New York Times Co (NYT) 2023 Q2 法說會逐字稿

Good morning, and welcome to The New York Times Company's Second Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded.

早上好，歡迎參加紐約時報公司 2023 年第二季度收益電話會議。 （操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Mike Brown, Vice President, Assistant General Counsel and Corporate Secretary. Please go ahead.

我現在將會議交給副總裁、助理總法律顧問兼公司秘書邁克·布朗 (Mike Brown)。請繼續。

Thank you, and welcome to The New York Times Company's Second Quarter 2023 Earnings Conference Call. On the call today, we have Meredith Kopit Levien, President and Chief Executive Officer; and Will Bardeen, Executive Vice President and Chief Financial Officer.

謝謝，歡迎參加紐約時報公司 2023 年第二季度收益電話會議。今天的電話會議有總裁兼首席執行官 Meredith Kopit Levien；執行副總裁兼首席財務官威爾·巴丁 (Will Bardeen)。

Before we begin, I'd like to remind you that management will make forward-looking statements during the course of this call. These statements are based on our current expectations and assumptions, which may change over time. Our actual results could differ materially due to a number of risks and uncertainties that are described in the company's 2022 10-K and subsequent SEC filings.

在我們開始之前，我想提醒您，管理層將在本次電話會議期間做出前瞻性陳述。這些陳述基於我們當前的預期和假設，可能會隨著時間的推移而改變。由於公司 2022 年 10-K 和隨後的 SEC 文件中描述的許多風險和不確定性，我們的實際結果可能存在重大差異。

In addition, our presentation will include non-GAAP financial measures, and we have provided reconciliations to the most comparable GAAP measures in our earnings press release, which is available on our website at investors.nytco.com.

此外，我們的演示文稿將包括非 GAAP 財務指標，並且我們在盈利新聞稿中提供了與最具可比性的 GAAP 指標的調節表，該新聞稿可在我們的網站 Investors.nytco.com 上獲取。

And finally, please note that a copy of the prepared remarks from this morning's call will be posted to our investor website shortly after we conclude.

最後，請注意，今天上午電話會議準備好的評論副本將在我們結束後不久發佈到我們的投資者網站上。

With that, I'll turn the call over to Meredith Kopit Levien.

這樣，我會將電話轉給 Meredith Kopit Levien。

Thanks, Mike, and good morning, everyone. For more than a year, we've been executing on our strategy to become the essential subscription for every curious English-speaking person seeking to understand and engage with the world. Our strong results this quarter demonstrate that the strategy is working as designed.

謝謝邁克，大家早上好。一年多來，我們一直在執行我們的戰略，成為每個好奇的英語人士尋求了解和接觸世界的必備訂閱。我們本季度的強勁業績表明該戰略正在按設計發揮作用。

Let me share the highlights. Digital subscription revenue is growing, thanks to gains in both subscriber volume and ARPU. Subscriber engagement remains high and is fueling growth in all of our major revenue streams including digital subscriptions, digital advertising and affiliate, and we've continued to exercise cost discipline even while investing into and enhancing the value of our products and bundles. We owe these results in large part to getting more people to experience the full and unmatched threats of the time, which they are increasingly buying as a bundle. As we've said, uptake of the bundle is an essential part of our ability to drive sustainable value creation, including AOP growth, free cash flow growth and margin expansion. On that note, we are on track to deliver all 3 this year despite ongoing market challenges.

讓我來分享一下亮點吧。由於用戶數量和 ARPU 的增長，數字訂閱收入正在增長。訂戶參與度仍然很高，並推動了我們所有主要收入流的增長，包括數字訂閱、數字廣告和聯屬網絡營銷，我們在投資和提高產品和捆綁包價值的同時，也繼續實行成本控制。我們取得這些成果在很大程度上要歸功於讓更多的人體驗到當時完整且無與倫比的威脅，他們越來越多地捆綁購買這些威脅。正如我們所說，捆綁包的採用是我們推動可持續價值創造能力的重要組成部分，包括 AOP 增長、自由現金流增長和利潤率擴張。就這一點而言，儘管市場挑戰持續存在，我們仍有望在今年交付全部 3 個產品。

I'll turn now to the major contributors to our second quarter results. We added 180,000 net new digital subscribers with more than half of our digital starts taking the bundle for the second quarter in a row. More than 1/3 of our nearly 10 million subscribers are now bundle or multiproduct subscribers, which supports our belief that over the next few years, we can get to 50% or more of our total subscribers on the bundle.

現在我將談談第二季度業績的主要貢獻者。我們淨新增 180,000 名數字訂戶，其中超過一半的數字訂戶連續第二季度購買了捆綁包。現在，我們近 1000 萬訂閱者中有超過 1/3 是捆綁或多產品訂閱者，這支持了我們的信念，即在未來幾年內，我們的捆綁訂閱者總數可以達到 50% 或更多。

We also grew digital ARPU for the fourth consecutive quarter, and for the first time since our acquisition of The Athletic, we grew digital ARPU year-on-year. That growth is a direct result of our value-based pricing strategy, which combines attractive promotional pricing, multiple subscription options and a proven ability to step up subscribers to higher prices and more products over time as they come to experience how valuable our products are in their lives. We saw all of those elements of our pricing strategy on display in the second quarter, and I'll note particularly that our ongoing deployment of price increases for tenured subscribers to news and Games is going well as we continue to enrich both of these products.

我們的數字 ARPU 也連續第四個季度增長，這是自收購 The Athletic 以來我們首次實現數字 ARPU 同比增長。這種增長是我們基於價值的定價策略的直接結果，該策略結合了有吸引力的促銷價格、多種訂閱選項以及經過驗證的能力，隨著時間的推移，隨著訂閱者逐漸體驗到我們的產品的價值，他們可以提高價格並獲得更多產品。他們的生活。我們在第二季度看到了定價策略的所有這些要素，我要特別指出的是，隨著我們繼續豐富這兩種產品，我們正在為新聞和遊戲的終身訂閱者提價，進展順利。

We view the quarter's subscriber results as a testament to our broad and valuable product portfolio which continues to attract a large engaged audience despite the ongoing reality of less traffic from the platform and a new cycle less dominated by singular stories that capture unprecedented attention. Consistent with the pattern we saw last quarter, subscriber engagement was strong across products and subscriber tech. We were especially encouraged to see engagement for early tenure subscribers, many who bought the bundle even higher than last quarter or last year.

