Starz Entertainment Corp (STRZ) 2025 Q2 法說會逐字稿

Good afternoon, everyone and welcome to the Lionsgate second-quarter, 2025 earnings conference call. (Operator Instructions) Today's event is being recorded.

大家下午好，歡迎參加獅門影業 2025 年第二季財報電話會議。（操作員指示）今天的事件正在記錄中。

At this time, I'd like to turn the floor over to Nilay Shah, from Investor Relations. Please go ahead.

現在，我想將發言權交給投資人關係部門的 Nilay Shah。請繼續。

Good afternoon. Thank you for joining us for the Lionsgate Studios Corporation and Lionsgate Entertainment Corporation fiscal 2025, second quarter conference call. We'll begin with opening remarks from our CEO, Jon Feltheimer followed by remarks from our CFO, Jim Packer.

午安.感謝您參加獅門影業公司和獅門娛樂公司 2025 財年第二季電話會議。我們將首先由首席執行官 Jon Feltheimer 致開幕詞，然後由首席財務官 Jim Packer 致辭。

After there remarks, we'll open the call for questions. Also joining us on the call today are Vice Chairman Michael Burns; COO, Brian Goldsmith; Chairman of the Television Group, Kevin Beggs; Chairman of the Motion Picture Group, Adam Fogelson; and President of Worldwide TV, and Digital Distribution, Jim Packer.

發言結束後，我們將開始提問。今天加入我們電話會議的還有副主席 Michael Burns；營運長布萊恩·戈德史密斯；電視集團主席凱文·貝格斯；電影集團主席 Adam Fogelson；全球電視和數位發行總裁 Jim Packer。

And from Starz, we have President and CEO Jeffrey Hirsch; CFO, Scott Macdonald; and President of Domestic Networks, Alison Hoffman. The matters discussed on the call also include forward-looking statements including those regarding the performance of future fiscal years.

Starz 的總裁兼執行長 Jeffrey Hirsch；財務長史考特·麥克唐納；和國內網路總裁艾莉森霍夫曼。電話會議討論的事項還包括前瞻性陳述，包括有關未來財政年度業績的陳述。

Such statements are subject to number of risks and uncertainties. Actual results could differ materially and adversely from those described in the forward-looking statements as a result of various factors. This includes the risk factors set forth in our public filings for Lionsgate Studios Corporation and Lionsgate Entertainment Corporation.

此類聲明存在多種風險和不確定性。由於各種因素，實際結果可能與前瞻性陳述中所述的結果有重大且不利的差異。這包括我們在獅門影業公司和獅門娛樂公司的公開文件中列出的風險因素。

The companies undertake no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect any future events or circumstances. I'll now turn the call over to Jon.

這些公司沒有義務公開發佈為反映任何未來事件或情況而對這些前瞻性陳述進行的任何修訂的結果。我現在將把電話轉給喬恩。

Thank you Nilay and good afternoon everyone. Thank you for joining us. The continued industry disruption, the lingering effects of last year's strikes and a disappointing theatrical box office performance impacted our financial results in the quarter.

謝謝尼萊，大家下午好。感謝您加入我們。持續的行業混亂、去年罷工的揮之不去的影響以及令人失望的影院票房表現影響了我們本季度的財務業績。

Within our television group, our unscripted business is feeling the effects of a continuing market correction. In our film group, the poor box office performance of Borderlands coupled with softer than anticipated results from other releases in the quarter reflected an environment with less margin for error than ever before.

在我們的電視集團內，我們的即興業務正在感受到持續市場調整的影響。在我們的電影集團中，《無主之地》的票房表現不佳，加上本季其他影片的業績低於預期，反映出當前環境的容錯空間比以往任何時候都小。

On Borderlands, nearly everything that could go wrong did go wrong. It sat on the shelf for too long during the pandemic and reshoots and rising interest rates took it outside the safety zone of our usual strict financial models.

在《無主之地》中，幾乎所有可能出錯的事情都確實出錯了。在大流行期間，它被擱置了太長時間，重新拍攝和不斷上升的利率使其脫離了我們通常嚴格的金融模型的安全區。

Several of our other releases in the quarter though cushioned by financial models that worked as intended, didn't live up to our standards or our projections.

我們在本季發布的其他幾個版本雖然受到預期發揮作用的財務模型的緩衝，但並未達到我們的標準或預測。

In spite of the above, our business model still works. Risk mitigated film and television slates, efficient production and marketing spends a diversified portfolio of assets and a strong library that serves as the ballast of our business generating nearly $900 million in trailing 12 month revenue in the quarter.

儘管如此，我們的商業模式仍然有效。降低風險的電影和電視節目、高效的製作和行銷花費了多元化的資產組合和強大的庫，這些庫是我們業務的壓艙石，在本季度的過去12 個月中創造了近9 億美元的收入。

But emphasizing the success of our financial models doesn't take the place of also getting the creative right. Under new leadership in our motion picture group, we're making good progress in preparing our return to a much stronger and more diversified film slate in fiscal 2026 driven by the tent poles, Michael, Ballerina and Now You See Me 3.

但強調我們財務模式的成功並不能取代正確的創意。在電影團隊新的領導下，我們在《邁克爾》、《芭蕾舞女演員》和《驚天魔盜團3》等大片的推動下，在2026 財年回歸更強大、更多元化的電影陣容方面取得了良好進展。

Beyond that, Francis Lawrence will be directing our sixth Hunger Games movie after he finishes the Long Walk. The film Adaptation, Stephen King's, Classic Novel as we focus on and take full advantage of one of the most valuable portfolios of brands and franchises in the business.

除此之外，法蘭西斯勞倫斯將在完成《漫漫長路》後執導我們的第六部《飢餓遊戲》電影。電影改編、史蒂芬金的經典小說，因為我們專注並充分利用業內最有價值的品牌和特許經營權組合之一。

Our film slates include two to three temples a year in order to create significant incremental value for our library, drive our film and television packages for buyers and in success, capitalize on our biggest opportunities for outsized growth.

我們的電影片單每年包括兩到三個寺廟，以便為我們的圖書館創造顯著的增量價值，推動我們為買家提供的電影和電視套餐，並成功地利用我們實現超額增長的最大機會。

But we will also ensure that when we take bigger swings, we're taking measured swings. In addition to the tent poles, we will continue to focus on the films that have done so well for us before star driven commercial properties based in many cases on existing IP.

但我們也會確保，當我們採取更大的波動時，我們會採取有節制的波動。除了支柱之外，我們將繼續關注那些在明星驅動的商業地產之前為我們帶來如此出色的電影，這些商業地產在許多情況下都是基於現有的智慧財產權。

In recent weeks, we've announced that Paul Feig will direct Sydney Sweeney and Amanda Sered in the thriller Housemaid. Challengers director Luca Guadagnino will shepherd our reimagining of the Lionsgate classic American Psycho.

最近幾週，我們宣布保羅費格將執導西德尼斯威尼和阿曼達賽瑞德主演的驚悚片《女僕》。《挑戰者》導演盧卡·瓜達尼諾將帶領我們重新演繹獅門影業的經典電影《美國驚魂》。

Amazing Spiderman, filmmaker, Mark Webb will direct Johnny Depp and Penelope Cruz in Day Drinker. And Academy Award winner Kei Hua Kwan will star in the action thriller fairy tale in New York from Sisu director Jalmari Helander.

《超凡蜘蛛人》電影製片人馬克韋伯將執導強尼戴普、潘妮洛普克魯茲主演的《日間飲酒者》。奧斯卡金像獎得主關啟華將主演 Sisu 導演 Jalmari Helander 執導的紐約動作驚悚片童話故事。

As you saw, we recently announced that Dirty Dancing the musical is scheduled to head to Broadway in spring 2026. A new chapter of an amazing evergreen Lionsgate franchise. Combined with our La la Land stage play, Shepherded by wicked producer Mark Platt and also slated for a Broadway opening in 2026.

