New York Times Co (NYT) 2025 Q3 法說會逐字稿

Good morning, and welcome to The New York Times Company's third quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Anthony DiClemente, Senior Vice President, Investor Relations. Please go ahead.

早安，歡迎參加《紐約時報》公司2025年第三季財報電話會議。（操作說明）請注意，本次活動正在錄影。現在我謹將會議交給投資人關係資深副總裁安東尼‧迪克萊門特先生。請繼續。

Thank you, and welcome to The New York Times Company's third quarter 2025 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2025年第三季財報電話會議。今天參加電話會議的有總裁兼執行長梅雷迪思·科皮特·萊維恩，以及執行副總裁兼財務長威爾·巴丁。

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 2024 10-K and subsequent SEC filings.

在會議開始之前，我想提醒各位，管理階層將在本次電話會議中發表前瞻性聲明。這些陳述是基於我們目前的預期和假設，但這些預期和假設可能會隨著時間而改變。由於公司 2024 年 10-K 表格及後續提交給美國證券交易委員會的文件中所述的許多風險和不確定性，我們的實際結果可能與預期有重大差異。

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. 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.

此外，我們的簡報將包含非GAAP財務指標，我們已在獲利新聞稿中提供了與最接近的GAAP指標的調節表，該新聞稿可在我們網站 investors.nytco.com 上查閱。除獲利新聞稿外，我們還在網站 investors.nytco.com 上發布了與業績相關的幻燈片簡報。

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

最後，請注意，今天上午電話會議的發言稿副本將在會議結束後不久發佈到我們的投資者網站上。接下來，我將把電話轉接給梅雷迪絲。

Thanks, Anthony, and good morning, everyone. Q3 was another great quarter across the board at The Times. Our results affirm that our strategy is working as designed. We have world-class journalism and a portfolio of leading lifestyle products in giant spaces where people spend a lot of time. Those products are so valuable that people seek them out by name, form habits, and make room for them in their daily lives.

謝謝你，安東尼，大家早安。《泰晤士報》第三季各方面業績都十分出色。我們的結果證實，我們的策略正在按預期發揮作用。我們擁有世界一流的新聞報導和一系列領先的生活方式產品，這些產品分佈在人們花費大量時間的巨大空間中。這些產品非常有價值，人們會按名稱尋找它們，養成使用習慣，並在日常生活中為它們騰出空間。

And our multi-revenue stream model with subscription, advertising, licensing, and affiliate revenue lines that are all growing gives us multiple ways to monetize that value. The media and technology environment is changing rapidly, presenting significant opportunities for companies with the talent, products, intellectual property, and brand equity to successfully capitalize on those shifts.

我們擁有訂閱、廣告、授權和聯盟行銷等多種收入來源，這些收入來源都在不斷增長，這為我們提供了多種實現價值變現的方式。媒體和技術環境正在迅速變化，為擁有人才、產品、智慧財產權和品牌資產的公司提供了巨大的機遇，使其能夠成功地利用這些變化。

The Times is one of those companies. We have a long track record of evolving to meet changing markets and new consumer needs. That, combined with our clear strategy and strong economic foundation gives us real confidence that we're well positioned to keep building a larger and more profitable company for years to come.

《泰晤士報》就是其中一家公司。我們一直以來都在不斷發展，以滿足不斷變化的市場和新的消費者需求。這一點，再加上我們清晰的策略和強大的經濟基礎，讓我們真正有信心在未來幾年裡繼續打造一家規模更大、盈利能力更強的公司。

Now let me share a few highlights from the quarter. We added 460,000 net new digital subscribers, bringing our total subscriber base to 12.3 million. This puts us further along the path to our next milestone of $15 million. These results reflect the value of having multiple levers across our full product portfolio to drive subscriber growth. Digital subscription revenue increased by 14% in the quarter, propelled by strong audience engagement across the enterprise.

現在讓我來分享本季的一些亮點。我們新增了 46 萬淨數位用戶，使我們的用戶總數達到 1,230 萬人。這使我們離下一個里程碑——1500萬美元——更近了一步。這些結果反映了我們利用全線產品組合中的多種槓桿來推動用戶成長的價值。受企業內部強勁的用戶參與度推動，本季數位訂閱營收成長了 14%。

That engagement is evidence of our continued ability to deliver increasing value to users. We're doing this in several ways by expertly and ambitiously covering the most important news, by expanding our efforts in video, audio, and AI to make our reporting more accessible to more people and by making each of our products more valuable with new content, shows, features, games, and other enhancements.

這種用戶參與度證明了我們持續為用戶創造更大價值的能力。我們正在透過多種方式實現這一目標，包括：專業且雄心勃勃地報道最重要的新聞；擴大我們在視頻、音頻和人工智能方面的努力，使更多人能夠更容易地獲取我們的報道；以及通過新的內容、節目、專題、遊戲和其他改進，使我們的每款產品都更有價值。

In Q3, we advanced all these priorities. We substantially grew the amount and impact of our video journalism in news and across the portfolio, both on our platform and in the scaled places where people are consuming it. We've now turned most of our award-winning podcasts into video shows that demonstrate both The Times convening power and our ability to influence the conversation across news and culture.

