迪士尼 (DIS) 2018 Q3 法說會逐字稿

Welcome to the Q3 2018 Walt Disney Company Earnings Conference Call.

歡迎參加 2018 年第 3 季度華特迪士尼公司收益電話會議。

We sincerely apologize for any difficulty you had joining the call today, and we thank you so much for your patience.

對於您今天加入電話會議時遇到的任何困難，我們深表歉意，非常感謝您的耐心等待。

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

我叫 Vanessa，我將是您今天電話的接線員。

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

（操作員說明）請注意，正在錄製此會議。

And I would now turn the call over to your host, Lowell Singer, Senior Vice President of Investor Relations.

我現在將把電話轉給你的主持人，投資者關係高級副總裁 Lowell Singer。

Sir, you may begin.

先生，您可以開始了。

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

下午好，歡迎來到華特迪士尼公司 2018 年第三季度財報電話會議。

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 the webcast and the transcript will also be available on our website.

今天的電話會議也在進行網絡直播，網絡直播和文字記錄也將在我們的網站上提供。

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

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

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

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

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

因此，我將把電話轉給 Bob 開始。

Thanks, Lowell, and good afternoon, everyone.

謝謝，洛厄爾，大家下午好。

Given the events of the last few weeks, I'm going to leave most of the discussion of the quarter to Christine, and focus my comments on the 21st Century Fox acquisition to give you greater insight into the tremendous potential we see across our entire company, including our direct-to-consumer services.

鑑於過去幾週發生的事件，我將把本季度的大部分討論留給克里斯汀，我的評論集中在 21 世紀福克斯的收購上，讓您更深入地了解我們在整個公司看到的巨大潛力，包括我們的直接面向消費者的服務。

We're obviously thrilled with the results of the shareholder votes.

我們顯然對股東投票的結果感到興奮。

We're working to secure the remaining regulatory approvals in a number of international territories.

我們正在努力確保在許多國際地區獲得剩餘的監管批准。

The assets we're buying fit perfectly with our plans to substantially grow our intellectual property portfolio and to bring our products to market in ways the consumers, as well as the creative community, find extremely compelling.

我們正在購買的資產完全符合我們的計劃，即大幅增加我們的知識產權組合，並以消費者和創意社區認為極具吸引力的方式將我們的產品推向市場。

The recent reorganization of our company supports this ambitious vision, in part by allowing the seamless integration of the businesses, brands, franchises and executive and creative talent from 21st Century Fox.

我們公司最近的重組支持了這一雄心勃勃的願景，部分原因是允許無縫整合 21 世紀福克斯的業務、品牌、特許經營權以及執行和創意人才。

We look forward to the opportunities ahead, more confident than ever in our ability to complete this historic acquisition in a timely manner and in our ability to fully leverage these tremendous assets to drive significant shareholder value.

我們期待著未來的機遇，比以往任何時候都更有信心及時完成這一歷史性收購，並有能力充分利用這些巨大的資產來推動重要的股東價值。

It's particularly worth noting that our global growth strategy will be well served by the international properties in the Fox portfolio.

特別值得注意的是，福克斯投資組合中的國際資產將很好地服務於我們的全球增長戰略。

Fox Network Group International's 350 channels reach consumers in 170 countries.

Fox Network Group International 的 350 個頻道覆蓋 170 個國家/地區的消費者。

Star reaches 720 million viewers a month across India and more than 100 other markets.

Star 每月在印度和其他 100 多個市場吸引 7.2 億觀眾。

And as you know, Fox also has a significant stake in Sky, the most successful pay television company in Europe.

如您所知，福克斯還擁有歐洲最成功的付費電視公司 Sky 的大量股份。

The addition of these valuable assets will greatly enhance our position as a global entertainment company with excellent production and distribution businesses in key and emerging markets around the world.

這些寶貴資產的加入將極大地提升我們作為一家在全球主要和新興市場擁有出色製作和發行業務的全球娛樂公司的地位。

On the domestic front, we continue to transform our media businesses to take advantage of new technology as well as the changing consumer trends that are reshaping the media and entertainment landscape.

在國內方面，我們繼續轉變我們的媒體業務，以利用新技術以及正在重塑媒體和娛樂格局的不斷變化的消費趨勢。

As we predicted, smaller digital bundles have become a rapidly growing part of the MVPD universe, and our early decision to make our high-value channels widely available across these new services certainly added to their consumer appeal.

正如我們預測的那樣，較小的數字捆綁包已成為 MVPD 領域中快速增長的一部分，我們早期決定讓我們的高價值渠道在這些新服務中廣泛可用，這無疑增加了它們對消費者的吸引力。

Although the erosion of the expanded basic bundle continues, the impressive growth of these VMVPDs has steadily slowed overall sub losses.

儘管擴展的基本捆綁包的侵蝕仍在繼續，但這些 VMVPD 的驚人增長穩步減緩了整體子損失。

To that end, we've seen noticeable improvement in the rate of sub loss in each of the last 4 quarters.

為此，我們在過去 4 個季度的每個季度都看到了子損失率的顯著改善。

It's also interesting to note that today, more than half of U.S. homes subscribe to streaming services.

同樣有趣的是，今天，超過一半的美國家庭訂閱了流媒體服務。

And on average, they subscribe to 3 different SVOD products.

平均而言，他們訂閱了 3 種不同的 SVOD 產品。

About 80% of those homes also have MVPD subscription of some kind.

這些家庭中約有 80% 還訂閱了某種 MVPD。

Consumers are picking and choosing from all the options in the market to create their own personalized mix of content.

消費者從市場上的所有選項中進行挑選，以創建他們自己的個性化內容組合。

Thus, we continue to move full steam ahead on our direct-to-consumer strategy, empowered by our strategic purchase of BAMTech, which allowed us to enter this dynamic space quickly and effectively.

因此，在我們戰略性收購 BAMTech 的支持下，我們繼續全力推進直接面向消費者的戰略，這使我們能夠快速有效地進入這個充滿活力的領域。

In this era of unprecedented consumer choice, brands matter more than ever, and our incredible portfolio of high-quality, in-demand branded content uniquely positions us to strategically and successfully navigate this increasingly dynamic marketplace.

在這個消費者選擇前所未有的時代，品牌比以往任何時候都更加重要，我們令人難以置信的高質量、按需品牌內容組合使我們能夠在戰略上成功地駕馭這個日益充滿活力的市場。

We have always believed we have the brands and content to be extremely competitive and to thrive alongside Netflix, Amazon and anyone else in the market.

我們始終相信，我們擁有極具競爭力的品牌和內容，能夠與 Netflix、亞馬遜和市場上的任何其他公司一起蓬勃發展。

And adding the Fox brands and creative assets such as Searchlight, FX and National Geographic to Disney, Pixar, Marvel, Lucasfilm and ABC, make our DTC products even more compelling for consumers.

並將 Fox 品牌和創意資產（如 Searchlight、FX 和國家地理）加入 Disney、Pixar、Marvel、Lucasfilm 和 ABC，使我們的 DTC 產品對消費者更具吸引力。

In addition to their recognizable brands and world-class content, we're also gaining access to the talent, originality and creativity that makes them great.

除了他們知名的品牌和世界級的內容，我們還獲得了讓他們變得偉大的人才、原創性和創造力。

These businesses have strong relationships and deep respect within the creative community as well as the proven ability to develop, produce and distribute high-quality content.

這些企業在創意社區中擁有牢固的關係和深切的尊重，並且具有開發、製作和分發高質量內容的成熟能力。

I thought I'd mention some examples.

我想我會提到一些例子。

FX is renowned for great, high-quality television.

FX 以出色的高品質電視而聞名。

It takes bold and impressive creative risks, and it is highly respected for identifying, supporting and nurturing innovative talent.

它冒著大膽而令人印象深刻的創意風險，並因識別、支持和培養創新人才而備受推崇。

Our plan is to provide even more resources to support FX's existing business and to further invest in FX as a brand and as a critical supplier of original content for our DTC platforms.

我們的計劃是提供更多資源來支持 FX 的現有業務，並進一步投資 FX 作為品牌和我們 DTC 平台原創內容的重要供應商。

National Geographic is another tremendous brand built on quality, one that has global reach and cross-generational appeal.

國家地理是另一個以質量為基礎的巨大品牌，具有全球影響力和跨代吸引力。

We also like that its values are vital and relevant to a planet facing environmental challenge.

我們也喜歡它的價值觀對於面臨環境挑戰的星球至關重要且相關。

Again, our goal is to support Nat Geo's expansion around the world and provide the additional resources required to position the brand as another major provider of DTC content, and we see numerous other exciting opportunities for this brand across our entire company, including in the ecotourism space.

