迪士尼 (DIS) 2017 Q4 法說會逐字稿

Welcome to the Walt Disney Company Fiscal Full Year and Q4 2017 Earnings Conference Call.

歡迎參加華特迪士尼公司 2017 財年全年和第四季度收益電話會議。

My name is Victoria, and I will be your operator for today's call.

我的名字是 Victoria，我將是您今天電話的接線員。

(Operator Instructions) Please note that this conference is being recorded.

（操作員說明）請注意，正在錄製此會議。

And I will now turn the call over to Lowell Singer, Senior VP of Investor Relations.

我現在將把電話轉給投資者關係高級副總裁 Lowell Singer。

Lowell, you may begin.

洛厄爾，你可以開始了。

Good afternoon, and welcome to the Walt Disney Company's Fourth Quarter 2017 Earnings Call.

下午好，歡迎來到華特迪士尼公司 2017 年第四季度財報電話會議。

Our press release was issued about 25 minutes ago, and is available on our website at www.disney.com/investors.

我們的新聞稿大約在 25 分鐘前發布，可在我們的網站 www.disney.com/investors 上查閱。

Today's call is also being webcast, and a copy of the webcast and a transcript will also be available on our website.

今天的電話會議也進行了網絡直播，網絡直播的副本和文字記錄也將在我們的網站上提供。

Joining me for today's call are: Bob Iger, Disney's Chairman and Chief Executive Officer; and Christine McCarthy, Senior Executive Vice President and Chief Financial Officer.

和我一起參加今天電話會議的有：迪士尼董事長兼首席執行官 Bob Iger；高級執行副總裁兼首席財務官 Christine McCarthy。

Christine will lead off, followed by Bob and then we'll be happy to take your questions.

Christine 將首先發言，然後是 Bob，然後我們很樂意回答您的問題。

So with that, let me turn the call over to Christine to get started.

因此，讓我將電話轉給克里斯汀開始。

Thanks, Lowell, and good afternoon, everyone.

謝謝，洛厄爾，大家下午好。

Excluding certain items affecting comparability, earnings per share were $1.07 for the fourth quarter and $5.70 for the full year.

排除某些影響可比性的項目，第四季度每股收益為 1.07 美元，全年為 5.70 美元。

Our fiscal 2017 results came in roughly in line with last year, which is consistent with the guidance we provided in early September, although they were adversely affected by 3 notable items: First, the impact of Hurricane Irma on our Parks business; second, the impact of canceling the animated film, Gigantic; and third, the impact at BAMTech of a valuation adjustment to support the programming rights that were prepaid prior to the acquisition.

我們 2017 財年的業績與去年大致持平，這與我們在 9 月初提供的指引一致，儘管它們受到 3 個值得注意的項目的不利影響：首先，颶風艾爾瑪對我們公園業務的影響；第二，取消動畫電影《巨無霸》的影響；第三，為支持收購前預付的編程權利而進行估值調整對 BAMTech 的影響。

In aggregate, these 3 items reduced fourth quarter and full year segment operating income by about $275 million or approximately $0.11 in earnings per share.

總的來說，這 3 項使第四季度和全年部門營業收入減少了約 2.75 億美元或每股收益約 0.11 美元。

At Parks and Resorts, operating income was up 7% in the quarter due to an increase at our international operations, partially offset by lower operating income at our domestic operations.

在公園和度假村，由於我們的國際業務增加，本季度營業收入增長了 7%，部分被我們國內業務的營業收入下降所抵消。

The impact of Hurricane Irma, which I'll discuss in more detail in a moment, adversely affected total segment operating income by 14 percentage points.

我稍後將詳細討論的颶風艾爾瑪的影響對部門總營業收入產生了 14 個百分點的不利影響。

Results at our international operations continues to improve, led by growth at Disneyland Paris and Shanghai Disney Resort.

在巴黎迪士尼樂園和上海迪士尼度假區的增長帶動下，我們的國際業務業績持續改善。

Disneyland Paris benefited from the resort's 25th anniversary celebration and a more favorable tourism environment, which drove higher attendance, guest spending and hotel occupancy.

巴黎迪士尼樂園受益於度假村 25 週年慶典和更有利的旅遊環境，推動了更高的遊客量、遊客消費和酒店入住率。

Shanghai Disney's operating income growth was due to higher attendance and, to a lesser extent, lower marketing cost compared to the fourth quarter last year.

與去年第四季度相比，上海迪士尼的營業收入增長是由於遊客人數增加，以及在較小程度上降低了營銷成本。

I'm pleased to note that Shanghai Disney Resort generated positive operating income during its first full fiscal year of operations, which comfortably surpassed our expectations of breakeven through its first year.

我很高興地註意到，上海迪士尼度假區在其運營的第一個完整財政年度實現了正營業收入，輕鬆超過了我們在第一年實現收支平衡的預期。

At our domestic operations, operating income was 6% below prior year due to lower results at Walt Disney World, which were adversely impacted by Hurricane Irma, partially offset by growth at Disney Cruise Line, Disneyland Resort and Disney Vacation Club.

在我們的國內業務中，營業收入比去年同期下降 6%，原因是沃爾特迪斯尼世界的業績下降，受到颶風艾爾瑪的不利影響，部分被迪斯尼郵輪公司、迪斯尼樂園度假村和迪斯尼度假俱樂部的增長所抵消。

Hurricane Irma disrupted our operations in Florida, forcing the closure of Walt Disney World parks for 2 days and the cancelation of 3 Disney Cruise Line itineraries and the shortening of two others.

颶風厄瑪擾亂了我們在佛羅里達州的運營，迫使華特迪士尼世界公園關閉 2 天，取消了 3 條迪士尼遊輪航線，並縮短了另外兩條航線。

We estimate the aggregate impact of the hurricane was about $100 million in operating income or about a 16 percentage point adverse impact the year-over-year growth at our domestic operations.

我們估計颶風的總影響約為 1 億美元的營業收入，或對我們國內業務的同比增長產生約 16 個百分點的不利影響。

Operating margins at our domestic operations were down 170 basis points compared to Q4 last year, and we estimate they were adversely impacted by about 220 basis points due to the hurricane.

與去年第四季度相比，我們國內業務的營業利潤率下降了 170 個基點，我們估計由於颶風，它們受到了大約 220 個基點的不利影響。

Attendance at our domestic parks was up 2% in the quarter, reflecting favorable guest response to new attractions, particularly Avatar Flight of Passage at Disney's Animal Kingdom, and Guardians of the Galaxy - Mission: Breakout at Disney California Adventure, and the unfavorable impact of the hurricane on Walt Disney World (inaudible) .

本季度我們國內公園的遊客量增長了 2%，反映出遊客對新景點的好評，尤其是迪士尼動物王國的阿凡達飛行通道和銀河護衛隊 - 使命：迪士尼加州冒險樂園的突圍，以及迪士尼加州冒險樂園的不利影響沃爾特迪斯尼世界的颶風（聽不清）。

We estimate the hurricane had an adverse impact on the year-over-year change in domestic parks' attendance of about 3 percentage points.

我們估計颶風對國內公園遊客量的同比變化產生了約 3 個百分點的不利影響。

Per capita spending was comparable to prior year.

人均支出與上年相當。

Per room spending at our domestic hotels was up 4% and occupancy was down 3 percentage points to 84%.

我們國內酒店的每間客房消費增長 4%，入住率下降 3 個百分點至 84%。

So far this quarter, domestic resort reservations are pacing down 1% compared to prior year and reflect reduced room inventory due to conversions and ongoing room refurbishments while booked rates are up 9%.

本季度到目前為止，國內度假村的預訂量比去年同期下降了 1%，這反映出由於轉換和正在進行的房間翻新而導致的房間庫存減少，而預訂率上升了 9%。

At Media Networks, lower operating income in the fourth quarter was a result of lower equity income and the decline of broadcasting while cable operating income was comparable to prior year.

在媒體網絡，第四季度營業收入下降是由於股權收入下降和廣播業務下滑，而有線電視營業收入與去年持平。

Equity income was lower in the quarter due to higher losses from our investments in BAMTech and Hulu and lower income at A+E Television Networks.

由於我們在 BAMTech 和 Hulu 的投資虧損增加以及 A+E 電視網絡的收入減少，本季度的股票收入較低。

With the closing of our BAMTech acquisition on September 25, BAMTech's results will now be consolidated within our Cable Networks business.

隨著我們於 9 月 25 日完成對 BAMTech 的收購，BAMTech 的業績現在將整合到我們的有線網絡業務中。

At Broadcasting, double-digit growth in affiliate revenue and lower programming expenses were more than offset by lower advertising revenue and a decrease in operating income from program sales.

在廣播方面，聯盟收入的兩位數增長和節目費用的減少被廣告收入的減少和節目銷售營業收入的減少所抵消。

The year-over-year decline in advertising revenue reflects lower impressions at the ABC network, lower political advertising at our owned stations and the absence of the Emmy Awards, partially offset by higher network rates.

廣告收入的同比下降反映了 ABC 網絡的印像下降、我們自有電台的政治廣告減少以及艾美獎的缺席，部分被較高的網絡費率所抵消。

Quarter-to-date, primetime scatter pricing at the ABC network is running 34% above upfront levels.

