New York Times Co (NYT) 2025 Q4 法說會逐字稿

Good morning, and welcome to The New York Times Company fourth quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded.

早安，歡迎參加《紐約時報》公司2025年第四季財報電話會議。（操作說明）請注意，本次活動正在錄影。

I would now like to turn the conference over to Anthony DiClemente, Senior Vice President, Investor Relations. Please go ahead.

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 fourth quarter and full year 2025 earnings conference calling. 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年第四季及全年業績電話會議。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 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。這些陳述是基於當前的預期和假設，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 will 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，我們的簡報將包括非GAAP財務指標，並將在我們的獲利新聞稿中提供與最可比較GAAP指標的調節表，該新聞稿可在我們的網站 investors.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. With that, I will turn the call over to Meredith.

除了獲利新聞稿外，我們還在投資者關係網站 investors.nytco.com 上發布了與業績相關的幻燈片簡報。最後，請注意，今天上午電話會議的發言稿將在會議結束後不久發佈到我們的投資者關係網站上。接下來，我將把電話轉接給梅雷迪絲。

Thanks, Anthony, and good morning, everyone. 2025 was a great year for The New York Times, thanks to strong execution against a clear long-term strategy. We added 1.4 million net new digital subscribers, bringing total subscribers to (Technical Difficulty)

謝謝安東尼，大家早安。 2025年對《紐約時報》來說是個碩果累累的一年，這得益於對清晰的長期策略的有效執行。我們新增了140萬淨數位用戶，使用戶總數達到（技術故障）

My apologies, it seems we've lost connection with our speakers. Please hold while we reconnect.

抱歉，我們的揚聲器似乎失去了連接。請稍候，我們正在重新連線。

Ladies and gentlemen, thank you for your presentation. We've joined by the speakers back in.

女士們、先生們，感謝你們的演講。我們已經和演講者們重新匯合了。

Okay. We're going to try that again. With that, Meredith, go ahead.

好的。我們打算再試一次。好了，梅雷迪斯，你開始吧。

All right. Thanks, Anthony, and good morning again, everyone. 2025 was a great year for The New York Times, thanks to strong execution against a clear long-term strategy. We added 1.4 million net new digital subscribers, bringing total subscribers to 12.8 million. This puts us further down the path to our next milestone of 15 million subscribers and beyond.

好的。謝謝安東尼，大家早安。 2025年對《紐約時報》來說是個碩果累累的一年，這得益於對清晰的長期策略的有效執行。我們新增了 140 萬淨數位用戶，使用戶總數達到 1,280 萬人。這讓我們離下一個里程碑——1500萬訂閱用戶及以上——又更近了一步。

Engagement across the portfolio was strong, which contributed to significant growth in digital advertising. We generated more than $2 billion in total digital revenues for the first time. We also grew adjusted operating profit more than 20% and expanded margin to 19.5%.

整個產品組合的用戶參與度很高，這促進了數位廣告的顯著成長。我們首次實現了超過20億美元的數位收入總額。調整後的營業利潤也成長了 20% 以上，利潤率擴大至 19.5%。

Our fourth quarter results were a fitting capstone to the year and reflect contributions from every part of our portfolio. We added 450,000 net new digital subscribers in the quarter and digital subscription revenues grew 14%. Advertising beat our expectations with digital advertising up 25% and total advertising increasing 16%.

我們第四季的業績為這一年畫上了圓滿的句號，也反映了我們投資組合中每個部分的貢獻。本季我們新增了 45 萬淨數位訂閱用戶，數位訂閱收入成長了 14%。廣告效果超出預期，數位廣告成長 25%，廣告總額成長 16%。

Licensing, affiliate and other revenues also grew. We delivered this growth by engaging and monetizing audiences across multiple products and revenue streams, which is a clear example of our strategy in action. AOP grew and margins expanded in the quarter even as we continue to invest into our world-class journalism and premium product experience.

授權收入、附屬公司收入和其他收入也實現了成長。我們透過吸引受眾並使其在多個產品和收入來源中變現，實現了這一成長，這是我們策略實施的一個清晰例證。本季度，儘管我們繼續投資於世界一流的新聞報導和優質產品體驗，但平均營業額 (AOP) 仍有所成長，利潤率也隨之擴大。

Let me spend a few minutes putting these results in a broader strategic context as we begin the new year. The information ecosystem is changing rapidly and the challenges media companies face remain steep. We're operating in a polarized low-trust environment shaped by a few powerful platforms whose actions create headwinds for publishers.

在新的一年伊始，我想花幾分鐘時間，將這些結果置於更廣泛的策略背景下進行分析。資訊生態系統正在快速變化，媒體公司面臨的挑戰依然嚴峻。我們身處在一個兩極化、信任度低的環境中，這個環境由少數幾個強大的平台塑造，這些平台的行為給出版商帶來了不利影響。

We believe that The Times is well positioned to navigate these trends given the differentiated value we have developed based on years of strategic investment. There are even bigger opportunities ahead, and we are confident that we can pursue them ambitiously and profitably, thanks to the durability of our essential subscription strategy and a handful of unique advantages.

我們相信，憑藉著多年戰略投資所創造的差異化價值，《泰晤士報》完全有能力應對這些趨勢。未來還有更大的機遇，我們有信心憑藉我們核心訂閱策略的持久性和一些獨特的優勢，積極、有盈利地追求這些機會。

Let me name them. First, our world-class news coverage and each of our lifestyle products addresses a big global market. Hundreds of millions of people around the world engage with news, sports, games, recipes and shopping recommendations in their daily lives. We already reach many tens of millions of them every week across our portfolio and see the opportunity to engage directly and deeply with many millions more than we do today.

讓我來列舉一下。首先，我們世界一流的新聞報導和每個生活風格產品都面向龐大的全球市場。全球數億人在日常生活中都會接觸新聞、運動、遊戲、食譜和購物推薦。我們每週透過我們的產品組合已經觸及數千萬用戶，並且看到了與更多用戶進行直接和深入互動的機會，而這些用戶數量比我們今天還要多得多。

Second, we've built a unique engine for creating original independent journalism and high-quality content at scale. Our core New York Times newsroom is one of the few that can go wherever the story does and reported from on the ground in more than 150 countries in every US state last year. The Athletic is the world's largest sports journalism operation. Our in-house Games team has a track record of producing original puzzles that are cultural sensations and played by millions.

其次，我們建立了一個獨特的引擎，可以大規模地創建原創獨立新聞和高品質內容。我們《紐約時報》的核心新聞編輯室是少數幾個能夠跟隨新聞事件前往任何地方的新聞編輯室之一，去年我們在超過 150 個國家和美國各州進行了實地報道。The Athletic是全球最大的體育新聞機構。我們公司內部的遊戲團隊擁有製作原創謎題的輝煌記錄，這些謎題風靡一時，深受數百萬玩家的喜愛。

Cooking has more than 25,000 vetted recipes and a growing video catalog that gets people excited for their next meal. And Wirecutter experts rigorously review thousands of consumer products every year. Providing independent human-made journalism and lifestyle products that resonate with huge audiences around the world is not easy. While others have been doing less of it, we continue to thoughtfully invest, making what we do more rare and more valuable to more people.

