Paramount Global (PARA) 2022 Q3 法說會逐字稿

Good morning or good afternoon. My name is Adam, and I'll be the conference operator today. At this time, I would like to welcome everyone to Paramount Global's Q3 2022 Earnings Conference Call. (Operator Instructions). At this time, I would now like to turn the call over to Anthony DiClemente, Paramount Global's EVP, Investor Relations. You may now begin your conference call.

早安/下午好。我是亞當，今天將擔任這次電話會議的主持人。現在，我謹代表派拉蒙全球公司歡迎各位參加2022年第三季財報電話會議。 （主持人提示）現在，我將把電話會議交給派拉蒙全球公司投資者關係執行副總裁安東尼·迪克萊門特先生。各位可以開始參加電話會議了。

Good morning, everyone. Thank you for taking the time to join us for our third quarter 2022 earnings call. Joining me for today's discussion are Bob Bakish, our President and CEO; and Naveen Chopra, our CFO. Please note that in addition to our earnings release, we have trending schedules containing supplemental information available on our website.

各位早安。感謝各位抽空參加我們2022年第三季財報電話會議。今天與我一同參與討論的有我們的總裁兼首席執行官鮑勃·巴基什(Bob Bakish)和首席財務官納文·喬普拉(Naveen Chopra)。請注意，除了財報發布之外，我們還在網站上提供了包含補充資訊的趨勢圖表。

I want to remind you that certain statements made on this call are forward-looking statements that involve risks and uncertainties. These risks and uncertainties are discussed in more detail in our filings with the SEC. Some of today's financial remarks will focus on adjusted results. Reconciliation of these non-GAAP financial measures can be found on our earnings release or in our trending schedules, which contain supplemental information and in each case, can be found in the Investor Relations section of our website.

我想提醒各位，本次電話會議中某些陳述屬於前瞻性陳述，涉及風險和不確定性。這些風險和不確定性已在提交給美國證券交易委員會（SEC）的文件中進行了更詳細的討論。今天部分財務報告將聚焦在調整後的績效。這些非GAAP財務指標的調節表可在我們的盈利報告或趨勢分析表中找到，其中包含補充信息，並且均可在我們網站的投資者關係欄中找到。

And now I will turn the call over to Bob.

現在我將把電話交給鮑伯。

Good morning, everyone, and thank you for joining us. Today, I'll share some highlights from our third quarter and give you my perspective on the road ahead. Naveen will then take you through the numbers, and then we'll open it up for questions. In the third quarter, Paramount continued to execute on our differentiated strategy to deliver compelling entertainment experiences for the world's consumers while creating value for our partners and shareholders. That strategy is firmly grounded in 3 key strengths: first, our broad range of popular content; second, our unmatched array of platforms; and third, our truly global operating reach.

各位早安，感謝各位的參與。今天，我將與大家分享我們第三季的一些亮點，並展望未來的發展方向。之後，Naveen 將為大家解讀相關數據，然後我們將開放問答環節。第三季度，派拉蒙繼續貫徹我們差異化的策略，致力於為全球消費者提供引人入勝的娛樂體驗，同時為我們的合作夥伴和股東創造價值。這項策略牢牢紮根於三大核心優勢：首先，我們擁有豐富多元的熱門內容；其次，我們擁有無與倫比的平台組合；第三，我們真正意義上的全球營運網絡。

I'm happy to report that our robust content engine fire on all cylinders in the quarter, producing a broad range of captivating stories with engaging characters and settings for lovers of content of all kinds. As the only media company with 5 different platforms, we've delivered this content to an exceptionally large consumer market. Our businesses include the #1 broadcast network, CBS; a portfolio of industry-leading cable networks, many of which are #1 across their respective demographics like Nickelodeon and BET; the #1 free ad-supported streaming TV service in the U.S., Pluto TV; a rapidly scaling subscription service, Paramount+; and a Hollywood studio with 6 #1 hits this year, Paramount Pictures. And for us, it's not just about the U.S. Our global operating footprint includes the largest number of broadcast homes in the world, content production capabilities across Latin America, the U.K., Europe, the Middle East, Africa and Asia Pacific, cable network reach in virtually every key market and deep commercial relationships. And once again, these assets delivered.

我很高興地報告，本季我們強大的內容引擎火力全開，為各類內容愛好者打造了豐富多彩、引人入勝的故事，塑造了鮮活的人物形象，並呈現了引人入勝的場景。身為唯一一家擁有五大平台的媒體公司，我們已將這些內容推送至極為龐大的消費市場。我們的業務包括：排名第一的廣播電視網CBS；一系列行業領先的有線電視網絡，其中許多網絡在其各自的目標受眾群體中排名第一，例如Nickelodeon和BET；美國排名第一的免費廣告支援型串流電視服務Pluto TV；快速發展的訂閱服務Paramount+；以及今年擁有六部票房冠軍影片的好萊塢製片廠。對我們而言，我們的業務範圍遠不止於美國。我們的全球營運網絡覆蓋全球最多的廣播家庭用戶，在拉丁美洲、英國、歐洲、中東、非洲和亞太地區擁有內容製作能力，有線電視網絡幾乎覆蓋所有主要市場，並擁有深厚的商業關係。而這些優勢再次發揮了作用。

In the third quarter, we sustained our strength in TV, grew nicely in film and drove rapid growth in streaming around the world. That said, as I think everyone is aware, this is a complex environment and economic period, and our results for the quarter do reflect some macroeconomic headwinds that are affecting our industry. For us, however, managing through near-term volatility does not mean radically diverging from the strategy that is producing real momentum and positioning Paramount to win in the long run. As we execute, however, we are also taking aggressive precise actions to gain additional efficiency across our cable networks, streaming platforms, advertising sales, marketing and global operations. These will yield cost savings next year as well as long-term strategic benefits. And we're taking advantage of this current market to accelerate these efforts.

第三季度，我們在電視業務方面保持強勁勢頭，電影業務也實現了良好成長，全球串流媒體業務更是實現了快速成長。然而，正如大家所了解的，當前經濟環境複雜多變，本季的業績也反映出一些影響產業的宏觀經濟逆風。但對我們而言，應對短期波動並不意味著要徹底偏離正在產生實際動力、並能幫助派拉蒙在長期競爭中脫穎而出的策略。在執行策略的同時，我們也積極採取精準措施，進一步提升有線電視網路、串流平台、廣告銷售、行銷和全球營運的效率。這些措施不僅將在明年節省成本，也將帶來長期的策略效益。我們將利用當前的市場環境，加速推進這些工作。

With that, let's take a closer look at the quarter and our plans ahead. It all starts with our world-class content with a powerful mix of scripted and unscripted originals, hit movies, news and live sports, we've got something for everyone in the household. Let's start with the incredible run at Paramount Pictures this year. I can't talk about producing great content without mentioning our theatrical releases, where Paramount Pictures has dominated with 6 #1 films.

接下來，讓我們仔細看看本季的業績以及未來的計劃。一切都始於我們世界一流的內容，包括原創劇集和非原創劇集、熱門電影、新聞和體育直播，我們為全家人準備了精彩內容。首先，讓我們來看看派拉蒙影業今年的輝煌成就。談到製作優質內容，就不得不提我們的院線發行，派拉蒙影業憑藉6部票房冠軍影片佔據了絕對優勢。

That string of hits is led, of course, by Top Gun: Maverick. It's now the fifth largest domestic release of all time and the only film in history to be #1 on Memorial Day weekend and #1 on Labor Day weekend in the United States. It was the #1 title in the U.S. in digital home entertainment, its first week of release as well. And we know it will continue to draw big audiences once it comes over to Paramount+ later in the year.

這一系列熱門影片中，領銜的當然是《壯志凌雲：獨行俠》。它目前是美國影史上票房第五高的影片，也是史上唯一一部在陣亡將士紀念日週末和勞動節週末都榮登票房榜首的電影。上映首周，它在美國數位家庭娛樂市場也位居榜首。我們相信，今年稍後登陸Paramount+平台後，它還會繼續吸引大量觀眾。

And now our hard thriller, Smile, released at the end of September has hit it big as our sixth #1 box office film of the year. Made for just $17 million, it's now on track to gross over $200 million globally. Smile will also be the next example of our 45-day theatrical to streaming FAST follow strategy, which gives fans the chance to have the big screen experience before enjoying at home on Paramount+ and which gives us a very compelling return on investment.

我們在九月底上映的硬派驚悚片《微笑》一炮而紅，成為我們今年第六部票房冠軍電影。該片製作成本僅1700萬美元，目前全球票房可望突破2億美元。 《微笑》也將成為我們「45天院線直達串流媒體」快速上線策略的又一力證，該策略讓影迷有機會在影院體驗觀影樂趣，之後再透過Paramount+在家觀看，同時也為我們帶來了極具吸引力的投資回報。

Next, we'll move to broadcast and CBS. 2022's #1 broadcast network, whose fall season is off to a strong start. On the entertainment side, we have 7 of the top 10 shows and more shows in the top 30 than all other broadcast networks combined. This performance is seen in returning favorites were close to 11 million viewers tuned to the season 2 premiere of Ghost, for example, and is seen in new shows like Fire Country, the season's #1 new show.

接下來，我們來看看廣播電視網和CBS。作為2022年收視率最高的廣播電視網，CBS的秋季檔開局強勁。在娛樂節目方面，CBS佔據了收視率前十名中的七席，進入前三十名的節目數量也超過了其他所有廣播電視網的總和。例如，熱門回歸影集《人鬼情未了》（Ghost）第二季首播就吸引了近1100萬觀眾，而新劇《火之國》（Fire Country）更是榮登本季新劇收視榜首。

Fall also means football. And for us, that means the NFL on CBS and on Paramount+. The 2022 season kicked off in September with viewership off to its best start on CBS since 2015, and its best start ever on Paramount+. College Football is off to a strong start as well. And in August, we announced Paramount will air big 10 football games on CBS and on Paramount+ that will kick off next season. That means the biggest and best in college sports will continue to call Paramount Home through the end of the decade.

秋季也意味著橄欖球賽季的到來。對我們來說，這意味著CBS和Paramount+將播出NFL比賽。 2022年賽季於9月拉開序幕，CBS的收視率創下自2015年以來的最佳開局，Paramount+的開局也創下歷史新高。大學橄欖球賽的開局同樣強勁。 8月，我們宣布Paramount將在CBS和Paramount+上播出下賽季十大聯盟的橄欖球比賽。這意味著，大學體育界最精彩、最頂級的賽事將繼續在Paramount平台播出，直到本十年結束。

We don't just have American football. We've got European football, too. In August, we extended the rights to air the UEFA Champions League keeping this marquee property on Paramount+ and CBS for the next 8 years. And I'm thrilled that we did. As so far this season, Paramount+ had dramatic growth in average audience in streaming minutes and in total households. So the outlook is strong, and we are excited that some of the best soccer in the world will keep kicking it on Paramount+ with more games and an expanded playoff format, the deal creates an even more efficient investment for many years to come.

