華納兄弟探索 (WBD) 2022 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Warner Bros. Discovery, Inc. Fourth Quarter 2022 Earnings Conference Call. (Operator Instructions) Additionally, please be advised that today's conference call is being recorded.

女士們，先生們，感謝您的支持，歡迎來到 Warner Bros. Discovery, Inc. 2022 年第四季度收益電話會議。 （操作員說明）此外，請注意今天的電話會議正在錄製中。

I would now like to hand the call over to Mr. Andrew Slabin, Executive Vice President of Global Investor Strategy. Sir, you may now begin.

我現在想將電話轉交給全球投資者戰略執行副總裁安德魯斯拉賓先生。先生，您現在可以開始了。

Good afternoon, and welcome to Warner Bros. Discovery's Q4 Earnings Call.

下午好，歡迎來到 Warner Bros. Discovery 的第四季度財報電話會議。

With me today is David Zaslav, President and CEO; Gunnar Wiedenfels, our CFO; and JB Perrette, CEO and President, Global Streaming and Games.

今天和我在一起的是總裁兼首席執行官 David Zaslav；我們的首席財務官 Gunnar Wiedenfels；全球流媒體和遊戲業務首席執行官兼總裁 JB Perrette。

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. In providing projections and other forward-looking statements, the company disclaims any intent or obligation to update them.

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。前瞻性陳述包括對公司的評論未來的業務計劃、前景和財務業績。這些陳述是根據管理層對未來事件的當前知識和假設做出的，涉及可能導致實際結果與我們的預期大不相同的風險和不確定性。在提供預測和其他前瞻性陳述時，公司不承擔更新它們的任何意圖或義務。

For additional information on important factors that could affect these expectations, please see the company's filings with the U.S. Securities and Exchange Commission, including, but not limited to, the company's most recent annual report on Form 10-K and its reports on Form 10-Q and Form 8-K.

有關可能影響這些預期的重要因素的更多信息，請參閱公司向美國證券交易委員會提交的文件，包括但不限於公司最近的 10-K 表格年報及其 10-K 表格報告Q 和表格 8-K。

A copy of our Q4 earnings release, trending schedule and accompanying slide deck is available on our website at ir.wbd.com.

我們的第 4 季度收益發布、趨勢時間表和隨附的幻燈片可在我們的網站 ir.wbd.com 上獲取。

And with that, I am pleased to turn the call over to David.

因此，我很高興將電話轉給大衛。

Hello, everyone, and thank you for joining us. We've been hard at work since our last call and look forward to updating you on our progress. First, let me say, this promises to be a very exciting year for our company. We took bold decisive action over the last 10 months, and the bulk of our restructuring is behind us. We have full command and control of our business, and we are 1 company now. We have a fantastic leadership team moving us forward, everyone rowing in the same direction. And together, we are focused on making our businesses better and stronger.

大家好，感謝您加入我們。自上次通話以來，我們一直在努力工作，並期待向您通報我們的最新進展。首先，讓我說，今年對我們公司來說將是非常激動人心的一年。我們在過去 10 個月採取了大膽果斷的行動，大部分重組工作已經結束。我們對我們的業務擁有完全的指揮和控制權，我們現在是 1 家公司。我們擁有一支出色的領導團隊，推動我們前進，每個人都朝著同一個方向划船。我們一起專注於讓我們的業務變得更好、更強大。

Last year was a year of restructuring. 2023 will be a year of building, and off we go.

去年是重組的一年。 2023 年將是建設的一年，我們開始吧。

In today's increasingly dynamic and a crowded media environment, the best hand has great storytelling IP, brilliant creatives, a full slate of production and distribution capabilities, and broad global reach that stretches across premium, pay-TV, free-to-air, theatrical, streaming, licensing and gaming, the entirety of the ecosystem. And that is exactly the hand that we have, and we intend to play it decisively and with a focus on free cash flow and an eye towards sustainable future growth.

在當今日益充滿活力和擁擠的媒體環境中，最優秀的人才擁有出色的故事 IP、出色的創意、全面的製作和發行能力，以及覆蓋付費、付費電視、免費電視、院線的廣泛全球影響力、流媒體、許可和遊戲，整個生態系統。這正是我們所擁有的手，我們打算果斷地發揮它，並關注自由現金流和可持續的未來增長。

Warner Bros. Discovery is a storytelling company, and we are very fortunate to have a huge share of the most beloved and globally recognized storytelling IP in the world, including Harry Potter, Game of Thrones, Superman, Batman, Lord of the Rings, and we intend to take full advantage of these one-of-a-kind franchises across our various platforms.

Warner Bros. Discovery 是一家故事講述公司，我們非常幸運地擁有世界上最受歡迎和全球認可的故事講述 IP 的巨大份額，包括哈利波特、權力的遊戲、超人、蝙蝠俠、指環王和我們打算在我們的各種平台上充分利用這些獨一無二的特許經營權。

In all that we do, we are guided by 3 strategic pillars. We want to tell the best stories, share them with the broadest audience possible, and we do that by working together as 1 team, 1 company.

在我們所做的一切中，我們都以 3 個戰略支柱為指導。我們想講述最好的故事，盡可能與最廣泛的受眾分享，我們通過 1 個團隊、1 個公司的合作來實現這一目標。

The decisions we've made and the strategies we've set in motion 10 months ago have created a solid foundation, and we're starting to see strong momentum. It's working. In an increasingly challenging environment, we were able to deliver over $3.3 billion of reported free cash flow in 2022, a healthy conversion, notwithstanding significant merger and integration-related expenses. Gunnar and the team are laser-focused on driving transformation throughout the organization, supporting our ability to further generate real free cash flow. Gunnar will take you through all of the financials in our outlook, but I'm very pleased that we see our net leverage clearly below 4x by the end of this year, below 4x by the end of this year.

我們在 10 個月前做出的決定和製定的戰略已經奠定了堅實的基礎，我們開始看到強勁的勢頭。它的工作。在一個越來越具有挑戰性的環境中，我們能夠在 2022 年實現超過 33 億美元的報告自由現金流，這是一個健康的轉換，儘管與合併和整合相關的費用很高。 Gunnar 和團隊專注於推動整個組織的轉型，支持我們進一步產生真正的自由現金流的能力。 Gunnar 將帶您了解我們展望中的所有財務狀況，但我很高興看到我們的淨槓桿率到今年年底明顯低於 4 倍，到今年年底低於 4 倍。

It's working. On direct-to-consumer, we are making meaningful progress on our goal to achieve real profitability in streaming, a key and powerful segment of our company. We brought our losses down considerably and are even more confident in the financial targets we laid out a few quarters ago. We reduced EBITDA losses by $500 million year-over-year to $200 million in Q4, supported by 1.1 million net sub adds in the quarter.

它的工作。在直接面向消費者方面，我們正在朝著實現流媒體真正盈利的目標取得有意義的進展，流媒體是我們公司的一個重要且強大的部門。我們大大減少了損失，並且對我們幾個季度前製定的財務目標更有信心。我們在第四季度將 EBITDA 虧損同比減少 5 億美元至 2 億美元，這得益於本季度 110 萬的淨子增加。

And most importantly, we saw improvement across key KPIs. More on this from Gunnar in a minute, but I'm pleased with the trend line we see in Q1, particularly as we are managing towards close to breakeven segment EBITDA in the quarter.

最重要的是，我們看到了關鍵 KPI 的改進。一分鐘內來自 Gunnar 的更多信息，但我對我們在第一季度看到的趨勢線感到滿意，特別是當我們在本季度管理接近盈虧平衡部分 EBITDA 時。

Consistent with what we told you last August, we are getting ready to launch our combined streaming service here in the U.S. in a few months with Latin America to follow later this year and markets in EMEA and APAC in '24. The product will offer compelling content for every member of the household. SVOD and AdLite tiers and a significantly enhanced product platform to drive better performance, improved user experience and stronger engagement.

與我們去年 8 月告訴你的一致，我們準備在幾個月內在美國推出我們的組合流媒體服務，今年晚些時候在拉丁美洲推出我們的組合流媒體服務，並在 24 年在 EMEA 和 APAC 市場推出。該產品將為每個家庭成員提供引人入勝的內容。 SVOD 和 AdLite 層以及顯著增強的產品平台，以推動更好的性能、改進的用戶體驗和更強的參與度。

We're excited about the upcoming launch of the [Enhance] product and look forward to sharing more details at a press event on April 12. In the meantime, we completed a new distribution agreement that puts HBO Max back on Amazon Prime video channels. And on the traditional side, we renewed agreements representing 30% of our U.S. affiliate revenues. And we're able to align our networks on a coterminous basis with these distributors.

我們對即將推出的 [Enhance] 產品感到興奮，並期待在 4 月 12 日的新聞發布會上分享更多細節。與此同時，我們完成了一項新的分銷協議，讓 HBO Max 重新回到亞馬遜 Prime 視頻頻道。在傳統方面，我們續籤的協議占我們美國附屬公司收入的 30%。我們能夠與這些分銷商在共同的基礎上調整我們的網絡。

We also signed fast content deals with Roku and Tubi, adding to these popular platforms hundreds of our TV shows and movies, while maximizing the reach and overall value of our content. It's working. And our new studio heads are hard at work putting their unmatched creative stamp on our future slate. We believe strongly in the importance of the motion picture window and having that shared experience with other people. I'll talk more about that in a minute.

我們還與 Roku 和 Tubi 簽署了快速內容協議，將我們的數百個電視節目和電影添加到這些受歡迎的平台，同時最大限度地提高我們內容的影響力和整體價值。它的工作。我們新的工作室負責人正在努力工作，在我們未來的名單上留下他們無與倫比的創意印記。我們堅信電影窗口的重要性以及與其他人分享經驗的重要性。我會在一分鐘內詳細討論這一點。

This year, we celebrate the storied Warner Bros. Studios 100th anniversary with a deepened commitment to telling quality, diverse stories, with the power to entertain, inspire, and when we are at our best, impact or even change the culture. And we are excited for Mike and Pam to lead the studio into its next chapter, which in 2023, will see output more than double.

今年，我們慶祝傳奇的華納兄弟工作室成立 100 週年，我們更加堅定地致力於講述優質、多樣化的故事，具有娛樂和啟發的能力，並在我們處於最佳狀態時影響甚至改變文化。我們很高興 Mike 和 Pam 帶領工作室進入下一章，到 2023 年，產量將翻一番以上。

Today, I'm thrilled to announce that Mike and Pam signed a deal to make multiple Lord of the Rings movies. Lord of the Rings is one of the most iconic storytelling franchises of all time, and we're so excited. Stay tuned for more to come on this front.

今天，我很高興地宣布 Mike 和 Pam 簽署了製作多部指環王電影的協議。指環王是有史以來最具標誌性的故事講述系列之一，我們非常興奮。請繼續關注這方面的更多信息。

A few weeks ago, James and Peter rolled out Phase 1 of their highly anticipated multiyear plan for DC Studios across film, television and animation. With 5 films and 5 television series already in the works, the new era for DC under a single creative vision is in full swing, and we are especially eager to thrill fans with new Superman and Batman movies in 2025. There hasn't been a stand-alone Superman movie in a decade. This is some of the most recognized and beloved storytelling IP in the world, and we're excited to tell even more of those stories.

