News Corp (NWSA) 2026 Q2 法說會逐字稿

Welcome to News Corp's second quarter fiscal 2026 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.

歡迎參加新聞集團2026財年第二季財報電話會議。今天的會議正在錄影。媒體只能旁聽。現在，我想把會議交給麥可‧弗洛林。資深副總裁兼投資者關係主管。

Thank you very much, operator. Hello, everyone, and welcome to News Corp's fiscal second quarter 2026 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, and I'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2026財年第二季財報電話會議。我們大約30分鐘前發布了獲利新聞稿，現在已發佈在我們的網站newscorp.com上。今天參加電話會議的有執行長羅伯特·湯姆森和財務長拉瓦尼亞·錢德拉謝卡爾。我們將首先發表一些準備好的講話，我很樂意接受投資界的提問。

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. 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 releases for the applicable periods posted on our website.

本次電話會議可能包含有關新聞集團業務和策略的某些前瞻性資訊。實際結果可能與所述內容有重大差異。新聞集團的 10-K 表格和 10-Q 表格文件中列明了可能導致實際結果與預期結果存在差異的風險和不確定性，並包含有關前瞻性資訊的警示性聲明。此外，本次電話會議還將包括一些非GAAP財務指標，例如總分部EBITDA、調整後分部EBITDA和調整後每股盈餘。此類指標的定義以及 GAAP 與非 GAAP 的調整表可在我們網站上發布的適用期間的盈利報告中找到。

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

接下來，我將把麥克風交給羅伯特‧湯姆森，請他發表一些開場白。

Thank you, Mike. We are delighted to report excellent second quarter results with both revenue and profitability growth accelerating from the prior quarter, and we see favorable signs for the second half of our fiscal year. Revenues increased 6% to $2.4 billion for the quarter, and total segment EBITDA of $521 million expanded 9% despite a onetime inventory-related charge at HarperCollins. Net income from continuing operations was $242 million, a 21% decrease from the prior year but that was due to the absence of a rather favorable $87 million gain on REA Group sale of PropertyGuru last year.

謝謝你，麥克。我們很高興地宣布第二季度業績表現出色，營收和獲利成長均較上一季度有所加速，並且我們看到下半年財年前景良好。本季營收成長 6% 至 24 億美元，儘管 HarperCollins 產生了一次性庫存相關費用，但總部門 EBITDA 仍成長 9% 至 5.21 億美元。持續經營業務的淨收入為 2.42 億美元，比前一年減少了 21%，但這主要是因為去年 REA 集團出售 PropertyGuru 獲得的 8,700 萬美元收益沒有出現。

Our adjusted EPS for the quarter was $0.40 compared to $0.33 in the prior quarter. And our profitability margin rose from 21.4% to 22.1%. These results were driven by sustained growth at Dow Jones and Digital Real Estate Services, which both reported double-digit profit growth, and both have started the calendar year strongly. Given the current trajectory of our core drivers, we believe prospects for the third quarter are auspicious.

本季調整後每股收益為 0.40 美元，而上一季為 0.33 美元。我們的利潤率從 21.4% 上升到 22.1%。這些業績主要得益於道瓊斯和數位房地產服務公司的持續成長，這兩家公司都實現了兩位數的利潤成長，今年的開局都非常強勁。鑑於我們核心驅動因素目前的走勢，我們認為第三季的前景十分樂觀。

The results are indicative of our ongoing transformation, both digitally and commercially as we continue to increase recurring revenues and reduce our dependence on advertising, which has a certain cyclicality. Our consistently strong cash position has allowed us to enhance our buyback program, which has been running at 4 times the prior year pace, whilst preserving our financial flexibility and allowing us to focus on maximizing shareholder value. We also note that Moody's, which only recently upgraded our rating, has put our outlook on positive reflecting the steadiness of our balance sheet and our strong operating performance.

這些結果表明，我們正在進行數位化和商業方面的持續轉型，我們將繼續增加經常性收入，並減少對具有一定週期性的廣告的依賴。我們持續強勁的現金狀況使我們能夠加強股票回購計劃，該計劃的運行速度是上一年的 4 倍，同時保持了我們的財務靈活性，並使我們能夠專注於最大化股東價值。我們還注意到，穆迪最近上調了我們的評級，並將我們的展望調整為正面，這反映了我們資產負債表的穩定性以及我們強勁的經營業績。

Speaking of the future, it is clear that expectations of AI's impact are evolving. And that the more perceptive players have come to realize that provenance is paramount and that our proprietary content is valuable. Let us be clear, Anthropic has already agreed to pay $1.5 billion for using parted books. We, and our authors at HarperCollins, naturally expect to receive our fair share of that payout starting later this calendar year.

談到未來，很明顯，人們對人工智慧影響的預期正在改變。而且，更有洞察力的玩家已經意識到，來源至關重要，我們的專有內容很有價值。需要明確的是，Anthropic 已經同意支付 15 億美元，用於支付使用分頁帳簿的費用。我們以及哈珀柯林斯出版社的作者們，自然希望從今年稍後開始收到我們應得的那份稿酬。

What is the point of acquiring cutting-edge semiconductors if they are being deployed to repurpose gormless, factless, feckless content sets. What is the point of spending billions on energy generation when that energy is powering the preset not to prevent. We do believe an increasing number of insightful AI creators understand this content contradiction and will indeed pay a premium for our premium content.

如果購置尖端半導體是為了重新利用愚蠢、缺乏事實基礎、毫無價值的內容集，那麼這樣做的意義何在？花費數十億美元用於能源生產有什麼意義？這些能源只是用來維持現狀，而不是用來預防。我們相信，越來越多的有洞察力的AI創作者理解這種內容矛盾，並且確實會為我們的優質內容支付更高的價格。

AI companies must provide meaningful services with reliable, relevant contemporary information, not biased to bilge or retrospective rubbish. Ignoring the obvious need to fund for (inaudible) will mean that AI stands for artificial intransigence.

人工智慧公司必須提供有意義的服務，提供可靠、相關的最新訊息，而不是偏向無稽之談或回顧性的垃圾訊息。忽視為（聽不清楚）提供資金的明顯需求，就意味著人工智慧代表著人為的頑固不化。

Turning to our segments. Dow Jones delivered robust results for the quarter, with revenue rising 8% and segment EBITDA increasing 10% compared to the prior year. It was a record quarter for the business on multiple fronts, including a 29.5% profit margin, an improvement of almost 50 basis points versus the prior year. It also marked the fourth consecutive quarter of double-digit EBITDA growth for the segment. Digital Advertising reached a record level of $87 million for the quarter, rising 12%, supported by the strength of demand, in particular from the financial services sector.

