迪士尼 (DIS) 2018 Q3 法說會逐字稿

Welcome to the Q3 2018 Walt Disney Company Earnings Conference Call. We sincerely apologize for any difficulty you had joining the call today, and we thank you so much for your patience. My name is Vanessa, and I will be your operator for today's call. (Operator Instructions) Please note that this conference is being recorded.

歡迎參加 2018 年第三季華特迪士尼公司財報電話會議。對於您今天參加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。我叫瓦妮莎，今天我將擔任您的電話接線生。（操作員指示）請注意，本次會議正在錄音。

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

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

Good afternoon, and welcome to The Walt Disney Company's Third Quarter 2018 Earnings Call. Our press release was issued about 25 minutes ago and is available on our website at www.disney.com/investors. Today's call is also being webcast, and the webcast and the transcript will also be available on our website.

下午好，歡迎參加華特迪士尼公司 2018 年第三季財報電話會議。我們的新聞稿大約在 25 分鐘前發布，可在我們的網站 www.disney.com/investors 上查閱。今天的電話會議也將進行網路直播，網路直播和文字記錄也將在我們的網站上發布。

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

參加今天電話會議的還有迪士尼董事長兼執行長鮑勃·伊格爾 (Bob Iger) 和高級執行副總裁兼財務長克里斯汀·麥卡錫 (Christine McCarthy)。鮑伯將率先發言，然後是克里斯汀，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，我將把電話轉給鮑伯開始通話。

Thanks, Lowell, and good afternoon, everyone. 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. We're obviously thrilled with the results of the shareholder votes. We're working to secure the remaining regulatory approvals in a number of international territories.

謝謝，洛威爾，大家午安。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，並將我的評論重點放在 21 世紀福克斯的收購上，以便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。我們顯然對股東投票的結果感到非常興奮。我們正在努力獲得多個國際地區剩餘的監管批准。

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. 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. 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.

我們購買的資產完全符合我們的計劃，即大幅擴大我們的智慧財產權組合，並以消費者和創意社群都極為青睞的方式將我們的產品推向市場。我們公司最近的重組支持了這個雄心勃勃的願景，部分原因是實現了 21 世紀福斯的業務、品牌、特許經營權以及高階主管和創意人才的無縫整合。我們期待未來的機遇，比以往任何時候都更有信心我們有能力及時完成這項歷史性收購，並有能力充分利用這些龐大的資產來推動股東價值的大幅提升。

It's particularly worth noting that our global growth strategy will be well served by the international properties in the Fox portfolio. Fox Network Group International's 350 channels reach consumers in 170 countries. Star reaches 720 million viewers a month across India and more than 100 other markets. And as you know, Fox also has a significant stake in Sky, the most successful pay television company in Europe. 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.

尤其值得注意的是，福斯投資組合中的國際資產將很好地服務於我們的全球成長策略。福斯網路集團國際部的 350 個頻道遍及 170 個國家的消費者。《星空》在印度和其他 100 多個市場的每月觀眾人數達到 7.2 億。眾所周知，福克斯還持有歐洲最成功的付費電視公司天空電視台的大量股份。這些寶貴資產的加入將大大增強我們作為全球娛樂公司的地位，在全球主要市場和新興市場擁有出色的製作和發行業務。

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. 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. Although the erosion of the expanded basic bundle continues, the impressive growth of these VMVPDs has steadily slowed overall sub losses. To that end, we've seen noticeable improvement in the rate of sub loss in each of the last 4 quarters.

在國內方面，我們繼續轉變媒體業務，以利用新技術以及正在重塑媒體和娛樂格局的消費趨勢。正如我們預測的那樣，小型數位捆綁包已成為 MVPD 領域快速增長的一部分，而我們早期決定在這些新服務中廣泛提供我們的高價值頻道，這無疑增加了它們的消費者吸引力。儘管擴展基本套餐的損失仍在繼續，但這些 VMVPD 的驚人成長已穩步減緩了整體子套餐的損失。為此，我們看到過去 4 個季度中每季的子損失率都有明顯改善。

It's also interesting to note that today, more than half of U.S. homes subscribe to streaming services. And on average, they subscribe to 3 different SVOD products. About 80% of those homes also have MVPD subscription of some kind. Consumers are picking and choosing from all the options in the market to create their own personalized mix of content. 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.

值得注意的是，如今超過一半的美國家庭訂閱了串流媒體服務。平均而言，他們訂閱 3 種不同的 SVOD 產品。其中約 80% 的家庭也擁有某種形式的 MVPD 訂閱。消費者從市場上的所有選項中挑選並創建自己的個人化內容組合。因此，我們繼續全力推動我們的直接面向消費者策略，並透過對 BAMTech 的策略性收購，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. 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. 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.

在這個消費者選擇空前的時代，品牌比以往任何時候都更重要，我們令人難以置信的高品質、受歡迎的品牌內容組合使我們能夠在策略上成功地駕馭這個日益活躍的市場。我們始終相信，我們的品牌和內容能夠極具競爭力，能夠與 Netflix、亞馬遜以及市場上的其他公司一起蓬勃發展。將福斯品牌和創意資產（例如 Searchlight、FX 和國家地理）添加到迪士尼、皮克斯、漫威、盧卡斯影業和 ABC 中，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. 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. I thought I'd mention some examples.

除了他們知名的品牌和世界一流的內容之外，我們還獲得了使他們偉大的人才、原創性和創造力。這些企業與創意社群有著密切的關係，深受尊重，並且擁有開發、製作和分發高品質內容的公認能力。我想舉一些例子。

FX is renowned for great, high-quality television. It takes bold and impressive creative risks, and it is highly respected for identifying, supporting and nurturing innovative talent. 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.

FX 因其出色的高品質電視節目而聞名。它敢於承擔大膽而令人印象深刻的創造性風險，並因發現、支持和培養創新人才而備受推崇。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. We also like that its values are vital and relevant to a planet facing environmental challenge. 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.

