迪士尼 (DIS) 2019 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to The Walt Disney Company's Fiscal Third 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 財年第三季度財務業績電話會議。

(Operator Instructions)

（操作員說明）

As a reminder, this conference call is being recorded.

提醒一下，正在錄製此電話會議。

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

我現在想將會議轉交給投資者關係高級副總裁 Lowell Singer。

You may begin.

你可以開始了。

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

下午好，歡迎來到華特迪士尼公司 2019 年第三季度財報電話會議。

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

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

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

今天的電話會議也進行了網絡直播，重播和文字記錄也將在我們的網站上提供。

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

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

Following comments from Bob and Christine, we will be happy to take your questions.

根據 Bob 和 Christine 的評論，我們很樂意回答您的問題。

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

因此，我將把電話轉給 Bob 開始。

Thanks, Lowell, and good afternoon, everyone.

謝謝，洛厄爾，大家下午好。

I've been doing earnings calls for a long time, and this is one of our more complicated ones.

我做財報電話已經很長時間了，這是我們比較複雜的電話之一。

We certainly have a lot to cover and discuss.

我們當然有很多要討論的內容。

This is our first full quarter since we closed our acquisition of 21st Century Fox in March.

這是我們自 3 月份完成對 21 世紀福克斯的收購以來的第一個完整季度。

Now our results reflect our efforts to integrate the assets, businesses and talent we acquired in order to enhance and advance our strategic transformation.

現在，我們的業績反映了我們整合收購的資產、業務和人才的努力，以加強和推進我們的戰略轉型。

Implementation of our integration plan is well underway, a complex process given the magnitude of the endeavor, and we remain confident in our ability to successfully execute our strategy to drive maximum value from the combined company, and our appreciation for the long-term value we can create has increased.

我們的整合計劃的實施正在順利進行，考慮到努力的規模，這是一個複雜的過程，我們仍然相信我們有能力成功執行我們的戰略以從合併後的公司中獲得最大價值，並且我們對我們的長期價值表示讚賞可以創建增加了。

I'm going to ask Christine to take you through the numbers, and then I'll be back to provide some additional perspective that should give you greater insight into our bullish view of the future.

我將請 Christine 為您介紹這些數字，然後我會回來提供一些額外的觀點，這些觀點應該會讓您更深入地了解我們對未來的樂觀看法。

Thanks, Bob, and good afternoon, everyone.

謝謝鮑勃，大家下午好。

Excluding certain items affecting comparability, earnings per share from continuing operations for the third quarter were $1.35.

排除某些影響可比性的項目，第三季度來自持續經營業務的每股收益為 1.35 美元。

Our third quarter results reflect a full quarter of performance of the 21CF businesses we acquired and are still in the process of integrating and full consolidation of Hulu.

我們第三季度的業績反映了我們收購的 21CF 業務的整個季度業績，這些業務仍在整合和全面整合 Hulu 的過程中。

Results this quarter include a number of factors we recognize can be challenging to model.

本季度的結果包括許多我們認為可能難以建模的因素。

In a moment, I'll discuss our Q3 results in greater detail and shed additional light on these factors, and then I'll highlight a few items that will impact our Q4 results.

稍後，我將更詳細地討論我們第三季度的結果，並進一步闡明這些因素，然後我將重點介紹一些會影響我們第四季度結果的項目。

Since we are in the middle of our fiscal 2020 planning process, I expect to have more to say on the key drivers of next year's results during our Q4 call.

由於我們正處於 2020 財年規劃過程的中間，我希望在我們的第四季度電話會議上對明年業績的主要驅動因素有更多的發言權。

The 21CF businesses we acquired excluding 21CF's stake in Hulu had a slightly negative impact on third quarter segment operating income.

我們收購的 21CF 業務（不包括 21CF 在 Hulu 的股份）對第三季度分部營業收入產生了輕微的負面影響。

The total adverse impact on segment operating income including full consolidation of Hulu and the effect of intersegment eliminations was about $300 million.

包括 Hulu 的全面合併和部門間抵銷的影響在內，對部門營業收入的總不利影響約為 3 億美元。

Overall, we estimate the acquisition of 21CF had a dilutive impact on our Q3 EPS before purchase accounting of about $0.60 compared to the $0.35 guidance we provided last quarter.

總體而言，我們估計收購 21CF 對我們第三季度每股收益的攤薄影響約為 0.60 美元，而我們上季度提供的指引為 0.35 美元。

The initial guidance of $0.35 reflected our assumptions about the business at the time.

0.35 美元的初始指引反映了我們當時對業務的假設。

However, there were a couple of 21CF businesses whose results came in significantly lower than our expectations, in particular, the 21CF film studio and Star.

然而，有幾家 21CF 企業的業績大大低於我們的預期，特別是 21CF 電影製片廠和 Star。

I want to take a moment to discuss the primary drivers of the underperformance of these businesses, which are reflected in our studio and Direct-to-Consumer & International segments.

我想花點時間討論這些業務表現不佳的主要驅動因素，這反映在我們的工作室和直接面向消費者和國際部門。

First, the 21CF film studio had an operating loss in the third quarter of about $170 million, which was driven by the underperformance of theatrical titles, including Dark Phoenix, marketing for future releases and development expenses, partially offset by TV/SVOD distribution.

首先，21CF 電影製片廠在第三季度出現約 1.7 億美元的運營虧損，這是由於包括《黑鳳凰》在內的院線影片表現不佳、未來發行的營銷和開發費用造成的，部分被電視/SVOD 發行所抵消。

While 21CF's performance is not reflected in our prior year results, we estimate that 21CF film studio generated about $180 million of operating income in Q3 last year.

雖然 21CF 的業績並未反映在我們去年的業績中，但我們估計 21CF 電影製片廠去年第三季度的營業收入約為 1.8 億美元。

On the other hand, I'll note that the performance of the Disney Film Studio continues to be incredibly strong.

另一方面，我會注意到迪士尼電影製片廠的表現仍然非常強勁。

This quarter's theatrical slate including: Avengers: Endgame, Aladdin, Toy Story 4 and the carryover success of Captain Marvel drove higher worldwide theatrical results compared to what was also an outstanding slate of films during the third quarter last year, which included Avengers: Infinity War, Incredibles 2 and Black Panther.

本季度的院線影片包括：《復仇者聯盟：終局之戰》、《阿拉丁》、《玩具總動員 4》和《驚奇隊長》的延續成功，與去年第三季度同樣出色的影片（包括《復仇者聯盟：無限戰爭》）相比，推動了全球影院的更高票房、超人總動員 2 和黑豹。

Second, as you know, results at DTCI reflect ongoing investment in our direct-to-consumer businesses, and this quarter also included an operating loss at Star of about $60 million.

其次，如您所知，DTCI 的業績反映了我們對直接面向消費者業務的持續投資，本季度還包括 Star 約 6000 萬美元的運營虧損。

We estimate Star generated about $150 million of operating income in the third quarter last year.

我們估計 Star 去年第三季度的營業收入約為 1.5 億美元。

Star's results this quarter came in well below our expectations and were driven primarily by a meaningful step-up in rights cost for the quadrennial Cricket World Cup and the Indian Premier League as revenue growth was more than offset by the incremental rights expense.

Star 本季度的業績遠低於我們的預期，主要是由於四年一度的板球世界杯和印度超級聯賽的版權成本顯著增加，因為收入增長被增量版權費用所抵消。

There was an additional negative impact to EPS of about $0.06 as a result of the Hulu agreement we entered into with NBCU in May.

由於我們在 5 月份與 NBCU 簽訂了 Hulu 協議，因此對每股收益產生了約 0.06 美元的額外負面影響。

The agreement provides us with full operational control of Hulu, and most of the $0.06 impact results from NBCU no longer being allocated its share of Hulu operating losses in our financial reporting.

該協議為我們提供了對 Hulu 的完全運營控制權，NBCU 產生的 0.06 美元影響中的大部分不再在我們的財務報告中分配其在 Hulu 運營虧損中的份額。

You'll find additional detail on the transaction and the financial impact in our 10-Q.

您將在我們的 10-Q 中找到有關交易和財務影響的更多詳細信息。

At Parks, Experiences and Products, growth in operating income was driven by higher results at Consumer Products and Disneyland Paris, partially offset by a decrease at our domestic Parks and Resorts.

在公園、體驗和產品方面，營業收入的增長是由消費品和巴黎迪士尼樂園的業績增長推動的，部分被我們國內公園和度假村的收入減少所抵消。

Attendance at our domestic parks was down 3% in the third quarter but per capita spending was up a healthy 10% on higher admissions, food and beverage and merchandise spending.

第三季度，我們國內公園的出勤率下降了 3%，但由於入場人數、餐飲和商品支出增加，人均支出健康增長了 10%。

Per room spending at our domestic hotels was up 3%, and occupancy was up 2 percentage points to 88%.

我們國內酒店的每間客房消費增長了 3%，入住率增長了 2 個百分點，達到 88%。

Despite domestic parks achieving record revenue in the third quarter, operating income was down slightly due to the decline in attendance and higher costs.

儘管國內公園在第三季度實現了創紀錄的收入，但由於上座率下降和成本上升，營業收入略有下降。

Disneyland Resort had strong underlying attendance fundamentals, with growth in local, domestic and international visitation.

迪士尼樂園度假區的潛在遊客人數基本面強勁，當地、國內和國際遊客人數均有增長。

We are very pleased with how guests have responded to Galaxy’s Edge and Millennium Falcon: Smugglers Run as one of our most popular attractions.