同樣，我們的目標是支持 Nat Geo 在世界範圍內的擴張，並提供將該品牌定位為另一個主要 DTC 內容提供商所需的額外資源，我們在整個公司看到了這個品牌的許多其他令人興奮的機會，包括生態旅遊空間。

Fox Searchlight is another creative engine we respect and admire a great deal.

Fox Searchlight 是我們非常尊重和欽佩的另一個創意引擎。

With 20 Oscar nominations last year, along with the Academy Award for Best Picture, it's hard to argue that Searchlight needs any help from anyone.

憑藉去年的 20 項奧斯卡提名以及奧斯卡最佳影片獎，很難說探照燈需要任何人的幫助。

Our strategy is to give the studio what it needs to continue to do what it does best and to also expand the brand's high-quality storytelling into the DTC space with original television and film projects.

我們的策略是為工作室提供繼續做它最擅長的事情所需的東西，並通過原創電視和電影項目將品牌的高質量故事擴展到 DTC 領域。

20th Century Fox Film is yet another example.

20 世紀福克斯電影公司是另一個例子。

It gives us the opportunity to be associated with and to expand iconic movie franchises like Avatar, Marvel's X-Men, The Fantastic Four, Deadpool, Planet of the Apes, Kingsman and many others.

它讓我們有機會與標誌性電影特許經營權建立聯繫並擴大其特許經營權，例如阿凡達、漫威 X 戰警、神奇四俠、死侍、人猿星球、金斯曼等。

We're obviously very excited to leverage the Fox assets to enhance and accelerate our DTC strategy, but I want to be clear that we remain incredibly supportive and enthusiastic about the movie theater experience.

我們顯然非常高興能夠利用 Fox 資產來增強和加速我們的 DTC 戰略，但我想明確表示，我們仍然非常支持和熱衷於電影院體驗。

It's a vital part of our company, and in fact, our studio just crossed $6 billion in global box office for the third year in a row.

它是我們公司的重要組成部分，事實上，我們的工作室連續第三年全球票房收入突破 60 億美元。

We're on track for a late 2019 launch of our Disney-branded streaming service.

我們有望在 2019 年底推出迪士尼品牌的流媒體服務。

We already have numerous original projects currently in various stages of development and production for this platform, including the world's first live-action Star Wars series and new episodes of the Star Wars: Clone Wars animated series.

我們已經有許多原創項目目前處於該平台的不同開發和製作階段，包括世界上第一個真人星球大戰系列和星球大戰：克隆人戰爭動畫系列的新劇集。

Our robust content pipeline also includes theatrical movies, such as a live-action version of Disney's Lady and the Tramp, as well as new series based on popular IP from across the company, such as Disney Channel's High School Musical and Pixar's Monsters, Inc.

我們強大的內容渠道還包括院線電影，例如真人版迪士尼《淑女與流浪漢》，以及基於整個公司熱門 IP 的新系列，例如迪士尼頻道的歌舞青春和皮克斯的怪獸公司。

We're also moving forward with brand-new Marvel content.

我們也在推進全新的漫威內容。

And as I just noted, the Fox acquisition brings even more opportunity to create original programming for this platform.

正如我剛才提到的，收購 Fox 帶來了更多為該平台製作原創節目的機會。

We'll share more details about our Disney DTC plans at an investor presentation in the near future.

我們將在不久的將來的投資者介紹會上分享有關迪士尼 DTC 計劃的更多詳細信息。

I also want to note the encouraging initial performance of our ESPN Plus service, which launched to great reviews and enthusiasm earlier this year.

我還想指出我們 ESPN Plus 服務令人鼓舞的初始表現，該服務於今年早些時候推出，獲得了好評和熱情。

It's still early days, but conversion rates from free trials to paid subscriptions are strong, and subscription growth is exceeding our expectations.

現在還處於早期階段，但從免費試用到付費訂閱的轉化率很高，而且訂閱增長超出了我們的預期。

ESPN Plus will become even more compelling to fans across the sports spectrum as we continue to expand the content and enhance the user experience.

隨著我們繼續擴展內容和增強用戶體驗，ESPN Plus 將對體育界的粉絲更具吸引力。

ESPN has invested wisely in a number of sports events and packages, and the lineup for Plus is quite strong.

ESPN 明智地投資了多項體育賽事和套餐，Plus 的陣容相當強大。

The UFC and Top Rank Boxing packages made Plus extremely attractive for fans of combat sports.

UFC 和 Top Rank Boxing 套餐使 Plus 對格鬥運動愛好者極具吸引力。

The service will also offer over 200 college football games this year, 70 in the first 3 weeks of the season alone, and that's on top of thousands of other college sports events.

該服務今年還將提供 200 多場大學橄欖球比賽，僅本賽季的前 3 週就有 70 場，這是數以千計的其他大學體育賽事的首選。

Live events from Major League Baseball, the NHL and MLS will also be regular features on the service, and our new rights agreement with Italy's Serie A, one of the world's top soccer leagues, will add more than 340 matches per season to ESPN Plus starting this year.

來自美國職業棒球大聯盟、NHL 和 MLS 的現場賽事也將成為該服務的常規功能，我們與世界頂級足球聯賽之一的意大利意甲聯賽簽訂的新轉播權協議將為 ESPN Plus 每賽季增加 340 多場比賽今年。

It's safe to say we are very pleased with our progress in the DTC space, and having spent months working with Fox management team on integration planning, we're even more enthusiastic and excited by all the opportunities ahead.

可以肯定地說，我們對我們在 DTC 領域取得的進展感到非常滿意，並且在與 Fox 管理團隊就整合計劃進行了數月的合作後，我們對未來的所有機會更加熱情和興奮。

I'm now going to turn the call over to Christine to discuss the quarter, and then we'll take your questions.

我現在要把電話轉給克里斯汀來討論這個季度，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。

We are pleased to report another quarter of solid financial performance.

我們很高興地報告另一個季度穩健的財務業績。

Total revenues were up 7%, and operating income was up 5%.

總收入增長 7%，營業收入增長 5%。

Excluding certain items affecting comparability, earnings per share for the third fiscal quarter were up 18% to $1.87.

排除某些影響可比性的項目，第三財季每股收益增長 18% 至 1.87 美元。

At Parks and Resorts, revenues increased 6% and operating income was up 15%, driven by growth at both our domestic and international parks and Disney Cruise Line.

在公園和度假村，收入增長了 6%，營業收入增長了 15%，這得益於我們國內和國際公園以及迪士尼遊輪公司的增長。

Results this year included only 1 week of the Easter holiday period, whereas third quarter results last year reflected the benefit of both weeks of the holiday period.

今年的業績僅包括復活節假期的 1 週，而去年第三季度的業績反映了這兩週假期的收益。

We estimate this drove an adverse impact to operating income of $47 million or 4 percentage points on the year-over-year growth rate.

我們估計這對營業收入產生了 4700 萬美元的不利影響，或對同比增長率產生了 4 個百分點的不利影響。

Despite this headwind, the segment once again delivered very strong results with revenue and operating income setting new Q3 records.

儘管存在這種不利因素，該部門再次取得了非常強勁的業績，收入和營業收入創下了第三季度的新紀錄。

Higher operating income at our domestic Parks and Resorts was primarily due to increased guest spending, partially offset by higher costs.

我們國內公園和度假村的營業收入增加主要是由於客人支出增加，部分被更高的成本所抵消。

Per capita spending in our domestic parks was up 5% on higher admissions, food and beverage and merchandise spending.

由於入場人數、餐飲和商品支出增加，我們國內公園的人均支出增長了 5%。

Per room spending at our domestic hotels was up 8%.

我們國內酒店的每間客房消費增長了 8%。

Attendance at our domestic parks was up 1% in the quarter and reflects about a 1 percentage point adverse impact from the timing of the Easter holiday.

本季度我們國內公園的出勤率上升了 1%，反映了復活節假期帶來的約 1 個百分點的不利影響。

Occupancy in our domestic hotels was down about 2 percentage points to 86%, reflecting reduced room inventory due to room refurbishments and conversions.

我們國內酒店的入住率下降了約 2 個百分點至 86%，反映出由於客房翻新和改建而導致客房庫存減少。

So far this quarter, domestic resort reservations are pacing down 2% compared to prior year, while booked rates are pacing up 7%.

本季度到目前為止，國內度假村的預訂量比去年同期下降了 2%，而預訂率則上升了 7%。

At our international Parks and Resorts, higher results were due to increases at Shanghai Disney Resort and Hong Kong Disneyland Resort.

在我們的國際公園和度假村，較高的業績是由於上海迪士尼度假區和香港迪士尼樂園度假區的增長。

Q3 results at Disneyland Paris were roughly comparable to the prior year.

