迪士尼 (DIS) 2018 Q1 法說會逐字稿

Thank you so much for joining the Walt Disney Conference Call.

非常感謝您參加華特迪士尼電話會議。

We apologize for the delay.

對於延誤，我們深表歉意。

Speakers, you may begin.

演講者，你可以開始了。

Good afternoon, and welcome to The Walt Disney Company's First Quarter 2018 Earnings Call.

下午好，歡迎參加華特迪士尼公司 2018 年第一季度財報電話會議。

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 replay and transcript will be available on our website.

今天的電話會議也在網絡直播中，我們的網站上將提供回放和記錄。

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.

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

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

Bob 將帶頭，Christine 緊隨其後，然後我們當然會很樂意回答一些問題。

So with that, I'll turn the call over to Bob, and we'll get started.

因此，我將把電話轉給 Bob，然後我們就開始了。

Thanks, Lowell, and good afternoon, everyone.

謝謝，洛厄爾，大家下午好。

Before we discuss the quarter and other developments across the company, a quick update about our recently announced acquisition.

在我們討論本季度和整個公司的其他發展之前，快速更新一下我們最近宣布的收購。

The regulatory process has began in numerous jurisdictions across the world, and I've spent the last several weeks meeting with a number of business leaders at Fox, gaining insight that will be invaluable when it comes to integrating our organizations once we have regulatory approval.

監管程序已在全球多個司法管轄區開始，我在過去幾週與 Fox 的多位商業領袖會面，獲得了在獲得監管批准後整合我們的組織時非常寶貴的見解。

After these discussions, I'm even more enthusiastic about the businesses we're acquiring and the management teams that are leading them.

經過這些討論，我對我們正在收購的業務以及領導他們的管理團隊更加熱情。

As we said when we announced this deal, there are 3 primary strategic priorities fulfilled by this acquisition.

正如我們在宣布這筆交易時所說，此次收購實現了 3 個主要戰略重點。

It will deliver more content and the production capabilities and talent to produce even more.

它將提供更多的內容、製作能力和人才來製作更多內容。

It will enhance our direct-to-consumer initiatives with platforms, technologies, brands and existing customer relationships to build on.

它將通過平台、技術、品牌和現有客戶關係加強我們直接面向消費者的計劃。

And it will greatly diversify our businesses geographically.

它將在地理上極大地多樣化我們的業務。

All 3 of these elements sync up perfectly with our own core strategies, and all 3 are designed to create growth in a very dynamic global marketplace.

所有這三個元素都與我們自己的核心戰略完美同步，並且所有這三個元素都旨在在充滿活力的全球市場中創造增長。

As that process moves forward, there are numerous new initiatives and projects underway, and I'd like to update you on a few of them.

隨著這一進程的推進，許多新舉措和項目正在進行中，我想向您介紹其中的一些最新情況。

As you recall, some months ago, we announced our intention to develop and launch an ESPN direct-to-consumer business.

您還記得，幾個月前，我們宣布打算開發和啟動 ESPN 直接面向消費者的業務。

This new business will launch sometime this spring, when we unveil a completely reconceived and redesigned ESPN app, which will deliver important new services and experiences to users.

這項新業務將在今年春天的某個時候推出，屆時我們將推出一款完全重新構思和重新設計的 ESPN 應用程序，它將為用戶提供重要的新服務和體驗。

The changes will be dramatic, with more compelling visuals as well as an easy, intuitive interface and exceptional video and sound quality.

這些變化將是巨大的，具有更引人注目的視覺效果以及簡單直觀的界面以及出色的視頻和聲音質量。

Users will also enjoy an increasingly personalized experience as the app blends explicit choices with implicit behavior to curate a unique mix of specific, relevant content tailored to the taste of each individual user.

用戶還將享受越來越個性化的體驗，因為該應用程序將明確的選擇與隱含的行為相結合，以針對每個用戶的口味定制特定的相關內容的獨特組合。

This one app approach will deliver 3 main features.

這一應用程序方法將提供 3 個主要功能。

It will provide countless scores and highlights as well as podcasts and other sports information with a more user-friendly mobile interface.

它將通過更加用戶友好的移動界面提供無數的分數和亮點以及播客和其他體育信息。

It will enable access to live streams of all ESPN networks, providing consumers or subscribers to multichannel packages.

它將能夠訪問所有 ESPN 網絡的實時流，為消費者或訂閱者提供多頻道套餐。

And it will feature our new ESPN Plus subscription service.

它將以我們新的 ESPN Plus 訂閱服務為特色。

Powered by BAMTech's proprietary technology, the service will offer a greatly expanded array of programs and live events for sports fans who want even more content as well as for fans interested in sports and events not currently featured on the main channels.

該服務由 BAMTech 的專有技術提供支持，將為想要更多內容的體育迷以及對當前主要頻道上沒有的體育和賽事感興趣的球迷提供大大擴展的節目和現場活動。

This subscription service will feature thousands of additional live events, giving fans access to more leagues, more teams and more games than ever before, including Major League Baseball, Major League Soccer and the NHL, along with a rich array of college sports as well as Grand Slam tennis, boxing, golf, rugby and cricket that aren't available on the ESPN linear networks.

這項訂閱服務將包含數千場額外的現場賽事，讓球迷可以訪問比以往更多的聯賽、更多球隊和更多比賽，包括美國職業棒球大聯盟、美國職業足球大聯盟和 NHL，以及豐富的大學體育項目以及ESPN 線性網絡上不提供的大滿貫網球、拳擊、高爾夫、橄欖球和板球。

Additionally, ESPN Plus will feature the full library of ESPN films, including the highly acclaimed 30 for 30 documentary series, and we're also creating a robust slate of high-quality original content exclusively for this platform.

此外，ESPN Plus 將展示完整的 ESPN 電影庫，包括備受讚譽的 30 for 30 紀錄片系列，我們還專門為此平台創建了一個強大的高質量原創內容。

As I noted earlier, we'll introduce this new app with its direct-to-consumer component this spring, and we're pricing ESPN Plus at $4.99 per month.

正如我之前提到的，我們將在今年春天推出這款帶有直接面向消費者組件的新應用程序，我們將 ESPN Plus 定價為每月 4.99 美元。

It will be available on a variety of platforms at the time of launch, including iOS, Android, tvOS, Chromecast, with more to follow.

發佈時，它將在各種平台上可用，包括 iOS、Android、tvOS、Chromecast，後續還會有更多平台。

We're very excited to bring this product to market, an opportunity created by our BAMTech acquisition.

我們很高興將這款產品推向市場，這是我們收購 BAMTech 創造的機會。

We plan to invest further in the direct-to-consumer feature, adding more live games and produce sports programming, along with even greater personalization, in the years ahead.

我們計劃在未來幾年進一步投資於直接面向消費者的功能，添加更多現場比賽並製作體育節目，以及更大程度的個性化。

Our upcoming Disney DTC service will also combine the full range of BAMTech's capabilities with some of the world's most popular IP to deliver a compelling consumer experience when it launches in late 2019.

我們即將推出的迪士尼 DTC 服務還將在 2019 年底推出時將 BAMTech 的全部功能與一些世界上最受歡迎的 IP 相結合，以提供引人入勝的消費者體驗。

Turning to our studio.

轉向我們的工作室。

We're just days away from the highly anticipated release of Black Panther, which opens on February 16, and the buzz is palpable.

距離 2 月 16 日上映的備受期待的《黑豹》上映只有幾天的時間了，嗡嗡聲是顯而易見的。

At the moment, ticket presales are outpacing every other superhero movie ever made, driven in part by the phenomenal reaction to the premier last week.

目前，門票預售速度超過了其他所有超級英雄電影，部分原因是上週對首映的驚人反應。

Marvel continues to defy expectations and redefine the superhero genre with each new release, constantly raising the bar with stories and characters that are fresh, compelling and spectacular.

漫威繼續挑戰期待，並在每個新版本中重新定義超級英雄類型，不斷以新鮮、引人入勝和引人入勝的故事和角色提高標準。

Black Panther is a great example, and we're thrilled with the attention and accolades it's receiving.

黑豹就是一個很好的例子，我們對它所獲得的關注和讚譽感到興奮。

It's exciting to see such tremendous enthusiasm for this film and its brilliant, diverse cast.

看到人們對這部電影及其才華橫溢、多元化的演員陣容有著如此巨大的熱情，真是令人興奮。

We've got a strong pipeline of major releases to follow, including the March 9 debut of Disney's A Wrinkle in Time, directed by Ava DuVernay and starting Oprah Winfrey, Reese Witherspoon and Mindy Kaling.

我們將推出一系列重要版本，包括 3 月 9 日由 Ava DuVernay 執導的迪士尼電影《時間的皺紋》首映，奧普拉·溫弗瑞、瑞茜·威瑟斯彭和明迪·卡靈首發。

Our next Marvel movie of fiscal '18, Avengers: Infinity War, will showcase the largest collection of Marvel characters ever seen on screen when it opens May 4. And we'll release our second stand-alone Star Wars movie on May 25.

