迪士尼 (DIS) 2022 Q4 法說會逐字稿

Good afternoon, and welcome to The Walt Disney Company's Fiscal Full Year and Q4 2022 Earnings Results Conference Call. (Operator Instructions)

下午好，歡迎參加華特迪士尼公司的財年和 2022 年第四季度收益結果電話會議。 （操作員說明）

After today's presentation, there will be an opportunity to ask questions. (Operator Instructions) Please also note, today's event is being recorded. At this time, I'd like to turn the floor over to Senior Vice President of Investor Relations for Walt Disney Company, Alexia Quadrani. Ma'am, please go ahead.

今天的演講結束後，將有機會提問。 （操作員說明）另請注意，今天的活動正在錄製中。現在，我想請華特迪士尼公司投資者關係高級副總裁 Alexia Quadrani 發言。女士，請繼續。

Good afternoon. It's my pleasure to welcome everybody to the Walt Disney Company's Fourth 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.

下午好。我很高興歡迎大家參加華特迪士尼公司 2022 年第四季度財報電話會議。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。

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.

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.

謝謝你，Alexia，大家下午好。

Fiscal 2022 was a strong year for our company as we continued our journey of telling incredible Disney stories, utilizing groundbreaking technology in order to further develop our brands and franchises while customizing and personalizing experiences to make magical memories that last a lifetime. Those efforts resulted in truly phenomenal storytelling, record annual results at our Parks, Experiences and Products segment, and outstanding growth at our Direct-to-Consumer services, which added nearly 57 million subscriptions this year to reach a total of more than 235 million.

2022 財年對我們公司來說是強勁的一年，因為我們繼續講述令人難以置信的迪士尼故事，利用突破性技術進一步發展我們的品牌和特許經營權，同時定制和個性化體驗，打造終生難忘的神奇回憶。這些努力帶來了真正非凡的故事講述，我們的公園、體驗和產品部門創紀錄的年度業績，以及我們直接面向消費者的服務的顯著增長，今年訂閱量增加了近 5700 萬，總數超過 2.35 億。

We are particularly pleased with growth in the fourth quarter, which saw the addition of 14.6 million subscriptions across our suite of services including 12 million Disney+ subscriptions, over 9 million of which were core Disney+. It has taken just 3 short years for Disney+ to transform from a nascent business to an industry leader. That transformation is the direct result of the strategic decision we made at launch to heavily invest in our Direct-to-Consumer offering, a decision made knowing that achieving rapid growth would result in short-term losses.

我們對第四季度的增長特別滿意，我們的服務套件增加了 1460 萬訂閱，包括 1200 萬迪士尼+訂閱，其中超過 900 萬是核心迪士尼+。迪士尼+從新興業務轉變為行業領導者僅用了短短 3 年時間。這種轉變是我們在發佈時做出的戰略決策的直接結果，即大力投資於我們的直接面向消費者的產品，這一決定是在明知實現快速增長將導致短期損失的情況下做出的。

Building a streaming powerhouse has required significant investment. And now with its scale, incredible content pipeline and global reach, Disney+ is well situated to leverage our position for long-term profitability and success. Our financial results this quarter represent a turning point as we reached peak DTC operating losses, which we expect to decline going forward. That expectation is based on 3 factors.

建立流媒體強國需要大量投資。現在，憑藉其規模、令人難以置信的內容管道和全球影響力，Disney+ 處於有利地位，可以利用我們的地位實現長期盈利和成功。我們本季度的財務業績代表了一個轉折點，因為我們達到了 DTC 運營虧損峰值，我們預計未來該虧損將下降。該預期基於三個因素。

First, the benefit of both price increases and the launch of a Disney+ ad tier next month. Second, a realignment of our cost, including meaningful rationalization of our marketing spend. And third, leveraging our learnings and experience in direct-to-consumer to optimize our content slate and distribution approach to deliver a steady state of high-impact releases that efficiently drive engagement and subscriber acquisition.

首先，價格上漲和下個月推出迪士尼+廣告層的好處。其次，重新調整我們的成本，包括對我們的營銷支出進行有意義的合理化。第三，利用我們在直接面向消費者方面的學習和經驗來優化我們的內容選擇和分發方法，以提供穩定的高影響力版本，從而有效推動參與度和訂戶獲取。

With these factors, we believe we are on a path to profitable streaming business that generates shareholder value long into the future. And assuming we do not see a meaningful shift in the economic climate, we still expect Disney+ to achieve profitability in fiscal 2024 as losses begin to shrink in the first quarter of fiscal 2023. Christine will go into more detail on the drivers of our direct-to-consumer operating performance and provide more insight into our expectations going forward and some of our key assumptions. But first, I'd like to share a few highlights from the quarter.

有了這些因素，我們相信我們正在走向盈利的流媒體業務，從而在未來很長一段時間內產生股東價值。假設我們沒有看到經濟環境發生有意義的轉變，我們仍然預計迪士尼+將在 2024 財年實現盈利，因為虧損在 2023 財年第一季度開始縮小。克里斯汀將更詳細地介紹我們的直接驅動因素 -對消費者的經營業績，並提供對我們未來預期和一些關鍵假設的更多洞察。但首先，我想分享本季度的一些亮點。

Q4 was another strong period for Parks, Experiences and Products, which continue to deliver phenomenal results despite the impact of Hurricane Ian. I want to thank the amazing cast members in Orlando who went above and beyond to help keep our guests safe and entertained during the storm. From protecting the many animals at Disney Animal Kingdom to packing thousands of meal kits, to donating and delivering emergency supplies to the community, I am so proud of how our team came together to support our guests, our neighbors and each other.

第四季度是公園、體驗和產品的另一個強勁時期，儘管受到伊恩颶風的影響，但仍繼續取得驚人的成果。我要感謝奧蘭多出色的演員們，他們在暴風雨中竭盡全力幫助我們的客人保持安全和娛樂。從保護迪士尼動物王國的眾多動物到打包數千個餐包，再到向社區捐贈和運送應急物資，我為我們的團隊如何齊心協力支持我們的客人、鄰居和彼此感到非常自豪。

Our Parks team is laser focused on enhancing the guest experience in creating those magical memories I mentioned at the outset. This focus, along with the investments we made to bringing new attractions and experiences to our domestic parks, is generating consistently strong demand, which, on many days, exceeds our current capacity. And we continue to manage attendance levels with a focus on providing guests with the highest quality experience in enhancing our Park's overall financial performance.

我們的 Parks 團隊專注於提升客戶體驗，創造我一開始提到的那些神奇的回憶。這一重點，以及我們為為國內公園帶來新的景點和體驗所做的投資，正在產生持續強勁的需求，這在很多天都超過了我們目前的能力。我們將繼續管理出勤水平，重點是為客人提供最優質的體驗，以提高我們公園的整體財務業績。

One of the things our guests love most is the opportunity to celebrate at our parks, as evidenced by the post-pandemic return and sell-out of special ticketed events like Boogie Boogie Bash and Mickey's Not So Scary Halloween party. I visited Disneyland with my family just before Halloween and the celebration was phenomenal. Tickets for Mickey's Very Merry Christmas party at Walt Disney World has now officially gone on sale and over half of all dates have already sold out.

我們的客人最喜歡的一件事是有機會在我們的公園慶祝，大流行後的回歸和特別票務活動的售罄證明了這一點，例如 Boogie Boogie Bash 和 Mickey's Not So Scary 萬聖節派對。萬聖節前夕，我和家人一起參觀了迪斯尼樂園，慶祝活動非常精彩。華特迪士尼世界米奇聖誕派對的門票現已正式開售，超過一半的日期已經售罄。

As you know, we are about to embark on the company's 100th anniversary celebration. The fun kicks off in our parks on January 27 at Disneyland. where we'll unveil new platinum infused decor, Premier II, all new nighttime spectaculars and opened a highly anticipated Mickey & Minnie's Runaway Railway attraction. This is only one part of what will be the largest cross-company celebration in Disney's history with activations around the world, and we're so excited for fans and families to join us.

如您所知，我們即將開始公司的 100 週年慶典。樂趣將於 1 月 27 日在我們的迪士尼樂園開始。在這裡，我們將推出全新的鉑金裝飾、Premier II、所有全新的夜間表演，並開設備受期待的米奇和米妮逃亡鐵路景點。這只是迪士尼歷史上規模最大的跨公司慶祝活動的一部分，將在世界各地進行活動，我們很高興粉絲和家人能加入我們。

At our international parks, Disneyland Paris is enjoying a great resurgence. Our fantastic new Marvel Avengers Campus opened on July 20, and guests love a highly immersive and dynamic environment of the first-ever Marvel-themed land in Europe. Prior to the recent closure of Shanghai Disney Resort, we are seeing positive momentum there and at Hong Kong Disneyland. We are hopeful that the situation will improve and are thinking of all of our employees there as we manage through the challenging COVID environment. Our Disney Cruise line is showing strong signs of recovery. The new Disney Wish is in high demand, and we've seen a ramp-up in bookings for our base fleet.