巴黎迪士尼樂園第三季度的業績與去年大致相當。

At Shanghai Disney Resort, growth in operating income was primarily driven by the timing of expenses and higher attendance, partially offset by lower guest spending.

在上海迪士尼度假區，營業收入的增長主要受到支出時間和遊客人數增加的推動，部分被遊客支出減少所抵消。

Growth at Hong Kong Disneyland Resort was due to higher hotel occupancy and increases in attendance and per capita spending at the park.

香港迪士尼樂園度假區的增長歸功於酒店入住率的提高以及公園遊客量和人均消費的增加。

Total segment operating income margin was up 190 basis points compared to Q3 last year, and we estimate the timing of the Easter holiday had an adverse impact of about 60 basis points on the year-over-year margin growth.

與去年第三季度相比，部門總營業收入利潤率上升了 190 個基點，我們估計復活節假期的時間對利潤率同比增長產生了約 60 個基點的不利影響。

Turning to the Studio.

轉向工作室。

Operating income was higher in the third quarter driven by growth in domestic theatrical distribution due to the performance of Avengers: Infinity War and Incredibles 2 compared to Guardians of the Galaxy Vol.

由於《復仇者聯盟：無限戰爭》和《超人總動員 2》的表現與《銀河護衛隊》相比，國內影院發行量的增長推動了第三季度營業收入的增長。

2 and Cars 3 in Q3 last year.

2 和 Cars 3 去年第三季度。

Avengers: Infinity War has grossed over $2 billion globally, making it Marvel's highest grossing film of all time.

《復仇者聯盟：無限戰爭》全球票房收入超過 20 億美元，成為漫威有史以來票房最高的電影。

Incredibles 2 is the top domestic grossing animated film ever and has generated over $1 billion in global box to date.

超人總動員 2 是有史以來票房最高的國內動畫電影，迄今為止全球票房收入已超過 10 億美元。

And we expect Incredibles 2 will end its run as Pixar's highest grossing film, which is quite an accomplishment given Pixar's track record.

我們預計超人總動員 2 將成為皮克斯票房最高的電影，考慮到皮克斯的往績，這是一項了不起的成就。

TV/SVOD results were also higher in the quarter due to a combination of title availabilities, overall growth in our international business and higher rates.

由於標題可用性、我們國際業務的整體增長和更高的費率，本季度的電視/SVOD 結果也更高。

These increases were partially offset by lower domestic home entertainment results due primarily to the timing of Star Wars DVD and Blu-ray titles, as Star Wars: The Last Jedi was released in Q2 this year, whereas Rogue One was released in Q3 last year.

這些增長部分被較低的國內家庭娛樂業績所抵消，這主要是由於星球大戰 DVD 和藍光影片的時間安排，因為星球大戰：最後的絕地武士於今年第二季度發布，而俠盜一號於去年第三季度發布。

I'd also note that we had about $100 million of film impairments in the quarter, primarily related to 2 unreleased titles, a Disneytoon Studios film and another animated project in early development.

我還注意到，本季度我們有大約 1 億美元的電影減值，主要與 2 部未發行的電影、一部迪士尼卡通工作室的電影和另一個處於早期開發中的動畫項目有關。

At Media Networks, operating income was comparable to the third quarter last year, as higher results at broadcasting were offset by a decline at cable and lower equity income.

Media Networks 的營業收入與去年第三季度相當，因為廣播業務的增長被有線電視業務的下滑和股權收入的下降所抵消。

Total Media Networks affiliate revenue was up 5% 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的總收入增長了 5%。

Higher affiliate revenue was driven by 7 points of growth due to higher rates, partially offset by about a 2-point decline due to a decrease in subscribers.

由於較高的費率，附屬公司收入增加了 7 個百分點，部分被訂戶減少導致的約 2 個百分點的下降所抵消。

As Bob mentioned, this is the fourth consecutive quarter we've seen improvement in the rate of net subscriber declines.

正如 Bob 所提到的，這是我們連續第四個季度看到淨用戶下降率有所改善。

While net subscriber counts are still lower than prior year, we're encouraged by the trends we're seeing, a slowdown in the rate of decline of traditional subscribers, coupled with an impressive acceleration of growth in digital MVPD subscribers.

雖然淨訂戶數量仍低於上一年，但我們對所看到的趨勢感到鼓舞，傳統訂戶的下降速度放緩，加上數字 MVPD 訂戶的增長令人印象深刻。

Our portfolio of networks, which includes ESPN, Disney Channel, Freeform and ABC, offers compelling programming for consumers and continues to be a driver of both traditional and digital MVPD subscriptions.

我們的網絡組合（包括 ESPN、迪士尼頻道、Freeform 和 ABC）為消費者提供引人入勝的節目，並繼續推動傳統和數字 MVPD 訂閱。

Broadcasting operating income was up 43% in the third quarter due to higher program sales and growth in network affiliate and advertising revenues, partially offset by higher programming costs.

第三季度廣播營業收入增長 43%，原因是節目銷售量增加以及網絡聯盟和廣告收入增長，部分被較高的節目製作成本所抵消。

Higher income from program sales reflects higher sales of a number of ABC shows, including Designated Survivor and How to Get Away with Murder, as well as higher revenue from the sale of Marvel's Luke Cage in Q3 this year compared to The Defenders last year.

節目銷售收入的增加反映了一些 ABC 節目的銷售量增加，包括指定倖存者和逍遙法外，以及與去年的捍衛者聯盟相比，今年第三季度 Marvel 的 Luke Cage 銷售收入增加。

Growth in affiliate revenue was driven by contractual rate increases.

附屬公司收入的增長受到合同費率增加的推動。

Advertising revenue at the ABC Network was up 3% in the quarter, as higher rates more than offset lower impressions.

ABC 網絡的廣告收入在本季度增長了 3%，因為較高的費率抵消了較低的印象。

Quarter-to-date, prime-time scatter pricing at the ABC Network is running 23% above upfront levels.

本季度至今，ABC 網絡的黃金時段分散定價比前期水平高出 23%。

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

由於 Hulu 的虧損增加以及我們對 A+ 的投資收入減少，本季度的股票收入較低

E, partially offset by the absence of equity losses at BAMTech, which, as you know, we now report as part of our cable results.

E，部分被 BAMTech 沒有股權損失所抵消，如您所知，我們現在將其報告為電纜結果的一部分。

The higher losses at Hulu were primarily driven by higher programming and labor costs, partially offset by higher subscription and advertising revenue.

Hulu 較高的虧損主要是由於較高的節目和勞動力成本，部分被較高的訂閱和廣告收入所抵消。

At cable, operating income was lower in the quarter as higher results at ESPN were more than offset by a loss at BAMTech.

在有線電視方面，本季度的營業收入較低，因為 ESPN 的較高業績被 BAMTech 的虧損所抵消。

BAMTech's results this quarter reflect higher content and marketing costs and ongoing investment in its technology platform, including costs associated with ESPN Plus.

BAMTech 本季度的業績反映了較高的內容和營銷成本以及對其技術平台的持續投資，包括與 ESPN Plus 相關的成本。

At ESPN, operating income was higher in the quarter as growth in affiliate revenue and a favorable comparison to severance costs incurred in Q3 last year more than offset higher programming costs and a decline in advertising revenue.

在 ESPN，由於附屬公司收入的增長以及與去年第三季度發生的遣散費相比有利的比較，本季度的營業收入較高，這足以抵消較高的節目成本和廣告收入的下降。

The increase in programming expense was driven by contractual rate increases for NBA programming.

節目費用的增加是由 NBA 節目的合同費率增加推動的。

Ad revenue at ESPN was down 3% in the quarter, as higher rates were more than offset by lower impressions.

ESPN 的廣告收入在本季度下降了 3%，因為較高的費率被較低的展示次數所抵消。

So far this quarter, ESPN's cash ad sales are pacing down 3% compared to prior year.

本季度到目前為止，ESPN 的現金廣告銷售額與去年同期相比下降了 3%。

At Consumer Products & Interactive Media, operating income was down in the quarter as a result of lower licensing income and a decline in comp store sales, partially offset by lower costs at our games business.

在消費品和互動媒體，由於許可收入下降和商店銷售額下降，本季度營業收入下降，部分被我們遊戲業務的成本下降所抵消。

The decline in licensing was driven by lower revenue from the sale of Spider-Man and Cars merchandise, as both properties benefited from theatrical film releases in the prior year, partially offset by higher revenue from Avengers merchandise.

許可收入下降的原因是蜘蛛俠和汽車總動員商品的銷售收入下降，因為這兩項資產都受益於上一年的院線電影發行，部分被復仇者聯盟商品的收入增加所抵消。

We expect some of the headwinds that impacted our Consumer Products business in Q3 will also impact the business in the fourth quarter.

