迪士尼 (DIS) 2021 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Walt Disney Company's Second Quarter 2021 Financial Results Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加華特迪士尼公司 2021 年第二季財務業績電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

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

現在，我想將會議交給今天的發言人、投資者關係高級副總裁洛威爾辛格 (Lowell Singer)。請繼續。

Good afternoon, and welcome to The Walt Disney Company's Second 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 a transcript will be available on our website. We are once again hosting today's call remotely. So joining me remotely are Bob Chapek, Disney's Chief Executive Officer; and Christine McCarthy, Senior Executive Vice President and Chief Financial Officer. Following comments from Bob and Christine, we'll be happy to take your questions.

下午好，歡迎參加華特迪士尼公司 2021 年第二季財報電話會議。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。今天的電話會議也正在進行網路直播，會議記錄將在我們的網站上提供。我們再次遠端主持今天的電話會議。迪士尼執行長鮑勃·查佩克 (Bob Chapek) 遠端加入我的行列。克里斯汀‧麥卡錫 (Christine McCarthy)，資深執行副總裁兼財務長。根據鮑勃和克里斯汀的評論，我們很樂意回答您的問題。

So with that, let me turn the call over to Bob, and we'll get started.

那麼，讓我把電話轉給鮑勃，我們就開始吧。

Thanks, Lowell, and good afternoon, everyone. It's been a busy few months and we've been pleased to see more encouraging signs of recovery across our company. We ended the second fiscal quarter with adjusted EPS up 32% to $0.79 compared to $0.60 last year. And since then, we've continued to make progress across our businesses as we remain laser-focused on our ongoing recovery while also fueling long-term growth.

謝謝洛威爾，大家下午好。這是忙碌的幾個月，我們很高興看到整個公司出現了更多令人鼓舞的復甦跡象。在第二財季結束時，調整後每股收益成長 32%，達到 0.79 美元，而去年為 0.60 美元。從那時起，我們的業務不斷取得進展，我們繼續專注於持續復甦，同時也推動長期成長。

Our strategic focus continues in 3 key areas. First is direct-to-consumer. We successfully launched our streaming offerings, Disney+ and Star, in a number of markets internationally. And we've been pleased with the growth and engagement in those markets to date. Our steady cadence of new, high-quality branded content, along with our robust collection of library titles, allows us to continually attract new subscribers and retain existing ones. At the same time, we are also closely monitoring the recovery of theatrical exhibition as consumers begin to return to theaters, and I'll talk more about the specifics later.

我們的策略重點仍集中在 3 個關鍵領域。首先是直接面向消費者。我們在國際多個市場成功推出了串流媒體產品 Disney+ 和 Star。迄今為止，我們對這些市場的成長和參與感到滿意。我們穩定地推出新的、高品質的品牌內容，加上我們豐富的圖書館圖書收藏，使我們能夠不斷吸引新訂閱者並留住現有訂閱者。同時，隨著消費者開始重返戲院，我們也密切關注戲院放映的恢復情況，具體情況我稍後會詳細介紹。

Finally, we are focused on the ongoing recovery of our parks business and the resumption of Disney Cruise Line. There have been some encouraging developments in recent months, particularly with the ongoing rollout of the vaccine and the gradual lifting of government-mandated restrictions. And through this time, we've taken advantage of the opportunity to make improvements to our operating procedures to enhance the guest experience through the use of technology innovations, new ticketing strategies and other offerings.

最後，我們關注公園業務的持續復甦和迪士尼遊輪的恢復。近幾個月來出現了一些令人鼓舞的進展，特別是隨著疫苗的不斷推出和政府強制限制的逐步取消。在此期間，我們利用這個機會改進了我們的操作程序，透過使用技術創新、新的票務策略和其他產品來增強賓客體驗。

We are especially excited that after being closed for 412 days, we welcomed our first guests back to Disneyland 2 weeks ago, and the response has been overwhelmingly positive. Bob and I stood on Main Street U.S.A. on opening day, and it was so wonderful to see the joy on our casts' and guests' faces and feel the excitement in the air.

我們特別興奮的是，在關閉 412 天后，我們在兩週前迎來了第一批客人回到迪士尼樂園，反應非常積極。開幕當天，鮑伯和我站在美國大街上，看到演員和嘉賓臉上的喜悅，感受到空氣中的興奮，真是太棒了。

It's been fantastic to see cast members back at work. Most recently at Disneyland, we were able to quickly recall more than 10,000 furloughed casts and retrain them to be able to operate to the state of California's new health and safety requirements.

很高興看到演員們重返工作崗位。最近在迪士尼樂園，我們能夠快速召回 10,000 多名休假的演員，並對他們進行重新培訓，使其能夠按照加州新的健康和安全要求進行操作。

We continue to see strong, growing demand from consumers as we are at or near our reduced capacity levels at both Walt Disney World and Disneyland for the current quarter. It's clear our guests are excited to get back to experiencing the magic of Disney, and they also have extraordinary confidence in our safety protocols.

我們繼續看到消費者的需求強勁且不斷增長，因為本季華特迪士尼世界和迪士尼樂園的容量已達到或接近減少的水平。顯然，我們的客人很高興能夠再次體驗迪士尼的魔力，他們也對我們的安全協議充滿信心。

At Shanghai Disney Resort, where they just kicked off their year-long fifth anniversary celebration, the park is operating at or above FY '19 levels. We're also encouraged by what we're seeing at Hong Kong Disneyland, and we are hopeful we will be able to announce a reopening date for Disneyland Paris soon.

上海迪士尼度假區剛開始了為期一年的五週年慶典，該樂園的營運水準達到或高於 19 財年的水準。我們對香港迪士尼樂園的所見所聞感到鼓舞，並希望能夠盡快宣布巴黎迪士尼樂園的重新開放日期。

Despite the pandemic, we continue to make progress on a number of highly anticipated projects at our parks around the world, including the all-new Avengers campus which is set to open at Disney California Adventure on June 4. I had a chance to visit it recently, and the attractions and multiple state-of-the-art experiences are truly phenomenal.

儘管發生了新冠疫情，我們在世界各地公園的許多備受期待的項目仍繼續取得進展，其中包括將於 6 月 4 日在迪士尼加州冒險樂園開放的全新復仇者聯盟園區。我有機會參觀了它最近，景點和多種最先進的體驗確實令人驚嘆。

We recently unveiled our newest cruise ship, the Disney Wish, to the public with a virtual livestream presentation that has been viewed nearly 1.2 million times. The ship is amazing, and it includes the AquaMouse water ride, the first-ever Disney attraction at sea. The Disney Wish will set sail on its maiden voyage in 2022, and bookings open to the general public on May 27.

我們最近透過虛擬直播向大眾展示了我們最新的遊輪「迪士尼願望」號，觀看次數已近 120 萬次。這艘船太棒了，其中包括 AquaMouse 水上遊樂設施，這是迪士尼第一個海上景點。迪士尼願望號將於2022年首航，並於5月27日開始向公眾開放預訂。

On the studio side, we are pleased to be nearing full production levels, and we are also significantly ramping up content creation at our studios, consistent with the guidance we provided at Investor Day. An example of this is 20th Century and Searchlight Pictures where they are gradually increasing output and will reach a steady state of 15 and 20 films, respectively, to fuel our general entertainment offerings across all of our distribution platforms.

在工作室方面，我們很高興接近全面製作水平，並且我們還根據我們在投資者日提供的指導，大幅增加工作室的內容創作。 20th Century 和 Searchlight Pictures 就是一個例子，他們正在逐漸增加產量，並將分別達到 15 部和 20 部影片的穩定狀態，為我們所有發行平台上的一般娛樂產品提供動力。

We're incredibly proud that Searchlight's Nomadland took home Oscars for Best Actress, Best Director, with Chloe Zhao, becoming the first woman of color to win the award, and Best Picture. That's 5 Best Picture wins since 2009 and 43 Academy Awards in total. Additionally, Pixar's stellar record of award-winning films continues with the studio's animated masterpiece, Soul, which took home Oscars for Best Animated Feature and Best Original Score. And I'm happy to say that now millions are able to enjoy Soul on Disney+ and Nomadland on Hulu. As we have consistently stated, flexibility is a key component of our distribution strategy, and we have outlined 3 approaches for distributing our films: releases in theaters with a simultaneous offering via Disney+ Premier Access, releases straight to Disney+, and traditional exclusive theatrical releases.

我們非常自豪探照燈的《遊牧之地》榮獲奧斯卡最佳女主角獎、最佳導演獎，趙婷成為第一位獲得該獎項的有色人種女性以及最佳影片獎。這是自 2009 年以來 5 次榮獲最佳影片獎，總共獲得 43 項奧斯卡獎。此外，皮克斯的動畫傑作《靈魂》延續了皮克斯獲獎電影的輝煌記錄，該片榮獲奧斯卡最佳動畫長片獎和最佳原創配樂獎。我很高興地說，現在數百萬人可以在 Disney+ 上享受 Soul，在 Hulu 上享受 Nomadland。正如我們一貫指出的那樣，靈活性是我們發行策略的關鍵組成部分，我們概述了3 種發行電影的方法：在影院上映並透過Disney+ Premier Access 同時提供、直接在Disney+ 上發行以及傳統的獨家影院發行。

Here's how this translates to our tremendous upcoming film slate. Cruella will be released in theaters and via Disney+ Premier Access on May 28; followed by Pixar's Luca, which will be released exclusively on Disney+ on June 18. The highly anticipated Black Widow will be in theaters and on Disney+ via Premier Access on July 9. And Disney's Jungle Cruise, a hilarious adventure filled expedition, will be available in theaters and on Disney+ via Premier Access on July 30.

