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.

女士們，先生們，感謝你們的支持，[歡迎來到華特迪士尼] 2020 年第三季度財務業績電話會議。

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

（操作員說明）請注意，今天的會議正在錄製中。

(Operator Instructions)

（操作員說明）

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

我現在想把會議交給今天的發言人，投資者關係高級副總裁 Lowell Singer 先生。

Go ahead, sir.

來吧，先生。

Good afternoon, and welcome to The Walt Disney Company's Third Quarter 2020 Earnings Call.

下午好，歡迎來到華特迪士尼公司 2020 年第三季度財報電話會議。

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

我們的新聞稿大約在 25 分鐘前發布，可在我們的網站 www.disney.com/investors 上查閱。

Today's call is also being webcast, and a copy of the webcast and a transcript will also be available on our website.

今天的電話會議也進行了網絡直播，網絡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.

我們知道你們中的大多數人今天都從家中加入我們，我們希望每個人都過得很好。

We are also hosting today's call remotely.

我們還將遠程主持今天的電話會議。

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

迪斯尼首席執行官 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。

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

根據 Bob 和 Christine 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，讓我將電話轉給 Bob Chapek 開始。

Thanks, Lowell.

謝謝，洛厄爾。

And good afternoon, everyone.

大家下午好。

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

我希望你們一切都好，並保持安全。

These continue to be challenging times for our world.

這些對我們的世界來說仍然是充滿挑戰的時代。

The impact of the pandemic on people's lives, our communities, businesses and way of life has been devastating.

大流行病對人們的生活、我們的社區、企業和生活方式的影響是毀滅性的。

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.

我們仍然深深感謝醫護人員、研究人員、社區領袖以及為幫助我們度過這一困難時期而儘自己的一份力量的每個人。

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.

近幾個月來，除了大流行帶來的挑戰，種族主義和社會不公正問題也成為我們和國家意識的前沿和中心。

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.

我們一直在這一關鍵領域與我們的員工和演職人員密切合作，並建立了 6 個新的戰略支柱，以在整個公司實現更大的多元化和包容性。

We are committed to strongly advancing these initiatives as we strive towards greater representation and inclusion, both in our workforce and creative content.

我們致力於大力推進這些舉措，因為我們努力在我們的員工隊伍和創意內容中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.

如您所知，由於大流行，全球大多數企業都經歷了前所未有的破壞。

Most of our businesses were shut down, and this had a huge impact on our third quarter results.

我們的大部分業務都關閉了，這對我們第三季度的業績產生了巨大影響。

Adjusted EPS in the quarter was $0.08 a share compared to $1.34 a share last year.

本季度調整後的每股收益為 0.08 美元，而去年同期為每股 1.34 美元。

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

Christine 將更深入地討論我們本季度的業績。

Despite the harsh realities we are facing today, we have made some encouraging progress.

儘管我們今天面臨著嚴酷的現實，但我們已經取得了一些令人鼓舞的進展。

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.

自上次財報電話會議以來，我們已經開始負責任地分階段重新開放我們在上海、巴黎、東京和奧蘭多的公園以及我們位於阿納海姆的購物和餐飲區迪士尼市中心。

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.

我們將演員和客人的健康和安全放在首位，並製定了包括強制戴口罩政策、體溫篩查、加強清潔和消毒以及促進社交距離的容量限制在內的協議。

We continue to work with national and local health and government officials in this very fluid situation and are making adjustments as necessary.

在這種非常不穩定的情況下，我們將繼續與國家和地方衛生和政府官員合作，並在必要時進行調整。

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.

與數百萬粉絲一樣，我們也對 ESPN 上主要現場體育賽事的回歸感到高興，包括 NBA 和 MLS 賽季在華特迪士尼世界泡沫中的成功恢復以及 WNBA 和 MLB 的重啟。

Another positive development to note has been the initial restarting of some of our television and film productions, both domestically and overseas.

另一個值得注意的積極發展是我們在國內和海外的一些電視和電影製作的初步重啟。

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.

當我在 2 月成為首席執行官時，我強調我們將繼續追求大膽創新、深思熟慮的冒險精神和創造性的故事講述，這是華特迪士尼公司的命脈。

And despite the challenges of the pandemic, we've managed to take deliberate and innovative steps in running our businesses.

儘管面臨著大流行病的挑戰，我們還是設法在經營我們的業務時採取了深思熟慮和創新的步驟。

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.

與此同時，我們也一直非常專注於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，也是我們公司未來的關鍵。

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.

去年 11 月，我們在國內成功推出了 Disney+，此後我們在西歐、印度和日本等多個主要國際市場推出了它。

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.

我也非常高興地宣布，截至昨天，我們在全球的付費用戶已超過 6050 萬，遠遠超過了我們最初對該服務的預測。

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.

隨著我們全球用戶數量的持續增長，我們在迄今為止推出的每個主要市場的用戶數量也都超出了我們的內部預測。

The tremendous success of Disney+ in less than a year clearly establishes us as a major force in the global direct-to-consumer space.

Disney+ 在不到一年的時間裡取得巨大成功，這顯然使我們成為全球直接面向消費者領域的一支重要力量。

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.

我們將繼續我們的國際擴張，於 9 月在北歐、比利時、盧森堡和葡萄牙以及今年 11 月在拉丁美洲推出 Disney+。

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.

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度尼西亞推出 Disney+ Hotstar。

By year-end, Disney+ will be available in 9 of the top 10 economies in the world.

到年底，Disney+ 將在全球前 10 大經濟體中的 9 個推出。

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.

當您查看我們在 Disney+、Hulu 和 ESPN+ 上的全部直接面向消費者的業務組合時，我們的全球綜合影響力現已超過驚人的 1 億付費訂閱。

This is a significant milestone and a reaffirmation of our strategy for growth.

這是一個重要的里程碑，也是對我們增長戰略的重申。

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.

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業務的未來以及我們在方法上更加積極進取的能力更有信心。

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.

展望未來，這種信心，加上我們在多渠道領域看到的趨勢，將引導我們在繼續發展業務的同時追求更具創新性和更大膽的舉措。

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.

我想藉此機會與您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介紹會上為您提供更多詳細信息。

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.

我們已經展示了一種積極的內容創作管道方法，加速了《冰雪奇緣 2》、皮克斯的《未來》和《星球大戰：天行者崛起》在 Disney+ 的首次亮相。

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.

百老彙的漢密爾頓在 Disney+ 上的首次亮相獲得了巨大的成功，結合了現場戲劇、電影和流媒體的最佳元素，我們為數百萬觀眾提供了一種體驗這一標誌性文化現象的全新方式。

And last week, Beyonce's visual album, Black Is King, premiered on Disney+ to critical acclaim.

上週，碧昂絲 (Beyonce) 的視覺專輯《Black Is King》在 Disney+ 上首映，獲得一致好評。

It's being widely celebrated for its diverse cast, stunning artistry and inspiring interpretation of the Black experience.

它因其多樣化的演員陣容、令人驚嘆的藝術性和對黑人體驗的鼓舞人心的詮釋而廣受讚譽。

Both Hamilton and Black Is King have clearly shown the power of the Disney+ platform for premiering world-class content.