我們預計在第三季度影響我們消費品業務的一些不利因素也將影響第四季度的業務。

In the third quarter, corporate expenses were about $100 million higher than the prior year.

第三季度，公司支出比上年同期增加了約 1 億美元。

The single biggest driver of the growth was expenses related to our Fox acquisition.

增長的最大單一驅動力是與我們收購福克斯相關的費用。

In Q4, we expect corporate expenses to be higher by about $35 million, driven almost entirely by Fox acquisition-related costs.

在第四季度，我們預計公司支出將增加約 3500 萬美元，這幾乎完全是由福克斯收購相關成本推動的。

During the third quarter, we repurchased 9.6 million shares for $970 million.

第三季度，我們以 9.7 億美元回購了 960 萬股股票。

Year-to-date, we've repurchased 34.6 million shares for approximately $3.6 billion.

年初至今，我們已經以大約 36 億美元的價格回購了 3460 萬股股票。

Given our pending acquisition of Fox and the expected increase in leverage in order to fund the $35.7 billion cash component, we will not be an active buyer of our stock until our total leverage ratios return to levels consistent with a single A credit rating.

考慮到我們即將收購 Fox 以及為 357 億美元現金部分提供資金而預期增加的槓桿率，在我們的總槓桿率恢復到與單一 A 信用評級一致的水平之前，我們不會成為我們股票的積極買家。

At the time we announced our revised offer for Fox, we said this could happen by the end of fiscal 2021 or by the end of fiscal 2022, depending on the outcome of the Fox-Sky transaction.

在我們宣布對 Fox 的修訂報價時，我們表示這可能會在 2021 財年末或 2022 財年末發生，具體取決於 Fox-Sky 交易的結果。

The ultimate timetable will depend on whether Fox acquires full ownership of Sky as well as the amount of proceeds from the RSN disposition.

最終時間表將取決於 Fox 是否獲得 Sky 的全部所有權以及 RSN 處置的收益金額。

And with that, I'll now turn the call over to Lowell, and we'd be happy to take your questions.

有了這個，我現在把電話轉給洛厄爾，我們很樂意回答你的問題。

All right.

好的。

Thanks, Christine.

謝謝，克里斯汀。

Operator, we are ready for the first question.

接線員，我們準備好回答第一個問題。

Our first question comes from Michael Nathanson with MoffettNathanson.

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

Bob, I have 2 here.

鮑勃，我這裡有 2 個。

One is on Netflix and your strategy.

一個是關於 Netflix 和你的策略。

If you think about what Netflix was able to accomplish, it was just an amazing amount of choice and personalization.

如果您考慮一下 Netflix 能夠取得的成就，就會發現選擇和個性化的數量之多令人驚嘆。

So when I think about your own OTT strategy, you have all this -- you're building amazing -- you have a great content library, you're acquiring a content library, but you're thinking about maybe different apps to different consumers, constituents, different brands.

所以當我考慮你自己的 OTT 策略時，你擁有所有這些——你正在構建驚人的——你有一個很棒的內容庫，你正在收購一個內容庫，但你正在考慮可能為不同的消費者提供不同的應用程序，成分，不同的品牌。

So can you walk through kind of the pluses and minuses you have in -- within Disney on the strategy of maybe building one aggregated app versus going in segments?

那麼，您能否介紹一下您在迪士尼內部可能構建一個聚合應用程序而不是細分市場的戰略中的優缺點？

And how do you think about that?

你怎麼看？

And the second question is just about China and any update on timing on the regulatory front on the China side?

第二個問題是關於中國的，中國方面監管方面的時間安排是否有任何更新？

Thanks, Michael.

謝謝，邁克爾。

I'll answer the second question first.

我先回答第二個問題。

We have no updates regarding the regulatory filings.

我們沒有關於監管文件的更新。

In June, our S-4 stated that we anticipated getting the necessary regulatory filings in the various markets around the world between 6 and 12 months from then, and we don't intend to update that at all.

6 月，我們的 S-4 聲明我們預計從那時起的 6 到 12 個月內在全球各個市場獲得必要的監管文件，我們根本不打算更新它。

Regarding Netflix and our strategy regarding the apps, first of all, because we will be launching the Disney app into the market probably in about, well, a year, sometime the end of calendar 2019, we're going to walk before we run as it relates to volume of content because it takes time to build the kind of content library that, ultimately, we intend to build.

關於 Netflix 和我們關於應用程序的策略，首先，因為我們可能會在大約一年內將迪士尼應用程序推向市場，也就是 2019 日曆年底的某個時候，我們將在運行之前先走一步它與內容量有關，因為構建我們最終打算構建的那種內容庫需要時間。

That said, because the Disney app will feature Pixar, Marvel, Disney, ultimately National Geographic will be a contributor, Lucasfilm, Star Wars, we feel that it does not have to have anything close to the volume of what Netflix has because of the value of the brands and the specific value of the programs that will be included on it.

也就是說，由於迪士尼應用程序將以皮克斯、漫威、迪士尼為特色，最終國家地理將成為貢獻者，盧卡斯影業、星球大戰，我們認為它的數量不必接近 Netflix 的數量，因為它的價值的品牌和將包含在其中的程序的具體價值。

And the price, by the way, will also reflect a lower volume of product, as will, by the way, the cost of producing and owning all that content.

順便說一句，價格也將反映出較低的產品數量，順便說一下，生產和擁有所有這些內容的成本也是如此。

Obviously, after the deal closes for 21st Century Fox, we'll own 60% of Hulu, so that will fit in very significantly to our app strategy.

顯然，在 21 世紀福克斯的交易完成後，我們將擁有 Hulu 60% 的股份，這將非常符合我們的應用程序戰略。

And then I talked about in my earlier comments, and we've spoken a fair amount about this in the past, we have the ESPN app.

然後我在之前的評論中談到，過去我們已經談了很多，我們有 ESPN 應用程序。

As we look at all 3, it is our feeling -- and as we look at the environment today, I guess, one thing you could even point to would be the great growth in the new digital OTT offerings where you're looking at essentially fewer channels, slightly less choice for less cost.

當我們審視這三者時，這是我們的感覺——當我們審視今天的環境時，我想，你甚至可以指出的一件事是你正在看的新數字 OTT 產品的巨大增長更少的渠道，更少的選擇，更少的成本。

We don't really want to go to market with an aggregation play that replicates the multichannel environment that exists today because we feel consumers are more interested in essentially making decisions on their own in terms of what kind of packages that they want.

我們真的不想通過複製當今存在的多渠道環境的聚合遊戲進入市場，因為我們認為消費者更感興趣的是本質上根據他們想要的包裹類型自行做出決定。

So rather than one, call it, gigantic aggregated play, we're going to bring to market what we've already brought to market: sports play; I'll call it, it's Disney play, which is more family-oriented; and then, of course, there's Hulu.

因此，與其稱之為巨大的聚合遊戲，不如將我們已經推向市場的東西推向市場：體育遊戲；我就叫它吧，它是迪斯尼劇，更偏向於家庭；然後，當然還有 Hulu。

And they will basically be designed to attract different tastes and different segment or audience demographics.

它們基本上旨在吸引不同的品味和不同的細分市場或受眾群體。

If a consumer wants all 3, ultimately, we see an opportunity to package them from a pricing perspective.

如果消費者想要所有 3 個，最終，我們會看到一個從定價角度將它們打包的機會。

But it could be that a consumer just wants sports or just wants family or just wants the Hulu offering, and we want to be able to offer that kind of flexibility to consumers because that's how we feel consumer behavior, what consumer behavior demands in today's environment.

但這可能是消費者只想要運動或只是想要家庭或只是想要 Hulu 產品，我們希望能夠為消費者提供這種靈活性，因為這就是我們對消費者行為的感受，消費者行為在當今環境中的需求.

Our next question comes from Ben Swinburne with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Ben Swinburne。

I want to stay on the OTT topic.

我想留在 OTT 話題上。

Bob, a couple of years ago when you guys had the first Star Wars film come out, you talked about sort of leveraging the entire company's assets to really make that movie successful, or as successful as it could be, made it a priority for the company.

鮑勃，幾年前當你們第一部星球大戰電影上映時，你們談到了利用整個公司的資產來真正使這部電影成功，或者盡可能成功，將其作為優先事項公司。

Is there a similar opportunity with this OTT launch?

這次 OTT 發布是否有類似的機會？

And I don't know if you -- if there's anything that you want to share with us today.

我不知道你今天是否有什麼想與我們分享的。

I know it's a year away, but how you might be thinking about leveraging the parks or your Media Networks or the parts of the business to really make sure that thing gets off the ground with as much momentum as possible.

