華納兄弟探索 (WBD) 2021 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Discovery, Inc. Fourth Quarter 2021 Earnings Conference Call. (Operator Instructions) Also, please be advised that today's conference is being recorded.

女士們，先生們，感謝各位的支持，歡迎參加Discovery公司2021年第四季業績電話會議。 （操作員指示）另請注意，今天的會議正在錄製中。

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

現在，我想將會議移交給全球投資者策略執行副總裁安德魯·斯拉賓先生。先生，您可以開始了。

Good morning, and welcome to Discovery's Q4 Earnings Call. With me today is David Zaslav, our President and CEO; Gunnar Wiedenfels, our CFO; and JB Perrette, President and CEO of Discovery Streaming and International.

早安，歡迎參加探索頻道第四季財報電話會議。今天與我一起出席的嘉賓有：我們的總裁兼首席執行官大衛·扎斯拉夫 (David Zaslav)、我們的首席財務官岡納·維登費爾斯 (Gunnar Wiedenfels) 以及探索頻道流媒體及國際業務總裁兼首席執行官 JB·佩雷特 (JB Perrette)。

Before we start, I'd like to remind you that today's conference call will include forward-looking statements that we make pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements include comments regarding the company's future business plans, prospects and financial performance as well as statements concerning the expected timing, completion and effects of the previously announced transaction between the company and AT&T relating to the WarnerMedia business. These statements are made based on management's current knowledge and assumptions about future events, and involve risks and uncertainties that could cause actual results to differ materially from our expectations.

在開始之前，我想提醒大家，今天的電話會議將包含我們根據《1995年私人證券訴訟改革法》安全港條款所做的前瞻性陳述。這些前瞻性陳述包括關於公司未來業務計劃、前景和財務業績的評論，以及關於公司與AT&T之間先前宣布的有關華納媒體業務的交易的預期時間、完成情況和影響的陳述。這些陳述是基於管理階層目前的認知和對未來事件的假設，並包含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。

In providing projections and other forward-looking statements, the company disclaims any intent or obligation to update them. For additional information on important factors that could affect these expectations, please see our Form 10-K for the year ended December 31, 2021, that we expect to file post this call and our subsequent filings made with the U.S. Securities and Exchange Commission.

在提供預測和其他前瞻性陳述時，本公司聲明不承擔任何更新這些預測和其他前瞻性陳述的意圖或義務。有關可能影響這些預期的重要因素的更多信息，請參閱我們預計在本次電話會議後提交的截至2021年12月31日的年度10-K表格以及我們隨後向美國證券交易委員會提交的文件。

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

說完這些，我很高興將電話轉給大衛。

Good morning, everyone, and thank you all for joining us today during this incredibly exciting time for our company. Our fourth quarter capped off a strong 2021 and as we near the finish line of our transaction with AT&T to create the world's most dynamic media entertainment company, Warner Bros. Discovery. Upon close, Warner Bros. Discovery will stand on incredibly solid footing, creatively and financially. This is a real company, and we expect to deliver meaningful free cash flow over the near and long term.

大家早安，感謝各位今天與我們共度這段激動人心的時刻。我們第四季的業績為2021年畫上了圓滿的句號，而我們與AT&T的交易也即將完成，我們將打造全球最具活力的媒體娛樂公司－華納兄弟探索公司。交易完成後，華納兄弟探索公司將在創意和財務方面擁有極其穩固的基礎。這是一家真正的公司，我們預計在短期和長期內都將實現可觀的自由現金流。

At Discovery stand-alone, we ended the year with $4 billion of cash and generated substantial free cash flow this year, over $2.4 billion, even after absorbing over $1 billion of losses from our next-generation investments, and our free cash flow will grow meaningfully from here. As a company, when we come together, we will stand on firm footing. We look to benefit from both a very balanced business model and from the cost synergy tailwinds we expect to result from our merger, supporting our expected reduction in gross leverage to 3x or below within 2 years, starting from 4.5x or lower net debt-to-EBITDA when we stand up the new company.

就Discovery獨立營運而言，我們截至去年年底的現金餘額為40億美元，即使在承擔了超過10億美元的下一代投資損失後，今年也產生了超過24億美元的可觀自由現金流，並且我們的自由現金流未來將持續大幅增長。作為一家公司，當我們合併時，我們將站穩腳跟。我們期待受益於高度均衡的業務模式以及我們預期合併將帶來的成本協同效應，這將支持我們預計在兩年內將總槓桿率降至3倍或以下，新公司成立時，淨債務與EBITDA之比將從4.5倍或更低開始。

Our vision for Warner Bros. Discovery is simple. We believe the companies with the most appealing and most complete menu of IP and content stand to achieve success, and I believe Warner Bros. Discovery has the most attractive content in the business: from Batman, Superman, Wonder Woman, Harry Potter, Game of Thrones, Euphoria, 90 Day Fiance, Hanna-Barbera, Looney Tunes; The Food Network, HGTV, Discovery, HBO and great personalities like Martha, Chip and Joanna Gaines, Guy Fieri, the Property Brothers and Oprah; plus CNN, the premier global news network with real resources and news gathering services all over the world; sports with Eurosport, the Olympics, NBA, NCAA March Madness, Major League Baseball and the National Hockey League, making us a global leader in sports alongside a wealth of local content all over the world, content that we've produced and garnered for the last 20-plus years. Taken together, we will have a broad menu of content to super serve every demo and every family member. Who would ever want to leave?

我們對華納兄弟探索頻道的願景很簡單。我們相信，擁有最具吸引力、最齊全的智慧財產權和內容的公司才能取得成功，而我相信華納兄弟探索頻道擁有業內最具吸引力的內容：從蝙蝠俠、超人、神力女超人、哈利波特、權力的遊戲、亢奮、90天未婚夫、漢納巴伯拉動畫、《瘋狂樂一通》；到美食頻道、HGTV、漫畫頻道、HBO，以及像莎蓋伊「房產兄弟」和奧普拉這樣的偉大人物；再到CNN——一家擁有真實資源和新聞採集服務的全球頂級新聞網絡；以及體育頻道，包括歐洲體育台、奧運會、NBA、NCAA瘋狂三月、美國職業棒球大聯盟和國家冰球聯盟，這使我們成為體育領域的全球領導者，同時，我們也擁有遍布全球的豐富本地內容，這些內容是我們在過去20多年裡製作和積累的。總的來說，我們將提供豐富的內容，為每位演示者和每位家庭成員提供優質服務。誰會想離開呢？

When we bring all of our global content together, we will have one of the most compelling offerings in the marketplace and at a great value to customers. This was the premise and the vision that John and I shared when we put this deal together nearly a year ago. Initially, we planned to see how all these existing and complementary content pieces put together, how well our package of content nourishes and enriches consumers and what it does to churn and growth. From there, we can evaluate areas where we'll need to spend to fill in for our offering.

當我們整合所有全球內容時，我們將擁有市場上最具吸引力的產品之一，並為客戶帶來巨大的價值。這正是我和約翰在近一年前達成這筆交易時共同的前提和願景。最初，我們計劃看看所有這些現有的和互補的內容如何整合在一起，看看我們的內容包如何有效地滋養和豐富消費者，以及它對客戶流失和成長有何作用。在此基礎上，我們可以評估哪些領域需要投入資金來補充我們的產品。

Together, we already spent aggressively across all demos and genres and will have an even greater ability to do so as a merged company. And now that we have the resources, we plan on being careful and judicious. Our goal is to compete with the leading streaming services, not to win the spending war.

合併後，我們已經在所有演示版本和遊戲類型上投入了巨額資金，合併後的公司將擁有更強大的能力。現在我們擁有了資源，我們計劃謹慎而審慎地進行投資。我們的目標是與領先的串流媒體服務競爭，而不是贏得這場支出戰。

Whether breaking new franchises or reimagining and refreshing existing ones, we will have a truly scaled and diverse content engine with IP ownership across a highly monetizable collection of IP. Perhaps most importantly, we are not solely dependent on one business model as we reach across multiple platforms and touch points, every leg of the stool from linear to direct to consumer to content production and monetization.

無論是打造全新系列，還是重塑和更新現有系列，我們都將擁有一個真正規模化、多元化的內容引擎，並擁有高度可獲利的IP所有權。或許最重要的是，我們不再只依賴單一的商業模式，因為我們觸達多個平台和觸點，涵蓋從線下到線上，從直銷到消費者，再到內容製作和盈利的各個環節。

As one of the leading content arms dealers in the industry, Warner Bros. television is formidable, and as a company, we will also be uniquely positioned to better serve advertisers and distributors globally. Said another way, we can monetize across any number of different cash registers. Consider that Warner Bros. television has over 100 active series being sold to over 20 platforms and outlets. It's a content maker and content owner generating significant revenue, free cash flow and most importantly, optionality. There's not a lot of content makers out there, certainly not of the scale and quality that Warner Bros. television is in the marketplace today and particularly at a time when the demand for quality television production has never been stronger, an important distinction when considering the asset mix of this company, a very real, very balanced and very complete company.

身為業界領先的內容供應商之一，華納兄弟電視實力雄厚，作為一家公司，我們也將擁有獨特的優勢，能夠更好地服務全球廣告商和發行商。換句話說，我們可以透過多種不同的管道獲利。華納兄弟電視擁有超過 100 部正在製作的劇集，銷售到 20 多個平台和管道。它是一家內容製作商和內容所有者，能夠產生可觀的收入、自由現金流，最重要的是，擁有可選性。目前市場上的內容製作商並不多，當然沒有華納兄弟電視這樣的規模和質量，尤其是在對高質量電視製作的需求從未如此強烈的時代，考慮到這家公司非常真實、非常均衡、非常完整的資產組合，這是一個重要的區別。

We have a lot of muscle memory from the Scripps merger, which enabled us to thoroughly reexamine how we conduct our business. And we took that opportunity to better align our management, operations and processes during a time of pronounced industry disruption and change. I believe that the same dynamic exists with the opportunity ahead for Warner Bros. Discovery.

與斯克里普斯的合併給我們留下了深刻的“肌肉記憶”，這使我們能夠徹底重新審視我們的業務運作方式。在產業發生顯著顛覆和變革的時期，我們藉此機會更好地協調了管理、營運和流程。我相信，同樣的動力也適用於華納兄弟探索頻道未來的機會。

Turning briefly to the quarter. I'd like to call out a few highlights while Gunnar will take you through in more detail the puts and the takes. First, on the advertising side, underlying demand across our networks and channels has been resilient. Overall 2021 global advertising revenue increased 10% over 2020 with growth from both domestic and the international segments. In fact, international segment advertising revenue increased 23% in 2021 excluding the Summer Olympic Games, finishing the year on a strong note, with growth across all regions.

簡單回顧本季。我想先介紹幾個亮點，Gunnar 會更詳細地介紹業績表現。首先，在廣告方面，我們各網路和管道的潛在需求一直保持強勁。 2021 年全球廣告總收入較 2020 年成長 10%，國內和國際廣告收入均成長。事實上，2021 年國際廣告收入（不包括夏季奧運會）增長了 23%，為全年業績畫上了一個圓滿的句號，所有地區均實現了增長。

Here in the U.S., I'm pleased with our solid end to the year despite a marketplace that has endured some headwinds across COVID and supply chain issues, helped in part by our outperformance against an industry-wide strong 2021-2022 upfront. At the same time, we've been very pleased with the results of our recently renegotiated distribution deals in the U.S. The team has done an excellent job continuing to demonstrate to affiliates that our portfolio is a great value, and they've clearly seen that reflected in our numbers this year.

在美國，儘管市場在新冠疫情和供應鏈問題方面遭遇了一些阻力，但我對我們今年的穩健業績感到滿意，這部分得益於我們2021-2022年全行業預付款強勁，業績表現優異。同時，我們對最近在美國重新談判的分銷協議的結果感到非常滿意。我們的團隊表現出色，並繼續向聯盟會員證明我們的產品組合具有巨大的價值，他們在今年的業績中清楚地看到了這一點。

Within direct to consumer, discovery+ continues to perform very well. We ended the year with 22 million total subscribers, passing peak investment loss levels, supported by consistent and continued strong KPIs, advertiser interest and overall monetization efforts. As previously discussed, we've thoughtfully and tactically managed our rollout, and we'll continue to do so while sharpening our focus and gaining perspective for the next leg of our direct-to-consumer journey with WarnerMedia and HBO.

