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.

早上好或下午好。我的名字是亞當，今天我將擔任會議接線員。在這個時候，我想歡迎大家參加派拉蒙全球公司的 2022 年第三季度收益電話會議。 （操作員說明）。在這個時候，我現在想把電話轉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。您現在可以開始電話會議了。

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.

大家，早安。感謝您抽出寶貴時間參加我們的 2022 年第三季度財報電話會議。和我一起參加今天討論的還有我們的總裁兼首席執行官 Bob Bakish；和我們的首席財務官 Naveen Chopra。請注意，除了我們的收益發布之外，我們的網站上還有包含補充信息的趨勢時間表。

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.

我想提醒您，本次電話會議上的某些陳述是涉及風險和不確定性的前瞻性陳述。這些風險和不確定性在我們提交給美國證券交易委員會的文件中有更詳細的討論。今天的一些財務評論將集中在調整後的結果上。這些非公認會計原則財務指標的對賬可以在我們的收益發布或我們的趨勢時間表中找到，其中包含補充信息，在每種情況下，都可以在我們網站的投資者關係部分找到。

And now I will turn the call over to Bob.

現在我將把電話轉給 Bob。

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.

大家早上好，感謝您加入我們。今天，我將分享我們第三季度的一些亮點，並為您提供我對未來道路的看法。然後，Naveen 將帶您瀏覽這些數字，然後我們將打開它以供提問。在第三季度，派拉蒙繼續執行我們的差異化戰略，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。該戰略基於三個關鍵優勢：首先，我們廣泛的流行內容；第二，我們無與倫比的平台陣列；第三，我們真正的全球經營範圍。

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，我們強大的內容引擎在本季度的所有氣缸上都開火了，為各種內容愛好者製作了具有引人入勝的角色和設置的廣泛迷人的故事。作為唯一一家擁有 5 個不同平台的媒體公司，我們將這些內容交付給了一個異常龐大的消費市場。我們的業務包括排名第一的廣播網絡 CBS；行業領先的有線電視網絡組合，其中許多在 Nickelodeon 和 BET 等各自的人口統計數據中排名第一；美國排名第一的免費廣告支持的流媒體電視服務 Pluto TV；快速擴展的訂閱服務 Paramount+；以及今年排名第一的好萊塢製片廠派拉蒙影業。對我們來說，這不僅僅是關於美國。我們的全球運營足跡包括世界上最多的廣播家庭，拉丁美洲、英國、歐洲、中東、非洲和亞太地區的內容製作能力，有線網絡覆蓋幾乎每個關鍵市場和深厚的商業關係。這些資產再次交付。

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，我們在電視領域保持了優勢，在電影領域取得了不錯的增長，並推動了全球流媒體的快速增長。也就是說，我想每個人都知道，這是一個複雜的環境和經濟時期，我們本季度的業績確實反映了一些影響我們行業的宏觀經濟逆風。然而，對我們而言，通過短期波動進行管理並不意味著從根本上偏離產生真正動力並將派拉蒙定位為長期獲勝的戰略。然而，在我們執行的過程中，我們也在採取積極的精確行動，以在我們的有線電視網絡、流媒體平台、廣告銷售、營銷和全球運營中提高效率。這些將在明年產生成本節約以及長期戰略利益。我們正在利用當前的市場來加速這些努力。

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.

有了這個，讓我們仔細看看這個季度和我們未來的計劃。這一切都始於我們世界級的內容，包括有劇本和無劇本的原創作品、熱門電影、新聞和現場體育節目，我們為家庭中的每個人提供了一些東西。讓我們從今年派拉蒙影業令人難以置信的表現開始吧。如果不提及我們的院線發行，我就無法談論製作出色的內容，派拉蒙影業以 6 部排名第一的電影佔據主導地位。

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.

當然，這一系列熱門歌曲是由壯志凌雲：特立獨行。它現在是有史以來第五大國內發行，也是歷史上唯一一部在陣亡將士紀念日週末排名第一和在美國勞動節週末排名第一的電影。它是美國數字家庭娛樂領域的第一名，也是發布的第一周。而且我們知道，一旦它在今年晚些時候進入派拉蒙+，它將繼續吸引大量觀眾。

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.

現在，我們在 9 月底上映的驚悚片《微笑》已經成為我們今年第六部票房第一的電影。製作成本僅為 1700 萬美元，現在它的全球總票房有望超過 2 億美元。 Smile 也將成為我們 45 天從影院到流媒體 FAST 跟隨策略的下一個例子，它讓粉絲有機會在在家中享受 Paramount+ 之前獲得大屏幕體驗，這給我們帶來了非常可觀的投資回報。

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，我們將轉向廣播和 CBS。 2022 年排名第一的廣播網絡，其秋季開局強勁。在娛樂方面，我們擁有前 10 名節目中的 7 場，而且前 30 名中的節目比所有其他廣播網絡的總和還要多。例如，這一表現在回歸的最愛中被看到，例如，接近 1100 萬觀眾收看《幽靈》第 2 季的首映，並在本季排名第一的新節目《火之國》等新節目中看到。

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.

秋天也意味著足球。對我們來說，這意味著 CBS 和 Paramount+ 上的 NFL。 2022 賽季於 9 月拉開帷幕，CBS 的收視率創下了自 2015 年以來的最佳開端，派拉蒙+ 也是有史以來最好的開端。大學橄欖球也有一個良好的開端。 8 月，我們宣布派拉蒙將在 CBS 和派拉蒙+ 播出 10 場大型足球比賽，這些比賽將於下個賽季開始。這意味著大學體育中最大和最好的將在本世紀末繼續稱為派拉蒙之家。

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.

我們不僅有美式足球。我們也有歐洲足球。 8 月，我們延長了歐洲冠軍聯賽的轉播權，在接下來的 8 年裡，派拉蒙+ 和 CBS 將保留這片巨大的財產。我很高興我們做到了。到目前為止，派拉蒙+在流媒體播放時間和家庭總數方面的平均觀眾人數都出現了顯著增長。因此，前景是強勁的，我們很高興世界上一些最好的足球將繼續在派拉蒙+上踢它，更多的比賽和擴大的季后賽形式，這筆交易在未來很多年創造了更有效的投資。

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.

