迪士尼 (DIS) 2020 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Disney's Fiscal Full Year and Q4 2020 Earnings Results Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions) I would now like to hand the conference over to your speaker, Mr. Lowell Singer, Senior Vice President, Investor Relations. Please go ahead.

女士們，先生們，感謝你們的支持，歡迎來到迪士尼的全年和 2020 年第四季度收益結果電話會議。 （操作員說明）請注意，今天的會議正在錄製中。 （操作員說明）我現在想將會議交給您的發言人，投資者關係高級副總裁 Lowell Singer 先生。請繼續。

Good afternoon, and welcome to The Walt Disney Company's Fourth Quarter 2020 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 of this call will be available on our website.

下午好，歡迎來到華特迪士尼公司 2020 年第四季度財報電話會議。我們的新聞稿大約在 25 分鐘前發布，可在我們的網站 www.disney.com/investors 上查閱。今天的電話會議也進行了網絡直播，我們的網站上將提供此次電話會議的文字記錄。

We realize many of you are joining us today from your homes, and we are also hosting today's call remotely. 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. Following comments from Bob and Christine, we will, of course, be happy to take some questions.

我們知道你們中的許多人今天從家裡加入我們，我們也遠程主持今天的電話會議。迪斯尼首席執行官 Bob Chapek 從他們的家中加入我；高級執行副總裁兼首席財務官 Christine McCarthy。根據 Bob 和 Christine 的評論，我們當然很樂意回答一些問題。

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

因此，讓我把電話轉給鮑勃開始。

Thanks, Lowell, and good afternoon, everyone. As we close out the fourth quarter and reflect back on the year, I think we'd all agree it's been a year unlike any other in our lifetimes and certainly in the history of The Walt Disney Company. Despite the many challenges and hardships, I'm proud to say we have been steadfast in effectively managing our businesses under enormously difficult circumstances. We haven't just persevered during these tough times. We've also taken a number of deliberate steps and smart risks that have positioned our company for greater long-term growth. And the impressive resilience Disney has demonstrated while looking past today's challenges to set the stage for an even brighter future is a direct reflection of our outstanding team. They've done and continue to do an admirable job balancing the needs of our cast, our shareholders and our guests.

謝謝，洛厄爾，大家下午好。當我們結束第四季度並回顧這一年時，我想我們都會同意這是我們一生中和華特迪士尼公司歷史上都與眾不同的一年。儘管面臨許多挑戰和困難，但我很自豪地說，我們在極其困難的情況下一直堅定不移地有效管理我們的業務。在這些艱難時期，我們不僅堅持了下來。我們還採取了一些深思熟慮的步驟和明智的風險，使我們的公司能夠實現更大的長期增長。迪士尼在克服今天的挑戰、為更光明的未來奠定基礎的同時展現出令人印象深刻的韌性，這直接反映了我們優秀的團隊。他們已經並將繼續出色地平衡演員、股東和客人的需求。

Of course, the real bright spot amidst the pandemic has been our direct-to-consumer business. 1 year ago today, we launched Disney+, and it has quickly exceeded our highest expectations. We have since rolled out the service in more than 20 countries worldwide. And on Tuesday, we will launch in Latin America, including Brazil, Mexico, Chile and Argentina followed by more overseas markets in the coming year. The response from consumers has been overwhelmingly positive. Everywhere that we've launched Disney+, audiences have embraced the wide array of high-quality entertainment, both original and library content. And I'm pleased to report that as of the end of the fourth quarter, Disney+ had more than 73 million paid subscribers, far surpassing our expectations in just its first year, and we're continuing to see positive trends. During our Investor Day presentation on December 10, we will provide an update of our global subscriber numbers.

當然，大流行中真正的亮點是我們的直接面向消費者的業務。 1 年前的今天，我們推出了 Disney+，它很快超出了我們的最高預期。此後，我們已在全球 20 多個國家/地區推出該服務。週二，我們將在拉丁美洲推出，包括巴西、墨西哥、智利和阿根廷，隨後在明年推出更多海外市場。消費者的反應非常積極。在我們推出 Disney+ 的所有地方，觀眾都喜歡各種高質量的娛樂內容，包括原創內容和圖書館內容。我很高興地報告，截至第四季度末，Disney+ 擁有超過 7300 萬付費用戶，僅在第一年就遠遠超過了我們的預期，而且我們繼續看到積極的趨勢。在 12 月 10 日的投資者日演示期間，我們將提供全球訂戶數量的更新。

The growth of Disney+ speaks volumes about the strength of our IP, our unparalleled brands and franchises and our amazing content creators, all part of the Disney difference that sets us apart from everyone else. And when you look across our full suite of streaming service, we have exceeded 120 million paid subscriptions worldwide, with impressive subscriber gains for ESPN+ and Hulu, including the rapidly growing Hulu + Live TV. We expect the international launch of our Star-branded general entertainment offering will enable us to grow our business even further in the years ahead. Given that our DTC business is key to the future growth of our company, we've restructured our media and entertainment businesses. By separating content creation from distribution, we've been able to streamline our processes and better align the organization towards these important strategic objectives as we accelerate our pivot to a DTC-first business model. We intend to build upon the success we've achieved thus far and look forward to sharing more of our plans with you at our upcoming Investor Day.

Disney+ 的發展充分說明了我們 IP 的實力、我們無與倫比的品牌和特許經營權以及我們出色的內容創作者，所有這些都是讓我們與眾不同的迪士尼差異的一部分。當您查看我們的全套流媒體服務時，我們在全球範圍內的付費訂閱人數已超過 1.2 億，ESPN+ 和 Hulu（包括快速增長的 Hulu + Live TV）的訂閱用戶增長令人矚目。我們預計我們的 Star 品牌綜合娛樂產品的國際推出將使我們能夠在未來幾年進一步發展我們的業務。鑑於我們的 DTC 業務是我們公司未來發展的關鍵，我們已經重組了我們的媒體和娛樂業務。通過將內容創建與分發分開，我們已經能夠簡化我們的流程，並在我們加速轉向 DTC 優先業務模型時更好地使組織朝著這些重要的戰略目標靠攏。我們打算在我們迄今取得的成功的基礎上再接再厲，並期待在即將到來的投資者日與您分享我們的更多計劃。

While the pandemic continues to impact our company, resulting in an adjusted loss of $0.20 a share in the fourth quarter, the prolonged situation has prompted us to find new and innovative ways to deal with the difficult and often unpredictable challenges we're facing. We successfully made adjustments and have resumed many of our operations, clearly demonstrating the resiliency The Walt Disney Company is known for.

雖然大流行繼續影響我們公司，導致第四季度調整後每股虧損 0.20 美元，但長期的情況促使我們尋找新的創新方法來應對我們面臨的困難且往往不可預測的挑戰。我們成功地進行了調整併恢復了許多運營，清楚地展示了華特迪士尼公司眾所周知的彈性。

While many of our productions were shut down beginning in March due to COVID, our animation teams were able to work remotely and have continued production uninterrupted during the pandemic. We were also fortunate to keep other parts of our creative pipeline active and to continue post-production work for our Media Networks studios and Disney+. We've been able to develop processes and institute health and safety measures that have made it possible to resume live-action production as well. Of course, the unpredictability of COVID may result in unforeseen impacts to current and future productions.

雖然我們的許多作品從 3 月開始因 COVID 而關閉，但我們的動畫團隊能夠遠程工作，並在大流行期間不間斷地繼續製作。我們也很幸運能夠讓我們的創意管道的其他部分保持活躍，並繼續為我們的媒體網絡工作室和 Disney+ 進行後期製作工作。我們已經能夠開發流程並製定健康和安全措施，這也使得恢復真人製作成為可能。當然，COVID 的不可預測性可能會對當前和未來的生產造成無法預料的影響。

On the studio side, we have restarted or completed production on all of the projects previously impacted by COVID, including ones from our Marvel Studios, 20th Century Studios, Searchlight Pictures, Disney Live Action and Lucasfilm, and we anticipate having 8 new projects up and running by January.

在工作室方面，我們已經重啟或完成了之前受 COVID 影響的所有項目的製作，包括我們的 Marvel Studios、20th Century Studios、Searchlight Pictures、Disney Live Action 和 Lucasfilm 的項目，我們預計將有 8 個新項目和一月運行。

On the TV side, we now have more than 100 live-action scripted and unscripted projects in active production with dozens more in various stages of pre- or post-production. Across all platforms, there has been a great response to our content. A couple of weeks ago, we rolled out the highly anticipated second season of The Mandalorian to rave reviews and incredible social buzz. There's been much excitement surrounding the announcement that Disney/Pixar's Soul will be debuting on Disney+ on Christmas Day.

在電視方面，我們現在有 100 多個真人有劇本和無劇本項目正在製作中，還有數十個項目處於前期或後期製作的各個階段。在所有平台上，我們的內容都得到了很好的反響。幾週前，我們推出了備受期待的曼達洛人第二季，獲得了好評如潮和令人難以置信的社會輿論。迪士尼/皮克斯的《靈魂》將於聖誕節在 Disney+ 上首次亮相，這一消息令人興奮不已。

And on the broadcasting side, ABC is now ranked #1, delivering some of the most popular and most watched shows on television, including Dancing with the Stars and The Conners. I want to take this opportunity to acknowledge our incredible local and national ABC News teams for the outstanding work they continue to do under very difficult circumstances. They've been working around the clock, making sure viewers nationwide have access to the most important and accurate information particularly as it pertains to the COVID pandemic. And they've also done an outstanding job reporting on the election in an informative and balanced way. From Good Morning America holding its spot as the #1 morning newscast for the eighth straight year to World News Tonight with David Muir consistently ranking as the #1 evening newscast as well as the #1 program on all broadcast and cable television in the U.S. over the summer, there is no question ABC News is America's #1 news source.