我們認為本季度的訂戶結果證明了我們廣泛且有價值的產品組合，儘管平台流量持續減少，而且新周期不再由吸引前所未有的關注的單一故事主導，但該產品組合繼續吸引大量參與的受眾。與我們上季度看到的模式一致，各產品和訂戶技術的訂戶參與度都很高。我們特別高興地看到早期終身訂閱者的參與度，許多購買捆綁包的人甚至比上季度或去年還要高。

As we've said before, this strong subscriber engagement is a leading indicator for healthy retention and long-term pricing power. It's also an outcome of the inherent appeal of our offering and our ability to regularly deliver compelling new product features.

正如我們之前所說，這種強大的訂戶參與度是健康保留和長期定價能力的領先指標。這也是我們產品的內在吸引力以及我們定期提供引人注目的新產品功能的能力的結果。

Let me give you a few examples. In news, we added a new data journalism feature that tracks extreme weather across the U.S. in a personalized way and includes a tool to monitor the places you care about most in near real time. We also expanded our newest daily morning audio show called The Headlines, which can be found in our subscriber-only audio app, which we made available widely in the second quarter.

讓我舉幾個例子。在新聞方面，我們添加了一項新的數據新聞功能，以個性化的方式跟踪美國各地的極端天氣，並包括一個近乎實時監控您最關心的地方的工具。我們還擴展了最新的每日早間音頻節目，名為“頭條新聞”，可以在我們的訂閱者專用音頻應用程序中找到該節目，我們在第二季度廣泛提供了該應用程序。

New features like these supplement the strong engagement we continue to have for our unparalleled coverage of big important stories like the war in Ukraine, the global economy, and the forthcoming presidential election.

諸如此類的新專題補充了我們對烏克蘭戰爭、全球經濟和即將舉行的總統選舉等重大事件的無與倫比的報導的強烈參與。

In Games, we launched a new word matching puzzle in beta called Connections, which is already attracting millions of users. We also added 2 more popular puzzles to the Games app, Letter Boxed and Tiles, and we introduced Spelling Bee Past Puzzles as a new subscriber only benefit. We made these enhancements even as tens of millions of people continue to play Wordle every week, which gives us a huge audience to whom we can introduce other games, news, sports, recipes and shopping advice.

在遊戲方面，我們推出了一款名為“Connections”的測試版新單詞匹配謎題，它已經吸引了數百萬用戶。我們還在遊戲應用程序中添加了 2 個更受歡迎的謎題，即 Letter Boxed 和 Tiles，並且我們推出了 Spelling Bee Past Puzzles 作為僅限訂閱者的新福利。儘管每週都有數以千萬計的人繼續玩 Wordle，但我們還是做出了這些改進，這為我們提供了龐大的受眾，我們可以向他們介紹其他遊戲、新聞、體育、食譜和購物建議。

I'll note that while Wordle is a hit like no other, our audience of people playing games other than Wordle has experienced record growth over the last year and the giant audience we now have for Games continues to power start for both our Games subscription and the bundle.

我要指出的是，雖然Wordle 非常受歡迎，但我們玩Wordle 以外的遊戲的受眾在過去一年中經歷了創紀錄的增長，我們現在擁有的龐大遊戲受眾繼續為我們的遊戲訂閱和遊戲提供動力。捆綁。

We expect The Athletic to play a similar role in our funnel over time, and we made a number of technical and journalistic enhancements to this product in the quarter to drive engagement. Those enhancements help propel it's audience to substantial growth for the second quarter in a row, and we continue to make good progress for our goal of Athletic profitability.

我們預計隨著時間的推移，The Athletic 將在我們的渠道中發揮類似的作用，並且我們在本季度對該產品進行了許多技術和新聞改進，以提高參與度。這些增強功能有助於推動其觀眾連續第二季度大幅增長，並且我們繼續在運動盈利目標方面取得良好進展。

Advertising performed better than we expected in the quarter, with digital advertising up 6.5%. We attribute our strength to growth in our core offering, a combination of proprietary, premium ad canvases and first-party data. We also saw the benefit in the quarter of our effort to extend our ad products across the bundle and in particular, in the Games and The Athletic.

本季度廣告表現好於我們的預期，數字廣告增長 6.5%。我們將我們的優勢歸功於核心產品的增長，即專有的優質廣告畫布和第一方數據的結合。我們還看到了本季度我們在整個捆綁包中擴展廣告產品的努力所帶來的好處，特別是在奧運會和體育比賽中。

Advertising revenue for The Athletic more than doubled year-on-year for the second quarter in a row, and The Athletic is driving new advertisers, not just on its own destination but across the time.

The Athletic 的廣告收入連續第二季度同比增長一倍以上，並且 The Athletic 正在推動新的廣告商，不僅在其自身的目的地，而且在整個時間範圍內。

Print advertising declined in line with our expectations.

印刷廣告的下降符合我們的預期。

I'll close on advertising by noting that while visibility from quarter-to-quarter remains limited, we continue to believe the fundamentals of our business position us well for long-term growth in digital advertising.

在結束廣告時，我要指出，雖然每個季度的可見性仍然有限，但我們仍然相信我們業務的基本面使我們有利於數字廣告的長期增長。

Our other revenue category was up 16% in the quarter, anchored by Wirecutter, which had its best nonholiday quarter ever. This momentum continues in the current quarter with Wirecutter having its best ever sales around Amazon Prime Day.

我們的其他收入類別在本季度增長了 16%，其中以 Wirecutter 為主導，該季度的非假日季度表現最好。這一勢頭在本季度繼續保持，Wirecutter 在亞馬遜 Prime Day 前後創下了有史以來最好的銷售業績。

I'll turn briefly now to cost. In Q2, we continue to exercise cost discipline with moderation of cost growth coming earlier in the year than planned. We feel really good about where we are on cost and plan to maintain our active management of cost growth even while continuing to invest strategically to build our moat.

我現在簡單談談成本。在第二季度，我們繼續實行成本紀律，成本增長放緩的時間比計劃提前。我們對我們的成本狀況感到非常滿意，併計劃保持對成本增長的積極管理，同時繼續進行戰略投資以建立我們的護城河。

I'll wrap up by noting that these results showcase the resiliency of our model and the multiple levers we have for growth. This is particularly important given the context in which we're operating, which includes an uncertain economy, audience headwinds and an information ecosystem that continues to evolve.