本季度至今，ABC 網絡的黃金時段分散定價比前期水平高出 34%。

As I mentioned earlier, Q4 cable results were roughly comparable to the prior year.

正如我之前提到的，第四季度電纜業績與去年大致相當。

At ESPN, growth in affiliate revenue was offset by higher programming cost and lower advertising revenue.

在 ESPN，聯盟收入的增長被更高的節目成本和更低的廣告收入所抵消。

Higher spending on programming was primarily driven by a contractual rate increase for the NFL.

節目支出增加主要是由於 NFL 的合同費率上漲。

Ad revenue at ESPN was down low single digits in the quarter as higher rates were more than offset by a decrease in impressions.

ESPN 的廣告收入在本季度下降了低個位數，因為更高的費率被展示次數的減少所抵消。

So far this quarter, ESPN's cash ad sales are pacing down due in part to the timing of the college football semifinals and the impact of more game windows on other linear television networks.

本季度到目前為止，ESPN 的現金廣告銷售正在放緩，部分原因是大學橄欖球半決賽的時間安排以及更多比賽窗口對其他線性電視網絡的影響。

Like last year, ESPN will air 3 of the New Year's 6 ballgames during the fourth quarter.

與去年一樣，ESPN 將在第四節播出新年 6 場球賽中的 3 場。

However, this year, the 2 semifinal games will air during the second quarter, whereas they aired during the first quarter last year.

不過，今年的兩場半決賽都是在第二節播出，而去年是在第一節播出。

We remain very confident in the value of ESPN's programming, in particular, live, must-see exclusive events like College Football Playoff and in ESPN's ability to reach key audiences that advertisers covet.

我們仍然對 ESPN 節目的價值充滿信心，尤其是直播、必看的獨家賽事，如大學橄欖球季后賽，以及 ESPN 接觸廣告商垂涎的主要觀眾的能力。

Total Media Networks affiliate revenue was up 4% in the quarter due to growth at both Cable and Broadcasting.

由於有線和廣播業務的增長，本季度媒體網絡附屬公司的總收入增長了 4%。

The increase in affiliate revenue was driven by 7 points of growth due to higher rates, partially offset by about a 3-point decline due to a decrease in subscribers.

由於較高的費率，附屬公司收入增長了 7 個百分點，部分被訂戶減少導致的約 3 個百分點的下降所抵消。

We completed the renewal of a distribution agreement with Altice, which demonstrates the tremendous value of our network and positions us well as we head into future negotiations.

我們完成了與 Altice 的分銷協議的續簽，這證明了我們網絡的巨大價值，並使我們在未來的談判中處於有利地位。

By the end of 2019, we expect to have new agreements in place covering about 50% of our subscriber base.

到 2019 年底，我們預計新協議將覆蓋我們約 50% 的用戶群。

At the Studio, results in the fourth quarter reflect higher film cost impairments, lower operating income from television distribution, driven by the sale of Star Wars Classic titles in Q4 last year and lower revenue share from Consumer Products.

在工作室，第四季度的業績反映了較高的電影成本減值、較低的電視發行營業收入，這是受去年第四季度星球大戰經典影片銷售的推動，以及較低的消費品收入份額。

Operating income in our theatrical and home entertainment businesses was roughly comparable to the prior year.

我們的影院和家庭娛樂業務的營業收入與上一年大致相當。

At Consumer Products & Interactive Media, segment operating income was lower in the quarter due to a decrease in our merchandise licensing business.

由於我們的商品許可業務減少，本季度消費品和互動媒體部門的營業收入較低。

While we saw nice growth in the sale of Cars and Spiderman merchandise during the fourth quarter, the growth was more than offset by strong sales of Star Wars, Frozen and Finding Dory merchandise in Q4 last year.

雖然我們看到汽車總動員和蜘蛛俠商品在第四季度的銷售額出現了不錯的增長，但這一增長被去年第四季度星球大戰、冰雪奇緣和海底總動員商品的強勁銷售所抵消。

During the fourth quarter, we repurchased 33.6 million shares for $3.4 billion, and for the full year, we repurchased 89.5 million of shares for $9.4 billion.

第四季度，我們以 34 億美元回購了 3360 萬股股票，全年以 94 億美元回購了 8950 萬股股票。

So far this quarter, we have repurchased 6.5 million shares for approximately $650 million.

本季度到目前為止，我們已經以大約 6.5 億美元的價格回購了 650 萬股股票。

With fiscal 2017 now behind us, we are excited for the opportunities that lie ahead for our company, which Bob will discuss momentarily.

2017 財年已經過去，我們為公司面臨的機遇感到興奮，Bob 稍後將討論這些機遇。

As we look at fiscal 2018 specifically, our earnings growth will be suppressed somewhat by a couple of factors.

具體來看 2018 財年，我們的盈利增長將受到一些因素的抑制。

First, the consolidation of BAMTech and its ongoing investment in the business will adversely impact cable operating income by about $130 million compared to last year.

首先，與去年相比，BAMTech 的整合及其對該業務的持續投資將對有線電視營業收入產生約 1.3 億美元的不利影響。

This will affect our cable results for the first 3 quarters of the year, with roughly half of this BAMTech-related impact expected in Q1.

這將影響我們今年前 3 個季度的電纜業績，預計第一季度大約有一半與 BAMTech 相關的影響。

We expect cable expenses to be up high single digits for the year, driven by the consolidation of BAMTech.

在 BAMTech 整合的推動下，我們預計今年的有線電視費用將達到高個位數。

However, excluding the impact of BAMTech, we expect underlying cable expenses to be up low single digits.

然而，排除 BAMTech 的影響，我們預計基礎有線電視費用將上升至低個位數。

Second, we expect our share of losses from our equity investment in Hulu to increase by more than $100 million for the year, driven by Hulu's investment in its digital MVPD service and higher content spending.

其次，由於 Hulu 對其數字 MVPD 服務的投資和更高的內容支出，我們預計今年我們在 Hulu 股權投資中的損失份額將增加超過 1 億美元。

Given the timing of these investments, we expect about $70 million of that increase in equity losses in the first quarter.

考慮到這些投資的時機，我們預計第一季度股權損失增加約 7000 萬美元。

At Consumer Products, a timing issue related to the recognition of minimum guarantee shortfall revenue will cause about $60 million in operating income to shift from Q1 into Q2.

在消費品方面，與確認最低保證差額收入相關的時間問題將導致大約 6000 萬美元的營業收入從第一季度轉移到第二季度。

The timing issue stems from the fact that these contracts are measured at month end and our fiscal first quarter ends on December 30 this year, whereas it ended on December 31 last year.

時間問題源於這樣一個事實，即這些合同是在月底衡量的，而我們的第一財季於今年 12 月 30 日結束，而去年則於 12 月 31 日結束。

And finally, we will continue to invest in our businesses in 2018, particularly at Parks and Resorts, where we are building 2 Star Wars lands.

最後，我們將在 2018 年繼續投資於我們的業務，特別是在公園和度假村，我們正在建造 2 個星球大戰的土地。

We expect these investments, among others, to drive fiscal 2018 consolidated CapEx higher by about $1 billion.

我們預計這些投資以及其他投資將推動 2018 財年的綜合資本支出增加約 10 億美元。

We continue to see attractive opportunities to deploy capital in a balanced way, whether it's through investment in our Parks and Resorts business, in support of our direct-to-consumer strategy or by returning capital to our shareholders.

我們繼續看到有吸引力的機會以平衡的方式部署資本，無論是通過投資我們的公園和度假村業務，支持我們直接面向消費者的戰略，還是通過向股東返還資本。

We have the flexibility because of our strong balance sheet.

由於我們強大的資產負債表，我們擁有靈活性。

For fiscal 2018, we expect to repurchase $6 billion in stock, which is close to what we've repurchased on average over the past 5 years.

對於 2018 財年，我們預計將回購 60 億美元的股票，這接近我們過去 5 年的平均回購數量。

And with that, I'll now turn the call over to Bob.

有了這個，我現在把電話轉給鮑勃。

Thanks, Christine, and good afternoon, everyone.

謝謝，克里斯汀，大家下午好。

I'd like to take you through our priorities in fiscal 2018 to frame up the new year, starting with our direct-to-consumer initiatives.

我想帶您了解我們 2018 財年的優先事項，以規劃新的一年，首先是我們直接面向消費者的舉措。

We believe creating a direct-to-consumer relationship is vital to the future of our media businesses, and it's our highest priority this year.

我們認為，建立直接面向消費者的關係對我們媒體業務的未來至關重要，這是我們今年的首要任務。

Our decision to acquire control of BAMTech enables us to launch robust DTC offerings and immediately provides us the tools we need to stream video at scale, to acquire and retain customers, to greatly enhance our advertising opportunities on digital platforms and to use consumer data to provide a better user experience, while giving us the ability to grow revenue and increase the effectiveness of our digital marketing efforts.

我們收購 BAMTech 控制權的決定使我們能夠推出強大的 DTC 產品，並立即為我們提供大規模流式傳輸視頻、獲取和留住客戶、大大增加我們在數字平台上的廣告機會以及使用消費者數據提供所需的工具更好的用戶體驗，同時使我們能夠增加收入並提高數字營銷工作的有效性。

Our first DTC product will be our ESPN-branded sports service, which will be called ESPN Plus.