派拉蒙+ 在本季度還從我們的《海豹突擊隊》等原創劇集和電影發行中獲得了強勁的收購，包括心理恐怖片《孤兒首殺》；以及我們最喜歡的失敗者在 Beavis 和 Butt-Head Do the Universe 中的勝利回歸。

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%.

這一強大的流行內容陣列是第三季度繼續推動我們流媒體平台訂閱增長的動力。第三季度，全球直接面向消費者的用戶總數增至近 6700 萬美元。而這裡的關鍵驅動因素再次是派拉蒙+，它吸引了 460 萬新訂戶，我們的旗艦流媒體服務總訂戶達到 4600 萬。事實上，根據 Antenna 2022 年 9 月的報告，今年迄今為止，派拉蒙 + 在美國註冊人數和總用戶增加方面一直處於行業領先地位。派拉蒙+ 的收入同比增長 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，這些第三季度的數據才剛剛開始反映與沃爾瑪首次建立令人興奮的合作夥伴關係的影響。您可能知道，我們與沃爾瑪在商品和消費品方面有著長達十年的合作關係。因此，當這家全球最大的零售商希望通過流媒體服務增強其 Walmart+ 套餐時，我們很高興他們看到了與 Paramount+ 的自然契合。從 9 月開始，Walmart+ 會員可以開始免費加入 Paramount+ 必不可少的流媒體工廠。

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.

早期的結果非常令人鼓舞。派拉蒙+具有加速 Walmart+ 增長和留存率的巨大潛力，我們預計隨著營銷計劃的增加，包括為每週在美國通過沃爾瑪的 1 億多零售客戶提供店內業務，這種合作夥伴關係將會增長。像這樣的創新合作夥伴關係是我們追求最大的潛在市場的重要因素，也是我們在全球範圍內採取的戰略。

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.

在第三季度，我們與強大的合作夥伴聯手在多個國際市場推出了新的流媒體產品。我們與 Sky Italia 合作，慶祝了 9 月在意大利推出的 Paramount+。今年晚些時候，我們將與 Sky Deutschland 在德國、奧地利和瑞士推出 Paramount+；在法國與 Canal+ 合作，我們將繼續建立這些創新的合作夥伴關係。

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.

在英國，我們很高興地宣布與 Virgin Media 達成一項新的多年期、多方面的分銷協議。根據該協議，Paramount+ 將於 2023 年在 Virgin TV 上首次亮相。Pluto TV 將在 Virgin TV 360 和流媒體服務上更廣泛地分發。第三季度，我們在丹麥、芬蘭、挪威和瑞典推出了我們與康卡斯特的合資企業 Sky Showtime。對我們來說，這種合作夥伴關係代表了一種追求較小市場的資本高效方式。對於觀眾來說，這意味著可以從整個派拉蒙家族以及 NBC 和環球影城獲得最好的娛樂節目。

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 已經是美國最受歡迎的免費廣告支持的流媒體電視服務，它也繼續走向全球。 9 月，我們宣布 Pluto TV 將於 12 月 1 日在加拿大推出。在這裡，我們也與另一個長期合作夥伴 Corus Entertainment 聯手，他們帶來了加拿大觀眾喜愛的本地內容和強大的本地廣告銷售渠道來推動貨幣化。當然，我們都知道持續的宏觀經濟壓力繼續影響我們的行業，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.

在我們度過這一時期時，派拉蒙將繼續依靠財政紀律的方法，這在順境和逆境中一直是我們的優勢。作為一家公司，我們一直關注成本管理，現在我們正在採取更多措施來提高整個組織的效率。

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，我們最近宣布打算將 Showtime 網絡、Showtime OTT 和派拉蒙電視工作室重組到公司的其他部分。這將進一步調整我們的工作室網絡和流媒體運營，從而顯著降低成本並推進我們的戰略議程。我們還在國際運營、營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的基石營銷解決方案提供商。他們希望成為熱門話題，在復雜的經濟時代更是如此。我們將排名第一的廣播網絡、快速增長的流媒體服務和排名第一的免費廣告支持的流媒體電視服務相結合，提供了無人能及的覆蓋面和頻繁的主張。最後，對我們的廣告商來說最重要的是對我們的觀眾最重要的東西，即屏幕上的產品。這就是為什麼我們對第四季度派拉蒙+ 和我們其他平台的聳人聽聞的內容感到非常興奮。

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 Miron 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，備受期待的重頭戲是派拉蒙電視網的黃石電視台。通過協調的跨平台營銷，我們將利用第 5 季首映時的熱鬧氣氛，幫助推動在 Paramount+ 上推出 Taylor Sheridan 的 2 款新作品。海倫·米隆和哈里森·福特將領導 1923 年，這是黃石傳奇驚心動魄的起源故事的下一部分，西爾維斯特·史泰龍正在塔爾薩金首映，講述黑手黨 Capo 建立一個遠離他的老黑幫家族的工作人員。我們也很高興能在本季度獨家在 Paramount+ 上首映廣受歡迎的 FBI 電視劇《犯罪心理》的複興。

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創演員的幫助下，我們期待激活該系列現有的龐大粉絲群，我們認為這為派拉蒙+ 帶來了豐厚的回報。正如我之前提到的，我們的戲劇大片《微笑》和《壯志凌雲：小牛》將在第四季度加入派拉蒙+。 Maverick 走到哪裡，它就會被碾碎。所以我們認為這也將是派拉蒙+的一大亮點。

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遊戲和備受期待的活動將在未來幾個月吸引越來越多的派拉蒙+訂閱者。最後，通過為我們的消費者提供非凡的體驗，我們將繼續展示我們廣泛的多平台模式的長期價值。在它的核心，這是我們戰略背後的真正主張。憑藉我們在今年和本季度看到的勢頭，它顯然正在發揮作用。有了這個，我將把它交給 Naveen，讓您更詳細地了解我們的第三季度業績，我期待在我們的問答中繼續對話。

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.

