Paramount Skydance Corp (PSKY) 2025 Q4 法說會逐字稿

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

午安.我叫娜迪亞，今天由我來主持會議。

I would like to welcome everyone to Paramount's Q4 2025 earnings conference call.

歡迎各位參加派拉蒙影業2025年第四季財報電話會議。

At this time, all lines have been muted to prevent any background noise. After the speaker's remarks, there will be a Q&A session.

目前所有線路均已靜音，以防止任何背景噪音。演講結束後，將進行問答環節。

If you would like to ask a question during this time, simply press fully by the number 1 on your telephone keypad. If you would like to withdraw your question, please press fully by 2.

在此期間，如果您想提問，只需完全按下電話鍵盤上的數字 1 即可。如果您想撤回您的問題，請按 2 完全按下。

I would now like to turn the call over to Kevin Prayton, Paramount's EVP of investor relations. You may now begin your.

現在我將把電話交給派拉蒙影業投資者關係執行副總裁凱文‧普雷頓。您現在可以開始了。

Good afternoon and thank you for taking the time to join us for the Paramount Fourth quarter 2025 earnings call. I'm Kevin Creighton, EVP of corporate finance and Investor relations. Joining me today is our Chairman and Chief Executive Officer, David Ellison, our President, Jeff Schell, our Chief Financial Officer, Dennis Chanelli, and our chief strategy and operating Officer, Andy Gordon. As a reminder, we will be making forward-looking statements today that involve risks and uncertainties. Our remarks will also include non-GAAP financial measures, and reconciliations of these measures can be found in our earnings letter or in our trending schedules, which contain supplemental information. These can be found on our investor relations website. I will now turn it over to David for a few brief remarks before we take analyst questions.

下午好，感謝各位抽空參加派拉蒙影業2025年第四季財報電話會議。我是 Kevin Creighton，公司財務與投資者關係執行副總裁。今天與我一同出席的有：董事長兼執行長大衛·艾里森，總裁傑夫·謝爾，財務長丹尼斯·查內利，以及首席策略和營運長安迪·戈登。再次提醒大家，我們今天將發表一些涉及風險和不確定性的前瞻性聲明。我們的報告還將包含非公認會計準則財務指標，這些指標的調節表可在我們的獲利信或趨勢表中找到，其中包含補充資訊。這些資訊可以在我們的投資者關係網站上找到。現在我將把發言權交給大衛，請他簡單說幾句，之後我們將回答分析師的問題。

Thanks, Kevin, and good afternoon everyone. As you saw in our Q4 results and in the most recent shareholder letter, we ended the fiscal year with a strong first full quarter under our leadership team and positive momentum heading into 2026, meeting or exceeding guidance for the quarter that we laid out in our Q3 letter.

謝謝你，凱文，大家下午好。正如您在我們第四季度業績和最近的股東信中所看到的，在我們的領導團隊的帶領下，我們以強勁的第一個完整季度結束了本財年，並保持了積極的勢頭進入 2026 年，達到或超過了我們在第三季度信中提出的季度預期。

It's been a productive 6+ months since the launch of the new Paramount, and we are pleased with the progress made in a relatively short time. Our North Star priorities continue to guide everything we do, and we're confident we are on the right trajectory and are excited about the opportunities ahead.

自新派拉蒙影業成立以來，已經過了六個多月，成果豐碩，我們對在相對較短的時間內取得的進展感到滿意。我們的北極星目標將繼續指導我們的一切行動，我們相信我們正走在正確的道路上，並對未來的機會感到興奮。

Before we get to your questions, I did want to take a moment to acknowledge Andy Warren's tenure as our interim CFO. Andy is widely respected across our organization and the industry, and we are truly fortunate to have had his leadership during this important period.

在回答您的問題之前，我想花一點時間感謝 Andy Warren 擔任我們臨時財務長期間所做的貢獻。安迪在我們公司和整個行業都備受尊敬，我們非常幸運能在這段重要時期得到他的領導。

We're incredibly grateful for everything he's done to help position the company for success and appreciate his continued partnership as a strategic advisor.

我們非常感謝他為幫助公司走向成功所做的一切，並感謝他作為策略顧問的持續合作。

I also want to officially welcome Dennis Chinelli. He brings significant financial and operational experience, having held senior roles at GE, Uber, and Scale AI, where he served most recently as CFO.

我還要正式歡迎丹尼斯·奇內利。他擁有豐富的財務和營運經驗，曾在通用電氣、優步和 Scale AI 擔任高階職務，最近擔任 Scale AI 的財務長。

He was also briefly a member of our board of directors before assuming his current role. We're thrilled that he's joined our leadership team and look forward to you getting to know him better going forward.

在擔任現職之前，他也曾短暫擔任過我們董事會的成員。我們非常高興他加入我們的領導團隊，並期待您在未來更了解他。

Finally, I'll briefly address our proposal to acquire Warner Brothers Discovery. On Monday, we submitted a revised bid of $31 per share, all cash, and we look forward to continuing to engage with their leadership team and board.

最後，我將簡要地談談我們收購華納兄弟探索頻道的提案。週一，我們提交了一份修訂後的報價，每股 31 美元，全部以現金支付，我們期待繼續與他們的領導團隊和董事會進行溝通。

While we appreciate that this is obviously something you all have questions about, we won't be commenting further during today's call. With that, I'll turn it back over to Kevin for your questions.

雖然我們知道大家對此肯定有很多疑問，但我們在今天的電話會議上不會再做進一步評論。那麼，接下來就交給凱文回答你們的問題吧。

All right.

好的。

Thank you, David and Nadia. We'll go ahead and open it up for questions.

謝謝大衛和娜迪亞。接下來我們將開放提問環節。

Thank you.

謝謝。

Great, thank you. If you would like to ask a question, please press followed by 1 on your telephone keypad. If you would like to remove your question, please press followed by 2. When preparing to ask your question, please ensure to unmute yourself locally. We ask you please link yourselves to 1 question.

太好了，謝謝。如果您有任何疑問，請按電話鍵盤上的 鍵，然後按 1。如果您想刪除您的問題，請按 2。準備提問時，請確保已解除本地靜音。請您將自己與一個問題聯繫起來。

The first question goes to Peter Sapino of Wolf Research. Peter, please go ahead.

第一個問題由狼研究機構的彼得‧薩皮諾提出。彼得，請繼續。

Hi, good morning. I wonder if you could comment on your initial experience as the home of UFC, on your streaming service and maybe tie those comments more broadly to your latest thinking on the viability of being something for everyone every day. I think that's your stated strategy, in streaming and obviously it's an extremely tall competitive order and I just wondered kind of what you've learned in the last six months of owning the asset that, makes you more or less confident in that objective.

您好，早安。我想請您談談作為 UFC 官方平台，您在串流媒體服務上的最初體驗，並或許可以將這些評論更廣泛地與您最近關於「每天都能為所有人提供內容」這一問題的思考聯繫起來。我認為這就是你公開的策略，在串流媒體領域，這顯然是一個競爭極其激烈的挑戰。我只是想知道，在過去六個月擁有這項資產的過程中，你學到了什麼，讓你對實現這個目標更有信心或更沒信心。

Thank you.

謝謝。

No, absolutely, and really appreciate appreciate the question.

不，當然，非常感謝你的提問。

First, we couldn't be more thrilled about the way the UFC partnership has started, UFC 324.

首先，我們對 UFC 合作的開端——UFC 324——感到無比興奮。

It was really a phenomenal start for us. We reached approximately 7 million households across the US and Latin America.

這對我們來說真是一個驚人的開局。我們涵蓋了美國和拉丁美洲約 700 萬戶家庭。

It was also the platform's largest exclusive live event to date.

這也是該平台迄今規模最大的獨家直播活動。

We've also seen the advertising demand for UFC be strong and overall the partnership has really started ahead of expectations.

我們也看到市場對UFC的廣告需求強勁，整體而言，雙方的合作進展確實超出了預期。

In addition to that, we've really seen UFC fans engaged with the vast others of our content offering. They're watching Landman. They're watching other series, so we're really seeing that flywheel work for us.

除此之外，我們還看到 UFC 粉絲對我們提供的其他大量內容也表現出了極大的興趣。他們正在監視蘭德曼。他們還在看其他劇集，所以我們真的看到了這種良性循環對我們有利。

And we also are really seeing it work well with Zoa boxing, and we really believe.

而且我們也看到它在 Zoa 拳擊中確實發揮了很好的作用，我們對此深信不疑。

In the theory of actually owning combat sports, having that entire category as a home on Paramount Plus is something that's been working really well for us to date. More broadly, we bring lit our 11 original series, since we took over 6 months ago and are really seeing strong basically growth in our streaming service, up over 17%. Year-to-date on Paramount Plus. So from that standpoint we're really seeing that momentum to continue and feel really good about the start of the partnership with UFC and Dana White.

從理論上講，將整個搏擊運動類別放在 Paramount Plus 上，對我們來說，到目前為止效果非常好。更廣泛地說，自從 6 個月前接管以來，我們已經推出了 11 部原創劇集，並且我們的串流媒體服務確實實現了強勁的增長，增長超過 17%。今年迄今在 Paramount Plus 上的表現。所以從這個角度來看，我們確實看到了這種勢頭將繼續下去，並且對與 UFC 和 Dana White 的合作開局感到非常滿意。

Is there anything we want to add on sort of the last six months in streaming?

關於過去六個月的串流媒體發展，我們還有什麼想補充的嗎？

Yeah, so, first of all, I would just add to the UFC comments that David just made that, we're really at the very beginning of this partnership, and we're going to experiment a lot. The beauty of having this sport exclusively and being the exclusive partners of the UFC is we can TRY lots of stuff. Our upcoming fight in March 7th is going to be, partially on CBS, and we look forward to lots of experimentation as we grow. As, we grow the, brand, I think the 1st 6 months on streaming have gone really well. We've seen accelerating growth in Paramount Plus, doing better and better every quarter. The key now is to get ongoing engagement and the content that I'm sure we're going to talk about later that we have coming is pretty exciting. For doing that from a kind of financial perspective, the, ad revenue has been much more promising than we expected and it's really the key now is driving that engagement and that usage because we can monetize it at Paramount Plus, and so we're feeling pretty good about, the momentum we have it streaming so far Okay.

是的，首先，我想補充大衛剛才在UFC發表的評論，那就是我們這段合作關係還處於非常初期，我們會進行很多嘗試。獨家擁有這項運動以及成為 UFC 的獨家合作夥伴的好處在於，我們可以嘗試很多東西。我們即將於 3 月 7 日進行的比賽將部分在 CBS 播出，我們期待在成長過程中進行許多嘗試。隨著品牌的發展，我認為上線串流平台的前六個月非常成功。我們看到 Paramount Plus 的成長速度加快，每季都做得越來越好。現在的關鍵是要持續獲得用戶參與，而且我相信我們稍後會談到的即將推出的內容會非常令人興奮。從財務角度來看，廣告收入比我們預期的要好得多，現在的關鍵在於推動用戶參與和使用，因為我們可以在 Paramount Plus 上實現盈利，所以我們對目前為止的串流媒體播放勢頭感到非常滿意。

Nadia, next question, please. Thanks, Peter.

娜迪亞，請問下一個問題。謝謝你，彼得。

The next question goes to John Hodderli of UBS. John, please go ahead.

下一個問題交給瑞銀集團的約翰‧霍德利。約翰，請繼續。

Great. Thanks, guys. Jeff, maybe for you a follow-up on the comments on D2C you guys guided to better profitability next year, against some slightly higher subs. What are you seeing in terms of Apo? There seem to be some moving parts with, exiting the hard bundles, but some price increases, that translates to better revenue growth. And then on the cost side, just aggregates what sort of that commentary on leading to better D2C results. Thanks.

偉大的。謝謝各位。Jeff，或許你可以就你們先前關於 D2C 的評論做個後續說明，你們曾指導 D2C 在明年實現更高的盈利能力，同時用戶數量略有增加。你對Apo方面有什麼看法？退出捆綁銷售似乎存在一些變數，但價格上漲會帶來更好的收入成長。然後，在成本方面，只是匯總了這類評論，這些評論有助於獲得更好的 D2C 結果。謝謝。

Yeah, thanks, John. I'm going to actually pass over to Dennis for this one.

謝謝你，約翰。這次我把發言權交給丹尼斯了。

Yeah, hi, John, good to meet you and I'm excited to be here. So thanks everybody. I think it's, John, is it helpful probably for us to just frame our guidance overall, which a big part of that is DTC, as we put out, overall, we expect revenue this year of $30 billion up 4% year on year. DTC is going to be the driver of that. We expect DTC to continue to accelerate growth year on year, so, growth will accelerate, in 26 versus 25.

嗨，約翰，很高興見到你，我也很高興來到這裡。謝謝大家。約翰，我認為，或許我們應該先概括一下我們的整體業績指引，其中很大一部分是DTC（直接面向消費者）業務。正如我們之前發布的，我們預計今年的總收入將達到300億美元，年增4%。DTC將是推動這項轉變的關鍵因素。我們預計 DTC 將繼續逐年加速成長，因此，2026 年的成長速度將比 2025 年更快。

The drivers that is a couple things we continue to see, subscriber growth, we'll be calling underlying, healthy subscriber growth accelerate in 206. This will, result in, betterarpo from a mixed shift as well as as we realize the price increases in Q1.

推動這一成長的因素有兩個，我們繼續看到用戶成長，我們將稱之為潛在的、健康的用戶成長在 206 年加速。這將導致混合轉變帶來更好的結果，因為我們意識到第一季的價格上漲。

As we previously mentioned, as we sort of mentioned, and I'm going to call this out, is you're making this deliberate decision to exit from uneconomic hard bundles, so you'll see that in our subscriber, growth this year. But if you take those underlying exits out, we will continue to see net ads grow year on year and, just to give you a call out those.