我們的下一部 18 財年漫威電影《復仇者聯盟：無限戰爭》將在 5 月 4 日上映時展示有史以來在屏幕上看到的最大的漫威角色集合。我們將於 5 月 25 日發行我們的第二部獨立星球大戰電影。

The world got its first glimpse of Solo: A Star Wars Story this week, thanks to our Super Bowl ad, and we followed that with the release of the movie's first trailer yesterday.

多虧了我們的超級碗廣告，本周全世界第一次看到了《Solo: A Star Wars Story》，我們在昨天發布了這部電影的第一部預告片。

The reaction has been fantastic.

反應非常棒。

Han Solo is one of the most iconic and beloved characters in the Star Wars universe, and there's clearly a lot of interest in his origin story.

漢·索羅是《星球大戰》宇宙中最具標誌性和最受歡迎的角色之一，顯然人們對他的起源故事很感興趣。

And the future of the Star Wars franchise just got even more exciting.

星球大戰系列的未來變得更加令人興奮。

In addition to next year's Episode IX and the trilogy Rian Johnson is developing for us, we just announced that David Benioff and D.B. Weiss, creators of the epic Game of Thrones series, will write and produce a new series of original Star Wars films.

除了明年的第 IX 集和 Rian Johnson 正在為我們開發的三部曲之外，我們剛剛宣布 David Benioff 和 D.B. Weiss 是史詩般的《權力的遊戲》系列的創作者，他將編寫和製作一系列新的原創星球大戰電影。

Turning to Pixar.

轉向皮克斯。

We released the Incredibles in 2004, and it remains one of the most popular Pixar films ever made.

我們在 2004 年發行了超人總動員，它仍然是有史以來最受歡迎的皮克斯電影之一。

Its legions of fans around the world will be rewarded for their devotion and their patience when we release the long-awaited sequel, Incredibles 2, on June 15.

當我們在 6 月 15 日發布期待已久的續集《超人總動員 2》時，它在世界各地的眾多粉絲將因他們的奉獻和耐心而得到回報。

Our release slate for the rest of 2018, 2019 and beyond is equally strong, and we'll talk more about those films on future calls.

我們在 2018 年剩餘時間、2019 年及以後的上映計劃同樣強勁，我們將在未來的電話會議上更多地討論這些電影。

I also want to highlight our Parks and Resorts business, which continues to successfully leverage our incredible collection of IP to create and deliver an exceptional entertainment experience for millions of guests, as evidenced by their performance in Q1, all of which deepens our confidence in the significant investments we're making to grow the business around the world, including commissioning 3 new cruise ships to expand our award-winning fleet, adding Toy Story Lands in Shanghai and Orlando, building Star Wars Galaxy's Edge in Disneyland and Disney World and preparing to incorporate more of our popular IP into Disneyland Paris.

我還想強調我們的公園和度假村業務，該業務繼續成功地利用我們令人難以置信的 IP 集合為數百萬客人創造和提供卓越的娛樂體驗，正如他們在第一季度的表現所證明的那樣，所有這些都加深了我們對我們正在進行重大投資以發展全球業務，包括委託 3 艘新遊輪來擴大我們屢獲殊榮的船隊，在上海和奧蘭多增加玩具總動員樂園，在迪士尼樂園和迪士尼世界建造星球大戰銀河邊緣，並準備將我們更多受歡迎的 IP 融入巴黎迪士尼樂園。

The investments we've made in IP, in addition to the numerous investments we've made across the world in our Parks and Resorts businesses, have driven dramatic growth over the last decade, and we're confident this trend will continue well into the future.

除了我們在全球範圍內對公園和度假村業務進行的大量投資外，我們在 IP 方面的投資推動了過去十年的迅猛增長，我們相信這一趨勢將持續到未來。

I'm going to turn the call over to Christine to talk about the details of our results in the quarter, and then we'll take your questions.

我將把電話轉給克里斯汀，談談我們本季度業績的細節，然後我們會回答你的問題。

Christine?

克里斯汀?

Thanks, Bob, and good afternoon, everyone.

謝謝，鮑勃，大家下午好。

Excluding certain items affecting comparability, most notably a onetime $1.6 billion benefit associated with tax reform, earnings per share for the first fiscal quarter were up 22% to $1.89.

排除影響可比性的某些項目，最值得注意的是與稅收改革相關的一次性 16 億美元收益，第一財季每股收益增長 22% 至 1.89 美元。

This $1.89 includes a $0.22 benefit from a lower federal tax rate in fiscal 2018.

這 1.89 美元包括 2018 財年較低的聯邦稅率帶來的 0.22 美元收益。

Given our September fiscal year-end, our fiscal 2018 federal tax rate is 24.5%.

鑑於我們 9 月的財政年度結束，我們 2018 財年的聯邦稅率為 24.5%。

Turning to segment results.

轉向細分結果。

Parks and Resorts delivered another strong quarter of financial performance.

Parks and Resorts 實現了又一個強勁的季度財務業績。

Operating income increased 21% due to growth at our domestic operations and Disneyland Paris.

由於我們的國內業務和巴黎迪士尼樂園的增長，營業收入增長了 21%。

I'll note the year-over-year growth reflects the unfavorable impact of Hurricane Matthew and a dry-dock at Disney Cruise Line during Q1 last year.

我會注意到，同比增長反映了去年第一季度颶風馬修和迪士尼遊輪公司幹船塢的不利影響。

At our domestic operations, operating income was up 18% over prior year, driven by higher results at domestic Parks and Resorts and growth at Disney Cruise Line and Disney Vacation Club.

在我們的國內業務中，營業收入比去年增長了 18%，這得益於國內公園和度假村的業績增長以及迪士尼郵輪公司和迪士尼度假俱樂部的增長。

Attendance at our domestic parks was up 6% in the quarter as Pandora - The World of Avatar contributed to record attendance at Disney's Animal Kingdom and Walt Disney World overall, and Guardians of the Galaxy - Mission: BREAKOUT!

本季度，我們國內公園的遊客人數增長了 6%，因為潘多拉 - 阿凡達世界為迪士尼動物王國和沃爾特迪斯尼世界的整體遊客人數以及銀河護衛隊 - 使命：突破！

contributed to higher attendance at Disneyland Resort.

有助於提高迪士尼樂園度假區的出勤率。

Per capita spending was up 7% on higher admissions, food and beverage and merchandise spending.

由於入學、餐飲和商品支出增加，人均支出增長了 7%。

Per room spending at our domestic hotels was up 6%, and occupancy was comparable to last year at 91%.

我們國內酒店的每間客房支出增長了 6%，入住率與去年相當，為 91%。

So far this quarter, domestic resort reservations are pacing up 3% compared to prior year despite reduced room inventory due to conversions and ongoing room refurbishments.

本季度到目前為止，儘管由於轉換和正在進行的房間翻新導致房間庫存減少，但國內度假村的預訂量與去年同期相比增長了 3%。

Booked rates are pacing up 13%, which reflects our strategy of improving the guest experience through better load-balancing of attendance throughout the year as well as the benefit of one week of the Easter holiday falling in Q2 this year, whereas the 2-week holiday period fell entirely in Q3 last year.

預訂率正以 13% 的速度增長，這反映了我們通過全年更好地平衡出勤率來改善客戶體驗的策略，以及今年第二季度復活節假期的一周下降，而 2 週去年第三季度假期完全下降。

We estimate the timing of the Easter holiday period will shift approximately $35 million in operating income from Q3 to Q2.

我們估計復活節假期的時間安排將使大約 3500 萬美元的營業收入從第三季度轉移到第二季度。

This benefit will be partially offset by the impact of a 14-day dry-dock of the Disney Magic, which will adversely affect Disney Cruise Line's operating income by about $20 million.

這一收益將被迪士尼魔術號為期 14 天的干船塢的影響部分抵消，這將對迪士尼郵輪公司的營業收入產生約 2000 萬美元的不利影響。

I'll also note, Disneyland Paris continued to benefit from the resort's 25th anniversary celebration, which drove higher attendance, guest spending and hotel occupancy.

我還要指出，巴黎迪士尼樂園繼續受益於度假村的 25 週年慶典，這推動了更高的出勤率、客人消費和酒店入住率。

The resort set a new Q1 record in revenue and has now been profitable for the last 3 quarters, so we are very pleased with the progress we're making there.

該度假村創造了新的第一季度收入記錄，並且在過去 3 個季度已經實現盈利，因此我們對我們在那裡取得的進展感到非常滿意。

Total segment operating income margin was 26.1%, up 170 basis points compared to Q1 last year and represents the highest quarterly margin for the segment since 2004, when we began consolidating our international parks.

分部總營業利潤率為 26.1%，比去年第一季度增長 170 個基點，是自 2004 年我們開始整合國際園區以來該分部的最高季度利潤率。

At Media Networks, operating income declined during the first quarter primarily due to lower results at Broadcasting and lower equity income.