我們很高興看到遊客對銀河邊緣和千年隼：走私者作為我們最受歡迎的景點之一的反應。

The decline in attendance at Disneyland Resort was primarily driven by lower annual passholder visitation as we managed demand for the first few weeks after opening Star Wars: Galaxy's Edge in order to maintain a high level of guest satisfaction.

迪士尼樂園度假區的遊客人數下降主要是由於年度遊客訪問量下降，因為我們在《星球大戰：銀河邊緣》開放後的前幾週管理需求，以保持較高的遊客滿意度。

And at Walt Disney World, our survey data suggest that guests are deferring visitation until after Star Wars: Galaxy's Edge opens, which we believe contributed to the decline in attendance we saw during the third quarter.

在華特迪士尼世界，我們的調查數據表明，客人將參觀時間推遲到《星球大戰：銀河邊緣》上映之後，我們認為這是造成第三季度遊客人數下降的原因。

Looking ahead, we are excited for the opening of Star Wars: Galaxy's Edge at Walt Disney World and the opportunity to introduce guests to the Rise of the Resistance, our most technologically advanced and immersive attraction when that attraction opens at Walt Disney World in December and at Disneyland in January.

展望未來，我們很高興星球大戰：銀河邊緣在沃爾特迪斯尼世界開幕，並有機會向客人介紹抵抗組織的崛起，這是我們技術最先進和身臨其境的景點，該景點將於 12 月在沃爾特迪斯尼世界開放一月份在迪斯尼樂園。

Our domestic parks incurred incremental operating expenses during the quarter, including wage increases and pre-opening and operational expenses associated with the opening of Galaxy’s Edge.

我們的國內公園在本季度產生了增量運營費用，包括工資增長以及與 Galaxy’s Edge 開業相關的開業前和運營費用。

Results at our international operations were higher in the third quarter due primarily to growth at Disneyland Paris.

我們國際業務的業績在第三季度有所提高，這主要是由於巴黎迪士尼樂園的增長。

At Consumer Products, growth in operating income was due to higher results in our merchandise licensing and retail businesses.

在消費品方面，營業收入的增長是由於我們的商品許可和零售業務取得了更好的成績。

Growth in merchandise licensing was driven by higher revenue from sales of Toy Story and Avengers merchandise, partially offset by lower sales of Star Wars merchandise.

商品許可的增長受到玩具總動員和復仇者聯盟商品銷售收入增加的推動，部分被星球大戰商品銷售下降所抵消。

Growth in comp store sales at our brick-and-mortar stores and higher online revenue drove the increase in retail for the quarter.

我們實體店的 comp 店銷售額增長和在線收入的增加推動了本季度零售的增長。

Looking ahead to the fourth quarter.

展望第四季度。

We anticipate strong segment operating income growth driven by the benefit from a full quarter of Star Wars: Galaxy's Edge at Disneyland and growth at merchandise licensing.

我們預計，受星球大戰：迪士尼樂園的銀河邊緣和商品許可增長的整個季度的好處推動，該部門的營業收入將強勁增長。

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

本季度到目前為止，國內度假村的預訂量比去年同期增長了 4%，而預訂率則增長了 3%。

At Media Networks, total affiliate revenue was up 20% in the third quarter and reflects the impact of the 21CF acquisition as well as underlying growth at our legacy Media Networks.

在 Media Networks，第三季度附屬公司總收入增長了 20%，反映了 21CF 收購的影響以及我們傳統媒體網絡的潛在增長。

The increase in affiliate revenue was driven by 16 points of growth from the acquisition of 21CF and 8 points from higher rates, partially offset by a 2.5 point decline due to a decrease in subscribers.

附屬公司收入的增長是由收購 21CF 帶來的 16 個增長點和較高費率帶來的 8 個百分點的推動，部分被訂戶減少導致的 2.5 個百分點的下降所抵消。

At Broadcasting, lower programming expenses and higher affiliate revenue were more than offset by the impact of lower program sales and a decline in advertising revenue.

在廣播方面，較低的節目費用和較高的附屬收入被較低的節目銷售和廣告收入下降的影響所抵消。

Ad revenue was lower in the quarter as higher network rates were more than offset by lower viewership.

本季度廣告收入較低，因為較高的網絡費率被較低的收視率所抵消。

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

本季度至今，ABC 網絡的黃金時段分散定價比前期水平高出 35%。

ABC Studios faced a difficult year-over-year program sales comparison since Q3 results last year reflected the sale of Luke Cage and this quarter, we had lower sales of How to Get Away with Murder and Designated Survivor compared to last year.

由於去年第三季度的業績反映了 Luke Cage 的銷售情況，而本季度，與去年相比，我們的《逍遙法外》和《指定倖存者》的銷量較低，因此 ABC Studios 面臨著一個艱難的同比節目銷售比較。

Domestic cable results were up in the quarter due to the consolidation of the 21CF cable businesses and higher operating income at ESPN, partially offset by a decline at Freeform.

由於 21CF 有線電視業務的整合和 ESPN 營業收入的增加，本季度國內有線電視業績有所上升，部分被 Freeform 的下滑所抵消。

At ESPN, growth in operating income during the third quarter was due to higher advertising and affiliate revenue, partially offset by an increase in programming and production costs driven by contractual freight increases for MLB and NBA programming and new rights.

在 ESPN，第三季度營業收入的增長是由於廣告和附屬收入的增加，部分被 MLB 和 NBA 節目和新權利的合同運費增加所推動的節目和製作成本的增加所抵消。

ESPN's domestic linear advertising revenue was up 13% in the third quarter.

ESPN 第三季度的國內線性廣告收入增長了 13%。

ESPN benefited from 2 extra NBA Finals games compared to last year.

與去年相比，ESPN 多參加了 2 場 NBA 總決賽。

When you adjust for the mix and the total number of playoff games this year compared to last year, we estimate there was about an 8-point benefit to the year-over-year growth in advertising revenue.

當你調整今年與去年相比的季后賽比賽的組合和總數時，我們估計廣告收入的同比增長有大約 8 個百分點的好處。

So far this quarter, ESPN's domestic cash ad sales are pacing down compared to last year.

本季度到目前為止，ESPN 的國內現金廣告銷售與去年相比正在放緩。

Results at our Direct-to-Consumer & International segment reflect the consolidation of Hulu and ongoing investment at ESPN+ and Disney+.

我們直接面向消費者和國際部門的業績反映了 Hulu 的整合以及對 ESPN+ 和 Disney+ 的持續投資。

Results at our direct-to-consumer businesses had an adverse impact on the year-over-year change in segment operating income of about $400 million.

我們直接面向消費者業務的業績對分部營業收入約 4 億美元的同比變化產生了不利影響。

ESPN+ had a little over 2.4 million paid subscribers at the end of the third quarter, and Hulu had approximately 28 million paid subscribers.

截至第三季度末，ESPN+ 的付費用戶略高於 240 萬，而 Hulu 的付費用戶約為 2800 萬。

Now I'll turn to some thoughts about the fourth quarter.

現在我將談談關於第四季度的一些想法。

We expect our Direct-to-Consumer & International segment to generate about $900 million in operating losses for the quarter, which represents an increase of about $560 million over the fourth quarter last year.

我們預計我們的直接面向消費者和國際部門本季度將產生約 9 億美元的運營虧損，比去年第四季度增加約 5.6 億美元。

We expect the continued investment in our DTC services, including ESPN+ and Disney+, and the consolidation of Hulu to drive an adverse impact on the year-over-year change in segment operating income of our direct-to-consumer businesses of approximately $550 million, which is almost the entirety of the total segment change versus prior year.

我們預計對我們的 DTC 服務（包括 ESPN+ 和 Disney+）的持續投資以及 Hulu 的整合將對我們直接面向消費者業務的分部營業收入同比變化產生約 5.5 億美元的不利影響，這幾乎是整個細分市場與上一年相比的變化。

At Media Networks, there were a few items I'd like to mention that we believe will cause segment operating income to decline by about 10% in the fourth quarter compared to prior year.

在 Media Networks，有幾項我想提一下，我們認為這將導致第四季度部門營業收入與去年同期相比下降約 10%。

We expect that 21CF's television businesses to contribute about $200 million in operating income in the fourth quarter, with 2/3 of that contribution at Broadcasting and 1/3 at cable.

我們預計 21CF 的電視業務將在第四季度貢獻約 2 億美元的營業收入，其中 2/3 的貢獻來自廣播，1/3 來自有線電視。

We estimate 21CF's television businesses generated operating income of about $485 million in the fourth quarter last year.

我們估計 21CF 的電視業務在去年第四季度產生了約 4.85 億美元的營業收入。

The expected year-over-year decline is due to a combination of factors, including lower program sales and higher content development expense, which are both related in part to our ongoing investment in our direct-to-consumer businesses.

預期的同比下降是由於多種因素的綜合作用，包括較低的節目銷售額和較高的內容開發費用，這在一定程度上與我們對直接面向消費者業務的持續投資有關。

At ABC Studios, we expect a difficult program sales comparison given we sold 2 Marvel series, Daredevil and Iron Fist, during Q4 last year, and we don't expect comparable sales in Q4 this year.

