迪士尼 (DIS) 2021 Q4 法說會逐字稿

Thank you for standing by, and welcome to The Walt Disney Company's Fiscal Full Year and Fourth Quarter 2021 Financial Results. (Operator Instructions) As a reminder, today's program is being recorded.

感謝您的支持，歡迎閱讀華特迪士尼公司的 2021 財年和第四季度財務業績。 （操作員說明）提醒一下，今天的節目正在錄製中。

And now I'd like to introduce your host for today's program, Tammy Munsey, Vice President of Investor Relations. Please go ahead.

現在我想介紹一下今天節目的主持人，投資者關係副總裁 Tammy Munsey。請繼續。

Good afternoon. It's my pleasure to welcome everyone to The Walt Disney Company's fourth quarter 2021 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 will 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 2021 年第四季度財報電話會議。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。今天的電話會議也進行了網絡直播，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 remotely 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, of course, be happy to take some of your questions.

今天遠程加入我的是迪士尼首席執行官 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，我們當然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, Tammy, and good afternoon, everyone. As we close out the fourth quarter, I'm pleased to say that it has been a very productive year for The Walt Disney Company, as we've made great strides in reopening our business while also taking meaningful and innovative steps to position ourselves for continued long-term growth. Despite the many ongoing challenges of the pandemic, we ended the quarter with adjusted EPS of $0.37 compared to a loss of $0.20 last year. Christine will go more in depth on the quarter and the coming year in her remarks.

謝謝，塔米，大家下午好。當我們結束第四季度時，我很高興地說，對於華特迪士尼公司來說，這是非常富有成效的一年，因為我們在重新開放業務方面取得了長足的進步，同時也採取了有意義和創新的步驟來定位自己持續長期增長。儘管大流行帶來了許多持續的挑戰，但我們在本季度結束時調整後的每股收益為 0.37 美元，而去年為虧損 0.20 美元。克里斯汀將在她的講話中更深入地介紹本季度和來年。

Last quarter, we talked about our strategic priorities for the future. And as we head into fiscal '22, we remain keenly focused on advancing them to drive our continued growth. First and foremost, telling the world's most original and enduring stories; second, maximizing the synergy of our unique ecosystem to deepen consumers' connection to our characters and our stories; and lastly, using the power of our far-reaching platforms and new technologies to give consumers the best entertainment experience possible.

上個季度，我們談到了我們未來的戰略重點。隨著我們進入 '22 財年，我們仍然非常專注於推進它們以推動我們的持續增長。首先，講述世界上最原創、最經久不衰的故事；第二，最大化我們獨特生態系統的協同作用，加深消費者與我們的角色和故事的聯繫；最後，利用我們影響深遠的平台和新技術的力量，為消費者提供最佳的娛樂體驗。

I'll briefly talk about how we are executing against these priorities in 3 key areas: direct-to-consumer, sports, and parks, experiences and products. On the direct-to-consumer side, we are extremely pleased with the success of our portfolio streaming services, Disney+, ESPN+ and Hulu continued to perform incredibly well with 118.1 million, 17.1 million and 43.8 million subscribers, respectively, for a total of 179 million subscriptions. To put this growth in perspective, in the past fiscal year alone, we have grown the total number of subscriptions across our DTC portfolio by 48% and Disney+ subs, in particular, by 60%.

我將簡要談談我們如何在 3 個關鍵領域針對這些優先事項執行：直接面向消費者、體育和公園、體驗和產品。在直接面向消費者方面，我們對我們的流媒體服務組合的成功感到非常高興，Disney+、ESPN+ 和 Hulu 繼續表現出色，分別擁有 1.181 億、1710 萬和 4380 萬訂閱者，總計 179百萬訂閱。從這個增長的角度來看，僅在上一財年，我們的 DTC 投資組合的訂閱總數就增長了 48%，尤其是 Disney+ 的訂閱總數增長了 60%。

I want to reiterate that we remain focused on managing our DTC business for the long term, not quarter-to-quarter, and we're confident we are on the right trajectory to achieve the guidance that we provided at last year's Investors Day, reaching between 230 million and 260 million paid Disney+ subscribers globally by the end of fiscal year 2024, and with Disney+ achieving profitability that same year.

我想重申，我們仍然專注於長期管理我們的 DTC 業務，而不是按季度管理，我們相信我們正走在正確的軌道上，以實現我們在去年投資者日提供的指導，達到到 2024 財年末，全球 Disney+ 付費用戶將達到 2.3 億至 2.6 億，同年 Disney+ 實現盈利。

This Friday, we will celebrate the 2-year anniversary of the launch of Disney+ with our first ever Disney+ Day, a global company-wide celebration. We are enormously proud of all that we've accomplished with the service in just the first 2 years. It has exceeded our wildest expectations, and we are so excited for what's to come. With this in mind, we have numerous activations planned across the entire company for Disney+ Day, including the streaming premiere of Marvel's Shang-Chi and the Legend of the Ten Rings, which has already surpassed $430 million at the global box office.

本週五，我們將慶祝迪士尼+ 推出 2 週年，這是我們的首個迪士尼+日，這是一場全球性的全公司慶祝活動。我們為在最初兩年內通過這項服務所取得的成就感到無比自豪。它超出了我們最瘋狂的期望，我們對即將發生的事情感到非常興奮。考慮到這一點，我們為迪士尼+日計劃了整個公司的眾多活動，包括漫威的《尚志》和《十環傳奇》的流媒體首映，全球票房已經超過 4.3 億美元。

Other content coming to the service on Disney+ Day includes the highly anticipated Disney+ original movie, Home Sweet Home Alone, the epic adventure Jungle Cruise, and hilarious new short from The Simpsons, and the first 5 episodes of Season 2 of the fantastic National Geographic series, The World According to Jeff Goldblum. And there's more great content in the pipeline.

迪士尼+日服務的其他內容包括備受期待的迪士尼+原創電影，獨自回家甜蜜的家，史詩冒險叢林巡航，辛普森一家的搞笑新短片，以及精彩絕倫的國家地理系列第 2 季的前 5 集，根據傑夫 Goldblum 的世界。還有更多精彩內容正在籌備中。

On the heels of Disney+ Day, we'll premiere 2 amazing new original series, Marvel's Hawkeye on November 24, and the latest Star Wars adventure, The Book of Boba Fett on December 29. And of course, we're extremely excited about the Thanksgiving holiday weekend debut of The Beatles: Get Back, Peter Jackson's highly anticipated 3-part documentary. Additionally, Marvel's Eternals, which has reached more than $161 million at the global box office in less than a week, and Disney's Encanto, which premiers in theaters on November 24, will come to the service after their exclusive theatrical runs.

在迪士尼+日之後，我們將在 11 月 24 日首映 2 個令人驚嘆的全新原創系列，漫威的鷹眼，以及 12 月 29 日最新的星球大戰冒險，波巴費特之書。當然，我們對披頭士樂隊的感恩節週末首演：回歸，彼得傑克遜備受期待的三部分紀錄片。此外，在不到一周的時間裡，全球票房已超過 1.61 億美元的漫威《永恆族》和 11 月 24 日在影院首映的迪斯尼《恩坎托》將在獨家院線上映後上線。

In total, we are nearly doubling the amount of original content from our marquee brands, Disney, Marvel, Pixar, Star Wars and National Geographic coming to Disney+ in FY '22, with the majority of our highly anticipated titles arriving July through September. This represents the beginning of the surge of new content shared last December at our Investor Conference 2.0.

總體而言，我們的大品牌迪士尼、漫威、皮克斯、星球大戰和國家地理在 22 財年進入 Disney+ 的原創內容數量幾乎翻了一番，我們備受期待的大部分作品將於 7 月至 9 月上市。這代表了去年 12 月在我們的投資者大會 2.0 上分享的新內容激增的開始。

We recognize that the single, most effective way to grow our streaming platforms worldwide is with great content, and we are singularly focused on making new high-quality entertainment including local and regional content that we believe will resonate with audiences. Of note, we have 340-plus local original titles in various stages of development and production for our DTC platforms over the next few years. As you know, we announced at our last Investor Day that we expect our total content expense to be between $8 billion and $9 billion in fiscal 2024, and we will now be increasing that investment further with the primary driver being more local and regional content.

我們認識到，在全球範圍內發展我們的流媒體平台的唯一、最有效的方式是提供精彩的內容，我們特別專注於製作新的高質量娛樂內容，包括我們相信會引起觀眾共鳴的本地和區域內容。值得注意的是，在接下來的幾年中，我們有 340 多個本地原創遊戲處於 DTC 平台的不同開發和生產階段。如您所知，我們在上一個投資者日宣布，我們預計 2024 財年我們的總內容支出將在 80 億美元至 90 億美元之間，我們現在將進一步增加投資，主要驅動力是更多的本地和區域內容。

We are expanding our global reach by introducing Disney+ in additional markets around the world. The service is now available throughout Japan, and we're thrilled to be launching it this Friday on Disney+ Day in South Korea and Taiwan, and in Hong Kong on November 16. In just 2 short years, we are now in over 60 countries and more than 20 languages. And next year, we plan to bring Disney+ to consumers in 50-plus additional countries, including in Central Eastern Europe, the Middle East and South Africa. Our goal is to more than double the number of countries we are currently in to over 160 by fiscal year '23.