以下是這如何轉化為我們即將上映的精彩電影。 《Cruella》將於 5 月 28 日在戲院和 Disney+ Premier Access 上映；其次是皮克斯的《盧卡》，將於6 月18 日在Disney+ 獨家上映。備受期待的《黑寡婦》將於7 月9 日在影院和Disney+ 上通過Premier Access 上映。迪士尼的《叢林巡遊》是一場充滿歡樂冒險的探險活動，將於7 月 30 日在影院和 Disney+ 上透過 Premier Access 播出。

I'm pleased to announce today that amidst recent signs of increased consumer confidence in moviegoing, 2 films, 20th Century's exciting comedy, Free Guy; and Marvel's action adventure, Shang-Chi and the Legend of the Ten Rings, will be released with a 45-day exclusive theatrical window on August 13 and September 3, respectively. And of course, regardless of where they originate, all of our films and episodic series will end up as part of the robust library of content on our DTC platforms.

我今天很高興地宣布，最近有跡象表明消費者對看電影的信心有所增強，其中 2 部電影是 20 世紀令人興奮的喜劇《Free Guy》；漫威動作冒險片《上氣與十環傳奇》將於 8 月 13 日和 9 月 3 日分別在 45 天的獨家戲院上映。當然，無論它們源自何處，我們所有的電影和劇集最終都將成為我們 DTC 平台上強大內容庫的一部分。

Like our films, our Disney+ original series have become must-watch events. Starting with the success of The Mandalorian, followed by Marvel's WandaVision and The Falcon and the Winter Soldier. These not only became immediate hits, but part of the cultural zeitgeist. And the anticipation for Marvel's newest series, Loki, which debuts on June 9 has been through the roof.

就像我們的電影一樣，我們的 Disney+ 原創系列已成為必看活動。從《曼達洛人》的成功開始，接下來是漫威的《旺達幻視》和《獵鷹與酷寒戰士》。這些不僅立即引起轟動，而且成為文化時代精神的一部分。漫威最新系列《洛基》將於 6 月 9 日首映，人們對它的期待也達到了頂峰。

The second season of High School Musical: The Musical: The Series, the all-new The Mysterious Benedict Society, based on the popular young adult book series, and the animated series Monsters at Work, are also coming to Disney+ in the next couple of months, just to name a few.

《歌舞青春：音樂劇：系列》第二季、根據流行的青少年圖書系列改編的全新《神秘本尼迪克特協會》以及動畫系列《工作中的怪物》也將於接下來的幾個小時內在Disney+上推出。幾個月，僅舉幾例。

We are uniquely positioned with the most compelling brands and franchises in entertainment, and we continue to deliver the high-quality, one-of-a-kind content that consumers want. That's clearly reflected in the success of Disney+ which amassed nearly 104 million paid subscribers as of the end of the second fiscal quarter. We are on track to achieve our guidance of 230 million to 260 million subscribers by the end of fiscal 2024.

我們擁有獨特的定位，擁有娛樂領域最具吸引力的品牌和特許經營權，我們將繼續提供消費者想要的高品質、獨特的內容。 Disney+ 的成功清楚地體現了這一點，截至第二財季末，Disney+ 已累積了近 1.04 億付費用戶。我們預計在 2024 財年末實現 2.3 億至 2.6 億訂戶的目標。

Looking at our entire portfolio of streaming services, we expect that as full production levels resume and we get to a more normalized cycle, the increased output would help fuel additional sub growth across Disney+, ESPN+, Hulu and Hotstar. Hulu and ESPN+ had 41.6 million and 13.8 million paid subscribers, respectively, at the end of the quarter.

縱觀我們的整個串流媒體服務組合，我們預計，隨著製作水平全面恢復，進入更正常化的周期，產量的增加將有助於推動 Disney+、ESPN+、Hulu 和 Hotstar 的進一步細分增長。截至本季末，Hulu 和 ESPN+ 的付費訂閱用戶分別為 4,160 萬和 1,380 萬。

On Hulu, buzzworthy content continues to boost performance, including the award-winning Hulu original film, The United States vs. Billie Holiday and Season 4 of The Handmaid's Tale, which premiered to the biggest audience ever for a Hulu Original. And there's lots more coming to Hulu, including Marvel's new animated series, M.O.D.O.K, season 2 of the hit series Love, Victor, and season 10 of the wildly popular anthology, American Horror Story on FX on Hulu.

在Hulu 上，值得關注的內容繼續提升表現，包括屢獲殊榮的Hulu 原創電影《美國vs 比莉·哈樂黛》和《使女的故事》第四季，該片在Hulu 原創電影中首映，觀眾人數達到了歷史最高水準。 Hulu 也將推出更多內容，包括Marvel 的新動畫影集《魔多客》、熱門影集《愛、維克多》第二季，以及廣受歡迎的選集《美國恐怖故事》在Hulu 上播出的第十季。

In March, we launched ESPN+ on Hulu, and we are very pleased with its early progress. Viewers who subscribe to both Hulu and ESPN+ are able to watch and engage with the great content that's available on ESPN+ without leaving the Hulu environment. ESPN+ programming includes thousands of live sporting events, original shows, series and documentaries with the UFC lightweight championship fight airing live on ESPN+ pay-per-view on May 15; the final match of the FA Cup also on May 15; followed by the PGA Championship, Wimbledon, and the highly anticipated third UFC match-up between Dustin Poirier and Conor McGregor on pay-per-view, July 10, not to mention the incredible additions to our lineup, including NHL and more college football in the fall.

三月份，我們在 Hulu 上推出了 ESPN+，我們對其早期進展感到非常滿意。訂閱 Hulu 和 ESPN+ 的觀眾無需離開 Hulu 環境即可觀看和參與 ESPN+ 上提供的精彩內容。 ESPN+ 節目包括數千場現場體育賽事、原創節目、系列節目和紀錄片，其中 UFC 輕量級冠軍賽將於 5 月 15 日在 ESPN+ 上按次付費直播；足總盃決賽也在5月15日舉行；接下來是PGA 錦標賽、溫布頓網球公開賽，以及7 月10 日備受期待的達斯汀·波里爾(Dustin Poirier) 和康納·麥格雷戈(Conor McGregor) 之間的第三次UFC 付費比賽，更不用說我們陣容中令人難以置信的新增成員，包括NHL 和更多大學橄欖球賽秋天。

Live sports are a very important component of our content business. And even amidst the challenges of the past year, we have continued to build our unrivaled portfolio of sports rights in a disciplined way. While our overall strategy is still very supportive of our linear business given the important economic value it drives for the company, we are also building out our ESPN+ direct-to-consumer offering. And with every deal we make, we are considering both the linear and DTC components.

體育直播是我們內容業務的一個非常重要的組成部分。即使在過去一年的挑戰中，我們仍然繼續以嚴格的方式建立我們無與倫比的體育版權組合。雖然我們的整體策略仍然非常支持我們的線性業務，因為它為公司帶來了重要的經濟價值，但我們也在建立 ESPN+ 直接面向消費者的產品。對於我們所做的每筆交易，我們都會考慮線性和 DTC 元件。

With this strategy in mind, we've reached a number of long-term accretive deals that each play a very specific role as part of our sports portfolio. Some are weighted more towards linear with a significant digital component, such as the NFL and SEC deals; others reflecting an emphasis on direct-to-consumer. These include agreements with the UFC, the PGA Tour, Bundesliga and the NHL. For example, as part of the 7-year rights deal with the NHL, 75 of the league's live national games will be available exclusively on ESPN+ and Hulu. And ESPN+ will be the sole home for more than 1,000 out-of-market NHL games, further cementing the service as a must-have for hockey fans.

考慮到這項策略，我們達成了許多長期增值交易，每一筆交易都在我們的運動投資組合中發揮非常具體的作用。有些交易更傾向於與重要的數位成分線性相關，例如 NFL 和 SEC 交易；其他則反映了對直接面向消費者的重視。其中包括與 UFC、PGA 巡迴賽、德甲聯賽和 NHL 的協議。例如，作為與 NHL 7 年轉播權協議的一部分，該聯盟 75 場全國比賽的直播將在 ESPN+ 和 Hulu 上獨家播出。 ESPN+ 將成為 1,000 多場非市場 NHL 比賽的唯一主場，進一步鞏固了該服務作為曲棍球迷必備服務的地位。

And today, I'm excited to announce 2 additional sports rights deals. We've reached a renewal deal through 2028 with Major League Baseball, with 30 exclusive regular season games, which include 25 Sunday Night Baseball games and Opening Night annually; coverage of the highly anticipated, potential expanded Wild Card series; and the option to simulcast all live MLB coverage from ESPN networks on ESPN+.

今天，我很高興地宣布另外兩項體育賽事轉播權交易。我們與美國職棒大聯盟達成了 2028 年的續約協議，其中包括 30 場獨家常規賽比賽，其中包括 25 場週日棒球之夜比賽和每年的開幕之夜比賽；報導備受期待、可能擴充的外卡系列；以及在 ESPN+ 上同步轉播來自 ESPN 網路的所有 MLB 直播報道的選項。

We've also signed historic rights agreement with the top division in Spanish Club football, La Liga. La Liga is one of the world's best and most popular soccer leagues, including a number of the top clubs in the world and one of the best players in the world, Lionel Messi. And this 8-year deal covering both English and Spanish language rights brings 380 La Liga matches and a host of La Liga 2 matches per season to ESPN+ beginning in August. And this deal bolsters ESPN+'s position as a top destination for soccer in the U.S., offering fans more than 2,900 matches per season.

我們也與西班牙俱樂部足球頂級聯賽西甲聯賽簽署了歷史性的版權協議。西甲是世界上最好和最受歡迎的足球聯賽之一，包括許多世界頂級俱樂部和世界上最好的球員之一梅西。這份為期 8 年的協議涵蓋英語和西班牙語版權，從 8 月開始，每個賽季將有 380 場西甲比賽和大量西甲 2 場比賽在 ESPN+ 上播出。這筆交易鞏固了 ESPN+ 作為美國足球頂級目的地的地位，每個賽季為球迷提供超過 2,900 場比賽。

When you combine the unparalleled assets of the Walt Disney Company, ESPN, ESPN+, ABC and Hulu, plus our highly engaging digital and social content, it's clear that Disney is the absolute leader when it comes to serving our sports fans in the most effective way possible. We believe in the power of live sports and are confident our multi-platform rights deals we've made will provide us tremendous value now and into the future. Overall, we are pleased with the encouraging signs of recovery across our businesses, and we are confident we continue to move in the right direction for our future growth.