幾週前，James 和 Peter 推出了他們備受期待的 DC Studios 電影、電視和動畫多年計劃的第一階段。 5 部電影和 5 部電視劇已經在製作中，單一創意願景下的 DC 新時代如火如荼，我們特別渴望在 2025 年用新的超人和蝙蝠俠電影來刺激粉絲。十年後獨立的超人電影。這是世界上最受認可和喜愛的故事講述 IP，我們很高興能講述更多這樣的故事。

We're also excited for the release of 4 DC films this year, starting with Shazam in 2 weeks and followed by The Flash, which James Gunn called one of the greatest superhero movies ever made, a masterpiece. I saw it and loved it. It's a wow. I can't wait for The Flash to hit the theaters in June.

我們也很高興今年有 4 部 DC 電影上映，首先是 2 週內上映的《沙贊》，然後是閃電俠，詹姆斯·岡恩稱其為有史以來最偉大的超級英雄電影之一，堪稱傑作。我看到它並喜歡它。這是一個哇。我等不及《閃電俠》在 6 月上映。

We're also thrilled by what we're seeing coming out of our games business, which represents a core part of our overall strategy. As the only studio scaled in gaming, we see it as a meaningful differentiator with substantial opportunity. with the successful launch of Hogwarts Legacy 2 weeks ago, we reimagined one of the biggest global franchises in the world. The game was one of the most highly anticipated of 2023. And consistent with our overall commitment to great storytelling, we delayed the launch to get it right. And the response from consumers has been overwhelmingly positive. We've already seen more than $850 million in retail sales, and we still have more platforms launching over the next few months.

我們也對遊戲業務的發展感到興奮，這是我們整體戰略的核心部分。作為唯一一家規模化的遊戲工作室，我們將其視為具有重大機遇的有意義的差異化因素。隨著 2 週前霍格沃茨遺產的成功推出，我們重新構想了世界上最大的全球特許經營權之一。該遊戲是 2023 年最受期待的遊戲之一。為了與我們對講述精彩故事的總體承諾保持一致，我們推遲了發布以確保一切順利。消費者的反應非常積極。我們已經看到超過 8.5 億美元的零售額，並且在接下來的幾個月中我們還會推出更多平台。

And there's lots more to come, including the highly anticipated Mortal Kombat 12 and Suicide Squad: Kill the Justice League games also set for release this year with ambitious launch projections.

還有更多內容即將推出，包括備受期待的真人快打 12 和自殺小隊：正義聯盟殺戮遊戲也定於今年發布，並發布了雄心勃勃的發布預測。

We have a great hand, and we're doing a lot right. That said, there's still more that we need to get right, and we are hard at work. To that end, linear ad sales is a top priority at the moment, particularly as we balance both cyclical headwinds and ongoing secular challenges, much of which we've dealt with for the last several years. It was a heavy lift to bring 2 teams together, notwithstanding the economy being what it was, and we are now drilling down on all facets of the business.

我們有一手好牌，我們做對了很多事情。也就是說，我們還需要做更多的事情，我們正在努力工作。為此，線性廣告銷售是目前的重中之重，特別是當我們平衡週期性逆風和持續的長期挑戰時，我們在過去幾年中已經應對了其中的大部分挑戰。將兩個團隊聚集在一起是一項艱鉅的任務，儘管經濟狀況如此，我們現在正在深入研究業務的各個方面。

We've contended with recent share shifts away from our portfolio during the NFL and College Football season and the World Cup. And we are still in the early stages of bringing this comprehensive portfolio together and harnessing all that it can deliver. I'm confident that we will get there, particularly with some of the operational and content-driven initiatives implemented by Kathleen Finch and her team. They have great plans to revitalize the nets and have also begun to use our exceptional library of film and television content in a way that will benefit our linear and cable networks.

在 NFL 和大學橄欖球賽季以及世界杯期間，我們一直在努力應對最近從我們的投資組合中轉移的份額。我們仍處於將這個全面的產品組合整合在一起並利用它所能提供的一切的早期階段。我相信我們會實現目標，尤其是凱瑟琳·芬奇 (Kathleen Finch) 和她的團隊實施了一些運營和內容驅動的計劃。他們制定了振興網絡的宏偉計劃，並且還開始以有利於我們的線性和有線網絡的方式使用我們出色的電影和電視內容庫。

We are also advantaged by the fact that our U.S. networks average 30% of all nightly cable viewers in the key 25 to 54 demo. And there are times when our share is significantly higher with marquee events, such as March Madness and the MLB and NBA playoffs.

我們的優勢還在於，在關鍵的 25 到 54 點演示中，我們的美國網絡平均佔所有夜間有線電視觀眾的 30%。有時我們在大型活動中的份額要高得多，例如瘋狂三月以及 MLB 和 NBA 季后賽。

On the news side, we are fighting hard and making real progress. CNN stands as a premier global news organization, and we wanted to be the place for fact-based reporting and thoughtful discourse that is broader than politics and sport. We are already seeing a more inclusive range of voices and viewpoints, as demonstrated last month, when over 70 Republicans came on our air during their congressional speaker election process, a first in a very long time, and we intend to continue advancing on this balanced strategy.

在新聞方面，我們正在努力奮鬥並取得真正的進展。 CNN 是全球首屈一指的新聞機構，我們希望成為基於事實的報導和比政治和體育更廣泛的深思熟慮的討論場所。正如上個月所展示的那樣，我們已經看到了更廣泛的聲音和觀點，當時 70 多名共和黨人在他們的國會發言人選舉過程中出現在我們的廣播中，這是很長一段時間以來的第一次，我們打算繼續推進這一平衡戰略。

Chris Licht and the team are focused on building an asset for the long term across cable and digital that is worthy of that great global brand.

克里斯·利希特 (Chris Licht) 和他的團隊專注於在有線和數字領域建立長期資產，以配得上這個偉大的全球品牌。

We must get it right. Nowhere is this more important in my view, and it isn't going to happen overnight, and I believe we are on the right path.

我們必須做對。在我看來，這沒有比這更重要的了，它不會在一夜之間發生，我相信我們走在正確的道路上。

The efforts ongoing enterprise-wide are helping to turn the flywheel and grow and improve our businesses, and we see so much opportunity ahead. We continue to be the place creators are choosing to bring their visions to life. In recent weeks, we signed new deals with a number of the most prolific and celebrated creatives in the industry, including Greg Berlanti, Baz Luhrmann, M. Night Shyamalan, Akiva Goldsman and Zach Cregger with more to come.

整個企業範圍內正在進行的努力正在幫助轉動飛輪並發展和改善我們的業務，我們看到了很多機會。我們仍然是創作者選擇將他們的願景變為現實的地方。最近幾週，我們與業內多產和著名的創意人士簽署了新協議，包括 Greg Berlanti、Baz Luhrmann、M. Night Shyamalan、Akiva Goldsman 和 Zach Cregger，未來還會有更多。

Warner Bros. Television Group has more than 110 shows currently in production across our own platforms as well as third-party broadcast, cable and streaming outlets, including Emmy Winners, Ted Lasso and Abbott Elementary. Young Sheldon, network TV's #1 comedy. The Voice, the #1 most watched unscripted show on network TV. And the newest hits, Night Court on NBC and Shrinking on Apple TV.

華納兄弟電視集團目前在我們自己的平台以及第三方廣播、有線和流媒體渠道（包括艾美獎得主、Ted Lasso 和 Abbott Elementary）正在製作 110 多部節目。年輕的謝爾頓，網絡電視排名第一的喜劇。 The Voice，網絡電視上觀看次數最多的即興節目。以及最新的熱門歌曲，NBC 的 Night Court 和 Apple TV 的 Shrinking。

I believe Warner Bros. TV is the greatest quality maker of content in the world. We're committed to creating shows that people really want to watch, and they also want to experience them with other people. That is exactly what we see happening at HBO. HBO has never been stronger and is firing on all cylinders behind the recent successes of HBO Originals, Euphoria, House of the Dragon, White Lotus, and our newest mega hit, The Last of Us. These shows have averaged as many as 20 million viewers in episode with strong week-over-week growth. The Last of Us, for example, grew its Sunday premier night viewership by about 1 million with each episode over the first 4 weeks. And after just 5 weeks, an astounding 35 million people have watched episode 1.

我相信華納兄弟電視是世界上最優質的內容製作商。我們致力於製作人們真正想看的節目，他們也想和其他人一起體驗。這正是我們在 HBO 看到的情況。 HBO 從未如此強大，並且在 HBO Originals、Euphoria、House of the Dragon、White Lotus 和我們最新的超級熱門影片 The Last of Us 的近期成功背後全力以赴。這些節目平均每集有多達 2000 萬觀眾，而且每週都在強勁增長。例如，《最後生還者》在前 4 週內每集的周日首播晚間收視率增加了約 100 萬。僅僅 5 週後，就有驚人的 3500 萬人觀看了第一集。

These are huge numbers, particularly in today's day and age of binge viewing, when there is so much content to choose among. And it all stems from great storytelling. Again, creating shows that people want to watch. It reminds me of my time at NBC when Thursday night was must-see TV. Those shows had a supersized effect on people and culture. And back then, you had to watch the show on Thursday night. Today, with direct-to-consumer, more and more people are joining the party. That's the power of streaming. And HBO is streaming new must-see TV with all of its cultural impact and excitement.

這是一個巨大的數字，尤其是在當今這個狂歡的時代，有如此多的內容可供選擇。而這一切都源於出色的講故事。同樣，製作人們想要觀看的節目。這讓我想起了我在 NBC 的時光，當時星期四晚上是必看電視節目。這些節目對人和文化產生了巨大的影響。那時候，你必須在周四晚上看節目。在直接面向消費者的今天，越來越多的人加入了這一行列。這就是流媒體的力量。 HBO 正在播放具有所有文化影響和興奮的新必看電視節目。

Every week, a new episode comes out and by the time the next 1 airs, a week later, tens of millions of people have watched the last episode. Social media explodes and people are calling their family and friends to talk about what they saw.

每週都會發布一集新劇集，到下一集播出時，也就是一周後，已有數千萬人觀看了最後一集。社交媒體爆炸式增長，人們打電話給他們的家人和朋友談論他們所看到的。

This phenomenon can go for 8, 10-plus weeks for each series. That's the power of curation. We believe that when you have content that is so good that it hits the zeitgeist, the best way to drive interest and engagement is not by dropping the entire season on a platform all at once, but by allowing the buzz and anticipation to build over time. And it's the same principle with theatrical. Perceived value of content increases when there's a great expectancy and excitement. People want to be part of something. And when you tell them a great story and they get to experience it with others, either in a packed theater or on a Sunday night, it really is magic.

對於每個系列，這種現象可以持續 8、10 週以上。這就是策展的力量。我們相信，當您的內容如此之好以至於迎合時代精神時，推動興趣和參與度的最佳方式不是將整個季節都放在一個平台上，而是讓嗡嗡聲和期待隨著時間的推移而建立.這與戲劇的原理相同。當有很高的期望和興奮時，內容的感知價值就會增加。人們希望成為某事的一部分。當你給他們講一個很棒的故事，他們可以和其他人一起體驗，無論是在擁擠的劇院還是在周日晚上，這真的很神奇。

At Warner Bros. Discovery, we believe we have the strongest hand in the industry, with the most complete portfolio of assets and globally renowned franchises, personalities and storytelling IP, across sports, news, nonfiction and entertainment, in virtually every region of the globe and in every language. We have an exceptional leadership team that is truly aligned across a common set of strategic, operational and financial goals and metrics. We have the largest maker and seller of content in the world. And while we've got lots more to do, we are increasingly seeing positive traction and strong proof points.

