迪士尼 (DIS) 2020 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and [welcome to the Walt Disney] 2020 Third Quarter Financial Results Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

女士們、先生們，感謝你們的支持，歡迎參加華特迪士尼 2020 年第三季財務業績電話會議。（操作員指示）請注意，今天的會議正在錄音。（操作員指示）

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

現在，我想將會議交給今天的發言人、投資者關係高級副總裁洛威爾辛格先生。請說，先生。

Good afternoon, and welcome to The Walt Disney Company's Third 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 copy of the webcast and a transcript will also be available on our website.

下午好，歡迎參加華特迪士尼公司 2020 年第三季財報電話會議。我們的新聞稿大約在 25 分鐘前發布，可在我們的網站 www.disney.com/investors 上查閱。今天的電話會議也將進行網路直播，網路直播的副本和文字記錄也將在我們的網站上提供。

We realize most of you are joining us today from your homes, and we hope everyone is doing well. 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'll be happy to take some questions.

我們意識到今天大多數人都是在家裡加入我們的，我們希望每個人都一切順利。我們也遠端主持今天的電話會議。和我一起從家裡來的還有迪士尼執行長鮑勃‧查佩克 (Bob Chapek) 和高級執行副總裁兼財務長克里斯汀‧麥卡錫 (Christine McCarthy)。根據鮑勃和克里斯汀的評論，我們很樂意回答一些問題。

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

因此，現在讓我將電話轉給 Bob Chapek 來開始。

Thanks, Lowell. And good afternoon, everyone. I hope you're all doing well and staying safe. These continue to be challenging times for our world. The impact of the pandemic on people's lives, our communities, businesses and way of life has been devastating. And we remain deeply appreciative of the health care workers, researchers, community leaders and everyone doing their part to get us through this difficult period.

謝謝，洛威爾。大家下午好。我希望你們一切都好並且平安。對我們的世界來說，這仍然是充滿挑戰的時期。疫情對人們的生活、社區、企業和生活方式造成了毀滅性的影響。我們仍然深深感謝醫護人員、研究人員、社區領袖以及所有為我們度過這段困難時期做出貢獻的人。

Along with the challenges posed by the pandemic, the issues of racism and social injustice have also been front and center in ours and the nation's consciousness in recent months. We've been working closely with our employees and cast members in this critical area and have established 6 new strategic pillars to achieve greater diversity and inclusion across the company. We are committed to strongly advancing these initiatives as we strive towards greater representation and inclusion, both in our workforce and creative content.

除了疫情帶來的挑戰之外，近幾個月來，種族主義和社會不公也成為我們和國家意識中關注的焦點。我們一直與這一關鍵領域的員工和演員密切合作，並建立了 6 個新的策略支柱，以實現整個公司的多元化和包容性。我們致力於大力推動這些舉措，努力在員工隊伍和創意內容方面實現更大的代表性和包容性。

As you know, the majority of businesses worldwide have experienced unprecedented disruption as a result of the pandemic. Most of our businesses were shut down, and this had a huge impact on our third quarter results. Adjusted EPS in the quarter was $0.08 a share compared to $1.34 a share last year. Christine will talk more in depth about our results for the quarter.

眾所周知，全球大多數企業都因疫情遭受了前所未有的破壞。我們的大部分業務都關閉了，這對我們第三季的業績產生了巨大的影響。本季調整後每股收益為 0.08 美元，去年同期為每股 1.34 美元。克里斯汀將更深入地談論我們本季的業績。

Despite the harsh realities we are facing today, we have made some encouraging progress. Since our last earnings call, we've begun a responsible phased reopening of our parks in Shanghai, Paris, Tokyo and Orlando as well as our shopping and dining area, Downtown Disney in Anaheim. We have prioritized the health and safety of our cast members and guests and have instituted protocols that include a mandatory mask policy, temperature screenings, increased cleaning and disinfecting as well as capacity restrictions to promote social distancing. We continue to work with national and local health and government officials in this very fluid situation and are making adjustments as necessary.

儘管我們今天面臨嚴峻的現實，但我們還是取得了一些令人鼓舞的進展。自上次財報電話會議以來，我們已開始分階段負責任地重新開放位於上海、巴黎、東京和奧蘭多的公園以及位於阿納海姆的購物和餐飲區迪士尼市中心。我們優先考慮演員和嘉賓的健康和安全，並製定了包括強制戴口罩、體溫篩檢、加強清潔和消毒以及限制容量以保持社交距離等規程。在這種非常不穩定的情況下，我們繼續與國家和地方衛生和政府官員合作，並根據需要進行調整。

Along with millions of fans, we're also pleased with the return of major live sports on ESPN, including the successful resumption of the NBA and MLS seasons within the Walt Disney World Bubble and restarts of the WNBA and MLB. Another positive development to note has been the initial restarting of some of our television and film productions, both domestically and overseas.

除了數百萬球迷之外，我們也對 ESPN 主要體育賽事直播的回歸感到高興，包括在華特迪士尼世界泡泡內成功恢復 NBA 和 MLS 賽季以及 WNBA 和 MLB 的重啟。另一個值得注意的積極發展是，我們的一些國內外電視和電影製作已初步恢復。

When I became CEO in February, I emphasized that we will continue to pursue bold innovation, thoughtful risk-taking and the creative storytelling that is the lifeblood of The Walt Disney Company. And despite the challenges of the pandemic, we've managed to take deliberate and innovative steps in running our businesses. At the same time, we've also been very focused on advancing and growing our direct-to-consumer business, which we see as our top priority and key to the future of our company.

當我在二月就任執行長時，我強調我們將繼續追求大膽的創新、深思熟慮的冒險和創造性的故事敘述，這是華特迪士尼公司的命脈。儘管面臨疫情的挑戰，我們仍在業務運作中採取了深思熟慮和創新的措施。同時，我們也非常注重推進和發展我們的直接面向消費者的業務，我們認為這是我們的首要任務和公司未來的關鍵。

Last November, we successfully launched Disney+ domestically, and we've since rolled it out in a number of major international markets, including Western Europe, India and Japan. I am also incredibly pleased to announce that, as of yesterday, we have surpassed 60.5 million paid subscribers globally, far exceeding our initial projections for the service. As our global sub numbers continue to grow, we've also exceeded our internal subscriber projections in every major market we've launched thus far. The tremendous success of Disney+ in less than a year clearly establishes us as a major force in the global direct-to-consumer space. We will continue our international expansion with the launch of Disney+ in the Nordics, Belgium, Luxembourg and Portugal in September and in Latin America this November. And I'm happy to announce that we will also be rolling out Disney+ Hotstar on September 5 in Indonesia, one of the world's most populous countries. By year-end, Disney+ will be available in 9 of the top 10 economies in the world.

去年 11 月，我們在國內成功推出了 Disney+，此後我們又在西歐、印度和日本等多個主要國際市場推出。我還非常高興地宣布，截至昨天，我們全球付費用戶已超過 6,050 萬，遠遠超出了我們對該服務的最初預測。隨著我們全球用戶數量的持續增長，我們迄今為止在每個主要市場中的用戶數量都超出了我們的內部預測。Disney+ 在不到一年的時間內取得的巨大成功清楚地確立了我們作為全球直接面向消費者領域的一支重要力量。我們將繼續進行國際擴張，9 月將在北歐、比利時、盧森堡和葡萄牙推出 Disney+，11 月將在拉丁美洲推出。我很高興地宣布，我們也將於 9 月 5 日在世界上人口最多的國家之一印尼推出 Disney+ Hotstar。到年底，Disney+ 將在全球十大經濟體中的 9 個地區上線。

When you look across our full portfolio of direct-to-consumer businesses at Disney+, Hulu and ESPN+, our combined global reach now exceeds an astounding 100 million paid subscriptions. This is a significant milestone and a reaffirmation of our strategy for growth. In fact, the incredible success we've achieved to date has made us even more confident about the future of our direct-to-consumer business and our ability to be more aggressive in our approach. Going forward, this confidence, coupled with the trends we're seeing in the multichannel universe, will lead us to pursue even more innovative and bold initiatives as we continue to grow the business.

當您瀏覽我們在 Disney+、Hulu 和 ESPN+ 的全部直接面向消費者的業務組合時，您會發現我們合併後的全球覆蓋範圍現已超過驚人的 1 億付費訂閱用戶。這是一個重要的里程碑，也是對我們成長策略的再次肯定。事實上，我們迄今為止取得的令人難以置信的成功使我們對直接面向消費者的業務的未來以及我們採取更積極主動的方式的能力更加有信心。展望未來，這種信心加上我們在多通路領域看到的趨勢，將引導我們在業務持續成長的同時追求更具創新性和大膽的舉措。

I'd like to take this opportunity to share with you some of our upcoming plans, and then we'll provide you more details at an investor presentation that we will host in the upcoming months. We've already demonstrated an aggressive approach to our content creation pipeline, accelerating the Disney+ debuts of Frozen 2, Pixar's Onward, and Star Wars: The Rise of Skywalker. Fast-tracking the debut of Broadway's Hamilton to Disney+, which has been a huge success by combining the best elements of live theater, film and streaming, we have given millions of viewers a whole new way to experience this iconic cultural phenomenon. And last week, Beyonce's visual album, Black Is King, premiered on Disney+ to critical acclaim. It's being widely celebrated for its diverse cast, stunning artistry and inspiring interpretation of the Black experience. Both Hamilton and Black Is King have clearly shown the power of the Disney+ platform for premiering world-class content.

