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，感謝您的支持，歡迎來到 Discovery, Inc. 2021 年第四季度收益電話會議。 （操作員說明）另外，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.

我現在想將會議交給全球投資者戰略執行副總裁 Andrew Slabin 先生。先生，您可以開始了。

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.

早上好，歡迎來到 Discovery 的第四季度財報電話會議。今天和我在一起的是我們的總裁兼首席執行官 David Zaslav；我們的首席財務官 Gunnar Wiedenfels； Discovery Streaming and International 總裁兼首席執行官 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.

在我們開始之前，我想提醒您，今天的電話會議將包括我們根據 1995 年私人證券訴訟改革法案的安全港條款做出的前瞻性陳述。前瞻性陳述包括對公司的評論未來的業務計劃、前景和財務業績，以及關於公司與 AT&T 之前宣布的與 WarnerMedia 業務相關的交易的預期時間、完成和影響的聲明。這些陳述是根據管理層對未來事件的當前知識和假設作出的，涉及可能導致實際結果與我們的預期存在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，公司不承擔更新它們的任何意圖或義務。有關可能影響這些預期的重要因素的更多信息，請參閱我們截至 2021 年 12 月 31 日止年度的 10-K 表格，我們預計將在本次電話會議後提交該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.

有了這個，我很高興把電話轉給大衛。

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.

大家早上好，感謝大家今天在我們公司這個令人難以置信的激動人心的時刻加入我們。我們的第四季度結束了強勁的 2021 年，我們接近完成與 AT&T 的交易，以創建世界上最具活力的媒體娛樂公司 Warner Bros. Discovery。交易完成後，華納兄弟探索頻道將在創意和財務方面站穩腳跟。這是一家真正的公司，我們希望在近期和長期內提供有意義的自由現金流。

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.

僅 Discovery 一家公司，我們年底就擁有 40 億美元的現金，今年產生了可觀的自由現金流，超過 24 億美元，即使在從我們的下一代投資中吸收了超過 10 億美元的損失之後，我們的自由現金流將會增長從這裡有意義。作為一家公司，當我們走到一起時，我們將站穩腳跟。我們希望從非常平衡的商業模式和我們預計合併帶來的成本協同順風中受益，支持我們預期在 2 年內將總槓桿率從 4.5 倍或更低的淨債務率降至 3 倍或以下-我們成立新公司時的 EBITDA。

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 Warner Bros. Discovery 的願景很簡單。我們相信擁有最具吸引力和最完整的 IP 和內容菜單的公司會取得成功，我相信華納兄弟發現擁有業內最具吸引力的內容：來自蝙蝠俠、超人、神奇女俠、哈利波特、Game of 《權力的遊戲》、《幸福感》、《90 天未婚夫》、《漢娜巴貝拉》、《樂一通》； Food Network、HGTV、Discovery、HBO 以及 Martha、Chip 和 Joanna Gaines、Guy Fieri、Property Brothers 和 Oprah 等知名人士；加上 CNN，這是全球首屈一指的新聞網絡，擁有遍布全球的真實資源和新聞採集服務；與 Eurosport、奧運會、NBA、NCAA March Madness、美國職業棒球大聯盟和國家冰球聯盟一起進行體育運動，使我們成為體育領域的全球領導者以及世界各地豐富的本地內容，這些內容是我們為過去 20 多年。總而言之，我們將擁有廣泛的內容菜單，為每個演示和每個家庭成員提供超級服務。誰會想離開？

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.

當我們將我們所有的全球內容整合在一起時，我們將擁有市場上最引人注目的產品之一，並且對客戶具有巨大的價值。這是將近一年前我們達成協議時約翰和我的共同願景。最初，我們計劃了解所有這些現有的和互補的內容片段如何組合在一起，我們的內容包如何滋養和豐富消費者，以及它對流失和增長有何作用。從那裡，我們可以評估我們需要花費的領域來填補我們的產品。

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.

在一起，我們已經在所有演示和類型上積極投入，並且作為合併後的公司將有更大的能力這樣做。現在我們有了資源，我們計劃謹慎而明智。我們的目標是與領先的流媒體服務競爭，而不是贏得消費戰。

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.

無論是打破新的特許經營權還是重新構想和更新現有的特許經營權，我們都將擁有一個真正規模化和多樣化的內容引擎，並在高度可貨幣化的 IP 集合中擁有 IP 所有權。也許最重要的是，我們不僅僅依賴於一種商業模式，因為我們跨越多個平台和接觸點，從線性到直接到消費者再到內容生產和貨幣化。

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.

作為業內領先的內容軍火商之一，華納兄弟電視是強大的，作為一家公司，我們也將處於獨特的地位，可以更好地為全球廣告商和分銷商服務。換句話說，我們可以通過任意數量的不同收銀機獲利。想想看，華納兄弟電視台有 100 多部活躍劇集出售給 20 多個平台和渠道。它是一個內容製作者和內容所有者，產生可觀的收入、自由現金流，最重要的是，還有可選性。那裡的內容製作者並不多，當然沒有華納兄弟電視在當今市場上的規模和質量，特別是在對高質量電視製作的需求從未如此強烈的時候，考慮到這家公司的資產組合，非常真實，非常平衡，非常完整的公司。

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.

我們對 Scripps 的合併記憶猶新，這使我們能夠徹底重新審視我們開展業務的方式。我們藉此機會在明顯的行業中斷和變革時期更好地調整我們的管理、運營和流程。我相信同樣的動力也存在於 Warner Bros. Discovery 的未來機遇中。

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.

簡要地轉向本季度。我想提出一些要點，而 Gunnar 將帶您更詳細地了解推桿和推桿。首先，在廣告方面，我們網絡和渠道的潛在需求一直保持彈性。 2021 年全球廣告總收入比 2020 年增長 10%，國內和國際市場均有增長。事實上，不包括夏季奧運會在內的 2021 年國際細分市場廣告收入增長了 23%，以強勁的勢頭結束了這一年，所有地區都實現了增長。

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 COVID 和供應鏈問題上遇到了一些不利因素，但我對我們今年的穩定表現感到滿意，部分原因是我們的表現優於全行業強勁的 2021-2022 前期。與此同時，我們對最近在美國重新談判的分銷交易的結果感到非常滿意。該團隊做得非常出色，繼續向附屬公司證明我們的產品組合具有巨大的價值，他們清楚地看到了這一點反映在我們今年的數字中。

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.

