Paramount Global (PARA) 2024 Q4 法說會逐字稿

Good afternoon.

午安.

My name is Nadia, and I'll be the conference operator today.

我叫納迪亞，今天我將擔任會議主持人。

At this time, I would like to welcome everyone to Paramount Global's Q4 2024 Earnings Conference Call.

現在，我歡迎大家參加派拉蒙全球 2024 年第四季財報電話會議。

(Operator Instructions) At this time, I would now like to turn the call over to Jaime Morris, Paramount Global's EVP, Investor Relations.

（操作員指示）現在，我想將電話轉給派拉蒙全球投資者關係執行副總裁 Jaime Morris。

You may now begin your conference call.

您現在可以開始電話會議了。

Good afternoon, everyone.

大家下午好。

Thank you for taking the time to join us for our fourth quarter 2024 earnings call.

感謝您抽空參加我們的 2024 年第四季財報電話會議。

Joining me for today's discussion are Paramount's Co-CEOs Brian Robbins, Chris McCarthy and George Cheeks; and our CFO, Naveen Chopra.

參加今天討論的還有派拉蒙的聯合執行長 Brian Robbins、Chris McCarthy 和 George Cheeks；以及我們的財務長 Naveen Chopra。

Please note that in addition to our earnings release, we have trending schedules containing supplemental information available on our website.

請注意，除了我們的收益報告之外，我們的網站上還有包含補充資訊的趨勢圖表。

Before we start, I want to remind you that certain statements made on this call are forward-looking statements that involve risks and uncertainties.

在我們開始之前，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。

These risks and uncertainties are discussed in more detail in our filings with the SEC.

我們向美國證券交易委員會提交的文件中對這些風險和不確定性進行了更詳細的討論。

Some of today's financial remarks will focus on adjusted results.

今天的一些財務評論將集中在調整後的結果。

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.

這些非公認會計準則財務指標的對帳表可在我們的收益報告或包含補充資訊的趨勢表中找到，並且在每種情況下均可在我們網站的「投資者關係」部分找到。

Now I will turn the call over to Brian.

現在我將電話轉給布萊恩。

Good afternoon, everyone.

大家下午好。

Thanks for joining us for our fourth quarter and full year 2024 earnings call.

感謝您參加我們的 2024 年第四季和全年財報電話會議。

I'm Brian Robbins, and I'm joined here by my fellow Co-CEOs, George Cheeks and Chris McCarthy.

我是布萊恩·羅賓斯，和我們一起出席活動的還有我的共同執行長同事喬治·奇克斯和克里斯·麥卡錫。

First, we want to say that our thoughts are with all those who have been impacted by the tragic LA fires.

首先，我們要說，我們的心與所有受到洛杉磯大火悲慘影響的人們同在。

We will continue to support our teams and partners impacted for what we hope will be a rapid recovery process.

我們將繼續支持受影響的團隊和合作夥伴，希望能夠盡快實現復原。

Now turning to our financials.

現在來談談我們的財務狀況。

We are proud of the results we achieved for the full year, which reflect the progress we have made since becoming co-CEOs. 2024 demonstrated meaningful progress against our long-term goals, including significant improvement in D2C profitability, driven by continued top line growth, powered by one of the strongest content slates in the industry, all while strengthening our balance sheet.

我們為全年所取得的業績感到自豪，這反映了我們自擔任聯合執行長以來所取得的進步。 2024 年，我們在長期目標方面取得了有意義的進展，包括 D2C 獲利能力的顯著提高，這得益於持續的營收成長，得益於業內最強大的內容平台之一，同時也增強了我們的資產負債表。

Now let me turn it over to Chris to provide more details on the year.

現在，讓我將話題交給克里斯，讓他提供有關今年的更多詳細資訊。

Thanks, Brian, and good afternoon, everyone.

謝謝，布萊恩，大家下午好。

Let's start with the headlines. 2024 was a transformative year and marks a significant turning point for Paramount.

讓我們從標題開始。 2024年是變革的一年，標誌著派拉蒙的一個重要的轉捩點。

Total company adjusted OIBDA returned to growth, up 30% year-over-year to $3.1 billion.

公司調整後的整體 OIBDA 恢復成長，年增 30% 至 31 億美元。

We improved net leverage 1.3 turns, and we generated $489 million of free cash flow, up significantly year-over-year and the highest in 4 years.

我們的淨槓桿率提高了1.3倍，產生了4.89億美元的自由現金流，比去年同期大幅成長，創下4年來最高水準。

These results were driven by the success of our D2C segment.

這些結果得益於我們 D2C 部門的成功。

At Paramount+, we saw growth in subscribers, record engagement and an impressive growth in revenue.

在 Paramount+，我們看到了訂閱用戶數量的成長、參與度的創紀錄以及營收的令人矚目的成長。

We added 10 million new subscribers for the year driven by a very strong Q4 with 5.6 million new subscribers, the strongest quarter in sub growth in 2 years.

我們全年新增了 1,000 萬名新用戶，其中第四季新增用戶 560 萬名，為 2 年來用戶成長最強勁的一個季度。

In Q4, engagement soared.

第四季度，參與度飆升。

Global watch time per user improved 20%, driving a measurable improvement in churn of over 100 basis points year-over-year.

全球每位用戶觀看時間增加了 20%，與去年同期相比，客戶流失率顯著改善超過 100 個基點。

As a result, revenues increased significantly, up 33% for the year.

結果，收入大幅增加，全年增長了 33%。

This success was powered by a very strong content slate with a mix of big returning hits and the launch of some new ones.

這項成功得益於非常強大的內容基礎，包括一系列重新回歸的熱門作品和一些新作品的推出。

Paramount+ reached a new high ranking as the number two domestic SVOD for hours watched across all original series, up from number six this time last year.

Paramount+ 在所有原創劇集的國內 SVOD 觀看小時數方面創下新高，從去年同期的第六位上升至第二位。

Pluto also had a record year with global watch time up 8% year-over-year and 16% in Q4, showing strong momentum.

《冥王星》今年也創下了紀錄，全球觀看時間較去年同期成長 8%，第四季成長 16%，勢頭強勁。

Taken together, D2C generated significant improvement in profitability of $1.2 billion for the year, which gives us great confidence Paramount+ will achieve full year domestic profitability for 2025.

總的來說，D2C 今年的獲利能力顯著提升，增加了 12 億美元，這讓我們非常有信心 Paramount+ 將在 2025 年實現全年國內盈利。

At the same time, we continue to do what we do best: produce some of the biggest, broadest blockbuster films and hit TV series across every platform.

同時，我們繼續做我們最擅長的領域：製作一些最大規模、覆蓋範圍最廣的大片以及在各個平台上熱門的電視劇。

And now I pass to George to provide an update on distribution, Nielsen and ad sales.

現在我請喬治提供有關分銷、尼爾森和廣告銷售的最新情況。

Thanks, Chris.

謝謝，克里斯。

In 2024, we negotiated a number of deals with our long-standing distribution partners.

2024 年，我們與長期分銷合作夥伴達成了多項交易。

In Q4, we renewed our deal with Comcast.

第四季度，我們與康卡斯特續簽了協議。

And just last week, we renewed our distribution agreement with YouTube TV.

