華納兄弟探索 (WBD) 2025 Q1 法說會逐字稿

Ladies and gentlemen, welcome to the Warner Brothers Discovery first-quarter 2025 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 2025 年第一季財報電話會議。（操作員指示）此外，請注意，今天的電話會議正在錄音。

I would now like to hand the conference over to Mr. Andrew Slabin, Executive Vice President, Global Investor and Strategy. You may begin.

現在，我想將會議交給全球投資者和策略執行副總裁安德魯·斯拉賓先生。你可以開始了。

Good morning, and thank you for joining us for Warner Brothers Discovery's Q1 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，感謝您參加華納兄弟探索頻道第一季財報電話會議。今天與我一起出席的還有總裁兼執行長 David Zaslav、財務長 Gunnar Wiedenfels 和全球串流媒體和遊戲執行長兼總裁 JB Perrette。

Today's presentation will include forward-looking statements that we make pursuant to the Safe Harbor provisions of the Private Security 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.

今天的演示將包括我們根據 1995 年《私人安全訴訟改革法案》的安全港條款做出的前瞻性聲明。前瞻性陳述可能包括有關公司未來業務計劃、前景和財務業績的評論，並涉及可能導致實際結果與我們的預期有重大差異的風險和不確定性。

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 recent annual reports 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 表年度報告以及 10-Q 表和 8-K 表報告。

I will turn the call over to David for some brief remarks. After which, we will take your questions.

我將把電話轉給大衛，讓他發表一些簡短的評論。之後，我們將回答您的問題。

Good morning, everyone. Two years ago, we said, it's not how much, it's how good. And today, that focus on quality is really paying off.

大家早安。兩年前，我們說過，重要的不是有多少，而是有多好。如今，對品質的關注確實獲得了回報。

Our commitment to high-quality storytelling, powered by the most exceptional creative talent in front of and behind the camera, continues to be the engine that powers Warner Brothers Discovery. That engine has never been stronger, more differentiated, and more important, both here in the US and around the world.

我們致力於講述高品質的故事，並由鏡頭前後最傑出的創意人才提供支持，這將繼續成為華納兄弟探索公司的動力。無論在美國還是在世界各地，這個引擎從未如此強大、更加差異化、更加重要。

Whether it's the White Lotus, The Pit, The Last of Us, A Minecraft Movie, Sinners, or The Eastern Gate series, internationally, when you look at what's shaping culture today, so much is coming from our studios and reaching audiences on our platforms. These stories aren't just watched, but savored.

無論是《白蓮花》、《深淵》、《最後生還者》、《我的世界大電影》、《罪人》或《東方之門》系列，在國際上，當你觀察當今塑造文化的事物時，你會發現很多作品都來自我們的工作室，並透過我們的平台接觸到觀眾。這些故事不只是可以觀看，還可以細細品味。

People immerse themselves in them, share them, and return to them. They spark conversation, drive connection, and fuel fandom. And that cultural influence and strength is showing up in our bottom line.

人們沉浸其中、分享其中、並回報其中。它們激發對話、促進聯繫並激發粉絲熱情。這種文化影響力和力量正在我們的底線顯現出來。

On streaming, as you saw in our letter, we delivered another exceptionally strong quarter. Over the last 12 months, we have gained more than 22 million subscribers. And in the first quarter, we gained over 5 million subscribers and delivered $339 million in EBITDA. We are firmly on track to deliver at least $1.3 billion of EBITDA in 2025, up 85 % versus 2024, and to surpass our 150 million subscriber goal by the end of next year.

在串流媒體方面，正如您在我們的信中看到的，我們又度過了一個異常強勁的季度。在過去的 12 個月中，我們的訂閱用戶數量已超過 2,200 萬。第一季度，我們的用戶數量增加了 500 多萬，EBITDA 達到 3.39 億美元。我們預計在 2025 年實現至少 13 億美元的 EBITDA，較 2024 年成長 85%，並在明年年底前超越 1.5 億用戶的目標。

What's fueling that success? It's multiple growth levers that provide years of opportunity still ahead, starting with the best stories from HBO, which is delivering the deepest, most consistent storytelling pipeline in its history. It's local language content and local sports that bolster our relevance in every region in the world. That combination makes us really unique.

是什麼推動了這項成功？它的多個成長槓桿為未來幾年提供了機遇，首先是 HBO 的最佳故事，它正在提供其歷史上最深入、最一致的故事敘述管道。正是當地語言內容和當地體育增強了我們在世界各地的相關性。這種結合讓我們真正獨一無二。

The impact of our stories is then amplified by our increasingly global footprint that still has almost half the world to go. And it's brought to life by a product that has gotten better at enhancing personalization and engagement, but still has a strong roadmap of improvements ahead.

我們的故事的影響力隨著我們日益全球化的足跡而被放大，而我們仍需覆蓋近半個地球。這款產品在增強個人化和參與度方面做得更好，但它仍然擁有強大的改進路線圖。

On studios, we are also encouraged by the progress in getting back to our $3 billion in EBITDA goal and growing. That's coming from the strength of Warner Brothers Television, the world's leading independent TV studio, which broadens our cultural and commercial impact on the platforms outside of WBD ecosystem with standout shows.

在工作室方面，我們也對回到 30 億美元 EBITDA 目標並繼續成長的進展感到鼓舞。這得歸功於世界領先的獨立電視工作室華納兄弟電視的強大實力，它透過出色的節目擴大了我們在 WBD 生態系統之外的平台上的文化和商業影響力。

It's also coming from Warner Brothers Motion Pictures. where our strategy of a mix of IP-based blockbusters and compelling new originals is gaining traction and delivering results, as demonstrated by the recent big success of A Minecraft Movie and Sinners. And Final Destination, which is launching next week, is trending very strong.

它也來自華納兄弟電影公司。我們的策略是將基於 IP 的大片與引人注目的新原創作品相結合，這項策略正在獲得關注並取得成果，正如最近《我的世界大電影》和《罪人》的巨大成功所證明的那樣。下週即將上映的《死神來了》熱度非常高。

Looking ahead, we are excited about the strong slate across all of our studios, starting with DC Studios launching Superman in July. We're wrapping on Supergirl and are deep into production on Lanterns, all part of our 10-year plan to reignite the DC brand globally and drive long-term franchise value.

展望未來，我們對所有工作室的強勁表現感到興奮，首先是 DC 工作室於 7 月推出的《超人》。我們正在完成《女超人》的拍攝，並深入製作《綠燈俠》，這些都是我們十年計劃的一部分，旨在在全球範圍內重振 DC 品牌並推動長期特許經營價值。

What we have now is a powerful combination of a differentiated, profitable, and growing global streaming service with a world-class studio business, both being supplemented by the meaningful continued cash generation from our global linear networks. Warner Brothers Discovery is global reach, growth, and the demand for our quality content offerings gives us real confidence and our ability to create long-term sustainable growth and shareholder value.

我們現在擁有的是差異化、盈利且不斷增長的全球串流媒體服務與世界一流的工作室業務的強大組合，而這兩者都由我們全球線性網絡持續產生的有意義的現金流所補充。華納兄弟探索公司的全球影響力、成長速度以及對我們優質內容的需求給了我們真正的信心和創造長期可持續成長和股東價值的能力。

With that, we welcome your questions.

我們歡迎您提出問題。

(Operator Instructions) Steven Cahall, Wells Fargo.

（操作員指示）富國銀行的史蒂文·卡霍爾 (Steven Cahall)。

So first, I think there's a lot of industry discussion around your reorganization and some of the optionality that that creates for those assets. I think the biggest debate is just the leverage ratio that global linear networks can handle as we go forward.

