AMC网络公司(NASDAQ:AMCX)公布2024年第一季度收入下降，但强调了内容货币化和提供健康自由现金流的强大战略重点。尽管合并收入下降了17%，降至5.96亿美元，但该公司仍有能力产生1.44亿美元的自由现金流，并在调整后的营业收入中保持25%的利润率。AMC电视网还宣布，计划在明年推出广告支持版的流媒体服务，旨在提高广告效果，迎合小众受众。

　　有限公司合并收入下降17%至5.96亿美元，国内业务收入下降14%。

　　调整后的营业收入为1.49亿美元，利润率为25%。

　　本季度自由现金流强劲，为1.44亿美元。

　　该公司计划在未来12个月内推出广告支持的流媒体服务。

　　AMC电视网正专注于co内容创造和收购、债务削减和资本结构优化。

　　该公司预计，到2024年，自由现金流将同比增长，到2025年，累计自由现金流的目标为5亿美元。

　　AMC电视网致力于回归本源，强调合作内容创造和获取。

　　该公司计划通过新的广告支持流媒体选项来增强广告合作伙伴的定位和表现。

　　预计到2024年自由现金流将逐年增长，到2025年将产生大量自由现金流。

　　潜艇Cription收入下降了7%，主要是由于联盟收入的下降。

　　由于收视率下降，广告收入下降了13%。

　　无论是国内还是国际所有部门的收入都出现了下降，国内收入的下降更为明显。

　　《行尸走肉:The o》的成功以及对《安妮·赖斯专访吸血鬼》和《黑色孤儿》系列新剧集的期待。

　　AMC Networks已完成融资交易，以延长债务期限并加强资产负债表。

　　该公司在国内和国际市场的销售额都有所下降部门收入。

　　潜艇数量明显减少剧本和广告收入。

　　Patrick O 'Co奈尔表示有信心超过2023年的自由现金流，并在2024年至2025年期间达到5亿美元的累计自由现金流目标。

　　Kimberly Kelleher和Kristin Dolan讨论了授权内容的战略方法nsidering区最终莫网络化和流媒体策略。

　　丹·麦克德莫特强调了AMC电影公司在《co .》中的作用AMC平台的内容制作以及未来外部平台制作的潜力。

　　AMC Networks在第一季度财报电话会议上强调了该公司在内容货币化方面的适应性策略，以及在收入下降的情况下创造自由现金流的承诺。AMC计划扩大其流媒体服务产品，并战略性地授权其内容，以此来定位自己，利用利基市场机会，并在未来几年增强其财务状况。

　　AMC电视网(AMC Networks Inc.)最近的战略转变和财务表现引起了人们的关注。根据该公司在2024年第一季度报告的强劲自由现金流，InvestingPro Tips强调，AMC Networks的市盈率较低，为3.84倍，在截至2024年第一季度的过去12个月调整后降至2.28倍。这表明，相对于其盈利能力，该公司可能被低估了。此外，AMC Networks的估值意味着其自由现金流收益率很高，这与该公司在战略规划中对自由现金流产生的强调是一致的。

　　从市场角度来看，AMC Networks的市值为5.8313亿美元，反映了其目前的市场估值。尽管第一季度面临挑战，但该公司在上周获得了可观的回报，一周总回报率为11.73%。此外，该公司在过去一个月表现出了20.8%的回报率，显示出潜在的反弹或积极的投资者情绪。

　　对于有兴趣深入分析的读者，还有额外的InvestingPro提示，可以提供对AMC电视网财务状况和市场表现的进一步见解。要了解这些建议并更全面地了解公司的地位，请考虑使用优惠券代码PRONEWS24，在InvestingPro上获得一年或两年一次的Pro和Pro+订阅额外10%的折扣。

　　请记住，这些指标和提示对于做出明智的投资决策至关重要，特别是在考虑公司计划增强其流媒体服务并专注于内容货币化时。分析师预测AMC今年将盈利，并制定了优化资本结构的战略计划，在不断发展的媒体格局中，AMC是一家值得关注的公司。

