迪士尼 (DIS) 2021 Q3 法說會逐字稿

Thank you for standing by, and welcome to The Walt Disney Company Third Quarter Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

感謝您的耐心等待，歡迎參加華特迪士尼公司第三季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。 （操作員說明）

I would now like to hand the conference over to your host, Lowell Singer, Senior Vice President of Investor Relations. Please go ahead.

現在我想將會議交給東道主投資者關係高級副總裁洛厄爾辛格 (Lowell Singer)。請繼續。

Good afternoon, and it's my pleasure to welcome everyone to The Walt Disney Company's Third 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. 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, of course, will be happy to take some of your questions.

下午好，我很高興歡迎大家參加華特迪士尼公司 2021 年第三季財報電話會議。我們的新聞稿於大約 25 分鐘前發布，可在我們的網站 www.disney.com/investors 上查看。今天的電話會議也進行了網路直播，我們將在我們的網站上發布本次電話會議的文字記錄。今天遠端加入我的是迪士尼執行長鮑勃·查佩克 (Bob Chapek)；以及資深執行副總裁兼財務長 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.

那麼，讓我把電話轉給鮑伯開始吧。

Thanks, Lowell, and hello, everyone. Today, I'd like to start off by talking about our company's priorities for the future. As has been the case for Disney's nearly 100-year history, it all begins with great storytelling, which is the foundation of our special connection to audiences and guests, and our foremost priority will continue to be to tell the world's most original and enduring stories brought to life by the world's most talented creators.

謝謝洛厄爾，大家好。今天，我想先談談我們公司未來的優先事項。正如迪士尼近 100 年的歷史一樣，這一切都始於精彩的故事講述，這是我們與觀眾和客人建立特殊聯繫的基礎，我們的首要任務將繼續是講述世界上最原創和最持久的故事由世界上最有才華的創作者賦予生命。

As home to some of the most beloved franchises, we will maximize the synergy of our unique ecosystem to further deepen consumers' connection to our characters and stories, and we will use the power of our far-reaching platforms and emerging technologies to better anticipate what our consumers want and deliver them a more seamless and more personalized entertainment experience. We are executing against these priorities and the results clearly speak for themselves.

作為一些最受歡迎的特許經營權的所在地，我們將最大限度地發揮我們獨特的生態系統的協同作用，進一步加深消費者與我們的角色和故事的聯繫，我們將利用我們影響深遠的平台和新興科技的力量來更好地預測我們的消費者希望為他們提供更無縫、更個人化的娛樂體驗。我們正在針對這些優先事項執行任務，結果不言而喻。

Looking across the company over the past quarter, we are pleased with the trajectory we are on as we continue to grow our businesses despite the challenges presented by the ongoing, ever-changing COVID-19 pandemic. We ended the third fiscal quarter in a strong position with adjusted EPS up tenfold to $0.80 compared to $0.08 last year. At our Parks, Experiences and Products business, we're encouraged by some of the positive trends we're seeing and new developments we have been hard at work on, including the brand-new Avengers Campus at Disney California Adventure, where guests can team up with their favorite superheroes in thrilling ways.

縱觀過去一個季度的整個公司，儘管不斷變化的 COVID-19 大流行帶來了挑戰，但我們對業務的持續成長感到滿意。我們在第三財季結束時處於強勢地位，調整後每股收益從去年的 0.08 美元增長了十倍，達到 0.80 美元。在我們的公園、體驗和產品業務中，我們看到的一些積極趨勢和我們一直在努力開發的新發展令我們深受鼓舞，其中包括迪士尼加州冒險樂園的全新復仇者園區，客人可以在那裡組隊以激動人心的方式與他們最喜歡的超級英雄並肩作戰。

At our international parks, Shanghai is celebrating its fifth anniversary this year with great fanfare, and we welcomed the first guest to our reimagined Marvel themed hotel in Disneyland Paris. Meanwhile, work continues on a wide array of new experiences, including the one-of-a-kind, Star Wars themed Galactic Starcruiser at Walt Disney World. And as part of a multiyear transformation of Epcot, we'll soon introduce our extraordinary new nighttime spectacular, Harmonious.

今年，上海國際樂園盛大慶祝五週年，我們在巴黎迪士尼樂園重新設計的漫威主題飯店迎來了第一位賓客。同時，一系列新體驗的開發工作仍在繼續，包括華特迪士尼世界獨一無二的星際大戰主題銀河星際巡洋艦。作為艾波卡特 (Epcot) 多年轉型的一部分，我們很快就會推出非凡的全新夜間奇觀「和諧」(Harmonious)。

Last month, we completed our first cruise since the start of the pandemic with the Disney Magic, which is currently sailing short-term staycations for U.K. residents and as Disney Dream set sail on its first U.S.-based cruise this week. Future bookings for all of our ships remains strong, with bookings in the third quarter, in particular, having benefited from the announcement of our fall 2022 itineraries and the successful marketing launch of our fifth ship, the Disney Wish, which will set sail in summer of 2022.

上個月，我們完成了自疫情爆發以來的首次郵輪“迪士尼魔法”，該郵輪目前正在為英國居民提供短期住宿服務，而“迪士尼夢想”號本週將啟航其首個美國航線。我們所有船舶的未來預訂量依然強勁，尤其是第三季的預訂量，這得益於我們宣布的2022 年秋季行程以及我們第五艘船舶迪士尼願望號的成功營銷發布，該船舶將於夏季啟航2022 年。

As our parks business continues its recovery and we see demand growth, we are now putting into action some of the amazing guest-centric services that we have been developing over the last few years. These include Magic Key, our recently announced new annual pass membership program, at Disneyland. It provides great value and a variety of options for our guests and will be available starting on August 25. The reaction to the news from fans has been extremely positive.

隨著我們的公園業務持續復甦，並且我們看到需求增長，我們現在正在實施過去幾年一直在開發的一些令人驚嘆的以賓客為中心的服務。其中包括我們最近在迪士尼樂園宣布的新年卡會員計劃 Magic Key。它為我們的客人提供了超值的服務和多種選擇，並將於 8 月 25 日開始提供。粉絲們對這一消息的反應非常積極。

Additionally, we've made significant investments in sophisticated technology and tools creating a revolutionary new multitiered service we're calling Disney Genie that will enable our guests to more easily and efficiently navigate everything our parks have to offer. We're very, very excited about this new service, and we'll be providing additional details soon. The goal of Disney Genie, which will appear in a user-friendly app, is to create a better, more personalized and customized experience for guests, putting them in control and providing even greater flexibility and choice.

此外，我們在尖端技術和工具方面進行了大量投資，創建了一種革命性的新型多層服務，我們稱之為“迪士尼精靈”，它將使我們的客人能夠更輕鬆、更有效率地瀏覽我們公園所提供的一切。我們對這項新服務感到非常非常興奮，我們很快就會提供更多詳細資訊。迪士尼精靈將出現在一個用戶友好的應用程式中，其目標是為客人創造更好、更個性化和客製化的體驗，讓他們掌控一切，並提供更大的靈活性和選擇。

They'll be able to spend less time waiting in line and figuring out what attractions or dining options are available and more time having fun. On the direct-to-consumer side, we are extremely pleased with the continuing success of our portfolio of streaming services. Disney+, ESPN+ and Hulu have performed incredibly well with 116 million, 14.9 million and 42.8 million subscribers, respectively, for a total of nearly 174 million subscriptions.

他們將能夠花更少的時間排隊等候和弄清楚有哪些景點或餐飲選擇，從而有更多的時間享受樂趣。在直接面向消費者方面，我們對串流媒體服務組合的持續成功感到非常高興。 Disney+、ESPN+ 和 Hulu 的表現非常出色，分別擁有 1.16 億、1,490 萬和 4,280 萬訂閱者，訂閱總數接近 1.74 億。

Numerous breakout hits from our beloved brands, including Pixar's Luca and Marvel's Loki and the Falcon and the Winter Soldier have contributed to strong engagement and new subscriber growth in core Disney+ markets. And we have continued to launch Disney+ in new markets around the world, including Disney+ Hotstar in Malaysia and Thailand in Q3. Disney+ is also currently available in a limited capacity in Japan and will expand to the full market in late October, followed by additional APAC markets, including South Korea, Taiwan and Hong Kong in mid-November.

我們喜愛的品牌（包括皮克斯的《盧卡》和漫威的《洛基與獵鷹與冬日戰士》）的眾多突破性熱門作品為迪士尼+核心市場的強勁參與度和新用戶增長做出了貢獻。我們繼續在全球新市場推出 Disney+，包括第三季在馬來西亞和泰國推出的 Disney+ Hotstar。 Disney+ 目前在日本的容量有限，並將於 10 月下旬擴展到整個市場，隨後於 11 月中旬擴展到韓國、台灣和香港等其他亞太市場。

The launch of Disney+ in Eastern Europe has moved from late 2021 to summer of 2022, primarily to allow for an expanded footprint that will include parts of the Middle East and South Africa. Additionally, we're excited about the launch of Star+ throughout Latin America later this month. As we've said, our direct-to-consumer business is the company's top priority. And among our unique advantages in promoting and growing our DTC service are our powerhouse brands and the vast array of direct consumer touch points we have across our businesses, from our media networks to our theme parks to our consumer products. This synergy enables us to raise consumer awareness and further increase engagement with our streaming services.

