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，歡迎來到華特迪士尼公司 2021 財年全年及第四季財務業績。 （操作員指示）提醒一下，今天的節目正在錄製。

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.

午安.我很高興歡迎大家參加華特迪士尼公司 2021 年第四季財報電話會議。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。今天的電話會議也將進行網路直播，我們將把本次電話會議的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.

今天與我遠端一起參加會議的還有迪士尼執行長鮑勃·查佩克 (Bob Chapek)；以及高級執行副總裁兼財務長克里斯汀·麥卡錫 (Christine McCarthy)。根據鮑勃和克里斯汀的評論，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，讓我將電話轉給鮑伯來開始。

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。在第四季即將結束之際，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的創新措施，為持續的長期成長做好準備。儘管疫情帶來許多持續挑戰，但本季末我們的調整後每股收益為 0.37 美元，而去年同期的虧損為 0.20 美元。克里斯汀將在她的演講中更深入地探討本季和來年的情況。

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，我們討論了未來的戰略重點。隨著我們進入22財年，我們將繼續致力於推動這些舉措，以推動我們的持續成長。首先，講述世界上最原創、最持久的故事；第二，最大限度地發揮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，利用我們廣泛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%.

我將簡要介紹我們如何在三個關鍵領域實現這些優先事項：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，我們對投資組合串流服務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 萬訂閱用戶，總訂閱用戶數達到 1.79 億。為了更清楚地了解這一成長情況，光是過去的財年，我們的 DTC 產品組合的總訂閱數量就增加了 48%，尤其是 Disney+ 的訂閱數量增加了 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，而不是逐季度管理，我們相信我們正走在正確的軌道上，實現我們在去年投資者日提供的指導，到 2024 財年末，全球付費 Disney+ 用戶數量將達到 2.3 億至 2.6 億，並且 Disney+ 將在實現同年盈利。

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，我們將舉辦首個 Disney+ 日，即全公司範圍的全球慶祝活動，慶祝 Disney+ 推出兩週年。 我們為這項服務在前兩年所取得的成就感到無比自豪。它已經超出了我們最瘋狂的預期，我們對即將發生的事情感到非常興奮。考慮到這一點，我們計劃在整個公司範圍內為 Disney+ 日開展多項活動，包括漫威電影《尚氣與十環傳奇》的串流媒體首映，該片全球票房已超過 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.

Disney+ 日上線的其他內容包括備受期待的 Disney+ 原創電影《小鬼當家》、史詩冒險電影《叢林奇航》、來自《辛普森家庭》的搞笑新短片，以及精彩的國家地理系列劇《傑夫高布倫眼中的世界》第二季的前 5 集。 而且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 Disney+ 日之後，我們將首播兩部精彩的原創新劇，分別是 11 月 24 日的漫威《鷹眼》和 12 月 29 日的最新星球大戰冒險《波巴費特之書》。當然，我們非常期待彼得傑克森備受期待的三集紀錄片《披頭四：回歸》在感恩節假日週末的首映。此外，漫威的《永恆族》上映不到一周，全球票房就突破了 1.61 億美元，而迪士尼的《魔法奇緣》將於 11 月 24 日在影院首映，這兩部影片也將在影院獨家上映後登陸該服務。

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，22 財年，我們將把迪士尼、漫威、皮克斯、星際大戰和國家地理等知名品牌在 Disney+ 上的原創內容數量增加近一倍，其中大部分備受期待的作品將於 7 月至 9 月上線。這代表著我們去年 12 月在投資者大會 2.0 上分享的新內容開始激增。

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串流媒體平台的唯一、最有效的方式是提供優質的內容，我們專注於製作新的高品質娛樂內容，包括我們認為會引起觀眾共鳴的本地和區域內容。值得注意的是，未來幾年我們將為 DTC 平台推出 340 多個處於不同開發和製作階段的本地原創作品。如您所知，我們在上次投資者日宣布，我們預計 2024 財年的總內容支出將在 80 億美元至 90 億美元之間，現在我們將進一步增加這項投資，主要驅動力是增加本地和區域內容。

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.

我們正在透過在全球更多市場推出 Disney+ 來擴大我們的全球影響力。該服務現已在日本各地推出，我們很高興能於本週五在韓國和台灣的 Disney+ 日推出該服務，並於 11 月 16 日在香港推出該服務。在短短兩年內，我們的服務已涵蓋 60 多個國家/地區，支援 20 多種語言。明年，我們計劃將 Disney+ 帶給另外 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 2023 財年將業務覆蓋的國家數量增加一倍以上，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.