　　接线员:您好，谢谢您的等待。欢迎收看AMC电视台2024年第一季度财报电话会议。此时，所有参与者都处于仅听模式。演讲者演讲后，将有一个问答环节。[接线员说明]请注意，今天的会议正在录音。现在我想把会议交给你们的演讲者，尼古拉斯·塞伯特，企业发展和投资者关系副总裁。请继续。

　　尼古拉斯·塞伯特:谢谢。早上好，欢迎参加AMC电视台2024年第一季度财报电话会议。今天上午加入我们的是首席执行官Kristin Dolan;Patrick O'Connell，首席财务官;Kim Kelleher，首席商务官;以及娱乐和AMC工作室总裁丹·麦克德莫特。今天的新闻稿可在我们的网站amcnetworks.com上查阅。我们将以事先准备好的发言开始，然后开始提问。今天的电话会议可能包括1995年《私人证券诉讼改革法案》意义上的某些前瞻性陈述。任何此类前瞻性陈述不保证未来的表现或结果，并涉及可能导致实际结果不同的风险和不确定性。有关风险和不确定性的讨论，请参阅AMC网络证券交易委员会文件。公司不承担任何义务更新今天在电话会议上作出的任何前瞻性陈述。我们将讨论某些非公认会计准则财务指标。所需的定义和调整可在今天的新闻稿中找到。说到这里，我想把电话交给克里斯汀。