在 Media Networks，第一季度的營業收入下降主要是由於廣播業務的業績下降和股權收入下降。

At Broadcasting, we continued to see nice double-digit growth in affiliate revenue.

在廣播，我們繼續看到會員收入的兩位數增長。

However, that was more than offset by lower advertising revenue, higher programming cost and lower operating income from program sales.

然而，這被較低的廣告收入、較高的節目成本和較低的節目銷售營業收入所抵消。

The year-over-year decline in advertising revenue reflects lower political advertising at our owned stations and lower ad revenue at the ABC Network, where higher rates were offset by a decline in impressions.

廣告收入同比下降反映了我們自有電台的政治廣告減少和 ABC 網絡的廣告收入減少，較高的費率被展示次數的下降所抵消。

Quarter-to-date, primetime scatter pricing at the ABC Network is running 30% above upfront levels.

迄今為止，ABC 網絡的黃金時段分散定價比前期水平高出 30%。

Equity income was lower in the quarter due to higher losses at Hulu and lower income at A+

由於 Hulu 的虧損較高和 A+ 的收入較低，本季度的股票收入較低

E Television Networks, partially offset by the absence of equity losses from our investment in BAMTech.

E 電視網絡，部分被我們對 BAMTech 投資的股權損失所抵消。

I'll note that due to our increased stake in BAMTech, BAMTech's results are now consolidated within Cable Networks.

我會注意到，由於我們增加了 BAMTech 的股份，BAMTech 的結果現在併入了 Cable Networks。

At Cable, growth at Disney Channels and Freeform was offset by losses at BAMTech and lower results at ESPN.

在有線電視公司，迪士尼頻道和 Freeform 的增長被 BAMTech 的虧損和 ESPN 的業績下滑所抵消。

At ESPN, growth in affiliate revenue and lower programming expenses were offset by lower advertising revenue.

在 ESPN，聯盟收入的增長和較低的節目費用被較低的廣告收入所抵消。

Lower programming expense was primarily driven by the timing of the 2 College Football Playoff semifinal bowl games, which shifted out of Q1 this year into Q2, partially offset by contractual rate increases for college sports and NFL programming.

較低的節目費用主要是由於 2 場大學橄欖球季后賽半決賽碗比賽的時間安排，該比賽從今年第一季度轉移到第二季度，部分被大學體育和 NFL 節目的合同費率增加所抵消。

Ad revenue at ESPN was down 11% in the quarter, reflecting a decrease in impressions and lower rates, which were adversely impacted by the timing of the College Football Playoff semifinal bowl games.

ESPN 的廣告收入在本季度下降了 11%，這反映了展示次數的減少和較低的費率，這受到了大學橄欖球季后賽半決賽碗賽時間的不利影響。

Like last year, ESPN aired 3 of the New Year's 6 bowl games during the first quarter.

與去年一樣，ESPN 在第一季度播出了新年 6 場碗比賽中的 3 場。

However, this year, the 2 semifinal games aired during the second quarter.

然而，今年，兩場半決賽在第二季度播出。

We estimate Q1 ad revenue was down 7%, excluding the impact of the 2 semifinal bowl games shifting into Q2 this year.

我們估計第一季度的廣告收入下降了 7%，不包括今年第二季度的 2 場半決賽碗比賽的影響。

So far this quarter, ESPN's cash ad sales pacing is comparable to last year and reflects the timing benefit of the 2 semifinal ballgames.

本季度到目前為止，ESPN 的現金廣告銷售節奏與去年相當，反映了兩場半決賽的時間優勢。

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

由於有線電視和廣播業務的增長，本季度媒體網絡附屬公司總收入增長了 4%。

Higher 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.

較高的會員收入是由較高的費率導致的 7 個增長點推動的，部分被由於訂戶減少導致的約 3 個點的下降所抵消。

At the studio, first quarter results were modestly lower compared to last year as growth in theatrical distribution was offset by lower operating income in our home entertainment and television distribution businesses.

在演播室，第一季度的業績與去年相比略有下降，因為影院發行的增長被我們家庭娛樂和電視發行業務的較低營業收入所抵消。

Our theatrical business had another solid quarter due to the strong performances of Star Wars: The Last Jedi, Thor: Ragnarok and Coco.

由於《星球大戰：最後的絕地武士》、《雷神3：諸神黃昏》和《可可》的強勁表現，我們的戲劇業務又迎來了一個穩健的季度。

Star Wars: The Last Jedi is our third Star Wars film, and through today, these 3 films have collectively generated over $4.4 billion in global box office.

《星球大戰：最後的絕地武士》是我們的第三部星球大戰電影，到今天為止，這三部電影的全球票房總收入超過 44 億美元。

Lower home entertainment operating income reflects lower unit sales, driven by the strong performance of Finding Dory last year compared to Cars 3 in Q1 this year.

與今年第一季度的《汽車總動員 3》相比，去年《海底總動員》的強勁表現推動了家庭娛樂營業收入的下降反映了單位銷售額的下降。

Lower television distribution results were primarily due to a decrease in pay television, driven by the domestic availability of 2 key titles in Q1 last year, Captain America: Civil War and Jungle Book, compared to one key title, Guardians of the Galaxy Vol.

較低的電視發行結果主要是由於付費電視的減少，這是由於去年第一季度在國內發行了 2 個主要標題美國隊長：內戰和叢林之書，而其中一個主要標題是銀河護衛隊卷。

2, in Q1 this year.

2、今年Q1。

At Consumer Products & Interactive Media, lower segment operating income in the quarter was driven by a decrease in merchandise licensing, partially offset by growth in our games business due to the performance of Star Wars Battlefront II.

在消費品和互動媒體，本季度營業收入下降的原因是商品授權減少，但部分被星球大戰前線 II 的表現導致我們的遊戲業務增長所抵消。

During the first quarter, we repurchased 12.8 million shares for $1.3 billion.

第一季度，我們以 13 億美元回購了 1280 萬股股票。

And year-to-date, we've repurchased 17.6 million shares for approximately $1.8 billion.

年初至今，我們以約 18 億美元的價格回購了 1760 萬股股票。

Earlier, I quantified 2 impacts of tax reform to our Q1 results: first, the $1.6 billion onetime net benefit, driven primarily by the revaluation of our deferred tax liability; and second, a $0.22 benefit in the quarter due to the lower statutory rate.

早些時候，我量化了稅制改革對我們第一季度業績的兩個影響：首先，16 億美元的一次性淨收益，主要是由我們的遞延所得稅負債的重估推動的；其次，由於法定稅率較低，本季度可獲得 0.22 美元的收益。

As I mentioned earlier, our applicable federal statutory tax rate is 24.5% for fiscal 2018.

正如我之前提到的，我們適用的 2018 財年聯邦法定稅率為 24.5%。

For future years, the federal tax rate will be 21%.

未來幾年，聯邦稅率將為 21%。

In recent years, our effective tax rate has closely mirrored the statutory rate, and we continue to expect that to be the case going forward.

近年來，我們的有效稅率與法定稅率密切相關，我們繼續預計未來會如此。

As we look to the second quarter, there are a few factors I'd like to highlight that will influence Q2 comparisons.

當我們展望第二季度時，我想強調一些會影響第二季度比較的因素。

We expect cable expense growth to be up mid-teens, reflecting the consolidation of BAMTech and higher programming expenses at ESPN primarily due to the timing of the College Football semifinal games.

我們預計有線電視費用增長將達到十幾歲，這反映了 BAMTech 的整合和 ESPN 的節目費用增加，主要是由於大學橄欖球半決賽的時間安排。

There is no change in our full year cable expense growth forecast of high single digits, driven by BAMTech, and up low single digits on a comparable basis.

在 BAMTech 的推動下，我們對高個位數的全年電纜費用增長預測沒有變化，而在可比基礎上則為低個位數。

At Broadcasting, results will reflect a $55 million decline in operating income from program sales due largely to the timing of the domestic SVOD in international sales.

在廣播公司，業績將反映節目銷售的營業收入下降 5500 萬美元，這主要是由於國內 SVOD 在國際銷售中的時機。

At the studio, I'll remind you we had a very strong second quarter last year due to the performance of Beauty and the Beast and the carryover performance of Rogue One and Moana.

在工作室，我要提醒你，由於《美女與野獸》的表現以及《俠盜一號》和《莫阿娜》的延續表現，我們去年第二季度的表現非常強勁。

We also have 2 releases this quarter versus 1 in the prior year, which will drive higher marketing expenses.

本季度我們也發布了 2 個版本，而去年為 1 個，這將推動更高的營銷費用。

So while we are excited about the release of Black Panther and A Wrinkle in Time, these factors create a very difficult comparison at Studio Entertainment.

因此，雖然我們對 Black Panther 和 A Wrinkle in Time 的發行感到興奮，但這些因素在 Studio Entertainment 造成了非常困難的比較。

And finally, last month, we announced a onetime bonus to 125,000 cast members.