我知道還有一年的時間，但您可能會考慮如何利用公園或您的媒體網絡或業務的各個部分來真正確保事情以盡可能多的勢頭開始。

And then, Christine, for you, it's honestly a bit of an accounting question, but I think important.

然後，克里斯汀，對你來說，這確實是一個會計問題，但我認為很重要。

Have you guys figured out how you're going to account for the content production on the OTT side?

你們有沒有想出如何在 OTT 方面考慮內容製作？

I think you're already spending money on developing, and I don't know if you were close to shooting anything at this point, but will that stuff go in the balance sheet and then be amortized over some useful life estimate?

我想你已經在開發上花錢了，我不知道你此時是否接近拍攝任何東西，但這些東西會進入資產負債表，然後在一些有用的壽命估計中攤銷嗎？

Anything you can give us there, since this will start to build in dollar terms, would be helpful.

你可以在那裡給我們的任何東西，因為這將開始以美元計算，將會有所幫助。

Ben, the launch of the Disney DTC product at the end of '19 probably the biggest priority -- is the biggest priority of the company during calendar 2019.

本，在 19 年底推出迪士尼 DTC 產品可能是最大的優先事項——是公司在 2019 年日曆期間的最大優先事項。

And there will be a significant amount of support given across all of our assets to see to it that, that product launches successfully.

我們將在所有資產中提供大量支持，以確保該產品成功推出。

We obviously, from a Disney perspective, have connection with and we are in touch with Disney consumers, Disney aficionados all over the world, not just people who have gone to our parks, but people who've been to our movies and bought a variety of consumer products and have joined various Disney affinity organizations like D23.

顯然，從迪士尼的角度來看，我們與迪士尼消費者、世界各地的迪士尼迷們有聯繫，而且我們正在與他們保持聯繫，不僅是去過我們公園的人，還有看過我們的電影併購買各種產品的人消費品，並加入了各種迪士尼親和組織，如 D23。

And so we actually think that the first priority is going to be reaching the core Disney fan, and we certainly have a number of different company touch points to do that.

所以我們實際上認為首要任務是接觸迪士尼的核心粉絲，我們當然有許多不同的公司接觸點來做到這一點。

And then on the second part, I'll let Christine talk about the costs and then how we're going to ultimately manage it from a financial perspective.

然後在第二部分，我將讓克里斯汀談談成本，然後我們將如何從財務角度最終對其進行管理。

Ben, so the way we're going to treat the content is we will be capitalizing the cost of the new content.

本，所以我們對待內容的方式是將新內容的成本資本化。

And as you know, we will be starting to do that now and going forward until the launch.

如您所知，我們現在將開始這樣做，並一直持續到發布。

That will be put on the balance sheet, and we will amortize it once it's finished and airing.

這將記在資產負債表上，我們將在它完成並播出後進行攤銷。

Our next question is from Jessica Reif with Bank of America Merrill Lynch.

我們的下一個問題來自美銀美林的 Jessica Reif。

I have a couple of questions on the Fox acquisition.

我有幾個關於福克斯收購的問題。

You gave a number, when you announced it, of $2 billion of synergy, which, I think, was all cost.

當你宣布它時，你給出了一個 20 億美元的協同效應數字，我認為這是全部成本。

And then on this call, you've talked about investing in some of the brands, like Nat Geo, FX, et cetera.

然後在這次電話會議上，你談到了投資一些品牌，比如 Nat Geo、FX 等。

Can you talk a little bit about the investment that you see over the next couple of years?

你能談談你在未來幾年看到的投資嗎？

Anything you can say on incremental revenue?

關於增量收入，您有什麼要說的嗎？

And what's the timing of the transition, the management team transition?

管理團隊交接的時間是什麼時候？

Will it only be closer to the closing?

它只會更接近關閉嗎？

And then a different topic, just a quick question, but theme parks, your margins are getting closer to prior peak, so what you've outlined.

然後是一個不同的話題，只是一個快速的問題，但是主題公園，你的利潤率越來越接近之前的峰值，所以你已經概述了。

Can you just talk about where you see that going?

你能談談你看到的地方嗎？

Do you have plans to build hotels, given all the attractions that you're planning over the next, let's say, 3 years?

考慮到您計劃在未來（比如說 3 年）內的所有景點，您是否有建造酒店的計劃？

We -- you're right, Jessica.

我們——你是對的，傑西卡。

We have spoken about $2 billion in cost synergies, and we're confident that we're going to be able to deliver those.

我們已經談到了 20 億美元的成本協同效應，我們相信我們能夠實現這些。

There will be revenue synergies as well, but we have not been specific about what they are, and we don't intend to get specific about that, at least for the foreseeable future.

也會有收入協同效應，但我們還沒有具體說明它們是什麼，我們也不打算具體說明這一點，至少在可預見的未來是這樣。

Maybe eventually we will, but right now we don't intend to.

也許最終我們會，但現在我們不打算這樣做。

We are looking at incremental investment from a content perspective from both the Disney side of the company.

我們正在從公司迪士尼方面的內容角度看待增量投資。

So we have a variety of different, as you know, original productions in development and production right now essentially to feed the app.

因此，如您所知，我們現在有各種不同的原創作品正在開發和製作中，主要是為了提供應用程序。

We also intend to turn to the Fox side of the business, I mentioned National Geographic, FX, Searchlight, we're looking at the Fox television studios.

我們還打算轉向 Fox 方面的業務，我提到了國家地理、FX、Searchlight，我們正在關注 Fox 電視工作室。

There are not only great franchises and brands that come out of those organizations, but there's a lot of talent, both on the executive front, and there's also talent -- there are talent relationships that we can turn to, to help, essentially, fuel the direct-to-consumer businesses that we have.

這些組織不僅產生了偉大的特許經營權和品牌，而且在行政方面也有很多人才，還有人才——我們可以求助於人才關係，從根本上幫助，推動我們擁有的直接面向消費者的業務。

We have not been specific about what kind of incremental production cost is associated, but there will be -- certainly, there will be some.

我們沒有具體說明相關的增量生產成本是多少，但肯定會有一些。

We believe that as we get closer to launch, we'll have the ability to be just a little bit more specific with all of you about what our plans are from a cost perspective.

我們相信，隨著我們離發布越來越近，我們將有能力從成本的角度向大家更具體地說明我們的計劃。

The only thing I would add to that, Jessica, is on the cost, that $2 billion, we had given that it would be achieved after the second year post closing, and that would be roughly 50% in the first year, 50% by the end of the second year.

傑西卡，我唯一要補充的是成本，那 20 億美元，我們已經假設它會在交易結束後的第二年實現，第一年大約是 50%，到 50%第二年年底。

And you can anticipate more domestic at the front end just because of regulatory issues outside of the U.S. On the parks margins, you did indicate that you saw that increase.

由於美國以外的監管問題，您可以預期在前端會有更多國內。在公園邊緣，您確實表示您看到了這種增長。

Year-over-year, the park margin expanded by 190 basis points this quarter, and that included the negative drag from the holiday shift, so that included the 60 basis point drag.

與去年同期相比，本季度公園利潤率擴大了 190 個基點，其中包括假期轉移的負面拖累，因此包括 60 個基點的拖累。

The opportunities that we see of continuing to expand parks margin will be yield management, which we have talked to you about before, and we still believe that there's opportunity for that, especially in the domestic market.

我們看到繼續擴大公園利潤率的機會將是收益管理，我們之前已經與您討論過，我們仍然相信這有機會，尤其是在國內市場。

And particularly given the fact that we've launched some very, very attractive new properties, including Toy Story Land and the Star Wars Lands are going to open sometime in calendar 2019, so that's going to give us some pricing or revenue yield opportunities as well.

特別是考慮到我們推出了一些非常非常有吸引力的新物業，包括玩具總動員樂園和星球大戰樂園將在 2019 年的某個時間開放，因此這也將為我們提供一些定價或收益收益機會.

Our next question is from Alexia Quadrani with JPMorgan.

我們的下一個問題來自摩根大通的 Alexia Quadrani。

It's 2 questions.

這是2個問題。

The first one is on ESPN Plus.

第一個是在 ESPN Plus 上。

Can you give us any more data maybe on subscriber growth?

你能給我們更多關於訂戶增長的數據嗎？

I think you've said it's exceeding expectation.

我想你已經說過這超出了預期。

I don't know if it's too soon to give us a number.

我不知道現在給我們一個數字是否為時過早。

And if there are any lessons you may have learned, as you plan for the Disney direct-to-consumer launch, from that launch.

如果您從那次發布中計劃了迪士尼直接面向消費者的發布，那麼您可能已經吸取了任何教訓。

And my second question is really if you -- I think you're going through a pretty notable renewal cycle, with some of your major affiliate deals up in 2019.

