迪士尼 (DIS) 2018 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to The Walt Disney Company's Fiscal Full Year and Fourth Quarter 2018 Financial Results Conference Call.

女士們，先生們，美好的一天，歡迎參加華特迪士尼公司的 2018 財年和第四季度財務業績電話會議。

(Operator Instructions)

（操作員說明）

As a reminder, today's conference is being recorded.

提醒一下，今天的會議正在錄製中。

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

我現在想將電話轉給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 Fourth Quarter 2018 Earnings Call.

下午好，歡迎參加華特迪士尼公司 2018 年第四季度財報電話會議。

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

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

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

今天的電話會議也正在進行網絡直播，我們的網站上將提供成績單。

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

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

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

Bob 將帶頭，Christine 緊隨其後，然後我們很樂意回答您的一些問題。

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

因此，讓我將電話轉給 Bob 開始。

Thanks, Lowell.

謝謝，洛厄爾。

Good afternoon, everyone.

大家下午好。

We're pleased with our results in Q4, delivering a strong finish to fiscal 2018.

我們對第四季度的業績感到滿意，為 2018 財年帶來了強勁的收官。

Adjusted for comparability, earnings per share were up 38% for the quarter and 24% for the year.

經可比性調整後，本季度每股收益增長 38%，全年增長 24%。

Christine will give you details about our performance in a few minutes.

Christine 將在幾分鐘內向您詳細介紹我們的表現。

My remarks are focused on 2 of our biggest priorities in fiscal 2019: the successful completion and integration of our 21st Century Fox acquisition and the further development of our DTC business, which includes adding new content and subscribers to ESPN Plus, gaining a majority stake in Hulu and launching our highly anticipated Disney-branded service late next year.

我的發言集中在我們 2019 財年的兩個最大優先事項上：成功完成和整合我們對 21 世紀福克斯的收購，以及進一步發展我們的 DTC 業務，其中包括向 ESPN Plus 添加新內容和訂閱者，獲得多數股權Hulu 並在明年年底推出我們備受期待的迪士尼品牌服務。

With regard to our acquisition of 21st Century Fox, we just received EU regulatory approval this week, another major milestone in the process, and we're optimistic about securing the necessary approvals from the territories that remain.

關於我們對 21 世紀福克斯的收購，我們本周剛剛獲得了歐盟監管部門的批准，這是該過程中的另一個重要里程碑，我們對獲得剩餘地區的必要批准持樂觀態度。

Last June, we estimated it could take up to 12 months for the transaction to close, but we are increasingly optimistic it will be meaningfully earlier than that.

去年 6 月，我們估計交易可能需要長達 12 個月的時間才能完成，但我們越來越樂觀地認為它會比這更早一些。

As I have said numerous times, the value of the portfolio of recognized brands and world-class content we're acquiring is impressive as is the wealth of executive talent at 21st Century Fox, many of whom will hold key positions in the combined company.

正如我多次說過的，我們收購的知名品牌組合和世界級內容的價值令人印象深刻，21 世紀福克斯的高管人才財富也令人印象深刻，其中許多人將在合併後的公司擔任關鍵職位。

Upon completion of the acquisition, Peter Rice will be Chairman of Walt Disney Television, reporting to me, and will also serve as cochair of our Media Networks group, along with ESPN President, Jimmy Pitaro.

收購完成後，彼得·賴斯將擔任沃爾特迪斯尼電視台主席，向我匯報，並將與 ESPN 總裁吉米·皮塔羅一起擔任我們媒體網絡集團的聯合主席。

Dana Walden, John Landgraf and Gary Knell will also be joining us in leadership roles reporting to Peter.

Dana Walden、John Landgraf 和 Gary Knell 也將加入我們，擔任向 Peter 匯報的領導職務。

Additionally, a number of 21st Century Fox studio executives will be joining Alan Horn's team at Disney Studio Entertainment, including Emma Watts at 20th Century Fox, Nancy Utley and Steve Gilula at Fox Searchlight, and Elizabeth Gabler at Fox 2000.

此外，許多 21 世紀福克斯工作室高管將加入迪士尼工作室娛樂的艾倫霍恩團隊，包括 20 世紀福克斯的艾瑪沃茨、福克斯探照燈的南希尤特利和史蒂夫吉魯拉，以及福克斯 2000 的伊麗莎白蓋布勒。

As I mentioned earlier, DTC continues to be one of our top priorities.

正如我之前提到的，DTC 仍然是我們的首要任務之一。

Our strategic purchase of BAMTech allowed us to enter this arena quickly and effectively, as evidenced by our successful launch of ESPN Plus 6 months ago.

我們對 BAMTech 的戰略性收購使我們能夠快速有效地進入這個領域，我們在 6 個月前成功推出了 ESPN Plus 就證明了這一點。

More than 1 million users have already subscribed, and we continue to see impressive growth.

已有超過 100 萬用戶訂閱，我們繼續看到令人印象深刻的增長。

Sports fans are attracted to an ever-growing number of live events, including Top Rank Boxing, Major League Baseball, the NHL, MLS and Italy's Serie A soccer, along with thousands of college sports events, including 200 college football games this season along with more than 2,900 college basketball match ups, including almost 550 in November alone.

越來越多的現場賽事吸引了體育迷，包括頂級拳擊、美國職業棒球大聯盟、NHL、MLS 和意大利的意甲足球，以及數以千計的大學體育賽事，包括本賽季的 200 場大學橄欖球比賽以及超過 2,900 場大學籃球比賽，僅在 11 月就有近 550 場。

We'll add UFC to the ESPN Plus line up, starting in January.

我們將從一月份開始將 UFC 添加到 ESPN Plus 陣容中。

The platform also features exclusive original content, including the groundbreaking series, Detail, offering Kobe Bryant's insight into the NBA.

該平台還提供獨家原創內容，包括開創性的系列劇《細節》，提供科比·布萊恩特對 NBA 的洞察力。

And as you may have seen, Peyton Manning is now writing and hosting an NFL version.

正如您可能已經看到的，Peyton Manning 現在正在編寫和主持一個 NFL 版本。

The early growth trajectory of ESPN Plus is very encouraging, and we believe it bodes very well for our overall global DTC strategy.

ESPN Plus 的早期增長軌跡非常令人鼓舞，我們相信這對我們的整體全球 DTC 戰略來說是個好兆頭。

Our Disney-branded service, which we're officially calling Disney Plus, will be in the U.S. market late next year, offering a rich array of original Disney, Pixar, Marvel, Star Wars and National Geographic content, along with unprecedented access to our incredible library of film and television content, including all of our new theatrical releases starting with the 2019 slate.

我們的迪士尼品牌服務（我們正式稱為 Disney Plus）將於明年晚些時候在美國市場推出，提供豐富的原創迪士尼、皮克斯、漫威、星球大戰和國家地理內容，以及前所未有的訪問我們的令人難以置信的電影和電視內容庫，包括我們從 2019 年開始的所有新劇場版。

We've already announced a robust pipeline of Disney Plus original content currently in production, including the Mandalorian, the world's first live action Star Wars series written and produced by Jon Favreau.

我們已經宣布了目前正在製作的 Disney Plus 原創內容的強大管道，其中包括由 Jon Favreau 編寫和製作的世界上第一部真人星球大戰系列 Mandalorian。

As you know, John launched the Marvel cinematic universe with Iron Man.

如你所知，約翰與鋼鐵俠一起推出了漫威電影宇宙。

He also redefined live action story-telling in Jungle Book and he's doing it again with Lion King.

他還重新定義了《叢林之書》中的真人故事講述，並且他再次與獅子王合作。

So we're thrilled to have him creating content for this new platform.

所以我們很高興讓他為這個新平台創作內容。

In addition to putting together a great story and strong cast, John's got an unbelievable collection of talent behind the camera, including Taika Waititi, the Director of Thor: Ragnarok.

除了將精彩的故事和強大的演員陣容組合在一起之外，約翰在鏡頭後還擁有令人難以置信的才華橫溢的人才，包括《雷神：諸神黃昏》的導演泰卡·維蒂蒂 (Taika Waititi)。

Over a decade ago, Disney Channel's High School Musical was a real success, and we're building on that success and reimagining the franchise for a new generation with a live-action Disney Plus series.

十多年前，迪士尼頻道的高中音樂劇取得了真正的成功，我們正在取得成功，並通過真人版迪士尼 Plus 系列為新一代重新構想該系列。

Animation will also be an integral part of Disney Plus.

動畫也將成為 Disney Plus 不可或缺的一部分。

This service will be the exclusive home of the next season of the popular Star Wars animated series, Clone Wars, as well as a new series based on Pixar's beloved Monsters, Inc.

這項服務將成為熱門星球大戰動畫系列《克隆人戰爭》下一季以及基於皮克斯心愛的 Monsters, Inc. 的新系列的獨家主頁。

franchise.