在 Warner Bros. Discovery，我們相信我們擁有業內最強大的力量，擁有最完整的資產組合和全球知名的特許經營權、人物和講故事的 IP，涵蓋體育、新聞、非小說和娛樂，幾乎遍及全球每個地區和每一種語言。我們擁有一支卓越的領導團隊，在一組共同的戰略、運營和財務目標和指標方面真正保持一致。我們擁有世界上最大的內容製造商和銷售商。雖然我們還有很多工作要做，但我們越來越多地看到積極的牽引力和有力的證據。

For us, 2023 is a year of building. We are more confident than ever that we have the right strategy to be successful and ultimately achieve our goal of being the greatest media and entertainment company in the world.

對我們來說，2023 年是建設的一年。我們比以往任何時候都更有信心，我們擁有成功的正確戰略，並最終實現我們成為世界上最偉大的媒體和娛樂公司的目標。

With that, I'll turn it over to Gunnar, and he'll walk you through the financials for the quarter.

有了這個，我會把它交給 Gunnar，他會帶你了解本季度的財務狀況。

Thank you, David. The fourth quarter marked the end of a first and very defining chapter for Warner Bros. Discovery in which we took some pivotal initial steps. Among them, the integration and repositioning of our global finance organization through which we implemented a number of initiatives to drive efficiency and better support the company's long-term sustainable growth.

謝謝你，大衛。第四季度標誌著 Warner Bros. Discovery 的第一個也是非常重要的篇章的結束，我們在其中採取了一些關鍵的初始步驟。其中，我們通過整合和重新定位我們的全球財務組織，實施了多項舉措來提高效率並更好地支持公司的長期可持續增長。

We've accomplished a significant amount in 2022, and I'd like to take this opportunity to thank the entire finance team for their persistence and resolve in working through these very difficult but necessary first steps, which has resulted in greater command, control and precision across the enterprise and laid the foundation on which we are positioning the company. This is in part a function of a successfully executed synergy program and ongoing continuous improvement efforts.

我們在 2022 年取得了很大的成就，我想藉此機會感謝整個財務團隊的堅持和決心，努力完成這些非常困難但必要的第一步，這導致了更大的指揮、控制和精準貫穿整個企業，奠定了我們定位公司的基礎。這部分歸功於成功執行的協同計劃和持續不斷的改進工作。

With respect to these initiatives, we are working on a total potential opportunity of $5 billion over the next few years. That is what we're tracking in our system today, specific initiatives with associated direct financial impact, responsible owner and detailed milestone plans. Naturally, and as I have said before, not all of these initiatives will come to fruition or get realized to the full extent, but this represents a significant pipeline for us as components of both near-term cost out and longer-term continuous improvement. And to that end, we are now confident in a path to at least $4 billion of savings largely addressable through 2024, representing an increase of $500 million over our prior estimate.

關於這些舉措，我們正在努力在未來幾年內創造 50 億美元的潛在機會。這就是我們今天在我們的系統中跟踪的內容，具有相關直接財務影響的具體舉措、負責任的所有者和詳細的里程碑計劃。當然，正如我之前所說，並非所有這些舉措都會取得成果或完全實現，但這對我們來說是一個重要的管道，作為近期成本削減和長期持續改進的組成部分。為此，我們現在有信心在 2024 年之前至少節省 40 億美元，這在很大程度上可以解決，這比我們之前的估計增加了 5 億美元。

Through the end of 2022, we've already realized over $1 billion of synergy, inclusive of a couple of hundred million dollars of course-corrective measures that we undertook early after launching Warner Bros. Discovery in April last year. We are laser-focused on delivering against our high-level strategic, operational and financial targets, and the 3 pillars that comprise our core principles. And as we look to 2023, my near-term key financial priorities remain: number one, delivering against our synergy and transformation targets where we are managing towards an incremental $2 billion of cost capture in 2023 and the larger opportunity I mentioned previously.

到 2022 年底，我們已經實現了超過 10 億美元的協同效應，其中包括我們在去年 4 月推出 Warner Bros. Discovery 後早期採取的幾億美元的課程糾正措施。我們專注於實現我們的高級戰略、運營和財務目標，以及構成我們核心原則的三大支柱。展望 2023 年，我的近期關鍵財務優先事項仍然是：第一，實現我們的協同作用和轉型目標，我們正在努力實現 2023 年增加 20 億美元的成本捕獲以及我之前提到的更大機會。

Number two, partnering with our business leaders to embrace a more rigorous analytical framework through which capital allocation decisions will be viewed, particularly as we refine how our content is monetized and windowed. Echoing some of what David said, the leadership team is ever more aligned on strategic decision-making that benefits the company as a whole versus 1 segment or another and is incentivized as such.

第二，與我們的業務領導者合作，採用更嚴格的分析框架，通過該框架可以查看資本分配決策，特別是在我們改進我們的內容貨幣化和窗口化方式時。與大衛所說的一些話相呼應，領導團隊在戰略決策上更加一致，有利於整個公司而不是一個部門或另一個部門，並因此受到激勵。

I believe we've barely begun to scratch the surface in terms of the potential here, and I'm excited about the benefits as this cascades throughout the organization.

我相信就這裡的潛力而言，我們才剛剛開始觸及皮毛，我對這種在整個組織中級聯的好處感到興奮。

Number three, evaluating capital allocation opportunities with rigor, so that we can both achieve near-term efficiency and enhance long-term asset value and growth.

第三，嚴格評估資本配置機會，以便我們既能實現近期效率，又能提高長期資產價值和增長。

Number four, driving overall efficiency and free cash flow conversion towards our near-term goal of 1/3 to 1/2 conversion of adjusted EBITDA with longer-term upside towards our 60% goal. Naturally, we are laser-focused on delevering the balance sheet, where I see net leverage very comfortably inside of 4x by the end of 2023 and reiterate our prior guidance to be within the investment grade range by mid-2024 and within our gross leverage target of 2.5 to 3x by the end of 2024.

第四，推動整體效率和自由現金流向我們調整後 EBITDA 的 1/3 至 1/2 轉換的近期目標邁進，並實現我們 60% 的長期目標。自然地，我們非常專注於資產負債表的去槓桿化，我認為到 2023 年底淨槓桿率非常舒適地在 4 倍以內，並重申我們之前的指導意見是到 2024 年年中之前處於投資級別範圍內並且處於我們的總槓桿率目標之內到 2024 年底將增長 2.5 到 3 倍。

I am proud of what we achieved in 2022 against the targets we set out in the summer and against an increasingly challenging environment in the second half of the year, and I'm proud of the momentum we have built exiting the year.

我為我們在 2022 年實現了夏季設定的目標以及下半年日益具有挑戰性的環境而取得的成就感到自豪，我為我們在今年建立的勢頭感到自豪。

Turning to the quarter, I'd like to quickly take you through some of the puts and takes impacting performance. Given we're still in the first year following the closing of our acquisition, I will discuss the P&L impact on a pro forma ex FX basis. Starting with the Studio segment. As expected, performance was negatively impacted by lower TV licensing revenues against a very tough comp last year, something we'll face again in the first quarter of 2023.

談到本季度，我想快速帶您了解一些看跌期權並採取影響性能的措施。鑑於我們仍處於收購完成後的第一年，我將討論基於備考外匯基礎的損益影響。從工作室部分開始。正如預期的那樣，電視許可收入下降對去年非常艱難的競爭產生了負面影響，我們將在 2023 年第一季度再次面臨這種情況。

Games and home entertainment faced difficult year-over-year comps as well due to last year's COVID-induced tailwind for library content. In addition to less activity in home entertainment, given the leaner theatrical release schedule in 2022, which was very much a result of deliberate decisions we made about specific titles and overall release dates. Partially offsetting revenue headwinds were lower content expenses, distribution fees and marketing costs.

由於去年 COVID 引起的圖書館內容的順風，遊戲和家庭娛樂也面臨著困難的年度比較。除了家庭娛樂活動減少外，考慮到 2022 年更精簡的影院上映時間表，這在很大程度上是我們對特定影片和總體上映日期做出的慎重決定的結果。部分抵消了收入的不利因素是較低的內容費用、發行費用和營銷成本。

Looking ahead within the Studio, 2023 will be a pivotal year, particularly behind our larger and broader release slates at both Warner Bros. Pictures and DC, not to mention a wonderful start with Hogwarts Legacy on the game side.

在工作室內部展望未來，2023 年將是關鍵的一年，尤其是在華納兄弟影業和 DC 更大、更廣泛的發行計劃之後，更不用說霍格沃茨遺產在遊戲方面的美好開端了。

Turning to Networks. Revenue decreased 6% as global advertising revenues declined 14% and distribution revenues decreased 2%. Adjusted EBITDA decreased 7% as revenue declines were partially offset by lower content expenses as well as lower personnel and marketing costs, in part reflecting our cost synergy efforts. Clearly, as we have pointed out as a key risk since the summer, underlying advertising trends, particularly in the U.S., have continued to soften through the fourth quarter, and that was further exacerbated by general entertainment audience declines.

轉向網絡。由於全球廣告收入下降 14%，分銷收入下降 2%，收入下降 6%。調整後的 EBITDA 下降了 7%，因為收入下降部分被較低的內容費用以及較低的人員和營銷成本所抵消，部分反映了我們的成本協同努力。顯然，正如我們指出的自夏季以來的一個主要風險，潛在的廣告趨勢，尤其是在美國，在第四季度繼續走軟，而且一般娛樂觀眾的減少進一步加劇了這種趨勢。

While visibility remains limited, we are seeing revenue trends very modestly improving sequentially in certain pockets. And while this is indeed encouraging, we're hesitant to forecast any meaningful near-term revenue improvement.

雖然能見度仍然有限，但我們看到某些領域的收入趨勢非常適度地連續改善。雖然這確實令人鼓舞，但我們對預測任何有意義的近期收入改善猶豫不決。

International markets continue to perform relatively better, stronger markets such as Poland and Italy were in part offset by weaknesses in the U.K., Nordics and certain Latin American countries. And while we are comping the Winter Olympic games in Q1, which we expect will account for roughly 100 basis point headwind to our global advertising growth rate, we see underlying international trends modestly improving. Though like in the U.S., we're being mindful about overall visibility in regional, macro and political influences.

國際市場繼續表現相對較好，波蘭和意大利等強勁的市場部分被英國、北歐和某些拉丁美洲國家的疲軟所抵消。雖然我們正在為第一季度的冬季奧運會做準備，但我們預計這將對我們的全球廣告增長率造成大約 100 個基點的阻力，我們看到潛在的國際趨勢正在適度改善。儘管與美國一樣，我們正在關注區域、宏觀和政治影響的整體可見性。

Distribution revenues on the whole were impacted primarily by subscriber declines in the U.S. and lower affiliate rates in certain European countries, while larger contractual rate increases in the U.S. and premium sports packages in Latin America helped to offset part of this impact. Importantly, we successfully completed affiliate renegotiations, which accounted for more than 30% of U.S. distribution revenues and which brought our portfolio together coterminously. An important reference point for the value of our combined portfolio of networks to our distribution partners.

總的來說，分銷收入主要受到美國訂戶下降和某些歐洲國家會員費率下降的影響，而美國合同費率的大幅上漲和拉丁美洲的優質體育套餐幫助抵消了部分影響。重要的是，我們成功地完成了附屬公司的重新談判，這占美國分銷收入的 30% 以上，並將我們的投資組合整合在一起。我們的網絡組合組合對我們的分銷合作夥伴的價值的重要參考點。

I'm especially happy about the development in our D2C segment, where we delivered a marked improvement across a number of key operational KPIs leading to a healthy sequential improvement to financial performance. Moreover, the exit rate coming out of the fourth quarter lends confidence in continued very strong financial performance thus far in Q1 and into our soon-to-be relaunched D2C offering.

