述對你的出版業務有什麼影響？這是否是道瓊印刷廣告收入成長速度快於數位廣告收入的原因之一？並且還想知道亞馬遜——《紐約時報》亞馬遜授權協議和目前的人工智慧行動計劃，它們將對業務產生什麼影響？謝謝。

Alan, we're not seeing any particular negative trends from search, particularly at Dow Jones. Clearly, the current or the new Google format affects different types of content in different ways. So breaking news of -- specialist news, real estate news, we aren't actually seeing any negative impact.

艾倫，我們沒有看到搜尋方面有任何特別的負面趨勢，特別是在道瓊斯。顯然，目前或新的 Google 格式以不同的方式影響不同類型的內容。因此，對於突發新聞——專業新聞、房地產新聞，我們實際上並沒有看到任何負面影響。

And more broadly, we're in the midst of advanced negotiations with several AI companies. So it is clear that many of them have come to recognize that the purchase of IP is as important as the acquisition of semiconductors or the securing stable energy sources.

更廣泛地說，我們正在與幾家人工智慧公司進行深入談判。因此很明顯，他們中的許多人已經認識到購買知識產權與收購半導體或確保穩定的能源一樣重要。

And in the end, IP powers AI. Now these are important deals, particularly for our News Media Properties and Dow Jones. And there is, as I mentioned, a mix of wooing and suing for the former, but we will never shy away from protecting our property rise.

最終，IP 為 AI 提供動力。這些都是重要的交易，特別是對我們的新聞媒體資產和道瓊斯而言。正如我所提到的，對於前者，我們既有爭取的，也有起訴的，但我們永遠不會迴避保護我們的財產權。

And for example, if it is the case that DeepSeek has been using Open AI's information set in other words, more than DeepSeek, then they too will be hearing from us in the near future. We do careful research before embarking on a legal journey and are able to quantify the level of potential abuse. Thank you.

例如，如果 DeepSeek 一直在使用 Open AI 的資訊集，換句話說，比 DeepSeek 使用的更多，那麼他們也將在不久的將來收到我們的消息。我們在採取法律行動之前會進行仔細的研究，並且能夠量化潛在濫用的程度。謝謝。

Thank you, Alan.

謝謝你，艾倫。

Leila, we will take our next question, please.

萊拉，請回答我們的下一個問題。

David Joyce, Seaport Research.

大衛喬伊斯，海港研究。

Thank you. You had really strong growth in The Wall Street Journal subscriptions, both digital and total. What would you attribute that? And what do you think you can do to keep that growth continuing?

謝謝。《華爾街日報》的訂閱量（包括數位版和總訂閱量）都實現了強勁成長。您認為這是什麼原因？您認為可以做些什麼來維持這種持續成長？

We would attribute that to the unique excellence of The Wall Street Journal and its functionality as the imperative of readers, both professional and non-professional to be well informed by a trusted new source. And absolutely, The Wall Street Journal is that source. And we saw, as mentioned, an overall 9% increase in digital subs, a 10% increase in digital revenues, and there is no reason why that shouldn't continue given the uniqueness of the content.

我們認為這要歸功於《華爾街日報》的獨特優勢及其功能性，即專業和非專業讀者都可以透過值得信賴的新來源來獲取資訊。毫無疑問，《華爾街日報》就是這個消息來源。如同前面提到的，我們看到數位訂閱量整體成長了 9%，數位收入成長了 10%，而且考慮到內容的獨特性，這種成長沒有理由不繼續下去。

I'd add to that, Robert. We did also benefit from a new partnership that we have entered into with LSEG. The partnership is much broader than just circulation revenue and provides a custom and streamlined dashboard with our content from The Wall Street Journal, Barron's Market Watch and IBD to be available to the subscribers. This is just kicking off right now. It's still very early days.

