華納兄弟探索 (WBD) 2024 Q3 法說會逐字稿

Ladies and gentlemen, welcome to the Warner Bros. Discovery's third-quarter 2024 earnings conference call. (Operator Instructions) Additionally, please be advised that today's conference call is being recorded.

女士們先生們，歡迎參加華納兄弟探索公司 2024 年第三季財報電話會議。 （操作員說明）此外，請注意，今天的電話會議正在錄音。

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

我現在將電話轉交給全球投資者策略執行副總裁安德魯‧斯萊賓 (Andrew Slabin) 先生。先生，您現在可以開始了。

Good morning, and thank you for joining us for Warner Bros. Discovery's Q2 earnings call. Joining me today is David Zaslav, President and Chief Executive Officer; Gunnar Wiedenfels, Chief Financial Officer; and JB Perrette, CEO and President, Global Streaming and Games.

早安，感謝您參加我們華納兄弟探索頻道的第二季財報電話會議。今天與我一起出席的是總裁兼執行長 David Zaslav； Gunnar Wiedenfels，財務長； JB Perrette，全球串流媒體和遊戲執行長兼總裁。

Today's presentation will include forward-looking statements that we made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements may include comments regarding the company's future business plans, prospects, and financial performance, and involve risks and uncertainties that could cause actual results to differ materially from our expectations. For additional information on factors that could affect these expectations, please see the company's filings with the US 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.

今天的演示將包括我們根據 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。結果與我們的預期有重大差異的風險和不確定性。有關可能影響這些預期的因素的更多信息，請參閱該公司向美國證券交易委員會提交的文件，包括但不限於該公司最新的10-K 表格年度報告及其10-Q 表格和10-Q 表格報告8-K。

In addition, we will discuss non-GAAP financial measures on this call. Reconciliation of these non-GAAP financial measures to the closest GAAP financial measure can be found in our earnings release and in our trending schedules, which can be found in the Investor Relations section of our website.

此外，我們也將在本次電話會議上討論非公認會計準則財務指標。這些非公認會計原則財務指標與最接近的公認會計原則財務指標的調節可以在我們的收益發布和趨勢表中找到，這些可以在我們網站的投資者關係部分找到。

And with that, I'd like to turn the call over to David.

說到這裡，我想把電話轉給大衛。

Good morning, everyone, and thank you for joining us. I want to start my remarks by providing a broad overview of where Warner Bros. Discovery is on our journey today and how we are moving the company forward with an ultimate focus on creating value for our shareholders. It is well known that our environment is being reshaped by generational disruption which is creating both challenges and opportunities.

大家早安，感謝您加入我們。我想先概述華納兄弟探索公司今天的發展歷程，以及我們如何推動公司向前發展，最終專注於為股東創造價值。眾所周知，我們的環境正在因世代顛覆而重塑，這既帶來了挑戰，也帶來了機會。

Where we are confronting challenges, we are addressing them directly. And where we see opportunities, we are seizing them with discipline and determination. Right now, there are several important dynamics playing out in our business. First, we believe that many of the assets that comprise our business are currently undervalued, and we are working to both demonstrate their fundamental strength and enhance their value.

當我們遇到挑戰時，我們會直接解決它們。當我們看到機會時，我們就會以紀律和決心抓住它們。目前，我們的業務出現了幾個重要的動態。首先，我們認為構成我們業務的許多資產目前都被低估，我們正在努力展示其基本實力並提高其價值。

Part of that effort has involved acting aggressively to reduce our expense base and lift our free cash flow conversion. To date, we have paid down more than $16 billion in debt with our strongest cash generation quarter of this year still ahead. Our team is highly focused on identifying and advancing a range of initiatives that aim to enhance the value of our company. As these initiatives mature, I am confident our shareholders will both see and feel significant upside.

這項努力的一部分涉及積極採取行動，減少我們的支出基礎並提高我們的自由現金流轉換。迄今為止，我們已償還了超過 160 億美元的債務，今年最強勁的現金生成季度即將到來。我們的團隊高度專注於確定和推進一系列旨在提高公司價值的措施。隨著這些舉措的成熟，我相信我們的股東將會看到並感受到巨大的好處。

Second, we are making strong progress in executing our strategy and creating what's next for Warner Bros. Discovery. Over the last 2.5 years, we have invested meaningfully in new technologies and platforms, partnerships, and creative talent, and driven changes in our structure to accelerate growth. Today, those investments are delivering clear, bottom-line results in our direct-to-consumer segment.

其次，我們在執行策略和為華納兄弟探索頻道創造下一步發展方面取得了巨大進展。在過去 2.5 年裡，我們對新技術和平台、合作夥伴關係和創意人才進行了有意義的投資，並推動了我們的結構變革以加速成長。如今，這些投資正在為我們的直接面向消費者細分市場帶來清晰的獲利結果。

We are making substantial progress at Max, where, as I will describe in more detail shortly, strong subscriber growth is driving increased revenue and profitability. And while we are encouraged by our progress, we have more work to do to deliver the kind of results we and you expect. But, to be clear, I can assure you we are doing the work necessary to evaluate all steps operationally and strategically to improve performance and unlock shareholder value.

我們在 Max 方面取得了實質進展，正如我稍後將更詳細地描述的那樣，強勁的用戶成長正在推動收入和獲利能力的增加。雖然我們對我們的進步感到鼓舞，但我們還有更多的工作要做，以實現我們和您所期望的結果。但是，需要明確的是，我可以向您保證，我們正在做必要的工作，從營運和策略角度評估所有步驟，以提高績效並釋放股東價值。

As I have conveyed to our employees, there are three prongs of attack to deliver expected shareholder gains. First, deploying Max globally as a distribution and storytelling platform, enabling it to achieve its full potential in both reach and profit. Second, optimizing our networks business including our US linear television business.

正如我向我們的員工傳達的那樣，可以從三個方面進行攻擊，以實現預期的股東收益。首先，在全球部署 Max 作為發行和講故事平台，使其能夠在影響力和利潤方面充分發揮潛力。第二，優化我們的網路業務，包括我們的美國線性電視業務。

And third, returning our studios to industry leadership. I will briefly address our performance and outlook in each of these areas, and Gunnar will then share more financial detail by segment. First, it has been a very important and successful quarter in Max's development and deployment. Anyone who has listened to one of our earnings calls over the last two years knows Max's importance to Warner Bros. Discovery.

第三，讓我們的工作室重新回到業界領先地位。我將簡要介紹我們在每個領域的業績和前景，然後 Gunnar 將按部門分享更多財務細節。首先，對於 Max 的開發和部署來說，這是一個非常重要且成功的季度。任何聽過我們過去兩年財報電話會議的人都知道馬克斯對華納兄弟探索頻道的重要性。

We possess and produce tremendous content, film, TV, news, and sports. Building a leading, fully global, direct-to-consumer platform to make that content available has been a clear strategic initiative. Getting Max right has required patience, discipline, and substantial investment. Today, those investments are delivering clear results, both in terms of subscriber-related revenue growth and bottom-line impact.

我們擁有並製作大量內容、電影、電視、新聞和體育。建立一個領先的、完全全球化的、直接面向消費者的平台來提供這些內容是一項明確的策略舉措。讓 Max 走上正軌需要耐心、紀律和大量投資。如今，這些投資在與用戶相關的收入成長和利潤影響方面都取得了明顯的成果。

At the beginning of the year, Max had only launched in the US. Nine months later, Max was available in 65 markets. We have added 13 million subscribers, thanks in part to 7.2 million additional subscribers in the third quarter alone. And now, we have more than 110 million subscribers globally. Equally encouraging, We're beginning to see real acceleration in subscriber-related revenue growth and significant profitability growth.

今年年初，Max 僅在美國推出。九個月後，Max 在 65 個市場上市。我們增加了 1,300 萬訂閱者，部分歸功於光是第三季就增加了 720 萬訂閱者。現在，我們在全球擁有超過 1.1 億訂閱者。同樣令人鼓舞的是，我們開始看到與用戶相關的收入成長真正加速，獲利能力顯著成長。

Overall, our direct-to-consumer revenue of $2.6 billion is up 9% year over year, and EBITDA of $290 million is up more than 175% year over year. And in the fourth quarter, we will enjoy another quarter of strong revenue, profit, and subscriber growth. What's driving this success? First, of course, we have great content.

整體而言，我們的直接面向消費者收入為 26 億美元，年增 9%，EBITDA 為 2.9 億美元，年成長超過 175%。在第四季度，我們將享受另一個季度的強勁收入、利潤和用戶成長。是什麼推動了這項成功？首先，當然，我們有很棒的內容。

While technological advancements have placed emphasis and attention on distribution, the history of entertainment shows great content always wins. We are also improving the cadence with which we put the content people most want to see in front of them. Beginning this past June with Season 2 of House of the Dragon and continuing now with The Penguin and extending forward with titles like Dune Prophecy, White Lotus, The Last of Us, and Peacemaker, just to name a few.

雖然技術的進步已經將重點和注意力放在了分發上，但娛樂的歷史表明，優秀的內容總是會獲勝。我們也提高了將人們最想看到的內容放在他們面前的節奏。從今年 6 月的《龍之家》第二季開始，現在繼續《企鵝》，並繼續推出《沙丘預言》、《白蓮花》、《最後生還者》和《和平締造者》等作品。

Max is delivering tentpole shows, new originals, and feature films on an even more consistent basis. Internationally, our success is being driven by delivering that beloved content as well as new originals with local sports in most international markets and 15-plus years of local language content, all on our streaming platform throughout Europe and Latin America in a way that few others can rival. The critical role Max played in being the home of the Olympics in many markets across Europe in Q3 is just one example. Even without the Olympics, we expect our momentum in driving Max subscriber growth to continue going forward.