正如我們之前提到的，正如我們之前提到的，而且我要特別指出，你們正在做出退出不經濟的捆綁銷售的決定，所以你們會在今年的用戶增長中看到這一點。但如果你剔除這些潛在的退出因素，我們將繼續看到淨廣告收入逐年成長，而且，我只是想特別指出這些因素。

Uneconomic hard bundles represented less than 2% of Paramount Plus revenue in 2025.

2025 年，不經濟的捆綁銷售僅佔 Paramount Plus 收入的不到 2%。

So coupled with the subscriber growth we also expect DDC ad revenue to grow this year. We've been talking a lot about how we're investing in programming to drive better engagement, better ad tech, as well as the team there that Jeff alluded, that Jeff's alluded to, and so we expect to meaningfully recover DTC ad growth, in the year, at the same time.

因此，隨著用戶數量的成長，我們預計DDC的廣告收入今年也將成長。我們一直在討論如何投資於程式設計以推動更好的用戶參與度、更好的廣告技術，以及傑夫提到的團隊，因此我們預計今年內 DTC 廣告成長將顯著恢復。

Back to your question, how that comes together, we are investing in the business, but we expect DTC profitability to improve year on year as we both grow revenue and, manage our investments.

回到你的問題，這兩者是如何結合起來的，我們正在投資這項業務，但我們預計隨著收入增長和管理投資，DTC 的盈利能力將逐年提高。

It's worth, just, taking a step back maybe and talking about the rest of the business, so DTC will be the growth driver, but as we think about the rest of the portfolio we have, right, so, TV media, we expect to see some declines in revenue, mostly in line with the industry, headwinds, around pay TV, that we expect our advertising revenue to decline to be more moderate as we execute. Overall, and better ad sales, we feel really good about the upfronts coming up this year. We are also have tailwinds from political spending in 2026.

或許值得我們退後一步，談談業務的其他方面。 DTC 將成為成長動力，但當我們考慮我們擁有的其他業務組合時，例如電視媒體，我們預計收入會有一些下降，這主要與行業整體情況一致，付費電視方面也面臨一些不利因素，我們預計隨著我們執行相關計劃，廣告收入的下降幅度會更加溫和。總體而言，加上更好的廣告銷售情況，我們對今年即將到來的預售季感到非常樂觀。2026 年的政治支出也將為我們帶來利多。

One thing to call out, we do offset, some of the, you do have some impact from our sale at tlafe and Chili Vision, in TV media overall, I just want to call out, we've been really impressed with the team, managing that business in, while the revenues will decline, we expect, overall profitability in that business to be stable on both a profit dollars and a margin basis.

需要指出的是，我們確實抵消了部分影響，出售 tlafe 和 Chili Vision 對整個電視媒體行業確實產生了一些影響。我想特別指出的是，我們對管理該業務的團隊印象深刻，儘管收入會下降，但我們預計該業務的整體獲利能力，無論從利潤或利潤率來看，都將保持穩定。

And then the other thing is the studios, right? So studios, we will, we do expect theatrical revenue to decline. I think we've been very clear overall that we're in a real rebuild phase of that business as we execute that rebuild, we'll see some of that come through in the 26 slate, but most of that will come through in future years. And so even with theatrical revenue dropping down, we do expect better cost management as well as benefits from our licensing deals to drive studio profitability up. So if you put this together.

還有一點就是電影製片廠，對吧？所以，對於電影公司來說，我們預期戲院收入將會下降。我認為我們已經非常明確地表明，我們正處於該業務的真正重建階段。隨著重建工作的推進，我們將在 2026 年的比賽中看到一些成果，但大部分成果將在未來幾年內實現。因此，即使戲院收入下降，我們也期望透過更好的成本管理以及授權協議帶來的收益來提高工作室的獲利能力。所以，如果你把這些放在一起。

Overall we're reaffirming guidance for the year on both on revenue as well as profit, adjust even outlook of $3.8 billion that excludes our $3 million 300 million dollars of stock based compensation.

總體而言，我們重申了今年的營收和利潤預期，調整後的預期為 38 億美元，其中不包括我們 300 萬美元的股票選擇權費用。

But is improving year on year as driven by both the top-line and as we realize our synergy. So we put out there, we will expect to realize 33 billion plus of our synergies.

但隨著營收成長和綜效的增強，業績正逐年改善。因此，我們預計能夠實現超過 330 億的綜效。

This is, this includes, both, across our entire business, and so, we expect to sort of, profitability to improve in DTC and our new studio segment still margins in TV media.

也就是說，這涵蓋了我們整個業務，因此，我們預計 DTC 和我們新的工作室部門的盈利能力將有所提高，電視媒體的利潤率也將有所提高。

And I think the last question probably is just like what does that look like beyond 26 and you know I think without giving specific guidance we just want to make sure we're we're here talking about how you know the team around the table David on down we're owner owner operators we're investing for long-term value creation and you we expect that to show through over the next many years.

我認為最後一個問題可能是，26 年後會是什麼樣子？你知道，我想在不給出具體指導的情況下，我們只是想確保我們在這裡討論的是，你知道，在座的團隊成員，從 David 到其他所有人，我們都是所有者兼經營者，我們投資是為了創造長期價值，我們期望在未來很多年裡看到這一點。

Thank you, Dennis. Nadia, next question, please.

謝謝你，丹尼斯。娜迪亞，請問下一個問題。

The next question goes to Steven and Cahall of Wells Fargo. Steven, please go ahead.

下一個問題交給富國銀行的史蒂文和卡哈爾。史蒂文，請繼續。

Thank you. First, just wanted to ask if you've had any conversations yet with the NFL. It's a big topic for investors, especially with you and Fox having. So many games on Sunday, and as you're thinking about where that could go in the future, I was wondering if there's any potential for the games on Paramount Plus which I think are currently geo fenced to be available sort of nationwide within that rather than only being on Sunday tickets. So it seems like you've got some opportunities maybe as well as some risks with the NFL renewal, so I would love to know.

謝謝。首先，我想問你是否已經和 NFL 方面進行過任何對話。對投資人來說，這是一個大話題，尤其是你和福斯都參與其中。週日有這麼多比賽，考慮到未來的發展方向，我想知道 Paramount Plus 上的比賽（我認為目前這些比賽是按地域限制的）是否有可能在全國範圍內播出，而不僅僅是周日門票上的比賽。所以看來 NFL 續約既帶來了一些機遇，也存在一些風險，我很想知道。

How you're thinking about that and then just on the outlook for 26 and maybe 27, if we think about free cash flow, I think you've said before that you're committed to investment grade with all three rating agencies. I think that implies that on a total basis, including restructuring, you'd be free cash flow positive by next year. So just wondering if I'm thinking about that one correctly.

您對此有何看法？再來看看 2026 年甚至 2027 年的前景，如果我們考慮自由現金流，我想您之前說過，您致力於獲得三大評級機構的投資級評級。我認為這意味著，從整體來看，包括重組在內，到明年你們的自由現金流將為正值。所以我想知道我的想法是否正確。

Thank you.

謝謝。

Thanks, Steve. This is Jeff. I'll take the first and then pass it over to Andy, for the second. So, we have a great, you asked if we talked to the NFL. We talked to the NFL almost daily. We have a great relationship with the NFL. We were the very first NFL broadcaster. We went back when it started and it's been, nearly a century Of relationship and during that century this past year was our most watched year ever, everything clicked this last year for us with the most viewership, the biggest watched game, the biggest watch window, that 425 window nationally for CBS. So everything is really going well with the partnership and we feel very good about them and I think they feel very good about us. So we're not. We're not particularly concerned. Obviously there, it's been widely publicized that there is a renewal discussion coming up, and, we don't talk about individual negotiations, but s suffice it to say we feel pretty confident we're going to be in business with the NFL for a long time, and we have properly accounted for what we expect to be whatever impact of that negotiation in our kind of internal forecasts going forward. Let me just, one thing about the geo-fencing, let's talk about that for a second. One of the unique things about our relationship with the NFL, and I would actually say it's probably similar to Fox's relationship with the NFL. Is the anchor of their flywheel is really their reach and the anchor of their reach is really the reach of both CBS and Fox on Sunday afternoons. So the way we get the NFL that reach, which has really helped contribute for both of our benefit to the success of the NFL is by our vast array of both owned and operated stations of which we have 28 and affiliates.

謝謝你，史蒂夫。這是傑夫。我先拿第一個，然後把第二個交給安迪。所以，我們有一個很棒的問題，你問我們是否與 NFL 談過。我們幾乎每天都和NFL聯絡。我們與NFL保持著良好的關係。我們是第一家NFL轉播商。我們從它開始的時候就一直關注著它，至今已經將近一個世紀了。在這個世紀裡，去年是我們收視率最高的一年，一切都進展順利，我們獲得了最高的收視率、收視率最高的比賽、最長的收視窗口，CBS 在全國範圍內獲得了 425 小時的收視窗口。所以，目前雙方的合作進展非常順利，我們對他們非常信任，我想他們對我們也非常信任。所以我們不是。我們並不太擔心。顯然，關於續約談判即將展開的消息已經廣為人知，我們不談論具體的談判細節，但可以說，我們非常有信心與 NFL 長期保持合作關係，並且我們已經在內部預測中充分考慮了此次談判可能產生的任何影響。關於地理圍欄，我只想簡單提一下。我們與 NFL 的關係有一個獨特之處，而且我認為它可能與福克斯與 NFL 的關係相似。他們的飛輪核心實際上是他們的覆蓋範圍，而他們覆蓋範圍的核心實際上是CBS和Fox在周日下午的覆蓋範圍。因此，我們之所以能夠讓 NFL 獲得如此廣泛的影響力，並真正為我們雙方的成功做出了貢獻，是因為我們擁有並經營龐大的電視台網絡，我們擁有 28 個電視台和附屬電視台。

And so it's important that those games get regionalized and that we aggregate that viewership and maximize the viewership in each market for the best game, both for us and Fox, and that accrues to the benefit of the NFL and to us and really maximizes the reach on any given Sunday. So I don't think we're going to be doing anything. With Peacock at Paramount Plus that's any different, and I don't think that you know Fox is going to be doing anything different than we are doing on linear, which is to maximize that reach and that, regionalization of that window which I think works for all of us, maybe pass it over to Andy for that.

因此，將這些比賽區域化，匯總收視率，並在每個市場最大限度地提高最佳比賽的收視率，這對我們和福克斯電視台都有好處，這有利於 NFL 和我們，並且真正最大限度地提高了每個星期天的收視率。所以我覺得我們什麼都不會做。派拉蒙+的Peacock平台的情況也一樣，我不認為福克斯會採取與我們在線性電視上不同的做法，那就是最大限度地擴大覆蓋範圍，並實現窗口區域化，我認為這對我們所有人都有好處，也許應該把這部分工作交給安迪來做。

Yeah, sure, thank you. Hi Steven, thanks for the second question. Let me take the investment grade part first and obviously it's interrelated with free cash flow, conversion.

好的，謝謝。嗨，史蒂文，謝謝你的第二個問題。先說說投資等級部分，顯然它與自由現金流和轉換率密切相關。

But we, as we told you in the last quarter, we are absolutely committed to getting to investment grade credit metrics. This is of course relative to our standalone position and we expected to hit those in 27. With regard to free cash flow, I just point out that notwithstanding the fact we paid down over $300 million of debt in the first quarter and in addition have $800 million of restructuring charges, you take, the restructuring charges out, we actually hitting 5%, free cash flow conversion this year, which of course is not where we want to be. And as we sort of accelerate that into 27 in the out years, we expect to get back to industry, norms and hopefully exceed that. That's certainly part of our strategic plan. So I would say there's no real change from that and what we talked.

但是，正如我們在上個季度告訴你們的那樣，我們絕對致力於達到投資等級信用指標。這當然是相對於我們獨立的地位而言的，我們預計會在 27 天內達到這些目標。關於自由現金流，我只想指出，儘管我們在第一季償還了超過 3 億美元的債務，並且還有 8 億美元的重組費用，但扣除重組費用後，我們今年的自由現金流轉換率實際上只有 5%，這當然不是我們想要達到的目標。隨著我們在未來幾年將這一數字加速到 27，我們期望能夠恢復到行業標準，並有望超越這一目標。這當然是我們戰略計劃的一部分。所以我覺得和我們之前談的內容相比，並沒有什麼實質的改變。

About in November.

大約在11月。

Alright, great.

好的，太好了。

Thank you. Thanks Steve, Nadia, next question please.

謝謝。謝謝史蒂夫、娜迪亞，請問下一個問題。

The next question goes to Robert Fishman of Moffett Nathanson. Robert, please go ahead.

下一個問題交給莫菲特·納森森公司的羅伯特·菲什曼。羅伯特，請繼續。

Thank you. Good afternoon, everyone. When you think about your growth ahead, can you talk about how critical to creating long-term shareholder value to reinvigorate and build upon your core franchises and IP? And if you can comment how Warner Brothers and HBO IP would help accelerate that growth over the next 3 to 5 years, either for a stand-alone Paramount Plus or a combined platform with HBO Max. And then on a related note, just how do we think about overall content spending again, either standalone or with Warner Brothers, especially factoring in the sports and the long-term strategy to grow that profit and cash flow.

謝謝。大家下午好。展望未來發展，您能否談談重振和發展核心特許經營權和智慧財產權對於創造長期股東價值的重要性？如果您能評論華納兄弟和 HBO 的 IP 將如何幫助加速未來 3 到 5 年的成長，無論是獨立的 Paramount Plus 平台還是與 HBO Max 的合併平台，那就太好了。另外，我們該如何再次考慮整體內容支出，無論是獨立支出還是與華納兄弟合作的支出，特別是考慮到體育賽事以及增加利潤和現金流的長期策略。

Thank you.

謝謝。

Yeah, thanks Robert for the question. We won't be answering anything related to Warner as David mentioned in his opening remarks, so just a reminder for everyone else on the line, but we'll go ahead and, how do we think about sort of franchise and long-term value, as we mentioned in the letter.