我對我們 D2C 部門的發展感到特別高興，我們在許多關鍵運營 KPI 方面取得了顯著改善，從而導致財務業績的健康連續改善。此外，第四季度的退出率讓我們對第一季度迄今為止持續強勁的財務表現以及我們即將重新推出的 D2C 產品充滿信心。

Casey and the team continue to fuel critical and audience acclaimed with globally resident content, driving improvements in engagement and churn, which is setting up a nice tailwind into the relaunch. Q4 revenue growth of 6% against the 12% decrease in combined operating expenses led to a significantly reduced EBITDA loss of roughly $200 million, a $500-plus million improvement year-over-year, notwithstanding a largely content-driven 6% increase in cost of revenue.

Casey 和團隊繼續通過全球常駐內容推動批評和觀眾的好評，推動參與度和流失率的提高，這為重新啟動提供了良好的順風。第 4 季度收入增長 6%，而合併運營費用下降 12%，導致 EBITDA 損失顯著減少約 2 億美元，同比增加 5 億多美元，儘管主要由內容驅動的成本增加了 6%的收入。

Global core subscribers increased 1.1 million sequentially and 10 million year-on-year, while global ARPU increased as well modestly to $7.58. This doesn't yet reflect the $1 price increase on the ad-free retail tier in the U.S. that was implemented in January and which has been digested quite well. Moreover, we're analyzing our pricing strategy in a number of key international markets, particularly in LatAm, where we believe our service has significant pricing upside.

全球核心用戶環比增加 110 萬，同比增加 1000 萬，而全球 ARPU 也小幅增長至 7.58 美元。這還沒有反映 1 月份在美國實施的無廣告零售層 1 美元的價格上漲，並且已經很好地消化了。此外，我們正在分析我們在許多主要國際市場的定價策略，尤其是在拉美，我們認為我們的服務在這些市場具有顯著的定價優勢。

Based on the traction we are seeing across the broad spectrum of operational and financial KPIs, we expect segment EBITDA to be more or less breakeven in Q1, which implies another $500 million improvement year-over-year, roughly in line with the improvement seen in Q4. Naturally, our domestic relaunch of the combined product offering in the spring will result in a sequential step-up in P&L investments in Q2 behind a requisite increase in marketing spend support and premier content launches. However, we remain very enthused about the trend line here, and I have greater and greater confidence in our ability to achieve our long-term segment targets of breakeven in the U.S. in 2024 and $1 billion of profitability in 2025 globally. And we continue to track above our internal plans.

基於我們在廣泛的運營和財務 KPI 中看到的牽引力，我們預計該部門的 EBITDA 在第一季度將或多或少地實現盈虧平衡，這意味著同比又增加了 5 億美元，大致與Q4.自然地，我們在春季在國內重新推出組合產品將導致第二季度損益投資連續增加，這是在營銷支出支持和主要內容髮布的必要增加之後。然而，我們對這裡的趨勢線仍然非常熱情，我對我們實現 2024 年在美國實現盈虧平衡和 2025 年在全球實現 10 億美元盈利的長期細分目標的能力越來越有信心。我們繼續跟踪我們的內部計劃。

Turning to consolidated results and free cash flow. Q4 revenues decreased 9% year-over-year, while adjusted EBITDA decreased 2%, helped by a reduction in consolidated SG&A by 22%, a bit more than we guided to. Currency was an approximate $100 million headwind to EBITDA for the quarter and near $200 million headwind for the full year.

轉向合併結果和自由現金流。第四季度收入同比下降 9%，而調整後的 EBITDA 下降 2%，這得益於綜合 SG&A 減少 22%，略高於我們的指導。貨幣對本季度的 EBITDA 造成了大約 1 億美元的不利影響，對全年造成了近 2 億美元的不利影響。

A year-over-year increase in corporate expenses were due to a number of factors, almost exclusively related to external market factors such as an incremental $120 million related to underlying rates on our securitization facility. We generated $2.5 billion of free cash flow in Q4, bringing the reported full year free cash flow to $3.3 billion. Note that merger and integration-related cash costs totaled nearly $150 million in Q4 and nearly $800 million for the year, in addition to a nearly $350 million headwind in from securitization and factoring since the closing of the deal in early April.

公司支出的同比增長是由於多種因素造成的，幾乎完全與外部市場因素有關，例如與我們證券化工具的基礎利率相關的增量 1.2 億美元。我們在第四季度產生了 25 億美元的自由現金流，使報告的全年自由現金流達到 33 億美元。請注意，第四季度與合併和整合相關的現金成本總計近 1.5 億美元，全年近 8 億美元，此外還有自 4 月初交易結束以來證券化和保理業務帶來的近 3.5 億美元的逆風。

The sequential improvement in Q4 free cash flow versus Q3 was the result of greater EBITDA, the timing of interest payments on acquisition debt and some first improvements from working capital initiatives. We repaid $1 billion of debt during Q4, bringing the total debt repaid since the closing of the transaction to $7 billion, and we ended the quarter with $49.5 billion gross debt and nearly $4 billion of cash on hand, implying net leverage just below 5x.

與第三季度相比，第四季度自由現金流的連續改善是 EBITDA 增加、收購債務利息支付時間以及營運資本計劃的一些初步改善的結果。我們在第四季度償還了 10 億美元的債務，使自交易結束以來償還的債務總額達到 70 億美元，本季度末我們的債務總額為 495 億美元，手頭現金接近 40 億美元，這意味著淨槓桿率略低於 5 倍。

Turning to the total company EBITDA outlook. Reiterating my earlier point, I'm very pleased with where we ended the year and encouraged with our ability to balance choppy macro tides with success in repositioning the company for future growth. I remain very optimistic about the range of potential outcomes in 2023 and beyond. These outcomes will reflect an incremental $2 billion of synergy and transformation efficiency capture, while additional puts and takes to consider include positive revenue inflection in D2C, the broader release slate at Warner Bros. Pictures and Games, balanced by cyclical advertising headwinds.

轉向公司整體 EBITDA 前景。重申我早先的觀點，我對我們今年結束時的表現感到非常高興，並為我們能夠平衡波濤洶湧的宏觀浪潮與成功地重新定位公司以實現未來增長而感到鼓舞。我對 2023 年及以後的潛在成果範圍仍然非常樂觀。這些成果將反映出 20 億美元的增量協同效應和轉型效率捕獲，同時需要考慮的額外投入和考慮包括 D2C 的積極收入變化、華納兄弟影業更廣泛的發行計劃，以及週期性廣告逆風的平衡。

We expect 2023 pro forma adjusted EBITDA to be in the low to mid $11 billion range, representing growth of low to mid-20%, against pro forma adjusted EBITDA of $9.2 billion in 2022. We continue to expect to convert 1/3 to 1/2 of EBITDA into free cash flow, as I stated earlier, with the key determinants and drivers of growth being the magnitude of EBITDA, net cash content spend, the impact of working capital initiatives and the timing and magnitude of a trend change in the advertising market. We do expect the cash cost to achieve synergy and transformation efforts will be around the higher end of our $1 billion to $1.5 billion guide given the expanded synergy target, some of which possibly hitting in 2024.

我們預計 2023 年預估調整後 EBITDA 將處於 110 億美元的中低區間，代表增長 20% 左右，而 2022 年預估調整後 EBITDA 為 92 億美元。我們繼續預計將 1/3 轉換為 1 /2 的 EBITDA 轉化為自由現金流，正如我之前所說，增長的關鍵決定因素和驅動因素是 EBITDA 的規模、淨現金內容支出、營運資本計劃的影響以及趨勢變化的時間和幅度廣告市場。考慮到擴大的協同目標，我們確實預計實現協同效應和轉型工作的現金成本將在我們 10 億至 15 億美元指南的較高端附近，其中一些目標可能會在 2024 年實現。

With respect to the cadence of free cash flow, as is historically the case for both Legacy Discovery and WarnerMedia, Q1 free cash flow will represent the low point for the year given the timing of sports rights payments, timing of content outlays and cash interest payments on a large portion of the acquisition debt. Accordingly, we expect free cash flow in the first quarter to be negative.

關於自由現金流的節奏，正如 Legacy Discovery 和 WarnerMedia 的歷史情況一樣，考慮到體育權利支付的時間、內容支出的時間和現金利息支付，第一季度的自由現金流將是今年的低點大部分收購債務。因此，我們預計第一季度的自由現金流為負。

The long-term earnings and free cash flow generation potential of this company are stronger than ever, particularly after having taken some courageous and crucial first steps this past year. We are committed to continue executing our strategic initiatives to drive top line performance. And with much repositioning behind us, we are beginning to fully lean into the opportunities ahead of us.

這家公司的長期收益和自由現金流產生潛力比以往任何時候都強大，尤其是在去年採取了一些勇敢而關鍵的第一步之後。我們致力於繼續執行我們的戰略舉措，以推動頂線業績。隨著我們身後的許多重新定位，我們開始充分利用我們面前的機會。

As always, we are not managing this company for short-term financial performance, but rather with the next 100 years of this vibrant creative organization in mind.

一如既往，我們管理這家公司不是為了短期財務業績，而是著眼於這個充滿活力的創意組織的未來 100 年。

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

有了這個，我現在想把它轉回接線員，大衛、JB 和我會回答你的問題。

(Operator Instructions) Our first question comes from Jessica Reif Ehrlich with Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的 Jessica Reif Ehrlich。

So David, as you said, '22 was a year of really heavy lifting and you had challenges really in every division, whether it was film, advertising, CNN, et cetera -- I mean, macro, et cetera, D2C. As you look out to '23, I think Gunnar kind of touched on some of the potential tailwinds, but it sounds like you're walking away from close to $12 billion in EBITDA to maybe low to mid-$11 billion in EBITDA. I'm just wondering if you can talk about some of these assumptions. Clearly, you still have some macro challenges, but what could go right? What's in there for that upside, which is something that you didn't really talk about that much, but it's new.

所以大衛，正如你所說，22 年是舉重若輕的一年，你在每個部門都面臨挑戰，無論是電影、廣告、CNN 等等——我的意思是，宏觀等等，D2C。當你展望 23 年時，我認為 Gunnar 有點觸及一些潛在的順風，但聽起來你正在從接近 120 億美元的 EBITDA 走向可能低至 110 億美元的 EBITDA。我只是想知道你是否可以談談其中的一些假設。顯然，您仍然面臨一些宏觀挑戰，但哪些方面可以做對？那有什麼好處，你並沒有真正談論那麼多，但它是新的。

And on the potential for the balance sheet, the balance sheet improvement is very encouraging. Does that include any potential asset sales, like nonstrategic asset sales? You have so many hidden assets within the company. Is there -- what are you considering?

就資產負債表的潛力而言，資產負債表的改善非常令人鼓舞。這是否包括任何潛在的資產出售，比如非戰略性資產出售？您在公司內部有很多隱藏資產。有沒有——你在考慮什麼？

Thank you, Jessica. Let me start with the second question. The guidance does not include any asset sales. There are some opportunities that I'm looking at below deck as we say, but none of that would be baked into this leverage guidance. And on the...