特許經營權。

The Disney Plus platform is also a perfect home for a documentary series that will allow us to pull the curtain back and give people a behind-the-scenes perspective.

迪士尼 Plus 平台也是紀錄片系列的完美家園，這將使我們能夠拉開帷幕，為人們提供幕後視角。

We've got several docuseries currently in production, including an exclusive unprecedented look at Walt Disney Imagineering, featuring stories we've never really told before and images we've never shared.

我們目前正在製作幾個紀錄片系列，包括史無前例的獨家華特迪士尼幻想工程，其中包含我們以前從未真正講述過的故事和我們從未分享過的圖像。

Our studios are also creating a robust slate of original films exclusively for Disney Plus, including Noelle starring Anna Kendrick as Santa's daughter, a live-action version of Lady and the Tramp, and Togo, an adventure starring 3-time Oscar nominee, Willem Dafoe.

我們的工作室還專門為 Disney Plus 製作了大量原創電影，包括由安娜·肯德里克（Anna Kendrick）飾演聖誕老人的女兒的諾艾爾（Noelle）、真人版《小姐與流浪漢》（Lady and the Tramp），以及由 3 次奧斯卡提名人威廉·達福（Willem Dafoe）主演的冒險片《多哥》（Togo） .

We're also currently developing a live-action Marvel series about Loki, starring Tom Hiddleston, playing the character he's made so famous.

我們目前還在開發一部關於洛基的真人漫威系列，由湯姆·希德勒斯頓主演，扮演他如此出名的角色。

And we're working on a second live action Star Wars series, a prequel to Rogue One, starring Diego Luna.

我們正在製作第二部真人版《星球大戰》系列，這是《俠盜一號》的前傳，由 Diego Luna 主演。

As with ESPN Plus, the launch of Disney Plus will just be the starting point.

與 ESPN Plus 一樣，Disney Plus 的推出只是起點。

We plan to continually elevate the experience and enhance the value to consumers with a constant pipeline of exclusive new content as we move forward.

隨著我們的發展，我們計劃通過不斷推出獨家新內容來不斷提升體驗並提升對消費者的價值。

I visited BAMTech last week and saw an early prototype of the app, which will feature elegant navigation, personalization and content, segmented primarily by our core brands, namely Disney, Pixar, Marvel, Star Wars and the soon to be added National Geographic.

我上周訪問了 BAMTech，看到了該應用程序的早期原型，該應用程序將具有優雅的導航、個性化和內容，主要由我們的核心品牌細分，即迪士尼、皮克斯、漫威、星球大戰和即將加入的國家地理。

It will blend library products with original content under these 5 brand banners, and we are confident it will be a compelling consumer proposition.

它將圖書館產品與這 5 個品牌旗幟下的原創內容融合在一起，我們相信這將是一個引人注目的消費者主張。

We're planning an investor conference in April to provide more insight into our DTC strategy, including a first look at Disney Plus, along with some of the content we're creating for it.

我們計劃在 4 月召開一次投資者會議，以更深入地了解我們的 DTC 戰略，包括初步了解 Disney Plus 以及我們為其創建的一些內容。

I'm now going to turn the call over to Christine to talk about our Q4 performance, and then we'll be happy to take your questions.

我現在要把電話轉給 Christine，談談我們第四季度的表現，然後我們很樂意回答你的問題。

Christine?

克里斯汀?

Thanks, Bob, and good afternoon, everyone.

謝謝，鮑勃，大家下午好。

Excluding certain items affecting comparability, earnings per share for the fourth quarter were $1.48, an increase of 38% over the prior year.

剔除某些影響可比性的項目，第四季度每股收益為 1.48 美元，比去年同期增長 38%。

We delivered another strong quarter of financial results, driven by Studio Entertainment and Parks and Resorts, which also were significant contributors to the 24% growth in adjusted earnings per share for fiscal 2018.

在 Studio Entertainment 和 Parks and Resorts 的推動下，我們又實現了強勁的季度財務業績，這也是 2018 財年調整後每股收益增長 24% 的重要貢獻者。

It was a very active year for the company on a number of fronts, and these financial results demonstrate a continued focus on execution of our strategy while we invest to position the company for long-term growth.

對於公司來說，這是一個非常活躍的一年，這些財務業績表明我們繼續專注於執行我們的戰略，同時我們投資於公司的長期增長定位。

Our Studio had another great quarter and a phenomenal fiscal year.

我們的工作室又迎來了一個偉大的季度和非凡的財政年度。

Higher Studio results for the fourth quarter were primarily due to growth in operating income from our worldwide theatrical business, and to a lesser extent, lower film impairments and growth in TV SVOD distribution and home entertainment.

第四季度工作室業績的增長主要是由於我們全球影院業務的營業收入增長，在較小程度上是由於電影減值減少以及電視 SVOD 發行和家庭娛樂的增長。

Higher worldwide theatrical results reflect the strong performance of Incredibles 2 and Ant-Man and the Wasp, compared to Cars 3 and no Marvel title in the fourth quarter last year.

與去年第四季度的《汽車總動員 3》和沒有漫威冠軍相比，《超人總動員 2》和《蟻人與黃蜂女》的強勁表現反映了更高的全球影院成績。

For the year, the Studio generated a record $3 billion in operating income, surpassing the Studio's previous record of $2.7 billion set in fiscal 2016.

全年，該工作室創造了創紀錄的 30 億美元的營業收入，超過了該工作室在 2016 財年創下的 27 億美元的紀錄。

Our studio results demonstrate once again that a relentless focus on quality, creative excellence and compelling storytelling can lead to consistently strong financial results.

我們的工作室業績再次表明，對質量、卓越創意和引人入勝的故事講述的不懈關注可以帶來持續強勁的財務業績。

At Parks and Resorts, operating income growth was driven by higher results at our domestic operations, which reflected a $100 million adverse impact of Hurricane Irma during the fourth quarter last year.

在 Parks and Resorts，營業收入增長是由我們國內業務的較高業績推動的，這反映了去年第四季度颶風 Irma 造成的 1 億美元不利影響。

Higher operating income at our domestic operation was primarily due to guest spending and attendance growth, partially offset by higher costs, including roughly $55 million related to a special cast member bonus we announced earlier in the year.

我們國內業務的營業收入增加主要是由於客人支出和出席人數的增長，部分被較高的成本所抵消，其中包括與我們今年早些時候宣布的特殊演員獎金有關的大約 5500 萬美元。

Attendance at our domestic parks was up 4% and per capita spending was up 9% on higher admissions, food and beverage and merchandise spending.

我們國內公園的參觀人數增加了 4%，人均支出增加了 9%，原因是門票、餐飲和商品支出增加。

Per-room spending at our domestic hotels was up 8% and occupancy was up 1 percentage point to 85%.

我們國內酒店的每間客房消費增長 8%，入住率增長 1 個百分點至 85%。

So far this quarter, domestic resort reservations are pacing up 3% compared to prior year while booked rates are up 4%.

本季度到目前為止，國內度假村的預訂量與去年相比增長了 3%，而預訂率則增長了 4%。

Results at our international operations were comparable to the fourth quarter last year.

我們國際業務的業績與去年第四季度相當。

Total segment operating income margin was up 40 basis points compared to Q4 last year.

與去年第四季度相比，分部總營業利潤率上升了 40 個基點。

Turning to Media Networks.

轉向媒體網絡。

Operating income was higher in the fourth quarter as growth in broadcasting more than offset a decline at cable and a lower equity income.

第四季度的營業收入較高，因為廣播業務的增長抵消了有線電視業務的下滑和較低的股權收入。

Total Media Networks affiliate revenue was up 5% in the quarter as a result of growth at both cable and broadcasting.

由於有線和廣播業務的增長，本季度媒體網絡附屬公司總收入增長了 5%。

The increase in affiliate revenue was driven by 7 points of growth due to higher rates, partially offset by approximately a 1 point decline due to a decrease in subscribers and a 1 point impact from foreign exchange.

聯屬網絡營銷收入的增長是由費率上漲導致的 7 個百分點的增長推動的，但部分被訂閱人數減少導致的約 1 個百分點的下降和 1 個百分點的外匯影響所抵消。

The improving sub-trends continued in the fourth quarter, so we've now had 5 consecutive quarters of improvement in the rate of net subscriber declines.

第四季度繼續改善子趨勢，因此我們現在已經連續 5 個季度改善了淨用戶下降率。

Broadcasting operating income was up meaningfully in the fourth quarter due to higher program sales and growth in affiliate revenue.

由於更高的節目銷售和附屬收入的增長，第四季度的廣播營業收入顯著增長。

The increase in program sales was primarily due to the sale of 2 Marvel series versus 1 last year and a sale of Black-ish in the quarter.

節目銷售額的增長主要是由於銷售了 2 個 Marvel 系列，而去年為 1 個，以及本季度的 Black-ish 銷售。

Higher affiliate revenue was driven by contractual rate increases.