我們不僅擁有美式足球，還有歐式橄欖球。今年8月，我們續簽了歐冠聯賽的轉播權，這意味著未來8年，Paramount+和CBS將繼續播出這項頂級賽事。我為此感到非常高興。本賽季至今，Paramount+的平均觀看時間和家庭用戶數量都實現了顯著增長。因此，前景十分樂觀。我們很高興看到世界上一些最精彩的足球賽事能夠繼續在Paramount+上播出，而且比賽場次更多，季後賽賽制也更加完善。這項合作將在未來多年帶來更有效率的投資回報。

Paramount+ also saw a strong acquisition in the quarter from our slate of original series like SEAL Team and from movie releases, including the psychological horror film, Orphan First Kill; and the triumphant return of our favorite losers in Beavis and Butt-Head Do the Universe.

Paramount+ 在本季也取得了強勁的成長，這得益於我們的原創劇集，例如《海豹突擊隊》，以及電影發行，包括心理恐怖片《孤兒：第一殺戮》；還有我們最喜歡的失敗者組合《癟四與大頭蛋闖宇宙》的凱旋回歸。

This powerful array of popular content is the fuel that continued to drive growth in subscriptions across our streaming platforms in the third quarter. Total global direct-to-consumer subscribers rose to nearly $67 million in the third quarter. And the key driver here was once again, Paramount+, which attracted 4.6 million new subscribers, reaching 46 million total subscribers for our flagship streaming service. In fact, year-to-date, Paramount+ has led the industry in U.S. sign-ups and gross subscriber additions according to Antenna's September 2022 report. Year-over-year revenue from Paramount+ grew 95%.

第三季度，我們旗下各串流媒體平台的訂閱用戶持續成長，這主要得益於一系列熱門內容的強勁推動。第三季度，全球直接面向消費者的訂閱用戶總數增加至近6,700萬美元。其中，Paramount+再次成為關鍵驅動力，新增460萬訂閱用戶，使我們旗艦串流服務的總訂閱用戶數達到4,600萬。事實上，根據Antenna 2022年9月的報告，Paramount+今年迄今在美國的註冊用戶數量和新增訂閱用戶總數方面均領先業界。 Paramount+的年營收年增了95%。

Importantly, these third quarter numbers only begin to reflect the impact of the exciting first-of-its-kind partnership with Walmart. As you probably know, we have a decade-long relationship with Walmart in merchandise and consumer goods. So when the world's largest retailer was looking to enhance its Walmart+ package with a streaming offering, we are thrilled they saw a natural fit with Paramount+. Starting in September, Walmart+ members could begin opting into a Paramount+ essential streaming plant at no extra cost.

重要的是，這些第三季的數據僅僅初步反映了與沃爾瑪這項令人興奮的開創性合作所帶來的影響。您可能知道，我們與沃爾瑪在商品和消費品領域有著長達十年的合作關係。因此，當這家全球最大的零售商尋求透過串流媒體服務來增強其 Walmart+ 會員套餐時，我們很高興他們最終選擇了 Paramount+。從九月開始，Walmart+ 會員可以免費選擇加入 Paramount+ 的基礎串流服務。

Early results have been very encouraging. Paramount+ has great potential to accelerate Walmart+ growth and retention, and we expect the partnership to grow as the marketing program ramps up including an in-store presence for the more than 100 million retail customers who pass through Walmart in the U.S. every week. Innovative partnerships like this are an important element of our pursuit of the largest total addressable market and it's a strategy we've taken global.

初步結果令人鼓舞。 Paramount+ 具有巨大的潛力，能夠加速 Walmart+ 的成長和用戶留存。我們預計，隨著行銷計畫的逐步推進，包括在美國沃爾瑪門市進行線下推廣活動（每周有超過 1 億零售顧客光顧沃爾瑪），雙方的合作關係將進一步深化。此類創新合作是我們追求最大潛在市場的重要組成部分，也是我們在全球推廣的策略。

In the third quarter, we joined forces with powerful partners to debut new streaming offerings in several international markets. We celebrated the Italian launch of Paramount+ in September in partnership with Sky Italia. And later this year, we'll introduce Paramount+ in Germany, Austria and Switzerland with Sky Deutschland; and in France with Canal+, and we continue to strike these kinds of innovative partnerships.

第三季度，我們與實力雄厚的合作夥伴攜手，在多個國際市場推出全新的串流媒體服務。 9月，我們與義大利天空電視台（Sky Italia）合作，在義大利成功上線了Paramount+。今年晚些時候，我們將與德國天空電視台（Sky Deutschland）合作，在德國、奧地利和瑞士推出Paramount+；並與法國Canal+合作，在法國推出Paramount+。我們將持續拓展此類創新合作關係。

In the U.K., we are pleased to announce a new multiyear, multifaceted distribution agreement with Virgin Media. Under that agreement, Paramount+ will debut on Virgin TV in 2023. And Pluto TV will be more widely distributed on Virgin TV 360 and stream service. In the third quarter, we launched Sky Showtime, our joint venture with Comcast in Denmark, Finland, Norway and Sweden. For us, this partnership represents a capital-efficient way to go after smaller markets. For the viewers, it means access to the best entertainment from the entire Paramount family as well as from NBC and Universal Studios.

我們很高興地宣布與英國維珍傳媒（Virgin Media）達成一項新的多年期、多方位的發行協議。根據該協議，Paramount+將於2023年在維珍電視（Virgin TV）上線。 Pluto TV也將透過維珍電視360（Virgin TV 360）和串流服務進行更廣泛的發行。第三季度，我們在丹麥、芬蘭、挪威和瑞典推出了與康卡斯特（Comcast）的合資企業Sky Showtime。對我們而言，這種合作關係代表著一種以資本效率進入較小市場的方式。對觀眾而言，這意味著他們可以欣賞到派拉蒙影業旗下所有影片以及NBC和環球影業的精彩娛樂內容。

Pluto TV, already the top free ad-supported streaming TV service in the U.S. also continues to go global. In September, we announced that Pluto TV will launch in Canada on December 1. Here, too, we have joined forces with another long-standing partner, Corus Entertainment, who bring local content Canadian audiences love and a powerful local ad sales channel to drive monetization. Of course, we are all aware of the ongoing macroeconomic pressures that continue to affect our industry and the ad market in particular.

Pluto TV 已是美國領先的免費廣告支援型串流電視服務，並持續拓展全球市場。今年 9 月，我們宣布 Pluto TV 將於 12 月 1 日在加拿大上線。在加拿大，我們同樣與長期合作夥伴 Corus Entertainment 攜手合作，後者將帶來加拿大觀眾喜愛的本地內容以及強大的本地廣告銷售管道，幫助實現盈利。當然，我們也深知持續的宏觀經濟壓力正影響著我們的產業，尤其是廣告市場。

As we navigate this period, Paramount will continue to rely on the fiscally disciplined approach that has been our advantage in good times and bad. We have always been mindful of cost management as a company, and we are now taking additional steps to improve efficiency across our organization.

在因應這段時期之際，派拉蒙將繼續秉持穩健的財務管理策略，而這項策略無論在順境或逆境中都為我們帶來了優勢。我們始終重視公司的成本控制，現在我們正在採取更多措施來提升整個組織的效率。

For example, we recently announced our intention to reorganize Showtime networks, Showtime OTT and Paramount Television Studios into other parts of the company. This will further align our studios network and streaming operations in ways that enable significant cost reductions and advance our strategic agenda. We're also doing work with respect to international operations, marketing and ad sales.

例如，我們近期宣布計劃將 Showtime 電視網、Showtime OTT 和派拉蒙電視工作室重組到公司其他部門。此舉將進一步整合我們的工作室、電視網和串流媒體業務，從而大幅降低成本並推動我們的策略規劃。此外，我們也在國際業務、行銷和廣告銷售方面開展工作。

And speaking of ad sales, we know that advertisers see us as a cornerstone marketing solutions provider in the U.S. They want to be where the top hits are and even more so in complex economic times. And our combination of the #1 broadcast network, a rapidly growing streaming service and the #1 free ad-supported streaming TV service offer a reach and frequently proposition that no one else can match. In the end, what matters most to our advertisers is the same thing that matters most to our viewers, the product on the screen. That's why we couldn't be more excited about the sensational content coming to Paramount+ and our other platforms in Q4.

說到廣告銷售，我們知道廣告商將我們視為美國市場領先的行銷解決方案提供者。他們希望出現在最熱門的廣告位上，尤其是在當前複雜的經濟狀況下。我們擁有排名第一的廣播電視網、快速成長的串流服務以及排名第一的免費廣告支援型串流電視服務，這種組合提供的覆蓋範圍和廣告投放頻率是其他任何公司都無法比擬的。最終，對我們的廣告商而言，最重要的和對觀眾而言最重要的，都是螢幕上的內容。因此，我們對第四季度即將登陸 Paramount+ 和其他平台的精彩內容感到無比興奮。

Of course, there is the much anticipated return of the biggest hit on television, Paramount Network's, Yellowstone. And through coordinated cross-platform marketing, we will capitalize on the excitement around the premier of the fifth season to help boost the launches of 2 new Taylor Sheridan creations on Paramount+. None other than Helen Mirren and Harrison Ford will lead 1923, the next installment of the thrilling origin story of the Yellowstone Saga, and Sylvester Stallone is premiering in Tulsa King about Mafia Capo building a crew far really far from his old mob family. We're also excited to premier the revival of the popular FBI drama Criminal Minds this quarter, exclusively on Paramount+.

當然，備受期待的熱門影集《黃石》第五季即將回歸，這部由派拉蒙電視網出品的影集備受矚目。我們將透過跨平台聯合行銷，充分利用第五季首播的熱度，協助泰勒謝裡丹的兩部全新作品在派拉蒙+平台上線。其中一部是《1923》，由海倫·米倫和哈里遜·福特主演，講述黃石傳奇的驚險起源故事；另一部是西爾維斯特·史泰龍主演的《塔爾薩之王》，講述黑手黨老大遠離昔日家族，組建新勢力的故事。此外，我們也將在本季獨家登陸派拉蒙+，推出熱門FBI影集《犯罪心理》的重啟版。

With the help of several members of the beloved original cast, we are looking forward to activating the franchise's large existing fan base, which we see paying big dividends for Paramount+. As I mentioned earlier, our big theatrical hit Smile and Top Gun: Maverick will come to Paramount+ in the fourth quarter. And everywhere Maverick goes, it just crushes. So we think that will be a big draw on Paramount+ as well.

在幾位深受喜愛的原班人馬的幫助下，我們期待著激活該系列電影龐大的現有粉絲群體，我們相信這將為 Paramount+ 帶來豐厚的回報。正如我之前提到的，我們的院線大片《微笑》和《壯志凌雲：獨行俠》將於第四季登陸 Paramount+。 《獨行俠》所到之處都取得了巨大的成功。因此，我們認為它也將成為 Paramount+ 的一大賣點。

All in all, we expect all these new titles and highly anticipated events will entice more and more subscribers to Paramount+ in the coming months. In closing, by delivering extraordinary experiences for our consumers, we will continue to demonstrate the long-term value of our broad multi-platform model. At the heart of it, that's the real proposition behind our strategy. And with the momentum we're seeing in the year and the quarter, it's clearly working. With that, I'll turn it over to Naveen to walk you through a more detailed look at our third quarter results, and I look forward to continuing the conversation in our Q&A.

