華納兄弟探索 (WBD) 2022 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you for standing by, and welcome to the Warner Bros. Discovery Second Quarter 2022 Earnings Conference Call.

下午好，女士們，先生們。感謝您的支持，並歡迎參加華納兄弟探索公司 2022 年第二季度收益電話會議。

(Operator Instructions) Additionally, please be advised that today's conference call is being recorded. I would like to hand the conference over to Mr. Andrew Slabin, Executive Vice President, Global Investor Strategy. Sir, you may now begin.

（操作員說明）此外，請注意今天的電話會議正在錄音。我想將會議交給全球投資者戰略執行副總裁 Andrew Slabin 先生。先生，您現在可以開始了。

Good afternoon, and welcome to Warner Bros. Discovery's Q2 earnings call. With me today is David Zaslav, President and CEO; Gunnar Wiedenfels, our CFO; and JB Perrette, CEO and President, Global Streaming and Games.

下午好，歡迎來到華納兄弟探索公司的第二季度財報電話會議。今天和我在一起的是總裁兼首席執行官 David Zaslav； Gunnar Wiedenfels，我們的首席財務官； JB Perrette，全球流媒體和遊戲首席執行官兼總裁。

Before we start, I'd like to remind you that today's conference call will include forward-looking statements that we make pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements include comments regarding the company's future business plans, prospects and financial performance. These statements are made based on management's current knowledge and assumptions about future events and involve risks and uncertainties that could cause actual results to differ materially from our expectations.

在我們開始之前，我想提醒您，今天的電話會議將包括我們根據 1995 年《私人證券訴訟改革法案》的安全港條款做出的前瞻性陳述。這些前瞻性陳述包括對公司的未來的商業計劃、前景和財務業績。這些陳述是基於管理層目前對未來事件的了解和假設做出的，涉及可能導致實際結果與我們的預期產生重大差異的風險和不確定性。

In providing projections and other forward-looking statements, the company disclaims any intent or obligation to update them. For additional information on important factors that could affect these expectations, please see our Form 10-K for the year ended December 31, 2021, our quarterly report on Form 10-Q for the quarter ended March 31, 2022 filed with the U.S. Securities and Exchange Commission on April 26, 2022, and our quarterly report on Form 10-Q for the quarter ended June 30, 2022, which is expected to be filed with the SEC on or about August 4, 2022 as well as our subsequent filings made with the SEC.

在提供預測和其他前瞻性陳述時，公司不承擔任何更新它們的意圖或義務。有關可能影響這些預期的重要因素的更多信息，請參閱我們截至 2021 年 12 月 31 日止年度的 10-K 表格、我們提交給美國證券和交易委員會於 2022 年 4 月 26 日發布，以及我們關於截至 2022 年 6 月 30 日的季度的 10-Q 表格季度報告，該報告預計將於 2022 年 8 月 4 日左右向美國證券交易委員會提交，以及我們隨後向美國證券交易委員會提交的文件美國證券交易委員會。

A copy of our Q2 earnings release is available on our website at ir.wbd.com. We released a trending schedule with pro forma results and additional financial information, which also can be found on our website. And lastly, our discussion today will include an accompanying slide presentation, which following the call, will be available on our website.

我們的網站 ir.wbd.com 上提供了我們的第二季度收益報告副本。我們發布了一個趨勢時間表，其中包含備考結果和其他財務信息，也可以在我們的網站上找到。最後，我們今天的討論將包括一個隨附的幻燈片演示，在電話會議之後，該演示文稿將在我們的網站上提供。

And with that, let me turn the call over to David.

有了這個，讓我把電話轉給大衛。

Hello, everyone, and thank you for joining us.

大家好，感謝您加入我們。

We've had a very busy and productive 4 months since launching Warner Bros. Discovery. And today, we want to provide you with an update on where we are and where we're headed. Among our top priorities have been combining the rich legacies of these 2 great organizations, building out our senior management team and beginning to integrate the cultures into one global operating company.

自推出華納兄弟探索頻道以來，我們度過了非常忙碌和富有成效的 4 個月。今天，我們想為您提供有關我們所處位置和前進方向的最新信息。我們的首要任務之一是結合這兩個偉大組織的豐富遺產，建立我們的高級管理團隊，並開始將這些文化整合到一家全球運營公司中。

We've made significant progress on all fronts. Nearly our entire senior leadership team is in place, and I could not be more excited to continue locking arms with the exceptionally talented group of individuals that we've assembled from both legacy companies. Plus more recent additions like esteemed filmmakers, Mike De Luca and Pam Abdy, now at the helm of Warner Bros. Pictures Group, and a uniquely talented media operator, Luis Silberwasser, driving our leading global sports strategy. And just last week, we announced our new Chief of Diversity, Equity and Inclusion. Asef Sadek. Asef previously served as Head of Diversity Equity and Inclusion International for WarnerMedia and is one of the most dynamic leaders in the diversity space.

我們在各個方面都取得了重大進展。幾乎我們的整個高級領導團隊都已就位，我非常高興能繼續與我們從兩家傳統公司組建的才華橫溢的個人團隊保持聯繫。加上最近的新成員，如受人尊敬的電影製片人 Mike De Luca 和 Pam Abdy，現在是華納兄弟影業集團的掌舵人，還有一位才華橫溢的媒體運營商 Luis Silberwasser，推動了我們領先的全球體育戰略。就在上週，我們宣布了我們新的多元化、公平和包容性主管。阿瑟夫·薩德克。 Asef 曾擔任華納媒體多元化股權和包容性國際負責人，是多元化領域最具活力的領導者之一。

Since the close of the deal, the entire leadership team has been moving as quickly as possible to integrate key elements of our business, assess growth opportunities and make important progress in our synergy capture and strategic planning. We've been able to dig deeper into the financials and have gained a much better, more complete picture of where we are and the path forward including identifying some additional and unexpected challenges that have and will continue to require our focus and attention.

自交易完成以來，整個領導團隊一直在盡快整合我們業務的關鍵要素，評估增長機會，並在我們的協同效應捕獲和戰略規劃方面取得重要進展。我們已經能夠更深入地研究財務狀況，並且對我們所處的位置和前進的道路有了更好、更完整的了解，包括確定一些額外的和意想不到的挑戰，這些挑戰已經並將繼續需要我們的關注和關注。

The upside is that there is even more room for improvement in cost savings. At the same time, we're keeping a close eye on the many cross currents and headwinds at play in the macroeconomic environment, both here in the U.S. and globally, including inflation, the threat of recession and the complexities of today's geopolitical environment.

好處是在節省成本方面還有更大的改進空間。與此同時，我們密切關注美國和全球宏觀經濟環境中的許多逆流和逆風，包括通貨膨脹、衰退的威脅和當今地緣政治環境的複雜性。

In light of all these factors, we've had to make some additional adjustments, which we'll talk about. Gunnar will walk you through our financials and the path forward in a few moments.

鑑於所有這些因素，我們不得不進行一些額外的調整，我們將對此進行討論。 Gunnar 將在片刻後帶您了解我們的財務狀況和前進的道路。

Suffice to say, we are more confident than ever in the strength of our position and believe we are on the right path to meet our strategic goals and really excel, both creatively and financially. Our long-term investment thesis is truly compelling, and we have great conviction in the opportunity ahead. Warner Bros. Discovery has the most powerful creative engine and bouquet of owned content in the world, as highlighted by our recent 193 Emmy nominations, more than any other media company.

可以說，我們比以往任何時候都對我們的地位更有信心，並相信我們正走在正確的道路上，以實現我們的戰略目標，並在創意和財務方面真正做到卓越。我們的長期投資論點確實令人信服，我們對未來的機會充滿信心。 Warner Bros. Discovery 擁有世界上最強大的創意引擎和自有內容，正如我們最近獲得的 193 項艾美獎提名所強調的那樣，比任何其他媒體公司都多。

The fact is there are only a handful of companies globally that can do what we do. And putting it all together, we believe no one does it better than us, spanning HBO, Warner Bros. Film and Television studios, CNN, our world-class sports business and category-defining lifestyle and nonfiction content engines.

事實上，全球只有少數幾家公司可以做我們所做的事情。綜上所述，我們相信沒有人比我們做得更好，涵蓋 HBO、華納兄弟電影和電視工作室、CNN、我們世界級的體育業務以及定義類別的生活方式和非小說內容引擎。

Our asset mix, one of the most complete and diversified in the industry, uniquely positions us to drive a balanced approach to creating long-term value for shareholders. It represents the full entertainment ecosystem and an ability to serve consumers across the entire spectrum of offerings from premium pay to linear and free-to-air, theatrical to streaming. This was the driving force to create this company over a year ago. Our objective was not only to be one of the top global streaming companies, but also a media company able to drive financial returns by distributing our content on every platform, and our conviction has not changed.

我們的資產組合是業內最完整和多元化的資產組合之一，使我們能夠以獨特的方式推動平衡的方式為股東創造長期價值。它代表了完整的娛樂生態系統，以及為從付費到線性和免費播放、戲劇到流媒體的整個產品範圍內的消費者提供服務的能力。這是一年多前創建這家公司的動力。我們的目標不僅是成為全球頂級流媒體公司之一，而且是一家能夠通過在每個平台上分發我們的內容來推動財務回報的媒體公司，我們的信念沒有改變。

While we're still in the very early stages, and helped by the first wave of our synergy initiatives, we will have repaid $6 billion in debt by the end of August, and we have implemented initiatives leading to $1 billion in run rate synergy over the next 12 months with at least an additional $2 billion in the works as part of our cost synergy plan.

雖然我們仍處於初期階段，並且在第一波協同計劃的幫助下，我們將在 8 月底之前償還 60 億美元的債務，並且我們已經實施了導致 10 億美元運行率協同效應的計劃。作為我們成本協同計劃的一部分，接下來的 12 個月至少還有 20 億美元的工程。

We did very well at the upfront and believe we have meaningfully outperformed our peers. As I said in our presentation, we see ourselves as essentially the fifth broadcast network due to our unparalleled portfolio and our low to mid-teen CPM increases or nearly $6 billion in commitments clearly demonstrates that advertisers now view us exactly that way.

我們在前期做得很好，並相信我們的表現明顯優於同行。正如我在演示文稿中所說，由於我們無與倫比的產品組合和中低端 CPM 增長或近 60 億美元的承諾，我們基本上將自己視為第五個廣播網絡，這清楚地表明廣告商現在正是這樣看待我們的。

We offer our partners the most complete portfolio of live sports and news, lifestyle and entertainment and our average share of viewership outside of the football season exceeds 25%. On some nights, we're bigger than NBC, ABC, CBS and Fox combined. While there's a lot of uncertainty in the economic backdrop, this is a strong proof point for the value we bring to the table, and our ability to improve monetization over time.

我們為合作夥伴提供最完整的體育直播和新聞、生活方式和娛樂組合，我們在足球賽季之外的平均收視率超過 25%。在某些晚上，我們比 NBC、ABC、CBS 和 Fox 的總和還要大。儘管經濟背景存在很多不確定性，但這有力地證明了我們帶來的價值，以及我們隨著時間的推移提高貨幣化的能力。

In many ways, we're just getting started and have really only begun to scratch the surface with respect to the potential upside. And believe we'll make even more headway in the next 2 to 3 years.

在許多方面，我們才剛剛開始，而且實際上才剛剛開始觸及潛在上行空間的皮毛。並相信我們將在未來 2 到 3 年內取得更大的進展。

At every stage of this endeavor, as we pursue opportunities and tackle challenges, build and grow our business, we will be guided by 3 strategic priorities that will inform all of our planning and decision making. First, we will seek to attract the best storytellers and use our unparalleled creative engine, franchises and brands to produce the most compelling and diverse content offering in the world.

在這一努力的每個階段，隨著我們尋求機遇和應對挑戰，建立和發展我們的業務，我們將以 3 項戰略重點為指導，這些重點將為我們的所有規劃和決策制定提供信息。首先，我們將尋求吸引最優秀的故事講述者，並利用我們無與倫比的創意引擎、特許經營權和品牌來製作世界上最引人注目和最多樣化的內容。

We are home to many of the most iconic brands and franchises in the history of entertainment: Batman, Superman, Wonder Woman, Harry Potter, Looney Tunes, Hanna-Barbera, Game of Thrones, CNN, HBO, HGTV, Discovery, Warner Bros. Pictures, Warner Bros. Television and many, many more. The opportunity this presents is truly unmatched.

我們擁有娛樂史上許多最具標誌性的品牌和特許經營權：蝙蝠俠、超人、神奇女俠、哈利波特、樂一通、漢娜芭芭拉、權力的遊戲、CNN、HBO、HGTV、Discovery、華納兄弟。圖片，華納兄弟電視等等。這帶來的機會確實是無與倫比的。

We're also the preeminent maker and seller of content in the world. And going forward, we will continue to invest smartly in content in ways that will help us to grow, achieve greater market share and have a bigger impact. Some of the content we create will be distributed on our platforms like the highly anticipated House of the Dragon premiering on HBO Max later this month. And some will lay on other platforms such as Ted Lasso and Abbot Elementary. Our focus is on making great content, content that people want to watch and will pay for.

我們還是世界上卓越的內容製造商和銷售商。展望未來，我們將繼續明智地投資於內容，以幫助我們成長、獲得更大的市場份額並產生更大的影響。我們創建的一些內容將在我們的平台上分發，例如本月晚些時候在 HBO Max 上首映的備受期待的《龍之屋》。有些將放在其他平台上，例如 Ted Lasso 和 Abbot Elementary。我們的重點是製作精彩的內容，人們想要觀看並願意付費的內容。

As I've said, it's not about how much, it's about how good. Owning the content that really resonates with people is much more important than just having lots of content. In other words, at a time when almost every piece of content ever made is available to consumers across any number of free and pay services, duration, quality and brands have never been more important. And that is what we do best. When the measure is who's got the best stuff, no one has a better hand than we do.

正如我所說，這不是關於多少，而是關於有多好。擁有真正引起人們共鳴的內容比擁有大量內容更重要。換句話說，在幾乎所有內容都可以通過任意數量的免費和付費服務提供給消費者的時代，持續時間、質量和品牌從未像現在這樣重要。這就是我們最擅長的。當衡量標準是誰擁有最好的東西時，沒有人比我們的手更好。

Second, we will maximize the reach, engagement and overall value of our content through a broad distribution and monetization strategy. Our job is to tell great stories and to bring them to as wide ranging in audience as possible in as many ways as possible and to deliver the greatest viewing experience possible. Certainly, technology plays a big role in this, and we still have a lot to learn, but it's equally important that we be flexible and agile, able to respond to ever-changing consumer preferences.

其次，我們將通過廣泛的分銷和貨幣化戰略，最大限度地提高內容的覆蓋面、參與度和整體價值。我們的工作是講述精彩的故事，並以盡可能多的方式將它們帶給盡可能廣泛的觀眾，並提供盡可能好的觀看體驗。當然，技術在這方面發揮著重要作用，我們還有很多東西要學，但同樣重要的是我們要靈活敏捷，能夠響應不斷變化的消費者偏好。

As the maker and owner of the largest and most complete library of content in the world, we cover more surface area than almost any other media company, theatrical, streaming, linear, cable, free-to-air, gaming, consumer products and experiences, our own platforms, other's platforms. And we have no intention of being beholden to any one in particular or to a specific business model. Simply put, we are open for business.

作為世界上最大、最完整的內容庫的製造商和所有者，我們的覆蓋面比幾乎任何其他媒體公司都要多，包括戲劇、流媒體、線性、有線、免費廣播、遊戲、消費產品和體驗，我們自己的平台，別人的平台。而且我們無意特別受制於任何人或特定的商業模式。簡而言之，我們開門營業。

There's been a lot of experimentation in our industry, and we are all smarter for it. At Warner Bros. Discovery, we believe strongly in the importance of preserving optionality and driving returns through a strategic mix of distribution and windowing options. For example, we will fully embrace theatrical as we believe it creates interest and demand, provides a great marketing tailwind and generates word-of-mouth buzz as films transition to streaming and beyond.

