迪士尼 (DIS) 2019 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to The Walt Disney Company's Fiscal First Quarter 2019 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 2019 年第一季度財務業績電話會議。

(Operator Instructions) As a reminder, this conference call is being recorded.

（操作員說明）作為提醒，此電話會議正在錄音中。

I would now like to introduce your host for today's conference, Mr. Lowell Singer, Senior Vice President of Investor Relations.

我現在想介紹一下今天會議的主持人，投資者關係高級副總裁 Lowell Singer 先生。

Sir, you may begin.

先生，您可以開始了。

Thank you.

謝謝你。

Good afternoon, and welcome to The Walt Disney Company's First Quarter 2019 Earnings Call.

下午好，歡迎參加華特迪士尼公司 2019 年第一季度財報電話會議。

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

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

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

今天的電話會議也進行了網絡直播，電話會議記錄將在我們的網站上提供。

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

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, of course, we'll be happy to take some of your questions.

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

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

因此，我將把電話轉給 Bob，然後我們就開始了。

Thanks, Lowell, and good afternoon.

謝謝，洛厄爾，下午好。

Before Christine talks about the quarter, I have just a few comments about what we're working on and what we're excited about.

在克里斯汀談論本季度之前，我只是對我們正在做的事情以及我們對什麼感到興奮發表了一些評論。

First, I'd like to congratulate our studio for its 17 Oscar nominations, 7 of which went to Marvel's Black Panther, including a historic nomination for Best Picture.

首先，我要祝賀我們工作室獲得 17 項奧斯卡提名，其中 7 項是漫威的黑豹，包括歷史性的最佳影片提名。

Together, Disney and 21st Century Fox received 37 nominations, an indication of the creative potential of the combined companies.

迪士尼和 21 世紀福克斯一起獲得了 37 項提名，這表明了合併後公司的創造潛力。

As you know, DTC remains our #1 priority.

如您所知，DTC 仍然是我們的第一要務。

Our corporate reorganization was designed to support our DTC efforts while providing a greater degree of transparency into our investment and our progress in the space.

我們的公司重組旨在支持我們的 DTC 工作，同時為我們的投資和我們在該領域的進展提供更大程度的透明度。

We remain focused on the programming as well as the technology to drive the success of our DTC business, and we're thrilled with the continued growth of ESPN+.

我們仍然專注於推動 DTC 業務成功的節目和技術，我們對 ESPN+ 的持續增長感到興奮。

The very first UFC Fight Night under our new 5-year rights deal led nearly 600,000 fans to sign up for the service.

我們新的 5 年版權協議下的第一個 UFC 格鬥之夜吸引了近 600,000 名粉絲註冊該服務。

The fact that 49 million Americans, 15% of the entire population, watched ESPN content on linear TV that day and millions more engaged on other platforms including ESPN+ speaks to the enduring power of live sports, the strength of the ESPN brand and the value of the UFC rights we acquired.

當天有 4900 萬美國人（佔總人口的 15%）在線性電視上觀看了 ESPN 內容，還有數百萬人在包括 ESPN+ 在內的其他平台上觀看了體育直播的持久力量、ESPN 品牌的實力以及我們獲得的 UFC 權利。

We expect the expansion of combat sports content on the streaming service to drive continued growth in the months ahead.

我們預計流媒體服務上格鬥運動內容的擴展將推動未來幾個月的持續增長。

ESPN+ now has 2 million paid subscriptions, double the number from just 5 months ago.

ESPN+ 現在有 200 萬付費訂閱，是 5 個月前的兩倍。

ESPN+ operates on BAMTech's platform, which has proved to be reliably stable during peak live streaming consumption and easily handled the volume of more than 0.5 million people signing up in a single 24-hour period.

ESPN+ 在 BAMTech 的平台上運行，事實證明，該平台在直播消費高峰期間穩定可靠，並且在 24 小時內輕鬆處理了超過 50 萬人的註冊量。

This same technology will power Disney+ when it launches later this year.

同樣的技術將在今年晚些時候推出時為 Disney+ 提供動力。

We have a number of great creative engines across our company, all of which are dedicating their talent, focus and resources to develop and produce strong content for the Disney+ platform.

我們公司擁有許多出色的創意引擎，所有這些引擎都致力於為 Disney+ 平台開發和製作強大的內容。

Most of the teams creating shows and movies for this service are the same innovators and storytellers driving the prolific success of Disney, Pixar, Marvel and Lucasfilm, operating under the same expectations of excellence.

大多數為這項服務製作節目和電影的團隊都是推動迪士尼、皮克斯、漫威和盧卡斯影業取得巨大成功的創新者和講故事的人，他們在同樣的卓越期望下運作。

We look forward to leveraging National Geographic to provide even more unique content for Disney+.

我們期待利用國家地理為 Disney+ 提供更多獨特的內容。

Presented with an overabundance of choice, consumers look to brands they know to sort through the options and find what they actually want.

面對過多的選擇，消費者會尋找他們知道的品牌來對選項進行分類並找到他們真正想要的東西。

The DTC space is no different in that regard, and we're confident that our iconic brands and franchises will allow us to effectively break through the competitive clutter and connect with consumers.

DTC 領域在這方面也不例外，我們相信我們的標誌性品牌和特許經營權將使我們能夠有效地突破競爭混亂並與消費者建立聯繫。

We'll also use our brands to help subscribers quickly navigate the content on Disney+, creating an efficient interface that enhances their experience and their affinity for the service.

我們還將使用我們的品牌幫助訂閱者快速瀏覽 Disney+ 上的內容，創建一個高效的界面來增強他們的體驗和對服務的親和力。

We'll demonstrate the Disney+ platform and showcase some of the original content we're creating for it at our Investor Day on April 11.

我們將在 4 月 11 日的投資者日展示 Disney+ 平台並展示我們為其創建的一些原創內容。

We'll also take that opportunity to provide detailed insight into our overall DTC business.

我們還將藉此機會詳細了解我們的整體 DTC 業務。

The addition of content and management talent from 21st Century Fox will further enhance our DTC efforts and provide opportunities for growth across the company.

來自 21 世紀福克斯的內容和管理人才的加入將進一步加強我們的 DTC 工作，並為整個公司的發展提供機會。

Having already designed much of the integration process, we are prepared to start effectively combining our businesses as soon as we obtain regulatory approval from the last few remaining markets.

我們已經設計了大部分整合流程，一旦我們獲得最後幾個剩餘市場的監管批准，我們就準備開始有效地整合我們的業務。

We look forward to working with the tremendous teams at 21st Century Fox to create the world's premier global entertainment company.

我們期待與 21 世紀福克斯的強大團隊合作，共同創建世界首屈一指的全球娛樂公司。

I'm now going to turn the call over to Christine, and then I'll be back to take your questions.

我現在要把電話轉給克里斯汀，然後我會回來回答你的問題。

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 first quarter were $1.84.

排除影響可比性的某些項目，第一季度每股收益為 1.84 美元。

These results represent a strong start to the fiscal year when you consider the headwinds we faced in the quarter, including comparisons to a very strong Q1 at the studio last year, higher programming expense at ESPN in Q1 this year due to the timing of the College Football Playoffs and continued investment in our direct-to-consumer businesses that we expect will drive meaningful future growth.

當您考慮到我們在本季度面臨的不利因素時，這些結果代表了本財年的強勁開端，包括與去年第一季度非常強勁的工作室相比，由於學院的時間安排，今年第一季度 ESPN 的節目費用較高足球季后賽和對我們直接面向消費者的業務的持續投資，我們預計這將推動有意義的未來增長。

Last year, we announced a reorganization of our company into 4 segments: Media Networks; the combined Parks, Experiences & Consumer Products; Studio Entertainment; and the newly formed Direct-to-Consumer & International.

去年，我們宣布將公司重組為 4 個部門：媒體網絡；綜合公園、體驗和消費品；工作室娛樂；以及新成立的 Direct-to-Consumer & International。

And several weeks ago, we filed 3 years of historical financial information, reflecting this new segment structure, which should help provide some context around our Q1 results.

