迪士尼 (DIS) 2022 Q3 法說會逐字稿

Good afternoon, and welcome to The Walt Disney Company's Third Quarter 2022 Financial Results Conference Call. (Operator Instructions) Please note, this event is being recorded.

下午好，歡迎參加華特迪士尼公司 2022 年第三季度財務業績電話會議。 （操作員說明）請注意，此事件正在記錄中。

I would now like to turn the conference over to Alexia Quadrani, Senior VP of Investor Relations. Please go ahead.

我現在想將會議轉交給投資者關係高級副總裁 Alexia Quadrani。請繼續。

Good afternoon. It's my pleasure to welcome everybody to The Walt Disney Company's Third Quarter 2022 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 being webcast, and a replay and transcript will also be available on our website. Joining me for today's call are Bob Chapek, Disney's Chief Executive Officer; and Christine McCarthy, Senior Executive Vice President and Chief Financial Officer. Following comments from Bob and Christine, we will be happy to take some of your questions.

下午好。我很高興歡迎大家參加華特迪士尼公司 2022 年第三季度財報電話會議。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。今天的電話會議正在進行網絡直播，我們的網站上也將提供重播和成績單。和我一起參加今天電話會議的還有迪士尼首席執行官 Bob Chapek；以及高級執行副總裁兼首席財務官 Christine McCarthy。根據 Bob 和 Christine 的評論，我們很樂意回答您的一些問題。

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

因此，讓我將電話轉給 Bob 開始。

Thank you, Alexia, and good afternoon, everyone. We had an excellent quarter powered by world-class storytelling, outstanding performance at our domestic theme parks, increases in live sports viewership across our linear channels and ESPN+ and significant subscriber growth at our streaming services which added 15.5 million subscriptions in the quarter, including 14.4 million Disney+ subscribers, of which 6 million were core Disney+ and 8 million were Hotstar. As of the close of Q3, we now have 221 million total subscriptions across our streaming offering.

謝謝你，Alexia，大家下午好。憑藉世界級的故事講述、國內主題公園的出色表現、線性頻道和 ESPN+ 的現場體育收視率增加，以及我們的流媒體服務訂閱人數顯著增長，本季度新增 1550 萬訂閱用戶，包括 14.4 100 萬 Disney+ 訂戶，其中 600 萬是核心 Disney+，800 萬是 Hotstar。截至第三季度末，我們的流媒體產品總訂閱量為 2.21 億。

Our results showcased the ability of the Walt Disney Company's uniquely diversified businesses to power our ecosystem and explore growth opportunities across industries and distribution channels. I'll expand on all this and more, and then Christine will go through the details of our results and provide additional insight into our fiscal 2024 expectations for Disney+.

我們的結果展示了華特迪士尼公司獨特的多元化業務為我們的生態系統提供動力並探索跨行業和分銷渠道的增長機會的能力。我將擴展所有這些以及更多內容，然後克里斯汀將詳細介紹我們的結果，並就我們對 Disney+ 的 2024 財年預期提供更多見解。

Creative excellence in storytelling that build deep emotional connections with audiences is at the root of our success. And I am pleased to say that our creative engines are firing on all cylinders across franchise, general entertainment and sports. In a testament to the depth, breadth and quality of our creative teams, we received 147 Primetime Emmy Award nominations this year, including 92 for our streaming platforms and 21 for best program in a genre. Recognition across formats and distribution channels with 47 different shows receiving nominations, including titles like Only Murders in the Building, Abbott Elementary, What We Do in the Shadows and The Dropout right alongside shows from Disney, Marvel and Star Wars. And most recently, we received an additional 71 news and documentary Emmy nominations across ABC News, National Geographic, FX, Hulu and ESPN.

講故事的創意卓越與觀眾建立深厚的情感聯繫是我們成功的根源。我很高興地說，我們的創意引擎正在特許經營、一般娛樂和體育運動的所有氣缸上開火。為證明我們創意團隊的深度、廣度和質量，我們今年獲得了 147 項黃金時段艾美獎提名，其中包括 92 項流媒體平台提名和 21 項同類最佳節目提名。獲得跨格式和發行渠道的認可，有 47 部不同的節目獲得提名，其中包括像《大樓裡的謀殺案》、《雅培小學》、《我們在陰影中做什麼》和《輟學》等標題，以及迪士尼、漫威和星球大戰的節目。最近，我們在 ABC 新聞、國家地理、FX、Hulu 和 ESPN 獲得了另外 71 項新聞和紀錄片艾美獎提名。

In addition to critical and industry recognition, we are thrilled by the audience response to our general entertainment offerings, response that is enhanced by a distribution strategy that maximizes reach by taking advantage of the strength of both our linear and streaming channels.

除了批評和行業認可之外，我們對觀眾對我們的一般娛樂產品的反應感到興奮，這種反應通過利用我們的線性和流媒體渠道的優勢最大限度地擴大覆蓋面的分銷策略得到增強。

Given the multiple ways we bring our content to audiences, we take a thoughtful approach to each distribution decision to determine the best strategy for each of our many high-quality titles and platforms. Some like the buzz-generating Candy, the Kardashians and The Bear may be best served as Hulu Originals. Others like Abbott Elementary and The Old Man have become multiplatform hits by reaching different audience demographics across both linear and streaming.

鑑於我們將內容帶給觀眾的多種方式，我們對每個發行決策都採取了深思熟慮的方法，以確定我們眾多高質量遊戲和平台中的每一個的最佳策略。有些人喜歡產生嗡嗡聲的糖果，卡戴珊和熊可能最好作為 Hulu Originals 服務。其他像 Abbott Elementary 和 The Old Man 等通過跨線性和流媒體覆蓋不同的受眾群體，已經成為多平台熱門。

And when it comes to our key franchise content, I could not be more proud of the teams at Disney, Pixar, Marvel and Star Wars. The hugely successful Doctor Strange in the Multiverse of Madness has earned nearly $1 billion at the global box office. And Thor: Love and Thunder, which premiered on July 8, has grossed over $700 million at the global box office and is the highest domestic grossing film of the Thor franchise.

當談到我們的主要特許經營內容時，我為迪士尼、皮克斯、漫威和星球大戰的團隊感到無比自豪。瘋狂多元宇宙中大獲成功的奇異博士在全球票房收入近 10 億美元。而 7 月 8 日首映的《雷神：愛與雷霆》全球票房收入超過 7 億美元，是《雷神》系列電影中國內票房最高的電影。

Pixar's Lightyear marked the studios return to the big screen and the film debuted on Disney+ last week. Speaking of Disney+, which is now available in 155 markets after recently launching in 53 new territories, we released content with appeal across demographic groups, including Obi-wan Kenobi and Ms. Marvel as well as feature films like Disney's Chip n' Dale Rescue Rangers and Disneynature's Polar Bear.

皮克斯的光年標誌著工作室重返大銀幕，這部電影上週在 Disney+ 上首映。說到 Disney+，在最近在 53 個新地區推出後，現已在 155 個市場推出，我們發布了具有吸引力的內容，包括 Obi-wan Kenobi 和 Marvel 女士以及迪士尼的 Chip n' Dale Rescue Rangers 等故事片和迪士尼自然的北極熊。

As you know, Disney+ is still a young business and we are learning more every day about the services ability to attract new fans to our powerhouse franchises. For example, in addition to driving engagement amongst tens of millions of existing Marvel fans, we have seen each new Disney+ original Marvel series attract incremental viewership and new subscribers that hadn't previously engaged with Marvel content on the service, thanks to the episodic format that enables us to explore new characters and genres. The value of expanding the fan base is tremendous, and this new audience can then experience Marvel across our other offerings from consumer products to games to theme parks.

如您所知，Disney+ 仍然是一項年輕的業務，我們每天都在學習更多關於吸引新粉絲加入我們強大特許經營權的服務能力。例如，除了推動數以千萬計的現有漫威粉絲的參與度之外，我們還看到每個新的 Disney+ 原創漫威系列都吸引了更多的觀眾和新訂戶，而這些新訂戶以前沒有在服務上參與過漫威內容，這要歸功於情節格式這使我們能夠探索新的角色和流派。擴大粉絲群的價值是巨大的，這些新觀眾可以通過我們的其他產品體驗漫威，從消費產品到遊戲再到主題公園。

Looking ahead, Q4 will feature a fantastic Disney+ content slate with a steady flow of key releases including Marvel's She-Hulk: Attorney at Law, Lucasfilm's Andor and Disney's Hocus Pocus 2, and we look forward to celebrating the second annual Disney+ Day on September 8 with activations across our synergy machine.

展望未來，第 4 季度將推出精彩的 Disney+ 內容，其中包括漫威的《女浩克：律師》、盧卡斯影業的安多和迪士尼的 Hocus Pocus 2，我們期待在 9 月 8 日慶祝第二屆年度迪士尼+日通過我們的協同機器激活。

Given the global nature of Disney+, we are thrilled to bring international music sensation BTS to the service with an exclusive cinematic concert film and docuseries following the band's incredible journey. BTS and the K-pop genre at large carry massive global appeal and affinity, which will further extend our reach into that global fan base. And we continue to step up our investment in international local originals across formats including bringing the seventh season of Koffee With Karan, one of India's most popular talk shows exclusively to Disney+ Hotstar.