我們通過在全球其他市場推出 Disney+ 來擴大我們的全球影響力。該服務現已在日本各地推出，我們很高興本週五在韓國和台灣的 Disney+ Day 以及 11 月 16 日在香港推出該服務。在短短 2 年內，我們現已遍布 60 多個國家和地區20多種語言。明年，我們計劃將 Disney+ 帶給 50 多個國家的消費者，包括中東歐、中東和南非。我們的目標是到 23 財年將我們目前所在的國家/地區數量增加一倍以上，達到 160 多個。

Turning to sports. We continue to build out ESPN+ with exclusive sports content that makes our DTC offering the perfect complement to the ESPN linear experience. And with every new sports rights deal, we have considered both linear and DTC. In fact, all 7 of the major deals we made in the last 1.5 years included a streaming component. Among them is our historic 10-year NFL rights agreement, which begins in 2023. We also recently signed a 5-year deal with the league for Monday night wild card game, which runs through 2025. Another example is our 7-year rights deal with the NHL. 75 of the league's live national games are and will be available exclusively on ESPN+ and Hulu. And ESPN+ is the sole home for more than 1,000 out-of-market NHL games. By the way, this is another reason that Disney bundle is proving highly appealing to consumers because live sports are a key element and a key differentiator of our Disney ecosystem.

轉向運動。我們繼續通過獨家體育內容構建 ESPN+，使我們的 DTC 成為 ESPN 線性體驗的完美補充。對於每一項新的體育版權交易，我們都考慮了線性和 DTC。事實上，我們在過去 1.5 年完成的所有 7 筆主要交易都包含流媒體組件。其中包括我們歷史性的 10 年 NFL 版權協議，該協議從 2023 年開始。我們最近還與聯盟簽署了一項為期 5 年的周一晚上外卡比賽，該協議將持續到 2025 年。另一個例子是我們的 7 年版權協議與NHL。聯盟的 75 場全國直播比賽已經並將在 ESPN+ 和 Hulu 上獨家提供。 ESPN+ 是 1,000 多場非市場 NHL 比賽的唯一主場。順便說一句，這是迪士尼捆綁銷售對消費者極具吸引力的另一個原因，因為體育直播是我們迪士尼生態系統的關鍵要素和關鍵差異化因素。

The 90% of the most watched telecasts last year were sports and they continue to perform extremely well. For example, the NHL's opening night games on ESPN last month marked the highest viewed season opening doubleheader on record with an increase of 54% over the 2019, 2020 season opening doubleheader. And we are particularly pleased with the NHL's direct-to-consumer performance on ESPN+ and Hulu. Likewise, the hugely popular UFC, fresh off a strong card at Madison Square Garden last weekend, continues to be a top performer for ESPN+ with 6 of the top UFC on ESPN+ pay per views coming in the past year.

去年收視率最高的電視節目中有 90% 是體育節目，並且繼續表現出色。例如，NHL 上個月在 ESPN 上的首場比賽是有史以來觀看次數最多的賽季首場比賽，比 2019 年和 2020 賽季的首場比賽增加了 54%。我們對 NHL 在 ESPN+ 和 Hulu 上直接面向消費者的表現感到特別滿意。同樣，廣受歡迎的 UFC 上週末在麥迪遜廣場花園獲得了一張強牌，繼續成為 ESPN+ 的最佳表現者，過去一年中有 6 名 UFC 在 ESPN+ 的按觀看次數排名前列。

At the same time, we continue to expand our original sports programming with innovative broadcasts like the hugely popular Monday night football with Peyton and Eli, which airs on ESPN2 and reached 1.9 million viewers by its second week as well as the highly anticipated new shows like Man in the Arena: Tom Brady, the multipart docu series about the legendary quarterback premiering on ESPN+ on November 16, along with a host of fantastic new social and digital shows and podcasts.

與此同時，我們繼續通過創新廣播擴展我們原有的體育節目，例如廣受歡迎的 Peyton 和 Eli 的周一晚間足球賽，該節目在 ESPN2 播出，第二週就吸引了 190 萬觀眾，以及備受期待的新節目，如競技場中的人：湯姆·布雷迪，關於傳奇四分衛的多集紀錄片系列於 11 月 16 日在 ESPN+ 上首映，以及一系列精彩的新社交和數字節目和播客。

We're also moving towards a greater presence in online sports betting. And given our reach and scale, we have the potential to partner with third parties in this space in a very meaningful way. Suffice to say, we continue to see enormous opportunity in sports and all of this, the rights deals, our innovative programming and the flexibility achieved through our DTC business, which saw ESPN+ subscribers increased by 66% over the past fiscal year alone. All of this is a testament to the clear ambition we have in sports.

我們也在向在線體育博彩的更大影響力邁進。鑑於我們的影響力和規模，我們有潛力在這個領域以一種非常有意義的方式與第三方合作。可以說，我們繼續在體育領域看到巨大的機會，所有這一切、轉播權交易、我們的創新節目以及通過我們的 DTC 業務實現的靈活性，僅在過去一個財政年度，ESPN+ 的訂閱者就增加了 66%。所有這一切都證明了我們在體育方面的明確雄心。

One of the things that sets The Walt Disney Company apart is our unique access to an incredible number of consumer touch points across our businesses. That, of course, includes our parks and resorts, where we've achieved a number of important milestones since our last earnings call, including the first full quarter since the pandemic began with all of our parks around the world open to guests, albeit, with some limits on capacity and the return of our entire Disney Cruise Line.

使華特迪士尼公司與眾不同的一件事是，我們能夠以獨特的方式接觸到我們業務中數量驚人的消費者接觸點。當然，這包括我們的公園和度假村，自上次財報電話會議以來，我們已經實現了許多重要的里程碑，包括自大流行開始以來的第一個完整季度，我們在世界各地的所有公園都對客人開放，儘管，對容量和我們整個迪士尼遊輪的返回有一些限制。

At the same time, the U.S. government's approval of vaccines for 5- to 11-year olds and the reopening of borders to fully vaccinated international travelers are both important steps towards the recovery of our business. But what is perhaps most exciting is the work that we have done during the time our parks were closed to reengineer and reimagine the guest experience. We have introduced a number of exciting new offerings that enable guests to create their best Disney day.

與此同時，美國政府批准 5 至 11 歲兒童的疫苗以及對完全接種疫苗的國際旅行者重新開放邊境都是我們業務復甦的重要步驟。但也許最令人興奮的是我們在公園關閉期間所做的工作，以重新設計和重新想像遊客體驗。我們推出了許多令人興奮的新產品，使客人能夠創造他們最好的迪士尼日。

In late August, Disneyland Resort launched Magic Key, the new annual membership program that is resonating strongly with legacy annual passholders, while also attracting new passholders. In fact, about 40% of current sales are to new passholders. And most Magic Key holders have purchased the top 2 tiers: Dream Key and Believe Key, with Dream Key selling out in just 2 months. We're also seeing a great response to the new annual passholder program at Walt Disney World, a testament to the demand for our in-park experiences and the success of our yield management strategy.

8 月下旬，迪士尼樂園度假區推出了新的年度會員計劃 Magic Key，該計劃在傳統年度通行證持有者中產生了強烈共鳴，同時也吸引了新的通行證持有者。事實上，目前約有 40% 的銷售額是針對新的通行證持有者。大多數魔法鑰匙持有者都購買了前 2 層：Dream Key 和 Believe Key，而 Dream Key 在短短 2 個月內就售罄。我們還看到對沃爾特迪斯尼世界新的年度通行證持有者計劃的巨大反響，這證明了對我們公園內體驗的需求以及我們收益管理戰略的成功。

Walt Disney World rolled out its new multitiered full service app, Disney Genie, which allows guests to easily and efficiently navigate everything our parks have to offer in order to have the best experience possible. The response to the service in just its first month has been extremely positive. The majority of Genie and Genie+ users have said it improved their overall park experience with nearly 1/3 of park guests upgrading to Genie+, making it possible for them to spend less time waiting in line and more time enjoying attractions, entertainment, dining and retail opportunities. We are very encouraged by what we're seeing and look forward to launching Disney Genie at Disneyland very soon.

華特迪士尼世界推出了全新的多層次全方位服務應用程序 Disney Genie，讓遊客可以輕鬆高效地瀏覽我們的公園必須提供的一切，以獲得最佳體驗。僅在第一個月內，對該服務的反應就非常積極。大多數 Genie 和 Genie+ 用戶表示，近 1/3 的公園遊客升級到 Genie+，改善了他們的整體公園體驗，讓他們可以花更少的時間排隊等候，有更多的時間享受景點、娛樂、餐飲和零售機會。我們對所看到的感到非常鼓舞，並期待很快在迪士尼樂園推出迪士尼精靈。

Alongside these transformative programs, we continue to invest in our parks and resorts themselves. We introduced a host of new attractions as part of Walt Disney World's 50th anniversary celebration, which kicked off on October 1. These include Remy's Ratatouille Adventure at Epcot, which has quickly become one of the park's top attractions; our new themed restaurant, Space 220; and 2 new nighttime spectaculars. And there is lots more in store in the coming months, including the highly anticipated indoor coaster Guardians of the Galaxy: Cosmic Rewind, and the one-of-a-kind Galactic Starcruiser experience.

除了這些變革性計劃外，我們還將繼續投資於我們的公園和度假村本身。作為華特迪士尼世界 50 週年慶典的一部分，我們推出了許多新景點，該慶典於 10 月 1 日拉開帷幕。其中包括雷米在 Epcot 的料理鼠王冒險，它已迅速成為公園的主要景點之一；我們的新主題餐廳 Space 220；和 2 個新的夜間表演。未來幾個月還會有更多精彩內容，包括備受期待的室內過山車《銀河護衛隊：宇宙倒帶》，以及獨一無二的銀河星際巡洋艦體驗。

As part of this immersive 2-night adventure, guests will become heroes of their own Star Wars stories. Reservations went on sale just 3 weeks ago and the first 4 months of voyages have virtually sold out for this premium experience.