接下來進入我們的節目環節。道瓊本季業績表現強勁，營收年增 8%，分部 EBITDA 較去年同期成長 10%。該季度公司在多個方面都創下了紀錄，包括利潤率達到 29.5%，比去年同期提高了近 50 個基點。這也標誌著該業務板塊連續第四個季度實現兩位數的 EBITDA 成長。本季數位廣告收入達到創紀錄的 8,700 萬美元，成長 12%，這主要得益於強勁的需求，尤其是來自金融服務業的需求。

The Dow Jones Professional Information business continue to provide crucial intelligence for customers this quarter, with revenues increasing 12% overall. Thanks to a 20% surge at risk and compliance. All of our B2B verticals made positive contributions with Dow Jones Energy posting double-digit growth and Factiva and Newswires, both growing modestly during the period. Intelligence, insight, meaningful metrics and astute analysis remain non-negotiables for global corporations and their executives, especially against a backdrop replete with uncertainty and volatility.

本季度，道瓊斯專業資訊業務持續為客戶提供關鍵情報，整體收入成長了 12%。由於風險和合規性提高了 20%。我們所有的 B2B 垂直業務都做出了積極貢獻，其中道瓊斯能源業務實現了兩位數的增長，Factiva 和 Newswires 在此期間也實現了適度增長。對於全球企業及其主管而言，尤其是在充滿不確定性和波動性的背景下，情報、洞察力、有意義的指標和敏銳的分析仍然是不可或缺的。

On the consumer side, digital volumes increased 12% to over 6 million subscriptions, led by our continued push into enterprise partnerships, embedding our content in corporate work streams, while the Dow Jones team is intensely focused on increasing yield and conscious of the responsibility to deliver reliable news at a moment when much journalism is mere activism.

在消費者方面，數位訂閱量成長了 12%，達到 600 多萬訂閱用戶，這得益於我們不斷推進與企業的合作，將我們的內容嵌入到企業工作流程中。同時，道瓊斯團隊正全力以赴提高收益，並意識到在當今許多新聞報道淪為激進主義之際，我們有責任提供可靠的新聞。

We recently announced a partnership with Polymarket that will selectively bring data to users across the Wall Street Journal, Barron's, MarketWatch and Investors Business Daily. Fresh investment in the Wall Street Journal's influential opinion pages saw the launch of free expression and expansion of the vertical that introduced fresh writers to the editorial boards or gust audience.

我們最近宣布與 Polymarket 建立合作關係，將有選擇地向《華爾街日報》、《巴倫周刊》、《MarketWatch》和《投資者商業日報》的用戶提供數據。對《華爾街日報》頗具影響力的評論版面的新投資，促成了言論自由的推出和垂直領域的擴張，為編輯委員會或讀者群引入了新的作者。

We are establishing new AI partnerships, which we expect to generate additional revenues, including an expanded deal with Bloomberg for AI rights for our peerless Dow Jones content. We also bolstered Factiva's Gen AI capabilities with expanded licensing rights from more than 8,000 premium news and business information sources. To highlight the vast potential of Dow Jones, we will be holding an investor briefing next month in New York. I have no doubt that you will find the Dow Jones proposition to be commercially compelling in the age of AI.

我們正在建立新的 AI 合作關係，預計這將帶來額外的收入，其中包括與彭博社擴大合作協議，以獲得我們無與倫比的道瓊斯內容的 AI 版權。我們也透過擴大從 8,000 多個優質新聞和商業資訊來源獲得的授權，增強了 Factiva 的 Gen AI 功能。為了凸顯道瓊斯指數的巨大潛力，我們將於下個月在紐約舉行投資者簡報會。我毫不懷疑，在人工智慧時代，您會發現道瓊斯指數的商業價值非常誘人。

In Digital Real Estate Services, we have seen signs of strong growth in our US business, even though the housing market remains far from normal. Despite the lingering challenges, Realtor.com's revenues grew by 10% in the quarter, building upon its performance in the first quarter, led by premium products and notable improvement in lead volume, which posted double-digit gains. The quarter also benefited from gains in audience share and continued expansion across Realtor.com's adjacencies.

儘管房地產市場仍遠未恢復正常，但我們的數位房地產服務業務在美國已經出現了強勁成長的跡象。儘管挑戰依然存在，但 Realtor.com 的營收在本季度增長了 10%，延續了第一季的良好勢頭，這主要得益於優質產品和潛在客戶數量的顯著改善，後者實現了兩位數的增長。本季也受惠於受眾份額的成長以及 Realtor.com 週邊業務的持續擴張。

We firmly established our position as the leading publisher of residential real estate news and are striving to expand unique features that support sellers, buyers, and realtors. Realtor.com's share of visits among the real estate portals continue to grow in the second quarter based on Comscore. While unique visits per user for the same period continue to surpass the industry at 4.8 times, almost double that of Homes.com and far superior to Zillow.

我們已穩固確立了自己作為住宅房地產新聞領先出版商的地位，並正努力拓展獨特的功能，以支持賣家、買家和房地產經紀人。根據 Comscore 的數據，Realtor.com 在第二季房地產入口網站的訪問量份額持續成長。同期每位用戶的獨立訪問量持續超過行業平均水平，達到 4.8 倍，幾乎是 Homes.com 的兩倍，遠優於 Zillow。

In Australia, revenue growth at REA of 7% benefited from continued double-digit yield growth and an improvement in listing volumes in Sydney and Melbourne, coupled with strong growth in financial services. Competition is bringing out the best in REA, which posted record audience numbers in November with unique users of over $13 million, an increase of 9% versus prior year. The team in Australia is suddenly adopting AI applications that enhance the service for our customers and prove that AI is certainly more friend than foe. No one wants housing hallucinations.

在澳大利亞，REA 的收入成長了 7%，這得益於雪梨和墨爾本兩位數收益率的持續成長和上市量的改善，以及金融服務業的強勁成長。競爭激發了 REA 的最佳狀態，該公司在 11 月創下了觀眾人數紀錄，獨立用戶超過 1300 萬，比上一年增長了 9%。澳洲團隊突然開始採用人工智慧應用程序，這增強了我們為客戶提供的服務，並證明人工智慧絕對是朋友而不是敵人。誰都不想住在充滿幻覺的房子裡。

HarperCollins revenues grew a healthy 6%, a significant recovery after a sluggish first quarter, and we have mounting optimism for the second half of the year. We benefited from a strong front list in General Books as well as particularly strong growth in our Faith segment as readers searched for meaning amidst the contemporary chaos. The core creative value of our books was highlighted by the continuing success of our Wicked collection and the stunning sales of Heated Rivalry, which inspired the steamy streaming series. Ice hockey stereotypes are melting away as players pursue each other and a puck.

哈珀柯林斯的收入實現了健康的 6% 增長，這是在經歷了低迷的第一季後取得的顯著復甦，我們對下半年的業績越來越樂觀。我們受益於綜合圖書類暢銷書的強勁表現，以及信仰類圖書的強勁增長，因為讀者們在當代的混亂中尋求意義。我們書籍的核心創意價值體現在《邪惡》系列的持續成功以及《激烈競爭》的驚人銷售上，後者也啟發了熱門串流影集的創作。隨著球員們互相追逐和爭奪冰球，冰球運動中的刻板印象逐漸消失。

Other notable releases included Mitch Owen's (inaudible), Senator John Kennedy's How to Test Negative For Stupid and Jasman Master's, Bonds of Hercules. And the third quarter is off to a strong start with Peter Schweizer's, The Invisible Coup, and Pennsylvania Governor Josh Shapiro's memoir, Where We Keep The Light.