國家地理是另一個以品質為基礎的偉大品牌，具有全球影響力和跨代吸引力。我們也喜歡它的價值觀對於面臨環境挑戰的地球至關重要且相關。再次強調，我們的目標是支持國家地理在全球的擴張，並提供所需的額外資源，使該品牌成為 DTC 內容的另一個主要提供商，並且我們在整個公司範圍內看到了該品牌的許多其他令人興奮的機會，包括在生態旅遊領域。

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

福斯探照燈是另一個我們非常尊重和欽佩的創意引擎。去年，《探照燈》獲得了 20 項奧斯卡提名，並獲得奧斯卡最佳影片獎，因此很難說它需要任何人的幫助。我們的策略是為工作室提供所需的一切，使其繼續做自己最擅長的事情，並透過原創電視和電影項目將品牌的高品質故事敘事擴展到 DTC 領域。

20th Century Fox Film is yet another example. 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. 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. 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.

二十世紀福斯電影公司是另一個例子。它使我們有機會與《阿凡達》、《X戰警》、《神奇四俠》、《死侍》、《人猿星球》、《王牌特工》等許多標誌性電影系列建立聯繫並擴大其影響力。我們顯然非常高興能夠利用福斯的資產來增強和加速我們的 DTC 策略，但我想明確的是，我們仍然非常支持和熱情地支持電影院體驗。這是我們公司的一個重要組成部分，事實上，我們工作室的全球票房連續第三年突破 60 億美元。

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

我們計劃於 2019 年底推出迪士尼品牌的串流服務。目前，我們為該平台推出了多個處於不同開發和製作階段的原創項目，包括世界上第一部真人版《星際大戰》系列影集和《星際大戰：複製人之戰》動畫影集的新影集。

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. We're also moving forward with brand-new Marvel content. And as I just noted, the Fox acquisition brings even more opportunity to create original programming for this platform. We'll share more details about our Disney DTC plans at an investor presentation in the near future.

我們強大的內容儲備還包括院線電影，例如迪士尼真人版《小姐與流浪漢》，以及基於公司熱門 IP 的新劇集，例如迪士尼頻道的《歌舞青春》和皮克斯的《怪獸電力公司》。我們也將推出全新的漫威內容。正如我剛才提到的，收購福斯為該平台創作原創節目帶來了更多機會。我們將在不久的將來的投資者演示會上分享有關迪士尼 DTC 計劃的更多細節。

I also want to note the encouraging initial performance of our ESPN Plus service, which launched to great reviews and enthusiasm earlier this year. It's still early days, but conversion rates from free trials to paid subscriptions are strong, and subscription growth is exceeding our expectations. 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.

我還想指出，我們的 ESPN Plus 服務初期表現令人鼓舞，該服務於今年早些時候推出，並獲得了廣泛好評和熱烈歡迎。現在還處於早期階段，但從免費試用到付費訂閱的轉換率很高，訂閱成長超出了我們的預期。隨著我們不斷擴展內容並增強用戶體驗，ESPN Plus 將對整個體育領域的粉絲更具吸引力。

ESPN has invested wisely in a number of sports events and packages, and the lineup for Plus is quite strong. The UFC and Top Rank Boxing packages made Plus extremely attractive for fans of combat sports. 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. 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.

ESPN 在許多體育賽事和套餐上進行了明智的投資，Plus 的陣容相當強大。UFC 和 Top Rank Boxing 套餐讓 Plus 對格鬥運動愛好者極具吸引力。該服務今年還將提供 200 多場大學橄欖球比賽，僅在賽季前三週就將提供 70 場，此外還有數千場其他大學體育賽事。美國職棒大聯盟 (Major League Baseball)、NHL 和 MLS 的現場賽事也將成為該服務的常規內容，而我們與世界頂級足球聯賽之一意大利足球甲級聯賽中達成的新版權協議將從今年開始為 ESPN Plus 每賽季增加 340 多場比賽。

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，我們對在 DTC 領域取得的進展感到非常滿意，並且在與 Fox 管理團隊合作進行整合規劃數月之後，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. Christine?

我現在將把電話轉給克里斯汀討論本季的情況，然後我們會回答您的問題。克里斯汀？

Thanks, Bob, and good afternoon, everyone. We are pleased to report another quarter of solid financial performance. Total revenues were up 7%, and operating income was up 5%. Excluding certain items affecting comparability, earnings per share for the third fiscal quarter were up 18% to $1.87.

謝謝，鮑勃，大家下午好。我們很高興地報告本季又有穩健的財務表現。總收入成長7%，營業收入成長5%。不計某些影響可比性的項目，第三財季每股收益成長 18%，達到 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. 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. We estimate this drove an adverse impact to operating income of $47 million or 4 percentage points on the year-over-year growth rate. Despite this headwind, the segment once again delivered very strong results with revenue and operating income setting new Q3 records.

在主題樂園和度假村方面，收入成長了 6%，營業收入成長了 15%，這得益於國內和國際主題樂園以及迪士尼郵輪公司的成長。今年的業績僅包括復活節假期的一周，而去年第三季的業績則反映了假期兩週的好處。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 個百分點的影響。儘管面臨這些不利因素，該部門仍然再次取得了非常強勁的業績，營收和營業收入創下了第三季的新紀錄。

Higher operating income at our domestic Parks and Resorts was primarily due to increased guest spending, partially offset by higher costs. Per capita spending in our domestic parks was up 5% on higher admissions, food and beverage and merchandise spending. Per room spending at our domestic hotels was up 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. Occupancy in our domestic hotels was down about 2 percentage points to 86%, reflecting reduced room inventory due to room refurbishments and conversions. So far this quarter, domestic resort reservations are pacing down 2% compared to prior year, while booked rates are pacing up 7%.

我們國內公園和度假村的營業收入增加主要是由於遊客支出增加，但成本增加部分抵消了這一增長。由於門票、食品飲料和商品支出增加，我們國內公園的人均支出增加了 5%。我們國內飯店的每間客房消費上漲了 8%。本季度，我們國內公園的遊客人數增加了 1%，反映出復活節假期時間帶來了約 1 個百分點的不利影響。我們國內飯店的入住率下降了約 2 個百分點，至 86%，這反映出由於客房翻新和改建導致客房庫存減少。本季度迄今為止，國內度假村預訂量與去年同期相比下降了 2%，而預訂價格則上漲了 7%。

At our international Parks and Resorts, higher results were due to increases at Shanghai Disney Resort and Hong Kong Disneyland Resort. Q3 results at Disneyland Paris were roughly comparable to the prior year. 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. Growth at Hong Kong Disneyland Resort was due to higher hotel occupancy and increases in attendance and per capita spending at the park.