就在上週，我們與 YouTube TV 續簽了分銷協議。

Our track record in 2024 reinforces the value proposition of our content with mass hit series, award-winning news and a top-tier sports portfolio.

我們在 2024 年的業績記錄透過大眾熱門的系列劇、屢獲殊榮的新聞和頂級體育組合強化了我們的內容的價值主張。

In addition, we're very pleased to have closed a multiyear deal with Nielsen.

此外，我們非常高興與尼爾森達成了多年期協議。

Paramount is committed to addressing TV's cross-platform future for the benefit of all stakeholders, including our brand and agency partners.

派拉蒙致力於解決電視的跨平台未來問題，以造福所有利益相關者，包括我們的品牌和代理商合作夥伴。

This is a top priority for us.

這是我們的首要任務。

Now turning to advertising.

現在來談談廣告。

We continue to proactively transition the business from linear to digital, as demonstrated by healthy growth in D2C ad revenue, which increased 18% in 2024.

我們繼續積極地將業務從線性向數位轉型，D2C 廣告收入的健康成長證明了這一點，到 2024 年將成長 18%。

With one of the largest addressable footprint in the US marketplace, Paramount delivers premium, high-engagement video for advertisers who are increasingly focused on quality and impact when choosing where to spend their ad dollars.

派拉蒙是美國市場上最大的可尋址業務之一，它為廣告商提供優質、高參與度的視頻，而廣告商在選擇廣告支出地點時越來越注重品質和影響力。

Additionally, we're growing the demand side of the equation.

此外，我們正在增加等式的需求方。

Over the past couple of years, we've expanded our client base to tens of thousands of small and midsized businesses that are now advertising with Paramount every quarter.

在過去的幾年中，我們的客戶群已經擴大到數以萬計的中小型企業，這些企業現在每季都會在派拉蒙做廣告。

We're also investing in data, technology as well as identity frameworks, which expand our attribution capabilities.

我們也投資數據、技術以及身分框架，以擴展我們的歸因能力。

These product enhancements will set us up to compete more effectively over time for a larger share of social media budgets.

這些產品的增強將使我們能夠隨著時間的推移更有效地競爭更大份額的社群媒體預算。

Brian?

布賴恩？

Thanks, George.

謝謝，喬治。

In quarter 4, Paramount Pictures had a very active release slate with Smile 2, Gladiator II, Sonic the Hedgehog and September 5.

第四季，派拉蒙影業的上映電影非常活躍，有《微笑 2》、《角鬥士 II》、《刺蝟索尼克》和《9·5》。

In total, the studio grossed nearly $900 million at the global box office in Q4 with a lot of momentum as we continue with our 2025 slate.

總體而言，該工作室第四季度的全球票房收入接近 9 億美元，隨著我們繼續推進 2025 年的計劃，工作室的發展勢頭強勁。

Across the business, film, television and streaming, we continue to focus on franchise growth and management capitalizing on Paramount's rich library and IP.

在電影、電視和串流媒體業務領域，我們將繼續專注於特許經營的成長和管理，利用派拉蒙豐富的資源和智慧財產權。

We saw our strategy of capitalizing on our franchises pay off most recently with Sonic the Hedgehog, which continues to deliver, approaching nearly $500 million at the worldwide box office.

我們充分利用特許經營權的策略最近取得了回報，《刺猬索尼克》的表現持續出色，全球票房收入接近 5 億美元。

This makes Sonic 3 the highest-grossing film in the franchise and on its way to be 1 of the 10 most profitable Paramount Pictures releases of the last decade.

這使得《索尼克 3》成為該系列中票房最高的電影，並有望成為過去十年來派拉蒙影業最賺錢的 10 部電影之一。

Across its 3 installments the Sonic the Hedgehog series has now exceeded $1.2 billion at the global box office.

《刺猬索尼克》系列電影已推出三部，全球票房現已超過 12 億美元。

As part of this franchise strategy, our spin-off series Knuckles on Paramount+ drummed up fan excitement and expanded our audience on streaming.

作為該系列策略的一部分，我們在 Paramount+ 上推出的衍生劇《Knuckles》激發了粉絲們的興趣並擴大了我們的串流觀眾群。

The series debuted last spring.

該系列於去年春天首次亮相。

It's the number one Paramount+ original kids and family series ever in terms of both active subscribers and hours.

無論從活躍訂閱用戶數量還是播放時間來看，它都是派拉蒙+有史以來排名第一的原創兒童及家庭劇集。

This is just one example of how we're implementing our multi-platform franchise model.

這只是我們實施多平台特許經營模式的一個例子。

And we are executing our vision across theatricals, series and streaming with franchises like Yellowstone, NCIS, their spin-offs and prequels, and PAW Patrol, just to name a few.

我們正在透過戲院上映、電視劇和串流媒體等管道實施我們的願景，其中包括《黃石》、《海軍罪案調查處》及其衍生作品和前傳、《汪汪隊立大功》等。

Our approach to franchise management is a long-term view, cultivating active fan bases and building audiences over time and one that continues to pay dividends.

我們對特許經營管理的方法是從長遠角度考慮，培育活躍的粉絲群並隨著時間的推移積累觀眾群，並持續帶來回報。

We're excited for a dynamic and robust '25 slate that includes the highly anticipated Mission: Impossible - The Final Reckoning; an original live-action comedy coming from the creators of South Park and Kendrick Lamar; Edgar Wright's The Running Man, starring Glen Powell; and for families, an animated Smurfs film with Rihanna voicing Smurfette and an all-new SpongeBob SquarePants film to close out the year.

我們為充滿活力和強勁的'25 片單感到興奮，其中包括備受期待的《碟中諜 4：最後的清算》；由《南方公園》和肯德里克拉馬爾創作的原創真人喜劇；艾德格萊特的《奔跑的人》，由格倫鮑威爾主演；對於家庭觀眾來說，今年年底將上映的是一部由蕾哈娜為藍妹妹配音的藍色小精靈動畫電影，以及一部全新的海綿寶寶電影。

Chris?

克里斯？

Thanks, Brian.

謝謝，布萊恩。

Let's start with Paramount+, where our strategy of fewer, bigger, breakthrough series with big movie stars is setting us apart in a crowded space.

讓我們從 Paramount+ 開始吧，我們的策略是推出數量更少、規模更大、由大牌影星主演的突破性系列劇，這使得我們在擁擠的市場中脫穎而出。

Starting with the series that everyone is talking about, Landman, which broke records as the most watched Paramount series ever; plus the addition of 2 of our biggest returning hits, Tulsa King and Lioness, both of which are up significantly versus the previous season.

從大家都在談論的系列開始吧，《土地俠》打破了派拉蒙有史以來觀看次數最多的系列劇記錄；另外還增加了兩支最熱門的回歸球隊，Tulsa King 和 Lioness，這兩支球隊的收視率都比上一季大幅上漲。

In Q4, Landman, Lioness and Tulsa King all scored as top 10 original series across all SVOD services in the US.

在第四季度，《Landman》、《Lioness》和《Tulsa King》均名列美國所有 SVOD 服務的前 10 名原創影集。

We also launched 2 new Showtime series, which scored.