幾週前，我們提交了 3 年的歷史財務信息，反映了這種新的細分結構，這應該有助於為我們的第一季度業績提供一些背景信息。

At Studio Entertainment, higher TV, SVOD and home entertainment results were more than offset by lower worldwide theatrical results, reflecting the phenomenal performance of Star Wars: The Last Jedi, Thor: Ragnarok and Coco last year compared to Ralph Breaks the Internet, Mary Poppins Returns and The Nutcracker and the Four Realms this year.

在 Studio Entertainment，較高的電視、SVOD 和家庭娛樂業績被較低的全球影院業績所抵消，這反映了去年《星球大戰：最後的絕地武士》、《雷神3：諸神黃昏》和《可可》與《拉爾夫打破互聯網》、《瑪麗·波平斯》相比的非凡表現今年回歸和胡桃夾子與四個王國。

Our worldwide theatrical results were in line with the outlook we provided on our Q4 earnings call.

我們的全球影院業績與我們在第四季度財報電話會議上提供的前景一致。

Given our studio's record performance in fiscal 2018, the difficult studio comp will continue in the second quarter.

鑑於我們工作室在 2018 財年的創紀錄表現，艱難的工作室競爭將在第二季度繼續。

We have 2 releases during the second quarter: the highly anticipated Captain Marvel, which, by the way, is our first female-led superhero film; and a live-action adaptation of the animated classic, Dumbo.

我們在第二季度有 2 個版本：備受期待的驚奇隊長，順便說一下，這是我們第一部由女性主導的超級英雄電影；以及動畫經典小飛象的真人改編。

Dumbo will be released at the end of the second quarter, so all of the film's prerelease marketing expense will be incurred in the quarter with only 2 days of box office.

小飛象將在第二季度末上映，因此該片的所有預映營銷費用將在該季度產生，只有兩天的票房。

As a reminder, last year's second quarter theatrical results included the outstanding performance of Black Panther and the carryover performance of Star Wars: The Last Jedi and Coco.

提醒一下，去年第二季度的戲劇成績包括《黑豹》的出色表演以及《星球大戰：最後的絕地武士》和《可可》的結轉表演。

Home entertainment results also faced a difficult comparison, given Q2 titles last year included Star Wars: The Last Jedi, Thor: Ragnarok and Coco.

考慮到去年第二季度的遊戲包括《星球大戰：最後的絕地武士》、《雷神3：諸神黃昏》和《可可》，家庭娛樂的結果也面臨著艱難的比較。

As a result, we expect operating income from our theatrical and home entertainment businesses to be $450 million to $500 million lower than in Q2 last year, which was the best second quarter in the studio's history.

因此，我們預計我們的戲劇和家庭娛樂業務的營業收入將比去年第二季度低 4.5 億美元至 5 億美元，這是該工作室歷史上最好的第二季度。

At Parks, Experiences & Consumer Products operating income growth was driven by higher results at our domestic theme parks and resorts, partially offset by lower merchandise licensing and international park results.

在公園、體驗和消費品方面，營業收入增長是由我們國內主題公園和度假村的較高業績推動的，但部分被較低的商品許可和國際公園業績所抵消。

Growth in operating income at our domestic parks business was driven by higher guest spending at the park and higher occupied room nights at the hotels.

我們國內公園業務的營業收入增長受到公園遊客消費增加和酒店入住夜數增加的推動。

Attendance at our domestic parks was comparable to the first quarter last year.

我們國內公園的參觀人數與去年第一季度相當。

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

然而，由於入學、餐飲和商品支出增加，人均支出增長了 7%。

Per room spending at our domestic hotels was up 5%, and occupancy was up 3 percentage points to 94%.

國內酒店每間客房消費增長 5%，入住率增長 3 個百分點至 94%。

So far this quarter, domestic resort reservations are pacing up 4% compared to prior year, while booked rates are up 1%.

本季度到目前為止，國內度假村的預訂量與去年同期相比增長了 4%，而預訂率則增長了 1%。

Results at our international operations were lower in the first quarter versus last year as growth at Hong Kong Disneyland Resort was offset by lower results at Shanghai Disney Resort and Disneyland Paris.

由於香港迪士尼樂園度假區的增長被上海迪士尼度假區和巴黎迪士尼樂園的較低業績所抵消，我們第一季度的國際業務業績低於去年。

Lower operating income from merchandise licensing primarily reflects strong sales of Star Wars and Cars merchandise in the first quarter last year.

商品許可的營業收入下降主要反映了去年第一季度《星球大戰》和《汽車》商品的強勁銷售。

The theatrical success of Star Wars: The Last Jedi in Q1 last year was a key driver to licensing results, so the absence of a comparable franchise title in Q1 this year created a meaningful headwind to our licensing results.

去年第一季度《星球大戰：最後的絕地武士》在戲劇上的成功是許可結果的關鍵驅動因素，因此今年第一季度沒有類似的特許經營權頭銜對我們的許可結果造成了重大不利影響。

These results were partially offset by higher minimum guarantee revenue due to the adoption of the new revenue recognition standards.

由於採用新的收入確認標準，這些結果被較高的最低擔保收入部分抵消。

Total segment operating income margin was up 160 basis points compared to Q1 last year, driven by about 340 basis points of margin growth at our domestic parks and experiences business.

與去年第一季度相比，分部總營業利潤率上升了 160 個基點，這得益於我們國內公園和體驗業務的利潤率增長約 340 個基點。

Turning to Media Networks.

轉向媒體網絡。

Operating income was higher in the first quarter as growth in broadcasting more than offset a decline at cable.

第一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。

Total Media Networks affiliate revenue was up 7% in the quarter due to 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 7%。

The increase in affiliate revenue was driven by 7 points of growth due to higher rates and 1 point of growth due to the adoption of the new revenue recognition standards, partially offset by approximately a 1-point decline due to a decrease in subscribers.

由於採用新的收入確認標準，聯屬網絡營銷收入增長了 7 個百分點，而由於採用了新的收入確認標準，因此增長了 1 個百分點，部分被訂閱者減少導致的約 1 個百分點的下降所抵消。

The sub trend improved modestly, marking the sixth consecutive quarter of improvement in the rate of net subscriber declines.

子趨勢溫和改善，標誌著淨用戶下降率連續第六個季度有所改善。

Broadcasting delivered a strong quarter driven by growth in affiliate and advertising revenue and higher program sales compared to Q1 last year.

與去年第一季度相比，在附屬公司和廣告收入增長以及節目銷售增長的推動下，廣播公司實現了強勁的季度業績。

Higher affiliate revenue was driven by contractual rate increases and benefited from the adoption of new revenue recognition standards.

更高的附屬收入受到合同費率增長的推動，並受益於採用新的收入確認標準。

Broadcasting advertising revenue was up 6% in the first quarter, driven by higher network rates and increased political advertising at our TV stations, partially offset by lower network impressions.

第一季度的廣播廣告收入增長了 6%，這主要是由於更高的網絡費率和我們電視台的政治廣告增加，但部分被網絡印象的下降所抵消。

Quarter-to-date, prime time scatter pricing at the ABC Network is running 40% above upfront levels.

迄今為止，ABC 網絡的黃金時段分散定價比前期水平高出 40%。

Higher program sales were primarily due to increased revenue from licensed programs to Hulu and the sale of Marvel's The Punisher in the quarter and no comparable sale in Q1 last year.

節目銷售額增加主要是由於 Hulu 授權節目的收入增加以及該季度 Marvel 的 The Punisher 的銷售以及去年第一季度沒有可比銷售額。

Domestic cable results were lower in the quarter as higher operating income at the Disney Channel was more than offset by a decline at domestic ESPN and Freeform.

本季度國內有線電視業績較低，因為迪士尼頻道較高的營業收入被國內 ESPN 和 Freeform 的下滑所抵消。

At ESPN, operating income was lower in the first quarter as higher affiliate and advertising revenue was more than offset by higher programming and production costs.

在 ESPN，第一季度的營業收入較低，因為較高的附屬和廣告收入被較高的節目和製作成本所抵消。

As I mentioned at the outset, ESPN's programming costs were higher in the quarter, driven primarily by the timing shift of the College Football semifinal games.

