Paramount Global (PARA) 2023 Q2 法說會逐字稿

Good afternoon. My name is Nadia, and I'll be the conference operator today. At this time, I would like to welcome everyone to Paramount Global's Second Quarter 2023 Earnings Conference Call. (Operator Instructions)

下午好。我叫納迪亞，今天我將擔任會議主持人。此時此刻，我謹歡迎大家參加派拉蒙全球 2023 年第二季度收益電話會議。 （操作員說明）

At this time, I would now like to turn the call over to Kristin Southey, Paramount Global's EVP, Investor Relations. You may now begin your conference call.

現在，我想將電話轉給派拉蒙全球投資者關係執行副總裁 Kristin Southey。您現在可以開始電話會議。

Good afternoon, everyone. Thank you for taking the time to join us for our second quarter 2023 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.

大家下午好。感謝您抽出時間參加我們的 2023 年第二季度財報電話會議。與我一起參加今天討論的是我們的總裁兼首席執行官 Bob Bakish；以及我們的首席財務官納文·喬普拉 (Naveen Chopra)。請注意，除了我們的收益發布之外，我們的網站上還提供包含補充信息的趨勢表。

Before we start this afternoon, 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.

在今天下午開始之前，我想提醒您，本次電話會議中所做的某些陳述是前瞻性陳述，涉及風險和不確定性。我們向 SEC 提交的文件中更詳細地討論了這些風險和不確定性。

Some of today's financial remarks will focus on adjusted results. Reconciliations of these non-GAAP financial measures can be found in 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.

今天的一些財務評論將重點關注調整後的業績。這些非公認會計準則財務指標的調節可以在我們的收益發布或我們的趨勢表中找到，其中包含補充信息，並且在每種情況下都可以在我們網站的投資者關係部分找到。

Now I will turn the call over to Bob.

現在我將把電話轉給鮑勃。

Good afternoon, everyone, and thank you for joining us. Naveen and I are looking forward to walking you through Paramount's results for the second quarter and our views on the business.

大家下午好，感謝您加入我們。納文和我期待著向您介紹派拉蒙第二季度的業績以及我們對業務的看法。

Before we get started, I want to touch on some exciting breaking news. Today, we announced an important milestone with our agreement to sell Simon & Schuster to KKR for $1.62 billion. Naveen will walk you through some of the details. But in short, we are thrilled with this transaction, which is an important step in our delevering plan.

在我們開始之前，我想先談談一些令人興奮的突發新聞。今天，我們宣布了一個重要的里程碑，我們同意以 16.2 億美元的價格將 Simon & Schuster 出售給 KKR。納文將引導您了解一些細節。但簡而言之，我們對這次交易感到興奮，這是我們去槓桿計劃的重要一步。

With that, let's turn to today's business. Let me start by saying this, without question, there is an incredible amount of change happening across our industry. But what I've learned is that when you have a coherent strategy, strong execution and the ability to stay nimble, your business will be built to weather periods of change and transformation. That is our approach at Paramount, what we remain focused on every day.

說到這裡，讓我們轉向今天的正題。首先我要說的是，毫無疑問，我們整個行業正在發生令人難以置信的變化。但我學到的是，當你擁有連貫的戰略、強大的執行力和保持敏捷的能力時，你的企業將能夠經受住變化和轉型時期的考驗。這就是我們在派拉蒙的做法，也是我們每天關注的焦點。

And starting with a key part of the transformation, our direct-to-consumer business. This quarter, our D2C business continued to scale with increased revenue and engagement and an improvement in earnings. In addition, with 2023 being our peak investment year in streaming, we remain on track to deliver significant total company's earnings growth in 2024.

從轉型的關鍵部分開始，即我們的直接面向消費者的業務。本季度，我們的 D2C 業務繼續擴大規模，收入和參與度增加，盈利也有所改善。此外，由於 2023 年是我們在流媒體領域的投資高峰年，我們仍有望在 2024 年實現公司總盈利的大幅增長。

But let me zoom out a bit. I'll start with the vision we've laid out for Paramount, how we're making progress on it and how we are continually fine-tuning our execution to navigate market conditions. Then, Naveen will talk through the financials and provide additional color on the business.

但讓我把鏡頭縮小一點。我將從我們為派拉蒙制定的願景開始，我們如何在該願景上取得進展，以及我們如何不斷調整我們的執行以應對市場狀況。然後，納文將詳細介紹財務狀況並提供有關該業務的更多信息。

Despite what's happening across our industry, at a fundamental level, what we do at Paramount is what we've always done: create high-quality content with mass popular appeal and monetize it across multiple platforms and multiple revenue streams. We do all of that with an unwavering focus on building a sustainable business model, one built for growth. Let me break that down further.

儘管整個行業發生了一些事情，但從根本上來說，我們在派拉蒙所做的事情是我們一直以來所做的：創造具有大眾吸引力的高質量內容，並在多個平台和多個收入來源中將其貨幣化。我們在做所有這些事情時都堅定不移地致力於建立一種可持續的商業模式，一種為增長而建立的商業模式。讓我進一步分解一下。

First, content. As Sumner Redstone famously declared, and as we often echo, "Content is king." And at Paramount, content is certainly what we do best. In fact, in Q2, we were the #2 in the industry in terms of total U.S. TV set viewership of our content across TV and streaming. It starts with our library, one that spans over 100 years and includes more than 200,000 TV episodes and 4,000 movies. That irreplaceable library is a critical driver of Paramount+, Pluto TV, linear and licensing. This is coupled with our production capabilities that span the world: from Hollywood to key global markets, including the U.K. and Australia; in scripted and unscripted; in animation and live action; in features and episodic; and in live, including news, sports and events.

第一，內容。正如薩姆納·雷石東（Sumner Redstone）的一句著名言論，也是我們經常重複的，“內容為王”。在派拉蒙，內容無疑是我們最擅長的。事實上，在第二季度，就美國電視和流媒體內容的總收視率而言，我們在行業中排名第二。首先是我們的圖書館，該圖書館的歷史跨越 100 多年，包含超過 200,000 部電視劇集和 4,000 部電影。這個不可替代的庫是 Paramount+、Pluto TV、線性和許可的關鍵驅動力。這與我們遍布全球的製作能力相結合：從好萊塢到全球主要市場，包括英國和澳大利亞；有腳本和無腳本；動畫和真人表演；特點和情節；以及直播，包括新聞、體育和活動。

All of this helps to create, extend and localize enduring fan-favorite franchises and formats: from Transformers to Mission: Impossible, to last week's Teenage Mutant Ninja Turtles release; to unscripted hits like RuPaul and The Shores and to powerhouse CBS crime procedurals like the NCIS and FBI families; or the expanding set of Taylor Sheridan originals. In fact, Taylor Sheridan's newest series, Special Ops: Lioness, premiered a few weeks ago and became Paramount+'s most watched global series premiere in its first 24 hours on the service. A new season of fan favorite, The Chi, premiered this past weekend, and the highly anticipated season premiere of Billions is coming later this week.

所有這些都有助於創建、擴展和本地化經久不衰的深受粉絲喜愛的系列和格式：從《變形金剛》到《碟中諜》，再到上週上映的《忍者神龜》；到《魯保羅》和《海岸》等即興熱門影片，以及《海軍罪案調查處》和《聯邦調查局家族》等 CBS 犯罪程序大片；或泰勒·謝里登 (Taylor Sheridan) 原創作品的擴展集。事實上，泰勒·謝里丹 (Taylor Sheridan) 的最新劇集《特別行動：母獅》已於幾週前首播，並在上線 24 小時內成為 Paramount+ 收視率最高的全球劇集首播。深受粉絲喜愛的新一季《The Chi》於上週末首播，備受期待的《Billions》季首播將於本週晚些時候推出。

Our franchises continue to grow in number and scale. We have a growing roster led by more than a dozen franchises that have grossed over $1 billion in revenue. Add to that popular originals such as Yellowjackets and some of the bigger sporting events in the world, including college football, where we'll soon have the debut of the Big Ten, plus March Madness, the PGA, UEFA and, of course, the NFL, with the Super Bowl coming in February on CBS, Paramount+ and, for the first time ever, on Nickelodeon with a kid-centric alternate telecast, something we and the league are very excited about.

我們的特許經營店數量和規模不斷增長。我們的名單不斷壯大，其中有十幾家特許經營公司的總收入超過 10 億美元。除了黃衫隊等流行原創賽事以及世界上一些較大的體育賽事（包括大學橄欖球賽）之外，我們很快就會迎來十強賽的首次亮相，此外還有瘋狂三月、PGA、UEFA ，當然還有NFL 的超級碗比賽將於 2 月份在 CBS、Paramount+ 上播出，並且有史以來第一次在 Nickelodeon 上進行以兒童為中心的交替電視轉播，我們和聯盟都對此感到非常興奮。

I also want to note that given our international production capabilities, we have more than 85 international scripted and unscripted Paramount+ originals already produced, in production or greenlit, as well as more than 20 local versions of global unscripted formats slated to debut through 2024. In fact, we just announced a slate of internationally produced originals coming to Paramount+ in the U.S., including Bargain, a Korean crime thriller, that's already generating strong bus; and a number of British series like the gangster drama, Sexy Beast.

我還想指出的是，考慮到我們的國際製作能力，我們已經製作了超過85 個有腳本和無腳本的派拉蒙+ 原創作品，無論是在製作中還是獲得批准，還有20 多個全球無腳本格式的本地版本，預計在2024 年首次亮相。事實上，我們剛剛宣布一系列國際製作的原創作品將在美國派拉蒙+上映，其中包括韓國犯罪驚悚片《討價還價》，該片已經引起了強烈的關注；以及一些英國連續劇，如黑幫劇《性感野獸》。

The breadth of our content serves an impressively large addressable market: within the household, across the country and around the world. That is the power and quality of our content engine, and that's a key competitive advantage for us.