其他值得關注的作品包括米奇歐文（聽不清楚）、參議員約翰甘迺迪的《如何測試愚蠢的陰性結果》和賈斯曼馬斯特的《大力士之約》。第三季開局強勁，彼得·施韋澤的《隱形政變》和賓州州長喬許‧夏皮羅的回憶錄《我們守護光明的地方》相繼出版。

In the months ahead, we anticipate a Bridgerton boost with the recent premiere of Season 4 on Netflix and are honored to publish the first book by Pope Leo XIV, Peace Be With You. As the Pope has sagely observed, we cannot let the algorithms write our stories, and we remain passionately committed to protecting the IP of our waters in the age of AI.

在接下來的幾個月裡，隨著 Netflix 第四季的首播，我們預計 Bridgerton 將會迎來一波熱潮，同時我們也很榮幸能夠出版教宗良十四世的第一本書《願平安與你同在》。正如教宗睿智地指出，我們不能讓演算法來書寫我們的故事，在人工智慧時代，我們仍然熱忱地致力於保護我們水域的智慧財產權。

Across the News Media segment, revenues for the quarter were flat despite a challenging print advertising market and EBITDA fell 5% compared to the prior year. In the UK, the Times and the Sunday Times continued to build on Q1 performance with digital subscribers rising 7% to total 659,000. While advertising trends were mixed overall, the Times achieved a record second quarter with digital advertising revenue up mid-teens. News Corp Australia reached nearly 1.2 million total subscribers, surpassing the prior year by 4%, and there was an improvement in ad trends compared to the first quarter and a modest increase in circulation revenue.

新聞媒體部門本季營收與去年同期持平，儘管印刷廣告市場充滿挑戰，但 EBITDA 仍比上年下降了 5%。在英國，《泰晤士報》和《星期日泰晤士報》延續了第一季的良好勢頭，數位訂閱用戶增加了 7%，總數達到 659,000 人。儘管整體廣告趨勢喜憂參半，但《紐約時報》第二季數位廣告收入創下歷史新高，成長了15%左右。新聞集團澳洲的總訂閱用戶數接近 120 萬，較上年成長 4%，廣告趨勢較第一季有所改善，發行收入也略有成長。

Last week, we celebrated the launch of the California Post, which is bringing editorial enlightenment the West Coast and is built on the renewed profitability of the New York Post. The early audience numbers are impressive, and we will update you on our progress in the next earnings call. The launch itself highlighted the potency of and comparative advantage of our network effect as the WSJ, Realtor and Bible Gateway, HarperCollins' Faith site all contributed to generating traffic for the new website and app.

上週，我們慶祝了《加州郵報》的創刊，該報為西海岸帶來了編輯上的啟蒙，其建立在《紐約郵報》重新盈利的基礎上。目前的觀眾人數令人印象深刻，我們將在下次財報電話會議上向您報告最新進展。這次發布本身就突顯了我們網路效應的強大作用和比較優勢，因為《華爾街日報》、房地產經紀人協會、聖經門戶網站、哈珀柯林斯出版社的信仰網站都為新網站和應用程式帶來了流量。

In conclusion, we are pleased with the strength displayed across the business throughout the second quarter and the signs so far are patently positive for the second half of the year. We have a robust balance sheet, particularly strong free cash flow, and have continued to execute on our expanded buyback program with a keen focus on maximizing shareholder value.

總之，我們對公司第二季展現的強勁業績感到滿意，就目前來看，下半年的發展前景也明顯向好。我們擁有穩健的資產負債表，尤其是強勁的自由現金流，並持續推動擴大後的股票回購計劃，重點在於最大限度地提高股東價值。

As [AIX] afflicts some sectors, we believe the company is well positioned to profit over the coming quarters and years. We are poised with poise. We remain grateful for the thoughtful leadership of our chair, Lachlan Murdoch, the enduring support of our Board, and the sterling efforts of our teams around the world.

儘管 [AIX] 對某些行業造成了影響，但我們相信該公司已做好充分準備，在未來幾個季度和幾年內實現盈利。我們沉著冷靜。我們衷心感謝董事長拉克蘭·默多克的深思熟慮的領導，感謝董事會的持續支持，以及感謝世界各地團隊的卓越努力。

And now for deeper insight, I see to our Chief Financial Officer, Lavanya Chandrashekar.

現在，為了更深入地了解情況，我請出了我們的財務長拉瓦尼亞·錢德拉謝卡爾。

Thank you, Robert, and good afternoon, everyone. Our second quarter results demonstrate the continued strength and resilience of our portfolio and the benefits of disciplined strategic diversification. Despite the continued uneven economic backdrop, we posted accelerated top and bottom line growth led by our core pillars. Now that I have been in this role for over a year, I will start off by saying that I'm even more confident in News Corp's growth opportunities and our ability to maximize shareholder value.

謝謝你，羅伯特，大家下午好。我們第二季的業績表明，我們的投資組合持續保持強勁勢頭和韌性，並體現了有紀律的策略多元化帶來的益處。儘管經濟情勢持續不穩，但在核心業務的帶動下，我們的營收和利潤均實現了加速成長。現在我擔任這個職位已經一年多了，首先我想說的是，我對新聞集團的成長機會以及我們實現股東價值最大化的能力更有信心了。

The second quarter marks our 11th consecutive quarter of year-over-year total segment EBITDA growth on a continuing operations basis. These consistent results are the outcome of strong operational discipline and reflect the repositioning of our portfolio. Our focus on operational efficiency has successfully driven margin expansion and increased free cash flow, and I believe there is significant opportunity for this to continue. We remain disciplined in our focus on the three core growth pillars: Dow Jones, Digital Real Estate, and Book Publishing, which collectively accounted for 95% of our profitability in the second quarter.

第二季標誌著我們連續第 11 季實現持續經營業務部門 EBITDA 年成長。這些持續穩定的績效是嚴格營運紀律的結果，也反映了我們投資組合的重新定位。我們對營運效率的重視已成功推動利潤率擴張和自由現金流增加，我相信這一趨勢還有很大的延續空間。我們依然堅持專注於三大核心成長支柱：道瓊斯指數、數位房地產和圖書出版，這三大支柱在第二季度合計占我們盈利的 95%。

News Corp has evolved well beyond the scope of a traditional media company. We are now a digital-first company with a strong and growing recurring revenue base, complemented by high-margin content licensing revenues. Disciplined investment and value-accretive M&A have increased our exposure to the large and fast-growing data and information services market. We believe the B2B business of Dow Jones has a significant runway for growth, and it is highly profitable. And as Robert mentioned, we are very excited to be able to showcase Dow Jones on March 16 in New York at the NASDAQ market site.