我想藉此機會與大家分享我們即將推出的一些計劃，然後我們將在未來幾個月舉辦的投資者演示會上向大家提供更多詳細資訊。我們已經展示了積極的內容創作方法，加速了《冰雪奇緣 2》、皮克斯的《1/2的魔法》和《星際大戰：天行者的崛起》在 Disney+ 上的首播。我們加快百老匯《漢密爾頓》在 Disney+ 的首演，該劇透過結合現場戲劇、電影和串流媒體的最佳元素取得了巨大成功，為數百萬觀眾提供了一種全新的方式來體驗這一標誌性的文化現象。上週，碧昂絲的視覺專輯《Black Is King》在 Disney+ 首播，獲得好評如潮。該劇因其多元化的演員陣容、令人驚嘆的藝術性和對黑人經歷的鼓舞人心的詮釋而受到廣泛讚譽。《漢密爾頓》和《黑人為王》都清楚地展示了 Disney+ 平台推出世界級內容的實力。

And there's more great content coming to the service. Highlights include Disney live actions' The One and Only Ivan, which will stream exclusively on the service beginning August 21; and The Right Stuff, from National Geographic about NASA's project Mercury, which is set to premiere this fall. And millions of fans are anxiously awaiting the highly anticipated second season of The Mandalorian in October. The blockbuster series was just honored last week with an incredible 15 Emmy nominations, including Outstanding Drama Series, a first for a debut streaming service.

並且還有更多精彩內容即將加入該服務。亮點包括迪士尼真人秀《獨一無二的伊万》，該劇將於 8 月 21 日起在該服務上獨家播放；以及國家地理頻道關於美國宇航局水星計劃的《太空先鋒》，該劇將於今年秋季首播。數百萬粉絲正焦急地等待著十月份備受期待的《曼達洛人》第二季的開播。這部轟動一時的劇集上週剛剛獲得令人難以置信的 15 項艾美獎提名，其中包括傑出劇情類劇集獎，這對於首播的串流媒體服務來說尚屬首次。

It also bears noting that The Walt Disney Company's television, cable, studio productions and streaming entities received an impressive 145 Primetime Emmy nominations. 92 were for programming content produced by our entities, which really speaks to the power of our creative engines across the company. As I said earlier, we've been able to begin resuming some of our creative pipeline activities amidst the pandemic, and we're confident that when we can fully resume operations, we'll be able to do so in a meaningful way with some of the best creative teams and most popular franchises in the industry.

另外值得注意的是，華特迪士尼公司的電視、有線電視、工作室製作和串流媒體實體獲得了令人印象深刻的 145 項黃金時段艾美獎提名。92 個用於我們實體製作的程式內容，這真正體現了我們整個公司的創意引擎的強大力量。正如我之前所說，在疫情期間，我們已經能夠開始恢復一些創意管道活動，並且我們相信，當我們能夠全面恢復運營時，我們將能夠與業內一些最優秀的創意團隊和最受歡迎的特許經營權一起，以有意義的方式做到這一點。

Like many companies, we've had to find innovative ways to conduct our business during the pandemic. While we view this as a devastating situation for everyone affected, it has also forced us to consider different approaches and look for new opportunities. In the process, we're discovering ways to better serve our consumers during this challenging period. Unfortunately, we've had to delay the release of Disney's highly anticipated tentpole film, Mulan, a number of times due to the impact of COVID on theaters. In order to meet the needs of consumers during this unpredictable period, we thought it was important to find alternative ways to bring this exceptional family-friendly film to them in a timely manner. We are announcing today that in most Disney+ markets, including the U.S., Canada, Australia, New Zealand and a number of countries in Western Europe, we will be offering Disney+ subscribers, the epic adventure Mulan on Disney+ on a premier access basis beginning September 4. The price point will be $29.99 in the U.S. and will vary slightly in other countries.

與許多公司一樣，我們必須在疫情期間找到創新的方式來開展業務。雖然我們認為這對所有受影響的人來說都是毀滅性的，但它也迫使我們考慮不同的方法並尋找新的機會。在這個過程中，我們正在尋找在這段充滿挑戰的時期更好地服務消費者的方法。不幸的是，由於新冠疫情對戲院的影響，我們不得不多次推遲迪士尼備受期待的大片《花木蘭》的上映。為了滿足消費者在這個不可預測的時期的需求，我們認為找到其他方式及時將這部適合家庭觀看的出色電影帶給他們非常重要。我們今天宣布，在大多數 Disney+ 市場，包括美國、加拿大、澳洲、紐西蘭和西歐的一些國家，我們將從 9 月 4 日起以優先訪問的方式向 Disney+ 訂閱用戶提供史詩冒險電影《花木蘭》。美國的售價為 29.99 美元，其他國家的售價略有不同。

Simultaneously, we will be releasing the film theatrically in certain markets where currently we have no announced launch plans for Disney+ and where theaters are open. We see this as an opportunity to bring this incredible film to a broad audience currently unable to go to movie theaters, while also further enhancing the value and attractiveness of a Disney+ subscription with this great content.

同時，我們將在某些市場上映這部電影，目前我們還沒有宣布 Disney+ 的上映計劃，而且這些市場的影院已經開放。我們認為這是一個機會，可以將這部精彩的電影帶給目前無法去電影院的廣大觀眾，同時也透過這部精彩的內容進一步提升 Disney+ 訂閱的價值和吸引力。

Given the rapid changes in consumer behavior, we believe it is more important than ever that we continue to grow our direct relationship with our customers. And to this end, I am also pleased to announce that we plan to launch an international, direct-to-consumer, general entertainment offering under the Star brand in calendar year 2021. Mirroring the strategy we successfully pursued with Disney+, the offering will be rooted in content we own from the prolific and critically acclaimed production engines and libraries of ABC Studios, Fox Television, FX, Freeform, 20th Century Studios and Searchlight. In many markets, the offering will be fully integrated into our established Disney+ platform from both a marketing and a technology perspective, and it will be distributed under the Star brand, which has been successfully utilized by the company for other general entertainment platform launches, particularly with Disney+ Hotstar in India.

鑑於消費者行為的快速變化，我們認為繼續發展與客戶的直接關係比以往任何時候都更重要。為此，我也很高興地宣布，我們計劃在 2021 年以 Star 品牌推出一項國際性的、直接面向消費者的綜合娛樂產品。與我們在 Disney+ 上成功實施的策略相似，該產品將以我們擁有的豐富且廣受好評的製作引擎和 ABC Studios、Fox Television、FX、Freeform、20 世紀工作室和 Searchlight 等公司的內容為基礎。在許多市場中，該產品將從行銷和技術角度完全融入我們現有的 Disney+ 平台，並將以 Star 品牌發行，該品牌已被公司成功用於其他通用娛樂平台的發布，尤其是在印度的 Disney+ Hotstar。

The fact that Disney+ has grown as rapidly as it has, both domestically and globally, clearly demonstrates the value of our content. And through the addition of our Star-branded general entertainment offering, we are further extending the value of that content internationally.

Disney+ 在國內和全球範圍內都取得瞭如此迅速的增長，這清楚地證明了我們內容的價值。透過增加我們的星牌綜合娛樂產品，我們進一步擴大了該內容的國際價值。

Let me reiterate that we see tremendous opportunity in the direct-to-consumer space. And in light of the success that we've achieved thus far with our global direct-to-consumer business and bolstered by our ability to deliver the exceptional brands, franchises and storytelling that consumers around the world have demonstrated a tremendous affinity for, we intend to take full advantage of that opportunity. To this end, as I mentioned, we will be hosting another Investor Day in the coming months, focused on our plans to accelerate the push into the direct-to-consumer marketplace across our Disney+, Hulu, ESPN+ and Star brands. Personally, I am as optimistic as I could be about our way forward, and I'm excited to share more about our plans with you in the coming months.

讓我重申一下，我們在直接面向消費者的領域看到了巨大的機會。鑑於我們迄今為止在全球直接面向消費者業務中取得的成功，以及我們提供全球消費者所喜愛的卓越品牌、特許經營權和故事的能力，我們打算充分利用這一機會。為此，正如我所提到的，我們將在未來幾個月舉辦另一場投資者日，重點關注我們的計劃，以加速推進 Disney+、Hulu、ESPN+ 和 Star 品牌進軍直接面向消費者的市場。就我個人而言，我對我們的未來充滿樂觀，並且很高興在接下來的幾個月裡與大家分享更多我們的計劃。

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

說完這些，我就把麥克風交給克莉絲汀。

Thanks, Bob, and good afternoon, everyone.

謝謝，鮑勃，大家下午好。

As Bob mentioned, our financial results in the fiscal third quarter were significantly impacted by COVID-19. Excluding certain items affecting comparability, this quarter's diluted earnings per share were $0.08. I'll note, this is the first quarter where results in both the current and prior year period reflect a full quarter of operations from the 21CF assets we acquired. We estimate the adverse impact of COVID-19-related disruption on our third quarter segment operating income was approximately $3 billion, net of cost mitigations. Our Parks, Experiences and Products segment was the most severely affected with an adverse impact of $3.5 billion. While the puts and takes across our other businesses aggregated to a net benefit as lower revenues were generally offset by the benefit of cost deferrals and cost reductions. We expect many of these cost deferrals to reverse in future quarters due primarily to the timing shift of sporting events.

正如鮑伯所提到的，我們第三季的財務表現受到了 COVID-19 的嚴重影響。不包括影響可比性的某些項目，本季每股攤薄收益為 0.08 美元。我要指出的是，這是我們收購的 21CF 資產的整個季度的營運情況首次同時反映出本季和去年同期的業績。我們估計，扣除成本緩解措施後，COVID-19 相關中斷對我們第三季分部營業收入造成的不利影響約為 30 億美元。我們的公園、體驗和產品部門受到的影響最為嚴重，負面影響達 35 億美元。而我們其他業務的收益和投入總計為淨收益，因為較低的收入通常被成本遞延和成本降低的收益所抵消。我們預計，未來幾季許多成本遞延現象將出現逆轉，這主要歸因於體育賽事時間的轉變。

As we reopened many of our businesses, we have incurred and will continue to incur additional costs related to addressing the safety of our cast members, talent and guests as well as various government regulations. These include, but are not limited to, incremental costs as it relates to responsibly resuming production of film and television content as well as the enhanced measures we have put into place at our parks and resorts. We estimate that through the end of fiscal 2021, these incremental cash costs could total approximately $1 billion. We expect many of these expenditures, particularly those related to restarting productions, to be capitalized and amortized over future periods.

