Starz Entertainment Corp. (STRZ) 2026 Q1 法說會逐字稿

Good day, and welcome to the Starz first-quarter 2026 earnings conference call. (Operator Instructions) Please note this event is being recorded.

各位好，歡迎參加 Starz 2026 年第一季財報電話會議。（接線員指示）請注意，本活動將被錄音。

I would now like to turn the conference over to Nilay Shah, Investor Relations.

現在我想將會議交給投資人關係部的 Nilay Shah。

Good afternoon. Thank you for joining us for Starz Entertainment's first-quarter 2026 earnings call. We'll begin with opening remarks from our President and CEO, Jeffrey Hirsch; followed by remarks from our CFO, Scott MacDonald. Also joining us on the call today is Alison Hoffman, President of Starz Networks.

各位下午好。感謝各位參加 Starz Entertainment 2026 年第一季財報電話會議。我們將先由總裁暨執行長 Jeffrey Hirsch 發表開場致詞；接著由財務長 Scott MacDonald 發表談話。今天同時在線的還有 Starz Networks 總裁 Alison Hoffman。

After our opening remarks, we'll open the call for questions.

在開場致詞之後，我們將開放提問。

The matters discussed on this call include forward-looking statements, including those regarding expected future performance. Such statements are subject to a 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 most recently filed 10-KT for Starz Entertainment Corp.

本次電話會議所討論事項包含前瞻性陳述，包括對預期未來表現的相關陳述。此類陳述受多項風險與不確定性影響。由於各種因素，實際結果可能與前瞻性陳述所描述者存在重大且不利的差異。其中包括我們最近提交之 Starz Entertainment Corp. 10-KT 中所列的風險因素。

Starz undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect any future events or circumstances.

Starz 不承擔公開發布對上述前瞻性陳述所作任何修訂結果之義務，即使該等修訂係為反映任何未來事件或情況。

The matters discussed today will also include non-GAAP measures. The reconciliation for these and additional required information is available in the 8-K we filed this afternoon, which is available on the Starz Investor Relations website at investors.starz.com.

今天討論的事項亦將包含非 GAAP 指標。相關對帳表及其他必要資訊已載於我們今天下午提交的 8-K 中，可於 Starz 投資人關係網站 investors.starz.com 取得。

I'll now turn the call over to Jeff.

現在我把電話交給 Jeff。

Thank you, Nilay, and thank you all for joining us. Today marks the one-year anniversary of our separation. The Starz of today is structurally stronger than the business was when we separated a year ago.

謝謝你，Nilay，也謝謝各位加入我們。今天是我們分拆滿一週年。如今的 Starz 在結構上比一年前分拆時更為強健。

Over the last 12 months, we've made significant strides in setting the business up for long-term value creation. We have been laser-focused on achieving our financial goals of increasing margins to 20%, converting 70% of adjusted OIBDA to unlevered free cash flow and delevering to 2.5 times as quickly as possible.

過去 12 個月，我們在為長期價值創造奠定基礎方面取得重大進展。我們高度聚焦於達成財務目標：將利潤率提升至 20%、將調整後 OIBDA 的 70% 轉換為無槓桿自由現金流，並盡快將槓桿比降至 2.5 倍。

I'm happy to report in our first year, we have met or exceeded all our key financial targets, created a new licensing revenue stream by restructuring the Canadian business, started to rebuild our content library through ownership, announced our first co-commission partner, helping to improve unit economics of our originals, the aged our slate while expanding our most popular franchises.

我很高興報告，在第一年我們已達成或超越所有關鍵財務目標；透過重整加拿大業務創造新的授權收入來源；透過持有權開始重建內容片庫；宣布我們第一個共同委製（co-commission）合作夥伴，協助改善原創內容的單位經濟；並在擴大最受歡迎的系列作品之際，讓我們的內容排程更趨成熟。

And overall, we have unwound many of the constraints of operating within a studio structure. As I outlined on the last call, calendar '26 will serve as a financial inflection point for the business. Cash flow timing is now closer aligned with industry norms.

整體而言，我們已解除許多在片廠架構內營運的限制。如我在上次電話會議所述，2026 年曆年將成為公司財務的拐點。現金流時點如今更貼近產業常態。

Adjusted OIBDA is becoming more predictable and consistent, and we are managing the business against the metrics that matter most: OTT revenue growth, adjusted OIBDA, free cash flow and delevering.

調整後 OIBDA 正變得更可預測且更一致，而我們也以最重要的指標來管理業務：OTT 收入成長、調整後 OIBDA、自由現金流以及去槓桿。

We are off to a great start in calendar '26. We had a strong first quarter, meeting or exceeding all financial guides, which Scott will discuss in more detail. Our structural work is showing up directly in the numbers, and our content continues to perform.