在我們的國際公園，巴黎迪斯尼樂園正在復蘇。我們夢幻般的全新漫威復仇者聯盟校園於 7 月 20 日開放，客人們喜歡歐洲首個漫威主題樂園的高度身臨其境和充滿活力的環境。在最近上海迪士尼度假區關閉之前，我們看到那里和香港迪士尼樂園的積極勢頭。我們希望情況會有所改善，並在我們應對充滿挑戰的 COVID 環境時考慮到那裡的所有員工。我們的迪斯尼郵輪公司正顯示出強勁的複蘇跡象。新迪士尼願望的需求量很大，我們看到我們的基礎機隊的預訂量有所增加。

This quarter was also exceptionally strong in terms of creative excellence across our content engines. Our teams received 57 Emmy Awards spread across a remarkable 37 different titles emanating from a wide range of brands, franchises and distribution channels. ABC ended the season as #1 in entertainment programming for the third consecutive year, and ABC News continues to be the most trusted source of news with #1 positions across all day parts. Theatrically, Thor: Love and Thunder, the character's fourth stand-alone film, earned over $760 million worldwide. This is our first time we released a fourth film based on a single Marvel character, and Thor's longevity is a great sign for Marvel and our ability to tell stories based on its characters long into the future.

本季度在我們的內容引擎的創意卓越方面也異常強勁。我們的團隊獲得了 57 項艾美獎，涵蓋來自廣泛品牌、特許經營權和分銷渠道的 37 個不同的頭銜。 ABC 連續第三年在娛樂節目中排名第一，ABC 新聞繼續成為最值得信賴的新聞來源，全天排名第一。在戲劇方面，該角色的第四部獨立電影《雷神：愛與雷霆》在全球獲得了超過 7.6 億美元的票房。這是我們第一次發行基於單個漫威角色的第四部電影，雷神的長壽是漫威的一個重要標誌，也是我們在未來很長一段時間內根據漫威角色講述故事的能力。

The fourth quarter was also the first time in Disney history that we released tentpole original content from Disney, Marvel, Star Wars, Pixar and National Geographic, an indication that we are now at full cadence of new releases as we hit our steady state. As evidenced, Hocus Focus 2 was a smash hit, becoming not only the most watched premier on Disney+, but also a Nielsen record-setting streaming movie with 2.7 billion minutes viewed in its first weekend. And Marvel Studios, Ms. Marvel completed its run in July and She-Hulk: Attorney at Law, debuted in August, contributing to subscriber growth and driving substantial engagement.

第四季度也是迪士尼歷史上第一次發布來自迪士尼、漫威、星球大戰、皮克斯和國家地理的原創內容，這表明隨著我們達到穩定狀態，我們現在正處於新發布的全節奏。事實證明，Hocus Focus 2 大獲成功，不僅成為 Disney+ 上收視率最高的首映，而且還是尼爾森創紀錄的流媒體電影，首周末觀看了 27 億分鐘。 Marvel 工作室，Marvel 女士於 7 月完成運營，She-Hulk: Attorney at Law 於 8 月首次亮相，促進了訂戶增長並推動了大量參與。

Lucas Films' Andor, a spy thriller that explores the back story of Cassian Andor, a popular character from Rogue One, earned great reviews and showcases our ability to extend stories from the big screen to our streaming services.

Lucas Films 的 Andor 是一部間諜驚悚片，探索了《俠盜一號》中受歡迎的角色 Cassian Andor 的背景故事，贏得了好評，並展示了我們將故事從大屏幕擴展到流媒體服務的能力。

Turning to general entertainment. The critically acclaimed Prey from 20th Century Studios was Hulu's biggest premier ever across all films and series and was the most watched film premier on Star+ in Latin America and Disney+ under the Star banner in all other territories. Looking ahead, we are thrilled that audiences are returning to the box office for blockbuster films, and we have big plans for the big screen in the fiscal year 2023.

轉向一般娛樂。來自 20th Century Studios 的廣受好評的 Prey 是 Hulu 有史以來在所有電影和系列中最大的首映式，也是拉丁美洲 Star+ 和 Disney+ 在所有其他地區的 Star 旗幟下觀看次數最多的電影首映式。展望未來，我們很高興觀眾們正在重回大片的票房，我們對 2023 財年的大銀幕有宏偉的計劃。

Black Panther: Wakanda Forever opens this Friday, and Ryan Coogler has delivered yet another culture-defining powerful film. The reaction to this film's premier a few weeks ago was incredible, and fan anticipation is very high, as indicated by the strength of advanced ticket sales.

黑豹：永遠的瓦坎達將於本週五上映，瑞安·庫格勒 (Ryan Coogler) 又推出了另一部定義文化的強大電影。幾週前這部電影的首映反應令人難以置信，粉絲的期待非常高，這從先進的票房銷售實力可見一斑。

Up next is Strange World from Walt Disney Animation Studios, which opens in theaters this Thanksgiving. The highly anticipated Avatar: The Way of Water opens on December 16 and is the sequel to the highest grossing film of all time. James Cameron and his team have once again created something truly magical using groundbreaking technology. Audiences are as excited as we are to return to Pandora. And given the strong performance of September's rerelease of the original Avatar, we can't wait for the film to hit screens.

接下來是沃爾特迪斯尼動畫工作室的奇異世界，將於今年感恩節在影院上映。備受期待的《阿凡達：水之道》將於 12 月 16 日上映，是有史以來票房最高的電影的續集。詹姆斯卡梅隆和他的團隊再次使用突破性技術創造了真正神奇的東西。觀眾和我們重返潘多拉一樣興奮。鑑於 9 月份重新上映的原版《阿凡達》的強勁表現，我們迫不及待地希望這部電影上映。

Our Searchlight Studio continues to deliver critically acclaimed films and 3 fantastic titles will be in theaters this quarter: The Banshees of Inisherin which has earned critical claims since its premier; The Menu starting Ralph Fiennes and Anya Taylor-Joy; and the Empire of Life from Academy Award winner, Sam Mendes.

我們的探照燈工作室繼續推出廣受好評的電影，本季度將有 3 部精彩的影片上映：《伊尼舍林的女妖》自首映以來就贏得了好評；拉爾夫·費因斯和安雅·泰勒-喬伊的菜單；和奧斯卡獎得主薩姆·門德斯的生命帝國。

Looking even further to 2023, we'll see theatrical releases of 3 highly anticipated Marvel films, Ant-Man and the Wasp: Quantumania, Guardians of the Galaxy Volume 3 and The Marvels. And we could not be more excited about Disney live action's The Little Mermaid, a reimagining of one of the most popular animated films of all time, starting Halle Bailey, whose rendition A Part of Your World has already lit up the Internet. We're also bringing 999 Happy Haunts to Life with the hilarious new live action Haunted Mansion featuring an all-star cast.

展望 2023 年，我們將看到 3 部備受期待的漫威電影的院線上映，分別是《蟻人與黃蜂女：量子狂熱》、《銀河護衛隊》第 3 捲和《漫威》。我們對迪斯尼真人版的《小美人魚》感到無比興奮，這是對有史以來最受歡迎的動畫電影之一的重新構想，由哈莉·貝利 (Halle Bailey) 開始，其演繹的《你的世界的一部分》已經在互聯網上大放異彩。我們還以全明星陣容為特色的熱鬧的全新真人鬼屋將 999 個快樂鬼屋帶入生活。

Pixar will debut an all new original feature, Elemental, and Harrison Ford is back in the eagerly awaited fifth Indiana Jones film, which is going to be spectacular. Of course, all of our theatrical titles will eventually make their way onto our streaming platforms, complementing a robust slate of original content. Utopia+, a new series from Disney Animation debuts tomorrow, along with Save Our Squad, an original series from the U.K. that sees soccer superstar David Beckham returned home to mentor a grassroots team of young boys struggling to survive in their league.

皮克斯將推出全新的原創功能元素，哈里森福特將回歸期待已久的第五部印第安納瓊斯電影，這將是壯觀的。當然，我們所有的戲劇作品最終都會進入我們的流媒體平台，補充大量原創內容。迪士尼動畫的新劇集《烏托邦+》將於明天首播，而英國原創劇集《拯救我們的小隊》將見證足球巨星大衛·貝克漢姆回到家鄉，指導一支在聯盟中掙扎求生的基層年輕男孩團隊。

On November 18, Disney+ will release Disenchanted, based on the successful Enchanted that came out 15 years ago. Marvel's Guardian of the Galaxy Holiday Special will follow right after, and Willow, another long-awaited sequel from Lucas Film, will premiere the following week.

11 月 18 日，迪士尼+ 將發布基於 15 年前成功推出的 Enchanted 的《Disenchanted》。緊隨其後的是漫威的銀河護衛隊假期特輯，盧卡斯電影公司期待已久的另一部續集 Willow 將於下週首映。

We are so fortunate to have an abundance of content from all of our creative engines, paired with the wealth of knowledge and insight into what resonates with our fans. As we move forward, we will increasingly leverage that knowledge to refine our distribution decisions in order to best serve our audience and maximize the return on our content investments.