在廣播方面，ABC 現在排名第一，提供了一些最受歡迎和收視率最高的電視節目，包括與星共舞和康納一家。我想藉此機會感謝我們令人難以置信的地方和國家 ABC 新聞團隊，感謝他們在非常困難的情況下繼續所做的出色工作。他們一直在夜以繼日地工作，以確保全國的觀眾都能獲得最重要、最準確的信息，尤其是與 COVID 大流行有關的信息。他們還以信息豐富且平衡的方式對選舉進行了出色的報導。從《早安美國》連續第八年蟬聯早間新聞節目第一名，到《今夜世界新聞》，大衛·繆爾 (David Muir) 一直穩居美國所有廣播和有線電視節目的第一晚間新聞節目和第一名節目今年夏天，ABC News 毫無疑問是美國排名第一的新聞來源。

On the park side, we've proven over many months that we're able to operate our parks responsibly, following strictly enforced guidelines provided by health care experts, successfully reopening our parks in Orlando, Shanghai, Tokyo and Hong Kong. We've also reopened Disneyland Paris for several months, although the resort is now temporarily closed due to President Macron's recent lockdown order in response to a resurgence in COVID cases in Europe. People have shown a willingness to visit our parks, which I believe is a testament to the fact that they feel confident in the measures we've taken. And we are very encouraged by the positive news earlier this week on the progress of potential vaccines. Unfortunately, we are extremely disappointed that the State of California continues to keep Disneyland closed despite our proven track record. Our health and safety protocols are all science-based and have the support of labor unions representing 99% of our hourly cast members. Frankly, as we and other civic leaders have stated before, we believe state leadership should look objectively at what we've achieved successfully at our parks around the world all based on science as opposed to setting an arbitrary standard that is precluding our cast members from getting back to work while decimating small businesses in the local community.

在公園方面，我們經過數月時間證明，我們能夠按照醫療保健專家提供的嚴格執行指南負責任地運營我們的公園，成功地重新開放了我們在奧蘭多、上海、東京和香港的公園。我們還重新開放了幾個月的巴黎迪士尼樂園，儘管由於總統馬克龍最近為應對歐洲 COVID 病例捲土重來而下達的封鎖令，該度假村現在暫時關閉。人們表示願意參觀我們的公園，我認為這證明了他們對我們採取的措施充滿信心。本週早些時候有關潛在疫苗進展的積極消息令我們深受鼓舞。不幸的是，我們非常失望，儘管我們有良好的記錄，但加利福尼亞州仍繼續關閉迪士尼樂園。我們的健康和安全規程均以科學為基礎，並得到代表 99% 小時工的工會的支持。坦率地說，正如我們和其他公民領袖之前所說，我們認為國家領導應該客觀地看待我們在世界各地的公園取得的成功，所有這些都是基於科學，而不是設定一個武斷的標準來排除我們的演員恢復工作，同時摧毀當地社區的小企業。

Our ability to operate responsibly in this pandemic environment extends beyond our theme parks. I'm proud to say that we were successfully able to host the NBA and MLS at Walt Disney World in Orlando. It's been a huge undertaking and a great achievement. Just consider the NBA for example: 94 days, 22 teams, 172 games, players, broadcast partners, referees, media, support staff and Disney employees all in the bubble. It was also a big win for ESPN, which broadcast the games along with a packed schedule of other sports offerings, including the WNBA, college football, Major League Baseball and the NFL. As you look at the most watched cable shows on TV this year, more than half have been live sports, proving that sports are a powerful draw despite the disruption of the pandemic. ESPN Digital and ESPN+ have also performed exceptionally well, with September being the best month ever for ESPN streaming video. ESPN+ continues its positive subscriber growth, reaching more than 10 million paid subscribers as of the end of the quarter, nearly tripling in size over the past year.

我們在這種大流行環境中負責任地運營的能力超出了我們的主題公園。我很自豪地說，我們能夠在奧蘭多的華特迪士尼世界成功舉辦 NBA 和 MLS。這是一項艱鉅的任務，也是一項偉大的成就。以 NBA 為例：94 天、22 支球隊、172 場比賽、球員、廣播合作夥伴、裁判、媒體、支持人員和迪士尼員工都在泡沫中。這對 ESPN 來說也是一個巨大的勝利，ESPN 轉播了比賽以及其他體育節目，包括 WNBA、大學橄欖球、美國職業棒球大聯盟和 NFL。當你看看今年收視率最高的有線電視節目時，超過一半是體育直播，這證明儘管受到疫情的影響，體育仍然具有強大的吸引力。 ESPN Digital 和 ESPN+ 也表現出色，9 月是 ESPN 流媒體視頻有史以來最好的月份。 ESPN+ 的訂閱用戶繼續保持正增長，截至本季度末，付費訂閱用戶已超過 1000 萬，是過去一年的近兩倍。

As you can see, even during these most uncertain times, here at The Walt Disney Company, we are finding ways to not only operate our businesses effectively but also take the necessary bold steps for our future growth. And we are more committed than ever to investing in our businesses, in particular our DTC strategy, which we see as the key driver of significant long-term value for our company. We look forward to sharing details of our plans with you at our Investor Day next month. We also can't wait for you to see the extraordinary content that's being created for our full portfolio of streaming services, Disney+, ESPN+, Hulu and Star. It's just fantastic.

正如您所看到的，即使在這些最不確定的時期，在華特迪士尼公司，我們也在想方設法不僅有效地經營我們的業務，而且為我們未來的增長採取必要的大膽步驟。我們比以往任何時候都更加致力於投資我們的業務，尤其是我們的 DTC 戰略，我們認為這是我們公司重要長期價值的關鍵驅動力。我們期待在下個月的投資者日與您分享我們計劃的細節。我們也迫不及待地想讓您看到為我們的完整流媒體服務組合 Disney+、ESPN+、Hulu 和 Star 創建的非凡內容。這太棒了。

And with that, I'll turn it over to Christine.

有了這個，我會把它交給克里斯汀。

Thanks, Bob, and good afternoon, everyone. Excluding certain items affecting comparability, the fiscal fourth quarter's diluted earnings per share was a loss of $0.20, and our full year fiscal 2020 diluted EPS was $2.02.

謝謝鮑勃，大家下午好。排除影響可比性的某些項目，第四財季攤薄後每股收益為虧損 0.20 美元，我們 2020 財年全年攤薄後每股收益為 2.02 美元。

Our financial results continued to reflect significant impacts from COVID-19, which we estimate adversely impacted segment operating income in Q4 by $3.1 billion. Our Parks, Experiences and Products segment was again the most severely affected with an estimated adverse impact of $2.4 billion in the fourth quarter. We estimate that Media Networks operating income was negatively impacted by approximately $500 million due to COVID largely due to higher rights costs at ESPN associated with programming in the fourth quarter that was delayed from prior quarters.

我們的財務業績繼續反映出 COVID-19 的重大影響，我們估計這對第四季度的部門營業收入產生了 31 億美元的不利影響。我們的公園、體驗和產品部門再次受到最嚴重的影響，第四季度估計產生了 24 億美元的不利影響。我們估計，由於 COVID，Media Networks 的營業收入受到了大約 5 億美元的負面影響，這主要是由於 ESPN 與第四季度節目相關的版權成本高於前幾個季度。

Another factor that affected our Q4 results was the 53rd week. While last quarter we guided to the 53rd week having a modest adverse impact on operating results, the additional week of operations actually resulted in a benefit. There were a few reasons behind this variance, but the largest driver was related to the timing of sports rights costs.

影響我們第四季度業績的另一個因素是第 53 週。雖然上個季度我們指導第 53 週對經營業績產生適度的不利影響，但額外的一周經營實際上帶來了好處。這種差異背後有幾個原因，但最大的驅動因素與體育版權成本的時間安排有關。

I'll now turn to our results by segment. At Parks, Experiences and Products, financial results in the quarter were significantly impacted by restricted capacity and closures. Operating income at Parks, Experiences and Products declined significantly versus the prior year to an operating loss of $1.1 billion. This reflects the closures of Disneyland Resort in California and our cruise line business for the entirety of the quarter. Shanghai Disney Resort was open for the full quarter after reopening in May, while Walt Disney World Resort and Disneyland Paris reopened in mid-July. Hong Kong Disneyland Resort was opened for a couple of weeks at the beginning and end of the quarter.

我現在將按細分轉向我們的結果。在公園、體驗和產品方面，本季度的財務業績受到容量限制和關閉的顯著影響。公園、體驗和產品的營業收入與上一年相比大幅下降，營業虧損為 11 億美元。這反映了加州迪士尼樂園度假村和我們整個季度的郵輪業務的關閉。上海迪士尼度假區在 5 月重新開放後整個季度開放，而華特迪士尼世界度假區和巴黎迪士尼樂園則在 7 月中旬重新開放。香港迪士尼樂園度假區在本季度開始和結束時開放了幾週。

All of our reopened parks and resorts were operating at significantly reduced capacities during Q4. However, we are pleased to report that Walt Disney World, Shanghai Disney Resort and Hong Kong Disneyland all achieved a net positive contribution in the quarter, which means we generated revenue that exceeded the variable costs associated with reopening. At Walt Disney World, we are also encouraged by the booking trends we are seeing. Park reservations at our reduced capacity limits are already 77% booked for Q1, with Thanksgiving week booked close to capacity. These trends provide us with further confidence around underlying consumer demand for our parks and experiences.