我們在 2026 年曆年開局表現強勁。第一季表現亮眼，達成或超越所有財測指引，Scott 將會更詳細說明。我們的結構性調整已直接反映在數字上，而我們的內容表現也持續強勢。

The finale of Power Book IV: Force started the quarter off strong. The premier Season 8 of Outlander achieved a four-year series high in its Premier Week. And just after the quarter, we released -- the Housemaid and it quickly set records as our best-performing Pay 1 film in both acquisition and streaming viewership. I expect this momentum will continue through the year.

《Power Book IV: Force》大結局讓本季一開始就表現強勁。《Outlander》第 8 季首播週創下該劇四年來最高表現。並且在季後不久，我們推出《The Housemaid》，迅速刷新紀錄，成為我們在收購表現與串流觀看人次方面表現最佳的 Pay 1 電影。我預期這股動能將延續至全年。

We have one of the strongest content slates ahead with our proven hit series, Raising Kanan, Outlander: Blood of my Blood and P-Valley, supported by the upcoming MICHAEL biopic. Congratulations to John and the Lionsgate team for the great box office performance. It will further strengthen our already robust schedule this year.

我們接下來擁有最強內容排程之一，包括已驗證的熱門影集《Raising Kanan》、《Outlander: Blood of my Blood》與《P-Valley》，並由即將推出的《MICHAEL》傳記片加持。恭喜 John 與 Lionsgate 團隊在票房上的優異表現，這將進一步強化我們今年本就相當扎實的排程。

In addition to our lineup of returning series, we announced this week that our first Starz owned original Fightland, will premiere in just a few months on July 31. If you recall from the last quarter, we also announced Sky as the co-commission partner on Fightland, driving even more upside to the already favorable unit economics.

除了回歸影集陣容外，我們本週也宣布，首部由 Starz 擁有的原創作品《Fightland》將在幾個月後、7 月 31 日首播。若各位還記得上季，我們也宣布 Sky 成為《Fightland》的共同委製合作夥伴，為本就有利的單位經濟帶來更多上行空間。

We also continue to make advances in our ownership strategy beyond Fightland with the recently announced greenlight of another Starz owned original, the untitled Black Rodeo show. This family drama is set inside the thriving world of the Black Rodeo in Texas and production is set to begin this fall. This is another example of us continuing to build out our content library through ownership, which I remind you, allows us to control the cost from inception and globally monetize our IP.

除《Fightland》外，我們在持有權策略上也持續推進，近期宣布核准製作另一部由 Starz 擁有的原創作品——尚未定名的《Black Rodeo》影集。這部家庭劇以德州蓬勃發展的黑人牛仔競技（Black Rodeo）世界為背景，預計今年秋季開始製作。這再次展現我們透過持有權持續擴充內容片庫；我也提醒各位，持有權讓我們能從一開始就控制成本，並在全球範圍內將我們的 IP 變現。

As we have continued to highlight, rightsizing the content cost structure of the business has been paramount to reaching our stated goal of 20% margin. Today, we are announcing that we have exited our Pay-Two agreement with Universal. The Universal titles, which we originally planned to air through calendar '28 are incredibly popular and bring with them tremendous box office strength.

如我們持續強調，將公司內容成本結構調整至適當規模，是達成我們所述 20% 利潤率目標的關鍵。今天我們宣布，已退出與 Universal 的 Pay-Two 協議。Universal 的片單原本規劃播映至 2028 年曆年，這些作品極受歡迎，且具備強勁的票房實力。

However, due to the high subscriber overlap between Amazon and Starz, these titles are heavily watched before they come to us in the Pay-Two window. This unique dynamic with Amazon has resulted in lower viewership than we originally projected.

然而，由於 Amazon 與 Starz 的訂戶重疊度很高，這些作品在進入我們的 Pay-Two 檔期之前就已被大量觀看。這種與 Amazon 之間的獨特動態，導致其在我們平台上的收視低於原先預期。

In order to replace the revenue component of the Pay-Two, we will reinvest and acquire high-performing titles at superior economics. As a result, I'm pleased to announce that our outlook for reaching 20% margin has moved 12 months forward to the back half of 2027 instead of exiting 2028. We are thankful to our partners at Universal for working with us to find a mutually beneficial solution.

為了替代 Pay-Two 的收入組成，我們將再投資並以更優的經濟條件收購高表現片名。因此，我很高興宣布，我們達成 20% 利潤率的展望已提前 12 個月，將在 2027 年下半年達成，而非到 2028 年底。我們也感謝 Universal 的合作夥伴與我們共同努力，找到對雙方皆有利的解決方案。

We continue to see two paths for value creation for the Starz business. First, our focus has been growing the core business to achieve the 20% margin guide. Second, we believe there's an additional path to growth through potential M&A opportunities. Our approach to M&A remains disciplined. Any strategic initiative must be complementary and additive to our core audience, must fit within an acceptable leverage parameter and create clear and identifiable value for our shareholders.

