迪士尼 (DIS) 2021 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to The Walt Disney Company's First Quarter 2021 Financial Results Conference Call.

女士們、先生們，感謝大家的支持，並歡迎參加華特迪士尼公司 2021 年第一季財務業績電話會議。

(Operator Instructions) Please be advised that today's conference may be recorded.

（操作員指示）請注意，今天的會議可能會被錄音。

I'd now like to hand the conference over to your host today, Lowell Singer, Senior Vice President of Investor Relations.

現在，我想將會議交給今天的東道主，投資者關係高級副總裁洛厄爾辛格 (Lowell Singer)。

Please go ahead.

請繼續。

Good afternoon, and welcome to the Walt Disney Company's First Quarter 2021 Earnings Call.

下午好，歡迎參加華特迪士尼公司 2021 年第一季財報電話會議。

Our press release was issued about 25 minutes ago and is available on our website at www.disney.com/investors.

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。

Today's call is also being webcast, and a transcript will also be posted to our website.

今天的電話會議也將進行網路直播，會議記錄也將發佈到我們的網站上。

We realize most of you are still joining us today from your homes, and we are once again hosting today's call remotely.

我們意識到你們中的大多數人今天仍然在家中加入我們，我們再次遠端主持今天的電話會議。

So joining me from their homes are Bob Chapek, Disney's Chief Executive Officer; and Christine McCarthy, Senior Executive Vice President and Chief Financial Officer.

迪士尼執行長鮑勃·查佩克 (Bob Chapek) 在家中與我會面。克里斯汀‧麥卡錫 (Christine McCarthy)，資深執行副總裁兼財務長。

Following comments from Bob and Christine, we'll be happy to take some of your questions.

根據鮑勃和克里斯汀的評論，我們很樂意回答您的一些問題。

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

那麼，讓我把電話轉給鮑伯開始吧。

Thanks, Lowell, and hello, everyone.

謝謝洛厄爾，大家好。

I hope you're all doing well and staying safe.

我希望你們一切都好並保持安全。

Unfortunately, as you know, the COVID pandemic continues to present significant hurdles for businesses and communities across the U.S. and globally, and most important, it has taken a tragic toll on way too many lives.

不幸的是，如您所知，新冠病毒大流行繼續為美國乃至全球的企業和社區帶來重大障礙，最重要的是，它給太多人造成了悲慘的損失。

Fortunately, there have been some encouraging developments, particularly with the availability of the vaccine.

幸運的是，已經出現了一些令人鼓舞的進展，特別是在疫苗的上市方面。

And we're pleased to be doing our part by providing space at Disneyland for one of Southern California's major vaccine distribution sites.

我們很高興能夠在迪士尼樂園為南加州主要疫苗分發點之一提供空間，盡自己的一份力量。

To date, more than 100,000 doses have been administered at our location.

迄今為止，我們已註射了超過 100,000 劑疫苗。

It's hard to believe nearly a year has passed since the start of the pandemic, which continues to negatively impact the operations of our company.

很難相信自疫情爆發以來已經過去了近一年，疫情繼續對我們公司的營運產生負面影響。

For the first quarter, adjusted EPS in the quarter was $0.32 a share compared to $1.53 a share last year.

第一季調整後每股收益為 0.32 美元，去年同期為每股 1.53 美元。

Christine will talk more in-depth about our results for the quarter.

克里斯汀將更深入地談論我們本季的業績。

During this difficult time, we have made significant changes while finding new and innovative ways to conduct our businesses.

在這個困難時期，我們做出了重大改變，同時尋找新的創新方式來開展業務。

But at the same time, we have chartered a course for an even more deliberate and aggressive DTC push for Disney+, ESPN Plus, Hulu and Star.

但同時，我們為 Disney+、ESPN Plus、Hulu 和 Star 制定了更謹慎和積極的 DTC 推動計劃。

I'm really proud of how well our team has performed in the face of a multitude of ongoing challenges, both creatively and across our parks and experiences and legacy and DTC distribution platforms.

我對我們的團隊在面對眾多持續挑戰時所表現出的出色表現感到非常自豪，無論是在創意方面還是在我們的園區、經驗以及傳統和 DTC 分銷平台方面。

We've been especially pleased with the success of our direct-to-consumer business.

我們對直接面向消費者業務的成功感到特別高興。

And our recent strategic reorganization has enabled us to accelerate the company's pivot towards a DTC first business model and further grow our streaming services.

我們最近的策略重組使我們能夠加速公司轉向 DTC 優先業務模式，並進一步發展我們的串流服務。

Disney+ has exceeded even our highest expectations in just over a year since its launch, with 94.9 million subscribers as of the end of the first fiscal quarter.

Disney+ 自推出以來僅一年多時間就超出了我們的最高預期，截至第一財季末訂閱用戶數量為 9,490 萬。

ESPN+ and Hulu have also performed well with 12.1 million and 39.4 million subscriptions, respectively.

ESPN+ 和 Hulu 也表現出色，訂閱量分別為 1,210 萬和 3,940 萬。

And on February 23, we will be launching our new international general entertainment offering, Star, across Europe, Canada, Australia, New Zealand and Singapore.

2 月 23 日，我們將在歐洲、加拿大、澳洲、紐西蘭和新加坡推出新的國際綜合娛樂產品 Star。

Star will offer thousands of hours of movies and television from the company's multiple studios, including content from our acquisition of 21st Century Fox along with Star-branded exclusive originals and local programming tailored to specific markets.

Star 將提供來自公司多個工作室的數千小時的電影和電視節目，包括我們收購 21 世紀福斯公司的內容以及 Star 品牌的獨家原創內容和針對特定市場量身定制的本地節目。

Star will be integrated into Disney+ as a distinct sixth brand tile, and will offer easy to use parental controls to manage access to the content available on Star.

Star 將作為獨特的第六個品牌整合到 Disney+ 中，並將提供易於使用的家長監護來管理對 Star 上可用內容的存取。

We're less than 2 weeks away from launch, and we're seeing tremendous excitement amongst consumers.

距離發布還有不到兩週的時間，我們看到了消費者的巨大興奮。

As you saw during our Investor Day presentation, we've got an amazing robust pipeline of original content in development and production for our full portfolio of streaming services.

正如您在投資者日演示中看到的那樣，我們為我們的完整串流媒體服務組合提供了令人驚嘆的強大原創內容開發和製作管道。

We have some of the best creative teams in the business, and that's reflected in the tremendous appeal of our unparalleled programming.

我們擁有業內最優秀的創意團隊，這反映在我們無與倫比的節目的巨大吸引力上。

In just the last 2 months, Disney+ has delivered a string of hit programs, including Marvel's incredibly original WandaVision; season 2 of The Mandalorian, which ended with the surprise reveal that fan favorite Boba Fett will have his own Disney+ series starting this December; and Pixar's artistic triumph, Soul, which debuted on the service and in theaters on Christmas Day to create acclaim and has since taken in nearly $100 million at the global box office.

光是過去兩個月，Disney+就推出了一系列熱門節目，包括漫威原創的《旺達幻視》； 《曼達洛人》第二季結束時驚喜地透露，深受粉絲喜愛的波巴費特 (Boba Fett) 將於今年 12 月推出自己的 Disney+ 系列劇集；皮克斯的藝術傑作《靈魂》於聖誕節在服務和影院首映，廣受好評，自此在全球票房收入近 1 億美元。

The wealth of IP from our unrivaled collection of brands and franchises provides us with an incredible breadth and depth of storylines and characters to mine for Disney+ and our other streaming services.

我們無與倫比的品牌和特許經營權集合中的豐富 IP 為我們提供了令人難以置信的故事情節和角色的廣度和深度，可供我們為 Disney+ 和我們的其他串流媒體服務挖掘。

We have the ability to interconnect these storylines and characters in unprecedented ways, as we saw with The Mandalorian and WandaVision tying into the broader Star Wars and Marvel franchises.

我們有能力以前所未有的方式將這些故事情節和角色聯繫起來，正如我們在《曼達洛人》和《旺達幻視》與更廣泛的《星際大戰》和《漫威》系列中看到的那樣。

We're excited to continue exploring the endless possibilities that this unique ecosystem provides.

我們很高興能夠繼續探索這個獨特的生態系統所提供的無限可能性。

The fan response was overwhelming when we announced last week that Ryan Coogler, who's hard at work on Black Panther 2, will be developing a Black Panther inspired series based in the Kingdom of Wakanda for Disney+.

當我們上週宣布，正在努力製作《黑豹2》的瑞恩·庫格勒(Ryan Coogler) 將為Disney+ 開發一部以瓦幹達王國為背景、受黑豹啟發的系列劇時，粉絲們反應熱烈。

We're also thrilled to be expanding the scope and reach of ESPN's The Undefeated by creating a destination on Hulu devoted to black entertainment and culture, another example of our continuing commitment and investment in diversity and inclusion, and we can't wait for the award-winning and critically-acclaimed film, Nomadland, to be released in theaters and on Hulu on February 19.

我們也很高興能夠透過在Hulu 上創造一個致力於黑人娛樂和文化的目的地來擴大ESPN 的The Undefeated 的範圍和影響力，這是我們在多樣性和包容性方面持續承諾和投資的另一個例子，我們迫不及待地想看到屢獲殊榮且廣受好評的電影《Nomadland》將於 2 月 19 日在影院和 Hulu 上映。

And on March 5, Disney Animation Studios Raya and the Last Dragon, an artistically beautiful film celebrating female empowerment, will arrive in theaters and on Disney+ via our Premier Access.

3 月 5 日，迪士尼動畫工作室的《拉雅與最後的龍》這部藝術優美、頌揚女性賦權的電影將透過我們的 Premier Access 登陸影院和 Disney+。

As we've said, our goal is to increasingly put the consumer in charge and let them decide when and how they want to enjoy our one of a kind entertainment offerings.