我們的行業進行了很多實驗，我們都為此變得更聰明。在 Warner Bros. Discovery，我們堅信通過分銷和窗口選項的戰略組合來保持可選性和提高回報的重要性。例如，我們將完全擁抱戲劇，因為我們相信它會產生興趣和需求，提供巨大的營銷順風，並隨著電影向流媒體及其他領域的過渡而產生口碑。

When you're in theaters, the value of the content and the overall viewing experience is elevated. Then when the same content moves to PVOD and then streaming, it is elevated again. As films move from one window to the next, their overall value is elevated, elevated, elevated. We saw this clearly demonstrated with the Batman and Elvis.

當您在影院中時，內容的價值和整體觀看體驗都會得到提升。然後，當相同的內容移動到 PVOD 然後流式傳輸時，它再次被提升。隨著電影從一個窗口轉移到另一個窗口，它們的整體價值不斷提升、提升、提升。我們看到蝙蝠俠和貓王清楚地證明了這一點。

We have a different view on the wisdom of releasing direct-to-streaming films, and we have taken some aggressive steps to course correct the previous strategy. With respect to streaming, our main priority right now is launching an integrated SVOD service. And in a few moments, JB will talk more about the strategy and some of the key building blocks and milestones as we bring HBO Max and discovery+ together under one offering.

我們對發布直接流媒體電影的智慧有不同的看法，我們已經採取了一些積極的措施來糾正以前的策略。關於流媒體，我們現在的主要優先事項是推出集成的 SVOD 服務。稍後，當我們將 HBO Max 和 Discovery+ 結合在一個產品中時，JB 將更多地討論該戰略以及一些關鍵構建塊和里程碑。

Our streaming strategy has evolved over the past year and really reflects the importance of, rather than the dependence on, this segment of our global content monetization plans. I am pleased with the work to date and the progress we continue to make on this front.

我們的流媒體戰略在過去一年中發生了變化，真正反映了我們全球內容貨幣化計劃中這一部分的重要性，而不是依賴。我對迄今為止的工作以及我們在這方面繼續取得的進展感到滿意。

And in the spirit of optimization, once our SVOD service is firmly established in the market, we see real potential and are exploring the opportunity for a fast or free ad-supported streaming offering that would give consumers who do not want to pay a subscription fee access to great library content. While at the same time, serving as an entry point to our premium service. We will talk to you more about our potential plans at our Investor Day, which is planned for the end of the year.

本著優化的精神，一旦我們的 SVOD 服務在市場上站穩腳跟，我們就會看到真正的潛力，並正在探索提供快速或免費廣告支持的流媒體服務的機會，這將為不想支付訂閱費的消費者提供訪問偉大的圖書館內容。同時，作為我們優質服務的切入點。我們將在計劃於今年年底舉行的投資者日上與您詳細討論我們的潛在計劃。

I'm also pleased to announce today that we have extended our relationship with AT&T, making them a trusted partner in the distribution of HBO Max as part of their service offerings. This is great news for our business as it ensures that even more people will have access to our world-class and award-winning content.

我今天也很高興地宣布，我們已經擴展了與 AT&T 的關係，使他們成為 HBO Max 分發中值得信賴的合作夥伴，作為其服務產品的一部分。這對我們的業務來說是個好消息，因為它確保更多的人可以訪問我們世界級的獲獎內容。

This leads to our third strategic priority, and that is to operate as one company with one mission, to be the premier media and entertainment leader globally. We believe the best way to maximize the value of our company is by operating our businesses as a combined enterprise rather than as a series of separate siloed and unconnected business units. HBO, Warner Bros. Pictures, Warner Bros. Television, CNN, our U.S. Networks, Sports, we are stronger together, and we'll make meaningful progress in operating our businesses as one team.

這導致了我們的第三個戰略重點，那就是作為一家公司，肩負一個使命，成為全球首屈一指的媒體和娛樂領導者。我們相信，實現公司價值最大化的最佳方式是將我們的業務作為一個合併的企業來運營，而不是作為一系列獨立的、孤立的、互不關聯的業務部門。 HBO、華納兄弟影業、華納兄弟電視、CNN、我們的美國網絡、體育，我們一起變得更強大，我們將在作為一個團隊運營我們的業務方面取得有意義的進展。

We also have a great ability to promote, advertise and introduce new products and services enterprise-wide, and we intend to take full advantage of these capabilities. You saw this with the successful rollout of Elvis across all of our platforms. And you're seeing it now ahead of the launch of House of the Dragon. We're employing every capability at our disposal. It is the biggest campaign in HBO's history, and it's already paying dividends. Rewatching of the original Game of Thrones is up dramatically on HBO Max.

我們還具有在企業範圍內推廣、宣傳和推出新產品和服務的強大能力，我們打算充分利用這些能力。您在我們所有平台上成功推出貓王時看到了這一點。而你現在在《龍之屋》推出之前就已經看到了它。我們正在使用我們可以使用的所有能力。這是 HBO 歷史上最大規模的競選活動，並且已經開始產生回報。在 HBO Max 上重播《權力的遊戲》原版的人數急劇增加。

We're also going to be opportunistic about the way we grow our business in the future, whether by improving existing products or services to enhance and personalize the consumer experience, introducing new ones or expanding into new markets globally, with particular focus on how to scale smartly with an eye on sustainable free cash flow even during periods of incremental reinvestment. We see ample opportunity to drive significant efficiencies from further integration and transformation, which Gunnar will take you through.

我們還將在未來發展業務的方式上投機取巧，無論是通過改進現有產品或服務以增強和個性化消費者體驗、推出新產品還是在全球範圍內拓展新市場，特別關注如何即使在增量再投資期間，也要著眼於可持續的自由現金流進行明智的擴展。我們看到了充分的機會通過進一步的整合和轉型來提高效率，Gunnar 將帶您完成。

It's a foundational tenet of how we will operate and manage, the byproduct of which will be significant free cash flow generation and growth. So our 3 strategic priorities are to create the most compelling and diverse content offering in the world; maximize its reach, engagement and value through a broad distribution and monetization strategy; and operate as one company with one mission, to be the premier media and entertainment leader globally.

這是我們將如何運營和管理的基本原則，其副產品將是顯著的自由現金流產生和增長。因此，我們的 3 個戰略重點是創造世界上最引人注目和最多樣化的內容產品；通過廣泛的分銷和貨幣化戰略，最大限度地提高其影響力、參與度和價值；並作為一家公司，肩負一項使命，成為全球首屈一指的媒體和娛樂領導者。

In an industry as dynamic as ours, we are best positioned for success. We have everything we need to thrive creatively and financially, including the greatest and most popular franchises and IP, the most diverse collection of global media brands and assets, the ability to generate awareness and excitement for our products across our own various platforms, a strong leadership team and the most talented creatives. While we're still in the early innings, I couldn't be more excited about where we're headed as a company. As I said, we're open for business. And if you're in this business, this is the place to be.

在像我們這樣充滿活力的行業中，我們處於成功的最佳位置。我們擁有在創造性和財務上蓬勃發展所需的一切，包括最偉大和最受歡迎的特許經營權和 IP、最多樣化的全球媒體品牌和資產集合、在我們自己的各種平台上為我們的產品產生知名度和興奮的能力、強大的領導團隊和最有才華的創意人員。雖然我們仍處於早期階段，但我對我們作為一家公司的發展方向感到無比興奮。正如我所說，我們開門營業。如果您從事這項業務，那麼這裡就是您的最佳選擇。

We look forward to sharing lots more with you at our Investor Day at the end of the year. And with that, I'll turn it over to JB, and he'll walk you through the details of our SVOD strategy.

我們期待在年底的投資者日與您分享更多信息。有了這個，我會把它交給 JB，他會帶你了解我們 SVOD 策略的細節。

Thank you, David, and hello, everyone. Over the last almost 120 days, I've had a chance to spend time with this incredibly talented team, take a closer look at both products and their technology, better understand our proficiencies as well as areas where there's need for further development and dig in on what consumers are saying about the 2 services. We have a lot of work to do, but these first few months have only strengthened our belief in the significant opportunity ahead of us. And I'm excited to share with you some initial thoughts on our strategy and road map.

謝謝大衛，大家好。在過去的近 120 天裡，我有機會與這個才華橫溢的團隊共度時光，仔細研究產品及其技術，更好地了解我們的能力以及需要進一步開發和挖掘的領域關於消費者對這 2 項服務的評價。我們有很多工作要做，但最初的幾個月只會加強我們對擺在我們面前的重大機遇的信念。我很高興與您分享對我們的戰略和路線圖的一些初步想法。

First, a bit of context. For decades, our industry has embraced changing technology and consumer demand by evolving a very successful windowing approach to exploiting content. However, in recent years, a strategy has emerged that suggests the video business will be better off collapsing all windows into streaming, overpaying for and overinvesting in content and offering it all at the same time for a low price.

首先，一點上下文。幾十年來，我們的行業通過發展一種非常成功的窗口化方法來開發內容，從而適應了不斷變化的技術和消費者需求。然而，近年來出現了一種策略，表明視頻業務最好將所有窗口折疊成流媒體，對內容進行過度支付和過度投資，同時以低價提供所有內容。

We don't believe in this strategy. While we intend for streaming to be a critical part of our company and a key driver of our growth as consumers continue to shift their viewing habits from linear to nonlinear, it's only one part of our diversified approach. The focus of our streaming strategy is consumer choice. We believe there are multiple global consumer segments in streaming, just like there have been for decades in traditional television. Some who are willing to pay a premium for an ad-free experience, others who are more price-conscious and prefer to pay less with limited advertising, and a sizable third group who will not pay a subscription fee and only want to enjoy ad-supported entertainment.

我們不相信這種策略。儘管隨著消費者繼續將其觀看習慣從線性轉變為非線性，我們希望流媒體成為我們公司的重要組成部分和增長的關鍵驅動力，但這只是我們多元化方法的一部分。我們流媒體戰略的重點是消費者選擇。我們相信流媒體領域存在多個全球消費群體，就像傳統電視領域已有數十年一樣。一些人願意為無廣告體驗支付溢價，另一些人更注重價格，更願意通過有限的廣告少付錢，還有相當大的第三類人不支付訂閱費，只想享受廣告——支持娛樂。

Warner Bros. Discovery's unmatched depth and breadth of content provides us the opportunity to offer something for everyone. Providing consumers with a range of entertainment options will maximize our reach and financial returns. Currently, we're focused on launching our combined SVOD product with both an ad-light and an ad-free version in many markets. But as you heard, we've also begun to explore options of how best to reach consumers in the free ad-supported streaming space. We currently license our library to others, but we'll assess how best to play in this growing business as the model evolves from free-to-air linear to free-to-view streaming.

Warner Bros. Discovery 無與倫比的內容深度和廣度讓我們有機會為每個人提供一些東西。為消費者提供一系列娛樂選擇將最大限度地提高我們的影響力和財務回報。目前，我們專注於在許多市場推出我們的組合 SVOD 產品，該產品具有廣告燈和無廣告版本。但正如您所聽到的，我們也開始探索如何在免費廣告支持的流媒體空間中最好地接觸消費者。我們目前將我們的庫授權給其他人，但隨著模型從免費廣播線性發展到免費觀看流媒體，我們將評估如何最好地在這個不斷發展的業務中發揮作用。

Now focusing on our ad-free and ad-light SVOD offering. The great news is the combination of HBO Max and discovery+ could not come at a better time as both are enjoying strong momentum. HBO Max has emerged as the most acclaimed streaming service among consumers and discovery+ remains one of the top-rated apps and the dominant leader in real-life entertainment.

現在專注於我們的無廣告和無廣告 SVOD 產品。好消息是 HBO Max 和 Discovery+ 的結合來得正是時候，因為兩者都享有強勁的勢頭。 HBO Max 已成為消費者中最受好評的流媒體服務，Discover+ 仍然是最受好評的應用程序之一，也是現實生活娛樂領域的主導領導者。

There are also 2 very unique and complementary streaming services, distinct in their content appeal ranging from premium scripted series like Succession and the much anticipated House of the Dragon to leading unscripted programming such as 90 Day Fiance and Fixer Upper. The 2 services are also different in terms of how subscribers engage with the content. Some of it being more appointment viewing driving subscriber acquisition, other content being more comfort viewing, driving subscriber retention with people watching hours on end.

還有 2 個非常獨特和互補的流媒體服務，它們的內容吸引力不同，從像 Succession 和備受期待的《龍之屋》這樣的優質腳本系列到領先的無腳本節目，如 90 天未婚夫和 Fixer Upper。這兩種服務在訂閱者如何與內容互動方面也有所不同。其中一些是更多的預約觀看推動訂戶獲取，其他內容是更舒適的觀看，推動訂戶保留，人們連續觀看數小時。

These are 2 critical and powerful components of a strong and sustainable subscription business. Couple this with our world-class collection of globally recognized brands, franchises series and characters, it is truly an unprecedented combination.

這些是強大且可持續的訂閱業務的兩個關鍵且強大的組成部分。再加上我們世界級的全球知名品牌、特許經營系列和角色系列，這確實是一個前所未有的組合。

In an already crowded market, consumers know these brands, and they trust them to deliver quality. The quality of our content engine speaks for itself as evidenced by the 193 Emmy nominations this year, more than any other media company. From drama to comedy, documentaries, the factual, lifestyle, the reality, local series from around the world, the sports in Europe and Latin America, and of course, movies.

在已經擁擠的市場中，消費者了解這些品牌，並且相信它們能夠提供質量。我們內容引擎的質量不言而喻，今年 193 項艾美獎提名證明了這一點，比任何其他媒體公司都要多。從戲劇到喜劇、紀錄片、事實、生活方式、現實、來自世界各地的本地連續劇、歐洲和拉丁美洲的體育運動，當然還有電影。

Ahead of the launch of our new combined service, we're introducing a number of exciting interim initiatives. First, content sharing. As we announced earlier today, discovery+ will add a CNN Originals Hub on August 19, making it the home of the award-winning CNN series and films, including the Anthony Bourdain collection and featuring series such as This Is Life with Lisa Ling and Stanley Tucci: Searching for Italy. And starting later this fall, HBO Max will begin hosting some of the Magnolia content from the incomparable Joanna and Chip Gaines, including their latest series Fixer Upper: The Castle arriving in October.

在推出新的綜合服務之前，我們將推出一些令人興奮的臨時舉措。一是內容分享。正如我們今天早些時候宣布的那樣，discovery+ 將於 8 月 19 日增加一個 CNN 原創中心，使其成為屢獲殊榮的 CNN 系列和電影的所在地，其中包括 Anthony Bourdain 的系列以及 Lisa Ling 和 Stanley Tucci 等系列的特色系列: 尋找意大利。從今年秋天晚些時候開始，HBO Max 將開始託管來自無與倫比的喬安娜和奇普蓋恩斯的一些 Magnolia 內容，包括他們最新的系列 Fixer Upper: The Castle 將於 10 月到來。

Second, as David mentioned, we are leveraging the marketing power of our combined portfolio with the biggest TV audience many nights in the U.S., the second largest broadcast group in Europe, the #1 pay-TV portfolio in Lat Am and leading pay-TV lineup in APAC. We will drive significant awareness for our content and streaming products, much at no cost given the creative use of unsold or noncommercial inventory.

其次，正如大衛所提到的，我們正在利用我們組合組合的營銷力量，在美國擁有最多的電視觀眾，歐洲第二大廣播集團，拉美排名第一的付費電視組合和領先的付費電視亞太地區的陣容。鑑於創造性地使用未售出或非商業庫存，我們將大大提高我們的內容和流媒體產品的知名度。

Shark Week is just one recent example of the marketing benefits and financial synergies we see from strategic cross-promotion across our company.

鯊魚週只是我們從整個公司的戰略交叉推廣中看到的營銷效益和財務協同效應的最近一個例子。

Now more about the product and technology. We will roll out our new combined offering under a single brand, and we'll have more to share closer to launch. On the product side, we recognize that both of our existing products have shortcomings. HBO Max has a competitive feature set, but has had performance and customer issues. discovery+ has best-in-class performance and consumer ratings, but more limited features. Our combined service will focus on delivering the best of both, market-leading features with world-class performance.

現在更多關於產品和技術。我們將在單一品牌下推出我們新的組合產品，並且我們將在更接近發佈時分享更多產品。在產品方面，我們認識到我們現有的兩種產品都存在缺陷。 HBO Max 具有具有競爭力的功能集，但存在性能和客戶問題。 discovery+ 具有一流的性能和消費者評級，但功能更有限。我們的綜合服務將專注於提供兩全其美的市場領先功能和世界一流的性能。

To deliver this, our team has developed a clear road map to migrate onto one tech stack, leveraging much of the core infrastructure of the highly rated discovery+ service with significant and important feature enhancements from the more established HBO Max.