　　Kristin Dolan: Thanks, Nick, and good morning, everyone. In the first quarter, we continue to execute on our strategic priorities, including the ongoing delivery of healthy free cash flow. New technologies are transforming the media industry, providing consumers with more entertainment options than ever before. For AMC networks, taking advantage of these new opportunities, addressing how, when, and where consumers watch our programming is at the heart of our strategy. Last month we joined with our most important commercial and creative partners for our 2024 upfront. I'd like to spend a few minutes on some of the key messages we delivered to our commercial partners, which underscore our strengths and how these strengths connect to our strategy, which is to produce great content and make it available to viewers whenever and wherever they want to watch. We engage with viewers through a wide variety of endpoints and monetize our content wherever possible. We serve an aggregated audience of more than 91 million across our linear networks, targeted streaming services, and more than 100 channel feeds on third party CTV and FAST platforms. As an independent programmer not tied to a broadcast network or distribution platform, AMC Networks has the freedom to present our content in all of these places in whatever format our partners and viewers enjoy. Our options are not limited or constrained in this fast-changing world. In fact, we're seeing them grow. Our partners understand that we have the ability to be everywhere and importantly that we add value wherever we are. In addition to our priority of engaging viewers with premium content, we also focus heavily on nurturing and expanding our commercial relationships. We aim to create content that resonates in the marketplace and we work hard to ensure that our partners also benefit from that success. As part of our upfront, we announced that we plan to launch ad supported versions of our targeted streaming services by the end of next year. Our popular streaming brands such as Acorn TV, Shudder, ALLBLK and HIDIVE will, for the first time, have ad-supported versions available on a standalone basis. This will allow us to deliver entire genres and highly engaged fan communities to our advertising partners, with a greater level of targeting and performance outcomes than ever before. We've often spoken about our technological leadership position in advertising and we're proud to continue to be at the forefront in this space. To give you a sense of what this means in practice, 70% of our linear footprint today is enabled for addressable advertising. This includes addressable slots in every single hour of programming on each and every one of our networks. 40% of that addressable linear footprint can be bought programmatically, which is by far the largest percentage of programmatic linear inventory in the industry. Obviously, 100% of our digital inventory is also programmatic. As media plans increasingly include sophisticated targeting utilizing both linear and digital inventory, this is a meaningful point of differentiation for us. While we're meeting viewers across our brands, networks, and streaming services, we're also strategically windowing our content across dozens of endpoints, enabling us to optimize our programming investments. At the same time, we're aggressively pursuing attractive international content licensing arrangements in parts of the world beyond our own distribution footprints. These opportunities continue to be available to us because AMC Networks is upholding and delivering on its commitment to quality content. I'll touch on a few of our first quarter programming highlights and provide a brief look at the strong slate we have for the year ahead. On AMC and AMC+, we brought viewers the latest series in our expanding Walking Dead universe and it was the biggest one yet. The Walking Dead: The ones Who Live became the most viewed series in the history of AMC+, driving the biggest single day of direct-to-consumer signups in the history of the service. It was a hit on linear cable as well with 3 million viewers tuning in for the premiere night telecast. The series was critically acclaimed and attracted significant social media attention during each Sunday night premiere. This success reflects the continued strength of the Walking Dead Universe and the ability of its characters and stories to command attention and engage fans. It also underscores our ability to build and grow franchise driven fandoms, which we think we do as well as anyone. This core competency will again be on display this Sunday night with the highly anticipated premiere of the second season of Anne Rice's Interview with the Vampire on AMC and AMC+. And next month, we're excited to introduce a new series in the popular Orphan Black Universe, Orphan Black: Echoes, on AMC, AMC+, and BBC America. Our film business has the rights to more than 1,500 titles across our portfolio and continues to carve out a leadership position in the horror genre. The latest example of this is a film called Late Night with the Devil, which had the biggest opening weekend in IFC Films' history on 1,400 screens and significantly outperformed box office projections. The film recently moved to our Shudder Horror Service, where it quickly became the number one film in Shudder history, while achieving 1 million streamers faster than any other title on the service. We continue to super serve passionate anime audiences with our streaming service, HIDIVE, which recently wants to a new and improved consumer app, and this summer will premiere a new season of the biggest series in its history, Oshi no Ko. Our popular Acorn TV streaming service just unveiled a smart and expansive brand refresh and has a great lineup of shows coming over the next few months. As is the case with all our targeted streaming services, we see a real opportunity to lean aggressively into the unique experience and a feeling of community that Acorn’s offers its fans. Over the next few months, Acorn subscribers will have access to new seasons of Harry Wilde starring Jane Seymour. My Life is Murder starring Lucy Lawless, as well as perennial favorite Signora Volpe and Under the [Binds] (ph). WE tv is strategically focusing its original strategy on Friday nights with new series like Deb's House and the [indiscernible] and a new season of the popular Love After Lockup franchise. Friday is our strongest night of the week, particularly with women viewers. We think this represents a real opportunity that will be aided even further by the highly anticipated return of the Braxton Family this summer. Our programming defines our company and our relationships with viewers, but it also drives the engaged audiences and value we're able to deliver to our commercial partners. We continue to see strength in our affiliate relationships driven by the low wholesale price of our networks compared to the value we bring with our popular content. We continue to bring high quality scripted dramas on Sunday nights on AMC and to test and innovate with our distribution partners. We recently renewed the carriage of our portfolio of linear networks, as well as our streaming services, with one of our long-standing partners, Verizon (NYSE:VZ). During the quarter, we successfully launched BBC News on leading CTV and FAST platforms at a time when reliable and impartial news is more important than ever. We're also pleased to see momentum continue to build with new internet delivered skinny bundles, including Charter's new Spectrum TV stream package. And Comcast (NASDAQ:CMCSA) Now TV, both of which include all five of our linear networks, as well as BBC News. In terms of our international business, last month in the UK, we launched a new streaming offering on ITVX, the British ad-supported streaming service operated by ITV (LON:ITV) called AMC Stories. A second branded offering, AMC Reality, will launch later this month. In the quarter, we saw strong audience performance in our southern, central, and northern European divisions. The Walking Dead: The ones Who Live, became the number one show in the history of AMC+ in Spain, and just recently premiered in Latin America as well. As we continue to focus on building our brands, expanding our partner relationships and serving viewers, we're very confident in our ability to weather the changes that are happening in what remains a dynamic operating environment. While Patrick will discuss our financials in detail in just a moment, I'll note that we recently strengthened our balance sheet by completing a series of financing transactions that meaningfully extended our debt maturities. This allows us to continue to leverage our core strengths. We're generating significant free cash flow and have a strong balance sheet that allows us to focus on deliberate execution of our multi-year strategies. We're taking advantage of our unique position and strengths and we continue to produce and curate quality content and make it available to viewers across a range of platforms. As the world changes around us, we're successfully reorienting our business and our prospects around the consumer-driven changes that are happening across the industry. With that, I'll turn the call over to Patrick.