我們的第一個 DTC 產品將是我們的 ESPN 品牌體育服務，稱為 ESPN Plus。

Launching in the spring, the product will be accessible through a new and fully redesigned ESPN app, which will allow users to access sports scores and highlights, stream our channels on an authenticated basis and subscribe to ESPN Plus for additional sports coverage, including thousands of live sporting events.

該產品將於春季推出，可通過經過全面重新設計的全新 ESPN 應用程序訪問，該應用程序將允許用戶訪問體育賽事比分和精彩集錦、在經過身份驗證的基礎上播放我們的頻道並訂閱 ESPN Plus 以獲得更多體育報導，包括數千個直播體育賽事。

This one app experience will be a one-of-a-kind product, offering sports fans far more than they can get on any other app, website or channel, and immediately propelling ESPN in a new direction.

這種單一應用程序體驗將是獨一無二的產品，為體育迷提供遠遠超過他們在任何其他應用程序、網站或頻道上所能獲得的東西，並立即推動 ESPN 朝著新的方向發展。

We will demonstrate this app in early 2018 and also detail pricing and other elements to provide some perspective on the potential this represents to our company.

我們將在 2018 年初展示此應用程序，並詳細說明定價和其他元素，以提供一些關於這對我們公司的潛力的看法。

Additionally, we're leveraging BAMTech to launch a Disney-branded DTC service in the latter part of 2019, streaming the latest Disney, Pixar, Marvel and Star Wars feature films in the first pay window.

此外，我們正在利用 BAMTech 在 2019 年下半年推出迪士尼品牌的 DTC 服務，在第一個付費窗口中播放最新的迪士尼、皮克斯、漫威和星球大戰故事片。

Our studio will also produce 4 or 5 feature films a year exclusively for this service.

我們的工作室每年還將專門為此服務製作 4 或 5 部故事片。

We're also planning to produce a number of original series for the new service and we're already developing a Star Wars live-action series, a series based on our popular Pixar Monsters franchise, a High School Musical series and a series for Marvel television, along with a rich array of other content, including new movies from our Disney Channel creative team as well as a variety of short form films and features from across our company.

我們還計劃為新服務製作一系列原創劇集，我們已經在開發星球大戰真人劇集、基於我們廣受歡迎的皮克斯怪獸系列、歌舞青春系列和漫威系列電視，以及豐富的其他內容，包括我們迪士尼頻道創意團隊的新電影以及我們公司的各種短片和專題片。

This service will also offer thousands of hours of Disney film and TV library product.

該服務還將提供數千小時的迪士尼影視庫產品。

In the coming months, we'll share more specifics about content development, launch plans and investment levels.

在接下來的幾個月裡，我們將分享更多關於內容開發、發布計劃和投資水平的細節。

Our strategic acquisitions have been a key driver of the historic achievements and performance we achieved over the last decade.

我們的戰略收購是我們在過去十年中取得歷史性成就和業績的關鍵驅動因素。

We believe BAMTech is another game-changing acquisition, and we're confident in our ability to generate maximum value from it.

我們相信 BAMTech 是另一項改變遊戲規則的收購，我們相信我們有能力從中產生最大價值。

The acquisition of Marvel helped drive our studio's performance since 2009.

自 2009 年以來，對 Marvel 的收購幫助推動了我們工作室的業績。

The movies we've released in the Marvel Cinematic Universe, to date, have delivered an average global box office of more than $840 million each.

迄今為止，我們在漫威電影宇宙中發行的電影全球平均票房超過 8.4 億美元。

We have four new Marvel movies, in fiscal 2018, starting with Thor: Ragnarok, which has already has topped $500 million in worldwide box office since it premiered 2 weeks ago.

我們在 2018 財年推出了四部新漫威電影，首先是《雷神：諸神黃昏》，自兩週前首映以來全球票房已經突破 5 億美元。

To put this early performance into perspective, the box office total for the entire run of our first Thor movie in 2011 was $449 million.

從早期的表現來看，我們在 2011 年上映的第一部雷神電影的總票房為 4.49 億美元。

Thor: Ragnarok is also one of the best reviewed Marvel movies to date.

雷神：諸神黃昏也是迄今為止評價最好的漫威電影之一。

We're very excited about Marvel's next great movie, Black Panther, which opens next February, and we're bringing the Avengers back in May with the release of Infinity War.

我們對 Marvel 的下一部偉大電影《黑豹》感到非常興奮，該電影將於明年 2 月上映，我們將在 5 月隨著《無限戰爭》的上映讓復仇者聯盟回歸。

Our final Marvel movie of the year, Ant-Man and the Wasp, will be in theaters next July.

我們今年最後一部漫威電影《蟻人與黃蜂女》將於明年 7 月上映。

As you know, our acquisition of Pixar effectively revitalized our entire animation business, which is essential to the health of our company.

如您所知，我們對皮克斯的收購有效地振興了我們整個動畫業務，這對我們公司的健康發展至關重要。

Since that acquisition, the average global box office for our animated movies has risen to more than $665 million, and we've captured 9 of the 10 Oscars awarded for feature animation.

自那次收購以來，我們動畫電影的全球平均票房已經上升到超過 6.65 億美元，我們已經獲得了 10 項奧斯卡動畫長片獎中的 9 項。

We'll release 2 new movies from Pixar in fiscal 2018.

我們將在 2018 財年發布 2 部來自皮克斯的新電影。

We're thrilled with the early reaction to Coco, which opens at Thanksgiving, and we're also looking forward to the summer release of The Incredibles 2.

我們對感恩節上映的《尋夢環遊記》的早期反應感到非常興奮，我們也期待著《超人總動員 2》的夏季上映。

We have big ambitions for the Star Wars franchise when we acquired Lucasfilm 5 years ago, and we're already exceeding our expectations.

5 年前我們收購盧卡斯影業時，我們對星球大戰系列抱有遠大的抱負，而且我們已經超出了預期。

The Force Awakens and Rogue One alone delivered more than $3 billion at the box office, revealing the tremendous enduring appeal of this franchise and establishing a strong foundation for the future.

僅《原力覺醒》和《俠盜一號》就創造了超過 30 億美元的票房收入，彰顯了該系列電影的巨大持久吸引力，並為未來奠定了堅實的基礎。

We're thrilled to have 2 new Star Wars movies in theaters during this fiscal year.

我們很高興在本財年有 2 部新的星球大戰電影上映。

The Last Jedi opens December 15.

最後的絕地武士將於 12 月 15 日上映。

Ticket presales are strong, and the excitement will only intensify as we get closer to the release date.

門票預售勢頭強勁，隨著發行日期的臨近，興奮只會愈演愈烈。

And we just wrapped production on Solo, our second standalone Star Wars movie, essentially a Han Solo origin story and given the huge popularity and global affection for this iconic character, we expect a lot of interest and enthusiasm when it opens over Memorial Day weekend.

我們剛剛完成了我們的第二部獨立星球大戰電影《索羅》的製作，基本上是漢索羅的起源故事，鑑於這個標誌性角色的巨大知名度和全球喜愛度，我們預計它在陣亡將士紀念日週末上映時會引起很多興趣和熱情。

We've got more great Star Wars movies already planned for years to come in addition to 2019 releases of Episode IX, we're very happy to announce that we just closed a deal with Rian Johnson, the Director of the Last Jedi, to develop a brand new Star Wars trilogy.

除了 2019 年上映的第九集之外，我們已經計劃在未來幾年推出更多精彩的星球大戰電影，我們很高興地宣布，我們剛剛與《最後的絕地武士》的導演萊恩約翰遜達成協議，開發全新的星球大戰三部曲。

We continue to make significant investments required to drive long-term growth across our entire company.

我們繼續進行必要的重大投資，以推動整個公司的長期增長。

In our Parks and Resorts, for example, we commissioned 3 spectacular new cruise ships, which will all be completed between 2021 and 2023.

例如，在我們的公園和度假村中，我們委託了 3 艘壯觀的新遊輪，它們都將在 2021 年至 2023 年之間完工。

We're nearing completion on Toy Story Lands in Shanghai and Orlando, both of which will open by next summer, and major construction continues on our Star Wars Lands in Disneyland and Walt Disney World, which are on schedule to open in 2019.

我們在上海和奧蘭多的玩具總動員樂園即將完工，這兩個樂園將於明年夏天開放，而我們在迪士尼樂園和華特迪士尼世界的星球大戰樂園的主要建設工作仍在繼續，預計將於 2019 年開放。

We're also adding new attractions and hotels in our resorts around the world, along with cutting edge technology to enhance the guest experience.

我們還在世界各地的度假村中增加新的景點和酒店，並採用尖端技術來提升賓客體驗。

We remain optimistic about our future, in part because quality truly does matter, and the quality of our content, our products and our services sets Disney apart.

我們對未來保持樂觀，部分原因是質量確實很重要，而我們的內容、產品和服務的質量使迪士尼與眾不同。

No other company in entertainment today is better equipped to meet the challenges of a changing world, or better positioned for continued growth, thanks to our collection of brands, our strong franchises and our unique ability to leverage IP across our entire company to maximize value and create new opportunities.

得益於我們的品牌系列、強大的特許經營權以及我們利用整個公司的知識產權實現價值最大化的獨特能力，如今沒有其他娛樂公司能夠更好地應對不斷變化的世界的挑戰，或者更好地為持續增長做好準備。創造新的機會。

We'll continue to invest for the future and take the smart risks required to keep moving forward.