最後，上個月，我們宣布向 125,000 名演員發放一次性獎金。

We expect roughly half of the forecasted expense or about $55 million to fall in the second quarter, with roughly $40 million recorded at Parks and Resorts.

我們預計第二季度預計支出的大約一半或約 5500 萬美元將下降，其中公園和度假村的記錄約為 4000 萬美元。

And with that, I'll now turn the call over to Lowell for Q&A.

有了這個，我現在將把電話轉給 Lowell 進行問答。

All right.

好的。

Thanks, Christine.

謝謝，克里斯汀。

Once again, I want to apologize for the late start.

再次，我想為遲到的開始道歉。

We had an issue with our vendor's network, and I think that's why some of you had difficulty dialing in.

我們的供應商網絡有問題，我認為這就是你們中的一些人難以撥入的原因。

We're glad you're now with us.

我們很高興你現在和我們在一起。

And with that, operator, we're ready for the first question.

有了這個，接線員，我們準備好回答第一個問題了。

Our first question comes from Ben Swinburne with Morgan Stanley.

我們的第一個問題來自摩根士丹利的 Ben Swinburne。

Bob, could you talk a little bit more about the ESPN product coming to market?

Bob，你能多談談即將上市的 ESPN 產品嗎？

Particularly, what are you doing behind the scenes on the technology side and in terms of personalization to really change what the consumer experiences?

特別是，您在技術方面和個性化方面做了哪些幕後工作，以真正改變消費者的體驗？

And how does that translate eventually to the large screen?

這最終如何轉化為大屏幕？

You talked about a mobile UI.

你談到了移動用戶界面。

But obviously, sitting back on the couch and watching live events on a large screen is a big part of the sports experience.

但顯然，坐在沙發上，在大屏幕上觀看現場賽事是體育體驗的重要組成部分。

So is this also being built to grow and be engaged with on the big screen?

那麼這也是為了在大屏幕上成長和參與而建立的嗎？

And then, Christine, just if I could come back to tax for a second.

然後，克莉絲汀，如果我能再回來納稅一下。

Do you have any guidance for us on cash taxes?

您對我們的現金稅有什麼指導嗎？

And I'm wondering, in particular, whether your capital spending will qualify for accelerated depreciation, particularly at the parks, given the changes in the tax law.

我特別想知道，鑑於稅法的變化，您的資本支出是否有資格加速折舊，尤其是在公園。

So the technological guts behind the entire ESPN online or app experience is being completely redone.

因此，整個 ESPN 在線或應用體驗背後的技術核心正在被徹底重做。

And so the app that we are launching sometime this spring, we didn't give a specific date, will be a completely new app.

所以我們今年春天某個時候推出的應用程序，我們沒有給出具體的日期，將是一個全新的應用程序。

The app itself will have 3 primary features, as I've been saying, but I'll go over them one more time because I want to drill down on a couple of them.

正如我一直在說的那樣，該應用程序本身將具有 3 個主要功能，但我會再介紹一次，因為我想深入研究其中的幾個。

The first is the obvious.

第一個是顯而易見的。

It will have tons of scores and highlights and news stories about sports.

它將有大量關於體育的分數、亮點和新聞報導。

And that will be highly personalized, both implicit and explicit.

這將是高度個性化的，無論是隱含的還是明確的。

So it's going to use the BAMTech engine, data collection, data management and all of the bells and whistles from a personalization/customization perspective that, that can provide.

因此，它將使用 BAMTech 引擎、數據收集、數據管理和所有可以提供的個性化/定制角度的花里胡哨。

That will, by the way, be evidenced in both video as well as in the, basically, the written word that's presented, the stories that are presented, customizable, obviously, by teams, by locations, by general interest.

順便說一句，這將在視頻以及基本上呈現的書面文字，呈現的故事中得到證明，顯然是按團隊，按地點，按普遍興趣定制的。

But also, the, basically, machine learning elements of it will enable the app to determine what someone is interested in and feed them more of that as they use the app more.

而且，基本上，它的機器學習元素將使該應用程序能夠確定某人對什麼感興趣，並在他們更多地使用該應用程序時為他們提供更多信息。

The second feature is live streaming of the networks themselves.

第二個功能是網絡本身的實時流媒體。

That's under authenticated circumstances.

那是在經過驗證的情況下。

And so if you are a subscriber to an existing service or if you want to subscribe in the future, you'll be able to use that to stream ESPN1, ESPN2, ESPNU, et cetera.

因此，如果您是現有服務的訂閱者，或者如果您想在未來訂閱，您將能夠使用它來流式傳輸 ESPN1、ESPN2、ESPNU 等。

There, if you want to watch it on a small screen, a mobile screen, obviously, the app will provide that.

在那裡，如果你想在一個小屏幕上觀看它，一個移動屏幕，顯然，該應用程序將提供。

The watch app today does that, but you can also, as you know, use a variety of different devices.

今天的手錶應用程序可以做到這一點，但如您所知，您也可以使用各種不同的設備。

I happen to use Apple TV or I AirPlay.

我碰巧使用 Apple TV 或 AirPlay。

I use Apple TV to access the app, but you can also AirPlay it directly from your mobile device to a large television.

我使用 Apple TV 訪問該應用程序，但您也可以將其直接從移動設備 AirPlay 到大電視。

And then, of course, the third feature is going to be this Plus feature.

然後，當然，第三個功能將是這個 Plus 功能。

We're actually calling it ESPN Plus because it's offering an incremental thousands of hours of live sports programming, basically, to the ESPN experience.

我們實際上將其稱為 ESPN Plus，因為它基本上為 ESPN 體驗提供了數千小時的直播體育節目。

And then in addition to that, that will be the home of the 30 for 30 series.

除此之外，這將是 30 for 30 系列的所在地。

The entire library of 30 for 30 product will be on there.

30 for 30 產品的整個圖書館將在那裡。

We'll continue to invest in original and exclusive content just for the app.

我們將繼續為該應用投資原創和獨家內容。

So it's a 3-in-1, completely new experience, new technology, and it will basically enable people to access ESPN just about any way imaginable.

所以這是一種三合一、全新的體驗、新技術，它基本上可以讓人們以任何可以想像的方式訪問 ESPN。

And we're not only excited about it, but if anything points to what the future of ESPN looks like, it will be this app and the experience that it provides.

我們不僅對此感到興奮，而且如果有任何跡象表明 ESPN 的未來會是什麼樣子，那就是這個應用程序及其提供的體驗。

Okay, Ben, on your question regarding cash taxes, in the last few years, our cash taxes have generally been a little lower than our book taxes, and we expect the cash taxes to continue to be somewhat lower than book taxes over the next few years.

好的，本，關於您關於現金稅的問題，在過去幾年中，我們的現金稅通常略低於我們的賬面稅，我們預計未來幾年現金稅將繼續低於賬面稅年。

And that's due in part to the accelerated cost recovery of U.S. investments, the most significant of which would be in our parks and also for film and television production.

這部分是由於美國投資的成本回收加速，其中最重要的將是我們的公園以及電影和電視製作。

And I just want to point out that, that accelerated cost recovery is set to phase out after 5 years.

我只想指出，加速成本回收將在 5 年後逐步淘汰。

Most of our domestic parks assets will be eligible for full expensing at the time they go into service.

我們的大部分國內公園資產在投入使用時將有資格獲得全額費用。

Our next question comes from Michael Nathanson with Moffett.

我們的下一個問題來自 Michael Nathanson 和 Moffett。

Bob, I have 2 for you.

鮑勃，我有兩個給你。

One is, could you talk a bit, now that BAMTech is integrated into Disney, how is it being run?

一個是，你能不能說一下，現在BAMTech被整合到迪士尼，它是如何運行的？

Is this a separate division that kind of sets OTT strategy?

這是一個單獨的部門來製定 OTT 戰略嗎？

Or is it integrating to Media Networks, where the strategy is set by maybe operating divisions?

或者它是否整合到媒體網絡中，戰略可能由運營部門製定？

And does that change when you acquire Fox?

當你收購 Fox 時，情況會改變嗎？

And secondly, when you talk about Lucasfilm acquiring -- hiring Benioff and Weiss, who have an amazing track record, why not focus that energy on making a serialized drama that maybe works better for SVOD and builds value over time versus films?

其次，當你談到收購盧卡斯影業時——僱傭有著驚人記錄的貝尼奧夫和韋斯，為什麼不把精力集中在製作一部可能更適合 SVOD 並隨著時間推移比電影更有價值的連續劇呢？

How do you think about the allocation of their talent versus film versus TV?

您如何看待他們的人才與電影與電視的分配？

BAMTech is part of our Media Networks because it's Media Networks that BAMTech is primarily providing services to.

BAMTech 是我們媒體網絡的一部分，因為 BAMTech 主要向媒體網絡提供服務。

And so it will power a number of different sort of go-to-consumer experiences.