正如我在一開始提到的，ESPN 在本季度的節目成本較高，主要是由於大學橄欖球半決賽的時間變化。

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

ESPN 在第一季度播出了新年 6 場比賽中的 3 場，與去年相似。

However, this year, 2 of those bowls were semifinal games, whereas the semifinal games aired during the second quarter last year.

然而，今年有兩個碗是半決賽，而半決賽是在去年第二季度播出的。

In addition, contractual rate increases for NFL, college sports and NBA programming also contributed to programming expense growth in the quarter.

此外，NFL、大學體育和 NBA 節目的合同費率上漲也促成了本季度節目費用的增長。

ESPN's domestic linear advertising revenue was up 3% in the first quarter and reflects a benefit of the shift of the College Football semifinal games.

ESPN 的國內線性廣告收入在第一季度增長了 3%，這反映了大學橄欖球半決賽轉移的好處。

This ad revenue stream is reported within Media Networks and does not include any ad revenue generated by the international channels or domestic addressable advertising revenue as those are now reported in the Direct-to-Consumer & International segment.

該廣告收入流在媒體網絡中報告，不包括國際渠道產生的任何廣告收入或國內可尋址廣告收入，因為這些收入現在在直接面向消費者和國際部分中報告。

If you add the domestic addressable revenue generated by ESPN, then ESPN's total domestic advertising revenue was up 5%.

如果加上 ESPN 產生的國內可尋址收入，那麼 ESPN 的國內廣告總收入增長了 5%。

So far this quarter, ESPN's domestic cash ad sales are pacing down 2% compared to last year, reflecting the absence of the College Football Playoff semifinal games that shifted into Q1 this year.

本季度到目前為止，ESPN 的國內現金廣告銷售額與去年相比下降了 2%，這反映了今年第一季度的大學橄欖球季后賽半決賽的缺席。

Turning to Consumer & International.

轉向消費者和國際。

Growth at our international channels and lower equity losses from our investment in Hulu were more than offset by ongoing investments in our direct-to-consumer businesses, which reflect content, distribution and marketing expense at ESPN+ and costs associated with the upcoming launch of Disney+.

我們對 Hulu 投資的國際渠道增長和較低的股權損失被我們對直接面向消費者的業務的持續投資所抵消，這反映了 ESPN+ 的內容、分銷和營銷費用以及與即將推出的 Disney+ 相關的成本。

While our share of equity losses from our investment in Hulu is reported within DTCI, I'll remind you that the overall impact of Hulu on the company's results includes revenue from program sales as well as affiliate and advertising revenue.

雖然我們在 DTCI 中報告了我們對 Hulu 投資的股權損失份額，但我要提醒您，Hulu 對公司業績的總體影響包括節目銷售收入以及附屬公司和廣告收入。

Over the past 3 years, our aggregate equity losses have largely been offset by these revenue streams.

在過去 3 年中，我們的總股本損失已在很大程度上被這些收入流所抵消。

Results in the quarter also reflect lower operating income from BAMTech's third-party technology services business.

本季度的業績還反映了 BAMTech 第三方技術服務業務的營業收入下降。

Last quarter, we mentioned the continued ramp-up of the ESPN+ would have an adverse impact on operating income of about $100 million for the first quarter.

上個季度，我們提到 ESPN+ 的持續增長將對第一季度約 1 億美元的營業收入產生不利影響。

The actual number came in a bit better than that, though, we expect ongoing investments in our direct-to-consumer businesses to continue to impact DTCI's financial results.

實際數字要好一些，不過，我們預計對直接面向消費者業務的持續投資將繼續影響 DTCI 的財務業績。

In the second quarter, we expect the continued ramp-up of ESPN+ and ongoing development of our Disney+ service to have an adverse impact on the year-over-year change in operating income of about $200 million, with about 2/3 of that attributable to ESPN+.

在第二季度，我們預計 ESPN+ 的持續增長和我們 Disney+ 服務的持續發展將對約 2 億美元的營業收入同比變化產生不利影響，其中約 2/3 可歸因於到 ESPN+。

Overall, we feel good about the start of the fiscal year and are excited for the opportunities ahead of us.

總體而言，我們對本財年的開始感覺良好，並對我們面前的機會感到興奮。

While our full year results will be influenced by the timing of the 21st Century Fox acquisition, in addition to the studio and DTCI items I mentioned, I'll highlight a couple of additional items that will affect the comparability of our second quarter results.

雖然我們的全年業績將受到 21 世紀福克斯收購時間的影響，但除了我提到的工作室和 DTCI 項目外，我將重點介紹一些會影響我們第二季度業績可比性的其他項目。

First, at Parks, Experiences & Consumer Products, while the adoption of new revenue recognition standards benefited licensing Q1 results, in Q2, the new revenue standard will result in an $80 million operating income headwind.

首先，在公園、體驗和消費品領域，雖然採用新的收入確認標準有利於第一季度的許可結果，但在第二季度，新的收入標準將導致 8000 萬美元的營業收入逆風。

Also, the Easter holiday period will fall entirely in Q3, whereas last year, 1 week of the holiday period fell in Q2.

此外，復活節假期將在 Q3 完全下降，而去年，假期的 1 週在 Q2 下降。

We estimate this will result in about $45 million in operating income shifting from Q2 to Q3.

我們估計這將導致大約 4500 萬美元的營業收入從第二季度轉移到第三季度。

And at broadcasting, we face a difficult program sales comparison that we expect to have a negative impact of about $85 million on operating income.

在廣播方面，我們面臨著一個艱難的節目銷售比較，我們預計這將對營業收入產生約 8500 萬美元的負面影響。

Lower program sales are due in part to a shift in the timing of the sale of Marvel's Jessica Jones as last year, we recognized the sale of season 2 during the second quarter, whereas this year, we expect to recognize the sale of season 3 during the third quarter.

節目銷量下降的部分原因是漫威的傑西卡瓊斯的銷售時間發生了變化，因為去年，我們在第二季度確認了第 2 季的銷售，而今年，我們預計在第三季度。

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

有了這個，我現在把電話轉給洛厄爾，我們很樂意回答你的問題。

All right, Christine, thank you.

好的，克里斯汀，謝謝你。

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) Our first question comes from Michael Nathanson with MoffettNathanson.

（操作員說明）我們的第一個問題來自 Michael Nathanson 和 MoffettNathanson。

I have 2 for Bob or Christine.

我有 2 個給 Bob 或 Christine。

So Bob, thanks for the update on ESPN+.

所以 Bob，感謝 ESPN+ 的更新。

That was helpful.

那很有幫助。

And I wonder, now that you're launched for about 9 months, what has surprised you about that launch?

我想知道，既然你已經推出了大約 9 個月，那麼這次推出讓你感到驚訝的是什麼？

And what can you take in terms of lessons learned that could apply to Disney+?

您可以從適用於 Disney+ 的經驗教訓中吸取哪些教訓？

And then the second question is, there seems to be a lot of controversy on The Street about the size of the revenue displacement from basically foregoing license revenue at Disney as you move to Disney+.

然後第二個問題是，當你轉向 Disney+ 時，The Street 上似乎存在很多爭議，關於從基本上放棄迪士尼許可收入的收入轉移的規模。

Can you talk a bit about the size of that displacement of foregone licensing and maybe the timing of that impact to help us think about how this phases out over time?

您能否談談放棄許可的規模以及影響的時間，以幫助我們思考隨著時間的推移這種情況如何逐步消失？

So the first part of your question, Michael, I'd say that what we've learned, which is extremely valuable as it relates to future launches, particularly at Disney+, is that the BAMTech platform that we invested in when we bought BAM is an extremely robust platform, capable of handling not only scale in terms of live streaming simultaneously but a substantial number of transactions in a very short period of time.

所以你的問題的第一部分，邁克爾，我想說的是，我們所學到的非常有價值，因為它與未來的發布有關，特別是在 Disney+，我們在購買 BAM 時投資的 BAMTech 平台是一個極其強大的平台，不僅能夠同時處理實時流媒體的規模，而且能夠在很短的時間內處理大量交易。

I mean, there were times before the UFC fight that BAMTech was taking in or making just under 15,000 transactions a minute, and the stability of the platform is critical in times like that.