是的，謝謝羅伯特的提問。正如大衛在開場白中提到的，我們不會回答任何與華納有關的問題，所以再次提醒一下其他在線的聽眾，但我們將繼續討論，正如我們在信中提到的，我們如何看待特許經營權和長期價值。

Yeah, no, absolutely. So I'll speak to that, and look, as we're the largest shareholder of the Class B's, we really approach everything through the lens of how do we create long-term, basically shareholder value, which really means, we're long-term investor, investors, we're long-term owner operators, and we really have, a long-term horizon in terms of how we're approaching this. If you step back across all of our businesses, we're actually really pleased about the investments that we're making, really going back to our North Star priorities.

是的，沒錯，絕對是這樣。所以我會談談這一點。你看，作為B類股的最大股東，我們處理所有事情都從如何創造長期股東價值的角度出發，這意味著我們是長期投資者，我們是長期所有者和經營者，我們在處理這件事上確實有著長遠的眼光。如果縱觀我們所有的業務，我們其實對正在進行的投資感到非常滿意，這些投資真正回歸了我們的北極星優先事項。

Also we've talked about streaming. I'll start in the studio segment, as Dennis said, we inherited a slate that, has underperformed, we're going to see, significant improvement in the profitability of the film slate this year, but I think if you really look at how we are doubling down on our franchises and really, reinvigorating them and reinvesting in them, which is something that. We did in partnership when we were, obviously when I ran Skydance and you know to date in the little over 6 months that we've been here, we've actually, we're going to release 16 movies this year versus the 8 films that we inherited, and we're really going to be at a steady state of over 15 movies per year. We've greenlit 11 movies, basically since we've been here in the 1st 6 months, including films like A Quiet Place and Sonic, which is really us doubling down on our franchises, Taylor Sheridan, Pete Berger, Hard at Work at Call of Duty, which we're really excited about, and you know we have Scream opening this weekend.

我們也討論過串流媒體。我先從片商部分說起。正如丹尼斯所說，我們接手了一批表現不佳的影片，今年我們將看到影片獲利能力顯著提高。但我認為，如果你仔細觀察我們如何加倍投入我們的系列電影，真正地重振它們並重新投資它們，你會發現這一點非常重要。我們之前有過合作，當時我還在運營 Skydance，你知道，到目前為止，在我們來到這裡短短六個多月的時間裡，我們實際上已經發行了 16 部電影，而我們接手時只有 8 部，我們真的將穩定在每年 15 部以上。自從我們來到這裡後的前六個月以來，我們已經批准了 11 部電影的拍攝計劃，其中包括《寂靜之地》和《刺猬索尼克》等影片，這實際上是我們對旗下系列電影的加倍投入；還有泰勒·謝裡丹、皮特·伯傑執導的《使命》，我們對此感到非常興奮；你知道，本週末還有《驚聲尖叫》上映。

When you know again going to Paramount Plus in addition to the investments that you know we've obviously made in the UFC and sports, you know we've actually green lit 11 original series on top of the incredible slate that we're fortunate enough to step into, and we're also. Investing significantly in the improved product experience on both P and Pluto, so consumers are going to going to continue to get more incredible content they love and an overall better user experience which we think will really position ourselves well for growth into the future. And then when you step back and look at our linear really anchored by CBS, we had 8 of the TOP10 shows on broadcast, the number 1 show in Tracker, the number 1 news show in Sheriff County, the number 1 news program in 60 Minutes, and so we really are seeing strong demand for our content across our portfolios and we're only seeing that accelerate going forward. So you know it's been 6 months but we really do feel good about the work the team has really done to date. And you can expect that to accelerate into the future quickly.

你知道，除了我們在UFC和體育領域的投資之外，我們還會再次進軍Paramount Plus，事實上，除了我們有幸參與的眾多優秀作品之外，我們還批准了11部原創劇集。我們將在 P 和 Pluto 上投入巨資，以改善產品體驗，因此消費者將繼續獲得更多他們喜愛的精彩內容和更佳的用戶體驗，我們認為這將真正為我們未來的發展奠定良好的基礎。然後，當你退後一步，看看我們以 CBS 為核心的線性頻道時，你會發現我們在廣播節目中佔據了 8 個收視率前 10 的席位，在 Tracker 節目中排名第一，在 Sheriff County 節目中排名第一，在 60 Minutes 節目中排名第一，因此我們確實看到，我們旗下所有節目的內容都受到了預計雖然已經過去6個月了，但我們對團隊迄今為止所做的工作感到非常滿意。而且可以預見，這種情況在未來會迅速加劇。

How do we think about the content spend for Paramount.

我們如何看待派拉蒙的內容支出？

Overall? Yeah, so overall content spend, sorry, I want to assure you that. So, we talked about, we've obviously increased our content spend as we announced, last quarter by 1.5 billion. Which is really going towards all the things that I talked about, which is really scaling our film slate, scaling our original series, investing more into sports, and we do believe that that will create long-term shareholder value, is be because again, like, it's, it is a priority for us to make sure that we can win in the content space, make sure that we're the most technologically capable media company, and really, have the appropriate operational efficiencies across the company. That's what really drives all the decisions here, and I think we're off to a really strong start in the 1st 6 months.

全面的？是的，所以整體內容支出，抱歉，我想向您保證這一點。正如我們在上個季度宣布的那樣，我們顯然增加了內容支出，增加了 15 億美元。這實際上是為了實現我剛才提到的所有目標，即擴大我們的電影製作規模、擴大我們的原創劇集規模、加大對體育領域的投資，我們相信這將創造長期的股東價值，因為，確保我們在內容領域取得成功，確保我們成為技術能力最強的媒體公司，並在整個公司範圍內實現適當的運營效率，是我們的首要任務。這才是所有決策的真正驅動力，我認為我們在前六個月取得了非常強勁的開局。

Thank you, David. Nadia, next question, please.

謝謝你，大衛。娜迪亞，請問下一個問題。

The next question goes to Rick Prentice of Raymond James. Rick, please go ahead.

下一個問題交給 Raymond James 公司的 Rick Prentice。里克，請繼續。

Hi, good afternoon. Yeah, a question in the letter you talk about leveraging your IP across the ecosystem.

您好，下午好。是的，信中有一個問題，你談到如何在整個生態系統中利用你的智慧財產權。

Give us some concrete examples of what you hope to achieve going across film, television, streaming, life experiences, publishing consumer products, and how we might see that. And if you were to benchmark yourself against the peer group, how do you think you are doing as far as monetizing that IP?

請舉一些具體的例子，說明你希望在電影、電視、串流媒體、生活體驗、出版消費品等領域中取得哪些成就，以及我們如何才能看到這些成就。如果以同行為基準，你認為你在智慧財產權變現方面做得如何？

So it's a great question, and I'll point to a couple of things like one, I'll use, Teenage Mutant Ninja Turtles as obviously the most recent example of really. We, we're obviously, we're, we have two films that we're obviously making, obviously in the Turtles landscape we have series and we also have consumer products, huge compliment to obviously Josh who came to us from Mattel who in the 1st month of basically being at Paramount, created the most significant consumer products partnership in the history of the company. Over 5X would have been done to date. Which I think is kind of, a great example in this quarter of really how we're maximizing our IP across the flywheel that we've created and one of the other things we take a step back I think that we're really proud of is, really the Paramount One initiative that we've launched really as a marketing platform.

這是一個很好的問題，我會舉幾個例子，例如，我會以《忍者龜》為例，這顯然是最近的例子。我們顯然正在製作兩部電影，顯然在忍者龜領域，我們有系列電影，我們還有消費品，這要特別感謝喬什，他從美泰公司來到我們這裡，基本上在加入派拉蒙的第一個月，就建立了公司歷史上最重要的消費品合作關係。迄今為止，已經完成了超過 5 倍的工作量。我認為這在本季度是一個很好的例子，真正體現了我們如何最大限度地利用我們創建的飛輪中的智慧財產權。另外，我們退後一步，我認為我們真正引以為豪的是，我們推出的 Paramount One 計劃，它實際上是一個行銷平台。

The UFC is one of the first things that we obviously ran through that where we really activated all of our linear channels, our direct consumer platforms and really the entire ecosystem. To deliver billions of impressions, which really helped drive that launch of UFC 324, which again came in, ahead of our expectations, and really helped us create the largest live event. In the in the history of Paramount Plus and you you're going to see us activating that Paramount one ecosystem across a lot of our tenfold franchises going forward across our series launches as we really integrate this business to operate as one company and we're we're seeing that work incredibly well, in the first couple of months and I just have to really give a tremendous amount of credit to the team. That have really been, breaking down silos and operating as one business and the results are incredibly promising, we're we're still, in the beginning 6 months in, but we're really excited about the trajectory.

UFC 顯然是我們最先著手的專案之一，我們真正啟動了所有線性管道、直接消費者平台以及整個生態系統。為了實現數十億次的曝光，這確實幫助推動了 UFC 324 的推出，其效果再次超出了我們的預期，並真正幫助我們打造了最大的現場賽事。在 Paramount Plus 的發展歷程中，我們將逐步激活 Paramount One 生態系統，將其應用於我們旗下眾多十倍規模的系列劇集中，隨著我們真正將這項業務整合為一個公司來運營，我們將逐步實現這一目標。在最初的幾個月裡，我們看到這種整合取得了非常顯著的效果，我必須對團隊給予極大的肯定。真正打破部門壁壘、以單一業務模式運作的做法，其成果令人鼓舞。雖然我們目前仍處於起步階段（6個月），但我們對未來的發展軌跡感到非常興奮。

Great, thanks. Nadia, we'll go ahead and jump to the next question, please.

太好了，謝謝。娜迪亞，我們直接跳到下一個問題吧。

The next question goes to Cutgun morale of Evercore ISI. Cutgun, please go ahead.

下一個問題是關於Evercore ISI的Cutgun士氣。Cutgun，請繼續。

Great, thanks for taking the questions. A few on AI if I could, first, Gen AI is clearly progressing quickly and dramatically. Short form clips don't, threaten the core of your studios today, but future length personalized stories could become feasible. So how are you positioning the company for that evolution? Do you expect content creation to become commoditized or do brands and IP become more valuable? In this world and at a high level with AI, maybe you could talk about your guiding principles on licensing and any guardrails. And finally, one of your peers recently outlined a path to bring curated AI generated short clips into its streaming service. Do you see a future where AI enabled short form, user generated or prompted content lives inside Paramount Plus? Thanks.

太好了，謝謝你回答這些問題。如果可以的話，我想簡單談談人工智慧。首先，人工智慧的發展速度和幅度顯然非常快。短影片目前不會對你的工作室的核心構成威脅，但未來製作更長的個人化故事可能會成為現實。那麼，你們是如何為公司迎接這種變革做好準備的呢？你認為內容創作會變得商品化，還是品牌和智慧財產權會變得更有價值？在這個人工智慧高度發展的領域，或許您可以談談您在許可方面的指導原則和任何限制措施。最後，你們的一位同行最近概述了一條將精選的 AI 生成的短視頻引入其串流媒體服務的途徑。你認為未來Paramount Plus平台會採用人工智慧技術製作短視頻，並由用戶生成或引導式內容嗎？謝謝。

So it's a great question, and, first look, I'll kind of step back to where I really say like it is 11 of our core goals is to become the most technologically capable media company and you know there's no question that that AI is going to be a significant transformation. Across our industry and others, but I want to say that, first and foremost we are really a home for storytellers and we're a content company first and so we really view artificial intelligence is an unbelievable tool for artists that will be a significant unlock on on creativity, with that said we are also big believers that. When you really go back to 1,992 when I believe it was James Cameron in Digital Domain when they basically did away with opticals and and actually started getting into digital composites was really the beginning of the kind of software based CPU pipelines that we've all been iterating off of, the last several decades and I think there's no question that we're at one of those inflection points where.

所以這是一個很好的問題，首先，我想先回顧一下，我們11個核心目標之一是成為技術能力最強的媒體公司，毫無疑問，人工智慧將帶來重大變革。在我們這個行業以及其他行業，但我想說的是，首先，我們真正是故事講述者的家園，我們首先是一家內容公司，所以我們真的認為人工智慧對於藝術家來說是一個不可思議的工具，它將極大地釋放創造力，話雖如此，我們也堅信這一點。追溯到 1992 年，我記得是詹姆斯·卡梅隆在數位領域公司，他們基本上摒棄了光學技術，開始涉足數位合成領域，這才是我們過去幾十年一直在迭代的基於軟體的 CPU 管線的真正開端。我認為毫無疑問，我們正處於這樣一個轉折點。

You know model driven GPU pipelines are are going to get deployed across the business but again we really view that as as a tool for artists to be able to to to to unlock creativity when you look at some of the things we're doing internally in terms of how we're investing. When when you look at the engineers that we obviously have at the company currently, you can expect us to kind of 10x the size of the headcount that we are basically, investing towards this, and really want to be in a position where we can be a leader, in the industry in terms of how this transformation is shaped.

你知道，模型驅動的 GPU 管線將會在整個業務範圍內部署，但我們仍然將其視為藝術家釋放創造力的工具，當你看看我們在內部投資方面所做的一些事情時，就會明白這一點。當你看看我們公司目前擁有的工程師團隊時，你會發現，我們基本上會將人員規模擴大十倍，並為此進行投資，真正希望在產業轉型方面成為領導者。

To your question about, do I think it'll be commoditized, the answer is no. I don't think there's anything that's going to replace artists. I don't think there's anything that's going to replace the creativity of original storytelling. I would actually point towards, you, when you look at the value of intellectual property.