隨著我們重新開放許多業務，我們已經產生並將繼續產生與解決演員、藝人和嘉賓的安全以及各種政府法規相關的額外費用。這些包括但不限於與負責任地恢復電影和電視內容製作有關的增量成本，以及我們在公園和度假村採取的加強措施。我們估計，到 2021 財年末，這些增量現金成本總額可能達到約 10 億美元。我們預計其中許多支出，特別是與重新開始生產相關的支出，將在未來期間資本化和攤銷。

At Parks, Experiences and Products, third quarter results largely reflect the closures of our domestic parks and resorts, cruise line business and Disneyland Paris for the entirety of the quarter. Our Shanghai and Hong Kong resorts were also closed for part of the quarter with Shanghai reopening on May 11 and Hong Kong reopening on June 18. However, Hong Kong was subsequently closed July 15 due to a government order. As a result of these widespread disruptions, operating results at Parks, Experiences and Products declined significantly versus the prior year to an operating loss of about $2 billion. These results also reflect an adverse impact at our consumer products business due to the effects of COVID-19.

在公園、體驗和產品方面，第三季的業績很大程度上反映了我們國內公園和度假村、郵輪業務和巴黎迪士尼樂園整個季度的關閉。我們的上海和香港度假村也在本季的部分時間關閉，上海度假村於 5 月 11 日重新開放，香港度假村於 6 月 18 日重新開放。然而，香港隨後於7月15日根據政府命令關閉。由於這些大範圍的干擾，公園、體驗和產品部門的經營業績與前一年相比大幅下降，營運虧損約 20 億美元。這些結果也反映了 COVID-19 對我們的消費品業務造成的不利影響。

At Walt Disney World, we are achieving our objective of driving a positive net contribution at current attendance levels, and we expect demand will grow when the COVID situation in Florida improves. We are also closely monitoring trends at our reopened sites internationally and, in particular, have been pleased with what we've seen at Shanghai since reopening in May. While uncertainty still exists regarding the timing for reopening some of our businesses, we remain committed to creating high-quality experiences for all of our guests and are confident in our ability to generate long-term value through these assets.

在華特迪士尼世界，我們正在實現以目前的遊客量水準實現正淨貢獻的目標，並且我們預計，當佛羅裡達州的新冠疫情形勢好轉時，需求將會增長。我們也密切關注全球重新開放的場館的趨勢，尤其對上海場館自 5 月重新開放以來的表現感到滿意。儘管重新開放部分業務的時間仍然存在不確定性，但我們仍然致力於為所有客人創造高品質的體驗，並對我們透過這些資產創造長期價值的能力充滿信心。

At Studio Entertainment, operating income decreased in the quarter as higher TV SVOD distribution results, lower home entertainment marketing costs and lower film impairments were more than offset by lower theatrical distribution results. Worldwide theatrical results were adversely impacted by COVID-19. Given the closure of theaters, both domestically and internationally, no significant titles were released in the quarter. This resulted in a difficult comparison against the outstanding performance of Avengers: Endgame in the prior year quarter. Higher TV SVOD results were driven by content sales to Disney+, including library titles, Star Wars: The Rise of Skywalker and Onward, partially offset by a decrease in sales to third parties in the pay window.

在 Studio Entertainment，本季營業收入下降，因為電視 SVOD 發行業績增加、家庭娛樂營銷成本降低和電影減值損失減少被影院發行業績下降所抵消。全球戲院的票房成績受到了新冠疫情的不利影響。由於國內外影院關閉，本季沒有上映重要影片。這使得它與去年同期《復仇者聯盟：終局之戰》的出色表現難以進行比較。電視 SVOD 業績成長得益於對 Disney+ 的內容銷售，包括圖書館影片《星際大戰：天行者的崛起》和《1/2的魔法》，但付費窗口中對第三方的銷售額下降部分抵消了這一增長。

Turning to Media Networks. Operating income was up in the third quarter due to higher results at both broadcasting and cable. At broadcasting, the increase in operating income was due to lower programming and production costs, an increase in affiliate revenue, higher program sales and lower marketing costs. These increases were partially offset by lower advertising revenue. The decrease in programming and production costs was largely due to production shutdowns as a result of COVID-19, partially offset by a timing impact from new accounting guidance. You may recall that while the new accounting guidance resulted in lower programming and production expenses during the first half of the fiscal year, we have said that we expect programming and production expenses to be higher in the second half of the year as capitalized costs are amortized.

轉向媒體網路。由於廣播和有線電視業績均成長，第三季營業收入成長。在廣播方面，營業收入的成長是由於節目製作成本的降低、附屬收入的增加、節目銷售額的增加以及行銷成本的降低。這些成長被廣告收入的下降部分抵消。節目製作成本的下降主要是由於新冠疫情導致的生產停擺，但新會計準則帶來的時間影響部分抵消了下降。您可能還記得，雖然新的會計準則導致財政年度上半年的節目製作費用降低，但我們曾表示，隨著資本化成本的攤銷，我們預計下半年的節目製作費用將會更高。

Higher programming sales in the quarter were driven by titles including The Simpsons, Modern Family and The Politician. Total broadcasting ad revenue was down 17% in the quarter, driven by decreases at our owned television stations and the ABC Network. Higher results at cable networks are primarily due to increases at ESPN and FX networks. ESPN benefited from lower programming and production costs and, to a lesser extent, higher affiliate revenue, partially offset by lower advertising revenue. FX Networks benefited from lower marketing and programming costs. At ESPN, lower programming and production costs were largely due to the deferral of rights costs for the NBA and Major League Baseball. We currently expect these games to be played in future quarters, and the rights cost will be incurred accordingly.

本季節目銷售的成長得益於《辛普森家庭》、《摩登家庭》和《政客》等節目。本季度，廣播廣告總收入下降了 17%，主要原因是我們自有電視台和 ABC 電視網的收入下降。有線電視網絡業績成長主要得益於 ESPN 和 FX 網路的成長。ESPN 受益於較低的節目製作成本，以及在較小程度上較高的聯盟收入，但廣告收入的下降部分抵消了這一影響。FX Networks 受益於較低的行銷和節目製作成本。ESPN 的節目製作成本降低主要是因為 NBA 和美國職棒大聯盟的轉播權成本被推遲。我們目前預計這些比賽將在未來幾季進行，版權成本也將相應產生。

Total ESPN advertising revenue was down significantly in the third quarter due to the impact of COVID-19 and the absence of the NBA and other significant live sports programming. Several live sporting events have already returned to ESPN this quarter, including Major League Soccer on July 8, Major League Baseball on July 23 and the NBA just last Friday. Assuming the resumption of live sports continues as planned, we expect ESPN's ad sales in Q4, including the benefit of the 53rd week, to benefit significantly, particularly from the NBA.

由於新冠疫情的影響以及 NBA 和其他重要體育賽事直播的缺失，ESPN 第三季廣告總收入大幅下降。本季度，多項現場體育賽事已回歸 ESPN，包括 7 月 8 日的美國職業足球大聯盟、7 月 23 日的美國職棒大聯盟以及上週五的 NBA。假設體育直播恢復按計劃進行，我們預計 ESPN 第四季度的廣告銷售額（包括第 53 週的收益）將大幅受益，尤其是來自 NBA 的廣告銷售額。

Total Media Networks affiliate revenue increased 2%. This was driven by 7 points of growth from higher rates, offset by a 4-point decline due to a decrease in subscribers, which benefited by about 2 points due to the launch of the ACC Network.

總媒體網路聯盟收入增加了 2%。這是由於費率提高而帶來的 7 個百分點的增長，但被用戶減少而導致的 4 個百分點的下降所抵消，而 ACC 網路的推出則使用戶減少了約 2 個百分點。

At our Direct-to-Consumer & International segment, operating losses were approximately $140 million higher in the quarter compared to last year, driven by costs associated with the launch of Disney+, which expanded into several new markets during the third quarter, partially offset by improved results at Star and ESPN+. During the third quarter, we launched Disney+ in India via our Disney+ Hotstar service; and France via a strategic partnership with Canal+; and in Japan via a limited launch with NTT DOCOMO. At the end of the quarter, Disney+ had a paid subscriber base of 57.5 million, which, as Bob mentioned, has now grown to 60.5 million as of August 3.

在我們的直接面向消費者和國際部門，本季的營業虧損比去年同期增加了約 1.4 億美元，這主要是由於推出 Disney+ 所產生的成本，Disney+ 在第三季度擴展到了幾個新市場，但 Star 和 ESPN+ 的業績改善部分抵消了這一損失。第三季度，我們透過 Disney+ Hotstar 服務在印度推出了 Disney+；透過與 Canal+ 的策略合作在法國推出了 Disney+；並透過與 NTT DOCOMO 的有限推出在日本推出了 Disney+。截至本季末，Disney+ 的付費訂閱用戶群為 5,750 萬，正如 Bob 所提到的，截至 8 月 3 日，該數字已增長至 6,050 萬。

Given the unique nature of our India offering, it's worth noting that Disney+ Hotstar comprised about 15% of our quarter-end subscribers. As it relates to ARPU, Disney+'s overall ARPU this quarter was $4.62. However, excluding Disney+ Hotstar, it was $5.31. At Star, higher results reflect lower programming costs, partially offset by lower advertising revenue. Both of these drivers reflect the absence of cricket in the third quarter, including a shift in rights costs for the Indian Premier League, which we expect to be recognized in future quarters, and the absence of costs for the quadrennial ICC World Cup which aired in the prior year quarter.

鑑於我們在印度提供的獨特服務，值得注意的是，Disney+ Hotstar 約占我們季度末訂閱用戶的 15%。就 ARPU 而言，Disney+ 本季的整體 ARPU 為 4.62 美元。然而，不包括 Disney+ Hotstar，這一數字為 5.31 美元。對於星空傳媒來說，更高的業績反映了更低的節目製作成本，但被更低的廣告收入部分抵消了。這兩個驅動因素都反映了第三季度板球比賽的缺失，其中包括印度板球超級聯賽的版權成本的變化（我們預計這將在未來幾個季度得到確認），以及上一季度播出的四年一度的 ICC 世界杯的成本缺失。

ESPN+ operating results improved versus the prior year quarter due to subscriber growth and an increase in UFC pay-per-view income. Results at our direct-to-consumer businesses had an adverse impact on the year-over-year change in segment operating income of about $200 million, which came in better than the guidance we provided last quarter primarily due to the better-than-expected results at Disney+ and Hulu. This outperformance, along with lower-than-expected expenses at our international channels, contributed to the segment's overall operating loss of approximately $700 million, coming in better than our prior guidance.