最後我要指出的是，這些結果展示了我們模型的彈性以及我們擁有的多種增長槓桿。考慮到我們所處的運營環境，包括不確定的經濟、受眾的逆風和不斷發展的信息生態系統，這一點尤其重要。

We're confident that our clear strategy and continued strong execution position us well against this backdrop. We view our essential subscription strategy as a real success story thus far driving subscriber volume and ARPU increases, building engagement that fuels growth across multiple revenue streams and creating leverage that allows us to control our costs. All of that enables us to build a larger and more profitable company which, in turn, allows us to continue to do the most ambitious high-quality journalism across an ever-broadening range of topics and formats.

我們相信，我們明確的戰略和持續強勁的執行力使我們在這一背景下處於有利地位。我們認為我們的基本訂閱策略是一個真正的成功故事，迄今為止推動了用戶數量和ARPU 的增加，建立了參與度，推動了多個收入流的增長，並創造了使我們能夠控製成本的槓桿作用。所有這些使我們能夠建立一家規模更大、利潤更高的公司，從而使我們能夠繼續在不斷擴大的主題和格式範圍內提供最雄心勃勃的高質量新聞報導。

And before I close, I would like to officially welcome Will Bardeen on his first earnings call as CFO. I'll turn it over to Will now to walk through our financials in more detail, including an update about changes we've made to our disclosures to more clearly communicate our progress to investors.

在結束之前，我想正式歡迎威爾·巴丁 (Will Bardeen) 作為首席財務官參加他的第一次財報電話會議。我現在將把它交給威爾，更詳細地介紹我們的財務狀況，包括我們對披露所做的更改的最新信息，以便更清楚地向投資者傳達我們的進展。

Over to you, Will.

交給你了，威爾。

Thanks, Meredith. Good morning, everyone. It's a truly exciting moment to step into the CFO role at The New York Times Company. I view us as a global market leader with a large opportunity in front of us. I see us clearly demonstrating a virtuous cycle between the pursuit of our journalistic [mettle] and the success of our business. I believe the strategy that Meredith described positions us to deliver sustainable digital revenue growth, AOP growth, free cash flow growth and margin expansion in what continues to be a challenging market.

謝謝，梅雷迪思。大家，早安。擔任《紐約時報公司》首席財務官一職確實是一個令人興奮的時刻。我認為我們是全球市場的領導者，面前有巨大的機遇。我看到我們清楚地展示了追求新聞[勇氣]和業務成功之間的良性循環。我相信梅雷迪思描述的戰略使我們能夠在仍然充滿挑戰的市場中實現可持續的數字收入增長、AOP 增長、自由現金流增長和利潤擴張。

Today, I'll start with this quarter's key results, followed by our financial outlook for next quarter. I'll conclude by discussing the enhanced disclosures we've made to help investors better track our strategic progress. Please note that all comparisons are to the prior year period unless otherwise specified.

今天，我將從本季度的主要業績開始，然後是我們對下季度的財務展望。最後，我將討論我們為幫助投資者更好地跟踪我們的戰略進展而加強的披露。請注意，除非另有說明，所有比較均與上一年同期進行。

I'll first turn to subscription revenue and its drivers, which are at the core of our business model. Total subscription revenues increased approximately 7% in the quarter, with digital-only subscription revenue growing 13% to approximately $270 million. Digital subscription revenue growth was driven by large numbers of subscribers paying higher prices as well as the net new digital subscribers we added over the last year, 180,000 of which we added in the second quarter.

我首先談談訂閱收入及其驅動因素，這是我們商業模式的核心。本季度總訂閱收入增長約 7%，其中純數字訂閱收入增長 13%，達到約 2.7 億美元。數字訂閱收入的增長是由大量支付更高價格的訂閱者以及我們去年淨新增數字訂閱者（其中第二季度新增 18 萬）推動的。

Meredith highlighted that bundle adoption for both new and existing subscribers continue to be strong. We now have well over 3 million digital-only bundle and multiproduct subscribers after adding 280,000 this quarter. This is approximately double the number we added in the same quarter last year. Digital subscription revenue growth was also driven by higher total digital-only ARPU. This quarter's total digital-only ARPU of $9.15 increased approximately 1.2% sequentially and 3.6% compared to the same quarter last year. The growth in digital-only ARPU was driven primarily by our price increases on tenured single-product subscribers.

梅雷迪思強調，新訂戶和現有訂戶的捆綁採用仍然強勁。繼本季度增加 28 萬之後，我們現在擁有超過 300 萬的純數字捆綁和多產品訂戶。這大約是我們去年同一季度新增數量的兩倍。數字訂閱收入的增長也受到純數字 ARPU 總額上升的推動。本季度純數字 ARPU 總額為 9.15 美元，環比增長約 1.2%，與去年同期相比增長 3.6%。純數字 ARPU 的增長主要是由我們對單一產品終身訂閱用戶的價格上漲推動的。

We are pleased with the results of the price increase rollout so far, which reflects the significant value we've been adding to our products over multiple years. In total, over 1 million subscribers began paying higher rates from price increases within the second quarter. As a reminder, by the end of the year, we expect to have notified at least 1.5 million total subscribers of price increases for single product subscriptions.

我們對迄今為止提價的結果感到滿意，這反映了我們多年來為我們的產品增加的巨大價值。總共有超過 100 萬用戶開始因第二季度價格上漲而支付更高的費率。提醒一下，到今年年底，我們預計將通知至少 150 萬訂閱者單一產品訂閱價格上漲。

Moving on to advertising and our other revenue streams. Total advertising revenue for the quarter was approximately flat with digital advertising revenue increasing 6.5% to approximately $74 million. The digital increase was primarily due to first-party data products at both The Athletic and The New York Times Group, partially offset by continued weakness in podcast advertising.

接下來是廣告和我們的其他收入來源。本季度廣告總收入大致持平，數字廣告收入增長 6.5%，達到約 7400 萬美元。數字增長主要歸功於 The Athletic 和紐約時報集團的第一方數據產品，但部分被播客廣告的持續疲軟所抵消。

Print advertising was lower by approximately 9% driven by declines in most categories other than luxury.

由於奢侈品以外的大多數類別的下降，印刷廣告下降了約 9%。

While we were pleased to have exceeded advertising guidance this quarter, it's clear that market visibility remains a challenge. We also exceeded our guidance in other revenues, which increased approximately 16% to approximately $64 million. The outperformance was primarily the result of higher-than-expected Wirecutter affiliate revenue and TV and film revenue.

