迪士尼 (DIS) 2022 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to The Walt Disney Company's First Quarter 2022 Financial Results Conference Call. (Operator Instructions) Please be advised today's conference may be recorded. (Operator Instructions)

美好的一天，感謝您的支持。歡迎參加華特迪士尼公司 2022 年第一季度財務業績電話會議。 （操作員說明）請注意今天的會議可能會被錄製。 （操作員說明）

I'd now like to hand the conference over to Jenn Kettnich, Vice President of Investor Relations for The Walt Disney Company. Please go ahead.

我現在想將會議交給華特迪士尼公司投資者關係副總裁 Jenn Kettnich。請繼續。

Good afternoon, and it's my pleasure to welcome everyone to The Walt Disney Company's First Quarter 2022 Earnings Call. Our press release was issued about 25 minutes ago and is available on our website at www.disney.com/investors. Today's call is also being webcast and we'll post a transcript of this call to our website.

下午好，我很高興歡迎大家參加華特迪士尼公司 2022 年第一季度財報電話會議。我們的新聞稿大約在 25 分鐘前發布，可在我們的網站 www.disney.com/investors 上查閱。今天的電話會議也在網絡直播中，我們將把這次電話會議的文字記錄發佈到我們的網站上。

Joining me today are Bob Chapek, Disney's Chief Executive Officer; and Christine McCarthy, Senior Executive Vice President and Chief Financial Officer. Following comments from Bob and Christine, we'll be happy to take some of your questions.

今天加入我的還有迪士尼首席執行官 Bob Chapek；以及高級執行副總裁兼首席財務官 Christine McCarthy。根據 Bob 和 Christine 的評論，我們很樂意回答您的一些問題。

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

因此，讓我將電話轉給 Bob 開始。

Thanks, Jenn, and good afternoon, everyone.

謝謝，Jenn，大家下午好。

As we begin the final year of The Walt Disney Company's first century, I am pleased to share our results for the first quarter of fiscal 2022, starting with the highlights. Our adjusted EPS of $1.06 is up from $0.32 a year ago. Our domestic parks and resorts achieved all-time revenue and operating income records despite the Omicron surge. And our streaming services ended Q1 with 196.4 million total subscriptions after adding 17.4 million in the quarter, including 11.8 million Disney+ subscribers. I'll share more about those items shortly. But first, I want to talk about this unique moment in the history of The Walt Disney Company.

在我們開始華特迪士尼公司第一個世紀的最後一年之際，我很高興分享我們在 2022 財年第一季度的業績，從亮點開始。我們調整後的每股收益為 1.06 美元，高於一年前的 0.32 美元。儘管 Omicron 激增，我們的國內公園和度假村仍實現了歷史上的收入和營業收入記錄。我們的流媒體服務在本季度增加了 1740 萬後，在第一季度結束時的總訂閱量為 1.964 億，其中包括 1180 萬迪士尼+ 訂閱者。我將很快分享更多關於這些項目的信息。但首先，我想談談華特迪士尼公司歷史上的這一獨特時刻。

It is perhaps fitting that our 100th anniversary comes at a time of significant change for us and our industry. In the midst of a global pandemic, fast-changing consumer expectations and a leadership transition, we reimagined our parks business, substantially increased our investment in content creation and executed a reorganization that will facilitate our ongoing transformation. Each of those actions has helped set the stage for our second century. And as we approach that remarkable milestone, I am filled with optimism.

我們的 100 週年紀念正值我們和我們的行業發生重大變化的時刻，這也許是恰當的。在全球大流行、快速變化的消費者期望和領導層過渡的背景下，我們重新構想了我們的公園業務，大幅增加了對內容創作的投資，並執行了重組，以促進我們正在進行的轉型。這些行動中的每一項都為我們的第二個世紀奠定了基礎。當我們接近這個非凡的里程碑時，我充滿了樂觀。

We have the world's most creative storytelling engine, an unmatched collection of brands and franchises and an ability to tell stories that form deep emotional connections with audiences. We have a portfolio of distribution platforms, including powerful and growing streaming services. We have diverse revenue streams that span business models and industries, but which all are interconnected to create entertainment's most powerful synergy machine.

我們擁有世界上最具創意的故事講述引擎、無與倫比的品牌和特許經營權集合，以及講述與觀眾形成深厚情感聯繫的故事的能力。我們擁有一系列分發平台，包括功能強大且不斷增長的流媒體服務。我們擁有跨越商業模式和行業的多樣化收入來源，但它們都相互關聯，以創造娛樂界最強大的協同機器。

We have the country's top news organization and the most trusted brand for following sports and our theme parks continue to be the most magical places on Earth. In short, our collection of assets and platforms, creative capabilities and unique place in the cultural zeitgeist give me great confidence that we will continue to define entertainment for the next 100 years.

我們擁有該國頂級新聞機構和最值得信賴的體育關注品牌，我們的主題公園仍然是地球上最神奇的地方。簡而言之，我們的資產和平台集合、創意能力和在文化時代精神中的獨特地位讓我非常有信心，我們將繼續定義未來 100 年的娛樂。

To carry through on that promise, we will be guided by 3 strategic pillars: storytelling excellence, innovation and audience focus. Storytelling excellence is, of course, dependent on having excellent storytellers. I am thrilled to share that our legacy of being home to the most accomplished leaders in the industry will continue, as nearly all of our top creative executives have recently renewed, extended or signed new contracts. I could not be more excited to continue working with these creative powerhouses.

為了兌現這一承諾，我們將以 3 個戰略支柱為指導：卓越的故事講述、創新和受眾關注。當然，優秀的講故事取決於有優秀的講故事的人。我很高興與大家分享，我們擁有業內最有成就的領導者的傳統將繼續存在，因為我們幾乎所有的頂級創意高管最近都續簽、延長或簽署了新合同。能繼續與這些創意強國合作，我感到無比興奮。

The quality content from our teams was recognized just yesterday with a fantastic 23 Oscar nominations, including 3 of the 5 best animated feature films: Pixar's Luca; Walt Disney Animation's Raya and the Last Dragon; and our newest franchise, Walt Disney Animation's Encanto, which received 3 nominations. Summer of Soul was recognized in the best documentary category, and Nightmare Alley and West Side Story both received best picture nominations. As you may have seen earlier today, we announced West Side Story will debut in most Disney+ markets on March 2, and we can't wait for our subscribers to see this incredible film.

昨天，我們團隊的優質內容獲得了 23 項奧斯卡提名，其中包括 5 部最佳動畫長片中的 3 部：皮克斯的盧卡； Walt Disney Animation 的 Raya and the Last Dragon；以及我們最新的特許經營權，華特迪士尼動畫公司的 Encanto，獲得了 3 項提名。 《靈魂之夏》被評為最佳紀錄片類別，《夢魘巷》和《西區故事》均獲得最佳影片提名。正如您今天早些時候可能看到的那樣，我們宣布《西區故事》將於 3 月 2 日在大多數 Disney+ 市場首映，我們迫不及待地想讓我們的訂閱者看到這部令人難以置信的電影。

In Q1, our studios took us deeper into the Marvel Cinematic Universe with Eternals and the Disney+ original series, Hawkeye, and returned us to that galaxy far, far away with another Disney+ original series, The Book of Boba Fett. Our general entertainment teams also continued to produce programming of the highest quality. In fact, last year, our general entertainment team produced nearly 1/4 of the industry's best reviewed shows. And Q1 saw 10 of their shows achieve a 100% critic score on Rotten Tomatoes. That includes Abbott Elementary, the first freshman broadcast comedy to earn the 100% Certified Fresh score since ABC's own Modern Family in 2009.

在第一季度，我們的工作室通過 Eternals 和 Disney+ 原創系列《鷹眼》將我們帶入了漫威電影宇宙，並通過另一個 Disney+ 原創系列《波巴·費特之書》將我們帶回了遙遠的銀河系。我們的綜合娛樂團隊也繼續製作最高質量的節目。事實上，去年，我們的綜合娛樂團隊製作了近 1/4 的業界最佳評論節目。在第一季度，他們的 10 個節目在爛番茄上獲得了 100% 的評論評分。其中包括雅培小學，這是自 2009 年 ABC 自己的摩登家庭以來第一部獲得 100% 認證新鮮分數的新生廣播喜劇。

Our success in branded storytelling is, of course, no secret. However, it's often lost that the depth, breadth and quality of our general entertainment content is also a driving force behind the success of our streaming services. In fact, 6 of the 10 most watched programs across our services are general entertainment titles produced by our own team. And general entertainment is an increasingly powerful driver of engagement in most of our international markets where such content is already included in our service under the Star brand. Going forward, integrating more owned general entertainment into our services, especially Disney+, will be a priority. In fact, just today, we added episodes of Grown-ish, Black-ish and The Wonder Years to our domestic Disney+ service.