我們很幸運能夠從我們所有的創意引擎中獲得豐富的內容，以及豐富的知識和洞察力，讓我們的粉絲產生共鳴。隨著我們的前進，我們將越來越多地利用這些知識來完善我們的發行決策，以便為我們的觀眾提供最好的服務並最大限度地提高我們的內容投資回報。

Turning to sports. ESPN was the #1 cable network in total day and prime viewing amongst audiences aged 18 to 49 in Q4, and The Walt Disney Company was responsible for 40% of sports hours watched amongst that age bracket, the biggest share of any family of networks. ESPN continues to lead with its multi-platform sports ecosystem with reach across linear streaming, digital and social media, serving fans at massive scale. With the power and support of The Walt Disney Company behind it, ESPN is an unequaled reach machine.

轉向運動。 ESPN 是第 4 季度 18 至 49 歲的觀眾在全天和主要收視率中排名第一的有線電視網絡，而華特迪士尼公司負責該年齡段 40% 的體育節目觀看時間，這是所有網絡家族中最大的份額。 ESPN 繼續以其多平台體育生態系統領先，覆蓋線性流媒體、數字和社交媒體，為大規模的球迷提供服務。在華特迪士尼公司的力量和支持下，ESPN 是一台無與倫比的機器。

And the business is well positioned through our strategic portfolio of long-term rights agreements with an eye to remaining disciplined in our approach. We recently announced an extension with Formula 1 through 2025, which is one of the fastest-growing sports properties and is on pace to surpass last year's record audience on ESPN. The 2022 College football season is off to its best 9-week start in 5 years across our networks. And thanks to our incoming SEC agreement in 2024, we will remain the leading college football platform with over 60% of the college football market. And our new long-term NFL agreement includes Super Bowls and annual ESPN+ exclusive match-up and more regular season and playoff games and better scheduling. On October 30, we marked another milestone moment in our DTC streaming services and the growth of ESPN+ when the Broncos Versus Jaguar NFL game from London became our most viewed ESPN+ event ever.

通過我們的長期權利協議戰略組合，該業務處於有利地位，並著眼於在我們的方法中保持紀律。我們最近宣布將一級方程式賽車延長至 2025 年，這是增長最快的體育賽事之一，並且有望超越去年在 ESPN 上創下的觀眾記錄。 2022 年大學橄欖球賽季在我們的網絡中迎來了 5 年來最好的 9 週開局。得益於我們在 2024 年即將達成的 SEC 協議，我們仍將是領先的大學橄欖球平台，擁有超過 60% 的大學橄欖球市場。我們新的長期 NFL 協議包括超級碗和年度 ESPN+ 獨家比賽以及更多常規賽和季后賽比賽以及更好的日程安排。 10 月 30 日，我們標誌著 DTC 流媒體服務和 ESPN+ 發展的又一個里程碑時刻，來自倫敦的 Broncos Versus Jaguar NFL 比賽成為我們有史以來觀看次數最多的 ESPN+ 賽事。

Finally, we are exactly 1 month from the U.S. launch of Disney+'s ad-supported subscription offering, which is a win for audiences, advertisers and shareholders. The launch will bring fans a new slate of subscription plans across Disney+, Hulu, ESPN+ and the Disney bundle, giving viewers flexibility in choosing an option that suits their needs.

最後，距離 Disney+ 的廣告支持訂閱服務在美國推出僅剩 1 個月，這對觀眾、廣告商和股東來說都是一場胜利。此次發布將為粉絲帶來一系列新的訂閱計劃，涵蓋 Disney+、Hulu、ESPN+ 和迪士尼捆綁包，讓觀眾可以靈活地選擇適合他們需求的選項。

The offering also adds a key component to our total company advertising portfolio, and advertiser interest has been strong. We have been a leader in streaming advertising for some time and are bringing our years of experience, leading ad tech and relationships to this important opportunity. Disney+ has secured more than 100 advertisers for our domestic launch window, spanning a wide range of categories and our company has over 8,000 existing relationships with advertisers who will have the opportunity to advertise on Disney+.

該產品還為我們公司的總廣告組合增加了一個關鍵組成部分，廣告客戶的興趣一直很強烈。一段時間以來，我們一直是流媒體廣告的領導者，並將我們多年的經驗、領先的廣告技術和關係帶入這一重要機會。 Disney+ 已經為我們的國內發布窗口爭取到了 100 多個廣告商，涵蓋了廣泛的類別，我們公司與有機會在 Disney+ 上投放廣告的廣告商有 8,000 多個現有關係。

Strong base pricing reflects the value advertisers put on our audience, our brand safe environment for their messages and our sales experience. We also have proven technology to deliver a great advertising experience on day 1 and importantly, we have the ability to scale and innovate for audiences and advertisers alike. We are incredibly excited about the launch of our new ad-supported subscription offering for Disney+, which rolls out on December 8.

強大的基礎定價反映了廣告商對我們受眾的重視、我們為他們的信息提供的品牌安全環境以及我們的銷售體驗。我們還擁有成熟的技術，可以在第一天提供出色的廣告體驗，重要的是，我們有能力為受眾和廣告商等進行擴展和創新。我們為 Disney+ 推出新的廣告支持訂閱服務，我們感到非常興奮，該服務將於 12 月 8 日推出。

2022 was an important year of recovery coming out of the pandemic as we made foundational investments in our long-term success. As we celebrate the 3-year anniversary of Disney+ this week, I can't help but reflect upon how our commitment to and substantial investment in our DTC business has helped create the world's most powerful suite of streaming services with the ability to reach hundreds of millions of viewers around the world with must-see content.

2022 年是從大流行中復甦的重要一年，因為我們對長期成功進行了基礎性投資。在我們本周慶祝 Disney+ 成立 3 週年之際，我不禁反思我們對 DTC 業務的承諾和大量投資如何幫助創建了世界上最強大的流媒體服務套件，能夠覆蓋數百個全球數百萬觀眾擁有必看的內容。

Services, which aren't just content delivery systems, but platforms that bring us closer to audiences than ever before and enable consumers to access more of The Walt Disney Company's total offering. With our unmatched brands and franchises, robust pipeline of content capable of filling all of our distribution channels, unique experiences and strong connections to audiences around the world, I believe we are well positioned for future long-term growth, and I'm confident in the path forward.

服務，不僅僅是內容交付系統，而是使我們比以往任何時候都更接近觀眾並使消費者能夠訪問更多華特迪士尼公司總產品的平台。憑藉我們無與倫比的品牌和特許經營權、能夠填充我們所有分銷渠道的強大內容管道、獨特的體驗以及與世界各地觀眾的緊密聯繫，我相信我們為未來的長期增長做好了充分準備，我對前進的道路。

With that, I'll turn it over to Christine to talk in greater detail about our quarter and the year ahead.

有了這個，我將把它交給克里斯汀更詳細地討論我們的季度和來年。

Good afternoon, everyone.

大家下午好。

We have wrapped up another dynamic fiscal year. And as we enter into fiscal 2023, I will be diving a bit deeper than usual today into the results of our businesses, and we'll give some additional color on where we expect to go from here, especially given the inflection point that we believe we have now reached in our Direct-to-Consumer business.

我們結束了另一個充滿活力的財政年度。隨著我們進入 2023 財年，我今天將比往常更深入地探討我們的業務結果，我們將進一步說明我們期望從這裡走向何方，特別是考慮到我們認為的拐點我們現在已經涉足直接面向消費者的業務。

Excluding certain items, our company's diluted earnings per share for the fourth fiscal quarter was $0.30, and for the full fiscal 2022 year diluted EPS, excluding certain items, was $3.53. Our Parks, Experiences and Products segment had another stellar quarter with DPEP operating income in the fourth quarter more than doubling versus the prior year to $1.5 billion.

不包括某些項目，我們公司第四財季的攤薄每股收益為 0.30 美元，2022 財年全年攤薄每股收益（不包括某些項目）為 3.53 美元。我們的公園、體驗和產品部門又一個出色的季度，DPEP 第四季度的營業收入比去年同期增長了一倍多，達到 15 億美元。

Our domestic parks delivered significant year-over-year revenue and operating income growth despite an adverse impact of approximately $65 million to segment operating income from Hurricane Ian. And per capita spending remained strong, increasing 6% versus Q4 of fiscal 2021 and nearly 40% versus fiscal 2019, reflecting the continued popularity of premium offerings, including Genie Plus and Lightning Lane.

儘管伊恩颶風對劃分營業收入產生了約 6500 萬美元的不利影響，但我們的國內公園仍實現了顯著的收入和營業收入同比增長。人均支出保持強勁，與 2021 財年第四季度相比增長 6%，與 2019 財年相比增長近 40%，這反映了 Genie Plus 和 Lightning Lane 等優質產品的持續受歡迎程度。

We are also making meaningful progress on the return of international visitors to our domestic parks, particularly at Walt Disney World, where the mix of international attendance in the fourth quarter was roughly in line with pre-pandemic levels.