鑑於 Disney+ 的全球性質，我們很高興能夠在樂隊令人難以置信的旅程之後，通過獨家電影音樂會電影和紀錄片將國際音樂轟動 BTS 帶入這項服務。 BTS 和整個 K-pop 流派具有巨大的全球吸引力和親和力，這將進一步擴大我們在全球粉絲群中的影響力。我們將繼續加大對跨格式國際本地原創作品的投資，包括將印度最受歡迎的脫口秀之一《Koffee With Karan》的第七季獨家提供給 Disney+ Hotstar。

On the theatrical side, we have a robust slate debuting later this year, including the highly anticipated Avatar: The Way of Water, our newest animated film Strange World and the final film in Marvel's Phase Four, Black Panther: Wakanda Forever. Excitement for this film is amazing, and the trailer received more than 170 million views in its first 24 hours.

在影院方面，我們將在今年晚些時候首次亮相，其中包括備受期待的《阿凡達：水之道》、我們最新的動畫電影《奇異世界》以及漫威第四階段的最後一部電影《黑豹：永遠的瓦坎達》。這部電影令人興奮，預告片在前 24 小時內獲得了超過 1.7 億的觀看次數。

Turning to sports. Our industry-leading run of rights acquisitions positions us extremely well for the future. We will continue to focus on audience expansion and long-term profitability by being disciplined in our acquisition approach and making deliberate distribution decisions for each sport in the portfolio. The results of this approach were fantastic last quarter as The Walt Disney Company was responsible for 47% of sports hours watched by the 18 to 49 demo in fiscal Q3.

轉向運動。我們行業領先的版權收購活動為我們的未來奠定了良好的基礎。我們將繼續專注於擴大觀眾群和長期盈利能力，在我們的收購方法中保持紀律，並為投資組合中的每項運動做出深思熟慮的分銷決策。這種方法的結果在上個季度非常出色，因為華特迪士尼公司負責第三季度 18 到 49 演示觀看的 47% 的運動時間。

Our innovative NHL deal has been a difference-maker across platforms with the Stanley Cup playoff viewership up 60% over 2021 across cable and broadcast, including significant year-over-year increases in younger demos and female viewers. We also secured exclusive TV rights for the upcoming 2023 to 2027 IPL season following a competitive process where we made disciplined bids with a focus on long-term value. We are excited to continue offering IPL to our linear customers in India where growth potential exists for our portfolio of more than 70 channels that reaches 90% of pay cable and satellite TV homes in the region.

我們創新的 NHL 協議在跨平台上發揮了重要作用，斯坦利杯季后賽的有線和廣播收視率比 2021 年增長了 60%，其中包括年輕演示和女性觀眾的顯著同比增長。我們還在競爭激烈的過程中獲得了即將到來的 2023 年至 2027 年 IPL 賽季的獨家電視轉播權，在此過程中，我們進行了以長期價值為重點的有紀律的投標。我們很高興繼續為我們在印度的線性客戶提供 IPL，我們的 70 多個頻道組合具有增長潛力，覆蓋該地區 90% 的付費有線和衛星電視家庭。

Pay TV distribution in India continues to be a robust business with projected GDP growth expected to drive advertising and consumer spending. In fact, India is one of the only markets in which we are launching new linear channels.

印度的付費電視發行仍然是一項強勁的業務，預計 GDP 增長將推動廣告和消費者支出。事實上，印度是我們推出新線性渠道的唯一市場之一。

Finally, given the results of our recently completed upfront, it is clear that our unmatched portfolio continues to be highly sought after by advertisers. Combined with our deep expertise in ad tech, we are in a position of strength with record upfront advertiser commitment leading into the launch of our ad-supported Disney+ tier.

最後，鑑於我們最近完成的前期工作的結果，很明顯我們無與倫比的產品組合繼續受到廣告商的高度追捧。結合我們在廣告技術方面的深厚專業知識，我們處於優勢地位，具有創紀錄的前期廣告客戶承諾，導致我們推出廣告支持的 Disney+ 層。

Since the launch of Disney+, advertisers have been asking for the opportunity to connect with audiences alongside the most premium brands in content and streaming. As we shared earlier today, the Disney+ ad tier goes live on December 8, and we are taking a thoughtful approach by launching with a lower ad load and frequency to ensure a great experience for viewers. This approach, coupled with strong advertiser demand, translated into Disney+ earning industry-leading CPM rates at the most recent upfront.

自 Disney+ 推出以來，廣告商一直在尋求機會，與內容和流媒體領域最優質的品牌一起與觀眾建立聯繫。正如我們今天早些時候分享的那樣，Disney+ 廣告層將於 12 月 8 日上線，我們正在採取深思熟慮的方法，以較低的廣告負載和頻率發布，以確保為觀眾提供出色的體驗。這種方法，加上廣告客戶的強勁需求，轉化為 Disney+ 在最近的前期獲得了行業領先的 CPM 費率。

Turning to our parks. This quarter featured new magic around the world and strong operating performance. All of our theme parks are now open, and we continue to bring back more of the great experience that guests love that includes Character Meet and Greet, Nighttime Spectacular at Disneyland and Theatrical Performances. These offerings are not only big hits with guests, but also enable us to welcome more people into our parks each day.

轉向我們的公園。本季度展現了全球新的魔力和強勁的經營業績。我們所有的主題公園現已開放，我們將繼續帶回更多客人喜愛的精彩體驗，包括角色見面會、迪士尼樂園夜間奇觀和戲劇表演。這些產品不僅受到客人的歡迎，而且使我們每天都能歡迎更多的人進入我們的公園。

We continue to see strong revenue and profit growth at our domestic parks and experience businesses. Even as our cruise ships and international visitation have yet to fully recover. Domestic demand at our theme parks continues to be strong, and we are seeing continued progress in those businesses still recovering from the pandemic. At the same time, the business model transformation we have achieved over the past few years have driven substantial increases in per capita spending and give us the flexibility to adapt should economic conditions change.

我們繼續看到我們國內園區和體驗業務的強勁收入和利潤增長。即使我們的遊輪和國際訪問尚未完全恢復。我們主題公園的國內需求繼續強勁，我們看到那些仍在從大流行中恢復的業務繼續取得進展。與此同時，我們在過去幾年實現的商業模式轉型推動了人均支出的大幅增長，讓我們能夠靈活地適應經濟狀況的變化。

We celebrated 3 major milestones for our parks and experience business this quarter, each of which were priorities I said when I had the opportunity to lead our parks team. First, the innovative and immersive new roller coaster, Guardians of the Galaxy: Cosmic Rewind, opened in Epcot as part of the park's ongoing transformation to a place that is more family, more timeless and more Disney.

本季度我們慶祝了我們的公園和體驗業務的 3 個主要里程碑，當我有機會領導我們的公園團隊時，每一個都是我所說的優先事項。首先，創新和身臨其境的新過山車，銀河護衛隊：宇宙倒帶，在 Epcot 開放，作為公園不斷轉型的一部分，這個地方更家庭、更永恆、更迪斯尼。

Second, we expanded the Disney Cruise Line fleet with a Disney Wish which sailed its maiden voyage on July 14. This is the first of 3 new ships and is infused with Disney storytelling, one-of-a-kind entertainment and a modern interior aesthetic. It is powered by liquefied natural gas, one of the cleanest burning fuels available.

其次，我們用迪士尼願望號擴充了迪士尼遊輪船隊，該船於 7 月 14 日首航。這是 3 艘新船中的第一艘，融入了迪士尼故事、獨一無二的娛樂和現代室內美學.它由液化天然氣提供動力，液化天然氣是可用的最清潔的燃燒燃料之一。

And finally, Disneyland Paris opened Avengers Campus on July 20, completing the first phase of our ambitious expansion plan. The new immersive area features 2 new attractions, 5 action stunts, encounters with Marvel superheroes and themed restaurants. I had the opportunity to help open this new land with stars from the Marvel Cinematic Universe and our cast, and I could not be more proud of the resort's ongoing transformation. Guests are responding in a big way to our enhanced offering at Disneyland Paris' per capita spending in Q3 was up over 30% versus 2019, a great sign of the site's potential for growth.

最後，巴黎迪士尼樂園於 7 月 20 日開設了復仇者聯盟校園，完成了我們雄心勃勃的擴張計劃的第一階段。新的沉浸式區域設有 2 個新景點、5 個動作特技、與漫威超級英雄的邂逅和主題餐廳。我有機會與漫威電影宇宙的明星和我們的演員一起幫助開闢這片新土地，我為度假村正在進行的轉型感到無比自豪。客人對我們在巴黎迪斯尼樂園提供的增強服務做出了很大的反應，第三季度的人均支出與 2019 年相比增長了 30% 以上，這是該網站增長潛力的一個很好的跡象。

I am incredibly pleased with our performance this quarter, our competitive position and the unique collection of assets and capabilities that sets us apart. Going forward, The Walt Disney Company's incredible employees, cast members and creative teams will continue to transform entertainment by combining extraordinary storytelling with innovative technology to create an even larger, more connected and magical Disney universe for families and fans around the world.