新聞集團已經發展得遠遠超出了傳統媒體公司的範疇。我們現在是一家以數位化為先導的公司，擁有強大且不斷增長的經常性收入基礎，並輔以高利潤的內容授權收入。審慎的投資和增值型併購提高了我們在龐大且快速成長的數據和資訊服務市場中的份額。我們認為道瓊斯的 B2B 業務具有巨大的成長潛力，並且利潤豐厚。正如羅伯特所提到的那樣，我們非常高興能夠在 3 月 16 日於紐約納斯達克市場現場展示道瓊斯指數。

We continue to make strong progress in returning value to our shareholders and have accelerated our share buyback program. In the second quarter, we repurchased $172 million in shares up $132 million from the previous year period. We believe our stock remains materially undervalued relative to its net asset value. And as a reminder, share repurchases in fiscal 2026 are expected to benefit from the approximately $380 million repayment of Foxtel shareholder loans.

我們在為股東創造價值方面持續取得顯著進展，並加快了股票回購計畫。第二季度，我們回購了價值 1.72 億美元的股票，比去年同期增加了 1.32 億美元。我們認為，相對於其淨資產價值而言，我們的股票仍然被嚴重低估。另外提醒一下，預計 2026 財年的股票回購將受益於 Foxtel 股東貸款約 3.8 億美元的償還。

Turning to the results. News Corp reported fiscal second quarter revenue of almost $2.4 billion, up 6% from the prior year, and total segment EBITDA of $521 million, up 9% year over year. Margins improved from the prior year by 70 basis points to 22.1%. Second quarter adjusted revenue rose 3%, while adjusted total segment EBITDA increased 7% versus the prior year.

接下來看一下結果。新聞集團公佈第二財季營收近 24 億美元，較上年同期成長 6%；分部 EBITDA 總計 5.21 億美元，較去年同期成長 9%。利潤率較前一年提高 70 個基點，達到 22.1%。第二季調整後營收成長 3%，而調整後的總部門 EBITDA 比上年同期成長 7%。

For the quarter, we reported earnings from continuing operations per share of $0.34 compared to $0.40 in the prior year as last year included a gain related to REA sale of PropertyGuru. Adjusted earnings from continuing operations per share were $0.40 in the quarter compared to $0.33 in the prior year.

本季度，我們公佈的持續經營每股收益為 0.34 美元，而去年同期為 0.40 美元，因為去年同期包含了與 REA 出售 PropertyGuru 相關的收益。本季持續經營業務調整後每股收益為 0.40 美元，而去年同期為 0.33 美元。

Moving to the individual segments, starting with Dow Jones. Dow Jones delivered another very strong quarter with reported revenues of $648 million, increasing 8% versus the prior year period and the highest quarterly revenue growth in nearly three years. Digital revenues accounted for 82% of Dow Jones segment revenues this quarter, improving by 1 percentage point from last year. Professional Information business revenues, which reflect our B2B products and services, rose 12% year over year, a rate 200 basis points faster than quarter one. Within that, Risk & Compliance revenues grew 20% to $96 million, driven by new customers, new products and higher yields.

接下來我們來看各個板塊，首先是道瓊指數。道瓊斯公司又迎來了一個非常強勁的季度，報告營收達 6.48 億美元，比上年同期增長 8%，創下近三年來最高的季度營收成長。本季度，數位收入佔道瓊斯部門營收的 82%，比去年同期成長了 1 個百分點。專業資訊業務收入（反映我們的 B2B 產品和服務）年增 12%，比第一季增速快 200 個基點。其中，風險與合規業務收入成長了 20%，達到 9,600 萬美元，這得益於新客戶、新產品和更高的收益率。

We saw continued momentum from risk feeds and API solutions and increased penetration of advanced screening and monitoring products. We also benefited from the integration of Dragonfly and Oxford Analytica as we extend our breadth of products to include geopolitical monitoring and surveillance. At Dow Jones Energy, revenue grew 10% to $75 million with customer retention remaining very strong at approximately 90% in addition to improving yields. Results include a modest benefit from the recent acquisition of Eco-Movement. Factiva again posted revenue improvement, benefiting from new customer acquisition with a focus on Gen AI.

我們看到風險資訊和 API 解決方案持續成長，先進的篩選和監控產品滲透率也不斷提高。我們也受益於 Dragonfly 和 Oxford Analytica 的整合，因為我們擴展了產品範圍，使其涵蓋地緣政治監測和監視。道瓊斯能源公司營收成長 10% 至 7,500 萬美元，客戶留存率維持在 90% 左右，收益率也有所提高。業績包括近期收購 Eco-Movement 帶來的適度收益。Factiva 再次實現收入成長，並受益於以 Gen AI 為重點的新客戶獲取。

Within the Dow Jones consumer business, circulation revenues increased 3% versus the prior year, with digital circulation revenues rising 7%. As I mentioned last quarter, we raised the full price rate for the Wall Street Journal digital subscription for new customers and continue to increase prices for a portion of tenured customers. We are also implementing changes to our promotional offerings including shorter duration offers and higher introductory pricing, which we expect will have a positive impact on ARPU.

在道瓊斯消費者業務中，發行收入比去年成長了 3%，數位發行收入成長了 7%。正如我上個季度提到的，我們提高了新客戶《華爾街日報》數位訂閱的全額價值，並持續提高部分老客戶的價​​格。我們也正在對促銷活動進行調整，包括縮短促銷期限和提高首發價格，我們預計這將對每位用戶平均收入 (ARPU) 產生正面影響。

I should reiterate that overall digital ARPU has been impacted by the expansion of enterprise and corporate partnerships. Those deals extend our B2B footprint and are margin accretive and with low subscriber acquisition cost and very high retention rates. Direct subscription ARPU, which excludes the impact from enterprise, has been improving at a healthy rate.

我需要重申，整體而言，數位 ARPU 受到了企業和公司合作關係擴張的影響。這些交易擴大了我們的 B2B 業務範圍，提高了利潤率，用戶獲取成本低，用戶留存率非常高。不計企業用戶影響的直接訂閱平均每用戶收入 (ARPU) 一直保持良好的成長速度。

Digital circulation revenues accounted for 76% of circulation revenues for the quarter, improving from 73% in the prior year. Digital-only subscription improved 12% year over year and by 133,000 sequentially, driven by enterprise customers. Advertising revenue rose 10% to $133 million, a very strong improvement from quarter one and including record digital performance of $87 million, up 12%, led by Financial Services. Print advertising revenue rose 7%, also benefiting from higher financial services spend. Digital represented 65% of advertising revenues, up 1 point from the prior year.

