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. My name is Victoria, and I will be your operator for today's call. (Operator Instructions) Please note that this conference is being recorded.

歡迎參加華特迪士尼公司 2017 財年全年及第四季財報電話會議。我叫維多利亞，今天我將擔任您的電話接線生。（操作員指示）請注意，本次會議正在錄音。

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

現在我將把電話轉給投資者關係高級副總裁洛威爾辛格 (Lowell Singer)。洛威爾，你可以開始了。

Good afternoon, and welcome to the Walt Disney Company's Fourth Quarter 2017 Earnings Call. Our press release was issued about 25 minutes ago, and is available on our website at www.disney.com/investors.

下午好，歡迎參加華特迪士尼公司 2017 年第四季財報電話會議。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.

今天的電話會議也將進行網路直播，網路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. Christine will lead off, followed by Bob and then we'll be happy to take your questions.

參加今天電話會議的有：迪士尼董事長兼執行長鮑勃‧伊格爾 (Bob Iger) 和高級執行副總裁兼財務長克里斯汀‧麥卡錫 (Christine McCarthy)。克里斯汀將率先發言，然後是鮑勃，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，請允許我將電話轉給克里斯汀，讓她開始通話。

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

謝謝，洛威爾，大家午安。不包括影響可比性的某些項目，第四季每股收益為 1.07 美元，全年每股收益為 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.

我們的 2017 財年業績與去年基本持平，與我們在 9 月初提供的指引一致，儘管業績受到 3 個顯著因素的不利影響：首先，颶風伊爾瑪對我們公園業務的影響；其次，取消動畫電影《巨人》的影響；第三，BAMTech 為支持收購前預付的節目製作權而進行的估值調整的影響。

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.

總體而言，這三個項目導致第四季和全年部門營業收入減少約 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. 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.

在公園和度假村，本季營業收入成長了 7%，這歸因於我們國際業務的成長，但部分被國內業務的營業收入下降所抵消。颶風伊爾瑪的影響（我稍後會詳細討論）對整個部門的營業收入造成了 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. 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.

在巴黎迪士尼樂園和上海迪士尼度假區成長的推動下，我們的國際業務表現持續改善。巴黎迪士尼樂園受益於度假區 25 週年慶典和更有利的旅遊環境，帶動了更高的遊客人數、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.

上海迪士尼營業收入的成長得益於遊客人數的增加，以及與去年第四季相比行銷成本的降低（但程度較小）。

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.

我很高興地看到，上海迪士尼度假區在其營運的第一個完整財年就實現了正營業收入，輕鬆超出了我們對第一年收支平衡的預期。

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. 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. 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.

在我們的國內業務中，營業收入比前一年下降 6%，原因是華特迪士尼世界的業績下降，受到颶風伊爾瑪的不利影響，但被迪士尼郵輪、迪士尼樂園和迪士尼度假俱樂部的成長部分抵消。颶風伊爾瑪擾亂了我們在佛羅裡達州的業務，導致華特迪士尼世界樂園關閉兩天，3 條迪士尼郵輪航線被取消，另外兩條航線被縮短。我們估計颶風對營業收入的累積影響約為 1 億美元，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.

我們國內業務的營業利潤率與去年第四季相比下降了 170 個基點，我們估計颶風對其造成了約 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，我們國內主題公園的遊客量增長了 2%，這反映出遊客對新景點的積極反應，尤其是迪士尼動物王國的“阿凡達飛行通道”和迪士尼加州冒險樂園的“銀河護衛隊 - 任務：突圍”，以及颶風對華特迪士尼世界（聽不清）的不利影響。

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人數同比變化產生了約 3 個百分點的不利影響。

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

人均支出與上一年相當。我們國內飯店的每間客房消費上漲了 4%，入住率下降了 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%.

本季度迄今為止，國內度假村預訂量與去年相比下降了 1%，反映出由於改建和正在進行的客房翻新導致客房庫存減少，而預訂率則上漲了 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.

在媒體網路方面，第四季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同期相當。

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.

由於我們對 BAMTech 和 Hulu 的投資損失增加以及 A+E 電視網的收入減少，本季股權收入較低。

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 的業績將併入我們的有線電視網絡業務。

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，聯盟收入的兩位數成長和節目費用的降低被廣告收入的下降和節目銷售營業收入的下降所抵消。

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.

廣告收入同比下降反映了 ABC 電視網的展示次數減少、我們自有電視台的政治廣告減少以及艾美獎的缺失，但網絡費率的提高部分抵消了這一影響。

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

本季度迄今為止，ABC 網路的黃金時段分散定價比預付水準高出 34%。

As I mentioned earlier, Q4 cable results were roughly comparable to the prior year. At ESPN, growth in affiliate revenue was offset by higher programming cost and lower advertising revenue. Higher spending on programming was primarily driven by a contractual rate increase for the NFL.

正如我之前提到的，第四季有線電視的業績與去年同期大致相當。在 ESPN，聯盟收入的成長被更高的節目製作成本和更低的廣告收入所抵消。節目製作支出的增加主要是由於 NFL 合約費率的提高。

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

本季度，ESPN 的廣告收入下降了個位數，因為費率的提高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 的現金廣告銷售額正在下降，部分原因是大學橄欖球半決賽的時間表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. However, this year, the 2 semifinal games will air during the second quarter, whereas they aired during the first quarter last year.

與去年一樣，ESPN 將在第四節播出新年 6 場球賽中的 3 場。不過，今年兩場準決賽將在第二季播出，而去年則是在第一季播出。

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，尤其是像大學橄欖球季後賽這樣現場直播、必看的獨家賽事，以及 ESPN 吸引廣告商垂涎的關鍵受眾的能力。

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

由於有線電視和廣播業務的成長，本季媒體網路聯盟總收入成長了 4%。聯盟收入的成長得益於費率提高帶來的 7 個百分點的成長，但因訂閱用戶減少導致的約 3 個百分點的下降，部分抵消了這一增長。

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.