在 ABC Studios，鑑於我們在去年第四季度售出了 2 個 Marvel 系列，Daredevil 和 Iron Fist，我們預計節目銷售比較困難，並且我們預計今年第四季度的銷售額不會比較。

At ESPN, we expect higher programming expenses driven by contractual rate increases and launch costs for the ACC Network and lower ad revenue to more than offset growth in affiliate revenue.

在 ESPN，我們預計 ACC 網絡的合同費率增加和啟動成本將導致更高的節目費用和更低的廣告收入，以抵消聯盟收入的增長。

In aggregate, we estimate the acquisition of 21st Century Fox and the impact of taking full operational control of Hulu will have a dilutive impact on our Q4 earnings per share before purchase accounting of about $0.45 per share.

總的來說，我們估計收購 21 世紀福克斯以及全面控制 Hulu 的影響將對我們第四季度每股收益產生稀釋影響，約為每股 0.45 美元。

Despite these headwinds, we remain excited about the acquisition of 21CF and still expect the acquisition to be accretive to EPS before purchase accounting for fiscal 2021.

儘管存在這些不利因素，我們仍然對收購 21CF 感到興奮，並仍然預計此次收購將在 2021 財年的採購會計之前增加每股收益。

And we also remain on track to realize over $2 billion in cost synergies by fiscal 2021.

我們也有望在 2021 財年之前實現超過 20 億美元的成本協同效應。

And with that, I'll now turn the call back over to Bob.

有了這個，我現在將把電話轉回給鮑勃。

Before I discuss our new strategy, I'd like to begin by singling out our studio, which is the envy of the industry.

在我討論我們的新戰略之前，我想首先挑出我們的工作室，這是業界羨慕的對象。

The studio has generated $8 billion in global Box Office in 2019, a new industry record.

該工作室在 2019 年創造了 80 億美元的全球票房，創下了新的行業紀錄。

And we still have 5 months left in the calendar year with movies like Maleficent: Mistress of Evil, Frozen 2 and Star Wars: The Rise of Skywalker still to come.

日曆年還剩 5 個月的時間，還有《沉睡魔咒：邪惡女主人》、《冰雪奇緣 2》和《星球大戰：天行者崛起》等電影即將上映。

So far this year, we've released 5 of the top 6 movies including 4 that have generated more than $1 billion in global Box Office.

今年到目前為止，我們已經發行了前 6 部電影中的 5 部，其中 4 部全球票房收入超過 10 億美元。

Avengers: Endgame is now the highest-grossing film in history with almost $2.8 billion worldwide.

復仇者聯盟：終局之戰現在是歷史上票房最高的電影，全球票房近 28 億美元。

Captain Marvel, Aladdin and The Lion King have each surpassed $1 billion.

驚奇隊長、阿拉丁和獅子王的票房均超過 10 億美元。

And with more than $960 million in Box Office to date, Toy Story 4 will likely cross that threshold in the coming weeks.

迄今為止，《玩具總動員 4》的票房已超過 9.6 億美元，很可能會在未來幾週內突破這一門檻。

And all of these movies will be on Disney+ in the first year of launch.

所有這些電影都將在推出的第一年出現在 Disney+ 上。

The studio co-chairs behind this record-setting performance, Alan Horn and Alan Bergman, are now redefining 20th Century Fox's film strategy for the future, applying the same discipline and creative standards behind the success of Disney, Pixar, Marvel and Lucasfilm.

這一創紀錄表演背後的工作室聯席主席艾倫霍恩和艾倫伯格曼現在正在重新定義 20 世紀福克斯的未來電影戰略，採用與迪士尼、皮克斯、漫威和盧卡斯影業成功背後相同的紀律和創意標準。

They're taking the Fox Studios in new direction, all new development slates will focus on a select group of high-quality movies for theatrical release as well as for our Hulu and Disney+ platforms.

他們正在將 Fox Studios 帶向新的方向，所有新的開發計劃都將專注於精選的一組高質量電影，用於院線上映以及我們的 Hulu 和 Disney+ 平台。

And Fox Searchlight will continue to make the prestige films it's known for while expanding its high-quality original storytelling into the DTC space.

Fox Searchlight 將繼續製作其知名的知名電影，同時將其高質量的原創故事擴展到 DTC 領域。

We see great long-term value in the broad collection of theatrical IP we acquired from Fox, including iconic movie franchises such as Avatar and Planet of the Apes as well as Marvel's X-Men, the Fantastic Four and Deadpool, which are now part of Marvel Studios under the leadership of Kevin Feige, the architect of the Marvel cinematic universe, which now includes 23 movies with a global Box Office of more than $22 billion to date.

我們從 Fox 收購的廣泛劇場 IP 中看到了巨大的長期價值，包括標誌性的電影特許經營權，例如阿凡達和人猿星球以及 Marvel 的 X 戰警、神奇四俠和死侍，它們現在是Marvel Studios 在 Marvel 電影宇宙的建築師 Kevin Feige 的領導下，目前包括 23 部電影，迄今為止全球票房超過 220 億美元。

We're also focused on leveraging Fox's vast library of great titles to further enrich the content mix on our DTC platforms.

我們還專注於利用 Fox 龐大的優秀影片庫來進一步豐富我們 DTC 平台上的內容組合。

For example, reimagining Home Alone, Night at the Museum, Cheaper by the Dozen and Diary of a Wimpy Kid for a new generation on Disney+.

例如，在 Disney+ 上為新一代重新想像小鬼當家、博物館之夜、一打更便宜和懦弱孩子的日記。

As I said a few times, we analyzed the 21st Century Fox opportunity entirely through the lens of our future business, evaluating the long-term potential especially related to accelerating our transformation into the DTC space on a global basis.

正如我多次說過的，我們完全從未來業務的角度分析了 21 世紀福克斯的機遇，評估了長期潛力，尤其是與加速我們在全球範圍內向 DTC 領域轉型相關的潛力。

As a result of the acquisition, we also now have full operational control of Hulu and a clear path to full ownership, providing another powerful platform for us to produce and distribute great content.

收購後，我們現在還擁有 Hulu 的完全運營控制權和獲得完全所有權的明確途徑，為我們製作和分發精彩內容提供了另一個強大的平台。

Hulu will provide us with an excellent opportunity to leverage the capabilities of our television studios and brands, notably FX and ABC Television.

Hulu 將為我們提供一個極好的機會來利用我們的電視工作室和品牌的能力，尤其是 FX 和 ABC Television。

The deal also added Star and Hotstar to our portfolio of businesses, giving us a significant presence in India, which will soon become the most populous country in the world.

該交易還將 Star 和 Hotstar 添加到我們的業務組合中，使我們在印度佔有重要地位，印度很快將成為世界上人口最多的國家。

It's a huge market with interesting dynamics notably, a rapidly rising middle class with a strong and growing appetite for media, especially sports.

這是一個有著有趣動態的巨大市場，尤其是快速崛起的中產階級，他們對媒體（尤其是體育）有著強烈且不斷增長的胃口。

To give you an idea of the value of this platform, last quarter, Hotstar had more than 300 million average monthly users, served an unprecedented 100 million daily users and delivered a high-quality streaming experience to 25.3 million simultaneous users, which is a new world record.

為了讓您了解這個平台的價值，上個季度，Hotstar 的平均每月用戶超過 3 億，每天服務的用戶達到前所未有的 1 億，並為 2530 萬並髮用戶提供了高質量的流媒體體驗，這是一個新的世界紀錄。

The platform's broad array of premium sports rights will serve it well over the next 5 years especially as we expand the service into markets across Southeast Asia.

該平台廣泛的優質體育轉播權將在未來 5 年內為其提供良好的服務，尤其是當我們將該服務擴展到東南亞市場時。

At Walt Disney Television, the Fox acquisition brought us talented and experienced senior leadership who are now in place to produce much of the content we will rely on to implement our ambitious strategy.

在沃爾特迪斯尼電視台，對福克斯的收購為我們帶來了才華橫溢、經驗豐富的高級領導層，他們現在已經到位，可以製作我們將依賴的大部分內容，以實施我們雄心勃勃的戰略。

The studio capabilities, production expertise and valuable relationships with the creative community will be vital to our DTC plans while also overseeing ABC, ABC News, our own television stations, FX, Freeform, the Disney Channel and Nat Geo.

工作室能力、製作專業知識以及與創意社區的寶貴關係對於我們的 DTC 計劃至關重要，同時還要監督 ABC、ABC 新聞、我們自己的電視台、FX、Freeform、迪士尼頻道和國家地理頻道。

National Geographic brings a strong global brand to our portfolio, along with world-class content for our television and DTC businesses.

國家地理為我們的產品組合帶來了強大的全球品牌，並為我們的電視和 DTC 業務帶來了世界級的內容。

Disney+ will offer more than 600 hours of premium content from National Geographic at launch, along with almost 300 hours of family entertainment from the Fox Studios library.

Disney+ 將在發佈時提供來自國家地理的 600 多個小時的優質內容，以及來自 Fox Studios 圖書館的近 300 小時的家庭娛樂節目。

Disney+ will ultimately become the exclusive streaming service for our vast library of movies and series, National Geographic content, all upcoming Disney, Pixar, Marvel and Star Wars movies and a robust slate of high-quality original programming from the creative engines that drive our entire company.

Disney+ 最終將成為我們龐大的電影和電視劇庫、國家地理內容、所有即將上映的迪士尼、皮克斯、漫威和星球大戰電影以及來自驅動我們整個流程的創意引擎的大量高質量原創節目的獨家流媒體服務公司。

Regarding our suite of DTC services, I'm pleased to announce that in the United States, consumers will be able to subscribe to a bundle of Disney+, ESPN+ and ad-supported Hulu for $12.99 a month.

