迪士尼 (DIS) 2023 Q1 法說會逐字稿

Good day, and welcome to The Walt Disney Company's First Quarter 2023 Financial Results Conference Call. (Operator Instructions). Please note, today's event is being recorded.

美好的一天，歡迎來到華特迪士尼公司 2023 年第一季度財務業績電話會議。 （操作員說明）。請注意，今天的活動正在錄製中。

I would now like to turn the conference over to Alexia Quadrani, Senior Vice President 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 First Quarter 2023 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 made available on our website.

下午好。我很高興歡迎大家參加華特迪士尼公司 2023 年第一季度財報電話會議。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，重播和文字記錄也將在我們的網站上提供。

Joining me for today's call are Bob Iger, Disney's Chief Executive Officer; and Christine McCarthy, Senior Executive Vice President and Chief Financial Officer. Following comments from Bob and Christine, we'll be happy to take some of your questions. We have a lot to get through today, but we'll do our best to answer as many questions as we can.

和我一起參加今天電話會議的有迪士尼首席執行官 Bob Iger；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。今天我們有很多事情要做，但我們會盡力回答盡可能多的問題。

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

因此，讓我把電話轉給鮑勃開始。

Thank you, Alexia, and good afternoon, everyone. It's an extraordinary privilege to lead this remarkable company again, especially at the special moment in its history as we celebrate our centenary.

謝謝 Alexia，大家下午好。再次領導這家卓越的公司是一種非凡的榮幸，尤其是在我們慶祝百年誕辰的特殊時刻。

Since I first became CEO in 2005, I have guided the Walt Disney Company through 2 significant transformations. The first was to confer greater creative control and authority to our creative businesses and to focus on great brands and franchises. It was also aimed at embracing new technologies and expanding internationally. It ultimately led to the acquisitions of Pixar, Marvel and Lucasfilm.

自 2005 年首次擔任首席執行官以來，我帶領華特迪士尼公司完成了兩次重大轉型。首先是賦予我們的創意業務更大的創意控制權和權力，並專注於偉大的品牌和特許經營權。它還旨在採用新技術並在國際上擴張。它最終導致了對皮克斯、漫威和盧卡斯影業的收購。

Second transformation took place beginning in 2016 when we laid the foundation for Disney to become a true digital company. As we were planning to launch our streaming platforms, the opportunity arose to acquire numerous assets from 21st Century Fox. And that acquisition gave us a bigger library with more franchises, a broader global reach and a talented experienced management team that enabled us to generate even more higher-quality content.

第二次轉型始於 2016 年，當時我們為迪士尼成為一家真正的數字公司奠定了基礎。當我們計劃推出我們的流媒體平台時，出現了從 21 世紀福克斯收購大量資產的機會。那次收購為我們提供了擁有更多特許經營權的更大圖書館、更廣泛的全球影響力和一支才華橫溢、經驗豐富的管理團隊，使我們能夠生成更多更高質量的內容。

In 2019, Disney+ launched, with nearly 500 films and 7,500 episodes of television from across the world of Disney. Three years later, its meteoric rise is considered one of the most successful rollouts in the history of the media business.

2019 年，Disney+ 推出，擁有來自迪士尼全球的近 500 部電影和 7,500 集電視節目。三年後，它的迅速崛起被認為是媒體行業歷史上最成功的推出之一。

Now it's time for another transformation, one that rationalizes our enviable streaming business and puts it on a path to sustained growth and profitability while also reducing expenses to improve margins and returns and better positioning us to weather future disruption, increased competition and global economic challenges. We must also return creativity to the center of the company, increase accountability, improve results and ensure the quality of our content and experiences.

現在是進行另一次轉型的時候了，該轉型使我們令人羨慕的流媒體業務合理化，使其走上持續增長和盈利的道路，同時減少開支以提高利潤率和回報，並更好地讓我們應對未來的混亂、日益激烈的競爭和全球經濟挑戰。我們還必須將創造力回歸公司的核心，加強問責制，改善結果並確保我們的內容和體驗的質量。

Now the details. Our company is fueled by storytelling and creativity. And virtually every dollar we earn, every transaction, every interaction with our consumers emanates from something creative. I've always believed that the best way to spur great creativity is to make sure that people who are managing the creative processes feel empowered.

現在是細節。我們公司以講故事和創造力為動力。事實上，我們賺取的每一美元、每筆交易、與消費者的每一次互動都源於創意。我一直認為，激發偉大創造力的最佳方式是確保管理創意過程的人感到被賦予了權力。

Therefore, our new structure is aimed at returning greater authority to our creative leaders and making them accountable for how their content performs financially. Our former structure severed that link, and it must be restored. Moving forward, our creative teams will determine what content we're making, how it is distributed and monetized and how it gets marketed.