我對我們本季度的表現、我們的競爭地位以及使我們與眾不同的獨特資產和能力集合感到非常滿意。展望未來，華特迪士尼公司令人難以置信的員工、演員和創意團隊將通過將非凡的故事講述與創新技術相結合，繼續改變娛樂方式，為世界各地的家庭和粉絲創造一個更大、更緊密和更神奇的迪士尼世界。

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

有了這個，我會把它交給克里斯汀。

Thanks, Bob, and good afternoon, everyone. We are pleased with our strong financial results this quarter with diluted earnings per share, excluding certain items increasing to $1.09 versus $0.80 in the prior year quarter. At Parks, Experiences and Products, third quarter revenues increased by more than $3 billion and operating income increased by $1.8 billion versus the prior year, reflecting improvements across both domestic and international parks and experiences.

謝謝，鮑勃，大家下午好。我們對本季度強勁的財務業績感到滿意，每股攤薄收益，不包括某些項目，從去年同期的 0.80 美元增加到 1.09 美元。在公園、體驗和產品方面，第三季度收入增長超過 30 億美元，營業收入比上年增長 18 億美元，反映了國內和國際公園和體驗的改善。

Demand at our domestic parks continues to exceed expectations with attendance on many days tracking ahead of 2019 levels. And our continued focus on improving the guest experience through the use of our reservation system to purposely manage capacity versus simply increasing volume has the added benefit of improving yield and optimizing overall economics. So even while the average daily attendance at our domestic parks across the first 3 quarters of this fiscal year was slightly below 2019, we have delivered significantly higher revenue and operating income over that same time period. This approach also provides flexibility with levers we can adjust if demand were to shift.

我們國內公園的需求繼續超出預期，許多天的遊客量都超過了 2019 年的水平。我們繼續專注於通過使用我們的預訂系統來有目的地管理容量而不是簡單地增加容量來改善客戶體驗，這具有提高產量和優化整體經濟性的額外好處。因此，儘管本財年前三個季度我們國內公園的平均每日出勤人數略低於 2019 年，但在同一時期，我們的收入和營業收入顯著提高。這種方法還提供了靈活性，如果需求發生變化，我們可以調整槓桿。

Per capita spending at our domestic parks also remained strong, increasing 10% versus Q3 of fiscal 2021 and over 40% versus fiscal 2019. And in another sign of the robust demand we have seen at our parks and resorts, occupancy at our domestic hotels in the third quarter was 90%.

我們國內公園的人均支出也保持強勁，與 2021 財年第三季度相比增長 10%，與 2019 財年相比增長超過 40%。我們在公園和度假村看到的強勁需求的另一個跡像是，我們國內酒店的入住率第三季度為 90%。

Looking ahead, domestic demand at our theme parks continues to look robust with current forward-looking hotel bookings and intent to visit roughly in line with pre-pandemic trends. Improvement at our international parks in the third quarter was driven by Disneyland Paris, where both revenue and operating income exceeded 2019 levels. And we are seeing the same momentum well into Q4 as we continue to celebrate the 30th anniversary and the opening of Avengers Campus in July. Disneyland Paris' strong performance in the third quarter was partially offset by closure-related impacts at Shanghai Disney Resort, where the theme park was closed for all but the last 3 days of the quarter.

展望未來，我們的主題公園的國內需求繼續保持強勁，目前具有前瞻性的酒店預訂和參觀意向大致符合大流行前的趨勢。第三季度我們國際公園的改善是由巴黎迪士尼樂園推動的，其收入和營業收入均超過了 2019 年的水平。隨著我們繼續慶祝 30 週年和 7 月復仇者聯盟校園的開放，我們在第四季度看到了同樣的勢頭。巴黎迪士尼樂園在第三季度的強勁表現被上海迪士尼度假區的關閉相關影響部分抵消，該主題公園在本季度的最後三天以外的所有時間都關閉。

At the Media and Entertainment Distribution segment, third quarter revenues increased by over $1.4 billion versus the prior year, and operating income decreased by $645 million as an increase at linear networks was more than offset by declines at direct-to-consumer and content sales, licensing and other. Linear Networks operating income in the quarter increased 13% to approximately $2.5 billion, driven primarily by growth at our domestic channels. The increase at domestic channels reflects double-digit percentage operating income growth at both Cable and Broadcasting.

在媒體和娛樂分銷部門，第三季度收入比上年增加了超過 14 億美元，營業收入減少了 6.45 億美元，因為線性網絡的增長被直接面向消費者和內容銷售的下降所抵消，許可和其他。 Linear Networks 本季度的營業收入增長 13% 至約 25 億美元，這主要得益於我們國內渠道的增長。國內頻道的增長反映了有線和廣播的兩位數百分比營業收入增長。

Growth at Cable was largely driven by higher advertising revenue and to a lesser extent, a decrease in marketing costs and an increase in affiliate revenue. Advertising revenue at Cable benefited from the timing of the NBA Finals, which represented 6 of the top 7 telecasts among the coveted P18 to 49 demo across all networks this quarter. Note that the final aired in the third quarter this year versus the fourth quarter of the prior year. This timing impact, in addition to the benefit of adding the NHL to our portfolio and strong pricing from the continued strength of live sports, drove ESPN advertising revenue growth of nearly 40% year-over-year. Demand for live sports remains strong. However, due to the NBA Finals' timing impact, fourth quarter-to-date domestic cash advertising sales at ESPN are currently pacing down.

Cable 的增長主要是由較高的廣告收入推動的，其次是營銷成本的下降和附屬收入的增加。 Cable 的廣告收入受益於 NBA 總決賽的時間安排，這代表了本季度所有網絡令人垂涎的 P18 到 49 演示中前 7 名電視轉播中的 6 個。請注意，與去年第四季度相比，今年第三季度播出的決賽。這種時間影響，除了將 NHL 添加到我們的投資組合中的好處以及直播體育的持續實力帶來的強勁定價之外，推動 ESPN 廣告收入同比增長近 40%。體育直播的需求依然強勁。然而，由於 NBA 總決賽的時間影響，ESPN 迄今為止第四季度的國內現金廣告銷售目前正在放緩。

Moving on to Broadcasting. Operating income increased versus the prior year due to higher results at both ABC and our owned television stations. Total domestic affiliate revenue increased by 2% in the quarter. This was driven by 6 points of growth from higher rates, partially offset by a 3-point decrease from fewer subscribers.

繼續廣播。由於 ABC 和我們擁有的電視台的業績均有所提高，營業收入與上一年相比有所增加。本季度國內分支機構總收入增長了 2%。這是由較高的費率帶來的 6 個增長點推動的，部分被訂閱者減少帶來的 3 個點所抵消。

International channels' operating income was comparable to the prior year, reflecting increased sports programming costs, partially offset by advertising revenue growth. Both of these trends were driven by the airing of 35 additional IPL cricket matches in the third quarter versus the prior year. Note that results also benefited from the closure of certain channels over the past year.

國際頻道的營業收入與去年相當，反映了體育節目成本的增加，部分被廣告收入的增長所抵消。這兩種趨勢都是由第三季度與去年同期相比增加了 35 場 IPL 板球比賽的播出推動的。請注意，過去一年某些渠道的關閉也使結果受益。

At Direct-to-Consumer, lower operating results across Disney+, Hulu and ESPN+ reflect increased programming and production costs, in line with the guidance we gave last quarter as we continue to strategically invest in our streaming businesses. At Disney+, we crossed the 150 million subscriber milestone and ended the third quarter with more than 152 million global paid subscribers, a net addition of more than 14 million subs versus Q2. Strong Disney+ core net subscriber additions of 6 million reflect growth in existing markets as well as launches in over 50 new markets during the quarter, and we currently expect Disney+ core net additions in the fourth quarter to accelerate modestly versus Q3 and particularly in the domestic market.

在 Direct-to-Consumer 中，Disney+、Hulu 和 ESPN+ 的較低運營業績反映了節目和製作成本的增加，這與我們在上個季度給出的指導一致，因為我們繼續對流媒體業務進行戰略投資。在 Disney+，我們突破了 1.5 億訂閱用戶的里程碑，並在第三季度結束時擁有超過 1.52 億全球付費訂閱用戶，與第二季度相比淨增加了超過 1400 萬訂閱用戶。 600 萬迪士尼+ 核心用戶的強勁增長反映了現有市場的增長以及本季度在 50 多個新市場的推出，我們目前預計迪士尼+ 核心用戶在第四季度的增長將與第三季度相比溫和加速，尤其是在國內市場.

At Disney+ Hotstar, subscribers increased by over 8 million as the IPO concluded its 15th season in the quarter. Hulu added more than 600,000 subs during the quarter and ended the third quarter with 46.2 million paid subscribers and ESPN+ ended Q3 with 22.8 million paid subscribers, a net increase of about 0.5 million versus Q2.