在直接面向消費者 (DTC) 的領域，discovery+ 持續表現優異。截至年底，我們的總訂閱用戶數已達 2,200 萬，超過了投資虧損的峰值水平，這得益於持續強勁的 KPI、廣告商的關注以及整體變現努力。正如之前所討論的，我們已對推廣進行了周到且戰略性的管理，並將繼續這樣做，同時更加專注，並為與華納媒體和 HBO 合作的直接面向消費者的下一階段做好準備。

Worth noting, we achieved a significant milestone this past quarter, having replatformed our discovery+ tech stack across Europe, bringing it onto a single platform consistent with the U.S. We achieved this important migration quite seamlessly, enabling a more feature-rich and personalized consumer experience. These efforts should ultimately drive better consumer engagement, higher retention and ultimately, lower churn, further supporting the trend we've enjoyed over the last few quarters.

值得一提的是，我們在上個季度取得了一個重要的里程碑：在歐洲範圍內遷移了Discovery+技術棧，並將其整合到與美國市場一致的單一平台上。我們非常順利地完成了這項重要的遷移，從而帶來了功能更豐富、更個人化的使用者體驗。這些努力最終將提升消費者參與度、提高留存率，並最終降低客戶流失率，進一步鞏固我們過去幾季的良好動能。

This replatforming also enables the rolling out of an ad-light tier to discovery+ in select international regions, something, as you know, that was not contemplated when we launched at the end of 2020 and which we expect will figure meaningfully in our eventual merged offering. The opportunity here is large, and we look to best practices from the U.S. We expect to launch the U.K. in March with additional countries in Europe having been identified to follow thereafter.

此次平台重組也使我們能夠在部分國際地區推出Discovery+的輕廣告層級。如您所知，這在我們2020年底推出時並未考慮過，我們預計這將在我們最終的合併產品中發揮重要作用。這其中蘊藏著巨大的機遇，我們正積極地借鏡美國的最佳實踐。我們預計3月在英國推出Discovery+，之後也將在歐洲其他國家推出。

As part of our global content strategy, we do believe premium entertainment, news and sports offers an attractive service in many markets. And we are excited about the innovative deal with BT in the U.K. where, as we announced a few weeks ago, we are in final exclusive negotiations to create a rich extensive portfolio of sports content in that very important U.K. market. We will combine our Eurosport U.K. portfolio with BT Sport, bringing together key matches from the Premier League and all of the UEFA Champions League, Premiership Rugby, Olympic Games, cycling Grand Tours and Grand Slam tennis. This will create a more compelling and simplified sport offering in the U.K. and Ireland while also advancing our broader strategy of bringing sport and entertainment to more consumers with discovery+.

作為我們全球內容策略的一部分，我們堅信優質娛樂、新聞和體育服務在許多市場都極具吸引力。我們對與英國電信 (BT) 在英國達成的創新協議感到興奮。正如我們幾週前宣布的那樣，我們正處於最終的獨家談判階段，旨在為英國這個至關重要的市場創造豐富多樣的體育內容組合。我們將把 Eurosport U.K. 組合與 BT Sport 整合，整合英超聯賽、所有歐冠聯賽、英超橄欖球聯賽、奧運會、自行車大巡迴賽和網球大滿貫賽事的關鍵比賽。這將在英國和愛爾蘭打造更具吸引力、更簡化的體育內容，同時也將推進我們透過 Discovery+ 將體育和娛樂帶給更多消費者的更廣泛策略。

Staying with sports for a moment and fresh off the winter games from Beijing. Despite the many challenges and obstacles, we were very pleased with the event marked by healthy growth in subscriber additions, streaming minutes and total viewers across our combined portfolio. Though perhaps most importantly and building upon the momentum from the summer games in Japan, it reinforced the value of delivering a much richer product experience that combines entertainment and sports in Europe with strong appeal for the whole household. This enabled us to bring new and different viewers to the Olympics as well as to introduce more sports viewers to our entertainment content, which greatly improves retention and lifetime value.

再說回體育，北京冬奧剛落下帷幕。儘管面臨許多挑戰和障礙，我們對此次盛會感到非常滿意，我們旗下所有平台的新增用戶、串流媒體播放分鐘數和總觀眾人數均實現了健康增長。或許最重要的是，它延續了日本夏季奧運會的良好勢頭，強化了我們在歐洲提供更豐富的產品體驗的價值，將娛樂和體育相結合，對全家老少都具有強大的吸引力。這使我們能夠吸引新的、不同的觀眾群體觀看奧運會，並讓更多體育觀眾接觸到我們的娛樂內容，從而大幅提升了觀眾的留存率和終身價值。

And lastly, one closing thought before I turn it over to Gunnar. Depending on how soon we can complete the closing of our merger, this earnings could be our last as a stand-alone Discovery. For me personally, it has been the honor of a lifetime to run this very special company over the last 15 years alongside such an extraordinary group of leaders, employees and Board members folks that I've gotten to work with and learn from like John Malone, the Newhouse and Miron family and the guy that started this all out of a garage with a crazy idea that Discovery could change the world, my great friend, John Hendricks.

最後，在把時間交給Gunnar之前，我想說一句。根據我們合併完成的速度，這可能是我們作為獨立Discovery的最後一份財報。對我個人而言，過去15年來，能夠與一群傑出的領導者、員工和董事會成員一起經營這家非常特別的公司，是我畢生的榮幸。我曾與他們共事，也曾向他們學習，例如John Malone、Newhouse和Miron家族，以及那個在車庫裡懷揣著「Discovery可以改變世界」的瘋狂想法創辦了Discovery的人——我的摯友John Hendricks。

Having accomplished so much and to have had such a blast along the way, I often remark this job is such a blessing of a lifetime and we're all so lucky to be in this business and to get to do what we do. And I could not be prouder of what we've achieved together but recognize that our most exciting days and biggest tests are ahead of us, and we absolutely can't wait to share the next leg of this journey with all of you. To close, I truly want to thank those of you that have joined us quarter in and quarter out during this first very formative chapter of Discovery's corporate journey. We believe the next chapter will be even more rewarding and fulfilling.

一路走來，我取得瞭如此多的成就，並享受瞭如此多的樂趣，我常常感嘆這份工作是人生的一大幸事，我們都很榮幸能夠從事這份事業，並從事我們所做的事情。我為我們共同取得的成就感到無比自豪，但同時也意識到，最激動人心的日子和最大的考驗還在後頭，我們迫不及待地想與大家分享這段旅程的下一段旅程。最後，我由衷地感謝在探索頻道公司發展歷程中這至關重要的第一章中，每季都與我們攜手共進的各位。我們相信，下一篇章將會更加充實，更加有意義。

With that, I'd like to turn it over to Gunnar.

說完這些，我想把發言權交給 Gunnar。

Thank you, David. I'd like to start by echoing David's comments. This was indeed an exceptional year for Discovery and one in which I believe we made significant strides across our financial, operational and strategic priorities.

謝謝大衛。首先，我想重複大衛的評論。對於探索頻道來說，這確實是非凡的一年，我相信我們在財務、營運和策略重點方面都取得了重大進展。

Speaking to our financial accomplishments, I am proud of our continued focus on transformation and efficiency during continued disruption in our industry. Notwithstanding over $1 billion of losses from our investment initiatives in 2021, we finished the year with over $2.4 billion of free cash flow, a 64% conversion of AOIBDA, a true testament to both the resiliency of our core networks as well as overall balance of our global portfolio of assets.

談到我們的財務成就，我為我們在產業持續動盪的背景下，持續專注於轉型和效率而感到自豪。儘管2021年我們的投資項目損失超過10億美元，但我們在年底實現了超過24億美元的自由現金流，AOIBDA轉換率達到64%，這充分證明了我們核心網絡的韌性以及全球資產組合的整體平衡。

Moreover, we ended the year with $4 billion of cash on our balance sheet and net leverage of 3.0x, both of which have continued to improve thus far in 2022. And based on our current momentum, I remain very confident with our projected net leverage at closing of 4.5x or better and reiterate that our long-term target leverage range for Warner Bros. Discovery remains 2.5 to 3x, which we intend to achieve within 24 months from close and possibly sooner.

此外，截至今年底，我們的資產負債表上有 40 億美元現金，淨槓桿比率為 3.0 倍，這兩個數字在 2022 年迄今均持續改善。基於我們目前的勢頭，我仍然非常有信心，預計收盤時的淨槓桿率將達到 4.5 倍或更高，並重申我們對華納兄弟探索頻道的長期目標槓桿率範圍仍為 2.5 至 3 倍，我們打算在收盤後 24 個月內實現這一目標，甚至可能更快。

Now turning to the quarter. Let me briefly provide some color on Q4 results, for which, from a high level, underlying trends are more or less consistent with those of the last few quarters. In the U.S., Q4 advertising was up 5% year-over-year, largely driven by strong pricing in linear and further supported by continued traction in the ad-light tier of discovery+.

現在談談本季。讓我簡要介紹一下第四季的業績。從宏觀層面來看，其基本趨勢與過去幾季基本一致。在美國，第四季廣告營收年增5%，這主要得益於線性廣告的強勁定價，以及Discovery+等輕廣告平台的持續成長。

As I mentioned on our last call and not surprisingly, we have seen hints of softness in the scatter market due to supply chain disruptions and some category softness around COVID. Visibility remains limited as supply chain issues persist, and we currently see low to mid-single-digit growth in Q1. U.S. distribution revenues increased 17%, helped by discovery+ and higher linear affiliate rates, more than offsetting declines in linear pay TV subscriber numbers of around 4% for our fully distributed portfolio.

正如我在上次電話會議上提到的，由於供應鏈中斷以及新冠疫情期間部分品類的疲軟，我們看到了分散式市場略顯疲軟的跡象，這並不令人意外。由於供應鏈問題持續存在，市場前景仍然有限，目前我們預計第一季將出現低至中等個位數的成長。由於discovery+和更高的線性聯盟費率，美國分銷收入增長了17%，這足以抵消我們全分銷產品組合中線性付費電視用戶數量約4%的下降。

Turning to international, which I will discuss on a constant-currency basis. Starting with advertising. Momentum is quite a bit stronger than here in the U.S., increasing a healthy 12% in the fourth quarter, benefiting from robust performance in all regions. We continue to enjoy pricing upside resulting from healthy demand across EMEA, particularly in the U.K., Poland and The Netherlands, while Latin America continues to recover nicely, also helped by share gains in key markets like Mexico and overall healthy demand.

談到國際市場，我將以固定匯率為基礎進行討論。首先是廣告業務。由於所有地區的強勁表現，國際市場的成長勢頭遠強於美國市場，第四季度實現了12%的健康成長。由於歐洲、中東和非洲地區（尤其是英國、波蘭和荷蘭）的強勁需求，我們持續享受價格上漲帶來的上漲空間。拉丁美洲市場持續強勁復甦，這得益於墨西哥等主要市場的份額增長以及整體需求的強勁增長。

We are at the very early stages of rolling out an international ad-light tier for discovery+, first in the U.K. and Ireland in March, with additional markets in EMEA to follow, enabled by the international replatforming which David previously alluded to. We are enthusiastic about the incremental consumer-focused feature enhancements, which we expect will drive better engagement, resulting in continued churn reduction and monetization upside. Distribution revenue increased 5% during Q4 as ongoing affiliate fee pressures in certain EMEA markets have been more than offset by the growth in discovery+ subscribers with strength in key markets like the U.K., the Nordics, Poland and Brazil.

我們正處於推出 Discovery+ 國際輕廣告版的早期階段，首先將於 3 月在英國和愛爾蘭推出，隨後將在歐洲、中東和非洲 (EMEA) 等其他市場推出，這得益於 David 之前提到的國際平台重塑。我們對逐步推出的以消費者為中心的功能增強充滿熱情，預計這些功能將提升用戶參與度，從而持續降低用戶流失率並提升獲利能力。第四季分銷收入成長了 5%，這得益於 Discovery+ 用戶的成長，部分歐洲、中東和非洲 (EMEA) 市場持續的聯盟費壓力已被英國、北歐、波蘭和巴西等關鍵市場的成長所抵消。

On the expense side, total Q4 operating expenses increased 9%. Cost of revenues decreased 4%, helped in part by a more normalized sports schedule in Europe, partially offset by continued investment in content for discovery+. SG&A increased 29% due to overall marketing spend to support discovery+ subscriber growth and new market launches. Lastly, operating expenses in our core linear business decreased in the low single-digit range for the year, in line with our guidance. To that end, I'm very proud of the efforts across the company to support continued efficiency and overall cost management.

