華納兄弟探索 (WBD) 2022 Q1 法說會逐字稿

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

女士們先生們，感謝您的支持，歡迎參加華納兄弟探索公司 2022 年第一季度收益電話會議。 （操作員說明）此外，請注意今天的電話會議正在錄音。

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

我現在想把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 Warner Bros. Discovery's Q1 Earnings Call. With me today is David Zaslav, our President and Chief Executive Officer; and Gunnar Wiedenfels, our Chief Financial Officer.

早上好，歡迎來到華納兄弟探索公司的第一季度財報電話會議。今天和我在一起的是我們的總裁兼首席執行官 David Zaslav；和我們的首席財務官 Gunnar Wiedenfels。

Before we start, I'd like to remind you that today's conference call will include forward-looking statements that we make pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements include comments regarding the company's future business plans, prospects and financial performance. These statements are made based on management's current knowledge and assumptions about future events and involve risks and uncertainties that could cause actual results to differ materially from our expectations.

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。這些前瞻性陳述包括對公司的未來的商業計劃、前景和財務業績。這些陳述是基於管理層目前對未來事件的了解和假設做出的，涉及可能導致實際結果與我們的預期產生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, and our subsequent filings made with the U.S. Securities and Exchange Commission. You should have received a copy of our Q1 results. If not, please feel free to visit our website at ir.wbd.com.

在提供預測和其他前瞻性陳述時，公司不承擔任何更新它們的意圖或義務。有關可能影響這些預期的重要因素的更多信息，請參閱我們截至 2021 年 12 月 31 日止年度的 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。您應該已經收到我們第一季度結果的副本。如果沒有，請隨時訪問我們的網站 ir.wbd.com。

With that, let me turn the call over to David.

有了這個，讓我把電話轉給大衛。

Good morning, and thank you all for joining us. Two weeks ago, we closed our transformational merger and began our next chapter as Warner Bros. Discovery. As we begin the exciting work of bringing together the rich legacies of these 2 great companies, our mission is simple: to be the world's best storytellers with world-class products for consumers.

早上好，感謝大家加入我們。兩週前，我們完成了轉型合併，開始了華納兄弟探索的新篇章。當我們開始將這兩家偉大公司的豐富遺產匯集在一起的激動人心的工作時，我們的使命很簡單：成為世界上最好的故事講述者，為消費者提供世界一流的產品。

It's been fantastic to finally have the teams working together. And I'd love having the opportunity to get time with the new leaders across WarnerMedia as well as thousands of employees across key locations in the U.S. And I couldn't be more impressed by the strong sense of motivation and excitement, an opportunity to unleash the potential of the combined talent pool of this new great company.

最終讓團隊一起工作真是太棒了。我很想有機會與華納媒體的新領導人以及美國關鍵地區的數千名員工共度時光。強烈的動力和興奮感給我留下了深刻的印象，這是一個釋放自我的機會這家新的偉大公司的綜合人才庫的潛力。

These last few months in our industry have been an important reminder that while technology will continue to empower consumers of video entertainment, the recipe for long-term success is still made up of a few key ingredients: number one, world-class IP content that is loved all over the globe; two, distribution of that content on every platform and device where consumers want to engage, whether it's theatrical or linear or streaming; three, a balanced monetization model that optimizes the value of what we create and drives diversified revenue streams; and four, finally, durable and sustainable free cash flow generation.

我們行業的最後幾個月提醒我們，雖然技術將繼續為視頻娛樂消費者提供支持，但長期成功的秘訣仍然由幾個關鍵要素組成：第一、世界級的 IP 內容，受到全世界的喜愛；第二，在消費者想要參與的每個平台和設備上分發該內容，無論是戲劇、線性還是流媒體；三、平衡的貨幣化模式，優化我們創造的價值並推動多元化的收入流；第四，最後，持久和可持續的自由現金流產生。

Warner Bros. Discovery emerges as a far more balanced and competitive company and uniquely positioned to deliver on these 4 critical ingredients. We have no religion about any one platform or window versus another, and we intend to approach each and every decision through a lens of enhancing asset value against a set of financial returns. Our goal is to maximize long-term shareholder value and asset value, not just subs. We will not overspend to drive subscriber growth.

Warner Bros. Discovery 成為一家更加平衡和更具競爭力的公司，並且在提供這 4 種關鍵成分方面具有獨特的優勢。我們對任何一個平台或窗口與另一個沒有宗教信仰，我們打算通過提高資產價值與一組財務回報的鏡頭來處理每一個決定。我們的目標是最大化長期股東價值和資產價值，而不僅僅是潛艇。我們不會超支以推動用戶增長。

Our focus is to invest in content and platforms that extend the life and return of our global IP and position us to drive greater returns out of each dollar of content spent than our peers and to ultimately drive free cash flow. And we will refine our capital allocation and content windowing decisions accordingly.

我們的重點是投資於內容和平台，以延長我們全球 IP 的壽命和回報，並使我們能夠從所花費的每一美元內容中獲得比同行更高的回報，並最終推動自由現金流。我們將相應地改進我們的資本分配和內容窗口決策。

We can maximize the distribution of our global IP in a number of ways, guided by simplicity and choice for consumers. In streaming, we have a massive opportunity to reach the widest possible addressable market by offering a range of tiers, all with the most compelling and complete portfolio of content, a premium and attractively priced ad-free direct-to-consumer product, a lower-priced ad-light tier, something we have had tremendous success with and is our highest ARPU product, and in some very price-sensitive markets outside the United States, we can even offer an advertiser-only product. We have the ability to ring any number of cash registers: theatrical, gaming, premium home video, pay TV and free-to-air broadcast. Plus streaming now with 100 million collective subscribers, it is a growing and important complement to these existing and traditional avenues of monetization and represents true optionality that, over time, will drive our strategic decision-making.

我們可以通過多種方式最大限度地分配我們的全球知識產權，並以消費者的簡單性和選擇為指導。在流媒體領域，我們有一個巨大的機會通過提供一系列層級來進入盡可能廣泛的潛在市場，所有層級都具有最引人注目和最完整的內容組合、優質且價格極具吸引力的無廣告直接面向消費者的產品、較低的-定價的廣告燈層，我們已經取得了巨大的成功，並且是我們最高的 ARPU 產品，在美國以外的一些對價格非常敏感的市場，我們甚至可以提供僅限廣告客戶的產品。我們有能力撥打任意數量的收銀機：戲劇、遊戲、優質家庭視頻、付費電視和免費廣播。加上現在擁有 1 億集體訂戶的流媒體，它是對這些現有和傳統貨幣化途徑的不斷增長和重要的補充，並代表了真正的選擇性，隨著時間的推移，它將推動我們的戰略決策。

Given the depth of our content, decades of film and scripted and unscripted television series, many of the most iconic brands and franchises, including half of the MGM library, supported by a continuous pipeline of new production, together with the world's news leader, CNN, and a large international offering of live sports, we have enormous flexibility in terms of how we monetize these assets. We benefit from a deep history of world-class content production. Warner Bros. Films, Warner Bros. Television and HBO, true global leaders that are producing at scale, true content makers like Warner Bros. Discovery, with an ability to produce and control the content IP versus those that just write checks, are positioned best to win.

鑑於我們內容的深度，數十年的電影和有劇本和無劇本的電視劇，許多最具標誌性的品牌和特許經營權，包括米高梅圖書館的一半，都得到了持續不斷的新製作管道的支持，以及世界新聞領袖 CNN ，以及大量的國際體育直播產品，我們在如何將這些資產貨幣化方面擁有巨大的靈活性。我們受益於世界級內容製作的悠久歷史。 Warner Bros. Films、Warner Bros. Television 和 HBO，真正的大規模生產的全球領導者，像 Warner Bros. Discovery 這樣的真正的內容製造商，具有製作和控制內容 IP 的能力，而不是那些只寫支票的公司，處於最佳位置贏。

As you've heard me say, we are not trying to win the direct-to-consumer spending war. To begin with, we firmly believe the 2 content companies coming together have unique advantages, including the largest film and television library from Warner, the largest domestic and international lifestyle library from Discovery and significant global live sports and news. This strong foundational offering will allow us to invest in scale smartly and will uniquely position us in our drive to become a fully scaled global streaming leader. We come into this transformational moment with great creative momentum.

正如你聽到我說的，我們並不是想贏得直接面向消費者的消費戰。首先，我們堅信兩家合併的內容公司具有獨特的優勢，包括華納最大的影視庫、Discovery 最大的國內外生活方式庫以及重要的全球直播體育和新聞。這種強大的基礎產品將使我們能夠明智地投資規模，並將在我們成為全面規模的全球流媒體領導者的驅動力中處於獨特的地位。我們帶著巨大的創造力進入了這個轉型時刻。

Just to give you a glimpse, starting with the global success of the Batman at Warner Bros. Studios; at Warner Bros. Television, Ted Lasso; and breakout hit series Abbott Elementary on ABC, which was just renewed for a second season; and of course, Chuck Lorre's unique and compelling content.

讓您一睹為快，從蝙蝠俠在華納兄弟工作室的全球成功開始；在華納兄弟電視台，Ted Lasso；以及剛剛續訂第二季的 ABC 熱門劇集 Abbott Elementary；當然，還有 Chuck Lorre 獨特而引人入勝的內容。

The HBO Max, which is on such a roll, fresh off record viewing for HBO series Euphoria, Winning Time, Gilded Age and Barry, the hit Max Originals And Just Like That, Peacemaker and the Flight Attendant. And in Europe, the Beijing Olympic Games at Discovery, Chip and Jo and the launch of Magnolia and 90 Day is a real strong performer on Sunday nights, just to name a few.

HBO Max 的風靡一時，為 HBO 連續劇 Euphoria、Winning Time、Gilded Age 和 Barry、熱播的 Max Originals 和 Just Like That、Peacemaker 和空乘人員創下了新的收視記錄。在歐洲，Discovery、Chip 和 Jo 舉辦的北京奧運會以及 Magnolia 和 90 Day 的推出在周日晚上的表現非常出色，僅舉幾例。

One of the company's unique assets is the linear network group. And in 2021, taken together, we enjoyed the #1 share in total television total day in all key demos and people 2+. And we have the greatest brands: HG, Food, HBO, Discovery, CNN, NBA, March Madness, NHL, Magnolia, the Oprah Winfrey Network.

該公司的獨特資產之一是線性網絡集團。到 2021 年，我們在所有關鍵演示和 2+ 人員中的總電視總天數中享有排名第一的份額。我們擁有最偉大的品牌：HG、Food、HBO、Discovery、CNN、NBA、March Madness、NHL、Magnolia、Oprah Winfrey Network。

Our balanced verticals and content genres across scripted, lifestyle, sports and news provide us with significant opportunities to not only cross-promote for the benefit of the portfolio but also to offer compelling reach and targeting campaigns for our advertising partners. I'll speak to this a little more in a moment, but this isn't just a domestic phenomenon. In LatAm, for example, we are now the #1 or 2 pay TV programmer in every market, and we bolstered our position as the second largest broadcaster in Europe.