更高的會員收入是由合同費率上漲推動的。

Advertising revenue at Broadcasting was comparable to the fourth quarter last year as higher network rates and higher political advertising at our TV stations were offset by lower network impressions.

廣播的廣告收入與去年第四季度相當，因為我們電視台較高的網絡費率和較高的政治廣告被較低的網絡印象所抵消。

Quarter-to-date, prime time scatter pricing at the ABC Network is running about 35% above upfront levels.

迄今為止，ABC Network 的黃金時段分散定價比前期水平高出約 35%。

Cable results were lower in the quarter as higher operating income at Disney Channel worldwide and Freeform were more than offset by losses at BAMTech, which are consolidated in our cable results due to our acquisition of a controlling interest in September of last year.

本季度有線電視業績較低，因為全球迪士尼頻道和 Freeform 較高的營業收入被 BAMTech 的虧損所抵消，由於我們在去年 9 月收購了控股權益，這些虧損被合併到我們的有線電視業績中。

BAMTech's fourth quarter results this year reflect content and marketing costs and ongoing investment in its technology platform.

BAMTech 今年第四季度的業績反映了內容和營銷成本以及對其技術平台的持續投資。

At ESPN, operating income in the quarter was comparable to Q4 last year as growth in affiliate revenue was offset primarily by higher programming costs and lower advertising revenue.

在 ESPN，該季度的營業收入與去年第四季度相當，因為附屬收入的增長主要被較高的節目成本和較低的廣告收入所抵消。

The increase in programming expense was driven by contractual rate increases for NFL and college sports programming.

節目費用的增加是由 NFL 和大學體育節目的合同費率增加推動的。

Ad revenue at ESPN was down 6% in the quarter due to a decrease in average viewership and lower units delivered.

由於平均收視率下降和交付單位減少，本季度 ESPN 的廣告收入下降了 6%。

So far this quarter, ESPN's cash ad sales are pacing up compared to prior year and reflect, in part, a shift in the timing of the college football semi finals.

本季度到目前為止，ESPN 的現金廣告銷售與去年相比正在加速增長，這在一定程度上反映了大學橄欖球半決賽時間安排的轉變。

ESPN will once again air 3 of the new year's 6 bowl games during the first quarter.

ESPN 將在第一季度再次播出新年 6 場碗比賽中的 3 場。

However, this year, 2 of those bowl games will be semifinal games, which aired during the second fiscal quarter last year.

然而，今年，其中兩場碗賽將是半決賽，在去年第二財季播出。

Equity income was lower in the quarter as a result of higher losses at Hulu and lower income from our investment in A&E, partially offset by the absence of equity losses at BAMTech.

由於 Hulu 的虧損增加以及我們對 A&E 的投資收入減少，本季度的股本收入較低，部分被 BAMTech 沒有股本虧損所抵消。

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

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

At Consumer Products & Interactive Media, segment operating income was lower in the quarter due to asset impairments, which were driven by the write-down of retail store leasehold improvements and lower licensing income, partially offset by lower costs, primarily in our games business.

在消費品和互動媒體方面，由於資產減值，該季度的分部營業收入較低，這是由於零售店租賃改進的減記和較低的許可收入所推動的，部分被較低的成本所抵消，主要是在我們的遊戲業務中。

Given the pending acquisition of 21st Century Fox, we did not purchase our stock during the fourth quarter.

鑑於即將收購 21 世紀福克斯，我們在第四季度沒有購買我們的股票。

We repurchased a total of 34.6 million shares for $3.6 billion for fiscal 2018.

我們在 2018 財年以 36 億美元的價格回購了總計 3460 萬股股票。

Now I would like to discuss some matters pertaining to fiscal 2019.

現在我想討論一些與 2019 財年有關的問題。

First, as we previously announced, at the end of Q1, we will begin reporting our financial results under a new structure made up of 4 business segments: Media Networks, Parks, Experiences and Consumer Products, Studio Entertainment, and Direct-to-Consumer and International.

首先，正如我們之前宣布的那樣，在第一季度末，我們將開始在由 4 個業務部門組成的新結構下報告我們的財務業績：媒體網絡、公園、體驗和消費產品、工作室娛樂和直接面向消費者和國際。

In early January, we expect to file 3 years of restated financials that will reflect this new segment reporting structure.

在 1 月初，我們預計將提交 3 年的重述財務報表，以反映這種新的分部報告結構。

Second, as Bob mentioned, we plan to host an Investor Day in April, during which we will discuss our direct-to-consumer businesses in more detail as well as provide additional perspective on our company post the 21st Century Fox acquisition, assuming the transaction will have closed by then.

其次，正如 Bob 提到的，我們計劃在 4 月舉辦投資者日，在此期間，我們將更詳細地討論我們的直接面向消費者的業務，並在 21 世紀福克斯收購後提供關於我們公司的更多觀點，假設交易屆時將關閉。

And of course, we will webcast that event.

當然，我們將通過網絡直播該活動。

While our full year fiscal 2019 results will be influenced by the timing of the closing of the Fox acquisition, I want to highlight some items we already know will affect year-over-year comparability.

雖然我們 2019 財年的全年業績將受到 Fox 收購結束時間的影響，但我想強調一些我們已經知道會影響同比可比性的項目。

We are extremely enthusiastic about our 2019 slate, which includes Ralph Breaks the Internet, Mary Poppins Returns, Captain Marvel, Dumbo, the next Avengers film, Aladdin, Toy Story 4 and the Lion King.

我們對 2019 年的名單充滿熱情，其中包括拉爾夫打破互聯網、瑪麗波平歸來、驚奇隊長、小飛象、下一部復仇者聯盟電影、阿拉丁、玩具總動員 4 和獅子王。

I'll remind you that 2018 was the best year in our studio's history.

我會提醒你，2018 年是我們工作室歷史上最好的一年。

We face a particularly challenging comp in the first quarter due to the phenomenal success of Star Wars: The Last Jedi, Thor: Ragnarok and Coco.

由於《星球大戰：最後的絕地武士》、《雷神3：諸神黃昏》和《可可》的巨大成功，我們在第一季度面臨著一場特別具有挑戰性的比賽。

Given the significant contributions these films made to operating income in Q1 last year, operating income from our theatrical business in Q1 this year could be down as much as $600 million versus 2018.

鑑於這些電影對去年第一季度營業收入的巨大貢獻，我們今年第一季度影院業務的營業收入可能比 2018 年下降多達 6 億美元。

The theatrical success of Star Wars: The Last Jedi also resulted in higher licensing results for the first quarter last year.

《星球大戰：最後的絕地武士》在戲劇上的成功也導致去年第一季度的許可結果更高。

So the absence of a comparable franchise title this year will weigh on our licensing business in Q1.

因此，今年沒有類似的特許經營權將影響我們第一季度的許可業務。

For the full year, we expect cable programming expenses to be up mid-single digits, driven primarily by contractual rate increases for sports rights at ESPN.

全年，我們預計有線電視節目費用將增長中個位數，主要受 ESPN 體育轉播權合同費率上漲的推動。

However, we expect Q1 cable programming expenses to be up 9%, driven by the timing shift of the college football semi finals I mentioned earlier.

然而，由於我之前提到的大學橄欖球半決賽的時間變化，我們預計第一季度的有線電視節目費用將增長 9%。

We will continue to invest in both ESPN Plus and our yet-to-be launched Disney Plus service.

我們將繼續投資於 ESPN Plus 和我們尚未推出的 Disney Plus 服務。

The continued ramp up of ESPN Plus, which includes investments in sports rights will have an adverse impact on operating income of about $100 million for the first quarter.

ESPN Plus 的持續增長，包括對體育轉播權的投資，將對第一季度約 1 億美元的營業收入產生不利影響。

We'll have more to say about our overall direct-to-consumer strategy and the aggregate full year financial implications during the Investor Day in April.

我們將在 4 月的投資者日期間就我們的整體直接面向消費者的戰略和全年總體財務影響發表更多意見。

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

有了這個，我會把電話轉給洛厄爾，我們很樂意回答你的問題。

Okay.

好的。

Christine, thank you.

克里斯汀，謝謝。

And operator, we are ready for the first question.

接線員，我們準備好回答第一個問題了。

(Operator Instructions)

（操作員說明）

And our first question will come from the line of Ben Swinburne with Morgan Stanley.

我們的第一個問題將來自本·斯威本（Ben Swinburne）和摩根士丹利（Morgan Stanley）的觀點。

Bob, I want to ask you about both Disney Plus and Hulu, if I could.

Bob，如果可以的話，我想問你關於 Disney Plus 和 Hulu 的問題。

Hulu has been around for a while.

Hulu已經存在了一段時間。

It's had this ownership structure that's obviously had multiple partners in place.

它有這種所有權結構，顯然有多個合作夥伴。

So I've never seen Hulu run by a single controlling shareholder.