雖然我們很高興本季度超出了廣告指導，但顯然市場可見度仍然是一個挑戰。我們的其他收入也超出了我們的指導，增加了約 16% 至約 6400 萬美元。業績優異的主要原因是 Wirecutter 附屬公司收入以及電視和電影收入高於預期。

Turning now to costs and the progress we are making in driving AOP growth and free cash flow growth. Adjusted operating cost growth moderated in the quarter to approximately 4%. Consistent with our strategy, this growth was driven primarily by investments in journalism and product development. Marketing costs were down in the quarter, but still at levels that reflect relatively stable marketing investments for several quarters now. And we continued to slow headcount growth in areas of the business where we believe we can operate more efficiently.

現在談談成本以及我們在推動 AOP 增長和自由現金流增長方面取得的進展。本季度調整後的運營成本增長放緩至 4% 左右。與我們的戰略一致，這種增長主要是由新聞和產品開發投資推動的。本季度營銷成本有所下降，但仍處於水平，反映出目前幾個季度營銷投資相對穩定。我們繼續放慢我們認為可以更有效運營的業務領域的員工人數增長。

Costs overall in the quarter came in lower than guidance due primarily to the timing of contractual agreements as well as the deferral of some discretionary expenses to the second half. We reported AOP of $92 million in the quarter, higher than the same period in 2022 by approximately $16 million. AOP at The New York Times Group was approximately $100 million, an increase of approximately $11 million. The Athletic had adjusted operating losses of approximately $8 million, an improvement of $5 million.

本季度的總體成本低於預期，主要是由於合同協議的時間安排以及一些可自由支配費用推遲到下半年。我們報告本季度的 AOP 為 9200 萬美元，比 2022 年同期高出約 1600 萬美元。紐約時報集團的 AOP 約為 1 億美元，增加了約 1100 萬美元。 The Athletic 已調整運營虧損約 800 萬美元，減少了 500 萬美元。

Our business model generates strong free cash flow, almost $109 million in the first half of the year. This compared with negative free cash flow of approximately $3 million in the same period of 2022, which was anomalous due to the impact of the acquisition costs for The Athletic. The $109 million of free cash flow year-to-date consisted of approximately $120 million of operating cash flow, less approximately $11 million of capital expenditures. We have a balanced approach to capital allocation, which includes both ongoing investment and disciplined return of capital.

我們的業務模式產生了強勁的自由現金流，上半年接近 1.09 億美元。相比之下，2022 年同期自​​由現金流為負約 300 萬美元，由於 The Athletic 收購成本的影響，這一數字反常。年初至今 1.09 億美元的自由現金流包括約 1.2 億美元的運營現金流，減去約 1100 萬美元的資本支出。我們採用平衡的資本配置方法，包括持續投資和嚴格的資本回報。

We have returned almost $77 million year-to-date, through a combination of $44 million in stock repurchases and $33 million in dividends. As we have previously stated, we expect to return at least 50% of free cash flow going forward. We had one special item in the quarter, a $13 million impairment charge related to excess leased satellite office space that is being marketed for sublet.

今年迄今，我們通過 4400 萬美元的股票回購和 3300 萬美元的股息，返還了近 7700 萬美元。正如我們之前所說，我們預計未來將返還至少 50% 的自由現金流。本季度我們有一個特殊項目，即與正在轉租的超額租賃衛星辦公空間相關的 1300 萬美元減值費用。

I'll now look ahead to Q3 for the consolidated New York Times Company. Total subscription revenues are expected to increase 8% to 10% compared with the third quarter of 2022 with digital-only subscription revenue expected to increase approximately 14% to 17%. Overall advertising revenues are expected to be approximately flat. Digital advertising revenues are expected to increase mid-single digits.

我現在將展望合併後的紐約時報公司的第三季度。與 2022 年第三季度相比，總訂閱收入預計將增長 8% 至 10%，其中純數字訂閱收入預計將增長約 14% 至 17%。總體廣告收入預計將大致持平。數字廣告收入預計將增長中個位數。

Other revenues are expected to increase 13% to 16%. Operating costs are expected to increase by approximately 5% to 7%, while adjusted operating costs are expected to increase by approximately 5% to 8%. Our general expectation of cost growth moderation over the course of 2023 has not changed, and we currently expect cost growth in Q4 to be closer to what we experienced in Q2 after adjusting for the extra week in Q4 2022.

其他收入預計將增長 13% 至 16%。運營成本預計將增加約5%至7%，而調整後的運營成本預計將增加約5%至8%。我們對 2023 年成本增長放緩的總體預期沒有改變，目前預計在對 2022 年第四季度額外一周進行調整後，第四季度的成本增長將更接近第二季度的情況。

With half the year behind us, we believe we are on track for the modest margin expansion we've been aiming to deliver beginning this year.

半年過去了，我們相信我們有望實現今年年初實現的小幅利潤增長目標。

Finally, some remarks about our enhanced disclosures designed to help communicate progress on our strategy to investors. A central aim of our strategy is to maximize the profitable growth of digital subscription revenue over the long term. In other words, the lifetime value of our current and future subscriber base. We believe the 3 best signposts for tracking success here are: the growth in our total number of subscribers; the mix shift of our subscriber base to the bundle; and the growth in total digital-only ARPU.

最後，關於我們加強披露的一些評論，旨在幫助向投資者傳達我們戰略的進展。我們戰略的核心目標是最大限度地提高數字訂閱收入的長期盈利增長。換句話說，我們當前和未來用戶群的終生價值。我們相信追踪成功的 3 個最佳標誌是：訂閱者總數的增長；我們的用戶群向捆綁包的混合轉變；以及純數字 ARPU 總額的增長。

To make it easier for investors to understand the key dynamics that are driving changes in total ARPU, we are breaking out digital subscribers and ARPU into 3 mutually exclusive categories: bundle and multiproduct subscribers; news-only subscribers; and other single product subscribers.

為了讓投資者更容易了解推動 ARPU 總量變化的關鍵動態，我們將數字訂戶和 ARPU 分為 3 個互斥的類別：捆綁訂戶和多產品訂戶；僅新聞訂閱者；以及其他單一產品訂閱者。

The enhanced disclosure will illuminate our progress as we aim for the bundle and multiproduct subscriber category to surpass 50% of our total base over the next few years, up from 33% at the end of the second quarter and 22% at the same time last year. It will also help investors better understand the impact of subscriber mix shifts and our value-based pricing strategy on ARPU.