我們在腳本、生活方式、體育和新聞方面平衡的垂直和內容類型為我們提供了重要的機會，不僅可以為產品組合的利益進行交叉推廣，還可以為我們的廣告合作夥伴提供引人注目的覆蓋面和定位活動。稍後我會多說一點，但這不僅僅是國內現象。例如，在拉丁美洲，我們現在是每個市場中排名第一或第二的付費電視節目製作人，我們鞏固了我們作為歐洲第二大廣播公司的地位。

Again, we are excited about the strength of our sports portfolio and the optionality that gives the new company. We enjoyed our exciting March Madness and Final 4, NBA regular season and what looks to be a strong playoffs at Turner and capping off our first season of the NHL and playoffs. Major League Baseball has just started to come together while having just completed a robust Olympic Games in Europe, as I noted.

同樣，我們對我們的體育產品組合的實力以及新公司的選擇權感到興奮。我們享受了激動人心的瘋狂三月和總決賽 4、NBA 常規賽以及在特納的季后賽看起來很強勁，並結束了我們在 NHL 和季后賽的第一個賽季。正如我所指出的，美國職業棒球大聯盟剛剛開始團結起來，同時剛剛在歐洲完成了一場強勁的奧運會。

Lastly, CNN is once again setting the standard for groundbreaking and journalism first news coverage. During critical moments, the world turns to CNN. At its core, CNN is the nation's premier news outlet and has the #1 digital news service in the United States with 35 million unique monthly users. The heroic reporting out of the Ukraine reminds us all that CNN is the world's most impactful news platform, and for us, a true reputational asset.

最後，CNN 再次為開創性和新聞業優先的新聞報導設定了標準。在關鍵時刻，世界轉向 CNN。 CNN 的核心是美國首屈一指的新聞媒體，擁有美國排名第一的數字新聞服務，每月擁有 3500 萬獨立用戶。來自烏克蘭的英勇報導提醒我們所有人，CNN 是世界上最具影響力的新聞平台，對我們來說，它是真正的聲譽資產。

From a management perspective, we have brought together a strong leadership team and a streamlined structure to foster better command and control and strategic clarity and coordination across the entire company. We've just begun to hit the ground running with the teams and the broader organization. My focus is to foster a culture of collaboration and to embrace a singular focus around being the top home for the best and most diverse talent and creators to bring their stories to Warner Bros. Discovery. We will have our heads down across the company, and we'll have a more formalized and detailed outlook across our businesses to share in the coming months.

從管理的角度來看，我們匯集了強大的領導團隊和精簡的結構，以促進整個公司更好的指揮和控制以及戰略清晰度和協調。我們剛剛開始與團隊和更廣泛的組織一起起步。我的重點是培養一種協作文化，並以成為最優秀、最多樣化的人才和創作者的頂級家園為核心，將他們的故事帶到華納兄弟探索中心。我們將在整個公司低頭，我們將在未來幾個月內分享我們業務的更正式和詳細的前景。

Though in the course of initial planning, integration and synergy capture, early action priority items for me will be the upfront. Like with Scripps, we are fortunate to have closed the transaction in time for this year's upfront marketplace. We expect our presentation on May 18 to be an important opportunity for the company to share the full suite of our combined network portfolio, the top talent and personalities within the family and the breadth of genres across series, specials, news, sports, streaming and the best lifestyle content in the world. The combined strengths of both organizations' client relationships, advanced advertising, programmatic, sponsorships and direct-to-consumer, ad-light streaming services, all position the company with a unique hand.

儘管在初始規劃、整合和協同效應捕獲的過程中，對我來說，早期行動優先事項將是前期工作。與 Scripps 一樣，我們很幸運能夠在今年的前期市場中及時完成交易。我們預計 5 月 18 日的演講將成為公司分享我們組合網絡組合的全套、家庭中的頂尖人才和個性以及跨系列、特別節目、新聞、體育、流媒體和世界上最好的生活方式內容。兩家組織的客戶關係、高級廣告、程序化、贊助和直接面向消費者的廣告燈流媒體服務的綜合優勢，都使公司擁有獨特的優勢。

I have personally spent quite a bit of time with key advertisers and agencies. And I'm so impressed with the combined capability of our platforms and our ability to uniquely serve the needs of our clients, including integrating sports alongside our broad entertainment offerings.

我個人花了很多時間與主要的廣告商和代理商打交道。我對我們平台的綜合能力以及我們獨特地滿足客戶需求的能力印象深刻，包括將體育與我們廣泛的娛樂產品相結合。

One offering where before it was Discovery, Warner and Sports, now as one, it's simpler and provides more value to advertisers. In many respects, we are building upon the momentum that Jon Steinlauf has built with Premier, bringing unduplicated broadcast equivalent reach and greater share to advertisers, helping us to secure a greater share of revenue. I remain very enthusiastic about the upside here and this multiyear opportunity.

以前是 Discovery、Warner 和 Sports 的一種產品，現在作為一種產品，它更簡單，為廣告商提供更多價值。在許多方面，我們正在利用 Jon Steinlauf 與 Premier 建立的勢頭，為廣告商帶來不可複制的廣播等效覆蓋率和更大份額，幫助我們獲得更大的收入份額。我仍然對這裡的上漲和這個多年的機會充滿熱情。

Direct-to-consumer. JB and his team are deeply involved in the early integration phase and go-to-market plans, having had very little interaction across the organizations during the pre-closing period. This will take some time, though key steps to identify and analyze technology proficiencies, subscriber concentration and overlap, content opportunities, marketing and pricing strategies are all underway.

直接面向消費者。 JB 和他的團隊深入參與了早期的整合階段和上市計劃，在交割前期間幾乎沒有跨組織的互動。這將需要一些時間，儘管識別和分析技術熟練程度、用戶集中度和重疊、內容機會、營銷和定價策略的關鍵步驟都在進行中。

Content. Kathleen Finch on the network side, along with Casey, Channing and Toby, are assessing the opportunity across the entire organization, and they are significant as drivers of both more efficient spend as well as revenue upside. Like direct-to-consumer, we will have more to say in time, particularly on windowing as well as content sharing.

內容。網絡方面的 Kathleen Finch 以及 Casey、Channing 和 Toby 正在評估整個組織的機會，他們在推動更有效的支出和增加收入方面發揮著重要作用。就像直接面向消費者一樣，我們將及時發表更多意見，特別是在窗口化和內容共享方面。

And finally, synergies. We have been working hard for months and are now validating and executing against those 200-plus work streams. The attack is strategic, operational, structural and financial. We will clearly take swift and decisive action on certain items, as you saw last week with CNN+, while others will take time to formulate appropriate action plans. We've detailed a $3 billion-plus cost synergy plan, and we're already on our way with coordinated efforts from our transformation office as to the waves over which this will unfold.

最後，協同效應。我們已經努力工作了幾個月，現在正在驗證和執行這 200 多個工作流。攻擊是戰略性的、運營性的、結構性的和財務性的。正如您上週在 CNN+ 上看到的那樣，我們顯然會對某些項目採取迅速而果斷的行動，而其他項目則需要時間來製定適當的行動計劃。我們已經詳細制定了一項超過 30 億美元的成本協同計劃，並且我們已經在我們的轉型辦公室的協調努力中，以應對這將展開的浪潮。

Just 18 days in, we are as enthusiastic and excited as ever with the opportunity ahead to integrate and drive the new Warner Bros. Discovery. The leadership team is locking arms on our integration plans and long-term growth strategy, and we look forward to providing more detail on each of these in the coming months.

僅僅 18 天后，我們一如既往地充滿熱情和興奮，因為有機會整合和推動新的華納兄弟發現。領導團隊正在密切關注我們的整合計劃和長期增長戰略，我們期待在未來幾個月內提供有關這些計劃的更多細節。

I'll hand it over to Gunnar, after which he and I will answer some questions.

我會把它交給 Gunnar，然後他和我會回答一些問題。

Thank you, David, and good morning, everyone. What an exciting moment. It's great to finally be able to tackle the challenges and embrace the opportunities ahead as we begin the hard work to integrate WarnerMedia and Discovery. Please remember that today's call is predominantly meant to discuss Discovery's Q1 operating performance. So as you know, our merger with WarnerMedia closed just after the end of Q1 on April 8. To the extent possible at this time, I will share some reflections on our early observations as well as WarnerMedia Q1 results that AT&T disclosed last week.

謝謝你，大衛，大家早上好。多麼激動人心的時刻。當我們開始努力整合 WarnerMedia 和 Discovery 時，終於能夠應對挑戰並擁抱未來的機遇真是太好了。請記住，今天的電話會議主要是為了討論 Discovery 的第一季度運營業績。如您所知，我們與 WarnerMedia 的合併在 4 月 8 日第一季度結束後剛剛結束。在這個時候，我將盡可能分享對我們早期觀察以及 AT&T 上週披露的 WarnerMedia 第一季度業績的一些思考。

Starting with a quick review of Q1 results for Discovery stand-alone. Discovery's first quarter U.S. advertising revenues were up 5% year-over-year. Our next-gen advertising products like discovery+ and GO performed well, and we continue to see positive impact from last year's upfront, which helped to outpace delivery declines on the linear side.

首先快速查看 Discovery 單機版的第一季度結果。 Discovery 第一季度在美國的廣告收入同比增長 5%。我們的下一代廣告產品如 Discovery+ 和 GO 表現良好，我們繼續看到去年前期的積極影響，這有助於超過線性方面的交付下降。

While scatter market continues to be solid with pricing up over 30% versus upfront, visibility, not surprisingly, continues to remain limited given the current macro environment. For us, categories like auto, technology and CPG are weaker versus last year, while travel, entertainment and retail remain healthy.

儘管分散市場繼續保持穩定，價格較前期上漲超過 30%，但鑑於當前的宏觀環境，可見性仍然有限，這一點不足為奇。對我們而言，汽車、科技和 CPG 等類別與去年相比表現較弱，而旅遊、娛樂和零售則保持健康。

U.S. distribution revenues were up 11% year-over-year largely driven by the growth of discovery+ subscribers throughout 2021, while linear affiliate revenues were also up year-over-year as rate increases continued to outpace subscriber declines. Our fully distributed subscribers were down 4% as were total portfolio subscribers when correcting for the impact of the sale of our Great American Country network in early June last year.

美國分銷收入同比增長 11%，這主要是由於 2021 年發現 + 用戶的增長，而線性附屬收入也同比增長，因為費率增長繼續超過用戶下降。在糾正去年 6 月初出售我們的 Great American Country 網絡的影響時，我們的完全分佈式訂戶和總投資組合訂戶下降了 4%。

Turning to international, which I will discuss on a constant currency basis. Advertising grew 11% in the first quarter, in part helped by the Beijing Winter Olympic Games as well as underlying momentum in certain key markets such as the U.K., Germany and Latin America. That said, we did begin to see some limited impact from the conflict in Ukraine towards the end of the first quarter in markets such as Poland and Germany as well as some macro headwinds similar to the U.S. While visibility remains limited in certain key European markets, at this moment, we expect Discovery stand-alone international advertising revenues to grow in a similar fashion with Q1, excluding the Olympics impact, which was a nice positive. At the moment, we're pacing up low single digits.