我們還推出了兩部 Showtime 新劇集，都獲得了好評。

Dexter: Original Sin was the most streamed global Showtime series ever, and The Agency was the most streamed new series ever.

《Dexter：原罪》是 Showtime 有史以來全球播放量最高的電視劇，而《代理法醫》則是有史以來播放量最高的新劇。

Taken together, Paramount+ was able to achieve a new high, ranking as the number two domestic SVOD for hours watched across all original series in Q4.

綜合來看，Paramount+ 創下了新高，在第四季度所有原創劇集的觀看小時數方面排名國內 SVOD 第二。

Now that's an amazing achievement considering the volume of originals we produce versus our peers, demonstrating our proven ability to deliver big, broad, hit content that is also highly efficient.

與同行相比，考慮到我們製作的原創作品的數量，這是一項了不起的成就，證明了我們有能力提供大量、廣泛、熱門且高效的內容。

Now all of these shows are performing exceptionally well at Paramount+ internationally, along with Yellowstone and South Park, which we have exclusively for SVOD.

現在，所有這些節目在 Paramount+ 國際頻道上都取得了出色的成績，其中《黃石》和《南方公園》也由我們獨家提供 SVOD 服務。

Yellowstone is having another record year, ranking as the number one star driver and the number one engagement driver.

黃石公園又創下了新的一年的紀錄，是第一位明星車手和第一位參與度車手。

And South Park continues to rank as a top 5 star driver and the number two engagement driver.

《南方公園》繼續名列五星驅動因素和第二大參與度驅動因素。

Now moving to 2025.

現在邁向 2025 年。

We've already kicked off another exciting slate.

我們已開始另一個令人興奮的時刻。

On Valentine's Day, we launched one of the most eagerly anticipated shows of the year with Season 3 of Yellowjackets, which is up over 50% versus the previous season.

情人節當天，我們推出了今年最受期待的節目之一《黃蜂女》第三季，與上一季相比收視率增加了 50% 以上。

And this past Sunday, Season 2 of Yellowstone's 1923 scored globally on launch day as the most watched original premier in Paramount+'s history.

上週日，《黃石 1923》第二季在首映當天就獲得了全球好評，成為 Paramount+ 歷史上觀看人數最多的原創劇集。

And that's just the beginning.

這只是一個開始。

Coming up later this quarter are the premier of 2 new series: MobLand from Guy Ritchie, starring Tom Hardy, Helen Mirren and Pierce Brosnan as the head of an organized crime family fighting for power within a global crime syndicate.

本季度稍後將有兩部新劇集首播：蓋·里奇的《黑幫大亨》，由湯姆·哈迪、海倫·米倫和皮爾斯·布魯斯南主演，講述一個有組織犯罪家族的頭目在全球犯罪集團中爭奪權力的故事。

This is followed by a new series from executive producers Robert and Michelle King titled Happy Face, a thrilling true crime series.

接下來是執行製作人羅伯特金和米歇爾金推出的新系列《快樂的臉》，這是一部驚心動魄的真實犯罪系列劇。

These are just a few of the many original series that we have to make up 2025 our strongest slate to date for Paramount+ as our momentum continues.

這些只是我們眾多原創劇集的一小部分，隨著我們的發展勢頭持續下去，2025 年將成為 Paramount+ 迄今為止最強大的片單。

And now I'll hand it off to George to talk about CBS.

現在我將邀請喬治來談論 CBS。

So at CBS, our multi-platform strategy led to another outstanding quarter.

因此，在 CBS，我們的多平台策略為我們帶來了另一個出色的季度。

Tracker and Matlock are the 2 most watched entertainment series on TV with more than 18 million and 16 million viewers per episode, respectively, across CBS and Paramount+.

《追蹤者》和《馬特洛克》是電視上收視率最高的兩部娛樂劇，在 CBS 和 Paramount+ 上每集分別有超過 1800 萬和 1600 萬觀眾觀看。

In fact, the network had 7 of the top 10 series in primetime.

事實上，黃金時段排名前十的電視劇中，有 7 部是該電視網的電視劇。

Now turning to sports.

現在談談體育運動。

The NFL on CBS delivered another season of massive broadcast audiences with year-over-year streaming growth on Paramount+ at nearly 60%.

CBS 的 NFL 又迎來了一個擁有大量轉播觀眾的賽季，Paramount+ 上的串流播放量同比增長了近 60%。

Our late Sunday afternoon national game was number one for the second consecutive year, averaging over 24 million viewers.

我們週日下午晚些時候舉行的全國比賽連續第二年位居第一，平均有超過 2400 萬觀眾觀看。

And we capped the season with a record-setting AFC Championship Game watched by close to 58 million viewers.

我們以創紀錄的亞足聯冠軍賽結束了本賽季，共有近 5800 萬觀眾觀看了比賽。

In addition, our CBS Sports UEFA coverage, which is mostly exclusive to Paramount+, is having its most watched season ever, up 47% from last year.

此外，我們的 CBS Sports UEFA 報導（大部分在 Paramount+ 獨家播出）迎來了有史以來最高的收視率，比去年增長了 47%。

All of this speaks to the enduring relevance of broadcast TV and its ability to reach mass audiences while also driving growth for our streaming platforms.

所有這些都證明了廣播電視的持久相關性及其吸引大眾的能力，同時也推動了我們的串流平台的成長。

The volume of broad hits across Paramount Global reinforces why we have much to be excited about during this period of evolution and transformation for our business, including our pending Skydance transaction, which we expect to close in the first half of this year.

派拉蒙全球的熱門影片數量證明了為什麼我們在業務發展和轉型期間有很多事情值得興奮，包括我們正在進行的天舞交易，我們預計該交易將在今年上半年完成。

Bigger picture, we're laser-focused on creating value for our audiences, our partners and our investors now and well into the future.

從更大角度來看，我們專注於現在和將來為我們的觀眾、合作夥伴和投資者創造價值。

Over to you, Naveen.

交給你了，納文。

Thank you, George, and good afternoon, everyone.

謝謝你，喬治，大家下午好。

In 2024, we delivered significant earnings growth and strengthened our balance sheet while continuing to position Paramount for the future.

2024 年，我們實現了顯著的獲利成長並增強了資產負債表，同時繼續為派拉蒙的未來做好準備。

Full year adjusted OIBDA grew 30% to $3.1 billion, reflecting significant improvement in our direct-to-consumer business.

全年調整後的 OIBDA 成長 30%，達到 31 億美元，反映出我們直接面向消費者的業務顯著改善。

Additionally, we generated $489 million of free cash flow and reduced net leverage to 3.8x. You will find a comprehensive review of the quarter's financials in our press release.

此外，我們產生了 4.89 億美元的自由現金流，並將淨槓桿率降低至 3.8 倍。您將在我們的新聞稿中找到本季財務狀況的全面回顧。

On today's call, I'll provide color on our fourth quarter results and then discuss our outlook for 2025.

在今天的電話會議上，我將介紹我們第四季的業績，然後討論我們對 2025 年的展望。

So let's dig into Q4, starting with direct-to-consumer.

那麼讓我們深入研究第四季度，從直接面對消費者開始。

Our D2C business delivered another quarter of healthy top line growth and improved operating leverage.