我們將繼續為未來投資，並明智地承擔繼續前進所需的風險。

I'm now happy to turn the call over to Lowell, and then Christine and I will be happy to take your questions.

我現在很樂意將電話轉給 Lowell，然後我和 Christine 將很樂意回答您的問題。

Lowell?

洛厄爾？

Okay Bob, thanks.

好的，鮑勃，謝謝。

Everyone, just as you know, we have been having some slight technical issues on the call, I think, with our host.

每個人，正如你所知，我認為我們的主持人在電話會議上遇到了一些輕微的技術問題。

So we have switched phones and if, for some reason, we get disconnected during the call, we will dial back in.

所以我們換了電話，如果由於某種原因我們在通話過程中斷開連接，我們將撥回。

So with that, we are happy to take the first question.

因此，我們很高興回答第一個問題。

Our first question comes from Michael Nathanson from MoffettNathanson.

我們的第一個問題來自 MoffettNathanson 的 Michael Nathanson。

I just have one for Bob, and it's a 2-parter.

我只有一個給鮑勃，而且是兩人份。

One is, because you didn't say -- we're not going to talk about press speculation.

一是，因為你沒有說——我們不會談論媒體的猜測。

Your chance to actually address these stories this week in press, if you don't want to do that -- yes?

本週你有機會在媒體上真正解決這些故事，如果你不想這樣做 - 是嗎？

Michael, let me jump in.

邁克爾，讓我跳進去。

It's Lowell.

是洛厄爾。

I have some bad news and good news.

我有一些壞消息和好消息。

The bad news is, as is our practice, we are not going to take any questions on press speculation, but the good news is, we'll give you another question.

壞消息是，按照我們的慣例，我們不會回答任何關於媒體猜測的問題，但好消息是，我們會給你另一個問題。

So Bob, I figured...

所以鮑勃，我想...

Lowell could not be (inaudible) to say that.

洛厄爾不能（聽不清）那樣說。

So within your presentation a minute ago, you walked through your film strategy, and that was essentially fixing Disney's film content.

所以在你一分鐘前的演講中，你介紹了你的電影策略，這基本上是在修復迪士尼的電影內容。

So this week, Kevin Mayer was saying that if -- Disney needs to turn their attention to looking at TV, because that's where the challenges are.

所以本週，凱文梅耶爾說，如果 - 迪士尼需要將注意力轉向看電視，因為這就是挑戰所在。

So I wonder, when you think about television, do you see the television challenge for you guys as having the right platform, the right model, or having the right content?

所以我想知道，當你想到電視時，你是否認為電視對你們的挑戰是擁有合適的平台、合適的模式或合適的內容？

So is there a context fix here that maybe, needs to be done as you did in film?

那麼這裡是否有可能需要像在電影中那樣完成的上下文修復？

Well, we think that the world today offers ample opportunity to monetize high-quality, call it, in-demand television programming.

好吧，我們認為當今世界提供了充足的機會來將高質量的點播電視節目貨幣化。

I think that's been demonstrated by a number of entities out there today.

我認為今天有許多實體已經證明了這一點。

And if you look at consumption, which admittedly is fragmented, it's actually quite significant in terms of people's interest in consuming TV.

如果你看一下消費，它確實是零散的，實際上它對人們消費電視的興趣非常重要。

We've had, over the last few years, we've had some disappointments on the ABC side, but we've been focused on turning that around.

在過去的幾年裡，我們對 ABC 方面感到有些失望，但我們一直專注於扭轉這種局面。

We're actually very pleased with the performance of The Good Doctor already, and we have 3 dramas in the mid-season that we're quite excited about as well, including a Grey's Anatomy spin-off.

事實上，我們已經對好醫生的表現感到非常滿意，我們在季中有 3 部劇集也讓我們感到非常興奮，包括實習醫生格蕾的衍生劇。

So I think it was -- we look at TV, we think yes, some improvement with -- from a quality perspective would be helpful, but we also think we've got great opportunities.

所以我認為這是 - 我們看電視，我們認為是的，一些改進 - 從質量的角度來看會有所幫助，但我們也認為我們有很好的機會。

We also have strong production and creative capabilities, both from the ABC production side, but also from the Disney television production side and from Marvel.

我們也有很強的製作和創意能力，既有ABC製作方面的，也有迪士尼電視製作方面的，還有漫威的。

And I mentioned in my earlier comments that we're in development on a Star Wars live-action series as well.

我在之前的評論中提到我們也在開發星球大戰真人系列。

So our intention as a company is to take advantage of the opportunities that exist out there today for good television and to produce more of it.

因此，作為一家公司，我們的意圖是利用當今存在的機會製作優質電視並製作更多此類電視。

Our next question comes from Alexia Quadrani from JPMorgan.

我們的下一個問題來自摩根大通的 Alexia Quadrani。

I've got one for Bob, one for Christine, if I may.

如果可以的話，我給鮑勃準備了一份，給克里斯汀準備了一份。

Bob, I guess, when you look at your film studios specifically, you've really outperformed with such a huge margin and the pipeline continues to look so robust.

鮑勃，我想，當你具體看你的電影製片廠時，你確實以如此巨大的利潤率表現出色，而且管道看起來仍然如此強勁。

I guess, can more scale or acquisition facilitate further growth?

我想，更大的規模或收購能否促進進一步的增長？

Or does -- is your plate really full enough, given the successful studios and IP you already have?

或者 - 考慮到您已經擁有的成功工作室和 IP，您的盤子真的夠多嗎？

I appreciate the question, I think it's a bit, leading the witness a little bit, as it relates to the subject that Michael brought up earlier.

我很欣賞這個問題，我認為它有點引導證人，因為它與邁克爾早些時候提出的主題有關。

There's -- I don't think that there's ever such a thing as having too much quality or too many strong franchises when it comes to films.

有——我認為在電影方面，從來沒有過質量過高或實力過強的特許經營權這樣的事情。

We do not feel right now that we have a great need to add to the film slate that we have, because as you cited, we're doing just fine.

我們現在並不覺得我們有很大的需要增加我們現有的電影名單，因為正如你所引用的，我們做得很好。

That doesn't mean there isn't room for more, we just don't have a significant or urgent need for that.

這並不意味著沒有更多的空間，我們只是沒有重大或緊迫的需求。

That said, we've also, as a company, demonstrated an ability to leverage success in this area, not just in our studio, but across various other businesses, particularly Consumer Products and Theme Parks.

也就是說，作為一家公司，我們也展示了利用這一領域成功的能力，不僅在我們的工作室，而且在其他各種業務中，尤其是消費品和主題公園。

And so we're always going to be looking to, adding to the number of film franchises that we produce and own.

所以我們一直在尋找，增加我們製作和擁有的電影特許經營權的數量。

And then Christine, I know it might be too early days, but I was wondering if there's any color you can provide on the investment spending associated with the 2019 direct-to-consumer launch.

然後克里斯汀，我知道現在可能還為時過早，但我想知道您是否可以提供與 2019 年直接面向消費者發布相關的投資支出的任何顏色。

Any sort of early data you can give us in the way to frame how we should think about potential earnings adjustment, going into that product launch?

您可以提供任何類型的早期數據，以幫助我們構建我們應該如何考慮潛在收益調整的方式，進入該產品發布？

Alexia, we have not yet finalized what the content spend is going to be and the cadence of it.

Alexia，我們還沒有最終確定內容支出是多少以及它的節奏。

But as Bob mentioned, we will be providing more information on that as it develops over the next few months.

但正如 Bob 所提到的，我們將在未來幾個月內提供更多相關信息。

Our next question comes from Ben Swinburne from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Ben Swinburne。

Bob, now that you've got the Altice deal done, so your first renewal of this cycle is sort of behind you, and at least for this quarter, the subscriber new losses seem to have gotten less severe.

鮑勃，既然你已經完成了 Altice 交易，那麼這個週期的第一次續約已經過去了，至少在本季度，訂戶的新損失似乎沒有那麼嚴重。

How are you feeling about that business over the next couple of years?

您對未來幾年的業務有何看法？

Is that a business that you think operating income should grow?

這是您認為營業收入應該增長的業務嗎？

Do you have the sort of confidence?

你有那種自信嗎？

I wonder if you could talk a little bit about the outlook for that business and how the OTT launch fits into it.

我想知道您是否可以談談該業務的前景以及 OTT 的推出如何融入其中。

And then, Christine, if I could just follow up on Alexia's question on the -- either forgone licensing or incremental programming.

然後，Christine，請問我是否可以跟進 Alexia 關於放棄許可或增量編程的問題。

Are we able to say at least for fiscal '18 that we won't have a material impact from those 2 factors hitting earnings, since you didn't list them when you talked in your prepared remarks about sort of factors to be thinking about this year?

我們是否可以說至少在 18 財年我們不會對這兩個影響收益的因素產生實質性影響，因為您在準備好的評論中談到要考慮的因素時沒有列出它們年？

Ben, I won't say too much about the Altice deal.

本，關於 Altice 的交易，我不會說太多。

I know you asked the business overall, but I will say that in that deal, we met or achieved our -- both our pricing and our distribution objectives, which bodes very well for negotiations that we will be having in 2019 and beyond -- actually '18 and beyond rather.