Hamilton 和 Black Is King 都清楚地展示了 Disney+ 平台在首映世界級內容方面的力量。

And there's more great content coming to the service.

該服務還有更多精彩內容。

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.

亮點包括將於 8 月 21 日開始在該服務上獨家播放的迪士尼真人版《唯一的伊万》；和 The Right Stuff，來自國家地理雜誌，關於 NASA 的 Mercury 項目，該項目定於今年秋天首映。

And millions of fans are anxiously awaiting the highly anticipated second season of The Mandalorian in October.

數百萬粉絲正焦急地等待 10 月份備受期待的曼達洛人第二季。

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.

這部轟動一時的劇集上周剛剛獲得令人難以置信的 15 項艾美獎提名，其中包括首次推出流媒體服務的傑出劇集。

It also bears noting that The Walt Disney Company's television, cable, studio productions and streaming entities received an impressive 145 Primetime Emmy nominations.

還值得注意的是，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 were for programming content produced by our entities, which really speaks to the power of our creative engines across the company.

92 個用於我們實體製作的編程內容，這確實說明了我們整個公司創意引擎的力量。

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.

正如我之前所說，我們已經能夠在大流行期間開始恢復我們的一些創意渠道活動，並且我們有信心，當我們能夠完全恢復運營時，我們將能夠以有意義的方式與一些最好的創意團隊和業內最受歡迎的特許經營權。

Like many companies, we've had to find innovative ways to conduct our business during the pandemic.

與許多公司一樣，我們不得不尋找創新方法在大流行期間開展業務。

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.

雖然我們認為這對受影響的每個人都是毀滅性的情況，但它也迫使我們考慮不同的方法並尋找新的機會。

In the process, we're discovering ways to better serve our consumers during this challenging period.

在此過程中，我們正在尋找在這個充滿挑戰的時期更好地為消費者服務的方法。

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.

不幸的是，由於 COVID 對影院的影響，我們不得不多次推遲迪士尼備受期待的主打電影《花木蘭》的上映。

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.

為了在這個變幻莫測的時期滿足消費者的需求，我們認為重要的是找到替代方式，及時將這部特別適合家庭觀看的電影帶給他們。

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.

我們今天宣布，在大多數 Disney+ 市場，包括美國、加拿大、澳大利亞、新西蘭和西歐的一些國家，我們將從 9 月 4 日開始為 Disney+ 訂閱者提供 Disney+ 上的史詩冒險花木蘭優先訪問權. 在美國的價格為 29.99 美元，在其他國家/地區會略有不同。

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.

同時，我們將在目前尚未宣布 Disney+ 上映計劃且影院已開放的某些市場上映這部電影。

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.

我們認為這是一個機會，可以將這部令人難以置信的電影帶給目前無法去電影院的廣大觀眾，同時還可以通過這一精彩內容進一步提升 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.

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加重要。

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.

為此，我也很高興地宣布，我們計劃在 2021 年以 Star 品牌推出一項國際化、直接面向消費者的綜合娛樂產品。

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.

與我們在 Disney+ 上成功實施的戰略相呼應，該產品將植根於我們擁有的內容，這些內容來自 ABC Studios、Fox Television、FX、Freeform、20th Century Studios 和 Searchlight 的多產且廣受好評的製作引擎和資料庫。

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.

在許多市場，該產品將從營銷和技術角度完全整合到我們已建立的 Disney+ 平台中，並將以 Star 品牌進行分銷，該公司已成功將其用於其他一般娛樂平台的發布，特別是在印度與 Disney+ Hotstar 合作。

The fact that Disney+ has grown as rapidly as it has, both domestically and globally, clearly demonstrates the value of our content.

事實上，Disney+ 在國內和全球範圍內的發展如此之快，清楚地證明了我們內容的價值。

And through the addition of our Star-branded general entertainment offering, we are further extending the value of that content internationally.

通過增加我們的 Star 品牌綜合娛樂產品，我們進一步在國際上擴展了該內容的價值。

Let me reiterate that we see tremendous opportunity in the direct-to-consumer space.

讓我重申，我們在直接面向消費者的領域看到了巨大的機會。

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.

鑑於我們迄今為止在全球直接面向消費者的業務中取得的成功，以及我們提供卓越品牌、特許經營權和講故事的能力的支持，這些品牌、特許經營權和講故事的方式受到全球消費者的極大喜愛，我們打算充分利用這個機會。

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.

為此，正如我所提到的，我們將在未來幾個月舉辦另一個投資者日，重點關注我們加速推進我們的 Disney+、Hulu、ESPN+ 和 Star 品牌直接面向消費者市場的計劃。

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.

就我個人而言，我對我們的前進方向非常樂觀，我很高興能在未來幾個月與您分享更多關於我們計劃的信息。

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.

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.

正如 Bob 提到的，我們在第三財季的財務業績受到 COVID-19 的重大影響。

Excluding certain items affecting comparability, this quarter's diluted earnings per share were $0.08.

排除某些影響可比性的項目，本季度的稀釋後每股收益為 0.08 美元。

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.

我會注意到，這是第一季度，當前和上一年期間的結果都反映了我們收購的 21CF 資產的整個季度的運營情況。

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.

我們估計 COVID-19 相關中斷對我們第三季度部門營業收入的不利影響約為 30 億美元，扣除成本緩解措施。

Our Parks, Experiences and Products segment was the most severely affected with an adverse impact of $3.5 billion.

我們的公園、體驗和產品部門受到的影響最為嚴重，產生了 35 億美元的不利影響。

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.

雖然我們其他業務的看跌期權和收購匯總為淨收益，但較低的收入通常被成本遞延和成本削減的好處所抵消。

We expect many of these cost deferrals to reverse in future quarters due primarily to the timing shift of sporting events.

我們預計其中許多成本遞延將在未來幾個季度逆轉，這主要是由於體育賽事的時間轉移。

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.

隨著我們重新開放我們的許多業務，我們已經並將繼續產生與解決我們的演員、人才和客人的安全以及各種政府法規相關的額外費用。

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.

這些包括但不限於增量成本，因為它與負責任地恢復電影和電視內容的製作以及我們在公園和度假村採取的強化措施有關。

We estimate that through the end of fiscal 2021, these incremental cash costs could total approximately $1 billion.

我們估計，到 2021 財年末，這些增量現金成本總額可能約為 10 億美元。

We expect many of these expenditures, particularly those related to restarting productions, to be capitalized and amortized over future periods.

我們預計其中許多支出，尤其是與重啟生產相關的支出，將在未來期間進行資本化和攤銷。

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.

在公園、體驗和產品方面，第三季度業績主要反映了整個季度我們國內公園和度假村、遊輪業務和巴黎迪士尼樂園的關閉情況。

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.

我們的上海和香港度假村也在本季度的部分時間關閉，上海於 5 月 11 日重新開放，香港於 6 月 18 日重新開放。

However, Hong Kong was subsequently closed July 15 due to a government order.

然而，由於政府命令，香港隨後於 7 月 15 日關閉。

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.

由於這些廣泛的中斷，公園、體驗和產品部門的經營業績與上一年相比大幅下降，經營虧損約為 20 億美元。

These results also reflect an adverse impact at our consumer products business due to the effects of COVID-19.