Cooking 擁有超過 25,000 個經過審核的食譜和一個不斷增長的影片庫，讓人們對下一餐充滿期待。Wirecutter 的專家每年都會對數千種消費產品進行嚴格評測。提供能夠引起世界各地廣大受眾共鳴的獨立、人性化的新聞報導和生活風格產品並非易事。當其他人減少這方面的投入時，我們仍在深思熟慮地進行投資，使我們所做的工作更加稀缺，對更多的人更有價值。

Third, we are constantly innovating to express our journalism and content in all the ways and formats that audiences want to consume it. We're using AI to make our reporting more accessible, and we're rapidly growing our offering in video, which represents a major new audience opportunity for us. As linear TV continues to decline and viewing habits shift even more to digital platforms, we see a long-term opportunity to establish The Times as a preferred brand for watching news in addition to reading and listening.

第三，我們不斷創新，以受眾希望接受的各種方式和形式來表達我們的新聞報導和內容。我們正在利用人工智慧使我們的報導更容易獲取，並且我們正在迅速擴大視訊業務，這代表著我們獲得了一個巨大的新受眾群體機會。隨著傳統電視的持續衰落和觀看習慣更多地轉向數位平台，我們看到了一個長期的機會，可以將《泰晤士報》打造成為除了閱讀和收聽新聞之外，觀看新聞的首選品牌。

Finally, we've developed multiple digital revenue streams to monetize consistently high engagement. We're confident that our product portfolio will continue to fuel strong digital subscription revenue growth, and that digital advertising and our other digital revenue streams are positioned for healthy growth as well.

最後，我們開發了多種數位收入來源，以實現持續高用戶參與度的變現。我們相信，我們的產品組合將繼續推動強勁的數位訂閱收入成長，數位廣告和其他數位收入來源也將實現健康成長。

We plan to further capitalize on these advantages in 2026 in a few ways. We'll keep covering the most important stories with independence and rigor. We'll do that in more formats and places, especially with video. We'll add even more value in every part of our portfolio through new shows, coverage areas, games and product features, and we'll thoughtfully navigate the changing technological landscape to make The Times even more valuable to more people.

我們計劃在 2026 年透過以下幾種方式進一步利用這些優勢。我們將繼續秉持獨立嚴謹的態度報道最重要的新聞事件。我們將以更多形式和方式在更多地方開展這項工作，尤其是在視訊方面。我們將透過新的節目、報道領域、遊戲和產品功能，為我們的產品組合的各個部分增加更多價值，並且我們將深思熟慮地應對不斷變化的技術環境，使《泰晤士報》對更多的人更有價值。

Executing well against these priorities is how we plan to get millions more people to have direct relationships and daily habits with The New York Times. And as we do that, we expect 2026 to be another year of subscriber growth, revenue growth, AOP growth, margin expansion and strong free cash flow.

我們計劃透過有效執行這些優先事項，讓數百萬讀者與《紐約時報》建立直接聯繫，並養成每日閱讀《紐約時報》的習慣。因此，我們預計 2026 年將是用戶成長、收入成長、年度營運利潤成長、利潤率擴張和自由現金流強勁的一年。

I'll close by reflecting briefly on history. 2026 is a year of milestones, the 250th birthday of America and the 175th anniversary of the founding of The New York Times. Trustworthy independent journalism has been a crucial part of our country's success, and that's just as true today as it was in 1851.

最後，我想簡單回顧一下歷史。 2026年是具有里程碑意義的一年，是美國建國250週年，也是《紐約時報》創刊175週年。值得信賴的獨立新聞業一直是我國成功的重要組成部分，這一點在今天和 1851 年一樣適用。

But it requires continued vigilance to ensure journalism can play its essential role in society, and it requires continued reinvention for a journalism business to succeed. Over the course of nearly two centuries, The Times has experienced the advent of radio, broadcast TV, cable TV, the Internet, smartphones, social media and now AI.

但要確保新聞業在社會中發揮其重要作用，就需要持續保持警覺；新聞業要成功，就需要不斷革新。在近兩個世紀的時間裡，《泰晤士報》經歷了廣播、電視廣播、有線電視、網路、智慧型手機、社群媒體以及現在的人工智慧的出現。

Local markets turned into national and then international ones. Daily habits accelerated into a need for near instantaneous information. Amidst this relentless change, The Times has adapted, thrived and played a crucial civic role.

地方市場發展成為全國市場，然後又發展成為國際市場。日常習慣逐漸演變為近乎即時資訊的需求。在這持續不斷的變革中，《泰晤士報》不斷適應、蓬勃發展，並發揮了至關重要的公民作用。

Today, we anchor the daily habits of millions who rely on our journalism and lifestyle products, making us more essential to more people than ever before. This track record strengthens the conviction we have in our ability to continue to deliver on our mission and to build a larger and more valuable company as we do. And with that, I'll hand it over to Will.

如今，我們已成為數百萬依賴我們新聞報道和生活方式產品的人們日常生活的一部分，這使得我們對更多人來說比以往任何時候都更加重要。這項過往業績增強了我們對自身能力的信心，相信我們能夠繼續完成使命，並在這過程中打造一家規模更大、更有價值的公司。然後，我就把它交給威爾了。

Thanks, Meredith, and good morning, everyone. In 2025, we delivered 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 1.4 million digital subscribers.

謝謝你，梅雷迪思，大家早安。2025年，我們取得了強勁的業績，包括連續第二年實現健康的營收成長、年度營運利潤成長、利潤率擴張和強勁的自由現金流產生。正如梅雷迪思所說，我們今年的用戶群持續成長，新增了 140 萬數位用戶。

We also grew total digital-only ARPU and drove strong subscriber engagement. This led to an increase of approximately 14% in digital subscription revenues and helped power our multiple revenue streams, including digital advertising, which increased 20%.

我們也提高了純數位收入總和，並提高了用戶參與度。這使得數位訂閱收入成長了約 14%，並推動了我們的多種收入來源，包括數位廣告，該收入增加了 20%。

We grew overall revenue in the full year by approximately 9% as increases in digital revenues were partially offset by ongoing declines in print. These healthy revenue results, coupled with our disciplined approach to costs throughout the year drove operating leverage.

由於數位收入的成長部分被印刷收入的持續下滑所抵消，我們全年的總收入成長了約 9%。這些健康的營收業績，加上我們全年嚴格的成本控制措施，推動了營運槓桿效應。

AOP grew by approximately 21% year-over-year in 2025 to $550 million and AOP margin expanded by approximately 190 basis points to 19.5%. We delivered these results even as we continue to prioritize strategic investments aimed at further differentiating our high-quality journalism and digital products.

2025 年 AOP 年成長約 21% 至 5.5 億美元，AOP 利潤率成長約 190 個基點至 19.5%。我們取得這些成果的同時，也持續優先進行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的策略性投資。

We generated approximately $551 million of free cash flow in 2025. That strong free cash flow generation primarily reflected our robust AOP and our capital-efficient model. We also benefited during the year from lower cash taxes due to the change in tax law for R&E expenditure deductions as well as from the net proceeds of the sale of excess land at our printing facility.

我們預計 2025 年將產生約 5.51 億美元的自由現金流。強勁的自由現金流主要反映了我們穩健的年度營運計劃和高效的資本運作模式。今年，由於研發支出扣除稅法的變化，我們的現金稅額有所降低，此外，出售印刷廠多餘土地的淨收益也使我們受益。

Over the course of the year, we returned approximately $275 million to shareholders. This included approximately $165 million in share repurchases and approximately $110 million in dividends. Today, we announced an increase in the quarterly dividend from $0.18 to $0.23, consistent with our capital allocation strategy. I'll note that as of year-end, we had $350 million remaining on our share repurchase authorization.

