迪士尼 (DIS) 2019 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Walt Disney Company's Fiscal Full Year and Fourth Quarter 2019 Financial Results Conference Call.

女士們，先生們，感謝你們的支持，歡迎參加華特迪士尼公司 2019 財年和第四季度財務業績電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員說明）請注意，今天的會議正在錄製中。

(Operator Instructions)

（操作員說明）

I would now like to hand the conference over to your speaker today, Mr. Lowell Singer, Senior Vice President of Investor Relations.

我現在想把會議交給今天的發言人，投資者關係高級副總裁 Lowell Singer 先生。

Thank you.

謝謝你。

Please go ahead, sir.

請繼續，先生。

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

下午好，歡迎來到華特迪士尼公司 2019 年第四季度財報電話會議。

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

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

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

今天的電話會議也進行了網絡直播，我們的網站上將提供文字記錄。

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'll 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'll turn the call over to Bob to get started.

因此，我將把電話轉給 Bob 開始。

Thanks, Lowell, and good afternoon, everyone.

謝謝，洛厄爾，大家下午好。

We're now just days away from launching Disney+, the culmination of 4 years of planning, organizational transformation and a lot of hard work, and we're excited to be on the verge of this new era.

現在距離 Disney+ 的推出只有幾天的時間了，這是 4 年規劃、組織轉型和大量努力的結晶，我們很高興即將迎來這個新時代。

We're also pleased to have delivered a solid quarter, which Christine will discuss shortly.

我們也很高興交付了一個穩定的季度，Christine 將很快討論這一點。

Before she does, I wanted to share a few thoughts about our DTC business to give you a sense of the confidence we have in our strategy and to provide a few updates.

在她這樣做之前，我想分享一些關於我們 DTC 業務的想法，讓您了解我們對我們的戰略的信心，並提供一些更新。

As you know, we began this process with the acquisition of BAMTech, which gave us the means to implement our DTC strategy, putting us into the market quickly and ensuring we have the technology to deliver a quality experience.

如您所知，我們從收購 BAMTech 開始了這一過程，這使我們能夠實施我們的 DTC 戰略，使我們能夠快速進入市場並確保我們擁有提供優質體驗的技術。

Our first effort was ESPN+, which was an immediate hit with sports fans when it launched last year and continues to deliver steady growth.

我們的第一個努力是 ESPN+，它在去年推出時立即受到體育迷的歡迎，並繼續保持穩定增長。

I'm pleased to announce that as of today, ESPN+ has over 3.5 million paid subscribers who were drawn to its unique and growing mix of original content like the legendary NFL PrimeTime with Chris Berman, now exclusively on ESPN+.

我很高興地宣布，截至今天，ESPN+ 已擁有超過 350 萬付費訂閱者，他們被其獨特且不斷增長的原創內容組合所吸引，例如傳奇的 NFL PrimeTime 與 Chris Berman，現在獨家在 ESPN+ 上播出。

And exclusive live events, including UFC, college sports, domestic and international soccer and Top Rank Boxing.

以及獨家現場賽事，包括 UFC、大學體育、國內和國際足球以及頂級拳擊。

The UFC 244 pay-per-view event last Saturday delivered one of ESPN+'s largest live audiences to date.

上週六的 UFC 244 按次付費賽事是 ESPN+ 迄今為止最大的現場觀眾之一。

Viewing patterns show ESPN+ appeals to a broad array of sports fans: those who want more of everything as well as fans who are highly passionate about a specific sport, conference or team.

觀看模式顯示 ESPN+ 吸引了廣泛的體育迷：那些想要更多東西的人以及對特定運動、會議或球隊充滿熱情的球迷。

We believe we have numerous interesting opportunities to expand ESPN+'s Live and original program offerings and to steadily grow subscribers.

我們相信我們有許多有趣的機會來擴展 ESPN+ 的直播和原創節目，並穩步增加訂戶。

As I've said, our acquisition of 21st Century Fox was largely driven by the value it brought to our overall DTC strategy, adding a number of critical elements, including control of Hulu, which opens numerous growth opportunities domestically and internationally.

正如我所說，我們對 21 世紀福克斯的收購在很大程度上是由它為我們的整體 DTC 戰略帶來的價值推動的，增加了一些關鍵因素，包括對 Hulu 的控制，這在國內和國際上開啟了許多增長機會。

We also gained a large library of quality film and television content, along with additional filmmaking capabilities and the industry's best TV production studios, great talent, great brands and franchises like Nat Geo and FX, along with the Simpsons and Avatar.

我們還獲得了大量高質量的電影和電視內容庫，以及額外的電影製作能力和業界最好的電視製作工作室、優秀的人才、偉大的品牌和特許經營權，如 Nat Geo 和 FX，以及辛普森一家和阿凡達。

This collection of IP and talent will contribute significantly to Disney+ and Hulu.

這些 IP 和人才的集合將為 Disney+ 和 Hulu 做出重大貢獻。

And with that in mind, beginning in March, Hulu will become the official streaming home for FX networks.

考慮到這一點，從 3 月開始，Hulu 將成為 FX 網絡的官方流媒體之家。

As I've mentioned on previous calls, FX is a producer of high-quality, award-winning content and will become a key content driver for Hulu.

正如我在之前的電話會議上提到的那樣，FX 是高質量、屢獲殊榮的內容的製作人，並將成為 Hulu 的主要內容驅動力。

Since 2014, FX has earned 277 Emmy nominations and won 57 Emmys.

自 2014 年以來，FX 已獲得 277 項艾美獎提名，並獲得 57 項艾美獎。

The awards FX have garnered come from programming that is recognized for its quality and its boldness, and the Hulu and FX teams have been collaborating to develop an exciting strategy to bring the full breadth of FX content and production capabilities to Hulu subscribers with the introduction of FX on Hulu.

FX 獲得的獎項來自以其質量和大膽著稱的節目，Hulu 和 FX 團隊一直在合作制定一項激動人心的戰略，通過引入Hulu 上的外匯。

FX on Hulu will include all seasons of more than 40 FX series, and will offer episodes of current and new FX series immediately after they air on the linear network Additionally, FX will produce original series exclusively for FX on Hulu, starting with 4 new series in 2020: Devs from Alex Garland; Mrs.

Hulu 上的 FX 將包括 40 多個 FX 系列的所有季節，並將在線性網絡播出後立即提供當前和新的 FX 系列的劇集此外，FX 將專門為 Hulu 上的 FX 製作原創系列，從 4 個新系列開始2020 年：來自 Alex Garland 的開發者；太太。

America, starring Cate Blanchett; A Teacher, starring Kate Mara; and The Old Man, starring Jeff Bridges and John Lithgow.

美國，由凱特·布蘭切特主演；一位老師，由凱特瑪拉主演；和老人，由傑夫·布里吉斯和約翰·利思戈主演。

This is a great way to expand the FX brand and an important step for Hulu as it adds original content to compete more aggressively with new and legacy DTC platforms.

這是擴展 FX 品牌的好方法，也是 Hulu 邁出的重要一步，因為它增加了原創內容，以更積極地與新的和傳統的 DTC 平台競爭。

The FX presence on Hulu, combined with original production from our ABC and Fox Television Studios and our Fox movie studios, including Searchlight, will greatly enhance Hulu's consumer proposition.

FX 在 Hulu 上的存在，加上我們的 ABC 和福克斯電視工作室以及我們的福克斯電影工作室（包括探照燈）的原創製作，將極大地增強 Hulu 的消費者主張。

Turning to Disney+.

轉向迪士尼+。

In preparation for the U.S. launch, we tested the technology in The Netherlands, giving consumers free access to a curated collection of library content, and we've been very pleased with the results, including the technical soundness and reliability of the platform.

為準備在美國推出，我們在荷蘭測試了這項技術，讓消費者可以免費訪問精選的圖書館內容，我們對結果非常滿意，包括該平台的技術穩健性和可靠性。

The user feedback has been extremely positive, with praise for the elegance and ease of the interface and the quality of the overall experience.

用戶反饋非常積極，對界面的優雅和易用性以及整體體驗的質量贊不絕口。

The ability to download the content has also been a big hit, and the brand-centric navigation has generated an elegance and an ease-of-use that was well-received by users.

下載內容的能力也大受歡迎，以品牌為中心的導航產生了優雅和易用性，深受用戶歡迎。

The viewing patterns in The Netherlands tests were also encouraging.

荷蘭測試中的觀看模式也令人鼓舞。

Even without access to our full library or any original content, the service connected with users across all 4 quadrants, male and female, adults and kids, driven by the breadth of our content and the affinity people of all ages have for it.

即使無法訪問我們的完整圖書館或任何原始內容，該服務也會與所有 4 個像限的用戶（男性和女性、成人和兒童）聯繫在一起，這是由我們內容的廣度和所有年齡段的人對它的親和力驅動的。

Disney+ launches in the U.S., Canada and The Netherlands next Tuesday, with Australia and New Zealand coming online November 19.

Disney+ 將於下週二在美國、加拿大和荷蘭推出，澳大利亞和新西蘭將於 11 月 19 日上線。

And today, I'm pleased to announce, on March 31, Disney+ will launch in markets across Western Europe, including the U.K., France, Germany, Italy, Spain and a number of other countries in the region.

今天，我很高興地宣布，Disney+ 將於 3 月 31 日在西歐市場推出，包括英國、法國、德國、意大利、西班牙和該地區的其他一些國家。

At launch, Disney+ users will have immediate access to more than 500 movies, including all of our beloved vault titles and more than 7,500 episodes of library television content, including 30 seasons of the Simpsons.