謝謝你，鮑勃。大家，早安。我們第三季度的業績表明我們將繼續執行我們的長期戰略，以在全球範圍內跨多個平台為不同的受眾創建廣泛的內容。相對於我們的傳統業務，該戰略在 3 個重要方面提供了顯著的增量機會。

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，流媒體提供了一個完整的潛在市場，是線性市場的兩倍多，不包括中國和印度。在家中或旅途中以任何您想要的格式（無廣告或受廣告支持）提供大量內容，令人難以置信的輕鬆消費意味著我們可以將更多消費者與派拉蒙內容聯繫起來。其次，我們預計流媒體會隨著時間的推移增加 ARPU。事實上，流媒體 ARPU 在一些國際市場上已經超過了線性 ARPU。例如，在英國，本季度的 P+ ARPU 比我們的英國線性付費電視 ARPU 高出 20% 以上，而且我們的總覆蓋面相對於純線性世界有所增長。

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.

在美國，值得注意的是，當今市場上有流媒體服務的 ARPU 與我們每個線性家庭產生的月收入相當或更高。我們相信，隨著價格上漲和持續增長、參與度和廣告貨幣化的實施，派拉蒙+ 將隨著時間的推移實現這些 ARPU 水平。第三，隨著我們多平台戰略的優勢發揮，我們認為流媒體的長期運營利潤率將接近電視媒體利潤率。

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.

這種策略在營銷費用方面產生了顯著的效率，我們的線性網絡為派拉蒙+ 和內容費用提供了一個很好的宣傳平台，我們通過多個平台將電影和體育等內容貨幣化。

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.

我們的流媒體內容費用還受益於豐富的全資圖書館內容和世界知名的特許經營權，這些特許經營權是獲取和保留的高效驅動力。這些成本效益在純粹的流媒體業務模式中不存在。當然，我們對流媒體的投資確實會影響近期的盈利能力。但考慮到更大的市場機會、遞增的 ARPU 和可觀的利潤率，我們相信可以創造重大的長期股東價值，儘管受到近期週期性廣告逆風的影響，我們仍將繼續致力於這一戰略。

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.

現在讓我們來看看我們的第三季度業績，它反映了強勁的 D2C 增長和票房成功，但也反映了宏觀經濟狀況和外匯對廣告收入增長的影響。本季度公司總收入增長 5%。附屬和訂閱收入增長 8%，繼續表明生態系統從付費電視向流媒體的轉變為我們的業務帶來了淨增長。影院收入也是第三季度公司總增長的重要貢獻者。許可收入下降 1%，廣告收入下降 2%。 FX 是本季度廣告收入的逆風，對廣告增長率造成 300 個基點的影響。

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.

按固定匯率計算，本季度廣告收入增長 1%。在直接面向消費者方面，我們增加了 470 萬全球訂閱者，推動訂閱收入增長 59%。截至 9 月 30 日，我們在全球擁有 6650 萬 D2C 用戶，其中包括 4600 萬派拉蒙+ 用戶。派拉蒙+在本季度增加了 460 萬全球訂閱用戶。請注意，我們的季度末總用戶數反映了在 9 月推出 Sky Showtime 之後，北歐地區的 Paramount+ 訂閱者減少了 190 萬，取代了該市場的 Paramount+。

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.

無處不在的分銷仍然是本季度派拉蒙+ 的一個關鍵主題。在國內，我們成為了 Walmart+ 的視頻服務。在歐洲，我們在意大利推出了 Paramount+，包括與 Sky Italia 的硬捆綁優惠。這些捆綁的分銷合作夥伴關係都是第三季度子增長的重要貢獻者。儘管與第二季度相比，第三季度的新原創劇集數量較少，但其他內容格式，包括 NFL 和 UEFA 等體育運動、電影（如孤兒：First Killl）和核心 CBS 節目都是重要的收購驅動因素。

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.

除了健康的訂戶增長外，第三季度派拉蒙+訂戶的參與度也很高。每日觀看時間和付費轉化率很高。派拉蒙+ 國內客戶流失率環比和同比均有所改善。派拉蒙+ ARPU 在本季度同比增長。正如我們之前所指出的，隨著我們繼續在更高的 ARPU 國際市場擴大 P+ 用戶群，我們正受益於國際 ARPU 的大幅增長。

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

訂閱者增加、ARPU 增長和留存率提高幫助 Paramount+ 實現了 100% 的訂閱收入增長。

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.

轉向 D2C 細分市場的廣告方面，派拉蒙 + 受益於強勁的印象增長、提高的每千次展示費用和持續的高銷售率。 Pluto TV 在本季度增加了 240 萬個全球 MAU，使我們的全球影響力達到 7200 萬個 MAU，總觀看時數同比增長兩位數。事實上，Pluto TV 成為第一個由廣告支持的免費流媒體服務，占美國每月電視總收視量的很大一部分，並被納入尼爾森的月度監測報告。 Paramount+ 和 Pluto TV 共同實現了 4% 的 DTC 廣告總收入增長。廣告收入受宏觀經濟環境影響。

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 平台的參與度趨勢，我們有信心隨著數字廣告市場的改善，增長將重新加速。整體而言，D2C 部門的收入同比增長 38%，本季度 D2C 總收入超過 12 億美元。 D2C OIBDA 本季度虧損 3.43 億美元，反映了我們在內容、營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.

轉向電視媒體領域。本季度收入下降 5%。電視媒體廣告收入按固定匯率計算持平。本地電台廣告的定價增長和實力相結合，有助於抵消較低的線性印象和較軟的分散市場的影響。由於 300 個基點的外匯逆風，電視媒體廣告在報告的基礎上下降了 3%。本季度電視媒體附屬收入下降了 5%。與上一季度類似，TV Media 總會員收入的趨勢受到國際會員交易重組的影響，該交易主動將收入從我們的付費電視轉移到 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.