當您將華特迪士尼公司、ESPN、ESPN+、ABC 和Hulu 無與倫比的資產與我們極具吸引力的數位和社交內容結合時，很明顯迪士尼在以最有效的方式為我們的體育迷提供服務方面處於絕對領先地位的可能。我們相信體育賽事直播的力量，並相信我們達成的多平台轉播權交易將為我們現在和未來提供巨大的價值。總體而言，我們對整個業務復甦的令人鼓舞的跡象感到高興，我們有信心繼續朝著未來成長的正確方向前進。

And with that, I'll now turn it over to Christine, and she'll talk more in depth about our results for the quarter.

現在，我將把它交給克里斯汀，她將更深入地談論我們本季的業績。

Thank you, Bob, and good afternoon, everyone. Excluding certain items, diluted earnings per share for the second fiscal quarter increased 32% versus the prior year to $0.79 per share. We are beginning to see progress in many of our businesses after more than a year of adverse impacts from the pandemic. While we are not out of the woods yet, we are pleased with our results this quarter at both our DMED and DPEP businesses.

謝謝鮑勃，大家下午好。排除某些項目，第二財季攤薄後每股收益較上年增長 32%，達到每股 0.79 美元。經過一年多疫情的不利影響後，我們的許多業務開始取得進展。雖然我們尚未擺脫困境，但我們對本季度 DMED 和 DPEP 業務的業績感到滿意。

I'll walk through our results by segment, starting with Media & Entertainment Distribution. Operating income at the segment increased by 74% in the second quarter versus the prior year due to higher results across all of the segment's lines of business. At Linear Networks, the increase was driven by growth at both our domestic and international channels. At domestic channels, both cable and broadcasting operating income increased versus the prior year. Higher results at cable were driven by lower programming and production costs and higher affiliate revenue, partially offset by lower advertising revenue.

我將從媒體和娛樂發行開始，按細分市場介紹我們的結果。由於該部門所有業務線的業績均有所提高，第二季該部門的營業收入較上年同期成長了 74%。在 Linear Networks，這一成長是由我們的國內和國際管道的成長所推動的。國內頻道的有線和廣播營業收入均較上年成長。有線電視節目的較高業績是由較低的節目和製作成本以及較高的附屬收入推動的，但部分被較低的廣告收入所抵消。

ESPN's results were in line with the guidance we gave last quarter, and ESPN was the most significant contributor to cable's growth this quarter. The decrease in programming and production costs was largely due to the timing of the College Football Playoffs. As we mentioned last quarter, fiscal Q2 included only one CFP bowl game, the National Championship, compared to 4 in the prior year quarter, 3 CFP bowl games and the National Championship game. Cable programming and production costs also benefited in the quarter from lower production costs for other live sporting events and lower programming costs at Freeform. Lower advertising revenue at cable was primarily due to lower average viewership.

ESPN 的業績與我們上季度給出的指導一致，ESPN 是本季有線電視成長的最重要貢獻者。程式設計和製作成本的下降主要是由於大學橄欖球季後賽的時間表。正如我們上季度提到的，第二財季僅包括一場 CFP 碗賽，即全國冠軍賽，而去年同期有 4 場，包括 3 場 CFP 碗賽和全國冠軍賽。本季有線節目和製作成本也受益於其他現場體育賽事製作成本的降低以及 Freeform 節目製作成本的降低。有線電視廣告收入下降主要是因為平均收視率下降。

At ESPN, domestic advertising revenue decreased significantly in the quarter driven by lower ratings for key programming in addition to the timing of the College Football Playoffs. Quarter-to-date, domestic advertising revenue at ESPN is currently pacing up significantly versus last year, benefiting from the prior year's lack of significant live sports programming due to COVID. At Broadcasting, higher results were driven by growth at ABC partially offset by a decrease at the owned television stations.

ESPN 的國內廣告收入在本季度大幅下降，原因是關鍵節目收視率下降以及大學橄欖球季後賽的時間表。本季至今，ESPN 的國內廣告收入目前較去年大幅成長，這得益於前一年因新冠疫情而缺乏重要的體育直播節目。在廣播領域，美國廣播公司的業績成長部分被自有電視台的業績下滑所抵銷。

At ABC, lower programming and production costs and higher affiliate revenue were partially offset by lower advertising revenue. Programming and production costs were impacted by the shift in timing of the Academy Awards, which took place in the third quarter this year compared to the second quarter last year. Lower advertising revenue was primarily driven by lower average viewership and the timing of the Academy Awards, partially offset by higher rates.

在美國廣播公司，較低的節目和製作成本以及較高的聯營收入被較低的廣告收入部分抵消。與去年第二季相比，今年第三季的奧斯卡頒獎典禮時間發生了變化，這影響了節目製作和製作成本。廣告收入下降主要是由於平均收視率下降和奧斯卡頒獎典禮的時間安排造成的，但部分被費率上升所抵消。

On our Q1 earnings call, we said we expected the Academy Awards timing shift and lower political advertising at our owned stations would negatively impact Broadcasting results in the second quarter versus the prior year. While we did see those specific adverse impacts play out, overall Broadcasting results were higher than we expected, driven by lower marketing spend due to timing shifts of some new series in addition to a number of other smaller factors.

在我們第一季的財報電話會議上，我們表示，我們預計奧斯卡頒獎典禮的時間調整和我們擁有的電視台的政治廣告減少將對第二季度的廣播業績與去年同期相比產生負面影響。雖然我們確實看到了這些具體的不利影響，但整體廣播業績高於我們的預期，這是由於一些新劇集的時間變化以及其他一些較小因素導致行銷支出減少。

Total domestic affiliate revenue increased 5% in the quarter. This was driven by a benefit of 8 points of growth from higher rates, offset by a 4-point decline due to a decrease in subscribers. Operating results at international channels increased due to a decrease in programming and production costs and an increase in advertising revenue, partially offset by lower affiliate revenue.

本季國內聯營公司總營收成長 5%。這是由於費率提高帶來了 8 個百分點的增長，但被訂戶減少導致的 4 個百分點的下降所抵消。由於節目和製作成本下降以及廣告收入增加，國際頻道的營運表現有所增長，但部分被聯營收入下降所抵消。

Lower programming and production costs in the second quarter were driven by a higher percentage of content cost being allocated to our DTC business rather than our Networks business as we continue the international expansion of Disney+ and Star, in addition to channel closures over the past year. Advertising revenue increased primarily due to the timing of BCCI cricket matches, which generally take place in the first quarter, but -- or in the second quarter this year due to COVID-related timing shifts.

第二季節目和製作成本下降的原因是，隨著迪士尼+和Star的國際擴張，以及去年的頻道關閉，分配給我們的DTC業務而不是網路業務的內容成本比例更高。廣告收入的成長主要是由於 BCCI 板球比賽的時間安排，通常在第一季度舉行，但由於與新冠肺炎相關的時間安排而在今年第二季度舉行。

Lower affiliate revenue at our international channels was due to channel closures as well as an unfavorable foreign currency impact. At our direct-to-consumer businesses, operating results in the quarter improved by over $500 million versus the prior year due to stronger results at Hulu and ESPN+.

我們國際通路的聯盟行銷收入下降是由於通路關閉以及不利的外匯影響。在我們的直接面向消費者業務中，由於 Hulu 和 ESPN+ 的強勁業績，本季的營運業績比去年同期成長了 5 億多美元。

The increase at Hulu was due to subscriber revenue growth and higher advertising revenue, partially offset by higher programming and production costs related to the Hulu Live TV service. Hulu ended the second quarter with 41.6 million paid subscribers, up from 39.4 million in Q1, inclusive of the Hulu Live digital MVPD service. Paid subscribers to Hulu Live declined modestly to 3.8 million from 4 million at the end of Q1 which we attribute primarily to the $10 price increase we took in December, in addition to a modest impact from seasonality.

Hulu 的成長是由於訂戶收入成長和廣告收入增加，但部分被與 Hulu 直播電視服務相關的節目和製作成本增加所抵消。 Hulu 在第二季末的付費用戶數量為 4,160 萬，高於第一季的 3,940 萬，其中包括 Hulu Live 數位 MVPD 服務。 Hulu Live 的付費訂閱用戶從第一季末的 400 萬小幅下降至 380 萬，我們主要歸因於 12 月價格上漲 10 美元，此外還有季節性的小幅影響。

At ESPN+, improved year-over-year results were driven by subscriber growth and an increase from UFC pay-per-view events. ESPN+ had 13.8 million paid subscribers as of the end of the quarter. At Disney+, results were comparable to the prior year quarter as an increase in subscribers was largely offset by higher content, marketing and technology costs.

ESPN+ 的同比業績改善是由訂戶成長和 UFC 按次付費賽事增加所推動的。截至本季末，ESPN+ 擁有 1,380 萬付費訂閱者。 Disney+ 的表現與去年同期相當，因為訂閱者的成長在很大程度上被內容、行銷和技術成本的增加所抵消。

As Bob mentioned earlier, we had almost 104 million Disney+ paid subscribers at the end of the second quarter. At our annual meeting, we announced we have reached 100 million global paid subscribers. We reached that milestone in early March, so we added subs at a faster pace in the last month of the second quarter than we did in the first 2 months. And that was despite no major market launches, a price increase in EMEA, and a domestic price increase toward the end of the quarter.