我的意思是，在 UFC 之戰之前，BAMTech 曾一度接受或每分鐘進行不到 15,000 筆交易，而在這種情況下，平台的穩定性至關重要。

We also learned, which is not really unexpected but we saw it in real time, that ESPN's primary platforms are fantastic marketing tools for the direct-to-consumer service, and you can obviously expect that we will use Disney's strong marketing platforms for the Disney+ service.

我們還了解到，ESPN 的主要平台是直接面向消費者服務的絕佳營銷工具，這並不出人意料，但我們實時看到了這一點，您顯然可以期待我們將使用迪士尼強大的營銷平台進行 Disney+服務。

We also feel that the consumers had a good experience not just in terms of the ability to watch live events under high-quality circumstances on mobile devices but, in general, the price-to-value relationship seems very strong.

我們還認為，消費者的體驗很好，不僅是在移動設備上觀看高質量環境下的現場活動，而且總體而言，價格與價值的關係似乎非常強。

And I'd say lastly, the brand is very strong as well.

最後我想說的是，這個品牌也非常強大。

So if you consider all of that, the fact that we have a technology platform that's working, a user interface that's working, the ability to sign consumers up en masse, the use of the primary platforms to promote the new platform in what we believe will be a strong price-to-value relationship with Disney and then the strength of all the brands, I think it all adds up to a very, very positive picture ahead of the launch of the Disney service, which is going to come toward the end of this calendar year.

因此，如果您考慮所有這些，我們擁有一個正在運行的技術平台、一個正在運行的用戶界面、讓消費者集體註冊的能力、使用主要平台以我們相信的方式推廣新平台這一事實與迪士尼建立強大的價格對價值關係，然後是所有品牌的實力，我認為這一切都會在迪士尼服務推出之前形成非常非常積極的畫面，這將接近尾聲這個日曆年的。

Michael, I'll take the question on foregone licensing.

邁克爾，我將回答有關已放棄許可的問題。

When you look at the foregone licensing, it's going to cross over 2 segments, our Media Networks and the studio.

當您查看過去的許可時，它將跨越兩個部分，我們的媒體網絡和工作室。

When you look at fiscal '19, that licensing revenue in combination net of APR, we estimate would be a decrease of about $150 million to OI year-over-year.

當您查看 19 財年時，許可收入加上 APR 後的淨額，我們估計 OI 將同比減少約 1.5 億美元。

That will be more heavily weighted to the second half.

這將在下半年更加重要。

Absolutely.

絕對地。

$150 million.

1.5億美元。

$150 million.

1.5億美元。

That will be weighted to the second half.

這將加權到下半年。

And to put some context on that, Captain Marvel, which is coming out in this second quarter, is the first film that we will withhold from our output deals.

為了說明這一點，將於第二季度上映的《驚奇隊長》是我們將在我們的輸出交易中保留的第一部電影。

So that's where you can see the foregone licensing revenue begin.

所以這就是你可以看到過去的許可收入開始的地方。

Okay.

好的。

And when you talk about the whole year, what do you have in the third and fourth quarter, too?

當您談論全年時，您在第三季度和第四季度也有什麼？

No, the $150 million is for the full fiscal year.

不，1.5 億美元用於整個財政年度。

For the whole year?

一整年？

Okay.

好的。

That's great.

那太棒了。

Yes.

是的。

Our next question comes from Alexia Quadrani with JPMorgan.

我們的下一個問題來自摩根大通的 Alexia Quadrani。

It's just 2 questions.

這只是2個問題。

I guess, the first one is somewhat similar to Michael's but maybe a much more broader perspective.

我想，第一個與邁克爾的有點相似，但可能視野更廣。

I'm curious if you can talk broadly because I know you'll give lot of specifics in April.

我很好奇你是否可以廣泛談論，因為我知道你會在四月份給出很多細節。

How you -- Bob, I guess, how you balance your existing business and the direct-to-consumer initiatives?

你——我猜鮑勃，你如何平衡現有業務和直接面向消費者的計劃？

I guess, in many facets, how you balance potentially more aggressive investment spending versus maybe providing the shareholders earnings growth that some of your shareholders will be looking for and, perhaps more specifically along the same topics, thoughts on changing the home video window versus to potentially boost interest in Disney+?

我想，在許多方面，您如何平衡可能更激進的投資支出與可能為您的一些股東尋求的股東收益增長，也許更具體地說，在相同的主題上，改變家庭視頻窗口的想法與可能會增加對 Disney+ 的興趣？

Thanks, Alexia.

謝謝，亞歷克西亞。

As I mentioned earlier in my prepared remarks, we have an event on April 11 when we're not only going to demonstrate the app, but we're going to talk in great detail about our strategy, the impact of our current businesses and the impact on our bottom line.

正如我之前在準備好的演講中提到的那樣，我們將在 4 月 11 日舉辦一場活動，屆時我們不僅要展示這款應用，還將詳細討論我們的戰略、我們當前業務的影響以及影響我們的底線。

And so I think we'll answer a lot of the questions then, but what we're basically trying to do here is invest in our future.

所以我想我們會回答很多問題，但我們在這里基本上試圖做的是投資我們的未來。

And the investments that we're making in both the technology side and in creating incremental content are all designed so that, long term, this business will become an important part of Disney's bottom line and long-term strategy.

我們在技術方面和創建增量內容方面的投資都是為了長期而言，這項業務將成為迪士尼底線和長期戰略的重要組成部分。

So I think you have to look at this.

所以我認為你必須看看這個。

It's almost the equivalent of deploying capital to build out our theme parks when we could have deployed the capital in a variety of other directions.

當我們本可以將資本部署到其他各種方向時，這幾乎相當於部署資本來建設我們的主題公園。

This is a bet on the future of this business.

這是對這項業務未來的賭注。

And we are deploying our capital basically so that long term, the growth of this company is stronger than it would have been without these investments.

而且我們基本上正在部署我們的資本，因此從長遠來看，這家公司的增長比沒有這些投資的情況要強。

In terms of making the decisions about where content goes near term or today versus traditional platforms, first of all, since we are betting on this direct-to-consumer business long term, we obviously have to fuel it with intellectual property.

在決定內容在近期或今天與傳統平台相比，首先，由於我們長期押注這種直接面向消費者的業務，我們顯然必須用知識產權來推動它。

And so we're creating intellectual property incremental to the properties or the product that we're making for our traditional platforms just so that we can launch this product.

因此，我們正在為我們為傳統平台製作的屬性或產品創建知識產權增量，以便我們可以推出該產品。

And then in some cases, we're moving product over that perhaps could have been on traditional platforms.

然後在某些情況下，我們正在將產品轉移到可能在傳統平台上的產品。

And again, we're doing that because it's a capital allocation in the direction of long-term growth for the company.

同樣，我們這樣做是因為這是朝著公司長期增長方向進行的資本配置。

I won't get into the issues as it relates to the windows, but we're not looking to compress the theatrical window here.

我不會涉及與窗戶有關的問題，但我們不打算在這裡壓縮劇院窗戶。

There might be an opportunity down the road to adjust the windowing in terms of when we bring product from the -- maybe the home video window into the so-called pay window.

當我們將產品從家庭視頻窗口帶入所謂的付費窗口時，可能會有機會調整窗口。

But initially, we're approaching this under relatively traditional lines from a calendar perspective.

但最初，從日曆的角度來看，我們是在相對傳統的路線下處理這個問題的。

And then I think the last thing that I should add, and I think this includes the assets that we're buying from 21st Century Fox, is we have in The Walt Disney Company not only a collection of brands and we're adding to them with National Geographic and FX and Searchlight, et cetera and so on but we have talent, both executive talent -- talent relationships and production capabilities that give us the ability to scale up nicely in terms of our output and not invest that much in overhead or infrastructure to do that.

然後我認為我應該添加的最後一件事，我認為這包括我們從 21 世紀福克斯購買的資產，我們在華特迪士尼公司擁有的不僅是一系列品牌，而且我們正在向它們添加與國家地理、FX 和探照燈等，但我們擁有人才，包括執行人才——人才關係和生產能力，使我們能夠很好地擴大我們的產出，而不是在管理費用或基礎設施來做到這一點。

And so we're going to leverage the people and the capabilities of all of our traditional media businesses we're doing today to grow the product with some incremental expense obviously to produce the product, but very efficiently but to grow product for the new platforms.