我們內容的廣度服務於一個令人印象深刻的龐大潛在市場：家庭內部、全國各地和世界各地。這就是我們內容引擎的力量和質量，也是我們的關鍵競爭優勢。

Beyond quality, we continue to focus on being one of the most efficient content producers in the world and we expect to demonstrate continued gains in this area in 2024 and beyond. As part of that, as you will hear from Naveen, we are evolving our streaming content slate to super-serve key target audiences more efficiently. This based on all we've learned since Paramount+ launched.

除了質量之外，我們繼續致力於成為世界上最高效的內容生產商之一，我們預計在 2024 年及以後在這一領域取得持續的成果。作為其中的一部分，正如您將從納文那裡聽到的那樣，我們正在改進我們的流媒體內容板，以更有效地為關鍵目標受眾提供超級服務。這是基於我們自 Paramount+ 推出以來所了解到的一切。

Speaking of content, I'd like to take a moment to address the issue that is top of mind for all of us: the ongoing writers' and actors' strikes. We're saddened that as an industry, we couldn't come to an agreement that would have prevented this. Our partnership with the creative community is critical to the health of our industry. So we remain hopeful for a timely resolution, and we are committed to finding a path forward.

說到內容，我想花點時間談談我們所有人最關心的問題：正在進行的編劇和演員罷工。我們感到遺憾的是，作為一個行業，我們無法達成一項可以阻止這種情況的協議。我們與創意界的合作關係對於我們行業的健康發展至關重要。因此，我們仍然對及時解決抱有希望，並致力於尋找前進的道路。

At the same time, we have a responsibility to minimize disruptions to our audiences and other constituents. To that end, we've adjusted our CBS fall slate by leaning into the full power of Paramount's content capabilities. On top of a strong sports lineup, new additions to the CBS schedule include Paramount Network hits like Yellowstone and Paramount+ favorites like SEAL Team, as well as pairing the British hit comedy Ghosts with CBS' own popular version of the show, to name a few. The slate illustrates the strength of our global multi-platform asset base and strategy, and it's one of the ways we're staying nimble.

與此同時，我們有責任盡量減少對觀眾和其他選民的干擾。為此，我們通過充分利用派拉蒙的內容能力來調整哥倫比亞廣播公司的秋季節目表。除了強大的體育節目陣容之外，CBS 節目表中的新節目還包括派拉蒙電視網的熱門節目（如《黃石》）和派拉蒙+最受歡迎的節目（如《海豹突擊隊》） ，以及將英國熱門喜劇《幽靈》與CBS 自己的熱門版本節目配對等等。 。該名單展示了我們全球多平台資產基礎和戰略的實力，這是我們保持靈活性的方式之一。

The second pillar of our strategy is using multiple platforms and multiple revenue streams to get the most value for our content. This allows us to monetize our content in more ways while giving us flexibility as markets, audiences and economics continue to evolve. That means accessing revenue streams across subscription and advertising and tapping into the very large global market of third-party platforms through our strategic approach to content licensing. And it means distributing our content across linear TV, theatrical and streaming, leveraging our powerful owned and operated assets, including the largest broadcast footprint in the world, one of the fastest-growing premium SVOD services with Paramount+ and the most widely distributed fast service globally with Pluto TV.

我們戰略的第二個支柱是利用多個平台和多個收入來源來實現我們內容的最大價值。這使我們能夠以更多方式將內容貨幣化，同時隨著市場、受眾和經濟的不斷發展而保持靈活性。這意味著通過我們的內容許可戰略方法獲得訂閱和廣告方面的收入流，並進入第三方平台的巨大全球市場。這意味著利用我們強大的自有和運營資產，在線性電視、影院和流媒體上分發我們的內容，包括世界上最大的廣播覆蓋範圍、Paramount+ 增長最快的優質SVOD 服務之一以及全球分佈最廣泛的快速服務與冥王星電視。

Let me give you a few examples of how this creates value for our company. Just look at CBS which, as you know, is the #1 network in all of television for the 15th straight season. What's lesser known is that CBS content accounted for nearly half of total minutes viewed on Paramount+. And one of the most underappreciated contributions of CBS' value to our company is its power in content licensing both domestically and abroad. To put a finer point on it, CBS-produced content accounted for over $600 million of licensing revenue in the quarter. This is an incredible asset.

讓我舉幾個例子來說明這如何為我們公司創造價值。看看哥倫比亞廣播公司 (CBS)，如您所知，它已連續 15 季在所有電視節目中排名第一。鮮為人知的是，CBS 內容佔 Paramount+ 觀看總分鐘數的近一半。哥倫比亞廣播公司對我們公司的價值最被低估的貢獻之一是其在國內外內容許可方面的實力。更具體地說，哥倫比亞廣播公司製作的內容佔本季度許可收入超過 6 億美元。這是一筆令人難以置信的資產。

Paramount Pictures, starting with its extraordinary library, also drives a significant multi-platform and multi-revenue stream advantage, and it's pay 1 films are the most efficient programming in driving acquisitions on Paramount+ in the U.S., a key asset as we continue to scale rapidly and move forward on the path to profitability.

派拉蒙影業以其非凡的影片庫為起點，還推動了顯著的多平台和多收入流優勢，其付費電影是推動派拉蒙+在美國收購的最有效的節目，這是我們不斷擴大規模的關鍵資產並在盈利的道路上快速前進。

And as you know, we've always embraced the combination of streaming and strategic licensing to third-party platforms, both in linear television and streaming, something that unquestionably produces economic value for us. In fact, over the past 18 months, the top 20 engagement drivers on Paramount+ also drove hundreds of millions of dollars in incremental third-party licensing revenue through windowing and secondary market exploitation.

如您所知，我們一直接受流媒體和第三方平台戰略許可的結合，無論是在線性電視還是流媒體領域，這無疑為我們創造了經濟價值。事實上，在過去 18 個月裡，Paramount+ 上排名前 20 的參與驅動因素還通過窗口和二級市場開髮帶動了數億美元的第三方許可收入增量。

And when it comes to generating revenue, I have to spend a minute on our strong position in the ad market. Paramount has seen sequential improvement in year-over-year advertising in Q2. And in the upfront we just wrapped, Paramount saw positive low to mid-single growth on volume. And in both cases, digital is a point of strength. Paramount is a leader in the digital video ad space, and I want to ensure you understand the extent and depth of our digital ad capabilities.

當談到創收時，我必須花一點時間來談談我們在廣告市場的強勢地位。派拉蒙第二季度的廣告業務同比有所改善。在我們剛剛結束的前期工作中，派拉蒙看到了中低單曲銷量的積極增長。在這兩種情況下，數字化都是一個優勢。派拉蒙是數字視頻廣告領域的領導者，我希望確保您了解我們數字廣告能力的廣度和深度。

Our direct digital revenue is up by strong double digits year-over-year, powered by the premium content offerings on Paramount+ and Pluto TV. 3 years ago, we launched EyeQ, our digital ad platform, as a simple and effective solution for advertisers to connect their brands to consumers at scale. Since then, it has seen incredible growth. The EyeQ footprint now stands at more than 90 million full-episode viewers domestically, and we expect to generate revenue approaching $3 billion this year, rivaling the best -- the biggest players in digital video.

在 Paramount+ 和 Pluto TV 優質內容的推動下，我們的直接數字收入同比增長兩位數。三年前，我們推出了數字廣告平台 EyeQ，作為廣告商將其品牌與消費者大規模聯繫起來的簡單有效的解決方案。從那時起，它出現了令人難以置信的增長。目前，EyeQ 在國內的全集觀眾數量已超過 9000 萬，我們預計今年的收入將接近 30 億美元，與數字視頻領域最優秀的公司相媲美。

And we're building upon that strength internationally as well. We've just announced that we're expanding the global Pluto TV footprint with our launch in Australia. And we'll be launching ad-supported tiers of Paramount+ in certain international markets as we move forward.

我們也在國際上增強這一實力。我們剛剛宣布，通過在澳大利亞推出 Pluto TV，我們將擴大全球 Pluto TV 的覆蓋範圍。隨著我們的前進，我們將在某些國際市場推出由廣告支持的 Paramount+ 級別。

Importantly, the strength of our proposition is not just digital. Our portfolio of sports, including Super Bowl LVIII and tent-pole events like the GRAMMYs, are differentiators for advertisers; as are our industry-leading capabilities in branded content. Simply put, world-class brands want to be part of Paramount where advertisers like Dodge Ram who's been ingrained in the fabric of Yellowstone since Season 1, or Pizza Hut, a key partner in the new Turtles movie, turn to our branded content capabilities to break through the quarter. This combination of strength brings Paramount advertising key advantages for the long term and helps to mitigate any near-term challenges.

重要的是，我們主張的優勢不僅僅在於數字化。我們的體育賽事組合，包括第 58 屆超級碗和格萊美頒獎典禮等熱門賽事，對廣告商來說是差異化因素；我們在品牌內容方面的行業領先能力也是如此。簡而言之，世界級品牌希望成為派拉蒙的一部分，像道奇公羊（自第一季以來就已在黃石公園中根深蒂固）或必勝客（新海龜電影的主要合作夥伴）這樣的廣告商，可以利用我們的品牌內容能力來突破季度。這種優勢的結合為派拉蒙廣告帶來了長期的關鍵優勢，並有助於緩解任何近期挑戰。

Finally, I want to speak to our hyper focus on creating a sustainable business model built for growth, an achievable goal and one that powers our entire mission. As we've said over the past quarters, there are a few key levers we're focused on here: first, revenue growth through continued subscription growth, price increases, ad monetization and more; second, cost and operational efficiencies, with a big focus on content and marketing spend and improving our operating leverage.