在支出方面，第四季總營運支出成長了9%。收入成本下降了4%，部分原因是歐洲體育賽事賽程更加規範，但Discovery+內容的持續投入也部分抵銷了這一影響。銷售、一般及行政費用（SG&A）成長了29%，這主要歸因於為支持Discovery+用戶成長和新市場拓展而投入的整體行銷支出。最後，我們核心線性業務的營運支出全年下降了個位數，符合我們的預期。為此，我對全公司為持續提高效率和進行整體成本管理所做的努力感到非常自豪。

AOIBDA for the quarter was up 15% to over $1.1 billion and was down only 8% for the year to $3.8 billion, which, taken in the context of an incremental $600 million investment in next-gen initiatives and a roughly $200 million loss for the Olympics, I am extremely proud of our results. I do want to take a minute to call out both the criticality and the resiliency of our core linear networks business. We continue to invest and support these important brands and franchises while, at the same time, look to drive operational efficiency across the globe as we maximize their contribution to free cash flow and to fund our continued investments in direct to consumer.

本季的AOIBDA成長了15%，超過11億美元，而全年僅下降了8%，至38億美元。考慮到我們在下一代項目上新增了6億美元的投資，以及奧運造成的約2億美元的損失，我對我們的業績感到非常自豪。我想花點時間強調我們核心線性網路業務的重要性和韌性。我們將繼續投資和支持這些重要的品牌和特許經營權，同時，我們也致力於提高全球營運效率，最大限度地提高它們對自由現金流的貢獻，並為我們繼續投資於直接面向消費者的業務提供資金。

Now turning to some housekeeping items and a couple of items to consider for the quarter as you update your models. First, U.S. other revenue was up $74 million during the quarter due to a nonrecurring noncash item, which flowed 100% to AOIBDA and which was a positive $0.08 per share impact. Second, we recognized a $0.13 per share noncash loss from the $15 billion of notional interest rate hedges that we implemented in the third quarter to mitigate interest rate risk for future debt issuances to finance the cash portion of the WarnerMedia transaction. As I mentioned on the last earnings call, we are required to report the changes in fair market value on our income statement as the derivatives do not qualify as hedges for accounting purposes, which could result in some additional variability to our net income until the WarnerMedia transaction closes.

現在來看看一些常規事項，以及在您更新模型時需要考慮的幾個季度事項。首先，本季美國其他營收成長了7,400萬美元，這得益於一項非經常性非現金項目，該項目100%流向了AOIBDA，對每股盈餘產生了0.08美元的正影響。其次，我們確認了每股0.13美元的非現金損失，這源自於我們在第三季實施的150億美元名目利率對沖，旨在降低未來發行債券為華納媒體交易的現金部分融資的利率風險。正如我在上次財報電話會議上提到的，我們需要在損益表中報告公允市場價值的變動，因為這些衍生品不符合會計上的對沖條件，這可能會導致我們的淨收入在華納媒體交易完成前出現一些額外的波動。

Third, Group Nine signed an agreement to merge with Vox in December 2021. As a result of the transaction, which closed earlier this week and the estimated value of our ownership in the new company, we recognized a $0.10 per share noncash impairment charge.

第三，Group Nine 簽署了一項協議，將於 2021 年 12 月與 Vox 合併。由於本週稍早完成的交易以及我們在新公司的所有權的估計價值，我們確認了每股 0.10 美元的非現金減損費用。

Finally, the impact of PPA amortization during the fourth quarter was $0.51 per share. This is higher than in prior quarters as we reassessed the useful lives and amortization method for all the purchased customer relationship intangibles. While the useful lives of these intangible assets did not change, we decided to take a more conservative position and accelerate amortization to better align with expected cash flow. As a result of this, our Q4 D&A expense increased by nearly $200 million. Adjusted for all of the above, EPS would have been $0.73 per diluted share.

最後，第四季購電協議攤銷的影響為每股0.51美元。這一數字高於前幾個季度，因為我們重新評估了所有購買的客戶關係無形資產的有效年限和攤銷方法。雖然這些無形資產的有效年限沒有變化，但我們決定採取更保守的立場，加快攤銷速度，以更好地與預期現金流保持一致。因此，我們第四季的折舊及攤銷費用增加了近2億美元。經上述所有因素調整後，每股攤薄收益應為0.73美元。

Our full year effective book tax rate was 16%. Our cash tax rate was 25% for the year excluding PPA amortization. For 2022, we expect our tax rate to be in the mid-20% range while our cash tax rate is expected to be in the low to mid-20% range excluding PPA for Discovery stand-alone. And based on our planned rates, we expect FX to have a roughly $90 million to $100 million negative year-over-year impact on revenues and a negative $5 million to $10 million impact on AOIBDA in 2022, inclusive of the existing hedges.

我們全年有效帳面稅率為16%。不包括購電協議攤銷，全年現金稅率為25%。我們預計2022年的稅率將在20%左右，不包括Discovery獨立專案購電協議攤銷，現金稅率預計約20%。根據我們計劃的稅率，我們預計外匯交易將對2022年收入造成約9000萬至1億美元的年比負面影響，並對AOIBDA造成500萬至1000萬美元的負面影響（包括現有對沖）。

A quick update on where we currently stand in the transaction process. We have already satisfied most of the conditions to close: unconditional clearance from the European Commission, the expiration of the HSR waiting period, clearance from all other key international markets and the favorable private letter ruling from the IRS for AT&T. We also filed our final merger proxy earlier this month and have scheduled our stockholder meeting for March 11. Following the vote and assuming the deal is approved by our shareholders, this puts us on a clear track to close in early Q2. That will be a wonderful achievement that reflects our best case estimates from a year ago.

簡單介紹一下我們目前在交易過程中的進展。我們已經滿足了大部分交割條件：歐盟委員會的無條件批准、HSR等待期的到期、所有其他主要國際市場的批准，以及美國國稅局對AT&T有利的私人信函裁定。我們也在本月初提交了最終合併委託書，並計劃於3月11日舉行股東大會。投票結束後，假設該交易獲得股東批准，這將使我們在第二季初完成交割的前景更加明朗。這將是一項了不起的成就，反映了我們一年前的最佳預期。

I am encouraged by the continuing operating and financial momentum at Discovery during what has undoubtedly been a hectic year. And we could not be more excited to get going on integrating the 2 companies as well as delivering the promises we have made to you, including $3 billion plus of cost synergies and driving significant free cash flow to deleverage the company down to our target leverage range within 24 months. Having recently conducted some high-level meetings across our respective companies, I think it's fair to say that both the Discovery and Warner teams are eager to begin collaborating in earnest to build one of the most dynamic media entertainment companies in the world.

在這無疑是忙碌的一年裡，Discovery 持續的營運和財務成長動能讓我備受鼓舞。我們非常高興能夠著手整合兩家公司，並兌現我們對你們的承諾，包括實現超過 30 億美元的成本協同效應，並帶來可觀的自由現金流，從而在 24 個月內將公司槓桿率降至目標範圍。最近，我們雙方公司舉行了幾次高層會議，我認為可以說，Discovery 和華納團隊都渴望開始認真合作，共同打造全球最具活力的媒體娛樂公司之一。

Now with that, I'd like to turn the call over to the operator. And David, JB and I will be happy to take your questions.

現在，我想把電話轉給接線生。 David、JB 和我很樂意回答你們的問題。

(Operator Instructions) Your first question comes from the line of Robert Fishman with MoffettNathanson.

（操作員指示）您的第一個問題來自 MoffettNathanson 的 Robert Fishman。

Given the new geopolitical risk from Russia, can you just remind us what percent of Discovery's revenue come from Europe and Asia or what it would be on a pro forma basis for Warner Bros. Discovery and whether you've seen any early pullback on advertising in the region? Obviously, understanding that the Olympics just wrapped up there. And then I have a separate one for Gunnar on the amort policy.

鑑於俄羅斯帶來的新地緣政治風險，您能否介紹一下探索頻道的收入中有多少來自歐洲和亞洲，或者華納兄弟探索頻道的預測收入佔比是多少？您是否看到該地區的廣告業務出現早期回落？顯然，我知道奧運會剛剛在那裡結束。然後我還有一個關於攤銷政策的問題要問Gunnar。

Okay. Go ahead, Gunnar -- or JB.

好的。請說，Gunnar——或者JB。

Yes. No, I can take it, Michael. It's an immaterial proportion of our financials. It's about 1% of profit that we're generating in the affected region here.

是的。不，邁克爾，我可以接受。這在我們財務中佔比不大。這大約占我們在受災地區利潤的1%。

But JB, if you could just comment more broadly.

但是 JB，如果你能更廣泛地評論的話。

I would say in the exact -- in the Ukrainian market itself, obviously, it's even -- it's absolutely de minimis is the short answer. In Russia specifically, as you may have remembered a couple of years ago when the regulatory regime changed in the country and we were obligated to restructure our agreements to actually be represented by a local player, we did that to become in compliance with the local regulations. So we already have a deal structure in place that is partnered with a local Russian entity.

我想說的是，在烏克蘭市場本身，顯然，這甚至是——簡而言之，絕對是最低限度的。具體到俄羅斯，你可能還記得，幾年前，該國的監管制度發生了變化，我們有義務重組我們的協議，以便由當地公司代理，我們這樣做是為了遵守當地法規。所以，我們已經建立了與俄羅斯當地實體合作的交易結構。

And so for the time being, based on -- obviously, this is a very dynamic situation based on everything that we've been able to study up until literally real time this morning. We don't see any impact, but we're going to continue to track it and see. And as Gunnar said, even if you include the Russian market, it's still very immaterial in respect to the total Discovery company.

所以就目前而言，根據我們截至今天早上所能研究到的所有資訊來看，情況非常動態。我們目前還沒有看到任何影響，但我們會繼續追蹤觀察。正如 Gunnar 所說，即使算上俄羅斯市場，對整個 Discovery 公司來說，影響仍然微乎其微。

As it relates to the larger European footprint, obviously, for markets that are important to us like Poland, like some of the Eastern European markets, which are the most likely to be affected, again, for the time being, we haven't seen any impact. We're pacing very nicely for the first quarter. But that is a situation that is going to continue to evolve, and we'll continue to track it.

就我們在歐洲的更大影響力而言，顯然，對於我們重要的市場，例如波蘭，以及一些最有可能受到影響的東歐市場，目前我們還沒有看到任何影響。我們第一季的節奏非常順利。但情況會繼續發展，我們將繼續關注。

And then for Gunnar, just following up on the change in amortization policy. Can you discuss if you're also reexamining the changing viewing behavior or habits and how that might impact any of your content amortization included in EBITDA?

然後，Gunnar，請問您關於攤銷政策變化的問題。您能否談談，您是否也在重新審視不斷變化的觀看行為或習慣，以及這將如何影響包含在EBITDA中的內容攤銷？

No. Michael (sic) [Robert], this is really -- I mean this is -- it was a review of our accounting methodology here. Remember, this is purchase price allocation that we took on with the acquisition of Scripps, and obviously, we review these on a regular basis. We've obviously also spent a lot of time thinking about purchase price allocation for the upcoming WarnerMedia deal. And as such, this is noncash. It's what we paid for Scripps. And I just generally like to take as conservative as possible a position here. There is no benefit from having these intangibles on the balance sheet.

不。麥可（原文如此）[羅伯特]，這實際上是——我的意思是——這是對我們會計方法的一次審查。記住，這是我們收購斯克里普斯時採用的購買價格分配，顯然，我們會定期審查這些。我們顯然也花了很多時間考慮即將到來的華納媒體交易的購買價格分配。因此，這是非現金的。這是我們為斯克里普斯支付的。我通常傾向於在這裡採取盡可能保守的立場。將這些無形資產列入資產負債表沒有任何好處。

So what's going to happen is you saw a $200 million impact in the fourth quarter. But again, we're not changing the amortization period. We're just front-loading the rate of amortization. So this is going to just increase the amortization of these positions for the next 2, 3 years and then decrease the amortization in the outer years.

所以，第四季的影響將達到2億美元。但要再次強調的是，我們不會改變攤銷期。我們只是提前調整攤銷率。所以，這只會增加這些頭寸未來2-3年的攤銷額，然後減少之後幾年的攤銷額。

Just one point coming off of Gunnar's point about Scripps. I just wanted to mention that if you look at our company today and how we came together with Warner, none of that would have been possible, in my view, without the business that Ken Lowe built. And when I say Ken Lowe built, I mean, as a real entrepreneur, came up with the idea for those channels at a time when broadcasters were dominant and everyone thought a home channel didn't make a lot of sense.