正如我們所說，我們的目標是越來越多地讓消費者掌控一切，讓他們決定何時以及如何享受我們獨特的娛樂產品。

Turning to other parts of the company.

轉向公司的其他部門。

We've made a number of changes in how we manage and operate our theme parks and consumer products businesses in light of the disruptions caused by the pandemic.

鑑於疫情造成的破壞，我們對主題樂園和消費品業務的管理和運作方式做出了一些改變。

And we believe these and other adjustments we'll continue to make will best position us to operate more effectively now and in a post-COVID environment.

我們相信，我們將繼續進行的這些調整和其他調整將使我們能夠在現在和後新冠疫情環境中更有效地運作。

Where we have been able to reopen our theme parks with limited capacity, guests have consistently demonstrated a willingness and a desire to visit, which we believe is a testament to the fact that they feel confident in the health and safety protocols we put in place.

在我們能夠以有限的容量重新開放主題公園的地方，遊客始終表現出參觀的意願和願望，我們相信這證明了他們對我們制定的健康和安全協議充滿信心。

Average daily attendance at Walt Disney World grew significantly from Q4 into Q1, helped in part by the increased capacity we've been able to achieve as a result of our successful protocols.

從第四季度到第一季度，華特迪士尼世界的平均每日參觀人數大幅成長，部分原因是我們成功的協議所帶來的容量增加。

It's clear that people want to reconnect with loved ones and spend time together doing things they enjoy.

顯然，人們希望與親人重新建立聯繫，並花時間一起做他們喜歡的事情。

And given the demand we're seeing now, we're confident we'll only grow once the pandemic is behind us.

考慮到我們現在看到的需求，我們相信只有在疫情過去後我們才會成長。

Even under difficult circumstances, we've been able to continue expanding our parks.

即使在困難的情況下，我們仍然能夠繼續擴大我們的公園。

At Walt Disney World Resort, we're hard at work on 2 brand-new attractions at Epcot, Remy's Ratatouille Adventure and the highly anticipated Marvel-themed rollercoaster, Guardians of the Galaxy: Cosmic Rewind.

在華特迪士尼世界度假區，我們正在努力開發 Epcot 的 2 個全新景點：雷米料理鼠王冒險和備受期待的漫威主題過山車「銀河守護隊：宇宙倒帶」。

Work is also well underway on the all-new spectacular nighttime show, Harmonious.

全新的精彩夜間節目《Harmonious》的製作工作也正在順利進行中。

This is all part of a much larger reimagining of Epcot to make it more Disney, more family friendly, more timeless and more magical.

這都是 Epcot 更大規模重新構想的一部分，旨在使其更迪士尼、更適合家庭、更永恆、更神奇。

And I'm especially excited about the progress that's been made on the new Star Wars Galactic Star Cruiser hotel at Walt Disney World.

我對華特迪士尼世界的新星球大戰銀河星際巡洋艦酒店所取得的進展感到特別興奮。

People are going to be blown away by the experience.

人們將會被這種經驗所震撼。

It is truly unlike anything we've done before.

這確實不同於我們以前做過的任何事情。

At Disneyland Resort, the exciting new Marvel-themed land Avengers Campus is currently scheduled to open later this year at Disney California Adventure.

在迪士尼樂園度假區，令人興奮的全新漫威主題園區復仇者聯盟計畫將於今年稍晚在迪士尼加州冒險樂園開幕。

And crews are hard at work on the highly anticipated state-of-the-art attraction, Mickey & Minnie's Runaway Railway coming to Disneyland in 2023.

工作人員正在努力打造備受期待的最先進景點：米奇和米妮的逃脫鐵路，將於 2023 年登陸迪士尼樂園。

We're also moving forward on a number of new projects at our international parks.

我們也在國際公園推進一些新項目。

At Shanghai Disneyland, work continues on the first-ever Zootopia-themed land.

上海迪士尼樂園首個瘋狂動物城主題園區的建設工作仍在持續。

This fully immersive area will seamlessly blend Disney storytelling with advanced technologies, creating a one of a kind experience for our guests.

這個完全身臨其境的區域將迪士尼故事講述與先進技術無縫融合，為我們的客人創造獨一無二的體驗。

Throughout this challenging period, we've consistently demonstrated our ability to deliver world-class programming on all of our platforms, digital and linear.

在這個充滿挑戰的時期，我們始終如一地證明了我們在所有數位和線性平台上提供世界一流節目的能力。

On ABC, we continue to have the #1 returning drama in the key demo of adults 18 to 49 with Grey's Anatomy as well as the top new drama of the fall, Big Sky.

在 ABC 上，我們繼續推出 18 至 49 歲成人重點演示節目中排名第一的回歸劇集《實習醫生格蕾》以及秋季熱門新劇《大天空》。

Both Grey's and Big Sky also hold the top broadcast drama spots on Hulu.

《實習醫生格蕾》和《大天空》也都佔據了 Hulu 上播出電視劇排行榜的榜首。

Also of note, ESPN's first ever NFL Wild Card MegaCast featured 6 networks, including ABC, ESPN+ and ESPN Deportes.

另外值得注意的是，ESPN 的首個 NFL Wild Card MegaCast 涵蓋了 6 個網絡，包括 ABC、ESPN+ 和 ESPN Deportes。

It was the most extensive multichannel offering to date for an NFL playoff game.

這是迄今為止 NFL 季後賽中最廣泛的多渠道產品。

In the following day, the team at ESPN pulled off an equally impressive seat with a MegaCast of the college football playoff national championship game with 14 different presentations on multiple platforms.

第二天，ESPN 的球隊在大學橄欖球季後賽全國冠軍賽的 MegaCast 上取得了同樣令人印象深刻的席位，在多個平台上進行了 14 場不同的演示。

During an extraordinarily difficult year, our amazing local and national ABC News teams have been doing an absolutely outstanding job.

在異常困難的一年裡，我們令人驚嘆的當地和國家 ABC 新聞團隊做得非常出色。

And Good Morning America and World News Tonight with David Muir continue to hold the top spot as the #1 morning show and evening newscast.

大衛·繆爾的《早安美國》和《今晚世界新聞》繼續穩居早間節目和晚間新聞廣播的榜首。

While these remain challenging times, we are more confident than ever that we will emerge from this crisis in a strong position.

儘管現在仍然充滿挑戰，但我們比以往任何時候都更有信心，我們將在這場危機中處於有利地位。

We're proud of all that we've accomplished, especially as it relates to our top priority, our DTC business, and we believe that the strategic actions we're taking to transform our company will enable us to enhance the consumer and guest experience, grow and expand our businesses and increase shareholder value.

我們為我們所取得的成就感到自豪，特別是因為它與我們的首要任務、我們的 DTC 業務相關，我們相信，我們為公司轉型而採取的戰略行動將使我們能夠增強消費者和客人的體驗，發展和擴大我們的業務並增加股東價值。

With that, I'll now turn it over to Christine.

有了這個，我現在就把它交給克里斯汀。

Thanks, Bob, and good afternoon, everyone.

謝謝鮑勃，大家下午好。

Excluding certain items, diluted earnings per share for the fiscal first quarter were $0.32.

不計某些項目，第一財季稀釋後每股收益為 0.32 美元。

In spite of the challenging circumstances we have faced with COVID over the past year, these results reflect the strength of our brands and experiences as well as our ongoing commitment to operate our businesses efficiently.

儘管過去一年我們面臨新冠疫情帶來的挑戰，但這些結果反映了我們品牌和經驗的實力以及我們對高效經營業務的持續承諾。

This is the first quarter in which we are reporting under our new organizational structure.

這是我們根據新的組織結構進行報告的第一季。

We filed an 8-K last week with the summary recast segment financial information for fiscal 2020.

我們上週提交了 8-K，其中包含 2020 財年重鑄部門財務資訊摘要。

Today's discussion of our financial results will be organized by 2 segments: Disney Media and Entertainment Distribution or DMED; and Disney Parks, Experiences and Products or DPEP.

今天對我們財務表現的討論將分為兩個部分：迪士尼媒體和娛樂發行（DMED）；以及迪士尼樂園、體驗和產品或 DPEP。

I'll start with our newest segment, DMED, where operating income increased modestly in the first quarter versus the prior year.

我將從我們最新的細分市場 DMED 開始，該細分市場第一季的營業收入與去年同期相比略有成長。

Our financial reporting structure for DMED includes 3 lines of business: Linear networks; direct-to-consumer; and content sales, licensing and other.

我們的 DMED 財務報告架構包括 3 個業務線：線性網路；直接面向消費者；以及內容銷售、授權等。

Operating income at linear networks, which now includes both domestic and international channels, decreased versus the prior year quarter due to declines, both domestically and internationally.

由於國內和國際通路的下滑，線性網路（目前包括國內和國際頻道）的營業收入較去年同期下降。

At our domestic channels, the decline in operating income was due to lower results at our cable business, partially offset by an increase at our broadcasting business.

在我們的國內頻道，營業收入下降是由於我們的有線業務業績下降，但部分被我們廣播業務的成長所抵消。

The decrease at cable was largely driven by ESPN, where results in the first quarter were significantly impacted by higher rights costs.

有線電視的下降主要是由 ESPN 推動的，該公司第一季的業績受到版權成本上升的嚴重影響。

This was largely due to timing of College Football Playoff games relative to our fiscal periods as well as higher NBA programming costs.

這主要是由於大學橄欖球季後賽相對於我們的財政週期的時間安排以及較高的 NBA 節目成本。

The first quarter included 6 CFP ball games compared to 3 in the prior year quarter.

第一季包括 6 場 CFP 球賽，而去年同期為 3 場。

4 NBA finals games were played in the first quarter due to COVID-related timing shifts, whereas these games would have typically occurred in the prior fiscal year.

由於與新冠疫情相關的時間安排，第一季進行了 4 場 NBA 總決賽比賽，而這些比賽通常發生在上一財年。

ESPN domestic advertising revenue decreased 4% in the quarter due to lower average viewership and the cancellation of certain college sporting events, partially offset by an increase in rates.