所以我從未見過 Hulu 由一個控股股東經營。

I'm just wondering if you could talk about your vision for that product and that business post the close of the deal.

我只是想知道您是否可以在交易結束後談談您對該產品和該業務的願景。

I know you've got this Investor Day coming, but whatever you're comfortable sharing with us today would be helpful because that's a business that does have some reasonable scale, but does lose money and has multiple products, and I wonder if you could fit into your overall worldview.

我知道您即將迎來這個投資者日，但是您今天與我們分享的任何內容都會有所幫助，因為這是一家規模合理但確實虧損並擁有多種產品的企業，我想知道您是否可以融入你的整體世界觀。

And then on the Disney Plus service, have you guys thought about the theatrical window around PayOne?

然後在 Disney Plus 服務上，你們有沒有想過 PayOne 周圍的影院窗口？

I mean, one of the things that might -- that seems like an interesting opportunity would be shortening that window and actually bringing films from theatrical release into the Disney Plus experience earlier than the usual 7 or 8 month window.

我的意思是，其中一件事可能——這似乎是一個有趣的機會，那就是縮短該窗口，並實際上將電影從影院上映帶入迪士尼 Plus 體驗，而不是通常的 7 或 8 個月窗口。

So I'm wondering if you were -- if you've thought about that opportunity or at least the overall theatrical strategy for Disney Plus.

所以我想知道你是否 - 如果你考慮過這個機會，或者至少考慮過迪士尼 Plus 的整體戲劇戰略。

Anything you can share there would be great.

你可以在那里分享的任何東西都會很棒。

Well, first of all, regarding Hulu, as you noted, we'll own 60%, which will give us considerable say in how Hulu is run.

嗯，首先，關於 Hulu，正如你所說，我們將擁有 60% 的股份，這將使我們在 Hulu 的運營方式上擁有相當大的發言權。

But there will be 2 other partners unless they decide to divest their interest, namely Comcast and AT&T Time Warner.

但是除非他們決定放棄他們的利益，否則還會有另外兩個合作夥伴，即康卡斯特和 AT&T 時代華納。

So anything we do with Hulu will be done with an eye toward being fiscally responsible to the other shareholders even though they're minority shareholders.

因此，我們對 Hulu 所做的任何事情都將著眼於對其他股東負責，即使他們是少數股東。

That said, we think that given the success of Hulu so far in terms of subscriber growth and relative brand strength, and other things too like demographics, we think there's an opportunity to increase investment in Hulu, notably on the programming side.

也就是說，我們認為鑑於 Hulu 迄今為止在用戶增長和相對品牌實力以及人口統計等其他方面的成功，我們認為有機會增加對 Hulu 的投資，特別是在節目方面。

And with this acquisition comes not only some great IP, but some excellent talent, particularly on the television side, although there's talent in both movies and TV.

此次收購不僅帶來了一些優秀的 IP，還帶來了一些優秀的人才，尤其是在電視方面，儘管電影和電視方面都有人才。

And we aim to use the television production capabilities of the combined company to fuel Hulu with a lot more original programming, original programming that we feel will enable Hulu to compete even more aggressively in the marketplace.

我們的目標是利用合併後公司的電視製作能力為 Hulu 提供更多原創節目，我們認為原創節目將使 Hulu 在市場上更具競爭力。

I also think Hulu is attractive in many ways.

我也認為 Hulu 在很多方面都很有吸引力。

And one I mentioned, demographics.

我提到的一個，人口統計。

If you look at the demographics of the people consuming off-network shows in Hulu, and you look at the demographics of the same shows on the network, you'll see what could be at times a 20 years' younger audience at Hulu.

如果您查看在 Hulu 中觀看非網絡節目的人群的人口統計數據，並查看網絡上相同節目的人口統計數據，您會發現在 Hulu 有時可能是 20 歲的年輕觀眾。

And that's clearly attractive to advertisers, which I think has been somewhat underappreciated about Hulu, in that it is a very strong play for advertisers because it can offer targeted ads, and it has great demos, and it's just a great user experience.

這顯然對廣告商有吸引力，我認為 Hulu 被低估了，因為它對廣告商來說是一個非常強大的遊戲，因為它可以提供有針對性的廣告，它有很棒的演示，而且它只是一個很好的用戶體驗。

The quality of the product, meaning the quality of this -- of the television programming is quite high.

產品的質量，也就是電視節目的質量，是相當高的。

So overall, I think we've got an opportunity to invest more in Hulu, to grow its subs.

所以總的來說，我認為我們有機會在 Hulu 上進行更多投資，以發展其潛艇。

I also think there's some pricing elasticity too, but notably on the multichannel front and we'll talk about sometime in the near future.

我也認為定價也有一定的彈性，但尤其是在多渠道方面，我們將在不久的將來討論。

I think there's an opportunity to improve or I should say, increase our pricing there.

我認為有機會改進，或者我應該說，提高我們的定價。

And it will focus mostly, by the way, on what I'll call general entertainment programming, and we'll leave the more family-oriented programming to the Disney Plus app.

順便說一句，它將主要集中在我所說的一般娛樂節目上，我們將把更多面向家庭的節目留給 Disney Plus 應用程序。

On the theatrical -- the question you asked me about the theatrical window, sort of with us if it ain't broke.

關於劇院——你問我關於劇院窗口的問題，如果它沒有壞的話，有點像我們。

I know you may think that there's an opportunity, but as noted by the results of our studio in fiscal 2018 and, of course, in the last quarter, we have a studio that is doing extremely well and a formula that is serving us really well in terms of its bottom line.

我知道你可能認為這是一個機會，但正如我們工作室在 2018 財年的業績所指出的那樣，當然，在最後一個季度，我們有一個做得非常好的工作室和一個非常適合我們的公式就其底線而言。

And we're probably going to aim to protect that initial window.

我們的目標可能是保護最初的窗口。

And then the other thing that's quite clear to us is that the home video window, as it's been called, that follows the theatrical window, also continues to be quite important to us, both the sale of these films in digitally as well as physical goods.

然後對我們來說非常清楚的另一件事是，家庭視頻窗口，正如它被稱為影院窗口之後的那樣，對我們來說仍然非常重要，無論是這些電影的數字銷售還是實體商品的銷售.

And I think you'll likely see us protect that as well, although there's going to be a discussion around whether there's an opportunity to move the product from that window to what I'll call the Pay One window maybe a little bit sooner.

而且我認為您可能會看到我們也保護它，儘管將討論是否有機會將產品從該窗口移動到我稱之為 Pay One 窗口的時間可能會更快一點。

But not -- we're not looking right now to encroach on the theatrical window.

但不是——我們現在不打算侵占劇院的窗口。

Our next question comes from the line of Michael Nathanson with MoffettNathanson.

我們的下一個問題來自 Michael Nathanson 和 MoffettNathanson 的觀點。

Bob, I have 2 for you.

鮑勃，我有兩個給你。

One first on Hulu, then one for ESPN -- sorry, on Sky.

首先是在 Hulu，然後是 ESPN——對不起，在 Sky。

So I'm not complaining that you didn't get Sky.

所以我不是在抱怨你沒有得到 Sky。

I think we're all happy with that, but I wonder, by not getting Sky, what did you trade off in maybe the speed of timing to get Disney Plus into the European market?

我想我們都對此感到滿意，但我想知道，由於沒有獲得 Sky，您在讓 Disney Plus 進入歐洲市場的時機速度上做了什麼權衡？

So what were the trade-offs that you saw by not getting Sky?

那麼你看到沒有獲得 Sky 的權衡是什麼？

And how did that affect the Disney Plus rollout?

這對 Disney Plus 的推出有何影響？

And then on ESPN, as you know, in the past 3 years we focused on the ESPN and subscriber losses and now you're trending the right way.

然後在 ESPN 上，如您所知，在過去 3 年中，我們專注於 ESPN 和訂戶損失，現在您的趨勢是正確的。

What do you think is driving this improvement in subscriber trend?

您認為是什麼推動了訂戶趨勢的這種改善？

And I think you have half a year of [further] deals coming due the next year or so.

而且我認為您還有半年的 [進一步] 交易將在明年左右到期。

Is any of this improvement coming at this point from the new deals you've done?

此時您所做的新交易是否會帶來任何改進？

Or is that to come as you sign more deals into '19?

或者當你在 19 年簽署更多交易時會出現這種情況？

Well, on the second part of the question about ESPN, the -- it's coming from new deals that we did, but with the digital MVPDs.

好吧，關於 ESPN 問題的第二部分，它來自我們所做的新交易，但使用的是數字 MVPD。

And so we've seen some nice growth there, including, by the way, from Hulu.

因此，我們在那裡看到了一些不錯的增長，順便說一下，來自 Hulu。

And I think that we're hopeful that the takeup of the digital MVPDs will continue to grow even though I know there's been a lot said about that.