發佈時，Disney+ 用戶將可以立即訪問 500 多部電影，包括我們所有喜愛的保險庫影片和 7,500 多集圖書館電視內容，包括 30 季的辛普森一家。

By year 5, this growing collection will include more than 620 movies and more than 10,000 television episodes, along with countless shorts and features.

到第 5 年，這個不斷增長的收藏將包括 620 多部電影和 10,000 多集電視劇，以及無數的短片和故事片。

And as planned, when we first conceived this service, all creative engines across our company, including the teams at Disney, Pixar, Marvel, Lucasfilm, National Geographic, Disney Channel and Walt Disney Television Studios, are focused on creating compelling original content for Disney+.

按照計劃，當我們最初構思這項服務時，我們公司的所有創意引擎，包括迪士尼、皮克斯、漫威、盧卡斯影業、國家地理、迪士尼頻道和華特迪士尼電視工作室的團隊，都專注於為迪士尼+創作引人入勝的原創內容.

At launch, we'll offer 10 original movies, specials and series, exclusive to the platform, including the Mandalorian.

發佈時，我們將提供 10 部平台獨有的原創電影、特別節目和連續劇，包括曼達洛人。

The first live-action Star Wars Series is unlike anything audiences have seen before on any platform and is a strong indication of the quality and the storytelling that will define Disney+.

第一部真人版星球大戰系列不同於觀眾之前在任何平台上看到的任何東西，它有力地表明了將定義 Disney+ 的質量和故事講述。

We recently screened a significant portion of the first episode of the Mandalorian for press and the extremely positive reaction is driving tremendous buzz around this extraordinary series ahead of its debut on Disney+.

我們最近為媒體放映了曼達洛人第一集的重要部分，在 Disney+ 首次亮相之前，極其積極的反應正在圍繞這個非凡的系列引發巨大的轟動。

Within a year of launch, the amount of original content on Disney+ will increase to more than 45 series, specials and movies and will expand to more than 60 original projects per year by year 5.

在發布後的一年內，Disney+ 上的原創內容數量將增加到超過 45 個系列、特別節目和電影，並且到第 5 年將擴展到每年 60 個以上的原創項目。

In addition to creating a phenomenal product, we're supporting the launch of Disney+ with an unprecedented marketing campaign, drawing on every existing connection the Walt Disney Company has with consumers.

除了創造非凡的產品外，我們還通過史無前例的營銷活動支持 Disney+ 的推出，利用華特迪士尼公司與消費者之間的所有現有聯繫。

It's a historic effort to raise awareness and drive demand, one that reflects our all-in commitment to the strategic initiative and our determination to launch big and scale fast.

這是提高認識和推動需求的一項歷史性努力，反映了我們對戰略計劃的全力投入以及我們快速推出大規模產品的決心。

We're also very pleased with the consumer enthusiasm we're seeing as well as the interest from partners like Verizon, which is now offering a free year of Disney+ to many of its customers.

我們也對我們看到的消費者熱情以及 Verizon 等合作夥伴的興趣感到非常高興，Verizon 現在向其許多客戶提供一年免費的 Disney+。

Consumers can directly subscribe to the service for $6.99 a month or $69.99 a year at Disney+.com.

消費者可以在 Disney+.com 上以每月 6.99 美元或每年 69.99 美元的價格直接訂閱該服務。

And starting November 12, they can access the service through a growing variety of partners and platforms, including Apple, Google, Microsoft, Sony and Roku.

從 11 月 12 日開始，他們可以通過越來越多的合作夥伴和平台訪問該服務，包括蘋果、谷歌、微軟、索尼和 Roku。

And today, we're pleased to announce additional distribution partnerships with Amazon Fire, Samsung and LG.

今天，我們很高興地宣布與 Amazon Fire、三星和 LG 建立更多的分銷合作夥伴關係。

Disney+ will also be available in a bundle with ESPN+ and ad-supported Hulu for $12.99 a month.

Disney+ 還將以每月 12.99 美元的價格與 ESPN+ 和廣告支持的 Hulu 捆綁銷售。

We spent the last couple of years completely transforming the Walt Disney Company making strategic acquisitions and organizational changes to focus the resources and immense creativity across the entire company on delivering an extraordinary DTC experience unlike anything else in the market.

在過去的幾年裡，我們徹底改造了華特迪士尼公司，進行戰略收購和組織變革，將整個公司的資源和巨大創造力集中在提供與市場上任何其他公司不同的非凡 DTC 體驗上。

With the launch of Disney+, we're making a huge statement about the future of media and entertainment and our continued ability to thrive in this new era.

隨著 Disney+ 的推出，我們對媒體和娛樂的未來以及我們在這個新時代持續繁榮的能力做出了重大聲明。

I'd like to take this opportunity to publicly acknowledge and sincerely thank the technical and creative teams, along with countless others across our company, who invested their tremendous talent and a lot of time and effort in creating an exceptional DTC experience that is worthy of the Disney name.

我想藉此機會公開承認並衷心感謝技術和創意團隊，以及我們公司的無數其他人，他們投入了巨大的才能和大量的時間和精力來創造值得的卓越 DTC 體驗迪斯尼的名字。

I talk a lot about the inevitability of change, our ability to both drive it and adapt to it.

我經常談論變革的必然性，以及我們推動變革和適應變革的能力。

It's part of Disney's DNA, and it helps keep us relevant to each new generation while also creating new opportunities for growth.

它是迪士尼 DNA 的一部分，它有助於讓我們與每一代人保持聯繫，同時也創造新的增長機會。

It's exciting and exhilarating and on the eve of launching one of our most ambitious initiatives to date, I'm more confident than ever in our strategy and in our ability to execute effectively to deliver compelling value to our consumers and shareholders.

這是令人興奮和振奮的，在啟動我們迄今為止最雄心勃勃的計劃之一的前夕，我比以往任何時候都對我們的戰略和我們有效執行的能力更有信心，從而為我們的消費者和股東提供引人注目的價值。

I'm going to turn the call over to Christine to talk about our performance in the quarter, and then we'll take your questions.

我將把電話轉給克里斯汀來談談我們在本季度的表現，然後我們會回答你的問題。

Christine?

克里斯汀？

Thanks, Bob, and good afternoon, everyone.

謝謝鮑勃，大家下午好。

Excluding certain items affecting comparability, earnings per share from continuing operations for the fourth quarter were $1.07.

排除某些影響可比性的項目，第四季度來自持續經營業務的每股收益為 1.07 美元。

We are pleased with our results this quarter and how we closed out the fiscal year.

我們對本季度的業績以及我們如何結束本財年感到滿意。

Our core businesses delivered another solid year of financial performance.

我們的核心業務又實現了穩健的財務業績。

We continue to make meaningful progress in integrating the 21CF businesses while making significant investments to drive future growth.

我們繼續在整合 21CF 業務方面取得有意義的進展，同時進行大量投資以推動未來增長。

Our studio had another great quarter and a phenomenal year.

我們的工作室又迎來了一個偉大的季度和非凡的一年。

In the fourth quarter, operating income was up 79%, driven by growth in worldwide theatrical due to the performance of the Lion King, Toy Story 4 and Aladdin in the quarter compared to Incredibles 2 and Ant-Man and the Wasp last year.

與去年的《超人總動員 2》和《蟻人與黃蜂女》相比，第四季度營業收入增長了 79%，這是由於獅子王、玩具總動員 4 和阿拉丁在本季度的表現推動了全球影院的增長。

The increase in operating income was partially offset by about a $120 million loss at the 21CF Studio business, which was driven by the performance of Ad Astra, Art of Racing in the Rain and Dark Phoenix.

營業收入的增長部分被 21CF Studio 業務約 1.2 億美元的虧損所抵消，該業務是由 Ad Astra、Art of Racing in the Rain 和 Dark Phoenix 的業績推動的。

The loss from the 21CF Studio business was about $100 million higher than the loss we estimate the business generated in Q4 last year.

21CF Studio 業務的虧損比我們估計該業務在去年第四季度產生的虧損高出約 1 億美元。

At Parks, Experiences and Products, operating income was up 17% in the quarter, driven by higher results at consumer products and at our domestic parks and experiences business.

在公園、體驗和產品方面，本季度營業收入增長了 17%，這得益於消費品以及我們國內公園和體驗業務的更高業績。

Consumer products' operating income was up 36% due to growth in merchandise licensing as a result of strong revenue growth from sales of Frozen and Toy Story merchandise.

由於《冰雪奇緣》和《玩具總動員》商品銷售帶來的強勁收入增長，導致商品許可增長，消費品的營業收入增長了 36%。

At parks, our strategy of managing yield to drive greater profitability and enhance the guest experience continues to pay off.

在公園，我們管理收益以提高盈利能力和提升遊客體驗的策略繼續取得成效。

Operating income at domestic parks and experiences was up 13% driven by growth at Disneyland on higher guest spending and an increase at Disney Vacation Club.

國內公園和體驗的營業收入增長了 13%，這得益於迪士尼樂園遊客支出增加和迪士尼度假俱樂部增長帶來的增長。

Results at Walt Disney World were comparable to the prior year as increases in guest spending, occupied room nights and attendance were offset by higher costs associated with the launch of Star Wars: Galaxy's Edge.

華特迪士尼世界的業績與上一年持平，因為賓客消費、入住間夜數和出勤率的增長被與《星球大戰：銀河邊緣》的推出相關的更高成本所抵消。

Domestic parks and experiences' margins were up 70 basis points in the quarter.