關於Gunnar關於Scripps的觀點，我只想補充一點。我想說的是，如果你看看我們今天的公司，看看我們是如何與華納走到一起的，在我看來，如果沒有Ken Lowe打造的業務，這一切都不可能實現。我所說的Ken Lowe打造，是指他作為一個真正的企業家，在廣播電視佔據主導地位、所有人都認為家庭頻道不太合理的時代，提出了這些頻道的想法。

But home and food and the personalities and understanding brand and building a great culture and a fantastic business and when we came together, that really gave us tremendous strength and diversity in nonfiction. It also gave us more confidence to go to the market with d+ and a much broader menu and bouquet. And that transaction and the opportunity to work with Ken over these many years for all of us has just enriched the company and positioned us to be able to do the Warner deal and positions us, I think, to be more successful because that content has worked really well around the world. So...

但當我們走到一起時，家、食物、個性、對品牌的理解、建立優秀的文化和出色的業務，確實賦予了我們非虛構類作品巨大的力量和多樣性。這也讓我們更有信心帶著d+、更豐富的菜單和風格進入市場。這筆交易以及多年來與肯合作的機會，對我們所有人來說都豐富了公司，使我們能夠完成與華納的交易，而且我認為，這也使我們更加成功，因為這些內容在世界各地都取得了巨大的成功。所以…

Actually, Michael, I should have -- I didn't properly answer your -- Robert, I didn't properly answer your question because you were also focused on content amortization. That's something we also obviously confirm on a quarterly basis, and there was no changes to these policies last year. So again, you've got the linear world, the potential further exploitation of content in the digital world. Those are sort of balancing each other out right now. So we haven't made any changes there and didn't see any need for that.

事實上，邁克爾，我應該——我沒有正確回答你的問題——羅伯特，我沒有正確回答你的問題，因為你也關注了內容攤銷。這顯然也是我們每季都會確認的事情，而且去年這些政策沒有改變。所以，再說一次，你看到了線性世界，以及在數位世界中對內容的潛在進一步發展。目前，這些政策在某種程度上相互平衡。所以我們沒有在這方面做出任何改變，也不認為有任何改變的必要。

And your next question comes from the line of Doug Mitchelson with Crédit Suisse.

您的下一個問題來自瑞士信貸的道格·米切爾森 (Doug Mitchelson)。

David or Gunnar, would you just talk about your confidence level in the $14 billion EBITDA and $8 billion free cash flow guidance for 2023 and if that confidence has evolved at all and why? And then I guess the follow-up to that is should we look at that level of guidance, $14 billion and $8 billion, as suggesting you don't see a need to ramp content spending rapidly, which a lot of folks are worried about? That looks like a guidance that would suggest you're just going to continue along the path that HBO already had planned for their content spending ramp. So any correlation between that guidance and your intentions regarding content spending would be helpful.

David 或 Gunnar，能否談談您對 2023 年 140 億美元 EBITDA 和 80 億美元自由現金流指引的信心程度？這種信心是否有所改變？原因是什麼？接下來我想問的是，我們是否應該將 140 億美元和 80 億美元的指引水平視為您認為沒有必要快速增加內容支出（很多人對此感到擔憂）？這看起來像是一份指引，表明您將繼續沿著 HBO 已經規劃的內容支出成長路徑前進。因此，任何有關該指引與您在內容支出方面的意圖之間的關聯都將很有幫助。

Sure, sure. Let me start here. Number one, yes, full confidence in the guidance that we gave when we announced this deal. Again, as you know, we're in an approval process here so we have done some more work but are eager to get into the detailed planning of these synergies after closing. But again, everything we've learned so far has, if anything, given me more confidence on our ability to generate these numbers.

當然，當然。我先從這裡開始。首先，是的，我們對宣布這筆交易時給予的指引充滿信心。再說一次，正如你所知，我們現在正處於審批流程中，所以我們做了一些額外的工作，但我們渴望在交易完成後對這些協同效應進行詳細的規劃。不過，我們迄今為止所了解到的一切，如果有的話，都讓我對我們實現這些數字的能力更有信心了。

When it comes to content investments, we've received that question a lot over the past couple of weeks, understandably given what's been going on in the ecosystem. A couple of things here. Number one, we have in our numbers baked in a very significant increase in content spending and we have put 0 synergies against that.

關於內容投資，過去幾週我們收到了很多這樣的問題，考慮到生態系統的現狀，這可以理解。這裡有幾點。首先，我們的數據已經包含了內容支出的大幅成長，但我們沒有考慮到任何協同效應。

Number two is we are currently spending at a peak level or at least the highest level that we have seen in the history of this company. We spent more than $4 billion for content in 2021 at Discovery alone. And obviously, also on the WarnerMedia side, they've seen increases in spend. So we are definitely spending enough from my perspective. The key question is going to be how much is going to be enough going forward. We have plenty of room in our business case.

第二，我們目前的支出達到了峰值，或至少是公司歷史上的最高水平。 2021年，光是探索頻道（Discovery），我們在內容上的支出就超過了40億美元。顯然，華納媒體方面也看到了支出的成長。所以，在我看來，我們的支出絕對夠了。關鍵問題是，未來多少才算足夠。我們的商業模式有足夠的空間。

And I will also say, as David said, in his opening remarks here, for us, it's not about winning the spending war. Money doesn't score goals, as the European soccer analogy would be. We will have a greatly complementary portfolio of content focus areas between discovery+ and HBO Max. As a matter of fact, we're going to be covering all 4 quadrants like no one else, and that could actually drive to content efficiency that we haven't been able to get as 2 stand-alone companies.

我還要說，正如大衛在開場白中所說，對我們來說，重要的不是贏得這場支出戰。金錢並不能進球，就像歐洲足球的比喻。 Discovery+和HBO Max將擁有高度互補的內容重點領域組合。事實上，我們將以前所未有的方式涵蓋所有四個像限，這實際上可以提高我們作為兩家獨立公司無法實現的內容效率。

At discovery+, we have invested in content in areas that's slightly outside of our lane in order to broaden the appeal. And certainly, everybody has noticed the efforts of the HBO Max side to get more female, et cetera, with investments that might not be perfectly in the wheelhouse. So I actually have hope that we might be getting away with a little less content spend, but we certainly have taken a conservative approach and put in a very significant room for increases.

在discovery+，我們投資了一些略微超出我們業務範圍的內容，以擴大其吸引力。當然，大家都注意到了HBO Max方面為吸引更多女性觀眾等等所做的努力，但這些投入可能並不完全符合我們的預期。所以我其實希望我們能夠減少一些內容支出，但我們確實採取了保守的策略，並預留了相當大的成長空間。

I don't know if, David or JB, you want to answer.

我不知道 David 或 JB 是否想回答。

So look, I think we start with the premise that the idea for this transaction was we have a library as big as Netflix with content that people love in the U.S., local content around the world in the entertainment and nonfiction space and in sport and that when we bring that together with the -- with HBO and the best TV library in the world in my view and motion picture library, that the first question is how well does that do. We have a very low churn product in the U.S. Our churn is getting better in Europe as we've made it broader. And when we put these 2 together, I think it's the broadest, most compelling offering of content available, and it appeals to from people -- from the kids that are very young to -- with Looney Tunes and Hanna-Barbera and Harry Potter to the DC content, to the content that older people and every generation loves.

所以，我認為我們首先要有一個前提，那就是這項交易的想法是，我們擁有一個像Netflix一樣龐大的庫，裡面有美國觀眾喜愛的內容，也有世界各地娛樂、非虛構領域和體育領域的本地內容。當我們將這些內容與HBO——在我看來是世界上最好的電視劇庫和電影庫——結合起來時，第一個問題是效果如何。我們在美國的產品流失率非常低。隨著我們業務範圍的擴大，我們在歐洲的產品流失率正在下降。當我們把這兩者結合起來時，我認為這是我們目前最廣泛、最引人注目的內容，它吸引了各種各樣的人——從很小的孩子到——從《樂一通》、《漢納巴伯拉》和《哈利波特》到DC漫畫，再到老年人和各個年齡段的人都喜歡的內容。

And we see that there's also a different viewing pattern between what's going on in HBO Max and with discovery+. A lot of our content is viewed throughout the day. So the first question is how do we do when we come together. What happens to churn? What happens to growth? As I said, we are a real company. What I mean by that is we're going to be generating $8 billion or more in free cash flow. So we have plenty of money to spend.

我們發現HBO Max和Discovery+的觀看模式也有所不同。我們的很多內容都是全天觀看的。所以第一個問題是，當我們整合在一起時，我們會怎麼做？客戶流失率會怎樣？成長會怎樣？正如我所說，我們是一家真正的公司。我的意思是，我們將產生80億美元或更多的自由現金流。所以我們有足夠的資金來支配。

That already assumes that we're going to spend more money on content. But we're not going to just spend just to figure -- to have more content on the platform. The key to these platforms, which is true of free-to-air channels and cable channels, is you spend enough that you could nourish an audience, that they want to spend time with you and that they feel that you're the place that they want to be and you're important, low churn, high usage, usage by many people in the family.

這已經假設我們將在內容上投入更多資金。但我們不會僅僅為了在平台上提供更多內容而投入資金。這些平台的關鍵在於，就像免費頻道和有線電視頻道一樣，你投入的資金足以培養觀眾，讓他們願意花時間在你的平台上，讓他們覺得你就是他們想待的地方，你很重要，低流失率，高使用率，被家庭中的許多人使用。

And we're going to be very careful about looking at how we do, and there's a good -- we believe there's a chance that we're going to do quite well. And we also have very low-cost content in that we're not going to have to increase investment significantly that our bouquet will be differentiated and compelling. But we do have the resources if we see that spending more will get us more growth and lower churn and good economics on ARPU. But we'll be very careful because we have a real company that's generating real value.

我們將非常謹慎地審視我們的表現，我們相信我們很有可能會取得相當不錯的成績。而且我們擁有非常低成本的內容，無需大幅增加投資就能讓我們的內容更具差異化、更具吸引力。如果我們發現增加投入能夠帶來更快的成長、更低的用戶流失率以及更高的ARPU（每用戶平均收入）經濟效益，我們確實有資源。但我們會非常謹慎，因為我們是一家真正創造價值的公司。

And your next question comes from the line of Philip Cusick with JPMorgan.

您的下一個問題來自摩根大通的 Philip Cusick。

I wonder if you can talk about just -- remind us how you think these days, David, of cost savings and synergies in Warner compared to the difficulty and size of the opportunity versus those in the Scripps deal. Anything changing there as you've got more into it?

大衛，您能否談談您最近對華納的成本節約和協同效應的看法，以及與斯克里普斯交易相比，華納的難度和機會規模。隨著您進一步了解，有什麼改變嗎？

Gunnar, why don't you -- we've been side by side on this for the last several months. And the good news is that we've been digging in with Ann and with the team and when -- we've been able to kind of confirm a lot of what we thought. But why don't you, as the general here, just take Philip through...

岡納，你為什麼不──過去幾個月我們一直在並肩作戰。好消息是，我們一直在和安以及團隊深入溝通，而且——我們已經能夠確認很多我們的想法。但你，身為這裡的將軍，為什麼不直接帶菲利普去…

So the short answer is we're fully aware of the fact that this is much larger and it's going to be much more complicated and complex than what we dealt with when we brought Scripps and Discovery together. That said, all the work that we have done -- again, as I said in my earlier response here, if anything, we have gotten more excited about the opportunity. We've had first very high-level meetings with the WarnerMedia side as well that are going very well.

所以簡而言之，我們完全清楚，這比我們合併史克里普斯和探索頻道時面臨的情況要大得多，也複雜得多。話雖如此，我們所做的所有工作——正如我之前回覆所說，如果說有什麼不同的話，那就是我們對這個機會更加興奮了。我們也與華納媒體方面進行了首次高層會談，進展非常順利。

And remember, we have a couple of unique points here in the constellation. One is that a lot of the cost savings is actually going to come out of cost avoidance. Right now, we're running 2 completely separate direct-to-consumer technology stacks and marketing operations, and we're spending roughly $6 billion for technology and marketing between HBO Max and discovery+. Clearly, once we have successfully migrated those technology stacks into one, there is going to be tremendous opportunity to reduce costs. And the second point here is that for both plans we had anticipated very significant investment increases, which one of those ramps is going to go away as well. That could easily make up for half of the total cost synergy potential here.

請記住，我們在這個組合中有幾個獨特之處。首先，很多成本節省其實來自於成本規避。目前，我們經營著兩個完全獨立的直接面向消費者的技術堆疊和行銷業務，我們在 HBO Max 和 Discovery+ 之間的技術和行銷支出約為 60 億美元。顯然，一旦我們成功地將這些技術堆疊整合在一起，將會有巨大的成本削減機會。其次，我們預期這兩個計畫的投資都會大幅增加，但其中一個投資成長幅度也會隨之減少。這很容易彌補總成本綜效潛力的一半。

And then we have the linear portfolio with which, I think, both sides have a lot of experience. And I've been encouraging people to go back and look at how the efficiency changed when we combined Scripps and Discovery. There's just a lot of very straightforward opportunity there.