Max 正在以更一致的方式提供熱門節目、新原創作品和長片。在國際上，我們的成功是透過在大多數國際市場上提供深受喜愛的內容以及本地體育的新原創內容以及超過15 年的本地語言內容來推動的，所有這些都在我們遍及歐洲和拉丁美洲的串流媒體平台上以其他人無法比擬的方式提供可以匹敵。 Max 在第三季成為歐洲許多市場的奧運舉辦地中發揮的關鍵作用只是一個例子。即使沒有奧運會，我們預計推動 Max 用戶成長的勢頭將繼續向前發展。

Later this month, Max will launch in seven markets across Southeast Asia, and next year, Max will launch in Australia and over a dozen other markets with more to come, including three of the biggest markets in Europe in 2026. Long-term, we believe our content will continue to provide us a meaningful competitive advantage, and we are only scratching the surface of what we can achieve through added scale. Based on everything we are seeing, we are highly confident we are on track to meaningfully exceed our target of $1 billion in EBITDA in 2025.

本月晚些時候，Max 將在東南亞的七個市場推出，明年，Max 將在澳洲和其他十幾個市場推出，其中包括 2026 年歐洲最大的三個市場。有意義的競爭優勢，而我們只是觸及了透過擴大規模所能實現的表面。根據我們所看到的一切，我們非常有信心能夠在 2025 年大幅超越 10 億美元 EBITDA 的目標。

Next, I want to talk about our networks business. While the challenges and headwinds we face in our US linear television business are well known, this is still an extraordinarily important part of our business. Linear TV is a core vehicle to deliver WBD storytelling to hundreds of millions of fans worldwide. And the significant profits it generates helps fund building the investments that will carry Warner Bros. Discovery into the future.

接下來我想談談我們的網路業務。儘管我們在美國線性電視業務中面臨的挑戰和逆風眾所周知，但這仍然是我們業務中極其重要的一部分。線性電視是向全球數億粉絲提供 WBD 故事敘述的核心工具。它產生的巨額利潤有助於為華納兄弟探索頻道的未來投資提供資金。

The best evidence of the important role our linear business continues to play for Warner Bros. Discovery is in the renewal agreement we struck with Charter Communications in September. This agreement was a victory for both companies and represents an innovative way to best serve customers as our industry continues to transform. In extending Charter's carriage of our linear networks, while also giving their subscribers ad-light access to Max, our company struck a deal that's mutually beneficial, where the consumer wins most of all. In their Q3 earnings communications, Charter discussed plans to lean more aggressively into its video product, which they attributed to providing enhanced value to their customers with increased access to streaming services like Max. We are optimistic this is a sign that these types of agreements will create more stability in our industry.

我們的線性業務繼續為華納兄弟探索頻道發揮重要作用，最好的證據就是我們在 9 月與 Charter Communications 達成的續約協議。該協議對兩家公司來說都是一場勝利，代表著在我們行業不斷轉型的過程中為客戶提供最佳服務的創新方式。在擴大 Charter 對我們線性網路的運輸範圍的同時，也為其訂戶提供 Max 的廣告燈存取權限，我們公司達成了一項互惠互利的協議，其中消費者獲益最多。在第三季的收益通訊中，Charter 討論了更積極地投入其視訊產品的計劃，他們將此歸因於透過增加對 Max 等串流媒體服務的訪問來為客戶提供更高的價值。我們樂觀地認為，這表明此類協議將為我們的行業帶來更多穩定性。

Lastly, I want to address the work that obviously needs to be done to return our studios business to industry leadership. There have been some real bright spots in our studios business. Our TV studio is on track to have its most profitable year in scripted content in the last five years. It's currently making over 80 live-action scripted, unscripted, and animated series for nearly 20 platforms including all the major US broadcast networks and key US SVOD platforms.

最後，我想談談顯然需要完成的工作，以使我們的工作室業務恢復行業領先地位。我們的工作室業務有一些真正的亮點。我們的電視工作室預計將迎來過去五年來腳本內容利潤最高的一年。目前，該公司正在為近 20 個平台製作 80 多部真人劇本、無劇本和動畫劇集，其中包括美國所有主要廣播網絡和美國主要 SVOD 平台。

And on the motion picture side, our third quarter saw strong success with Beetlejuice Beetlejuice. But even in an industry of hits and misses, we must acknowledge that our studio's business must deliver more consistency. This applies to our games business, which we recognize is substantially underperforming its potential right now. We have four strong and profitable game franchises with loyal global fans.

在電影方面，我們第三季的 Beetlejuice Beetlejuice 取得了巨大成功。但即使在一個時好時壞的行業中，我們也必須承認我們工作室的業務必須提供更多的一致性。這適用於我們的遊戲業務，我們認識到該業務目前的表現遠低於其潛力。我們擁有四個強大且獲利的遊戲系列，擁有忠實的全球粉絲。

Hogwarts Legacy, Mortal Kombat, Game of Thrones, and DC, in particular, Batman. We are focusing our development efforts on those core franchises with proven studios to improve our success ratio. Inconsistency also remains an issue at our motion picture studio as reinforced recently by the disappointing results of Joker 2. For the past two years, we've been driving changes within our motion picture studio to improve greenlight governance and franchise management which remain focal points going forward.

《霍格華茲遺產》、《真人快打》、《權力的遊戲》和 DC，特別是《蝙蝠俠》。我們將開發重點放在那些擁有成熟工作室的核心特許經營權上，以提高我們的成功率。不一致仍然是我們電影工作室的一個問題，最近《小丑2》令人失望的結果進一步加劇了這個問題。特許經營管理，這仍然是焦點向前。

This is a business where translating operational changes into results takes time, but I believe we'll see those strategic shifts deliver improved outcomes in the coming years. Overall, we anticipate improved profit results for our studios in Q4, thanks to what we expect will be another successful quarter for Warner Bros. TV.

在這個行業，將營運變革轉化為成果需要時間，但我相信我們將在未來幾年看到這些策略轉變帶來更好的成果。總體而言，我們預計第四季度我們工作室的利潤將有所改善，這要歸功於我們預計華納兄弟電視台將再次取得成功的季度。

Gunnar will take you through some decisions we made in content licensing that have negatively impacted this year's financial results (technical difficulty) significant growth opportunities in the future. And over the next several years, we expect our games and motion picture businesses to deliver more consistency, resume industry-leading performance, and contribute substantially to Warner Bros. Discovery's business success.

Gunnar 將帶您了解我們在內容許可方面做出的一些決定，這些決定對今年的財務業績（技術難度）以及未來的重大成長機會產生了負面影響。在接下來的幾年裡，我們期望我們的遊戲和電影業務能夠提供更多的一致性，恢復業界領先的業績，並為華納兄弟探索公司的業務成功做出重大貢獻。

Before I turn it to Gunnar to provide more detail on our financial results, I want to offer a final thought on the power of what we are building. By leveraging our storytelling abilities with our abundance of beloved content and utilizing our distribution platforms, we can deliver real differentiation that leads to growth.

在我向 Gunnar 提供有關我們財務業績的更多詳細資訊之前，我想對我們正在建立的產品的力量提出最後的想法。透過利用我們的說故事能力和豐富的深受喜愛的內容並利用我們的分發平台，我們可以提供真正的差異化，從而促進成長。

Look no further than The Penguin. The Penguin, which spotlights a well-known DC comic character, building on the success of the Batman, was envisioned by HBO with creative talents like Matt Reeves, Lauren Lafrance, and Collin Farrell, produced by Warner Bros. Television, distributed on HBO and Max to viewers all over the world, promoted across the Warner Bros. Discovery landscape, critically acclaimed, commercially successful. Stories like the Penguin that can shape culture, spark conversations, and become appointment viewing always win over time. When you look at our unique ability to create great content, distribute great content, and market great content, it reinforces why we are so well positioned to stand apart from the pack over the long term.

企鵝就是最好的選擇。 《企鵝》以蝙蝠俠的成功為基礎，聚焦DC 著名漫畫人物，由HBO 聯合馬特·里夫斯、勞倫·拉弗朗斯和科林·法雷爾等創意人才共同構思，由華納兄弟電視台製作，在HBO 和HBO 發行。像企鵝這樣能夠塑造文化、激發對話並成為預約觀看的故事總是會隨著時間的推移而贏得勝利。當您看到我們創造優質內容、分發優質內容和行銷優質內容的獨特能力時，就會強化為什麼我們能夠在長期內脫穎而出。

So I will conclude by saying two things are true. Our industry is experiencing generational disruption, presenting us with both challenges and opportunities. At the same time, our strategy is succeeding in important ways. When this period of extraordinary disruption settles based on the momentum we are seeing in our direct-to-consumer segment, the work we've done to sustain our linear TV business, and what we're doing to return our studios to peak performance, I remain confident that Warner Bros. Discovery will be one of the companies leading the global media industry into the future.

所以我總結說有兩件事是正確的。我們的產業正在經歷世代顛覆，為我們帶來了挑戰和機會。同時，我們的策略在一些重要方面取得了成功。當這段異常混亂的時期基於我們在直接面向消費者的細分市場中看到的勢頭、我們為維持線性電視業務所做的工作以及我們為使我們的工作室恢復到最佳性能而所做的工作時，我仍然相信華納兄弟探索頻道將成為引領全球媒體產業邁向未來的公司之一。

Thank you, David, and good morning, everyone. I'd like to begin my remarks with some comments on direct-to-consumer, where we are seeing strong momentum across key operating and financial metrics, net subscriber adds, subscriber-related revenues, and EBITDA. Reaching this inflection point has clearly been a priority, and I'm excited about the traction we've seen and enthused with what we expect for the quarters ahead.