轉向體育運動。我們將繼續透過獨家體育內容打造 ESPN+，使我們的 DTC 成為 ESPN 線性體驗的完美補充。對於每項新的體育版權交易，我們都會同時考慮線性和 DTC。事實上，我們在過去一年半達成的所有 7 筆重大交易都包含串流媒體部分。其中包括我們具有歷史意義的 10 年期 NFL 轉播協議，該協議將於 2023 年生效。我們最近還與聯盟簽署了為期 5 年的周一晚間外卡賽協議，該協議將持續到 2025 年。另一個例子是我們與 NHL 簽署的 7 年期轉播協議。聯盟的 75 場全國直播比賽將在 ESPN+ 和 Hulu 上獨家播出。 ESPN+ 是 1,000 多場非本地 NHL 比賽的唯一平台。順便說一句，這也是迪士尼套餐對消費者極具吸引力的另一個原因，因為現場體育賽事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有 90% 都是體育節目，體育節目的表現仍然非常出色。例如，上個月 NHL 在 ESPN 上播出的開幕夜比賽創下了有史以來收視率最高的賽季開幕雙頭賽，比 2019 年、2020 年賽季開幕雙頭賽增加了 54%。我們對 NHL 在 ESPN+ 和 Hulu 上的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舉行了一場精彩的比賽，繼續成為 ESPN+ 的頂級表演者，ESPN+ 按次付費觀看的 UFC 排名前 6 位都是在過去一年中播出的。

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.

同時，我們繼續透過創新廣播節目擴展原創體育節目，例如廣受歡迎的《佩頓和伊萊的周一晚間橄欖球賽》，該節目在 ESPN2 播出，第二週觀眾人數達到 190 萬，還有備受期待的新節目，例如《競技場中的男人：湯姆·布雷迪》，這是一部關於這位傳奇四分衛的多集紀錄片系列，將於 1 月和 16 日首播的精彩系列，

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.

我們也正在努力擴大線上體育博彩的影響力。鑑於我們的影響力和規模，我們有潛力以非常有意義的方式與該領域的第三方合作。可以這麼說，我們繼續看到體育領域的巨大機遇，所有這些，包括版權交易、我們的創新節目以及透過我們的 DTC 業務實現的靈活性，僅在過去的財政年度，ESPN+ 的訂閱用戶就增加了 66%。所有這些都證明了我們在體育運動方面的明確抱負。

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.

華特迪士尼公司的獨特優勢之一是，我們能夠透過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，我們已經取得了許多重要的里程碑，包括自疫情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向遊客開放，儘管容量有一些限制，並且我們的整個迪士尼郵輪線路都恢復了運營。

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.

同時，美國政府批准為5至11歲兒童接種疫苗，並向完全接種疫苗的國際旅客重新開放邊境，都是我們業務復甦的重要一步。但最令人興奮的或許是我們在園區關閉期間所做的工作，重新設計並重塑遊客體驗。我們推出了一系列令人興奮的新產品，讓遊客度過最美好的迪士尼時光。

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 月底，迪士尼樂園度假區推出了新的年度會員計劃“魔法鑰匙”，該計劃在原年度通行證持有者中引起了強烈反響，同時也吸引了新的通行證持有者。事實上，目前約有 40% 的銷售額來自新通行證持有者。大多數 Magic Key 持有者都購買了前兩個等級：Dream Key 和 Believe Key，其中 Dream Key 僅在 2 個月內就銷售一空。我們也看到華特迪士尼世界新推出的年度通行證持有者計畫獲得了熱烈的反響，這證明了人們對我們園內體驗的需求以及我們的收益管理策略的成功。

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式“迪士尼精靈”，讓遊客能夠輕鬆有效地瀏覽我們園區提供的所有服務，以獲得最佳體驗。此項服務推出僅一個月就獲得了極為正面的迴響。大多數 Genie 和 Genie+ 用戶表示，它改善了他們的整體公園體驗，近三分之一的公園遊客升級到 Genie+，使他們能夠減少排隊等候的時間，而花更多的時間享受景點、娛樂、餐飲和零售機會。我們對所看到的一切感到非常鼓舞，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.

除了這些變革計劃外，我們還繼續對公園和度假村本身進行投資。 作為 10 月 1 日拉開序幕的華特迪士尼世界 50 週年慶典的一部分，我們推出了一系列新景點。其中包括位於 Epcot 的雷米的料理鼠王冒險之旅，它已迅速成為該公園的頂級景點之一；我們的新主題餐廳 Space 220；以及 2 部新的夜間精彩劇目。未來幾個月還將推出更多精彩活動，包括備受期待的室內過山車《銀河守護隊：宇宙倒帶》和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.

作為這場為期兩晚的沉浸式冒險的一部分，客人將成為他們自己的星際大戰故事中的英雄。預訂於三週前開始發售，此次高級體驗的前四個月的航程票已基本售罄。

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.