電視媒體授權收入同比下降 9%，原因是授權的節目數量較去年同期減少。正如我們過去所指出的，任何給定季度的許可收入都可能根據計劃交付的時間而波動。 TV Media OIBDA 在本季度下降 11% 至 12 億美元，主要反映了較低的許可收入和附屬收入的下降。

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.

我們的影視娛樂業績繼續受益於《壯志凌雲：特立獨行》的成功，這是部門收入增長 48% 和 OIBDA 部門交付 4100 萬美元的關鍵貢獻者。 《壯志凌雲》繼續在票房上大放異彩，在家庭娛樂市場上大獲成功，我們預計這部電影將在今年晚些時候推出服務時成為派拉蒙+ 訂閱者的推動力。在整個公司的基礎上，第三季度調整後的 OIBDA 為 7.86 億美元，同比下降 23%，這反映了我們在流媒體方面的投資。

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.

轉向資產負債表。我們在本季度結束時手頭現金為 34 億美元，總債務為 158 億美元。我們還維持未動用的承諾 35 億美元信貸額度。現在讓我們轉向我們對第四季度的展望。從 D2C 訂閱者開始。我們對 Paramount+ 的國內和國際發展勢頭充滿熱情，並預計在強大的內容板、擴大的合作夥伴關係和新市場推出的結合推動下，第四季度將實現健康的子增長。我們現在預計將超過我們全年全球 D2C 用戶增長預期的 7500 萬全球訂閱者，不包括我們在俄羅斯服務的訂閱者的移除。

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.

在財務方面，我們預計持續的宏觀經濟疲軟，特別是在廣告市場，將影響第四季度電視媒體和 D2C OIBDA，因為我們現在預計第四季度公司總廣告的同比變化率與我們的相似在第三季度報告。從長遠來看，正如 Bob 指出的那樣，在我們繼續投資以支持戰略增長的同時，我們也在加快提高業務多個部分效率的機會。除了重組 Showtime 網絡，我們正在採取措施進一步調整我們的美國和國際業務，將更加全球化的思維方式應用於內容和平台，這將產生經濟和戰略利益。

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.

在營銷方面，我們將資源和媒體支出優先用於具有最高增長潛力的細分市場。最後，我們正在推進我們的廣告銷售組織的下一步發展，簡化與主要控股公司的關係，以提供對我們行業領先的廣告解決方案系列的單點訪問。這些變化的財務表現將在 2023 年開始顯現，同時也使我們在未來幾年受益。

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.

更大的圖景、我們的財務紀律、我們獨特的資產組合、我們的差異化戰略以及流媒體帶來的重要增量機會讓我相信我們可以駕馭複雜的近期宏觀環境，同時將公司定位為最大化長期價值。有了這個，接線員，我們現在可以打開問題線了。

(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 Guggenheim Partners 的 Michael Morris。

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?

Bob，我想知道您是否可以分享關於 Showtime 服務與 Paramount+ 服務相比的任何更新想法，也許特別是您對繼續將它們作為具有捆綁潛力的獨立業務運營而不是在兩者之間擁有更集成服務的感受2？在哪裡 - 你對未來有什麼看法？

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.

如果可以的話，Naveen，你和 Bob 都談到了一些看跌期權和期權交易，包括更積極地節省成本的潛力。您能否就您對 2023 年的自由現金流的感覺發表意見，您是否認為這些儲蓄有任何增長的機會，或者您是否認為 - 您談到了明年 D2C 方面的峰值損失，是否你希望它更重。

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。所以我將採取第一部分。如您所知，我們提供 Showtime、Paramount+ 捆綁包已經有一段時間了。這最初是一個價格捆綁包，在那裡我們看到了一些不錯的流失收益——現在我們在集成應用捆綁包方面取得了早期的成功。就淨增加和參與度而言，它絕對超出了我們的預期。我們一遍又一遍地證明的原因是廣泛的作品，升級到派拉蒙+內部的 Showtime 會增加更多的體驗。如果你還沒有，你真的應該看看那個版本的派拉蒙+。這是我用的版本，很好用。

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.

更大的圖景，我認為 Showtime 的下一章將特別引人注目。正如我們所提到的，我們有一系列正在進行的組織舉措，這將使 Showtime 從與公司其他部門的進一步整合中受益。它可能會引入真正為消費者和分銷商創造增量價值的新方法。它將釋放一些顯著的成本協同效應。

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.

我認為除此之外，我也很興奮的是 Showtime 的這些內容將如何發展。圍繞這個問題進行了一些早期的對話。首先是 Showtime 品牌將比以往任何時候都更能代表發人深省、與眾不同、往往前衛的內容。

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家園。但與此同時，我相信你會看到我們從一些核心特許經營中提取更多。我們知道特許經營是有效的，我們認為這對 Showtime 來說也是一個很好的選擇。更廣泛的派拉蒙 IP 將會帶來一些增量收益。因此，Showtime 的前進道路非常令人興奮，我們將在此過程中隨時為您提供最新信息。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。因此，關於 2023 年自由現金流的問題以及對那裡的期望。我要注意幾點。我的意思是，首先，就影響自由現金流的廣泛趨勢而言。這實際上是與流媒體相關的生產和營銷投資的增加。然後很明顯，廣告市場的一些宏觀影響被我們在等式的成本方面所做的改進以及我們在營運資本方面看到的改進所抵消。這一點很重要，因為我們非常專注於最終推動收益和自由現金流的改善。

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.

我認為你會在 22 年和 2023 年看到的是 OIBDA 的變化不一定反映自由現金流的變化，也就是說，自由現金流的變化優於或低於變化在 OIBDA 中，因為我們從營運資金的角度進行了改進。因此，雖然現在就 23 年給出任何具體數字還為時過早，但我要指出，我們仍然關註明年的 D2C 損失峰值，並繼續應用改善營運資金的公式，並實現我們注意到的降低成本的好處，所有這些都應該使我們能夠最終改善現金流和 OIBDA 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 Bryan Kraft。

I guess I want to ask you, first, on the Walmart partnership. Just can you comment on how optum 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?