隨著 IPO 在本季度第 15 季結束，Disney+ Hotstar 的訂戶增加了超過 800 萬。 Hulu 在本季度增加了超過 600,000 個訂閱者，並在第三季度結束時擁有 4620 萬付費用戶，而 ESPN+ 在第三季度結束時擁有 2280 萬付費用戶，與第二季度相比淨增加了約 50 萬。

At content sales, licensing and other, operating results decreased in line with our expectations by about $160 million versus the prior year quarter reflecting an unfavorable foreign exchange impact and lower TV/SVOD and home entertainment distribution results, partially offset by higher stage play and theatrical results.

在內容銷售、許可和其他方面，運營業績與我們的預期相比減少了約 1.6 億美元，與去年同期相比減少了約 1.6 億美元，這反映了不利的外匯影響以及較低的電視/SVOD 和家庭娛樂分發結果，部分被更高的舞台劇和戲劇所抵消結果。

As it relates to foreign exchange, note that the overall impact to the company's segment operating income was only modestly negative in the quarter, as our FX hedging program continued to be effective in mitigating the impact that changes exchange rates have on our businesses. As we continue to scale back on third-party content licensing, we believe content sales, licensing and other results will continue to face headwinds and expect fourth quarter operating results will decrease versus the prior year by close to $100 million.

由於它與外匯有關，請注意，本季度對公司部門營業收入的總體影響僅是適度的負面影響，因為我們的外匯對沖計劃繼續有效地減輕匯率變化對我們業務的影響。隨著我們繼續縮減第三方內容許可，我們認為內容銷售、許可和其他結果將繼續面臨逆風，並預計第四季度的經營業績將比上年減少近 1 億美元。

Cash content spend across the company is now expected to total approximately $30 billion for fiscal 2022. This estimate is slightly lower than our previous guidance, largely due to timing changes and we expect annual cash content spend over the next couple of years to be roughly in the low $30 billion range as well.

現在預計 2022 財年全公司的現金內容支出總額約為 300 億美元。這一估計略低於我們之前的指導，主要是由於時間變化，我們預計未來幾年的年度現金內容支出約為低300億美元的範圍也是如此。

We are also revising our full year forecast for capital expenditures to $5 billion compared to fiscal 2021 CapEx of $3.6 billion. Our new expectation for 2022 is roughly $500 million lower than our previous guide, in part reflecting timing shifts of various projects across the company.

我們還將對資本支出的全年預測修改為 50 億美元，而 2021 財年的資本支出為 36 億美元。我們對 2022 年的新預期比我們之前的指南低約 5 億美元，部分反映了整個公司各個項目的時間變化。

Finally, before we move to Q&A, I want to spend some time sharing a few updates on our fiscal 2024 guidance for Disney+. We are providing more detail on subscriber targets by separating our guidance into 2 categories: core Disney+ and Disney+ Hotstar. Excluding the impact of any significant future macro headwinds, our core Disney+ subscriber target range is 135 million to 165 million by the end of fiscal 2024, largely consistent with previously provided guidance that non-Hotstar Disney+ subscribers in 2024 would approximate 60% to 70% of the expected 230 million to 260 million total subscriber base.

最後，在我們進行問答之前，我想花一些時間分享我們對 Disney+ 的 2024 財年指導的一些更新。我們通過將我們的指導分為兩類：核心 Disney+ 和 Disney+ Hotstar 來提供有關訂戶目標的更多詳細信息。排除任何重大的未來宏觀逆風的影響，我們的核心 Disney+ 訂戶目標範圍是到 2024 財年末 1.35 億至 1.65 億，這與之前提供的指導基本一致，即 2024 年非 Hotstar Disney+ 訂戶將接近 60% 至 70%在預計的 2.3 億至 2.6 億總用戶群中。

We are, however, updating subscriber guidance for Disney+ Hotstar to up to 80 million subscribers by the end of fiscal 2024. We intend to refine this target over time as subscriber visibility in India will be clearer once the ICC and BCCI cricket rights sales processes are completed. As you may know, we recently made the disciplined decision to not proceed with the Indian Premier League digital rights, and we'll evaluate these rights with that same discipline.

但是，我們將在 2024 財年末將 Disney+ Hotstar 的訂戶指南更新至多達 8000 萬訂戶。我們打算隨著時間的推移細化這一目標，因為一旦 ICC 和 BCCI 板球權利銷售流程完成，印度的訂戶知名度將更加清晰完全的。如您所知，我們最近做出了不繼續進行印度超級聯賽數字版權的紀律性決定，我們將以同樣的紀律評估這些權利。

As we sit here today, we remain confident that Disney+ will achieve profitability in fiscal 2024 and look forward to several upcoming catalysts, including reaching a steady state of tentpole original content releases, delivery of premium general entertainment and international local originals and the upcoming launch of our ad-supported tier, alongside the new pricing structure announced earlier today.

今天坐在這裡，我們對 Disney+ 將在 2024 財年實現盈利充滿信心，並期待即將到來的幾個催化劑，包括達到穩定狀態的原創內容髮布、提供優質的一般娛樂和國際本地原創內容以及即將推出的我們的廣告支持層，以及今天早些時候宣布的新定價結構。

And with that, I'll turn it back to Alexia, and we would be happy to take your questions.

有了這個，我會把它轉回給 Alexia，我們很樂意回答你的問題。

Thanks, Christine. (Operator Instructions) And with that, operator, we're ready for the first question.

謝謝，克里斯汀。 （操作員說明）然後，操作員，我們準備好回答第一個問題了。

(Operator Instructions) And the first question will be from Doug Mitchelson from Credit Suisse.

（操作員說明）第一個問題來自瑞士信貸的 Doug Mitchelson。

One question, there was so much to ask about. Why don't I go with this, and I do appreciate you separating out the guidance between Hotstar and core Disney, but parks were impressive this quarter. And as you talked about levers if demand were to shift, is the company satisfied pent-up demand from the pandemic at the parks' point? Should we look at the go-forward basis is relatively normal trends? And I'm guessing you have a different answer for domestic versus international. And Christine, I'd be curious if you'd put any meat on the bone regarding the levers if demand were to shift at the parks.

一個問題，有太多要問的了。我為什麼不這樣做，我很感謝您將 Hotstar 和核心迪士尼之間的指導分開，但本季度的公園令人印象深刻。當您談到如果需求發生變化時的槓桿時，公司是否滿足了公園因大流行而被壓抑的需求？我們是不是應該看一下前進的基礎是比較正常的趨勢？我猜你對國內和國際有不同的答案。還有克里斯汀，如果公園的需求發生變化，我會很好奇你是否會在槓桿方面放任何肉。

Sure. Thanks, Doug. Our parks certainly did have a fantastic quarter. And I just want to say that the parks team is the same team led by Josh D'Amaro that was able to manage through the COVID crisis that impacted the business significantly. They also were able to ramp back in on a very phased basis back to the recovery phase, and they're now positioned for growth. So I just want to acknowledge that team for being sort of a triple threat when it comes to being able to manage from very, very different vantage points based on the environment.

當然。謝謝，道格。我們的公園確實有一個很棒的季度。我只想說，公園團隊是由 Josh D'Amaro 領導的團隊，他們能夠度過對業務產生重大影響的 COVID 危機。他們還能夠在非常階段性的基礎上重新回到復蘇階段，他們現在已經為增長做好了準備。因此，我只想承認該團隊在能夠根據環境從非常非常不同的有利位置進行管理時，是一種三重威脅。

As it relates to levers of demand, some of the things we could do, Doug, we had limited the number of annual passes that we have across some of our businesses -- some of the parks. And all of those come with some -- with the exception of the highest tiered priced annual passes. They all come with some blackout dates. So to the extent to which perhaps you had lightened demand, you could loosen up some of those to bring more people in the park and just enjoy the park and spend money while they're there.

由於它與需求槓桿有關，我們可以做的一些事情，Doug，我們限制了我們在一些業務中擁有的年度通行證數量 - 一些公園。所有這些都附帶一些 - 除了最高級別價格的年度通行證。他們都有一些不適用的日期。因此，就您可能減輕需求的程度而言，您可以放寬其中的一些，以吸引更多人進入公園，並在他們在那裡時享受公園並花錢。

And also, as it relates to demand, we have not yet seen demand abate at all. And we still have many days when people cannot get reservations. So we're still seeing demand in excess of the reservations that we are making available for our guests.

而且，由於它與需求有關，我們還沒有看到需求減弱。而且我們仍然有很多天人們無法預訂。因此，我們仍然看到需求超過了我們為客人提供的預訂量。

And the next question will be from Ben Swinburne from Morgan Stanley.