迪士尼遊輪繼續成為我們所有遊輪產品中遊客評價最高的遊輪之一。正如我之前所說，我們的 4 艘船現在都在航行，我們繼續看到人們對我們在海上提供的令人難以置信的體驗的巨大需求。我們很高興能夠在 2022 年 6 月推出一艘新船“迪士尼願望號”，並將在 2024 年和 2025 年歡迎她的姊妹船加入船隊。這 3 艘船合併後將有助於提高運力和我們的業務足跡，該業務歷來透過遠高於行業平均水平的溢價點產生兩位數的投資回報率。

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.

在結束我們的公園和體驗之前，我想先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店規模的縮減，這將使我們能夠調整策略，重點關注我們的電子商務平台 ShopDisney 以及更具吸引力的零售合作夥伴，例如迪士尼商店 Target，後者的門市數量到今年年底將增加兩倍。

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，我們遍布全球的公園現在可以透過新服務為遊客提供比以往更多的服務，而且我們讓遊客能夠更輕鬆地享受最美好的時光，並以只有迪士尼才能做到的方式根據他們的個人需求和喜好進行量身定制。我們的公司確實獨一無二，我們透過公園和度假村以及數位世界中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，我們利用新興技術以及透過無數消費者接觸點獲得的洞察力，使我們能夠改變人們在兩個世界中與我們的故事和產品互動和體驗的方式。

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.

華特迪士尼公司長期以來一直是利用科技提升娛樂體驗的早期採用者，在《汽船威利號》這部第一部具有同步聲音的動畫片中，我們對音頻電子動畫進行了開創性的開發和使用。早在 2005 年，我們就率先在新款 Apple iPod 發行下載內容。皮克斯一直是電腦動畫領域的先驅。這只是幾個例子。可以這麼說，我們迄今為止的努力只是一個序幕，我們將能夠更加緊密地連接物理世界和數位世界，從而可以在我們自己的迪士尼元宇宙中無邊界地講述故事。我們期待為消費者創造無與倫比的機會，讓他們無論身在何處都能透過我們的產品和平台體驗迪士尼所提供的一切。

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時，鑑於我們獨特的品牌、特許經營權、實體和數位體驗以及全球影響力的組合，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 年充滿期待。

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

說完這些，我將把話題交給克里斯汀，她將更詳細地談論本季和未來一年的情況。

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，較去年同期增加 0.57 美元。 2021財年全年，不包括某些項目的稀釋每股收益為2.29美元，比前一年增加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，這些結果考慮到了 2020 財年為 53 週，而 2021 年通常為 52 週。我們估計，2020 年額外的一周將為稅前收入帶來約 2 億美元的收益，主要集中在媒體和娛樂發行部門，這與 21 財年的表現相比不利。

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.

現在我將介紹我們各部門的季度業績，首先是園區、體驗和產品部門，第四季的營業收入年增了 16 億美元。公園和體驗業務第四季度的盈利反映了我們正在從新冠疫情中持續復甦。我們的所有站點在整個季度都開放，儘管整體容量有所減少。

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.

去年同期，上海迪士尼度假區整個季度開放，而迪士尼世界度假區和巴黎迪士尼樂園則開放了約 12 週。香港迪士尼樂園度假區開放約4週，迪士尼樂園度假區整季關閉。我們國內園區的遊客量趨勢持續增強，華特迪士尼世界第四季的遊客量較第三季成長了兩季，迪士尼樂園自第三季重新開放以來遊客量持續大幅增加。

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.

我們國內主題樂園的遊客消費也延續了強勁趨勢，第四季的人均消費較 2019 財年成長了近 30%。我們對華特迪士尼世界和迪士尼樂園度假區的國內遊客的前瞻性需求管道依然強勁，這體現了我們的品牌實力以及更正常化的消費者行為。此外，我們也期待國際遊客重返我們的國內公園和度假村。然而，請記住，由於假期規劃的準備時間較長，我們預計直到 2022 財年末，我們國內公園的國際遊客人數才會大幅回升。

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.

在我們的郵輪業務中，正如鮑勃之前提到的，儘管實施了新的健康和安全規程，但我們的整個船隊都已重返大海，遊客評分與疫情前一樣高。雖然我們預計至少在 2022 財年上半年，我們船上的社交距離限制仍將持續，但下半年我們船上的預訂入住率已經超過歷史水平，而且價格也大幅上漲。我們很高興迪士尼願望將於 2022 年 6 月開售，首映季的預訂率已接近 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.