這些結果還反映了 COVID-19 的影響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.

在華特迪士尼世界，我們正在實現我們的目標，即在當前的出勤水平上推動積極的淨貢獻，我們預計當佛羅里達州的 COVID 情況有所改善時，需求將會增長。

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.

我們還密切關注我們在國際上重新開放的站點的趨勢，尤其是我們對自 5 月重新開放以來在上海看到的情況感到滿意。

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.

雖然我們部分業務重新開業的時間仍存在不確定性，但我們仍致力於為所有客人創造高質量的體驗，並相信我們有能力通過這些資產創造長期價值。

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.

在 Studio Entertainment，本季度的營業收入有所下降，原因是較高的 SVOD 發行結果、較低的家庭娛樂營銷成本和較低的電影減值被較低的影院發行結果所抵消。

Worldwide theatrical results were adversely impacted by COVID-19.

COVID-19 對全球的戲劇效果產生了不利影響。

Given the closure of theaters, both domestically and internationally, no significant titles were released in the quarter.

鑑於國內和國際影院關閉，本季度沒有發行重要影片。

This resulted in a difficult comparison against the outstanding performance of Avengers: Endgame in the prior year quarter.

這導致很難與上一季度《復仇者聯盟：終局之戰》的出色表現進行比較。

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.

更高的 TV SVOD 結果是由 Disney+ 的內容銷售推動的，包括圖書館標題、星球大戰：天行者的崛起和 Onward，部分被付費窗口中對第三方的銷售減少所抵消。

Turning to Media Networks.

轉向媒體網絡。

Operating income was up in the third quarter due to higher results at both broadcasting and cable.

由於廣播和有線電視的業績均有所提高，第三季度的營業收入有所增加。

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.

在廣播方面，營業收入的增加是由於節目和製作成本降低、附屬收入增加、節目銷售增加和營銷成本降低。

These increases were partially offset by lower advertising revenue.

這些增長部分被較低的廣告收入所抵消。

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.

編程和製作成本的下降主要是由於 COVID-19 導致的生產停工，部分被新會計準則的時間影響所抵消。

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.

您可能還記得，雖然新的會計準則導致本財年上半年的編程和製作費用較低，但我們曾說過，由於資本化成本被攤銷，我們預計下半年的編程和製作費用會更高.

Higher programming sales in the quarter were driven by titles including The Simpsons, Modern Family and The Politician.

本季度較高的節目銷量是由《辛普森一家》、《摩登家庭》和《政客》等影片推動的。

Total broadcasting ad revenue was down 17% in the quarter, driven by decreases at our owned television stations and the ABC Network.

本季度廣播廣告總收入下降了 17%，這是受我們自有電視台和 ABC 網絡收入下降的推動。

Higher results at cable networks are primarily due to increases at ESPN and FX networks.

有線網絡的較高結果主要是由於 ESPN 和 FX 網絡的增加。

ESPN benefited from lower programming and production costs and, to a lesser extent, higher affiliate revenue, partially offset by lower advertising revenue.

ESPN 受益於較低的節目和製作成本，並在較小程度上受益於較高的附屬收入，部分被較低的廣告收入所抵消。

FX Networks benefited from lower marketing and programming costs.

FX Networks 受益於較低的營銷和編程成本。

At ESPN, lower programming and production costs were largely due to the deferral of rights costs for the NBA and Major League Baseball.

在 ESPN，較低的節目和製作成本主要是由於 NBA 和美國職業棒球大聯盟的轉播權成本的延期。

We currently expect these games to be played in future quarters, and the rights cost will be incurred accordingly.

我們目前預計這些遊戲將在未來幾個季度進行，因此將產生版權成本。

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.

由於 COVID-19 的影響以及 NBA 和其他重要體育直播節目的缺席，第三季度 ESPN 廣告總收入大幅下降。

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.

本季度已經有幾項現場體育賽事回到 ESPN，包括 7 月 8 日的美國職業足球大聯盟、7 月 23 日的美國職業棒球大聯盟和上週五的 NBA。

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.

假設體育賽事直播按計劃繼續進行，我們預計 ESPN 第 4 季度的廣告銷售（包括第 53 週的收益）將顯著受益，尤其是 NBA。

Total Media Networks affiliate revenue increased 2%.

媒體網絡聯盟的總收入增長了 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.

這是由於較高的費率導致 7 個百分點的增長，被用戶減少導致的 4 個百分點的下降所抵消，而 ACC 網絡的推出使用戶減少了約 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+.

在我們的直接面向消費者和國際部門，本季度的運營虧損比去年增加了約 1.4 億美元，這是由於與 Disney+ 的推出相關的成本推動的，Disney+ 在第三季度擴展到幾個新市場，部分抵消了Star 和 ESPN+ 的改進結果。

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.

第三季度，我們通過 Disney+ Hotstar 服務在印度推出了 Disney+；和法國通過與 Canal+ 的戰略合作；並在日本通過與 NTT DOCOMO 的有限發布。

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.

在本季度末，Disney+ 的付費用戶群為 5750 萬，正如鮑勃所說，截至 8 月 3 日，這一數字現已增長至 6050 萬。

Given the unique nature of our India offering, it's worth noting that Disney+ Hotstar comprised about 15% of our quarter-end subscribers.

鑑於我們印度產品的獨特性，值得注意的是 Disney+ Hotstar 約占我們季度末訂戶的 15%。

As it relates to ARPU, Disney+'s overall ARPU this quarter was $4.62.

與 ARPU 相關，Disney+ 本季度的整體 ARPU 為 4.62 美元。

However, excluding Disney+ Hotstar, it was $5.31.

然而，不包括 Disney+ Hotstar，它是 5.31 美元。

At Star, higher results reflect lower programming costs, partially offset by lower advertising revenue.

在 Star，較高的結果反映了較低的節目成本，部分被較低的廣告收入所抵消。

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.

這兩個驅動程序都反映了第三季度板球比賽的缺席，包括印度超級聯賽的轉播權成本的轉移，我們預計這將在未來幾個季度得到確認，以及四年一度的 ICC 世界杯的轉播成本的缺席上一季度。

ESPN+ operating results improved versus the prior year quarter due to subscriber growth and an increase in UFC pay-per-view income.

由於訂戶增長和 UFC 按次付費收入的增加，ESPN+ 運營業績較上年同期有所改善。

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.

我們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，這比我們上個季度提供的指導要好，這主要是由於好於預期Disney+ 和 Hulu 的結果。

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.

這種出色的表現，加上我們國際渠道的支出低於預期，導致該部門的整體運營虧損約為 7 億美元，好於我們之前的指導。

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.

請注意，我們在 DTCI 的第三季度分部業績不包括與我們的國際渠道業務相關的大約 50 億美元的減值費用，這包括在我們計算報告的每股收益中。

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.

這些減值費用反映了這些資產因 COVID-19 而表現不佳，以及我們在國際 MVPD 用戶群下降的情況下加速推進直接面向消費者的流媒體服務的影響。

Additional detail can be found in our 10-Q, which we expect to file shortly.