最後，我想談談我們對創建一種可持續的商業模式的高度關注，這種商業模式是為了增長而建立的，這是一個可實現的目標，也是一個推動我們整個使命的目標。正如我們在過去幾個季度所說的那樣，我們重點關注幾個關鍵槓桿：首先，通過持續的訂閱增長、價格上漲、廣告貨幣化等來實現收入增長；其次，成本和運營效率，重點關注內容和營銷支出以及提高我們的運營槓桿。

While Naveen will speak to our efforts to build a sustainable model in more detail, I do want to touch on how Paramount+ with SHOWTIME integration, which commenced on June 27, is an example of pulling all of these levers. Yes, it allowed us to secure consolidation-driven cost savings that extend across streaming and linear, more than $700 million, in fact. It also enabled price increases to further drive streaming ARPU. Perhaps, most importantly, it is creating a stronger product for consumers and our partners, one that is more engaging with less churn. Consider this, for the last year or so, we've had a bundle of the Paramount+ and SHOWTIME apps in the market. Customers of that bundle consumed over 40% more titles. So we have clear predictive data that the integrated product will deliver enhanced consumer engagement in streaming and soon in linear.

雖然 Naveen 將更詳細地談論我們為建立可持續模式所做的努力，但我確實想談談 6 月 27 日開始的 Paramount+ 與 SHOWTIME 整合如何成為拉動所有這些槓桿的一個例子。是的，它使我們能夠確保整合驅動的成本節約，涵蓋流媒體和線性領域，事實上，超過 7 億美元。它還使價格上漲進一步推動流媒體 ARPU。也許，最重要的是，它正在為消費者和我們的合作夥伴創造一種更強大的產品，一種更具吸引力、更少流失的產品。考慮一下這一點，在過去一年左右的時間裡，我們在市場上推出了一系列 Paramount+ 和 SHOWTIME 應用程序。該捆綁包的客戶消費的圖書數量增加了 40% 以上。因此，我們有明確的預測數據表明，集成產品將增強消費者對流媒體的參與度，並很快實現線性化。

In closing, let me take this opportunity to say how proud I am of this company and the incredible team at Paramount who continue to power us forward. Our strategy, underpinned by compelling content and powerful platforms, is working. And our approach, fine-tuned to navigate the realities of the market, is focused on efficiently maximizing our business. We're doing all of this, of course, with driving shareholder value as our highest priority.

最後，讓我藉此機會表達我對這家公司和派拉蒙令人難以置信的團隊感到多麼自豪，他們繼續推動我們前進。我們的戰略以引人注目的內容和強大的平台為基礎，正在發揮作用。我們的方法經過微調以適應市場的現實，專注於有效地最大化我們的業務。當然，我們正在做這一切，並將提高股東價值作為我們的首要任務。

With that, I'll now turn it over to Naveen. Naveen?

有了這個，我現在將把它交給納文。納文？

Thank you, Bob. Good afternoon, everyone. .

謝謝你，鮑勃。大家下午好。 。

Our Q2 results reflect strong momentum in our D2C business and continued focus on company-wide expense management. In my comments today, I'll provide additional insights on key elements of our Q2 results and discuss our expectations for the remainder of 2023. Then, before we take your questions, I'll share some more color on our path to streaming profitability and improved financial leverage.

我們第二季度的業績反映出我們 D2C 業務的強勁勢頭以及對全公司費用管理的持續關注。在今天的評論中，我將提供有關第二季度業績關鍵要素的更多見解，並討論我們對2023 年剩餘時間的預期。然後，在回答您的問題之前，我將分享有關我們流媒體盈利能力和財務槓桿有所改善。

In Q2, we delivered total company revenue of $7.6 billion and adjusted OIBDA of $606 million. In our press release, you'll find a comprehensive review of our key financial results.

第二季度，我們實現公司總收入 76 億美元，調整後的 OIBDA 為 6.06 億美元。在我們的新聞稿中，您將找到對我們主要財務業績的全面回顧。

What I'd like to focus on today are 4 important areas: affiliate and subscription revenue, advertising trends, filmed entertainment results and free cash flow.

我今天想重點關注 4 個重要領域：聯屬網絡營銷和訂閱收入、廣告趨勢、電影娛樂成果和自由現金流。

Let's start with affiliate and subscription revenue, which grew a strong 12% in Q2, demonstrating once again that the combination of traditional and streaming yield a net growth for our business. We delivered strong D2C subscription revenue growth of 47%, largely driven by Paramount+ where we benefited from subscriber additions, improvements in ARPU and reductions in churn. Paramount+ net adds in the quarter reflected seasonal softness as well as a strategic shift of content releases to better align with the launch of Paramount+ with SHOWTIME. Looking ahead, we expect healthy levels of year-over-year affiliate and subscription revenue growth to continue.

讓我們從聯盟和訂閱收入開始，該收入在第二季度強勁增長了 12%，再次證明傳統和流媒體的結合為我們的業務帶來了淨增長。我們的 D2C 訂閱收入實現了 47% 的強勁增長，這主要是由派拉蒙+推動的，我們受益於訂閱者的增加、ARPU 的提高和客戶流失的減少。本季度派拉蒙+淨增加反映了季節性疲軟以及內容髮布的戰略轉變，以更好地配合派拉蒙+與SHOWTIME的推出。展望未來，我們預計聯屬網絡營銷和訂閱收入的同比增長將繼續保持健康水平。

From a subscriber perspective, we expect Paramount+ growth will be higher in the back half of the year than the first half. The quarterly cadence of net adds will reflect the timing of our content slate and the rollout timing of Paramount+ with SHOWTIME with our third-party distribution partners. In addition, Q3 net adds will reflect the loss of just over 1 million subscribers relating to the restructuring of a unique legacy Latin American hard bundle deal, which will have an immaterial impact on revenue.

從訂戶角度來看，我們預計派拉蒙+下半年的增長將高於上半年。淨增加的季度節奏將反映我們的內容列表的時間以及與我們的第三方發行合作夥伴一起通過 SHOWTIME 推出 Paramount+ 的時間。此外，第三季度的淨增長將反映出與獨特的拉丁美洲傳統硬捆綁交易重組相關的略高於 100 萬訂戶的損失，這將對收入產生無關緊要的影響。

Now let's turn to advertising. Year-over-year revenue performance improved 150 basis points compared to Q1. D2C advertising growth accelerated to 21%, fueled by subscriber growth and strong engagement across Paramount+ and Pluto, along with improvements we are seeing in direct programmatic buying activity. Looking ahead, we expect to see continued acceleration in D2C advertising growth in Q3, and we're also bullish about the long term, which I'll speak more about in a moment.

現在讓我們轉向廣告。與第一季度相比，同比收入表現提高了 150 個基點。在訂閱者增長和 Paramount+ 和 Pluto 的強勁參與度以及我們在直接程序化購買活動中看到的改善的推動下，D2C 廣告增長加速至 21%。展望未來，我們預計第三季度 D2C 廣告增長將持續加速，我們也看好長期前景，稍後我將詳細討論這一點。

The year-over-year change in TV media advertising was similar to Q1. In the national domestic market, we are seeing strength in key categories, including pharma, retail, movies and travel. That said, we see linear advertising recovering more slowly than digital, and we expect the Q3 rate of change for TV media advertising will be relatively similar to Q2 with improvement in Q4.

電視媒體廣告的同比變化與第一季度類似。在國內市場，我們看到製藥、零售、電影和旅遊等關鍵類別的強勢。也就是說，我們看到線性廣告的恢復速度比數字廣告慢，我們預計電視媒體廣告的第三季度變化率將與第二季度相對相似，而第四季度有所改善。

Moving on to Filmed Entertainment. Quarterly revenue and OIBDA were down year-over-year, reflecting the tough comparison to Top Gun: Maverick, which was released in the prior year period, as well as the timing and mix of other releases. OIBDA of $5 million was better than expected due mainly to the timing of licensing deals, which benefited Q2. As we've noted in the past, licensing in any given quarter can be somewhat lumpy based on deal timing and the schedule of content deliveries.

轉向電影娛樂。季度收入和 OIBDA 同比下降，反映出與去年同期發行的《壯志凌雲：特立獨行》的艱難比較，以及其他發行的時間和組合。 500 萬美元的 OIBDA 好於預期，主要是由於許可交易的時機，這使第二季度受益。正如我們過去所指出的，根據交易時間和內容交付時間表，任何特定季度的許可可能會有些不穩定。

Turning now to cash flow. Free cash flow was a use of $210 million in the quarter, which included modest impact from the strikes. We anticipate continued delays in production for the duration of the strikes. And as such, we estimate free cash flow in the back half of the year will be significantly higher than previously expected.

現在轉向現金流。本季度自由現金流使用了 2.1 億美元，其中包括罷工造成的輕微影響。我們預計罷工期間生產將繼續延遲。因此，我們預計下半年的自由現金流將顯著高於此前的預期。

Next, I'd like to touch on leverage. The $1.62 billion transaction we announced today to sell Simon & Schuster to KKR is an important step in our delevering plan. We expect the transaction to yield approximately $1.3 billion in net proceeds, resulting in a roughly 0.5x improvement in net leverage when the deal closes following regulatory review. We expect to use the proceeds from the sale to pay down debt. The transaction demonstrates significant value capture for Paramount. Between the $1.62 billion sale price, the $200 million termination fee paid by Penguin Random House and the cash flow we received during the pendency of the deal process, we will realize approximately $2.2 billion of gross proceeds. In addition to the impact of the S&S sale, we expect leverage will further benefit from the dividend reduction and significant total company earnings growth in 2024.

接下來，我想談談槓桿。我們今天宣布以 16.2 億美元的價格將 Simon & Schuster 出售給 KKR，這是我們去槓桿計劃的重要一步。我們預計該交易將產生約 13 億美元的淨收益，在監管審查後完成交易時，淨槓桿率將提高約 0.5 倍。我們預計將使用出售所得收益來償還債務。此次交易表明派拉蒙獲得了巨大的價值。在 16.2 億美元的售價、企鵝蘭登書屋支付的 2 億美元終止費以及我們在交易過程中收到的現金流之間，我們將實現約 22 億美元的總收益。除了 S&S 出售的影響外，我們預計槓桿率將進一步受益於 2024 年股息減少和公司總盈利大幅增長。

Now I'd like to shed more light on our path to profitability and streaming. Earlier, Bob described the 3 key pillars of Paramount's operating strategy: our strong content, our multi-platform and multi-revenue content monetization and our commitment to deliver long-term growth. In 2024, improved streaming economics will be key to delivering earnings growth and will be accomplished through a combination of continued subscriber growth, healthy ARPU expansion and significant improvement in the efficiency of Paramount+ investments. Let me dig a little deeper into that combination.