我們持續看到 Starz 業務有兩條價值創造路徑。第一，我們聚焦於成長核心業務，以達成 20% 利潤率指引。第二，我們相信透過潛在的併購（M&A）機會，還有額外的成長路徑。我們對併購的做法仍維持紀律。任何策略性行動都必須與我們的核心受眾互補並具加乘效果，必須符合可接受的槓桿參數，並為股東創造清楚且可辨識的價值。

But given the strength and the profitability of our core business, we do not need M&A to maximize shareholder value.

但鑑於我們核心業務的強勁與獲利能力，我們不需要透過併購來最大化股東價值。

Before I turn it over to Scott, I would like to reiterate how excited I am about the growth of our business going forward. The free cash flow conversion is materializing. We are advancing ownership of our content library. We've rightsized the overall content portfolio, and we are anticipating continued rapid delevering.

在我把電話交給 Scott 之前，我想再次強調，我對未來業務成長感到非常振奮。自由現金流轉換正在成形。我們正推進內容片庫的持有權。我們已將整體內容組合調整至適當規模，並預期去槓桿將持續快速進行。

Starz remains focused and committed to executing on our growth strategies. We said calendar '26 would be an important year in showcasing what the business will look like as a stand-alone. The first quarter serves as evidence of just that.

Starz 仍專注並致力於執行我們的成長策略。我們曾表示 2026 年曆年將是展現公司作為獨立公司樣貌的重要一年。第一季正是最好的證明。

Now let me hand it over to Scott to take you through the financial details.

現在讓我把電話交給 Scott，帶各位了解財務細節。

Thank you, Jeff, and good afternoon, everyone. I'm pleased to report that Q1 2026 was a strong quarter financially, and we delivered on or ahead of our key guidance metrics.

謝謝你，Jeff，各位下午好。我很高興報告，2026 年第一季在財務上表現強勁，我們在關鍵指引指標上達成或優於預期。

Before I get into the financial details, I want to remind everyone that we are focused on four metrics going forward: OTT revenue growth, adjusted OIBDA, free cash flow and leverage. The decision to deemphasize subscriber counts is already being validated as pricing discipline and a focus on higher lifetime value customers are proving more valuable than maximizing quarter end subscribers.

在進入財務細節之前，我想提醒各位，我們未來將聚焦四項指標：OTT 收入成長、調整後 OIBDA、自由現金流與槓桿。淡化訂戶數的決策已獲得驗證，因為價格紀律與聚焦於終身價值較高的客戶，已證明比最大化季末訂戶數更有價值。

Let me start with revenue. OTT revenue in Q1 was $211 million, up from $210 million in Q4 2025. Total revenue in Q1 was $307 million, down from $323 million in Q4 2025. This sequential decline primarily reflects the timing of Canadian licensing revenue. The sequential growth in OTT revenue is an important benchmark, and it was driven by exactly what we set out to do, pricing discipline on both the acquisition and retention side, fewer low-priced entry offers, more annual and multi-month plans.

我先從營收談起。第一季 OTT 營收為 2.11 億美元，高於 2025 年第四季的 2.10 億美元。第一季總營收為 3.07 億美元，低於 2025 年第四季的 3.23 億美元。此一環比下滑主要反映加拿大授權收入的認列時點。OTT 營收的環比成長是一項重要基準，而其成長正是由我們所設定的策略所驅動：在拉新與留存兩端維持價格紀律、減少低價入門優惠、增加年度與多月方案。

This is deliberate and is improving the health of the business. While we are not disclosing ARPU directly, ARPU did grow on a sequential basis in the period. We expect ARPU to continue to build through 2026 as promotional customers convert to higher retail rates.

這是刻意為之，並正在改善業務體質。雖然我們不直接揭露 ARPU，但本期 ARPU 確實呈現環比成長。我們預期 ARPU 將在 2026 年持續提升，因為促銷客戶將轉換至較高的零售費率。

In addition, we recently announced a price increase to $11.99, which will flow through the subscriber base starting in Q2. We continue to forecast positive OTT revenue growth in 2026 versus 2025 and are already ahead of where we expected to be at this stage of the year.

此外，我們最近宣布將價格調升至 11.99 美元，該調整將自第二季起逐步反映至訂戶基礎。我們仍預期 2026 年相較 2025 年的 OTT 營收將呈現正成長，而且就今年此時點而言，我們的進度已領先原先預期。

Moving on to adjusted OIBDA. We delivered $58 million of adjusted OIBDA in Q1 2026, up sequentially from Q4 2025 due primarily to lower advertising and G&A expenses. On a year-over-year basis, adjusted OIBDA was down due to lower revenue and higher content amortization, offset by favorable advertising and marketing expenses.