轉向國際，我將在固定貨幣的基礎上討論。第一季度廣告增長 11%，部分得益於北京冬奧會以及英國、德國和拉丁美洲等某些主要市場的潛在增長勢頭。儘管如此，我們確實開始看到第一季度末烏克蘭衝突對波蘭和德國等市場的一些有限影響，以及與美國類似的一些宏觀逆風。雖然在某些主要歐洲市場的能見度仍然有限，目前，我們預計 Discovery 獨立國際廣告收入將以與第一季度類似的方式增長，不包括奧運會的影響，這是一個很好的積極因素。目前，我們正在以低個位數的速度增長。

Distribution revenues increased 8% during the quarter largely driven by continued growth of discovery+. Do note that we did not launch any new markets during the quarter as we previously outlined and in line with our strategic thinking coming into the closing of the merger.

本季度分銷收入增長 8%，主要受 Discovery+ 持續增長的推動。請注意，正如我們之前概述的那樣，我們在本季度沒有推出任何新市場，這符合我們在合併結束時的戰略思維。

On the linear side, we continue to see healthy growth in LatAm, while pricing pressures in certain European markets remain a headwind. This also, in part, reflects hybrid affiliate deal structures, which balance affiliate fees and B2C distribution.

在線性方面，我們繼續看到拉丁美洲的健康增長，而某些歐洲市場的定價壓力仍然是不利因素。這也部分反映了混合會員交易結構，平衡了會員費用和 B2C 分銷。

Furthermore, note that revenues from our Russia JV, which we announced we had exited, are recognized as distribution revenue. This resulted in a 100 basis point drag to distribution revenues during the quarter. I would also note that Discovery's exposure to Russia and Ukraine in total is less than 1% of revenues and 1% to 2% of AOIBDA.

此外，請注意，我們宣布退出的俄羅斯合資企業的收入被確認為分銷收入。這導致本季度的分銷收入減少了 100 個基點。我還要指出，Discovery 在俄羅斯和烏克蘭的總敞口不到收入的 1% 和 AOIBDA 的 1% 到 2%。

Operating expenses were up 11% during the quarter, primarily due to the Olympics. Excluding the impact of the Olympics, OpEx declined by 2% year-over-year as lower marketing costs as compared to the elevated discovery+ launch than last year were partially offset by higher content costs across our portfolio.

本季度的運營費用增長了 11%，主要是由於奧運會。剔除奧運會的影響，OpEx 同比下降 2%，因為與去年相比，發現 + 發布的營銷成本較低，但部分被我們產品組合中較高的內容成本所抵消。

Net-net, we finished the quarter with $1.03 billion of AOIBDA, up 23% year-over-year, including a small negative impact from the Winter Olympics and roughly $170 million of investment losses. Net income for the quarter was $456 million, resulting in GAAP EPS of $0.69 per share.

Net-net，我們在本季度結束時獲得了 10.3 億美元的 AOIBDA，同比增長 23%，其中包括冬季奧運會的小幅負面影響和大約 1.7 億美元的投資損失。本季度的淨收入為 4.56 億美元，按公認會計原則計算的每股收益為 0.69 美元。

Now turning to some housekeeping items to consider for the quarter as you update your models. First, we recognized a $0.58 per share gain from the $15 billion notional interest rate hedges that we implemented last year. We unwound this hedge in mid-March in conjunction with the successful closing of our $30 billion debt offering.

現在，在您更新模型時，請考慮本季度要考慮的一些內務管理項目。首先，我們從去年實施的 150 億美元名義利率對沖中確認了每股 0.58 美元的收益。隨著我們 300 億美元債券發行的成功結束，我們在 3 月中旬解除了這種對沖。

Second, the impact of PPA amortization during the first quarter was $0.49 per share. As I mentioned on our last earnings call, we decided to take a more conservative position and accelerate the amortization of purchased customer relationship intangibles. As a result of this, our Q1 D&A expense increased by $164 million year-over-year. Adjusted for the 2 items I noted, EPS would have been $0.60 per diluted share.

其次，第一季度 PPA 攤銷的影響為每股 0.49 美元。正如我在上次財報電話會議上提到的那樣，我們決定採取更加保守的立場，加快購買的客戶關係無形資產的攤銷。因此，我們的第一季度 D&A 費用同比增加了 1.64 億美元。對我提到的兩項進行調整後，每股攤薄收益為 0.60 美元。

Turning briefly to the WarnerMedia results that AT&T reported last week, which I'd note is based on how AT&T has historically reported the segment and which will not necessarily tie to carve-out financials or how we plan to segment the business going forward. We are working on Q1 carve-out financials for WarnerMedia as well as updated pro forma financials for Warner Bros. Discovery, and we will have those disclosed before the end of the quarter.

簡要回顧一下 AT&T 上週報告的 WarnerMedia 結果，我注意到這是基於 AT&T 歷來報告該細分市場的方式，這不一定與剝離財務或我們計劃如何細分業務有關。我們正在研究 WarnerMedia 的第一季度財務數據以及 Warner Bros. Discovery 的更新備考財務數據，我們將在本季度末之前披露這些數據。

Speaking to the reported numbers for now. Underlying performance at HBO Max during Q1 was healthy with growth of 3 million net adds, reflecting continued strength of the programming slate. In total, together with Discovery's 2 million net adds, the pro forma company added 5 million paid subscriptions during the quarter. Adding the 2 subscriber bases, we ended the quarter with just over 100 million global D2C subscribers. So please note that we are still working through alignment of our subscriber definitions and the focus of our subscriber reporting going forward, after which we will have a more refined and detailed update when we report second quarter results.

談到現在報導的數字。 HBO Max 在第一季度的基本表現是健康的，淨增加了 300 萬，反映了節目陣容的持續實力。總的來說，加上 Discovery 的 200 萬淨增加，這家備考公司在本季度增加了 500 萬付費訂閱。加上 2 個用戶群，我們在本季度結束時全球 D2C 用戶剛剛超過 1 億。因此請注意，我們仍在努力調整我們的訂閱者定義和訂閱者報告的重點，之後我們將在報告第二季度業績時進行更精細和詳細的更新。

However, the operating results, as you have seen, were down in WarnerMedia's first quarter, a 33% decline versus prior year to $1.3 billion. Free cash flow was down even more, declining by $2.6 billion versus prior year and more importantly, significantly negative in absolute terms. Again, this is for WarnerMedia in the AT&T segment structure and includes elements that are not part of Warner Bros. Discovery going forward. In my mind, there is both good and bad news in these results.

然而，如您所見，華納媒體第一季度的經營業績下降了 33%，至 13 億美元。自由現金流下降得更多，與去年相比下降了 26 億美元，更重要的是，絕對值顯著為負。同樣，這是針對 AT&T 細分結構中的 WarnerMedia 的，包括不屬於 Warner Bros. Discovery 的元素。在我看來，這些結果既有好消息也有壞消息。

Starting with the bad news. Q1 operating profit and cash flow for WarnerMedia were clearly below my expectations. And given that Q1 performance and previously unplanned projects in flight, I currently estimate the WarnerMedia part of our profit baseline for 2022 will be around $500 million lower than what I had anticipated, however, with a positive offset of a couple of hundred million dollars on the Discovery side of the combined company.

從壞消息開始。 WarnerMedia 第一季度的營業利潤和現金流明顯低於我的預期。鑑於第一季度的業績和之前計劃外的項目，我目前估計華納媒體 2022 年利潤基線的部分將比我預期的低約 5 億美元，然而，在合併後公司的發現方面。

Opening leverage as a consequence of this, while still dependent on working capital adjustments that have yet to be finalized, is likely to be a notch higher, now estimated around 4.6x give or take and still well below the initially modeled 5x.

因此，雖然仍依賴於尚未最終確定的營運資金調整，但開倉槓桿可能會更高，目前估計約為 4.6 倍，但仍遠低於最初建模的 5 倍。

Net-net, being the first year of our integration, and as we've explained all along, 2022 will undoubtedly be a messy year. So a lot of moving pieces and now a somewhat less favorable starting position in Q1.

Net-net，作為我們整合的第一年，正如我們一直解釋的那樣，2022年無疑將是混亂的一年。所以有很多移動的部分，現在第一季度的起始位置不太有利。

The good news on the other hand is that I also see more opportunity as I work through the numbers. There are certain investment initiatives underway in plain sight that I don't think have attractive enough return profiles. As such, and with our new combined leadership team in place out of the gate, I feel very confident in our ability to rectify some of the drivers behind the business case deviations and some very quickly, with the CNN+'s decision last week being Exhibit A.

另一方面，好消息是，當我處理這些數字時，我也看到了更多的機會。顯而易見，某些投資計劃正在進行中，我認為這些計劃的回報率不夠吸引人。因此，隨著我們新的聯合領導團隊就位，我對我們有能力糾正商業案例偏差背後的一些驅動因素以及一些非常迅速的驅動因素充滿信心，CNN+ 上週的決定是圖表 A。

And while we're still early in our integration process and are still at the beginning stages of initiating our synergy as well as strategic and financial planning, we feel more confident than ever about achieving our $3 billion cost synergy target and believe there is a much greater opportunity off of the current baseline and that target will ultimately prove conservative.

雖然我們仍處於整合過程的早期階段，仍處於啟動協同效應以及戰略和財務規劃的初期階段，但我們對實現 30 億美元的成本協同效應目標比以往任何時候都更有信心，並相信還有很多當前基線的機會更大，而該目標最終將被證明是保守的。

And to be clear, we remain fully committed and reiterate our financial targets for 2023, and I remain very confident that we are on track to achieve our target gross leverage of 2.5 to 3x at the latest 24 months after closing. We are refining a more detailed bottoms-up combined budget and long-range plan, the key insight of which we look forward to sharing in the months ahead. Prior to that, I wanted to share some high-level priorities that we are digging into early on as well as some initial financial and operational observations since close.

需要明確的是，我們仍然全力以赴並重申我們的 2023 年財務目標，我仍然非常有信心，我們有望在交易結束後的最晚 24 個月內實現 2.5 至 3 倍的目標總槓桿率。我們正在完善一個更詳細的自下而上的綜合預算和長期計劃，我們期待在未來幾個月分享其中的關鍵見解。在此之前，我想分享一些我們早期正在研究的高級別優先事項，以及關閉後的一些初步財務和運營觀察。

Number one, content. I'm working very closely with our creative and financial leadership teams to examine the totality of our $23 billion plus of annual content spend to analyze the ROI of each dollar spent. The goal of this exercise is not to identify ways to reduce what we spend on content but to harmonize processes and analytics so as to be more consistent and efficient in how we allocate our content spend across the entire global portfolio to optimize returns.

第一，內容。我正在與我們的創意和財務領導團隊密切合作，檢查我們每年超過 230 億美元的內容支出總額，以分析每一美元支出的投資回報率。此練習的目標不是確定減少我們在內容上的支出的方法，而是協調流程和分析，以便在我們如何在整個全球投資組合中分配內容支出以優化回報時更加一致和高效。

Second, marketing. The combined company spends more than $5 billion each year on marketing, and that doesn't include the opportunity cost of cross-promoting assets across all of our platform. We intend to drive for the highest level of financial discipline here to make sure that every dollar spent is purposeful and measured. This will prove to be an enormous opportunity for cost synergy capture across the globe within each and every business line given the significant overlap geographically and operationally.

