News Corporation (NWSA) 2026 Q3 法說會逐字稿

Welcome to News Corp's third-quarter fiscal 2026 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（News Corp）2026 財政年度第三季財報電話會議。今天的會議將進行錄音。媒體將僅能以收聽方式參與。

At this time, I would like to turn the conference over to Michael Florin, Senior Vice President and Global Head of Investor Relations. Please go ahead.

此時，我想將會議交給投資人關係資深副總裁暨全球主管 Michael Florin。請開始。

Thank you very much, operator. Hello, everyone, and welcome to News Corp's fiscal third 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.

非常感謝，接線員。各位好，歡迎參加新聞集團 2026 財政年度第三季財報電話會議。我們約在 30 分鐘前發布了財報新聞稿，現已刊登於我們的網站 newscorp.com。今天與會者包括執行長 Robert Thomson，以及財務長 Lavanya Chandrashekar。

We'll have some prepared remarks, and we'll be happy to take questions from the investment community. 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.

我們將先進行準備好的發言，之後很樂意回答投資界的提問。本次電話會議可能包含與新聞集團業務與策略相關的某些前瞻性資訊。實際結果可能與所述內容有重大差異。新聞集團的 Form 10-K 與 Form 10-Q 申報文件載明可能導致實際結果不同的風險與不確定性，並包含關於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 releases for the applicable periods posted on our website.

此外，本次電話會議將包含某些非 GAAP 財務衡量指標，例如各部門合計 EBITDA、調整後部門 EBITDA 以及調整後 EPS。上述指標的定義，以及 GAAP 與非 GAAP 之間的調節表，可在我們網站上所發布之適用期間財報新聞稿中查閱。

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

接下來，我把時間交給 Robert Thomson 發表開場評論。

Thank you, Mike. News Corp has again delivered resounding results this quarter, indeed marking the 12th straight quarter of profitability growth on a continuing operations basis. For the third quarter of fiscal 2026, our total revenue rose 9% to $2.2 billion, while total segment EBITDA increased a handsome 18% to $343 million, and the overall margin expanded from 14.4% to 15.7%. Net income from continuing operations rose 13%, whilst both EPS and adjusted EPS were notably higher.

謝謝你，Mike。新聞集團本季再次交出亮眼成績，並且在持續營運基礎上，寫下連續第 12 季獲利成長。在 2026 財政年度第三季，我們總營收成長 9% 至 22 億美元；各部門合計 EBITDA 大幅成長 18% 至 3.43 億美元；整體利潤率由 14.4% 擴大至 15.7%。持續營運淨利成長 13%，而 EPS 與調整後 EPS 亦顯著提高。

Our third quarter results reflect a continuation of the positive trends that emerged in the first half, and we remain on track for another record fiscal year of profitability given the strength seen thus far in the fourth quarter. The robust free cash flow and strong cash position have provided much optionality in maximizing long-term shareholder value.

我們第三季的表現延續了上半年浮現的正向趨勢；鑑於第四季迄今展現的強勁力道，我們仍按計畫邁向另一個創紀錄的獲利財年。強勁的自由現金流與充裕的現金部位，為我們在最大化長期股東價值方面提供了高度的策略彈性。

Given our firm belief that the current share price does not reflect the intrinsic value of the company or its prospects, we have continued to execute our enhanced buyback program at an accelerated rate. In assessing our overall performance, the results reflect the ongoing transformation of the company and its ability to prosper in circumstances which are not particularly auspicious.

基於我們堅信目前股價未能反映公司內在價值及其前景，我們持續以加快速度執行強化版庫藏股回購計畫。在評估整體表現時，這些成果反映公司持續轉型，以及在並不特別有利的環境下仍能茁壯的能力。

Interest rates remain rather high and the conflict in the Middle East has exacerbated uncertainty. And yet that conflict has also highlighted the importance of our News and Intelligence businesses, both socially and commercially. The increased profits are driven by the three sectors on which we have focused our strategic investment: Dow Jones, Digital Real Estate Services and Book Publishing, all of which reported double-digit increases in profit this quarter, and we believe they have much positive momentum.

利率仍維持在相當高的水準，而中東衝突加劇了不確定性。然而，該衝突也凸顯我們新聞與情報業務在社會與商業層面的重要性。獲利提升主要由我們策略性投資聚焦的三大領域所帶動：道瓊（Dow Jones）、數位不動產服務以及圖書出版；三者本季獲利皆呈現兩位數成長，我們相信其動能相當正向。

Our confidence comes as the world is grappling with the potential impact of AI. We are an AI inputs company, and that fact was reflected in our recent deal with Meta, which complements our partnership with OpenAI. We are negotiating several further deals with companies who recognize the preciousness of our provenance and which should have a positive impact on our revenue and profitability.

在全球正努力因應 AI 潛在影響之際，我們的信心也隨之提升。我們是一家「AI 輸入」公司，這一點在我們近期與 Meta 的合作協議中有所體現，該協議也與我們和 OpenAI 的合作相互補強。我們正與多家認同我們內容來源價值的公司洽談更多合作案，這些合作預期將對我們的營收與獲利帶來正面影響。

We also expect to receive our fair share of the proceeds of the $1.5 billion settlement with Anthropic starting later this calendar year, an outcome which asserts the integrity of intellectual property and benefits authors and book publishers. Importantly, the decisions to partner with us by global AI leaders reinforce that status as an input company. Semiconductors are inputs. Energy is an input, and editorial is an absolutely essential input. AI engines require information, and they need constant updates to remain relevant.

我們也預期自今年稍晚起，將開始取得與 Anthropic 達成 15 億美元和解金中屬於我們的合理份額；此一結果彰顯智慧財產權的完整性，並使作者與圖書出版商受益。重要的是，全球 AI 領導者選擇與我們合作的決策，進一步強化我們作為輸入公司的地位。半導體是輸入。能源是輸入，而編輯內容則是絕對不可或缺的輸入。AI 引擎需要資訊，且必須持續更新才能保持相關性。

Otherwise, they are merely retrospective. Few companies on the planet have the depth of archive and the immediacy of contemporary content that we can offer across borders and across segments. We are also seeing a rapid proliferation of vertical specialist AI companies focusing on specific segments.

否則，它們就只是回顧性的。全球很少有公司能像我們一樣，跨越國界與業務領域，提供如此深厚的檔案庫與即時的當代內容。我們也看到大量垂直領域的專業 AI 公司快速增生，聚焦於特定細分市場。

We believe this is a whole new generation of opportunity for our companies, whether our mastheads, HarperCollins or digital real estate, which generates a vast amount of unique repurposable data. Separately, we are tracking a number of dodgy digital firms scraping illicitly, illegally our precious content and shamelessly reselling this purloined property.