在消費性產品方面，第四季的年營業業績有所下降，這受到遊戲業務的影響，因為去年同期有兩款遊戲《漫威復仇者聯盟》和《扭曲仙境》表現不佳。

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。第四季營業收入較上年同期減少約 6 億美元，原因是 Linear Networks 的業績、直接面向消費者的銷售和內容銷售、授權及其他業務的業績均有所下降。在 Linear Networks，您可能還記得，我們​​預計第四季度的營業收入將與去年同期相比有所下降。線性網路公司的經營業績年減了約 2 億美元，這主要是由於國內通路的下降，但被國際通路的改善部分抵銷。

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，第四季廣播和有線電視的營業收入都比去年同期下降。廣播業績下滑是由於美國廣播公司 (ABC) 及其旗下電視台的業績下滑所致。對於 ABC 而言，這一下降主要是由於行銷、節目製作和製作成本的上升，這反映出由於去年生產延遲導致劇集數量較上年有所增加，正如我們在上個季度給出的指引中所指出的，但聯盟收入的增加部分抵消了這一下降。自有電視台的收視率下降是由於廣告收入下降，與第 53 週相比，以及去年同期政治廣告收入增加。

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，營業收入年減主要由三個因素造成：一是聯營公司收入下降，主要由於去年第 53 週的收益；二是本季度首映影片增多導致營銷成本增加，我們上個季度也討論過這個問題；最後，在較小程度上，廣告收入也會降低。這些影響被較低的編程和製作成本部分抵消，這通常反映了去年與 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.

與前一年相比，NBA 和 MLB 節目製作成本有所下降，但被大學橄欖球比賽成本的增加部分抵消。第四季度，國內線性網路廣告收入較上年同期有所下降，這主要由於我們的有線網路和自有電視台均受到了上年第 53 週收益的影響。

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 第四季的廣告收入與去年同期相當，因為去年同期的第 53 週收益抵消了更高的費率。目前，ESPN 第一季的國內現金廣告收入高於去年同期，這得益於大學橄欖球和 NFL 收視率的提高。

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.

本季國內聯營公司總收入下降了 6%。這是由於費率提高帶來的 6 個百分點的增長，但因第 53 週調整而導致的 7 個百分點的下降以及因用戶減少而導致的 3 個百分點的下降所抵消。

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.

國際頻道業績較上年同期有所增長，這得益於節目製作成本降低、廣告收入增加，但聯營公司收入減少部分抵消了這一影響。在直接面向消費者方面，我們的第四季營運表現較去年同期下降 2.56 億美元，原因是 Disney+ 和 ESPN+ 的虧損增加，但 Hulu 的業績改善部分抵消了這一影響。

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.

Disney+ 的虧損較去年同期擴大，原因是節目製作、行銷和技術成本增加。這些增加的成本被訂閱和優先訪問收入的增加部分抵消。訂閱收入的增加反映了訂閱用戶的成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。與去年同期的花木蘭相比，第四季的高級訪問收入有所​​提高，這得益於《黑寡婦》和《叢林奇航》。

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.

正如鮑伯之前提到的，我們在第四季度和整個財年結束時擁有超過 1.18 億全球付費 Disney+ 用戶，較第三季度淨增超過 200 萬，與我們 9 月份給出的用戶指導一致。在第四季至第三季度，我們國內和核心國際市場（不包括 Disney+ Hotstar）的訂閱用戶數量增加了近 400 萬。 Disney+ Hotstar 訂閱用戶數量與上一季相比有所下降，截至第四季末，其占 Disney+ 付費訂閱用戶總數的約 37%。 Disney+ 第四季全球 ARPU 為 4.12 美元。不包括 Disney+ Hotstar，其每股收益為 6.24 美元，較第三季上漲約 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.

ESPN+ 第四季的訂閱用戶數量超過 1700 萬，而第三季訂閱用戶數量接近 1500 萬，營運業績同比下降的原因是行銷和體育節目成本上升，但訂閱收入成長部分抵消了這一影響。 Hulu 第四季的營運表現較上年同期有所提高，這得益於訂閱收入的成長和廣告收入的增加，但部分被節目製作費用的增加以及行銷成本（在較小程度上）所抵消。

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.

截至第四季度，Google擁有 4,380 萬付費用戶，其中包括 Hulu + Live 數位 MVPD 服務。 Hulu + Live 的訂閱用戶數量從第三季末的 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.

至於內容銷售、授權及其他方面，第四季業績較上年同期有所下降，營業虧損 6,500 萬美元，這主要歸因於影院和電視 SVOD 發行業績下滑，我們在上次收益電話會議上給出的指引中已將這兩項因素列為導致業績下滑的原因。雖然戲院普遍已重新開放，但我們的戲院業務仍處於長期且漸進的復甦階段。戲院票房成績下滑是由於影片片名增加和發行量增加導致的經營虧損增加，以及未來發行影片的行銷費用增加。電視 SVOD 業績下滑是由於 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 服務分銷的戰略轉變，但部分抵消了由於與上年相比註銷額減少導致劇集內容銷售收入增加這一因素。

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.