本季數位發行收入佔發行收入的 76%，高於上年的 73%。純數位訂閱用戶年增 12%，季增 13.3 萬，主要得益於企業客戶的推動。廣告收入成長 10% 至 1.33 億美元，較第一季大幅成長，其中包括創紀錄的數位廣告收入 8,700 萬美元，成長 12%，其中金融服務業表現最為突出。印刷廣告收入成長了 7%，這也得益於金融服務支出的增加。數位廣告收入佔總廣告收入的 65%，比上年增加 1 個百分點。

Dow Jones segment EBITDA for the quarter grew a robust 10% to $191 million with margins increasing to a record high of almost 30%, an increase of nearly 50 basis points year over year despite a higher rate of cost growth as we had flagged on last quarter's earnings call.

道瓊業務部門本季 EBITDA 強勁增長 10% 至 1.91 億美元，利潤率增至近 30% 的歷史新高，同比增長近 50 個基點，儘管成本增長率較高，正如我們在上個季度的盈利電話會議上所指出的那樣。

Moving on to Digital Real Estate. Digital Real Estate had another solid quarter despite lower national listing volumes in Australia due to a tough prior year comparison and still uncertain macro conditions. Segment revenues of $511 million rose 8% versus the prior year, an improvement to the growth rate in the prior quarter and were up 7% on an adjusted basis. Segment EBITDA was $206 million, up 11% and up 12% on an adjusted basis. REA revenues grew 7% year over year to $368 million.

接下來我們來談談數位房地產。儘管由於去年同期基數較高以及宏觀經濟形勢仍然不明朗，澳洲全國房源數量有所下降，但數位房地產業務依然保持了穩健的季度業績。該部門營收為 5.11 億美元，比上年同期成長 8%，比上一季的成長率提高，經調整後成長 7%。分部 EBITDA 為 2.06 億美元，較去年同期成長 11%，經調整後較去年同期成長 12%。REA 的營收年增 7%，達到 3.68 億美元。

Growth was driven by a combination of residential yield increases, favorable customer contract upgrades and geographical mix. National new buy listings in the quarter declined 3% overall, but improved in Sydney up 7% and Melbourne up 4%. Results also benefited from strong growth in Financial Services, driven by mid-teens growth in settlements. Overall, Australian revenues improved by a strong 10%.

成長的驅動因素包括住宅收益率提高、有利的客戶合約升級以及地理組合變化。本季全國新房掛牌量整體下降 3%，但雪梨成長 7%，墨爾本成長 4%。金融服務業的強勁成長也帶動了業績成長，這主要得益於結算額實現了兩位數以上的成長。總體而言，澳洲的收入大幅成長了 10%。

A partial offset was at REA India, with revenues declining mainly due to the sale of PropTiger and the closure of the Housing Edge business with overall performance broadly consistent with REA's outlook as we communicated last quarter. Please refer to REA's earnings release and their conference call for more details.

REA India 的部分業績被抵消，收入下降主要是由於出售 PropTiger 和關閉 Housing Edge 業務，但整體業績與我們上個季度所傳達的 REA 展望基本一致。更多詳情請參閱REA的盈利報告和電話會議。

Realtor.com continued to make strong progress this quarter, with revenues rising 10% to $143 million and improved results contributing to segment EBITDA growth. We are also accelerating the pace of innovation, including the announcement of Realtor.com+ last month. The new platform, which leverages our partnership with the National Association of Realtors and the MLSs enhances the home search experience by driving agent client collaboration, transparency, and insights.

Realtor.com 本季持續取得強勁進展，營收成長 10% 至 1.43 億美元，業績改善推動了該部門 EBITDA 的成長。我們也正在加快創新步伐，包括上個月宣布推出 Realtor.com+。新平台利用我們與全國房地產經紀人協會和 MLS 的合作關係，透過推動經紀人與客戶之間的協作、提高透明度和提供洞察力，增強了房屋搜尋體驗。

This quarter, revenue growth was driven by strength in core real estate products, with leads improving by 13%, improving yields and higher annual contract values given the improved penetration of RealPRO Select. Additionally, our diversification continued to gain traction with growth adjacencies, new homes, rentals, and sellers, accounting for 21% of revenues in the quarter, improving 100 basis points versus the prior year. Average monthly unique users for the quarter also improved, rising 1% to $62 million.

本季度，核心房地產產品的強勁表現推動了收入成長，銷售線索增加了 13%，收益率提高，年度合約價值也因 RealPRO Select 的滲透率提高而增加。此外，我們的多元化發展在成長鄰近領域、新房、租賃和賣家方面持續取得進展，佔本季營收的 21%，比上年同期提高了 100 個基點。本季平均每月獨立用戶數也有所提高，成長 1% 至 6,200 萬美元。

Comscore data for the second quarter highlighted that Realtor once again had the highest engagement among real estate portals at almost five visits per unit user. Realtor continue to gain audience share with visits to its properties reaching 29% of total visits to all real estate portals in quarter two, more than triple that of Homes.com and double that of Redfin, while narrowing the gap versus Zillow. These strong outcomes are a result of the improvements in SEO, as well as continued product enhancements and a successful brand campaign.

Comscore 第二季的數據顯示，Realtor 再次成為房地產入口網站中用戶參與度最高的網站，平均每位用戶訪問量接近 5 次。房地產經紀人繼續擴大受眾份額，其房源訪問量在第二季度佔所有房地產門戶網站總訪問量的 29%，是 Homes.com 的三倍多，是 Redfin 的兩倍，同時縮小了與 Zillow 的差距。這些顯著的成果得益於搜尋引擎優化（SEO）的改進、持續的產品增強以及成功的品牌推廣活動。

At Book Publishing, business conditions improved markedly this quarter, with revenues growing a robust 6% to $633 million despite lapping a tough comparator of 8% growth in the prior year. Segment EBITDA of $99 million declined 2% versus the prior year with margins of 15.6%, down 140 basis points. However, the results this quarter included a $16 million onetime write-off primarily related to inventory at HarperCollins' international operations, which impacted margins by 260 basis points. Results were driven by recent acquisitions, strong sales at Christian Publishing, as well as an improvement in General Books due to higher front list sales.

本季圖書出版業務狀況明顯改善，儘管去年同期成長率高達 8%，但營收仍強勁成長 6%，達 6.33 億美元。分部 EBITDA 為 9,900 萬美元，較上年下降 2%，利潤率為 15.6%，下降 140 個基點。然而，本季業績包括一筆 1,600 萬美元的一次性減損損失，主要與哈珀柯林斯國際業務的庫存有關，這導致利潤率下降了 260 個基點。業績成長主要得益於近期收購、基督教出版業務的強勁銷售，以及由於新書銷售增加而帶來的普通圖書業務的改善。

We also benefited from the timing of ordering. Digital revenues at HarperCollins grew 2% and led by higher e-book sales up 7%. In total, Digital sales represented 20% of consumer revenues compared to 21% in the prior year. This quarter, the backlist contributed 59% of consumer revenues, down from 61% in the prior year, driven by a strong front list.