為了實現這一點，我們的團隊制定了一個明確的路線圖，以遷移到一個技術堆棧，利用備受好評的發現 + 服務的大部分核心基礎設施，以及更成熟的 HBO Max 的顯著和重要功能增強。

Our product design and feature set will enable better content discovery and more personalized choices. All of this, coupled with the unparalleled breadth of quality content, will help drive our leading objective, which is growing engagement.

我們的產品設計和功能集將實現更好的內容髮現和更個性化的選擇。所有這一切，再加上無與倫比的優質內容，將有助於推動我們的主要目標，即提高參與度。

This will, in turn, enable us to meaningfully reduce churn, support gross adds and increased monetization, particularly with our ad-light offering. There's much work to be done over the coming months from retooling the tech platform to enabling proper content and metadata ingest around the world and ensuring a seamless customer migration for launch. There's lots to do, and we're determined to get it right, which will take a bit of time.

反過來，這將使我們能夠顯著減少客戶流失，支持總增加量和增加貨幣化，特別是通過我們的廣告燈產品。在接下來的幾個月裡，從重組技術平台到在世界範圍內實現適當的內容和元數據攝取，以及確保無縫的客戶遷移以進行發布，還有很多工作要做。有很多事情要做，我們決心把它做好，這需要一些時間。

Our primary focus for the rollout will be in the markets where HBO Max has already launched. Given its broader international footprint, we plan to launch the service sequentially starting in the U.S. next summer. Latin America will follow later in the year, European markets with HBO Max will follow in early '24, with additional launches in key Asia Pacific territories and some new European markets coming later in 2024. Of course, as we get more of the development work and testing under our belt, we will explore ways to accelerate the rollout, if and where it makes sense.

我們推出的主要重點將是 HBO Max 已經推出的市場。鑑於其更廣泛的國際足跡，我們計劃從明年夏天開始在美國依次推出該服務。拉丁美洲將在今年晚些時候跟進，HBO Max 的歐洲市場將在 24 年初跟進，2024 年晚些時候將在關鍵的亞太地區和一些新的歐洲市場推出更多產品。當然，隨著我們獲得更多的開發工作並在我們的腰帶下進行測試，我們將探索加速推出的方法，如果它有意義的話以及在哪裡有意義。

In addition, there will still be significant opportunity for expansion beyond this as these 70-plus countries represent less than 60% of broadband homes globally, excluding Russia and China. And many of the biggest markets, such as the U.K., Germany and Italy do not fall within this 2025 plan. But we want to remain disciplined and prove out the strength of our product and profitability first.

此外，除俄羅斯和中國外，這 70 多個國家佔全球寬帶家庭的比例不到 60%，因此仍有很大的擴展機會。許多最大的市場，如英國、德國和意大利，都不屬於這個 2025 年計劃。但我們希望保持自律，首先證明我們產品的實力和盈利能力。

All of this culminates in developing a strong, financially attractive business over the next 3 years. Our focus is on shaping a real business with significant global ambition but not one that solely chase the subscribers at any cost or blindly seeks to win the content spending was. Instead, one that scales smartly.

所有這些最終都將在未來 3 年內發展出強大且具有財務吸引力的業務。我們的重點是塑造一個具有重大全球野心的真正業務，但不是不惜一切代價追逐訂閱者或盲目尋求贏得內容支出的業務。相反，一個可以靈活擴展的。

So now what does this all mean for the streaming business? Our financial North Star will be EBITDA driven by solid top line growth and greater cost efficiency from the combination of these 2 products. We expect peak EBITDA losses for the D2C segment will occur this year in 2022 as we do the heavy lifting around technology, personnel and integration ahead of the planned relaunch starting next summer.

那麼現在這對流媒體業務意味著什麼？我們的財務北極星將是由這兩種產品組合帶來的穩健的收入增長和更高的成本效率推動的 EBITDA。我們預計 D2C 部門的 EBITDA 虧損峰值將在今年 2022 年出現，因為我們在計劃於明年夏天開始的重新啟動之前圍繞技術、人員和整合進行繁重的工作。

We're targeting the U.S. streaming business to be profitable in 2024 and for the global streaming segment to generate $1 billion in EBITDA by 2025. Embedded within this target result for 2025 is an EBITDA drag from less mature markets and new market launches. We believe that we can achieve these milestones with a total subscriber base of around 130 million global subs.

我們的目標是美國流媒體業務在 2024 年實現盈利，全球流媒體業務到 2025 年產生 10 億美元的 EBITDA。嵌入到 2025 年這一目標結果中的是來自不太成熟的市場和新市場推出的 EBITDA 拖累。我們相信，憑藉全球約 1.3 億用戶的總用戶群，我們可以實現這些里程碑。

Today, our total subscriber number for HBO Max and discovery+ is 92 million, an increase of 1.7 million over first quarter. This number now excludes other streaming products in the portfolio and synchronizes our subscriber definitions, which Gunnar will get into more later. The goal of this is to provide you with a clear and transparent number of true paying subscribers to our core service. You should also note that we estimate an additional overlap of around 4 million subscribers between the 2 services today. So we anticipate adding more than 40 million incremental sales by 2025.

今天，我們 HBO Max 和 Discovery+ 的總用戶數為 9200 萬，比第一季度增加了 170 萬。這個數字現在不包括產品組合中的其他流媒體產品，並同步我們的訂閱者定義，Gunnar 將在稍後進行更多介紹。這樣做的目的是為您提供清晰透明的核心服務真正付費用戶數量。您還應該注意，我們估計今天這 2 種服務之間大約有 400 萬訂戶的額外重疊。因此，我們預計到 2025 年將增加超過 4000 萬的增量銷售額。

Turning to ARPU. As we just reported, our current ARPU is almost $8 globally, comprised of nearly $11 domestically and almost $4 internationally. We expect healthy ARPU growth off this base due to a few factors. First, a new pricing strategy. Consistent with our profitability focus, we will shift away from heavily discounted promotions that were part of the gross ads focused strategy of the past to a more balanced approach that optimizes revenue as well as subscribers.

轉向ARPU。正如我們剛剛報導的那樣，我們目前的 ARPU 在全球範圍內接近 8 美元，其中包括近 11 美元的國內和近 4 美元的國際。由於一些因素，我們預計 ARPU 將在此基礎上實現健康增長。一是新的定價策略。與我們的盈利重點一致，我們將從過去以總廣告為重點的戰略中的大幅折扣促銷轉變為優化收入和訂戶的更平衡的方法。

Second, and related to this, price increases, particularly in certain international regions where we are well below market. We will also plan for periodic increases as accepted in the marketplace. Third, scale benefits from broader distribution of our ad-light offering. And as our reach and engagement grow, we will also drive CPMs, leveraging technology enhanced products and targeted advertising. We've clearly started seeing the benefits of this at discovery+.

其次，與此相關的是價格上漲，特別是在我們遠低於市場的某些國際地區。我們還將計劃在市場上接受的定期增加。第三，規模受益於我們廣告燈產品的更廣泛分佈。隨著我們的影響力和參與度的增長，我們還將利用技術增強產品和有針對性的廣告來推動每千次展示費用。我們已經清楚地開始在 Discovery+ 上看到這樣做的好處。

On the cost side, we see meaningful synergies from 2 particular non-content areas. Marketing, which is over 60% of SG&A, we'll see benefits by moving to a single branded product leveraging the power of our owned networks as well as more optimized spend. In technology, which is the third largest portion of our OpEx, where we will eliminate duplicative spend, reduce third-party vendors and see significant opportunities for automation.

在成本方面，我們看到兩個特定的非內容領域產生了有意義的協同效應。營銷佔 SG&A 的 60% 以上，我們將看到通過利用我們自有網絡的力量以及更優化的支出轉向單一品牌產品的好處。在技術方面，這是我們運營支出的第三大部分，我們將在其中消除重複支出，減少第三方供應商並看到自動化的重要機會。

Looking ahead, we will continue to have healthy content investment, but with these 2 content portfolios coming together, we see smart opportunities to do this at a much more measured pace than in the previous plans. All in, we see long-term margin potential at scale of at least 20% and expect to make significant progress towards that goal over the next few years. Lastly, based on the operating leverage in the business, we believe we can achieve incremental margins of around 50% of every dollar of additional revenue growth.

展望未來，我們將繼續進行健康的內容投資，但隨著這兩個內容組合的結合，我們看到了以比之前計劃更謹慎的速度進行投資的明智機會。總而言之，我們認為長期利潤率潛力至少為 20%，並預計在未來幾年內朝著該目標取得重大進展。最後，根據業務的運營槓桿，我們相信我們可以實現每增加一美元收入增長的 50% 左右的增量利潤率。

To summarize, at Warner Bros. Discovery, we believe that in an already crowded market and at a time when the global economy is prompting many consumers to prioritize their purchase decisions, we are uniquely and best positioned to be at the top of global consumers lists for video entertainment. Our greatest strength and what positions us for success as a company long term is our ability to monetize our unparalleled collection of content in multiple ways in order to provide consumers choice and optimize asset value.

總而言之，在 Warner Bros. Discovery，我們相信，在一個已經擁擠的市場中，在全球經濟促使許多消費者優先考慮他們的購買決定的時候，我們處於獨特和最有利的位置，能夠在全球消費者名單中名列前茅用於視頻娛樂。我們最大的優勢以及我們作為公司長期成功的定位是我們能夠以多種方式將我們無與倫比的內容集合貨幣化，以便為消費者提供選擇並優化資產價值。

That is what we intend to do and streaming the 1 key part of our overall strategy. We look forward to sharing more with you as we get closer to launch. And now I'll turn it over to Gunnar for a closer look at our Q2 financials.

這就是我們打算做的事情，也是我們整體戰略的第一個關鍵部分。隨著我們越來越接近發布，我們期待與您分享更多信息。現在我將把它交給 Gunnar 來仔細看看我們的第二季度財務狀況。

Thank you, JB, and good afternoon, everyone. As you heard from JB, we are taking thoughtful approach in how we intend to scale our D2C business smartly and methodically. And it's just one component of a more balanced distribution strategy versus one that seeks to drive subscriber growth at any cost. This will be an important theme throughout the discussion of our second quarter financials and our outlook for the balance of the year as well as 2023.

謝謝你，JB，大家下午好。正如您從 JB 那裡聽到的那樣，我們正在採取深思熟慮的方法來巧妙而有條不紊地擴展我們的 D2C 業務。與不惜一切代價尋求推動訂戶增長的戰略相比，這只是更平衡的分銷戰略的一個組成部分。這將是整個討論我們第二季度財務狀況以及我們對今年和 2023 年餘額展望的一個重要主題。

Turning to our financials. As you can see, it's been an extremely busy first full quarter as a combined company, strategically, operationally and financially. Picking up from when we spoke to you last, while we've already implemented a significant number of initiatives following the closing of the WarnerMedia transaction, we've only become more confident about the long-term potential for Warner Bros. Discovery. The strategic logic behind bringing these 2 great companies together is as apparent and sound as when we announced the deal.

轉向我們的財務。如您所見，作為一家合併後的公司，在戰略、運營和財務方面，這是一個非常繁忙的第一季度。從我們上次與您交談時開始，雖然在 WarnerMedia 交易完成後我們已經實施了大量舉措，但我們對 Warner Bros. Discovery 的長期潛力更加有信心。將這兩家偉大的公司聯合起來背後的戰略邏輯與我們宣布交易時一樣明顯和合理。

As noted prior, the recently concluded upfront is a timely example of just that. Despite the more challenging macro environment, we're very pleased with our performance, which proved the enormous value of our content portfolio to our advertising clients and as a differentiated means to service brands. Out of the gate as a combined company, we have been focused on debt paydown, and I am pleased to report that by the end of this month, we will have paid down $6 billion of debt since closing the transaction.

如前所述，最近結束的預付款就是一個及時的例子。儘管宏觀環境更具挑戰性，但我們對我們的表現感到非常滿意，這證明了我們的內容組合對我們的廣告客戶以及作為服務品牌的差異化手段的巨大價值。作為一家合併後的公司，我們一直專注於償還債務，我很高興地報告，自交易完成以來，到本月底，我們將償還 60 億美元的債務。

We're equally as focused on integration and efficiency, and I'm very pleased with the progress of the synergy program. We now have 1,000 individual initiatives staffed. Measures already implemented worth $1 billion of run rate savings. The clear grip on milestones and business cases for at least another $2 billion in flight and eyes on further upside and opportunities. We will continue to update the market on progress as well as implications for related cost to achieve as we move our synergy program through the implementation stages.

我們同樣關注整合和效率，我對協同計劃的進展感到非常滿意。我們現在有 1,000 個單獨的計劃人員。已經實施的措施價值 10 億美元的運行率節省。明確掌握至少 20 億美元的里程碑和商業案例，並著眼於進一步的上漲和機會。隨著我們將協同計劃推進到實施階段，我們將繼續向市場通報進展情況以及對實現相關成本的影響。

Now I'd like to very briefly address our Q2 results, which we are providing in a new segment structure. The composition of our new segments is very similar to the way Time Warner are presented previously. In addition to the second quarter financials, we also provided trending schedules, including 2021 segmented pro forma financials with the earnings release this afternoon to give you a financial baseline for Warner Bros. Discovery. The trending schedules are also available on our Investor Relations website.

現在我想非常簡要地介紹一下我們在新的細分結構中提供的第二季度結果。我們新細分市場的構成與時代華納之前呈現的方式非常相似。除了第二季度的財務數據外，我們還提供了趨勢時間表，包括 2021 年細分的備考財務數據以及今天下午發布的收益報告，為您提供華納兄弟探索公司的財務基線。趨勢時間表也可在我們的投資者關係網站上找到。

I will speak to the second quarter financials on a reported basis. And we'll address growth rates on a pro forma combined FX basis, as always, to provide more transparency on underlying performance.

我將在報告的基礎上對第二季度的財務狀況進行討論。我們將一如既往地在備考綜合外匯基礎上解決增長率問題，以提高基礎業績的透明度。

Let's turn to the individual segments, starting with Studios. Studios results were driven by strong games performance, specifically behind LEGO Star Wars: The Skywalker Saga as well as consumer products, while home entertainment and theatrical face difficult comparisons against last year's strong COVID-lifted catalog sales and larger film slate.

讓我們轉向各個細分市場，從工作室開始。工作室的業績受到強勁的遊戲業績的推動，特別是在樂高星球大戰：天行者傳奇以及消費產品之後，而家庭娛樂和戲劇面臨著難以與去年強勁的 COVID 提升目錄銷售和更大的電影板進行比較。

With the Networks, revenue was up 1% and EBITDA was down 11%. Advertising increased 2% globally, largely driven by sports on the Turner Nets in the U.S. while international advertising was down modestly, in large part due to the sale of Chilevisión last September as well as a decline in EMEA.

借助 Networks，收入增長 1%，EBITDA 下降 11%。全球廣告增長 2%，主要受美國 Turner Nets 體育賽事的推動，而國際廣告則小幅下降，這在很大程度上是由於去年 9 月出售了 Chilevisión 以及歐洲、中東和非洲地區的下滑。

Global Distribution revenue was down slightly with the U.S. flattish and international down 3%, which was impacted by pricing declines in Western Europe. EBITDA decreased in part due to increased sports rights cost versus last year.

全球分銷收入略有下降，美國持平，國際下降 3%，這受到西歐定價下降的影響。 EBITDA 下降的部分原因是體育版權成本與去年相比有所增加。

Within D2C, revenues increased by 4%, while adjusted EBITDA declined $325 million year-over-year. Performance was mainly driven by: number one, substantial content investments across the global footprint as part of the push to launch HBO Max in as many markets as possible prior to closing the deal; as well as number two, revenue pressures in the wake of sunsetting the Amazon distribution deal last September; and number three, tough prior year comps with 2021 enjoying the benefit of the day and date windowing strategy for Warner Bros. feature films.