我們所有重新開放的公園和度假村在第四季度的運營能力都大幅下降。然而，我們很高興地報告，華特迪士尼世界、上海迪士尼度假區和香港迪士尼樂園在本季度均實現了淨正貢獻，這意味著我們產生的收入超過了與重新開放相關的可變成本。在華特迪士尼世界，我們也對所看到的預訂趨勢感到鼓舞。在我們降低容量限制的公園預訂中，第一季度已經預訂了 77%，感恩節週的預訂量接近容量。這些趨勢使我們對我們的公園和體驗的潛在消費者需求更有信心。

At Studio Entertainment, operating income decreased in the quarter due to lower theatrical distribution and home entertainment results. Worldwide theatrical results continued to be adversely impacted by COVID-19 as theaters were closed in many key markets, both domestically and internationally. With no significant worldwide theatrical releases in the quarter, we faced a difficult comparison against the strong performance of The Lion King and Toy Story 4 in the prior year quarter. The decrease was partially offset by lower marketing expenses. Lower home entertainment results were driven by lower unit sales, also partially offset by lower marketing expenses. Unit sales were lower in the quarter as there were no comparable releases versus the prior year performance of Avengers: Endgame, Aladdin and Captain Marvel.

在 Studio Entertainment，由於影院發行和家庭娛樂業績下降，該季度的營業收入有所下降。由於國內外許多主要市場的影院關閉，全球影院的業績繼續受到 COVID-19 的不利影響。由於本季度沒有重要的全球影院上映，我們面臨著與去年同期獅子王和玩具總動員 4 的強勁表現的艱難比較。減少的部分被較低的營銷費用所抵消。較低的家庭娛樂業績是由較低的單位銷售額推動的，也部分被較低的營銷費用所抵消。本季度的銷量較低，因為與《復仇者聯盟：終局之戰》、《阿拉丁》和《驚奇隊長》的去年表現相比，沒有可比的發行量。

Turning to Media Networks. Operating income was up in the fourth quarter due to higher results at Broadcasting, partially offset by lower results at Cable Networks. At Broadcasting, the increase in operating income was primarily due to affiliate revenue growth and lower programming, production and marketing costs. The decrease in programming and production costs was largely driven by COVID-19-related production shutdowns and cancellations of network programming, the shift of college football games to fiscal 2021 and a delay in airing new season premieres. Lower results at Cable Networks were driven by decreases at ESPN, partially offset by increases at FX Networks and the Domestic Disney Channels. ESPN results were lower as affiliate and advertising revenue growth were more than offset by higher programming and production costs.

轉向媒體網絡。由於廣播業務的業績增長，第四季度的營業收入有所上升，但部分被有線網絡業務的業績下滑所抵消。在廣播方面，營業收入的增長主要是由於附屬收入的增長以及節目製作、製作和營銷成本的降低。節目和製作成本的下降主要是由於與 COVID-19 相關的製作停工和網絡節目取消、大學橄欖球比賽改期至 2021 財年以及新賽季首播的延遲。有線網絡較低的結果是由於 ESPN 的下降，部分被 FX Networks 和國內迪士尼頻道的增長所抵消。 ESPN 的業績較低，因為聯盟和廣告收入的增長被較高的節目和製作成本所抵消。

At ESPN, higher programming and production costs were largely due to COVID-related shifts of rights costs for the NBA and Major League Baseball into the fourth quarter. This included 2 NBA Finals games and 16 MLB postseason games that fell into the 53rd week. Total ESPN advertising revenue was up 26% in the fourth quarter, including the benefit of the 53rd week. The return of live sports events drove higher rates, slightly offset by viewership declines. So far this quarter, ESPN domestic linear cash ad sales are pacing below the prior year primarily due to shifts in college football schedules particularly for the Big Ten and the Pac-12. Given the timing of programming remaining in the quarter, we currently expect that ESPN advertising revenue will end the first quarter higher versus the prior year.

在 ESPN，更高的節目和製作成本主要是由於與 COVID 相關的 NBA 和美國職業棒球大聯盟的版權成本轉移到第四節。這包括進入第 53 週的 2 場 NBA 總決賽和 16 場 MLB 季后賽。 ESPN 廣告總收入在第四季度增長了 26%，其中包括第 53 週的收益。現場體育賽事的回歸推動了更高的收視率，但略微被收視率下降所抵消。本季度到目前為止，ESPN 國內線性現金廣告銷售低於上一年，這主要是由於大學橄欖球賽程的變化，特別是十大和 Pac-12。鑑於本季度剩餘的節目時間，我們目前預計 ESPN 廣告收入將在第一季度結束時高於上年同期。

Total Media Networks affiliate revenue increased 12% in the quarter. This was driven by a benefit of 8 points from the 53rd week and 8 points of growth from higher rates, offset by a 4-point decline due to a decrease in subscribers. The decrease in subscribers benefited by about 2 points from the launch of the ACC Network.

本季度媒體網絡附屬公司的總收入增長了 12%。這是由第 53 週帶來的 8 個百分點的收益和較高利率帶來的 8 個百分點的增長所推動的，但被訂戶減少導致的 4 個百分點的下降所抵消。訂戶的減少得益於 ACC 網絡的推出約 2 個百分點。

At Direct-to-Consumer & International, an operating loss of $580 million in the quarter was an improvement of approximately $170 million compared to the prior year. This improvement was driven by higher results at Hulu and ESPN+, partially offset by costs associated with the ongoing rollout of Disney+ and a decrease at our international channels. At Hulu, the improvement was primarily due to both subscriber and advertising revenue growth, partially offset by higher programming and production costs. The improvement at ESPN+ was due to subscriber growth as well as increased pay-per-view income from UFC events.

在直接面向消費者和國際部門，本季度的運營虧損為 5.8 億美元，與去年同期相比減少了約 1.7 億美元。這一改善是由 Hulu 和 ESPN+ 的更高業績推動的，部分被與 Disney+ 的持續推出相關的成本和我們國際頻道的減少所抵消。在 Hulu，這種改善主要是由於訂戶和廣告收入的增長，部分被更高的編程和製作成本所抵消。 ESPN+ 的改善歸功於訂戶增長以及 UFC 賽事按次付費收入的增加。

Hulu ended the fourth quarter with 36.6 million paid subscribers, and ESPN+ ended the quarter with 10.3 million paid subscribers. Disney+ ended Q4 with 73.7 million paid subscribers or an increase of over 16 million subscribers versus Q3. Disney+ Hotstar subscriber additions were the largest contributor to this increase, driven by the start of the delayed IPL season. Disney+ Hotstar subscribers now account for a little over 1/4 of our global subscriber base. Disney+'s overall ARPU this quarter was $4.52. However, excluding Disney+ Hotstar, it was $5.30.

Hulu 在第四季度末擁有 3660 萬付費用戶，ESPN+ 在本季度末擁有 1030 萬付費用戶。 Disney+ 以 7370 萬付費用戶結束了第四季度，與第三季度相比增加了超過 1600 萬用戶。 Disney+ Hotstar 訂戶的增加是這一增長的最大貢獻者，這是受推遲的 IPL 季節開始推動的。 Disney+ Hotstar 訂閱者現在占我們全球訂閱者群的 1/4 多一點。 Disney+ 本季度的整體 ARPU 為 4.52 美元。然而，不包括 Disney+ Hotstar，它是 5.30 美元。

On our last earnings call, we said that we expected the fourth quarter operating results of our DTC businesses to improve by approximately $100 million relative to the prior year quarter. Our results came in better than that guidance, with operating income at our DTC businesses improving by approximately $300 million versus the prior year due to better-than-expected performance across all 3 of our streaming services. I will note that we do not plan to further update any of our subscriber numbers until our Investor Day on December 10. At our international channels, lower results were due to lower affiliate and advertising revenues, partially offset by a decrease in costs.

在我們上次的財報電話會議上，我們表示我們預計 DTC 業務第四季度的經營業績將比去年同期提高約 1 億美元。我們的結果好於該指導，由於我們所有 3 項流媒體服務的表現都好於預期，我們 DTC 業務的營業收入比上一年增加了約 3 億美元。我會注意到，在 12 月 10 日的投資者日之前，我們不打算進一步更新我們的任何訂戶數量。在我們的國際渠道，較低的結果是由於附屬公司和廣告收入較低，部分被成本下降所抵消。

Switching gears. I want to take a moment to give you an update on our 21CF acquisition. We previously stated our expectation that the deal would be accretive to EPS, excluding the impact of purchase accounting for fiscal 2021. While COVID certainly had an impact on these numbers, we estimate the acquisition of 21CF and the impact of taking full operational control of Hulu were accretive in both Q3 and Q4 of fiscal 2020, excluding the impact of purchase accounting. As a practical matter, given our recent reorganization and the successful and complete integration of these assets into The Walt Disney Company, it is no longer practical nor do we believe it would be insightful into our businesses to break out 21CF performance. Therefore, we do not intend to discuss legacy Fox results or accretion on a go-forward basis.