第二，營銷。合併後的公司每年在營銷上花費超過 50 億美元，這還不包括在我們所有平台上交叉推廣資產的機會成本。我們打算在這裡推動最高水平的財務紀律，以確保所花的每一美元都是有目的的和可衡量的。鑑於地理上和運營上的顯著重疊，這將被證明是在全球範圍內每個業務線內捕獲成本協同效應的巨大機會。

Lastly, working capital. Since I joined Discovery 5 years ago, a key focus area has been to improve working capital efficiency. This has been a critical part of the formula that has led to our free cash flow conversion rate being among the top end of our peers. Similarly, I believe we have a tremendous opportunity to continue improving working capital efficiency at Warner Bros. Discovery operationally and structurally, and this will be a key ingredient in achieving our free cash flow conversion rate targets.

最後，營運資金。自從我 5 年前加入 Discovery 以來，一個重點關注領域一直是提高營運資金效率。這是導致我們的自由現金流轉換率在同行中名列前茅的公式的關鍵部分。同樣，我相信我們有巨大的機會在運營和結構上繼續提高 Warner Bros. Discovery 的營運資本效率，這將是實現我們的自由現金流轉換率目標的關鍵因素。

As I stated at the beginning of my remarks, I am invigorated by the opportunity ahead to build a unique and truly remarkable media company centered around unparalleled IP and a balanced monetization model to drive sustainable profit and free cash flow growth. We're only 18 days in and are still in the very early stages of integration and refining our long-term strategy, and we look forward to sharing more about our plans in the coming months.

正如我在發言開始時所說的，我很高興有機會建立一家以無與倫比的知識產權和平衡的貨幣化模式為中心的獨特且真正卓越的媒體公司，以推動可持續的利潤和自由現金流增長。我們只有 18 天，仍處於整合和完善長期戰略的早期階段，我們期待在未來幾個月分享更多關於我們計劃的信息。

The new combined management team is completely aligned around our philosophy to manage Warner Bros. Discovery with the highest level of professionalism, with diligent analysis and decision-making, accountability and overarching coordination of our balanced portfolio of assets in the best interest of the company, focused on free cash flow and firm value more than anything else.

新的合併管理團隊完全符合我們以最高水平的專業精神管理華納兄弟發現的理念，以公司的最佳利益為出發點，對我們平衡的資產組合進行勤勉的分析和決策、問責和總體協調，更關注自由現金流和公司價值。

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

現在，我想把電話轉給接線員，大衛和我很樂意回答你的問題。

(Operator Instructions) Your first question comes from the line of Vijay Jayant with Evercore ISI.

（操作員說明）您的第一個問題來自與 Evercore ISI 的 Vijay Jayant。

Just wanted to get some perspective. Obviously, you made some decisive decision on the CNN+ shutting down. Are there a lot more opportunities across the Warner Bros. businesses that can result in material saving of costs going forward that you've sort of seen that could help the long-term cash flow story?

只是想獲得一些觀點。顯然，你對 CNN+ 的關閉做出了一些決定性的決定。華納兄弟的業務是否有更多的機會可以在未來節省大量成本，而您已經看到這有助於長期現金流的故事？

And second, just for Gunnar, in terms of working capital and free cash flow, obviously, this year, there's going to be a lot of puts and takes with cost to achieve and fees and so forth and also the adjustments that came through the transaction with Warner Bros., I think you paid about $2.5 billion less than the original deal price. Any sense of all the puts and takes can help us with what the free cash flow trends can be given where you're starting from?

其次，僅對 Gunnar 而言，就營運資金和自由現金流而言，顯然，今年將有大量的看跌期權，包括實現成本和費用等，以及通過交易進行的調整對於華納兄弟，我認為你支付的費用比最初的交易價格少了大約 25 億美元。所有看跌期權的任何感覺都可以幫助我們了解您從哪裡開始可以給出自由現金流趨勢？

So Vijay, let me start with the last one because I want to be clear. We're still working through our opening balance sheet, and there's a working capital adjustment work that's still in flight, and I'd prefer to discuss the details of those results. And we have all that fully baked and audited in, hopefully, a few weeks here.

所以維杰，讓我從最後一個開始，因為我想清楚。我們仍在處理期初資產負債表，還有一項仍在進行的營運資本調整工作，我更願意討論這些結果的細節。我們希望在幾週內完成所有這些工作並進行審核。

But I think the bigger picture here is as we've said, 2022 is going to be noisy. And you've mentioned some of the factors that are going to flow through. But if I take a step back here and just look at, call it, the past 15 months for WarnerMedia sort of as a carve-out group, we're looking at more than $40 billion of revenue and really, virtually, no free cash flow. And right or wrong, management has made a decision to invest a lot of the incoming funds into a number of investment initiatives.

但我認為這裡的大局就像我們所說的那樣，2022 年將會很嘈雜。你已經提到了一些將要通過的因素。但是，如果我退後一步，看看過去 15 個月，華納媒體作為一個分拆集團，我們正在尋找超過 400 億美元的收入，實際上，幾乎沒有自由現金流動。不管對錯，管理層已決定將大量資金投入到多項投資計劃中。

And as I'm looking under the hood here, again, CNN+ is just one example and I don't want to go through sort of a list of specific examples, but there's a lot of chunky investments that are lacking what I would view as a solid analytical financial foundation and meeting the ROI hurdles that I would like to see for major investments. And so we're -- this is an opportunity. We're going to be able to continue the initiatives that make a lot of sense and reallocate some funds or drop some cash to the bottom line, but it's an opportunity. We're in the process of working through that.

正如我在這裡所看到的那樣，CNN+ 只是一個例子，我不想通過一系列具體例子，但是有很多大筆投資缺乏我所認為的堅實的分析財務基礎，並滿足我希望在重大投資中看到的投資回報率障礙。所以我們 - 這是一個機會。我們將能夠繼續進行有意義的舉措，並重新分配一些資金或將一些現金投入到利潤中，但這是一個機會。我們正在努力解決這個問題。

And as I said, 2022 very much looks a little messier than probably what I had hoped for, but for 2023, I'm more encouraged than ever. And I think it's going to be very clean. Another area that you may have picked up from David a minute ago is sort of this point of not being religious about any of these decisions. We'll make decisions on the basis of the data that's available and clean financial analysis. And I think there's a ton of opportunity.

正如我所說，2022 年看起來比我所希望的要混亂一些，但對於 2023 年，我比以往任何時候都更受鼓舞。而且我認為它會非常乾淨。您可能在一分鐘前從大衛那裡學到的另一個方面是，對這些決定中的任何一個都不持宗教態度。我們將根據可用數據和清晰的財務分析做出決策。我認為有很多機會。

An example of that is if we're not going to be in a particular country for a period of years, we could -- that we should be monetizing our content. As we've taken a look at the subscription platform, the -- and looking at HBO Max, which Casey is doing such a great job with, we're looking at the data, and you could see that there's a huge amount of content. You look at the wealth of the TV library and the motion picture library, that's not being used at all on the subscription platform.

這方面的一個例子是，如果我們不打算在某個特定國家待幾年，我們可以——我們應該通過我們的內容獲利。當我們查看訂閱平台時，以及查看凱西做得如此出色的 HBO Max，我們正在查看數據，您可以看到有大量的內容.你看電視庫和電影庫的豐富，在訂閱平台上根本沒有使用。

So basically, what content is being used and valued on the subscription platform? How do you enhance that and drive that, together with our existing content to reduce churn and drive growth? And what's not being used on that subscription platform? And how do you monetize that in a way that's meaningful? Everything should be monetized. We own more content, more compelling IP than any other media company in the world. We have a strategic focus on a global platform that reaches people either through subscription only or ad-light. But ultimately, whether it's through our existing platforms or through AVOD, we should be monetizing all the great content that we have.

那麼基本上，訂閱平台上正在使用和重視哪些內容？您如何增強並推動這一點，以及我們現有的內容以減少客戶流失並推動增長？該訂閱平台上沒有使用什麼？您如何以有意義的方式將其貨幣化？一切都應該貨幣化。我們擁有比世界上任何其他媒體公司更多的內容、更引人注目的 IP。我們將戰略重點放在一個全球平台上，該平台通過僅訂閱或廣告來吸引人們。但最終，無論是通過我們現有的平台還是通過 AVOD，我們都應該將我們擁有的所有精彩內容貨幣化。

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

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

I wanted to talk about streaming. The market's enthusiasm for the streaming business model has tapered off somewhat following one of your larger peers starting to see a notable deceleration in growth and calling out a number of headwinds that they're seeing to their subscriber trends. And it's interesting to me because on the flip side, your most transformational and exciting days are probably still in front of you under your new combined portfolio.

我想談談流媒體。市場對流媒體業務模式的熱情有所減弱，因為您的一個較大的同行開始看到增長顯著減速，並指出他們看到的訂戶趨勢存在一些不利因素。這對我來說很有趣，因為另一方面，在你新的組合投資組合下，你最具變革性和最激動人心的日子可能還在你面前。

So I think for all of us, it would be very helpful if you could help frame the opportunity you see ahead with streaming once more and whether or not we should be thinking about HBO Max, discovery+ services a little bit differently than some of your peers. And if ultimately your views on your DTC subscriber or ARPU trajectories have meaningfully shifted given what we're seeing elsewhere in the ecosystem.

因此，我認為對我們所有人來說，如果您能幫助構建您在流媒體方面看到的機會，以及我們是否應該考慮 HBO Max、發現 + 服務與您的一些同行略有不同，這將是非常有幫助的.如果考慮到我們在生態系統其他地方看到的情況，最終您對 DTC 訂閱者或 ARPU 軌蹟的看法發生了有意義的轉變。

Thanks so much. Look, I think it's a big benefit that we're a fully diversified company. We're the largest maker of content, and whether it's Ted Lasso or -- we have over 100 series that we're producing, and the more than 50% of those are for third parties. And we're generating a lot of revenue by being a great producer and maker of content. In addition, we have our traditional business, which we're outperforming, and we're generating a lot of free cash flow.

非常感謝。看，我認為我們是一家完全多元化的公司，這是一個很大的好處。我們是最大的內容製造商，無論是 Ted Lasso 還是——我們正在製作 100 多個系列，其中超過 50% 是為第三方製作的。通過成為出色的內容製作者和製作者，我們創造了大量收入。此外，我們有我們的傳統業務，我們表現出色，我們正在產生大量的自由現金流。

Having said that, the idea of Discovery coming together with Warner with all of this great IP and being able to reach above the globe, from my perspective, remains an even bigger opportunity. You take a look at what Netflix has done over the last several years and what Disney has done, they've plowed a path. And behaviorally, people have gotten acclimated to buying content. They've got acclimated to watching content on different devices, how to move content around. And here comes this new company with a -- with this lane. And it's why -- the middle lane is wide open for us to accelerate with the broadest and most compelling IP in the world, whether it's DC or Hanna-Barbera, Looney Tunes, Harry Potter, Game of Thrones, HBO. And so we put this all together, together with what we have at Discovery.