至於你問我是否認為它會被商品化，我的答案是否定的。我不認為有什麼東西會取代藝術家。我不認為有任何東西能夠取代原創故事的創造力。實際上，在看待智慧財產權的價值時，我會把目光投向你。

Whether it was Sora on their launch or whether it was C Dance, and I think you saw us obviously defend against both of the defend our IP against both of those things, but the fact that there was so much engagement around the characters and intellectual property, that audiences love, I think speaks to the value of that intellectual property and we're in a unique position to be able to take advantage of that. There's nothing I'm really in a position, that I can fully elaborate on further, but again, I think when you look at the power of IP enabled by AI, is going to be something that is, I think a tailwind for us as a company, and we're, and we're excited to help kind of be, key drivers of that innovation.

無論是 Sora 在遊戲上線時的表現，還是 C Dance 的出現，我想你們都看到了我們顯然是如何捍衛我們的智慧財產權的。但事實上，圍繞著這些角色和智慧財產權的參與度如此之高，觀眾們又如此喜愛它們，我認為這說明了這些智慧財產權的價值，而我們正處於一個獨特的地位，能夠利用這一點。目前我還沒有具體說明的情況，但我認為，人工智慧賦能的智慧財產權的力量，將會成為我們公司的順風，我們很高興能夠成為這項創新的關鍵驅動力。

All right, thanks for the question, Cut gun.

好的，謝謝你的提問，Cut gun。

Nadia, we can go ahead.

娜迪亞，我們可以繼續了。

And jump to the next question, please.

請跳到下一個問題。

The next question goes to Michael Morris of Guggenheim. Michael, please go ahead.

下一個問題交給古根漢美術館的麥可莫里斯。邁克爾，請繼續。

Thank you. Good afternoon, guys. I wanted to ask about the studio first. Dennis, I think you mentioned an expected decline in theatrical revenue in 26. I'm hoping you can reconcile that with the significant increase that you're expecting in the number of titles being released. And as you think about that decline, does that pertain to the studio business overall, or is it only the theatrical component and you expect growth in licensing? And then if I could just on the Pluto headwinds that you cited. The trend there seems to be well below the CTV industry overall. Is this a business that you expect to turn around as a growth driver, or is this maybe not core to the future as you see it?

謝謝。下午好，各位。我想先問問關於工作室的情況。丹尼斯，我想你提到 26 年電影院收入預計會下降。我希望你能將這一點與你預期的遊戲發行數量大幅增加的情況聯繫起來。在您看來，這種下滑是指整個電影製片廠業務的下滑，還是僅僅指院線發行部分，而您預計授權發行部分會增長？然後，如果我能就你提到的冥王星逆風問題談談我的看法就好了。該地區的趨勢似乎遠低於整個連網電視行業的平均水平。你認為這項業務能夠扭轉頹勢，成為成長動力嗎？還是說，在你看來，它可能並非未來發展的核心？

Thank you.

謝謝。

Thanks, Michael. Yeah, let me take the first part and then hand over to David. So, on the film, on the studio business overall, we will see growth overall on the studio business on a revenue basis, and that will be driven primarily by the licensing and also com combine combining Skydance into that segment.

謝謝你，麥可。好的，我先講第一部分，然後再交給大衛。因此，就電影而言，就整個製片廠業務而言，我們將看到製片廠業務在收入方面實現整體增長，這主要將由授權業務以及將 Skydance 併入該業務板塊所推動。

What I was talking about is theatrical, right? So in theatrical, we are increasing the number of films, but we are comping last year, which was a big output in Mission Impossible. So that's what will drive the theatrical decline year on year for 2026.

我剛才說的都是戲劇表演，對吧？所以，在院線方面，我們正在增加電影的數量，但我們與去年相比，去年《不可能的任務》產量很大。這就是導致2026年電影院票房逐年下滑的原因。

And then the second part of your question as we think about Pluto, I mean, I think what you'll see is in the DTC segment, right, in Q4 we grew 10% year on year. Paramount Plus was up 17%, non-Paramount Plus was down 16% as we call out, that's primarily driven by Pluto and it's primarily driven by the modernization of Pluto. I think what we should call out is actually Pluto engagement is up, so monthly active users, the engagement of those users is actually up and so what we're facing is a monetization headwind. Which we are addressing, and we addressed that in our guidance, and I think it's worth, passing over to David to talk overall about how we think about Pluto, and the fast and our fast strategy.

至於你問題的第二部分，當我們思考冥王星時，我的意思是，我認為你會看到在 DTC 領域，對吧，第四季度我們同比增長了 10%。正如我們所指出的，Paramount Plus 上漲了 17%，非 Paramount Plus 下跌了 16%，這主要是由 Pluto 推動的，而 Pluto 的現代化也主要是由 Pluto 推動的。我認為我們應該指出的是，Pluto 的用戶參與度實際上有所上升，也就是說，每月活躍用戶數和這些用戶的參與度實際上都在上升，因此我們面臨的是盈利方面的逆風。我們正在著手解決這個問題，我們在指導意見中也提到了這一點。我認為值得讓大衛來談談我們對冥王星的看法，以及快速發展和我們的快速發展策略。

Yeah, and I want to expand on what Dennis said on the studio side, so, again, we stepped into last year a film slate that underperformed, we have, scaled, from 8 movies to 16 releases this year. And it's going to be significantly more profitable, but when you really think about getting our core franchises back online, you don't really see that start to occur until 27 just because of what the life cycle is of obviously making a tent pole, it's two years to basically from beginning to release, at the earliest. So you know I would, I would look at, we're making significant improvements in profitability across our film slate this year and then in 27 when you start seeing films like A Quiet Place and Sonic, Call of Duty, several of our other franchises that basically will be releasing 27, 28 and beyond, you will see our box office numbers increase, you will see profitability increase. But there is a 2 year life cycle, kind of minimum to the, to those big event films, and I actually think the team has done an exceptional job, putting us in a good position for this year for the level of growth that we're going to have across our theatrical slate, and then you will see that accelerate significantly into the 27, as Dennis said, really looking at Pluto, stepping back.

是的，我想補充一下丹尼斯在製片廠方面所說的，所以，再說一遍，我們去年接手的電影計劃表現不佳，我們已經將今年的上映數量從 8 部電影增加到 16 部。而且它肯定會更加有利可圖，但當你真正考慮讓我們的核心系列重新上線時，你會發現這種情況要到 27 年才會真正發生，因為製作一部重磅作品的生命週期顯然是這樣的，從開始製作到上映，最早也要兩年時間。所以你知道，我會關注，我們今年的電影項目在盈利能力方面取得了顯著進步，然後在 2027 年，當《寂靜之地》、《刺猬索尼克》、《使命召喚》以及我們其他幾個系列電影陸續上映時，你會看到我們的票房收入增加，盈利能力也會提高。但對於那些大型事件電影來說，至少需要兩年的生命週期，而且我認為團隊做得非常出色，讓我們今年處於一個良好的位置，可以實現我們整個院線計劃的增長水平，然後你會看到這種增長在2027年顯著加速，正如丹尼斯所說，真正關注《冥王星》這部電影，退後一步來看。

I am a big believer in in the fast space and I think when you really look at globally fast is something that is only going to grow in importance, and when you look at the signs that are also really encouraging on Pluto is we are seeing engagement grow, the headwind we're facing is really monetization. And we're doing several things to correct that. And while, Pluto has always been a leader in the fast space, it's a profitable platform, it was from our perspective underinvested in, by the previous owners and managers, both in a content standpoint as well as from a product standpoint. And we've also brought in, obviously new leadership to help us on the advertising side. We have new leadership on the B2C side that are really working really well hand in hand to make sure that we, imp improve the product and improve the monetization, really our overall streaming convergence that we talked about in our last earnings call where, we had really 3 separate stacks that were running on, multiple clouds all independent of one another. We, that that convergence obviously will be done in the coming quarters and you will see continued product improvement to both Pluto and P+ and with that we'll see the monetization curve correct, and we'll really start seeing, better monetization, better growth, and more in line with peers with expectations to be above.

我非常看好快速發展的領域，我認為從全球角度來看，快速發展的重要性只會與日俱增。此外，冥王星也展現出令人鼓舞的跡象，例如用戶參與度正在成長。我們面臨的真正挑戰是獲利模式的變現。我們正在採取多項措施來糾正這種情況。雖然 Pluto 一直是高速領域的領導者，也是一個獲利的平台，但從我們的角度來看，無論是從內容角度還是從產品角度來看，先前的擁有者和管理者都對它投入不足。當然，我們也引進了新的領導階層來幫助我們開展廣告業務。我們在 B2C 方面有了新的領導層，他們齊心協力，確保我們能夠改進產品和提高盈利能力，真正實現我們在上次財報電話會議上談到的整體流媒體融合，當時我們實際上有 3 個獨立的堆棧在多個雲上運行，彼此獨立。我們認為，這種融合顯然將在未來幾季完成，您將看到 Pluto 和 P+ 的產品持續改進，隨之而來的是貨幣化曲線的修正，我們將真正開始看到更好的貨幣化、更好的成長，並更符合同行的預期，甚至更高。

Thank you, David. All right, Nadia, we'll go ahead and turn it back over to you, please.

謝謝你，大衛。好的，娜迪亞，我們現在就把它交還給你吧。

Great, thank you. The final question goes to Brian Bar of Deutsche Bank. Please go ahead.

太好了，謝謝。最後一個問題交給德意志銀行的布萊恩·巴爾。請繼續。

Hi, good afternoon. Thanks for taking the question. First on UFC, I know you had cited 7 million EEUs. I was curious as to whether you can give us some color on the number of unique viewers that you had, just given that you have 79 million subs, trying to understand what the percentage of those subscribers overall is that are engaging with USFC at some level. And then, secondly, I was wondering if you could talk about what you've been seeing. Since you completed the acquisition both in Churn and CAC, how are those trending? How much opportunity do you see for improvement in both of those key metrics over the next 1 or 2 years, and how critical is it to improve either or both of those to the long-term economic success of the streaming business?

您好，下午好。感謝您回答這個問題。首先，關於UFC，我知道你曾經引用過700萬EEU。我很好奇您能否透露您的獨立觀眾數量，因為您有 7900 萬訂閱用戶，我想了解這些訂閱用戶中有多少百分比在某種程度上與 USFC 互動。其次，我想問您能否談談您最近看到的一些情況。自您完成收購以來，客戶流失率和客戶獲取成本 (CAC) 的變化趨勢如何？您認為未來一兩年內，這兩個關鍵指標分別有多少提升空間？提升其中任何一個或兩個指標對於串流媒體業務的長期經濟成功有多重要？

Thank you.

謝謝。

Yeah, no, absolutely. So look, I want to reiterate we're incredibly happy with the way our partnership with the UFC has started, when it goes to 7 million households across the US and Latin America, that was above our expectation and again it is the largest exclusive sporting event that we've had obviously in Paramount Plus history, so, and we are seeing that momentum, continue.

是的，沒錯，絕對是這樣。所以，我想重申，我們對與 UFC 的合作開局非常滿意，它涵蓋了美國和拉丁美洲的 700 萬個家庭，這超出了我們的預期，而且這顯然是 Paramount Plus 歷史上規模最大的獨家體育賽事，我們看到這種勢頭還在繼續。

In terms of basically, churn we are seeing that trend the right direction, but I still think there's areas for us to be able to continue to improve, which is why you're seeing us, invest the way that we are both in content as well as in the product. We know at at 79 million, global subscribers there's a lot of opportunity, for growth ahead of us and and when you look at. The investments that we're making again in the 1st 6 months, green lighting 11 original series, as well as the work that Dane Glasgow and his team are really doing to significantly improve the product, I think you'll see us improve in all of those metrics going forward and obviously we believe those investments will significantly yield long-term shareholder value. So we're pleased about the work to date, but you're only going to see that improve going forward in the future. I mean, do you have anything you want to add to that?

就客戶流失率而言，我們看到這一趨勢正朝著正確的方向發展，但我仍然認為我們還有一些方面可以繼續改進，這就是為什麼你會看到我們在內容和產品方面都進行如此大幅度的投資。我們知道，在全球擁有 7,900 萬用戶的情況下，我們還有很多成長機會，當你審視這一切時，你會發現這一點。我們前六個月再次進行的投資，批准了 11 部原創劇集的製作，以及 Dane Glasgow 和他的團隊為顯著改進產品所做的努力，我認為你會看到我們在未來所有這些指標上都有所提高，而且我們顯然相信這些投資將顯著帶來長期的股東價值。所以我們對目前為止的工作成果感到滿意，但未來只會越來越好。我的意思是，你還有什麼要補充的嗎？

No, I just think I, what I would say is there's a seasonality aspect to the business too. So churn is something that we traditionally saw at Paramount Plus really spike up in the summer after the masters and kind of come back down. With the NFL, so two of the things we've talked about today that David's talked about, both the UFC and its year-round programming combined with the increased movie slate, which then pays dividends as it goes to Paramount Plus year-round, I think that's going to have a significant impact to churn in addition to the other factors that David just talked about.

不，我只是覺得，我想說的是，這個行業也有季節性因素。所以，我們通常看到 Paramount Plus 的用戶流失率在夏季母帶發行後會大幅上升，然後又會回落。就 NFL 而言，我們今天討論的兩件事，也就是大衛提到的兩件事，UFC 及其全年節目，再加上不斷增加的電影片單，這些都會在 Paramount Plus 上全年播出，我認為這將對用戶流失產生重大影響，此外還有大衛剛才提到的其他因素。

And Brian, just jumping in this is Dennis, one thing to correct the stat is 7 million households.

布萊恩，我插一句，丹尼斯，有一點需要更正，統計數據是 700 萬戶家庭。

That engage in UFC 324.

參加 UFC 324 的選手。

Great, thank you, team and thank you all for joining the call today. We appreciate it. Feel free to reach out if you have any questions.

太好了，謝謝團隊，也謝謝今天所有參加電話會議的人。我們非常感謝。如有任何疑問，請隨時聯絡。

Thank you, this now concludes today's call.

謝謝，今天的電話會議到此結束。

Thank you all for joining and you may now disconnect your lines.