切換齒輪。我想花點時間向您介紹我們收購 21CF 的最新情況。我們之前曾表示，我們預計這筆交易將增加每股收益，不包括 2021 財年採購會計的影響。雖然 COVID 確實對這些數字產生了影響，但我們估計收購 21CF 以及全面控制 Hulu 的影響在 2020 財年第三季度和第四季度均有增長，不包括採購會計的影響。作為一個實際問題，鑑於我們最近的重組以及將這些資產成功和完整地整合到華特迪士尼公司中，它不再實際，我們也不認為突破 21CF 業績對我們的業務有洞察力。因此，我們不打算在前進的基礎上討論遺留的 Fox 結果或增長。

As we've discussed on prior calls, while our liquidity position remains strong, we are continuing to manage our leverage with a long-term commitment to return to levels consistent with a single A credit rating. As part of that commitment and given limited visibility due to COVID and our decision to prioritize investment in our DTC initiatives, the Board has decided to forego payment of a semiannual dividend in January 2021. Our capital allocation strategy will continue to prioritize investing in the growth of our businesses, particularly in the direct-to-consumer space. However, we anticipate the payment of a dividend will remain a part of our long-term capital allocation strategy following the return to a normalized operating environment.

正如我們在之前的電話會議上所討論的那樣，雖然我們的流動性狀況仍然強勁，但我們將繼續管理我們的槓桿，並長期承諾恢復到與單一 A 信用評級一致的水平。作為該承諾的一部分，鑑於 COVID 和我們決定優先投資 DTC 計劃的可見度有限，董事會決定放棄在 2021 年 1 月支付半年度股息。我們的資本配置策略將繼續優先投資於增長我們的業務，特別是在直接面向消費者的領域。然而，我們預計在恢復正常運營環境後，派息仍將是我們長期資本配置策略的一部分。

As we look forward, we expect that our results in fiscal 2021 will continue to be impacted by COVID-19. Our visibility is limited and will be influenced by a number of factors, including, but not limited to, the recovery of theatrical exhibition, confidence in consumer travel and the continued resumption of live sports. But as we sit here today, there are a few items we would like to highlight that may help frame expectations for the first quarter.

展望未來，我們預計 2021 財年的業績將繼續受到 COVID-19 的影響。我們的能見度有限，並將受到多種因素的影響，包括但不限於影院放映的恢復、消費者對旅遊的信心以及現場體育賽事的持續恢復。但當我們今天坐在這裡時，我們想強調一些可能有助於製定第一季度預期的項目。

Our parks and experiences business continues to be impacted by COVID-19, and we do not have visibility into how long these impacts will last. While some of our parks are open with limited capacity, we currently anticipate Disneyland Resort will remain closed at least through the end of the fiscal first quarter. Disneyland Paris is also currently closed.

我們的公園和體驗業務繼續受到 COVID-19 的影響，我們不知道這些影響會持續多久。雖然我們的一些公園在容量有限的情況下開放，但我們目前預計迪士尼樂園度假區將至少在第一財季末之前保持關閉狀態。巴黎迪士尼樂園目前也已關閉。

Because we have no significant tentpole theatrical releases planned for Q1, we expect that our theatrical results will be meaningfully below the prior year, during which we released Star Wars: The Rise of Skywalker and Frozen 2. We also anticipate that home entertainment, stage play and studio TV SVOD results will be meaningfully lower year-over-year. Similarly, at consumer products, we expect merchandise licensing results in Q1 to be adversely impacted due to comparisons versus Star Wars and Frozen merchandise in the prior year.

由於我們沒有計劃在第一季度推出重要的影院上映，我們預計我們的影院業績將明顯低於去年同期發布的《星球大戰：天行者崛起》和《冰雪奇緣 2》。我們還預計家庭娛樂、舞台劇和工作室電視 SVOD 結果將同比顯著降低。同樣，在消費品方面，由於與去年的星球大戰和冰雪奇緣商品相比，我們預計第一季度的商品許可結果將受到不利影響。

At ESPN, first quarter results will be significantly impacted by higher rights and production costs due to the shift of 4 NBA Finals games and 3 additional college football playoff games into quarter, along with incremental regular season college football rights costs shifting into the quarter. This impact is partially offset by an expected delayed start to the 2020-2021 NBA season.

在 ESPN，由於 4 場 NBA 總決賽和另外 3 場大學橄欖球季后賽轉入本季度，以及增加的常規賽季大學橄欖球轉播權成本轉移到本季度，轉播權和製作成本的增加將對 ESPN 的第一季度業績產生重大影響。這種影響被 2020-2021 NBA 賽季的預期延遲開賽部分抵消了。

We expect the Q1 operating results of our DTC businesses to decline by approximately $100 million relative to the prior year quarter driven by continued investment in Disney+, partially offset by improved results at both ESPN+ and Hulu. At our international channels business, we expect first quarter operating results to decline by approximately $300 million versus the prior year quarter driven by a combination of higher sports rights costs due to timing shifts, COVID-related impacts and channel closures.

我們預計，由於對 Disney+ 的持續投資，我們 DTC 業務的第一季度經營業績將比去年同期下降約 1 億美元，部分被 ESPN+ 和 Hulu 的業績改善所抵消。在我們的國際渠道業務方面，我們預計第一季度的經營業績將比上年同期下降約 3 億美元，原因是時間變化、COVID 相關影響和渠道關閉導致體育轉播權成本增加。

Our capital expenditures in fiscal 2020 were approximately $4 billion, down about $850 million from the prior year due to decreased spending at our domestic parks and resorts. We expect CapEx in fiscal year 2021 to be $550 million higher versus fiscal year 2020 due to increased investments at our media and entertainment distribution businesses and at corporate, partially offset by reduced spending at Parks, Experiences and Products.

由於國內公園和度假村的支出減少，我們在 2020 財年的資本支出約為 40 億美元，比上年減少約 8.5 億美元。我們預計 2021 財年的資本支出將比 2020 財年高出 5.5 億美元，這是由於我們的媒體和娛樂分銷業務以及企業的投資增加，部分被公園、體驗和產品支出的減少所抵消。

As we've previously noted, we will start reporting under our new organizational structure in the first fiscal quarter of 2021. While our reporting segments will change, we intend to provide key financial and supplemental information, including much of what we report today, particularly as it relates to our direct-to-consumer businesses. As always, our goal is to provide the needed transparency into our businesses. We remain very excited about our future, and we also look forward to sharing more details on our evolving DTC strategy at our December 10 virtual Investor Day.

正如我們之前指出的那樣，我們將在 2021 年第一財季開始根據新的組織結構進行報告。雖然我們的報告部分將發生變化，但我們打算提供關鍵的財務和補充信息，包括我們今天報告的大部分內容，特別是因為它與我們直接面向消費者的業務有關。一如既往，我們的目標是為我們的業務提供所需的透明度。我們仍然對我們的未來感到非常興奮，我們也期待在 12 月 10 日的虛擬投資者日分享我們不斷發展的 DTC 戰略的更多細節。

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

有了這個，我會把電話轉給洛厄爾，我們很樂意回答你的問題。

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

好的。謝謝，克里斯汀。當我們過渡到問答環節時，請允許我指出，由於我們今天下午不在現場，我會盡我所能將您的問題轉給相應的主管來緩和這一問題。

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

有了這個，接線員，我們就可以回答第一個問題了。

Of course. Our first question will come from Michael Nathanson with MoffettNathanson.

當然。我們的第一個問題將來自 Michael Nathanson 和 MoffettNathanson。

Lowell, I have 2 for you to shepherd. The first is on ESPN. You just announced some cost cuts, but I wondered if the company is taking a fresh look at their content rights needs and if there's any kind of update on the willingness to maybe cut back on some of the rights you've had previously. How do you think about that?

洛厄爾，我有 2 隻羊要你放牧。第一個是在 ESPN 上。你剛剛宣布了一些成本削減，但我想知道該公司是否正在重新審視他們的內容權利需求，以及是否有任何關於削減你之前擁有的某些權利的意願的最新消息。你怎麼看？

And then secondly for whoever you want to send it to, over the years, Disney made a pretty smart decision to cut back the number of films they release every year to focus on quality and franchises. And I just wonder now with the reorganization and the new game plan at DTC, how will kind of the quality of the franchises and the content output be managed as it's increased, right? So it looks like it's a change in terms of the output of the organization. I just want to hear about the quality management of that.

其次，無論你想把它寄給誰，多年來，迪士尼做出了一個非常明智的決定，即削減他們每年發行的電影數量，以專注於質量和特許經營權。我現在只是想知道，隨著 DTC 的重組和新的遊戲計劃，隨著特許經營權和內容輸出的增加，將如何管理其質量，對嗎？所以看起來這是組織輸出方面的變化。我只想听聽有關質量管理的信息。

Okay. Michael, thanks. I'm going to turn both of those over to Bob.

好的。邁克爾，謝謝。我要把這兩個都交給鮑勃。

All right. Thank you. Michael, in terms of ESPN and the cost cuts, we are obviously watching our costs across all of our operating units very carefully in light of the adversity that we're facing with the pandemic. But long term, as we look at our content right needs, we're looking at it from a shareholder standpoint. If it's accretive to shareholder value, then there are decisions that we make going forward in terms of looking at new rights as they expire and what we want to put on to our service. So we're being very deliberate and we're being very careful and analyzing everything to make sure that it would be something that would be additive to us. And I might say that we've got very good relationships with all the leagues, and it's important. We continue to believe in sports. As a matter of fact, in 2019, 93 of the top 100 programs in viewership on television were sports. And as you know, we've got the most trusted brand out there in the world in terms of sports. So we believe that's a nice recipe for future success, but we realize that the world is changing and there's a lot of dynamics at play, but we'll only do continue rights deals as long as they add shareholder value.