我們與 Altice 完成了分銷協議的續簽，這證明了我們網路的巨大價值，並為我們未來的談判做好了準備。

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

到 2019 年底，我們預計將簽訂新的協議，涵蓋約 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.

在電影製片廠，第四季度的業績反映了更高的電影成本減損、電視發行的營業收入下降（受去年第四季《星際大戰》經典影片銷售的影響）以及消費產品的收入份額下降。

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

我們的戲劇和家庭娛樂業務的營業收入與去年大致相當。

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

在消費品和互動媒體領域，由於商品授權業務的減少，本季部門營業收入有所下降。

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.

雖然我們在第四季看到《汽車總動員》和《蜘蛛人》週邊商品的銷售量取得了不錯的成長，但這一增長被去年第四季《星際大戰》、《冰雪奇緣》和《海底總動員 2：多莉去哪兒》週邊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，我們回購了 3,360 萬股，回購金額為 34 億美元；全年，我們回購了 8,950 萬股，回購金額為 94 億美元。

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

本季迄今為止，我們已回購了 650 萬股，價值約 6.5 億美元。

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，我們對公司未來的機會感到興奮，鮑伯稍後將對此進行討論。

As we look at fiscal 2018 specifically, our earnings growth will be suppressed somewhat by a couple of factors. 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. 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. We expect cable expenses to be up high single digits for the year, driven by the consolidation of BAMTech. However, excluding the impact of BAMTech, we expect underlying cable expenses to be up low single digits. 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.

具體來看 2018 財年，我們的獲利成長將受到一些因素的抑制。首先，BAMTech 的合併及其對該業務的持續投資將對有線電視營運收入產生不利影響，與去年相比減少約 1.3 億美元。這將影響我們今年前三個季度的有線電視業績，預計與 BAMTech 相關的影響中約有一半將出現在第一季。我們預計，受 BAMTech 合併的推動，今年有線電視費用將成長個位數。然而，排除 BAMTech 的影響，我們預計基礎有線電視費用將上漲個位數。其次，由於 Hulu 對其數位 MVPD 服務的投資和內容支出的增加，我們預計我們對 Hulu 的股權投資所佔損失今年將增加 1 億美元以上。

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，我們預計第一季股權損失將增加約 7,000 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. 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.

在消費品方面，與確認最低擔保缺口收入相關的時間問題將導致約 6,000 萬美元的營業收入從第一季轉移到第二季。時間問題源於這些合約是在月底衡量的，而我們今年的第一財季於 12 月 30 日結束，而去年的第一財季於 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. We expect these investments, among others, to drive fiscal 2018 consolidated CapEx higher by about $1 billion.

最後，我們將在 2018 年繼續投資我們的業務，特別是在主題樂園和度假村，我們正在那裡建造兩個星際大戰主題樂園。我們預計，這些投資以及其他投資將推動 2018 財年合併資本支出增加約 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. We have the flexibility because of our strong balance sheet.

我們繼續看到以平衡方式配置資本的誘人機會，無論是透過投資我們的公園和度假村業務，支持我們的直接面向消費者的策略，還是透過向我們的股東返還資本。由於我們擁有強大的資產負債表，因此我們具有靈活性。

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.

2018 財年，我們預計將回購價值 60 億美元的股票，這接近我們過去 5 年平均回購的金額。

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

現在，我將把電話轉給鮑伯。

Thanks, Christine, and good afternoon, everyone. 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.

謝謝，克里斯汀，大家下午好。我想向大家介紹我們 2018 財年的重點工作，為新的一年做好規劃，首先是我們的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. 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.

我們相信，建立直接面向消費者的關係對於我們媒體業務的未來至關重要，這也是我們今年的首要任務。我們決定收購 BAMTech 的控制權，這使我們能夠推出強大的 DTC 產品，並立即為我們提供大規模串流媒體影片所需的工具，以吸引和留住客戶，大大增強我們在數位平台上的廣告機會，並利用消費者數據提供更好的用戶體驗，同時使我們能夠增加收入並提高數位行銷工作的效率。

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

我們的第一款 DTC 產品將是我們的 ESPN 品牌運動服務，名為 ESPN Plus。該產品將於春季推出，可透過全新設計的 ESPN 應用程式訪問，該應用程式將允許用戶訪問體育比分和精彩集錦、在經過身份驗證的基礎上觀看我們的頻道並訂閱 ESPN Plus 以獲取更多體育報道，包括數千場現場體育賽事。

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. 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.

這款應用程式體驗將成為獨一無二的產品，為體育迷提供比任何其他應用程式、網站或頻道所能獲得的內容更多的東西，並立即推動 ESPN 朝著新的方向發展。我們將在 2018 年初展示這款應用程序，並詳細說明定價和其他要素，以提供一些關於這款應用程式對我們公司潛力的看法。

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

此外，我們將利用 BAMTech 在 2019 年下半年推出迪士尼品牌的 DTC 服務，在首個付費窗口播放最新的迪士尼、皮克斯、漫威和星際大戰長片。我們的工作室每年也將專門為這項服務製作4到5部長片。

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

我們還計劃為這項新服務製作一系列原創劇集，並且我們已經在開發《星際大戰》真人劇集、基於我們廣受歡迎的皮克斯怪獸系列的劇集、《歌舞青春》劇集和漫威電視劇集，以及豐富的其他內容，包括來自迪士尼頻道創意團隊的新電影以及來自我們公司的各種短片和長片。該服務還將提供數千小時的迪士尼電影和電視庫產品。

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，我們將分享有關內容開發、發布計劃和投資水平的更多細節。

Our strategic acquisitions have been a key driver of the historic achievements and performance we achieved over the last decade. We believe BAMTech is another game-changing acquisition, and we're confident in our ability to generate maximum value from it.