在 D2C 中，收入增長了 4%，而調整後的 EBITDA 同比下降了 3.25 億美元。業績主要受以下因素推動：第一，在全球範圍內進行大量內容投資，作為在交易完成前在盡可能多的市場推出 HBO Max 的一部分；第二，去年 9 月亞馬遜分銷協議終止後的收入壓力；第三，艱難的上一年與 2021 年相比，享受華納兄弟故事片的日期和日期窗口策略的好處。

Consistent with our prior comments, we continue to thoughtfully spend ahead of the launch of our integrated product. In part, having put some planned new country launches on the back burner, but we are gearing up and are very excited for the global release of House of the Dragon in August, the highly anticipated prequel to Game of Thrones.

與我們之前的評論一致，我們將繼續在推出我們的集成產品之前進行慎重的支出。部分原因是，我們已將一些計劃中的新國家/地區發布擱置一旁，但我們正在為 8 月全球發行的《龍之屋》（《權力的遊戲》備受期待的前傳）做準備並感到非常興奮。

Importantly, we are changing the way we present our D2C subscriber numbers going forward to align our subscriber definitions across the legacy Discovery and WarnerMedia businesses. Starting with the paying subscriber count reported on our Q1 earnings call of roughly 100 million subscribers, we have made the following key adjustments that totaled 10 million subscribers. First, the HBO Max subscriber number historically included certain unactivated subscribers under the AT&T Mobility distribution agreement. Consistent with legacy Discovery policy, we will exclude such unactivated subscribers going forward.

重要的是，我們正在改變我們展示 D2C 訂戶數量的方式，以使我們的訂戶定義與傳統的 Discovery 和 WarnerMedia 業務保持一致。從我們在第一季度財報電話會議上報告的大約 1 億訂閱者的付費訂閱者數量開始，我們對總計 1000 萬訂閱者進行了以下關鍵調整。首先，HBO Max 的用戶數量歷來包括 AT&T Mobility 分銷協議下的某些未激活用戶。與舊版發現政策一致，我們將在未來排除此類未激活的訂閱者。

Second, as JB detailed, we have refined our strategy with a clear focus on one combined D2C product. As such, going forward, we will exclude non-core D2C subscribers outside of the discovery+ or HBO Max products from our account, such as subscribers of MotorTrend, Eurosport Player and a few smaller other products.

其次，正如 JB 所詳述的那樣，我們已經完善了我們的戰略，明確關註一個組合的 D2C 產品。因此，展望未來，我們將從我們的帳戶中排除 Discovery+ 或 HBO Max 產品之外的非核心 D2C 訂閱者，例如 MotorTrend、Eurosport Player 和一些較小的其他產品的訂閱者。

Against this harmonized definition, we ended Q2 with 92.1 million subscribers, representing 1.7 million sequential net adds during the quarter. Please refer to the aforementioned trending schedules for historical subscriber data as per the harmonized definition.

根據這個統一的定義，我們在第二季度結束時擁有 9210 萬用戶，代表本季度連續淨增加 170 萬。根據統一定義，請參閱上述歷史用戶數據的趨勢表。

Please note that while we have adjusted our ARPU calculations for the corresponding revenues, total Warner Bros. Discovery D2C segment revenue will still include fees received from N4. Those subscribers no longer included in our core subscriber count.

請注意，雖然我們調整了相應收入的 ARPU 計算，但華納兄弟發現 D2C 部門的總收入仍將包括從 N4 收到的費用。這些訂閱者不再包含在我們的核心訂閱者數量中。

Now turning to the consolidated group. On a consolidated basis, revenue was down 1%, driven by increased intercompany eliminations, impacted by larger internal sales and licensing, while adjusted EBITDA was down 31% or $812 million year-over-year.

現在轉向合併組。在合併的基礎上，收入下降了 1%，原因是公司間抵消增加，受內部銷售和許可增加的影響，而調整後的 EBITDA 同比下降 31% 或 8.12 億美元。

These results are driven by the legacy WarnerMedia businesses with significant cost increases across all segments. Please note, year-on-year, FX was a $228 million headwind to revenues and a $30 million headwind to adjusted EBITDA during the quarter. Despite the many crosscurrents running through our P&L at the moment, we ended the second quarter with $789 million of reported free cash flow. This included approximately $250 million of cash restructuring and onetime charges related to the merger and integration.

這些結果是由傳統的華納媒體業務推動的，所有部門的成本都顯著增加。請注意，與去年同期相比，本季度外匯對收入的不利影響為 2.28 億美元，對調整後的 EBITDA 造成了 3,000 萬美元的不利影響。儘管目前我們的損益表中存在許多逆流，但我們在第二季度結束時報告的自由現金流為 7.89 億美元。這包括大約 2.5 億美元的現金重組以及與合併和整合相關的一次性費用。

With respect to overall Q2 financial performance, clearly, these results are neither indicative of the health of the underlying assets nor of their longer-term trajectory, but rather the fact that we're starting from a less favorable position compared to our expectations. In addition to the clearly more challenging macroeconomic backdrop and a changing industry dynamic in the streaming space, we have also now had an opportunity to fully assess legacy WarnerMedia's financials post closing.

就第二季度的整體財務業績而言，顯然，這些結果既不能表明基礎資產的健康狀況，也不能表明它們的長期軌跡，而是表明我們從一個比我們預期更不利的位置開始。除了明顯更具挑戰性的宏觀經濟背景和流媒體領域不斷變化的行業動態外，我們現在還有機會全面評估傳統華納媒體在交易結束後的財務狀況。

Having concluded this process, we determined that certain legacy WarnerMedia budget projections that were made available to us prior to closing, varied from what we now view as legacy WarnerMedia's budget baseline post closing. On taking a deep dive in pressure testing, what we found, our assessment has resulted in lower EBITDA projections.

完成此流程後，我們確定在關閉前向我們提供的某些舊版 WarnerMedia 預算預測與我們現在認為的舊版 WarnerMedia 關閉後的預算基準有所不同。在深入進行壓力測試時，我們發現，我們的評估導致 EBITDA 預測降低。

Specifically, we identified a number of approved investments and foregone revenue in various parts of the business that, when taken together, impacted full year 2022 EBITDA by roughly $2 billion. Some examples of these business decisions include: number one, significant reductions in external content sales. As part of a corporate initiative to prioritize HBO Max growth globally, new content licensing deals to third parties were largely halted and content was, in general, made exclusive to HBO Max. This is, of course, an upside opportunity over time as we ramp initiatives back to a balanced level of monetization depending on relative value contributions.

具體來說，我們在業務的各個部分確定了一些已獲批准的投資和放棄的收入，這些投資合在一起對 2022 年全年 EBITDA 的影響約為 20 億美元。這些業務決策的一些示例包括：第一，顯著減少外部內容銷售。作為優先考慮全球 HBO Max 增長的企業計劃的一部分，與第三方的新內容許可交易基本停止，內容通常是 HBO Max 獨有的。當然，隨著時間的推移，這是一個上行機會，因為我們根據相對價值貢獻將計劃恢復到平衡的貨幣化水平。

Number two, similarly, certain actions taken to limit HBO Max B2B distribution provided a headwind to performance, and we believe there may be opportunities to course correct. Number three, substantial investments in kids and animation content for both linear and D2C platforms without an adequate investment case against them. Number four, substantial investments in direct to HBO Max films, for which, again, we did not find sufficient support. This means adjusting the way we invest going forward and also evaluating those projects already completed or in progress. Wonder Twins, Bad Girls and Scoob!: Holiday Haunt are examples of streaming films that do not fit this new strategic approach.

第二，類似地，為限制 HBO Max B2B 發行而採取的某些措施對業績造成了不利影響，我們認為可能有機會糾正。第三，對線性和 D2C 平台的兒童和動畫內容進行大量投資，但沒有充分的投資理由。第四，對直接向 HBO Max 電影進行的大量投資，同樣，我們沒有找到足夠的支持。這意味著調整我們未來的投資方式，並評估那些已經完成或正在進行的項目。 Wonder Twins、Bad Girls 和 Scoob!: Holiday Haunt 是不符合這種新戰略方法的流媒體電影的例子。

These are difficult decisions, but we are committed to being disciplined about a framework that guides our content investment for maximum return. Number five, significant incremental and loss-making content investments for the Turner networks. Specifically content spend on shows that did not have a path to generate sufficient ratings or incremental monetization potential. And number six, incremental corporate expenses transferred from AT&T resulting from the spin-off of WarnerMedia as per the final carve-out financials.

這些都是艱難的決定，但我們致力於遵守指導我們的內容投資以獲得最大回報的框架。第五，特納網絡的重大增量和虧損內容投資。具體而言，內容花費在無法產生足夠收視率或增加貨幣化潛力的節目上。第六，根據最終分拆財務數據，從 AT&T 轉移的增量公司費用是由於華納媒體的分拆而產生的。

While these factors will, of course, impact our 2022 financial performance and 2023 to a lesser extent, we have implemented immediate measures to address and redirect the trend line. Most importantly, supported by key leadership changes and the introduction of a more robust framework for capital allocation based on financial metrics and measured KPIs. Key measures include: number one, the shutdown of CNN+. Number two, restructuring the scripted content portfolio on the linear net, kids and animation, direct to HBO Max films as well as international local content not sufficiently supported by robust enough investment cases.

當然，雖然這些因素會在較小程度上影響我們 2022 年和 2023 年的財務業績，但我們已立即採取措施應對和調整趨勢線。最重要的是，得到關鍵領導層變動的支持，以及基於財務指標和衡量 KPI 的更強大的資本配置框架的引入。關鍵措施包括：第一，關閉 CNN+。第二，重組線性網絡、兒童和動畫上的腳本內容組合，直接面向 HBO Max 電影以及沒有足夠強大的投資案例支持的國際本地內容。

Number three, a more balanced approach to external licensing as we embrace a more holistic content monetization model for Warner Bros. Discovery globally, generating significant revenue upside while protecting key strategic franchises such as Friends, Big Bang Theory, Game of Thrones, et cetera. Number four, implementing an HBO Max distribution strategy aimed at wide availability as opposed to D2C only distribution. As well as number five, greater accountability, alignment and communication across businesses.

第三，一種更平衡的外部許可方法，因為我們在全球範圍內為 Warner Bros. Discovery 採用更全面的內容貨幣化模式，在保護關鍵戰略特許經營權的同時產生顯著的收入增長，例如《老友記》、《生活大爆炸》、《權力的遊戲》等。第四，實施針對廣泛可用性的 HBO Max 分發策略，而不是僅 D2C 分發。第五，加強跨企業的問責、協調和溝通。

Turning now to synergies. Our work on integration and transformation since closing gives us increased confidence in the synergy opportunity. Every day, over the past 15 weeks, I have experienced the muscle memory that many on our integration teams have built over the past years of change and integration. We have already implemented initiatives totaling more than $1 billion of run rate impact. This will grow from this point, the opportunity to implement transformational change across the global organization is enormous, and we're being thoughtful about its prioritization and cadence.

現在轉向協同效應。自交易結束以來，我們在整合和轉型方面的工作使我們對協同機會的信心增強。在過去的 15 周中，我每天都體驗到我們整合團隊中的許多人在過去幾年的變革和整合中建立起來的肌肉記憶。我們已經實施了總計超過 10 億美元的運行率影響計劃。這將從這一點開始增長，在全球組織中實施轉型變革的機會是巨大的，我們正在考慮其優先級和節奏。

Individual initiatives range from direct merger-related opportunities such as consolidating our real estate footprint against hybrid and agile work environments to opportunities tied to David's operating philosophy as one integrated company.

個別舉措包括直接與合併相關的機會，例如在混合和靈活的工作環境中鞏固我們的房地產足跡，以及與大衛作為一家綜合公司的經營理念相關的機會。

The latter opens up tremendous transformation potential along systems integration, process harmonization and importantly, optimize utilization of our O&O promotion and advertising potential.

後者在系統集成、流程協調方面開闢了巨大的轉型潛力，更重要的是，優化了我們的 O&O 促銷和廣告潛力的利用。

I am very pleased with how well the program has progressed so far and based on the savings potential in our initiative funnel, I have full confidence that we will expect at least $3 billion of synergies overall, with $2 billion to $3 billion of synergy realization in 2023. Naturally, we'll update the market regularly as certainty on value and timing increases.

我對該計劃迄今為止的進展情況感到非常滿意，並且基於我們主動漏斗中的節省潛力，我完全相信我們預計總體上將產生至少 30 億美元的協同效應，其中實現 20 億至 30 億美元的協同效應2023. 當然，隨著價值和時機的確定性增加，我們會定期更新市場。

With that, I want to share our current thinking on the 2022 and 2023 financial outlook. As you may recall, we first developed our guidance for the combined Warner Bros. Discovery 15 months ago. Today, after 100 days of thorough analysis and financial planning post close, we are adjusting our 2022 and 2023 EBITDA outlook, primarily based on: first, a less favorable macroeconomic backdrop resulting in a more conservative outlook overall and for ad sales specifically. Second, a change in the streaming industry dynamics and our strategic response. And third, as noted earlier, the difference is in legacy WarnerMedia budget projections that were made available to us prior to closing versus what we now view as legacy WarnerMedia's budget baseline post closing.

有了這個，我想分享我們目前對 2022 年和 2023 年財務前景的看法。您可能還記得，我們在 15 個月前首次為合併後的 Warner Bros. Discovery 制定了指南。今天，在結束後 100 天的全面分析和財務規劃之後，我們正在調整 2022 年和 2023 年 EBITDA 展望，主要基於：首先，宏觀經濟背景不太有利，導致整體前景更加保守，特別是廣告銷售前景。其次，流媒體行業動態的變化和我們的戰略應對。第三，如前所述，區別在於關閉前向我們提供的舊版 WarnerMedia 預算預測與我們現在認為的舊版 WarnerMedia 關閉後的預算基準。

Taking all these factors into account, 2022 will clearly be a transition year, and we see an adjusted EBITDA in the range of $9 billion to $9.5 billion.

考慮到所有這些因素，2022 年顯然將是一個過渡年，我們預計調整後的 EBITDA 將在 90 億美元至 95 億美元之間。

For further context, I'd like to provide some color on third quarter trends. Global advertising revenues in the third quarter will be impacted by some tough prior year comps, specifically the Summer Olympic Games, 2 NBA Eastern Conference finals games played in early July last year, as well as the sale of Chilevisión. And given the less favorable macro environment, we are seeing softer demand and the scatter market at the moment. As such, we expect Q3 global ad sales to decline by high single to low double digits based on current booking trends.

對於進一步的背景，我想提供一些關於第三季度趨勢的顏色。第三季度的全球廣告收入將受到前一年一些艱難的比賽的影響，特別是夏季奧運會、去年 7 月初舉行的兩場 NBA 東部決賽以及智利視覺的出售。鑑於宏觀環境不利，我們目前看到需求疲軟和分散市場。因此，根據當前的預訂趨勢，我們預計第三季度全球廣告銷售額將以高個位數至低兩位數下降。

On the positive side, we are beginning to see the impact of our course correcting measures and we expect some synergy capture beginning in the back half of this year. Furthermore, we expect to generate free cash flow of around $3 billion after cash cost to achieve in 2022. On that basis, I am expecting net leverage at year-end to be approximately 4.8x.

從積極的一面來看，我們開始看到我們的路線修正措施的影響，我們預計在今年下半年開始一些協同效應。此外，我們預計將在 2022 年實現扣除現金成本後產生約 30 億美元的自由現金流。在此基礎上，我預計年底的淨槓桿率約為 4.8 倍。

Turning to our outlook for 2023. Based on the full year impact of our 2022 corrective actions and $2 billion to $3 billion of synergy realization in 2023, we expect adjusted EBITDA to be at least $12 billion. We expect to convert approximately 1/3 to half of our adjusted EBITDA into free cash flow in 2023 as we make progress towards our long-term target of approximately 60%. The cadence of content investments, restructuring spend, CapEx and working capital improvements will impact the timing of free cash flow generation.

談到我們對 2023 年的展望。根據我們 2022 年整改措施對全年的影響以及 2023 年實現的 20 億至 30 億美元的協同效應，我們預計調整後的 EBITDA 至少為 120 億美元。隨著我們在實現約 60% 的長期目標方面取得進展，我們預計在 2023 年將調整後 EBITDA 的約 1/3 至一半轉換為自由現金流。內容投資、重組支出、資本支出和營運資本改善的節奏將影響自由現金流產生的時機。

With that, I want to give a quick snapshot on our balance sheet. We are reiterating our long-term gross leverage target of 2.5 to 3x, which we expect to hit by the end of 2024, and our gross leverage will be within our current ratings category by mid-2024 or earlier. As stated before, we will continue to dedicate virtually all free cash flow generated to debt reduction until then.