因此，我們的新結構旨在將更大的權力還給我們的創意領導者，並讓他們對其內容的財務表現負責。我們以前的結構切斷了那個鏈接，它必須被恢復。展望未來，我們的創意團隊將決定我們製作的內容、內容的分發和貨幣化方式以及營銷方式。

Managing costs, maximizing revenue and driving growth from the content being produced will be their responsibility. Under our strategic reorganization, there will be 3 core business segments: Disney Entertainment, ESPN and Disney Parks, Experiences and Products.

管理成本、最大化收入和推動所製作內容的增長將是他們的責任。根據我們的戰略重組，將有 3 個核心業務部門：迪士尼娛樂、ESPN 和迪士尼樂園、體驗和產品。

Alan Bergman and Dana Walden will be Co-Chairman of Disney Entertainment, which will include the company's full portfolio of entertainment, media and content businesses globally, including streaming. Jimmy Pitaro will continue to serve as Chairman of ESPN, which will include ESPN Networks, ESPN+ and our international sports channels. And Josh D'Amaro will continue to be Chairman of Disney Parks, Experiences and Products, which will include our theme parks, resort destinations and cruise line as well as Disney's consumer products, games and publishing businesses.

Alan Bergman 和 Dana Walden 將擔任迪士尼娛樂公司的聯席董事長，這將包括該公司在全球範圍內的全部娛樂、媒體和內容業務組合，包括流媒體業務。 Jimmy Pitaro 將繼續擔任 ESPN 的主席，ESPN 將包括 ESPN Networks、ESPN+ 和我們的國際體育頻道。 Josh D'Amaro 將繼續擔任迪士尼樂園、體驗和產品的主席，其中包括我們的主題公園、度假勝地和遊輪航線，以及迪士尼的消費品、遊戲和出版業務。

These organizational changes will be implemented immediately, and we will begin reporting under the new business structure by the end of the fiscal year. This reorganization will result in a more cost-effective, coordinated and streamlined approach to our operations. And we are committed to running our businesses more efficiently, especially in a challenging economic environment.

這些組織變革將立即實施，我們將在本財年末開始根據新的業務結構進行報告。此次重組將為我們的運營帶來更具成本效益、協調和簡化的方法。我們致力於更高效地開展業務，尤其是在充滿挑戰的經濟環境中。

In that regard, we are targeting $5.5 billion of cost savings across the company. First, reductions to our non-content costs will total roughly $2.5 billion, not adjusted for inflation. $1 billion in savings is already underway, and Christine will provide more details. But in general, the savings will come from reductions in SG&A and other operating costs across the company.

在這方面，我們的目標是在整個公司範圍內節省 55 億美元的成本。首先，我們的非內容成本減少總額約為 25 億美元，未針對通貨膨脹進行調整。 10 億美元的儲蓄已經在進行中，Christine 將提供更多細節。但總的來說，節省的資金將來自整個公司 SG&A 和其他運營成本的減少。

To help achieve this, we will be reducing our workforce by approximately 7,000 jobs. While this is necessary to address the challenges we're facing today, I do not make this decision lightly. I have enormous respect and appreciation for the talent and dedication of our employees worldwide, and I'm mindful of the personal impact of these changes.

為幫助實現這一目標，我們將裁員約 7,000 人。雖然這對於應對我們今天面臨的挑戰是必要的，但我不會輕易做出這個決定。我對我們全球員工的才華和奉獻精神深表敬意和讚賞，我也注意到這些變化對個人的影響。

On the content side, we expect to deliver approximately $3 billion in savings over the next few years, excluding sports. Christine will be providing more details during the call. Turning to our streaming businesses. I'm proud of what we've been able to achieve since the launch of Disney+ just 3 years ago. We are delivering more content with greater quality in more ways, in more places and to larger audiences.

在內容方面，我們預計未來幾年將節省約 30 億美元，不包括體育內容。 Christine 將在通話期間提供更多詳細信息。轉向我們的流媒體業務。自 3 年前推出 Disney+ 以來，我為我們所取得的成就感到自豪。我們正在以更多方式、更多地點向更多受眾提供更多質量更高的內容。

Like many of our peers, we will no longer be providing long-term subscriber guidance in order to move beyond an emphasis on short-term quarterly metrics, although we will provide color on relevant drivers. Instead, our priority is the enduring growth and profitability of our streaming business. Our current forecasts indicate Disney+ will hit profitability by the end of fiscal 2024, and achieving that remains our goal.