由於訂閱用戶成長和 UFC 按次付費收入增加，ESPN+ 的營運表現較去年同期有所改善。我們的直接面向消費者業務的業績對分部營業收入的同比變化產生了約 2 億美元的不利影響，該業績好於我們上個季度提供的指引，這主要歸因於 Disney+ 和 Hulu 的業績好於預期。這一優異表現，加上我們國際通路的支出低於預期，導致該部門整體營運虧損約 7 億美元，優於我們先前的預期。

Note that our third quarter segment results at DTCI excluded approximately $5 billion of impairment charges related to our international channels business, which is included in our calculation of as-reported earnings per share. These impairment charges reflect the underperformance of these assets due to COVID-19 as well as the impact of our accelerated push into direct-to-consumer streaming services in the midst of declines in our international MVPD subscriber base. Additional detail can be found in our 10-Q, which we expect to file shortly.

請注意，DTCI 第三季分部業績不包括與我們的國際通路業務相關的約 50 億美元減損費用，該費用已包含在我們報告的每股盈餘計算中。這些減損費用反映了這些資產因 COVID-19 而表現不佳，以及在我們的國際 MVPD 用戶群下降的情況下我們加速進軍直接面向消費者的串流媒體服務的影響。更多詳細資訊請參閱我們即將提交的 10-Q 報告。

We expect our Direct-to-Consumer & International segment to generate about $1.1 billion in operating losses for the fourth quarter. And we expect the Q4 operating results of our DTC businesses to improve by approximately $100 million relative to the prior year quarter, driven by lower losses at Hulu and ESPN+, partially offset by our continued investment in Disney+.

我們預計，直接面向消費者和國際部門第四季的營運虧損將達到約 11 億美元。我們預計，DTC 業務第四季度的經營業績將比去年同期增長約 1 億美元，這得益於 Hulu 和 ESPN+ 的虧損減少，但對 Disney+ 的持續投資部分抵消了這一影響。

The 21CF businesses we acquired, excluding 21CF's stake in Hulu and net of intersegment eliminations, contributed approximately $730 million in segment operating income in the third quarter. Consolidating Hulu's operating losses and netting out intersegment eliminations resulted in a positive contribution to total segment operating income of about $490 million. While some of our affected businesses have reopened, we remain laser-focused on prudently managing our cash outflows and preserving liquidity. We further strengthened our capital position during the quarter by issuing $11 billion of term debt in May at highly attractive rates. And we reduced our commercial paper balances by close to $2 billion during the quarter.

我們收購的 21CF 業務（不包括 21CF 在 Hulu 的股份和部門間抵銷額）在第三季貢獻了約 7.3 億美元的部門營業收入。合併 Hulu 的營運虧損並扣除部門間抵銷額，對部門總營運收入產生了約 4.9 億美元的正面貢獻。雖然我們的一些受影響的業務已經重新開業，但我們仍然專注於審慎管理現金流出並保持流動性。我們在本季以極具吸引力的利率發行了 110 億美元的定期債務，進一步增強了我們的資本狀況。本季度，我們減少了近 20 億美元的商業票據餘額。

We ended the quarter with $23 billion in cash and continue to feel we are well positioned to navigate through this time of uncertainty and continue to invest in the long-term future growth of our businesses. As we look ahead, there are a handful of items that we would like to give you an update on.

本季結束時，我們的現金為 230 億美元，我們仍然認為我們有能力度過這個不確定的時期，並繼續投資於我們業務的長期未來成長。展望未來，我們想向您通報一些事項的最新情況。

First, you may recall that our fiscal 2020 calendar has an extra week of operations. This year, we expect that 53rd week will actually have a modest adverse impact on operating results in Q4 due to our current expectations of NBA Finals, MLB playoffs and IPL games all occurring in the 53rd week, in addition to a modest operating loss at Parks, Experiences and Products. At Parks, Experiences and Products, it's worth noting that while Walt Disney World is operating at a positive net contribution level, the upside we are seeing from reopening is less than we'd originally expected given the recent surge in COVID-19 cases in Florida. We also anticipate Q4 results at our consumer products business will reflect a difficult comparison to Frozen and Star Wars merchandise sales in the prior year quarter as well as the ongoing disruption of retail operations caused by COVID-19.

首先，您可能還記得，我們的 2020 財年日曆增加了一週的營運時間。今年，我們預計第 53 週實際上會對第四季度的經營業績產生適度的不利影響，因為我們目前預計 NBA 總決賽、MLB 季後賽和 IPL 比賽都將在第 53 週舉行，此外公園、體驗和產品方面也會出現適度的經營虧損。在公園、體驗和產品方面，值得注意的是，儘管華特迪士尼世界以正的淨貢獻水平運營，但考慮到最近佛羅裡達州 COVID-19 病例激增，我們看到的重新開放帶來的好處低於我們最初的預期。我們也預計，我們消費品業務第四季的業績將與去年同期的《冰雪奇緣》和《星際大戰》商品銷售情況形成鮮明對比，並且會受到 COVID-19 造成的零售業務持續中斷的影響。

Finally, we have continued to refine our capital spending plan, and we now expect total CapEx for fiscal 2020 to be approximately $700 million lower than prior year, largely due to lower spending at our domestic parks and resorts. These are certainly fluid times, and we are proud of our management team and cast members for going above and beyond to position our company well for a very exciting future.

最後，我們繼續完善我們的資本支出計劃，現在我們預計 2020 財年的總資本支出將比上一年減少約 7 億美元，這主要是由於我們國內公園和度假村的支出減少。這無疑是一個動蕩的時期，我們為我們的管理團隊和演員感到自豪，他們竭盡全力為公司創造一個非常激動人心的未來。

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

說完這些，我將把電話轉給洛厄爾，我們很樂意回答您的問題。

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

好的。謝謝，克里斯汀。當我們轉到問答環節時，請注意，由於我們今天下午不在現場，我將盡力主持，將您的問題轉給相應的主管。丹尼爾，我們已經準備好回答第一個問題了。

(Operator Instructions) Our first question comes from Alexia Quadrani with JPMorgan.

（操作員指示）我們的第一個問題來自摩根大通的 Alexia Quadrani。

I have 2 questions. The first one is on the studio and the second on the parks. On the studio, do you think moving sort of big tentpole films direct-to-consumer is going to be more of a common occurrence for Disney? Or is Mulan kind of a one-off? I mean how should we think about Black Widow, I guess, later on in the fall?

我有兩個問題。第一個是關於工作室，第二個是關於公園。在工作室方面，您是否認為將大製作電影直接面向消費者對迪士尼來說會變得更加普遍？或者說，花木蘭只是一部孤例？我的意思是，我想，秋天晚些時候我們應該如何看待黑寡婦？

And then on the parks, I guess any color on how much the accretive opening of Walt Disney World is eating away the losses in the parks. I think you said, Christine, that it's eating away or it's less accretive maybe than you thought it would be initially because of the surge of corona. I'm curious, is that because demand isn't as strong as you thought it would be or because you're just having to keep capacity lower and more careful because of the surge?

然後關於公園，我猜華特迪士尼世界的開業將在多大程度上彌補公園的損失。克里斯汀，我想你說過，由於日冕的激增，它正在逐漸消失，或者它的增長速度可能沒有你最初想像的那麼快。我很好奇，這是因為需求沒有您想像的那麼強勁，還是因為由於需求激增，您不得不降低運力並更加謹慎？

Okay. Alexia, thanks. Bob, why don't -- let's start with the first question. Why don't you take the studio question, and then we'll get to the parks one.

好的。亞歷克西亞，謝謝。鮑勃，為什麼不——讓我們從第一個問題開始。為什麼你不先回答工作室的問題，然後我們再討論公園的問題。

Okay. We're very pleased to be able to bring Mulan to our consumer base that's been waiting for it for a long, long time as we've had to unfortunately move our theatrical date several time. We're fortunate that we have the opportunity to bring it to our own direct-to-consumer platform so consumers can enjoy it. But we're looking at Mulan as a one-off in terms of -- as opposed to, say, trying to say that there's some new business windowing model that we're looking at. So Mulan is a one-off. That said, we find it very interesting to be able to take a new offering, our premier access offering, to consumers at that $29.99 price and learn from it and see what happens not only in terms of the uptake of the number of subscribers that we get on the platform but the actual number of transactions on the Disney+ platform that we get on that PVOD offering.

好的。我們非常高興能夠將《花木蘭》帶給我們的消費者群體，他們已經等待了很長時間，因為我們不得不多次推遲上映日期。我們很幸運有機會將它帶到我們自己的直接面向消費者的平台，以便消費者可以享受它。但我們將《花木蘭》視為一次性作品——而不是說我們正在研究某種新的商業窗口模式。所以《花木蘭》是一部獨一無二的作品。話雖如此，我們發現能夠以 29.99 美元的價格向消費者提供一項新產品（我們的首要訪問產品）非常有趣，並從中學習，看看不僅在我們平台上獲得的訂閱用戶數量的增長方面，而且在 Disney+ 平台上通過該 PVOD 產品獲得的實際交易數量方面會發生什麼。

And then on the parks question, Bob, maybe you want to speak to demand. And then, Christine, you could jump in on some of the numbers.

然後關於公園的問題，鮑勃，也許你想談談需求。然後，克里斯汀，你可以談談一些數字。

Yes. This is obviously a highly uncertain time, and we could tell from our reservation stream that we had ample demand to go above what the 6-foot social distancing guidelines would give us. That was 6 weeks before we opened the park, when we announced we were opening the park. And then unfortunately, COVID struck again, and all the numbers started going up. This gave some level of trepidation to travelers who are anxious about long-distance travel, jumping on a plane and flying to Walt Disney World. So what we've seen is that we have roughly 50% of our guest base still traveling from a distance but the other 50% coming from local markets and in-state. We've also had a higher-than-expected level of cancellations once somebody does make a reservation because as the disease ebbs and flows, they might necessarily cancel.