在這一年中，我們向股東返還了約 2.75 億美元。其中包括約 1.65 億美元的股票回購和約 1.1 億美元的股息。今天，我們宣布將季度股息從 0.18 美元提高到 0.23 美元，這與我們的資本配置策略一致。我注意到，截至年底，我們的股票回購授權額度還剩餘 3.5 億美元。

Now I'll discuss the fourth quarter's key results, followed by our financial outlook for the first quarter of 2026. Please note that all comparisons are to the prior year period unless otherwise specified. I'll start with our subscription revenues. We added approximately 450,000 net new digital subscribers in the quarter, bringing our total subscriber count to approximately 12.8 million. Subscriber growth came from multiple products across our portfolio.

接下來我將討論第四季的主要業績，然後展望我們對 2026 年第一季的財務前景。請注意，除非另有說明，所有比較均與上年同期進行比較。我先從我們的訂閱收入說起。本季我們新增約 45 萬淨數位用戶，使我們的用戶總數達到約 1,280 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 year-over-year to $9.72 as we stepped up subscribers from promotional to higher prices and raised prices on certain tenured subscribers. We continue to be encouraged by the results we're seeing at pricing step-up points, which we believe reflect the value we continue to add into our products.

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，純數位版 ARPU 年增至 9.72 美元。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。

As a result, we remain confident in our ARPU trajectory. I'll note here that following the fourth quarter of 2025, we plan to make a change to our subscriber disclosures. We will continue to report total digital-only subscribers and total digital-only ARPU.

因此，我們對ARPU的成長軌跡仍然充滿信心。在此我要指出，在 2025 年第四季之後，我們計劃對訂閱用戶資訊揭露進行更改。我們將繼續公佈純數字用戶總數和純數位用戶平均收入總數。

However, we will discontinue reporting digital-only subscribers and ARPU by the categories of bundle and multiproduct, news-only and other single product as well as the percentages represented by group corporate, group education and family subscriptions. We believe total digital-only subscribers and total digital-only ARPU will best align with how we manage the business for long-term growth.

但是，我們將停止按捆綁和多產品、新聞專區和其他單一產品類別報告純數位訂閱用戶和 ARPU，以及集團企業、集團教育和家庭訂閱所佔百分比。我們認為，以純數位用戶總數和純數位用戶平均收入為基準，最能反映我們實現長期成長的業務管理方式。

With both higher digital subscribers and higher total digital-only ARPU in the fourth quarter, digital-only subscription revenues grew approximately 14% to $382 million. Total subscription revenues grew approximately 9% to $510 million, which was in line with the guidance we provided for the quarter.

第四季度，數位訂閱用戶數量增加，純數位用戶總收入也增加，純數位訂閱收入成長約 14%，達到 3.82 億美元。訂閱總收入成長約 9% 至 5.1 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 $192 million, an increase of approximately 16%, which is higher than the guidance we provided for the quarter. Digital advertising revenues also came in above the guidance we provided, increasing approximately 25% to $147 million.

現在來看廣告收入。本季廣告總收入為 1.92 億美元，成長約 16%，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 25%，達到 1.47 億美元。

The growth in digital advertising was due mainly to strong marketer demand and new advertising supply. Affiliate, licensing and other revenues increased 5.5% in the quarter to $100 million, primarily as a result of higher licensing revenues. This was in line with our guidance.

數位廣告的成長主要歸功於行銷人員的強勁需求和新的廣告供應。本季附屬公司、授權及其他收入成長 5.5% 至 1 億美元，主要原因是授權收入增加。這符合我們的指導方針。

Adjusted operating costs grew 9.7%. This was above the 6% to 7% guidance range that we provided last quarter. I'll note that the primary reason for costs coming in above the guidance range was higher expenses associated with incentive compensation programs related to our financial outperformance.

調整後的營運成本成長了9.7%。這高於我們上季給出的 6% 至 7% 的預期範圍。需要指出的是，成本超出預期範圍的主要原因是與公司財務績效優異相關的激勵性薪酬計畫支出較高。

AOP grew 13% in the quarter to approximately $192 million and AOP margin expanded 50 basis points to approximately 24%. Adjusted diluted EPS in Q4 increased $0.09 to $0.89, primarily driven by higher operating profit.

本季 AOP 成長 13% 至約 1.92 億美元，AOP 利潤率成長 50 個基點至約 24%。第四季經調整後的稀釋每股盈餘成長0.09美元至0.89美元，主要得益於營業利潤的成長。

I'll now look ahead to Q1. Digital-only subscription revenues are expected to increase 14% to 17%, and total subscription revenues are expected to increase 9% to 11% Digital advertising revenues are expected to increase high teens to low 20s and total advertising revenues are expected to increase low double digits. Affiliate, licensing and other revenues are expected to increase high single digits.

接下來，我將展望第一季。預計純數位訂閱收入將成長 14% 至 17%，總訂閱收入將成長 9% 至 11%；數位廣告收入預計將成長 10% 至 20%；預計總廣告收入將成長兩位數。預計附屬公司、授權和其他收入將實現高個位數成長。

Adjusted operating costs are expected to increase 8% to 9%. 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.

調整後的營運成本預計將成長 8% 至 9%。我們計劃繼續高效地運營，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，從而為我們的受眾創造價值。

As we've discussed, video in particular, remains an important area of strategic investment being reflected in our guidance. We are confident in our ability to generate strong returns as we grow the amount and impact of video journalism in news and across our portfolio.

正如我們之前討論過的，視訊領域仍然是重要的策略投資領域，這也反映在我們的投資指引中。我們有信心，隨著視訊新聞在新聞領域和我們整個投資組合中的數量和影響力不斷增長，我們將獲得豐厚的回報。

In summary, our strategy is continuing to work 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.

總之，我們的策略繼續如預期發揮作用。梅雷迪思強調的來年策略重點都旨在隨著時間的推移建立一個更大、更活躍的受眾群體，擴大我們的訂閱用戶群，並為我們的多種收入來源提供動力。

For the full year 2026, we expect another year of healthy growth in revenues and AOP, margin expansion and strong free cash flow generation. In addition, we remain on the path to achieving our midterm targets for subscribers, AOP growth and capital returns. With that, we're happy to take your questions.

預計 2026 年全年，公司營收和年度營業額將持續健康成長，利潤率將擴大，自由現金流也將強勁成長。此外，我們仍有望實現中期用戶成長、年度營運利潤成長和資本回報目標。那麼，我們很樂意回答您的問題。

(Operator Instructions)

（操作說明）

David Karnovsky, JPMorgan.

David Karnovsky，摩根大通。

Meredith, when we look at that 20% digital ad growth last year, just with hindsight, is it possible to kind of break that out between kind of new supply, new products or just engagement and then kind of how much opportunity you see on these fronts?

Meredith，當我們回顧去年 20% 的數位廣告成長時，是否有可能將其分解為新供應、新產品或僅僅是用戶參與度，以及你認為這些方面有多少機會？

And then for Will, the adjusted cost guide for Q1 is a bit above recent trends. So I wanted to see if you could unpack some of the drivers there. And you mentioned video specifically. I'm not sure if there's a way for you to kind of dimensionalize the impact there.