感謝各位的參與，現在可以斷開連結了。

Good afternoon, my name is Nadia and I'll be the conference operator today.

下午好，我叫娜迪亞，今天由我來主持會議。

I would like to welcome everyone to Paramount's Q4 2025 earnings conference call.

歡迎各位參加派拉蒙影業2025年第四季財報電話會議。

At this time, all lines have been muted to prevent any background noise. After the speaker's remarks, there will be a Q&A session.

目前所有線路均已靜音，以防止任何背景噪音。演講結束後，將進行問答環節。

If you would like to ask a question during this time, simply press fully by the number 1 on your telephone keypad. If you would like to withdraw your question, please press fully by 2.

在此期間，如果您想提問，只需完全按下電話鍵盤上的數字 1 即可。如果您想撤回您的問題，請按 2 完全按下。

I would now like to turn the call over to Kevin Praton, Paramount's EVP of investor relations. You may now begin your.

現在我將把電話交給派拉蒙影業投資者關係執行副總裁凱文普拉頓。您現在可以開始了。

Good afternoon and thank you for taking the time to join us for the Paramount Fourth quarter 2025 earnings call. I'm Kevin Creighton, EVP of corporate finance and Investor relations. Joining me today is our Chairman and Chief Executive Officer, David Ellison, our President, Jeff Schell, our Chief Financial Officer, Dennis Chanelli, and our chief strategy and operating Officer, Andy Gordon. As a reminder, we will be making forward-looking statements today that involve risks and uncertainties. Our remarks will also include non-GAAP financial measures, and reconciliations of these measures can be found in our earnings letter or in our trending schedules, which contain supplemental information.

下午好，感謝各位抽空參加派拉蒙影業2025年第四季財報電話會議。我是 Kevin Creighton，公司財務與投資者關係執行副總裁。今天與我一同出席的有：董事長兼執行長大衛·艾里森，總裁傑夫·謝爾，財務長丹尼斯·查內利，以及首席策略和營運長安迪·戈登。再次提醒大家，我們今天將發表一些涉及風險和不確定性的前瞻性聲明。我們的報告還將包含非公認會計準則財務指標，這些指標的調節表可在我們的獲利信或趨勢表中找到，其中包含補充資訊。

These can be found on our investor relations website. I will now turn it over to David for a few brief remarks before we take analyst questions.

這些資訊可以在我們的投資者關係網站上找到。現在我將把發言權交給大衛，請他簡單說幾句，之後我們將回答分析師的問題。

Thanks, Kevin and good afternoon everyone. As you saw in our Q4 results and in the most recent shareholder letter, we ended the fiscal year with a strong first full quarter under our leadership team and positive momentum heading into 2026, meeting or exceeding guidance for the quarter that we laid out in our Q3 letter.

謝謝凱文，大家下午好。正如您在我們第四季度業績和最近的股東信中所看到的，在我們的領導團隊的帶領下，我們以強勁的第一個完整季度結束了本財年，並保持了積極的勢頭進入 2026 年，達到或超過了我們在第三季度信中提出的季度預期。

It's been a productive 6+ months since the launch of the new Paramount, and we are pleased with the progress made in a relatively short time. Our North Star priorities continue to guide everything we do, and we're confident we are on the right trajectory and are excited about the opportunities ahead.

自新派拉蒙影業成立以來，已經過了六個多月，成果豐碩，我們對在相對較短的時間內取得的進展感到滿意。我們的北極星目標將繼續指導我們的一切行動，我們相信我們正走在正確的道路上，並對未來的機會感到興奮。

Before we get to your questions, I did want to take a moment to acknowledge Andy Warren's tenure as our interim CFO.

在回答您的問題之前，我想花一點時間感謝 Andy Warren 擔任我們臨時財務長期間所做的貢獻。

Andy is widely respected across our organization and the industry, and we are truly fortunate to have had his leadership during this important period.

安迪在我們公司和整個行業都備受尊敬，我們非常幸運能在這段重要時期得到他的領導。

We're incredibly grateful for everything he's done to help position the company for success and appreciate his continued partnership as a strategic advisor.

我們非常感謝他為幫助公司走向成功所做的一切，並感謝他作為策略顧問的持續合作。

I also want to officially welcome Dennis Chinelli. He brings significant financial and operational experience, having held senior roles at GE, Uber, and Scale AI, where he served most recently as CFO.

我還要正式歡迎丹尼斯·奇內利。他擁有豐富的財務和營運經驗，曾在通用電氣、優步和 Scale AI 擔任高階職務，最近擔任 Scale AI 的財務長。

He was also briefly a member of our board of directors before assuming his current role. We're thrilled that he's joined our leadership team and look forward to you getting to know him better going forward.

在擔任現職之前，他也曾短暫擔任過我們董事會的成員。我們非常高興他加入我們的領導團隊，並期待您在未來更了解他。

Finally, I'll briefly address our proposal to acquire Warner Brothers Discovery. On Monday, we submitted a revised bid of $31 per share, all cash, and we look forward to continuing to engage with their leadership team and board.

最後，我將簡要地談談我們收購華納兄弟探索頻道的提案。週一，我們提交了一份修訂後的報價，每股 31 美元，全部以現金支付，我們期待繼續與他們的領導團隊和董事會進行溝通。

While we appreciate that this is obviously something you all have questions about, we won't be commenting further during today's call. With that, I'll turn it back over to Kevin for your questions.

雖然我們知道大家對此肯定有很多疑問，但我們在今天的電話會議上不會再做進一步評論。那麼，接下來就交給凱文回答你們的問題吧。

All right.

好的。

Thank you, David and Nadia. We'll go ahead and open it up for questions.

謝謝大衛和娜迪亞。接下來我們將開放提問環節。

Thank you.

謝謝。

Great, thank you. If you would like to ask a question, please press followed by 1 on your telephone keypad. If you would like to remove your question, please press followed by 2. When preparing to ask your question, please ensure to unmute yourself locally. We ask you please link yourselves to 1 question.

太好了，謝謝。如果您有任何疑問，請按電話鍵盤上的 鍵，然後按 1。如果您想刪除您的問題，請按 2。準備提問時，請確保已解除本地靜音。請您將自己與一個問題聯繫起來。

The first question goes to Peter Sapino of Wolf Research. Peter, please go ahead.

第一個問題由狼研究機構的彼得‧薩皮諾提出。彼得，請繼續。

Hi, good morning. I wonder if you could comment on your initial experience as the home of UFC, on your streaming service and maybe tie those comments more broadly to your latest thinking on the viability of being something for everyone every day. I think that's your stated strategy, in streaming and obviously it's an extremely tall competitive order and I just wondered kind of what you've learned in the last six months of owning the asset that, makes you more or less confident in that objective.

您好，早安。我想請您談談作為 UFC 官方平台，您在串流媒體服務上的最初體驗，並或許可以將這些評論更廣泛地與您最近關於「每天都能為所有人提供內容」這一問題的思考聯繫起來。我認為這就是你公開的策略，在串流媒體領域，這顯然是一個競爭極其激烈的挑戰。我只是想知道，在過去六個月擁有這項資產的過程中，你學到了什麼，讓你對實現這個目標更有信心或更沒信心。

Thank you.

謝謝。

No, absolutely, and really appreciate appreciate the question.

不，當然，非常感謝你的提問。

First, we couldn't be more thrilled about the way the UFC partnership has started. UFC 324 was really a phenomenal start for us. We reached approximately 7 million households across the US and Latin America.

首先，我們對UFC合作的開局感到無比興奮。UFC 324 對我們來說真是個精彩的開端。我們涵蓋了美國和拉丁美洲約 700 萬戶家庭。

It was also the platform's largest exclusive live event to date.

這也是該平台迄今規模最大的獨家直播活動。

We've also seen the advertising demand for UFC be strong and overall the partnership has really started ahead of expectations.

我們也看到市場對UFC的廣告需求強勁，整體而言，雙方的合作進展確實超出了預期。

In addition to that, we've really seen UFC fans engaged with the vast others of our content offering. They're watching Landman, they're watching other series, so we're really seeing that flywheel work for us.

除此之外，我們還看到 UFC 粉絲對我們提供的其他大量內容也表現出了極大的興趣。他們在看《蘭德曼》，也在看其他劇集，所以我們真的看到了這個良性循環對我們起作用。

And we also are really seeing it work well with Zoa boxing, and we really believe.

而且我們也看到它在 Zoa 拳擊中確實發揮了很好的作用，我們對此深信不疑。

In the theory of actually owning combat sports, having that entire category as a home on Paramount Plus is something that's been working really well for us to date.

從理論上講，將整個搏擊運動類別放在 Paramount Plus 上，對我們來說，到目前為止效果非常好。

More broadly, we bring lit our 11 original series, since we took over 6 months ago and are really seeing strong basically growth in our streaming service, up over 17%. Year-to-date on Paramount Plus. So from that standpoint we're really seeing that momentum to continue and feel really good about the start of the partnership with UFC and Dana White.

更廣泛地說，自從 6 個月前接管以來，我們已經推出了 11 部原創劇集，並且我們的串流媒體服務確實實現了強勁的增長，增長超過 17%。今年迄今在 Paramount Plus 上的表現。所以從這個角度來看，我們確實看到了這種勢頭將繼續下去，並且對與 UFC 和 Dana White 的合作開局感到非常滿意。

Is there anything we want to add on sort of the last six months in streaming?

關於過去六個月的串流媒體發展，我們還有什麼想補充的嗎？

Yeah, so, first of all, I would just add to the UFC comments that David just made that, we're really at the very beginning of this partnership, and we're going to experiment a lot. The beauty of having this sport exclusively and being the exclusive partners of the UFC is we can TRY lots of stuff. Our upcoming fight in March 7th is going to be, partially on CBS, and we look forward to lots of experimentation as we grow. As, we grow the, brand, I think the 1st 6 months on streaming have gone really well. We've seen accelerating growth in Paramount Plus, doing better and better every quarter. The key now is to get ongoing engagement and the content that I'm sure we're going to talk about later that we have coming is pretty exciting. For doing that from a kind of financial perspective, the, ad revenue has been much more promising than we expected and is really the key now is driving that engagement and that usage because we can monetize it at Paramount Plus, and so we're feeling pretty good about, the momentum we have it streaming so far.

是的，首先，我想補充大衛剛才在UFC發表的評論，那就是我們這段合作關係還處於非常初期，我們會進行很多嘗試。獨家擁有這項運動以及成為 UFC 的獨家合作夥伴的好處在於，我們可以嘗試很多東西。我們即將於 3 月 7 日進行的比賽將部分在 CBS 播出，我們期待在成長過程中進行許多嘗試。隨著品牌的發展，我認為上線串流平台的前六個月非常成功。我們看到 Paramount Plus 的成長速度加快，每季都做得越來越好。現在的關鍵是要持續獲得用戶參與，而且我相信我們稍後會談到的即將推出的內容會非常令人興奮。從財務角度來看，廣告收入比我們預期的要好得多，現在的關鍵在於推動用戶參與和使用，因為我們可以在 Paramount Plus 上實現盈利，所以我們對目前為止的串流媒體播放勢頭感到非常滿意。

Okay.

好的。

Nadia, next question, please. Thanks, Peter.

娜迪亞，請問下一個問題。謝謝你，彼得。

The next question goes to John Hodulik of UBS. John, please go ahead.

下一個問題交給瑞銀集團的約翰‧霍杜利克。約翰，請繼續。

Great. Thanks, guys. Jeff, maybe for you a follow-up on the comments on D2C you guys guided to better profitability next year, against some slightly higher subs. What are you seeing in terms of ARPU? There seem to be some moving parts with, exiting the hard bundles, but some price increases, that translates to better revenue growth. And then on the cost side, just aggregates sort of that commentary on leading to better D2C results. Thanks.

偉大的。謝謝各位。Jeff，或許你可以就你們先前關於 D2C 的評論做個後續說明，你們曾指導 D2C 在明年實現更高的盈利能力，同時用戶數量略有增加。您看到的ARPU值是多少？退出捆綁銷售似乎存在一些變數，但價格上漲會帶來更好的收入成長。而在成本方面，則匯總了有關實現更好的 D2C 結果的評論。謝謝。

Yeah, thanks, John. I'm going to actually pass over to Dennis for this one.

謝謝你，約翰。這次我把發言權交給丹尼斯了。

Yeah, hi, John, good to meet you and I'm excited to be here. So thanks everybody. I think it's, John, is it helpful probably for us to just frame our guidance overall, which a big part of that is DTC, as we put out, overall we expect revenue this year of $30 billion up 4% year on year. DTC is going to be the driver of that. We expect DTC to continue to accelerate growth year on year, so, growth will accelerate, in 26 versus 25.

嗨，約翰，很高興見到你，我也很高興來到這裡。謝謝大家。約翰，我認為，或許我們應該先概括一下我們的整體業績指引，其中很大一部分是DTC（直接面向消費者）業務，正如我們之前發布的，我們預計今年的總收入將達到300億美元，同比增長4%。DTC將是推動這項轉變的關鍵因素。我們預計 DTC 將繼續逐年加速成長，因此，2026 年的成長速度將比 2025 年更快。

The drivers that is a couple things we continue to see, subscriber growth, we'll be calling underlying, healthy subscriber growth accelerate in 206. This will, result in, betterarpo from a mixed shift as well as as we realize the price increases in Q1.

推動這一成長的因素有兩個，我們繼續看到用戶成長，我們將稱之為潛在的、健康的用戶成長在 206 年加速。這將導致混合轉變帶來更好的結果，因為我們意識到第一季的價格上漲。

As we previously mentioned, as we sort of mentioned, and I'm going to call this out, is you're making this deliberate decision to exit from uneconomic hard bundles, so you'll see that in our subscriber, growth this year. But if you take those underlying exits out, we will continue to see net ads grow year on year and, just to give you a call out those.