我們在品牌故事講述方面的成功當然不是什麼秘密。然而，我們一般娛樂內容的深度、廣度和質量往往也是我們流媒體服務成功的驅動力，這一點常常被忽視。事實上，我們服務中收視率最高的 10 個節目中有 6 個是我們自己的團隊製作的一般娛樂節目。在我們的大多數國際市場中，一般娛樂是一個越來越強大的參與驅動力，這些內容已經包含在我們以 Star 品牌提供的服務中。展望未來，將更多自有的一般娛樂整合到我們的服務中，尤其是迪士尼+，將是一個優先事項。事實上，就在今天，我們在國內的 Disney+ 服務中添加了 Grown-ish、Black-ish 和 The Wonder Years 的劇集。

Rounding out our content focus is, of course, sports. Sporting events continue to be the most powerful draw in television, accounting for 95 of the 100 most watched live broadcast in 2021. And ESPN once again set the bar this quarter with live games across each of our 4 major U.S. sports, including the revolutionary Monday Night with Peyton and Eli. And I am pleased to announce that we have expanded our agreement with Peyton Manning and his Omaha Productions company to extend our relationship through the 2024 NFL season. And we'll add alternative presentations for UFC, golf and college football events for each of the next 3 years.

完善我們的內容重點當然是體育。體育賽事仍然是電視中最強大的吸引力，佔 2021 年收視率最高的 100 場直播中的 95 場。ESPN 在本季度再次設定了標準，在我們的 4 大美國體育賽事中進行了現場比賽，包括革命性的星期一與佩頓和伊萊共度夜晚。我很高興地宣布，我們擴大了與佩頓曼寧及其奧馬哈製作公司的協議，將我們的關係延長到 2024 年 NFL 賽季。我們將為未來 3 年的每一年添加 UFC、高爾夫和大學橄欖球賽事的替代演示。

While multiplatform television and streaming will continue to be the foundation of sports coverage for the immediate future, we believe the opportunity for The Walt Disney Company goes well beyond these channels. It extends to sports betting, gaming and the metaverse. In fact, that's what excites us, the opportunity to build a sports machine akin to our franchise flywheel that enables audiences to experience, connect with and become actively engaged with their favorite sporting events, stories, teams and players.

雖然多平台電視和流媒體將繼續成為近期體育報導的基礎，但我們相信華特迪士尼公司的機會遠遠超出這些渠道。它擴展到體育博彩、遊戲和虛擬世界。事實上，這讓我們興奮不已，有機會製造類似於我們特許經營飛輪的運動機器，讓觀眾能夠體驗、聯繫並積極參與他們最喜歡的體育賽事、故事、球隊和球員。

Turning to distribution results. The continued growth of our streaming services was certainly a standout. Our success at Disney+ this quarter was not the result of any one item, but instead a combination of organic growth and powerful new content, our strategic decision to include the Disney bundle with all Hulu Live subscriptions and new market launches. The remainder of this fiscal year will feature compelling Disney+ originals from across our brands and franchises, beginning with Pixar's Turning Red and Marvel Studios' Moon Knight in March.

轉向分配結果。我們流媒體服務的持續增長無疑是一個突出的表現。本季度我們在 Disney+ 上的成功不是任何一項的結果，而是有機增長和強大的新內容的結合，我們的戰略決定是將迪士尼捆綁包與所有 Hulu Live 訂閱和新市場發布相結合。本財年的剩餘時間將展示來自我們品牌和特許經營權的引人注目的迪士尼+原創作品，從 3 月份皮克斯的《變紅》和漫威影業的《月亮騎士》開始。

And the back half of FY '22 will feature a truly stunning array of content, including 2 Star Wars series: Andor and the highly anticipated Obi-Wan Kenobi, which I am excited to announce will premiere on May 25. We'll debut 2 Marvel series, Ms. Marvel and She-Hulk; fresh new shorts from Disney Animation and Pixar featuring the worlds of Big Hero 6 and Cars; a live-action reimagining of the Disney classic Pinocchio, starring Tom Hanks as Geppetto; and one of the most anticipated sequels in some time, especially in the Chapek household, Hocus Pocus 2. As I've said before, we continue to manage our services for the long term and maintain confidence in our guidance of 230 million to 260 million total paid Disney+ subscribers globally by the end of fiscal 2024.

22 財年的後半部分將展示一系列真正令人驚嘆的內容，包括 2 部星球大戰系列：安多和備受期待的歐比旺克諾比，我很高興地宣布將於 5 月 25 日首映。我們將首次亮相 2 Marvel系列，Ms. Marvel和She-Hulk；來自迪士尼動畫和皮克斯的全新短片，展示了 Big Hero 6 和 Cars 的世界；迪士尼經典皮諾曹的真人版重新構想，由湯姆·漢克斯飾演 Geppetto；以及一段時間內最受期待的續集之一，尤其是在 Chapek 家庭中，Hocus Pocus 2。正如我之前所說，我們將繼續長期管理我們的服務，並對我們 2.3 億至 2.6 億的指導保持信心到 2024 財年末，全球 Disney+ 付費用戶總數。

Christine will provide more detail into our theatrical results. However, I want to reiterate that we continue to see value in the moviegoing experience, especially for big franchise blockbusters. And given the performance of titles like Spider-Man: No Way Home, we are looking forward to kicking off our summer slate with another Marvel franchise film, Doctor Strange in the Multiverse of Madness. That said, audiences will be our North Star as we determine how our content is distributed. And we do not subscribe to the belief that theatrical distribution is the only way to build a Disney franchise.

克里斯汀將為我們的戲劇結果提供更多細節。然而，我想重申，我們繼續看到觀影體驗的價值，尤其是對於大型特許經營大片。鑑於《蜘蛛俠：無路可歸》等作品的表現，我們期待著以另一部漫威系列電影《瘋狂多元宇宙中的奇異博士》開始我們的暑期檔。也就是說，在我們確定內容的分發方式時，觀眾將成為我們的北極星。而且我們不認同院線發行是建立迪士尼特許經營權的唯一途徑的信念。

This quarter, audiences proved us right as Encanto became a phenomenon within days of its arrival on Disney+ after families' continued reluctance to return to theaters resulted in a muted theatrical performance. With outstanding music from Lin-Manuel Miranda, it became the fastest title to cross 200 million hours viewed on Disney+ and took social media by storm. People around the world expressed their fandom through their own content and conversation, and the Encanto hashtag has been viewed more than 11 billion times. The soundtrack, which debuted at #197 on the Billboard 200 chart, reached #1 shortly after debuting on Disney+. And 8 of the film's songs hit the Hot 100 chart, including We Don't Talk About Bruno, which became the first Disney song to reach #1 since Aladdin's A Whole New World in 1993.

本季度，觀眾證明我們是對的，因為 Encanto 在其登陸 Disney+ 後的幾天內就成為一種現象，因為家庭繼續不願返回劇院導致戲劇表演平淡無奇。憑藉 Lin-Manuel Miranda 的出色音樂，它成為在 Disney+ 上觀看時間超過 2 億小時的最快作品，並席捲了社交媒體。世界各地的人們通過自己的內容和對話表達了他們的狂熱，Encanto 標籤的瀏覽量已超過 110 億次。原聲帶在公告牌 200 榜單上排名第 197 位，在 Disney+ 上首次亮相後不久就達到了第一名。這部電影的 8 首歌曲登上了 Hot 100 榜單，其中包括《我們不談論布魯諾》，這成為自 1993 年阿拉丁的全新世界以來第一首登上第一名的迪士尼歌曲。

At the same time, sales of Encanto merchandise defied traditional post-holiday declines and actually increased following the film's release on Disney+ on Christmas Eve and guests at Disney California Adventure have loved seeing Mirabel in real life. These results are exactly what you would expect from the launch of a new Disney franchise, and we are thrilled that Disney+ was the catalyst. We are more confident than ever in this platform as a content service, a franchise engine and as a venue for the next generation of Disney storytelling.

與此同時，Encanto 商品的銷售額克服了傳統的節後下滑趨勢，並在電影於平安夜在 Disney+ 上上映後實際上有所增長，迪士尼加州冒險樂園的客人們都喜歡在現實生活中看到米拉貝爾。這些結果正是您對推出新的迪士尼特許經營權所期望的結果，我們很高興 Disney+ 成為催化劑。作為內容服務、特許經營引擎和下一代迪士尼故事講述場所，我們比以往任何時候都更有信心。

Finally, I could not be more pleased with the performance of our Parks, Experiences and Products segment, which posted its second best quarter of all time. Over the last several years, we've transformed the guest experience by investing in new storytelling and groundbreaking technology, and the records at our domestic parks are the direct result of this investment. From new franchise-based lands and attractions, to craveable food and beverage offerings, to must-have character merchandise, there is more great Disney storytelling infused into every aspect of a visit to our parks than ever before.

最後，我對我們的公園、體驗和產品部門的表現感到非常滿意，該部門發布了有史以來第二好的季度。在過去的幾年裡，我們通過投資新的故事講述和突破性技術改變了遊客體驗，而我們國內公園的記錄就是這項投資的直接結果。從新的特許經營土地和景點，到令人垂涎的食品和飲料，再到必備的角色商品，我們公園的各個方面都比以往任何時候都融入了更多精彩的迪士尼故事。

At the same time, we're giving guests new tools to personalize their visits and spend less time in line and more time having fun. While we anticipated these products would be popular, we have been blown away by the reception. In the quarter, more than 1/3 of domestic park guests purchased either Genie+, Lightning Lane or both. That number rose to more than 50% during the holiday period.