如您所見，我們最近宣布音樂劇《辣身舞》計劃於 2026 年春季在百老匯上演。令人驚嘆的獅門影業常青系列的新篇章。與我們的《樂來樂愛你》舞台劇相結合，由邪惡製片人馬克普拉特 (Mark Platt) 主持，也計劃於 2026 年在百老匯上演。

Our upcoming John Wick, AAA Game in partnership with a major video game developer. The John Wick experience opening in Las Vegas next month and more than a dozen additional stage plays adapted from Lionsgate films and television series in the works. We have an opportunity to invest in the upside from a deep portfolio of projects that will create an important incremental revenue stream for our IP outside the four walls of our core businesses.

我們即將與一家大型電玩遊戲開發商合作推出 AAA 級《疾速追殺》遊戲。《疾速追殺》體驗將於下個月在拉斯維加斯開幕，還有十幾部改編自獅門影業電影和電視劇的舞台劇正在製作中。我們有機會投資深度專案組合的優勢，這些專案將為我們核心業務四面牆之外的智慧財產權創造重要的增量收入流。

Turning to television, the market correction has impacted both the scripted and unscripted landscape with buyers continuing to order fewer shows and disrupting longstanding business models. But we're not letting this slow us down.

轉向電視，市場調整對有腳本和無腳本的格局都產生了影響，買家繼續減少訂購節目，並擾亂了長期的商業模式。但我們不會因此而放慢腳步。

Lionsgate television brings to this environment, a core group of returning hit series like Ghosts, The Rookie, Acapulco, Mythic Quest, Raising Canaan and BMF. And major new properties such as Spartacus, the reimagining of one of star's biggest original hits, the Hunting Wives based on May Cobb's acclaimed best seller about Obsession, Seduction and Murder in East Texas.

獅門電視台為這一環境帶來了一批核心熱門劇集，如《幽靈》、《新秀》、《阿卡普爾科》、《神話之旅》、《迦南崛起》和《BMF》。還有主要的新作品，例如《斯巴達克斯》，這是根據梅·科布廣受好評的暢銷書《東德克薩斯州的痴迷、誘惑和謀殺》改編的《狩獵妻子》，是明星最熱門的原創作品之一。

The Twilight TV adaptation, Midnight Sun, The John Wick TV adaptation, John Wick Under the High Table and the show business comedy, The studio. Starring co-written directed and executive produced by Seth Rogen. It's a deep slate of high profile properties that create significant growth opportunities for the future while adding tremendous value to our library.

改編自《暮光之城》的電視劇《午夜陽光》、改編自《疾速追殺》的電視劇《疾速追殺高桌之下》和演藝界喜劇《工作室》。由賽斯羅根共同編劇、執導並擔任監製。這是一系列備受矚目的資源，為未來創造了巨大的成長機會，同時為我們的圖書館增加了巨大的價值。

In addition, we're refilling our pipeline with more than 40 scripted projects sold to platforms since the start of the year. Drawing upon our ability to create new business models, pivot to new buyers and lean into new areas of growth.

此外，自今年年初以來，我們正在透過銷售給平台的 40 多個腳本化項目來補充我們的管道。憑藉我們創造新業務模式的能力，轉向新買家並進入新的成長領域。

We expect the pendulum to begin to swing back to a new normal as our platform partners grow their profitability and fine tune their content strategies.

我們預計，隨著我們的平台合作夥伴提高獲利能力並調整內容策略，鐘擺將開始回到新常態。

In the meantime, our television business is doing everything you would expect us to do, reducing costs, consolidating smaller labels to create greater efficiency in our unscripted business. And continuing to evaluate the mix of business models on our scripted slate to mitigate risk and maximize our upside.

同時，我們的電視業務正在做您期望我們做的一切，降低成本，整合較小的品牌，以在我們的即興業務中創造更高的效率。並繼續評估我們腳本板上的業務模型組合，以降低風險並最大化我們的優勢。

Turning to Starz, we like where the platform is positioned, heading into the separation. Starz remains on track for a $200 million segment profit for the fiscal year after executing a successful rate increase to drive revenue growth in the back half of the year.

談到 Starz，我們喜歡平台的位置，朝向分離。在成功提高利率以推動下半年營收成長後，Starz 仍有望在本財年實現 2 億美元的部門利潤。

Starz programming is working POWER Book II, Ghost Broke network viewership records in the quarter reaching 11.7 million multiplatform viewers and gaining 13% in OTT streams in the second half of its fourth season. With five shows reaching between 9 million and 12 million multi platform viewers a piece.

Starz 節目正在製作《POWER Book II》，《幽靈》打破了本季度的網絡收視記錄，多平台觀眾人數達到1170 萬，並在第四季後半段的OTT 流媒體播放量中獲得了13% 的增長。五場演出的多平台觀眾人數在 900 萬到 1200 萬之間。

Our core group of original hit series compares very favorably with the most successful shows on other platforms.

我們的核心原創熱門影集與其他平台上最成功的節目相比非常有優勢。

With upcoming hit series outlander and Raising Kanan engaging both of our core demos. We expect to return to OTT subscriber growth in the back half of the year. On the distribution front, Starz and youtube TV. One of the fastest growing live TV services in the world, renewed their distribution partnership with a new multiyear agreement that also creates new bundling opportunities.

即將推出的熱門影集《歐藍德》和《Raising Kanan》都吸引了我們的兩個核心展示。我們預計 OTT 用戶成長將在今年下半年恢復。在發行方面，Starz 和 youtube TV。全球成長最快的直播電視服務之一，透過一項新的多年協議續簽了分銷合作夥伴關係，這也創造了新的捆綁機會。

In addition, Starz announced a deal to bundle BritBox on its own platform as well as on Amazon. Streaming bundles have taken a little longer to materialize than anticipated due to industry disruption and technology issues.

此外，Starz 還宣布達成協議，將在自己的平台以及亞馬遜上捆綁 BritBox。由於行業混亂和技術問題，串流媒體捆綁的實現時間比預期要長一些。

However, as they begin to gain real traction, Starz will be able to capitalize on the promise of a bundled world whose benefits include lower churn, reduced marketing costs, increased engagement and significant greater subscriber lifetime value.

然而，當他們開始獲得真正的吸引力時，Starz 將能夠利用捆綁世界的承諾，其好處包括降低客戶流失率、降低行銷成本、提高參與度以及顯著提高用戶終身價值。

In the quarter, we announced a new partnership with applied AI research company runway under which they will have access to a group of our library titles in order to create and train a model for the use of Lionsgate and the filmmakers we designate. The entertainment business is a creative enterprise, but its future growth will require a combination of art and science.

本季度，我們宣布與應用人工智慧研究公司Runway 建立新的合作夥伴關係，根據該合作夥伴關係，他們將可以存取我們的一組圖書館作品，以便創建和訓練一個模型，供獅門影業和我們指定的電影製作人使用。娛樂業是一個創意企業，但其未來的發展需要藝術與科學的結合。

We believe that AI harnessed within the appropriate guardrails can be a valuable tool to serve our talent. And we believe that over the long term, it will have a positive transformational impact on our business.

我們相信，在適當的護欄內利用人工智慧可以成為為我們的人才服務的寶貴工具。我們相信，從長遠來看，它將對我們的業務產生積極的轉型影響。

I'm pleased to report strong progress in the quarter towards full separation of the studio and Starz, with the filing of our preliminary proxy. The board's recommendation that we collapse our two classes of stock into one and continued steps to put the necessary financing in place for both companies which Jimmy will discuss in a moment.

我很高興地向大家報告，本季工作室和 Starz 完全分離方面取得了巨大進展，並提交了初步委託書。董事會建議我們將兩類股票合併為一類，並繼續採取措施為兩家公司提供必要的融資，吉米稍後將討論這一點。

We continue to anticipate achieving full separation by the end of the calendar year, subject to the timing of regulatory approvals.

我們繼續預計在今年年底之前實現完全分離，具體取決於監管部門批准的時間。

This is a transitional, disrupted and difficult year for our industry. We like what lies ahead in an industry that has always moved fast to adopt great new technologies to save money and increase efficiency, where streamers and other platforms will return to being robust, buyers of films, television shows and library as they continue to strengthen their balance sheets and regain their footing and where consumers are slowly but surely returning to the habit of going to the movies.