因此，我們將利用我們今天所做的所有傳統媒體業務的人員和能力來發展產品，增加一些費用顯然是為了生產產品，但非常有效，但為新平台發展產品.

And I guess, just a quick follow-up on that.

我想，只是對此的快速跟進。

I believe you licensed a show, I may be wrong, from CBS TV studios for Disney+.

我相信你從 CBS 電視工作室為 Disney+ 授權了一個節目，我可能錯了。

Is the strategy -- I guess, maybe just to your earlier comment, where, in some exceptions, you'll sort of look outside or make incremental expenses.

是策略 - 我想，也許只是你之前的評論，在某些例外情況下，你會向外看或增加開支。

Is the strategy just to find the best content, it doesn't have to be always internally sourced?

該策略是否只是為了找到最佳內容，而不必總是內部採購？

I think the strategy will be, long term, pretty heavily weighted to internally sourced versus externally sourced.

我認為，從長遠來看，該策略將非常重視內部採購與外部採購。

There will be occasion when we would be glad to license from third parties.

有時我們很樂意從第三方獲得許可。

But because the Fox deal hasn't closed yet, so we can't take advantage of some of their output capabilities.

但是因為福克斯的交易還沒有結束，所以我們不能利用他們的一些輸出能力。

And because we need to launch the service with some volume and it takes time to ramp up, we're buying certain products from the outside opportunistically, and we'll continue to do that.

而且因為我們需要以一定的數量推出服務並且需要時間來增加，所以我們會機會主義地從外部購買某些產品，我們將繼續這樣做。

By the way, this is something we've done in our parks for a long time, where we licensed from George Lucas Star Tours or the Star Wars IP or the Indiana Jones IP or the Avatar IP.

順便說一句，這是我們長期以來在公園裡所做的事情，我們從 George Lucas Star Tours 或星球大戰 IP 或印第安納瓊斯 IP 或阿凡達 IP 獲得許可。

We'll continue to look at opportunities that we think we can leverage because there is a potential consumer demand for it.

我們將繼續尋找我們認為可以利用的機會，因為有潛在的消費者需求。

Our next question comes from Ben Swinburne with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Ben Swinburne。

Bob, can you give us an update on your outlook for Hulu?

Bob，你能給我們介紹一下你對 Hulu 的看法嗎？

In particular, they reported some pretty strong subscriber growth.

特別是，他們報告了一些相當強勁的用戶增長。

Last year, it made some pricing changes.

去年，它進行了一些定價變化。

How bullish are you on this business?

你對這個行業有多看好？

And can you give us any sense for sort of the opportunity to turn this business profitable?

你能告訴我們一些讓這項業務盈利的機會嗎？

Because, while it's got real scale in subs and revenue, we all know it's generating losses today.

因為，雖然它在訂閱量和收入方面具有真正的規模，但我們都知道它今天正在產生虧損。

And maybe you could tie Hulu into the broader go to market with Disney+.

也許你可以通過 Disney+ 將 Hulu 與更廣泛的市場聯繫起來。

How do you think about leveraging Disney's sort of broad -- maybe global customer relationships you have today to get Disney+ off the ground quickly?

你如何看待利用迪士尼廣泛的——也許是你今天擁有的全球客戶關係來讓 Disney+ 快速起步？

The goal obviously is to operate Hulu profitably.

目標顯然是運營 Hulu 盈利。

And we're not going to say how long that might take.

我們不會說這可能需要多長時間。

That could shift a bit because, at some point, we'll look more aggressively at some international rollouts of Hulu as well.

這可能會發生一些變化，因為在某個時候，我們也會更積極地看待 Hulu 的一些國際推廣。

And I think it's also premature to discuss much about Hulu because, until the Fox deal closes, we only own 30% of it.

而且我認為現在討論 Hulu 還為時過早，因為在 Fox 交易完成之前，我們只擁有它 30% 的股份。

We'll own 60% when the deal closes, and we'll be prepared to talk more, perhaps, about Hulu's strategy at that point.

交易完成後，我們將擁有 60% 的股份，屆時我們可能會準備更多地談論 Hulu 的戰略。

But what we said when we decided to launch ESPN+ and Disney+ is that rather than creating 1 gigantic fat bundle of sports, general entertainment programming and family programming, we thought we'd serve the consumer better by segregating all 3. Ultimately, our goal would be to use the same tech platform to make it easier for people to sign up for all 3 should they want to, same credit card, same username, same password, et cetera, but give the consumer the kind of choice that we think consumers are going to demand more and more in today's world.

但是，當我們決定推出 ESPN+ 和 Disney+ 時，我們說的是，與其創建一個龐大的體育、一般娛樂節目和家庭節目捆綁，我們認為我們會通過將這三者分開來更好地為消費者服務。最終，我們的目標是是使用相同的技術平台，讓人們更容易註冊所有 3 如果他們願意，相同的信用卡，相同的用戶名，相同的密碼等等，但給消費者我們認為消費者的選擇將在當今世界要求越來越多。

If they wanted to buy all 3, we'd give them that opportunity, potentially at a discount, or 2 for that matter.

如果他們想購買全部 3 個，我們會給他們這個機會，可能會打折，或者 2 個。

But if they wanted to buy 1 of them, we believe they should be able to.

但如果他們想購買其中的 1 個，我們相信他們應該能夠購買。

So someone who wants sports should be able to buy just sports and so on.

所以想要運動的人應該可以只買運動等等。

In terms of going back to the first part of the question in terms of profitability -- well, actually in terms of our belief in the platform, there's enough out there in your sector and ours, meaning in media and in the businesses that follow media that have been talking about direct-to-consumer growth.

回到關於盈利能力的問題的第一部分——嗯，實際上就我們對平台的信念而言，你所在的行業和我們的行業已經足夠了，這意味著媒體和跟隨媒體的企業一直在談論直接面向消費者的增長。

And we see that obviously with some of the big players in the space, notably Netflix.

我們顯然在該領域的一些大玩家身上看到了這一點，尤其是 Netflix。

We think there's huge potential for Hulu to grow as well as for the other services to grow and plenty of room for other entrants in the marketplace.

我們認為 Hulu 以及其他服務的增長潛力巨大，市場上的其他進入者也有足夠的空間。

But we aim to take advantage of, on the Disney and the ESPN side, our brands and that expertise.

但我們的目標是在迪士尼和 ESPN 方面利用我們的品牌和專業知識。

And on the Hulu side, we hope to take advantage of the fact that they've already launched successfully and their brand is starting to build some equity, but also in the production capabilities of the businesses that we have, including the businesses that we're buying.

而在 Hulu 方面，我們希望利用他們已經成功推出並且他們的品牌開始建立一些資產的事實，以及我們擁有的業務的生產能力，包括我們的業務。重新購買。

Our next question comes from Doug Mitchelson with Cr?dit Suisse.

我們的下一個問題來自 Doug Mitchelson 和 Cr?dit Suisse。

One for Bob, 1 for Christine, and I am going to boldly try to stay away from streaming questions.

Bob 一個，Christine 一個，我將大膽嘗試遠離流式提問。

Bob, as sports gambling becomes legal in the U.S. state by state, is that something that can coexist within the family-friendly Disney brand that's the umbrella for the company?

鮑勃，隨著體育賭博在美國各州合法化，這是否可以在作為公司保護傘的家庭友好型迪士尼品牌中共存？

I'm asking in part because of the addition of the UFC and some of the Fox content-like shows at FX and Deadpool are already pushing the envelope a bit, perhaps.

我之所以這樣問，部分是因為 UFC 的加入，以及 FX 和 Deadpool 上的一些類似於 Fox 內容的節目可能已經在挑戰極限了。

So maybe sports gambling does fit in and could be an interesting long-term opportunity.

因此，也許體育賭博確實適合併且可能是一個有趣的長期機會。

And Christine, on the impact of Star Wars: Galaxy's Edge lands launching, in the past, when you've launched lands, there was often a ramp in OpEx and marketing in advance of those lands.