我想我想首先問你關於沃爾瑪的合作關係。您能否評論一下 optum 自 9 月推出以來的表現？您是否發現 Walmart+ 訂閱者的認知度很高，並且有任何其他顏色？然後，我只是想問你，我的意思是，鑑於你在 Paramount+ 批發分銷方面取得的成功，再加上廣告的宏觀經濟壓力，我們應該如何看待 Paramount+ ARPU 增長及其發展軌跡向前？

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.

是的，當然，布萊恩。因此，正如我在講話中提到的，我們確實與沃爾瑪有著數十年的合作關係。這是一種植根於消費產品和家庭視頻的關係。是的，我們在本頓維爾設有辦事處。因此，當他們希望添加視頻產品時，我們真的很高興他們看到 Paramount+ 是正確的選擇。他們真正向我們描述的部分原因是他們認為這兩個品牌，即沃爾瑪和派拉蒙，代表了所有的觀眾。成本，國家的中心，年輕的，年老的，你說的。

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.

再一次，我認為這證實了我們基於流行內容的廣泛定位的力量。因此，我們在 9 月啟動了我們的 Walmart Paramount+ 合作夥伴關係，就房間而言，任何沃爾瑪的客戶都可以選擇加入 Paramount+，這使他們能夠免費獲得 Paramount+ Essentials 產品——一旦他們選擇加入，他們就會成為派拉蒙+訂閱者，我們得到報酬。

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.

夥伴關係有了一個良好的開端。我們真的 - 我沒有看到兩家大公司之間比我們現在擁有的合作關係更緊密，這是驚人的。就通過 Walmart+ 加入的訂戶數量而言，我們正在超出我們的早期目標。我認為更重要的一點是，這種夥伴關係還有很長的多年路要走。迄今為止，我們只進行了有限的營銷，真正利用了他們擁有的一些電子郵件列表和我們的一些媒體，例如 Paramount+ 的完整店內存在，我相信這將達到 1.4 億左右的客戶訪問每週在美國的沃爾瑪商店還沒有開始。順便說一句，還有 140 萬員工可以選擇加入 Paramount+。因此，我們希望這種合作夥伴關係不僅能夠推動派拉蒙+ 訂閱者，而且重要的是，沃爾瑪+ 訂閱者以及他們在相當長的一段時間內都能獲得這一巨大利益。

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.

我注意到我們還計劃圍繞我們的 IP 在多平台基礎上執行，這就是諸如店內激活之類的事情——我不知道，PAW Patrol 和 Turtles 明年以及許多其他偉大的特許經營權。所以這是我們相信夥伴關係的一個非常有力的例子。再一次，我們對早期的結果感到興奮。

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.

我會跳到這個問題的 ARPU 方面。我認為簡單地說，我們非常看好流媒體業務中繼續增長 ARPU 的能力，尤其是在 Paramount+ 周圍。正如我們之前所說，其中有許多元素，其中一些你已經看到了，其中一些你將在未來看到。因此，例如，正如我在講話中指出的那樣，我們已經看到了在國際上繼續擴大 ARPU 市場的好處，這已經使 ARPU 受益。

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.

隨著我們的發展，我們看到通過擴展和廣告貨幣化以及訂閱方面的定價相結合，ARPU 持續增長。而廣告貨幣化部分，雖然在短期內受到市場的影響，但我們在那裡看到的基本參與度指標讓我們非常有信心，隨著市場的回歸，增加消費者參與度最終將推動 ARPU 的提高。

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.

然後在訂閱定價方面，我們肯定看到了派拉蒙+ 提高價格的機會，你會看到我們在未來這樣做。我認為可以公平地說整個行業的定價正在上漲，你可以看到許多競爭服務。我們認為，這意味著我們有空間提高價格並最終推動 ARPU，同時保持我們相對於其他人的價值地位。我認為在美國和主要國際市場都是如此。

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，這對於我們如何以及何時提高價格是明智的，因為我們將尋求以最大限度地減少任何負面流失影響的方式來做到這一點。這意味著我們肯定會利用我們的雙層產品，這使我們能夠獨立調整每一層的定價，這意味著基本層可以繼續為價格敏感的用戶提供服務，同時仍然通過廣告貨幣化產生令人信服的 ARPU 水平。我們還將考慮定價以及它如何與我們的內容板交互。

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.

因此，正如我所說，我們有信心提高價格，這是更大的 ARPU 方程式的一部分，其中包括廣告貨幣化的持續增長和高價值市場的次級增長。

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?

當你看到《壯志凌雲》和《微笑》的成功時，它清楚地向我們表明，你做出了正確的決定，即推動這兩個標題或等待這兩個標題，並將它們放入票房，而不是將它們直接放入流媒體服務。我認為當你談到影院的規模和影響力時，這對這兩個遊戲來說都是一個明顯的好處。但是，如果您換檔並查看諸如 Halo 或 1883 之類的東西。我想我想知道，這些遊戲是否會受益於比派拉蒙 + 規模更大的平台，即像 Netflix 這樣的平台，我們剛剛看到 NBCU 將 Girls5eva 從 Peacock 轉移過來到 Netflix。我只是想知道，當您決定是否將一段內容放在您自己的服務上還是將其出售給第三方時，您如何考慮與覆蓋面和規模相關的優缺點？你如何做出這個決定？

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。看，我實際上認為我們和其他人在這一年中已經多次討論過這個問題，因為它真的 - 在某種程度上，它是嵌入其中的軍火商問題。我認為可以公平地說，人們對該主題的看法隨著時間的推移而發生了變化。如您所知，我們有兩個目標：從傳統媒體中產生現金流和利潤；同時在媒體最重要的增長領域——流媒體——真正成為 21 世紀的網絡——中建立規模。

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.