我們相信，這為我們旗下公司帶來全新一代的機會，無論是我們的報刊品牌、哈珀柯林斯（HarperCollins），或是能產生大量獨特且可再利用資料的數位不動產業務。另外，我們也在追蹤一些可疑的數位公司，正以不正當、非法方式抓取我們珍貴的內容，並厚顏無恥地轉售這些竊取的資產。

We have these baleful bad-boy bots in our sights and intend to pursue them vigorously. And it should be noted carefully. We believe companies which willingly buy the stolen content from these nefarious fences are also culpable. There is a clear distinction between the [Odious and Ananias].

我們已鎖定這些陰險的「壞小子」機器人，並打算積極追究。此外，必須特別留意的是：我們認為，那些明知故犯、仍向這些惡意銷贓者購買被盜內容的公司，同樣難辭其咎。在[Odious and Ananias] 之間有明確的區別。

Now let's turn to our segments. Dow Jones delivered yet another superb quarter. Revenues rose 8% to $619 million and segment EBITDA expanded by 11% to $147 million, with our margin expanding by 70 basis points compared to a year earlier to 23.7%. Significantly, this marks 13 consecutive quarters of year-over-year EBITDA growth for Dow Jones, bolstered by continuing strength across risk and compliance and our burgeoning energy business.

現在讓我們來看各事業部門。道瓊再度交出極為出色的一季。營收成長 8% 至 6.19 億美元，部門 EBITDA 成長 11% 至 1.47 億美元；利潤率較一年前提升 70 個基點至 23.7%。值得注意的是，這是道瓊連續第 13 季 EBITDA 年增，並受惠於風險與合規業務的持續強勁，以及我們快速成長的能源業務。

As we shared during our Investor Day in March, we see a clear path for Dow Jones to reach $1 billion in annual segment EBITDA within the next five years. Not only does Dow Jones world-class journalism and extensive data and intelligence serve as the lifeblood of AI, they are indispensable resources for thoughtful readers and for knowing executives seeking to lead enlightened enterprises. In the third quarter, revenues at Risk and Compliance surged 19% as demand expanded from corporate customers in a volatile world seeking to minimize risk and maximize compliance.

正如我們在 3 月投資人日所分享的，我們清楚看到道瓊在未來五年內，達成年化部門 EBITDA 10 億美元的路徑。道瓊的世界級新聞報導，以及廣泛的資料與情報，不僅是 AI 的命脈，也是深思熟慮的讀者與追求引領開明企業的睿智高階主管不可或缺的資源。第三季，風險與合規業務營收大增 19%，因為在動盪的世界中，企業客戶為降低風險並提升合規而擴大需求。

We continue to see solid demand in our energy business, where revenues rose 12% and the boost in U.S. energy exports is clearly a positive emerging trend for our business, which has unique data from and insights into the U.S. industry. On the consumer side, digital direct subscription ARPU continued to improve, while digital-only subscriptions grew just 9% on the previous year.

我們的能源業務需求仍然穩健，營收成長 12%；美國能源出口的提升，顯然是對我們業務有利的新興趨勢，而我們擁有來自美國產業的獨特數據與洞見。在消費者端，數位直訂（digital direct subscription）的 ARPU 持續改善，而純數位訂閱數較去年僅成長 9%。

Remember, these are core new subscriptions, not recipes, which, like much evergreen content, are indeed susceptible in the AI age. Meanwhile, digital advertising revenue rose 13%, improving on the increase in Q2, led by stronger demand from the technology and finance sectors. Our Digital Real Estate Services segment continued to show strength even though the housing markets in Australia and the U.S. are being buffeted by cross winds.

請記住，這些是核心的新訂閱，而非食譜；食譜如同許多常青內容，在 AI 時代確實較易受到影響。同時，數位廣告營收成長 13%，較第二季的增幅進一步改善，主要由科技與金融產業需求轉強所帶動。儘管澳洲與美國房市受到多重逆風衝擊，我們的數位不動產服務部門仍持續展現韌性。

Reported profit increased with EBITDA surging 25% year-over-year, while the margin widened from 30.5% to 32.8%. Revenues at realtor.com in the U.S. rose 10%, even though the 30-year mortgage rate has generally remained above 6% and existing house sales were near historic lows. The realtor.com team has done a splendid job retooling the business, and we should be primed to prosper when rates decline and liquidity in the housing market returns. Realtor.com has also just partnered with our friends at OpenAI to take advantage of their AI expertise in improving the experience for sellers, buyers and realtors.

已揭露的獲利增加，EBITDA 年增 25%，利潤率由 30.5% 擴大至 32.8%。美國 realtor.com 的營收成長 10%，儘管 30 年期房貸利率普遍仍高於 6%，且成屋銷售接近歷史低點。realtor.com 團隊在重整業務方面表現出色；當利率下降、房市流動性回升時，我們應已蓄勢待發、可望受益。realtor.com 也剛與我們在 OpenAI 的朋友建立合作，運用其 AI 專業來改善賣方、買方與房仲的使用體驗。

Realtor.com already has far greater engagement in the competitor set according to independent Comscore metrics. In Q3, realtor.com averaged 5.3 visits per unique user compared to only 3.5 visits at Zillow, 2.9 visits at Redfin and 1.9 visits at Homes.com. The team's strenuous efforts to make the site a holistic property experience are clearly paying dividends.

根據獨立的 Comscore 指標，realtor.com 在同業競品組合中的互動參與度已明顯高出許多。第三季，realtor.com 每位不重複使用者平均造訪 5.3 次，相較之下 Zillow 僅 3.5 次、Redfin 2.9 次、Homes.com 1.9 次。團隊致力將網站打造為全方位房產體驗的艱鉅努力，顯然已開始帶來回報。

At REA, revenue grew 20%, thanks in part to solicitous ForEx fluctuations, but also because the team's determination to provide enhanced services to our customers led to a 14% increase in yield. The potential upside at REA remains exciting, given the focus on product development and the success in sensible adjacencies such as mortgages, where we are able to leverage our knowledge of customers and their needs.

在 REA，營收成長 20%，部分受惠於有利的外匯（ForEx）波動，但更因團隊堅定為客戶提供強化服務，使得單位收益（yield）提升 14%。鑑於我們聚焦產品開發，並在如房貸等合理的相鄰領域取得成功、得以運用我們對客戶及其需求的洞察，REA 的上行潛力仍令人振奮。

At HarperCollins, we had a particularly strong quarter with EBITDA rising 14%, while revenue increased a healthy 8%, well ahead of the overall industry trends. Our margin broadened from 12.5% to 13.2% as we benefited from higher digital sales with e-books surging 17% and audiobooks increasing 7%.

在 HarperCollins，我們本季表現特別強勁，EBITDA 成長 14%，同時營收健康成長 8%，明顯領先整體產業趨勢。受惠於更高的數位銷售，我們的利潤率由 12.5% 擴大至 13.2%，其中電子書銷售激增 17%，有聲書成長 7%。

We continue to see feverish interest in Rachel Reid's Heated Rivalry in print and digital and even in countries in which ice hockey is not a mainstream sport. Rachel is adding two more voluptuous volume to the steamy saga, which has already become a cult classic. Now as we approach the summer months in the Northern Hemisphere, we look forward to fascinating fourth quarter releases that include Vice President, J.D. Vance's Communion, which tells of his personal spiritual journey as well as releases from Ann Patchett, Alex Aster and Laurie Gilmore.