第三季度，我們推進了所有這些優先事項。我們大幅提升了新聞領域和整個產品組合中視訊新聞的數量和影響力，無論是在我們的平台上，還是在人們消費視訊新聞的規模化場所。我們現在已將大部分獲獎播客節目改編成視訊節目，這不僅展現了《泰晤士報》的召集能力，也展現了我們影響新聞和文化領域對話的能力。

We made video a more prominent part of our flagship Times app with a new watch tab and featured placements on our home feed. In cooking, we're expanding the library of both instructional videos and entertaining shows. And at The Athletic, we are now enhancing our signature analysis and reporting with NFL game footage. We also continue to innovate around our use of AI in the quarter. More and more people are using automated voice to engage with our news report.

我們透過新增「觀看」標籤和在首頁資訊流中重點展示影片內容，使影片成為我們旗艦版《時代》應用程式的重要組成部分。在烹飪方面，我們正在擴充教學影片和娛樂節目的資料庫。在 The Athletic，我們現在正利用 NFL 比賽錄影來增強我們標誌性的分析和報導。本季度，我們也將繼續在人工智慧的應用方面進行創新。越來越多的人使用自動語音功能來參與我們的新聞報導。

We're using AI to improve personalization, targeting and monetization across our customer journey, marketing and ad products. And AI now powers features like metric conversion on recipes and richer search on Wirecutter. Beyond video and AI, we keep adding value to our games portfolio. This quarter, we launched a new logic puzzle, Pips, which is off to a great start.

我們正在利用人工智慧來改善客戶旅程、行銷和廣告產品中的個人化、定向性和獲利能力。現在，人工智慧為 Wirecutter 提供了諸如食譜中的公制轉換和更豐富的搜尋等功能。除了影片和人工智慧之外，我們還在不斷提升遊戲產品組合的價值。本季度，我們推出了一款新的邏輯謎題遊戲“Pips”，目前反應非常好。

Turning to advertising. We had another really strong quarter with digital advertising growing over 20% and total advertising growing nearly 12%. This performance reflects how our strategy to create a larger, more durable digital ad business is working.

轉向廣告業。我們又迎來了一個非常強勁的季度，數位廣告成長超過 20%，整體廣告成長近 12%。這項業績反映了我們打造規模更大、更持久的數位廣告業務的策略正在奏效。

That entails having a portfolio of compelling products in spaces with broad marketer appeal in addition to news, particularly sports, games and shopping, a large, engaged audience that marketers can target effectively and a growing supply of high-performing ad products across a range of formats.

這意味著除了新聞（尤其是體育、遊戲和購物）之外，還需要在具有廣泛營銷吸引力的領域擁有一系列引人注目的產品；需要擁有龐大且活躍的受眾群體，以便營銷人員能夠有效地進行定向投放；還需要不斷增加各種形式的高效廣告產品。

Licensing and affiliate revenues also grew in the quarter. The growth in licensing, in particular, is another proof point for how we're able to monetize the increasing value of our products.

本季授權和附屬公司收入也有所成長。特別是授權業務的成長，再次證明了我們能夠將產品日益增長的價值貨幣化。

Finally, we stayed disciplined on expense growth in the quarter even as we invest into our journalism and product experiences, which is a source of our long-term advantage. I'll close with a few thoughts on our path ahead. What we do has never been more important or more valuable.

最後，儘管我們加大了對新聞報導和產品體驗的投入，但我們在本季仍然嚴格控制了支出成長，而這正是我們長期優勢的來源。最後，我想就我們未來的道路談幾點想法。我們所做的工作從未像現在這樣重要和有價值。

Our independent journalism, trustworthy information and compelling product experiences help people understand the world and lead richer, fuller lives. Even in an environment where the moves of big tech companies are leading to less and less traffic for publishers, we see large and persistent demand for what we do.

我們獨立的新聞報導、值得信賴的資訊和引人入勝的產品體驗，幫助人們了解世界，過著更豐富、更充實的生活。即使在大型科技公司的舉措導致出版商流量越來越少的環境下，我們仍然看到對我們所做的事情有巨大且持續的需求。

Against a backdrop of a changing ecosystem, we are confident in our ability to widen the number of people who use and engage deeply with The Times on and beyond our own platforms. That means becoming even more essential to even more people. And as we do that, we expect to deliver even more value for shareholders and for society. With that, I'll turn it over to Will for more details on the quarter.

在不斷變化的生態系統背景下，我們有信心擴大使用《泰晤士報》並與我們自己的平台內外的人們進行深度互動的人數。這意味著對更多人來說，自己將變得更加不可或缺。我們這樣做，是為了給股東和社會創造更大的價值。接下來，我將把發言權交給威爾，讓他詳細介紹本季的情況。

Thanks, Meredith, and good morning, everyone. As Meredith described, our 2025 third quarter results demonstrate another strong quarter for subscriber growth, revenue growth, AOP growth, margin expansion, and free cash flow generation. We saw healthy growth across our multiple revenue streams again in the quarter and continued to make disciplined investments aimed at further differentiating our high-quality journalism and digital products.