由於平均收視率下降和某些大學體育賽事的取消，ESPN 國內廣告收入本季下降 4%，但部分被費率上漲所抵消。

Ad revenue at ESPN is currently pacing down quarter-to-date due in part to the timing of key events.

ESPN 的廣告收入目前本季至今正在下降，部分原因是關鍵事件的時間表。

At broadcasting, higher political advertising revenue at our owned television stations drove an increase in operating results versus the prior year, partially offset by a decrease at the ABC television network.

在廣播方面，我們擁有的電視台政治廣告收入的增加推動了經營業績與前一年相比的成長，但部分被 ABC 電視網絡的下降所抵消。

Total domestic affiliate revenue increased 3% in the quarter.

本季國內聯營公司總營收成長 3%。

This was driven by a benefit of 8 points of growth from higher rates, offset by a 5-point decline due to a decrease in subscribers.

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 5 個百分點的下降所抵消。

At our international channels, lower results in the quarter were driven by higher programming and production costs and lower affiliate revenue, partially offset by advertising revenue growth and a reduction in non-programming costs.

在我們的國際頻道，本季業績下降的原因是節目製作和製作成本上升以及聯營收入下降，但部分被廣告收入成長和非節目成本減少所抵消。

Higher programming costs and higher advertising revenue reflected a shift in the timing of Indian Premier League cricket matches due to COVID.

更高的節目製作成本和更高的廣告收入反映出，由於新冠疫情，印度板球超級聯賽的比賽時間發生了變化。

And the decrease in affiliate revenue was primarily due to channel closures.

聯盟行銷收入的下降主要是由於通路關閉。

However, our international channels results this past quarter were better than the guidance we gave in our last earnings call, primarily due to stronger-than-expected advertising revenue, COVID-related timing shifts of non-cricket programming and sports rights costs and expense savings.

然而，我們上個季度的國際管道業績好於我們在上次財報電話會議中給出的指導，這主要是由於廣告收入強於預期、與新冠病毒相關的非板球節目的時間變化以及體育版權成本和費用節省。

Moving on to direct-to-consumer.

轉向直接面向消費者。

Improved results at all 3 of our streaming services drove an improvement in direct-to-consumer operating results of nearly $650 million versus the prior year.

我們所有 3 項串流媒體服務的表現均有所改善，推動直接面向消費者的營運表現比前一年提高了近 6.5 億美元。

Last quarter, we guided to direct-to-consumer operating income declining by $100 million versus the prior year under our former segment structure.

上季度，我們預計在先前的部門結構下，直接面向消費者的營業收入比前一年下降了 1 億美元。

Our reported results are $750 million higher than that guidance.

我們報告的結果比指導值高出 7.5 億美元。

While some of the outperformance reflects better-than-expected results from Hulu and Disney+, the majority of the variance relates to the elimination of intersegment pricing markups under our new financial reporting structure.

雖然部分優異表現反映了 Hulu 和 Disney+ 的表現優於預期，但大部分差異與我們新的財務報告結構下消除部門間定價加成有關。

At Hulu, the improvement in the first quarter versus the prior year was due to both subscriber and advertising revenue growth, partially offset by higher programming and production costs.

在Hulu，第一季與前一年相比的改善是由於訂戶和廣告收入的成長，但部分被較高的節目和製作成本所抵消。

Hulu ended the first quarter with 39.4 million paid subscribers, including 4 million Hulu live digital MVPD subscribers.

截至第一季度，Hulu 付費訂閱用戶數為 3,940 萬，其中包括 400 萬 Hulu 現場數位 MVPD 訂閱用戶。

Turning to Disney+, a lower loss in the first quarter compared to the prior year was driven by subscriber growth, partially offset by higher costs due to the launch and expansion of Disney+.

談到迪士尼+，第一季的虧損較上年同期有所下降，這是由於用戶成長推動的，但迪士尼+的推出和擴張導致的成本上升部分抵消了這一影響。

With 94.9 million paid subscribers at the end of Q1, Disney+'s global net additions were 21.2 million versus Q4.

截至第一季末，Disney+ 的全球付費用戶數量為 9,490 萬，較第四季淨增加 2,120 萬。

Disney+ Hotstar subscriber additions continued their strong growth trend, with Disney+ Hotstar subscribers making up approximately 30% of our global subscriber base.

Disney+ Hotstar 訂戶數量持續保持強勁成長趨勢，Disney+ Hotstar 訂戶約占我們全球訂戶群的 30%。

We also saw strong additions to our subscriber base from our November launch in Latin America.

自 11 月在拉丁美洲推出以來，我們的用戶群也出現了強勁成長。

Disney+'s overall ARPU this quarter was $4.03.

Disney+ 本季的整體 ARPU 為 4.03 美元。

However, excluding Disney+ Hotstar, it was $5.37.

然而，不包括 Disney+ Hotstar，它的價格為 5.37 美元。

Higher results at ESPN+ were driven by subscriber growth, partially offset by higher sports programming costs driven by soccer rights.

ESPN+ 的較高業績是由訂戶成長推動的，但部分被足球轉播權帶來的體育節目成本上升所抵消。

ESPN+ ended the quarter with 12.1 million paid subscribers.

ESPN+ 本季末付費訂閱用戶數為 1,210 萬。

Given that we are past the launch year of Disney+, we no longer intend to update our DTC subscriber numbers as of our earnings dates.

鑑於 Disney+ 的推出年已經過去，截至財報日期，我們不再打算更新 DTC 訂閱者數量。

But we will continue to provide you with quarter end subs.

但我們將繼續為您提供季末替代品。

We may choose to make additional disclosures when we hit certain milestones.

當我們達到某些里程碑時，我們可能會選擇進行額外的揭露。

Content sales, licensing and other operating income at DMED decreased in the first quarter versus the prior year due to lower theatrical, TV SVOD and home entertainment results, all consistent with our prior guidance.

由於影院、電視 SVOD 和家庭娛樂業績下降，DMED 第一季的內容銷售、許可和其他營運收入與去年同期相比有所下降，所有這些都與我們先前的指導一致。

The decrease in theatrical results reflects no significant worldwide releases in the quarter compared to Frozen 2 in the prior year quarter.

戲院票房的下降反映了與去年同期相比，《冰雪奇緣 2》在本季沒有在全球上映。

Lower TV SVOD distribution results were the result of a shift from licensing to third parties to exhibiting our content on our DTC services.

電視 SVOD 分發結果較低的原因是從向第三方授權轉而在 DTC 服務上展示我們的內容。

A decrease in home entertainment results was driven by the absence of significant title releases in the quarter compared to the performance of Toy Story 4, The Lion King and Aladdin in the prior year quarter.

家庭娛樂表現下降的原因是，與去年同期《玩具總動員 4》、《獅子王》和《阿拉丁》的表現相比，本季並未發布重要的電影。

I'll now turn to our Parks, Experiences and Products segment.

我現在將轉向我們的公園、體驗和產品部分。

We continue to see significant impacts from the COVID-19 pandemic across many of our businesses.

我們繼續看到 COVID-19 大流行對我們的許多業務產生了重大影響。

While some operations have resumed, our Parks, Experiences and Products segment has undoubtedly been hard hit by COVID.

雖然一些業務已經恢復，但我們的公園、體驗和產品部門無疑受到了新冠疫情的嚴重打擊。

In the first fiscal quarter, we estimate the pandemic adversely impacted DPEP operating income by approximately $2.6 billion due to revenues lost as a result of closures and reduced operating capacities.

在第一財季，我們估計由於關閉和營運能力下降導致收入損失，疫情對 DPEP 營運收入產生了約 26 億美元的不利影響。

Operating income at Parks, Experiences and Products declined significantly versus the prior year to an operating loss of $119 million.

園區、體驗和產品部門的營業收入較前一年大幅下降，營業虧損達 1.19 億美元。

As a reminder, Walt Disney World Resort and Shanghai Disney Resort were open for all of the first quarter.

請注意，華特迪士尼世界度假區和上海迪士尼度假區在第一季全年開放。

Disneyland Resort was closed, and our cruise business was suspended for the full quarter.

迪士尼樂園度假區關閉，我們的遊輪業務整個季度暫停。

Disneyland Paris was opened until the end of October or for about 1/3 of the quarter, and Hong Kong Disneyland was open until the beginning of December or for about 2/3 of the quarter.

巴黎迪士尼樂園開放至10月底或約1/3季度，香港迪士尼樂園開放至12月初或約2/3季度。

Our parks and resorts that were opened during the quarter all operated at significantly reduced capacities, yet all achieved a net incremental positive contribution for the periods during which they were open, 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能力均大幅下降，但在開放期間均實現了淨增量正貢獻，這意味著收入超過了與開業相關的可變成本。

At Walt Disney World, as Bob mentioned earlier, average daily attendance grew significantly from Q4 into Q1, benefiting from typical seasonality factors as well as solid underlying demand trends.

正如鮑伯之前提到的，在華特迪士尼世界，得益於典型的季節性因素以及穩固的潛在需求趨勢，從第四季度到第一季度，日均遊客人數顯著增長。

At the same time, our operations team found innovative ways to responsibly increase capacity while still maintaining rigorous COVID protocols.

同時，我們的營運團隊找到了創新的方法來負責任地增加容量，同時仍保持嚴格的新冠病毒協議。

Per caps were also up double digits year-over-year.

人均支出也較去年同期成長了兩位數。

We continue to be pleased with the rate of reservation bookings we are seeing in the current quarter.

我們對本季的預訂率仍然感到滿意。

And consumer sentiment around visiting our domestic theme parks over a longer period of time remains strong.

消費者在較長時間內造訪國內主題樂園的情緒依然強勁。

At our consumer products business, we saw an increase in operating income in the first quarter, driven by an increase in games licensing revenue, which reflects the successful release of Marvel's latest licensed Spider-Man game.