更多詳細信息可以在我們的 10-Q 中找到，我們預計很快就會提交。

We expect our Direct-to-Consumer & International segment to generate about $1.1 billion in operating losses for the fourth quarter.

我們預計我們的直接面向消費者和國際部門第四季度將產生約 11 億美元的運營虧損。

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+.

我們預計我們的 DTC 業務第四季度的經營業績將比去年同期增加約 1 億美元，這主要是由於 Hulu 和 ESPN+ 的虧損減少，部分被我們對 Disney+ 的持續投資所抵消。

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.

我們收購的 21CF 業務（不包括 21CF 在 Hulu 的股份和部門間抵銷淨額）在第三季度貢獻了約 7.3 億美元的部門營業收入。

Consolidating Hulu's operating losses and netting out intersegment eliminations resulted in a positive contribution to total segment operating income of about $490 million.

合併 Hulu 的運營虧損並扣除部門間抵銷後，對部門總運營收入做出了約 4.9 億美元的積極貢獻。

While some of our affected businesses have reopened, we remain laser-focused on prudently managing our cash outflows and preserving liquidity.

雖然我們的一些受影響的業務已經重新開業，但我們仍然專注於謹慎地管理我們的現金流出和保持流動性。

We further strengthened our capital position during the quarter by issuing $11 billion of term debt in May at highly attractive rates.

我們在 5 月份以極具吸引力的利率發行了 110 億美元的定期債券，進一步加強了本季度的資本狀況。

And we reduced our commercial paper balances by close to $2 billion during the quarter.

我們在本季度將商業票據余額減少了近 20 億美元。

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.

我們以 230 億美元的現金結束了本季度，並繼續認為我們有能力度過這段不確定的時期，並繼續投資於我們業務的長期未來增長。

As we look ahead, there are a handful of items that we would like to give you an update on.

展望未來，我們希望為您提供一些最新信息。

First, you may recall that our fiscal 2020 calendar has an extra week of operations.

首先，您可能還記得我們的 2020 財年日曆多了一周的運營時間。

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.

今年，我們預計第 53 週實際上會對第 4 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、美國職業棒球大聯盟季后賽和 IPL 比賽都將在第 53 週舉行，此外公園的經營虧損適度、經驗和產品。

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.

在公園、體驗和產品方面，值得注意的是，雖然沃爾特迪斯尼樂園的運營淨貢獻水平為正，但鑑於最近佛羅里達州 COVID-19 病例激增，我們從重新開放中看到的好處低於我們最初的預期.

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.

我們還預計，我們的消費品業務第四季度的業績將反映出與去年同期冰雪奇緣和星球大戰商品銷售的艱難比較，以及 COVID-19 造成的零售業務持續中斷。

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.

最後，我們繼續完善我們的資本支出計劃，我們現在預計 2020 財年的資本支出總額將比上年減少約 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。

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.

這無疑是一個充滿變數的時代，我們為我們的管理團隊和演員們感到自豪，他們超越自我，為公司創造了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.

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.

好的。

Thanks, Christine.

謝謝，克里斯汀。

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.

在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，我會盡我最大的努力將您的問題轉給相應的主管來緩和。

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

有了這個，丹尼爾，我們準備好回答第一個問題了。

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

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

I have 2 questions.

我有兩個問題。

The first one is on the studio and the second on the parks.

第一個在工作室，第二個在公園。

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?

在製片廠，你認為直接面向消費者的大片電影對迪士尼來說會更常見嗎？

Or is Mulan kind of a one-off?

或者花木蘭是一次性的？

I mean how should we think about Black Widow, I guess, later on in the fall?

我的意思是我們應該如何考慮 Black Widow，我想，在秋天晚些時候？

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.

然後在公園方面，我猜任何關於沃爾特迪斯尼世界的增值開放正在吞噬公園損失的任何顏色。

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.

克里斯汀，我想你說過，由於電暈的激增，它正在逐漸消失，或者它的增生可能比你最初想像的要少。

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?

我很好奇，這是因為需求沒有你想像的那麼強勁，還是因為激增，你不得不保持較低的產能並更加小心？

Okay.

好的。

Alexia, thanks.

亞歷克西婭，謝謝。

Bob, why don't -- let's start with the first question.

鮑勃，為什麼不——讓我們從第一個問題開始。

Why don't you take the studio question, and then we'll get to the parks one.

你為什麼不回答工作室的問題，然後我們就去公園。

Okay.

好的。

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.

我們很高興能夠將《花木蘭》帶給我們等待了很長時間的消費者群體，因為不幸的是，我們不得不多次更改上映日期。

We're fortunate that we have the opportunity to bring it to our own direct-to-consumer platform so consumers can enjoy it.

我們很幸運有機會把它帶到我們自己的直接面向消費者的平台上，這樣消費者就可以享受它了。

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.

但我們將 Mulan 視為一次性的——而不是說，我們正在研究某種新的業務窗口模型。

So Mulan is a one-off.

所以花木蘭是一次性的。

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.

也就是說，我們發現能夠以 29.99 美元的價格向消費者提供新產品，即我們的首要接入產品，並從中學習，看看會發生什麼，而不僅僅是我們所提供的訂戶數量方面的變化。進入平台，但我們在該 PVOD 產品上獲得的 Disney+ 平台上的實際交易數量。

And then on the parks question, Bob, maybe you want to speak to demand.

然後關於公園問題，鮑勃，也許你想談談需求。

And then, Christine, you could jump in on some of the numbers.

然後，克里斯汀，你可以加入一些數字。

Yes.

是的。

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.

這顯然是一個高度不確定的時期，我們可以從我們的預訂流中看出，我們有足夠的需求超過 6 英尺的社交距離準則。

That was 6 weeks before we opened the park, when we announced we were opening the park.

那是我們開園前 6 週，當時我們宣布開園。

And then unfortunately, COVID struck again, and all the numbers started going up.

然後不幸的是，COVID 再次來襲，所有數字都開始上升。

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.

這讓那些對長途旅行、跳上飛機飛往沃爾特迪斯尼世界感到焦慮的旅行者感到了某種程度的恐懼。

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.

因此，我們所看到的是，大約 50% 的客人仍在遠距離旅行，而另外 50% 來自當地市場和州內。

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.

一旦有人預訂，我們也有高於預期的取消水平，因為隨著疾病的潮起潮落，他們可能必然會取消。

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.

因此，我們所做的是使用我們的讓步策略，並確保每一天，我們都非常接近我們可以填滿並仍然保持社交距離的公園百分比。

We just replace local and annual passholders with some of the falloff that we've necessarily seen from the long-distance travelers.

我們只是將本地和年度通行證持有人替換為我們從長途旅行者那裡必然看到的一些衰減。

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.

我要說的是，我們的研究表明——我們的預訂表明，一旦消費者信心恢復，我們應該處於良好狀態。

And so we're very optimistic about that.

所以我們對此非常樂觀。

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.

但我們很高興，正如克里斯汀所說，我們正在返回正的淨貢獻，因為這首先是我們的目標，同時非常負責任地運營。

Alexia, I'll put a little context into what we're referring to as a net positive contribution.

Alexia，我將對我們所說的淨積極貢獻做一些背景介紹。

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.