謝謝你，梅雷迪思，大家早安。正如梅雷迪思所描述的那樣，我們 2025 年第三季的業績表明，在用戶成長、收入成長、年度營運計畫成長、利潤率擴張和自由現金流產生方面，又一個強勁的季度。本季度，我們的多個收入來源再次實現了健康成長，並繼續進行有紀律的投資，旨在進一步提升我們高品質新聞報道和數位產品的差異化優勢。

Year over year, consolidated revenues grew approximately 9.5%, AOP grew by approximately 26%, and AOP margin expanded by approximately 240 basis points. We generated approximately $393 million of free cash flow in the first nine months of the year, which reflects our capital-efficient model.

與去年同期相比，合併收入成長約 9.5%，AOP 成長約 26%，AOP 利潤率成長約 240 個基點。今年前九個月，我們產生了約 3.93 億美元的自由現金流，體現了我們高效的資本利用模式。

We also benefited in Q3 from lower cash taxes paid due to the recent change in tax law that allows us to fully deduct R&D expenditures in the current year. Over that same period, we returned approximately $191 million to shareholders consisting of approximately $110 million in share repurchases and approximately $81 million in dividends.

由於稅法最近的變化允許我們在本年度全額扣除研發支出，因此我們在第三季也受惠於現金稅款的減少。同期，我們向股東返還了約 1.91 億美元，其中包括約 1.1 億美元的股票回購和約 8,100 萬美元的股息。

This is consistent with our capital allocation strategy of returning at least 50% of free cash flow to our shareholders over the midterm. Now I'll discuss the third quarter's key results, followed by our financial outlook for the fourth quarter of 2025. Please note that all comparisons are to the prior year period unless otherwise specified.

這符合我們的資本配置策略，即在中期內將至少 50% 的自由現金流返還給股東。接下來我將討論第三季的主要業績，然後展望我們對 2025 年第四季的財務前景。請注意，除非另有說明，所有比較均與上年同期進行比較。

I'll start with our subscription revenues. We added approximately 460,000 net new digital subscribers in the quarter, bringing our total subscriber count to approximately 12.3 million. Subscriber growth came from multiple products across our portfolio.

我先從我們的訂閱收入說起。本季我們新增約 46 萬淨數位用戶，使我們的用戶總數達到約 1,230 萬人。用戶成長來自我們產品組合中的多種產品。

We also continue to be pleased with the rollout of our family plan subscription offering. Total digital-only ARPU grew 3.6% to $9.79 as we stepped up subscribers from promotional to higher prices and raised prices on certain tenured subscribers.

我們對家庭套餐訂閱服務的推出也感到非常滿意。隨著我們將訂閱用戶從促銷價格升級到更高價格，並提高了某些長期訂閱用戶的價格，純數位用戶總平均收入增加了 3.6%，達到 9.79 美元。

We continue to be encouraged by the results we're seeing at pricing step-up points, which we believe reflects the value we continue to add into our products. As a result, we remain confident in our ARPU trajectory.

我們對價格階梯式上漲階段所取得的成果感到鼓舞，我們認為這反映了我們持續為產品增加的價值。因此，我們對ARPU的成長軌跡仍然充滿信心。

With both higher digital subscribers and higher total digital-only ARPU in the third quarter, digital-only subscription revenues grew approximately 14% to $367 million. Total subscription revenues grew approximately 9% to $495 million, which was in line with the guidance we provided for the quarter.

第三季度，數位訂閱用戶數量增加，數位訂閱用戶總收入也增加，數位訂閱收入成長約 14%，達到 3.67 億美元。訂閱總收入成長約 9% 至 4.95 億美元，與我們先前對該季度的預期一致。

Now turning to advertising revenues. Total advertising revenues for the quarter were $132 million, an increase of approximately 12%, which is higher than the guidance we provided for the quarter. Digital advertising revenues also came in above the guidance we provided, increasing approximately 20% to $98 million.

現在來看廣告收入。本季廣告總收入為 1.32 億美元，成長約 12%，高於我們先前對本季的預期。數位廣告收入也超出了我們先前的預期，成長了約 20%，達到 9,800 萬美元。

The strength in digital advertising was due mainly to strong marketer demand and new advertising supply. Affiliate licensing and other revenues increased approximately 8% in the quarter to $74 million, primarily as a result of higher licensing revenues. Adjusted operating costs grew 6.2%. This was just above the 5% to 6% guidance range that we provided last quarter.

數位廣告的強勁表現主要歸功於行銷人員的強勁需求和新的廣告供應。本季附屬授權和其他收入成長約 8%，達到 7,400 萬美元，主要原因是授權收入增加。調整後營運成本成長了 6.2%。這略高於我們上季度給出的 5% 至 6% 的預期範圍。

Adjusted diluted EPS in Q3 increased $0.14 to $0.59, primarily driven by higher operating profit. I'll now look ahead to Q4. Digital-only subscription revenues are expected to increase 13% to 16% and total subscription revenues are expected to increase 8% to 10%. Digital advertising revenues are expected to increase mid to high teens and total advertising revenues are expected to increase high single to low double digits.