我們持續看到市場對 Rachel Reid 的《Heated Rivalry》紙本與數位版本的熱烈興趣，甚至在冰球並非主流運動的國家亦然。Rachel 正為這部火辣傳奇再增添兩本豐滿的新作，而該系列早已成為邪典經典。隨著北半球進入夏季，我們也期待第四季引人入勝的新書上市，包括副總統 J.D. Vance 的《Communion》，講述其個人的靈性旅程，以及 Ann Patchett、Alex Aster 與 Laurie Gilmore 的新作。

We are also heartened by the release of the Remarkably Bright Creature movie on Netflix this week and by releases from the gifted Sarah A. Parker and the inimitable Dana Perino. In News Media, we saw a 5% increase in revenue to $538 million, though reported a decline in profits, in part due to investment in new projects, including the successful launch of the California Post, which has already attracted much attention from readers and advertisers with its fast coverage of an important but underreported region.

我們也對本週 Netflix 上映《Remarkably Bright Creature》電影版感到振奮，並期待才華洋溢的 Sarah A. Parker 與獨樹一幟的 Dana Perino 的新作推出。在新聞媒體業務方面，營收成長 5% 至 5.38 億美元，但獲利下滑，部分原因是投資於新專案，包括成功推出《California Post》；該媒體以快速報導一個重要但長期被低度報導的地區，已吸引大量讀者與廣告主關注。

While still early days, we are encouraged by traffic trends and have seen meaningful increases in daily active users and engagement across the New York Post Media Group from California-based users. News U.K. closed the quarter with 676,000 subscribers for The Times and The Sunday Times, a 7% gain on the prior year, while digital advertising for The Sun Rebounded and, in fact, increased by double digits. We are looking forward to the positive benefits of the World Cup for our talented team at talkSPORT, which, like our other London-based media, will certainly benefit if England wins the ultimate prize.

雖然仍在早期階段，我們對流量趨勢感到鼓舞，並看到來自加州使用者在《New York Post》媒體集團各平台的日活躍用戶與互動參與度均出現顯著提升。News U.K. 以《The Times》與《The Sunday Times》合計 676,000 名訂戶結束本季，較去年同期成長 7%；同時《The Sun》的數位廣告回升，且實際上以雙位數成長。我們期待世界盃能為 talkSPORT 這支優秀團隊帶來正面效益；如同我們其他位於倫敦的媒體，若英格蘭奪得最高榮譽，勢必將受惠。

At News Corp Australia, digital subscription revenue benefited from improved ARPU and an increase in total digital subscribers to 1.2 million, while digital advertising showed improvement year-on-year. In conclusion, the third quarter was compelling evidence of the transformation of our business and demonstrated the robustness of our core growth engines, which we expect will propel us towards a strong fiscal finish.

在 News Corp Australia，數位訂閱營收受惠於 ARPU 改善以及數位訂戶總數增至 120 萬人；同時數位廣告亦較去年同期改善。總結而言，第三季有力證明了我們業務的轉型，並展現核心成長引擎的韌性；我們預期這些動能將推動我們在本財年以強勁表現收官。

None of this would be possible without the thoughtful leadership of our Chair, Lachlan Murdoch, the wisdom of our engaged Board and the sterling efforts of our employees around the world. And now our Chief Financial Officer, Lavanya Chandrashekar, will enlighten you further.

若沒有董事長 Lachlan Murdoch 的深思熟慮領導、積極投入的董事會所提供的睿智，以及全球員工的卓越努力，這一切都不可能實現。接下來，我們的財務長 Lavanya Chandrashekar 將為各位進一步說明。

Thank you, Robert, and good afternoon, everyone. Our third quarter results demonstrate the continued strength and resilience of our portfolio and the benefits of disciplined strategic diversification. Despite the uneven economic backdrop, we posted accelerated top and bottom line growth led by our core pillars, Dow Jones, Digital Real Estate Services and Book Publishing, which collectively generated 17% segment EBITDA growth in the quarter, accelerating from the second quarter rate.

謝謝你，Robert，各位下午好。我們第三季的結果展現了投資組合持續的強勁與韌性，以及嚴謹的策略性多元化所帶來的效益。儘管整體經濟環境不均衡，我們在核心支柱—道瓊（Dow Jones）、數位房地產服務與圖書出版—帶動下，仍實現營收與獲利的加速成長；三者合計使本季分部 EBITDA 成長 17%，較第二季的成長速度進一步加快。

The third quarter marks our 12th 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 I believe there is significant opportunity for this trend to continue.

第三季是我們在持續營運基礎上，總分部 EBITDA 連續第 12 季年對年成長。這些穩健一致的成果來自強而有力的營運紀律，並反映我們對投資組合的重新定位。我們對營運效率的聚焦已成功推動利潤率擴張，我相信這一趨勢仍有顯著延續空間。

News Corp has evolved well beyond the scope of a traditional media company. We are now a digital-first company with a strong recurring revenue base, complemented by high-margin content licensing revenues. We continue to make strong progress in returning value to our shareholders and have accelerated our share buyback program.

News Corp 的發展早已遠超傳統媒體公司的範疇。我們如今是一家以數位為先的公司，擁有強勁的經常性收入基礎，並由高毛利的內容授權收入加以補充。我們持續在回饋股東價值方面取得重大進展，並已加速我們的庫藏股回購計畫。

In the third quarter, we repurchased $193 million in shares, up from $172 million in the second quarter, bringing fiscal year-to-date repurchases to $459 million. We believe our stock remains materially undervalued relative to its net asset value. And as a reminder, share repurchases in fiscal 2026 are benefiting from the approximately $380 million repayment of Foxtel shareholder loans and our robust free cash flow.

第三季我們回購股票 1.93 億美元，高於第二季的 1.72 億美元，使本財年迄今的回購總額達 4.59 億美元。我們認為相較於其淨資產價值（NAV），本公司股價仍被顯著低估。並提醒各位，2026 財年的股票回購受惠於約 3.8 億美元的 Foxtel 股東貸款償還，以及我們強勁的自由現金流。

Turning to the quarter. Revenues were approximately $2.2 billion, up 9% year-over-year and total segment EBITDA was $343 million, up 18%. Margins expanded by 130 basis points to 15.7%. On an adjusted basis, revenues increased 4% and total segment EBITDA grew 13%. Earnings from continuing operations were $0.16 per share compared to $0.14 in the prior year. Adjusted EPS was $0.21, up from $0.17.