正如鮑伯之前提到的，截至第二季末，我們擁有近 1.04 億 Disney+ 付費訂閱用戶。在我們的年會上，我們宣布全球付費訂閱用戶數量已達 1 億。我們在 3 月初達到了這一里程碑，因此我們在第二季最後一個月增加訂閱者的速度比前兩個月更快。儘管沒有重大市場推出，歐洲、中東和非洲地區價格上漲，本季末國內價格也上漲。

We attribute this success to the strength of our overall content slate, the launch of the Star general entertainment offering in many markets and the continued growth of Disney+ Hotstar. Between Q1 and Q2, Disney+ Hotstar was the strongest contributor to net subscriber additions, making up approximately 1/3 of the total Disney+ subscriber base as of the end of the second quarter. However, ARPU at Disney+ Hotstar was down significantly versus the first quarter due to lower advertising revenue as a result of the timing of IPL cricket matches and the impact of COVID in India. As a reminder, the majority of the prior IPL tournament took place in fiscal Q1, and there were no games in Q2.

我們將這一成功歸功於我們整體內容的實力、Star 綜合娛樂產品在許多市場的推出以及 Disney+ Hotstar 的持續成長。第一季至第二季期間，Disney+ Hotstar 是淨用戶成長的最大貢獻者，截至第二季末約佔 Disney+ 用戶總數的 1/3。然而，由於 IPL 板球比賽的時間安排以及印度新冠疫情的影響導致廣告收入下降，Disney+ Hotstar 的 ARPU 較第一季大幅下降。提醒一下，之前的 IPL 比賽大部分是在第一財季舉行的，第二季沒有比賽。

The current IPL tournament began on April 9 in fiscal Q3 and was suspended last week, given the COVID situation in India. Disney+'s overall ARPU this quarter was $3.99. Excluding Disney+ Hotstar, it was $5.61. As we move through the remainder of the year, we should start to see the benefit on Disney+ ARPU from price increases we've taken around the world.

目前的 IPL 錦標賽於 4 月 9 日第三財季開始，鑑於印度的新冠疫情，上週暫停。 Disney+ 本季的整體 ARPU 為 3.99 美元。不包括 Disney+ Hotstar，價格為 5.61 美元。隨著今年剩餘時間的推移，我們應該開始看到我們在全球範圍內採取的價格上漲對 Disney+ ARPU 的好處。

Last quarter, we guided to second quarter direct-to-consumer operating income improving modestly versus the prior year. Actual results came in significantly better versus the prior year due to Hulu advertising sales upside, lower content and marketing expense at Hulu and Disney+, and better-than-expected ESPN+ pay-per-view results. Content sales/licensing and other operating income at DMED increased in the second quarter versus the prior year due to higher TV SVOD results and lower content impairments partially offset by lower home entertainment results.

上季度，我們預計第二季度直接面向消費者的營業收入將較上年小幅改善。由於 Hulu 廣告銷售成長、Hulu 和 Disney+ 內容和行銷費用降低以及 ESPN+ 按次付費結果好於預期，實際業績明顯好於去年。 DMED 第二季度的內容銷售/授權和其他營運收入較上年同期有所成長，原因是電視 SVOD 業績增加以及內容減損減少，部分被家庭娛樂業績下降所抵銷。

Higher TV SVOD results were primarily due to an increase in income from sales of episodic content driven by sales of more profitable programs in the current period and lower write-offs. This was partially offset by a decrease in sales of film content. The decrease in home entertainment results was driven by the absence of significant title releases in Q2.

電視 SVOD 業績增加主要是由於當期利潤更高的節目銷售和沖銷減少推動了劇集內容銷售收入的增加。這被電影內容銷售量的下降部分抵消。家庭娛樂業績下降的原因是第二季沒有發布重要的遊戲。

Moving on to our Parks, Experiences and Products segment. DPEP's operating income in the second quarter decreased by $1.2 billion year-over-year as growth at Consumer Products was more than offset by lower results at parks and experiences due to the impacts of COVID-19.

繼續我們的公園、體驗和產品部分。 DPEP 第二季營業收入年減 12 億美元，因為消費品業務的成長被 COVID-19 影響導致的園區和體驗業務的業績下降所抵消。

At Consumer Products, growth in operating income was due to increases at our merchandise and games licensing businesses. At parks and experiences, results were again adversely affected by COVID-19-related closures and reduced operating capacities versus the prior year. Disneyland Resort, Disneyland Paris and our cruise business were closed for all of the second quarter, whereas these businesses closed in mid-March of the prior year quarter.

在消費品領域，營業收入的成長歸因於我們的商品和遊戲授權業務的成長。與前一年相比，公園和體驗區的業績再次受到與 COVID-19 相關的關閉和營運能力下降的不利影響。迪士尼樂園度假區、巴黎迪士尼樂園和我們的遊輪業務在第二季度整個季度都關閉，而這些業務是在去年同期的 3 月中旬關閉的。

Hong Kong Disneyland Resort was opened for approximately 30 days during the second quarter compared to approximately 25 days in the prior year quarter. Walt Disney World Resort and Shanghai Disney Resort were both open for all of Q2. In the prior year quarter, Disney World closed in mid-March and Shanghai closed in late January.

香港迪士尼樂園度假區第二季的開放時間約為 30 天，而去年同期的開放時間約為 25 天。華特迪士尼世界度假區和上海迪士尼度假區均在第二季全年無休。去年同期，迪士尼樂園於 3 月中旬關閉，上海於 1 月下旬關閉。

Our parks and resorts that were opened during the quarter operated at significantly reduced capacities, yet all achieved the objective of a net positive contribution, meaning that revenue exceeded the variable costs associated with opening.

我們在本季開業的公園和度假村的營運容量大幅減少，但都實現了淨正貢獻的目標，這意味著收入超過了與開業相關的可變成本。

At Walt Disney World, attendance trends continued to steadily improve throughout the second quarter, and guest spending per capita again grew by double digits versus the prior year. Disneyland Resort reopened on April 30. And as Bob mentioned earlier, we are very encouraged by the initial guest response. Forward-looking bookings for park reservations at both of our domestic parks are strong, demonstrating the strength of our brands as well as growing travel optimism as case counts decline, vaccine distribution ramps and government restrictions loosen.

在華特迪士尼世界，第二季的遊客量趨勢持續穩定改善，遊客人均支出與去年相比再次實現兩位數成長。迪士尼樂園度假區於 4 月 30 日重新開放。正如鮑勃之前提到的，我們對最初的客人反應感到非常鼓舞。我們兩個國內公園的前瞻性公園預訂都很強勁，這證明了我們的品牌實力，以及隨著病例數下降、疫苗分發增加和政府限制放鬆，旅遊樂觀情緒不斷增長。

Looking ahead, there are a couple of items I would like to mention. At Linear Networks, we expect a significant decline in operating income year-over-year in the third quarter, largely due to higher sports programming and production costs at ESPN, which we expect to increase by $1.2 billion versus prior year. This year's Q3 includes marquee events such as the NBA, Major League Baseball, the Masters, Wimbledon and the European Football Championship, which compares to Q3 of last year, during which we had a limited slate of events due to COVID.

展望未來，我想提幾點。在 Linear Networks，我們預計第三季的營業收入將比去年同期大幅下降，這主要是由於 ESPN 的體育節目和製作成本增加，我們預計將比去年同期增加 12 億美元。今年第三季包括 NBA、美國職棒大聯盟、大師賽、溫布頓和歐洲足球錦標賽等大型賽事，而去年第三季因新冠疫情，我們的賽事數量有限。

At our direct-to-consumer business, we now plan to launch Star+, our stand-alone general entertainment and sports streaming service for Latin America, on August 31. Moving the launch to late summer allows us to leverage a strong sports calendar which includes the return of European soccer leagues, including La Liga and the Premier League; championship games for the Copa Libertadores, the prominent regional international soccer competition; along with grand slam tennis.

在我們的直接面向消費者業務中，我們現在計劃於8 月31 日推出Star+，這是我們面向拉丁美洲的獨立綜合娛樂和體育串流服務。將發佈時間推遲到夏末，使我們能夠利用強大的體育日曆，其中包括歐洲足球聯賽的回歸，包括西甲聯賽和英超聯賽；解放者盃冠軍賽，這是著名的地區性國際足球賽事；還有網球大滿貫。

As Bob mentioned earlier, we remain right on track to reach our fiscal 2024 guidance of 230 million to 260 million subs, powered by the addition of 30 million paid Disney+ subs in the first half of the year. And notwithstanding our expectation for fewer net sub adds in the second half of the year given the COVID-related suspension of the IPL season and our decision to move the Star+ Latin America launch to the fourth quarter, we remain very optimistic about our future.

正如鮑伯之前提到的，我們仍有望實現 2024 財年訂閱用戶數為 2.3 億至 2.6 億的目標，這得益於上半年新增的 3,000 萬付費 Disney+ 訂閱用戶。儘管由於新冠肺炎導致 IPL 賽季暫停，並且我們決定將 Star+ 拉丁美洲的發布推遲到第四季度，我們預計下半年的淨新增人數將會減少，但我們對未來仍然非常樂觀。

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 as we transition to the Q&A, let me note once again that since we are not all physically together this afternoon, I will do my best to moderate 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，讓我再次指出，由於今天下午我們並不都在一起，我將盡力透過將您的問題轉給適當的高階主管來進行調節。

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

至此，操作員，我們準備好回答第一個問題了。

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

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

Maybe just starting on the direct-to-consumer side, maybe for Bob. Could you talk a little bit about how the price increases have landed relative to your expectations, both internationally with Star, but also in the U.S. kind of the impact on churn and how that might inform your decision-making process going forward on price?