與我們的許多同行一樣，我們將不再提供長期訂戶指導，以超越對短期季度指標的強調，儘管我們將提供相關驅動因素的顏色。相反，我們的首要任務是流媒體業務的持久增長和盈利能力。我們目前的預測表明，Disney+ 將在 2024 財年末實現盈利，而實現這一目標仍然是我們的目標。

Since my return, I have drilled down into every facet of the streaming business to determine how to achieve both profitability and growth. And so with that goal in mind, we will focus even more on our core brands and franchises, which have consistently delivered higher returns. We will aggressively curate our general entertainment content. We will reassess all markets we have launched in and also determine the right balance between global and local content.

回國後，我深入研究了流媒體業務的各個方面，以確定如何實現盈利和增長。因此，考慮到這一目標，我們將更加關注我們的核心品牌和特許經營權，它們一直在提供更高的回報。我們將積極策劃我們的一般娛樂內容。我們將重新評估我們推出的所有市場，並確定全球內容和本地內容之間的適當平衡。

We'll adjust our pricing strategy, including a full examination of our promotional strategies. We will fine-tune our advertising initiatives on all streaming platforms. We will improve our marketing, better balancing platform and program marketing while also leveraging our legacy distribution platforms for marketing and programming. This may include greater use of legacy distribution opportunities to increase revenue and more effectively amortize content investment.

我們將調整我們的定價策略，包括全面檢查我們的促銷策略。我們將微調我們在所有流媒體平台上的廣告計劃。我們將改進我們的營銷，更好地平衡平台和程序營銷，同時利用我們的傳統分發平台進行營銷和編程。這可能包括更多地利用傳統發行機會來增加收入和更有效地攤銷內容投資。

And as I said before, our new organizational structure will reestablish the direct link between content decisions and financial performance. This is one of the most important steps we can take to improve the economics of our streaming business. There's a lot to accomplish, but let me be clear. This is my #1 priority. We are focused on the success of our streaming business and the return it generates for our shareholders long into the future.

正如我之前所說，我們新的組織結構將重新建立內容決策與財務績效之間的直接聯繫。這是我們可以採取的提高流媒體業務經濟性的最重要步驟之一。有很多事情要做，但讓我說清楚。這是我的第一要務。我們專注於我們的流媒體業務的成功以及它在未來很長一段時間內為我們的股東帶來的回報。

Before I turn this over to Christine, a few comments about the quarter. James Cameron's Avatar: The Way of Water, which was easily the most successful film of the quarter, has become the fourth biggest film of all time globally with close to $2.2 billion earned at the box office to date. The global popularity of this film will result in the creation of more opportunities for fans to engage with the franchise, which they've been doing at Walt Disney World's Pandora - the World of Avatar, as well as in theaters globally and on Disney+, where the first film has delivered very strong numbers.

在我把這個交給克里斯汀之前，先談談這個季度的一些評論。詹姆斯·卡梅隆 (James Cameron) 的《阿凡達》(Avatar)：水之道 (The Way of Water) 輕而易舉地成為本季度最成功的電影，現已成為全球有史以來第四大電影，迄今為止票房收入接近 22 億美元。這部電影的全球流行將為影迷創造更多參與特許經營權的機會，他們一直在沃爾特迪斯尼世界的潘多拉 - 阿凡達世界，以及全球影院和 Disney+ 上這樣做，在那裡第一部電影取得了非常強勁的成績。

And today, I'm thrilled to announce that we will be bringing an exciting Avatar experience to Disneyland. We'll be sharing more details on that very soon. Avatar represents yet another core franchise for the company. And as you've seen time and time again, we have a unique way of leveraging creative success across multiple businesses and territories and over long periods of time.

今天，我很高興地宣布，我們將為迪士尼樂園帶來激動人心的阿凡達體驗。我們很快就會分享更多細節。 《阿凡達》代表了該公司的另一個核心特許經營權。正如您一次又一次地看到的那樣，我們有一種獨特的方式可以在多個業務和地區以及長期內利用創造性的成功。

Speaking of our parks, we had an outstanding quarter in Q1, while we continued our purposeful efforts to control capacity to preserve guest experience. Last month, we also announced some price adjustments in our parks. We're listening to guest feedback, and we are continuously working to improve the quality and value of their experience.

說到我們的公園，我們在第一季度表現出色，同時我們繼續有目的地努力控制容量以保持遊客體驗。上個月，我們還宣布了我們公園的一些價格調整。我們正在傾聽客人的反饋，並不斷努力提高他們的體驗質量和價值。

We're also proud of our creative success as we led all studios with the most Academy Award nominations, including 2 best picture nominations: 20th Century Studio's Avatar: The Way of Water and Searchlight Pictures' The Banshees of Inisherin. Marvel's Black Panther: Wakanda Forever received 5 Oscar nominations. And in addition to an $840 million run at the box office, it launched on Disney+ last week, and it has quickly become one of the most successful Marvel films on the platform.