接著談調整後 OIBDA。我們在 2026 年第一季達成 5,800 萬美元的調整後 OIBDA，較 2025 年第四季呈現季增，主要因廣告與一般及行政（G&A）費用較低。以年對年來看，調整後 OIBDA 因營收較低與內容攤銷較高而下滑，但部分被有利的廣告與行銷費用所抵銷。

Importantly, adjusted OIBDA came in ahead of our internal plan, which gives us confidence in our full year guidance of low single-digit adjusted OIBDA growth.

重要的是，調整後 OIBDA 優於我們的內部計畫，這讓我們對全年「調整後 OIBDA 低個位數成長」的指引更具信心。

We also expect our quarterly adjusted OIBDA cadence to be more consistent in 2026 relative to 2025. In Q1, as part of our efforts to rightsize our content cost structure, we recorded a $139 million restructuring charge, the majority of which is related to the write-off of content with limited strategic value for our platforms.

我們也預期 2026 年的季度調整後 OIBDA 走勢，相較 2025 年將更為一致。第一季，作為我們調整內容成本結構規模努力的一部分，我們認列了 1.39 億美元的重組費用，其中大部分與沖銷對我們平台策略價值有限的內容有關。

As the agreement with Universal was entered into in April 2026, we will record the Pay-Two restructuring charge in the second quarter of 2026. The revised terms meaningfully improve our cash payment obligations, creating a significant reduction in cash content spend beginning in 2027.

由於與 Universal 的協議是在 2026 年 4 月簽訂，我們將在 2026 年第二季認列 Pay-Two 的重組費用。修訂後的條款大幅改善我們的現金支付義務，自 2027 年起將帶來現金內容支出的顯著下降。

Moreover, we believe this is the final component of our post-separation content rightsizing efforts. Combined with the ongoing de-aging of our original slate and the growing owned content contribution, this gives us clear line of sight visibility to reaching our 20% adjusted OIBDA margin target in the back half of 2027, a full year ahead of our prior guidance.

此外，我們相信這是分拆後內容權利規模調整工作的最後一個組成部分。再加上我們原創片單持續「去老化」（de-aging）、以及自有內容貢獻提升，讓我們能清楚看見在 2027 年下半年達成 20% 調整後 OIBDA 利潤率目標的路徑，較先前指引提前整整一年。

Cash content spend in Q1 was $113 million, down year over year due to the timing of spend on output movies and originals. For the full year 2026, we continue to expect content spend to come in below $650 million, a meaningful decline from 2025.

第一季現金內容支出為 1.13 億美元，年對年下降，主要因輸出電影（output movies）與原創內容的支出時點所致。就 2026 全年而言，我們仍預期內容支出將低於 6.5 億美元，較 2025 年明顯下降。

We expect the convergence of content spend and programming amortization to improve significantly in 2026 as compared to 2025 and continue to improve thereafter. When they reach near parity, you will see the full benefit of our content strategy reflected in the cash flow statement.

我們預期 2026 年內容支出與節目攤銷之間的收斂程度，將較 2025 年顯著改善，且之後仍將持續改善。當兩者接近持平時，您將在現金流量表中看到我們內容策略的完整效益。

Unlevered free cash flow was $81 million in Q1 2026, up $147 million year over year, while equity free cash flow was up $136 million year over year to $69 million. I want to note that Q1 was positively impacted by lower content spend, which we expect to catch up in Q2. Accordingly, we are not raising our free cash flow outlook at this time.

2026 年第一季無槓桿自由現金流為 8,100 萬美元，年對年增加 1.47 億美元；股權自由現金流年對年增加 1.36 億美元至 6,900 萬美元。我想特別說明，第一季受較低內容支出帶來正面影響，而我們預期第二季將追趕回補。因此，我們目前不會上調自由現金流展望。

Turning to the balance sheet. As of March 31, our net debt was $523 million. Our leverage ratio at the end of Q1 was 3.1 times, lower than our internal expectations for the period, and we remain confident in achieving our 2.7 times year-end target.

接著看資產負債表。截至 3 月 31 日，我們的淨負債為 5.23 億美元。第一季末的槓桿比率為 3.1 倍，低於我們對該期間的內部預期，我們仍有信心達成年底 2.7 倍的目標。

I do want to note that leverage increased modestly on a sequential basis due to the timing impact of trailing 12-month adjusted OIBDA, not a reflection of any change in the underlying business trajectory. Our $150 million revolver remains undrawn, and we have significant liquidity and financial flexibility to manage the business.