Disney+ 在東歐的推出時間從 2021 年底推遲到 2022 年夏季，主要是為了擴大覆蓋範圍，包括中東和南非的部分地區。此外，我們對本月稍後在整個拉丁美洲推出 Star+ 感到非常興奮。正如我們所說，我們的直接面向消費者的業務是公司的首要任務。我們在推廣和發展 DTC 服務方面的獨特優勢包括我們強大的品牌以及我們在整個業務中擁有的大量直接消費者接觸點，從我們的媒體網絡到我們的主題公園再到我們的消費品。這種協同作用使我們能夠提高消費者的意識並進一步增加與我們的串流媒體服務的互動。

And the power of this synergy will be on full display on November 12 when we celebrate Disney+ Day with an unprecedented company-wide cross-promotional campaign. Our robust pipeline of content continues to fuel growth, and we have an incredible lineup of new programming for Disney+. On Thanksgiving Day, we are thrilled to be premiering the first of Peter Jackson's highly anticipated 6-episode Beatles documentary, Get Back. We also have exciting new series from Marvel, Star Wars and National Geographic coming later this year, including Marvel's Hawkeye, starring Jeremy Renner and Hailee Steinfeld; The Mandalorian spin-off, The Book of Boba Fett; and National Geographic's Welcome to Earth with Will Smith.

11 月 12 日，當我們透過史無前例的全公司範圍內的交叉促銷活動慶祝迪士尼+日時，這種協同作用的力量將得到充分展示。我們強大的內容管道繼續推動成長，我們為 Disney+ 提供了令人難以置信的新節目陣容。感恩節當天，我們很高興首播彼得傑克森備受期待的 6 集披頭四紀錄片《回歸》的第一部。今年晚些時候，我們還將推出來自漫威、星球大戰和國家地理的激動人心的新劇集，包括由傑瑞米·雷納和海莉·斯坦菲爾德主演的漫威《鷹眼》；曼達洛人的衍生作品《波巴費特之書》；以及《國家地理》的《威爾史密斯歡迎來到地球》。

With respect to our current approach to distributing our feature-length films, last year, in light of the prolonged and unpredictable nature of the pandemic, we needed to find alternative ways to bring our movies to consumers while theaters were closed. And once they began to reopen, there was still widespread reluctance to return. Therefore, we adopted a 3-pronged strategy for releasing our films that consisted of theatrical releases, direct to Disney+ and a hybrid of theatrical plus Premier Access as we did with Cruella, Jungle Cruise and Marvel's Black Widow, the top-performing film at the domestic box office since the start of the pandemic.

就我們目前發行長片的方式而言，去年，鑑於疫情的長期性和不可預測性，我們需要找到其他方式，在影院關閉期間將我們的電影帶給消費者。一旦它們開始重新開放，人們仍然普遍不願意返回。因此，我們採取了三管齊下的策略來發行我們的電影，包括院線上映、直接在Disney+ 以及院線+Premier Access 的混合發行，就像我們在《克魯拉》、《叢林奇航》和漫威的《黑寡婦》（票房表現最佳的電影）中所做的那樣。疫情發生以來國內票房。

Both Bob Iger and I, along with the leaders of our creative and distribution teams, determined this was the right strategy because it would enable us to reach the broadest possible audience. And just to reiterate, distribution decisions are made on a film by film basis based on global marketplace conditions and consumer behavior. We will continue to utilize all available options going forward, learn from insights gained with each release and innovate accordingly while always doing what we believe is in the best interest of the film and the best interest of our constituents.

鮑伯艾格和我，以及我們的創意和發行團隊的領導者，都認為這是正確的策略，因為它將使我們能夠接觸到盡可能廣泛的受眾。重申一下，發行決策是根據全球市場狀況和消費者行為逐部電影做出的。我們將繼續利用未來所有可用的選項，從每次發布中獲得的見解中學習並進行相應的創新，同時始終做我們認為最符合電影和我們選民的最佳利益的事情。

We have an incredible slate of upcoming theatrical films, starting with Free Guy which premiers tomorrow, followed by Marvel's newest action adventure, Shang-Chi and the Legend of the Ten Rings, on September 3. The highly anticipated live-action musical, West Side Story from Steven Spielberg, is set for December as is The King's Man, a prequel in the popular Kingsman series. We have Disney Animation Studios Encanto, an incredibly heartwarming story set in the magical town in Colombia and featuring music by the incomparable, Lin-Manuel Miranda.

我們即將推出一系列令人難以置信的院線電影，首先是明天首映的《Free Guy》，接著是9 月3 日上映的漫威最新動作冒險片《上氣與十環傳奇》。備受期待的真人音樂劇《西區》史蒂芬史匹柏的故事定於 12 月上映，《王牌特工》是熱門王牌特工系列的前傳。我們擁有迪士尼動畫工作室《Encanto》，這是一個以哥倫比亞神奇小鎮為背景的令人難以置信的溫馨故事，並由無與倫比的林-曼努爾·米蘭達 (Lin-Manuel Miranda) 創作音樂。

Our Marvel slate includes 4 feature films in fiscal 2022: the all-new Eternals alongside sequels to Doctor Strange, Thor and Black Panther. A brand new Indiana Jones adventure starring Harrison Ford is due in the summer, as is the origin story of another intrepid explorer in Lightyear, a spin-off of the beloved Toy Story franchise. It's a widely appealing slate with something for everybody. Our goal is always to provide guests and consumers with unparalleled entertainment, whether they're visiting one of our parks or watching one of our films in a theater or on our streaming platforms. And as we continue our recovery, we believe we are taking the right steps to further this goal while growing our businesses and increasing shareholder value.

我們的漫威片清單包括 2022 財年的 4 部長片：全新的《永恆族》以及《奇異博士》、《雷神索爾》和《黑豹》的續集。由哈里遜福特主演的全新《法櫃奇兵》冒險片將於今年夏天上映，《光年》中另一位無畏探險家的起源故事也是如此，光年是深受喜愛的《玩具總動員》系列的衍生作品。這是一個具有廣泛吸引力的板塊，適合每個人。我們的目標始終是為客人和消費者提供無與倫比的娛樂，無論他們是參觀我們的公園還是在劇院或串流平台上觀看我們的電影之一。隨著我們繼續復甦，我們相信我們正在採取正確的步驟來進一步實現這一目標，同時發展我們的業務並增加股東價值。

Personally, I am as optimistic as ever about the future of our company. We have a robust and growing portfolio of DTC services powered by the world's best storytellers and greatest brands and franchises. And a parks business, which extend those stories and creates a place where magic comes to life in a more guest-friendly way than ever.

就我個人而言，我對我們公司的未來一如既往地樂觀。我們擁有強大且不斷成長的 DTC 服務組合，由世界上最好的故事講述者和最偉大的品牌和特許經營商提供支援。還有公園業務，它擴展了這些故事，並創造了一個以比以往更加方便遊客的方式讓魔法變得栩栩如生的地方。

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

這樣，我會將其轉交給克里斯汀，她將更詳細地討論本季和未來的發展方向。

Thanks, Bob, and good afternoon, everyone. Excluding certain items, diluted earnings per share for the third fiscal quarter was $0.80, an increase of $0.72 from the prior year quarter. I'll walk through our results today by segment, starting with Parks, Experiences and Products where we continued to benefit from improvements and recovery at our parks and resorts as well as at consumer products.

謝謝鮑勃，大家下午好。不計某些項目，第三財季攤薄後每股收益為 0.80 美元，比去年同期增加 0.72 美元。我今天將按部門介紹我們的業績，從公園、體驗和產品開始，我們繼續受益於公園和度假村以及消費品的改進和恢復。

Segment operating income at DPEP in Q3 increased by $2.2 billion year-over-year. At Parks and Experiences, we continued to benefit in the third quarter from the reopening of our sites around the world. Walt Disney World Resort and Shanghai Disney Resort were both open for the entire third quarter. Whereas in the prior year quarter, Walt Disney World was closed for the entire quarter, and Shanghai Disney was open for 48 days. Hong Kong Disneyland and Disneyland Paris were open for 72 days and 19 days, respectively, in the third quarter versus 10 days and zero days in the prior year quarter. And Disneyland Resort was open for 65 days during the third quarter and was closed for all of the prior year quarter.

第三季 DPEP 的部門營業收入年增 22 億美元。在公園和體驗部，我們在第三季度繼續受益於我們在世界各地的站點的重新開放。華特迪士尼世界度假區和上海迪士尼度假區均在整個第三季開放。而在去年同期，華特迪士尼世界整個季度都關閉，而上海迪士尼則開放了 48 天。香港迪士尼樂園和巴黎迪士尼樂園第三季的開放時間分別為 72 天和 19 天，去年同期為 10 天和 0 天。迪士尼樂園度假區第三季開放了 65 天，去年同期整個季度都關閉。

At Walt Disney World, third quarter attendance levels were generally at or near our daily capacity levels, which increased throughout the quarter. Disneyland Resort also steadily increased attendance and capacity following its reopening at the end of April and particularly after the lifting of California state restrictions on June 15. Guest spending at our domestic parks has been exceptionally strong, with third quarter per caps up significantly versus fiscal 2019 at both Walt Disney World and Disneyland.

在華特迪士尼世界，第三季度的遊客量總體上達到或接近我們的每日接待量水平，整個季度的接待量有所增加。迪士尼樂園度假區在4 月底重新開放後，特別是在6 月15 日加州解除限制後，遊客數量和容量也穩定增加。我們國內樂園的遊客支出異常強勁，第三季的人均消費額較2019 財年大幅成長在華特迪士尼世界和迪士尼樂園。

Guest spend has benefited from pent-up demand and favorable guest mix, driving higher admissions per caps as well as from spending on products related to Star Wars: Galaxy's Edge and Avengers Campus. Looking forward, theme park reservations at both of our domestic parks remain strong, and we continue to utilize our yield management strategy to deliver the optimal guest experience and provide flexibility to our guests during these dynamic times, all while driving economic margin for our shareholders.