有了這個，我想簡要介紹一下我們的資產負債表。我們重申了 2.5 至 3 倍的長期總槓桿目標，我們預計到 2024 年底將達到這一目標，到 2024 年年中或更早，我們的總槓桿率將在我們當前的評級範圍內。如前所述，在此之前，我們將繼續將幾乎所有產生的自由現金流用於減債。

We had $53 billion of total debt at the end of Q2, including $6.5 billion of term loans. Importantly, our debt financing is generally long term with an average maturity of more than 14 years and a 4.3% average interest rate and equally importantly, interest rates for the vast majority of our debt are fixed. We have no remaining payments due in 2022, and we currently have $1.3 billion due in 2023 and $4.3 billion due in 2024.

截至第二季度末，我們的總債務為 530 億美元，其中包括 65 億美元的定期貸款。重要的是，我們的債務融資通常是長期的，平均期限超過 14 年，平均利率為 4.3%，同樣重要的是，我們絕大多數債務的利率是固定的。我們沒有在 2022 年到期的剩餘付款，我們目前有 13 億美元在 2023 年到期，43 億美元在 2024 年到期。

Also note, earlier this week, we finalized the post-closing working capital adjustment process with AT&T as part of the merger agreement. And as a result of that, AT&T will pay us $1.2 billion in August. With that, and combined with prepayments made in July, by the end of August, we will have paid down $6 billion since closing the transaction in April.

另請注意，本週早些時候，作為合併協議的一部分，我們與 AT&T 敲定了交割後的營運資金調整流程。因此，AT&T 將在 8 月份向我們支付 12 億美元。有了這些，再加上 7 月份的預付款，到 8 月底，自 4 月份完成交易以來，我們將支付 60 億美元。

We've covered a lot of ground today, but we've really only scratched the surface with respect to the significant amount of strategic work being done across the organization. And we'll take you through a much deeper dive with a comprehensive look across continent networks as well as D2C at our Analyst Day towards the end of the year.

今天我們已經涵蓋了很多領域，但我們實際上只是觸及了整個組織正在進行的大量戰略工作的表面。在今年年底的分析師日，我們將帶您進行更深入的探索，全面了解大陸網絡以及 D2C。

In closing, if there is one key message to take away is that we have never been more excited about the underlying strength of the creative bedrock of this combined company and the broad monetization opportunities for decades to come. David's leadership team has come together quickly, and we're fully focused on driving hard to deliver the value upside of this combination, and I remain excited to share our progress with you along the way.

最後，如果有一個關鍵信息要帶走，那就是我們對這家合併後公司的創意基石的潛在力量以及未來幾十年廣泛的貨幣化機會感到前所未有的興奮。 David 的領導團隊很快就聚集在一起，我們完全專注於努力實現這一組合的價值提升，我仍然很高興能與您分享我們在此過程中取得的進展。

With that, I'd like to turn it over to the operator, and David, JB and I will be happy to take your questions.

有了這個，我想把它交給接線員，大衛、JB 和我很樂意回答你的問題。

(Operator Instructions) Your first question will come from Bryan Kraft at Deutsche Bank.

（操作員說明）您的第一個問題將來自德意志銀行的 Bryan Kraft。

I need to ask 2, if I could. I guess, first, David, there's a lot of reporting in the press about some rates being delayed and of course, the canceling of Batgirl. I think that film, in particular, was almost completed. Can you just talk about the reason for decision to cancel Batgirl? What's the issue? And what's happening more broadly, Warner Bros. film business, changes you might be making and basically the direction you're taking with the DC universe.

我需要問2，如果可以的話。我想，首先，大衛，媒體上有很多關於某些費率被推遲的報導，當然還有蝙蝠女的取消。我認為那部電影，尤其是幾乎完成了。你能談談決定取消蝙蝠女的原因嗎？有什麼問題？更廣泛地說，華納兄弟的電影業務，你可能正在做出的改變，基本上是你在 DC 宇宙中所採取的方向。

And then just had one for JB on the SaaS product. Is the intent there to offer the SaaS service in Western markets like the U.S. where consumers are accustomed to paying for content? Or will it be more limited to markets where you've got -- where you would have a low penetration of paid services and therefore, way of building penetration where you might not otherwise achieve it?

然後在 SaaS 產品上為 JB 提供了一個。是否有意在消費者習慣為內容付費的美國等西方市場提供 SaaS 服務？或者它是否會更局限於你所擁有的市場——付費服務的滲透率很低，因此，在你可能無法實現的地方建立滲透率？

Great. Thanks, Bryan. Well, let me start with the fact that the Warner Bros. Motion Picture Group has fantastic IP and a great history, as you know, when they're turning 100. And between DC., the animation group together with the entire Warner library, our ambition is to bring Warner back and to produce great high-quality films. And as we look at the opportunities that we have, broadly, DC is one of the top of the list for us. We -- when you look at Batman, Superman, Wonder Woman, Aquaman, these are brands that are known everywhere in the world, the ability to drive those all over the world with great story is a big opportunity for us.

偉大的。謝謝，布萊恩。好吧，讓我先說華納兄弟電影集團擁有出色的 IP 和悠久的歷史，正如你所知，當他們 100 歲時。在 DC.、動畫集團和整個華納圖書館之間，我們的目標是讓華納回歸併製作出高質量的電影。當我們審視我們所擁有的機會時，從廣義上講，DC 是我們的首要任務之一。我們——當你看到蝙蝠俠、超人、神奇女俠、海王時，這些品牌在世界各地都廣為人知，能夠以精彩的故事驅動世界各地的品牌對我們來說是一個巨大的機會。

We have done a reset. We've restructured the business where we're going to focus -- where there will be a team with a 10-year plan focusing just on DC. It's very similar to the structure that Alan Horn and Bob Iger put together very effectively with Kevin Feige at Disney. We think that we could build a long-term, much stronger sustainable growth business out of DC. And as part of that, we're going to focus on quality.

我們已經完成了重置。我們已經重組了我們將重點關注的業務——將有一個專注於 DC 的 10 年計劃的團隊。這與 Alan Horn 和 Bob Iger 與迪斯尼的 Kevin Feige 非常有效地組合在一起的結構非常相似。我們認為我們可以在 DC 之外建立一個長期、更強大的可持續增長業務。作為其中的一部分，我們將專注於質量。

We're not going to release any film before it's ready. We're not going to release a film to make a quarter. We're not going to release a film under -- the focus is going to be how do we make each of these films in general as good as possible. But DC is something that we think we can make better, and we're focused on it now. We have some great DC films coming up, Black Adam, Shazam and The Flash.

在準備好之前，我們不會發行任何電影。我們不會發行一部電影來製作四分之一。我們不會在下面發行一部電影——重點是我們如何使這些電影中的每一部盡可能地好。但 DC 是我們認為我們可以做得更好的東西，我們現在專注於它。我們有一些很棒的 DC 電影即將上映，黑亞當、沙贊和閃電俠。

And we're working on all of those. We're very excited about them. We've seen them. We think they're terrific, and we think we can make them even better. And that's what Mike and Pam and the team are doing and focusing on that. Strategically, we've looked hard at the director streaming business. We've seen luckily by having access now to all the data, how direct-to-streaming movies perform.

我們正在努力解決所有這些問題。我們對他們感到非常興奮。我們見過他們。我們認為它們很棒，我們認為我們可以讓它們變得更好。這就是邁克和帕姆以及團隊正在做的事情，並專注於這一點。從戰略上講，我們一直在認真研究導演流媒體業務。幸運的是，我們現在可以訪問所有數據，看到直接流媒體電影的表現如何。

And our conclusion is that expensive direct-to-streaming movies in terms of how people are consuming them on the platform, how often people go there or buy it or buy a service for it and how it gets nourished over time is no comparison to what happens when you launch a film in the motion -- in the theaters. And so this idea of expensive films going direct-to-streaming, we cannot find an economic case for it. We can't find an economic value for it.

我們的結論是，就人們在平台上的消費方式、人們去那里或購買或為其購買服務的頻率以及隨著時間的推移如何得到滋養而言，昂貴的直接流媒體電影無法與什麼相比當您在影院放映電影時會發生這種情況。所以這種昂貴電影直接流媒體的想法，我們找不到經濟理由。我們找不到它的經濟價值。

And so we're making a strategic shift. As part of that, we've been out in the town talking about our commitment to the theatrical exhibition and the theatrical window. A number of movies will be launched with shorter windows. Some might have different kinds of marketing campaigns where we take advantage of us having the biggest platform and a platform that all motion fiction companies look for.

因此，我們正在進行戰略轉變。作為其中的一部分，我們一直在城裡談論我們對戲劇展覽和戲劇櫥窗的承諾。許多電影將以較短的窗口推出。有些人可能有不同類型的營銷活動，我們利用我們擁有最大的平台和所有動畫公司都在尋找的平台。

But we'll always be agile. Our focus will be on theatrical. And when we bring the theatrical films to HBO Max, we find they have substantially more value. And we have an ecosystem where we can have the premier motion picture business. That's why most people move to Hollywood. That's why most people got in this business to be on the big screen when the lights went out and that is the magic. And the economic model is much stronger.

但我們將始終保持敏捷。我們的重點將放在戲劇上。當我們將影院電影帶到 HBO Max 時，我們發現它們具有更大的價值。我們有一個生態系統，我們可以在其中擁有一流的電影業務。這就是大多數人搬到好萊塢的原因。這就是為什麼大多數人在燈滅時進入這個行業的原因是在大屏幕上，這就是魔力。而且經濟模式要強大得多。

And the other thing is that we're going to focus very hard on quality. I said we're not going to launch a movie until it's ready. We're not going to go into movie to make a quarter. And we are not going to release a movie and we're not going to put a movie out unless we believe in it. And that's it. I mean, particularly with DC, where we think we want to pivot and we want to elevate and we want to focus.

另一件事是我們將非常注重質量。我說過在電影準備好之前我們不會上映。我們不會為了製作四分之一而進入電影。而且我們不會發行電影，除非我們相信它，否則我們不會發行電影。就是這樣。我的意思是，特別是對於 DC，我們認為我們想要轉型，我們想要提升，我們想要專注。

And Bryan, on fast, 2 quick comments. Number one is just a reminder that as we look at that space, the content we're talking about for -- that would be in that kind of a product would be totally different than the content it will be in our premium SVOD offering. So number one, the distinction is totally different and with over 100 titles -- episodes across our combined portfolio. There's a lot of content that wouldn't necessarily make sense in a premium product that might make sense to the fast.

還有 Bryan，關於快速的 2 條快速評論。第一個只是提醒我們，當我們審視這個空間時，我們正在談論的內容——這種產品中的內容將與我們優質 SVOD 產品中的內容完全不同。所以第一，區別是完全不同的，有超過 100 個標題——在我們的組合產品組合中的劇集。有很多內容在可能對快速有意義的優質產品中不一定有意義。

The second thing is on market by market, look, that's part of the assessment that we're going to -- we're looking at and we'll look through over the next few months. And as we have more details of how we think and where we think the opportunity is the richest, we'll come back to you and take you through it.

第二件事是逐個市場，看，這是我們將要進行的評估的一部分——我們正在研究，我們將在接下來的幾個月裡進行研究。隨著我們有更多關於我們的想法以及我們認為機會最豐富的地方的詳細信息，我們會回复您並帶您完成它。

Just -- the objective is to grow the DC brand, to grow the DC characters, but also our job is to protect the DC brand, and that's what we're going to do.

只是——目標是發展 DC 品牌，發展 DC 角色，但我們的工作也是保護 DC 品牌，這就是我們要做的。

You next question comes from Jessica Reif Ehrlich of Bank of America Securities.

您的下一個問題來自美國銀行證券公司的 Jessica Reif Ehrlich。

I hope you meant questions. So if it's okay, I'd actually like to go around to each one of the speakers. David, one thing -- I mean, you have an amazing set of assets, but one thing that's clearly being challenged are your linear networks. I think the big surprise in Q2 results so far is how bad the video sub losses are in the U.S. So could you just talk about your -- kind of your longer-term view of your linear networks?

我希望你的意思是問題。因此，如果可以的話，我實際上很想繞過每一位發言者。大衛，有一件事——我的意思是，你擁有一組驚人的資產，但顯然受到挑戰的一件事是你的線性網絡。我認為到目前為止，第二季度結果的最大驚喜是美國的視頻子損失有多嚴重。所以你能談談你對線性網絡的長期看法嗎？

For JB, just on the content side, it sounds like sports news are going to be an important part of your content strategy. How different is that from linear? How are you thinking about getting new content for direct-to-consumer?

對於 JB，就內容而言，聽起來體育新聞將成為您內容策略的重要組成部分。這與線性有何不同？您如何考慮獲取直接面向消費者的新內容？

And then, Gunnar, just on the guidance. So if you take your '22 guidance of $9 billion to $9.5 billion plus $2 billion to $3 billion, I guess, synergy, we're at $11.5 billion to $12 billion for '23 as a base. But what about -- if D2Cs -- direct-to-consumer losses are peaking this year and coming down, can you give us color on the magnitude upfront? It sounds like pricing was great, film should be normalized. Where do you see the underlying growth?

然後，Gunnar，就在指導上。因此，如果您以 22 年 90 億至 95 億美元加上 20 億至 30 億美元的指導，我猜，協同效應，我們在 23 年的基礎為 115 億至 120 億美元。但是，如果 D2C 直接面向消費者的損失在今年達到頂峰並開始下降，您能否提前告訴我們具體的幅度？聽起來定價很棒，電影應該正常化。您認為潛在的增長在哪裡？

Well, why don't I start with the linear business because we're big believers in the linear business. There is some secular decline. There's been secular decline. It's leveled off. It's declined more. In the end, you look at March Madness, the biggest numbers since '94. The NBA up dramatically. That was at a time when people said nobody below a certain age is watching. Well, they're tuning in for sport, they're tuning in for news.

好吧，我為什麼不從線性業務開始，因為我們是線性業務的忠實信徒。有一些長期下降。出現了長期衰退。它被拉平了。它下降得更多。最後，你看看瘋狂三月，這是自 94 年以來的最大數字。 NBA急劇上升。那是在人們說沒有人低於特定年齡的時候。嗯，他們正在收看體育節目，他們正在收看新聞。

And when you look at the overall portfolio that we have, live sports, live news, together with entertainment and the best kind of branded nonfiction library where people get up, the levers of food of [HG of ID] and watch all day. So we think it's very hard to predict, but we expect it's going to be a very significant cash generator for us and a very good business for us for many, many years to come.

當您查看我們擁有的整體產品組合時，現場體育、現場新聞，以及娛樂和人們起床的最佳品牌非小說類圖書館，[HG of ID] 的食物槓桿和全天觀看。所以我們認為這很難預測，但我們預計它將成為我們非常重要的現金產生者，並且在未來很多很多年對我們來說都是一個非常好的業務。

We have a great team running it. This is what we do. It's what we know how to do. We have a team that's been doing this for 30 years. If the linear business is a race car, we've got a team of race car drivers. And when we hear a noise or it's in third gear, we know how to fix it. It's a business we know well. We haven't begun to implement the libraries that we have now, where we could take content that document -- old documentaries on crime from HBO and put them on ID or take programming that exists in the library and move them on each of the cable channels or vice versa.

我們有一個很棒的團隊來運行它。這就是我們所做的。這是我們知道該怎麼做的。我們有一個團隊已經這樣做了 30 年。如果線性業務是一輛賽車，我們有一個賽車手團隊。當我們聽到噪音或它處於三檔時，我們知道如何解決它。這是我們熟知的業務。我們還沒有開始實施我們現在擁有的圖書館，在那裡我們可以獲取該文件的內容——來自 HBO 的關於犯罪的舊紀錄片並將它們放在 ID 上，或者獲取圖書館中存在的節目並將它們移動到每根電纜上渠道或反之亦然。

So we just -- that hasn't begun yet. We also are first getting our hands around the idea that we are very often the largest player in America in terms of our reach. And the ability to use that now to tell people when they're watching hockey, you could come over now and watch Discovery. And if they want, of course, use our existing platforms to drive viewership from channel to channel.