總而言之，我們預計所有這些新片和備受期待的活動將在未來幾個月吸引越來越多的用戶訂閱 Paramount+。最後，我們將繼續透過為用戶提供非凡的體驗來展現我們廣泛的多平台模式的長期價值。這才是我們策略的核心所在。而從我們今年和本季的良好勢頭來看，這項策略顯然行之有效。接下來，我將把發言權交給 Naveen，讓他為大家更詳細地介紹我們第三季的業績，我期待在問答環節繼續與大家交流。

Thank you, Bob. Good morning, everyone. Our third quarter results demonstrate continued execution of our long-term strategy to create broad content for diverse audiences across multiple platforms on a global basis. It's a strategy that offers significant incremental opportunity relative to our traditional business in 3 important dimensions.

謝謝鮑勃。大家早安。我們第三季的業績表明，我們持續推動長期策略，即在全球範圍內跨多個平台為不同受眾創造廣泛的內容。這項策略在三個重要面向為我們的傳統業務帶來了顯著的增量機會。

First, as we've noted previously, streaming offers a total addressable market, which is more than twice the size of linear, excluding China and India. And the incredible ease of consumption with a vast array of content available at home or on the go, in whatever format you want, ad-free or ad-supported means we can connect more consumers with Paramount content than ever before. Second, we expect streaming to be accretive to ARPU over time. In fact, streaming ARPU already exceeds linear ARPU in some international markets. For example, in the U.K. P+ ARPU in the current quarter is over 20% higher than our U.K. linear pay TV ARPU, and our total reach has grown relative to the linear-only world.

首先，正如我們之前提到的，串流媒體擁有龐大的潛在市場，其規模是傳統電視（不包括中國和印度）的兩倍以上。無論在家或外出，用戶都能以任意格式、無廣告或廣告支援的方式輕鬆觀看大量內容，這意味著我們可以比以往任何時候都更有效地將派拉蒙的內容傳遞給更多消費者。其次，我們預期串流媒體將隨著時間的推移提升每位用戶平均收入 (ARPU)。事實上，在一些國際市場，串流媒體的 ARPU 已經超過了傳統電視的 ARPU。例如，在英國，本季派拉蒙付費電視 (P+) 的 ARPU 比我們在英國的傳統付費電視 ARPU 高出 20% 以上，而且我們的覆蓋範圍相對於傳統電視市場也有所擴大。

In the United States, it's worth noting that there are streaming services in the market today with ARPU comparable to or higher than the monthly revenue we generate per linear household. And we believe Paramount+ will achieve these levels of ARPU over time with the implementation of price increases and continued growth and engagement and advertising monetization. Third, we believe long-term operating margins in streaming will approach TV media margins as the benefits of our multi-platform strategy play out.

值得注意的是，目前美國市場上已有串流媒體服務的平均每用戶收入（ARPU）與我們每個家庭的月收入相當甚至更高。我們相信，隨著價格上漲、用戶持續成長、用戶參與度提升以及廣告變現的推進，Paramount+ 的 ARPU 終將達到這一水平。第三，我們相信，隨著多平台策略優勢的逐步顯現，串流媒體的長期營運利潤率將逐漸接近電視媒體的利潤率。

This strategy yields significant efficiencies in marketing expense where our linear networks provide a great promotional platform for Paramount+ and in content expense, where we monetize content like movies and sports across multiple platforms.

該策略在行銷費用方面帶來了顯著的效率提升，我們的線性網路為 Paramount+ 提供了一個很好的推廣平台；在內容費用方面也帶來了顯著的效率提升，我們透過多個平台將電影和運動等內容貨幣化。

Our streaming content expense also benefits from a wealth of fully owned library content and world-renowned franchises that are a highly efficient driver of acquisition and retention. These cost efficiencies do not exist in a pure-play streaming business model. Of course, our investment in streaming does impact near-term profitability. But given the combination of a bigger market opportunity, incremental ARPU and compelling margins, we believe there is significant long-term shareholder value to be created, and we remain committed to this strategy despite the impact of near-term cyclical advertising headwinds.

我們的串流內容支出也受益於豐富的自有內容庫和世界知名IP，這些都是高效的用戶獲取和留存驅動力。純粹的串流媒體商業模式無法提供這些成本效益。當然，我們對串流媒體的投資確實會影響短期獲利能力。但考慮到更大的市場機會、更高的每用戶平均收入 (ARPU) 和可觀的利潤率，我們相信能夠創造巨大的長期股東價值，因此，儘管短期內廣告業面臨週期性不利因素，我們仍將堅持這一戰略。

Now let's get into our third quarter results, which reflect strong D2C growth and box office success, but also macroeconomic conditions and FX impacts on advertising revenue growth. Total company revenue grew 5% in the quarter. Affiliate and subscription revenue rose 8%, continuing to demonstrate that the ecosystem shift from Pay-TV to streaming yields net growth for our business. Theatrical revenue was also a significant contributor to total company growth in Q3. Licensing revenue declined 1% and advertising revenue declined 2%. FX was a headwind to advertising revenue in the quarter, resulting in a 300 basis point impact on the advertising growth rate.

現在讓我們來看看第三季的業績，業績反映了強勁的D2C成長和票房成功，但也受到宏觀經濟狀況和匯率波動對廣告收入成長的影響。公司總收入在本季度增長了5%。聯盟行銷和訂閱收入成長了8%，這繼續表明，從付費電視向串流媒體的生態系統轉型為我們的業務帶來了淨成長。院線收入也是第三季公司總成長的重要貢獻者。授權收入下降了1%，廣告收入下降了2%。匯率波動在本季對廣告收入構成不利影響，導致廣告成長率下降了300個基點。

On a constant currency basis, advertising revenue grew 1% in the quarter. In direct-to-consumer, we added 4.7 million global subscribers, which drove 59% subscription revenue growth. As of September 30, we had a base of 66.5 million global D2C subscribers, including 46 million Paramount+ subscribers. Paramount+ added 4.6 million global subs in the quarter. Note that our quarter end total subscriber count reflects the elimination of 1.9 million Paramount+ subs in the Nordics, following the launch of Sky Showtime in September, which replaced Paramount+ in that market.

以固定匯率計算，本季廣告收入成長1%。在直接面向消費者（D2C）業務方面，我們新增了470萬全球訂閱用戶，推動訂閱收入成長59%。截至9月30日，我們的全球D2C訂閱用戶總數為6,650萬，其中包括4,600萬Paramount+訂閱用戶。 Paramount+在本季新增了460萬全球訂閱用戶。需要注意的是，由於Sky Showtime於9月在北歐市場上線，取代了Paramount+在該市場的地位，因此我們季度末的總訂閱用戶數已扣除北歐地區190萬Paramount+訂閱用戶的流失。

Ubiquitous distribution remained a key theme for Paramount+ this quarter. Domestically, we became the video service for Walmart+. And in Europe, we launched Paramount+ in Italy, including a hard bundle offer with Sky Italia. These bundled distribution partnerships were both important contributors to Q3 sub growth. And despite a lighter slate of new original series in Q3 compared to Q2, other content formats, including sports like NFL and UEFA, movies such as Orphan: First Killl and core CBS programming were significant acquisition drivers.

本季度，Paramount+ 的重點依然在於全方位發行。在美國國內，我們成為了 Walmart+ 的視訊服務商。在歐洲，我們在義大利推出了 Paramount+，並與 Sky Italia 合作推出了捆綁套餐。這些捆綁發行合作都對第三季用戶成長做出了重要貢獻。儘管第三季原創影集數量較第二季有所減少，但其他內容形式，包括 NFL 和 UEFA 等體育賽事、《孤兒怨：第一擊》等電影以及 CBS 的核心節目，都成為了用戶成長的重要驅動力。

In addition to healthy subscriber growth, Q3 also saw robust engagement among Paramount+ subscribers. Daily viewing hours and paid conversion were strong. Paramount+ domestic churn improved both sequentially and year-over-year. Paramount+ ARPU was up year-over-year in the quarter. As we've previously indicated, we are benefiting from a dramatic increase in international ARPU as we continue to expand the P+ subscriber base in higher ARPU international markets.

除了用戶數量健康成長外，第三季 Paramount+ 用戶活躍度也表現強勁。每日觀看時長和付費轉換率均表現良好。 Paramount+ 在美國國內的用戶流失率較上月及年比均有所改善。本季 Paramount+ 的平均每用戶收入 (ARPU) 較去年同期成長。正如我們之前所述，隨著我們在 ARPU 較高的國際市場持續拓展 P+ ​​用戶群，國際 ARPU 的顯著成長也讓我們從中受益。

Subscriber additions, ARPU growth and improved retention helped Paramount+ deliver 100% subscription revenue growth.

用戶成長、ARPU成長和用戶留存率提高，幫助 Paramount+ 實現了 100% 的訂閱收入成長。

Shifting to the advertising side of the D2C segment, Paramount+ benefited from robust impression growth, improving CPMs and consistently high sell-through rates. Pluto TV added 2.4 million global MAUs in the quarter bringing our global reach to 72 million MAUs and total viewing hours grew strong double digits year-over-year. In fact, Pluto TV became the first free ad-supported streaming service to represent a significant enough portion of monthly total U.S. TV viewing to be included in Nielsen's monthly gauge report. Together, Paramount+ and Pluto TV delivered total DTC advertising revenue growth of 4%. Advertising revenue was impacted by the macroeconomic environment.

在D2C廣告領域，Paramount+受惠於強勁的曝光量成長、不斷提升的CPM以及持續高企的銷售轉換率。 Pluto TV本季新增240萬全球月活躍用戶，使其全球月活躍用戶總數達到7,200萬，總觀看時間較去年同期成長兩位數。事實上，Pluto TV成為首個在美國月度電視總觀看量中佔據足夠份額的免費廣告支援型串流媒體服務，並被納入尼爾森的月度收視率報告。 Paramount+和Pluto TV合計為DTC廣告總收入貢獻了4%的成長。廣告收入受到宏觀經濟環境的影響。

But given the engagement trends across our D2C platforms, we are confident growth will reaccelerate when the digital ad marketplace improves. As a whole, the D2C segment delivered 38% year-over-year revenue growth, with total D2C revenue reaching over $1.2 billion in the quarter. D2C OIBDA was a loss of $343 million in the quarter, reflecting investments we're making in content, marketing and international expansion as well as the impact of macroeconomic advertising headwinds.

但鑑於我們D2C平台的用戶互動趨勢，我們相信，隨著數位廣告市場好轉，成長速度將再次加快。整體而言，D2C業務年增38%，本季D2C總營收超過12億美元。 D2C業務本季OIBDA虧損3.43億美元，反映了我們在內容、行銷和國際擴張方面的投資，以及宏觀經濟廣告逆風的影響。

Moving to the TV Media segment. Revenue declined 5% in the quarter. TV media advertising revenue was flat on a constant currency basis. The combination of pricing growth and strength in local station advertising helped offset the impact of lower linear impressions and a softer scatter market. TV media advertising declined 3% on a reported basis due to 300 basis points of FX headwind. TV media affiliate revenue declined 5% in the quarter. Similar to last quarter, the trend in total affiliate revenue for TV Media was affected by the restructuring of international affiliate deals, which proactively shift revenue from our Pay-TV to D2C services.