我們還在國際遊客返回我們的國內公園方面取得了有意義的進展，特別是在沃爾特迪斯尼世界，第四季度的國際遊客人數與大流行前的水平大致相符。

Looking towards fiscal 2023, while we continue to monitor our booking trends for any macroeconomic impacts, we are still seeing robust demand at our domestic parks and are anticipating a strong holiday season in Q1. Disney Cruise Line was also a meaningful contributor to the year-over-year increase in domestic parks and experiences' operating income in Q4, reflecting the successful launch of the Disney Wish in July and continued recovery of the existing fleet coming out of the pandemic. Quarter-to-date, occupancy for the Wish continues to exceed 90%, while we have also seen a meaningful pickup in the rest of our fleet with booked revenue up versus pre-pandemic levels.

展望 2023 財年，雖然我們繼續監測我們的預訂趨勢以了解任何宏觀經濟影響，但我們仍然看到國內公園的需求強勁，並預計第一季度的假期旺季將強勁。迪士尼遊輪公司也是第四季度國內樂園和體驗營業收入同比增長的重要貢獻者，這反映了迪士尼願望在 7 月成功推出以及現有船隊從大流行中持續恢復。迄今為止，Wish 的入住率繼續超過 90%，而我們的其他機隊也出現了有意義的回升，預訂收入與大流行前水平相比有所上升。

At International Parks, fourth quarter results also improved significantly year-over-year, driven by continued strength at Disneyland Paris, partially offset by a decrease at Shanghai Disney Resort. As Bob mentioned, the situation in Shanghai has recently been challenging. The park is currently closed, and we do not yet have visibility to a reopening date.

在國際公園，第四季度的業績也同比顯著改善，這主要得益於巴黎迪士尼樂園的持續增長，部分被上海迪士尼度假區的下滑所抵消。正如鮑勃所說，上海的局勢最近充滿挑戰。該公園目前已關閉，我們還沒有看到重新開放的日期。

Q4 results at Consumer Products also increased versus the prior year, driven by higher merchandise licensing results across several of our key franchises, including Mickey and Friends, Encanto and Toy Story.

消費品的第四季度業績也與去年同期相比有所增長，這得益於我們幾個主要特許經營權的商品許可業績增加，包括米奇和朋友、Encanto 和玩具總動員。

Moving on to Media and Entertainment Distribution. Operating income in the fourth quarter decreased by $864 million versus the prior year as a modest increase at linear networks was more than offset by wider losses at direct-to-consumer and to a lesser extent, at content, sales, licensing and other.

轉向媒體和娛樂發行。與去年同期相比，第四季度的營業收入減少了 8.64 億美元，因為線性網絡的適度增長被直接面向消費者的更廣泛的損失所抵消，而內容、銷售、許可和其他方面的損失則較小。

At Linear Networks, operating income in the fourth quarter increased 6% to $1.7 billion, driven primarily by growth at domestic channels. The increase at domestic channels primarily reflects higher results at cable driven by lower programming and production costs, partially offset by a decrease in advertising revenue. Compared to the prior year fourth quarter, cable programming and production costs benefited from the timing of the NBA finals which were in Q4 of fiscal 2021 versus Q3 of fiscal 2022 as well as from lower costs for Major League Baseball programming due to fewer games under our new contract. These impacts were partially offset by higher NFL programming costs as a result of one additional game aired versus the prior year quarter.

在 Linear Networks，第四季度的營業收入增長了 6%，達到 17 億美元，這主要得益於國內渠道的增長。國內頻道的增長主要反映了較低的節目和製作成本推動的有線電視業績的增長，部分被廣告收入的下降所抵消。與去年第四季度相比，有線電視節目和製作成本受益於 NBA 總決賽的時間安排（2021 財年第 4 季度與 2022 財年第 3 季度相比），以及美國職棒大聯盟的節目成本降低，原因是我們旗下的比賽減少新合同。這些影響被更高的 NFL 節目成本所抵消，因為與去年同期相比，又播出了一場比賽。

The decrease in cable advertising revenue versus the prior year fourth quarter also reflects the timing impact of the NBA Finals. ESPN advertising revenue in Q4 was down 23% year-over-year. However, adjusting for the timing impact of the NBA Finals, it was down roughly 2%.

與去年第四季度相比，有線電視廣告收入的下降也反映了 NBA 總決賽的時間影響。 ESPN 第四季度的廣告收入同比下降 23%。然而，考慮到 NBA 總決賽的時間影響，它下降了大約 2%。

Note that in Q1 of fiscal 2023, we also expect to see a timing impact versus the prior year from 2 college football playoff games that are shifting into the second fiscal quarter this year versus the first quarter last year. Quarter-to-date, ESPN domestic cash advertising sales are pacing down, reflecting in part the absence of these 2 CFP games.

請注意，在 2023 財年第一季度，我們還預計與去年第一季度相比，今年第二財季的兩場大學橄欖球季后賽與上一年相比會產生時間影響。迄今為止，ESPN 國內現金廣告銷售正在放緩，部分原因是這兩款 CFP 遊戲的缺席。

The advertising landscape remains fluid. The sports marketplace, in particular, is delivering strong audiences across our platforms, with marketers looking to take advantage of live events and several categories, including political, pharma, insurance and restaurants, have continued to show relatively stable demand while others remain cautious in anticipation of potential economic softness.

廣告環境仍然不穩定。尤其是體育市場，正在我們的平台上提供強大的受眾，營銷人員希望利用現場賽事，包括政治、製藥、保險和餐館在內的多個類別繼續顯示出相對穩定的需求，而其他人則保持謹慎的預期潛在的經濟疲軟。

Total domestic affiliate revenue in the fourth quarter increased by 2% from the prior year, driven by 5 points of growth from contractual rate increases, partially offset by a 4-point decline due to a decrease in subscribers. Looking ahead, we expect to see linear subscriber declines accelerate more in line with industry trends.

第四季度國內分支機構總收入比去年同期增長 2%，這主要是由於合同費率增長了 5 個百分點，但部分被訂戶減少導致的 4 個百分點的下降所抵消。展望未來，我們預計線性用戶下降速度將更符合行業趨勢。

International channels' operating income decreased by $25 million in the fourth quarter versus the prior year, reflecting lower results from our ongoing channels and operation partially offset by a benefit from channel closures. At content sales, licensing and other, results decreased versus the prior year by a little over $100 million, in line with guidance due to lower TV/SVOD and home entertainment results, partially offset by higher theatrical results and an increase at our stage play business. While difficult comparisons may persist in the intermediate term at our TV/SVOD and home entertainment businesses, results will vary quarter-to-quarter. And we currently expect content sales, licensing and other operating results to improve slightly in the first fiscal quarter of 2023 on both the sequential and year-over-year basis.

第四季度國際渠道的營業收入與去年同期相比減少了 2500 萬美元，這反映了我們持續渠道和運營的較低業績部分被渠道關閉帶來的收益所抵消。在內容銷售、許可和其他方面，由於電視/SVOD 和家庭娛樂業績下降，部分業績與去年同期相比下降了 1 億多美元，部分被較高的戲劇業績和舞台劇業務的增長所抵消.雖然在我們的電視/SVOD 和家庭娛樂業務的中期，難以進行比較可能會持續存在，但結果會因季度而異。我們目前預計內容銷售、許可和其他經營業績將在 2023 年第一財季環比和同比略有改善。

Finally, I'd like to spend some time talking about our fourth quarter results at Direct-to-Consumer, where our losses peaked in the fourth quarter at approximately $1.5 billion. Hulu and ESPN+ added approximately 1 million and 1.5 million subscribers, respectively, during the quarter, while Disney+ added over 12 million global subscribers, of which a little less than 3 million were at Disney+ Hotstar.

最後，我想花點時間談談我們在 Direct-to-Consumer 的第四季度業績，我們的虧損在第四季度達到頂峰，約為 15 億美元。 Hulu 和 ESPN+ 在本季度分別增加了約 100 萬和 150 萬訂戶，而 Disney+ 增加了超過 1200 萬的全球訂戶，其中不到 300 萬來自 Disney+ Hotstar。

Core Disney+ added over 9 million subs in Q4, accelerating as expected versus the $6 million net adds we saw in the third quarter, reflecting the success of Disney+ Day and our Tempo content releases in addition to continued growth from third quarter market launches. Nearly $2 million of these net adds were from the U.S. and Canada and a little over 7 million were international core additions. At the same time, core Disney+ ARPU decreased by 5% between Q3 and Q4, reflecting an adverse foreign exchange impact, and to a lesser extent, a slightly higher mix of subscribers from lower-priced international markets.

核心 Disney+ 在第四季度增加了超過 900 萬訂閱者，與我們在第三季度看到的 600 萬美元的淨增加相比如預期加速，這反映了 Disney+ Day 的成功和我們的 Tempo 內容髮布以及第三季度市場發布的持續增長。這些淨增加的近 200 萬美元來自美國和加拿大，超過 700 萬美元是國際核心增加。與此同時，核心 Disney+ ARPU 在第三季度和第四季度之間下降了 5%，這反映了不利的外匯影響，以及在較小程度上，來自低價國際市場的訂戶組合略有增加。

ARPU at each streaming service is also impacted by the mix of subscribers to the bundle. Our bundled and multiproduct offerings now account for over 40% of our fiscal year-end domestic Disney+ subscriber count. This shift has been purposeful as the bundle drives higher total company subscription revenue and higher long-term subscriber value due to notably lower churn.