首先，我認為業界對你們的重組以及重組為這些資產創造的一些可選性有很多討論。我認為最大的爭論只是全球線性網路在未來能夠處理的槓桿率。

So I was wondering if you could give us any insights as to what you think a capital structure could eventually look like on an asset like that at some point, what you think a leverage ratio could be that still preserves or increases the equity value that you've got today, and how you can get there in terms of the EBITDA and cash flow trajectory.

所以我想知道您是否可以給我們一些見解，您認為在某個時候，這種資產的資本結構最終會是什麼樣子，您認為槓桿率是多少才能保持或增加您今天擁有的股權價值，以及如何在 EBITDA 和現金流軌跡方面實現這些目標。

And then on extra members, do you have a sense of how big that extra opportunity could be for Max in the US? Is it a few million? Is it significantly bigger? And how do you lean into all the tent poles you have upcoming in order to help capture those, as I imagine that drives you towards or even create some upside to the $1.3 billion in EBITDA?

那麼關於額外會員，您是否知道這個額外機會對 Max 在美國來說有多大？有幾百萬嗎？它明顯大嗎？您如何利用即將推出的所有支柱來幫助抓住這些機會，我想這會推動您實現 13 億美元的 EBITDA，甚至為其創造一些優勢？

Steve, this is Gunnar. Obviously, I don't want to speculate on capital structures for hypothetical parts of the company. We are very happy that we were able to get through this reorganization as quickly as we did, the internal reorganization that we announced in December.

史蒂夫，這是 Gunnar。顯然，我不想對公司假設部分的資本結構進行推測。我們非常高興能夠如此迅速地完成這次重組，也就是我們在 12 月宣布的內部重組。

As we laid out, we believe that we are now properly structured to take advantage of whatever opportunities may arise. David has pointed out how this industry is facing generational change, and we believe there is now a lot more transparency for you guys.

正如我們所闡述的，我們相信，我們現在已經做好了適當的準備，可以利用可能出現的任何機會。大衛指出了這個行業正在面臨代際變革，我們相信現在對你們來說透明度更高了。

You'll see that we also issued trending schedules several quarters back, clearly explaining what's going on in the two division structure that we have implemented, showing the content flows between streaming and studios in that division, et cetera. So I think we've done a lot of good work here to create transparency and secure optionality.

您會看到，我們在幾個季度前也發布了趨勢時間表，清楚地解釋了我們實施的兩個部門結構中發生的事情，展示了該部門的串流媒體和工作室之間的內容流，等等。所以我認為我們在這裡做了很多很好的工作來創造透明度和安全的可選性。

And that's it. I don't think there's any value in speculating about potential capital structures at this point.

就是這樣。我認為現在推測潛在的資本結構沒有任何價值。

Restructuring with these two subsidiaries, it's how we run the company. And it also gives real visibility to you and to all of our shareholders to see what we're seeing, to be able to see that we're the biggest maker of content. And we have the largest production operation globally. And we have a streaming service that is really growing. And by putting this structure in place, you're able to see that.

對這兩個子公司進行重組，這就是我們經營公司的方式。這也讓您和我們所有的股東真正了解我們所看到的一切，並且能夠看到我們是最大的內容創造者。我們擁有全球最大的生產基地。我們的串流媒體服務正在蓬勃發展。透過建立這個結構，你就能看到這一點。

And you also see that on our traditional business side, we were global. It's free to air. It's sports. It's global news. It's differentiated cable brands, all of which can nourish and enhance our existing streaming business. But it shows you how we look at the business.

而且您還會看到，在我們的傳統業務方面，我們是全球性的。免費播放。這是體育運動。這是全球新聞。它是一個差異化的有線電視品牌，所有這些都可以滋養和增強我們現有的串流媒體業務。但它向你展示了我們如何看待這項業務。

It also gives us full optionality. Having done that work now, not only can we see this and can you see it, but we can move quickly if we decide to change and make a determination on restructuring.

它也為我們提供了充分的選擇權。現在完成這項工作後，我們不僅可以看到這一點，您也可以看到這一點，而且如果我們決定改變並下定決心進行重組，我們就可以迅速採取行動。

And then, Steven, on the extra member, a couple things to size the opportunity and think about the timing. Remember, right now, we've launched only in the US. It's only available on our retail subscriber base, which obviously is a subset of our total sub base.

然後，史蒂文，關於額外成員，有幾件事需要衡量機會並考慮時機。請記住，目前我們僅在美國推出。它僅適用於我們的零售用戶群，這顯然是我們整體用戶群的子集。

And the messaging is part of the parallel path of the password sharing initiatives that we have. It's very soft messaging that will start getting firmer and more visible to subscribers over the months to come. So in '25, I think you're going to see some benefits from it.

訊息傳遞是我們密碼共享計劃的平行路徑的一部分。這是非常溫和的訊息傳遞方式，但在接下來的幾個月裡，它將變得更加堅定，並且對訂閱者更加明顯。因此，我認為在 25 年你會看到它帶來的一些好處。

I think it's going to increase and really be a more 12- to 18-month initiative as it rolls out. So more subscriber cohorts here in the US, globalizes later in the year and into '26. And as the messaging on the password sharing gets more assertive over the course of the -- more of the back half of the year and really into '26.

我認為，隨著該計劃的實施，其期限將會延長，並真正成為為期 12 至 18 個月的計劃。因此，美國將有更多的訂閱用戶群體，並在今年稍後以及 2026 年實現全球化。隨著有關密碼共享的資訊在下半年以及 26 年變得更加明確。

Peter Supino, Wolfe Research.

沃爾夫研究公司的彼得·蘇皮諾（Peter Supino）。

I wanted to ask you about your sports strategy on Max. Understanding that that strategy leverages relationships and licenses that you have through the linear segment, do you see opportunities to license new IPs going forward?

我想問一下您在 Max 上的運動策略。了解到該策略利用了您透過線性細分市場所擁有的關係和許可，您是否看到了未來授權新 IP 的機會？

Well, the strategy really differs as we look at the global reach of Max. There's a number of markets where it's part of Max. There's a number of markets where it's an add-on.

嗯，當我們看看 Max 的全球影響力時，其策略確實有所不同。在許多市場中它都是 Max 的一部分。在許多市場中它都是一種附加產品。

Having the sports outside the US has been really helpful to us. Together with the compelling local content and HBO, it's been an offering that really differentiates us. And we're seeing some meaningful demand.

在美國以外進行體育運動對我們真的很有幫助。加上引人注目的本地內容和 HBO，它成為了我們真正與眾不同的產品。我們看到了一些有意義的需求。

JB, you want to talk more specifically about the US?

JB，你想更具體地談談美國嗎？

Yeah. Peter, we have -- I'd say we've taken a very disciplined -- but experimenting with different models to see how in this migration from certainly sports in the US from wholesale to maybe a more hybrid or wholesale-plus streaming works versus internationally where generally, our European sports business is historically been more like our TNT sports asset in the UK, an a la carte sports business, unlike here in the US.

是的。彼得，我想說，我們採取了非常嚴謹的措施，嘗試了不同的模式，以了解在美國體育從批發向混合型或批發加流媒體的轉變過程中，國際上的情況如何。一般來說，我們的歐洲體育業務歷史上更像我們在英國的 TNT 體育資產，是一種點菜式體育業務，這與美國的情況不同。

And so we have various levels of experiments where there, the subscribers are paying definitively extra for that sports content. Here, we obviously have it ingested into our entertainment, two top entertainment tiers, as we do in Latin America across all the tiers.

