New York Times Co (NYT) 2024 Q4 法說會逐字稿

Good morning, and welcome to the New York Times Company's fourth-quarter and full-year 2024 earnings conference call. (Operator Instructions) We also note today's event is being recorded.

早安，歡迎參加紐約時報公司 2024 年第四季和全年收益電話會議。（操作員指示）我們也注意到今天的事件正在被記錄。

At this time I'd like to turn the floor over to Anthony DiClemente, Senior Vice President, Investor Relations. Please go ahead.

現在，我想把發言權交給投資人關係資深副總裁 Anthony DiClemente。請繼續。

Thank you, and welcome to The New York Times Company's fourth-quarter and full-year 2024 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.

謝謝大家，歡迎參加紐約時報公司 2024 年第四季和全年財報電話會議。今天參加電話會議的有總裁兼執行長 Meredith Kopit Levien；以及執行副總裁兼財務長 Will Bardeen。

Before we begin, I would 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 2023 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。這些聲明是基於我們目前的預期和假設，可能會隨著時間而改變。由於公司 2023 年 10-K 報告和隨後的 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 reconciliation to the most comparable GAAP measures in our earnings press release, which is available on our website at investors.nytco.com.

此外，我們的介紹將包括非 GAAP 財務指標，並且我們在收益新聞稿中提供了與最具可比性的 GAAP 指標的對賬，您可以在我們的網站 investor.nytco.com 上查閱。

In addition to our earnings press release, we have also posted a slide presentation relating to our results on our website at investors.nytco.com. 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.

除了我們的收益新聞稿之外，我們還在我們的網站 investors.nytco.com 上發布了與我們業績相關的幻燈片簡報。最後，請注意，我們結束後不久將在今天上午電話會議上準備好的演講副本發佈到我們的投資者網站上。

With that, I will return the call over to Meredith.

說完這些，我將把電話轉回給梅雷迪斯。

Thanks, Anthony, and good morning, everyone. The fourth quarter capped another strong year for The Times, in which we made further progress towards becoming the essential subscription for every curious person seeking to understand and engage with the world. In 2024, we added over 1.1 million digital subscribers, putting us further on the path to our next milestone of 15 million total subscribers.

謝謝，安東尼，大家早安。第四季是《紐約時報》又一個表現強勁的一年，在這一年中，我們朝著成為每一位好奇、想要了解和參與世界事務的人士的必訂閱雜誌的目標又邁進了一步。2024 年，我們新增了超過 110 萬數位訂閱用戶，讓我們距離 1500 萬總訂閱用戶這一下一個里程碑又更近了一步。

Digital subscription revenue, the largest engine of our growth, increased 14%. And we delivered consistently high subscriber engagement in news and across the portfolio, which contributed to strong increases in digital advertising, Wirecutter and licensing.

數位訂閱收入是我們成長的最大動力，成長了 14%。我們在新聞和整個產品組合中始終保持較高的訂閱參與度，這推動了數位廣告、Wirecutter 和授權業務的強勁成長。

Healthy revenue growth, paired with a disciplined approach to investing, drove higher adjusted operating profit, margin expansion, and increased free cash flow. These results demonstrate that our strategy is working as designed. Our market-leading news and premium lifestyle products proved more valuable to more people in 2024. That was evident in high engagement across the portfolio, which fueled our multi-revenue stream model and enhanced our durability even in a dynamic information ecosystem.

健康的收入成長，加上嚴謹的投資方式，推動了調整後營業利潤的提高、利潤率的擴大和自由現金流的增加。這些結果表明我們的策略正在按預期發揮作用。2024 年，我們市場領先的新聞和優質生活方式產品將為更多人帶來更多價值。這顯然體現在整個投資組合的高度參與度上，這推動了我們的多收入流模型，並增強了我們即使在動態資訊生態系統中的持久性。

So we begin 2025 with real momentum, which gives us confidence that we can deliver another year of healthy growth in subscribers, revenue, and profitability as well as robust free cash flow. I'll turn now to our results in the fourth quarter.

因此，我們以真正的動力開啟 2025 年，這讓我們有信心，能夠實現用戶、收入和盈利能力以及強勁的自由現金流的另一年健康增長。現在我來談談我們第四季的業績。

We added 350,000 net new digital subscribers in the quarter. Digital subscriber revenue growth accelerated to 16%, driven by increases in both subscribers and ARPU. Our bundle continued to be a major engine of subscriber additions and is well on its way to becoming a majority of the subscriber base. Bundled growth was propelled by our news product and also each part of our lifestyle portfolio, which is a key element of our strategy in action.

本季我們淨增了 35 萬名新數位訂閱用戶。受用戶數和 ARPU 增加的推動，數位用戶收入增幅加速至 16%。我們的捆綁服務繼續成為增加用戶的主要引擎，並且正在順利吸引大多數用戶。捆綁成長是由我們的新聞產品以及我們生活方式產品組合的每個部分推動的，這是我們實施策略的關鍵要素。

Each part of our portfolio also contributed to digital advertising revenue in Q4, which was up 9.5%. This was particularly true of game and The Athletic where we have strategically expanded ad supply. We also benefited from continued enhancements to our ad products and the growing sophistication of our targeting capabilities, such as our AI-powered BrandMatch. These results demonstrate the effectiveness of our ad products and the value of our diversified portfolio to marketers, and we delivered them even as some advertisers continue to avoid hard news topics.

我們投資組合中的每個部分也為第四季度的數位廣告收入做出了貢獻，成長了 9.5%。對於遊戲和The Athletic來說尤其如此，我們已經策略性地擴大了廣告供應。我們也受惠於廣告產品的持續改進和定位功能的日益完善，例如由人工智慧驅動的 BrandMatch。這些結果證明了我們的廣告產品的有效性以及我們多元化產品組合對行銷人員的價值，即使一些廣告商繼續迴避硬新聞話題，我們仍然實現了這些目標。

Revenue beyond subscriptions and advertising increased meaningfully. Wirecutter had another great quarter, including its best Cyber Week sales period ever, driven by new coverage areas, format expansion and deeper engagement. Finally, AOP grew and margins expanded even as we continued to invest in our strategic areas for growth, namely our world-class journalism and premium product experiences.