下一個問題將來自摩根士丹利的 Ben Swinburne。

Bob, can you talk a little bit about sort of the research and insight you have into your streaming customer base that sort of informs the decision to take these price increases, which, on a percentage basis are pretty large without really reducing net adds with from churn spiking as you implement these price increases? And maybe talk a little bit about how the product that consumers will be paying for next year at these higher prices will compare to this year. And I'm just wondering, are you planning to take similar pricing moves at least directionally outside the U.S. over time.

鮑勃，你能談談你對流媒體客戶群的研究和洞察力嗎當您實施這些價格上漲時，客戶流失率飆升？或許可以談談明年消費者將以更高價格購買的產品與今年相比如何。我只是想知道，隨著時間的推移，您是否計劃至少在美國以外的地區採取類似的定價舉措。

Well, as you know, we launched at an extraordinarily compelling price across all the platforms that we have for streaming. I think it was easy to say that we're probably the best value in streaming. And since that initial launch, we've continued to invest handsomely in our content, as you know. We believe because the increase in the investment over the past 2.5 years relative to a very good price point that we have plenty of room on price value. And we do not believe that there's going to be any meaningful long-term impact on our churn as a result.

好吧，如您所知，我們在我們擁有的所有流媒體平台上以極具吸引力的價格推出。我認為很容易說我們可能是流媒體中最有價值的。如您所知，自首次發布以來，我們一直在對我們的內容進行大量投資。我們相信，由於過去 2.5 年的投資增加相對於一個非常好的價格點，我們在價格價值上有足夠的空間。而且我們認為不會因此對我們的客戶流失產生任何有意義的長期影響。

I mean one only needs to look at our recent significant increase on ESPN+, which had the exact same impact of really no meaningful impact at all on our churn. And we believe that we've got plenty of price value room left to go.

我的意思是只需要看看我們最近在 ESPN+ 上的顯著增加，這與我們的客戶流失產生的影響完全一樣，根本沒有任何有意義的影響。而且我們相信我們還有足夠的價格價值空間。

And the next question will come from Steven Cahall from Wells Fargo.

下一個問題將來自富國銀行的 Steven Cahall。

So the DPEP margins were really spectacular. I'm just wondering what kind of trends you're seeing from international visitations. Were those strong in the quarter? Or is that a tailwind to either per caps or hotel occupancy as you get into the back half of the year and you see more international traffic?

因此，DPEP 的利潤非常驚人。我只是想知道你從國際訪問中看到了什麼樣的趨勢。那些在本季度表現強勁？或者，隨著您進入下半年，您會看到更多的國際客流量，這對人均入住率或酒店入住率是否有利？

I'll take that one, Steve. The DPEP margins were indeed very strong. One of the things that we've seen is during the pandemic, international visitation to our domestic park primarily Walt Disney World was basically nonexistent. That has proceeded come back, and it has come back very nicely, but it is still below the traditional range that we've given you, which is around 17%, 18% up to the low 20s. But it's made significant progress, and we expect the international visitation, when it is fully back, to actually be additive to margins because those guests tend to stay longer at the parks, and they spend more money when they're there as well.

我要那個，史蒂夫。 DPEP 的利潤率確實非常強勁。我們看到的一件事是在大流行期間，我們國內公園主要是沃爾特迪斯尼世界的國際遊客基本上不存在。這種情況已經恢復，而且恢復得非常好，但仍低於我們給您的傳統範圍，即 17% 左右，18% 至 20 年代低點。但它取得了重大進展，我們預計，當國際遊客完全恢復時，實際上會增加利潤，因為這些客人往往會在公園停留更長時間，而且他們在公園時也會花更多的錢。

The next question is from Michael Nathanson from MoffettNathanson.

下一個問題來自 MoffettNathanson 的 Michael Nathanson。

I just wanted to dig a bit on the ad product at Disney+. What's your expectation for ad load or monetization per sub, given there's a $3 difference between the premium with no ads and the ad product and maybe what you've learned from Hulu over the years that informs your expectations on monetization.

我只是想深入了解一下 Disney+ 的廣告產品。考慮到沒有廣告的溢價和廣告產品之間存在 3 美元的差異，也許您多年來從 Hulu 學到的東西可以告知您對貨幣化的期望，您對每個訂閱的廣告負載或獲利的期望是什麼。

As you know, we've had a lot of experience with this on Hulu and a lot of success with this on Hulu. And we are walking before we run in terms of seeing what the market will bear in terms of an ad load. So we're going in very conservative upfront. But we believe that there's probably going to be some more ultimate elasticity in that as well as we go forward. And we're just really thrilled that we're able to launch the Disney+ ad tier and expand our audience access through all these multiple price points that we're going to have.

如您所知，我們在 Hulu 上擁有豐富的經驗，並在 Hulu 上取得了巨大的成功。而且我們在運行之前就在查看市場在廣告負載方面將承受什麼。所以我們在前期非常保守。但我們相信，在我們前進的過程中，可能會有更多的終極彈性。我們真的很高興能夠推出 Disney+ 廣告層，並通過我們將擁有的所有這些多個價格點擴大我們的受眾群體。

And as Christine had alluded to, the advertising demand since the launch of Disney+ is great. And we think that by taking a conservative approach in terms of that ad load upfront, it will give us the ability to expand if we need to and not have to go the other way, which I think would be a much bigger deal.

正如克里斯汀所暗示的那樣，自 Disney+ 推出以來的廣告需求非常大。而且我們認為，通過在廣告加載方面採取保守的方法，它將使我們能夠在需要時進行擴展，而不必採取其他方式，我認為這將是一個更大的交易。

And the only other thing I'd add to that, Michael, is based on our Hulu experience that even current subscribers who have ad-free may choose to stay at the same price point with ads. But the Hulu ad-supported tier has more subscribers than the ad-free. In fact, it's well over about -- it's about 2/3. And that's something that we can't anticipate that we'd have exactly the same behavior because it's a different demo that has Disney+ versus Hulu, but that's the best indication that we have. But we expect the ad tier to be popular, and we also expect some people to want to stay with ad-free.

邁克爾，我唯一要補充的另一件事是基於我們的 Hulu 體驗，即使當前沒有廣告的訂閱者也可能選擇與廣告保持相同的價格點。但是，受廣告支持的 Hulu 層比無廣告層擁有更多的訂閱者。事實上，它已經結束了——大約是 2/3。這是我們無法預料的事情，我們會有完全相同的行為，因為這是一個不同的演示，有 Disney+ 與 Hulu，但這是我們擁有的最好的跡象。但我們預計廣告層會很受歡迎，我們也希望有些人希望保持無廣告。

And that question will come from Jessica Reif Ehrlich from Bank of America.

這個問題將來自美國銀行的 Jessica Reif Ehrlich。

Maybe switching gears a little bit to sports. Can you give us your thoughts on what the structure of an NBA renewal might look like? Would it be different? And in the past, you've mentioned participating in sports betting. You have the best brand name. Can you maybe elaborate a little bit on timing of what you're thinking? And then just a follow-up to some of the comments. Just on -- you launched a new cruise ship. Can you talk about what you're seeing in terms of cruise demand overall?

也許換檔有點運動。你能告訴我們你對 NBA 續約結構的看法嗎？會不一樣嗎？在過去，您提到過參與體育博彩。你有最好的品牌名稱。你能詳細說明一下你在想什麼的時間嗎？然後只是對一些評論的跟進。就在——你推出了一艘新的遊輪。你能談談你對郵輪需求的總體看法嗎？

I think you want to divide yourself. Okay. I'll talk about the MBA first. As you know, we've had a great history with the NBA. Really proud of our partnership there. And the past season and the ratings for the finals have been absolutely extraordinary. So we're interested in a renewal with the NBA. But like all of our decisions that we make in terms of content, we'll only do it if it's accretive to shareholder value.

我想你想分裂自己。好的。我先談談MBA。如你所知，我們在 NBA 有著悠久的歷史。真的為我們在那裡的伙伴關係感到自豪。過去的賽季和總決賽的收視率絕對非同尋常。所以我們有興趣與NBA續約。但就像我們在內容方面做出的所有決定一樣，我們只會在它增加股東價值的情況下才會這樣做。

And I think that remains the overall guidance, whether you're talking about India with IPL, whether you're talking about college sports, whether you're talking about Formula One racing or you're talking about NBA. So we have an interest to do that. We're really happy with our portfolio of sports rights that we have. But of course, the continued relationship with the NBA would be something that would be very attractive to us.

而且我認為這仍然是總體指導，無論您是在談論 IPL 的印度，還是在談論大學體育，無論您是在談論一級方程式賽車還是在談論 NBA。所以我們有興趣這樣做。我們對我們擁有的體育權利組合感到非常滿意。但當然，與 NBA 的持續關係對我們來說非常有吸引力。

Do you want to take sports betting?

你想參加體育博彩嗎？

Yes. Well, in terms of sports betting, we are -- have been in conversations for quite a long time now with a number of different platforms to add some utility to sports betting and take away some friction for that for our guests. We have found that basically our sports fans that are under 30 absolutely require this type of utility in the overall portfolio of what ESPN offers. So we think it's important. We're working hard on it and we hope to have something to announce in the future in terms of a partnership there that will allow us to access that revenue stream and also make sure that our guests are being -- having their needs met.