我的第二個問題是，如果你 - 我認為你正在經歷一個非常顯著的更新周期，你的一些主要附屬公司交易在 2019 年完成。

The question really is how are you balancing those negotiations with the distributors, given your high-profile direct-to-consumer priorities?

真正的問題是，鑑於您高調的直接面向消費者的優先事項，您如何平衡與分銷商的談判？

Well, I'll answer the second question.

好吧，我來回答第二個問題。

We'll be going to market with some very attractive product.

我們將推出一些非常有吸引力的產品。

Obviously, I don't have to cover all of what they are because you certainly know what they are, Alexia.

顯然，我不必涵蓋它們的所有內容，因為你肯定知道它們是什麼，Alexia。

And we also know that the traditional distributors are very, very interested in distributing our DTC products, as they do right now, by the way, for Netflix.

我們還知道，傳統分銷商對分銷我們的 DTC 產品非常非常感興趣，就像他們現在為 Netflix 所做的那樣。

And so we actually believe that they can, in a sense, live side by side as part of the negotiation and not necessarily cause -- create issues.

因此，我們實際上相信，從某種意義上說，他們可以作為談判的一部分並存，而不一定會導致——製造問題。

I think there's a reality that has set in, in the distribution side of the business that the business is changing, that consumer habits have changed, and that the over-the-top SVOD product is here to stay and is real and is probably going to continue to either compete with more traditional platforms or complement the more traditional platforms.

我認為在業務的分銷方面存在一個現實，即業務正在發生變化，消費者習慣已經發生變化，並且頂級 SVOD 產品將繼續存在並且是真實的並且可能會繼續存在繼續與更傳統的平台競爭或補充更傳統的平台。

So we don't really see it complicating our negotiations with the primary distributors.

所以我們真的不認為這會使我們與主要分銷商的談判複雜化。

But first on ESPN Plus, I realized when I said that the subscriber numbers were exceeding our expectations, it was probably going to beg the question, "Well, then, what are they?" and we haven't been specific.

但首先在 ESPN Plus 上，我意識到當我說訂戶數量超出我們的預期時，它可能會迴避這個問題，“那麼，它們是什麼？”我們還沒有具體說明。

I can only tell you that we're telling the truth, so that doesn't do much good.

我只能告訴你，我們說的是實話，所以這沒什麼用。

We had relatively modest expectations.

我們的期望相對較低。

I'm not going to be specific on numbers.

我不會具體說明數字。

We're just not ready to get into that.

我們還沒有準備好進入那個。

But as it related to what kind of subscribers we would achieve, from the beginning, in part because of the nature of the product offering, but actually, we've added nicely to that product offering.

但由於它與我們將獲得什麼樣的訂閱者有關，從一開始，部分原因是產品的性質，但實際上，我們已經很好地添加到該產品中。

Boxing is probably the primary example, but there's been some other good programming as well.

拳擊可能是主要的例子，但也有一些其他好的編程。

And we've been heartened by the fact that the conversion rates from free to pay have been quite strong, and the trends that we're seeing in terms of churn are modest in nature in the sense that they're manageable.

我們感到鼓舞的是，從免費到付費的轉化率非常強勁，而且我們在客戶流失方面看到的趨勢本質上是適度的，因為它們是可控的。

As we add more product -- I mentioned in my comments we've got a huge lineup of college football, 200 games coming up this coming season, 70 in the first 3 weeks.

隨著我們添加更多產品——我在評論中提到我們有一個龐大的大學橄欖球陣容，下個賽季將有 200 場比賽，前 3 周有 70 場。

UFC kicks in.

UFC 上場了。

Today we announced the inclusion of the very attractive Italian soccer league, Serie A. So Cristiano Ronaldo's first match with his new team will be on ESPN Plus, which is exciting.

今天我們宣布了非常有吸引力的意大利足球聯賽意甲聯賽的加入。所以克里斯蒂亞諾羅納爾多與他的新球隊的第一場比賽將在ESPN Plus上進行，這令人興奮。

And then, of course, as the season unfolds, the next baseball season and the NHL season.

然後，當然，隨著賽季的展開，下一個棒球賽季和 NHL 賽季。

MLS, there'll be regular games from all 3 of those leagues and more and more programming.

MLS，這三個聯盟都會有常規比賽，節目也會越來越多。

So we feel really good about how we're positioned, and we'll continue to look opportunistically in terms of what rights will be available.

因此，我們對自己的定位感到非常滿意，我們將繼續在可用權利方面尋找機會。

A lot of the rights in sports are already spoken for.

體育運動中的許多權利已經被提出來了。

We still have some opportunities, including some opportunities to take some of the rights that we already own for the ESPN primary channels and move them along.

我們仍然有一些機會，包括一些機會，可以拿走我們已經擁有的一些 ESPN 主要頻道的權利，並將它們轉移。

I'll give you an example is we have a lot of inventory for Little League World Series.

我給你舉個例子，我們有很多世界少棒聯賽的庫存。

And we've noted that as we've gotten more specific with consumers about what Little League games will be available, our subscription sign-ups have ballooned in the last few days, we believe, as a result of interest in just that.

我們注意到，隨著我們向消費者更具體地說明將推出哪些小聯盟遊戲，我們相信，過去幾天我們的訂閱註冊人數激增，這正是消費者對此感興趣的結果。

So we actually feel good about it.

所以我們實際上感覺很好。

We're -- it's a marathon.

我們是——這是一場馬拉松。

It's not a sprint.

這不是短跑。

The product seems to be working well technologically.

該產品在技術上似乎運作良好。

It's quite stable from a streaming perspective.

從流媒體的角度來看，它非常穩定。

And we feel great about it.

我們對此感覺很好。

Our next question is from Doug Mitchelson with Crédit Suisse.

我們的下一個問題來自 Crédit Suisse 的 Doug Mitchelson。

One for Bob, one for Christine.

一份給 Bob，一份給 Christine。

Bob, are there any overarching principles that is driving how much you think is the right investment level in streaming?

Bob，是否有任何總體原則可以推動您認為流媒體的正確投資水平是多少？

For example, is there a need to move quickly, because otherwise the market would be passing by?

例如，是否需要快速行動，否則市場就會過去？

Or should you move slowly to manage the impact on earnings?

還是應該慢慢採取行動來管理對收益的影響？

Any framing of the factors that determine how aggressively the company's pivoting to digital would be helpful.

確定公司轉向數字化的積極程度的任何因素框架都會有所幫助。

And then for Christine, similar to Ben, an accounting question related to streaming service.

然後是與 Ben 類似的 Christine，一個與流媒體服務相關的會計問題。

How do you manage the pay one rights for calendar '19 films from an accounting perspective?

從會計角度，您如何管理 19 年日曆電影的付費權利？

Because it'll apply to other factors as well.

因為它也適用於其他因素。

Does the film division still include pay one revenue in its ultimates for calendar '19 releases when determining film amortization by window?

在按窗口確定電影攤銷時，電影部門是否仍將 19 年日曆發行的最終收入包括在其最終收入中？

Or is that something that actually has to wait for the streaming service to launch and the streaming service to buy back content?

還是實際上必須等待流媒體服務啟動和流媒體服務回購內容？

So Doug, to answer the first question, we don't see the need to rush because the market will pass us by, simply because the only place people are going to be able to get Disney, Pixar, Marvel, Star Wars original product is going to be on this app.

所以道格，回答第一個問題，我們認為沒有必要著急，因為市場會從我們身邊溜走，僅僅是因為人們唯一能夠獲得迪士尼、皮克斯、漫威、星球大戰原創產品的地方是將在這個應用程序上。

And so we believe whenever we launch, it will be attractive.

因此，我們相信無論何時推出，它都會很有吸引力。

What we want to do is, we want to make sure, when we launch, that it's viewed as a quality product, that we're serving the fans, particularly of Marvel, Pixar, Disney and Star Wars, well, and that the price that we're charging reflects the value that we're delivering.

我們想要做的是，我們想要確保，當我們推出時，它被視為優質產品，我們正在為粉絲服務，尤其是漫威、皮克斯、迪士尼和星球大戰的粉絲，而且價格我們收取的費用反映了我們提供的價值。

We've mentioned a number of times that we have the luxury of programming this product with programs from those brands or derived from those brands, which obviously creates a demand and gives us the ability to not necessarily be in the volume game but to be in the quality game.

我們已經多次提到，我們可以使用這些品牌的程序或從這些品牌派生的程序對該產品進行編程，這顯然會產生需求，並使我們能夠不必參與批量遊戲，而是參與其中優質的遊戲。

And that's not in any way suggesting that Netflix isn't in the quality game, there's a lot of quality there, but they're also in the high-volume game.