訂閱和廣告以外的收入大幅增加。Wirecutter 又度過了一個出色的季度，包括有史以來最好的網絡週銷售期，這得益於新的覆蓋領域、格式擴展和更深入的參與。最後，即使我們繼續投資於我們的策略成長領域，即我們的世界一流的新聞業和優質的產品體驗，AOP 仍然成長並且利潤率擴大。

Before I close, I'll share some reflections on the year we just finished and our priorities for further growth from here. This year, we'll build on what we accomplished in 2024, which was a standout year for The Times in terms of delivering value to our users. Despite a challenged and changing ecosystem, The Times grew its audience in 2024 and once again ranked first among digital news destinations in time spent per visitor.

在結束之前，我將分享一些對剛剛過去的一年的反思以及今後進一步發展的優先事項。今年，我們將在 2024 年取得的成就的基礎上再接再厲，2024 年是《紐約時報》在為用戶創造價值方面表現突出的一年。儘管生態系統面臨挑戰和變化，但《紐約時報》在 2024 年的受眾群體仍然擴大，並再次在每位訪客花費的時間方面位居數位新聞目的地之首。

Our world-class news coverage led on the biggest stories from the election to AI to the wars in the Middle East and Ukraine. And we significantly evolved every product in our portfolio. We relaunched our core news app with expanded surface area for discovery and engagement. We released a new version of our award-winning games app to much success. We continue to expand national sports coverage on The Athletic and also made it easier to follow the teams you love.

我們世界級的新聞報道涵蓋了從選舉到人工智慧到中東和烏克蘭戰爭等重大新聞。我們對產品組合中的每一款產品都進行了重大改進。我們重新推出了我們的核心新聞應用程序，擴大了發現和參與的範圍。我們發布了屢獲殊榮的遊戲應用程式的新版本並獲得了巨大成功。我們繼續擴大 The Athletic 上對全國體育賽事的報道，同時也讓您更輕鬆地關注自己喜愛的球隊。

And we enriched the cooking experience with more easy to make recipes and short-form video. As a result, our journalism and products were more essential and more relevant than ever before. Tens of millions of people came to The Times every week to understand the world, play our games, follow the teams they love, figure out what to make for dinner and shop smarter. Our goal for 2025 is to deliver value at even greater scale and to be so distinctive that even more people seek us out directly and build daily habits with us.

我們還透過更多易於製作的食譜和短影片豐富了烹飪體驗。因此，我們的新聞和產品比以往任何時候都更加重要、更加相關。每週有數千萬人閱讀《紐約時報》，了解世界、玩我們的遊戲、關注他們喜愛的球隊、了解晚餐做什麼以及更聰明地購物。我們 2025 年的目標是在更大規模上創造價值，並且與眾不同，以便讓更多的人直接找到我們，並與我們一起養成日常習慣。

To that end, here's where we'll focus. First, we'll continue to comprehensively cover the most important stories, from the new administration to the economy, from the rapid evolution to the AI to the impact of a changing climate, with a world-class team of expert journalists and the deep reporting independence and ambition The Times is known for.

為此，我們將重點關注以下幾點。首先，我們將繼續全面報導最重要的新聞，從新政府到經濟，從人工智慧的快速發展到氣候變遷的影響，憑藉世界一流的專業記者團隊以及《紐約時報》聞名的深度報道獨立性和雄心壯志。

Second, will keep adding and innovating in video and audio to make our reporting more accessible to more people. Last year, one in three visitors to our homepages watched video, and over half of our news report was listenable via AI-powered automated voice. In 2025, we'll go further with multi-format journalism and give people more ways to discover and get immersed in The Times.

第二，將在視訊和音訊方面不斷增加和創新，讓更多人能夠看到我們的報導。去年，我們主頁的三分之一訪客觀看了視頻，超過一半的新聞報道可以透過人工智慧自動語音收聽。2025 年，我們將進一步拓展多形式新聞報道，為人們提供更多方式發現和沈浸在《紐約時報》。

Third, we're focused on making each of our products more valuable to more people and have a robust pipeline of new contents, shows, features, games and other enhancements in store for 2025. And finally, all of that is meant to drive a larger engaged audience for The Times with a particular focus this year on growing the engaged prospect for each of our products.

第三，我們專注於讓我們的每款產品對更多人更有價值，並為 2025 年準備了豐富的新內容、節目、功能、遊戲和其他增強功能。最後，所有這些都是為了吸引更多《紐約時報》的讀者，今年我們將特別專注於擴大每款產品的讀者參與。

We believe those priorities, expert journalism delivered in more formats and increasingly valuable product experiences that appeal to larger audiences are the way to inspire millions more people to build a direct daily habit with us. And strong execution in each of these areas is how we expect to create a larger and more profitable company.

我們相信，這些優先事項、以更多形式呈現的專業新聞報道和吸引更多受眾的越來越有價值的產品體驗，是激勵數百萬人與我們一起養成直接日常習慣的方式。我們期望透過在每個領域中強有力的執行來創建一家更大、更盈利的公司。

With that, I'll turn it over to Will for further details on the quarter.

接下來，我將把話題交給威爾，讓他介紹本季的更多細節。

Thanks, Meredith, and good morning, everyone. In 2024, we built strong results, including another year of healthy revenue growth, AOP growth, margin expansion and strong free cash flow generation. As Meredith said, we continue to grow our subscriber base over the course of the year, adding 1.1 million digital subscribers, while also delivering strong subscriber engagement along with ARPU increases.

謝謝，梅雷迪斯，大家早安。2024 年，我們取得了強勁的業績，包括另一年健康的收入成長、AOP 成長、利潤率擴大和強勁的自由現金流產生。正如梅雷迪斯所說，我們在今年繼續擴大用戶群，增加了 110 萬數位用戶，同時也實現了強勁的用戶參與度和 ARPU 成長。

This led to an increase of approximately 14% in digital subscription revenue and helped power growth across our multiple revenue streams. We grew overall revenue in the full year by approximately 7% as growth in digital subscription, digital advertising, affiliate and licensing was partially offset by ongoing declines in print. These healthy revenue results, coupled with our disciplined approach to cost throughout the year, drove operating leverage.