現在我想更多地闡述我們的盈利和流媒體之路。早些時候，鮑勃描述了派拉蒙運營戰略的三大關鍵支柱：我們強大的內容、我們的多平台和多收入內容貨幣化以及我們對實現長期增長的承諾。到 2024 年，流媒體經濟的改善將是實現盈利增長的關鍵，並將通過持續的用戶增長、健康的 ARPU 擴張和派拉蒙+投資效率的顯著提高來實現。讓我更深入地研究一下這種組合。

Starting with ARPU expansion. In 2024, we expect to deliver more than 20% growth in global Paramount+ ARPU. As you know, we implemented our first domestic price increase this quarter, and we'll see a full year benefit in 2024. Internationally, we will also be rolling out new tiers and revised pricing in certain markets. ARPU will also benefit from increasing D2C penetration in Western Europe, Canada and Australia, where new subscribers are being added at a significantly higher ARPU than our existing international subscriber base.

從ARPU擴張開始。 2024 年，我們預計全球派拉蒙+ ARPU 將實現 20% 以上的增長。如您所知，我們在本季度首次實施了國內提價，我們將在 2024 年看到全年收益。在國際上，我們還將在某些市場推出新的套餐並修改定價。 ARPU 還將受益於西歐、加拿大和澳大利亞 D2C 滲透率的提高，這些地區新用戶的 ARPU 值明顯高於我們現有的國際用戶群。

Paramount+, with major Hollywood movies, top-tier sports and world-class entertainment, remains an incredibly attractive value proposition relative to other SVOD services and to other forms of recreation. This compelling value proposition, plus the stickiness of Paramount+ content, gives us confidence in our ability to further improve ARPU over time.

派拉蒙+擁有主要的好萊塢電影、頂級體育賽事和世界一流的娛樂節目，相對於其他 SVOD 服務和其他娛樂形式，仍然具有極具吸引力的價值主張。這一引人注目的價值主張，加上派拉蒙+內容的粘性，讓我們對隨著時間的推移進一步提高 ARPU 的能力充滿信心。

We also see an opportunity to drive ARPU higher through enhanced ad monetization. As Bob highlighted, this year, EyeQ will generate digital advertising revenue approaching $3 billion across our business, a size and scale that are comparable to best-in-class peers in the domestic connected TV advertising market.

我們還看到了通過增強廣告貨幣化來提高 ARPU 的機會。正如鮑勃所強調的，今年，EyeQ 的數字廣告收入將接近 30 億美元，其規模和規模可與國內聯網電視廣告市場的一流同行相媲美。

And the opportunity to enhance ad monetization extends beyond the United States. We've just begun to scale our international ad-supported streaming business, having now launched Pluto in over 35 markets. We also plan to launch ad-supported tiers of Paramount+ in certain markets. And monetization will benefit from expanded local partnerships and deeper integration with our own free-to-air broadcast stations.

提高廣告變現能力的機會不僅僅局限於美國。我們剛剛開始擴大由廣告支持的國際流媒體業務，現已在超過 35 個市場推出了 Pluto。我們還計劃在某些市場推出由廣告支持的 Paramount+ 級別。擴大的本地合作夥伴關係以及與我們自己的免費廣播電台的更深層次的整合將受益於貨幣化。

Today, we're growing our digital advertising platform faster than many peers, as demonstrated by the 21% growth rate we've achieved in D2C advertising in Q2. Similarly, we saw 35% growth in total viewing hours across Paramount+ and Pluto.

如今，我們的數字廣告平台發展速度比許多同行都快，第二季度 D2C 廣告增長率達到 21% 就證明了這一點。同樣，Paramount+ 和 Pluto 的總觀看時長增長了 35%。

The combination of rapid inventory expansion and broad integration with leading buy-side ad tech platforms means we are now growing D2C advertising not just as a replacement for linear but as a compelling video alternative for the long tail of advertisers who have historically relied on social media and short-form video advertising. Why is this important? Simply put, it means that TAM for connected TV advertising is much larger than typically imagined, and we're proving it by giving a whole new class of advertisers the ability to tell their story on the TV glass.

庫存的快速擴張以及與領先的買方廣告技術平台的廣泛整合相結合，意味著我們現在正在發展D2C 廣告，不僅作為線性廣告的替代品，而且作為歷史上依賴社交媒體的長尾廣告商的引人注目的視頻替代品和短視頻廣告。為什麼這很重要？簡而言之，這意味著聯網電視廣告的 TAM 比通常想像的要大得多，我們通過讓全新一類廣告商能夠在電視玻璃上講述他們的故事來證明這一點。

In order to drive accelerated earnings growth, we're focused not only on revenue but also on delivering captivating consumer experiences while using innovation to improve efficiency. In streaming, we're focused on optimizing spending in content and marketing, the two largest expense categories in our streaming P&L. As Bob pointed out, there's no question we make great content, but it matters just as much that we do it efficiently.

為了推動盈利加速增長，我們不僅關注收入，還關注提供迷人的消費者體驗，同時利用創新提高效率。在流媒體領域，我們專注於優化內容和營銷支出，這是流媒體損益表中最大的兩個支出類別。正如鮑勃指出的那樣，毫無疑問，我們製作了精彩的內容，但我們高效地製作內容也同樣重要。

And when it comes to streaming content, we learned a lot from Paramount+ subscribers over the past 2.5 years: what attracts them to the service, what keeps them there and, therefore, what we want to invest in. And we've learned that success is not purely a function of content volume. It's having the right content for the right audience at the right time.

在流媒體內容方面，我們在過去2.5 年裡從Paramount+ 訂閱者那裡學到了很多東西：是什麼吸引他們使用該服務，是什麼讓他們留在那裡，以及因此我們想要投資什麼。我們已經了解到成功的秘訣不僅僅是內容量的函數。它在正確的時間為正確的受眾提供正確的內容。

For example, we know that if a Paramount+ subscriber watches 4 hours or more of content in a month or engages with more than 2 different series, they are over 30% less likely to churn from the service. With these types of learnings, we've carefully defined specific audience segments and have evolved our programming strategy to super-serve them in an even more efficient manner. Our programming slate is designed to ensure that each key audience segment has compelling content to enjoy throughout the year, not too little but also not too much. The content charges we took in the first half of 2023 reflect this go-forward targeted programming strategy.

例如，我們知道，如果 Paramount+ 訂閱者在一個月內觀看 4 小時或以上的內容，或者觀看超過 2 個不同的劇集，他們從該服務流失的可能性就會降低 30% 以上。通過這些類型的學習，我們仔細定義了特定的受眾群體，並製定了我們的節目策略，以更有效的方式為他們提供超級服務。我們的節目板旨在確保每個關鍵受眾群體全年都能享受引人入勝的內容，既不能太少，也不能太多。我們在 2023 年上半年收取的內容費用反映了這種前瞻性的有針對性的節目策略。

The benefits are already apparent in Paramount+'s content efficiency ratio or the services content expense relative to Paramount+ revenue. In the first half of 2023, we have seen nearly 10 percentage points of year-over-year improvement in this ratio. The integration of Paramount+ with SHOWTIME, together with an optimized programming strategy, will continue to drive this ratio lower and will be a key driver of the margin improvement we expect to realize in D2C over the next several years.

從派拉蒙+的內容效率或相對於派拉蒙+收入的服務內容費用來看，這些好處已經很明顯。 2023年上半年，我們看到這一比例同比改善了近10個百分點。 Paramount+ 與 SHOWTIME 的集成，加上優化的節目策略，將繼續降低這一比率，並將成為我們預計未來幾年 D2C 利潤率改善的關鍵驅動力。

Beyond content, we also see room for efficiency gains in our marketing spend. The approach I just described, a targeted programming strategy, also allows us to focus our marketing on key audiences and fewer shows. And when it comes to marketing, we also leverage our huge O&O linear and digital footprint to promote our content at scale. In fact, in the United States, our O&O platforms have contributed over 30% of incremental Paramount+ starts since 2022. As a result, we also expect to see significant improvement in marketing spend as a percentage of revenue in 2024.

除了內容之外，我們還看到了營銷支出效率提升的空間。我剛才描述的方法，即有針對性的節目策略，也使我們能夠將營銷重點放在關鍵受眾和更少的節目上。在營銷方面，我們還利用我們龐大的 O&O 線性和數字足跡來大規模推廣我們的內容。事實上，在美國，自 2022 年以來，我們的 O&O 平台貢獻了超過 30% 的 Paramount+ 增量開播量。因此，我們還預計 2024 年營銷支出佔收入的比例將出現顯著改善。

In closing, I want to underscore what we have said previously, that we expect 2023 to be our peak year of D2C investment with significant growth in consolidated earnings in 2024. We remain confident that the strategy we put in place will enable us to maximize earnings from our traditional networks while successfully building a profitable streaming business. Moreover, successfully navigating this transition positions Paramount for long-term growth and shareholder value creation.

最後，我想強調我們之前所說的，我們預計 2023 年將是我們 D2C 投資的高峰年，2024 年合併收益將顯著增長。我們仍然相信，我們制定的戰略將使我們能夠實現收益最大化我們的傳統網絡同時成功建立了盈利的流媒體業務。此外，成功完成這一轉型對於長期增長和股東價值創造至關重要。

With that, let's open the line for questions.

接下來，讓我們打開提問熱線。

(Operator Instructions) And our first question today goes to Jessica Reif Ehrlich of Bank of America Securities.

（操作員說明）今天我們的第一個問題是向美國銀行證券公司的 Jessica Reif Ehrlich 提出的。

Since you talked about it a lot, but let's just focus on asset sales. With the sale of Simon & Schuster, you said you'd pay down debt. Can you give us an update on other potential asset sales, including BET or anything else? It just feels like this is the time where industry assets may move around. Other companies have talked about maybe doing stuff with their sports portfolio, linear assets. Can you just talk about where you see your assets in the next couple of years and what you would do with the proceeds?