因此，它將為許多不同類型的面向消費者的體驗提供動力。

And I can't really say what we will do post regulatory approval on the Fox acquisition.

我真的不能說在監管部門批准福克斯收購後我們會做什麼。

We're looking at a number of different organizational opportunities in terms of how we structure.

根據我們的結構，我們正在研究許多不同的組織機會。

Clearly, we're interested in some form of conformity when it comes to technology.

顯然，當涉及到技術時，我們對某種形式的一致性感興趣。

When I mean conformity, I just mean basically being more efficient, being more consistent and using basically our best talent and the best technology that we have across as many businesses as possible.

當我指的是一致性時，我的意思是基本上更高效、更一致，並基本上使用我們在盡可能多的企業中擁有的最好的人才和最好的技術。

In terms of how the product is actually created, BAMTech largely is responsible for the technological underpinning on audience management, to some extent, some sales as well because they have a lot of experience not just in how to create these experiences but also collecting user data, managing customer acquisition, customer retention, billing and then all the necessary dynamics or technology needed for far more dynamic advertising opportunities and experiences.

就產品的實際創建方式而言，BAMTech 主要負責受眾管理的技術基礎，在某種程度上還負責一些銷售，因為他們不僅在如何創建這些體驗方面擁有豐富的經驗，而且在收集用戶數據方面也有很多經驗。 ，管理客戶獲取、客戶保留、計費，然後是更多動態廣告機會和體驗所需的所有必要動態或技術。

And so the editorial side of ESPN will still flow through ESPN, work in conjunction with BAMTech.

因此 ESPN 的編輯部分仍將通過 ESPN 與 BAMTech 合作。

But the technology side is largely BAMTech's responsibility.

但技術方面主要是 BAMTech 的責任。

On the Lucasfilm question you asked and Benioff and Weiss, their interest was in creating a series of films that are Star Wars-based.

關於你問的盧卡斯影業問題以及貝尼奧夫和韋斯，他們的興趣是創作一系列以星球大戰為基礎的電影。

And we've actually been talking to them for a long time.

我們實際上已經與他們交談了很長時間。

To my knowledge, they didn't express interest in creating a series.

據我所知，他們並沒有表現出創作系列的興趣。

So what they have an idea about, a number of films, and at some later date, I'm sure we'll disclose to all of you just what those are.

所以他們對一些電影有什麼想法，在以後的某個時間，我相信我們會向你們所有人透露這些是什麼。

They're focused on a point in time in the Star Wars mythology and taking it from there.

他們專注於星球大戰神話中的一個時間點，並從那裡拿走它。

We are developing not just one but a few Star Wars series specifically for the Disney direct-to-consumer app.

我們正在為迪士尼直接面向消費者的應用程序開發不僅僅是一個，而是幾個星球大戰系列。

We've mentioned that, and we're close to being able to reveal at least one of the entities that's developing that for us.

我們已經提到了這一點，並且我們即將能夠揭示至少一個正在為我們開發它的實體。

But because the deal isn't completely closed, we can't be specific about that.

但由於交易尚未完全完成，我們無法具體說明這一點。

But we're pleased with the level of interest among the creative community in creating not just Star Wars but other series for this Disney app.

但我們很高興創意社區對這個迪士尼應用程序不僅製作星球大戰而且製作其他系列的興趣程度。

And I think you'll find that the level of talent that will be on the, if you call it, television front will be rather significant as well.

而且我認為你會發現，如果你稱之為電視前沿的人才水平也將相當重要。

Our next question comes from Jessica Reif with Bank of America.

我們的下一個問題來自美國銀行的 Jessica Reif。

So just a couple.

所以只是一對。

First, Bob, you kind of alluded to some of the positives of Fox besides the cost that you guys outlined in the past.

首先，鮑勃，除了你們過去概述的成本之外，你還提到了福克斯的一些積極因素。

Could you talk about how you're thinking about some of the revenue benefits from integrating Fox, particularly on the production side?

您能否談談您如何看待整合 Fox 帶來的一些收入收益，尤其是在製作方面？

And then on the Theme Parks side, can you give us any color on Toy Story Lands, how big it will be, meaning number of attractions, rides?

然後在主題公園方面，你能告訴我們玩具總動員樂園的顏色嗎？它有多大，意味著景點的數量、遊樂設施的數量？

And would you think of it the way -- in terms of impact, the way Cars Land or Pandora impacted?

你會這樣想嗎——就影響而言，《汽車之城》或《潘多拉》的影響方式？

Like lower attended gates, will it even out attendance?

就像較低的出勤率一樣，它會超出出勤率嗎？

How do you -- how are you thinking about it?

你怎麼——你怎麼想的？

I'll start with the second part.

我將從第二部分開始。

We're building 2 Toy Story Lands.

我們正在建造 2 個玩具總動員樂園。

One will open in late April in Shanghai.

一家將於 4 月下旬在上海開業。

We broke ground on that, I think, actually, before we actually opened Shanghai.

我們在這方面破土動工，我想，實際上，在我們真正開設上海之前。

And the other one is being built in Orlando, and that will be open some point later this year, but we have not announced the date.

另一個正在奧蘭多建造，將於今年晚些時候開放，但我們尚未宣布日期。

And they are both large lands.

它們都是大地。

They're not as large as the Star Wars Lands that we're building.

它們沒有我們正在建造的星球大戰大陸那麼大。

I'm not 100% sure how they compare in size to Cars Land, but they all will have multiple attractions and other experiences.

我不是 100% 確定它們的大小與 Cars Land 相比如何，但它們都會有多個景點和其他體驗。

And given the fact that, that franchise is still quite popular and we're making a fourth Toy Story film that comes out in 2019, we feel good about it.

考慮到這個系列仍然很受歡迎，我們正在製作第四部《玩具總動員》電影，將於 2019 年上映，我們對此感覺很好。

They're large in size, 10 acres, I'm being told, versus 13 acres for Cars Land.

我被告知，它們的面積很大，有 10 英畝，而 Cars Land 有 13 英畝。

So they're not quite as large, but they're large enough.

所以它們沒有那麼大，但它們足夠大。

We feel good about that.

我們對此感覺良好。

And they'll have very, very distinct IP from Toy Story.

他們將擁有與《玩具總動員》截然不同的 IP。

So in other words, people will know exactly what the experience is going to be.

所以換句話說，人們會確切地知道體驗會是什麼。

We basically immerse you in a toy world.

我們基本上讓您沉浸在玩具世界中。

Your first question, I think the way to look at the revenue opportunities particularly as it relates to production is to consider the fact that what we're buying here is significant production capabilities and, with that, the talent to produce on our behalf.

你的第一個問題，我認為查看收入機會的方法，尤其是與生產相關的收入機會是考慮這樣一個事實，即我們在這裡購買的是重要的生產能力，以及代表我們生產的人才。

The production or the output that we're buying from those entities will flow through our studio in both the tentpole movie direction but also in the, well, call it, specialty movie direction.

我們從這些實體購買的製作或輸出將流經我們的工作室，既可以用於觸角電影方向，也可以流向，嗯，稱之為專業電影方向。

The Fox 2000 and Fox Searchlight businesses as a for instance.

例如，Fox 2000 和 Fox Searchlight 業務。

And there's also capability there to make films for direct-to-consumer experiences.

那裡也有能力為直接面向消費者的體驗製作電影。

In addition to that, Fox has had significant success on the television studio front, Modern Family, This is Us, 2 very specific examples of that, as well as on the FX studio front, where they produce a number of the series that are on FX.

除此之外，福克斯在電視演播室方面取得了重大成功，摩登家庭，這就是我們，兩個非常具體的例子，以及在 FX 演播室方面，他們製作了一些正在播出的系列外匯。

And so we will, as a company, when combined, have far more production and, obviously, production capability to flow into our traditional distribution businesses, that being TV channels and the motion picture exhibition business as well as the capability to create product for our direct-to-consumer businesses.

因此，作為一家公司，合併後，我們將擁有更多的生產能力，顯然，生產能力將流入我們的傳統發行業務，即電視頻道和電影放映業務，以及為我們的產品創造產品的能力。直接面向消費者的業務。

And we're really -- and this, I think, needs to be considered on a global basis.

我們真的 - 我認為，這需要在全球範圍內考慮。

So this, obviously, has application well beyond just domestic consumption or domestic distribution platforms.

因此，很明顯，它的應用範圍遠遠超出了國內消費或國內分銷平台。

Our next question comes from Alexia Quadrani with JPMorgan.

我們的下一個問題來自摩根大通的 Alexia Quadrani。

Bob, just on the studio, I mean, you guys have been such a standout in the box office these past few years, and the pipeline continues to look so strong given the tracking early reviews of Black Panther.

鮑勃，就在演播室，我的意思是，在過去的幾年裡，你們在票房上一直很出色，而且考慮到對《黑豹》的早期評論，這個管道看起來仍然很強大。

I guess how should we think about the value of the studio output deal in terms of a differentiator or driver for the Disney streaming when you launch in '19?