作為這場身臨其境的 2 晚冒險的一部分，客人將成為他們自己的星球大戰故事的英雄。預訂僅在 3 週前開始銷售，而前 4 個月的航程幾乎已售罄，以獲得這種優質體驗。

Disney Cruise Line continues to be one of the highest rated guest experiences of any of our offerings. As I said earlier, all 4 of our ships are now sailing and we continue to see tremendous demand for the incredible experiences we offer at sea. We are thrilled to be launching a new ship, the Disney Wish, in June of 2022, and we'll welcome her sister ships to the fleet in 2024 and 2025. Combined, these 3 vessels will help increase capacity and our footprint in a business that has historically generated a double-digit return on investment driven by a premium price point well above the industry average.

迪士尼郵輪公司繼續成為我們所有產品中評價最高的賓客體驗之一。正如我之前所說，我們所有的 4 艘船現在都在航行，我們繼續看到對我們在海上提供的令人難以置信的體驗的巨大需求。我們很高興能在 2022 年 6 月推出一艘新船 Disney Wish，我們將在 2024 年和 2025 年歡迎她的姊妹船加入船隊。這 3 艘船相結合將有助於增加容量和我們在業務中的足跡歷史上，在遠高於行業平均水平的溢價的推動下，這已經產生了兩位數的投資回報。

Before leaving our parks and experiences, I want to mention the continued transformation of our consumer products business. We have almost completed the reduction of our physical footprint, which will enable us to pivot our approach with a focus on our e-commerce platform, ShopDisney, and on more compelling retail partnerships such as Disney Store Target, which will triple its locations by the end of the year.

在離開我們的園區和體驗之前，我想提一下我們消費品業務的持續轉型。我們幾乎已經完成了實體足蹟的減少，這將使我們能夠將我們的方法重點放在我們的電子商務平台 ShopDisney 和更具吸引力的零售合作夥伴上，例如 Disney Store Target，這將使我們的位置增加兩倍年底。

In short, our parks around the globe now have more to offer guests than ever before with our new offerings, and we're making it even easier for them to have the best time imaginable tailored specifically to their individual needs and preferences in a way only Disney can. Our company is truly unique and that we have a significant presence in the physical world through our parks and resorts as well as media entertainment assets in the digital world. And it is incredible to see how our use of emerging technology and insights gained through our enumerable consumer touch points is enabling us to transform the way people interact with and experience our stories and products in both worlds.

簡而言之，我們在全球各地的公園現在可以通過我們的新產品為客人提供比以往更多的服務，而且我們正在讓他們更輕鬆地享受專為他們的個人需求和偏好量身定制的最佳時光迪士尼可以。我們的公司是真正獨一無二的，我們通過我們的公園和度假村以及數字世界的媒體娛樂資產在現實世界中佔有重要地位。令人難以置信的是，我們對新興技術的使用和通過無數消費者接觸點獲得的洞察力如何使我們能夠改變人們在兩個世界中互動和體驗我們的故事和產品的方式。

The Walt Disney Company has a long track record as an early adopter in the use of technology to enhance the entertainment experience, Steamboat Willie, the first cartoon with synchronized sound, our groundbreaking development and use of audio animatronics. We were the first to distribute downloaded content on the new Apple iPod back in 2005. Pixar has been a pioneer in computer animation. These are just a few examples. Suffice it to say, our efforts to date are merely a prologue to a time when we'll be able to connect the physical and digital worlds even more closely, allowing for storytelling without boundaries in our own Disney metaverse. And we look forward to creating unparalleled opportunities for consumers to experience everything Disney has to offer across our products and platforms wherever the consumer may be.

沃爾特迪斯尼公司作為早期採用者在使用技術來增強娛樂體驗方面有著悠久的記錄，蒸汽船威利，第一部具有同步聲音的卡通，我們對音頻動畫的開創性開發和使用。早在 2005 年，我們就率先在新的 Apple iPod 上分發下載內容。皮克斯一直是計算機動畫領域的先驅。這些只是幾個例子。可以這麼說，我們迄今為止的努力只是一個序幕，我們將能夠更緊密地連接物理世界和數字世界，允許在我們自己的迪斯尼虛擬世界中無邊界地講故事。我們期待為消費者創造無與倫比的機會，讓他們體驗迪士尼在我們的產品和平台上所提供的一切，無論消費者身在何處。

As we look ahead to this next frontier, given our unique combination of brands, franchises, physical and digital experiences and global reach, we see limitless potential and that makes us as excited as ever about The Walt Disney Company's next 100 years.

當我們展望下一個前沿領域時，鑑於我們將品牌、特許經營權、實體和數字體驗以及全球影響力的獨特組合，我們看到了無限的潛力，這讓我們對華特迪士尼公司的下一個 100 年一如既往地感到興奮。

With that, I'll turn it over to Christine, and she'll talk in greater detail about the quarter and the year ahead.

有了這個，我會把它交給克里斯汀，她會更詳細地談論本季度和來年的情況。

Thank you, Bob, and good afternoon, everyone. Excluding certain items, diluted earnings per share for the fourth fiscal quarter was $0.37, an increase of $0.57 from the prior year quarter. For the full fiscal 2021 year, diluted EPS, excluding certain items, was $2.29 or an increase of $0.27 versus the prior year.

謝謝你，鮑勃，大家下午好。不計某些項目，第四財季每股攤薄收益為 0.37 美元，比去年同期增加 0.57 美元。在整個 2021 財年，不包括某些項目的攤薄每股收益為 2.29 美元，比上年增加 0.27 美元。

As a reminder, these results take into account that fiscal 2020 was a 53-week year compared to our usual 52-week year in 2021. We estimate that the additional week in 2020 resulted in a benefit to pretax income of approximately $200 million primarily at the Media and Entertainment Distribution segment creating an unfavorable comparison for fiscal year '21.

提醒一下，這些結果考慮到 2020 財年是 53 週的一年，而我們通常在 2021 年為 52 週。我們估計 2020 年的額外一周為稅前收入帶來了大約 2 億美元的收益，主要是媒體和娛樂分銷部門在 '21 財年創造了不利的比較。

I'll now turn to our results in the quarter by segment, beginning with Parks, Experiences and Products where fourth quarter operating income increased by $1.6 billion year-over-year. A profitable fourth quarter at Parks and Experiences reflects our ongoing recovery from the COVID-19 pandemic. All of our sites were open for the entire quarter, although generally at reduced capacities.

我現在將逐個季度地介紹我們的業績，首先是公園、體驗和產品，其中第四季度的營業收入同比增長了 16 億美元。 Parks and Experiences 第四季度的盈利反映了我們從 COVID-19 大流行中持續復甦。我們所有的站點在整個季度都是開放的，儘管容量普遍有所減少。

In the prior year quarter, Shanghai Disney Resort was open for the entire quarter, while Disney World Resort and Disneyland Paris were open for approximately 12 weeks. Hong Kong Disneyland Resort was opened for approximately 4 weeks and Disneyland Resort was closed for the entire quarter. Attendance trends continued to strengthen at our domestic parks, with Walt Disney World Q4 attendance up double digits versus Q3 and Disneyland attendance continuing to strengthen significantly from its reopening in the third quarter.

在上一季度，上海迪士尼度假區全年開放，而迪士尼世界度假區和巴黎迪士尼樂園開放約 12 週。香港迪士尼樂園度假區開放約 4 週，而迪士尼樂園度假區則在整個季度關閉。我們國內公園的遊客人數趨勢繼續加強，華特迪士尼世界第四季度的遊客人數比第三季度增長了兩位數，迪斯尼樂園的遊客人數自第三季度重新開放以來繼續顯著增加。

Guest spending at our domestic parks also continued its strong trend with per caps in the fourth quarter, up nearly 30% versus fiscal 2019. Our forward-looking demand pipeline for domestic guests at Walt Disney World and Disneyland Resort remains strong, demonstrating our brand strength as well as more normalized consumer behavior. Additionally, we are looking forward to the return of international attendance at our domestic parks and resorts. However, keep in mind that due to longer vacation planning lead times, we don't expect to see a substantial recovery in international attendance at our domestic parks until towards the end of fiscal 2022.

我們國內公園的遊客消費也繼續保持強勁趨勢，第四季度的人均消費量與 2019 財年相比增長近 30%。我們在華特迪士尼世界和迪士尼樂園度假區對國內游客的前瞻性需求渠道依然強勁，展示了我們的品牌實力以及更規範的消費者行為。此外，我們期待國內公園和度假村的國際遊客回歸。但是，請記住，由於假期計劃的提前期較長，我們預計在 2022 財年末之前，我們國內公園的國際遊客人數不會大幅回升。

At our Cruise Line business, as Bob mentioned earlier, our entire fleet has returned to sea with guest ratings as strong as prepandemic levels despite new health and safety protocols. While we expect social distancing restrictions on our ships to remain in place for at least the first half of fiscal 2022, booked occupancy on our ships for the second half of the year is already ahead of historical ranges at significantly higher pricing. And we are excited for the Disney Wish to set sale in June 2022 with the inaugural season already nearly 90% booked.

正如鮑勃之前提到的，在我們的郵輪業務中，儘管有新的健康和安全協議，但我們的整個船隊已經返回海上，客人的評價與大流行前的水平一樣高。雖然我們預計對我們船舶的社交距離限制將至少在 2022 財年上半年保持不變，但我們船舶在下半年的預訂人數已經超過了歷史範圍，而且定價要高得多。我們很高興迪士尼願望將於 2022 年 6 月開始銷售，首季已經預訂了近 90%。

At consumer products, year-over-year operating results declined in the fourth quarter, impacted by a tough comparison in our games business due to the prior year performance of 2 titles: Marvel's Avengers and Twisted Wonderland.