對我們的行業來說，這是過渡、混亂和困難的一年。我們喜歡這個行業的未來，這個行業總是快速採用偉大的新技術來節省資金和提高效率，串流媒體和其他平台將恢復強勁，電影、電視節目和圖書館的購買者將繼續加強自己的實力。資產負債表並重新站穩腳跟，消費者正在緩慢但堅定地恢復看電影的習慣。

But in the meantime, we have to control the things we can. Establish the financial and creative models that make sense for a company our size, be sure handed in our execution and streamline our business by adjusting to the economic realities of the marketplace.

但同時，我們必須控制我們能控制的事情。建立對我們規模的公司有意義的財務和創意模型，確保我們的執行力，並透過調整市場的經濟現實來簡化我們的業務。

Last month, we offered voluntary severance and early retirement packages to Lionsgate's US employees and approximately 8% of eligible employees have elected to take advantage of these offers.

上個月，我們向獅門影業的美國員工提供了自願遣散費和提前退休方案，大約 8% 的合格員工選擇利用這些優惠。

I can assure you that we are aligning ourselves with our shareholders in every way and we will continue to do whatever it takes to drive shareholder value. In closing, we're continuing to make adjustments to our business based on changes in our environment.

我可以向您保證，我們正在以各種方式與股東保持一致，我們將繼續盡一切努力推動股東價值。最後，我們將根據環境的變化繼續對我們的業務進行調整。

But our greatest takeaway is that we have to adhere even more rigorously to our diversified and risk mitigated business model. Lean even more fully into the growth opportunities offered by our incredible and nonreplicable portfolio of IP and remain even more faithful to the entrepreneurial spirit, agile posture and strict financial discipline that have always set us apart.

但我們最大的收穫是，我們必須更加嚴格地堅持我們的多元化和風險緩解的商業模式。更充分地利用我們令人難以置信且不可複製的智慧財產權組合所提供的成長機會，並更加忠實於始終使我們與眾不同的企業家精神、敏捷的態度和嚴格的財務紀律。

Now, I'll turn things over to Jimmy.

現在，我會把事情交給吉米。

Thanks Jon and good afternoon, everyone. I'll briefly discuss our second quarter financial results and provide an update on the balance sheet. For the quarter Lionsgate's consolidated revenue was $949 million adjusted OIBDA was a loss of $18 million and operating income was a loss of $89 million.

謝謝喬恩，大家下午好。我將簡要討論我們第二季的財務表現並提供資產負債表的最新情況。本季獅門影業的綜合營收為 9.49 億美元，調整後的 OIBDA 虧損 1,800 萬美元，營業收入虧損 8,900 萬美元。

Reported fully diluted earnings per share was a loss of $0.68 per share and fully diluted adjusted earnings per share was a loss of $0.43 per share. Net cash flows used in operating activities was $82 million while use of adjusted free cash flow for the quarter was $132 million.

報告的完全稀釋每股收益為每股虧損 0.68 美元，完全稀釋調整後每股收益為每股虧損 0.43 美元。經營活動使用的淨現金流量為 8,200 萬美元，而本季調整後自由現金流量的使用量為 1.32 億美元。

As Jon noted in his prepared remarks, the recent underperformance of our wide theatrical releases and Borderlands in particular has necessitated a revision to landscape studios fiscal '25 financial outlook. We now forecast that Lionsgate Studios will generate between $300 million to $320 million of adjusted OIBDA this fiscal year.

正如喬恩在他準備好的演講中指出的那樣，最近我們在院線上映的《無主之地》表現不佳，尤其是《無主之地》，因此有必要修改景觀工作室25 財年的財務前景。我們現在預測獅門影業本財年調整後的 OIBDA 將產生 3 億至 3.2 億美元的營收。

This update outlook primarily reflects the impact of lower segment profit within our motion picture group along with some reassessment of the post strike recovery in our television business. The studio should see strengthening adjusted OIBDA over the next two quarters, driven by an increase in both high margin post theatrical revenue and scripted television series deliveries.

此次更新展望主要反映了我們電影集團內較低部門利潤的影響以及對我們電視業務罷工後復甦的一些重新評估。在高利潤的影院後收入和劇本電視劇交付量增長的推動下，未來兩個季度，工作室調整後的 OIBDA 將會加強。

With respect to Starz, we continue to anticipate that its North American business will generate $200 million or more of adjusted OIBDA in fiscal year '25. Now let me briefly discuss the fiscal second quarter performance of our studio and media networks businesses compared to the previous year quarter.

至於 Starz，我們繼續預期其北美業務將在 25 財年產生 2 億美元或更多調整後的 OIBDA。現在讓我簡要討論一下我們的工作室和媒體網絡業務第二季度的業績與去年同期相比。

Starting with the studio business, quarterly revenue grew 4.3% year over year to $824 million, while studio adjusted OIBDA was a loss of $6 million, trailing 12 months library revenue of $892 million was up 2.5% relative to last years Q2 trailing 12 months revenue.

從工作室業務開始，季度營收年增4.3%，達到8.24 億美元，而工作室調整後的OIBDA 則虧損600 萬美元，過去12 個月的圖書館營收為8.92 億美元，較去年第二季過去12 個月的營收成長2.5% 。

Breaking down the studio businesses, let's start with motion picture. Motion picture revenue for the quarter increased 2.8% year over year to $407 million, while segment profit was $2.6 million. Revenue grew due to the increase in film releases, while segment profit was unfavorably impacted by Borderlands and higher P&A spin associated with an increase in the number of theatrical leases in the quarter versus the previous year.

讓我們從電影開始分解製片廠業務。該季度電影營收年增 2.8%，達到 4.07 億美元，部門利潤為 260 萬美元。由於電影發行量的增加，收入有所增長，而該部門的利潤則受到了《無主之地》以及本季度影院租賃數量與上年相比增加帶來的更高的 P&A 旋轉的不利影響。

While Borderlands contractually guaranteed international presales tax credits and post theatrical film output deals mitigated some of the financial losses on this film. The size of its underperformance was outside the range of outcomes we would expect given the underlying IP cast and size of the film's budget.

雖然《無主之地》在合約上保證了國際預售稅收抵免和院線電影輸出交易，但減輕了這部電影的一些財務損失。考慮到底層 IP 演員陣容和電影預算規模，其表現不佳的程度超出了我們預期的結果範圍。

As always, we learn valuable lessons from every release and Borderlands is no exception. We are confident that our go forward processes will help reduce the likelihood of a similar outcome in the future.

一如既往，我們從每個版本中汲取寶貴的經驗教訓，《無主之地》也不例外。我們相信，我們的前進流程將有助於減少未來出現類似結果的可能性。

We will continue to refine our wide theatrical release strategy and make adjustments as the industry evolves. And we believe that our overarching motion picture release model can continue to achieve strong financial returns without outsized risk.

我們將繼續完善我們廣泛的院線發行策略，並隨著產業的發展進行調整。我們相信，我們的整體電影發行模式可以繼續實現強勁的財務回報，而無需承擔過大的風險。

Moving to TV. Quarterly television revenue of $417 million is up 5.8% year over year driven by higher deliveries to Starz. While segment profit of $24 million expectedly declined year over year due to the pace of the post strike recovery.

轉向電視。由於 Starz 交付量增加，季度電視收入達到 4.17 億美元，年增 5.8%。由於罷工後復甦步伐緩慢，預計該部門利潤將年減 2,400 萬美元。

Media networks, quarterly revenue was $347 million and segment profit was $27 million. Revenue was expectedly down year over year due to the exit from substantially all of our international markets.

媒體網絡，季度營收為 3.47 億美元，部門利潤為 2,700 萬美元。由於我們幾乎退出所有國際市場，預計收入將同比下降。

Quarterly North American revenue of $343 million was essentially flat year over year as OTT revenue growth was offset by linear pressure. Starz implemented a $1 price increase across its existing US subscribers in the month of September.