增強的披露將闡明我們的進展，因為我們的目標是在未來幾年內捆綁和多產品訂戶類別佔總基數的比例超過 50%，高於第二季度末的 33% 和去年同期的 22%年。它還將幫助投資者更好地了解用戶組合變化以及我們基於價值的定價策略對 ARPU 的影響。

As we grow our total subscriber base, we continue to aim for modest expansion in total digital-only ARPU. With this change, we will no longer report digital-only subscribers with news as a separate metric. We are now disclosing news-only subscribers and all of our bundled subscribers as well as the vast majority of our multiproduct subscribers pay for access to the news product. So the sum of subscribers in these 2 categories serves as a good proxy.

隨著我們總用戶群的增長，我們繼續致力於適度擴大純數字 ARPU 總量。通過這一更改，我們將不再將新聞作為單獨的指標來報告純數字訂閱者。我們現在披露純新聞訂閱者和我們所有的捆綁訂閱者以及絕大多數多產品訂閱者為訪問新聞產品付費。因此，這兩個類別的訂閱者總數可以作為一個很好的指標。

With that, we'd be happy to take your questions.

因此，我們很樂意回答您的問題。

(Operator Instructions) Our first question comes from Doug Arthur from Huber Research Partners.

（操作員說明）我們的第一個問題來自 Huber Research Partners 的 Doug Arthur。

Yes. Meredith, the bottom line of the quarter seems to be much better-than-anticipated digital advertising, I mean, you were guiding down there. And obviously, The Athletic helps and lower media costs. So traffic was slower. I assume you have still less opportunity to convert. I mean that seems -- the cost much better than expected. Is that a misread?

是的。梅雷迪思，本季度的數字廣告業績似乎比預期要好得多，我的意思是，您在那裡進行了指導。顯然，The Athletic 有助於降低媒體成本。因此交通速度較慢。我認為你轉變的機會仍然更少。我的意思是，成本似乎比預期要好得多。這是誤讀嗎？

The read on digital advertising is correct. Great. We had a much better-than-expected quarter. On marketing, I can't quite tell what you're asking, but I'll say the sort of reduction in marketing spend you've seen us make over the last year is strategic.

關於數字廣告的解讀是正確的。偉大的。我們的季度業績好於預期。關於營銷，我不太清楚你在問什麼，但我想說的是，你看到我們去年減少的營銷支出是戰略性的。

We've said for a long time invest in journalism, invest in product, invest in the marketing until we get to a point where the organic engine is doing more of the work and then you can begin to rationalize that investment in marketing. So I would regard that as kind of part of the plan. So -- but feel free to ask the question in another way if I'm not getting to what you're poking at.

我們長期以來一直在說投資於新聞、投資於產品、投資於營銷，直到我們達到有機引擎完成更多工作的地步，然後你就可以開始合理化營銷投資。所以我認為這是計劃的一部分。所以，如果我沒有明白你的意思，請隨意以另一種方式問這個問題。

No. No, that's fine. In terms of the digital advertising environment, are you seeing what you regard as a modest paradigm shift in momentum? I think you called out programmatic as being better. Has anything changed? And your guidance certainly for Q3 is pretty good, too.

不，不，沒關係。就數字廣告環境而言，您是否看到了您認為的適度的範式轉變？我認為您認為程序化更好。有什麼改變嗎？您對第三季度的指導當然也非常好。

That's good question. The thing that I called out is that the core of our digital ad business, which is basically the big ad units, the premium ad units that we have with first-party data kind of underlying them. That part of the business has actually been resilient in kind of the whole way through in a difficult ad environment, and that's what did really well relative to our expectation in this quarter that we believe that is a very good signal because that's sort of the fundamental thing we're doing.

這是個好問題。我指出的是我們數字廣告業務的核心，基本上是大型廣告單元，我們擁有的優質廣告單元以及作為其基礎的第一方數據。實際上，這部分業務在困難的廣告環境中自始至終都具有彈性，相對於我們本季度的預期，這部分業務表現非常好，我們認為這是一個非常好的信號，因為這是基本面我們正在做的事情。

And what you're seeing us do now is start to extend those ad products, for the big ad canvasses and the first-party data, the other parts of the bundle, The Athletic is a real bright spot there. We're super excited about sports as an ad proposition and The Athletic specifically, there's a lot of interest there, but it's not just The Athletic. We extended the ad products to Games in a particular way this quarter for the first time. We did this really cool partnership with DoorDash that works -- there's just lots of opportunity to take those products and expand them across the bundle.

您現在看到我們所做的是開始擴展這些廣告產品，對於大型廣告畫布和第一方數據，捆綁包的其他部分，The Athletic 是一個真正的亮點。我們對體育作為廣告主張感到非常興奮，特別是 The Athletic，人們對此很感興趣，但不僅僅是 The Athletic。本季度我們首次以特定方式將廣告產品擴展到遊戲領域。我們與 DoorDash 建立了這種非常酷的合作關係，這種合作很有效——有很多機會來利用這些產品並將其擴展到整個捆綁包中。

And we feel good about that. I'll say visibility isn't great. Bookings still happens pretty late, which is consistent with an uncertain economy. I've been here a decade now. I've seen the pattern. But as you say, certainly, our outlooks going into Q3 reflects what we see today and that feels better than what our outlook was going into Q2.

我們對此感覺很好。我想說的是，能見度不太好。預訂仍然很晚，這與經濟的不確定性是一致的。我來這裡已經十年了。我已經看到了這個模式。但正如你所說，當然，我們對第三季度的展望反映了我們今天所看到的情況，這感覺比我們對第二季度的展望要好。

The next question comes from Ashton Welles from Evercore ISI.

下一個問題來自 Evercore ISI 的 Ashton Welles。

Two questions for me. One on the digital strategy and one on Wirecutter. First, just in terms of the digital strategy going forward, how should we think about sort of you guys having different products for the time such as creating a stand-alone audio app versus sort of bundling everything into one central app as you did with News & Games last year?