謝謝你，傑西卡。讓我從第二個問題開始。該指南不包括任何資產出售。正如我們所說，我正在尋找一些機會，但這些機會都不會納入本槓桿指南。而在...

Non-strategic.

非戰略性的。

Yes. And on the 2023 outlook, look, it's early in the year, and there's a number of uncertainties as you wouldn't be surprised to hear. And I'm very, very glad that we put out some targets in the summer of last year, and we were able to hit those targets. We're putting these targets here out for 2023 with the same mindset that we want to hit or outperform that guidance. We've gone through a couple of the puts and takes here. The biggest unknown continues to be in the ad sales environment. We have a lot of points to be very excited about. We're going to be releasing 12 films, 6 games. One of them is off to a very good start.

是的。關於 2023 年的展望，看，現在是今年年初，有許多不確定因素，您不會感到驚訝。我非常非常高興我們在去年夏天制定了一些目標，並且我們能夠實現這些目標。我們將這些目標定於 2023 年，本著我們希望達到或超越該指導的相同心態。我們已經完成了幾次看跌期權並獲得了這裡。最大的未知數仍然是廣告銷售環境。我們有很多值得興奮的地方。我們將發行 12 部電影，6 款遊戲。其中一個開局很好。

So a lot to be looking forward to. We're excited about JV's product relaunch in the second quarter, but those are uncertain factors very early in the year. And I'm not taking anything off the table here, but I just want to be realistic as well about what we're seeing today.

非常值得期待。我們對 JV 在第二季度重新推出產品感到興奮，但這些都是今年年初的不確定因素。我在這裡並沒有放棄任何東西，但我也只想對我們今天看到的事情保持現實。

And we hit this year with a full leadership team in place. We met with 186 of the top leaders in -- for a week in early January. This is 1 team now. Everybody has a strategic focus on improving free cash flow, market share for each of the businesses. We have command and control of each of the businesses. And I think our diversity, we have all these different assets that have -- that are different. Some are advertiser-driven. The gaming business is all consumer product driven. And I think that diversity is strength.

今年，我們組建了一支完整的領導團隊。我們在 1 月初會見了 186 位最高領導人，為期一周。現在是 1 個團隊。每個人都將戰略重點放在改善每個業務的自由現金流和市場份額上。我們對每項業務都有指揮和控制權。我認為我們的多樣性，我們擁有所有這些不同的資產——它們是不同的。有些是廣告商驅動的。遊戲業務都是由消費產品驅動的。我認為多樣性就是力量。

Our next question comes from Michael Morris with Guggenheim Partners.

我們的下一個問題來自邁克爾莫里斯和古根海姆合作夥伴。

Appreciate all the information you just shared. I'd like to ask about advertising trends you're seeing and maybe kind of advance this discussion a bit more. Really trying to understand how much of the ad impact that you're seeing is kind of coming from the macro environment? How much do you feel like is more reflective of some of the underlying trends that just have to do with ratings declines or core cutting and those types of trends? If you could share your view on those 2 impacts, that would be very helpful.

感謝您剛剛分享的所有信息。我想問問你看到的廣告趨勢，也許可以進一步推進這個討論。真的想了解您看到的廣告影響有多少來自宏觀環境？您覺得在多大程度上更能反映與收視率下降或核心削減以及這些類型的趨勢有關的一些潛在趨勢？如果您可以分享您對這兩種影響的看法，那將非常有幫助。

And my second question is about this pending relaunch Max product. Is there any of your content that's definitely off the table to be included in that service? And so I think of the investments that you make in live sports content on Turner, live content on CNN, are those types of things definitely are -- or they structurally not able to be put on the service? Or is that something that might fuel that service?

我的第二個問題是關於這個即將重新推出的 Max 產品。您是否有任何內容絕對不能包含在該服務中？所以我想到你在特納的體育直播內容、CNN 的直播內容上所做的投資，這些類型的東西肯定是——或者它們在結構上不能放在服務上？還是這可能會推動該服務？

Let me start with the second. In addition to all of our entertainment and nonfiction, we do have all of our news and sports. And that gives us real optionality in terms of nourishing audience for growth and for reduction in churn and for overall price value. We'll do a full presentation on April 12, which will lay out this significantly improved product, the launch, what will be on it. JB, anything to add to that?

讓我從第二個開始。除了我們所有的娛樂和非小說類作品外，我們還有所有的新聞和體育節目。這給了我們真正的選擇權，可以培養觀眾以促進增長、減少客戶流失和提高整體價格價值。我們將在 4 月 12 日做一個完整的演示，其中將展示這個顯著改進的產品、發布以及上面的內容。 JB，還有什麼要補充的嗎？

No. I think the focus right now is obviously continuing to on the expanded entertainment offering, and we think the complementary of the HBO Max and Discovery Plus entertainment offering is significant and will be a major step forward for consumers who are looking for simplified number of choices, more breadth of options in terms of content all in one place and for good value. That's what we're looking to primarily deliver. But as David said, we've got sports and news that today are really untapped in the streaming world, and those are optionality for what we might be willing to do in the future, and we'll share more of that on the 12th with you with more detail.

不，我認為現在的重點顯然是繼續擴展娛樂產品，我們認為 HBO Max 和 Discovery Plus 娛樂產品的互補意義重大，對於尋求簡化數量的消費者來說將是向前邁出的重要一步選擇，就內容而言更廣泛的選擇都集中在一個地方並且物有所值。這就是我們希望主要提供的。但正如 David 所說，我們擁有今天在流媒體世界中真正未開發的體育和新聞，這些是我們未來可能願意做的事情的可選內容，我們將在 12 日與你有更多的細節。

And in fact, we're -- we use news and sports quite effectively in Europe, and we've learned a lot about when it does work and when it doesn't.

事實上，我們 - 我們在歐洲非常有效地使用新聞和體育，我們已經了解了很多關於何時有效以及何時無效的知識。

On the advertising side, it's kind of a complex answer. I'll just take a swing at it, Gunnar and you can follow. The market is -- the macro environment is very challenging. It's significantly better outside the U.S. right now, which is a surprise. The sentiment is not terrific. The scatter market overall is very slow, I would say, steady to maybe a little bit better than it was in the fourth quarter. But the digital inventory, which really held up in the fourth quarter has also softened.

在廣告方面，這是一個複雜的答案。我只是試一試，Gunnar，你可以跟著。市場——宏觀環境非常具有挑戰性。現在美國以外的情況要好得多，這是一個驚喜。情緒並不可怕。散點市場整體非常緩慢，我想說，穩定到可能比第四季度好一點。但在第四季度真正保持的數字庫存也有所減弱。

We have an unusual situation. On the one hand, we have tremendous breadth with live news, live sports, entertainment, nonfiction, a tremendous share and reach. Having said that, we closed this deal right before the upfront, and we're first bringing our teams together. We've effectively done that now, but we had to take 2 different sales teams and pull them together.

我們有一個不尋常的情況。一方面，我們在新聞直播、體育直播、娛樂、紀實類作品方面擁有巨大的廣度，擁有巨大的份額和影響力。話雖如此，我們在前期就完成了這筆交易，我們首先將我們的團隊聚集在一起。我們現在已經有效地做到了這一點，但我們必須將 2 個不同的銷售團隊聚集在一起。

So I think that I'm hyper-focused on this, meeting once a week with the team, but getting our stride as a new working team, and I feel like we're starting to get some momentum on that. We also made a decision in the upfront to drive price rather than extra volume. And I believe in that, having been in this business for 30 years, I think in order to really drive asset value, you need to drive price. And we were able in the upfront to drive price significantly more than all of our peers.

所以我認為我非常專注於此，每週與團隊開會一次，但作為一個新的工作團隊正在取得進展，我覺得我們開始在這方面取得一些進展。我們還預先決定推動價格而不是額外的數量。我相信，在這個行業工作了 30 年，我認為為了真正推動資產價值，你需要推動價格。而且我們能夠在前期推動價格明顯高於我們所有的同行。

But in order to do that, we took less volume than we could have. And now you see a very soft scatter market. So that is having some impact on us versus others that were -- that took a much bigger position in the upfront. Having said that, as we face this next upfront, which is coming up in 2 months, I think the breadth of our content together with where we go in on price, positions us very well. And so we'll keep in mind this balance of volume versus price.

但為了做到這一點，我們採取了比我們所能擁有的更少的數量。現在你看到一個非常軟的分散市場。因此，這對我們產生了一些影響，而其他人則在前期佔據了更大的位置。話雖如此，當我們面對 2 個月後即將到來的下一個前期時，我認為我們內容的廣度以及我們在價格上的定位讓我們處於非常有利的位置。因此，我們會牢記這種量價比的平衡。

But I always would err toward price, because I think that's where you really build asset value. And we've also introduced digital advertising on HBO, which advertisers are very excited about being able to be in these marquee shows. And we're doing it in a very tasteful way by putting it on the very front end. Gunnar?

但我總是會在價格上犯錯，因為我認為這是你真正建立資產價值的地方。我們還在 HBO 上推出了數字廣告，廣告商對能夠出現在這些大型節目中感到非常興奮。我們把它放在最前端，以一種非常有品位的方式來做這件事。岡納爾？

Yes. No, the only thing I would add is from the perspective of cyclical versus secular, there's no doubt. I mean, pot levels in the industry, I think, were down 14% in the quarter. Arguably, we've done a little worse than that, partly driven by the scheduling or the sports schedules that David mentioned a couple of minutes ago. But I also think we're very well positioned to grow from here. Kathleen is doing a lot of work, getting the enormous value of our library on screen. We've got some tests going on and it's very early, but some of the numbers that are coming in are looking exciting. She's also restructured the team with development-focused doers, who are running this portfolio as one integrated portfolio.

是的。不，我唯一要補充的是從周期性與長期性的角度來看，這是毫無疑問的。我的意思是，我認為該行業的底池水平在本季度下降了 14%。可以說，我們做得比這差一點，部分原因是大衛幾分鐘前提到的日程安排或運動日程。但我也認為我們非常有能力從這裡發展。凱瑟琳做了很多工作，在屏幕上展示了我們圖書館的巨大價值。我們正在進行一些測試，現在還很早，但一些即將到來的數字看起來令人興奮。她還用專注於開發的實干家重組了團隊，他們將這個投資組合作為一個綜合投資組合來運行。

And we've got a time-tested approach to cross promotion, and we're adjusting that right now to the larger portfolio and the larger number of assets that we're promoting. We were able to put that to work behind some of Casey's launches, behind some of our film launches. And we're seeing some real opportunity here. So I think we're very well positioned.

我們有一個經過時間考驗的交叉推廣方法，我們現在正在調整它以適應我們正在推廣的更大的投資組合和更多的資產。我們能夠將其用於 Casey 的一些發布會，以及我們的一些電影發布會。我們在這裡看到了一些真正的機會。所以我認為我們的定位非常好。

In terms of the market itself, it's -- as I've said before, it's not a good environment. We do see the weekly bookings right now ticking up slightly if you compare January and February with maybe the November, December time frame, looking a little better. Retail, fast food, entertainment, a little better, telecom small, but coming back, but then you've got other areas like technology is still completely depressed.

就市場本身而言，正如我之前所說，這不是一個好的環境。如果將 1 月和 2 月與 11 月、12 月的時間框架進行比較，我們確實看到現在每週的預訂量略有上升，看起來要好一些。零售、快餐、娛樂，好一點，電信小，但回來了，但你有其他領域，比如技術，仍然完全不景氣。

So again, as I said, a similar picture with more diversity. International, some areas actually trending up now, others still difficult. It's just too early to really call a trend change here, but...