第三季經調整後的稀釋每股盈餘成長0.14美元至0.59美元，主要得益於營業利潤的成長。接下來，我將展望第四季。預計純數位訂閱收入將成長 13% 至 16%，總訂閱收入將成長 8% 至 10%。預計數位廣告收入將成長15%至10%左右，而廣告總收入預計將成長個位數高點至兩位數低點。

Affiliate licensing and other revenues are expected to increase mid-single digits. Adjusted operating costs are expected to increase 6% to 7%. We intend to continue operating efficiently, while making disciplined investments in our high-quality journalism and digital product experiences that add value for our audiences.

預計附屬授權和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成長 6% 至 7%。我們將繼續高效地運營，同時對高品質的新聞報導和數位產品體驗進行審慎的投資，為我們的受眾創造價值。

In summary, our essential subscription strategy is continuing to work as designed with a valued product portfolio, multiple revenue streams, significant free cash flow generation and a strong balance sheet, we believe we are well positioned to navigate a dynamic market environment.

總而言之，我們的核心訂閱策略正按計劃繼續發揮作用，憑藉有價值的產品組合、多元化的收入來源、可觀的自由現金流和強勁的資產負債表，我們相信我們已做好充分準備，應對瞬息萬變的市場環境。

As we enter into year-end, we continue to expect healthy growth in revenues and AOP, margin expansion and strong free cash flow generation for the full year.

隨著年末臨近，我們繼續預期全年收入和年度營業額將保持健康成長，利潤率將擴大，自由現金流也將強勁成長。

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

那麼，我們很樂意回答您的問題。

(Operator Instructions)

（操作說明）

Thomas Yeh, Morgan Stanley.

Thomas Yeh，摩根士丹利。

Two, just on the video formats, I was hoping you could dimensionalize the opportunity around that push. I think the big focus sounds like it's centered on building engagement and brand. But I guess, how should we think about how it affects advertising? Do you see this as maybe another aperture for expanding into video advertising opportunities? And then also maybe just touching on what kind of incremental investment needs this push might entail?

第二，就影片格式而言，我希望你能從多角度分析這次推播帶來的機會。我認為其主要重點似乎是建立用戶參與度和品牌形象。但我想，我們該如何看待它對廣告的影響呢？您認為這或許是拓展影片廣告事業的另一個契機嗎？此外，或許還可以探討一下，這項措施可能需要哪些方面的增量投資？

And then secondly, on the family plan, it looks like it now represents 2% of your digital-only subscriber footprint and looks like it also came through predominantly on the game side versus the bundle. Can you talk about just what stage of the rollout you're in? And if there's any appetite to push further on that in terms of maybe restricting sharing somehow on your non-family plan?

其次，就家庭套餐而言，它現在似乎佔您純數位訂閱用戶總數的 2%，而且似乎主要來自遊戲方面，而不是捆綁包方面。您能具體說說您目前處於推廣的哪個階段嗎？如果大家有興趣進一步推進這方面的工作，例如限制非家庭套餐中的共享行為呢？

I'm happy to take both those questions, Thomas. Let me start on video. I think the first thing to say is we think it's a big opportunity for the company, and we're in early days of it. We know lots and lots of people are seeking out and getting their news and the other kinds of content we make in the form of video. And so we think having more video gives us a big opportunity to engage the people we already have more and to engage even more people and to do that both on and off our platform.

湯瑪斯，我很樂意回答這兩個問題。讓我先從影片開始。我認為首先要說的是，我們認為這對公司來說是一個巨大的機遇，而我們目前還處於起步階段。我們知道很多人都在尋找和獲取我們製作的影片形式的新聞和其他類型的內容。因此，我們認為擁有更多影片能為我們帶來巨大的機會，讓我們能夠更好地與現有用戶互動，並吸引更多的用戶，無論是在我們的平台內還是平台外。

And you asked specifically about advertising, I'd say we are early here. Our first priority is to do what I've just described, which is to drive more engagement. And ultimately, having a wider engaged audience is what drives every part of our business, subscriptions, advertising, affiliate licensing. So we just think -- we think this is a really important part of our go-forward growth plans, and we're very excited about what we're doing there. On family plan, we are really excited about this.

你特別問到了廣告方面的問題，我想說我們現在還處於早期階段。我們的首要任務是做到我剛才描述的那樣，那就是提高用戶參與度。最終，擁有更廣泛的受眾群體是推動我們業務各個方面（訂閱、廣告、聯盟授權）發展的動力。所以我們認為——我們認為這是我們未來發展計劃中非常重要的一部分，我們對我們在那裡所做的事情感到非常興奮。對於家庭套餐，我們真的非常興奮。

We're -- it definitely played a role in the quarter. Family plan is good in a bunch of ways. It's good for market penetration. There, you can think of it as the subscribers we already have, bringing in other subscribers. And because the family plan subscription is priced at a premium, it's additive to subscription revenue.