我們的策略收購是我們過去十年取得歷史性成就和業績的關鍵驅動力。我們相信 BAMTech 是又一次改變遊戲規則的收購，我們有信心從中創造最大價值。

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

自 2009 年以來，收購漫威幫助推動了我們工作室的表現。迄今為止，我們在漫威電影宇宙中發行的電影平均全球票房超過 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.

2018 財年我們有四部新的漫威電影，第一部是《雷神索爾 3：諸神黃昏》，自兩週前首映以來，該片全球票房已突破 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. Thor: Ragnarok is also one of the best reviewed Marvel movies to date.

為了更好地理解這一早期表現，我們可以對比 2011 年上映的第一部《雷神索爾》電影的總票房，當時的總票房為 4.49 億美元。《雷神索爾 3：諸神黃昏》也是迄今評價最高的漫威電影之一。

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.

我們對漫威的下一部偉大電影《黑豹》感到非常興奮，該電影將於明年二月上映，而我們將於五月上映《復仇者聯盟：無限之戰》，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.

我們今年的最後一部漫威電影《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. 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.

正如你們所知，我們對皮克斯的收購有效地振興了我們的整個動畫業務，這對我們公司的健康至關重要。自收購以來，我們的動畫電影的全球平均票房已升至 6.65 億美元以上，並獲得了 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. 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.

我們將在 2018 財年推出兩部皮克斯新電影。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，我們也期待夏季上映的《超人特攻隊 2》。

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

五年前收購盧卡斯影業時，我們對《星際大戰》系列電影抱持著很大的期望，現在我們已經超越了我們的預期。光是《星際大戰：原力覺醒》和《俠盜一號》兩部電影就創造了超過 30 億美元的票房，展現了該系列電影巨大的持久吸引力，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. The Last Jedi opens December 15. Ticket presales are strong, and the excitement will only intensify as we get closer to the release date. 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.

我們很高興本財年有兩部新的星際大戰電影上映。《最後的絕地武士》將於 12 月 15 日上映。門票預售情況良好，隨著上映日期的臨近，人們的興奮之情只會愈演愈烈。我們剛剛完成了《遊俠索羅》的製作，這是我們的第二部獨立星球大戰電影，本質上是關於漢索羅的起源故事，鑑於這個標誌性角色的巨大人氣和全球喜愛，我們預計當它在陣亡將士紀念日週末上映時，會引起人們的極大興趣和熱情。

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《星際大戰》第九集之外，我們還計劃在未來幾年推出更多精彩的《星際大戰》電影，我們很高興地宣布，我們剛剛與《最後的絕地武士》導演萊恩·約翰遜達成協議，開發全新的《星際大戰》三部曲。

We continue to make significant investments required to drive long-term growth across our entire company. In our Parks and Resorts, for example, we commissioned 3 spectacular new cruise ships, which will all be completed between 2021 and 2023.

我們將繼續進行必要的重大投資，以推動整個公司的長期成長。例如，在我們的公園和度假村，我們委託了 3 艘壯觀的新遊輪，它們將全部在 2021 年至 2023 年間完工。

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.

上海和奧蘭多的玩具總動員主題樂園即將完工，預計將於明年夏天開放；迪士尼樂園和華特迪士尼世界的星際大戰主題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增加了新的景點和飯店，並採用尖端技術來提升客人體驗。

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. 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.

我們對我們的未來仍然充滿樂觀，部分原因是品質確實很重要，而我們的內容、產品和服務的品質使迪士尼與眾不同。憑藉我們豐富的品牌組合、強大的特許經營權以及在整個公司範圍內利用知識產權實現價值最大化和創造新機遇的獨特能力，當今娛樂業中沒有哪家公司比我們更有能力應對不斷變化的世界所帶來的挑戰，也沒有哪家公司比我們更有能力實現持續增長。

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

我們將繼續為未來進行投資，並承擔繼續前進所需的明智風險。

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

我現在很高興將電話轉給洛厄爾，然後克里斯汀和我將很樂意回答您的問題。洛厄爾？

Okay Bob, thanks. Everyone, just as you know, we have been having some slight technical issues on the call, I think, with our host. So we have switched phones and if, for some reason, we get disconnected during the call, we will dial back in. So with that, we are happy to take the first question.

好的鮑勃，謝謝。各位，正如你們所知，我認為我們在與主持人的通話中遇到了一些輕微的技術問題。因此，我們更換了電話，如果由於某種原因，通話過程中斷線了，我們就會重新撥入。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. One is, because you didn't say -- we're not going to talk about press speculation. Your chance to actually address these stories this week in press, if you don't want to do that -- yes?

我剛為鮑伯準備了一個，它是兩個部分的。一是，因為你沒有說——我們不會談論媒體的猜測。如果您不想這樣做的話，您本週就有機會在媒體上討論這些問題了——是嗎？

Michael, let me jump in. It's Lowell. I have some bad news and good news. 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.

邁克爾，讓我插嘴一下。是洛威爾。我有一些壞消息和好消息。壞消息是，按照我們的慣例，我們不會回答任何有關媒體猜測的問題，但好消息是，我們會向您提出另一個問題。

So Bob, I figured...

所以鮑勃，我想......

Lowell could not be (inaudible) to say that.

洛威爾不可能（聽不清楚）這麼說。

So within your presentation a minute ago, you walked through your film strategy, and that was essentially fixing Disney's film content. 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. 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? So is there a context fix here that maybe, needs to be done as you did in film?

所以在剛才的示範中，您介紹了您的電影策略，基本上是在修復迪士尼的電影內容。因此本週，凱文梅耶爾 (Kevin Mayer) 表示，迪士尼需要將注意力轉向電視，因為那裡有挑戰。所以我想知道，當您想到電視時，您是否認為電視面臨的挑戰是擁有正確的平台、正確的模式還是擁有正確的內容？那麼這裡是否有一個上下文修復，可能需要像在電影中那樣進行？

Well, we think that the world today offers ample opportunity to monetize high-quality, call it, in-demand television programming. I think that's been demonstrated by a number of entities out there today. And if you look at consumption, which admittedly is fragmented, it's actually quite significant in terms of people's interest in consuming TV. 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. 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. 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. 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. And I mentioned in my earlier comments that we're in development on a Star Wars live-action series as well. 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.