我們也受益於訂購時機的掌握。哈珀柯林斯的數位收入成長了 2%，其中電子書銷售額成長了 7%。數位銷售額佔消費者收入的 20%，而前一年這一比例為 21%。本季度，受新書強勁成長的影響，舊書銷售佔消費者營收的 59%，低於去年同期的 61%。

News Media revenues were flat at $570 million benefiting from higher cover and subscription prices in the UK and Australia, offset by weak print advertising trends. Segment EBITDA declined 5% to $70 million driven by challenging advertising conditions and some investment related to the launch of the California post in January.

新聞媒體收入持平於 5.7 億美元，這得益於英國和澳洲更高的封面和訂閱價格，但被疲軟的印刷廣告趨勢所抵消。受充滿挑戰的廣告環境以及與 1 月份加州郵局開通相關的一些投資的影響，分部 EBITDA 下降 5% 至 7000 萬美元。

Turning to the outlook. Some of the themes across each of our segments. At Dow Jones, overall trends remain healthy, and we expect continued strong revenue growth in B2B. As a reminder, last year's Digital Circulation revenue growth included approximately 300 basis points related to a nonrecurring benefit. At Digital Real Estate, Australian residential new buy listings for January were down 8%. Please refer to REA for more detailed outlook commentary.

展望未來。我們各個板塊的一些共同主題。道瓊整體趨勢依然健康，我們預計 B2B 業務的營收將持續保持強勁成長。提醒一下，去年數位發行收入成長中包含了約 300 個基點，這與一項非經常性收益有關。根據 Digital Real Estate 數據顯示，澳洲 1 月住宅新購屋掛牌量下降了 8%。請參閱REA以獲取更詳細的展望評論。

At Realtor, we hope to see improving market conditions leading to strong lead volumes, which should translate to continued healthy revenue growth supported by ongoing reinvestment. At Book Publishing, as Robert noted, trends remain encouraging, and we expect to benefit from HarperCollins backlist and more favorable year-on-year comparisons. At News Media, we expect to incur modest investments related to the launch of the California Post. While difficult advertising trends are likely to continue, we remain focused on driving cost efficiencies.

在 Realtor，我們希望看到市場狀況改善，從而帶來強勁的潛在客戶數量，這應該會轉化為持續健康的收入成長，並得到持續再投資的支持。正如羅伯特所指出的，圖書出版業的趨勢依然令人鼓舞，我們預計將受益於哈珀柯林斯出版社的舊書目錄以及更加有利的同比數據。新聞媒體方面，我們預計將在《加州郵報》的創辦過程中投入少量資金。儘管艱難的廣告趨勢可能會持續下去，但我們仍將專注於提高成本效益。

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

那麼，接下來我將把問答環節交給接線生。

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

謝謝。現在開始問答環節。（操作說明）

David Karnovsky, JPMorgan.

David Karnovsky，摩根大通。

Robert, I think we've seen this week market react to AI or the perception of AI and what that is going to for companies that operate in the business services or data spaces. And it would be great to kind of get your expanded thoughts on this reaction and what you view as reasonable to worry about versus maybe what the market is potentially overweighing or maybe missing here?

羅伯特，我認為本週我們已經看到市場對人工智慧或人工智慧的看法以及人工智慧將對在商業服務或數據領域運營的公司產生的影響做出了反應。如果您能聽聽您對這種反應的更詳細看法，以及您認為哪些方面值得擔憂，哪些方面市場可能過度重視或忽略了，那就太好了？

Yeah. David, a (technical difficulty) misconception about the impact of AI on News Corporation. AI is retrospective and synthesizes generic content sometimes imperfectly. But as past hands often pass and perfect. We have contemporary, creative, proprietary content, which is only accessed if AI companies pay us our woo or sue strategy.

是的。David，關於人工智慧對新聞集團的影響存在（技術難題）誤解。人工智慧具有回顧性，有時無法完美地合成通用內容。但正如過去的手經常會傳遞並完善一樣。我們擁有當代、創意、專有的內容，只有人工智慧公司付費才能訪問，否則我們將採取法律行動。

And we've been consciously building a moat, and it is a moat with saltwater crocodiles with sharks and even more dangerous species, lawyers. More importantly, the moat separates commodity content from our premium prescient IP.

我們一直在有意識地構築護城河，這條護城河裡有鹹水鱷魚、鯊魚，甚至還有更危險的物種──律師。更重要的是，護城河將普通內容與我們優質的前瞻性智慧財產權隔離。

Now let's be clear, Anthropic is already set to pay out $1.5 billion for inappropriate use of power books. And we and our authors, will get a large chunk of that money later this year. And we have a partnership with OpenAI whose expertise will enhance our editorial business and real estate products, while our editorial will enhance open AI products.

現在讓我們明確一點，Anthropic公司已經準備好支付15億美元的賠償金，原因是其不當使用大宗商品帳簿。我們和我們的作者將在今年晚些時候收到這筆錢的大部分。我們與 OpenAI 建立了合作夥伴關係，他們的專業知識將提升我們的編輯業務和房地產產品，而我們的編輯業務也將提升 OpenAI 的產品。

No, we're not complacent. We're certainly not naive or (inaudible). But we are absolutely confident about our ability to create compelling, premium content and experiences in an age in which many AI companies will be recycling rubbish.

不，我們並不自滿。我們當然不是天真無知的，或者（聽不清楚）但我們對自身能力充滿信心，相信我們能夠在這個許多人工智慧公司都在回收垃圾的時代，創造出引人入勝的優質內容和體驗。

I mean it is worth remembering that AI models need data, otherwise, they are just lines of a note code. They need real-time, real-world data, and that's what we produce every single minute of every single day. Without compelling content, these AI operators are not significant. They are not unique. They are Unix.

我的意思是，值得注意的是，人工智慧模型需要數據，否則它們只是一串程式碼而已。他們需要即時、真實世界的數據，而這正是我們每天每時每刻都在生產的數據。如果沒有吸引人的內容，這些人工智慧業者就毫無意義。它們並非獨一無二。它們是Unix系統。

Thank you, Dave. Luke, we will take our next question, please.

謝謝你，戴夫。盧克，請回答下一個問題。

Entcho Raykovski, Evans & Peters.

Entcho Raykovski、Evans & Peters。

My question is a follow-up to David's question actually. I mean given this is such a topical issue in the market at the moment, I'm just curious as -- and whether you're comfortable around the investment into Dow Jones, which is required, including to deal with any AI threat.

我的問題其實是對大衛問題的後續。我的意思是，鑑於這是目前市場上的一個熱門話題，我只是好奇——以及您是否對投資道瓊斯指數感到放心，這是必要的，包括應對任何人工智慧威脅。

I think you mentioned last quarter that some of the CapEx is linked to continued investment in technology. I suppose, are you able to quantify this? And again, just curious whether the launch of tools like Claude Legal, for example, given it's [wide] markets, whether you see it as having a negative impact on your operations?