這無疑對本季業績產生了一定影響。家庭套餐有很多優點。這有利於市場滲透。你可以把它想像成我們現有的訂閱用戶帶來其他訂閱用戶。而且由於家庭套餐訂閱價格較高，因此會增加訂閱收入。

It's great for engagement. It's great for retention. And then I think you asked specifically about its weighting to games versus the bundle that is not. I would not think about it that way. I would think about it as we've presented a family opportunity in both the bundle and in games, and we are really excited about the performance of both.

它非常有利於提高用戶參與度。它對提高記憶力非常有幫助。然後，我想你具體問了遊戲部分與非遊戲捆綁包的權重。我不會那樣想。我認為，我們在捆綁包和遊戲中都提供了家庭娛樂的機會，我們對這兩方面的表現都非常滿意。

Benjamin Soff, Deutsche Bank.

班傑明‧索夫，德意志銀行。

I was wondering if you could talk a bit more about the growth rate in OpEx for 4Q, kind of what's driving that higher growth rate? And should we expect that to continue at similar levels going forward? And then on capital allocation, your cash balance has continued to grow nicely even as you've been returning 50% of free cash flow to shareholders I wanted to check in and see what your latest thoughts were there and how you might potentially go about deploying that cash.

我想請您詳細談談第四季營運支出成長率，以及推動這較高成長率的因素是什麼？我們是否應該預期這種情況未來會繼續保持類似的水平？在資本配置方面，即使您將 50% 的自由現金流返還給股東，您的現金餘額仍然持續良好成長。我想了解您最近的想法，以及您可能會如何部署這些現金。

Sure. Thanks. I'll take both of those. So look, on the cost for Q4, the guidance -- and this is relevant to Q3 and going forward, I think the most important thing I always want to say stepping back we remain focused over the long term on sustaining healthy revenue growth, AOP growth, and margin expansion. So everything we talk about in cost is in the context of that.

當然。謝謝。這兩個我都要。所以，關於第四季度的成本和指引——這與第三季以及未來都相關——我認為最重要的一點是，回顧過去，我們仍然專注於長期保持健康的營收成長、年度營運計畫成長和利潤率擴張。所以，我們討論的所有成本問題都是在這個背景下進行的。

Now we do that -- our approach to that and our strategy is to be both disciplined in costs and efficiency, but also making long-term investments that are helping to further areas that best position us for sustainable growth. And that's our world-class news journalism lifestyle products. and the product development that underpins our content.

現在我們這樣做——我們的方法和策略是既要嚴格控製成本和提高效率，又要進行長期投資，以幫助進一步發展那些最有利於我們實現永續成長的領域。這就是我們世界一流的新聞報道生活風格產品，以及支撐我們內容的開發產品。

Now that includes areas like video, which Meredith said in her remarks, which we're excited about. So specifically, to your questions on Q4 and Q3, a couple of things we're seeing there is that continued investment into the journalism products, so areas like video.

現在這其中也包括了影片等領域，正如梅雷迪思在演講中提到的，我們對此感到興奮。具體來說，針對您提出的關於第四季度和第三季度的問題，我們看到的一些情況是，對新聞產品（例如視訊領域）的持續投資。

We also have, as you see in Q3 results, and you can expect in Q4, flexibility to lean into areas like sales and marketing when there are good returns in the market or when we see a good opportunity for a great brand campaign. We had to have one in the market now.

正如您在第三季業績中所看到的，我們也有靈活性，並且您可以在第四季度看到這種靈活性，即在市場回報良好或我們看到開展出色品牌推廣活動的絕佳機會時，加大對銷售和營銷等領域的投入。我們必須立即在市場上投放一款產品。

It's a world to understand, which we really like. And then the last thing to note is that there can be some variable expenses correlated with revenue performance that can lead to fluctuations in any given quarter. This played a bit of a role in Q3.

這是一個值得探索的世界，我們很喜歡它。最後要注意的是，有些可變支出與收入表現有關，這可能會導致任何一個季度的收入出現波動。這在第三季起到了一定的作用。

It could well end up playing a role in Q4 as well. So that disciplined approach overall to being really focused on cost efficiency while also making investments is what you're seeing in our cost performance throughout the year as well as in the Q4 guide.

它很可能也會在第四季度發揮作用。因此，這種在全年成本績效以及第四季業績指引中都體現出的、真正注重成本效益並同時進行投資的嚴謹方法，就是我們整體成本績效的體現。

(multiple speakers)

（多位發言者）

Yeah. On that one, I would just say no change in strategy there. We believe the capital allocation strategy is working really well for us. So the key thing is top priority for us has always been we have at a core, our organic growth strategy, essential subscription strategy, so investing into high-return opportunities to continue that growth. We just mentioned video, for example.