在直接面向消費者中，discovery+ 繼續表現出色。在持續強勁的 KPI、廣告商興趣和整體貨幣化努力的支持下，我們在年底擁有 2200 萬訂戶，超過了投資損失的峰值水平。正如之前所討論的那樣，我們已經深思熟慮和有策略地管理了我們的推出，我們將繼續這樣做，同時加強我們的注意力並為我們與 WarnerMedia 和 HBO 的直接面向消費者的旅程的下一站獲得視角。

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.

值得注意的是，我們在上個季度實現了一個重要的里程碑，在整個歐洲重新構建了我們的發現+技術堆棧，將其帶到與美國一致的單一平台上。我們非常無縫地實現了這一重要遷移，從而實現了功能更加豐富和個性化的消費者體驗。這些努力最終應該會推動更好的消費者參與度、更高的保留率並最終降低客戶流失率，進一步支持我們在過去幾個季度享有的趨勢。

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.

這種平台重組還可以在特定的國際區域推出廣告燈層到發現+，如您所知，這是我們在 2020 年底推出時沒有考慮到的，我們預計這將在我們最終的合併產品中發揮重要作用.這裡的機會很大，我們期待美國的最佳實踐。我們預計將於 3 月在英國推出，此後將在歐洲其他國家/地區推出。

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+.

作為我們全球內容戰略的一部分，我們確實相信優質娛樂、新聞和體育在許多市場提供有吸引力的服務。我們對與 BT 在英國的創新交易感到興奮，正如我們幾週前宣布的那樣，我們正在進行最後的獨家談判，以在這個非常重要的英國市場創建豐富廣泛的體育內容組合。我們將把我們的 Eurosport U.K. 產品組合與 BT Sport 結合起來，匯集來自英超聯賽和所有歐洲冠軍聯賽、英超橄欖球、奧運會、自行車大巡迴賽和大滿貫網球的重要比賽。這將在英國和愛爾蘭創造更具吸引力和簡化的體育產品，同時推進我們更廣泛的戰略，即通過 Discovery+ 將體育和娛樂帶給更多消費者。

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.

與體育保持片刻，從北京的冬季運動會中恢復過來。儘管面臨許多挑戰和障礙，但我們對此次活動感到非常滿意，該活動標誌著我們合併後的用戶數量、流媒體播放時間和總觀眾數量的健康增長。雖然也許最重要的是，它建立在日本夏季奧運會的勢頭之上，但它加強了提供更豐富的產品體驗的價值，將歐洲的娛樂和體育結合起來，對整個家庭具有強大的吸引力。這使我們能夠為奧運會帶來新的和不同的觀眾，並向更多體育觀眾介紹我們的娛樂內容，從而大大提高保留率和終身價值。

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，在我把它交給 Gunnar 之前，有一個結束的想法。根據我們完成合併的時間，這筆收益可能是我們作為獨立發現的最後一次收益。就我個人而言，在過去的 15 年裡，與一群非凡的領導者、員工和董事會成員一起經營這家非常特別的公司是我一生的榮幸，我曾與約翰·馬龍等人一起工作並向他們學習，Newhouse 和 Miron 家族，還有那個在車庫裡開始這一切的人，他的瘋狂想法是 Discovery 可以改變世界，我的好朋友 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.

取得瞭如此多的成就，並在此過程中經歷瞭如此大的衝擊，我經常說這份工作是一生中的幸事，我們都很幸運能從事這項業務並開始做我們所做的事情。我為我們共同取得的成就感到無比自豪，但我認識到我們最激動人心的日子和最大的考驗就在我們面前，我們絕對迫不及待地想與大家分享這一旅程的下一站。最後，我真的要感謝你們中那些在 Discovery 公司旅程的第一個非常重要的篇章中四分之一和四分之一地加入我們的人。我們相信下一章會更有價值和充實。

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

有了這個，我想把它交給 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.

謝謝你，大衛。我想首先回應 David 的意見。對於 Discovery 來說，這確實是非凡的一年，我相信我們在財務、運營和戰略重點方面取得了重大進展。

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，我為我們在行業持續混亂的情況下繼續專注於轉型和效率感到自豪。儘管我們在 2021 年的投資計劃造成了超過 10 億美元的損失，但我們在這一年結束時擁有超過 24 億美元的自由現金流，AOIBDA 的轉換率為 64%，這真實地證明了我們核心網絡的彈性以及我們的全球資產組合。

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，到年底，我們的資產負債表上有 40 億美元的現金，淨槓桿率為 3.0 倍，到 2022 年為止，這兩者都在繼續改善。根據我們目前的勢頭，我對我們預計的淨槓桿率仍然非常有信心收盤價為 4.5 倍或更高，並重申我們對 Warner Bros. Discovery 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，甚至可能更早。

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+.

現在轉向季度。讓我簡要介紹一下第四季度的結果，從高層次來看，潛在趨勢與過去幾個季度的趨勢基本一致。在美國，第 4 季度廣告同比增長 5%，這主要是受到線性定價強勁的推動，並進一步受到 discovery+ 輕廣告層的持續牽引力的支持。

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中提到的，毫不奇怪，由於供應鏈中斷和 COVID 周圍的某些類別疲軟，我們已經看到散點市場出現疲軟的跡象。由於供應鏈問題持續存在，能見度仍然有限，我們目前看到第一季度的中低個位數增長。美國分銷收入增長了 17%，這得益於發現 + 和更高的線性聯盟率，這足以抵消我們完全分銷的產品組合中線性付費電視用戶數量下降約 4% 的影響。

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.

轉向國際，我將在固定匯率的基礎上進行討論。從廣告開始。勢頭比美國強得多，第四季度增長了 12%，這得益於所有地區的強勁表現。歐洲、中東和非洲地區需求健康，尤其是英國、波蘭和荷蘭，我們繼續享受價格上漲帶來的好處，而拉丁美洲繼續良好復甦，這也得益於墨西哥等主要市場的份額增長和整體健康需求。

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.

我們正處於為 Discovery+ 推出國際廣告燈層級的早期階段，首先是 3 月份在英國和愛爾蘭，隨後將在 EMEA 的其他市場推出，這得益於 David 之前提到的國際平台重構。我們對以消費者為中心的增量功能增強充滿熱情，我們預計這將推動更好的參與，從而持續減少客戶流失和盈利。第四季度分銷收入增長了 5%，因為某些 EMEA 市場持續的附屬費用壓力已被英國、北歐、波蘭和巴西等主要市場的發現+訂戶的增長所抵消。

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.

在費用方面，第四季度總運營費用增長了 9%。收入成本下降了 4%，部分原因是歐洲更加規範化的體育賽事安排，部分原因是對發現+內容的持續投資所抵消。 SG&A 增長了 29%，這是由於支持發現+訂戶增長和新市場推出的整體營銷支出。最後，我們的核心線性業務的運營費用在今年以較低的個位數下降，符合我們的指導。為此，我為整個公司為支持持續效率和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.