　　Patrick O'Connell: Thank you, Kristin. We are pleased with our first quarter results, and we remain on track to achieve our financial outlook for the year. This includes year-over-year free cash flow growth for 2024 and approximately $0.5 billion of cumulative free cash flow by the end of 2025. I'll start with a high-level review of our results for the quarter, and then I'll provide a summary of the recent actions we took to strengthen our balance sheet, then I'll briefly discuss our outlook, and then we'll move to Q&A. We've made significant progress in reorienting our business in a tough environment. Our endemic strengths have allowed us to act quickly and decisively to achieve an equilibrium, balancing investment in our most important asset, our content, with the generation of significant free cash flow to maintain our healthy balance sheet. While we remain vigilant, we are pleased with the results we see today. This is more than just the strong performance of The Walking Dead: The ones Who Live or the diverse and exciting slate we have teed up for the rest of the year, which Kristin just highlighted, but also the meaningful free cash flow we delivered in the first quarter and our expectation of continued cash generation going forward. On to our first quarter consolidated results. Consolidated revenue decreased 17% to $596 million in the quarter. Excluding nonrecurring revenue from Silo, the AMC Studio series we produced for Apple (NASDAQ:AAPL) TV and 25/7 Media in the prior period, revenue decreased 6%. Adjusted operating income was $149 million, representing a 25% margin and we generated $144 million of free cash flow in the quarter. Free cash flow in the quarter increased meaningfully as compared to the prior year period and reflected our prudent content investment strategy as well as the timing of production and certain tax items. Touching on our segment financials, domestic operations revenue decreased 14% to $524 million in the first quarter. Excluding Silo, revenue decreased 6%. Content licensing revenue decreased 40% to $62 million due to revenue related to the delivery of episodes of Silo in the prior year period, which was partly offset by the sale of Killing Eve, as well as the timing and availability of deliveries in the current period. Excluding the impact of Silo, licensing revenue increased 31% year-over-year. On our last call, I discussed how The Walking Dead and Fear of The Walking Dead have historically been top performers. Thankfully, for us, our studio produces a broad array of high-quality content for us to monetize across windows and territories. So while those two titles may be important to us, in 2024 we expect those titles to represent a modest fraction less than 20% of our domestic operations content licensing revenue. Moving to subscription revenue. Subscription revenue decreased 7% due to a 14% decline in affiliate revenue, which was primarily driven by linear subscriber declines and was partially offset by streaming revenue growth of 3%. The result of a rate event at Shudder, strong growth at HIDIVE and an increase in total subscribers to $11.5 million at the end of the quarter. Advertising revenue declined 13% due to lower Vimeo (NASDAQ:VMEO) ratings with acquired programming underperforming relative to our original programming, as well as a difficult ad environment, which was partially offset by continued digital growth. In terms of marketplace dynamics, we've seen scatter show signs of improvement across linear and digital as the year progresses. As we look forward to this year's upfront, one thing we hear consistently is that buyers want more flexibility in how they transact. And we feel well positioned to meet their needs as a market leader with robust buying capabilities to support this market need. Domestic operations AOI was $162 million for the quarter with a healthy margin of 31%. The year-over-year decrease in AOI was largely driven by the revenue decline. It was partially offset by continued cost discipline. Moving on to our International segment, which, as a reminder, no longer includes the results of 25/7 Media. First quarter revenue was $76 million, representing a decrease of 3%, excluding the contribution from 25/7 Media in the prior year period. Adjusted operating income was $13 million for the quarter with a margin of 18%. Moving to the balance sheet. In April, we completed a series of financing transactions to proactively address upcoming maturities. This included tapping the market to issue $875 million of new 2029 senior secured notes, retiring all $775 million of our existing senior unsecured notes due 2025 and extending the maturity of our credit facility to 2028. Adjusted for the closing of these transactions, we ended the quarter with net debt of approximately $1.7 billion and a consolidated net leverage ratio of 2.8 times. Adjust for the closing of these transactions, we currently have approximately $775 million of total liquidity, including approximately $600 million of cash on the balance sheet and our undrawn $175 million revolver. Since the third quarter of 2023, we have paid down more than $500 million of gross debt. The proactive and prudent management of our balance sheet affords us valuable flexibility as well as the ability to fully focus on the evolution of our business as the new video landscape continues to take shape. We appreciate the flexibility and optionality that our current cash balance affords us. Additionally, we believe that our current capital structure present potential opportunities for us to deploy our cash flow in a value-accretive manner over time. On the topic of capital allocation, our philosophy remains prudent and opportunistic. First, we look to support the business by creating and acquiring compelling programming that resonates with our audiences while maintaining healthy levels of profitability and cash flow generation. Second, we look to improve our balance sheet by reducing gross debt and optimizing our capital structure. Third, strategic M&A and returning capital to shareholders remain further down our current priority list. I'll now summarize and reiterate our outlook. We are pleased to reiterate that we expect to grow free cash flow year-over-year in 2024, and that by 2025, we expect to have generated cumulative free cash flow of approximately $0.5 billion. Regarding revenue, we continue to expect total revenue of approximately $2.4 billion for the full year. Moving to AOI. For 2024, we continue to expect consolidated AOI of $550 million to $575 million. Continued streaming and digital advertising growth, as well as disciplined expense management remain a focus despite revenue headwinds in the New Year business. We also continue to expect programming amortization to be similar to 2023 levels and cash programming spend to be approximately $1 billion in 2024. Before we open it up for Q&A, I would like to reiterate what I've said before in the past regarding our overarching financial approach. AMC Networks is employing a back-to-basics approach that emphasizes broad distribution of our content across platforms and prioritizes near-term monetization, while at the same time, taking advantage of our unique position as a nimble and innovative premium programmer. We'll continue to allocate our capital wisely to ensure we maintain a healthy balance sheet, remain extremely disciplined on expenses and balance appropriate levels of programming investment against available monetization opportunities. We are pleased with the progress we've made on these fronts and look forward to delivering one of the strongest content slates AMC Networks has had in recent memory. Operator, please open the line for questions.