我認為我們希望數字 MVPD 的使用率將繼續增長，儘管我知道對此有很多說法。

I think what I talked about earlier, I think it's, from a demographic perspective, these services tend to be very attractive for younger viewers.

我認為我之前談到的，從人口統計的角度來看，這些服務往往對年輕觀眾非常有吸引力。

They're also less expensive, which I think is important even though I think there might be an opportunity for us to take pricing up a bit at Hulu.

它們也更便宜，我認為這很重要，儘管我認為我們可能有機會在 Hulu 上稍微定價。

And the user experience is great.

而且用戶體驗很棒。

So we're bullish about the MVPDs.

所以我們看好MVPD。

And with that in mind, we believe that ESPN will benefit nicely from that over the long term.

考慮到這一點，我們相信 ESPN 將從長期中受益匪淺。

The other thing by the way, that is interesting is that there are some entities out there that have gone into the space, notably YouTube, that are obviously quite committed to seeing -- to growing their service.

順便說一句，有趣的是，有一些實體已經進入了這個領域，尤其是 YouTube，它們顯然非常致力於看到 - 以發展他們的服務。

Just look at the World Series and the amount of advertising that was in the World Series for the YouTube service.

看看世界系列賽和世界系列賽中 YouTube 服務的廣告量。

That suggest to us that we're not the only believer out there, that there are others as well.

這向我們表明，我們不是唯一的信徒，還有其他人。

On the Sky front, I'm not -- look, you can't cry over spilled milk, so to speak, there's nothing we can do about it.

在天空戰線上，我不是——看，你不能為打翻的牛奶哭泣，可以這麼說，我們對此無能為力。

We made a bid that we thought was an appropriate bid in terms of what we saw as value to our company.

就我們認為對我們公司的價值而言，我們提出了一個我們認為合適的出價。

We would have loved to would have had Sky, both because we believe in the asset, and we thought it could have helped us in terms of introducing a direct-to-consumer service in the European market.

我們很想擁有 Sky，因為我們相信這項資產，而且我們認為它可以幫助我們在歐洲市場推出直接面向消費者的服務。

But again, only at a price that made sense for us.

但同樣，僅以對我們有意義的價格。

Without Sky, we're still planning on taking Disney Plus out in Europe.

如果沒有 Sky，我們仍計劃將 Disney Plus 帶到歐洲。

We also plan working with Hulu to introduce Hulu in more international markets as well.

我們還計劃與 Hulu 合作，將 Hulu 引入更多的國際市場。

It could possibly be that it takes us a little bit longer to penetrate some of these markets, but we believe in the product that we will be launching, and we'll make sure that, that product is tailored for the various European markets, not just because it needs to be -- it needs to satisfy what will be quotas for SVODs in Europe, but also because we think it needs to be locally relevant.

可能我們需要更長的時間才能打入其中一些市場，但我們相信我們將推出的產品，我們將確保該產品是為各個歐洲市場量身定制的，而不是只是因為它需要——它需要滿足歐洲 SVOD 的配額，還因為我們認為它需要與當地相關。

And we're going to be selective in terms of the markets that we choose initially, but we believe we're going to win -- that we have a real opportunity there, particularly when it comes to the Disney branded service, which is going to feature Marvel and Pixar and Star Wars and Disney, of course, and then National Geographic.

我們將在最初選擇的市場方面進行選擇，但我們相信我們會贏——我們在那裡有真正的機會，特別是在迪士尼品牌服務方面，以漫威、皮克斯、星球大戰和迪斯尼為特色，當然還有國家地理。

Those are all very attractive brands in those markets, and that's going to make that product extremely unique and in-demand.

這些都是這些市場中非常有吸引力的品牌，這將使該產品非常獨特和受歡迎。

Our next question comes from the line of Jessica Reif Ehrlich with Bank of America Merrill Lynch.

我們的下一個問題來自美銀美林的 Jessica Reif Ehrlich。

I have two different topics.

我有兩個不同的話題。

On Fox, can you talk a little bit about the integration and your plans?

在 Fox 上，你能談談整合和你的計劃嗎？

The film side almost seems easier because your labels are so specific.

電影方面似乎更容易，因為你的標籤是如此具體。

But TV is very interesting because Fox is so strong.

但是電視很有趣，因為福克斯太強大了。

Can -- what would your goals or hopes be over the next 3 years in terms of integration and how you can grow the Fox business with Disney's existing TV business?

可以——就整合而言，您未來 3 年的目標或希望是什麼，以及如何利用迪士尼現有的電視業務發展福克斯業務？

And then completely separate topic.

然後完全分開的話題。

On Shanghai, can you give us a little color on what's going on?

在上海，你能告訴我們發生了什麼嗎？

I mean, your press release said attendance is up, but pricing is down.

我的意思是，你的新聞稿說出席人數增加了，但價格下降了。

What's going on there?

那裡發生了什麼事？

Would you talk a little bit about your investment plans for that park?

您能談談您對該公園的投資計劃嗎？

I know your plans are to grow it, but can you talk a little bit about the next few years?

我知道你的計劃是發展它，但你能談談未來幾年嗎？

Sure.

當然。

Let me -- I'll start with Shanghai, Jessica.

讓我——我先從上海開始，傑西卡。

Sometime mid to late fiscal 2018, we saw some softness in the tourism market in China, not -- just by the way, not just for us, but across the board.

在 2018 財年中後期的某個時候，我們看到中國的旅遊市場出現了一些疲軟，不僅僅是順便說一句，不僅對我們而言，而是對整體而言。

And we basically put in place some discounting, some lower pricing to continue to drive attendance during what we saw as somewhat of a downturn.

我們基本上實施了一些折扣，一些較低的定價，以在我們認為有點低迷的情況下繼續提高出席率。

But we didn't necessarily think it was permanent.

但我們不一定認為它是永久性的。

We've subsequently taken a lot of those promotions or those price discounting off and the results actually have been good.

我們隨後採取了很多促銷或價格折扣，結果實際上一直很好。

But I think what we're seeing in China is maybe a slight reduction in consumer confidence and that's having an impact on the business somewhat.

但我認為我們在中國看到的可能是消費者信心略有下降，這對業務產生了一定影響。

But we still believe very, very, very bullishly in, not only the business that we built, but the business that we can continue to invest in.

但我們仍然非常、非常、非常樂觀地相信，不僅是我們建立的業務，還有我們可以繼續投資的業務。

We opened up a new land since we opened Shanghai this past year.

自從去年開上海以來，我們開闢了一塊新的土地。

We opened Toy Story Land, and we have plans for continued expansion, both attractions and ultimately hotels, but we haven't made any specific announcements about that yet, but we still feel great about that market for our theme park business.

我們開設了玩具總動員樂園，我們有繼續擴張的計劃，包括景點和最終的酒店，但我們尚未就此發表任何具體公告，但我們仍然對主題公園業務的市場感到滿意。

And then on the integration front, I think if you look at our company's results over the last, I would say -- let's say, 5 years.

然後在整合方面，我想如果你看看我們公司過去的業績，我會說——比如說，5 年。

You've seen incredibly impressive results at Parks and Resorts and our studio.

您已經在 Parks and Resorts 和我們的工作室看到了令人難以置信的令人印象深刻的成果。

Businesses that, not only are doing well, but we've continued to grow year after year after year.

這些企業不僅表現良好，而且我們年復一年地繼續增長。

And if you look at our television business overall, obviously, ESPN has done well, but they've had some of the issues in terms of distribution or subs.

如果你從整體上看我們的電視業務，顯然 ESPN 做得很好，但他們在發行或訂閱方面遇到了一些問題。

The rest of our television business's performance has been relatively modest over that period of time.

在此期間，我們其他電視業務的表現相對溫和。

As we look at this acquisition, not only does it come with great IP, but the television business that we're buying is, we think, very, very attractive, not just in the United States, but across the world if you factor in Star in India and the rest of Asia, and you factor in Europe, where they have substantially greater footprint of channels than we do, which by the way, may ultimately end up helping us with content and distribution when it comes to the direct-to-consumer business.

當我們審視這次收購時，它不僅擁有出色的 IP，而且我們認為，我們所收購的電視業務非常非常有吸引力，不僅在美國，而且在全球範圍內，如果你考慮在內在印度和亞洲其他地區擔任明星，而在歐洲，他們的渠道足跡比我們大得多，順便說一句，這最終可能最終幫助我們進行內容和分發，當涉及到直接- 消費者業務。

What we also get is a great television studio that's been run by Dana Walden and others, and what we aim to do there is we aim to create in a combined entity, a very, very successful television studio that will be aimed at creating product, not only for the traditional businesses that we're in, namely the channels and the network, but also for our direct-to-consumer services.

我們還得到了一個由 Dana Walden 和其他人經營的很棒的電視演播室，我們的目標是在一個聯合實體中創建一個非常非常成功的電視演播室，旨在創造產品，不僅適用於我們所處的傳統業務，即渠道和網絡，還適用於我們直接面向消費者的服務。

So there's a very, very important strategic play here in terms of what the studio and the people that will be running the studio can do.