正如我們之前提到的，正如我們之前提到的，而且我要特別指出，你們正在做出退出不經濟的捆綁銷售的決定，所以你們會在今年的用戶增長中看到這一點。但如果你剔除這些潛在的退出因素，我們將繼續看到淨廣告收入逐年成長，而且，我只是想特別指出這些因素。

Uneconomic hard bundles represented less than 2% of Paramount Plus revenue in 2025.

2025 年，不經濟的捆綁銷售僅佔 Paramount Plus 收入的不到 2%。

So coupled with the subscriber growth we also expect DDC ad revenue to grow this year. We've been talking a lot about how we're investing in programming to drive better engagement, better ad tech, as well as the team there that Jeff alluded, that Jeff's alluded to, and so we expect to meaningfully recover DTC ad growth, in the year, at the same time.

因此，隨著用戶數量的成長，我們預計DDC的廣告收入今年也將成長。我們一直在討論如何投資於程式設計以推動更好的用戶參與度、更好的廣告技術，以及傑夫提到的團隊，因此我們預計今年內 DTC 廣告成長將顯著恢復。

Back to your question, how that comes together, we are investing in the business, but we expect DTC profitability to improve year on year as we both grow revenue and, manage our investments.

回到你的問題，這兩者是如何結合起來的，我們正在投資這項業務，但我們預計隨著收入增長和管理投資，DTC 的盈利能力將逐年提高。

It's worth, just, taking a step back maybe and talking about the rest of the business, so DTC will be the growth driver, but as we think about the rest of the portfolio we have, right, so, TV media, we expect to see some declines in revenue, mostly in line with the industry, headwinds, around pay TV, that we expect our advertising revenue to decline to be more moderate as we execute. Overall, and better ad sales, we feel really good about the upfronts coming up this year. We are also have tailwinds from political spending in 2026.

或許值得我們退後一步，談談業務的其他方面。 DTC 將成為成長動力，但當我們考慮我們擁有的其他業務組合時，例如電視媒體，我們預計收入會有一些下降，這主要與行業整體情況一致，付費電視方面也面臨一些不利因素，我們預計隨著我們執行相關計劃，廣告收入的下降幅度會更加溫和。總體而言，加上更好的廣告銷售情況，我們對今年即將到來的預售季感到非常樂觀。2026 年的政治支出也將為我們帶來利多。

One thing to call out, we do offset, some of the, you do have some impact from our sale at tlafe and Chile Vision, in TV media overall, I just want to call out, we've been really impressed with the team, managing that business in, while the revenues will decline, we expect, overall profitability in that business to be stable on both a profit dollars and a margin basis.

需要指出的是，我們確實抵消了部分影響，出售 tlafe 和 Chile Vision 對整個電視媒體行業確實產生了一些影響。我想特別指出的是，我們對管理該業務的團隊印象深刻，儘管收入會下降，但我們預計該業務的整體獲利能力，無論從利潤或利潤率來看，都將保持穩定。

And then the other thing is the studios, right? So studios, we will, we do expect theatrical revenue to decline. I think we've been very clear overall that we're in a real rebuild phase of that business as we execute that rebuild, we'll see some of that come through in the 26 slate, but most of that will come through in future years. And so even with theatrical revenue dropping down, we do expect better cost management as well as benefits from our licensing deals to drive studio profitability up. So if you put this together.

還有一點就是電影製片廠，對吧？所以，對於電影公司來說，我們預期戲院收入將會下降。我認為我們已經非常明確地表明，我們正處於該業務的真正重建階段。隨著重建工作的推進，我們將在 2026 年的比賽中看到一些成果，但大部分成果將在未來幾年內實現。因此，即使戲院收入下降，我們也期望透過更好的成本管理以及授權協議帶來的收益來提高工作室的獲利能力。所以，如果你把這些放在一起。

Overall we're reaffirming guidance for the year on both on revenue as well as profit, adjust even outlook of $3.8 billion that excludes our $3 million 300 million dollars of stock based compensation.

總體而言，我們重申了今年的營收和利潤預期，調整後的預期為 38 億美元，其中不包括我們 300 萬美元的股票選擇權費用。

But is improving year on year as driven by both the top-line and as we realize our synergy. So we put out there, we will expect to realize 33 billion plus of our synergies.

但隨著營收成長和綜效的增強，業績正逐年改善。因此，我們預計能夠實現超過 330 億的綜效。

This is, this includes, both, across our entire business, and so, we expect to sort of, profitability to improve in DTC and our new studio segment still margins in TV media.

也就是說，這涵蓋了我們整個業務，因此，我們預計 DTC 和我們新的工作室部門的盈利能力將有所提高，電視媒體的利潤率也將有所提高。

And I think the last question probably is just like what does that look like beyond 26 and you know I think without giving specific guidance we just want to make sure we're we're here talking about how you know the team around the table David on down we're owner owner operators we're investing for long-term value creation and you we expect that to show through over the next many years.

我認為最後一個問題可能是，26 年後會是什麼樣子？你知道，我想在不給出具體指導的情況下，我們只是想確保我們在這裡討論的是，你知道，在座的團隊成員，從 David 到其他所有人，我們都是所有者兼經營者，我們投資是為了創造長期價值，我們期望在未來很多年裡看到這一點。

Thank you, Dennis. Nadia, next question, please.

謝謝你，丹尼斯。娜迪亞，請問下一個問題。

The next question goes to Steven and Cahall of Wells Fargo. Steven, please go ahead.

下一個問題交給富國銀行的史蒂文和卡哈爾。史蒂文，請繼續。

Thank you. First, just wanted to ask if you've had any conversations yet with the NFL. It's a big topic for investors, especially with you and Fox having. So many games on Sunday, and as you're thinking about where that could go in the future, I was wondering if there's any potential for the games on Paramount Plus, which I think are currently geo fenced to be available sort of nationwide within that rather than only being on Sunday tickets. So it seems like you've got some opportunities maybe as well as some risks with the NFL renewal, so I would love to know. How you're thinking about that and then just on the outlook for 26 and maybe 27, if we think about free cash flow, I think you've said before that you're committed to investment grade with all three rating agencies. I think that implies that on a total basis, including restructuring, you'd be free cash flow positive by next year. So just wondering if I'm thinking about that one correctly.

謝謝。首先，我想問你是否已經和 NFL 方面進行過任何對話。對投資人來說，這是一個大話題，尤其是你和福斯都參與其中。週日有這麼多比賽，考慮到未來的發展方向，我想知道 Paramount Plus 上的比賽是否有可能在全國範圍內播出，而不僅僅是周日門票上的比賽。我認為這些比賽目前是受地域限制的。所以看來 NFL 續約既帶來了一些機遇，也存在一些風險，我很想知道。您對此有何看法？再來看看 2026 年甚至 2027 年的前景，如果我們考慮自由現金流，我想您之前說過，您致力於獲得三大評級機構的投資級評級。我認為這意味著，從整體來看，包括重組在內，到明年你們的自由現金流將為正值。所以我想知道我的想法是否正確。

Thank you.

謝謝。

Thanks, Steve. This is Jeff. I'll take the first and then pass it over to Andy, for the second. So, we have a great, you asked if we talked to the NFL. We talked to the NFL almost daily. We have a great relationship with the NFL. We were the very first NFL broadcaster. We went back when it started and it's been, nearly a century Of relationship and during that century this past year was our most watched year ever, everything clicked this last year for us with the most viewership, the biggest watched game, the biggest watch window, that 425 window nationally for CBS. So everything is really going well with the partnership and we feel very good about them and I think they feel very good about us, so we're not. We're not particularly concerned. Obviously there, it's been widely publicized that there is a renewal discussion coming up, and we don't talk about individual negotiations, but s suffice it to say we feel pretty confident we're going to be in business with the NFL for a long time, and we have properly accounted for what we expect to be whatever impact of that negotiation in our kind of internal forecasts going forward. Let me just, one thing about the geo-fencing, let's talk about that for a second. One of the unique things about our relationship with the NFL and I would actually say it's probably similar to Fox's relationship with the NFL. Is the anchor of their flywheel is really their reach and the anchor of their reach is really the reach of both CBS and Fox on Sunday afternoons. So the way we get the NFL that reach, which has really helped contribute for both of our benefit to the the success of the NFL is by our vast array of both owned and operated stations of which we have 28 and affiliates.

謝謝你，史蒂夫。這是傑夫。我先拿第一個，然後把第二個交給安迪。所以，我們有一個很棒的問題，你問我們是否與 NFL 談過。我們幾乎每天都和NFL聯絡。我們與NFL保持著良好的關係。我們是第一家NFL轉播商。我們從它開始的時候就一直關注著它，至今已經將近一個世紀了。在這個世紀裡，去年是我們收視率最高的一年，一切都進展順利，我們獲得了最高的收視率、收視率最高的比賽、最長的收視窗口，CBS 在全國範圍內獲得了 425 小時的收視窗口。所以，我們之間的合作進展非常順利，我們對他們感覺很好，我想他們對我們也感覺很好，所以我們並不擔心。我們並不太擔心。顯然，關於續約談判即將展開的消息已經廣為人知，我們不談論具體的談判細節，但可以肯定的是，我們非常有信心與 NFL 長期保持合作關係，並且我們已經在內部預測中充分考慮了此次談判可能產生的任何影響。關於地理圍欄，我只想簡單提一下。我們與 NFL 的關係有一個獨特之處，而且我認為它可能與福克斯與 NFL 的關係相似。他們的飛輪核心實際上是他們的覆蓋範圍，而他們覆蓋範圍的核心實際上是CBS和Fox在周日下午的覆蓋範圍。因此，我們之所以能夠讓 NFL 獲得如此廣泛的影響力，並真正為我們雙方的成功做出了貢獻，是因為我們擁有並經營龐大的電視台網絡，我們擁有 28 個電視台和附屬電視台。

And so it's important that those games get regionalized and that we aggregate that viewership and maximize the viewership in each market for the best game, both for us and Fox, and that accrues to the benefit of the NFL and to us and really maximizes the reach on any given Sunday. So I don't think we're going to be doing anything. With Peacock at Paramount Plus that's any different, and I don't think that you know Fox is going to be doing anything different than we are doing on Linear, which is to maximize that reach and that, regionalization of that window which I think works for all of us, maybe pass it over to Andy for the Yeah, sure, thank you. Hi Steven, thanks for the second question. Let me take the investment grade part first and obviously it's interrelated with free cash flow, conversion.

因此，將這些比賽區域化，匯總收視率，並在每個市場最大限度地提高最佳比賽的收視率，這對我們和福克斯電視台都有好處，這有利於 NFL 和我們，並且真正最大限度地提高了每個星期天的收視率。所以我覺得我們什麼都不會做。派拉蒙+的Peacock平台的情況有所不同，而且我認為福克斯的做法不會和我們在線性電視上的做法有任何不同，那就是最大限度地擴大覆蓋範圍，並實現窗口區域化，我認為這對我們所有人都有好處，也許應該把這個問題交給安迪。好的，當然，謝謝。嗨，史蒂文，謝謝你的第二個問題。先說說投資等級部分，顯然它與自由現金流和轉換率密切相關。

But we, as we told you in the last quarter, we are absolutely committed to getting to investment grade credit metrics. This is of course relative to our stand alone position and we expected to hit those in 27 with regard to free cash flow. I just point out that notwithstanding. The fact we paid down over $300 million of debt in the first quarter and in addition have $800 million of restructuring charges, you take the restructuring charges out, we actually hitting 5% free cash flow conversion this year, which of course is not where we want to be. And as we sort of accelerate that into 27 in the out years we expect to get back to industry, norms and and hopefully exceed that. That's certainly part of our strategic plan. So I would say there's no real change from that and what we talked about in November.

但是，正如我們在上個季度告訴你們的那樣，我們絕對致力於達到投資等級信用指標。當然，這是相對於我們獨立營運的狀況而言的，我們預計在27年自由現金流方面能夠達到這些目標。我只是想指出，儘管如此。我們第一季償還了超過 3 億美元的債務，此外還有 8 億美元的重組費用。扣除重組費用後，我們今年的自由現金流轉換率實際上只有 5%，這當然不是我們想要達到的目標。隨著我們在未來幾年將這一目標加速到 27 年，我們期望能夠恢復到行業標準，並有望超越這一目標。這當然是我們戰略計劃的一部分。所以我覺得和我們11月討論的內容相比，並沒有什麼實質的改變。

Alright, great.

好的，太好了。

Thank you. Thanks Steve, Nadia, next question please.

謝謝。謝謝史蒂夫、娜迪亞，請問下一個問題。

The next question goes to Robert Fishman of Moffatt Nathanson. Robert, please go ahead.

下一個問題交給莫法特·納坦森公司的羅伯特·菲什曼。羅伯特，請繼續。

Thank you. Good afternoon, everyone. When you think about your growth ahead, can you talk about how critical to creating long-term shareholder value to reinvigorate and build upon your core franchises and IP? And if you can comment how Warner Brothers and HBO IP would help accelerate that growth over the next 3 to 5 years, either for a stand-alone Paramount Plus or a combined platform with HBO Max. And then on a related note, just how do we think about overall content spending again, either standalone or with Warner Brothers, especially factoring in the sports and the long-term strategy to grow that profit and cash flow.

謝謝。大家下午好。展望未來發展，您能否談談重振和發展核心特許經營權和智慧財產權對於創造長期股東價值的重要性？如果您能評論華納兄弟和 HBO 的 IP 將如何幫助加速未來 3 到 5 年的成長，無論是獨立的 Paramount Plus 平台還是與 HBO Max 的合併平台，那就太好了。另外，我們該如何再次考慮整體內容支出，無論是獨立支出還是與華納兄弟合作的支出，特別是考慮到體育賽事以及增加利潤和現金流的長期策略。

Thank you.

謝謝。

Yeah, thanks Robert for the question. We won't be answering anything related to Warner as David mentioned in his opening remarks, so just a reminder for everyone else on the line, but we'll go ahead and, how do we think about sort of franchise and long-term value, as we mentioned in the letter.