因此，我們進行了不同程度的實驗，其中訂閱者為體育內容支付了明確的額外費用。在這裡，我們顯然將其融入我們的娛樂領域，兩個頂級娛樂層級，就像我們在拉丁美洲的所有層級中所做的那樣。

We see the power of it from an acquisition standpoint. We see the power of it from an engagement standpoint. That said, obviously, we balance that with the cost of these rights. And we are evaluating them to see what makes sense.

我們從收購的角度看到了它的力量。我們從參與的角度看到了它的力量。話雖如此，顯然，我們會根據這些權利的成本進行權衡。我們正在對它們進行評估，看看哪些有意義。

Because it is hard still to find a business model in streaming alone that makes these premium sports rights profitable and successful in driving those two metrics. And so we're going to continue to experiment in a smart way.

因為僅憑串流媒體技術仍然很難找到一種商業模式，能夠讓這些優質體育賽事的版權​​獲利並成功推動這兩個指標。因此，我們將繼續以智慧的方式進行實驗。

We do think there's clearly opportunities to leverage powerful sports rights as we do with Champions League in Brazil and Mexico and as we do with our sports rights here, but it's not a one single model. We're going to continue to experiment and see how we evolve the model to make it successful and profitable at the same time.

我們確實認為，顯然有機會利用強大的體育版權，就像我們在巴西和墨西哥的冠軍聯賽以及我們在這裡的體育版權一樣，但這並不是單一的模式。我們將繼續進行實驗，並了解如何改進該模型以使其同時獲得成功和獲利。

In the end, sports is the rental business. For us, Superman, Batman, DC, Harry Potter, Lord of the Rings, those are the core -- the equivalents of the NFL to us. We own those assets, Game of Thrones, as we build storytelling content that people love everywhere in the world with characters that they love everywhere in the world. And then we could build out that world, like we're doing with Harry Potter with 10 consecutive years.

從根本上來說，體育就是租賃業務。對我們來說，超人、蝙蝠俠、DC、哈利波特、魔戒，這些都是核心——相當於我們的 NFL。我們擁有這些資產，《權力的遊戲》，因為我們用世界各地的人們喜愛的角色來建構世界各地的人們喜愛的故事內容。然後我們可以建構那個世界，就像我們連續 10 年對哈利波特所做的那樣。

In the aggregate, that is where the future of Warner Brothers Discovery is, as the best storytelling company in the world with the most extraordinary library and -- from The Wizard of Oz to DC and Harry Potter -- and for us to harvest that. Because one of the advantages that we have is that there's an opportunity to really begin to harvest it.

總的來說，這就是華納兄弟探索公司的未來，作為世界上最好的故事講述公司，擁有最非凡的圖書館——從《綠野仙蹤》到《DC》和《哈利波特》——而我們就是要收穫這一切。因為我們的優勢之一就是有機會真正開始收穫它。

In many cases, we haven't been doing that. And so that's where I think we'll be spending more of our money and being less dependent on sport, which is a rental business.

在很多情況下，我們並沒有這麼做。所以我認為我們會在這方面投入更多的資金，減少對體育的依賴，因為體育是一項租賃業務。

Bryan Kraft, Deutsche Bank.

德意志銀行的布萊恩·克拉夫特。

David, you talked about the strength of Max's distinctive programming as a source of competitive advantage. I wanted to ask, first, how is HBO able to turn out so many standout hits like this and do it so consistently? What's the secret sauce there from your perspective?

大衛，您談到了 Max 獨特的程式優勢是其競爭優勢的來源。首先我想問的是，HBO 是如何能夠推出如此多的此類出色熱門劇集並保持如此持續的成功的？從您的角度來看，其中的秘訣是什麼？

Second, for David or JB, can you talk about how Max is resonating with different demographic groups domestically, particularly the younger consumers?

其次，對於 David 或 JB，您能否談談 Max 在國內如何引起不同人口群體的共鳴，尤其是年輕消費者？

And then lastly, I was wondering if you can give us a sense of how time spent on Max in the US compares to time spent in other markets on Max particularly in Europe and Latin America.

最後，我想知道您是否可以讓我們了解美國用戶在 Max 上花費的時間與其他市場（尤其是歐洲和拉丁美洲）用戶在 Max 上花費的時間相比如何。

Well first, we have one of the best creative executives, a generational talent with Casey Bloys, who's been at HBO for two decades. And he's also built an amazing team with Franny and Amy and Sarah and Nina and Nancy. This is a group that have been together for 15-plus years.

首先，我們擁有最優秀的創意主管之一、一代才華橫溢的凱西·布洛伊斯 (Casey Bloys)，他已在 HBO 工作了二十年。他還與弗蘭妮、艾米、莎拉、妮娜和南希組建了一支出色的團隊。這是一個已經在一起生活了15年以上的團體。

And their ability to tell a story to partner with great creatives, but they also have a model of quality. When people see that HBO brand, they know that that represents all of that talent. And people have, for 50 years, been coming to HBO for quality content.

他們不僅能夠講述故事並與出色的創意人員合作，而且還擁有品質的典範。當人們看到 HBO 品牌時，他們知道這代表了所有的才華。50 年來，人們一直透過 HBO 觀看優質內容。

This is the strongest HBO has ever been. The idea of it's not how much, it's how good is something we identified that we're not going to flood the zone. We want to be telling the best stories, and we want to also be taking advantage of all the great quality content over the years, like Game of Thrones, and come out with House of the Dragon.

這是 HBO 有史以來最強大的一次。問題不在於水量有多少，而在於水量有多大，我們確定的是，我們不會淹沒該區域。我們想要講述最好的故事，我們也想利用多年來所有優秀的優質內容，像是《權力的遊戲》，並推出《龍之家》。

We got Euphoria coming up and a real innovation from that team with The Pit, which was a medical procedural. But John Wells and Noah Wiley, together with Casey and Sarah and Channing, who runs our Warner Brothers television group, we've really brought the best creatives back to Warner. And that, together with the great talent we have.

我們即將推出《Euphoria》，而團隊的一項真正創新是《The Pit》，這是一種醫療程序。但約翰威爾斯 (John Wells) 和諾亞威利 (Noah Wiley)，以及負責華納兄弟電視集團的凱西 (Casey)、莎拉 (Sarah) 和錢寧 (Channing)，我們確實將最好的創意人才帶回了華納。並且，我們也擁有優秀的人才。

Plus, HBO is a different model for storytelling. We do it very similar to when I was at NBC with Must See TV. Whether it's Sunday night or Thursday night or Monday night, it becomes a cultural happening. People on Thursday night, waiting for a week to see The Pit.

此外，HBO 的敘事模式也有所不同。我們的做法與我曾在 NBC 主持 Must See TV 時的做法非常相似。無論是周日晚上、週四晚上還是週一晚上，它都會成為一種文化盛事。人們在周四晚上等待了一周才看到 The Pit。

And that's part of a philosophy of this company of great storytelling with a shared experience, whether it's in the theater and then people can talk about it or people (technical difficulty) together on Sunday nights and watching The Last of Us. That's the core of what we are.

這也是該公司理念的一部分，即透過共享體驗講述精彩的故事，無論是在劇院裡，人們都可以談論它，還是人們（遇到技術困難）在周日晚上聚在一起觀看《最後生還者》。這就是我們的核心。

And it also -- as you saw with White Lotus, by having that experience over two months or over four months with The Pit, it also -- it makes stars. People feel that they really get to know people in a way that's different than just watching eight episodes in eight hours on a Sunday afternoon.