本季度的 AOIBDA 增長了 15% 至超過 11 億美元，而全年僅下降了 8% 至 38 億美元，這是考慮到對下一代計劃增加 6 億美元的投資以及大約 2 億美元的虧損的背景下奧運會，我為我們的成績感到無比自豪。我確實想花一點時間來說明我們核心線性網絡業務的重要性和彈性。我們繼續投資和支持這些重要的品牌和特許經營權，同時，我們希望在全球範圍內提高運營效率，因為我們最大限度地提高了它們對自由現金流的貢獻，並為我們對直接面向消費者的持續投資提供資金。

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.

現在轉向一些內務管理項目和幾個在更新模型時要考慮的季度項目。首先，由於一項非經常性非現金項目，本季度美國其他收入增加了 7400 萬美元，該項目 100% 流入 AOIBDA，每股收益為 0.08 美元。其次，我們在第三季度實施了 150 億美元的名義利率對沖，以降低未來債券發行的利率風險，從而為 WarnerMedia 交易的現金部分融資，從而導致每股 0.13 美元的非現金損失。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平市場價值的變化，因為衍生品不符合會計目的的對沖，這可能會導致我們的淨收入出現一些額外的可變性，直到 WarnerMedia交易結束。

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，第九集團於 2021 年 12 月簽署了與 Vox 合併的協議。由於本週早些時候完成的交易以及我們對新公司所有權的估計價值，我們確認了每股 0.10 美元的非現金減值費用。

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，第四季度 PPA 攤銷的影響為每股 0.51 美元。這高於前幾個季度，因為我們重新評估了所有購買的客戶關係無形資產的使用壽命和攤銷方法。雖然這些無形資產的使用壽命沒有改變，但我們決定採取更保守的立場並加速攤銷以更好地與預期現金流保持一致。因此，我們第四季度的 D&A 費用增加了近 2 億美元。對上述所有因素進行調整後，每股攤薄後每股收益為 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.

我們全年的有效圖書稅率為 16%。不包括 PPA 攤銷，我們當年的現金稅率為 25%。到 2022 年，我們預計我們的稅率將在 20% 的中間範圍內，而我們的現金稅率預計將在 20% 的中低範圍內，不包括 Discovery 獨立的 PPA。根據我們的計劃匯率，我們預計 2022 年外匯對收入的同比負面影響約為 9000 萬至 1 億美元，對 AOIBDA 的負面影響為 500 萬至 1000 萬美元，包括現有的對沖。

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.

快速更新我們目前在交易流程中所處的位置。我們已經滿足了關閉的大部分條件：歐盟委員會的無條件許可、HSR 等待期屆滿、所有其他主要國際市場的許可以及美國國稅局對 AT&T 的有利私人信函裁定。我們還在本月早些時候提交了我們的最終合併委託書，並安排了 3 月 11 日的股東大會。經過投票並假設該交易得到我們股東的批准，這使我們能夠在第二季度初完成交易。這將是一個了不起的成就，反映了我們一年前的最佳案例估計。

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.

在無疑是忙碌的一年中，Discovery 的持續運營和財務勢頭令我感到鼓舞。我們非常高興能夠繼續整合這兩家公司並兌現我們向您做出的承諾，包括 30 億美元以上的成本協同效應和推動大量自由現金流以將公司去槓桿化至我們的目標槓桿範圍24 個月內。最近在我們各自的公司舉行了一些高層會議後，我認為可以公平地說，Discovery 和華納團隊都渴望開始認真合作，打造世界上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員。 David、JB 和我很樂意回答您的問題。

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

（操作員說明）您的第一個問題來自 Robert Fishman 與 MoffettNathanson 的對話。

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.

鑑於來自俄羅斯的新地緣政治風險，您能否提醒我們 Discovery 的收入中有多少來自歐洲和亞洲？該區域？顯然，了解奧運會剛剛結束。然後我有一個單獨的關於 Gunnar 的分期付款政策。

Okay. Go ahead, Gunnar -- or JB.

好的。繼續吧，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，我可以接受，邁克爾。它在我們的財務中所佔的比例很小。這大約是我們在受影響地區產生的利潤的 1%。

But JB, if you could just comment more broadly.

但是 JB，如果你能更廣泛地評論一下。

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.

我會確切地說——在烏克蘭市場本身，顯然，它是——它絕對是極小的是簡短的答案。特別是在俄羅斯，正如您可能還記得幾年前該國的監管制度發生變化時，我們有義務重組我們的協議以實際由當地參與者代表，我們這樣做是為了遵守當地法規.所以我們已經有了一個與當地俄羅斯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.

因此，目前，基於——顯然，這是一個非常動態的情況，基於我們在今天早上之前能夠實時研究的所有內容。我們沒有看到任何影響，但我們將繼續跟踪並查看。正如 Gunnar 所說，即使包括俄羅斯市場，它對整個 Discovery 公司來說仍然微不足道。

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.

由於它涉及更大的歐洲足跡，顯然，對於像波蘭這樣對我們很重要的市場，像一些最有可能受到影響的東歐市場，同樣，暫時，我們還沒有看到任何影響。我們在第一季度的節奏非常好。但這種情況將繼續發展，我們將繼續追踪。

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?

然後對於 Gunnar，只是跟進攤銷政策的變化。您能否討論一下您是否也在重新審視不斷變化的觀看行為或習慣，以及這可能如何影響您在 EBITDA 中包含的任何內容攤銷？

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，邁克爾（原文如此）[羅伯特]，這真的是——我的意思是——這是對我們這裡的會計方法的審查。請記住，這是我們在收購 Scripps 時進行的購買價格分配，顯然，我們會定期審查這些。顯然，我們也花了很多時間思考即將到來的 WarnerMedia 交易的購買價格分配。因此，這是非現金的。這就是我們為 Scripps 支付的費用。我一般喜歡在這裡採取盡可能保守的立場。在資產負債表上擁有這些無形資產沒有任何好處。

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.

所以將會發生的是你在第四季度看到了 2 億美元的影響。但同樣，我們不會改變攤銷期。我們只是提前加載攤銷率。因此，這只會增加未來 2、3 年這些頭寸的攤銷，然後減少其他年份的攤銷。

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.

只有一點來自 Gunnar 關於 Scripps 的觀點。我只是想提一下，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 建立的業務，這一切都是不可能的。當我說 Ken Lowe 建立時，我的意思是，作為一個真正的企業家，在廣播公司占主導地位並且每個人都認為家庭頻道沒有多大意義的時候提出了建立這些頻道的想法。

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...