謝謝大衛，大家早安。我想先對直接面向消費者的一些評論開始，我們看到關鍵營運和財務指標、淨用戶增加、與用戶相關的收入和 EBITDA 方面的強勁勢頭。達到這個拐點顯然是當務之急，我對我們所看到的牽引力感到興奮，並對我們對未來幾季的預期感到興奮。

Over 7 million net adds and 50% D2C advertising growth drove double-digit subscriber-related revenue growth, an acceleration from 6% in Q2, leading to nearly $300 million in EBITDA. And we expect similar levels of subscriber-related revenue growth and EBITDA contribution in the fourth quarter. Subscriber growth was driven by a combination of factors, including the Olympics in Europe, traction from recent international launches, momentum on bundles like the Disney Max Hulu offering, and a more consistent and resonant content line.

超過 700 萬的淨增量和 50% 的 D2C 廣告成長推動了兩位數的用戶相關營收成長，較第二季的 6% 有所加速，導致 EBITDA 接近 3 億美元。我們預計第四季度與用戶相關的收入成長和 EBITDA 貢獻將達到類似水準。用戶成長是由多種因素推動的，包括歐洲奧運會、最近國際發布的吸引力、迪士尼 Max Hulu 等捆綁產品的勢頭，以及更一致和更能引起共鳴的內容系列。

There will continue to be a variety of paths to scale Max, particularly as we expand our reach internationally. We clearly saw that this quarter. It is also clear that the many options to reach consumers directly, bundled in partnership, or more divisional wholesale arrangements will naturally have implications for certain KPIs. That said, the financial framework in which we are managing the D2C business has not changed.

將會繼續有多種途徑來擴展 Max，特別是當我們擴大我們的國際影響力時。我們在本季度清楚地看到了這一點。同樣明顯的是，直接接觸消費者、捆綁合作或多部門批發安排的多種選擇自然會對某些 KPI 產生影響。也就是說，我們管理 D2C 業務的財務架構並沒有改變。

First, we will always be guided by a core focus on lifetime value relative to subscriber acquisition costs, whether it's evaluating a specific market or the model employed to launch in the market, partnership, or direct retail. This means that we will make trade-off decisions between various distribution channels and operating models across markets. Some will have inherently lower ARPU, but lower upfront investment or (technical difficulty) and better churn dynamics. Others may require higher levels of initial spend but may have commensurately higher ARPUs. We have and will continue to evaluate all subscriber options through this filter with a goal to maximize value creation.

首先，我們將始終以相對於訂戶獲取成本的生命週期價值為核心關注點，無論是評估特定市場還是在市場上推出的模式、合作夥伴關係或直接零售。這意味著我們將在跨市場的各種分銷管道和營運模式之間做出權衡決策。有些本來就具有較低的 ARPU，但前期投資或（技術難度）較低，且客戶流失動態較好。其他人可能需要更高水平的初始支出，但可能具有相應更高的 ARPU。我們已經並將繼續透過此過濾器評估所有訂戶選項，目標是最大限度地創造價值。

Second, we are focused on subscriber-related revenue, that is subscription and advertising revenue, as the best measure for the program we are making in scaling the D2C business. Importantly, given the cadence of Max's rollout over the next 18 months or so in international markets and the launch of a lower-priced, advertising-supported offering in many more markets, we expect to see ARPU trend lower in the near term, reflecting the growth of the Max ad-supported footprint from only one market, up until this year, to now over 45 markets. However, we expect further strong subscriber-related revenue growth and EBITDA going forward as well as enhanced retention, the cadence of which will reflect when, where, and how heavily we invest in subscriber acquisition.

其次，我們專注於與訂閱者相關的收入，即訂閱和廣告收入，這是衡量我們正在擴大 D2C 業務的計劃的最佳衡量標準。重要的是，考慮到Max 在未來18 個月左右的時間內在國際市場上推出的節奏，以及在更多市場推出價格較低、廣告支援的產品，我們預計ARPU 趨勢在短期內會下降，反映出Max 廣告支援的足跡從今年之前的僅一個市場成長到現在超過 45 個市場。然而，我們預計未來與訂閱者相關的收入和 EBITDA 將進一步強勁增長，並且保留率也會提高，其節奏將反映我們在訂閱者獲取方面的投資時間、地點和力度。

Turning now to total company advertising, which declined 7% ex-FX during the third quarter. The sequential step down was as expected and was in large part due to our seasonal slower sports schedule with networks advertising down 13% ex-FX. Additionally, while we benefited modestly from the Olympics in Europe, our much larger US business was adversely impacted by the Olympics. D2C advertising, however, continued to grow at a nice pace, up over 50% ex-FX behind healthy demand for Max in the US. Global ad-light subscribers grew over 70% year over year, with approximately 40% of global gross ads taking the ad-light tier in Q3.

現在轉向公司廣告總量，第三季扣除外匯因素後下降了 7%。連續下降符合預期，很大程度上是由於我們的季節性體育賽事安排較慢，網路廣告下降了 13%（不含外匯）。此外，雖然我們從歐洲奧運會中受益匪淺，但我們規模大得多的美國業務卻受到了奧運會的不利影響。然而，D2C 廣告繼續以良好的速度成長，扣除外匯因素後成長超過 50%，落後於美國對 Max 的健康需求。全球 ad-light 訂閱用戶年增超過 70%，第三季度，ad-light 廣告佔全球廣告總額的約 40%。

While the international contribution of D2C advertising is still quite small, we see opportunity ahead as we scale the subscriber base and drive monetization. Networks distribution revenue was down 7% ex-FX and down 5% excluding the impact of AT&T SportsNet. Our affiliate renewal pipeline is active, and we remain focused on working with our partners across the fluid distribution landscape.

雖然 D2C 廣告的國際貢獻仍然很小，但隨著我們擴大用戶群並推動貨幣化，我們看到了未來的機會。扣除外匯因素後，網路發行收入下降了 7%，排除 AT&T SportsNet 的影響則下降了 5%。我們的聯盟更新管道正在積極進行，我們仍然專注於與整個流體分銷領域的合作夥伴合作。

The recent Charter deal we've referenced is a great example of both the great value of our content to affiliate partners as much as to consumers and the greater flexibility in the industry to come up with forward-facing new deal structures, with the potential to have a meaningful positive impact on the trajectory of our linear and D2C business. We are seeing strong evidence of the great financial benefits of these new deal structures across our international footprint. As the long list of our international distribution renewals this year has shown, we have indeed enjoyed net growth in total revenue to Warner Bros. Discovery across these partnerships as our concessions on the linear side have been more than offset by strong gains at D2C.

我們最近提到的特許交易是一個很好的例子，它既體現了我們的內容對聯屬合作夥伴和消費者的巨大價值，又體現了行業在提出前瞻性新交易結構方面的更大靈活性，有可能對我們的線性和 D2C 業務軌跡產生有意義的正面影響。我們看到強有力的證據表明這些新交易結構在我們的國際業務中帶來了巨大的經濟效益。正如我們今年一長串的國際發行續訂清單所顯示的那樣，我們確實在這些合作夥伴關係中享受到了華納兄弟探索頻道總收入的淨增長，因為我們在線性方面的讓步被D2C 的強勁收益所抵消。

Turning to studios. Performance in the quarter was subpar relative to our internal expectations, notwithstanding the difficult comparisons with Barbie last year. Results were impacted by games for which we took another $100 million-plus impairment due to the underperforming releases, primarily MultiVersus this quarter, bringing total write-downs year to date to over $300 million in our games business, a key factor in this year's studio profit decline. In Q4, we expect games to be flat to modestly better year over year as last year's launch of Hogwarts Legacy on the Switch platform in November is offset by lower costs.

轉向工作室。儘管與去年的芭比娃娃進行了艱難的比較，但本季的業績仍低於我們的內部預期。結果受到遊戲的影響，由於發行表現不佳，我們又對遊戲進行了1 億多美元的減值，主要是本季度的MultiVersus，使我們的遊戲業務今年迄今為止的總減記額超過3 億美元，這是今年工作室的關鍵因素利潤下降。由於去年 11 月在 Switch 平台上推出的《霍格華茲遺產》被較低的成本所抵消，我們預計第四季度的遊戲銷售將與去年同期持平或略有好轉。

Film results performed relatively well in the quarter, largely driven by Beetlejuice Beetlejuice. So as noted, Barbie in the prior year, and the bulk of the marketing spending for the Joker: Folie à Deux ahead of its October release weighed on year-over-year trends. Despite Joker's underperformance, which will indeed weigh on Q4 profitability, we currently forecast the film business to perform more or less in line with Q4 of last year. As a reminder, we had three theatrical releases in the last two weeks of 2023 for which we realized hefty marketing spend with a relatively limited amount of revenue. We have only one release remaining in Q4, which is the modestly budgeted Lord of the Rings animated movie, The War of the Rohirrim.

本季電影表現相對較好，主要受到 Beetlejuice Beetlejuice 的推動。如前所述，去年的《芭比娃娃》以及《小丑：Folie à Deux》在 10 月發布之前的大部分行銷支出都對同比趨勢造成了壓力。儘管《小丑》表現不佳，確實會影響第四季的獲利能力，但我們目前預測電影業務的表現與去年第四季大致持平。提醒一下，我們在 2023 年的最後兩週上映了三部電影，為此我們投入了大量的行銷支出，而收入卻相對有限。第四季只剩下一部上映了，那就是預算有限的《魔戒》動畫電影《洛希爾之戰》。

Warner Bros. TV, on the other hand, is going from strength to strength. While TV did have a favorable year-over-year comp against the impact of strikes last year, the underlying performance remains robust. Within the marketplace and during some headwinds, we believe we are benefiting from flight to quality. We expect this momentum to continue in Q4, and TV is expected to be up significantly year over year. All in, we expect studio Q4 EBITDA to be up a few hundred million dollars year over year, depending on the timing of certain content licensing deals.