接下來是電視媒體業務區。本季營收下降5%。以固定匯率計算，電視媒體廣告收入持平。價格上漲和本地電視台廣告的強勁表現，抵消了線性廣告曝光量下降和散播市場疲軟的影響。由於匯率波動300個基點，電視媒體廣告以報告匯率計算下降3%。本季電視媒體聯盟營收下降5%。與上季類似，電視媒體聯盟總收入的趨勢受到國際聯盟協議重組的影響，這些重組主動將收入從付費電視業務轉移到直接面向消費者（D2C）服務。

TV media licensing revenue declined 9% year-over-year due to a lower volume of programs licensed relative to the year ago period. As we've noted in the past, licensing revenue in any given quarter can be lumpy based on the timing of program deliveries. TV Media OIBDA declined 11% in the quarter to $1.2 billion, largely reflecting the flow-through of lower licensing revenue and the decline in affiliate revenue.

由於授權節目數量較去年同期下降，電視媒體授權收入較去年同期下降9%。正如我們之前指出的，由於節目交付時間的不同，任何季度的授權收入都可能出現波動。本季電視媒體OIBDA下降11%至12億美元，主要反映了授權收入下降和附屬公司收入下滑的影響。

Our filmed entertainment results continue to benefit from the success of Top Gun: Maverick, which was a key contributor to a 48% increase in segment revenue and the delivery of $41 million in segment OIBDA. Top Gun continues to deliver at the box office, was a huge hit in the home entertainment market and we expect will be a driver of subscribers on Paramount+ when the movie comes to the service later this year. On a total company basis, adjusted OIBDA was $786 million in Q3, down 23% year-over-year, reflecting the investments we're making in streaming.

我們的影視娛樂業務業績持續受益於《壯志凌雲：獨行俠》的成功，該片是推動該業務板塊收入增長48%並帶來4100萬美元OIBDA的關鍵因素。 《壯志凌雲》票房持續走高，在家庭娛樂市場也大獲成功，我們預計該片將於今年稍晚登陸Paramount+平台，並成為該平台訂閱用戶成長的驅動力。就公司整體而言，第三季調整後OIBDA為7.86億美元，年減23%，這反映了我們在串流媒體領域的投資。

Turning to the balance sheet. We finished the quarter with $3.4 billion of cash on hand and total debt of $15.8 billion. We also maintain a committed $3.5 billion credit facility that remains undrawn. Let's now turn to our outlook for Q4. Starting with D2C subscribers. We're enthusiastic about both domestic and international momentum at Paramount+ and expect to see healthy Q4 sub growth, driven by the combination of a powerful content slate, expanded partnerships and new market launches. We now expect to exceed our full year global D2C subscriber growth expectation of 75 million global subs, excluding the removal of subscribers to our services in Russia.

接下來看一下資產負債表。本季末，我們持有現金34億美元，總負債為158億美元。此外，我們也維持著一筆35億美元的已承諾信貸額度，目前尚未動用。現在讓我們展望一下第四季。首先來看D2C訂閱用戶。我們對Paramount+在國內外的發展勢頭都充滿信心，並預計在強大的內容陣容、拓展的合作夥伴關係以及新市場的推出等因素的共同推動下，第四季度訂閱用戶將實現穩健增長。我們現在預計，在不計入俄羅斯用戶流失的情況下，全年全球D2C訂閱用戶成長將超過先前7,500萬的預期。

With respect to financials, we expect continued macroeconomic weakness, particularly in the advertising marketplace, will affect Q4 TV media and D2C OIBDA as we now anticipate the year-over-year rate of change in total company advertising in Q4 to be similar to what we reported in Q3. Longer term, while we continue to invest to support strategic growth, as Bob noted, we're also accelerating opportunities to improve efficiency in multiple parts of the business. In addition to reorganizing Showtime networks, we're taking steps to further align our U.S. and international operations, applying a more global mindset to content and platforms, which will yield both economic and strategic benefits.

財務方面，我們預計宏觀經濟持續疲軟，尤其是在廣告市場，將影響第四季度電視媒體和D2C業務的OIBDA（營業利潤調整後折舊及攤銷前利潤），因為我們預計第四季度公司整體廣告收入的同比變化率將與第三季度報告的數據相近。長期來看，正如鮑伯所指出的，在我們繼續投資以支持策略成長的同時，我們也在加速推進業務多個環節的效率提升。除了重組Showtime電視網之外，我們還在採取措施進一步協調美國和國際業務，以更全球化的視角看待內容和平台，這將帶來經濟和戰略上的雙重效益。

On the marketing side, we're prioritizing resources and media spend to those segments with the highest growth potential. And finally, we are taking the next step in the evolution of our advertising sales organization, streamlining our relationships with the major holding companies to provide single-point access to our industry-leading array of advertising solutions. The financial expression of these changes will start to manifest in 2023 while also benefiting us in future years.

在行銷方面，我們將資源和媒體投入優先投向最具成長潛力的細分市場。最後，我們正在推動廣告銷售組織的下一步發展，精簡與主要控股公司的合作關係，以便為客戶提供一站式服務，以獲取我們行業領先的廣告解決方案。這些變革的財務影響將於2023年開始顯現，並在未來幾年持續惠及我們。

Bigger picture, our financial discipline, our unique asset mix, our differentiated strategy and the significant incremental opportunity presented by streaming give me confidence we can navigate the complex near-term macro environment while positioning the company to maximize long-term value. With that, operator, we can now open the line for questions.

從更宏觀的角度來看，我們嚴謹的財務管理、獨特的資產組合、差異化的策略以及串流媒體帶來的巨大成長機遇，都讓我有信心我們能夠應對複雜的短期宏觀環境，同時確保公司實現長期價值最大化。好了，接線生，現在我們可以開始提問了。

(Operator Instructions) And the first question today comes from Michael Morris from Guggenheim Partners.

（操作員說明）今天的第一個問題來自古根漢合夥公司的麥可莫里斯。

Bob, I'm wondering if you can share any updated thoughts on the Showtime service as compared to the Paramount+ service, maybe specifically how you feel about continuing to run them as separate businesses with the potential for a bundle versus having a more integrated service between the 2? Where -- what are you thinking about that going forward?

鮑勃，我想問你對 Showtime 服務和 Paramount+ 服務有什麼最新的看法，特別是你對繼續將它們作為獨立業務運營，並有可能推出捆綁銷售服務，還是將兩者整合為一個更全面的服務有什麼看法？你對未來有什麼規劃？

And if I could, Naveen, both you and Bob talked about a number of puts and takes going forward, including the potential for some more aggressive cost savings. Can you opine at all on how you're feeling about free cash flow into 2023, whether you think there's opportunity for any growth there with these savings or whether you think the -- you talked about peak losses at the D2C side next year, whether you expect that to be heavier.

納文，如果可以的話，我想問一下，你和鮑伯都談到了未來一些可能出現的問題，包括更積極的成本節約措施。能否就2023年的自由現金流發表一下看法？你認為這些節約措施是否會帶來成長機會？或者你認為──你提到明年D2C業務的虧損將達到高峰──你預期虧損會更大嗎？

Yes. Sure, Michael. So I'll take the first part of that. As you know, we've been offering a Showtime, Paramount+ bundle for a while. That was initially a price bundle, and there we saw some nice churn benefit -- and now we have really early success with an integrated app bundle. It's definitely exceeded our expectations in terms of net adds and engagement. And the reason which we've proven over and over again is that broad works, and upgrading to Showtime inside of Paramount+ adds even more to that experience. And if you haven't, you really should check out that version of Paramount+. It's the version I use, and it's great.

是的，當然，邁克爾。那我先回答第一部分。如你所知，我們推出 Showtime 和 Paramount+ 的捆綁套餐已經有一段時間了。最初這只是一個價格捆綁包，我們從中看到了不錯的用戶流失率提升——而現在，我們推出的整合式應用程式組合包也取得了初步成功。它在新增用戶和用戶參與度方面絕對超出了我們的預期。我們已經反覆證明，覆蓋面廣的策略是有效的，而 Paramount+ 內升級到 Showtime 則進一步提升了用戶體驗。如果你還沒體驗過，真的應該試試這個版本的 Paramount+。我自己用的就是這個版本，非常棒。

Bigger picture, I think this next chapter of Showtime is going to be particularly compelling. As we mentioned, we have a set of in-process organizational moves, and that will see Showtime benefit from further integration with the rest of the company. It will potentially introduce new ways really to create incremental value for both consumers and for distributors. It's going to unlock some significant cost synergies.

從更宏觀的角度來看，我認為Showtime的下一個篇章將會格外引人注目。正如我們之前提到的，我們正在進行一系列組織架構調整，這將使Showtime受益於與公司其他部門的進一步整合。這有望為消費者和發行商創造更多價值，並釋放顯著的成本綜效。

And I think beyond that, what I'm excited about, too, is how this slate of content for Showtime is going to evolve. There's been some early conversations around that. Start with the fact that the Showtime brand will stand really more than ever for thought-provoking, kind of distinctive, often edgy content.

除此之外，我也很興奮的是Showtime的內容將如何發展。我們已經就此進行了一些初步討論。首先，Showtime品牌將比以往任何時候都更代表引人深思、獨樹一格、常常帶有前衛色彩的內容。

And that means that it will continue to be a home for creative ideas. But in parallel, I believe you will see us extract more from some core franchises. We know that franchises work, and we think that's a good play for Showtime as well. And there'll be some incremental benefit from broader Paramount IP. So the road ahead for Showtime is really exciting, and we'll keep you up to date along the way. Naveen?

這意味著它將繼續成為創意的搖籃。但同時，我相信你會看到我們從一些核心IP中挖掘出更多價值。我們知道IP是行之有效的，我們也認為這對Showtime來說是一個不錯的策略。此外，派拉蒙更廣泛的IP也會帶來一些額外的收益。所以Showtime的未來發展令人振奮，我們會隨時向你報告最新進展。納文？

Yes. So to the questions on free cash flow in 2023 and what to expect there. I'd note a few things. I mean, first of all, in terms of the broad trends that are influencing free cash flow. It's really about the ramp in production and marketing investments related to streaming. And then obviously, some of the macro impacts on the advertising marketplace, offset by improvements that we're making both with respect to the cost side of the equation as well as improvements that we're seeing in working capital. And that's an important point because we are very focused on ultimately driving improvements in both earnings and free cash flow.

是的。關於2023年的自由現金流以及預期情況，我想指出幾點。首先，就影響自由現金流的整體趨勢而言，主要取決於與串流媒體相關的製作和行銷投資的成長。其次，廣告市場的一些宏觀影響顯然會被我們在成本控制和營運資本改善的進展所抵銷。這一點非常重要，因為我們最終的目標是提高利潤和自由現金流。

And I think what you'll see in '22 and both in 2023 is that the changes in OIBDA don't necessarily reflect the changes in free cash flow, which is to say the changes in free cash flow are better or lower than the changes in OIBDA because we have made improvements from a working capital perspective. So while it's premature to put any specific numbers on that for '23, I would note that we are still focused on peak D2C losses next year and continuing to apply that formula of improved working capital and realizing the benefit of the cost reductions that we noted, all of which should put us in a position to ultimately improve cash flow and OIBDA trajectory.