在我們上次的財報電話會議上，鮑勃提到我們不會開設公園，除非我們相信我們可以在開業後不久產生超過可變成本的收入。

So we are able to do that, although it is to a lesser extent because of the current COVID situation in Florida.

所以我們能夠做到這一點，儘管由於佛羅里達州當前的 COVID 情況，它的程度較小。

As we said, as that abates, we expect the demand to pick up.

正如我們所說，隨著這種情況的減弱，我們預計需求會回升。

But right now, it's not as high as we had expected, but we're still in the net positive contribution level.

但現在，它沒有我們預期的那麼高，但我們仍處於淨正貢獻水平。

And I'd also like to mention Shanghai has consistently been operating in that net positive contribution area as well.

我還想提一下，上海也一直在該淨正貢獻領域開展業務。

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 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.

我想問一下國際通用娛樂 DTC 的發布，我認為這對你的進展並不令人感到意外，儘管日曆 '21 可能比我們預期的要早一些。

But doing it under the Star brand is an interesting twist versus a Hulu.

但與 Hulu 相比，在 Star 品牌下做這件事是一個有趣的轉折。

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.

我想知道您是否可以讓我們了解那裡的戰略以及您在部署案例方面的看法。

Anything you can tell us.

有什麼可以告訴我們的。

I'm sure there's a lot coming in the Investor Day about that strategy because obviously that's big news.

我敢肯定，投資者日有很多關於該策略的內容，因為這顯然是個大新聞。

And then just following along on direct-to-consumer.

然後繼續直接面向消費者。

Forget about Mulan for a second, but premier access as an offering is an interesting strategy.

暫時忘掉花木蘭，但作為產品的首要訪問是一個有趣的策略。

I'm just wondering what your research tells you about that approach versus offering more content as part of the Disney+ subscription.

我只是想知道您的研究告訴您這種方法與提供更多內容作為 Disney+ 訂閱的一部分有何不同。

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.

我們還沒有看到這種訂閱服務的想法，上面有一種按次付費的元素，這真的很有趣。

I'm wondering if you're thinking about using that on a regular basis globally on the Disney+ platform.

我想知道您是否考慮在全球範圍內在 Disney+ 平台上定期使用它。

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

感謝本，我會把這些問題交給鮑勃。

Okay.

好的。

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.

就國際通用娛樂產品而言，我們希望通過使用我們的 Disney+ 技術平台來反映我們成功的 Disney+ 戰略，將其植根於我們已經擁有的內容，並以我們也已經擁有的成功的國際品牌進行分發，這當然是Star，然後通過與迪士尼非常密切的聯繫將其推向市場。

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.

我認為，如果你對這款產品沒有以不同的品牌名稱推出感到驚訝，我認為重要的是要了解我們計劃進入市場的方式的差異。

And the first thing is that Hulu aggregates third-party content where this will not.

首先，Hulu 聚合了第三方內容，而這不會。

This will be rooted in our own content, from ABC Studios, Fox TV, FX, Freeform, Searchlight and 20th Century.

這將植根於我們自己的內容，來自 ABC Studios、Fox TV、FX、Freeform、Searchlight 和 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.

而且，我必須說，Hulu 在美國以外沒有品牌知名度，Hulu 也沒有任何在國際上獲得許可的內容。

So this gives us the ability to market this under the Disney umbrella and have synergies with our existing platform.

因此，這使我們能夠在迪士尼的保護傘下進行營銷，並與我們現有的平台產生協同效應。

So that's our basic rationale, Ben.

這就是我們的基本原理，Ben。

In terms of the premier access idea.

在首要訪問理念方面。

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.

您可能知道，為了獲得消費者對我們期望的質量，坦率地說，為了獲得我們對我們期望的質量，製作和製作迪斯尼支柱大片的戲劇電影可能相當昂貴。

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.

而不是簡單地把它變成免費產品，我們認為我們會再次給予，因為當你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的窗口，一個主要的訪問窗口，試圖重新獲得我們已經獲得的一些投資。

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.

正如我在開場白中提到的，好消息是我們將有機會從中吸取教訓，看看這是否有意義。

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+.

關於我們的研究，我要說的是，它表明，在優先訪問產品下提供的此類產品不僅使我們從 PVOD 的原始交易中獲得收入，而且還對註冊 Disney+ 起到了相當大的刺激作用。

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

我們的下一個問題來自美國銀行的 Jessica Reif Ehrlich。

A couple of questions.

幾個問題。

First, could you provide updates on some of your past guidance, specifically on Disney+?

首先，您能否提供您過去的一些指南的更新，特別是關於 Disney+ 的指南？

You've exceeded your low end of your 5-year outlook, but you haven't said anything about reaching breakeven sooner or not.

你已經超過了你 5 年展望的低端，但你沒有說要早點或不早點達到收支平衡。

And within the Disney+, if you could give us some color on Japan, which has always been a very enthusiastic Disney-branded market.

在 Disney+ 中，如果你能給我們一些關於日本的顏色，日本一直是一個非常熱情的迪士尼品牌市場。

But the other update was on Fox, the Fox synergy, the $2 billion that you've given us in the past.

但另一個更新是關於 Fox 的，Fox 協同效應，你過去給我們的 20 億美元。

And then just moving on to kind of current stuff.

然後繼續討論當前的事情。

On production, I mean, obviously with the new protocols, costs will go up.

在生產方面，我的意思是，顯然使用新協議，成本會上升。

If you -- can you give us any color on what percent or how you think about that?

如果你 - 你能給我們任何關於百分比或你如何看待的顏色嗎？

And who will be bearing the cost of that?

誰來承擔這一切的代價？

Will you -- do you expect to get a national insurance plan in place?

你會 - 你希望獲得國家保險計劃嗎？

I mean there's so much complication there.

我的意思是那裡有太多的複雜性。

And then I was just hoping you could, say, talk about maybe the original ramp.

然後我只是希望你能，比如說，談談也許是原始的坡道。

How will you prioritize getting back to work on production?

您將如何優先考慮恢復生產？

All right, Jessica.

好吧，傑西卡。

We'll -- it's good to hear from you.

我們會——很高興收到你的來信。

We'll try to get to as many of your questions as we can.

我們將盡可能多地回答您的問題。

So Christine, let's start with Jessica's question about Disney+ guidance and Japan and synergies.

那麼克里斯汀，讓我們從傑西卡關於迪士尼+指南和日本以及協同效應的問題開始。

Let's start with that group.

讓我們從那個小組開始。

Okay.

好的。

Jessica, we'll see if I can remember all these in sequential order.

傑西卡，我們看看我能不能按順序記住所有這些。

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.

因此，在更新指南時，我們現在正在製定我們的長期計劃，只是因為 COVID 和對我們業務的所有乾擾。

It's a little bit delayed from a typical calendar schedule.

它與典型的日曆計劃相比有點延遲。

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.

但我們不會零星地更新，我們將在幾個月後即將到來的投資者日時為您提供我們在原始投資者日提供的指南的完整更新。

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.

所以你可以期待聽到對指南的全面審查以及我們現在正在尋找的東西，因為顯然事情比預期的要好，我們正在這裡發展勢頭。

On Japan, Disney+ launched on June 11 in Japan.