在消費產品方面，第四季度的運營業績同比下降，原因是我們的遊戲業務由於前一年的兩個遊戲的表現而出現艱難的比較：漫威的複仇者聯盟和扭曲的仙境。

Turning to our Media and Entertainment Distribution segment. Fourth quarter operating income decreased by approximately $600 million versus the prior year driven by lower results at Linear Networks, direct to consumer and content sales, licensing and other. At Linear Networks, you may recall that we guided to a decline in Q4 operating income versus prior year. Operating results at Linear Networks did decrease year-over-year by approximately $200 million driven by a decrease at in our domestic channels partially offset by an improvement at our international channels.

轉向我們的媒體和娛樂分銷部門。由於線性網絡、直接面向消費者和內容銷售、許可和其他方面的業績下滑，第四季度營業收入較上年減少了約 6 億美元。在 Linear Networks，您可能還記得我們曾指導第四季度營業收入與上一年相比有所下降。 Linear Networks 的經營業績確實同比下降了約 2 億美元，原因是我們國內渠道的減少部分被我們國際渠道的改善所抵消。

At our domestic channels, both broadcasting and cable operating income decreased in the fourth quarter versus the prior year. Lower results of broadcasting were driven by lower results at ABC and the owned television stations. At ABC, the decrease was primarily driven by higher marketing and programming and production costs, reflecting a higher number of series versus the prior year due to last year's production delays, as we noted in the guidance we gave last quarter, partially offset by higher affiliate revenue. The decrease at the owned television stations was due to lower advertising revenue, reflecting comparisons to the 53rd week and stronger political advertising in the prior year.

在我們的國內頻道，第四季度的廣播和有線電視營業收入均比去年同期下降。廣播業績下滑是由於 ABC 和自有電視台業績下滑所致。正如我們在上個季度給出的指導中指出的那樣，由於去年的製作延遲，ABC 的下降主要是由較高的營銷和節目製作成本推動的，這反映了與上一年相比增加的系列數量，部分被較高的附屬公司所抵消收入。自有電視台的下降是由於廣告收入下降，反映了與第 53 週相比的情況以及上一年更強勁的政治廣告。

At Cable, the year-over-year decrease in operating income was primarily driven by 3 factors: one, lower affiliate revenue primarily driven by the prior year benefit of the 53rd week; two, an increase in marketing costs from more titles premiering in the current quarter, which we also discussed last quarter; and finally, to a lesser extent, lower advertising revenue. These impacts were partially offset by lower programming and production costs, which generally reflect COVID-19-related timing impacts from the prior year.

在 Cable，營業收入同比下降主要是由 3 個因素驅動的：第一，較低的附屬收入，主要是由於上一年第 53 週的收益；第二，本季度更多遊戲首映導致營銷成本增加，我們在上個季度也討論了這一點；最後，在較小程度上降低廣告收入。這些影響被較低的編程和製作成本部分抵消，這通常反映了上一年與 COVID-19 相關的時間影響。

Costs decreased from the NBA and MLB programming versus the prior year partially offset by increased costs for college football games. Domestic Linear Networks advertising revenue decreased in Q4 versus the prior year driven by our cable networks and owned television stations, both of which were impacted by the prior year benefit of the 53rd week.

NBA 和 MLB 節目的成本與上一年相比有所下降，部分被大學橄欖球比賽成本的增加所抵消。國內線性網絡公司第四季度的廣告收入在我們的有線電視網絡和自有電視台的推動下較上年有所下降，這兩者都受到了第 53 週的上一年收益的影響。

ESPN advertising revenue in the fourth quarter was comparable to the prior year as higher rates were offset by the prior year benefit of the 53rd week. First quarter-to-date domestic cash advertising revenue at ESPN is currently pacing above the prior year, benefiting from increased ratings for college football and the NFL.

ESPN 第四季度的廣告收入與上一年相當，因為較高的費率被第 53 週的上一年收益所抵消。得益於大學橄欖球和 NFL 收視率的提高，ESPN 第一季度迄今為止的國內現金廣告收入目前正高於去年。

Total domestic affiliate revenue decreased by 6% in the quarter. This was driven by a benefit of 6 points of growth from higher rates, offset by a 7-point decline due to the 53rd week adjustment and a 3-point decline due to a decrease in subscribers.

本季度國內分支機構總收入下降了 6%。這是由較高利率帶來的 6 個增長點所推動的，但被第 53 週調整導致的 7 個點的下降和訂閱者減少導致的 3 個點的下降所抵消。

International channel results increased versus the prior year driven by lower programming and production costs and higher advertising revenue partially offset by lower affiliate revenue. At direct to consumer, our fourth quarter operating results decreased by $256 million year-over-year driven by higher losses at Disney+ and ESPN+ partially offset by improved results at Hulu.

由於較低的節目和製作成本以及較高的廣告收入部分被較低的附屬收入所抵消，國際頻道業績較上年有所增長。在直接面向消費者方面，我們第四季度的經營業績同比下降了 2.56 億美元，原因是 Disney+ 和 ESPN+ 的虧損增加，部分被 Hulu 業績的改善所抵消。

At Disney+, the higher loss versus the prior year quarter was driven by higher programming, marketing and technology costs. These higher costs were partially offset by increases in subscription and premier access revenue. Higher subscription revenue reflects subscriber growth and increases in retail pricing, and the increases in costs reflect the ongoing expansion of Disney+. Higher premier access revenue was driven by Black Widow and Jungle Cruise in Q4 compared to Mulan in the prior year quarter.

在 Disney+，與去年同期相比較高的虧損是由較高的節目、營銷和技術成本推動的。這些較高的成本被訂閱和主要訪問收入的增加部分抵消。訂閱收入的增加反映了訂閱者的增長和零售價格的上漲，而成本的增加則反映了 Disney+ 的持續擴張。與去年同期相比，Black Widow 和 Jungle Cruise 在第四季度推動了更高的高級訪問收入。

As Bob mentioned earlier, we ended the fourth quarter and the fiscal year with over 118 million global paid Disney+ subscribers reflecting over 2 million net additions from Q3, in line with the subscriber guidance we gave in September. Subscribers across our domestic and core international markets, excluding Disney+ Hotstar, grew by almost 4 million from Q3 to Q4. Disney+ Hotstar subs decreased versus the prior quarter and accounted for about 37% of our total Disney+ paid subscriber base as of the end of the fourth quarter. Disney+'s global ARPU in the fourth quarter was $4.12. Excluding Disney+ Hotstar, it was $6.24 or an increase of about $0.12 versus third quarter, continuing to benefit from recent price increases.

正如 Bob 之前提到的，我們在第四季度和本財年結束時擁有超過 1.18 億全球付費 Disney+ 用戶，這與我們在 9 月給出的用戶指導一致，反映了第三季度淨增加超過 200 萬。從第三季度到第四季度，我們國內和核心國際市場的訂閱者（不包括 Disney+ Hotstar）增長了近 400 萬。 Disney+ Hotstar 訂閱人數與上一季度相比有所下降，截至第四季度末，約占我們 Disney+ 付費用戶總數的 37%。 Disney+ 在第四季度的全球 ARPU 為 4.12 美元。不包括 Disney+ Hotstar，為 6.24 美元，比第三季度增加約 0.12 美元，繼續受益於近期的價格上漲。

At ESPN+, where we ended the fourth quarter with over 17 million subscribers versus nearly 15 million in Q3, the decrease in operating results year-over-year was driven by higher marketing and sports programming costs partially offset by subscription revenue growth. And at Hulu, higher operating results in the fourth quarter versus the prior year were due to subscription revenue growth and higher advertising revenue partially offset by increases in programming and, to a lesser extent, marketing costs.

在 ESPN+，我們在第四季度結束時擁有超過 1700 萬訂閱者，而第三季度為近 1500 萬，運營業績同比下降的原因是營銷和體育節目成本增加，部分被訂閱收入增長所抵消。而在 Hulu，與去年同期相比，第四季度的經營業績較高是由於訂閱收入的增長和較高的廣告收入部分被節目的增加所抵消，在較小程度上，營銷成本也被抵消了。

Google ended the fourth quarter with 43.8 million paid subscribers inclusive of the Hulu + Live digital MVPD service. Hulu + Live subscribers increased to $4 million from $3.7 million at the end of the third quarter.

谷歌在第四季度結束時擁有 4380 萬付費用戶，其中包括 Hulu + Live 數字 MVPD 服務。 Hulu + Live 訂戶從第三季度末的 370 萬美元增加到 400 萬美元。

Moving on to content sales, licensing and other, results decreased in the fourth quarter versus the prior year to an operating loss of $65 million driven by lower theatrical and TV SVOD distribution results, both of which we noted as drivers in the guidance we gave during the last earnings call. While theaters have generally reopened, we are still experiencing a prolonged and gradual pace of recovery in this business. Lower theatrical results were driven by higher operating losses from more titles and release as well as higher marketing expenses for future releases. Lower TV SVOD results were due to lower third-party content licensing of film content driven by the ongoing impact of COVID as well as our strategic shift towards distribution on our DTC services partially offset by higher income from sales of episodic content due to lower write-offs versus the prior year.