所以我們只是 - 這還沒有開始。我們還首先意識到，就我們的影響力而言，我們通常是美國最大的參與者。現在能夠使用它來告訴人們何時觀看曲棍球，您現在可以過來觀看 Discovery。當然，如果他們願意，可以使用我們現有的平台來推動各個頻道的收視率。

So I've been around a long time. Broadcast was dead when I was hanging out with Jack in the '90s. That was what people said. But in the end, that reach and the ability to drive advertising product is what kept it alive. We're still seeing CPM increases. We were in the low to mid-teens this time. We're big believers, and we think that's going to help us.

所以我已經存在了很長時間。當我在 90 年代和傑克一起閒逛時，廣播已經死了。那是人們所說的。但最終，這種影響力和推動廣告產品的能力是它保持活力的原因。我們仍然看到每千次展示費用增加。這次我們正處於青少年時期。我們是堅定的信徒，我們認為這會對我們有所幫助。

Having said that, the great thing that we have is we're going to have both sides. We have this very compelling free cash flow driver around the world, domestically and around the world. And then we have the dual service, the HBO Max and discovery+ coming together, together with our full on over the next few years, initiative of having a full basket in traditional and from free to premium to ad-light in digital. And a big advantage in that right now, HBO Max has never been hotter. Quality is what matters, quality is what Casey and that team is delivering. It's the best team in the business. We're doubling down on that HBO team. They're all committed under contract, and we're going to spend dramatically more this year and next year than we spent last year and the year before.

話雖如此，我們擁有的偉大之處在於我們將擁有雙方。我們在世界各地、國內和世界各地都有這個非常引人注目的自由現金流驅動器。然後我們將雙重服務，HBO Max 和 Discovery+ 結合在一起，再加上我們在接下來的幾年裡全力以赴的舉措，在傳統和從免費到付費到數字廣告的完整購物籃。而在這方面的一大優勢是，HBO Max 從未像現在這樣火爆。質量是最重要的，質量是凱西和那個團隊正在交付的東西。這是業內最好的團隊。我們正在加倍投入 HBO 團隊。他們都是根據合同承諾的，我們今年和明年的支出將比去年和前一年的支出要多得多。

Jessica, on the sports and news for streaming, I guess I'd categorize it as on sports, it's really about experimentation that I'd say -- and we're going to continue to be disciplined. We have essentially 2 experiments ongoing, which is one where we bundle sports. In this case, Champions League in Brazil and Mexico into our core entertainment offering at the same price as a -- really as an acquisition driver, and we are very happy with the results there. And then we got a second one in Europe, where we upsell sports through a -- to a buy through tier at a higher price point.

傑西卡，關於流媒體的體育和新聞，我想我會把它歸類為體育，我想說這真的是關於實驗——我們將繼續遵守紀律。我們基本上正在進行 2 項實驗，這是我們捆綁運動的一項。在這種情況下，巴西和墨西哥的冠軍聯賽以相同的價格成為我們的核心娛樂產品——實際上是一個收購驅動因素，我們對那裡的結果非常滿意。然後我們在歐洲獲得了第二個，在那裡我們通過一個 - 以更高的價格點通過購買層向上銷售體育。

And obviously, we'll be doing more of that now as we get closer to closing on our BT Sports deal in the U.K. which is probably will be the biggest experiment on that. And so we love the 2 experiments we have going, and I think we want to see that play out a little bit more to understand better what is the right strategy there. But we're going to stay disciplined and smart as it relates to sports.

顯然，隨著我們接近完成我們在英國的 BT Sports 交易，我們現在將做更多的事情，這可能是這方面最大的實驗。所以我們喜歡我們正在進行的兩個實驗，我認為我們希望看到更多的結果，以更好地理解什麼是正確的策略。但我們將保持紀律和聰明，因為它與體育有關。

In news, I'd say it's really more about we see live news is still a critical healthy, important part of the traditional pay-TV ecosystem. And so live news will continue to be exclusively in that service. But that long-form factual programming from CNN in particular, with their award-winning Originals and CNN films, that has a natural home and a huge demand that we can associate now initially on discovery+, as we announced this morning, and then eventually sitting firmly within the future product as it comes together.

在新聞方面，我想說的是，我們看到直播新聞仍然是傳統付費電視生態系統的關鍵健康、重要組成部分。因此，現場新聞將繼續獨家提供該服務。但是，特別是來自 CNN 的長篇事實節目，以及他們屢獲殊榮的原創作品和 CNN 電影，有一個自然的家園和巨大的需求，我們現在可以將其最初與發現+聯繫起來，正如我們今天早上宣布的那樣，然後最終坐下來牢固地融入未來的產品中。

And lastly, on news, we obviously continue to see outside of our kind of core streaming products with CNN.com and the CNN digital services, a lot more opportunities with over 100 million users across the world to continue to experiment with that product and move potentially on ways to find not just ad-supported models, but other models where we can monetize that significant user base that comes to the service.

最後，在新聞方面，我們顯然繼續在 CNN.com 和 CNN 數字服務的核心流媒體產品之外看到，全球超過 1 億用戶有更多機會繼續試驗該產品並採取行動可能不僅可以找到廣告支持的模型，還可以找到其他模型，我們可以在這些模型中通過使用該服務的重要用戶群獲利。

Okay. And then Jessica, on the guidance. So just to recap, we adjusted our outlook predominantly for 3 reasons. The macroeconomic outlook that today is a little less supportive than it was 15 months ago or even in April when we last spoke, the industry dynamics in the streaming space and then the differences that we see between projections made available to us prior to closing versus what now the legacy WarnerMedia budget baseline post close.

好的。然後是傑西卡，關於指導。因此，回顧一下，我們主要出於 3 個原因調整了我們的前景。今天的宏觀經濟前景比 15 個月前甚至 4 月我們上次發言時的支持性稍差，流媒體領域的行業動態以及我們在收盤前向我們提供的預測與實際預測之間的差異現在，舊版 WarnerMedia 預算基線已關閉。

And to answer your question specifically, that you walk from the $9 billion, $9.5 billion for this year to the $12 billion for next year, the math is obviously right. So you are right, $2 billion to $3 billion of synergy capture, as I said. I also do think that we're going to see some flow through from the course correction measures that we have implemented right after closing that should support the first quarter, second quarter of next year.

並且具體回答你的問題，從今年的 90 億美元、95 億美元到明年的 120 億美元，數學顯然是正確的。所以你是對的，正如我所說，20 億到 30 億美元的協同效應捕獲。我也確實認為，我們將看到我們在交易結束後立即實施的路線修正措施產生了一些影響，這應該會支持明年的第一季度和第二季度。

So if you put that together, the answer is yes, I'm not really assuming any meaningful growth in the underlying or underlying growth in the business as usual in those numbers. The main reason is, as I laid out in the outlook for Q3, is the macroeconomic environment. There are so many factors right now. I just don't think it's prudent to guide to a significant underlying improvement here in the core business.

因此，如果你把這些放在一起，答案是肯定的，我並沒有真正假設這些數字中業務的潛在或潛在增長有任何有意義的增長。正如我在第三季度展望中所述，主要原因是宏觀經濟環境。現在有很多因素。我只是不認為在核心業務中引導重大的潛在改進是謹慎的。

That said, we are super excited about the progress we're making on the synergy side. David spoke a little bit about the linear business. I do think that there are further cost opportunities there. So we'll keep monitoring the external factors. We will keep doing the work for the areas that we control and update you as we go along.

也就是說，我們對我們在協同方面取得的進展感到非常興奮。大衛談到了線性業務。我確實認為那裡還有更多的成本機會。因此，我們將繼續監測外部因素。我們將繼續為我們控制的領域開展工作，並在我們前進的過程中向您更新。

Your next question comes from Doug Mitchelson of Credit Suisse.

您的下一個問題來自瑞士信貸的 Doug Mitchelson。

Gunnar, following through on that, the 33% to 50% free cash flow conversion in 2023, what's holding that back from your usual 50% to 60% that you talk about? And does that get carried by '24? Or is that long-term goal of 60%, something that's going to feather in over a longer period of time?

Gunnar，在 2023 年實現 33% 到 50% 的自由現金流轉換之後，是什麼阻礙了你所說的通常的 50% 到 60%？這會在 24 年進行嗎？還是 60% 的長期目標會在更長的時間內實現？

And JB, I'm just curious on what's your confidence level in the ability to increase engagement? It's a big driver, I think, of what you're trying to do. And as that engagement increases and you're able to monetize advertising at a higher and higher level, is the thought that you keep the price point and let that ad dollars flow through to the bottom line? Or do you lower your ad supported to your price point and try to broaden out the service? How are you thinking about pricing on the ad tier particularly in the United States?

JB，我只是想知道您對提高參與度的信心水平如何？我認為，這是你想要做的事情的一個重要驅動因素。隨著參與度的增加，您能夠在越來越高的水平上通過廣告獲利，您是否認為您會保持價格點並讓廣告收入流向底線？或者您是否將支持的廣告降低到您的價格點並嘗試擴大服務範圍？您如何看待廣告層的定價，尤其是在美國？

Let me start, Doug, with your cash flow question. So bottom line, the drivers behind this 1/3 to half conversion guidance are essentially the same that I laid out for the EBITDA outlook. And then in addition to that, we obviously, right now, have a number of moving pieces and cross currents in our financials. As we move through our restructuring, the cost to achieve for our synergy program, there will definitely be some CapEx requirements, and we'll have to see how the cadence for our content investment pans out. So these are all factors that are going to impact these numbers, especially sort of from a year-over-year basis. But to your point, I don't want to give guidance for 2024 yet, but I'm confident that we'll see continued progress towards that longer-term goal.

道格，讓我從你的現金流問題開始。因此，最重要的是，這個 1/3 到一半轉換指導背後的驅動因素與我為 EBITDA 前景制定的驅動因素基本相同。除此之外，我們現在顯然在我們的財務狀況中有許多動態因素和交叉流。隨著我們進行重組，實現我們的協同計劃的成本，肯定會有一些資本支出要求，我們將不得不看看我們的內容投資的節奏如何。因此，這些都是會影響這些數字的因素，尤其是按年計算。但就你而言，我還不想為 2024 年提供指導，但我相信我們會看到朝著這個長期目標不斷取得進展。

And Doug, on the questions on the streaming. On engagement, I'll tell you that I think there's 3 levers that we think are key and why we are confident in our ability to drive much better engagement. Number one is kind of a brand marketing point, which is, obviously, HBO and HBO Max has stood for something which was a very high-quality premium scripted in particular, drama series, they've never executed a real brand campaign to define what the new service is. And as we think about rolling out our new service, certainly, we will be coming a market with a big noisy campaign, expanding the proposition with a much, much bigger content offering.

還有道格，關於流媒體的問題。關於參與度，我會告訴你，我認為有 3 個槓桿是我們認為關鍵的，以及為什麼我們對推動更好參與度的能力充滿信心。第一個是一種品牌營銷點，很明顯，HBO 和 HBO Max 代表了一個非常高質量的優質劇本，特別是電視劇，他們從未執行過真正的品牌活動來定義什麼新服務是。當我們考慮推出我們的新服務時，當然，我們將進入一個充滿喧囂的市場，通過提供更多、更大的內容來擴展這個主張。

And so, a, we think the brand and the marketing component of this is significant. Second is, obviously, the content proposition will be drastically enhanced as we bring the 2 services together with a much more complete array of content across all the genres that I talked through earlier. And then third, the product enhancements can't be underestimated. We see this from the HBO Max product today, where limitations on search and Discovery really limit the amount of content that is surfaced and viewed by users.

所以，a，我們認為品牌和營銷部分很重要。其次，顯然，隨著我們將這兩項服務與我之前談到的所有類型的更完整的內容陣列結合在一起，內容主張將得到顯著增強。第三，產品增強功能不容小覷。我們從今天的 HBO Max 產品中看到了這一點，其中對搜索和發現的限制確實限制了用戶出現和查看的內容數量。

And we are confident based on what we've seen from the discovery+ side and a much more -- much broader use of content and a much longer use of watch time that we can actually get the combined product to see a much higher engagement level. That's one. And two, on the pricing, nothing to share with you at the moment. We're working through a bunch of different scenarios, but this far out from when we will come to market, we really don't want to discuss specific pricing yet, but we will certainly have more details for you probably as we go into 2023.

我們有信心基於我們從發現+方面看到的情況以及更多——更廣泛的內容使用和更長的觀看時間使用，我們實際上可以讓組合產品看到更高的參與度。那是一個。第二，關於定價，目前沒有什麼可與您分享的。我們正在處理一系列不同的場景，但這離我們上市的時間還很遠，我們真的不想討論具體的定價，但我們肯定會在進入 2023 年時為您提供更多細節.

Your next question comes from Ben Swinburne of Morgan Stanley.

您的下一個問題來自摩根士丹利的 Ben Swinburne。

Wanted to ask you about the longer-term outlook for direct-to-consumer. And I know we're going to hear a lot more at your Investor Day, so you might not have a lot of details, but it sounds like you're going to have a bit of a pause here in growing the business as you get everything over to 1 product and 1 tech stack. When we think about that 40 million net adds, in the path to $1 billion of EBITDA, should we be thinking about that growth as being really kind of starting at least in earnest back half of next year? And so it's kind of '24 or '25 when we'll sort of see what this business can do?

想向您詢問直接面向消費者的長期前景。而且我知道我們會在您的投資者日聽到更多消息，因此您可能沒有太多詳細信息，但聽起來您在發展業務時會稍作停頓一切都歸結為 1 個產品和 1 個技術堆棧。當我們考慮到 4000 萬的淨增加，在通往 10 億美元 EBITDA 的道路上時，我們是否應該將這種增長視為至少在明年下半年真正開始？所以大概是 24 年或 25 年，我們會看看這家公司能做什麼？

And then I'm just wondering, David, you guys clearly have a view that sort of the streaming at all cost strategy is flawed. I think there's a lot of -- probably sympathy for that in the market today. If you look back to 2019 when HBO was mostly wholesale, the business did like $2.5 billion of EBITDA, which wasn't that long ago. I'm just wondering when you think about the long-term opportunity here, can you get back to those kind of economics? I know you just laid out a '25 target, but did you entertain the idea of really rolling back the strategy more substantially or at least thinking about reclaiming those historical economics for the business?

然後我只是想知道，大衛，你們顯然認為這種不惜一切代價的流媒體策略是有缺陷的。我認為今天市場上有很多 - 可能對此表示同情。如果您回顧 2019 年，當時 HBO 主要是批發業務，該業務確實像不久前的 25 億美元 EBITDA。我只是想知道當你考慮這裡的長期機會時，你能回到那種經濟學嗎？我知道您剛剛制定了 25 年的目標，但您是否考慮過真正更大幅度地回滾戰略，或者至少考慮為企業恢復那些歷史經濟學？

But actually, on -- this is Gunnar. Let me actually take both questions because I think they're very related. So we laid out some building blocks for the longer-term outlook for D2C. And to answer your question specifically, there are obviously 2 drivers: one is the revenue growth and the operational gearing from that revenue growth. And I think directionally, you're right. As we said, we're going to be a little more cautious regarding marketing, et cetera, before relaunching.

但實際上，在 - 這是Gunnar。讓我實際上回答這兩個問題，因為我認為它們非常相關。因此，我們為 D2C 的長期前景奠定了一些基礎。具體回答你的問題，顯然有兩個驅動因素：一個是收入增長和收入增長帶來的運營槓桿。我認為有方向性，你是對的。正如我們所說，在重新啟動之前，我們將在營銷等方面更加謹慎。

And so a lot of that incremental growth is going to kick in sort of after our JV has relaunched their product in the summer. The other point, though, is cost savings. And as we said before, D2C has a lot of synergy opportunity. We see savings opportunities and synergy opportunities across the entire cost side of the P&L. And that obviously is going to start kicking in earlier. And I mean, in the very short term, we're all super excited about House of the Dragon. HBO, as you heard David and JB say, in the middle of the largest marketing campaign ever, so hopefully, that's going to be a big helper for the very near term in this quarter.