我知道你問了整個業務，但我會說在那筆交易中，我們達到或實現了我們的定價和分銷目標，這對於我們將在 2019 年及以後進行的談判來說是個好兆頭 - 實際上'18 及以後。

Verizon in '18 and Charter in '18, [Tdirect] beyond that, and then Comcast beyond that.

18 年的 Verizon 和 18 年的 Charter，[Tdirect] 之後，然後是康卡斯特。

We're pleased with where we ended up.

我們對最終的結果感到滿意。

We're also pleased with trends that we're seeing on the OTT side, where we've seen a nice pickup in subs in the basically, the new players in the market.

我們也對我們在 OTT 方面看到的趨勢感到滿意，我們已經看到基本上市場上新玩家的訂閱量有了很好的回升。

And what we're really heartened by is the fact that some of them are spending a fair amount and have just stepped up their marketing efforts aggressively.

真正讓我們感到鼓舞的是，他們中的一些人花費了相當多的錢，並且剛剛積極加大了營銷力度。

If you watch the World Series, you probably couldn't have missed the number of spots that were in almost every hour for -- I guess, it was YouTube, new OTT service.

如果你觀看世界系列賽，你可能不會錯過幾乎每個小時都有的廣告位——我猜，這是 YouTube，新的 OTT 服務。

That we think is great.

我們認為很棒。

It's also interesting that these OTT -- the entrants in the OTT business are spending in live sports.

同樣有趣的是，這些 OTT——OTT 業務的進入者正在體育直播中投入資金。

They obviously believe that the sports fan is potentially a primary customer of new OTT services.

他們顯然認為體育迷可能是新 OTT 服務的主要客戶。

And what we've seen as well is the millennials seem to be particularly interested in these services.

我們還看到，千禧一代似乎對這些服務特別感興趣。

I think it's a combination of pricing and the user-friendly nature of these services.

我認為這是定價和這些服務的用戶友好性的結合。

As we've said call after call, we've had some sub-issues that we've been dealing with, but Christine's comment suggested that, while we've lost some subs in the quarter, the losses were not as deep as they have been in prior quarters.

正如我們在一個又一個電話中所說，我們一直在處理一些子問題，但克里斯汀的評論表明，雖然我們在本季度失去了一些子問題，但損失沒有他們那麼嚴重已經在前幾個季度。

And we're not -- we're heartened by that as well, but it is one quarter.

而且我們不是 - 我們也對此感到鼓舞，但它是四分之一。

The other thing I want to note that's interesting, which ties into your question about the health of the business, is that Nielsen provided us with 2 weeks of data, which was essentially data about live consumption of sports across multiple platforms, including streaming and these OTT services.

我想指出的另一件有趣的事情是尼爾森向我們提供了 2 週的數據，這與您關於業務健康狀況的問題有關，這些數據本質上是關於跨多個平台的體育直播消費的數據，包括流媒體和這些OTT 服務。

And what they told us was that, by including that, we had a 25% increase in total day ratings and a 29% increase among -- I think, in prime time.

他們告訴我們的是，通過包括在內，我們的全天收視率提高了 25%，我認為在黃金時段提高了 29%。

That was basically -- that includes out-of-home viewing as well.

這基本上 - 也包括戶外觀看。

So we think that the trends that we're seeing, albeit they're still not lengthy trends, but are at least giving us some reason to feel good about the business.

因此，我們認為我們所看到的趨勢，儘管它們仍然不是冗長的趨勢，但至少讓我們有理由對業務感覺良好。

We've always felt we were positioned well in it because of ESPN and Disney and ABC.

由於 ESPN、迪士尼和 ABC，我們一直覺得我們在其中處於有利位置。

On a direct-to-consumer front, as we've said as well, that we're going into that business because we believed that our direct-to-consumer opportunities, given the technology that's out there, are significant and given the fact that we've got these great brands and franchises.

在直接面向消費者方面，正如我們所說的那樣，我們進入該業務是因為我們相信，鑑於現有技術，我們直接面向消費者的機會非常重要，而且事實上我們擁有這些偉大的品牌和特許經營權。

And we think that what we're doing can easily be complementary to the multichannel services in the market, both the traditional ones and the new ones.

我們認為我們正在做的事情可以很容易地與市場上的多渠道服務相輔相成，包括傳統服務和新服務。

And when you see the apps that we will demonstrate sometime after the first of the year, you'll see that we're coming up -- we're developing one app experiences, where ESPN's app will enable the highlights and scores that ESPN typically gives, will enable live streaming of the channels on an authenticated basis, and we'll also add a plus service, which will enable users to subscribe to, for an extra fee, to thousands more live sporting events a year.

當您看到我們將在今年第一年後的某個時間展示的應用程序時，您會看到我們即將推出 - 我們正在開發一個應用程序體驗，其中 ESPN 的應用程序將啟用 ESPN 通常的亮點和分數提供，將在經過身份驗證的基礎上啟用頻道直播，我們還將添加一項附加服務，使用戶能夠每年額外付費訂閱數千場直播體育賽事。

Ben, to answer your question on the 2018 spend, in my comments, I mentioned the BAMTech investment that was going to impact cable operating income by $130 million.

本，為了回答你關於 2018 年支出的問題，在我的評論中，我提到了 BAMTech 的投資，這將影響有線電視營業收入 1.3 億美元。

That's BAMTech, but on a Disney DTC, we don't expect any significant items to impact spend in 2018.

那是 BAMTech，但在迪士尼 DTC 上，我們預計 2018 年不會有任何重大項目影響支出。

Our next question comes from Jessica Reif Cohen from Bank of America Merrill Lynch.

我們的下一個問題來自美銀美林的 Jessica Reif Cohen。

Maybe (inaudible) a little bit, but can you talk a little bit about addressable or targeted advertising?

也許（聽不清）一點點，但你能談談可尋址或有針對性的廣告嗎？

Is it still off limits on the Disney DTC offer?

迪士尼 DTC 優惠是否仍然不受限制？

And how do you think about the tipping point on adjustability across all Disney advertising-related platforms?

您如何看待所有迪士尼廣告相關平台的可調整性轉折點？

And then just, Christine, if we could just follow up on some of the CapEx questions.

然後，克里斯汀，如果我們可以跟進一些資本支出問題。

Can you just talk about the cadence at all beyond fiscal '18?

你能談談 18 財年之後的節奏嗎？

It was great to get the color for fiscal '18, but given the number of projects, Toy Story Land, Star Wars Land, the cruise ships, et cetera, at Shanghai, can you just talk about what fiscal -- beyond fiscal '18, fiscal '19 through '22 or '23, what the cadence might be?

很高興獲得 18 財年的顏色，但考慮到項目的數量，玩具總動員樂園、星球大戰樂園、遊輪等等，在上海，你能談談什麼財政——超越 18 財年，19 財年到 22 財年或 23 財年，節奏可能是什麼？

Jessica, on the first question, we're going to launch ESPN service in the spring.

傑西卡，關於第一個問題，我們將在春季推出 ESPN 服務。

That obviously will be advertiser-supported.

這顯然將得到廣告商的支持。

BAMTech as we said at your conference, and as I said in my remarks earlier, offers us some -- far more, I should say, capabilities when it relates to -- as it relates to addressable ads, live or inserted live on a dynamic basis into live sporting events.

正如我們在您的會議上所說的那樣，正如我在之前的發言中所說的那樣，BAMTech 為我們提供了一些 - 我應該說更多的功能，當它涉及到 - 因為它涉及可尋址廣告，實時或實時插入動態現場體育賽事的基礎。

And so we feel that, that gives us a lot of capability that we haven't had before.

所以我們覺得，這給了我們很多以前沒有的能力。

Whether that extends, that capability extends to our other businesses in the non-direct-to-consumer, I'm not sure.

我不確定這種能力是否會擴展到我們非直接面向消費者的其他業務。

We currently not planning to sell ads on the Disney service, but that's just in development.

我們目前不打算在 Disney 服務上銷售廣告，但這還在開發中。

There may be some interesting possibilities in terms of sponsorships versus inserted ads.

在讚助與插入廣告方面可能存在一些有趣的可能性。

But as of now, we're not planning to have the programming that airs in the OTT -- in the, sorry, the DTC service, interrupted by commercials.

但截至目前，我們不打算讓在 OTT 中播出的節目——抱歉，在 DTC 服務中，被商業廣告打斷了。

Jessica, on CapEx, you see for this year that we gave the comment that you can expect CapEx for 2018 to be about $1 billion above the 2017 level.

傑西卡，關於資本支出，你看到今年我們發表的評論是，你可以預計 2018 年的資本支出將比 2017 年水平高出約 10 億美元。

And once again, a lot of that spend is going into the completion of the 2 Star Wars Lands, and we're also completing Toy Story Land in Orlando and there's other initiatives that are in process around the globe.

再一次，很多支出都用於完成 2 Star Wars Lands，我們還在奧蘭多完成 Toy Story Land，還有其他一些計劃正在全球範圍內進行。

We've talked about the longer term menu, and I think at some of the meetings we've had, we've talked about both the longer-term plans for our Parks and Resorts business and developing out further on attractions and resorts.

我們已經討論了長期菜單，我認為在我們舉行的一些會議上，我們討論了公園和度假村業務的長期計劃以及景點和度假村的進一步發展。

So I think it's fair to assume that we will continue to make investments in areas in which we see driving long-term value and long-term returns.

