迪士尼 (DIS) 2020 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to the Walt Disney Company's Fiscal First Quarter 2020 Financial Results Conference Call.

女士們、先生們，感謝你們的支持並歡迎參加華特迪士尼公司 2020 財年第一季財務業績電話會議。

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

（操作員指示）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.

現在我想將會議交給今天的發言者，投資者關係高級副總裁洛厄爾·辛格先生。

Thank you.

謝謝。

Please go ahead, sir.

請繼續，先生。

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

下午好，歡迎參加華特迪士尼公司 2020 年第一季財報電話會議。

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

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

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

今天的電話會議也正在進行網路直播，網路直播和文字記錄也將在我們的網站上提供。

Joining me for today's call are Bob Iger, Disney's Chairman and Chief Executive Officer; and Christine McCarthy, Senior Executive Vice President and Chief Financial Officer.

與我一起參加今天電話會議的還有迪士尼董事長兼執行長 Bob Iger；克里斯汀‧麥卡錫 (Christine McCarthy)，資深執行副總裁兼財務長。

Following comments from Bob and Christine, we will, of course, be happy to take your questions.

根據鮑勃和克里斯汀的評論，我們當然很樂意回答您的問題。

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

那麼，讓我把電話轉給鮑伯開始吧。

Thanks, Lowell, and good afternoon, everyone.

謝謝洛威爾，大家下午好。

We've had a great quarter and a very productive start to the year.

我們度過了一個美好的季度，並為今年帶來了富有成效的開端。

But before I talk about the quarter, let me begin with the events in Asia related to the coronavirus.

但在談論本季之前，讓我先談談亞洲與冠狀病毒相關的事件。

Certainly, our hearts go out to all those affected by this devastating outbreak, including the thousands of people who work for us in the region.

當然，我們的心與所有受到這場毀滅性疫情影響的人同在，包括在該地區為我們工作的數千人。

In line with numerous prevention efforts taking place across China, we've temporarily closed our parks in Shanghai and Hong Kong, and we will continue to closely monitor this public health crisis.

為了配合中國各地採取的大量預防措施，我們暫時關閉了上海和香港的公園，我們將繼續密切關注這場公共衛生危機。

Christine will have details about the developing financial impact in her comments.

克里斯汀將在她的評論中詳細介紹所產生的財務影響。

Turning to the quarter.

轉向季度。

Since our last call, our studio released 2 more films that exceeded $1 billion each at the global box office.

自從我們上次通話以來，我們的工作室又發行了 2 部全球票房超過 10 億美元的電影。

Star Wars: The Rise of Skywalker, which concluded the 9 episodes Skywalker Saga; and Frozen 2, which became the highest grossing animated movie of all-time with more than $1.4 billion in global sales, surpassing the original Frozen, which held the record since 2014.

星際大戰：天行者崛起，結束了 9 集天行者傳奇； 《冰雪奇緣 2》成為有史以來票房最高的動畫電影，全球銷售額超過 14 億美元，超過了自 2014 年以來一直保持這一紀錄的原版《冰雪奇緣》。

The Rise of Skywalker and Frozen 2, along with Captain Marvel, Aladdin, The Lion King, Toy Story 4 and the biggest movie of all time, Avengers: Endgame contributed to a total global box office for the year for Disney of more than $11 billion, shattering the previous industry record of $7.6 billion set by us in 2016.

《天行者崛起》和《冰雪奇緣2》，以及《驚奇隊長》、《阿拉丁》、《獅子王》、《玩具總動員4》以及有史以來最賣座的電影《復仇者聯盟：終局之戰》為迪士尼貢獻了超過110 億美元的全球總票房，打破了我們在 2016 年創下的 76 億美元的行業紀錄。

Many of these films are already available exclusively on Disney+ and the remainder will soon join the service following their home entertainment window.

其中許多電影已經在 Disney+ 上獨家上映，其餘電影將在家庭娛樂窗口推出後很快加入該服務。

On the park side, we're thrilled by the overwhelming response to our newest attraction, Star Wars: Rise of the Resistance, which opened in Orlando in early December and in Anaheim, just a few weeks ago.

在公園方面，我們對我們最新景點“星球大戰：抵抗組織的崛起”的熱烈反應感到興奮，該景點於 12 月初在奧蘭多開幕，幾週前在阿納海姆開幕。

Our Imagineers and the design team at Lucasfilm did an absolutely phenomenal job, and it's one of the most immersive, ambitious and technologically advanced attractions ever created for a Disney park, and it's elevating storytelling to exciting new levels.

我們的幻想工程師和盧卡斯影業的設計團隊做得非常出色，它是迪士尼樂園有史以來最引人入勝、最雄心勃勃、技術最先進的景點之一，它將故事講述提升到了令人興奮的新水平。

Not surprising, Rise of the Resistance has quickly become a fan favorite at both parks and Galaxy's Edge has been a great success at Disneyland and Walt Disney World.

毫不奇怪，《反抗軍崛起》很快就成為兩個樂園粉絲的最愛，而《銀河邊緣》在迪士尼樂園和華特迪士尼世界也取得了巨大成功。

Of course, the high point of the quarter was a highly anticipated launch of our streaming service, Disney+.

當然，本季的高潮是我們備受期待的串流媒體服務 Disney+ 的推出。

Thanks in large part to our incredible portfolio of great brands, the outstanding content from our creative engines and a robust technology platform.

這在很大程度上要歸功於我們令人難以置信的偉大品牌組合、來自我們創意引擎的出色內容以及強大的技術平台。

The launch of Disney+ has been enormously successful, exceeding even our greatest expectations.

Disney+ 的推出非常成功，甚至超越了我們的最大預期。

As we reported previously, we had more than 10 million sign-ups for Disney+ by the end of day 1. And we ended the quarter with 26.5 million paid subscribers.

正如我們之前報導的那樣，到第一天結束時，我們的 Disney+ 註冊人數已超過 1000 萬。本季度結束時，我們的付費訂閱用戶數量為 2650 萬。

Since then, consumers have continued to sign up for the service directly at disneyplus.com through Verizon, which offers a free year of Disney+ to many of its customers at no additional cost, as well as through other distributors, including Apple, Google, LG, Microsoft, Samsung, Sony and Roku.

從那時起，消費者繼續透過Verizon 直接在disneyplus.com 上註冊該服務，Verizon 向許多客戶免費提供一年的Disney+，無需額外付費，此外還透過其他分銷商（包括蘋果、谷歌、LG）註冊該服務。 、微軟、三星、索尼和 Roku。

We recognize there's a lot of interest in this new business, and we wanted to give you some additional context.

我們認識到人們對這項新業務很感興趣，我們想為您提供一些額外的背景資訊。

So I'm pleased to say that as of Monday, we were at 28.6 million paid subscribers.

所以我很高興地說，截至週一，我們的付費訂閱者數量已達 2,860 萬。

Going forward, it's our intention to announce subs as of the end of the quarter that we're reporting on.

展望未來，我們打算在我們報告的季度末宣布潛艇。

One additional note on sign-ups for Disney+, although we will not provide specifics, is that we are pleased to report that both conversion from free-to-pay and churn rates were better than we expected.

關於 Disney+ 註冊的另一項說明是，儘管我們不會提供具體細節，但我們很高興地報告，從免費到付費的轉換率和流失率都比我們的預期好。

We believe the subscriber growth to date and the overall reaction to Disney+ reflects a variety of factors that include the uniqueness of the service and excellent user interface and the high-quality of our brands and content.

我們認為，迄今為止的訂閱用戶成長以及對 Disney+ 的整體反應反映了多種因素，包括服務的獨特性和出色的用戶介面以及我們的品牌和內容的高品質。

In fact, we're seeing the 4 quadrant appeal of our brands reflected in our subscriber numbers as well.

事實上，我們的品牌的第四象限吸引力也反映在我們的訂戶數量中。

On the content side, consumers have enthusiastically embraced the exceptional offering of classic movies and shorts from our studio, including Moana and Frozen; Disney Channel series by Hannah Montana and The Suite Life of Zach & Cody; recent theatrical releases like The Lion King, which became available on the service on January 28.

在內容方面，消費者熱情地接受了我們工作室提供的經典電影和短片，包括《海洋奇緣》和《冰雪奇緣》；漢娜·蒙塔娜 (Hannah Montana) 和《扎克與科迪的頂級生活》(The Suite Life of Zach & Cody) 的迪士尼頻道系列劇；最近上映的電影，如《獅子王》，已於 1 月 28 日在該服務上推出。

The Simpsons is also quite popular with all 30 previous seasons available.

《辛普森一家》之前的所有 30 季節目也很受歡迎。

And our growing slate of original content is also a great interest to our subscribers, especially The Mandalorian, which has quickly become a bona fide hit and a cultural phenomenon.

我們不斷增加的原創內容也引起了訂閱者的極大興趣，尤其是《曼達洛人》，它已迅速成為真正的熱門內容和文化現象。

Of course, I'd be remiss if I didn't mention a certain child in The Mandalorian, who has taken the world by storm.

當然，如果我沒有提到《曼達洛人》中的某個孩子，那就是我的失職了，他風靡了整個世界。

I do believe the sensational response to this new character says so much about Disney+ and our company's ability to connect with audiences.

我確實相信對這個新角色的轟動反應充分說明了 Disney+ 以及我們公司與觀眾建立聯繫的能力。

We know there's great anticipation for the substantial array of Baby Yoda consumer products hitting the market in the coming months.

我們知道，人們對未來幾個月上市的大量尤達寶寶消費品充滿期待。

We'll continue to add high-quality content as a service that includes Frozen 2 and Episode IX: The Rise of Skywalker.

我們將繼續以服務形式添加高品質內容，其中包括《冰雪奇緣 2》和《第九集：天行者崛起》。

Many of you probably saw our Super Bowl spot featuring 3 original new Marvel series for Disney+: Loki; The Falcon and the Winter Soldier, which will premiere on the service in August; and WandaVision, which will debut in December.

你們中的許多人可能看過我們的超級盃廣告，其中包含 Disney+ 的 3 個原創漫威新系列：洛基； 《獵鷹與酷寒戰士》將於八月在該服務首播；以及 12 月上映的《旺達幻視》。

These same characters and actors from the Marvel Cinematic Universe, along with events from these new shows, will factor into future Marvel films as we integrate storytelling across these platforms, all under the Marvel Studio banner.