本季度國內公園和體驗的利潤率上升了 70 個基點。

I'll note that Hurricane Dorian had an adverse impact on Walt Disney World, which we estimate impacted the year-over-year change in domestic parks and experiences margins by about 80 basis points.

我會注意到颶風多里安對沃爾特迪斯尼世界產生了不利影響，我們估計這影響了國內公園的同比變化，並使利潤率下降了約 80 個基點。

Attendance at our domestic parks was comparable to the fourth quarter last year and reflects the impact of Hurricane Dorian, which we estimate adversely impacted attendance growth by about 1 percentage point.

我們國內公園的遊客量與去年第四季度相當，反映了颶風多里安的影響，我們估計颶風對遊客量增長產生了約 1 個百分點的不利影響。

Per capita guest spending was up 5% on higher admissions, merchandise and food and beverage spending.

由於門票、商品和餐飲支出的增加，人均賓客支出增長了 5%。

Per room spending at our domestic hotels was up 2%, and occupancy of 85% was comparable to the fourth quarter last year.

我們國內酒店的每間客房消費增長 2%，入住率為 85%，與去年第四季度持平。

Results at our international operations were comparable to the fourth quarter last year as operating income growth at Disneyland Paris and Shanghai Disney Resort was largely offset by about a $55 million decline at Hong Kong Disneyland as circumstances in Hong Kong have led to a significant decrease of tourism from China and other parts of Asia.

我們國際業務的業績與去年第四季度相當，因為巴黎迪士尼樂園和上海迪士尼度假區的營業收入增長在很大程度上被香港迪士尼樂園的營業收入下降約 5500 萬美元所抵消，因為香港的情況導致旅遊業大幅下降來自中國和亞洲其他地區。

And based on the trends we saw in Q4 and what we are seeing so far in Q1, we expect operating income at Hong Kong Disneyland to decline by about $80 million for Q1.

根據我們在第四季度看到的趨勢以及我們在第一季度到目前為止看到的情況，我們預計香港迪士尼樂園第一季度的營業收入將下降約 8000 萬美元。

If the current trends continue, we could see a full-year decline of approximately $275 million versus fiscal 2019.

如果目前的趨勢繼續下去，我們可能會看到全年與 2019 財年相比減少約 2.75 億美元。

On the domestic front, we expect Q1 revenue growth at our domestic parks and resorts to benefit from a full quarter of Star Wars: Galaxy's Edge at Walt Disney World and the December opening of Rise of the Resistance at Walt Disney World.

在國內方面，我們預計我們國內公園和度假村的第一季度收入增長將受益於 Star Wars：Walt Disney World 的 Galaxy's Edge 的整個季度以及 Walt Disney World 的 12 月開幕的 Rise of the Resistance。

However, the revenue growth will be partially offset by meaningful cost growth driven primarily by operational expenses associated with Galaxy's Edge and higher labor expense due to the impact of higher wages under new collective bargaining agreements.

然而，收入增長將部分被顯著的成本增長所抵消，成本增長主要由與 Galaxy's Edge 相關的運營費用和由於新集體談判協議下工資上漲的影響而導致的勞動力費用增加所驅動。

So far this quarter, domestic resort reservations are comparable to prior year.

本季度到目前為止，國內度假村預訂量與去年持平。

We believe some guests are deferring visits to Disneyland and Walt Disney World until the complete opening of Galaxy's Edge at those respective locations.

我們相信一些客人會推遲到迪士尼樂園和沃爾特迪斯尼世界的訪問，直到銀河邊緣在這些地方完全開放。

I'll note that awareness and intent to visit remains strong.

我會注意到訪問的意識和意圖仍然很強烈。

Booked rates at our domestic hotels are currently pacing up 5% versus this time last year.

我們國內酒店的預訂率目前比去年同期上漲了 5%。

Turning to Media Networks.

轉向媒體網絡。

Operating income was down 3% due to declines at cable and broadcasting, though results came in better than what we expected at the time we reported Q3 earnings.

由於有線電視和廣播業務的下滑，營業收入下降了 3%，但結果好於我們在報告第三季度收益時的預期。

Lower cable results reflect a decrease at ESPN, partially offset by the consolidation of the 21CF cable businesses.

較低的有線電視業績反映了 ESPN 的業績下降，部分被 21CF 有線電視業務的整合所抵消。

At ESPN, higher programming and production costs driven by contractual rate increases for NFL, college sports and MLB programming and higher marketing expenses related in part to the launch of the ACC Network more than offset growth in affiliate revenue.

在 ESPN，由於 NFL、大學體育和 MLB 節目的合同費率增加以及部分與 ACC 網絡的推出相關的較高營銷費用導致更高的節目和製作成本抵消了聯盟收入的增長。

ESPN's domestic linear advertising revenue was down 2% in the fourth quarter.

ESPN 的國內線性廣告收入在第四季度下降了 2%。

And so far this quarter, ESPN's domestic cash ad sales are pacing up 3% compared to last 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增長了 3%。

At broadcasting, results in the quarter were adversely impacted by lower program sales compared to last year.

在廣播方面，本季度的業績受到節目銷量低於去年同期的不利影響。

We sold 2 Marvel series, Daredevil and Iron Fist, during Q4 last year, and we didn't have comparable sales in the fourth quarter this year.

我們在去年第四季度售出了 2 個 Marvel 系列，Daredevil 和 Iron Fist，而今年第四季度我們沒有可比的銷售額。

We also had lower sales of Black-ish in the quarter compared to last year.

與去年相比，本季度我們的 Black-ish 銷量也有所下降。

The difficult program sales comp, coupled with higher programming expenses at the ABC Television network and lower TV station ad revenue, were largely offset by the consolidation of the 21CF Broadcasting business and higher affiliate revenue.

困難的節目銷售收入，加上 ABC 電視網絡更高的節目費用和較低的電視台廣告收入，在很大程度上被 21CF 廣播業務的整合和更高的附屬收入所抵消。

Ad revenue at the ABC Network was up modestly in the quarter.

本季度 ABC Network 的廣告收入小幅增長。

Quarter-to-date, prime time scatter pricing at the ABC Network is running 47% 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 47%。

Total media affiliate revenue was up 18% in the fourth quarter and reflects the consolidation of 21CF and growth at both cable and broadcasting.

第四季度媒體聯盟總收入增長了 18%，反映了 21CF 的整合以及有線電視和廣播的增長。

The increase in affiliate revenue was driven by 15 points of growth from the acquisition of 21CF and 7 points from higher rates, partially offset by a 4-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 15 個增長點和較高費率帶來的 7 個百分點的推動，部分被訂戶減少導致的 4 個百分點的下降所抵消。

Results at our Direct-to-Consumer & International segment reflect the consolidation of Hulu and ongoing investment at Disney+ and ESPN+, partially offset by the consolidation of the 21CF International cable businesses.

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 Disney+ 和 ESPN+ 的持續投資，部分被 21CF 國際有線電視業務的整合所抵消。

Results at our Direct-to-Consumer businesses had an adverse impact on the year-over-year change in segment operating income of about $600 million.

我們的直接面向消費者業務的業績對分部營業收入的同比變化產生了不利影響，約為 6 億美元。

ESPN+ had a little over 3.4 million paid subscribers at the end of the fourth quarter, and Hulu had approximately 28.5 million paid subscribers.

截至第四季度末，ESPN+ 的付費用戶略高於 340 萬，而 Hulu 的付費用戶約為 2850 萬。

Overall, we are pleased with our fourth quarter and full year results and with the progress we're making on integrating 21CF.

總的來說，我們對第四季度和全年的業績以及我們在整合 21CF 方面取得的進展感到滿意。

The 21CF businesses we acquired, excluding 21CF's stake in Hulu and net of intersegment eliminations, contributed approximately $130 million in segment operating income in the fourth quarter.

我們收購的 21CF 業務（不包括 21CF 在 Hulu 的股份和部門間抵銷淨額）在第四季度貢獻了約 1.3 億美元的部門營業收入。

Consolidating Hulu's operating losses and netting out intersegment eliminations resulted in an adverse impact to segment operating income of about $170 million.

合併 Hulu 的經營虧損並扣除部門間沖銷對部門營業收入產生了約 1.7 億美元的不利影響。

We estimate the acquisition of 21CF and the impact of taking full operational control of Hulu had a total dilutive impact on our Q4 EPS before purchase accounting of $0.47 per share.

我們估計收購 21CF 以及全面控制 Hulu 的影響對我們第四季度每股收益的攤薄影響為每股 0.47 美元。

Before I conclude, I'd like to highlight a few additional items that should help frame our fiscal 2020 first quarter and full year results.

在我結束之前，我想強調一些額外的項目，它們應該有助於構建我們 2020 財年第一季度和全年的業績。

First, we expect our Direct-to-Consumer and International segment to generate about $800 million in operating losses for the quarter.

首先，我們預計本季度我們的直接面向消費者和國際部門將產生約 8 億美元的運營虧損。

We expect the continued investment in our DTC services, specifically Disney+, which will launch in just a few days, 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 $850 million.

我們預計對我們的 DTC 服務的持續投資，特別是將在短短幾天內推出的 Disney+，以及 Hulu 的整合，將對我們的 Direct-to 分部營業收入的同比變化產生不利影響- 消費品業務約 8.5 億美元。

At the studio, we are very excited for the release of the much anticipated sequel to Frozen and the final film in the Skywalker Saga, Star Wars: The Rise of Skywalker.