我想你上個季度有提到過，部分資本支出與對科技的持續投資有關。我想，您能對此進行量化嗎？另外，我很好奇，像 Claude Legal 這樣的工具推出，考慮到其[廣泛的]市場，您是否認為它會對您的營運產生負面影響？

And so, to the last point, absolutely not. We are fully confident in the Dow Jones Professional Information business for the reasons that I outlined in the previous answer. And we're also very confident about the trajectory this quarter and next quarter. And we don't normally give forward guidance, but that's as much forward guidance you're going to get, and it's particularly positive at this stage.

所以，最後一點，絕對不是。我們對道瓊斯專業資訊業務充滿信心，原因我在先前的回答中已經闡述過了。我們對本季和下季的發展軌跡也非常有信心。我們通常不會給出前瞻性指引，但這已經是你能得到的全部前瞻性指引了，而且在現階段，這個指引尤其積極。

And it's positive because we do have unique information. And it's a high-margin business, but it's not a retrospective content set. It's a contemporary content set. And I disconnect between the reality of the threat of AI and the reality of the needs of AI. And we are a company that fulfills the needs and face a very limited threat.

這是好事，因為我們確實掌握了獨特的資訊。而且這是一個高利潤的行業，但它不是回顧性的內容集。這是一套當代內容。我常常把人工智慧帶來的威脅與人工智慧的實際需求脫節。我們是一家能夠滿足市場需求且面臨的威脅非常有限的公司。

We're not a collection of legal case studies. We're a collection of contemporary content, much of a journalistic. And in the book business, we are a collection of unique works written by authors that cannot, in any way, be used without our permission and their permission. And we certainly look forward to making the most of that. And the fact is that we already have AI deals and negotiations are advanced for other AI deals.

我們不是法律案例研究的集合體。我們收集了當代內容，其中大部分是新聞報導。在圖書業，我們收集的是作者創作的獨一無二的作品，未經我們和作者本人的許可，任何情況下都不得使用這些作品。我們當然期待充分利用這一點。事實上，我們已經達成了一些人工智慧領域的交易，其他人工智慧領域的交易談判也進展順利。

Yeah. And Entcho, maybe I can take your question on CapEx. Looking forward to seeing you next week in person. Yes, we do expect total CapEx to be up moderately this year, and that was the case in the first half as well.

是的。Entcho，或許我可以回答你關於資本支出的問題。期待下週與您見面。是的，我們預計今年的總資本支出將略有成長，上半年也是如此。

Having said that, Dow Jones CapEx specifically within that is going to be modestly down this year. Overall, we will generate very strong free cash flow growth for the year despite the slightly higher increased investment in CapEx. Then I'd just conclude by saying we do invite you to join us for the Dow Jones Investor Day to really see the strength and opportunity of this business.

也就是說，今年道瓊指數中的資本支出將略有下降。總體而言，儘管資本支出略有增加，但我們今年的自由現金流成長將非常強勁。最後，我想說的是，我們誠摯邀請您參加道瓊斯投資者日活動，親身感受這項事業的實力與機會。

Thanks, Entcho. Luke, we'll take our next question, please.

謝謝，Entcho。盧克，請回答下一個問題。

David Joyce, Seaport Research.

David Joyce，Seaport Research。

Kind of following on the capital expenditure question, where else would you be allocating to drive returns? How would you prioritize -- are there the things that you can do to accelerate the strategies given the One, Big, Beautiful Bill Act in case that helps with overall free cash flow allocation plans?

接續資本支出問題，您還會把資金分配到哪些其他方面來提高回報？您會如何確定優先事項？鑑於《一項宏偉法案》的實施，您是否可以採取一些措施來加快相關策略的實施，以期有助於整體自由現金流分配計劃？

David, I think we've made very clear that we see three core drivers of the business, and that is Dow Jones, Digital Real Estate and HarperCollins. And those businesses are traveling very well at the moment, and we will allocate cash accordingly.

大衛，我認為我們已經非常明確地表明，我們認為業務的三大核心驅動力是道瓊斯、數位房地產和哈珀柯林斯。這些企業目前經營狀況良好，我們將據此分配資金。

Thank you, Dave. Luke, we'll take our next question, please.

謝謝你，戴夫。盧克，請回答下一個問題。

David Fabris, Macquarie.

David Fabris，麥格理集團。

Yeah, thanks for taking my question. Look, I mean, kind of in the same vein as the prior question a little bit. But with the broad valuation de ratings across your operating segments and your balance sheet, your cash generation. Can you just remind us of your M&A strategy and maybe talk to areas of interest to what could be complementary to News Corp? Or would the preference right now to be kind of just to monitor AI developments and execute the buyback?

謝謝你回答我的問題。嗯，我的意思是，這跟之前的問題有點類似。但是，由於貴公司各營運部門和資產負債表的估值普遍下調，您的現金流量也受到影響。您能否簡要介紹貴公司的併購策略，並談談您感興趣的領域以及哪些領域可以與新聞集團形成互補？或者，目前的更傾向於密切關注人工智慧的發展並執行回購計劃？

David, look, we have the option of optionality. We are constantly looking for investments externally that makes sense for the business, but not at unreasonable prices. And you can see from our recent acquisitions, that's been precisely the case. We obviously invest organically where we see growth opportunities within the company.

大衛，你看，我們有選擇的空間。我們一直在外部尋找對公司發展有意義的投資，但價格不能過高。從我們最近的收購中可以看出，情況正是如此。我們顯然會優先投資於公司內部具有成長潛力的領域。

And then there's the buyback. And I'll pass to Lavanya for a little articulation of that.

然後還有回購。接下來請拉瓦尼亞詳細說明。

Yeah. Thank you, David, for that question. On the buybacks, we definitely evaluate this on a continuing basis, and we are focused on maximizing and driving shareholder value. As you would have seen from our announcement, we bought back $172 million worth of shares in the second quarter. At the current stock price, we expect the rate of purchases will be higher in the second half and the total dollars repurchased will be meaningfully more in the second half than in the first half.

是的。謝謝你，大衛，提出這個問題。關於股票回購，我們肯定會持續進行評估，並且我們專注於最大化和提升股東價值。正如您從我們的公告中看到的那樣，我們在第二季度回購了價值 1.72 億美元的股票。以目前的股價，我們預期下半年的購買速度會更快，下半年回購的總金額也會比上半年大幅增加。

Thank you, David. Luke, we'll take our next question, please.

謝謝你，大衛。盧克，請回答下一個問題。

Craig Huber, Huber.

克雷格·胡貝爾，胡貝爾。

Oh, great. Thank you. Robert, just a two-part question for you. I always like to ask you, has anything changed in your mind about investors thoughts and wishes that you guys help simplify your company here? You seem like you're doing a lot better fundamentally across the businesses here. But anything changed in your mind to help simplify the company any further here?