遊客支出受益於被壓抑的需求和有利的遊客組合，推動了人均入場人數的增加，以及與《星際大戰：銀河邊緣》和《復仇者聯盟》相關產品的支出。展望未來，我們兩個國內公園的主題樂園預訂量仍然強勁，我們將繼續利用我們的收益管理策略，在這個充滿活力的時期為我們的客人提供最佳的體驗和靈活性，同時為我們的股東帶來經濟利潤。

At consumer products, improved results year-over-year were driven by growth at both our merchandise licensing and retail businesses. Growth in merchandise licensing was primarily due to higher revenue from merchandise based on several of our key franchises, including Mickey & Minnie, Star Wars, including The Mandalorian, Disney Princess and Spider-Man. The increase in retail was due to higher results at Disney Stores, most of which were closed in the prior year quarter as well as a comparison to the impairment of store assets in the prior year quarter.

在消費品方面，我們的商品授權和零售業務的成長推動了業績的年比改善。商品授權的成長主要是由於我們的幾個主要特許經營權的商品收入增加，包括米奇和米妮、星際大戰，包括曼達洛人、迪士尼公主和蜘蛛人。零售額的成長是由於迪士尼商店的業績增加，其中大部分商店在去年同期關閉，以及與去年同期商店資產減值相比。

Moving on to our media and entertainment distribution segment. Third quarter operating income decreased by about $1 billion versus the prior year as improved results at direct-to-consumer were offset by declines at Linear Networks and content sales, licensing and other. At Linear Networks, operating results were lower at both our domestic and international channels. At domestic channels, both cable and broadcasting operating income decreased in the third quarter versus the prior year. The decrease in operating income at cable was due to higher programming and production costs and higher marketing costs, partially offset by higher advertising and affiliate revenue. As we called out last quarter, the increase in Q3 programming and production costs was due to the return of live sports at ESPN, driven by the NBA and Major League Baseball.

繼續我們的媒體和娛樂分銷領域。第三季營業收入比前一年減少約 10 億美元，因為直接面向消費者的業績改善被 Linear Networks 以及內容銷售、授權和其他業務的下降所抵消。在 Linear Networks，我們的國內和國際通路的營運表現均較低。在國內頻道，第三季有線和廣播營業收入均較上年同期下降。有線電視營業收入的下降是由於節目和製作成本以及行銷成本的增加，但部分被廣告和附屬收入的增加所抵消。正如我們在上個季度指出的那樣，第三季節目和製作成本的增加是由於 NBA 和美國職棒大聯盟推動 ESPN 體育直播的回歸。

In the prior year quarter, a significant number of live sporting events were canceled or delayed due to COVID-19. At Broadcasting, lower results from the ABC Television network were only partially offset by growth at our owned television stations. The decrease at ABC was largely due to higher programming and production costs, partially offset by higher advertising and affiliate revenue. The increase in programming and production costs was due to an increase in the average cost of programming and the shift in timing of the Academy Awards, which aired in the third quarter compared to the second quarter in the prior fiscal year.

去年第四季度，由於 COVID-19，大量現場體育賽事被取消或推遲。在廣播領域，美國廣播公司電視網的業績下降僅被我們擁有的電視台的成長所部分抵消。 ABC 的下降主要是由於節目和製作成本增加，部分被廣告和附屬收入增加所抵消。節目製作和製作成本的增加是由於節目平均成本的增加以及奧斯卡金像獎頒獎典禮時間的變化，與上一財年第二季度相比，奧斯卡金像獎在第三季度播出。

Domestic advertising revenue increased year-over-year at both cable and broadcasting, driven by favorable comparisons versus the prior year due to COVID-19. At cable, the increase was driven by ESPN, where third quarter advertising revenue increased by $400 million versus the prior year, reflecting the return of live sporting events. Q4 to date, domestic cash advertising revenue at ESPN is currently pacing above prior year. But bear in mind that this comparison is complicated by various COVID and timing impacts from the prior year. We're not going to provide a forecast for the quarter, but the underlying sports ad marketplace remains strong for us, particularly in a quarter in which the Olympics were held.

由於受新冠肺炎 (COVID-19) 影響，與前一年相比，國內有線和廣播廣告收入較去年同期均有所增長。在有線電視方面，這一成長是由 ESPN 推動的，第三季廣告收入比前一年增加了 4 億美元，反映出體育賽事直播的回歸。第四季迄今，ESPN 的國內現金廣告收入目前高於去年同期。但請記住，由於各種新冠疫情和前一年的時間影響，這種比較變得複雜。我們不會提供該季度的預測，但潛在的體育廣告市場對我們來說仍然強勁，特別是在奧運會舉辦的季度。

At Broadcasting, higher advertising results were primarily driven by increased rates and the timing of the Academy Awards, which benefited both the owned television stations and ABC. Total domestic affiliate revenue increased 4% in the quarter. This was driven by a benefit of 8 points of growth from higher rates, offset by a 3-point decline due to a decrease in subscribers. Results at international channels declined due to higher programming and production costs, partially offset by higher advertising revenue. Both of these factors were impacted by the return of live sporting events and, in particular, the Indian Premier League, which held cricket matches from April 9 until the season was postponed on May 4 versus no matches in the prior year quarter due to COVID-19.

在廣播公司，較高的廣告業績主要是由於費率的提高和奧斯卡頒獎典禮的時機推動的，這使自有電視台和美國廣播公司都受益。本季國內聯營公司總營收成長 4%。這是由於費率提高帶來了 8 個百分點的成長，但被訂戶減少導致的 3 個百分點的下降所抵消。由於節目和製作成本增加，國際頻道的業績下降，但廣告收入增加部分抵消了影響。這兩個因素都受到現場體育賽事回歸的影響，尤其是印度超級聯賽，該聯賽從4 月9 日開始舉行板球比賽，直到5 月4 日賽季推遲，而上一年季度由於新冠疫情沒有比賽。 19.

Turning to direct-to-consumer, Q3 operating income improved by over $300 million versus the prior year, driven by Hulu, partially offset by a higher loss at Disney+. The increase at Hulu was due to growth in subscription and advertising revenue, partially offset by higher programming costs related to Hulu Live. Hulu ended the third quarter with 42.8 million paid subscribers, up from 41.6 million in Q2, inclusive of the Hulu Live digital MVPD service.

就直接面向消費者而言，在 Hulu 的推動下，第三季營業收入比前一年增加了 3 億多美元，但部分被 Disney+ 較高的虧損所抵消。 Hulu 的成長是由於訂閱和廣告收入的成長，但部分被 Hulu Live 相關節目成本的增加所抵消。 Hulu 第三季末的付費用戶數量為 4,280 萬，高於第二季的 4,160 萬，其中包括 Hulu Live 數位 MVPD 服務。

Paid subscribers to Hulu Live decreased slightly to 3.7 million from 3.8 million at the end of Q2. At Disney+, operating results decreased versus the prior year due to higher programming and production, marketing and technology costs, driven by the ongoing expansion of the service. These higher costs were partially offset by increased subscription revenue, reflecting subscriber growth and increases in retail pricing as well as Premier Access revenue for Cruella. Note that Disney+ Premier Access revenue is included in our DTC operating results but is excluded for the purposes of calculating ARPU.

Hulu Live 的付費訂閱用戶從第二季末的 380 萬小幅下降至 370 萬。 Disney+ 的營運表現較上年下降，原因是服務持續擴張導致節目製作、行銷和技術成本增加。這些較高的成本被訂閱收入的增加部分抵消，這反映了訂閱者的成長和零售價格的增加以及 Cruella 的 Premier Access 收入。請注意，Disney+ Premier Access 收入包含在我們的 DTC 營運績效中，但在計算 ARPU 時被排除在外。

As Bob mentioned earlier, we ended the third quarter with 116 million global paid subscribers to Disney+, up from approximately 104 million in the second quarter. Disney+ Hotstar accounted for the majority of our net subscriber additions between Q2 and Q3, making up a little less than 40% of our total Disney+ subscriber base as of the end of the third quarter. However, subscriber growth was also solid at our core Disney+ markets, excluding Disney+ Hotstar, with total quarter-over-quarter net adds in those markets consistent with net adds from Q2.

正如鮑伯之前提到的，截至第三季末，Disney+ 的全球付費訂閱用戶數量為 1.16 億，高於第二季的約 1.04 億。 Disney+ Hotstar 佔第二季和第三季淨新增用戶的大部分，截至第三季末，占我們 Disney+ 總用戶群的比例略低於 40%。然而，我們的核心 Disney+ 市場（不包括 Disney+ Hotstar）的訂戶成長也很穩健，這些市場的季度環比淨增加總量與第二季度的淨增加一致。

Disney+'s overall ARPU this quarter was $4.16. Excluding Disney+ Hotstar, it was $6.12 or an increase of about $0.50 versus the second quarter, reflecting a benefit from the recent price increases, both domestically and abroad. Disney+ Hotstar ARPU also increased from Q2 to Q3 due to higher ad revenue per subscriber reflecting the roughly 4 weeks of IPL matches that were played in Q3 versus none in Q2.

Disney+ 本季的整體 ARPU 為 4.16 美元。不包括Disney+ Hotstar，該價格為 6.12 美元，較第二季增長約 0.50 美元，反映出近期國內外價格上漲的好處。 Disney+ Hotstar ARPU 也從第二季度到第三季度有所增長，原因是每個訂閱者的廣告收入增加，反映出第三季度大約有 4 週的 IPL 比賽，而第二季度則沒有比賽。

At ESPN+, operating results in the quarter were comparable versus the prior year. ESPN+ ended Q3 with 14.9 million paid subscribers, reflecting over 1 million net subscriber additions versus the second quarter. Content sales, licensing and other operating income at DME decreased in the third quarter versus the prior year due to lower home entertainment and theatrical distribution results. The decrease in home entertainment results was due to lower unit sales of new release titles reflecting the performance of Raya and the Last Dragon and Soul in the third quarter compared to Star Wars: The Rise of Skywalker, Frozen 2, Onward, Call of the Wild and Ford v Ferrari in the prior year quarter, along with lower catalog sales.

