迪士尼 (DIS) 2020 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Walt Disney Company's Fiscal 2020 Second 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公司 2020 財年第二季度財務業績電話會議。 （操作員說明）請注意，今天的會議正在錄製中。 （操作員說明）

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

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。謝謝你。請繼續，先生。

Good afternoon and welcome to the Walt Disney Company's Second 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 the webcast and the transcript will also be available on our website. We hope you are all staying safe, and we realize that most of you are joining us today from your homes. And given Los Angeles County's Safer at Home order, we are hosting today's call remotely. So joining me from their homes are Bob Iger, Disney's Chairman; Bob Chapek, Disney's Chief Executive Officer; and Christine McCarthy, Senior Executive Vice President and Chief Financial Officer. Following comments from Bob Iger, Bob Chapek and Christine, we'll be happy to take some questions.

下午好，歡迎來到華特迪士尼公司 2020 年第二季度財報電話會議。我們的新聞稿大約在 25 分鐘前發布，可在我們的網站 www.disney.com/investors 上查閱。今天的電話會議也在進行網絡直播，網絡直播和文字記錄也將在我們的網站上提供。我們希望你們都保持安全，我們知道你們中的大多數人今天都從家裡加入我們。考慮到洛杉磯縣的“居家更安全”命令，我們將遠程主持今天的電話會議。迪斯尼董事長鮑勃·艾格 (Bob Iger) 從他們的家中加入我的行列；迪士尼首席執行官 Bob Chapek；高級執行副總裁兼首席財務官 Christine McCarthy。根據 Bob Iger、Bob Chapek 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 Iger to get started.

因此，讓我將電話轉給 Bob Iger 開始。

Thanks, Lowell, and good afternoon, everyone. Obviously, much has changed in the world since our last earnings call, and the challenges we're now facing are unprecedented. Like so many other companies and industries, the pandemic has hit us hard, and both Bob and Christine will walk you through the specifics. However, as someone who's been around for a while and led this company through some really tough days over the last 15 years, including economic downturns, natural disasters and other unforeseen events, I have absolute confidence in our ability to get through this challenging period and recover successfully. The Walt Disney Company has demonstrated repeatedly over its nearly 100-year history that it is exceptionally resilient. And I believe this time will be no different.

謝謝，洛厄爾，大家下午好。顯然，自我們上次財報電話會議以來，世界發生了很大變化，我們現在面臨的挑戰是前所未有的。與許多其他公司和行業一樣，這種流行病給我們帶來了沉重打擊，鮑勃和克里斯汀都將向您介紹具體情況。然而，作為在過去 15 年裡帶領這家公司度過了一些非常艱難日子的人，包括經濟衰退、自然災害和其他不可預見的事件，我對我們有能力度過這個充滿挑戰的時期有絕對的信心，恢復成功。華特迪士尼公司在其近 100 年的歷史中一再證明它具有非凡的彈性。我相信這次也不例外。

We entered this crisis with a strong hand and an exceptional management team, now led by Bob Chapek. And as we said in February, when Bob was announced as CEO, he and I continue to work in partnership in support of the company's objectives and to ensure a smooth and successful transition. As you would expect, when dealing with a challenge of this magnitude, the entire team is working closely together, taking an all hands on deck approach to address the difficult issues we're facing. Of course, one key to our resilience is the strength of our brands and the strong emotional connection people have to them: Disney, Pixar, Marvel, ABC, ESPN and Star Wars. In fact, recent studies have shown we've maintained that connection with consumers throughout this crisis.

我們以強有力的手段和一支由 Bob Chapek 領導的卓越管理團隊度過了這場危機。正如我們在 2 月份所說，當 Bob 被宣佈為首席執行官時，他和我將繼續合作以支持公司的目標並確保順利和成功的過渡。正如您所預料的那樣，在應對如此巨大的挑戰時，整個團隊都在緊密合作，齊心協力解決我們面臨的難題。當然，我們韌性的關鍵之一是我們品牌的實力以及人們與這些品牌之間的強烈情感聯繫：迪士尼、皮克斯、漫威、ABC、ESPN 和星球大戰。事實上，最近的研究表明，在整個危機期間，我們一直與消費者保持這種聯繫。

We also have a tremendous collection of assets. And beyond that, what we create has never been more necessary or more important than right now. In fact, it's quite possible that what we create is appreciated now more than ever because people find comfort and inspiration in our messages of hope and optimism. This is the same reason we believe people will resume familiar activities once this crisis ends. They miss doing the things they enjoy, things that make them feel happy and connected with family and friends, whether it's going to movie theaters to see our films or visiting our theme parks around the world or watching live sports on ESPN. People want good news. They want to experience joy and the feeling of togetherness. And for all these reasons, we will continue to tell stories that uplift and enrich people's lives.

我們還擁有大量資產。除此之外，我們創造的東西從未像現在這樣必要或重要。事實上，我們創造的東西很可能現在比以往任何時候都更受歡迎，因為人們在我們充滿希望和樂觀的信息中找到了安慰和靈感。這也是我們相信一旦這場危機結束，人們將恢復熟悉的活動的原因。他們懷念做自己喜歡的事情，那些讓他們感到快樂並與家人和朋友保持聯繫的事情，無論是去電影院看我們的電影，參觀我們在世界各地的主題公園，還是在 ESPN 上觀看體育直播。人們想要好消息。他們想要體驗快樂和團聚的感覺。出於所有這些原因，我們將繼續講述提升和豐富人們生活的故事。

While much of our operations are shut down, we've been fortunate to keep parts of our creative pipeline active, including a number of writing and development projects while also continuing post-production work for our media networks, our studios and Disney+. And I've been working with our creative teams across the company, and I am extremely excited about what's in store. I have no doubt that we will get through this, but it will take some time.

雖然我們的大部分業務都已關閉，但我們很幸運能夠保持部分創意渠道的活躍，包括一些寫作和開發項目，同時還繼續為我們的媒體網絡、我們的工作室和 Disney+ 進行後期製作工作。我一直在與整個公司的創意團隊合作，我對商店裡的東西感到非常興奮。我毫不懷疑我們會度過難關，但這需要一些時間。

Before I turn it over to Bob and Christine to talk about the quarter and the strategy going forward and to answer your questions, I want to take a moment to express my sincere gratitude for all of the medical professionals across our country who are fighting valiantly to save lives and to everyone helping to flatten the curve by heeding the advice of health officials and others. It's all making a difference. On behalf of Bob and myself, I also want to take this opportunity to thank all of our employees around the world who continue to show incredible ingenuity, commitment, patience and understanding during these trying times. Even in the face of adversity, their dedication to our company and our mission is unwavering, and we couldn't be more proud of them.

在我把它交給 Bob 和 Christine 來討論本季度和未來的戰略並回答您的問題之前，我想花點時間對我們全國所有為實現目標而英勇戰鬥的醫療專業人員表示衷心的感謝。通過聽取衛生官員和其他人的建議，拯救生命並幫助每個人幫助拉平曲線。這一切都在發揮作用。我還想代表鮑勃和我自己，藉此機會感謝我們在世界各地的所有員工，他們在這些艱難時期繼續表現出令人難以置信的聰明才智、承諾、耐心和理解。即使面對逆境，他們對我們公司和我們使命的奉獻精神也毫不動搖，我們為他們感到無比自豪。

And with that, I'll hand it over to Bob.

有了這個，我會把它交給鮑勃。

Thanks, Bob, and good afternoon, everyone. I hope you're all doing well and staying safe. When I stepped into this new job 2.5 months ago, none of us could have imagined the suffering and sacrifice that we're now seeing around the world. This devastating pandemic is like nothing most of us have ever experienced in our lifetime. This had a profound impact on millions of lives physically, psychologically, financially, causing tremendous hardship and loss. And just about everyone has been affected in one way or another, either personally or through someone they know: a friend, family member, neighbor or colleague. Fortunately, amidst the adversity, we see the best of humanity demonstrated through inspiring acts of compassion and selflessness. From the courageous health care workers caring for people on the front lines in hospitals across the country to our first responders and others providing essential services throughout our communities, we're grateful for and deeply appreciative of their efforts.

謝謝鮑勃，大家下午好。我希望你們一切都好，並保持安全。當我 2.5 個月前開始這份新工作時，我們誰也無法想像我們現在在世界各地看到的苦難和犧牲。這種毀滅性的流行病是我們大多數人一生中從未經歷過的。這對數百萬人的身體、心理和經濟產生了深遠的影響，造成了巨大的困難和損失。幾乎每個人都以這樣或那樣的方式受到影響，無論是個人還是通過他們認識的人：朋友、家人、鄰居或同事。幸運的是，在逆境中，我們通過鼓舞人心的同情心和無私行為看到了人性的最佳表現。從在全國醫院前線照顧人們的勇敢醫護人員，到我們的急救人員和其他在我們社區提供基本服務的人，我們對他們的努力表示感謝並深表感謝。

Here at Disney, as Bob mentioned, we're also grateful to our own employees, starting with our local and national ABC News teams providing critical and factual information around the clock; our ESPN team providing compelling programming in the absence of live sports; our global security personnel and key staff who are safeguarding and maintaining our parks and resorts. They're doing a phenomenal job, and we could not be more proud of them.

正如 Bob 提到的，在迪士尼，我們也感謝我們自己的員工，首先是我們當地和國家的 ABC 新聞團隊全天候提供重要的事實信息；我們的 ESPN 團隊在沒有現場直播的情況下提供引人入勝的節目；我們的全球安保人員和負責保護和維護我們的公園和度假村的主要員工。他們做得非常出色，我們為他們感到無比自豪。

As you know, Disney, like many other companies, has experienced widespread disruption. In mid-March, we closed our domestic parks and hotels indefinitely, suspended our cruise line, halted film and TV productions and shuttered our retail stores. And while these were necessary steps to ensure the safety and well-being of our guests and employees, our businesses have been hugely impacted.

如您所知，與許多其他公司一樣，迪士尼經歷了廣泛的顛覆。 3 月中旬，我們無限期關閉了國內的公園和酒店，暫停了郵輪航線，停止了電影和電視製作，並關閉了我們的零售店。雖然這些是確保客人和員工安全和福祉的必要步驟，但我們的業務受到了巨大影響。

In the second fiscal quarter, adjusted EPS fell to $0.60 a share from $1.61 a year earlier, primarily due to the suspended operations I just outlined. Christine will talk more in-depth about our results for the quarter and the ongoing financial impact of COVID-19. Before she does, I want to share a few thoughts on the disruption we're seeing across our company as well as our confidence in our ability to weather the storm. While it's too early to predict when we'll be able to begin resuming all of our operations, we are evaluating a number of different scenarios to ensure a cautious, sensible and deliberate approach to the eventual reopening of our parks. As you know, our parks have been closed around the world: Shanghai and Hong Kong since January; Tokyo since February and our U.S. and Paris parks since mid-March. The approach we take may include implementation of guest capacity and density control measures as well as health and prevention procedures that comply with state and federal guidelines. We are seeing encouraging signs of a gradual return to some semblance of normalcy in China. And in light of the lifting of certain restrictions in recent weeks and the successful reopening of our park-adjacent retail and food and beverage area, Disneytown, we and our government partner, Shanghai Shendi Group, plan to open Shanghai Disneyland on May 11. We will take a phased approach with limits on attendance using an advanced reservation and entry system, controlled guest density using social distancing and strict government-required health and prevention procedures. These include the use of masks, temperature screenings and other contact tracing and early detection systems.