但是家庭和食物以及個性和理解品牌以及建立偉大的文化和出色的業務，當我們走到一起時，這確實給了我們非小說類作品的巨大力量和多樣性。這也讓我們更有信心帶著 d+ 和更廣泛的菜單和花束進入市場。這筆交易以及多年來與我們所有人一起工作的機會剛剛豐富了公司，使我們能夠完成與華納的交易，並使我們能夠取得更大的成功，我認為，因為這些內容奏效了世界各地真的很好。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——羅伯特，我沒有正確回答你的問題，因為你也關注內容攤銷。這也是我們每季度明確確認的事情，去年這些政策沒有變化。因此，您再次擁有線性世界，即數字世界中內容的潛在進一步利用。這些現在正在相互平衡。所以我們沒有在那裡做任何改變，也沒有看到任何需要。

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

你的下一個問題來自 Doug Mitchelson 與 Crédit Suisse 的合作。

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，你能談談你對 2023 年 140 億美元 EBITDA 和 80 億美元自由現金流指導的信心水平嗎？這種信心是否有所發展，為什麼？然後我想後續行動是我們是否應該看看 140 億美元和 80 億美元的指導水平，這表明你認為不需要迅速增加內容支出，這是很多人擔心的？這看起來像是一個指導，建議您繼續沿著 HBO 已經計劃的內容支出增長路徑前進。因此，該指導與您關於內容支出的意圖之間的任何關聯都會有所幫助。

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.

一定一定。讓我從這裡開始。第一，是的，對我們在宣布這筆交易時給出的指導充滿信心。同樣，如您所知，我們正處於審批流程中，因此我們做了更多工作，但渴望在交易結束後對這些協同效應進行詳細規劃。但同樣，我們到目前為止所學到的一切，如果有的話，讓我對我們生成這些數字的能力更有信心。

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.

在內容投資方面，我們在過去幾週收到了很多這樣的問題，考慮到生態系統中正在發生的事情，這是可以理解的。這裡有幾件事。第一，我們的數字表明內容支出有非常顯著的增長，而我們對此的協同效應為 0。

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，我們目前的支出處於最高水平，或者至少是我們在這家公司歷史上看到的最高水平。 2021 年，僅 Discovery 一項，我們就在內容上花費了超過 40 億美元。顯然，在 WarnerMedia 方面，他們也看到了支出的增加。所以從我的角度來看，我們肯定花得夠多了。關鍵問題是未來有多少就足夠了。我們的業務案例中有足夠的空間。

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，正如大衛在這裡的開場白中所說，對我們來說，這與贏得支出戰無關。金錢不會進球，就像歐洲足球的比喻一樣。我們將在 Discovery+ 和 HBO Max 之間擁有一個非常互補的內容重點領域組合。事實上，我們將像其他人一樣覆蓋所有 4 個像限，這實際上可以提高我們作為 2 個獨立公司無法獲得的內容效率。

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+，我們投資了稍微超出我們範圍的內容，以擴大吸引力。當然，每個人都注意到 HBO Max 方面為吸引更多女性等所做的努力，其投資可能並不完美。所以我實際上希望我們可能會少一點內容支出，但我們當然採取了保守的方法並留出了很大的增長空間。

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

我不知道，David 還是 JB，您想回答這個問題。

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.

所以看，我認為我們的前提是這筆交易的想法是我們有一個像 Netflix 一樣大的圖書館，裡面有美國人們喜歡的內容，以及世界各地的娛樂和非小說領域以及體育領域的本地內容當我們將它與 HBO 以及我認為世界上最好的電視庫和電影庫結合在一起時，第一個問題是它的效果如何。我們在美國的客戶流失率非常低。我們在歐洲的客戶流失率越來越高，因為我們擴大了範圍。當我們將這兩個放在一起時，我認為這是最廣泛、最引人注目的可用內容，它吸引了人們——從非常小的孩子到——從樂一通、漢娜芭芭拉和哈利波特到DC內容，到老年人和每一代人都喜歡的內容。

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.

我們看到 HBO Max 和 discovery+ 中發生的事情之間也存在不同的觀看模式。我們的很多內容全天都在瀏覽。所以第一個問題是，當我們走到一起時，我們會怎麼做。流失會發生什麼？增長會發生什麼？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。所以我們有很多錢可以花。

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.

這已經假設我們要在內容上花更多的錢。但我們不會只是為了計算而花錢——在平台上擁有更多內容。這些平台的關鍵，對於免費頻道和有線頻道也是如此，是你花足夠的錢來滋養觀眾，他們想花時間和你在一起，他們覺得你是那個地方他們想成為而你很重要，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工作方式，這很好——我們相信我們有機會做得很好。而且我們也有非常低成本的內容，因為我們不必顯著增加投資，我們的花束就會與眾不同且引人注目。但如果我們看到更多的支出將使我們獲得更多的增長、更低的流失率和良好的 ARPU 經濟效益，我們確實擁有資源。但我們會非常小心，因為我們擁有一家真正產生真正價值的公司。

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

你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?

我想知道你是否可以談談 - 提醒我們這些天你如何看待華納的成本節約和協同效應與斯克里普斯交易中的機會的難度和規模相比。隨著您對它的了解越來越多，那裡有什麼變化嗎？

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...

Gunnar，你為什麼不——過去幾個月我們一直在這方面肩並肩。好消息是，我們一直在與 Ann 和團隊一起深入研究，什麼時候——我們已經能夠確認很多我們的想法。但是，作為這裡的將軍，你為什麼不帶菲利普通過……

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.

所以簡短的回答是我們完全意識到這個事實比我們將 Scripps 和 Discovery 放在一起時所處理的要大得多，而且會更加複雜和復雜。也就是說，我們所做的所有工作——再一次，正如我之前在這裡的回復中所說，如果有的話，我們對這個機會更加興奮。我們也與華納媒體方面進行了第一次高層會議，會議進行得非常順利。

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，我們在星座中有幾個獨特的點。一是很多成本節約實際上來自成本規避。現在，我們正在運行 2 個完全獨立的直接面向消費者的技術堆棧和營銷業務，我們在 HBO Max 和 discovery+ 之間花費了大約 60 億美元用於技術和營銷。顯然，一旦我們成功地將這些技術堆棧整合為一個，就會有巨大的機會來降低成本。這裡的第二點是，對於這兩個計劃，我們都預計會有非常顯著的投資增長，其中一個斜坡也將消失。這很容易彌補這裡總成本協同潛力的一半。

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.