在工作室，我們非常興奮地發布了備受期待的《冰雪奇緣》續集和天行者傳奇的最後一部電影《星球大戰：天行者崛起》。

We expect that the actual performance of these films to be key positive drivers of Studio's Q1 results.

我們預計這些電影的實際表現將成為工作室第一季度業績的關鍵積極推動因素。

However, we expect the results to be partially offset by an operating loss of about $60 million at the 21CF film studio.

但是，我們預計該結果將被 21CF 電影製片廠約 6000 萬美元的運營虧損部分抵消。

While 21CF's performance will not be reflected in our prior year results, we estimate that 21CF film studio generated about $30 million in operating income during Q1 of fiscal 2019.

雖然 21CF 的業績不會反映在我們去年的業績中，但我們估計 21CF 電影製片廠在 2019 財年第一季度的營業收入約為 3000 萬美元。

I'll note that we don't expect a material increase in studio profitability in the first quarter from licensing the legacy Disney Studio Library to Disney+.

我會注意到，我們預計第一季度工作室的盈利能力不會因為將遺留的迪士尼工作室圖書館授權給迪士尼+而出現實質性增長。

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 Q1 earnings per share before purchase accounting of about $0.30 per share.

我們估計收購 21 世紀福克斯和全面控制 Hulu 的影響將對我們第一季度每股收益產生稀釋影響，約為每股 0.30 美元。

We still expect the acquisition to be accretive to EPS before purchase accounting for fiscal 2021.

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 expect consolidated CapEx in fiscal 2020 to be $500 million higher than in the prior year.

我們預計 2020 財年的綜合資本支出將比上一年高出 5 億美元。

The increase in CapEx is primarily due to increases at DTCI and corporate.

資本支出的增加主要是由於 DTCI 和企業的增加。

And lastly, I'll note that our fiscal 2020 calendar will contain an extra week of operations, so our Q4 and full year results will benefit from the 53rd week.

最後，我要指出的是，我們的 2020 財年日曆將包含額外的一周運營時間，因此我們的第四季度和全年業績將從第 53 週受益。

With that, I'll now turn the call over to Lowell, and we would be happy to answer your questions.

有了這個，我現在將電話轉給洛厄爾，我們很樂意回答您的問題。

Okay.

好的。

Thanks, Christine.

謝謝，克里斯汀。

And operator, we are ready for the first question.

接線員，我們準備好回答第一個問題。

(Operator Instructions) Our first question comes from Ben Swinburne with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Ben Swinburne。

Bob, I want to ask you about 2 of the most important brands of the company, Marvel and Lucas, and how we should think about the contribution of those businesses or those studios over the next couple of years.

鮑勃，我想問你關於公司最重要的兩個品牌，漫威和盧卡斯，以及我們應該如何考慮這些企業或工作室在未來幾年的貢獻。

I mean there's been a lot written about what's happening on the Star Wars front.

我的意思是有很多關於星球大戰前線發生的事情的文章。

I'd love to get your thoughts there.

我很樂意將你的想法傳達給那裡。

And on Marvel, sort of in post-Avengers world, how you think about mining that IP broadly for the company, whether we should be expecting a bit of a gap period in terms of contribution over the next couple of years.

在 Marvel 上，有點像後復仇者聯盟的世界，你如何看待為公司廣泛挖掘該 IP，我們是否應該期待在未來幾年的貢獻方面有一段空白期。

And then, Christine, one of the things that happens when you give us a lot of guidance is we come back to them.

然後，克里斯汀，當你給我們很多指導時發生的事情之一就是我們回到他們身邊。

So I wanted to ask you about the numbers you gave us at Investor Day for 2020 in particular, around Disney+.

所以我想問你關於你在 2020 年投資者日給我們的數字，特別是圍繞迪士尼+。

I think you talked about $3 billion of OpEx.

我想你談到了 30 億美元的運營支出。

And you talked about Hulu peak losses of $1.5 billion in '19 and ESPN+ losses of $650 million.

你談到了 Hulu 在 19 年的峰值損失 15 億美元和 ESPN+ 損失 6.5 億美元。

I'm just wondering if any of those numbers, we should be thinking have moved around materially or if those are still decent places to be thinking about.

我只是想知道我們應該考慮的這些數字中的任何一個是否已經發生了重大變化，或者這些數字是否仍然值得考慮。

Ben, when we think about those 2 businesses, Marvel and Star Wars, we think about them as more than just films and film franchises.

本，當我們想到漫威和星球大戰這兩項業務時，我們認為它們不僅僅是電影和電影特許經營權。

We look at them across multiple businesses and with different, basically, creative strategies in mind.

我們在多個業務中審視它們，並考慮到不同的、基本上是創造性的策略。

So just as -- for instance, in both cases, while they're continual -- there will continue to be films either in development or in production, there's a lot of activity on the television front.

因此，就像 - 例如，在這兩種情況下，雖然它們是連續的 - 將繼續有電影在開發或製作中，但電視方面有很多活動。

Star Wars has 3 television series.

星球大戰有 3 部電視劇。

They're in varying forms of production and more in development for Disney+, and Marvel has many more.

它們的製作形式各不相同，更多的是在為 Disney+ 開發，漫威還有更多。

So while in the Star Wars case, Star Wars 9, which comes out this December will be the last of the Skywalker saga, and we'll go into a hiatus for a few years before the next Star Wars feature, there'll be a lot of creative activity in the interim.

因此，在星球大戰的情況下，今年 12 月上映的星球大戰 9 將是天行者傳奇的最後一部，我們將在下一部星球大戰功能之前中斷幾年，將會有一個在此期間有很多創造性的活動。

In Marvel's case, I'll call it in the post-Avengers world, it doesn't mean there aren't films that aren't being made with characters from the Avengers.

就漫威而言，我將其稱為後復仇者聯盟世界，這並不意味著沒有不是由複仇者聯盟角色製作的電影。

In fact, we have Black Widow coming out in fiscal '20 and a Thor 4 movie in the works, and I could go on and on.

事實上，我們有黑寡婦在 20 財年上映，還有一部雷神 4 電影正在製作中，我可以繼續下去。

We also are mining other characters and character sets like Eternals.

我們也正在挖掘其他角色和角色集，例如 Eternals。

So as we look at these businesses, they're film businesses, they're TV businesses, they're still big consumer product drivers, and more and more, they have a greater presence at parks and resorts.

因此，當我們審視這些業務時，它們是電影業務，它們是電視業務，它們仍然是消費產品的主要驅動力，而且越來越多，它們在公園和度假村的影響力越來越大。

And we feel really good about both their creative direction, but also their commercial direction.

我們對他們的創意方向和商業方向都非常滿意。

And then -- this is Christine.

然後——這是克里斯汀。

On the guidance question, regarding the guidance that we provided in April at the Investor Day, it's fair to say that all of the guidance, and that goes across the 3 platforms, Disney+, ESPN+, and Hulu, is still as it was.

關於指導問題，關於我們 4 月份在投資者日提供的指導，可以公平地說，所有指導，以及跨越 3 個平台，Disney+、ESPN+ 和 Hulu 的所有指導，仍然保持原樣。

We haven't made any changes to that.

我們沒有對此進行任何更改。

And having gone through the planning process for fiscal '20, we feel really good about fiscal '20 and achieving the goals that we've set.

在經歷了 20 財年的規劃過程後，我們對 20 財年和實現我們設定的目標感到非常滿意。

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。

Just 2 questions on the streaming side, if I may.

如果可以的話，關於流媒體方面只有 2 個問題。

First, any color you can provide on the early sign-ups on Disney+ for the launch, even just sort of general color, not necessarily numbers, which I'm doubtful you might offer so early on.

首先，您可以在 Disney+ 的早期註冊中提供任何顏色以進行發布，即使只是一般顏色，不一定是數字，我懷疑您是否會這麼早提供。

And then if you can talk about the advertising opportunity of some of your other streaming services, specifically Hulu, where you're seeing a really meaningful scale now, and ESPN+ which also has seen such great growth, where I think you've also recently increased the pre-roll ad loads there.

然後，如果你能談談你的其他一些流媒體服務的廣告機會，特別是 Hulu，你現在看到了一個非常有意義的規模，以及 ESPN+，它也有如此巨大的增長，我想你最近也看到了增加了那裡的前置廣告負載。

I guess how meaningful can the advertising side become for you guys?

我想廣告方面對你們有多大意義？

Well, Hulu is a significant driver of advertising revenue and will continue to be, particularly as we grow Hulu out to essentially the guidance that we had given back at Investor Day, that basically ad-supported Hulu has very high ARPU, which is one of the reasons, Alexia, that it's being bundled with ESPN+ and Disney+ for that $12.99 price because the value of an ad-supported Hulu subscriber, given the advertising revenue that it drives, is very, very high.

嗯，Hulu 是廣告收入的重要推動力，並將繼續如此，特別是當我們將 Hulu 發展到基本上我們在投資者日給出的指導時，基本上廣告支持的 Hulu 具有非常高的 ARPU，這是其中之一Alexia 之所以以 12.99 美元的價格與 ESPN+ 和 Disney+ 捆綁在一起，是因為考慮到它帶來的廣告收入，受廣告支持的 Hulu 訂戶的價值非常非常高。

ESPN, there are also opportunities for growth, but probably the biggest opportunity is on the Hulu front.

ESPN，也有增長的機會，但最大的機會可能是在 Hulu 方面。

On the -- your first question, just in terms of color regarding Disney+ and call it pre-sales, we're not giving any specifics.