同時，我們為客人提供了新的工具來個性化他們的訪問，減少排隊的時間，更多的時間享受樂趣。雖然我們預計這些產品會很受歡迎，但我們被接待處所震撼。本季度，超過 1/3 的國內公園遊客購買了 Genie+、Lightning Lane 或兩者。在假期期間，這一數字上升到 50% 以上。

While demand was strong throughout the quarter at both domestic sites, our reservation system enabled us to strategically manage attendance. In fact, their stellar performance was achieved at lower attendance levels than 2019. As we return to a more normalized environment, we look forward to more fully capitalizing on the extraordinary demand for our parks, along with the already realized yield benefits that took shape this quarter.

雖然兩個國內站點的需求在整個季度都很強勁，但我們的預訂系統使我們能夠戰略性地管理出勤率。事實上，他們的出色表現是在比 2019 年更低的出勤率下實現的。隨著我們回到一個更加正常化的環境，我們期待更充分地利用對我們公園的非凡需求，以及已經實現的收益收益。 25美分硬幣。

And we, of course, will continue to invest in the guest experience. I am personally looking forward to Star Wars: Galactic Starcruiser at Walt Disney World, a 2-night adventure into the most immersive Star Wars story ever created. We are pleased with demand for this premium groundbreaking experience which will welcome guests starting on March 1. Later this summer, we will debut an innovative new roller coaster at Epcot, Guardians of the Galaxy: Cosmic Rewind and open Avengers Campus at Disneyland Paris, where the iconic Quinjet landed a few weeks ago ahead of the resort's 30th anniversary celebrations.

當然，我們將繼續投資於客戶體驗。我個人很期待沃爾特迪斯尼世界的《星球大戰：銀河星際巡洋艦》，這是一場 2 晚冒險進入有史以來最身臨其境的星球大戰故事。我們對這種優質的開創性體驗的需求感到滿意，該體驗將於 3 月 1 日開始歡迎客人。今年夏天晚些時候，我們將在 Epcot、銀河護衛隊：宇宙倒帶和在巴黎迪斯尼樂園開放復仇者校園推出創新的新過山車，在那裡幾週前，標誌性的 Quinjet 在度假村 30 週年慶典之前降落。

I want to close by thanking our 195,000 employees for bringing Disney magic to audiences and guests around the world, especially in times like these when the world needs it most. Our company is truly extraordinary, and I am honored to work with the most talented team in the industry to create the next generation of Disney stories and experiences through our focus on storytelling excellence, innovation and our audience.

最後，我要感謝我們的 195,000 名員工將迪士尼魔法帶給世界各地的觀眾和客人，尤其是在世界最需要它的這種時刻。我們的公司確實非凡，我很榮幸能與業內最有才華的團隊合作，通過我們專注於講故事的卓越、創新和我們的觀眾來創造下一代迪士尼故事和體驗。

With that, I'll hand it over to Christine.

有了這個，我會把它交給克里斯汀。

Thanks, Bob, and good afternoon, everyone.

謝謝，鮑勃，大家下午好。

Excluding certain items, diluted earnings per share for the quarter were $1.06, an increase of $0.74 from the prior year quarter. Fiscal 2022 is off to a good start as evidenced by our first quarter results and our continued progress towards more normalized operations across our businesses.

不計某些項目，本季度每股攤薄收益為 1.06 美元，比去年同期增加 0.74 美元。 2022 財年開局良好，我們的第一季度業績和我們在整個業務中朝著更加規範化運營的持續進展證明了這一點。

At Parks, Experiences and Products, operating income was up $2.6 billion year-over-year as all of our parks and resorts around the world were open for the entirety of the fiscal first quarter. In the prior year quarter, Walt Disney World Resort and Shanghai Disney Resort were open for the entire quarter, while Hong Kong Disneyland Resort and Disneyland Paris were each open for a limited number of weeks and Disneyland Resort was closed for the entire quarter.

在 Parks、Experiences 和 Products，營業收入同比增長 26 億美元，因為我們在全球的所有公園和度假村在整個第一財季都開放。在上一季度，華特迪士尼世界度假區和上海迪士尼度假區在整個季度開放，而香港迪士尼樂園度假區和巴黎迪士尼樂園分別開放有限的幾週，而迪士尼樂園度假區則在整個季度關閉。

At our domestic parks, we were very pleased with the strong levels of demand we saw from both Walt Disney World and Disneyland. And as Bob mentioned, our reservation system has allowed us to strategically manage attendance. Overall, attendance trends at our domestic parks continued to strengthen in the quarter with Walt Disney World and Disneyland Q1 attendance up double digits versus Q4, in part reflecting holiday seasonality.

在我們的國內公園，我們對沃爾特迪斯尼世界和迪斯尼樂園的強勁需求感到非常滿意。正如 Bob 提到的，我們的預訂系統使我們能夠戰略性地管理出勤率。總體而言，本季度我們國內公園的遊客人數趨勢繼續加強，沃爾特迪斯尼樂園和迪士尼樂園第一季度的遊客人數與第四季度相比上升了兩位數，部分反映了假期的季節性。

Per capita spending at our domestic parks was up more than 40% versus fiscal first quarter 2019 driven by a more favorable guest and ticket mix, higher food, beverage and merchandise spending and contributions from Genie+ and Lightning Lane. Putting these factors together, our domestic parks and resorts delivered Q1 revenue and operating income exceeding pre-pandemic levels even as we continued managing attendance to responsibly address ongoing COVID considerations. Looking ahead to Q2, our demand pipeline for domestic guests at Walt Disney World and Disneyland remain strong, benefiting from our 50th anniversary celebration at Walt Disney World and new attractions and experiences at both parks.

由於更有利的賓客和門票組合、更高的食品、飲料和商品支出以及 Genie+ 和 Lightning Lane 的貢獻，我們國內公園的人均支出與 2019 財年第一季度相比增長了 40% 以上。綜合這些因素，我們的國內公園和度假村的第一季度收入和營業收入超過了大流行前的水平，儘管我們繼續管理遊客人數以負責任地解決持續的 COVID 問題。展望第二季度，我們在華特迪士尼世界和迪士尼樂園對國內游客的需求仍然強勁，這得益於我們在華特迪士尼世界的 50 週年慶典以及兩個公園的新景點和體驗。

At international parks, a profitable first quarter reflected improving trends at Disneyland Paris. We also saw improved results at Hong Kong Disneyland, although the resort is now temporarily closed in response to a resurgence in COVID cases in the region. We expect international parks will continue to be impacted by COVID-related volatility for the remainder of Q2.

在國際公園，第一季度的盈利反映了巴黎迪士尼樂園的改善趨勢。我們還看到香港迪士尼樂園的業績有所改善，儘管該度假村現在暫時關閉以應對該地區新冠病例的死灰復燃。我們預計國際公園將在第二季度剩餘時間內繼續受到與 COVID 相關的波動的影響。

Moving on to our Media and Entertainment Distribution segment. First quarter operating income decreased by more than $600 million versus the prior year as revenue growth across our lines of business was more than offset by higher programming and production costs. Revenue growth in the quarter was primarily driven by increased subscription fees from our direct-to-consumer services. We also delivered record advertising revenues for the segment as we continue to see strong advertiser demand for our live sports and streaming and digital businesses.

繼續我們的媒體和娛樂分銷部門。第一季度營業收入與去年同期相比減少了 6 億多美元，因為我們業務線的收入增長被更高的節目和製作成本所抵消。本季度的收入增長主要是由於我們的直接面向消費者服務的訂閱費增加。由於我們繼續看到廣告客戶對我們的體育直播、流媒體和數字業務的強勁需求，我們還為該細分市場創造了創紀錄的廣告收入。

Turning to our results by line of business. At Linear Networks, you may recall that we guided to a decrease in operating income of nearly $500 million for Q1 versus the prior year. Operating income of $1.5 billion came in better than expected, primarily driven by our international channels, which I'll discuss in a minute.

轉向我們按業務線劃分的結果。在 Linear Networks，您可能還記得我們指導第一季度的營業收入與去年相比減少了近 5 億美元。 15 億美元的營業收入好於預期，這主要是由我們的國際渠道推動的，我將在稍後討論。

At our domestic channels, both Broadcasting and Cable operating income decreased in the first quarter versus the prior year. Lower results at Broadcasting were impacted by an adverse comparison to prior year political advertising revenue at our owned television stations, as we noted in the guidance we gave last quarter. At Cable, the year-over-year decrease in operating income reflected higher programming and production costs and increased marketing spend, partially offset by increases in advertising and affiliate revenue.