而且，正如您在《白蓮花》中看到的那樣，透過在 The Pit 度過兩個月或四個月的經歷，它也造就了明星。人們覺得他們真正了解別人的方式與僅僅在周日下午八小時內觀看八集節目的方式不同。

So it becomes part of the culture. And more and more, that's the future of Max is quality, quality, quality. And that's why I think we're seeing a lot of the growth, and that's why we're we think we have a great future.

因此它成為文化的一部分。越來越明顯的是，Max 的未來就是品質、品質、品質。這就是為什麼我認為我們看到了很多成長，這就是為什麼我們認為我們有一個美好的未來。

And then on the two questions around engagement, in the US, in terms of the younger demographic, we see a very strong (technical difficulty) for a lot of the reasons that David just described, in terms of the topicality, the conversations that people don't want to be missed, and the FOMO that people don't want to miss. We do well in that younger demographic.

然後關於參與度的兩個問題，在美國，就年輕人群而言，我們看到一個非常強大的（技術困難），原因有很多，正如大衛剛才描述的，包括時事性、人們不想錯過的對話，以及人們不想錯過的 FOMO。我們在年輕族群中表現良好。

And obviously, as you think about our lineup of series, particularly with things like Euphoria coming back, which is one of our youngest skewing and biggest and youngest skewing series, and obviously building into the truly four-quadrant Harry Potter down the line, we have a number series that is attractive to that demographic.

顯然，當您考慮我們的系列陣容時，特別是像《亢奮》這樣的回歸，它是我們最年輕、規模最大、最年輕的系列之一，並且顯然會構建成真正的四象限哈利波特，我們擁有一系列對該人群有吸引力的系列。

On the engagement across markets, LatAm is our leader, I'd say, with the most complete offering, partly also because that market has multiple payout deals -- so our film offering is the most complete -- as well as obviously all the great output coming from HBO and the US side. And we've been at originals for local originals probably one of the longest in that region of the world.

在跨市場參與方面，我想說，拉丁美洲是我們的領先者，提供最完整的產品，部分原因也在於該市場有多種支付協議 - 因此我們的電影產品是最完整的 - 而且顯然所有出色的產品都來自 HBO 和美國方面。我們從事本地原創作品製作的時間可能是世界上該地區最長的製作時間之一。

And so Latin America leads the way in terms of engagement. The US, Europe are aligned and a little bit behind Latin America. And Asia Pacific is a smaller piece, largely because obviously, our content mix there is largely a US-based Hollywood offering. And so it's got real appeal but slightly less engagement than what you see in Europe and the US.

因此，拉丁美洲在參與度方面處於領先地位。美國、歐洲步調一致，略落後拉丁美洲。亞太地區的份額較小，主要是因為很明顯，我們在那裡的內容組合主要是美國好萊塢的作品。因此，它確實具有吸引力，但參與度比歐洲和美國略低。

And Casey has a home field advantage. He can just walk down the road and the lot and go into Channing's office with her whole team. And whether it's Harry Potter or The Pit -- more and more, a lot of the content, have really two of the best studios.

而且凱西擁有主場優勢。他可以沿著道路和停車場走下去，和整個團隊一起進入錢寧的辦公室。無論是《哈利波特》還是《The Pit》——越來越多的內容都出自兩家最好的工作室。

We have the studio for HBO, and then we have the Warner Brothers TV studio. And yes, we produce for Apple and Netflix some of their best content, but that's our home field.

我們有 HBO 工作室，還有華納兄弟電視工作室。是的，我們為 Apple 和 Netflix 製作了一些最好的內容，但那是我們的主場。

David Karnovsky, JPMorgan.

摩根大通的戴維卡諾夫斯基。

Maybe I'll ask on the macro. The release noted no material impact over the last month. I wanted to see if you could dig in a bit on what you're seeing across advertising channels and hearing from your marketing partners and how that informs your view of the coming up fronts.

也許我會在宏上詢問。新聞稿指出，上個月沒有出現實質影響。我想看看您是否可以深入了解您在廣告管道上看到的內容以及從您的行銷合作夥伴那裡聽到的內容，以及這些內容如何影響您對未來趨勢的看法。

And then for Gunnar, corporate EBITDA was nicely improved first last quarter and last year. Maybe just walk through some of the items helping there and what should we think of as run rate, permanent savings.

對於 Gunnar 來說，公司 EBITDA 在上個季度和去年都得到了顯著提升。也許只是介紹在那裡提供幫助的一些項目，以及我們應該將什麼視為運行率和永久節省。

So yeah, look, starting with the macro question, the good news is so far so good. As you would imagine, for the past five weeks or so, we've been tracking very, very closely all the indicators internally and externally. And the reality is we're not seeing any impact whatsoever to this point.

是的，從宏觀問題開始，到目前為止的好消息都很好。正如您所想像的，在過去五週左右的時間裡，我們一直非常密切地追蹤所有內部和外部指標。而事實是，到目前為止我們還沒有看到任何影響。

In fact, starting with advertising, which would naturally be the part of our business that would be most impacted by declining consumer sentiment and maybe slowing GDP growth. I've called out some of the factors impacting Q1 and Q2.

事實上，從廣告開始，這自然是我們業務中受消費者信心下降和 GDP 成長放緩影響最大的部分。我已經指出了一些影響第一季和第二季的因素。

And if you do a like for like comparison, everything we're seeing right now, Q2 so far is tracking pretty much exactly in line with Q1 corrected for those items that I called out earlier. So I think that is good news at the same time.

如果進行同類比較，我們現在看到的一切，到目前為止，第二季度的走勢與第一季基本一致，並修正了我之前提到的那些項目。所以我認為這同時也是個好消息。

We do obviously look at external projections, and we have a much more diversified portfolio now than we used to have. But advertising obviously would be at risk to some extent. We have the upfront discussions that are probably going to go a little slower, start a little slower this year at the same time. We see that being offset by pretty strong scatter at this point.

我們確實會考慮外部預測，而且我們現在的投資組合比以前更加多樣化。但廣告顯然會面臨一定程度的風險。我們進行的預先討論可能會進展得稍微慢一些，今年的啟動也會稍微慢一些。我們看到此時它被相當強烈的散射所抵消。

And nonetheless, we've managed through turbulent times as a leadership team, and we would do the same should the outlook deteriorate in the second half. And you also saw we did, right after the announcement of the tariffs, take some precautionary measures. Nothing extreme, but we will manage our cost base appropriately for a potentially more turbulent environment here to make sure that we're ring-fencing our financial performance.

儘管如此，作為領導團隊，我們還是度過了動盪時期，如果下半年前景惡化，我們也會這樣做。你們也看到，我們在關稅宣布後立即採取了一些預防措施。沒有什麼極端的，但我們將適當管理我們的成本基礎，以應對可能更加動盪的環境，確保我們的財務表現。

The corporate cost step down that you saw in first quarter was a mix. There were some smaller one-time items. But generally speaking, I would expect the corporate cost number to be down year over year for the full year. So nothing -- no trend change there to call out it at this point, David.

您在第一季看到的企業成本下降是多種因素共同作用的結果。還有一些較小的一次性物品。但總體而言，我預計全年企業成本數字將年減。所以沒有什麼——目前還沒有任何趨勢變化可以表明這一點，大衛。

Rich Greenfield, LightShed.

Rich Greenfield，LightShed。

Last quarter, Gunnar, I think you said that there could be a net savings from the NBA in 2026 of several hundred million dollars. I guess if we just look at Q1 and Q2, it would be great to understand what Q1 would have looked like if you peel back NBA ad revenue and the cost -- all costs associated with it. I assume there's a net benefit in Q1, but just any way to quantify.