在第二財季，調整後的每股收益從一年前的 1.61 美元降至 0.60 美元，這主要是由於我剛才概述的暫停運營。 Christine 將更深入地討論我們本季度的業績以及 COVID-19 的持續財務影響。在她這樣做之前，我想就我們在整個公司看到的混亂以及我們對我們度過難關的能力的信心分享一些想法。雖然現在預測我們何時能夠開始恢復所有運營還為時過早，但我們正在評估多種不同的情景，以確保以謹慎、明智和深思熟慮的方式最終重新開放我們的公園。如您所知，我們的公園已在世界各地關閉：上海和香港自 1 月以來；東京自二月起，我們的美國和巴黎公園自三月中旬起。我們採取的方法可能包括實施客人容量和密度控制措施以及符合州和聯邦指南的健康和預防程序。我們正在看到令人鼓舞的跡象，表明中國正在逐漸恢復某種表面上的正常狀態。鑑於最近幾周某些限制的解除以及我們與公園相鄰的零售和餐飲區迪士尼小鎮的成功重新開放，我們和我們的政府合作夥伴上海申迪集團計劃於 5 月 11 日開放上海迪士尼樂園。我們將採取分階段的方法，使用先進的預訂和進入系統限制出勤率，使用社交距離控制客人密度，以及嚴格的政府要求的健康和預防程序。其中包括使用口罩、體溫篩查和其他接觸者追踪和早期檢測系統。

Moving to Media Networks, ESPN has truly stepped up in the absence of live sports, finding new and innovative ways to deliver compelling content that fans want. This included releasing, 2 months early, the highly anticipated 10-part docuseries on Michael Jordan and the Chicago Bulls, The Last Dance. The series, which continues through May 17, is the most viewed ESPN documentary ever and currently ranks as the #1 program in America amongst all key male demos since sports halted.

轉向媒體網絡後，ESPN 在沒有現場體育賽事的情況下真正站穩了腳跟，尋找新穎的創新方式來提供粉絲想要的引人入勝的內容。這包括提前 2 個月發布備受期待的關於邁克爾·喬丹和芝加哥公牛隊的 10 集紀錄片《最後之舞》。該系列節目將持續到 5 月 17 日，是有史以來觀看次數最多的 ESPN 紀錄片，目前在美國所有主要男性演示節目中排名第一。

ESPN also took what has historically been an engaging life event and turned it into a virtual one with the NFL Draft. This resulted in a bigger audience than ever before, with a record 55 million-plus viewers over the 3-day event. The Draft was a particularly impressive technological feat, driven by more than 600 remote camera feeds from homes across the U.S.

ESPN 還利用 NFL 選秀將歷史上引人入勝的生活事件變成了虛擬事件。這導致比以往任何時候都多的觀眾，在為期 3 天的活動中有超過 5500 萬的觀眾。 Draft 是一項特別令人印象深刻的技術壯舉，它是由來自美國各地家庭的 600 多台遠程攝像機提供的動力推動的。

When you look at the impact of these 2 events, ESPN's April prime time audience was up 11% versus last year among adults 18 to 49. In fact, it ranked as the top cable network among this key demographic. Going forward, ESPN is going to be rolling out 3 new films as part of its award-winning 30 for 30 series. We're also going to air a virtual 2020 ESPY on June 21. Additionally, ESPN will be bringing back several more of its marquee studio programs beginning the week of May 11. This will expand their live and quick turnaround studio programming to 11 straight hours each weekday. Sports will come back strong. And when they do, we believe ESPN is best positioned to benefit with more offerings than anyone else. And if it's a gradual process, where sports return for a period without spectators in the stands, we can count on ESPN to bring the same level of innovation that we saw with the NFL Draft and continue to deliver a great experience for sports fans.

當您查看這兩項活動的影響時，ESPN 的 4 月份黃金時段觀眾人數在 18 至 49 歲的成年人中比去年增加了 11%。事實上，它在這一關鍵人群中排名第一。展望未來，ESPN 將推出 3 部新電影，作為其屢獲殊榮的 30 for 30 系列的一部分。我們還將在 6 月 21 日播出虛擬的 2020 ESPY。此外，ESPN 將從 5 月 11 日那一周開始恢復其多個大型工作室節目。這會將他們的直播和快速周轉工作室節目擴展到連續 11 個小時每個工作日。運動會強勢回歸。當他們這樣做時，我們相信 ESPN 最有能力從比其他任何人更多的產品中受益。如果這是一個循序漸進的過程，即體育賽事在看台上有一段時間沒有觀眾觀看，我們可以指望 ESPN 帶來與 NFL 選秀相同水平的創新，並繼續為體育迷提供出色的體驗。

On the studio side, we're incredibly excited about our upcoming slate of films. However, with theaters closed and our production shutdown due to COVID-19, we've had to reschedule a number of release dates for tentpole movies. These include Disney's Mulan for July 24; Marvel's Black Widow for November 6; Pixar's Soul on November 20; and 20th Century's Free Guy set for December 11. As many of you already know, Artemis Fowl, originally slated for a theatrical run, will debut exclusively in Disney+ starting on June 12. As we've said, our company's top priority and our key to our growth is our direct-to-consumer business. And I'm pleased to say that the response to Disney+, in particular, has exceeded even our highest expectations. We have been thrilled with the performance of the service since our initial launch in November, and we continue to expand into other markets.

在工作室方面，我們對即將上映的電影感到非常興奮。但是，由於 COVID-19 導致影院關閉和我們的製作停工，我們不得不重新安排一些支柱電影的發行日期。其中包括 7 月 24 日上映的迪士尼花木蘭； 11 月 6 日的漫威黑寡婦；皮克斯之魂 11 月 20 日；和 20th Century 的 Free Guy 定於 12 月 11 日上映。正如你們中的許多人所知，最初計劃在影院上映的 Artemis Fowl 將從 6 月 12 日開始在 Disney+ 獨家首映。正如我們所說，我們公司的首要任務和關鍵促進我們增長的是我們的直接面向消費者的業務。我很高興地說，尤其是對 Disney+ 的反響甚至超出了我們的最高期望。自 11 月首次推出該服務以來，我們一直對服務的表現感到興奮，並且我們繼續擴展到其他市場。

In late March, as planned and despite COVID-19, we had an incredibly successful launch of Disney+ in Western Europe, followed by a highly successful launch in India. We announced in early April that in just 5 months, we had surpassed 50 million subscribers globally, a significant milestone for us. We've been quite pleased with the growth that we've seen in the 4 weeks since then, and there's more to come.

3 月下旬，儘管有 COVID-19，我們仍按計劃在西歐成功推出了 Disney+，隨後在印度也非常成功地推出了 Disney+。我們在 4 月初宣布，在短短 5 個月內，我們在全球的訂閱人數已超過 5000 萬，這對我們來說是一個重要的里程碑。我們對自那以後 4 週內看到的增長感到非常滿意，而且還會有更多增長。

Disney+ will begin rolling out in Japan in June, followed by the Nordics, Belgium, Luxembourg and Portugal in September, and Latin America will follow towards the end of the year. This robust collection of library and original content available on Disney+ continues to grow, including with Disney's Frozen 2 and Pixar's Onward, which were released early as a special offering for families as a shelter-at-home. Yesterday's SVOD premiere of Episode IX: The Rise of Skywalker and the new behind-the-scenes documentary about the making of one of Disney+'s most successful series, The Mandalorian, along with the fall premiere of National Geographic's original series, The Right Stuff, based on the book by Tom Wolfe about NASA's Project Mercury.

Disney+ 將於 6 月開始在日本推出，隨後將於 9 月在北歐、比利時、盧森堡和葡萄牙推出，而拉丁美洲將在年底推出。 Disney+ 上可用的這一強大的圖書館和原創內容集合繼續增長，包括 Disney 的冰雪奇緣 2 和 Pixar 的 Onward，它們作為家庭庇護所的特別產品提前發布。昨天的 SVOD 第九集首映：天行者的崛起和關於製作迪士尼+最成功的系列之一曼達洛人的新幕後紀錄片，以及國家地理原創系列的秋季首映，正確的東西，基於在湯姆·沃爾夫 (Tom Wolfe) 關於 NASA 水星計劃的書中。

This quarter, Hulu saw the successful launch of FX on Hulu. Nearly 45% of Hulu subscribers have accessed library, current and original content from the FX network on the service. Also, Hulu's strong original series continue to perform extremely well, as evidenced by the critically acclaimed hit series, Little Fires Everywhere, amongst others. Hulu had 32 million total subscribers at the end of Q2. We're enormously proud of what we've accomplished to date, and we're optimistic for the future.

本季度，Hulu 在 Hulu 上成功推出了 FX。近 45% 的 Hulu 訂戶通過該服務從 FX 網絡訪問了圖書館、當前和原始內容。此外，Hulu 強大的原創劇集繼續表現出色，廣受好評的熱門劇集《無處不在的小火》等就證明了這一點。 Hulu 在第二季度末擁有 3200 萬訂戶。我們為迄今為止所取得的成就感到無比自豪，並對未來充滿樂觀。

As I said earlier, our businesses have experienced considerable disruption as a result of the COVID-19 pandemic. This forced us to implement a variety of measures to manage the short and long-term financial impact on our company. The first was a substantial reduction in senior executive compensation company-wide, which will remain in effect until we see a substantive economic recovery. We were fortunate for the first 5 weeks to be able to pay full salaries to those employees who were unable to perform their duties. However, with no way to predict when this crisis will end, we made the very difficult decision to begin furloughs on April 19. Unlike layoffs, the furlough process allows impacted workers to remain as Disney employees while continuing to receive their full health care benefits paid for by the company. We are fully committed to getting our employees back to work as quickly as the current situation allows. While these were not easy decisions, I do believe they have been the right ones given the unprecedented challenges that we're faced with.