我們認為，當今世界提供了充足的機會將高品質、按需的電視節目貨幣化。我認為當今許多實體已經證明了這一點。如果你看一下消費，誠然它是分散的，但就人們對消費電視的興趣而言，它實際上是相當重要的。在過去幾年裡，我們在 ABC 方面有些失望，但我們一直致力於扭轉這種情況。事實上，我們已經對《良醫》的表現非常滿意了，而且我們在季中還有三部劇集讓我們非常興奮，其中包括一部《實習醫生格蕾》的衍生劇。所以我認為——我們看電視，我們認為是的，從品質角度來看，一些改進是有幫助的，但我們也認為我們有很大的機會。我們也擁有強大的製作和創意能力，既有來自 ABC 製作方面的，也有來自迪士尼電視製作方面的，還有漫威的。我在之前的評論中提到過，我們也在製作《星際大戰》真人影集。因此，我們公司的目標是利用當今存在的優秀電視節目的機會並製作更多這樣的電視節目。

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. 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. I guess, can more scale or acquisition facilitate further growth? Or does -- is your plate really full enough, given the successful studios and IP you already have?

如果可以的話，我為鮑伯準備了一個，為克里斯汀準備了一個。鮑勃，我想，當你具體看一下你的電影製片廠時，你會發現你的表現確實非常出色，利潤率也非常高，而且頻道看起來仍然非常強勁。我猜想，擴大規模或收購能否促進進一步成長？或者說—考慮到您已經擁有的成功工作室和智慧財產權，您的任務真的已經夠多了嗎？

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. 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. 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. That doesn't mean there isn't room for more, we just don't have a significant or urgent need for that. 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. And so we're always going to be looking to, adding to the number of film franchises that we produce and own.

我很感謝這個問題，我認為這有點引導證人，因為它與邁克爾之前提出的主題有關。我認為，就電影而言，不存在品質過高或系列電影過多的問題。我們目前並不覺得有必要增加現有的電影片單，因為正如你所說，我們做得很好。這並不意味著沒有更多空間，只是我們對此沒有重大或迫切的需求。也就是說，作為一家公司，我們也展示了在這一領域取得成功的能力，不僅在我們的工作室，而且在其他各個業務領域，特別是消費品和主題公園。因此，我們將始終致力於增加我們製作和擁有的電影系列的數量。

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. 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?

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一些與 2019 年直接面向消費者推出的產品相關的投資支出資訊。您能否提供一些早期數據，幫助我們了解在產品發布前應該如何考慮潛在的獲利調整？

Alexia, we have not yet finalized what the content spend is going to be and the cadence of it. But as Bob mentioned, we will be providing more information on that as it develops over the next few months.

亞歷克西亞，我們還沒有最終確定內容支出的金額和節奏。但正如鮑伯所提到的，我們將在未來幾個月內提供更多有關此事的資訊。

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. How are you feeling about that business over the next couple of years? Is that a business that you think operating income should grow? Do you have the sort of confidence? I wonder if you could talk a little bit about the outlook for that business and how the OTT launch fits into it. And then, Christine, if I could just follow up on Alexia's question on the -- either forgone licensing or incremental programming. 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?

鮑勃，既然你已經完成了 Altice 交易，那麼你這個週期的第一次續約就差不多結束了，至少就本季度而言，新用戶的損失似乎已經不那麼嚴重了。您對未來幾年的業務有何看法？您認為這項業務的營業收入應該會成長嗎？你有這樣的信心嗎？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。然後，克里斯汀，我是否可以繼續回答亞歷克西亞關於放棄許可或增量編程的問題？我們是否可以說，至少對於 2018 財年來說，這兩個因素不會對我們的收益產生重大影響，因為您在準備好的發言中談到今年需要考慮的因素時並沒有列出這兩個因素？

Ben, I won't say too much about the Altice deal. 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. Verizon in '18 and Charter in '18, [Tdirect] beyond that, and then Comcast beyond that. We're pleased with where we ended up. 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. 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. 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. That we think is great. It's also interesting that these OTT -- the entrants in the OTT business are spending in live sports. They obviously believe that the sports fan is potentially a primary customer of new OTT services. And what we've seen as well is the millennials seem to be particularly interested in these services. I think it's a combination of pricing and the user-friendly nature of these services. 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. And we're not -- we're heartened by that as well, but it is one quarter. 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. 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. That was basically -- that includes out-of-home viewing as well. 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. We've always felt we were positioned well in it because of ESPN and Disney and ABC. 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. 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. 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.