既然你談了很多，但我們只關注資產出售。隨著西蒙與舒斯特公司的出售，你說過你會償還債務。您能否向我們介紹其他潛在資產出售的最新情況，包括 BET 或其他資產？感覺現在是行業資產可能流動的時候了。其他公司也曾討論過可能利用他們的體育投資組合、線性資產來做一些事情。您能否談談未來幾年您的資產以及您將如何處理收益？

Yes. Sure, Jessica. Let me take that. So on Simon & Schuster, we are very happy with this deal. It's a great outcome for our company. As we've discussed before, Simon & Schuster is a fantastic asset. But from a strategic perspective, it's not core to our mission of creating and monetizing world-class video entertainment. And we think we found a very good home for S&S with KKR. Importantly, this transaction checks all the boxes from a financial perspective. We're selling the asset at an accretive valuation and the deal will meaningfully help delever our balance sheet. And as we've said, we're going to use the proceeds to pay down debt. So again, thrilled with this transaction.

是的。當然，傑西卡。讓我來吧。所以對於西蒙與舒斯特來說，我們對這筆交易非常滿意。這對我們公司來說是一個很好的結果。正如我們之前討論過的，西蒙與舒斯特是一筆了不起的資產。但從戰略角度來看，這並不是我們創造世界級視頻娛樂並從中獲利的使命的核心。我們認為我們為 S&S 與 KKR 找到了一個非常好的歸宿。重要的是，這筆交易從財務角度來看滿足了所有條件。我們正在以增值的估值出售該資產，這筆交易將有意義地幫助我們去槓桿化我們的資產負債表。正如我們所說，我們將用所得款項來償還債務。再次，我對這筆交易感到興奮。

With respect to other assets, look, we're always looking for ways to maximize shareholder value. And as we said before, that might involve divesting, acquiring or potentially partnering on assets, all of which we've done. But other than that, I'm not going to comment on anything specifically.

就其他資產而言，我們一直在尋找實現股東價值最大化的方法。正如我們之前所說，這可能涉及剝離、收購或潛在的資產合作，所有這些我們都已經做過。但除此之外，我不會具體評論任何事情。

The next question goes to Michael Morris of Guggenheim.

下一個問題是古根海姆的邁克爾·莫里斯。

I want to ask you maybe a couple of questions about the direct-to-consumer business. I appreciate all the details you just gave us. First, so your subscription revenue growth in the second quarter outpaced your subscriber growth. So it seems like you're already seeing that ARPU benefit or ARPU acceleration. Can you talk about what drove the acceleration in the second quarter?

我想問您一些有關直接面向消費者業務的問題。我很感激你剛才給我們提供的所有細節。首先，第二季度訂閱收入的增長超過了訂閱者的增長。因此，您似乎已經看到了 ARPU 收益或 ARPU 加速。您能談談是什麼推動了第二季度的加速嗎？

And then as we look to the back half of the year, I know this year, you've guided us to peak losses, but given these top line drivers and the fact that you're already pretty similar year-over-year in your level of losses, what's coming up on the cost side in the back half of the year that's making you think that 2023 will be peak losses instead of '22?

然後，當我們展望今年下半年時，我知道今年，你們已經引導我們達到了虧損頂峰，但考慮到這些頂線驅動因素以及你們的業績已經與去年同期非常相似的事實損失水平，今年下半年成本方面會出現什麼情況，讓您認為2023 年將是損失高峰，而不是22 年？

And maybe if I could just ask lastly, strategically, Bob, there is some discussion about potentially seeing different media companies looking to possibly bundle their streaming services in the future for consumer benefit. Do you see that on the horizon? Is that something that you think could happen?

也許我可以最後問一下，鮑勃，從戰略上來說，有一些討論可能會看到不同的媒體公司希望在未來捆綁他們的流媒體服務，以造福消費者。你看到這一點了嗎？您認為這可能發生嗎？

Yes. Sure, Mike. Let me take the second part and then have Naveen talk about the first part.

是的。當然，邁克。讓我先講第二部分，然後讓納文談談第一部分。

So on the bundling side, I mean, look, we've been believers in bundling for a long time. Bundling has been one of the tried-and-true methods of value creation in media. And certainly, as we enter the streaming space, bundling is part of our strategy. And we've really pursued it in different ways. We, for example, bundled Paramount+ with SHOWTIME, originally as a price bundle than sort of an upgraded tier. This predates obviously the integration. And we saw value creation there. When you look at the deals we do with distributors, particularly outside the United States with respect to the streaming product, we pursued hard bundles, that is bundling Paramount+ in as part of a, if you will, peer that an MVPD might offer. We did that with Sky. We've done that with CANAL. We've done that with some others. We more recently did another form of bundle with Walmart where Paramount+ became the video service inside of Walmart+. That's another bundle.

所以在捆綁方面，我的意思是，看，我們長期以來一直相信捆綁。捆綁銷售一直是媒體中行之有效的價值創造方法之一。當然，當我們進入流媒體領域時，捆綁是我們戰略的一部分。我們確實以不同的方式追求它。例如，我們將 Paramount+ 與 SHOWTIME 捆綁在一起，最初是作為價格捆綁而不是升級層。這顯然早於整合。我們在那裡看到了價值創造。當你看看我們與發行商達成的交易時，特別是在美國以外的流媒體產品方面，我們追求硬捆綁，即將派拉蒙+捆綁在一起，作為MVPD 可能提供的同行的一部分（如果你願意的話）。我們對天空做到了這一點。我們已經通過 CANAL 做到了這一點。我們已經和其他一些人一起這樣做了。最近，我們與沃爾瑪進行了另一種捆綁形式，派拉蒙+成為沃爾瑪+內部的視頻服務。那是另一個包。

And so we believe in bundling. We are continuing to look at incremental opportunities in this regard. And the only thing we know for sure is it will be a growing part of what we're doing. As to the specifics of partnerships and timing, et cetera, we'll see. But bundling is definitely a value-added element of streaming because it gives you access to consumer connections with other have aka allows you to penetrate a TAM and it has certain attractive margining characteristics. So we like bundling.

所以我們相信捆綁銷售。我們正在繼續尋找這方面的增量機會。我們唯一確定的是，它將成為我們正在做的事情中越來越重要的一部分。至於合作夥伴關係和時間安排等細節，我們拭目以待。但捆綁絕對是流媒體的一個增值元素，因為它可以讓您獲得與其他消費者的聯繫，也可以讓您滲透 TAM，並且它具有某些有吸引力的利潤特徵。所以我們喜歡捆綁。

Naveen?

納文？

Yes. So with respect to the questions on ARPU and what it means in terms of the D2C trends in '23 versus 24, I'd point out a few things. So first, the ARPU growth in Q2 was really driven primarily by improvements in, I'll say, subscriber mix, particularly in international markets but also a little bit as between our ad-supported and premium tiers here in the U.S., and also was benefited by growth in digital advertising, which obviously enhances ARPU for Paramount+ and also in Pluto.

是的。因此，關於 ARPU 問題及其對 23 年與 24 年 D2C 趨勢的意義，我想指出一些事情。因此，首先，第二季度的 ARPU 增長實際上主要是由用戶組合的改善推動的，特別是在國際市場，但在美國的廣告支持層和高級層之間也有一點推動，而且受益於數字廣告的增長，這明顯提高了Paramount+ 和Pluto 的ARPU。

The thing to realize about the trajectory sort of on more of a full year basis is that there is some seasonality in content expense. So as an example, in Q3 and Q4, we have more sports in season. And so you tend to see slightly higher content expense there, which is the answer to your question of why is '23 expected to be peak losses as opposed to 2022.

關於全年的軌跡，需要認識到的一點是，內容支出存在一定的季節性。舉個例子，在第三季度和第四季度，我們有更多的賽季運動。因此，您往往會看到那裡的內容費用略高，這就是您的問題的答案：為什麼預計 23 年將是損失高峰，而不是 2022 年。

Now that being said, I think the important takeaway here is that there is significant earnings improvement expected in D2C as we move into next year. There are a number of levers that will contribute to that, obviously, continued subscriber growth, significant ARPU growth. I've talked about that a bit in my prepared remarks. That's a combination of the price increase; continued, what I'll call, accretive sub mix; continued improvement in advertising ARPU; churn reduction; and very importantly, getting more leverage on our content investments. We've already made a lot of progress on that front. And I expect to see additional large efficiency gains there next year, particularly as we focus on our key audiences, our key franchises, and find more ways to leverage content across platforms.

話雖如此，我認為這裡重要的一點是，隨著我們進入明年，D2C 的盈利預計將顯著改善。顯然，有許多槓桿可以促進用戶的持續增長和 ARPU 的顯著增長。我在準備好的發言中已經談過這一點。這是價格上漲的綜合結果；繼續，我稱之為“增值子混音”；廣告ARPU持續改善；減少客戶流失；非常重要的是，我們的內容投資獲得了更多的槓桿作用。我們已經在這方面取得了很大進展。我預計明年會看到額外的大幅效率提升，特別是當我們專注於我們的主要受眾、我們的主要特許經營權，並找到更多方法來利用跨平台內容時。

So we're really looking forward to what we'll be able to deliver next year but also encouraged by what we're seeing in 2023.

因此，我們非常期待明年能夠提供的服務，但也對 2023 年所看到的情況感到鼓舞。

The next question goes to Ben Swinburne of Morgan Stanley.

下一個問題將由摩根士丹利的本·斯溫伯恩 (Ben Swinburne) 提出。

Maybe just picking up on a couple of the discussion points so far. Can you guys talk about the 20%-plus ARPU growth next year? And sort of I know you mentioned a few of the drivers, Naveen, but a little more detail would be helpful on sort of what delivers that. And how are you thinking about elasticity or inelasticity of demand? That's probably more ARPU growth than we've seen from any other streaming service that I can think of off the top of my head. I'm trying to figure out if you think you're going to drive, you can still grow customers with that level of price increases next year.