正如我之前所說，由於 COVID-19 大流行，我們的業務遭受了相當大的破壞。這迫使我們採取各種措施來管理對我們公司的短期和長期財務影響。首先是全公司範圍內高級管理人員薪酬的大幅減少，這將一直有效，直到我們看到實質性的經濟復甦。我們很幸運，前 5 週能夠向那些無法履行職責的員工支付全額工資。然而，由於無法預測這場危機何時結束，我們做出了一個非常艱難的決定，從 4 月 19 日開始休假。與裁員不同，休假過程允許受影響的員工繼續擔任迪士尼員工，同時繼續領取他們支付的全額醫療保健福利由公司提供。我們完全致力於讓我們的員工在當前情況允許的情況下盡快重返工作崗位。儘管做出這些決定並不容易，但鑑於我們面臨前所未有的挑戰，我相信它們是正確的決定。

Now before I turn it over to Christine, let me just reiterate what Bob said, and that is Disney is an exceptionally resilient company. With a great management team and thousands of talented and dedicated employees, we continue to deliver the exceptional brands, franchises and storytelling that consumers around the world have demonstrated a tremendous affinity for, and we are confident that we will emerge from this crisis in a strong position.

現在，在我把它交給克里斯汀之前，讓我重申一下鮑勃所說的話，那就是迪士尼是一家非常有彈性的公司。憑藉一支優秀的管理團隊和數千名才華橫溢、敬業奉獻的員工，我們將繼續提供卓越的品牌、特許經營權和講故事的方式，讓世界各地的消費者都表現出極大的親和力，我們相信我們將以強大的力量擺脫這場危機位置。

With that, I'll turn it over to Christine to talk more about the quarter, and then we'll be happy to answer your questions.

有了這個，我會把它交給克里斯汀更多地談論這個季度，然後我們很樂意回答你的問題。

Thanks, Bob, and good afternoon, everyone. These are truly unprecedented times, and the COVID-19 pandemic has affected our company in a number of significant ways. From a financial standpoint, we estimate the adverse impact of COVID-19-related disruption on our second quarter operating income was as much as $1.4 billion, with the majority of that impact at our Parks, Experiences and Products segment. As a result, excluding certain items affecting comparability, earnings per share from continuing operations for the second quarter were $0.60.

謝謝鮑勃，大家下午好。這是真正前所未有的時代，COVID-19 大流行在許多方面影響了我們公司。從財務角度來看，我們估計與 COVID-19 相關的中斷對我們第二季度營業收入的不利影響高達 14 億美元，其中大部分影響發生在我們的公園、體驗和產品部門。因此，排除某些影響可比性的項目，第二季度來自持續經營業務的每股收益為 0.60 美元。

Bob Chapek highlighted a number of steps we have already taken to mitigate the impact of the pandemic on our financial performance. We have also been very focused on strengthening our liquidity position to ensure we have adequate resources to fund our operations during this crisis.

Bob Chapek 強調了我們已經採取的一些措施來減輕大流行對我們財務業績的影響。我們也一直非常注重加強我們的流動性狀況，以確保我們有足夠的資源來為這場危機期間的運營提供資金。

Our balance sheet and liquidity remain strong. Those who have followed the company over the years know that we have historically taken a prudent approach to managing our balance sheet and liquidity. So despite the current business challenges, we believe we start from a position of relative strength. We took proactive and decisive steps during the quarter to further enhance our liquidity position by issuing $6 billion of term debt, which contributed to a cash and cash equivalents balance of $14.3 billion to end the quarter. And a week after the quarter ended, we issued another $925 million in term debt. Last month, we closed on a new $5 billion 364-day bank facility, which, combined with our existing credit facilities of $12.25 billion, provides us with total credit facility capacity of $17.25 billion. I'll note that the $12.25 billion credit facilities also served to backstop our commercial paper program.

我們的資產負債表和流動性依然強勁。多年來一直關注公司的人都知道，我們歷來採取謹慎的方法來管理我們的資產負債表和流動性。因此，儘管當前面臨業務挑戰，但我們相信我們從相對優勢的位置開始。我們在本季度採取了積極果斷的措施，通過發行 60 億美元的定期債務進一步增強我們的流動性狀況，這使得本季度末的現金和現金等價物餘額達到 143 億美元。在本季度結束一周後，我們又發行了 9.25 億美元的定期債務。上個月，我們完成了一項新的 50 億美元的 364 天銀行貸款，這與我們現有的 122.5 億美元的信貸額度相結合，為我們提供了 172.5 億美元的總信貸額度。我會注意到，122.5 億美元的信貸額度也用於支持我們的商業票據計劃。

We are evaluating a wide range of scenarios with respect to the potential ongoing impact of the COVID-19 pandemic on our businesses while prudently managing cash outflows. And overall, we feel confident in our ability to manage through the crisis. We continue to actively evaluate additional mitigation strategies to position our company to emerge from this crisis with the financial flexibility necessary to get back on a growth path. From a cash flow standpoint, the Board has made the decision to forego payment of the semiannual dividend for the first half of the fiscal year, which would have been payable in July. This preserves about $1.6 billion in cash, assuming we had held the dividend constant at $0.88 per share. We also identified opportunities to reduce our capital spending, and we now expect total CapEx for fiscal 2020 to be about $900 million lower than our prior guidance or $400 million below prior year, driven primarily by paused construction and refurbishment work due to the temporary closing of our parks. While it is still too early to consider more specific implications for capital spending in fiscal 2021, we remain confident in our investment decisions and the resiliency of our businesses.

我們正在評估 COVID-19 大流行對我們業務的潛在持續影響的各種情景，同時審慎管理現金流出。總的來說，我們對自己度過危機的能力充滿信心。我們將繼續積極評估其他緩解策略，使我們的公司能夠以必要的財務靈活性擺脫這場危機，從而重回增長軌道。從現金流的角度來看，董事會已決定放棄支付本財年上半年的半年度股息，該股息本應在 7 月支付。假設我們將股息保持在每股 0.88 美元不變，這將保留大約 16 億美元的現金。我們還發現了減少資本支出的機會，我們現在預計 2020 財年的總資本支出將比我們之前的指導低約 9 億美元，或比上年低 4 億美元，這主要是由於臨時關閉導致施工和翻新工程暫停我們的公園。雖然現在考慮對 2021 財年資本支出的更具體影響還為時過早，但我們仍然對我們的投資決策和我們業務的彈性充滿信心。

Prior to the disruptions caused by the COVID-19 pandemic, with the exception of Hong Kong Disneyland, the rest of our parks and experiences businesses were trending well ahead of prior year. As we had previously disclosed, Hong Kong Disneyland faced challenges due to significant declines in visitation from China and other parts of Asia. Attendance at our domestic parks was down 11% in the second quarter. I'll remind you that the Disneyland Resort closed on March 14, and Walt Disney World closed March 16. We estimate the closure of our domestic parks had an adverse impact on attendance growth of approximately 18 percentage points. Per capita guest spending during the period the parks were open was up 13% on higher admissions, merchandise and food and beverage spending. Per room spending at our domestic hotels was up 6%, and occupancy was down 16 points to 77%, which reflects a 13% decline in occupied room nights. We estimate the closure of our domestic hotels had an adverse impact on occupied room nights of approximately 15 points.

在 COVID-19 大流行造成破壞之前，除香港迪士尼樂園外，我們其餘的公園和體驗業務的發展趨勢遠好於去年。正如我們之前披露的那樣，由於來自中國和亞洲其他地區的遊客人數大幅下降，香港迪士尼樂園面臨挑戰。第二季度，我們國內公園的出勤率下降了 11%。我會提醒您，迪士尼樂園度假區於 3 月 14 日關閉，華特迪士尼世界於 3 月 16 日關閉。我們估計，我們國內公園的關閉對遊客人數增長產生了大約 18 個百分點的不利影響。由於門票、商品和餐飲支出增加，公園開放期間的人均遊客支出增長了 13%。我們國內酒店的每間客房消費增長 6%，入住率下降 16 個百分點至 77%，這反映出入住間夜數下降了 13%。我們估計我們國內酒店的關閉對入住間夜產生了大約 15 個百分點的不利影響。

As a result of the unprecedented disruptions to our businesses, Q2 operating income at Parks, Experiences and Products was significantly lower compared to Q2 last year. We estimate the disruption to our Parks, Experiences and Products businesses adversely impacted Q2 operating income by approximately $1 billion. As we look ahead, while we've announced plans to reopen Shanghai Disney Resort, there is limited visibility into the timing of reopening and the conditions under which we can reopen the rest of our parks and resorts, cruise ships and Disney stores. However, we believe the strength of our brands and our unwavering commitment to the guest experience are valuable assets that will serve us and our guests well once we reopen.

由於我們的業務受到前所未有的干擾，公園、體驗和產品的第二季度營業收入與去年第二季度相比大幅下降。我們估計公園、體驗和產品業務的中斷對第二季度營業收入產生了約 10 億美元的不利影響。展望未來，雖然我們已宣布重新開放上海迪士尼度假區的計劃，但對於重新開放的時間以及我們可以重新開放其餘公園和度假區、遊輪和迪士尼商店的條件的了解有限。但是，我們相信我們品牌的實力和我們對賓客體驗的堅定承諾是寶貴的資產，一旦我們重新開放，它們將為我們和我們的賓客提供良好的服務。

At Studio Entertainment, operating income was lower in the quarter as higher TV/SVOD distribution results at our legacy film studio were more than offset by higher film impairments, lower worldwide theatrical distribution results at our legacy film studio and a decline in our stage play business due to the impact of COVID-19. Worldwide theatrical results in the quarter were adversely impacted by higher bad debt reserves for receivables due from exhibitors and by lower revenue due to the closure of theaters around the world. In aggregate, the performance of key titles in the quarter, which included Frozen 2, Star Wars: The Rise of Skywalker and Onward, was comparable to key theatrical titles in Q2 last year, which included Captain Marvel, Mary Poppins Returns and Dumbo. We feel the performance of Onward was particularly impacted by the COVID-19 pandemic given its release date relative to when theaters began to close. Higher legacy TV/SVOD results were driven by content sales to Disney+, including The Lion King, Toy Story 4, Frozen 2 and Aladdin, partially offset by a decrease in sales to third parties.

在 Studio Entertainment，本季度的營業收入較低，因為我們的傳統電影製片廠較高的電視/SVOD 發行結果被更高的電影減值、我們傳統電影製片廠的全球戲劇發行結果下降以及我們的舞台劇業務下滑所抵消由於 COVID-19 的影響。本季度全球影院業績受到參展商應收賬款壞賬準備金增加以及全球影院關閉導致收入下降的不利影響。總體而言，本季度包括《冰雪奇緣 2》、《星球大戰：天行者崛起》和《未來》在內的主要影片的表現與去年第二季度的主要院線影片相當，其中包括《驚奇隊長》、《歡樂滿人間》和《小飛象》。我們認為 Onward 的表現尤其受到 COVID-19 大流行的影響，因為它的上映日期與影院開始關閉的時間有關。更高的傳統電視/SVOD 業績是由迪士尼+ 的內容銷售推動的，包括獅子王、玩具總動員 4、冰雪奇緣 2 和阿拉丁，部分被第三方銷售的減少所抵消。

The 21CF studio business was a positive contributor in the quarter as higher operating income from TV/SVOD distribution more than offset an operating loss at worldwide theatrical and general and administrative costs.