　　接线员:当然可以。[操作说明]我们的第一个问题将来自海港研究伙伴公司的大卫·乔伊斯。您的电话接通了。

　　大卫·乔伊斯:谢谢。在分销方面，我想知道你从这里看到的增量剪线器是什么?这是不是因为老年人口没有被年轻一代所取代?还是说你仍然看到有人在寻找价差?如果是定价问题，你认为怎样才能让这个行业——我认为你们在这方面可能比其他一些实体走得更远。但是要想让节目在任何平台上都能看到，整个行业要怎么才能不知道用户在哪里观看呢?谢谢。

　　克里斯汀·多兰:嗨，大卫，我是克里斯汀。这是一个很长的问题。早上好。总的来说，我认为我们看到——你看到我们这个季度的流媒体订阅量有所增长，这对我们来说很有趣，因为我们实际上并没有放弃我们的线性节目来支持我们的流媒体服务。所以对我们来说，我们对我们提供内容的平台是不可知的，因为我们给每个人最好的东西，不管他们想在哪里观看。但我确实认为，随着越来越多的分销商将注意力集中在广告机会上，瘦捆绑可能会有所帮助，然后看到康卡斯特(Comcast)提供的无限宽带以及不同的宽带能力分配方法，可能会帮助解决一些问题。但对我们来说，我们的座右铭一直是把我们所能提供的一切都提供给任何想要以任何格式观看的人。这是我们的重点，特别是因为我们不依赖于经销商。

　　大卫·乔伊斯:你们还会有更多这样的协议吗?还是你已经准备好了?

　　帕特里克·奥康奈尔:嗨，大卫，我是帕特里克。我买了。是的，听着，我们和现有的经销商关系很好。显然，我们最近刚刚宣布了与Verizon的续约协议。你应该假设在任何给定的点上，我们的分销足迹都在25%到50%之间。大家都知道，这是一种长期的高度共生关系，从经济角度来看是多维的。我们为这些分销商增加了巨大的价值，当然也给终端消费者带来了巨大的价值，因为我们的节目从价格到观众传递的角度都远远超过了它的重量。所以我们喜欢经销商所欣赏的动态。坦率地说，随着世界在流媒体产品、参与广告业务等方面的不断发展，我们将继续与这些分销商进行非常开放、建设性和创新的对话。所以这更像是Kristin描述的进化。因此，考虑到我们为传统捆绑产品增加了多少价值，我们在这方面感觉很好。我们认为，随着这种流媒体产品的重新捆绑，这也是一个完美的类比。所以我们喜欢我们在这方面的牌。