北美季度營收為 3.43 億美元，與去年同期基本持平，因為 OTT 營收成長被線性壓力所抵消。Starz 在 9 月對其現有美國訂戶實施了 1 美元的價格上漲。

We expect this price increase will continue to drive an increase in ARPU and sequential revenue growth in the December quarter. North American segment profit of $27 million was down year over year on higher content amortization reflecting increased pay one and pay two film output partially offset by lower originals content spin.

我們預計，此次價格上漲將繼續推動 ARPU 的成長和 12 月季度的環比收入成長。北美業務利潤為 2,700 萬美元，年減，原因是內容攤銷增加，反映出付費一檔和付費二檔電影產量的增加，部分被原創內容的減少所抵消。

Additionally, we continue to forecast that Starz North America will exit fiscal '25 with OTT accounting for 70% of its revenues. Starz ended the quarter with $12.4 million North American OTT subs down 2.6% year over year.

此外，我們繼續預測 Starz North America 將在 25 財年結束時 OTT 收入佔其收入的 70%。Starz 本季末北美 OTT 訂閱者營收為 1,240 萬美元，年減 2.6%。

We ended the quarter with $20.2 million total, North American subscribers representing a sequential decline of $1.15 million. This pressure was expected alongside our September price increase as we focus on driving ARPU and long term revenue growth. Additionally, we continue to expect a return to sequential North American OTT subscriber growth in the December quarter.

本季末，我們的總營收為 2,020 萬美元，北美訂閱者比上一季減少了 115 萬美元。由於我們專注於推動 ARPU 和長期收入成長，因此我們預計 9 月的價格上漲會帶來這種壓力。此外，我們繼續預期北美 OTT 用戶在 12 月季度將恢復環比成長。

Now let's take a look at the balance sheet. We ended the quarter with $2.27 billion of net debt at the consolidated company which reflects $1.64 billion at the studio and $622 million at Starz.

現在讓我們來看看資產負債表。本季結束時，合併公司的淨債務為 22.7 億美元，其中工作室的債務為 16.4 億美元，Starz 的債務為 6.22 億美元。

The increase in studio net debt reflects the expected use of cash associated with both the timing of post strike content spend and the release of five wide theatrical films. Starz net debt is meaningfully down from its initial $700 million net debt allocation in May, as we delever the Starz business.

電影公司淨債務的增加反映了與罷工後內容支出的時間安排和五部大型院線電影的發行相關的預期現金使用。隨著我們對 Starz 業務進行去槓桿化，Starz 的淨債務較 5 月最初的 7 億美元淨債務分配大幅下降。

On a trailing 12 month basis, consolidated landscape leverage at the end of the quarter was six times while standalone Starz leverage for its North American business was three times. As we prepare for full separation by the end of the calendar year '24, we have made substantial progress in establishing the standalone capital structures for both Lionsgate studios and Starz.

以過去 12 個月為基礎，本季末的綜合景觀槓桿率為六倍，而北美業務的獨立 Starz 槓桿率為三倍。當我們準備在 24 日曆年年底完全分開時，我們在為獅門影業工作室和 Starz 建立獨立資本結構方面取得了實質進展。

In the quarter, we closed two IP back facilities collateralized by a portion of our library assets. The first was the previously announced $340 million IP facility supported primarily by the E1 library. While the second is a $455 million IP facility backed by a portion of the Lionsgate Library. Both facilities were favorably priced at [SOFR] plus 225 basis points and will travel with Lionsgate Studios upon separation.

在本季度，我們關閉了兩個由部分圖書館資產抵押的智慧財產權支援設施。第一個是先前宣布的 3.4 億美元的 IP 設施，主要由 E1 庫支援。第二個是由獅門圖書館的一部分支持的價值 4.55 億美元的智慧財產權設施。這兩個設施的價格都很優惠，[SOFR] 加 225 個基點，並且在分開後將隨獅門影業一起遷移。

The proceeds from these capital raises were used to pay down portions of the studio's revolving credit facility and term loan B as reflected in our balance sheet at quarter end.

這些資本籌集的收益用於償還工作室的部分循環信貸額度和定期貸款 B，如我們季度末的資產負債表所示。

And just this week, we closed another $265 million on the line skate IP facility and completely paid off the term loan B. This marks over $1 billion of favorably priced asset backed borrowings with an extended tenor of five years and significantly rounds out our post separation capital structure.

就在本週，我們又完成了2.65 億美元的直線滑冰IP 融資，並完全還清了定期貸款B。完善了我們的分拆後工作資本結構。

We are also on track to complete the remaining financing that will fund upon separation and complete the capital structures of both Starz and Lionsgate Studios. Looking forward to the remainder of fiscal 2025, as we noted before we continue to forecast that the consolidated company adjusted OIBDA and adjusted free cash flow will be second half weighted driven by a significant increase in television deliveries, post theatrical slate cash flows, Starz price increase and a return to OTT subscriber growth.

我們也有望完成剩餘融資，這些融資將在 Starz 和獅門影業分開後提供資金，並完成 Starz 和獅門影業的資本結構。展望2025 財年的剩餘時間，正如我們之前指出的，我們繼續預測，合併後的公司調整後的OIBDA 和調整後的自由現金流將在下半年受到電視交付量、影院上映後現金流、Starz 價格大幅成長的推動成長並恢復 OTT 用戶成長。

As such, we expect trailing 12 months leverage should end the year at approximately 4.5 times and three times for line skate studios and Starz respectively. And now I'd like to turn the call over to (inaudible) for Q&A.

因此，我們預計 lineskate 工作室和 Starz 的過去 12 個月槓桿率到年底應分別約為 4.5 倍和 3 倍。現在我想將電話轉接至（聽不清楚）進行問答。

Operator. Can we open the call up for Q&A.

操作員。我們可以打開問答電話嗎？

(Operator instructions)

（操作員說明）

[Paul Macher], Morgan Stanley.

[保羅馬赫]，摩根士丹利。

Thanks so much. I wanted to ask about the evolving film approach. Jon, you mentioned the balance between big swings but also a measured approach. How should we think about how you're redefining your zone of comfort?

非常感謝。我想問一下不斷發展的電影方法。喬恩，你提到了大波動之間的平衡，但也提到了謹慎的方法。我們應該如何考慮您如何重新定義您的舒適圈？

Are we talking about tapping deeper into existing franchises more or does it revolve around the process oriented approach to production as you kind of look to build new IP. How should we think about, you know, the budget consciousness on the types of films you're willing to green light if that changed at all?

我們是在談論更深入地利用現有特許經營權，還是圍繞以流程為導向的製作方法，因為您希望建立新的 IP。如果這種情況發生改變，我們應該如何考慮您願意批准的電影類型的預算意識？

I'm going to let Adam Chairman of a motion picture group answer that. Thanks Thomas.

我將讓電影集團主席亞當來回答這個問題。謝謝托馬斯。

So look, I think it's a combination of all the things that you talked about. I think that the company has done an extraordinary job of being financially disciplined and looking at risk mitigated models. But I think that making sure that on the creative side, both on physical production, on creative production, on marketing, on research.

所以看，我認為這是你談到的所有事情的結合。我認為該公司在財務紀律和風險緩解模式方面做得非常出色。但我認為，確保在創意方面，無論是實體生產、創意生產、行銷或研究。

I think there are ways to incorporate other elements of the motion picture group into the decision making process. So that both creatively and financially, we're taking advantage of best in class. We do have an extraordinary number of franchises that we are going to be leaning into because the audience is asking us for it.

我認為有一些方法可以將電影組的其他元素納入決策過程。因此，無論是在創意上還是在財務上，我們都在利用一流的優勢。我們確實擁有大量的特許經營權，我們將專注於這些特許經營權，因為觀眾要求我們這樣做。

The appetite for John Wick theatrically on television in the AAA Game space and live experience is extraordinary. The appetite from the audience on Hunger Games is incredible and we're really excited about the book that's coming out and what that means for the future of the Hunger Games franchise. The same with, saw the same with Highlander.