21CF 工作室業務在本季度做出了積極貢獻，因為來自電視/SVOD 發行的更高營業收入抵消了全球影院和一般及行政成本的營業虧損。

Turning to Media Networks. Operating income was up in the second quarter due to higher results at broadcasting as cable operating income was roughly comparable to Q2 last year. At broadcasting, the increase in operating income was due to the consolidation of 21CF, largely reflecting program sales and, to a lesser extent, an increase in our legacy broadcasting operations. The increase at our legacy operations was due to higher affiliate revenue and lower programming and production costs, partially offset by lower program sales from ABC Studios and higher network marketing costs. The decrease in network programming and production costs was due to a timing benefit from new accounting guidance, partially offset by more hours of higher cost specials and a contractual rate increase for the Academy Awards in the current quarter.

轉向媒體網絡。由於有線電視營業收入與去年第二季度大致相當，因此廣播業務的業績有所提高，因此第二季度的營業收入有所增加。在廣播方面，營業收入的增加是由於 21CF 的合併，主要反映了節目銷售，在較小程度上反映了我們傳統廣播業務的增加。我們遺留業務的增長是由於更高的附屬收入和更低的節目和製作成本，部分被 ABC Studios 較低的節目銷售和更高的網絡營銷成本所抵消。網絡節目和製作成本的下降是由於新的會計準則帶來的時間優勢，部分被更高成本的特價節目的更多時間和本季度奧斯卡金像獎的合同費率增加所抵消。

More detail on the new accounting guidance is contained in the 10-Q filing. But I'll note that while the new accounting guidance resulted in lower programming and production expense during the first half of the fiscal year, we expect programming and production expenses to be higher in the second half of the year as capitalized costs are amortized.

10-Q 文件中包含有關新會計指南的更多詳細信息。但我會注意到，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，但我們預計下半年的編程和製作費用會更高，因為資本化成本已攤銷。

Lower ABC Studios program sales reflect the prior year sale of Jessica Jones and How to Get Away with Murder in Q2 last year. Total broadcasting ad revenue was 3% higher in the quarter, driven by consolidation of 21CF and higher political advertising at our owned stations. Ad revenue at the ABC Network was comparable to Q2 last year. Cable results reflect the consolidation of the 21CF cable businesses, largely offset by a decrease at ESPN, where growth in affiliate revenue was more than offset by higher programming and production costs and lower advertising revenue. Higher programming and production costs at ESPN were primarily driven by contractual rate increases for the college football playoffs and college basketball and costs associated with the launch of the ACC Network.

較低的 ABC Studios 節目銷售額反映了去年第二季度 Jessica Jones 和 How to Get Away with Murder 的前一年銷售額。本季度廣播廣告總收入增長 3%，這得益於 21CF 的整合以及我們自有電視台的政治廣告增加。 ABC Network 的廣告收入與去年第二季度相當。有線電視業績反映了 21CF 有線電視業務的整合，這在很大程度上被 ESPN 的下降所抵消，ESPN 的附屬收入增長被更高的節目和製作成本以及更低的廣告收入所抵消。 ESPN 較高的節目和製作成本主要是由於大學橄欖球季后賽和大學籃球的合同費率增加以及與 ACC 網絡啟動相關的成本。

Total ESPN advertising revenue was down approximately 8% in the second quarter as higher rates were more than offset by lower average viewership. Total viewership was negatively impacted by the cancellation of live sporting events in the latter part of the quarter, primarily NBA and college basketball championship week.

ESPN 廣告總收入在第二季度下降了約 8%，這是因為較高的費率被較低的平均收視率所抵消。總收視率受到本季度後半段現場體育賽事取消的負面影響，主要是 NBA 和大學籃球錦標賽週。

So far this quarter, ESPN's domestic linear cash ad sales are pacing significantly below this time last year, reflecting the current challenges in the marketplace due to the lack of live sports inventory coupled with limited advertiser demand. However, we have seen a couple of bright spots so far this quarter with record viewership for the first 6 episodes of The Last Dance, our highest-rated original documentary of all-time.

本季度到目前為止，ESPN 的國內線性現金廣告銷售速度明顯低於去年同期，這反映出由於缺乏體育直播庫存以及廣告商需求有限，當前市場面臨挑戰。然而，本季度到目前為止，我們已經看到了幾個亮點，我們有史以來收視率最高的原創紀錄片《最後一支舞》的前 6 集收視率創下歷史新高。

Additionally, the NFL Draft was the most watched ever, reaching more than 55 million viewers over the 3-day event and average audience growth of 58% on ESPN versus last year. The performance of these 2 events suggests there is meaningful pent-up demand from fans for compelling sports programming, and ESPN continues to be well positioned to capitalize on this demand. Total Media Networks affiliate revenue was up 16% and reflects the consolidation of 21CF and growth at both cable and broadcasting. The increase in affiliate revenue was driven by 13 points of growth from the acquisition of 21CF and 7 points from higher rates, partially offset by a 3-point decline due to a decrease in subscribers which benefited by about 2.5 points due to the launch of the ACC Network.

此外，NFL 選秀大會是有史以來收視率最高的賽事，在為期 3 天的賽事中吸引了超過 5500 萬觀眾，ESPN 的平均觀眾人數比去年增長了 58%。這兩項賽事的表現表明，粉絲對引人入勝的體育節目有著被壓抑的需求，而 ESPN 繼續處於有利地位，可以利用這一需求。媒體網絡附屬公司總收入增長了 16%，反映了 21CF 的整合以及有線電視和廣播的增長。附屬公司收入的增長是由收購 21CF 帶來的 13 個增長點和較高費率帶來的 7 個增長點所推動的，部分被由於訂閱者減少而導致的 3 個百分點的下降所抵消，由於推出了約 2.5 個百分點ACC 網絡。

At our Direct-to-Consumer & International segment, operating losses were $427 million higher in the quarter, driven by costs incurred to support the ongoing launch of Disney+ around the world and the consolidation of Hulu. Disney+ launched in a number of European markets during the quarter, which contributed to a total paid subscriber base of 33.5 million at the end of the quarter. And we are very pleased with the success of our rollout in Western Europe and India, including the execution of previously announced deals with some European platforms to distribute the service to all paid subscribers on certain of their widely distributed tiers and, in India, to convert our preexisting subscription-based Hotstar service to Disney+ Hotstar.

在我們的直接面向消費者和國際部門，本季度的運營虧損增加了 4.27 億美元，原因是為支持在全球範圍內持續推出 Disney+ 以及 Hulu 的整合而產生的成本。 Disney+ 在本季度在多個歐洲市場推出，在本季度末貢獻了 3350 萬付費用戶群。我們對我們在西歐和印度的成功推出感到非常高興，包括執行先前宣布的與一些歐洲平台的交易，將服務分發給某些廣泛分佈的層級的所有付費用戶，並在印度轉換我們現有的基於訂閱的 Hotstar 服務到 Disney+ Hotstar。

As we announced on April 8, during the third quarter, we exceeded 50 million Disney+ paid subscribers. More information about those launches is available in our Form 10-Q. Because we executed a number of launches between quarter end and today, we have decided to bring these numbers current. As of May 4, we estimate we had approximately 54.5 million Disney+ subscribers, reflecting a subscriber mix generally similar to our mix at April 8.

正如我們在 4 月 8 日宣布的那樣，在第三季度，我們的 Disney+ 付費用戶超過了 5000 萬。有關這些發布的更多信息，請參閱我們的 10-Q 表格。因為我們在季度末和今天之間執行了多次發布，所以我們決定更新這些數字。截至 5 月 4 日，我們估計我們擁有大約 5450 萬 Disney+ 訂戶，這反映出訂戶組合與我們在 4 月 8 日的組合大致相似。

Segment results also reflect the consolidation of an operating loss at Hulu and a benefit from the consolidation of the 21CF international cable businesses. Results at our direct-to-consumer businesses had an adverse impact on the year-over-year change in segment operating income of about $500 million, which came in a little better than the guidance we provided last quarter. We expect our Direct-to-Consumer & International segment to generate about $1.1 billion in operating losses for the third quarter. And we expect the continued investment in our DTC services, in particular, Disney+, to drive an adverse impact on the year-over-year change in operating income of our DTC businesses of approximately $420 million. Revenue eliminations increased $1.2 billion and profit eliminations increased $211 million compared to Q2 last year, driven primarily by higher intersegment content sales from studio and media networks to DTCI.

分部業績還反映了 Hulu 運營虧損的合併以及 21CF 國際有線電視業務合併帶來的收益。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不利影響，約為 5 億美元，這比我們上個季度提供的指導要好一些。我們預計我們的直接面向消費者和國際部門第三季度將產生約 11 億美元的運營虧損。我們預計對我們的 DTC 服務（尤其是 Disney+）的持續投資將對我們 DTC 業務營業收入的同比變化產生約 4.2 億美元的不利影響。與去年第二季度相比，收入消除增加了 12 億美元，利潤消除增加了 2.11 億美元，這主要是由於工作室和媒體網絡向 DTCI 的部門間內容銷售增加。

And finally, the 21CF businesses we acquired, excluding 21CF's stake in Hulu and net of intersegment eliminations, contributed approximately $460 million in segment operating income in the second quarter. Consolidating Hulu's operating losses and netting out intersegment eliminations resulted in a positive contribution to total segment operating income of about $200 million. We estimate the acquisition of 21CF and the impact of taking full operational control of Hulu had a dilutive impact on our Q2 EPS before purchase accounting although it was less dilutive than we expected. This is obviously a very fluid situation. And given the lack of visibility around when some businesses will reopen fully or partially and the conditions under which they reopen, we don't intend to provide specific guidance around our expectations for the remainder of the year.

最後，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）在第二季度貢獻了約 4.6 億美元的部門營業收入。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 2 億美元的積極貢獻。我們估計收購 21CF 以及全面控制 Hulu 的影響對我們在購買會計之前的第二季度每股收益產生了稀釋影響，儘管它的稀釋性低於我們的預期。這顯然是一個非常不穩定的情況。鑑於某些企業何時完全或部分重新開放以及它們重新開放的條件缺乏可見性，我們不打算就我們對今年剩餘時間的預期提供具體指導。

These are uncertain times, and our people and businesses are being impacted in significant ways. Despite these near-term challenges, we remain optimistic about the long-term prospects for our company.