另一方面，華納兄弟電視台正在不斷壯大。儘管去年受罷工影響，電視產業確實取得了良好的同比業績，但基本表現仍然強勁。在市場中以及在一些逆風中，我們相信我們正在從轉向品質中受益。我們預計第四季度這一勢頭將持續，電視業務預計將同比大幅增長。總而言之，我們預計工作室第四季的 EBITDA 將年增數億美元，具體取決於某些內容授權交易的時間。

As David noted, we are committed to improving overall performance and consistency of results with an eye towards reestablishing the studio as an industry leader. In the near term, our film slate is one that I would characterize as more balanced, both creatively and financially, and we sharpened our focus on budget discipline and accountability across all processes across greenlighting, marketing, production, and resource prioritization. I expect this will help enhance both top and bottomline results.

正如大衛所指出的，我們致力於提高整體績效和結果的一致性，並專注於將工作室重新打造為行業領導者。在短期內，我認為我們的電影片單在創意和財務上都更加平衡，並且我們更加註重預算紀律和跨綠燈、行銷、製作和資源優先級的所有流程的問責制。我預計這將有助於提高頂線和底線結果。

Further, I'd like to take a step back and discuss the role and impact of content licensing for our studio business. As I've mentioned previously, we are continuously evaluating how to best monetize our content, be it on internal or external platforms. And we make those decisions on a case-by-case basis, and they are informed by an increasing amount of data and intelligence collected across our business units.

此外，我想退一步討論內容授權對我們工作室業務的作用和影響。正如我之前提到的，我們不斷評估如何最好地透過我們的內容獲利，無論是在內部還是外部平台上。我們根據具體情況做出這些決策，並透過我們業務部門收集的越來越多的數據和情報來提供資訊。

2024 will be characterized by two factors: number one, generally relatively low avails for library licensing; and number two, a significant year-over-year increase in internal licensing to support the rollout and growth of our global D2C product, and those are revenues that get eliminated at the WBD consolidated level. While these factors have no doubt burdened consolidated EBITDA and free cash flow in 2024 in a material way, they will clearly benefit our future financial performance.

2024 年將有兩個因素：第一，圖書館許可的使用率普遍較低；第二，內部授權數量逐年大幅增加，以支持我們全球 D2C 產品的推出和成長，而這些收入在 WBD 合併層面上被消除了。雖然這些因素無疑對 2024 年的合併 EBITDA 和自由現金流造成重大負擔，但它們顯然將有利於我們未來的財務表現。

For the former, we see a return to more normalized availability level starting next year. For the latter, we know we have significantly added to a valuable asset base that will pay dividends in top and bottom line performance of our D2C business for years to come.

對於前者，我們預計從明年開始將恢復到更正常化的可用性水準。對於後者，我們知道我們已經顯著增加了寶貴的資產基礎，這將在未來幾年為我們的 D2C 業務的頂線和底線業績帶來紅利。

Finally, turning to free cash flow. We generated roughly $630 million in free cash flow. The nearly $1.4 billion year-over-year decline was largely due to higher net cash content spend as we lapped last year's Q3 strike impact and unfavorable Olympics-related working capital dynamics. Looking to Q4, while we expect another year-over-year increase in net cash content spend in Q4, free cash flow should again represent a healthy conversion of EBITDA.

最後，轉向自由現金流。我們產生了大約 6.3 億美元的自由現金流。年比下降近 14 億美元，主要是由於淨現金支出增加，因為我們克服了去年第三季罷工的影響以及與奧運相關的營運資金動態不利。展望第四季度，雖然我們預計第四季度淨現金含量支出將再次同比增長，但自由現金流應再次代表 EBITDA 的健康轉換。

Net leverage at the end of Q3 was 4.2 times, a slight sequential increase and directionally in line with expectations given the seasonality of free cash flow and Olympics-related free cash flow headwinds. In the quarter, we repurchased and repaid nearly $900 million of debt and have about $300 million maturing next week. We continue to expect to delever year over year, albeit much more modestly than initially planned, in part due to the studio shortfalls and impairments. And we will continue to use virtually all of our free cash flow to retire debt, as we continue to target 2.5 to 3 times gross leverage for the longer term.

考慮到自由現金流的季節性和奧運會相關的自由現金流逆風，第三季末的淨槓桿率為 4.2 倍，環比略有上升，且方向符合預期。本季度，我們回購並償還了近 9 億美元的債務，下週約有 3 億美元到期。我們繼續預計逐年去槓桿化，儘管比最初計劃的幅度要小得多，部分原因是工作室的短缺和減值。我們將繼續使用幾乎所有的自由現金流來償還債務，因為我們繼續將長期總槓桿率設定為 2.5 至 3 倍。

Lastly, I'd like to finish off where David began, and that is to reemphasize the high degree of focus that we, as a management team and the Board, have been placing on driving shareholder value. We continue to focus on executing our strategy. And as part of this, examining every angle and possible path to realize the longer-term value creation opportunity we see ahead for Warner Bros. Discovery.

最後，我想結束大衛開始的地方，那就是再次強調我們作為管理團隊和董事會一直高度關注推動股東價值。我們繼續專注於執行我們的策略。作為其中的一部分，我們將審視各個角度和可能的路徑，以實現我們為華納兄弟探索頻道帶來的長期價值創造機會。

With that, David, JB, and I will be happy to take your questions.

David、JB 和我將很樂意回答您的問題。

(Operator Instructions)

（操作員說明）

Steven Cahall, Wells Fargo.

史蒂文卡霍爾，富國銀行。

So Gunnar and JB, I think you talked about the opportunities to continue to acquire subs the DTC if they remain attractive, and you're not going to be shy about making those investments. And then you've also qualitatively upgraded your expectation for DTC EBITDA and its ability to improve in 2025 to, I think, meaningfully above $1 billion now. So can you just talk about how those two things work together? It sounds like the investment is accelerating, but your EBITDA expectation is also accelerating. So would just love some more color on how we tie all that.

Gunnar 和 JB，我認為你們談到了繼續收購 DTC 子公司的機會，如果它們仍然有吸引力的話，你們不會羞於進行這些投資。然後，您還定性地提升了對 DTC EBITDA 的期望及其在 2025 年改善的能力，我認為，現在有意義地超過 10 億美元。那麼您能談談這兩件事是如何協同工作的嗎？聽起來投資正在加速，但您的 EBITDA 預期也在加速。所以我想在我們如何將所有這些聯繫起來的時候多一些顏色。

And then David and Gunnar, you've talked about reducing your expense base and you've done a lot of that on this journey. It seems like DTC is kind of through the cuts and back into growth mode. When do you think that studios and networks may get through a period of efficiency and cost reduction to where you're talking more about maybe investments in growth in those business again at the bottom line?

然後大衛和岡納爾，你們談到了減少開支基礎，並且你們在這個過程中做了很多事情。看起來 DTC 正在經歷削減並回到成長模式。您認為電影製片廠和網路什麼時候可以經歷一段提高效率和降低成本的時期，達到您更多地談論的可能是再次投資於這些業務增長的底線？

Let me take those two. So one of the great things about the way the D2C business and our global rollout has been sequenced is that we are enjoying two things at the same time, growth from new markets and rollout in new territories, which inevitably lead to investments initially and start-up losses. But at the same time, we're benefiting from the maturity of our business in established markets. That's why we have been able to get to this combination, as David called out in his prepared remarks, of sub growth, revenue growth, and EBITDA growth at the same time.

讓我帶走那兩個。因此，D2C 業務和我們的全球推廣排序方式的一大好處是，我們同時享受兩件事，即新市場的成長和新領域的推廣，這不可避免地導致最初的投資並開始-損失上升。但同時，我們也受益於我們在成熟市場的業務的成熟。這就是為什麼我們能夠同時實現子成長、收入成長和 EBITDA 成長的這種組合，正如 David 在他準備好的演講中所說的那樣。

If you double click into there, obviously, there are markets that are very profitable right now and others that are still loss-making, but I'm very confident that we will be able to continue executing with that kind of a profile.

如果你雙擊那裡，顯然，有些市場現在非常有利可圖，而其他市場仍然虧損，但我非常有信心我們將能夠繼續以這種配置文件執行。

In terms of your question on the expense base, as you heard us both talk about earlier for the studio, we got to remember that this is a long-cycle business. A lot of the changes that we have put in place, while they have been as transformational as, for example, in the D2C space or networks, it's going to take a little longer for the financial impact to become visible. And what we are going to continue doing across all of these segments is operate with a very clear focus and discipline when it comes to making sure that we invest the right amount and that we cut back where we don't see the returns.

關於您關於費用基礎的問題，正如您之前聽到我們倆談論工作室一樣，我們必須記住這是一項長週期業務。我們已經實施的許多變革雖然具有變革性，例如在 D2C 空間或網路中，但仍需要更長的時間才能顯現出財務影響。我們將繼續在所有這些領域開展工作，以非常明確的重點和紀律來運作，以確保我們的投資金額正確，並在看不到回報的地方進行削減。

Just to address this moment of growth that we're seeing on Max. It's a meaningful moment for us. We spent over two years building this platform. Max was losing several billion dollars. We have been focused on finding the right mix of content, local sport, local entertainment together with the great content from Max and HBO, making sure that that lineup on Max and HBO is substantial. And then finally, launching it, and we didn't launch really until 2/3 through the first quarter.

只是為了解決我們在 Max 上看到的這一成長時刻。這對我們來說是一個有意義的時刻。我們花了兩年多的時間來建立這個平台。麥克斯損失了數十億美元。我們一直致力於尋找內容、本地體育、本地娛樂以及來自 Max 和 HBO 的精彩內容的正確組合，確保 Max 和 HBO 的陣容豐富。最後，推出它，我們直到第一季 2/3 才真正推出。

And so seeing this kind of growth while at the same time having sub-growth, profit growth, it's a meaningful moment. And JB, you are on the ground, we expect that very substantial growth to continue. We expect every quarter that we're going to be seeing revenue growth, profit growth, and subscriber growth really because the offering that we have is being very well received, and it's demonstrated by the subscribers. So just talk a little bit about what you're seeing, JB.