這絕不意味著 Netflix 不在高質量遊戲中，那裡有很多高質量的遊戲，但他們也在高容量遊戲中。

And we don't really need to do that.

我們真的不需要那樣做。

We will fill in, in terms of creating volume, with a significant amount of library content, both movie and television content.

就創作量而言，我們將填充大量的圖書館內容，包括電影和電視內容。

And so it's not as though the cupboard's going to be bare, but we want to produce the programming that we're putting on under the right circumstances, which is -- means with the right budget and right timing.

因此，這並不是說櫥櫃會空空如也，但我們希望製作我們在合適的情況下進行的節目，這意味著有合適的預算和合適的時間。

It takes time to produce these, particularly to produce them well.

生產這些需要時間，尤其是生產好它們。

There are a number that are already in production.

有一些已經投入生產。

And so -- that we feel good about, ultimately, what we're going to launch with.

因此 - 我們最終對我們將要推出的產品感到滿意。

But I think the way to look at it is to look at it as a service that is focused on those brands.

但我認為看待它的方式是將其視為專注於這些品牌的服務。

We'll also infuse it with National Geographic product as well when the time is right to do that.

我們也會在適當的時候將其與國家地理產品相結合。

We will continue to spend incrementally on the service.

我們將繼續在服務上增加支出。

We talked about that a fair amount.

我們談了很多。

But we will always do so, again, with the knowledge that because of the specificity of these brands and the uniqueness of them that we don't have to be in the absolute volume game.

但是，我們將始終這樣做，因為我們知道，由於這些品牌的特殊性和它們的獨特性，我們不必參與絕對數量的遊戲。

We have to put enough on to make sense from a value -- a price-to-value relationship perspective.

我們必須投入足夠的精力才能從價值——價格與價值關係的角度來看有意義。

Okay.

好的。

Doug, for the question on the pay TV one window.

道格，關於付費電視一窗口的問題。

For the time being, you should assume status quo.

目前，你應該假設現狀。

But as the service launches, we will be reevaluating the way we're treating that window, and we'll be getting more information once we finalize how we're going to account for it.

但隨著服務的推出，我們將重新評估我們處理該窗口的方式，一旦我們最終確定我們將如何解釋它，我們將獲得更多信息。

Our next question is from Todd Juenger with Sanford Bernstein.

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

Bob, I know you talked about an investor event coming up soon, talking about the DTC stuff.

鮑勃，我知道你談到了即將舉行的投資者活動，談到了 DTC 的事情。

And yet, I'm going to ask you, just like everybody else, if you don't mind, a question on that topic.

然而，如果你不介意的話，我會像其他人一樣問你一個關於那個話題的問題。

So you've listed now a couple of times all of these great brands that will exist and live on the Disney direct-to-consumer entertainment service.

所以你現在已經多次列出所有這些偉大的品牌，它們將存在於迪士尼直接面向消費者的娛樂服務中。

I guess, my question is, pretty much every brand you listed, I believe, has historical content obligations to other licensing partners.

我想，我的問題是，我相信你列出的幾乎每個品牌都對其他許可合作夥伴負有歷史內容義務。

So for instance, I'm thinking about Star Wars.

例如，我正在考慮星球大戰。

The movies are either on Netflix or even on Turner cable syndication in the States.

這些電影要么在 Netflix 上，要么在美國的特納有線電視聯合組織上。

Marvel movies are on Starz or Netflix, that sort of thing.

漫威電影在 Starz 或 Netflix 上，諸如此類。

So I guess, my question is, can you just confirm that when you launch, a whole bunch of those historical products associated with those brands, I guess, will not be on your service?

所以我想，我的問題是，你能不能確認一下，當你推出時，我想，與這些品牌相關的一大堆歷史產品將不會在你的服務上？

It doesn't sound like.

聽起來不像。

In fact, there's some scenario where there's no Star Wars old movies at all, maybe.

事實上，在某些情況下可能根本沒有星球大戰老電影。

I'd love a comment on that.

我很想對此發表評論。

I might be wrong because I don't know the exact carve-outs.

我可能是錯的，因為我不知道確切的分拆。

So that's the main question.

所以這是主要問題。

And if that's true, how big a deal is it?

如果這是真的，那有多大關係呢？

And how are you going to message that, are you thinking, with your consumers?

你打算如何向你的消費者傳遞信息？

Well, we knew when we made the decision to do this that a number of the products that have been made and will be made in the rest of 2018 are encumbered by licensing arrangements that we have with a number of different entities, notably Netflix and Starz, as you mentioned.

好吧，我們知道當我們做出這樣做的決定時，我們已經和將在 2018 年剩餘時間生產的許多產品都受到我們與許多不同實體的許可安排的阻礙，特別是 Netflix 和 Starz ，正如你提到的。

There are some windows down the road that enable us to put those films on our service.

在路上有一些窗口使我們能夠將這些電影放在我們的服務中。

I don't think we've been specific about that, but you'll see when we launch.

我不認為我們對此有具體說明，但你會看到我們什麼時候推出。

But starting in 2019, the movies that -- the studio movie slate is clean and unencumbered.

但從 2019 年開始，電影製片廠的電影名單是乾淨且不受阻礙的。

And so one of the reasons why we've talked about -- I don't want to say walk before we run.

因此，我們討論的原因之一是——我不想在跑步之前說走路。

It's not quite that.

不完全是這樣。

There's going to be a fair amount of running going on.

將會有相當多的跑步活動在進行。

But we want to make sure we're managing expectations.

但我們想確保我們正在管理期望。

The price of the service will reflect that.

服務的價格將反映這一點。

The volume of the product that's on.

產品的音量。

But it's also one of the reasons why we're creating a fair amount of original content for it as well, original Star Wars series, original Pixar series, original Marvel series and so on, and some original films as well, because it's clear that, from a library perspective, while there's certainly a lot of volume, the recent studio slate will not fully be available at any one time because of the existing deals and it would take time for those rights, ultimately, to revert back to us.

但這也是我們為它製作大量原創內容的原因之一，原創星球大戰系列、原創皮克斯系列、原創漫威系列等等，還有一些原創電影，因為很明顯，從圖書館的角度來看，雖然肯定有很多數量，但由於現有交易，最近的工作室名單將不會在任何時候完全可用，並且這些權利最終要歸還給我們需要時間。

But what we have been doing is making sure that since the time that we made a decision to bring this service out, we have not done anything that further encumbers any of our product.

但我們一直在做的是確保自從我們決定推出這項服務以來，我們沒有做任何進一步阻礙我們任何產品的事情。

Todd?

托德？

Okay.

好的。

Any quick comment on how you have thought about messaging this to a consumer who might buy your service expecting to see, whatever, a Star Wars movie, and not find it there?

關於您如何考慮將此消息傳遞給可能購買您的服務並希望看到星球大戰電影但在那裡找不到的消費者的任何快速評論？

And any concerns you have about -- just like that?

你有什麼顧慮——就這樣嗎？

We're obviously going to make sure that when we bring this product forward and we market it, people are going to know that if they're looking for, I don't know, The Force Awakens, that it's not going to be on.

我們顯然要確保當我們推出這個產品並推向市場時，人們會知道，如果他們正在尋找，我不知道，原力覺醒，它不會出現.

But if they're looking for Star Wars movies that launched in 2019 or original Star Wars series, you will find that here.

但如果他們正在尋找 2019 年上映的星球大戰電影或原創星球大戰系列，你會在這裡找到。

And as rights become available or as we're able to negotiate for rights to bring back, you'll see them on the service, and so on and so on.

當權利可用時，或者當我們能夠協商收回權利時，您會在服務中看到它們，等等。

But if you look at the 2019 studio slate, I was -- I saw something recently posted just about the studio slate.

但是如果你看看 2019 年的工作室名單，我是——我看到了最近發布的一些關於工作室名單的帖子。

So in calendar 2019, the studio slate is about as strong as it gets.

因此，在 2019 年日曆中，工作室名單將盡可能強大。

And to give you some ideas, it's got Avengers -- Dumbo -- Captain Marvel, Dumbo, Avengers, Aladdin, Toy Story 4, The Lion King, Artemis Fowl, Jungle Cruise, Frozen 2 and Star Wars Episode IX, all in calendar 2019.

為了給你一些想法，它有復仇者聯盟——小飛象——驚奇隊長、小飛象、復仇者聯盟、阿拉丁、玩具總動員 4、獅子王、阿耳emi彌斯奇禽異獸、叢林巡航、冰雪奇緣 2 和星球大戰第九集，全部在 2019 年日曆中.

None of those films are encumbered by existing distribution deals.

這些電影都沒有受到現有發行協議的阻礙。

So when we launch at the end of 2019 -- now they'll still have to be windowed in based on how we bring product to market, but the windowing will not be affected by existing licensing deals.