現在是不確定的時期，我們的員工和企業正受到重大影響。儘管存在這些近期挑戰，我們仍然對公司的長期前景持樂觀態度。

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

有了這個，我會把電話轉給洛厄爾，我們很樂意回答你的問題。

Thanks, Christine. As we transition to the Q&A, let me note that since we are not physically together this afternoon, I'm going to do my best to moderate by directing your questions to the appropriate executive. And with that, operator, we're ready for the first question.

謝謝，克里斯汀。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，我將盡我最大的努力通過將您的問題轉給相應的主管來緩和。有了這個，接線員，我們就可以回答第一個問題了。

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

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

I'll ask 2 questions. The first, on the parks, completely understand the lack of visibility, but is there any way you can help us think about sort of the cash burn on that business, assuming you're closed through this quarter or even a monthly number? Just some way to kind of dimensionalize the impact on the income statement as you move through this unprecedented situation around the parks would be very helpful. And then I was curious, you guys are -- you're probably going to be approaching the low end of your 2024 guidance on direct-to-consumer subscribers potentially by the end of this quarter based on the growth you're seeing, but certainly over the next couple of quarters. Given that faster ramp and what's happening with people staying at home and streaming more, I'm just wondering if that's impacting your plans around investing in the business, or -- and if you think you'll reach profitability sooner than originally laid out.

我會問2個問題。首先，在公園裡，完全理解缺乏能見度，但有什麼方法可以幫助我們考慮該業務的現金消耗，假設您在本季度甚至每月關閉一次？當你在公園周圍經歷這種前所未有的情況時，只要用某種方法來衡量對損益表的影響就會非常有幫助。然後我很好奇，你們是——根據你們所看到的增長，你們可能會在本季度末接近 2024 年直接面向消費者訂戶指導的低端，但是當然在接下來的幾個季度。鑑於增長速度更快，以及人們更多地呆在家里和流媒體上發生的事情，我只是想知道這是否會影響你的業務投資計劃，或者——你是否認為你會比最初計劃的更早實現盈利。

Okay, Ben. Thanks. I'm going to turn those over to Christine to answer the first and start with the second.

好的，本。謝謝。我將把這些交給 Christine 來回答第一個問題，然後從第二個開始。

Okay. Ben, hope you're doing well and your family's well. Let me answer the question on parks as best I can. As you know, we're dealing with a situation that's very fluid. And things are changing. So the results that you saw for the second quarter reflect approximately 2-ish weeks of our domestic parks being closed because we closed Disneyland on the 14th and World on the 16th. And then you had the Asian Parks closed. Shanghai closed fully in January, on the 25th. Hong Kong closed on the 26th. Tokyo, which is a royalty revenue stream that we get, that closed on the 29th. So the $1 billion that was attributable to the parks business and products, for the quarter, just for that second quarter, about $1 billion, you could roughly think of it that the 2 weeks domestic is a little over half. And then you have the Asian -- or the international parks and cruise which are the balance. So when you think about Hong Kong, we already had issues that related to their own domestic issues. So we had already telegraphed that there would be some softness in Hong Kong. And then this closure of the park just accelerated the losses there. And Shanghai had been doing quite well up until the moment that we closed. And I'm going to ask Bob Chapek if he has any other thoughts that he would like to add to that.

好的。本，希望你過得好，你的家人也好。讓我盡我所能回答有關公園的問題。如您所知，我們正在處理一種非常不穩定的情況。事情正在發生變化。因此，您看到的第二季度結果反映了我們關閉國內公園大約兩週時間，因為我們在 14 日關閉了迪士尼樂園，在 16 日關閉了世界公園。然後你關閉了亞洲公園。上海在 1 月 25 日完全關閉。香港26日休市。東京，這是我們獲得的特許權使用費收入來源，於 29 日結束。因此，可歸因於公園業務和產品的 10 億美元，就本季度而言，僅在第二季度，大約 10 億美元，你可以粗略地認為，國內的 2 週略多於一半。然後你有亞洲 - 或者國際公園和遊輪，這是平衡的。所以當你想到香港時，我們已經有了與他們自己的國內問題相關的問題。所以我們已經發出電報說香港會有一些軟化。然後公園的關閉只是加速了那裡的損失。在我們關閉之前，上海的表現一直很好。我要問 Bob Chapek 是否還有其他想法要補充。

No. It's just that we were doing everything we can to mitigate the impact of the cash burn while we're obviously in this situation, and we're trying to be as responsible as possible both short term in terms of operating expenses and labor but also longer term in terms of how we allocate capital.

不。只是我們正在盡一切努力減輕現金消耗的影響，而我們顯然處於這種情況，並且我們正在努力在短期內盡可能地負責運營費用和勞動力，但是在我們如何分配資本方面也是長期的。

Okay. And then I don't know, Bob, do you want to start on the second question around Disney+? And then, Christine, if you want to add anything, feel free.

好的。然後我不知道，Bob，你想開始關於 Disney+ 的第二個問題嗎？然後，Christine，如果您想添加任何內容，請隨意。

Sure. We're obviously thrilled with the progress of Disney+ and how we've been able to increase the base there. We're not really prepared to update our guidance and certainly wouldn't give any projections in terms of when we would reach profitability. But we know that in terms of the actual investment in Disney+, that new programming -- hit new programming like The Mandalorian certainly drives that business. And so I think we'll continue to make the planned investments into Disney+ as we always have with new and exciting programming to drive those subscription rates and retention.

當然。我們顯然對 Disney+ 的進步以及我們如何能夠增加那裡的基礎感到興奮。我們並沒有真正準備好更新我們的指導方針，當然也不會就我們何時實現盈利做出任何預測。但我們知道，就對 Disney+ 的實際投資而言，像曼達洛人這樣的新節目肯定會推動這項業務。因此，我認為我們將一如既往地繼續對 Disney+ 進行計劃投資，推出令人興奮的新節目，以提高訂閱率和留存率。

And Ben, I would just add that we are still launching in new markets. So while we have had a really good start to Disney+, we still think it's early, and we'll update when it's appropriate.

本，我只想補充一點，我們仍在開拓新市場。因此，雖然我們在 Disney+ 上有了一個非常好的開端，但我們仍然認為現在還為時過早，我們會在適當的時候進行更新。

Our next question comes from Alexia Quadrani with JPMorgan.

我們的下一個問題來自摩根大通的 Alexia Quadrani。

And I hope everybody is safe and well. Just 2 quick questions, one follow-up and then a second question. Just following up on your comments on the parks. I wonder if you could tell us or speak generally about what capacity you guys can operate at the park profitably, and we assume, obviously, when you do open, which I know is very fluid and we can't pinpoint that right now in terms of domestic opening. Just trying to get a sense of what sort of capacity you think could still sort of get you to breakeven or profitability.

我希望每個人都平安無事。只是 2 個快速問題，一個跟進，然後是第二個問題。只是跟進您對公園的評論。我想知道您是否可以告訴我們或籠統地談談你們可以在公園運營多少容量來盈利，而且我們假設，顯然，當您開放時，我知道這是非常不穩定的，我們現在無法用術語來確定國內開業。只是想了解您認為什麼樣的容量仍然可以使您達到收支平衡或盈利。

And then my second question is just on the studio side of the business. Mulan is one of the first tentpole movies scheduled to be released late July. And I guess are you comfortable with opening that movie to what will most likely be minimal capacity at the theaters? I guess, overall, how much of a consideration is also the international theater openings in your decision to begin to start releasing films in this climate?

然後我的第二個問題只是關於業務的工作室方面。花木蘭是首批定於 7 月下旬上映的支柱電影之一。而且我想您是否願意將這部電影以最有可能在影院放映的最低容量放映？我想，總體而言，在您決定開始在這種氣候下發行電影時，國際影院的開放也有多少考慮因素？

All right, Alexia, thanks for the questions. Bob Chapek, I'll turn that over to you.

好的，Alexia，謝謝你的提問。 Bob Chapek，我會把它交給你。

All right. Alexia, in terms of how we look at our park reopenings and what hurdle we need to make to have it make sense, we actually look at it as a positive net contribution to overhead and profit. In other words, it's not about breakeven point for profitability necessarily but just making a positive contribution at the net contribution level. So what we're thinking is that while every site is completely different, that's the approach that we're going to take. And frankly, we would not reopen any park unless we can make at least a positive contribution to that overhead and operating profit level.

好的。 Alexia，就我們如何看待我們的公園重新開放以及我們需要克服什麼障礙才能使其有意義而言，我們實際上將其視為對管理費用和利潤的積極淨貢獻。換句話說，這不一定與盈利能力的盈虧平衡點有關，而只是在淨貢獻水平上做出積極貢獻。所以我們的想法是，雖然每個站點都完全不同，但這就是我們要採用的方法。坦率地說，除非我們至少能對管理費用和營業利潤水平做出積極貢獻，否則我們不會重新開放任何公園。

In terms of the second question, in terms of the studio and what type of audiences will Mulan see when it opens up, we're going to get a pretty good idea of that because there's a competitive movie that opens up 1 week before our film does. And at that point, we're hoping that there's some return to a semblance of normal in terms of number of screens that are opening and the number of showtimes for those movies. So our fingers are crossed. Obviously, that's our first big movie out of the gate. But again, between some balance of limited number of seats and theaters as social distancing is practiced by the exhibitors combined with what's got to be an incredible pent-up demand, I think we'll certainly find out and maybe we'll find out a week before with the competitive movie.

關於第二個問題，就工作室和花木蘭上映時會看到什麼樣的觀眾而言，我們將對此有一個很好的了解，因為有一部競爭性電影在我們的電影上映前一周上映做。到那時，我們希望在打開的屏幕數量和這些電影的放映時間方面能夠恢復到正常狀態。所以我們的手指交叉。顯然，這是我們推出的第一部大電影。但同樣，由於參展商實行社交距離，在有限的座位和劇院之間取得某種平衡，再加上必然被壓抑的需求，我想我們肯定會找到答案，也許我們會找到一個一周前與競爭電影。

Our next question comes from Doug Mitchelson with Crédit Suisse.

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

2 questions as well and a clarification. Following along the lines of Ben's question, given the crisis has accelerated the shift towards streaming around the world, any change in your plan to pursue Hulu international launches next year? I could understand reasons to accelerate. I could understand that the potential sort of cost of launching Hulu could also have you considering delaying that.

還有 2 個問題和一個說明。按照 Ben 的問題，鑑於危機加速了全球向流媒體的轉變，您明年追求 Hulu 國際發布的計劃有什麼變化嗎？我能理解加速的理由。我可以理解，啟動 Hulu 的潛在成本也可能讓你考慮推遲。

On the film side, when do you think large-scale productions like Marvel films can start back up in terms of principal photography? And any comments on windows? There's a lot of buzz these days on launching a new premium VOD window to try to replace some of the theatrical revenue that might be lost. The quick clarification, the Shanghai reopening, the masks are just for employees or for employees and for guests?