ESPN+ 本季的營運表現與去年同期相當。 ESPN+ 第三季末的付費訂閱用戶數為 1,490 萬，與第二季相比淨增加用戶超過 100 萬。由於家庭娛樂和戲劇發產業績下降，DME 第三季的內容銷售、授權和其他營運收入較去年同期下降。家庭娛樂表現下降的原因是，與《星際大戰：天行者崛起》、《冰雪奇緣2》、《前進》、《野性的呼喚》相比，新發行遊戲的銷量下降，反映了《拉雅與最後的龍》和《靈魂》在第三季的表現和上一季的福特訴法拉利，以及較低的目錄銷售。

The decrease in theatrical distribution results was primarily due to higher marketing expense for future releases and lower operating income from titles in release. Looking ahead, there are a handful of items I would like to mention, as you think about our fourth quarter. At Linear Networks, we expect fourth quarter operating income to decline versus the prior year, reflecting incremental marketing and programming costs at ABC and FX, in addition to an adverse comparison to last year's benefit from the 53rd week.

院線發產業績下降的主要原因是未來版本的行銷費用增加以及已發行作品的營業收入減少。展望未來，當您思考我們的第四季時，我想提及一些項目。在 Linear Networks，我們預計第四季度營業收入將比去年同期下降，反映出 ABC 和 FX 的營銷和節目成本增加，以及與去年第 53 週收益的不利比較。

The increase in marketing and programming expenses at ABC and FX is driven by more than twofold increase in the number of series premieres versus the prior year quarter as productions in the prior year were impacted by COVID. As it relates to the 53rd week, recall that last year, we estimated a benefit of approximately $200 million to the company which primarily impacted our Linear Networks. At content sales, licensing and other, we are expecting an operating loss in the fourth quarter driven by a number of items, including higher marketing and distribution costs in the theatrical window due to more titles being released versus the prior year, in addition to lower results from home entertainment and third-party content licensing.

ABC 和 FX 行銷和節目費用的增加是由於去年的製作受到新冠疫情的影響，劇集首播數量比去年同期增加了一倍多。由於它涉及第 53 週，請回想一下，去年，我們估計該公司將獲得約 2 億美元的收益，這主要影響了我們的線性網路。在內容銷售、許可和其他方面，我們預計第四季度將出現營運虧損，這是由許多因素造成的，其中包括由於與上年相比發布了更多影片而導致影院窗口的營銷和發行成本增加，以及劇院窗口的營銷和發行成本下降。來自家庭娛樂和第三方內容許可的結果。

We now expect our capital expenditures in fiscal 2021 to be approximately $200 million lower than our fiscal 2020 CapEx of $4 billion due to lower spending at our domestic parks and resorts, partially offset by increased spending for facilities across the enterprise and technology for our DTC services. And finally, in light of the ongoing recovery from the COVID-19 pandemic as well as our continued prioritization of investments that support our growth initiatives, the Board decided not to declare or pay a dividend for the first half of fiscal 2021.

我們現在預計2021 財年的資本支出將比2020 財年40 億美元的資本支出減少約2 億美元，原因是我們國內公園和度假村的支出減少，但部分被整個企業設施和DTC 服務技術支出的增加所抵消。最後，鑑於 COVID-19 大流行的持續復甦以及我們繼續優先考慮支持我們成長計畫的投資，董事會決定不宣布或支付 2021 財年上半年的股息。

Longer term, we do anticipate that both dividends and share repurchases will remain a part of our capital allocation strategy. However, for the time being, we don't anticipate declaring a dividend or repurchasing shares until we return to a more normalized operating environment and our leverage is back to levels more consistent with a single A credit rating.

從長遠來看，我們確實預期股利和股票回購仍將是我們資本配置策略的一部分。然而，目前我們預計不會宣布派息或回購股票，直到我們恢復到更正常化的營運環境並且我們的槓桿率回到與單一 A 信用評級更一致的水平。

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

現在，我將把電話轉回給洛厄爾，我們很樂意回答您的問題。

Okay. Thanks, Christine. And once again, as we transition to the Q&A, let me note that since we are not physically together this afternoon, I will do my best to moderate the Q&A by directing your questions to the appropriate executive.

好的。謝謝，克里斯汀。當我們過渡到問答環節時，請允許我再次指出，由於今天下午我們不在現場，我將盡力通過將您的問題轉給適當的主管來主持問答。

And with that, we are ready for the first question.

至此，我們準備好回答第一個問題了。

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

我們的第一個問題來自 MoffettNathanson 的 Michael Nathanson。

Lowell, I'll let you choose the speakers, but here are the questions. One is, I wanted to understand how the company is thinking about near-term theatrical releases given the steep fall off in second week box, rise of the Delta variant, international markets still unopened. So why not delay or pause release schedule? And then, secondly, on DTC profits, I guess, more Hulu profits, it looks like continually they're getting better than expected. I think you turned profitable this quarter with Hulu. So I'm wondering why that improvement and why not revisit maybe some of the guidance that we shared earlier on DTC profitability, just given the continual improvement it looks like in Hulu profitability.

洛厄爾，我會讓你選擇演講者，但這裡有一些問題。一是，我想了解該公司如何考慮近期的院線發行，因為第二週的票房急劇下降，達美版本的崛起，國際市場仍未開放。那麼為什麼不推遲或暫​​停發布計劃呢？其次，就 DTC 利潤而言，我猜，Hulu 利潤更多，看起來他們的表現持續好於預期。我認為 Hulu 本季度已經實現盈利。因此，我想知道為什麼會出現這種改善，以及為什麼不重新審視我們之前分享的有關 DTC 盈利能力的一些指導，只是考慮到 Hulu 盈利能力的持續改善。

Okay. Michael, thank you for those questions. I'll turn the first one over to Bob and then Christine can address the Hulu profitability question.

好的。邁克爾，謝謝你提出這些問題。我會將第一個任務交給鮑勃，然後克里斯汀可以解決 Hulu 獲利能力問題。

Michael, as you probably recognize we live in a very uncertain world in terms of the recovery of some of our markets in the theatrical exhibition world is certainly part of that. We've said from the very beginning that we value flexibility in being able to make as last-minute calls as we can, given what we see in the marketplace. And certainly, when we planned our schedule that we're executing right now, we did not anticipate nor did I think anybody the resurgence of COVID with the Delta variant that would have such a significant impact on the marketplace.

邁克爾，正如您可能認識到的那樣，我們生活在一個非常不確定的世界，就戲劇展覽領域的一些市場的復甦而言，這肯定是其中的一部分。我們從一開始就說過，鑑於我們在市場上看到的情況，我們重視能夠在最後一刻做出決定的靈活性。當然，當我們計劃我們現在正在執行的時間表時，我們沒有預料到，我也沒有想到任何人都會看到新冠病毒與達美變種的捲土重來會對市場產生如此重大的影響。

At the same time, when you work in an ecosystem, having a lot of partners, they need to be able to plan their business, too. And so at some point, we have to put a stake in the ground and say, for example, Shang-Chi, that's going to be a title that we're going to put in the marketplace or Free Guy. That's going to be a title that we're going to put into the marketplace. Not knowing, again, 3 months earlier when you make that commitment, what exactly the marketplace is going to look like. But what I do think that says, Michael, it says that we value flexibility and we value to follow where the consumer is going to go.

同時，當你在一個擁有許多合作夥伴的生態系統中工作時，他們也需要能夠規劃自己的業務。因此，在某個時候，我們必須在地上打下一個賭注，並說，例如，“上氣”，這將是我們要放在市場上的標題或“自由人”。這將是我們將投放市場的遊戲。再次強調，當您做出承諾的 3 個月前，市場到底會是什麼樣子。但我確實認為，邁克爾，它表明我們重視靈活性，我們重視跟隨消費者的走向。

And while some of that's uncertain, I think in terms of relative to where the rest of the market is, you see that we've got more flexibility in terms of how we program. And nothing is in stone because the marketplace is rapidly changing. But at some point, you've got to put a stake in the ground and say, this is what we're going to do, and that's where we ended up on Shang-Chi and Free Guy, which are our next 2 titles out.

雖然其中一些是不確定的，但我認為相對於市場的其他部分而言，你會發現我們在程式設計方式方面擁有更大的靈活性。沒有什麼是一成不變的，因為市場正在迅速變化。但在某些時候，你必須在地上打下一根樁，然後說，這就是我們要做的，這就是我們最終推出《Shang-Chi》和《Free Guy》的地方，這是我們接下來推出的兩款遊戲。

Bob, can I just follow up? Why wouldn't you just add from your access given what you saw happen, I think, successfully with Black Widow to those 2 titles?

鮑勃，我可以跟進一下嗎？我認為，鑑於您所看到的黑寡婦成功地發生的情況，為什麼不直接從您的訪問權限中添加到這兩個遊戲中？

Okay. Good question. On Free Guy, obviously, this is a title that we acquired under a different distribution assumption and set of agreements. So we don't have the degree of freedom to do that on Free Guy. On Shang-Chi, we think it's actually going to be an interesting experiment for us because it's got only a 45-day window for us. So the prospect of being able to take a Marvel title to service after going theatrical with 45 days will be yet another data point to inform our actions going forward on our titles. But once again, I'll refer back to my previous answer. When we plan Shang-Chi that title was planned on being in a much more healthy theatrical environment. And at this point, unfortunately, due to distribution agreements that we have and due to just the practicalities of last-minute changes, it wouldn't be possible.