我們的 D2C 業務又一個季度實現了健康的營收成長，並且經營槓桿有所提高。

Paramount+ added 5.6 million subscribers in the quarter, reaching a total of 77.5 million.

Paramount+ 本季新增訂閱用戶 560 萬，總數達 7,750 萬。

Subscriber growth benefited from a particularly high volume of acquisition-oriented content, including a robust slate of originals, theatricals, the NFL and college football.

訂閱用戶的成長得益於大量以購買為導向的內容，其中包括大量原創作品、戲劇片、NFL 和大學橄欖球比賽。

Engagement was also very strong.

參與度也非常高。

In fact, watch time per user grew more than 20%, contributing to over 100 basis points of reduction in churn relative to the year ago period.

事實上，每位用戶的觀看時間增加了 20% 以上，與去年同期相比，用戶流失率減少了 100 個基點以上。

Paramount+ ARPU grew 1% year-over-year in Q4, reflecting several factors, including the lapping of the 2023 price increase and a continued shift in the mix of our subscriber base toward our Essential tier.

Paramount+ ARPU 在第四季度同比增長 1%，反映了多種因素，包括 2023 年價格上漲的影響以及我們的用戶群結構繼續轉向 Essential 層。

It's also worth noting that when we implemented our most recent price increase in August of 2024, existing Essential tier subscribers were grandfathered.

另外值得注意的是，當我們在 2024 年 8 月實施最近一次價格上漲時，現有的 Essential 等級訂閱者不受此政策影響。

As a result, it will take longer for this most recent price change to flow through to overall Paramount+ ARPU.

因此，最新的價格變動需要更長時間才能影響到整體 Paramount+ ARPU。

The combination of subscriber growth, churn reduction and ARPU improvement helped deliver 14% growth in Paramount+ subscription revenue.

用戶成長、用戶流失減少和 ARPU 提高的共同作用幫助 Paramount+ 訂閱收入成長了 14%。

Paramount+ growth was a key ingredient in the D2C segment, where revenue grew 8% to $2 billion.

Paramount+ 的成長是 D2C 領域的關鍵因素，該領域營收成長 8%，達到 20 億美元。

This includes 9% growth in direct-to-consumer advertising driven by our EyeQ digital platform.

其中包括由我們的 EyeQ 數位平台推動的直接面向消費者的廣告成長 9%。

D2C advertising also benefited from higher political spend.

D2C 廣告也受惠於更高的政治支出。

Subscription revenue growth for the segment was 7%.

該部門的訂閱收入成長了 7%。

The growth rate for D2C subscription revenue was impacted by the cannibalization of Showtime OTT revenue following the integration of Showtime into Paramount+.

Showtime 併入 Paramount+ 後，Showtime OTT 收入的蠶食影響了 D2C 訂閱收入的成長率。

While this integration has temporarily diluted revenue growth, it has been a key enabler of the significant improvement in D2C profitability we've delivered over the past several quarters.

雖然這種整合暫時削弱了收入成長，但它是我們過去幾季 D2C 獲利能力顯著提升的關鍵因素。

Speaking of which, in Q4, D2C OIBDA improved by more than $200 million year-over-year.

說到這一點，第四季度，D2C OIBDA 年比成長了 2 億多美元。

However, as we previewed over the last couple of quarters, the segment swung to a loss of $286 million due to the seasonality of our content slate.

然而，正如我們在過去幾季所預測的那樣，由於內容的季節性，該部門虧損 2.86 億美元。

But looking at the full year, D2C profitability improved nearly $1.2 billion to a loss of $497 million.

但從全年來看，D2C 的獲利能力改善了近 12 億美元，虧損降至 4.97 億美元。

Now turning to TV Media.

現在轉向電視媒體。

Revenue declined 4% in the quarter to $5 billion as linear ecosystem trends continue to weigh on TV Media affiliate and advertising revenue.

由於線性生態系統趨勢持續對電視媒體聯盟和廣告收入造成壓力，本季營收下降 4% 至 50 億美元。

Affiliate revenue declined 6.7% in the quarter, and advertising revenue declined 4%.

本季聯盟營收下降 6.7%，廣告收入下降 4%。

Advertising trends saw a 350 basis point headwind from fewer NFL and college football games versus the year ago period.

與去年同期相比，由於 NFL 和大學橄欖球比賽數量減少，廣告趨勢遭遇 350 個基點的阻力。

Results were also impacted by softer college football ratings and international advertising, including FX headwinds.

業績也受到大學橄欖球收視率下降和國際廣告（包括外匯不利因素）的影響。

TV Media licensing revenue grew 3% in the quarter primarily driven by secondary licensing growth, partially offset by fewer made-for-third-party productions.

本季電視媒體授權收入成長 3%，主要得益於二級授權成長，但第三方製作的減少部分抵消了這一成長。

Secondary licensing, the largest component of TV Media licensing, benefited from a normalized content slate for the first time since the strike, resulting in strong double-digit growth in the domestic market.

作為電視媒體授權的最大組成部分，二級授權自罷工以來首次受益於正常化的內容安排，推動國內市場實現強勁的兩位數成長。

International licensing revenue, which consists largely of distribution of current season CBS programming, grew at a slower rate as deals are occurring later in the broadcast season relative to historical buying patterns.

國際授權收入主要包括 CBS 本季節目的發行，由於與歷史購買模式相比，交易發生在廣播季的後期，因此增長速度較慢。

TV Media OIBDA was $949 million in the quarter.

本季電視媒體 OIBDA 為 9.49 億美元。

Expenses were flat year-over-year as cost-reduction initiatives were offset by higher content costs from a new fall slate and variable compensation costs, which I'll touch on in a moment.

費用與去年同期持平，因為成本削減措施被新的秋季檔內容成本的增加和可變薪酬成本所抵消，稍後我將談到這一點。

We remain highly focused on proactively managing expenses to maximize earnings in our TV Media business.

我們仍然高度注重積極管理費用，以最大限度地提高我們的電視媒體業務的收益。

In Filmed Entertainment, we generated revenue of $1.1 billion in Q4.

在影視娛樂方面，我們第四季創造了 11 億美元的收入。

Filmed Entertainment OIBDA was a loss of $42 million, a decrease of $66 million versus the comparable period, which includes marketing costs associated with the theatrical release of 5 films compared to 1 film in the year ago period as well as the timing of Sonic 3, which was released late in the quarter.

電影娛樂 OIBDA 虧損 4,200 萬美元，較同期減少 6,600 萬美元，其中包括與戲院上映 5 部電影（去年同期為 1 部）相關的行銷成本，以及《索尼克 3》的上映時間（該片於本季末上映）。

On a consolidated basis, we generated $406 million of adjusted OIBDA in Q4.

從合併基礎來看，我們在第四季度產生了 4.06 億美元的調整後 OIBDA。

Adjusted OIBDA was impacted by company-wide variable compensation and actions taken to mitigate 280G exposure.

調整後的 OIBDA 受到全公司浮動薪酬和為減輕 280G 風險而採取的措施的影響。

Together, these resulted in expenses that were about $90 million higher than expected.

這些因素加在一起導致支出比預期高出約 9,000 萬美元。

The biggest portion of the compensation increase was incurred at TV Media given the relative size of its headcount.