每個流媒體服務的 ARPU 也受到捆綁訂閱用戶組合的影響。我們的捆綁和多產品產品現在占我們財年末國內 Disney+ 訂戶數量的 40% 以上。這種轉變是有目的的，因為由於流失率顯著降低，捆綁推動了更高的公司訂閱總收入和更高的長期訂戶價值。

Lower pay-per-view revenue at ESPN+ and slightly lower advertising revenue at Hulu and Disney+ Hotstar also impacted Direct-to-Consumer revenue in the fourth quarter relative to the third quarter. With our expectation that peak losses are now behind us, DTC operating results should improve going forward as we lay the foundation for a sustainably profitable business model.

相對於第三季度，ESPN+ 的按次付費收入下降以及 Hulu 和 Disney+ Hotstar 的廣告收入略有下降也影響了第四季度的直接面向消費者的收入。由於我們預計虧損高峰已經過去，DTC 的經營業績應該會在未來有所改善，因為我們為可持續盈利的商業模式奠定了基礎。

In the first quarter of fiscal 2023, we expect direct-to-consumer operating results to improve by at least $200 million versus the fourth quarter of fiscal 2022, with larger improvement expected in Q2, reflecting a couple of key factors. First, our recently announced price increases across our Direct-to-Consumer offerings in the U.S. should begin to modestly benefit ARPU and subscription revenue in the first quarter. However, given that the Disney+ price increase will not go into effect until towards the end of Q1, this benefit will be realized more fully in the second quarter. Similarly, we do not expect the launch of the advertising-supported tier of Disney+ in December to provide a more meaningful financial impact until later this fiscal year.

在 2023 財年第一季度，我們預計與 2022 財年第四季度相比，直接面向消費者的經營業績將至少提高 2 億美元，預計第二季度會有更大的改善，這反映了幾個關鍵因素。首先，我們最近宣布的美國直接面向消費者產品的價格上漲應該會在第一季度開始適度惠及 ARPU 和訂閱收入。然而，鑑於迪士尼+的價格上漲要到第一季度末才會生效，這一好處將在第二季度得到更充分的體現。同樣，我們預計 12 月推出的由廣告支持的 Disney+ 層級在本財年晚些時候之前不會產生更有意義的財務影響。

Additionally, our commitment to cost rationalization will allow us to scale effectively against our investments. In particular, while DTC programming and production costs will increase from Q4 to Q1 over the course of the year, content expense and OpEx growth should slow as we approach steady state, and marketing costs should decline as we continue to focus on aligning our costs with our dynamic business models.

此外，我們對成本合理化的承諾將使我們能夠有效地擴大投資規模。特別是，雖然 DTC 節目和製作成本將在一年中從第四季度增加到第一季度，但隨著我們接近穩定狀態，內容費用和運營支出增長應該會放緩，而營銷成本應該會隨著我們繼續專注於調整成本而下降我們動態的商業模式。

As it relates to subscribers, we expect ESPN+ and Hulu will continue to add new subscribers in Q1, and we expect core Disney+ subscribers to increase only slightly in the quarter, reflecting tougher comparisons against Disney+ Day performance. As we've mentioned before, subscriber growth will not be linear each and every quarter, and the trend is driven by several factors, including content releases and promotions. We expect Disney+ core subscriber growth to then accelerate in the fiscal second quarter, largely driven by international markets.

由於與訂閱者相關，我們預計 ESPN+ 和 Hulu 將在第一季度繼續增加新訂閱者，我們預計核心 Disney+ 訂閱者在本季度僅略有增加，反映出與 Disney+ Day 表現的更嚴格比較。正如我們之前提到的，用戶增長不會每個季度都是線性的，這一趨勢是由多個因素驅動的，包括內容髮布和促銷。我們預計迪士尼+核心用戶增長將在第二財季加速，主要受國際市場推動。

And at Disney+ Hotstar, we are currently expecting that subscribers will decline in Q1 due to the absence of the IPL, but we do expect to see some stabilization in Q2. I'll note that our Direct-to-Consumer expectations are built on certain assumptions around subscriber additions based on the attractiveness of our future content, churn expectations for our upcoming price increases, the financial impact of the Disney+ ad tier and price increases, and our ability to quickly execute on cost rationalization while preserving revenue, all of which, while based on extensive internal analysis as well as recent experience, provides a layer of uncertainty in our outlook.

在 Disney+ Hotstar，我們目前預計，由於沒有 IPL，第一季度訂戶將下降，但我們確實預計第二季度會出現一些穩定。我會注意到，我們的直接面向消費者的預期是建立在對訂閱者增加的某些假設之上的，這些假設基於我們未來內容的吸引力、對我們即將到來的價格上漲的流失預期、迪士尼+廣告層的財務影響和價格上漲，以及我們在保持收入的同時快速執行成本合理化的能力，所有這些都基於廣泛的內部分析和最近的經驗，為我們的前景提供了一層不確定性。

Before we conclude, there are a couple of other items I would like to mention around our fiscal 2023 expectations. Cash content spend totaled $30 billion in fiscal 2022, and we continue to expect it to be in the low $30 billion range for fiscal 2023. Capital expenditures totaled nearly $5 billion in fiscal 2022, in line with our expectations, and we currently expect that CapEx will increase in fiscal 2023 to a total of $6.7 billion, driven by higher spend across the enterprise.

在我們結束之前，我想圍繞我們對 2023 財年的預期提及其他幾項。 2022 財年現金內容支出總計 300 億美元，我們繼續預計 2023 財年將處於 300 億美元的低位。2022 財年的資本支出總額接近 50 億美元，符合我們的預期，我們目前預計資本支出在整個企業支出增加的推動下，2023 財年的總額將增加到 67 億美元。

Putting this all together, assuming we do not see a meaningful shift in the macroeconomic climate, we currently expect total company's fiscal 2023 revenue and segment operating income to both grow at a high single-digit percentage rate versus fiscal 2022. We are confident about the opportunities we see to continue to transform our business for the next 100 years and look forward to sharing our progress with you all throughout 2023.

綜上所述，假設我們沒有看到宏觀經濟環境發生有意義的轉變，我們目前預計公司 2023 財年的總收入和部門營業收入將比 2022 財年以高個位數百分比增長。我們對我們看到了在未來 100 年繼續改變我們業務的機會，並期待在 2023 年與大家分享我們的進步。

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 your first question.

謝謝，克里斯汀。 （操作員說明）然後，操作員，我們已準備好回答您的第一個問題。

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

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

Two questions. Bob, can you talk a little bit about how -- what's the consumer experience going to be like as you roll out this price increase here in a month? You've got customers on lots of different plans, different distributors. Can you talk a little bit about your confidence that it's going to be seamless, and that consumers will have the ability to choose; the plan that works best for them?

兩個問題。鮑勃，你能談談如何 - 當你在一個月內推出這次漲價時，消費者體驗會是什麼樣的？你有很多不同計劃的客戶，不同的分銷商。您能否談談您對無縫連接以及消費者將有選擇能力的信心？最適合他們的計劃？

And then, Christine, on the Parks margins, U.S. margins this quarter. I think through the first 3 quarters of fiscal '22, margins were up pretty nicely versus '19, and they were actually down, I think, this quarter. It didn't sound like there was anything in your prepared remarks that sort of commented on that. There was a mention of cost inflation in the release. But just wondering if you could spend a little bit of time talking about some of the cost drivers in the U.S. Parks business in the quarter. Anything unusual that you would want to call out and how we might want to think about that heading into '23.

然後，克里斯汀，在帕克斯的利潤率上，本季度美國的利潤率。我認為在 22 財年的前 3 個季度，利潤率與 19 財年相比上升得相當不錯，而且我認為本季度實際上是下降了。聽起來你準備好的評論中沒有任何對此發表評論的內容。新聞稿中提到了成本膨脹。但只是想知道您是否可以花一點時間談論本季度美國公園業務的一些成本驅動因素。任何你想提出的不尋常的事情，以及我們可能會如何考慮進入 23 年。

All right. Thank you, Ben. In terms of trying to communicate to consumers the multitude of options we're getting them, we believe that more choice is actually good. And you're right, it's predicated upon our ability to communicate the options to the consumer but we've got so many years of history with Hulu, where we've given them options between advertising and non-advertising; Hulu+ Live TV, without Hulu+ Live TV; that we believe that we've got a pretty good formula for how we could communicate, and that formula has worked very well domestically. And so we believe it will work as well internationally as well as across both Hulu, Disney+ and ESPN+.

好的。謝謝你，本。在嘗試向消費者傳達我們獲得的眾多選擇方面，我們相信更多的選擇實際上是好的。你說得對，這取決於我們向消費者傳達選項的能力，但我們與 Hulu 有著多年的合作歷史，我們為他們提供了廣告和非廣告之間的選擇； Hulu+ 直播電視，沒有 Hulu+ 直播電視；我們相信我們有一個很好的溝通方式，而且這個方式在國內運作良好。因此，我們相信它將在國際上以及在 Hulu、迪士尼+ 和 ESPN+ 上都發揮作用。

I think it's important to keep in mind that we've got unmatched brands. And as we continue to go ahead and extend our reach and there are different business models, different pricing models to consumers, that, that choice itself will really enable us to have maximum penetration regardless of the brand under which the option is given to consumers, but also at the same time, as our platforms become just that, more and more platforms and less and less just distribution options, we've got a pretty good formula, I think, for making that simple for the consumer, but also enabling for the consumer to go ahead and subscribe in the way that suits them best.