因此，就工作室和運營工作室的人而言，這裡有一個非常非常重要的戰略遊戲。

And then, of course, we bring -- and we've made these announcements -- we bring Peter Rice in, we bring John Landgraf in.

然後，當然，我們帶來了——我們已經發布了這些公告——我們帶來了彼得·賴斯，我們帶來了約翰·蘭德格拉夫。

We're bringing in executives that not only have a lot of experience, but a lot of success under their belts on the television side and the ability to not only strengthen the existing Disney television businesses, but to create a television business that is basically designed to service both the, I'll call it, the present as well as the future of the combined entity.

我們引進的高管不僅有豐富的經驗，而且在電視方面也取得了很大的成功，他們不僅有能力加強現有的迪士尼電視業務，而且能夠創建一個基本設計好的電視業務為合併後的實體的現在和未來提供服務，我稱之為服務。

Our next question comes from the line of Alexia Quadrani with JPMorgan.

我們的下一個問題來自摩根大通的 Alexia Quadrani。

Bob, looking at the successful launch of ESPN Plus and how it's rolled out ahead of expectations, is there anything like, that you learned specifically that you could share with us that perhaps influences your strategy on the Disney Plus launch ahead?

Bob，看著 ESPN Plus 的成功推出以及它是如何超出預期推出的，你有沒有什麼類似的東西，你可以與我們分享，這可能會影響你在未來推出 Disney Plus 的策略？

And then just a follow-up on the domestic parks.

然後只是對國內公園的跟進。

How should we think about or frame the opening of the Star Wars Lands, I think both in Anaheim and Orlando when we think about drivers to the parks next year or next calendar year, I should say?

我們應該如何考慮或構想星球大戰之地的開放，我認為在阿納海姆和奧蘭多，當我們考慮明年或下一個日曆年的公園司機時，我應該說？

I'm assuming bigger than Pandora.

我假設比潘多拉大。

Is it as big as Cars Land?

它和Cars Land一樣大嗎？

Anything -- Any color on that would be great.

任何東西——上面的任何顏色都會很棒。

Well, on the Star Wars Lands, these are the biggest lands that we've ever built, and in both cases, not only are they big in size and scale, they're huge in ambition in terms of both the experience that we aim to create, meaning the immersive experience as well as the specific experiences people have in the attractions, namely in both cases 2 very, very innovative, and we believe compelling and exciting e-ticket attractions.

嗯，在星球大戰的土地上，這些是我們曾經建造過的最大的土地，在這兩種情況下，它們不僅規模和規模都很大，而且就我們所追求的體驗而言，它們的雄心壯志創造，意味著身臨其境的體驗以及人們在景點中的特定體驗，即在這兩種情況下 2 非常非常創新，我們相信引人注目且令人興奮的電子門票景點。

And so we think that they're going to have a major impact and Disneyland, clearly, it's the biggest thing that we've ever done at Disneyland since it opened in 1955.

因此，我們認為它們將產生重大影響，而迪士尼樂園顯然是自 1955 年開放以來我們在迪士尼樂園做過的最大的事情。

And we think it's going to drive huge increase in demand, and we think we're going to have some interesting challenges on our hands to manage that demand, but that's a good problem to have.

我們認為這將推動需求的大幅增長，我們認為我們將面臨一些有趣的挑戰來管理這種需求，但這是一個很好的問題。

And then in Florida, we have 4 parks.

然後在佛羅里達州，我們有 4 個公園。

Star Wars Land there is going into the Studios park, the Hollywood Studios Park where we opened Toy Story Land not that long ago, and we've aimed to actually grow the attendance to that park, which has lagged a bit over the last number of years because we haven't invested anything that is even this close to size or scale or compelling nature of it.

星球大戰樂園將進入工作室公園，不久前我們開設了玩具總動員樂園的好萊塢工作室公園，我們的目標是真正增加該公園的參觀人數，該公園的參觀人數比上一屆有所落後。幾年，因為我們還沒有投資任何接近規模或規模或引人注目的性質的東西。

So we think in both cases, they will have a dramatic impact positively on both businesses.

因此，我們認為在這兩種情況下，它們都會對兩家企業產生巨大的積極影響。

On the first question about ESPN Plus, I think there are a few things you have to consider.

關於 ESPN Plus 的第一個問題，我認為您必須考慮一些事情。

First of all, we've learned positive things.

首先，我們學到了積極的東西。

It clearly is working in terms of interest in -- from users and subscriptions, which continue to grow.

顯然，它對用戶和訂閱的興趣正在發揮作用，這些用戶和訂閱繼續增長。

From what we gather from the research we've seen and just generally anecdotal information, it's a product that is considered a good consumer experience, easily -- easy-to-navigate, easy-to-use and very high quality in terms of the quality of the live streaming.

從我們所看到的研究中收集到的信息以及一般的軼事信息來看，它是一種被認為是良好的消費者體驗的產品，很容易——易於導航、易於使用且質量非常高直播質量。

And we've put onto that product a fairly strong inventory of all kinds of different sporting events, and we've seen consumption that's actually quite interesting for things like MLS during the regular season, which was soccer.

我們已經在該產品上放置了一個相當強大的各種不同體育賽事的庫存，我們已經看到在常規賽期間對於像 MLS 這樣的東西來說實際上非常有趣的消費，那就是足球。

We've seen some nice uptake in some of the college football numbers, and we are putting on, by the way, just under 3,000 college basketball games in the next few months, 550 of them alone in the month of November.

我們已經看到一些大學橄欖球賽的數據取得了不錯的進展，順便說一句，在接下來的幾個月裡，我們將舉辦近 3,000 場大學籃球比賽，其中僅 11 月份就有 550 場。

And then we put the UFC on, where the big UFC fight, biggest -- first big one after the first of the year will be exclusive to the platform and of the 30-some-odd UFC fight nights thereafter, 20 will be on and exclusive to this product.

然後我們把 UFC 放到了 UFC 上，其中最大的一場 UFC 大戰——今年第一場之後的第一個大型比賽將是該平台獨有的，此後 30 多個 UFC 格鬥之夜中，20 場將在和本產品獨有。

So I would say, we're kind of just in the early innings, to use the sports analogy, of where we're going to be product-wise.

所以我想說，我們只是處於早期階段，使用體育類比，我們將在產品方面發揮作用。

And then we're also in the early innings in terms of where we're going to be from a feature set perspective.

然後，從功能集的角度來看，我們也處於早期階段。

And last week, I was in New York at BAMTech, and they gave me a great presentation on personalization and customization, and the technology that they've -- engine that they're creating to better serve the consumer in that regard, because we know there's a huge opportunity there given people's interests in very specific teams or specific sports or specific leagues or specific geographic territories.

上週，我在紐約的 BAMTech，他們給了我一個關於個性化和定制的精彩演講，以及他們所擁有的技術——他們正在創造的引擎，以便在這方面更好地為消費者服務，因為我們知道鑑於人們對非常特定的球隊或特定運動或特定聯賽或特定地理區域的興趣，那裡有巨大的機會。

So I'd say what we've learned is quite positive, a product that is working.

所以我想說我們學到的東西是非常積極的，一個正在工作的產品。

And it gives us reason to have great optimism as we add more content, and we will add more technology features.

隨著我們添加更多內容，它讓我們有理由保持樂觀，我們將添加更多技術功能。

And then we haven't really even begun marketing it.

然後我們甚至還沒有真正開始營銷它。

Someone pointed out earlier when we talked about -- actually it was Christine McCarthy, as we talk about putting more college sports on.

早些時候我們談到時有人指出——實際上是克里斯汀·麥卡錫，因為我們談到了更多的大學運動。

The affinity that people have to the colleges that they've gone to is extraordinary, and we're just beginning a process to start marketing very specifically to alumni from different colleges who may not be able to find sports from their college on what we call the national sports networks, but we're going to serve them well on this platform.

人們對他們去過的大學的親和力是非同尋常的，我們剛剛開始一個過程，專門針對來自不同大學的校友進行營銷，這些校友可能無法從他們的大學找到我們所說的運動國家體育網絡，但我們將在這個平台上為他們提供良好的服務。

Our next question comes from the line of Doug Mitchelson with Crédit Suisse.

我們的下一個問題來自瑞士信貸的 Doug Mitchelson。

I'm curious, Bob.

我很好奇，鮑勃。

What factors will influence when you would take Hulu or a Hulu-like service international, global?

哪些因素會影響您何時將 Hulu 或類似 Hulu 的服務國際化、全球化？

And on the BAMTech side, what else needs to be done, if anything, to be ready to launch the Disney service to the year?

而在 BAMTech 方面，還需要做些什麼（如果有的話）來準備在今年推出迪士尼服務？

Obviously, you're pleased so far with execution that you've built there.