我想當你在 19 年推出時，我們應該如何考慮工作室輸出交易的價值，即迪士尼流媒體的差異化因素或驅動因素？

And does that become even more meaningful as the home entertainment window continues to wane?

隨著家庭娛樂窗口的持續減少，這是否變得更有意義？

And then, Christine, just a follow-up.

然後，克里斯汀，只是一個跟進。

Last quarter, I believe you said you expect Hulu to be about $100 million worse in fiscal '18 than last year.

上個季度，我相信您說過，您預計 Hulu 在 18 財年將比去年差 1 億美元。

Is that still a good number to use?

這仍然是一個很好的數字嗎？

So Alexia, as you know, the Netflix deal -- the Netflix output deal expires with the '18 slate.

所以，正如你所知，Alexia 與 Netflix 的交易——Netflix 的輸出交易將在 18 年時到期。

They will have rights to the films that were made in '16, '17, '18 for quite a long period of time thereafter, with a window for us to use them ourselves that falls within the period of time or the tail that they'll have those rights.

他們將在此後相當長的一段時間內擁有 16 年、17 年、18 年製作的電影的權利，並有一個窗口供我們自己使用它們在時間段內或他們的尾巴。將擁有這些權利。

The films that our studio makes in 2019 and beyond will be self-licensed or licensed to our own platform, and that will include the Marvel, Pixar, Disney and Lucasfilm films.

我們工作室在 2019 年及以後製作的電影將自行授權或授權給我們自己的平台，其中包括漫威、皮克斯、迪士尼和盧卡斯影業的電影。

And we'll talk at a later date about our intentions regarding the Fox studio output, but obviously, Hulu is a possibility in that regard, but they have an existing deal, output deal already with HBO that will last longer than, by a few years, the deal that we have with Netflix.

我們將在稍後討論我們對福克斯工作室輸出的意圖，但顯然，Hulu 在這方面是可能的，但他們已經與 HBO 達成了現有協議，輸出協議將持續更長的時間。年，我們與 Netflix 達成的協議。

But it's ultimately our intention, and this acquisition clearly will enable this even more, to create and to ultimately grow a global direct-to-consumer business that will take advantage of the production output that the combined companies will have, whether it's on the television side or on the network side.

但這最終是我們的意圖，這次收購顯然將進一步推動這一點，創造並最終發展一個全球直接面向消費者的業務，該業務將利用合併後公司將擁有的生產產出，無論是在電視上側或網絡側。

And we fully hope to actually expand our production of intellectual property under those different umbrellas, studio and television, to feed multiple channels and, in particular, direct-to-consumer businesses that we own.

我們完全希望在這些不同的保護傘、工作室和電視下實際擴大我們的知識產權生產，以支持多個渠道，特別是我們擁有的直接面向消費者的業務。

Alexia, thanks for the question on Hulu.

Alexia，感謝關於 Hulu 的問題。

You're right that we said at our November year-end call that we expected Hulu to come up with about a $100 million greater loss year-over-year.

你說得對，我們在 11 月的年終電話會議上說，我們預計 Hulu 的虧損將同比增加約 1 億美元。

And we now expect that equity loss for the year to be approximately $250 million higher than last year.

我們現在預計今年的股權損失將比去年高出約 2.5 億美元。

And the best way to think about that, how it's going to fall, you can expect about 1/3 of that to impact our Q2 results.

考慮這一點的最佳方式，它會如何下降，你可以預期其中大約 1/3 會影響我們的第二季度業績。

So the increase is largely related to the content licensed from Hulu's equity owners.

因此，這一增長在很大程度上與 Hulu 股權所有者許可的內容有關。

And as one of the equity owners, our portion of these incremental costs will largely be recouped by ABC's program sales as well as affiliate revenues to some of our various networks.

作為股權所有者之一，我們在這些增量成本中的一部分將主要通過 ABC 的節目銷售以及我們一些不同網絡的附屬收入來彌補。

Our next question comes from Todd Juenger with Sanford Bernstein.

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

I'll take my 2 if you'll indulge me.

如果你放縱我，我會帶走我的 2。

This is probably the farthest you've made it through an earnings call in years without somebody asking about pay TV subs.

這可能是您多年來通過財報電話會議取得的最遠距離，而沒有人詢問付費電視訂閱。

So I'm sorry to do this to you.

所以我很抱歉這樣對你。

I really am.

我真的是。

But I have to ask -- it's really just a slight clarification.

但我不得不問——這實際上只是一個輕微的澄清。

Bob, I think you were on CNBC after hours saying -- I think you used the word that maybe industry sub -- or sub losses for you were moderating a bit, I think.

鮑勃，我想你在幾個小時後在 CNBC 上說 - 我認為你使用了這個詞，也許是行業分包 - 或者你的分包損失正在緩和一點，我想。

I don't want to put words in your mouth.

我不想把話放在你嘴裡。

But then, Christine, when you sort of laid out the sub loss, I think you said minus 3% effect on Cable Networks, which is the same as the minus 3% last quarter.

但是，克里斯汀，當你列出子損失時，我想你說的是對有線電視網絡的負 3% 影響，這與上個季度的負 3% 相同。

So I suppose we're just talking about rounding here in terms of a moderation but not enough to change that number.

所以我想我們只是在適度討論四捨五入，但不足以改變這個數字。

Just wanted to confirm that because I think it's still important.

只是想確認一下，因為我認為它仍然很重要。

And the second quick one, Christine, on the parks, you laid out a lot of things going on there, and I appreciate that.

第二個簡短的，克里斯汀，在公園裡，你列出了那裡發生的很多事情，我很感激。

I don't think I heard Shanghai called out.

我想我沒有聽到上海的呼喚。

I apologize if I missed it.

如果我錯過了，我深表歉意。

Would love if you will -- if you did -- if you could just share something on that.

如果你願意 - 如果你願意 - 如果你能分享一些關於它的東西，我會很高興。

How is it -- is revenue up or down?

情況如何——收入是上升還是下降？

Is attendance up or down?

出勤率是上升還是下降？

Is OI up or down?

OI 是上升還是下降？

That sort of thing.

之類的東西。

Anything you can share would be great.

你可以分享的任何東西都會很棒。

Okay.

好的。

First, I'd like to just touch on the subs comments.

首先，我想談談潛艇評論。

So as you noted, we did have growth of 7% from contractual rates and a decrease of 3% in our sub count for the quarter.

正如您所指出的，我們的合同費率確實增長了 7%，而我們本季度的子數據下降了 3%。

And the 3% versus 3% is due to rounding, but I would also say that we did see a modest sequential improvement in Q1, which is the second consecutive quarter that we've seen this trend.

3% 對 3% 是由於四捨五入，但我還要說我們確實在第一季度看到了適度的連續改善，這是我們連續第二個季度看到這種趨勢。

And the growth is being driven by adoption of the digital MVPD platforms.

數字化 MVPD 平台的採用推動了增長。

And just to add to that, Todd, what we're seeing is very encouraging in terms of the digital platforms.

此外，托德，我們所看到的數字平台非常令人鼓舞。

I mentioned on the CNBC interview that we're noticing that people are coming into, basically, the multichannel world or subscribing that were previously considered cord nevers.

我在 CNBC 採訪中提到，我們注意到人們正在進入，基本上，多頻道世界或訂閱以前被認為是有線永遠不會。

Clearly, the lower price, the fewer channels and the more sort of mobile-first and improved, basically, user experience are all having an impact on attracting new consumers.

顯然，價格越低，渠道越少，移動優先和改進，基本上，用戶體驗都對吸引新消費者產生影響。

And we believe the trends in terms of growth in the new over-the-top or digital platforms will continue.

我們相信，新的 OTT 或數字平台的增長趨勢將繼續下去。

And hopefully, they'll continue to offset, because the growth is getting compelling, the losses on the traditional side.

並且希望它們將繼續抵消傳統方面的損失，因為增長越來越引人注目。

On the Shanghai front, there are a few things there.

在上海前線，那裡有一些東西。

We didn't note it, but Shanghai has had just a great year, including some days where they've just had unbelievable records, well over 60,000, I think 65,000, 68,000 in attendance on one day in October.

我們沒有註意到，但上海剛剛度過了美好的一年，包括他們剛剛創造了令人難以置信的記錄的一些日子，超過 60,000 人，我認為 65,000 人，68,000 人在 10 月的一天參加。

And the comparisons to a year ago are relatively similar because we've had just a great year consistently.

與一年前的比較相對相似，因為我們一直都在度過美好的一年。

It was announced in December that we're taking our prices up.

去年 12 月宣布我們將提高價格。

We're actually going to a 3-tier pricing strategy, and that will have some impact on the bottom line going forward, provided attendance continues to be strong, which we fully expect it will.

我們實際上將採用 3 層定價策略，這將對未來的底線產生一些影響，前提是出勤率繼續保持強勁，我們完全預計會如此。

And then we opened Toy Story Land there in late April, April 26, and so that will represent an opportunity in terms of more capacity.