我也想指出，槓桿比率在季對季上略有上升，主要是過去 12 個月調整後 OIBDA 的時點影響，並非反映基礎業務走勢有任何改變。我們 1.5 億美元的循環信貸額度（revolver）仍未動用，且我們具備充足流動性與財務彈性以管理業務。

Let me close with guidance. We are reaffirming our full year 2026 outlook across all metrics. OTT revenue growth versus 2025, low single-digit adjusted OIBDA growth versus 2025, $80 million to $120 million of unlevered free cash flow, leverage exiting the year at approximately 2.7 times. We will remain disciplined in how we manage the business, and we are confident in our ability to deliver on these metrics.

最後以指引作結。我們重申 2026 全年在所有指標上的展望：OTT 營收相較 2025 年成長、調整後 OIBDA 相較 2025 年低個位數成長、無槓桿自由現金流 8,000 萬至 1.2 億美元、年底槓桿約 2.7 倍。我們將持續以紀律方式經營管理，並對達成這些指標充滿信心。

Finally, 2027 is now setting up to be a very significant year for margin expansion and improved free cash flow generation, given the restructuring benefit, owned originals ramping and continued content cost reductions.

最後，鑑於重組效益、自有原創內容加速放量，以及內容成本持續下降，2027 年正逐步成為利潤率大幅擴張與自由現金流生成改善的關鍵一年。

Now I'd like to turn the call back over to Nilay for Q&A.

現在我想把電話交回 Nilay，進入問答環節。

We will now begin the question-and-answer session. Go ahead, Nilay.

我們現在開始問答環節。請繼續，Nilay。

I was going to say thanks, Scott. You can hand it over for Q&A. So we can start. Thank you.

我本來想說謝謝你，Scott。你可以把時間交給問答。我們可以開始了。謝謝。

(Operator Instructions) David Joyce, Seaport Research Partners.

（接線員指示）David Joyce，Seaport Research Partners。

Regarding the Universal deal, can you size the portion of your available titles, that represented? Is it all theatrical? Or is there episodic in there? And where would you be sourcing more content from? Would it have similar kind of aging?

關於與 Universal 的交易，你能否量化一下這在你們可用片庫標題中所占的比重？這些都是院線片嗎？還是也包含影集？另外，你們接下來會從哪裡取得更多內容？其「老化程度」會是類似的嗎？

And what are the checks and balances that you've gone through to make sure you don't have overexposed content again?

另外，你們採取了哪些制衡機制，以確保不會再次出現內容曝險過高的情況？

David, it's Jeff Hirsch. Thanks for the question. This is a really unique situation because of the size of the overlap of our subscriber base sitting on Amazon, which sits in the Pay-One B from Universal. And so what you're really seeing is we were paying Pay-Two prices for library performance.

David，我是 Jeff Hirsch。謝謝你的提問。這是一個非常特殊的情況，因為我們在 Amazon 上的訂戶基礎與 Universal 的 Pay-One B 有很大重疊。因此，你真正看到的是：我們一直在用 Pay-Two 的價格，去支付片庫內容的表現。

And so we've talked a lot about the data information we have on the business. And we've been able to use the data to kind of recreate and reinvest into other library titles that give us the same kind of performance so we can protect the revenue component of that while actually just putting money to the bottom line while we reinvest.

我們也談過很多我們在業務上掌握的數據資訊。我們能運用這些數據，去重新配置並再投資到其他片庫標題上，讓它們帶來相同等級的表現；如此一來，我們既能保護營收端，同時也能在再投資的同時，把更多資金直接落到獲利底線。

And so it's a little bit of money ball where we actually look at various titles from library from across the industry to kind of recreate the performance that we had at a much better economic level.

所以這有點像「魔球」策略：我們會從全產業的片庫中檢視各種標題，以更好的經濟條件，去重建我們原本擁有的那種表現。

Brent Penter, Raymond James.

Brent Penter，Raymond James。

First one for me. Could you talk a little bit more about -- last quarter, you announced you're not reporting subs and you're deemphasizing subscribers. How are you seeing that reflected in your results so far? Anything specific you can talk about in terms of customer lifetime values, churn, overall revenue, how that's benefiting you?

我第一個問題是：你們上季宣布不再揭露訂戶數，並且降低對訂戶的強調。到目前為止，你們看到這在結果上如何反映？有沒有任何具體可以分享的內容，例如客戶終身價值（LTV）、流失率（churn）、整體營收，以及這如何帶來效益？

Thank you so much for the question. I think we're really seeing the rewards of the pricing discipline that we put into the business. In this past quarter, we have seen churn reach an all-time low in our business. Basically, we're not bringing in low-value subscribers in the way that we were when we were in a quarterly sub chase.

非常感謝你的提問。我認為我們確實看到了我們在業務中所採取的定價紀律所帶來的回報。在本季，我們看到流失率降至公司歷史新低。基本上，我們不再像過去在季度追逐訂戶數時那樣，去引入低價值訂戶。

And so the health of the business is really there. Just another stat in terms of the last quarter that was really strong is engagement was really strong for the business. So we have a strong content quarter and we saw year-over-year engagement up about 8%.