是的。關於這一點，我只想說策略不會改變。我們認為目前的資本配置策略對我們非常有效。因此，對我們來說，最重要的始終是我們的有機成長策略和必要的訂閱策略，即投資於高回報的機會以繼續保持成長。例如，我們剛才提到了影片。

And then to this point of Meredith talked about in the remarks, a dynamic market environment. We like having a strong balance sheet that gives us optionality to capture opportunities should we see them, including opportunistic additional capital return. That's at least 50% is the capital return target. And then it's just worth making sure to reemphasize that our bar for capital allocation is really, really high. So you've seen that in our track record thus far with any M&A we've done, and you can expect us to continue to have that very high bar going forward.

然後，正如梅雷迪思在演講中提到的，市場環境瞬息萬變。我們喜歡擁有強勁的資產負債表，這使我們能夠靈活地抓住機遇，包括抓住機會獲得額外的資本回報。至少50%是資本報酬率的目標。最後，值得再次強調的是，我們對資本配置的標準非常非常高。所以，從我們迄今為止的併購交易記錄中，您已經看到了這一點，您可以期待我們今後繼續保持這一高標準。

David Karnovsky, JPMorgan.

David Karnovsky，摩根大通。

Maybe following up on the Watch tab. I wanted to see if you could speak a bit to the functionality of the product. Is the goal to make that highly personalized ? Or are you also kind of highlighting top stories and other parts of the coverage? And how do you think about the process of inserting ads there?

或許可以跟進「觀察」選項卡。我想請您簡單介紹一下該產品的功能。目標是實現高度個人化嗎？？或者，你們是否也在重點報導一些重要新聞和其他內容？您如何看待在那裡投放廣告的過程？

And then just secondly, regarding other single product, I think this is the best quarter for net adds on record. Maybe you could just break that down across the various single products and for games specifically, how material were factors like putting mini crossword behind a paywall or Pips, which you rolled out in August?

其次，就其他單一產品而言，我認為這是有史以​​來淨增產品數量最多的季度。或許你可以把這些因素細分到各個單獨的產品中，特別是對於遊戲而言，將迷你填字遊戲或你在 8 月推出的 Pips 等因素究竟有多重要？

I'm happy to take both of those, David. Thank you. Let me start with video and the Watch tab, and I'll step back just a little bit and note a number of things we're doing in video and the Watch tab is kind of one of them. We now have on our site and in the app substantially more news video on whatever the major stories of the day are. We have many more reporter videos with reporters essentially explaining their work and humanizing the journalism.

大衛，我很樂意接受這兩個。謝謝。讓我先從影片和「觀看」選項卡說起，我稍微退後一步，指出我們在影片中正在做的一些事情，「觀看」選項卡就是其中之一。現在我們的網站和應用程式上都提供了更多當天重大新聞的影片報導。我們還有很多記者視頻，記者們在視頻中主要解釋他們的工作，使新聞報導更加人性化。

That's great for enhancing trust, and it also serves as a teaser to longer-form work that we do. We turned most of our podcasts now into full-length shows. The Watch tab and the work we've done in the today feed to get people to watch video more and go to that tab is all just kind of part of that broader effort to get more engagement with more and more of the journalism in video. In addition, by the way, to reading and listening, neither of those things are going away. In the Watch tab specifically, I would say it is early days on your question about advertising.

這對於增強信任非常有益，同時也可以作為我們後續更長篇幅作品的預告。我們現在把大部分播客節目都改編成了完整版的節目。「觀看」選項卡以及我們在「今日動態」中所做的工作，旨在讓人們更多地觀看視頻並訪問該選項卡，所有這些都只是我們更廣泛的努力的一部分，目的是讓更多人參與到視頻新聞報道中來。另外，順便說一句，閱讀和聆聽這兩件事都不會消失。具體到“觀看”選項卡，我認為對於您提出的廣告問題，現在下結論還為時過早。

The most important thing we can do is get lots and lots of people to engage with our video on platform, in the tab and off-platform. And the more we do that, the more opportunity, I think, it opens up across all of our revenue lines. So I'm sort of long term optimistic about that.

我們能做的最重要的事情就是讓很多很多人在平台內、標籤頁中以及平台外與我們的影片互動。我認為，我們越是這樣做，就越能為我們所有的收入來源帶來更多機會。所以我對這件事的長期前景持樂觀態度。

On your question about single product subscriptions and games, we are really pleased with the strong net adds growth in the quarter, and I would say it's kind of a strategy working as it's designed to do. We've got multiple growth levers, including games that are all going to play different roles in sort of different quarters and games definitely played a role here.

關於您提出的單品訂閱和遊戲的問題，我們對本季強勁的淨新增用戶成長感到非常滿意，我認為這是一種策略，它正在按預期發揮作用。我們有多種成長槓桿，包括遊戲，這些遊戲將在不同的領域發揮不同的作用，而遊戲在這裡肯定發揮了作用。

On the Mini specifically, which I think you asked about, the idea here is that we were pretty intentional about long-term value creation in the case of the Mini, our decision to make that a paid subscription, very intentional one. We believed and it's proven to be the case that we would do it in a way that did not sacrifice in a big way, engaged audience.