至於威爾公司，其第一季的調整後成本指引略高於近期趨勢。所以我想看看你能不能解釋一下其中的一些驅動因素。你特別提到了影片。我不確定是否有辦法能讓你對那裡的影響進行維度上的衡量。

Yes. I'll start on ads. I mean the first thing to say is we were very happy with the performance last year. And I'd say we feel good about what we see as sort of all three elements of the ad business in terms of supply, which you asked about. We did add more ad supply in a number of places last year.

是的。我先從廣告說起。首先要說的是，我們對去年的表現非常滿意。而且，就你提到的廣告業務的供應方面而言，我們對這三個要素都感到滿意。去年我們在多個地方增加了廣告投放量。

And I would say as we have more opportunities to engage audience, we should have more opportunities to add new and different kinds of supply. And I'll also say on supply, we have a really good track record of -- and we did a lot of this last year of making the supply we already have more valuable, and that's with data and improvement to the canvases and overall performance. In terms of demand, I would say that picture has improved. It's improved in a couple of ways.

我認為，隨著我們與受眾互動機會的增多，我們也應該有更多機會增加新的、不同類型的供應。我還要說，在供應方面，我們一直有著非常好的記錄——去年我們做了很多工作，讓現有的供應更有價值，這得益於數據以及畫布和整體性能的改進。就需求而言，我認為情況已經有所改善。它在幾個方面都有所改進。

One, we can do bigger deals with the marketers we already work with because there's more to offer. And two, and I've talked about this for a while now, I think we appeal to more marketers because we're now at scale in multiple spaces that are very appealing to marketers. And then the last thing to say, and I think I've said a version of this for years, our ad products really work. They're performing. And so because of that, marketers come back and they buy more. And that's, I would say, thanks to the quality of both the canvases and the sort of way we apply those canvases and also to our targeting tools.

第一，我們可以與現有行銷人員達成更大的交易，因為我們可以提供更多。第二，這一點我已經談了一段時間了，我認為我們之所以能吸引更多行銷人員，是因為我們現在在多個對行銷人員非常有吸引力的領域都達到了規模。最後我想說的是，雖然我已經說過類似的話很多年了，但我們的廣告產品確實有效。他們正在表演。正因如此，行銷人員才會再次光顧，購買更多商品。我認為這要歸功於畫布的品質、我們應用這些畫布的方式以及我們的定位工具。

And then lastly, I would just say we really believe in our ad leadership and the team and execution has been kind of strong across the board. Will, I think the next part of the question.

最後，我想說我們非常信任我們的廣告領導團隊，整個團隊的執行力都非常強大。威爾，我認為是問題的下一部分。

Yes, happy to take the question, David, on the cost guide. So looking forward on cost and investments, I think the most important thing to say is that our overall approach isn't changing. So we don't guide beyond the quarter, but we remain focused over the long term on sustaining healthy revenue growth, AOP growth and margin expansion, in other words, growing revenues faster than growing costs. And we do that by managing costs very closely while also making strategic investments that continue to differentiate us.

是的，我很樂意回答關於成本指南的問題，大衛。因此，展望未來成本和投資方面，我認為最重要的是要說明，我們的整體方針不會改變。因此，我們不提供季度後的業績指引，但我們長期專注於維持健康的營收成長、年度營運計畫成長和利潤率擴張，換句話說，營收成長速度要快於成本成長速度。我們透過嚴格控製成本，同時進行策略性投資，不斷保持差異化優勢，從而實現這一目標。

And as Meredith and I both said in our remarks, as you mentioned in your question, that does include investment into video, which we're excited about. We ramped -- began ramping that up, particularly in the back half of '25. The Q1 expense guide reflects the year-over-year impact of that ramp of volume and video production at both The Times, The Athletic across the portfolio.

正如我和梅雷迪思在演講中提到的那樣，也正如你在問題中提到的那樣，這確實包括對影片的投資，我們對此感到非常興奮。我們加大了力度——尤其是在 2025 年下半年。第一季支出指南反映了《紐約時報》和《The Athletic》旗下所有媒體的銷售和影片製作量成長對去年同期的影響。

Also, just full cost. We also continue, as we've said in the past, to value the flexibility to lean into areas like sales and marketing when there are good returns in the market or we see a good opportunity to run a brand campaign. But stepping back with respect to cost investments, overall resource allocation approach reflects ongoing cost efficiency combined with that thoughtful investment into the journalism and digital product experiences that we really think are going to add value to our audiences over time.

而且，只需支付全價。正如我們過去所說，我們仍然重視靈活地在市場回報良好或我們看到開展品牌推廣活動的絕佳機會時，加大對銷售和行銷等領域的投入。但從成本投資的角度來看，整體資源分配方法體現了持續的成本效率，以及對新聞和數位產品體驗的深思熟慮的投資，我們認為這些體驗會隨著時間的推移為我們的受眾增加價值。

And it's that disciplined approach that enables us to continue to target not just the healthy revenue growth, but also year-over-year AOP growth and margin expansion for '26 and beyond.

正是這種嚴謹的方法使我們能夠繼續追求的不僅是健康的營收成長，還有 2026 年及以後逐年增長的年度營業額和利潤率擴張。

Benjamin Soff, Deutsche Bank.

班傑明‧索夫，德意志銀行。

I wanted to ask first about capital allocation. You had another healthy year of free cash flow. Your balance sheet is obviously in a pretty strong position. So what are your latest thoughts on capital allocation as we head into 2026? And how do you think about perhaps updating your shareholder return target as you continue to build up cash?

我想先問一下資金配置方面的問題。你們又迎來了一個現金流狀況良好的年份。顯然，您的資產負債表狀況非常穩健。那麼，展望2026年，您對資本配置有何最新看法？隨著現金的不斷積累，您如何考慮調整股東回報目標？

And then I wanted to ask about password sharing. To date, you've primarily focused on approaching that with a carrot, not a stick. Could you talk about how you think about password sharing on your platform broadly and the different tools that might be available to help unlock that opportunity?

然後我想問一下密碼共享的問題。到目前為止，你主要還是專注在用胡蘿蔔加大棒的方式來解決這個問題。您能否談談您如何看待貴平台上的密碼共享問題，以及有哪些工具可以幫助實現這一目標？

Sure I'll take the capital allocation question and that Meredith can take the password sharing question. Definitely appreciate the question. We're clearly pleased with both the strong free cash flow generation and the strong balance sheet. At this time, what I'd say is no change to our strategy here. We believe our capital allocation strategy continues to serve us well.

當然，我會回答資本配置方面的問題，密碼共享方面的問題就交給梅瑞迪絲來回答吧。非常感謝您的提問。我們對強勁的自由現金流和穩健的資產負債表都非常滿意。目前，我認為我們的策略不會有任何改變。我們相信，我們的資本配置策略將持續為我們帶來良好的效益。

And recall, the top priority on that is continuing high-return organic investment into our essential subscription strategy. And I think you hear with some of our remarks today and as we've been narrating over the last call or two, video is an exciting opportunity for us there.

請記住，首要任務是繼續對我們至關重要的訂閱策略進行高回報的自然投資。我想，從我們今天的一些演講以及我們在過去一兩次通話中提到的內容來看，視訊對我們來說是一個令人興奮的機會。

And then after that, we intend to return at least 50% of our free cash flow to shareholders over the midterm. That's our stated target. And you've seen and continue to see a balance as we are on pace for that target between dividends and share repurchases.