話雖如此，在我看來，Discovery 與華納一起擁有所有這些偉大的 IP 並能夠覆蓋全球的想法仍然是一個更大的機會。你看看Netflix在過去幾年裡做了什麼，迪士尼做了什麼，他們已經開闢了一條道路。在行為上，人們已經習慣了購買內容。他們已經習慣了在不同設備上觀看內容，以及如何移動內容。這家新公司來了 - 這條車道。這就是為什麼——中間通道是敞開的，我們可以用世界上最廣泛、最引人注目的 IP 加速，無論是 DC 還是漢娜巴貝拉、魯尼通、哈利波特、權力的遊戲、HBO。因此，我們將所有這些與我們在 Discovery 中擁有的東西結合在一起。

And when I say we're going to be disciplined -- people are spending hours a day with discovery+. We have content, a huge library about as big as Netflix. You put that together with the shock and awe of HBO Max, and the first question for us is that looks like a pretty combustible compelling broad offering. In Europe, it's sports, it's nonfiction, it's entertainment, it's HBO. To get here in the U.S., it's all of the content which in many months, we're the leader for women in the U.S. with what we have. Our product is very low churn.

當我說我們要遵守紀律時——人們每天花幾個小時在發現+上。我們有內容，一個和 Netflix 一樣大的大型圖書館。你把它與 HBO Max 的震驚和敬畏結合在一起，我們的第一個問題是，它看起來像是一個非常易燃、引人注目的廣泛產品。在歐洲，它是體育、非小說、娛樂、HBO。為了到達美國，這就是在許多個月內我們擁有的所有內容，我們是美國女性的領導者。我們的產品流失率非常低。

So we start with, I think, a very differentiated, very broad, very compelling offering that has IP that people know and that's attractive to everybody in the home. And our data says that the more people that use it, the more often they use it, the higher the growth and the lower the churn. And so we're very enthusiastic about driving down that lane with our ad-light and subscription service.

因此，我認為，我們從一個非常差異化、非常廣泛、非常引人注目的產品開始，它擁有人們知道的 IP，並且對家庭中的每個人都有吸引力。我們的數據表明，使用它的人越多，他們使用它的頻率越高，增長就越高，流失率就越低。因此，我們非常熱衷於通過我們的廣告燈和訂閱服務沿著這條路行駛。

But we also, in this moment of uncertainty, feel very strongly that this diversified company is going to give us the ability to have that conviction and to have that discipline because we're generating huge free cash flow. I've been at Discovery now for 15 years. And for those of you that have followed us, we're focused. Discovery was a free cash flow machine. We were generating over $3 billion in free cash flow for a long time. With investing in our new media, which we did successfully and we learned a lot, we still were generating almost $2.5 billion of free cash flow.

但是，在這個充滿不確定性的時刻，我們也非常強烈地感覺到，這家多元化的公司將使我們有能力擁有這種信念和紀律，因為我們正在產生巨大的自由現金流。我已經在 Discovery 工作了 15 年。對於那些跟隨我們的人，我們很專注。 Discovery 是一台自由現金流機器。長期以來，我們創造了超過 30 億美元的自由現金流。通過投資我們的新媒體，我們取得了成功，我們學到了很多，我們仍然產生了近 25 億美元的自由現金流。

Now we look at Warner generating $40 billion of revenue and almost no free cash flow. And with all the great IP that they have, we bring this discipline and this focus on what are we investing in, are we investing in assets that are going to -- in investments that are going to generate real return? Is this going to help our subscriber growth? Is this going to be helpful to us on -- in our platforms? And we think that there's a real opportunity for us.

現在我們看看華納創造了 400 億美元的收入，而且幾乎沒有自由現金流。憑藉他們擁有的所有偉大的知識產權，我們將這一紀律和重點放在我們投資的領域，我們是否投資於將要產生真正回報的資產？這會幫助我們的用戶增長嗎？這會在我們的平台上對我們有所幫助嗎？我們認為這對我們來說是一個真正的機會。

Yes, look, maybe, Kutgun, just to add from a financial model perspective, all we've seen over the past 18 days is in support of the thesis that we had developed jointly through the course of this deal originally. So no change there. If anything, maybe more enthusiasm around sort of the ability to control one of the most important metrics, which is churn, by the combination of these 2 phenomenal content portfolios and the great work that the teams are doing here.

是的，看，也許，Kutgun，從財務模型的角度補充一下，過去 18 天我們所看到的只是支持我們最初通過這筆交易共同製定的論點。所以那裡沒有變化。如果有的話，也許是對控制最重要指標之一的能力的更多熱情，這就是流失，這兩個驚人的內容組合和團隊在這裡所做的偉大工作相結合。

And I mean just to answer this broader question about the streaming business model, remember that as we've been saying all along, a lot of the synergy potential is really going to come from cost avoidance and elimination of planned expenses for the streaming business. So I do think I continue to see a very, very attractive return model here.

我的意思是回答這個關於流媒體業務模式的更廣泛的問題，請記住，正如我們一直在說的那樣，很多協同潛力真的來自流媒體業務的成本避免和計劃費用的消除。所以我確實認為我在這裡繼續看到一個非常非常有吸引力的回報模式。

That's great. And I'm sorry, if I could just squeeze one more in. I realize it's still very early days, but now that the deal is closed, can you talk maybe a bit more about top line synergies? When you think about the combined company's scale and IP portfolio, it's fairly massive. So it doesn't really take a lot of heroic estimates across potential upside to linear advertising, to affiliate fees, to DTC, to come up with a fairly needle-moving total top line synergy number, maybe, I don't know, $1 billion or $2 billion. So any updated thoughts on the opportunity with the top line synergies and the path to get there?

那太棒了。很抱歉，如果我能再擠一個。我意識到現在還為時尚早，但現在交易已經完成，你能多談談頂線協同效應嗎？當您考慮合併後的公司的規模和 IP 組合時，它相當龐大。因此，對於線性廣告、聯屬會員費、DTC 的潛在上行空間，並不需要進行太多雄心勃勃的估計，就可以得出一個相當驚人的總頂線協同效應數字，也許，我不知道，1 美元10 億或 20 億美元。那麼，關於頂線協同作用的機會和實現目標的途徑有什麼最新想法嗎？

Thanks so much. In the models that we've shared with you, we don't have any revenue synergy in there. I think it's opportunistic that we closed in advance of the upfront. But it's also opportunistic that we have a -- together, we have a scaled product. And we're in the market already with an ad-light product. We're the ones that were out there very early saying ad-light looks really compelling because it's a great consumer proposition. Our users, the churn was very low. We were doing between 2 and 4 minutes of advertising and generating $5, $6 in incremental revenue. And as it scaled, we started to make more. And so we said very early on, we're going to switch to offer consumers what they want: a lower-priced opportunity with a small number of advertising.

非常感謝。在我們與您分享的模型中，我們沒有任何收入協同效應。我認為我們提前關閉是機會主義的。但是，我們有一個 - 一起，我們有一個規模化的產品也是機會主義的。而且我們已經在市場上推出了廣告燈產品。我們是那些很早就說廣告燈看起來非常引人注目的人，因為它是一個很好的消費者主張。我們的用戶，流失率非常低。我們做了 2 到 4 分鐘的廣告，並產生了 5 美元、6 美元的增量收入。隨著規模的擴大，我們開始製作更多。所以我們很早就說過，我們將轉向為消費者提供他們想要的東西：用少量廣告提供低價機會。

In addition, we're in the business of selling advertising, which gives us a great advantage. So as others, and I expect they will over the next couple of years, get into the streaming ad-light business, many will not have the infrastructure of teams locally on the ground or the ability to package older channels or free-to-air channels and markets across Europe together with that type of inventory.

此外，我們從事銷售廣告業務，這給了我們很大的優勢。因此，與其他人一樣，我預計他們將在未來幾年進入流媒體廣告燈業務，許多人將沒有當地團隊的基礎設施，也沒有能力打包舊頻道或免費廣播歐洲的渠道和市場以及此類庫存。

And finally, the opportunity of putting these 2 companies together -- and I've been meeting with the top agencies last week and this week with Bruce Campbell and with Jon Steinlauf, and we're talking about this exciting opportunity of what we bring to the table now: leader in live sports, news, entertainment and lifestyle. Taken together, we're bigger than any of the broadcasters.

最後，將這兩家公司整合在一起的機會——上周和本週我一直在與頂級機構會面，與 Bruce Campbell 和 Jon Steinlauf 會面，我們正在談論我們帶來的這個令人興奮的機會現在的表：現場體育、新聞、娛樂和生活方式的領導者。總之，我們比任何廣播公司都要大。

And so if you lay out the 4 broadcasters or you say now who the 5 leading players in prime time in America, by any measure in terms of reach, the ability to get demographics, the quality of the IP, the amount of live content, the amount of sports, we're in the top 3. And by some measures, we're #1. And so I think that ability to offer that bouquet -- because every advertiser wants something different, who wants more sport, more entertainment, more news, but sport for us, particularly, where all the sports are locked in for the next several years. Next year, for the first time, all of the playoffs and the Stanley Cup of hockey will be on TNT. And you have the NBA finals, TNT. You have baseball, TNT. You have March Madness, TNT. And we love that. And we've been driving that hard to create value for advertisers throughout all of Europe.

因此，如果您列出 4 家廣播公司，或者您現在說美國黃金時段的 5 大領先玩家，無論從覆蓋範圍、獲取人口統計數據的能力、IP 的質量、直播內容的數量等方面來看，運動量，我們排在前三名。從某些方面來說，我們是第一名。所以我認為提供這種花束的能力——因為每個廣告商都想要一些不同的東西，他們想要更多的運動、更多的娛樂、更多的新聞，但對我們來說，尤其是在未來幾年所有運動都被鎖定的地方。明年，所有季后賽和斯坦利曲棍球杯將首次在 TNT 上播出。你有 NBA 總決賽，TNT。你有棒球，TNT。你有瘋狂三月，TNT。我們喜歡這一點。我們一直在努力為整個歐洲的廣告商創造價值。

So we hit every demo. And in terms of scale and opportunity for advertisers, we're very strong. We have the NBA playoffs, not the finals. But the net-net is the advertisers we've spoken to and agencies are very excited about having this new fifth player in prime time, and we would argue the #1, 2 or 3 player in prime time. And the same is true for us scaling outside the U.S. to provide more opportunity to advertisers.

所以我們打了每一個演示。就廣告商的規模和機會而言，我們非常強大。我們有NBA季后賽，而不是總決賽。但是網絡是我們與之交談過的廣告商，代理商對在黃金時段擁有這個新的第五名玩家感到非常興奮，我們會爭辯說在黃金時段排名第一、第二或第三的玩家。對於我們在美國以外擴大規模以向廣告商提供更多機會的情況也是如此。

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

您的下一個問題來自美國銀行證券公司的 Jessica Reif Ehrlich。

I have 2 questions. Can you talk a little bit about -- I guess there's no secret that there were tons of inefficiencies at the old WarnerMedia. So how are you approaching the incentive structure under your management team versus prior owners? That's question one.