當我們在漫威影業旗下跨這些平台整合故事敘述​​時，這些來自漫威電影宇宙的相同角色和演員，以及這些新劇中的事件，將成為未來漫威電影的因素。

We also have the highly anticipated return of The Mandalorian in October and multiple new series from Disney, Pixar, Marvel, Lucasfilm and Nat Geo.

我們還有備受期待的《曼達洛人》將於 10 月回歸，以及來自迪士尼、皮克斯、漫威、盧卡斯影業和國家地理頻道的多部新劇集。

So there's a lot to look forward to.

所以有很多值得期待的事。

Although our volume will increase, we remain focused on providing quality content from our core franchises and brands, not just quantity as we continue to build our portfolio.

儘管我們的數量將會增加，但隨著我們繼續建立我們的產品組合，我們仍然專注於提供來自我們的核心特許經營權和品牌的優質內容，而不僅僅是數量。

And the creative community has taken notice as well, many have expressed interest in joining Disney+'s roster of extraordinary talent.

創意界也注意到了這一點，許多人表示有興趣加入 Disney+ 的傑出人才名單。

The next big priority is launching Disney+ in numerous international markets, starting in Western Europe on March 24 when we'll launch in the U.K. and Ireland, France, Germany, Spain, Italy, Switzerland and Austria.

下一個重點是在眾多國際市場推出 Disney+，從 3 月 24 日開始在西歐推出，屆時我們將在英國、愛爾蘭、法國、德國、西班牙、義大利、瑞士和奧地利推出。

Additional markets, including Belgium, the Nordics and Portugal will follow this summer.

今年夏天，包括比利時、北歐和葡萄牙在內的其他市場也將隨之而來。

In December, we signed a deal with Canal +, the leading pay TV provider in France.

12 月，我們與法國領先的付費電視提供商 Canal + 簽署了協議。

We're currently in talks with several other potential distribution partners throughout the region.

我們目前正在與該地區其他幾個潛在的分銷合作夥伴進行談判。

We're also excited to announce that we will be launching Disney+ in India through our Hotstar service on March 29 at the beginning of the Indian Premier League cricket season.

我們也很高興地宣布，我們將於 3 月 29 日印度板球超級聯賽賽季開始時透過 Hotstar 服務在印度推出 Disney+。

We will be rebranding our existing Hotstar VIP and Premium subscription tiers to Disney+ Hotstar.

我們將現有的 Hotstar VIP 和 Premium 訂閱等級重新命名為 Disney+ Hotstar。

We see this as a great opportunity to use the proven platform of Hotstar to launch the new Disney+ service in one of the most populous countries and fastest-growing economies in the world.

我們認為這是一個很好的機會，可以利用 Hotstar 成熟的平台在世界上人口最多和經濟成長最快的國家之一推出新的 Disney+ 服務。

Looking across our portfolio of Direct-to-Consumer businesses, we're also pleased with the growth of ESPN+.

縱觀我們的直接面向消費者業務組合，我們也對 ESPN+ 的成長感到滿意。

We ended the quarter with 6.6 million paid subscribers and as of Monday, we were at 7.6 million.

本季結束時，我們的付費訂戶數量為 660 萬，截至週一，付費訂戶數量為 760 萬。

We've been especially happy with a number of partnerships, particularly with the UFC.

我們對許多合作關係尤其滿意，尤其是與 UFC 的合作關係。

And the recent McGregor-Tyron fight brought in about 1 million pay-per-view purchases and 0.5 million new subscribers.

最近的麥格雷戈-泰倫之戰帶來了約 100 萬次付費觀看和 50 萬新訂閱者。

And we'll continue to add content to the service on an opportunistic basis.

我們將繼續根據機會為服務添加內容。

At Hulu, we recently announced that we will be reorganizing the business to more closely integrate it into our Direct-to-Consumer segment in order to operate more efficiently and effectively as we look to expand our domestic consumer base as well as our presence outside the U.S. With respect to subscriber numbers, we remain optimistic about the future of the service.

在Hulu，我們最近宣布，我們將重組業務，將其更緊密地整合到我們的直接面向消費者細分市場中，以便在我們尋求擴大國內消費者基礎以及在海外市場的同時，更有效率、更有效地運作。美國 就用戶數量而言，我們對該服務的未來保持樂觀。

Hulu ended the quarter with 30.4 million paid subs.

Hulu 在本季結束時擁有 3,040 萬付費訂閱者。

And as of Monday, the number was 30.7 million.

截至週一，這一數字為 3,070 萬。

During our last earnings call, we announced the launch of FX on Hulu, which will be available to all Hulu subscribers at no additional cost.

在我們上次的財報電話會議上，我們宣佈在 Hulu 上推出 FX，所有 Hulu 訂閱者都可以免費使用該服務。

Beginning next month, Hulu will be the exclusive streaming service for all new FX original programming.

從下個月開始，Hulu 將成為所有新 FX 原創節目的獨家串流服務。

FX on Hulu will also offer in-season streaming as well as back seasons for most current and library series.

Hulu 上的 FX 還將提供當季串流媒體以及大多數當前和圖書館劇集的過季節目。

We view this as a fantastic opportunity to expose FX's exceptional content to a broader audience while also making available to consumers in new ways.

我們認為這是一個絕佳的機會，可以向更廣泛的受眾展示 FX 的卓越內容，同時以新的方式向消費者提供這些內容。

We believe there's tremendous appetite for our content.

我們相信人們對我們的內容有著巨大的興趣。

And the goal of FX on Hulu is to expand our reach to include those viewers who are not linear pay TV subscribers, and that includes many of who is young and highly engaged streaming audience.

Hulu 上 FX 的目標是擴大我們的覆蓋範圍，以涵蓋那些不是線性付費電視訂閱者的觀眾，其中包括許多年輕且高度參與的串流媒體觀眾。

The addition of FX's programming is a step in the direction of continued increased investment in high-quality programming for Hulu, which will be developed and produced by our existing creative engines.

FX 節目的加入是繼續增加對 Hulu 高品質節目投資的一步，這些節目將由我們現有的創意引擎開發和製作。

It's often challenging for a company to pivot in a new strategic direction, particularly when it involves navigating between established and emerging business models.

對於公司來說，轉向新的策略方向通常具有挑戰性，特別是當涉及在現有業務模式和新興業務模式之間進行切換時。

But since we announced our intention to shift our strategy, we have made an extraordinary amount of progress.

但自從我們宣布打算改變策略以來，我們已經取得了巨大的進展。

This included a strategic reorganization of our company, creating a Direct-to-Consumer & International segment.

這包括對我們公司進行策略重組，創建直接面向消費者和國際部門。

We believe the new structure would better position our businesses for the future and now that we've completed the reorganization and launched Disney+, I'm more confident than ever in that decision.

我們相信新的結構將更好地定位我們的業務未來，現在我們已經完成了重組並推出了迪士尼+，我對這個決定比以往任何時候都更有信心。

I'm enormously proud of what we have accomplished in a relatively short period of time and believe we're now well positioned to not only withstand the disruptive forces of technology but thrive in today's increasingly dynamic media environment.

我對我們在相對較短的時間內所取得的成就感到非常自豪，並相信我們現在不僅能夠承受技術的顛覆性力量，而且能夠在當今日益動態的媒體環境中蓬勃發展。

And with that, I'll turn the call over to Christine to talk more about our performance in the quarter, and then I'll be back to take your questions.

接下來，我會將電話轉給克里斯汀，並更多地討論我們本季的業績，然後我會回來回答你們的問題。

Thanks, Bob, and good afternoon, everyone.

謝謝鮑勃，大家下午好。

Excluding certain items affecting comparability, earnings per share from continuing operations for the first quarter were $1.53.

排除某些影響可比性的項目，第一季持續經營業務的每股收益為 1.53 美元。

Fiscal 2020 is off to a good start as evidenced by our first quarter results.

我們第一季的業績證明了 2020 財年有一個好的開始。

And as Bob discussed, we are incredibly pleased with the launch of Disney+ and the positive consumer response we have received to date.

正如鮑勃所討論的，我們對 Disney+ 的推出以及迄今為止收到的消費者積極響應感到非常高興。

In terms of our fiscal first quarter results, our studio's creative momentum continues to deliver outstanding financial performance.

就我們第一財季的業績而言，我們工作室的創意動力持續帶來出色的財務表現。

Operating income was up significantly compared to Q1 last year, driven by growth in worldwide theatrical and higher TV/SVOD distribution results at our legacy film studio.

與去年第一季相比，由於全球影院的成長以及我們傳統電影工作室的電視/SVOD 發行業績的提高，營業收入顯著增長。

Theatrical results reflect the performance of Frozen 2 and Star Wars: The Rise of Skywalker in the quarter compared to theatrical releases last year, which included Ralph Breaks the Internet, Mary Poppins Returns and The Nutcracker.

院線表現反映了《冰雪奇緣2》和《星際大戰：天行者崛起》與去年院線上映的表現相比，其中包括《無敵破壞王：破壞網路》、《歡樂滿人間2》和《胡桃夾子》。

Higher legacy TV/SVOD results were driven by content sales to Disney+, partially offset by a decrease in sales to third parties.

傳統電視/SVOD 業績的成長是由 Disney+ 的內容銷售所推動的，但部分被第三方銷售的減少所抵消。

The increases in our legacy theatrical and TV/SVOD businesses were partially offset by a $50 million loss at the 21CF studio business as operating income from TV/SVOD distribution was more than offset by an operating loss at worldwide theatrical and general and administrative costs.

我們傳統戲劇和電視/SVOD 業務的成長被 21CF 工作室業務 5000 萬美元的虧損部分抵消，因為電視/SVOD 發行的營業收入被全球戲劇和一般及管理成本的營業虧損所抵消。

At Parks, Experiences and Products, operating income was up 9% in the quarter, driven by higher results at consumer products and at our domestic parks and resorts, partially offset by lower results at our international parks and resorts.

在公園、體驗和產品部門，本季營業收入成長了 9%，這主要得益於消費產品以及國內公園和度假村業績的提高，但部分被我們國際公園和度假村業績的下降所抵消。

Consumer products operating income was up 25% due to growth in merchandise licensing as a result of strong revenue growth from sales of Frozen and Star Wars merchandise, both of which benefited from theatrical releases in the quarter.