因此，在看到這種成長的同時，還有次成長、利潤成長，這是一個有意義的時刻。 JB，你們在實地，我們預計這種非常大幅的成長將持續下去。我們預計每季我們都會看到收入成長、利潤成長和訂戶成長，這確實是因為我們提供的產品非常受歡迎，訂戶也證明了這一點。 JB，請簡單談談您所看到的情況。

Yes, Steven, it's a material inflection point this quarter because, as David said, it has been a long road over the last two years preparing to get to this point. And really, the most exciting part is this is still very early innings. We have two-plus years of growth ahead of us driven by a number of different growth vectors. The first and foremost, as David said, is our content lineup has gotten a lot stronger, more consistent, better cadence, helped by the fact that when we launched Max in the US, unfortunately, we were at a low point in our tentpole release schedule just based on timing, the strikes we had pushed stuff out last year.

是的，史蒂文，這是本季的一個重大轉折點，因為正如大衛所說，在過去的兩年裡，為達到這一點做好了準備。事實上，最令人興奮的部分是這仍然是非常早期的幾局。在許多不同的成長向量的推動下，我們還有兩年多的成長時間。首先，正如 David 所說，我們的內容陣容變得更加強大、更加一致、節奏更好，這得益於以下事實：不幸的是，當我們在美國推出 Max 時，我們正處於主力版本的低點時間表只是基於時間，我們去年推出的罷工。

And so '24 and well into '25 and '26, we have a much better content cadence and content strength as we look forward, bolstered also by, as we roll out internationally, the fact that we've been investing in local content for decades in a lot of the biggest markets outside the US. And so it's both the combination of the great English language content coming out of the US as well as local content that we already invested in in these international markets.

因此，從24 世紀到25 世紀和26 世紀，我們的內容節奏和內容強度都比我們預期的要好得多，而且隨著我們在國際上的推出，我們一直在投資本地內容這一事實也得到了支持。因此，它既是來自美國的精彩英語內容，也是我們已經在這些國際市場投資的本地內容的結合。

The international rollout is a huge than other big driver. When -- just to remember that we are still in just over half of the addressable broadband markets around the world, and that's excluding markets like China, Russia and even India, a very low market. So that's a huge driver.

與其他主要推動力相比，國際推廣的規模更大。請記住，我們仍然佔據全球可尋址寬頻市場的一半以上，這不包括中國、俄羅斯甚至印度等市場，這是一個非常低的市場。所以這是一個巨大的驅動力。

And then third, we're in active conversations and we have great partnerships with distributors around the world for polling for this product and want to be with us. And you've seen some of those as we've launched in markets like France, in Spain, in Japan. And we're having very good conversations with distributors who want to help us accelerate the rollout of Max in very profitable and economically smart ways. And that's not to mention the drivers that we haven't even yet touched on things like password sharing crackdown. Still better product experience where we've gotten better but are not great yet. And so we have a lot of growth drivers still ahead of us.

第三，我們正在進行積極的對話，我們與世界各地的經銷商建立了良好的合作夥伴關係，對這款產品進行民意調查，並希望與我們合作。當我們在法國、西班牙、日本等市場推出時，您已經看到了其中一些。我們正在與經銷商進行良好的對話，他們希望幫助我們以非常有利可圖且經濟上明智的方式加速 Max 的推出。更不用說我們還沒有涉及過諸如密碼共享打擊之類的驅動程式了。產品體驗仍然更好，我們已經變得更好，但還不是很好。因此，我們仍然有很多成長動力。

David Karnovsky, JPMorgan.

大衛卡諾夫斯基，摩根大通。

Post reaching your agreement with Charter in September, interested to know if you've had discussions on similar structures with other distributors, whether you think that model is applicable elsewhere? And then just following up on the studio comments. You pointed out in the past the theatrical slate is one that you've largely inherited from the prior management. How should investors view the differences from this point? What's notable in terms of the approach the current team has brought?

在九月與 Charter 達成協議後，有興趣了解您是否與其他經銷商就類似的結構進行過討論，您認為該模式是否適用於其他地方？然後再跟進工作室的評論。您過去指出，戲劇名單很大程度上是您從前管理層繼承的。投資人該如何看待這種差異？目前團隊所採取的方法有哪些值得注意？

Look, on the studios side, we have an industry-leading TV production business that Channing Dungey runs. It's quite substantial. We have some of the best writers, directors. And we're seeing that even in a market that's down substantially, we're really growing with brands, with content that is carried on almost every platform and generating real economic value.

看，在製片廠方面，我們擁有查寧鄧吉（Channing Dungey）經營的行業領先的電視製作業務。這是相當可觀的。我們有一些最好的作家、導演。我們看到，即使在大幅下滑的市場中，我們也確實在與品牌一起成長，我們的內容幾乎在每個平台上都在成長，並產生了真正的經濟價值。

The studio business is a long cycle business. We've talked about it for a long time. I think we've made real progress in terms of our focus. We're going to start to see the line-up from James and Peter. They'll be rolling out the first part of a 5- to 10-year plan on DC this summer with Superman, and it's quite exciting what they have in store because I think DC has a lot of potential, and we've been working on that for two years.

工作室業務是一個長週期的業務。我們已經討論很久了。我認為我們在重點方面取得了真正的進展。我們將開始看到詹姆斯和彼得的陣容。他們將在今年夏天與《超人》一起在 DC 推出 5 到 10 年計劃的第一部分，他們的計劃非常令人興奮，因為我認為 DC 有很大的潛力，而且我們一直在努力就這樣持續了兩年。

And Mike and Pam, we'll start to see their line-up this year. So this year and next year, we'll start to see the films that they had from start to finish with the talent that they believe was going to generate the most value and the most opportunity for growth of the company.

麥克和帕姆，我們今年將開始看到他們的陣容。因此，今年和明年，我們將開始看到他們自始至終擁有的人才的電影，他們相信這些人才將為公司的發展創造最大的價值和最大的機會。

And finally, I think we're through some of the worst -- and it hasn't been pretty on the gaming business. But we have four games that are really powerful and have a real constituency that love them. And we're going to focus on those four primarily. And we're going to go away from trying to launch 10, 12, 15, 20 different games. And I think we have a real chance now with focus to have the gaming business be steadier.

最後，我認為我們已經經歷了一些最糟糕的時期——遊戲產業的情況並不樂觀。但我們有四款遊戲非常強大，並且擁有真正的粉絲。我們將主要關注這四個方面。我們將不再嘗試推出 10、12、15、20 款不同的遊戲。我認為我們現在有真正的機會專注於讓遊戲業務變得更加穩定。

So I'm very encouraged. You know our ambition to get back to at least $3 billion and then start growing. And there's a lot of building blocks with wind at our back in order to get there. So thank you.

所以我很受鼓舞。您知道我們的目標是恢復到至少 30 億美元，然後開始成長。為了到達那裡，我們需要克服很多困難。所以謝謝你。

On Charter, we love Chris Winfrey's strategy. It's a strategy of embracing multi-channel to the home through the cable distributors, and at the same time, giving a very contemporary consumer experience. You could watch it on cable, you have your broadband, and you could watch it in streaming.

在《憲章》中，我們喜歡克里斯溫弗瑞的策略。這是一種透過有線電視經銷商將多頻道引入家庭的策略，同時提供非常現代的消費者體驗。你可以透過有線電視觀看它，你有寬頻，你可以透過串流媒體觀看它。

I was encouraged to hear the earnings call and hear Chris talk about investing significantly more money in marketing it because it's all about the consumer and Charter driving to have a more contemporary consumer experience where if you're in the home and you want to watch streaming, you can do it. If you want to watch traditional which television or free-to-air and cable, you could do it. And there were two parts to that deal.

聽到財報電話會議並聽到克里斯談論在營銷上投入更多資金，我感到很鼓舞，因為這一切都與消費者和特許駕駛有關，如果你在家裡並且想觀看流媒體，則可以獲得更現代的消費者體驗，你可以做到。如果您想觀看傳統電視或免費電視和有線電視，您可以這樣做。該交易分為兩個部分。

There was our networks where we make up the majority or a very big portion of basic cable, and we've been investing in those networks whether it's CNN, Food or HG or ID. We still believe we produce a lot of content that gets used on those channels around the world and on Max. And we were able to get meaningful value for those networks because Chris still values the traditional multi-channel business. And we expect, and we will drive to maintain those kinds of economics across the board. And we're finding real value in our distribution deals domestically and around the world.

我們的網絡佔基本有線電視的大部分或很大一部分，我們一直在投資這些網絡，無論是 CNN、Food、HG 還是 ID。我們仍然相信我們製作的大量內容會在世界各地的頻道和 Max 上使用。我們能夠為這些網路獲得有意義的價值，因為克里斯仍然重視傳統的多通路業務。我們期望並且我們將努力全面維持這種經濟狀況。我們正在國內和世界各地的分銷交易中發現真正的價值。

So that was really an innovative deal. We hope other distributors will do it. We're in some discussions with some that are quite interested in doing it, and we'll just have to see.

所以這確實是一項創新交易。我們希望其他經銷商也能這樣做。我們正在與一些對此非常感興趣的人進行討論，我們只需要看看。

Michael Nathanson, MoffettNathanson.

麥可‧內森森，莫菲特‧內森森。

I have two. One is when you dig into the US subscriber number, and it's really UK like 53 million. Look at where Netflix is, I know they have years ahead of you. What do you think have been the gating factors? What will be the factors that can help you close that gap over time? So where do you think you're underpenetrated and what are you doing about that?