　　大卫·乔伊斯:好的。谢谢你！

　　接线员:请稍等，我们的下一个问题。下一个问题来自摩根士丹利的托马斯·叶。您的电话接通了。

　　Thomas Yeh:非常感谢。我想问一下流媒体方面的流失管理机会。你提到了一些强劲的客户获取，但我认为本季度的净增长相对于第四季度略有放缓，你认为提前的节目安排或任何其他机制是否有机会控制节目之间的流失?也许可以谈谈整体的编程计划，以及它如何帮助管理随着时间的推移而发生的变化?

　　克里斯汀?多兰:太好了。克里斯汀。我先跟流失的人谈谈然后让丹谈谈我们的节目。我们所有流媒体服务的目标，正如我们在过去几年所说的，是提供一个真正好的价格价值等式。考虑到我们在目标流媒体服务上的成本要低得多，我们看到的流失率更低，尤其是在Acorn和HIDIVE这样的产品上。因此，这两项服务都经历了上个季度的费率事件，费率上涨对我们的订阅影响很小。我们也看到这些服务以及我们之前提到的Shudder的用户粘性都在增加。所以我们非常有信心——实际上非常有信心，这些服务为特定人群提供了一个强大的编程平台。然后，当我们看到节目安排时，我们也发现了在不同的流媒体服务之间共享内容的机会，因为观众是独特的。因此，我们正在将我们在各个领域的业务货币化，然后以具有竞争力的价格为我们提供的小众服务的粉丝提供优质服务。丹，我不知道你是否想在内容列表上添加内容。

　　Dan McDermott:我只想重申一下，我们的服务是为热情的粉丝社区服务的。与大型的一般娱乐服务相比，我们的设计目标是在更合理的用户水平上高效运营。这就降低了用户流失率和回头率。如你所知，我们有5个流媒体平台，5个线性平台和7个流媒体平台，以及18个FAST频道和多个AVOD平台。因此，我们在整个生态系统中有效窗口化内容的能力，可以最大限度地提高用户曝光率和聚合率，更重要的是，还可以产生收益。这是我们与众不同和引人注目的原因之一。

　　托马斯·叶:明白了。克里斯汀，你听起来对广告支持的流媒体机会很兴奋。我们听说，随着越来越多的新进入者进入这一领域，库存增加给付费cpm带来了一些压力。关于AVOD和cpm的市场动态是否有任何不同的看法，以及你对复制无广告方面的ARPU的期望是什么?

　　克里斯汀·多兰:托马斯，我很高兴你注意到了这一点。我们对AMC Plus的广告支持版本感到非常兴奋。我们可以谈谈这一点，然后我们宣布在未来12个月甚至更长时间内推出我们其他流媒体服务的广告支持版本。Kim，你想花点时间讲讲CPM吗，这东西有点令人兴奋，但是……

　　金伯利·凯莱赫:当然。确定。其实，现在是提问的好时机。现在进行预先预测还为时过早，但我们认为这将是一个可靠的预先预测。我们认为我们对优质内容的定价是经过深思熟虑的。我们并不想要超过它的价格。因此，我们将把这个领域的竞争留给其他人。我们希望在我们所有的发行版中都提供印象，并继续为我们的营销人员和广告商提供解决方案，以便在整个媒体生态系统中尽可能多地接触到他们的目标订户。但我们不希望价格超过自己，我们觉得我们现在处于竞争地位。

　　托马斯·叶:明白了。谢谢你！

　　接线员:请稍等，我们的下一个问题。下一个问题来自MoffettNathanson公司的罗伯特·菲什曼。您的电话接通了。

　　罗伯特·菲什曼:嗨。大家早上好。我想知道你是否可以谈谈你对AMC+和其他流媒体服务的捆绑策略。好奇的是，我们应该如何看待该公司参与更广泛的流媒体服务行业重组的机会，也许是通过最近宣布的迪士尼+、Hulu和Max Deal等直接的公司合作伙伴关系?或者你认为聚合更多地是通过亚马逊(NASDAQ:AMZN)或Roku等典型的标准聚合器进行?或许还可以补充一点，如果有任何方式可以分享，比如你今天的流媒体订阅中有多少是直接通过第三方获得的?