然後我們在 4 月下旬，也就是 4 月 26 日在那裡開設了玩具總動員樂園，因此這將代表更多容量的機會。

And we have on the drawing board a number of other potential expansions.

我們在繪圖板上還有許多其他潛在的擴展。

We've got some discussions underway with our partners there to address some of that in the months and then, of course, the years ahead.

我們已經與那裡的合作夥伴進行了一些討論，以在幾個月內解決其中的一些問題，當然還有未來幾年。

But Shanghai is doing quite well.

但上海做得很好。

And Todd, I'll just add a little bit more of year-over-year comparisons for Shanghai.

還有托德，我將再多加一點上海的同比比較。

And once again, the parks had such a strong quarter.

再一次，公園有如此強勁的季度。

We had so many records in quarterly OI and revenue numbers.

我們在季度 OI 和收入數據方面有如此多的記錄。

Shanghai, not to not pay attention to them, but they, too, had growth.

上海，不是不關注他們，而是他們也有成長。

They had growth in attendance, guest spending, revenue and operating income.

他們的出勤率、客人消費、收入和營業收入都有所增長。

And the new pricing system that Bob referenced does take place on June 6.

Bob 提到的新定價系統確實在 6 月 6 日實施。

Our next question comes from Steven Cahall with Royal Bank of Canada.

我們的下一個問題來自加拿大皇家銀行的 Steven Cahall。

So my question is kind of on how you're going to use some of your incremental cash flow you've got from tax reform, both the rate going down and the accelerated depreciation.

所以我的問題是關於你將如何使用你從稅收改革中獲得的一些增量現金流，包括利率下降和加速折舊。

And you've talked about a couple of billion synergies with the transaction.

你已經談到了交易帶來的數十億的協同效應。

And then Bob, you said you're looking to create and grow a global direct-to-consumer business, and your biggest competitor there just continues to increase the amount of cash they're spending on original content.

然後鮑勃，你說你正在尋求創建和發展全球直接面向消費者的業務，而你最大的競爭對手只是繼續增加他們在原創內容上花費的現金數量。

So when we think about some of the incremental cash that you're going to have at hand, how do you think about -- how many billions of that you need to put back into these direct-to-consumer enterprises to be competitive and to grow at the global scale you want to be at?

因此，當我們考慮您手頭將擁有的一些增量現金時，您會怎麼想——您需要將多少億美元重新投入這些直接面向消費者的企業，以保持競爭力和在您想要的全球範圍內增長？

Well, in the earlier interview that I did on CNBC, I was asked a similar question.

好吧，在我之前在 CNBC 上做的採訪中，我被問到了一個類似的問題。

We've had a real blend in terms of how we've allocated our capital, increased dividends, continued share buybacks.

我們在如何分配資本、增加股息、持續股票回購方面實現了真正的融合。

Actually, we got more aggressive in the last few years.

事實上，我們在過去幾年變得更加激進。

And then investing both in acquisition and in organic growth, Theme Parks being a great example of that with the expansion that we've talked about, not just, by the way, Shanghai but the expansion of every park and resort around the world and then the commitment to build 3 new cruise ships.

然後在收購和有機增長方面進行投資，主題公園就是一個很好的例子，我們談到了擴張，順便說一句，不僅僅是上海，還有世界各地的每個公園和度假村的擴張，然後承諾建造3艘新遊輪。

And that's all benefited us greatly.

這一切都讓我們受益匪淺。

As we look forward, we believe that you'll see a similar blend, except, as I said earlier, too, with the acquisition of Twenty-First Century Fox, I think you can check that box off for a while.

正如我們所期待的那樣，我們相信您會看到類似的混合，除了，正如我之前所說，收購二十一世紀福克斯，我認為您可以暫時取消該框。

I don't think we're going to be in the market looking to acquire for quite a long period of time.

我認為我們不會在很長一段時間內進入市場尋求收購。

In terms of how we might allocate the other capital, I think you have to look at the film and television production as investment in organic growth, and in this case, it will be aimed at growing our presence in direct-to-consumer platforms.

至於我們如何分配其他資本，我認為您必須將影視製作視為對有機增長的投資，在這種情況下，它將旨在擴大我們在直接面向消費者的平台上的影響力。

We have not been specific yet about what incremental spend that will be.

我們還沒有具體說明將會增加多少支出。

I think we were looking to say something more about that around this time of year.

我想我們希望在每年的這個時候就這一點說更多的話。

But since the acquisition of Twenty-First Century Fox, that's going to shift.

但自從收購了二十一世紀福克斯之後，情況就會發生轉變。

And until we get closer to full regulatory approval and, essentially, absorbing those assets, we'll probably -- I'm not likely to say something specific.

在我們接近完全的監管批准並從本質上吸收這些資產之前，我們可能會 - 我不太可能說具體的事情。

What we do have that's very, very interesting that we're quite mindful of as we take these direct-to-consumer properties to market is we have the benefit of these wonderful brands.

我們所擁有的非常非常有趣，當我們將這些直接面向消費者的物業推向市場時，我們非常注意的是，我們受益於這些出色的品牌。

So if you look at the Disney direct-to-consumer product, which is not in the market and you haven't seen it yet, and you consider that it will be populated in terms of product by Disney, Marvel, Pixar, Star Wars product, we have an opportunity to spend more on original product, of course, but not necessarily to go in the volume direction, say, that Netflix has gone because we have this unique brand proposition.

因此，如果您查看尚未上市且尚未看到的迪士尼直接面向消費者的產品，並且您認為它將由迪士尼、漫威、皮克斯、星球大戰的產品組成產品，我們當然有機會在原創產品上花費更多，但不一定要朝著銷量方向發展，比如 Netflix 已經走了，因為我們有這個獨特的品牌主張。

And the demand for those brands, we believe, will give us the ability to spend less on volumes.

我們相信，對這些品牌的需求將使我們能夠減少在銷量上的支出。

Not to suggest that we're going to be low because we obviously are going to need enough critical mass from a product perspective.

並不是說我們會很低，因為從產品的角度來看，我們顯然需要足夠的臨界質量。

But when you go to market with Star Wars movies, Disney movies, Pixar movies, Marvel-branded and branded television shows under those umbrellas, in some cases, using very well-known IP.

但是，當您將星球大戰電影、迪士尼電影、皮克斯電影、漫威品牌和品牌電視節目推向市場時，在某些情況下，它們會使用非常知名的 IP。

We're developing a Monsters series.

我們正在開發怪物系列。

We're developing a High School Musical series.

我們正在開發一個高中音樂劇系列。

We're developing a Star Wars series, just to name a few.

我們正在開發一個星球大戰系列，僅舉幾例。

That will give us the ability to probably spend less than if we had gone to market with a direct-to-consumer service without these brands.

與我們在沒有這些品牌的情況下通過直接面向消費者的服務進入市場時相比，這將使我們能夠花費更少的錢。

Maybe just to follow up with Hulu, just similar question.

也許只是為了跟進 Hulu，只是類似的問題。

Do you feel like -- because that is more of a broader, to use your term, volume platform, is it at the right level of original content or total content spending?

你覺得——因為這更廣泛，使用你的術語，體積平台，它是在原始內容或總內容支出的正確水平上嗎？

Or do you see needing to be more aggressive there as well?

還是您認為那裡也需要更具侵略性？

No, we're a 30% owner of Hulu right now, and we have not chosen to speak on Hulu's behalf on such matters.

不，我們現在是 Hulu 30% 的所有者，我們沒有選擇代表 Hulu 就這些問題發言。

They have been increasing not only the amount of product that they've licensed but the amount of product that they produce and with some considerable success, Handmaid's Tale being one of the most recent example of that.

他們不僅增加了他們獲得許可的產品數量，而且增加了他們生產的產品數量，並取得了相當大的成功，《使女的故事》是最近的例子之一。

So they're ramping up their volume.

所以他們正在增加他們的音量。

They're also packaging the subscription service with a multi -- a subscription SVOD service with a multichannel service, and that product is doing quite well.

他們還將訂閱服務與 multi 打包在一起——訂閱 SVOD 服務與多渠道服務，並且該產品做得很好。

I know they mentioned that they had in excess of 17 million subs, and we're not going to update that.

我知道他們提到他們擁有超過 1700 萬的訂閱者，我們不會對此進行更新。

We'll leave it to their team if and when they choose to do so.

如果他們選擇這樣做，我們將把它留給他們的團隊。

But that will give them the ability to continue to increase volume by going into market with a slightly different set of products, the channels being the differentiator.

但這將使他們能夠通過使用略有不同的產品進入市場來繼續增加銷量，渠道是差異化因素。

There's an opportunity, obviously, when we own more production capability to create more for those platforms, but we don't have anything specific to address at this point.

顯然，當我們擁有更多的生產能力來為這些平台創造更多東西時，這是一個機會，但我們目前沒有任何具體的問題要解決。

Our next question comes from Jason Bazinet with Citigroup.