在我們的國內頻道，第一季度的廣播和有線電視營業收入均比去年同期下降。正如我們在上個季度給出的指導中指出的那樣，與我們自有電視台上一年的政治廣告收入相比，廣播的較低業績受到了影響。在有線電視，營業收入的同比下降反映了更高的節目和製作成本以及營銷支出的增加，部分被廣告和附屬收入的增加所抵消。

Growth in advertising revenue was driven by ESPN as we benefited from the start of a normalized NBA calendar and increased viewership for football. ESPN advertising revenue in the first quarter was up 14% versus the prior year and second quarter-to-date domestic cash advertising sales at ESPN are currently pacing up. Total domestic affiliate revenue increased by 2% in the quarter. This was primarily driven by 6 points of growth from higher rates, offset by a 4-point decline due to a decrease in subscribers.

廣告收入的增長是由 ESPN 推動的，因為我們受益於標準化 NBA 日曆的開始和足球收視率的增加。 ESPN 第一季度的廣告收入與去年同期相比增長了 14%，並且目前 ESPN 的第二季度迄今為止的國內現金廣告銷售正在增長。本季度國內分支機構總收入增長了 2%。這主要是由於較高的費率帶來了 6 個百分點的增長，但被訂閱者減少導致的 4 個百分點的下降所抵消。

Operating income at our international channels decreased slightly versus the prior year. These results came in more than $200 million better than our prior guidance primarily due to lower programming and production costs as well as better-than-expected advertising and affiliate revenues.

我們國際渠道的營業收入與去年相比略有下降。這些結果比我們之前的指導高出 2 億多美元，這主要是由於節目和製作成本降低以及廣告和附屬收入好於預期。

At Direct-to-Consumer, first quarter operating results decreased by $127 million year-over-year, driven by higher losses at Disney+ and ESPN+, partially offset by improved results at Hulu. I'll note that beginning this quarter, we are providing disclosure on our programming and production expenses by service as well as additional detail for Disney+ in our 10-Q.

在 Direct-to-Consumer 方面，由於 Disney+ 和 ESPN+ 的虧損增加，第一季度的運營業績同比下降了 1.27 億美元，部分被 Hulu 業績的改善所抵消。我會注意到，從本季度開始，我們將在 10-Q 中按服務披露我們的節目和製作費用以及 Disney+ 的其他詳細信息。

Operating losses at Disney+ increased versus the prior year as growth in subscription revenue was more than offset by higher programming, technology and marketing costs. We ended the quarter with nearly 130 million global paid Disney+ subscribers, reflecting over 11 million net additions from Q4.

由於訂閱收入的增長被更高的節目、技術和營銷成本所抵消，Disney+ 的運營虧損與上一年相比有所增加。截至本季度末，我們擁有近 1.3 億全球付費 Disney+ 用戶，反映了第四季度淨增加超過 1100 萬。

Taking a look at subscriber growth by region. We added 4.1 million paid domestic Disney+ subscribers, including a benefit of approximately 2 million incremental subscribers from our strategic decision to include Disney+ and ESPN+ as part of a Hulu Live subscription. In international markets, excluding Disney+ Hotstar, we added 5.1 million paid subscribers, primarily driven by growth in Asia Pacific and European markets. I'll note that growth in Asia included the benefit of new market launches in South Korea, Taiwan and Hong Kong in the quarter. Finally, we were able to resume growth in Disney+ Hotstar markets with 2.6 million paid subscriber additions in the quarter.

按地區查看用戶增長情況。我們增加了 410 萬付費國內 Disney+ 訂戶，其中包括從我們將 Disney+ 和 ESPN+ 納入 Hulu Live 訂閱的戰略決策中增加的約 200 萬訂戶的收益。在國際市場，不包括 Disney+ Hotstar，我們增加了 510 萬付費用戶，主要受亞太和歐洲市場增長的推動。我會注意到亞洲的增長包括本季度在韓國、台灣和香港推出新市場的好處。最後，我們在本季度增加了 260 萬付費用戶，從而恢復了 Disney+ Hotstar 市場的增長。

Overall, we are pleased with Disney+ subscriber growth in the quarter and are looking forward to new market launches and a strong content slate later this year. As I've previously shared, we don't anticipate that subscriber growth will necessarily be linear from quarter-to-quarter, and we continue to expect growth in the back half of the fiscal year to exceed growth in the first half.

總體而言，我們對本季度 Disney+ 用戶的增長感到滿意，並期待今年晚些時候推出新的市場和強大的內容。正如我之前分享的那樣，我們預計用戶增長不一定是逐季度線性增長的，我們繼續預計本財年後半段的增長將超過上半年的增長。

At ESPN+, we ended the first quarter with over 21 million paid subscribers versus 17 million in Q4. Results decreased compared to the prior year as growth in subscription revenue was more than offset by higher sports programming costs driven by the NHL and LaLiga. And at Hulu, higher subscription revenues versus the prior year were partially offset by higher programming and production costs driven by increased affiliate fees for live TV. Hulu ended the first quarter with 45.3 million paid subscribers, inclusive of 4.3 million subscribers to our Hulu Live digital MVPD service.

在 ESPN+，我們在第一季度結束時擁有超過 2100 萬付費用戶，而第四季度為 1700 萬。由於訂閱收入的增長被 NHL 和 LaLiga 推動的更高的體育節目成本所抵消，結果與上一年相比有所下降。而在 Hulu，與上一年相比較高的訂閱收入部分被直播電視附屬費用增加所推動的節目和製作成本增加所抵消。 Hulu 在第一季度結束時擁有 4530 萬付費用戶，其中包括我們的 Hulu Live 數字 MVPD 服務的 430 萬用戶。

Moving on to Content Sales/Licensing and Other. Results decreased in the first quarter versus the prior year to an operating loss of $98 million, driven by lower theatrical results and higher film impairments, partially offset by improved TV SVOD results. As I noted last quarter, while theaters have generally reopened, we are still experiencing a prolonged recovery to theatrical exhibition, particularly for certain genres of films, including non-branded general entertainment and family-focused animation. This dynamic contributed to increased losses in the quarter as we released more titles in Q1 this year versus the prior year, resulting in lower theatrical results. This was partially offset by income from our co-production of Spider-Man: No Way Home.

繼續進行內容銷售/許可和其他。與去年同期相比，第一季度的業績下降至運營虧損 9800 萬美元，原因是影院業績下降和電影減值增加，部分被改善的電視 SVOD 業績所抵消。正如我上個季度所指出的，雖然影院普遍重新開放，但我們仍在經歷長時間的影院放映恢復，特別是對於某些類型的電影，包括非品牌的一般娛樂和以家庭為中心的動畫。這種動態導致本季度虧損增加，因為我們在今年第一季度與去年相比發行了更多影片，導致影院業績下降。這部分被我們聯合製作的《蜘蛛俠：無路可歸》的收入所抵消。

As we look ahead, we would like to give you some context around 2 items that may impact our second quarter results. First, as we continue to increase our investment in content, we expect programming and production costs at DMED to increase versus the prior year, primarily driven by Direct-to-Consumer and Linear Networks. At Direct-to-Consumer, we expect programming and production expenses to increase by approximately $800 million to $1 billion, including programming fees for Hulu Live. At Linear Networks, we expect programming and production expenses to increase by approximately $500 million, reflecting factors including COVID-related timing shifts. We aired 4 additional NFL games at the start of the current quarter. And as a reminder, the Academy Awards will be held in Q2 of this year, while it fell into Q3 of the prior year.

在我們展望未來時，我們想為您提供一些可能影響我們第二季度業績的兩個項目的背景信息。首先，隨著我們繼續增加對內容的投資，我們預計 DMED 的節目和製作成本將比上一年增加，主要受直接面向消費者和線性網絡的推動。在 Direct-to-Consumer，我們預計節目和製作費用將增加約 8 億美元至 10 億美元，其中包括 Hulu Live 的節目費用。在 Linear Networks，我們預計編程和製作費用將增加約 5 億美元，這反映了包括與 COVID 相關的時間變化在內的因素。我們在本季度開始時又播出了 4 場 NFL 比賽。提醒一下，奧斯卡頒獎典禮將在今年的第二季度舉行，而在上一年的第三季度舉行。

Second, at Content Sales/Licensing and Other, a difficult Q2 comparison to prior year TV and SVOD program sales is due in part to our strategic decision to hold more of our owned and produced content for our direct-to-consumer services. As a result, we expect operating income to be adversely impacted by more than $200 million versus the prior year quarter.

其次，在內容銷售/許可和其他方面，與去年電視和 SVOD 節目銷售相比，第二季度比較困難，部分原因是我們的戰略決策是為我們的直接面向消費者的服務持有更多自有和製作的內容。因此，我們預計與去年同期相比，營業收入將受到超過 2 億美元的不利影響。

With that, I'll turn it back to Jenn, and we would be happy to take your questions.

有了這個，我會把它轉回給 Jenn，我們很樂意回答你的問題。

Thanks, Christine. As we transition to the Q&A, let me note that since we're not physically together this afternoon, I will do my best to moderate the Q&A by directing your questions to the appropriate executive. (Operator Instructions) And with that, operator, we're ready for the first question.