然後，我們擁有線性投資組合，我認為雙方都擁有豐富的經驗。我一直鼓勵大家回顧一下史克里普斯和發現號合併後效率的變化。這裡面有很多非常直接的機會。

And then what I do want to point out as well is all the areas in which we have not assumed any cost synergies. Again, I've already mentioned content but also the entire studio operation, CNN, et cetera, et cetera. So again, I think what we're going to see is that we're probably going to broaden the scope of potential initiatives once we close the deal. But I feel very good about our ability to get at these numbers.

我還想指出的是，所有我們尚未考慮成本綜效的領域。我之前已經提到過內容，但也提到了整個演播室運營，例如CNN等等。所以，我認為一旦交易完成，我們可能會擴大潛在計劃的範圍。但我對我們能夠實現這些數字感到非常滿意。

The other point is that we haven't assumed any revenue synergy. And the ability to come to market with -- in the U.S., the broad bouquet of content means that we can service advertisers and distributors much more effectively.

另一點是，我們沒有假設任何收入協同效應。能夠進入美國市場，我們擁有豐富的內容資源，這意味著我們可以更有效地服務廣告商和經銷商。

Forgive me if I'm premature on this, but there's been a lot of headlines about CNN+ ramping up. It seems like there's a lot of business model overlap there with discovery+. Anything you can add about that?

請原諒我的言之過早，但關於CNN+正在蓬勃發展的頭條新聞已經很多了。看起來它和Discovery+有很多商業模式的重疊。您對此還有什麼補充嗎？

We will in the next -- in the near term sit down and get a -- have a real business plan discussion with the people at CNN and CNN+. We haven't had that yet. We haven't seen it. I've been watching a lot of CNN. It's -- this is where you see the difference between a new service that has real -- has meaningful resources globally, news-gathering resources, the biggest and largest group of global journalists of any media company, maybe with the exception of the BBC.

我們將在近期與CNN和CNN+的員工坐下來，進行一次真正的商業計劃討論。我們還沒有進行過這樣的討論。我們還沒有看到結果。我一直在關注CNN。這就是——你能看到一項新服務與任何一家媒體公司（或許除了BBC）相比，擁有真正有意義的全球資源、新聞採訪資源、以及規模最大、全球記者隊伍的差異之處。

And here we are waking up this morning with a war. And CNN is going to multiple correspondence and journalists risking their lives in Ukraine, in Poland, in Russia, on the ground. And there's no organization -- news organization in the world that looks like CNN that can do what CNN does, and I think it becomes very clear as you go around the world and you look at other news channels that are -- where people are sitting behind desks and giving their opinion about what's going on. There's a news network that's on the ground with journalists in bulletproof vests and helmets that are doing what journalists do best, which is fight to tell the truth in dangerous places so that we all can be safe and we can assess what's going on and what's dangerous in the world.

而今清晨，我們醒來時，卻發現戰爭正在上演。 CNN 正在為烏克蘭、波蘭、俄羅斯等地的記者進行多方採訪，他們冒著生命危險。世界上沒有任何一家新聞機構能像 CNN 一樣，能夠做到 CNN 所做的一切。我想，如果你環遊世界，看看其他新聞頻道，你會明白這一點——那些記者坐在辦公桌後，對正在發生的事情發表自己的看法。而有一個新聞網絡在一線工作，他們的記者穿著防彈背心，戴著頭盔，做著記者最擅長的事情：在危險的地方努力報道真相，這樣我們才能安全，才能評估世界上正在發生的事情和危險之處。

So it's a proud moment for us to watch what's going on there. But because this deal has not closed yet, CNN is being run by AT&T. And we're in the beginning process of getting the details on what they're doing.

所以，我們很榮幸能夠關注那裡的情況。但由於這筆交易尚未完成，CNN目前由AT&T營運。我們目前正處於初步了解他們具體行動細節的階段。

And it's worth -- David, if I can just add one thing on the synergies. Philip, the other opportunity that is significant is that the Warner international basic channels business is about 10x the size of revenue of what Scripps was. And so I think also the opportunity on the channels integration on international will also be much more significant than it was in the Scripps business.

值得一提的是──大衛，關於綜效，我補充一點。菲利普，另一個重要的機會是，華納國際基本頻道業務的收入大約是史克里普斯的10倍。因此，我認為，國際頻道整合的機會也將比史克里普斯業務重要得多。

And your next question comes from the line of Jessica Reif Ehrlich with Bank of America.

您的下一個問題來自美國銀行的 Jessica Reif Ehrlich。

So we're on the cusp -- you're on the cusp of closing the deal, and the hard part is obviously in front of you given the changes you need to implement. Where should we expect to see early results in revenue and costs?

所以，我們正處於關鍵時刻——您即將完成交易，而考慮到您需要實施的變更，困難的部分顯然擺在您面前。我們應該如何預期在收入和成本方面看到早期成果？

And maybe specifically, the upfronts in May, it seems like you'll close before then. The old Time Warner or Warner Bros. traditionally had silos between entertainment, news and sports. Do you expect to go to market with all segments under one sales force? If yes, like what are the pros and cons of doing that?

或許具體來說，五月的預付款，看起來你們會在那之前完成。以前的時代華納或華納兄弟傳統上在娛樂、新聞和體育之間各自為政。你們打算把所有部門都放在一個銷售團隊的領導下推向市場嗎？如果是的話，這樣做的利弊是什麼？

And my follow-up, I'll just ask now. You called out the Olympics performance, which is clearly very different than the U.S. experience. Can you talk a little bit about the lessons learned from the first 2 Olympics and expectations for Paris in '24?

我的後續問題，我現在就問。您提到了奧運的表現，這顯然與美國的經驗截然不同。您能否談談前兩屆奧運的經驗教訓以及對2024年巴黎奧運的期望？

Sure. Well, first, we've been focusing really on cost. And after we close and we get into the business, we'll have a chance to think about revenue opportunities, but our #1 priority has been focusing on cost and analyzing opportunities and synergy that reflect the $3 billion. We can get more into the synergies, Gunnar, but I just wanted to speak to the Olympics and then pass it to JB.

當然。首先，我們一直非常關注成本。交易完成後，我們開始運營，會考慮收入機會，但我們的首要任務一直是關注成本，並分析與這30億美元相關的機會和協同效應。 Gunnar，我們可以更深入地探討協同效應，但我只想先談奧運會，然後交給JB。

We have focused very hard throughout Europe with all sports in really driving local recognition of athletes. Who are the local athletes? What's at stake for them? Where did they come from? Why do you care? And what we've learned over the years with our 3 sports channels and with our direct-to-consumer business is it's not just the love of the sport. It's the love of the athletes, and -- that when you see 8 skiers lined up, you want to know the back story. And that has really worked for us across sport.

我們在歐洲各地大力推廣各項運動項目，致力於提升運動員在當地的知名度。當地的運動員是誰？他們面臨什麼風險？他們來自哪裡？為什麼你們要關心這些？多年來，我們透過三個運動頻道和直銷消費者的業務，了解到，這不僅是對這項運動的熱愛，更是對運動員的熱愛。當你看到八名滑雪運動員排成一排時，你會想知道背後的故事。這在我們整個體育領域都非常有效。

And JB and Andrew and the team spent months promoting local athletes with the objective that if you went down a main street in any country and you said, "Who are you looking forward to seeing in the Olympics?" that we would -- the objective was that you'd be able to name between 5 and 10 people. And I think that had a lot to do in terms of execution with what we saw with viewership across Europe. JB?

JB、Andrew 和團隊花了幾個月的時間推廣當地運動員，目標是如果你走到任何一個國家的大街上，問他們：「你最期待在奧運會上看到誰？」我們的目標是——你能夠說出5到10個人的名字。我認為，這與我們在歐洲各地的收視率有很大關係。 JB？

Yes. Look, I think, Jessica, we've learned a couple of things. The focus, as David said, I'd say, on the production side has been very much focused on content and storytelling on local heroes and athletes. I think also we've understood, in this digital and social age, that people want to see more authentic representations of the athletes' lives. And so we've also introduced things like family cams and showing -- particularly in this virtual world over the last 2 games where a lot of the families have not been able to be on site, showing how their families and friends are rooting for them back home and bringing that and making it a more intimate authentic experience of the full representation of the support crew that supports these athletes.

是的。傑西卡，我想我們學到了一些經驗。正如大衛所說，在製作方面，我們的重點一直非常注重內容和講述本地英雄和運動員的故事。我認為，我們也明白，在這個數位和社交時代，人們希望看到更真實的運動員生活。因此，我們也引入了家庭攝影機等功能，尤其是在過去兩場比賽的虛擬世界中，許多運動員的家人無法親臨現場，我們透過這些功能展現了他們的家人和朋友如何在家鄉為他們加油，並讓觀眾更親密地、更真實地體驗到支持這些運動員的全過程。

And then lastly -- or the last 2 things I'd say. We've also continued to build out the best set of experts in terms of on-air talent in the business by far. So people know to come to us because we have the best set of on-air talent that oftentimes are medalists themselves, Olympians themselves.

最後——或者說我想說的最後兩點。我們也持續打造了業界迄今最優秀的播音人才團隊。所以人們知道來我們這裡，是因為我們擁有最優秀的播音人才，他們往往本身就是獎牌得主，甚至是奧運選手。

And then lastly, we really continue to invest in innovative technology to bring the games and the stories to life in different and innovative ways that are not gimmicky but ultimately really bring the storytelling to life, augmented reality being one. We've done little simple things like our announcers being on camera and having feeds from our announcers who have obviously a lot of passion as they're watching their national games. And so we've continued to innovate on the technology, which has helped bring the games to life in a different way.

最後，我們持續投資創新技術，以獨特的創新方式將比賽和故事帶入生活。這些方式並非花哨，而是真正將故事講述得栩栩如生，而擴增實境就是其中之一。我們做了一些簡單的事情，例如讓播音員出現在鏡頭前，並接收來自播音員的回饋，他們顯然在觀看國家隊比賽時充滿熱情。因此，我們持續創新技術，以不同的方式將比賽帶入生活。

And so we're incredibly proud of what our team has done, as David said, in a very difficult situation. And we're very pleased that both in terms of our linear ratings being comparable to what we saw 4 years ago in Pyeongchang despite the put levels in that period being down double digit, that our experience was very different than others, obviously, in the last -- both this games and the Tokyo games for that matter.

正如大衛所說，我們為團隊在非常困難的情況下所取得的成績感到無比自豪。我們很高興看到，儘管當時的收視率下降了兩位數，但我們的線性收視率與四年前在平昌冬奧會上看到的收視率相當。當然，我們的經驗與上屆冬奧以及東京冬奧截然不同。

Gunnar, Jessica was asking about a little more on cost synergy. I think you covered a lot of it, but any other thoughts?

Gunnar，Jessica 剛剛問了更多關於成本協同的問題。我想你已經講了很多，還有其他想法嗎？

No, I mean, I think the one thing I would add, Jessica, to your point about the timing, look, we're -- we want to hit the ground running. We have stood up integration management offices both on the WarnerMedia side and on the discovery side. We've got full teams in flight working on setting up the work streams, et cetera. But that said, we're still operating as 2 independent companies right now. There's very limited interaction regarding actual savings measures.

不，我的意思是，傑西卡，關於你提到的時間安排，我想補充一點，你看，我們——我們想要立即採取行動。我們已經在華納媒體和探索部門設立了整合管理辦公室。我們也有完整的團隊在執行任務，建立工作流程等等。但話雖如此，我們現在仍然是兩家獨立的公司。在實際的節約措施方面，雙方的互動非常有限。

So with that said, what I would want you to expect is sort of an initial wave of savings after closing, which a lot of it is going to be straightforward, early, quick wins. And then we'll get to work on detailing out the longer-term structure and setup. And that's the reason why we had focused our communication on 2023, because '22 was always going to be a little noisy, we're coming together 1/3 into the year, et cetera. So 2023 is, for me, sort of the year sort of for the full-on synergy capture here.