哦，太好了。謝謝。羅伯特，我只想問你兩個問題。我一直想問您，您對投資者的想法和期望是否有所改變，希望你們能幫忙簡化公司營運？看起來你在這裡的各個業務領域都做得越來越好了。但你的想法有沒有什麼改變，可以幫助進一步簡化公司營運？

And my added question I want to ask you was, on Homes.com out there out in the marketplace versus Realtor.com, you're doing quite well here recently with the revenue growth at Realtor.com, roughly 10% type growth when the revenues there. Is Homes.com in the marketplace concerning you all given all the amount of money that they're putting in place to run that operation there? Is it having any negative effect on you? Worried about it? Or are you doing anything significant to change your operation to combat that?

我還有一個問題想問您，Homes.com 在市場上的表現與 Realtor.com 相比如何？最近 Realtor.com 的營收成長相當不錯，大約成長了 10%。鑑於Homes.com在市場上投入瞭如此多的資金來運營，你們是否對它在市場上的表現感到擔憂？它對你產生了任何負面影響嗎？擔心嗎？或者，您是否採取了任何重大措施來改變您的營運方式以應對這種情況？

Craig, look, we're consciously constantly examining our structure. And our focus is on generating value -- long-term value for our shareholders. We have a robust balance sheet, strong free cash flow, positive growth trajectory, and as I said earlier, the option of optionality.

克雷格，你看，我們一直在有意識地審視我們的組織結構。我們的重點是創造價值－為股東創造長期價值。我們擁有穩健的資產負債表、強勁的自由現金流、積極的成長軌跡，正如我之前所說，我們還擁有選擇權。

As for Homes.com look, we're absolutely delighted with the progress at Realtor, which is going from strength to strength. Look, obviously, Homes.com is complicated. It's at least a fixer upper. And while some people suggest that it's more of a knockdown, I think that comparison is a little kind -- unkind, shall I say. For us, the focus is absolutely on Realtor whose revival is real, and this trajectory is particularly positive.

至於 Homes.com 的外觀，我們對 Realtor 的發展感到非常滿意，它變得越來越強大。很明顯，Homes.com 很複雜。至少這是一棟需要修繕的房子。雖然有些人認為這更像是徹底的擊倒，但我認為這種比較有點客氣——或者說有點不客氣。對我們來說，重點絕對在於房地產經紀人的復興，而且這種復興勢頭尤其積極。

Yeah. If I could just add to that, maybe some details on that. I mean as Robert said in his remarks, I mean, we are really pleased with the engagement that we have seen on Realtor.com. We have the highest engagement across all of the portals with five visits per unique user.

是的。如果可以的話，我想補充一些細節。正如羅伯特在演講中所說，我們對Realtor.com上的使用者互動感到非常滿意。在所有入口網站中，我們的用戶互動率最高，平均每個獨立用戶訪問五次。

We have gained audience share now up to 29%. And when you look at our visits, we have 3 times the number of visits at Homes.com, 2 times the number of visits as Redfin. And we've had the fastest revenue growth here in this last couple of quarters that we've seen in the last four years.

我們的觀眾份額現在已經達到 29%。從訪問量來看，我們的訪客量是 Homes.com 的 3 倍，是 Redfin 的 2 倍。在過去的幾個季度裡，我們的營收成長速度是近四年來最快的。

And that's without the property market being meaningfully better. And we do know that the property market will recover. And so this is a very long successful runway here for Realtor.

而且這還是在房地產市場沒有顯著改善的情況下。我們知道房地產市場終將復甦。因此，對於房地產經紀人來說，這是一條非常漫長而成功的發展道路。

Thank you, Craig. Luke, we'll take our next question, please.

謝謝你，克雷格。盧克，請回答下一個問題。

(Operator Instructions) Elsa [Lee, UBS].

（操作說明）艾爾莎[Lee，瑞銀集團]

My question is on circular revenue at Dow Jones. You've called out consumers are now rolling off promotional pricing, which will be supportive of ARPU. Can you share any color on how you're thinking about pricing growth going forward, and maybe the balance between acquiring new subs versus ARPU.

我的問題是關於道瓊斯公司的循環收入。您指出消費者現在正在停止享受促銷價格，這將有助於提高每位用戶平均收入 (ARPU)。您能否分享一下您對未來定價成長的看法，以及取得新用戶與 ARPU 之間的平衡？

Look, thank you for the question. The Dow Jones team has successfully secured a significant increase in enterprise customers, where we are incorporating WSA content into the work streams of companies. Now those tend to be large deals with lower churn and significantly lower marketing costs. But obviously, in the shorter term, they will have a modest impact on ARPU.

謝謝你的提問。道瓊斯團隊已成功獲得企業客戶數量的顯著成長，我們將 WSA 內容融入公司的工作流程中。現在這些交易往往規模較大，客戶流失率較低，行銷成本也顯著降低。但顯然，在短期內，它們對 ARPU 的影響不大。

But the innovative subscription team at Dow Jones believes that we have genuine elasticity on price given our unique editorial experience. Our ability to track potentially vulnerable subscribers is improving each passing month, as is our ability to identify high usage subscribers who can be targeted with dynamic pricing that reflects the importance of their reading relationship with the journal.

但道瓊斯創新訂閱團隊認為，鑑於我們獨特的編輯經驗，我們在價格方面具有真正的彈性。我們追蹤潛在易受攻擊訂閱者的能力每個月都在提高，我們識別高使用量訂閱者的能力也在提高，我們可以針對這些訂閱者實施動態定價，以反映他們與期刊閱讀關係的重要性。

Now obviously, our focus is on recurring revenues, but it should also be noted that Digital Advertising revenue rose 12% during the quarter compared to a year earlier and to a record high. So not only does Dow Jones have a growing audience, it has a very desirable digital demographic.

顯然，我們關注的是經常性收入，但也應該指出的是，本季數位廣告收入比去年同期成長了 12%，創歷史新高。因此，道瓊斯不僅擁有不斷成長的受眾群體，而且擁有非常理想的數位用戶群。

Yeah. Maybe I'd add to that, Elsa. We did take pricing on digital new customers and on certain tenured customers here in the recent past. We're also working on optimizing a number of our promotions. And I do want to point out that excluding our enterprise customers, the ARPU has been improving at a healthy rate.

是的。或許我還要補充一點，艾爾莎。最近我們確實對數位新客戶和一些老客戶進行了定價。我們也正在努力優化一些促銷活動。我還要指出，如果排除企業客戶，ARPU（每用戶平均收入）一直在穩定成長。

Thanks, Elsa. Luke, we will take our next question, please.

謝謝你，艾爾莎。盧克，請回答下一個問題。

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

目前我們沒有其他問題了。我將把電話交給麥可‧弗洛林，請他作總結發言。

Well, great. Thank you all for participating today. Have a wonderful day and we'll talk to you soon. Take care.

太好了。感謝各位今天的參與。祝您有美好的一天，我們很快再聯繫。小心。