轉向內容銷售、許可和其他方面，第四季度的業績與去年同期相比下降至運營虧損 6500 萬美元，原因是影院和電視 SVOD 發行業績下降，我們在我們給出的指導中指出這兩者都是驅動因素最後一次財報電話會議。雖然影院普遍重新開放，但我們仍在經歷這項業務的長期和漸進的複蘇步伐。較低的影院業績是由於更多影片和發行的較高運營虧損以及未來發行的較高營銷費用所致。較低的電視 SVOD 結果是由於 COVID 的持續影響導致電影內容的第三方內容許可減少，以及我們向 DTC 服務分發的戰略轉變，部分被由於較低的寫入而導致的劇集內容銷售收入增加所抵消。與上一年相比。

To conclude, as we progress into fiscal 2022 and beyond, there are a number of items I would like to mention. Our capital expenditures in fiscal 2021 were $3.6 billion or approximately $400 million lower than our fiscal 2020 CapEx of $4 billion. CapEx for the year came in lower than the previous guidance we gave primarily due to spending delays across the enterprise.

總而言之，隨著我們進入 2022 財年及以後，我想提及許多項目。我們在 2021 財年的資本支出為 36 億美元，比我們 2020 財年的 40 億美元資本支出低約 4 億美元。今年的資本支出低於我們之前給出的指導，主要是由於整個企業的支出延遲。

For fiscal '22, we expect CapEx to increase by $2.5 billion versus 2021 driven by the delivery of the Disney Wish as well as other increased spending at DPEP and corporate. At DPEP, we expect that per cap spending at our domestic parks in fiscal 2022 will continue to significantly exceed prepandemic levels, and we are particularly encouraged by the early response we are seeing to Genie at Walt Disney World. However, we also expect that while we continue to pursue strong cost mitigation efforts certain costs will be elevated in fiscal '22 versus prepandemic levels, including, for example: inflationary pressure on wages; costs related to new projects and initiatives such as Star Wars: Galaxy's Edge, Avengers Campus and the Epcot expansion; and a ramp up of expenses in support of our cruise ship expansion.

對於 22 財年，我們預計資本支出將比 2021 年增加 25 億美元，這主要得益於迪士尼願望的交付以及 DPEP 和企業的其他支出增加。在 DPEP，我們預計 2022 財年我們國內公園的人均支出將繼續大大超過大流行前的水平，我們尤其對我們在沃爾特迪斯尼世界看到精靈的早期反應感到鼓舞。然而，我們也預計，雖然我們繼續採取強有力的成本緩解措施，但某些成本將在 22 財年高於大流行前水平，例如：工資通脹壓力；與星球大戰：銀河邊緣、復仇者校園和 Epcot 擴建等新項目和舉措相關的成本；並增加支出以支持我們的遊輪擴張。

And as we think about fiscal '22 results at DMED, there are a few things worth noting. First, we are excited about the 9 theatrical releases we have slated for the first quarter of fiscal '22. However, we expect that the prolonged recovery we are seeing in the theatrical market paired with the marketing costs associated with each release may adversely impact theatrical operating results in the first quarter by approximately $300 million versus the prior year quarter, which had only 2 releases.

當我們考慮 DMED 的 22 財年業績時，有幾件事值得注意。首先，我們對 22 財年第一季度的 9 部影院上映感到興奮。然而，我們預計，我們在影院市場看到的長期復蘇以及與每個版本相關的營銷成本可能會對第一季度的影院運營結果產生約 3 億美元的不利影響，而去年同期只有 2 個版本。

At Linear Networks, we expect that first quarter operating income will decrease by nearly $500 million versus the prior year, reflecting factors including: higher contractual sports rights costs for college football and the NFL; timing of cricket expenses at Star India; and an adverse comparison to the prior year's political advertising revenue.

在 Linear Networks，我們預計第一季度營業收入將比上年減少近 5 億美元，這反映了以下因素：大學橄欖球和 NFL 的合同體育權利成本增加； Star India 板球費用的時間安排；以及與上一年的政治廣告收入的不利比較。

Finally, as it relates to our expectations for Disney+. Looking at fiscal '22, we are thrilled about the quality of the content coming in the first 3 quarters of the year, but we will not yet be at our anticipated steady-state cadence of content releases. The fourth quarter will likely be more indicative of what our slate could look like once we have tentpole content flowing steadily from all of our industry-leading creative engines.

最後，這與我們對 Disney+ 的期望有關。縱觀 '22 財年，我們對今年前 3 個季度的內容質量感到興奮，但我們尚未達到預期的內容髮布穩定節奏。第四季度可能更能說明一旦我們從所有行業領先的創意引擎中穩定流出的觸角內容會是什麼樣子。

Q4 will be the first time in Disney+ history that we plan to release original content throughout the quarter from Disney, Marvel, Star Wars, Pixar, and Nat Geo, all in 1 quarter. This includes highly anticipated titles such as Ms. Marvel, Andor and Pinocchio. And as Bob mentioned earlier, we are also increasing our local content offerings in Asia, India, Europe and Latin America in fiscal 2022, with the majority of those titles also releasing in the back part of the year.

第四季度將是 Disney+ 歷史上第一次我們計劃在整個季度發布來自迪士尼、漫威、星球大戰、皮克斯和國家地理的原創內容，所有這些都在一個季度內。這包括備受期待的頭銜，例如《驚奇女士》、《安道爾》和《匹諾曹》。正如 Bob 之前提到的，我們還將在 2022 財年增加在亞洲、印度、歐洲和拉丁美洲的本地內容產品，其中大部分遊戲也在今年下半年發布。

As we've discussed before, we don't anticipate that sub growth will necessarily be linear from quarter-to-quarter. So putting this all together, and also taking into consideration the timing of our planned international launches in 2022, we expect Disney+ subscriber net adds in the second half of fiscal 2022 will be meaningfully higher than the first half of the year. Additionally, we now expect that Disney+ will reach its peak year of losses in fiscal 2022 instead of in fiscal 2021 as better-than-expected revenue and lower content expenses due to production delays contributed to lower-than-expected losses in 2021.

正如我們之前所討論的，我們預計次增長不一定是逐季線性增長的。因此，綜上所述，並考慮到我們計劃在 2022 年進行國際發布的時間，我們預計 2022 財年下半年 Disney+ 的用戶淨增加量將顯著高於上半年。此外，我們現在預計迪士尼+將在 2022 財年而不是在 2021 財年達到其虧損的峰值年份，因為好於預期的收入和由於生產延遲導致的內容費用下降導致 2021 年的虧損低於預期。

As Bob mentioned, we are increasing our overall long-term content expense for Disney+, and we believe we are well positioned to achieve the subscriber target of 230 million to 260 million by fiscal 2024 that we laid out at last year's Investor Day. And we also remain confident in our expectation that Disney+ will achieve profitability in fiscal 2024.

正如 Bob 提到的，我們正在增加 Disney+ 的整體長期內容費用，我們相信我們有能力在去年的投資者日制定的到 2024 財年實現 2.3 億至 2.6 億的訂戶目標。我們也對迪士尼+將在 2024 財年實現盈利的預期充滿信心。

And with that, I'll now turn the call back over to Tammy, and we would be happy to take your questions.

有了這個，我現在把電話轉回給 Tammy，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 are not physically together this afternoon, I'll do my best to moderate the Q&A by directing your questions to the appropriate executive. And with that, Jonathan, we're ready for the first question.

謝謝，克里斯汀。在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。有了這個，喬納森，我們已經準備好回答第一個問題了。

Our first question comes from the line of Ben Swinburne from Morgan Stanley.

我們的第一個問題來自摩根士丹利的 Ben Swinburne。

Bob and/or Christine, I think there's 2 areas where expectations have probably been out of line with reality this year that's weighed on the stock. One of them is the Disney+ net adds. The other is probably more recently on parks margins. And you talked a lot about both of those in your prepared remarks, but maybe you could just spend a minute really on both topics. On Disney+, it sounds like we should think about net adds being higher in '23 and '24 than in '22 based on the surge that I think you mentioned, Bob, on the programming side. So I'm wondering if you could help us with that. I think that would help set the expectations in the right spot.

鮑勃和/或克里斯汀，我認為今年有兩個領域的預期可能與現實脫節，這對股票造成了壓力。其中之一是迪士尼+網絡添加。另一個可能是最近在公園邊緣。您在準備好的發言中對這兩個問題進行了很多討論，但也許您可以真正花一分鐘時間討論這兩個主題。在 Disney+ 上，聽起來我們應該考慮到 23 年和 24 年的淨增加量高於 22 年，基於我認為你在編程方面提到的激增，鮑勃。所以我想知道你是否可以幫助我們。我認為這將有助於在正確的位置設定期望。

And then on the parks front, Bob, you've talked a lot about parks margins when you get back to prior peak revenues being at or maybe even higher than before. But obviously, there's also not a linear ramp on the margin front either. So maybe you could talk a little bit about how expenses come back into the business over the course of time as it recovers relative to revenue, so we make sure we're thinking about that business the right way in this sort of unusual circumstance coming out of a pandemic.

然後在公園方面，鮑勃，當你回到之前的峰值收入時，你已經談了很多關於公園利潤率的問題，甚至可能比以前更高。但顯然，邊距前沿也沒有線性斜坡。因此，也許您可以談談隨著時間的推移費用如何隨著收入相對於收入而恢復，因此我們確保在這種不尋常的情況下以正確的方式考慮該業務的流行病。

Sure, Ben.

當然，本。

Thanks, Ben. Bob, why don't you start off with Disney+ net adds and parks as well. And then, Christine, maybe you can chime in on the expenses for parks?

謝謝，本。 Bob，你為什麼不從 Disney+ 網絡添加和公園開始。然後，克里斯汀，也許你可以談談公園的費用？

Okay. Thank you, Ben. On the Disney+ side, as Christine had said, we're real pleased with where we're sitting. But again, it's not going to be a linear rate quarter-to-quarter. I think the recovery that you mentioned in terms of getting the growth rate back up to where it's been historically, is really going to come in the third and the fourth quarters. The third quarter will be powered not necessarily by the content, but by the number of adds that we have in terms of markets. Our number of markets that we're going to add will essentially double to more than 160 by FY '23, and that will propel us in the third quarter. And the fourth quarter will be more of a function of that.