在我們的消費產品業務方面，由於遊戲授權收入的成長，我們看到第一季的營業收入有所增長，這反映出漫威最新授權的蜘蛛人遊戲的成功發布。

As we look ahead, despite continued limited visibility due to the challenges of the pandemic, we would like to give you some context around certain items that may impact our second quarter or full year results.

展望未來，儘管由於大流行的挑戰，能見度仍然有限​​，但我們希望為您提供一些可能影響我們第二季或全年業績的某些項目的背景資訊。

First, at our domestic linear networks, we expect ESPN will benefit in the second quarter from the timing of college football and other sporting events, with lower rights costs being partially offset by lower advertising revenue.

首先，在我們的國內線性網絡中，我們預計 ESPN 將在第二季度受益於大學橄欖球和其他體育賽事的時機，較低的版權成本將被較低的廣告收入部分抵消。

In Q2, we had only 1 CFP game, which was the National Championship game.

第二季度，我們只有一場CFP比賽，那就是全國冠軍賽。

This compares to 4 games in the prior year, 3 CFP Bowl games and the National Championship game.

相比之下，去年有 4 場比賽、3 場 CFP Bowl 比賽和全國冠軍賽。

Our broadcasting business will be negatively impacted in the second quarter due to lower political advertising versus the prior year, in addition to the shift of The Academy awards to the third quarter.

由於政治廣告數量較前一年減少，加上奧斯卡頒獎典禮移至第三季度，我們的廣播業務將在第二季度受到負面影響。

We expect direct-to-consumer operating results in the second quarter to improve modestly versus the prior year quarter, as improvement at Hulu and ESPN+ will be partially offset by increased content investment to support the expansion of Disney+.

我們預計第二季度直接面向消費者的營運表現將比去年同期略有改善，因為 Hulu 和 ESPN+ 的改善將被支持 Disney+ 擴張的內容投資增加部分抵消。

We expect that Walt Disney world attendance in the second quarter will be impacted by typical seasonality headwinds in addition to continued COVID-related headwinds and capacity constraints.

我們預計，除了與新冠病毒相關的持續不利因素和產能限制之外，第二季華特迪士尼世界的遊客數量還將受到典型季節性不利因素的影響。

Our current expectation is that Disneyland and Disneyland Paris will be closed for the entirety of the second quarter, but we are hopeful we will be able to reopen Hong Kong Disneyland during the quarter.

我們目前的預期是迪士尼樂園和巴黎迪士尼樂園將在整個第二季度關閉，但我們希望能夠在本季度重新開放香港迪士尼樂園。

We have refined our capital spending expectations and we now expect CapEx in fiscal year 2021 to be roughly comparable to fiscal 2020 spending.

我們已經完善了資本支出預期，現在預計 2021 財年的資本支出將與 2020 財年的支出大致相當。

Compared to 2020, we still expect to see increased investment at DMED, in corporate and reduced spending at DPEP.

與 2020 年相比，我們仍預期 DMED 的企業投資將會增加，而 DPEP 的支出將會減少。

and with that, I'll now hand the call over to Lowell, and we will be happy to take your questions.

現在，我將把電話轉給洛厄爾，我們將很樂意回答您的問題。

Okay.

好的。

Christine, thank you.

克里斯汀，謝謝你。

And we're ready to transition to the Q&A.

我們已準備好過渡到問答環節。

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

當我們這樣做時，請允許我指出，由於今天下午我們再次不在現場，我將盡力通過將您的問題轉給適當的高管來主持電話會議。

So with that, Liz, we're ready for the first question.

麗茲，我們已經準備好回答第一個問題了。

Our first question comes from Ben Swinburne with Morgan Stanley.

我們的第一個問題來自摩根士丹利的本‧斯威本。

Bob, can you -- I know visibility is limited, but can you tell us how you think about the parks through the rest of this year?

鮑勃，你能——我知道能見度有限，但你能告訴我們你對今年剩餘時間的公園有何看法嗎？

In particular, Christine mentioned strong underlying demand.

克里斯汀特別提到了強勁的潛在需求。

But do you expect to be able to increase capacity limits and fulfill that demand?

但您是否期望能夠增加容量限制並滿足該需求？

And as you do, are there things that you've done on the technology or cost side that can help us think about the ramp back to breakeven?

正如您所做的那樣，您在技術或成本方面所做的事情是否可以幫助我們考慮如何恢復損益平衡？

And then I was just wondering, Christine, is there any way for you to help us think about the sports rights in fiscal '21 versus fiscal '20.

然後我只是想知道，克里斯汀，你有什麼辦法可以幫助我們考慮 21 財年與 20 財年的運動權利。

There's been so much movement in a number of games between the 2 years.

兩年間，很多遊戲都發生了很大的變化。

And obviously, these are big dollars for the company.

顯然，這些對公司來說是一筆巨款。

I'm just wondering if there's any way you can help us think about that maybe on an annual basis.

我只是想知道您是否有辦法幫助我們每年考慮這個問題。

Okay, Ben.

好吧，本。

Thank you.

謝謝。

So Bob, why don't you take the first question about parks, and then we'll go to Christine on sports rights.

那麼鮑勃，你為什麼不回答有關公園的第一個問題，然後我們將詢問克里斯汀關於體育權利的問題。

Okay.

好的。

In terms of the outlook for the parks for the rest of the year and the capacity, it's really going to be determined by the rate of vaccination of the public.

就今年剩餘時間公園的前景和容量而言，這實際上將取決於公眾的疫苗接種率。

That to us seems like the biggest lever that we can have in order to either take the parks that are currently under limited capacity and increase it, or open up parks that are currently closed.

對我們來說，這似乎是我們可以擁有的最大槓桿，可以利用並增加目前容量有限的公園，或開放目前關閉的公園。

So that is sort of the gating factor, if you will.

如果你願意的話，這就是某種限制因素。

As Christine suggested, we have ample demand for our parks.

正如克里斯汀所說，我們對公園有充足的需求。

Despite everything that's happening with that pandemic, I think we've made a pretty big impression on our consumer base and prospective guests in terms of the safety measures that we've undertaken at our parks to give assurances to people that they should come in and bring their families.

儘管這場大流行發生了一切，但我認為，我們在公園採取的安全措施給我們的消費者群和潛在客人留下了相當大的印象，這些措施是為了向人們保證他們應該進來並確保安全。帶上他們的家人。

And we're very, very pleased with what we're seeing in terms of future bookings.

我們對未來預訂的情況感到非常非常滿意。

In terms of the cost savings and the technical side of things, not only has our industrial engineering team at Walt Disney World and some of our parks like Shanghai across the world figured out ways to have increased capacity with the same safety measures that we've had in place, which has enabled us to increase our, if you will, our attendance.

在節省成本和技術方面，不僅我們在華特迪士尼世界的工業工程團隊以及我們在世界各地的一些公園（例如上海）找到了採用與我們相同的安全措施來增加容量的方法。已經到位，這使我們能夠增加（如果您願意的話）我們的出席率。

But there, we have been able to substantially manage our cost side at the same time to rightsize, if you will, out -- not only our fixed cost base, but also our variable cost base to match what's happening.

但在那裡，我們已經能夠大幅管理我們的成本，同時調整規模（如果你願意的話）——不僅是我們的固定成本基礎，還有我們的可變成本基礎，以適應正在發生的情況。

And I think that's evidenced by what Christine said that all of our parks, regardless of what conditions they're operating under, assuming they are operating, are in positive net contribution side.

我認為克里斯汀所說的證明了這一點，我們所有的公園，無論它們在什麼條件下運營，假設它們正在運營，都處於正的淨貢獻方面。

I would also add, you didn't mention this, but I think it's important to add that given those per caps that Christine referenced in terms of the double-digit increase in per caps, this is sort of the ultimate situation where demand has exceeded supply.

我還想補充一點，你沒有提到這一點，但我認為重要的是要補充一點，考慮到克里斯汀提到的每名上限的兩位數增長，這就是需求超出的最終情況供應。

We've had that -- been fortunate enough to have that situation for the last couple of years, and we've learned how to yield this business.

我們已經經歷過這種情況——很幸運在過去幾年裡經歷過這種情況，我們已經學會瞭如何獲得這項業務。

And I think this is the ultimate situation where we've got supply greater than demand.

我認為這是供應大於需求的最終情況。

So not only working on the cost side, but we're also working on the revenue side.

因此，我們不僅在成本方面開展工作，而且還在收入方面開展工作。

And I think you see some of those results at play at Walt Disney World.

我想你會在華特迪士尼世界看到其中一些結果。

Got it.

知道了。

Okay.

好的。

Ben, now to address sports rights and the shifting between fiscal years.

本現在要討論體育權利和財政年度之間的轉換問題。

Because of what happened with not only cancellations but delays of some of the sporting events you will see some doubling up of some sports rights in this fiscal year.

由於一些體育賽事不僅被取消而且被推遲，您將在本財年看到一些體育賽事轉播權翻倍。

Things like you'll have 2 NBA finals, assuming the season for '21 continues as we expect.

假設 21 賽季按照我們的預期繼續下去，你將有 2 次進入 NBA 決賽之類的事情。

You'll also have things like 2 Masters, 2 seasons of IPL games.

您還可以參加 2 場大師賽、2 個賽季的 IPL 比賽。

And this all assumes that in fiscal '21, nothing is drastically shifted out.

而這一切都假設在 21 財年，沒有任何內容被大幅轉移。

But we -- you can expect the sports rights overall to be up because of the doubling and the shifting into fiscal '21.

但我們——你可以預期，由於翻倍以及進入 21 財年，體育賽事轉播權總體上會有所上升。

And that's on linear.

這是線性的。

When we look at our ESPN+ rights costs, those are up also because we acquired some additional rights, most significantly in soccer that we announced earlier last year.