在我們的國際樂園和度假村，業績成長是由於上海迪士尼度假區和香港迪士尼樂園度假區的成長。巴黎迪士尼樂園第三季的業績與去年同期大致相當。上海迪士尼度假區的營業收入成長主要得益於費用支出的時間安排和遊客人數的增加，但遊客支出的減少部分抵消了這一增長。香港迪士尼樂園度假區的成長得益於飯店入住率的提高以及樂園遊客人數和人均消費的增加。

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.

與去年第三季相比，整個部門的營業利潤率上升了 190 個基點，我們估計復活節假期的時間對同比利潤率增長產生了約 60 個基點的不利影響。

Turning to the Studio. 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. 2 and Cars 3 in Q3 last year. Avengers: Infinity War has grossed over $2 billion globally, making it Marvel's highest grossing film of all time. Incredibles 2 is the top domestic grossing animated film ever and has generated over $1 billion in global box to date. 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.

轉向工作室。由於《復仇者聯盟：無限之戰》和《超人特攻隊 2》的表現優於《銀河守護隊》，推動國內戲院發行量成長，第三季營業收入成長。2 和 Cars 3 於去年第三季上映。《復仇者聯盟：無限之戰》全球票房收入已超過 20 億美元，成為漫威有史以來票房最高的電影。《超人特攻隊 2》是有史以來國內票房最高的動畫電影，迄今為止全球票房超過 10 億美元。我們預期《超人特攻隊 2》將成為皮克斯票房最高的電影，考慮到皮克斯的過往紀錄，這是一個相當大的成就。

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. 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. 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.

本季電視/SVOD 業績也因節目供應充足、國際業務整體成長以及費率上漲等因素而有所提高。這些成長被國內家庭娛樂業績下降所部分抵消，主要原因是《星際大戰》 DVD 和藍光片的上映時間，《星際大戰：最後的絕地武士》於今年第二季上映，而《俠盜一號》於去年第三季上映。我還要指出的是，本季我們的電影減損損失約為 1 億美元，主要與 2 部未發行的電影、一部迪士尼卡通工作室電影和另一個處於早期開發的動畫項目有關。

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. Total Media Networks affiliate revenue was up 5% in the quarter due to growth at both cable and broadcasting. 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.

媒體網絡的營業收入與去年第三季相當，因為廣播業務的較高業績被有線電視業務的下滑和股權收入的下降所抵消。由於有線電視和廣播業務的成長，本季媒體網路聯盟總收入成長了 5%。聯盟收入的增加得益於費率的提高，增長了 7 個百分點，但因訂閱用戶減少而導致的約 2 個百分點的下降，部分抵消了這一增長。

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

正如鮑伯所提到的，這是我們連續第四個季度看到淨用戶下降率有所改善。儘管淨用戶數量仍低於上年，但我們對所看到的趨勢感到鼓舞，傳統用戶下降速度放緩，同時數位 MVPD 用戶成長速度顯著加快。

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.

我們的網路組合包括 ESPN、迪士尼頻道、Freeform 和 ABC，為消費者提供引人入勝的節目，並繼續成為傳統和數位 MVPD 訂閱的推動力。

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. 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. Growth in affiliate revenue was driven by contractual rate increases. Advertising revenue at the ABC Network was up 3% in the quarter, as higher rates more than offset lower impressions. Quarter-to-date, prime-time scatter pricing at the ABC Network is running 23% above upfront levels.

第三季廣播營運收入成長 43%，原因是節目銷售額增加以及網路聯營和廣告收入成長，但節目成本上升部分抵銷了這一成長。節目銷售收入增加反映了 ABC 一些節目的銷售增加，包括《指定倖存者》和《逍遙法外》，以及今年第三季漫威的《盧克凱奇》的銷售收入高於去年的《捍衛者聯盟》。聯營公司收入的成長是由合約費率的提高所推動的。本季度，ABC 電視網的廣告收入成長了 3%，因為更高的費率足以抵消更低的展示次數。本季度迄今為止，ABC 電視網的黃金時段分散定價比預付水準高出 23%。

Equity income was lower in the quarter due to higher losses at Hulu and lower income from our investment in A+ E, partially offset by the absence of equity losses at BAMTech, which, as you know, we now report as part of our cable results. The higher losses at Hulu were primarily driven by higher programming and labor costs, partially offset by higher subscription and advertising revenue.

由於 Hulu 的虧損增加以及我們對 A+ 的投資收入減少，本季股權收益有所下降E，部分抵消了 BAMTech 沒有股權損失，如您所知，我們現在將其作為有線電視業績的一部分進行報告。Hulu 虧損增加主要是由於節目製作和勞動力成本增加，但訂閱和廣告收入增加部分抵消了這一損失。

At cable, operating income was lower in the quarter as higher results at ESPN were more than offset by a loss at BAMTech. BAMTech's results this quarter reflect higher content and marketing costs and ongoing investment in its technology platform, including costs associated with ESPN Plus.

有線電視方面，本季營業收入較低，因為 ESPN 的業績成長被 BAMTech 的虧損所抵消。BAMTech 本季的業績反映了更高的內容和行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. The increase in programming expense was driven by contractual rate increases for NBA programming. Ad revenue at ESPN was down 3% in the quarter, as higher rates were more than offset by lower impressions. So far this quarter, ESPN's cash ad sales are pacing down 3% compared to prior year.

ESPN 本季的營業收入增加，因為聯營公司收入的成長以及與去年第三季遣散費相比的有利表現足以抵消節目製作成本的增加和廣告收入的下降。節目製作費用的增加是由於 NBA 節目製作合約費率的增加。本季 ESPN 的廣告收入下降了 3%，因為更高的費率被更低的展示次數所抵消。本季迄今為止，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. 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. We expect some of the headwinds that impacted our Consumer Products business in Q3 will also impact the business in the fourth quarter.

在消費品和互動媒體方面，由於授權收入減少和同店銷售額下降，本季營業收入下降，但遊戲業務成本降低部分抵消了下降。授權許可收入的下降是由於《蜘蛛人》和《賽車總動員》週邊商品銷售收入的下降，這兩部影片都受益於前一年影院上映的電影，但《復仇者聯盟》週邊商品收入的增加部分抵消了這一影響。我們預計，第三季影響我們消費品業務的一些不利因素也將影響第四季的業務。

In the third quarter, corporate expenses were about $100 million higher than the prior year. The single biggest driver of the growth was expenses related to our Fox acquisition. In Q4, we expect corporate expenses to be higher by about $35 million, driven almost entirely by Fox acquisition-related costs.