我們的下一個問題來自花旗集團的 Jason Bazinet。

Just a quick question for Ms. McCarthy.

只是對麥卡錫女士的一個快速問題。

I think your studio historically has been a bit unique in that you don't use cofinancing to de-risk the business.

我認為您的工作室在歷史上有點獨特，因為您不使用聯合融資來降低業務風險。

As you think about the pro forma entity with Fox, have you all made a decision about whether or not you'll continue that practice?

當您考慮與 Fox 的備考實體時，你們是否都已決定是否繼續這種做法？

And if you don't, is there any sort of guidance you can tell us in terms of what the implication might be financially?

如果您不這樣做，您是否可以就財務上的影響告訴我們任何形式的指導？

Well, obviously, we'll honor all deals that the Fox Studios have in place.

好吧，顯然，我們將尊重福克斯工作室的所有交易。

We've made no decision -- this is Bob, not Ms. McCarthy, Jason.

我們還沒有做出決定——這是鮑勃，不是麥卡錫女士，傑森。

We'll assess those deals once the studio is absorbed.

一旦工作室被吸收，我們將評估這些交易。

As a company, we've stayed away from cofinancing for a variety of reasons.

作為一家公司，出於各種原因，我們一直遠離聯合融資。

One, we've had plenty of access to capital at very low cost.

第一，我們以非常低的成本獲得了大量資金。

Secondly, we've always believed that sort of in for a penny, in for a pound in the movie business.

其次，我們一直認為在電影行業中一分錢一磅。

You take risks every time you make a film, but as we've proven in the last probably half a dozen years, there's considerable upside when you make them well, and we don't like sharing upside.

你每次拍電影都要冒險，但正如我們在過去大概六年裡證明的那樣，當你把它們做好時，會有相當大的好處，我們不喜歡分享好處。

So I think probably, more likely than not, that you won't see new deals, but obviously, we will be respectful of and honor deals that are in place.

所以我認為很可能，你不會看到新的交易，但顯然，我們會尊重並尊重現有的交易。

Our next question comes from Marci Ryvicker with Wells Fargo.

我們的下一個問題來自富國銀行的 Marci Ryvicker。

Bob, you mentioned you've started conversations with the regulators as it relates to Twenty-First Century Fox.

鮑勃，你提到你已經開始與監管機構進行對話，因為它與二十一世紀福克斯有關。

So has this changed at all your view on timing of when the deal could close?

那麼，您對交易何時完成的看法是否發生了變化？

And then second question, any update on trends in Consumer Products?

然後是第二個問題，關於消費品趨勢的任何更新？

I know this was a bit of a sore spot due to tough comps, but any comment on potential profitability this fiscal year or any update would be great.

我知道由於艱難的比賽，這有點讓人頭疼，但是任何關於本財年潛在盈利能力的評論或任何更新都會很棒。

We don't really have any update on the regulatory front.

我們在監管方面沒有任何更新。

We're going through the process, which is significant because of the number of jurisdictions that we have to file in and the size and the complexity of this deal.

我們正在經歷這個過程，這很重要，因為我們必須提交的司法管轄區數量以及這筆交易的規模和復雜性。

And as much as we'd love to be at a point where we've gained regulatory approval and we're integrating the companies, we know from the absolute beginning just how patient we have to be in this regard.

儘管我們很想獲得監管部門的批准並且我們正在整合這些公司，但我們從一開始就知道我們在這方面必須有多大的耐心。

So there's nothing to update you on there.

所以那裡沒有什麼可以更新你的。

You want to take the Consumer Products, Christine?

你想拿消費品嗎，克里斯汀？

Yes.

是的。

So in Consumer Products, this quarter, there was -- and we told you about this, that it was going to happen back in November.

因此，在本季度的消費品領域，我們告訴過你，這將在 11 月發生。

But we did have a shift from Q1 into Q2 of the timing of recognition of a minimum guarantee shortfall.

但我們確實從第一季度到第二季度確認了最低擔保缺口的時間。

And the reason that occurred was because of the way the calendar ended.

發生的原因是日曆結束的方式。

The contracts end on the end of the period, which would be 12/31, and our quarter ended on December 30.

合同在該期間結束時結束，即 12/31，我們的季度在 12 月 30 日結束。

So there's a shift from Q1 into Q2, which impacted their operating income this quarter.

因此，從第一季度到第二季度的轉變影響了他們本季度的營業收入。

Also, I just would mention, for 2Q, when you're looking at it, we did have the benefit of some licensee settlements that we called out in our press release last year, so that's going to be a comparability factor in 2Q.

另外，我只想提一下，對於第二季度，當您查看它時，我們確實受益於我們在去年的新聞稿中提到的一些被許可方和解，因此這將成為第二季度的可比性因素。

But getting back to your other question on the business overall, for the balance of the year, we're very confident in our film slate and the associated IP and how it will impact our Consumer Products business.

但回到你關於整個業務的另一個問題，對於今年的剩餘時間，我們對我們的電影片和相關 IP 以及它將如何影響我們的消費品業務非常有信心。

We have Star Wars: The Last Jedi out now.

我們現在有《星球大戰：最後的絕地武士》。

We'll have Solo out in the spring.

我們將在春季推出 Solo。

We have 4 movies: Thor, which has already come out; the other 3, Black Panther, Avengers and Ant-Man and the Wasp.

我們有 4 部電影：已經上映的《雷神》；另外三個，黑豹，復仇者和蟻人與黃蜂女。

And this summer, we also have a highly anticipated Pixar film, Incredibles 2. So all of those things, we think, are going to bode well for the business.

今年夏天，我們還有一部備受期待的皮克斯電影《超人總動員 2》。因此，我們認為，所有這些事情對我們的業務來說都是好兆頭。

I'd also like to mention that Star Wars was the #1 toy franchise over this past holiday period as well.

我還想提一下，在過去的假期裡，《星球大戰》也是排名第一的玩具系列。

It looks like our final question comes from Barton Crockett with B. Riley FBR.

看起來我們的最後一個問題來自 Barton Crockett 和 B. Riley FBR。

I was interested in the ad trend at ESPN, which was a little bit lighter than I was expecting.

我對 ESPN 的廣告趨勢很感興趣，這比我預期的要輕一些。

And you talked about an 11% decline and 7% normalized pacing, flat for the March quarter, I think, including the benefit of the game shift.

你談到了 11% 的下降和 7% 的標準化節奏，我認為與 3 月季度持平，包括遊戲轉變的好處。

And I was just wondering if you could elaborate a little bit on what's going on there.

我只是想知道你是否可以詳細說明那裡發生的事情。

Is that ratings-driven?

這是收視率驅動的嗎？

Or is there some category that's being lost?

還是有一些類別正在丟失？

Is it anything to do with some of the controversy around the NFL?

這與圍繞 NFL 的一些爭議有關嗎？

And what would the normalized kind of pacing be in the March quarter if you adjusted for the games shift like you did in the December quarter?

如果你像在 12 月季度那樣針對遊戲變化進行調整，那麼 3 月季度的標準化節奏會是什麼？

If you adjusted for the games, Barton, the pacing would be down a little bit.

如果你根據比賽進行調整，巴頓，節奏會稍微慢一些。

But right now, Q2 ad sales are comparable to where they were in the prior year.

但現在，第二季度的廣告銷售額與去年同期相當。

One of the factors that's impacting us in the sports marketplace is the Winter Olympics.

在體育市場上影響我們的因素之一是冬季奧運會。

It's obviously driving an increase in sports inventory, and that's one of the factors that's having an adverse impact on our ad sales in Q2.

這顯然推動了體育庫存的增加，這是對我們第二季度的廣告銷售產生不利影響的因素之一。

Okay.

好的。

Thanks, Barton.

謝謝，巴頓。

Thanks, again, everyone for joining us today.

再次感謝大家今天加入我們。

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, including financial estimates and statements as to the expected timing, completion and effects of the proposed transactions, may constitute forward-looking statements under the securities laws.

我還要提醒您，本次電話會議上的某些陳述，包括財務估計和關於擬議交易的預期時間、完成和影響的陳述，可能構成證券法下的前瞻性陳述。

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.

我們根據我們在做出這些陳述時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, other Securities and Exchange Commission filings we make in connection with the proposed transactions and in our other filings with the SEC.

前瞻性陳述受到許多風險和不確定性的影響，實際結果可能與根據各種因素明示或暗示的結果存在重大差異，包括我們的 10-K 表格年度報告中包含的因素、其他證券和我們就擬議交易和我們向美國證券交易委員會提交的其他文件提交的交易委員會文件。

This concludes today's call.

今天的電話會議到此結束。

Have a good afternoon, everyone.

大家下午好。

And thank you, ladies and gentlemen.

謝謝你們，女士們，先生們。

This concludes today's conference call.

今天的電話會議到此結束。

We thank you for participating.

我們感謝您的參與。

You may now disconnect.

您現在可以斷開連接。