關於 - 你的第一個問題，就迪士尼+的顏色而言並稱之為預售，我們沒有給出任何細節。

Consumers were drawn to, basically, the marketing messages that we had out there, which is a reaction to the brands and the content, both library product and original product that's coming.

基本上，消費者被我們發布的營銷信息所吸引，這是對品牌和內容的反應，包括圖書館產品和即將推出的原創產品。

Clearly, the price was met with a great enthusiasm among consumers, not just the single-month price because what we are really selling was the 3-year subscription, which is a big deal for us in terms of lowering churn.

顯然，這個價格在消費者中引起了極大的熱情，而不僅僅是單月價格，因為我們真正銷售的是 3 年訂閱，這對我們降低客戶流失率來說意義重大。

Now we're still relatively small in terms of the scope of things, in terms of number of subscribers.

現在，就事物的範圍而言，就訂戶數量而言，我們仍然相對較小。

But I think the best way for me to characterize it would be to say that we're enthusiastic about what we saw the consumer reaction to be.

但我認為對我來說最好的描述方式是說我們對我們看到的消費者反應充滿熱情。

We certainly feel good about the product that's going into the marketplace next week, and we'll know a lot more in just a few days.

我們對下週上市的產品當然感覺良好，我們將在短短幾天內了解更多信息。

But it was good.

但它很好。

And I should also say, I said it in my comments, The Netherlands launch was also very, very positive.

我還應該說，我在評論中說過，荷蘭的發布也非常非常積極。

And what was positive there were a few things, not just the fact that there was an enthusiasm for the service.

有幾件事情是積極的，而不僅僅是人們對這項服務充滿熱情這一事實。

But we had a good sense about how people were using it and what people were using it.

但是我們非常了解人們如何使用它以及人們在使用它。

The demographics were far broader than a lot of people expected them to be.

人口統計數據比許多人預期的要廣泛得多。

This is well beyond kids and family.

這遠遠超出了孩子和家庭。

Clearly, this is a 4-quadrant product with adult men and women as well as kids and families watching or using the service.

顯然，這是一個 4 象限產品，成人男性和女性以及兒童和家庭都在觀看或使用該服務。

We also saw that people's interest in the product itself was very, very broad, meaning across all the brands.

我們還看到人們對產品本身的興趣非常非常廣泛，涵蓋所有品牌。

It wasn't as specific.

它沒有那麼具體。

And that also bodes very well.

這也是個好兆頭。

And we learned that some of the features, including the 4K, the HDR movies, were very, very popular.

我們了解到一些功能，包括 4K、HDR 電影，非常非常受歡迎。

The fact that you could have 4 concurrent live streams, also very popular.

事實上，您可以有 4 個並發直播流，這也很受歡迎。

The personalization was also quite popular.

個性化也很受歡迎。

And most importantly, the ability to download without restriction was very, very popular.

最重要的是，無限制下載的能力非常非常受歡迎。

Our next question comes from Michael Nathanson with Moffett Nathanson.

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

Bob, a couple on Hulu.

鮑勃，Hulu 上的一對夫婦。

I guess on your scripted comments today, you referred to maybe a Fox Searchlight product, the movies going to Hulu.

我想在您今天的腳本評論中，您提到的可能是 Fox Searchlight 產品，電影將轉到 Hulu。

I wonder, does that represent where all the pay one movies go from this point on?

我想知道，這是否代表從現在開始所有付費電影的去向？

Is that a strategic shift for Fox's Studio on the film side?

這是福克斯工作室在電影方面的戰略轉變嗎？

The second question is, you also in the comments, mentioned international -- I know Hulu helps you internationally.

第二個問題是，您也在評論中提到了國際化——我知道 Hulu 可以幫助您實現國際化。

So what -- is there an update on the Hulu international side based on those comments that you made before?

那麼，根據您之前發表的評論，Hulu 國際方面是否有更新？

On the international side, we will have more to say after the first of the year.

在國際方面，我們將在今年第一天之後有更多話要說。

We're working through the formulation of a strategy in terms of what markets, when.

我們正在根據什麼市場、什麼時候制定戰略。

It's complicated in terms of our -- we need to make sure that we have the right product in all the markets that we launch in and to be -- so it's locally relevant and locally compliant in terms of some of the rules and regulations.

就我們而言，這很複雜——我們需要確保我們在我們推出和將要推出的所有市場中擁有合適的產品——因此它在某些規則和法規方面與當地相關並符合當地要求。

So I don't have much more to say there.

所以我沒有更多要說的了。

Obviously, we have opportunities, and we're going to pursue them.

顯然，我們有機會，我們將抓住機會。

I mentioned Searchlight briefly on the call, Searchlight is actually developing some original content for Hulu.

我在電話中簡要提到了 Searchlight，Searchlight 實際上正在為 Hulu 開發一些原創內容。

The Searchlight and the Fox Movie studios had an output deal with HBO that runs for a few more years.

探照燈和福克斯電影製片廠與 HBO 達成了一項持續數年的輸出協議。

I think, eventually, it's likely that the output would move to Hulu, but it's premature right now to speculate.

我認為，最終，輸出很可能會轉移到 Hulu，但現在推測還為時過早。

What I mostly talked about on the call, as you know, Michael, is the fact that we're creating a huge FX presence on Hulu.

正如你所知，邁克爾，我在電話中主要談論的是我們正在 Hulu 上創造巨大的 FX 存在。

And what that means is that FX is producing original programming for Hulu, original exclusive programming.

這意味著 FX 正在為 Hulu 製作原創節目，原創獨家節目。

We're also moving FX library, some 40 series and over 1,600 episodes, onto Hulu.

我們還將 FX 庫、大約 40 個系列和超過 1,600 集轉移到 Hulu。

And we're making available current shows that air on FX available on Hulu within hours after they air, as we do with traditional network shows.

我們將在 FX 播出的當前節目播出後數小時內在 Hulu 上播出，就像我們處理傳統網絡節目一樣。

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。

Obviously, it'd be fun to know, Bob, what you picked for Disney+ subs in the office pool.

顯然，鮑勃，很高興知道你為辦公室泳池中的 Disney+ 潛艇挑選了什麼。

But for something you might be willing to comment on, I'm curious on sports.

但是對於你可能願意評論的事情，我對運動很好奇。

You mentioned inevitability of change.

你提到了變化的必然性。

Does sports need to change?

運動需要改變嗎？

It's viewed live.

它是現場觀看的。

The bundle delivers sports well, monetizes it well.

該捆綁包很好地提供了體育賽事，並很好地從中獲利。

Obviously, you're pursuing ESPN+.

顯然，您正在追求 ESPN+。

So I'd love any learnings on ESPN+ and how it fits in the future of sports and what you think there.

所以我喜歡關於 ESPN+ 的任何學習以及它如何適應體育的未來以及你在那裡的想法。

And Christine, just curious for Disney+ disclosures, are you going to give us U.S. subs separate from international in the future?

Christine，只是對 Disney+ 的披露感到好奇，你會在未來給我們獨立於國際的美國潛艇嗎？

And then I'm just curious on Fox execution.

然後我只是對福克斯的處決感到好奇。

How that Fox solution might scale during the year?

Fox 解決方案在這一年中可能會如何擴展？

Does it sort of improve linearly during the year?

它在這一年中是否呈線性增長？

Or is it sort of more of a step-function improvement in fiscal '21?

或者它更像是 21 財年的階梯式改進？

Doug, the answer to your first question is, I'm not aware that there is an office pool.

道格，你第一個問題的答案是，我不知道有辦公室游泳池。

And if there is an office pool, I am not participating in it, and I don't intend to.

如果有 office pool，我不會參與，也不打算參與。

On the sports side, as I look at it, what ESPN+ is teaching us is that the opportunity for the company with sports is probably multi-platform.

在體育方面，在我看來，ESPN+ 告訴我們的是，體育公司的機會可能是多平台的。

What I mean by that is I think you'll continue to see ESPN available through essentially the multipack -- multichannel bundle on cable and satellite platforms.

我的意思是，我認為您將繼續看到 ESPN 通過本質上的多合一包提供 - 有線和衛星平台上的多頻道捆綁。

You'll see it available on a direct-to-consumer basis on ESPN+, which we intend to grow both in terms of the product that is on, and obviously, in terms of the subs.

您會在 ESPN+ 上看到它以直接面向消費者的方式提供，我們打算在正在播放的產品方面以及顯然在潛艇方面實現增長。

And I think you're likely to see more sports on ABC as the value of Live grows on the Live basically linear channels.

而且我認為隨著 Live 的價值在 Live 基本線性頻道上增長，您可能會在 ABC 上看到更多體育節目。

So as we look long-term at sports, we look at basically making sports available to the consumer on the Live traditional network on ESPN and on ESPN+.

因此，當我們從長遠來看體育運動時，我們著眼於基本上讓消費者在 ESPN 和 ESPN+ 的傳統直播網絡上觀看體育賽事。

We think that will be a good way not only to reach more consumers, but to monetize cost -- the acquisition of sports program rights in the best possible way.

我們認為這不僅是接觸更多消費者的好方法，也是將成本貨幣化的好方法——以最好的方式收購體育節目的權利。

So Doug, your question on subs and what we'll be disclosing on a go-forward basis.

所以道格，你關於潛艇的問題以及我們將在前進的基礎上披露的內容。

As we said at Investor Day and all the conversations we've had with analysts and investors since then, we intend to be very transparent as it relates to our DTC business, and the sub-counts are going to be something we know people will be interested in.