AAA 遊戲空間和現場體驗對《疾速追殺》在電視上戲劇性的胃口非常大。觀眾對《飢餓遊戲》的興趣令人難以置信，我們對即將出版的這本書以及這對《飢餓遊戲》系列的未來意味著什麼感到非常興奮。與漢蘭達相同，與漢蘭達相同。

So we're going to continue to be super financially disciplined, but there will be an extra emphasis, not only in what we make, but in what we develop to make sure that we are aligned with creative production, with physical production, with marketing, with distribution and with our filmmakers to bring the right kinds of films to the market.

因此，我們將繼續在財務上嚴格遵守紀律，但我們將更加重視，不僅是我們製造的產品，而且是我們開發的產品，以確保我們與創意生產、實體生產和行銷保持一致，與發行和我們的電影製片人一起將合適類型的電影推向市場。

Okay. Understood. And then the decision to streamline the US workforce, can you help us think through how much of that is addressing?

好的。明白了。然後是精簡美國勞動力的決定，能否幫助我們思考其中解決了多少問題？

What sounds like maybe a little bit of a greater rationalization at TV versus you know, with anything going on at film or Starz, any help with how that flows through and which areas or even business functions particularly, you're seeing as an opportunity to run more efficiently. It would be helpful. Thank you.

聽起來，電視上的合理化可能比你知道的，電影或 Starz 中發生的任何事情，任何關於如何流動以及特別是哪些領域甚至業務功能的幫助，你都將其視為一個機會運行更有效率。這會有幫助的。謝謝。

Yeah, again, 8% just in our VRP. I think that's part of overall, right sizing our business when you have a trough in the business in the overall environment, when you have this disruption, I think we want to be as aligned with our shareholders as we can be. And I think this is an opportunity we have to be a little smarter about our business, be a little bit more efficient.

是的，再次強調，8% 就在我們的 VRP 中。我認為這是整體上正確調整我們業務規模的一部分，當你在整體環境中遇到業務低潮時，當你遇到這種幹擾時，我認為我們希望盡可能與我們的股東保持一致。我認為這是一個機會，我們必須對我們的業務更加明智，更有效率。

I would say that the nonfiction business is a little structured differently than most of our business. In the sense, you carry a fair amount of overhead which typically gets applied against lots of episode. And in this quarter, we actually didn't get two big orders that we expected.

我想說的是，非小說類業務的結構與我們大多數業務的結構略有不同。從某種意義上說，您承擔了相當多的開銷，這些開銷通常適用於大量劇集。而在這個季度，我們實際上沒有得到我們預期的兩個大訂單。

But overall, I think that this is an opportunity we have to, as I say, right size our business rethink about some of the ways we are structured and wait for the cycle to swing back to where we think it's going to swing back to.

但總的來說，我認為這是一個機會，正如我所說，我們必須調整我們的業務規模，重新思考我們的一些結構方式，並等待週期回到我們認為會回到的位置。

And update on E1. I mean, I think the trailing 12 month library revenue, Jimmy cited is that down your beer if you strip that out and maybe just give us an update on the path towards 60 million and whether or not we're continuing to see that or the broader TV pressure you're seeing is also affecting one as well. Thank you.

並更新E1。我的意思是，我認為吉米引用的過去12 個月的圖書館收入是，如果你把它去掉，也許只是給我們一個關於通往6000 萬的道路的最新信息，以及我們是否會繼續看到這一點或你所看到的更廣泛的電視壓力也會影響其中之一。謝謝。

Yeah, let me take the trailing 12 months first. Remember that while E1 certainly has been fully integrated and it is definitely helping our trailing 12 months library as we would have expected. Keep in mind in the prior comp, the prior year included Schitt's Creek, which was a fairly outsized, very nice amount in the prior trading 12 month comp.

是的，讓我先看看最近 12 個月的情況。請記住，雖然 E1 確實已經完全集成，但正如我們所期望的那樣，它肯定對我們過去 12 個月的庫有所幫助。請記住，在先前的比較中，前一年包括 Schitt's Creek，在之前的 12 個月交易比較中，這是一個相當大、非常好的金額。

So actually, we're up despite that and certainly E1 helps, but we're seeing very strong library sales, you know, Packer and his teams killing it. They've integrated completely the E1 we like this asset. It's a great asset, it's a great team over there we're tracking.

所以實際上，儘管如此，我們還是在進步，當然 E1 也有所幫助，但我們看到圖書館的銷售非常強勁，你知道，Packer 和他的團隊正在扼殺牠。他們完全整合了我們喜歡的 E1 資產。這是一筆巨大的財富，我們正在追蹤一支出色的團隊。

Well, we successfully integrated this completely into our business, both on TV side, from The Rookie to recruit yellow jackets and then obviously I spoke to the library sales so very happy with that.

好吧，我們成功地將其完全整合到我們的業務中，無論是在電視方面，從新秀到招募黃夾克，然後顯然我與圖書館銷售人員交談，對此非常滿意。

Yeah, this Jim, I would say one thing The Rookie is really proving to be a long term asset for us that is requiring a little bit of work to renegotiate. I think in our top 10 countries, we're redoing all the deals, but I think you'll start to see some real returns. We're already trending above my budget and I'm feeling very optimistic.

是的，這個吉姆，我想說一件事，新秀確實被證明是我們的長期資產，需要一些工作來重新談判。我認為在我們排名前 10 的國家/地區，我們正在重做所有交易，但我認為您將開始看到一些真正的回報。我們的趨勢已經超出了我的預算，我感到非常樂觀。

Thanks very much.

非常感謝。

Steven Cahall, Wells Fargo.

史蒂文卡霍爾，富國銀行。

Thank you. Maybe first, just Jeff, can you talk about how you saw churn perform in the quarter when you took the price increase? You know, was it in line with your expectation. And then as you look out next year, you know, what are you planning to display you do anything different as you enter this period of the separation?

謝謝。首先，傑夫，您能談談當您接受價格上漲時，您對本季客戶流失情況的看法嗎？你知道，這符合你的預期嗎？然後，當你展望明年時，你知道，當你進入這段分離時期時，你打算展示什麼不同的做法嗎？

You know, how are you feeling about the 200 million in EBITA. And can you grow off that, and also you know what is cash conversion of that EBITA look like? Because I think you'll look to delever I know that's a lot in their depth.

你知道，你對這 2 億的 EBITA 感覺如何。你能從中成長嗎？因為我認為你會向 deever 尋求幫助，我知道他們的深度很深。

And then on the TV side, just maybe this is a question for Kevin, but you know, Warner Brothers talked today about a lot of momentum that they're seeing in their TV production studio. So I do wonder if maybe some of the challenges aren't necessarily industrywide.

然後在電視方面，這也許是凱文的問題，但你知道，華納兄弟今天談到了他們在電視製作工作室中看到的許多動力。所以我確實想知道是否有些挑戰不一定是全行業的。

Do you worry that you're losing market share? You know, in, in Waterco originals in particular or what do you think you can do to increase the success rate at TV Production, especially as studio looks to separate? Thank you.

您是否擔心自己正在失去市場份額？您知道，特別是在 Waterco 原創作品中，或者您認為可以採取哪些措施來提高電視製作的成功率，尤其是在工作室尋求分離的情況下？謝謝。

Hi, Steven. It's Jeff. Thanks for the question. Look, I think as we talked about, we put a dollar rate increase into the business this quarter. I think the team did a phenomenal job of executing that with a lot of learning from last year's rate increase. So we came in right on actually, our expectation in terms of the downward pressure on the business in terms of subscribers.

嗨，史蒂文。是傑夫。謝謝你的提問。看，我認為正如我們所討論的，我們在本季度的業務中增加了美元利率。我認為該團隊在執行這項任務方面做得非常出色，從去年的升息中吸取了很多教訓。因此，我們實際上符合我們對訂戶業務面臨的下行壓力的預期。

you can see our ARPU does spike year over year and so we're actually seeing that start to flow through the business that we feel very good about that, Coming into the second half of the year, you know, when we bring Outlander back in about 20 days, then into raising canon with the film slate. I think we feel very good about healthy OTT growth in both the third and the fourth quarter.