我有 2 個問題。你能談談 - 我想老華納媒體有很多效率低下已經不是什麼秘密了。那麼，與之前的所有者相比，您如何處理管理團隊領導下的激勵結構？那是問題一。

And then I know you talked a little bit about advertising, but can you talk a little bit about the approach -- it's scale, yes, which you've talked about, but you also have a broader array of assets from what I recall from -- with the old Time Warner days. News and sports were never sold with entertainment. So this seems like the first time all of these assets will go under one sales team. And also you'll have more platforms to sell. I guess, are you selling -- it sounds like you're selling the advertising for DTC within all of this at the upfront. So can you just talk about that in your approach? It obviously will show up in Q4 of this year, but any opportunity even before that in scatter?

然後我知道你談到了一些關於廣告的事情，但你能談談這種方法嗎——它是規模，是的，你已經談到了，但根據我的回憶，你也擁有更廣泛的資產——與舊時代華納時代一樣。新聞和體育從來沒有與娛樂一起出售。所以這似乎是所有這些資產第一次由一個銷售團隊管理。而且您將有更多的平台出售。我想，你在賣嗎——聽起來你是在前期賣 DTC 的廣告。那麼你能在你的方法中談談這個嗎？它顯然會在今年第四季度出現，但在此之前還有機會嗎？

Thanks, Jessica. So you're right. I mean it was -- our #1 thing is how do we service clients with simplicity one-stop. And so we've restructured, and in these advertising facing meetings, we've already gone out to agencies and advertisers. And it is simpler because it's -- before it was sports, it was Warner entertainment and it was Discovery. Now it's all in one. And as you said, we also have all of this digital inventory, which is in great demand, whether it's Bleacher or whether it's cnn.com, which is the largest dot.com, the largest site for news in America, together with the ad-light product on discovery+, together with the ad-light product with HBO Max and all of our other digital assets.

謝謝，傑西卡。所以你是對的。我的意思是——我們的第一件事是我們如何簡單地為客戶提供一站式服務。所以我們進行了重組，在這些面向廣告的會議中，我們已經與代理商和廣告商進行了交流。它更簡單，因為它是——在體育之前，它是華納娛樂，它是發現。現在一切都合二為一了。正如你所說，我們也擁有所有這些需求量很大的數字庫存，無論是 Bleacher 還是 cnn.com，它是美國最大的 dot.com，美國最大的新聞網站，以及廣告- Discover+ 上的輕量級產品，以及 HBO Max 和我們所有其他數字資產的輕量級產品。

So it's one place to get the broadest demographics and all the different types of content that an advertiser can want. And Steinlauf and Bruce can sit down with an advertiser and address really whatever need they have, but sit down at the table as having the largest reach or close in the marketplace and the broadest scale of diverse content. So I think it puts us in a very good place to service advertisers.

因此，它是獲取最廣泛的人口統計數據和廣告商可能想要的所有不同類型內容的地方。 Steinlauf 和 Bruce 可以與廣告商坐下來，真正滿足他們的任何需求，但可以坐下來，因為他們在市場上擁有最大的影響力或接近度，以及最廣泛的多樣化內容。因此，我認為這使我們處於為廣告商服務的好地方。

Gunnar?

貢納爾？

Yes. On your first question, Jessica, we're obviously in the early innings here, but one thing that I can clearly say is that we're going to set incentives that are reflecting the balanced nature of the portfolio as opposed to, for example, incentivizing everyone across the company just for a subscriber goal. We got to reflect the best interest of the entire corporation in incentives and make sure that people actually have an ability to impact what they're getting paid for.

是的。關於你的第一個問題，傑西卡，我們顯然處於早期階段，但我可以清楚地說，我們將設置反映投資組合平衡性質的激勵措施，而不是，例如，激勵整個公司的每個人，只是為了一個訂閱者的目標。我們必須在激勵措施中反映整個公司的最佳利益，並確保人們實際上有能力影響他們獲得的報酬。

And one theme that I think is going to cut across here is that we'll work hard on coordinating across the different business units to make sure that assumptions tie into each other as opposed to sort of our focus on individual business units. This is going to evolve over the course of the next 12 months, but that's sort of the high-level philosophy here.

我認為在這裡要跨越的一個主題是，我們將努力協調不同業務部門，以確保假設相互關聯，而不是我們對單個業務部門的關注。這將在接下來的 12 個月內不斷發展，但這就是這裡的高級理念。

And Gunnar, can I just ask a quick follow-up? When you said that there was a shortfall on the part of WarnerMedia of $500 million, where does that come from?

Gunnar，我可以要求快速跟進嗎？當你說華納媒體有5億美元的缺口時，這是從哪裡來的？

Jessica, as I told you, we're -- everything I'm saying here is on the basis of what AT&T disclosed publicly and then some internal management reporting. I do not have sort of a fully audited set of WarnerMedia financials. I don't want to go into any kind of detail here, but it's -- just take that aggregate operating profit number, and that's essentially $500 million lower what I'm seeing today for the full year than what we put in our management case that was disclosed in the S4.

傑西卡，正如我告訴你的那樣，我們 - 我在這裡所說的一切都是基於 AT&T 公開披露的內容，然後是一些內部管理報告。我沒有經過全面審計的華納媒體財務數據。我不想在這裡詳述任何細節，但它是 - 僅以總營業利潤數字為例，這基本上比我今天看到的全年低 5 億美元，而不是我們在管理案例中輸入的在 S4 中披露。

Just one follow-up that I think is going to be interesting for next year in terms of sport. It will be the first year that all the playoffs for a major U.S. [border] on cable where the hockey will be on ESPN and will be on TNT. And that's all the playoffs will be on us and ESPN.

只有一個後續行動，我認為明年在體育方面會很有趣。這將是第一年所有季后賽的主要美國[邊界]有線電視將在 ESPN 和 TNT 上播放曲棍球。這就是我們和ESPN的所有季后賽。

Your next question comes from the line of Bryan Kraft with Deutsche Bank.

您的下一個問題來自德意志銀行的 Bryan Kraft。

I had 2, if you don't mind. So first, I just wanted to ask you about the timing for the relaunch of your direct-to-consumer strategy and products. Is that something that could happen by the end of the year? And in the meantime, how are you managing that business? Are you going to continue to invest in marketing and growing HBO Max? Or will you be taking your foot off the gas marketing there?

我有2個，如果你不介意的話。因此，首先，我只想問您重新啟動直接面向消費者的戰略和產品的時間。到年底有可能發生這種情況嗎？同時，您如何管理該業務？你會繼續投資營銷和發展 HBO Max 嗎？或者你會離開那裡的天然氣營銷嗎？

And then separately, I just wanted to ask you how you're thinking about the challenges and the opportunities presented by account sharing. Do you see the kind of opportunity that Netflix sees in tightening that up and trying to monetize it? Is that something that you need to focus on in the next couple of years? Is that something that may be more of a longer-term focus for you?

然後另外，我只是想問您如何看待帳戶共享帶來的挑戰和機遇。您是否看到 Netflix 在收緊這一點並試圖將其貨幣化時看到的那種機會？這是你未來幾年需要關注的事情嗎？這對你來說可能是更長期的關注點嗎？

Yes. Bryan, so thank you. So look, when it comes to the timing for the relaunch, again, I don't want to make any new commitments here. The team is working hard right now as one combined team to hammer out the exact cadence here, and we will come back to you all once we have a fully baked firm plan here.

是的。布萊恩，謝謝你。所以看，當談到重新啟動的時間時，我不想在這裡做出任何新的承諾。該團隊現在正在作為一個聯合團隊努力工作，以在這裡敲定確切的節奏，一旦我們在這裡制定了一個完整的堅定計劃，我們將與您聯繫。

What I can say about the interim period here is we're not changing our mindset. So the priority for the team is to sort of rally behind that integrated product, and at the same pool, continue to be very thoughtful about our spend. We will not launch any new markets for the time being. We will not sort of chase aggressively behind subscriber growth as long as we are working on this priority 1, which is getting these products together.

關於這裡的過渡期，我可以說的是，我們並沒有改變我們的心態。因此，團隊的首要任務是團結一致支持該集成產品，並且在同一個池中，繼續對我們的支出進行非常周到的考慮。我們暫時不會推出任何新市場。只要我們致力於將這些產品整合在一起，我們就不會積極追求用戶增長。

That said, all I've seen so far makes me very, very enthusiastic about the opportunity of the combined product. We've got a great cadence of content coming to the market here, House of Dragons (sic) [House of the Dragon] for the third quarter. I think it's going to be exciting global phenomenon. So feel very good about it, but we'll continue to be very thoughtful as we have been going into this -- into closing this merger here.

也就是說，到目前為止，我所看到的一切都讓我非常非常熱衷於組合產品的機會。第三季度，《龍之屋》（原文如此）[《龍之屋》] 的內容節奏非常快。我認為這將是一個令人興奮的全球現象。所以感覺很好，但我們會繼續深思熟慮，因為我們一直在進行這個 - 在這裡完成這次合併。

I mean it's mission central that we think these 2 -- that both of these products together, the bouquet of content that we provide, the wealth of content, the diversity of content, the content that's known around the globe, we believe that, that's going to be a combustible product that we could really drive around the world. And so the sooner we can get it launched -- but we want to get it right.

我的意思是，我們認為這 2 個是使命的中心——這兩種產品，我們提供的大量內容，豐富的內容，內容的多樣性，全球知名的內容，我們相信，那就是將成為一種可燃產品，我們可以真正駕駛它環遊世界。因此，我們可以越早推出它——但我們希望把它做好。

It's critical because you could have a record-breaking number of people watching Euphoria, but we want to make sure that when they finish Euphoria, if we have the goods, if we have all this great content on, that we have an ability to recommend the people, you just finished Euphoria, here's the other 8 shows that you would love, whether it's Chip and Jo, whether it's Oprah, whether it's 90 Day Fiance or whether it's Minx or another great HBO Max series. But we have some work to do on the platform itself that will be significant. But we also think that one of the big opportunities here is going to be churn reduction. There's meaningful churn on HBO Max, much higher than the churn that we have seen.

這很關鍵，因為觀看 Euphoria 的人數可能會破紀錄，但我們要確保當他們看完 Euphoria 時，如果我們有貨，如果我們有所有這些精彩的內容，我們有能力推薦各位，你們剛剛看完了《幸福》，這裡有其他 8 部你會喜歡的節目，無論是奇普和喬，還是奧普拉，還是 90 天未婚夫，還是 Minx 或其他偉大的 HBO Max 系列。但是我們在平臺本身上還有一些重要的工作要做。但我們也認為，這裡最大的機會之一就是減少客戶流失。 HBO Max 的流失率非常高，遠高於我們所看到的流失率。

And so the ability for us to come together is part of -- one of the thesis here that managing churn -- and we've seen this because we've been at it in Europe for 8 years. As you begin to manage churn in a meaningful way, that provides a real meaningful growth.

因此，我們團結起來的能力是其中的一部分——管理客戶流失的論文之一——我們已經看到了這一點，因為我們已經在歐洲從事了 8 年的工作。當您開始以有意義的方式管理客戶流失時，這將提供真正有意義的增長。

And then maybe, Bryan, on the password sharing point, as you may have heard before, both from us and the HBO Max team, there's a process in place. There's a dedicated team. And I would just say that this is not a rampant problem here. And in fact, I think it's a small number of cases where we see a high risk of that sharing activity happening.