所以我們圍繞電影的策略，對於你問題的第一部分，這真的是戲劇性的，導致流媒體。總的來說，這絕對是正確的選擇，而且它確實適用於 TGM 和 Smile，因為這兩個標題確實從影院窗口中受益匪淺，而且從財務和營銷特許經營權建設的角度來看都是如此。如你所知，今年兩者都將來到派拉蒙+，我相信他們將成為重要的推動者，隨著我們擴大流媒體規模，這將真正延續我們的勢頭。

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.

這就是你的第二點。如果我們要構建規模化的流媒體資產，如您所知，我們認為這從長遠來看是至關重要的。正如我所說，流媒體是 21 世紀的網絡，網絡總是為工作室帶來增量經濟，而且它們將再次如此。因此，如果我們要這樣做，我們顯然需要利用精彩的內容。因此，坦率地說，像 1883 和 Halo 這樣的遊戲需要在 Paramount+ 上播放。順便說一句，就用戶獲取和參與度而言，他們都在平台上被證明非常有效。

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.

所以他們正在工作。在這種情況下，目標不是最大範圍。它們是在流媒體中創造資產價值的關鍵。再一次，我們相信從長期股東價值的角度來看，這是一個優於工作室運營的戰略。如果你開始把它們搬到其他地方，那真的是工作室唯一的操作是你要走的路。因此，最重要的是，我們仍然致力於傳統的，包括戲劇和流媒體，包括通過 1883 等標題以及我們的電影。我們相信這是我們追求股東價值的優勢之一。

Next question is from Brett Feldman from Goldman Sachs.

下一個問題來自高盛的 Brett Feldman。

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，感謝您為我們提供了一些幫助，並讓我們思考了明年現金流和 EBITDA 之間的關係。今年，您在今年前三個季度的現金流基本上是盈虧平衡的。我們需要考慮第四季度的關鍵波動因素是什麼，因為有時為我們確定營運資金可能有點困難。

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?

然後你有很大的動力，你希望派拉蒙+用戶群仍然有一些動力，利用你所在的新市場的新分佈。我想知道你會在什麼時候—— - 您希望得到相當充分的分佈，無論是通過合作夥伴關係還是地理分佈，這樣訂閱者的增量驅動力將越來越多地通過您的內容交付在這些市場中推動更大的滲透？這是我們應該在 2023 年考慮的事情嗎？還是您仍然認為隨著我們進入明年您有很多分銷機會？

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

Naveen，你想先從 Q4 開始，然後我會選擇流媒體嗎？

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。所以關於第四季度現金流的預期，我會提到一些事情。再一次，回到第三季度推動現金流的一點，正如我之前提到的，這實際上是關於生產支出、營銷和國際發布的增長。我認為這些是負面的營運資金驅動因素。第四季度顯然會相對於此有所改善，因為我們將克服其中的一些需求。現在，我預計其中的一些改善將被影響第四季度 OIBDA 的宏觀經濟因素所抵消，因為其中一些顯然會流入現金流。

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，我認為考慮全年的自由現金流可能最有幫助。正如我之前所說，當你通過這個鏡頭觀察它時，你會發現自由現金流的同比變化將明顯小於 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，這對我們來說非常重要。

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.

在我們繼續投資於增長的同時，我們高度關注產生自由現金流的重要性。所以希望這能讓你對如何思考全年有所了解。

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。至於您關於訂戶增長等的第二個問題，請從高層開始。我們對我們的訂戶增長潛力以及這裡的跑道長度有絕對的信心。這不僅僅是一種意見。它確實是由數據通知的。請記住，我們在 2022 年的訂戶增加方面領先美國，同時我們在全球範圍內擴張，尤其是今年擴展到西歐。關於流媒體機會，我們確實有雙重好處。一開始市場很大，而且還在不斷增長。然後再加上一點，我們顯然在分享。毫無疑問，您可以通過數字在 22 年看到這一點。我還要指出，這不僅僅是我們的次增長。我們看到了真正的 ARPU 增長，Naveen 已經對此發表了一些評論。

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.

所以總的來說，我們感覺很好。現在，當您打開包裝並查看流媒體並查看驅動程序時，您會開始考慮 2023 年及以後的情況，這確實是 - 這聽起來很簡單，但它是內容，您的石板在做什麼？你在市場擴張方面做了什麼，然後你如何看待合作夥伴關係？因此，我們的內容板繼續構建。它是第四季度的殺手。如果你願意，我們可以談論一些，這將一直持續到 23 年，這不僅僅是在美國，而是在全球範圍內。所以我們對此感覺很好。顯然，我們有一個長期的內容計劃，我們將繼續製作系列、派拉蒙電影等。

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.

如果你看看市場擴張，我們將在 23 年結束西歐，這意味著這將推動 - 我們將在 22 年結束，對不起，隨著西歐的完工，這將推動'23.我們將在 23 年進一步擴大市場方面做一些事情，我們還沒有談論過這個。所以在裡面放一個別針。但我還想指出，僅僅因為您在市場上推出，並不意味著您立即獲得所有潛艇。以英國為例。當然，我們以硬捆綁的形式推出了 Sky，而且表現非常好。我們很高興，我們的合作夥伴也很高興，等等。我們還在渠道商店和直接 D2C 中推出。

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.

然後今天，我們宣布維珍將在維珍電視上投放派拉蒙+。因此，這些市場將隨著時間的推移而建立。所以這不僅僅是關於入口點。這是關於逐個市場深化您的參與市場。順便說一句，包括在美國，從您的內容板和增量合作夥伴中受益。再說一遍，大局，我們對這個市場的規模感到非常滿意。我們對分享的能力感到非常滿意。我們今天正在這樣做。我們對未來的道路感覺非常好。這將成為面向全球消費者的基石服務之一，而且我們肯定正走在這條道路上。

The next question comes from Douglas Mitchelson from Credit Suisse.

下一個問題來自瑞士信貸的 Douglas Mitchelson。

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?