因此，業務健康度非常好。再補充一個上季很強的指標：互動（engagement）表現非常強勁。我們有一個內容表現很強的季度，年對年互動約成長 8%。

So I think we feel really good that this is the right way to approach and operate the business for the long-term revenue growth goals that we have as opposed to, again, orienting around a quarterly sub chase.

所以我們對這種做法感覺非常好，認為這是為了我們長期營收成長目標而採取的正確經營方式，而不是再次以季度性的訂戶追逐為導向。

Okay. Great. That's great color. And then I also want to ask about the shareholder rights plan put into place in March after there was a big chunk of your shares that changed hands. Can you help us understand why that was put into place, why now?

好的，很好。這些說明很有幫助。接著我也想問：在 3 月份有一大部分股份易手之後，你們啟動了股東權利計畫。你能否協助我們理解為什麼要在那時候推出、為什麼是現在？

And then the rationale for the one-year timeline expiring next March? And then, Jeff, is that at all related to the M&A possibility that you just laid out?

另外，為什麼設定為期一年的期限、於明年 3 月到期？還有，Jeff，這是否與你剛才提到的併購（M&A）可能性有任何關聯？

Yes. Look, great question. I think there's a few components. So one is a newly separated company. And as you've seen, the market cap has moved around a lot and run up. So we wanted, I think, with the Board, we wanted to make sure that we had the ability and the time to kind of get the business rightsized and get value to the right place.

是的。你問得很好。我想有幾個面向。第一，我們是一家剛完成分拆的新公司。如你所見，市值波動很大，也曾快速上漲。因此我們與董事會希望確保，我們有能力也有時間把業務規模調整到合適狀態，並把價值導向正確的位置。

And I think you're seeing that reflected in the stock and the market cap today. And so I think that the Board was really coalesced around making sure that we had the ability to get the business in the right place.

我想你今天也能在股價與市值上看到這點的反映。因此我認為董事會的共識，是要確保我們有能力把業務帶到正確的位置。

Also, I think the Board is really also coalesced around our long-term vision for the business and how we can scale the business and wanted to make sure that we were laser-focused on that without any distraction. So we put that in place. It's a one-year term. And then next year, we'll come up probably for a shareholder vote, whether we extend it or not.

另外，我認為董事會也非常凝聚於我們對業務的長期願景，以及我們如何擴大規模，並希望確保我們能在不受任何干擾的情況下高度聚焦於此。因此我們推出了該計畫。它是一年期，明年我們可能會交由股東投票，決定是否延長。

Okay. Okay. Got it. And then final question for me. With the Universal Pay-Two deal ending and you're moving up the 20% margin goal. As we think a couple of years out to 2028, does this mean maybe you could get even above that 20% goal as we look ahead? Or is this really more of a timing thing that it's just a matter of when you hit the 20%?

好的。好的。明白了。那我最後一個問題。隨著 Universal Pay-Two 協議到期，而且你們把 20% 的利潤率目標提前。當我們把時間拉長、看向 2028 年左右時，這是否意味著未來你們甚至可能高於 20% 的目標？還是這其實更多只是時間點的問題，也就是只是什麼時候達到 20% 而已？

I think it's a combination of -- we knew that we had the titles through calendar '28. And so as that was rolling off, we had great line of sight into what that margin profile would look like. As we're able to work with the Universal and move that forward, that obviously brings the profitability of the company greater into a shorter period of time.

我認為這是多種因素的結合——我們知道我們擁有這些片名的權利一直到 2028 年曆年。因此，當這些權利逐步到期時，我們對利潤率輪廓會長什麼樣有非常清晰的可見度。當我們能與 Universal 合作並把這件事往前推進時，顯然就能在更短的時間內把公司的獲利能力提升到更高水準。

But as you know, there's multiple ways to grow margin in the business. I think as we continue to put more ownership on the network, de-age the slate, get into '28 and '29 where the majority of our originals are owned by Starz and kind of bring that entire portfolio over, there may be some opportunity to continue to grow margin as well.

但如你所知，提升業務利潤率有很多種方式。我認為，隨著我們持續提高對網路內容的自有比例、讓片單更年輕化，並進入 2028、2029 年——屆時我們的大多數原創內容將由 Starz 擁有，並把整個內容組合逐步轉移過來——也許還會有一些機會能進一步提升利潤率。

Vikram Kesavabhotla, Baird.

Vikram Kesavabhotla，Baird。

I think you mentioned in the prepared remarks that you guys raised price recently. It'd be great to hear more about what gave you the confidence to make that decision and perhaps any of the early feedback that you're seeing from customers who've seen that increase.