好的。好問題。顯然，在 Free Guy 上，這是我們根據不同的分配假設和協議集獲得的標題。所以我們沒有足夠的自由度在 Free Guy 上做到這一點。對於 Shang-Chi，我們認為這對我們來說實際上是一個有趣的實驗，因為它只有 45 天的時間窗口。因此，漫威系列作品在上映 45 天後就能投入使用的前景將成為另一個數據點，為我們未來的作品行動提供依據。但我會再次參考我之前的回答。當我們計劃《上氣》時，我們計劃將其置於一個更健康的戲劇環境中。不幸的是，在這一點上，由於我們擁有的分銷協議以及最後一刻更改的實用性，這是不可能的。

I'll take your question on Hulu, Michael. You're absolutely correct. Hulu exceeded our expectations, and it was profitable this quarter. There's a couple of things going on here. One is, it has had continued to have subscriber growth and also very strong advertising revenue. The advertising is coming from higher sell-through rates, a lot of addressable advertising and a significant ramp-up in the dynamic ad insertion technology that we have within Hulu Live. So those are things that are driving it. And at the same time, they are -- just like all of our other streaming services, they're ramping up their production, programming and also marketing expense to promote those new shows. So we're very pleased with what's going on at Hulu, but we're not going to update our guidance yet because we are in the process of doing our fiscal '22 annual operating plan. And if we feel that we have to update it after we complete that, we will certainly do it.

邁克爾，我會在 Hulu 上回答你的問題。你是完全正確的。 Hulu超出了我們的預期，本季實現盈利。這裡發生了一些事情。一是，它的用戶持續成長，廣告收入也非常強勁。廣告來自更高的銷售率、大量可尋址廣告以及我們在 Hulu Live 中擁有的動態廣告插入技術的顯著提升。這些都是推動它發展的因素。同時，就像我們所有其他串流媒體服務一樣，他們正在增加製作、節目製作和行銷費用來推廣這些新節目。因此，我們對 Hulu 所發生的事情非常滿意，但我們還不會更新我們的指導，因為我們正在製定 22 財年的年度營運計劃。如果我們覺得完成後必須更新它，我們一定會這樣做。

Our next question comes from Alexia Quadrani of JPMorgan.

我們的下一個問題來自摩根大通的 Alexia Quadrani。

My questions are on the park side, if I can. I guess the first one is we've seen really, really much improved results this quarter. And moving forward, I'm curious if you're seeing any recent impact from the Delta variant in the domestic or international parks may be cause for concern, particularly as you're increasing capacity. And then just staying on the parks, maybe you can elaborate on how we should view sort of longer-term profitability given the improvements you're able to make in terms of automating many aspects of the parks during COVID while they were closed? But now maybe with heightened cleaning expenses perhaps staying for a while and other expenses related to COVID staying for a while given how this variant has continued to kind of make COVID still very much part of our lifestyle.

如果可以的話，我的問題是在公園方面。我想第一個是我們在本季看到了非常非常大的業績改善。展望未來，我很好奇您是否看到三角洲變體最近對國內或國際公園的影響可能會引起擔憂，特別是在您增加容量的情況下。然後就留在公園裡，也許你可以詳細說明我們應該如何看待長期盈利能力，因為在新冠疫情期間公園關閉期間，你在公園的許多方面的自動化方面能夠做出改進？但現在，考慮到這種變體如何繼續使新冠病毒仍然是我們生活方式的一部分，可能會增加清潔費用，可能會停留一段時間，以及與新冠病毒停留一段時間相關的其他費用。

All right. Alexia, thanks for the question. So Bob, maybe if you talk about Delta's impact on parks and you may want to talk about leading in Alexia's second question, some of the yield stuff we've been doing. And Christine, you probably want to follow up on the second part.

好的。亞歷克西婭，謝謝你的提問。所以鮑勃，也許如果你談論達美航空對公園的影響，你可能想談論亞歷克西婭第二個問題中的領先，即我們一直在做的一些收益工作。克里斯汀，你可能想跟進第二部分。

Okay. In terms of impact of the Delta variant, we see strong demand for our parks continuing. And the primary noise that we're seeing right now are really around group or convention cancellations. In other words, large groups that are coming in relatively short term. But on the whole, we see really strong demand for our parks. In fact, our park reservations now are above our Q3 attendance levels. And as you just saw with our earnings announcement, our Q3 attendance levels were pretty darn good. So we're still bullish about our park business going forward.

好的。就達美變體的影響而言，我們看到對我們公園的強勁需求仍在持續。我們現在看到的主要噪音實際上是圍繞著團體或會議取消而產生的。換句話說，大型團體將在相對較短的時間內到來。但總體而言，我們看到對公園的需求非常強勁。事實上，我們的公園預訂量現在高於第三季的入場人數。正如您剛剛在我們的收益公告中看到的那樣，我們第三季的出席率非常好。因此，我們仍然看好我們公園業務的未來。

I may also suggest as a bridge to the second question that we've implemented a reservation system that's going to enable us to spread our demand, increase our yield and improve our guest experience at the same time. And in terms of the long-lasting impacts that you mentioned, I think some of the cost implications that we need to do for hygienic purposes are going to be relatively short-lived and, frankly, in the grand scheme of operating our parks not all that material. But what will be the long-lasting impact is the improvements that we're making with guest personalization and guest choice, therefore, affecting the tremendous yield benefits that we've been able to extract over the last few quarters. And that's only going to grow in the future with our ability to really do world-class yield management systems through our new reservation system.

我還可以建議，作為第二個問題的橋樑，我們已經實施了一個預訂系統，該系統將使我們能夠分散我們的需求，提高我們的收益，同時改善我們的客戶體驗。就您提到的長期影響而言，我認為我們出於衛生目的而需要採取的一些成本影響將相對短暫，坦率地說，在運營我們公園的宏偉計劃中，並非所有影響都是如此。那種材料。但持久的影響是我們在賓客個人化和賓客選擇方面所做的改進，從而影響了我們在過去幾個季度中能夠獲得的巨大收益收益。隨著我們透過新的預訂系統真正實現世界一流的收益管理系統的能力，這種情況在未來只會增長。

Alexia, I'd add to that a couple of things. One is we have seen very, very strong per caps in addition to all the yield management things Bob mentioned. But the per caps, in my comments, I referred to them as exceptionally strong. And I would not use that word were it not for the fact that they were exceptional. Last quarter, I said that they were up strong double digits, and this quarter was even stronger. If you look at -- when a park is closed for a long period of time, as Disneyland was, as Paris was, when they reopen, the per caps really shoot up. And we still have -- even though Walt Disney World has been open now for over a year, we're still seeing extremely strong per cap growth continue at that park. So in addition to all the technology things that we're implementing, as Bob mentioned, reservation systems, the dining apps, we're just seeing the consumer behavior be very favorable. And the guest experience is something that we're going to be focused on, especially as we continue to reopen.

Alexia，我想補充幾件事。一是除了鮑伯提到的所有收益管理之外，我們還看到了非常非常強勁的上限。但在我的評論中，我稱它們的上限非常高。如果不是因為他們非常出色，我不會使用這個詞。上個季度，我說他們實現了兩位數的強勁成長，而本季甚至更強勁。如果你看一下——當一個公園長期關閉時，就像迪士尼樂園、巴黎一樣，當它們重新開放時，人均收入確實會飆升。我們仍然——儘管華特迪士尼世界已經開放一年多了，我們仍然看到該公園的人均收入繼續保持極其強勁的增長。因此，除了我們正在實施的所有技術之外，正如鮑勃所提到的，預訂系統、餐飲應用程序，我們還看到消費者行為非常有利。賓客體驗是我們將重點關注的事情，尤其是在我們繼續重新開放的情況下。

Our next question comes from Ben Swinburne of Morgan Stanley.

我們的下一個問題來自摩根士丹利的本·斯溫伯恩。

A couple probably for Christine. Christine, I was wondering if you could give us the Hulu advertising growth in the quarter. I think you've given that to us in prior quarters. And then also just are you expecting the IPL to come back in September at this point? And any update on the Latin American sports situation since that's part of your launch there? And then if I can ask Bob a parks question just on technology. You mentioned the Disney Genie. How substantial of a sort of an improvement or evolution in the guest experience are you expecting to bring to market? And MyMagic+ is pretty -- it's been around for a while. And I'm just wondering if you think there's a real transformation ahead for the business as you take advantage of the last year plus of downtime to reinvent the experience? Just maybe add some context, would be helpful.

一對可能是克里斯汀的。 Christine，我想知道您能否向我們介紹本季 Hulu 廣告的成長。我認為您在前幾個季度已經向我們提供了這一點。那麼您現在是否預計 IPL 會在 9 月回歸？自從拉丁美洲體育賽事啟動以來，有什麼最新消息嗎？然後我可以問鮑伯一個關於科技的公園問題嗎？你提到了迪士尼精靈。您希望為市場帶來多大程度的賓客體驗改善或改進？ MyMagic+ 非常漂亮——它已經存在了一段時間了。我只是想知道，當您利用去年加上的停機時間來重塑體驗時，您是否認為業務即將發生真正的轉變？也許添加一些上下文會有所幫助。

Okay. Ben, thanks for the questions. Thank you, Ben. I think we'll start with Bob, if you want to talk a little bit about some of the technology at the parks. And then we'll go to Christine who will talk about Hulu ad growth, IPL and LatAm.

好的。本，謝謝你的提問。謝謝你，本。如果您想談談公園的一些技術，我想我們將從鮑勃開始。然後我們請 Christine 談論 Hulu 廣告成長、IPL 和拉丁美洲。

Okay. Ben, you used the correct word, transformational. MyMagic+ was us basically sticking our toe in the pond of this type of transformational work. Disney Genie, though, is that program on steroids. This is going to revolutionize our guest experience. Guests are going to spend less time waiting and more time having fun in our parks with a dramatically improved guest experience. That's going to make their navigation of their day and their planning of their day much easier.

好的。本，你用了正確的字：變革。 MyMagic+ 基本上是我們在這類變革性工作中的嘗試。不過，《迪士尼精靈》是一個增強版的程式。這將徹底改變我們的賓客體驗。遊客將花更少的等待時間，有更多的時間在我們的公園裡享受樂趣，從而顯著改善遊客體驗。這將使他們的一天的導航和一天的計劃變得更加容易。

Essentially, what it's going to do is take the consumer preferences that we know from our consumers, given what we know from them and blend that with basically industrial engineering data that we've got in terms of how our park is operating that day and meld those together to make suggestions on the fly that not only will lead to that improved guest experience, but at the same time lead to substantial commercial opportunities for us as the guest navigates their days. So it certainly qualifies in my mind for both materiality and transformational impact on our business from a yield standpoint.