謝謝，克里斯汀。當我們過渡到問答環節時，請注意，由於我們今天下午沒有在一起，我將盡我所能通過將您的問題轉給適當的主管來緩和問答環節。 （操作員說明）然後，操作員，我們準備好回答第一個問題了。

Our first question comes from Ben Swinburne with Morgan Stanley.

我們的第一個問題來自摩根士丹利的 Ben Swinburne。

And thank you for the additional disclosure. Bob, I wanted to ask you about Disney+. The U.S. subscriber base or the, I guess, the U.S. and Canadian subscriber base is larger than we would have thought. You guys have gotten to, I think, almost probably more than 1/3 penetrated of total broadband homes. And it's, I guess, interesting to me because it's a narrower service than the international product, which has the Star title. So I'm just wondering if you could talk a little bit about how you see the runway still ahead in North America for that product. And then when you look at the international business, so leaving Hotstar aside, what does your research tell you about what the company needs to do to drive that business meaningfully higher? Because to deliver on your '24 guidance, that's really, probably the biggest key is to get that sub base going. So just curious, as you look at the plan, what are the things you think really can make that happen?

並感謝您的額外披露。 Bob，我想問你關於 Disney+ 的問題。美國的用戶群或我猜美國和加拿大的用戶群比我們想像的要大。我認為，你們已經進入了幾乎超過 1/3 的寬帶家庭。我想，這對我來說很有趣，因為它的服務範圍比國際產品更窄，後者有 Star 稱號。所以我只是想知道你是否可以談談你如何看待該產品在北美仍然領先的跑道。然後，當您查看國際業務時，撇開 Hotstar 不談，您的研究告訴您，公司需要做些什麼來推動該業務有意義地更高？因為要實現你的 '24 指導，這真的，可能最大的關鍵是讓那個子基地運轉起來。所以只是好奇，當您查看計劃時，您認為真正可以實現這一目標的事情是什麼？

Thanks, Ben. So on the Disney+ U.S. side, you mentioned that we're roughly 1/3 penetrated. We still have some headroom in each one of our major franchises in terms of those viewers, those fans that have expressed interest in subscribing. So we are not nearly tapped out on each of the major franchises if someone identifies as a Lucas fan, Star Wars or as a Marvel fan or as a Disney fan. The biggest opportunity in terms of significance is with general entertainment being added to the service. And I think you've seen just this quarter, we mentioned that today that we're adding in Grown-ish, Black-ish and a few other titles into our service.

謝謝，本。所以在迪士尼+美國方面，你提到我們大約有 1/3 被滲透。就觀眾而言，我們在每一個主要特許經營權中仍有一些空間，那些表示有興趣訂閱的粉絲。因此，如果有人認定為盧卡斯迷、星球大戰、漫威迷或迪斯尼迷，我們幾乎不會在每一個主要特許經營權上都被挖掘出來。就重要性而言，最大的機會是將一般娛樂添加到服務中。我想你已經看到了這個季度，我們今天提到我們正在向我們的服務中添加 Grown-ish、Black-ish 和其他一些遊戲。

I think that will be a trend of us taking more general entertainment and moving it over to Disney+ because, as you know, about 50%, slightly over 50% of our consumer base on Disney+ do not have kids. It's a very broad general service, of course, driven by the Disney brand and driven by families, but what we've seen time and time again is that the elasticity of Disney and its brand is much greater than we might have given it credit. And I think nowhere does this play out more, now getting into the international side of your question, than we see in Europe with the Star brand title being the sixth brand title within the Disney+ offering in Europe.

我認為這將是我們採取更多一般娛樂並將其轉移到 Disney+ 的趨勢，因為如您所知，Disney+ 上大約 50%，略高於 50% 的消費者群沒有孩子。當然，這是一項非常廣泛的綜合服務，由迪士尼品牌推動，由家庭推動，但我們一次又一次地看到，迪士尼及其品牌的彈性遠大於我們所認為的。而且我認為，現在進入您的問題的國際方面，這比我們在歐洲看到的更重要，Star 品牌名稱是歐洲 Disney+ 產品中的第六個品牌名稱。

The other thing, though, to your question directly on international that's going to drive the international business is the predominance of local content that we are developing in order to appeal to the unique taste of each of those international markets. And I'll point out to the 340 productions that we referenced on the last call that we're developing. And by the way, we just created a new organization within our company to shepherd the development of that content so that we can maximize the chance that we get some global hits, if you will, out of some of that local content. And so we're bullish on the future of Disney+, both domestically and internationally, driven by not only additional prevalence of titles within our major franchises, but also general entertainment and specifically in the international territories local content.

但是，對於您直接關於國際業務的問題，另一件事是我們正在開發的本地內容占主導地位，以吸引每個國際市場的獨特品味。我將指出我們在開發的最後一次電話會議中引用的 340 部作品。順便說一句，我們剛剛在公司內部創建了一個新組織來指導該內容的開發，這樣我們就可以最大限度地利用一些本地內容獲得全球熱門的機會。因此，我們看好 Disney+ 在國內和國際上的未來，這不僅受到我們主要特許經營權中標題的進一步普及，而且受到一般娛樂，特別是在國際地區的本地內容的推動。

That's super helpful, Bob. And just curious, as a follow-up, of those 300 productions or the local originals, will we see a lot of that in fiscal '22 come on the service?

這非常有幫助，鮑勃。只是好奇，作為後續，在這 300 部作品或本地原創作品中，我們會在 22 財年看到很多這樣的作品嗎？

Yes. That's the slate that comes on, I think, over the next 1.5 years, next 1.5 years to 2 years. So I don't exactly know the percent that will fall within the context of this year. But we started this initiative about a year ago, and I must say it's actually extraordinary how great the content is that's being developed in the international territories.

是的。我認為，這就是未來 1.5 年、未來 1.5 年到 2 年的發展趨勢。所以我不完全知道今年的百分比。但是我們大約在一年前開始了這項計劃，我必須說，在國際領域正在開發的內容有多棒實際上是非同尋常的。

Our next question comes from Michael Nathanson with MoffettNathanson.

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

Going on that same part about international Disney+. Can you talk about what role does sports play maybe even outside of India? So what are you seeing in Latin America? Does that help close the gap? And in general, how do you consider maybe loss leading with sports versus pulling back on sports and investing in more of your own content?

關於國際迪士尼+的同一部分。你能談談體育甚至在印度以外發揮什麼作用嗎？那麼你在拉丁美洲看到了什麼？這有助於縮小差距嗎？總的來說，您如何考慮可能會因體育運動而導致虧損，而不是退出體育運動並投資於更多自己的內容？

The sports proposition internationally really varies by market. As you know, in Europe, it's not a big component for us. But in Latin America, it actually is. And the way that we've gone to market in each territory, one of the differences between how we go to market in Asia versus how we go to market in Latin America versus how we go to market in Europe is a function of sports. That's a really big piece of it.

國際上的體育主張確實因市場而異。如您所知，在歐洲，它對我們來說並不是一個重要的組成部分。但在拉丁美洲，確實如此。我們在每個地區進入市場的方式，我們如何進入亞洲市場與如何進入拉丁美洲市場與如何進入歐洲市場之間的差異之一是體育的功能。這是一個非常大的部分。

And where you see like in Latin America where we've got a very big percentage of our consumers that are subscribing to our services because of sports, it's a bigger component to that. Sports for us are, it's a very important strategic offering because the fandom and the passion is so deep. If you look at India, we're certainly going to try to extend our rights on the IPL. But we're very confident that even if we were not to go ahead and win that auction that we would still be able to achieve our 230 million to 260 million. So it's an important component for us around the world. Obviously, really important in India, but not critical to us achieving the 230 million to 260 million number that we've guided to.

在拉丁美洲，我們有很大比例的消費者因為體育而訂閱我們的服務，這是一個更大的組成部分。對我們來說，體育是一個非常重要的戰略產品，因為它的狂熱和熱情是如此之深。如果你看看印度，我們肯定會嘗試擴大我們對 IPL 的權利。但我們非常有信心，即使我們不繼續贏得那場拍賣，我們仍然能夠達到我們的 2.3 億到 2.6 億。所以它是我們在世界各地的重要組成部分。顯然，這在印度非常重要，但對於我們實現我們所指導的 2.3 億到 2.6 億的數字並不重要。

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, if I could just follow up on that comment on IPL. Hotstar was about 40% of your long-term guide. And without cricket, getting to that number seems like a little bit tougher to do just given the popularity of the sport in the country and also the fact that Hotstar has been in the country for a long time as a localized service. So just wanted to see what bridges that gap to your guidance in the scenario that you don't end up getting Hotstar? And then beyond that, Christine, sorry, go ahead, Bob.

所以 Bob，如果我能跟進關於 IPL 的評論。 Hotstar 大約佔您長期指南的 40%。如果沒有板球，考慮到這項運動在該國的受歡迎程度以及 Hotstar 作為本地化服務在該國已經存在很長時間這一事實，要達到這個數字似乎有點困難。所以只是想看看在你最終沒有得到 Hotstar 的情況下，是什麼彌合了你的指導的差距？然後除此之外，克里斯汀，對不起，請繼續，鮑勃。

No, no, go ahead, please.