最後，隨著我們進入 2022 財年及以後，我想提幾點。我們 2021 財年的資本支出為 36 億美元，比 2020 財年的 40 億美元資本支出低約 4 億美元。本年度的資本支出低於我們先前給予的預期，主要原因是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，這得益於迪士尼願望的實現以及 DPEP 和企業的其他支出增加。在 DPEP，我們預計 2022 財年我們國內主題樂園的人均支出將繼續大幅超過疫情前的水平，而我們對華特迪士尼世界精靈的早期反響尤其感到鼓舞。然而，我們也預計，雖然我們將繼續大力降低成本，但 22 財年的某些成本與疫情前的水平相比將會上升，例如：工資通膨壓力；與新項目和計劃相關的成本，例如《星球大戰：銀河邊緣》、《復仇者聯盟園區》和《Epcot 擴建》；並增加支持遊輪擴張的開支。

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.

當我們思考 DMED 的 22 財年表現時，有幾件事值得注意。首先，我們對計劃於 2022 財年第一季上映的 9 部影片感到非常興奮。然而，我們預計，戲院市場正在經歷的長期復甦，加上每部影片上映相關的行銷成本，可能會對第一季的戲院營運表現產生不利影響，與去年同期（僅有 2 部影片上映）相比，影響約為 3 億美元。

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 的合約運動版權成本更高； Star India 板球比賽費用的計時；與上一年的政治廣告收入相比，這一數字處於不利地位。

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。展望 22 財年，我們對今年前三個季度的內容品質感到非常興奮，但我們還未達到預期的穩定內容發布節奏。 一旦我們所有業界領先的創意引擎源源不絕地推出主打內容，第四季可能就會更能體現我們的計畫。

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.

第四季將是 Disney+ 歷史上首次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，而且全部在一個季度內發布。其中包括《驚奇女士》、《安多》和《木偶奇遇記》等備受期待的作品。正如鮑伯之前提到的，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供應，其中大部分也將在今年下半年發布。

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.

正如我們之前討論過的，我們預期子成長不一定是逐季度線性成長。綜合以上所有因素，並考慮到我們計劃在 2022 年推出國際服務的時間，我們預計 2022 財年下半年 Disney+ 的淨增用戶數量將顯著高於上半年。此外，我們現在預計 Disney+ 將在 2022 財年而不是 2021 財年達到虧損的頂峰，因為好於預期的收入和由於製作延遲導致的內容支出降低導致 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.

正如鮑伯所提到的，我們正在增加 Disney+ 的整體長期內容支出，我們相信，我們有能力實現去年投資者日制定的到 2024 財年 2.3 億至 2.6 億的用戶目標。我們對 Disney+ 在 2024 財年仍能實現獲利充滿信心。

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

說完這些，我現在將電話轉回給 Tammy，我們很樂意回答您的問題。

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。當我們轉到問答環節時，請注意，由於我們今天下午不在現場，我將盡力主持問答環節，將您的問題轉給相應的主管。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不符，這對股票造成了壓力。其中之一就是 Disney+ 網路廣告。另一個可能是最近在公園邊緣發生的事情。您在準備好的發言中對這兩個問題進行了大量討論，但也許您可以花一點時間真正地討論這兩個主題。關於 Disney+，鮑勃，根據你提到的節目製作方面的激增，我們似乎應該認為 23 年和 24 年的淨增觀眾數量會比 2022 年更高。所以我想知道您是否能幫助我們。我認為這將有助於正確設定期望。

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，當你回到以前的峰值收入時，你已經談論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，利潤率方面也沒有線性上升。因此，也許您可以稍微談談隨著業務相對於收入的恢復，費用如何隨著時間的推移而重新回到業務中，這樣我們就可以確保在這種大流行的特殊情況下以正確的方式考慮該業務。

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。鮑勃，為什麼不從 Disney+ 網路廣告和公園開始呢？然後，克里斯汀，也許您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。在 Disney+ 方面，正如 Christine 所說，我們對目前的狀況非常滿意。但同樣，它不會是逐季度線性成長的。我認為，您提到的將成長率恢復到歷史水平的復甦實際上將在第三季和第四季實現。第三季的驅動力不一定是內容，而是市場方面的新增內容數量。到 23 財年，我們將要增加的市場數量將基本翻一番，達到 160 多個，這將推動我們在第三季的發展。第四季將更多地體現這一點。

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，我們去年 12 月宣布的內容大壩將會被打破，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從持續的角度所期望看到的內容。顯然，Disney+ 推出才剛兩年，人們對該服務內容的需求卻異常強烈。當這種情況與疫情同時發生並且必須停止生產時，這不是一個好的組合。然而，我們早在一年前就發現了對內容的需求。並準備了節奏非常緊湊的內容，將於今年下半年投入使用。

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?