是的。這顯然是一個非常不確定的時期，從我們的預訂流程中我們可以發現，我們有足夠的需求來超越 6 英尺的社交距離指導方針。那是在我們開放公園的六週前，我們宣布要開放公園。不幸的是，新冠疫情再次來襲，所有數字都開始上升。這給那些對長途旅行、乘飛機前往迪士尼樂園感到焦慮的旅行者帶來了一定程度的擔憂。因此，我們看到大約 50% 的客人仍然來自遠方，但另外 50% 的客人來自當地市場和州內。一旦有人預訂，取消預訂的人數也會高於預期，因為隨著疫情的消退，他們可能必然會取消預訂。

So what we've done is used our strategy for yielding and made sure that every day, we're pretty close to the percentage of the park that we can fill and still maintain the social distancing. We just replace local and annual passholders with some of the falloff that we've necessarily seen from the long-distance travelers. I will say that our research indicates that -- and our bookings indicate that we should be in good shape once consumer confidence sort of returns. And so we're very optimistic about that. But we're very happy that we're returning a positive net contribution, as Christine said, because that was our goal in the first place, while at the same time operating very responsibly.

因此，我們所做的就是採用我們的讓步策略，並確保每天我們的公園客流量都接近我們可以容納的百分比，同時仍然保持社交距離。我們只是用一些必然流失的長途旅行者來取代本地通行證持有者和年度通行證持有者。我想說的是，我們的研究表明——我們的預訂情況表明，一旦消費者信心恢復，我們就會處於良好狀態。因此我們對此非常樂觀。但正如克里斯汀所說，我們很高興獲得了正的淨貢獻，因為這是我們的首要目標，同時我們也非常負責任地運作。

Alexia, I'll put a little context into what we're referring to as a net positive contribution. On our last earnings call, Bob mentioned that we would not be opening a park unless we believe that we could, shortly after opening, generate revenue that exceeded the variable costs. So we are able to do that, although it is to a lesser extent because of the current COVID situation in Florida. As we said, as that abates, we expect the demand to pick up. But right now, it's not as high as we had expected, but we're still in the net positive contribution level. And I'd also like to mention Shanghai has consistently been operating in that net positive contribution area as well.

亞歷克西亞，我將對我們所說的淨正貢獻做一點背景介紹。在我們上次的收益電話會議上，鮑伯提到，除非我們相信能夠在開業後不久產生超過變動成本的收入，否則我們不會開設公園。因此，我們能夠做到這一點，儘管由於佛羅裡達州目前的 COVID 情況，我們能夠做到的程度較小。正如我們所說，隨著這種情況的減弱，我們預計需求將會回升。但目前，它還沒有達到我們預期的水平，但我們仍然處於淨正貢獻水準。我還想提一下，上海也一直在淨正貢獻領域工作。

Our next question comes from Ben Swinburne with Morgan Stanley.

我們的下一個問題來自摩根士丹利的本‧斯溫伯恩 (Ben Swinburne)。

I wanted to ask about the international general entertainment DTC launch, which I think is not a huge surprise that you're moving forward, although calendar '21 might be a bit earlier than we were expecting. But doing it under the Star brand is an interesting twist versus a Hulu. I'm wondering if you could just give us a sense for the strategy there and what you're looking at in terms of case of deployment. Anything you can tell us. I'm sure there's a lot coming in the Investor Day about that strategy because obviously that's big news.

我想問一下有關國際通用娛樂 DTC 推出的問題，我認為你們的推進並不令人意外，儘管 21 年可能比我們預期的要早一些。但與 Hulu 相比，以 Star 品牌進行這項舉措是一個有趣的轉變。我想知道您是否可以向我們介紹那裡的策略以及您在部署方面所考慮的情況。您可以告訴我們任何事情。我確信投資者日會有很多關於該策略的消息，因為這顯然是個重大新聞。

And then just following along on direct-to-consumer. Forget about Mulan for a second, but premier access as an offering is an interesting strategy. I'm just wondering what your research tells you about that approach versus offering more content as part of the Disney+ subscription. We haven't seen sort of this idea of subscription service with a kind of a pay-per-view element on top of it, which is really interesting. I'm wondering if you're thinking about using that on a regular basis globally on the Disney+ platform.

然後繼續直接面向消費者。暫時忘掉花木蘭吧，但提供優先訪問權限是一個有趣的策略。我只是想知道，與在 Disney+ 訂閱中提供更多內容相比，您的研究對這種方法有何看法。我們還沒有看到這種在訂閱服務中加入按次付費元素的想法，這真的很有趣。我想知道您是否考慮在 Disney+ 平台上定期在全球範圍內使用它。

Thanks for the questions, Ben, and I'll turn those over to Bob.

謝謝你的提問，本，我會把這些問題交給鮑伯。

Okay. In terms of the general entertainment offering internationally, we want to mirror our successful Disney+ strategy by using our Disney+ technical platform, rooting it in content that we already own and distributing it under a successful international brand that we also already own, which is of course Star, and then bringing it to market in a very close association to Disney. I think in terms of you being surprised that this isn't being launched under a different brand name, I think it's important to look at the differences in how we plan on going into the market. And the first thing is that Hulu aggregates third-party content where this will not. This will be rooted in our own content, from ABC Studios, Fox TV, FX, Freeform, Searchlight and 20th Century. And Hulu also, I must say, has no brand awareness outside of the U.S. and nor does Hulu have any content that's been licensed to it internationally. So this gives us the ability to market this under the Disney umbrella and have synergies with our existing platform. So that's our basic rationale, Ben.

好的。在國際上提供一般娛樂服務方面，我們希望效仿我們成功的 Disney+ 策略，利用我們的 Disney+ 技術平台，將其植根於我們已有的內容，並在我們已擁有的成功的國際品牌（當然是 Star）下進行發行，然後與 Disney 緊密合作將其推向市場。我認為，對於您對於這款產品沒有以不同的品牌名稱推出感到驚訝，我認為重要的是看看我們計劃如何進入市場的區別。首先，Hulu 聚合了第三方內容，而這不會發生。這將植根於我們自己的內容，來自 ABC Studios、Fox TV、FX、Freeform、Searchlight 和 20th Century。而且我必須說，Hulu 在美國以外沒有任何品牌知名度，也沒有任何獲得國際授權的內容。因此，這使我們能夠在迪士尼的品牌下進行行銷，並與我們現有的平台產生協同效應。這就是我們的基本理由，本。

In terms of the premier access idea. As you probably know, Disney tentpole blockbuster theatrical films can be fairly expensive to make and produce in order to get the quality that consumers expect from us and frankly to get the quality that we expect from us. And rather than simply rolling it into a free offering, we thought we would give, again, because we can test almost anything when you have your own platform, we thought we would give it a try to establish a new window, a premier access window, to try to recapture some of that investment that we've got. And the good news, as I mentioned in my opening comments, is that we're going to have a chance to learn from this and to see whether that makes sense. All I'll say about our research is that it shows that such an offering under a premier access offering not only gets us revenue from the original transaction from the PVOD but also acts as a fairly large stimulus to sign up for Disney+.

就首要的訪問理念而言。您可能知道，為了達到消費者期望的質量，坦白說，為了達到我們期望的質量，迪士尼大片的製作成本相當高。我們認為，與其簡單地將其變成免費產品，不如再次提供，因為當您擁有自己的平台時，我們幾乎可以測試任何東西，我們認為我們會嘗試建立一個新窗口，一個首要訪問窗口，以嘗試重新獲得我們已經獲得的一些投資。正如我在開場白中提到的那樣，好消息是我們將有機會從中學習並看看這是否有意義。關於我們的研究，我想說的是，研究表明，在首要訪問服務下提供這樣的服務不僅可以讓我們從 PVOD 的原始交易中獲得收入，而且還可以為註冊 Disney+ 提供相當大的刺激。

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

下一個問題來自美國銀行的傑西卡·賴夫·埃利希 (Jessica Reif Ehrlich)。

A couple of questions. First, could you provide updates on some of your past guidance, specifically on Disney+? You've exceeded your low end of your 5-year outlook, but you haven't said anything about reaching breakeven sooner or not. And within the Disney+, if you could give us some color on Japan, which has always been a very enthusiastic Disney-branded market. But the other update was on Fox, the Fox synergy, the $2 billion that you've given us in the past.

有幾個問題。首先，您能否提供有關您過去的一些指導的最新信息，特別是關於 Disney+ 的信息？您已經超出了 5 年期預期的最低限度，但您還沒有提到是否會更快達到收支平衡。在 Disney+ 中，您能否向我們介紹日本？日本一直是個非常熱情的迪士尼品牌市場。但另一個更新是關於福克斯的，福克斯的協同效應，以及你過去給我們的 20 億美元。

And then just moving on to kind of current stuff. On production, I mean, obviously with the new protocols, costs will go up. If you -- can you give us any color on what percent or how you think about that? And who will be bearing the cost of that? Will you -- do you expect to get a national insurance plan in place? I mean there's so much complication there. And then I was just hoping you could, say, talk about maybe the original ramp. How will you prioritize getting back to work on production?

然後繼續討論當前的事情。對於生產，我的意思是，顯然，按照新的協議，成本將會上升。如果您—您能告訴我們具體百分比是多少或您對此有何看法嗎？那麼誰來承擔這項成本呢？您是否希望建立國家保險計劃？我的意思是那裡的情況非常複雜。然後我只是希望你能談談最初的坡道。您將如何優先考慮恢復生產工作？

All right, Jessica. We'll -- it's good to hear from you. We'll try to get to as many of your questions as we can. So Christine, let's start with Jessica's question about Disney+ guidance and Japan and synergies. Let's start with that group.

好的，傑西卡。我們—很高興收到您的來信。我們將盡力解答您的盡可能多的問題。克里斯汀，讓我們從傑西卡關於 Disney+ 指導、日本和協同效應的問題開始。讓我們從該組開始。

Okay. Jessica, we'll see if I can remember all these in sequential order. So on updating guidance, we're in the process now of working through our long-term plan just because of COVID and all the disruption to our businesses. It's a little bit delayed from a typical calendar schedule. But we are not going to update piecemeal, we're going to give you a full update of the guidance we provided at the original Investor Day when we do the upcoming Investor Day in a few months. So you can expect to hear a fulsome review of the guidance and what we're looking for now because obviously things have gone better than expected, and we are growing into momentum here.