因此，在我們的合資企業在夏季重新推出他們的產品之後，很多增量增長將開始發揮作用。不過，另一點是節省成本。正如我們之前所說，D2C 有很多協同機會。我們在損益表的整個成本方面看到了節省機會和協同機會。這顯然會更早開始。我的意思是，在很短的時間內，我們都對《龍之屋》感到非常興奮。正如你聽到大衛和 JB 所說，HBO 正處於有史以來最大規模的營銷活動中，所以希望這將在本季度的短期內成為一個大幫手。

And then to your point about the long-term perspective, again, the $2.5 billion I don't want to give an additional number here, but you heard JB say what we think is possible to be achieved, $1 billion in 2025 despite the fact that we're still seeing some start-up losses in that number, even in 2025 for markets rolled out later. And we do continue to see, even for the combined company, a long-term margin opportunity of north of 20%. And that's on the basis of our combined model now with sort of fully fledged frameworks on the various cost buckets.

然後再談到你關於長期觀點的觀點，我不想在這裡給出額外的數字，但你聽到 JB 說我們認為可能實現的目標，2025 年達到 10 億美元，儘管事實上即使在 2025 年之後推出的市場中，我們仍然看到該數字的一些啟動損失。而且我們確實繼續看到，即使對於合併後的公司，長期利潤率機會也超過 20%。這是基於我們現在的組合模型以及各種成本桶上的成熟框架。

So we're confident that this is going to be a great addition -- an additional platform. And as we said, not being religious about turning the entire company into a support pipeline for D2C, but D2C as one additional platform. So I think this is a great outlook. We're excited about it. We're committed, and we'll implement these plans and keep you posted.

所以我們相信這將是一個很好的補充——一個額外的平台。正如我們所說，不要將整個公司變成 D2C 的支持管道，而是將 D2C 作為一個額外的平台。所以我認為這是一個很好的前景。我們對此感到興奮。我們承諾，我們將實施這些計劃並隨時通知您。

There were some buzz today about HBO Max, and we're going to start doing less series. And the -- our strategy is to embrace and support and drive the incredible success that HBO Max is having. It's really -- it -- the culture and the taste of Casey and the team and the fact that they not only read the scripts, but they fight with all their creatives to make the content and storytelling is as strong as possible. It's at a very unique moment. We think it's an extraordinary asset. It's an extraordinary advantage.

今天有一些關於 HBO Max 的討論，我們將開始少做系列。而且——我們的戰略是擁抱、支持和推動 HBO Max 取得的令人難以置信的成功。這真的是 - 它 - 凱西和團隊的文化和品味，以及他們不僅閱讀劇本，而且他們與所有創意人員一起努力使內容和講故事盡可能強大的事實。這是一個非常獨特的時刻。我們認為這是一項非凡的資產。這是一個非凡的優勢。

I've said this before, it's not how much. It's how good. That aligns with us at Discovery as well in the content that we've been doing and the characters and the way that we drive brand. But the majority of the people on Casey's team have been locked up. Casey is here for the next 5 years, and we hope longer. He's truly a unicorn. His ability to relate to talent, to make content better, his leadership, and you see it in what's been coming out of HBO and how it's affecting the culture and the energy and what people are talking about.

這個我已經說過了，不是多少。這是多麼的好。這與 Discovery 的我們以及我們一直在做的內容、角色和我們推動品牌的方式是一致的。但凱西團隊中的大多數人都被關起來了。凱西在接下來的 5 年裡都在這裡，我們希望更長的時間。他是真正的獨角獸。他與人才聯繫的能力，使內容更好的能力，他的領導能力，你可以從 HBO 的內容中看到它，以及它如何影響文化和能量以及人們在談論什麼。

But we want it to be broader. Casey and the team wants it to be broader. And we're starting to have some real success. We're now going to put in everything that's on discovery+ and all that original content as well as some of the premium content from CNN. And it will be the home of all of that. And we will, as one company come behind that. And we think that, that product is going to be superb. And that is -- it's about curation, it's about quality. It's about how good.

但我們希望它更廣泛。凱西和團隊希望它更廣泛。我們開始取得一些真正的成功。我們現在將放入 Discovery+ 上的所有內容、所有原始內容以及 CNN 的一些優質內容。它將成為所有這些的家。作為一家公司，我們將支持這一點。我們認為，該產品將是一流的。那就是——這關乎策展，關乎質量。這是關於有多好。

And so the center spoke of that is the quality of HBO Max and that team. We've already started creative meetings within the HBO Max team, together with -- we now meet once a week all the creatives of the company. That's something that we've initiated with me on the lot in person in addition to the multiple overall staff meetings, but the creative meetings with everyone together has been really effective. And a way to not only talk about storytelling, but talk about how do you share content and how do we help each other with great talent. So very encouraged and very supportive.

所以該中心談到的是 HBO Max 和那個團隊的質量。我們已經在 HBO Max 團隊中開始了創意會議，現在我們每週會見一次公司的所有創意人員。除了多次全體員工會議之外，這是我們親自與我一起發起的事情，但是與每個人一起進行的創造性會議確實非常有效。並且不僅可以談論講故事，還可以談論您如何分享內容以及我們如何以出色的才能互相幫助。所以非常鼓勵和非常支持。

And Ben, as you probably can imagine, the #1 thing in our view for a successful streaming service as a business is to get churn down and to have a low churn number. At the end of the day, having great but appointment -- small amount of appointment viewing series, the challenge is people come in and then they go out, if there's nothing else. And ultimately, the breadth of the offering matters to get the churn down so that there's something for everyone in the household, everyone in the family.

Ben，正如您可能想像的那樣，在我們看來，作為一家成功的流媒體服務企業，第一件事就是減少客戶流失並降低客戶流失率。在一天結束時，有很棒的約會——少量的約會觀看系列，挑戰是人們進來然後他們出去，如果沒有別的事。最終，產品的廣度對於降低流失率很重要，以便家庭中的每個人，家庭中的每個人都能得到一些東西。

And we've seen it across all our data points where the more people you have in a household, using the service, the stickier it is, the lower your churn is the more viable our businesses. And so at the end of the day, putting all the content together was really the only option we saw to making this a viable business. And as David said, I think it's important given some of the noise, but that HBO and the Max Originals remain the unequivocal home with the best premium television and it remains the centerpiece of our combined streaming platform given the quality that's coming out of Casey and that team.

我們已經在我們所有的數據點上看到了這一點，您的家庭中使用該服務的人越多，它的粘性就越高，您的流失率越低，我們的業務就越可行。因此，歸根結底，將所有內容放在一起確實是我們認為使這成為可行業務的唯一選擇。正如大衛所說，考慮到一些噪音，我認為這很重要，但 HBO 和 Max Originals 仍然是擁有最好的優質電視的明確之家，考慮到 Casey 和那支球隊。

And JB, I should have mentioned as well that as part of our projections, that's the part that's going to continue growing. We're spending as much as never before, and we intend to keep growing that spend for HBO content, to be clear.

JB，我也應該提到，作為我們預測的一部分，這就是將繼續增長的部分。我們的支出比以往任何時候都多，而且我們打算繼續增加 HBO 內容的支出，這是明確的。

Your next question comes from Robert Fishman of MoffettNathanson.

您的下一個問題來自 MoffettNathanson 的 Robert Fishman。

I have one for David and one for JB or Gunnar. David, you discussed continuing to sell into third parties. Can you just help us in how you're thinking about HBO's strategy to sell content to Sky going forward in lieu of launching D2C directly in those markets? And then for JB or Gunnar, can you address how do you plan to allocate your future sports costs like the NBA renewal to D2C? Or how important the ad-light or FAS platforms play into your $1 billion EBITDA target or achieving that 20% long-term D2C margin?

我有一份給大衛，一份給 JB 或 Gunnar。大衛，你討論過繼續向第三方銷售。您能否幫助我們了解您如何看待 HBO 向 Sky 銷售內容以代替直接在這些市場推出 D2C 的戰略？然後對於 JB 或 Gunnar，您能否說明您計劃如何將未來的體育成本（例如 NBA 續約）分配給 D2C？或者，廣告燈或 FAS 平台對您 10 億美元的 EBITDA 目標或實現 20% 的長期 D2C 利潤率有多重要？

Great. In legacy Discovery, we own together with Mike Fries and Malone, all 3 media. We had 30 production companies. And we would look in awe at Warner Bros. Television as the -- really the greatest and largest and most highest quality production operation and the incredible names and talent that they have. And so the legacy of Warner is creating great content and selling it. I mean, less built a big business by carrying all of Warner Bros. content. I've said it before when we were at NBC, it was must-see TV. Jack Welch, when the content -- when the entertainment guys left the room, he said it was Warner Bros. TV.

偉大的。在舊版 Discovery 中，我們與 Mike Fries 和 Malone 一起擁有這 3 個媒體。我們有30家生產公司。我們會敬畏地看待華納兄弟電視作為——真正最偉大、規模最大、質量最高的製作公司，以及他們擁有的令人難以置信的名字和才能。所以華納的遺產是創造偉大的內容並銷售它。我的意思是，通過承載華納兄弟的所有內容來建立大企業的情況更少。我之前在 NBC 的時候說過，這是必看的電視節目。傑克·韋爾奇（Jack Welch），當內容——當娛樂人員離開房間時，他說是華納兄弟電視。

A maker, they are a maker and the greatest maker of content. That's the heritage of this company. We want to sell to third parties. It's a very profitable business for us. We think it could be more profitable. There's a lot of money being spent for the best content. We have some of the best of it. And we want to continue to do that, and we're going to do that. In addition, we have a huge library of content.

一個製造者，他們是一個製造者，也是最偉大的內容製造者。這就是這家公司的傳統。我們想賣給第三方。對我們來說，這是一項非常有利可圖的業務。我們認為它可能更有利可圖。有很多錢都花在了最好的內容上。我們有一些最好的。我們希望繼續這樣做，我們將這樣做。此外，我們擁有龐大的內容庫。

And strategically, we are pivoting to the decision of anything that's important to us to growing HBO, HBO Max, sitting down with Casey, sitting down with JB, going through the data, what's critical to us. We're going to keep that exclusively. What kind of content could be nonexclusive and have no impact on us? Why we want to monetize that to drive economic value. And then this content that we're not even using right now. So massive amounts of TV and motion picture content that we're not using. So do we use that to just develop our own best-of-class free platform? Do we sell a lot of that, and that's what we're going to come back to you with.

從戰略上講，我們正在關注對我們發展 HBO、HBO Max、與 Casey 坐下來、與 JB 坐下來、瀏覽數據、對我們來說至關重要的任何事情的決定。我們將獨家保留它。什麼樣的內容可以是非排他性的，對我們沒有影響？為什麼我們想將其貨幣化以推動經濟價值。然後是我們現在甚至沒有使用的內容。我們沒有使用大量的電視和電影內容。那麼我們是否使用它來開發我們自己的一流免費平台？我們賣了很多嗎，這就是我們要回饋給你的東西。

And on Sky specifically, Robert, we obviously have multiple years left in our existing and important and long-standing relationship with them. And so it's not -- we don't have to deal with that question at this point. Sky, the deal, as we talked about, has another -- is outside of the 2025 time horizon that we gave you projections on. And so as we get closer to the end of that deal, we'll certainly come back to you with further thoughts on how we go to market in those 3 markets.

特別是在天空電視台，羅伯特，我們與他們現有的、重要的和長期的關係顯然還剩下多年。所以不是——我們現在不必處理這個問題。 Sky，正如我們所談到的，這筆交易還有另一個 - 超出了我們給你預測的 2025 年時間範圍。因此，隨著我們接近該交易的結束，我們肯定會再次與您聯繫，進一步思考我們如何在這三個市場進入市場。

And then Robert, just to clarify 2 things. Number one, any fast activity is not part of the guidance that we laid out earlier. Again, we'll update you as we go along. And then to the point about allocating sports costs, I just want to make one thing clear. So the way we're now segmenting the business is following the structure, how David looks at the business, that informs sort of the segment reporting structure. But importantly, we're also treating these individual segments essentially as individual units, and that means that all the intercompany activity revenues and costs are essentially negotiated on an arm's length basis.

然後是羅伯特，只是為了澄清兩件事。第一，任何快速活動都不是我們之前製定的指導的一部分。同樣，我們會在進行過程中更新您。然後關於分配體育費用，我只想說清楚一件事。因此，我們現在對業務進行細分的方式是遵循結構，大衛如何看待業務，這為細分報告結構提供了信息。但重要的是，我們還將這些單獨的部門基本上視為單獨的單位，這意味著所有公司間活動的收入和成本基本上都是在公平交易的基礎上協商的。

So from that perspective, you should assume that any content, sports or otherwise, is going to be accounted for at essentially fair third-party terms. You will see the -- this leads to a bigger chunk of eliminations in our consolidated P&L. But I think is the best way to really clearly and fairly show the actual economics of the businesses and needless to say, is also important from the perspective of our partners in the studio space. It's very important that we account at fair market values and third-party terms.

因此，從這個角度來看，您應該假設任何內容，無論是體育運動還是其他內容，都將按照基本公平的第三方條款進行說明。你會看到——這會導致我們合併損益表中的大部分抵消。但我認為這是真正清晰、公平地展示企業實際經濟狀況的最佳方式，不用說，從我們工作室合作夥伴的角度來看，這也很重要。我們以公平的市場價值和第三方條款進行核算非常重要。

Your next question comes from Michael Morris of Guggenheim.

您的下一個問題來自古根海姆的邁克爾·莫里斯。

I'd like to ask one about HBO and the HBO brand. I know you're going to share more with us later in the year, but there's been some press indications that maybe you don't feel like the HBO brand itself is broad enough or it doesn't have as much value maybe on a global basis as you would be looking for. So I'm curious if you can share anything about how you feel about that brand and the future sort of maximizing that.

我想問一個關於 HBO 和 HBO 品牌的問題。我知道你會在今年晚些時候與我們分享更多信息，但有一些媒體跡象表明你可能覺得 HBO 品牌本身不夠廣泛，或者它在全球範圍內沒有那麼大的價值基礎，你會尋找。所以我很好奇你是否可以分享你對這個品牌的感覺以及未來如何最大化它。

And my second question for Gunnar. When you were discussing the items that have impacted your projections, you mentioned a couple of times change in streaming industry dynamics, I guess, relative to when you initiated the merger. I'm hoping you can expand on that a bit. So I understand that valuations have come in, but maybe could you be more specific on the dynamics that you see now is impacting the industry or the profitability of the business that you didn't see a year ago?

還有我對 Gunnar 的第二個問題。當您討論影響您的預測的項目時，您提到過幾次流媒體行業動態的變化，我猜，相對於您發起合併的時間。我希望你能擴展一點。所以我知道估值已經到來，但也許你能更具體地談談你現在看到的正在影響行業的動態或一年前沒有看到的業務盈利能力嗎？

Thanks, Michael. Well, first, I think the HBO brand is one of the great crown jewels of the company and represents so much and how we all got introduced to really what premium television and series were really all about. We're going to look at -- we continue to look. The data right now is -- more and more, if you look at how people see HBO Max, more and more people are saying that's the place they go, that's the place that they prefer, it's the place that has the highest quality. That data looks different than it did a year ago. It looks different than it did 6 months ago. So we're talking to consumers, and we're evaluating, and we'll let you know when we make a determination.

謝謝，邁克爾。嗯，首先，我認為 HBO 品牌是該公司最偉大的皇冠上的明珠之一，它代表了我們所有人如何真正了解優質電視和連續劇的真正含義。我們要看看——我們繼續看看。現在的數據是——越來越多，如果你看看人們如何看待 HBO Max，越來越多的人說那是他們去的地方，那是他們喜歡的地方，這是質量最高的地方。該數據看起來與一年前不同。它看起來與 6 個月前不同。所以我們正在與消費者交談，我們正在評估，當我們做出決定時會通知你。

Also the HBO brand, no matter what, as David said, being a crown jewel will live on. There's a difference between what the service may eventually be called or not versus what HBO is. HBO will always be the beacon and the ultimate brand that stands for the best of television quality. So that remains unchanged in any scenario in our mind.

同樣，正如大衛所說，HBO 品牌無論如何都會成為皇冠上的明珠。該服務最終可能被調用或不被調用與 HBO 是什麼之間存在差異。 HBO 將永遠是代表最佳電視質量的燈塔和終極品牌。因此，在我們腦海中的任何情況下，它都保持不變。

Whether it's in the topco name or not, and we'll keep you posted as we make a final decision.