也許只是從直接面向消費者的方面開始，也許對鮑伯來說。您能否談談價格上漲相對於您的預期是如何實現的，無論是國際上的 Star 還是美國的價格上漲對客戶流失的影響，以及這將如何影響您未來的價格決策過程？

And then I just wanted to ask, I think you guys generated maybe $700 million or so of free cash flow in the quarter. Normally, we don't talk a lot about quarterly free cash flow, but it's been a while. I'm just wondering, Christine, if you think at this point, we're back in free cash flow-positive mode going forward and expect to generate free cash flow for the year.

然後我只是想問，我認為你們在本季度創造了 7 億美元左右的自由現金流。通常，我們不會多談論季度自由現金流，但已經有一段時間了。我只是想知道，克里斯汀，如果你認為現在我們又回到了自由現金流正向模式，並預計今年會產生自由現金流。

Okay. Ben, thanks for the questions. Bob will take the first one on price response, and then Christine will take the cash flow question.

好的。本，謝謝你的提問。鮑伯將回答第一個關於價格反應的問題，然後克里斯汀將回答現金流量問題。

All right. Of course, these were our first price increase since we launched. I have to say that we're extremely pleased with how the market reacted to both. In the U.S., we've not observed any significantly higher churn rate since the price increase. In EMEA, as we added Star as a sixth brand title, we've actually seen an improvement in our churn rate. So we seem to be fairly resilient to those price increases. And as such, I think it makes us feel relatively bullish going forward that we still offer a tremendous price value relationship across the world for Disney+.

好的。當然，這是我們推出以來的首次漲價。我不得不說，我們對市場對兩者的反應非常滿意。在美國，自價格上漲以來，我們沒有觀察到客戶流失率顯著上升。在歐洲、中東和非洲地區，當我們加入 Star 作為第六個品牌名稱時，我們實際上看到了客戶流失率的改善。因此，我們似乎對這些價格上漲具有相當的彈性。因此，我認為這讓我們對未來感到相對樂觀，因為我們仍然為迪士尼+在全球範圍內提供巨大的價格價值關係。

Ben, thanks for the free cash flow question. We don't usually get those. But I would like to comment on it because it's something that we're tracking not only this year versus last year, and we look at it actually weekly. But I'm also looking at it versus fiscal '19, which I consider a more normalized year.

本，感謝您提出自由現金流問題。我們通常不會得到這些。但我想對此發表評論，因為我們不僅在今年與去年進行跟踪，而且實際上每週都會查看它。但我也會將其與 19 財年進行比較，我認為 19 財年是更正常化的一年。

I would say that the upside that we're really seeing and we're quite pleased with it is since we've reopened Walt Disney World. And we really don't have the impact of Disneyland yet, but we're seeing, as I mentioned, a strong per cap growth in the parks, and that's flowing through the park's cash numbers. And we're also seeing good, strong cash flow from our direct-to-consumer businesses. So those 2 elements are kind of upside to what we had planned for.

我想說的是，自從我們重新開放華特迪士尼世界以來，我們確實看到了積極的一面，並且對此感到非常滿意。我們確實還沒有受到迪士尼樂園的影響，但正如我所提到的，我們看到園區的人均收入強勁增長，而這正體現在園區的現金數字中。我們也看到直接面向消費者的業務產生了良好、強勁的現金流。所以這兩個因素對我們的計劃是有好處的。

And I would also say that the -- there is some choppiness year-over-year because of some of the shifts in sports rights, expense timing from last year to this year, but we expect that to be more normalized this year as we get through the year. But we're looking at a more favorable free cash flow than we did when we started off the year.

我還想說，由於體育權利、費用時間安排從去年到今年的一些變化，同比出現了一些波動，但我們預計今年會更加正常化，因為我們得到經過一年。但我們正在尋找比年初更有利的自由現金流。

Our next question comes from Alexia Quadrani with JPMorgan.

我們的下一個問題來自摩根大通的 Alexia Quadrani。

One on streaming as well and then one on the Parks. How should we think about really Disney+ subscriber growth going forward? I know you gave a lot of great color in terms of how to think about the cadence for the balance of the year and details on the growth we've seen so far -- on the impressive growth we've seen so far. But I'm wondering if you look at what you see internally as major drivers for the step-up, or step ups until you get to your long-term target, is it really around certain content drops? Is it around eventually moving more into Eastern Europe or other markets in Asia? I guess, what do you guys see as sort of the main drivers for sub growth?

一項是關於串流媒體，另一項是關於公園。我們該如何看待迪士尼+訂閱用戶的未來成長？我知道您在如何思考今年剩餘時間的節奏以及我們迄今為止所看到的增長的細節方面提供了很多精彩的內容 - 關於我們迄今為止所看到的令人印象深刻的增長。但我想知道，您是否會審視內部認為的升級的主要驅動因素，或者在實現長期目標之前的升級，是否真的圍繞著某些內容下降？是為了最終更多地進入東歐或亞洲其他市場嗎？我想，你們認為次成長的主要驅動力是什麼？

And then just a follow-up, if I can, on the Parks. Any color you can provide on how we should think or how you're thinking about when it's okay to start raising capacity, attendance capacity, particularly at Disney World.

如果可以的話，然後是關於公園的後續行動。您可以提供任何關於我們應該如何思考或您如何考慮何時可以開始提高容量、入場容量的顏色，特別是在迪士尼世界。

Okay, Alexia. Thanks for both questions. Bob, do you want to take both of those?

好吧，亞歷克西婭。感謝您提出兩個問題。鮑勃，你想把這兩個都拿走嗎？

Yes, I'll take them both. So on the first one, in terms of the drivers, for sub growth going forward, we really see 4 different elements. First of all is our content slate. As you know, we're spending a lot of money across our variety of franchises in order to create the content that's going to keep consumers coming back and keep not only our sub number growing but also our engagement growing across all of our platforms. So the first one is content slate.

是的，我會把他們兩個都帶走。因此，在第一個方面，就未來次級成長的驅動因素而言，我們確實看到了 4 個不同的要素。首先是我們的內容板。如您所知，我們在各種特許經營上花費了大量資金，以創造能夠吸引消費者回頭的內容，不僅使我們的子數量不斷增長，而且使我們在所有平台上的參與度不斷增長。所以第一個是內容板。

The second one is our general entertainment international growth driven by our Star brand, and we think that's going to continue to fuel growth for our international territories as well as Disney+. The third one is continued market expansion in markets where Disney+ has not yet been launched. And as you see, we're announcing Malaysia today, as June 1 and Thailand as June 30. So market expansion will continue to be a piece of it.

第二個是我們的明星品牌推動的一般娛樂國際成長，我們認為這將繼續推動我們的國際地區以及迪士尼+的成長。三是在Disney+尚未上線的市場持續進行市場拓展。正如您所看到的，我們今天宣布馬來西亞為 6 月 1 日，泰國為 6 月 30 日。因此，市場擴張將繼續成為其中的一部分。

But one thing that continues to impress us is the opportunity to have the bundle in the U.S. be even larger. All the metrics that we see, all the performance factors are extraordinarily positive for that. So I would say those are the 4 components that continue to drive us and our bullishness in terms of our ability to continue to project that we're going to hit between 230 million and 260 million subs by the end of '24.

但繼續給我們留下深刻印象的一件事是在美國提供更大的捆綁包的機會。我們看到的所有指標、所有績效因素都對此非常正面。因此，我想說的是，這些是繼續推動我們發展的 4 個組成部分，也是我們對繼續預測到 24 年底訂閱人數將達到 2.3 億至 2.6 億的能力的樂觀態度。

In terms of the parks and when we're going to sort of be able to raise our capacity limits. We've actually already started that given the guidance that just came today from the CDC and earlier guidance that we got from the Governor of Florida, we've already started to increase our capacities. Those -- obviously, today's guidance that we got from the CDC in terms of those that were vaccinated do not necessarily need to wear masks anymore, both outdoors and indoors, is very big news for us, particularly if anybody's been in Florida in the middle of summer with a mask on. That could be quite daunting. So we think that's going to make for an even more pleasant experience. And we believe that as we're now bringing back a lot of people back to work, that it's going to be an even bigger catalyst for growth in attendance. And we've been quite pleased to date.

就公園而言，以及我們何時能夠提高容量限制。事實上，考慮到今天剛從疾病預防控制中心得到的指導以及我們之前從佛羅裡達州州長那裡得到的指導，我們實際上已經開始了，我們已經開始提高我們的能力。顯然，今天我們從疾病預防控制中心獲得的關於接種疫苗的人不一定需要再戴口罩的指導，無論是在室外還是室內，這對我們來說是一個非常大的消息，特別是如果有人在佛羅裡達州中部帶著面具的夏天。這可能相當令人畏懼。所以我們認為這將會帶來更愉快的體驗。我們相信，隨著我們現在讓很多人重返工作崗位，這將成為出勤率成長的更大催化劑。到目前為止我們非常高興。

So I think you're going to see an immediate increase in the number of folks that we're able to admit into our parks through our reservation systems that we recently implemented. So we're very, very excited about that.

因此，我認為透過我們最近實施的預訂系統，我們能夠接納進入公園的人數會立即增加。所以我們對此非常非常興奮。

Our next question comes from Michael Nathanson with MoffettNathanson.

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

Well, I have 2. One is on the gross addition side of Disney+, we heard from Netflix there may have been a pull forward, that maybe perhaps the reopening has impacted gross additions. Can you talk a bit about what you're seeing in some of the more mature or, I guess, developed markets on the gross addition side?

嗯，我有 2 個。一個是 Disney+ 的總增加量，我們從 Netflix 那裡聽說可能有一個拉動，也許重新開放可能影響了總增加量。您能否談談您在一些較成熟或我猜是已開發市場的總增加方面所看到的情況？

And then you guys have consistently beat us on OI profits or lack of losses, I'd say, on DTC. Which of the platforms is providing the biggest surprise? And does it make you rethink maybe some of the guidance you gave around breakeven, given how strong the year has been so far on the limitation of losses?