本，我不會透露太多有關 Altice 交易的資訊。我知道您問的是整體業務，但我要說的是，在那筆交易中，我們達到或實現了我們的定價和分銷目標，這對我們在 2019 年及以後（實際上是 2018 年及以後）進行的談判來說是一個好兆頭。18 年是 Verizon，18 年是 Charter，之後是 [Tdirect]，然後是 Comcast。我們對最終的結果很滿意。我們也對 OTT 方面的趨勢感到滿意，我們發現市場上新參與者的訂閱量大幅增加。真正讓我們感到振奮的是，其中一些公司投入了相當多的資金，並大力加強了行銷力度。如果您觀看世界職棒大賽，您可能不會錯過幾乎每小時播放的大量廣告——我猜，這是 YouTube，新的 OTT 服務。我們認為這很棒。有趣的是，這些 OTT 業務的新進業者正在對體育直播進行投入。他們顯然相信體育迷可能是新 OTT 服務的主要客戶。我們也發現千禧世代似乎對這些服務特別感興趣。我認為這是定價和這些服務的用戶友好性的結合。正如我們在一次又一次的電話中所說的那樣，我們遇到了一些需要處理的子問題，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，但損失並不像前幾季那麼嚴重。我們對此並不感到振奮，但這只是四分之一。我想指出的另一件有趣的事情，與您關於業務健康狀況的問題相關，那就是尼爾森向我們提供了兩週的數據，這些數據基本上是關於跨多個平台（包括串流媒體和這些 OTT 服務）的體育直播消費的數據。他們告訴我們，透過加入這項服務，我們的全天收視率提高了 25%，其中黃金時段收視率提高了 29%。這基本上也包括戶外觀看。因此，我們認為，我們所看到的趨勢雖然還不是長期趨勢，但至少給了我們一些理由對業務感到滿意。我們一直認為，由於 ESPN、迪士尼和 ABC，我們在該領域處於有利地位。在直接面向消費者方面，正如我們也所說的，我們進入該業務是因為我們相信，考慮到現有的技術，以及我們擁有這些優秀的品牌和特許經營權，我們的直接面向消費者的機會是巨大的。我們認為，我們所做的事情可以輕鬆地與市場上的多通路服務（包括傳統服務與新興服務）互補。當您看到我們將在年初之後展示的應用程式時，您會看到我們正在開發應用程式體驗，其中 ESPN 的應用程式將啟用 ESPN 通常提供的精彩片段和比分，將在經過身份驗證的基礎上實現頻道的直播，我們還將添加一項附加服務，使用戶能夠以額外付費的方式訂閱每年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. That's BAMTech, but on a Disney DTC, we don't expect any significant items to impact spend in 2018.

本，回答您關於 2018 年支出的問題，在我的評論中，我提到了 BAMTech 投資，這將對有線電視營運收入產生 1.3 億美元的影響。這是 BAMTech，但在迪士尼 DTC 上，我們預計不會有任何重大項目影響 2018 年的支出。

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傑西卡·賴夫·科恩。

Maybe (inaudible) a little bit, but can you talk a little bit about addressable or targeted advertising? Is it still off limits on the Disney DTC offer? And how do you think about the tipping point on adjustability across all Disney advertising-related platforms? And then just, Christine, if we could just follow up on some of the CapEx questions. Can you just talk about the cadence at all beyond fiscal '18? 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?

也許（聽不清楚）有一點，但是您能談談可尋址或定向廣告嗎？迪士尼 DTC 優惠仍受限制？您如何看待所有迪士尼廣告相關平台的適應性臨界點？然後，克里斯汀，我們是否可以跟進一些資本支出問題。您能談談 2018 財年之後的節奏嗎？獲得 2018 財年的色彩真是太好了，但考慮到上海的項目數量，玩具總動員樂園、星球大戰樂園、遊輪等等，您能否談談 2018 財年、2019 財年到 2022 財年或 2023 財年之後的節奏如何？

Jessica, on the first question, we're going to launch ESPN service in the spring. That obviously will be advertiser-supported. 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. And so we feel that, that gives us a lot of capability that we haven't had before. Whether that extends, that capability extends to our other businesses in the non-direct-to-consumer, I'm not sure. We currently not planning to sell ads on the Disney service, but that's just in development. There may be some interesting possibilities in terms of sponsorships versus inserted ads. 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.

傑西卡，關於第一個問題，我們將在春季推出 ESPN 服務。這顯然將得到廣告商的支持。正如我們在會議上所說的，以及我在之前的發言中所說的，BAMTech 為我們提供了一些——應該說是更多的功能——因為它與可尋址廣告有關，可以直播或以動態方式插入到現場體育賽事中。因此我們認為，這賦予了我們許多以前從未有過的能力。我不確定這種能力是否會延伸到我們非直接面向消費者的其他業務。我們目前不打算在迪士尼服務上銷售廣告，但該計劃正在開發中。在贊助與插入廣告方面可能存在一些有趣的可能性。但截至目前，我們還沒有計劃在 OTT（抱歉，是在 DTC 服務）上播放的節目中插入廣告。

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. 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. 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. 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. 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.

傑西卡，關於資本支出，您看到我們今年的評論是，預計 2018 年的資本支出將比 2017 年的水平高出約 10 億美元。再次強調，大部分支出都用於完成 2 個星球大戰主題樂園的建設，我們還在完成奧蘭多的玩具總動員主題樂園的建設，並且全球範圍內還有其他項目正在進行中。我們已經討論了長期菜單，我想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。因此，我認為可以合理地假設，我們將繼續在我們認為能夠帶來長期價值和長期回報的領域進行投資。所以我想說，我們對這個業務非常有信心，而且目前業務運作水平很高，並將繼續保持下去。

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

另外要補充的是，正如克里斯汀所提到的，當你看到我們國際園區上海的業績，以及我們在巴黎看到的改進和重組，以及在香港和東京，我們有充足的機會繼續投資並繼續擴大這些業務。憑藉我們擁有的特許經營權及其在這些市場的受歡迎程度，過去幾年來機會實際上已經大大增加。

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. As you approach Disney DTC, have you decided, sort of the cadence that you're going to approach this opportunity? 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. And other way you could it is, just sort of spend consistent with the revenue that, that new business generates. So it doesn't really contribute to earnings, maybe over the next 3 to 5 years. Can you just describe how you're thinking about the cadence of your approach?

我只是想問艾格先生一個問題，不是談論數字，而是談論哲學。當您接觸迪士尼 DTC 時，您是否已經決定了以何種節奏來把握這個機會？換句話說，你可以投入巨資，但最終只有 1 或 2 個贏家，而迪士尼就是其中之一。另一種方法是，根據新業務產生的收入來決定支出。因此，在未來 3 到 5 年內，它可能不會真正對盈利產生貢獻。您能否描述一下您如何看待您的方法的節奏？

Sure. 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. By the way, they've been a good partner of ours. 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. We also believe that our brands and our franchises really matter, as we've seen through Netflix and all our other platforms. And so that gives us an opportunity as well. We are working on the cadence that we will produce and sort of schedule product in this OTT service. We've not determined fully what that will be, although we've laid out, on a calendar basis a fair amount of specifics. 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. 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. But I think what you'll see is a ramp up over time of production spending. 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.