然後我們有了線性投資組合，我認為雙方都有很多經驗。我一直在鼓勵人們回頭看看當我們將 Scripps 和 Discovery 結合時效率是如何變化的。那裡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.

然後我也想指出的是我們沒有承擔任何成本協同效應的所有領域。再一次，我已經提到了內容，還有整個工作室的運作，CNN 等等。因此，我認為我們將再次看到的是，一旦我們完成交易，我們可能會擴大潛在舉措的範圍。但我對我們獲得這些數字的能力感到非常滿意。

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。而進入市場的能力——在美國，廣泛的內容意味著我們可以更有效地為廣告商和分銷商提供服務。

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?

如果我對此還為時過早，請原諒我，但是關於 CNN+ 的報導已經有很多頭條新聞了。似乎有很多商業模式與 discovery+ 重疊。你有什麼可以補充的嗎？

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.

我們將在接下來——在短期內坐下來——與 CNN 和 CNN+ 的人員進行真正的商業計劃討論。我們還沒有。我們還沒有看到它。我看了很多 CNN。這是——這就是你看到一項新服務之間的區別之處，它具有真正的——在全球範圍內擁有有意義的資源，新聞收集資源，任何媒體公司中最大和最大的全球記者群體，也許 BBC 除外。

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.

在這裡，我們今天早上醒來時看到了一場戰爭。 CNN 將向在烏克蘭、波蘭、俄羅斯等地冒著生命危險的多位信件和記者進行實地採訪。世界上沒有任何組織——看起來像 CNN 的新聞組織可以做 CNN 做的事，我認為當你環遊世界並查看其他新聞頻道時，這一點就會變得非常清楚——人們坐在那裡在辦公桌後面，對正在發生的事情發表意見。有一個新聞網絡在現場，身穿防彈背心、頭戴頭盔的記者正在做記者最擅長的事情，即在危險的地方努力說出真相，這樣我們都可以安全，我們可以評估正在發生的事情和危險的事情在世界上。

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.

因此，對於我們來說，觀看那裡發生的事情是一個值得驕傲的時刻。但由於這筆交易尚未完成，CNN 由 AT&T 運營。我們正在開始獲取有關他們正在做的事情的詳細信息。

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.

這是值得的——大衛，如果我能在協同作用上增加一件事。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規模約為斯克里普斯的 10 倍。因此，我認為國際渠道整合的機會也將比 Scripps 業務重要得多。

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

你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?

所以我們正處於風口浪尖——你正處於完成交易的風口浪尖，考慮到你需要實施的變化，困難的部分顯然就在你面前。我們應該在哪裡看到收入和成本的早期結果？

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?

也許具體來說，5 月份的預付款，您似乎會在此之前關閉。舊的時代華納或華納兄弟傳統上在娛樂、新聞和體育之間存在孤島。您是否希望所有部門都在一支銷售隊伍的領導下進入市場？如果是，那麼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?

我的後續行動，我現在就問。你喊出了奧運會的表現，這顯然與美國的經歷有很大的不同。你能談談從前兩屆奧運會中吸取的教訓以及對巴黎 24 年的期望嗎？

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。好吧，首先，我們一直非常關注成本。在我們關閉並進入業務後，我們將有機會考慮收入機會，但我們的首要任務一直是關注成本和分析反映 30 億美元的機會和協同作用。我們可以更多地發揮協同作用，Gunnar，但我只想談談奧運會，然後將其傳遞給 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.

我們在整個歐洲非常努力地關注所有運動，以真正推動當地對運動員的認可。本地運動員有哪些？他們有什麼利害關係？哪兒來的？你為什麼在乎？多年來，我們從 3 個體育頻道和直接面向消費者的業務中了解到，這不僅僅是對這項運動的熱愛。這是運動員的愛，而且——當你看到 8 名滑雪者排成一排時，你想知道背後的故事。這在整個體育運動中確實對我們有用。

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 和 Andrew 以及團隊花了數月時間宣傳當地運動員，目標是如果你走在任何國家的主要街道上，你會說，“你期待在奧運會上看到誰？”我們會 - 目標是您能夠說出 5 到 10 個人的名字。我認為這與我們在整個歐洲看到的收視率在執行方面有很大關係。傑比？

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。看，我想，傑西卡，我們學到了一些東西。正如大衛所說，我要說的是，製作方面的重點一直非常集中在當地英雄和運動員的內容和故事講述上。我想我們也明白，在這個數字和社交時代，人們希望看到運動員生活的更真實的表現。因此，我們還引入了家庭攝像頭和展示之類的東西——特別是在過去兩場比賽的虛擬世界中，很多家庭無法在現場，展示他們的家人和朋友是如何支持他們的帶回家，並使之成為支持這些運動員的支持人員的完整代表的更親密的真實體驗。

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——或者我要說的最後兩件事。迄今為止，我們還繼續培養業內最優秀的廣播人才專家。所以人們知道來找我們，因為我們擁有最優秀的直播人才，他們自己往往是獎牌得主，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，我們真正繼續投資於創新技術，以不同的創新方式將游戲和故事帶入生活，這些方式不是噱頭，而是最終真正將故事講述帶入生活，增強現實就是其中之一。我們做了一些簡單的事情，比如我們的播音員在鏡頭前，並從我們的播音員那裡獲得反饋，這些播音員在觀看全國比賽時顯然充滿熱情。因此，我們繼續在技術上進行創新，這有助於以不同的方式讓遊戲栩栩如生。

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.

因此，正如大衛所說，在非常困難的情況下，我們為我們的團隊所做的事情感到無比自豪。我們很高興我們的線性評級與 4 年前在平昌看到的相當，儘管那個時期的看跌期權水平下降了兩位數，我們的經驗顯然與其他人截然不同，在最後——本屆奧運會和東京奧運會。

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 問了更多關於成本協同效應的問題。我想你涵蓋了很多，但還有其他想法嗎？

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，我想我要補充一件事，傑西卡，關於你關於時間的觀點，看，我們 - 我們想要開始行動。我們在 WarnerMedia 和 Discovery 方面都設立了整合管理辦公室。我們有完整的團隊在努力建立工作流，等等。但話雖如此，我們現在仍作為 2 家獨立公司運營。關於實際儲蓄措施的互動非常有限。

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.