我認為重要的是要記住我們擁有無與倫比的品牌。隨著我們繼續前進並擴大我們的影響力，並且有不同的商業模式，對消費者的定價模式不同，這種選擇本身將真正使我們能夠最大限度地滲透，無論消費者選擇的品牌是什麼，但同時，隨著我們的平台變得越來越多，越來越多的平台和越來越少的分發選項，我認為我們有一個很好的公式，可以讓消費者變得簡單，但也可以實現消費者繼續以最適合他們的方式訂閱。

Okay. Ben, on your question about the Parks margins. So DPEP's segment margin came in around 20.4% for this quarter, and that is lower than previous quarters this year. Let's remember that Q4 is historically the lowest quarter of the year for margins. And there's 2 things going on here, both is on the revenue and the expense side. On the revenue side, it is primarily driven by traditional seasonality, back-to-school time, and to a lesser extent, as I called out in my comments, the impact of Hurricane Ian, that was a $65 million drag on the quarter. We have been using 2019 as our base for comparison, pre-pandemic. So when you compare it to fiscal '19 Q4, the lower margin is driven by international park performance.

好的。本，關於你關於公園利潤率的問題。因此，本季度 DPEP 的細分市場利潤率約為 20.4%，低於今年前幾個季度。讓我們記住，第四季度是歷史上利潤率最低的季度。這裡發生了兩件事，都是在收入和支出方面。在收入方面，它主要是由傳統的季節性、返校時間以及在較小程度上驅動的，正如我在評論中所說的那樣，颶風伊恩的影響對該季度造成了 6500 萬美元的拖累。我們一直將 2019 年作為大流行前的比較基準。因此，當您將其與 19 財年第四季度進行比較時，較低的利潤率是由國際公園業績驅動的。

And then if you flip to the expense side, the increase in quarter-over-quarter expenses is the continued effect of bringing on some more guest offerings. Those are things like nighttime spectaculars. We also have hard ticket events, and they have a lot of cost just in terms of setup and breakdown. We also remember, have a new ship, Wish, that just started operations, and there are some other smaller onetime items, but those are the real drivers of that lower margin this quarter.

然後，如果你轉向費用方面，季度環比費用的增加是帶來更多客人產品的持續影響。這些就像夜間的壯觀景象。我們也有硬票活動，僅就設置和故障而言，它們的成本很高。我們還記得，有一艘新船 Wish 剛剛開始運營，還有其他一些較小的一次性產品，但這些是本季度利潤率下降的真正驅動因素。

Our next question comes from Philip Cusick from JPMorgan.

我們的下一個問題來自摩根大通的 Philip Cusick。

Turning to the DTC, I guess, let's focus on the profit in '24 guidance. We've talked in the past that this means for probably a quarter or 2 in '24, not for the full year. Is that still the way to think about it? And I did notice the comment about assuming the economy maybe doesn't get worse or something like that. Can you just talk about what drove you to add that language?

轉向 DTC，我想，讓我們關注 24 年指導中的利潤。我們過去曾說過，這意味著可能是 24 年的一個季度或 2 個季度，而不是全年。這仍然是思考的方式嗎？我確實注意到關於假設經濟可能不會變得更糟或類似情況的評論。你能談談是什麼促使你添加這種語言嗎？

Well, I'll take that, Phil. So Direct-to-Consumer for '24 profitability, you should be thinking about it as a quarter, not a year basis. And then on some of the profitability drivers that we talked about that I think answered the question about the economy, we do have things like the steady state of content on the service, that's independent of the economy. We are focusing on bundled offerings as we refine our value proposition.

好吧，我會接受的，菲爾。因此，對於 '24 盈利能力的直接面向消費者，您應該將其視為一個季度，而不是一年。然後關於我們談到的一些盈利能力驅動因素，我認為它們回答了有關經濟的問題，我們確實有諸如服務內容的穩定狀態之類的東西，這與經濟無關。在完善我們的價值主張時，我們專注於捆綁產品。

There's also increasing international core market penetration. Once again, that is somewhat reliant on a stable economy. And increasing ARPU through the pricing increases would also, I think, be something that could be sensitive to the economic environment.

國際核心市場的滲透率也在增加。再一次，這在某種程度上依賴於穩定的經濟。我認為，通過提高定價來增加 ARPU 也會對經濟環境敏感。

We do have the Disney+ ad tier launch and ad monetization growth. And the indications that we have so far is that those are very strong. So we really are looking at sort of the puts and takes on what's going to be economically sensitive. But we just think in abundance of caution, we really have to keep the health of the consumer in mind when we think about achieving all of our goals this upcoming year.

我們確實有 Disney+ 廣告層的推出和廣告貨幣化增長。到目前為止，我們的跡象表明這些都非常強大。因此，我們確實正在研究某種看跌期權並承擔對經濟敏感的事情。但我們只是非常謹慎地考慮，當我們考慮在來年實現我們的所有目標時，我們真的必須牢記消費者的健康。

If I can follow up...

如果我能跟進...

Okay. Go ahead, Phil.

好的。來吧，菲爾。

I was just going to say you called out a few -- both you and Bob called out G&A and marketing savings on the call. How is Disney thinking about just cost in general? Is there a process going on today to cut costs across the board? And what might the timing of that be?

我只是想說你打了幾個電話——你和鮑勃都打電話給 G&A 和營銷節省。迪士尼總體上是如何考慮成本的？今天是否有一個流程可以全面削減成本？那可能是什麼時間？

Yes. Thanks for that question and follow-up, Phil. We are actively evaluating our cost base currently, and we're looking for meaningful efficiencies. Some of those are going to provide some near-term savings, and others are going to drive longer-term structural benefits. I just would point to what we did in the parks during the pandemic. We did some structural changes, and the Parks is better off because of that. But those were structural benefits that did not flow back into their cost base. We will update you with more information as our plan evolves.

是的。感謝這個問題和跟進，菲爾。我們目前正在積極評估我們的成本基礎，我們正在尋找有意義的效率。其中一些將提供一些近期的儲蓄，而另一些將帶來長期的結構性利益。我只想指出大流行期間我們在公園裡所做的事情。我們做了一些結構上的改變，公園因此變得更好。但這些都是結構性收益，並沒有回流到他們的成本基礎中。隨著我們計劃的發展，我們將向您提供更多信息。

Our next question comes from Michael Nathanson from MoffettNathanson.

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

I have 2. One is on the Parks in '23. I was trying to understand what levers can you pull do you think, if there is a slow U.S. consumer, what can you do to kind of maintain the revenue growth or I guess the revenue that we've seen? So in other words, what can be different this time versus previous downturns?

我有 2 個。一個在 23 年的公園裡。我試圖了解您認為您可以拉動哪些槓桿，如果美國消費者增長緩慢，您可以做些什麼來維持收入增長，或者我猜我們已經看到的收入？所以換句話說，這次與之前的經濟衰退有什麼不同？

And then Christine, I just want to come back to that operating profit guide, which you never give. So I appreciate the fact you did it. I'm trying to get the piece parts right. DTC is going to get better, Parks is showing the weakness. But can you hone in a bit on the outlook for the rest of DMED is '23? Is that what you see as kind of the slower of a lot of growth next year?

然後克里斯汀，我只想回到那個你永遠不會給出的運營利潤指南。所以我很欣賞你這樣做的事實。我正在努力使零件正確。 DTC 會好轉，Parks 表現出弱點。但是您能否對 23 年 DMED 其餘部分的前景有所了解？這就是你認為明年大量增長中較慢的一種嗎？

Mike, I'll take that. Yes. So talking about Parks, Michael. What is different is compared to the last time we had a slowdown in the economy for managing our Parks business, we have more commercial tools and levers available to us. One of the ones that's quite obvious is discounting. That's something that we have used in the past, and we will continue to use it because it is an effective lever for managing your yield but we're not going to use it to the extent to which we used it during the last recession.

邁克，我會接受的。是的。所以談到帕克斯，邁克爾。與上次經濟放緩來管理公園業務相比，不同的是，我們有更多的商業工具和槓桿可供我們使用。其中一個非常明顯的就是打折。這是我們過去使用過的東西，我們將繼續使用它，因為它是管理收益的有效槓桿，但我們不會像上次經濟衰退期間那樣使用它。

Some of the other things that are new would be the reservation system. So we manage attendance now. We can track it real time. On many days, we are fully booked now, but we can adjust that and be very flexible and real time on adjusting it if we so choose. The other thing is we have a tiered pricing structure that gives us a lot of flexibility. And we also have reimagined our Annual Pass business model, and we could also have some more flexibility in using our Annual pass program.