也許只是了解到目前為止的一些討論點。你們能談談明年 ARPU 增長 20% 以上嗎？我知道你提到了一些驅動程序，納文，但更多的細節會對實現這一目標有所幫助。您如何看待需求的彈性或無彈性？這可能比我能想到的任何其他流媒體服務的 ARPU 增長還要高。我想弄清楚，如果你認為你會開車，明年你仍然可以通過這種水平的價格上漲來增加客戶。

And then I wanted to ask about cash content spend. Obviously, you guys are highly focused on deleveraging. That's pretty clear from your prepared remarks. And you've taken, I think, a $2.4 billion cumulative, right, programming charge this year, which would suggest, to your point, you don't need too much content. So what's the outlook for cash content spending as you look out, let's put the strike aside, over the next couple of years?

然後我想問一下現金內容支出。顯然，你們高度關注去槓桿化。從你準備好的發言中可以清楚地看出這一點。我認為，今年你已經收取了 24 億美元的累計節目費用，這表明，就你的觀點而言，你不需要太多內容。那麼，讓我們把罷工放在一邊，未來幾年現金內容支出的前景如何？

Yes. Thanks, Ben. There's a few questions in there, so I'll try to hit all of those. First, with respect to ARPU, I think we laid out most of the drivers in our prepared remarks. But just as a reminder, there's a significant benefit there from price increase, which we will get a full year of benefit in that in 2024. We do also expect subscriber mix to be favorable, particularly in international markets. Our base historically started in, I'll say, some lower ARPU markets and a lot of the growth next year will be in higher ARPU markets. That probably explains some of the delta between our ARPU growth rate versus what you may have seen elsewhere. And also advertising, we pointed to the fact that we are delivering very high levels of digital advertising growth. There's a significant piece of that, that is driven by Paramount+, and we expect that to continue to be a driver next year.

是的。謝謝，本。其中有幾個問題，所以我會嘗試解決所有這些問題。首先，關於 ARPU，我認為我們在準備好的發言中列出了大部分驅動因素。但提醒一下，價格上漲會帶來巨大的好處，我們將在 2024 年獲得一整年的好處。我們也預計用戶組合將是有利的，特別是在國際市場。我想說，我們的基礎歷史上始於一些 ARPU 較低的市場，明年的大部分增長將來自 ARPU 較高的市場。這可能解釋了我們的 ARPU 增長率與您在其他地方看到的增長率之間的一些差異。還有廣告，我們指出，我們正在實現非常高水平的數字廣告增長。其中很大一部分是由派拉蒙+推動的，我們預計明年它將繼續成為推動因素。

In terms of the elasticity of the business as we have started to raise price, I'll share a few things that we've observed thus far, although keeping in mind, it's still relatively early days since we implemented the price increase. Thus far, we've seen that new subscriber starts have basically been in line with our expectations. And we're seeing some really encouraging data around engagement, including a double-digit increase in daily hours per sub since we launched the combined product. That's obviously consistent with our thesis for putting these services together. And we're optimistic about the net churn impact, but it's probably a little early to have enough data to really measure that. And all of those metrics are driven by very strong content lineup, which we've talked about. So we're encouraged by what we see in terms of, call it, the consumer value proposition.

就業務彈性而言，我們已經開始提價，我將分享一些我們迄今為止觀察到的事情，但請記住，自我們實施提價以來，現在還處於相對較早的時期。到目前為止，我們看到新用戶的啟動情況基本符合我們的預期。我們看到了一些關於參與度的非常令人鼓舞的數據，包括自我們推出合併產品以來每個訂閱者的每日工作時間實現了兩位數的增長。這顯然與我們將這些服務放在一起的論點是一致的。我們對淨流失影響持樂觀態度，但現在擁有足夠的數據來真正衡量這一影響可能還為時過早。所有這些指標都是由我們已經討論過的非常強大的內容陣容驅動的。因此，我們對我們所看到的消費者價值主張感到鼓舞。

And then with respect to your question on what it all means with respect to cash content spend, I'd say a few things. First, we've historically talked about cash content spend on a total company basis as growing, call it, low single digits. But as you heard in my remarks, we are laser-focused on improving the efficiency of our content spend going forward. And that's true for both linear and for streaming. We're accomplishing that goal by leveraging content across platforms more and more, by leaning into franchises. And now that we've got more data, we're increasingly able to use analytics to understand how to super-serve these key audience segments. And so we can get away from, call it, a volume-focused game and be more focused on making sure that we have the right content for the right audience at the right time.

然後，關於您提出的關於現金內容支出意味著什麼的問題，我想說幾句話。首先，我們歷來討論過公司整體現金支出呈低個位數增長。但正如您在我的講話中聽到的那樣，我們將專注於提高未來內容支出的效率。對於線性和流媒體來說都是如此。我們正在通過越來越多地利用跨平台的內容並傾向於特許經營來實現這一目標。現在我們已經獲得了更多數據，我們越來越能夠利用分析來了解如何為這些關鍵受眾群體提供超級服務。因此，我們可以擺脫專注於數量的遊戲，並更加專注於確保我們在正確的時間為正確的受眾提供正確的內容。

Financially, that means that there is opportunity to further improve the long-term trajectory of cash content spend. Now keep in mind the strikes, obviously, will create some timing shifts between how cash gets deployed in '23 versus 2024, but it doesn't change our commitment to improving that cash spend over a multiyear period of time.

從財務角度來看，這意味著有機會進一步改善現金內容支出的長期軌跡。現在請記住，顯然，罷工將在 23 年與 2024 年的現金部署方式之間造成一些時間變化，但這不會改變我們在多年時間內改善現金支出的承諾。

The next question goes to Rich Greenfield of LightShed Partners.

下一個問題將詢問 LightShed Partners 的 Rich Greenfield。

There's a bunch of major sports rights that are coming up, including NBA, WWE and college football playoffs, which I guess saw some pretty dramatic changes to conferences over the weekend. I guess the question sort of is, as you look at sort of the balance sheet and even sort of the headwinds facing the traditional media businesses, how are you thinking about what you spend on sports versus what you spend on entertainment programming? Curious like sort of how that mix shifts?

即將推出一系列主要體育賽事轉播權，包括 NBA、WWE 和大學橄欖球季后賽，我想週末的會議會發生一些相當戲劇性的變化。我想問題是，當您查看資產負債表，甚至傳統媒體業務面臨的逆風時，您如何考慮在體育節目上的支出與在娛樂節目上的支出？好奇這種混合是如何變化的嗎？

And then just I think if I looked at overall advertising, if I combine both D2C as well as your media networks, it was down about 6. It sounds like you think based on -- I think your comment is that's going to get a little bit better on a blended basis as the year progresses. What is happening with Pluto inside of that, without the disclosure anymore? Just curious if there's anything sort of in terms of Pluto year-over-year that you could help us kind of within those numbers, it would be really helpful to understand.

然後我想，如果我看一下整體廣告，如果我將 D2C 和你們的媒體網絡結合起來，它會下降大約 6。聽起來你的想法是基於——我認為你的評論是，這會變得有點隨著時間的推移，在混合基礎上會好一些。在沒有披露的情況下，冥王星在其中發生了什麼？只是好奇冥王星的年復一年變化是否有什麼可以幫助我們在這些數字中得到幫助，了解一下會非常有幫助。

Yes. Sure, Rich. Let me take the sports part, and Naveen will add on the Pluto side. So a couple of things on sports, really embedded in your question. One, on the announcements over the weekend, look, we view that as a very additive development for the Big Ten and Paramount in particular, meaning our Big Ten deal looks even better today than when we did it. In terms of specific impact, there will be no change in the fees that we pay or the volume of the games that we get for CBS and Paramount+. But the expansion of the Big Ten clearly enhances the quality of games, the portfolio, if you will, that we have to pick from and that we carry. So essentially, it increases the quality of our deal. And I'd add that we very much look forward to beginning our partnership with Big Ten in the fall. And frankly, given everything else going on, timing couldn't be better. So that's part one.

是的。當然，里奇。讓我來談談體育部分，納文將補充冥王星方面的內容。所以你的問題中確實包含了一些關於體育的事情。一，在周末的公告中，我們認為這是對十大公司和派拉蒙公司來說特別是一個非常附加的發展，這意味著我們今天的十大交易看起來比我們做的時候更好。就具體影響而言，我們為 CBS 和 Paramount+ 支付的費用或獲得的遊戲數量不會發生變化。但十大遊戲的擴張顯然提高了遊戲的質量，如果你願意的話，我們必須從中挑选和攜帶的產品組合。所以從本質上講，它提高了我們交易的質量。我想補充一點，我們非常期待在秋季開始與十大公司的合作夥伴關係。坦率地說，考慮到所有其他事情正在發生，時機再好不過了。這是第一部分。

Part two is sports is, as you know, integral to our strategy. It's really a component of both CBS and Paramount+ from a content offering. We like that. We find sports working very well for us, driving distribution, attracting viewers and subscribers, enabling strong monetization in the ad market, providing powerful promotion and schedule lead-ins, et cetera. And we're in a great place because that works. And our schedule is essentially stable. Our deals are all locked through the end of the decade. So we're not in a place where we need to do anything.

第二部分是，如您所知，體育是我們戰略的組成部分。它實際上是哥倫比亞廣播公司（CBS）和派拉蒙+（Paramount+）內容產品的組成部分。我們喜歡這樣。我們發現體育運動對我們來說非常有效，可以推動發行，吸引觀眾和訂閱者，在廣告市場上實現強勁的貨幣化，提供強大的促銷和時間表導入等等。我們現在處於一個很好的位置，因為這很有效。而且我們的日程安排基本穩定。我們的交易都將在本世紀末鎖定。所以我們現在不需要做任何事情。

And if you look at what we have, we have broad and top-tier quality sports. We don't need or, frankly, want to do anything incremental. Sports, intentionally, as I said, are part of the equation. And we do view sports and entertainment as a synergistic mix, both in streaming and on linear. And we spend a lot of time thinking about how do we connect sports viewers with other types of content, including our original slate, to maximize the ROI for both. So for us, the marketplace is what it is. But the answer is not more sports. We're in a great place from a mix standpoint. Instead, it's about continuing to focus on maximizing the impact of these highly valuable rights that we already have. And again, we have stability. We're locked through the end of the decade.