我想補充一點，羅伯特。我們確實也受益於與倫敦證券交易所建立的新合作關係。這次合作的意義遠不止於發行收入，我們還提供了一個客製化的、精簡的儀表板，其中包含來自《華爾街日報》、《巴倫周刊市場觀察》和 IBD 的內容，可供訂閱者使用。這一切現在才剛開始。現在還為時過早。

But the business does come with a higher margin driven by lower acquisition costs, lower churn and lower retention costs.

但由於收購成本、客戶流失率和留任成本較低，該業務確實帶來了更高的利潤率。

Thank you, Dave.

謝謝你，戴夫。

Leila, we will take our next question, please.

萊拉，請回答我們的下一個問題。

Evan Karatzas, UBS.

瑞銀的埃文·卡拉扎斯（Evan Karatzas）。

Hi. Okay, thanks. Most of my question has been asked. Can you just talk to the free cash flow -- sorry, the CapEx step up in the fourth quarter, what's underpinned that and how that should look into FY26 relative to FY25 for CapEx, please?

你好。好的，謝謝。我的大部分問題都已經被問過了。您能否談談自由現金流 - 抱歉，第四季度的資本支出有所增加，這背後的支撐因素是什麼？相對於 25 財年的資本支出，26 財年該如何表現？

Yes, sure, Evan. So free -- so CapEx in the last quarter was $157 million, which was up 42% on the quarter and year-over-year. And this really came from a pull forward in spend at Dow Jones for growth initiatives, including web redesign as well as the Sky News studios relocating following the closing of the Foxtel transaction.

是的，當然，埃文。所以是免費的——上一季的資本支出為 1.57 億美元，比上一季和去年同期增長了 42%。這實際上得益於道瓊斯在增長計劃上的支出增加，包括網站重新設計以及 Foxtel 交易完成後天空新聞工作室的搬遷。

Looking forward, while we're not giving any specific guidance on CapEx, I will say that we will continue to invest in Dow Jones, especially on the Professional Information Services part of the business, which, as we have seen, is contributing to very strong growth.

展望未來，雖然我們沒有給出任何關於資本支出的具體指導，但我要說的是，我們將繼續投資道瓊斯，特別是業務的專業資訊服務部分，正如我們所見，該部分正在為非常強勁的增長做出貢獻。

Realtor, we will continue to invest on that business as well, specifically on the integration of Zenlist. And Harper has also benefited from some of the investments that we have made in the last year which have driven efficiencies and scale. But I will say that quarter four, that rate isn't a run rate that we should just plug into the models for right now.

房地產經紀人，我們也將繼續投資該業務，特別是對 Zenlist 的整合。哈珀也受益於我們去年進行的一些投資，這些投資提高了效率和規模。但我要說的是，第四季的這個比率並不是我們現在應該插入模型的運行率。

Thank you, Evan.

謝謝你，埃文。

Leila, we will take our next question, please.

萊拉，請回答我們的下一個問題。

Brian Han, Morningstar.

布萊恩韓，晨星公司。

Robert, are there many acquisition opportunities out there in the Professional Information or data subscription space that you may spend some of your money on?

羅伯特，專業資訊或數據訂閱領域是否存在許多收購機會值得您投入一些資金？

Brian, you probably don't expect me to be specific about potential targets. It is fair to say we survey the landscape and we do so from a position of strength.

布萊恩，你可能不希望我具體說明潛在目標。公平地說，我們審視形勢，並且從實力角度進行審視。

Leila, we will take our next question, please.

萊拉，請回答我們的下一個問題。

(Operator Instructions)

（操作員指示）

And it seems we have no further questions at this time. I will now hand over to Michael Florin for closing remarks.

目前看來我們沒有其他問題了。現在我將把發言時間交給邁克爾·弗洛林 (Michael Florin) 作結束語。

Great. Thank you, Leila. Thank you all for participating, and we look forward to speaking with you all very soon. Have a wonderful day. Take care.

偉大的。謝謝你，萊拉。感謝大家的參與，我們期待很快與大家交談。祝您有美好的一天。小心。