就公園的情況而言，我們非常樂觀。我們看到人均收入驚人地增加了 30%，我認為這在收益函中有所提及。因此，我們不僅看到強勁的需求，而且人均需求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意識到這對 Genie+ 成功的重要性，我們華特迪士尼世界的 1/3 的客人以 15 美元的價格購買 Genie+ 升級版，這是每位客人每天的費用。這不僅對我們人均收入而言是一個很大的成長，而且對利潤率而言也是一個很大的成長。因此，我們對 Disney+ 業務非常看好，正如我們今天所給出的指導方針所重申的那樣。此外，一旦我們徹底消除疫情，從需求的角度來看，我們的公園業務將走向何方，就收益而言，我們預計這將帶來長期利益。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，鮑伯。謝謝你，本。我很高興你問了有關公園費用的問題。我知道你對這個行業很了解，但這只是為了讓一些可能剛開始關注迪士尼的人受益。讓我們記住，公園的費用分為三類：固定費用（相當可觀）、半固定費用和變動費用。因此，在 COVID 期間，我們確實能夠根據變數做出一些調整。但其他固定和半固定項目是無論我們處在何種營運環境都必須繼續進行的。因此，當我們重新上線時，我們也做了很多工作，從根本上改變了我們在收入方面和成本方面的一些經營方式，以優化利潤率。

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.

您會看到，第四季 DPEP 全球業務的整體利潤率略低於 12%，遠低於我們疫情之前的水平。我以前就說過，現在我再說一遍，我相信透過我們採取的一些措施，我們不僅能夠恢復到以前的利潤水平，而且很有可能超過以前的利潤水平。我們使用基於日期的定價。我們正在策略性地管理出勤率。我們確實有一些促銷優惠，其真正目的是平衡收益和需求，在一年中的任何一天或一周提供容量。在成本效益方面，我們確實取得了一些進步，不僅在成本方面，而且還改善了客人體驗。這些都是我們推出的行動訂餐服務，自從我們重新開放以來，許多去過我們公園的人都非常喜歡這項服務。我們的飯店均提供非接觸式入住服務。很多人也喜歡這樣。我們對選定的景點設有虛擬隊列。我們再次認真考慮公園的實體改進，以便遊客能夠更好地在整個公園內活動。

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，雖然這些利潤率仍將受到影響，儘管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導致整體利潤率的提高。感謝您提出這個問題。我想說的另一件事是，正如鮑伯所提到的，Genie。 Genie，我們已經在華特迪士尼世界推出了。我們還沒有在迪士尼樂園推出它。我認為，當我們接觸到迪士尼樂園時，來參觀迪士尼樂園的人們的反應會同樣強烈，甚至更強烈。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，我只想問兩個問題。首先，Hotstar 上的 ARPU 明顯低於核心 Disney+ 訂閱用戶。我很好奇，您是否可以詳細說明隨著時間的推移縮小這一差距的機會，以及它最終是否會成為有利可圖的貢獻者？也許從總體上看，該房產需要多少投資。然後我的後續問題實際上是關於——你們決定恢復獨家影院上映。至少目前看來，儘管他們最初可能會遭受損失，但我想，為什麼你最終認為這是一個更好的模型？這是盜版嗎？有顏色嗎？

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

鮑勃，你為什麼不先談談獨家影院上映，然後克里斯汀可以談談 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，隨著我們從疫情中恢復以及消費者行為的變化，我們在分銷決策方面已經達到了靈活性。我們已發行的大量在戲院上映的電影最終都會登陸 Disney+。但我們看到戲院放映市場有所復甦，這不僅對迪士尼來說是好事，對整個產業來說也是一件好事。因為作為華特迪士尼公司，我們擁有的大多數特許經營權都是透過戲院放映發行管道建立的。

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.

同時，我們正在非常仔細地觀察不同類型的電影，以了解該市場不同人口統計數據組成部分的回歸情況，並且我們正在非常仔細地觀察未來幾個月上映的家庭電影，以確保該市場能夠作為大眾娛樂節目回歸影院放映，比如說，那些吸引年輕目標觀眾的電影已經回歸。因此，我們堅持我們的靈活計劃，因為我們仍然不確定當家庭電影重返影院上映時市場會作何反應。

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，我們投放到戲院市場上的家庭電影，至少從歷史的參考點來看，其時間窗口相當短。我們這樣做是為了讓我們的電影能夠更快地登陸 Disney+。並且——但同時，看看隨著我們用這些電影來推動影院市場的發展，它是否能夠全面恢復活力。但我們最終會做對股東最有利的事。我們不會像以前那樣提前那麼久宣布我們的電影，因為我們知道我們正處於一個不斷變化和變革的時代。儘管新冠疫情將成為過去，但我認為，如果上帝願意，改變消費者行為將會是更持久的事。因此，我們每週都會閱讀這些信息，並據此做出決定。