我們也為我們在創意方面的成功感到自豪，因為我們在所有工作室中獲得了最多的奧斯卡獎提名，其中包括 2 項最佳影片提名：20 世紀工作室的《阿凡達：水之道》和探照燈影業的《伊尼舍林的女妖》。漫威的黑豹：永遠的瓦坎達獲得了 5 項奧斯卡提名。除了 8.4 億美元的票房收入外，它上週還在 Disney+ 上線，並迅速成為該平台上最成功的漫威電影之一。

Looking ahead, we are excited about our fantastic lineup of new films coming to theaters this year, starting with next week's release of Marvel's Ant-Man and the Wasp: Quantumania; followed by other highly anticipated theatrical titles, including The Little Mermaid; Guardians of the Galaxy Volume 3; Pixar's Elemental; Indiana Jones and the Dial of Destiny; and Disney's Haunted Mansion. Lucasfilms' The Mandalorian, the series that started it all for Disney+, will be back at the beginning of March for its highly anticipated third season.

展望未來，我們對今年即將上映的精彩新片陣容感到興奮，首先是下週上映的漫威蟻俠與黃蜂女：量子狂熱；隨後是其他備受期待的戲劇作品，包括《小美人魚》；銀河護衛隊第 3 卷；皮克斯元素；奪寶奇兵與命運轉盤；和迪士尼的鬼屋。盧卡斯影業的曼達洛人是 Disney+ 的開端系列，將於 3 月初回歸備受期待的第三季。

And today, I'm so pleased to announce that we have sequels in the works from our animation studios to some of our most popular franchises: Toy Story, Frozen and Zootopia. We'll have more to share about these production soon, but this is a great example of how we're leaning into our unrivaled brands and franchises.

今天，我很高興地宣布，我們的動畫工作室正在製作一些最受歡迎的系列作品的續集：《玩具總動員》、《冰雪奇緣》和《瘋狂動物城》。我們很快就會分享更多關於這些產品的信息，但這是一個很好的例子，說明我們如何依靠我們無與倫比的品牌和特許經營權。

The Walt Disney Company also won more Golden Globes than any other entertainment company this year, a total of 9, including for Abbott Elementary, the first broadcast show to win a Golden Globe for Best Series in nearly a decade. Without question, we have a world-class television business that fuels both our linear channels and direct-to-consumer services, especially with the assets acquired through the Fox transaction.

沃爾特迪斯尼公司今年贏得的金球獎也比任何其他娛樂公司都多，一共 9 座，其中包括雅培小學，這是近十年來首次獲得金球獎最佳劇集獎的廣播節目。毫無疑問，我們擁有世界一流的電視業務，為我們的線性頻道和直接面向消費者的服務提供了動力，尤其是通過 Fox 交易獲得的資產。

It goes without saying that the best shows lead to the most lucrative library and have the power to endure because of their quality. The Simpsons illustrates this perfectly. Disney+ launched back in 2019 with more than 30 seasons, and it remains one of our top performers today.

不用說，最好的節目會帶來最賺錢的圖書館，並因其質量而具有經久不衰的力量。辛普森一家完美地說明了這一點。 Disney+ 於 2019 年推出，共有 30 多季，至今仍是我們表現最好的節目之一。

Across the board, our television business is second to none, and that includes ABC News, which remains America's #1 news network. The power of ESPN brand also continues to deliver for us. In calendar '22, ESPN linear ratings were up 8% overall and 14% in prime time, and we are also growing rapidly across our digital platforms.

總體而言，我們的電視業務首屈一指，其中包括 ABC 新聞，它仍然是美國排名第一的新聞網絡。 ESPN 品牌的力量也繼續為我們傳遞。在 22 年日曆中，ESPN 的線性收視率整體上升了 8%，黃金時段上升了 14%，而且我們的數字平台也在快速增長。

We're being selective in our rights renewals and continue to approach rights acquisition with discipline and a focus on supporting both sides of ESPN's business: traditional linear and digital. ESPN is more than just a network. And today, the team is harnessing innovative technology to deliver spectacular coverage and entertainment to audiences who have a deep connection to the brand and content.

我們在權利續約方面有選擇性，並繼續以紀律方式處理權利收購，並專注於支持 ESPN 業務的兩方面：傳統線性和數字。 ESPN 不僅僅是一個網絡。如今，該團隊正在利用創新技術為與品牌和內容有著深厚聯繫的觀眾提供精彩的報導和娛樂。

Now when it comes to investing in growth and returning capital to shareholders, we will take a balanced and disciplined approach as we did throughout my previous tenure as CEO when we invested in our core businesses and acquired new ones, bought back stock and paid a dividend to our shareholders. As a result of the impact of the COVID pandemic, we made the decision to suspend the dividend in the spring of 2020.