由於《冰雪奇緣》和《星際大戰》商品的銷售收入強勁增長，商品授權增長，消費品營業收入增長了 25%，這兩款商品都受益於本季度的院線上映。

Revenue at domestic parks and experiences was up an impressive 10% in the quarter, driven by higher guest spending and, to a lesser extent, increases in attendance at our domestic parks and resorts.

本季國內公園和體驗的收入增長了 10%，令人印象深刻，這得益於遊客支出的增加以及國內公園和度假村遊客人數的增加（在較小程度上）。

Operating income at domestic parks and experiences was up 6% as the flow-through from strong revenue growth was dampened by operational expenses associated with Galaxy's Edge and significant labor expense growth due to higher wages as a result of collective bargaining agreements.

國內公園和體驗的營業收入增長了 6%，因為與 Galaxy's Edge 相關的營運費用以及集體談判協議帶來的工資上漲導致的勞動力費用大幅增長抑制了收入強勁增長帶來的流量。

Attendance at our domestic parks was up 2% in the first quarter, and per capita guest spending was up 10% on higher admissions, merchandise and food and beverage spending.

第一季度，我們國內公園的遊客量增加了 2%，由於門票、商品和餐飲支出增加，人均遊客支出增加了 10%。

Per room spending at our domestic hotels was up 4%, and occupancy was 92%.

我們國內飯店的每間客房消費成長了 4%，入住率為 92%。

So far this quarter, domestic resort reservations are pacing up 4% compared to this time last year, and booked rates at our domestic hotels are currently pacing up 10%.

本季到目前為止，國內度假村預訂量比去年同期成長了 4%，國內飯店的預訂率目​​前成長了 10%。

At our International operations, operating income was lower in Q1 as improved results at Shanghai Disney Resort were more than offset by a decline of about $80 million at Hong Kong Disneyland due to lower attendance and hotel occupancy.

在我們的國際業務中，第一季的營業收入有所下降，因為上海迪士尼度假區業績的改善被香港迪士尼樂園因遊客數量和酒店入住率下降而導致的約 8,000 萬美元的下降所抵消。

Hong Kong Disneyland's results in the quarter are consistent with the outlook we communicated last quarter.

香港迪士尼樂園本季的業績與我們上季傳達的前景一致。

However, the recent closure of our parks in both Shanghai and Hong Kong due to the ongoing coronavirus situation will negatively impact second quarter and full year results.

然而，由於持續的冠狀病毒疫情，我們在上海和香港的公園最近關閉，將對第二季和全年業績產生負面影響。

The current closure is taking place during the quarter in which we typically see strong attendance at occupancy levels due to the timing of the Chinese New Year holiday.

目前的關閉發生在本季度，由於農曆新年假期，我們通常會看到入住率很高。

The precise magnitude of the financial impact is highly dependent on the duration of the closures and how quickly we can resume normal operations.

財務影響的確切程度在很大程度上取決於關閉的持續時間以及我們恢復正常營運的速度。

At Shanghai Disney Resort, we currently estimate the closure of the park could have an adverse impact to second quarter operating income of approximately $135 million, assuming the park is closed for 2 months during Q2.

在上海迪士尼度假區，我們目前估計，假設園區在第二季關閉 2 個月，園區的關閉可能會對第二季營業收入產生約 1.35 億美元的不利影響。

At Hong Kong Disneyland, we currently estimate the closure of the park could have an additional adverse impact to operating income of about $40 million for the second quarter.

對於香港迪士尼樂園，我們目前估計園區的關閉可能會對第二季的營業收入產生約 4,000 萬美元的額外不利影響。

As I discussed last quarter, we were already seeing a significant decrease in visitation to Hong Kong Disneyland from China and other parts of Asia.

正如我上季度所討論的，我們已經看到來自中國和亞洲其他地區的香港迪士尼樂園遊客量大幅減少。

So in aggregate, we estimate these 2 factors could result in a decline in Hong Kong Disneyland's operating income of about $145 million for the second quarter.

因此，總的來說，我們估計這兩個因素可能導致香港迪士尼樂園第二季的營業收入下降約1.45億美元。

Again, this assumes the resort is closed for 2 months.

同樣，這假設度假村關閉 2 個月。

Turning to Media Networks.

轉向媒體網路。

Operating income was up in the first quarter due to increases at both cable and broadcasting.

由於有線和廣播業務的成長，第一季營業收入有所成長。

Higher cable results reflect the consolidation of the 21CF cable businesses, partially offset by a decrease at ESPN.

有線電視業績的提高反映了 21CF 有線電視業務的整合，但部分被 ESPN 的下降所抵消。

At ESPN, growth in affiliate revenue was more than offset by higher programming and production costs, primarily driven by contractual rate increases for NFL, college football and the launch of the ACC network in addition to lower ad revenue.

在 ESPN，聯盟收入的成長被較高的節目和製作成本所抵消，這主要是由於 NFL、大學橄欖球的合約費率上漲以及 ACC 網路的推出以及廣告收入的下降所推動。

ESPN's domestic linear advertising revenue was down 4.5% in the first quarter due to lower average viewership, primarily for NBA and College Football regular season games, which more than offset an increase in viewership for Monday Night Football.

ESPN第一季的國內線性廣告收入下降了4.5%，原因是平均收視率下降，主要是NBA和大學橄欖球常規賽的收視率下降，這遠遠抵消了周一橄欖球之夜收視率的增長。

I'll note that when you look at ad revenue across all ESPN domestic ad platforms, which include digital and addressable advertising revenue reported in our DTCI segment, ESPN's total domestic ad revenue in the first quarter was roughly comparable to the prior year.

我要指出的是，當您查看所有ESPN 國內廣告平台的廣告收入（包括我們DTCI 部門報告的數位和可尋址廣告收入）時，您會發現ESPN 第一季的國內廣告總收入與前一年大致相當。

So far this quarter, ESPN's domestic linear cash ad sales are pacing up 2% compared to last year.

本季到目前為止，ESPN 的國內線性現金廣告銷售額比去年成長了 2%。

At Broadcasting, higher results in the quarter were due to the consolidation of 21CF and a benefit from new accounting guidance, which is explained further in our press release and 10-Q filing, partially offset by lower results from our legacy operations.

在廣播公司，本季較高的業績歸因於21CF 的合併以及新會計準則的好處，這在我們的新聞稿和10 季度報告中得到了進一步解釋，但部分被我們傳統業務的較低業績所抵消。

Results at our legacy broadcasting operations were lower in the quarter as higher affiliate revenue was more than offset by lower ad revenue, a difficult program sales comp at ABC Studios and higher network programming and production costs.

本季度我們傳統廣播業務的業績較低，因為較高的附屬收入被較低的廣告收入、ABC 工作室的節目銷售收入困難以及較高的網絡節目和製作成本所抵消。

Lower program sales at ABC Studios reflect the prior year sale of Marvel's The Punisher during Q1 last year and no comparable sale in the first quarter this year.

ABC 工作室的節目銷售下降反映了去年第一季漫威電影《制裁者》的銷量，而今年第一季沒有類似的銷售量。

Total Broadcasting ad revenue was lower in the quarter, driven by lower political advertising at our owned stations and a decline at the ABC Network.

本季廣播廣告總收入有所下降，原因是我們自有電視台的政治廣告減少以及 ABC 網路的下降。

Total Media Networks affiliate revenue was up 19% and reflects the consolidation of 21CF and growth at both Cable and Broadcasting.

Media Networks 附屬公司總收入成長了 19%，反映了 21CF 的合併以及有線和廣播的成長。

The increase in affiliate revenue was driven by 14 points of growth from the acquisition of 21CF and 7 points from higher rates, partially offset by a 2-point decline due to a decrease in subscribers, which was aided by about a 2.5-point benefit from the launch of the ACC Network.

聯盟行銷收入的成長得益於收購21CF 帶來的14 個百分點的成長以及費率上漲帶來的7 個百分點的成長，但由於訂戶數量減少而導致的2 個百分點的下降部分抵消了這一成長，而這得益於21CF 的約2.5 個百分點的收益ACC 網路的推出。

Operating losses at our Direct-to-Consumer & International segment increased in the quarter driven by costs incurred to support the successful launch of Disney+, the consolidation of an operating loss at Hulu and higher programming costs at ESPN+.

本季度，我們的直接面向消費者和國際部門的營運虧損增加，原因是支持迪士尼+成功推出而產生的成本、Hulu營運虧損的合併以及ESPN+更高的節目成本。

These operating losses were partially offset by the consolidation of the 21CF International cable businesses.

這些營運虧損被 21CF 國際有線電視業務的合併部分抵銷。

Results at our Direct-to-Consumer businesses had an adverse impact on the year-over-year change in segment operating income of $845 million, which was in line with the guidance we provided last quarter.

我們的直接面向消費者業務的業績對部門營業收入同比變化 8.45 億美元產生了不利影響，這與我們上季度提供的指導一致。

We expect our Direct-to-Consumer & International segment to generate about $900 million in operating losses for the second quarter.

我們預計第二季的直接面向消費者和國際業務部門將產生約 9 億美元的營運虧損。

And we expect the continued investment in our DTC services, specifically Disney+, which will launch in a number of European markets late in the second quarter and the consolidation of Hulu to drive an adverse impact on the year-over-year change in operating income of our DTC businesses of approximately $520 million.

我們預計，對 DTC 服務的持續投資，特別是 Disney+（將於第二季末在多個歐洲市場推出）以及 Hulu 的整合，將對營運收入的同比變化產生不利影響。我們的DTC 業務約為5.2億美元。

As Bob mentioned, Disney+ had 28.6 million paid subscribers as of yesterday, an increase of 2.1 million since the end of the first quarter.

正如鮑伯所提到的，截至昨天，Disney+ 擁有 2,860 萬付費用戶，自第一季末以來增加了 210 萬。

In the near term, we expect subscriber growth to come primarily from outside the U.S. with the next meaningful phase of domestic subscriber growth likely to coincide with the release later this calendar year of highly anticipated original content, including Episodic Series from Marvel and Season 2 of The Mandalorian.