正如我們在投資者日以及從那時起我們與分析師和投資者進行的所有對話中所說的那樣，我們打算非常透明，因為它與我們的 DTC 業務有關，而且我們知道人們會進行子計數有興趣。

So we will be providing, by the different platforms of, subs by those platforms.

因此，我們將通過這些平台的不同平台提供訂閱服務。

And because we'll be launching domestically, obviously, we expect Disney+ domestically to have a head start on any of the international markets.

而且由於我們將在國內推出，很明顯，我們預計 Disney+ 在國內將在任何國際市場上搶占先機。

But as we go into the international markets, recognizing that it's not a big bang approach to launching all at the same time, there'll be a rollout there.

但是當我們進入國際市場時，認識到同時推出所有產品並不是一個大爆炸的方法，那裡將會有一個推出。

But we'll give you enough guidance so you can look at the success of the rollout.

但我們會為您提供足夠的指導，以便您了解部署的成功與否。

(inaudible)

（聽不清）

I'm sorry, Doug?

對不起，道格？

I said on the Fox dilution, the pacing during the year, is it a step-function improvement into fiscal '21?

我說過 Fox 的稀釋，今年的節奏，這是對 21 財年的階梯式改進嗎？

Or is there sort of a linear improvement in Fox solution throughout fiscal '20?

或者在整個 20 財年 Fox 解決方案是否有某種線性改進？

Well, what we said about Fox dilution is we are reiterating that we will be accretive in fiscal 2021.

好吧，我們所說的關於 Fox 稀釋的內容是我們重申我們將在 2021 財年實現增長。

And we haven't gone into any more specifics than that.

我們沒有比這更具體。

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。

A couple of questions.

幾個問題。

On Disney+, I have one more question.

關於 Disney+，我還有一個問題。

Can you talk about your plans and -- I'm sorry, I can't speak today, your plans for further third-party distribution?

你能談談你的計劃嗎？對不起，我今天不能說你進一步第三方分銷的計劃？

You haven't said anything about Pay TV operators.

你還沒有提到付費電視運營商。

And what are the key trade-offs with these third parties as their billing -- you have access to the data -- will the subs come in through your apps so you have the data?

這些第三方的主要權衡是什麼作為他們的計費——你可以訪問數據——潛艇會通過你的應用程序進來所以你有數據嗎？

And then on the parks, you called out in your press release lower attendance at Disneyland, which seems a little surprising.

然後在公園方面，您在新聞稿中稱迪斯尼樂園的出勤率較低，這似乎有點令人驚訝。

Are consumers waiting for the second attraction, the second Star Wars attraction?

消費者是否在等待第二個景點，第二個星球大戰景點？

And your price increases in the past year have been on the high end of the historic range.

你們在過去一年的價格漲幅一直處於歷史區間的高端。

Can you talk about the outlook for pricing in the next year or 2?

你能談談明年或兩年的定價前景嗎？

All right.

好的。

I'll take the second part of your question first.

我先回答你問題的第二部分。

Price increases at the parks, really, we don't look at it just as increases.

公園的價格上漲，真的，我們不認為它只是上漲。

We look at it as an overall strategy that, as Christine said in her comments, is designed to basically grow yield, yield management.

正如克里斯汀在評論中所說，我們將其視為一項總體戰略，旨在從根本上提高收益和收益管理。

We're trying to basically increase the park experience by spreading demand out and by making the parks more affordable during periods of time, basically lower peak periods and, obviously, more expensive during peak periods, to limit the number of people that go in.

我們試圖通過分散需求和讓公園在一段時間內更便宜，基本上是較低的高峰期，顯然，在高峰期更貴，來限制進入的人數，從而從根本上增加公園體驗。

There was -- we believe that there were some delayed visitation to Galaxy's Edge, both at Disneyland and at Disney World, people waiting for the second e-ticket attraction to open.

我們認為，在迪士尼樂園和迪士尼世界，人們在等待第二個電子門票景點開放時，對 Galaxy's Edge 的訪問有所延遲。

It opens in less than a month in Disney World, and it will open in January at Disneyland.

迪士尼世界還有不到一個月就開張了，1月份在迪士尼樂園開張。

So we sense that there are people that are just waiting for the whole thing to be open, which is fine.

所以我們感覺到有些人只是在等待整個事情開放，這很好。

In the meantime, those 2 lands have been far more successful than have been reported.

與此同時，這兩塊土地比報導的要成功得多。

They've had a significant lift on per caps in merchandise and in food and beverage as for instance.

例如，他們在商品以及食品和飲料方面的人均上限有了顯著提升。

Just to give you one crazy stat, the Millennium Falcon attraction has carried over 1.7 million people already since they've opened across both places, so -- and the guest experience, guest satisfaction, very, very high, and ride availability or attraction availability in the high 90s.

給你一個瘋狂的統計數據，千禧獵鷹景點自從在這兩個地方開放以來已經接待了超過 170 萬人次，所以——客人體驗、客人滿意度非常、非常高，以及乘車可用性或景點可用性在上世紀 90 年代。

That basically means that a very, very complex technological attraction is running really well.

這基本上意味著一個非常非常複雜的技術景點運行得非常好。

The first part of your question regarding Disney+, the -- we're certain the apps will be made available in most traditional apps-selling stores or platforms.

你關於 Disney+ 的問題的第一部分，我們確信這些應用程序將在大多數傳統應用程序銷售商店或平台上提供。

I don't have a comment on the access to -- on access to consumer data if the MVPDs are distributing it or selling it.

如果 MVPD 正在分發或出售消費者數據，我對訪問消費者數據沒有任何評論。

We do have access to some data, obviously, following both the law on some of the other platforms, including Verizon, as for instance.

顯然，我們確實可以訪問某些數據，同時遵守其他一些平台（包括 Verizon）的法律。

But I just don't have the answer to the question if it's sold on -- by an MVPD.

但我只是不知道它是否被 MVPD 出售的問題的答案。

As you know, we did announce today a deal with Amazon, and they are added to a long list of other distributors, including Apple and Samsung and Google and Microsoft and LG and others.

如您所知，我們今天確實宣布了與亞馬遜的交易，他們被添加到一長串其他分銷商名單中，包括蘋果、三星、谷歌、微軟和 LG 等。

Our next question comes from John Hodulik with UBS.

我們的下一個問題來自瑞銀的 John Hodulik。

Great.

偉大的。

Maybe first on the Verizon deal.

也許首先是 Verizon 的交易。

It looks like, Bob, you're going to have access to about 20 million households or just under 20 million households that have eligibility for -- to Disney+ for free.

看起來，鮑勃，你將有資格免費訪問大約 2000 萬個家庭或將近 2000 萬個家庭 - 迪士尼+。

Anything you can tell us about the wholesale arrangement you have with Verizon?

您能告訴我們您與 Verizon 的批發安排嗎？

And T-Mobile, with its distribution of Netflix for free, they got about 50% penetration.

而 T-Mobile 通過免費分發 Netflix，獲得了大約 50% 的滲透率。

Are you guys ready for that kind of scale in -- with Disney+ soon after launch?

你們準備好在 Disney+ 推出後不久進行這種規模化了嗎？

And then if I could, just one more follow-up question.

然後，如果可以的話，再問一個後續問題。

You talked about putting more sports on ABC.

你談到要在 ABC 上放更多的體育節目。

Just any thoughts that you have on potentially bidding for maybe an extra NFL deal and putting that on the broadcast network?

您對可能競標額外的 NFL 交易並將其放在廣播網絡上有什麼想法嗎？

We're -- to your first question, we believe, and we're confident, that we're really ready for scale.

我們 - 對於您的第一個問題，我們相信並且我們有信心，我們真的已經為規模化做好了準備。

That BAMTech platform has been tested under pretty interesting circumstances, including this past Saturday night, when you have hundreds of thousands of people signing up for a pay-per-view event in a very, very short, concentrated period of time.

BAMTech 平台已經在非常有趣的情況下進行了測試，包括上週六晚上，當時有數十萬人在非常非常短且集中的時間內註冊了按次付費活動。

We believe that the people who are signing up for Disney+ will not sign up in as concentrated a way.

我們相信，註冊 Disney+ 的人不會以如此集中的方式註冊。

Now there will be many more of them, we certainly hope.

現在會有更多這樣的人，我們當然希望如此。

But we feel that the platform is robust enough, and that all the elements that need to be in place to manage that kind of scale, are there.

但我們認為該平台足夠強大，並且管理這種規模所需的所有元素都在那裡。

The second part of your question was...

你問題的第二部分是......

Just anything on the wholesale agreement.

批發協議上的任何內容。

ABC Sports -- yes.

ABC 體育——是的。

Oh, the wholesale agreement, we're not prepared to give you any more information about that.

哦，批發協議，我們不准備向您提供更多相關信息。

But I can say that the deal is positive for us from an economic perspective.

但我可以說，從經濟角度來看，這筆交易對我們來說是積極的。

Because it's just not being given away.

因為它只是不被贈送。

In other words, we're not just giving it away.

換句話說，我們不只是放棄它。

We're getting paid a certain amount for it.

我們為此得到了一定的報酬。

But I won't get into specifics regarding that.

但我不會詳細說明這一點。

And then the last part, I think we have an interesting opportunity here to use our platforms in a variety of different ways, including with live sports.