在日本，Disney+ 於 6 月 11 日在日本推出。

And it wasn't a full -- I would call it a limited launch.

這不是一個完整的——我會稱之為有限的發布。

It was an exclusive alliance with NTT DOCOMO.

這是與 NTT DOCOMO 的獨家聯盟。

So that was not -- you had to be an NTT DOCOMO subscriber in order to have that ability.

所以那不是——你必須成為 NTT DOCOMO 用戶才能擁有這種能力。

So you shouldn't be looking that as a full country launch.

所以你不應該把它看作是一個完整的國家發布。

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.

所以我認為你可以預期，一旦推出，該市場對迪士尼+的需求將會增加，因為你完全正確，日本對迪士尼品牌的親和力非常非常高。

I think you also had a question on Fox synergies.

我想你也有關於 Fox 協同效應的問題。

We are still on track to achieve the synergies that we had discussed originally.

我們仍有望實現我們最初討論的協同效應。

And that is going along, even despite COVID, we're still proceeding.

即使有 COVID，這種情況仍在繼續，我們仍在繼續。

And then Jessica had a question about restarting production as well.

然後傑西卡也有關於重啟生產的問題。

Christine, do you want to take that one?

克莉絲汀，你要拿那個嗎？

Sure.

當然。

In my prepared comments, I said that we would incur around $1 billion of costs between now and the end of fiscal '21.

在我準備好的評論中，我說過從現在到 21 財年結束，我們將產生大約 10 億美元的成本。

And that's a variety of things.

這是各種各樣的事情。

It's everything from ramping up productions.

這一切都來自於提高產量。

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.

你可以想像這些作品，它們擁有一切，從你必須適應的距離、場地準備、舞台準備，到所有必須進行的測試。

So there's a lot of increased costs, and what those also will result in is increased days to produce episodes.

因此成本會增加很多，而這些也會導致製作劇集的天數增加。

So all of those things will incur costs.

所以所有這些都會產生成本。

As I mentioned, we will be capitalizing many of those costs that are related to productions, and those will be amortized in future periods.

正如我提到的，我們將把許多與製作相關的成本資本化，這些成本將在未來期間攤銷。

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.

在公園裡，正如您從我們這裡聽到的那樣，已經投入了大量成本來實現安全和健康措施。

And those largely are expensed in the parks.

這些大部分都在公園裡支出。

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.

也許只是 2 個快速的。

First, Bob, you talked a bit about some of the new program you're going to have on the Disney+ platform in the fall.

首先，Bob，你談到了一些你將在秋季在 Disney+ 平台上推出的新項目。

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?

考慮到停產和重啟的需要，您是否有信心擁有足夠強大的陣容來維持最近在美國和其中一些國際市場上看到的增長？

And then secondly, although it's not as immediate of a concern, but you guys suspended the dividend.

其次，雖然這不是一個緊迫的問題，但你們暫停了股息。

I think that was on the last call.

我認為那是在最後一次通話中。

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?

在我們期待的時候，尤其是在 DTC 上採取更激進的新立場時，是否有任何想法恢復這種狀態並進行某種程度的資本分配？

Okay.

好的。

John, thanks for the question.

約翰，謝謝你的提問。

Bob, why don't you take the production question for the fall?

Bob，你為什麼不回答秋季的生產問題？

And Christine, you'll take the dividend question.

克里斯汀，你會回答股息問題。

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.

正如您可能懷疑的那樣，雖然我們不得不放慢製作速度並完全停止製作，但在某些情況下，在 COVID 期間，我們一直在忙於開發新內容。

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.

我們對我們所擁有的一些東西感到非常興奮，這些東西不僅可以維持你談到的 Disney+ 的線性增長，而且實際上可以超越它並實現增長。

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.

我們當然有《曼達洛人 2》，我們已經宣布它將於 10 月上映，但我們也有大量即將到來的漫威內容，我們對此感到非常興奮。

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.

這些要求我們重新投入生產，但這是一個優先事項，我們希望這將很快到來，使我們能夠再次不僅維持而且繼續增長。

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.

我會告訴你內容很棒，Loki、Falcon 和 Winter Soldier，以及 WandaVision，我們真的非常非常興奮的 3 個 Marvel 屬性。

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.

我們發現關於 Disney+ 的一件事是帶來新內容——新內容往往會帶來新訂閱者，但目錄會增加參與度並幫助我們留住訂閱者。

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.

所以我認為這個新內容，同時擁有如此多的內容，我認為它真的會繼續前進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.

約翰，讓我就股息發表一些評論。

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.

如您所知，管理層建議董事會決定接受該建議，不支付 20 財年上半年的股息，而那是本應在 7 月份支付的。

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.

我們都相信，鑑於我們在 COVID 環境中所看到的情況以及我們正在處理並將繼續處理的所有不確定性，該決定為公司提供了額外的財務靈活性。

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.

因此，我們的董事會通常會在日曆年的下半年決定是否宣布 20 財年下半年的股息。

It would be very late November, early December.

那將是十一月底，十二月初。

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.

在向董事會提出建議時，我們將再次考慮我們與 COVID 的關係，以及它不僅對我們的財務業績產生的影響，而且我們正在採取哪些措施來減輕 COVID 的影響。

So we'll take the full financial picture into consideration.

所以我們會考慮完整的財務狀況。

And it is part of our overall capital allocation principles.

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.

但首要的是，我們將投資於我們認為將推動長期股東價值的企業。

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.

你會看到我們在直接面向消費者的計劃中正在做的事情，不僅在國內與迪士尼+，在國際上與迪士尼+，現在在國際上與一般娛樂頻道。

So we feel like that's certainly top of the list.

所以我們覺得這肯定是最重要的。

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.

但我們也在考慮其他措施，如股息，但我們不會做出決定或建議，直到 - 直到年底 - 接近日曆年結束時才向董事會提出。

Our next question comes from Michael Nathanson with MoffettNathanson.

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

I have 2 for you, Lowell.

洛厄爾，我有 2 個給你。

One is on the rollout of the new channel, Star.

一個是新頻道 Star 的推出。

Can you talk a bit about how you think about either the AVOD, SVOD, hybrid that's worked in the U.S.?

你能談談你如何看待在美國行之有效的 AVOD、SVOD 和混合視頻嗎？

Is that the template to think about globally?

這是全球思考的模板嗎？

And then there's just a concern about college football and pro football not being in a bubble.

然後就是擔心大學橄欖球和職業橄欖球沒有泡沫。

And I wonder just generally, what risk is there to affiliate fees if those seasons don't get completed?

我一般想知道，如果這些季節沒有完成，附屬費用有什麼風險？

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.

所以任何你在 ESPN 上幫助我們的事情，也許是那些沒有泡沫的體育項目，並且在未來 6 個月左右的時間裡，你的附屬費用可能會更長。

Okay.

好的。

Thanks for the questions, Michael.

謝謝你的問題，邁克爾。

Bob, do you want to take both of those?

鮑勃，你想把這兩個都拿走嗎？

Yes.

是的。

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.