因此，話雖如此，我希望您期望的是關閉後的最初儲蓄浪潮，其中很多將是直接的、早期的、快速的勝利。然後我們將著手詳細說明長期結構和設置。這就是我們將溝通重點放在 2023 年的原因，因為 22 年總是會有點吵，我們將在今年的 1/3 年聚在一起，等等。因此，對我來說，2023 年有點像是在這裡獲得全面協同效應的一年。

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按成本實施這些工作流，然後坐下來尋找機會更有效地為廣告商提供服務。我們將有預付款——希望我們會在預付款之前關閉。看起來可能會是這樣。然後我們就可以開始製定前期戰略。

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

你的下一個問題來自 Michael Morris 與 Guggenheim 的對話。

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，這是一個規模有點獨特的業務，但也在公司外部銷售。你提到這是你期待的事情。最近，感覺公司正試圖將更多內容拉回來，也許在他們對外銷售的情況下，他們對這個決定感到失望。因此，考慮到業務規模以及為自己的平台提供動力的興趣，也許你可以談談那裡的平衡。

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?

我的第二個問題可能是針對 Gunnar 的，實際上是關於業務的長期利潤結構以及更廣泛地考慮流媒體行業。你們給出的指導暗示了 20% 的高 EBITDA 利潤率，這低於歷史有線電視業務，但絕對處於流媒體業務的高端。所以我想問題真的是你如何看待隨著時間的推移而融合？但是，當你想到一種全球規模的流媒體業務時，從長遠來看，它的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，邁克爾。我在華納兄弟電視台工作了 18 年，在 NBC Must See TV 工作了 18 年，我一直非常羨慕。傑克韋爾奇經常提醒娛樂界的負責人，這真的是華納兄弟電視台，所有這些節目都是華納兄弟製作的。錢寧現在經營的業務正在產生可觀的收入。在某些方面，它在做兩件事。它可能是世界上最好和最大的優質內容——電視內容製作商。

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."

我們從事這項業務。我們有一家名為 All3 的公司。正如你們許多人所知，我們與 Liberty Global 有 50-50 名，擁有 35 家製作公司。簡·特頓 (Jane Turton) 經營著這家公司，它的業務發展得更好，因為有多個競標者競標優質內容。當你看看華納兄弟電視時，它在一個製造商不多的市場中是一項非常非常引人注目的業務。正如你所說，即使是較小的製造商也在製造——只是說，“讓我自己製造吧。”

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.

我們 - 我看著那個業務，我看到了巨大的選擇性和一些非常罕見的東西。與世界上最偉大的電視製作人 Rob Reiner、Chuck Lorre 一起擁有華納兄弟電視規模的製造商，他們是最多產的，在華納兄弟工作，這給了我們很大的選擇餘地。我們可以為 HBO 和 HBO Max 製作更多內容。作為軍火商，我們可以生產更多的內容來產生更多的自由現金流和利潤，這是非常罕見的，能夠為 Apple 或廣播公司或其他供應商提供優質內容。

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.

我們會進去弄清楚的。但最後，當我說這是一家平衡的公司時，這是一個很大的部分，我們有一個賺很多錢的大型生產實體。我們有能力在有很多需求的環境中提高它以賺更多的錢，或者我們有能力提高它並為我們自己提供更多，這也提供了一些經濟效率。所以這是一筆巨大的財富。我們期待更多地了解它並投入其中。

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.

在保證金方面，邁克，這裡有幾點。如果你退後一步，看看純數學，如果我們在這裡看一個長期的視野，比如我們在 S-4 中看到的 10 年預測，我認為假設是合理的線性方面的利潤率略有下降。然後我們都談到了 D2C 達到了他們的——投資頂峰。 discovery+，如你所知，從投資損失的角度來看，在 2021 年達到了頂峰。從這個角度來看，HBO Max 已在 2022 年達到頂峰。

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有非常顯著的改善。大衛描述了電視演播室的宏觀順風，所以這也應該是積極的。但是，如果你按業務考慮這些潛在趨勢，然後考慮到 D2C 可能會發生混合變化，顯然，增長速度要快得多，那麼我認為這會讓你對我們如何達到這個利潤率有一種感覺——對那些您在 S-4 中看到的級別。

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+ 時曾說過，我們有信心能夠大規模獲得 20% 的利潤率。這就是 Netflix 今天的大致處境。我也希望你帶走的一點是，我確實認為——我已經說過很多次，從今天的角度來看，我認為我們會做得比 20% 的數字更好。那是因為我們的定位非常獨特。我們正在製作 - 合併後的公司將處於非常獨特的位置。我們正在製作內容。我們可以靈活地決定最大價值在哪裡。

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.

在將我們平台上的投資貨幣化方面，我們已經多次咬蘋果。再一次，我們已經談了很多。我們實際上正在使用所有可用的收入來源。在某種程度上，我們有時會通過我們的美國線性環境、TV Everywhere、discovery+ 將內容貨幣化。在國際方面，基本工資。然後在某些市場，我們非常成功地推出了免費電視。 JB 花在內容上的每一分錢幾乎都用在了 discovery+ international 和線性平台上。這是一個巨大的優勢，也是我們獲得訂閱、分銷和廣告收入的事實。

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，我認為在將知識產權投資貨幣化方面，我們將始終擁有全球足蹟的優勢。再一次，正如我們也多次說過的那樣，我們不會在這裡參加一場比賽來贏得支出戰或贏得某個訂戶數量。我們正在為長期股東價值管理我們的業務，並同時滋養所有平台。

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.

所以看，我一直覺得 Discovery 的一大優勢是我們是一個自由現金流機器，我們非常專注於該指標作為代表公司質量的真實指標。當我們回顧 23 年和那 80 億美元時，這給了我們很大的力量。

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，“讓我們把一切都投入到直接面向消費者的業務中。”有一定程度的投資對該業務有意義，這就是我們要攻擊它的方式。我們將尋求通過我們的知識產權貨幣化，穩固整個公司的價值，建立股東價值，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?

兩個不同的問題，如果可以的話，請。一個在線性廣告方面。您的廣告趨勢與您要合併的公司大不相同。所以我希望你能幫助我們了解你真正扭轉特納部分的計劃。也許這又回到了 Jessica 的一些問題，但我們應該如何考慮 Discovery 的線性廣告增長，尤其是 2022 年在美國的廣告增長？

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?