有兩個問題問我。一篇關於數字戰略，一篇關於 Wirecutter。首先，就未來的數字戰略而言，我們應該如何考慮你們當時擁有不同的產品，例如創建獨立的音頻應用程序，而不是像新聞那樣將所有內容捆綁到一個中央應用程序中去年的遊戲？

And then secondly, on Wirecutter, just how should we think about the durability of this Wirecutter affiliate revenue strength? Is this more a function of more customers having access to Wirecutter with the bundle now? Or is this course sort of more driven by unique factors in the calendar that benefited Wirecutter recently?

其次，在 Wirecutter 上，我們應該如何考慮 Wirecutter 聯盟收入實力的持久性？這是否更多是因為現在有更多客戶可以通過捆綁包訪問 Wirecutter？或者這門課程是否更多地受到日曆中最近使 Wirecutter 受益的獨特因素的驅動？

Thanks for the question, Ashton. I'll take a first pass and Will, you should feel free to add anything I miss. I think the answer to your first question, if I understood it correctly, is how do we think about sort of the product portfolio and its component parts.

謝謝你的提問，阿什頓。我會先進行一遍，威爾，你可以隨意添加我錯過的任何內容。我認為，如果我理解正確的話，你的第一個問題的答案是我們如何考慮產品組合及其組成部分。

I would say we are very, very focused on having -- the strategy is world's best news destination, a set of destinations that help people make the most of their lives and passions beyond news and then putting all that together in a comprehensive subscription bundle that's valuable to you, whatever is going on sort of in the world and your passions are in the news cycle. That's the strategy.

我想說，我們非常非常專注於擁有——該戰略是世界上最好的新聞目的地，一系列目的地可以幫助人們充分利用新聞之外的生活和熱情，然後將所有這些整合到一個全面的訂閱捆綁中，對你來說很有價值，無論世界上發生什麼，你的熱情都在新聞周期中。這就是策略。

The way that has played out for the most part, not everywhere, but for the most part is, we obviously have a core news destination that is also the gateway to everything else we offer. And then each of our other products with the exception of Wirecutter, also presents in the form of a destination or an app.

在大多數情況下，雖然不是在所有地方，但在大多數情況下，我們顯然有一個核心新聞目的地，它也是我們提供的其他一切的門戶。然後，除 Wirecutter 之外，我們的其他每個產品也以目的地或應用程序的形式呈現。

And we think for now that's really working. I can't say enough about how strong subscriber engagement has been this quarter and the last quarter. And so we see that as really working. So I don't know if that's what you're pushing on, but that's the strategy. And we want to get as many people to experience and ultimately buy The Times in this kind of most comprehensive form and breadth as a bundle as we possibly can because if they by the bundle there so far, the pattern has been, they're more likely to engage more to stay longer and over time to pay more. So that's my answer to the first part of your question.

我們認為目前這確實有效。對於本季度和上季度的訂戶參與度有多強，我無法說得太多。所以我們認為這確實有效。所以我不知道這是否是你所推動的，但這就是策略。我們希望讓盡可能多的人體驗並最終以這種最全面的形式和廣度作為捆綁包購買《泰晤士報》，因為如果到目前為止，他們通過捆綁包購買，那麼他們的模式是，他們更喜歡可能會參與更多活動以停留更長時間，並且隨著時間的推移支付更多費用。這就是我對你問題第一部分的回答。

On Wirecutter, we're loving what we see so far. Wirecutter has consistently -- I think we're 5.5 years, 6 years into owning Wirecutter. It's been a great story the whole way through. I think we've got a differentiated product in product reviews, and I think what you're seeing there is just strong performance that answers to a real consumer need for deeply reported product reviews.

在 Wirecutter 上，我們很喜歡目前所看到的。 Wirecutter 始終如一——我認為我們已經擁有 Wirecutter 5.5 年、6 年了。從始至終，這都是一個很棒的故事。我認為我們在產品評論方面擁有差異化的產品，而且我認為您所看到的只是強大的性能，可以滿足消費者對深入報導的產品評論的真正需求。

The next question comes from Thomas Yeh from Morgan Stanley.

下一個問題來自摩根士丹利的 Thomas Yeh。

I appreciate all the new color on dissecting ARPU and net ad by product type. I wanted to follow up a bit on that bundle adoption point. It's a subset of the bundle and multiproduct segments. And I think you mentioned bundle crossing 1 million milestone a couple of quarters ago, which is still is the minority, I think, of the overall multiproduct piece of it.

我很欣賞按產品類型剖析 ARPU 和網絡廣告的所有新色彩。我想對捆綁採用點進行一些跟進。它是捆綁包和多產品細分市場的子集。我認為您在幾個季度前提到了捆綁包突破 100 萬個里程碑，我認為這仍然是整個多產品部分的少數。

If the vast majority of them are also subscribers with news entitlement, what's kind of keeping some of those multiproduct subs from moving towards the bundle? And maybe some color on whether they're higher or lower ARPU? And perhaps on a related point, as a follow-up, why has that bundle ARPU been coming down sequentially over the last few quarters? Is it that mix of bundle versus multiproduct or more promotional uptake?

如果他們中的絕大多數也是擁有新聞權利的訂閱者，那麼是什麼阻止了其中一些多產品訂閱者轉向捆綁呢？也許還有一些關於 ARPU 較高還是較低的顏色？也許與此相關的是，作為後續行動，為什麼該捆綁包 ARPU 在過去幾個季度中連續下降？是捆綁銷售與多產品的混合還是更多的促銷活動？

Yes. Thanks, Thomas. I'll take that. Let me start actually with the second part of your question. What you're seeing there with bundle ARPU is a direct result of our strategy. It's exactly what we would expect. It doesn't have to do with the multiproduct bundle relationship. It just has to do with the overall value-based pricing strategy that we have that you've seen at playing news in the past where we -- in a period of growth where we're getting a lot of people under the bundle.

是的。謝謝，托馬斯。我會接受的。讓我從你問題的第二部分開始。您所看到的捆綁 ARPU 是我們策略的直接結果。這正是我們所期望的。它與多產品捆綁關係無關。這與我們過去在播放新聞時看到的基於價值的整體定價策略有關，在增長時期，我們吸引了很多人。

The -- with promotional pricing you see that relationship between growth in subscribers and ARPU. That's, as I said, completely expected as part of the strategy over time as we get people step up in price. We'll see that stabilize and turn the other way. But completely what we expect today. And keep in mind, the key thing to look at in this disclosure, ultimately, the big signpost to success is that modest total digital-only ARPU increase over time.