在電影方面，您認為像漫威電影這樣的大製作在主要攝影方面什麼時候可以重新開始？對windows有什麼意見嗎？最近有很多關於推出新的優質 VOD 窗口以試圖取代一些可能損失的影院收入的討論。速速澄清，上海復工，口罩是給員工用的，還是員工加客人用的？

Okay, Doug. Thanks. I'm going to turn those over to Bob Chapek.

好的，道格。謝謝。我要把這些交給 Bob Chapek。

Okay. In terms of our interest in Hulu internationally, given everything that's happened, you said you can make an argument either way. Frankly, we, long term, are still bullish about Hulu International. Right now, though, given the cash situation and the sort of uncertainty around our overall business, we've got no plans immediately to make any investment in that business internationally. But that, again, is a short term, only because of the COVID situation that we're sort of faced with. And your second question was, again?

好的。就我們在國際上對 Hulu 的興趣而言，考慮到所發生的一切，你說你可以用任何一種方式進行爭論。坦率地說，從長遠來看，我們仍然看好 Hulu International。不過，目前，鑑於現金狀況和我們整體業務的不確定性，我們沒有立即在國際上對該業務進行任何投資的計劃。但這又是短期的，只是因為我們有點面臨 COVID 情況。你的第二個問題又是？

Production, large-scale production and window.

生產、規模化生產和窗口。

Large-scale production and when will it -- yes. In terms of large-scale production, we're going to go through the same process with our productions as we do our theme parks, in terms of absolutely guaranteeing that we're going to be responsible in terms of how we put both our own employees and other filmmakers that are partners with us as they do these productions. So we've got no projections of exactly when we can do that, but we will be very responsible in terms of masks and the same type of procedures that we would hope to implement into our parks when we sort of proceed.

大規模生產以及何時會——是的。在大規模生產方面，我們將通過與我們的主題公園相同的生產過程，絕對保證我們將對如何將我們自己的在製作這些作品時與我們合作的員工和其他電影製作人。因此，我們無法準確預測何時可以做到這一點，但我們將在口罩和我們希望在我們繼續進行時希望在我們的公園實施的相同類型的程序方面非常負責。

And any thoughts on premium VOD window to try to offset any of the sort of implications around restrictions at theatrical in the coming months?

以及關於高級 VOD 窗口的任何想法，以試圖抵消未來幾個月對影院限制的任何影響？

Okay. Yes. So we very much believe in the value of the theatrical experience overall to launch blockbuster movies. As you know, we had $7 billion films in calendar year '19. But we also realize that either because of changing and evolving consumer dynamics or because of certain situations like COVID, we may have to make some changes to that overall strategy just because theaters aren't open or aren't open to the extent that anybody needs to be financially viable. So we're going to evaluate each one of our movies on a case-by-case situation, as we are doing right now during this coronavirus situation. I think you know that Artemis Fowl is moving over to Disney+ given the demographics of appeal of that film, which was not originally the plan. And -- but all our other tentpole movies have been rescheduled theatrically for later in the year. So we very much believe in the power of that launch platform for our big movies.

好的。是的。所以我們非常相信整體影院體驗對於推出大片的價值。如您所知，我們在 19 歷年擁有 70 億美元的電影。但我們也意識到，由於消費者動態的變化和發展，或者由於像 COVID 這樣的某些情況，我們可能不得不對總體戰略做出一些改變，僅僅是因為劇院沒有開放或沒有開放到任何人需要的程度在財務上可行。因此，我們將根據具體情況評估我們的每一部電影，就像我們現在在這種冠狀病毒情況下所做的那樣。我想你知道 Artemis Fowl 正在轉向 Disney+，因為這部電影的人口統計數據具有吸引力，而這並不是最初的計劃。而且——但我們所有其他的支柱電影都已重新安排在今年晚些時候上映。所以我們非常相信我們的大電影發布平台的力量。

And then just lastly, masks for guests and/or employees in Shanghai?

最後，為上海的客人和/或員工戴口罩？

Yes. In terms of Shanghai, it's going to be masks for guests and employees. The only characters that will not wear masks are the face characters, and they'll be at a distance from crowds.

是的。就上海而言，將為客人和員工佩戴口罩。唯一不戴面具的角色是面部角色，他們會與人群保持一定距離。

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

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

I hope everybody is okay. Two questions. One...

我希望每個人都沒事。兩個問題。一...

Jessica, speak up a little bit, please?

傑西卡，請大聲點好嗎？

Sure. The first question is how are you thinking about longer-term changes in your business model as a result of this crisis? And however you think about that, whether it's sports, how much you will bid or how many contracts you need. Or conversely, is this an opportunity versus competitors, CapEx, resizing the business, et cetera? And second question is can you remind us what percent precrisis cruise ships were in terms of revenue and operating income? And since this seems like the last business that will come back, can you cancel the orders for your pending ships that are being built?

當然。第一個問題是，您如何看待這場危機導致您的商業模式發生的長期變化？不管你怎麼想，無論是體育，你會出價多少，或者你需要多少合同。或者相反，這是對抗競爭對手、資本支出、調整業務規模等的機會嗎？第二個問題是，您能否提醒我們危機前遊輪的收入和營業收入百分比是多少？由於這似乎是最後一次恢復的業務，您可以取消正在建造的待定船舶的訂單嗎？

So I'll turn the business model question over to Bob Chapek, and then I think he and Christine can address the cruise question.

所以我會把商業模式問題交給 Bob Chapek，然後我認為他和 Christine 可以解決郵輪問題。

Okay. In terms of the future rights and the business models, we think that live sports remain incredibly valuable to us, and we continue to have an interest in live sports rights given the unique slate of assets that we own, with ESPN, ESPN+ and ABC. And we're going to do that, though, as we always have done, in a very disciplined manner. Existing consumer trends play a real big part on how we think about the value of sports rights as they make the transition from linear over to digital. And I think it really -- it's a bit premature to give any specific details on what the strategy is other than we're obviously highly interested in those. And we think we want to make the evolution along with the consumer as they go from linear to digital.

好的。就未來的轉播權和商業模式而言，我們認為體育直播對我們來說仍然非常有價值，鑑於我們擁有 ESPN、ESPN+ 和 ABC 等獨特資產，我們將繼續對體育直播轉播權感興趣。不過，我們將一如既往地以非常有紀律的方式這樣做。現有的消費趨勢在我們如何看待體育權利的價值方面發揮了重要作用，因為它們正在從線性過渡到數字。而且我認為這真的 - 除了我們顯然對這些戰略非常感興趣之外，就戰略是什麼提供任何具體細節還為時過早。我們認為我們希望隨著消費者從線性到數字的轉變而進化。

In terms of the CapEx question, obviously, we had a lot of really big plans in the parks. And we still continue to have big plans. Those good ideas before COVID are going to be really good ideas after. And as Christine said in her opening remarks, there are certain trimmings that we're doing here and there to be responsible from a financial standpoint. But we have such great intellectual property, and our Imagineers over at our theme parks, where the majority of our capital goes, have done such a tremendous job of planning out future experiences for our guests that we're just going to go ahead and take a slightly finer tooth comb, if you will, through those expenditures but essentially plan on investing behind those businesses like we always have.

就資本支出問題而言，顯然，我們在公園裡有很多非常大的計劃。我們仍然繼續有大計劃。 COVID 之前的那些好主意將在 COVID 之後成為真正的好主意。正如克里斯汀在開場白中所說，從財務角度來看，我們在這里和那裡進行了某些修飾以負責。但是我們擁有如此偉大的知識產權，我們的主題公園的幻想工程師們已經完成了為我們的客人規劃未來體驗的大量工作，我們將繼續前進並採取如果您願意，可以通過這些支出進行更精細的梳理，但基本上計劃像我們一直以來那樣投資於這些業務。

And in terms of the cruise ship business, we agree that, that will probably be the last of our travel-oriented businesses to come back online. Interestingly enough, long term, all of our data and our research shows that our guests will be just as interested in cruising with us long term. Obviously, not in the next few months, but much more resilient than any of the competitor businesses because of that love for Disney and assurance that they feel, that they trust our business to act in a responsible way to help, to the extent possible, protect them against some of the woes that have plagued the industry since COVID has hit.

就遊輪業務而言，我們同意，這可能是我們最後一次恢復在線的以旅遊為導向的業務。有趣的是，從長遠來看，我們所有的數據和研究表明，我們的客人對長期與我們一起巡遊同樣感興趣。顯然，在接下來的幾個月裡不會，但比任何競爭對手的企業都更有彈性，因為他們對迪士尼的熱愛和他們所感受到的保證，他們相信我們的企業會以負責任的方式行事，盡可能地幫助，保護他們免受自 COVID 襲擊以來困擾該行業的一些困境。

And Christine, do you want to just talk about the cruise component of that segment?

克里斯汀，你想談談該部分的郵輪部分嗎？

Sure. Jessica, we don't break down our individual businesses within the segment. But -- so for the percent of revenue and operating income, given the size of our global parks business, that includes the cruise business, and now it includes consumer products, it's a relatively small percentage of operating income and revenue. But that being said, and this just builds on some of the things Bob said, this is a business that is one of our highest-rated businesses in terms of guest satisfaction. And it also has a very high intent to repeat the experience. So a lot of people who go on one tend to go back for multiple cruises. So -- and it's also a business when we look at it from an ROI perspective -- ROIC perspective, it's a very nice returning business, creating value long term for shareholders.

當然。傑西卡，我們不會在細分市場內分解我們的個別業務。但是 - 因此對於收入和營業收入的百分比，考慮到我們全球公園業務的規模，包括遊輪業務，現在它包括消費產品，它在營業收入和收入中所佔的比例相對較小。但話雖這麼說，這只是建立在 Bob 所說的一些事情的基礎上，就客人滿意度而言，這是我們評價最高的企業之一。而且它也有很高的重複體驗的意圖。因此，很多參加一次遊輪的人往往會返回多次遊輪。所以——當我們從投資回報率的角度來看它也是一項業務時——從投資回報率的角度來看，這是一個非常好的回報業務，為股東創造長期價值。

Our next question comes from Michael Nathanson with MoffettNathanson.

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

I have 2. One is I wonder, for Bob Chapek, how do you staff the parks in anticipation of an opening? What signals do you look for? And what drives your optimization? Is it the number of basically the experience you want to have measure up to a park full opening? So any type of signals, any type of history you have to staff up in anticipation of an opening. That's one. And then two for Christine. In answering Ben's question, you were helpful in giving us the impact of COVID. But then you guys furloughed employees in April. So how would that answer change in a furloughed employee world? So how much of the cost base becomes variable post the furlough? So those are my questions.