我認為，在2022年和2023年，您會看到OIBDA的變化並不一定反映自由現金流的變化，也就是說，自由現金流的變化可能優於或低於OIBDA的變化，因為我們從營運資本的角度進行了改善。因此，雖然現在對2023年的具體數字做出預測還為時過早，但我需要指出的是，我們仍然專注於明年D2C虧損的峰值，並繼續應用改善營運資本的策略，同時實現我們之前提到的成本削減效益，所有這些最終都將使我們能夠改善現金流並提升OIBDA的成長軌跡。

The next question comes from Bryan Kraft from Deutsche Bank.

下一個問題來自德意志銀行的布萊恩‧克拉夫特。

I guess I want to ask you, first, on the Walmart partnership. Just can you comment on how opt-in performance has been so far since the launch in September? Are you finding that there's high awareness among Walmart+ subscribers and any other color on that? And then also, I just wanted to ask you, I mean, given the success you've had with the wholesale distribution of Paramount+, combined with the macroeconomic pressure on advertising, how should we think about Paramount+ ARPU growth and the trajectory it's on going forward?

我想先問您關於沃爾瑪合作的問題。您能否談談自9月上線以來，沃爾瑪+的訂閱用戶參與情況如何？沃爾瑪+的訂閱用戶對沃爾瑪+的認知度如何？還有其他相關資訊嗎？另外，鑑於您在派拉蒙+的批發發行方面取得的成功，以及廣告業面臨的宏觀經濟壓力，我們應該如何看待派拉蒙+的ARPU成長及其未來的發展趨勢？

Yes, sure, Bryan. So as I mentioned in my remarks, we really have a decades-long relationship with Walmart. It's a relationship that's rooted in consumer products and home video. And yes, we have an office in Bentonville. And so when they were looking to add a video offering, we were really thrilled that they saw Paramount+ is the right choice. And part of the reason there as they really described to us was that they see both brands, i.e., Walmart and Paramount, as representing all audiences. The cost, the center of the country, young, old, you name it.

當然，布萊恩。正如我剛才提到的，我們與沃爾瑪有著長達數十年的合作關係。這種合作關係根植於消費品和家庭影音領域。是的，我們在本頓維爾設有辦事處。所以，當他們考慮增加視訊服務時，我們很高興他們最終選擇了 Paramount+。他們向我們解釋的部分原因是，他們認為沃爾瑪和派拉蒙這兩個品牌都代表了所有受眾。無論價格高低，無論地理分佈，無論老少，我們都能滿足他們的需求。

And yet again, I think that's confirmation of the power of our broad positioning built on popular content. So we launched our Walmart Paramount+ partnership in September, and just for the room, any Walmart's customer can choose to opt into Paramount+, and that gives them access to the Paramount+ Essentials product at no incremental cost -- once they opt in, they become a Paramount+ subscriber, and we get paid.

我認為這再次印證了我們基於熱門內容構建的廣泛市場定位的強大力量。因此，我們在9月推出了沃爾瑪與Paramount+的合作計畫。簡而言之，任何沃爾瑪顧客都可以選擇加入Paramount+，這樣他們就可以免費使用Paramount+ Essentials產品——一旦他們選擇加入，他們就成為Paramount+的訂閱用戶，而我們則會獲得收益。

Partnership is off to an excellent start. We really -- I have not seen a more collaborative relationship between 2 big companies than what we have here right now, and that's phenomenal. And we are exceeding our early objectives in terms of number of subscribers that have joined through Walmart+. I think the more important point is the partnership has a long multiyear road ahead of it. To date, we've only done limited marketing, really leveraging some e-mail lists they have and some of our media the full in-store Paramount+ presence, for example, which will reach, I believe it's 140 million-ish customers visiting a Walmart store in the U.S. every week has yet to kick off. And by the way, there 1.4 million employees also get access for the ability to opt into Paramount+. And so we look for this partnership to be driving not only Paramount+ subscribers, but importantly, Walmart+ subscribers as well as they get access to this great benefit for quite some time.

合作開局非常順利。說實話，我從未見過兩家大型公司之間像我們這樣緊密的合作關係，這真是太棒了。而且，透過 Walmart+ 加入的訂閱用戶數量也超出了我們早期的目標。我認為更重要的是，這項合作還有很長的路要走。到目前為止，我們只做了有限的市場推廣，主要利用了他們的一些郵件清單和我們的一些媒體資源。例如，Paramount+ 的店內推廣尚未全面啟動，據我所知，每周大約有 1.4 億顧客會光顧美國沃爾瑪門市。順便一提，沃爾瑪的 140 萬名員工也可以選擇加入 Paramount+。因此，我們期待這項合作不僅能推動 Paramount+ 的訂閱用戶成長，更重要的是，還能推動 Walmart+ 的訂閱用戶成長，因為他們將在未來很長一段時間內享受到這項巨大的福利。

I'd note that we also plan to execute on a multi-platform basis around our IP, and that's things like in-store activations around -- I don't know, PAW Patrol and Turtles next year and many other great franchises. So this is a super powerful example of our belief in partnership. And again, we're thrilled with the early results.

我想指出的是，我們還計劃圍繞我們的IP在多個平台上開展活動，例如明年推出《汪汪隊立大功》和《忍者神龜》等眾多熱門IP的店內推廣活動。這正是我們對合作的堅定信念的絕佳體現。再次強調，我們對目前的成果感到非常滿意。

And I'll jump in on the ARPU side of that question. I think simply put, we are very bullish about the ability to continue to grow ARPU in the streaming business, particularly around Paramount+. As we've spoken about before, there are a number of elements to that, some of which you're already seeing and some of which you'll see in the future. So for example, as I noted in my remarks, we are already seeing the benefit of continued expansion in higher ARPU markets on an international basis, and that's already benefiting ARPU.

我來談談ARPU（每用戶平均收入）方面的問題。簡而言之，我們非常看好串流媒體業務，尤其是Paramount+，ARPU的持續成長潛力。正如我們之前討論過的，這其中涉及諸多因素，有些因素你們已經看到了，有些因素未來才會顯現。例如，正如我剛才提到的，我們已經看到在ARPU較高的國際市場持續擴張帶來的益處，而這確實提升了ARPU。

And as we go forward, we see continued ARPU growth through the combination of both expansion and ad monetization and pricing on the subscription side. And the ad monetization piece, while in the short term is impacted by the marketplace, the fundamental engagement metrics that we see there give us great confidence that increasing consumer engagement will ultimately drive improvements in ARPU as the market returns.

展望未來，我們預期透過拓展業務、廣告變現以及訂閱定價策略的共同作用，ARPU（每用戶平均收入）將持續成長。雖然短期內廣告變現會受到市場波動的影響，但我們觀察到的基本用戶參與度指標讓我們堅信，隨著市場回暖，提升用戶參與度最終將推動ARPU的提升。

And then on the subscription pricing side of it, we definitely see opportunities to increase price on Paramount+, and you will see us do that in the future. I think it's fair to say that pricing is moving higher across the industry, you see that with a number of competing services. And we think that, that means we have room to increase price and ultimately drive ARPU while preserving our value position relative to others. And I think that's true both in the U.S. and in key international markets.

至於訂閱定價方面，我們確實看到了提高Paramount+價格的機會，未來我們也將這樣做。我認為，整個產業的定價都在上漲，這一點從許多競爭服務中都能看出。我們認為，這意味著我們有漲價的空間，最終能夠提高每位用戶平均收入（ARPU），同時保持我們相對於其他服務的價值優勢。我認為這一點在美國和主要的國際市場都適用。

That of course will be smart about how and when we raise price because we'll be looking to do it in ways that minimize any sort of negative churn impact. And that means we'll definitely take advantage of our dual tier offering, which allows us to adjust pricing on each tier independently and means that the essential tier can continue to serve price-sensitive users while still generating compelling levels of ARPU through ad monetization. And we'll also think about pricing in conjunction with how it interacts with our content slate.

當然，我們會謹慎選擇漲價的方式和時機，力求將任何可能造成的負面用戶流失影響降到最低。這意味著我們將充分利用雙層定價模式，該模式允許我們獨立調整每個層級的價格，從而使基礎層級能夠繼續服務於價格敏感型用戶，同時透過廣告變現實現可觀的平均每用戶收入 (ARPU)。此外，我們也會結合內容策略來考慮定價問題。

So we're, as I said, confident we can raise price and that's one part of the bigger ARPU equation that includes continued growth in ad monetization and sub growth in high-value markets.

正如我所說，我們有信心提高價格，這是更大的 ARPU 等式的一部分，其中包括廣告貨幣化的持續成長和高價值市場用戶成長。

The next question comes from Rich Greenfield from LightShed Partners.

下一個問題來自 LightShed Partners 的 Rich Greenfield。

When you look at sort of the success of Top Gun and Smile, it clearly shows us that you made the right decision in pushing both or waiting for both of those titles, and putting them into the box office versus putting them directly on to the streaming service. I think when you talk about sort of scale and reach of theaters, that was a clear benefit to both of those titles. But if you shift gears and you look at something like Halo or 1883. I guess I wonder, would those titles have benefited from being on a platform with more scale than Paramount+, meaning something like Netflix, we just saw NBCU shift Girls5eva from Peacock over to Netflix. And I'm just wondering, how do you think about sort of the pluses and minuses tied to reach and scale when you're deciding whether to put a piece of content on to your own service versus sell it to a third party? And how do you make that decision?

看看《壯志凌雲》和《微笑》的成功，很明顯，你們當初決定讓這兩部影片在戲院上映而不是直接上線串流平台，是正確的。我認為，就戲院的規模和覆蓋範圍而言，這對這兩部影片來說都是顯而易見的優勢。但如果換個角度，看看像《光環》或《1883》這樣的影片，我不禁會想，如果它們上線的平台比Paramount+規模更大，比如像Netflix這樣的平台，會不會更好？我們最近看到NBC環球把《Girls5eva》從Peacock轉移到了Netflix。我想知道，在決定是把一部內容放在自己的平台上還是賣給第三方時，你們是如何權衡覆蓋範圍和規模的利弊的？你們又是如何做出這個決定的呢？

Yes. Sure, Rich. Look, I actually think we and others have talked about this a number of times over the year because it's really -- in a way, it's the arms dealer question embedded in it. And I think it's fair to say people's view on that topic has moved around over time. So as you know, we have 2 objectives: producing cash flow and margins from traditional media; and simultaneously building scale in the most important growth sector in media, which is streaming, really the network for the 21st century.

是的，當然，里奇。你看，其實我覺得我們和其他人今年已經討論過好幾次這個問題了，因為它本質上——某種程度上來說——就像是軍火商的問題。而且我認為，人們對這個問題的看法隨著時間推移而有所變化，這也不無道理。如你所知，我們有兩個目標：一是確保傳統媒體的現金流和利潤；二是同時在媒體領域最重要的成長點－串流媒體－擴大規模，串流媒體才是真正意義上的21世紀網路。

So our strategy around film, to the first part of your question, which is really theatrical leading to streaming. It's absolutely the right call in general, and it certainly worked for those titles, TGM and Smile, because both titles really benefited significantly from the theatrical window, and that's both financially and from a marketing franchise building perspective. And as you know, both are coming to Paramount+ this year, and I'm confident they will be significant drivers, which will really continue our momentum as we scale streaming.