是的，謝謝羅伯特的提問。正如大衛在開場白中提到的，我們不會回答任何與華納有關的問題，所以再次提醒一下其他在線的聽眾，但我們將繼續討論，正如我們在信中提到的，我們如何看待特許經營權和長期價值。

Yeah, no, absolutely. So I'll speak to that, and look, as we're the largest shareholder of the Class B's, we really approach everything through the lens of how do we create long-term, basically shareholder value, which really means, we're long-term investor, investors, we're long-term owner operators, and we really have, a long-term horizon in terms of how we're approaching this. If you step back across all of our businesses, we're actually really pleased about the investments that we're making, really going back to our North Star priorities.

是的，沒錯，絕對是這樣。所以我會談談這一點。你看，作為B類股的最大股東，我們處理所有事情都從如何創造長期股東價值的角度出發，這意味著我們是長期投資者，我們是長期所有者和經營者，我們在處理這件事上確實有著長遠的眼光。如果縱觀我們所有的業務，我們其實對正在進行的投資感到非常滿意，這些投資真正回歸了我們的北極星優先事項。

Also we talked about streaming. I'll start in the studio segment, as Dennis said, we inherited a slate that, has underperformed, we're going to see, significant improvement in the profitability of the film slate this year, but I think if you really look at how we are doubling down on our franchises and really, reinvigorating them and reinvesting in them, which is something that. We did in partnership when we were, obviously when I ran Skydance and you know to date in the little over 6 months that we've been here, we've actually, we're going to release 16 movies this year versus the 8 films that we inherited, and we're really going to be at a steady state of over 15 movies per year. We've greenlit 11 movies, basically since we've been here in the 1st 6 months, including films like A Quiet Place and Sonic, which is really us doubling down on our franchises, Taylor Sheridan, Pete Berger, Hard at Work at Call of Duty, which we're really excited about, and you know we have Scream opening this weekend.

我們還聊到了串流媒體。我先從片商部分說起。正如丹尼斯所說，我們接手了一批表現不佳的影片，今年我們將看到影片獲利能力顯著提高。但我認為，如果你仔細觀察我們如何加倍投入我們的系列電影，真正地重振它們並重新投資它們，你會發現這一點非常重要。我們之前有過合作，當時我還在運營 Skydance，你知道，到目前為止，在我們來到這裡短短六個多月的時間裡，我們實際上已經發行了 16 部電影，而我們接手時只有 8 部，我們真的將穩定在每年 15 部以上。自從我們來到這裡後的前六個月以來，我們已經批准了 11 部電影的拍攝計劃，其中包括《寂靜之地》和《刺猬索尼克》等影片，這實際上是我們對旗下系列電影的加倍投入；還有泰勒·謝裡丹、皮特·伯傑執導的《使命》，我們對此感到非常興奮；你知道，本週末還有《驚聲尖叫》上映。

When again going to Paramount Plus in addition to the investments that you know we've obviously made in the UFC and sports, we've actually green lit 11 original series on top of the incredible slate that we're fortunate enough to step into, and we're also investing significantly in the improved product experience, on both P+ and Pluto, so consumers are going to continue to get. More incredible content they love and an overall better user experience which we think will really position ourselves well for growth into the future. And then when you step back and look at our linear really anchored by CBS, we had 8 of the TOP10 shows on broadcast, the number 1 show in Tracker, the number 1 news show in Sheriff County, the number 1 news program in 60 Minutes, and so we really are seeing strong demand for our content across our portfolios and we're only seeing that accelerate going forward, so. You know it's been 6 months but we really do feel good about the the work the team has really done to date and you can expect that to accelerate into the future quickly.

再次談到 Paramount Plus，除了我們已經在 UFC 和體育領域的投資之外，我們還批准了 11 部原創劇集，這還不包括我們有幸參與的許多優秀劇集。此外，我們也在 P+ 和 Pluto 上投入大量資金，以改善產品體驗，因此消費者將繼續獲得更好的體驗。更多他們喜愛的精彩內容和更佳的用戶體驗，我們認為這將真正為我們未來的發展奠定良好的基礎。然後，當你退後一步，看看我們以 CBS 為核心的線性頻道時，你會發現我們在廣播節目中佔據了 8 個收視率前 10 的席位，在 Tracker 節目中排名第一，在 Sheriff County 節目中排名第一，在 60 Minutes 節目中排名第一，因此我們確實看到，我們旗下所有節目的內容都受到了預計雖然已經過去了6個月，但我們對團隊迄今所做的工作感到非常滿意，而且可以預見，未來這一進程將會迅速加快。

What do we think about.

我們在想什麼？

The content spend for Paramount Overall? Yeah, so overall content spend, sorry, I want to assure you that. So, we talked about, we've obviously increased our content spend as we announced, last quarter by 1.5 billion, which is really going towards all the things that I talked about, which is really scaling our film slate, scaling our original series, investing more into sports, and we do believe that that will create long-term shareholder value. Is be because again, like, it's, it is a priority for us to make sure that we can win in the content space, make sure that we're the most technologically capable media company, and really, have the appropriate operational efficiencies across the company, that's what really drives all the decisions here, and I think we're off to a really strong start in the 1st 6 months.

派拉蒙整體的內容支出是多少？是的，所以整體內容支出，抱歉，我想向您保證這一點。所以，正如我們在上個季度宣布的那樣，我們顯然增加了內容支出 15 億美元，這筆錢將用於我剛才提到的所有方面，包括擴大我們的電影製作規模、擴大我們的原創劇集規模、加大對體育的投資，我們相信這將創造長期的股東價值。原因在於，確保我們在內容領域取得成功，確保我們成為技術能力最強的媒體公司，並真正實現公司內部適當的營運效率，這才是我們所有決策的真正驅動力。我認為我們在前六個月取得了非常強勁的開局。

Thank you, David. Nadia, next question, please.

謝謝你，大衛。娜迪亞，請問下一個問題。

The next question goes to Rick Prentice of Raymond James. Rick, please go ahead.

下一個問題交給 Raymond James 公司的 Rick Prentice。里克，請繼續。

Nice, good afternoon. Yeah, a question in the letter you talk about leveraging your IP across the ecosystem.

午安.是的，信中有一個問題，你談到如何在整個生態系統中利用你的智慧財產權。

Give us some concrete examples of what you hope to achieve going across film, television, streaming, life experiences, publishing consumer products, and how we might see that. And if you were to benchmark yourself against the peer group, how do you think you are doing as far as monetizing that IP?

請舉一些具體的例子，說明你希望在電影、電視、串流媒體、生活體驗、出版消費品等領域中取得哪些成就，以及我們如何才能看到這些成就。如果以同行為基準，你認為你在智慧財產權變現方面做得如何？

So, it's a great question, and I'll point to a couple of things like one, I'll use, Teenage Mutant Ninja Turtles as obviously the most recent example of really. We, we're obviously, we're, we have two films that we're obviously making, obviously in the turtles landscape we have series and we also have consumer products, huge compliment to obviously Josh who came to us from Mattel who in the 1st month of basically being at Paramount, created the most significant consumer products partnership in the history of the company. Over 5x would have been done to date, which I think is kind of, a great example in this quarter of really how we're maximizing our IT across the flywheel that we've created and one of the other things we take a step back, I think that we're really proud of is, really the Paramount One initiative that we've launched really as a marketing platform.

這是一個很好的問題，我會舉幾個例子，例如，我會以《忍者龜》為例，這顯然是最近的例子。我們顯然正在製作兩部電影，顯然在忍者龜領域，我們有系列電影，我們還有消費品，這要特別感謝喬什，他從美泰來到我們這裡，基本上在加入派拉蒙的第一個月，就建立了公司歷史上最重要的消費品合作關係。到目前為止，已經完成了 5 倍以上，我認為這在本季度是一個很好的例子，真正體現了我們如何最大限度地利用 IT 來推動我們創建的飛輪效應。另外，我們退後一步來看，我認為我們真正引以為傲的是我們推出的 Paramount One 計劃，它實際上是一個行銷平台。

The UFC is one of the first things that we obviously ran through that where we really activated all of our linear channels, our direct consumer platforms, and really the entire ecosystem to deliver billions of impressions, which really helped drive that launch of UFC 324, which again came in, ahead of our expectations, and really helped us create the largest live event. In the in the history of Paramount Plus and you you're going to see us activating that Paramount one ecosystem across a lot of our tenfold franchises going forward across our series launches as we really integrate this business to operate as one company and we're we're seeing that work incredibly well, in the first couple of months and I just have to really give a tremendous amount of credit to the team. That have really been, breaking down silos and operating as one business and the results are incredibly promising, we're we're still, in the beginning six months in, but we're really excited about the trajectory.

UFC 顯然是我們首先著手的項目之一，我們真正激活了所有線性管道、直接消費者平台以及整個生態系統，以提供數十億次的曝光，這確實幫助推動了 UFC 324 的推出，其效果再次超出了我們的預期，並真正幫助我們打造了最大的現場賽事。在 Paramount Plus 的發展歷程中，我們將逐步激活 Paramount One 生態系統，將其應用於我們旗下眾多十倍規模的系列劇集中，隨著我們真正將這項業務整合為一個公司來運營，我們將逐步實現這一目標。在最初的幾個月裡，我們看到這種整合取得了非常顯著的效果，我必須對團隊給予極大的肯定。真正打破部門壁壘，作為一個整體業務運作，其成果令人鼓舞。雖然現在還處於初期階段，只有六個月的時間，但我們對未來的發展軌跡感到非常興奮。

Great, thanks. Nadia, we'll go ahead and jump to the next question, please.

太好了，謝謝。娜迪亞，我們直接跳到下一個問題吧。

The next question goes to Cutgun morale of Evercore ISI. Cutgun, please go ahead.

下一個問題是關於Evercore ISI的Cutgun士氣。Cutgun，請繼續。

Great, thanks for taking the questions. A few on AI if I could, first, Gen AI is clearly progressing quickly and dramatically. Short form clips don't, threaten the core of your studios today, but future length personalized stories could become feasible. So how are you positioning the company for that evolution? Do you expect content creation to become commoditized or do brands and IP become more valuable? In this world and at a high level with AI, maybe you could talk about your guiding principles on licensing and any guardrails. And finally, one of your peers recently outlined a path to bring curated AI generated short clips into its streaming service. Do you see a future where AI-enabled short form, user generated or prompted content lives inside Paramount Plus? Thanks.

太好了，謝謝你回答這些問題。如果可以的話，我想簡單談談人工智慧。首先，人工智慧的發展速度和幅度顯然非常快。短影片目前不會對你的工作室的核心構成威脅，但未來製作更長的個人化故事可能會成為現實。那麼，你們是如何為公司迎接這種變革做好準備的呢？你認為內容創作會變得商品化，還是品牌和智慧財產權會變得更有價值？在這個人工智慧高度發展的領域，或許您可以談談您在許可方面的指導原則和任何限制措施。最後，你的一位同行最近概述了一條將精選的 AI 生成的短視頻引入其串流媒體服務的途徑。你認為未來Paramount Plus平台會採用人工智慧驅動的短影片、使用者生成內容或使用者提示內容嗎？謝謝。

So it's a great question, and, first look, I'll kind of step back to where I really say like it is 11 of our core goals is to become the most technologically capable media company and you know there's no question that that AI is going to be a significant transformation. Across our industry and others, but I want to say that, first and foremost we are really a home for storytellers and we're a content company first and so we really view artificial intelligence is an unbelievable tool for artists that will be a significant unlock on on creativity, with that said we are also big believers that. When you really go back to 1,992 when I believe it was James Cameron in Digital Domain when they basically did away with opticals and and actually started getting into digital composites was really the beginning of the kind of software based CPU pipelines that we've all been iterating off of, the last several decades and I think there's no question that we're at one of those inflection points where.

所以這是一個很好的問題，首先，我想先回顧一下，我們11個核心目標之一是成為技術能力最強的媒體公司，毫無疑問，人工智慧將帶來重大變革。在我們這個行業以及其他行業，但我想說的是，首先，我們真正是故事講述者的家園，我們首先是一家內容公司，所以我們真的認為人工智慧對於藝術家來說是一個不可思議的工具，它將極大地釋放創造力，話雖如此，我們也堅信這一點。追溯到 1992 年，我記得是詹姆斯·卡梅隆在數位領域公司，他們基本上摒棄了光學技術，開始涉足數位合成領域，這才是我們過去幾十年一直在迭代的基於軟體的 CPU 管線的真正開端。我認為毫無疑問，我們正處於這樣一個轉折點。

Model driven GPU pipelines are are going to get deployed across the business, but again we really view that as as a tool for artists to be able to to to to unlock creativity, when you look at some of the things we're doing internally in terms of how we're investing, when you know when you look at the engineers that we obviously have at the company currently, you can expect us to kind of 10x the size of the headcount that we are basically, investing towards towards this. And really want to be in a position where we can be a leader, in the industry in terms of how this transformation is shaped.

模型驅動的 GPU 管線將在整個業務範圍內部署，但我們仍然將其視為藝術家釋放創造力的工具。看看我們在內部進行的一些投資，看看我們公司目前擁有的工程師，你可以預期我們將把人員規模擴大 10 倍，基本上就是為此進行投資。我們真心希望能夠成為引領產業變革的領導者。

To your question about, do I think it'll be commoditized, the answer is no. I don't think there's anything that's going to replace artists. I don't think there's anything that's going to replace the creativity of original storytelling. I would actually point towards, you, when you look at the value of intellectual property.