我有 2 個。一個是我想知道，對於 Bob Chapek，你如何為公園配備人員以迎接開放？你在尋找什麼信號？是什麼推動了您的優化？它是您想要達到公園全面開放的基本體驗的數量嗎？因此，任何類型的信號，任何類型的歷史，你都必須準備好等待一個空缺。那是一個。然後兩個給克里斯汀。在回答 Ben 的問題時，您幫助我們了解了 COVID 的影響。但後來你們在四月份讓員工休假。那麼，在休假的員工世界中，這個答案會發生怎樣的變化呢？那麼，有多少成本基礎在休假後會發生變化？所以這些就是我的問題。

Okay. Thank you for the questions. Bob Chapek, do you want to start with the first one?

好的。謝謝你的問題。 Bob Chapek，你想從第一個開始嗎？

Yes. In terms of the signals we look for park opening, our hypothesis is because of pent-up demand that if we open up, it's something less than 50% of our standard capacity that we're probably not going to have trouble filling that. So whatever level we state that at, whether it's 10%, 25% or 50% of typical crowds, that's what we'll be able to have at our park. Therefore, we'll staff accordingly to that type of level, whatever that level will be eventually. In terms of optimization and sort of how we'll approach that. Obviously, labor is a huge component of our cost base. And so that will slide with the attendance. And that's why I said when we're looking at the decisions for what that level would be inside the parks and what we're going to be targeting for, it's really looked at as a contribution to net contribution and profit as opposed to saying that we're going to sort of cover the entire or not. Therefore, that gives us the ability to make our decisions on a variable basis and keep as much of that cost structure variable as possible. Obviously, we'll practice the yield strategy overall, just like we always have.

是的。就我們尋找公園開放的信號而言，我們的假設是因為被壓抑的需求，如果我們開放，我們可能不會遇到填充標準容量的 50% 以下的問題。因此，無論我們聲明的水平是什麼，無論是典型人群的 10%、25% 還是 50%，這都是我們公園能夠擁有的。因此，我們將根據該類型的級別配備人員，無論該級別最終是什麼。在優化和我們將如何處理它方面。顯然，勞動力是我們成本基礎的重要組成部分。因此，這將隨著出席人數的增加而下滑。這就是為什麼我說當我們在考慮公園內的水平以及我們將要達到的目標時，它實際上被視為對淨貢獻和利潤的貢獻，而不是說我們將涵蓋或不涵蓋全部內容。因此，這使我們能夠在可變的基礎上做出決策，並儘可能多地保持成本結構可變。顯然，我們將一如既往地全面實施收益策略。

And Christine, do you want to take the second question?

Christine，你想回答第二個問題嗎？

Sure. Michael, on the furloughed employees, so the impact that we saw on our parks full segment for Q2 included fully paying everybody. We continued to do that until -- in early April, when we did furlough, company-wide, over 100,000 employees. But most of those employees were in the parks segment by just sheer numbers. So while they are furloughed, we are still paying their portion of their medical benefits. So they're not out-of-pocket for any of their benefits. We thought that was very, very important to do.

當然。邁克爾，關於休假的員工，所以我們在第二季度看到的對我們公園整個部分的影響包括全額支付給每個人。我們一直這樣做，直到 4 月初，我們在全公司範圍內讓 100,000 多名員工休假。但這些員工中的大多數都在公園部門工作。因此，在他們休假期間，我們仍在支付他們的部分醫療福利。因此，他們不會因為任何福利而自掏腰包。我們認為這非常非常重要。

And when we think about our costs too for the parks, we think about it as 3 levels. There's the fixed component, which is depreciation, taxes, property taxes and insurance. The big chunk of that, depreciation, is a noncash item. The other 2, obviously, are cash items. Then you have the variable costs, and those are cost of goods sold, and that's where you do have significant flexibility pretty early on, on the time curve. And then there's another chunk of costs where we would put in labor, and that is what we call semi-fixed. And they're fixed in the short term, just looking at how long it took to do what we had to do to furlough employees. Once again, we're not -- we wouldn't have done it until we had more information that indicated that the parks would be closed for not just a couple of weeks, but we're now in 2 months. And it also includes -- then we have more variable costs in that semi-fixed, and that includes the labor, also SG&A. So we've been taking measures there to eliminate whatever costs we can and other operating expenses. So the furloughed employees will benefit Q3, but we've also done things in the SG&A area that we believe are appropriate given the current state of being closed.

當我們也考慮公園的成本時，我們將其視為 3 個級別。有固定部分，即折舊、稅收、財產稅和保險。其中很大一部分折舊是非現金項目。顯然，另外 2 個是現金項目。然後你有可變成本，那些是銷售商品的成本，這就是你在時間曲線上很早就有很大靈活性的地方。然後還有另一部分成本我們會投入勞動力，這就是我們所說的半固定成本。而且它們在短期內是固定的，只是看看我們為休假員工所做的事情需要多長時間。再一次，我們不會 - 我們不會這樣做，直到我們有更多信息表明公園將關閉不僅僅是幾個星期，而是現在 2 個月。它還包括 - 然後我們在那個半固定中有更多可變成本，其中包括勞動力，也包括 SG&A。因此，我們一直在採取措施，盡可能消除任何成本和其他運營費用。因此，休假的員工將使第三季度受益，但我們也在 SG&A 領域做了一些我們認為鑑於目前關閉狀態是合適的事情。

Our next question comes from Steven Cahall with Wells Fargo.

我們的下一個問題來自富國銀行的 Steven Cahall。

Just wanted to follow up on the parks question and talk a little bit about how you're thinking about contingency plans and sort of brand safety. I imagine if you opened it far below attendance, as you talked about, you would have a lot of pent-up demand. And then you kind of got to decide who gets to come in and what the screening measures are. And it seems like a whole Pandora's box. So I'm just wondering about your willingness to sort of wait into that debate versus waiting for a vaccine.

只是想跟進公園的問題，談談你是如何考慮應急計劃和某種品牌安全的。我想如果你打開它遠低於出席率，正如你所說，你會有很多被壓抑的需求。然後你必須決定誰可以進來以及篩選措施是什麼。它看起來就像一個完整的潘多拉魔盒。所以我只是想知道你是否願意等待辯論而不是等待疫苗。

And then second on Hulu, kind of modest sequential growth in the live product, but ARPU was up a lot. Can you help us think about how much of that was the pricing versus the ad ARPU or the subscription versus the ad ARPU? And how are you thinking about driving both subs and ARPU on that product going forward?

其次是 Hulu，直播產品略有連續增長，但 ARPU 增長了很多。你能幫我們想想定價與廣告 ARPU 或訂閱與廣告 ARPU 有多少？您如何考慮在該產品上推動訂閱和 ARPU 的發展？

Okay. Bob Chapek will take the first question about parks, and then I'll ask Christine to take the Hulu question.

好的。 Bob Chapek 將回答第一個關於公園的問題，然後我會請 Christine 回答 Hulu 的問題。

Okay. In terms of sort of contingency plans going forward, one of the ways that we're going to deal with the situation in Shanghai, and that's no promise that we'll deal with that the same way domestically, but is through dated tickets so that you don't have a whole bunch of people showing up at your gates and then finding out that we've reached our limit by 9:00 a.m. and then they go back disappointed. So we're very conscious of that particular oversubscription, if you will, relative to demand that we're going to have. And so we'll handle that through either dated ticketing or something very similar.

好的。就未來的應急計劃而言，這是我們處理上海局勢的一種方式，這並不能保證我們會在國內以同樣的方式處理，而是通過過時的票據，以便你不會有一大群人出現在你的門口，然後發現我們已經在上午 9:00 之前達到了我們的限制，然後他們失望地回來了。因此，我們非常清楚這種特定的超額認購，如果你願意的話，相對於我們將要擁有的需求。因此，我們將通過過時的票務或非常類似的方式來處理這個問題。

And on the Hulu ARPU, Steve, I think you're really looking at the live TV ARPU. That was up 29% year-over-year, and that was because we took a price increase in the quarter. And that's reflected in that 29% increase. It's roughly $15 per sub. On the SVOD product, it actually declined a little bit year-over-year. But the one thing I would mention there is there's some seasonality to advertising on Hulu. And coming out of the holiday period, which is our first quarter, that's what is reflected in the SVOD number.

在 Hulu ARPU 上，史蒂夫，我認為你真的在看直播電視 ARPU。同比增長 29%，這是因為我們在本季度提價了。這反映在 29% 的增長中。每個潛艇大約 15 美元。在 SVOD 產品上，它實際上同比下降了一點。但我要提到的一件事是在 Hulu 上做廣告有一些季節性。假期結束後，這是我們的第一季度，這就是 SVOD 數字所反映的。

Our next question comes from Jason Bazinet with Citi.

我們的下一個問題來自花旗銀行的 Jason Bazinet。

I just had 2 questions from the Q. One was your decision to continue to pay the sports rights owners even though there aren't sports. If you could just elaborate on that and how long that could endure if sports don't come back soon? And then the second one is on the dividend. Can you just provide a little bit of color in terms of how you're thinking -- what are the major swing factors in terms of not potentially paying a dividend beyond just the one dividend that you decided not to pay?

我剛收到 Q 的 2 個問題。一個是你決定繼續向體育版權所有者付款，即使沒有體育賽事。如果你能詳細說明一下，如果運動不能很快恢復，這種情況會持續多久？然後第二個是股息。您能否就您的想法提供一些顏色 - 除了您決定不支付的股息之外，可能不支付股息的主要搖擺因素是什麼？

Thank you, Jason. I will ask Christine to take both of those questions, so paying on sports rights and dividend.

謝謝你，傑森。我會請克里斯汀回答這兩個問題，所以支付體育權利和紅利。

Jason, and I'm impressed that you're already into the 10-Q. On cash payments paying to the leagues, we're not going to get into discussing the specifics of our various agreements. But what I can tell you is that we are working very, very closely with the leagues and the conference partners. And we're looking forward to the return of live events, and we just are in active discussions with them now. So I'll just leave it at that.

傑森，我對你已經進入 10-Q 印象深刻。關於支付給聯盟的現金支付，我們不會討論我們各種協議的細節。但我可以告訴你的是，我們正在與聯盟和會議合作夥伴密切合作。我們期待著現場活動的回歸，我們現在正在與他們積極討論。所以我就把它留在那兒。

And on the dividend, really, these are always very, very tough decisions. But we are -- we made a decision for this quarter. We don't have a crystal ball that allows us to see into the future for how long this disruption is going to keep our businesses closed partially or fully. So we'll address the dividend again in the next 6 months.

在股息方面，真的，這些總是非常非常艱難的決定。但我們 - 我們為本季度做出了決定。我們沒有水晶球可以預測這種中斷將使我們的業務部分或全部關閉多長時間。因此，我們將在未來 6 個月內再次討論股息問題。

Our next question comes from John Hodulik with UBS.