接著談本季表現。營收約 22 億美元，年增 9%；總分部 EBITDA 為 3.43 億美元，年增 18%。利潤率擴張 130 個基點至 15.7%。以調整後口徑計，營收成長 4%，總分部 EBITDA 成長 13%。持續營運每股盈餘為 0.16 美元，去年同期為 0.14 美元。調整後每股盈餘（Adjusted EPS）為 0.21 美元，高於去年的 0.17 美元。

Turning to Dow Jones. As highlighted during our investor briefing in March, Dow Jones has strategically pivoted into a news and digital intelligence platform, driven by strong organic growth and supported in part by the value-enhancing M&A we have successfully completed and integrated.

接著談道瓊（Dow Jones）。如同我們在 3 月投資人簡報中所強調，道瓊已策略性轉型為新聞與數位情報平台，轉型動能來自強勁的有機成長，並部分受惠於我們成功完成並整合、可提升價值的併購（M&A）。

This transformation has been fueled by exceptional growth in Risk and Compliance and Dow Jones Energy, supporting our target for $1 billion in annual segment EBITDA within five years. All the compelling materials and the video replay of that investor briefing are available on the Investor Relations section of the News Corp website. As for the quarter, revenues were $619 million, growing a robust 8% year-over-year, consistent with our second quarter performance.

這項轉型由風險與合規（Risk and Compliance）以及 Dow Jones Energy 的卓越成長所驅動，支持我們在五年內達成分部年度 EBITDA 10 億美元的目標。該次投資人簡報的所有重點資料與影片回放，皆可於 News Corp 官網的投資人關係（Investor Relations）專區取得。就本季而言，營收為 6.19 億美元，年增強勁的 8%，與第二季表現一致。

Digital revenues represented 84% of total segment revenue, up from 82% in the prior year. Professional Information business revenue grew 11%, driven by Risk and Compliance, which increased 19% to $100 million, supported by customer growth, product expansion and improved pricing.

數位營收占分部總營收的 84%，高於去年同期的 82%。專業資訊（Professional Information）業務營收成長 11%，主要由風險與合規帶動；該業務營收成長 19% 至 1 億美元，受惠於客戶成長、產品擴張與定價改善。

The acquisition and seamless integration of Dragonfly and Oxford Analytica, which have been invaluable during the Iran conflict contributed to this growth. At Dow Jones Energy, revenues grew 12% to $77 million with customer retention remaining very strong at approximately 90%. Growth was driven by improving yields, new price assessments and a modest benefit from the recent acquisition of Eco-Movement.

收購並順利整合 Dragonfly 與 Oxford Analytica（兩者在伊朗衝突期間發揮了極高價值）亦對此成長有所貢獻。在 Dow Jones Energy，營收成長 12% 至 7,700 萬美元，客戶留存率仍維持在約 90% 的高水準。成長動能來自單位收益改善、新的價格評估，以及近期收購 Eco-Movement 所帶來的些微助益。

The upheaval in energy markets is certainly more an opportunity than a challenge. In the Consumer business, circulation revenue grew 1%, while digital circulation increased 3%, a result tempered by the absence of a licensing revenue timing benefit in the prior year.

能源市場的動盪無疑更像是機會，而非挑戰。在消費者（Consumer）業務方面，發行收入成長 1%，而數位發行成長 3%；但由於去年同期不存在授權收入時點帶來的有利因素，成長幅度受到一定程度的抑制。

As mentioned at the investor briefing, we are actively working to optimize yield, including raising the full price rate for the Wall Street Journal digital subscription to $44.99 for new customers, increasing the price of introductory offers and continuing the rollout of higher prices for a portion of tenured subscribers.

如同在投資人簡報中所提到的，我們正積極推動收益率最佳化措施，包括將《華爾街日報》數位訂閱的新客戶全價費率提高至 44.99 美元、提高入門優惠方案的價格，並持續對部分資深訂戶推行較高價格。

While it's still very early, we are already seeing benefits from these initiatives, delivering improving year-over-year and quarter-over-quarter growth in digital direct subscription ARPU, and we expect further improvements in the fourth quarter. Digital circulation represented 76% of total circulation revenue compared to 75% in the prior year.

雖然目前仍屬非常早期階段，我們已經看到這些措施帶來的效益，使數位直訂訂閱 ARPU 的年增與季增成長持續改善，並預期第四季將進一步提升。數位發行收入占總發行收入的 76%，高於去年同期的 75%。

Digital-only subscriptions grew 9% year-over-year with sequential net adds of approximately 53,000. We anticipate that net additions will be notably higher in the fourth quarter, driven by growth in enterprise partnerships. Advertising revenues increased 6% to $91 million, the highest third quarter revenue since fiscal 2022, with digital advertising growing 13%, while print fell 6%.

純數位訂閱年增 9%，本季淨新增約 53,000。我們預期第四季淨新增將顯著提高，主要由企業合作夥伴關係的成長所帶動。廣告收入成長 6% 至 9,100 萬美元，為自 2022 會計年度以來第三季最高收入；其中數位廣告成長 13%，而紙本下滑 6%。

Growth was driven by the finance and tech categories. Digital represented 67% of total advertising revenue, up from 63% in the prior year. Dow Jones segment EBITDA for the quarter grew a healthy 11% to $147 million with margins increasing to 23.7%, up 70 basis points compared to the prior year.

成長主要由金融與科技類別帶動。數位占總廣告收入的 67%，高於去年同期的 63%。本季道瓊斯事業部 EBITDA 健康成長 11% 至 1.47 億美元，利潤率提升至 23.7%，較去年同期增加 70 個基點。

Turning to Digital Real Estate. Segment revenues were $473 million, up 17% reported and 8% on an adjusted basis. Segment EBITDA was $155 million, up 25% reported and 16% on an adjusted basis. REA revenues grew 20% and 8% in constant currency. Growth of the Australian residential business was driven by pricing, contract upgrades and geographic mix.

接著談數位不動產。事業部收入為 4.73 億美元，按報告基礎成長 17%，按調整後基礎成長 8%。事業部 EBITDA 為 1.55 億美元，按報告基礎成長 25%，按調整後基礎成長 16%。REA 收入成長 20%，以固定匯率計成長 8%。澳洲住宅業務的成長主要由定價、合約升級與地理組合所帶動。

National new buy listings in the quarter grew 1% with Sydney up 4% and Melbourne up 7%. The Financial business grew double digit driven by a 21% increase in settlements. Australian revenue grew low double digits, partially offset by declines at REA India due to the sale of PropTiger and the closure of the Housing Edge business as communicated previously. Please refer to the REA earnings release and the conference call for more details.