我想你們在事先準備的發言中提到最近調漲了價格。很希望能多聽你們談談，是什麼讓你們有信心做出這個決定，以及你們目前從已看到漲價的客戶那邊收到的任何初步回饋。

Yes, Vikram, thanks for the question. We executed our price increase on April 1, and we have done this before. We are really positioned very well as a complementary service. $11.99 is a great price point for the value that we offer and for the audiences that we serve. So far, the price increase is digesting really well throughout our business. It's going to expectations.

是的，Vikram，謝謝你的問題。我們在 4 月 1 日執行了這次漲價，而且我們以前也做過。我們作為一項互補型服務，定位非常好。以我們提供的價值以及我們服務的受眾而言，11.99 美元是一個很好的價格點。到目前為止，這次漲價在我們整個業務中的消化情況非常好，符合預期。

We'll have more information as we get into the summer and it really sort of plays out through the business. But going to plan and going very well, we think that we're very, very well positioned at that price point.

等到進入夏季、並且它在業務中真正逐步反映出來時，我們會有更多資訊。但目前一切按計畫進行、表現非常好；我們認為在這個價格點上，我們的定位非常、非常有利。

I would also add that April is off to a really strong start even with the rate increase coming in April 1.

我也想補充，儘管 4 月 1 日開始調漲費率，4 月的開局仍然非常強勁。

Okay. Great. And then separate from that, I know you've talked about in the past getting to half year slate by 2027. It'd be great to get your updated thoughts on how you feel about that goal right now and maybe some of the puts and takes that will affect your ability to get there?

好的。很好。那另外一個問題，我知道你們過去談過要在 2027 年達到「半年度片單」的目標。很希望聽聽你們目前對這個目標的最新看法，以及可能有哪些利弊因素會影響你們達成該目標的能力？

And maybe just some more color on the progress you've made on some of the projects that you already have going.

也希望你們能再多分享一些，你們已經在推進中的一些專案目前取得了哪些進展。

Look, I've never been more excited about the pipeline that we have in the business. We just announced an untitled Black Rodeo Show, which is -- I think it's going to be one of our biggest shows. We're excited about production beginning that on in the fall.

坦白說，我從未像現在這樣對我們的業務專案管線感到興奮。我們剛宣布了一部未命名的 Black Rodeo 節目，我認為它會成為我們最大的節目之一。我們很期待在秋季開始投入製作。

Fightland, which is our first owned original will premiere July 31. We released a lot of the first look footage pictures of that yesterday, and it looks amazing. And we've got Kingmaker in development. We've got Masquerade in development. We're out.

Fightland——這是我們第一部自有原創——將於 7 月 31 日首播。我們昨天釋出了大量首波畫面與劇照，看起來非常驚艷。我們還有 Kingmaker 在開發中，也有 Masquerade 在開發中。我們正在推進。

We've landed a couple of book series that we think could be big franchises for us. We've got all 4s. We've announced Plan B being our production partner there. We're putting more writers around that. And so the pipeline has never been more full and more exciting.

我們也拿下了幾套書系，我們認為它們可能成為我們的大型系列 IP。我們有 All 4s，並宣布 Plan B 將成為我們的製作夥伴。我們正在為該專案配置更多編劇。因此，這條管線從未如此充實、也從未如此令人振奮。

And I think you couple that with the Pay-One Lionsgate, we're going to have a very, very strong content slate for the next one to two to three years. And so we're right on track to delivering against that 50% goal, and I think we'll actually accelerate past that. Obviously, the hope is to get most of the slate owned and controlled by Starz long term, and that's something we're laser-focused on.

而且我認為，再加上 Lionsgate 的 Pay-One，我們在未來一到兩到三年將會有非常、非常強的內容片單。因此，我們正按計畫朝 50% 的目標交付，我認為我們實際上還會加速超越該目標。當然，長期而言，我們希望讓片單的大部分由 Starz 擁有並掌控，這也是我們高度聚焦的方向。

(Operator Instructions) David Karnovsky, JPMorgan.

（接線員指示）David Karnovsky，JPMorgan。

Doug Wardlaw on for David. I'm wondering now that you're out of this agreement with Universal, what's the criteria for the acquisition of titles you'll be looking for to properly lead to whether user acquisition or to the churn?

我是代替 David 的 Doug Wardlaw。我想請問，既然你們已經退出與 Universal 的這項協議，你們在收購片名時會看哪些標準，來判斷是否能有效帶動用戶獲取或降低流失（churn）？

And then separately, does this lead to more room for spend on original content?

另外，這是否也意味著在原創內容上的投入空間會更大？

So great question. We've developed a really robust database of first title streams and viewership on movies that we've acquired over the past from all the different studios. So we have a pretty good sense on in terms of indie films, what kind of viewership and first title stream that we can pull from different titles depending on how -- what their box office was, how old they are, what characters are in it, what's the storyline.