當然。在我這樣做之前，我知道已經有很多文章對此進行了評論，無論這是否旨在成為 Netflix 殺手，等等。順便說一句，他們一直是我們的好夥伴。我們的目標是成為直接面向消費者領域的有活力的參與者，我們都知道這是一個非常非常有吸引力的領域。我們也相信我們的品牌和特許經營權確實很重要，正如我們透過 Netflix 和所有其他平台所看到的那樣。這也給了我們一個機會。我們正在製定生產節奏並對這項 OTT 服務中的產品進行排序。儘管我們已經在日程表上列出了相當多的具體細節，但我們還沒有完全確定具體內容。我們仍在努力開發原創電影和原創電視節目，並找出最有意義的方法，其中一部分與它們何時上映有關。但我想說的是，我們——我不想說我們會先學會走路，然後再跑步，因為正如我之前所說的，我們將非常積極地推出這個產品。但我認為你會看到生產支出隨著時間的推移而增加。但我們會從一款我們認為能夠代表我們擁有的偉大品牌和特許經營權的產品開始，包括漫威、迪士尼、皮克斯和星際大戰，然後從那裡開始發展。

Our next question comes from Todd Juenger from Sanford Bernstein.

我們的下一個問題來自桑福德伯恩斯坦公司的 Todd Juenger。

I can't help but ask my respective question on entertainment OTT, I'm sorry. And then I have a quick one on consumer products as well. Actually, just picking up kind of where you left off, Bob. I'm just very curious to know how you're thinking about the role of the Disney brand. 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. You've talked about a lot of Disney branded content specifically, and I heard you list, obviously, Marvel and Lucasfilm and Pixar. It begs the question, do you think about Freeform and ABC content as also fitting within Disney? 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? Or is there just a need to stay narrowly defined, sort of as what -- all about the Disney brand and what that means? And then, quickly on, just on Consumer Products. Just, we had -- I was wondering how you think the Cars -- Cars has been the stalwart of Consumer Products for so long. You've had a new release of a movie. 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. Just any learnings from that would be great.

我忍不住要問一些有關娛樂 OTT 的問題，我很抱歉。然後我還要快速談談消費品。實際上，我只是從你上次中斷的地方繼續說，鮑勃。我只是非常好奇想知道您如何看待迪士尼品牌的角色。顯然，這對於服務來說非常重要，就您最終設想的內容類型而言，這意味著適合該服務的品牌。您特別談到了許多迪士尼品牌的內容，我聽到您列舉了漫威、盧卡斯影業和皮克斯。這就引出了一個問題，您是否認為 Freeform 和 ABC 內容也適合迪士尼？然後，即使您開始考慮可以授權或以其他方式在公司外部獲取的內容，您能想像它適合該服務嗎？或者只是需要保持狹義的定義，有點像——關於迪士尼品牌的一切以及它意味著什麼？然後，我們快速進入消費品領域。只是，我們有——我想知道您如何看待汽車——汽車長期以來一直是消費品領域的中流砥柱。您有一部新電影上映了。我只是想知道結果如何符合您在消費品方面的探索，並且根據您的回答，如果您考慮其他特許經營權，特別是動畫領域的特許經營權，在那裡的消費者機會新世界中持續了很長時間，那麼您從中得到了什麼經驗教訓呢？從中得到的任何教訓都是很棒的。

Okay, Todd. So this -- the service will be Disney-branded. It'll be, in other words, it will be Disney name. We haven't determined what the name is yet, but it will be Disney name. The product we have in Europe is called Disney Life, but we've not decided what this one will be yet. 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. So it's a collection -- it will be a collection of just those brands. 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. So if you just want your kids to see the Disney-only product, that can easily be accomplished. We're not ruling out the possibility of licensing product from third parties for it provided the product fits with the Disney brand. 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. 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. 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.

好的，托德。因此這項服務將以迪士尼為品牌。換句話說，它將是迪士尼的名字。我們還沒有確定名字，但它將是迪士尼的名字。我們在歐洲推出的產品名為 Disney Life，但我們尚未決定具體名稱。我認為你必須像思考我們的主題樂園一樣思考它，它們是迪士尼樂園，但你進去會看到漫威、星際大戰和皮克斯等。所以它是一個集合——它將是這些品牌的集合。如果其中一個系列，無論是漫威還是盧卡斯的作品，有標準——首先，沒有什麼是困難的，沒有什麼是 R 級的。但如果標準不一定完全符合，我稱之為 G 級或 G 級迪士尼，使用它的人就會有充足的過濾機會。因此，如果您只是想讓孩子觀看迪士尼獨有的產品，這很容易實現。只要產品符合迪士尼品牌，我們就不會排除從第三方取得產品授權的可能性。就 ABC 和 Freeform 而言，我們將繼續為 ABC 和 Freeform 製作產品，並且憑藉我們類似的節目製作能力，我們也將尋求將產品出售給包括 Hulu 在內的第三方。順便說一句，ABC Productions 也有可能最終為迪士尼品牌服務製作節目，我們實際上已經討論過這個問題了。但我們將堅持提供迪士尼品牌服務，其中包括漫威、皮克斯和盧卡斯品牌，或星際大戰品牌。

So Todd, on your question on consumer products, specifically related to Cars. Cars is still a very strong franchise for us. 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. And when we talk about some of the franchises that are over $1 billion annually, Cars is in there. And just another thing about 2018, for consumer products. We feel really, really good about the lineup we have going into this year. We have Star Wars Episode VIII - The Last Jedi. We deferred revenue in the fourth quarter into the first quarter, like we did with Episode VII for that. 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. We also have Mickey's 90th birthday. You should mark your calendar for this. 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.