通過促銷定價，您可以看到訂戶增長和 ARPU 之間的關係。正如我所說，隨著時間的推移，隨著我們讓人們提高價格，這完全是我們預期的戰略的一部分。我們會看到這種情況穩定下來並轉向另一個方向。但這完全符合我們今天的期望。請記住，本次披露中需要關注的關鍵點是，最終成功的重要標誌是純數字 ARPU 值隨時間的推移而適度增長。

On the first part of your question, I don't think it's fair to say that the bundle is a minority. It's actually over 2 million of that total. And we like both the bundle and multiproduct subscribers. Obviously, our strategy, we think the bundle is the best value product over time and we're encouraging people to take the bundle.

關於你問題的第一部分，我認為說捆綁是少數是不公平的。實際上，總數已超過 200 萬。我們喜歡捆綁訂閱者和多產品訂閱者。顯然，我們的策略是，隨著時間的推移，捆綁包是最有價值的產品，我們鼓勵人們購買捆綁包。

As you noted, the vast majority of our multi-product subscribers also take news. So they're very high value subscribers to us either way, and that's why we bucketed them together. This is essentially people who have access to either all or the vast majority of our products.

正如您所指出的，我們的絕大多數多產品訂閱者也關注新聞。因此，無論怎樣，他們對我們來說都是非常有價值的訂閱者，這就是我們將他們放在一起的原因。這基本上是可以使用我們全部或絕大多數產品的人。

Great. That's super helpful. And maybe just as a final follow-up. Maybe stepping back, any color on how much of the bundle growth you're seeing do you think is happening from news-only subscribers that you're successfully converting into a broader offering? Or any idea of maybe an ability to attract new bigger TAM as you lean into the suite of offerings versus the focus originally on news only?

偉大的。這非常有幫助。也許只是作為最後的後續行動。也許退一步，您認為您所看到的捆綁包增長有多少是來自於您成功轉換為更廣泛的產品的純新聞訂閱者？或者，當您傾向於提供一系列產品而不是最初只關注新聞時，是否有能力吸引新的更大的 TAM？

Yes. I'll take that one, Will, you should feel free to add anything. The -- I'll take the second part of your question first.

是的。我會接受那個，威爾，你可以隨意添加任何內容。我將首先回答你問題的第二部分。

The point of the bundle was to be attractive to -- it has many points, but one of them is to be attractive to even more people. We think we've got a big TAM. We've talked about that TAM, and I think the bundle helps us penetrate that, they TAM better and I think you're seeing that in action. And we've seen that in action now for 5 or 6 quarters. So we feel very good about that. And then, Thomas, remind me again the first part of your question?

捆綁包的目的是吸引——它有很多要點，但其中之一是吸引更多的人。我們認為我們已經有了一個很大的 TAM。我們已經討論過 TAM，我認為該捆綁包可以幫助我們深入了解這一點，他們可以更好地進行 TAM，我認為您已經看到了這一點。我們已經看到這種做法已經持續了五六個季度了。所以我們對此感覺非常好。然後，托馬斯，再次提醒我你問題的第一部分？

Just the mix shift of news-only subscribers moving into migrating into the bundle.

只是純新聞訂閱者遷移到捆綁包中的混合轉變。

Yes. What you're seeing in terms of the high number of bundle net adds and high percentage of starts on the bundle is a combination of new people taking the bundle and also upgrades but it is more new people taking the bundle than it is upgrades. So I think that's the important thing to know.

是的。您所看到的大量捆綁包淨添加量和捆綁包的高啟動百分比是新用戶購買捆綁包和升級的組合，但新用戶購買捆綁包的數量多於升級數量。所以我認為這是需要了解的重要事情。

And the sort of underlying detail that may not be obvious is that is because we are anywhere we would otherwise sell new subscription and in a number of other places like Games, we are intervening and saying, do you want to buy the bundle instead, and we're doing that particularly in news. So many of the people who are buying the bundle are people who would have otherwise bought news in a previous era.

潛在的細節可能並不明顯，因為我們在任何我們本來會出售新訂閱的地方，以及在遊戲等許多其他地方，我們都會介入並說，您想購買捆綁包嗎？我們正在這樣做，特別是在新聞領域。許多購買捆綁包的人都是在以前的時代會購買新聞的人。

The next question comes from David Karnovsky from JPMorgan.

下一個問題來自摩根大通的大衛·卡諾夫斯基。

Just coming back to digital advertising for a second. You mentioned strength in your direct sold products. I want to see if you could speak a bit on where you're seeing some of that stronger demand maybe by vertical. Just wanted to get a sense for how much of the outperformance of the quarter is maybe a general market rebound versus you expanding your ad inventory?

回到數字廣告上來。您提到了直銷產品的實力。我想看看您是否可以談談您在哪些方面看到了垂直行業的更強勁需求。只是想了解本季度的優異表現有多少可能是總體市場反彈與您擴大廣告庫存的影響？

Yes. Great question. On the second part, it is so hard to call what's happening, like we'll just keep saying our visibility is pretty low and the kind of manifestation of that is late booking and you see that in the guide and then the beat on the guide.

是的。很好的問題。在第二部分中，很難說出正在發生的事情，就像我們一直說我們的能見度非常低，其表現形式是延遲預訂，你可以在指南中看到這一點，然後在指南上看到節拍。

But certainly, if you look at the guide for the next quarter, it's better than our outlook was a quarter ago. So that feels -- that -- in that is our sense of the market. And then I would say, so that has a piece of it. But I do think the other piece of it is we've got these ad units that really performed for marketers, and we are opening up new both sort of new supply and I think new pockets of demand, sports is probably the best, most prominent example of that.

但當然，如果你看看下個季度的指南，你會發現它比我們一個季度前的展望要好。所以這就是我們對市場的感覺。然後我會說，這就是其中的一部分。但我確實認為另一件事是我們擁有這些真正為營銷人員帶來效果的廣告單元，我們正在開闢新的兩種新供應，我認為新的需求領域，體育可能是最好、最突出的的例子。

We're just bringing new advertisers to The Times, I keep using beer as a big example, but it's not the only one. We're just bringing new advertisers sort of in the fold that we didn't have before, and we're really seeing that play out for us. We're very excited about that. But it's not the only place. I think Games, I think Cooking over time, potentially the Wirecutter. All of these present an opportunity for The Times to be relevant across a wider array of categories. And I'll say we were already kind of relevant across a lot of categories, but there are some consumer lifestyle categories where we maybe weren't as relevant. And given the scale of our audience and the uniqueness of these products, I do think we're opening up more channels for demand.