好的。謝謝你。邁克爾，就 ESPN 和成本削減而言，鑑於我們正面臨大流行病的逆境，我們顯然正在非常仔細地關注我們所有運營部門的成本。但從長遠來看，當我們審視我們的內容權利需求時，我們是從股東的角度來看的。如果它能增加股東價值，那麼我們會做出一些決定，在新權利到期時查看新權利以及我們希望為我們的服務提供什麼。所以我們非常慎重，我們非常小心並分析一切，以確保它會成為我們的補充。我可能會說我們與所有聯盟都有很好的關係，這很重要。我們繼續相信體育。事實上，2019年電視收視率前100名的節目中有93個是體育節目。如您所知，就運動而言，我們擁有世界上最值得信賴的品牌。所以我們相信這是未來成功的一個很好的秘訣，但我們意識到世界正在發生變化並且有很多動力在起作用，但我們只會在增加股東價值的情況下繼續進行權利交易。

In terms of the second question in terms of the -- looking at the number of films and the amount of content that we put into the system, you're right. Over time, we've been very, very discriminate in terms of what types of films we make and how many we make. And I think that's really benefited the company. We're in a world though now in a subscription business where we're managing churn. And we've got a unique combination of assets in this company that are all at play right now in Disney+, where we've not only got the most desirable library in the world but we realize -- and that really helps, by the way, minimize churn, but we also realize that new content that we put add subscribers. It's very clear to us that new content adds subscribers. So I think you'll see a continued increase in investment in our direct-to-consumer platforms, and that will then fuel some of the growth that Christine will talk about at the investor conference that we expect on December 10.

關於第二個問題——看看我們放入系統的電影數量和內容量，你是對的。隨著時間的推移，我們在製作什麼類型的電影和製作多少電影方面一直非常非常歧視。我認為這確實使公司受益。儘管我們現在處於訂閱業務的世界，但我們正在管理客戶流失。我們在這家公司擁有獨特的資產組合，這些資產現在都在 Disney+ 中發揮作用，我們不僅擁有世界上最令人嚮往的圖書館，而且我們意識到——順便說一句，這真的很有幫助，最大限度地減少流失，但我們也意識到我們放置的新內容會增加訂閱者。我們很清楚，新內容會增加訂閱者。所以我認為你會看到對我們直接面向消費者平台的投資持續增加，然後這將推動克里斯汀將在我們預計 12 月 10 日舉行的投資者會議上談到的一些增長。

Our next question will come from Alexia Quadrani with JPMorgan.

我們的下一個問題將來自摩根大通的 Alexia Quadrani。

Just a bit of a follow-up question, if I may, on the studio content commentary. I would love any color you could give potentially on what you learned from the release of Mulan into premium video-on-demand and really how you think about, at least how you've thought about it in the past, your decision to allocate content on different platforms. For example, why Mulan goes to A or PVOD, but Soul's going directly to Disney+, for example. So any thoughts there?

如果可以的話，只是一個關於工作室內容評論的後續問題。我喜歡你能給你從 Mulan 的發布中學到的東西提供的任何顏色到高級視頻點播，以及你是如何思考的，至少你過去是如何思考它的，你的決定分配內容在不同的平台上。比如說為什麼花木蘭去A或者PVOD，而魂卻直接去Disney+，比如說。那麼有什麼想法嗎？

And then my second just follow-up question is really on the parks. You've made some real improvement in cutting your losses this quarter from the last quarter. I guess is it feasible to assume you can continue to see further improvement in that segment without Disneyland opening?

然後我的第二個後續問題是關於公園的。與上一季度相比，本季度您在減少損失方面取得了一些真正的進步。我想假設您可以在沒有迪士尼樂園開放的情況下繼續看到該細分市場的進一步改善是否可行？

Alexia, thanks so much. So Bob, I'll turn them both over to you, Mulan and Soul, and then some of the trends we're seeing at parks.

亞歷克西婭，非常感謝。所以 Bob，我會把它們都交給你，Mulan 和 Soul，然後是我們在公園看到的一些趨勢。

Okay. Great. So from a studio content standpoint, we were very pleased with the results of Mulan as a premier access title. And as you remember, that was our very first foray into a strategy like premier access. Unfortunately, that title met with some controversy, both in the U.S. and internationally, shortly after we released it. But we saw enough very positive results before that controversy started to know that we've got something here in terms of the premier access strategy. And I think we'll talk a little bit more about that at the investor conference in December. In terms of Soul, we also realized though that part of the lifeblood of Disney+ is providing great content to the base-level subscribers that are in there in premier -- or in Disney+. And so the idea is that we thought it was a really nice gesture to our subscribers to take Soul during the holiday period and provide that as part of the service. But I think what we've learned with Mulan is that there's going to be a role for it strategically with our portfolio of offerings. And again, we're going to talk more about that at the investor conference in December.

好的。偉大的。因此，從工作室內容的角度來看，我們對《花木蘭》作為首屈一指的遊戲所取得的成果感到非常滿意。您還記得，那是我們首次涉足高級訪問等戰略。不幸的是，這個標題在我們發布後不久就在美國和國際上遇到了一些爭議。但在爭議開始之前，我們已經看到了足夠多的非常積極的結果，這讓我們知道我們在首要訪問策略方面已經有了一些東西。我想我們會在 12 月的投資者會議上更多地討論這個問題。在 Soul 方面，我們也意識到 Disney+ 的生命線的一部分正在為 Premier 或 Disney+ 中的基層訂閱者提供精彩的內容。所以我們的想法是，我們認為在假期期間收看 Soul 並將其作為服務的一部分提供給我們的訂戶是一個非常好的姿態。但我認為我們從花木蘭中學到的是，它會在我們的產品組合中發揮戰略作用。同樣，我們將在 12 月的投資者會議上更多地討論這個問題。

In terms of our opportunities to continue to improve parks, we're actually very encouraged by what we're seeing right now in our parks across the world. There's really 2 dynamics that are going on. Number one, our park operators, which, as you know, are the best in the world, are becoming much more efficient and effective in operating under COVID guidelines. And we've been able to pretty materially increase our capacity and still stay within the guidelines that local governments are giving us, for example, 6-foot social distancing. And this is happening across our parks across the world. In fact, Walt Disney World, which was at a 25% capacity constraint, which was our industrial engineering estimates to keep 6-foot social distancing, now has been able to increase to 35% of capacity, so almost a 50% increase in the number of guests that we can allow in and still adhere to the local guidelines and the guidelines that are stipulated by the CDC with the 6-foot social distancing. So we're very pleased by how we've become adept at operating under these constraints.

就我們繼續改善公園的機會而言，我們實際上對我們目前在世界各地的公園中看到的情況感到非常鼓舞。確實有兩種動態正在發生。第一，我們的公園運營商，如您所知，是世界上最好的運營商，他們在 COVID 指南下運營的效率和效果要高得多。我們已經能夠相當大地提高我們的能力，並且仍然遵守地方政府給我們的指導方針，例如 6 英尺的社會距離。我們在世界各地的公園都在發生這種情況。事實上，沃爾特迪斯尼樂園的容量限制為 25%，這是我們工業工程估計保持 6 英尺社交距離的限制，現在已經能夠增加到容量的 35%，因此增加了近 50%我們可以允許的客人數量，並且仍然遵守當地準則和 CDC 規定的準則，並保持 6 英尺的社交距離。因此，我們對如何在這些限制條件下熟練地運作感到非常高興。

But the second thing that's even more encouraging is the demanding -- demand that's growing for our parks across the world. I think it says 2 different things: number one, shows the love that guests have for our experiences that we have within our parks and the tremendous IP that we have -- as a company have; but I also think it speaks to the trust that people have, given the track record that we now have after months of operating across the globe with very stringent guidelines. And we're very pleased with our track record. And I think people are now, through forward bookings and reservations, showing some very encouraging signs about their willingness to come and spend time with us at a Disney park.

但更令人鼓舞的第二件事是要求——對我們世界各地公園的需求正在增長。我認為它說明了兩個不同的事情：第一，表明遊客對我們在公園內的體驗的熱愛，以及我們擁有的巨大知識產權——作為一家公司；但我也認為這說明了人們的信任，鑑於我們在全球範圍內按照非常嚴格的指導方針運營數月後現在擁有的業績記錄。我們對我們的業績記錄感到非常滿意。我認為人們現在通過提前預訂和預訂，顯示出一些非常令人鼓舞的跡象，表明他們願意來迪士尼樂園與我們共度時光。

Our next question will come from Ben Swinburne with Morgan Stanley.

我們的下一個問題將來自 Ben Swinburne 和 Morgan Stanley。

Christine, I know you're not going to be providing the accretion dilution analysis going forward, and I certainly get a lot of moving pieces. But I'm just wondering if you could tell us whether there are additional costs that you expect to come out of the business. I think you guys had talked about over $2 billion of synergies. I'm just wondering if we look at '21 versus '20, if there's still more to go as you work through the integration, et cetera.