無論是否以 topco 的名義，我們都會在做出最終決定時通知您。

And then, Mike, on the industry dynamics, look, I think it's clear that over the past 12 months and even more so over the past 6 months maybe, a lot of the viewpoints here have changed. And most importantly, when it comes to industry-wide subscriber growth, top line growth, and obviously, a lot of the cost structuring decisions, specifically for content sort of are being made 18, 24 months in advance.

然後，邁克，關於行業動態，看，我認為很明顯，在過去的 12 個月中，甚至在過去的 6 個月中更是如此，這裡的很多觀點都發生了變化。最重要的是，當涉及到全行業的訂戶增長、收入增長，顯然，很多成本結構決策，特別是內容類型的決策，都是提前 18 個月、24 個月做出的。

The most important point here for us is sort of the strategic response, as JB laid out, is one that focuses on value and on revenue rather than purely subscriber numbers. And I also think if you take a step back here from a longer-term perspective, the way I look at the changes in the industry, I view that actually as additional support for how we have all along been describing our strategy.

對我們來說，最重要的一點是戰略響應，正如 JB 所闡述的那樣，它專注於價值和收入，而不是純粹的訂戶數量。而且我還認為，如果您從長遠的角度退後一步，從我看待行業變化的方式來看，我認為這實際上是對我們一直以來描述我們戰略的方式的額外支持。

D2C is one platform in a larger portfolio of assets and in a larger lineup of distribution outlets. We're not going to be religious about driving hard to fuel just 1 platform. D2C has its space and Warner Bros. Discovery is uniquely positioned with the enormous surface area with our customers to service them and to tell great stories for decades to come.

D2C 是更大資產組合和更大分銷網點陣容中的一個平台。我們不會熱衷於只為一個平台加油。 D2C 擁有自己的空間，而華納兄弟探索頻道則擁有獨特的定位，我們的客戶擁有巨大的表面積，可以為他們提供服務並在未來幾十年講述精彩的故事。

Your next question comes from John Hodulik of UBS.

您的下一個問題來自瑞銀的 John Hodulik。

Thanks for all the information this afternoon. First, on the content spend. We had you guys down for between $17 billion and $18 billion on a pro forma basis in cash content spend. And David, on the back of your commentary that you're going to spend dramatically more, can you give us an idea of how that grows over the -- first of all, if that's in the ballpark and how that grows over the next 6 year -- or the next few years as you reach those '25 targets?

感謝您今天下午提供的所有信息。首先，在內容支出上。我們讓你們在現金內容支出方面損失了 170 億到 180 億美元。大衛，在你評論說你將花費更多的錢之後，你能否給我們一個關於它如何增長的想法——首先，如果這是在球場上，以及它在接下來的 6 年中如何增長年——還是未來幾年你達到這 25 個目標？

And then on the sub growth, you laid out sort of needing 40 million subs to hit those targets. How do you see that broken down in terms of U.S. versus rest of the world? I mean I think most of the growth you've been seeing recently has been rest of the world and you've had some speed bumps here in the U.S. with Amazon and AT&T. But do you expect to be able to reignite U.S. or domestic D2C growth as you guys roll out this new -- the new product?

然後在子增長方面，您提出需要 4000 萬個子才能達到這些目標。您如何看待美國與世界其他地區的差異？我的意思是，我認為您最近看到的大部分增長都來自世界其他地區，並且您在美國與亞馬遜和 AT&T 合作時遇到了一些減速帶。但是，隨著你們推出這種新產品——新產品，你們是否期望能夠重新點燃美國或國內 D2C 的增長？

Thanks, Mark. We will -- we're going to spend significantly more on the HBO Max product. In other areas, we'll spend less because we're not finding an effective return. In the aggregate, we're going to spend more money on content. We're a content company. That's our product. That's what we do. We want the best creatives here at Warner and at HBO and at Warner Bros. Television and across our traditional platforms, creating content. And we've worked in the budget that, that content spend will go up in each year and the years to come. JB?

謝謝，馬克。我們將——我們將在 HBO Max 產品上投入更多。在其他領域，我們會花更少的錢，因為我們沒有找到有效的回報。總的來說，我們將在內容上花更多的錢。我們是一家內容公司。那是我們的產品。這就是我們所做的。我們希望華納、HBO 和華納兄弟電視台以及我們的傳統平台擁有最好的創意人員，創造內容。而且我們已經在預算中工作，內容支出將在每年和未來幾年中增加。傑布?

Yes. I mean I think we ultimately are going to be measured in terms of our spend. As David said, we were reprioritizing what we're going to invest in. In terms of the penetration, obviously, the U.S., the HBO Max and discovery+ products are more penetrated than we are in much of the international markets. So by math, we will see more growth coming from outside the U.S. from inside U.S.

是的。我的意思是我認為我們最終將根據我們的支出來衡量。正如大衛所說，我們正在重新確定我們將投資的優先級。就滲透率而言，顯然，美國、HBO Max 和 Discovery+ 產品的滲透率比我們在許多國際市場上的滲透率更高。因此，通過數學計算，我們將看到更多來自美國以外的增長來自美國內部。

But nonetheless, we do see still a meaningful opportunity to get greater penetration in the U.S. even if the total numbers inherently of that $40 million will likely skew more to international just because of the size of the opportunity.

但儘管如此，我們確實看到了在美國獲得更大滲透率的有意義的機會，即使這 4000 萬美元的總數字可能會因為機會的規模而更偏向於國際市場。

But the number -- the number on the corner of JB's desk and mine is the breakeven and the $1 billion. If we do that -- I don't really care what the number is. We're not in the business of trying to pick up every sub. We want to make sure we get paid. We get paid fairly. We have very high-quality content in many markets, we should be paid more because we're providing dramatically better content and more robust content and higher quality content. If the number is 122 and we're making over $1 billion, that is the number for us. We're going to grow subs significantly, but we want to run -- we want to drive profitability and free cash flow.

但是這個數字——JB 和我桌子一角的數字是盈虧平衡點和 10 億美元。如果我們這樣做——我真的不在乎這個數字是多少。我們不是在試圖拿起每一個潛艇的業務。我們想確保我們得到報酬。我們得到公平的報酬。我們在許多市場都有非常高質量的內容，我們應該得到更多的報酬，因為我們正在提供更好的內容、更強大的內容和更高質量的內容。如果這個數字是 122 並且我們的收入超過 10 億美元，那麼這就是我們的數字。我們將顯著增加潛艇，但我們想要運行——我們想要推動盈利能力和自由現金流。

And then on the -- the one other point that I would want to make on the content spend is to the point that David made, we're ramping up content spend. Both companies have been spending more and have been renting up the cash spend. So that should be viewed as one of the drivers as well for the site to know our cash conversion also into next year as amortization over time catches up with the higher spend as we grow our business.

然後 - 我想就內容支出提出的另一點是大衛提出的觀點，我們正在增加內容支出。兩家公司都在增加支出，並且一直在增加現金支出。因此，這也應該被視為網站了解我們的現金轉換到明年的驅動因素之一，因為隨著時間的推移，隨著我們業務的發展，隨著時間的推移，攤銷會趕上更高的支出。

Your next question comes from Jason Bazinet of Citi Group.

您的下一個問題來自花旗集團的 Jason Bazinet。

I just had a very basic question. If you guys penciled out the streaming business, the DTC business, and it was demonstrably better than linear, you'd be jumping in with both feet, right? And as Swinburne said, I think the market agrees with you that they don't really see that today. Might -- and so they understand your sort of path to pursue both linear and DTC.

我只是有一個非常基本的問題。如果你們把流媒體業務、DTC 業務都算出來，而且它明顯比線性業務要好，那麼你會雙腳跳入，對吧？正如斯威本所說，我認為市場同意你的觀點，他們今天並沒有真正看到這一點。可能——因此他們了解您追求線性和 DTC 的路徑。

My question is this. Do you think that there's something endemic to the DTC business that will always make it worse, like churn or the amount of content you have to put into the app to make it relevant? Or do you think it's something that is potentially transitory like the pricing is just loaded today and if the industry dynamics change and pricing goes up, it could be, in fact, a business that's as good as linear?

我的問題是這個。您是否認為 DTC 業務的某些地方性因素總是會使情況變得更糟，例如流失或您必須放入應用程序以使其相關的內容量？還是您認為這可能是暫時的，就像今天剛剛加載的定價一樣，如果行業動態發生變化並且定價上漲，實際上它可能是一個與線性一樣好的業務？

Thanks, Jason. First, I think having both is a gift. This is a fully balanced company. We have our linear and free-to-air, we're a big maker of content for profit. We have gaming where we take our IP into gaming for profit. We have the motion picture business to gather some of the greatest talent in the world and for profit, and then we have our streaming.

謝謝，傑森。首先，我認為兩者兼備是一份禮物。這是一家完全平衡的公司。我們有我們的線性和免費廣播，我們是一個以盈利為目的的內容的大製作者。我們有遊戲，我們將我們的 IP 用於遊戲以獲取利潤。我們有電影業務來聚集世界上一些最偉大的人才並以盈利為目的，然後我們有我們的流媒體。

So having the amount of free cash flow that we're driving to in order to fund and support thoughtfully the streaming business, which is critical as we transition, is a gift. I do think the business is going to change. There'll be probably over time, there'll be repackaging. It's for people to -- they'll probably end up being a couple of the best services, which we expect and will drive to be and they'll be repackaging either by the programmers or by intermediaries like an Apple or a Roku or an Amazon.

因此，擁有我們正在推動的自由現金流量，以便為流媒體業務提供資金和支持，這在我們過渡時至關重要，這是一份禮物。我確實認為業務會發生變化。可能會隨著時間的推移，會有重新包裝。這是為了人們——他們最終可能會成為最好的服務，我們期望並將推動成為，他們將由程序員或由蘋果、Roku或亞馬遜等中介重新包裝.

And the experience the consumers will become easier and as it becomes easier, some of the economic terms and churn may change. I believe it's over -- that it's underpriced. What has ended up happening is it was a reaction to the capital markets. Let's just go ahead and collapse businesses, overspend on content. People have shown that they were very happy to buy HBO, Showtime, Epic. There is a big group of people in America that love premium television. There's a big group that love a robust bouquet of opportunity.

消費者的體驗將變得更容易，隨著它變得更容易，一些經濟條款和流失可能會發生變化。我相信它已經結束了——它被低估了。最終發生的是對資本市場的反應。讓我們繼續倒閉業務，在內容上超支。人們已經表明他們非常樂意購買 HBO、Showtime、Epic。美國有一大群人喜歡付費電視。有一大群人喜歡大量的機會。

And they're willing to spend a lot of money domestically and outside the U.S., not as much, but they're willing to pay. It was a decision to say, "why have them pay a lot. Let's just collapse everything in and spend, spend, spend and then charge very little." And I think that was supported by this idea like clicks in the '90s that subs were going to be great currency.

他們願意在美國國內和國外花很多錢，雖然不多，但他們願意付錢。這是一個決定，“為什麼要他們付很多錢。讓我們把所有東西都折疊起來，花，花，花，然後收取很少的費用。”我認為這一點得到了這個想法的支持，比如 90 年代的點擊量將成為一種很好的貨幣。

And so we're going to be very sensible. We're about free cash flow. We've got the best library, we think, and the highest quality content. We think we could build a great business -- streaming business to touch everyone. But we're not collapsing businesses on it. And I think sensibility will be that there'll be a lot of people that are willing to pay a lot more for the quality that we have.

所以我們會非常明智。我們是關於自由現金流的。我們認為，我們擁有最好的圖書館和最高質量的內容。我們認為我們可以建立一個偉大的業務——流媒體業務來接觸每個人。但我們並沒有讓企業倒閉。而且我認為明智的做法是會有很多人願意為我們擁有的質量付出更多。

Yes. And maybe just to add to that just quantitatively. Look, I wouldn't judge a business by how it compares to a 40%, 50% linear business, right? That's -- I mean, I think that's well understood that that's a high bar. We spoke -- we reiterated earlier that we see 20% plus margin potential for the D2C business. We are assuming moderate price and ARPU increases as JB laid out.

是的。也許只是定量地補充一下。聽著，我不會通過與 40%、50% 線性業務的比較來判斷一個業務，對吧？那是 - 我的意思是，我認為這是一個很高的標準。我們說過——我們早些時候重申，我們看到 D2C 業務的利潤率潛力超過 20%。我們假設價格適中，ARPU 會隨著 JB 的計劃而增加。

And look, at the end of the day, the last thing I would also say is it's not either/or. I mean, the strength of our business and our opportunity here is the fact that we can manage these various distribution outlets at the same time. And I think these ecosystems will coexist for a very, very long time, and that's where we really get the superior returns for our content investments that we're able to monetize the content and get a return on every dollar spent across so many platforms.

看，歸根結底，我還要說的最後一件事是它不是非此即彼。我的意思是，我們的業務優勢和機會在於我們可以同時管理這些不同的分銷網點。我認為這些生態系統將共存很長一段時間，這就是我們真正從內容投資中獲得豐厚回報的地方，我們能夠將內容貨幣化，並從在這麼多平台上花費的每一美元中獲得回報。

We effectively have 4, 5 or 6 cash registers. If there's a cash register where a consumer can come in and either watch or pay for a piece of content, we have every platform in the ecosystem. And in a world where things are changing, and there's a lot of uncertainty and there's a lot of disruption, it's that's -- to me, that's a lot more stable and a lot better than having 1 cash register.

我們實際上有 4、5 或 6 個收銀機。如果有一個消費者可以進來觀看或支付內容的收銀機，那麼我們擁有生態系統中的每個平台。在一個事情不斷變化的世界裡，存在很多不確定性和混亂，對我來說，這比擁有一個收銀機要穩定得多，也好得多。

Thanks, Jason. Appreciate it. And operator, if we could take the last question, we'd appreciate it.

謝謝，傑森。欣賞它。接線員，如果我們能回答最後一個問題，我們將不勝感激。

Your next question comes from Doug Creutz of Cowen & Co.

您的下一個問題來自 Cowen & Co. 的 Doug Creutz。

With the rollout of the combined product next summer, obviously, you have 2 separate products now that have pretty different content offerings and pretty different price points. How conceptually do you plan to manage that transition? Are you going to allow people who subscribe to legacy services to remain on those services? Are there going to be force conversion? Can you talk a little bit how you envision that playing out?

隨著明年夏天組合產品的推出，很明顯，你現在有兩種不同的產品，它們提供完全不同的內容和完全不同的價格點。您打算如何從概念上管理這種轉變？您是否允許訂閱舊服務的人繼續使用這些服務？會有強制轉換嗎？你能談談你如何設想這種情況嗎？

Yes, Doug, we will have a migration plan that will allow, obviously, some element of, particularly, as you can imagine, the lower price discovery+ subscribers for some period of time, the grandfather into the new product and migrate them -- or migrate as many of them as possible up to the new product. And so that is all part of the transition plan to obviously get people, optimize the number of subscribers that we retain, but at the same time, at some point, make sure that the people who own the service are stepping up at some point in time to the inevitably higher price point than the current discovery+ prices that are at today. So there will be a transition plan that maximizes essentially retention of subscribers but ultimately also gets to the right ARPU and price points over a relatively short period of time.

是的，道格，我們將製定一個遷移計劃，顯然，該計劃將允許某些元素，特別是您可以想像的，在一段時間內，價格較低的發現+訂閱者，祖父進入新產品並遷移他們——或者盡可能多地將它們遷移到新產品。所以這就是過渡計劃的一部分，顯然是為了吸引人，優化我們保留的訂閱者數量，但同時，在某個時候，確保擁有該服務的人在某個時候加緊時間到不可避免地高於今天的當前發現+價格的價格點。因此，將有一個過渡計劃，從本質上最大限度地保留訂戶，但最終也會在相對較短的時間內達到正確的 ARPU 和價格點。

Great. Thanks so much, Doug, and thank you, everybody, for joining us, and that will conclude our call.

偉大的。非常感謝 Doug，感謝大家加入我們，這將結束我們的電話會議。

Ladies and gentlemen, this does conclude your conference call for this afternoon. We would like to thank everyone for your participation and ask that you please disconnect your lines.

女士們先生們，今天下午的電話會議到此結束。我們要感謝大家的參與，並要求您斷開線路。