　　克里斯汀·多兰:嗨，罗伯特，我是克里斯汀。不幸的是，我们不能回答关于D2C与合作伙伴的最后一个问题，但我要说的是，我们看到了捆绑销售的巨大机会，或者我们去年夏天与MAX合作的工作对我们来说确实是积极的，因为我们获得了洞察力，也帮助我们理解了将AMC品牌放在自己的空间中，以及人们可以订阅的其他内容的能力。所以我们很高兴听到迪士尼+、Hulu和MAX捆绑的消息。我们以一种奇怪的方式思考，这是一种重新创造家庭有线电视，把所有的娱乐产品放在一起。而我们——正如去年夏天所证明的那样，我们觉得我们与AMC、AMC Plus和所有其他服务的内容保持着良好的关系。所以我们期待看到更多的流媒体捆绑包。正如我们所说，我们非常高兴能够参与其中，我们现在正在进行一些对话，我们希望就未来的发展分享一些见解。你还有什么要补充的吗，金?

　　金伯利?凯莱赫:是的，我很想这么做——我们是捆绑服务的早期采用者，是首批与Netflix(纳斯达克股票代码:NFLX)捆绑使用Verizon plus play的公司之一。现在我们与米高梅和星空的捆绑销售都表现得很好。我们将继续与这个领域的其他程序员寻求机会，无论是在D2C还是合作伙伴方面。

　　克里斯汀·多兰:实际上——对不起，罗伯特。我想补充的一点是，定向服务的广告支持版本现在为我们提供了额外的机会，因为我们可以与同样支持广告的人捆绑在一起。所以它确实翻了一倍，它让我们在这个领域的机会翻了一番。所以我们感觉自己处于有利地位。

　　罗伯特·菲什曼:很好。谢谢你！

　　接线员:[接线员说明]下一个问题来自古根海姆证券公司的查尔斯·威尔伯。您的电话接通了。

　　查尔斯·威尔伯:嗨。早上好。谢谢你！两个，如果可以的话。首先，关于内容许可。你注意到，不包括筒仓公司，这一数字增长了约31%。我想知道你能否分享一下是什么推动了潜在的增长，以及如何看待全年的卖出和买入。我知道去年加快与Hulu的协议带来了一些影响。其次，关于联盟趋势。我相信你现在已经跳过了fubo不续签的问题，所以看来潜在的联盟趋势可能在第一季度加速了一些。用什么颜色来表示驾驶员速率与音量的关系?考虑到你没有在事先准备好的发言稿中重申这一点，你是否会对全年下降10%的预期进行更新。谢谢你！

　　帕特里克·奥康奈尔:嗨，查尔斯，我是帕特里克。谢谢你的问题。我将依次处理它们。首先，关于内容许可。我认为，正如我们一直说的那样，付费节目的市场总是很强劲。我想我们在Q1中看到了。我们特别提到了《杀死伊芙》的销售情况。所以我们对今年剩下的时间感觉很好。很明显，我们在去年解除与Hulu的交易后，获得了大量内容。所以这些内容被放在架子上。我们在国际和国内市场都有业务，我想说，那里有一些有趣的机会正在渗透。还会有更多，但我们对此感觉很好。在联盟方面，我要重申我在电话开头所说的，这些关系非常健康，非常有活力。我们一直在与合作伙伴进行对话，听到你关于第一季度14%的消息。但我认为，正如我们之前所说的，我们正在采取深思熟虑的行动，积极主动地与我们的许多合作伙伴合作，延长我们的交易期限。因此，虽然脐带切割是- 7%左右，但我们的宇宙看起来与此略有不同。所以在我们的附属宇宙中，这是很高的个位数。所以我只是把它放在桌面上，让你们把它纳入你们的思考中。但我们在这里非常关注持续时间，当交易出现时，我们会用一点持续时间换取一点利率。所以我也会这样想。但不，我们目前在总收入和各组成部分方面都保持了大体的预期。谢谢。