還有克里斯汀，關於《星球大戰：銀河邊緣》土地發射的影響，過去，當你發射土地時，通常會在這些土地之前進行運營支出和營銷。

As we think about profitability or park margins for the year or the second half as these start to come in on the West Coast and then, later in the year, in Orlando, any comments as to whether those are -- start out profitable off the bat because it's their largest lands and it's a big brand?

當我們考慮今年或下半年的盈利能力或公園利潤率時，這些開始出現在西海岸，然後在今年晚些時候，在奧蘭多，任何關於這些是否 - 開始盈利的評論蝙蝠因為這是他們最大的土地而且是大品牌？

Or is that something that we should really look towards fiscal '20?

還是我們真的應該期待 20 財年？

Doug, I -- well, I understand the sort of connection you made to gambling and to Deadpool.

道格，我——嗯，我理解你與賭博和死侍之間的聯繫。

I think that we look at them in very different ways.

我認為我們以非常不同的方式看待它們。

I don't see The Walt Disney Company, certainly in the near term, getting involved in the business of gambling, in effect, by facilitating gambling in any way.

我看不到華特迪士尼公司，當然在短期內，實際上是通過以任何方式促進賭博來參與賭博業務。

I do think that there's plenty of room, and ESPN has done some of this already and they may do more to provide information in coverage of sports, as a for instance, that would be relevant to and of particular interest to gambling and not be shy about it, basically being fairly overt about it.

我確實認為有足夠的空間，ESPN 已經做了一些這方面的工作，他們可能會做更多的事情來提供體育報導的信息，例如，這將與賭博相關並且對賭博特別感興趣並且不會害羞關於它，基本上是相當公開的。

But getting into the business of gambling, I rather doubt it.

但是進入賭博行業，我對此表示懷疑。

We do believe there is room for the Fox properties to exist without significant Disney influence over the nature of the content, meaning that we see that there is certainly popularity amongst Marvel fans for the R-rated Deadpool films, as a for instance.

我們確實相信，在迪士尼對內容性質沒有重大影響的情況下，福克斯的資產仍有存在的空間，這意味著我們看到漫威粉絲肯定會喜歡 R 級死侍電影，例如。

We're going to continue in that business, and there might be room for more of that.

我們將繼續從事該業務，並且可能還有更多空間。

And there's nothing that we've really seen in the Fox either library or in the activities that Fox is engaging in today from a standards perspective that would be of concern to us as long as we're very carefully branding them and making sure that we're not in any way confusing the consumer with product that would be sort of either Disney product or the more traditional Marvel product.

從標準的角度來看，我們在 Fox 庫或 Fox 今天所從事的活動中沒有真正看到任何東西，只要我們非常仔細地為它們打上品牌並確保我們'不會以任何方式將消費者與迪士尼產品或更傳統的漫威產品混淆。

So Doug, on the opening of the 2 Star Wars lands, Galaxy's Edge in both the Disneyland Park, initially, at Anaheim, followed later in the fiscal year at Walt Disney World, we have not given any guidance or outlook on operating expenses that we'll incur in addition to the normal operating expenses as they ramp up.

所以道格，在兩個星球大戰的土地上，銀河邊緣在迪斯尼樂園，最初在阿納海姆，隨後在本財年晚些時候在沃爾特迪斯尼世界開幕，我們沒有給出任何關於運營費用的指導或展望，我們將在正常運營費用之外產生，因為它們會增加。

However, you've seen those expenses increase when we've opened lands.

但是，當我們開放土地時，您已經看到這些費用增加了。

So that will be just embedded in their operating income and in their expense lines.

因此，這將僅嵌入他們的營業收入和支出項目中。

Both of those will open in the balance of this fiscal year skewed to the -- calendar year, but it'll be skewed to the second half.

兩者都將在本財政年度的餘額中開放，偏向於日曆年，但將偏向於下半年。

And I would say, by the way, on the marketing expense side, don't expect much.

我想說，順便說一下，在營銷費用方面，不要期望太多。

I'm thinking that maybe I should just tweet, "It's opening," and that will be enough.

我在想也許我應該在推特上說“它正在開放”，這就足夠了。

I think we're going to end up with incredibly popular and in-demand product with these 2 new lands.

我認為我們最終會在這兩個新土地上推出令人難以置信的受歡迎和需求量大的產品。

They're large.

它們很大。

They're beautiful, and they're extremely innovative.

它們很漂亮，而且極具創新性。

And they obviously leverage the popularity of the Star Wars brand.

他們顯然利用了《星球大戰》品牌的知名度。

And I think that we're going to have absolutely no problem gaining attention for them or to them, and it's not going to take much marketing to do that.

而且我認為我們絕對沒有問題獲得他們或他們的關注，並且不需要太多的營銷來做到這一點。

That's a signal that I just sent to our parks and resorts people to keep that budget really low.

這是我剛剛向我們的公園和度假村的人們發出的一個信號，以保持預算非常低。

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

我們的下一個問題來自加拿大皇家銀行的 Steven Cahall。

So maybe first, just a follow-up on that.

所以也許首先，只是對此的跟進。

I mean, it seems like you're really running the parks for yield.

我的意思是，您似乎真的在為收益而經營公園。

So was there anything specific in the quarter that contributed to the strong RevPAR or per capita spend that we shouldn't expect to roll through the rest of the year even with a little attendance lift from the opening of the Star Wars properties?

那麼，本季度是否有任何具體因素促成了強勁的 RevPAR 或人均支出，即使在《星球大戰》酒店開業後上座率略有提升的情況下，我們也不應該期望在今年剩下的時間裡出現這種情況？

And then secondly, Christine, I was wondering if maybe you could update us on what leverage is going to look like after the Fox transaction.

其次，克里斯汀，我想知道您是否可以向我們提供有關 Fox 交易后杠桿作用的最新信息。

I don't think you've done that since last summer, and a lot's changed since then, especially the divestitures.

我認為自去年夏天以來你沒有這樣做過，自那以後發生了很多變化，尤其是資產剝離。

And maybe you don't have to give us an exact view on what the RSNs go for, but you must have maybe some idea of what net leverage looks like when you close the transaction.

也許您不必向我們提供有關 RSN 用途的確切看法，但您可能必須對關閉交易時的淨槓桿有所了解。

Steve, on the first part, we've been witnessing, over the last few years, a substantial increase in the popularity of our parks.

史蒂夫，首先，在過去的幾年裡，我們見證了我們公園受歡迎程度的大幅提高。

A lot of that has to do with how well they've managed and the kind of investments that we've made not just operationally but in expansion and the use of IP that's extremely popular.

這在很大程度上與他們管理得有多好以及我們所做的投資類型有關，不僅在運營上，而且在擴展和使用非常受歡迎的 IP 方面。

In doing so, what we're also trying to do is to use that popularity to manage guest experience a little bit better in the sense that -- and we know that crowding can be an issue.

在這樣做的過程中，我們還試圖做的是利用這種受歡迎程度來更好地管理客戶體驗——我們知道擁擠可能是一個問題。

And that when our parks are the most crowded, the guest experience is not what we would like it to be.

當我們的公園最擁擠時，遊客體驗並不是我們想要的。

And so we're leveraging the popularity to obviously increase pricing and to spread demand, to get much more strategic about how we're pricing.

因此，我們正在利用受歡迎程度來明顯提高定價並分散需求，從而對我們的定價方式更具戰略性。

So the parks are still accessible, but in the highest peak periods, we're trying basically to manage the attendance so that the guest experience isn't diminished by the popularity.

所以公園仍然可以進入，但在高峰期，我們基本上是在努力管理出勤率，以便遊客體驗不會因受歡迎程度而降低。

And I think, because of the nature of the investments we're making, we've been fairly vocal and transparent about those investments, the 2 big Star Wars, Toy Story Land that just opened up in Florida, the work that's going on in Hong Kong and in Paris and Shanghai and in Tokyo and all the great expansion and IP that we're putting in.

而且我認為，由於我們正在進行的投資的性質，我們對這些投資非常直言不諱和透明，剛剛在佛羅里達州開放的兩大星球大戰，玩具總動員樂園，正在進行的工作香港、巴黎、上海和東京以及我們正在投入的所有偉大的擴張和知識產權。

That popularity is going to continue.