因此，我認為可以公平地假設我們將繼續在我們認為可以推動長期價值和長期回報的領域進行投資。

So I would say, this is a business that we feel very confident in and the businesses is working right now at a very high level, and will continue to do so.

所以我想說，這是一項我們非常有信心的業務，這些業務目前正在以非常高的水平開展工作，並將繼續這樣做。

The other thing to add to that is, when you look at the results of our international parks, Shanghai, as Christine cited, and the improvements that we're seeing in Paris and the restructuring in Paris, as well as Hong Kong and in Tokyo, we have ample opportunity to continue to invest and continue to expand those businesses.

另一件要補充的事情是，當你看看我們在上海的國際公園的成果時，正如克里斯汀所引用的那樣，以及我們在巴黎看到的改進以及在巴黎、香港和東京的重組，我們有充足的機會繼續投資並繼續擴大這些業務。

And with the franchises that we have, and their popularity in these markets, the opportunity actually has increased significantly over the last few years.

憑藉我們擁有的特許經營權以及它們在這些市場中的受歡迎程度，在過去幾年中，機會實際上大大增加了。

Our next question comes from Jason Bazinet with Citi.

我們的下一個問題來自花旗銀行的 Jason Bazinet。

Just a question for Mr. Iger, not really talking numbers, but more philosophically.

只是問艾格先生一個問題，不是真正在談論數字，而是在哲學上。

As you approach Disney DTC, have you decided, sort of the cadence that you're going to approach this opportunity?

當您接近 Disney DTC 時，您是否決定以某種節奏來接近這個機會？

In other words, you could go and sort of spend large and sort of say there's only going to be 1 or 2 winners on the back-end of this evolution and Disney's going to be one of them.

換句話說，你可以花大筆錢，然後說在這種演變的後端只會有 1 或 2 個贏家，而迪士尼將成為其中之一。

And other way you could it is, just sort of spend consistent with the revenue that, that new business generates.

還有其他方法，就是支出與新業務產生的收入相一致。

So it doesn't really contribute to earnings, maybe over the next 3 to 5 years.

所以它並沒有真正對收益做出貢獻，也許在未來 3 到 5 年內。

Can you just describe how you're thinking about the cadence of your approach?

你能描述一下你是如何考慮你的方法的節奏的嗎？

Sure.

當然。

Before I do that, I know that there's been a lot written about, whether this is aimed at being a Netflix killer, et cetera, and so on.

在我這樣做之前，我知道有很多關於這是否旨在成為 Netflix 殺手等的文章。

By the way, they've been a good partner of ours.

順便說一句，他們一直是我們的好夥伴。

Our goal here is to be a viable player in the direct-to-consumer space, space that we all know is a very, very compelling space to be in.

我們的目標是在直接面向消費者的領域成為一個可行的參與者，我們都知道這個領域是一個非常非常有吸引力的領域。

We also believe that our brands and our franchises really matter, as we've seen through Netflix and all our other platforms.

我們還相信我們的品牌和特許經營權真的很重要，正如我們通過 Netflix 和所有其他平台所看到的那樣。

And so that gives us an opportunity as well.

所以這也給了我們一個機會。

We are working on the cadence that we will produce and sort of schedule product in this OTT service.

我們正在研究我們將在此 OTT 服務中生產和排序產品的節奏。

We've not determined fully what that will be, although we've laid out, on a calendar basis a fair amount of specifics.

我們還沒有完全確定那會是什麼，儘管我們已經在日曆的基礎上列出了相當多的細節。

We're still working to develop original movies and original TV shows and figure out what makes the most sense, part of it has to do with when they will be available.

我們仍在努力開發原創電影和原創電視節目，並找出最有意義的內容，其中一部分與它們何時可用有關。

But I'd say that we're -- I don't want to say we're going to walk before we run, because we're going to, as I've said earlier, we're going to launch this thing pretty aggressively.

但我想說我們 - 我不想說我們會先走再跑，因為正如我之前所說，我們將推出這個東西相當積極。

But I think what you'll see is a ramp up over time of production spending.

但我認為你會看到隨著時間的推移生產支出的增加。

But we'll start with a product that we believe is representative of the great brands and franchises that we have, between Marvel and Disney and Pixar and Star Wars, and then grow from there.

但我們將從我們認為代表我們擁有的偉大品牌和特許經營權的產品開始，在 Marvel 和 Disney、Pixar 和 Star Wars 之間，然後從那裡發展。

Our next question comes from Todd Juenger from Sanford Bernstein.

我們的下一個問題來自 Sanford Bernstein 的 Todd Juenger。

I can't help but ask my respective question on entertainment OTT, I'm sorry.

我忍不住要問我各自關於娛樂 OTT 的問題，對不起。

And then I have a quick one on consumer products as well.

然後我也有一個關於消費品的快速介紹。

Actually, just picking up kind of where you left off, Bob.

實際上，鮑勃，只是從你離開的地方開始。

I'm just very curious to know how you're thinking about the role of the Disney brand.

我很好奇你是如何看待迪士尼品牌的角色的。

Obviously, very important to the service and what that means in terms of the type of content you envision ultimately, fits within that brand on the service.

顯然，對於服務非常重要，這對您最終設想的內容類型意味著什麼，適合該服務的品牌。

You've talked about a lot of Disney branded content specifically, and I heard you list, obviously, Marvel and Lucasfilm and Pixar.

你已經具體談到了很多迪士尼品牌的內容，我聽說你很明顯地列出了漫威、盧卡斯影業和皮克斯。

It begs the question, do you think about Freeform and ABC content as also fitting within Disney?

這就引出了一個問題，你認為 Freeform 和 ABC 內容也適合迪士尼嗎？

And then, even when you start thinking of content that you could license in or otherwise get a hold of outside of your company, can you imagine that fitting in the service?

然後，即使您開始考慮可以許可或以其他方式在公司外部獲得的內容，您能想像這種服務適合嗎？

Or is there just a need to stay narrowly defined, sort of as what -- all about the Disney brand and what that means?

或者是否只需要保持狹義的定義，有點像關於迪士尼品牌及其含義的所有內容？

And then, quickly on, just on Consumer Products.

然後，快速進入消費品。

Just, we had -- I was wondering how you think the Cars -- Cars has been the stalwart of Consumer Products for so long.

只是，我們 - 我想知道你如何看待汽車 - 汽車長期以來一直是消費品的中堅力量。

You've had a new release of a movie.

你有一部電影的新版本。

Just wondered how the results lived up to your expeditions in the Consumer Products side to that, and depending on your answer to that, any learnings here, if you think about other franchises, particularly in the animation space, have lasted a long time in the new world of the consumer opportunity there.

只是想知道你在消費品方面的探索結果如何，根據你對此的回答，如果你考慮其他特許經營權，特別是在動畫領域，這裡的任何學習都已經持續了很長時間新世界的消費機會在那裡。

Just any learnings from that would be great.

從中學到的任何東西都會很棒。

Okay, Todd.

好的，托德。

So this -- the service will be Disney-branded.

所以這個——這項服務將是迪士尼品牌的。

It'll be, in other words, it will be Disney name.

換句話說，它將是迪士尼的名字。

We haven't determined what the name is yet, but it will be Disney name.

我們還沒有確定名字是什麼，但它將是迪士尼的名字。

The product we have in Europe is called Disney Life, but we've not decided what this one will be yet.

我們在歐洲擁有的產品稱為 Disney Life，但我們尚未決定這款產品是什麼。

I think you have to think about it like you think about our Theme Parks, where they are Disney parks, but you go in and you see Marvel and Star Wars and Pixar, for instance.

我認為你必須像考慮我們的主題公園一樣考慮它，它們是迪斯尼公園，但你進去就會看到漫威、星球大戰和皮克斯，例如。

So it's a collection -- it will be a collection of just those brands.

所以這是一個集合——它將只是那些品牌的集合。

And if one of those series, whether it's from Marvel or Lucas, whatever, has standards -- first of all, nothing's going to be hard, nothing is going to be R. But has standards that don't necessarily fit completely with, I'll call them the G or G-rated Disney, there'll be ample filtering opportunities for people using it.

如果這些系列中的一個，無論是漫威還是盧卡斯，不管是什麼，有標準——首先，沒有什麼是困難的，沒有什麼是 R。但是有不一定完全符合的標準，我我們會稱它們為 G 級或 G 級迪士尼，使用它的人將有充足的過濾機會。

So if you just want your kids to see the Disney-only product, that can easily be accomplished.

因此，如果您只是想讓您的孩子看到迪士尼獨有的產品，那可以輕鬆實現。

We're not ruling out the possibility of licensing product from third parties for it provided the product fits with the Disney brand.

我們不排除從第三方授權產品的可能性，因為只要產品適合迪士尼品牌。

As it relates to ABC and Freeform, we're going to continue to produce product for ABC and Freeform, and our production capabilities for programming like that, we'll also look to sell product to third parties including Hulu.

由於它與 ABC 和 Freeform 相關，我們將繼續為 ABC 和 Freeform 生產產品，以及我們的編程生產能力，我們還將尋求向包括 Hulu 在內的第三方銷售產品。

And it's also possible by the way, that ABC Productions could end up producing for the Disney-branded service as well, we've actually talked about that a bit.