然後也許，布萊恩，關於密碼共享點，正如您之前可能從我們和 HBO Max 團隊那裡聽到的那樣，有一個流程到位。有專門的團隊。我只想說這不是一個猖獗的問題。事實上，我認為在少數情況下，我們認為這種共享活動的發生風險很高。

And our next question comes from the line of Rich Greenfield with LightShed Partners.

我們的下一個問題來自與 LightShed Partners 的 Rich Greenfield。

There's a quote, David, from former HBO CEO, Richard Plepler, that more is not better, but better is better. And I know you've sort of talked about you're not trying to win the sort of content production arms race. But as you sort of think about the HBO Max strategy, does broadening HBO to HBO Max even make sense? Like should HBO just stick to the HBO ethos of like we all know what an HBO show is? Like succession, should it be broader? You just mentioned things like 90 Day Fiance, et cetera. Like should Discovery and CNN content really be in there? Or is HBO such a great product as it is that expanding it to be more actually doesn't make sense?

HBO 前首席執行官理查德·普萊普勒 (Richard Plepler) 曾引用大衛的話，越多並不越好，但越多越好。而且我知道你已經說過你不想贏得那種內容製作軍備競賽。但是，當您考慮 HBO Max 戰略時，將 HBO 擴展到 HBO Max 是否有意義？就像 HBO 是否應該堅持我們都知道 HBO 節目是什麼的 HBO 精神？像繼承一樣，它應該更廣泛嗎？您剛剛提到了諸如 90 天未婚夫之類的事情。就像 Discovery 和 CNN 的內容真的應該在那裡嗎？還是 HBO 是一款如此出色的產品，以至於將其擴展為更多實際上沒有意義？

I'd love sort of just how do you think about that? And how do you evaluate, especially given what just happened with sort of Netflix and Disney, both sort of realizing they have to do advertising and that some of their content may not be generating the type of sub growth that they had hoped for previously?

我很想知道你是怎麼想的？你如何評價，特別是考慮到 Netflix 和迪士尼剛剛發生的事情，他們都意識到他們必須做廣告，而且他們的一些內容可能不會產生他們以前希望的那種次級增長？

Thanks, Rich. It actually makes every sense because what you need is a diversity of content for everybody in the home. And they may come in for Euphoria, but our research shows that people watching Euphoria, their favorite second show to watch is 90 Day Fiance. So having a diversity of content -- there's a reason why people are spending hours with discovery+ because there's -- and they watch discovery+ at different times of the day. But the same people that are watching JULIA, a great new series, or are watching Gilded Age, they're turning around and they're watching Big Bang Theory and they're watching Friends. That's why HBO Max has been able to continue to grow so aggressively.

謝謝，里奇。這實際上很有意義，因為您需要的是為家裡的每個人提供多樣化的內容。他們可能會來參加 Euphoria，但我們的研究表明，觀看 Euphoria 的人，他們最喜歡看的第二個節目是 90 天未婚夫。因此，擁有多樣化的內容——人們花費數小時觀看 Discovery+ 是有原因的，因為他們在一天中的不同時間觀看 Discovery+。但是那些正在看《朱莉婭》的人，一個偉大的新系列，或者正在看《鍍金時代》的人，他們正在轉身，他們正在看《生活大爆炸》，他們正在看《老友記》。這就是為什麼 HBO Max 能夠繼續如此積極地增長。

And so when you put all of this diversity of content together, there's content for kids, there's content for teens, it's basically everybody in the family, why would you go anywhere else? We have all the movies. We have all the library content that you want. And I think better is better. That was the point I was trying to make that if we have a -- if Casey and the HBO team, who I spent a bunch of time with this past week, extraordinarily talented team. They've been together, the leadership for more than 15 years, all of them. They have a system. It reminds me of the Disney Alan Horn, Bob Iger, the way that they were able to really outperform the market -- Kevin Feige, Kennedy, they were able to outperform the market with motion pictures for a period of years. You look at the way they focus on quality, whether it's JULIA, Winning Time, Gilded Age, Euphoria, Flight Attendant, And Just Like That, Barry they just launched. And this is an ability to really own kind of the cultural importance and the idea that just doing more shows.

因此，當您將所有這些多樣性的內容放在一起時，有面向兒童的內容，有面向青少年的內容，基本上是家庭中的每個人，您為什麼要去其他地方？我們有所有的電影。我們擁有您想要的所有圖書館內容。而且我認為更好更好。這就是我試圖說明的一點，如果我們有一個——如果凱西和 HBO 團隊，我在過去一周花了很多時間與他們一起工作，那麼他們是非常有才華的團隊。他們已經在一起，領導了超過 15 年，他們所有人。他們有一個系統。這讓我想起了迪斯尼的艾倫·霍恩、鮑勃·艾格，他們能夠真正跑贏市場的方式——凱文·費格、肯尼迪，他們能夠在電影中跑贏市場好幾年。你看看他們關注質量的方式，無論是 JULIA、Winning Time、Gilded Age、Euphoria、Flight Attendant，以及剛剛推出的 Barry。這是一種真正擁有文化重要性的能力，以及做更多節目的想法。

You look at HBO right now, what it really needs is precisely what we have, that when they're finished with watching Winning Time, they can go and watch Friends or watch Big Bang or watch their favorite movie or go over and watch Oprah or watch some TLC shows just for fun.

你現在看看 HBO，它真正需要的正是我們所擁有的，當他們看完《Winning Time》後，他們可以去看《老友記》或《生活大爆炸》或看他們最喜歡的電影，或去看奧普拉或觀看一些 TLC 節目只是為了好玩。

So we believe, and we see this in Europe, where we tried to offer -- we thought that the answer was just to offer niche high quality that you get high-quality shock and awe content together with a lot of nutrition, in our case, in Europe, together with sport, and you offer something that everybody in the family uses, and the churn goes way down. It's much harder to churn out of a product when your kids use it or your significant other uses it or your mom and dad are watching, but also if you find yourself watching it more often.

所以我們相信，我們在歐洲看到了這一點，我們試圖提供 - 我們認為答案只是提供利基的高質量，在我們的案例中，你可以獲得高質量的震撼和敬畏內容以及大量的營養，在歐洲，與運動一起，您提供了家庭中每個人都使用的東西，並且流失率下降了很多。當您的孩子使用它或您的重要其他人使用它或您的父母正在觀看時，以及如果您發現自己更頻繁地觀看它，則更難生產出產品。

So I think it's precisely why we did this deal. And I think everything tells us that it's going to make us stronger and more compelling because of the breadth of the quality menu of IP that we have.

所以我認為這正是我們做這筆交易的原因。而且我認為一切都告訴我們，由於我們擁有的 IP 質量菜單的廣度，這將使我們變得更強大、更引人注目。

And as you think about that, how does that impact -- obviously, as a streaming product becomes more robust and you put more of your energy there, how should we be thinking about what happens to the trajectory of sort of Turner, Discovery, the legacy cable network business? Like how do you balance that, the decline of that business versus the growth of the other? Like especially, I know it's 18 days in, but how are you thinking about that sort of trade-off?

當您考慮這一點時，這將如何影響-顯然，隨著流媒體產品變得更加強大並且您將更多精力投入其中，我們應該如何考慮Turner，Discovery，the的軌跡會發生什麼傳統的有線網絡業務？就像您如何平衡該業務的下降與另一個業務的增長一樣？尤其是，我知道已經過去了 18 天，但是您如何考慮這種權衡？

Well, first of all, we've been growing our traditional business. We recognize that 4% of subscribers are down and viewership on the platform is down. But when our competitors are taking content off constantly of that platform, it gives an opening for us where we're doing a lot of original content on. We're obviously all original of the CNN. Sports is live and tuned in. And then we're doing original on food, on home, on Discovery. And so -- and we see it outside the U.S.

嗯，首先，我們一直在發展我們的傳統業務。我們認識到 4% 的訂閱者下降，平台上的收視率下降。但是，當我們的競爭對手不斷從該平台上撤下內容時，它為我們提供了一個機會，我們可以在其中製作大量原創內容。我們顯然都是 CNN 的原創者。體育是現場直播和收看的。然後我們在食物、家庭和發現上做原創。所以——我們在美國以外的地方看到了它。

Long term, there's no question that the business is challenging. But CPMs are increasing, advertisers still are looking for -- they're chasing and chasing for inventory because it's the most effective inventory in long-form video. And look, remember, broadcast for a period of 20 years was declining and CPMs were increasing. I was at NBC in the mid-90s when Welsh was saying, "This can't continue. We can't have smaller and smaller audiences and make more and more money." And I think he was right or maybe he'll be right eventually. But it's almost 30 years later, and the advertisers are still paying more than the hurdle rate of decline.

從長遠來看，毫無疑問，該業務具有挑戰性。但是每千次展示費用正在增加，廣告商仍在尋找——他們一直在尋找庫存，因為它是長視頻中最有效的庫存。看，記住，過去 20 年的廣播在下降，而每千次展示費用卻在增加。上世紀 90 年代中期，我在 NBC 工作時，威爾士說，“這不能繼續下去。我們不能讓越來越少的觀眾，賺越來越多的錢。”我認為他是對的，或者他最終會是對的。但這已經快 30 年了，廣告商付出的代價仍然超過了下降的門檻。

So we will be leaning in with efficiencies and effectiveness to our traditional business, which we think -- which generates an awful lot of free cash flow. We'll be leaning in as a maker at Warner Bros. Television where we're selling, we're an arms dealer, and we could sell content, and we're selling because we're the best producer of content. We're selling content and getting prices in bidding wars to get that content, and we'll continue to do that. And then right down that middle lane, we'll be building that important growth engine of -- starting with HBO Max and discovery+ and what we have across Europe.

因此，我們將以效率和有效性向我們的傳統業務傾斜，我們認為這會產生大量的自由現金流。我們將成為華納兄弟電視台的製造商，我們在那裡銷售，我們是軍火商，我們可以銷售內容，我們銷售是因為我們是最好的內容製作人。我們正在出售內容並在競購戰中獲取價格以獲取該內容，我們將繼續這樣做。然後沿著這條中間路線，我們將建立一個重要的增長引擎——從 HBO Max 和 Discovery+ 以及我們在歐洲擁有的東西開始。

And finally, I'll just say that, that traditional platform -- the other night, during the playoffs, we reached more than 50% of people that were watching television across our platforms. As Gunnar said, there's a lot of money being spent to try and reach an audience. We now have the same, or in many cases, the largest reach in television in the U.S. And the ability to use our own inventory to promote to and from all of our products and the efficiency of doing that and the cost savings of doing it I think is a big plus for us.

最後，我只想說，那個傳統平台——前幾天晚上，在季后賽期間，我們接觸到了超過 50% 的通過我們的平台看電視的人。正如 Gunnar 所說，為了吸引觀眾，需要花費大量資金。我們現在擁有相同的，或者在許多情況下，在美國電視領域擁有最大的覆蓋面，並且能夠使用我們自己的庫存來推銷我們所有的產品，這樣做的效率和這樣做的成本節約認為對我們來說是一個很大的優勢。

And the one thing I would add, Rich, is just from a financial perspective, we have a hand that I would not want to trade with anyone else in the industry. The balanced portfolio has so many built-in financial hedges. Again, I happen to believe that the linear platform is going to be around and will coexist with our other platform for a very, very long time. But should it change, should that trend accelerate, we're positioned with more than 100 million homes on the direct-to-consumer side. Should we see more price inflation on the content side, we'll be benefiting from that with one of the top TV studios in the world. So there's a lot of flexibility. And I think it's anyone's guess how some of these trends are developing, but I think we're as well positioned as anyone in this game.