話雖如此，我希望大家期待的是交易結束後會有一波初步的節省，其中很多都是直接、早期、快速見效的。之後，我們會開始製定更長期的架構和安排。這也是我們把溝通重點放在2023年的原因，因為2022年總是會比較忙，而且我們到今年已經過了三分之一才開始合作等等。所以，對我來說，2023年可以說是全面實現綜效的一年。

Our objective is get the deal closed and implement these work streams on cost and then sit down and look at the opportunity to serve advertisers more effectively and efficiently. And we'll have the upfront -- hopefully, we'll be closed before the upfront. It looks like that will probably be the case. And then we'll be able to start to put together an upfront strategy.

我們的目標是完成交易，並在成本上落實這些工作流程，然後坐下來，尋找更有效、更有效率地服務廣告商的機會。我們會支付預付款——希望在預付款之前完成交易。看起來很有可能。然後我們就可以開始製定預付款策略了。

Your next question comes from the line of Michael Morris with Guggenheim.

您的下一個問題來自古根漢美術館的邁克爾莫里斯。

Two questions for me. First, David, you spoke about Warner Bros. TV, and historically, that's been a somewhat unique business in its size but also selling outside of the company. You referenced that being something you sort of expect going forward. And in recent times, it feels like companies are trying to pull more content back in, and perhaps in situations where they've sold externally, they've been disappointed with that decision. So maybe you could just talk about the balance there given the size of the business but also the interest in fueling your own platform.

我有兩個問題。首先，大衛，你談到了華納兄弟電視。從歷史上看，華納兄弟電視的業務規模比較特殊，也對外銷售內容。你提到過，你預計未來會繼續這樣做。最近，感覺有些公司正在嘗試收回更多內容，而有些公司先前對外銷售的內容，或許對這個決定感到失望。所以，你能不能談談，考慮到業務規模以及對自身平台發展的興趣，如何平衡這部分業務？

And my second question maybe for Gunnar is really on the long-term margin structure for the business and thinking about the streaming industry more broadly. The guidance that you guys have given sort of implies a high-20s percent EBITDA margin, which is below the historical cable business but definitely at the high end of the streaming business. So I guess the question is really how do you see that converging over time? But also when you think of a sort of scaled streaming business globally, what does its margin structure look like over the long term?

我的第二個問題或許是關於Gunnar的，是關於業務的長期利潤結構，以及對串流媒體產業更廣泛的思考。你們給出的指引暗示EBITDA利潤率將達到20%以上，低於有線電視業務的歷史水平，但絕對處於串流媒體業務的高端。所以我想，真正的問題是，您認為這種利潤率會隨著時間的推移而如何收斂？但同時，當您考慮全球範圍內某種規模化的串流媒體業務時，它的長期利潤結構是什麼樣的？

Thanks, Michael. I've been for many, many years in deep envy at Warner Bros. TV, having spent 18 years at NBC, Must See TV. And Jack Welch would often remind the heads of entertainment of this, that it was really Warner Bros. TV, that all those shows were produced by Warner Bros. And the business that Channing is running right now is generating significant revenue. And in some ways, it's doing 2 things. It's probably the best and largest producer of quality content -- TV content in the world.

謝謝，麥可。多年來，我一直對華納兄弟電視公司心生羨慕，因為我曾在NBC的「必看電視」（Must See TV）工作了18年。傑克韋爾奇經常提醒娛樂業的高層，這才是真正的華納兄弟電視公司，所有這些節目都是由華納兄弟製作的。錢寧目前經營的業務正在創造可觀的收入。從某種程度上來說，它正在做兩件事。它可能是世界上最好、最大的優質內容——電視內容——的製作商。

We're in that business. We have a business called All3. As many of you know, we're 50-50 with Liberty Global with 35 production companies. That business has gotten, Jane Turton runs it, a lot better because there are multiple bidders for quality content. And when you look at Warner Bros TV, it's a very, very compelling business in a market where there aren't many makers. And as you said, even the smaller makers are making -- just saying, "Let me just make for myself."

我們從事這個行業。我們有一個叫做All3的生意。正如你們許多人所知，我們與Liberty Global（一家擁有35家製作公司的公司）各持股50%。這個業務由Jane Turton負責，現在發展得更好了，因為有多個競標者競購優質內容。看看華納兄弟電視，你會發現，在一個製作商不多的市場裡，這是一個非常非常有吸引力的業務。正如你所說，即使是規模較小的製作商也在製作——他們只是說：“讓我自己製作吧。”

We -- I look at that business and I see tremendous optionality and something that's really rare. To have a maker of the scale of Warner Bros. television with some of the greatest television producers in the world, Rob Reiner, Chuck Lorre, the most prolific, working at Warner Bros. gives us great optionality. We can produce more content for HBO and HBO Max. We can produce more content to generate more free cash flow and profit by taking advantage as an arms dealer of something that's very rare, the ability to provide great content to Apple or to the broadcasters or to other providers.

我審視這個行業，發現其中蘊藏著巨大的選擇性，以及一些真正罕見的東西。華納兄弟這樣規模的電視製作公司，擁有世界上最優秀的電視製作人，比如羅伯·萊納和查克·洛爾，這些最多產的製作人，在華納兄弟工作，給了我們巨大的選擇性。我們可以為HBO和HBO Max製作更多內容。我們可以製作更多內容，從而產生更多的自由現金流和利潤，因為我們作為軍火商擁有非常罕見的優勢，那就是能夠為蘋果、廣播公司或其他提供者提供優質內容。

We'll get in there and figure it out. But in the end, when I say this is a balanced company, this is a big piece of it, that we have a big production entity that makes a lot of money. And we have the ability to ramp that up to make more money in an environment where there's lots of need or we have an ability to ramp that up and provide more for ourselves, which also provides some economic efficiency. And so it's a great asset. We're looking forward to learning more about it and leaning into it.

我們會深入研究，找到答案。但最終，當我說這是一家平衡的公司時，其中很重要的一點是，我們擁有一個能夠獲利的大型生產實體。我們有能力在需求旺盛的環境中提升生產能力，從而賺取更多利潤，或者說，我們有能力提升生產能力，為自己提供更多產品，這也能提高經濟效率。所以，這是一筆寶貴的資產。我們期待著進一步了解並充分利用它。

And on the margin side, Mike, so a couple of points here. If you take a step back and look at the pure math and if we look at a long-term horizon here, sort of the 10-year projections that we -- that you saw in our S-4, I think it's reasonable to assume sort of slightly declining margins on the linear side. And then we have all talked about D2C reaching their -- the peak investment point. discovery+, as you know, has peaked in 2021 from an investment loss perspective. HBO Max has guided to peak from that perspective in 2022.

關於利潤率，麥克，這裡有幾點。如果你退一步來看純數學，如果我們從長期來看，例如我們在S-4報告中看到的10年預測，我認為線性利潤率略有下降是合理的。然後我們都談到了D2C達到投資高峰。如你所知，從投資損失的角度來看，discovery+在2021年已經達到高峰。從投資損失的角度來看，HBO Max預計在2022年達到高峰。

So there will be a very significant margin improvement in those businesses. David described the macro tailwind for the TV studio so that should be a positive as well. But if you take these underlying trends by business and then factor in that there's probably going to be a mix change with D2C, obviously, growing significantly faster, then I think that gives you a feeling for how we get to this margin -- to those levels that you see in the S-4.

因此，這些業務的利潤率將會顯著提升。 David 描述了電視演播室業務的宏觀順風效應，因此這應該也是一個利好因素。但是，如果你將這些潛在趨勢按業務劃分，然後考慮到 D2C 業務組合可能會發生變化，顯然，D2C 的成長速度會顯著加快，那麼我想這就能讓你感受到我們如何達到這個利潤率——達到你在 S-4 中看到的水平。

We have said when we launched discovery+ that we were confident to be able to get to a 20% margin at scale. That's where Netflix is roughly today. And the point that I want you to take away as well is I do think -- and I've said many times, from today's perspective, I think we're going to do better than that 20% number. And that is because we are very uniquely positioned. We're making -- the combined company is going to be very uniquely positioned. We're making the content. We can decide flexibly where the greatest value is.

我們在推出discovery+時就說過，我們有信心在規模化營運的情況下實現20%的利潤率。 Netflix目前的利潤率大致如此。我想讓大家記住的是，我確實認為──而且我已經說過很多次了，從今天的角度來看，我們的業績會比20%更好。這是因為我們有非常獨特的定位。我們正在打造－合併後的公司將擁有非常獨特的定位。我們專注於內容製作。我們可以靈活地決定在哪裡實現最大價值。

We've got multiple bites at the apple when it comes to monetizing the investment on our platform. And again, we've talked about that so much. We're virtually using every available revenue stream. In a way, we're sometimes double or triple dipping, monetizing content with our U.S. linear environment, TV Everywhere, discovery+; on the international side, basic pay. And then in certain markets, we've had a very successful launch of free-to-air on top. And almost every dollar that JB spends on content is used both on discovery+ international and the linear platforms. That's a huge advantage, also the fact that we're getting subscription, distribution and advertising revenues.

在將平台投資變現方面，我們擁有多重機會。我們之前也多次討論過這個問題。我們幾乎利用了所有可用的收入來源。某種程度上，我們有時會採取雙重或三重獲利模式：利用我們在美國線性平台、TV Everywhere 和 Discovery+ 實現內容變現；在國際平台上，我們則提供基本付費服務。此外，在某些市場，我們推出了非常成功的免費播放服務。 JB 在內容上投入的幾乎每一分錢都用於 Discovery+ 國際平台和線性平台。這是一個巨大的優勢，此外，我們還獲得了訂閱、發行和廣告收入。

So I think we will always have an advantage with that global footprint when it comes to monetizing the IP investments. And again, as we've also said several times, we're not going to be in a race here to win the spending war or to win a certain subscriber number. We're managing our business for the long-term shareholder value and sort of nourishing all platforms at the same time.

因此，我認為，憑藉我們遍布全球的佈局，在知識產權投資貨幣化方面始終擁有優勢。而且，正如我們多次強調的那樣，我們不會為了贏得支出戰或贏得一定數量的用戶而參與競爭。我們管理業務是為了長期股東價值，同時也滋養所有平台。

So look, I've always felt one of the great strengths of Discovery is that we were a free cash flow machine, and we were laser-focused on that metric as being a real metric that represents the quality of a company. And when we look at '23 and that $8 billion, that gives us a lot of strength.

所以，我一直覺得探索頻道的一大優勢在於我們擁有自由現金流，而且我們高度重視這個指標，認為它真正體現了一家公司的實力。而當我們回顧23年和那80億美元時，這給了我們巨大的力量。

But we're not going to just say, "Let's pour everything into the direct-to-consumer business." There is a level of investment that makes sense for that business, and that's how we're going to attack it. We'll be looking to monetize our IP, to grow firm the value of the overall company, to build shareholder value, and we have an ability to do that uniquely as a global company in ways that most companies can't.

但我們不會只是說「讓我們把所有精力都投入到直銷業務中」。對於這項業務來說，一定程度的投資是合理的，而這正是我們推進它的方式。我們將致力於將我們的智慧財產權貨幣化，鞏固公司整體價值，創造股東價值。作為一家全球性公司，我們有能力以大多數公司無法做到的方式，以獨特的方式做到這一點。

Your next question comes from the line of Brandon Nispel with KeyBanc Capital Markets.

您的下一個問題來自 KeyBanc Capital Markets 的 Brandon Nispel。

Two separate questions, if I could, please. One on the linear advertising side. Your trends in advertising are significantly different than the company that you're merging with. So I was hoping you could help us understand your plans to really turn it around the Turner portion. And maybe it goes back to some of Jessica's questions, but how should we think about Discovery's linear advertising growth, particularly in the U.S. for 2022?

如果可以的話，請問兩個不同的問題。一個是關於線性廣告方面的。你們的廣告趨勢與你們合併的公司截然不同。所以我希望您能幫助我們了解您們扭轉特納部分局面的計劃。這或許可以追溯到傑西卡的一些問題，但我們該如何看待探索頻道的線性廣告成長，尤其是在2022年美國市場的成長？

Then just separately, on streaming, could you talk about churn for discovery+. How do you measure it? How do we think about monthly churn rates? And really what should we be looking for, for churn on that service going forward, particularly as you sort of layer in HBO content?

那麼，關於串流媒體，您能否單獨談談Discovery+的用戶流失率？您是如何衡量的？我們是如何看待月度用戶流失率的？未來我們究竟該關注Discovery+的用戶流失率，尤其是在HBO內容層層疊加的情況下？

Well, we can start with the second one maybe, Brandon. So I think on the discovery+ churn numbers, I think we obviously are not -- we don't talk about specific numbers. But I can tell you this, which is, as David has alluded to, I sort of separate the U.S. and international.