這種受歡迎程度將持續下去。

And with that's going to come the, I guess, enviable task of balancing that popularity with guest experience and price elasticity.

我想，隨之而來的是令人羨慕的任務，即平衡這種受歡迎程度與客戶體驗和價格彈性。

Steve, to answer your question on leverage, a couple of things I want to comment on.

史蒂夫，回答你關於槓桿的問題，我想評論幾件事。

One is the 39% stake in Sky was divested.

一是剝離了Sky 39%的股權。

And while that cash is currently at 21st Century Fox, upon closing, that will move over to The Walt Disney Company.

雖然這筆現金目前在 21 世紀福克斯，但在關閉後，它將轉移到華特迪士尼公司。

That will have a significant benefit in reducing our leverage back to the metrics that we have typically run the company, which is an A credit.

這對於將我們的槓桿率降低到我們通常經營公司的指標有很大的好處，這是一個 A 信用。

The other thing that we are working on, and it's in progress so I'm not going to comment about it, but we are in the middle of divesting the RSNs.

我們正在處理的另一件事正在進行中，所以我不會對此發表評論，但我們正在剝離 RSN。

It is an auction process.

這是一個拍賣過程。

There's a lot of chatter out in the market.

市場上議論紛紛。

I won't comment on it, just to say that not everything you hear is necessarily true, but it seems to be in the news pretty much every day currently.

我不會對此發表評論，只是說並非您聽到的所有內容都一定是真實的，但目前似乎幾乎每天都在新聞中。

But that will also have a positive impact on decreasing our leverage.

但這也將對降低我們的槓桿產生積極影響。

The 3 rating agencies who cover us, Standard & Poor's, Moody's and Fitch, have all affirmed our ratings at the existing levels.

覆蓋我們的 3 家評級機構標準普爾、穆迪和惠譽都確認了我們在現有水平上的評級。

And I think if you look at those, you'll see what their expectations are on the reduction of leverage.

我認為，如果你看看這些，你會看到他們對降低杠桿的期望。

But we are looking forward to reestablishing our A credit metrics.

但我們期待重新建立我們的 A 信用指標。

Our next question comes from Todd Juenger with Sanford Bernstein.

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

One, hopefully very basic; and then one, a little more broad.

一，希望非常基礎；然後一個，更廣泛一點。

Christine, I suppose, thank you for once again disclosing the pay universe sub trends on your affiliate fee line, and it sounded like they ticked better again slightly in the 1% range.

克里斯汀，我想，感謝您再次在您的會員費用線上披露薪酬領域的子趨勢，聽起來他們在 1% 的範圍內再次略微好轉。

Just wonder if you could help reconcile that for us at all when we see the reports from the cable satellite companies that look like they're shedding pay-TV customers at a faster rate but we're not seeing that in your numbers.

只是想知道當我們看到有線電視衛星公司的報告看起來他們正在以更快的速度流失付費電視客戶但我們沒有在您的數字中看到這一點時，您是否可以幫助我們調和這一點。

So I don't know if you can help us reconcile that.

所以我不知道你能不能幫我們調和一下。

Is there anything specific to the virtual MVPDs or to your specific portfolio of networks?

有什麼特定於虛擬 MVPD 或特定網絡組合的內容嗎？

That's supposed to be the fast question.

這應該是一個快速的問題。

Then the other one, I'll state it quicker, is just, Bob, I'm wondering, where do video games fit into your whole thought process going forward?

然後另一個，我會更快地陳述，就是，鮑勃，我想知道，電子遊戲在哪裡適合你未來的整個思維過程？

You've tried to bring it in house.

你試圖把它帶回家。

You've got license agreements.

你有許可協議。

You've got partners.

你有合作夥伴。

It's clearly a form of entertainment that is gathering lots of engagement.

這顯然是一種吸引大量參與的娛樂形式。

You've got lots of IP.

你有很多IP。

Just wondering, with all your other things going on, if that's still on your radar and any updated thoughts on how you might participate?

只是想知道，隨著所有其他事情的發生，如果這仍然在你的雷達上，以及關於你如何參與的任何更新想法？

Okay.

好的。

I'll take the first one, Todd.

我要第一個，托德。

As it relates to subs, the difference between what the cable operators report and what we report is it's a 2-month lag.

由於它與潛艇有關，有線電視運營商報告的內容與我們報告的內容之間的差異是兩個月的延遲。

We get the -- they're giving you more up-to-date information.

我們得到 - 他們正在為您提供更多最新信息。

Ours is on a 2-month lag.

我們的滯後了 2 個月。

However, as I mentioned in my comments, we've had 6 consecutive quarters of improved sub numbers, and we've had the dynamic of the loss of traditionals decreasing and the increase of digital MVPDs increasing.

然而，正如我在評論中提到的那樣，我們已經連續 6 個季度改善了子數量，並且我們看到了傳統損失減少和數字 MVPD 增加增加的動態。

So the net-net of those are both going in the right direction, so we have seen that sequential improvement.

所以這些網絡都在朝著正確的方向發展，所以我們已經看到了連續的改進。

But the difference between what Direct may be reporting or AT&T may be reporting as it relates to Direct or to their traditionals, it's not apples-to-apples on timing.

但是，Direct 可能報告的內容與 AT&T 可能報告的內容之間的差異與 Direct 或與其傳統有關，這不是蘋果對蘋果的時間安排。

And on the video game business, we're obviously mindful of the size of that business.

在視頻遊戲業務方面，我們顯然注意到了該業務的規模。

But over the years, as you know, we've tried our hand in self-publishing.

但多年來，如您所知，我們一直在嘗試自行出版。

We've bought companies.

我們已經收購了公司。

We've sold companies.

我們賣掉了公司。

We've bought developers.

我們已經收購了開發商。

We've closed developers.

我們已經關閉了開發人員。

And we found over the years that we haven't been particularly good at the self-publishing side, but we've been great at the licensing side, which obviously doesn't require that much allocation of capital.

多年來，我們發現我們在自助出版方面並不是特別擅長，但我們在許可方面做得很好，這顯然不需要那麼多的資金分配。

And since we're allocating capital in other directions, even though we certainly have the ability to allocate more capital, we've just decided that the best place for us to be in that space is licensing and not publishing.

而且由於我們正在向其他方向分配資金，即使我們當然有能力分配更多資金，我們剛剛決定，我們在該領域的最佳位置是許可而不是出版。

And we've had good relationships with some of those we're licensing to, notably EA and the relationship on the Star Wars properties.

我們與我們授權給的一些人建立了良好的關係，特別是 EA 和《星球大戰》資產的關係。

And we're probably going to continue -- we're going to continue to stay in that side of the business and put our capital elsewhere.

而且我們可能會繼續 - 我們將繼續留在業務的那一邊，並將我們的資金投入其他地方。

We're good at making movies and television shows and theme park attractions and cruise ships and the like, and we've just never managed to demonstrate much scale on the publishing side of games.

我們擅長製作電影和電視節目、主題公園景點和遊輪等，但我們從未設法在遊戲發行方面展示出太大的規模。

Our next question comes from Tim Nollen with Macquarie.

我們的下一個問題來自麥格理的 Tim Nollen。

I've got 2 questions as well, please.

我也有2個問題，拜託。

First off, Christine, if I could just double check.

首先，克里斯汀，如果我可以仔細檢查一下。

I think you said ESPN outlook was up 3%, but if you include addressable advertising, which is on the DTC line, it was up 5%.

我想你說 ESPN 的前景增長了 3%，但如果你把 DTC 線上的可尋址廣告包括在內，它就增長了 5%。

Can you just maybe make sure I heard that -- or the ESPN number?

你能不能確定我聽到了——或者是 ESPN 的號碼？

And if so, can you explain a bit more where that's coming from?

如果是這樣，你能解釋一下這是從哪裡來的嗎？

Is that on traditional -- on linear ESPN with some better dynamic insertion or anything more addressable?

是在傳統的 - 在線性 ESPN 上具有更好的動態插入或更可尋址的嗎？

Or is it more on the ESPN+ service?

還是更多關於 ESPN+ 的服務？

And then a separate question on the parks side.