當我們查看 ESPN+ 的轉播權成本時，這些費用的增加也是因為我們獲得了一些額外的轉播權，其中最重要的是我們去年早些時候宣布的足球轉播權。

Our next question comes from Michael Nathanson with MoffettNathanson.

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

I have 2. One is on GTC and the learnings from Soul being released directly versus what you experienced in Mulan.

我有 2 個。第一個是在 GTC 上，從《靈魂》中學到的東西直接發布，與你在《花木蘭》中經歷的相比。

Any takeaways there?

那裡有什麼外帶嗎？

And maybe what's the right model for you?

也許什麼型號適合您？

And then secondly, on Hotstar, how important has cricket been to the growth in the adoption there?

其次，在 Hotstar 上，板球運動對於當地普及率的成長有多重要？

And is there a risk of churn when the IPL season comes to an end?

IPL 賽季結束後是否有流失風險？

Okay.

好的。

So Bob, do you want to take the Soul question?

那麼鮑勃，你想回答靈魂問題嗎？

And then Christine, you might want to take the Hotstar question.

然後 Christine，你可能想回答 Hotstar 的問題。

Okay.

好的。

In terms of the DTC business and Soul, as you remember, we took it out on Christmas Day, we thought that was a really nice thing to do for our consumer base and our subscriber base given the holiday and given the fact that we have talked consistently about remaining flexible in terms of how we're going to go ahead and put our titles out into the marketplace.

就DTC 業務和Soul 而言，正如你所記得的，我們在聖誕節那天把它拿出來了，考慮到假期以及我們已經討論過的事實，我們認為這對我們的消費者群和訂戶群來說是一件非常好的事情在我們如何繼續將我們的遊戲推向市場方面始終保持靈活性。

We were absolutely thrilled by what that brought to our business in terms of both acquisition and retention.

我們對這對我們的業務在獲取和保留方面帶來的影響感到非常興奮。

And so I would say it was a big hit with our subscriber base.

所以我想說這對我們的用戶群來說是一個很大的打擊。

In terms of Mulan, I think the best thing I can say about Mulan is that it was successful to the extent that we're also using that strategy on Raya.

就《花木蘭》而言，我認為關於《花木蘭》我能說的最好的一點是，它是成功的，我們也在開齋節上使用了這個策略。

So the individual decisions that we talked about in the future, in some films, we'll take them theatrically.

因此，我們將來在某些電影中討論的個人決定，我們將在戲院中呈現。

And some films, we'll take them theatrically plus Disney Premier Access, as is the case with Raya and was the case with Mulan.

有些電影，我們會在戲院上映，並提供迪士尼高級通道，例如《拉雅》和《花木蘭》。

And in some cases, we'll take it direct to service.

在某些情況下，我們會將其直接送去維修。

It's going to be dependent, though, on what our slate of titles are and whether we think that we need to put something on the service for those particular guests or whether this is something that we could use as another data point in our exploration of Premier Access same date with theatrical.

不過，這將取決於我們的標題是什麼，以及我們是否認為我們需要為這些特定客人提供一些服務，或者這是否是我們在探索 Premier 時可以用作另一個數據點的東西。訪問與戲劇相同的日期。

So it's really about flexibility, and we're going to steer our decision-making over time given what information that we get from our guests and our subscriber base on what they prefer.

因此，這實際上與靈活性有關，隨著時間的推移，我們將根據我們從客人和訂戶那裡獲得的信息，根據他們的喜好來引導我們的決策。

Okay.

好的。

And can I just follow-up for a quick second on Black Widow, which is still, I think, a May release date?

我可以快速跟進《黑寡婦》嗎？我認為《黑寡婦》的上映日期仍然是五月？

Anything you want to share on potential changes to that release date?

關於發布日期的潛在變化，您有什麼想分享的嗎？

Right.

正確的。

So I'm going to go back to the word flexibility because we had made a reference at the investor conference that Black Widow was going to be a theatrical release, and we are still intending it to be a theatrical release.

所以我要回到靈活性這個詞，因為我們在投資者會議上提到《黑寡婦》將在院線上映，而且我們仍然打算在院線上映。

But again, we are going to be watching very carefully the reopening of theaters and the consumer sentiment in terms of desire to go back to theaters to see whether that strategy needs to be revisited.

但同樣，我們將非常仔細地關注影院的重新開放以及消費者重返影院的意願，看看是否需要重新審視這項策略。

But as of now, the strategy is to continue on with the theatrical release, and we'll be watching very, very carefully.

但截至目前，策略是繼續戲院上映，我們將非常非常仔細地觀察。

Okay.

好的。

And I'm going to address the question regarding churn on Disney+ Hotstar with the IPL season finishing up.

隨著 IPL 賽季的結束，我將解決有關 Disney+ Hotstar 流失的問題。

So just to put it in context, cricket is a very important part of a diversified programming strategy at Disney+ Hotstar.

綜上所述，板球是 Disney+ Hotstar 多元化節目策略的一個非常重要的組成部分。

It also has a lot of other local content that consumers like to view.

它還擁有許多消費者喜歡觀看的其他本地內容。

So we did see a bump up when the IPL season started.

因此，當 IPL 賽季開始時，我們確實看到了增長。

But we've also made it economical for a consumer to sign up for a 1-year subscription versus going month-to-month.

但對消費者來說，訂閱 1 年期訂閱比每月訂閱更經濟。

So those are some of the things that we're looking at and utilizing to mitigate the churn that one could expect from IPL, but it's a more diversified offering in terms of programming than just cricket.

因此，這些是我們正在研究和利用的一些東西，以減輕人們對 IPL 的期望，但就節目安排而言，它是比板球更多樣化的產品。

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。

Just sort of following up on those comments.

只是跟進這些評論。

On Disney+, can you please discuss, maybe in general, how you are thinking about local partnerships for content versus more traditional Disney content?

在 Disney+ 上，您能否籠統地討論一下您如何考慮本地內容合作夥伴關係以及更傳統的迪士尼內容？

I believe in Indonesia, you leaned a lot more into local content partnerships, and you saw outsized growth in that launch there.

我相信在印度尼西亞，您更傾向於本地內容合作夥伴關係，並且您看到了在那裡發布的巨大增長。

And I'm curious, sort of maybe some broader commentary about that mix going forward?

我很好奇，也許對未來的這種組合有一些更廣泛的評論？

And then my second question is just sort of following up on your comments on churn.

我的第二個問題是跟進您對客戶流失的評論。

Not necessarily looking obviously for a number on churn, but maybe just some color about churn in general for Disney+?

不一定要明顯尋找流失率的數字，但也許只是迪士尼+整體流失率的一些顏色？

And how we should think about it in front of the upcoming price increase?

面對即將到來的漲價，我們該如何思考？

Okay.

好的。

Alexia, thanks.

亞歷克西婭，謝謝。

So Bob, do you want to talk a little bit about local partnership?

鮑勃，你想談談當地的合作關係嗎？

And then, Christine, you can talk a little bit about churn.

然後，Christine，您可以談談客戶流失的問題。

Okay.

好的。

So in terms of the local partnership -- well, first, I'm going to talk about -- I'll talk about the content side because there was a content side element of it as well.

因此，就本地合作夥伴關係而言，首先，我要談談內容方面，因為它也有內容方面的元素。

There's really 2 things that gate our amount of content that's local in any given market, including Indonesia.

實際上有兩件事限制了我們在任何特定市場（包括印尼）的本地內容數量。

And in some cases, there are local requirements for local content as a percentage of the total.

在某些情況下，當地含量佔總量的百分比也有當地要求。

So that is 1 factor that plays into it.

所以這是影響因素之一。

And then second one is what we think we need from a portfolio standpoint of overall content.

第二個是我們認為從整體內容的投資組合角度來看我們需要的。

And as you might suspect, we're pretty aggressively ramping up all of our production for all our local territories.

正如您可能懷疑的那樣，我們正在非常積極地提高所有當地地區的產量。

In terms of the partnerships, in Indonesia, we're partnering with Telkomsel and we have a lot of data plan and promotional bundling that we're doing with them, which not only is sort of keeping the rates at a place that's respectable in the marketplace given the overall economy there and what the market will bear, but also is giving us exposure possibly from a marketing standpoint and promotional standpoint to particular audience segments that we may not otherwise be able to get.

就合作夥伴關係而言，在印度尼西亞，我們正在與 Telkomsel 合作，我們正在與他們合作制定大量數據計劃和促銷捆綁服務，這不僅可以將費率保持在一個在印尼受人尊敬的水平。考慮到那裡的整體經濟和市場的承受能力，而且從行銷和促銷的角度來看，我們也可能接觸到我們可能無法獲得的特定受眾群體。

So -- and in terms of overall churn, are you going to take that one, Christine?

那麼，就整體流失率而言，克里斯汀，您會選擇那個嗎？

Yes.

是的。

Christine will.

克里斯汀會的。

Yes.

是的。

So in general, we are very pleased with what we've seen so far on the level of churn.

因此，總的來說，我們對迄今為止所看到的客戶流失感到非常滿意。

And as our product offering matures and we put more content into the service and our subscriber base becomes more tenured, we expect to see our churn rates continue to decline.

隨著我們產品的成熟、我們在服務中投入更多內容以及我們的訂戶群變得更加長期，我們預計我們的客戶流失率將繼續下降。

So in regard to the specific churn related to the anniversary of the Verizon launch promotion from last November 2020, we're really happy with the conversion numbers that we have seen there going from the promotion to become paid subscribers.

因此，對於與 2020 年 11 月 Verizon 推出促銷週年紀念日相關的具體流失情況，我們對從促銷活動到成為付費訂戶的轉換數字感到非常滿意。

We also have that price increase that consumers know about and they're expecting.

我們也面臨消費者了解並期待的價格上漲。

But we're very comfortable with the price-value relationship that we're offering.

但我們對我們提供的價格與價值關係非常滿意。

So we think that the increase will be well received.