然後單獨地，在流媒體上，你能談談 discovery+ 的流失嗎？你如何測量它？我們如何看待月度流失率？真的，我們應該尋找什麼，以便在未來繼續使用該服務，特別是當你在 HBO 內容中分層時？

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，我們可以從第二個開始，Brandon。所以我認為關於發現+流失數字，我認為我們顯然不是——我們不談論具體數字。但我可以告訴你這一點，正如大衛所暗示的那樣，我將美國和國際分開。

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，我們在過去一年中經歷過的最偉大的事情之一是，與市場上一流的公司相比，我們的數字還不完全是這樣，但看起來與一些最好的公司相比很有競爭力在市場上。那就是 - 現實，它只有 12 個月的時間 - 我們的產品和我們產品的所有元素，無論是在參與度還是保留能力方面。我會說，現在，它仍然不能與市場上最好的一些產品相提並論。因此，我們對 1 年後所處的位置感到非常滿意，因為我們與市場上一些最好的公司位於同一郵政編碼中。

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.

然後在國際上，我認為，我們面臨的挑戰要多得多——坦率地說，從歷史上看，我們面臨的挑戰要多得多。正如大衛所說，部分問題在於我們的平台並不那麼複雜，因為它來自美國前端的遺留發現前+發布，幾乎沒有個性化工具，配置文件，真正基本的東西我們無法啟用。通過在去年年底完成該平台改造，我們在 2021 年的國際客戶流失率創下歷史新低。仍然高於美國，但好消息是我們在年底和第一季度看到的趨勢非常有希望。

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，其中很大一部分將繼續改進，只需讓美國可用的產品功能現在在美國以外的地方也可供我們使用。隨著提議和產品功能不斷改進在接下來的幾個月中，我們認為這些數字有可能會更低。所以希望這能給你一點味道。

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.

我唯一要補充的是，多年來，我們帶著這樣的想法進入市場，即我們可以建立超級粉絲利基業務。我們試圖通過騎自行車來做到這一點，我們也試圖通過網球來做到這一點。我們將體育與紀實和娛樂產品分開。

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.

其中之一——除了平台的質量之外，我們了解到——這很好。每次我們遇到挑戰時，問題都是，“好吧，我們可以做些什麼來改善消費者的體驗？”這是一個更廣泛的內容菜單。總的來說，更多的人在家裡使用它，更長的視野，更低的流失率。因此，正如我們所說的，過去幾年的經驗——當我們增加產品時，產品越廣泛，客戶流失率越低，消費者滿意度越高。因此，這讓我們得出結論，將這一切整合在一起將非常引人注目。

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?

在歐洲的許多市場中，我們都是領先的廣播公司。所以我們有所有的娛樂，我們有紀實小說，我們有運動。在某些市場，我們也有消息。在這些市場上，我們做得非常非常好。我們的客戶流失率看起來非常令人鼓舞。因此，這就是導致我們如此樂觀或樂觀的事實之一，即把所有這些放在一起的戰略攻擊將提供一個廣泛的菜單——提供增長、更低的客戶流失率和更高的客戶滿意度。岡納爾？

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。在廣告方面，我的意思是，很明顯，你們都明白我們不能在這裡談論合併後公司的具體計劃。但我確實想給你幾個一般性的觀點，然後是一個特定交易的觀點。

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.

所以第一，一般來說，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。由於多種原因，我們繼續增長。而且我有充分的理由相信我們將繼續與這個陣容一起成長。

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，我們不必再細述細節，但有線電視在很大程度上一直未獲利。大衛多年來一直在談論這個問題。隨著人們削鉛筆，我們終於看到了一些真正的牽引力。在我們的網絡上花費比廣播少 30% 是很划算的，而且我們仍然可以將 CPS 翻倍。我們已經談了很多。

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——即使在線性空間中，動態廣告插入此時也已經通過了試點和測試階段。那裡有機會。最後，當我們用眼球看數字時，有點像從線性生態系統轉移到直接面向消費者的生態系統，正如我們在推出 Discovery+ 時在演示文稿中所展示的那樣，每千次展示費用高達 3 倍，因為我們正在覆蓋更多的演示和年齡組，並獲得更好的定位等等。因此，傳統業務中還有很多貨幣化機會。

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.

我確實想說的具體交易點是我們在合併 Discovery 和 Scripps 時學到的東西——如果你回頭看看這個數字，幾乎在全球每個市場，我們都能獲得更好的評級現有內容輸出的一部分，因為我們正在優化——突然之間，我們能夠跨網絡組合進行優化。 JB 能夠在國際上推出新網絡並重新編程某些網絡。我們對美國的 Scripps 和 Discovery 組合產品組合進行了非常重大的編程更改。

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.

因此，如果您查看收視率趨勢，我們能夠在該組合之後的幾年內在全球範圍內超越行業。我認為這是一個普遍的主題，當我們將這兩種出色的投資組合結合起來時，我希望能從中得到一些牽引力。所以我真的對廣告銷售方面感到非常非常積極，但要注意的是，顯然，在這個時代沒有人期望收視率會有所增長。

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

你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.

所以你們在國際市場上有著如此出色的記錄。我只有一個國際 DTC 問題。如果一年前你問買方機會有多大，他們會說 8 億或 10 億個家庭。如果你現在問買方，他們會給你一個大約 1/3 的數字，因為一些較大的參與者看到淨增加量正在減速。

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.?

我只是 - 我知道你們有體育和新聞以及各種各樣的內容。但是你對這個數字有什麼看法？加深美國以外的滲透需要什麼？

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。聽著，我認為有一定數量的人會為電視支付 14 或 15 美元。而你的——你可以一個國家一個國家地建模，不同的文化和不同的願意為不同市場的內容付費，匯總到什麼。但是我們看到它的方式是我們將有一個無廣告的產品，我們將在那個領域競爭，但是我們將有一個我們將非常成功的廣告燈產品是便宜得多。那麼，對於一種商業廣告有限但非常廣泛並且擁有引人注目的 IP 菜單並且在每個平台上都可用的產品來說，它的市場是什麼？那麼什麼是 - 這如何擴大市場？

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——當我們深入了解 d+ 時——我們無法深入了解 HBO Max，我們也不知道他們在用他們的圖書館做什麼。但他們——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。我們有一個巨大的圖書館。

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.

所以我真的看到了，我們作為一家公司看到了 3 個漏斗。我們的目標是觸及每一個人。有一定比例的人願意為沒有廣告的優質服務支付 15 美元。將會有——我們將推出價格較低的產品，以有限的廣告吸引更廣泛的人群。我們已經看到許多成功案例，ARPU 等於或大於更高的費用。

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，我們將看到我們擁有的大部分內容，電影、電視，現在對於 Discovery 來說是這樣，在付費服務中使用得併不多。所以最終，我們應該使用所有這些。現在我們可能會在頻道上使用它，但最終，你會看到一個僅限訂閱的服務，一個廣告燈服務，然後是一個免費的數字服務——每個人都可以去，可能會貼上香草標籤，但投入很多的內容。所以 - 有很多人永遠不會為電視付費，但他們可以去觀看這些內容，這將得到廣告商的支持。

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.