之後，我們計劃在中期內將至少 50% 的自由現金流返還給股東。那是我們既定的目標。而且，正如您所看到的，在我們朝著目標穩步前進的過程中，股息和股票回購之間一直保持平衡。

I note today in my remarks, the $0.05 increase to the dividend from $0.18 to $0.23 and this track record of repurchases with $350 million of the authorization remaining at the end of the year. And then we like having a strong balance sheet. It's a dynamic time in the media industry. So we're comfortable with that. Any M&A would have a very high bar. We're very pleased with the pace of our strategy and the spaces we're in. So that's sort of the specifics to say we're pleased with our capital allocation strategy and nothing to change at this time.

我今天在演講中提到，股息從 0.18 美元增加到 0.23 美元，增幅為 0.05 美元，並且有良好的回購記錄，年底還剩餘 3.5 億美元的授權額度。而且我們也喜歡擁有穩健的資產負債表。媒體產業正處於一個充滿活力的時代。所以我們對此感到滿意。任何併購交易都會面臨非常高的門檻。我們對目前的策略步伐和所處領域都非常滿意。所以，以上就是我們想說明的具體情況，也就是說，我們對目前的資本配置策略感到滿意，暫時不需要做出任何改變。

Great. Why don't I take password sharing? I think there's two answers to that. The first one is to say we -- and I talked about this in my prepared remarks, we still regard ourselves as playing in these very big spaces, news coverage broadly defined and then sports, games, recipes, shopping advice, all of which have a lot of running room in them. So we see a really big market opportunity and regard ourselves as still having lots of room to penetrate there.

偉大的。我為什麼不選擇密碼共享？我認為這個問題有兩種答案。首先要說的是——我在事先準備好的演講稿中也談到了這一點——我們仍然認為自己身處非常廣闊的領域，包括廣義的新聞報道，以及體育、遊戲、食譜、購物建議等等，所有這些都有很大的發展空間。因此，我們看到了巨大的市場機會，並認為自己還有很大的拓展空間。

So that should give you a sense of how we think about password sharing as like potentially an opportunity down the line, but we're still in a phase of really wanting to bring more people into using and engaging with The Times.

所以這應該能讓你了解我們如何看待密碼共享，並認為它可能在未來是一個機會，但我們目前仍然處於希望吸引更多人使用和參與《泰晤士報》的階段。

And the way we've done that so far, like in the last six or nine months is with our family plan, which we are incredibly excited about. So that's almost like the carrot version of password sharing family plan is going very, very well. And I would say it's got three elements to it that really work for us. One, it is a sort of further penetration move and it is helping us do that. People are bringing new people into an opportunity to engage with The Times, and we're very excited about that.

而我們目前為止，例如在過去的六到九個月裡，都是透過我們的家庭計畫來實現這一目標的，我們對此感到非常興奮。所以，密碼共享家庭計畫的激勵機制似乎進展得非常順利。我認為它有三個要素對我們來說非常有效。第一，這是一種進一步滲透的舉措，它正在幫助我們實現這一目標。人們正在為《泰晤士報》帶來新的受眾，我們對此感到非常興奮。

That's our own subscribers, getting other people in their lives to subscribe. And a lot of the things we do at The Times are sort of fundamentally shared or shareable experiences. The second thing to say with family plan is because it is priced at a premium, it's just like additive out of the gate to revenue and the same -- again, the carrot version of using password sharing crackdown as the stick.

那是我們自己的訂閱用戶，讓他們身邊的人也訂閱。我們在《泰晤士報》所做的很多事情，從根本上來說都是可以分享或共同經歷的事情。關於家庭計劃，第二點要說的是，由於其定價較高，它就像是從一開始就增加收入一樣——同樣，這是用打擊密碼共享作為懲罰手段的胡蘿蔔版本。

And then the third thing to say is like a broad point that our whole model runs on very strong engagement from people and family plan is yet another way to improve engagement of our subscribers and ultimately, retention. We've long had the insight if we can get you first, it was to read across more topics, you'd be more likely to stay longer, pay, pay more over time.

第三點要說的是，我們整個模式的運作都依賴於使用者的積極參與，而家庭計畫是提高使用者參與度並最終提高使用者留存率的另一種方式。我們早就意識到，如果我們能讓你先看到我們的內容，閱讀更多主題，你就會更有可能停留更長時間，付費，隨著時間的推移支付更多費用。

And then if we could get you to engage with more products, that was true. And now it's if we can get you to do it with the people you love and interact with, that is also true. So our version for now in a certain moment where we still feel like we're relatively early in market penetration of dealing with sort of the -- what you're describing as password sharing is family plan. But I don't rule out something else to algorithm.

如果我們能讓你接觸到更多產品，那確實如此。如果能讓你和你的愛人、與你互動的人一起做這件事，那也是真的。所以，目前我們的版本是，在某個特定時刻，我們仍然感覺我們處於市場滲透的早期階段，處理您所描述的密碼共享問題，也就是家庭計劃。但我並不排除演算法還有其他因素。

Thomas Yeh, Morgan Stanley.

Thomas Yeh，摩根士丹利。

One more on the video journalism initiative, which sounds like an area you're really deciding to lean in on. I think to date, you've been adding more videos of reporters explaining their work as kind of a brand trust or social media marketing tool.

關於視訊新聞計劃，還有一點需要說明，聽起來你打算在這個領域投入更多精力。我認為到目前為止，你們一直在添加更多記者解釋其工作的視頻，將其作為品牌信任或社交媒體行銷工具。

Can you just talk about how you see the evolution of that product towards something you mentioned may be closer to what we see on linear TV and how that fits into the investment needs that Will referred to?

您能否談談您如何看待該產品向您提到的更接近線性電視的演變過程，以及這如何滿足威爾提到的投資需求？

And then on the non-news single product growth that was again a pretty big contributor to subscriber growth this quarter. I know you'll change the disclosure going forward, but maybe one last time, can you add color on what's been driving that strength across Games or Athletic and what you're seeing there?

此外，非新聞類單一產品的成長也是本季訂閱用戶成長的重要貢獻者。我知道您以後會改變披露方式，但也許最後一次，您能否詳細說明一下推動 Games 或 Athletic 業務強勁增長的因素以及您在那裡看到的情況？

Yes. Thomas, I'm happy to take both of those. The first thing to say about video, and I think you got this in both of our prepared remarks is we just see it as a really big long-term opportunity to establish The Times as a preferred brand for watching news in addition to reading and listening to that news. And there are sort of three parts to it, one of which you're asking about specifically production and then engagement and monetization.

是的。湯瑪斯，我很樂意接受這兩個。關於視頻，首先要說的是，我想你們在我們事先準備好的發言稿中也都聽到了這一點，那就是我們認為這是一個非常重要的長期機遇，可以把《泰晤士報》打造成為除了閱讀和收聽新聞之外，觀看新聞的首選品牌。它大致分為三個部分，其中一部分是你具體詢問的製作，另一部分是參與度和盈利。

In terms of production, which is what I think you're pushing on, you can regard us as being in a phase where we're really beginning to scale it. And I think to your point, what we feel really good about from 2025 is we've arrived at sort of two things, one, scalable formats, and I'll name them and also kind of a video language for The Times that feels like it's really, really working. So what does that look like? You mentioned reporter videos. We are scaling that up.