然後，你們一直在 OI 利潤或缺乏損失方面擊敗我們，我想說的是，在 DTC 方面。哪個平台提供的驚喜最大？考慮到今年迄今為止在限制損失方面的力度有多大，這是否會讓您重新考慮您在盈虧平衡方面給出的一些指導？

Bob, why don't you start, and then we'll go over to Christine.

鮑勃，為什麼不開始呢，然後我們去找克里斯汀。

Okay. I'll take the first one. In terms of the additions, we've really seen it across our geographies. When you look at it from a mature versus new. Every single market that we've launched in has exceeded our expectations so far in terms of the new.

好的。我就拿第一個。就新增內容而言，我們確實在各個地區都看到了這一點。當你從成熟與新的角度來看待它。到目前為止，我們推出的每個市場的新功能都超出了我們的預期。

But in terms of the mature, keep in mind that we added 30 million households in the first 6 months of the fiscal year, which is in line with our expectations. And domestic continues to contribute to that. The addition of the Marvel content, and not only the Marvel content, but how strong it's been, and the cadence of additions. And as you know, we'll soon be announcing -- or soon be launching Loki, that is a tremendous catalyst for growth for us. And in the future, as we get to more new content and serial content coming from Star Wars, we're really, really encouraged by what that's going to mean in terms of engagement. Because as you know, engagement is sort of the precursor for net sub adds. And so we're very pleased with both our domestic as well as our, let's call it, more mature markets, those that we've been in the marketplace for at least a year, but also our new markets as well.

但就成熟度而言，請記住，我們在本財年的前 6 個月新增了 3,000 萬戶家庭，這符合我們的預期。國內繼續為此做出貢獻。漫威內容的添加，不僅是漫威內容，還有它的強度，以及添加的節奏。如您所知，我們很快就會宣布——或者很快推出 Loki，這對我們的成長來說是一個巨大的催化劑。未來，當我們獲得更多來自《星際大戰》的新內容和連續劇內容時，我們對這在參與度方面的意義感到非常非常鼓舞。因為如您所知，參與度是淨訂閱新增的前身。因此，我們對我們的國內市場以及更成熟的市場（我們已經進入市場至少一年了）以及我們的新市場都非常滿意。

Okay. And I'll take the second part of your question, Michael, and nice to hear your voice. Look, the biggest drivers for direct-to-consumer were coming out of Hulu and Disney+. They're a little bit different. Disney+, we saw some lower content costs. And that was due to some lower allocated costs for some of our own titles compared to what we had expected. And at Hulu, there was also some lower content costs, but for different reasons. It was from their third-party content that is coming -- that were delayed because of some COVID issues. So content coming in is not coming in as quickly as they had thought. But the most important driver for Hulu is the addressable advertising strength. That continues to be a real upside, and it's going strong, and we expect that to continue. There's real demand for that addressable advertising.

好的。我將回答你問題的第二部分，邁克爾，很高興聽到你的聲音。看，直接面向消費者的最大推動力來自 Hulu 和 Disney+。他們有點不同。 Disney+，我們看到內容成本降低。這是因為與我​​們的預期相比，我們自己的一些遊戲的分配成本較低。 Hulu 的內容成本也有所降低，但原因不同。這是來自他們即將推出的第三方內容，但由於一些新冠病毒問題而被推遲。因此，進來的內容並沒有像他們想像的那麼快。但 Hulu 最重要的驅動力是可尋址的廣告實力。這仍然是一個真正的上行空間，而且勢頭強勁，我們預計這種情況會持續下去。可尋址廣告的需求確實存在。

Okay. My other question was -- I'm sorry, Lowell.

好的。我的另一個問題是──對不起，洛威爾。

Go ahead. Go ahead, Michael.

前進。繼續吧，麥可。

No. And does that make you rethink your guidance on breakeven time lines given how strong Hulu has been?

不會。考慮到 Hulu 的強勁表​​現，這是否會讓您重新考慮對盈虧平衡時間線的指導？

No. The only guidance that we have reaffirmed was the 2024 total Disney+ global subs. Bob mentioned it. I mentioned it. That's at 230 million to 260 million. All the other guidance, we have not reaffirmed or changed at this point. We're still going through our long-term planning cycle, so we're not making any changes now.

不會。我們重申的唯一指導是 2024 年 Disney+ 全球訂閱者總數。鮑伯提到過。我有提到過。也就是2.3億到2.6億。所有其他指導，我們目前尚未重申或更改。我們仍在經歷長期規劃週期，因此我們現在不會做出任何改變。

Our next question comes from Jessica Reif Ehrlich with BofA Securities.

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

Some of the pictures from the parks look like it's totally full even with this reduced capacity. So now with capacity increasing, how does that relate to like kind of normal attendance? Even though you don't have international visitors, it still feels like, from what we can see, that it's fairly full, and you said demand is strong. I just wonder if you can comment on that.

從公園的一些照片來看，即使容量減少了，公園也已經完全滿了。那麼現在隨著容量的增加，這與正常出席率有何關係？即使沒有國際遊客，但從我們所看到的情況來看，仍然感覺相當滿，而且您說需求很強勁。我只是想知道你是否可以對此發表評論。

And also, any update you can give us, given the strong demand, how that overlays with some of the things you've talked about in the past that didn't really discuss today, but the yield management, some of the cost changes you've put in place. And then sorry for such a long-winded question, but given the tight labor market, are there any issues that you're seeing there either on the cost side or in hiring?

而且，考慮到強勁的需求，您可以向我們提供的任何更新，這如何與您過去討論過的一些事情重疊，而今天沒有真正討論，但是產量管理，一些成本改變了您已經就位了。對於如此冗長的問題，我深表歉意，但考慮到勞動力市場緊張，您在成本方面或招聘方面是否發現任何問題？

And then finally, on DTC. I mean the slower net add in the second half sounds like it's coming from India, which, of course, is understandable given IPL as well as COVID. But there's also likely to be an impact on ARPU, a positive impact on ARPU. And I'm just wondering, how does that all translate into the operating results OI?

最後，關於 DTC。我的意思是，下半年淨增加速度較慢，聽起來像是來自印度，考慮到 IPL 和新冠疫情，這當然是可以理解的。但這也可能對 ARPU 產生影響，對 ARPU 產生正面影響。我只是想知道，這一切如何轉化為營運結果 OI？

So Bob, why don't you take the parks questions, and then if you want to start on the Disney+ question. Christine may want to jump in at the end.

那麼鮑勃，你為什麼不回答公園問題，然後再回答迪士尼+問題。克里斯汀可能想在最後加入。

Okay. So in terms of the parks demand domestically, our intent to visit at Walt Disney World is growing and is actually already flat with '19, which is obviously our last pre-COVID year. So that's really good news for us. And since we've opened up Disneyland Resort, intent to visit is actually growing as well. So we're thrilled with the guest response to that. So as capacity limits increase, we don't think we're going to have any problem at all sort of increasing our attendance to match that capacity. That is not something that keeps any of us up at night.

好的。因此，就國內公園需求而言，我們參觀華特迪士尼世界的意願正在增長，實際上已經與 19 年持平，這顯然是我們在新冠疫情爆發之前的最後一年。這對我們來說確實是個好消息。自從我們開放迪士尼樂園度假區以來，參觀的意願實際上也在增加。因此，我們對客人對此的反應感到非常興奮。因此，隨著容量限制的增加，我們認為增加出席人數以匹配容量不會有任何問題。這不會讓我們任何人徹夜難眠。

In terms of our yield management, as you know, we've been practicing yield management for a while, and it's really become an art form with this extraordinarily limited capacities that we've been operating at. But you've seen the margin's very healthy. Our yield is growing up from a very healthy standpoint. Consumers are spending more. And we're doing it under some tremendous cost management parameters because everything has become automated. And so we've sort of got the perfect positive storm, if you will, where we've got plenty of demand. We've got really great yield management gains and the cost management at the same time.

就我們的收益管理而言，如您所知，我們實踐收益管理已經有一段時間了，它確實成為一種藝術形式，而我們的營運能力卻極其有限。但你已經看到利潤非常可觀。從非常健康的角度來看，我們的產量正在成長。消費者的支出越來越多。我們是在一些巨大的成本管理參數下做到這一點的，因為一切都變得自動化了。因此，如果你願意的話，我們已經迎來了一場完美的積極風暴，我們有充足的需求。我們同時獲得了龐大的產量管理效益和成本管理效益。

And in terms of labor, we've had about 80% of our cast members return that we've asked to return. And obviously, one of the gating factors for us to continue to increase capacity is to continue to get more and more cast members back. It thrills us to be able to do that, but we've had no problems whatsoever in terms of trying to get our cast to come back and make some magic for our guests.

在勞動力方面，我們已經讓大約 80% 的演員回歸了，這是我們要求回歸的。顯然，我們繼續增加產能的限制因素之一是繼續讓越來越多的演員回來。能夠做到這一點讓我們很興奮，但在讓我們的演員回歸併為我們的客人創造一些魔法方面，我們沒有遇到任何問題。

Christine? I think you're muted?

克里斯汀？我覺得你靜音了？

Unmute me. I'm going to talk about -- Jessica, I'm going to talk about direct-to-consumer and the slower net adds expected for the second half of the year.

取消我的靜音。我要談談——傑西卡，我要談談直接面向消費者的業務以及預計下半年淨增長速度放緩的情況。

That is, in fact, the case. And it is largely due to the COVID-related suspension of the IPL and also that decision that we made to move the Star+ Latin America launch into the fourth quarter. And once again, we did that because of the strength of the sports calendar that we would have upon launch.

事實上，正是如此。這主要是由於與新冠疫情相關的 IPL 暫停，以及我們決定將 Star+ 拉丁美洲的發布推遲到第四季度。我們再次這樣做是因為我們在發佈時將擁有強大的體育日曆。

The other thing that's going to happen here is with the absence of the IPL games in India, that will also have an impact on advertising revenue. So you could see a decrease in the ARPU and the subs in India if that plays out like we just said.