關於我們的 DTC 服務套件，我很高興地宣布，在美國，消費者將能夠以每月 12.99 美元的價格訂閱 Disney+、ESPN+ 和廣告支持的 Hulu 捆綁包。

The bundle will be available on our November 12 launch date.

該捆綁包將於 11 月 12 日發布之日提供。

Before we take your questions, let me reiterate a few things.

在我們回答你的問題之前，讓我重申一些事情。

Today, much of our focus is on integrating Fox's assets and leveraging them, along with our Disney businesses, to move quickly into the direct-to-consumer space.

今天，我們的大部分重點是整合福克斯的資產並利用它們以及我們的迪士尼業務，以快速進入直接面向消費者的領域。

Nothing is more important to us than getting this right.

對我們來說，沒有什麼比把這件事做好更重要的了。

We remain confident in our strategy and our ability to successfully execute it, and as Christine noted, we still expect the acquisition to be accretive to EPS before purchase accounting for fiscal 2021.

我們仍然對我們的戰略和我們成功執行它的能力充滿信心，正如克里斯汀指出的那樣，我們仍然預計此次收購將在 2021 財年的採購會計之前增加每股收益。

We're clearly bullish on our future for good reasons.

我們顯然有充分的理由看好我們的未來。

And on that note, Christine and I will be happy to take your questions.

在這一點上，克里斯汀和我很樂意回答你的問題。

(Operator Instructions)

（操作員說明）

Our first question comes from Alexia Quadrani with JPMorgan.

我們的第一個問題來自摩根大通的 Alexia Quadrani。

Just 2 questions, if I may.

如果可以的話，只有 2 個問題。

First on the Fox integration.

首先是關於 Fox 的整合。

I know it's really early days, and you highlighted some areas of weakness 21CF had in the quarter but you also spoke about the opportunity of Fox and its IP presents longer term.

我知道現在還為時過早，你強調了 21CF 在本季度的一些弱點，但你也談到了 Fox 的機會及其 IP 的長期存在。

I guess my question is any color how long it takes before the Disney imprint really impacts these assets?

我想我的問題是迪士尼印記真正影響這些資產需要多長時間？

I assume it takes a while for the studio and the other assets to really -- you have to own them for a while before you really see the impact.

我認為工作室和其他資產真正需要一段時間——你必須擁有它們一段時間才能真正看到影響。

And then my follow-up question is on the parks.

然後我的後續問題是關於公園的。

Any color on how Star Wars: Galaxy's Edge opening in Disneyland did versus your internal expectations and anything you learned from it in terms of the opening that you can sort of apply to Orlando's opening later this month?

關於《星球大戰：銀河邊緣》在迪斯尼樂園的開幕式與您的內部期望有何不同，以及您從中學到的任何可以在本月晚些時候應用於奧蘭多開幕式的東西？

Sure, Alexia.

當然，亞歷克西婭。

Thank you.

謝謝你。

First of all, regarding Fox and the integration, I think what -- in terms of these results, aside from a lot of the ins and outs that Christine described like the cost of Cricket in India, et cetera, and so on and the impact of the Hulu deal, I think one of the biggest issues that we faced in this quarter in terms of the result -- of the earnings was the Fox Studio performance, which was well below where it had been and well below where we hoped it would be when we made the acquisition.

首先，關於福克斯和整合，我認為——就這些結果而言，除了克里斯汀描述的許多細節，比如印度板球的成本等等，以及影響關於 Hulu 交易，我認為我們在本季度面臨的最大問題之一是 Fox Studio 的收益表現，它遠低於過去的水平，也遠低於我們希望的水平是我們進行收購的時候。

Now understand, I've been through a number of these.

現在明白了，我經歷過很多這樣的事情。

First of all, I was bought twice.

首先，我被買了兩次。

First at Capital Cities/ABC and then Disney bought ABC.

首先是首都城市/ABC，然後迪斯尼收購了 ABC。

And I know what happens when companies are purchased.

而且我知道購買公司時會發生什麼。

Often, decision-making can grind to a halt or certainly slow down.

通常，決策制定可能會停滯不前，或者肯定會放慢速度。

We've managed to avoid that in the purchases of Pixar and Marvel and even Lucasfilm in part because between when we made the deal and when the deal closed was relatively short periods of time.

我們在收購 Pixar 和 Marvel 甚至 Lucasfilm 時設法避免了這種情況，部分原因是從我們達成交易到交易完成之間的時間相對較短。

In this case, we announced the deal first in December of '17, and we didn't close the deal until spring of 2019.

在這種情況下，我們在 17 年 12 月首先宣布了這筆交易，直到 2019 年春季才完成交易。

And that's a long period of time for a business that relies on constant decision-making and constant attention to detail.

對於依賴不斷決策和持續關注細節的企業來說，這是一段很長的時間。

And while I don't in any way mean to cast aspersions at any individuals at all, it was a very difficult transition for that business.

雖然我根本沒有任何要中傷任何人的意思，但對於該企業來說，這是一個非常艱難的過渡。

And what we've done is we've put it under our studio, and you know the results there.

我們所做的就是把它放在我們的工作室下面，你知道那裡的結果。

They've been hard at work working primarily with Emma Watts on the live action side to redirect the efforts of the live action part of that business.

他們一直在努力工作，主要是在實景拍攝方面與艾瑪·沃茨合作，以重新引導該業務的實景拍攝部分的工作。

First of all, to consolidate the cutback in the number of releases and then to focus on the kind of release that we would hope to come out of that studio.

首先，鞏固發行數量的削減，然後專注於我們希望從該工作室推出的發行類型。

We like some of the movies that are coming up, notably there's one called Ford Ferrari (sic) [Ford v Ferrari] which we've all seen, which is great, but it will probably take a good solid year, maybe 2 years before we can have an impact, obviously takes longer on the development side but an impact on the films that are actually in production.

我們喜歡即將上映的一些電影，特別是我們都看過的一部名為福特法拉利（原文如此）[福特訴法拉利]的電影，這很棒，但可能需要穩定的一年，也許 2 年前我們可以產生影響，顯然在開發方面需要更長的時間，但會對實際製作中的電影產生影響。

But we're all confident that we're going to be able to turn around the fortunes of Fox live action, and you'll see those results in a couple of years.

但我們都相信我們能夠扭轉福克斯真人秀的命運，你會在幾年內看到這些結果。

On Star Wars: Galaxy's Edge front, to give you some color, I think a number of things happened.

在星球大戰：銀河邊緣前線，為了給你一些顏色，我認為發生了很多事情。

First of all, helped in part by some of our efforts, there was tremendous concern in the marketplace that there was going to be huge crowding when we open Galaxy’s Edge.

首先，部分得益於我們的一些努力，市場非常擔心當我們打開 Galaxy's Edge 時會出現巨大的擁擠。

And so some people stayed away just because they expected that it would not be a great guest experience.

所以有些人只是因為他們預計這不會是一個很好的客人體驗而遠離。

The same time that was going on, all the local hotels in the region expecting a huge influx of visitation raised their prices.

與此同時，該地區所有預計會有大量遊客湧入的當地酒店都提高了價格。

So it simply got more expensive to come stay in Anaheim.

因此，留在阿納海姆只會變得更加昂貴。

In addition to that, we raised our prices.

除此之外，我們還提高了價格。

We brought our daily price up, so if you think about local visitation, we brought the price of a 1-day ticket up substantially from a year ago.

我們提高了每日票價，所以如果你考慮當地的訪問，我們提高了一日票的價格，比一年前大幅提高。

And then we opened up Galaxy’s Edge with 1 attraction instead of 2, the second attraction is going to open in January.

然後我們以 1 個景點而不是 2 個景點開放了 Galaxy's Edge，第二個景點將在一月份開放。

And so all of those factors contributed to attendance that was below what we would have hoped it would be.

因此，所有這些因素都導致出席人數低於我們希望的人數。

That said, guest satisfaction, interest in the attractions, in the land is extremely high.

也就是說，客人對這片土地的滿意度和興趣非常高。

They're among the most popular thing at the Park.

它們是公園裡最受歡迎的東西之一。

And so long term, look, we build these things for the long term, we have no concerns whatsoever about them.

從長遠來看，看，我們從長遠來看構建這些東西，我們對它們沒有任何擔憂。

We're opening Galaxy’s Edge in August in Orlando.

我們將於 8 月在奧蘭多開設 Galaxy's Edge。

The second attraction there will open in December.

那裡的第二個景點將於 12 月開放。

And as I said, the second attraction in Anaheim will open in January.

正如我所說，阿納海姆的第二個景點將於 1 月開放。

So we feel great about the product that we've created.

所以我們對我們創造的產品感覺很好。

It's just going to take some time for -- basically for things to work themselves out in terms of how the marketplace is reacting.

這只是需要一些時間——基本上是為了讓事情根據市場的反應自行解決。

Alexia, I just want to put a little more granularity on the Disneyland results for the quarter.

Alexia，我只想更詳細地介紹本季度迪士尼樂園的業績。

As I said, the attendance was down 3%, but the paid attendance was up in the quarter, and that lower attendance was primarily driven by the annual passholder visitation.

正如我所說，出勤率下降了 3%，但付費出勤率在本季度有所上升，而出勤率下降的主要原因是每年的通行證持有人訪問。

And when we look at the per cap spend across Disneyland all categories, they were up significantly year-over-year.