本季全國新購屋（new buy）刊登量成長 1%，其中雪梨成長 4%、墨爾本成長 7%。金融業務呈雙位數成長，主要由交割量增加 21% 所帶動。澳洲收入呈低雙位數成長，但部分被 REA India 的下滑所抵銷，原因是出售 PropTiger 以及如先前所溝通關閉 Housing Edge 業務。更多細節請參閱 REA 的財報新聞稿與電話會議。

Realtor.com continued to make strong progress this quarter with revenues rising 10% to $148 million and contributing to segment EBITDA growth despite the normalized marketing expenses lapping the pullback of marketing spend in the same period last year. We continue to accelerate the pace of innovation, including the launch of the realtor.com app in ChatGPT, as Robert mentioned, and the expansion of its newly launched platform, realtor.com plus, which is receiving favorable industry feedback.

Realtor.com 本季持續取得強勁進展，收入成長 10% 至 1.48 億美元；儘管行銷費用正常化、且去年同期曾縮減行銷支出造成比較基期影響，仍對事業部 EBITDA 成長有所貢獻。我們持續加快創新步伐，包括如 Robert 所提到在 ChatGPT 上推出 realtor.com 應用程式，以及擴展新推出的平台 realtor.com plus，並獲得業界正面回饋。

This quarter, revenue growth was driven by strength in core real estate products, benefiting from 6% higher lead volume, improved yields and increased annual contract values. We continue to see strong demand for RealPRO Select, our premium program for high-performing agents and teams, which has supported further yield expansion.

本季收入成長主要由核心不動產產品的強勁表現帶動，受惠於潛在客戶（lead）量增加 6%、收益率改善以及年度合約價值提升。我們持續看到對 RealPRO Select（面向高績效經紀人與團隊的高階方案）的強勁需求，進一步支持收益率擴張。

Additionally, our growth adjacencies, comprising new homes, rentals and sellers continue to perform well and represented 22% of revenues in the quarter. It's worth noting that as of quarter three, on a trailing 12-month basis, the ratio of realtor.com's revenue to existing home sales, a proxy for yield is over 20% higher compared to quarter three, 2022, underscoring the upside potential for the business when the market recovers.

此外，我們的鄰近成長業務（growth adjacencies），包括新屋、租賃與賣方相關服務，持續表現良好，本季占收入的 22%。值得注意的是，截至第三季，以過去 12 個月滾動基礎計算，realtor.com 的收入相對於成屋銷售（作為收益率的代理指標）的比率，較 2022 年第三季高出逾 20%，凸顯當市場復甦時該業務的上行潛力。

According to Comscore data, realtor.com continued to gain visit share, averaging 31% of total real estate portal visits in quarter three, improving from 29% in quarter two, nearly 6x Homes.com and almost triple that of Redfin, while narrowing the gap to Zillow.

根據 Comscore 數據，realtor.com 持續提升造訪占比，第三季平均占所有不動產入口網站總造訪量的 31%，較第二季的 29% 提升；約為 Homes.com 的近 6 倍、幾乎是 Redfin 的 3 倍，同時縮小與 Zillow 的差距。

Turning to Book Publishing. Revenues grew 8% to $555 million despite mixed industry performance. Segment EBITDA was $73 million, up 14% year-over-year, with margins expanding 70 basis points to 13.2%. This represents the highest third quarter segment EBITDA since fiscal 2021. On an adjusted basis, revenue and EBITDA increased 4% and 14%, respectively.

接著談圖書出版。儘管產業表現分歧，收入仍成長 8% 至 5.55 億美元。事業部 EBITDA 為 7,300 萬美元，年增 14%，利潤率擴張 70 個基點至 13.2%。這是自 2021 會計年度以來第三季事業部 EBITDA 的最高水準。按調整後基礎計算，收入與 EBITDA 分別增加 4% 與 14%。

These robust results were driven by the strong demand for the Game Changer series due to the TV adaptation of Heated Rivalry. Digital revenues at HarperCollins grew 11% with both e-books and audiobooks increasing year-over-year. This quarter, the backlist contributed 64% of consumer revenues compared to 65% last year.

這些強勁成果主要由《Heated Rivalry》改編為電視作品所帶動的 Game Changer 系列需求旺盛所驅動。HarperCollins 的數位收入成長 11%，電子書與有聲書均較去年同期增加。本季後背書（backlist）占消費者收入的 64%，去年同期為 65%。

At News Media, revenue increased 5% to $538 million due to currency favorability, while adjusted revenues declined 2%, reflecting continued declines in print revenue. Segment EBITDA was $15 million, down $18 million year-over-year, reflecting lower contribution from News U.K., coupled with disciplined investment associated with the launch of the California Post. Turning to our outlook.

在新聞媒體業務方面，受惠於匯率有利因素，收入成長 5% 至 5.38 億美元；但調整後收入下滑 2%，反映紙本收入持續下滑。事業部 EBITDA 為 1,500 萬美元，年減 1,800 萬美元，反映 News U.K. 貢獻降低，並且與加州郵報（California Post）推出相關的紀律性投資並行。接著談我們的展望。

Needless to say, we are closely monitoring events in the Middle East. While we are not immune to certain cyclical and supply chain issues, we remain confident in our strategy, underpinned by recurring revenues and expect to report strong results in the fourth quarter. Some themes by segment.

不必多說，我們正密切關注中東局勢。雖然我們無法完全免於某些景氣循環與供應鏈問題的影響，但在經常性收入的支撐下，我們對策略仍具信心，並預期第四季將公布強勁業績。以下按事業部說明幾個主題。

At Dow Jones, we expect continued strong revenue performance and improved margins. At Digital Real Estate Services, Australian residential new buy listings for April rose 19%. Please refer to REA for more detailed outlook commentary, which now assumes lower operating cost growth.

在道瓊斯方面，我們預期收入表現將持續強勁，利潤率也將改善。在數位不動產服務方面，澳洲住宅新購屋刊登量於 4 月上升 19%。更詳細的展望評論請參閱 REA，其目前假設營運成本成長較低。

At Realtor, we hope to see continued revenue improvement, albeit the overall housing recovery could be impacted in the shorter term by rising mortgage rates. At Book Publishing, overall HarperCollins trends remain favorable, and we expect to benefit from a stronger frontlist program.

在 Realtor 方面，我們希望看到收入持續改善，但整體房市復甦在短期內可能會受到房貸利率上升的影響。在圖書出版方面，HarperCollins 的整體趨勢仍然有利，我們預期將受惠於更強勁的新書（frontlist）計畫。

At News Media, we expect to incur some incremental costs compared to the prior year related to the rollout of the California Post, but should also see some benefits from new content licensing revenues. While third quarter cash flows were impacted by the timing of working capital, we expect strong free cash flow growth for the fiscal year despite moderately higher capital expenditures as we had communicated earlier this year.

在新聞媒體方面，我們預期相較去年將因加州郵報的推行而產生一些額外成本，但也應可從新的內容授權收入中看到部分效益。雖然第三季現金流受到營運資金時點影響，但我們預期本會計年度自由現金流將強勁成長，儘管資本支出將如我們今年稍早所溝通般略為提高。

With that, I'll turn it over to the operator for Q&A.