Bob，關於廣告的多部分問題。那麼鮑勃，您願意提供有關廣告趨勢的更多背景信息嗎？您是否看到普遍疲軟或某些類別回落？任何關於這種柔軟度如何在第四季度排序的任何信息。一些公司表示，他們看到下降趨勢趨於穩定，另一些公司則表示，繼續走弱。那麼有什麼嗎？

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?

然後 Naveen，您談到了提高廣告盈利能力。最近關於流媒體和免費電視的大爭論之一顯然是可以達到什麼水平的每千次展示費用，尤其是在定位有所改善的情況下。而且我認為一些新服務的溢價，CPM 目標遠高於你們目前可能獲得的目標。所以我只是好奇，廣告貨幣化的努力是什麼？他們什麼時候開始分層？具體來說，隨著定位工作的改進，您認為有哪些好處？

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。因此，正如我在講話中所說，艱難的宏觀經濟環境肯定會影響本季度的廣告銷售。這是我們在分散市場中看到的情況的函數，那裡有軟性，在數字方面與電視相比更是如此。值得注意的是，如您所知，電視具有大量前期基礎的額外好處。我們的觀眾分享增長或我們品牌的表現，特別是廣播年度的 CBS 讓我們在前期獲得了更多的美元數量，我很高興今天坐在這裡。

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.

在類別方面，我們看到旅遊很好，電子產品很好。自動還沒有動。但我要指出，汽車是一項非常有趣的研究，因為——他們一直在製造所有的汽車。他們只是錯過了最後一個籌碼，或者可能是幾個籌碼。一旦這些芯片出現，就有數以萬計的汽車將不得不移動。所以我不知道什麼時候會發生，但是當它發生時，這將對廣告市場非常有利，這會涉及到更廣泛的點。

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.

看，我不是經濟學家，但我認為歷史在這裡可以提供指導。如果您回顧一下，自 2000 年以來，我們已經有 3 個廣告週期下降，對吧？我們有一個來自 9/11，一個在 2008 年，然後一個最近在 2020 年出現在 COVID，它們都不同，但相似之處在於它們都持續了幾個季度。這一切都是在 GDP 出現負增長的時候，每個週期都會導致多個季度出現特別強勁的廣告增長。所以是的，我們確實有一些宏觀驅動的柔軟度，所有人都在談論它。

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.

但正如往常一樣，這個市場將會轉向。到那時，您將真正受益於我們作為市場領導者的定位，我們擁有排名第一的廣播公司、包括年輕和多元化觀眾領導者的有線電視集團、美國排名第一的 FAST 服務 Pluto；快速將流媒體服務擴展到派拉蒙+。這一切都圍繞著引人入勝的內容，人們比以往任何時候都更希望與我們正在做的事情相關聯和可用，通過一個單一的訪問點為持有公司和客戶提供行業最佳的創意支持和廣告技術。所以它是強大的定位。隨著這個市場的轉變，它真的會再次出現，這是不可避免的。

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 就廣告獲利發表了一些評論。首先，從 ARPU 的角度來看，我想說的是廣告貨幣化的主要驅動力，我的意思是，很明顯，用戶增長在其中發揮了作用。但從 ARPU 的角度來看，對我們來說，這真的是參與驅動的。我想說的是，儘管我們已經在消費方面指出了很多偉大的指標，無論是在 P+ 和冥王星上，而且所有這些趨勢都非常積極地上升，但我們真的才剛剛開始。 - 並且流失繼續下降。

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.

我認為我們有很大的空間來繼續推動參與度，這最終將導致更高水平的廣告貨幣化。我要注意的第二件事是，關於每千次展示費用，你問到一些期望可能有多現實，我會注意到我們從事這項業務已經很長時間了。我們大規模參與其中。

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.

我們今天的 D2C 業務的廣告投放率約為 15 億美元。這意味著我們一直非常關注該市場的最大部分。我們不一定會選擇非常優質的每千次展示費用。我們認為這不是最大的資金池存在的地方。這意味著我們專注於兩件事：第一，繼續擴大規模，我們為廣告定價以實現這一目標；第二，我們專注於包裝。這是我們為等式帶來的最大區別之一是能夠打包多種類型的 D2C 廣告資源、流媒體廣告資源以及全方位的有線和廣播廣告資源，我認為這最終是廣告商的答案尋找。

The next question comes from Ben Swinburne from Morgan Stanley.

下一個問題來自摩根士丹利的 Ben Swinburne。

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.

只是選擇幾個主題，你們已經涵蓋了一些。 Naveen，考慮到您談到的成本活動，我們是否應該期待第四季度的重組費用或您談到的任何規模的成本活動，或者你們明年的目標是節省多少資金？我知道現在可能還早，但我想我會問。然後對於你們中的任何一個，繼續做廣告，相對於數字業務，線性業務的表現相當不錯。 Naveen 談到你關於參與的最後一點，冥王星的參與度上升了很多，我認為強勁的兩位數，不確定這在數量上意味著什麼，但聽起來相當強大。

But we're seeing the ad revenues really slow.

但我們看到廣告收入真的很慢。

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?

為什麼你們認為線性比數字更好？這一切都在前期嗎？或者還有其他因素——鮑勃，你對 Netflix 的推出有什麼看法嗎？我認為這周和迪士尼的到來會影響你的業務，以及當這些人現在進入市場時你如何定位你的庫存和你的廣告技術爭奪廣告收入？

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。本，我是納文。我將從成本方面開始，然後將其交給 Bob 來處理該問題的廣告方面。所以我想，首先，只是具體細節，然後我會從成本的角度談談我們正在做的事情。正如我所說，我們在成本方面採取的舉措的好處將主要在 2023 年體現出來。我確實認為第四季度有可能進行重組。我們將看到最終確定其中一些決定的確切時間。

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.