因此我們認為此次增加將會受到歡迎。

And we believe that our current and future pricing offers attractive value to consumers.

我們相信，我們當前和未來的定價可為消費者提供有吸引力的價值。

So we feel really good about where we are, but we always want to improve.

所以我們對自己的現狀感覺非常好，但我們總是想進步。

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)。

Maybe first on the parks, I mean, given the cost reductions and the efficiencies, can we expect longer-term margins in that segment to be higher once we get back to full capacity?

我的意思是，考慮到成本的降低和效率的提高，也許首先是在公園方面，一旦我們恢復滿載生產，我們能否期望該領域的長期利潤率會更高？

And then maybe a quick one on the CapEx guidance.

然後也許是關於資本支出指南的快速介紹。

It looks like I think you guys revised guidance for CapEx.

我認為你們似乎修改了資本支出指南。

It was, I think, about $0.5 billion higher on a year-over-year basis.

我認為，年比增加了約 5 億美元。

Can you just run through the items that keep it flat on a year-over-year basis?

您能簡單回顧一下那些與去年同期相比保持平穩的項目嗎？

Okay.

好的。

John, sure.

約翰，當然。

Thanks for those questions.

謝謝你提出這些問題。

Bob, do you want to talk a little bit about parks?

鮑勃，你想談談公園嗎？

And then, Christine, you can talk a little bit about CapEx.

然後，Christine，您可以談談資本支出。

I would characterize this last year as being not only a year of challenge, but also a year of learning in terms of what we can do, in terms of sustained margin growth in our parks.

我認為去年不僅是充滿挑戰的一年，也是學習我們可以做什麼、園區利潤率持續成長的一年。

I say that because there's nothing like a pandemic to challenge the status quo and make you be fairly introspective about a lot of things that you've maybe taken as fairly dogmatic.

我這麼說是因為沒有什麼比流行病更能挑戰現狀，讓你對許多你可能認為相當教條的事情進行相當內省了。

I think you've all seen several new announcements about things that we've done recently that may have been heresy prior to the pandemic, like recasting of our annual pass program at Disneyland and reconsidering the overwhelming demand we have relative to supply.

我想你們都已經看到了一些關於我們最近所做的事情的新公告，這些公告在大流行之前可能是異端邪說，比如重新制定我們在迪士尼樂園的年票計劃，以及重新考慮我們相對於供應的巨大需求。

Everything we do, the first lens we look at is to exceed guest expectations.

我們所做的一切，我們首先考慮的是超越客人的期望。

And it's very tough when your park has more demand than supply, we have to put limits on it.

當公園的需求大於供應時，情況就非常困難，我們必須對其進行限制。

Well, as you know, we have a wide variety of margins depending on the nature of the guest and how they visit and when they visit.

嗯，如您所知，我們有各種各樣的利潤，具體取決於客人的性質以及他們訪問的方式和時間。

So with a lens towards maximizing the guest experience, we are now able to essentially reset many pieces of our business, both on the cost and revenue side of the business in order to say, if we had a blank piece of paper, how would we set up our parks business and be a little bit more aggressive than we typically might be able to be without the impetus of, unfortunately, a year-long closure.

因此，著眼於最大化賓客體驗，我們現在能夠從根本上重新調整我們業務的許多部分，無論是在業務成本還是收入方面，也就是說，如果我們有一張白紙，我們會如何建立我們的公園業務，並比我們通常能夠做的更積極一些，不幸的是，在長達一年的關閉的推動下。

So we've had a lot of time to think, particularly at Disneyland, about what could be, and I think you're about to see some of those strategies be born.

因此，我們有很多時間來思考，特別是在迪士尼樂園，思考可能發生的事情，我認為你即將看到其中一些策略的誕生。

Okay.

好的。

And before I talk about CapEx, I just want to say, from my perspective, the Parks management team has done an outstanding job addressing cost structure.

在談論資本支出之前，我只想說，從我的角度來看，帕克斯管理團隊在解決成本結構方面做得非常出色。

Of course, variable costs will come back in as we ramp up operations, but they've really looked at the way they're doing business, and it's really been quite impressive.

當然，隨著我們擴大運營，可變成本將會重新出現，但他們確實審視了自己開展業務的方式，這確實令人印象深刻。

So I just want to add that to what Bob has already said.

所以我只想將其添加到鮑勃已經說過的內容中。

As it relates to CapEx, last earnings call, we had said that we expected CapEx to be up from last year.

由於與上次財報電話會議的資本支出有關，我們曾表示預計資本支出將比去年增加。

I think the number was $550 million.

我認為這個數字是 5.5 億美元。

But now we're expecting it to be relatively flat.

但現在我們預計它會相對持平。

What we have here is a couple of dynamics.

我們這裡有一些動態。

We'll have increased spending at DMED and corporate, but we're going to have reduced spending at Parks.

我們將增加 DMED 和企業的支出，但我們將減少公園的支出。

Some of the DMED spending is going to be on things like technology, in infrastructure investments related to the launch of Star, and DPEP at our Parks business.

DMED 的部分支出將用於技術、與 Star 啟動相關的基礎設施投資以及我們公園業務的 DPEP。

Obviously, the reason that the CapEx is slowing is because some of the parks are closed, and we've chosen to slow spending there.

顯然，資本支出放緩的原因是一些公園關閉，而我們選擇減緩那裡的支出。

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

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

Given the viewership of Super Bowl this year on CBS was down and it's fairly low for the last 10 years and streaming was up a lot.

鑑於今年 CBS 超級盃的收視率有所下降，這是過去 10 年來的相當低的水平，而串流媒體的收視率卻大幅上升。

Can you talk about how you think about that in light of ESPN+?

您能談談您根據 ESPN+ 對此有何看法嗎？

Like how does that factor into your conversations with the NFL?

例如，這對您與 NFL 的對話有何影響？

And then maybe kind of related, but how much of a factor is sports betting in these conversations?

也許有點相關，但體育博彩在這些對話中佔多大比重？

And in general, how will you leverage both ESPN and ABC to capitalize on the growing legalization and adoption of sports betting.

一般來說，您將如何利用 ESPN 和 ABC 來利用體育博彩日益合法化和採用的趨勢。

And then just back to Parks for one second, can you talk about how attendance relates to capacity?

然後回到帕克斯，您能談談出席率與容量之間的關係嗎？

I mean you only add capacity a few days a year.

我的意思是你一年只增加幾天的容量。

So is there any way you can frame that relationship.

那麼有什麼方法可以建構這種關係嗎？

If you allow 35% capacity, is that, I don't know, 70% of attendance?

如果你允許 35% 的容量，我不知道，那是不是 70% 的出席率？

Okay.

好的。

So Jessica, I'm going to let Bob take the sports question, and maybe Christine will start with the Parks question.

傑西卡，我將讓鮑勃回答體育問題，也許克里斯汀會從帕克斯問題開始。

But Bob, I'll turn it over to you.

但是鮑勃，我會把它交給你。

Okay.

好的。

So I'll take the sports.

所以我會參加體育運動。

ESPN is always a consideration whenever we look at rights going forward.

每當我們考慮未來的權利時，ESPN 始終是一個考慮因素。

In terms of the Super Bowl being down, and as we're going into rights conversations with them, that's obviously something we're considering, but more important than any 1 Super Bowl, we're looking at the long-term trends of sports viewership, the MVPD universe and our own prospects of potentially a more true ESPN DTC service.

就超級盃落敗而言，當我們與他們進行權利對話時，這顯然是我們正在考慮的事情，但比任何一屆超級盃更重要的是，我們正在關注體育的長期趨勢收視率、MVPD 宇宙以及我們對更真實的ESPN DTC 服務的潛在前景。

So there's a lot of moving parts and a lot of elements in that mix, but it's all taking into account the trends that we're seeing in the marketplace.

因此，這種組合中有很多變化的部分和元素，但這一切都考慮到了我們在市場上看到的趨勢。

What I will say is that we've had a long relationship with the NFL, and if we have a deal, if there is a deal that will be accretive to shareholder value, we will certainly entertain that and look at that.

我要說的是，我們與 NFL 有著長期的合作關係，如果我們達成協議，如果有一項交易能夠增加股東價值，我們肯定會考慮並考慮這一點。

But our first filter will be whether it makes sense for our shareholder standpoint going forward.

但我們的第一個過濾器將是這對我們股東的未來立場是否有意義。

In terms of sports betting, as you probably know, we already have some programming on ESPN around the subject of sports betting.

在體育博彩方面，您可能知道，我們已經在 ESPN 上圍繞體育博彩主題製作了一些節目。

It particularly is attractive to the younger very passionate sports audience that we find.

它對我們發現的非常熱情的年輕體育觀眾尤其有吸引力。

So it's an important piece of what we're doing.

所以這是我們正在做的事情的一個重要部分。

We've got relationships with DraftKings and Caesars.

我們與 DraftKings 和 Caesars 都有合作關係。

We've got sports links with -- sports betting links with both of those, not branded Disney or ESPN, obviously, but branded through their own offerings.

我們與這兩家公司建立了體育博彩聯繫，顯然不是迪士尼或 ESPN 品牌，而是透過自己的產品進行品牌化。

We've got a studio in Las Vegas with Caesars that we're working on.

我們正在與凱撒集團在拉斯維加斯建立一個工作室。

And we've also got a variety of different things that we're entertaining for the future.

我們也為未來準備了各種不同的娛樂內容。

So sports betting, we do realize the value in that.

所以體育博彩，我們確實意識到了其中的價值。

We've obviously got some bumpers in terms of our own brand and what we think our own elasticity is in terms of us participating in such endeavors.

顯然，我們在自己的品牌方面取得了一些成果，我們認為我們自己的彈性在於我們參與此類努力。

But we're highly interested in taking the relationships that we have with both parties and taking them to the next level, if that makes sense.