這導致數位訂閱收入增加約 14%，並幫助推動我們多種收入來源的成長。由於印刷業務的持續下滑，部分抵消了數位訂閱、數位廣告、聯盟廣告和授權業務的成長，我們全年的總收入成長了約 7%。這些健康的收入結果，加上我們全年嚴謹的成本控制方法，推動了經營槓桿的提升。

AOP grew by approximately 17% year-over-year in 2024 to $455 million, and AOP margin expanded by approximately 150 basis points to 17.6%. We delivered these results even as we continue to prioritize strategic investments aimed at further differentiating our high-quality journalism and digital products. Due to our capital-efficient model, a large majority of our AOP converts to free cash flow.

2024 年 AOP 年成長約 17% 至 4.55 億美元，AOP 利潤率擴大約 150 個基點至 17.6%。儘管我們繼續優先考慮策略投資，以進一步使我們的高品質新聞和數位產品脫穎而出，但我們仍取得了這些成果。由於我們的資本高效模式，我們大部分的 AOP 都轉化為自由現金流。

We generated approximately $381 million of free cash flow in 2024. Over that same period, we returned approximately $168 million to shareholders. This included approximately $85 million in share repurchases and approximately $83 million in dividends.

我們在 2024 年產生了約 3.81 億美元的自由現金流。在同一時期，我們向股東返還了約 1.68 億美元。其中包括約8,500萬美元的股票回購和約8,300萬美元的股利。

Consistent with our capital allocation strategy, today, we announced an increase in the quarterly dividend from $0.13 to $0.18 as well as a new share repurchase authorization of $350 million. Now I'll discuss the fourth quarter's key results, followed by our financial outlook for the first quarter of 2025. Please note that all comparisons are to the prior year period unless otherwise specified.

根據我們的資本配置策略，今天，我們宣布將季度股息從 0.13 美元增加到 0.18 美元，並授權回購 3.5 億美元。現在我將討論第四季的主要業績，然後介紹我們對 2025 年第一季的財務展望。請注意，除非另有說明，所有比較均與去年同期進行。

I'll start with a discussion of our subscription business. We added approximately 350,000 net new digital subscribers in the quarter, bringing our total number of subscribers to 11.4 million, with growth coming from multiple products across our portfolio. Bundle and multiproduct subscribers now make up approximately 48% of our total subscribers, well along the path to exceeding 50% by the end of next year.

我將首先討論我們的訂閱業務。本季度，我們新增了約 35 萬名淨新數位訂閱用戶，使我們的總訂閱用戶數量達到 1,140 萬，成長來自我們產品組合中的多種產品。捆綁和多產品訂閱者目前約占我們總訂閱者的 48%，預計到明年年底將超過 50%。

Total digital-only ARPU grew 4.4% to $9.65 as we continued to step up subscribers from promotional to higher prices and raised prices on tenured non-bundled subscribers. The value we've added to our products, combined with the encouraging results we're seeing at pricing step-up points, gives us confidence in the continued strength of our ARPU trajectory.

由於我們繼續將訂閱者價格從促銷價提高到更高價格，並提高長期非捆綁訂閱者的價格，純數位業務總 ARPU 增長了 4.4%，達到 9.65 美元。我們為產品增加的價值，加上我們在價格提升點看到的令人鼓舞的結果，使我們對 ARPU 軌蹟的持續強勁增長充滿信心。

As a result of both higher digital subscribers and digital-only ARPU in the fourth quarter, digital-only subscription revenue came in at the high end of the guidance range we provided last quarter, growing approximately 16% to $335 million. Total subscription revenues grew approximately 8% to $467 million, which was in line with the guidance we provided last quarter.

由於第四季度數位訂閱用戶數量和純數位 ARPU 的增加，純數位訂閱收入達到了我們上季度提供的指導範圍的高位，成長約 16%，至 3.35 億美元。總訂閱收入成長約 8%，達到 4.67 億美元，與我們上個季度提供的指引一致。

Now turning to advertising. Total advertising revenues for the quarter were $165 million, an increase of approximately 1%. Digital advertising revenues increased approximately 9.5% to $118 million. Other revenues outperformed in the quarter, increasing approximately 16% to $95 million as Wirecutter affiliate revenues and licensing revenues continued to perform well.

現在來談談廣告。本季廣告總收入為 1.65 億美元，成長約 1%。數位廣告收入成長約 9.5% 至 1.18 億美元。由於 Wirecutter 附屬收入和授權收入持續表現良好，本季其他收入表現出色，成長約 16%，達到 9,500 萬美元。

Adjusted operating costs grew 6.5% in the quarter. This was slightly above our 5% to 6% guidance range as we opportunistically increased marketing investment during the period of high expected ROI. Looking at each of the lines, cost of revenue increased approximately 5%, sales and marketing costs increased approximately 21%, product development costs increased approximately 6% and adjusted G&A costs decreased approximately 1%.

本季調整後營業成本成長了 6.5%。這略高於我們的 5% 至 6% 的指導範圍，因為我們在預期投資回報率較高的時期趁機增加了行銷投資。從各條產品線來看，收入成本增加約 5%，銷售和行銷成本增加約 21%，產品開發成本增加約 6%，調整後的 G&A 成本減少約 1%。

Adjusted diluted EPS in Q4 increased $0.10 to $0.80, primarily driven by higher operating profit and higher interest income. I'll now look ahead to Q1 for the consolidated New York Times Company. Digital-only subscription revenues are expected to increase 14% to 17% compared with the first quarter of 2024, and total subscription revenues are expected to increase 7% to 10%.

第四季調整後稀釋每股收益增加 0.10 美元至 0.80 美元，主要由於營業利潤和利息收入增加。我現在來展望一下合併後的紐約時報公司第一季的業績。預計純數位訂閱收入將比 2024 年第一季成長 14% 至 17%，總訂閱收入預計將成長 7% 至 10%。

Digital advertising revenues are expected to increase high single digits, and total advertising revenues are expected to range from a low single-digit decrease to a low single-digit increase. Other revenues are expected to increase mid-single digits. Adjusted operating costs are expected to increase 5% to 6% as we continue to invest in our high-quality journalism and digital product portfolio to add value for our audience while maintaining a disciplined approach to costs.

預計數位廣告收入將實現高個位數成長，總廣告收入預計將實現低個位數下降至低個位數成長。預計其他收入將實現中等個位數成長。調整後的營運成本預計將增加 5% 至 6%，因為我們將繼續投資於高品質的新聞和數位產品組合，為我們的觀眾增加價值，同時保持嚴謹的成本控制方法。

In summary, our strong economic results in 2024 demonstrate our essential subscription strategy is working as designed. The strategic priorities for the coming year that Meredith highlighted are all aimed at building a larger and more engaged audience over time, growing our subscriber base and powering our multiple revenue streams.