我們只是給《泰晤士報》帶來了新的廣告商，我一直用啤酒作為一個大例子，但它不是唯一的。我們只是以前所未有的方式引入了新的廣告商，我們確實看到了這一點。我們對此感到非常興奮。但這不是唯一的地方。我認為遊戲，我認為隨著時間的推移烹飪，可能還有剪線機。所有這些都為《紐約時報》提供了在更廣泛的領域發揮影響力的機會。我想說的是，我們已經在很多類別中具有相關性，但在某些消費者生活方式類別中，我們可能不那麼相關。考慮到我們的受眾規模和這些產品的獨特性，我確實認為我們正在開闢更多的需求渠道。

I'm going to say one more thing that you didn't ask, but we've also got, we took our former Head of Advertising, and he is now overseeing The Athletic, which has been terrific so far. And we have a new head of advertising named Joy Robins for The Times, and we feel optimistic about what's ahead there.

我還要說一件你沒有問到的事情，但我們也得到了，我們帶走了我們的前廣告主管，他現在正在監督 The Athletic，到目前為止，這一切都很棒。我們為《泰晤士報》任命了一位新的廣告主管，名叫喬伊·羅賓斯（Joy Robins），我們對未來的發展感到樂觀。

Okay. And then just on the AI question, we've seen some reports that Times along with maybe some other digital publishers may look to negotiate collectively with tech platforms over use of their data. Is there anything you can say in your strategy? And should investors tend to think of the opportunity here as something it can do your commercial agreements? Or is it something different from that?

好的。然後就人工智能問題而言，我們看到一些報導稱《紐約時報》以及其他一些數字出版商可能會尋求與技術平台就其數據的使用進行集體談判。您的策略中有什麼可以說的嗎？投資者是否應該傾向於將這裡的機會視為可以達成商業協議的東西？或者說有什麼不同嗎？

Really, really good question. Let me give you kind of a step-back answer, which is we are incredibly focused on further evolution of the information ecosystem. We've been very focused on it for the last half dozen years, and we see real opportunity in the change that potentially is coming here, and we feel very prepared to navigate that.

真的，真的很好的問題。讓我給你一個退後一步的答案，那就是我們非常關注信息生態系統的進一步發展。在過去的六年裡，我們一直非常關注這一點，我們在可能即將到來的變革中看到了真正的機會，並且我們已經做好了應對這一變化的準備。

I'll say specifically to your question, we think our IP, we're sitting on a mountain of very valuable IP. We also produce every single day, new IP, and we think that IP has tremendous value. And we're working our way through the best way to manifest and realize that value. I will say even more broadly, I think if you imagine an information ecosystem where a lot of what is out there is synthetically produced, which we could be heading to the sort of premium and value for human-made content from trustworthy brands, I think, becomes that much more important both as an underpinning to that information ecosystem and sort of for readers, for people, for consumers, for society. So you can imagine, we're spending a lot of time on this and thinking very hard about it.

我會具體回答你的問題，我們認為我們的知識產權，我們坐在一座非常有價值的知識產權上。我們每天還會生產新的 IP，我們認為 IP 具有巨大的價值。我們正在努力通過最好的方式來體現和實現這一價值。我會更廣泛地說，我認為如果你想像一個信息生態系統，其中很多東西都是綜合生產的，我認為我們可以向來自值得信賴的品牌的人造內容提供溢價和價值。作為信息生態系統的基礎，對於讀者、人們、消費者和社會來說，它變得更加重要。所以你可以想像，我們在這上面花了很多時間並且非常認真地思考它。

The next question comes from Vasily Karasyov from Cannonball Research.

下一個問題來自 Cannonball Research 的 Vasily Karasyov。

I wanted to ask a question about other revenue. So it seems like judging by your guidance, we should expect more or less constant revenue in Q3 compared to Q2.

我想問一個關於其他收入的問題。因此，從您的指導來看，我們應該預計第三季度的收入將比第二季度或多或少保持穩定。

So a couple of questions. Should we still expect the same seasonal uptick in Q4 as we saw it in previous years? That's number one. And number two, did the incremental margin on that revenue change compared to previous years since the composition of the revenue seems to be changing with more film and TV, TV and film revenue, the Google agreement and Wirecutter revenue being a higher proportion of this line?

有幾個問題。我們是否仍應預期第四季度會出現與前幾年相同的季節性上升？這是第一。第二，與前幾年相比，該收入的增量利潤率是否發生變化，因為隨著電影和電視的增加，收入的構成似乎正在發生變化，電視和電影收入、谷歌協議和Wirecutter 收入在該產品線中所佔的比例更高？

I'll take that, Vasily. The other revenue, as we said was -- in Q2 was really driven more than anything by real outperformance in Wirecutter. And Meredith mentioned in her prepared remarks, a strong Prime Day. So I think if we look at our guide and other revenue, it's very much being driven by similar factors. And we don't guide on Q4. But obviously, part of our strategy is to continue to drive these revenue streams.

我會接受的，瓦西里。正如我們所說，第二季度的其他收入實際上主要是由 Wirecutter 的出色表現推動的。梅雷迪思在她準備好的講話中提到了一個強有力的黃金日。所以我認為，如果我們看看我們的指南和其他收入，它很大程度上是由類似的因素驅動的。我們不提供第四季度的指導。但顯然，我們戰略的一部分是繼續推動這些收入流。

In terms of incremental margins, Wirecutter, our licensing, these are high incremental margin businesses. Obviously, there is a mix of things in other revenue, but to the extent that the revenue growth is being driven by those. That's attractive.

就增量利潤而言，Wirecutter、我們的許可，這些都是高增量利潤業務。顯然，其他收入中存在多種因素，但在某種程度上，收入增長是由這些因素推動的。這很有吸引力。

This concludes our question-and-answer session. I would like to turn the conference back over to Mike Brown for any closing remarks.

我們的問答環節到此結束。我想將會議轉回給邁克·布朗發表閉幕詞。

Thank you for joining us this morning. We look forward to talking to you again next quarter.

感謝您今天早上加入我們。我們期待下個季度再次與您交談。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。