第三季度，公司支出比前一年高出約 1 億美元。推動成長的最大動力是與收購福斯相關的費用。在第四季度，我們預計公司支出將增加約 3,500 萬美元，這幾乎完全是由福克斯收購相關的成本所致。

During the third quarter, we repurchased 9.6 million shares for $970 million. Year-to-date, we've repurchased 34.6 million shares for approximately $3.6 billion. 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.

第三季度，我們以 9.7 億美元回購了 960 萬股。年初至今，我們已回購 3,460 萬股，耗資約 36 億美元。鑑於我們即將收購福克斯，並且為了籌集 357 億美元現金部分資金，預計槓桿率將上升，因此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，我們不會積極購買我們的股票。

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

在我們宣佈福克斯的修改報價時，我們表示這可能會在 2021 財年末或 2022 財年末發生，具體取決於福克斯與天空電視台交易的結果。最終時間表將取決於福克斯是否獲得天空電視台的全部所有權以及從 RSN 處置中獲得的收益金額。

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

現在，我將把電話轉給洛厄爾，我們很樂意回答您的問題。

All right. Thanks, Christine. Operator, we are ready for the first question.

好的。謝謝，克里斯汀。接線員，我們已經準備好回答第一個問題了。

Our first question comes from Michael Nathanson with MoffettNathanson.

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

Bob, I have 2 here. One is on Netflix and your strategy. If you think about what Netflix was able to accomplish, it was just an amazing amount of choice and personalization. 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. 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? And how do you think about that? And the second question is just about China and any update on timing on the regulatory front on the China side?

鮑勃，我這裡有 2 個。一個是關於 Netflix 和您的策略。如果你想想 Netflix 所取得的成就，你會發現它的選擇和個人化程度令人驚嘆。因此，當我考慮您自己的 OTT 策略時，您擁有這一切——您正在建立令人驚嘆的內容——您擁有一個很棒的內容庫，您正在獲取一個內容庫，但您可能正在考慮針對不同的消費者、選民、不同的品牌提供不同的應用程式。那麼，您能否談談迪士尼內部的優缺點呢？是建立一個聚合應用程序，還是分段開發？您對此有何看法？第二個問題是關於中國的，中國方面在監管時間方面有什麼更新嗎？

Thanks, Michael. I'll answer the second question first. We have no updates regarding the regulatory filings. 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. 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. 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. 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. 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. 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. 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. 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. 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. And they will basically be designed to attract different tastes and different segment or audience demographics. If a consumer wants all 3, ultimately, we see an opportunity to package them from a pricing perspective. 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.

謝謝，麥可。我先回答第二個問題。我們沒有關於監管備案的最新消息。6 月份，我們的 S-4 文件中表示，我們預計從那時起的 6 到 12 個月內將在全球各個市場獲得必要的監管備案，我們根本不打算更新這一資訊。關於 Netflix 和我們的應用程式策略，首先，因為我們大概會在一年左右，也就是 2019 年底的時候，將 Disney 應用程式推向市場，所以我們在內容量方面會先走後跑，因為構建我們最終想要構建的那種內容庫需要時間。話雖如此，由於迪士尼應用程式將收錄皮克斯、漫威、迪士尼等影視作品，最終國家地理、盧卡斯影業、星際大戰等也將成為貢獻者，我們認為它不需要擁有接近 Netflix 的規模，因為品牌的價值以及其中包含的節目的具體價值。順便說一下，價格也會反映出產品數量的減少，順便說一下，生產和擁有所有內容的成本也會減少。顯然，在 21 世紀福斯交易完成後，我們將擁有 Hulu 60% 的股份，因此這將與我們的應用策略非常契合。然後我在之前的評論中談到了，我們過去也談論過這個問題，我們有 ESPN 應用程式。當我們審視這三種情況時，我們的感覺是——當我們審視當今的環境時，我想，你甚至可以指出的一件事就是新的數位 OTT 產品的巨大增長，你看到的頻道本質上更少，選擇更少，成本更低。我們不想透過複製當今多通路環境的聚合模式進入市場，因為我們認為消費者更感興趣的是自己決定想要什麼樣的套餐。因此，我們不會推出所謂的巨型聚合遊戲，而是會將我們已經推向市場的產品推向市場：體育遊戲；我稱之為迪士尼遊戲，它更注重家庭；當然，還有 Hulu。它們的設計基本上是為了吸引不同的品味和不同的群體或受眾。如果消費者想要全部這三種產品，那麼最終，我們會從定價的角度看到將它們打包的機會。但消費者可能只是想要體育賽事、家庭生活或 Hulu 的服務，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，也是當今環境下消費者行為的要求。

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本‧斯溫伯恩 (Ben Swinburne)。

I want to stay on the OTT topic. 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. Is there a similar opportunity with this OTT launch? And I don't know if you -- if there's anything that you want to share with us today. 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. And then, Christine, for you, it's honestly a bit of an accounting question, but I think important. Have you guys figured out how you're going to account for the content production on the OTT side? 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? Anything you can give us there, since this will start to build in dollar terms, would be helpful.

我想繼續討論 OTT 話題。鮑勃，幾年前，當你們推出第一部《星際大戰》電影時，你們曾談到要利用整個公司的資產來真正讓這部電影獲得成功，或者盡可能取得成功，並把這作為公司的首要任務。這次 OTT 的推出是否會帶來類似的機會？我不知道您今天是否還有什麼想與我們分享的。我知道這還需要一年的時間，但是您可能會考慮如何利用公園或媒體網絡或業務的各個部分來真正確保這件事盡可能順利地進行。然後，克里斯汀，對你來說，這確實是一個會計問題，但我認為這很重要。你們是否已經想好如何解釋 OTT 方面的內容製作了？我認為您已經在開發上花費了資金，我不知道您此時是否已經接近拍攝任何東西，但這些東西是否會進入資產負債表，然後在某個使用壽命估計內攤銷？由於這將以美元計算，所以您能給我們的任何幫助都是有幫助的。

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

本，2019 年底推出迪士尼 DTC 產品可能是該公司的首要任務——也是公司 2019 年期間的首要任務。我們將透過所有資產提供大量支持，以確保該產品成功推出。顯然，從迪士尼的角度來看，我們與世界各地的迪士尼消費者、迪士尼愛好者有著聯繫，他們不僅是去過我們公園的人，還有去過我們電影、購買過各種消費品並加入過各種迪士尼興趣組織（如 D23）的人。因此，我們實際上認為首要任務是接觸迪士尼的核心粉絲，當然我們有許多不同的公司接觸點來做到這一點。然後在第二部分，我將讓克里斯汀談談成本，以及我們最終如何從財務角度來管理它。

Ben, so the way we're going to treat the content is we will be capitalizing the cost of the new content. And as you know, we will be starting to do that now and going forward until the launch. That will be put on the balance sheet, and we will amortize it once it's finished and airing.