當我們查看迪士尼樂園所有類別的人均支出時，它們同比大幅增長。

Our next question comes from Michael Nathanson with MoffettNathanson.

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

One for Bob and one for Christine.

一份給 Bob，一份給 Christine。

Bob, thanks for the update on the Hulu bundle.

鮑勃，感謝您更新 Hulu 捆綁包。

That's what we would have asked you.

那就是我們會問你的。

Another question on Hulu is any update on international rollout now that you have full control?

關於 Hulu 的另一個問題是，既然您擁有完全控制權，那麼關於國際推廣的任何更新？

That's one that people have been focused on.

這是人們一直關注的問題。

And then for Christine, I'm just confused a bit by what surprised you at Star.

然後對於克里斯汀，我只是對你在 Star 感到驚訝的事情感到有點困惑。

Because those Cricket contracts were known, so was it something more about the performance of those contracts that -- in terms of the ratings of that contract that surprised you?

因為那些板球合同是眾所周知的，所以是不是更多關於這些合同的表現 - 就該合同的評級而言讓你感到驚訝？

Anything more on India would be helpful.

任何關於印度的更多信息都會有所幫助。

What disappointed you?

什麼讓你失望？

We're not updating anything regarding Hulu internationally.

我們不會在國際上更新任何關於 Hulu 的信息。

Kevin Mayer and the team at Hulu are studying opportunities, along with our international team, market-by-market.

Kevin Mayer 和 Hulu 的團隊以及我們的國際團隊正在逐個市場研究機會。

Obviously, we have designs on growing Hulu outside of the United States but no update on that right now.

顯然，我們計劃在美國以外地區發展 Hulu，但目前還沒有更新。

And on Star, Michael, the -- it was the quadrennial Cricket World Cup, of course.

在 Star 上，邁克爾，當然是四年一度的板球世界杯。

They have their Indian Premier League, which is ongoing, but this is once every 4 years for the World Cup.

他們有正在進行的印度超級聯賽，但這是每 4 年一次的世界杯。

There were a couple of significant games that were rained out.

有幾場重要的比賽被下雨了。

They have insurance coverage for some of those, but any proceeds would be in future periods.

他們對其中一些有保險，但任何收益都將在未來期間。

And there was also some weakness in advertising revenue that was related to the local advertising market.

廣告收入也有一些疲軟，這與當地廣告市場有關。

Our next question comes from 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。

Just a couple of different questions.

只是幾個不同的問題。

But could you talk a little bit about the marketing for Disney+?

但是你能談談迪士尼+的營銷嗎？

With the launch less than 3 months to get -- away, you've talked at the Analyst Day about having 90%-plus awareness.

距離發布還有不到 3 個月的時間，您在分析師日談到了擁有 90% 以上的認知度。

Can you just -- I haven't seen marketing yet, so can you talk about the plan?

你能不能——我還沒有看到營銷，所以你能談談這個計劃嗎？

Different topic but on all of the stuff that's going on in China as well as in Hong Kong, can you talk a little bit about -- or give us some color on what you're seeing in terms of impact on -- towards some of the parks and how it might be affecting pricing and future investment?

不同的話題，但關於中國和香港正在發生的所有事情，你能談談 - 或者給我們一些關於你所看到的影響的顏色 - 對一些公園以及它如何影響定價和未來投資？

And then one last kind of follow-up on the pricing.

然後是最後一種定價跟進。

You did increase prices unusually, I think just -- I'm not sure if it's just Disneyland.

你確實不尋常地提高了價格，我想只是 - 我不確定它是否只是迪斯尼樂園。

Can you talk about how you're thinking about pricing going forward at the domestic parks?

你能談談你對國內公園未來定價的看法嗎？

Disney+ marketing is going to start to hit in later this month, later in August.

Disney+ 營銷將在本月晚些時候，即 8 月下旬開始流行。

We're actually going to allow members of D23 to be the first to subscribe.

實際上，我們將允許 D23 的成員率先訂閱。

I'm actually going through a comprehensive marketing plan with the team next week.

實際上，下週我將與團隊一起制定全面的營銷計劃。

Comprehensive probably is an understatement.

全面可能是一種輕描淡寫的說法。

It is going to be treated as the most important product that the company has launched in, I don't know, certainly during my tenure in the job, which is quite a long time.

它將被視為公司推出的最重要的產品，我不知道，當然是在我任職期間，這是相當長的時間。

And you will see marketing both in traditional and nontraditional directions basically digital and analog also significant amount of support within the company on basically company platforms.

你會看到傳統和非傳統方向的營銷，基本上是數字和模擬，也有公司內部在公司平台上的大量支持。

And then of course all of the touch points that the company has, whether it's people staying in our hotels, people that have our co-branded credit card, people who are members of D23, annual passholders, I could go on and on.

當然還有公司擁有的所有接觸點，無論是入住我們酒店的人、擁有我們聯名信用卡的人、D23 會員、年度通行證持有人，我都可以繼續說下去。

But the opportunities are tremendous to market this.

但是將其推向市場的機會是巨大的。

And I feel good about some of the creative that I've already seen.

我對我已經看過的一些創意感覺很好。

But you won't start to see it until later this month.

但直到本月晚些時候你才會開始看到它。

On the China front, to date, we have not seen any impact at all in Shanghai about the unrest that's going on in Hong Kong or from the trade issues between our countries.

在中國方面，迄今為止，我們還沒有看到香港發生的動盪或我們兩國之間的貿易問題對上海產生任何影響。

In Hong Kong, we have seen an impact from the protests.

在香港，我們看到了抗議活動的影響。

Obviously, they are significant in nature.

顯然，它們在本質上是重要的。

And while the impact is not reflected in the results that we just announced, you can expect that we will feel it in the quarter that we're currently in, and we'll see how long the protests go on.

雖然影響並未反映在我們剛剛宣布的結果中，但您可以預期我們會在當前所在的季度感受到它，我們將看看抗議活動會持續多久。

But there's definitely been disruption that has impacted our visitation there.

但肯定有中斷影響了我們在那裡的訪問。

On the pricing side, as we've said a number of times, our pricing is designed to really accomplish a number of things.

在定價方面，正如我們多次說過的那樣，我們的定價旨在真正完成許多事情。

One is to reflect the value of the product that we have in the marketplace that includes the franchises and the popularity of them.

一是反映我們在市場上擁有的產品的價值，包括特許經營權和它們的受歡迎程度。

And of course, the investments that we've made in these parks and resorts by continuing to build them out and continuing to create experiences that are better than many of those that we've had in the past.

當然，我們通過繼續建設這些公園和度假村並繼續創造比我們過去擁有的許多體驗更好的體驗，對這些公園和度假村進行了投資。

We also have tried very hard to protect guest experience, and so the pricing has been designed to make it more expensive in peak periods to manage that demand and less expensive or not as expensive in the nonpeak periods to make it more accessible.

我們也非常努力地保護客人的體驗，因此定價的目的是在高峰期提高管理需求的成本，在非高峰期降低或降低成本以使其更容易獲得。

And for the most part, we've done a good job doing that.

在大多數情況下，我們在這方面做得很好。

We know that demand on our product is so extraordinary in the peak periods that it just is in our better interest to manage crowding because it just affects guest satisfaction.

我們知道，在高峰期對我們產品的需求如此之大，因此管理擁擠更符合我們的利益，因為它只會影響客人的滿意度。

At the same time that we have taken our prices up, our competition has actually been in the market discounting a little bit more.

在我們提高價格的同時，我們的競爭對手實際上在市場上打折了一點。

We've certainly seen that with Universal in Florida.

我們肯定已經在佛羅里達州的環球影業看到了這一點。

And so the gap between what we did and where they've been maybe just a little greater than it's been, and perhaps that's had an impact.

因此，我們所做的與他們所處的位置之間的差距可能比以前大了一點，也許這產生了影響。

We obviously monitor these things very carefully.

我們顯然非常仔細地監控這些事情。

I try to explain what some of the pricing impact on Star Wars: Galaxy's Edge was, but we do not feel that we have a pricing issue at our domestic parks.

我試圖解釋對《星球大戰：銀河邊緣》的一些定價影響，但我們不認為我們在國內公園有定價問題。

And that's reflected in basically not only current business but a fair amount of research that we've done.

這基本上不僅反映在當前業務中，而且反映在我們所做的大量研究中。

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, as you get ready to launch Disney+, I'm wondering if you could update us on sort of the technical platform behind the product and kind of where that stands versus where it needs to be, scale a big business globally.

Bob，當你準備推出 Disney+ 時，我想知道你是否可以向我們介紹產品背後的某種技術平台，以及它所處的位置與它需要的位置，在全球範圍內擴展一項大業務。

And also your philosophy on distribution partnerships.

還有您關於分銷合作夥伴關係的理念。

You mentioned bundling Hulu and ESPN+ which certainly makes sense.

你提到捆綁 Hulu 和 ESPN+，這當然是有道理的。

But there's a lot of companies, as you're well aware of, out there sort of selling in a digital native environment like Amazon and Apple and others, lots of services like these.

但是，正如您所知，有很多公司在亞馬遜和蘋果等數字原生環境中進行銷售，提供許多此類服務。

I'm just wondering if you could talk about your philosophy on utilizing those versus a pure direct-to-consumer business because those could certainly impact sort of how fast you get out of the gate.