那麼托德，關於你關於消費品的問題，特別是與汽車有關的問題。汽車對我們來說仍然是一個非常強大的特許經營權。因此，儘管電影《賽車總動員 3》的戲院上映表現不佳，並且今年的消費產品表現比我們預期的要差一些，但它仍然是我們最強大的系列電影之一。當我們談論一些年收入超過 10 億美元的特許經營權時，《賽車總動員》就名列其中。關於 2018 年消費品還有另一件事。我們對今年的陣容感到非常非常滿意。我們有《星際大戰第八集－最後的絕地武士》。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。我們還有一部即將上映的漢索羅電影，名為《索羅》，將於春季上映，我們還有 4 部漫威電影，包括春季上映的《復仇者聯盟》。我們還要慶祝米奇的 90 歲生日。您應該在日曆上標記這一點。今天是 2018 年 11 月 18 日，但米奇的 90 歲生日是整個公司都會慶祝的，這對我們的消費品業務來說也是一件好事。

Our next question comes from Steven Cahall from RBC.

下一個問題來自加拿大皇家銀行的 Steven Cahall。

Two for me. First, Bob, on direct-to-consumer. I was wondering if you have given any thought to the pricing strategy. Netflix has certainly been rewarded for strong subscriber growth, rather than necessarily revenue growth. 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? And then Christine, just on the buyback guidance. 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. So why the big step down in the buyback year-on-year? Are you just trying to be conservative and give yourself some wiggle room as you go through the year? Is it a view to the share price, is it a view to build cash on the balance sheet? Any color there would be great.

對我來說是兩個。首先，鮑勃，談談直接面向消費者的問題。我想知道您是否考慮過定價策略。Netflix 的回報無疑是強勁的用戶成長，而不一定是因為營收成長。那麼，您是否認為透過推出一款真正便宜的迪士尼品牌直接面向消費者的產品，可以創造更多的股權價值，從而在早期實現訂閱量成長最大化？然後是克莉絲汀，關於回購指引。我認為今年你們的自由現金流略低於 90 億美元，而資本支出增加了 10 億美元，因此在明年營業線現金流增長之前，自由現金流為 80 億美元。那麼，為什麼回購規模較去年同期大幅下降呢？您是否只是想在一年中保持保守並給自己留出一些迴旋餘地？這是對股價的看法，還是在資產負債表上建立現金的看法？任何顏色都很棒。

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. 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. I can say that our plan on the Disney side is to price this substantially below where Netflix is. That is, in part reflective of the fact that we'll have substantially less volume. 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. It is our goal to attract as many subs as possible as starting out. 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. 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.

史蒂文，我們對 ESPN 和迪士尼品牌服務的定價進行了深入思考，目前我還不能具體告訴你。我們實際上還沒有正式確定，但我們表示將在年初之後的某個時候向您公佈這一消息。我可以說，迪士尼方面的計劃是將其定價大幅低於 Netflix 的價格。這在一定程度上反映了我們的數量將大幅減少的事實。由於我們之前討論過的特許經營品牌，您將擁有許多高品質的產品，但推出的數量會較少，價格也會反映這一點。我們的目標是從一開始就吸引盡可能多的訂閱者。我們認為，鑑於對迪士尼的喜愛，我們在那裡獲得了一些有趣的機會，無論是我們的迪士尼品牌信用卡持有者、我們的年票持有者、D23 會員、迪士尼度假俱樂部單位的擁有者，還是經常訪問我們公園的人，都有一個龐大的迪士尼潛在客戶群，我們將尋求以相應的價格來吸引他們，在平衡其中品牌和特許經營的質量的同時，也要考慮到數量。這將使我們有機會擴大銷售量，並隨著時間的推移制定定價，以反映產品老化後增加的銷售量。

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. As you saw both in 2017 and '16, we came in at a higher level than what we originally started out the year as. 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. But once again, we have increased the last couple of years from what we originally started out as.

史蒂夫，關於回購，60 億美元這個數字，正如我所提到的，是過去 5 年的平均水平，大致是過去 5 年的平均水平。正如您在 2017 年和 2016 年所看到的那樣，我們的水平比年初有了提高。因此，如果您想將其視為一種保守的方法，那麼我們現在正處於年初，並將根據商業環境在全年進行調整。但最近幾年，我們的業績再次較最初水準有所成長。

Our next question comes from Marci Ryvicker from Wells Fargo.

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. Was it a certain sport? Was this just technical? Just because there's much sensitivity around sports rights, right now. 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. Is there any (inaudible) .

（聽不清楚）如果體育賽事註銷確實與 BAMTech 有關的話，請提供更多詳細資訊。這是某項運動嗎？這僅僅是技術性的嗎？只是因為現在體育權議題非常敏感。然後，第二個問題，有一篇文章曾經發表，討論也許有一天 ESPN 可能不會參與或擁有 NFL 權利，也許你們會改變你們的分銷協議以允許某種靈活性。有沒有（聽不清楚）。

Okay. We lost you, Marci. Is that? Can you hear us?

好的。我們失去了你，馬西。是嗎？你聽得到我們說話嗎？

(technical difficulty)

（技術難度）

Can you hear me?

你聽得到我嗎？

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

那我們為什麼不——我們有兩個問題，所以。

NFL, the NFL was one which, we're not going to comment on. We've had a long, healthy relationship with the NFL. It's important to ESPN, both the live games that we have on Monday night and all the shoulder programming that we do. 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.

NFL，NFL 就是其中之一，我們不會對此發表評論。我們與 NFL 有著長期、良好的合作關係。這對 ESPN 來說很重要，包括我們週一晚上的現場比賽以及我們所做的所有肩部節目。其中部分或大部分內容直接從 NFL 獲得許可，我們不會對與未來關係相關的任何內容發表評論，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. 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.

因此，對於 BAMTech 估值調整，這是對收購前預付的編程權的調整。我們不會具體說明，但它確實只與一項權利交易有關，我們根據當前的表現和合約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，因此合約是按市價計價的。

Our next question comes from Tim Nollen from Macquarie.