關於您提到的 Mini，我們特別想談談它的長期價值創造，因此我們決定將其改為付費訂閱模式，這是我們深思熟慮後的決定。我們相信，而且事實證明我們也確實如此，我們會以一種不會大幅犧牲受眾參與度的方式來完成這件事。

So we feel great about that. And the idea here is that we've got sort of multiple ways to monetize across the portfolio, including in games. And what we're optimizing for here is having the widest possible audience for all of our work, in this case, games and also having plenty of reasons for people to feel like they should pay.

我們對此感到非常滿意。我們的想法是，我們可以透過多種方式在整個產品組合中實現盈利，包括遊戲領域。而我們在這裡追求的是，​​盡可能擴大我們所有作品（在本例中指遊戲）的受眾範圍，並且要有足夠的理由讓人們覺得他們應該付費。

And you could sort of extrapolate that to the kind of broader theory of how we make free pay decisions across the enterprise. I think the thing to know on games is we are always adding value to the portfolio. We've got a robust pipeline kind of at all times of new games in development and a very good track record here, and we're just excited about the opportunity.

你可以把這種觀點推廣到更廣泛的理論層面，來解釋我們如何在整個企業範圍內做出免費薪酬決策。我認為在遊戲領域，我們需要明白的一點是，我們始終在為產品組合增加價值。我們一直都有穩定的新遊戲開發項目，並且在這方面有著非常好的業績記錄，我們對這個機會感到非常興奮。

Kutgun Moral, Evercore ISI.

Kutgun Moral，Evercore ISI。

Two if I could. First, advertising continues to be an area of strength in the quarter, and you expect the momentum to carry into the fourth quarter. I know you called out marketer demand and new advertiser supply, but can you unpack the dynamics there a bit more? How much of this is attributable to the underlying market compared to uptick from some of the new product innovations that you've been actively rolling out across the portfolio? And second, on affiliate licensing and other revenues, you had a healthy third quarter.

如果可以的話，我會選兩個。首先，廣告業務在本季依然是強勁的領域，預計這一勢頭將延續到第四季。我知道你提到了行銷人員的需求和新的廣告供應，但你能否更詳細地分析其中的動態？其中有多少成長歸功於基礎市場，又有多少成長歸功於您積極在產品組合中推出的一些新產品創新？其次，在聯盟授權和其他收入方面，你們第三季表現良好。

Is there anything more you can share on Q4 and the outlook for the slight deceleration in growth to mid-single digits? I know we're not talking about 2026 just yet, but I was hoping for more color, especially in the context of the Amazon AI partnership.

關於第四季以及成長略微放緩至個位數中段的前景，您還有什麼可以分享的嗎？我知道我們現在還沒談到 2026 年，但我希望看到更多細節，尤其是在亞馬遜 AI 合作的背景下。

Why don't I take the advertising question, Will, you'll take the one on other revenue. Look, I think the first thing to say is we're really pleased with what we saw in the quarter and frankly, so far all year. And it's a little bit of everything working to answer your question directly. The big picture here is we kind of see the ad business increasingly like we see the consumer business. The consumer strategy is to mean more to more people.

威爾，廣告方面的問題不如我回答，其他收入方面的問題你來回答。首先，我認為要說的是，我們對本季以及坦白說，對今年迄今為止的業績都非常滿意。它綜合了各種因素，直接回答了你的問題。從大局來看，我們看待廣告業的方式越來越像看待消費產業的方式了。消費者策略是讓更多人覺得它更有價值。

And in advertising, we're kind of providing more value to more advertisers in more ways. So we've got these really big products in big spaces where there's lots of consumer interest, especially in news and I would say games and sports, but also shopping and cooking.

在廣告領域，我們正在以更多的方式為更多的廣告商提供更多的價值。所以，我們在消費者非常感興趣的大領域推出了這些大型產品，尤其是在新聞、遊戲和運動領域，以及購物和烹飪領域。

We have lots of engagement for all of those products, which allows us to really effectively target people at scale. We have great ad products. By the way, we've been at that targeting and at those ad products for many years now, very deliberately building first-party data, very deliberately building a suite of proprietary ad products.

我們所有這些產品都擁有很高的用戶參與度，這使我們能夠真正有效地大規模鎖定目標用戶。我們擁有優質的廣告產品。順便說一句，我們多年來一直致力於定向投放和廣告產品開發，非常有意識地建立第一方數據，並非常有意識地建立一套專有的廣告產品。

And we're continuing to sort of extend those across the portfolio. And we keep innovating in our ad products. So our AI-powered brand match, which I think we launched a year ago is really also helping on the targeting front. All of that means we've got ad products that work, and I think we're executing well. So the sort of broad answer is it's a little bit of everything that you're pointing to.