我只是想知道你是否可以談談你利用這些業務與純粹的直接面向消費者業務的理念，因為這些肯定會影響你走出大門的速度。

And then I just wanted to ask, Christine, you didn't mention the 21st -- 21CF Television Studio, which I believe is in your broadcast segment.

然後我只想問，克里斯汀，你沒有提到第 21 屆 -- 21CF 電視演播室，我相信它在你的廣播部分。

That's a business that I think you would acknowledge has been performing quite well for a long time.

這是一項我認為您會承認的業務長期以來一直表現良好的業務。

Any sense for how that's doing or how that impacted the quarter would be appreciated.

任何對它的表現或對本季度的影響的任何感覺都將不勝感激。

Okay.

好的。

On the second part of your question first, about basically digital distribution partners.

關於你的問題的第二部分，基本上是關於數字分銷合作夥伴。

At Investor Day, we announced that we had a few distribution partners.

在投資者日，我們宣布我們有幾個分銷合作夥伴。

There are others out there, notably Apple and Amazon and Google, for instance, that we've been in discussions with about distribution.

還有其他公司，例如，我們一直在與他們討論分銷問題，尤其是蘋果、亞馬遜和谷歌。

You can expect that we will conclude deals with them as distribution partners.

您可以期待我們將作為分銷合作夥伴與他們達成交易。

We think it's important for us to achieve scale relatively quickly, and they'll be an important part of that.

我們認為相對快速地實現規模化對我們來說很重要，他們將成為其中的重要組成部分。

Nothing to announce specifically, except we've had conversations with all of them.

沒有什麼可以具體宣布的，除了我們已經與他們所有人進行了對話。

They're all interested in distributing the product.

他們都對分銷產品感興趣。

On the tech side, we continue to look very carefully at the tech platform that we have.

在技術方面，我們繼續非常仔細地研究我們擁有的技術平台。

Obviously, we're using that platform for ESPN+.

顯然，我們正在為 ESPN+ 使用該平台。

We continue to learn.

我們繼續學習。

We think we're most focused on not how robust it is because we believe we have that already, but we're most focused on the onboarding experience and making sure that people who sign up as subscribers for the service do so with incredible ease.

我們認為我們最關注的不是它有多強大，因為我們相信我們已經擁有它，但我們最關注的是入職體驗，並確保註冊成為該服務訂閱者的人能夠非常輕鬆地做到這一點。

We know how important it is to create a frictionless experience, and there's a lot of time being spent on that.

我們知道創造無摩擦體驗的重要性，並且在這方面花費了大量時間。

I want to also say even though it wasn't part of your question that as we're dealing with distribution opportunities as well as what we just talked about, which is the tech and the sign-on or the onboarding side, there's a huge amount of work going on on the production front.

我還想說，即使這不是你問題的一部分，因為我們正在處理分銷機會以及我們剛剛談到的內容，即技術和登錄或入職方面，有一個巨大的生產方面正在進行的工作量。

And I just want to touch on some of that.

我只想談談其中的一些。

As you know, we're going to launch with a significant number of movie titles that -- from our studio that will be well over 300 on launch day and over 400 in year 1, including the great slate that the studio has out in the marketplace now.

如您所知，我們將推出大量電影——來自我們工作室的電影在發布之日將超過 300 部，第一年將超過 400 部，包括工作室在現在的市場。

By the way, those titles are significant in terms of their quality.

順便說一句，這些標題在質量方面很重要。

For instance, there'll be 8 Star Wars titles when we launch, 18 Pixars, 70 Disney Animation, 240 Disney live action, 4 Marvel and then followed by 8 more Marvel in year 1. So a lot of quality.

例如，我們發佈時將有 8 部星球大戰影片，18 部皮克斯，70 部迪士尼動畫，240 部迪士尼真人電影，4 部漫威，然後在第一年還有 8 部漫威。質量非常好。

And then over 7,500 episodes of Disney TV.

然後是超過 7,500 集的迪士尼電視。

We're augmenting all of that with a tremendous amount of original live action product and have actually screened a fair amount including the entire series of Mandalorians for Season 1, a number of the movies that we made including Togo and Lady and the Tramp and Noelle and Stargirl, and I can probably name a few others, and a lot of the other series product that we're making from Marvel, from Pixar, from Disney Channel, High School Musical another one.

我們正在用大量的原創真人動作產品來增強所有這些，實際上已經放映了相當多的影片，包括第 1 季的整個曼達洛人系列，我們製作的一些電影，包括《多哥》、《淑女與流浪漢》和《諾艾爾》和 Stargirl，我可能還能說出其他幾個人的名字，還有我們從漫威、皮克斯、迪士尼頻道、歌舞青春製作的許多其他系列產品。

And I've been really impressed with the quality, with the variety and with the volume.

質量、多樣性和數量給我留下了深刻的印象。

So a tremendous amount going on, on that front.

在這方面發生了巨大的變化。

I'm convinced that we're going to launch with a tremendous array of intellectual property for people who are interested in National Geographic, Marvel, Pixar, Disney and Star Wars.

我相信我們將為對國家地理、漫威、皮克斯、迪士尼和星球大戰感興趣的人們推出大量知識產權。

And then on the studio front, Christine could take some of the particulars as it relates to the television side.

然後在工作室方面，Christine 可以了解一些與電視方面相關的細節。

Okay.

好的。

So 21st Century TV was a contributor in the quarter on an operating income basis.

因此，21 世紀電視台在本季度的營業收入基礎上做出了貢獻。

It had a more significant contribution on the cable side than the broadcast side.

它在有線電視方面的貢獻比在廣播方面的貢獻更大。

Although we did mention that there would be some headwinds in the fourth quarter, it will still be a positive contributor.

儘管我們確實提到第四季度會有一些不利因素，但它仍將是一個積極的貢獻者。

There is -- it'll just be lower than it was year-over-year.

有 - 它只會比去年同期低。

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。

Picking up a little bit, I guess, on where Michael was.

我想，有點了解邁克爾在哪裡。

I really appreciate all the different lines of businesses and brands and how you're helping us to understand them.

我非常感謝所有不同的業務線和品牌，以及您如何幫助我們了解它們。

Can I ask a little bit about where Hulu Live fits into all of this in the states?

我能問一下 Hulu Live 在美國的哪些方面適合所有這些嗎？

Generally and just we've seen price increases at other places, how do you feel about profitability there?

一般來說，只是我們看到其他地方的價格上漲，你覺得那裡的盈利能力如何？

Just you're -- the fact that you're in the business now of being a MVPD and what that role that plays for Disney.

只是你 - 事實上你現在從事的是 MVPD 的業務，以及這個角色對迪士尼的作用。

That's question one.

這是第一個問題。

And question number two, not completely unrelated, I'm a little confused at how you're thinking about the live television brands like National Geographic and the Disney kids channels which will also exist on Disney+.

第二個問題，並非完全無關，我有點困惑你如何看待國家地理和迪士尼兒童頻道等直播電視品牌，它們也將出現在迪士尼+上。

Will all the content that -- especially the new content that's on the TV networks be available to Disney+ subscribers?

所有的內容——尤其是電視網絡上的新內容都會提供給 Disney+ 訂閱者嗎？

Is there a windowing philosophy same way going backwards?

是否存在以相同方式倒退的窗口哲學？

How do you manage that so that consumers of both products feel like they're getting the full benefit of those brands?

您如何做到這一點，讓兩種產品的消費者都覺得他們從這些品牌中獲得了全部利益？

Good question.

好問題。

No.

不。

We're negotiating with a number of MVPDs right now to extend our linear or live, as you called them, television channels.

我們現在正在與許多 MVPD 進行談判，以擴展我們的線性或直播電視頻道。

And these remain important deals to us and important businesses to us as well.

這些對我們來說仍然是重要的交易，對我們來說也是重要的業務。

And obviously, that includes ABC and Disney Channel, and you mentioned Nat Geo and Freeform and FX to name a few.

顯然，這包括 ABC 和迪士尼頻道，您還提到了 Nat Geo、Freeform 和 FX 等等。

So it is important for us to continue to fuel those channels with enough quality, enough original programming to support the business as they exist today.

因此，對我們來說，繼續為這些頻道提供足夠質量、足夠原創的節目來支持當今的業務非常重要。

We also know that if you look at all the disruption in our business, the business that's probably being impacted the most is that live multichannel television product.

我們還知道，如果你看看我們業務中的所有中斷，受影響最大的業務可能是直播多頻道電視產品。

And so the pivot to the direct-to-consumer business is designed to not only address the opportunity that exists in that space, but to address the challenge that exists on the traditional side of the business, which means that we have our own balancing act to do in terms of fueling both sides, the traditional side and the new side or the direct-to-consumer business with enough quality product to succeed in both places.

因此，轉向直接面向消費者的業務不僅旨在應對該領域存在的機遇，而且旨在應對傳統業務方面存在的挑戰，這意味著我們有自己的平衡措施在為雙方、傳統方面和新方面或直接面向消費者的業務提供足夠優質的產品以在這兩個地方取得成功方面做事。

Obviously, what we also are doing is setting ourselves up in a way that we can be resilient, probably more resilient than any of our competitors should the traditional side erode so significantly that it's not as viable as it has been as a business.

顯然，我們也在做的是讓自己以一種有彈性的方式建立自己，如果傳統方面受到如此嚴重的侵蝕，以至於它不像以前那樣可行，那麼我們可能比任何競爭對手都更有彈性。

And that would enable us to pivot pretty quickly by moving even more product from the traditional channels over to the nontraditional channels.