是的。好吧，就體育博彩而言，我們已經與許多不同的平台進行了很長時間的對話，以增加體育博彩的實用性，並為我們的客人消除一些摩擦。我們發現，基本上我們 30 歲以下的體育迷在 ESPN 提供的整體產品組合中絕對需要這種類型的實用程序。所以我們認為這很重要。我們正在努力工作，我們希望在未來宣布一些合作夥伴關係，這將使我們能夠獲得收入來源，並確保我們的客人得到滿足。

So Jessica, on cruise. As you know, we welcomed our fifth ship to our 4-ship fleet, so we now have 5. The new ship goes by the name of Wish, as Bob mentioned, and it's quite an extraordinary vessel. But we've always said that, that business has been the most severely impacted by COVID in terms of duration of disruption to the business. So we're still coming out of that, but we are focused on the business recovering.

所以傑西卡，在巡航。如您所知，我們歡迎我們的第五艘船加入我們的 4 艘船隊，所以我們現在有 5 艘。正如 Bob 提到的，這艘新船名為 Wish，它是一艘非常非凡的船。但我們一直說，就業務中斷的持續時間而言，該業務受到 COVID 的影響最為嚴重。因此，我們仍在擺脫困境，但我們專注於業務復甦。

Historically, the cruise line has been terrific with really attractive ROICs for us, and it's generated double-digit returns on the investment. And we expect that business to come back to the similarly attractive returns that we had previously experienced. And a couple of things. The Wish is our newest ship, and that has gone with very, very high capacity. And that one, it's just very well received.

從歷史上看，郵輪公司的投資回報率對我們來說非常有吸引力，而且它產生了兩位數的投資回報。我們預計該業務將恢復到我們之前經歷過的同樣有吸引力的回報。還有幾件事。願望號是我們最新的飛船，容量非常非常大。而那個，它非常受歡迎。

But we have a competitive position overall in the cruise business, especially the family cruise market. So we generate pricing that's well above the industry average. And our cruise ships deliver for us one of the highest rated guest experiences across all of our parks and experiences offerings.

但我們在遊輪業務，尤其是家庭遊輪市場中具有整體競爭地位。因此，我們生成的定價遠高於行業平均水平。我們的遊輪為我們提供了我們所有公園和體驗產品中評價最高的賓客體驗之一。

And this is a really interesting comment that we received from our cruise passengers. 40% of them say that they would not have chosen to go on a cruise vacation if it weren't a Disney Cruise. So we're a unique product, and we're still a relatively small share of the cruise market and we're positioned for growth. And the other 4 ships are all sailing and their occupancy is improving week by week.

這是我們從遊輪乘客那裡收到的非常有趣的評論。 40% 的人表示，如果不是迪士尼遊輪，他們不會選擇去遊輪度假。所以我們是一個獨特的產品，我們在郵輪市場上的份額仍然相對較小，我們為增長做好了準備。其他4艘船均已開航，入住率逐週提高。

Next question is from Kutgun Maral from RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的 Kutgun Maral。

Great. One on the parks and then a follow-up on FX, if I could. First, the parks are going through a particularly innovative and transformative period given your investments in technology, digital tools and improvements in the guest experience. So from the outside, it seems that the business is as well positioned as it's ever been in the face of a potential recession. But I'd love to get your views on the various sensitivities associated with what the consumer is seeing and how you'd characterize the resiliency of the business.

偉大的。一個在公園，然後在 FX 上跟進，如果可以的話。首先，鑑於您在技術、數字工具和遊客體驗改善方面的投資，公園正在經歷一個特別創新和變革的時期。因此，從外部看，面對潛在的衰退，該業務似乎處於最佳狀態。但我很想听聽您對與消費者所看到的內容相關的各種敏感性以及您如何描述業務彈性的看法。

I know you talked about different levers at your disposal, but perhaps there's been a structural change in the business compared to prior recessionary periods that you could speak to? And then, Christine, if I could follow up on your foreign exchange commentary. Can you share a bit more on how you manage your FX risk? And what was the impact of FX on DTC ARPU?

我知道您談到了您可以使用的不同槓桿，但與您可以談論的之前的衰退時期相比，業務可能發生了結構性變化？然後，克里斯汀，如果我能跟進你的外匯評論。您能否分享更多關於您如何管理外匯風險的信息？ FX 對 DTC ARPU 有何影響？

Yes. I think a lot of onlookers look at our park business and try to sum up our success recently and say that it has something to do with pent-up demand. And certainly, there is pent-up demand. But what we're seeing is far more resilient, far more long lasting in terms of increase in the affinity for our parks, both from the willingness to come to our parks and its attendance, but also in terms of what guests are willing to spend when they get there in order to personalize their experience.

是的。我想很多圍觀者都在看我們的公園業務，並試圖總結我們最近的成功，並說這與被壓抑的需求有關。當然，還有被壓抑的需求。但我們所看到的是更有彈性，更持久地增加對我們公園的親和力，無論是從來我們公園的意願和遊客人數，還是從客人願意花費的費用來看當他們到達那里以個性化他們的體驗時。

As you know, everything we do in our parks is all about improving the guest experience. And part of that has to do with limiting capacity but also about personalizing those experiences. So we believe we do have a lot of flexibility to shift if our demand changes. Remember, we have a reservation system, which now enables us essentially real time on the fly to change whatever factors we need in terms of our ticket packaging that we want, where years ago, we didn't have that.

如您所知，我們在公園所做的一切都是為了改善遊客體驗。其中一部分與限制能力有關，但也與個性化這些體驗有關。所以我們相信，如果我們的需求發生變化，我們確實有很大的靈活性來轉變。請記住，我們有一個預訂系統，它現在使我們能夠在飛行中實時更改我們需要的任何我們想要的票務包裝因素，而幾年前我們還沒有。

We published our prices by the quarter and that was essentially all the flexibility we had. But as you know, our business looks very strong with forward-looking bookings and intent at pre-pandemic levels, and we see nothing in the future that's indicating anything to the contrary of what we've seen. So we're very pleased with that.

我們按季度公佈了價格，這基本上是我們擁有的所有靈活性。但如您所知，我們的業務在大流行前的前瞻性預訂和意圖方面看起來非常強勁，而且我們在未來沒有看到任何與我們所看到的相反的跡象。所以我們對此非常滿意。

I should also remind you that our reservation system really does a great job at spreading demand. So if we see any spikiness, we can actually smooth that in a way that we couldn't before. And we're real pleased with that because even our Genie product, which, as you know, we released just a little bit short of a year ago, now about 50% of the people that come through the gate actually buy up to that Genie product, which I think you can see the result of in our yields.

我還應該提醒您，我們的預訂系統在分散需求方面確實做得很好。因此，如果我們看到任何尖峰，我們實際上可以以我們以前無法做到的方式平滑它。我們對此感到非常高興，因為即使是我們的 Genie 產品，如你所知，我們在一年前剛剛發布了這款產品，現在大約 50% 進門的人實際上購買了 Genie產品，我認為您可以在我們的產量中看到結果。

And I'll take the question on foreign exchange and the way we hedge. So we do have a hedging policy that is well established and has really served the company well over very volatile foreign exchange markets. So just level set, we have a program, and the goal of it is to reduce the impact that changes in foreign exchange rates have on our current and future earnings. So we really have an objective of trying to attain earnings and cash flow stability and predictability.

我會回答關於外彙和我們對沖方式的問題。因此，我們確實有一套完善的對沖政策，並且在非常動蕩的外匯市場上確實為公司提供了很好的服務。所以只是水平設置，我們有一個計劃，它的目標是減少外匯匯率變化對我們當前和未來收益的影響。因此，我們確實有一個目標，即努力實現收益和現金流的穩定性和可預測性。

So we try to take out the ups and the downs. So the hedging program, it has significantly reduced the negative earnings impact of the strong dollar that we've seen, both in the third quarter as well as the fiscal year-to-date. And so despite being economically hedged as it relates to ARPU, we do not allocate the hedge gains or losses specifically to ARPU in the various markets. So therefore, the reported ARPU for international Disney+ was impacted by the unfavorable exchange rates in the quarter.

因此，我們試圖消除起起落落。因此，對沖計劃顯著降低了我們在第三季度和本財年迄今看到的強勢美元對盈利的負面影響。因此，儘管由於與 ARPU 相關而進行了經濟對沖，但我們並未將對沖收益或損失專門分配給各個市場的 ARPU。因此，報告的國際 Disney+ 的 ARPU 受到本季度不利匯率的影響。

Another thing is when you look at content sales and licensing, especially if you go back and look at the transcript, you'll note that there was a reference to that also being impacted by negative foreign exchange. That was just a balance sheet ineffectiveness. We also hedge the balance sheet. And that had to do more with we based our hedging on forecasted plans. And if the plans come in stronger and were underhedged or overhedged, in this case, we were -- it did not benefit us because we were hedged the right way for the dollar strengthening, but that is a one-timer that should not be repeated.