其他一些新事物是預訂系統。所以我們現在管理出勤。我們可以實時跟踪它。很多天，我們現在都訂滿了，但如果我們願意，我們可以調整它，並且可以非常靈活和實時地調整它。另一件事是我們有一個分層的定價結構，這給了我們很大的靈活性。我們還重新構想了我們的年票業務模式，我們還可以在使用年票計劃時更加靈活。

We also have technology advancements, and this is more on the expense side. That provides us opportunities for cost flexibility. So we have things like mobile ordering, contactless check-in, so those kinds of things give us levers on the expense side. But we do feel that we have, once again, harkening back to the opportunity we took during the pandemic, we did permanently remove a significant amount of operating expense at the Parks, and that better positions us right now as we go into an uncertain economic environment.

我們也有技術進步，這更多的是在費用方面。這為我們提供了成本靈活性的機會。所以我們有諸如移動訂購、非接觸式登記之類的東西，所以這些東西給了我們在費用方面的槓桿。但我們確實覺得，我們再次回顧了我們在大流行期間抓住的機會，我們確實永久取消了公園的大量運營費用，並且在我們進入不確定的經濟形勢時，這讓我們現在處於更好的位置環境。

Michael, do you have a second question?

邁克爾，你還有第二個問題嗎？

Well, it was on the OI guide, right, which you don't usually give. Just trying and dig into the DMED outlook given what you've said about the other businesses at this point.

嗯，它在 OI 指南上，對，你通常不會給出。鑑於您此時對其他業務的看法，只是嘗試深入研究 DMED 的前景。

Yes. We gave the outlook that was more for the company as a whole, but we are still looking at DPEP being a strong -- continuing its strong growth. DMED, we're looking at it in 3 components. The Direct-to-Consumer, we're looking at improving profitability, as we've mentioned. We believe that this quarter that we're reporting is the low point, and it will improve from here. CLS&O, that will have some challenges, as we said, so that will be variable quarter-to-quarter. And then we have to look at our linear business. And we do have sub declines that are in line with the industry, and that's one that is just an industry issue that we're all going to be managing through.

是的。我們給出了對整個公司更有利的前景，但我們仍然認為 DPEP 是一個強勁的 - 繼續其強勁的增長。 DMED，我們在 3 個組件中查看它。正如我們所提到的，直接面向消費者，我們正在考慮提高盈利能力。我們認為，我們報告的這個季度是低點，並且會從這裡改善。 CLS&O，正如我們所說，這將面臨一些挑戰，因此每個季度都會有所不同。然後我們必須看看我們的線性業務。而且我們確實有與行業一致的小幅下降，這只是一個我們都將要解決的行業問題。

Our next question comes from Kannan Venkateshwar from Barclays.

我們的下一個問題來自巴克萊銀行的 Kannan Venkateshwar。

Maybe, I guess -- if you look at the streaming business as a whole, and if you step back and look at the strategy going forward, you'll see a price increase next quarter. And of course, there is also the ad-supported tier that could help manage some of the churn. But as an offset, it seems like some of the marketing expense will be optimized along with some content spending.

也許，我猜——如果你把流媒體業務看成一個整體，如果你退後一步看看未來的戰略，你會看到下個季度的價格上漲。當然，還有廣告支持層可以幫助管理一些流失。但作為一種補償，似乎一些營銷費用將與一些內容支出一起得到優化。

So Bob, if you look at the guidance right now, your subscriber growth needs to accelerate going forward in order to get to the guidance, but a lot of the levers like pricing may actually force churn to be higher and marketing cost match will trend a little bit lower. So when we think about this, how do we reconcile the subscriber guidance with the financial model of the business? And does it make sense to maybe focus more on profitability rather than some growth from our perspective going forward?

因此，鮑勃，如果您現在查看指南，您的訂戶增長需要加速前進才能獲得指南，但是定價等許多槓桿實際上可能會迫使流失率更高，營銷成本匹配將趨於低一點。因此，當我們考慮這一點時，我們如何使訂戶指導與業務的財務模型相協調？從我們未來的角度來看，更多地關注盈利能力而不是一些增長是否有意義？

Our approach going forward is going to be focused largely on profitability, keeping in mind, though, that the revenue growth that we have is also going to be a key component towards the overall profitability. If we look at the content that's going to actually fuel our subscriber growth and our engagement, we're obviously managing that very carefully. Christine talked about some cost management initiatives. That's not only across marketing, but also on the content spending itself as well.

我們未來的方法將主要集中在盈利能力上，但請記住，我們所擁有的收入增長也將成為整體盈利能力的關鍵組成部分。如果我們看看那些真正推動我們的訂閱者增長和參與度的內容，我們顯然會非常謹慎地管理它。 Christine 談到了一些成本管理舉措。這不僅涉及營銷，還涉及內容支出本身。

But we've also got an opportunity, I believe, to manage that profitability through that pricing power that we believe we have. We launched these services at tremendous values to the consumer. And everything that we've got shows us that we still have some opportunity for continued price value exploration on all of our services. So we believe that -- and our history shows that when we've taken price increases across our streaming businesses that we don't meaningfully increase churn or cancellations. So we believe we've still got some headroom there.

但我相信，我們也有機會通過我們認為擁有的定價能力來管理盈利能力。我們以對消費者的巨大價值推出了這些服務。我們所擁有的一切都向我們表明，我們仍有一些機會繼續探索我們所有服務的價格價值。所以我們相信——而且我們的歷史表明，當我們對流媒體業務進行價格上漲時，我們並沒有顯著增加流失或取消。所以我們相信我們仍然有一些空間。

So whether it's cost management or attention to revenue growth through sub ads through our great content additions or through ARPU, we believe that we've got a formula that gives us great confidence that we're going to achieve the guidance that we communicated.

因此，無論是成本管理，還是通過我們豐富的內容添加或通過 ARPU 來關注收入增長，我們相信我們已經有了一個公式，讓我們對我們將實現我們傳達的指導充滿信心。

Our next question comes from Steven Cahall from Wells Fargo.

我們的下一個問題來自富國銀行的 Steven Cahall。

So Bob, I think you called ESPN a reach machine, and Christine talked about the cord-cutting and how that's something that everybody is going to be managing through. So as you look to expand the reach of ESPN, I know we've had this question before, but how do you think about starting to make a lot of the marquee streaming rights -- or sorry, marquee sports rights also available on the streaming services, whether that's ESPN+ or others? And how do you think about monetizing in a streaming world with a lot more of those expensive rights available?

所以鮑勃，我認為你稱 ESPN 為伸手可及的機器，克里斯汀談到了剪線以及每個人都將如何管理的事情。因此，當您希望擴大 ESPN 的覆蓋範圍時，我知道我們之前也有過這個問題，但是您如何考慮開始製作大量的字幕流媒體權利——或者對不起，字幕體育權利也可以在流媒體中使用服務，無論是 ESPN+ 還是其他？您如何看待在擁有更多昂貴權利的流媒體世界中獲利？

And then, Christine, just on the CapEx, it's moving up $1.5 billion or so this year. I know some of that is maybe a shift of about $500 million from last year, but it's still a little more elevated than history. You said it was enterprise-wide. So I'm wondering if the increase is more capital projects on the park side or if it's other things like technology or studio expansions.

然後，克里斯汀，就資本支出而言，今年它增加了 15 億美元左右。我知道其中一些可能比去年增加了大約 5 億美元，但它仍然比歷史高一點。你說它是企業範圍的。所以我想知道增加是公園方面的更多資本項目，還是技術或工作室擴張等其他事情。

Okay. In terms of ESPN growth, I think we all have to keep in mind that, number one, ESPN is that powerhouse brand. And we certainly, over time, have been able to enjoy the benefits of that brand in a linear world. However, going forward, we've got the ability not only to continue to enjoy those benefits in the linear world, but also began to grow our opportunities in the digital realm and leverage that brand's growth into other avenues that we've not been able to necessarily tap into.

好的。就 ESPN 的增長而言，我認為我們都必須記住，第一，ESPN 是那個強大的品牌。當然，隨著時間的推移，我們已經能夠在線性世界中享受該品牌的好處。然而，展望未來，我們不僅有能力繼續在線性世界中享受這些好處，而且還開始在數字領域增加我們的機會，並利用該品牌的增長進入我們無法實現的其他途徑一定要利用。

I think it's also important to look at ESPN in terms of an important part of the overall Disney portfolio or synergy machine. It is an integral part of the bundle itself. So when you take the fact that it's a great brand, we have the opportunity to grow it into different avenues. And as I've said before, sort of 1 foot on the dock, 1 foot on the boat and be flexible in terms of our speed of evolution, I think it's going to be an important part of our business going forward. Live advertising continues to be a really important benefit that we sell into our advertising community. We've got multiple platforms, and I believe that it's going to be a very robust part of our company going forward, whether or not it's linear or whether it's digital or somewhere in between.