好的。傑西卡，我們看看我是否能按順序記住這些。因此，在更新指導方面，由於 COVID 和我們業務的所有中斷，我們現在正在製定長期計劃。它與典型的日曆安排相比稍微延遲。但我們不會零碎地進行更新，我們將在幾個月後舉行的投資者日上向您提供我們在原始投資者日上提供的指導的完整更新。因此，您可以期待聽到對指導的全面回顧以及我們現在所期待的，因為顯然事情進展得比預期的要好，而且我們正在在這方面取得進展。

On Japan, Disney+ launched on June 11 in Japan. And it wasn't a full -- I would call it a limited launch. It was an exclusive alliance with NTT DOCOMO. So that was not -- you had to be an NTT DOCOMO subscriber in order to have that ability. So you shouldn't be looking that as a full country launch. So I think you can anticipate that once it is launched, there will be more demand for Disney+ in that market because you're absolutely right, there's a very, very high affinity for the Disney brand in Japan.

在日本，Disney+ 於 6 月 11 日在日本推出。這並不是一次全面發布——我稱之為有限發布。這是與 NTT DOCOMO 達成的獨家聯盟。所以那不是——你必須是 NTT DOCOMO 用戶才能擁有該功能。所以你不應該將其視為全國性的發布。因此我認為你可以預期，一旦它推出，該市場對 Disney+ 的需求就會更大，因為你完全正確，日本對迪士尼品牌的喜愛程度非常高。

I think you also had a question on Fox synergies. We are still on track to achieve the synergies that we had discussed originally. And that is going along, even despite COVID, we're still proceeding.

我認為您也對 Fox 協同效應有疑問。我們仍在朝著實現最初討論的協同效應的方向努力。儘管有新冠疫情，我們仍在繼續前進。

And then Jessica had a question about restarting production as well. Christine, do you want to take that one?

然後傑西卡也對重新開始生產提出了疑問。克里斯汀，你想拿那個嗎？

Sure. In my prepared comments, I said that we would incur around $1 billion of costs between now and the end of fiscal '21. And that's a variety of things. It's everything from ramping up productions. And you can imagine these productions, they have everything from distancing that you have to accommodate for, site preparation, stage preparation, all the testing that has to go on. So there's a lot of increased costs, and what those also will result in is increased days to produce episodes. So all of those things will incur costs. As I mentioned, we will be capitalizing many of those costs that are related to productions, and those will be amortized in future periods. And also in parks, as you've heard from us, there's considerable costs that have been put in place to achieve safety and health measures. And those largely are expensed in the parks.

當然。在我準備好的評論中，我說過從現在到21財年末，我們將產生約10億美元的成本。事情有很多種。一切都從提高產量開始。你可以想像這些製作，它們包括所有必須適應的距離、場地準備、舞台準備，以及所有必須進行的測試。因此成本增加了很多，這也會導致劇集製作時間的增加。所以所有這些事情都會產生成本。正如我所提到的，我們將把許多與生產相關的成本資本化，這些成本將在未來期間攤提。而且正如您從我們這裡聽到的，在公園裡，為了實現安全和健康措施，我們投入了相當大的成本。而這些費用大部分都花在公園裡了。

Our next question comes from John Hodulik with UBS.

我們的下一個問題來自瑞銀的 John Hodulik。

Just maybe 2 quick ones. First, Bob, you talked a bit about some of the new program you're going to have on the Disney+ platform in the fall. Are you confident that you've got a strong-enough lineup that you can sustain the growth that you've recently seen both in the U.S. and some of these international markets, given the production halt and the need to restart that?

大概只有 2 個快速的。首先，鮑勃，您談到了秋季將在 Disney+ 平台上推出的一些新節目。考慮到生產暫停和重啟的需要，您是否有信心擁有足夠強大的陣容來維持最近在美國和一些國際市場看到的成長？

And then secondly, although it's not as immediate of a concern, but you guys suspended the dividend. I think that was on the last call. Any thoughts to sort of reinstating that and sort of just capital allocation as we look forward and especially with the new sort of more aggressive stance on DTC?

其次，雖然這不是一個迫切需要關注的問題，但你們暫停了派息。我認為那是最後一次通話。在我們展望未來，特別是在對 DTC 採取新的更積極的立場的情況下，您是否考慮過恢復這種做法並進行資本配置？

Okay. John, thanks for the question. Bob, why don't you take the production question for the fall? And Christine, you'll take the dividend question.

好的。約翰，謝謝你的提問。鮑勃，你為什麼不在秋季回答生產問題？克里斯汀，請您回答股息問題。

As you may suspect, while we've had to slow down production and cease it altogether, in some cases, during the COVID time, we've [been] busy developing new content. And we're extremely excited about some of the things that we've got not only to sustain that linear growth that you talked about for Disney+ but actually go beyond that and grow it. We've got of course The Mandalorian 2, which we've announced is coming in October, but we've also got a slew of Marvel content that's going to be coming that we're very excited about. And these require us to reenter into production, but it's such a priority that we're hopeful that this will be coming shortly to enable us to, again, not only sustain but continue to grow. And I would tell you that the content is fabulous, Loki, Falcon and Winter Soldier, and WandaVision, 3 Marvel properties that we're really, really excited about.

正如您可能懷疑的那樣，雖然我們不得不放慢生產速度並完全停止生產，但在某些情況下，在 COVID 期間，我們一直忙於開發新內容。我們對我們所取得的一些成就感到非常興奮，我們不僅要維持您所說的 Disney+ 的線性增長，而且實際上還要超越這一點並實現增長。當然，我們有《曼達洛人 2》，我們已經宣布它將於 10 月上映，但我們還有一系列即將上映的漫威內容，我們對此感到非常興奮。這些都要求我們重新投入生產，但這是一個優先事項，我們希望這將很快實現，以使我們能夠不僅維持而且繼續成長。我想告訴你，內容非常精彩，《洛基》、《獵鷹與酷寒戰士》和《旺達幻視》，這三部漫威作品讓我們非常非常興奮。

And one of the things about Disney+ that we found is that new content to bring -- new content tends to bring in new subscribers, but catalog increases engagement and helps us retain subscribers. So I think that this new content, having so much of this all at once, that I think it's really going to go ahead and propel the business forward.

我們發現 Disney+ 的一個特點是可以帶來新內容——新內容往往會帶來新訂閱者，但目錄可以增加參與度並幫助我們留住訂閱者。所以我認為，這些新內容，同時包含瞭如此多的內容，我認為它真的會繼續發展並推動業務向前發展。

Christine?

克里斯汀？

John, so let me just make a couple of comments on the dividend. As you know, management recommended and the Board decided to accept that recommendation not to pay a dividend for the first half of fiscal '20, and that was the payment that would have been made in July. And we all believe that that decision provided the company with additional financial flexibility, given what we were seeing in the COVID environment we're in and all the uncertainty that we're dealing with and continue to deal with. So our Board would typically determine whether or not to declare a dividend for the second half of fiscal '20 in the latter part of the calendar year. It would be very late November, early December. And in making the recommendation to the Board, we again are going to take into consideration where we are with COVID and the impact that it's having not only on our financial performance but what measures we're taking to mitigate COVID impact. So we'll take the full financial picture into consideration. And it is part of our overall capital allocation principles.

約翰，那麼請允許我針對股息發表幾點評論。如您所知，管理層建議並且董事會決定接受該建議，即不支付 20 財年上半年的股息，而這筆股息原定於 7 月支付。我們都相信，考慮到我們所處的 COVID 環境以及我們正在處理和繼續處理的所有不確定性，這項決定為公司提供了額外的財務靈活性。因此，我們的董事會通常會在日曆年的後半年決定是否宣布 20 財年下半年的股利。那應該是十一月末或十二月初。在向董事會提出建議時，我們將再次考慮我們目前面臨的 COVID 情況及其對我們財務表現的影響，以及我們為減輕 COVID 的影響而採取的措施。因此，我們會考慮整個財務狀況。這是我們整體資本配置原則的一部分。

But first and foremost, we are going to invest in businesses that we believe are going to drive long-term shareholder value. And you're seeing what we're doing in the direct-to-consumer initiatives not only domestically with Disney+, internationally with Disney+ and now internationally with the general entertainment channel. So we feel like that's certainly top of the list. But we are also looking at other measures like a dividend, but we won't make that decision or recommendation until -- to the Board until the end of the -- close to the end of the calendar year.

但最重要的是，我們將投資那些我們認為能夠推動長期股東價值的企業。你們可以看到，我們在直接面向消費者的措施中所做的努力不僅包括國內的 Disney+，還有國際的 Disney+，現在還有國際上的綜合娛樂頻道。因此，我們覺得這肯定是最重要的。但我們也在考慮其他措施，例如股息，但我們要到年底——才會向董事會做出決定或提出建議。

Our next question comes from Michael Nathanson with MoffettNathanson.

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

I have 2 for you, Lowell. One is on the rollout of the new channel, Star. Can you talk a bit about how you think about either the AVOD, SVOD, hybrid that's worked in the U.S.? Is that the template to think about globally? And then there's just a concern about college football and pro football not being in a bubble. And I wonder just generally, what risk is there to affiliate fees if those seasons don't get completed? So anything you'd help us on ESPN and maybe those sports that are not in bubble and risk to your affiliate fees longer -- in the next 6 months or so.