你可以看到我們的 ARPU 確實逐年飆升，所以我們實際上看到它開始在業務中流動，我們對此感到非常滿意，進入下半年，你知道，當我們將 Outlander 重新引入時大約20天，然後就開始用電影石板來提高佳能。我認為我們對第三季和第四季 OTT 的健康成長感到非常滿意。

So we feel very good about the 200 million to finish this year. Heading into, you know, post separation, I think there's a lot of opportunity for us to build back our library and start to actually put some owner economics on the business. I do feel good about that 200 billion as kind of a baseline for the business in the next couple of years.

所以我們對今年完成2億的目標感到非常滿意。你知道，在分開後，我認為我們有很多機會重建我們的圖書館，並開始真正將一些所有者經濟學融入業務中。我確實對這 2000 億美元作為未來幾年業務的基準感到滿意。

But I do also think that you'll start to see as we normalize out of the strike in the COVID period and our cash payments start to really align again with our amortization schedule, you'll start to see higher conversion of unlevered, free cash flow against the 200 million. So I'd expect that to be somewhere in the 70% range as we move forward.

但我也確實認為，隨著我們從新冠疫情期間的罷工中恢復正常，並且我們的現金支付開始真正與我們的攤銷時間表保持一致，您將開始看到無槓桿、自由現金的更高轉化率流量逆襲2億。因此，隨著我們的推進，我預計該比例將在 70% 的範圍內。

There is a little tail at the end of this year from some of the international shutdowns that is still pushing that free cash flow conversion a little down. But we'll work through that and get to a really good state of free, unlevered, free cash flow conversion against the 200 million.

今年底，一些國際停工帶來的影響仍在推動自由現金流轉換略有下降。但我們會解決這個問題，並達到一個真正良好的狀態，即針對 2 億美元的自由、無槓桿、自由現金流轉換。

And to your other question, I think as the business continues to have been a very disruptive period and what we're seeing, you know, in DC, I think it gives a lot of opportunity for us to do things that really help focus our business and help grow our business.

至於你的另一個問題，我認為，隨著業務繼續處於一個非常顛覆性的時期，以及我們在華盛頓所看到的情況，我認為這為我們提供了很多機會去做真正有助於集中精力的事情。

Just to it's Kevin speaking just to follow on the questions about the overall scripted and TV market. I was really encouraged by the comments that we read today from Warner Discovery and we're certainly seeing lots of green shoots in the development side. Jon touched on it in his opening remarks, but we're over 45 projects sold in new developments since the end of the strike.

凱文發言只是為了跟進整個劇本和電視市場的問題。今天我們從華納探索頻道讀到的評論讓我深受鼓舞，我們確實看到了開發方面的許多萌芽。Jon 在他的開場白中提到了這一點，但自罷工結束以來，我們已經售出超過 45 個新開發項目。

That cadence seems to be increasing and we're moving some of those toward conversion, which is really important to get from development into production. With two big players destabilized paramount until the Skydance deal concludes, Warner who has been struggling, but it looks like they're turning a corner.

這種節奏似乎正在加快，我們正在將其中一些轉向轉換，這對於從開發到生產非常重要。在 Skydance 交易結束之前，兩大巨頭的穩定至關重要，華納一直在苦苦掙扎，但看起來他們正在扭轉局面。

You know, these are key buyers for us and as they resolve and move into more stability, that's great for us. But we're not waiting around for that. We're finding new buyers, we touched on it, you know, USA is back inscripted, we're there MGM.

你知道，這些是我們的關鍵買家，隨著他們決心並變得更加穩定，這對我們來說是件好事。但我們不會等待這一點。我們正在尋找新的買家，我們談到了這一點，你知道，美國回來了，我們在那裡米高梅。

Plus we have a big series of Robin Hood. There, we've got originals through our Canadian subsidiary at Hallmark Plus we're out there beating the bushes every day to find new buyers. Our longterm partnership with Starz is stronger than ever. We have three distinct franchises, the most powerful of which, pardon the pun is Power and the Power Verse.

另外，我們還有羅賓漢的大系列。在那裡，我們透過加拿大子公司 Hallmark Plus 獲得了原創產品，我們每天都在尋找新買家。我們與 Starz 的長期合作關係比以往任何時候都更加牢固。我們有三個不同的特許經營權，其中最強大的，請原諒雙關語是《權力》和《權力詩篇》。

But right behind it, our is the BMF franchise and we're into a fantastic first season of production on Spartacus, which is moving into postproduction right now. We have really high hopes around it and what that's going to do for the partnership for years to come.

但緊隨其後的是 BMF 特許經營權，我們正在製作《斯巴達克斯》的精彩第一季，目前正在進入後期製作。我們對此寄予厚望，也對未來幾年的合作關係抱持著很高的期望。

And Jim touched on the rookie, which you know is one of the key drivers behind the E1 acquisition. The rookie from an originals perspective and a strong current department getting renewals is really important. We had a short a strike shortened first season. We have a full season of season seven that we're in the middle of making.

Jim 談到了新秀，你知道這是 E1 收購背後的關鍵驅動因素之一。從原創者的角度來看，新秀和強大的現有部門獲得續約非常重要。我們第一個賽季有一次短暫的罷工。我們正在製作第七季的完整季。

We're in discussions about spinning it off and we renewed and made a an overall deal with the talented showrunner creator behind the rookie Alexie Holly, which has led to other development all around town in addition to his strong work on the recruit, which will primer sometime in early '25 on Netflix.

我們正在討論將其分拆的事宜，我們與新秀亞歷克西·霍利背後的才華橫溢的劇集製作人創作者續訂並達成了一項全面協議，除了他在新人方面的出色工作外，這也導致了整個城鎮的其他發展，這將25 年初的某個時候在 Netflix 上的入門讀物。

So all those things we're leaning into in addition to our own IP twilight, Jon touched on John Wick, moving into television. These are all things we're excited about and feel that we're quite competitive in the premium space.

因此，除了我們自己的 IP 暮光之城之外，我們正在關注的所有這些事情，喬恩談到了《疾速追殺》，進入了電視領域。這些都是我們感到興奮的事情，並認為我們在高端領域具有相當的競爭力。

Thank you.

謝謝。

Operator, could we get the next question, please.

接線員，我們可以回答下一個問題嗎？

Barton Crockett, Rosenblatt.

巴頓·克羅克特，羅森布拉特。

Okay, great. Yeah, thank you. A couple of questions if I can. One is just on this market correction and TV production to kind of understand a little bit better. What happened and how you see this resolving. You know, if I understood it going, one of the issues like a year plus ago coming out of the pandemic was really supply driven, right. We weren't able to make shows and that kind of depressed results for a little bit.

好的，太好了。是的，謝謝。如果可以的話，請教幾個問題。一是對這個市場調整和電視製作有更好的了解。發生了什麼以及您如何看待這個問題的解決。你知道，如果我理解的話，一年多前的大流行中出現的問題之一確實是供應驅動的，對吧。我們無法進行演出，結果有點令人沮喪。

And then, but now we're talking about a demand driven kind of dynamic that there's not enough demand for shows, although maybe that's resolving now. But these networks are still operating, they still need content.

然後，但現在我們談論的是一種需求驅動的動態，即對演出的需求不足，儘管現在也許這個問題正在解決。但這些網路仍在運營，它們仍然需要內容。

So how is it that they're not buying shows? But they're still putting content on air? Is that making stuff inhouse just rerunning stuff longer, buying from other suppliers. And what was really behind that if you can elaborate I'd be curious, that's one question.

那為什麼他們不買節目呢？但他們仍然在播出內容？是不是讓內部的東西重新運行時間更長，從其他供應商購買。如果您能詳細說明的話，我很好奇這背後的真正原因是什麼，這是一個問題。

And then on a separate note, just I I know that you guys were under -- as part of the separation, you need to rates some new financing at Starz to replace some of the debt that's moved over to the studio from Starz? And I just wonder if you could elaborate on what's happening with that process just given, you know, some of the volatility in markets generally and some of the concerns around Starz, just how you're progressing with that.