但如果有意義的話，我們非常有興趣將我們與雙方的關係提升到一個新的水平。

Okay.

好的。

Jessica, I'll address your question about capacity at the parks.

潔西卡，我來回答你關於公園容量的問題。

You're absolutely right that there are days, especially holiday periods, where we have to shut our parks for additional entries.

你說得對，有些日子，特別是假期期間，我們必須關閉公園以允許額外的入場。

Those tend to be days that the park fills up quickly and we just can't accommodate more people.

在那些日子裡，公園很快就擠滿了人，我們無法容納更多的人。

But that being said, we are currently operating at 35% of that full capacity.

但話雖如此，我們目前的營運率為滿載的 35%。

And the teams in the park, especially at Walt Disney World, have really figured out a way to be as efficient as possible in operating the park that allows us to get up to that 35% and still maintain all of the protocols for social distancing, for COVID.

公園裡的團隊，特別是華特迪士尼世界的團隊，確實找到了一種盡可能高效地運營公園的方法，使我們能夠達到 35% 的比例，同時仍然維持所有社交距離協議，對於新冠病毒。

The -- I think you'll remember, when we started opening, we started at a level less than 35%, but it was the -- as Bob has already mentioned, industrial engineering that we utilize and just moving people around.

我想你會記得，當我們開始開業時，我們的起步水平低於 35%，但正如鮑勃已經提到的那樣，我們利用工業工程來調動人員。

The other thing I'd say is when you think about the parks, it's a combination of attendance and per caps when you're looking at revenue.

我要說的另一件事是，當你考慮公園時，當你考慮收入時，它是入場人數和人均上限的組合。

As we've -- as I said in my comments, and I think Bob's alluded to it on the Q&A that we've had really nice growth in per caps.

正如我在評論中所說的那樣，我認為鮑勃在問答中提到了我們在人均上限方面的增長非常好。

It was double digits, not only on a linked-quarter basis from fourth quarter to first quarter, but also double digits year-over-year.

這是兩位數，不僅是從第四季到第一季的環比，而且是同比。

So when you think about per caps and the yield management, we want to have people have a great time when they're in our parks.

因此，當您考慮人均限額和收益管理時，我們希望人們在我們的公園度過愉快的時光。

And when they have a good time, they tend to spend more money.

當他們玩得開心時，他們往往會花更多的錢。

So this is something that we're refining as we go along.

所以這是我們不斷精進的東西。

Our next question comes from Doug Mitchelson with Crédit 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 back to streaming, I think at your first Disney+ Analyst Day, you indicated that you'd be launched to the full world by about the end of this fiscal year or calendar year.

回到串流媒體，我認為在您的第一個迪士尼+分析師日上，您表示您將在本財年或日曆年末左右向全世界推出。

I think it was fiscal year.

我認為那是財政年度。

So I'm just curious if the timing for rest of world launches for Disney+ and Disney+ Hotstar is on track to be completed over the next few quarters?

所以我只是好奇 Disney+ 和 Disney+ Hotstar 在世界其他地區的發佈時間是否預計在未來幾季內完成？

And I'm also interested if you have any comments on engagement for Disney+.

如果您對 Disney+ 的參與度有任何意見，我也很感興趣。

And I'm thinking just how customers that have been on the service a little bit longer, do they still use the service as much as when they first joined?

我在想，使用該服務時間較長的客戶是否仍像剛加入時一樣頻繁地使用該服務？

How was Mandalorian and WandaVision in terms of being watched in as many homes as you hoped?

《曼達洛人》和《旺達幻視》在您希望的眾多家庭中收看情況如何？

And I guess a third piece of that would be, any comments on cadence around the content slate going forward?

我想其中的第三部分是，對未來內容板的節奏有什麼評論嗎？

I know at the Analyst Day, you talked about getting to 100 shows a year.

我知道在分析師日上，您談到了每年要舉辦 100 場演出。

Should we think about content continuing to ramp aggressively in the coming months or coming quarters?

我們是否應該考慮在未來幾個月或未來幾季繼續大幅增加內容？

How should we think about that?

我們該如何思考這個問題？

So Bob, why don't you take these -- the streaming rollout question?

那麼鮑勃，你為什麼不接受這些——串流媒體推出的問題呢？

And then, Christine, maybe you could take the engagement question, and Bob will go back to you on cadence of content cycle.

然後，克莉絲汀，也許你可以回答參與度問題，鮑伯會按照內容週期的節奏回到你身邊。

Okay.

好的。

Yes, we are still on schedule where we will get to the great majority of our rollout markets by the end of the year.

是的，我們仍在按計劃進行，我們將在今年年底前進入絕大多數的推廣市場。

It's all green lights in terms of our launch, not only in terms of preparation of the service itself and being able to handle it from a delivery standpoint, but also from a content curation standpoint, both creation and acquisition, again, on the local content when we need that.

就我們的推出而言，這一切都是綠燈，不僅是在服務本身的準備和能夠從交付的角度處理它方面，而且從內容管理的角度來看，無論是創建還是獲取，還是本地內容當我們需要的時候。

As you know, we've got quite a slew of new content coming and great library of content, which really rounds out our offering, and we'll add to that our local offerings in order to make it a fully robust offering for each particular market, given the idiosyncrasies of what each market requires.

如您所知，我們即將推出大量新內容和出色的內容庫，這確實完善了我們的產品，並且我們將添加本地產品，使其成為針對每個特定產品的完全強大的產品考慮到每個市場需求的特殊性。

So it's all as planned.

所以一切都按計劃進行。

So Doug, on engagement, as we said at the Investor Day, with Disney+ originals, along with the theatrical releases and the library titles, we'll be adding something new to the service every week.

因此，道格，關於參與度，正如我們在投資者日所說，隨著迪士尼+原創作品、影院發行和圖書館圖書的推出，我們每週都會在服務中添加一些新內容。

And in general, I would say, we are very pleased with the engagement overall, especially when we put something like WandaVision on the service.

總的來說，我想說，我們對整體參與度感到非常滿意，特別是當我們在服務中添加像 WandaVision 這樣的東西時。

So once again, these -- any time we put a new piece of content on, the engagement for people who know what the schedule of releases is, it's quite encouraging.

因此，無論何時我們發布新內容，了解發佈時間表的人們的參與度都是非常令人鼓舞的。

So we believe we're going to reach that cadence of getting content on the service every week within the next few years.

因此，我們相信我們將在未來幾年內達到每週在服務上獲取內容的節奏。

We've also set that target for 100-plus new titles per year.

我們也設定了每年 100 多款新遊戲的目標。

And that's across Disney Animation, Disney Live Action, Pixar, Marvel, Star Wars, Nat Geo.

這涉及迪士尼動畫、迪士尼真人秀、皮克斯、漫威、星際大戰、國家地理頻道。

And of course, we'll continue to add more to our library as we go through time as well.

當然，隨著時間的推移，我們也會繼續在我們的庫中添加更多內容。

Our next question comes from Jason Bazinet with Citi.

我們的下一個問題來自花旗銀行的 Jason Bazinet。

I just have a question on parks.

我只是有一個關於公園的問題。

Since the vaccine came out last year, the buy side has this soft expectation that anyone that saw a revenue downturn because of COVID will get back to 2019 revenues by 2022 once we have herd immunity and the vaccines distributed.

自去年疫苗問世以來，買方有這樣的軟預期：一旦我們實現群體免疫並分發疫苗，任何因新冠疫情而收入下滑的人都將在 2022 年恢復到 2019 年的收入。

And every once in a while, I read some article that suggests that social distancing will still have to be in place, even when herd immunity is around, and people will still have to wear masks.

每隔一段時間，我就會讀到一些文章，其中建議即使存在群體免疫，仍然必須保持社交距離，人們仍然必須戴口罩。

So do you guys have any counsel or insight in terms of how you're thinking about sort of how the parks will operate by the time we get to 2022?

那麼，對於到 2022 年公園將如何運作的想法，你們有什麼建議或見解嗎？

And any reason not to believe that we won't sort of get back to '19 revenues, assuming that the economy is fine and all that?

假設經濟狀況良好等等，有什麼理由不相信我們不會回到 19 年的收入水準？

Thanks, Jason.

謝謝，傑森。

I'm going to turn that over to Bob.

我要把它交給鮑伯。

Yes.

是的。

I won't specifically comment on whether we anticipate getting to '19 revenues by 2022, but I will tell you what our expectations are in terms of the state of the world by then.

我不會具體評論我們是否預計到 2022 年達到 19 年的收入，但我會告訴你我們對那時世界狀況的期望。

We have no doubt that when we reopen up in parks that were closed, or increase the capacity, that we'll have some level of social distancing and mask wearing for the remainder of this year.

我們毫不懷疑，當我們重新開放關閉的公園或增加容量時，我們將在今年剩餘時間內保持一定程度的社交距離和戴口罩。

That's our expectation.

這是我們的期望。

But I believe that Dr. Fauci said earlier today that he hopes that there's vaccines for everyone who wants them by April this year.

但我相信福奇博士今天早些時候說過，他希望在今年四月之前為每個需要疫苗的人提供疫苗。

If that happens, that is a game changer.

如果發生這種情況，那就將改變遊戲規則。

And that could accelerate our expectations and give people the confidence that they need to come back to the parks.

這可能會提高我們的期望，讓人們有信心回到公園。

Will there be some overlap until we know that we've hit herd immunity?

在我們知道我們已經達到群體免疫之前，是否會有一些重疊？

Sure, there will.

當然，會有的。

But do we also believe that we'll be in the same state of 6-foot social distancing and mask wearing in '22?

但我們是否也相信我們會處於 22 年同樣的 6 英尺社交距離和戴口罩的狀態？

Absolutely not.

絕對不。

Our next question comes from Brett Feldman with Goldman Sachs.

我們的下一個問題來自高盛的布雷特·費爾德曼。

So if I go back to the December Analyst Day, you had outlined an expectation that Disney+ would see peak operating losses in this fiscal year and achieve profitability by fiscal year '24.