我們正在繼續將這些策略推廣到整個投資組合中。我們不斷在廣告產品方面進行創新。因此，我們一年前推出的AI驅動的品牌匹配功能，在目標定位方面也確實發揮了很大的作用。這一切都意味著我們擁有有效的廣告產品，而且我認為我們執行得很好。所以，總的來說，你提到的所有方面都有一點。

And then on affiliate licensing and other and the dynamics there, it's just always important to remember that, that revenue line has a lot of different items that can both create some variability quarter-to-quarter as well as make it difficult to isolate the contribution of any one particular item. And so we've said this in the past, it's obviously not just affiliate. And licensing, it's multiple licensing deals there. It's booked TV film, it's commercial printing. So a lot of different dynamics.

至於聯盟授權和其他相關動態，始終要記住，該收入項包含許多不同的項目，這些項目既會造成季度間的波動，也會使人們難以分離出任何特定項目的貢獻。所以，我們過去也說過，這顯然不只是聯盟行銷。而且還有授權許可方面的問題，那裡涉及多項授權許可協議。它被預定用於電視電影，也被預定用於商業印刷。所以有很多不同的動態因素。

And I think the most important thing to say there, looking forward, not just Q4, but into the future, as you said, is just given our strategy to make our news journalism and product portfolio more valuable to more people, we expect this revenue line to grow over the long term as part of our multi-revenue stream model.

我認為最重要的一點是，展望未來，不僅是第四季度，而是整個未來，正如你所說，鑑於我們的策略是讓我們的新聞報道和產品組合對更多的人更有價值，我們預計作為我們多元化收入來源模式的一部分，這條收入線將在長期內增長。

Doug Arthur, Huber Research Partners.

道格·阿瑟，Huber Research Partners。

You didn't break out The Athletic as promised. Any color on it? Was it additive in line? Any color would be helpful.

你沒有像承諾的那樣發布《The Athletic》雜誌。上面有顏色嗎？它是按順序添加的嗎？任何顏色都會有幫助。

Doug, I'll just say we continue to be very pleased with the performance of The Athletic. It remains on track for all the things we wanted to do. I mentioned in my remarks, sort of consistently strong engagement across the portfolio and the addition of video in lots and lots of places. I think this was the quarter where we introduced NFL footage. We already had NBA footage.

道格，我只想說我們對The Athletic的表現仍然非常滿意。所有我們想做的事情都按計劃進行。我在演講中提到，整個產品組合都保持著相當高的參與度，並且在許多地方都增加了影片。我想就是在這個季度我們開始引入NFL比賽片段的。我們已經有了NBA的比賽錄影帶。

We introduced NFL footage, and we're combining that with our signature journalism and our reporting, and I think that's a great product experience for engagement. NFL is a huge part of what The Athletic covers. And we're continuing to build audience and awareness for the brand, Athletic. And I would just say it's all going well, big contributor in advertising, all going very, very well. And it's still early.

我們引入了 NFL 比賽畫面，並將其與我們標誌性的新聞報道相結合，我認為這對於提升用戶參與度來說是一種非常棒的產品體驗。NFL是The Athletic報導內容的重要組成部分。我們將繼續擴大 Athletic 品牌的受眾群體和知名度。我只想說一切進展順利，廣告方面貢獻巨大，一切都非常非常順利。現在還為時過早。

Excellent. Just as a follow-up on the surge in single product subscribers. Are you getting the conversion of those over time that you expect? I mean, how is that playing out to higher-value products?

出色的。僅作為單一產品訂閱用戶激增的後續報告。隨著時間的推移，這些轉換率是否達到了您的期望？我的意思是，這對高價值產品會產生怎樣的影響？

I think the best way to describe it is we really -- it's really the model working kind of as it's designed to work. Our single products are serving as a wonderful engine of audience and engagement and in many instances, or funnels to get people to subscribe either to the individual product or to the bundle.

我認為描述它的最佳方式是，我們真的——它真的像設計的那樣運作了。我們的單一產品是吸引受眾和提升參與度的絕佳引擎，在許多情況下，它們也是引導人們訂閱單一產品或產品組合的管道。

That's all kind of working as we expected it to. And they're also all proving to be very valuable to the sort of multi-revenue stream monetization. I've called out games and sports, in particular, as being big spaces that marketers see real value in and want to be around.

一切都如我們預期的順利進行。而且它們也都證明對多收入來源的貨幣化非常有價值。我特別指出遊戲和運動是行銷人員真正重視並希望涉足的重要領域。

And we have on games, scaled audience, lots and lots of people who play our games. And in The Athletic, we are really growing the audience. So we see a big opportunity there. But I would say it's all kind of going. It's all working as it's designed to as far as driving subscription, advertising and ultimately, the whole model.

而且我們在遊戲方面擁有龐大的受眾群體，有很多很多人玩我們的遊戲。在 The Athletic，我們的讀者群正在不斷擴大。所以我們看到了這裡的巨大機會。但我認為一切都朝著好的方向發展。就推動訂閱、廣告以及最終整個模式而言，一切都在預期中運作。

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

我們的問答環節到此結束。我謹將會議交還給安東尼·迪克萊門特，請他作總結發言。

Well, thanks, everyone, for your interest and for joining us on the earnings call. We'll see you next quarter.

感謝大家的關注，也感謝大家參加我們的財報電話會議。我們下個季度再見。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。