克里斯汀，我知道你不會提供未來的吸積稀釋分析，我當然得到了很多動人的片段。但我只是想知道您是否可以告訴我們您是否希望從業務中產生額外成本。我想你們已經談到了超過 20 億美元的協同效應。我只是想知道我們是否比較 21 年和 20 年，在您完成整合等工作時是否還有更多工作要做。

And then probably for Bob. Bob, I know you're saving a lot for December 10, but you announced a pretty substantial reorganization of the company in a year that's obviously already had a lot of disruption particularly around the direct-to-consumer business with Kevin leaving, et cetera. I'm just wondering if you could talk a little bit more about your motivation there, kind of the reaction you've gotten from your senior executives. Many have had their roles shift pretty substantially, including giving up kind of P&L accountability. Just wondering if you could talk about your confidence that you're going to get what you want out of this from a company perspective and that you can manage the risk of separating content production decisions from monetization decisions because it's a pretty substantial change.

然後可能是鮑勃。鮑勃，我知道你為 12 月 10 日節省了很多錢，但你宣佈在一年內對公司進行相當大的重組，這顯然已經造成了很多干擾，特別是在凱文離開等直接面向消費者的業務方面.我只是想知道你是否可以多談談你在那裡的動機，以及你從高級管理人員那裡得到的反應。許多人的角色發生了相當大的轉變，包括放棄某種損益責任。只是想知道您是否可以從公司的角度談談您是否有信心從中得到您想要的東西，並且您可以管理將內容製作決策與貨幣化決策分開的風險，因為這是一個相當大的變化。

Okay. Ben, it's Christine. Let me take your first question, which was on the cost savings that we achieved from the integration of 21CF. And we did meet -- actually, we exceeded that $2 billion number. And so we feel really good about the momentum we have on the efficiency side. And we're also going to take the opportunity to continue looking for operational efficiencies. The one thing we've learned in this COVID environment is there are ways of being more efficient, and we'll continue to mine those. And it actually has really helped us not only in segments like our parks business that are directly impacted but throughout the entire company. So we'll continue to drive towards greater efficiencies.

好的。本，是克里斯汀。讓我回答您的第一個問題，即我們通過整合 21CF 實現的成本節約。我們確實遇到了——實際上，我們超過了 20 億美元的數字。因此，我們對效率方面的勢頭感到非常滿意。我們還將藉此機會繼續尋求運營效率。我們在這個 COVID 環境中學到的一件事是，有一些方法可以提高效率，我們將繼續挖掘這些方法。實際上，它不僅在我們的公園業務等直接受到影響的領域，而且在整個公司都對我們有所幫助。因此，我們將繼續努力提高效率。

And with the -- you asked about how much do we incur in the restructuring charges related to Fox. Overall, Fox restructuring charges were $1.7 billion. And $1.2 billion of that was incurred in fiscal '19. So $500 million was done this year. And in this quarter, where we had about a little under $400 million of restructuring charges, a portion of that was also Fox-related. It comes out to about a little over -- a little less than 30%. So the balance was related to our cuts at -- reductions in force at parks.

隨著 - 你問我們在與 Fox 相關的重組費用中產生了多少。總體而言，福克斯的重組費用為 17 億美元。其中 12 億美元發生在 19 財年。因此，今年完成了 5 億美元。在本季度，我們的重組費用略低於 4 億美元，其中一部分也與 Fox 相關。結果大約有點多——略低於 30%。因此，平衡與我們削減公園的力量有關。

Got it.

知道了。

And in terms of the question on the reorganization, I would suggest that maybe given everything that's happening in the world, this is the perfect time for us to do such a reorganization. And I'm 100% confident that this is going to play out exactly as we had intended. It's going extremely well. And despite the disruption in everyone's roles, I think we have 100% buy-in. I think we have 100% buy-in because we have clarity on accountability, which everyone really likes, and we separate out roles to what people tend to do best. Content does what they do best and the same with distribution. So distribution, who manages the P&L, will set the parameters for our annual and long-term budget framework that's been agreed to on the slate with the content creators. And then the content creators then green light the individual projects and then shepherd development and production. So essentially, distribution is now able to optimize the commercialization without maybe too much unnecessary regard for legacy distribution platforms. But at the same time, our creatives, who, as you know, are the best in the world, are really free to do what they do and that's just make the best content and storytelling possible. A lot of collaboration between the 2 groups but ultimately some level of independence in terms of each being what they can be and doing their jobs best.

就重組問題而言，我建議考慮到世界上正在發生的一切，現在是我們進行此類重組的最佳時機。而且我 100% 相信這將完全按照我們的預期進行。它進行得非常順利。儘管每個人的角色都被打亂了，但我認為我們有 100% 的支持。我認為我們有 100% 的支持，因為我們明確了每個人都非常喜歡的問責制，並且我們將角色與人們最擅長的事情分開。內容做他們最擅長的事情，分發也是如此。因此，管理 P&L 的發行部門將為我們的年度和長期預算框架設置參數，該框架已與內容創建者達成一致。然後內容創建者為各個項目開綠燈，然後引導開發和生產。因此，從本質上講，發行現在能夠優化商業化，而不必過多地考慮遺留發行平台。但與此同時，如您所知，我們的創意人員是世界上最好的，他們真的可以自由地做他們所做的事情，這只會讓最好的內容和故事成為可能。這兩個小組之間有很多合作，但最終在每個人都可以做的事情和盡力而為方面具有一定程度的獨立性。

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

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

I have 2 questions as well. Could you comment on the change of management at Star? Does that affect your strategy in India or outside with the rollout of the Star-branded service?

我也有兩個問題。您能評論一下 Star 管理層的變動嗎？隨著 Star 品牌服務的推出，這是否會影響您在印度或外部的戰略？

And then secondly, sorry to be negative, but the sports viewing decline, I mean there's just so much going on, and I wonder if you could give us your thoughts. Like there were no fans in the stadium. So it changes the viewing experience. The calendar has changed. There's a lot of sports in a short period of time. Do you have any concerns about how this will impact consumer behavior post-COVID? I'd love your thoughts on kind of the longer-term outlook for sports.

然後其次，很抱歉是負面的，但體育收視率下降，我的意思是發生了很多事情，我想知道你是否可以告訴我們你的想法。就像體育場裡沒有球迷一樣。所以它改變了觀看體驗。日曆已更改。短時間內有很多運動。您是否擔心這將如何影響 COVID 後的消費者行為？我很想知道你對體育的長期前景的看法。

Okay. Jessica, thanks. I am going to turn both of those questions over to Bob.

好的。傑西卡，謝謝。我要把這兩個問題都交給鮑勃。

Okay. I'm going to take the last one first. In terms of sports ratings, sports ratings, we feel that in context of everything that's happening, are actually holding up quite well. But we would be careful not to draw any conclusions about the ultimate health of sports, sort of the long-term impact that you suggested during this pandemic. We really think that we're sort of looking at apples and oranges here.

好的。我要先拿最後一個。就體育收視率而言，體育收視率，我們認為在發生的所有事情的背景下，實際上都保持得很好。但我們會小心，不要對運動的最終健康做出任何結論，比如你在這場大流行病期間提出的長期影響。我們真的認為我們在這裡有點像看蘋果和橘子。

I think the best comp we probably have is the NFL, which has been relatively flat. Our Monday night football viewership has been down 4%, relatively modest despite all the headwinds. I mean we've got the risk of seasons not finishing. To your point, we don't have fans in the stands. We have the risk of games individually every week being canceled. We have election news as competition. And we really can't have our fans doing what they like to do the best, which is watch in a communal setting. They pretty much are watching by themselves. Despite all those headwinds, the fact that our Monday night football business is relatively flat in terms of viewership is really -- I think really encouraging. And if you adjust, if you will, viewership over the last couple of months for the amount of available content, you see that they kind of slide together. So we actually don't have any concerns about the long-term health of sports. Obviously, we've got some headwinds as it pertains to short-term challenges and hurdles, but we think that all in all, in context, the health of sports is pretty decent given everything that's going on.

我認為我們可能擁有的最好的比賽是 NFL，它一直相對平穩。我們週一晚上的足球收視率下降了 4%，儘管有種種不利因素，但相對溫和。我的意思是我們有賽季沒有結束的風險。就你的觀點而言，我們看台上沒有球迷。我們每週都有個別比賽被取消的風險。我們有選舉新聞作為競爭。我們真的不能讓我們的粉絲做他們最喜歡做的事情，那就是在公共環境中觀看。他們幾乎是在自己看著。儘管存在所有這些不利因素，但我們週一晚上的足球業務在收視率方面相對平淡這一事實確實 - 我認為非常令人鼓舞。而且，如果您根據可用內容的數量調整過去幾個月的收視率，您會發現它們有點滑在一起。所以我們其實對運動的長期健康沒有任何顧慮。顯然，我們遇到了一些與短期挑戰和障礙有關的不利因素，但我們認為，總而言之，考慮到正在發生的一切，體育運動的健康狀況相當不錯。

In terms of India, obviously, we have an executive there, Uday Shankar, who we love, and we wish him well. He gave us some indication several months ago that he was thinking of moving on. We've got a really deep bench there. And we feel that we have all kinds of opportunities and a lot of success so far with Disney+. And we have no reason to believe that, that success won't continue and even accelerate going forward.