　　查尔斯·威尔伯:太好了。谢谢你！

　　接线员:下一个问题来自富国银行的史蒂文·卡霍尔。史蒂文，你的电话接通了。

　　Steven Cahall:谢谢。对我来说可能是三个。首先，帕特里克，感谢你提供的两年自由现金流指南，本季度的自由现金流真的很大。我们是否应该认为这5亿美元中的任何一个更偏重于2024年而不是2025年?或者这是第一季度的某种消费时机?其次，就你们的授权理念而言，我认为你们去年年底从Hulu那里得到了恐惧。我认为你们拥有《行尸走肉》的国际版权。也许今年会回来，国内也不远了。这里的哲学是你想把所有这些放在一起然后你可以以更高的金额重新授权吗?还是说你更想把它只放在你自己的流媒体服务上，以提高价值?最后一个问题，你如何看待AMC作为第三方工作室的角色?我知道你已经离开了Silo，它是资本密集型的，更专注于自己的资产编程。在更广泛的流媒体社区中，对项目的需求似乎仍然非常强劲。那么在这一点上，你如何看待AMC作为工作室与网络或平台的关系?谢谢你！

　　帕特里克·奥康奈尔:嗨，史蒂文，我是帕特里克。我们将依次讨论这些。我将从自由现金流开始，这是一个非常健康的季度。正如你所指出的，就制作而言，时机比其他任何事情都重要。我们也有一些税收项目，既包括税收抵免，也包括合理的适度的税收活动，这给我们带来了大约数千万美元的收益。就2024年与2025年而言，我认为我们将坚持我们一直以来所说的，即我们将在2023年之后的自由现金流中增长，即2.31亿美元。因此，我们对将这一数字增长到2024年感到非常满意，并对2024年和2025年的5亿美元继续感到非常满意。但这是一个非常沉重的季度，认识到这一点。所以很明显，根据这里的指导，它不会很重。这是自由现金流部分。

　　金伯利·凯莱赫:嗨，史蒂夫，我是金。我要开始申请执照了。我想说的是，我们真的考虑得很周到。当像《Sphere》和《行尸走肉》这样的特许经营权回到我们手中时，我们会非常仔细地考虑这些特许经营权，特别是在国际上，更多的是按地区进行。我们在哪里可以最有效地盈利，并确保我们接触到最多的乐队。这不是一刀切的。我们在如何授权这些特许经营权方面非常谨慎和深思熟虑。所以如果在某一领域将所有内容整合成更大的《行尸走肉》内容包是有意义的，我们将会考虑并进行讨论。在有意义的地方，我们会根据我们自己的流媒体计划来限制它。

　　克里斯汀·多兰:我是克里斯汀。我只是想重申一下你的问题，史蒂文，重新许可获得更大的金额还是保留它，我们确实根据区域来做这两件事。所以我认为，这就是我们能够继续优化内容分销收入增长的原因。丹，你想不想

　　丹·麦克德莫特:史蒂文，我是丹。我来做视频部分。所以AMC工作室是一个充满活力和生产力的集团，为我们的每一个平台制作。这些节目使我们能够建立一个库，随着时间的推移，它会为公司积累真正的价值，并使我们能够执行这些内容的货币化，现在和将来的长尾货币化。所以工作室对我们来说非常重要。由于我们正在为外部平台制作节目，我们在AMC工作室制作的制作能力和节目量给了我们高度策略性和选择性的机会。当我们有像《筒仓》这样不适合我们但适合其他平台的节目时，我们就会利用这些机会。这不是我们的主要业务，但随着我们的发展，我们肯定会制作更多的铁路式平台。

　　Steven Cahall:谢谢。

　　接线员:好的。没有其他来电者了。我想请尼古拉斯作闭幕词。

　　尼古拉斯·塞伯特:感谢大家今天的到来。通话到此结束。祝你过得愉快。

　　接线员:谢谢您的参与。您现在可以断开连接。

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