短期內，我們預計訂戶成長將主要來自美國以外地區，而國內訂戶成長的下一個有意義的階段可能與今年稍後備受期待的原創內容的發布同時發生，包括漫威的劇集和《漫威》的第二季。曼達洛人。

Turning to the Elimination segment.

轉向消除部分。

Revenue and profit eliminations were significantly higher in Q1, driven primarily by the intersegment content sales from Studio and Media Networks to DTCI.

第一季的營收和利潤消除顯著增加，這主要是由 Studio 和 Media Networks 向 DTCI 進行的部門間內容銷售所推動的。

I'll note that our 10-Q this quarter contains additional detail on the general structure and accounting treatment of the various types of intersegment content transactions reflected in our segment results.

我要指出的是，我們本季的 10-Q 包含有關我們部門績效中反映的各種類型的部門間內容交易的總體結構和會計處理的更多詳細資訊。

Lastly, we continue to make progress on realizing the value of the 21CF acquisition.

最後，我們在實現 21CF 收購的價值方面繼續取得進展。

The businesses we acquired, excluding 21CF's stake in Hulu and net of intersegment eliminations, contributed approximately $590 million in segment operating income in the first quarter.

我們收購的業務（不包括 21CF 在 Hulu 的股份以及扣除部門間抵銷後的淨額）在第一季貢獻了約 5.9 億美元的部門營運收入。

Consolidating Hulu's operating losses and netting out intersegment eliminations resulted in a positive impact to total segment operating income of about $300 million.

合併 Hulu 的營運虧損並扣除部門間抵銷額對部門總營運收入產生了約 3 億美元的正面影響。

We estimate the acquisition of 21CF and the impact of taking full operational control of Hulu had a total dilutive impact on our Q1 EPS before purchase accounting of $0.27 per share.

我們估計，收購 21CF 以及獲得 Hulu 的全面營運控制權對我們第一季收購前每股收益產生了 0.27 美元的稀釋影響。

And we estimate the acquisition of 21st Century Fox and the impact of taking full operational control of Hulu will have a dilutive impact on our Q2 earnings per share before purchase accounting of about $0.25 per share.

我們估計，收購 21 世紀福斯以及獲得 Hulu 的全面營運控制權將對我們第二季收購前每股收益產生約 0.25 美元的稀釋影響。

We are still on track for the acquisition to be accretive to EPS before purchase accounting for fiscal 2021.

我們仍有望透過此次收購增加 2021 財年購買前每股收益。

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

現在我將把電話轉給洛厄爾，我們很樂意回答您的問題。

Okay.

好的。

Thanks, Christine.

謝謝，克里斯汀。

And operator, we are ready for the first question.

接線員，我們已經準備好回答第一個問題了。

(Operator Instructions) Our first question comes from Michael Nathanson with MoffettNathanson.

（操作員說明）我們的第一個問題來自 Michael Nathanson 和 MoffettNathanson。

Bob, I have 2Q on Disney+.

鮑勃，我在 Disney+ 上有 2Q。

First one is stepping back a bit, what were the biggest surprises or learnings that you had postlaunch, when you looked at what you accomplished?

第一個是退後一步，當您查看所取得的成就時，您在發布後最大的驚喜或學到的東西是什麼？

And then after those learnings, how did you -- or what have you adjusted in terms of your launch plans or content spending plans after reviewing the first 2 months of this product?

然後，在了解了這些知識之後，在審查了產品的前 2 個月後，您是如何調整發布計劃或內容支出計劃的？

Well, I don't know if you call it a surprise, but certainly, it's a learning because we didn't know until we launched.

好吧，我不知道你是否稱之為驚喜，但當然，這是一種學習，因為我們在推出之前並不知道。

But we've been heartened by the fact that there's been basically consumption of a broad array of product across all of our brands.

但令我們感到鼓舞的是，我們所有品牌的各種產品基本上都被消費了。

That is not just about original programming or not just about the Disney library, it's really about everything, including original shorts and older shorts and legacy Disney Channel shows, and of course, the library led by musicals and recent theatrical releases and Mandalorian but it has been very broad-based.

這不僅僅是關於原創節目或不僅僅是關於迪士尼圖書館，它實際上是關於一切，包括原創短片和舊短片以及傳統的迪士尼頻道節目，當然，以音樂劇和最近上映的戲劇版本以及《曼達洛人》為首的圖書館，但它有基礎非常廣泛。

And I mentioned earlier that about -- it was -- 65% of the people who watch Mandalorian, watch at least 10 other things on the service.

我之前提到過，大約 65% 的觀看《曼達洛人》的人會在該服務上觀看至少 10 個其他內容。

So this was not about any one thing.

所以這與任何一件事無關。

50% of people who use the service have watched movies as a for instance.

例如，50% 使用該服務的人都看過電影。

So with that in mind, we feel that validates the collection of those brands and a blend of product that includes, obviously, the library or legacy TV and films of short form and long form, and then original programming.

因此，考慮到這一點，我們認為這驗證了這些品牌的集合和產品的混合，其中顯然包括圖書館或傳統電視和短格式和長格式的電影，然後是原創節目。

The trajectory in terms of our investment in original programming on the service is roughly the same as it would have been whereas it was before we launched, we haven't really changed it that much.

我們對服務原創節目的投資軌跡與推出之前大致相同，但我們並沒有真正改變太多。

Clearly, the original shows that we decide to invest and led by The Mandalorian have worked.

顯然，原著顯示我們決定投資並由曼達洛人領導的做法已經奏效。

And we knew when we launched that we were launching with a modest amount of original programming and that it would build over time.

我們知道，當我們推出時，我們將推出少量的原創節目，並且它會隨著時間的推移而構建。

So as we look ahead, we're really comfortable with the volume that -- of product that we're creating and don't really feel that there's much that we have to adjust to right now.

因此，當我們展望未來時，我們對我們正在創建的產品數量感到非常滿意，並且並不真正覺得我們現在需要調整太多。

We have -- just as a for instance, we have a few Star Wars series in varying stages of production and development.

舉例來說，我們有一些處於不同製作和開發階段的星際大戰系列。

We have the 3 Marvel series that were announced and I think there are 7 other Marvel series that are in varying stages of development or preproduction.

我們已經宣布了 3 個漫威系列，我認為還有其他 7 個漫威系列處於不同的開發或預製作階段。

There are a number of Disney Originals.

有許多迪士尼原創作品。

We have Disney original movies coming, very pleased with them, by the way.

順便說一句，我們即將推出迪士尼原創電影，我們對此感到非常滿意。

And then we have a new one coming, Timmy Failure is 100% on Rotten Tomatoes, as a for instance.

然後我們又推出了一款新遊戲，例如《Timmy Failure》在爛番茄上的評分為 100%。

So we've got, I think, a great blend and don't feel a real need to adjust.

因此，我認為我們已經實現了很好的融合，並且不覺得真正需要調整。

And I think the best thing about it all is that the decision that we made to go with quality and not just volume is working.

我認為最好的事情是我們所做的注重品質而不僅僅是數量的決定正在發揮作用。

So second part of the question?

那麼問題的第二部分呢？

That was it, you covered each other.

就這樣，你們互相覆蓋了。

Yes, what did we do to adjust.

是的，我們做了什麼調整。

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。

One more question on Direct-to-Consumer and NFL.

還有一個關於直接面向消費者和 NFL 的問題。

On Hulu, could you -- Bob, you said you were going to take it internationally.

在 Hulu 上，你能——鮑勃，你說過你要把它帶到國際上。

You've alluded to that before.

你之前已經提到過這一點。

How long does -- will it take you to get some of these rights back around the globe?

您需要多長時間才能在全球範圍內恢復其中一些權利？

And can you give us any thoughts on timing because the bundle strategy is obviously working here?

您能否給我們一些關於時機的想法，因為捆綁策略顯然在這裡發揮了作用？

And then on NFL, can you give us an update on your thoughts on that in terms of -- well, if anything you can on timing, but also placement on -- of NFL on ABC versus ESPN and ESPN+?

然後，關於 NFL，您能否向我們介紹一下您對 ABC 與 ESPN 和 ESPN+ 上 NFL 的最新想法——好吧，如果您能在時間安排和位置方面做點什麼？

We are working up a plan to take Hulu internationally.

我們正在製定一項將 Hulu 推向國際的計劃。

We actually have a lot of specifics around it.

實際上我們有很多細節。

But we've decided that the priority needs to be Disney+.

但我們決定優先考慮迪士尼+。

We are launching, as I mentioned on the call, across multiple territories in Western Europe later in March and then in India, on March 29, and it's going to continue to roll out across the world going into 2021, including Latin America.

正如我在電話會議中提到的，我們將於3 月晚些時候在西歐的多個地區推出，然後在3 月29 日在印度推出，並將在2021 年繼續在世界各地推出，包括拉丁美洲。

And we feel that we need to concentrate on those launches and the marketing and the creation of product for those and then come in with Hulu right after or soon after that.

我們認為我們需要專注於這些產品的發布以及行銷和產品創造，然後立即或不久之後推出 Hulu。

So we don't have specifics, except we do plan to begin rolling Hulu out, I'd say, probably in 2021, internationally, that is, after the Disney+ launch.

所以我們沒有具體細節，但我想說的是，我們確實計劃在 2021 年開始在國際範圍內推出 Hulu，也就是在 Disney+ 推出之後。

On the NFL side, look, it's very early to speculate.

就 NFL 而言，現在猜測還為時過早。

I think the ratings for the NFL suggests that while there's a lot of disruption, there's a fair amount of erosion.

我認為 NFL 的收視率表明，雖然存在很多破壞，但也存在相當多的侵蝕。

And you see people basically watching programs from multiple new sources and creating more competition for the traditional linear networks.

你會看到人們基本上觀看來自多個新來源的節目，並為傳統的線性網路帶來更多競爭。

The live sports has held up really well led, of course, by the NFL.

當然，在 NFL 的帶領下，現場體育賽事一直保持著良好的勢頭。

So our interest in the NFL remains very strong, and there have been only preliminary discussions and nothing more, and it would be premature for me to give you any more detail.

因此，我們對 NFL 的興趣仍然非常濃厚，而且只是進行了初步討論，僅此而已，我現在向您提供更多細節還為時過早。

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。

Bob, there's a lot of discussion in the market about the relative popularity of Disney's brands and IP outside the U.S. versus inside the U.S. and obviously, we're all going to now digest the results you just reported.