這將使我們能夠通過將更多產品從傳統渠道轉移到非傳統渠道來快速調整。

So it's -- as I said, it's a balancing act.

因此，正如我所說，這是一種平衡行為。

We believe that we're making enough quality product for both sides right now to feel confident about both sides of the business.

我們相信，我們現在正在為雙方生產足夠優質的產品，讓我們對雙方的業務都充滿信心。

The windowing strategy essentially is that we are taking a lot of product that we're making for the traditional channels and ultimately moving it onto the nontraditional.

窗口策略本質上是我們正在為傳統渠道製作大量產品，並最終將其轉移到非傳統渠道。

But we're also making, as you know, original product for the new channel, the Disney+ and Hulu, that will not go back onto the other channels.

但是，如您所知，我們也在為新頻道 Disney+ 和 Hulu 製作原創產品，這些產品不會回到其他頻道。

But although in some cases, it might.

但儘管在某些情況下，它可能。

Just to give you an idea, we'd be making FX shows for Hulu that might premiere on Hulu but ultimately end up on the linear channels is one example of that.

只是給你一個想法，我們將為 Hulu 製作 FX 節目，這些節目可能會在 Hulu 上首映，但最終會出現在線性頻道上，這就是一個例子。

So we're going to look at variety of different opportunities and just make sure that there's enough content flowing in both directions for the businesses to be successful.

因此，我們將研究各種不同的機會，並確保雙向流動的內容足以讓企業取得成功。

On the Hulu Live front, we felt it was important to do what we can to grow digital MVPD businesses.

在 Hulu Live 方面，我們認為盡我們所能來發展數字 MVPD 業務很重要。

We obviously know that there are others in the space that have been good partners to us.

我們顯然知道這個領域還有其他人是我們的好夥伴。

YouTube would be one to mention.

YouTube 值得一提。

We like the fact that Hulu is out there with a product that is very unique, in that it gives subscribers an opportunity to buy linear television, digital over-the-top linear television, to buy off network programming because we know the deals, the content licensing deals that they have with the networks, and to buy original programming.

我們喜歡 Hulu 推出的一款非常獨特的產品，因為它讓訂戶有機會購買線性電視、數字過頂線性電視、購買網絡節目，因為我們知道這些交易，他們與網絡達成的內容許可交易，以及購買原創節目。

And that combination of all 3 puts Hulu in a very unique place, in that there's really no one out there that's offering the comprehensive television offering the way Hulu is.

這三者的結合使 Hulu 處於一個非常獨特的位置，因為真的沒有人能像 Hulu 那樣提供全面的電視服務。

And we'll continue to stay at it.

我們將繼續堅持下去。

The other thing to note by the way is Hulu has grown -- is it's also developed into a very, very important advertising business.

順便說一句，要注意的另一件事是 Hulu 已經發展壯大——它也發展成為一項非常非常重要的廣告業務。

And when you think about advertisers who are looking to reach clients on digital platforms, Hulu offers a great opportunity to do that.

當你想到那些希望通過數字平台接觸客戶的廣告商時，Hulu 提供了一個很好的機會來做到這一點。

To what extent those live channels will enable the opportunity on -- to sell advertising along with the advertising that is sold and the programming that's made just for Hulu is another story.

這些直播頻道將在多大程度上提供機會——銷售廣告以及銷售的廣告和專為 Hulu 製作的節目是另一回事。

But it's a big part and a growing part of that business.

但它是該業務的重要組成部分，而且還在不斷增長。

And one more thing on Hulu Live, the digital platform grew the most of any DMVPD this quarter.

在 Hulu Live 上還有一件事，這個數字平台在本季度的所有 DMVPD 中增長最多。

Our next question comes from Marci Ryvicker with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Marci Ryvicker。

Just I have one for Christine.

只有我有一個給克里斯汀。

There are so many moving pieces at the moment.

此刻有太多動人的片段。

Can you just talk about your leverage target?

你能談談你的槓桿目標嗎？

Has this changed at all in terms of the actual target or when you expect to get there?

就實際目標或您期望到達那裡的時間而言，這是否有任何變化？

And then maybe comment on your free cash flow priorities and how should we think about the timing on the return to share repurchases.

然後可能會評論你的自由現金流優先事項，以及我們應該如何考慮股票回購回報的時機。

Sure.

當然。

Our target has not changed, Marci.

Marci，我們的目標沒有改變。

We're still targeting a mid-single A target.

我們仍然以中單 A 為目標。

We have an ongoing dialogue with the rating agencies.

我們與評級機構正在進行對話。

They understand our strategy.

他們了解我們的戰略。

They understand what it takes to get there.

他們明白到達那裡需要什麼。

And the overall pivot in our strategy has been multiyear, and I would say it's been capped off with the acquisition of 21st Century assets.

我們戰略的總體支點已經持續了多年，我想說它已經以收購 21 世紀資產而告終。

And we will be meeting with them, but our attitude towards share repurchase has always been once we invest in our businesses and we make any acquisitions as we see fit, we look at our dividend capacity.

我們將與他們會面，但我們對股票回購的態度一直是，一旦我們投資於我們的業務並進行我們認為合適的任何收購，我們就會看看我們的股息能力。

And if all of those still result in excess cash for us, we will return it to shareholders.

如果所有這些仍然為我們帶來多餘的現金，我們將把它返還給股東。

I don't think you should anticipate that happening in the near future because we're still in an investment mode as it relates to our direct-to-consumer activities, and that's what we're really focused on right now.

我認為你不應該預計在不久的將來會發生這種情況，因為我們仍處於投資模式，因為它與我們直接面向消費者的活動有關，而這正是我們現在真正關注的。

Our next question comes from Doug Mitchelson with Crédit Suisse.

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

Bob, I guess 2 questions.

鮑勃，我想有 2 個問題。

First, I think there's a lot of familiarity sort of with everyone listening on the call as to the U.S. prospects of the Disney+ service and what marketing you might do in the competitive environment.

首先，我認為每個聽電話的人都非常熟悉 Disney+ 服務在美國的前景，以及在競爭激烈的環境中可能會做哪些營銷。

Is international different?

國際不一樣？

I mean you talked about bundling with Hulu in the U.S., but that's not something you can do overseas.

我的意思是你談到在美國與 Hulu 捆綁銷售，但這不是你在海外可以做的事情。

So I just love to hear how you're approaching international marketing and sort of the early prospects for the service overseas to the extent it's different in the United States.

所以我很想听聽你是如何進行國際營銷的，以及海外服務在美國的不同程度的早期前景。

And then I have a second question on content distribution strategy.

然後我有第二個關於內容分發策略的問題。

Well, we will launch in international markets very quickly.

那麼，我們將很快在國際市場推出。

I think 2 actually are going to launch when we launch Disney+ around the same time.

我認為 2 實際上會在我們大約在同一時間推出 Disney+ 時推出。

And then over the next 2 to 3 years, we're going to roll out a number of other markets.

然後在接下來的 2 到 3 年內，我們將推出許多其他市場。

So you're right, a number of those markets are different than the United States.

所以你是對的，其中許多市場與美國不同。

But what they do share, which is very, very important, is an interest in Marvel, Pixar, Disney, National Geographic and Star Wars.

但他們確實分享了對漫威、皮克斯、迪士尼、國家地理和星球大戰的興趣，這一點非常非常重要。

So the product that's being made for the platforms travels globally, and that's a big deal.

因此，為平台製作的產品在全球範圍內流通，這是一件大事。

We will have to augment it in certain markets with local programming to meet quotas that are now being applied to OTT services.

我們將不得不在某些市場通過本地節目來增加它，以滿足現在應用於 OTT 服務的配額。

And we're also going to enter into discussions on an international basis market-by-market with local distributors as well.

我們還將在國際基礎上逐個市場與當地經銷商進行討論。

We're already in those discussions actually.

實際上，我們已經在進行這些討論了。

And so we don't have anything to announce right now in terms of new markets that we're going to launch in.

因此，就我們將要推出的新市場而言，我們現在沒有任何要宣布的事情。

But it's safe to assume that we're going to launch in multiple international markets within 2 years, certainly within 3 years, of launch in the United States, in a couple of other markets.

但可以肯定的是，我們將在 2 年內在多個國際市場推出，當然是在 3 年內，在美國推出後，在其他幾個市場推出。

And I guess on content distribution, you talked about fueling the traditional channels versus fueling your OTT services and obviously a third area is selling programming to third-party SVOD services.

我想在內容分發方面，你談到了推動傳統渠道與推動你的 OTT 服務，顯然第三方正在向第三方 SVOD 服務出售節目。

And I'm sort of curious overseas, I know Hulu international is off-limit.

我對海外有點好奇，我知道 Hulu 國際是禁區。

To the extent you're trying to drive Fox profitability to the point where it's accretive to fiscal '21, do you need to continue to sell programming into SVOD windows overseas?

就您試圖將 Fox 的盈利能力提高到可以增加 21 財年的程度而言，您是否需要繼續向海外的 SVOD 窗口銷售節目？

And the reason I obviously ask is I'm wondering if at some point you'll start warehousing content that would go into a Hulu international service.

我問的原因很明顯，我想知道你是否會在某個時候開始倉儲內容，這些內容將進入 Hulu 國際服務。

I think on the Fox front, meaning or we'll call it non-Disney Pixar-branded type product or Star Wars, we'll continue to license to third parties overseas to reap the benefits of the revenue that we could derive from those sales.