另外，我知道，作為分拆的一部分，你們需要對 Starz 的一些新融資進行評級，以取代從 Starz 轉移到工作室的部分債務？我只是想知道您是否可以詳細說明剛剛給出的該流程中發生的情況，您知道，市場普遍存在的一些波動以及圍繞 Starz 的一些擔憂，以及您在這方面的進展情況。

Kevin. I'll jump into part one. Yes, the demand is there, but the financial constraints go along with it. So from an originals' perspective, what you're finding is orders that maybe get shortened instead of 22 at 16 or 8 instead of 10 making those dollars go further. Or can you do that same show for a lot less and take it to a less expensive production location or one with generous tax subsidies.

凱文.我將跳入第一部分。是的，需求是存在的，但財務限制也隨之而來。因此，從原創者的角度來看，您會發現訂單可能會被縮短，而不是 22 個 16 或 8 個而不是 10 個，從而使這些美元走得更遠。或者你可以花更少的錢做同樣的節目，然後把它帶到一個更便宜的製作地點或一個有慷慨稅收補貼的地方。

You know, every potential angle is on the table. You know, we're shooting here in Los Angeles, we're shooting all over the world. We're looking for advantages, the shows that we have the franchises I touched on together with Starz. We're always looking to see if we can bring the ultimate net price downward to give Jeff and his team more flexibility.

你知道，每一個潛在的角度都在桌面上。你知道，我們在洛杉磯拍攝，我們在世界各地拍攝。我們正在尋找優勢，這表明我們擁有我與 Starz 一起談論的特許經營權。我們一直在尋找是否可以降低最終淨價，以便為傑夫和他的團隊提供更大的靈活性。

The good news is that when they move into the library world, we have a vast library which Jim can speak to because that often becomes an alternative to original is buying library which is a little more predictable and less expensive than an original.

好消息是，當他們進入圖書館世界時，我們有一個巨大的圖書館，吉姆可以與之交談，因為這通常成為購買原始圖書館的替代方案，它比原始圖書館更可預測，而且更便宜。

So either way we want to be a programming solution to our network and platform partners to the extent that we can make that as many originals as possible. Drive revenue earnings and build library is our first choice, but we have to be flexible and kind of go with the market.

因此，無論哪種方式，我們都希望成為我們的網路和平台合作夥伴的程式設計解決方案，以便我們能夠製作盡可能多的原創作品。提高收入和建立圖書館是我們的首選，但我們必須保持靈活性並順應市場。

And Barton with regards to part two of your question, with respect to our financings, we're in the process, we're very confident we're layering in two very good capital structures here. You've seen us execute on the bonds which are in place at both Starz as well as the studio layered in a billion dollars of IP facilities that we just completed.

巴頓，關於你問題的第二部分，關於我們的融資，我們正在這個過程中，我們非常有信心我們在這裡建立兩個非常好的資本結構。您已經看到我們執行了 Starz 以及我們剛剛完成的價值 10 億美元的 IP 設施中的工作室的債券。

We were oversubscribed, travels with the studio, great pricing. We're in a process right now with Starz on the term loan, a having very good conversations with our banks and I'm very confident about closing that out as well. And on the studio side, we'll lay in their traditional borrowing base facility and all of this will happen in the next several weeks. It will have teed up for funding and separation.

我們被超額認購，與工作室一起旅行，價格優惠。我們現在正在與 Starz 就定期貸款進行協商，並與我們的銀行進行了很好的對話，我也非常有信心完成這項工作。在工作室方面，我們將使用他們傳統的借用基礎設施，所有這些都將在接下來的幾週內發生。它將準備好資金和分離。

Okay, great. Thank you.

好的，太好了。謝謝。

Thanks Borton. Operator, could we get the next question, please?

謝謝博頓。接線員，我們可以回答下一個問題嗎？

David Joyce, Seaport, Research Partners.

大衛喬伊斯，海港，研究夥伴。

Thank you. I had a bigger picture, strategic question. If I could get your thoughts, you and Jon and Michael on this. With Comcast, looking at strategic alternatives or, you know, separating out of cable networks. And now we've had a, there's a pending change administration in DC.

謝謝。我有一個更大的願景、策略問題。如果我能了解你、喬恩和麥可對此的看法。與康卡斯特一起，尋找戰略替代方案，或者，你知道，從有線網絡中分離出來。現在我們在華盛頓特區有一個待定的變更管理。

I was just wondering what your views are on consolidation in the industry. What could make sense going forward, especially in light of you soon having the studios and Starz as separate entities. Thanks.

我只是想知道您對行業整合有何看法。未來有何意義，尤其是考慮到你們很快就會將工作室和 Starz 作為獨立的實體。謝謝。

Yeah, thank you, David. Well, to start with, obviously, the key rationale for separating the businesses is to allow each of them to prosper in its own, in their own space and focus on their core business and give them optionality. I think it's obvious there's huge dislocation about to happen in the business.

是的，謝謝你，大衛。好吧，首先，顯然，分離業務的關鍵理由是讓每個業務在自己的空間中繁榮發展，專注於自己的核心業務並給予他們選擇權。我認為很明顯，該行業即將發生巨大的混亂。

I think certainly some people are going to start questioning whether this idea of vertical integration really works. Whether taking away the natural tension between buyer and seller is really the best way to allocate resources.

我想肯定有人會開始質疑這種垂直整合的想法是否真的有效。消除買賣雙方之間天然的緊張關係是否真的是資源分配的最佳方式。

But for sure, there's going to be a lot of movement of pieces, I believe out of these conglomerates. And I think after the dislocation, there's going to be a lot of relocation. And so what I would say in general after our separation is there's going to be a lot of optionality flexibility.

但可以肯定的是，我相信這些企業集團將會有大量的業務變動。我認為錯位之後，將會有很多的搬遷。因此，總的來說，在我們分居之後，我想說的是，將會有許多選擇的靈活性。

And I would say within the conversations that I think will be going on M&A and strategic change. I would say if you ask me, will both of the sides of our business be involved in those conversations? And I would say, I think that's extremely likely.

我想說，在談話中，我認為將會併購和策略變革。我想說，如果你問我，我們業務的雙方都會參與這些對話嗎？我想說，我認為這是極有可能的。

All right. Thank you very much.

好的。非常感謝。

Thanks David Operator. Could we get the next question please?

謝謝大衛接線生。我們可以回答下一個問題嗎？

Brent Penter, Raymond James.

布倫特·彭特，雷蒙德‧詹姆斯。

Hey, everyone. Thanks for taking the question. I saw reports on a delay with the Michael film. So just curious where you are in the process on that film and it would be good to get updates on the other big tent poles for next year, Ballerina and Now You See Me. And then any thoughts on how that delay maybe affects the rest of the theatrical slate for next year?

嘿，大家。感謝您提出問題。我看到有關邁克爾電影推遲的報導。所以只是好奇你在這部電影的製作過程中處於什麼階段，如果能獲得明年其他大片《芭蕾舞女演員》和《驚天魔盜團》的最新消息，那就太好了。那麼對於這種延遲可能如何影響明年的其餘戲劇名單有什麼想法嗎？

Yeah, it's Adam, thanks for the question. We have obviously poured through all of the dailies on Michael and they are extraordinary, but we have yet to see a first cut of the film. It was always the most hyperaggressive possible target for April.

是的，我是亞當，謝謝你的提問。顯然，我們已經瀏覽了有關邁克爾的所有樣片，它們都非常出色，但我們還沒有看到這部電影的第一版。這始終是四月最激進的目標。

But we wanted to claim the space if in fact, we were going to be ready for it because there's been a lot of interest on the large formats of having that movie, but we were never going to race that movie to have it come out before it's ready.