另一件事是，當您查看內容銷售和許可時，特別是如果您回頭查看成績單，您會注意到其中提到的內容也受到負面外彙的影響。那隻是資產負債表的無效性。我們還對資產負債表進行對沖。這與我們基於預測計劃的對沖有關。如果計劃變得更強，並且對沖不足或過度對沖，在這種情況下，我們 - 這對我們沒有好處，因為我們以正確的方式對沖美元走強，但這是一次性的，不應該重複.

But as it relates to ARPU, if you have some volatility, you will see it in the ARPU, but it nets out as a company overall. As I mentioned in my other comments, that this is not a material item for us on a consolidated basis. You just saw it spike out, especially in DMED. And the other thing is we do hedging on a multiyear basis. So we layer in our hedges over a period of time, which has really served us well in the current environment.

但由於它與 ARPU 相關，如果你有一些波動，你會在 ARPU 中看到它，但它作為一家公司整體而言是淨值。正如我在其他評論中提到的，這對我們來說不是一個綜合的重要項目。您剛剛看到它飆升，尤其是在 DMED 中。另一件事是我們在多年的基礎上進行對沖。因此，我們在一段時間內進行了對沖，這在當前環境中確實為我們提供了很好的服務。

And the next question is from in Kannan Venkateshwar from Barclays.

下一個問題來自巴克萊銀行的 Kannan Venkateshwar。

So maybe, Bob, from a strategic perspective, when you think about sports, it does seem like that there are a lot of new entrants. I mean, Apple seems to be interested in more and more sports rights. And from your perspective, you obviously walked away from the cricket rights in India and it looks like Big Ten may also be going in a different direction. So when you think about sports strategically, given that cord cutting is structural, how do you think about this business longer term? Do you really have to own ESPN or get into sports streaming in a much bigger way or invest a lot more? I mean directionally, they are opposite obviously, from a decision perspective. So it would be great to get a sense for how you're thinking about sports more broadly.

所以也許，鮑勃，從戰略的角度來看，當你想到體育運動時，似乎確實有很多新進入者。我的意思是，蘋果似乎對越來越多的體育權利感興趣。從你的角度來看，你顯然放棄了印度的板球權利，看起來十大巨頭也可能朝著不同的方向發展。因此，當您從戰略上考慮體育運動時，鑑於剪線是結構性的，您如何看待這項業務的長期？你真的必須擁有 ESPN 或以更大的方式進入體育流媒體或投資更多嗎？我的意思是在方向上，從決策的角度來看，它們顯然是相反的。因此，如果您能更廣泛地了解您是如何看待運動的，那就太好了。

And then on the advertising side, if I could just ask a bigger picture question around Disney+. From a subscriber base perspective, Disney+ is comparable domestically to Hulu and U.S. is the biggest ad market when it comes to the television opportunity. So when we think about the scale of advertising for Disney+, is Hulu the kind of benchmark we should be thinking about? Or can Disney+ be much bigger because it is international in scale, all those CPMs are much lower outside the U.S. So if you could just help us scale that opportunity, that would be great.

然後在廣告方面，如果我可以圍繞迪士尼+提出一個更大的問題。從用戶群的角度來看，Disney+ 在國內可與 Hulu 相媲美，而就電視機會而言，美國是最大的廣告市場。因此，當我們考慮 Disney+ 的廣告規模時，Hulu 是我們應該考慮的基準嗎？或者 Disney+ 是否可以更大，因為它是國際規模的，所有這些 CPM 在美國以外的地方都低得多。所以如果你能幫助我們擴大這個機會，那就太好了。

Okay. In terms of the strategy on sports, we're continually enamored by the power sports in terms of viewership and what it adds to our overall portfolio, particularly in an advertising type world. As you know, we get strong cash flows on linear, and it helps to pay some of the bills in the companies we make some of our significant investments in content, and we also like the proposition of growth and expansion on our DTC.

好的。在體育戰略方面，我們一直迷戀於力量體育的收視率以及它為我們的整體投資組合增加了什麼，特別是在廣告類型的世界中。如您所知，我們在線性方面獲得了強勁的現金流，這有助於支付我們在內容上進行一些重大投資的公司的一些賬單，我們也喜歡 DTC 的增長和擴張提議。

In terms of the rights, if you look at the college rights, we've got the SEC, we've got the ACC, we've got the Pac-12. We've got the Big 12. We've got the play off. We've got the most comprehensive programming. So if we don't get rights in every single conference, we don't believe that's in any way limiting for us. But what we're all preparing for is the future of what ESPN would look like in a direct-to-consumer -- in a true direct-to-consumer fashion.

在權利方面，如果你看一下大學的權利，我們有 SEC，我們有 ACC，我們有 Pac-12。我們有Big 12。我們已經結束了比賽。我們有最全面的節目。因此，如果我們沒有在每一次會議中獲得權利，我們認為這不會以任何方式限制我們。但我們都在為 ESPN 在直接面向消費者的未來——以真正的直接面向消費者的方式——做準備。

And I think the way that we're looking at this is that we want to proactively prepare for that future without prematurely disrupting the cash flow that we get from the Linear Networks right now. And as you know, we've negotiated flexibility into our rights agreements across the board for any new rights that we have acquired over the last several years. But we're still bullish on sports. We believe there's tremendous degrees of freedom in terms of what ESPN DTC ultimately looks like. I think we're very proud of what we've done to date on ESPN+, but that no way limits how we envision what true ESPN DTC proposition would look like going into the future.

我認為我們看待這個問題的方式是，我們希望積極地為未來做好準備，而不會過早地破壞我們現在從線性網絡獲得的現金流。如您所知，我們已經就我們在過去幾年中獲得的任何新權利就我們的權利協議進行了全面談判。但我們仍然看好體育。我們相信 ESPN DTC 最終的樣子有很大的自由度。我認為我們為迄今為止在 ESPN+ 上所做的事情感到非常自豪，但這絕不會限制我們對未來真正的 ESPN DTC 提議的設想。

Kannan, thank you for asking this question about advertising. I know there's been a lot written recently about ad trends. But I just want to start off by saying pacing in our scatter market continues to be solid across streaming, sports as well as our broadcast network.

Kannan，謝謝你問這個關於廣告的問題。我知道最近有很多關於廣告趨勢的文章。但我只想說，我們的分散市場的節奏在流媒體、體育以及我們的廣播網絡中繼續保持穩定。

Now to get to your question about Disney+ AVOD and the scale, first of all, we are going to launch later this year, as Bob said, December 8. And we're taking an intentionally limited approach to it, meaning we're launching with a lower ad load and a lower frequency than say, Hulu.

現在回答你關於 Disney+ AVOD 和規模的問題，首先，正如 Bob 所說，我們將在今年晚些時候推出，12 月 8 日。我們正在採取一種有意限制的方法，這意味著我們正在推出與 Hulu 相比，廣告負載和頻率更低。

And so this will ensure a great experience for viewers and these viewers are different then because a lot of them are families and you have a lot of adults at Hulu, but it's a different viewing experience. But because of that disciplined lower ad load, lower frequency and the strong advertising demand that we've had, that translates into some of the industry-leading CPM rates at the most recent upfront for Disney+.

因此，這將確保觀眾獲得良好的體驗，而這些觀眾是不同的，因為他們中的很多人都是家庭，而且 Hulu 有很多成年人，但這是一種不同的觀看體驗。但由於我們所擁有的嚴格的較低廣告負載、較低頻率和強勁的廣告需求，這轉化為 Disney+ 最近前期的一些行業領先的 CPM 費率。

And then we look at beyond domestic, what we can do internationally. And we plan to go international sometime next year. And we've built these strong advertising relationships around the world with our previously existing and currently existing linear footprint. So we're confident in our ability to navigate the international advertising marketplace given our depth of knowledge and experience with the traditional linear business. So we really feel well suited to deliver both domestically on Disney+ AVOD as well as international.

然後我們著眼於超越國內，我們可以在國際上做些什麼。我們計劃明年某個時候走向國際。我們已經利用我們以前存在和當前存在的線性足跡在世界各地建立了這些強大的廣告關係。因此，鑑於我們在傳統線性業務方面的深厚知識和經驗，我們對自己駕馭國際廣告市場的能力充滿信心。因此，我們真的非常適合在國內和國際上通過 Disney+ AVOD 提供服務。

And next question is from Phil Cusick from JPMorgan.

下一個問題來自摩根大通的 Phil Cusick。

One and a follow-up on DTC. First, Christine, there were higher DTC and Disney+ programming costs than we expected this quarter. Can you give us some direction of where to go in the fourth quarter? And when should we expect those Disney+ operating income losses to peak? And then second, if you could dig into the guidance to acceleration of subs in the fourth quarter, I think that's an acceleration in the total subs and then you set a higher mix of growth toward domestic?