就印度而言，顯然，我們在那裡有一位高管 Uday Shankar，我們愛他，我們祝他一切順利。幾個月前他給了我們一些跡象，表明他正在考慮繼續前進。我們那裡有一個非常深的板凳。我們覺得到目前為止，我們在 Disney+ 上擁有各種各樣的機會並取得了很多成功。我們沒有理由相信，這種成功不會繼續下去，甚至不會加速前進。

Our next question will come from Doug Mitchelson with Crédit Suisse.

我們的下一個問題將來自 Crédit Suisse 的 Doug Mitchelson。

Lowell, I got 2 quick ones and then a main question. The quick ones are the math on India. I think if I have it right, based on Christine's comment around $5.30, you're around 11 million subs, which would be about 2.5 million added in the quarter. I just wanted to make sure that was in the ballpark. And I was looking for an update on the cruise ships that were on order.

洛厄爾，我有 2 個快速問題，然後是一個主要問題。快速的是印度的數學。我想如果我沒記錯的話，根據克里斯汀關於 5.30 美元的評論，你大約有 1100 萬訂閱者，這將在本季度增加約 250 萬。我只是想確保那在球場上。我一直在尋找有關已訂購遊輪的最新信息。

But the main question is, having re-upped some Disney+ distribution deals, what changes are you seeing now? Now that you are out of the uncertain launch phase and the value on both sides is better defined for you and for the distributor, does the economics of those deals change? Or should we think about the cost of that marketing channel as locked in? And I also ask because as you add more and more original content to your streaming services, I would think the benefit starts to shift in favor of the distributors as you add more and more value to those services. So that would be helpful.

但主要問題是，在重新增加一些 Disney+ 分銷協議後，您現在看到了哪些變化？既然您已經走出了不確定的發布階段，雙方的價值對您和分銷商的價值都得到了更好的定義，那麼這些交易的經濟效益是否會發生變化？或者我們是否應該考慮鎖定該營銷渠道的成本？我還問，因為隨著您向流媒體服務添加越來越多的原創內容，我認為隨著您為這些服務添加越來越多的價值，收益開始向有利於分銷商的方向轉移。這樣會有幫助。

Okay. So I'll let Christine sort of quickly address your India question, and then I'll turn over the cruise and the Disney+ questions to Bob.

好的。所以我會讓克里斯汀快速解決你的印度問題，然後我會把遊輪和迪士尼 + 的問題交給鮑勃。

Okay. Doug, we're not -- the comments that I gave on the Hotstar Disney+ India subs, we just don't comment on those economics. So unfortunately, we can't give you any more detail on that.

好的。道格，我們不是——我對 Hotstar Disney+ India 潛艇發表的評論，我們只是不對這些經濟學發表評論。很遺憾，我們無法為您提供更多詳細信息。

And in terms of cruise ships, as you know, we just got new guidelines from the CDC that are quite thorough, let's say. And they really entail some really high hurdles in terms of not only testing by -- the potential guests that we host on the ships but also a process that has to happen in order to certify our first sailings. Those will necessarily result in delays beyond what we had hoped in terms of getting our ships back in service and making magic for our guests. I guess the best news out of all of it is that we now do see some light at the end of the tunnel. I think we have an opportunity to create sort of a Disney bubble, if you want -- if you would, on each one of our cruise ships. And demand is very, very strong for our cruise ships. We're seeing extremely strong demand in the back half of fiscal year '21 and all of '22 in terms of bookings. That said, that then creates the demand for the new ships that you asked about. And right now, we're anticipating delivering our first new ship, the Wish, in summer of '22. And then we have our next 2 ships in '24 and '25. And so after a slight delay of roughly 6 months on those ships, we think that we're going to be able to bring them on to service. We hope and expect that the world will back to normal by then and anticipate having a fine time trying to fill up the demand of those ships. And we think there's going to be so much pent-up demand that we don't expect to have much issues, given the love that our guests have for Disney Cruise Line.

就遊輪而言，如您所知，我們剛剛從 CDC 那裡獲得了非常詳盡的新指南。它們確實帶來了一些非常高的障礙，不僅是我們在船上接待的潛在客人進行的測試，而且還有一個必鬚髮生的過程，以證明我們的第一次航行。在讓我們的船隻恢復服務和為我們的客人創造奇蹟方面，這些必然會導致超出我們希望的延誤。我想最好的消息是我們現在確實看到了隧道盡頭的曙光。我認為我們有機會創造一種迪士尼泡沫，如果你願意的話——如果你願意的話，在我們的每艘遊輪上。對我們的遊輪的需求非常非常強勁。我們看到 21 財年下半年和整個 22 財年的預訂需求極其強勁。也就是說，這會產生對您詢問的新船的需求。現在，我們預計在 22 年夏天交付我們的第一艘新船 Wish。然後我們在 24 年和 25 年有我們的下兩艘船。因此，在這些船上稍微延遲了大約 6 個月之後，我們認為我們將能夠讓它們投入使用。我們希望並期待到那時世界將恢復正常，並期待有一段美好的時光來滿足這些船隻的需求。鑑於我們的客人對迪士尼遊輪公司的熱愛，我們認為會有如此多的被壓抑的需求，我們預計不會有太多問題。

In terms of the distribution deals and sort of changing the landscape over time with those, we're really pleased with our partnerships to date. We try to limit them. We don't do too many, but we use them to strategically pursue growth of our subscriber base and lower subscriber acquisition costs. So as you know, we have 1 or 2 of these in each market. That's about it, but it really does help us sort of provide a base during our growth phase. And we've got full flexibility over time to either ramp those up or ramp those down as we see fit.

就分銷交易以及隨著時間的推移改變格局而言，我們對迄今為止的合作夥伴關係感到非常滿意。我們試圖限制他們。我們沒有做太多，但我們使用它們來戰略性地追求用戶群的增長和降低用戶獲取成本。如您所知，我們在每個市場都有 1 到 2 個這樣的產品。僅此而已，但它確實確實幫助我們在成長階段提供了基礎。隨著時間的推移，我們擁有充分的靈活性，可以在我們認為合適的時候增加或減少這些數量。

Our next question will come from Jason Bazinet with Citi.

我們的下一個問題將來自花旗銀行的 Jason Bazinet。

Just a question for Mr. Chapek. Can I go back to the reorg that you announced? The more content it seems that you put on the DTC side, the lower your earnings will be but the better the sub growth will be and the higher the stock price will be. And so as those decisions are being made today and next year and the year after, are there guardrails in place that sort of mean this will be a gradual transition? Or is it really whatever the right business decision is the right business decision, and you'll do it even if it means maybe different near-term financials in terms of profitability than The Street is expecting?

只是問 Chapek 先生一個問題。我可以回到你宣布的重組嗎？看起來你在DTC這邊放的內容越多，你的收益就會越低，但是子增長會越好，股價就會越高。因此，在今天、明年和後年做出這些決定時，是否有適當的護欄，這意味著這將是一個漸進的過渡？或者它真的是任何正確的商業決策都是正確的商業決策，即使這意味著就盈利能力而言可能與華爾街預期的近期財務狀況不同，你也會這樣做？

Okay. Thanks, Jason.

好的。謝謝，傑森。

Yes. I think the guardrails are good common sense as it pertains to managing cash. With our parks business sort of being -- having an anchor on it, if you will, that we can't properly operate our parks business like we'd like to, we have to be a little bit more careful today than we might have to be in the future. But I'm just going to suggest that when we talk to everybody on December 10, I think you're going to see that we're going to put a lot of wind in the sails of our Disney+ business and heavily invest in it. And so the guardrails are just the only ones that would be the constraints that we face today in terms of cash. Other than that, everything is really full speed forward. And of course, we've got our linear networks that we're managing. We've made some reductions just this last week at ESPN as we manage the transition from linear to more of a digital experience and a direct-to-consumer experience. And so as we toggle that balance between sort of the legacy, old media businesses to the new media businesses, we'll do it aggressively, but we will watch it from a cash standpoint in the meantime.

是的。我認為護欄是很好的常識，因為它與管理現金有關。我們的公園業務有點像 - 如果你願意的話，我們不能像我們希望的那樣正確地經營我們的公園業務，我們今天必須比我們可能更加小心在未來。但我只是建議，當我們在 12 月 10 日與大家交談時，我想你們會看到我們將為 Disney+ 業務大放異彩，並對其進行大量投資。因此，護欄只是我們今天在現金方面面臨的唯一限制。除此之外，一切都在全速前進。當然，我們有我們正在管理的線性網絡。就在上週，我們在 ESPN 進行了一些縮減，因為我們管理著從線性體驗到更多數字體驗和直接面向消費者的體驗的轉變。因此，當我們在傳統、舊媒體業務與新媒體業務之間切換這種平衡時，我們會積極地做這件事，但同時我們會從現金的角度來看。

Our next question will come from John Hodulik with UBS.

我們的下一個問題將來自瑞銀的 John Hodulik。

Maybe just a quick -- couple of few follow-up to Jason's questions. Bob, in terms of the cash, you got $18 billion on the books. I guess can we expect a significant -- like you said, a significant ramp in the content spend? And can we assume, as a result of that, that the progress you guys have made in terms of D2C losses doesn't mean that those losses have peaked at this point?

也許只是對 Jason 的問題的快速跟進。鮑勃，就現金而言，你賬面上有 180 億美元。我想我們可以期待一個顯著的 - 就像你說的那樣，內容支出顯著增加嗎？因此，我們是否可以假設你們在 D2C 損失方面取得的進展並不意味著這些損失此時已經達到頂峰？

And then can you talk a little bit about content spend as it relates to entertainment program going into Disney+ and Hulu and Star and ESPN+. ESPN+ obviously has been a -- there's some nice growth there getting up to 10 million subs. Do you expect to shift more of your portfolio from -- or simulcasted from linear to the D2C platform? Or should we expect some investments in new rights?