所以，正如我所說的，相似的畫面又具有更多的多樣性。國際上，有些地區現在確實在上漲，有些地區仍然困難重重。在這裡真正稱之為趨勢變化還為時過早，但是......

Though we are assuming that things will get better in the second half.

儘管我們假設下半年情況會好轉。

Yes. We're assuming that. And I have no doubt that when the market turns, we're going to be in a very, very good position to capture that upswing as well, especially, as David mentioned, with more inventory on the digital side becoming available here, which last year was sort of a limiting factor for us.

是的。我們假設。而且我毫不懷疑，當市場轉向時，我們也將處於非常非常有利的位置來抓住這種上升趨勢，特別是，正如大衛提到的那樣，隨著數字方面的更多庫存在這裡可用，這將持續年份對我們來說是一個限制因素。

Our next question comes from Brett Feldman with Goldman Sachs.

我們的下一個問題來自高盛的布雷特費爾德曼。

There's been an increasing discussion recently about what the right general entertainment content strategy supposed to be for media companies as your models continue to pivot and become more streaming-centric. We've heard the word curated. I think you used it during your script. You also hear a bigger discussion around how you decide when something should be exclusive to your platforms and when maybe you should be licensing. So I was hoping you could just give us your most updated thoughts, so we kind of have that framework for assessing the new product when you rolled out on April 12.

隨著您的模型繼續轉變並變得更加以流媒體為中心，最近關於媒體公司應該採取什麼樣的正確的一般娛樂內容策略的討論越來越多。我們聽說過策劃這個詞。我認為您在腳本中使用了它。您還會聽到更廣泛的討論，討論您如何決定什麼時候應該為您的平台獨占以及什麼時候您應該獲得許可。所以我希望你能告訴我們你最新的想法，這樣我們就有了一個框架來評估你在 4 月 12 日推出的新產品。

Thank Sure. Well, one of the big advantages that we have Brett, is that we have this diversity of content. And as we think about where we put content, as Casey looked at HBO, we were able to see which content are people spending time watching, what content is really powerful to us in terms of reducing churn. And then there was a lot of content that just wasn't being viewed. And so we were able, in many ways, to Monday morning quarterback. That's what led us to the conclusion that direct to streaming movies were providing really no value to us. And so -- which -- where we pivoted and said we were going -- pushing to move all of our films back out with real windows in order to optimize those products.

謝謝當然。好吧，我們擁有 Brett 的一大優勢是我們擁有多樣化的內容。當我們考慮將內容放在哪裡時，正如 Casey 觀察 HBO 時，我們能夠看到人們花時間觀看哪些內容，哪些內容在減少客戶流失方面對我們來說真正強大。然後有很多內容沒有被查看。因此，我們能夠以多種方式成為周一早上的四分衛。這就是讓我們得出結論的原因，即直接播放流媒體電影對我們來說真的沒有任何價值。因此——我們轉向並說我們要去的地方——推動將我們所有的電影移回真實的窗口，以優化這些產品。

So we're excited about the fact that we're going to take all of the Discovery content and put it together with the HBO Max content in a much better platform. But the key to this company is, as a storytelling company, we have this diversity. We have storytelling and games with Hogwarts, which is really off to a tremendous start for us. We have Channing and her team right now with the #1 or #2 show on almost every platform in America where we're selling to all of our -- to our peers in the business.

因此，我們很高興我們將採用所有 Discovery 內容並將其與 HBO Max 內容放在一個更好的平台上。但這家公司的關鍵在於，作為一家講故事的公司，我們擁有這種多樣性。我們與霍格沃茨一起講故事和玩遊戲，這對我們來說真的是一個巨大的開端。我們現在有 Channing 和她的團隊在美國幾乎所有的平台上展示 #1 或 #2 節目，我們在這些平台上向我們所有的人 - 向我們的同行銷售。

And then we have the ability to pick from all of these different baskets to build really what may be most important for us, which is a successful and profitable streaming business. That HBO Max, whatever we call it on the launch, is a product that we take around the world and that has a real impact on how people consume content. We believe in it because we believe we have the best menu of content, the best portfolio, the best quality. And we're curating now in a way that's having an impact on America.

然後我們就有能力從所有這些不同的籃子中挑選，真正構建對我們來說最重要的東西，這是一個成功且有利可圖的流媒體業務。 HBO Max，無論我們在發佈時如何稱呼它，都是我們在世界各地推廣的產品，它對人們消費內容的方式產生了真正的影響。我們相信它，因為我們相信我們擁有最好的內容菜單、最好的產品組合和最好的質量。我們現在正在以一種對美國產生影響的方式進行策劃。

And so I think that is key to us in terms of building the long-term strength. But the other key is that we have the largest TV and motion picture library and we're the biggest producer of quality content in the world. And so selling that to drive free cash flow and to nourish the overall segment, so that we, as a media segment, can be successful is important.

因此，我認為這對我們建立長期實力至關重要。但另一個關鍵是我們擁有最大的電視和電影庫，而且我們是世界上最大的優質內容製作商。因此，將其出售以推動自由現金流並滋養整個細分市場，這樣我們作為一個媒體細分市場才能取得成功，這一點很重要。

In answering that question, you reiterated something you'd said before, which was an intent to fold the Discovery content into the new product. There have been some media reports a few weeks ago that you were going to actually keep Discovery as a stand-alone product. Is that something you're able to comment on now?

在回答這個問題時，您重申了您之前說過的話，即打算將 Discovery 內容融入新產品中。幾週前有一些媒體報導說您實際上打算將 Discovery 作為一個獨立的產品保留。您現在可以對此發表評論嗎？

Just simply that for those that have Discovery right now, the churn is very low and it's profitable, Discovery Plus. Many of those people are going to want to move up to a bigger product, more robust with a bigger offering. For those that are happy paying $5 or $7 and having home, food discovery and own type content. Our strategy is no sub left behind. We have profitable subscribers that are very happy with the product offering of Discovery Plus, why would we shut that off.

只是對於那些現在擁有 Discovery 的人來說，流失率非常低而且有利可圖，Discovery Plus。這些人中的許多人都想升級到更大的產品，更強大的產品。對於那些樂於支付 5 美元或 7 美元並擁有家、食物發現和自己的類型內容的人。我們的策略是不讓潛艇掉隊。我們有盈利的訂閱者，他們對 Discovery Plus 的產品非常滿意，我們為什麼要關閉它。

And it is shared -- the platform itself for Discovery Plus will be a shared platform. So we have a best -- we have all this work that we've done to build this platform will be taken, so that to the benefit of all of our subscribers on all of our different products.

而且它是共享的——Discovery Plus 的平臺本身將是一個共享平台。所以我們有一個最好的 - 我們已經完成了我們為構建這個平台所做的所有這些工作，以便我們所有不同產品的所有訂戶受益。

And Brett, just to be clear, the Discovery content would still be available on the bigger relaunched combined product. No question about that.

Brett 需要明確的是，Discovery 的內容仍然可以在更大的重新推出的組合產品上使用。毫無疑問。

Our next question comes from Ben Swinburne with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Ben Swinburne。

Two questions. David, if James and his DC strategy is successful, which I'm sure is your expectation, what does that mean for the company overall over the long term? Obviously, successful films will help your studio segment earnings. But -- and I know it's a tough question to put numbers around. But just as you think about the impact of DC sort of fully realizing the opportunity over the next 5-plus years, what could that mean to Warner Bros. Discovery and sort of the earnings power of the organization?

兩個問題。 David，如果 James 和他的 DC 戰略取得成功，我相信這是您的期望，從長遠來看，這對公司整體意味著什麼？顯然，成功的電影將幫助您的工作室分攤收入。但是——我知道用數字來回答這個問題很難。但是，正如您考慮 DC 在未來 5 年多的時間裡完全實現機會的影響一樣，這對華納兄弟發現意味著什麼以及組織的盈利能力？

And then, Gunnar, you sound very bullish and confident on the D2C targets, the $1 billion of EBITDA in '25. Can you talk a little bit about the revenue outlook for D2C? You had 6% growth this quarter, a lot of that from advertising and content. But do you need revenue growth to accelerate in order to deliver that $1 billion? Maybe help us think about the levers you have and your expectations around top line over the next few years?

然後，Gunnar，你聽起來對 D2C 目標非常樂觀和自信，即 25 年 10 億美元的 EBITDA。您能談談 D2C 的收入前景嗎？本季度您實現了 6% 的增長，其中大部分來自廣告和內容。但是您是否需要加速收入增長才能交付這 10 億美元？也許可以幫助我們考慮一下您擁有的槓桿以及您對未來幾年收入的期望？

Thanks, Ben. Well, look, we were laser-focused on building this DC 10-year plan. James was writing Superman. We were spending time with him and Peter, and he had a vision for DC that we are all in on and believe in. He presented that to you and the press about a month ago. It's one of the biggest value creation opportunities for us. I think it could and should be huge because it wasn't being pushed on. If you look at DC, Harry Potter and Lord of the Rings, and then you take a look at Warner as a company without those 3, okay? It's -- those 3 of the tentpole products that when someone's at dinner anywhere in the world, and they look at their watch at 8:00 and you mention Batman, Superman, Wonder Woman, Harry Potter, Lord of the Rings. In every country, they'll leave dinner and they got to go home to view that product that they love. It gives a huge advantage with those tent poles.

謝謝，本。好吧，看，我們非常專注於製定這個 DC 10 年計劃。詹姆斯在寫超人。我們與他和彼得共度時光，他對 DC 有一個我們都支持並相信的願景。大約一個月前，他向您和媒體介紹了這一願景。這是我們最大的價值創造機會之一。我認為它可以而且應該是巨大的，因為它沒有被推動。如果你看看 DC、哈利波特和指環王，然後再看看華納這家沒有這三者的公司，好嗎？這是——當有人在世界任何地方吃晚飯時，當他們在 8:00 看手錶時，你會提到蝙蝠俠、超人、神奇女俠、哈利波特、指環王。在每個國家/地區，他們都會離開晚餐，然後回家查看他們喜歡的產品。這些帳篷桿具有巨大的優勢。

And so we are a storytelling company. But we -- I believe that we have an overwhelming advantage in the marketplace with the IP that we own, but to take -- to get that advantage, we have to create great content with that IP. So that storytelling IP. We haven't done a Superman movie in 10 years. We haven't done new Harry Potter content in over a decade. And Lord of the Rings, which is a fantastic franchise. And Andy Jassy was pushing on it at Amazon with a lot of success, but we own those movie rights.

所以我們是一家講故事的公司。但是我們 - 我相信我們擁有我們擁有的 IP 在市場上擁有壓倒性的優勢，但為了獲得這種優勢，我們必須用該 IP 創造偉大的內容。所以那個講故事的IP。我們已經 10 年沒有拍超人電影了。我們已經十多年沒有製作新的哈利波特內容了。還有指環王，這是一個很棒的特許經營權。 Andy Jassy 在亞馬遜推動它取得了很大的成功，但我們擁有這些電影版權。

And so we want to optimize that as a unified strategy for the company. And we take that across film, TV and even to sell to third parties, because we have something -- we have a treasury that no one else has. And for us, DC alone will be -- could and should be a game-changer. And I think there was a lot left on the table. We got to take those swings. We got some of the best creatives in the industry right now focused on those swings.