從本質上講，它要做的就是根據我們從消費者那裡了解到的消費者偏好，並將其與我們獲得的有關公園當天運營方式的基本工業工程數據相結合，並融合在一起這些人齊心協力，即時提出建議，這不僅會改善客人的體驗，同時也會在客人的生活中為我們帶來大量的商業機會。因此，從收益的角度來看，它對我們業務的重要性和變革性影響在我看來肯定是合格的。

Okay. Ben, I'll try to go through your -- hopefully I can remember them all. So Hulu. Hulu did have very strong advertising growth in the quarter, and we continue to see that growth quarter after quarter. We haven't specifically quantified it but I would say that it is driven by higher impressions as well as rates. And as I mentioned, the ability for us to use the dynamic ad insertion in Hulu Live is also a benefit. I think the advertising sales team, if they had more inventory, they could certainly sell it. There's that much demand for it. Just to put some context around it because I think it's a precursor of what the upfront showed is that the -- we came out of a very strong upfront but we had about 40% of the total upfront dollars into streaming and digital. And a lot of that is not only across Hulu, but also across our other entertainment and sports platforms.

好的。本，我會嘗試過一遍你的——希望我能記住它們。所以葫蘆。 Hulu 在本季確實實現了非常強勁的廣告成長，而且我們繼續看到這一季度又一個季度的成長。我們還沒有具體量化它，但我想說它是由更高的展示次數和費率驅動的。正如我所提到的，我們能夠在 Hulu Live 中使用動態廣告插入也是一個好處。我想廣告銷售團隊如果庫存多的話，肯定可以賣掉。對它的需求有這麼大。只是為了提供一些背景信息，因為我認為這是預付款的先兆，我們的預付款非常強大，但我們將預付款總額的大約 40% 用於串流媒體和數位媒體。其中許多內容不僅存在於 Hulu 上，也存在於我們的其他娛樂和體育平台上。

So I think that just shows that the kind of advertising that's going through Hulu is certainly a growth driver. The IPL is coming back. It's scheduled to come back on September 19, and it will run through, I believe, the last final match is scheduled for mid-October, around October 15. When you think about Disney+ Hotstar, IPL is certainly a very, very important component of the offerings, but it's only 1 because we also have a very broad portfolio of general entertainment as well as other sports. It has a lot of original content -- library content in it from all of the Disney+ brands and IP. And we added over 18,000 of original local programming every year. So we feel really good about not only the IPL but also Star -- Hotstar+. In LatAm, we will be -- LatAm, the launch for LatAm is in later this quarter. But I don't have any updates to anything new on the sports side.

所以我認為這只是表明透過 Hulu 投放的廣告肯定是成長動力。 IPL 即將回歸。預定9月19號回歸，而且會貫穿，我相信，最後一場決賽定在10月中旬，10月15號左右。當你想到Disney+ Hotstar時，IPL肯定是一個非常非常重要的組成部分。的產品，但它只是1，因為我們還擁有非常廣泛的一般娛樂和其他體育項目。它有很多原創內容——來自所有 Disney+ 品牌和 IP 的庫內容。我們每年新增超過 18,000 個原創本地節目。因此，我們不僅對 IPL 感到非常滿意，而且對 Star——Hotstar+ 也感到非常滿意。在拉丁美洲，我們將在本季稍後推出拉丁美洲。但我沒有任何體育方面的新消息。

Next question comes from Doug Mitchelson of Crédit Suisse.

下一個問題來自瑞士信貸銀行的道格·米切爾森。

So 2 questions. It's certainly nice to see the U.S. parks profitable in fiscal 3Q. And I note that operating expenses are back at 81% of 2019 fiscal 3Q levels, while revenues about 60% of 2019 levels. And that seems consistent with commentary that you made in the past that you have to ramp overhead in advance of consumers coming back to the park. So my question is, is the overhead now sort of re-ramped at the parks? Can we look at this as the right overhead level? And from here, it's variable cost growing with consumers continuing to come back, and that's how we should think about modeling the parks going forward?

所以有2個問題。很高興看到美國公園在第三財季獲利。我注意到，營運支出回升至 2019 財年第三季的 81%，而收入約為 2019 年水準的 60%。這似乎與您過去發表的評論一致，即您必須在消費者返回公園之前增加開銷。所以我的問題是，現在公園的開銷是否有調整？我們可以將此視為正確的管理費用水準嗎？從這裡開始，隨著消費者的不斷回歸，可變成本不斷增長，這就是我們應該如何考慮未來公園的建模？

And then the second area is just on streaming. I hope you could discuss the health of Disney+. How was engagement trending in the quarter? How was churn training in the quarter? What was the impact of Star as you merged in with Disney+ in Europe? And anything else you want to note on the health of Disney+ would be appreciated.

第二個領域就是串流媒體。我希望你能討論一下迪士尼+的健康狀況。本季的參與度趨勢如何？本季的流失培訓情況如何？當你們在歐洲與 Disney+ 合併時，Star 產生了哪些影響？如果您想對 Disney+ 的健康狀況提出任何其他意見，我們將不勝感激。

Okay. Doug, thanks for the questions. Bob, you may want to start on the streaming question, and I don't know if you want to make some comments on kind of parks' cost ramp. And then, Christine, you may want to jump in on that as well.

好的。道格，謝謝你的提問。鮑勃，您可能想從串流媒體問題開始，我不知道您是否想對公園的成本上升發表一些評論。然後，克莉絲汀，你可能也想加入進來。

Okay. In terms of the health of Disney+, we feel really great about our sub trajectory. We've got world-class content from the world's best storytellers plus our international launches plus the power of the Disney bundle, and you asked the question about churn. We're really pleased with churn. We've taken some price increases over the past few quarters. And what you're seeing is that our churn has declined, including in Latin America, where we went up -- I mean by -- in Europe, sorry, by EUR 2 when we added Star brand as a sixth brand tile.

好的。就迪士尼+的健康狀況而言，我們對自己的子軌跡感到非常滿意。我們擁有來自世界上最好的故事講述者的世界級內容，加上我們的國際發布以及迪士尼捆綁包的力量，而您問了有關客戶流失的問題。我們對客戶流失率非常滿意。在過去的幾個季度中，我們提高了價格。你看到的是，我們的客戶流失率有所下降，包括在拉丁美洲，在歐洲，抱歉，當我們將 Star 品牌添加為第六個品牌板塊時，我們的客戶流失率上升了 2 歐元。

So our retention is very healthy across the globe. We're really, really pleased with that. And I think, again, it really goes back to the price value that we're offering our guests. When you take out Luca, Loki, Falcon and the Winter Soldier, there's something essentially new each week. You blend that together with a tremendous local investment that we're making in our international territories and it's really a price value proposition that is really great. So the fact that our churn is so low, our engagement is so high, our retention is so high amongst the local quarters where we're taking price increases, I think, says everything about it.

因此，我們在全球範圍內的保留率非常健康。我們對此真的非常非常滿意。我再次認為，這實際上可以追溯到我們為客人提供的價格價值。當你除去盧卡、洛基、獵鷹和冬日戰士時，每週都會有一些新的東西。將其與我們在國際領土上進行的巨大本地投資結合起來，這確實是一個非常棒的價格價值主張。因此，我認為，在我們接受價格上漲的當地地區，我們的客戶流失率如此之低，我們的參與度如此之高，我們的保留率如此之高，這一事實說明了一切。

In terms of -- and I'll start this off, Christine, on the cost side and what we expect to see in terms of our parks profitability. But right now, you can use a lot of different metrics to look at our business. In California, we've got all 3 of our hotels open, for example. We've got 70% of our available rooms open in Walt Disney World. So you can see that we're not quite 100% available at this point. But I think that a lot of the costs from here on out are variable. Obviously, as we scale our business and we get up closer and closer to 100% capacity, our efficiencies in operating become much, much higher. So I think you'll see disproportionate benefit as we go from here on. Christine, I don't know if you want to elaborate.

克里斯汀，我將從成本方面以及我們期望看到的公園盈利能力方面開始。但現在，您可以使用許多不同的指標來審視我們的業務。例如，在加州，我們的 3 家飯店均已開業。華特迪士尼世界 70% 的可用客房已開放。所以您可以看到，我們目前還沒有 100% 可用。但我認為從現在開始，很多成本都是可變的。顯然，隨著我們業務規模的擴大，我們的產能越來越接近 100%，我們的營運效率會變得越來越高。因此，我認為從現在開始，您會看到不成比例的好處。克里斯汀，我不知道你是否願意詳細說明。

Yes. I would just add that our parks -- our plan -- and once again, this is -- we'll monitor the trends with what's going on with the Delta variant. But we're expecting to have our parks domestically be fully staffed up by the end of this calendar year, calendar 2021. And we're going to be increasing capacities as we have the demand, and we're also being able to train -- thoroughly train our employees as they come back in. And once again, this is an ever-changing landscape with COVID, but we're going to be particularly careful, and we're also going to bring our capacity online aggressively, but measured. We're not just going to open up the doors and flung them open. So we're doing this in a measured fashion for the health and safety of not only our guests, but also our cast members in the parks.