不，不，請繼續。

So Christine, from a guidance perspective, I guess the other variable is just the breakeven guidance in 2024 for the streaming service. And you did talk about content spend being at least $8 billion to $9 billion in that year last quarter. So just given the growth in entertainment content locally around the world as well as some of the investments in sports and Latin America and potentially an increase in cost in India, could you just frame what kind of upside we could see to that content spend budget? Any framework in terms of how to think about it would be useful.

所以克里斯汀，從指導的角度來看，我想另一個變量只是 2024 年流媒體服務的盈虧平衡指導。而且您確實談到了上個季度該年的內容支出至少為 80 億至 90 億美元。因此，鑑於全球本地娛樂內容的增長以及對體育和拉丁美洲的一些投資以及印度的成本可能增加，您能否描述一下我們可以看到內容支出預算的哪些好處？任何關於如何思考它的框架都是有用的。

Bob, you want to start off on the IPL and Christine can chime in with some more detail on that and the breakeven guidance and content spend.

Bob，您想從 IPL 開始，Christine 可以提供更多細節，以及盈虧平衡指導和內容支出。

Sure, sure. So while the IPL obviously is an important part of the Disney+ Hotstar content offering, it's really one component of a broader portfolio of entertainment and sports. In addition to, obviously, the original content and the library content from Disney, Pixar, Marvel, Star Wars and Nat Geo, our Disney+ Hotstar offering does have a massive collection of local content, and we add over 18,000 hours of original programming every year. So while certainly it's an important component, that local content that we're developing really will mitigate the impact of us if we were not to win the auction on IPL. So an important component, but it's not like we see that business evaporating if we don't get it. Christine?

一定一定。因此，雖然 IPL 顯然是 Disney+ Hotstar 內容產品的重要組成部分，但它實際上是更廣泛的娛樂和體育組合的一個組成部分。顯然，除了來自迪士尼、皮克斯、漫威、星球大戰和國家地理的原始內容和圖書館內容之外，我們的 Disney+ Hotstar 產品確實擁有大量本地內容，而且我們每年增加超過 18,000 小時的原創節目.因此，雖然它肯定是一個重要組成部分，但如果我們不能贏得 IPL 拍賣，我們正在開發的本地內容確實會減輕我們的影響。所以這是一個重要的組成部分，但如果我們沒有得到它，我們就不會看到業務蒸發。克里斯汀?

Okay. Kannan, on your question on the breakeven guidance and on Disney+ content spend. We're not updating the guidance. We have that fiscal '24 guidance out in the marketplace, and we're sticking to it. We're not yet at a steady state of content expense for Disney+, but we expect to have made significant progress by fiscal 2023.

好的。 Kannan，關於您關於盈虧平衡指導和迪士尼+內容支出的問題。我們不會更新指南。我們在市場上有 24 財年的指導，我們會堅持下去。 Disney+ 的內容費用尚未達到穩定狀態，但我們預計到 2023 財年將取得重大進展。

Our next question comes from Jessica Reif Ehrlich with Bank of America Securities.

我們的下一個問題來自美國銀行證券公司的 Jessica Reif Ehrlich。

Maybe switching gears to theme parks. The leverage in that business is ginormous as we've seen in this quarter. Would you consider the 34% operating income margin peak margin? And then just maybe some color because international visitors really haven't come back, and we know they stay longer and spend more. Have you gotten all of the technology improvements that you expect? And within that, with some of the changes that you made in the park, it sounds like you're actually improving capacity. So how should we think about capacity now versus what it was prior to COVID?

也許會轉向主題公園。正如我們在本季度看到的那樣，該業務的槓桿作用是巨大的。你會考慮 34% 的營業收入利潤率峰值利潤率嗎？然後可能只是一些顏色，因為國際遊客真的沒有回來，而且我們知道他們停留的時間更長並且花費更多。您是否獲得了您期望的所有技術改進？在此範圍內，通過您在公園中所做的一些更改，聽起來您實際上正在提高容量。那麼，我們應該如何看待現在的容量與 COVID 之前的容量呢？

Christine, you want that one on the margins?

克里斯汀，你想要那個在邊緣的嗎？

Sure. I would say, we've been saying this all along through the pandemic, where we have taken measures to really look at the cost base and how we're doing things. And there's been a fundamental shift in some of the operational processes that the parks had used for many, many years. And things like the ability to do mobile dining or not having to check in with a human being at a hotel. Those kinds of things are all things that add to some upside that we have at the parks.

當然。我想說，在整個大流行期間，我們一直在這麼說，我們已經採取措施真正審視成本基礎以及我們的工作方式。公園多年來使用的一些運營流程發生了根本性轉變。以及進行移動用餐的能力或不必在酒店與人一起辦理入住手續的能力。這些東西都增加了我們在公園裡的一些好處。

And as you mentioned, Jessica, we haven't yet seen the return of our international guests. And remember, historically, and we always hit this historical boundary of our band of 18% to 22% of our Walt Disney World guests came from outside of the U.S. And they haven't even yet started to return. So I think there's a lot of things that are boding well. And we saw the performance this quarter of Genie and at the other things like Lightning Lane, but it's not just that. It's also really compelling offerings in food, beverage, merchandise. And it's really great to see not only creativity in our content business, but creativity at our parks as well. And that's driving some of that incremental spending that's certainly helping the margins get to that level that we've seen this quarter.

正如你提到的，傑西卡，我們還沒有看到我們的國際客人回來。請記住，從歷史上看，我們總是達到我們樂隊 18% 到 22% 的沃爾特迪斯尼世界遊客來自美國以外的歷史界限，他們甚至還沒有開始返回。所以我認為有很多事情是好兆頭。我們看到了本季度精靈和閃電巷等其他方面的表現，但不僅如此。它在食品、飲料和商品方面也非常引人注目。不僅看到我們的內容業務中的創造力，而且看到我們公園的創造力，真是太好了。這推動了一些增量支出，這肯定有助於利潤率達到我們本季度看到的水平。

All right. Thanks for the question, Jessica.

好的。謝謝你的問題，傑西卡。

The next question comes from Brett Feldman with Goldman Sachs.

下一個問題來自高盛的布雷特費爾德曼。

I believe we're going to be coming up on an anniversary of the first price change that you had for the Disney+ service. And so I was hoping you could give us some insight in terms of how you're thinking about pricing strategy for the product going forward and what are the key things that influence that in terms of timing, when you bring new content on, distribution partners or anything else we should be thinking about as we model out ARPU?

我相信我們將在迪士尼+服務第一次價格變動的周年紀念日到來。所以我希望你能給我們一些見解，讓我們了解你如何考慮產品未來的定價策略，以及在時間、當你帶來新內容時、分銷合作夥伴方面影響它的關鍵因素是什麼或者在我們為 ARPU 建模時我們應該考慮的其他任何事情？

Christine, I'll start with this. And if you want to augment, please do. We maintain that we offer an extraordinary price/value relationship around the world for Disney+. Obviously, the last few years, pretty much the entirety of the launch of Disney+ have been plagued by COVID-related production interruptions. Plus, in all fairness, our own recognition that we needed to essentially double our production output. You put those 2 things together, and we certainly have less content than we want. But as we've said over the last few earnings calls, that will rectify itself in the second half of this year. We've already reached 1 of our 2 goals.

克里斯汀，我將從這個開始。如果你想增強，請做。我們堅持認為，我們在全球範圍內為 Disney+ 提供了非凡的價格/價值關係。顯然，在過去幾年中，幾乎整個 Disney+ 的發布都受到與 COVID 相關的生產中斷的困擾。另外，平心而論，我們自己認識到我們需要將我們的產量增加一倍。你把這兩件事放在一起，我們的內容肯定比我們想要的要少。但正如我們在過去幾次財報電話會議上所說，這將在今年下半年自行糾正。我們已經達到了 2 個目標中的 1 個。

One of the goals was to go ahead and ensure that we had a new title every week, and we've achieved that. But by '23, we want to get to a steady state, which is even higher than we have right now. And I think that will give us the impetus to increase that price/value relationship even higher and then have the flexibility if we were to so choose to then look at price increases on our service. But it's all about content, content, content. And we are bullish about our future content going forward, not only in terms of quality, but also in terms of quantity. And that's really what's driving our bullishness for what we might see as the pricing power that we would have going forward.

其中一個目標是繼續前進並確保我們每週都有一個新的標題，我們已經實現了這一點。但是到 23 年，我們希望達到一個穩定的狀態，甚至比我們現在的水平還要高。而且我認為這將推動我們將價格/價值關係提高到更高水平，然後如果我們選擇考慮價格上漲的話，我們將擁有靈活性。但這都是關於內容、內容、內容的。我們看好我們未來的內容，不僅在質量方面，而且在數量方面。這確實是推動我們看好我們可能認為的未來定價能力的原因。

Brett, the only other thing I would add to that is that, we are still only less than 2.5 years into this business. And we're learning a lot about what consumers are watching, consumption patterns, repeatability. And all of those things will factor into when we look at the, as Bob mentioned, the price/value equation going forward. So as we learn more, we'll continue to refine the business model.