鑑於員工人數的相對規模，薪資成長的最大部分發生在電視媒體公司。

However, the impact was seen across all components of the business.

然而，其影響遍及業務的各個組成部分。

Free cash flow was $56 million in Q4.

第四季自由現金流為 5,600 萬美元。

And for the full year, free cash flow was $489 million, including $347 million in payments for restructuring and other initiatives.

全年自由現金流為 4.89 億美元，其中包括 3.47 億美元的重組和其他計畫支出。

Now on to 2025.

現在到了 2025 年。

As we work to close the Skydance transaction, we're focused on continuing to leverage Paramount's content assets to transform our business for the streaming era.

在努力完成 Skydance 交易的同時，我們專注於繼續利用派拉蒙的內容資產來轉變我們的業務以適應串流媒體時代。

That means continuing to invest in sports, powerhouse film and TV franchises and streaming originals to support D2C growth.

這意味著繼續投資體育、強大的電影和電視特許經營權以及串流媒體原創作品，以支持 D2C 成長。

It means continuing the transition of our advertising business from linear to digital, and it means delivering domestic profitability for Paramount+ while identifying additional cost-reduction opportunities across the company.

這意味著我們的廣告業務將繼續從線性轉型為數位轉型，這意味著為 Paramount+ 實現國內盈利，同時在整個公司範圍內尋找額外的成本削減機會。

And by executing on these priorities, we expect Paramount to deliver another year of free cash flow growth.

透過執行這些優先事項，我們預計派拉蒙將實現另一年的自由現金流成長。

In addition, we expect strong OIBDA growth when adjusting for the contribution of the Super Bowl and political advertising in 2024.

此外，我們預計，在調整超級盃和政治廣告的貢獻後，2024 年 OIBDA 將實現強勁成長。

Looking more closely at Q1.

更仔細地檢視 Q1。

We expect continued subscriber growth at Paramount+, though not at the same level as Q4 given the timing of content releases.

我們預計 Paramount+ 的用戶數量將繼續成長，但考慮到內容發佈的時間，成長水準不會與第四季相同。

Paramount+ ARPU growth should accelerate as we fully lap the 2023 price increase, and we'll see a full quarter impact from Q4 sub additions, which, by the way, skewed heavily toward direct subscribers, which generate attractive ARPU.

隨著我們全面接受 2023 年的價格上漲，Paramount+ 的 ARPU 成長應該會加速，並且我們將看到第四季度用戶增加對整個季度的影響，順便說一句，這嚴重偏向直接用戶，這會產生很有吸引力的 ARPU。

In TV Media, we expect the rate of decline in affiliate revenue to increase in Q1 due to the impact of recent renewals and an evolving pay TV ecosystem.

在電視媒體方面，由於近期續約和付費電視生態系統不斷發展的影響，我們預計第一季聯盟收入的下降率將會上升。

However, as our D2C business continues to scale, we expect the combination of our traditional and streaming business to yield net growth in total company affiliate and subscription revenue.

然而，隨著我們的 D2C 業務不斷擴大，我們預計傳統業務和串流媒體業務的結合將帶來公司聯營業務和訂閱收入的淨成長。

In advertising, we expect similar underlying trends in linear and digital in Q1 relative to Q4.

在廣告方面，我們預期第一季的線性和數位基本趨勢與第四季類似。

However, reported advertising growth in TV Media and D2C will be impacted by the comparison to the 2024 Super Bowl.

然而，與 2024 年超級盃相比，電視媒體和 D2C 的廣告成長將受到影響。

Putting it all together, while full year OIBDA will grow on an underlying basis, Q1 adjusted OIBDA will decline year-over-year, reflecting the underlying business trends I discussed as well as the comparison against the Super Bowl, which significantly benefited Q1 of 2024.

綜合來看，雖然全年 OIBDA 在基本基礎上將增長，但第一季調整後的 OIBDA 將同比下降，這反映了我所討論的基本業務趨勢以及與超級碗的比較，超級碗顯著受益於 2024 年第一季度。

The combination of Super Bowl timing and additional cost reductions planned for the second half means OIBDA growth will be weighted toward the back half of the year.

超級盃比賽時間和下半年計劃的額外成本削減意味著 OIBDA 成長將集中在下半年。

In terms of free cash flow, Q1 will include cash restructuring payments of approximately $150 million, and when combined with the headwind from lapping last year's Super Bowl, will lead to free cash flow being lower year-over-year.

在自由現金流方面，第一季將包括約 1.5 億美元的現金重組支付，再加上去年超級盃比賽的不利因素，將導致自由現金流較去年同期下降。

However, as I mentioned earlier, for the full year, we expect free cash flow to increase in 2025, even when including the impact of the Super Bowl and political advertising in '24.

不過，正如我之前提到的，就全年而言，我們預計 2025 年的自由現金流將會增加，即使考慮到 2024 年超級盃和政治廣告的影響。

Stepping back, it's clear that our financial progress in 2024 has positioned us well for the future.

回顧過去，很明顯我們在 2024 年的財務進展為我們的未來做好了準備。

We generated significant OIBDA growth, a substantial improvement in D2C profitability, increased full year free cash flow and reduced net leverage, all while continuing to invest in and produce hit content.

我們實現了顯著的 OIBDA 成長、D2C 獲利能力大幅提高、全年自由現金流增加、淨槓桿率降低，同時繼續投資和製作熱門內容。

We look forward to continuing this momentum in 2025.

我們期待在 2025 年繼續保持這一勢頭。

With that, operator, please open the line for questions.

接線員，請打開熱線來回答問題。

(Operator Instructions) Robert Fishman, MoffettNathanson.

（操作員指示）羅伯特·菲什曼（Robert Fishman）、莫菲特·納森（MoffettNathanson）。

On Paramount+, you guys talked a lot about the success with the originals.

在 Paramount+ 上，你們談了很多關於原版作品的成功。

It would be great to hear your updated thoughts on whether the full slate of the programming is enough to drive the necessary scale as a stand-alone service in order to compete with the larger SVOD platforms.

我很高興能聽到您的最新想法，即完整的節目安排是否足以推動作為獨立服務所需的規模，從而與更大的 SVOD 平台競爭。

And any progress maybe on exploring the Paramount+ partnerships in the US and internationally?

在探索美國和國際上的 Paramount+ 合作夥伴關係方面有什麼進展嗎？

And then Naveen, if I can just add one.

然後是 Naveen，如果我可以添加一個的話。

How do you think about Paramount+ -- or sorry, Paramount company's plans for content spending across all the different segments this year?

您如何看待 Paramount+ ——或者抱歉，派拉蒙公司今年在所有不同領域的內容支出計劃？

Robert, this is Chris.

羅伯特，這是克里斯。

I'll take the first part of your question, and then I'm going to pass to Naveen for the content spend.

我將回答您問題的第一部分，然後將問題轉給 Naveen 以討論內容支出問題。

So listen, as it stands for Paramount+, we are very proud of the success that we've had to date.

所以聽著，正如 Paramount+ 所代表的那樣，我們對迄今為止的成功感到非常自豪。

Our content is working.

我們的內容正在發揮作用。

We saw a great number of subscribers sign up to the service both in Q4 and for the year.

我們看到，無論是在第四季還是今年，都有大量用戶註冊該服務。

And in Q4, we saw record engagement, where we're up 20%, which led to really strong improvement in churn.