鮑勃，市場上有很多關於迪士尼品牌和智慧財產權在美國境外與美國境內的相對受歡迎程度的討論，顯然，我們現在都將消化您剛剛報告的結果。

But how do you think we should be thinking about the subscriber opportunity as you launch these new markets in the March quarter in Europe relative to what we've seen so far in the U.S.?

但是，相對於我們迄今為止在美國看到的情況，您認為當您在三月季度在歐洲推出這些新市場時，我們應該如何考慮訂戶機會？

And what can you tell us about the India launch and how you plan to price that and bundle it with Hotstar VIP?

關於在印度的推出，您能告訴我們什麼嗎？您計劃如何定價並將其與 Hotstar VIP 捆綁在一起？

How big is Hotstar VIP?

Hotstar VIP有多大？

Could you just talk about the go-to-market in India since that's a market where you're going in with a really unique strategic position given the Star business?

您能否談談印度市場的進入情況，因為鑑於 Star 業務，您將以真正獨特的戰略地位進入印度市場？

Well, first of all, those brands are global brands, each one of them, including Star Wars, which may be what you're alluding to, Ben.

嗯，首先，這些品牌都是全球品牌，每個品牌都包括星球大戰，這可能就是你提到的，本。

They have varying strengths in different markets, Disney is probably the strongest on a consistent basis across the world, but they all have -- there's brand affinity and brand interest in all of them, which I think is one of the things that is a strong selling point for us into markets.

他們在不同的市場上有不同的優勢，迪士尼可能是世界上一直以來最強的，但他們都有——他們都有品牌親和力和品牌興趣，我認為這是強大的因素之一我們進入市場的賣點。

So I don't really think that we necessarily need to do much adjusting as it relates to the product that has been designed for the U.S., except to make sure, obviously, that the programs adopted the local language properly and in high quality and secondly, that we have enough local programming, either to meet local quotas or simply to address local tastes.

因此，我真的認為我們不一定需要做太多調整，因為它涉及到為美國設計的產品，除了確保程序正確且高品質地採用了當地語言，其次，我們有足夠的本地節目，要么滿足當地配額，要么只是為了滿足當地口味。

One of the interesting things, by the way, about Star Wars and The Mandalorian because there's been some things written after the Rise of Skywalker that the popularity of Star Wars in certain international markets where that Star Wars in certain international market has never caught on.

順便說一句，關於《星際大戰》和《曼達洛人》的有趣的事情之一是，在《天行者崛起》之後寫了一些東西，表明《星際大戰》在某些國際市場上的受歡迎程度，而《星際大戰》在某些國際市場上從未流行過。

One of the reasons for that is that there isn't a Star Wars legacy in many of these markets, China being a main one, where people didn't grow up on that franchise or that brand.

原因之一是，許多市場都沒有《星際大戰》的遺產，中國是主要市場，那裡的人們並不是在該系列或該品牌的陪伴下長大的。

So when they tuned into or heard about the Skywalker legacy, there was too much that had already gone on in the past that was not familiar to them, and they didn't really want to get on board late.

因此，當他們收聽或聽說天行者遺產時，過去已經發生了太多他們不熟悉的事情，他們真的不想遲到。

That's not true with Mandalorian because Mandalorian is -- even though it's based on obviously, certain Star Wars elements, characters and places, you don't have to know anything about the history of Star Wars in terms of an access point or in terms of your interest.

對於《曼達洛人》來說，情況並非如此，因為《曼達洛人》——儘管它顯然是基於某些《星際大戰》元素、人物和地點，但你不必了解任何關於《星際大戰》歷史的接觸點或故事。你的興趣。

So anyway, we feel great about the popularity of our brands.

所以無論如何，我們對我們品牌的受歡迎程度感到非常高興。

Interesting, the Disney brand globally has never been more popular.

有趣的是，迪士尼品牌在全球從未如此受歡迎。

And the other thing I want to say is that the brand studies that we've seen or brand research that we've seen in the United States suggests that interest and affinity in the Disney brand has actually risen nicely, thanks to Disney+, particularly among young people.

我想說的另一件事是，我們在美國看到的品牌研究表明，由於迪士尼+，人們對迪士尼品牌的興趣和親和力實際上已經大大提高，尤其是在年輕人中。

I think a lot of that has to do with the relevance of the platform, the technology, the manner of presentation.

我認為這很大程度上與平台、技術和呈現方式的相關性有關。

I think it's a loud statement about what's going on in the world today in terms of consumer tastes, particularly young people, which is why the demographics of Hulu were substantially younger than the demographics on some of our traditional linear networks, et cetera, et cetera.

我認為這是一個響亮的聲明，說明了當今世界在消費者品味方面正在發生的事情，尤其是年輕人，這就是為什麼Hulu 的人口統計數據比我們一些傳統線性網絡的人口統計數據要年輕得多，等等。 。

India, we're going to launch bundled with Hotstar, directly bundled, meaning it's Disney+ Hotstar as a product.

印度，我們將推出與 Hotstar 捆綁的產品，直接捆綁，這意味著它是 Disney+ Hotstar 作為產品。

We're not giving specifics about price at this point but expect that there will be 2 primary products brought into India.

目前我們沒有給出有關價格的具體信息，但預計將有 2 種主要產品引入印度。

One will be more premium in nature that will include the entire library plus original programming.

一種本質上更加優質，將包括整個圖書館和原創節目。

And the other one will be more basic that will have the library and not the original programming.

另一種將是更基本的，將具有庫而不是原始編程。

Price for the market and launched at a very peak period of time for the IPL, the Cricket League.

市場定價，並在 IPL（板球聯賽）的高峰時期推出。

And so we think it's an opportune moment.

所以我們認為這是一個合適的時機。

We take advantage of the presence of Star in the market and the millions of subscribers that they also have, we take advantage of the sports tie-in, and we use the interface and the technology that includes the billing that already exists to launch a service, we believe, under very, very optimal circumstances.

我們利用 Star 在市場上的存在以及他們擁有的數百萬訂戶，我們利用體育搭配，我們使用包括現有計費在內的介面和技術來推出服務，我們相信，在非常非常理想的情況下。

Our next question comes from Alexia Quadrani with JPMorgan.

我們的下一個問題來自摩根大通的 Alexia Quadrani。

Just following up on your color or your commentary on Disney+.

只需關注您在 Disney+ 上的顏色或評論即可。

Is there any more you can share with us in terms of what the -- where the subscribers came from, meaning and sort of like what type of subscriber they are, meaning like how many, maybe a year-long or multiyear subscriber deal versus month-to-month?

您是否還可以與我們分享訂閱者的來源、含義以及訂閱者的類型，即有多少（也許是一年或多年的訂閱者交易與月份） - 每月？

And sort of how many sort of came in for this versus -- on household partnerships like Verizon and such?

與 Verizon 等家庭合作夥伴相比，有多少人參與其中？

And how much color you can share there?

您可以在那裡分享多少顏色？

And then my second question is just on the studio, where you've had just incredible success there and another record year in '19.

我的第二個問題是關於工作室的，你們在那裡取得了令人難以置信的成功，並在 19 年又創下了紀錄。

I guess your conviction that, that success can continue, especially when you're taking account kind of the pipeline now from the Fox Studios.

我猜你相信這種成功可以繼續下去，特別是當你考慮到福克斯工作室現在的管道時。

First of all, regarding Disney+, the fact that the ARPU by the end of the quarter was $5.56 on a $6.99 subscription suggests that while there are discounts in the market and the packaging that existed, enabled consumers to buy in at lower prices.

首先，就 Disney+ 而言，截至本季末，6.99 美元訂閱的 ARPU 為 5.56 美元，這一事實表明，儘管市場上有折扣，而且現有的包裝使消費者能夠以較低的價格購買。

We did extremely well, basically with a direct-to-consumer package and ARPU that was higher.

我們做得非常好，基本上是直接面向消費者的套餐，而且 ARPU 更高。

And so the 26.5 million in subscribers came roughly 50% directly through disneyplus.com.

因此，2,650 萬訂閱者中約 50% 是直接透過 disneyplus.com 獲得的。

For instance, where not only weren't we revenue sharing with others, but a lot of those subscribers, well, many of them may have bought a year-long service or even a 3-year.

例如，我們不僅沒有與其他人分享收入，而且許多訂閱者，他們中的許多人可能已經購買了一年甚至三年的服務。

Many of them bought basically the month for the full price.

他們中的許多人基本上都是以全價購買當月的。

About 20% of those subscribers came from Verizon, and the rest came from the variety of other services that is distributing the app and including the iTunes platform.

其中約 20% 的訂閱者來自 Verizon，其餘的則來自分發該應用程式的各種其他服務，包括 iTunes 平台。

So we were actually very pleased with the diversity of basically routes that people took to get to us and extremely pleased with the ARPU.

因此，我們實際上對人們到達我們這裡的基本路線的多樣性感到非常滿意，並對 ARPU 感到非常滿意。

Now I also understand that the vast majority came from domestic because we only launched in a couple of territories, Australia, New Zealand and The Netherlands and Canada with this, and so these are mostly domestic subs.

現在我也了解到，絕大多數來自國內，因為我們只在澳洲、紐西蘭、荷蘭和加拿大這幾個地區推出了這個產品，所以這些大多是國內潛水艇。

But I think that it's all a very positive story in terms of the manner in which people bought this, and as I said earlier, the ARPU.

但我認為，就人們購買這款產品的方式以及我之前所說的 ARPU 而言，這都是一個非常積極的故事。

And the other thing that we noted was that the bundle with ESPN and with Hulu was very helpful in terms of lowering churn rates.

我們注意到的另一件事是，與 ESPN 和 Hulu 的捆綁對於降低客戶流失率非常有幫助。

And as I said on -- in my remarks, both the conversion from free-to-pay as well as the churn rates were much better than we expected they would be, and much better than we had estimated they would be before we launched.

正如我在演講中所說，從免費到付費的轉換以及流失率都比我們預期的要好得多，也比我們在推出之前的估計要好得多。

And I think, again, that's the result of -- it starts with the product.

我再次認為，這是從產品開始的結果。

And I think the end -- the user interface also got incredibly high marks in terms of the ease of use, the ease of navigation, the quality of the product, the value of the brands and the price point, which we can't ignore, a very accessible price point priced purposely because of the brand and our desire to be as accessible as possible on a broad basis.