然後你能談談內容支出嗎，因為它與進入 Disney+、Hulu、Star 和 ESPN+ 的娛樂節目有關。 ESPN+ 顯然已經 - 有一些不錯的增長，訂閱人數達到 1000 萬。您是否希望將更多的投資組合從線性轉移到 D2C 平台或從線性聯播轉移到 D2C 平台？還是我們應該期待對新權利的一些投資？

Okay. John, thanks for the questions. I'm going to let Christine take the first question around cash, and then, Bob, talk a little bit more about programming investment.

好的。約翰，謝謝你的提問。我將讓 Christine 回答有關現金的第一個問題，然後，Bob，再談談編程投資。

Great.

偉大的。

John, it's Christine. You're right that our cash and cash equivalents are a very healthy $18 billion. That's down from $23 billion in the prior quarter. Just to put some context around the reduction, we lowered our commercial paper balances by almost $5 billion. And we also had some bond maturities, over $1 billion, that we took care of. But we are still generating operating cash, and we are investing in our content now. We're spending -- a lot of our productions are back up and running. So we're going to manage this. But as we ramp up even more additional new productions, we will be spending more cash on that. But we'll follow this up. And when the peak of investment is anticipated, we will update you with that information on December 10.

約翰，我是克里斯汀。你說得對，我們的現金和現金等價物是非常健康的 180 億美元。這低於上一季度的 230 億美元。只是為了說明減少的背景，我們將商業票據余額減少了近 50 億美元。我們還處理了一些超過 10 億美元的到期債券。但我們仍在產生運營現金，我們現在正在投資我們的內容。我們正在支出——我們的許多產品都已恢復運行。所以我們要解決這個問題。但是隨著我們增加更多的新產品，我們將在這上面花費更多的現金。但我們會跟進此事。當預計投資高峰時，我們將在 12 月 10 日向您更新該信息。

And my answers are going to be relatively the same in terms of the programming between our linear and our DTC business. First of all, Christine will talk about sort of the guidance at the investor conference, specifically in terms of -- we have our losses peaked, which was your direct question. I must say though, additionally, we will be investing heavily. We'll talk again about -- more about this at the investor conference, but we are going to continue to ramp up our investment in DTC. And we will be heavily tilting the scale from linear networks over to our DTC business as we see that, as we said in our opening comments, our primary catalyst for growth as a company. So again, we're going to talk a lot more about this on December 10, but you will see a heavily -- a heavy tilt.

就我們的線性業務和 DTC 業務之間的編程而言，我的答案將相對相同。首先，克里斯汀將在投資者會議上談論某種指導，特別是關於——我們的損失已經達到頂峰，這是你的直接問題。不過，我必須說，此外，我們將進行大量投資。我們將在投資者會議上再次討論——更多地討論這個問題，但我們將繼續加大對 DTC 的投資。正如我們在開場評論中所說的那樣，我們將把規模從線性網絡嚴重傾斜到我們的 DTC 業務，這是我們作為公司增長的主要催化劑。再次重申，我們將在 12 月 10 日就此進行更多討論，但你會看到一個嚴重的傾斜。

And our final question today will come from Michael Morris with Guggenheim.

我們今天的最後一個問題將來自古根海姆的邁克爾莫里斯。

Two from me. First, can you talk about the ad revenue per Hulu subscriber decline in the quarter that you referenced in the release? Just given the strength that we're seeing in the sort of connected TV marketplace, I was kind of surprised to see that. So I'm curious, your take on how that business is going and how we should think about that.

我的兩個。首先，您能談談您在新聞稿中提到的那個季度每個 Hulu 訂戶的廣告收入下降情況嗎？鑑於我們在聯網電視市場中看到的力量，看到這一點我有點驚訝。所以我很好奇，你對這項業務的進展情況以及我們應該如何考慮這一點的看法。

My second question is really a follow-up to one of the early ones around sports and sports content. And I'm curious how you think about expanding sports content availability to consumers that don't have a pay TV package. I think at this point, there's 30 million or 35 million households in the U.S. Bob, you just referenced some of the stability in ratings. So maybe that would imply that people who want sports still take pay TV, and so it's not an issue. But I'm curious if the leagues have any increasing urgency to sort of reach those cord-cutters or cord-nevers and maybe what some of the considerations are for you, whether it's financial impact or whether it's rights limitations or things like that?

我的第二個問題實際上是關於體育和體育內容的早期問題之一的跟進。我很好奇您如何考慮向沒有付費電視套餐的消費者擴大體育內容的可用性。我認為在這一點上，美國有 3000 萬或 3500 萬個家庭鮑勃，你剛剛提到了收視率的一些穩定性。所以也許這意味著喜歡運動的人仍然會收看付費電視，所以這不是問題。但我很好奇聯盟是否有任何越來越緊迫的需求來接觸那些斷線者或斷線者，也許對你來說有哪些考慮因素，無論是財務影響還是權利限製或類似的事情？

Okay, okay. Mike, so I'm going to let Bob take the sports question, and then we'll go to Christine on the Hulu question.

好吧好吧。邁克，所以我要讓鮑勃回答體育問題，然後我們將請克里斯汀回答 Hulu 問題。

Okay. In terms of the -- sort of the cord-cutters and solutions for the cord-cutters, I won't speak to what the leagues' thoughts are. I'll leave that up to them. But I will tell you that we've got a product that we're really excited about and has experienced some rapid growth, and that's Hulu + Live TV. And it really gives the utility that consumers might normally find from the cable or satellite subscriber and be able to get it over-the-top directly to their homes. And I think this will increasingly act as a solution to those households that have walked away from their traditional, more traditional cable type of subscriptions and potentially slide it over to Hulu + Live TV. And that's one of the reasons why we're really bullish about that business. I'm a personal big fan of it. I use it. And it's really slick. It's very elegant, and it really is a big solution provider. It's really the complete solution, I think. So we're excited about that in terms of solving a consumer need for those consumers, as you mentioned, that have all walked away from that particular way of distributing and receiving content.

好的。就那種剪線鉗和剪線鉗的解決方案而言，我不會說聯盟的想法是什麼。我會把它留給他們。但我會告訴你，我們有一個讓我們非常興奮並且經歷了一些快速增長的產品，那就是 Hulu + Live TV。它確實提供了消費者通常可以從有線或衛星用戶那裡找到的實用程序，並且能夠將其直接傳輸到他們的家中。而且我認為這將越來越多地成為那些已經放棄傳統的、更傳統的有線電視類型訂閱並可能將其轉移到 Hulu + Live TV 的家庭的解決方案。這就是我們真正看好該業務的原因之一。我個人是它的超級粉絲。我用這個。而且它真的很光滑。它非常優雅，它確實是一個大的解決方案提供者。我認為這確實是完整的解決方案。因此，正如您提到的那樣，我們很高興能夠解決那些消費者的消費者需求，這些消費者都已經放棄了分發和接收內容的特定方式。

Mike, and on Hulu, overall, I would say that we're seeing very, very strong demand for advertising on Hulu in the addressable market. But the year-over-year comparisons were negatively impacted on a per-sub basis by what we're seeing in the advertising market overall in Q3 and Q4. But we're going to talk more about Hulu advertising in more detail at the Investor Day. So just hold on until December 10, and hopefully, we can answer all your questions then.

邁克和 Hulu，總的來說，我會說我們在潛在市場上看到對 Hulu 廣告的非常非常強勁的需求。但是，我們在第三季度和第四季度在整個廣告市場上看到的情況對每個訂閱者的同比比較產生了負面影響。但我們將在投資者日更詳細地討論 Hulu 廣告。所以請堅持到 12 月 10 日，希望我們能在那時回答您的所有問題。

Okay, Mike. Thank you, and thanks again, everyone, for joining us today. As Bob and Christine have mentioned, we are looking forward to sharing a lot more with you at our December 10 Investor Day, and we look forward to seeing a lot of you then.

好的，邁克。謝謝大家，再次感謝大家今天加入我們。正如 Bob 和 Christine 所提到的，我們期待在 12 月 10 日的投資者日與您分享更多內容，我們期待屆時與您見面。

Note that a reconciliation of non-GAAP measures that were referred to on this call to equivalent GAAP measures can be found on our Investor Relations website. Let me also remind you that certain statements on this call, including financial estimates or statements about our plans, expectations, beliefs or business prospects 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 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.

請注意，可以在我們的投資者關係網站上找到本次電話會議中提到的非 GAAP 措施與等效 GAAP 措施的對賬。我還要提醒您，本次電話會議的某些陳述，包括財務估計或關於我們的計劃、預期、信念或業務前景的陳述，可能構成證券法規定的前瞻性陳述。我們根據我們對未來事件和業務績效的看法和假設做出這些陳述，我們不承擔更新這些陳述的任何義務。前瞻性陳述受多種風險和不確定因素的影響，實際結果可能與明示或暗示的結果存在重大差異，原因多種多樣，包括我們 10-K 表年度報告、季度報告中包含的因素10-Q 表格以及我們向美國證券交易委員會提交的其他文件。

This concludes today's call. Have a great rest of the day, everyone.

今天的電話會議到此結束。祝大家今天休息愉快。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。