顯然，到目前為止，您對在那裡構建的執行感到滿意。

But I'm just curious if sort of everything's in the can and ready to go or whether there's a lot of work left to do.

但我只是好奇是否所有東西都在罐子裡並準備好了，或者是否還有很多工作要做。

I can't really say much yet about Hulu in terms of international markets, although we're just looking at basically a set of priorities in terms of how we're going to launch Disney.

關於 Hulu 的國際市場，我還不能說太多，儘管我們基本上只是在考慮如何推出迪士尼的一系列優先事項。

And then after the deal closes and after we have the 60% ownership, we'll meet with the Hulu management team and the board and discuss what the opportunities are in terms of both global growth and investing more in content.

然後在交易完成並且我們擁有 60% 的所有權後，我們將與 Hulu 管理團隊和董事會會面，討論在全球增長和更多內容投資方面的機會。

But that's something that we have to do after the deal closes.

但這是我們在交易完成後必須做的事情。

Your -- the second question, what needs to be done on the BAMTech side?

您的第二個問題，BAMTech 方面需要做什麼？

Really, very little in the sense that I mean, there's a lot that needs to be done, but it's being done.

真的，我的意思是很少，有很多事情需要做，但它正在完成。

I saw an iteration of the app last week and I was very impressed with it.

上週我看到了該應用程序的迭代，我對它印象非常深刻。

It will -- It's not quite in ready for prime time because it's still being iterated, but there -- it will be elegant, it will be very brand-centric, which will, we believe, add navigational features that typically don't exist on other platforms, namely that there'll be segments under the brand -- program segments under the brands Disney, Pixar, Star Wars, Marvel and then National Geographic.

它將——它還沒有準備好迎接黃金時段，因為它仍在迭代中，但在那裡——它將是優雅的，它將非常以品牌為中心，我們相信這將添加通常不存在的導航功能在其他平台上，即將有品牌下的部分——迪士尼、皮克斯、星球大戰、漫威和國家地理品牌下的節目部分。

So we think there'll be an elegance to it and ease of use, and we're going to super serve the most ardent fans of those 5 different brands by creating experiences and environments that are more tailored or customized and personalized to those brands.

因此，我們認為它將優雅且易於使用，我們將通過為這些品牌創造更加量身定製或個性化的體驗和環境，為這 5 個不同品牌的最狂熱的粉絲提供超級服務。

We have obviously a very stable product when it comes to live streaming, as I said earlier.

正如我之前所說，在直播方面，我們顯然擁有非常穩定的產品。

That's been tested already on the sports front.

這已經在體育方面進行了測試。

We believe that our ability to both attract and ultimately retain consumers is strong from a technology perspective, and now obviously, we have to aid that effort with programming.

我們相信，從技術角度來看，我們吸引並最終留住消費者的能力很強，現在顯然，我們必須通過編程來幫助這一努力。

And I'd say right now, aside from the development that's being done at BAMTech on the app itself, mostly what's going on at the company on the Disney Plus side is ramping up our production and continuing to commit to new product.

我現在想說的是，除了 BAMTech 在應用程序本身上所做的開發之外，公司在 Disney Plus 方面所做的主要是提高我們的產量並繼續致力於新產品。

We mentioned a few today on the call, a Marvel series specifically, and another Star Wars series and a number of movies and docuseries, and there's activity across the board at our company in terms of increased production investment specifically for this app.

我們今天在電話會議上提到了一些，特別是漫威系列，另一個星球大戰系列以及一些電影和紀錄片，並且我們公司在專門為此應用程序增加生產投資方面全面開展活動。

And it will take some time, obviously, to achieve the kind of scale we're going to need on the steady-state because it takes time to make these products, particularly given the high production values that they will represent.

顯然，要達到我們在穩定狀態下所需的那種規模還需要一些時間，因為製造這些產品需要時間，特別是考慮到它們將代表的高產值。

But besides that, we think we're in great shape.

但除此之外，我們認為我們的狀態很好。

We have a game plan in place to bring the product to market.

我們制定了將產品推向市場的遊戲計劃。

And we hope to show you a fair amount about the app, the app itself and some of the programming and some of our strategies, including our pricing strategy when we have the investor meeting that we talked about having in -- sometime in April on the call earlier.

我們希望向您展示相當多的應用程序、應用程序本身以及一些編程和我們的一些策略，包括我們在召開投資者會議時談到的定價策略——在 4 月的某個時候早點打電話。

Our next question comes from the line of Kannan Venkateshwar with Barclays.

我們的下一個問題來自巴克萊銀行的 Kannan Venkateshwar。

So just a couple.

所以只是一對。

First on the approval time line.

首先是審批時間線。

Bob, I think you guys seem a lot more comfortable with the time line being more in the first quarter instead of the first half.

鮑勃，我認為你們似乎更願意將時間線放在第一季度而不是上半年。

And obviously, you got approval in the EU earlier this week.

顯然，本週早些時候你在歐盟獲得了批准。

So I just wanted to understand what brought the time line ahead.

所以我只是想了解是什麼讓時間線提前了。

And secondly on ESPN Plus.

其次是 ESPN Plus。

Is there an opportunity for the app to be an aggregator for content that you don't own?

該應用程序是否有機會成為您不擁有的內容的聚合器？

Is it a possibility for you to essentially create a bundle of content that others own and then have a revenue-sharing kind of a model for that app?

您是否有可能從本質上創建一組其他人擁有的內容，然後為該應用程序提供一種收益分享模式？

Our current plan at ESPN Plus is to license and produced content that is basically solely owned and controlled by us, obviously, in the license front from so many cases from third parties, is usually the case with sports rights.

我們目前在 ESPN Plus 的計劃是許可和製作基本上完全由我們擁有和控制的內容，顯然，在來自第三方的許多案例的許可方面，通常是體育版權的情況。

We think it would quickly get very complicated if we aggregated content that was really owned fully by other entities.

我們認為，如果我們匯總真正由其他實體完全擁有的內容，它很快就會變得非常複雜。

And we think we'll have -- we have enough there right now, and we'll be able to continue to license more.

我們認為我們將擁有 - 我們現在有足夠的，我們將能夠繼續獲得更多許可。

On the time line, when we first announced this deal in December of '17 and then when we closed the deal again where we made the deal later in the year, we talked about a time line first that would be 12 to 18 months and roughly, I think we talked about 12 months from what was June.

在時間線上，當我們在 17 年 12 月首次宣布這筆交易時，然後當我們在今年晚些時候再次完成交易時，我們首先討論了一個時間線，即 12 到 18 個月，大約是，我想我們從 6 月開始討論了 12 個月。

And since then, we gained approval in the United States, the U.S. Justice Department, and then this week with the EU, those are 2 very significant markets.

從那以後，我們獲得了美國、美國司法部的批准，然後本週又獲得了歐盟的批准，這兩個市場非常重要。

And for an acquisition of this size and this complexity, we assumed that it would take a certain amount of time for the regulatory authorities to consider all the various marketplace issues that they had to consider.

對於如此規模和如此復雜的收購，我們假設監管機構需要一定的時間來考慮他們必須考慮的所有各種市場問題。

And we are optimistic today because we have been able to gain approval, not only in those 2, but in multiple other markets in countries around the world.

今天我們很樂觀，因為我們已經能夠獲得批准，不僅在這兩個市場，而且在世界各國的多個其他市場。

We still have a few important countries to go.

我們還有幾個重要的國家要去。

We're well into those processes and based on what we know, we were able to say earlier on the call that we've gotten more optimistic about our ability to close much earlier than the June time frame that we talked about.

我們已經深入了解這些流程，根據我們所知道的，我們能夠在電話會議上早些時候說，我們對我們比我們談到的 6 月時間框架更早關閉的能力更加樂觀。

And then I think it's just best to leave it at that because frankly, we don't know specifically when it will be.

然後我認為最好把它留在那裡，因為坦率地說，我們不知道具體什麼時候。

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

我們的下一個問題來自加拿大皇家銀行的 Steven Cahall。

Bob, I was wondering if I -- if you could update us a bit on what the strategy is for some of the rights that you currently license to some of your partners domestically.

Bob，我想知道我是否 - 如果您能向我們介紹一下您目前在國內許可給您的一些合作夥伴的某些權利的策略是什麼。

Do you have active negotiations with those partners to try to get those rights back for Disney Plus?

您是否正在與這些合作夥伴進行積極的談判，以試圖為 Disney Plus 取回這些權利？

Or is the strategy just to wait for those rights to reach their term?

或者只是等待這些權利達到他們的期限？

And then secondly on Hulu, you talked about a tighter integration with things like the Fox studio and FX.

其次，在 Hulu 上，您談到了與 Fox 工作室和 FX 之類的更緊密的集成。

Should we expect over time that things like FX and Searchlight, that Hulu is their exclusive SVOD partner and sort of complete integration there?