我不會就這些成本節省給出任何具體數字，但我會說——這些都是有意義且可觀的。我們認為它們不僅對我們有經濟利益，而且坦率地說，在我們希望如何運營以及我們希望將資源集中在哪裡方面，它們可以幫助我們在戰略上達到我們想要的位置。我們分享了一些例子。它包括人工和非人工費用。它涵蓋了業務的許多不同部分。我要指出我們之前談到的正在進行的工作的增量，這有助於提高業務線性方面的效率。所以它很有意義，我認為它可以為 2023 年做出有益的貢獻，特別是考慮到目前存在的一些宏觀經濟挑戰。

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。 Ben，在廣告市場上，你是對的，電視方面的表現要好於數字方面。我認為有多種原因 - 有幾個原因。一個是，是的，前期基礎。請記住，我們的前期策略是因為我們不知道市場會是什麼樣子，但我們擔心事情可能會軟化——我認為我們當時已經拿到了 18 分每年的廣播份額。因此，我們決定預先確定數量而不是預先確定價格。我們在高單曲上做生意，但我們的銷量很大，這是一件好事，這對我們來說肯定有助於電視。其次，與此有些相關的是，您總是有一個電視供應有限的地方。顯然，廣播比有線電視供應最有限。但實際上，這些車輛已經售罄，並且供應池並沒有變得更大，比如說，再加上，你已經證明了有效性。

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.

如果您是在美國從事產品或服務的廣告商，並且您想在全國范圍內產生影響，那麼真的沒有比電視更好的展示媒體了，人們都知道這一點。所以當他們不得不做出選擇的時候，電視在這方面還是比較有優勢的。更廣泛地說，目前的市場有點需求受限。這絕對適用於數字方面。這就是電視的另一面。那裡有數字供應。當您擁有強大的需求市場時，您可以真正受益，並且您已經看到我們受益。但是，當存在需求限制時，情況往往會更加艱難。

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.

我要指出的是，根據我看到的報告數字，我們的 D2C 數字加 4 實際上與其他一些大型數字公司以及他們擺在桌面上的東西相比相當有利。所以至少這很好，我們對此感到高興。但目前，我們正在努力解決一些需求限制。至於你在 Netflix 上的問題，我想說兩件事。我想說我會從新進入者進入廣告體育流媒體這一事實開始，它真的再次驗證了我們長期以來認為的增加了我們廣泛流媒體模型的關鍵組成部分的事實。我們認為——如您所知，我們在 Pluto 中有一個完全免費的產品，我們在 Paramount+ Essentials 中有一個價格較低的產品。

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.

這些是通過廣告銷售實現的，它們擴大了消費者的訪問範圍，消費者可以做出選擇。有些人付出更多，有些人付出更少，而廣告可以幫助您做到這一點。再次驗證我們的策略。當您與廣告商交談時，他們真的很關心內容，他們希望被流行內容所包圍，但他們也希望獲得正確的覆蓋面和頻率組合。這不僅僅是到達，它也是頻率。我們有一個集成的服務器可以讓我們處理這個問題。這就是 Naveen 在談到我們多平台戰略的最終價值時所說的部分內容。人們喜歡我們多樣化的內容、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.

他們喜歡我們在與客戶合作、整合廣告方面的記錄。我們在高級領域做了很多工作。事實上，第四季度是有史以來所有控股公司至少有一項非尼爾森擔保業務的第一季度。所以我們正在與他們合作。我們是可靠的。我們有著長期的合作記錄。所以是的，有新的進入者。廣告市場一直競爭激烈。我們對自己的位置感覺很好。我們已經在那裡幾十年了。我們擁有行業獨特的產品組合。

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.

沒有其他人擁有廣播網絡、FAST 和高增長的訂閱流媒體服務，所有這些都圍繞著我們擁有的內容套件。因此，這與新進入者無關。我認為在短期內，這真的與市場狀況有關——整個事情都將轉向。但我們對他們加入市場並不感到驚訝，我們很高興與他們競爭。

Operator, we have time for one last question.

接線員，我們有時間回答最後一個問題。

Our final question today comes from John Hodulik from UBS.

我們今天的最後一個問題來自瑞銀的 John Hodulik。

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，我們已經打了廣告。在附屬公司方面怎麼樣。我想對於 Naveen，你能否量化 Sky 的重新分類對本季度加速和附屬公司下降的影響，也許你在剪線方面看到了什麼？然後是您可以在該行項目上提供的任何展望。那很好啊。

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，謝謝你的問題。我首先要說的是，關於業務的附屬和訂閱方面，特別是在電視媒體方面，我實際上不認為第三季度的變化率是我們預期長期看到的特別有用的指標。其原因是有許多非有機因素會影響年比。它包括暫停我們在俄羅斯的線性頻道。

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.

有相當大的外匯影響。在比賽季度中，按次付費事件的數量存在差異。正如我所提到的，主要是國際聯盟交易正在進行重組，將收入從電視媒體部門轉移到直接面向消費者的部門。我不會單獨衡量每一個的規模，但我可以告訴你，如果你針對這類無機項目進行調整，電視媒體附屬公司的收入在本季度將下降 3%，而報告中的下降為 5%。而且我認為 3% 可能是我們在線性聯盟方面看到的潛在趨勢的更好指標。

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，我認為這裡真正重要的一點是，更值得關注的是公司附屬機構和訂閱總收入，正如我們在評論中指出的那樣，本季度增長了 8%。這是一個重要的數字，因為它表明我們在流媒體中看到的增長遠遠抵消了我們在線性生態系統中看到的下降。我們預計，這種趨勢將繼續下去。

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。聽著，我只想說我理解宏觀環境影響財務狀況的擔憂。但同樣，它們是周期性的，它們將不可避免地轉向。更重要的是，我們世界級的內容引擎正在我們的平台上推動無可置疑的勢頭。我的意思是流媒體、電視和戲劇。我們確實在所有這些方面都加分，並且在我們執行差異化戰略時，我們將繼續利用這一勢頭。我們仍然認為這是創造價值的最佳途徑。

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，我們將始終考慮任何選項，但我們將在執行過程中繼續這樣做，我們期待像我們一樣與大家進行對話。謝謝您的支持。祝你有美好的一天。

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。非常感謝您的出席。您現在可以斷開線路。