我有 2 個給你，洛威爾。一是推出新頻道 Star。您能否談談您對美國 AVOD、SVOD 和混合模式的看法？這是全球思考的模板嗎？然後人們只是擔心大學橄欖球和職業橄欖球不會陷入泡沫。我只是想知道，如果這些季節沒有完成，聯盟費用會有什麼風險？因此，您可以為 ESPN 以及那些沒有陷入泡沫並對您的聯盟費用造成更大風險的體育項目提供任何幫助——在未來 6 個月左右。

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

好的。謝謝你的提問，麥可。鮑勃，你想把這兩樣都拿走嗎？

Yes. In terms of the Star offering that we announced today, we see this as part of a sort of a sequential domino strategy in terms of getting towards an offering on Disney+, starting with the PVOD going through some transactional window after we have an exclusive on Disney+ for the PVOD details to be announced later and then eventually going to Disney+ where it will live in perpetuity. Now I should also say that we think that the Star brand itself, in terms of its offerings, we've got a utility here. We've got a utility that is enabled on all Disney platforms. I did mention to you that we will have the ability to use the same platform across both Disney+ and Star. So that if theoretically we can afford to do something on one particular platform like Disney+, we should be able to do it on a Star platform. It's not something we've talked about or entertained, but the capability is there.

是的。就我們今天宣布的 Star 服務而言，我們將其視為在 Disney+ 上提供服務的連續多米諾骨牌戰略的一部分，首先是 PVOD 在我們在 Disney+ 上獨家播放後經歷一些交易窗口，PVOD 細節稍後公佈，然後最終進入 Disney+ 並永久存在。現在我還應該說，我們認為 Star 品牌本身，就其產品而言，具有實用性。我們有一個可在所有迪士尼平台上啟用的實用程式。我確實向你提到過，我們將能夠在 Disney+ 和 Star 上使用同一個平台。因此，如果理論上我們有能力在 Disney+ 等特定平台上做些什麼，那麼我們就應該能夠在 Star 平台上做這件事。這不是我們談論或考慮過的事情，但這種能力是存在的。

In terms of the Fox, our -- in terms of the college football and the likelihood that it plays, I don't really want to comment on the possibility of us going on -- the seasons going on because I think that's really up to the league commissioners. That being said, we feel that we've got certain covenants that we have to meet in terms of like programming hours with our partners. And we feel confident that with the way that we see all of the sports going on right now, we feel confident that we're going to be able to reach that.

就福克斯而言，就大學橄欖球賽及其比賽的可能性而言，我真的不想評論我們繼續比賽的可能性——賽季繼續進行，因為我認為這真的取決於聯盟委員。話雖如此，我們覺得我們必須與合作夥伴在程式設計時間等方面達成某些約定。我們相信，透過觀察目前正在進行的所有體育賽事，我們能夠實現這一目標。

Right. But Bob, just the AVOD, SVOD strategy as you did with Hulu in the U.S.

正確的。但鮑勃，就像你在美國對 Hulu 採取的 AVOD 和 SVOD 策略一樣。

Yes. Well, we have no planned AVOD, SVOD on Star itself, but we've got obviously similar capabilities as we've got to Disney+ if we ever so chose to do that, but we've got no plans to do that now.

是的。嗯，我們沒有計劃在 Star 上推出 AVOD 或 SVOD，但如果我們選擇這樣做的話，我們顯然擁有與 Disney+ 類似的功能，但我們現在沒有計劃這樣做。

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 love that you guys are always conservative with the capital and recognize you said it was a low-cost of debt in terms of the latest capital raise. But the $23 billion of cash that sits on the balance sheet, it seems excessive even under the most dire scenarios in terms of free cash burn that you could anticipate. So can you maybe just explain a little bit behind -- your thinking behind that quantum of capital and what it might be used for?

我喜歡你們在資本方面始終保持保守，並且認識到你們說就最近的資本籌集而言，這是一種低成本的債務。但資產負債表上的 230 億美元現金，即使在你能預見的最可怕的情況下，也似乎太高昂了。那麼，您能否稍微解釋一下——您對這筆資本的考慮以及它可能的用途是什麼？

Okay. Jason, thanks for the question. Christine, do you want to take that?

好的。傑森，謝謝你的提問。克里斯汀，你想拿走這個嗎？

Sure. Thanks, Jason. You're right. We do take somewhat of a conservative approach to managing liquidity. And when we raised that money, it was back in March and April, we were able to achieve some pretty favorable interest rates, but we also did not have any visibility into how long this environment was going to continue. We also saw some weeks in the spring when there weren't consistent capital markets conditions. So you'd have some weeks when spreads gapped out, sometimes they tighten up. And we took the position that get it when we can, and because the demand was so high, we decided to take it because we view it somewhat as an insurance policy.

當然。謝謝，傑森。你說得對。我們確實採取了某種保守的方式來管理流動性。當我們籌集到這筆資金時，已經是三月和四月了，我們能夠獲得一些相當優惠的利率，但我們也無法預見這種環境將持續多久。我們也發現春季有幾週資本市場狀況並不穩定。因此，有時價差會出現擴大的趨勢，有時又會縮小。我們的立場是，只要我們能夠，我們就會得到它，而且由於需求量如此之高，我們決定接受它，因為我們將其視為一種保險政策。

But when we look at the overall balance sheet, we have it, and we see COVID continuing for a while. But one of the -- there's a few things that have happened in our businesses, and one is just the way that we have probably been much better at cost mitigation than we anticipated. The whole company is aligned towards tightening the belt. And we've done, I think, a great job on that.

但當我們查看整體資產負債表時，我們發現了這一點，我們看到 COVID 還會持續一段時間。但其中之一——我們的業務中發生了一些事情，其中之一就是我們在降低成本方面可能比我們預期的要好得多。整個公司都開始勒緊褲帶。我認為我們在這方面做得很好。

But as we are opening up the parks, remember now, we furloughed over 100,000 people, and we're bringing them back for the most part, not all are back yet, but a lot are back. So we will be spending more money just in terms of labor than we did in the third quarter. So in the fourth quarter, you'll see some of our costs actually go up to resume some of our businesses. So I look at this as, as we all know, what kills the company is the lack of liquidity. And as a CFO, I would never want to be in that position of not being able to fund all of our obligations.

但是，當我們開放公園時，請記住，我們讓超過 100,000 人休假，並且大部分人都會回來，雖然不是所有人都回來了，但很多人都回來了。因此，我們在勞動力方面的支出將比第三季更多。因此，在第四季度，你會看到我們的部分成本實際上會上升，以恢復部分業務。因此，我認為，眾所周知，導致公司倒閉的原因是缺乏流動性。身為財務官，我絕不希望陷入無法履行所有義務的情況。

That makes perfect sense. But none of that capital was really earmarked to sort of pulling the minority stake in Hulu that you don't own. That was not part of the thinking.

這很有道理。但這些資金並沒有真正用於收購你不擁有的 Hulu 少數股權。這並不是我們考慮的一部分。

No. That's -- if you look at that, that's out a couple of more years. So -- and the other thing is we do have debt maturities coming up. We still have another about $1.1 billion this fiscal year and, if my memory is correct, I think $3.5 billion for fiscal '21. So we've got some debt maturities that we don't have to go to market. And if this cash is still on our balance sheet, we can just certainly repay that and not refinance.

不。那是——如果你看一下，那還需要幾年的時間。所以——另一件事是我們的債務即將到期。本財年我們還有大約 11 億美元的資金，如果我沒記錯的話，我認為 21 財年我們有 35 億美元。因此，我們有一些債務到期，無需進入市場。如果這筆現金仍然在我們的資產負債表上，我們當然可以償還，而不需要再融資。

Our next question comes from Kannan Venkateshwar with Barclays.

下一個問題來自巴克萊銀行的 Kannan Venkateshwar。

So a couple, if I could. So first is, Christine, the $5 billion charge that you took for international markets, I guess this is a question for Bob as well but broadly, does this mean that you could potentially use this as a way to pull more channels and go direct-to-consumer in other markets? I think you've done a little bit of that in the U.K. with some channels, but could that become a bigger possibility in other markets now that you've written down this asset?

如果可以的話，我會選一對。那麼首先，克里斯汀，你們在國際市場上收取了 50 億美元的費用，我想這也是對鮑勃的一個問題，但從廣義上講，這是否意味著你們可以利用這筆費用來吸引更多管道並在其他市場直接面向消費者？我認為您已經在英國透過一些管道做了一些這樣的嘗試，但是既然您已經減記了這項資產，那麼在其他市場這樣做的可能性是否會更大呢？

And then secondly, Bob, from your perspective, when you look at ESPN, obviously, cord-cutting is accelerating, just given what the cable companies have said so far. Is there an alternative state of the world where ESPN could go direct-to-consumers? And have you looked at that model in terms (technical difficulty) even perspective?

其次，鮑勃，從您的角度來看，當您看 ESPN 時，顯然，根據有線電視公司迄今為止的說法，剪線現象正在加速。世界上是否存在 ESPN 可以直接面對消費者的另一種情況？您是否從技術難度甚至角度考慮過該模型？

Kannan, thanks for the questions. Christine, why don't you speak to the $5 billion charge? And Bob, you speak to ESPN?

Kannan，謝謝你的提問。克里斯汀，你為什麼不談談 50 億美元的指控？鮑勃，你和 ESPN 說過話嗎？

Kannan, so that's a great question, and I'm glad you asked it so I can put some color around this impairment. So the best way I would frame it is this impairment reflects an underperformance of the international channels business that we were already seeing, and then that was exacerbated by the impact of COVID-19. Coupled with that, we've learned a lot with the launch of Disney+. And we have, as you've heard today, accelerated our push into DTC consumer streaming and with the same time, you're seeing a decline in the subscriber, MVPD subscriber base outside of the U.S. So you add all those things up. And we're not -- this impairment does not include the value of DTC. That's intact.

Kannan，這是一個很好的問題，我很高興你問了這個問題，這樣我就可以對這種損害做出一些解釋。因此，我認為最好的說法是，這種損害反映了我們已經看到的國際通路業務表現不佳，而這種情況又因 COVID-19 的影響而加劇。除此之外，我們從 Disney+ 的推出中學到了很多。正如您今天所聽到的，我們加快了向 DTC 消費者串流媒體的推進，與此同時，您會看到美國以外的訂閱用戶、MVPD 訂閱用戶群正在下降。所以，把所有這些因素加起來。而且我們不是 - 這種損害不包括 DTC 的價值。完好無損。

What this impairment is about is the linear channels. And so we have, in this calendar -- this fiscal year, have already closed down more than 20 channels. Most of those were closed in this third quarter. And they were primarily in APAC and in EMEA. Now when I say APAC, not in India, these are in other parts of Asia. But that's where the channels were closed. And we're taking a look at going more quickly, as you said, into direct-to-consumer. And these channels, shutting them down and taking those platforms direct, is certainly what is behind this impairment.