這是個很好的問題。我們建立了一個非常強健的資料庫，涵蓋我們過去從各大影業公司收購的電影在「首部片名串流」與收視表現上的數據。因此，對於獨立電影而言，我們相當清楚不同片名能帶來什麼樣的收視與首部片名串流表現，取決於它們的票房、片齡、角色陣容、故事線等因素。

And so we're really able to kind of, like I said earlier, Moneyball the portfolio to replace what we were seeing from the Universal titles at a much more of a library price. we were paying Pay-Two rates and they were performing much more like library because of just the strength of the titles being watched to Amazon.

因此，我們確實能夠——就像我先前說的——用「Moneyball」的方式來配置內容組合，以更接近片庫（library）價格的成本，去替換我們先前從 Universal 片名所看到的表現。我們當時支付的是 Pay-Two 的費率，但它們的表現更像片庫內容，原因在於這些片名在 Amazon 上的觀看強度。

So we've got a pretty good view on what we need to acquire and at what price. And so there's an ability to put a lot of the savings to the bottom line. You see that moving the guide to 20% in '27, but we're also reinvesting in the business to protect the revenue side of the business as well. And so we've been able to do both in a much highly economic positive aspect to the business.

所以我們對需要收購哪些內容、以及在什麼價格收購，有相當清楚的判斷。因此，我們有能力把相當多的節省直接反映到淨利。你可以看到我們把指引提前到 2027 年達到 20%，但我們也在再投資於業務，以保護營收端。因此，我們能同時做到兩者，並且以對業務更具經濟正向效益的方式來達成。

Great. And then I guess, separately, you mentioned P-Valley is coming back at some point this year, and it's been a long gap. And I'm just wondering what your data kind of says about audience reengagement for shows that have hiatuses that long? And does that kind of lead to more marketing spend to kind of get some of those viewers back that may have been gone?

很好。那我想另外問一下，你提到 P-Valley 會在今年某個時間回歸，而且中間間隔很久。我想知道你們的數據對於這種停播（hiatus）很長的節目，觀眾重新回流的情況有什麼看法？這是否會導致需要投入更多行銷費用，去把可能已經流失的觀眾拉回來？

It's a great question. Look, I think with P-Valley specifically, and we've seen this with other shows that have had longer breaks, Outlander is a good example where we've had a lot of breaks. The fan bases are so obsessed with these shows that they've been continually looking for it and coming back on the network.

這是個很好的問題。你看，特別是就 P-Valley 而言，而且我們也在其他停更較久的節目上看到同樣情況——Outlander 就是一個很好的例子，我們有過很多次間隔——粉絲群對這些節目非常著迷，他們會持續關注並回到平台上。

So I actually think the moment we bring P-Valley back, the obsessiveness and the craziness for the fan base will get people there. We also have the ability, obviously, within app to notify customers, which is a zero cost game for us as well. And so we've got a lot of different marketing tools that are not economically expensive for us to go ahead and bring them back.

所以我其實認為，一旦我們把 P-Valley 帶回來，粉絲群那種著迷與瘋狂的程度就會把人帶回來。我們當然也能在 App 內通知用戶，這對我們而言也是零成本的手段。因此，我們有很多不同的行銷工具，從經濟角度來看並不昂貴，就能把他們帶回來。

But I -- Outlander is a great example. That fan base has created a thing called Outlander, which is the off-season, and they're online every day, wondering when that show is coming back. And I think P-Valley brings that same kind of intensity from the fan base.

不過我——Outlander 是個很好的例子。那個粉絲群甚至創造了一個叫做「Outlander」的概念，也就是淡季期間；他們每天都在網路上關注，想知道那部劇什麼時候回歸。我認為 P-Valley 也會帶來同樣強度的粉絲熱情。

And so I expect it to be a wonderful return to the network and a massive both subscriber gain as well as viewership gain when we get it back on the air.

因此，我預期它回到平台時會是一個非常精彩的回歸，並且在重新播出後，無論是訂戶增長還是收視增長，都會非常可觀。

This concludes our question-and-answer session. I would like to turn the conference back over to Nilay Shah for any closing remarks.

我們的問答環節到此結束。我想把電話會議交回給 Nilay Shah，請他做結語。

Thank you, operator, and thank you, everyone. Please refer to the News and Events tab under the Investor Relations section of our website for a discussion of certain non-GAAP forward-looking measures discussed on this call.

謝謝你，接線員，也謝謝各位。關於本次電話會議中討論的某些非 GAAP 前瞻性衡量指標，請參閱我們網站投資人關係（Investor Relations）區域下的「News and Events」分頁中的相關說明。

Thanks, everyone.

謝謝大家。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛線。