在第四季度，我們的參與度創下了歷史新高，成長了 20%，這導致了客戶流失率的大幅改善。

Now we talk about the content slate itself.

現在我們來談談內容板本身。

Q4 saw a new high for us as we ranked as the number two SVOD when looking at hours spent across all original series, which really is a remarkable achievement considering the volume of content we create versus our competitors.

從觀看所有原創劇集的時間來看，我們在第四季度的 SVOD 排名中創下了新高，考慮到我們與競爭對手相比所創造的內容量，這確實是一項了不起的成就。

Now all of those things helped to drive really strong revenue growth, up 33%.

所有這些因素都有助於推動收入真正強勁成長，增幅達到 33%。

And together, that's improved profitability for our D2C segment by $1.2 billion.

總而言之，這使我們的 D2C 部門的獲利能力提高了 12 億美元。

Now all that gives us great confidence that we are well on our way to hit profitability in 2025, which I will also note is a record time for US SVOD.

現在，所有這些都讓我們非常有信心，我們預計在 2025 年實現盈利，我還要指出的是，這也是美國 SVOD 創下的歷史新高。

Now we like where we stand.

現在我們喜歡我們所處的位置。

We really made some strong progress, and we feel good about where we're going into 2025 with real momentum behind us.

我們確實取得了一些重大進展，我們對 2025 年的發展充滿信心，我們將擁有真正的發展動力。

Now that said, we're going to always look at opportunities to drive more value.

話雖如此，我們將始終尋找機會創造更多價值。

And as opportunities come together, we'll evaluate those, but no news to share today.

當機會來臨的時候，我們會對其進行評估，但今天沒有新聞可以分享。

Robert, just following up on your question related to content spend, I think the simplest way to think about content spend in 2025 is that we expect it to be relatively flat on a total company basis to 2024.

羅伯特，關於您關於內容支出的問題，我認為思考 2025 年內容支出最簡單的方式是，我們預計到 2024 年，整個公司的內容支出將相對持平。

Now that's progress, if you will, because I think as you're well aware, it's been a little noisy over the last few years between the impact of ramping up content spend to support Paramount+ and then ramping out of the strike, et cetera.

如果你願意的話，這就是進步，因為我認為你很清楚，在過去幾年裡，由於增加內容支出以支持 Paramount+ 以及隨後的罷工等原因，情況有點混亂。

So this is really the first year in a little while where we've now got to what we think is a more normalized level of content spend.

因此，這實際上是我們在短時間內第一次達到我們認為更加正常的內容支出水準。

Now even though the total company content spend will be relatively flat, you should continue to assume that there's ongoing remixing in favor of streaming, meaning more content is either being used exclusively for streaming or dual purpose between both our linear platforms and our streaming platforms.

現在，即使公司內容總支出相對持平，你仍然應該假設串流媒體將繼續受到青睞，這意味著更多的內容要么專門用於串流媒體，要么在我們的線性平台和串流媒體平台之間兼用。

But as -- on a whole, relatively flat.

但就整體而言，相對平穩。

Ben Swinburne, Morgan Stanley.

摩根士丹利的本‧斯威伯恩 (Ben Swinburne)。

Just a couple of clarifications.

只需澄清幾點。

Chris, I think you just said profitability for D2C in '25.

克里斯，我想你剛才說的是 25 年 D2C 的獲利能力。

I think the last guidance from you guys, I might be stale on this, was domestic profitability at Paramount+ in '25.

我認為你們給出的最後指導（我可能對此有些過時）是 Paramount+ 在 25 年的國內盈利能力。

Just want to make sure we get that correct.

只是想確保我們理解的正確。

And then Naveen, on free cash flow, great to hear that you expect growth in '25.

然後是 Naveen，關於自由現金流，很高興聽到您預計 25 年會成長。

I think you gave the cash restructuring number for the first quarter, but any help in thinking about kind of restructuring costs for the year?

我認為您給出了第一季的現金重組數字，但對於思考全年的重組成本有幫助嗎？

And anything else you'd want to flag that might be important on free cash flow growing off that $500 million number?

您還想指出哪些對於自由現金流從 5 億美元成長可能重要的因素？

Ben, thanks for the question and thanks for the clarification.

本，感謝您的提問，也感謝您的澄清。

I actually misspoke.

我的確說錯了。

It is profitability for Paramount+ domestic.

這是 Paramount+ 國內的獲利能力。

Naveen?

納文？

Yes.

是的。

Thanks.

謝謝。

So Ben, let me add some color around our expectations on free cash flow for 2025 because you're right that the restructuring component does actually have a fairly material impact.

所以本，讓我對我們對 2025 年自由現金流的預期做一些補充，因為你說得對，重組部分確實產生了相當大的影響。

So you heard me say that we expect free cash flow to be higher on a year-over-year basis despite, by the way, the significant contribution from the Super Bowl and political, which benefited 2024.

所以你聽到我說，我們預計自由現金流將同比增長，儘管超級碗和政治因素做出了重大貢獻，使 2024 年受益。

And that's driven in large part by my earlier comments about the trend on cash content spend, where the stability that we're seeing there reduces dollars that were tied up in working capital over the last few years, which ultimately benefits free cash flow.

這在很大程度上受到我先前關於現金內容支出趨勢的評論的影響，我們看到的穩定性減少了過去幾年被佔用在營運資本中的資金，最終有利於自由現金流。

So we actually expect to see some pretty significant improvement in free cash flow conversion as we continue to progress.

因此，隨著我們不斷進步，我們實際上預計自由現金流轉換將會出現相當顯著的改善。

That number has been diluted by cash restructuring payments.

該數字已被現金重組支付所稀釋。

And in fact, if I look at 2025, I think there's probably something on the order of about 10 percentage points of conversion that is impacted by restructuring, meaning cash conversion will be about 10 percentage points higher absent the restructuring expense, which is obviously something that goes away in the future.

事實上，如果我展望 2025 年，我認為重組可能會對轉換率產生約 10 個百分點的影響，這意味著如果沒有重組費用，現金轉換率將提高約 10 個百分點，而這顯然在未來會消失。

Michael Morris, Guggenheim.

古根漢的邁克爾·莫里斯。

I wanted to ask you about DTC.

我想向您詢問有關 DTC 的問題。

The viewing growth metrics that you shared that are in excess of 20% are clearly well ahead of revenue growth.

您分享的超過 20% 的觀看成長指標顯然遠遠超過收入成長。

And so my question is, do you see that as a leading indicator of potential acceleration on the top line in the future?

所以我的問題是，您是否認為這是未來營收潛在加速的領先指標？

And sort of what's the gap between the viewership strength and revenue strength?

收視率和收入之間的差距有多大？

And how do you close that?

那您要怎麼關閉它呢？

So that's my first question.

這是我的第一個問題。

And then just maybe a clarification.

然後也許只是澄清一下。

We talked about the EBITDA outlook for '25, excluding the impact of the Super Bowl and political.

我們討論了 25 年的 EBITDA 前景，不包括超級盃和政治的影響。

Could you size for us how much benefit you saw from Super Bowl and political in '24?

您能否告訴我們，您從 1924 年的超級盃和政治中獲得了多少好處？

Yes.