如果你看看我們所擁有的，我們擁有廣泛且頂級的優質運動。我們不需要，或者坦率地說，不想做任何增量的事情。正如我所說，體育是其中的一部分。我們確實將體育和娛樂視為流媒體和線性媒體的協同組合。我們花了很多時間思考如何將體育觀眾與其他類型的內容（包括我們的原創內容）聯繫起來，以最大限度地提高兩者的投資回報率。所以對我們來說，市場就是這樣。但答案不是更多的運動。從混合的角度來看，我們處於一個很好的位置。相反，它是關於繼續專注於最大限度地發揮我們已經擁有的這些非常有價值的權利的影響。再說一遍，我們有穩定性。我們將被鎖定到本世紀末。

Naveen, on Pluto?

納文，在冥王星上？

Yes, thanks. So Rich, as you know, we delivered very strong overall digital advertising revenue growth in the quarter. And that was a combination of Paramount+ and Pluto. So Pluto is absolutely a key ingredient to driving that growth. And by the way, we expect that growth rate to accelerate next quarter. And it's really all about driving engagement on both of those platforms that allows us to do that, particularly in a world where, as we talked about, we see an opportunity to bring a whole new class of advertisers onto our digital advertising platforms.

對了謝謝。 So Rich，如您所知，我們在本季度實現了非常強勁的整體數字廣告收入增長。這是 Paramount+ 和 Pluto 的結合。因此，冥王星絕對是推動這一增長的關鍵因素。順便說一句，我們預計下季度增長率將加快。這實際上是為了推動這兩個平台上的參與度，使我們能夠做到這一點，特別是在我們談到的世界中，我們看到了將全新類別的廣告商引入我們的數字廣告平台的機會。

There's been a lot of conversation about sort of the cannibalization of television advertising by other forms of digital. We think that's not the right way to look at this. We are very bullish about the volume of engagement that we're creating and what that means in terms of the digital advertising opportunity that exists in the future. And that will be enabled by both Paramount+ and Pluto. We sell them together to our advertising clients and that gives us a lot of opportunity to sell to both large and small clients. So Pluto is performing well, and we're very excited to have it as part of our portfolio.

關於電視廣告被其他形式的數字廣告蠶食的討論已經有很多。我們認為這不是看待這個問題的正確方式。我們非常看好我們正在創造的參與量，以及這對未來存在的數字廣告機會意味著什麼。 Paramount+ 和 Pluto 都將實現這一點。我們將它們一起出售給我們的廣告客戶，這給了我們很多向大型和小型客戶銷售的機會。 Pluto 表現良好，我們很高興將其納入我們的產品組合中。

The next question goes to Brett Feldman of Goldman Sachs.

下一個問題是向高盛的布雷特·費爾德曼提出的。

I'm going to ask about churn. Naveen, you shared some interesting anecdotes about different types of subscriber cohorts and how much lower their churn profile can be than the base.

我要問一下關於流失的問題。 Naveen，您分享了一些關於不同類型的訂戶群體的有趣軼事，以及他們的流失情況比基礎用戶低多少。

Sort of a 2-part question, one, what are the principal churn initiatives you have underway right now? In other words, if investors are going to be walking your KPIs, I would say, in the next year or so, where are we going to see it? Is it mostly going to be something that supports sustained net adds? Or is this really about getting a lot more efficiency out of your marketing dollars. I'm sure it's a little bit of both, but I'm curious how you think about that. And then since we are talking about sports, how does sports consumption factor into churn? In other words, what's the churn profile of your customer cohorts that you clearly know are coming to Paramount+ for sports versus people who are a little more general entertainment focused?

這是一個由兩部分組成的問題，第一，您目前正在進行的主要客戶流失舉措是什麼？換句話說，如果投資者要關注你的 KPI，我想說，在未來一年左右的時間裡，我們會在哪裡看到它？它主要是支持持續淨增加的東西嗎？或者這真的是為了提高營銷資金的效率嗎？我確信兩者都有一點，但我很好奇你對此有何看法。既然我們談論的是體育，那麼體育消費如何影響流失呢？換句話說，您明確知道會因為體育運動來到派拉蒙+的客戶群與關註一般娛樂的客戶群的流失情況如何？

Yes. Brett, it's Naveen. I'll take those, but probably in reverse order. So first, starting with sports. One of the reasons we like sports on Paramount+ is that those do tend to be some of our highest LTV customers. And that may be a little counterintuitive because some people assume that sports viewers come in during the season and then they disappear. But the reality is sports viewers are not just sports viewers. They like other forms of content, but you got to program it in a smart and thoughtful way. And so that's where we're able to use a lot of the data that we've collected over the last couple of years to understand what are the types of programming that an NFL viewer or a Champions League viewer is most likely to engage with. And as long as we can get them to engage with 1 or 2 additional titles, as I mentioned earlier, the churn rate drops dramatically, hence, the attractive LTVs that we get from those types of subscribers.

是的。布雷特，我是納文。我會接受這些，但可能以相反的順序。首先，從運動開始。我們喜歡 Paramount+ 上的體育節目的原因之一是，這些人確實往往是我們生命週期價值最高的客戶。這可能有點違反直覺，因為有些人認為體育觀眾在賽季期間進來，然後就消失了。但現實是體育觀眾不僅僅是體育觀眾。他們喜歡其他形式的內容，但你必須以聰明且深思熟慮的方式對其進行編程。因此，我們能夠利用過去幾年收集的大量數據來了解 NFL 觀眾或冠軍聯賽觀眾最有可能參與的節目類型。正如我之前提到的，只要我們能讓他們接觸 1 到 2 個額外的遊戲，流失率就會大幅下降，因此，我們從這些類型的訂閱者那裡獲得了有吸引力的生命週期價值。

With respect to the second part of your question, in terms of churn initiatives, it shouldn't surprise you to hear, it's multidimensional. It's, first and foremost, about content, making sure that we have the right content for the key audiences that we're focused on but also timing that content correctly and then programming and promoting it correctly, which is really about figuring out if an audience is starting with show X, what is the next thing that you want to put in front of them to ensure that you can engage them once a particular series comes to an end. So it starts with content, but it is also about getting smarter on the marketing side and then also using bundles and partnerships to further improve the churn dynamics. We've talked in the past about some of the benefits of doing that. So we're going to be using multiple angles to continue to make improvements on churn. And we've seen a great track record there to date.

關於您問題的第二部分，就流失舉措而言，您聽到這個消息不應感到驚訝，它是多維的。首先也是最重要的是內容，確保我們為我們關注的關鍵受眾提供正確的內容，同時正確地安排內容的時機，然後正確地編程和推廣它，這實際上是要弄清楚受眾是否從節目X 開始，你想要擺在他們面前的下一件事情是什麼，以確保在特定係列結束後你可以吸引他們。因此，它從內容開始，但它也涉及在營銷方面變得更加聰明，然後還使用捆綁和合作夥伴關係來進一步改善客戶流失動態。我們過去已經討論過這樣做的一些好處。因此，我們將使用多個角度來繼續改進客戶流失率。迄今為止，我們已經看到了良好的記錄。

But Brett, just to jump in, I think it also goes to the fundamental premise behind our thesis, and that is broad. We talked about Paramount+ as news, sports and amount of entertainment. And the fact of the matter is when we look at the data under the covers, we are seeing conjoint analysis, if you will, of sports viewers watching entertainment programming. And to Naveen's point on efficiency, for example, we probably need to do less for that viewer who's an NFL viewer in the fall and do more for that viewer outside the fall because we can rely on the NFL. That's an example of fine-tuning our strategy.

但是布雷特，我想插話一下，我認為這也涉及到我們論文背後的基本前提，那就是廣泛的。我們將派拉蒙+視為新聞、體育和娛樂內容。事實上，當我們查看幕後數據時，如果你願意的話，我們會看到對觀看娛樂節目的體育觀眾的聯合分析。例如，就納文關於效率的觀點而言，我們可能需要在秋季為 NFL 觀眾做更少的事情，而為秋季以外的觀眾做更多的事情，因為我們可以依賴 NFL。這是調整我們策略的一個例子。

And really, that also goes to why we're doing Paramount+ with SHOWTIME. Again, that broad product, which we're seeing 40% more titles consumed when they have SHOWTIME and Paramount+. It's all about studying the data and leveraging this combination of sports and entertainment, not doing either naked. That is, I believe, the path to success because, among other things, it helps you lower your churn, but it has broader benefits as well and ad monetization and subscriber acquisition, engagement, et cetera.

事實上，這也是我們與 SHOWTIME 合作製作派拉蒙+的原因。再說一次，我們發現，當這些產品擁有 SHOWTIME 和 Paramount+ 時，其消費量增加了 40%。這一切都是為了研究數據並利用體育和娛樂的結合，而不是赤裸裸地進行。我相信，這就是成功之路，因為除其他外，它可以幫助您降低客戶流失率，但它也具有更廣泛的好處，以及廣告貨幣化和訂戶獲取、參與度等。

The next question goes to Robert Fishman of MoffettNathanson.

下一個問題將詢問 MoffettNathanson 的羅伯特·菲什曼 (Robert Fishman)。

One for Bob and one follow-up for Naveen. Bob, earlier this year, you provided thoughts on the TV advertising landscape in terms of the secular and cyclical headwinds and recovery expectations. I'd just be curious to get your updated point of view on the mix between the cyclical and secular headwinds and if anything has changed over the past few months.

一份給鮑勃，另一份給納文。鮑勃，今年早些時候，您從長期和周期性逆風以及復蘇預期方面提供了對電視廣告格局的看法。我只是想知道您對周期性逆風和長期逆風之間的混合的最新觀點，以及過去幾個月是否發生了任何變化。

And then, Naveen, can you just help us think about any timing benefit or maybe onetime in nature? I think it was the $600 million that was called out from the CBS licensing deals in the quarter, or how we should think about licensing in the second half of the year, especially factoring in any strike impact possibly impacting the regular delivery of your programming internationally or even domestically.