就生產而言（我認為這是你們正在努力的方向），我們可以認為我們正處於一個真正開始擴大規模的階段。我認為正如你所說，我們對 2025 年感到非常滿意的是，我們已經實現了兩件事，一是可擴展的格式（我會列舉出來），二是《泰晤士報》的視頻語言，感覺它真的非常有效。那具體是什麼樣子呢？你提到了記者拍攝的影片。我們正在擴大規模。

And one of the inherent advantages we have in the model is an enormous -- one of the world's most robust reporting forces. So you can imagine how that scales. In addition to reporter video, I think we've really distinguished ourselves and are still in early days of it with what we call visual investigations. You've seen a lot of that recently. That is something we're doing more and more of.

該模式固有的優勢之一是擁有巨大的——世界上最強大的報道力量之一。所以你可以想像這會造成多大的規模影響。除了記者拍攝的影片之外，我認為我們在視覺調查方面也真正脫穎而出，儘管我們目前仍處於起步階段。最近你一定看到了很多這樣的事情。這是我們正在越來越多地做的事情。

I think that becomes even more important in sort of a low-trust environment. We're just showing more. So they're straightforwardly showing more of what is happening when a reporter is on the scene somewhere in news clips. And then we've made a really deliberate effort to turn our hit podcast in most cases, into full bore video shows, and that's going very, very well.

我認為在信任度較低的環境下，這一點就顯得更加重要了。我們只是展示更多內容而已。所以，他們直接在新聞片段中展示了記者在現場所發生的事情。然後，我們刻意地將我們熱門的播客節目在大多數情況下都改編成完整的視頻節目，而且效果非常好。

And in terms of where all that is playing out, you're seeing us do that in our new Watch tab, which we launched last year in the core app of The Times, and that's -- it's early days, but we're very, very happy with what we're seeing there so far. And then also putting more of our video in all the places people engage with news of platform, which we think is a really important part of our long-term engaged audience growth strategy. So we feel very good about all that.

至於這一切的實現方式，您可以看到我們在去年《泰晤士報》核心應用程式中推出的全新「Watch」標籤頁中實現了這一點，雖然現在還處於早期階段，但我們對目前為止看到的結果非常非常滿意。此外，我們還將把更多影片內容放到人們與新聞平台互動的所有地方，我們認為這是我們長期吸引受眾成長策略中非常重要的一部分。所以我們對這一切都感到非常滿意。

The most important thing to say is its early days and the phase we're in right now is really ramping up that production and building a wide engaged audience for it. So more engagement from the people we already have and then net new audience to engage with video. I think your second question was about single product.

最重要的是要說明，目前還處於早期階段，我們正在全力提升產量，並努力建立一個廣泛的、積極參與的受眾群體。這樣既能提高現有用戶的參與度，又能吸引新用戶觀看影片。我認為你的第二個問題是關於單一產品的。

Growth in non-news.

非新聞類增長。

Yes, growth in non-news. I'll just say we're really pleased with the strong net adds growth in the quarter. I'd say it's our strategy working as designed. And as you've heard us say before, the great thing about the model is we have multiple levers for growth and the different levers, the different products in the portfolio are going to play different roles at different times. And I would even say all of our products played some role in the quarter, and that is almost always true depending on the time of year.

是的，非新聞領域有所成長。我只想說，我們對本季強勁的淨新增客戶成長感到非常滿意。我認為這是我們的策略按預期奏效了。正如我們之前所說，這種模式的優點在於我們有多種成長槓桿，不同的槓桿，產品組合中的不同產品，將在不同的時間發揮不同的作用。我什至可以說，我們所有的產品都在本季度發揮了一定作用，而且這種情況幾乎總是如此，這取決於一年中的時間。

Some are driving subscriber growth, some are driving audience engagement, but it's all sort of a system that's working together, and we're super excited about what we saw in the quarter.

有些因素推動了訂閱用戶成長，有些因素推動了用戶參與度提升，但它們都在共同作用，構成了一個整體，我們對本季的成果感到非常興奮。

Kutgun Maral, Evercore.

Kutgun Maral，Evercore。

One on ARPU and a follow-up on costs. On the digital-only subscriber ARPU side, growth has historically been a highlight over the last few quarters, up in the 3% to 4% range. That growth decelerated a bit more than expected in the quarter. Based on your Q1 outlook, it certainly seems like overall digital-only subscription revenue growth will remain healthy. But any more color on ARPU specifically and the moving pieces for 2026 would be appreciated.

一項關於每位使用者平均收入（ARPU）的研究，以及一項關於成本的後續研究。從純數位用戶平均每用戶營收（ARPU）來看，過去幾季的成長一直是亮點，增幅在 3% 到 4% 之間。本季增速放緩幅度略超預期。根據你對第一季的展望，整體而言，純數位訂閱營收的成長似乎仍將保持健康水準。但如果能提供更多關於 ARPU 的具體資訊以及 2026 年的各種因素，那就太好了。

And to follow up with another question on costs, Will, I appreciate that you don't guide beyond the quarter, but I think despite the very attractive strength in net adds, advertising, free cash flow and other parts of the story, there will be some consternation on costs.

關於成本問題，Will，我知道你不會對季度後的情況做出預測，但我認為，儘管淨新增客戶、廣告、自由現金流和其他方面都表現得非常強勁，但成本問題仍然會令人擔憂。

So I just wanted to see if there's anything more you can share on the trajectory over there. Should the takeaway be that the high single-digit growth range exiting 2025 in the first quarter of 2026 is perhaps the new normal? Or should we expect a deceleration back to the mid-single-digit range in the back half of the year as you begin to lap some of these investments in video?

所以我想看看你是否還能分享一些關於那邊發展軌跡的資訊。我們是否可以得出結論：2025 年底至 2026 年第一季的高個位數成長率或許將成為新的常態？或者，隨著你在視訊領域的一些投資逐漸收回成本，我們是否應該預期下半年增速會放緩至個位數中段？

Yes, I'll take both of those. Why don't we just start with the second one. I think the key thing to say there is simply that we remain very focused on sustaining not just the healthy revenue growth, but also AOP growth and margin expansion. So very disciplined on costs and investments, and I described that in my remarks. And I think that's the framework that I want to make sure to leave you with that we're very focused on.

是的，這兩個我都要。我們不如先從第二個開始吧。我認為關鍵在於，我們將繼續專注於維持健康的營收成長，以及年度營運利潤成長和利潤率擴張。他們在成本和投資方面非常自律，我在演講中也提到了這一點。我想確保留給大家的，也是我們非常重視的框架。

I'll move to ARPU. I totally appreciate the question. We sort of provide, as you noted, quarterly guidance on digital subscription revenue growth, which is the thing that we're trying to maximize over the long term. And that's a function of both our sub base and our ARPU. And as you've seen and can expect to continue, ARPU growth in any given quarter can fluctuate for a variety of reasons. Those can be the volume and mix of sub additions and where the -- what's the nature of the sub? Are they on a promotion? Are they tenured? Are they international, domestic? We have some different pricing. And then the timing of targeted price increases can play a role as well.

我將轉向ARPU（每位使用者平均收入）。我非常感謝你的提問。正如您所指出的，我們會提供季度數位訂閱營收成長指引，這也是我們長期努力實現的目標。這取決於我們的用戶基數和每位用戶平均收入。正如你所看到的，而且可以預見的是，任何一個季度的 ARPU 成長都會因各種原因而波動。這些可以是低音增強的音量和混合比例，以及低音增強的性質是什麼？他們是不是在搞促銷？他們是終身教職人員嗎？它們是國際性的，還是國內的？我們的定價方式略有不同。此外，有針對性的價格上漲時機也會發揮一定作用。

So as you noted in our guidance, we're expecting strong digital sub revenue growth in Q1 of 2026. And I think it's maybe worth calling out as we begin '26, some of the color you asked for, we do expect, in particular, to see the benefit of an increase in the digital bundle price to $30 from $25. A tenured cohort of bundled subscribers began paying those higher prices in Q1. And as we had expected from some of our earlier testing, we tend to test all of our pricing. The results so far are very encouraging.