最後一部分，我認為我們在這裡有一個有趣的機會，可以以各種不同的方式使用我們的平台，包括體育直播。

And not just take a sort of a 1 platform approach or a 2 platform, but to really look at the different ways this company can now reach consumers.

不僅僅是採取一種 1 平台方法或 2 平台，而是真正看看這家公司現在可以接觸消費者的不同方式。

And we've done that with simultaneous coverage of -- say, the NFL draft would probably be a great example of that.

我們已經做到了這一點，同時報導了——比如說，NFL 選秀可能就是一個很好的例子。

We have a very unique reach as a company right now in terms of these multiple platforms that, in some respects, is unrivaled.

作為一家公司，我們現在在這些多個平台方面擁有非常獨特的影響力，在某些方面是無與倫比的。

That launch of Disney+ went a long way to us reaching more customers in a different way.

Disney+ 的推出對我們以不同的方式吸引更多客戶大有幫助。

When you add that to ESPN and its channels, and you add that to ABC, that's an opportunity.

當您將其添加到 ESPN 及其頻道，並將其添加到 ABC 時，這就是一個機會。

I think you have to also look at the opportunities we have for our other programming as well.

我認為你還必須看看我們為其他節目提供的機會。

The Fox acquisition brought with it some great creative talent and some very, very successful television studios or production entities, which gives us the ability to produce more and own more of our programming.

對 Fox 的收購帶來了一些偉大的創意人才和一些非常非常成功的電視工作室或製作實體，這使我們能夠製作更多節目並擁有更多節目。

When we then take that programming and put it on ABC and our other live linear channels like Freeform FX Disney Channel, and then we move it through a system that ultimately ends up on SVOD or Hulu, or Disney+, for that matter, that's an extraordinary way to reach more consumers and to monetize our investment in this product in a much more effective way.

然後，當我們將該節目放到 ABC 和我們的其他直播線性頻道（如 Freeform FX 迪士尼頻道）上，然後我們將它通過一個最終在 SVOD 或 Hulu 或 Disney+ 上結束的系統移動時，就此而言，這是一個非凡的以更有效的方式吸引更多消費者並通過我們對該產品的投資獲利。

And it does give us a competitive advantage of sorts to other companies we're competing with who don't have as many platforms or as many ways to both monetize product or reach consumers.

與我們競爭的其他公司相比，它確實給了我們某種競爭優勢，這些公司沒有那麼多的平台或那麼多的方式來通過產品獲利或接觸消費者。

Our next question comes from Jason Bazinet with Citi.

我們的下一個問題來自花旗銀行的 Jason Bazinet。

I just had a question for Mr. Iger.

我剛剛有一個問題要問艾格先生。

Maybe the most common question we get from investors is how consumers are going to navigate a world with so many apps out in the marketplace.

也許我們從投資者那裡得到的最常見的問題是消費者將如何在市場上有如此多的應用程序的世界中導航。

So I just wanted to run a hypothesis by you and see if it resonates with how you're thinking about the world.

所以我只是想對你提出一個假設，看看它是否與你對世界的看法產生共鳴。

Do you think it's reasonable that there will be 3 or 4, for lack of a better word, broadcast apps?

你認為有 3 或 4 個廣播應用程序合理嗎？

Meaning they're sort of broad-based in their offering.

這意味著他們的產品範圍廣泛。

They sort of serve the masses.

他們有點為群眾服務。

And then there will be dozens of, I'll call them niche apps, which are more like cable networks that sort of super serve a customer with a narrow interest.

然後會有幾十個，我稱它們為利基應用程序，它們更像是有線電視網絡，可以為興趣狹窄的客戶提供超級服務。

So that's my question.

這就是我的問題。

Do you agree with that?

你同意嗎？

And if that's true, is Hulu sort of your broadcast app, and ESPN+ and Disney+ positioned as niche apps?

如果這是真的，那麼 Hulu 是否屬於您的廣播應用程序，ESPN+ 和 Disney+ 是否定位為利基應用程序？

I heard your comment about the 4 quadrants.

我聽到了您對 4 個像限的評論。

But if you could just react to that, that would be helpful.

但如果你能對此做出反應，那將會很有幫助。

Well, the second part of your question, I don't think any of these are niche apps necessarily.

好吧，你問題的第二部分，我認為這些都不一定是小眾應用程序。

And I think what we're trying to do as a company is not to look at the apps as entities unto themselves, but look at the apps as part of a broader production, creativity, distribution, monetization play.

我認為作為一家公司，我們正在嘗試做的不是將應用程序視為實體本身，而是將應用程序視為更廣泛的製作、創意、分發和貨幣化遊戲的一部分。

What I mean by that is if you look at Disney, with Disney+, you obviously have films that are monetized in 2 windows first: one, theatrical window, then what I'll call the home video window.

我的意思是，如果你看看迪斯尼，通過迪斯尼+，你顯然有電影首先在兩個窗口中獲利：一個是影院窗口，然後是我稱之為家庭視頻窗口。

And then they move on to this SVOD platform.

然後他們轉向這個 SVOD 平台。

And it's also -- which is also a place that's monetizing the vast library.

而且它也是——這也是一個通過龐大的圖書館獲利的地方。

The same thing can be said for the television programming that we're creating, although a lot of it for Disney+ will be original or exclusive to Disney+, so there's nothing to be -- although there's nothing to keep us from then putting some of it on maybe at Disney channel down the road.

我們正在製作的電視節目也可以這樣說，儘管 Disney+ 的很多內容都是原創的或 Disney+ 獨有的，所以沒有什麼可做的——儘管沒有什麼可以阻止我們將其中的一些也許在路上的迪士尼頻道。

But we're not looking at any of these in an isolated way.

但我們並不是孤立地看待其中任何一個。

I talked about Hulu, but I also talked about it in the context of ABC, of FX, and of Freeform.

我談到了 Hulu，但我也在 ABC、FX 和 Freeform 的背景下談到了它。

Interestingly enough, if you look at current viewing patterns on some of our hit shows on ABC, Grey's Anatomy, The Good Doctor would be 2 examples.

有趣的是，如果您查看我們在 ABC 上的一些熱門節目的當前觀看模式，實習醫生格蕾和好醫生就是兩個例子。

They're on ABC Live.

他們在 ABC 現場直播。

They go through that Live Plus 3, Live Plus 7 or Live Plus 8 cycle.

他們經歷了 Live Plus 3、Live Plus 7 或 Live Plus 8 週期。

Ultimately, they end up on Hulu.

最終，他們最終出現在了 Hulu 上。

By the end of the run of a show after 1 month, often, these shows have tripled in terms of their consumption once they're made available on Hulu, and that's only a month.

通常，在 1 個月後的節目結束時，這些節目一旦在 Hulu 上可用，其消費量就會增加兩倍，而這只是一個月。

It could be on Hulu for years to come.

它可能會在未來幾年出現在 Hulu 上。

So again, I think to the second part of your question, Jason.

所以，我再次想到你問題的第二部分，Jason。

Again, we're not looking at any of them in isolated form right now.

同樣，我們現在不會以孤立的形式查看它們中的任何一個。

As it relates to your first question, which I guess is consumer choice, consumer confusion.

因為它與你的第一個問題有關，我猜這是消費者的選擇，消費者的困惑。

I think a lot about it as it relates to the website consumption patterns and even the current app patterns where no 2 people use the same websites or the same set of apps.

我想了很多，因為它與網站消費模式有關，甚至與沒有兩個人使用相同網站或同一組應用程序的當前應用程序模式有關。

The popular -- yet there's obviously a lot of overlap with the most popular ones.

流行的 - 但顯然與最受歡迎的有很多重疊。

And then there's a lot of fragmentation I think you're going to see that in these sort of, I'll call it, video-centric or program-centric apps, where there are going to be haves and lesser-haves.

然後有很多碎片我認為你會在這些類型中看到，我稱之為以視頻為中心或以程序為中心的應用程序，其中將有和較少。

There are going to be a lot of them available, and they'll have varying levels of consumption.

將會有很多可用的，並且它們會有不同的消費水平。

And the viewer or the consumer will be able to navigate basically relatively easily because they're easily -- easy to find.

並且觀眾或消費者將能夠基本上相對容易地導航，因為它們很容易 - 很容易找到。

Hopefully, they'll be easy to buy or use.

希望它們易於購買或使用。

And they'll be easy, essentially, to place on mobile devices and on desktops.

從本質上講，它們很容易放置在移動設備和台式機上。

And I actually think that if you're thinking about just these TV and movie apps, or however you want to describe them, there are probably going to be fewer of them than there are apps for games and apps for -- everything else that you can currently use.

我實際上認為，如果你只考慮這些電視和電影應用程序，或者你想如何描述它們，那麼它們的數量可能會少於遊戲應用程序和應用程序——你想知道的所有其他應用程序目前可以使用。

So I don't -- it's not a concern.

所以我不——這不是問題。

I do believe, though, that brands will matter, as we have been saying as a company for a long time.

不過，我確實相信品牌很重要，正如我們作為一家公司長期以來一直在說的那樣。

And if you're in a list of choice for sports and you have ESPN on as your name, or for other kind of products that it says Disney or the other brands, I think that immediately rises to the top of a list in terms of consumers' interest and -- because of the recognition factor and the trust they have in these brands.

如果你在一個體育項目的選擇列表中，並且你的名字是 ESPN，或者其他類型的產品，它說是迪士尼或其他品牌，我認為它會立即上升到列表的頂部消費者的興趣——因為他們對這些品牌的認可度和信任度。

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

我們的下一個問題來自 BMO Capital Markets 的 Dan Salmon。

Great.