然後，納文，你能幫我們考慮一下任何時間上的好處嗎？或者也許是一次性的？我認為這是本季度 CBS 許可交易中撥出的 6 億美元，或者我們應該如何考慮下半年的許可，特別是考慮到可能影響國際節目正常交付的任何罷工影響甚至在國內。

Yes, Robert. So on the advertising side, you're right, we see a combined impact of cyclical and secular. On the cyclical side, look, rates are coming down a bit. Things are marginally improving. But what we've really been focused on is the secular side. And you see that in terms of how we're participating and really driving the digital ad market. For us, direct digital is very strong, and it wouldn't be had we not configured our product line to prosecute it basically. And we're going after that with EyeQ, which is a combination, of course, of Pluto TV and Paramount+. We are seeing direct digital strong, and we are seeing improvement in programmatic, and we expect both of those things to continue. So that's all about secular. And as we roll forward through the year, in Q3, we expect to see a slight improvement overall on a year-to-year basis, but that will be driven by D2C. So back to the secular piece.

是的，羅伯特。因此，在廣告方面，你是對的，我們看到了周期性和長期性的綜合影響。從周期性方面來看，利率正在略有下降。情況正在略有改善。但我們真正關注的是世俗方面。從我們如何參與和真正推動數字廣告市場來看，您可以看到這一點。對我們來說，直接數字化是非常強大的，如果我們沒有配置我們的產品線來基本上執行它就不會。我們將通過 EyeQ 來實現這一目標，當然，它是 Pluto TV 和 Paramount+ 的組合。我們看到直接數字化的強勁勢頭，我們看到程序化的進步，我們預計這兩件事將繼續下去。所以這都是世俗的。隨著今年的第三季度，我們預計整體同比會略有改善，但這將由 D2C 推動。那麼回到世俗的部分。

And then as we get to Q4, there, sports are going to be a key driver, including the NFL, the Big Ten that, by the way, that timing has turned up to be great for us as well as our modified CBS slate, which is strong and has plenty of scripted programming. That should add meaningful benefit on the linear side. And yes, hopefully, we continue to see some cyclical improvement. But we are very much focused on this secular trend, and we think we are extremely well positioned given the impression scale we have in the marketplace with EyeQ, and the revenue growth trends we're seeing. So we're very excited about the road ahead.

然後，當我們進入第四季度時，體育運動將成為關鍵驅動力，包括 NFL、十大聯盟，順便說一句，這個時機對我們以及我們修改後的 CBS 名單來說都非常有利，它很強大並且有大量的腳本化編程。這應該會在線性方面增加有意義的好處。是的，希望我們能繼續看到一些週期性的改善。但我們非常關注這一長期趨勢，並且考慮到 EyeQ 在市場上的印象規模以及我們看到的收入增長趨勢，我們認為我們處於非常有利的位置。因此，我們對未來的道路感到非常興奮。

Robert, just real quick on the licensing questions that you asked. I think the $600 million number that you referenced, just to clarify, that was just an indication of the contribution of CBS content to licensing in the quarter, not a timing benefit. And next quarter, CBS content will also be a major contributor to licensing. The timing benefit that was called out was really in relation to the Filmed Entertainment segment, where we did have deals that ended up getting closed in Q2 as opposed to Q3. So that accelerated some of the revenue. But as I said, the licensing business in general tends to be lumpy, so it's very possible you could have something similar next quarter or thereafter. So really no major timing issues to call out.

羅伯特，快速回答您提出的許可問題。我認為您提到的 6 億美元數字只是為了澄清，這只是表明 CBS 內容對本季度許可的貢獻，而不是時間效益。下個季度，哥倫比亞廣播公司的內容也將成為授權的主要貢獻者。所指出的時機優勢實際上與電影娛樂領域有關，我們確實有一些交易最終在第二季度而不是第三季度完成。這樣就加速了一些收入的增長。但正如我所說，許可業務總體上往往不穩定，因此下個季度或此後很可能會出現類似的情況。所以確實沒有什麼重大的時間問題需要指出。

Our final question goes to Bryan Kraft of Deutsche Bank.

我們的最後一個問題是向德意志銀行的布萊恩·克拉夫特提出的。

I wanted to ask you on the film side, I realize we don't know at this point when the strikes will end, but if we were to assume it ends at the end of the third quarter, I was curious how you're thinking about your upcoming Paramount film releases for the remainder of the year and next year and maybe even into '25. Would you expect any disruption or delays? And on the Paramount+ side, assuming that same timing, would you expect any disruption to sub growth at some point from the strike? Or do you think based on producing in advance and being able to kind of catch up, you can make up for that 5 months' disruption in production?

我想問電影方面的你，我意識到我們現在不知道罷工何時結束，但如果我們假設它在第三季度末結束，我很好奇你是怎麼想的關於今年剩餘時間和明年甚至可能到25年即將上映的派拉蒙電影。您預計會出現任何中斷或延誤嗎？在派拉蒙+方面，假設同樣的時間，您是否預計罷工會在某個時候對子增長造成乾擾？或者您認為基於提前生產並能夠趕上的能力，您可以彌補這 5 個月的生產中斷嗎？

Yes, sure, Bryan. So look, I think we're all saddened, as an industry, that we could not get deals done with the writers and actors to avoid the situation we're in. And I'd reiterate that our partnership with the creative community is critical to the health of the industry. So we remain hopeful for a timely resolution.

是的，當然，布萊恩。所以，我想，作為一個行業，我們都感到難過，因為我們無法與編劇和演員達成交易，以避免我們所處的情況。我想重申，我們與創意界的合作至關重要為了行業的健康發展。因此，我們仍然對及時解決抱有希望。

That said, with respect to our film slate, the good news is we have a significant number of films, of which production is complete. That includes Killers of the Flower Moon, Bob Marley, John Krasinski's If, as well as A Quiet Place: Day One, and Dear Santa with Jack Black. We also have a Mean Girls musical for Paramount+. Strikes do present some marketing challenges, something we're working to assess with respect to our lease strategy. But again, we're well stocked. And you heard the commentary on the CBS alternate schedule. That, too, draws from our global multi-platform asset base and is very strong. So from a content perspective, we're in pretty good shape.

也就是說，就我們的電影名單而言，好消息是我們有大量電影，並且製作已經完成。其中包括《花月殺手》、《鮑勃·馬利》、約翰·卡拉辛斯基的《如果》，以及《寂靜之地：第一天》以及傑克·布萊克的《親愛的聖誕老人》。我們還為派拉蒙+製作了一部《賤女孩》音樂劇。罷工確實帶來了一些營銷挑戰，我們正在努力評估我們的租賃策略。但同樣，我們庫存充足。你也聽到了關於哥倫比亞廣播公司備用時間表的評論。這也源自我們的全球多平台資產基礎，並且非常強大。因此，從內容的角度來看，我們的狀況非常好。

Again, it all comes down to duration. And I want to reiterate that we're hopeful that we can solve this as an industry sooner rather than later because we'd all like to get back in the content production business. But in the near term, we're working to mitigate the impact to our consumers and other constituents.

同樣，這一切都取決於持續時間。我想重申，我們希望作為一個行業能夠盡快解決這個問題，因為我們都希望重返內容製作業務。但在短期內，我們正在努力減輕對消費者和其他選民的影響。

And then I'll just jump in on the P+ impact, specifically. It's similar in the sense that we actually feel pretty good about our slate. Our back-half plan does include a number of formats that are either unaffected by the strike or things that were already in the can. That include shows like Special Ops: Lioness, which is now on the service, the next season of Billions as well as our next Taylor Sheridan original Lawmen. We'll continue, obviously, to get the benefit of NFL Football, the SCC and Big Ten, all 3 of which will be in full swing during the fall. And then we will still have our theatrical movies coming to the slate. Transformers is doing well right now and then both Teenage Mutant Ninja Turtles and PAW Patrol will be on the service later this year.

然後我將具體談談 P+ 的影響。從某種意義上說，這是相似的，我們實際上對自己的石板感覺非常好。我們的後半計劃確實包括一些不受罷工影響或已經在罐頭里的東西的格式。其中包括《特別行動：母獅》（現已上線）、《億萬》下一季以及我們的下一部泰勒·謝里丹原創《執法者》等節目。顯然，我們將繼續受益於 NFL Football、SCC 和 Big Ten，這三個賽事都將在秋季全面展開。然後我們仍然會有院線電影上映。 《變形金剛》目前表現良好，《忍者神龜》和《狗狗巡邏隊》也將在今年晚些時候上線。

So still feel good about the slate. There will be some originals that were previously planned to hit Paramount+ in Q4 that will move into 2024 due to strike-related production delays. But it's really too early to sort of estimate what the impact of that will be. But we feel pretty good about our distribution plan and the slate in general.

所以還是對石板感覺良好。由於罷工相關的製作延遲，一些原計劃在第四季度在派拉蒙+上映的原創作品將推遲到 2024 年。但現在估計這會產生什麼影響還為時過早。但總的來說，我們對我們的分配計劃和名單感覺非常好。

Yes. And I'd just add, in closing, I want to emphasize that we remain focused on executing our strategy, and that means continuing to scale streaming while maximizing our traditional business to deliver significant total company earnings growth in '24 and create a more sustainable growth model in the process. Through it all, we will be nimble in navigating the current environment in the near term while focusing on creating shareholder value for the long term.

是的。最後，我想強調的是，我們仍然專注於執行我們的戰略，這意味著繼續擴大流媒體規模，同時最大限度地發揮我們的傳統業務，以在24 年實現公司總盈利的顯著增長，並創造一個更可持續的發展過程中的增長模型。通過這一切，我們將在短期內靈活應對當前環境，同時專注於為股東創造長期價值。

And with that, thank you, everyone. Be well, and we'll talk to you soon.

在此，謝謝大家。祝你一切順利，我們很快就會和你談談。

This now concludes today's call. Thank you all for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝大家的加入。您現在可以斷開線路。