總而言之，我們 2024 年強勁的經濟業績證明我們的基本訂閱策略正在按計劃發揮作用。梅雷迪斯強調的未來一年的策略重點都是旨在隨著時間的推移建立更大、更具參與度的受眾群體，擴大我們的用戶群並推動我們的多種收入來源。

In 2025, we expect healthy growth in revenues and AOP as well as continued margin expansion and strong free cash flow generation. We remain on the path to achieving our mid-term targets for subscribers, AOP growth and capital returns.

到 2025 年，我們預計收入和 AOP 將健康成長，利潤率將繼續擴大，並產生強勁的自由現金流。我們仍在努力實現用戶數量、AOP 成長和資本回報的中期目標。

With that, we're happy to take your questions.

我們很樂意回答您的問題。

Ladies and gentlemen, we'll now begin the question-and-answer session. (Operator Instructions)

女士們、先生們，我們現在開始問答環節。（操作員指令）

Benjamin Soff, Deutsche Bank.

德意志銀行的班傑明‧索夫。

Yeah, good morning, everyone. Thanks for the question. So as you mentioned, you had an Analyst Day a couple of years ago where you provided multi-year guidance. Now in 2025, we're entering that window. You've obviously accomplished a lot over the past few years, and the entire landscape has evolved. So I was hoping you could reflect a bit on how the business has changed and how we should be thinking about those long-term targets? And then I have a follow-up.

是的，大家早安。謝謝你的提問。正如您所說，幾年前您曾舉辦過分析師日，並在會議上提供了多年指導。如今，到了 2025 年，我們即將進入這個窗口期。顯然，你們在過去幾年裡取得了許多成就，整個格局也發生了變化。所以我希望您能稍微思考一下業務是如何變化的，以及我們應該如何考慮這些長期目標？然後我有一個後續問題。

Hi, Benjamin, thanks for the question. I'm happy to start and, Will, you should feel free to add anything. I will say, first, that we have a lot of confidence in our strategy to be the essential subscription. We feel strongly that, that strategy is kind of working as designed, and I think you see that in the results and in the forward outlook that Will and I have both attempted to paint a picture of here for 2025.

你好，本傑明，謝謝你的提問。我很高興開始，威爾，你可以隨意添加任何內容。首先，我要說的是，我們對我們的基本訂閱策略非常有信心。我們強烈感覺到，這項策略正在按照設計發揮作用，我想您可以從結果以及威爾和我都試圖描繪的 2025 年前景中看到這一點。

I think we are sort of existing and delivering on that strategy in a really dynamic in kind of rapidly evolving ecosystem. And I think the idea that we are first and most focused on building, news coverage and products that are so good that people seek them out and ask for them to even make room for them in their lives is the thing that's making us resilient even in that dynamic ecosystem.

我認為，我們正在一個快速發展的生態系統中生存並實施這項策略。我認為，我們首先最關注的是建設、新聞報導和優質產品，以便人們可以尋找它們並要求它們在生活中為它們騰出空間，這使得我們即使在動態生態系統中也能保持彈性。

You're seeing that play through in consistently strong engagement across our portfolio and in the revenue that enables in digital subscriptions and advertising and affiliate and licensing. So we feel very confident about where we are and where we're going and believe we're going to continue to be building a larger and more profitable company.

您可以看到，我們的產品組合始終保持強勁參與度，數位訂閱、廣告、聯盟和授權帶來的收入也呈現成長態勢。因此，我們對我們的現狀和未來發展方向充滿信心，並相信我們將繼續打造一家更大、更有利可圖的公司。

But Will, feel free to add anything I may have missed there.

但是威爾，請隨意添加我可能遺漏的任何內容。

I think the only thing to say based on the question is given the success of the strategy so far and our confidence and the priorities that Meredith laid out. We believe we're on the path to achieving our midterm targets, as previously stated, for subscriber growth and capital returns.

我認為根據這個問題唯一能說的是，鑑於迄今為止該策略的成功以及我們的信心和梅雷迪斯列出的優先事項。我們相信，我們正在實現我們先前所述的中期目標，即用戶成長和資本回報。

Great. And then for the bundled product, you saw ARPU inflect to positive growth this quarter. It's a big milestone. Do you anticipate that bundled ARPU can grow sustainably from here, or will it vary depending on the cadence of sub growth and the promos you're running?

偉大的。對於捆綁產品，您會看到本季 ARPU 實現了正成長。這是一個重要的里程碑。您是否預期捆綁的 ARPU 可以從現在開始持續成長，還是會根據訂閱成長節奏和您正在進行的促銷活動而改變？

Yeah, I can take that. I mean I think that -- I always say when you asked about one of those specific categories that the best metric to watch is really total digital-only ARPU. Having said that, we're really pleased with how the bundled step-ups are going. That's been the primary driver of that increase in bundle and multi-product ARPU you're seeing.

是的，我可以接受。我的意思是，我認為——當你問到其中一個特定類別時，我總是說，最好的衡量指標實際上是總數字 ARPU。話雖如此，我們對捆綁升級的進展感到非常滿意。這是捆綁和多產品 ARPU 成長的主要驅動力。

And that really just reflects the strategy in action as we steadily improve the journalism and the products, people are engaging more and they're placing a higher value on the service, on the bundle, in particular, as you noted, which has been strong and we expect to continue to be the case.

這實際上只是反映了我們實施的策略，隨著我們穩步改進新聞內容和產品，人們的參與度越來越高，他們對服務、尤其是捆綁服務的重視程度也越來越高，正如你提到的那樣，這種勢頭一直很強勁，我們希望這種情況能繼續下去。

And then that strengthens our ability to transition subs to higher prices over time and gives us confidence that we can have a strong ARPU trajectory going forward. So there's nothing I would say to call out one way or the other, just we continue to have a lot of confidence in the strength of the multiproduct ARPU and just our ARPU trajectory overall.

這增強了我們隨著時間的推移將用戶轉移到更高價格的能力，並使我們有信心未來能夠擁有強勁的 ARPU 軌跡。因此，我不會說什麼來表明態度，我們只是對多產品 ARPU 的實力以及整體 ARPU 趨勢保持很大的信心。

Thanks for the questions, Ben. Operator, we'll take our next question, please.