接下來我把時間交給接線員進行問答。

(Operator Instructions)

（接線員指示）

Ailsa Lei, UBS.

UBS 的 Ailsa Lei。

I've just got one on Dow Jones Energy and the investment required to build out new energy benchmarks. How are you thinking about sort of the balance between continued investment into building these new benchmarks versus the return profile? And are you able to potentially quantify any investments required?

我只有一個問題，關於道瓊斯能源（Dow Jones Energy）以及建立新能源基準所需的投資。你們如何看待在持續投入以建立這些新基準與其報酬輪廓之間的平衡？以及你們是否能夠量化所需的投資？

Ailsa, I think you can see in the way that we have developed that business in recent years that we do, as you suggest, balance very carefully both investment and returns. Overall, the Professional Information business accounted for about 40% of revenues in Q3, but a significantly larger percent of EBITDA as it is a higher-margin business. And that is one reason for the record profitability margin at Dow Jones itself. And there are certainly positive trends at Risk and Compliance, where revenues rose 19% and a 12% increase at Dow Jones Energy.

Ailsa，我想你可以從我們近年來發展該業務的方式看出，我們確實如你所說，非常謹慎地在投資與報酬之間取得平衡。整體而言，專業資訊（Professional Information）業務在第三季約占收入的 40%，但由於其為高毛利業務，占 EBITDA 的比重顯著更高。這也是道瓊斯本身創下紀錄獲利率的原因之一。此外，在風險與合規（Risk and Compliance）方面也有明顯正向趨勢，收入成長 19%，而道瓊斯能源則成長 12%。

Thank you, Ailsa. Leila, we'll take our next question, please.

謝謝你，Ailsa。Leila，請接下一個問題。

David Karnovsky, JPMorgan.

JPMorgan 的 David Karnovsky。

Robert, you continue to report a nice upturn in realtor growth this quarter, and this is happening even amid still high mortgage rates. I guess, assuming you did see a kind of better macro environment, how are you thinking about the potential uplift from that? And assuming you get that revenue, how do you think about flowing through that to EBITDA versus sort of leaning into investment either into adjacencies or AI functionality?

Robert，你們本季持續回報房仲（realtor）成長出現不錯的上升趨勢，而這是在房貸利率仍然偏高的情況下發生的。我想，假設你們確實看到宏觀環境有所改善，你們如何看待這可能帶來的上行空間？以及假設你們取得那樣的營收，你們會如何思考把它轉化為 EBITDA，或是傾向加大投資於相鄰領域或 AI 功能？

It's a very thoughtful question. The renaissance of Realtor has really preceded the recovery of the overall U.S. housing market, which remains subject to the vicissitudes of mortgage rates. And in fact, at Realtor, our core real estate revenues rose by 15% and represented 77% of total revenues despite the sluggishness of the market.

這是一個非常有深度的問題。Realtor 的復興其實早於美國整體房市的復甦，而整體房市仍受房貸利率波動的影響。事實上，在 Realtor，我們的核心房地產營收成長了 15%，即使市場仍顯疲弱，核心房地產營收仍占總營收的 77%。

Now we and obviously, aspiring property owners are subject to a certain extent, to the whims and wisdom of the FOMC and their rulings. But what this accelerating revenue increase at Realtor, and we've had successive quarters of double-digit increases in revenue tells you is that the team has done an extraordinary job in building the base sorting out the software and is also benefiting from targeting higher premium homes, which of themselves bring higher premiums and building on the successful expansion into adjacencies, including seller, new homes and rentals.

當然，我們以及有志購屋者在一定程度上都受制於 FOMC 的決策及其裁定所帶來的影響。但 Realtor 這波加速的營收成長——而且我們已連續數季呈現雙位數的營收增幅——說明團隊在打底、梳理軟體方面做得非常出色，同時也受惠於鎖定更高端的住宅（其本身帶來更高溢價），並在成功拓展相鄰領域的基礎上持續推進，包括賣方、新建案與租賃。

And so when you look at March existing home sales, which are a paltry 3.98 million homes, well below the historical average. So that suppressed demand will, at some stage, be emancipated. And Damian Eales and the team have ensured that Realtor is prime to take full advantage of any upturn.

因此，當你看 3 月的成屋銷售量，只有 398 萬戶，這個數字相當低迷，遠低於歷史平均。所以這種被壓抑的需求終將在某個階段被釋放。Damian Eales 與團隊已確保 Realtor 已做好準備，能在任何回升時充分把握機會。

I'd just add, Robert, that I think the team has, as you said, Damian and the team have done an absolutely brilliant job and visit shares are up at 31%, which is 6x that of Homes.com and 3 times that of Redfin. We continue to invest in the brands, and you can see the benefit of that flowing through.

我再補充一下，Robert，我認為團隊——如你所說，Damian 與團隊——做得非常出色，造訪市占已提升到 31%，是 Homes.com 的 6 倍、Redfin 的 3 倍。我們持續投資品牌，你也可以看到這些投資帶來的效益正在逐步反映出來。

I think I mentioned in my prepared remarks that revenue per existing home sales are now at a 20% higher level than they were in 2022. And the reason I'm calling out 2022 is because that was kind of the high watermark from a housing perspective. But you can imagine that with this much higher revenue per house now as the real estate market comes back, as Robert mentioned, we are positioned to really take full advantage of it.

我在事先準備的發言中提到，按每一筆成屋銷售計算的營收水準，現在比 2022 年高出 20%。我之所以特別提 2022 年，是因為從房市角度來看，那大概是高點。但你可以想像，現在每戶帶來的營收更高，當房地產市場回溫時——如 Robert 所說——我們已處於能充分受益的有利位置。

Thanks, Dave. Leila, we'll take our next question, please.

謝謝你，Dave。Leila，請接下一個問題。

David Joyce, Seaport Research.

Seaport Research 的 David Joyce。

And thinking about your risk and compliance and energy offerings, I think that you've really got accelerating demand these days. Are there areas that your clients are asking for more products that you can develop internally organically or where you might have opportunities to do some more tuck-ins?

談到你們的風險與合規以及能源產品，我認為你們近來確實看到需求加速。客戶是否有要求更多你們可以內部有機開發的產品，或是你們是否有機會再做一些小型併購（tuck-ins）？

David, we're constantly reevaluating the portfolio. But I think you're right to suggest that the product extensions are possible. And the team at Dow Jones is very vigilant in taking advantage of opportunity, which is why the businesses are prospering at the moment.

David，我們一直在重新評估產品組合。但我認為你說得對，確實存在產品延伸的可能性。Dow Jones 的團隊非常警覺，會把握機會，這也是為什麼目前這些業務表現興旺。

But at the -- given the volatility in macroeconomic circumstances, and also the continuing regulatory vigilance of governments around the world, the imperative for companies and their boards to minimize risk and maximize compliance remains real. And secondly, the changing patterns in energy markets, in particular, the surge of U.S. exports to the rest of the world is of itself creating a new customer base, which we can take advantage of without necessarily increasing investment.