這種損傷與線性通道有關。因此，在本財政年度，我們已經關閉了 20 多個頻道。其中大部分已於第三季關閉。他們主要位於亞太地區和歐洲、中東和非洲地區。現在，當我說亞太地區時，不是在印度，而是在亞洲其他地區。但那裡的渠道已經關閉。正如您所說，我們正在考慮更快進入直接面向消費者的模式。關閉這些管道並直接接管這些平台無疑是造成這種損害的原因。

And in terms of the ESPN question, let me first start off by saying that on a macro level, I think we understand the value of live sports. ESPN is the strongest brand in sports, and sports continue to be a driver of viewing interest. I think it's evidenced by the fact that sports accounted for over 90 of the 100 most viewed telecast on broadcast and cable in 2019. So we've got a really strong position from a brand standpoint in a market that consumers love. So then the question is, how do we get it to the consumer?

關於 ESPN 的問題，首先我想說，從宏觀層面來說，我認為我們了解體育直播的價值。ESPN 是體育領域最強大的品牌，體育運動繼續成為觀看興趣的動力。我認為，體育賽事佔據了 2019 年廣播和有線電視收視率最高的 100 檔電視節目的 90 多個，這一事實就證明了這一點。因此，從品牌角度來看，我們在消費者喜愛的市場中佔有非常強勢的地位。那麼問題是，我們該如何送到消費者手中？

And certainly, you asked if whether we've looked at a stronger direct-to-consumer proposition for ESPN. Absolutely. We've looked at everything, and when we think that we've got the most effective way to maximize shareholder value from the brand, the way we are right now. But as that changes over time, we're certainly open to any and all options in terms of how we may be able to get our programs out to our consumers. And hopefully, we can talk a little bit more about this in our investor conference when we meet in the next few months.

當然，您曾問過我們是否考慮過為 ESPN 提供更強大的直接面向消費者的方案。絕對地。我們已經考慮了所有因素，我們認為我們已經找到了最有效的方法，可以從品牌中實現股東價值最大化，這就是我們現在的做法。但隨著時間的推移，情況會發生變化，對於如何將我們的節目推向消費者，我們當然願意接受所有選擇。希望我們能在接下來的幾個月的投資者會議上進一步討論這個問題。

Our last question comes from Steven Cahall with Wells Fargo.

我們的最後一個問題來自富國銀行的史蒂文·卡霍爾。

Maybe first, just wanted to clarify on parks, Bob. With the lower contribution margin in Orlando, could you just help us think through some of that disruption that you had? Was that more about not being able to get as many people in the parks? Or was that more of a per capita spend or pricing issue that caused the contribution margin to come in lower? And maybe you could update a little bit on what you're seeing in terms of pricing and occupancy at the hotels as well.

也許首先，只是想澄清一下公園的情況，鮑伯。由於奧蘭多的貢獻利潤率較低，您能否幫助我們思考您所遇到的一些幹擾？這是否是因為園區裡無法吸引那麼多人？或者這更多的是人均支出或定價問題導致貢獻利潤率較低？也許您也可以稍微更新一下您所看到的飯店價格和入住率的情況。

And then on Disney+, I'm curious, I mean, you've had this amazing ramp-up to the low end of guidance. As you think about the next stage of growth for Disney+, does it make more sense to kind of go after a bigger market of subscribers, which can be pretty expensive in terms of original content? Are you more kind of focused on getting to like more of a plateau with Disney+ and driving it more towards profitability with the content that you've already got planned in the pipeline that's more around the film slate and the existing characters?

然後對於 Disney+，我很好奇，我的意思是，你們已經實現瞭如此驚人的增長，達到了指導值的低端。當您考慮 Disney+ 的下一階段成長時，追求更大的訂閱用戶市場是否更有意義，而就原創內容而言，這個市場可能非常昂貴？您是否更專注於讓 Disney+ 達到更高的水平，並利用您已經計劃好的、圍繞電影片單和現有角色的內容來推動其盈利？

All right, Steve. Maybe, Christine, you want to just at least start on the parks metrics. And then, Bob, you may want to comment on parks and then talk about Disney+ as well.

好的，史蒂夫。也許，克里斯汀，你至少想從公園指標開始。然後，鮑勃，你可能想評論一下公園，然後再談談 Disney+。

Steve, so when we were talking about the net positive contribution opening up Walt Disney World, what we were referring to was that because there was a surge of COVID in Florida, which limited the amount of inbound travel that we had originally anticipated, so it's more local, that overall is having a little bit of a dampening effect on it. But it's still positive. And once again, it will pick up when there's more regular travel patterns going into Walt Disney World.

史蒂夫，當我們談到開放華特迪士尼世界的淨正貢獻時，我們指的是由於佛羅裡達州的新冠疫情激增，限制了我們最初預期的入境旅遊數量，所以它更多的是本地化的，總體上對它產生了一點抑製作用。但它仍然是積極的。再次，當前往迪士尼樂園的旅行更加頻繁時，這一數字將會回升。

And as it relates to sort of pricing and occupancy of the hotel, it's really like there's so many hotels that are not yet reopened. And so those are kind of meaningless numbers right now. So once, I would say, the travel patterns get a little more normalized, and we see people going in and staying for regular vacations like they used to, we'll be providing occupancy and booking numbers.

就飯店的定價和入住率而言，確實有許多飯店尚未重新開業。所以這些數字現在都是毫無意義的。因此，我想說，一旦旅行模式變得更加正常化，我們看到人們像以前一樣定期入住和度假，我們就會提供入住率和預訂數量。

But right now, the one thing I would add is per caps are very, very strong. And you could say that that's probably because people haven't been in the parks for a while. There's a pent-up demand, and let's not forget that we just opened the full -- the Rise of the Resistance as well as the Star Wars lands fully in the beginning of this calendar year. So you had a lot of people, even Floridians who are just traveling locally, who have not yet had an opportunity to go in and experience that. So the per caps are great. And I think it's because people haven't been able to get into our parks for quite a long time.

但現在，我想補充一點，那就是每張卡的銷售量都非常非常強勁。您可能會說，這可能是因為人們有一段時間沒有去公園了。存在著被壓抑的需求，別忘了，我們剛剛在今年年初全面開放了《抵抗組織的崛起》和《星際大戰》系列。所以有很多人，甚至是只是在當地旅行的佛羅裡達人，還沒有機會進去體驗這一點。因此，每個帽子都很棒。我認為這是因為人們很長時間無法進入我們的公園。

All I'll follow up on the parks question is that, as you know, different guests, depending on where they're coming from, have different relative values in terms of their contribution as a guest to the park. And typically, someone who travels and stays for 5 to 7 days is marginally more valuable to the business than someone who comes in on an annual pass and stays a day or 2 and consumes less merchandise and food and beverage. So the way I would look at it is that it's just as that constituency changes a little bit, so do our overall margins change. But it's not because of price reductions or anything like that. And I think Christine handled the pricing and occupancy in hotels.

關於公園的問題，我要繼續追問的是，如你所知，不同的遊客，根據他們來自哪裡，作為公園的遊客，在貢獻方面具有不同的相對價值。通常情況下，旅行並停留 5 至 7 天的人對企業的價值略高於持年票、停留 1 至 2 天且消費較少商品和食品飲料的人。因此，我的看法是，只要選區有一點變化，我們的整體利潤率也會改變。但這並不是因為降價或諸如此類的原因。我認為克里斯汀負責酒店的定價和入住率。

On the Disney+, we absolutely are going after a bigger market of the number of subscribers as opposed to over-rotating to try to get to a profitability number much sooner than we thought. Although I must say the prospect of us hitting our goals as quickly as we are is very encouraging. But what we plan to do is invest even more in our content in order to keep that machine cranked and going. As I mentioned, one of the biggest things in terms of subscriber acquisition is having new hot tentpole content to bring to the service, and you get that by making investments in new content. So we'll be investing in content first and then trying to grow the service, both from a marketing standpoint and from an installed base standpoint.

在 Disney+ 上，我們絕對追求的是更大的訂閱用戶市場，而不是過度輪換以試圖比我們想像的更快地實現盈利。但我必須說，我們能夠如此迅速地實現目標，這前景令人十分鼓舞。但我們計劃在內容上投入更多，以保持機器正常運作。正如我所提到的，在用戶獲取方面，最重要的事情之一就是為服務帶來新的熱門內容，而這可以透過對新內容的投資來實現。因此，我們將首先投資內容，然後嘗試從行銷角度和安裝基礎角度來發展服務。

And thanks, again, everyone, for joining us today. Note that a reconciliation of non-GAAP measures that were referred to on this call to equivalent GAAP measures can be found on our Investor Relations website.

再次感謝大家今天的參與。請注意，本次電話會議中提及的非 GAAP 指標與等效 GAAP 指標的對帳可以在我們的投資者關係網站上找到。

Let me also remind you that certain statements on this call, including financial estimates or statements about our plans, expectations, beliefs or business prospects 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, our quarterly reports on Form 10-Q and in our other filings with the Securities and Exchange Commission.

我還要提醒您，本次電話會議中的某些聲明，包括財務估計或有關我們的計劃、預期、信念或業務前景的聲明，可能構成證券法規定的前瞻性聲明。我們根據當時對未來事件和業務表現的看法和假設做出這些聲明，我們不承擔任何更新這些聲明的義務。前瞻性陳述受多種風險和不確定性的影響，實際結果可能與根據各種因素表達或暗示的結果存在重大差異，包括我們 10-K 表年度報告、10-Q 表季度報告以及我們向美國證券交易委員會提交的其他文件中包含的因素。

This concludes today's call. Thanks, again, everyone, for joining us, and have a great rest of the day.

今天的電話會議到此結束。再次感謝大家的參與，祝福大家有個愉快的一天。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. 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。您現在可以斷開連線。