上個季度，Gunnar，我記得您說過，到 2026 年 NBA 可能會淨節省數億美元。我想，如果我們只看第一季和第二季度，那麼如果剝離 NBA 廣告收入和成本（所有相關成本），我們就能很好地了解第一季的情況。我認為第一季會有淨收益，但任何量化方法都行。

And then you know as you gave that Q2 cost guide and you said that cost be up year over year, what would it look like? I assume it would obviously be down without the NBA. But just any way to think about those two Q1, Q2 issues would be great.

然後你知道，正如你給出的第二季度成本指南，你說成本會逐年上升，它會是什麼樣子？我認為如果沒有 NBA，這個數字顯然會下降。但只要以任何方式思考這兩個 Q1、Q2 問題就很好了。

Yeah. So the short answer is yes, it would have been down significantly without the NBA. But let's take a step back and peel back that onion a little bit.

是的。所以簡短的回答是肯定的，如果沒有 NBA，這個數字肯定會大幅下降。但是讓我們退一步，稍微剝開洋蔥。

So it is true. As we said, we're very happy with how we transformed our sports rights portfolio in the context of the NBA discussions. We have a very strong portfolio now. We've been successful in renewing our affiliate deals, which as you know, that part is a major driver of monetization for these sports rights.

所以這是真的。正如我們所說，我們很高興看到我們在 NBA 討論的背景下改變了我們的運動版權組合。我們現在擁有非常強大的產品組合。我們成功地續簽了聯盟協議，如你所知，這是體育轉播權貨幣化的主要驅動力。

We did also say that 2025 is going to be impacted by some overlap between outgoing and incoming rights. And that is still a thing. If you want a quantification for that, I would say it's okay to model a roughly $300 million cost increase in 2025.

我們也說過，2025 年將受到出權和入權重疊的影響。而這至今仍舊存在。如果您想要對此進行量化，我會說可以模擬 2025 年約 3 億美元的成本成長。

Q2 is going to take a big part of that. There's going to be a little bit of a headwind in Q3 as well. And then from Q4 on, this should turn initially into a moderate tailwind. And then to your point, we're going to see very significant improvement in sports rights rides expenses with the NBA coming out in 2026.

Q2 將佔據其中很大一部分。第三季也會出現一些阻力。從第四季開始，這應該會轉變為適度的順風。然後回到你的觀點，隨著 2026 年 NBA 的開賽，我們將看到體育版權費用的顯著改善。

So a very material step down from the increases that we saw this year. And again, I think your more specific question on what Q2 would have looked like without the NBA, I want to stay away from quantifying that because there are so many different factors playing into it.

因此，與今年的增幅相比，這是一個非常明顯的下降。再說一次，我認為你的更具體問題是，如果沒有 NBA，第二季會是什麼樣子，我不想量化這個問題，因為有很多不同的因素在起作用。

But again, if you keep in mind that the MBA was a very profitable property for us. partly because of its value for affiliate discussions, we were able to renew these deals without the NBA. So next year is going to be significantly better from financial perspective, from that perspective.

但是，如果您再次記住，MBA 對我們來說是一項非常有利可圖的財產，部分原因是由於其對附屬討論的價值，我們能夠在沒有 NBA 的情況下續簽這些交易。因此，從財務角度來看，明年的情況將會明顯改善。

Jessica Reif Ehrlich, Bank of America Securities.

美國銀行證券公司的傑西卡·賴夫·埃利希 (Jessica Reif Ehrlich)。

I've got two questions. First, on direct to consumer. Ass you entered a number of distribution agreements, mostly wholesale agreements, of course, they lower ARPU. Maybe you could discuss some of the drivers you have to increase ARPU over time.

我有兩個問題。首先，直接面向消費者。您簽訂了許多分銷協議，其中大部分是批發協議，當然，它們會降低 ARPU。也許您可以討論一下隨著時間的推移增加 ARPU 的一些驅動因素。

And coming into the year, streaming consolidation was widely expected. You talked about optionality. Do you believe there's still opportunity to scale further here?

進入今年，串流媒體整合已是人們普遍預期的事情。您談到了可選性。您是否認為這裡仍有進一步擴大規模的機會？

And then maybe just a follow up on the advertising comments. Yes, there's macro uncertainty. But you've got more tools, particularly in ad tech. So are you coming into the upfront with a different strategy or approach?

然後也許只是跟進廣告評論。是的，存在宏觀不確定性。但你擁有更多工具，特別是在廣告科技方面。那麼，您是否會採取不同的策略或方法呢？

Jessica, I'll start on the ARPU question. Look, we always evaluate these deals based on ARPU, but really based on lifetime value, including obviously ARPU and the churn dynamics.

潔西卡，我先來談談 ARPU 問題。你看，我們總是根據 ARPU 來評估這些交易，但實際上是根據終身價值，顯然包括 ARPU 和客戶流失動態。

So you're right that we have a number of distribution partnerships with wholesale partners where we may take a reduced wholesale rate, but obviously have a churn profile that's significantly higher. And we evaluate that on an LTV basis that is accretive to the business.

所以你說得對，我們與批發合作夥伴建立了許多分銷合作關係，我們可能會降低批發價格，但顯然客戶流失率要高得多。我們根據 LTV 來評估對業務有增值作用的貸款。

In terms of other levers for ARPU growth, there's several. One obviously is -- we talked about it. We talked about it on the previous call, which in the near term, as we said then, I think in our fourth quarter call, will create some downward pressure on ARPU in the initial phase, remembering that we were only in -- our ad supported SKU was only available as of a little over a year ago in one market, which is the US.

就 ARPU 成長的其他槓桿而言，還有幾個。顯然，我們已經討論過這個問題。我們在上次電話會議上談到了這個問題，正如我們當時所說，我認為在第四季度電話會議上，短期內這將在初始階段對 ARPU 造成一些下行壓力，記住我們只是在 - 我們的廣告支持 SKU 僅在一年多前在一個市場上可用，那就是美國。

We've now rolled out in over 45 markets, and we're seeing great traction in terms of the demand for that in our mix of gross ads. But that's obviously at a lower distribution revenue impact.

目前，我們已經在超過 45 個市場推出了這項服務，我們看到，我們的廣告組合需求正在呈現巨大的成長勢頭。但這顯然對分銷收入的影響較低。

And the advertising piece of the ARPU calculation there is growing. And the good news is internationally, we're seeing great demand. Our numbers in a variety of the biggest markets are up multiples of what they were even 12 months ago.

而且 ARPU 運算中的廣告部分正在成長。好消息是，我們看到國際上的巨大需求。我們在各大市場的表現較 12 個月前成長了數倍。

But that's going to continue to grow, and the ARPU is going to continue to expand over time. And so there'll be growth, we think, on a net ARPU basis from the advertising skew over time.

但這一數字將會持續成長，並且 ARPU 將會隨著時間的推移而不斷擴大。因此，我們認為，隨著時間的推移，廣告偏差將帶來淨 ARPU 的成長。

Obviously, this additional member, extra member skew will help. And as the password sharing crackdown comes, we'll also add more subscribers on top of that. There's pricing components that we think are still, in some markets, slightly below where we think there's opportunity. So price will continue to be a lever that we can push.

顯然，這些額外的成員、額外的成員傾斜將會有所幫助。隨著密碼共享打擊力度的加大，我們也將增加更多的訂閱者。我們認為，在某些市場中，定價因素仍然略低於我們認為有機會的水平。因此價格將繼續成為我們可以推動的槓桿。

And then as we talked about on our earlier question around sports and the upsell of sports, we'll be leveraging the upsells to sports in the markets where we have that, particularly in Europe. which will also add more ARPU benefits.