本，我們處理內容的方式是將新內容的成本資本化。正如你所知，我們現在就開始這樣做，直到發佈為止。這將被放在資產負債表上，一旦它完成並播出，我們就會將其攤銷。

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傑西卡·賴夫。

I have a couple of questions on the Fox acquisition. You gave a number, when you announced it, of $2 billion of synergy, which, I think, was all cost. And then on this call, you've talked about investing in some of the brands, like Nat Geo, FX, et cetera. Can you talk a little bit about the investment that you see over the next couple of years? Anything you can say on incremental revenue? And what's the timing of the transition, the management team transition? Will it only be closer to the closing? 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. Can you just talk about where you see that going? Do you have plans to build hotels, given all the attractions that you're planning over the next, let's say, 3 years?

我對福斯收購案有幾個問題。當您宣布這一消息時，您給出了一個數字，即 20 億美元的協同效應，我認為這就是全部成本。然後在這次電話會議上，您談到了投資一些品牌，例如國家地理、FX 等等。能否談談您對未來幾年投資的展望？關於增量收入您能說說嗎？管理團隊的過渡和過渡時間是什麼時候？是不是離結束就更近了？然後是另一個主題，只是一個簡單的問題，但是主題公園，您的利潤率越來越接近之前的峰值，所以您已經概述了。您能談談您認為未來會怎樣嗎？考慮到您在未來 3 年內規劃的所有景點，您是否有建造酒店的計劃？

We -- you're right, Jessica. We have spoken about $2 billion in cost synergies, and we're confident that we're going to be able to deliver those. 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. Maybe eventually we will, but right now we don't intend to. We are looking at incremental investment from a content perspective from both the Disney side of the company. So we have a variety of different, as you know, original productions in development and production right now essentially to feed the app. 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. 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. We have not been specific about what kind of incremental production cost is associated, but there will be -- certainly, there will be some. 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——你是對的，潔西卡。我們已經談到了 20 億美元的成本綜效，我們有信心能夠實現這些目標。還會有收入綜效，但我們還沒有具體說明它們是什麼，而且我們也不打算具體說明這一點，至少在可預見的未來是如此。也許最後我們會這麼做，但現在我們還沒有這個打算。我們正在從迪士尼公司的內容角度考慮增量投資。因此，如您所知，我們目前正在開發和生產各種不同的原創產品，主要是為了提供應用程式內容。我們還打算轉向福克斯方面的業務，我提到了國家地理、FX、探照燈，我們正在關注福克斯電視工作室。這些組織不僅擁有優秀的特許經營權和品牌，而且還擁有大量人才，既包括高階主管人才，也包括人才——我們可以利用這些人才關係，從本質上幫助推動我們現有的直接面向消費者的業務。我們還沒有具體說明與哪種增量生產成本有關，但肯定會有一些。我們相信，隨著發布日期的臨近，我們將能夠更具體地向大家介紹我們在成本方面的計劃。

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. 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. 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. 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.

傑西卡，我唯一要補充的是關於成本，那 20 億美元，我們假設它將在交易結束後的第二年實現，第一年大約實現 50%，第二年年底實現 50%。而且由於美國以外的監管問題，您可以預期前端國內業務會更多。在公園利潤方面，您確實表示看到了這種增長。與去年同期相比，本季公園利潤率擴大了 190 個基點，其中包括假期班次帶來的負面拖累，因此包括了 60 個基點的拖累。我們看到的繼續擴大公園利潤的機會將是收益管理，我們之前已經和您談過，我們仍然相信有機會，特別是在國內市場。

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.

特別是考慮到我們已經推出了一些非常有吸引力的新項目，包括玩具總動員樂園和星球大戰樂園，它們將於 2019 年某個時候開放，這也將為我們提供一些定價或創收機會。

Our next question is from Alexia Quadrani with JPMorgan.

下一個問題來自摩根大通的 Alexia Quadrani。

It's 2 questions. The first one is on ESPN Plus. Can you give us any more data maybe on subscriber growth? I think you've said it's exceeding expectation. I don't know if it's too soon to give us a number. And if there are any lessons you may have learned, as you plan for the Disney direct-to-consumer launch, from that launch. 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. The question really is how are you balancing those negotiations with the distributors, given your high-profile direct-to-consumer priorities?

這是兩個問題。第一個是在 ESPN Plus 上。您能否提供我們更多有關用戶成長的數據？我認為您已經說過這​​超出了預期。我不知道現在給我們一個數字是否還太早。當您計劃推出迪士尼直接面向消費者的產品時，您是否從那次產品發布中學到了什麼？我的第二個問題是，我認為您正在經歷一個相當顯著的更新周期，您的一些主要附屬交易將在 2019 年完成。真正的問題是，考慮到您高度重視直接面向消費者的優先事項，您如何平衡與經銷商的談判？

Well, I'll answer the second question. We'll be going to market with some very attractive product. Obviously, I don't have to cover all of what they are because you certainly know what they are, 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. 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. 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. So we don't really see it complicating our negotiations with the primary distributors. 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. I can only tell you that we're telling the truth, so that doesn't do much good. We had relatively modest expectations. I'm not going to be specific on numbers. We're just not ready to get into that. 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. Boxing is probably the primary example, but there's been some other good programming as well. 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. 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. UFC kicks in. 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. And then, of course, as the season unfolds, the next baseball season and the NHL season. MLS, there'll be regular games from all 3 of those leagues and more and more programming. 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. A lot of the rights in sports are already spoken for. 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. I'll give you an example is we have a lot of inventory for Little League World Series. 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. So we actually feel good about it. We're -- it's a marathon. It's not a sprint. The product seems to be working well technologically. It's quite stable from a streaming perspective. And we feel great about it.