因此，如果我回到 12 月的分析師日，您已經概述了迪士尼+將在本財年實現營業虧損高峰並在 24 財年實現盈利的預期。

When we look at the DTC P&L in the quarter you just reported in your outlook, it seems like you're trending much better than that for this fiscal year.

當我們查看您剛剛在展望中報告的季度的 DTC 損益表時，您的趨勢似乎比本財年好得多。

So I'm curious, do we need to revisit any of this guidance, either because of accounting changes related to the resegmentation or maybe just underlying operating trends that are perhaps better than you had expected?

所以我很好奇，我們是否需要重新審視本指南中的任何內容，要么是因為與重新細分相關的會計變化，要么只是潛在的營運趨勢可能比您預期的要好？

Brett, thank you for the question.

布雷特，謝謝你的提問。

I'm going to turn that one over to Christine.

我要把那個交給克莉絲汀。

Okay.

好的。

Thanks, Brett.

謝謝，布雷特。

You're absolutely right.

你是絕對正確的。

Peak losses, we expect in this fiscal year.

我們預計本財年將出現虧損峰值。

We said at our Investor Day, which wasn't too long ago, that we expected to reach profitability in fiscal 2024.

我們在不久前的投資者日上表示，我們預計將在 2024 財年實現盈利。

We're not going to change that at this point, although we are very pleased with the results that we just announced.

儘管我們對剛剛宣布的結果非常滿意，但我們目前不會改變這一點。

But we are also -- given the value of growing our sub base, we are continuing to invest in high-quality content.

但我們也——考慮到擴大我們的子基礎的價值，我們將繼續投資於高品質的內容。

We believe that content is the single biggest driver to not only acquiring subs, but retaining them.

我們相信，內容不僅是獲取訂閱者的最大驅動力，也是留住訂閱者的最大驅動力。

We're also going to have some other cost drivers that we just have to factor into our timing for profitability, and that includes marketing technology, customer service and just other expenses of running a new business.

我們還將有一些其他成本驅動因素，我們必須將其納入獲利時機，其中包括行銷技術、客戶服務以及其他營運新業務的費用。

So we're sticking to that 2024 -- fiscal 2024 profitability.

因此，我們堅持 2024 年—2024 財年的獲利能力。

But once again, we're very pleased with where we are today.

但我們再次對今天的處境感到非常滿意。

If you wouldn't mind, if I guess, ask a quick follow-up question.

如果你不介意的話，如果我猜的話，請快速提出一個後續問題。

You've gotten the question about whether you see any churn risk around the rate adjustments that are going to be coming this year.

您收到的問題是，今年即將進行的利率調整是否會帶來任何客戶流失風險。

Are you expecting maybe to spend a bit more around engagement or awareness or marketing or anything just to make sure that as you transition out of the launch phase and promotional period phases and into your first ever rate adjustment, that your customer base feels connected with you and that you don't experience that speed bump?

您是否希望在參與度、認知度、行銷或其他方面多花一點錢，以確保當您從啟動階段和促銷期階段過渡到第一次費率調整時，您的客戶群感覺與您有聯繫而且您沒有遇到減速帶？

We believe that keeping subscribers informed about what's on the service is extremely important.

我們相信，讓訂戶了解服務內容極為重要。

So the awareness that we'll create through targeted marketing and marketing of the brand will basically mitigate what we believe is a very reasonable price increase given the amount of content and the value to subscribers.

因此，我們將透過有針對性的行銷和品牌行銷來建立意識，這基本上將減輕我們認為考慮到內容量和訂閱者價值的非常合理的價格上漲。

Yes, Christine, if I can just jump in here as well.

是的，克莉絲汀，如果我也能跳到這裡就好了。

We believe that we've got a great price-value relationship.

我們相信我們擁有良好的性價比關係。

I mean, think about it from a Star Wars franchise, we moved from Mando 2 to Boba Fett later on this year to Mandalorian 3. And on a Marvel standpoint, we go from WandaVision to Falcon and the Winter Soldier and to Loki.

我的意思是，從星際大戰系列來看，我們從《曼多2》轉向波巴·費特，今年晚些時候又轉向《曼達洛人3》。從漫威的角度來看，我們從旺達幻視到獵鷹與冬日戰士，再到洛基。

So I think the best insulation we've got is to keep the price-value relationship very high, and there's no better way to do it than powerhouse franchises cranking out regular new releases on a monthly basis.

因此，我認為我們最好的隔離措施是保持非常高的價格與價值關係，沒有比每月定期推出新版本更好的方法了。

Operator, we have time for 1 more question.

接線員，我們還有時間回答 1 個問題。

This question comes from the line of Michael Morris with Guggenheim.

這個問題來自邁克爾·莫里斯和古根漢的線索。

A couple of questions on streaming.

關於直播的幾個問題。

First, I want to ask you about Hulu, the SVOD service on Hulu.

首先，我想向您詢問有關 Hulu 的情況，即 Hulu 上的 SVOD 服務。

Hoping you can maybe share a little bit about the dynamic that's going on there, what the mix of sort of ad-supported versus ad-free subscriber base looks like.

希望您能分享一些有關那裡正在發生的動態，廣告支援的訂閱者基礎與無廣告的訂閱者基礎的組合是什麼樣的。

And there are a number of these now free ad-supported streaming services that have been growing and being more aggressively populated.

現在有許多免費的、由廣告支援的串流服務一直在成長，並且越來越受歡迎。

I'm curious how you see that competitive dynamic playing out?

我很好奇你如何看待這種競爭動態？

And I want to ask 1 question about sports.

我想問 1 個關於體育的問題。

Bob, you mentioned the MegaCast approach to a couple of your big events.

Bob，您提到了在幾場大型活動中使用 MegaCast 的方法。

And I'm curious, as you look at your ability to provide that, what's the economic benefit to you?

我很好奇，當你審視自己提供這項服務的能力時，會為你帶來什麼經濟效益？

Do you -- is this primarily about putting it in front of more people and therefore, being able to monetize better?

您認為這主要是為了將其呈現給更多人，從而能夠更好地貨幣化嗎？

Or is there an element of your ability to deliver a MegaCast when you were negotiating for content rights, sports rights with the leagues or teams, the owners there that you have a somewhat stronger negotiating position relative to your peers?

或者，當您與聯盟或球隊、那裡的所有者就內容權利、體育​​權利進行談判時，您提供 MegaCast 的能力是否有一個因素使您相對於同行擁有更強的談判地位？

Okay, Mike.

好吧，麥克。

It's been to hear from you.

一直收到你的來信。

I'm going to let Christine take the Hulu SVOD question, and then I'll ask Bob to address the MegaCast question.

我將讓 Christine 回答 Hulu SVOD 問題，然後我將請 Bob 解決 MegaCast 問題。

So on Hulu SVOD, when you look at the relative mix of ad-supported versus ad-free, more of the subscribers are in the ad-free -- ad-supported, and that is where we have seen the really nice growth of our addressable advertising.

因此，在 Hulu SVOD 上，當您查看有廣告支援與無廣告的相對組合時，會發現更多訂閱者處於無廣告 - 有廣告支援的狀態，這就是我們看到的真正良好增長的地方可尋址廣告。

So that -- we're very comfortable and we actually -- we like the mix that we have, but it is more ad-supported, so we enjoy that relative increase of advertising.

因此，我們感到非常舒服，實際上，我們喜歡我們擁有的組合，但它更支持廣告，所以我們喜歡廣告的相對增加。

But it's pretty much been the track record that Hulu has of having that relationship of ad-supported versus ad-free has been relatively consistent over their 10-year tenure.

但 Hulu 的記錄顯示，在 10 年的任期內，有廣告與無廣告的關係相對穩定。

Yes.

是的。

And on a multicast question, I think it's both, both elements.

在多播問題上，我認為兩者兼而有之。

I think there's a consumer benefit to the fact that nobody else could do what ESPN does in terms of the multicast.

我認為，沒有其他人可以做到 ESPN 在多播方面所做的事情，這對消費者有利。

And I think we've proven that in several different ways over the last few months with big football events being broadcast.

我認為，在過去的幾個月裡，我們已經透過轉播大型足球賽事以多種不同的方式證明了這一點。

But I think there's also an element that, that then is obvious not only to us and obvious to our consumers, but obvious to our prospective partners as we go into negotiations of new deals.

但我認為還有一個因素，這不僅對我們和我們的消費者來說是顯而易見的，而且在我們進行新交易談判時對我們的潛在合作夥伴來說也是顯而易見的。

I think there's probably a mentality that, well, the more times we divide this up, the better off we're going to be from the prospective rights owners.

我認為可能有一種心態，我們劃分的次數越多，我們從未來的權利所有者那裡得到的好處就越大。

And I think what we're doing is throwing a wrench into that thinking and suggesting that maybe by taking a consumer-first approach and saying, boy, consumer choice is really a good thing for everybody, let's go ahead and maximize the number of touch points we have, not only do we get a benefit from our subscriber base for those folks that have ESPN, I think it's also very apparent to the leagues who hold the rights.

我認為我們正在做的就是打破這種想法，並建議也許採取消費者至上的方法並說，男孩，消費者的選擇對每個人來說確實是一件好事，讓我們繼續前進，最大限度地增加接觸次數我們擁有的觀點是，我們不僅從擁有 ESPN 的訂閱者群中受益，我認為對於擁有版權的聯盟來說，這一點也非常明顯。

Mike, thank you.

麥克，謝謝你。

And thanks again, everyone, for joining us today.

再次感謝大家今天加入我們。

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.

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.

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.

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。

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.

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。

Thanks again for joining us today, and I wish everyone a very good afternoon.

再次感謝您今天加入我們，祝大家下午愉快。

Bye-bye.

再見。

Ladies and gentlemen, this concludes today's conference call.

女士們、先生們，今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。