然後，正如我們之前關於體育和體育追加銷售的問題所討論的那樣，我們將利用我們所在市場的體育追加銷售，特別是在歐洲。這也將增加更多的 ARPU 收益。

So not to mention obviously that as we see engagement -- as we continue to focus on engagement and the product improvements that we're making, again, particularly on the ad light skew that we have, that engagement will translate to more time spent, which will translate to obviously more monetization. So those are a couple of the levers that we feel comfortable with. David?

因此，顯然更不用說，隨著我們看到參與度——隨著我們繼續關注參與度和我們正在進行的產品改進，尤其是我們對廣告的輕度偏差，參與度將轉化為更多的時間投入，這顯然將轉化為更多的貨幣化。所以這些是我們感到滿足的幾個槓桿。戴維？

Well, look, across the board, the streaming inventory on Max, we're seeing just real demand and a tremendous amount of value. And coupled with the growth that we're seeing -- for instance, one of the really positive developments that we see now, it's for more than -- I think it's for three quarters, is that in Europe, we're net growing.

嗯，從整體來看，Max 上的串流媒體庫存，我們看到了真正的需求和巨大的價值。再加上我們所看到的成長——例如，我們現在看到的真正積極的發展之一，我認為已經持續了三個季度，那就是在歐洲，我們實現了淨成長。

When you take a decline of the traditional business and then you see the growth of our streaming business and our ad light product together, we're seeing meaningful growth across Europe. And in fact, when you look at all of international, the decline in the traditional business is being outrun by the increase in our subscriber and ad revenue so that we're net positive there, which is a really meaningful turn for us.

當你看到傳統業務下滑，而我們的串流媒體業務和廣告燈產品卻同時成長時，我們會發現整個歐洲都出現了有意義的成長。事實上，當你放眼整個國際市場時，傳統業務的下滑已經被我們的用戶和廣告收入的成長所超越，因此我們的淨利潤為正，這對我們來說是一個非常有意義的轉變。

And the fact that it's substantial in Europe is a powerful sign. In the US, we're not there yet. It's not clear that we'll be able to get there.

而其在歐洲的顯著地位就是一個強而有力的訊號。在美國，我們還沒有達到這個程度。目前還不清楚我們是否能夠到達那裡。

On the upfront, we'll be emphasizing the streaming inventory on Max, which is really coveted. And with what we have coming up on Max, there's a lot of demand, specifically for specific titles and to be associated with the quality of content.

首先，我們將重點介紹 Max 上的串流媒體庫存，這是非常令人垂涎的。隨著我們在 Max 上推出的內容，市場需求量很大，特別是對特定標題以及與內容品質相關的內容。

And the fact that it's watched in large groups which is -- there's sports, and then there's HBO. And then we have our films coming and the ability to affiliate with those films on ad light.

事實上，它的觀看群體很龐大——既有體育節目，也有 HBO。然後，我們推出了自己的電影，並有能力透過廣告燈與這些電影建立聯繫。

Robert Fishman, MoffettNathanson.

羅伯特·菲什曼、莫菲特·納桑森。

Two for you guys, if I can. As you shifted away from the more is better streaming strategy, how does the focus on higher quality content change the way you think about the right level of content spending at streaming and the overall company? And should we expect content spend to come down, or is it just a reallocation of those dollars to the bigger bet?

如果可以的話，給你們兩個。當您放棄「越多越好」的串流策略時，對更高品質內容的關注如何改變您對串流媒體和整個公司適當的內容支出水平的看法？我們是否應該預期內容支出會下降，還是只是將這些資金重新分配到更大的賭注上？

Now, it'd also be great to hear your updated thoughts on licensing your library and producing original for third-party streaming services. You mentioned in the investor letter that The Scooby-Doo Show for Netflix has one example. How do you balance what should be exclusive to Max, and how has that evolved over the past couple of years?

現在，我們也很高興聽到您關於授權您的圖書館和為第三方串流服務製作原創作品的最新想法。您在投資人信中提到，Netflix 的《史酷比秀》有一個例子。您如何平衡 Max 獨有的內容？過去幾年情況如何？

Thanks, Robert. Look, Channing's team is having a terrific run with Running Point now. And on Apple, Ted Lasso and Presumed Innocent -- Presumed Innocent was a title of ours where, to your point, we use that title to create a compelling series with Gyllenhaal and sell that to Apple. It's a very good business for us, Shrinking, Bad Monkey, Abbott Elementary which we sell to Disney.

謝謝，羅伯特。瞧，錢寧的團隊現在在 Running Point 中表現非常出色。關於《蘋果》、《泰德·拉索》和《無罪推定》——《無罪推定》是我們的一個片名，正如你所說，我們用這個片名和吉倫哈爾一起創作了一部引人入勝的系列劇，然後把它賣給蘋果。對我們來說，這是非常好的生意，我們將《Shrinking》、《Bad Monkey》和《Abbott Elementary》賣給了迪士尼。

We're a high quality provider. It's one of the reasons why some of the best and the brightest people want to come to us. Because they're not a captive, and they can produce content for anyone.

我們是一家高品質的供應商。這也是為什麼一些最優秀、最聰明的人才願意來找我們的原因之一。因為他們不是俘虜，他們可以為任何人製作內容。

A lot of the content -- more and more of the content is coming to us, but it's a very substantial business that Channing is running. And it's important for us to be able to sell our content to third parties.

很多內容——越來越多的內容來到我們這裡，但這是錢寧經營的一項非常重要的業務。對我們來說，能夠將我們的內容出售給第三方非常重要。

As we look at our titles, there are some -- or there are many that are really just for Warner Bros. When you look at the major characters that James Gunn and Peter Safran are developing with their 10-year plan around DC, that is to build asset value for us globally, everywhere in the world -- Wonder Woman, Batman, Superman, Supergirl.

當我們查看我們的影片時，我們發現有一些——或者有很多實際上只是為華納兄弟製作的。當你看到詹姆斯岡恩和彼得薩夫蘭圍繞 DC 制定的 10 年計劃中塑造的主要角色時，你會發現，他們正在為我們在全球範圍內、在世界各地創造資產價值——神力女超人、蝙蝠俠、超人、女超人。

So those are -- we look at those as big asset builders and big differentiators. Same thing with Harry Potter, and it's why we've leaned in so hard with JK and we'll be doing 10 years of that. Today, we're announcing the date of our Lord of the Rings movie.

所以，我們將它們視為重要的資產建構者和重要的差異化因素。哈利波特也是一樣，這就是為什麼我們如此努力地支持 JK，我們將堅持 10 年。今天，我們宣布《魔戒》電影的上映日期。

So there's some premium global IP that's recognizable -- Game of Thrones. Those belong to us, and they will only belong to us forever because we're building big assets and a global differentiated strategy around that.

因此，有一些知名的優質全球智慧財產權－《權力的遊戲》。這些都是屬於我們的，而且永遠只屬於我們，因為我們正在圍繞這些資產建立巨大的資產，並制定全球差異化策略。

So it's those global tent poles together with quality originals that's what makes our motion picture slate. It's what makes our streaming business so strong. But then we have so much IP at this company, Hanna-Barbera, Looney Tunes.

因此，正是這些全球性的大製作和高品質的原創影片構成了我們的電影片單。這就是我們的串流媒體業務如此強大的原因。但是我們公司擁有如此多的智慧財產權，如漢納巴伯拉動畫、樂一通動畫等。

And there's just a lot of titles with the biggest TV and motion picture library in the world where we can take things like Presumed Innocent or Scooby-Doo. And in some cases, we'll find with Scooby-Doo, we can sell something to Ted and Netflix; and that can get very broad acceptance in the marketplace.