這裡將發生的另一件事是印度沒有 IPL 比賽，這也會對廣告收入產生影響。因此，如果情況像我們剛才所說的那樣，您可能會看到印度的 ARPU 和潛艇數量下降。

But the other thing is we did take price increases for domestic U.S. as well as EMEA for Disney+. So our overall ARPU could benefit. So we just took the price increase in the U.S. at the end of March, and we'll see how that plays out in our ARPU in the upcoming quarters.

但另一件事是，我們確實對美國國內以及歐洲、中東和非洲地區的 Disney+ 進行了提價。因此我們的整體 ARPU 可能會受益。因此，我們剛剛考慮了 3 月底美國的價格上漲，我們將在接下來的幾季看看這對我們的 ARPU 有何影響。

Our next question comes from Doug Mitchelson with Credit Suisse.

我們的下一個問題來自瑞士信貸銀行的道格·米切爾森。

So Lowell, I would say, sort of 2 areas of focus. The first, you started touching on it a bit with the last series of questions. But I think one of the core thesis is that coming out of the pandemic, the potential that the parks at Disney are more profitable than pre-pandemic. And you talked about some of those drivers. One of them perhaps when the parks return to 100% of capacity, is that capacity different than it was pre-pandemic? Is it bigger? Are you smarter on pricing? Are margins structurally higher?

所以洛威爾，我想說，有兩個重點領域。首先，你從最後一系列問題開始觸及這一點。但我認為核心論點之一是，在疫情結束後，迪士尼樂園的獲利能力可能比疫情前更高。您談到了其中一些驅動因素。其中之一也許是當公園恢復到 100% 的容量時，該容量與大流行前不同嗎？更大嗎？你在定價方面比較聰明嗎？結構性利潤率是否更高？

So one, I'm just curious if you agree with that thesis that the parks could end up being more profitable coming out of the pandemic that it was going in.

所以，我只是好奇你是否同意這個論點，即公園最終可能會在疫情爆發後獲得更多利潤。

And then the second area, the NFL deal was obviously super interesting. And I'm curious, under what circumstances will you consider doing what some peers are doing, simulcasting your football games, Monday Night Football games from either ESPN or ABC onto ESPN+?

然後是第二個領域，NFL 的交易顯然非常有趣。我很好奇，在什麼情況下您會考慮做一些同行正在做的事情，將 ESPN 或 ABC 的周一橄欖球之夜比賽聯播到 ESPN+ 上？

Doug, thank you. Thanks for the questions. I will turn both of them over to Bob.

道格，謝謝你。感謝您的提問。我會把他們兩個都交給鮑伯。

Okay. In terms of park and in terms of the relative profitability, as you know, we have -- there's a lot of negative impacts, of course, with COVID. But one of the things that it gave us a chance to do as we were forced to stop operation was to completely reexamine how we priced and programmed our tickets. And as you all know, we ended our current annual pass program at Disneyland. And that gives us a chance to sort of create a modern version of a park loyalty program, an affinity program that isn't necessarily governed by legacy. And as you know, the net contribution back to the company varies tremendously and was one of the levers that we use to grow yield over the past several years, depending on what type of ticketing structure or a particular guest came in.

好的。就公園和相對盈利能力而言，正如你所知，我們——當然，新冠疫情帶來了很多負面影響。但當我們被迫停止營運時，它給了我們機會做的一件事就是徹底重新檢查我們如何定價和安排門票。眾所周知，我們結束了迪士尼樂園目前的年票計畫。這讓我們有機會創建一個現代版本的公園忠誠度計劃，一個不一定受遺產管理的親和力計劃。如您所知，對公司的淨貢獻差異很大，這是我們過去幾年用來增加收益的槓桿之一，具體取決於票務結構的類型或特定的客人。

With the ability now for us to sort of completely reconsider how we go about our loyalty programs and our frequent visitor programs, we have the chance to make even more advancements, not only in terms of the guest experience and make sure that guests have a tremendous experience no matter what day of the year they come, whether it's a high-demand day or a relatively low demand day, but also the ability to increase our per caps and our yields. And we've already seen tremendous growth in those as you're seeing over the last couple of quarters. But I don't think we've even scratched the surface in terms of what we can do when we finally restart with some of our programs in terms of making sure, again, that not only do we improve the guest experience, but at the same time, get an adequate return to our shareholders for the type of experience that we do give to our guests. So very positive on those factors.

現在，我們能夠完全重新考慮如何實施我們的忠誠度計劃和常客計劃，我們有機會取得更多進步，不僅在賓客體驗方面，並確保賓客擁有巨大的體驗。無論他們在一年中的哪一天到來，無論是高需求日或相對低需求日，我們都能體驗到，而且還能夠提高我們的人均產量和產量。正如您在過去幾個季度中看到的那樣，我們已經看到了這些方面的巨大增長。但我認為，當我們最終重新啟動一些計劃時，我們甚至還沒有觸及皮毛，以確保我們不僅改善了賓客體驗，而且在同時，我們為客人提供的體驗也能為我們的股東帶來足夠的回報。所以對這些因素非常正面。

In terms of the ability to simulcast with ESPN+ and ESPN and ABC, that's actually been envisioned in the deals, and we've gotten a lot of flexibility, not only in terms of our ability to take our programming to our DTC platforms and things like Hulu and ABC. So that's actually been envisioned, and we plan on being fairly aggressive in that way. I think that one of the advantages of the Walt Disney Company in sports is that we've got so many ways to reach our consumer base. And I think the leagues understand that, and we certainly do as well, and I think our guests do as well.

就與 ESPN+ 以及 ESPN 和 ABC 聯播的能力而言，這實際上是在交易中設想的，而且我們獲得了很大的靈活性，不僅在於我們將節目轉移到我們的 DTC 平台以及諸如此類的能力方面葫蘆和美國廣播公司。所以這實際上是我們所設想的，我們計劃以這種方式相當積極地進行。我認為華特迪士尼公司在運動領域的優勢之一是我們有很多方式來接觸我們的消費者群。我認為聯盟明白這一點，我們當然也明白這一點，我認為我們的客人也明白這一點。

Our next question comes from Kannan Venkateshwar with Barclays.

我們的下一個問題來自巴克萊銀行的 Kannan Venkateshwar。

So a couple if I could. I mean, firstly, I guess, Bob, when you look at the vision for sports streaming, you now have digital rights across all the major sports that you carry on ESPN. And you've made some hard choices on the other businesses when it comes to licensing and studios and so on in order to pivot -- make a hard pivot to streaming. But that choice with respect to sports streaming, feels like it's still a couple of years off in terms of pivoting ESPN as a business completely towards streaming. So could you just talk about the longer-term vision now that your sports portfolio is in place? How should we think about ESPN relative to ESPN+? And how are you thinking about the transition being accretive overall?

如果可以的話，一對。我的意思是，首先，我想，鮑勃，當你審視體育串流媒體的願景時，你現在擁有 ESPN 上播放的所有主要體育賽事的數位版權。當涉及到許可和工作室等方面時，你已經在其他業務上做出了一些艱難的選擇，以便轉向串流媒體。但對於體育串流媒體的選擇，感覺要讓 ESPN 作為一項業務完全轉向串流媒體還需要幾年的時間。既然您的運動投資組合已經到位，您能談談您的長期願景嗎？相對於 ESPN+，我們該如何看待 ESPN？您如何看待轉型整體上的成長？

And secondly, I guess, Christine, the guidance around the second half cadence for DTC subs. The IPL suspension, I guess, could change. I think they're looking at other geographies to run the tournament. If that was to happen, would the outlook change for subscriber growth in the second half?

其次，我想，Christine，關於 DTC 低音炮後半段節奏的指導。我猜 IPL 暫停可能會改變。我認為他們正在考慮在其他地區舉辦錦標賽。如果發生這種情況，下半年用戶成長的前景會改變嗎？

Okay. Kannan, thanks. Bob, I'll hand the sports question to you. And then Christine, you can talk a little bit about IPL impact on subs.

好的。康南，謝謝。鮑勃，我把體育問題交給你。然後 Christine，您可以談談 IPL 對潛水艇的影響。

We've talked a lot about flexibility when it comes to pivoting between linear and more traditional legacy platforms and our digital rights, direct-to-consumer platforms. And the reason we want that flexibility is because we know things are going to change. And as we've always said, when the right time comes for us to make a step function increase, as we've done with our entertainment platforms, to our sports platforms, and it's accretive to our shareholder proposition, we'll go ahead and do that. Our longer-term vision is to parallel path both ESPN and ESPN+. But if there's any indication of where we're going with this, I think our recent deals and the flexibility that we negotiated in to go to these direct-to-consumer platforms and specifically ESPN+ or whatever follows ESPN+ in terms of the direct-to-consumer platform, I think that's 100% indicative of our bullishness of not only our capability of doing that, but the viability of doing that.

當談到線性和更傳統的遺留平台與我們的數位版權、直接面向消費者的平台之間的轉換時，我們已經討論了許多靈活性。我們想要這種靈活性的原因是我們知道事情將會改變。正如我們一直所說的那樣，當我們在適當的時機增加功能時，就像我們在娛樂平台和體育平台上所做的那樣，並且這會增加我們的股東主張，我們將繼續前進並這樣做。我們的長期願景是讓 ESPN 和 ESPN+ 並行。但如果有任何跡象表明我們將走向何方，我認為我們最近的交易以及我們為進入這些直接面向消費者的平台而談判的靈活性，特別是 ESPN+ 或任何在直接面向消費者方面遵循 ESPN+ 的平台-消費者平台，我認為這100%顯示我們不僅看好我們這樣做的能力，而且看好這樣做的可行性。

Kannan, and your question around if they move the IPL. About half of the 60 IPL matches that were expected to be played this season have already taken place. So you're looking at the back half, 30 games to be played. So sure, if they were able to successfully relocate the tournament, we would hopefully see an impact, especially on advertising. And so there would be a positive what we're expecting. It would be better than if there were no rescheduled. The big issue is going to be when in the quarter and if it overlaps into Q4; or if it goes into the first fiscal quarter, which starts for us in the beginning of October. So if we would have -- it would have an impact on it, it just depends on when it would come in. So let's hope they are able to relocate it.