我認為將 ESPN 視為迪士尼整體投資組合或協同機器的重要組成部分也很重要。它是捆綁包本身的一個組成部分。因此，當您接受它是一個偉大品牌的事實時，我們就有機會將其發展到不同的渠道。正如我之前所說，在碼頭上一英尺，在船上一英尺，並且在我們的進化速度方面保持靈活，我認為這將成為我們未來業務的重要組成部分。直播廣告仍然是我們向廣告社區銷售的一項非常重要的好處。我們有多個平台，我相信這將成為我們公司前進的一個非常強大的部分，無論它是線性的還是數字的或介於兩者之間的某個地方。

So on CapEx, Steve, yes, you're right. It is up. That was in my comments. As you -- for those who have followed the company for a while, we usually give you a CapEx number for the beginning of the year and by the end of the year, we haven't spent it all. So there is some slippage that goes from 1 year into the next. And also just with supply chain and labor shortages in various parts of the world where we are having projects, that slippage is probably a little more amplified.

所以在資本支出上，史蒂夫，是的，你是對的。它起來了。那是在我的評論中。作為你——對於那些關注公司一段時間的人，我們通常會給你一個年初的資本支出數字，到今年年底，我們還沒有花完所有的錢。所以從一年到下一年會有一些滑點。而且，僅僅由於我們正在開展項目的世界各地的供應鍊和勞動力短缺，這種下滑可能會被放大一點。

We do have some technology spend both at the enterprise level as well as in DMED. Some of it is consumer-facing. Some of it is more internal to once again deliver longer-term efficiencies. And we have DPEP projects pretty much everywhere around the globe. So we're continuing to build out those projects either on schedule or with some slippage that is slipping into '23.

我們在企業級和 DMED 方面確實有一些技術支出。其中一些是面向消費者的。其中一些更加內部化，以再次提供長期效率。我們在全球幾乎所有地方都有 DPEP 項目。因此，我們將繼續按計劃或一些滑入 23 年的滑點來構建這些項目。

All right. Thank you. Operator, I think we have time for 1 more question.

好的。謝謝你。接線員，我想我們還有時間再回答 1 個問題。

And our next question comes from Michael Morris from Guggenheim.

我們的下一個問題來自古根海姆的邁克爾莫里斯。

Two for me. One, Christine, I'm hoping you can give us a little more detail on the sequential revenue decline at the DTC segment. You talked about foreign exchange. Could you quantify how much of it came from foreign exchange? Because as I'm looking at the ARPUs on the domestic business, domestic Disney+ in particular, they have sequentially come in as well. So maybe how much was FX? And a little bit more detail on kind of at the core, what's driving that Disney+ ARPU compression.

兩個給我。一，克里斯汀，我希望你能給我們提供更多關於 DTC 部門收入連續下降的細節。你談到了外匯。您能否量化其中有多少來自外匯？因為當我查看國內業務的 ARPU 時，特別是國內的 Disney+，它們也依次進入。那麼也許外匯是多少？還有更多關於核心的細節，是什麼推動了 Disney+ ARPU 壓縮。

My second question is on sports rights. There was an article out today about Netflix potentially looking at some sports rights. Amazon seems to have had success with Late Thursday Football package. So Bob, I'm curious how you see the landscape changing as these new entrants come in, if you see it changing at all, and how it impacts the environment.

我的第二個問題是關於體育權利的。今天有一篇關於 Netflix 可能會考慮一些體育權利的文章。亞馬遜似乎在周四晚些時候的足球套餐方面取得了成功。所以鮑勃，我很好奇隨著這些新進入者的進入，你如何看待景觀的變化，如果你看到它發生了變化，以及它如何影響環境。

So I'll take the first one, Mike, on the revenue decline. So there are a couple of things. One is that on the ARPU, the impact of foreign exchange on ARPU was about half of the decline. And we do hedge and we have very successfully managed through this year's strong dollar for the most part. However, as you know, we are in markets all over the globe, and some of the markets in which we have launched their currency, we do not hedge for either extraordinarily high cost or illiquidity. So that foreign exchange impact is about half of the impact.

所以我會選擇第一個，邁克，關於收入下降。所以有幾件事。一是在ARPU上，外匯對ARPU的影響約為下降了一半。我們確實進行了對沖，並且在很大程度上成功地應對了今年的強勢美元。但是，如您所知，我們的市場遍布全球，在我們推出貨幣的一些市場中，我們不會對極高成本或流動性不足進行對沖。所以說外匯影響是影響的一半左右。

And the other one is lower pay-per-view and this was at ESPN+. We have UFC, but we had a different game sched -- different match schedule. You can tell I'm not a UFC fan when I call them games, but a different match schedule. And the omission of a key personality in MacGregor. So that actually were the 2 primary factors lowering that year-over-year revenue.

另一個是較低的按次付費，這是在 ESPN+。我們有 UFC，但我們有不同的比賽日程——不同的比賽日程。當我稱他們為比賽時，你可以看出我不是 UFC 粉絲，而是不同的比賽時間表。以及 MacGregor 中一個關鍵人物的遺漏。因此，這實際上是降低同比收入的兩個主要因素。

Bob, do you want to take the second?

鮑勃，你想拿第二個嗎？

Okay. Yes, in terms of the sort of the landscape changing with new entrants, we really like our strong position that we've got going forward, not only in terms of the breadth of the sports that we're engaged in, but also the terms of the deals that we have. So we've exercised with discipline. I think the college conferences in terms of our negotiation, making sure that we recognize that we don't need everything. We just need the right things.

好的。是的，就新進入者帶來的格局變化而言，我們真的很喜歡我們前進的強大地位，不僅在我們從事的運動的廣度方面，而且在條款方面我們的交易。所以我們有紀律。我認為大學會議就我們的談判而言，確保我們認識到我們並不需要一切。我們只需要正確的東西。

But also making sure that as we go forward, we're looking at multi-platform rights. We will not do deals where we don't get multi-platform rights to give us that very flexibility that we talked about toggling between sort of the more linear traditional legacy distribution channels and that of the more digital forward-looking platforms.

但也要確保在我們前進的過程中，我們正在考慮多平台權利。我們不會在沒有獲得多平台權利的情況下進行交易，從而為我們提供我們談到的在更線性的傳統傳統分銷渠道和更具數字化前瞻性平台之間切換的靈活性。

The big one that's coming up, obviously, for us would be the NBA. We'd love to be in business with the NBA. But again, we're going to do it in a fiscally responsible way and seeking multi-platform rights. So we feel really good about our position going forward with the rights that we've already got and the 1 or 2 that are still in play.

顯然，對我們來說，即將到來的大事件將是 NBA。我們很想與NBA做生意。但同樣，我們將以一種對財政負責的方式來做這件事，並尋求多平台權利。因此，我們對我們已經擁有的權利以及仍在發揮作用的 1 或 2 項權利感到非常滿意。

Thank you. I think with that, we'll conclude the call. I think we're out of time.

謝謝你。我認為，我們將結束通話。我想我們沒時間了。

And ladies and gentlemen, with that, we'll conclude today's conference call. We do thank you for joining. You may now disconnect your lines.

女士們，先生們，至此，我們將結束今天的電話會議。我們非常感謝您的加入。您現在可以斷開線路。

Okay. Thanks. Note -- I have to read a statement here, for those of you that are still on. Note that the reconciliation of non-GAAP measures that were referred to on this call to equivalent GAAP measures can be found in our Investor Relations website. Let me also remind you that certain statements on this call, including financial estimates or statements about our plans, guidance, expectations, lease or business prospects or other statements are not historical in nature and may constitute forward-looking statements under the securities laws.

好的。謝謝。注意——我必須在這裡閱讀一份聲明，對於那些仍在工作的人。請注意，本次電話會議中提到的非 GAAP 措施與等效 GAAP 措施的對賬可以在我們的投資者關係網站上找到。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、租賃或業務前景的陳述或其他陳述本質上不是歷史性的，並且可能構成證券法下的前瞻性陳述。

We make these statements on the basis of our views and assumptions regarding future events, business performance at the time that we make them and we do not undertake any obligation to update these statements. Forward-looking statements are subject to a number of risks and uncertainties, and actual results may differ materially from the results expressed or implied in light of a variety of factors, including economics or industry factors or execution risks, including the connection with our DTC business plans relating to content creation and future subscriber growth churn, financial impact of Disney+ ad tier and our new pricing model and cost rationalization.

我們根據我們對未來事件、做出這些陳述時的業務表現的看法和假設做出這些陳述，我們不承擔更新這些陳述的任何義務。前瞻性陳述受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（包括經濟或行業因素）或執行風險（包括與我們的 DTC 業務的聯繫）明示或暗示的結果存在重大差異有關內容創作和未來訂戶增長流失、Disney+ 廣告層的財務影響以及我們的新定價模式和成本合理化的計劃。

For more information about key risk factors, please refer to our Investor Relations website, the press release issued today, the risks or uncertainties described in our Form 10-K, Form 10-Q and other filings with the Securities and Exchange Commission. And we want to thank you all for joining us today and wish you a great rest of the day.

有關關鍵風險因素的更多信息，請參閱我們的投資者關係網站、今天發布的新聞稿、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或不確定性。我們要感謝大家今天加入我們，並祝愿你們度過美好的一天。

And ladies and gentlemen, with that, we will conclude today's presentation. We do thank you for joining. You may now disconnect your lines.

女士們，先生們，至此，我們將結束今天的演講。我們非常感謝您的加入。您現在可以斷開您的線路。