所以，關於您問題的第一部分，也就是我們電影策略的重點是院線發行後再上線串流媒體。總的來說，這絕對是正確的選擇，而且對於《TGM》和《微笑》這兩部影片來說也確實奏效了，因為這兩部影片都從院線窗口期獲益匪淺，無論是在票房還是在打造品牌方面都取得了顯著成效。如您所知，這兩部影片今年都將上線Paramount+，我相信它們將成為重要的推動力，助力我們擴大串流媒體規模，並保持成長動能。

So that goes to your second point. If we're going to build scale streaming assets, which, as you know, we believe is fundamental in the long run. As I said, streaming is the network for the 21st century, and networks always had incremental economics to studio, and they will again. So if we're going to do that, we obviously need to leverage great content. So titles like 1883 and Halo, frankly, they need to be on Paramount+. And by the way, they've both proven very effective on the platform in terms of subscriber acquisition and engagement.

這就引出了你的第二點。如果我們想要建立規模化的串流資產——正如你所知，我們認為這從長遠來看至關重要——正如我所說，串流媒體才是21世紀的電視網絡，而電視網絡一直以來都比製片廠更具經濟效益，未來也依然如此。所以，如果我們想要做到這一點，顯然需要充分利用優質內容。坦白說，像《1883》和《光環》這樣的作品，就應該上線Paramount+。順便一提，這兩部作品在Paramount+平台上都取得了顯著成效，無論是在用戶獲取還是用戶互動方面。

So they are working. In that case, the objective is not about maximum reach. They're key to creating asset value in streaming. And again, we believe that's the superior strategy from a long-term shareholder value perspective versus being a studio-only operation. And that's really the studio only operation is the path you be on if you started moving those to other places. So bottom line, we remain committed to traditional, including theatrical and streaming including through titles like 1883 and for that matter, our films. And we believe that's one of our advantages in the pursuit of shareholder value.

所以它們確實有效。在這種情況下，目標並非追求最大覆蓋率。它們是創造串流媒體資產價值的關鍵。而且我們再次強調，從長遠股東價值的角度來看，這比僅僅依靠製片廠營運要優越得多。如果你開始將這些業務轉移到其他領域，那麼最終走上這條僅依靠製片廠運作的道路才是明智之舉。因此，歸根究底，我們仍然致力於傳統發行管道，包括院線和串流媒體，例如《1883》這樣的影片，以及我們所有的電影。我們相信，這是我們在追求股東價值上的優勢之一。

Next question is from Brett Feldman from Goldman Sachs.

下一個問題來自高盛的布雷特·費爾德曼。

So first, Naveen, thanks for giving us some help and some of thinking about the relationship next year between cash flow and EBITDA. For this year, you're essentially breakeven on cash flow through the first 3 quarters of the year. What are the key swing factors we need to be thinking about for the fourth quarter because sometimes nailing down working capital for us can be a little bit difficult.

首先，Naveen，感謝你幫助我們思考明年現金流和EBITDA之間的關係。今年前三個季度，你們的現金流基本上達到損益兩平。第四季我們需要考慮哪些關鍵的波動因素？因為對我們來說，要確定營運資本有時確實有點困難。

And then you've had a lot of momentum and you expect to still have some momentum in the Paramount+ subscriber base, leveraging the new distribution in the new markets you're in. I'm wondering at what point you're going to -- you expect to be fairly fully distributed, whether it's through partnerships or geographic such that the incremental driver of subscribers is going to increasingly be about driving greater penetration through your content delivery in those markets? Is that something we should be thinking about in 2023? Or do you still think you've got a lot of distribution opportunities as we move into next year?

你們目前發展勢頭強勁，並且預計在Paramount+的訂閱用戶群中，利用新市場的新發行管道，仍能保持成長勢頭。我想知道你們預計何時才能實現相當全面的發行管道覆蓋，無論是透過合作關係還是地域擴張，從而使新增訂閱用戶的主要驅動力更多地來自於在這些市場中透過內容分發提高滲透率？這是我們在2023年應該考慮的問題嗎？或者你們認為明年還有很多發行機會？

Naveen, do you want to start with the Q4 thing, and then I'll take the streaming one?

Naveen，你想先做第四季那部分，然後我再做串流那部分嗎？

Sure. So on expectations for Q4 cash flow, I'd mention a few things. Again, just going back a little bit to what's driving cash flow in Q3, which as I noted earlier, is really about the ramp in production spend and marketing and international launches. And I think of those as sort of negative working capital drivers. Q4 will obviously improve relative to that because we'll get past some of those needs. Now some of that improvement, I expect will be offset by the macroeconomic factors affecting Q4 OIBDA as some of that obviously will flow to cash flow.

當然。關於第四季現金流預期，我想提幾點。首先，回顧一下第三季現金流的驅動因素，正如我之前提到的，主要是生產支出、行銷和國際產品上市的增加。我認為這些因素會造成營運資本的負面影響。第四季的情況顯然會有所改善，因為我們將解決其中的一些需求。不過，我預期部分改善會被影響第四季營業利潤率（OIBDA）的宏觀經濟因素所抵消，因為其中一部分最終會轉化為現金流。

And therefore, I think it's probably most helpful to think about free cash flow on a full year basis. And when you look at it through that lens, as I said earlier, you'll see that the year-over-year change in free cash flow will be significantly smaller than the year-over-year change in OIBDA, which again reflects the progress that we're making in improving working capital, which is very important to us.

因此，我認為以全年為基礎來考慮自由現金流可能會更有幫助。正如我之前所說，從這個角度來看，你會發現自由現金流的同比變化將遠小於OIBDA的同比變化，這再次反映了我們在改善營運資本方面取得的進展，而營運資本對我們來說至關重要。

We're highly focused on the importance of generating free cash flow while we continue to invest in growth. So hopefully, that gives you a little bit of sense of how to think about the full year.

我們高度重視創造自由現金流，同時持續投資成長。希望這能讓您對全年的規劃有所了解。

Yes. And as to your second question on subscriber growth, et cetera, start at the high level. We have absolute confidence in our subscriber growth potential and really the length of the runway here. And it's not just an opinion. It's really informed by data. Remember, we led the U.S. in 2022 in subscriber additions as we simultaneously expanded globally, notably this year to Western Europe. And with respect to the streaming opportunity, we really have a double benefit. Start with the market is large and it is still growing. And then add to that, we're clearly taking share. You see that in '22 unquestionably through the numbers. I'd also point out, it's not just about sub growth for us. We see real ARPU growth, and Naveen commented on that a bit already.

是的。至於你第二個關於使用者成長的問題，等等，先從宏觀層面說起。我們對自身的使用者成長潛力以及未來的發展空間充滿信心。這並非空穴來風，而是基於數據。要知道，2022年我們在美國新增用戶數量領先，同時我們也在全球擴張，尤其是今年進軍西歐市場。就串流媒體市場而言，我們擁有雙重優勢。首先，市場規模龐大且仍在成長。其次，我們的市佔率也在穩定提升。這一點在2022年的數據中顯而易見。我還想指出，對我們而言，用戶成長並非唯一目標。我們看到的是實際的ARPU（每位使用者平均收入）成長，Naveen之前也對此有所提及。

So in general, we feel good. Now when you unpack it and you look at streaming and you look at the drivers, and you start to think about 2023 and beyond, it's really -- and it sounds simplistic, but it's content, what's your slate doing? What are you doing in terms of market expansion and then how you think about partnerships? So our content slate continues to build. It's Killer in Q4. We could talk about that some, if you want, and that's going to run right into '23, and that's not just in the U.S., that's on a global basis. So we feel very good about that. And obviously, we have a longer-term content plan where we continue to build series, Paramount movies, et cetera.

總的來說，我們感覺不錯。現在，當你深入分析，審視串流媒體業務及其驅動因素，並開始思考2023年及以後的發展時，你會發現——這聽起來可能很簡單，但關鍵在於內容，在於你的節目安排，在於你在市場拓展方面做了哪些努力，以及你如何看待合作關係？我們的內容儲備正在不斷增加。第四季將會非常精彩。如果你想了解更多，我們可以詳細討論一下，而且這個計劃將持續到2023年，這不僅限於美國，而是遍及全球。所以我們對此非常有信心。顯然，我們還有一個更長遠的內容計劃，我們將繼續打造劇集、派拉蒙電影等等。

If you look at market expansion, we're ending '23 with the completion really of Western Europe, which means that's going to drive -- we're ending '22, sorry, with the completion of Western Europe, and that's going to drive '23. We're going to do some stuff in terms of additional market expansion in '23, and we haven't talked about that yet. So put a pin in it. But I also want to point out that just because you launched in a market, that doesn't mean you get all the subs right away. Take the U.K. as an example. Sure, we launched with Sky in hard bundle, and that's performing very well. We're happy, our partners happy, et cetera. We've also launched in channel stores and direct D2C.

如果著眼於市場擴張，我們將在2023年底基本完成西歐市場的拓展，這意味著──抱歉，應該是2022年底完成西歐市場的拓展，這將推動2023年的發展。我們將在2023年進行一些額外的市場擴張工作，但目前還沒有具體討論。所以，請暫時擱置。但我也想指出，即使你已經在一個市場推出服務，也不代表你能立即獲得所有用戶。以英國為例。當然，我們最初是透過與Sky的捆綁套餐合作推出的，而且效果非常好。我們很滿意，我們的合作夥伴也很滿意等等。此外，我們也透過頻道商店和直接面向消費者（D2C）管道推出了服務。

And then now today, we announced that Virgin is going to put Paramount+ on Virgin TV. So these markets will build over time. So it's not just about the entry point. It's about deepening your participation market by market. And by the way, including in the U.S. benefiting from both your content slate and incremental partners. So again, big picture, we feel very good about the size of this market. We feel very good about our ability to take share. We're doing that today. And we feel very good about the road ahead. This is going to be one of the cornerstone services for the world's consumers, and we are most certainly on that path.

今天，我們宣布維珍集團將在維珍電視上推出派拉蒙+。這些市場會隨著時間的推移而逐步發展。所以，關鍵不僅在於切入點，而是逐步深化市場參與。順便一提，在美國，我們也能從內容庫和新增合作夥伴中獲益。總而言之，我們對這個市場的規模非常有信心，也對自身取得市場佔有率的能力充滿信心。今天，我們正在這樣做。我們對未來的道路也充滿信心。這將成為全球消費者的基石服務，而我們正朝著這個方向穩步前進。

The next question comes from Douglas Mitchelson from Credit Suisse.

下一個問題來自瑞士信貸的道格拉斯·米切爾森。

Bob, so a multipart question on advertising. So Bob, any further context around advertising trends you're willing to offer? Are you seeing broad weakness or certain categories pulling back? Anything on how that softness is sequencing in 4Q. Some companies are saying they're seeing stabilization the declines, others are saying, continues to weaken. So anything there?