好吧，布蘭登，我們可以先從第二個開始。關於發現+流失率的數據，我認為我們顯然沒有——我們不會談論具體的數字。但我可以告訴你，正如大衛所提到的，我把美國和國際的數據分開了。

The U.S., one of the greatest things we've experienced over the course of the last year is that compared to the best-in-class in the market, that our numbers are not quite there yet but looking very competitive with some of the best in market. And that's -- the reality, it's only 12 months out of the gate when -- our product and all the elements of our product, both in terms of engagement and retention capabilities. I would say, right now, it's still not certainly even on par with some of the best in market yet. So we feel great about where we are 1 year out, being in the same ZIP code as some of the best in market.

在美國，過去一年我們經歷的最棒的事情之一是，與市場上最優秀的公司相比，我們的業績雖然還未達到最佳水平，但看起來已經非常具有競爭力。事實上，我們才剛推出12個月，我們的產品以及產品的所有元素，無論是在用戶參與度還是留存率方面，都取得了顯著的進步。我想說，目前，我們甚至還沒有達到市場上一些頂尖公司的水平。因此，我們對一年後的現狀感到很滿意，因為我們與市場上一些頂尖公司位於同一郵遞區號區。

And then internationally, we've had, I think, a much more -- we've been much more challenged, candidly, historically. And as David said, part of the issue was that our platform wasn't as sophisticated because it came from a legacy pre-discovery+ launch in the U.S. front end that didn't have nearly the tools for personalization, profiles, really basic things that we couldn't enable. And by completing that replatform at the end of last year, we came out of 2021 with record lows on churn internationally. Still higher than the U.S., but the great news is the trend we saw towards the end of the year and into the first quarter is very promising.

在國際市場，坦白說，我們面臨的挑戰比以往更大。正如David所說，部分原因在於我們的平台不夠成熟，因為它源自於美國前端的傳統Pre-Discovery+版本，幾乎沒有個人化、個人資料等我們無法實現的基本功能。去年底完成平台遷移後，我們在2021年國際客戶流失率創歷史新低。雖然仍然高於美國市場，但好消息是，我們在年底和第一季看到的趨勢非常樂觀。

And a big part of that, we think, is going to continue to improve by just having the product features that have been available in the U.S. now available to us outside the U.S. And as the proposition and as the product features continue to improve over the course of the next couple months, we think there's opportunity for those numbers to come even lower. So hopefully, that gives you a little bit of a flavor.

我們認為，其中很大一部分原因在於，只要將先前在美國市場推出的產品功能擴展到美國以外地區，就能持續改善使用者體驗。隨著未來幾個月產品方案和功能的不斷改進，我們認為這些數字有機會進一步降低。希望以上資訊能讓您略知一二。

The only thing I would add is that we went to market with -- over the years, with this idea that we could build superfan niche businesses. And we tried to do that with cycling, and we tried to do that with tennis. And we separated sport from the nonfiction and entertainment offering.

我唯一想補充的是，多年來，我們一直秉持著打造超級粉絲利基業務的理念進入市場。我們嘗試在自行車領域做到這一點，也嘗試在網球領域做到這一點。我們也將體育內容與非虛構類和娛樂類內容區分開來。

And one of the -- aside from the quality of the platform is that we learned -- and this is good. Every time we have a challenge, the question is, "Okay, what could we do differently that will improve the experience for the consumer?" That's a broader menu of content. It's more people in the home using it longer length of view in the aggregate, lower churn. And so the experience over the last few years as we put -- as we add to the offering, the broader the offering, the lower the churn and the more satisfied the consumers are. And so that's something that leads us to the conclusion that bringing this whole thing together is going to be very compelling.

除了平台品質之外，我們還學到了很多東西，這很好。每次遇到挑戰時，我們都會問自己：「我們可以做些什麼不同的事情來提升消費者的體驗？」 那就是提供更廣泛的內容。這意味著更多家庭用戶會使用它，整體來看，觀看時間更長，客戶流失率更低。所以，根據過去幾年的經驗，隨著我們不斷豐富產品，產品範圍越廣，客戶流失率就越低，消費者滿意度也越高。因此，我們得出結論，將所有這些整合在一起將非常有吸引力。

And there's a number of markets in Europe where we're the leading broadcaster. So we have all the entertainment, we have the nonfiction, we have the sport. In some markets, we also have news. And in those markets, we're doing very, very well. And our churn numbers are looking very encouraging. And so that's one of the things that has led us to be so optimistic or optimistic about the fact that the strategic attack of putting it all together will provide a broad menu that will be -- provide growth, lower churn and better customer satisfaction. Gunnar?

在歐洲的許多市場，我們都是領先的廣播公司。我們擁有各種娛樂節目，包括非虛構類作品和體育節目。在某些市場，我們也提供新聞節目。在這些市場，我們的表現非常出色。我們的客戶流失率看起來非常令人鼓舞。這也是我們如此樂觀的原因之一，我們相信，將所有這些整合在一起的策略攻勢將提供廣泛的選擇，從而實現成長、降低客戶流失率並提高客戶滿意度。 Gunnar？

Okay. Yes. On the advertising point, I mean, obviously, you all understand we can't talk about sort of specific plans here for the combined company. But I do want to give you a couple of general points and then one deal-specific point.

好的。是的。關於廣告方面，我的意思是，顯然，大家都明白我們不能在這裡談論合併後公司的具體計劃。但我想先談幾個一般性的觀點，然後再談一個與交易相關的具體問題。

So number one, just generally speaking, there's no doubt that ratings across the industry are under pressure so we have less inventory. We've continued to grow for a number of reasons. And I have every reason to believe that we're going to continue to grow with this lineup.

首先，總體而言，毫無疑問，整個行業的評級都面臨壓力，所以我們的庫存減少了。我們持續成長的原因有很多。我完全有理由相信，憑藉現有的陣容，我們將繼續成長。

Number one, and we don't have to go through the details again, but cable has always been undermonetized in a major way. David has been talking about this for years. We're finally seeing some real traction as people sort of sharpen their pencils. It's just a great deal to spend 30% less than on broadcast on our networks and we can still double our CPS. And we've talked about that a lot.

第一，我們不必再贅述細節，但有線電視一直以來都嚴重缺乏獲利。 David 多年來一直在談論這個問題。隨著人們逐漸精打細算，我們終於看到了一些真正的進展。在我們的網路上，比廣播電視少花 30% 的錢，而且我們仍然可以將 CPS 翻一番，這真是太划算了。我們已經討論過很多次了。

Targeting -- even in the linear space, dynamic ad insertion at this point has passed the point of just pilots and testing. There is an opportunity there. And then finally, as we look at digital with eyeballs sort of moving out of the linear ecosystem into a direct-to-consumer ecosystem, we're getting, as we laid out in our presentation when we launched discovery+, up to 3x CPMs because we're covering more demos and age groups and get better targeting, et cetera, et cetera. So there's a lot of monetization opportunity left in that traditional business.

定位－即使在線性領域，動態廣告插入目前也已經超越了試點和測試的階段。這其中蘊藏著機會。最後，隨著我們用眼光看待數位領域，眼球正從線性生態系統轉向直接面向消費者的生態系統，正如我們在推出discovery+時的演示中所闡述的那樣，我們的CPM（每千次展示費用）將提高高達3倍，因為我們覆蓋了更多的人群和年齡段，並且獲得了更好的定位等等。因此，傳統業務中仍有許多獲利機會。

The deal-specific point that I do want to make is what we learned when we combined Discovery and Scripps is -- and if you go back and look at the number, in virtually every market globally, we were able to get much better rating out of the existing content output because we were optimizing -- suddenly, we were able to optimize across a portfolio of networks. JB was able to launch new networks and reprogram certain networks internationally. We did very significant programming changes across the combined Scripps and Discovery portfolio in the U.S.

我想特別強調的是，我們在Discovery和Scripps合併後學到的一點是——如果你回顧一下數據，你會發現幾乎在全球每個市場，我們都能從現有內容輸出中獲得更高的收視率，因為我們進行了優化——突然之間，我們能夠在一系列網絡組合中進行優化。 JB能夠推出新的網絡，並在國際上重新編排某些網絡。我們對合併後的Scripps和Discovery在美國的節目編排進行了非常重大的調整。

So we were able, if you looked at the ratings trends, to outperform the industry on a global basis for several years following that combination. And I think that's a general theme, which I would hope to get some traction out of when we combine these 2 kind of fantastic portfolios as well. So I really feel very, very positively about the ad sales side, with the caveat that, obviously, no one is expecting any viewership growth in this day and age.

所以，如果你看看收視率趨勢，你會發現在合併後的幾年裡，我們在全球範圍內的表現都超過了行業平均水平。我認為這是一個普遍的現象，我希望當我們把這兩個優秀的投資組合合併在一起時，也能從中獲得一些動力。所以我對廣告銷售方面非常非常樂觀，但需要注意的是，顯然，在當今時代，沒有人會預期收視率會有任何成長。

Your next question comes from the line of Jason Bazinet with Citi.

您的下一個問題來自花旗銀行的 Jason Bazinet。

So you guys have such a great track record in international markets. I just have an international DTC question. If you asked the buy side a year ago how big the opportunity was, they would have said 800 million or 1 billion households. And if you asked the buy side now, they'd give you a number that's like 1/3 of that because some of the bigger players are seeing decelerating net adds.

你們在國際市場上的業績如此出色。我只想問一個關於國際DTC的問題。如果你一年前問買方，機會有多大，他們會說8億或10億戶家庭。而如果你現在問買方，他們會給你一個大概是這個數字的三分之一，因為一些較大的公司正在經歷淨增業務的減速。

And I just -- I know you guys have sports and news and a wide array of content. But what's your view of what that number is? And what will it take to sort of deepen penetration outside the U.S.?

我知道你們有體育、新聞等各種各樣的內容。但您覺得這個數字是多少？要在美國以外進一步滲透，需要什麼？

Thanks, Jason. Look, I think that there's a certain number of people who pay $14 or $15 for television. And your -- you can model out country by country, and there's different cultures and different willingness to pay for content in different markets, what that aggregates to. But the way that we see it is we'll have an ad-free product where we'll be competing in that space, but then we'll have an ad-light product that we're going to be very successful with that is much less expensive. And so what is the market for a product much less expensive that has limited commercials but is very broad and has a compelling menu of IP and is available on every platform? So what is -- how does that broaden the market?

謝謝，傑森。你看，我認為有一定數量的人會為電視節目支付14或15美元。你可以對每個國家進行建模，看看不同市場有不同的文化和不同的內容付費意願，然後總結起來得出結論。但我們的想法是，我們會推出一款無廣告產品，在該領域進行競爭，但之後我們也會推出一款低廣告產品，價格低得多，而且會非常成功。那麼，一款價格低得多、廣告有限、內容廣泛、擁有引人入勝的IP資源、並且可在所有平台上觀看的產品，市場在哪裡呢？那麼，它如何拓寬市場呢？

And then if you actually -- when we take a look inside of d+ -- and we haven't been able to look inside of HBO Max, and we don't know exactly what they're doing with their library. But they -- Warner has the largest TV and motion picture library. They have half of the MGM motion picture library. We have a huge library.

然後，如果你真的——當我們查看 d+ 內部情況時——我們還沒能查看 HBO Max 的內部情況，我們也不知道他們到底在用他們的庫做什麼。但是他們——華納擁有最大的電視和電影庫。他們擁有米高梅電影庫的一半。我們有一個龐大的庫。

And so I really see and we as a company see 3 funnels. Our objective is to reach everybody. There's a certain percentage of people that will be willing to pay $15 for a premium service with no commercials. There'll be -- we'll have a lower-priced product that will attract a broader view of people with limited commercials. And we've seen a lot of success with ARPUs equal or greater to the higher fee.

所以，我和我們公司都看到了三個管道。我們的目標是觸達所有人。一定比例的人願意支付15美元購買無廣告的高級服務。我們會推出價格較低的產品，透過有限的廣告吸引更廣大的受眾。我們已經看到很多成功案例，ARPU值等於或高於更高的收費標準。

And then finally, as we get more sophisticated, we'll see that there's a substantial portion of content that we own, movies, TV, this is true for Discovery right now, that's not being used that much on the premium service. And so eventually, we should be using all that. Now we may be using that on channels, but ultimately, you could see a subscription-only service, an ad-light service and then a free digital service so -- that everybody can go to and might be vanilla labeled but putting in a lot of the content. So that -- there's a load of people that will never pay for television, but they can go to and view this content and that will be advertiser supported.