因此，我們希望將其優化為公司的統一戰略。我們將其用於電影、電視，甚至出售給第三方，因為我們擁有一些東西——我們擁有其他人沒有的寶庫。對我們來說，只有 DC 才能——能夠而且應該成為遊戲規則的改變者。而且我認為桌面上還有很多東西。我們必須採取這些措施。我們現在有一些業內最優秀的創意人員專注於這些波動。

Yes. And Ben, on the D2C question, let me start with the revenue side of it. We definitely are planning for an inflection on the revenue side. Keep one thing in mind, the entire last year was impacted by this headwind from coming off of Amazon. And we've lapped that now, and we're seeing some growth now. We will always be a little lower maybe than sort of a pure-play D2C product just because of the HBO linear trends that are baked into our revenue number, but we'll definitely -- we're definitely planning for revenue improvement.

是的。 Ben，關於 D2C 問題，讓我從它的收入方面開始。我們肯定在計劃收入方面的變化。請記住一件事，去年整個一年都受到了亞馬遜退出的不利影響。我們現在已經超越了這一點，現在我們看到了一些增長。僅僅因為 HBO 線性趨勢已經融入我們的收入數字，我們的收入可能總是會比純粹的 D2C 產品低一點，但我們肯定會 - 我們肯定會計劃提高收入。

And then on the cost side, all of the trends are pointing in the right direction. We see better engagement, better churn, which makes marketing efficiencies come up. We've rightsized the content investments. And we have high hopes for all of these metrics after the combined product launches to further improve. And later down the road, we're also obviously going to start looking at new market launches, again.

然後在成本方面，所有趨勢都指向正確的方向。我們看到更好的參與度，更好的流失率，這會提高營銷效率。我們已經調整了內容投資。我們對所有這些指標在組合產品發布後進一步改善寄予厚望。稍後，我們顯然也將再次開始關注新的市場發布。

The only other thing I'd add, Ben, is for us, it's not just a question of subscriber scaling. Yes, that's one important ingredient. So we do see subscriber scale as one part of the revenue growth story. We see price as a very important second part. Internationally, as I've said before, we look at our pricing is significantly under where we think the market is. We see churn as a third important variable that historically has been relatively higher on the HBO Max product that with the 2 products coming together, that ultimately coming down is important.

本，我要補充的唯一一件事是對我們來說，這不僅僅是訂戶擴展的問題。是的，這是一個重要的成分。因此，我們確實將訂戶規模視為收入增長故事的一部分。我們將價格視為非常重要的第二部分。在國際上，正如我之前所說，我們看到我們的定價明顯低於我們認為的市場水平。我們將流失率視為第三個重要變量，歷史上 HBO Max 產品的流失率相對較高，隨著這兩種產品的結合，最終下降很重要。

And then obviously, with the new product, we just look at some of the features that we're going to be rolling out and some of the improved and enhancements from a performance standpoint in the product at a much higher engagement, which will help both our AdLite monetization, including, as David mentioned earlier, the fact that we're now putting ads and all the content on HBO Max as opposed to just some of the content on HBO Max, all those will be part of the revenue drivers in addition to obviously having the rights like we talked about before, for all of our sports in the U.S. and news content eventually that could also help us drive further scale and pricing in the years ahead.

然後很明顯，對於新產品，我們只是看看我們將要推出的一些功能，以及從產品性能的角度來看，以更高的參與度進行的一些改進和增強，這將有助於雙方我們的 AdLite 貨幣化，包括，正如 David 之前提到的，我們現在將廣告和所有內容放在 HBO Max 上，而不是僅將部分內容放在 HBO Max 上，所有這些都將成為收入驅動因素的一部分顯然擁有我們之前談到的權利，對於我們在美國的所有體育賽事和新聞內容，最終這也可以幫助我們在未來幾年進一步擴大規模和定價。

Our next question Comes from Robert Fishman with SVB MoffettNathanson.

我們的下一個問題來自 Robert Fishman 和 SVB MoffettNathanson。

I have 1 for David and then 1 for JB or Gunnar. First for David, as part of the upcoming D2C relaunch, can you just talk a little bit about how you plan to balance protecting the HBO brand while at the same time, leaning on the HBO premium content to help drive the new service going forward?

我有 1 個給 David，然後有 1 個給 JB 或 Gunnar。首先是大衛，作為即將推出的 D2C 重新啟動的一部分，你能談談你計劃如何平衡保護 HBO 品牌，同時依靠 HBO 優質內容來幫助推動新服務向前發展嗎？

And then for Gunnar or JB, can you maybe just expand upon your fast strategy and why you chose to do the deal with Roku and Tubi and maybe how that might impact the launch or timing of your own fast service?

然後對於 Gunnar 或 JB，您能否擴展您的快速戰略以及您選擇與 Roku 和 Tubi 進行交易的原因，以及這可能如何影響您自己的快速服務的發布或時間安排？

Sure. Look, the symmetry of the Discovery Plus content, which is heavily viewed for hours a day, mostly during the day and infringe against the HBO content, which is watched more -- Discovery Plus maybe more passively, HBO more with family, that the more research we do, the more we look at it, the more we think these fit together very well with appealing content to everybody in the family.

當然。看，Discovery Plus 內容的對稱性，它每天被大量觀看數小時，主要是在白天，並且侵犯了 HBO 內容，HBO 內容被觀看得更多——Discovery Plus 可能更被動，HBO 更多地與家人在一起，那越多我們所做的研究，我們看得越多，我們就越認為這些內容非常適合家庭中的每個人。

And so we're feeling more and more confident about that. On the 12th, we'll lay out to you, we have a clear attack plan where we'll drive this really across the country and into markets around the world with conviction. But we'll take you through what that plan is and how we intend to do it on the 12th, but well locked and loaded.

因此，我們對此感到越來越有信心。 12 日，我們將向您展示，我們有一個明確的攻擊計劃，我們將堅定不移地將其真正推向全國並進入世界各地的市場。但我們會在 12 日向您介紹該計劃是什麼以及我們打算如何執行，但會鎖定並加載。

On FAST. Sorry, Robert. On FAST, look, the strategy is, I think, back to some of the questions earlier, at the end of the day, one of the advantages we feel like we have is the question keeps coming up about windowing. The reality is, in today's environment, I think it would be -- you wouldn't want us to say we have a static a 100% defined windowing strategy. The reality is the market is evolving so dynamically that what we are doing is as 1 team, looking at all the different windows and what our real asset is having actual distribution assets in almost every form of media, whether it be linear television, on-demand television through streaming, games, theatrical distribution, free-to-air, pay-TV. And having all those distribution outlets gives us the optionality to look at what the data shows us and see where we need to lean in further or not.

在快速。對不起，羅伯特。在 FAST 上，看，我認為策略是回到早些時候的一些問題，在一天結束時，我們認為我們擁有的優勢之一是關於窗口的問題不斷出現。現實是，在今天的環境中，我認為它會是——你不會希望我們說我們有一個靜態的 100% 定義的窗口策略。現實情況是市場正在如此動態地發展，以至於我們正在做的是作為一個團隊，著眼於所有不同的窗口以及我們的實際資產在幾乎所有形式的媒體中都擁有實際的分發資產，無論是線性電視，在線 -通過流媒體、遊戲、戲劇發行、免費廣播和付費電視來點播電視。擁有所有這些分銷渠道讓我們可以選擇查看數據向我們展示的內容，並了解我們需要或不需要進一步依賴的地方。

FAST is one area that as we look at the evolution of consumer behavior, we look at obviously a lot of the free-to-air viewing moving to, what we call, free-to-view online. And we don't yet have, we think, a strong enough position in that market. The Roku and the Tubi deal was really just a toe in the water, if you will, 14 channels, a beginning for us, but there'll be more to come as we go through the year, and we do want to have a bigger presence in that space because we do see consumer behavior continuing to shift and having a very robust amount of consumers around the world, who will want to consume ad-supported content.

FAST 是一個領域，當我們觀察消費者行為的演變時，我們顯然看到很多免費觀看正在轉向我們所說的免費在線觀看。我們認為，我們在該市場還沒有足夠強大的地位。 Roku 和 Tubi 的交易真的只是試水，如果你願意的話，14 個頻道，對我們來說是一個開始，但隨著我們度過這一年，還會有更多，我們確實希望擁有更大的頻道存在於該領域，因為我們確實看到消費者行為繼續發生變化，並且在全球範圍內擁有大量消費者，他們希望消費廣告支持的內容。

And with the breadth and depth of content that we have across the company, we think we're very uniquely able to do that without jeopardizing or risking the subscription business, the theatrical business or some of our upstream windows, which we'll obviously continue to focus on.

憑藉我們在整個公司擁有的內容的廣度和深度，我們認為我們能夠非常獨特地做到這一點，而不會危及或冒訂閱業務、戲劇業務或我們的一些上游窗口的風險，我們顯然會繼續專注在。

Our next question comes from Kutgun Maral with RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Kutgun Maral。

I want to follow up on the streaming discussion. You've been ahead of the curve here, but it seems like everyone these days is reshaping their streaming strategy in pretty profound ways, whether it's their org structure, their content spend, types of content investments, philosophy around content exclusivity and licensing, international, pricing and just so much more. I think the focus for many of us is usually each company's top profitability, but maybe there's not enough attention to the fact that each of these moves could have pretty dramatic impacts to the industry and competitive landscape.

我想跟進流媒體討論。你在這裡走在了前面，但現在似乎每個人都在以非常深刻的方式重塑他們的流媒體戰略，無論是他們的組織結構、他們的內容支出、內容投資的類型、內容獨家和許可的理念、國際、定價等等。我認為我們中的許多人關注的焦點通常是每家公司的最高盈利能力，但也許沒有足夠的關注這樣一個事實，即這些舉措中的每一個都可能對行業和競爭格局產生相當大的影響。

So I know it's a pretty open-ended question, but can you talk about how you see the streaming industry evolving overall with these changes? And where does the WB fit in that?

所以我知道這是一個非常開放的問題，但你能談談你如何看待流媒體行業隨著這些變化而整體發展嗎？世界銀行在哪裡適合呢？

Well, look, for us, the market right now -- our focus is building a best-of-class product and putting all of our content together and so that it's easy to consume and that people are aware of all the different content that we have. I do believe, as JB said, and we do believe, as a company, that we'll sort of recreate this -- the streaming service, which is ad free, then which -- then there'll be AdLite. And then we ourselves will run our own fast service.

好吧，對我們來說，現在的市場——我們的重點是打造一流的產品並將我們所有的內容放在一起，這樣它就很容易消費，人們也知道我們提供的所有不同內容有。我確實相信，正如 JB 所說，我們確實相信，作為一家公司，我們會重新創建這個——流媒體服務，它是免費的，然後是 AdLite。然後我們自己將運行我們自己的快速服務。

And so effectively, whether you want to look at content for free, you want to look at with ads, you want to look at -- you want a premium that we -- you would have all that opportunity with us, and it makes sense because we have the largest TV and motion picture library in the world. And we can create a Tubi or a Pluto without buying content from anybody by just being able to put it on ourselves.

如此有效，無論你想免費看內容，你想看廣告，你想看——你想要我們的溢價——你將擁有我們所有的機會，這是有道理的因為我們擁有世界上最大的電視和電影資料庫。我們可以創建一個 Tubi 或 Pluto，而無需從任何人那裡購買內容，只需將其放在我們自己身上即可。

And so we -- as the largest owner and producer of content in the world, we'll -- we want to super serve effectively our streaming service, which is a top priority as well as an AVOD service so that we could reach everyone in every country, everywhere in the world. But in addition, we want to run this company to drive free cash flow and the ability to monetize a lot of the content that isn't critical to subscriber growth and that isn't critical to -- or helpful to churn.