Kannan，以及你關於他們是否會移動 IPL 的問題。本賽季預計進行的 60 場 IPL 比賽中約有一半已經進行。所以你會看到後半部分，還有 30 場比賽要打。所以可以肯定的是，如果他們能夠成功地重新安排比賽，我們希望能看到影響，特別是在廣告方面。因此，我們所期待的將會是正面的。這總比沒有重新安排好。最大的問題是在本季的時間以及是否與第四季重疊；或者如果它進入我們從十月初開始的第一財季。因此，如果我們願意——這會對它產生影響，這僅取決於它何時進入。所以我們希望他們能夠重新安置它。

Our next question comes from John Hodulik with UBS.

我們的下一個問題來自瑞銀集團 (UBS) 的約翰‧霍杜利克 (John Hodulik)。

Great. Maybe keeping with the sports rights question. It does look like you guys are sort of bulking up on sports rights. Would you say you still have demand for additional rights if the economics make sense? And I'm thinking sort of Sunday Ticket or the EPL? Or is there sort of a level that you get to in terms of spending where you feel you need to cut it off?

偉大的。也許與體育權利問題一致。看起來你們確實在增加體育權。如果經濟合理的話，您是否認為您仍然需要額外的權利？我在想週日門票還是英超？或者你的支出達到了一定水平，你覺得需要削減開支？

And then given all the rights and the digital platform, does sports gambling become a bigger opportunity for the company and something that you expect to go deeper into?

然後，考慮到所有的權利和數位平台，體育博彩是否會成為公司的一個更大的機會，也是您希望深入研究的領域？

John, thank you. Bob, do you want to take those?

約翰，謝謝你。鮑勃，你想拿走那些嗎？

Yes. Thank you. In terms of the sports rights, we've just recently closed MLB, La Liga, NFL, NHL. So we certainly, as you have suggested, have a full complement of sports to please almost anybody. And then you take that in addition to the NBA rights that we have, and yes, we've got a full house there.

是的。謝謝。在運動版權方面，我們最近剛關閉了 MLB、La Liga、NFL、NHL。因此，正如您所建議的，我們當然擁有一整套體育運動來滿足幾乎所有人的需求。然後，除了我們擁有的 NBA 轉播權之外，是的，我們那裡座無虛席。

In terms of our appetite for going further, in terms of what's really left, there's not much, well, you mentioned Sunday Ticket. And that's something that we're in conversations with and we're considering and we're thinking about it. Obviously, it's an attractive property, but we'll only do it just like our other rights, if it is something that adds shareholder value. And that's the filter that we'll continue to look for, and we're really happy with, frankly, the deals that we've got in terms of representing things that are accretive to our shareholders so far, and we'll take that same approach going forward.

就我們進一步發展的慾望而言，就真正剩下的東西而言，沒有太多，嗯，你提到了周日門票。這是我們正在討論、正在考慮、正在考慮的事情。顯然，這是一項有吸引力的財產，但只有當它能夠增加股東價值時，我們才會像我們的其他權利一樣這樣做。這就是我們將繼續尋找的過濾器，坦白說，我們對我們所達成的交易感到非常滿意，這些交易代表了迄今為止為我們的股東帶來增值的事物，我們將採取這一點未來同樣的方法。

In terms of the gambling opportunity, as you know, we stuck our toe in this water in the last couple of years in terms of sports books, links with a few of the players out there. And I think going forward, we see this as an opportunity. We see this as an opportunity. We know that it represents very little risk to the company and very little risk to ESPN. As a matter of fact, it's actually -- it builds the brand equity from the research that we've had in terms of some of the younger audience that follows sports because it's such an integral part of the experience. And so we think it's actually a growth vehicle for us, but we'll walk into it carefully and monitor it carefully. But we have a greater appetite to do more and more in that area.

就賭博機會而言，如您所知，我們在過去幾年中一直在體育書籍方面涉足這一領域，並與一些玩家建立了聯繫。我認為展望未來，我們認為這是一個機會。我們認為這是一個機會。我們知道這對公司和 ESPN 來說風險都很小。事實上，它實際上是根據我們對一些關注體育運動的年輕觀眾進行的研究建立的品牌資產，因為它是體驗中不可或缺的一部分。因此，我們認為這實際上是我們的成長工具，但我們會仔細研究並仔細監控它。但我們有更大的興趣在該領域做越來越多的事情。

We have a question from Brett Feldman with Goldman Sachs.

高盛的布雷特·費爾德曼向我們提出了一個問題。

You mentioned during your prepared remarks the 3 primary ways you look to release theatrical content, whether it's in the theaters or on your direct-to-consumer platforms. And one of those methods is a simultaneous release in the theaters and Premier Access.

您在準備好的演講中提到了您希望發布影院內容的 3 種主要方式，無論是在影院還是在直接面向消費者的平台上。其中一個方法是在戲院和 Premier Access 同步上映。

And I can understand during COVID when it was very unlikely that people would be in theaters, but that was a reasonably easy call. It seems like it's going to be a little trickier to make a decision around when a film has the right characteristics for that type of release model going forward. So I was hoping you can maybe give us some insight in terms of what you're weighing when you make that decision.

我可以理解，在新冠疫情期間，人們不太可能去劇院，但這是一個相當容易的決定。似乎要在電影何時具有適合該類型發行模式的正確特徵方面做出決定會有點棘手。所以我希望您可以給我們一些關於您在做出決定時權衡的見解。

And in particular, with your big franchises, for example, you'll be doing this with Black Widow. What gives you conviction that you can build and nurture and create a lot of enthusiasm around those mega franchises without at least some limited theatrical window?

特別是，例如，對於您的大型特許經營權，您將在《黑寡婦》中這樣做。是什麼讓你相信你可以在這些大型特許經營權周圍建立、培養和創造大量熱情，而至少不需要一些有限的影院窗口？

Thanks, Brett. Bob, do you want to take that?

謝謝，布雷特。鮑勃，你想接受這個嗎？

Yes. I'm going to take the second one first. If there's any marker in terms of our ability to continue to build franchises, we know theatrical is a proven way to do that. But our merchandise sales on Mandalorian that never had a theatrical release is certainly one extraordinary marker in terms of the fact that while theatrical continues to be a great way for us to build franchises, our first big data point using our Disney+ platform to sell merchandise has been extraordinarily successful for us as well.

是的。我先拿第二個。如果我們有能力繼續打造特許經營權的話，那麼我們知道影院是一種行之有效的方法。但是，我們在《曼達洛人》上從未在院線上映的商品銷售無疑是一個非凡的標誌，因為雖然院線仍然是我們建立特許經營權的好方法，但我們使用Disney+ 平台銷售商品的第一個大數據點已經對我們來說也非常成功。

In terms of the Premier Access, you're absolutely right. As we get into a situation where we're trying to monitor are consumers ready to go back in the theaters. Of course, 90%, let's say, of the domestic marketplace is open right now. And we're encouraged in terms of polling in terms of that growing going forward.

就 Premier Access 而言，您是完全正確的。當我們遇到這樣的情況時，我們正在努力監控消費者是否準備好重返戲院。當然，假設現在90%的國內市場是開放的。我們對民意調查的成長感到鼓舞。

But if you look at last weekend's box office, for an example, and you compare versus an average of the last 3 years of pre-COVID box office, it was 85% below domestically, and 63% below -- or 67% below internationally. So we know the market's not quite there yet.

但以上週末的票房為例，與新冠疫情爆發前過去 3 年的平均票房進行比較，國內票房低 85%，國際低 63%，國際低 67% 。所以我們知道市場還沒有完全成熟。

So the Disney Premier Access strategy, one of the things that gives us right now, and we're grateful for it, is the ability to go ahead and try to release things into the market and try to re-prime the pump, if you will. But at the same time, know that for those consumers that are a little leery still about going into a packed theater, that they can go ahead and watch it in the safety and convenience of their home.

因此，迪士尼Premier Access戰略是我們現在所獲得的東西之一，我們對此表示感謝，那就是繼續嘗試將​​產品推向市場並嘗試重新啟動泵的能力，如果你將要。但同時，要知道，對於那些對進入擁擠的電影院仍然有點猶豫的消費者來說，他們可以在家裡安全、方便地觀看電影。

In terms of going beyond this fiscal year, we've not announced exactly what our strategy is going to be in terms of which titles will be theatrical plus Disney Premier Access, which ones will be direct to Disney+, or which ones will go into theaters. But know that we'll continue to watch the evolution of the recovery of the theatrical marketplace, and we'll use that flexibility to make the right call at the right time. But right now, we've only called those films that are in this fiscal year because of the relatively fluid nature of the recovery of exhibition.

就本財年之後的情況而言，我們還沒有確切宣布我們的策略，即哪些影片將在院線上映並加迪士尼Premier Access，哪些影片將直接登陸Disney+，或者哪些影片將進入影院。但要知道，我們將繼續關注影院市場復甦的演變，我們將利用這種靈活性在正確的時間做出正確的決定。但目前，我們只對本財年上映的電影進行了命名，因為放映恢復的相對不穩定。

Brad, thanks for the question, and thanks, again, 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.

布拉德，謝謝你的提問，並再次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。

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. 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 with 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.

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、期望、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。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，實際結果可能與根據多種因素明示或暗示的結果存在重大差異，包括我們 10-K 表格年度報告、季度報告中包含的因素。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。

This concludes today's call. We wish everyone a very pleasant good evening. Thanks.

今天的電話會議到此結束。我們祝福大家有個愉快的夜晚。謝謝。

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。