我有兩個。一是當你深入研究美國的訂戶數量時，你會發現英國的訂戶數量大約是 5,300 萬。看看 Netflix 現在的情況，我知道他們比你領先很多年。您認為限制因素是什麼？隨著時間的推移，哪些因素可以幫助您縮小這一差距？那麼您認為自己在哪些方面滲透不足？

And then internationally, David, there has definitely been some chatter that some of your competitors are thinking about partnering internationally would be open to it. How do you see, given your strength internationally, interest or potential in partnering with some other streaming competitors to get more scale? So how do you think about that philosophically?

然後在國際上，大衛，肯定有一些傳言說你的一些競爭對手正在考慮進行國際合作，對此持開放態度。鑑於您在國際上的實力，您如何看待與其他一些串流媒體競爭對手合作以擴大規模的興趣或潛力？那麼您如何從哲學角度思考這一點？

We're going to have JB talk about the US subscriber piece. Look, for a very long time, I've been talking about bundling. And bundling originally was a better consumer opportunity on the economic side. But what we've learned is it really needs to be a better product so that the consumer can come in and not just pay less for two products or for three products together, but also can navigate seamlessly between those products.

我們將請 JB 談論美國訂閱者部分。聽著，很長一段時間以來，我一直在談論捆綁。而捆綁銷售原本是經濟面較好的消費機會。但我們了解到，它確實需要成為更好的產品，這樣消費者才能進來，不僅可以花更少的錢購買兩種產品或三種產品，而且還可以在這些產品之間無縫導航。

And we're seeing a lot of strength in this partnership with Disney and Hulu. And it's early, but the subscriber growth is significant, and the consumer satisfaction is quite high. We're doing that in a number of markets.

我們在與迪士尼和 Hulu 的合作中看到了巨大的優勢。雖然還為時過早，但用戶成長顯著，消費者滿意度也相當高。我們正在許多市場這樣做。

I think getting into these markets with local sports, local entertainment, and the HBO and Max content, together with the relationships we have in each of these markets internationally, I think it's giving JB and our company a big advantage. JB just talk to that a little bit and then the US.

我認為透過當地體育、當地娛樂以及 HBO 和 Max 內容進入這些市場，再加上我們在國際上每個市場的關係，我認為這為 JB 和我們公司帶來了巨大的優勢。 JB 只談了一點，然後談了美國。

Yeah. I mean, look, the demand for Max as a product in every conversation we have with partners outside the US and in the US is very high and growing. And I'd say, particularly as it may seem like we're coming later to the market, the flip side is they've learned a lot over the last few years about some of the other products that are in market and the specialty products that may be in market that they originally partnered with, and ultimately saying we need something that's broader and that's higher quality.

是的。我的意思是，你看，在我們與美國以外和美國的合作夥伴進行的每次對話中，對 Max 作為產品的需求都非常高，而且還在不斷增長。我想說，特別是因為我們似乎進入市場較晚，但另一方面，他們在過去幾年中學到了很多關於市場上的其他產品和特色產品的知識這可能是他們最初合作的市場，並最終說我們需要更廣泛、更高品質的東西。

And the flight to quality, as Gunnar mentioned in his comments, I think is true also about the consumer where ultimately people are looking more and more for the service that has a curated higher quality experience, and Max delivered that in space. And so the demand on the partner side and innovative ways to help us drive distribution is very high and is key, as we're seeing our international rollout accelerate, and is part of what's driving that growth.

正如Gunnar 在他的評論中提到的那樣，我認為對品質的追求對於消費者來說也是如此，最終人們越來越多地尋求具有策劃的更高品質體驗的服務，而Max 在太空中實現了這一點。因此，合作夥伴的需求和幫助我們推動分銷的創新方法非常高，而且是關鍵，因為我們看到我們的國際推廣正在加速，並且是推動成長的一部分。

And it ties back to your question on the US, Michael. The reality is, I think there's two things in the US you got to remember. Number one is our mix is changing. And we are growing on a retail on a hybrid basis based on the fact that we still have -- we're still facing the headwinds of wholesale declines, just like the pay TV universe based on the legacy HBO model. And so while that bucket is continuing to drain a bit, we are refilling it and, in some cases, more than refilling it with retail sub. So we are seeing growth there.

這與你關於美國的問題有關，麥可。現實是，我認為在美國有兩件事你必須記住。第一是我們的組合正在改變。我們正在混合基礎上實現零售成長，因為我們仍然面臨批發下降的逆風，就像基於傳統 HBO 模式的付費電視領域一樣。因此，雖然這個桶子繼續有點排水，但我們正在重新填充它，在某些情況下，不僅僅是用零售潛艇重新填充它。所以我們看到了那裡的成長。

The penetration gap, as you mentioned, is largely in lower income or price-sensitive households, sub-$100,000 households where, naturally, the fact that they already have maybe one or two other streaming services, we become an in-demand but harder to finance proposition. And the solution there we look at is really three things in particular. The ad-light SKU is obviously very important to us, and that one, I think, is obviously the best way we can penetrate those more price-sensitive consumers.

正如您所提到的，滲透率差距主要存在於低收入或對價格敏感的家庭，即10 萬美元以下的家庭，自然地，事實上他們可能已經擁有一兩個其他串流媒體服務，因此我們成為了需求旺盛但更難提供的服務。我們所研究的解決方案其實特別是三件事。廣告燈 SKU 顯然對我們非常重要，我認為這顯然是我們滲透那些對價格更敏感的消費者的最佳方式。

The bundles you're seeing us do with the likes of Disney and Hulu, we're seeing very early but very good progress on trying to figure out how to figure out new ways to grow with more price-sensitive consumers. And then the partnerships that David mentioned earlier with the likes of Charter, with the likes of DoorDash and some of the other partnerships we've done in the marketplace, are helping us find new angles and new paths to get to those more price-sensitive consumers.

你看到我們與迪士尼和Hulu等公司進行的捆綁銷售，我們在嘗試找出與對價格更敏感的消費者一起成長的新方法方面看到了很早但非常好的進展。 David 之前提到的與 Charter 等公司、DoorDash 等公司的合作夥伴關係以及我們在市場上建立的其他一些合作夥伴關係正在幫助我們找到新的角度和新的路徑來接觸那些對價格更敏感的客戶消費者。

Finally, Michael, I've been saying for a long time, this is an industry that really needs to meaningfully consolidate. And it's really driven by the consumer experience. Consumers put on a TV set, and they see 16 apps. And each of those are doing different pricing, and you're sitting it with your phone and Googling where a show is or where sport is, and you're going from one to another, and there's so many that you have to go to a separate page. It's just not a good consumer experience.

最後，邁克爾，我長期以來一直在說，這是一個真正需要有意義的整合的行業。它確實是由消費者體驗所驅動的。消費者打開電視機，他們會看到 16 個應用程式。每一個都有不同的定價，你拿著手機，谷歌搜尋哪裡有演出或體育比賽，然後你從一個到另一個，有太多你必須去一個單獨的頁面。這並不是一種好的消費者體驗。

It's not sustainable. And there probably should have been more meaningful consolidation, whether that's through -- and you're starting to see it now. You're starting to see fairly large players saying, hey, maybe I should be part of you or maybe I should be a part of somebody else. But also -- and we feel that could happen by -- one could be bundling. The other could be actually coming together where some of these players will not have independent offerings, but will only be offered domestically or internationally as a pairing or where you would maybe give a little bit of equity to some of the players depending on the market.

這是不可持續的。也許應該進行更有意義的整合，無論是否完成——現在你已經開始看到這一點了。你開始看到相當大的玩家說，嘿，也許我應該成為你的一部分，或者也許我應該成為別人的一部分。而且——我們認為這可能會發生——捆綁銷售。另一種可能實際上是聚集在一起，其中一些參與者不會提供獨立的產品，而只會在國內或國際上作為配對提供，或者你可能會根據市場向某些參與者提供一點股權。

And finally, just outright consolidation of an industry that is in a generational disruption that's facing real challenges. And we have an upcoming new administration, and it's too early to tell, but it may offer a pace of change and an opportunity for consolidation that may be quite different that would provide a real positive and accelerated impact on this industry that's needed. These are great companies. And if the best content is going to win, there needs to be some consolidation for -- in order to have these businesses be stronger and have a better consumer experience.

最後，對一個正面臨真正挑戰的世代顛覆的產業進行徹底整合。我們即將迎來新政府，現在下結論還為時過早，但它可能會提供一定的變革步伐和整合機會，這可能會非常不同，從而為這個行業帶來真正的積極和加速的影響。這些都是偉大的公司。如果最好的內容想要獲勝，就需要進行一些整合，以使這些業務變得更強大並擁有更好的消費者體驗。

Rich Greenfield, LightShed Partners.

里奇·格林菲爾德，LightShed 合夥人。

I know you all don't usually comment on specific upcoming renewals. But I think you have a host of deals coming up for renewal with Comcast, both domestically as well as abroad with their Sky division. And I guess what gives you confidence as you head into this global renewal with Comcast and Sky? Especially without the NBA, and I realize there's a lawsuit still in process there. But investors certainly view the renewal as critical to the sustainability of the cable network cash flows.

我知道你們通常不會對即將到來的具體續訂發表評論。但我認為康卡斯特將與康卡斯特續訂大量交易，無論是國內還是國外的天空部門。我想當您與康卡斯特和天空電視台一起邁向全球復興時，是什麼給了您信心？尤其是在沒有 NBA 的情況下，我意識到那裡還有一場訴訟仍在進行中。但投資人無疑認為更新對於有線網路現金流的可持續性至關重要。

And I think just relating to your consolidation point a minute ago, David, I think the sustainability of those cable networks plays a lot into how people think about the potential of longer-term strategic maneuver. So anything you could say to help us understand how you're thinking about that renewal would be great.