一個和一個關於 DTC 的後續行動。首先，克里斯汀，本季度的 DTC 和 Disney+ 節目成本比我們預期的要高。你能給我們一些關於第四季度的方向嗎？我們應該什麼時候預計迪士尼+的營業收入損失會達到頂峰？其次，如果您可以深入研究第四季度潛艇加速增長的指導，我認為這是總潛艇的加速，然後您將更高的增長組合設置為國內？

Okay. Let me start first with the acceleration of subs. I did mention that, that we expect acceleration of subs to be -- especially in the domestic market to be modestly above where we are now. But you will see growth in Q4, and we feel good about that because of the content releases we have and just the existing shows that are on. Peak losses, we expect peak losses -- as of today, we expect Disney+ to reach peak losses in this current fiscal year '22. So that is something that is consistent with what we've previously said.

好的。讓我先從潛艇的加速開始。我確實提到過，我們預計潛艇的加速將會——尤其是在國內市場上，將略高於我們現在的水平。但是你會看到第四季度的增長，我們對此感覺很好，因為我們已經發布了內容，而且只是現有的節目正在播出。虧損峰值，我們預計虧損峰值——截至今天，我們預計迪士尼+將在本財年 22 年達到虧損峰值。這與我們之前所說的一致。

As it relates to higher costs of content and programming. We have said that we have -- this is a peak year of losses, which includes those costs. But also, we expect, as we go into developing our full slate that the next quarter, you will see a similar increase year-over-year that you saw this quarter.

因為它涉及更高的內容和節目成本。我們已經說過我們有 - 這是虧損的高峰年，其中包括這些成本。而且，我們預計，隨著我們著手製定下一季度的完整計劃，您將看到與本季度類似的同比增長。

And that question is from Brett Feldman from Goldman Sachs.

這個問題來自高盛的布雷特費爾德曼。

And if you don't mind, I'd like to follow up with the question about the ad experience on Disney+. And it's only 2 things I was hoping you could comment on. The first is would you expect to potentially display ads alongside any of the content? Some of that content, including some of the kids' content, I think, historically in a linear world didn't necessarily have ads alongside of it. So I'm just thinking about that element of it.

如果您不介意，我想跟進有關 Disney+ 廣告體驗的問題。這只是我希望你能評論的兩件事。首先是您是否希望在任何內容旁邊顯示廣告？我認為，其中一些內容，包括一些兒童內容，從歷史上看，在線性世界中不一定有廣告。所以我只是在考慮它的那個元素。

And then secondly, you have a competitor that's looking to layer advertising into their product, they're suggesting that they're going to somehow do it differently. And I'm just curious, as you think about the experience you've had in streaming advertising. Are you mostly going to look to leverage the formats you've used very successfully with Hulu? Or do you actually think there may be an opportunity to use some innovative new formats on Disney+ for ads?

其次，你有一個競爭對手希望在他們的產品中加入廣告，他們建議他們將以某種不同的方式做這件事。我只是好奇，當你想到你在流媒體廣告方面的經驗時。您是否主要希望利用您在 Hulu 中非常成功地使用的格式？或者你真的認為有機會在 Disney+ 上使用一些創新的廣告格式嗎？

I should say that the technology for Disney+ is a completely different platform than the Hulu platform. So while we certainly have tremendous learnings over the years in terms of how to do addressable advertising and we've done that at the advantage of our shareholders' result, I will have to say that we are not encumbered by that or in any way limited by what we've done in the past. Therefore, we could have an ad proposition as good as the one that we've had on Hulu, but it could actually be better because of that different technology platform. So it has the ability to evolve over time much more on the new platform than it does in the old platform.

我應該說，Disney+ 的技術是一個與 Hulu 平台完全不同的平台。因此，儘管這些年來我們在如何進行可尋址廣告方面確實有大量的學習，並且我們已經以股東的結果為優勢做到了這一點，但我不得不說，我們並沒有受到任何阻礙或以任何方式受到限制根據我們過去所做的。因此，我們可以有一個和我們在 Hulu 上的一樣好的廣告主張，但實際上它可能會因為不同的技術平台而更好。因此，與舊平台相比，它在新平台上隨著時間的推移具有更大的發展能力。

And as it relates to the ad experience, Brett, it's not all content on Disney+ being treated equally. There will be no ads in kid's profiles or preschool at least at the launch. And so this is going to be done very thoughtfully and looking at the content and also making sure that the advertiser is consistent with the content.

由於它與廣告體驗有關，布雷特，並不是迪士尼+上的所有內容都受到平等對待。至少在發佈時，孩子的個人資料或學前班不會有廣告。因此，這將非常周到地完成，並查看內容並確保廣告商與內容一致。

Operator, I think we have time for one more question.

接線員，我想我們還有時間再問一個問題。

And that question is from Bryan Kraft from Deutsche Bank.

這個問題來自德意志銀行的 Bryan Kraft。

Christine, there's been a heavy working capital use year-to-date in fiscal '22, both from cash content cost as well as what we traditionally think about as working capital. Can you just talk about your outlook for the rest of the year and the prospects for some of that reversing in 4Q and to next year?

克里斯汀，從 22 財年至今，營運資金的使用量很大，無論是現金成本還是我們傳統上認為的營運資金。您能否談談您對今年餘下時間的展望以及第四季度和明年的一些逆轉前景？

And then I was wondering if you could also comment briefly just on tax. I think you've had an elevated tax rate this year. You talked about it last quarter. Is that something that's going to extend into 2023? And if you could just provide any color around what some of the factors are driving that?

然後我想知道你是否也可以簡單地評論一下稅收。我認為你今年的稅率提高了。你在上個季度談到了它。這會延續到 2023 年嗎？如果你能提供任何顏色來說明驅動它的一些因素？

Sure. So on working capital, we have seen net working capital outflows as our businesses are getting back up and running and going back to more normalized operations after they were kind of turned down during the pandemic. And you'll see in this quarter, we did generate positive free cash flow of $187 million in the quarter. On taxes, our effective -- annual effective tax rate has generally been correlated with the U.S. statutory rate. But there are a lot of things on a quarterly basis. We call them puts and takes in any given period.

當然。因此，在營運資金方面，隨著我們的業務在大流行期間被拒絕後恢復正常運營並恢復正常運營，我們看到淨營運資金流出。您會在本季度看到，我們確實在本季度產生了 1.87 億美元的正自由現金流。在稅收方面，我們的有效 - 年度有效稅率通常與美國法定稅率相關。但是每個季度都有很多事情。我們稱它們為任何給定時期的看跌期權。

And these can lead to these quarterly variances. But we still expect our full year '22 tax rate is going to be somewhat elevated above the U.S. statutory rate, similar to what you saw. And for Q4, it could even be slightly above Q3. As it relates to fiscal '23, we're just working now through our annual operating plan. And I don't want to get too specific today, but it's one of the factors we keep a close eye on as it relates to our ability to utilize foreign tax credits. And that ability to utilize foreign tax credits has been the source of some volatility that you've seen, especially in Q2 tax rate.

這些可能導致這些季度差異。但我們仍然預計我們的 22 年全年稅率將略高於美國法定稅率，類似於您所看到的。對於第四季度，它甚至可能略高於第三季度。由於它與 '23 財年有關，我們現在正在通過我們的年度運營計劃工作。今天我不想說得太具體，但這是我們密切關注的因素之一，因為它關係到我們利用外國稅收抵免的能力。這種利用外國稅收抵免的能力是你所看到的一些波動的根源，尤其是在第二季度的稅率方面。

Okay. Thanks for the question. I want to thank everybody for joining us as well. And for your convenience, we will be posting the pricing schedule and updated content slate on our website. 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.

好的。謝謝你的問題。我也要感謝大家加入我們。為了您的方便，我們將在我們的網站上發布定價表和更新的內容。請注意，可以在我們的投資者關係網站上找到本次電話會議中提到的非 GAAP 措施與等效 GAAP 措施的對賬。

Let me also remind you that certain statements on this call including financial estimates or statements about our plans, guidance, expectations, beliefs or business prospects and other statements that are not historical in nature may constitute forward-looking statements under the securities laws. We make these statements on the basis of our views and assumptions regarding future events and business performance at the time we make them, and we do not undertake any obligation to update these statements.

我還要提醒您，本次電話會議上的某些陳述，包括財務估計或關於我們的計劃、指導、預期、信念或業務前景的陳述以及其他非歷史性陳述，可能構成證券法下的前瞻性陳述。我們根據我們在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，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 results expressed or implied in light of a variety of factors, including macroeconomic or industry factors and execution risks. For more information about key risks, please refer to our Investor Relations website, the press release issued today and the risks and uncertainties described in our Form 10-K, Form 10-Q and 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，實際結果可能與根據各種因素（包括宏觀經濟或行業因素和執行風險）明示或暗示的結果大不相同。有關主要風險的更多信息，請參閱我們的投資者關係網站、今天發布的新聞稿以及我們向證券交易委員會提交的 10-K 表格、10-Q 表格和其他文件中描述的風險和不確定性。

We want to thank you all for joining us and wish everyone a good rest of the day.

我們要感謝大家加入我們，並祝大家度過美好的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines.

會議現已結束。感謝您參加今天的演講。您現在可以斷開線路。