正如您在我們發布的指導方針中所提到的，我們預計 2026 年第一季數位訂閱收入將實現強勁成長。我覺得在 2026 年伊始，或許值得一提的是，你們要求的一些顏色，我們確實預計，特別是數位捆綁包價格從 25 美元上漲到 30 美元，將會帶來好處。第一季度，一群長期訂閱捆綁套餐的用戶開始支付更高的價格。正如我們之前的一些測試所預期的那樣，我們傾向於測試我們所有的定價。目前的成果非常令人鼓舞。

So while we don't guide to ARPU specifically, overall, we continue, as I said, to be pleased with the health of the ARPU drivers, and we see multiple factors that are giving us confidence in our ARPU trajectory over time. At the basic level, we're continuing to add value to our products. As they become more valuable, we're seeing strong audience and subscriber engagement. So an appreciation among our audience for that value. And then we remain pleased with the performance of our pricing step-up points, including when we raise prices on some groups of tenured subscribers.

因此，雖然我們沒有專門針對 ARPU 進行指導，但總體而言，正如我所說，我們對 ARPU 驅動因素的健康狀況感到滿意，並且我們看到多種因素讓我們對 ARPU 的長期發展軌跡充滿信心。從根本上來說，我們一直在為我們的產品增加價值。隨著它們的價值不斷提升，我們看到了觀眾和訂閱者的高度參與。因此，我們的觀眾對這種價值表示讚賞。而且，我們對價格階梯式上漲點的表現仍然感到滿意，包括提高部分長期訂戶群體的價格。

Jason Bazinet, Citi.

Jason Bazinet，花旗集團。

Sorry to do this, another one on costs. So you said in the fourth quarter, the expenses were a bit higher because of incentive comp. But going forward, it's more of the investments you're making. Is the incentive comp just sort of spread across all the cost items you disclosed? Or is it isolated in one? And same thing on the video investments. Are those across

很抱歉再說一遍，這是關於成本的問題。所以您說，第四季支出略高，是因為有激勵性薪酬。但展望未來，更重要的是你所做的投資。激勵性薪酬是否只是簡單地分攤到你所揭露的所有成本項目？或者它只是孤立存在的？視訊投資也是如此。那些對面

I appreciate the question. Yes. So let me take the Q4 dynamic there. As I said, primary reason for the difference between the guidance and what we came in at those higher expenses were associated with the incentive compensation programs and our financial outperformance.

感謝您的提問。是的。那麼，讓我把第四季的動態也帶到那裡。正如我所說，造成預期與實際支出有差異的主要原因是激勵性薪酬計畫和我們超額的財務表現。

Now I'll note here that, for example, having such strong advertising revenue performance meaningfully higher than our expectations in Q4, which is a very big ad quarter, has an impact on the full year and multiyear financials that are tied to our incentive plans. And that did impact your question, all four of our expense lines in the quarter. G&A was where that impact was the most obvious, but it might also be helpful for me in response to your question to note that it's also kind of its impact on sales and marketing line in particular.

現在我要指出，例如，第四季度（廣告收入非常重要的一個季度）廣告收入表現如此強勁，遠超我們的預期，這將對與我們的激勵計劃相關的全年和多年財務狀況產生影響。這確實影響了你的問題，影響了我們本季的所有四項支出。G&A（一般及行政費用）受到的影響最為明顯，但為了回答你的問題，我或許也需要指出，它對銷售和行銷部門的影響尤其顯著。

As we disclosed in our earnings release, our marketing media expenses in the quarter were up only 1.8%. So higher compensation expenses were also a factor in why that overall sales and marketing line was up over 11.5% in Q4, and it plays -- it's really in all those lines.

正如我們在獲利報告中所揭露的那樣，本季我們的行銷媒體支出僅成長了 1.8%。因此，更高的薪酬支出也是第四季度整體銷售和行銷支出成長超過 11.5% 的因素，而且它確實影響了所有這些支出項目。

So that's kind of that main story in Q4. Underlying that included we had started to ramp up our video investments and continue to make disciplined investments in those areas that are positioning us for sustainable growth for the long term. And I think that -- I've already talked about that in the context of the guide going forward.

所以這就是第四季的主要故事。其中就包括我們已經開始加大對影片領域的投資，並繼續在這些領域進行有紀律的投資，這將使我們處於長期可持續成長的地位。而且我認為——我已經在後續指南的背景下談到了這一點。

Kannan Venkateshwar, Barclays.

Kannan Venkateshwar，巴克萊銀行。

Meredith, when we look at the growth in advertising, obviously, it looks like there's a lot of upside there. Is it something that you could see as potentially a way to manage your ARPUs in the aggregate? In other words, instead of raising price, would you use some of the advertising to essentially make the product affordable for customers and grow your subscribers a bit faster by leaning in on advertising. So it would be great to get your thoughts on that.

梅雷迪思，當我們審視廣告業的成長時，顯然，那裡有很多上升空間。您認為這是否可以作為整體管理 ARPU 的潛在方法？換句話說，與其提高價格，不如利用一些廣告預算，讓產品價格更親民，並透過加大廣告投入更快地增加訂閱用戶數量。所以很想聽聽您對此的看法。

And then on the AI front, I mean, obviously, there's a lot of litigation expense building on that. But it would be good to get some sense of time lines around this as to when you expect resolution? And when we think about the puts and takes, obviously, there's some licensing fees you could get out of some of these models. But at the same time, how do you view the threats from AI longer term? Like how do you weigh the opportunity versus cost on that front?

而在人工智慧領域，很明顯，由此會產生大量的訴訟費用。但最好能了解一下大概的時間安排，例如預計何時能解決這個問題？當我們考慮買賣作業時，顯然，你可以從這些模型中獲得一些許可費。但同時，您如何看待人工智慧帶來的長期威脅？你如何權衡這方面的機會成本？

Yes. Thanks, Kannan. Let me start on the AI question. And then I think I heard you on the advertising question. If not, you can -- I'll try and answer it, you can redirect me if I didn't hear you quite right.

是的。謝謝你，坎南。讓我們先從人工智慧問題開始。然後，我想我聽到了你關於廣告的問題。如果不行，你可以──我會盡力回答，如果我沒聽清楚，你可以告訴我你的意思。

I would say on AI, we continue to see headwinds. We've been talking about that for a while now. But our strategy of building differentiated products at scale, which are worthy of seeking out and building assets with make us really resilient to those headwinds in a rapidly changing and a pretty low trust ecosystem.

我認為，在人工智慧領域，我們仍面臨許多不利因素。我們已經討論這個問題一段時間了。但是，我們透過大規模打造差異化產品來建立資產的策略，使我們能夠在快速變化且信任度較低的生態系統中真正抵禦這些不利因素。

And over the long term, we believe what we do is going to be even more valuable to consumers and to business partners and ultimately, even the LLMs themselves in an information ecosystem where it's harder and harder to find things that are true and valuable and worthwhile.