鮑勃，關於廣告，我有幾個問題。鮑勃，關於廣告趨勢，你還有什麼補充說明嗎？你觀察到的是整體疲軟，還是某些特定類別的廣告收入下降？第四季這種疲軟態勢的發展情況如何？有些公司說下滑趨勢已經穩定，有些公司則表示下滑仍在持續。你有什麼看法？

And then Naveen, you talked about improving advertising monetization. One of the big debates for streaming and free TV recently, obviously is what level CPMs can be achieved, especially as targeting has improved. And I think some of the premium, the CPM goals out there for some of the newer services are well above what you guys might be getting currently. So I'm just curious, what are the ad monetization efforts? When do they start to layer in? And specifically, what kind of upside do you see as your targeting efforts improve?

納文，你剛剛談到如何提高廣告變現效率。最近，串流媒體和免費電視領域的一大爭論點顯然是CPM（每千次展示成本）的上限，尤其是在定向投放技術不斷進步的情況下。我認為，一些新興服務的CPM目標遠高於你們目前的水準。所以我很好奇，你們的廣告變現策略是什麼？何時開始逐步實施？具體來說，隨著定向投放技術的改進，你們預計能獲得哪些方面的提升？

Yes, sure. So look, as I said in my remarks, a difficult macroeconomic environment is certainly impacting ad sales in the quarter. It is a function of what we're seeing in the scatter market, where there is softness, more so on the digital side versus television. Worth noting that as you know, TV has the additional benefit of a large upfront base. And our audience share growth or the performance of our brands, notably CBS in the broadcast year allowed us to take more dollar volume in the upfront, something I'm very happy about sitting here today.

是的，當然。正如我剛才所說，嚴峻的宏觀經濟環境無疑對本季的廣告銷售造成了影響。這與我們在分散廣告市場觀察到的情況有關，該市場整體疲軟，數位廣告的疲軟程度比電視廣告更為顯著。值得注意的是，如您所知，電視廣告還有一個額外的優勢，那就是擁有龐大的預售基礎。此外，我們收視份額的成長，或者說我們旗下品牌（尤其是CBS）在廣播年度的表現，使我們能夠在預售中獲得更高的金額，對此我今天感到非常欣慰。

In terms of categories, we're seeing travel is good, Electronics are good. Auto still hasn't moved. But I would point out, auto is a very interesting study because -- they've been building all the cars. They're just missing the last chip or maybe a couple of chips. And once those chips show up, there are zillions of cars out there that are going to have to move. So I don't know when that's going to happen, but when it does, it's going to be very good for the ad market, which goes to the broader point.

就各個類別而言，旅遊業和電子產品產業表現良好。汽車業仍然沒有起色。但我想指出的是，汽車產業是一個非常有趣的案例，因為——他們一直在生產汽車，只是缺少最後一塊晶片，或者可能就差那麼幾塊晶片。一旦這些晶片問世，市面上數以億計的汽車都必須進行升級。所以我不知道這種情況何時會發生，但一旦發生，對廣告市場來說將是極大的利好，這也引出了更廣泛的問題。

And look, I'm not an economist, but I think history can be instructive here. If you look back, we've had 3 down out ad cycles since 2000, right? We had one coming out of 9/11, one in 2008 and then one more recently in COVID in 2020, and they're all different, but the similarity is they all lasted a few quarters. It was all when there was negative GDP growth and each of those cycles led to a number of quarters with particularly robust ad growth coming out. So yes, we do have some macro-driven softness and all the people are talking about it.

你看，我不是經濟學家，但我認為歷史經驗可以給我們一些啟發。回顧過去，自2000年以來，我們經歷了三次廣告市場低迷期，對吧？一次是911事件之後，一次是2008年，還有一次是最近的2020年新冠疫情期間。雖然每次低迷期的情況都不盡相同，但共同點是都持續了好幾個季度。這些低迷期都發生在GDP負成長時期，而每次低迷期之後，廣告市場都會迎來幾季的強勁成長。所以，沒錯，我們確實面臨一些宏觀經濟驅動的疲軟，大家都在談論這個問題。

But as it always does, this market will turn. And that's when you'll see real benefit from our positioning as a market leader with, the #1 broadcaster, cable group that includes leaders in young and diverse audiences, the #1 FAST service in the U.S., Pluto; rapidly scaling streaming service to Paramount+. It's all wrapped around compelling content that people want to be associated with and available more so than ever with what we're doing right now through a single point of access for the holdcos and clients with best-in-industry creative support and ad tech. So it's powerful positioning. It will really show itself again as this market turns, which is inevitably will.

但市場總會像以往一樣發生轉變。屆時，我們將真正受益於我們作為市場領導者的地位——我們是排名第一的廣播公司，擁有覆蓋年輕多元受眾的有線電視集團，旗下擁有全美排名第一的FAST服務Pluto，以及正在快速擴展的串流媒體服務Paramount+。這一切都圍繞著引人入勝的內容展開，這些內容深受人們喜愛，而且我們現在透過為控股公司和客戶提供一站式服務，以及業內頂尖的創意支援和廣告技術，讓這些內容比以往任何時候都更容易獲得。因此，我們的市場定位非常強大。隨著市場轉變的到來（而這幾乎是必然的），我們的優勢將再次顯現。

And Doug, with respect to ad monetization, a few comments. First of all, I would say the main drivers of ad monetization from sort of an ARPU perspective, I mean, obviously, on the top line subscriber growth plays into it. But from an ARPU perspective, for us, it's really engagement driven. And I would say that we're really just getting started despite a lot of the great metrics that we're already pointing to in terms of consumption, both on P+ and Pluto and all of those trends moving up very positively. -- and churn continuing to come down.

Doug，關於廣告變​​現，我有幾點要說。首先，從ARPU（每位使用者平均收入）的角度來看，廣告變現的主要驅動因素當然是訂閱用戶成長。但就ARPU而言，對我們來說，真正驅動因素是使用者參與度。儘管我們在P+和Pluto等平台上的消費指標都取得了顯著進步，而且所有這些趨勢都在積極上升，用戶流失率也在持續下降，但我認為我們才剛剛起步。

I think we have a lot of headroom to continue to drive engagement, which will ultimately result in higher levels of advertising monetization. Second thing I would note is that with respect to CPMs and you asked about sort of how realistic some of the expectations may be out there, I would note that we've been in this business for a long period of time. We're in it at scale.

我認為我們還有很大的空間繼續提升用戶參與度，最終將帶來更高的廣告變現水準。其次，關於您提到的CPM（每千次展示成本）以及一些預期是否現實的問題，我想指出的是，我們在這個行業已經耕耘多年，規模也相當可觀。

Our D2C businesses today are sort of at $1.5 billion advertising run rate. And what that means is that we have been very focused on what is the largest part of that market. We're not necessarily going for the very premium CPMs. We don't think that's where the biggest pool of dollars exist. And that means that we are focused on 2 things: number one, continuing to drive scale and we price our advertising in order to achieve that; and number two, we're focused on packaging. And that's one of the big differentiators that we bring to the equation is the ability to package multiple types of D2C inventory, streaming inventory along with the full spectrum of both cable and broadcast inventory, which is ultimately, I think, the answer that advertisers are looking for.

我們目前的D2C業務廣告年化收入約為15億美元。這意味著我們一直專注於市佔率最大的部分。我們並非一定要追求極致的高CPM，因為我們認為最大的資金池並不在那裡。因此，我們專注於兩件事：第一，持續擴大規模，並以此為目標制定廣告定價策略；第二，專注於廣告資源整合。我們最大的優勢之一在於能夠整合多種類型的D2C廣告資源，包括串流廣告資源以及有線電視和廣播電視的全部廣告資源，我認為這最終才是廣告商真正想要的答案。

The next question comes from Ben Swinburne from Morgan Stanley.

下一個問題來自摩根士丹利的本·斯溫伯恩。

Just to pick on a couple of topics, you guys have already covered a bit. Naveen, should we expect a restructuring charge or charges in the fourth quarter, just given the cost activity you talked about any sizing of either that or what kind of magnitude of savings you guys are sort of targeting as you look into next year? I know it's probably early, but figured I'd ask. And then for either of you, just continuing on advertising, the linear business is holding up pretty well relative to digital. And Naveen to your last point on engagement, engagement was up a lot at Pluto, I think strong double digits, not sure what that means quantitatively but that sounds pretty strong.

我再補充幾個你們之前已經討論過的話題。 Naveen，鑑於你剛才提到的成本活動，我們是否應該預期第四季會出現重組費用？你們能否預估這筆費用的規模，或是你們明年計畫要節省多少成本？我知道現在問可能有點早，但還是想問。另外，關於廣告業務，傳統電視業務相對於數位業務表現相當不錯。 Naveen，關於你最後提到的用戶參與度，Pluto 的用戶參與度大幅提升，我記得是兩位數的強勁增長，我不太清楚具體數字是多少，但聽起來很不錯。

But we're seeing the ad revenues really slow.

但我們發現廣告收入成長確實非常緩慢。

Why do you guys think linear is holding up better than digital? Is that all in the upfront? Or are there other factors -- and Bob, do you have a perspective on how Netflix launch, which I think is this week and Disney coming impacts your business and how you position your inventory and your ad tech as those guys now come to market and compete for ad dollars?

你們覺得傳統電視比數位電視表現更好，原因是什麼？只是因為預售階段的投入嗎？還是還有其他因素？鮑勃，你覺得Netflix（我記得是這週上線）和迪士尼即將入駐，會對你們的業務以及你們的廣告資源和廣告技術佈局產生什麼影響？因為這些公司現在都進入市場，爭取廣告預算。

Yes. Ben, it's Naveen. I'll start on the cost side and then turn it over to Bob to take the advertising side of that question. So I guess, first, just to the specifics, and then I'll talk a little bigger picture on what we're doing from a cost perspective. As I said, the benefit of the moves that we're making on the cost side will mostly manifest in 2023. I do think that there's a potential for a restructuring charge in Q4. We'll see depending on exactly the timing of finalizing some of these decisions.

是的，我是納文，本。我先從成本方面談起，然後把這個問題交給鮑勃，讓他來談談廣告方面。那麼，首先，我們先談談具體細節，然後再從成本的角度，更宏觀地談談我們正在採取的措施。正如我所說，我們在成本方面採取的措施，其效益主要會在2023年顯現。我認為第四季可能會產生重組費用。具體情況也要取決於我們最終敲定這些決定的時間。

I'm not going to put any specific numbers on those cost savings, but I would say that -- these are meaningful and sizable. They are things that we think not only have an economic benefit to us, but frankly, help put us where we want to be strategically in terms of both how we want to operate and where we want to focus our resources. And we shared some of the examples of what that looks like. It includes both labor and nonlabor expenses. It spans a lot of different parts of the business. And I'd point out that incremental to the ongoing work that we've spoken about previously that helps drive efficiencies on the linear side of the business. So it is meaningful, and I think it can be a helpful contributor to 2023, particularly in light of some of the macroeconomic challenges that exist right now.