好吧，我來回答第二個問題。我們將向市場推出一些非常有吸引力的產品。顯然，我不需要介紹它們的全部內容，因為你肯定知道它們是什麼，Alexia。我們也知道，傳統經銷商對分銷我們的 DTC 產品非常感興趣，順便說一下，他們現在就是為 Netflix 分銷產品。因此，我們確實相信，從某種意義上說，他們可以在談判中並肩共存，而不一定會導致或製造問題。我認為，在業務分銷方面，現實情況是這樣的：業務正在發生變化，消費者的習慣已經改變，而 over-the-top SVOD 產品將繼續存在並且真實存在，並且可能會繼續與更傳統的平台競爭或補充更傳統的平台。所以我們並不認為這會讓我們與主要經銷商的談判變得複雜。但首先在 ESPN Plus 上，我意識到當我說訂閱用戶數量超出我們的預期時，可能會有人問：「那麼，它們到底是多少？」而我們還沒有具體說明。我只能告訴你，我們說的是實話，所以這沒什麼用。我們的期望值相對較低。我不會透露具體數字。我們還沒準備好進入這個領域。但至於我們能從一開始獲得什麼樣的訂閱者，部分原因在於產品供應的性質，但實際上，我們已經很好地補充了該產品供應。拳擊可能是主要的例子，但也有一些其他好的節目。令我們感到振奮的是，從免費到付費的轉換率相當高，而且我們看到的用戶流失趨勢在本質上是溫和的，是可以控制的。隨著我們添加更多產品——我在評論中提到，我們擁有龐大的大學橄欖球陣容，新賽季將有 200 場比賽，前 3 週將有 70 場比賽。UFC 開始比賽。今天我們宣布將極具吸引力的義大利足球聯賽義甲納入其中。因此，克里斯蒂亞諾·羅納爾多與新球隊的首場比賽將在 ESPN Plus 上播出，這令人興奮。當然，隨著賽季的展開，接下來是棒球賽季和 NHL 賽季。MLS，這三個聯盟將會有常規比賽和越來越多的節目安排。因此，我們對自己的定位感到非常滿意，我們將繼續尋找機會來獲得可用的權利。體育運動中的許多權利已經被人們所爭取。我們仍然有一些機會，包括一些機會來利用我們已經擁有的 ESPN 主要頻道的一些權利並將其向前推進。我舉個例子，我們有很多少年棒球世界大賽的庫存。我們注意到，隨著我們向消費者更加具體地介紹將要觀看的小聯盟比賽，我們相信，我們的訂閱註冊量在過去幾天內激增，這是因為消費者對此感興趣。所以我們實際上對此感覺很好。我們——這是一場馬拉松。這不是短跑。該產品在技術上似乎運作良好。從串流媒體的角度來看，它非常穩定。我們對此感到非常高興。

Our next question is from Doug Mitchelson with Crédit Suisse.

下一個問題來自瑞士信貸的道格·米切爾森 (Doug Mitchelson)。

One for Bob, one for Christine. Bob, are there any overarching principles that is driving how much you think is the right investment level in streaming? For example, is there a need to move quickly, because otherwise the market would be passing by? Or should you move slowly to manage the impact on earnings? Any framing of the factors that determine how aggressively the company's pivoting to digital would be helpful. And then for Christine, similar to Ben, an accounting question related to streaming service. How do you manage the pay one rights for calendar '19 films from an accounting perspective? Because it'll apply to other factors as well. Does the film division still include pay one revenue in its ultimates for calendar '19 releases when determining film amortization by window? Or is that something that actually has to wait for the streaming service to launch and the streaming service to buy back content?

一個給鮑勃，一個給克里斯汀。鮑勃，您認為串流媒體的正確投資水平應該是多少，這有沒有什麼總體原則決定著？例如，是否需要快速行動，否則市場就會流失？或者你應該慢慢採取行動來應對對收益的影響？任何能夠決定公司數位轉型力度的因素都會有所幫助。然後對於克里斯汀來說，與本類似，這是一個與串流媒體服務相關的會計問題。從會計角度來看，如何管理 19 年曆電影的付費一部版權？因為它也適用於其他因素。在按窗口確定電影攤銷時，電影部門是否仍將 19 年曆發行的最終收入計入其中？或者這實際上必須等待串流媒體服務推出並且串流服務回購內容？

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. And so we believe whenever we launch, it will be attractive. 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. 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. 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. And we don't really need to do that. We will fill in, in terms of creating volume, with a significant amount of library content, both movie and television content. 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. It takes time to produce these, particularly to produce them well. There are a number that are already in production. And so -- that we feel good about, ultimately, what we're going to launch with. But I think the way to look at it is to look at it as a service that is focused on those brands. We'll also infuse it with National Geographic product as well when the time is right to do that. We will continue to spend incrementally on the service. We talked about that a fair amount. 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. We have to put enough on to make sense from a value -- a price-to-value relationship perspective.

所以道格，回答第一個問題，我們認為沒有必要著急，因為市場會超越我們，因為人們唯一能夠獲得迪士尼、皮克斯、漫威、星際大戰原創產品的地方就是這個應用程式。因此我們相信，無論何時推出，它都會具有吸引力。我們想要做的是，確保當我們推出時，它被視為優質產品，我們為粉絲服務，特別是漫威、皮克斯、迪士尼和星球大戰的粉絲，並且我們收取的價格反映了我們提供的價值。我們曾多次提到，我們有能力使用這些品牌的程序或從這些品牌衍生的程序來對該產品進行編程，這顯然創造了需求，並使我們有能力不一定參與數量遊戲，而是參與質量遊戲。但這絕不意味著 Netflix 沒有參與品質遊戲，他們有很多高品質的作品，但他們也參與了高容量遊戲。但我們其實並不需要這麼做。在創作量方面，我們會填入大量的庫內容，包括電影和電視內容。所以，這並不意味著櫥櫃會空空如也，而是我們希望在適當的情況下製作我們要播放的節目，也就是說，在適當的預算和適當的時間。生產這些產品需要時間，特別是要生產出好的產品。其中許多已投入生產。因此，我們對最終要推出的產品感到滿意。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。時機成熟時，我們也會將國家地理產品融入其中。我們將繼續加大對這項服務的投入。我們對此進行了大量的討論。但我們會一直這樣做，因為我們知道，由於這些品牌的特殊性和獨特性，我們不必參與絕對數量的遊戲。我們必須投入足夠的資金才能從價值（價格與價值關係）的角度來理解。

Okay. Doug, for the question on the pay TV one window. For the time being, you should assume status quo. 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.