是的。我想補充一點，我們的公園——我們的計劃——再一次，我們將監控達美航空變體的趨勢。但我們預計到今年年底（即 2021 年），我們的國內公園將配備滿人員。我們將根據需求增加容量，並且我們也能夠進行培訓 - - 當我們的員工回來時，對他們進行徹底的培訓。再一次，隨著新冠疫情，這是一個不斷變化的局面，但我們將特別小心，我們也將積極地將我們的產能上線，但要經過衡量。我們不會只是打開大門然後猛地打開它們。因此，我們採取謹慎的方式這樣做，不僅是為了我們的客人的健康和安全，也是為了我們公園裡演員的健康和安全。

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

我們的下一個問題來自美國銀行的傑西卡·雷夫·埃利希。

I have one on Disney+ and one on film. You mentioned that you're opening in Japan -- fully opening in Japan in October. It's such a big country with a huge affinity for everything Disney. I mean the parks are doing really well there, and it's a very affluent country. So wondering if you could give us any color on market size and ARPU. And then on film, the industry has undergone such massive change over the last 2 years towards streaming. But obviously, the pandemic has had a big impact, but it was moving in that direction anyway. With the jury out on like how much the Box Office will come back to pre-COVID levels, how do you think about the success of a film in today's environment? And how does that impact the way you attract talent, the way you compensate talent? And what changes do you expect to make, if any, in your film strategy from here?

我有一份關於迪士尼+的內容和一份關於電影的內容。您提到您將在日本開業—十月於日本全面開業。這是一個如此大的國家，對迪士尼的一切都有著巨大的吸引力。我的意思是那裡的公園做得非常好，而且這是一個非常富裕的國家。所以想知道您能否提供我們有關市場規模和 ARPU 的資訊。然後在電影方面，該行業在過去兩年中向串流媒體方向發生瞭如此巨大的變化。但顯然，大流行產生了很大的影響，但無論如何它正在朝這個方向發展。隨著票房將恢復到新冠疫情前的水平等評審結果出來，您如何看待一部電影在當今環境下的成功？這對您吸引人才和補償人才的方式有何影響？您希望從現在開始對您的電影策略做出哪些改變（如果有的話）？

Okay. Jessica, thanks a lot. Bob, why don't you take the film question? I don't know if you want to make any comments on Japan. And Christine, you may want to jump in on that one as well.

好的。傑西卡，非常感謝。鮑勃，為什麼不回答電影問題？不知道你是否想對日本發表評論。克莉絲汀，你可能也想加入其中。

Okay. Obviously, this world has been disrupted by COVID, and we're all reacting to a very fluid situation in terms of the marketplace. We're very grateful for the fact that we had the ability to take out a lot of titles, both not only in the theatrical marketplace for those that prefer to watch a film that way, but also at the same time through our Disney Premier Access, and that was a winning strategy for us to give consumers the choice for those that decided that going back to a theater was not for them at the same time. That said, these films, Jessica, were really conceived under a time when we did not know what was going to be happening with consumer behavior 3, 4 years later and certainly didn't know about COVID at the time. So we're dealing under a different sort of set of conditions than we thought.

好的。顯然，這個世界已經被新冠疫情擾亂了，我們都在應對市場上非常不穩定的情況。我們非常感激我們有能力推出大量影片，不僅可以在影院市場上為那些喜歡以這種方式觀看電影的人提供服務，同時還可以透過我們的 Disney Premier Access 推出這些影片，這對我們來說是一個制勝策略，為那些認為不適合同時重返戲院的消費者提供選擇。也就是說，潔西卡，這些電影其實是在我們不知道三、四年後消費者行為會發生什麼的時代構思出來的，當然當時也不知道新冠病毒。因此，我們所處的條件與我們想像的不同。

What I will say is that just like we've done many times before, as the business has evolved and transformed, we've figured out ways to fairly compensate our talent, so that no matter what the business model is that we have to go to market with, everybody feel satisfied. And I will say that since COVID has begun, we've entered into hundreds of talent arrangements with our talent. And by and large, they've gone very, very smoothly. So we expect that, that would be the case going forward. Certainly, this is a time of anxiety in the marketplace as a lot has changed recently. And again, these films that we're releasing right now were imagined under a completely different environment than unfortunately the fate has delivered us.

我要說的是，就像我們之前多次做過的那樣，隨著業務的發展和轉型，我們已經找到了公平補償我們人才的方法，因此無論商業模式是什麼，我們都必須走上市場，大家都感到滿意。我想說的是，自從新冠疫情爆發以來，我們已經與我們的人才達成了數百項人才安排。總的來說，他們進展得非常非常順利。所以我們預計未來的情況也會如此。當然，這是市場焦慮的時期，因為最近發生了很多變化。再說一遍，我們現在上映的這些電影是在一個完全不同的環境下想像的，不幸的是命運為我們帶來了這樣的環境。

But we're trying to do the best thing for all our constituents and make sure that everybody who's in the value chain, if you will, feels like they're having their contractual commitments honored both from a distribution and a compensation standpoint. What I'll say before I turn it over to Christine on Japan is that remember that heretofore, as we've launched Disney+ around the world, in Japan, we've done it with a fairly limited distribution system and that's about the change going forward. But at the same time, that market is under, as they call it, a state of emergency. And that certainly has disrupted that marketplace as we go from a fairly limited distribution now to a much more broad distribution. Christine?

但我們正在努力為所有選民做最好的事情，並確保價值鏈中的每個人（如果你願意的話）感覺他們從分配和薪酬的角度都履行了合約承諾。在我把關於日本的問題交給克里斯汀之前，我要說的是，請記住，到目前為止，當我們在世界各地推出迪士尼+時，在日本，我們是透過相當有限的發行系統來完成的，這就是正在發生的變化向前。但同時，正如他們所說，該市場正處於緊急狀態。當我們從現在相當有限的分銷轉向更廣泛的分銷時，這肯定擾亂了該市場。克里斯汀？

Yes. Jessica, we fully agree with your assessment of the market and the high degree of affinity that the Japanese market has for Disney IP. So we totally agree. We did, as Bob say, did a soft launch with a partner last year. but it was only to a small part of the market, and we're really excited to do the full launch that will be in this coming October for Disney+. And we'll see how that goes, but we have been very cautiously optimistic as we always are. But we believe that, that IP is going to resonate. We don't, as you know, break out ARPU by individual markets. So we'll just be giving you the Disney+ ARPUs the way we currently are doing it.

是的。 Jessica，我們完全同意您對市場的評價，以及日本市場對迪士尼IP的高度親和力。所以我們完全同意。正如鮑勃所說，我們去年與合作夥伴進行了試運行。但這只是市場的一小部分，我們非常高興能夠在今年 10 月為 Disney+ 進行全面發布。我們將看看情況如何發展，但我們一如既往地非常謹慎樂觀。但我們相信，該知識產權將會引起共鳴。如您所知，我們不會按各個市場細分 ARPU。因此，我們將按照目前的方式為您提供 Disney+ ARPU。

Next question comes from Jason Bazinet of Citi.

下一個問題來自花旗銀行的 Jason Bazinet。

So I think your digital pivot is incredible, impressive. But I want to ask a question that will come across as bearish and it's really not. It's an honest question. I think in the salad days of pay TV, maybe we had, I don't know, 75%, 80% pay TV penetration and people who were paying U.S. households $70 a month or something. And the most mature SVOD platform out there is probably at 50% penetration with ARPUs that are sort of 1/5 of pay TV ARPUs and not really growing. And I just wonder what -- if you guys have any thoughts on what that means for the broader sort of digital pivot? And are there things that the industry needs to do as an example, if you think it's tethered to piracy or something like that, that could sort of give you another -- or the industry, including you, another leg of growth in terms of net adds that people aren't thinking about?

所以我認為你們的數位轉型令人難以置信，令人印象深刻。但我想問一個會被認為看跌的問題，但事實並非如此。這是一個誠實的問題。我認為在付費電視的鼎盛時期，我不知道，也許我們有 75%、80% 的付費電視普及率，人們每月向美國家庭支付 70 美元之類的費用。最成熟的 SVOD 平台的滲透率可能為 50%，其 ARPU 約為付費電視 ARPU 的 1/5，而且並未真正成長。我只是想知道，你們對於這對於更廣泛的數位化支點意味著什麼有什麼想法嗎？作為一個例子，該行業是否需要做一些事情，如果你認為它與盜版或類似的事情有關，這可能會給你帶來另一個——或者包括你在內的行業，淨增長的另一條腿補充說人們沒有想到？

So Bob, do you want to take that? Thanks, Jason, for the question by the way.

那麼鮑勃，你想接受嗎？順便說一句，謝謝傑森提出的問題。

Jason, I'd like to think of it like we're in the first inning of the first game of a very launch season. We've not even been at this right now as Disney, at least for 2 full years. Despite that 2 full years, as you suggested, we've gone into 61 countries in 21 months. So we're very proud of that. We're proud of the success that we've had. I would caution not to come to any conclusions about the size of the market. We've got a TAM of 1.1 billion households across the globe. And we've only just begun our journey.

傑森，我想把它想像成我們正處於一個非常啟動賽季的第一場比賽的第一局。身為迪士尼，我們現在甚至還沒有這樣做過，至少已經整整兩年了。儘管正如您所建議的，整整兩年，我們還是在 21 個月內進入了 61 個國家。所以我們對此感到非常自豪。我們為所取得的成功感到自豪。我警告不要對市場規模得出任何結論。我們的 TAM 涵蓋全球 11 億個家庭。我們的旅程才剛開始。

And as I think you see what's really going to make the difference for Disney is our spectacular content told by the best storytellers against our powerhouse franchises. You put that in the context of also all the local investments that we're making. And I think we're going to have a bright future ahead and I understand the benchmark that you're using. But I think this is a different marketplace. And I think we're charging forward to maximize the opportunity, given our unique combinations of not only distribution platforms, but intellectual property and storytelling.

我認為你會看到，真正對迪士尼產生影響的是我們由最好的故事講述者講述的精彩內容，以及我們強大的特許經營權。您也將其放在我們正在進行的所有本地投資的背景下。我認為我們將會有一個光明的未來，我理解你們正在使用的基準。但我認為這是一個不同的市場。我認為，鑑於我們不僅將發行平台、智慧財產權和故事敘述獨特地結合起來，我們正在努力最大限度地利用這一機會。

Our next question comes from Brett Feldman of Goldman Sachs.