是的。

Mike, it's Naveen.

麥克，我是納文。

I'll try to take both of those.

我會盡力接受這兩件事。

So as it relates to D2C, I'll just say, viewership versus monetization, yes, we do see viewership as a leading indicator of where we think we can go in D2C monetization, both with respect to ad sales but also with respect to subscription revenue.

因此，就 D2C 而言，我只想說，收視率與貨幣化，是的，我們確實將收視率視為我們認為可以在 D2C 貨幣化方面取得進展的領先指標，無論是就廣告銷售而言，還是就訂閱收入而言。

Because there's no rocket science behind the fact that the more engagement that you have, the more ability you have to reduce churn and continue to grow price over time.

因為這並不是什麼深奧的科學道理，事實是，你的參與度越高，你就越有能力減少客戶流失，並且隨著時間的推移不斷提高價格。

And we do think this is a very important part of our overall economic plan is that growth in the D2C business is going to include a combination of both subscriber growth and continued ARPU growth.

我們確實認為這是我們整體經濟計畫中非常重要的一個部分，即 D2C 業務的成長將包括用戶成長和 ARPU 持續成長的結合。

So we're very focused on making sure that we're continuing to drive the engagement because ultimately, that drives the ARPU growth both in terms of advertising and subscription.

因此，我們非常注重確保我們能夠繼續推動參與度，因為這最終將推動廣告和訂閱方面的 ARPU 成長。

Not necessarily -- it won't happen necessarily at the exact same time because we want to build the engagement as we then start to drive price.

不一定——它不一定在同一時間發生，因為我們希望在開始推動價格之前建立參與度。

Moving to your second question about OIBDA and the benefit in -- from the Super Bowl and political in '24.

轉到您的第二個問題，關於 OIBDA 以及超級盃和 24 年政治帶來的好處。

Let me give you maybe a little more color on what we're expecting in terms of OIBDA in '25.

讓我給你稍微詳細地介紹一下我們對 25 年 OIBDA 的期望。

As you pointed out, the Super Bowl was a very meaningful contributor in 2024, and that's one of the reasons why there's a headwind in Q1.

正如您所指出的，超級盃是 2024 年非常重要的貢獻者，這也是第一季面臨阻力的原因之一。

By the way, the impact from the Super Bowl was seen in both the TV Media segment and the D2C segment.

順便說一句，超級盃的影響力在電視媒體領域和 D2C 領域都有所體現。

But that's not the only factor in Q1.

但這並不是第一季的唯一因素。

We also have to take into account some of the headwinds that I mentioned related to affiliate revenue.

我們還必須考慮我提到的與聯盟收入相關的一些不利因素。

We've signed a number of deals since the end of Q1 in 2024 with some of our largest distributors.

自 2024 年第一季末以來，我們已經與一些最大的經銷商簽署了多項協議。

And so Q1 is really the quarter in which you're going to see the cumulative impact of those renewals.

因此，第一季實際上是您會看到這些續約的累積影響的季度。

So that's an important factor in looking at Q1.

所以這是觀察第一季的一個重要因素。

And then the other thing I'd just mention on the full year is that it is going to be somewhat back half-weighted.

然後，我剛才提到的全年的另一件事是，它的權重將會有所回落。

But very importantly, even with the impact of -- or excuse me, on the full year, as I said, earnings will grow materially, excluding the impact of Super Bowl and political.

但非常重要的是，即使受到——或者對不起，對全年的影響，正如我所說，除去超級碗和政治因素的影響，收益仍將大幅增長。

And if you were to think about it on a reported basis, meaning including the Super Bowl and political, I think full year adjusted EBITDA is probably down slightly.

如果你從報告的基礎上考慮，包括超級盃和政治因素，我認為全年調整後的 EBITDA 可能會略有下降。

Steven Cahall, Wells Fargo.

富國銀行的史蒂文·卡霍爾 (Steven Cahall)。

So you mentioned that you expect company-wide affiliate growth in 2025.

所以您提到預計 2025 年全公司附屬公司都會成長。

I didn't hear that comment about company-wide advertising growth.

我沒有聽到關於全公司廣告成長的評論。

So maybe you could just touch on that, excluding Super Bowl and political.

所以也許你可以談談這個，不包括超級盃和政治。

I think DTC slowed a little bit in Q4.

我認為 DTC 在第四季度有所放緩。

It might have come in a touch below what you expected it to be.

它可能比你預期的要低一點。

We know that linear television has some challenges in advertising.

我們知道線性電視在廣告方面面臨一些挑戰。

So do you think you can return the company to advertising growth in 2025, again, kind of excluding the Super Bowl and political comp?

那麼，您是否認為您能讓公司在 2025 年重新恢復廣告成長，再次排除超級盃和政治競爭？

And then maybe you could just update us on what you're seeing in the licensing market.

然後也許您可以向我們介紹一下您在許可市場看到的情況。

There's been a lot of supply that's come to market, especially in the TV product, over the last probably 18 months.

在過去的 18 個月裡，大量的產品進入了市場，尤其是電視產品。

So what are your expectations for content licensing in 2025?

那麼您對於 2025 年的內容授權有何期待呢？

Steve, this is Chris.

史蒂夫，這是克里斯。

I'll take the first half of that question, and then I'm going to pass to Brian for the content licensing piece.

我將回答問題的前半部分，然後將問題交給 Brian 來回答內容授權部分。

So listen, if we take a step back, what we're doing here is we're transitioning our business, our audience and our advertisers, pardon me, from linear to streaming.

所以聽著，如果我們退一步想，我們現在所做的就是將我們的業務、我們的觀眾和我們的廣告商，對不起，從線性轉變為串流媒體。

And we're seeing great growth there.

我們在那裡看到了巨大的成長。

On the streaming side, we have really strong engagement, really anchored in Q4.

在串流媒體方面，我們的參與度非常高，並在第四季度真正站穩腳跟。

That's both on the Paramount+ side and on the Pluto side.

這既是 Paramount+ 方面的情況，也是 Pluto 方面的情況。

We're very pleased with that progress and the scale that we're getting in D2C advertising, where we're up about 18% for the year.

我們對 D2C 廣告領域的進展和規模感到非常滿意，今年我們的 D2C 廣告業務成長了約 18%。

And I'll have to say also, it's important to note, we have one of the largest addressable domestic footprint.

我還必須說，值得注意的是，我們擁有最大的國內可尋址足跡之一。

Now on the linear side, we have a different set of assets, differentiated.

現在從線性方面來看，我們擁有一組不同的、有差別的資產。

We're anchored by CBS, which has an incredibly strong sports slate, the best-in-class primetime lineup of hits.

我們的節目由哥倫比亞廣播公司 (CBS) 主持，該廣播公司擁有極其強大的體育節目單和一流的黃金時段熱門節目陣容。

George talked about 7 of the top 10 hits and over 50% of the top 25.

喬治談到了前 10 名熱門歌曲中的 7 個以及前 25 名熱門歌曲中的 50% 以上。

That gives us real strength, and it helps to insulate us from the pressures that are happening in the linear landscape.

這給了我們真正的力量，並幫助我們免受線性景觀中發生的壓力。

Now there's no question, there's more pressure on the cable side.