我認為，大衛，就你剛才的鞏固點而言，我認為這些有線電視網絡的可持續性在人們如何看待長期戰略機動的潛力方面發揮著重要作用。因此，如果您能說點什麼來幫助我們了解您對續約的看法，那就太好了。

Well, we don't talk about timing or really about specific deals. But Brian and I have been in business together for almost 40 years. And we've done -- we've been doing deals together domestically. We did deals -- we're together with Sky in the UK, Germany, and Italy. And we've done all kinds of deals on ad tech, on advertising, in order to create value for both companies.

好吧，我們不討論時間安排或具體交易。但布萊恩和我一起做生意已經快 40 年了。我們已經做到了——我們一直在國內一起做交易。我們達成了合作——我們與英國、德國和義大利的天空電視台合作。我們在廣告科技、廣告方面進行了各種交易，以便為兩家公司創造價值。

And we're -- so as I look to the future, I think, one, that we have content that's highly valued and that's and that provides a very big portion of the value of the basic cable bundle because we're investing so much in providing unique content, and I think that's recognized by all distributors. And we look forward -- we're even in business with Comcast on -- with Harry Potter and which has been hugely successful for them and very successful for us. And so I expect that we'll be doing a lot more stuff together in the future.

當我展望未來時，我認為，我們擁有高價值的內容，而這些內容提供了基本有線電視捆綁包價值的很大一部分，因為我們投資了太多提供獨特的內容，我認為這是所有發行商都認可的。我們期待著——我們甚至與康卡斯特有業務往來——哈利波特，這對他們來說非常成功，對我們來說也非常成功。所以我希望我們將來能一起做更多的事情。

Jessica Reif Ehrlich, Bank of America Securities.

傑西卡·雷夫·埃利希，美國銀行證券公司。

A couple of questions. David, you kind of just alluded to this, but there has been big news flow recently with the best outcome politically, you would think, for M&A with the Republican sweep, One of your competitors said on their call last week that they were considering spinning out cable networks, another merging streaming. Another competitor said in the proxy, you guys were in discussion. So given all of that as a backdrop, can you give us your current views of a sale or spin of some assets and/or acquiring other assets? And maybe your views of a possibility of someone rolling up cable networks?

有幾個問題。大衛，你剛才提到了這一點，但最近有重大新聞報道，政治上取得了最好的結果，你可能會認為，對於共和黨大獲全勝的併購，你的一位競爭對手在上週的電話會議上表示，他們正在考慮旋轉有線網絡，另一種合併串流媒體。另一位競爭對手在代理書中說，你們正在討論。因此，考慮到所有這些作為背景，您能否向我們介紹您目前對出售或剝離某些資產和/或收購其他資產的看法？也許您對某人建立有線電視網絡的可能性有何看法？

And then a completely separate question. JB just alluded to this, what do you consider -- in DTC, what do you consider advertising scale? And can you give us like kind of the benchmark of how you plan on getting there and when you think you'll get there?

然後是一個完全獨立的問題。 JB剛才提到了這一點，您認為－在DTC中，您認為廣告規模是多少？您能為我們提供您計劃如何實現這一目標以及您認為何時能夠實現這一目標的基準嗎？

Thanks, Jessica. Look, I don't really have that much more to add to the prepared remarks. But we believe strongly that the current stock price doesn't adequately reflect the underlying value of these great assets that we have. And we're hard at work, which you are beginning to see, and we're seeing the results of, executing operationally domestically and around the world to drive significant transformation of this company and meaningful growth. And of course, as you would expect, we're always looking at ways to enhance shareholder value.

謝謝，傑西卡。聽著，對於準備好的發言，我真的沒有太多要補充的了。但我們堅信，目前的股價並不能充分反映我們擁有的這些偉大資產的潛在價值。我們正在努力工作，您已經開始看到這一點，我們也看到了結果，在國內和世界各地執行業務，以推動公司的重大轉型和有意義的成長。當然，正如您所期望的那樣，我們一直在尋找提高股東價值的方法。

That's our focus, that's our Board's focus every day, and we're -- that's what we're doing.

這是我們的重點，也是我們董事會每天的重點，而我們——這就是我們正在做的事情。

Jessica, on the ad side, look, the shortest way to answer that, I think, is that we are, again, in the very early innings of what we call ad scale. And the levers are primarily driven by three things. Obviously, the reach over ad-supported SKU, which, as David and Gunnar mentioned in their prepared remarks, we are -- we were in one market as of a year ago, we're now in over 45, but that's less than six months old. And so we believe on the reach side, we still have enormous runway in the quarters ahead.

傑西卡，在廣告方面，我認為回答這個問題的最簡單的方法是，我們再次處於所謂的廣告規模的早期階段。這些槓桿主要由三個因素驅動。顯然，廣告支持的 SKU 的覆蓋範圍，正如 David 和 Gunnar 在他們準備好的演講中提到的那樣，我們——一年前我們處於一個市場，我們現在超過 45 個市場，但還不到 6 個幾個月大了。因此，我們相信，在未來幾個季度，我們仍然有巨大的發展空間。

On the ad load side, we are light. We don't put any ads today in the HBO current series, as an example. We don't break up the content. We have some pre-roll content we're making sponsorship, but we don't put anything in there. We have a very light ad load compared to most of our competitors in the market. So there is room to grow in the capacity side.

在廣告負載方面，我們很輕。例如，我們今天不會在 HBO 當前劇集中投放任何廣告。我們不會分解內容。我們正在贊助一些前置內容，但我們不會在其中放置任何內容。與市場上大多數競爭對手相比，我們的廣告負載非常輕。所以在產能方面還有成長的空間。

And then on the pricing and I'd say ad capability side, we're, again, very early in terms of ad format innovation to try and drive more innovative, creative formats for partners and marketers to work with us. And so those three levers are going to provide a great amount of scale. So I think we're in the early innings of the advertising revenue growth stream.

然後在定價方面，我想說的是廣告能力方面，我們在廣告格式創新方面處於非常早期的階段，試圖為合作夥伴和行銷人員與我們合作推動更多創新、創意的格式。因此，這三個槓桿將提供巨大的規模。所以我認為我們正處於廣告收入成長的早期階段。

Look, we have seen on cable that too much advertising really presents consumer challenges in terms of how nourished they are and how much they like the platform. And it's one of the reasons why, as we build the quality platform globally, with the best content, the best local content and sport, that we don't want to make that same mistake that this industry made. And as others add a lot of inventory, we really like the idea that we're not doing that. You're not going to be interrupted watching House of the Dragon or White Lotus, at least for the foreseeable future. We think part of the quality is the quality of the experience.

看，我們在有線電視上看到，太多的廣告確實給消費者帶來了挑戰，即他們的營養程度以及他們對這個平台的喜愛程度。這就是為什麼當我們在全球範圍內建立優質平台、提供最好的內容、最好的本地內容和體育時，我們不想犯這個行業所犯的同樣的錯誤。當其他人增加大量庫存時，我們真的很喜歡我們不這樣做的想法。至少在可預見的將來，觀看《龍之家》或《白蓮花》時不會被打擾。我們認為品質的一部分是體驗的品質。

Bryan Kraft, Deutsche Bank.

布萊恩·克拉夫特，德意志銀行。

I guess I wanted to ask, too, if I could just first on pricing. How much of a D2C revenue driver do you anticipate price increases will be over the next couple of years? Can you talk about how much pricing power do you think you have today and how important growing engagement is in order to sustain that going forward?

我想我也想問我是否可以先談談定價。您預計未來幾年價格上漲對 D2C 收入驅動力有多大？您能否談談您認為現在擁有多少定價權以及增加參與度對於維持未來的發展有多重要？

And then I just had one on the cost side. Gunnar, can you talk about the opportunities you see to lower cost in the linear networks business next year in order to mitigate the obvious continued secular revenue declines in advertising and affiliate?

然後我就在成本方面做了一個。 Gunnar，您能否談談您認為明年線性網路業務中降低成本的機會，以緩解廣告和聯盟收入明顯持續的長期下降？

We -- look, on the pricing side, I'd say we've -- from what we've seen over the last two years, in the US, we've done two price rises. We think the premium nature of our product in particular lends us to be -- to have a fair amount of room to continue to push price.

我們——看，在定價方面，我想說我們——從過去兩年的情況來看，在美國，我們已經兩次提價。我們認為我們產品的優質特性尤其使我們能夠擁有相當大的空間來繼續推高價格。

We've been judicious about it. But every price rise we've done so far, the churn has actually been lower than we projected and expected, and the retention continues to be strong. The other thing that we haven't seen, which is sort of a form of a price rise, if you will, and I mentioned it earlier, is that we haven't done anything. We will kick off some very soft messaging later this quarter around password sharing. And that, as we kick into '25 and into '26, you'll see more and more progress on that, which in effect is a form of a price rise.

我們對此一直很明智。但到目前為止，我們所做的每一次漲價，客戶流失率實際上都低於我們的預期和預期，而且保留率仍然很高。我們還沒有看到的另一件事，如果你願意的話，這是一種價格上漲的形式，我之前提到過，那就是我們沒有採取任何行動。我們將在本季度稍後圍繞密碼共享啟動一些非常溫和的消息傳遞。當我們進入 25 年和 26 年時，你會看到這方面的進展越來越多，這實際上是價格上漲的一種形式。

We're obviously asking members who have not signed up or multi-household members to pay a little bit more. And so you're going to see that as an additional kicker. And then internationally, I'd say is a place where we haven't actually -- we've been more judicious, let's say, on price and as we get a product rolled out. Remember, we're only fairly six months into the rollout internationally that we see additional opportunity.