謝謝你的提問，本。接線員，請我們回答下一個問題。

Thomas Yeh, Morgan Stanley.

摩根士丹利的 Thomas Yeh。

Thanks, good morning. Meredith, you mentioned your focus on growing the engaged pool across verticals. Is that a top of funnel comment on registered users? And how does that translate into the different types of investments, whether that's more content or tech or maybe a different approach to marketing? And then dovetailing that with the marketing expense in the quarter.

謝謝，早安。梅雷迪斯，你提到你專注於擴大垂直行業的參與。這是對註冊用戶的漏斗頂部評論嗎？那麼這如何轉化為不同類型的投資，無論是更多的內容還是技術，或者是不同的行銷方法？然後將其與本季度的營銷費用相結合。

Maybe for Will. I noticed the sequential step-up on paid media expenses. Can you dig a bit into the nature of your philosophy around ROI expectations on performance marketing and how we should think about the timing of when you might realize the ROI on that? Thank you.

對威爾來說也許如此。我注意到付費媒體費用持續增加。您能否深入闡述您對績效行銷投資報酬率預期的理念本質，以及我們應該如何考慮何時實現投資報酬率？謝謝。

Yeah, thanks, Thomas. That's a great question. I think the best way to answer what you're asking is we feel like there's real running room in every direction of the portfolio to grow engaged audience and to get more people into a direct relationship with The New York Times and to have a multi-day habit with us. And I'll just touch on how we intend to do that in each part of the portfolio.

是的，謝謝，托馬斯。這是一個很好的問題。我認為回答你這個問題的最好方式是，我們覺得在作品集的各個方面都有真正的發展空間，可以增加參與的受眾，讓更多的人與《紐約時報》建立直接關係，並與我們建立多日的習慣。我只想談談我們打算如何在投資組合的每個部分做到這一點。

In news, it's really about continuing to deploy the world's best journalists and deploy them on the biggest and most important stories. What's changing in our ability to do that is that we can do it now in more and more formats. Last year was a very big year for us in terms of more video and audio, and you'll see us continue that in 2025.

在新聞方面，我們的重點實際上是繼續部署世界上最優秀的記者，並將他們部署在最大、最重要的新聞上。我們實現這一目標的能力正在發生變化，我們現在可以採用越來越多的形式來實現這一目標。就視訊和音訊而言，去年是重要的一年，您將看到我們在 2025 年繼續保持這一勢頭。

And I think that's and is self-evident, if you use our products, but you can expect a lot more of that from us in 2025. And back to your question about sort of where in the funnel is that, I think that makes Times journalism appealing to more people. So top of the funnel, and it makes them more engaged, middle of the funnel. So we see that really news.

如果您使用我們的產品，我認為這是不言而喻的，但您可以期待我們在 2025 年做出更多這樣的產品。回到你關於漏斗在哪裡的問題，我認為這讓《紐約時報》的新聞報導吸引了更多的人。因此，漏斗的頂部和中部會讓他們更加投入。因此我們認為這確實是新聞。

In games, we've got a robust pipeline for both future development on the games we already have. And also a very good track record now of building new games, and games are also great in every part of the funnel. So they bring a lot of new people to us, but they're very habit-forming, also probably self-evident, right? Say, they're running in all parts of the portfolio. Sports, we continue to be early. It is a huge market.

在遊戲方面，我們為現有遊戲的未來開發建立了強大的管道。而且在開發新遊戲方面也有著非常好的記錄，遊戲在頻道的每個部分都很棒。所以他們為我們帶來了很多新人，但他們很容易形成習慣，這也可能是顯而易見的，對吧？比如說，他們在投資組合的各個部分都運作。體育，我們繼續早起。這是一個巨大的市場。

We've been pleased all year long with growth in The Athletic audience. You can expect us to continue to be very focused there. I'd say maybe even more than in the other products on top of funnel, making sure people know The Athletic exists and is a great reason to come to The Times. A very good progress there so far and a lot more to come.

我們對《The Athletic》觀眾人數全年的成長感到非常高興。您可以期待我們繼續高度集中於此。我想說，也許比漏斗頂部的其他產品更重要，確保人們知道 The Athletic 的存在，這也是訪問《紐約時報》的一個重要原因。到目前為止取得了非常好的進展，未來還會取得更多的進展。

And then I'll just say, shouldn't count out Cooking and Wirecutter and even our podcast and sort of ability to get people through what they listen to. So running room in every direction and specifically to your question at the top of the funnel, in the middle of the funnel. And of course, we're always very focused on subscriber engagement and getting people to stay, pay more over time, stay longer.

然後我只想說，不應該忽視 Cooking 和 Wirecutter，甚至我們的播客以及讓人們透過他們所聽的內容獲得資訊的能力。因此，各個方向都有運行空間，特別是對於你的問題，在漏斗的頂部，在漏斗的中間。當然，我們始終非常注重用戶的參與度，並讓人們留下來，隨著時間的推移支付更多費用，停留更長時間。

And Thomas, I can take the media investment question. We were pleased in the quarter. You noted that increase in year-over-year investment. Pleased with the role that played and has been played in the quarter and have been playing overall. I always want to step back when I talk about the investment and to remind you and everyone else that the significant majority of our subscribers start to come organically.

湯瑪斯，我可以回答有關媒體投資的問題。我們對本季感到滿意。您注意到投資金額較去年同期有所增加。對我司在本季以及整體上所發揮的作用感到滿意。當我談論投資時，我總是想退一步並提醒您和其他人，我們的絕大多數訂閱者都是自然而然地加入的。

That's the core of the model, and we continue to believe it will be given all the targeted strategic investments we've made and continue to make into the journalism of the product development. Regarding the media investment specifically, there's no change to our approach there. We're very ROI-focused. And so what you're seeing is not a change in ROI demands and the expectation of higher ROI.

這是該模型的核心，我們始終相信它將得到我們在產品開發新聞領域中已經進行並將繼續進行的所有有針對性的策略投資。具體到媒體投資方面，我們的做法並沒有改變。我們非常注重投資報酬率。因此，您看到的並不是投資報酬率需求的變化，也不是對投資報酬率更高期望的變化。

But as we've always said, we consider leading in when we see opportunities given what's happening for a variety of factors in the market to take advantage of really attractive ROI. So that's what was reflected in Q4. And I think you can expect, as we've said, in any given quarter, those levels will fluctuate depending on what we're seeing.