順便說一句，ABC Productions 也有可能最終為迪士尼品牌的服務製作，我們實際上已經談過一點。

But we're going to stick to Disney-branded service, and it will include Marvel, Pixar and Lucas brands within it, or Star Wars brands.

但我們將堅持使用迪士尼品牌的服務，其中將包括 Marvel、Pixar 和 Lucas 品牌，或星球大戰品牌。

So Todd, on your question on consumer products, specifically related to Cars.

所以托德，關於你關於消費品的問題，特別是與汽車有關的問題。

Cars is still a very strong franchise for us.

汽車對我們來說仍然是一個非常強大的特許經營權。

So even though Cars 3, the theatrical release of the movie underperformed, and the performance of consumer products in this calendar year was a little bit lighter than we would have liked it to be, it's still one of our strongest franchises.

因此，儘管《汽車總動員 3》在影院上映表現不佳，而且本日曆年消費產品的表現比我們希望的要輕一些，但它仍然是我們最強大的特許經營權之一。

And when we talk about some of the franchises that are over $1 billion annually, Cars is in there.

當我們談論一些年收入超過 10 億美元的特許經營權時，汽車總動員就在其中。

And just another thing about 2018, for consumer products.

2018 年的另一件事是消費品。

We feel really, really good about the lineup we have going into this year.

我們對今年的陣容感到非常非常滿意。

We have Star Wars Episode VIII - The Last Jedi.

我們有星球大戰第八集——最後的絕地武士。

We deferred revenue in the fourth quarter into the first quarter, like we did with Episode VII for that.

我們將第四季度的收入推遲到第一季度，就像我們對第七集所做的那樣。

We also have a Han Solo movie coming out, named Solo in the spring quarters, and we've got 4 Marvel movies, including Avengers in the spring.

我們還有一部 Han Solo 電影即將上映，在春季上映，名為 Solo，我們還有 4 部漫威電影，包括春季上映的複仇者聯盟。

We also have Mickey's 90th birthday.

我們也迎來了米奇的 90 歲生日。

You should mark your calendar for this.

你應該為此標記你的日曆。

It's November 18, 2018, but Mickey's 90th is something that the entire company's going to get behind, and that should also be good for our Consumer Products business.

現在是 2018 年 11 月 18 日，但米奇的 90 歲生日是整個公司都會落後的事情，這對我們的消費品業務也應該有好處。

Our next question comes from Steven Cahall from RBC.

我們的下一個問題來自 RBC 的 Steven Cahall。

Two for me.

兩個給我。

First, Bob, on direct-to-consumer.

首先，鮑勃，關於直接面向消費者。

I was wondering if you have given any thought to the pricing strategy.

我想知道你是否考慮過定價策略。

Netflix has certainly been rewarded for strong subscriber growth, rather than necessarily revenue growth.

Netflix 肯定因強勁的訂戶增長而獲得回報，而不一定是收入增長。

So do you think you build more equity value by coming out with a product that's really inexpensive in the Disney-branded direct-to-consumer, in order to maximize sub growth early on?

那麼，您是否認為通過推出一種在迪士尼品牌直接面向消費者中真正便宜的產品來建立更多的股權價值，以便儘早實現子增長最大化？

And then Christine, just on the buyback guidance.

然後是克里斯汀，就回購指南而言。

I think you did a little less than $9 billion in free cash flow this year, and you've got $1 billion-step up in CapEx, so that's $8 billion in free cash flow before any cash flow growth next year at the operating line.

我認為你今年的自由現金流略低於 90 億美元，而你的資本支出增加了 10 億美元，因此在明年運營線的任何現金流增長之前，這是 80 億美元的自由現金流。

So why the big step down in the buyback year-on-year?

那麼，為什麼回購同比大幅下降？

Are you just trying to be conservative and give yourself some wiggle room as you go through the year?

你是否只是想保守一點，在這一年裡給自己一些迴旋餘地？

Is it a view to the share price, is it a view to build cash on the balance sheet?

這是對股價的看法，還是在資產負債表上建立現金的看法？

Any color there would be great.

任何顏色都會很棒。

Steven, we've given a lot of thought to pricing, to both the ESPN and the Disney-branded service, and I can't get specific with you yet.

史蒂文，我們已經對 ESPN 和迪斯尼品牌服務的定價進行了很多考慮，但我現在還不能具體告訴你。

We haven't actually officially determined it, but we said we will be forthcoming with you on this sometime after the first of the year.

我們實際上還沒有正式確定它，但我們說過我們會在今年第一天之後的某個時候與您討論這個問題。

I can say that our plan on the Disney side is to price this substantially below where Netflix is.

我可以說，我們在迪士尼方面的計劃是將其定價大大低於 Netflix 的價格。

That is, in part reflective of the fact that we'll have substantially less volume.

也就是說，部分反映了我們的交易量將大大減少這一事實。

You'll have a lot of high quality, because of the brands in the franchises that will be on it that we've talked about, but it'll simply launch with less volume, and the price will reflect that.

你會有很多高質量，因為我們已經談到了特許經營中的品牌，但它只會以較少的數量推出，價格會反映出來。

It is our goal to attract as many subs as possible as starting out.

我們的目標是從一開始就吸引盡可能多的訂閱者。

We think we've got some interesting opportunities there given the affinity to Disney, whether it's with our Disney-branded credit card holders, our annual pass holders, people who are members of D23, people who own vacation club units at Disney, people who visit our parks frequently, there's a gigantic, potential Disney customer base out there that we're going to seek to attract, with pricing that is commensurate with, where that balances the quality of the brands and franchises that are in there, but also takes into account the volume.

我們認為，鑑於與迪士尼的密切關係，我們在那裡獲得了一些有趣的機會，無論是與我們的迪士尼品牌信用卡持有人、我們的年票持有人、D23 會員、在迪士尼擁有度假俱樂部單位的人、經常參觀我們的公園，那裡有一個巨大的、潛在的迪士尼客戶群，我們將尋求吸引，定價與之相稱，平衡那裡的品牌和特許經營權的質量，但也需要考慮到體積。

And that will give us an opportunity to grow in volume and to have the pricing over time, reflect the added volume as this product ages.

這將使我們有機會增加銷量並隨著時間的推移定價，以反映隨著該產品老化而增加的銷量。

Steve, on the buyback, that $6 billion is a number that, as I mentioned, is the average over the last 5 years, roughly the average over the last 5 years.

史蒂夫，關於回購，正如我提到的，60 億美元是過去 5 年的平均值，大致是過去 5 年的平均值。

As you saw both in 2017 and '16, we came in at a higher level than what we originally started out the year as.

正如您在 2017 年和 16 年所看到的那樣，我們的水平比我們最初開始的水平更高。

So if you want to view that as a conservative approach, we are early in the year, and we'll make adjustments as we go through the year, based on the business environment.

因此，如果您想將其視為一種保守的方法，我們在今年年初，我們將根據商業環境在這一年中進行調整。

But once again, we have increased the last couple of years from what we originally started out as.

但再一次，我們在過去幾年裡比最初開始的時候有所增加。

Our next question comes from Marci Ryvicker from Wells Fargo.

我們的下一個問題來自富國銀行的 Marci Ryvicker。

(technical difficulty)

（技術難度）

(inaudible) a little more color on sports write-offs, if that's what they were, related to BAMTech.

（聽不清）與 BAMTech 相關的體育註銷，如果是這樣的話，會有更多顏色。

Was it a certain sport?

這是一項運動嗎？

Was this just technical?

這只是技術性的嗎？

Just because there's much sensitivity around sports rights, right now.

只是因為現在圍繞體育權利有很多敏感性。

And then, second question, there was an article that came out at some point, talking about maybe there's a time when ESPN may not participate or have NFL rights, and maybe you're changing your distribution agreements to allow some sort of flexibility.

然後，第二個問題，有一篇文章在某個時候發表，談到也許有一段時間 ESPN 可能不參與或沒有 NFL 權利，也許你正在改變你的分銷協議以允許某種靈活性。

Is there any (inaudible) .

有沒有（聽不清）。

Okay.

好的。

We lost you, Marci.

我們失去了你，馬爾西。

Is that?

就是它？

Can you hear us?

你能聽見我們嗎？

(technical difficulty)

（技術難度）

Can you hear me?

你能聽到我嗎？

So why don't we -- we got the 2 questions, so.

那麼我們為什麼不——我們得到了 2 個問題，所以。

NFL, the NFL was one which, we're not going to comment on.

NFL，NFL 是其中之一，我們不打算對此發表評論。

We've had a long, healthy relationship with the NFL.

我們與 NFL 有著長期、健康的關係。

It's important to ESPN, both the live games that we have on Monday night and all the shoulder programming that we do.

這對 ESPN 很重要，無論是我們週一晚上的現場比賽還是我們所做的所有肩部節目。

Some of it or much of it licensed directly from the NFL, and we're not going to comment on anything related to the future relationship, or the, as it affects our distribution agreements.

其中一些或大部分直接從 NFL 獲得許可，我們不會對與未來關係相關的任何事情發表評論，因為它會影響我們的分銷協議。

So on the BAMTech valuation adjustment, that was an adjustment to programming rights that were prepaid prior to the acquisition.