世界上最大的電視和電影庫中有許多影片可供我們選擇，例如《無罪推定》或《史酷比》。在某些情況下，我們會發現，透過《史酷比》，我們可以向《泰迪熊》和 Netflix 出售一些東西；而且這可以在市場上獲得非常廣泛的認可。

And then we can follow it with a Scooby-Doo movie, and that would be a real win-win for us. That will take that piece of IP and grow to a point where it's even more valuable for us. So it's all about harvesting our IP, but recognizing that the most important IP that differentiates us from everybody in the industry will be used to build asset value.

然後我們可以拍攝一部史酷比電影，這對我們來說是真正的雙贏。這將使該知識產權不斷增長，直至對我們來說更有價值。因此，這一切都是為了收穫我們的智慧財產權，但我們認識到，使我們與業內所有人區分開來的最重要的智慧財產權將用於建立資產價值。

Right. And then from a financial perspective, Robert, there is no significant step up in content spend that's associated with this strategy evolution for streaming.

正確的。然後從財務角度來看，羅伯特，串流媒體策略的演變並沒有帶來內容支出的顯著增加。

We have always been clear. We have significant growth ambitions for the streaming service and for the studio, and we will support that growth ambition with growing content spend over the coming years. But that's going to be a moderate increase, no dramatic step changes.

我們一直都很清楚。我們對串流媒體服務和工作室有著遠大的成長目標，未來幾年我們將透過增加內容支出來支持這一成長目標。但這將是適度的成長，不會有劇烈的變化。

And then maybe the only thing to add on the licensing versus internal use point -- if you compare our studio numbers today with a couple of years ago, you'll see that we have continually increased the share of Warner Brothers output that we're using internally, and you see that in our intercompany eliminations.

然後也許唯一需要補充的是許可與內部使用點——如果你將我們今天的工作室數字與幾年前進行比較，你會發現我們一直在增加內部使用的華納兄弟產出的份額，你可以在我們的公司間消除中看到這一點。

And it's just an important point to make that every dollar of intercompany profit that we take out in intercompany eliminations is really, to David's point, building asset value. That is future streaming profit in waiting, and we have built that internal asset in a pretty significant way.

需要強調的是，正如戴維所說，我們在公司間抵銷中獲得的每一美元公司間利潤實際上都在增加資產價值。這是未來等待的串流媒體利潤，我們已經以相當重要的方式建立了這個內部資產。

This idea of it's not how much, it's how good. We laid down that pipe two years ago. So what you're seeing now is you're seeing the fruits of that strategy and us doubling down on it because consumers are looking at the quality content and saying that's really what they want.

這種想法不是關於有多少，而是關於有多好。我們兩年前就鋪設了那根管道。所以您現在看到的是該策略的成果，我們正在加倍努力，因為消費者正在尋找優質內容，並表示這正是他們想要的。

And we did get rid of a lot. That was a shift from when we took over and bought this company. And we got rid of a lot of content with a lot of noise around it. But it was part of that overall strategy of -- we do not want to flood the zone.

我們確實擺脫了很多。這與我們接手並收購這家公司時的情況不同。我們刪除了很多引起爭議的內容。但這是我們整體戰略的一部分——我們不想讓該地區被淹沒。

We want to stay true to the HBO brand, and quality is the lane that we thought was open to us. And the marketplace has said it's wide open.

我們希望忠於 HBO 品牌，我們認為品質是我們的必經之路。市場已經表示前景十分廣闊。

And that mixed shift, Robert, as David said, is really away from kids' volume, particularly on the library side purely and some obviously less unscripted, and towards more pay one movies, global scripted originals, and select local originals and key markers.

正如大衛所說，羅伯特，這種混合轉變實際上遠離了兒童數量，特別是在純粹的圖書館方面，一些顯然沒有劇本的電影，而是轉向更多的付費電影、全球劇本原創電影以及精選的本地原創電影和關鍵標記。

Ric Prentiss, Raymond James.

瑞克普倫蒂斯、雷蒙詹姆斯。

I want to follow up on the streaming side. Obviously, you're firmly on track, as you mentioned. As you think about long term, what are the bigger drivers, as you rank them, subscriber growth, ARPU growth, cost cutting? What should drive that business up into that as we go forward?

我想跟進串流媒體方面的情況。顯然，正如您所說，您已經堅定地走在正確的道路上。從長遠來看，您認為最大的驅動因素是什麼？依序排列：用戶成長、ARPU 成長還是成本削減？隨著我們不斷前進，什麼可以推動該業務的發展？

And then on the studio side, you mentioned several times your goal to get back to $3 billion and talk about your slate, the IP you've got. Help us understand the pacing to get to that number and stay at that number.

在工作室方面，您多次提到您的目標，即回到 30 億美元，並談論了您的片單和您擁有的 IP。幫助我們了解達到該數字並保持該數字的節奏。

I mean, on the streaming, I'd say the good news for us, not a single or even a small set of levers. There's several big levers. So number one is obviously globalization. As David has said repeatedly, we still got almost half the world to go in terms of rollouts in new markets.

我的意思是，在串流媒體方面，我想說這對我們來說是個好消息，而不是單一的甚至一小部分的槓桿。有幾個大槓桿。因此，第一位顯然是全球化。正如大衛一再說的那樣，就新市場的推廣而言，我們仍然需要覆蓋全球近一半的區域。

Number two is in those markets, penetration growth -- in the markets where we already are, the same store sales basis is penetration growth. Part of that is driven by things like the introduction of a lower price ad light skew in more markets to go after more price-sensitive consumers. And that's -- we're only 12 months into that.

第二，在那些市場中，滲透率的成長－在我們已經進入的市場中，同店銷售額的基礎就是滲透率的成長。部分原因是，在更多市場推出低價廣告，以吸引對價格更敏感的消費者。而這——我們才剛開始 12 個月。

And I should say on the globalization -- first globalization point, remembering that obviously in the beginning of part of next year, we have the three of the biggest markets in Europe and three of the biggest markets in the world coming online with Germany, the UK, and Italy. And so that'll be a big bolster.

我應該說的是全球化——第一個全球化點，記得在明年年初，我們顯然將擁有歐洲最大的三個市場和世界上最大的三個市場，即德國、英國和義大利。所以這將是一個巨大的支持。

So globalization, penetration growth. ARPU growth, in the same point to respond to Jessica's question earlier on better ad sales monetization, in particular, the password sharing crackdown initiative, that again will take 12 to 18 months to get full steam, but will create another boost of both subscriber and ARPU growth through the extra member add-on.

因此全球化、滲透率成長。ARPU 成長，同樣是為了回答 Jessica 之前關於更好的廣告銷售貨幣化的問題，特別是密碼共享打擊計劃，這將需要 12 到 18 個月才能完全實現，但透過額外的會員附加功能將再次促進用戶和 ARPU 的成長。

And then, look, content is obviously the fuel of this entire thing. Content is the -- the stories are the product, and the content slate we have that Casey and the team have curated over the next 18, 24 months is stronger than anything we've ever had and more consistent. And so that will be another avenue growth.

然後，你看，內容顯然是整件事的動力。內容就是——故事就是產品，凱西和團隊在未來 18、24 個月內策劃的內容比我們以往擁有的任何內容都更強大、更一致。這將是另一條成長途徑。

And lastly, product enhancements. David mentioned to it in his opening remarks. But we went from not good to good, but we still have a chock or block roadmap that we're effectuating every day where the product's getting better and better to go from good to great.

最後，產品增強。大衛在開場白中提到了這一點。但是我們已經從不好變得好了，但我們仍然有一個每天都在實施的阻礙路線圖，產品變得越來越好，從好變得卓越。

And so that will help engagement, that'll help time spent, that'll help monetization. So we got five or six different levers that will help create some real tailwind for us here over the next couple years.