但正如我們一直所說的那樣，當我們看到市場中各種因素帶來的機會時，我們會考慮領先，以獲得真正有吸引力的投資報酬率。這就是第四季所反映的情況。而且我認為你可以預料到，正如我們所說的，在任何一個季度，這些水平都會根據我們所看到的情況而波動。

And in terms of timing of realization, having given sort of specifics on that, but needless to say, it's not in the quarter itself that we're spending the money. It plays out over multiple quarters. And given the sort of longevity of our experience with the model, we have a lot of confidence in our ability to step people up and just the overall value of the product leading to pricing power over time. We have a lot of confidence in our LTV model to give us a sense of that expected ROI is real.

關於實現時間，我們已經給出了具體細節，但不用說，我們並不是在本季花錢。它會在多個季度內上演。鑑於我們對該模式的長期經驗，我們對自己提升人才的能力以及產品的整體價值隨著時間的推移帶來定價能力的能力充滿信心。我們對我們的 LTV 模型非常有信心，它讓我們感覺到預期的投資回報率是真實的。

So I'll leave it there for now.

所以我現在就把它留在那裡。

Great. Thanks so much, Thomas. Operator, let's go to our next question, please.

偉大的。非常感謝，湯瑪斯。接線員，請讓我們進入下一個問題。

David Karnovsky, JPMorgan.

摩根大通的戴維‧卡諾夫斯基 (David Karnovsky)。

Hey, thanks. With digital ads, Meredith, wanted to see if you could just expand on the rollout on the lifestyle products to date, curious how visible those ads are, say, on athletic and games relative to what you would see on news. And then I think growth has largely come from increasing programmatic supply. Should we think of that as the driver ahead?

嘿，謝謝。對於數位廣告，梅雷迪斯想看看是否可以擴大其在生活風格產品上的推廣，她很好奇這些廣告（例如在體育和遊戲上）的可見度與在新聞上看到的廣告相比如何。我認為成長主要來自於程序化供應的增加。我們是否應該將其視為前進的驅動力？

And then just a separate question. Your cash and securities balance is approaching $1 billion. Assuming no further change in capital allocation, how do we kind of think about the optionality here? Is there potential for M&A, for instance, that we should be thinking about? Any color would be great. Thanks.

接下來是一個單獨的問題。您的現金和證券餘額接近 10 億美元。假設資本配置沒有進一步變化，我們如何看待這裡的可選性？例如，是否存在我們應該考慮的併購潛力？任何顏色都可以。謝謝。

Yeah, I'll do the first question, I'll do a little bit on the second question and see if Will wants to add anything. On digital advertising, good year in digital advertising. And we are excited about the new year we've entered in part for the reason you're pressing on. We continue to feel like there's more supply ahead to roll out.

是的，我會回答第一個問題，我會稍微回答第二個問題，看看威爾是否想補充什麼。關於數位廣告，今年是數位廣告的好年。我們對新的一年感到興奮，部分原因是因為你們的堅持。我們繼續感覺未來會有更多的供應推出。

And I would say, it's not just a supply story, there's real demand for our lifestyle products. I think marketers like working with The Times. We have a great audience broadly for the enterprise news and our lifestyle products. And we now have very effective ad products that we've got years of experience in first-party data and targeting. We've got this great new AI product in Brand Match, and we have these big beautiful canvases in news and across the portfolio that we're still rolling out.

我想說，這不僅僅是一個供應問題，對我們的生活方式產品確實有需求。我認為行銷人員喜歡與《泰晤士報》合作。我們的企業新聞和生活風格產品擁有廣泛的受眾。我們現在擁有非常有效的廣告產品，並且在第一方數據和定位方面擁有多年的經驗。我們在 Brand Match 中推出了這款出色的全新 AI 產品，而且我們在新聞和整個產品組合中擁有這些精美的大畫布，我們仍在不斷推出這些產品。

As far as sort of what's ahead, I would say more supply to come on games, more places where you'll see us have app experiences. And in sports, I'll just go, I think in my answer to Thomas question, I'll say we still have a very big opportunity with The Athletic to build audience and awareness and get people just to engage with the product at all.

對於未來，我想說，我們將在遊戲領域提供更多的供應，在更多的地方提供我們的應用體驗。在運動方面，我想在回答托馬斯的問題時，我會說我們仍然有很大的機會透過 The Athletic 吸引受眾、提高知名度，並讓人們完全參與產品。

What we kind of love where we are with that, and there's a lot still ahead and as audience grows on The Athletic, it's not perfectly linear, but you can imagine advertising growth to continue there as well as a result of that. On your precise question of should we expect it to be more programmatic, I would regard programmatic is like a method for buying. We are absolutely seeing growth and improvement in the way we execute programmatically.

我們很喜歡現在的這種狀況，而且未來還有很大的發展空間，隨著 The Athletic 的觀眾越來越多，雖然這不是完全線性的增長，但你可以想像廣告增長也會隨之持續。關於你提到的我們是否應該期待它更加程序化的問題，我認為程序化就像是一種購買方式。我們確實看到了程序執行方式的成長和改進。

But I'd say the opportunity is in both direct sold and programmatic. The multi-product portfolio gives us a lot of opportunity to work with marketers in kind of creative ways. So the sort of strength of the product that breadth of the portfolio gives us optionality and lots of opportunity in both directions, direct and programmatic. So that's my answer on advertising.

但我想說，機會既存在於直銷中，也存在於程式化中。多產品組合為我們提供了許多機會以各種創意的方式與行銷人員合作。所以產品的實力和產品組合的廣度給我們提供了選擇權和兩個方向的大量機會，無論是直接的還是程序化的。這就是我關於廣告的回答。

Just very broadly thinking about the balance sheet and you, I think, use the word kind of optionality. Yeah, I do think it gives us a lot of opportunity. We're in a -- I said this in the answer to Ben's question, we're existing in a very dynamic ecosystem. I think there is still lots of change to come in that ecosystem. We have a very clear strategy. We're very well positioned, but we like the optionality in the balance sheet gives us in that context.