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 提出的 Hotstar ARPU 的問題。需要明確的是，Disney+ Hotstar 包含在我們的整體 Disney+ 指引中，我們重申該指引將在 2024 年實現盈利。所以我只是想確保每個人都明白這一點。但就 ARPU 而言，印度市場上有很多噪音，其中許多都與體育有關。因此，當您查看 Hotstar 的 ARPU 時，從今年第三季度到第四季度，按季度計算，它實際上是下降的，這是由於今年 IPL 比賽較少，導致每訂閱廣告收入較低。在第四季度，只有 18 個，而我相信第三季度的數量是 29 個左右。因此，本季遊戲數量有所減少，從而導致訂閱廣告收入下降。

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.

當我們從整體考慮 ARPU 時，這裡有幾個槓桿。存在隨時間推移的價格價值關係和高品質內容。而印度的內容其實就是兩件事。不僅是 IPL，還包括板球等其他主要運動。所以就有了英超和職業卡巴迪這樣的賽事。此外，它還包含很大的一般娛樂成分。我們擁有來自不同品牌的所有迪士尼內容，包括迪士尼、皮克斯、漫威、星際大戰等等。但他們每年還製作超過 18,000 小時的原創本地節目。

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.

因此，我再次認為，當所有事情都正常運作、所有氣缸都運作正常時，我們就能夠在市場允許的範圍內提高價格，從而帶來上行潛力。

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 個問題。第一，我很欣賞你的觀點，即內容週期將會變得更好，並將推動細分市場的成長，但我真的想專注於美國。你對成長放緩的原因有何信心？是否存在一些群體、一些人口統計尚未充分滲透？或許，內容的擴大與新增內容之間存在一個問題？那是一個。其次，我們報道迪士尼已經很久了，但我從未見過如此嚴重的通貨膨脹。我認為我們 30 年來都沒有人這樣做過。我想知道，您將如何緩解通貨膨脹？在什麼時候，您會開始對您所確定的利潤率復甦產生更顯著的拖累？

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，麥可。鮑勃，如果你談論一下美國 Disney+ 子業務的成長情況，而克里斯汀可以談論通貨膨脹，那怎麼樣？

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問題，如果你願意的話，是關於進入服務的新內容及其對我們的淨訂閱量的影響。正如您可能想到的，在一個直接面向消費者的世界裡，我們擁有大量資訊和數據。我們非常清楚特定標題對我們的服務可能產生的邊際影響。我們總是說，圖書館的書名往往會增加參與度並最大限度地減少流失，但新書名、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。這就是為什麼我們非常有信心，22 財年下半年內容流的增加將真正帶來我們預期的結果。

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.

因此，我們得到了一些非常好的數據，表明根據我們的歷史，情況確實如此。雖然我們只有兩年的時間，但這兩年已經代表了許多頭銜，你可以開始建立模型。我相信您可以理解，每當我們有一個標題時，我們就會很清楚地知道從保留和增加的角度來看它的淨影響是什麼。因此，我們非常有信心，一旦我們在下半年恢復正常的內容流，過去幾個月出現的一些真空情況就不會再出現。克里斯汀，你想處理——哦，抱歉，還有一個關於群組擴大的問題。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+.

——Disney+ 確實是一項四象限服務。因此，我們需要廣泛的內容來吸引每個群體。如果我們現在正在努力實現一個機會，那就是我們的學前教育領域。我們相信，我們有機會透過直接面向消費者的方式來展現自己的實力，就像我們與 Linear Networks 合作推出迪士尼頻道一樣。所以這將是最大的機會。我可以告訴你們，在聽完我們的創意評論後，我們發現，我們在學前教育領域所獲得的新內容、新故事講述方式絕對非同尋常。我認為，就內容而言，我們將看到迪士尼在該領域的復興，這些內容將真正成為文化網站，然後在 Disney+ 的特定潛在訂閱廣告群體中推動我們的訂閱用戶。

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?

但事實上，作為一項四象限服務，我們需要採取廣泛的方法。這就是為什麼我們啟動了引擎，我們透過收購獲得的福克斯團隊的製作引擎，福克斯探照燈和我們的一般 - 迪士尼綜合娛樂團隊，為 Hulu 和 Disney+ 以及我們的國際服務製作內容。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，鮑伯。邁克爾，我認為你提出的問題也是每個財務長和每個公司高階管理團隊都在思考的問題。我們都正在關注通膨壓力，並試圖評估它，並思考如何應對它。我只想提一下，我們在某些​​業務領域已經經歷過這種情況。

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.