好的。謝謝你，本。正如克里斯汀所說，在迪士尼+方面，我們對自己的坐姿感到非常滿意。但同樣，這不會是一個季度到一個季度的線性比率。我認為你提到的將增長率恢復到歷史水平的複蘇確實會在第三和第四季度出現。第三季度的動力不一定是內容，而是我們在市場方面的新增數量。到 23 財年，我們要增加的市場數量基本上會翻一番，達到 160 多個，這將推動我們在第三季度的發展。第四季度將更多地發揮作用。

Finally, the dam will break in terms of the content that we announced last December that will be substantial and will lead to a cadence of content throughout the quarter that will look more like what we expect to see from an ongoing standpoint. Obviously, we're only in year 2 of the Disney+ launch and the hunger for content for the service is extraordinary. And when you have that happen at the same time that you have a pandemic and you have to shut down production that's not a good combination. And yet, we identified the need for the content way back exactly a year ago. and have prepared a very strong cadence of content, which will now hit the pipeline in the second half of this year.

最後，大壩將打破我們去年 12 月宣布的內容，這將是實質性的，並將導致整個季度的內容節奏看起來更像我們期望從持續的角度看到的內容。顯然，我們只是在 Disney+ 發布的第 2 年，對服務內容的渴望是非同尋常的。當你在發生大流行的同時發生這種情況時，你必須關閉生產，這不是一個好的組合。然而，我們在一年前就確定了對內容的需求。並準備了非常強大的內容節奏，現在將在今年下半年上線。

In terms of the Park situation, we are very bullish. We're seeing incredible 30% increases in per caps, as I think it was referenced in the earnings letter. And so we're not only seeing strong demand, but it's at per caps that are much higher than we've traditionally seen. There was a reference -- and I'm not sure if everyone appreciates the gravity of this to the Genie+ success, 1/3 of our guests at Walt Disney World are buying the Genie+ upgrade at $15, that's per guest per day. And that is a very, very material increase for us in per caps, but also in margins. So we're very bullish about both our Disney+ business, both in terms of reiterance of guidance that has been given today. But additionally, in terms of where our parks business is going to go from a demand standpoint once we completely clear the pandemic, but also in terms of the -- what we expect to be long-lasting benefits in terms of yields. Christine?

在樸的情況方面，我們非常看好。正如我認為收益信中提到的那樣，我們看到了令人難以置信的 30% 的增長。因此，我們不僅看到了強勁的需求，而且其人均上限也比我們傳統上看到的要高得多。有一個參考——我不確定是否每個人都明白這對 Genie+ 成功的重要性，我們沃爾特迪斯尼世界 1/3 的客人以 15 美元的價格購買 Genie+ 升級，這是每位客人每天的費用。這對我們來說是一個非常非常實質性的增長，無論是在人均上限上，還是在利潤率上。因此，在重申今天給出的指導方面，我們都非常看好我們的迪士尼+業務。但此外，從需求的角度來看，一旦我們完全清除了大流行病，我們的公園業務將走向何方，而且就我們期望在收益方面帶來的長期利益而言。克里斯汀?

Sure. Thanks, Bob. And thanks, Ben. I'm glad you asked the question on parks expenses. And I know you know this business well, but just for the benefit of some others that may be newer to following Disney. Let's remember that the parks expenses are in 3 buckets: fixed, which is quite substantial, semi fixed and variable. So variable was where we were really able to make some adjustments during COVID. But the other, fixed and semi-fixed buckets, are ones that we have to carry on regardless of the operating environment that we found ourselves in. So as we come back online, we've also done a lot of work on fundamentally changing some of the ways we have done business on both the revenue side and the cost side to optimize margins.

當然。謝謝，鮑勃。謝謝，本。我很高興你問了關於公園費用的問題。而且我知道您很了解這項業務，但這只是為了其他一些可能較新關注迪士尼的人的利益。讓我們記住，公園費用分為 3 個類別：固定的，相當可觀的，半固定的和可變的。因此，可變因素是我們在 COVID 期間真正能夠做出一些調整的地方。但是其他的，固定和半固定桶，無論我們發現自己所處的操作環境如何，我們都必須繼續這樣做。所以當我們重新上線時，我們也做了很多工作來從根本上改變一些我們在收入方面和成本方面開展業務以優化利潤的方式。

What you see this fourth quarter is an overall margin for the global business for DPEP a little under 12%, and that's well below our pre-COVID levels. I've said this before, and I'll say it again that I believe that we will get, not only back to, but have a high probability of exceeding those previous margin levels in our parks because of some of the things we've done. We're using date-based pricing. We're strategically managing attendance. We do have some promotional offers that are really meant to balance yield with demand giving capacity on any given day or week during the year. And on the cost efficiency side, we really made some improvements, not only to the cost side, but also that improves the guest experience. And those are things like the mobile food ordering that we have, a lot of people who've been to our parks since we reopened, really enjoy that. There's contactless check-ins at our hotels. Lots of people enjoy that as well. We have virtual queues for selected attractions. And we're, once again, really looking at even physical park improvements that allow for better guest movements throughout the park.

您在第四季度看到的是 DPEP 全球業務的整體利潤率略低於 12%，這遠低於我們在 COVID 之前的水平。我以前說過，我會再說一遍，我相信我們不僅會回到，而且很有可能超過我們公園以前的利潤率水平，因為我們已經做了一些事情完畢。我們使用基於日期的定價。我們正在戰略性地管理出勤率。我們確實提供了一些促銷優惠，這些優惠實際上是為了在一年中的任何一天或一周內平衡產量與需求提供能力。在成本效率方面，我們確實做了一些改進，不僅是在成本方面，而且還改善了客人的體驗。這些就是我們擁有的移動食品訂購，自從我們重新開放以來，很多人都去過我們的公園，真的很喜歡。我們的酒店提供非接觸式入住服務。很多人也很享受。我們為選定的景點提供虛擬隊列。而且，我們再次真正著眼於改善公園的物理設施，以便在整個公園內更好地移動客人。

So while these margins will remain impacted, while we're still operating under capacity constraints, again, we believe, over the long term, that these fundamental changes are going to -- are going to result in higher margins overall. So thanks for asking that question. And the other thing I would say, as Bob mentioned, Genie. Genie, we have launched in Walt Disney World. We have not yet launched it in Disneyland. And I think when we have that exposure to the Disneyland, people who come to visit Disneyland, the response will be as strong, if not stronger. Thanks.

因此，儘管這些利潤率仍將受到影響，而我們仍在產能限制下運營，但我們再次相信，從長遠來看，這些根本性變化將會——將導致整體利潤率更高。所以謝謝你問這個問題。我要說的另一件事，正如鮑勃提到的，精靈。精靈，我們已經在華特迪士尼世界推出。我們還沒有在迪士尼樂園推出它。而且我認為，當我們接觸到迪士尼樂園時，那些來迪士尼樂園的人，即使不是更強烈，也會有同樣強烈的反應。謝謝。

Next question comes from the line of Alexia Quadrani from JPMorgan.

下一個問題來自摩根大通的 Alexia Quadrani。

Just 2 questions, if I may. First, ARPU on Hotstar is obviously lower than core Disney+ subs. I'm curious if you could elaborate on the opportunity to narrow that gap over time, and does it eventually become a profitable contributor? And maybe how much investment is sort of needed, big picture, in that property. And then just my follow-up question really is on the -- your decision to kind of revert back to exclusive theatrical releases. At least for now, it looks like, even though they might be lost incurring initially, I guess, why do you ultimately feel that's a better model? Was it piracy? Any color there?

如果可以的話，只有 2 個問題。首先，Hotstar 的 ARPU 明顯低於核心 Disney+ 訂閱用戶。我很好奇你能否詳細說明隨著時間的推移縮小差距的機會，它最終會成為一個有利可圖的貢獻者嗎？也許需要多少投資，大局，在那個財產上。然後我的後續問題真的是關於 - 你決定恢復獨家影院發行。至少現在看起來，即使它們最初可能會丟失，我猜，為什麼你最終覺得這是一個更好的模型？是盜版嗎？那裡有顏色嗎？

Bob, why don't you start with exclusive theatrical releases, and then Christine can talk about Hotstar ARPU.

Bob，你為什麼不從獨家影院上映開始，然後 Christine 可以談談 Hotstar ARPU。

Okay. As you know, we have reached flexibility in terms of making decisions on distribution as we recover from the pandemic and in the mix of changing consumer behaviors. And the extent to which we had a number of titles released going to theatrical will eventually go to Disney+. But what we're seeing is some recovery of the theatrical exhibition marketplace, which is a good thing, by the way, for not only Disney, but also for the industry. And because most of the franchises that we've had as a Walt Disney company have been built through the theatrical exhibition channel of distribution.

好的。如您所知，隨著我們從大流行中恢復過來，以及不斷變化的消費者行為，我們在分銷決策方面已經達到了靈活性。而且，我們將許多影片發行到影院的程度最終將歸於迪士尼+。但是我們看到的是戲劇展覽市場的一些復甦，順便說一句，這不僅對迪士尼，而且對整個行業都是一件好事。而且因為我們作為沃爾特迪斯尼公司擁有的大多數特許經營權都是通過戲劇展覽渠道建立的。

At the same time, we're watching very, very carefully different types of movies to see how the different components of the demographics of that market come back, and we're watching very carefully our family films as they're released over the next couple of months to make sure that, that market will come back to theatrical exhibition as the general entertainment, let's say, the films that appeal to a younger target audience have come back. And so we're sticking with our plan of flexibility because we're still unsure in terms of how the marketplace is going to react when family films come back with a theatrical first window.