就我們今天宣布的 Star 產品而言，我們將其視為一種順序多米諾骨牌戰略的一部分，以實現在 Disney+ 上的產品，從 PVOD 在我們擁有 Disney+ 獨家產品後通過某個交易窗口開始PVOD 的詳細信息將在稍後公佈，然後最終進入 Disney+，它將永久存在。

Now I should also say that we think that the Star brand itself, in terms of its offerings, we've got a utility here.

現在我還應該說，我們認為 Star 品牌本身，就其產品而言，我們在這裡有一個實用程序。

We've got a utility that is enabled on all Disney platforms.

我們有一個在所有 Disney 平台上都啟用的實用程序。

I did mention to you that we will have the ability to use the same platform across both Disney+ and Star.

我確實向您提到過，我們將能夠在 Disney+ 和 Star 上使用相同的平台。

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.

因此，如果理論上我們可以負擔得起在像 Disney+ 這樣的特定平台上做某事，那麼我們應該能夠在 Star 平台上做這件事。

It's not something we've talked about or entertained, but the capability is there.

這不是我們談論或娛樂的東西，但功能就在那裡。

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.

就 Fox 而言，我們的 - 就大學橄欖球及其發揮的可能性而言，我真的不想評論我們繼續進行的可能性 - 賽季正在進行，因為我認為這真的取決於聯盟委員。

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.

話雖這麼說，但我們覺得我們必須與合作夥伴達成某些約定，比如在編程時間方面。

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.

我們有信心，以我們現在看到所有運動的方式，我們有信心我們能夠實現這一目標。

Right.

正確的。

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

但是鮑勃，就像你在美國對 Hulu 所做的那樣，只是 AVOD、SVOD 策略。

Yes.

是的。

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.

好吧，我們沒有計劃在 Star 本身上進行 AVOD、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.

我喜歡你們總是對資本持保守態度，並且認識到你們說過就最近的融資而言這是一種低成本的債務。

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.

但是資產負債表上的 230 億美元現金，即使在您可以預期的最可怕的自由現金消耗情況下，也似乎過多。

So can you maybe just explain a little bit behind -- your thinking behind that quantum of capital and what it might be used for?

那麼，您能否稍微解釋一下——您對這筆資金背後的想法以及它可能用於什麼？

Okay.

好的。

Jason, thanks for the question.

傑森，謝謝你的提問。

Christine, do you want to take that?

克莉絲汀，你要拿那個嗎？

Sure.

當然。

Thanks, Jason.

謝謝，傑森。

You're right.

你是對的。

We do take somewhat of a conservative approach to managing liquidity.

我們確實採取了一些保守的方法來管理流動性。

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.

當我們籌集資金時，是在三月和四月，我們能夠獲得一些相當優惠的利率，但我們也不知道這種環境將持續多久。

We also saw some weeks in the spring when there weren't consistent capital markets conditions.

我們還看到了春季的幾個星期，當時資本市場狀況不一致。

So you'd have some weeks when spreads gapped out, sometimes they tighten up.

所以你會有幾個星期的價差跳空，有時它們會收緊。

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.

我們採取了盡可能獲得它的立場，並且由於需求如此之高，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.

但是當我們查看整體資產負債表時，我們看到了 COVID 持續了一段時間。

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.

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。

The whole company is aligned towards tightening the belt.

整個公司都在勒緊褲腰帶。

And we've done, I think, a great job on that.

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.

但是當我們開放公園時，請記住，現在我們讓超過 100,000 人休假，並且我們正在將他們中的大部分帶回來，雖然不是所有人都回來了，但很多人都回來了。

So we will be spending more money just in terms of labor than we did in the third quarter.

因此，我們將比第三季度在勞動力方面花費更多的錢。

So in the fourth quarter, you'll see some of our costs actually go up to resume some of our businesses.

所以在第四季度，你會看到我們的一些成本實際上上升了，以恢復我們的一些業務。

So I look at this as, as we all know, what kills the company is the lack of liquidity.

所以我認為，眾所周知，扼殺公司的是缺乏流動性。

And as a CFO, I would never want to be in that position of not being able to fund all of our obligations.

作為首席財務官，我永遠不想處於無法為我們所有義務提供資金的境地。

That makes perfect sense.

這是完全有道理的。

But none of that capital was really earmarked to sort of pulling the minority stake in Hulu that you don't own.

但這些資金都沒有真正指定用於拉動你不擁有的 Hulu 少數股權。

That was not part of the thinking.

那不是想法的一部分。

No.

不。

That's -- if you look at that, that's out a couple of more years.

那是——如果你看一下，那還有幾年了。

So -- and the other thing is we do have debt maturities coming up.

所以 - 另一件事是我們確實有債務到期。

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.

本財年我們還有大約 11 億美元，如果我沒記錯的話，我認為 21 財年有 35 億美元。

So we've got some debt maturities that we don't have to go to market.

所以我們有一些不需要上市的債務到期。

And if this cash is still on our balance sheet, we can just certainly repay that and not refinance.

如果這筆現金仍在我們的資產負債表上，我們當然可以償還而不是再融資。

Our next question comes from Kannan Venkateshwar with Barclays.

我們的下一個問題來自巴克萊銀行的 Kannan Venkateshwar。

So a couple, if I could.

所以一對，如果可以的話。

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?

首先，Christine，你為國際市場收取的 50 億美元費用，我想這也是 Bob 的一個問題，但從廣義上講，這是否意味著你可以將其用作拉動更多渠道並直接進入的方式 -其他市場的消費者？

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?

我認為你已經在英國通過一些渠道做了一些這樣的事情，但既然你已經減記了這項資產，那麼在其他市場上這種可能性會更大嗎？

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.

然後其次，鮑勃，從你的角度來看，當你看 ESPN 時，顯然，根據有線電視公司到目前為止所說的話，剪線正在加速。

Is there an alternative state of the world where ESPN could go direct-to-consumers?

是否存在 ESPN 可以直接面向消費者的替代世界狀態？

And have you looked at that model in terms (technical difficulty) even perspective?

您是否從（技術難度）甚至角度看待該模型？

Kannan, thanks for the questions.

坎南，謝謝你的提問。

Christine, why don't you speak to the $5 billion charge?

克里斯汀，你為什麼不談談 50 億美元的費用？

And Bob, you speak to ESPN?

鮑勃，你和 ESPN 談過嗎？

Kannan, so that's a great question, and I'm glad you asked it so I can put some color around this impairment.

Kannan，這是一個很好的問題，我很高興你提出這個問題，這樣我就可以為這個缺陷添加一些顏色。

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.

因此，我認為最好的方式是這種減值反映了我們已經看到的國際渠道業務表現不佳，然後 COVID-19 的影響加劇了這種情況。

Coupled with that, we've learned a lot with the launch of Disney+.

除此之外，我們從 Disney+ 的推出中學到了很多東西。

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.

正如您今天所聽到的那樣，我們已經加快了對 DTC 消費者流媒體的推動，與此同時，您看到美國以外的訂戶、MVPD 訂戶基礎有所下降，所以您將所有這些加起來。

And we're not -- this impairment does not include the value of DTC.

而且我們不是——這種減值不包括 DTC 的價值。

That's intact.

那是完好無損的。

What this impairment is about is the linear channels.

這種損傷是關於線性通道的。

And so we have, in this calendar -- this fiscal year, have already closed down more than 20 channels.