我們顯然要求尚未註冊的會員或多戶會員多支付一點費用。所以你會認為這是一個額外的刺激。然後在國際上，我想說的是，我們實際上並沒有在價格和推出產品時更加明智。請記住，我們在全球範圍內推出僅六個月，我們就看到了更多機會。

Not to mention -- the last thing I'd say is, as we -- as Gunnar said, we're focusing on LTV as well. And so the price is critical, clearly, but the retention dynamics and some of the value, even at a slightly lower price in the absolute ARPU level of these bundles, we're starting to see really, really positive signs of the retention that makes us much more confident on the growing LTV of those drivers at the same time.

更不用說——我要說的最後一件事是，正如 Gunnar 所說，我們也關注 LTV。因此，價格顯然至關重要，但保留動態和一些價值，即使這些捆綁包的絕對 ARPU 水平略低，我們也開始看到真正非常積極的保留跡象，這使得同時，我們對這些司機不斷增長的生命週期價值更有信心。

One of the advantages of the bundles is it's a true direct-to-consumer offering. So there is no shared revenue with any of these -- the channel stores that have been effective in building the service. So that you can actually do a consumer discount and you could still have your ARPU higher, because all the economics are coming to each of the bundled products.

捆綁包的優點之一是它是真正的直接面向消費者的產品。因此，與那些有效建立服務的通路商店沒有共享收入。這樣一來，您實際上可以提供消費者折扣，並且您的 ARPU 仍然可以更高，因為所有的經濟效益都來自於每種捆綁產品。

And then, Bryan, on the cost side. Look, we'll continue to be incredibly disciplined and focused here. We have taken out billions of dollars out of our reported cost base despite operating in a highly inflational environment for the past three years, and we'll continue to work on that. We still have some structural measures that took a little longer to implement. Those are infrastructure measures in broadcast technology and operations measures, et cetera, and those are still going to flow through over the next year and beyond.

然後，布萊恩，在成本方面。看，我們將繼續在這裡保持令人難以置信的紀律和專注。儘管過去三年我們在高度通膨的環境中運營，但我們已從報告的成本基礎中扣除了數十億美元，我們將繼續為此努力。我們還有一些結構性措施需要更長的時間才能實施。這些是廣播技術和營運措施等基礎設施措施，這些措施仍將在明年及以後實施。

The long-term big opportunity on the content side from my perspective is, and we've talked about this before, that so far is pretty much a one-way street of the company supporting D2C with content as that product scales, and JB and KC and Gerhard internationally produce more and more fresh content for that platform that may, at some point, lead to greater library opportunities for the linear business as well. It's a little more longer term, but there will definitely be opportunities. And then on the other hand, we are investing more in sports. As you know, we've lit up a number of new rights. And this is a high-margin business with a largely fixed cost base.

從我的角度來看，內容方面的長期巨大機會是，我們之前已經討論過這一點，到目前為止，隨著產品規模的擴大，公司通過內容支持 D2C 幾乎是一條單行道，而 JB 和KC 和Gerhard 在國際上為該平台製作了越來越多的新鮮內容，在某種程度上，這也可能為線性業務帶來更多的圖書館機會。雖然時間有點長，但肯定會有機會。另一方面，我們正在加大對體育的投資。如您所知，我們已經授予了許多新權利。這是一項高利潤業務，成本基礎基本固定。

So I don't want you to take away we're going to be able to fully offset the pressures that we're expecting on the revenue side.

所以我不希望你認為我們將能夠完全抵消我們預期的收入方面的壓力。

But the economics that we're seeing, we have held back -- is it $1 billion of additional content that we could have sold or that were less than the prior year, that you can really see as an investment in our Max and HBO streaming service to have something...

但我們所看到的經濟狀況，我們卻有所保留——我們本可以出售 10 億美元的額外內容，還是比前一年少，你真的可以將其視為對我們 Max 和 HBO 流媒體的投資服務有東西...

That's right. As I said in my prepared remarks, mostly affecting the studio obviously. But David is right. I mean, this is several hundred million -- billion, depending on where you normalize content licensing as a revenue stream. But we have had, as I said, lower availabilities this year.

這是正確的。正如我在準備好的演講中所說，這對工作室的影響顯然很大。但大衛是對的。我的意思是，這是幾億至十億，具體取決於您將內容許可標準化為收入來源的地方。但正如我所說，今年我們的可用性較低。

And we have deliberately sold a lot of that internally, which is a pretty hefty impact on profitability because we're paying our participants on the basis of internal revenues, not the consolidated WBD revenue number. And you're right, that is an investment that we're hoping to get great returns on over the next few years in our DC business.

我們故意在內部出售了很多產品，這對盈利能力產生了相當大的影響，因為我們是根據內部收入而不是 WBD 綜合收入數據向參與者支付費用。你是對的，我們希望這項投資在未來幾年在我們的 DC 業務中獲得豐厚的回報。

But we do have a number of every-few-year products coming up next year that will be (multiple speakers)

但明年我們確實會推出一些每隔幾年就會推出的產品（多位講者）

Essentially all of the -- this coming year is going to be better than what we saw this year.

基本上所有的——來年都會比我們今年看到的更好。

Benjamin Swinburne, Morgan Stanley.

班傑明‧斯溫伯恩，摩根士丹利。

Just to maybe finish up that comment. As we think about the studios, it seems like it's poised to bounce back profit-wise next year nicely. So if you gave us the write-downs on the games? Are there any more maybe in theatrical that you could quantify? And just want to confirm, you think TV licensing still has healthy growth in '25 versus '24 after the kind of post strikes snapback?

只是為了完成該評論。當我們考慮工作室時，明年的利潤似乎將很好地反彈。那如果你給我們遊戲的減記呢？戲劇中還有什麼可以量化的嗎？只是想確認一下，您認為在那種帖子突然回升之後，電視許可在 25 年與 24 年相比仍然保持健康增長嗎？

And then, David, just kind of going back to strategic stuff, I think everybody would agree your stock is trading like a company that's declining in earnings sort of for the foreseeable future. I think some look at your company and said you've got a growth business or growth businesses in the studio on streaming, and you have businesses that are declining in networks and so why not separate those.

然後，大衛，回到策略問題上來，我想每個人都會同意你的股票的交易方式就像一家在可預見的未來盈利會下降的公司。我認為有些人看了你的公司後說，你在串流媒體工作室中有一個或多個增長業務，而你的網絡業務正在下降，所以為什麼不把它們分開。

So my question to you is, you've talked a lot about kind of One Discovery or One Warner Bros. Discovery since the merger. What are the benefits of owning all these businesses inside of one company? And do you see those as substantial and meaningful and important in sort of the long-term investment opportunity at WBD? Or are you open to changing your mind or thinking about different permutations that might make sense to unlock value?

所以我問你的問題是，自從合併以來，你已經談論了很多關於 One Discovery 或 One Warner Bros. Discovery 的問題。在一家公司內擁有所有這些業務有什麼好處？您認為這些對於 WBD 的長期投資機會來說是實質的、有意義的和重要的嗎？或者您是否願意改變想法或考慮可能有意義的不同排列來釋放價值？

Okay, Ben. So look, you're 100% right about the studio bounce back, and it's really across the board. I do think, as we discussed at length, I think the film group is going to see better results. We do think that Channing's business, the WBD TV production, is going to continue this momentum. We have made investments on the tours and retail side franchises, an area that we still think is going to have significant opportunity.

好吧，本。所以看，你關於工作室反彈的說法是100%正確的，而且確實是全面的。我確實認為，正如我們詳細討論的那樣，我認為電影組將會看到更好的結果。我們確實認為查寧的業務，即 WBD 電視製作，將繼續保持這種勢頭。我們對旅遊和零售的特許經營權進行了投資，我們仍然認為這個領域將有巨大的機會。

Games, to your point, is definitely set to recover. And content licensing as we just discussed a minute ago, is certainly going to be higher from a 2024 starting base. So that's why we have been so confident in our statement that we're going to see $3 billion and then growth from there.

就你而言，遊戲肯定會復甦。正如我們剛才討論的那樣，內容授權肯定會比 2024 年的起始基數更高。這就是為什麼我們對我們的聲明如此充滿信心，我們將看到 30 億美元，然後繼續成長。

Now is that all going to materialize in 2025? We'll see. A lot of those decisions we'll still need to make, and it's going to depend on the individual business units. But I think we have a very sustainable long-term growth story ahead here for the studio from here.

那麼這一切會在 2025 年實現嗎？我們拭目以待。我們仍然需要做出很多決策，這將取決於各個業務部門。但我認為我們的工作室未來將有一個非常永續的長期成長故事。

On the One WBD point, look, especially when it comes to content, this is an area where we see the benefits of running this company on an integrated basis every single day. David had in his prepared remarks, The Penguin example. And again, we've made a ton of progress. We're also still in the early innings. So we are definitely getting a return here from running WBD as one integrated company.

在One WBD這一點上，尤其是在內容方面，我們在這一領域看到了每天以綜合基礎經營這家公司所帶來的好處。大衛在他準備好的演講中提到了企鵝的例子。再說一次，我們已經取得了很大的進展。我們還處於早期階段。因此，我們肯定會透過將 WBD 作為一家綜合性公司來運作而獲得回報。

Okay. Thank you, everybody. That concludes our formal remarks today, and we appreciate you taking the time to join us.

好的。謝謝大家。我們今天的正式演講到此結束，感謝您抽出寶貴時間加入我們。

Thank you. Once again, this does conclude the Warner Bros. Discovery third-quarter 2024 earnings conference call. You may disconnect your line at this time, and have a wonderful day.

謝謝。華納兄弟探索頻道 2024 年第三季財報電話會議到此結束。此時您可以斷開線路，度過美好的一天。