我們的下一個問題來自瑞銀的 John Hodulik。

Maybe 2 quick follow-ups on the park and then a second question. First, can you tell us what the capacity limitations are on the Shanghai Park when you guys open up next week? Number two, anything you can tell us about U.S. Park's attendance in terms of what percentage of typical attendees, say, in 2019 drove versus flew? Trying to get a sense for how many of the visitors are local versus from, say, out of state. And then second question is anything you could tell us on sort of ad revenue trends in April or thus far in May, that would be great.

也許在公園進行 2 次快速跟進，然後是第二個問題。首先，你們能告訴我們下週開放時上海公園的容量限制是多少嗎？第二，關於美國公園的出席率，你能告訴我們什麼嗎？比如說，2019 年開車和坐飛機的典型參加者的百分比是多少？試圖了解有多少游客是本地遊客，而不是來自州外的遊客。然後第二個問題是你能告訴我們 4 月或 5 月到目前為止的廣告收入趨勢，那會很棒。

Thank you, John. Bob, do you want to take parks questions? And then, Christine, do you want to take the ad trends question?

謝謝你，約翰。鮑勃，你想回答公園問題嗎？然後，克里斯汀，你想回答廣告趨勢問題嗎？

Sure. You got it. In terms of Shanghai Disney Resort, our capacity tends to be 80,000 a day. The government is putting a limit on that of roughly -- they want us to be at about 30% of that. So it's 24,000 a day. We're going to actually open up far below that just to have our training wheels on with our new procedures and processes to make sure we don't have any lines backing up either as guests entering into the park or as they wade through the park. So we're going to approach that very, very slowly. But after a few weeks, we'll actually be up to what the government's guideline is. And at that point, there could be some lifting of even those restrictions of the 30%. So those are the metrics there.

當然。你說對了。就上海迪士尼度假區而言，我們的容量往往是每天80,000。政府正在對其進行粗略的限制——他們希望我們達到其中的 30% 左右。所以它是每天24,000。實際上，我們將在遠低於該水平的情況下開放，只是為了讓我們的訓練輪與我們的新程序和流程一起啟動，以確保我們在客人進入公園或穿過公園時沒有任何後備線.所以我們將非常非常緩慢地接近它。但幾週後，我們就會真正了解政府的指導方針。到那時，甚至可能會取消 30% 的限制。所以這些就是那裡的指標。

In terms of U.S. park attendees, it really depends on which park you're talking about. Obviously, the Anaheim Park has much more of a drive-in market and a lot less folks that stay overnight, a lot less guests that stay overnight, where Orlando has a big predominance of folks that actually -- families that actually fly in to go visit there. So -- but we have a fairly robust annual pass program at both parks and a big drive-in market as well. But it's significantly different in terms of the overnight guests and those that might fly in Orlando.

就美國公園參加者而言，這實際上取決於您談論的是哪個公園。顯然，阿納海姆公園有更多的免下車市場，過夜的人少得多，過夜的客人也少得多，奧蘭多有很大的優勢，實際上 - 真正飛進來的家庭參觀那裡。所以 - 但我們在兩個公園和一個大型免下車市場都有相當強大的年度通行證計劃。但就過夜客人和可能在奧蘭多飛來的客人而言，情況有很大不同。

John, and to answer your question on ad revenue. Obviously, this whole COVID-19 pandemic, it has had a significant impact on our ad sales. I think that's fair to say for anyone in the advertising business on one side or the other. And it's really due -- for us, due to the lack of live sporting events and the pullback from advertisers in categories that are most impacted. So we've seen declines in demand from industries like movie studios, restaurants, travel/tourism, retail, domestic auto. Those are all the things that have -- we're seeing pullbacks in. But on the other hand, we've seen some advertisers opportunistically increasing their spend. And some of those industry groups are things like financial services, tech, telecom, the DTC or streaming services and also consumer packaged goods. Well, when you net all of that, the net impact is in -- what we are expecting as a significant decline in ad sales. And we'll see it more at ESPN because of the lack of live sporting events than we will at the broadcast network.

約翰，並回答你關於廣告收入的問題。顯然，整個 COVID-19 大流行對我們的廣告銷售產生了重大影響。我認為這對廣告行業的任何人來說都是公平的。這真的是因為——對我們來說，由於缺乏現場體育賽事以及廣告商在受影響最大的類別中的撤退。因此，我們已經看到電影製片廠、餐館、旅行/旅遊、零售、國內汽車等行業的需求下降。這些就是所有的東西——我們看到了回調。但另一方面，我們看到一些廣告商機會主義地增加了他們的支出。其中一些行業群體是金融服務、科技、電信、DTC 或流媒體服務以及消費品。好吧，當你扣除所有這些時，淨影響就出現了——我們預計廣告銷售會大幅下降。由於缺乏現場體育賽事，我們將在 ESPN 看到更多，而不是在廣播網絡上。

Our final question comes from John Janedis with Wolfe Research.

我們的最後一個問題來自 Wolfe Research 的 John Janedis。

Maybe one quick one. You spoke to live sports and the hope that we'll start to see sports come back over the next couple of months. Depending on timing, there can be, I guess, a lot hitting in the fourth quarter. And at the same time, there might not be a lot of scripted programming for prime time. So can you talk about your ability to maybe air some of the content that would traditionally be on ESPN on ABC? And how are you thinking about the fall or winter season in terms of programming? And then maybe, Christine, a quick one as a follow-up to John. Can you give us any kind of order of magnitude in terms of maybe sports relative to nonsports on advertising?

也許一個快速的。你談到現場體育，並希望我們能在接下來的幾個月裡開始看到體育回歸。根據時間的不同，我猜，第四季度可能會有很多打擊。同時，黃金時段可能沒有很多腳本化節目。那麼你能談談你是否有能力在 ABC 上播出一些傳統上會在 ESPN 上播出的內容？在編程方面，您如何看待秋季或冬季？然後也許，克里斯汀，一個快速的跟進約翰。你能給我們任何一種數量級嗎，也許是體育運動相對於非體育運動的廣告？

John, thanks for the questions, and welcome back. Bob Chapek, do you want to take the first one? And then we'll turn it over to Christine.

約翰，感謝您提出問題，歡迎回來。 Bob Chapek，你想拿第一個嗎？然後我們將把它交給克里斯汀。

I think if our executives over at ESPN and ABC have shown anything over the last 2 months, it's the fact that they could be nimble and be very creative at being nimble. So in terms of being able to toggle between one outlet and another, whether it's between ABC to ESPN or ESPN to ABC or ESPN to ESPN+, as you know, we've made quite a number of changes given the changes in the environment. And I suspect that we would be able to do that same toggling going forward into the future, depending on what happens in terms of what sports come back, how they come back and look at everything essentially through the lens of our guests and our consumers, how they want to enjoy, how they can enjoy. I also point out to the fact that the NFL Draft was such an unbelievable success for us. And that is a perfect example of being nimble. We had over 3 nights, over 50 million households, which is obviously a huge increase. And I think that speaks volumes to the fact that our cast and our executives over those networks do a phenomenal job of being able to adjust on the fly.

我認為，如果我們在 ESPN 和 ABC 的高管在過去 2 個月中表現出什麼的話，那就是他們可以很靈活，而且在靈活方面非常有創造力。因此，就能夠在一個出口和另一個出口之間切換而言，無論是在 ABC 到 ESPN 還是 ESPN 到 ABC 或 ESPN 到 ESPN+ 之間，正如你所知，我們已經根據環境的變化做出了很多改變。而且我懷疑我們將能夠在未來進行同樣的切換，這取決於在什麼運動回歸，他們如何回歸以及基本上通過我們的客人和消費者的視角看待一切方面發生的情況，他們想怎樣享受，怎樣才能享受。我還指出，NFL 選秀對我們來說取得瞭如此令人難以置信的成功。這是敏捷的完美例子。我們有超過 3 個晚上，超過 5000 萬戶，這顯然是一個巨大的增長。而且我認為這充分說明了我們的演員和我們在這些網絡上的高管在能夠即時調整方面做得非常出色。

John, and on your question about the order of magnitude of sports versus nonsports for ad sales declines. As you may remember, we combined our ad sales into one unit back in 2018. And we are now -- we have one group who sells across the Media Networks segment. So we haven't really -- and we don't really intend to break out sports versus nonsports. However, it is fair to say that sports, i.e., ESPN, is being more significantly impacted, and that is -- you can do the math around that with your expectations, but there's definitely more ad sales decline year-over-year hitting ESPN.

約翰，關於你關於體育與非體育廣告銷售下降的數量級的問題。您可能還記得，我們在 2018 年將我們的廣告銷售合併為一個部門。現在我們有一個團隊在媒體網絡領域進行銷售。所以我們還沒有——而且我們真的不打算將體育與非體育分開。然而，可以公平地說，體育節目，即 ESPN，受到的影響更大，也就是說——你可以根據你的預期來計算一下，但 ESPN 的廣告銷售同比下降肯定更多.

Okay. Thank you, John. Thanks for the questions, 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. Also, later today, we will post to our IR website a document that includes more information about our treatment of intersegment content transactions.

好的。謝謝你，約翰。感謝提問，再次感謝大家今天加入我們。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。此外，今天晚些時候，我們將在我們的 IR 網站上發布一份文件，其中包含有關我們處理部門間內容交易的更多信息。

In our remarks, we provided estimates of the performance of certain 21CF assets in periods of the prior year. These estimates are based on an analysis of 21CF records but are nonetheless unaudited estimates and are not precise measures of historical results before the acquisition.

在我們的評論中，我們提供了某些 21CF 資產在上一年期間的業績估計。這些估計基於對 21CF 記錄的分析，但仍然是未經審計的估計，並不是對收購前歷史結果的精確衡量。

Let me also remind you that certain statements on this call, including financial estimates or statements about our plans, expectations or beliefs, 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 obligations to update these statements. Forward-looking statements are subject to a number of risks and uncertainties, and actual results may differ materially from the results expressed or implied in light of a variety of factors, including factors contained in our annual report on Form 10-K, quarterly reports on Form 10-Q and in our other filings with the Securities and Exchange Commission.

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、預期或信念的陳述，可能構成證券法規定的前瞻性陳述。我們根據我們對未來事件和業務績效的看法和假設做出這些陳述，我們不承擔更新這些陳述的任何義務。前瞻性陳述受多種風險和不確定因素的影響，實際結果可能與明示或暗示的結果存在重大差異，原因多種多樣，包括我們 10-K 表年度報告、季度報告中包含的因素10-Q 表格以及我們向美國證券交易委員會提交的其他文件。

Once again, please stay safe, everyone. Thanks for joining us today, and this concludes today's call.

再次請大家注意安全。感謝您今天加入我們，今天的電話會議到此結束。

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。您現在可以斷開連接。