因此，我們——作為世界上最大的內容所有者和製作者，我們將——我們希望超級有效地提供我們的流媒體服務，這是重中之重，也是 AVOD 服務，這樣我們就可以接觸到每個人每個國家，世界各地。但除此之外，我們希望經營這家公司來推動自由現金流，並能夠將許多對用戶增長並不重要的內容貨幣化，這些內容對用戶流失並不重要或有助於流失。

And having some of that content appear on our platform and sell it nonexclusively to others is very economically beneficial. And the good news is we've had a real chance to look at content on each of the platforms over the last 2 years. And we could see, for instance, at HBO, the majority of viewership of content on HBO was only 40% of the content. So there was 60% that was hardly being viewed. And why should we need to monetize that in order to drive shareholder value.

讓其中一些內容出現在我們的平台上並以非獨家方式出售給其他人在經濟上非常有利。好消息是，在過去兩年中，我們真正有機會查看每個平台上的內容。我們可以看到，例如，在 HBO，HBO 上的大部分內容收視率僅佔內容的 40%。所以有 60% 的內容幾乎沒有被查看。為什麼我們需要將其貨幣化以推動股東價值。

And once we establish this funnel, then we can take things like the first season of succession or the second season. We can put that down on our AVOD service. And then if you loved it, you can come up and you could then pay for on AdLite or in subscription. And basically, we create a flywheel of our own, where we own the full ecosystem, the subscription, the AdLite and the ad free. And we take advantage of all the content that we have.

一旦我們建立了這個漏斗，我們就可以接續第一季或第二季。我們可以把它放在我們的 AVOD 服務上。如果你喜歡它，你可以上來，然後你可以在 AdLite 或訂閱中付費。基本上，我們創建了自己的飛輪，在那裡我們擁有完整的生態系統、訂閱、AdLite 和免費廣告。我們利用我們擁有的所有內容。

And I think I just only add that...

我想我只是補充一點……

Go ahead.

前進。

Yes. No, I was just going to say that as David has said before, I think the industry obviously was at a scale at any cost. We said starting last August, we believe in profitable scale. The industry was in a quantity of content over quality. We believe in a quality over quantity and therefore, spend-wise, spend needs to get rationalized. And at the end of the day, the consumer is at a point in time where they want more choice and better breadth of choice from fewer services, because they just don't have either share of wallet to be able to spending on 5, 6, 7 services anymore.

是的。不，我只是想說，正如大衛之前所說，我認為這個行業顯然是不惜一切代價的。我們說從去年八月開始，我們相信盈利規模。該行業的內容數量多於質量。我們相信質量高於數量，因此，在支出方面，支出需要合理化。歸根結底，消費者正處於他們希望從更少的服務中獲得更多選擇和更廣泛選擇的時間點，因為他們只是沒有足夠的錢包份額可以在 5、6 上消費, 7 服務了。

And so you put the Discovery Plus and HBO Max proposition together at a great value, and we think we deliver something that ultimately has something for everybody in the household, which will help us on scale and help us on churn, which are the 2 major ingredients we're focused on as well as obviously engagement.

因此，您將 Discovery Plus 和 HBO Max 的主張放在一起，具有很高的價值，我們認為我們提供的東西最終對家庭中的每個人都有好處，這將幫助我們擴大規模並幫助我們減少流失，這是兩個主要因素我們關注的成分以及明顯的參與度。

The other point that is front and center us is curation. There's loads of content out there. But curation, creating content at a time when people can watch it, creating a community conversation. If you look at the last of us, it was growing every week, Euphoria, to be able to deliver 20 million, 30 million, 35 million people in America watching and to have it be a conversation. Storytelling content is most powerful when you're watching it and then you're with others, either in a theater or you're able to talk about it either online or with your friends, that's the power of content, not when you're viewing content alone.

擺在我們面前和中心的另一點是策展。那裡有很多內容。但是策展，在人們可以觀看的時候創建內容，創建社區對話。如果你看看我們中的最後一個人，它每週都在增長，Euphoria，能夠讓美國 2000 萬、3000 萬、3500 萬人觀看並讓它成為一種對話。講故事的內容在您觀看它然後與其他人一起觀看時最強大，無論是在劇院還是您可以在線或與朋友談論它，這就是內容的力量，而不是當您單獨查看內容。

Content alone is really only half of the equation. And curating content so that people can watch it and have a shared experience is a very big piece of the Warner Bros. Discovery advantage.

內容本身實際上只是等式的一半。策劃內容以便人們可以觀看並分享體驗是華納兄弟探索頻道的一大優勢。

We can take you into the theater around the world. We can put you on HBO on a Sunday or Monday night, where it's must see streaming TV or we could have to -- we've launched your movie. We can put you right on HBO on Sunday night with the biggest audience in America tuning right into you.

我們可以帶您走進世界各地的劇院。我們可以讓你在周日或週一晚上在 HBO 上觀看流媒體電視，否則我們可能不得不——我們已經推出了你的電影。我們可以讓您在周日晚上直接進入 HBO，讓美國最多的觀眾收聽您的節目。

So I think that's something that's really resonating with the creative community that their content is seen, it's curated and it's elevated. And that's part of the cultural conversation, both in the theater and on the platform. And that is what all great talent wants. They want to have an opportunity for their content to be seen, to be talked about, and they want to feel respected. And that is the culture here at Warner Bros. Discovery.

所以我認為這是真正引起創意社區共鳴的東西，因為他們的內容被看到、被策劃並且被提升。這是劇院和平台上文化對話的一部分。這就是所有偉大的人才想要的。他們希望有機會讓他們的內容被看到、被談論，並且他們希望受到尊重。這就是 Warner Bros. Discovery 的文化。

And the best thing that we have going for us right now is all of that hard work that we did, and it was probably 2 years of work that we did in 10 months, it's now almost -- it's overwhelmingly behind us. All the meetings that I've had in the last 2 weeks are about great content that we're producing, meeting with creatives that want to come here, how we -- what more shows are we going to be selling, what more shows are we going to be keeping on our platform? And getting ready for our new launch.

我們現在為我們所做的最好的事情就是我們所做的所有辛勤工作，這可能是我們在 10 個月內完成的 2 年工作，現在幾乎 - 它已經完全落後於我們。過去 2 週我參加的所有會議都是關於我們正在製作的精彩內容，與想要來這裡的創意人士會面，我們如何 - 我們將出售更多的節目，更多的節目是什麼我們會繼續使用我們的平台嗎？並為我們的新發布做好準備。

So I think this is an exciting time because I think we're really -- we made some tough decisions. Some of them we may find we need to adjust, but we feel really good about where we are, and we're accelerating forward.

所以我認為這是一個激動人心的時刻，因為我認為我們真的——我們做出了一些艱難的決定。其中一些我們可能會發現我們需要調整，但我們對自己所處的位置感到非常滿意，並且我們正在加速前進。

Our final question comes from John Hodulik with UBS.

我們的最後一個問題來自瑞銀的 John Hodulik。

David, maybe just to sort of wrap up that on the content side. A number of your competitors have cut back on the total amount that they're spending on cash content in '23 versus '22. Is that -- it sounds like you guys have, on the one hand, a lot of new programs, a lot of new movies and a lot of new initiatives, but at the same time, pulling some content on the platform, just what should we expect in terms of '23 versus '22?

大衛，也許只是為了在內容方面總結一下。你的許多競爭對手在 23 年和 22 年減少了他們在現金內容上的總支出。是嗎——聽起來你們一方面有很多新節目、很多新電影和很多新舉措，但與此同時，在平台上拉一些內容，應該做什麼我們期望在 23 年與 22 年相比？

And then on the affiliate side, renewing 30% of your affiliate deals. I mean just how should we think of sort of pricing and how should that translate into sort of results as we look out to '23?

然後在聯盟方面，更新 30% 的聯盟交易。我的意思是，我們應該如何考慮定價，以及如何在我們展望 23 年時將其轉化為某種結果？

Gunnar, do you want to start?

Gunnar，你想開始嗎？

Yes. Look, I mean on the content spend, remember, all our strategy changes leading to the content restructuring and write-offs over the course of last year, obviously, that's going to flow through cash as well as we adjust. But that said, there's always going to be a place for quality content and we're open for business. It's the backbone of what we're doing, and we'll keep investing.

是的。看，我的意思是關於內容支出，請記住，我們所有的戰略變化導致了去年的內容重組和註銷，顯然，這將通過現金流動以及我們的調整。但話雖如此，優質內容總會有一席之地，我們對業務開放。這是我們正在做的事情的支柱，我們將繼續投資。

And one of the tenets is -- we're not going to launch any content before it's time. We have a lot of motion picture content that we're reworking and making a lot of progress with. The Hogwarts game, we took several additional months to rework it, to get it right. It's not about getting it out quick. It's not about getting it out for a certain date. It's about telling the best story. And so we're going to be -- Casey is the best example of that. Channing is the best example of that. And now we're -- this year, you're going to see us fighting on DC. You're going to see us fighting at Warner Bros. on the Motion Picture side in order to really -- I think there's a huge opportunity on the Warner Bros. Motion Picture side for investment in quality content and storytelling. But it's -- we're not going to tell any story before its time. And I think you're going to see a big difference that when we release something, it's going to be a product that we think is the best it could be.

其中一項原則是——我們不會在時間到來之前發布任何內容。我們有很多電影內容正在重新製作並取得了很大進展。霍格沃茨遊戲，我們又花了幾個月的時間來重新製作，以使其正確。這不是要快速取出它。這不是要在某個日期發布它。這是關於講述最好的故事。所以我們將成為——凱西就是最好的例子。錢寧就是最好的例子。而現在我們——今年，你將看到我們在 DC 上戰鬥。你會看到我們在華納兄弟電影方面的戰鬥，以便真正 - 我認為華納兄弟電影方面有巨大的機會投資於高質量的內容和講故事。但它 - 我們不會在它的時間之前講任何故事。而且我認為你會看到一個很大的不同，當我們發布一些東西時，它將成為我們認為最好的產品。

And regarding the linear affiliate renewals, as we've said a couple of times that we're very happy with how those discussions went, clear testament to the importance and the value that our network portfolio is delivering to our affiliates. Taking a step back here, though, I mean, the reason why -- one of the reasons why we carved out the linear business, the network business as one separate segment is to be completely transparent about where those trends are moving.

關於線性會員更新，正如我們已經多次說過的那樣，我們對這些討論的進行方式非常滿意，這清楚地證明了我們的網絡組合為我們的會員帶來的重要性和價值。不過，退後一步，我的意思是，我們將線性業務劃分出來的原因之一，將網絡業務作為一個單獨的部分，是為了讓這些趨勢的發展方向完全透明。

And as I've said before, net-net, that's not a segment where I would expect a sustained revenue growth. That's not the point. It's about the sustainability and the longevity the free cash flow being delivered by that segment. And to that point, I have no doubt that we have years and years of that coming our way.

正如我之前所說，net-net，這不是我期望持續收入增長的部分。那不是重點。這是關於該部門提供的自由現金流的可持續性和壽命。就這一點而言，我毫不懷疑我們會有很多年的時間來實現這一目標。

Q&A session is now closed, which concludes today's conference. Thank you for attending today's presentation. You may now disconnect.

問答環節現已結束，今天的會議到此結束。感謝您參加今天的演講。您現在可以斷開連接。