但我們想要佔據這個空間，如果事實上我們要做好準備的話，因為人們對那部電影的大格式很感興趣，但我們從來不會與那部電影競爭以使其在之前上映準備好了。

The truth is is that our filmmaking team has had extraordinary success with Bohemian Rhapsody in that late fall corridor. And given the quality of the movie and what everyone sees as the financial opportunity of that movie, it just made perfect sense to slot it into that corridor have the opportunity to use all of the summer for trailer play.

事實上，我們的電影製作團隊在深秋的走廊上拍攝的《波西米亞狂想曲》取得了非凡的成功。考慮到這部電影的品質以及每個人都認為這部電影的經濟機會，將其放入走廊是非常有意義的，有機會利用整個夏天來播放預告片。

We just could not be more excited in what that opportunity is going to be and we expect in the next few weeks, we'll start to actually see early cuts of the film. Ballerina had an extraordinary trailer launch. I think the audience was incredibly excited to see what felt like a real John Wick companion movie.

我們對這個機會感到非常興奮，我們預計在接下來的幾週內，我們將開始真正看到電影的早期剪輯。《芭蕾舞女演員》推出了一場非凡的預告片。我認為觀眾對於看到一部真正的《疾速追殺》姊妹篇電影感到非常興奮。

And getting to see Keanu joining Ata in that movie sparked a lot of enthusiasm and the early response in terms of the number of views and in terms of early tracking on that movie are encouraging and that movie we fully expect we'll stick to the June corridor and the screenings of the movie after we did some enhancements have been very, very encouraging as well.

看到基努和阿塔一起出演那部電影引發了很大的熱情，並且在觀看次數和對該電影的早期跟踪方面的早期反應令人鼓舞，我們完全希望這部電影能夠堅持到六月在我們做了一些改進之後，走廊和電影的放映也非常非常令人鼓舞。

And we just wrapped production on time and slightly under budget on Now You See Me. Ruben Fleischer, another a plus extraordinary director did a tremendous job. I was just at the American film market that's in Las Vegas this year and had a chance to show our partners the footage that we have crafted from that film.

我們剛剛按時完成了《驚天魔盜團》的製作，預算略低於預算。另一位出色的導演魯本·弗萊舍（Ruben Fleischer）做了出色的工作。今年我剛剛去了拉斯維加斯的美國電影市場，有機會向我們的合作夥伴展示我們根據該電影製作的鏡頭。

And there was immense excitement and enthusiasm and that is already dated for November. So the slate is, the slate is coming together, we also dated good fortune in the October Corridor. And I will tell you that that movie has screened absolutely extraordinarily well.

大家都非常興奮和熱情，這已經是 11 月的事了。所以石板是，石板正在聚集在一起，我們也在十月走廊約會了好運。我會告訴你，那部電影的放映絕對非常好。

Also a very easy recruit for that movie, people are really excited to see what Keanu and Aziz and Seth together have done. So we are very much looking forward to what next year has to offer.

這也是這部電影的一個非常容易的招募對象，人們真的很高興看到基努、阿齊茲和塞斯一起所做的事情。因此，我們非常期待明年的活動。

Great. And then on the AI partnership with runway, can you just talk a little bit about how that came about and who initiated it and what tangible benefits you expect? And then what's been the feedback so far from the creative community?

偉大的。關於與 Runway 的人工智慧合作，您能否簡單談談這是如何發生的、是誰發起的以及您期望獲得哪些切實的好處？那麼到目前為止創意界的回饋是什麼呢？

It started with us doing a lot of due diligence in the world of AI and we very much sparked to runway as they did to us. And I guess if I were going to paraphrase Winky, we think our partnership with them is going to propel us to where the puck is headed as opposed to where it is.

首先我們在人工智慧領域進行了大量的盡職調查，我們就像他們對我們所做的那樣，很快就進入了跑道。我想如果我要解釋 Winky 的話，我們認為我們與他們的合作將推動我們到達冰球前進的方向，而不是它現在的位置。

So we're excited about what we're doing together. We're not talking a lot about it, but we've made a few public comments about it. But we think this is very much going to enhance filmmaking and become an incredible tool for the community.

所以我們對我們一起做的事情感到興奮。我們並沒有對此進行太多討論，但我們對此發表了一些公開評論。但我們認為這將極大地提高電影製作水平，並成為社區的一個令人難以置信的工具。

And this is Adam, I would just add on to say that I think there were some questions when it was first reported. But I think once we clarified for our filmmaking partners, for our talent partners, exactly what this was, how it would be used, what it is and what it isn't. We've had great support and our filmmakers are using it already.

這是亞當，我想補充一點，我認為首次報道時存在一些問題。但我認為，一旦我們向我們的電影製作夥伴、我們的人才合作夥伴澄清這到底是什麼、它將如何使用、它是什麼和它不是什麼。我們得到了大力支持，我們的電影製作人已經在使用它。

Great. Thanks everyone.

偉大的。謝謝大家。

Thanks, Brent operator. Could we get the next question, please?

謝謝，布倫特運營商。我們可以回答下一個問題嗎？

Patrick Sholl, Barrington Research.

派崔克‧肖爾，巴靈頓研究中心。

Hi, thank you. On the theatrical releases, I was wondering if the, you know how the performance in the quarter is kind of causing it, maybe a reevaluation, like how you pursue your marketing efforts? I understand like efficiencies and that is very important. I was wondering if it's, you know, more difficult to break through in the current environment and just what sort of reevaluation you guys are undertaking?

你好，謝謝。關於戲院上映，我想知道您是否知道本季的表現是如何造成的，也許是重新評估，就像您如何進行行銷工作一樣？我了解效率，這非常重要。我想知道在目前的環境下是否更難突破，你們正在進行什麼樣的重新評估？

Yeah, thanks for the question. I think, the reevaluation has more to do with what movies we decide to make and at what prices rather than rethinking marketing. The truth is when you look at the non 10 polls that have succeeded over the course of the last quarter, there is no real correlation that you could identify between how much money was being spent and what the results were.

是的，謝謝你的提問。我認為，重新評估更多是與我們決定製作什麼電影以及以什麼價格有關，而不是重新考慮行銷。事實是，當你查看上個季度中成功進行的非 10 項民意調查時，你會發現花費的資金與結果之間並沒有真正的相關性。

Terrier, did a ton of business with a sub million dollar P&A spend long legs did a tremendous business on a very modest spend and a bunch of movies that spent significantly more than we tend to spend in similar genres, performed at a disappointing level.

《泰瑞爾》（Terrier）以低於百萬美元的P&A 支出做了很多生意，《長腿》以非常有限的支出做了一筆巨大的生意，而一堆電影的支出遠高於我們在類似類型上的支出，但表現卻令人失望。

So I think making movies that can be creatively great, but that also carry with them a marketing proposition with filmmakers and talent that will force the audience to pay attention. It'll never force an audience to see something they don't want to see.

因此，我認為製作具有出色創意的電影，同時也需要與電影製片人和人才一起提出行銷主張，從而迫使觀眾注意。它永遠不會強迫觀眾看到他們不想看到的東西。

But making sure that you're greenlighting movies that the audience will have to focus on and pay attention to and make a conscious choice about. I think what has happened here is to narrow the funnel that is going to ultimately determine what gets through but not radically change how we're doing our business.

但要確保你批准的電影是觀眾必須關注、關注並做出有意識的選擇的。我認為這裡發生的事情是縮小漏斗，最終決定什麼可以通過，但不會從根本上改變我們開展業務的方式。

Okay, thank you.

好的，謝謝。

Thanks everyone. Please refer to the press releases and events tab under the investor relations section of our company's website for a discussion of certain non-GAAP forward-looking measures discussed on this call. Thank you.

謝謝大家。請參閱我們公司網站投資者關係部分下的新聞稿和活動選項卡，以了解本次電話會議中討論的某些非公認會計準則前瞻性措施的討論。謝謝。

Ladies and gentlemen. The conference has now concluded. We do thank you for attending today's presentation. You may now disconnect your lines.

女士們，先生們。會議現已結束。我們非常感謝您參加今天的演講。現在您可以斷開線路。