至於你問我是否認為它會被商品化，我的答案是否定的。我不認為有什麼東西會取代藝術家。我不認為有任何東西能夠取代原創故事的創造力。實際上，在看待智慧財產權的價值時，我會把目光投向你。

Whether it was Sora on their launch or whether it was C Dance, and I think you saw us obviously defend against both of the defend our IP against both of those things, but the fact that there was so much engagement around the characters and intellectual property, that audiences love, I think speaks to the value of that intellectual property and we're in a unique position to be able to take advantage of that. There's nothing I'm really in a position, that I can fully elaborate on further, but again I think when you look at the power of IP enabled by AI, is going to be something that is, I think a tailwind for us as a company, and we're, and we're excited to help kind of be, key drivers of that innovation.

無論是 Sora 在遊戲上線時的表現，還是 C Dance 的出現，我想你們都看到了我們顯然是如何捍衛我們的智慧財產權的。但事實上，圍繞著這些角色和智慧財產權的參與度如此之高，觀眾們又如此喜愛它們，我認為這說明了這些智慧財產權的價值，而我們正處於一個獨特的地位，能夠利用這一點。目前我沒有什麼可以詳細闡述的，但我認為，人工智慧賦能的智慧財產權的力量，將會成為我們公司的順風，我們很高興能夠成為這項創新的關鍵驅動力。

All right, thanks for the question, Cut gun.

好的，謝謝你的提問，Cut gun。

Nadia, we can go ahead.

娜迪亞，我們可以繼續了。

And jump to the next question, please.

請跳到下一個問題。

The next question goes to Michael Morris of Guggenheim. Michael, please go ahead.

下一個問題交給古根漢美術館的麥可莫里斯。邁克爾，請繼續。

Thank you. Good afternoon, guys. I wanted to ask about the studio first. Dennis, I think you mentioned an expected decline in theatrical revenue in 26. I'm hoping you can reconcile that with the significant increase that you're expecting in the number of titles being released. And as you think about that decline, does that pertain to the studio business overall, or is it only the theatrical component and you expect growth in licensing? And then if I could just on the Pluto headwinds that you cited. The trend there seems to be well below the CTV industry overall. Is this a business that you expect to turn around as a growth driver, or is this maybe not core to the future as you see it?

謝謝。下午好，各位。我想先問問關於工作室的情況。丹尼斯，我想你提到 26 年電影院收入預計會下降。我希望你能將這一點與你預期的遊戲發行數量大幅增加的情況聯繫起來。在您看來，這種下滑是指整個電影製片廠業務的下滑，還是僅僅指院線發行部分，而您預計授權發行部分會增長？然後，如果我能就你提到的冥王星逆風問題談談我的看法就好了。該地區的趨勢似乎遠低於整個連網電視行業的平均水平。你認為這項業務能夠扭轉頹勢，成為成長動力嗎？還是說，在你看來，它可能並非未來發展的核心？

Thank you.

謝謝。

Thanks, Michael. Yeah, let me take the first part and then hand over to David. So, on the film, on the studio business overall, we will see growth overall on the studio business on a revenue basis, and that will be driven primarily by the licensing and also com combine combining Skydance into that segment.

謝謝你，麥可。好的，我先講第一部分，然後再交給大衛。因此，就電影而言，就整個製片廠業務而言，我們將看到製片廠業務在收入方面實現整體增長，這主要將由授權業務以及將 Skydance 併入該業務板塊所推動。

What I was talking about is theatrical, right? So in theatrical, we are increasing the number of films, but we are comping last year, which was a big output in Mission Impossible. So that's what will drive the theatrical decline year on year for 2026.

我剛才說的都是戲劇表演，對吧？所以，在院線方面，我們正在增加電影的數量，但我們與去年相比，去年《不可能的任務》產量很大。這就是導致2026年電影院票房逐年下滑的原因。

And then the second part of your question as we think about Pluto, I mean, I think what you'll see is in the DTC segment, right, in Q4 we grew 10% year on year. Paramount Plus was up 17%, non-Paramount Plus was down 16% as we call out, that's primarily driven by Pluto and it's primarily driven by the monetization of Pluto. I think what we should call out is actually Pluto engagement is up, so monthly active users, the engagement of those users is actually up and so what we're facing is a monetization headwind. Which we are addressing, and we addressed that in our guidance, and I think it's worth, passing over to David to talk overall about how we think about Pluto, and the fast and our fast strategy.

至於你問題的第二部分，當我們思考冥王星時，我的意思是，我認為你會看到在 DTC 領域，對吧，第四季度我們同比增長了 10%。正如我們所指出的，派拉蒙+的收益上漲了17%，非派拉蒙+的收益下跌了16%，這主要是由Pluto的收益增長所驅動的，而Pluto的收益增長又主要是由Pluto的盈利模式所驅動的。我認為我們應該指出的是，Pluto 的用戶參與度實際上有所上升，也就是說，每月活躍用戶數和這些用戶的參與度實際上都在上升，因此我們面臨的是盈利方面的逆風。我們正在著手解決這個問題，我們在指導意見中也提到了這一點。我認為值得讓大衛來談談我們對冥王星的看法，以及快速發展和我們的快速發展策略。

Yeah, and I want to expand on what Dennis said on the studio side, so, again, we stepped into last year a film slate that it underperformed, we have, scaled, from 8 movies to 16 releases this year. And it's going to be significantly more profitable, but when you really think about getting our core franchises back online, you don't really see that start to occur until 27 just because of what the life cycle is of obviously making a tent pole, it's two years to basically from beginning to release, at the earliest.

是的，我想補充丹尼斯在製片廠方面所說的，所以，再說一遍，我們去年接手的電影計劃表現不佳，所以我們今年將上映的電影數量從 8 部增加到了 16 部。而且它肯定會更加有利可圖，但當你真正考慮讓我們的核心系列重新上線時，你會發現這種情況要到 27 年才會真正發生，因為製作一部重磅作品的生命週期顯然是這樣的，從開始製作到上映，最早也要兩年時間。

So you know I would, I would look at, we're making significant improvements in profitability across our film slate this year and then in 27 when you start seeing films like A Quiet Place and Sonic, Call of Duty, several of our other franchises that basically will be releasing 27, 28 and beyond, you will see our box office numbers increase, you will see profitability increase. But there is a 2 year life cycle, kind of minimum to the, to those big event films, and I actually think the team has done an exceptional job, putting us in a good position for this year for the level of growth that we're going to have across our theatrical slate, and then you will see that accelerate significantly into the 27, as Dennis said, really looking at Pluto, stepping back.

所以你知道，我會關注，我們今年的電影項目在盈利能力方面取得了顯著進步，然後在 2027 年，當《寂靜之地》、《刺猬索尼克》、《使命召喚》以及我們其他幾個系列電影陸續上映時，你會看到我們的票房收入增加，盈利能力也會提高。但對於那些大型事件電影來說，至少需要兩年的生命週期，而且我認為團隊做得非常出色，讓我們今年處於一個良好的位置，可以實現我們整個院線計劃的增長水平，然後你會看到這種增長在2027年顯著加速，正如丹尼斯所說，真正關注《冥王星》這部電影，退後一步來看。

I am a big believer in in the fast space and I think when you really look at globally fast is something that is only going to grow in importance, and when you look at the signs that are also really encouraging on Pluto is we are seeing engagement grow, the headwind we're facing is really monetization.

我非常看好快速發展的領域，我認為從全球角度來看，快速發展的重要性只會與日俱增。此外，冥王星也展現出令人鼓舞的跡象，例如用戶參與度正在成長。我們面臨的真正挑戰是獲利模式的變現。

And we're doing several things to correct that. And while, Pluto has always been a leader in the fast space, it's a profitable platform, it was from our perspective underinvested in, by the previous owners and managers, both in a content standpoint as well as from a product standpoint. And we've also brought in, obviously new leadership to help us on the advertising side. We have new leadership on the D2C side that are really working really well hand in hand to make sure that we, imp improve the product and improve the monetization, really our overall streaming convergence that we talked about in our last earnings call where, we had really 3 separate stacks that were running on, multiple clouds all independent of one another. We, that that convergence obviously will be done in the coming quarters and you will see continued product improvement to both Pluto and P+ and with that we'll see the monetization curve correct, and we'll really start seeing, better monetization, better growth, and more in line with peers with expectations to be above.

我們正在採取多項措施來糾正這種情況。雖然 Pluto 一直是高速領域的領導者，也是一個獲利的平台，但從我們的角度來看，無論是從內容角度還是從產品角度來看，先前的擁有者和管理者都對它投入不足。當然，我們也引進了新的領導階層來幫助我們開展廣告業務。我們在 D2C 方面有了新的領導層，他們攜手合作，確保我們能夠改進產品和提高盈利能力，真正實現我們在上次財報電話會議上談到的整體流媒體融合，當時我們實際上有 3 個獨立的堆棧在多個雲上運行，彼此獨立。我們認為，這種融合顯然將在未來幾季完成，您將看到 Pluto 和 P+ 的產品持續改進，隨之而來的是貨幣化曲線的修正，我們將真正開始看到更好的貨幣化、更好的成長，並更符合同行的預期，甚至更高。

Thank you, David. All right, Nadia, we'll go ahead and turn it back over to you, please.

謝謝你，大衛。好的，娜迪亞，我們現在就把它交還給你吧。

Great, thank you. The final question goes to Brian Bar of Deutsche Bank. Please go ahead.

太好了，謝謝。最後一個問題交給德意志銀行的布萊恩·巴爾。請繼續。

Hi, good afternoon. Thanks for taking the question. First on UFC, I know you had cited 7 million MEUs. I was curious as to whether you can give us some color on the number of unique viewers that you had, just given that you have 79 million subs, trying to understand what the percentage of those subscribers overall is that are engaging with USFC at some level. And then, secondly, I was wondering if you could talk about what you've been seeing. Since you completed the acquisition both in Churn and CAC, how are those trending? How much opportunity do you see for improvement in both of those key metrics over the next 1 or 2 years, and how critical is it to improve either or both of those to the long-term economic success of the streaming business?

您好，下午好。感謝您回答這個問題。首先是關於UFC，我知道你曾經提過700萬MEU。我很好奇您能否透露您的獨立觀眾數量，因為您有 7900 萬訂閱用戶，我想了解這些訂閱用戶中有多少百分比在某種程度上與 USFC 互動。其次，我想問您能否談談您最近看到的一些情況。自您完成收購以來，客戶流失率和客戶獲取成本 (CAC) 的變化趨勢如何？您認為未來一兩年內，這兩個關鍵指標分別有多少提升空間？提升其中任何一個或兩個指標對於串流媒體業務的長期經濟成功有多重要？

Thank you.

謝謝。

Yeah, no, absolutely. So look, I want to reiterate we're incredibly happy with the way our partnership with the UFC has started, when it goes to 7 million households across the US and Latin America, that was above our expectation and again it is the largest exclusive sporting event that we've had obviously in Paramount Plus history, so, and we are seeing that momentum, continue.

是的，沒錯，絕對是這樣。所以，我想重申，我們對與 UFC 的合作開局非常滿意，它涵蓋了美國和拉丁美洲的 700 萬個家庭，這超出了我們的預期，而且這顯然是 Paramount Plus 歷史上規模最大的獨家體育賽事，我們看到這種勢頭還在繼續。

In terms of basically, churn we are seeing that trend the right direction, but I still think there's areas for us to be able to continue to improve, which is why you're seeing us, invest the way that we are both in content as well as in the product. We know at 79 million, global subscribers there's a lot of opportunity, for growth ahead of us and when you look at. The investments that we're making again in the 1st 6 months, green lighting 11 original series, as well as the work that Dane Glasgow and his team are really doing to significantly improve the product, I think you'll see us improve in all of those metrics going forward and obviously we believe those investments will significantly yield long-term shareholder value. So we're pleased about the work to date, but you're only going to see that improve going forward in the future. I mean, do you have anything you want to add to that?

就客戶流失率而言，我們看到這一趨勢正朝著正確的方向發展，但我仍然認為我們還有一些方面可以繼續改進，這就是為什麼你會看到我們在內容和產品方面都進行如此大幅度的投資。我們知道，在全球擁有 7,900 萬用戶的情況下，我們有很多成長機會，當你審視這一切時就會明白。我們前六個月再次進行的投資，批准了 11 部原創劇集的製作，以及 Dane Glasgow 和他的團隊為顯著改進產品所做的努力，我認為你會看到我們在未來所有這些指標上都有所提高，而且我們顯然相信這些投資將顯著帶來長期的股東價值。所以我們對目前為止的工作成果感到滿意，但未來只會越來越好。我的意思是，你還有什麼要補充的嗎？

No, I just think I, what I would say is there's a seasonality aspect to the business too. So churn is something that we traditionally saw at Paramount Plus really spike up in the summer after the masters and kind of come back down. With the NFL, so two of the things we've talked about today that David's talked about, both the UFC and its year-round programming combined with the increased movie slate, which then pays dividends as it goes to Paramount Plus year-round, I think that's going to have a significant impact to churn in addition to the other factors that David just talked about.

不，我只是覺得，我想說的是，這個行業也有季節性因素。所以，我們通常看到 Paramount Plus 的用戶流失率在夏季母帶發行後會大幅上升，然後又會回落。就 NFL 而言，我們今天討論的兩件事，也就是大衛提到的兩件事，UFC 及其全年節目，再加上不斷增加的電影片單，這些都會在 Paramount Plus 上全年播出，我認為這將對用戶流失產生重大影響，此外還有大衛剛才提到的其他因素。

And Brian, just jumping in, this is Dennis, one thing to correct the status 7 million households.

布萊恩插話道，我是丹尼斯，有一件事需要糾正，那就是700萬戶家庭。

That engage in UFC 324.

參加 UFC 324 的選手。

Great, thank you, team and thank you all for joining the call today. We appreciate it. Feel free to reach out if you have any questions.

太好了，謝謝團隊，也謝謝今天所有參加電話會議的人。我們非常感謝。如有任何疑問，請隨時聯絡。

Thank you, this now concludes today's call.

謝謝，今天的電話會議到此結束。

Thank you all for joining and you may now disconnect your lines.

感謝各位的參與，現在可以斷開連結了。