我不會給出具體的成本節約數字，但我可以肯定地說，這些節約意義重大且數額可觀。我們認為，這些節約不僅能為我們帶來經濟效益，而且坦白說，還能幫助我們在策略上實現目標，包括我們理想的營運方式和資源配置方向。我們分享了一些具體的例子，涵蓋了人工成本和非人工成本，涉及業務的許多方面。我想指出的是，這些節約是對我們之前討論過的、旨在提升業務線性營運效率的持續工作的補充。因此，這些節約意義非凡，我認為它們將對2023年的發展起到積極作用，尤其是在當前宏觀經濟面臨許多挑戰的情況下。

Yes. And Ben, on the ad market, you're right, the TV side has held up better than the digital side. I think there are a variety -- a couple of reasons for that. One is, yes, upfront base. And remember, our strategy in the upfront because we didn't know what the market was going to be like, but we had some concerns that things could soften -- and we were in a place where we had taken, I think, 18 points of broadcast share year-to-year. So we decided to have a volume upfront versus a price upfront. And we did business at high singles, but we took significant volume, and that was a good thing, and that's certainly helping TV for us. Second, and somewhat related to that, you always have a place where TV has limited supply. Broadcast, obviously, the most limited supply than cable. But effectively, those vehicles are sold out, and that supply pool is not getting any bigger, let's say, and add to that, you've got proven effectiveness.

是的。本，關於廣告市場，你說得對，電視廣告的表現確實比數位廣告好。我認為這其中有很多原因——有幾個。首先，沒錯，是預售基礎。記住，我們之所以在預售階段採取這種策略，是因為我們不確定市場走向，但我們擔心市場可能會走軟——而且我們當時在廣播廣告市場份額上已經實現了18個百分點的同比增長。所以我們決定採用數量而非價格的預售策略。我們以較高的單價成交，但我們獲得了可觀的成交量，這是一件好事，而且這無疑對我們的電視廣告業務有所幫助。其次，與此相關的是，電視廣告的供應始終是有限的。顯然，廣播廣告的供應比有線電視更有限。但實際上，這些管道的廣告位已經售罄，而且供應池也不會擴大，再加上電視廣告已被證明是有效的。

If you're an advertiser with either product or servicing certainly in the United States and you want to make an impact on a national level there really is no better demonstrated media than television and people know that. So when they have to make choices, TV still is relatively well positioned in that. More broadly speaking, the market at the moment is a bit demand constrained. And that definitely works against the digital side. That's kind of the flip side of the television. There is digital supply out there. When you have strong demand market, you can really benefit, and you've seen us benefit. But when there's demand constraint, that tends to be rougher.

如果你是美國的廣告商，無論你的產品或服務是什麼，如果你想在全國範圍內產生影響，那麼電視無疑是最好的媒體，這一點眾所周知。所以，當人們需要做出選擇時，電視仍然佔據著相對有利的地位。更廣泛地說，目前的市場需求略顯不足，這無疑對數位媒體不利。這可以說是電視廣告的另一面。數位媒體的供應是存在的。當市場需求強勁時，你就能真正受益，我們也從中獲益。但當需求不足時，情況往往會比較艱難。

I would point out that based on the numbers I've seen reported, our D2C number of plus 4 actually compares quite favorably with some other large digital guys and what they've put on the table. So at least that's good, and we're happy about that. But at the moment, there's definitely some demand constraints we're working through. As to your question on Netflix I'd say 2 things. I'd say I'd start with the fact that new entrants going into the ad sports streaming, it's really validates again what we've long believed that adds our critical component of a broad streaming model. We see that as -- as you know, we have a totally free product in Pluto, and we have a lower priced product in Paramount+ Essentials.

我想指出的是，根據我看到的報道數據，我們D2C（直接面向消費者）的訂閱用戶數量超過400萬，這與其他一些大型數位媒體公司及其投入相比，實際上相當不錯。所以至少這一點是好的，我們對此感到滿意。但目前，我們確實面臨一些需求上的限制，我們正在努力克服。至於你提到的Netflix，我想說兩點。首先，我想說的是，新進業者湧入廣告體育串流領域，這再次驗證了我們長期以來的觀點，即廣告體育串流媒體是我們建立廣泛串流媒體模式的關鍵組成部分。如你所知，我們擁有完全免費的Pluto產品，以及價格較低的Paramount+ Essentials產品。

Those are enabled by ad sales, and they broaden consumer access and consumers make choices. Some pay more, some pay less, and ad helps you do that. So again, validation of our strategy. When you talk to advertisers, they really care about the content, and they want to be wrapped around popular content, but they want to also get the right mix of reach and frequency. It's not just reach, it's also frequency. And we have an integrated server that lets us deal with that. That's part of what Naveen was talking about when he said the value ultimately of our multi-platform strategy. People like our diverse collection of content, entertainment, sports, news.

這些都歸功於廣告銷售，它們拓寬了消費者的管道，也讓消費者有了更多選擇。有些人願意多付錢，有些人則願意少付錢，而廣告剛好能幫助他們做到這一點。所以，這再次驗證了我們的策略。當你和廣告商交流時，你會發現他們非常重視內容，他們希望自己的廣告能圍繞著熱門內容展開，同時也希望獲得合適的覆蓋率和頻率。覆蓋面固然重要，頻次也同樣重要。而我們擁有一個整合伺服器，可以幫助我們處理這些問題。這正是納文所說的，我們多平台策略的最終價值就在於此。人們喜歡我們豐富多樣的內容，包括娛樂、體育和新聞。

They like our track record in working with clients, integrated advertising. We're doing a lot in the advanced space. In fact, the fourth quarter is the first quarter ever where all the holding companies had at least one piece of business on non-Nielsen guarantees. So we're working with them on that. And we're dependable. We have a long track record of partnership. So yes, there's new entrants. The ad market has always been competitive. We feel great about our position. We've been there for decades. We have an industry unique portfolio.

他們欣賞我們與客戶合作以及整合廣告的良好記錄。我們在高端領域投入巨大。事實上，第四季是所有控股公司首次在非尼爾森收視率保證下完成至少一項業務。所以我們正在與他們合作這方面的工作。而且我們值得信賴。我們擁有長期的合作記錄。所以，是的，市場有新的競爭者。廣告市場一直競爭激烈。我們對自身地位充滿信心。我們已經在這個行業深耕數十年。我們擁有業界獨一無二的業務組合。

No one else has broadcast network, FAST and a high-growth subscription streaming service, all wrapped around really the suite of content we have. So it's not about a new entrant. I think in the near term, it's really about the state of the market that's going to -- the whole thing is going to pivot on. But we're not surprised they're joining the market, and we're happy to compete with them.

沒有其他公司擁有像我們這樣集廣播電視網、FAST（快速電視服務）和高成長的訂閱串流服務於一體的龐大內容庫。所以，關鍵不在於是否有新進入者。我認為短期內，真正的問題在於市場格局的轉變──整個市場格局都將圍繞著這個轉變而展開。但我們並不驚訝他們進入市場，也樂於與他們競爭。

Operator, we have time for one last question.

操作員，我們還有最後一個問題。

Our final question today comes from John Hodulik from UBS.

今天最後一個問題來自瑞銀集團的約翰‧霍杜利克。

On the media side, yes, we've hit the advertising piece. How about on the affiliate side. I guess for Naveen, can you quantify the impact that the reclassification of Sky had on the acceleration and the affiliate declines in the quarter, maybe what you're seeing in terms of cord cutting? And then just any outlook you could provide on that line item. That would be great.

在媒體方面，是的，我們已經談到廣告部分了。那麼在聯盟行銷方面呢？我想請Naveen量化Sky的重新分類對本季度聯盟行銷加速下滑的影響，以及你觀察到的用戶取消有線電視訂閱的情況？還有，你能否就這項提供一些展望？那就太好了。

Yes. John, thanks for the question. I'd start by saying that with respect to the affiliate and subscription side of the business, particularly in TV media, I actually don't think that the Q3 rate of change is a particularly helpful indicator of what we expect to see longer term. And the reason for that is that there are a number of kind of nonorganic factors that affect the year-over-year comps. It includes the suspension of our linear channels in Russia.

是的，約翰，謝謝你的提問。首先我想說的是，就公司旗下加盟商和訂閱業務而言，尤其是在電視媒體領域，我認為第三季的成長率並不能很好地預測我們未來的長期發展趨勢。原因在於，有許多非自然成長因素會影響年比數據，例如我們在俄羅斯暫停營運線性頻道。

There's a fairly sizable FX impact. There's differences in the number of pay-per-view events in the comp quarters. And as I mentioned, there's ongoing restructuring of primarily international affiliate deals that moves revenue from TV Media segment into the direct-to-consumer segment. I'm not going to size each of those independently, but I can tell you that if you adjust for sort of that group of inorganic items, TV media affiliate revenue would have been down 3% in the quarter versus the 5% reported. And I think that 3% is probably a better indicator of the underlying trend that we see on the linear affiliate side.

匯率波動的影響相當顯著。各季度付費觀看賽事的數量也有差異。正如我之前提到的，目前正在進行一些重組，主要是針對國際聯盟協議，這些重組會將部分收入從電視媒體業務轉移到直接面向消費者的業務。我不會逐一分析這些因素，但我可以告訴你，如果剔除這些非自然成長因素，電視媒體聯盟營收在本季將下降3%，而不是報告的5%。我認為3%的降幅可能更能反映我們在線性聯盟業務方面看到的潛在趨勢。

That being said, I think the real important takeaway here is that the better number to focus on is total company affiliate and subscription revenue, which as we noted in our remarks, grew 8% in the quarter. That's an important number because it demonstrates that the growth we're seeing in streaming is more than offsetting the declines that we're seeing in the linear ecosystem. And we expect that, that trend will continue.

話雖如此，我認為真正重要的訊息是，更應該關注的是公司整體的附屬公司和訂閱收入，正如我們在發言中提到的，該收入在本季度增長了8%。這是一個重要的數字，因為它表明，串流媒體業務的成長足以抵消傳統電視生態系統的下滑。我們預計這一趨勢將會持續下去。

Yes. Look, I'd just like to close by saying I understand there are concerns about the macro environment impacting the financials. But again, they're cyclical, they will inevitably turn. And more importantly, our world-class content engine is driving unquestionable momentum across our platforms. By that, I mean streaming, television and theatrical. We're really putting points on the board in all of them, and we're going to continue to lean into this momentum as we execute our differentiated strategy. We continue to feel this is the best path to value creation.

是的。最後我想說，我理解大家對宏觀環境可能影響財務狀況的擔憂。但再次強調，宏觀環境是週期性的，它終將好轉。更重要的是，我們世界一流的內容引擎正在推動我們各個平台（包括串流媒體、電視和院線）的強勁成長勢頭。我們在所有平台上都取得了顯著進展，並將繼續利用這一勢頭，執行我們差異化的策略。我們始終認為這是創造價值的最佳方法。

Of course, we'll always look at any option, but we will continue to do that as we execute and we look forward to getting the dialogue with all of you as we do. Thank you for your support. Have a great day.

當然，我們會考慮所有方案，並在執行過程中持續關注這些方案，同時期待與大家保持溝通。感謝大家的支持。祝您一切順利。

Thanks all.

謝謝大家。

This concludes today's call. Thank you very much for your attendance. You may now disconnect your lines.

今天的電話會議到此結束。非常感謝各位的參與。現在您可以掛斷電話了。