因此在過去一年左右的時間裡，我們一直在談論內容價格的上漲。你會看到，由於人才競爭，以及涉及製作的所有內容，內容成本都上漲了。我們在公園業務中直接看到的情況主要是透過合約重新談判和我們致力於為公園工作人員提供良好報酬而看到的小時工資上漲。然後我們再來看看商品成本方面的狀況。這很有趣。就在上週，也許——是的，就在上週，我正在與我們的公園高級團隊討論我們可以在那裡做的事情。還有很多事情值得談論。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，這可能對某些人的排泄物有好處。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.

但我們不會直接提高價格。我們確實會嘗試讓演算法正確，盡可能地減少損失，而不一定以同樣的方式做事。正如我所提到的，我們也在利用科技來降低部分營運成本，這也給了我們一點空間來吸收一些通貨膨脹。但我們確實在努力思考如何才能找到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，我相信你可以向你覆蓋範圍內的每一家公司詢問這個問題。

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?

當然是兩個。首先，可以談談廣告前景嗎？這裡有許多變動因素，包括強勁的前期投入、良好的體育收視率，但供應鏈問題影響了某些類別。在廣告方面，您可以多談談 Hulu 廣告，您的輕廣告服務與純高級訂閱相比有何不同？第二個問題是，我知道鮑伯在他的準備好的發言中提到了體育博彩。您能為我們描述一下這個機會嗎？顯然，隨著越來越多的州批准，這是一個成長領域，它會影響廣告，這對電台來說是件好事。但是，如何才能更大程度地參與其中，同時仍然保護 ESPN 品牌？

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

謝謝你，潔西卡。鮑勃，為什麼不談談體育博彩，而克里斯汀可以談談廣告呢？

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。潔西卡，你說得對，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。這一切都是由消費者推動的。這是由消費者推動的，特別是年輕的消費者，隨著時間的推移，他們會補充體育迷，並希望將賭博作為體育體驗的一部分。這不一定是向後傾斜。他們所尋求的是一種前傾型的體驗。當我們追隨消費者時，我們必須認真考慮以更大的規模涉足賭博。 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變化不僅對 ESPN 品牌，而且對迪士尼品牌的影響進行了大量的研究。我們發現有一個非常重要的安裝。如今，賭博已不再像 10 年或 20 年前那樣有吸引力。作為一家公司，我們對於在不撤出品牌的情況下進入該市場的能力有些擔憂。但我可以告訴你，根據我們最近所做的所有研究，事實並非如此。當有投注成分時，它實際上會加強 ESPN 的品牌，並且不會對迪士尼品牌產生影響。因此，為了抓住這個人口機會以及當然不小的收入影響，我們非常感興趣並且正在積極追求。

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。我來回答廣告問題，潔西卡。因此整體而言，我們整個 DMED 產品組合的廣告市場表現強勁。體育市場表現強勁，主要受到大學和職業級別的橄欖球運動、NHL 和 NBA 的推動。我們看到供應鏈問題對某些銷售類別產生了一定影響。我要提到的兩個產業是汽車和科技，這兩個產業的原因很明顯，我們都知道晶片短缺的問題。

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.

具體來說，就 Hulu 而言，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持續成長。我們相信，Hulu 在這一領域也具有一些真正的戰略優勢。我們擁有大量優質內容，並且已經開發出利用數據提供廣告商真正需要的定向廣告的能力。我們還有一個專門建構的統一的廣告平台。我上個季度提到這一點，但這確實幫助我們在可尋址廣告方面實現了成長。因此，我們將繼續對科技進行投資，以便我們能夠繼續利用 Hulu 上的廣告。而且，它透過程序化和廣告商自助服務管道實現了銷售流程的自動化，我們認為這將繼續呈現良好的成長勢頭。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。我要感謝今天與我們一起參加的各位。請注意，本次電話會議中提及的非 GAAP 指標與等效 GAAP 指標的對帳可以在我們的投資者關係網站上找到。

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，本次電話會議中的某些陳述，包括財務估計或有關我們的計劃、預期、信念或業務前景的陳述以及其他非歷史性質的陳述，可能構成證券法規定的前瞻性陳述。我們根據當時對未來事件和業務表現的看法和假設做出這些聲明，我們不承擔任何更新這些聲明的義務。

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.

前瞻性陳述受多種風險和不確定性的影響，實際結果可能與根據各種因素表達或暗示的結果存在重大差異，包括我們 10-K 表年度報告、10-Q 表季度報告以及我們向美國證券交易委員會提交的其他文件中包含的因素。我們要感謝今天與我們一起參加的所有人。希望您今天剩餘的時間過得愉快。

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

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。再會。