我要補充的一件事，Rich，只是從財務角度來看，我們有一隻我不想與業內其他人交易的手。平衡的投資組合有很多內置的金融對沖。再一次，我碰巧相信線性平台將會存在，並將與我們的其他平台共存很長時間。但如果它發生變化，如果這種趨勢加速，我們將擁有超過 1 億戶直接面向消費者的家庭。如果我們在內容方面看到更多的價格上漲，我們將受益於世界頂級電視工作室之一。所以有很大的靈活性。而且我認為任何人都可以猜測其中一些趨勢是如何發展的，但我認為我們在這場比賽中的定位與任何人一樣好。

And as the largest maker of content, we can change strategy. The world is changing. If it turns out that producing more content for ourselves because we're accelerating down that middle lane as a global direct-to-consumer business, we're not going to have to go write a lot of checks to others to get the best content because we have the factory.

作為最大的內容製造商，我們可以改變策略。世界正在發生變化。如果事實證明為自己生產更多內容是因為我們正在加速走中間路線作為全球直接面向消費者的業務，我們將不必去給其他人寫很多支票來獲得最好的內容因為我們有工廠。

And your last question comes from the line of Steven Cahall with Wells Fargo.

您的最後一個問題來自富國銀行的 Steven Cahall。

I just wanted to ask about a couple of WarnerMedia assets and sort of take your temperature on how you're thinking about what you can do with them. Maybe first is on the DC universe. That seems like just an asset that's been under-managed by Warner, especially vis-a-vis what we've seen from some of the peers like Disney. So just wondering if you've had any time to get under the hood on DC and how you think about you might be able to use that with some of your global ambitions a little more successfully than the predecessor management team did.

我只是想問一下華納媒體的一些資產，並了解一下你如何看待你可以用它們做什麼。也許首先是在 DC 宇宙中。這似乎只是華納管理不足的一項資產，尤其是與我們從迪士尼等一些同行那裡看到的相比。因此，只是想知道您是否有時間深入了解 DC，以及您如何看待您可能能夠比前任管理團隊更成功地利用它來實現您的一些全球野心。

And then with CNN, you've shut down CNN+. We've seen this week that there are folks out there that will pay a lot of money for news and news-type platforms. It doesn't seem like news is something that scales globally in the same way you talk about a lot of your other businesses in content. So I'm just curious how core we should think about CNN within your long-term strategy.

然後有了 CNN，你就關閉了 CNN+。本週我們已經看到，有些人會為新聞和新聞類平台支付大量費用。新聞似乎不像您在內容中談論許多其他業務那樣在全球範圍內擴展。所以我只是好奇我們應該如何在你的長期戰略中考慮 CNN。

Thanks, Steven. Well, first, let me start with news and CNN. The great -- I love the news business. We love the news business. CNN is the leader in news. They're the leader in global news. They're the best journalistic organization in the world, which they're showing. We've got a great new leader, Chris Licht, that's going in there. We're fully committed to it. And we think that as we look at news around the world, it's never been more important.

謝謝，史蒂文。好吧，首先，讓我從新聞和 CNN 開始。太棒了——我喜歡新聞行業。我們熱愛新聞業。 CNN 是新聞界的領導者。他們是全球新聞的領導者。他們是世界上最好的新聞機構，他們正在展示這一點。我們有一位偉大的新領導人，克里斯·利希特，他正在那裡。我們完全致力於它。我們認為，當我們查看世界各地的新聞時，它從未像現在這樣重要。

Here in the U.S. and around the world, there is mostly advocacy networks. The ability to provide journalistic -- great journalism and facts, those 2 elements are the foundation of a civilized society. We need great journalism and great facts to make the right decisions. And advocacy networks that make a lot of money by generating and supporting an audience is a great business. But CNN is in the business of journalism first, and that's what we're going to fight for. But it's also -- as importantly, it's a really, really good business because we own it. When it comes to the entertainment business, whether it's DC or Harry Potter or Hanna-Barbera, those -- that's IP that we own.

在美國和世界各地，主要有宣傳網絡。提供新聞的能力——偉大的新聞和事實，這兩個要素是文明社會的基礎。我們需要偉大的新聞和偉大的事實來做出正確的決定。通過產生和支持受眾而賺很多錢的宣傳網絡是一項偉大的業務。但 CNN 首先是新聞業，這就是我們要為之奮鬥的目標。但它也是 - 同樣重要的是，這是一項非常非常好的業務，因為我們擁有它。談到娛樂業務，無論是 DC、哈利波特還是漢娜-巴貝拉，這些都是我們擁有的 IP。

When it comes to sports, we're very careful about sports. And the TNT and Warner team was clever about getting long-term rights, which we're going to get a lot of benefit from. But sports are rented. And news is scalable. We are already in Europe and the ability to take CNN around the world more aggressively and own that and the value of that because when people get up every day, there's lots of entertainment content they want to see. But as human beings, we wake up, are we okay, and then what's going on in the world. And being able to own that with the greatest brand in news is really compelling.

談到運動，我們對運動非常小心。 TNT 和華納團隊在獲得長期權利方面很聰明，我們將從中獲得很多好處。但是運動是租來的。新聞是可擴展的。我們已經在歐洲，有能力更積極地將 CNN 帶到世界各地，擁有它和它的價值，因為當人們每天起床時，他們想看很多娛樂內容。但是作為人類，我們醒來，我們還好嗎，然後世界上正在發生什麼。能夠擁有新聞中最偉大的品牌確實令人信服。

And so we're committed to it. We think it's a differentiator. We see already in Europe that when we put it together on our subscription platform that people come to it often, it reduces churn and it increases appeal.

所以我們致力於它。我們認為這是一個差異化因素。我們已經在歐洲看到，當我們將它放在我們的訂閱平台上時，人們經常會使用它，它可以減少客戶流失並增加吸引力。

And so -- and finally, I think cnn.com is a new media asset. People are looking at news on their devices. And we're the leading place that they're going for news. We're pushing breaking news to people on their devices, on every device. And that creates a real connection. When people see CNN and they see that on their device, it's meaningful.

所以——最後，我認為 cnn.com 是一種新的媒體資產。人們正在他們的設備上查看新聞。我們是他們尋找新聞的主要場所。我們正在通過他們的設備，在每台設備上向人們推送突發新聞。這創造了真正的聯繫。當人們看到 CNN 並在他們的設備上看到它時，這很有意義。

And so Chris is going to start his journey in the next week or 2. I'm watching CNN, I think we all are. And it's a treasure. And what Ted Turner tried to create is something that is really meaningful. And we take that seriously. And it's a solid moment with the war in Ukraine.

所以克里斯將在下一周或兩週內開始他的旅程。我正在看 CNN，我想我們都是。而且是寶物。特德·特納試圖創造的是真正有意義的東西。我們認真對待這一點。這是烏克蘭戰爭的重要時刻。

But ultimately, when there are war trials, the Exhibit A, B, C and D will be the great work of the war correspondents that are risking their lives to get what's going on there on video and in camera. And it's probably what differentiates this war from almost any other. And it's probably one of the reasons that's galvanized NATO and galvanized the world on what's going on because of the work that CNN has done. So we're fully committed.

但最終，當有戰爭試驗時，展覽 A、B、C 和 D 將是戰地記者的偉大作品，他們冒著生命危險通過視頻和攝像機了解那裡發生的事情。這可能是這場戰爭與幾乎任何其他戰爭的不同之處。由於 CNN 所做的工作，這可能是激勵北約和激勵世界了解正在發生的事情的原因之一。所以我們全力以赴。

On DC, I would just say we think that DC is an extraordinary opportunity. Batman, Superman, 2 of the biggest brands in the world, maybe 1 and 2, maybe 1 and 3. So I think there's over 100 characters. And let's just say that we're going to focus very hard on building a long-term plan. Batman was just very successful. It was also very successful on the platform when it dropped this past week, which I think is -- it's just one piece of data, but it's a very good sign. I've been saying for a very long time, owning Warner Bros. Motion Pictures, together with the streaming service, together with a big factory maker of quality content at Warner Bros. Television, together with the largest traditional media business, global business, is a great recipe and a very balanced attack.

關於 DC，我只想說我們認為 DC 是一個非凡的機會。蝙蝠俠、超人，世界上最大的兩個品牌，可能是 1 和 2，也可能是 1 和 3。所以我認為有超過 100 個字符。讓我們說，我們將非常努力地專注於製定長期計劃。蝙蝠俠非常成功。它在過去一周下降時在平台上也非常成功，我認為這只是一個數據，但這是一個非常好的跡象。很長一段時間以來，我一直在說，擁有華納兄弟電影，連同流媒體服務，連同華納兄弟電視的優質內容大工廠製造商，連同最大的傳統媒體業務，全球業務，是一個很好的配方和一個非常平衡的攻擊。

But there was a question about whether opening a big movie should really collapse the entire motion picture business on streaming. And I think -- I've been saying no, but I think now the data is starting to show no way, that when you open something in the -- when you open a movie in the theaters, it has a whole stream of monetization. But more importantly, it's marketed, and it builds a brand. And so when it does go to the streaming service, there's a view that, that has a higher quality that is -- that benefits the streaming service.

但有一個問題是，開一部大電影是否真的應該讓整個流媒體電影業務崩潰。而且我認為--我一直在說不，但我認為現在數據開始顯示沒有辦法，當你在電影院打開某些東西時--當你在電影院打開一部電影時，它會產生一整套貨幣化流.但更重要的是，它是營銷的，它建立了一個品牌。因此，當它確實用於流媒體服務時，有一種觀點認為，它具有更高的質量——這有利於流媒體服務。

And so that's been my theory. I think Batman, the early data is that Batman did extremely well in generating viewership and in generating interest, even though it was in the most -- in the movie theaters first. So I think that's a great sign for the motion picture business. I think the motion picture business is still where you tell you the most compelling global stories because you're with other people, and it's that big screen, and it's magic. And it also gives us a chance to attract the greatest and most compelling talent because that -- you fight over it at the top of the ecosystem, and that's the motion picture business, and we have Warner Bros. And so we're excited about it.

這就是我的理論。我認為蝙蝠俠，早期的數據是蝙蝠俠在吸引觀眾和引起興趣方面做得非常好，儘管它是最重要的——首先是在電影院。所以我認為這對電影行業來說是一個好兆頭。我認為電影行業仍然是你告訴你最引人入勝的全球故事的地方，因為你和其他人在一起，那是大銀幕，它很神奇。它也讓我們有機會吸引最偉大、最引人注目的人才，因為——你在生態系統的頂端爭奪它，這就是電影業務，我們有華納兄弟。所以我們很興奮它。

Thank you. That concludes Warner Bros. Discovery, Inc. First Quarter 2022 Earnings Conference Call. You may now disconnect.

謝謝你。華納兄弟探索公司 2022 年第一季度收益電話會議到此結束。您現在可以斷開連接。