好的。道格，回答有關付費電視一窗口的問題。就目前而言，你應該接受現狀。但隨著服務的推出，我們將重新評估我們處理該視窗的方式，一旦我們最終確定如何處理它，我們將獲得更多資訊。

Our next question is from Todd Juenger with Sanford Bernstein.

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

Bob, I know you talked about an investor event coming up soon, talking about the DTC stuff. And yet, I'm going to ask you, just like everybody else, if you don't mind, a question on that topic. 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. I guess, my question is, pretty much every brand you listed, I believe, has historical content obligations to other licensing partners. So for instance, I'm thinking about Star Wars. The movies are either on Netflix or even on Turner cable syndication in the States. Marvel movies are on Starz or Netflix, that sort of thing. 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? It doesn't sound like. In fact, there's some scenario where there's no Star Wars old movies at all, maybe. I'd love a comment on that. I might be wrong because I don't know the exact carve-outs. So that's the main question. And if that's true, how big a deal is it? And how are you going to message that, are you thinking, with your consumers?

鮑勃，我知道你談到即將舉行的投資者活動，討論 DTC 的事情。然而，如果您不介意的話，我將像其他人一樣就該主題向您提問一個問題。所以，您現在已經多次列出了所有這些將在迪士尼直接面向消費者的娛樂服務中存在和運營的優秀品牌。我想，我的問題是，我相信您列出的幾乎每個品牌都對其他授權合作夥伴負有歷史內容義務。例如，我在考慮《星際大戰》。這些電影要么在 Netflix 上播放，要么在美國的 Turner 有線電視聯合頻道上播放。漫威電影在 Starz 或 Netflix 等平台上播出。所以我想，我的問題是，您能否確認，當您推出這些品牌時，一大堆與這些品牌相關的歷史產品將不會出現在您的服務中？聽起來不像。事實上，也許存在根本沒有《星際大戰》老電影的情況。我很樂意對此發表評論。我可能是錯的，因為我不知道特定的豁免條款。這就是主要問題。如果這是真的，那這到底有多嚴重呢？您考慮過如何向消費者傳達這項訊息嗎？

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. There are some windows down the road that enable us to put those films on our service. I don't think we've been specific about that, but you'll see when we launch. But starting in 2019, the movies that -- the studio movie slate is clean and unencumbered. And so one of the reasons why we've talked about -- I don't want to say walk before we run. It's not quite that. There's going to be a fair amount of running going on. But we want to make sure we're managing expectations. The price of the service will reflect that. The volume of the product that's on. 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. 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.

嗯，我們知道，當我們做出這個決定時，2018 年剩餘時間內已經生產和將要生產的許多產品都受到我們與許多不同實體（特別是 Netflix 和 Starz）達成的許可協議的限制，正如您所提到的。有一些窗口可以幫助我們將這些電影放到我們的服務上。我認為我們還沒有具體說明這一點，但是當我們推出時你就會知道。但從 2019 年開始，製片廠的電影名單就乾淨利落、沒有任何阻礙了。因此，我們討論的原因之一——我不想先說走，再說跑。事實並非如此。將會有相當多的跑步活動。但我們希望確保我們能夠管理預期。服務價格將反映這一點。正在運行的產品的音量。但這也是我們為其創作大量原創內容的原因之一，原創《星際大戰》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，雖然數量肯定很多，但由於現有的交易，最近的工作室名單不會在任何時候完全可用，而且這些權利最終需要時間才能歸還給我們。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產品的事情。

Todd?

托德？

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

好的。您能否簡單評論一下，您是如何考慮向那些可能購買您的服務、希望觀看《星際大戰》電影但卻找不到的消費者傳達這一訊息的？您還有什麼顧慮嗎－就這樣？

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. But if they're looking for Star Wars movies that launched in 2019 or original Star Wars series, you will find that here. 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. But if you look at the 2019 studio slate, I was -- I saw something recently posted just about the studio slate. So in calendar 2019, the studio slate is about as strong as it gets. 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. None of those films are encumbered by existing distribution deals. 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. 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. That's a pretty strong slate.

我們顯然要確保，當我們推出這款產品並進行行銷時，人們會知道，如果他們正在尋找《星際大戰：原力覺醒》，那麼它就不會出現。但如果他們正在尋找 2019 年上映的《星際大戰》電影或原版《星際大戰》系列，您可以在這裡找到。當權利可用或我們能夠協商恢復權利時，您將在服務中看到它們，等等。但如果你看一下 2019 年的工作室計劃，我——我看到了最近發布的一些關於工作室計劃的內容。因此，在 2019 年，工作室名單將盡可能強大。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》、《阿特米斯奇幻歷險》、《叢林奇日曆》、《冰雪奇緣 2》和《星際大戰 9》，都在 2019 年中。這些電影均不受現有發行協議的約束。因此，當我們在 2019 年底推出產品時——現在他們仍然必須根據我們將產品推向市場的方式進行窗口期，但窗口期不會受到現有許可協議的影響。所以，我又要再讀一次這些，但 2019 年曆上有：《驚奇隊長》、《小飛象》、《復仇者聯盟》、《阿拉丁》、《玩具總動員 4》、《獅子王》、《阿特米斯奇幻歷險》、《叢林奇航》、《冰雪奇緣 2》和《星際大戰》。這是一個相當強大的基礎。

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

下一個問題來自世界銀行（原文如此）[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...

也許首先，您提到了將從 Fox、Nat Geo、FX、Searchlight 和 20th Century 獲得的內容...

Pardon me, Steven, you're breaking up. Is there any way you can clear your connection, sir?

對不起，史蒂文，你要分手了。先生，有什麼方法可以清除您的連線嗎？

I heard it, go ahead.

我聽到了，你繼續說。

Okay. Is (inaudible) some of the content you'll be acquiring from Nat Geo and FX and Searchlight and (inaudible). Is your plan that these will over time (inaudible) encumbered some of exclusivity supplying content into (inaudible) some of the licensing?