現在，在投資增長和向股東返還資本方面，我們將採取平衡和有紀律的方法，就像我在上任首席執行官期間投資核心業務、收購新業務、回購股票和支付股息時所做的那樣給我們的股東。由於 COVID 大流行的影響，我們決定在 2020 年春季暫停分紅。

Now that the pandemic's impacts to our business are largely behind us, we intend to ask the Board to approve the reinstatement of a dividend by the end of the calendar year. Our cost-cutting initiatives will make this possible. And while initially it will be a modest dividend, we hope to build upon it over time. Christine will provide more information on that.

既然大流行病對我們業務的影響已基本過去，我們打算要求董事會批准在日曆年年底前恢復股息。我們的成本削減計劃將使這成為可能。雖然最初這將是一筆適度的紅利，但我們希望隨著時間的推移在它的基礎上再接再厲。 Christine 將提供更多相關信息。

And finally, on the topic of succession, the Board recently established a dedicated Succession Planning Committee. The committee is chaired by Mark Parker, who will become Chairman of the Walt Disney Company's Board following our annual meeting. I'm excited to work with him in his new capacity, and I'm grateful to our outgoing Board Chairman, Susan Arnold, for her 15 years of tremendous service.

最後，關於繼任主題，董事會最近成立了一個專門的繼任計劃委員會。該委員會由馬克帕克擔任主席，他將在我們的年會後成為華特迪士尼公司董事會主席。我很高興能以他的新身份與他一起工作，我很感謝我們即將離任的董事會主席蘇珊阿諾德 15 年來的出色服務。

Obviously, there's a lot going on, but as I said before, I'm truly excited to be back and to lead this great company through this necessary transformation. I'm grateful for our incredible talent and my exceptional leadership team. And with that, I will turn things over to Christine.

顯然，發生了很多事情，但正如我之前所說，我真的很高興能夠回來並帶領這家偉大的公司完成這一必要的轉型。我感謝我們令人難以置信的才能和我出色的領導團隊。有了這個，我會把事情交給克里斯汀。

Thank you, Bob. It's great to have you back on these calls, and good afternoon, everyone. Excluding certain items, our company's diluted earnings per share for the first fiscal quarter of 2023 was $0.99, a decrease of $0.07 versus the prior year, as continued strength at our Parks, Experiences and Products business was more than offset by a year-over-year decline at our Media Entertainment and Distribution segment.

謝謝你，鮑勃。很高興你能回到這些電話中，大家下午好。不計入某些項目，我們公司 2023 年第一財季的攤薄後每股收益為 0.99 美元，比上年減少 0.07 美元，原因是我們的公園、體驗和產品業務的持續強勁被同比增長所抵消我們的媒體娛樂和發行部門同比下降。

You heard earlier that we're embarking on a significant company-wide cost reduction plan that we expect will reduce annualized noncontent-related expenses by roughly $2.5 billion, not including inflation. In general, we anticipate these reductions will be comprised of approximately 50% marketing, 30% labor and 20% technology, procurement and other expenses.

您之前聽說我們正在著手實施一項重大的全公司成本削減計劃，我們預計該計劃將使年度非內容相關費用減少約 25 億美元，其中不包括通貨膨脹。總的來說，我們預計這些削減將包括大約 50% 的營銷、30% 的勞動力和 20% 的技術、採購和其他費用。

Around $1 billion of this target was included in the guidance we gave last quarter. That fiscal 2023 segment operating income should grow in the high single-digit percentage range, which is still our current expectation. The bulk of the efficiencies we are realizing this year are related to reductions in marketing and headcount at DMED.

我們上個季度給出的指導中包含了大約 10 億美元的目標。 2023 財年分部營業收入應在高個位數百分比範圍內增長，這仍然是我們目前的預期。我們今年實現的大部分效率都與 DMED 的營銷和員工人數減少有關。

The remaining portion of the target represents incremental SG&A and other operating expense savings, which will fully materialize by the end of fiscal 2024. Longer term, we also expect to realize additional efficiencies in our content spending, with an annualized savings target of approximately $3 billion of future spending outside of sports. We will share additional details with you as we move forward on realizing these efficiencies.

目標的剩餘部分代表增加的 SG&A 和其他運營費用節省，這將在 2024 財年末完全實現。從長遠來看，我們還希望在內容支出方面實現更高的效率，年化節省目標約為 30 億美元未來在體育之外的支出。在實現這些效率的過程中，我們將與您分享更多詳細信息。

Bob also gave you some details earlier on the company's reorganization. The new structure and leadership roles are effective immediately, and we expect to transition to financial reporting under this structure by the end of the fiscal year, at which point we will provide recast financials under our new segments. Until then, I'll be walking through our results under the existing segments.