布雷特，我唯一要補充的是，我們進入這項業務還不到 2.5 年。我們正在學習很多關於消費者在看什麼、消費模式、可重複性的知識。正如鮑勃所提到的，當我們看到未來的價格/價值等式時，所有這些事情都將成為影響因素。因此，隨著我們了解更多，我們將繼續完善商業模式。

Our next question comes from Doug Mitchelson with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Doug Mitchelson。

I'd echo Ben's appreciation of the extra streaming details. I guess a couple of questions. Latin America was not mentioned. And I know on the last conference call, there was a discussion of working with distributors on Star post-launch to improve traction there. Is there any story as to why there was pretty good success here in Europe and Asia Pac but a little bit less so in Latin America? And then probably for Christine, on the Direct-to-Consumer programming cost increase that you highlighted for fiscal 2Q, I'm not sure if there's more context there, but also can we think about the next couple of quarters thereafter to be something in a similar range? Certainly, the fourth quarter was already highlighted as a quarter where we're going to see a lot of fresh new original programming. Anything that can sort of help us shape out the year on that regard would be helpful.

我會回應 Ben 對額外流媒體細節的讚賞。我猜有幾個問題。沒有提到拉丁美洲。而且我知道在上次電話會議上，討論了在 Star 發布後與分銷商合作以提高那裡的牽引力。有什麼故事可以說明為什麼在歐洲和亞太地區取得了相當大的成功，而在拉丁美洲卻沒有那麼成功？然後可能對於克里斯汀來說，關於你在第二財季強調的直接面向消費者的節目成本增加，我不確定那裡是否有更多的背景，但我們也可以考慮在接下來的幾個季度中有所作為類似的範圍？當然，第四季度已經被強調為我們將看到很多新的原創節目的季度。任何可以幫助我們在這方面塑造這一年的東西都會有所幫助。

Thanks, Doug, for the question. Bob, do you want to start off on Lat Am or international subs and Christine, you can add to that.

謝謝道格的問題。鮑勃，你想從拉丁美洲或國際潛艇和克里斯汀開始，你可以補充一下。

Yes. I will. I'll talk about Lat Am because it kind of goes back a little bit to this live sports story that was questioned earlier. We're actually encouraged by what we see in Lat Am, especially given the strength of that live sports calendar and a growing pipeline of local original productions. I mean, the reason why we're doing so many local productions because we know what their power is in those localized markets.

是的。我將會。我將談論拉丁美洲，因為它有點回到之前被質疑的現場體育故事。我們實際上對我們在拉美看到的情況感到鼓舞，特別是考慮到現場體育日曆的實力和不斷增長的本地原創作品管道。我的意思是，我們之所以做這麼多本地製作，是因為我們知道它們在這些本地化市場中的力量。

And we're also encouraged that we're seeing a dynamic that we also see in the U.S., which is the vast majority of the sign-ups that came this quarter came from the combo plus. In other words, it's the bundle. And so we're starting to see Lat Am sort of pick up some of the same characteristics that we see in domestic. When we started off in Lat Am, just like we did with Disney+, it was a little bit slower, but they always seem to keep up, kind of catch-up, if you will. And we believe in the strength of our local originals and those 2,000 live sporting events that we program each month.

我們也感到鼓舞的是，我們看到了在美國也看到的動態，這是本季度絕大多數的註冊來自組合加。換句話說，它是捆綁包。因此，我們開始看到拉丁美洲有點像我們在國內看到的一些相同的特徵。當我們在拉丁美洲開始時，就像我們在 Disney+ 上所做的那樣，速度有點慢，但他們似乎總是跟上，有點追趕，如果你願意的話。我們相信我們本地原創的實力以及我們每個月安排的 2,000 場現場體育賽事。

Our growing wholesale footprint, you talked about partnerships, that's an important part, particularly in Latin America, that wholesale footprint. And new promotional offers that we are testing in the marketplace. So we think that the combination of those things plus our ability to migrate our customers from our linear channels to the digital channels really gives us reason to be fairly bullish in Latin America right now. And Christine?

我們不斷增長的批發足跡，你談到了合作夥伴關係，這是一個重要的部分，特別是在拉丁美洲，批發足跡。以及我們正在市場上測試的新促銷優惠。因此，我們認為，這些因素加上我們將客戶從線性渠道轉移到數字渠道的能力，確實讓我們有理由對拉丁美洲相當看好。克里斯汀呢？

Doug, the question on Disney+ programming, we expect to, for the full year spend on content to be, including sports rights, to be as much as that $33 billion in total. The increase from year-over-year is more spending on our DTC expansion. And this also assumes there is no significant production delays and things can happen for things other than COVID as well. We had a couple of productions that did get delayed for other reasons.

道格，關於迪士尼+節目的問題，我們預計，包括體育版權在內的全年內容支出總額將高達 330 億美元。同比增長是我們在 DTC 擴展上的更多支出。這還假設沒有重大的生產延誤，而且除了 COVID 之外的事情也可能發生。我們有幾部作品確實因為其他原因被推遲了。

But when you think about, your comment on our heavy slate of content coming to the service in the fourth quarter is true. But remember, the spending for that is before then. So you'll continue to see increased spending this year. And when you're looking at that $33 billion, I think it's also informative to take into account that about 1/3 of that is for sports rights, including the programming and production, but primarily it's the sports rights. So if you want to think about the total $33 billion, take out 1/3 for sports and the remainder is for content. Not all on Disney+, some of that's for Hulu as well.

但仔細想想，您對我們在第四季度推出的大量內容的評論是正確的。但請記住，在那之前的支出。因此，您將繼續看到今年的支出增加。當你看到這 330 億美元時，我認為考慮到其中大約 1/3 用於體育版權，包括節目製作和製作，但主要是體育版權，這也是有益的。所以如果你想考慮一下總的 330 億美元，拿出 1/3 用於體育，剩下的用於內容。並非全部都在 Disney+ 上，其中一些也適用於 Hulu。

Our next question comes from Michael Morris with Guggenheim.

我們的下一個問題來自古根海姆的邁克爾莫里斯。

I wanted to ask you one about Hulu and just follow up on the parks. On Hulu, the SVOD ARPU was down a bit year-over-year. You guys cited the lower per subscriber ad revenue. I'm hoping you could talk a little bit more about what's driving that. Is engagement down? Is pricing down? I know there's been some talk of some content that may be coming off the service. So if you could expand on that a bit, that would be helpful.

我想問你一個關於 Hulu 的問題，然後跟進公園。在 Hulu 上，SVOD ARPU 同比有所下降。你們引用了較低的每訂戶廣告收入。我希望你能多談談是什麼推動了這一點。訂婚下降了嗎？降價了嗎？我知道有人談論過一些可能會從服務中消失的內容。因此，如果您可以對此進行擴展，那將很有幫助。

And then second, I just want to follow up on the earlier question about capacity at the parks and whether that has expanded through the cycle. So just trying to think about the runway given how strong the per caps have been and we can kind of do the math on how much attendance went down and how much you've reported that's come back. But I'm curious if you can give us any more perspective on whether we can exceed or by how much we could exceed those prior attendance levels.

其次，我只想跟進前面關於公園容量的問題，以及這是否在整個週期中擴大。因此，考慮到每人的上限有多強，我們就可以試著考慮一下跑道，我們可以計算出出席人數下降了多少，以及你報告了多少又回來了。但我很好奇您能否就我們是否可以超過或超過之前的出勤水平提供更多觀點。

Bob, do you want to start off on parks then Christine can touch on the Hulu SVOD ARPU?

Bob，你想先從公園開始，然後 Christine 可以接觸 Hulu SVOD ARPU？

Okay. I'll start off on parks. So the issue or the question of capacity at parks is a bit of a complex one because it's driven by several different dynamics. First of all, we've got really strong domestic demand, as we've said, mitigated a little bit by a lagged return from the international markets. Now that in itself is expected because the booking timetable is so long on international trips. So we believe that will come up and enable us to get closer to where we would have been in the past.

好的。我將從公園開始。所以公園容量的問題或問題有點複雜，因為它是由幾種不同的動力驅動的。首先，正如我們所說，我們的國內需求非常強勁，國際市場的滯後回報稍微緩解了這一點。現在這本身是可以預料的，因為國際旅行的預訂時間表很長。因此，我們相信這將會出現，並使我們能夠更接近我們過去的位置。

But in terms of sort of the self-management capacity, one of the last things to come back for us in a post-COVID world, what we hope is a post-COVID world, is actually live entertainment because much of the live entertainment is close proximity. And we are self-regulating that. We are self-managing that because we don't want our guests to feel an excessive level of density. And the place that you get it is parades and fireworks shows and things like that. So I suspect that over time we'll start to regain some of the capacity drop-off that we're kind of self-imposing on ourselves.