因此，當我們在 2019 年底推出時——現在他們仍然需要根據我們將產品推向市場的方式進行調整，但調整不會受到現有許可交易的影響。

So again, I'm going to read those again, but calendar 2019: Captain Marvel, Dumbo, Avengers, Aladdin, Toy Story 4, Lion King, Artemis Fowl, Jungle Cruise, Frozen 2 and Star Wars.

所以，我要再讀一遍，但 2019 年日曆：驚奇隊長、小飛象、復仇者聯盟、阿拉丁、玩具總動員 4、獅子王、阿耳emi彌斯奇禽異獸、叢林巡航、冰雪奇緣 2 和星球大戰。

That's a pretty strong slate.

這是一個非常強大的板岩。

Our next question comes from Steven Cahall with World Bank (sic) [Royal Bank of Canada].

我們的下一個問題來自世界銀行 (sic) [加拿大皇家銀行] 的 Steven Cahall。

Maybe just first, you mentioned the content that you'll be getting from Fox, from Nat Geo and FX and Searchlight and 20th Century...

也許只是首先，您提到了您將從 Fox、Nat Geo、FX、Searchlight 和 20th Century 獲得的內容……

Pardon me, Steven, you're breaking up.

對不起，史蒂文，你要分手了。

Is there any way you can clear your connection, sir?

先生，有什麼辦法可以清除您的連接嗎？

I heard it, go ahead.

我聽到了，繼續。

Okay.

好的。

Is (inaudible) some of the content you'll be acquiring from Nat Geo and FX and Searchlight and (inaudible).

是（聽不清）您將從 Nat Geo、FX 和 Searchlight 獲取的一些內容和（聽不清）。

Is your plan that these will over time (inaudible) encumbered some of exclusivity supplying content into (inaudible) some of the licensing?

您的計劃是否會隨著時間的推移（聽不清）阻礙一些獨家供應內容進入（聽不清）某些許可？

Steven, it's Lowell.

史蒂文，是洛厄爾。

It's very hard -- well, you're breaking up.

這很難——好吧，你要分手了。

We're hearing every other word.

我們每聽到一個字。

Okay.

好的。

I'll get back in the queue.

我會回到隊列中。

I'll try back.

我回去試試

Okay, sorry about that.

好的，對此感到抱歉。

Our next question is from David Miller with Imperial Capital.

我們的下一個問題來自 Imperial Capital 的 David Miller。

Just a quick financial question for Christine.

只是問克里斯汀一個簡短的財務問題。

Christine, it looks like you have a couple of upcoming maturing securities.

克莉絲汀，你似乎有幾隻即將到期的證券。

The September 2018 $500 million, that's the corporate MTN and then the January 2019, I think that's $400 million senior unsecured.

2018 年 9 月的 5 億美元，這是公司 MTN，然後是 2019 年 1 月，我認為這是 4 億美元的高級無抵押債券。

Just curious what you plan to do about those.

只是好奇你打算對這些做什麼。

I assume you can take them out, but just curious as to your thoughts.

我想你可以把它們拿出來，但只是對你的想法感到好奇。

Yes.

是的。

Thanks, David.

謝謝，大衛。

We have plenty of capacity to satisfy those maturities.

我們有足夠的能力來滿足這些期限。

It's absolutely no issue for us from a liquidity perspective.

從流動性的角度來看，這對我們來說絕對不是問題。

Our next question is from Tim Nollen with Macquarie.

我們的下一個問題來自麥格理的蒂姆諾倫。

A couple of things, please.

有幾件事，請。

You mentioned a decline in ad revenue at ESPN in the quarter, and it looks like another similar type of decline in the quarter we're in now.

你提到本季度 ESPN 的廣告收入下降，看起來我們現在所在的季度出現了另一種類似的下降。

I wonder if you could just talk a little bit about what's driving that.

我想知道你是否可以談談是什麼推動了這一點。

And then I wonder, Bob, you mentioned Sky as part of your comments around Fox.

然後我想知道，Bob，你在評論 Fox 時提到了 Sky。

I wondered if there's anything more you could give us a hint on as to what happens with the remainder of the Sky stake that Comcast is bidding for.

我想知道關於康卡斯特競標的剩餘 Sky 股份的情況，您是否可以給我們更多提示。

I don't know if there's anything you can say.

不知道你有沒有什麼可以說的。

And likewise, on the RSNs, I thought the original understanding was that Fox would take those back if that were a regulatory issue.

同樣，對於 RSN，我認為最初的理解是，如果這是一個監管問題，福克斯會收回這些。

It now seems more like this is something you would take on and then be forced to sell.

現在看起來更像是你會承擔然後被迫出售的東西。

I don't know if there's anything you can mention on that as well, please.

我不知道你是否還有什麼可以提及的，請。

On the RSNs, no, we took on -- initially, in the December deal that we announced, we assumed the responsibility of divestiture if the regulatory process demanded that we do that.

在 RSN 上，不，我們承擔了——最初，在我們宣布的 12 月交易中，如果監管程序要求我們這樣做，我們將承擔資產剝離的責任。

It was not -- it wasn't Fox that would either buy them under the circumstance or would take them back.

不是——不是福克斯會在這種情況下購買它們或收回它們。

The RSNs, though, in the agreement that was reached with the Justice Department, will be sold, and the process of selling them is actually already beginning in that conversations are starting, interest is being expressed.

不過，根據與司法部達成的協議，RSN 將被出售，出售它們的過程實際上已經開始，因為對話已經開始，興趣正在表達。

And it's likely that we'll negotiate a deal to sell them, but the deal will not be fully executed or won't close until after the overall deal for 21st Century Fox closes.

我們很可能會就出售它們進行談判，但這筆交易不會完全執行，也不會在 21 世紀福克斯的整體交易完成之前完成。

There's nothing more really to add on that.

沒有什麼可以補充的了。

On Sky, there's really nothing further to add.

在 Sky 上，真的沒有什麼可以補充的了。

I think, just to clarify because there were some erroneous reports about this, but there was a filing in the U.K. today.

我想，只是為了澄清一下，因為有一些關於這方面的錯誤報導，但今天在英國有一份文件。

It was a formal filing as per U.K. law, and that's what Fox had to do to basically formalize its GBP 14 offer for the remaining 61%.

根據英國法律，這是一份正式文件，這也是 Fox 必須做的，以便基本上正式確定其對剩餘 61% 的 14 英鎊報價。

But as per our July 8-K filing, our consent is required for an increase in that bid.

但根據我們 7 月 8-K 提交的文件，提高出價需要我們的同意。

And since this is a fluid situation, an open matter, we really are not going to comment any further about it.

由於這是一個不穩定的情況，一個開放的問題，我們真的不會對此發表任何進一步的評論。

I think that would be the most appropriate.

我認為那將是最合適的。

Understood.

明白了。

And on ESPN ad sales, as you noted, ad revenue was down in the third quarter, and it's still kind of early in the fourth quarter.

在 ESPN 廣告銷售方面，正如您所指出的，第三季度的廣告收入有所下降，而且仍處於第四季度的早期。

As Bob mentioned, college football, we are getting into that season and the match-ups are all getting out in the marketplace, and we expect the ad revenue to reflect that.

正如鮑勃提到的，大學橄欖球，我們正在進入那個賽季，比賽都在市場上進行，我們希望廣告收入能夠反映出這一點。

Just looking back at third quarter, I do want to make the note that the difference in the number of NBA playoffs and final games, when you adjust for that -- we had one fewer final.

回顧第三節，我確實想指出 NBA 季后賽和決賽的數量差異，當你對此進行調整時——我們少了一場決賽。

We had 2 fewer semi-finals, but we had the benefit of 3 additional conference finals.

我們少打了 2 場半決賽，但又多了 3 場分區決賽。

When you net all that out, ESPN's ad sales in 3Q would have been roughly similar to the prior year.

扣除所有這些因素後，ESPN 第 3 季度的廣告銷售額與去年大致持平。

Okay.

好的。

Tim, thanks.

蒂姆，謝謝。

And 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 IR website.

請注意，可以在我們的 IR 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 statements and statements as to the expected timing, completion and effects of the proposed transaction may constitute forward-looking statements under the securities laws.

我還要提醒您，本次電話會議的某些陳述，包括財務報表和關於擬議交易的預期時間、完成和影響的報表，可能構成證券法規定的前瞻性陳述。

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.

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

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

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

This concludes today's call.

今天的電話會議到此結束。

Have a good afternoon, everyone.

大家下午好。

Thank you.

謝謝。

Ladies and gentlemen, this does conclude our conference for the day.

女士們，先生們，今天的會議到此結束。

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。