我們的下一個問題來自高盛的布雷特·費爾德曼。

Earlier, Bob, you were talking about the power of the Disney bundle. And in the U.S., you've really taken a bundle-centric approach to the market. I was hoping you can give us some insight into that power. Whatever you can share to help us understand why the bundle is so successful, either the portion of your subs, Disney+ subs that are in the bundle or the portion of the gross adds or engagement whatever you can offer would be great. And then just expanding on that a little bit, if the bundle really does appear to be the most compelling product in the portfolio, why not just make it the core product and eliminate the complexity to the consumer in terms of thinking about which elements of the Disney entertainment ecosystem they want and just give it all to them at once?

鮑勃，早些時候您談到了迪士尼捆綁包的力量。在美國，您確實採取了以捆綁為中心的方法進入市場。我希望你能給我們一些關於這種力量的見解。無論您能分享什麼來幫助我們理解捆綁包為何如此成功，無論是您的訂閱者部分、捆綁包中的迪士尼+訂閱者部分，還是總增加部分或參與度，無論您能提供什麼，都很棒。然後稍微擴展一下，如果捆綁包確實看起來是產品組合中最引人注目的產品，為什麼不將其作為核心產品並消除消費者在思考捆綁包的哪些元素方面的複雜性他們想要的迪士尼娛樂生態系統就一次全部提供給他們嗎？

All right. Brett, thanks for the questions. I'll turn them over to Bob.

好的。布雷特，謝謝你的提問。我會把它們交給鮑伯。

Okay. In terms of the bundle, you see that the majority are not -- maybe not the majority, but a good chunk of our marketing now is going towards a bundle. And that's because the -- while we enjoy extremely low churn rates on our individual services, the churn rates on the bundle are even lower -- surprisingly low even for us. And I think what that says is that our customers enjoy the price value of the bundle that we offer. They are getting an incredible amount of content for a really good price. While I can't comment on some of the specific percentages that you're probably looking for and -- but I will make a comment on sort of going forward.

好的。就捆綁而言，你會發現大多數人都不是——也許不是大多數，但我們現在的行銷很大一部分都在走向捆綁。這是因為——雖然我們的個人服務的流失率極低，但捆綁服務的流失率甚至更低——甚至對我們來說也低得驚人。我認為這說明我們的客戶享受我們提供的捆綁包的價格價值。他們以非常優惠的價格獲得了大量的內容。雖然我無法評論您可能正在尋找的一些具體百分比，但我會就未來的發展發表評論。

You noticed that across the world, we've got different business models. We've got different business models for 2 reasons. Number one, the unique situation that we find ourselves in each market whether it's Europe or LatAm or Asia or North America, tend to be different in terms of what rights we have and what the consumers are actually looking for. But that also gives us an opportunity to test out different propositions. Obviously, the proposition that we have in Europe with Star as a sixth brand tile looks significantly different than our relatively unbundled approach that we have in North America. Again, we're in the first inning of the first game of all the long season, and we're taking all this into account.

您注意到，在世界各地，我們有不同的商業模式。我們有不同的商業模式有兩個原因。第一，我們發現自己在每個市場的獨特情況，無論是歐洲、拉丁美洲、亞洲或北美，在我們擁有的權利和消費者實際尋求的方面往往有所不同。但這也給了我們一個測試不同主張的機會。顯然，我們在歐洲以 Star 作為第六個品牌板塊的主張看起來與我們在北美相對分散的做法有很大不同。再說一次，我們正處於整個漫長賽季第一場比賽的第一局，我們正在考慮所有這些。

There may also be certain constraints that were under that could, at least from a short-term standpoint, limit our ability to do what long term we might feel was ideal. But frankly, we don't know what's ideal yet. I will say that we're extremely pleased in every market that we've launched our direct-to-consumer services. We've exceeded our expectations in every marketplace. So in terms of the way that we've approached the market so far, it's worked really, really well. Is there an opportunity for improvement by considering something different going forward? Possibly. But we're going to continue to learn. And as we learn, I'm sure we'll refine our offerings in the marketplace as time goes on.

至少從短期的角度來看，也可能有某些限制，限制我們做我們認為長期理想的事情的能力。但坦白說，我們還不知道什麼是理想的。我想說的是，我們對每個市場推出的直接面向消費者的服務感到非常高興。我們在每個市場上都超出了我們的預期。因此，就我們迄今為止進入市場的方式而言，效果非常非常好。未來是否有機會透過考慮不同的事情來改進？可能吧。但我們將繼續學習。隨著我們的了解，我相信隨著時間的推移，我們將完善我們在市場上的產品。

Okay. Thanks, Brett, for the questions. Operator, given the time, I think we will take our final question.

好的。謝謝布雷特提出的問題。接線員，考慮到時間，我想我們將回答最後一個問題。

Sir, our final question comes from John Hodulik of UBS.

主席先生，我們的最後一個問題來自瑞銀集團的約翰‧霍杜利克。

Maybe the 2024 guide, I think, included 30% of subs coming from Hotstar. I mean given the strength in Hotstar, does that guidance still hold? And then given the content release schedule that we have in the second half of the year, do you expect the net add trends in what I'd call the core Disney+ markets to improve in the back half? And then lastly, just anything you could tell us on just Disney+ Day in November in terms of how you expect to promote? Is it global or U.S. or just -- or any new content that could be launched and anything you could tell us on that would be great.

我認為，也許 2024 年指南中包含了 30% 來自 Hotstar 的潛水艇。我的意思是，考慮到 Hotstar 的實力，這項指導仍然有效嗎？然後考慮到我們下半年的內容發佈時間表，您預計我所說的核心 Disney+ 市場的淨增加趨勢會在下半年有所改善嗎？最後，您可以在 11 月的迪士尼+日告訴我們您希望如何進行推廣嗎？是全球的、美國的還是只是——或者任何可能推出的新內容以及您能告訴我們的任何內容都很棒。

Okay. Thanks, John, for the question. Bob, why don't you start on Disney+ Day. And then, Christine, you can take the question about Hotstar guide, et cetera.

好的。謝謝約翰提出這個問題。鮑勃，為什麼不從迪士尼+日開始呢？然後，Christine，你可以回答有關 Hotstar 指南等問題。

Okay. Disney+ Day will be a balanced approach between global and local product. We're going to have a real exciting lineup, as you might guess, as we approach those consumers who have not yet signed up for Disney+ with a really attractive group of titles to be announced. But I think it gives us an opportunity to provide a focal point for consumers that have not yet tripped over to Disney+. And I think it's going to give us a focal point of excitement and energy that will not only pay benefits in the U.S., but globally as well.

好的。迪士尼+日將是全球和本地產品之間的平衡。正如您可能猜到的那樣，當我們向尚未註冊 Disney+ 的消費者展示一組真正有吸引力的遊戲時，我們將擁有一個真正令人興奮的陣容。但我認為這讓我們有機會為尚未迷上 Disney+ 的消費者提供一個焦點。我認為這將為我們帶來興奮和活力的焦點，這不僅會為美國帶來好處，也將為全球帶來好處。

In terms of the net add question and how that's going to improve, first half versus second half. Again, we feel really great about our sub trajectory. As we learn, though, we're finding out there's tremendous seasonality in this business that we may not have known about before we really got into it, at least in terms of above expectations. Also, I want to caveat that our sub adds aren't necessarily going to be linear. I think a lot of the marketplace expects these things to sort of be a straight-line math, and it's not really turning out that way. And as we've indicated before, we do believe our first half adds this fiscal year will be stronger than the second half adds. That said, we really feel great about our trajectory. Christine, do you want to take it from there?

就淨增問題以及如何改進而言，上半場與下半場的比較。再次，我們對我們的子軌跡感覺非常好。然而，據我們了解，我們發現這項業務存在巨大的季節性，在我們真正進入該行業之前我們可能不知道這一點，至少在超出預期方面是如此。另外，我想警告一下，我們的子添加不一定是線性的。我認為市場上很多人都期望這些事情是一種直線數學，但事實並非如此。正如我們之前指出的，我們確實相信本財年上半年的成長將強於下半年的成長。也就是說，我們對自己的發展軌跡感到非常滿意。克里斯汀，你想從那裡拿走它嗎？

Sure. And I would just add one thing on the Disney+ core markets. In this third quarter, when you exclude Disney+ Hotstar, we saw solid sub growth quarter-over-quarter net adds consistent with what we saw in the previous quarter. So we feel really good about the continued growth in our core markets. And on Hotstar, at Investor Day, we said that we anticipated a Hotstar to be between 30% and 40% of total Disney+ and we're not updating that guidance at this point.

當然。我只想在迪士尼+核心市場補充一件事。在第三季度，當您排除 Disney+ Hotstar 時，我們看到季度環比淨增長的穩健子增長與上一季的情況一致。因此，我們對核心市場的持續成長感到非常滿意。關於 Hotstar，在投資者日，我們表示，我們預計 Hotstar 將佔 Disney+ 總量的 30% 至 40%，目前我們不會更新該指導。

Okay. Thanks for the question, and 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. 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.

好的。謝謝你的提問，我要感謝大家今天加入我們。請注意，本次電話會議中提到的非公認會計原則措施與同等公認會計原則措施的調節可以在我們的投資者關係網站上找到。我還想提醒您，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，以及其他非歷史性的陳述，可能構成證券法規定的前瞻性陳述。

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

我們根據我們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，並且我們不承擔更新這些陳述的任何義務。前瞻性陳述受到許多風險和不確定性的影響，實際結果可能與多種因素所明示或暗示的結果有重大差異，包括我們 10-K 表格年度報告、季度報告中所包含的因素。表10- Q 以及我們向美國證券交易委員會提交的其他文件中。我們要感謝大家今天加入我們。希望您今天休息愉快。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。