從長遠來看，我們相信，在資訊生態系統中，找到真實、有價值、值得關注的資訊越來越難，而我們所做的一切對消費者、商業夥伴，最終甚至對LLM本身將更有價值。

So -- and we're already using, and we've talked about this in prior calls, we're using AI to make our work more accessible to do a number of things in the subscription model. We've got an AI-powered ad product that is really working. So we're already sort of harnessing AI in effective ways to make the business more productive and build our engaged audience.

所以——我們已經在使用，而且我們在之前的電話會議中也討論過，我們正在使用人工智慧來使我們的工作更容易被訂閱用戶接受，從而完成許多事情。我們有一個由人工智慧驅動的廣告產品，它真的非常有效。所以我們已經在以有效的方式利用人工智慧來提高業務效率並建立我們活躍的受眾群體。

I think the question -- do you want to try one more time on the ad question, just to make sure I heard it right, and then I'm happy to answer it.

我認為這個問題——你想再確認一下廣告問題是否正確嗎？如果正確，我很樂意回答。

Sure. I mean, basically, the question is you can get ARPUs through advertising or through subscription fees. So is there a path where you -- because your advertising revenues are growing faster, you grow prices slower and therefore.

當然。我的意思是，基本上，問題在於你可以透過廣告或訂閱費獲得每用戶平均收入 (ARPU)。所以是否存在這樣一種路徑：因為你的廣告收入成長更快，所以你降低價格，因此。

I see what you're asking. Yes. Let me just say, broadly, one of the things that we are most excited about in terms of our strategy and our model, and I talked about this in my prepared remarks, one of the unique advantages that The Times has is we have this multi-revenue stream model, and you saw that really working.

我明白你的問題了。是的。讓我概括地說，就我們的策略和模式而言，我們最興奮的事情之一，也是我在準備好的發言稿中談到的，是《泰晤士報》擁有的獨特優勢之一，那就是我們擁有這種多收入來源模式，你們也看到了它確實有效。

And so particularly as we focus on building a larger and more valuable New York Times Company, the sort of what powers that is building our engaged audience and having an opportunity to monetize that audience, particularly as we're building in early chapters through advertising is awesome.

因此，尤其是在我們專注於打造一個規模更大、更有價值的《紐約時報》公司之際，推動這一目標的動力來自於建立我們活躍的受眾群體，並有機會將這些受眾群體變現，尤其是在我們早期階段通過廣告進行建設的情況下，這非常棒。

And you're really seeing that play out. And I could talk about that literally in every part of the portfolio, and every part of the portfolio contributed to the ad success in 2025, and we expect every part of the portfolio to play a role going forward. But in places like Games, we've got -- we now -- I think we have 11 games now and six of them and maybe off by one, I think, are free games, and we monetize the enormous amount of engagement we get with our free games first through advertising, and that's a great and exciting aspect of the business.

而你現在真的看到了這種情況發生。我可以在投資組合的每個部分都談到這一點，投資組合的每個部分都為 2025 年的廣告成功做出了貢獻，我們預計投資組合的每個部分在未來都會發揮作用。但在遊戲領域，我們現在有——我想我們現在有 11 款遊戲，其中 6 款（可能差一款）是免費遊戲，我們首先透過廣告將免費遊戲帶來的巨大參與度變現，這是這項業務中一個很棒也很令人興奮的方面。

And as we build The Athletic and really widen people's understanding of the power of The Athletic, if you're a sports fan and what it can do and really make the audience bigger, we've been very, very happy with what it can do as a commercial business as an ad business. So I'd regard it as a whole system working together. And ultimately, what we're doing is also building funnels for future subscription growth, and it all kind of works together. It's all very deliberate.

隨著我們不斷發展壯大 The Athletic，並真正加深人們對 The Athletic 的力量的理解（如果你是一名體育迷，你會了解它能做什麼，並真正擴大受眾群體），我們對它作為商業廣告業務所能取得的成就感到非常非常滿意。所以我認為它是一個協同運作的整體系統。最終，我們所做的也是為未來的訂閱成長建立管道，而這一切都是相互關聯的。這一切都是精心策劃的。

Okay. Great. Operator, let's take one final question.

好的。偉大的。操作員，我們來回答最後一個問題。

Doug Arthur, Huber Research.

道格·阿瑟，Huber Research。

Last but not least, the -- just on that single product growth, which there's been quite a few questions on. I mean, I guess the question is, are you -- do you remain confident that it's sort of expanding the funnel, expanding the TAM and you are getting or do have the potential to convert strongly engaged single product users to more valuable bundle type subscriptions. Is that working? And then I've got a follow-up.

最後，也是非常重要的一點——僅就單一產品成長而言，對此已經有很多疑問。我的意思是，我想問題是，你是否仍然確信它正在擴大銷售漏斗，擴大潛在市場規模，並且你正在或有可能將高度參與的單一產品用戶轉化為更有價值的捆綁式訂閱用戶。這樣行得通嗎？然後我還有一個後續問題。

My short answer on that, Doug, is yes. We -- this is a whole system. All of the products beyond news broadly defined are playing a role in the funnel. We really like what we see in terms of how it's working. in the subscription funnel and ultimately bringing people into initial products and then being able to engage them more over time. And as we engage them more, they become more valuable to us in multiple ways. So yes, yes, yes to what you're asking.

道格，我的簡短回答是肯定的。我們——這是一個完整的系統。除了廣義的新聞之外，所有其他產品都在資訊漏斗中發揮作用。我們非常滿意它目前的運作方式，尤其是在訂閱管道方面，它能夠最終吸引用戶購買初始產品，並隨著時間的推移與他們建立更緊密的聯繫。隨著我們與他們互動增多，他們在許多方面對我們更有價值。所以，是的，是的，是的，你問的這個問題我都回答了​​。

And I'll just add on the back of that, absolutely to the subscription business. And as Meredith said, the power of those multiple products from Games to The Athletic and supporting the ad results we're seeing is also part of the encouraging story that we're telling.

我還要補充一點，訂閱業務絕對值得發展。正如梅雷迪思所說，從 Games 到 The Athletic，這些眾多產品的力量以及我們所看到的廣告效果，也是我們所講述的令人鼓舞的故事的一部分。

And Cooking and Wirecutter too.

還有 Cooking 和 Wirecutter。

Doug, you had one last follow-up.

道格，你還有最後一個後續問題。

Yes. There's been chatter in the press about the contract negotiations with the news guild. I guess, focused particularly on remote work guidelines. Is there anything to see there? Is there anything you can comment on?

是的。媒體上一直在討論與新聞工會的合約談判事宜。我想，主要重點是遠距辦公指南。那裡有什麼好看的嗎？有什麼想補充的嗎？

We have a long history of working with a number of unions at The Times and productive relationships with all of our unions, and we are, I think, well prepared to move through this contract period as we have been in the past. And we're very confident that The Times will continue to be a great place for, in this case, journalists and ad people who are most of the folks represented in the current negotiation to work.

《紐約時報》與許多工會有著長期的合作歷史，與所有工會都保持著富有成效的關係。我認為，我們已經做好充分準備，像過去一樣順利度過這個合約期。我們非常有信心，《泰晤士報》將繼續成為一個好地方，尤其對於參與目前談判的大多數記者和廣告從業人員。

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。

Great. Well, thank you, everyone, for joining us for the call, and we'll see you next quarter.

偉大的。感謝各位參加本次電話會議，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。