因此，從長遠來看，我認為有很多玩家非常認同這種僅訂閱的想法。但作為一家公司，我們可能擁有全世界最多的內容、最多樣化的內容、最多的語言內容。我們的目標是讓我們真正努力地推動訂閱和廣告燈中的聚合產品，然後讓我們看看我們沒有得到誰以及我們有哪些內容可以在僅限廣告商的情況下為他們提供服務。

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.

最終，我認為會有數字廣播——全球廣播網絡。它將具有與訂閱或廣告燈截然不同的內容。但是會有人不想付錢，他們會想看內容。誰擁有比華納兄弟發現更多的內容？因此，弄清楚如何做到這一點將是我們已經實施的戰略舉措之一。

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，看，該策略不僅僅是一種理論。過去 10 年，正是這種策略導致我們在歐洲進入免費電視領域，而在某些市場，付費電視的滲透率僅為 20%、30%。因此，60%、70% 的市場永遠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.

根據 David 當時的願景，該團隊走出去並開始推出免費電視，我們最終開發了一個全新的觀眾群，免費電視業務的利潤率為 20%，在某些情況下，利潤率為 30% .該模型最終可能會遷移到我們所謂的免費觀看類型，並轉向數字化。但我們認為這是另一種替代方式。但我們希望在每個客戶細分市場中提供略有不同的產品，當您查看合併後的公司時，我們將擁有能夠做到這一點的內容深度和廣度。

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.

那種廣播模式，我們稱之為廣播，但我們沒有新聞，我們沒有體育。在許多情況下，幾年來，我們沒有任何原創內容。我們只是使用了庫內容。例如，在意大利，我們擁有排名第一的女性廣播頻道——在推出後的 6 個月內，我們的成本微乎其微。

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.

傑森，如果我能從實現長期可持續增長的角度再補充一點。請記住，雖然國際市場的 ARPU 較低，但隨著時間的推移，您可能會看到一些影響，因為國際訂閱用戶在我們這裡的組合中有所增加，相對於我們在線性中獲得的是一個倍數以每個子為基礎的世界。而且我們還能夠解決更廣泛的問題——佔總人口的更大比例。在傳統支付生態系統的一些市場，我們被限制在15%、20%、25%的市場份額。所以這就是為什麼你看到我們在這一轉變中繼續發展。

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

你的最後一個問題來自 Kutgun Maral 與 RBC Capital 的合作。

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流媒體服務競爭，而不是贏得消費戰。如您所知，許多領先的流媒體服務正在越來越多地提高支出水平。在你這邊，我認為 Gunnar，你甚至暗示了這樣一個事實，即內容支出效率甚至可能比你之前預期的要高。

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.

所以我並不是要強調這一點，但它只是許多投資者最關心的問題。因此，我很想听聽您的看法，是什麼讓您相信目標中嵌入的 DTC 支出水平在競爭日益激烈的流媒體環境中仍然合適。我想，從根本上說，我只是想更好地了解內部優先事項有多少是為了達到 140 億美元的 EBITDA 並推動可觀的自由現金流，而不是為了更好地定位公司而增加流媒體投資的一些靈活性成為該領域的長期領導者。

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。當你看一下這筆交易的前提時，我們的原因是——我們有一種感覺，但我們並不真正知道最終我們需要做什麼，這就是為什麼我認為自由現金流和選擇性以及跨平台貨幣化的能力很重要。話雖如此，我們是——我們想與迪士尼和 Netflix 競爭，但我們不是——我們是一家與他們兩家截然不同的公司。那是兩家偉大的公司。迪士尼在世界各地擁有一群絕對熱愛他們產品的人，而且他們做得很好。 Netflix 的產品具有廣泛的吸引力。泰德和里德在打造這個品牌方面做得非常出色。他們已經建立了讓人們放心地購買內容並在所有設備上使用它的道路。

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.

我們將提供非常有吸引力的產品。所以有人可以擁有 Netflix，他們會去那裡觀看，但我們擁有非常可識別的 IP，它——而且範圍更廣——它會更多——我們比迪士尼要廣泛得多。而且我們 - 我們擁有更多可識別的 IP。如果你看看 Casey 在 HBO 做什麼，那麼他現在就有 Euphoria 了。他剛剛繼承。他有時代劇。

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.

鍍金時代正在進行中。我們會做——如果 HBO 現在有 3 個真正成功的劇本系列，它會做得更好嗎？目前還不清楚他們會不會。為什麼？這是一個例子，如果你參加了 Food Network，你說我們在 Food Network 上工作了 600 個小時。我們製作 - 我們滋養了觀眾，他們很高興，他們喜歡它，他們覺得那是他們的位置。以我們賺了 4 億美元為例。如果我們決定再製作 400 小時的內容，那麼觀眾可能會更開心一點，但現在我們就賺不到錢了。

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.

因此，當您播放 Euphoria 時，觀眾可以觀看 90 天未婚夫，他們可以觀看 Fixer Upper，我們可以看到這裡的內容真正平衡。我們的圖書館裡有很多滋養，華納圖書館裡有很多震撼和敬畏。我們認為，震撼和敬畏以及營養和偉大的個性是一個非常引人注目的菜單，這是一個我們認為可以藉鑑的好食譜。

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.

我們將在內容上花費更多，但你不會看到我們進進出出，“好吧，我們要多花 50 億美元”，因為我們首先要看到的是我們有如此豐富的內容和如此多的營養，以及如此多的兼容或覆蓋不同受眾但他們無法覆蓋的內容，當我們聚在一起時會很興奮，“讓我們開著這輛車出去兜風。讓我們看看這是怎麼做到的。”讓我們——我們將繼續花錢，但不要指望我們能多花幾十億美元，然後就走了。不，我們會被衡量，我們會變得聰明，我們會小心。

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?

但我們有——我們將投資流媒體平台，但這不是我們唯一的遊戲。我們的目標是創建一個能夠產生可持續增長的業務，這種業務具有全球性，能夠產生大量的自由現金流。我們對我們提供給您的數字非常有信心。如果在接下來的 1.5 年裡發生了一些變化，我們認為長期增長和長期經濟有大量機會，我們會回來告訴你，但我們很放心。岡納爾？

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，我想你都說了，戴維。至於優先事項，我們的首要任務是做出正確的決定，不放過任何機會。因此，正如大衛所說，我們將做出這些決定，以實現公司的長期價值和長期可持續增長。所以這就是我能說的，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 年第四季度收益電話會議到此結束。您現在可以斷開連接。