這將有助於參與，有助於花費時間，有助於貨幣化。因此，我們有五到六個不同的槓桿，它們將在未來幾年內為我們創造真正的順風。

The final one is a strategic attack that we've been on for a long time, which is bundling, better together, putting together a bundle. That's not just a bundle for price, but that has a better consumer experience.

最後一個是我們長期以來一直在進行的戰略進攻，即捆綁，更好地結合在一起，形成一個捆綁包。這不僅僅是價格上的捆綁，而且還具有更好的消費者體驗。

The real opportunity here is when people turn on the TV set and they see 18, 20 apps. And they're sitting down with their Google and trying to figure out where to go. What we did with Disney, that bundle here in the US of Hulu, Disney Plus, and Max is very compelling.

真正的機會是，當人們打開電視時，他們會看到 18、20 個應用程式。他們坐下來用谷歌搜索，試圖弄清楚要去哪裡。我們與迪士尼合作，在美國將 Hulu、Disney Plus 和 Max 捆綁在一起，這項舉措非常引人注目。

And when you see these bundles -- and we're starting to roll them out around the world, There's people who look at who is a global player that we can attach to get more scale and to try and find real growth. And in those bundles is, by definition, lower marketing, much lower churn.

當你看到這些捆綁產品時——我們開始在世界各地推出它們，有人會尋找可以與我們合作的全球參與者，以獲得更大的規模並嘗試尋找真正的成長。從定義上來說，這些捆綁產品的行銷成本更低，客戶流失率更低。

So when you see churn numbers like we see with Disney, and we're starting to see in some of the bundles we're doing around the world, it's very encouraging. You don't need to remarket to get to some of the same subscribers that are coming in and out one.

因此，當您看到像迪士尼那樣的客戶流失數字時，並且我們開始在世界各地開展的一些捆綁業務中看到這種情況，這是非常令人鼓舞的。您無需進行重新行銷即可吸引一些新舊訂閱者。

And two, you got two or three players marketing to a product. And that product is more satisfying because you can go across without having to come in and come out and come in and come out.

第二，有兩到三位參與者對某一產品進行行銷。而且該產品更令人滿意，因為您可以直接穿過，而不必進出。

And so this is an evolution. Ultimately, there's going to be five or six players. There may be a few regional players that can do marginally well, and they may be overly dependent on rental sports. But there'll be a few global players, probably five or six that will -- it'll be a better consumer experience. And some of those five or six may even come together in a bundle to make that experience even more compelling.

所以這是一種進化。最終，將會有五到六名球員。可能有少數地區性參與者表現略好，他們可能過度依賴租賃運動。但將會有幾家全球性企業，大概五、六家，這將帶來更好的消費者體驗。其中的五、六個甚至可能結合在一起，讓體驗更加引人注目。

And if you bet on solving for a consumer problem and providing quality content, great storytelling, and a better consumer experience, better consumer experience always provides huge value creation. And so that's our focus, but the bundle I think is a big part of it.

如果您致力於解決消費者問題並提供優質的內容、精彩的故事和更好的消費者體驗，那麼更好的消費者體驗總是可以創造巨大的價值。這就是我們的重點，但我認為捆綁是其中很重要的一部分。

And then Rick, maybe on the $3 billion target that we put out for the studio -- and again, a reminder, that's not guidance for this year, even though we did say that we're expecting to make a very significant step towards that number this year.

然後里克，也許我們為工作室設定了 30 億美元的目標——再次提醒一下，這不是今年的指導，儘管我們確實說過，我們預計今年將朝著這個數字邁出非常重要的一步。

But two levels to answer that question. One, on the level of the individual business units, there is opportunity everywhere in the studio landscape. Channing and her team have been incredibly successful with TV production, and there may be more opportunity as she manages the transition of the business model from a very broadcast-heavy output years ago to a more streaming focused model.

但要從兩個層面來回答這個問題。首先，從各業務部門的層面來看，工作室領域處處充滿機會。錢寧和她的團隊在電視製作方面取得了令人難以置信的成功，隨著她管理商業模式從幾年前以廣播為主的產出模式向以串流媒體為中心的模式的轉變，可能會有更多機會。

Now there's margin and ROI upside there. In the film space, we're starting to see the portfolio strategy come through. David has mentioned this a number of times, the combination of harvesting our own library of IP combined with the right level of original films, the right mix of bigger swings and smaller budget, commercially safer films, et cetera.

現在利潤和投資報酬率都有上升空間。在電影領域，我們開始看到投資組合策略的實施。大衛多次提到這一點，將我們自己的 IP 庫與適當水平的原創電影相結合，將更大的波動和更小的預算進行適當的組合，將商業上更安全的電影結合起來，等等。

We're looking at a blowout second quarter here, showing some of the fruits of that. But again, I don't want to get too focused on that. But I do believe we're going to see more on a longer term basis.

我們正期待著第二季的爆發性成長，展現出其部分成果。但同樣，我不想太關注這一點。但我確實相信，從長遠來看，我們將會看到更多。

The games business, remember, last year was really impacted by some misses we had in that space. And JB has implemented a pretty significant restructuring of that business, and that should be a growth driver over the longer term horizon here.

請記住，去年遊戲業務確實受到了我們在該領域的一些失誤的影響。JB 對該業務進行了相當重大的重組，從長遠來看，這應該會成為成長動力。

And then frankly, the biggest point underlying all of this is all the transformational change that we have implemented over the past three years. It starts with a much greater collaboration, coordination, the approach that we take to franchise management, the planning that goes into the rollout of every new IP moment, the way the entire company rallies behind each new film and each series that we're creating.

坦白說，所有這一切的最大要點是我們在過去三年中實施的所有轉型變革。它始於更大程度的合作與協調，我們對特許經營管理採取的方法，對每個新 IP 推出的規劃，以及整個公司對我們創作的每部新電影和每個系列的支持方式。

That is going to pay dividends for a very long time to come. And we have also frankly revamped every step along the value chain from green light to the monetization, the windowing of our content. I have no doubt that all of this is going to provide lasting impact.

這將在未來很長一段時間內帶來回報。我們也坦率地改進了價值鏈上的每一個步驟，從開綠燈到貨幣化，再到內容的展示。我毫不懷疑這一切都將產生持久的影響。

And again, as I said before, what we're not going to see is perfect consistency. It's a hit driven business, but I have no doubt that we're going to see much greater upside in success and much less downside in the inevitable areas where we're going to miss at times.

正如我之前所說，我們不會看到完美的一致性。這是一項以成功為導向的業務，但我毫不懷疑，我們將在成功中看到更大的好處，而在不可避免的領域中，我們有時會錯過更少的壞處。

Last thing I'll say is we're also supporting this growth with investments. I talked about content investments already. We're planning to moderately increase that number every year. But you also saw the CapEx in Q1 slightly up. A lot of that is going into the necessary investments in our studio footprint.

最後我想說的是，我們也透過投資支持這種成長。我已經談到內容投資了。我們計劃每年適度增加這個數字。但您也看到第一季的資本支出略有上升。其中很大一部分將用於我們工作室的必要投資。

So again, I think this is a great longer-term outlook, longer-term story for the studio. And very short term, we're going to have an absolutely amazing second quarter.

所以，我再次認為，對於工作室來說，這是一個偉大的長期前景和長期故事。從短期來看，我們將迎來絕對令人驚嘆的第二季。

(technical difficulty) the time we have for questions. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.

（技術難度）我們回答問題的時間。女士們、先生們，今天的電話會議到此結束。感謝您的參與，並請您斷開線路。