Bob 早些時候還向您介紹了公司重組的一些細節。新的結構和領導角色立即生效，我們預計在本財年末過渡到這種結構下的財務報告，屆時我們將在新部門下提供重鑄的財務報告。在那之前，我將在現有細分下瀏覽我們的結果。

Turning to Parks, Experiences and Products. We're thrilled with the results we achieved this quarter, with operating income increasing 25% versus the prior year to over $3 billion, reflecting increases at our Domestic and International Parks and Experiences businesses. At Domestic Parks and Experiences, significant revenue and operating income growth in the quarter was achieved despite purposefully reducing capacity during select peak holiday periods by approximately 20% versus pre-pandemic levels in order to prioritize the guest experience. Per capita guest spend at our domestic parks also showed strong growth.

轉向公園、體驗和產品。我們對本季度取得的成果感到興奮，營業收入比上年增長 25%，超過 30 億美元，反映了我們國內和國際公園和體驗業務的增長。在 Domestic Parks and Experiences，儘管為了優先考慮遊客體驗，有意將特定高峰假期期間的容量與大流行前的水平相比減少了約 20%，但本季度的收入和營業收入仍實現了顯著增長。我們國內公園的人均遊客消費也呈現強勁增長。

Quarter-to-date, park attendance at both Walt Disney World and Disneyland Resort are pacing above prior year. And based on reservation bookings, we expect to see this trend continue. Disney Cruise Line was also a meaningful contributor to the year-over-year increase in domestic operating income, reflecting higher occupancy in the existing fleet as well as the Disney Wish, which generated positive operating income in its first full quarter of operations.

本季度至今，華特迪士尼世界和迪士尼樂園度假區的公園客流量均高於去年同期。根據預訂量，我們預計這種趨勢會繼續下去。迪士尼遊輪公司對國內營業收入的同比增長也做出了重要貢獻，反映出現有船隊以及迪士尼願望號的入住率更高，後者在其第一個完整運營季度產生了正營業收入。

Domestic Parks and Experiences operating margins improved versus the prior year despite increased costs from inflation, operation support and new guest offerings, pressures which we expect will persist into Q2 and beyond. At International Parks and Experiences, higher year-over-year results were due to growth at Disneyland Paris and higher royalty revenue from Tokyo Disney Resort, partially offset by a decrease at Shanghai Disney Resort.

儘管通貨膨脹、運營支持和新客人服務導致成本增加，但國內公園和體驗的營業利潤率比上一年有所提高，我們預計壓力將持續到第二季度及以後。在國際主題公園和體驗中心，較高的同比業績歸因於巴黎迪士尼樂園的增長和東京迪士尼度假區較高的特許權使用費收入，部分被上海迪士尼度假區的下降所抵消。

At Disneyland Paris, we remain pleased with the positive results we're seeing from the substantial investments we've made there. And at Shanghai, results reflect the fact that the resort was closed for roughly a month during Q1 of fiscal 2023.

在巴黎迪士尼樂園，我們對在那裡進行的大量投資所取得的積極成果感到高興。在上海，結果反映了一個事實，即該度假村在 2023 財年第一季度關閉了大約一個月。

Moving on to our Media and Entertainment Distribution segment. Operating income in the first quarter decreased by over $800 million versus the prior year, driven by year-over-year declines across Direct-to-Consumer, Linear Networks and Content Sales, Licensing and Other. However, we delivered a significant improvement on a quarter-over-quarter basis at our Direct-to-Consumer business as we progress on our path towards profitability, with Q1 operating losses improving sequentially by over $400 million from Q4.

繼續我們的媒體和娛樂分銷部門。第一季度的營業收入比上年同期減少了 8 億多美元，這是受直接面向消費者、線性網絡和內容銷售、許可及其他業務的同比下降的推動。然而，隨著我們在盈利道路上取得進展，我們的直接面向消費者的業務環比有了顯著改善，第一季度的營業虧損比第四季度連續減少了 4 億美元以上。

The sequential improvement at DTC was driven by higher revenue and lower SG&A costs, partially offset by higher programming and production costs. Notably, in the first quarter, we meaningfully reduced DTC marketing expenses across all 3 categories: content, brand and performance.

DTC 的連續改善是由更高的收入和更低的 SG&A 成本推動的，部分被更高的編程和生產成本所抵消。值得注意的是，在第一季度，我們顯著減少了所有 3 個類別的 DTC 營銷費用：內容、品牌和績效。

At both ESPN+ and Hulu, subscribers and ARPU grew sequentially, with ARPU growth reflecting the impact of price increases that occurred in August and October, respectively. And at Disney+, core subscribers increased slightly, in line with our prior guidance from $102.9 million in the fourth quarter to $104.3 million in Q1.