我認為在福克斯方面，意思是或者我們稱之為非迪士尼皮克斯品牌類型的產品或星球大戰，我們將繼續向海外第三方授權，以從我們可以從這些銷售中獲得的收入中獲益.

Until such time as we believe a launch in that market is imminent, in which case, we'll pivot in a whole product for us.

在我們認為即將在該市場推出之前，在這種情況下，我們將為我們提供整個產品。

We're even going to do that to a lesser extent, a far lesser extent, with some of the Disney content as well until we're ready to launch in a market.

在我們準備好在市場上推出之前，我們甚至會在較小程度上，更小的範圍內使用一些迪士尼內容。

We may license some of that content to third parties, too, to continue to drive revenue.

我們也可能將部分內容授權給第三方，以繼續增加收入。

Should we assume then -- should we assume shorter-term deals than you might have done historically?

那麼我們是否應該假設 - 我們是否應該假設比歷史上可能做的更短期的交易？

Yes.

是的。

Yes.

是的。

Clearly, when we do such deals, we're going to do so to avoid the encumbrances that would make it impossible or difficult for us to put the product on our platform once we launch.

顯然，當我們進行此類交易時，我們將這樣做是為了避免在產品發布後使我們無法或難以將產品放到我們的平台上的障礙。

Our next question comes from Kannan Venkateshwar with Barclays.

我們的下一個問題來自巴克萊銀行的 Kannan Venkateshwar。

So Bob, one question for you on the content front, which is when you think about the balance between quality and quantity, how much content from a volume perspective is enough?

所以鮑勃，關於內容方面的一個問題，當你考慮質量和數量之間的平衡時，從數量的角度來看，多少內容就足夠了？

How much is too much?

多少是太多了？

I mean how are you thinking about the long-term targets in terms of content volumes?

我的意思是您如何考慮內容量方面的長期目標？

And how do you balance that?

你如何平衡呢？

And Christine, from your perspective on the marketing side, I think you mentioned Q3 is where we might see some of those spend coming in, Q3 and Q4.

克里斯汀，從你在營銷方面的角度來看，我想你提到第三季度是我們可能會看到其中一些支出的地方，第三季度和第四季度。

Will this all be expensed upfront?

這一切都會預先支出嗎？

Or will this be amortized over time?

還是會隨著時間攤銷？

Would be great if you could help us with that.

如果您能幫助我們，那就太好了。

As we said, Kannan, on Investor Day and we said a few times, given the fact that the Disney+ product is Disney and Pixar and Marvel and Star Wars, Nat Geographic, I mentioned it 8,000 times, we feel that we can focus more on quality than on quantity.

正如我們所說，Kannan，在投資者日我們說過幾次，鑑於迪士尼+產品是迪士尼和皮克斯以及漫威和星球大戰，國家地理，我提到了 8,000 次，我們覺得我們可以更多地關注質量勝於數量。

But we obviously know we need enough quantity under each brand umbrella to drive subscribers who are primarily interested in those brands.

但我們顯然知道，每個品牌都需要足夠的數量來吸引主要對這些品牌感興趣的訂戶。

And so obviously if you compare us to Netflix, we're going to have far less products than they do, but we're lying on the strength of our brands and the fervor that fans of those brands have for the product that we make under those brand umbrellas.

所以很明顯，如果你將我們與 Netflix 進行比較，我們的產品將比他們少得多，但我們依靠的是我們品牌的實力以及這些品牌的粉絲對我們生產的產品的熱情那些牌子的雨傘。

And on the marketing side, Kannan, in my comments, I mentioned marketing, but that was related to 21CF's film studio that they had some marketing in the third quarter for movies that would be released in fourth quarter.

在營銷方面，Kannan，在我的評論中，我提到了營銷，但這與 21CF 的電影製片廠有關，他們在第三季度對將在第四季度上映的電影進行了一些營銷。

But I'm assuming your question really is related to marketing that would go along with the launch of Disney+.

但我假設你的問題確實與伴隨 Disney+ 推出的營銷有關。

And as far as that's concerned, we will be expensing those marketing costs as we incur them.

就此而言，我們將在產生這些營銷成本時將其支出。

Our last question is from Jason Bazinet with Citi.

我們的最後一個問題來自花旗銀行的 Jason Bazinet。

Just a question for Mr. Iger.

只是問艾格先生一個問題。

In the fullness of time as your DTC strategy plays out, do you think Hulu will be a more important app or financial driver than Disney+?

隨著你的 DTC 策略發揮作用，你認為 Hulu 會成為比 Disney+ 更重要的應用程序或財務驅動力嗎？

And the reason I ask is I understand the elements that Fox brought to the Disney+ app, The Simpsons, Nat Geo and some of those Marvel characters.

我問的原因是我了解 Fox 為 Disney+ 應用程序、辛普森一家、國家地理和其中一些漫威角色帶來的元素。

But those seem sort of small in the context of the amount of money that you spent to acquire Fox.

但就你為收購 Fox 所花費的金額而言，這些似乎微不足道。

And so it sort of hints that something bigger is afoot in terms of your overall strategy.

所以它有點暗示，就你的整體戰略而言，更大的事情正在進行中。

Well, we obviously, in analyzing the assets from 21st Century Fox that we bought, placed a lot of value on the Hulu stake that we were getting.

好吧，很明顯，在分析我們從 21 世紀福克斯購買的資產時，我們對我們獲得的 Hulu 股份給予了很大的重視。

And that obviously was also reflected in the deal that we did with Comcast, where the value of their stake has been public since we announced that deal.

這顯然也反映在我們與康卡斯特的交易中，自從我們宣布該交易以來，他們的股份價值就已公開。

So Hulu will play an important part in our future as a platform for the non-so-called family-like programming that will be on Disney+.

因此，Hulu 將在我們的未來發揮重要作用，作為 Disney+ 上非所謂的家庭類節目的平台。

And that will be fueled not just by library that we bought from Fox, and that library is both movie and television library, but by a tremendous amount of television production capabilities.

這不僅會受到我們從 Fox 購買的圖書館的推動，而且這個圖書館既是電影圖書館又是電視圖書館，而且還會受到大量電視製作能力的推動。

So when you think about what the -- our company today and the creative engines, we obviously have a movie studio that includes now Fox live action and Fox Searchlight, we have -- and along with all the Disney assets.

因此，當您考慮我們今天的公司和創意引擎時，我們顯然擁有一個電影製片廠，其中包括現在的 Fox live action 和 Fox Searchlight，以及所有迪士尼資產。

We have a sprawling television business that includes ABC, Disney Channel, FX, Nat Geo, Freeform, et cetera, and so on, and the television business or unit that we created under Peter Rice has now been structured to produce original product for all of the platforms, both the linear platforms, the traditional MVPD channels, as well as the new platforms, notably Hulu.

我們擁有龐大的電視業務，包括 ABC、迪士尼頻道、FX、Nat Geo、Freeform 等等，我們在彼得賴斯的領導下創建的電視業務或部門現在已經構建為生產原創產品的所有平台，包括線性平台、傳統 MVPD 頻道以及新平台，尤其是 Hulu。

So there will be an increase in production activity of the company under that unit producing products specifically for Hulu.

因此，專門為 Hulu 生產產品的該部門下的公司生產活動將會增加。

And so as we see it, our play in the digital OTT space ultimately globally, but we're going to start as we've said more domestically, is to have general entertainment, we'll call it Hulu, more family-like entertainment, which is Disney+, and sports.

因此，正如我們所看到的，我們在數字 OTT 領域的發展最終是全球性的，但正如我們在國內所說的那樣，我們將開始提供一般娛樂，我們稱之為 Hulu，更適合家庭的娛樂，即迪士尼+和體育。

And that bundle that we're creating, that $12.99 bundle, where you can buy all 3 offers consumers tremendous volume, tremendous quality and tremendous variety for a good price.

我們正在創建的捆綁包，即 12.99 美元的捆綁包，您可以在其中購買全部 3 件，以合理的價格為消費者提供巨大的數量、質量和種類。

And thank you, Jason, and thanks, everyone, for joining us today.

感謝杰森，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。

In our remarks, we provided estimates of the performance of certain 21CF assets and compared it to the prior year.

在我們的評論中，我們提供了某些 21CF 資產的業績估計，並將其與上一年進行了比較。

These estimates are based on an analysis of 21CF record but are nonetheless unaudited estimates and are not precise measures of historical results before the acquisition.

這些估計基於對 21CF 記錄的分析，但仍然是未經審計的估計，並不是對收購前歷史結果的精確衡量。

Let me also remind you that certain statements on this call including financial estimates may constitute forward-looking statements under the securities laws.

我還要提醒您，根據證券法，本次電話會議的某些陳述（包括財務估計）可能構成前瞻性陳述。

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

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

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

前瞻性陳述受多種風險和不確定因素的影響，實際結果可能與明示或暗示的結果存在重大差異，原因多種多樣，包括我們 10-K 表年度報告、季度報告中包含的因素10-Q 表格以及我們向美國證券交易委員會提交的其他文件。

This concludes today's call.

今天的電話會議到此結束。

Have a great day, everyone.

祝大家有個美好的一天。

Ladies and gentlemen, this concludes today's conference.

女士們，先生們，今天的會議到此結束。

Thank you for joining, and have a wonderful day.

感謝您的加入，祝您有美好的一天。