因此，在這個日曆中——本財政年度，我們已經關閉了 20 多個渠道。

Most of those were closed in this third quarter.

其中大部分在第三季度關閉。

And they were primarily in APAC and in EMEA.

他們主要在亞太地區和歐洲、中東和非洲。

Now when I say APAC, not in India, these are in other parts of Asia.

現在，當我說亞太地區時，不是在印度，而是在亞洲其他地區。

But that's where the channels were closed.

但這就是渠道關閉的地方。

And we're taking a look at going more quickly, as you said, into direct-to-consumer.

正如您所說，我們正在研究如何更快地直接面向消費者。

And these channels, shutting them down and taking those platforms direct, is certainly what is behind this impairment.

而這些渠道，關閉它們並直接使用這些平台，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.

關於 ESPN 的問題，我首先要說的是，在宏觀層面上，我認為我們了解體育直播的價值。

ESPN is the strongest brand in sports, and sports continue to be a driver of viewing interest.

ESPN 是體育界最強大的品牌，體育繼續成為觀看興趣的驅動力。

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.

我認為，體育節目佔 2019 年廣播和有線電視上觀看次數最多的 100 個電視節目中的 90 多個就證明了這一點。

So we've got a really strong position from a brand standpoint in a market that consumers love.

因此，從品牌的角度來看，我們在消費者喜愛的市場中擁有非常強大的地位。

So then the question is, how do we get it to the consumer?

那麼接下來的問題是，我們如何將其提供給消費者？

And certainly, you asked if whether we've looked at a stronger direct-to-consumer proposition for ESPN.

當然，您問過我們是否為 ESPN 考慮了更強大的直接面向消費者的提議。

Absolutely.

絕對地。

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.

我們已經審視了一切，當我們認為我們已經找到了從品牌中最大化股東價值的最有效方法時，我們現在就是這樣。

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.

但隨著時間的推移，這種情況會發生變化，就如何將我們的程序提供給消費者而言，我們當然對任何和所有選擇持開放態度。

And hopefully, we can talk a little bit more about this in our investor conference when we meet in the next few months.

希望我們在未來幾個月見面時可以在投資者會議上多談一點這個問題。

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 Steven Cahall。

Maybe first, just wanted to clarify on parks, Bob.

也許首先，鮑勃，只是想澄清一下公園。

With the lower contribution margin in Orlando, could you just help us think through some of that disruption that you had?

由於奧蘭多的貢獻利潤率較低，您能否幫助我們考慮一下您所遇到的一些中斷？

Was that more about not being able to get as many people in the parks?

是不是更多的是因為公園裡沒有那麼多人？

Or was that more of a per capita spend or pricing issue that caused the contribution margin to come in lower?

或者更多的是人均支出或定價問題導致邊際收益下降？

And maybe you could update a little bit on what you're seeing in terms of pricing and occupancy at the hotels as well.

也許你也可以更新一下你在酒店的定價和入住率方面看到的情況。

And then on Disney+, I'm curious, I mean, you've had this amazing ramp-up to the low end of guidance.

然後在 Disney+ 上，我很好奇，我的意思是，你已經有了驚人的上升到指導的低端。

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?

當你考慮 Disney+ 的下一階段增長時，追求更大的訂戶市場是否更有意義，就原創內容而言，這可能非常昂貴？

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?

你是否更專注於更喜歡迪士尼+的高原，並通過你已經在管道中計劃的內容更多地圍繞電影板塊和現有角色推動它更多地盈利？

All right, Steve.

好的，史蒂夫。

Maybe, Christine, you want to just at least start on the parks metrics.

也許，克里斯汀，你想至少從公園指標開始。

And then, Bob, you may want to comment on parks and then talk about Disney+ as well.

然後，Bob，你可能想對公園發表評論，然後也談談 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.

史蒂夫，所以當我們談論開放沃爾特迪斯尼世界的淨積極貢獻時，我們指的是因為佛羅里達州的 COVID 激增，這限制了我們最初預期的入境旅行量，所以它是更本地化，總體上對它有一點抑製作用。

But it's still positive.

但它仍然是積極的。

And once again, it will pick up when there's more regular travel patterns going into Walt Disney World.

再一次，當有更多的定期旅行模式進入沃爾特迪斯尼世界時，它會回升。

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.

因為它涉及到酒店的定價和入住率，所以真的有很多酒店還沒有重新開業。

And so those are kind of meaningless numbers right now.

所以這些現在都是毫無意義的數字。

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.

因此，我想說，一旦旅行模式變得更加規範化，我們就會看到人們像過去一樣定期休假，我們將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.

但是現在，我要補充的一件事是每上限非常非常強。

And you could say that that's probably because people haven't been in the parks for a while.

你可以說這可能是因為人們已經有一段時間沒有去過公園了。

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.

有一個被壓抑的需求，讓我們不要忘記我們剛剛在這個日曆年的年初全面開放了抵抗組織的崛起以及星球大戰的全面登陸。

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.

所以你有很多人，甚至是剛剛在當地旅行的佛羅里達人，他們還沒有機會進去體驗一下。

So the per caps are great.

所以每個上限都很棒。

And I think it's because people haven't been able to get into our parks for quite a long time.

我認為這是因為人們已經很長時間無法進入我們的公園了。

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.

關於公園的問題，我要跟進的是，正如你所知，不同的客人，根據他們來自哪裡，在他們作為客人對公園的貢獻方面具有不同的相對價值。

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.

通常，旅行和停留 5 到 7 天的人對企業的價值略高於持有年票並停留一兩天並且消費較少商品和食品和飲料的人。

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.

所以我看待它的方式是，就像選區發生了一點變化一樣，我們的整體利潤率也發生了變化。

But it's not because of price reductions or anything like that.

但這不是因為降價或類似的事情。

And I think Christine handled the pricing and occupancy in hotels.

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.

在 Disney+ 上，我們絕對是在追求更大的訂戶數量市場，而不是過度輪換以試圖比我們想像的更快地獲得盈利數字。

Although I must say the prospect of us hitting our goals as quickly as we are is very encouraging.

儘管我必須說我們盡快實現目標的前景非常令人鼓舞。

But what we plan to do is invest even more in our content in order to keep that machine cranked and going.

但我們計劃做的是在我們的內容上投入更多，以保持機器運轉。

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.

正如我所提到的，就獲取訂戶而言，最重要的事情之一就是將新的熱門內容帶到服務中，你可以通過對新內容進行投資來實現這一點。

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.

因此，我們將首先投資於內容，然後嘗試從營銷角度和安裝基礎角度發展服務。

And thanks, again, everyone, for joining us today.

再次感謝大家今天加入我們。

Note that a reconciliation of non-GAAP measures that were referred to on this call to equivalent GAAP measures can be found on our Investor Relations website.

請注意，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。

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.

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。

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

我們根據我們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。

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.

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 表格年度報告、我們的季度報告中包含的因素在 10-Q 表格和我們向證券交易委員會提交的其他文件中。

This concludes today's call.

今天的電話會議到此結束。

Thanks, again, everyone, for joining us, and have a great rest of the day.

再次感謝大家加入我們，祝您度過愉快的一天。

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

女士們，先生們，今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。