現在毫無疑問，有線電視方面的壓力更大了。

But frankly, that's a much smaller part of our business today than it's ever been.

但坦白說，這在我們今天的業務中所佔的比例比以往任何時候都小得多。

To put that into some numbers, it's really low double digits as a percent of our total ad revenue.

具體來說，它占我們總廣告收入的百分比確實只有兩位數。

So we feel good about the momentum as we're going into 2025, and we are seeing good response from Q1 scatter.

因此，我們對進入 2025 年的勢頭感到滿意，並且我們看到了 Q1 散點圖的良好反應。

And our content slate is going to be one of the strongest we've ever produced as we head into the upfront.

隨著我們進入前期階段，我們的內容計劃將成為我們有史以來製作的最強大的內容計劃之一。

And we're hearing great things from our advertising partners.

我們從廣告合作夥伴那裡聽到了很多好消息。

So we feel good about where we stand and feel good about heading into 2025.

因此，我們對目前的狀況感到很滿意，並且對邁向 2025 年也充滿信心。

Brian?

布賴恩？

Sure.

當然。

Steve, our licensing business is still very strong, and it remains an essential component of what we do.

史蒂夫，我們的授權業務仍然非常強勁，它仍然是我們業務的重要組成部分。

We also have a great deal of licensing internally, which you have to realize, does not show up in our reported results.

我們內部也擁有大量許可，但您必須意識到，這些許可不會出現在我們的報告結果中。

And this will pay real dividends downstream in the growth of our D2C platforms, which is why we are making fewer originals for third parties.

這將為我們 D2C 平台的成長帶來真正的回報，這就是我們為第三方製作更少原創產品的原因。

Additionally, we believe there's real room for innovation in windowing strategy and deal structures that could unlock even more value from our content in the future.

此外，我們相信窗口策略和交易結構仍有創新的空間，未來可以從我們的內容中釋放出更多價值。

Kutgun Maral, Evercore ISI.

Kutgun Maral，Evercore ISI。

I was hoping for your perspective on Paramount's positioning across linear going forward.

我希望聽聽您對派拉蒙未來線性定位的看法。

In the context of your comments around the rate of decline in affiliate revenues accelerating in Q1, maybe thinking to the sports- and news-centric bundles launching in the market.

當您談到第一季聯屬收入下降速度加快的問題時，也許您會想到市場上推出的以體育和新聞為中心的捆綁產品。

Are there any protections in the distribution deals that you've inked that you could speak to, like with YouTube TV, that would potentially help mitigate the risks of customers down-tiering or cord-shaving?

您簽署的經銷協議中是否有任何保護措施，例如 YouTube TV，這些措施是否可能有助於減輕客戶降級或削減有線電視線路的風險？

And then just a quick one on film.

然後只是快速拍攝一段影片。

I don't know if there was any more background you could share on the slate financing deal with Domain Capital and how we should think about the EBITDA and free cash flow impact in the coming years.

我不知道您是否可以分享有關與 Domain Capital 的股權融資交易的更多背景信息，以及我們應該如何看待未來幾年的 EBITDA 和自由現金流影響。

Kutgun, this is George Cheeks taking it.

庫特根，這是喬治·奇克斯拍攝的。

I will start with the first part.

我先從第一部分開始。

So look, given our portfolio of must-have sports, it's difficult to imagine a sports bundle that's going to satisfy the sports fan without CBS.

所以，考慮到我們必備的體育節目組合，很難想像沒有 CBS 的體育套餐能夠讓體育迷滿意。

And actually, in fact, we are part of Comcast Sports & News TV package, and we're also in discussions with DIRECTV by joining their MySports offering.

事實上，我們是康卡斯特體育與新聞電視套餐的一部分，我們也正在與 DIRECTV 討論加入其 MySports 產品。

But the bottom line is when you look at these distribution relationships, we look at them holistically, meaning we negotiate our economic and distribution commitments across all tiers of service that are going to be offered or proposed by the applicable distributor.

但最重要的是，當你審視這些分銷關係時，我們會從整體上看待它們，這意味著我們會就分銷商將提供或提議的所有服務層級協商我們的經濟和分銷承諾。

And when it makes business sense for us overall, we're going to agree to add tiers just like we did with Comcast.

當這對我們整體來說具有商業意義時，我們會同意增加層級，就像我們對康卡斯特所做的那樣。

So we're going to continue to experiment with skinny bundles.

因此我們將繼續嘗試精簡捆綁包。

We know they're here, but we're just not, at this point, convinced there's a compelling value proposition relative to the full bundle.

我們知道他們在這裡，但目前我們還不確信相對於全套產品而言是否有令人信服的價值主張。

And from what we've seen so far, the price benefit for the consumer is just quite small.

從目前的情況來看，消費者獲得的價格優惠相當小。

But nevertheless, we're going to be committed to working with our partners to help them create the most compelling offerings with the greatest value.

但儘管如此，我們將致力於與合作夥伴共同努力，幫助他們創造最具吸引力和最大價值的產品。

Brian?

布賴恩？

Sure.

當然。

I'd say that slate financing is really nothing new for us, but this deal establishes a long-term alliance between Domain and Paramount Pictures to provide financing for upcoming films across Paramount's slate in various genres and budget levels.

我想說，片單融資對我們來說並不是什麼新鮮事，但這筆交易建立了 Domain 和派拉蒙影業之間的長期聯盟，為派拉蒙即將上映的不同類型和預算水平的電影提供融資。

And this partnership also will help spread the production cash outlay over more films.

此次合作也將有助於將製作資金分攤到更多電影上。

So this type of deal is not unique to us.

所以這種類型的交易對我們來說並不是獨一無二的。

And in fact, Domain also has a multiyear financing deal with another film studio.

事實上，Domain 也與另一家電影製片廠簽訂了多年的融資協議。

But in Domain, we found a committed and experienced partner to be in business with and a structure that really has positive free cash flow and OI attributes.

但在 Domain，我們找到了一個忠誠且經驗豐富的合作夥伴，以及一個真正具有正自由現金流和 OI 屬性的結構。

All right.

好的。

Thanks, everybody.

謝謝大家。

This is Chris, and on behalf of my fellow co-CEOs, we'd like to thank you for joining us for our call today.

我是克里斯，我謹代表我的聯合執行長同事感謝您今天的參加我們的電話會議。

We are very proud of the success that we had in 2024, the momentum that we have going into 2025, and this is all proof that we are making the successful transformation into a streaming-first company.

我們為 2024 年的成功和邁向 2025 年的勢頭感到非常自豪，這一切都證明我們正在成功轉型為串流媒體優先的公司。

Now these remarkable achievements would not be possible without our incredibly talented teams, our creative partners, for whom of which we're deeply appreciative.

如果沒有我們才華橫溢的團隊和富有創造力的合作夥伴，這些非凡的成就是不可能實現的，我們對他們深表感謝。

Thank you for joining us again for the call, and I hope you have a great night.

感謝您再次參加我們的電話會議，祝您有個愉快的夜晚。

Thank you.

謝謝。

This now concludes today's call.

今天的電話會議到此結束。

Thank you all for joining.

感謝大家的加入。

You may now disconnect your lines.

現在您可以斷開線路了。