好的。您將從 Nat Geo、FX 和 Searchlight 獲得哪些內容（聽不清楚）？您的計劃是，隨著時間的推移，這些將（聽不清楚）阻礙部分獨家內容供​​應進入（聽不清楚）部分許可？

Steven, it's Lowell. It's very hard -- well, you're breaking up. We're hearing every other word.

史蒂文，我是洛威爾。這很難——好吧，你們要分手了。我們聽到了每一個字。

Okay. I'll get back in the queue. I'll try back.

好的。我會回到隊列中。我會再試一次。

Okay, sorry about that.

好的，很抱歉。

Our next question is from David Miller with Imperial Capital.

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

Just a quick financial question for Christine. Christine, it looks like you have a couple of upcoming maturing securities. The September 2018 $500 million, that's the corporate MTN and then the January 2019, I think that's $400 million senior unsecured. Just curious what you plan to do about those. I assume you can take them out, but just curious as to your thoughts.

我只想問克里斯汀一個簡單的財務問題。克莉絲汀，看起來你有幾張即將到期的證券。2018 年 9 月的 5 億美元是企業中期票據，而 2019 年 1 月的 4 億美元是無擔保優先票據。只是好奇你打算如何處理這些問題。我認為你可以把它們拿出來，但只是好奇你的想法。

Yes. Thanks, David. We have plenty of capacity to satisfy those maturities. It's absolutely no issue for us from a liquidity perspective.

是的。謝謝，大衛。我們有足夠的能力滿足這些到期要求。從流動性角度來看，這對我們來說絕對不是問題。

Our next question is from Tim Nollen with Macquarie.

下一個問題來自麥格理的蒂姆·諾倫。

A couple of things, please. 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. I wonder if you could just talk a little bit about what's driving that. And then I wonder, Bob, you mentioned Sky as part of your comments around Fox. 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. I don't know if there's anything you can say. And likewise, on the RSNs, I thought the original understanding was that Fox would take those back if that were a regulatory issue. It now seems more like this is something you would take on and then be forced to sell. I don't know if there's anything you can mention on that as well, please.

請告訴我幾件事。您提到本季 ESPN 的廣告收入有所下降，而目前本季似乎也出現了類似的下降。我想知道您是否可以稍微談談推動這一現象的原因。然後我想知道，鮑勃，你在對福克斯的評論中提到了天空電視台。我想知道您是否可以透露一些有關康卡斯特競購的 Sky 剩餘股份的處理情況的資訊。我不知道您是否還有什麼好說的。同樣，關於 RSN，我認為最初的理解是，如果這是一個監管問題，福克斯會收回它們。現在看起來，這更像是你會承擔然後被迫出售的東西。我不知道您是否也可以提及這一點。

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. It was not -- it wasn't Fox that would either buy them under the circumstance or would take them back. 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. 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. There's nothing more really to add on that. On Sky, there's really nothing further to add. I think, just to clarify because there were some erroneous reports about this, but there was a filing in the U.K. today. 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%. But as per our July 8-K filing, our consent is required for an increase in that bid. And since this is a fluid situation, an open matter, we really are not going to comment any further about it. I think that would be the most appropriate.

關於 RSN，不，我們承擔了——最初，在我們宣布的 12 月協議中，如果監管流程要求我們這樣做，我們將承擔剝離的責任。在這種情況下，福克斯不會購買它們，也不會將它們收回。不過，根據與司法部達成的協議，RSN 將被出售，而且出售過程實際上已經開始，談判已經開始，人們也表達了興趣。我們很可能會就出售這些資產達成協議，但該交易要等到 21 世紀福斯整體交易完成後才能完全執行或完成。對此確實沒有什麼可補充的了。關於天空，確實沒有什麼好補充的了。我認為，只是為了澄清一下，因為關於此事有一些錯誤的報道，但今天在英國有一份文件。根據英國法律，這是一份正式文件，福克斯必須這樣做才能正式確定其以 14 英鎊收購剩餘 61% 股份的報價。但根據我們 7 月的 8-K 文件，提高出價需要我們的同意。由於情況不穩定，且懸而未決，我們不會對此發表進一步評論。我認為那是最合適的。

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. 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. 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. We had 2 fewer semi-finals, but we had the benefit of 3 additional conference finals. When you net all that out, ESPN's ad sales in 3Q would have been roughly similar to the prior year.

關於 ESPN 的廣告銷售，正如您所說，第三季的廣告收入有所下降，現在還處於第四季度初期。正如鮑伯所提到的，大學橄欖球賽季即將到來，所有比賽都已經在市場上展開，我們預計廣告收入將反映這一點。回顧第三季度，我確實想指出，當你調整 NBA 季後賽和決賽場次的差異時——我們的決賽場次少了一場。我們少參加了 2 場半決賽，但我們獲得了 3 場附加決賽的優勢。如果將所有這些因素都考慮進去，ESPN 第三季的廣告銷售額將與去年同期大致相同。

Okay. Tim, thanks. And thanks, again, everyone, for joining us today. 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.

好的。提姆，謝謝。再次感謝大家今天的參與。請注意，可以在我們的 IR 網站上找到本次電話會議中提及的非 GAAP 指標與等效 GAAP 指標的對帳表。

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. We make these statements on the basis of our views and assumptions regarding future events and business performance at the time we make them, and we do not undertake any obligation to update these statements. Forward-looking statements are subject to a number of risks and uncertainties, and actual results may differ materially from the results expressed or implied in light of a variety of factors, including factors contained in our Annual Report on Form 10-K and in our other filings with the Securities and Exchange Commission. This concludes today's call. Have a good afternoon, everyone.

我還要提醒您，本次電話會議中的某些聲明，包括財務報表以及有關擬議交易的預期時間、完成和影響的聲明，可能構成證券法規定的前瞻性陳述。我們根據當時對未來事件和業務表現的看法和假設做出這些聲明，我們不承擔任何更新這些聲明的義務。前瞻性陳述受多種風險和不確定性的影響，實際結果可能與根據各種因素表達或暗示的結果有重大差異，包括我們 10-K 表年度報告和我們向美國證券交易委員會提交的其他文件中包含的因素。今天的電話會議到此結束。祝大家下午愉快。

Thank you. Ladies and gentlemen, this does conclude our conference for the day. We thank you for participating. You may now disconnect.

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