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. I know there's a summit being convened later this month by one of your peers. I just wonder if you have any comments to make on broader use of digital measurement in the TV ecosystem.

鮑勃，我想跟進一下你關於串流媒體收視率強勁上升的評論。我知道本月晚些時候你們的一位同行將召開高峰會。我只是想知道您對在電視生態系統中更廣泛地使用數位測量有何評論。

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. 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. And the more granular or the more unimpeachable data we can get on that, the better, because it just confirms what we all know. We all watch sports wherever we are, or out of the home. It also confirms that sports on mobile platforms, which often is out of the home, is also growing in popularity. And this picks up a lot of that consumption. And the other thing it includes, it includes live sports viewership on new OTT entrants, on new OTT platforms. 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. 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. 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. So we're, we feel good about what we're seeing. 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. The brand is strong, the quality of their programming is strong. They are always opportunities to improve. We've -- just launching a new morning program, for instance, but we like where ESPN is these days. 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. 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.

嗯，我認為，首先，正如我之前所說，這只是兩週，我們顯然喜歡這種趨勢，但我們必須給它更多的時間。坦白說，我們對此並不感到驚訝，因為我們早就知道戶外觀看體育比賽非常重要。我們能獲得的數據越詳細、越無可置疑，就越好，因為這證實了我們所知道的事實。無論身在何處，或出門在外，我們都會觀看體育比賽。這也證實了，通常在戶外進行的行動平台運動也越來越受歡迎。這會增加大量的消費。它還包括了在新的 OTT 參與者和新的 OTT 平台上觀看體育賽事直播。而且，部分原因是千禧世代對這些平台的興趣表明，體育運動、現場體育賽事對這些平台來說非常非常重要。我認為這反映在這樣一個事實中：每項新推出的服務都擁有向所有客戶分發 ESPN 的權利。因為他們知道這有多重要，正如我之前所說，這些平台在現場體育賽事中做廣告這一事實表明，他們正在吸引體育觀眾或體育迷，因為他們認為這對他們來說具有很高的潛力。所以，我們對所見所聞感到很滿意。儘管人們顯然對 ESPN 和訂閱等給予了極大關注，但我們對 ESPN 的看好從未消退。品牌強大，節目品質高。它們始終是改進的機會。例如，我們剛剛推出了一個新的早間節目，但我們喜歡 ESPN 目前的狀態。我們相信，ESPN 最大的優勢之一就是市場上的新技術，它讓人們能夠在任何地點透過更用戶友好的平台觀看體育賽事。而且，我們可以衡量這一點，再加上我們所需的技術，以更有效的方式將廣告貨幣化，這是一個非常好的組合。

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

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. 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. 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?

我感興趣的是看看 Hulu 的更大影響。因此，Hulu 的盈利損失會給你帶來一些拖累，但你也會從中受益，因為你在某種程度上向他們出售節目，你從他們那裡獲得訂閱，他們向你支付費用或一定比例的廣告。我只是想知道，如果將所有這些因素綜合起來，看看 Hulu 的更廣泛影響，這實際上是淨拖累，還是在很大程度上得到緩解，或者可能是淨利好？

Talking over time or it's to date? Because we know to date....

談的是時間問題還是迄今為止的問題？因為我們知道迄今為止......

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

到目前為止，顯然，隨著時間的推移，您認為它是有效的。但就目前而言，隨著你們的不斷加大投入，我認為你們的開支會有所減少，但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. 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. And it was also an improvement from 2016. So in other words, we had growth to the bottom line, in Hulu from '16 to '17. 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. And we've seen some nice numbers there. Still, just the beginning, and we're not going to get specific about what those are. We've got new management at Hulu as well. Randy Freer's now running it, and I know he's certainly bullish about it. And we continue to believe that long term, Hulu is a significant -- will be a significantly valuable investment for us. We also believe that we can grow our licensing to Hulu, talked earlier about television production. It's yet another opportunity for us.

因此，到目前為止，Hulu 的損益表對公司 2017 財年產生了積極影響——抱歉，是就全年而言，而不是就全年而言。這對公司來說是件好事，因為隨著公司的發展，我們對公司所做的投資已經被我們兩個頻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這項服務，以及將節目授權給標準 Hulu 服務。與 2016 年相比也有所改善。換句話說，從 2016 年到 2017 年，Hulu 的獲利實現了成長。我們繼續投資 Hulu 是因為我們相信它不僅能夠在 SVOD 服務方面實現成長，還能成長為 OTT 多通路營運商。我們已經看到了一些不錯的數據。不過，這只是個開始，我們不會具體說明這些是什麼。Hulu 也迎來了新的管理階層。現在由蘭迪·弗里爾 (Randy Freer) 負責運營，我知道他對此非常看好。我們仍然相信，從長遠來看，Hulu 對我們來說是一項重大的——非常有價值的投資。我們也相信，我們可以擴大對 Hulu 的授權，就像之前談到的電視製作一樣。這對我們來說又是一次機會。

Thank you, Barton, and thanks, everyone, for joining us today. Sorry about some of the technical glitches. 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.

謝謝巴頓，也謝謝大家今天加入我們。對於一些技術故障，我們深感抱歉。請注意，本次電話會議中提及的非 GAAP 指標與等效 GAAP 指標的對帳可以在我們的投資者關係網站上找到。

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

我還要提醒您，本次電話會議中的某些聲明可能構成證券法規定的前瞻性聲明。我們根據當時對未來事件和業務表現的看法和假設做出這些聲明，我們不承擔任何更新這些聲明的義務。前瞻性陳述受多種風險和不確定性的影響，實際結果可能與根據各種因素表達或暗示的結果有重大差異，包括我們 10-K 表年度報告和我們向美國證券交易委員會提交的其他文件中包含的因素。

This concludes the call. Have a good afternoon, everyone.

通話到此結束。祝大家下午愉快。

Thank you, ladies and gentlemen. This concludes today's call. Thank you for participating. You may now disconnect.

謝謝各位，女士們、先生們。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。