隨著時間的推移，我們是否應該期望像 FX 和 Searchlight 這樣的東西，Hulu 是他們的獨家 SVOD 合作夥伴，並且在那裡完全集成？

I don't think I'm going to talk much about exclusivity, except to say that when we think about FX and Searchlight and some of the other Fox entities as well by the way, as ABC, as a for instance, in Freeform, we think we have an opportunity if we create the television studio that we aim to create with all the talent that we have and the access to great creative talent as well.

我認為我不會過多談論排他性，只是說當我們想到 FX 和 Searchlight 以及其他一些 Fox 實體時，順便說一下，作為 ABC，例如，在 Freeform 中，我們認為，如果我們創建我們的目標是利用我們擁有的所有人才以及獲得優秀創意人才的機會來創建電視演播室，我們就有機會。

And we're going to have an engine at the company coming from the different entities at the company that will be able to supply Hulu with a lot of high-quality content and more than they currently have.

我們將在公司擁有一個來自公司不同實體的引擎，它將能夠為 Hulu 提供大量高質量的內容，而且比他們目前擁有的更多。

That is the goal.

這就是目標。

And again, one of the reasons why we announced the structure that we announced is because we believe that's the best structure for us to execute, not just the strategic plans that we have, but to continue to drive growth and results at the traditional businesses.

同樣，我們宣布我們宣布的結構的原因之一是因為我們相信這是我們執行的最佳結構，不僅僅是我們擁有的戰略計劃，而是繼續推動傳統業務的增長和結果。

And then on the first question about what I'll call third-party rights or existing agreements, there has been some reporting about this that we're in the market seeking to amend the terms of some of those agreements.

然後關於我稱之為第三方權利或現有協議的第一個問題，有一些報導稱我們正在市場上尋求修改其中一些協議的條款。

I think it would be best if I simply confirm that we are in some discussions about this, but I'm going to leave it at that.

我認為最好是簡單地確認我們正在就此進行一些討論，但我將就此擱置。

I don't have many details I can give you.

我沒有太多細節可以告訴你。

And our last question will come from the line of Todd Juenger with Sanford Bernstein.

我們的最後一個問題將來自 Todd Juenger 和 Sanford Bernstein。

Always a lot of pressure of being the last one in the queue.

排在隊列中的最後一個總是有很大的壓力。

I actually had a couple of questions I'd really love to ask, more about the linear TV businesses and how they really [total] this.

實際上，我有幾個問題我真的很想問，更多關於線性電視業務以及他們如何真正 [total] 這個。

So the first one is on the Disney Channels Kids side, I guess here in the States.

所以第一個是迪士尼頻道兒童頻道，我猜是在美國。

There was a note in the press release saying that it was actually a positive source of profit growth year-over-year from the factors including decreased marketing spending, decreased programming spending, increased sales content, which I think might have been to Hulu, among others.

新聞稿中有一條說明說，這實際上是利潤同比增長的積極來源，包括營銷支出減少、節目支出減少、銷售內容增加等因素，我認為這可能是 Hulu 等其他。

Is that something we should expect to see as a trend if you think about the role of those linear kids networks with the pending launch of Disney Plus?

如果您考慮那些線性兒童網絡在即將推出的 Disney Plus 中所扮演的角色，我們應該期待將其視為一種趨勢嗎？

And just more broadly, how do you think about the role in the future of those linear kids networks?

更廣泛地說，您如何看待這些線性兒童網絡的未來角色？

And finally, to make the second part.

最後，製作第二部分。

The second part of the question, I'll make it quicker, was just -- we hear about the broadcast network, ABC.

問題的第二部分，我會說得快一點，只是——我們聽說了廣播網絡 ABC。

I think it's fair to say it has the least amount of sports content of -- among the big 4 broadcast networks.

我認為可以公平地說它在四大廣播網絡中擁有最少的體育內容。

Obviously that's related to the fact that you own ESPN.

顯然，這與您擁有 ESPN 的事實有關。

Do you think it's important to have ABC maybe participate more strongly in sports generally as you think about the future of the broadcast network business?

當您考慮廣播網絡業務的未來時，您認為讓 ABC 可能更積極地參與體育運動很重要嗎？

We made a decision some years back that because the ESPN brand and the ESPN business was so significant and so important to us that, that should be our priority when we license sports, to put it on ESPN.

幾年前我們做出了一個決定，因為 ESPN 品牌和 ESPN 業務對我們來說是如此重要和如此重要，以至於當我們獲得體育許可時，將其放在 ESPN 上應該是我們的首要任務。

We also felt that we needed to service ESPN with the kind of programming necessary to drive subscriptions, both in terms of the price as well as the number of subscribers.

我們還認為，我們需要為 ESPN 提供推動訂閱所需的那種節目，無論是在價格方面還是在訂閱者數量方面。

And it was the right thing to do.

這是正確的做法。

ESPN will also be called upon to use some of its licensing capabilities to service ESPN Plus.

ESPN 還將被要求使用其某些許可功能為 ESPN Plus 提供服務。

So while I think that there was some sacrifice associated with it, we think it was the right thing to do for the company.

因此，雖然我認為這有一些犧牲，但我們認為這對公司來說是正確的。

Going forward, we haven't made any decisions as to whether we would put more sports onto ABC or back on to ABC.

展望未來，我們還沒有決定是否將更多體育節目放到 ABC 上或回到 ABC 上。

I imagine we'll be opportunistic about it.

我想我們會投機取巧。

If the opportunities exist, we will consider it.

如果有機會，我們會考慮的。

But right now, ESPN and ESPN Plus are the priorities.

但現在，ESPN 和 ESPN Plus 是優先事項。

In terms of the Disney Channel comment and the linear networks, we're in linear television in a number of different fronts, and we're going to be in more of it once this deal closes, both here in the United States and around the world when you consider FX and National Geographic, and you add Freeform and ABC and Disney Channel, of course, ESPN.

就迪士尼頻道的評論和線性網絡而言，我們在多個不同領域的線性電視，一旦這筆交易完成，我們將在美國和周邊地區投入更多。當你考慮 FX 和國家地理，加上 Freeform 和 ABC 和迪斯尼頻道，當然還有 ESPN。

We don't intend to get out of those businesses nor do we intend to what I'll call deprioritize them or sacrifice them as we move into this other space.

我們不打算退出這些業務，也不打算在我們進入另一個領域時將它們降低優先級或犧牲它們。

But we're also realists, and we see what's going on in the marketplace, and we see the growth of new platforms of program consumption versus channel consumption, of disaggregation and of the potential for disintermediation, which basically means the ability for us to take both our channels and our programming direct-to-consumer.

但我們也是現實主義者，我們看到了市場上正在發生的事情，我們看到了節目消費與渠道消費的新平台的增長、分解和去中介化的潛力，這基本上意味著我們有能力採取我們的渠道和直接面向消費者的節目。

We intend to do what is best for the company over the long run, and if that means continuing to support the linear channels because we believe in their value to the company, from a bottom line perspective, we'll do that.

從長遠來看，我們打算為公司做最好的事情，如果這意味著繼續支持線性渠道，因為我們相信它們對公司的價值，從底線的角度來看，我們會這樣做。

And if we see the opportunity grows more and more to, not only invest in, but to move programming over to the direct-to-consumer platforms, we'll do that.

如果我們看到機會越來越多，不僅投資，而且將編程轉移到直接面向消費者的平台，我們會這樣做。

We can't, right now, in any way, estimate if that will happen or when it will happen.

我們現在無法以任何方式估計這是否會發生或何時會發生。

But we're going to be nimble as I think we've already evidenced by just the fact that we're going into the direct-to-consumer space as aggressively as we're going into it.

但我們將變得靈活，因為我認為我們已經證明了我們正在積極地進入直接面向消費者的空間這一事實。

We're looking at the marketplace.

我們正在關注市場。

We're seeing disruption, and we're reacting to it, hopefully on a timely basis, so we can take advantage of the trends that we're all seeing today in television.

我們看到了顛覆，我們正在對它做出反應，希望是及時的，這樣我們就可以利用我們今天在電視上看到的趨勢。

Thank you, Todd.

謝謝你，托德。

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 Investor Relations website.

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

Let me also remind you, certain statements on this call, including financial estimates and statements as to the expected timing, completion and effects of the proposed transactions may constitute forward-looking statements under the securities laws.

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

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

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

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

前瞻性陳述受到許多風險和不確定性的影響，實際結果可能與根據各種因素明示或暗示的結果存在重大差異，包括我們的 10-K 表格年度報告和我們的其他向美國證券交易委員會提交的文件。

Thanks again for joining us today, everyone.

再次感謝大家今天加入我們。

Have a good afternoon.

有一個美好的下午。

Ladies and gentlemen, thank you for participating in today's conference.

女士們，先生們，感謝你們參加今天的會議。

This does conclude the program.

這確實結束了程序。

You may all disconnect.

你們都可以斷開連接。

Everyone, have a great day.

大家，有一個美好的一天。