與此同時，我們正在非常非常仔細地觀看不同類型的電影，以了解該市場人口統計數據的不同組成部分如何回歸，並且我們正在非常仔細地觀看我們的家庭電影，因為它們將在下一個上映幾個月後，該市場將回歸影院作為一般娛樂活動，比方說，吸引年輕目標觀眾的電影已經回歸。所以我們堅持我們的靈活性計劃，因為我們仍然不確定當家庭電影帶著影院的第一個窗口回歸時市場將如何反應。

I should say that you'll notice that the films that we are putting into the marketplace in theatrical that are family films have a fairly short window at least in terms of any reference point to what history might have been. And we're doing that so that we can get our films quicker to Disney+. And -- but at the same time, see if the theatrical market can sort of kick back into full gear as we prime the pump with these films. But we're going to do what's best for our shareholders ultimately. And we don't announce our films that far in advance like we used to because we know that we're in a time of flux and change still. And while COVID will be in the rearview mirror, God willing, I think changing consumer behavior is something that's going to be more permanent. And so we're reading that on a weekly basis and make our decisions going forward accordingly.

我應該說，你會注意到，我們在院線中投放市場的家庭電影的窗口期相當短，至少就歷史可能存在的任何參考點而言。我們這樣做是為了讓我們的電影更快地進入 Disney+。而且 - 但與此同時，看看戲劇市場是否可以在我們用這些電影啟動泵時重新啟動。但我們最終會為我們的股東做最好的事情。而且我們不會像以前那樣提前宣布我們的電影，因為我們知道我們正處於一個不斷變化的時代。雖然 COVID 將出現在後視鏡中，但願上帝保佑，但我認為改變消費者行為將是更持久的事情。因此，我們每週都會閱讀該信息，並據此做出我們的決定。

Thanks, Alexia, for your question on Hotstar ARPU. Just to make something very clear, the Disney+ Hotstar is included in our overall Disney+ guidance that we reiterate to be profitable in 2024. So I just want to make sure that everyone understands that. But as it relates to ARPU specifically, there's been a lot of noise in the Indian market, a lot of which has been around sports. So when you look at the ARPU for Hotstar, on a linked quarter basis from Q3 to Q4 this year, it actually decreased and that was a result of lower per sub advertising revenue because there were fewer IPL matches this year. In Q4, there were only 18, and I believe the number was 29-ish in Q3. So you had a linked quarter reduction in games, therefore, lower subscriber advertising revenue.

謝謝，Alexia，關於 Hotstar ARPU 的問題。為了明確一點，Disney+ Hotstar 已包含在我們的整體 Disney+ 指導中，我們重申將在 2024 年實現盈利。所以我只想確保每個人都理解這一點。但由於它特別與 ARPU 相關，印度市場上出現了很多噪音，其中很多都與體育有關。因此，當您查看 Hotstar 的 ARPU 時，從今年第三季度到第四季度的相關季度基礎上，它實際上有所下降，這是由於每個子廣告收入較低，因為今年 IPL 匹配較少。在第四季度，只有 18 個，我相信這個數字在第三季度是 29 個左右。所以你有一個相關的季度遊戲減少，因此，訂閱者廣告收入減少。

And when we think about ARPU overall, there's several levers here. There's the price value relationship over time, high-quality content. And the content in India is really 2 things. It's not only the IPL but other key sports like -- beyond cricket. So you have things like the English Premier League and Pro Kabaddi. And also, there's a big general entertainment component. We have all of our Disney content over there from all the different labels that we have, Disney, Pixar, Marvel, Star Wars and so on. But they also have over 18,000 hours of original local programming that is produced every year.

當我們整體考慮 ARPU 時，這裡有幾個槓桿。隨著時間的推移，價格價值關係，高質量的內容。印度的內容實際上是兩件事。不僅是 IPL，還有其他主要運動項目，比如板球以外的項目。所以你有像英超聯賽和職業卡巴迪這樣的東西。而且，還有一個很大的通用娛樂組件。我們擁有來自所有不同標籤的所有迪士尼內容，迪士尼、皮克斯、漫威、星球大戰等等。但他們也有超過 18,000 小時的原創本地節目，每年製作。

So once again, I think the upside potential is when all things are working, all cylinders are working, and we'll be able to take price up as the market allows.

所以再一次，我認為上行潛力是當一切正常，所有氣缸都在工作時，我們將能夠在市場允許的情況下接受價格上漲。

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

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

Tammy, I have 2. One is, I appreciate your view that the content cycle will get better and it will drive sub growth, but I really want to focus on the U.S. What do you see confidence that that's what is the reason for the slowing growth? And are there any cohorts, any demographics that you're underpenetrated, and perhaps the widening out of content is an issue versus just more new content? That's one. And then 2 is, we have covered Disney a long time, but I've never seen this much inflation before. I don't think any of us have in 30 years. And I wonder, how will you mitigate that inflation? And at what point you'd start becoming a more meaningful drag on the margin recovery that you've identified?

塔米，我有 2 個。一個是，我很欣賞你認為內容週期會變得更好並且將推動次增長的觀點，但我真的想專注於美國 你認為這就是放緩的原因是什麼？生長？是否有任何群體，任何你未被充分利用的人口統計數據，也許與更多新內容相比，內容的擴大是一個問題？那是一個。然後2是，我們已經報導迪士尼很長時間了，但我以前從未見過這麼大的通貨膨脹。我認為我們中的任何人在 30 年內都沒有。我想知道，你將如何緩解通貨膨脹？在什麼時候你會開始成為你已經確定的利潤率恢復的更有意義的拖累？

Thank you, Michael. Bob, how about if you talk about the Disney+ sub growth in the U.S. and Christine can talk about inflation.

謝謝你，邁克爾。 Bob，如果您談論美國的 Disney+ 次增長，Christine 可以談論通貨膨脹。

Michael, your first question was about sort of the kink of the supply chain, if you will, of new content coming into the service and its impact on our net sub adds. As you can probably suspect in a world to direct to consumer, we have a lot of information, a lot of data. And we have a pretty good idea of what the marginal impact of a particular title might be to our service. And we always say that library titles tend to increase engagement and minimize churn, but new titles, new content, whether they're movies or series, actually add new subs. And that is actually the reason why we're pretty confident that the increase in content flow towards the second half of fiscal '22 will actually lead to the types of results that we're anticipating.

邁克爾，你的第一個問題是關於供應鏈的某種扭結，如果你願意的話，是關於進入服務的新內容及其對我們網絡訂閱的影響。正如您可能懷疑的那樣，在一個直接面向消費者的世界中，我們擁有大量信息、大量數據。我們非常清楚特定標題可能對我們的服務產生的邊際影響。我們總是說圖書館標題往往會增加參與度並最大限度地減少流失，但新標題、新內容，無論是電影還是連續劇，實際上都會增加新的訂閱量。這實際上就是為什麼我們非常有信心在 22 財年下半年增加內容流量實際上會導致我們預期的結果類型。

And so we've got some pretty good data that suggests that, that is the case, given our history. While we only have 2 years, that 2 years has represented a number of titles, and you can start to build models. As I'm sure you can understand, every time that we have a title, we have a pretty good idea of what the net impact of that is going to be both from a retention and to an addition standpoint. So we're pretty confident that, once we get to more of a normal content flow in the second half of the year, that some of the vacuum that we've had over the last couple of months will not be the case. Christine, do you want to handle the -- oh and sorry, there was also a question about cohorts widening. I'll handle that one as well.

所以我們有一些非常好的數據表明，鑑於我們的歷史，情況就是如此。雖然我們只有 2 年，但那 2 年代表了許多頭銜，您可以開始構建模型。我相信你可以理解，每次我們有一個標題，我們都非常清楚從保留和附加的角度來看，它的淨影響是什麼。因此，我們非常有信心，一旦我們在下半年獲得更多正常的內容流，我們在過去幾個月中所經歷的一些真空將不會是這種情況。克里斯汀，你想處理 - 哦，對不起，還有一個關於擴大隊列的問題。我也會處理那個。

The -- it is true that Disney+ is a 4-quadrant service. And as such, we need content that's going to be broad in order to appeal to each of those demographics. If there's an opportunity that we're working on right now, it's sort of our preschool area. We believe that there's an opportunity for us to sort of assert ourselves in the direct-to-consumer way, the same way we did in the Linear Networks with Disney Channel. So that would be the biggest opportunity. And I can tell you that, in sitting through our creative reviews, the new content that we've got, the new storytelling that we've got in the area of preschool is absolutely extraordinary. And I think we're going to see a resurgence of sort of Disney in that area in terms of content that's really going to become the cultural site guys and then drive our subs amongst that particular cohort of potential sub ads for Disney+.

確實，Disney+ 是一項 4 象限服務。因此，我們需要廣泛的內容來吸引這些人口統計數據。如果我們現在正在開發一個機會，那就是我們的學前教育領域。我們相信，我們有機會以直接面向消費者的方式表達自己的立場，就像我們在線性網絡中與迪士尼頻道所做的一樣。所以這將是最大的機會。而且我可以告訴你，通過我們的創意評論，我們擁有的新內容，我們在學前教育領域擁有的新故事絕對是非凡的。而且我認為我們將在該領域看到迪士尼在內容方面的複興，這些內容將真正成為文化網站的人，然後將我們的訂閱者推向迪士尼+的特定潛在子廣告群。

But it is true that being a 4-quadrant service, we need to be broad in our approach. And that's why we fired up the engines, the production engines of our Fox teams that we've gotten in acquisitions, Fox Searchlight and just our general -- Disney general entertainment team, making content both for Hulu and for Disney+ as well as our services internationally. Christine?