在 ESPN+ 和 Hulu，訂戶數和 ARPU 環比增長，其中 ARPU 的增長分別反映了 8 月和 10 月價格上漲的影響。在 Disney+，核心訂戶略有增長，符合我們先前的指引，從第四季度的 1.029 億美元增至第一季度的 1.043 億美元。

Disney+ core ARPU decreased by $0.19 versus the prior quarter, driven by an unfavorable foreign exchange impact and a higher mix of subscribers to our multiproduct offerings, partially offset by a benefit from the recent domestic price increase, which occurred towards the end of the first fiscal quarter. There are a few factors worth mentioning that we expect will impact Disney+ core subscriber and ARPU growth in Q2.

Disney+ 核心 ARPU 較上一季度下降 0.19 美元，原因是不利的外匯影響和我們多產品產品的訂戶組合增加，部分被第一財年末發生的近期國內價格上漲的好處所抵消四分之一。有幾個因素值得一提，我們預計它們將影響第二季度 Disney+ 核心用戶和 ARPU 的增長。

The Disney+ domestic price increase has been playing out as expected, with only modestly higher churn, which may also negatively impact the fiscal second quarter given the timing of the December price increase. That impact, in addition to slower than previously expected growth in some international markets, suggests core Disney+ subs may grow only modestly in Q2 at a similar pace to the first quarter. As we have said before, sub growth will vary quarter-to-quarter, and we expect to see higher core subscriber growth towards the end of the fiscal year.

Disney+ 國內價格上漲如預期般發揮作用，客戶流失率僅略有上升，考慮到 12 月價格上漲的時間，這也可能對第二財季產生負面影響。這種影響，加上一些國際市場的增長低於此前預期，表明核心 Disney+ 訂閱量在第二季度可能僅以與第一季度相似的速度溫和增長。正如我們之前所說，子增長將因季度而異，我們預計在本財年末將看到更高的核心用戶增長。

Disney+ core ARPU will continue to benefit in the second quarter from the domestic price increase. And while it's only been 2 months since the launch of the Disney+ ad tier, we are pleased with the initial response, which includes continued demand from top-tier advertisers. As I mentioned last quarter, we do not expect the launch of the Disney+ ad tier to provide a meaningful financial impact until later this fiscal year.

二季度Disney+核心ARPU將繼續受益於國內漲價。雖然 Disney+ 廣告層推出僅 2 個月，但我們對初步反應感到滿意，其中包括來自頂級廣告商的持續需求。正如我在上個季度提到的，我們預計 Disney+ 廣告層的推出要到本財年晚些時候才能產生有意義的財務影響。

And like Bob said, we are reaffirming our guidance that Disney+ will achieve profitability by the end of fiscal 2024. Although, as I have mentioned before, our expectations are built on certain assumptions around subscriber additions based on the attractiveness of our future content, churn expectations, the financial impact of the Disney+ ad tier and price increases, our ability to quickly execute on cost rationalization while preserving revenue and macroeconomic conditions, all of which, while based on extensive internal analysis as well as recent experience, provide a layer of uncertainty in our outlook.

就像 Bob 所說的那樣，我們重申我們的指導意見，即 Disney+ 將在 2024 財年末實現盈利。儘管正如我之前提到的，我們的預期是基於我們未來內容的吸引力而對訂閱者增加的某些假設，流失預期、Disney+ 廣告層級和價格上漲的財務影響、我們在保持收入和宏觀經濟狀況的同時快速執行成本合理化的能力，所有這些基於廣泛的內部分析和最近的經驗，提供了一層不確定性在我們看來。

We remain focused on showing incremental improvements in our DTC metrics, and we will continue to provide transparency into our progress and key drivers. In our prior earnings call, we noted that we expected the improvement in Q2 operating results at Direct-to-Consumer would be larger than the improvement in Q1. We now expect Q2 DTC operating results to improve sequentially by approximately $200 million as improvements in the first quarter materialized more quickly than previously expected. Additionally, our view on Q2 now incorporates more challenging addressable advertising headwinds.

我們仍然專注於展示我們 DTC 指標的漸進式改進，我們將繼續為我們的進展和關鍵驅動因素提供透明度。在我們之前的財報電話會議中，我們指出，我們預計直接面向消費者的第二季度經營業績的改善將大於第一季度的改善。我們現在預計第二季度 DTC 經營業績將連續改善約 2 億美元，因為第一季度的改善比之前預期的更快。此外，我們對第二季度的看法現在包含更具挑戰性的可解決廣告逆風。

Moving on to Linear Networks. First quarter operating income decreased by approximately $240 million versus the prior year. Domestic Channels operating income grew year-over-year, but that growth was more than offset by decreases at International Channels. The increase at Domestic Channels was due to higher results at cable, while broadcasting results were comparable to the prior year quarter. Higher cable results were driven by lower programming and production costs, partially offset by decreases in advertising and affiliate revenue.