只要非常廣泛地思考資產負債表，我認為你會使用「可選性」這個詞。是的，我確實認為這給了我們很多機會。我們處在一個－我在回答本的問題時說過，我們存在於一個非常活躍的生態系中。我認為該生態系統還將發生許多變化。我們有一個非常明確的策略。我們的地位非常有利，但我們喜歡資產負債表在這種情況下給予我們的可選性。

So Will, I don't know if you want to say more about that.

那麼威爾，我不知道你是否想進一步談談這一點。

I just might add a few things, which is this is all our philosophy here is all part of a very disciplined approach to capital allocation, which we've laid out, might be just worth just recalling that here. Our top priority is always to high return of organic investment into our central subscription strategy to really continue to grow into that opportunity.

我只想補充幾點，這就是我們所有的理念，都是我們對資本配置的非常嚴謹的方法的一部分，我們已經闡述過了，可能值得在這裡回顧一下。我們的首要任務始終是將高額的有機投資回報融入我們的中央訂閱策略，以真正繼續發展這一機會。

And then after that, we intend to return at least 50% of our free cash flow to shareholders in the mid-term, just noting the announcement today of the $0.05 increase to the quarterly dividend as well as the new repurchase authorization of $350 million, in addition to the approximately $155 million-ish left on our prior authorization is enabling us to make sure that we're delivering on that strategy. Part of the strategic optionality is at least 50% going forward.

在此之後，我們打算在中期將至少 50% 的自由現金流返還給股東，值得注意的是，今天宣布季度股息增加 0.05 美元以及新的 3.5 億美元回購授權，加上先前授權中剩餘的大約 1.55 億美元，這使我們能夠確保實現這一戰略。未來的策略可選性部分至少會達到50%。

And then to the point Meredith made, having that optionality at this time of dynamic changed. M&A is always something we consider. I want to reiterate that we have a really high bar for that. In the past, you've seen us with whether it's Wirecutter, Wordle or The Athletic, the opportunities align with brands have to accelerate the strategy and provide a very attractive risk-adjusted return on invested capital.

然後回到梅雷迪斯提出的觀點，即在動態變化的這個時刻，這種可選性是存在的。我們始終考慮併購。我想重申，我們對此有很高的標準。過去，您已經看到我們，無論是 Wirecutter、Wordle 還是 The Athletic，與品牌一致的機會都必須加速戰略並提供極具吸引力的風險調整後投資回報。

Great. Thanks a lot, David. Operator, we'll take our next question, please.

偉大的。非常感謝，大衛。接線員，請我們回答下一個問題。

Kutgun Maral, Evercore ISI.

Kutgun Maral，Evercore ISI。

Good morning, and thanks for taking the questions. I wanted to follow up on the engagement front, and I was hoping you could expand on the strength you called out earlier, maybe you can unpack the trends you're seeing, particularly post-election.

早上好，感謝您回答問題。我想跟進參與方面的情況，我希望你可以擴大你之前提到的優勢，也許你可以解讀出你所看到的趨勢，特別是選舉後的趨勢。

It seems like we're perennially in an unprecedented times and presumably this adds to the value of your products, but perhaps you could help us think about the opportunities you see with the current dynamics and how it shapes your efforts to continue pushing to bundle and perhaps this year lean more into monetization? Thank you.

似乎我們一直處於前所未有的時代，想必這會增加您產品的價值，但也許您可以幫助我們思考一下您在當前動態中看到的機遇，以及它如何影響您繼續推動捆綁銷售的努力，也許今年會更多地傾向於貨幣化？謝謝。

Yeah, thanks for the question. I would say, generally, engagements among prospects and subscribers is sort of the high octane gas in the tank that fuels the whole model. And we feel very good that engagement has been consistently strong, and I gave an answer to a previous question about the sort of different parts of the portfolio. It's we still have lots of opportunity to been consistently strong and have lots of opportunity to build that engagement in every part of the portfolio.

是的，謝謝你的提問。我想說，一般來說，潛在客戶和訂閱者之間的互動就像是油箱中的高辛烷值氣體，為整個車型提供動力。我們感到非常高興，因為參與度一直很強勁，我之前已經回答過關於投資組合不同部分的問題。我們仍然有很多機會保持持續強勁，並且有很多機會在投資組合的每個部分建立這種參與。

I think that's one of the things that makes The Times very unique. I'd say we are bullish that there is persistent demand for what we do journalistically. I feel very confident that the investments we've continued to make in our coverage engine and in format innovation are really enabling us to meet the moment journalistically on all the big story lines right now, including a new administration in Washington, but well beyond that.

我認為這是《紐約時報》的獨特之處之一。我想說，我們非常樂觀地認為，我們的新聞工作有著持續的需求。我非常有信心，我們在報告引擎和格式創新方面的持續投資確實使我們能夠及時報道當前所有重大新聞情節，包括華盛頓的新政府，但遠不止於此。

The AI story, we had lots of months of coverage about DeepSeek last week. The L.A. wildfires, I think The Times had standout coverage there. We are really well prepared to cover the big story wherever it goes. And as I said earlier, to get that coverage to people in lots of new and different ways, and we're going to continue to be very aggressive in our format innovation, particularly around video and audio.

關於人工智慧的故事，我們上週對 DeepSeek 進行了數月的報導。我認為《紐約時報》對洛杉磯山火的報導最為突出。我們已經做好了充分的準備，無論重大新聞發生在哪裡，我們都會進行報導。正如我之前所說，為了透過多種新穎和不同的方式向人們提供這些報道，我們將繼續積極進行格式創新，特別是在視訊和音訊方面。

And then I'll just say the broader portfolio and model is really designed to harness demand wherever it might come from. So we've got this incredible roster of habit-forming games, and we've got a ton of running room in sports for the passionate fan and even the less passionate fan just interested in the biggest stories in sports and same for cooking and Wirecutter.

然後我只想說，更廣泛的投資組合和模型實際上是為了利用需求，無論它來自哪裡。因此，我們有了這一系列令人難以置信的令人上癮的遊戲，我們在體育方面為熱情的粉絲提供了大量的活動空間，甚至為那些只是對體育界最大新聞感興趣的不那麼熱情的粉絲提供了大量的活動空間，在烹飪和 Wirecutter 方面也是如此。

So we have a lot of optimism about our ability to consistently engage people and find new ways to do that even in a changing market.

因此，我們對自己持續吸引人們並在不斷變化的市場中找到新方法的能力充滿信心。

Great, thanks Kutgun. Operator, next question please.