偉大的。

Good afternoon, everyone.

大家下午好。

Bob, I recognize there's obviously a lot of focus on the DTC business of late.

鮑勃，我知道最近顯然有很多人關注 DTC 業務。

But the Media Networks business is also working through a number of major renewals.

但媒體網絡業務也在經歷一系列重大更新。

We'd love to maybe just hear a little bit of an update on your near and medium-term outlook for linear subscribers, both at the traditional sort and the VMVPDs?

我們很想听聽您對線性訂戶的近期和中期展望的一些更新，包括傳統類型和 VMVPD？

And then maybe just more broadly, how -- just conversations with the MVPDs are evolving as your DTC story emerges.

然後可能更廣泛地說，隨著您的 DTC 故事的出現，與 MVPD 的對話如何發展。

And then just a quick one for Christine.

然後是克里斯汀的快速發言。

Maybe just an update on your conversations with the agencies -- excuse me, the ratings agencies, to be clear, how they're viewing your leverage and maybe the potential to resume a buyback at some point.

也許只是你與這些機構的談話的最新情況——對不起，評級機構，要清楚，他們是如何看待你的槓桿作用的，也許在某個時候恢復回購的可能性。

Dan, before I answer your question, I just want to clarify 2 things: My number on the number of people carries -- or who have been carried on the Millennium Falcon attraction was way low.

丹，在我回答你的問題之前，我只想澄清兩件事：我攜帶的人數——或者說千年隼吸引力上攜帶的人數太少了。

Usually, I pride myself on being right with statistics.

通常，我為自己在統計數據上的正確性而自豪。

It's 5 million, not 1.7 million.

是 500 萬，不是 170 萬。

And secondly, we will have access to a significant amount of user data when people use our apps that have been purchased through MVPDs.

其次，當人們使用我們通過 MVPD 購買的應用程序時，我們將能夠訪問大量用戶數據。

To your question about MVPD renewals, I can say that we have reached a deal in principle with AT&T, and we're in the process of papering that, which is significant in terms of our progress.

關於你關於 MVPD 續約的問題，我可以說我們已經與 AT&T 原則上達成協議，我們正在記錄它，這對我們的進展來說意義重大。

We've been candid and transparent about sub-trends, as Christine mentioned, updating that.

正如 Christine 提到的那樣，我們對子趨勢一直保持坦誠和透明，並對此進行了更新。

Today, there's been sort of continued erosion.

今天，侵蝕仍在繼續。

It abated somewhat last year.

去年有所減弱。

It's grown a bit now.

現在長大了一點。

We can't predict where that goes.

我們無法預測它的去向。

We just feel that as a company, the MVPD platform is still very important to us and very valuable to us, and I think quite viable as well.

我們只是覺得，作為一個公司，MVPD這個平台對我們還是很重要的，對我們很有價值，我覺得也挺可行的。

I happen to believe long-term, that people will be interested in lesser channel -- less channels.

我碰巧相信，從長遠來看，人們會對較少的渠道感興趣——更少的渠道。

It doesn't mean that they don't subscribe at all to multichannel services, but I think the trend will be in the direction of fewer channels rather than as many or certainly more.

這並不意味著他們根本不訂閱多頻道服務，但我認為趨勢將朝著更少頻道的方向發展，而不是盡可能多或更多。

And that's where the app business could benefit because I think people will buy into the app side of it and maintain some channel relationship.

這就是應用程序業務可以受益的地方，因為我認為人們會購買它的應用程序方面並保持一些渠道關係。

But I don't know what the floor is, nor do I think the floor is anything close to being in sight.

但我不知道地板是什麼，我也不認為地板是近在眼前的。

But we're looking, again, holistically across all of our businesses and the platforms with an eye toward the broadest form of monetization and consumption.

但我們再次從整體上審視我們所有的業務和平台，著眼於最廣泛的貨幣化和消費形式。

So Dan, on the rating agencies, we do have an active dialogue with the agencies.

所以丹，關於評級機構，我們確實與這些機構進行了積極的對話。

It's a combination of me, the IR team and our treasury team, and we keep them very up-to-date on our plans as well as our performance.

這是我、IR 團隊和財務團隊的結合，我們讓他們及時了解我們的計劃和績效。

We have a schedule.

我們有一個時間表。

We go in and see them a couple of times a year.

我們一年進去看他們幾次。

We're planning on that shortly.

我們很快就計劃好了。

We'll go back in and see them.

我們會回去看看他們。

But we -- I think people saw that we had a significant bond offering in August, a $7 billion bond offering.

但是我們——我認為人們看到我們在 8 月份進行了一次重要的債券發行，發行了 70 億美元的債券。

The ratings were affirmed at that time across all 3 agencies as mid-single A. And if you look at our leverage at the end of this quarter, you can calculate it, it comes in around 2 7 on a gross and about a 0.3 turn less on a net basis.

當時所有 3 家機構的評級都被確認為中單 A。如果你看看我們在本季度末的槓桿率，你可以計算一下，它的總收益約為 2 7，約為 0.3淨額減少。

And although the agencies make some adjustments to those calculations, suffice it to say that even when they calculate using their adjustments, the agencies are still well below 3x.

儘管這些機構對這些計算進行了一些調整，但可以說，即使他們使用他們的調整進行計算，這些機構仍然遠低於 3 倍。

Our final question comes from Steven Cahall with Wells Fargo.

我們的最後一個問題來自富國銀行的 Steven Cahall。

I was wondering, first off, just how you think about the right amount of content spending for Hulu, maybe cash basis of both total and originals.

我想知道，首先，您如何看待 Hulu 的適當內容支出，也許是總支出和原創支出的現金基礎。

And do you think you'll need to do things like lock up some of the FX show runners like some of your peers have done?

你認為你需要像你的一些同行那樣做一些事情，比如鎖定一些 FX 表演者嗎？

And then maybe just, Christine, one on the park side of things.

然後也許只是，克里斯汀，一個在公園那邊的人。

How do you get comfortable that you're not seeing any underlying weakening demand, and it's all just deferrals?

沒有看到任何潛在的疲軟需求，而這只是延期，您如何感到安心？

And since you think that is the case, is there a point in the year where you think that you might start to see some acceleration in the attendance at the domestic parks?

既然你認為是這種情況，那麼今年是否有某個時間點你認為你可能會開始看到國內公園的出勤率有所加速？

Steven, we're facing what is obviously an extraordinarily competitive marketplace for talent in television and in films.

史蒂文，我們正面臨著電視和電影人才競爭異常激烈的市場。

That's not just creative and/or producing and writing and directing talent, but acting talent as well.

這不僅僅是創意和/或製作、寫作和導演人才，還有表演人才。

It's a good time to be on that side of the business.

現在是站在業務那一邊的好時機。

We're making deals selectively based on both the talent of the people involved, but also the cost.

我們根據相關人員的才能和成本有選擇地進行交易。

We're trying to be mindful of the need, both to fuel our platforms with enough high-quality talent, while at the same time, managing the bottom line.

我們正努力關注這一需求，既要為我們的平台提供足夠的高素質人才，又要管理好底線。

We're not changing our guidance in terms of when we believe that these DTC businesses will achieve profitability, and that's based on what we think is a reasonable amount of original content that will be made for these platforms, at a cost, at least in today's world, that we think is deliverable.

關於我們認為這些 DTC 業務何時實現盈利，我們不會改變我們的指導意見，這是基於我們認為將為這些平台製作的合理數量的原創內容，至少在當今世界，我們認為是可以實現的。

Steve, on domestic parks, we still feel very good about the demand for our domestic park product.

史蒂夫，在國內公園方面，我們對國內公園產品的需求仍然非常好。

We do a lot of research in our parks business.

我們對公園業務進行了大量研究。

Guest satisfaction is something that we track; when people come and their intent to return.

客人滿意度是我們跟踪的東西；人們來的時候和他們回來的意圖。

And also, we have metrics that look out year-over-year, what the booking trends are.

此外，我們還有一些指標可以逐年查看預訂趨勢。

And as I mentioned in my prepared comments, our booked rates, our domestic hotels are currently pacing up 5% versus prior year.

正如我在準備好的評論中提到的那樣，我們的預訂率，我們的國內酒店目前比上一年增長了 5%。

So given everything that we've talked about previously, especially as it relates to Star Wars: Galaxy's Edge and the complete opening of that land in both World and Disneyland, we feel really good about the momentum we have going into '19 domestic parks.

因此，考慮到我們之前討論過的所有內容，尤其是與《星球大戰：銀河邊緣》以及這片土地在世界和迪士尼樂園的完全開放有關的內容，我們對進入 19 個國內公園的勢頭感到非常滿意。

Okay.

好的。

Thanks, Steven.

謝謝，史蒂文。

Thanks again, everyone, for joining us today.

再次感謝大家今天加入我們。

Please 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 businesses in periods of the prior year.

在我們的評論中，我們提供了某些 21CF 業務在上一年期間的業績估計。

These estimates are based on an analysis of 21CF records, 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 statements may constitute forward-looking statements under the securities laws.

我還要提醒您，本次電話會議的某些陳述，包括財務報表，可能構成證券法規定的前瞻性陳述。

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

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

Forward-looking statements are subject to a number of risks and uncertainties, and actual results may differ materially from the results expressed or implied in light of a variety of factors, including factors contained in our annual report on Form 10-K, 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 good evening, everyone.

大家晚上好

Ladies and gentlemen, this concludes today's conference call.

女士們，先生們，今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。