但就自我管理能力而言，在後 COVID 世界中，我們希望是後 COVID 世界的最後一件事是現場娛樂，因為大部分現場娛樂是靠近。我們正在自我調節。我們是自我管理的，因為我們不希望我們的客人感到過度的密度。你得到它的地方是遊行和煙花表演之類的。所以我懷疑隨著時間的推移，我們將開始恢復一些我們自己強加給自己的容量下降。

The other thing I should say is that, to a certain extent, because people spend such a long time in our parks and resorts, the food and beverage component is actually a pretty big one of those. And if there's, we really haven't had too big of an issue in terms of retaining and attracting people into our parks, to work into our parks at all. As a matter of fact, we had 85% of our cast members pretty much say, yes, immediately, when we ask them back.

我要說的另一件事是，在某種程度上，因為人們在我們的公園和度假村度過了這麼長時間，所以食品和飲料部分實際上是其中相當大的一部分。如果有的話，在留住和吸引人們進入我們的公園、在我們的公園工作方面，我們真的沒有太大的問題。事實上，當我們要求他們回复時，我們有 85% 的演員幾乎立即說，是的。

But at the same time, the 2 areas that have been difficult is hospitality. And right now we've got 90% of our hotels at Walt Disney World open, and we've got all of our hotels at Disneyland open, but also sort of cooks, think kind of short order cooks. And so the capacity constraints, the self-imposed capacity constraints are really a function of our food and beverage sort of mitigation, if you will. But the second one is live entertainment, and we're working towards restoring both of those so that we can get up to something that would be more similar to what we've seen in the past in terms of the number of people that we put into our parks.

但與此同時，有兩個困難的領域是熱情好客。現在，我們在沃爾特迪斯尼世界的 90% 的酒店都開放了，我們在迪斯尼樂園的所有酒店都開放了，還有廚師，想想短期廚師。所以容量限制，自我施加的容量限制實際上是我們食品和飲料緩解措施的一個功能，如果你願意的話。但第二個是現場娛樂，我們正在努力恢復這兩者，以便我們能夠達到與我們過去所看到的更相似的東西，就我們放置的人數而言進入我們的公園。

But I must tell you that our ability to increase our guest experience through a reservation system and a very carefully managed demand ticketing system has been something that we really like. And I think guaranteeing our guests that they have a great experience no matter when they come, whether it be the Christmas holiday or whether it be in the middle of the month of September, that's really important to us. And so we're going to self-manage this to optimize the guest experience. But at the same time, we know we've really got some headroom, whether it's due to international or whether it's due to an expansion and reinstatement of things like live entertainment.

但我必須告訴您，我們通過預訂系統和非常精心管理的按需票務系統來增加客戶體驗的能力是我們非常喜歡的。而且我認為保證我們的客人無論何時來，無論是聖誕節假期還是九月中旬，他們都能獲得良好的體驗，這對我們來說非常重要。因此，我們將自行管理以優化客戶體驗。但與此同時，我們知道我們確實有一些空間，無論是由於國際化，還是由於現場娛樂等活動的擴展和恢復。

Great. And Mike, your question on the Hulu SVOD ARPU. Let me just start with advertiser demand because I think this is an important concept. It's incredibly robust for advertising on Hulu. We're able to use our data. We offer targeted advertising. Some people call it addressable. We've built a unified ad platform across all of our businesses that do utilize advertising. So we're seeing that as being a growth business for us and are very, very pleased with it.

偉大的。還有邁克，你關於 Hulu SVOD ARPU 的問題。讓我從廣告客戶的需求開始，因為我認為這是一個重要的概念。在 Hulu 上做廣告非常強大。我們能夠使用我們的數據。我們提供有針對性的廣告。有些人稱之為可尋址。我們已經為所有使用廣告的企業建立了一個統一的廣告平台。因此，我們認為這對我們來說是一項增長業務，並且對此非常非常滿意。

On this particular question on the ARPU for Hulu. In the quarter, we benefited growth from some high-impact promotional offers during the quarter. On Black Friday, there was one that went into the market. Those particular subscribers are showing high rates of engagement and the conversion of them from the promo to the full price, we're pretty optimistic of that given their engagement levels. So while it was down, you could view it as, this was an offering to get people to sample the product. And it seems like the product is being certainly appreciated. And we're hoping for those to once again convert to full paid subscribers.

關於這個關於 Hulu ARPU 的特殊問題。在本季度，我們受益於本季度一些高影響力的促銷優惠。在黑色星期五，有一個進入市場。那些特定的訂戶顯示出很高的參與率，並將他們從促銷轉換為全價，鑑於他們的參與度，我們對此非常樂觀。因此，當它下降時，您可以將其視為，這是一種讓人們試用產品的產品。似乎該產品肯定受到讚賞。我們希望這些人再次轉換為全額付費訂閱者。

This question comes from Jason Bazinet with Citi.

這個問題來自花旗銀行的 Jason Bazinet。

I just had one long-term question. You guys have done so well over the years in terms of running theme parks world-class and storytelling as you alluded to. The one area where I think Disney has sort of struggled a little bit has been with software development. And as you think about sports betting and the metaverse, it just seems like strategically, that's going to become potentially a more important piece of your core competency going forward. Is that sort of top of mind or do you think that's sort of not a correct way to think about sort of the muscles that you guys need to build over the next 5 years?

我只有一個長期的問題。多年來，你們在經營世界一流的主題公園和講故事方面做得很好，正如你所提到的。我認為迪士尼有點掙扎的一個領域是軟件開發。當您考慮體育博彩和虛擬世界時，從戰略上看，這將成為您未來核心競爭力中更重要的一部分。這是最重要的還是你認為這不是一種正確的方式來思考你們在未來 5 年內需要鍛煉的肌肉？

Jason, I think you're cutting in and out, but I think we got the gist of the question. Bob, do you want to take that one?

傑森，我認為你在切入和切出，但我認為我們明白了問題的要點。鮑勃，你想拿那個嗎？

Yes. Yes. I think I got the gist of it. It is top of mind. It is absolutely top of mind because we realize that in the future, you can call it what you want. You want to call it metaverse. You want to call it the blending of the physical and digital experiences, which I think Disney should excel at for all the reasons that you said in your opening. We realize that it's going to be less of a passive type experience where you just have playback, whether it's a sporting event or whether it's an entertainment offering and more of an interactive lean forward, actively engaged type experience.

是的。是的。我想我明白了它的要點。這是最重要的。這絕對是最重要的，因為我們意識到在未來，您可以隨意稱呼它。你想稱它為元節。你想把它稱為物理和數字體驗的融合，我認為迪斯尼應該擅長這一點，因為你在開場時所說的所有原因。我們意識到，無論是體育賽事還是娛樂產品，它都將不再是一種被動式的體驗，而是一種互動式的前傾、積極參與的體驗。

And this is a very top of mind thing for us because we are continuing over time to augment our skills and the types of people that we attract into The Walt Disney Company to reflect the aggressive and ambitious technology agenda that we have. You probably notice that one of my 3 pillars is innovation and specifically technological innovation because we realize that this is going to be an important part of telling story in that third dimension, that lean forward interactive dimension. So it is absolutely top of mind.

這對我們來說是一個非常重要的事情，因為隨著時間的推移，我們將繼續增強我們的技能和我們吸引到華特迪士尼公司的人員類型，以反映我們擁有的積極和雄心勃勃的技術議程。你可能注意到我的三大支柱之一是創新，特別是技術創新，因為我們意識到這將成為在第三維度講故事的重要部分，即前傾互動維度。所以這絕對是最重要的。

Okay. Thanks for the question, and we want to thank everyone for joining us today. Note that a reconciliation of non-GAAP measures that were referred to on this call to equivalent GAAP measures can be found on our Investor Relations website.

好的。感謝您提出問題，我們要感謝大家今天加入我們。請注意，可以在我們的投資者關係網站上找到本次電話會議中提到的非 GAAP 措施與等效 GAAP 措施的對賬。

Let me also remind you that certain statements on this call, including financial estimates or statements about our plans, expectations, beliefs or business prospects and other statements that are not historical in nature may constitute forward-looking statements under the securities laws. We make these statements on the basis of our views and assumptions regarding future events and business performance at the time we make them, and we do not undertake any obligation to update these statements.

我還要提醒您，本次電話會議上的某些陳述，包括財務估計或關於我們的計劃、預期、信念或業務前景的陳述以及其他非歷史性陳述，可能構成證券法下的前瞻性陳述。我們根據我們在做出這些陳述時對未來事件和業務績效的看法和假設做出這些陳述，我們不承擔更新這些陳述的任何義務。

Forward-looking statements are subject to a number of risks and uncertainties, and actual results may differ materially from the results expressed or implied in light of a variety of factors, including factors contained in our annual report on Form 10-K, quarterly reports on Form 10-Q and in our other filings with the Securities and Exchange Commission. We want to thank you all for joining us today and wish everyone a good rest of the day.

前瞻性陳述受到許多風險和不確定性的影響，實際結果可能與根據各種因素明示或暗示的結果存在重大差異，包括我們的 10-K 表格年度報告中包含的因素，季度報告表格 10-Q 和我們提交給證券交易委員會的其他文件。我們要感謝大家今天加入我們，並祝大家度過美好的一天。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。