但確實，作為 4 象限服務，我們的方法需要廣泛。這就是為什麼我們啟動引擎，我們在收購中獲得的 Fox 團隊的生產引擎，Fox Searchlight 和我們的一般 - 迪士尼綜合娛樂團隊，為 Hulu 和 Disney+ 以及我們的服務製作內容國際上。克里斯汀?

Thanks, Bob. Michael, I think you asked a question that's on the minds of every CFO and every senior management team of companies out there. Inflationary pressures are something we are all looking at and trying to assess and think about how do we manage through it. This is also one that -- I'll just mention, we've already experienced in some parts of our business.

謝謝，鮑勃。邁克爾，我想你問了一個問題，每個 CFO 和公司的每個高級管理團隊都在想。通脹壓力是我們所有人都在關注並試圖評估和思考我們如何應對它的事情。這也是 - 我只想提一下，我們已經在我們業務的某些部分經歷過。

So over the past year or so, we've talked about the increase in the price of content. You see the content that, because of just the competition for talent, for everything that's involved in productions, content costs have gone up. Where we see it directly in our parks business is primarily through the hourly wage inflation that we've seen through contract renegotiations and our commitment to paying our park workers well. And then we have things on the cost of goods side. And it's interesting. Just last week, maybe it was -- yes, just last week, I was talking to our parks senior team about things we could do there. And there are lots of things that are worth talking about. We can adjust suppliers. We can substitute products. We can cut portion size, which is probably good for some people's waste lines. We can look at pricing where necessary.

所以在過去一年左右的時間裡，我們談到了內容價格的上漲。你會看到內容，因為只是為了人才的競爭，對於製作中涉及的所有內容，內容成本都上升了。我們在公園業務中直接看到的主要是通過重新談判合同和我們承諾為公園工作人員提供良好報酬的每小時工資膨脹。然後我們有商品成本方面的東西。這很有趣。就在上週，也許是——是的，就在上週，我正在和我們的公園高級團隊討論我們可以在那裡做的事情。還有很多值得談論的事情。我們可以調整供應商。我們可以替代產品。我們可以減少份量，這可能對某些人的廢物線有好處。我們可以在必要時查看定價。

But we aren't going to go just straight across and increase prices. We're really going to try to get the algorithm right to cut where we can and not necessarily do things the same way. As I mentioned, we're also using technology to reduce some of our operating costs, and that gives us a little bit of headroom also to absorb some inflation. But we're really trying to use our heads here to come up with a way to kind of mitigate some of these challenges that we have. But it's a great question, and I'm sure it's one that you could ask every single company in your coverage universe.

但我們不會直截了當地提高價格。我們真的會嘗試讓算法正確地切割我們可以做的事情，而不一定以同樣的方式做事。正如我所提到的，我們也在使用技術來降低我們的一些運營成本，這給了我們一點空間來吸收一些通貨膨脹。但我們真的想在這裡用我們的頭腦想出一種方法來緩解我們面臨的一些挑戰。但這是一個很好的問題，我相信你可以向你的報導範圍內的每一家公司提出這個問題。

Our final question for today then comes from the line of Jessica Reif Ehrlich from Bank of America Securities.

我們今天的最後一個問題來自美國銀行證券公司的 Jessica Reif Ehrlich。

Two, of course. First, could you talk about the advertising outlook. There's a lot of moving pieces here between strong upfront, good sports ratings, but supply chain issues affecting some categories. And within advertising, if you could talk a little bit more about Hulu advertising, what's going on there with your ad light service versus pure premium subscription. And then the second question is, I know Bob mentioned in his prepared remarks, sports betting. Can you frame or give us any color on the opportunity? Obviously, it's an area of growth as more states are approving it, and it affects advertising, which should be good for the stations. But how can you participate in a bigger way while still protecting the ESPN brands?

兩個，當然。首先，您能否談談廣告前景。在強大的前期，良好的體育收視率之間有很多動人的因素，但供應鏈問題會影響某些類別。在廣告方面，如果您可以多談談 Hulu 廣告，那麼您的廣告燈服務與純粹的高級訂閱之間發生了什麼。然後第二個問題是，我知道鮑勃在他準備好的講話中提到了體育博彩。你可以為這個機會設計或給我們任何顏色嗎？顯然，隨著更多州的批准，這是一個增長的領域，它會影響廣告，這對電台應該是有利的。但是，您如何才能在保護 ESPN 品牌的同時以更大的方式參與其中呢？

Thank you, Jessica. Bob, why don't you address sports betting and Christine can talk about advertising?

謝謝你，傑西卡。 Bob，你為什麼不解決體育博彩問題，而 Christine 可以談論廣告？

Okay. Will do. Jessica, you're right, we do believe that sports betting is a very significant opportunity for the company. And it's all driven by the consumer. It's driven by the consumer, particularly the younger consumer that will replenish the sports fans over time and their desire to have gambling as part of their sports experience. It's not necessarily a lean back. It's a little bit of a lean forward-type experience that they're looking for. And as we follow the consumer, we necessarily have to seriously consider getting into gambling in bigger way. And ESPN is a perfect platform for this.

好的。會做。傑西卡，你是對的，我們確實相信體育博彩對公司來說是一個非常重要的機會。而這一切都是由消費者驅動的。它是由消費者推動的，尤其是年輕消費者，隨著時間的推移，他們會補充體育迷，以及他們希望將賭博作為體育體驗的一部分。它不一定是一個傾斜的背部。這是他們正在尋找的一種精益前瞻式的體驗。當我們跟隨消費者時，我們必須認真考慮以更大的方式涉足賭博。 ESPN 是一個完美的平台。

We have done substantial research in terms of the impact to, not only the ESPN brand, but the Disney brand in terms of consumers' changing perceptions of the acceptability of gambling. And what we're finding is that there is a very significant installation. Gambling does not have the cache now that it had, say, 10 or 20 years ago. And we have some concerns as a company about our ability to get in it without having a brand withdrawal. But I can tell you that given all the research that we've done recently that, that is not the case. It actually strengthens the brand of ESPN when you have a betting component, and it has no impact on the Disney brand. Therefore, to go after that demographic opportunity plus the, of course, not insignificant revenue implications, that is something that we're keenly interested in and are pursuing aggressively.

我們對消費者對賭博可接受性的看法不斷變化對 ESPN 品牌和迪士尼品牌的影響進行了大量研究。我們發現有一個非常重要的安裝。賭博現在沒有 10 或 20 年前的緩存。作為一家公司，我們對我們在不退出品牌的情況下參與其中的能力有些擔憂。但我可以告訴你，鑑於我們最近所做的所有研究，情況並非如此。當你有一個投注組件時，它實際上加強了 ESPN 的品牌，它對迪士尼品牌沒有影響。因此，為了追求這一人口機會以及當然不是微不足道的收入影響，這是我們非常感興趣並正在積極追求的事情。

Okay. I'll take the advertising question, Jessica. So overall, the ad market is strong across our entire DMED portfolio. And the sports market is strong, and it's really being driven by football at both the college and professional levels, NHL and the NBA. We are seeing some impact from supply chain issues impacting certain sales categories. And the 2 that I would just call out are autos and technology, and those are for obvious reasons, that we all know about the chip shortage.

好的。我會回答廣告問題，傑西卡。因此，總體而言，我們整個 DMED 產品組合的廣告市場都很強勁。體育市場很強勁，在大學和職業級別、NHL 和 NBA 都受到足球的推動。我們看到供應鏈問題對某些銷售類別產生了一些影響。我只想說的兩個是汽車和技術，這些原因很明顯，我們都知道芯片短缺。

On Hulu specifically, we're really pleased with the advertising demand we've seen for Hulu. And we believe the overall addressable market in the U.S. market will continue to grow. Hulu, we believe, also has some real strategic advantages in this space. We've got a great slate of premium content, and we've developed the ability to use our data to offer that targeting advertising that advertisers really desire. And we also have a purpose built and unified ad platform. I mentioned this last quarter, but that's really helped us grow in addressable advertising. So we'll continue to make investments in technologies that are going to allow us to continue to exploit this advertising that we see on Hulu. And it's automating the sales process with programmatic and advertiser self-service channels that we think are really going to continue to show good growth. So we expect advertising to continue to be an important driver of Hulu revenues going forward. Thanks.

特別是在 Hulu 上，我們對 Hulu 的廣告需求感到非常滿意。我們相信美國市場的整體潛在市場將繼續增長。我們相信，Hulu 在這個領域也有一些真正的戰略優勢。我們擁有大量優質內容，並且我們開發了使用我們的數據提供廣告商真正想要的定向廣告的能力。我們還有一個專門構建和統一的廣告平台。我在上個季度提到了這一點，但這確實幫助我們在可尋址廣告方面取得了增長。因此，我們將繼續對技術進行投資，使我們能夠繼續利用我們在 Hulu 上看到的這種廣告。它通過程序化和廣告客戶自助服務渠道實現了銷售流程的自動化，我們認為這些渠道確實會繼續呈現出良好的增長勢頭。因此，我們預計廣告將繼續成為 Hulu 未來收入的重要推動力。謝謝。

Jessica, thanks for the questions. I 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.

傑西卡，謝謝你的提問。我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 everyone for joining us today. Hope you have 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。希望你在這一天過得愉快。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

感謝您參加今天的會議。這確實結束了程序。您現在可以斷開連接。再會。