我認為最終 - 用戶介面在易用性、導航便利性、產品品質、品牌價值和價格點方面也獲得了令人難以置信的高分，這是我們不能忽視的，這是一個非常平易近人的價格點，因為該品牌以及我們希望在廣泛的基礎上盡可能平易近人的願望而特意定價。

Regarding the studio, looking at $11 billion-plus box office year from the Disney Studio alone is not something we're likely to repeat right away.

就工作室而言，僅迪士尼工作室一年的票房就超過 110 億美元，我們不會立即重複這一點。

But as we look ahead, we're extremely pleased with the long-term prospects for our studio and the slate.

但展望未來，我們對工作室和名單的長期前景感到非常滿意。

I could name a number of titles, but this year, for instance, we have 2 Pixar titles with Onward and Soul in the marketplace.

我可以說出很多遊戲的名字，但以今年為例，我們在市場上有兩款皮克斯遊戲，《前進》和《靈魂》。

We've got a couple of really strong Disney-branded Jungle Cruise and Mulan.

我們有幾艘非常強大的迪士尼品牌的叢林巡遊和花木蘭。

We have, obviously, Marvel with Black Widow initial -- at first and then the -- the rest -- at the end of the year.

顯然，漫威的《黑寡婦》最初是——首先是，然後是——其餘的——在今年年底。

And you can imagine a lot of development from all of those.

你可以想像所有這些都會帶來很大的發展。

On the Star Wars front, where as I had mentioned in previous calls, we're taking a bit of a hiatus in terms of the theatrical release.

在《星際大戰》方面，正如我在之前的電話中提到的，我們在影院上映方面有一些中斷。

We finished the 9-episode Skywalker Saga, and we're developing both television and features.

我們完成了 9 集的《天行者傳奇》，並且正在開發電視劇和劇情片。

The priority in the next few years is television with The Mandalorian Season 2 coming in October and then more coming from The Mandalorian thereafter, including the possibility of infusing it with more characters and the possibility of taking those characters in their own direction in terms of series.

未來幾年的首要任務是電視，《曼達洛人》第二季將於10 月推出，此後《曼達洛人》將推出更多內容，包括注入更多角色的可能性，以及在劇集中讓這些角色朝著自己的方向發展的可能性。

And then we have a prequel to Rogue One and an Obi-Wan series also in development.

此外，《俠盜一號》的前傳和《歐比王》系列也正在開發中。

So the priority for Star Wars in the short term is going to be, I'll call it, television for Disney+ and then we will have more to say about development of theatrical soon after that.

因此，《星際大戰》短期內的首要任務將是，我稱之為迪士尼+電視，然後我們很快就會有更多關於戲劇發展的內容。

But 2020 is not going to be the same as 2019 for the studio but we still expect a very strong year.

但對於工作室來說，2020 年將與 2019 年有所不同，但我們仍然預計這將是非常強勁的一年。

And given the franchises and the talent that we both work with and have working for us, we're confident that the studio is going to continue to be a strong driver of operating income for the company, both on the movie front, but also as a great supplier of product, both original and secondary market for Disney+ and for Hulu, by the way.

考慮到與我們合作以及為我們工作的特許經營權和人才，我們相信工作室將繼續成為公司營業收入的強大推動力，無論是在電影方面，還是在其他領域。順便說一下，它是Disney+和Hulu 的原始和二級市場的優秀產品供應商。

Our next question comes from John Hodulik with UBS.

我們的下一個問題來自瑞銀集團 (UBS) 的約翰‧霍杜利克 (John Hodulik)。

Great.

偉大的。

Bob, a couple of questions, follow-ups on the DTC business.

鮑勃，有幾個問題，關於 DTC 業務的後續情況。

First of all, on Disney+, the model definitely seems to be holding up.

首先，在 Disney+ 上，模型似乎確實有效。

You talked about ARPU churn, content spend, the target is for 60 million to 90 million subs in '24 in profitability.

您談到了 ARPU 流失率、內容支出，目標是在 2024 年實現 6,000 萬至 9,000 萬訂閱者的獲利。

Because of all this, we're halfway to the goal and the model -- the metrics seem to be hitting.

正因為如此，我們已經實現了目標和模型的一半——指標似乎正在達到目標。

Can we expect the profitability to come in sooner than the '24 number?

我們能否預期獲利能力會比 24 世紀的數字更早出現？

And then if we can just focus on the U.S., I think you guys gave guidance for 20 million to 30 million subs in the U.S. And again, you're sort of at the high end -- or around the high end of that guidance.

然後，如果我們可以只關注美國，我認為你們為美國的 2000 萬到 3000 萬訂閱者提供了指導。同樣，你們有點處於指導的高端，或者大約是指導的高端。

What are you seeing in terms of the TAM?

您對 TAM 有何看法？

Are you just -- is the TAM bigger than you thought?

你只是—— TAM 比你想像的還要大嗎？

And could that potentially be the case in the rest of the world?

世界其他地方也可能出現這種情況嗎？

Or are you just penetrating the market faster than you thought?

還是你只是比你想像的更快進入市場？

What you touched on related to the U.S., I was actually going to bring up.

你提到的與美國有關的事情，我其實是想提的。

The 60 million to 90 million included, obviously, 2/3 of that subs that we were going to get from outside the United States where, except for just a few markets, we've not even launched yet.

顯然，這 6000 萬到 9000 萬台中包括我們將從美國以外地區獲得的潛艇的 2/3，除了少數市場外，我們甚至還沒有推出這些潛艇。

So it's far too early for us after basically a quarter and a little bit more under our belt to change our guidance having not launched in any of the big international markets yet.

因此，在我們還沒有在任何大型國際市場推出的情況下，在基本上一個季度和更多時間之後改變我們的指導還為時過早。

What we know about those markets, not to, in any way, pour cold water on them because we know that those brands are strong in the markets, and this product is already working, the interest in streaming in general in those markets isn't as high as it has been in the United States.

我們對這些市場的了解，無論如何都不會向他們潑冷水，因為我們知道這些品牌在市場上很強大，而且這個產品已經在發揮作用，這些市場對串流媒體的興趣並不大與美國的最高水平一樣。

I'm talking about across the world.

我說的是世界各地。

So we have probably more of a marketing effort.

所以我們可能需要更多的行銷努力。

And I'd say more of a challenge to launch in those markets, not that those markets haven't been already seated with streaming.

我想說的是，在這些市場推出更多的挑戰，並不是說這些市場尚未具備串流媒體服務。

We know Netflix has done extremely well internationally.

我們知道 Netflix 在國際上表現非常出色。

But we're just beginning there.

但我們才剛開始。

And I think it's just premature for us to take our guidance up.

我認為我們現在採取指導意見還為時過早。

What we do know, of course, is that we have reached a number in the United States that since you did the math, that suggests that we're at the number that we predicted we would be in year 5, just after a very short period of time.

當然，我們所知道的是，自從您進行數學計算以來，我們在美國已經達到了一個數字，這表明我們已經達到了我們預測的第 5 年的數字，就在很短的一段時間之後一段的時間。

And I don't know whether that is a statement about the total available market or the quality of the product or both or the price, this is just, I think, a number of factors that I've touched upon, and I just look over them one more time.

我不知道這是否是關於整個可用市場或產品品質或兩者或價格的陳述，我認為這只是我觸及的一些因素，我只是看看再過一次。

Those brands are extreme -- not only are they high quality, it is a very unique product.

這些品牌非常極端——不僅品質高，而且產品非常獨特。

I was asked earlier on CNBC about whether I felt threatened by competition.

早些時候，我在 CNBC 上被問到是否感到競爭的威脅。

There's obviously more competition coming into the space.

顯然，該領域的競爭更加激烈。

But there isn't any competition that is like ours, like our product because of the investments that we've made in those franchises and the quality of the product that we've made over the years and we're continuing to make.

但沒有任何競爭對手像我們一樣，像我們的產品一樣，因為我們在這些特許經營權上進行了投資，並且我們多年來生產並繼續生產的產品質量很高。

So we're very differentiated.

所以我們非常與眾不同。

We're extremely well-priced, and we created a service from a technical basis and a user interface basis that is really working.

我們的價格非常優惠，並且我們從技術基礎和用戶介面基礎上創建了一項真正有效的服務。

There's an elegance to it and an ease, and we feel great about it.

它有一種優雅和輕鬆，我們對此感覺很棒。

So our -- as we look ahead at that guidance, I can't say that we won't change it at some point.

因此，當我們展望該指導方針時，我不能說我們不會在某個時候改變它。

But it's -- we don't believe that it would be prudent for us to adjust it at this point.

但我們認為此時調整它並不明智。

And we have a long way to go.

我們還有很長的路要走。

Our next question comes from Doug Mitchelson with Crédit Suisse.

我們的下一個問題來自瑞士信貸銀行的道格·米切爾森。

I am going to keep going on Disney+.

我將繼續使用迪士尼+。

But Bob, I think congratulations are in order around the success of the service so far.

但是鮑勃，我認為到目前為止該服務的成功是值得祝賀的。

A couple of things.

有幾件事。

In terms of consumption patterns for the Disney+ service, is this a service households are using every day or they're using every week?

就Disney+服務的消費模式而言，這是家庭每天使用的服務還是每週使用的服務？

And any sort of issues or thoughts around consumption levels after the initial sign-up period is for people come in and use the service a bunch then starts to fade after that?

在最初的註冊期之後，關於消費水平的任何問題或想法都是因為人們進來並大量使用該服務，然後在那之後開始消失？

Or did you find that it stayed relatively level?

或者您發現它保持相對水平？

And I am interested, Bob, you talked a lot about India, but I'm interested about the launch in Europe broadly and contrasting it with the first series of markets.

我很感興趣，鮑勃，你談論了很多關於印度的事情，但我對在歐洲的廣泛發布感興趣，並將其與第一批市場進行對比。

So is the content that's available on the service in the U.S., also sort of the same content available in Europe?

那麼，該服務在美國提供的內容與在歐洲提供的內容是否相同？

And any sort of differences or nuances in go-to-market, marketing and distribution effort in any of those countries that we should be aware of as we try to gauge how successful Europe might be?