不過，鑑於宏觀經濟環境的波動，以及全球各國政府持續加強監管審視，企業及其董事會降低風險、提升合規的迫切性依然真實存在。其次，能源市場型態的變化，特別是美國對全球出口的激增，本身正在創造新的客戶基礎；我們可以在不必然增加投資的情況下加以把握。

Yes. Robert, if I could add. I mean, during the Dow Jones Investor Day, we did point out that the risk and compliance market is indeed an enormous $3.7 billion, and it's growing at 11% to 13%. We believe there are several opportunities to continue to grow the business, both organically and inorganically.

是的。Robert，如果我可以補充一下。在 Dow Jones 投資人日上，我們確實指出風險與合規市場規模龐大，約 37 億美元，且以 11% 到 13% 的速度成長。我們相信有多個機會能持續推動業務成長，無論是有機或非有機。

Inorganically, we recently completed and we are getting to the anniversary of the integration of Dragonfly and Oxford Analytica, which have played an enormously big role during the Iran war, gathering a lot of attention and interest.

在非有機方面，我們近期完成了 Dragonfly 與 Oxford Analytica 的整合，而我們也即將迎來整合滿一周年；它們在伊朗戰爭期間扮演了極其重要的角色，吸引了大量關注與興趣。

And organically, I mean, we talked about it at the investor briefing, but we have a big white space, both from an international perspective as well as we've done really well with corporates versus financial institutions, and there is plenty of room for us to continue to drive growth in those areas as well.

在有機方面，我們在投資人簡報中也談到，我們仍有很大的空白市場（white space），包括國際市場；此外，相較於金融機構，我們在企業客戶端做得非常好，而在這些領域我們也仍有很大空間可以持續推動成長。

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

謝謝你，Dave。Leila，請接下一個問題。

Entcho Raykovski, Evans & Partners.

Evans & Partners 的 Entcho Raykovski。

So my question is also around potential AI opportunities. I suppose, are you able to talk about the broad quantum of additional revenue from partnerships with AI platforms that you could receive? And if you can't give us specific numbers, perhaps how does it compare with what you contracted -- what you've contracted to date with Meta and OpenAI?

我的問題也與潛在的 AI 機會有關。我想問，你們是否能談談與 AI 平台合作可能帶來的新增營收大致量級？如果不能提供具體數字，或許可以比較一下，這與你們迄今與 Meta 和 OpenAI 簽約的規模相比如何？

And again, maybe just drilling down into that, how much will the Meta, OpenAI partnerships deliver on a combined basis? I know you can't talk about individual contracts, but if you can talk about it on a combined basis, that would be useful.

另外再更深入一點，Meta 與 OpenAI 的合作合計將帶來多少貢獻？我知道你們不能談單一合約，但如果能以合計口徑談談，會很有幫助。

Entcho, we obviously can't discuss the precise details of confidential deals, but the Meta agreement is an important partnership as is our agreement with OpenAI. And both agreements are more than purely transactional. We'll be exchanging insights as the use of AI evolves exponentially. And you will be able to see the impact in our accounts over the next few years. There's no doubt about that.

Entcho，我們當然無法討論保密交易的精確細節，但與 Meta 的協議是一項重要的合作夥伴關係，我們與 OpenAI 的協議亦然。而且這兩項協議都不僅僅是交易性的。隨著 AI 的使用呈指數級演進，我們將交換洞見。你們將在未來幾年於我們的財務報表中看到其影響。這點毫無疑問。

As for AI itself, we are in the midst of advanced negotiations with several companies. And it is clear that many have come to recognize that the purchase of IP is as important as the acquisition of semiconductors or the securing of stable energy sources. IP powers AI. IP is an input imperative.

至於 AI 本身，我們正與數家公司進行深入談判。很明顯，許多公司已認知到，購買智慧財產（IP）與取得半導體或確保穩定能源來源同等重要。IP 驅動 AI。IP 是不可或缺的投入要素。

And as always, there is a mix of (inaudible). We would prefer the former, but we will never shy away from protecting our property rights. The integrity of creativity must be safeguarded. And for example, as for the perplexing -- perplexity, we are now not the only media company that has brought an action.

而一如往常，這裡面存在一種組合：(聽不清)。我們更偏好前者，但我們絕不會迴避捍衛我們的財產權。創意的完整性必須被守護。例如，至於 Perplexing——Perplexity，我們現在並不是唯一提起訴訟的媒體公司。

And that's because we would argue that the IP excesses have been so egregiously egregious that even certain other media companies have noticed. Now we're looking very much forward to the discovery process because we have full confidence that fascinating illuminating material will surface. We will always be open to a settlement, but the figure needs to be meaningful.

那是因為我們會主張，對 IP 的過度使用已嚴重到令人髮指的程度，以至於連某些其他媒體公司都注意到了。我們非常期待接下來的證據開示（discovery）程序，因為我們完全有信心會浮現出引人入勝、極具啟發性的材料。我們始終願意和解，但金額必須具有實質意義。

And the deals do keep rolling. Bloomberg, for example, buying Dow Jones AI rights, the $1.5 billion Anthropic settlement, the OpenAI partnership, the Meta agreement and various other negotiations. Now the way to think about these negotiations is that there will be substantial deals with the larger horizontal AI companies and then multiple meaningful agreements with specialist verticals who require both archive and updates in their areas of specialist expertise. So these are indeed propitious times for our IP.

而且相關交易仍在持續推進。例如，Bloomberg 購買 Dow Jones 的 AI 權利、15 億美元的 Anthropic 和解案、與 OpenAI 的合作、與 Meta 的協議，以及其他各種談判。看待這些談判的方式是：大型的橫向 AI 公司將會有重大的交易；同時，對於需要其專業領域的檔案資料與持續更新的垂直專業業者，也會有多項具實質意義的協議。因此，這確實是我們 IP 的有利時機。

Thank you. And Leila, we will take our next question, please.

謝謝。Leila，請接下一位提問。

Craig Huber, Huber Research.

Craig Huber，Huber Research。

Can you speak, if you would, about the benefits you guys have are getting internally from the use of AI? And is there any way of quantifying what the annual cost savings is at this stage from using AI here to save costs, et cetera, make the company more efficient? Anything on that front you could help us with?

能否請你談談你們在內部使用 AI 所獲得的效益？以及在這個階段，是否有任何方式可以量化使用 AI 在節省成本等方面的年度成本節省金額、讓公司更有效率？在這方面有沒有任何資訊可以提供？

Sure. Maybe I can start. Craig, thank you for your question. I divide up the benefits that we're getting from AI into a few different areas. The first I'd say is in helping to make our products better, more accessible to consumers and including new revenue streams. Obviously, the most obvious one is the licensing agreements that we have with the big platforms.