太好了，謝謝 Kutgun。接線員，請問下一個問題。

Vasily Karasyov, Cannonball Research.

瓦西里‧卡拉紹夫 (Vasily Karasyov)，《砲彈研究》

Thank you. Good morning, Meredith, I wanted to follow up on your comments about advertising revenue and ask you this. Obviously, you have a lot of engaged audience and impressions for sale. And the press release calls out display as the main driver of advertising, digital advertising revenue growth.

謝謝。早安，梅雷迪斯，我想跟進你關於廣告收入的評論並問你這個問題。顯然，您擁有大量忠實的觀眾和可供銷售的印象。新聞稿指出，展示廣告是推動廣告和數位廣告收入成長的主要動力。

Do you see any opportunities for other formats like video, for example, that would allow you to charge high CPM, probably step up of growth in that revenue line? And if you could share with us what you think opportunities are and what you're working on, that would be great. Thank you.

您是否看到其他格式（例如影片）的機會，可以讓您收取更高的 CPM，從而可能加快該收入的成長？如果您能與我們分享您認為的機會以及您正在進行的工作，那就太好了。謝謝。

Yeah, thanks for the question, Vasily. I would say that we see a lot of opportunity everywhere in advertising. You call out CPM. In general, we've got a business where CPMs have been consistently strong. We don't give into detail there, but we've got a high-value ad product set, and particularly on the direct sold side, and we are a majority direct sold business. We have been in and around this business for a very long time. We have been able to maintain high CPM.

是的，謝謝你的提問，瓦西里。我想說，我們在廣告領域隨處可見巨大的機會。你喊出 CPM。總體而言，我們業務的 CPM 一直保持強勁。我們不會透露太多細節，但我們擁有一套高價值的廣告產品，特別是在直銷方面，我們的主要業務是直銷。我們從事這個行業已經很久了。我們一直能夠維持較高的 CPM。

So I'd say even the sort of broader display canvases are strong from a CPM standpoint. And we will continue to make those products performing for marketers with data that gets better and better, and our ability to target in sort of steadily improving ways helps keep CPM strong. And I would just say there's a lot of running room there on just making sure those display campuses are still valuable.

因此我想說，從 CPM 的角度來看，即使是更廣泛的展示畫布也是強大的。我們將繼續利用越來越好的數據為行銷人員提供這些產品，而我們以穩步改進的方式定位的能力有助於保持強大的 CPM。我想說的是，在確保這些展示園區仍然有價值方面還有很大的發展空間。

You asked about video. I think you see us taking those display canvases and experimenting more aggressively with different formats that, in some cases, include video. And then I would say audio has continued to be a very important part of the ad proposition at The Times. And there, we obviously, there's podcast advertising. But I think we're still -- there's still quite a bit of format innovation to come in audio advertising.

您問的是影片。我想您會看到我們利用這些顯示畫布並更積極地嘗試不同的格式，在某些情況下還包括影片。我想說的是，音頻一直是《紐約時報》廣告主張中非常重要的一部分。顯然，這裡有播客廣告。但我認為，音頻廣告領域仍有相當多的格式創新空間。

So virtually, any space that you can imagine, digital advertising, playing it as to format, you can regard The Times of experimenting with. And the last thing I'll say is we've got this really unique sort of complementary product portfolio where people come and do different things. So watching a recipe being made, playing a game, reading a news or sports story or listening to a user support story, those are very different activities. And I would say the ads that go with those things can be pretty varied as a result.

因此實際上，任何你能想像的空間，數位廣告，無論以何種格式播放，你都可以看作是嘗試的時代。我最後要說的是，我們擁有這種真正獨特的互補產品組合，人們可以來做不同的事情。因此，觀看食譜的製作過程、玩遊戲、閱讀新聞或體育報道、或聆聽用戶支持故事，這些都是非常不同的活動。我想說，與這些東西相伴隨的廣告可能會非常多樣化。

Great, thanks, Vasily. Operator, let's take one last question.

太好了，謝謝，瓦西里。接線員，我們來回答最後一個問題。

Doug Arthur, Huber Research Partners.

道格·亞瑟（Doug Arthur），Huber Research Partners 分析師。

Yeah, good morning. Will, just leaning into this -- your answer on the media expense line item, I mean when you talk about opportunity, did you see like a sudden surge in traffic to the site and so you stepped on the gas? I mean, what's sort of the chicken and the egg there?

是的，早安。威爾，只是想問一下——你關於媒體費用項目的回答，我的意思是，當你談到機會時，你是否看到網站流量突然激增，所以你加大了力度？我的意思是，那裡的雞和蛋是什麼樣的？

Yeah, I appreciate why you're asking the question. The dynamics in any given quarter that we're playing in are there are a lot of dynamics going on that impact the subscription business overall. And certainly, the market in which we're doing the pay-option as well. So we don't really like to kind of speculate on specific dynamics.

是的，我明白你為什麼問這個問題。我們所處的任何一個季度的動態都有很多動態對整體訂閱業務產生影響。當然，我們也正在這個市場上提供付費選項。所以我們不太喜歡對具體的動態進行推測。

I think the key thing to say is we have a team really focused every day, every week on really looking at how we're performing the ROI on our investment. And so we're constantly looking at that. We're willing to put more investment in when we see really attractive returns developing. And just the same, we're quick to pull out if we see the opposite happening. And I think what we see reflected in that investment in Q4 was a view that we have some real opportunity there, and we wanted to take advantage of that.

我認為關鍵的是，我們有一個團隊真正專注於每天、每週真正專注於我們的投資報酬率。因此我們一直在關注這個問題。當我們看到真正有吸引力的回報時，我們願意投入更多投資。同樣，如果我們發現相反的情況發生，我們就會迅速撤出。我認為，我們在第四季度的投資中看到的是，我們在那裡有一些真正的機會，我們希望利用這些機會。

Great. We want to thank everyone for joining us this morning for our earnings call, and we'll talk to you again next quarter.

偉大的。我們感謝大家今天上午參加我們的財報電話會議，我們將在下個季度再次與大家交談。

And ladies and gentlemen, with that, we'll conclude today's conference call and presentation. We do thank you for joining. You may now disconnect your lines.

女士們、先生們，今天的電話會議和演講就到此結束。我們非常感謝您的加入。現在您可以斷開線路了。