當我們試圖衡量歐洲的成功程度時，我們應該注意這些國家在進入市場、行銷和分銷方面的任何差異或細微差別？

So we measured -- in terms of the, I'll call it, engagement, we've measured recency, which is essentially how many people are -- used it recently or active users on a weekly basis.

因此，我們測量了——就我稱之為參與度而言，我們測量了新近度，這本質上是有多少人——最近使用過它或每週的活躍用戶。

That's extremely high.

那是非常高的。

We measure frequency, which is the number of times people stream per week since launch.

我們測量頻率，即自發布以來人們每週直播的次數。

And we measure engagement, which is basically how many hours people have streamed on a weekly basis per subscriber.

我們衡量參與度，這基本上是每個訂閱者每週觀看直播的時間。

And I don't think we should get into all those details right now, except to say that in all 3 cases, recency, the percentage of people that are weekly active users are very, very high; the same thing is true with frequency, the number of average days that they actually use the service.

我認為我們現在不應該討論所有這些細節，除了說在所有 3 種情況下，新近度，每週活躍用戶的百分比都非常非常高；頻率也是如此，即他們實際使用該服務的平均天數。

And again, this is something that we've seen over both -- for basically the first quarter.

再說一遍，這是我們在這兩個方面都看到的情況——基本上是第一季。

I think these numbers probably relate to the first quarter and not necessarily since December 28.

我認為這些數字可能與第一季有關，而不一定是自 12 月 28 日以來的。

That's also very high in the engagement.

參與度也非常高。

And when you're looking at multiple hours a week stream per subscriber.

當您查看每個訂閱者每週多個小時的串流媒體。

I can give you that.

我可以給你。

Now that's in the 6 to 7 hours a week range.

現在每週工作時間為 6 到 7 小時。

Very, very high.

非常非常高。

Now Christmas was in there, time when a lot of families were off, that may have actually skewed that a little bit high.

現在聖誕節到了，很多家庭都放假了，這實際上可能有點偏高。

But again, we're seeing consumption, I'll call it, across the board.

但我們再次看到消費，我稱之為全面消費。

And some of it is quite interesting to us.

其中一些對我們來說非常有趣。

Pixar has done extremely well, as, for instance, including their shorts.

皮克斯做得非常好，例如他們的短片。

Musicals are doing very, very well.

音樂劇做得非常非常好。

Obviously, great interest in some of the big titles that have recently come on the service, Toy Story 4 just came on, Rise of Skywalker later in the year, lion King came on, Avengers, I mentioned, Endgame.

顯然，人們對最近上線的一些大片很感興趣，《玩具總動員4》剛剛上線，今年晚些時候的《天行者崛起》，《獅子王》，《復仇者聯盟》，我提到過，《終局之戰》。

It's kind of, I guess -- without, in any way, sounding like we're bragging, it validates the concept of putting those brands together and collecting library.

我想，這聽起來不像我們在吹牛，它驗證了將這些品牌放在一起並收集圖書館的概念。

As we look to the rest of the world, there really isn't anything to cite in terms of encumbrances that would be an issue.

當我們放眼世界其他地方時，確實沒有任何可以引用的阻礙問題。

We're in relatively good shape there.

我們在那裡的狀況相對良好。

I'd say that we have some work to do in terms of local product because there are quotas in certain markets that we have to meet.

我想說，我們在本地產品方面還有一些工作要做，因為我們必須滿足某些市場的配額要求。

But the universal appeal of this product is pretty strong.

但該產品的普遍吸引力相當強。

You do have to factor in that in some markets, there's lower broadband penetration.

您確實必須考慮到在某些市場中寬頻普及率較低。

And so you don't have -- the total available market is not as high as it is in other markets.

所以你沒有——可用市場總量並不像其他市場那麼高。

Netherlands was very high that's why they decided to launch there.

荷蘭的價格非常高，這就是他們決定在那裡推出的原因。

South Korea is very high, but there are other markets, obviously, India being one, that you have lower broadband.

韓國的寬頻水準非常高，但顯然還有其他市場，印度就是其中之一，寬頻水準較低。

But huge opportunities for us internationally, and that's where that Disney name and the family nature of the product, I think, will resonate extremely well.

但我們在國際上有巨大的機會，我認為這就是迪士尼的名字和產品的家庭性質將產生非常好的共鳴的地方。

Our next question comes from Todd Juenger with Sanford Bernstein.

我們的下一個問題來自托德·朱恩格和桑福德·伯恩斯坦。

One quick one on Hulu SVOD, if I could, and then love to talk about the parks for a little change of -- break here.

如果可以的話，在 Hulu SVOD 上快速講一講，然後喜歡談論公園，換點小事——在這裡休息一下。

So just on Hulu -- on the Hulu SVOD ARPU, that $13-plus number stuck out to us.

因此，就在 Hulu 上——在 Hulu SVOD ARPU 上，這個 13 美元以上的數字讓我們印象深刻。

It's even higher than the nonadvertising Hulu SVOD list price.

它甚至比非廣告 Hulu SVOD 標價還要高。

So just wondering if you could share what's going on with advertising ARPU on the Hulu SVOD, it must be a big number.

所以想知道您是否可以分享一下 Hulu SVOD 上廣告 ARPU 的情況，它一定是一個很大的數字。

And anything you could share there would be helpful to understand.

您可以在那裡分享的任何內容都會有助於理解。

And then on the parks, a couple of really minor ones and then a bigger one.

然後在公園裡，有幾個非常小的，然後是一個更大的。

Christine, if you could remind us for the U.S. domestic parks, what percent of attendance comes from international visitation and particularly from Asia?

克里斯汀（Christine），如果您能提醒我們美國國內公園的情況，有多少比例的遊客來自國際遊客，尤其是來自亞洲的遊客？

And if you're thinking about that at all, when you think about the near-term effects of the virus and the travel curtailments there.

如果你真的在考慮這個問題，當你考慮病毒的短期影響和那裡的旅行限制。

Longer term, Bob, I hope you'll accept this question.

從長遠來看，鮑勃，我希望你能接受這個問題。

I'm not -- just wondering how you think about the growth function for parts.

我不是——只是想知道你如何看待零件的增長函數。

It's a question we get from investors all the time.

這是我們一直從投資者那裡得到的問題。

It's super important.

這非常重要。

Would love if you just share your thoughts because I think what investors look at is so much of revenue and income growth has come from increased spend per guest in the form of either pricing or merchandise and food volumes.

如果您能分享您的想法，我會很高興，因為我認為投資者關注的是大部分收入和收入增長來自於每位客人的支出增加，無論是定價還是商品和食品數量。

The question we wrestle with is, geez, how long can that keep going, right?

我們要解決的問題是，天啊，這種情況能持續多久，對吧？

Is there some point at which either your consumer gets priced out or just competition sets in or that sort of thing and elasticity sets in.

是否存在某個時刻，您的消費者要么被定價過高，要么只是競爭開始，或者諸如此類的事情和彈性開始出現。

So without asking for formal guidance, I just love -- is there still more opportunity on the yield side?

因此，在不尋求正式指導的情況下，我只是想——收益率方面是否還有更多機會？

Or how long can you push that?

或者你能推動多久？

Are there other ways the parks can grow over time?

園區還有其他方法可以隨著時間的推移而發展嗎？

Okay.

好的。

Thanks, Todd.

謝謝，托德。

We're -- we'll tackle those.

我們將解決這些問題。

So I think...

所以我認為...

You go first because you want to deal with Hulu SVOD ARPU.

你先走是因為你想處理Hulu SVOD ARPU。

Hulu SVOD ARPU is very strong.

Hulu SVOD ARPU 非常強勁。

The ad supported -- the product is priced at $5.99 and the -- but the ad supported part of the equation makes the ARPU come out even higher than the ad free.

支援廣告的產品售價為 5.99 美元，但支援廣告的部分使得 ARPU 甚至比無廣告的產品還要高。

Most of the subscribers subscribe to the ad supported.

大多數訂閱者都會訂閱所支援的廣告。

So that's a good balance of the ARPUs when you stack them up next to each other.

因此，當您將它們並排放置時，ARPU 可以達到良好的平衡。

Let me take the domestic part question on international visitation.

我來回答國內部分關於國際訪問的問題。

We have typically run in the 18% to 22% range for guests outside of the U.S. We're at the low end of that range, maybe a tick below right now because some of the South American markets because of the disruption in those economies have -- had lower visitation.

我們通常為美國以外的客人提供 18% 至 22% 的折扣。我們處於該範圍的低端，現在可能會低一點，因為一些南美市場由於經濟的混亂而受到影響。 ——訪問量較低。

The 2 I would cite would be -- that won't be a surprise to anyone, would be Brazil and Argentina.

我要舉的兩個國家是巴西和阿根廷，這對任何人來說都不會感到驚訝。

In general, the parks do not have a significant amount of visitation from Asia.

總體而言，這些公園沒有大量來自亞洲的遊客。

The -- in -- when you look at Walt Disney World, no Asian market even back into the top 5 and the top 1 being the U.K., which I think everyone knows that.

當你看看華特迪士尼世界時，亞洲市場甚至沒有進入前五名，而前一名是英國，我想每個人都知道這一點。

And then we have Brazil, Canada, Mexico and Argentina that is for the East Coast Walt Disney World.

然後是巴西、加拿大、墨西哥和阿根廷，即東海岸華特迪士尼世界。

And then when you look at Disneyland, Canada is a very strong market for us, no surprise, just given proximity to the West Coast markets of Vancouver.

然後，當你看看迪士尼樂園時，加拿大對我們來說是一個非常強大的市場，這並不奇怪，因為它靠近溫哥華西海岸市場。

And then we also have Mexico, Australia.

然後還有墨西哥、澳洲。

And the only market that even breaks into the top 5 would be Japan in -- and it's actually a very low single-digit number for Disneyland.

唯一進入前五名的市場是日本——對於迪士尼樂園來說，這實際上是一個非常低的個位數。

And so far, there's been no evidence that there's any impact on the intent to visit or people fulfilling reservations or commitments from coronavirus.

到目前為止，沒有證據表明冠狀病毒對訪問意圖或人們履行預訂或承諾有任何影響。

And regarding other growth possibilities for the parks, it's really going to be a blend.

至於公園的其他增長可能性，它確實會是一個混合體。

We continue to invest capital to build out new attractions, new hotels, new restaurants, we've announced many different projects.