當然。也許我先開始。Craig，謝謝你的提問。我把我們從 AI 獲得的效益分成幾個不同面向。第一個是協助讓我們的產品更好、更容易讓消費者使用，並帶來新的營收來源。顯而易見、最直接的就是我們與大型平台簽訂的授權協議。

But outside of that, we have seen significant benefits that we've been able to build AI into making Factiva more user-friendly and more widely usable. We're seeing that in our book publishing business where we are able to use AI. We're testing AI for both translation as well as for the creation of audiobooks.

除此之外，我們也看到顯著效益：我們已能把 AI 納入其中，使 Factiva 更加使用者友善、也更廣泛可用。我們在圖書出版業務也看到這點，能夠運用 AI。我們正在測試 AI，用於翻譯以及有聲書的製作。

There's numerous examples of where -- on both Realtor and on REA using conversational search, I can go on. There's a long list of things that are in play that can help us to drive revenue growth. In terms of efficiencies, the most obvious ones is -- right now is like coding and using AI to be able to develop some of our product features faster to be able to test them using AI versus using people.

例子很多——在 Realtor 和 REA 兩邊，我們都在使用對話式搜尋，我還可以繼續列舉。目前正在推進的事項清單很長，這些都能幫助我們推動營收成長。就效率而言，最明顯的——目前像是寫程式（coding），以及使用 AI 讓我們能更快開發部分產品功能，並能用 AI 來測試，而不是用人力來測試。

So there's a whole efficiency play over there. Also just being able to assist our people in getting work done, whether it's in the newsroom or whether it is in back-office operations. There's tremendous opportunities for us to be able to get work done more efficiently and effectively. And every one of our businesses are pursuing every one of these opportunities.

因此那裡有一整套效率提升的作法。另外，也能協助我們的同仁完成工作，不論是在新聞編輯室，或是在後勤（back-office）營運。我們有非常大的機會能更有效率、更有效能地完成工作。而我們每一個事業都在追求上述每一項機會。

Thank you, Craig. Leila, we will take our next question, please.

謝謝你，Craig。Leila，請接下一位提問。

(Operator Instructions)

(接線員指示)

Brian Han, Morningstar.

Brian Han，Morningstar。

A question for Lavanya. Can you please talk about the drivers of the big reduction in losses in the other division and whether you think there's a sustainable step down in those other losses?

有個問題想請教 Lavanya。能否談談其他事業部虧損大幅縮減的驅動因素，以及你是否認為這些其他虧損會出現可持續的下台階（step down）？

Yes. Other segment represents kind of our -- the cost of running the total corporation outside of the business units. And what we saw is in quarter three was reduced expenses, not reduced losses necessarily, and that was related most particularly towards our stock compensation calculations. For a full year, I would expect that the other segment will be similar to the prior year and potentially slightly lower.

好的。其他（Other）分部大致代表我們——在各事業單位之外，整個集團層面營運的成本。我們在第三季看到的是費用下降，而不一定是虧損下降；這主要與我們的股票酬勞（stock compensation）計算有關。以全年來看，我預期其他分部會與前一年相近，並可能略低一些。

Thank you, Brian. Leila, we'll take our next question, please.

謝謝你，Brian。Leila，請接下一位提問。

David Fabris, Macquarie.

David Fabris，Macquarie。

Hi, thanks for taking my question. I'm curious how we should think about the earnings profile for the News Media segment. Are you able to talk about the start-up costs from the California Post or the impact from the News U.K. in the quarter? And then just thinking about these two pieces, do we annualize them going forward? Or how do we think about them over the next three quarters?

嗨，謝謝讓我提問。我想了解我們應該如何看待新聞媒體（News Media）分部的獲利型態。你們能否談談 California Post 的啟動成本，或本季 News U.K. 的影響？接著就這兩項來看，我們是否應該在未來把它們年化？或是我們應該如何在接下來三個季度看待它們？

David, you can see in the News Media segment that revenue over the year was 5% higher. So the decline in EBITDA reflected modestly tougher trading conditions in Australia and the U.K. and more significantly, the launch cost of the California Post which is certainly not an extravagant investment, but an investment nonetheless. We've -- and for context, we've launched the California Post on the back of the rebounding profitability of the New York Post and look forward to expanding our revenue and profits over time.

David，你可以看到新聞媒體分部的年度營收成長了 5%。因此 EBITDA 的下滑反映了澳洲與英國略為更具挑戰的交易環境（trading conditions），以及更重要的是 California Post 的推出成本；這當然不是奢侈性的投資，但畢竟仍是一項投資。我們——作為背景說明，我們是在《紐約郵報》（New York Post）獲利能力回升的基礎上推出 California Post，並期待隨時間推進擴大我們的營收與獲利。

But we should be very clear about the broader context of the News Media segment. That segment reported a net decline in EBITDA of $18 million, including those launch and marketing costs. For the company overall, our EBITDA rose 18%, and our profit margins rose from 14.4% to 15.7%. So I think that does give you a sense of the contemporary context of the News Media segment.

但我們必須非常清楚新聞媒體分部更廣泛的背景。該分部回報的 EBITDA 淨減少為 1,800 萬美元，其中包含上述推出與行銷成本。就公司整體而言，我們的 EBITDA 成長 18%，利潤率從 14.4% 上升至 15.7%。因此我認為這確實能讓你理解新聞媒體分部在當前的脈絡。

I think just to add a couple of things. One is this segment has had a strong track record of being able to drive cost efficiencies year-on-year. We've seen this in the early part of this year and last year with the work that the News U.K. team and building out a partnership with DMG, which has significantly helped to drive efficiencies and operating costs on the print side of things.

我想再補充幾點。第一，這個分部在逐年推動成本效率方面有很強的過往紀錄。我們在今年與去年年初都看到這點：News U.K. 團隊與 DMG 建立合作夥伴關係，顯著提升了效率並降低了印刷端的營運成本。

And that partnership is -- they're actually expanding it, which should deliver further efficiencies going forward. In Australia, I would call out the team as well in streamlining operations and helping to drive year-on-year cost reductions.

而且這項合作——他們其實正在擴大合作範圍，未來應可帶來進一步的效率提升。在澳洲方面，我也要特別提到團隊在精簡營運、並協助推動逐年成本下降上的努力。

The kind of looking at how do we think about it going forward, quarter 4, we'll see some benefits from some content licensing revenues, while we continue to invest in the California Post, which, as Robert said, we are being very disciplined about.

至於往後該如何看待，第四季我們會看到部分內容授權收入帶來的效益，同時我們也會持續投資 California Post；如 Robert 所說，我們在這方面非常自律、嚴格控管。

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

謝謝。David、Leila，請接下一位提問。

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

目前沒有其他問題。我現在把時間交給 Michael Florin 作結語。

Well, thank you, Leila, and thank you all for participating today. Have a wonderful day, and we will talk to you soon. Take care.

好的，謝謝你，Leila，也謝謝各位今天的參與。祝各位有美好的一天，我們很快再與各位交流。保重。