然後是公園方面的一個單獨問題。

I think this is the second quarter out of the last 3 or 4 that we've heard about Shanghai seeing some attendance declines.

我認為這是過去 3 或 4 季度我們聽說上海的上座率有所下降的第二季度。

Could you please comment a bit more on that?

您能否對此發表更多評論？

Okay.

好的。

The -- On the ESPN advertising, you're correct that the linear was up 3%, and that is reported in the Media Networks segment.

- 在 ESPN 廣告中，您說的線性增長了 3%，這是正確的，這在媒體網絡部分有報導。

The addressable advertising is recorded in -- reported in our direct-to-consumer segment.

可尋址廣告記錄在我們的直接面向消費者部分中。

The increase that we saw this quarter was because there were more ESPN impressions that they were able to monetize based on a higher level of user engagement.

我們本季度看到的增長是因為有更多的 ESPN 展示次數，他們能夠基於更高水平的用戶參與度獲利。

So they saw a nice uptick.

所以他們看到了不錯的上漲。

So when you incorporated that -- and this is just domestic.

因此，當您將其合併時-這只是國內的。

It doesn't include international, and I can comment on that in a minute.

它不包括國際，我可以在一分鐘內對此發表評論。

But the domestic, when you include that, equates to a 5% increase.

但是國內，當你把它包括在內時，相當於增加了 5%。

The categories that were most frequent in the addressable advertising were from studios, video games and telecom.

可尋址廣告中最常見的類別來自工作室、視頻遊戲和電信。

And that's pretty much what you would expect, given that it's addressable or digital.

鑑於它是可尋址的或數字化的，這幾乎是您所期望的。

On the international side, there was a slight downtick, but that had everything to do with foreign exchange.

國際方面，有小幅下跌，但這與外匯有關。

ESPN's international business is very much based in Latin and South America.

ESPN 的國際業務主要集中在拉丁美洲和南美洲。

And the foreign exchange, the currency fluctuations there are what impacted that.

還有外匯，那裡的貨幣波動影響了這一點。

On the Shanghai side, we've seen some attendance softness this year.

在上海方面，我們看到今年的上座率有所下降。

We're still running a profitable business, and we're still investing to grow it.

我們仍在經營一項有利可圖的業務，我們仍在投資以發展它。

But some of the issues that China has been facing, a slowdown in -- or a decrease in consumer confidence, which has resulted in fewer Chinese people traveling within China, has had an impact on our business.

但中國一直面臨的一些問題，如消費者信心放緩或下降，導致中國人在中國旅行的減少，對我們的業務產生了影響。

That has made it less profitable than we hoped it would be at this point.

這使得它的利潤比我們現在希望的要低。

But still a very successful business and one that we believe in long term.

但仍然是一項非常成功的業務，我們長期相信這一業務。

Our final question comes from Dan Salmon with BMO Capital Markets.

我們的最後一個問題來自 BMO Capital Markets 的 Dan Salmon。

I'll try to stay away from streaming as well and leave that for April, so just 2 questions.

我也會盡量遠離流媒體，把它留到四月，所以只有 2 個問題。

Bob, you noted in your comments about the National Geographic family of business is contributing to Disney+ as one of the Fox businesses coming in.

鮑勃，你在評論中提到國家地理家族企業正在為迪士尼+做出貢獻，作為福克斯的業務之一。

Could you maybe give us an update on how you foresee the FX brand working within the Disney portfolio of businesses?

您能否向我們介紹一下您如何預見 FX 品牌在迪士尼業務組合中的運作方式？

And then second, you've made a lot of change on the ad sales front lately, integrating across the ABC and ESPN side and moving the addressable into the direct-to-consumer business.

其次，你最近在廣告銷售方面做了很多改變，整合了 ABC 和 ESPN 方面，並將可尋址業務轉移到直接面向消費者的業務中。

I'm just curious to get an update on how those integration efforts are going.

我只是想了解這些集成工作的進展情況。

And just to clarify, the addressable, even though it may be reported separately in a different segment, doesn't necessarily always mean it's being sold separately.

澄清一下，可尋址的，即使它可能在不同的部分單獨報告，並不一定總是意味著它是單獨出售的。

I'd just love to go a layer deeper on that as well.

我也很想更深入地了解這一點。

We, like audiences in the United States and other places, are extremely impressed with FX and what it has managed to do in terms of its programming and its relationships with the creative community.

與美國和其他地方的觀眾一樣，我們對 FX 以及它在節目製作和與創意社區的關係方面所取得的成就印象深刻。

And we intend to fully leverage that in both the traditional side of the FX business, but also in our new businesses.

我們打算在外匯業務的傳統方面以及我們的新業務中充分利用這一點。

And we foresee FX developing and producing product for the Hulu platform, in particular, probably not the Disney platform because, as we talked earlier to Doug Mitchelson's question, it's not the kind of programming you typically see in a family environment.

我們預計 FX 會為 Hulu 平台開發和生產產品，特別是可能不是迪士尼平台，因為正如我們之前談到的 Doug Mitchelson 的問題，這不是你通常在家庭環境中看到的那種節目。

But there's ample opportunity for FX to produce more programming and to leverage its relationships in the creative community and its ability to manage creativity specifically for Hulu as we expand Hulu.

但是，FX 有充足的機會製作更多節目，並利用其在創意社區中的關係以及在我們擴展 Hulu 時專門為 Hulu 管理創意的能力。

On the ad sales front, there's been a significant amount of change.

在廣告銷售方面，發生了很大的變化。

You talked about it.

你談到了它。

In fact, just last month, there was basically a company-wide ad sales executive retreat in which all of the ad sales executives gathered in one place with Kevin Mayer, who those people are reporting to in our new structure.

事實上，就在上個月，基本上有一次全公司的廣告銷售主管撤退，所有的廣告銷售主管與凱文·梅耶（Kevin Mayer）聚集在一個地方，這些人在我們的新結構中向他匯報。

I'd say we're just at the beginning of not only an integration but looking at this business differently, particularly since there's been a lot of disruption in the way that advertising is being created and the way that advertising is being spent.

我想說的是，我們不僅剛剛開始整合，而且還以不同的方式看待這項業務，特別是因為廣告的創建方式和廣告的使用方式都受到了很多干擾。

And we want to make sure that our organization reflects all of that change.

我們希望確保我們的組織反映所有這些變化。

I think it's just too early to be more specific than that.

我認為現在說得更具體還為時過早。

The -- you asked the question about addressables.

- 你問了關於可尋址的問題。

We kept that revenue under the direct-to-consumer businesses just so that we could be a little bit more transparent about what the bottom line of those businesses are as we invest in and grow those businesses.

我們將這些收入保留在直接面向消費者的業務中，以便在我們投資和發展這些業務時，我們可以更加透明地了解這些業務的底線。

So we wanted to put the revenue -- the advertising revenue that came directly from consumption on the new platforms, that's really ESPN.com primarily because there's little advertising on the ESPN+, but we just wanted to be more discrete about how that was reported.

所以我們想把收入——直接來自新平台消費的廣告收入放在新平台上，這實際上是 ESPN.com，主要是因為 ESPN+ 上幾乎沒有廣告，但我們只是想更加謹慎地報導它是如何報導的。

The one other thing, Dan, that I would add on that is that, as we have combined the ad sales force into a unified entity, that the same team is selling both addressable and linear, and so it's much better coordinated.

丹，我要補充的另一件事是，由於我們已將廣告銷售團隊合併為一個統一的實體，同一團隊同時銷售可尋址和線性銷售，因此協調性更好。

And it's early days, but we're optimistic about how it will perform.

現在還為時尚早，但我們對它的表現持樂觀態度。

Dan, thank you, and thanks again everyone for joining us today.

丹，謝謝你，再次感謝大家今天加入我們。

Note that a reconciliation of non-GAAP measures that were referred to on this call to equivalent GAAP measures can be found on our Investor Relations website.

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

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

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

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

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

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

This concludes today's call.

今天的電話會議到此結束。

Have a good afternoon, everyone.

大家下午好。

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 concludes today's program, and you may all disconnect.

今天的節目到此結束，大家可以斷線了。

Everyone, have a wonderful day.

大家，有一個美好的一天。