因此，在 BAMTech 估值調整中，這是對收購前預付的編程權的調整。

And we're not going to be specific on it, but it does relate just to one rights deal, and we looked at it based on current performance and the duration of the contract, and we didn't think we had an enough time to recover the payments, so the contract was mark-to-market.

我們不打算具體說明，但它確實只與一項權利交易有關，我們根據目前的表現和合同期限對其進行了審查，我們認為我們沒有足夠的時間來收回付款，因此合同按市值計價。

Our next question comes from Tim Nollen from Macquarie.

我們的下一個問題來自麥格理的蒂姆諾倫。

Bob, I'd like to follow up on your comments on the really strong pickup in ratings from the streaming viewership.

鮑勃，我想跟進你對流媒體收視率真正強勁回升的評論。

I know there's a summit being convened later this month by one of your peers.

我知道本月晚些時候您的一位同行將召開一次峰會。

I just wonder if you have any comments to make on broader use of digital measurement in the TV ecosystem.

我只是想知道您是否對在電視生態系統中更廣泛地使用數字測量有任何評論。

Well, I think, first of all, as I said earlier, it's just was 2 weeks, and we like the trend, obviously, but we have to give this more time.

好吧，我認為，首先，正如我之前所說，這只是 2 週，我們顯然喜歡這種趨勢，但我們必須給它更多的時間。

Frankly, we're not really surprised by it though, because we've known for a long time that out-of-home viewing of sports is significant.

坦率地說，我們對此並不感到驚訝，因為我們早就知道在戶外觀看體育比賽很重要。

And the more granular or the more unimpeachable data we can get on that, the better, because it just confirms what we all know.

我們可以獲得的數據越詳細或越無懈可擊就越好，因為它只是證實了我們都知道的事情。

We all watch sports wherever we are, or out of the home.

無論身在何處，我們都可以觀看體育比賽，或者出門在外。

It also confirms that sports on mobile platforms, which often is out of the home, is also growing in popularity.

這也證實了經常出門在外的移動平台上的運動也越來越受歡迎。

And this picks up a lot of that consumption.

這會增加很多消費。

And the other thing it includes, it includes live sports viewership on new OTT entrants, on new OTT platforms.

它包括的另一件事是，它包括新 OTT 平台上新 OTT 參與者的現場體育收視率。

And there, too, in part because of the interest in those platforms for millennials, suggests that, that sports, live sports is very, very important to those platforms.

而且，部分原因是千禧一代對這些平台的興趣表明，體育直播對這些平台來說非常非常重要。

And I think that's reflected in the fact that every one of these services that launched is launched with the rights to distribute ESPN, and into all of their customers.

我認為這反映在這樣一個事實中，即推出的每一項服務都有權分發 ESPN 並進入其所有客戶。

And because they know how vital it is, and as I said earlier, just the fact that these platforms are advertising in live sports, suggests they're going after the sports viewer or the sports fan, because they think that's a -- that has high potential for them as a customer.

因為他們知道這是多麼重要，正如我之前所說，這些平台在體育直播中做廣告這一事實表明他們正在追逐體育觀眾或體育迷，因為他們認為這是 -他們作為客戶的巨大潛力。

So we're, we feel good about what we're seeing.

所以我們，我們對我們所看到的感覺很好。

And while there's obviously been a lot of attention paid to ESPN and subs, et cetera, and so on, we've never lost our bullishness about ESPN.

儘管顯然有很多人關注 ESPN 和潛艇等等，但我們從未失去對 ESPN 的看好。

The brand is strong, the quality of their programming is strong.

品牌很強，他們的節目質量也很強。

They are always opportunities to improve.

它們始終是改進的機會。

We've -- just launching a new morning program, for instance, but we like where ESPN is these days.

例如，我們剛剛推出了一個新的早間節目，但我們喜歡 ESPN 這些天所處的位置。

And we believe that one of the best things that we've got going for ESPN is the new technology in the marketplace that's enabling people to watch sports on more user-friendly platforms and wherever they are.

我們相信，我們為 ESPN 所做的最好的事情之一就是市場上的新技術，它使人們能夠在更加用戶友好的平台上觀看體育比賽，無論他們身在何處。

And as we can measure that, and add to that, the technology that we need to monetize advertising in more effective ways, that's pretty good combination.

正如我們可以衡量的那樣，並添加到我們需要以更有效的方式通過廣告獲利的技術，這是非常好的組合。

Our next question comes from Barton Crockett from B. Riley.

我們的下一個問題來自 B. Riley 的 Barton Crockett。

I was interested in looking at the bigger kind of impact of Hulu.

我有興趣了解 Hulu 的更大影響。

So you've got some drag from your share of the losses in the earnings of Hulu, but you've also got a benefit from, you were selling them programming to some degree, you're getting subs from them, they pay you fees or some share of advertising.

所以你在 Hulu 的收益中分擔了一些損失，但你也從中受益，你在某種程度上向他們出售節目，你從他們那裡得到潛艇，他們付給你費用或一些廣告份額。

I was just wondering, when you net it all together, is this actually a net drag, or largely mitigated or maybe a net positive, if you look at the broader impact of Hulu?

我只是想知道，當你把所有這些放在一起時，如果你看看 Hulu 的更廣泛影響，這實際上是一個淨拖累，或者在很大程度上減輕或者可能是一個淨積極因素？

Talking over time or it's to date?

談時間還是過時？

Because we know to date....

因為我們知道迄今為止......

To date and obviously, over time, you think it works.

到目前為止，顯然，隨著時間的推移，你認為它有效。

But just right now, as you're kind of ramping up, I think there's some mitigation of the expenses there with some of the benefits.

但就在現在，隨著你的增加，我認為那裡的支出會有所減少，同時也會帶來一些好處。

So to date, the P&L impact of Hulu is positive to the company -- for the year, sorry, for the year, not to -- for fiscal 2017.

因此，迄今為止，Hulu 對公司的損益影響是積極的——對 2017 財年而言，抱歉，對今年而言，不是。

It's positive to the company because the investment that we've made in it as it grows has been offset by the licensing fees that we've gotten for both our channels, but largely in 2017, because they didn't launch the service until late, and the licensing of programming to the standard Hulu service.

這對公司來說是積極的，因為隨著它的增長，我們對它的投資已經被我們為兩個渠道獲得的許可費所抵消，但主要是在 2017 年，因為他們直到很晚才推出該服務，以及標準 Hulu 服務的編程許可。

And it was also an improvement from 2016.

這也比 2016 年有所改善。

So in other words, we had growth to the bottom line, in Hulu from '16 to '17.

所以換句話說，從 16 年到 17 年，我們在 Hulu 上實現了增長。

Where our continued investment in Hulu is because we're confident in its ability to both grow in terms of its SVOD service, but also to grow as an OTT multi-channel operator.

我們對 Hulu 的持續投資是因為我們相信它有能力在 SVOD 服務方面實現增長，同時也有能力成長為 OTT 多渠道運營商。

And we've seen some nice numbers there.

我們在那裡看到了一些不錯的數字。

Still, just the beginning, and we're not going to get specific about what those are.

儘管如此，這只是開始，我們不會具體說明這些是什麼。

We've got new management at Hulu as well.

我們在 Hulu 也有了新的管理層。

Randy Freer's now running it, and I know he's certainly bullish about it.

Randy Freer 現在負責管理它，我知道他肯定看好它。

And we continue to believe that long term, Hulu is a significant -- will be a significantly valuable investment for us.

我們仍然相信，從長遠來看，Hulu 是一項重要的——對我們來說將是一項非常有價值的投資。

We also believe that we can grow our licensing to Hulu, talked earlier about television production.

我們還相信我們可以增加對 Hulu 的許可，之前談到過電視製作。

It's yet another opportunity for us.

這對我們來說又是一個機會。

Thank you, Barton, and thanks, everyone, for joining us today.

謝謝你，Barton，也謝謝大家今天加入我們。

Sorry about some of the technical glitches.

對一些技術故障感到抱歉。

Note that a reconciliation of non-GAAP measures that were referred to on this call to equivalent GAAP measures can be found on our Investor Relations website.

請注意，可以在我們的投資者關係網站上找到本次電話會議中提到的非 GAAP 措施與等效 GAAP 措施的對賬。

Let me also remind you that certain statements on this call may constitute forward-looking statements under the securities laws.

我還要提醒您，根據證券法，本次電話會議的某些陳述可能構成前瞻性陳述。

We make these statements on the basis of our views and assumptions regarding future events and business performance at the time we make them, and we do not undertake any obligation to update these statements.

我們根據我們對未來事件和業務績效的看法和假設做出這些陳述，我們不承擔更新這些陳述的任何義務。

Forward-looking statements are subject to a number of risks and uncertainties, and actual results may differ materially from the results expressed or implied in light of a variety of factors, including factors contained in our Annual Report on Form 10-K and in our other filings with the Securities and Exchange Commission.

前瞻性陳述受多種風險和不確定因素的影響，實際結果可能與明示或暗示的結果存在重大差異，原因多種多樣，包括我們 10-K 表格年度報告和我們其他報告中包含的因素向證券交易委員會備案。

This concludes the call.

通話到此結束。

Have a good afternoon, everyone.

大家下午好。

Thank you, ladies and gentlemen.

謝謝你們，女士們，先生們。

This concludes today's call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。