最後，隨著我們變得更加成熟，我們會發現，我們擁有的內容，例如電影、電視，目前探索頻道（Discovery）的情況就是這樣，但這些內容在付費服務中並沒有充分利用。所以，最終，我們應該充分利用所有這些內容。現在我們可能會在各個頻道上使用這些內容，但最終，你可能會看到一種僅限訂閱的服務、一種廣告較少的服務，以及一種免費的數位服務——這樣每個人都可以訪問這些服務。這些服務可能帶有普通的標籤，但內容非常豐富。這樣一來，很多人永遠不會為電視付費，但他們可以存取並觀看這些內容，而這些內容將由廣告商支援。

And so in the long range, I think there are a number of players that are very tied to this idea of subscription only. But as a company, we probably have the most content, the most diverse content, the most content in language around the world. And our ambition is that let's work really hard to drive the aggregate product in subscription and ad-light, and then let's take a look at who we're not getting and what content we have that could serve them in advertiser-only.

所以從長遠來看，我認為有很多參與者非常執著於「純訂閱」的理念。但作為一家公司，我們可能擁有全球最多的內容、最多元的內容、以及最多的語言內容。我們的目標是，努力推動訂閱和輕廣告模式的整體產品，然後再看看哪些用戶還沒有被我們吸引，以及我們有哪些內容可以透過純廣告模式為他們提供服務。

Eventually, I think there will be a digital broadcast -- global broadcast network. It will have very different content than the subscription or ad-light. But there'll be people that do not want to pay, and they'll want to watch content. And who has more content than Warner Bros. Discovery? And so figuring out how to do that will be one of the strategic initiatives that we have in place.

我認為最終會有一個數位廣播——全球廣播網絡。它的內容將與訂閱或輕廣告模式截然不同。但有些人不想付費，他們想看內容。還有誰比華納兄弟探索頻道擁有更多內容呢？因此，研究如何做到這一點將是我們目前實施的策略性舉措之一。

And as David said, look, that strategy is not just a theory. That's the same strategy that led us in Europe to get into free-to-air over the last 10 years, where pay TV was penetrated up to, in certain markets, only 20%, 30%. And so 60%, 70% of the market was never going to be interested in paying for television.

正如大衛所說，你看，這個策略不只是理論。過去十年，正是憑藉同樣的策略，我們才得以在歐洲進入免費電視市場。而付費電視在某些市場的滲透率只有20%到30%。因此，60%到70%的市場根本不會對付費電視感興趣。

And with David's vision at the time, that the group went out and started launching free-to-air and we ended up developing a whole new audience segment at 20%, in some cases, 30% margin businesses in the free-to-air. That model may eventually migrate to kind of what we call free-to-view and it moves to digital. But we think that's another alternative way. But we want to go after every customer segment with slightly different product offerings in each one, and we'll have the content depth and breadth to be able to do it when you look at the combined company.

當時，大衛秉持著集團的願景，率先推出免費電視服務，最終我們開發了一個全新的受眾群體，免費電視業務的利潤率達到了20%，有時甚至達到30%。這種模式最終可能會演變成我們所謂的免費觀看模式，並轉向數位化。但我們認為這是另一個選擇。我們希望針對每個客戶群，為每個客戶群提供略有不同的產品。合併後的公司將擁有足夠的內容深度和廣度來實現這一目標。

That broadcast model, we called it broadcast but we didn't have news, we didn't have sports. In many cases, for a couple of years, we didn't have any original content. We just used library content. And for instance, in Italy, we had the #1 channel for -- broadcast channel for women which -- within 6 months of launching it, and our cost was de minimis.

我們稱之為廣播模式，但我們沒有新聞，也沒有體育。很多時候，幾年來我們沒有任何原創內容。我們只是利用現有的內容庫。例如，在義大利，我們擁有排名第一的女性廣播頻道——在推出後的六個月內，我們的成本卻非常低。

And Jason, if I could just add one more from the perspective of just achieving long-term sustainable growth. Remember that while the international markets have lower ARPUs, and you're probably going to see some of that impact over time as international subs sort of increase in the mix here for us, it's a multiple relative to what we're getting in the linear world on a per-sub basis. And we're also able to address a much, much broader part of -- a much larger share of the total population. In some of the markets in the traditional pay ecosystem, we were limited to 15%, 20%, 25% of the market. So that's why you're seeing us continuing to grow through this transition.

Jason，我想從實現長期永續成長的角度再補充一點。請記住，雖然國際市場的每用戶平均收入 (ARPU) 較低，而且隨著國際用戶在我們業務組合中的增長，你可能會隨著時間的推移看到這種影響，但相對於我們在線性世界中按每個用戶計算的收入，這是一個倍數。而且，我們能夠涵蓋更廣泛的人群——佔總人口的比例要大得多。在傳統付費生態系統的一些市場中，我們的市佔率被限制在 15%、20% 或 25% 左右。這就是為什麼你會看到我們在這轉型過程中持續成長。

And your last question comes from the line of Kutgun Maral with RBC Capital.

您的最後一個問題來自 RBC Capital 的 Kutgun Maral。

David, you said in your prepared remarks that your goal is to compete against leading streaming services and not to win the spending war. As you know, a lot of the leading streaming services are ramping their spend levels more and more. And on your end, I think Gunnar, you've even hinted at the fact that there may even be some content spend efficiencies than you previously expected.

大衛，你在準備好的發言中說過，你的目標是與領先的串流媒體服務競爭，而不是贏得這場支出戰。如你所知，許多領先的串流媒體服務正在不斷提高支出水準。而你，我想，Gunnar，你甚至暗示過，內容支出效率可能會比你之前預期的更高。

So I don't mean to belabor the point but it's just top of mind for so many investors. So I'd love to get your perspectives on what gives you confidence that the DTC spend levels embedded in your targets remain appropriate in what seems like an increasingly competitive streaming landscape. And I guess, at the core, I'm just trying to better understand how much of an internal priority there is to hit the $14 billion in EBITDA and drive significant free cash flow versus maybe some flexibility for incremental streaming investments to better position the company to become a longer-term leader in the space.

所以我無意贅述這一點，但這確實是許多投資人最關心的問題。所以，我很想聽聽您的看法：在競爭日益激烈的串流媒體領域，是什麼讓您有信心將目標中的DTC支出水平保持在合理水平？我想，我的核心目標是更好地理解，實現140億美元的EBITDA並推動可觀的自由現金流，以及為增量流媒體投資提供一定的靈活性，以便公司更好地定位於成為該領域的長期領導者，這兩者之間究竟孰輕孰重？

Thanks. When you take a look at the premise of this deal, the reason that we have -- we have a feeling but we don't really know in the end exactly what we're going to need to do, and that's why I think having the free cash flow and the optionality and the ability to monetize across platforms is important. Having said that, we are -- we want to compete against Disney and Netflix, but we're not -- we're a very different company than the 2 of them. Those are 2 great companies. Disney has a group of people around the world that absolutely love their product, and they're doing very well. Netflix has a very broad appeal product. And Ted and Reed are doing a wonderful job building out that brand. They have built the road of getting people comfortable buying content and consuming it on all devices.

謝謝。看看這筆交易的前提，我們之所以這麼做——我們有一種感覺，但最終我們並不知道具體需要做什麼——這就是為什麼我認為擁有自由現金流、可選性和跨平台盈利能力至關重要。話雖如此，我們——我們想與迪士尼和Netflix競爭，但我們不是——我們是一家與這兩家公司截然不同的公司。這兩家公司都是很棒的公司。迪士尼在世界各地擁有一群熱愛其產品的員工，而且他們的表現非常出色。 Netflix的產品極具吸引力。泰德和里德在打造這個品牌方面做得非常出色。他們開闢了一條讓人們能夠在所有裝置上舒適地購買和消費內容的道路。

We will have a very compelling offering. So someone could have Netflix and they'll go there to watch, but we have very identifiable IP, which -- and much broader -- it will be much -- we're much broader than Disney. And we're -- we have much more identifiable IP. And if you look at what Casey is doing with HBO, so he has Euphoria right now. He just had Succession. He has the period drama.

我們將會推出非常有吸引力的產品。有些人可能會選擇Netflix，然後去那裡觀看，但我們擁有極具辨識度的IP，而且覆蓋範圍更廣——比迪士尼要廣得多。而且我們擁有更具辨識度的IP。如果你看看凱西在HBO的計劃，他現在有《亢奮》，剛剛推出了《繼承之戰》，還有一部時代劇。

Gilded Age.

鍍金時代。

Gilded Age going right now. Would we do -- would HBO be doing a lot better if it had 3 more really successful scripted series at this moment? It's not clear that they would be. Why? It's sort of the example of if you took Food Network and you said that we do 600 hours on Food Network. And we make -- and we nourish an audience and they're happy and they like it and they feel like that's their place. And we make $400 million as an example. If we decided to do another 400 hours of content, then maybe the audience would be a little bit happier but now we'd make no money.

鍍金時代正在上演。如果HBO現在能再推出三部真正成功的劇本劇集，業績會好很多嗎？目前還不清楚。為什麼？這就像是拿美食頻道（Food Network）舉例，假設我們製作了600小時的節目。我們製作了——我們培養了觀眾，他們很開心，喜歡它，覺得這就是他們的天地。我們賺了4億美元。如果我們決定再製作400小時的內容，也許觀眾會高興一點，但我們現在就賺不到錢了。

And so when you put Euphoria on, and then -- that audience could then watch 90 Day Fiance and they could watch Fixer Upper, that there's a real balance of content here that we can go to. And there's a lot of nourishment in our library together with a lot of shock and awe in the Warner library. And the shock and awe together with the nourishment and the great personalities, we think, is a really compelling menu, and it's a great recipe that we think we can lean into.

所以，當你播放《亢奮》時，觀眾們可以同時觀看《90天未婚夫》和《Fixer Upper》，這讓我們能夠真正找到平衡的內容。我們的劇庫裡有很多營養豐富的內容，華納的劇庫裡也有很多令人震撼的劇集。我們認為，這些令人震撼的劇集加上營養豐富的內容和傑出的人物，構成了一個真正引人入勝的菜單，這是一個我們認為值得借鑒的絕佳方案。

We're going to spend more on content, but you're not going to see us come in and go, "All right, we're spending $5 billion more" because the first thing we're going to see is we have so much rich content and so much nourishment as well as so much content that's compatible or reaches different audiences that they don't reach, that the excitement is going to be when we come together, "Let's take this car out for a ride. Let's see how this does." Let's -- we're going to continue to spend, but don't expect us to come out and go a couple of billion dollars more and off we go. No, we're going to be measured, we're going to be smart and we're going to be careful.

我們將在內容上投入更多，但你不會看到我們一進來就說：「好吧，我們再花50億美元。」因為我們首先會看到，我們擁有如此豐富的內容，如此有營養的內容，如此兼容的內容，如此觸達他們無法觸及的不同受眾。當我們聚在一起時，興奮之情會油然而生，「我們試駕一下，看看效果如何。」我們——我們會繼續投入，但別指望我們再投入幾十億美元就大干一場。不，我們會謹慎行事，我們會明智行事，我們會小心謹慎。

But we have -- we're going to invest in the streaming platform but that's not our only game. Our game is to create a business that generates sustainable growth, that's global in nature, that generates a lot of free cash flow. And we're quite confident in the numbers that we've given you. If something changes in the next 1.5 years where we think there's a substantial amount of opportunity for long-term growth and long-term economics, we'll come back to you with it, but we're quite comfortable. Gunnar?

但我們已經——我們將投資串流媒體平台，但這不是我們唯一的目標。我們的目標在於打造一個能夠實現永續成長、具有全球性、能夠產生大量自由現金流的業務。我們對之前提供的數據非常有信心。如果未來1.5年內出現一些變化，我們認為存在大量長期成長和長期經濟效益的機會，我們會再與您溝通，但我們對此非常放心。 Gunnar？

No, I think you said it all, David. And to the point about priorities, our priority is on making the right decisions and leaving no opportunity untouched. So we will make those decisions, as David said, in the interest of sort of long-term value for the firm here and long-term sustainable growth. So that's all I can say, but we will definitely touch every opportunity.

不，我想你說得都對了，大衛。關於優先事項，我們的首要任務是做出正確的決定，不放過任何機會。正如大衛所說，我們做出這些決定是為了公司的長期價值和長期可持續成長。我只能說這麼多，但我們一定會抓住每一個機會。

And that concludes Discovery Inc. Fourth Quarter 2021 Earnings Conference Call. You may now disconnect.

Discovery Inc. 2021年第四季財報電話會議到此結束。您現在可以斷開連線了。