我們繼續投資建造新景點、新酒店、新餐廳，我們已經宣布了許多不同的項目。

Obviously, we just opened Rise of the Resistance, and that's done extremely well, not just in terms of attendance, but per capita spending have been quite high.

顯然，我們剛剛開放了抵抗運動的崛起，並且做得非常好，不僅在出席率方面，而且在人均支出方面也相當高。

We have a variety of different model projects underway, the Avengers project in California and a number of Marvel-related things in Florida, including Guardians of the Galaxy, e-ticket attraction.

我們正在進行各種不同的模型項目，加州的復仇者聯盟項目和佛羅裡達州的一些與漫威相關的項目，包括銀河守護隊、電子門票景點。

So we're going to continue to build out against the company's most popular -- or using the most popular franchises.

因此，我們將繼續針對公司最受歡迎的產品或使用最受歡迎的特許經營權進行開發。

And as I mentioned, build out hotels as well.

正如我所提到的，還要建造酒店。

We just opened one Riviera Resort.

我們剛開設了一家裡維埃拉度假村。

We're opening one in Florida.

我們將在佛羅裡達州開設一家。

We have Star-Wars-themed hotel coming, a lot of activity there.

我們有星際大戰主題的酒店，那裡有很多活動。

We'll look for international opportunities as well.

我們也會尋找國際機會。

They still exist.

它們仍然存在。

And obviously, the virus has slowed things down a bit, but we expect that when that passes, that we will start looking expansively in other territories.

顯然，病毒已經讓事情放緩了一點，但我們預計，當這種情況過去後，我們將開始在其他領域進行廣泛的關注。

And of course, lastly, there's a yield story to tell, and that's been exceptional.

當然，最後還有一個產量故事要講，這是例外。

That is a combination of things, but clearly, far more sophisticated, more thoughtful pricing strategy has helped a lot, taking advantage of peak periods and pricing leverage but also making the park more accessible in nonpeak periods for others at substantially more accessible prices.

這是多種因素的結合，但顯然，更複雜、更周到的定價策略起了很大作用，不僅利用了高峰時段和定價槓桿，而且還讓其他人在非高峰時段以更容易接受的價格更容易進入公園。

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史蒂文·卡霍爾。

Just 2 quick ones.

就2個快的。

Maybe first on Disney+.

也許首先在迪士尼+。

It seems like you priced this exactly right, given the market response.

考慮到市場反應，您的定價似乎完全正確。

I would think you could kind of make life harder on some of your more expensive streaming competition like Netflix or HBO by keeping the price low for as long as you can and keeping that engagement with customers.

我認為，盡可能長時間地保持低價並保持與客戶的互動，你可以讓一些更昂貴的串流媒體競爭對手（如 Netflix 或 HBO）的日子變得更加艱難。

So just kind of curious how you're thinking about the price of Disney+ long term?

所以我有點好奇你如何看待 Disney+ 的長期價格？

Does it go up over time?

隨著時間的推移它會上升嗎？

Or do you sort of keep it as is?

或者你會保持原樣嗎？

And then, Christine, just wondering if you could maybe give us a little more color on how to think about the studio for the year.

然後，克里斯汀，我想知道你是否可以給我們更多關於如何看待今年工作室的資訊。

There's just a lot of moving parts there.

那裡只有很多活動部件。

I know theatrical is impossible to predict but then you've also got the synergy with the Fox Studios and the transfer pricing.

我知道戲院上映是不可能預測的，但你也可以與福斯製片廠和轉讓定價產生協同作用。

So how do we kind of think about the income production of the studio this year given all those different pieces?

那麼，考慮到這些不同的作品，我們如何看待工作室今年的收入呢？

Yes, Steve, we haven't had a conversation about price since we launched, except that we felt that our pricing strategy has worked.

是的，史蒂夫，自從我們推出以來，我們還沒有討論過價格，只是我們覺得我們的定價策略有效。

We really are not focused right now on price at all.

我們現在確實根本不關注價格。

We believed all along that we would have an opportunity to address pricing as we added more content, particularly original content and the price value relationship went up to the consumer.

我們一直相信，隨著我們添加更多內容，特別是原創內容，我們將有機會解決定價問題，並且價格價值關係將上升到消費者手中。

But it's not a priority of ours right now.

但這不是我們現在的優先事項。

We're still very new at this, so I think it would be premature for us to start talking about it.

我們在這方面還很陌生，所以我認為現在開始討論它還為時過早。

And don't expect anything in the near term, very near-term from a price increase perspective.

並且不要期望短期內會發生任何事情，從價格上漲的角度來看，短期內不會發生任何事情。

Christine, you want to take the question about the studio?

克莉絲汀，你想問有關工作室的問題嗎？

Yes.

是的。

Let me take that.

讓我來吧。

When -- as Bob already mentioned, our studio, our legacy Disney Studio had nothing short of a truly phenomenal year, 6 movies, over $1 billion in global box office.

正如鮑伯已經提到的，我們的工作室、我們的傳統迪士尼工作室經歷了真正非凡的一年，6 部電影，全球票房超過 10 億美元。

That is an incredibly hard -- 7 movies over, sorry about that, 7 movies over $1 billion, that's an incredibly hard comp on a year-over-year.

這是非常困難的——7 部電影，抱歉，7 部電影超過 10 億美元，這是一個與去年同期相比非常困難的數字。

So we will still -- we still believe that our studio will be very successful this year.

所以我們仍然相信我們的工作室今年會非常成功。

And we have confidence in their content resonating with consumers on a global basis.

我們相信他們的內容能夠在全球範圍內引起消費者的共鳴。

Bob already mentioned some of the big movies that we have coming out, and we feel really good about those.

鮑伯已經提到了我們即將上映的一些大電影，我們對這些電影感覺非常好。

As it relates to transfer pricing of content, the studio definitely will benefit from the content sales to DTCI, the pay one windows, and we had quite a few movies come out in fiscal '19 that will make it into the pay one window in fiscal '20, and that will also have a positive impact on the studio.

由於它涉及內容的轉讓定價，工作室肯定會從向 DTCI（付費一窗口）的內容銷售中受益，我們在 19 財年推出了相當多的電影，這些電影將進入 DTCI 的付費一窗口。 ' 20，這也將對工作室產生正面影響。

And our final question comes from David Miller with Imperial Capital.

我們的最後一個問題來自帝國資本的大衛米勒。

Bob, as you know, I've covered you guys for a long time, and I've covered the theaters for a long time.

鮑勃，如你所知，我對你們進行了很長時間的報道，對劇院也進行了很長時間的報道。

And I've probably heard you say maybe a dozen times over the last 4 years that you are 100% committed to the theatrical window going forward despite the launch of Disney+.

在過去的 4 年裡，我可能聽過你十幾次說過，儘管推出了 Disney+，但你仍然 100% 致力於影院窗口的發展。

The problem is that -- and I would never accuse you of being disingenuous.

問題是──我永遠不會指責你不誠實。

You know that.

你懂的。

But the problem is that the market doesn't really believe that given 52-week lows on AMC and Cinemark, and to some extent, Marcus.

但問題是，考慮到 AMC 和 Cinemark 以及某種程度上 Marcus 的 52 週低點，市場並不真正相信這一點。

So on this call, would you be willing to kind of recommit to the theatrical window?

那麼，在這次電話會議上，您願意重新承諾在戲院上映嗎？

Or I should say, what would you have to say going forward about your overall commitment to the theatrical window, given your market leadership in that regard?

或者我應該說，鑑於您在這方面的市場領導地位，您對未來對影院窗口的整體承諾有何看法？

The theatrical window is working for this company.

劇院窗口正在為這家公司工作。

And we have no plans to adjust it for our business.

我們沒有計劃針對我們的業務進行調整。

Your comment about how those companies are faring on the market, I think, maybe is a reflection of how the other movie companies are positioning their films and their business.

我認為，您對這些公司在市場上的表現的評論也許反映了其他電影公司如何定位他們的電影和業務。

We're not the only movie company.

我們不是唯一的電影公司。

We had the biggest box office, but we're not the only movie company.

我們擁有最大的票房，但我們並不是唯一的電影公司。

And I suspect that it's not due to us or either a lack of conviction on our part or any suspicion that we might be -- that we might not beat on the truth.

我懷疑這不是因為我們，也不是因為我們缺乏信念，也不是因為我們懷疑我們可能無法克服真相。

But we're not -- it's working for us.

但我們不是——它對我們有用。

And we have no plans in the foreseeable future to change it and that being [filed].

在可預見的將來，我們沒有計劃改變它，並且正在[提交]。

Thank you, David.

謝謝你，大衛。

And thanks, everyone, for joining us today.

感謝大家今天加入我們。

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

請注意，本次電話會議中提到的非公認會計原則措施與同等公認會計原則措施的調節可以在我們的投資者關係網站上找到。

In our remarks, we provided estimates of the performance of certain 21CF assets in periods of the prior year.

在我們的評論中，我們提供了對上一年期間某些 21CF 資產績效的估計。

These estimates are based on an analysis of these records, but are nonetheless, unaudited estimates and are not precise measures of historical results before the acquisition.

這些估計是基於對這些記錄的分析，但仍然是未經審計的估計，並且不是收購前歷史結果的精確衡量。

Let me also remind you, certain statements on this call, including financial estimates may constitute forward-looking statements under the securities laws.

我還想提醒您，本次電話會議的某些陳述，包括財務估計，可能構成證券法規定的前瞻性陳述。

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

我們根據我們做出這些陳述時對未來事件和業務績效的看法和假設做出這些陳述，並且我們不承擔更新這些陳述的任何義務。

Forward-looking statements are subject to a number of risks and uncertainties, and actual results may differ materially from the results expressed or implied in light of a variety of factors, including factors contained in our annual report on Form 10-K, quarterly reports on Form 10-Q and in our other filings with the Securities and Exchange Commission.

前瞻性陳述受到許多風險和不確定性的影響，實際結果可能與多種因素所明示或暗示的結果有重大差異，包括我們 10-K 表格年度報告、季度報告中所包含的因素。表10- Q 以及我們向美國證券交易委員會提交的其他文件中。

Thanks again for joining us.

再次感謝您加入我們。

Have a good rest of the day.

好好休息一天吧。

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

女士們、先生們，今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。