轉到線性網絡。第一季度營業收入比上年減少約 2.4 億美元。國內渠道營業收入同比增長，但這一增長被國際渠道的下降所抵消。國內頻道的增長是由於有線電視的業績增長，而廣播業務的業績與去年同期相當。較高的有線電視業績是由較低的節目和製作成本推動的，部分被廣告和附屬公司收入的減少所抵消。

The decrease in programming and production costs reflect lower NFL and College Football Playoff or CFP rights costs. The decline in NFL rights expense reflects the timing of costs under our new agreement compared to the prior NFL agreement. And lower CFP rights costs were due to timing shifts. Recall that we had 2 fewer games in the first quarter of fiscal 2023 versus the prior year as those games were shifted into Q2 this year.

節目和製作成本的下降反映了 NFL 和大學橄欖球季后賽或 CFP 權利成本的降低。 NFL 權利費用的下降反映了與之前的 NFL 協議相比，我們新協議的成本時間安排。較低的 CFP 權利成本是由於時間變化。回想一下，我們在 2023 財年第一季度的比賽比上一年減少了 2 場，因為這些比賽被轉移到了今年的第二季度。

The decrease in cable advertising revenue also reflects the CFP timing shift. ESPN advertising revenue in the first quarter was down 4% year-over-year, but was roughly flat once adjusted for the CFP shift. And quarter-to-date, domestic cash ad sales at ESPN are pacing slightly below prior year when the 2 additional CFP games are adjusted out.

有線廣告收入的減少也反映了 CFP 的時間轉移。 ESPN 第一季度廣告收入同比下降 4%，但在針對 CFP 轉變進行調整後大致持平。本季度至今，ESPN 的國內現金廣告銷售速度略低於去年同期，當時調整了另外 2 場 CFP 比賽。

Scatter pricing remains above upfront levels, although it has softened a bit in recent months. However, we are seeing solid advertiser interest for live events such as the Oscars, and demand across sports also remains solid. Total domestic affiliate revenue in the first quarter increased by 1% from the prior year, driven by 6 points of growth from contractual rate increases, partially offset by a 5-point decline due to a decrease in subscribers.

分散定價仍高於前期水平，儘管最近幾個月有所緩和。然而，我們看到廣告商對奧斯卡頒獎典禮等現場活動有著濃厚的興趣，而且對體育運動的需求也依然強勁。第一季度國內附屬公司總收入比上年同期增長 1%，這主要得益於合同費率增長 6 個百分點的增長，部分被訂戶減少導致的 5 個百分點的下降所抵消。

international Channels operating income decreased versus the prior year due to lower advertising revenue and unfavorable foreign exchange impact and a decrease in affiliate revenue, partially offset by a decrease in programming and production costs. As a reminder, the first quarter held no IPL cricket matches versus 13 matches in the prior year due to COVID-related timing shifts.

由於廣告收入減少和不利的外匯影響以及附屬公司收入減少，國際頻道營業收入較上年有所減少，部分被節目和製作成本的減少所抵消。提醒一下，由於與 COVID 相關的時間變化，第一季度沒有舉行 IPL 板球比賽，而去年有 13 場比賽。

Looking ahead to the fiscal second quarter, we expect Linear Networks operating income will decrease year-over-year by approximately $1 billion. We expect Q2 will have the most challenging comparison for Linear Networks versus the prior year and anticipate a significantly lower decline in the back half of the year.

展望第二財季，我們預計 Linear Networks 的營業收入將同比減少約 10 億美元。我們預計第二季度將對 Linear Networks 與上一年進行最具挑戰性的比較，並預計今年下半年的跌幅將大大降低。

There are several factors impacting the Q2 guide that I'd like to walk through. First, recall that domestic Linear Networks operating income increased in Q1 versus the prior year, benefiting from the timing of costs under a new agreement for the NFL and a timing impact for CFP. These impacts will work against us in Q2. And as a result, ESPN is expected to account for approximately half of the $1 billion operating income decrease.

我想介紹一下影響 Q2 指南的幾個因素。首先，回想一下，國內 Linear Networks 的營業收入在第一季度比上一年有所增加，這得益於 NFL 新協議下的成本時間安排以及對 CFP 的時間安排影響。這些影響將在第二季度對我們不利。因此，ESPN 預計將佔營業收入減少 10 億美元的一半左右。

Broadcasting and our other domestic cable networks will be adversely impacted in the second quarter by approximately $300 million, driven primarily by headwinds in advertising and, to a lesser extent, affiliate revenue. And International Channels account for the remaining $200 million decrease. This includes timing impacts from BCCI cricket with 8 additional matches versus the prior year, other contractual rights cost increases and additional top line headwinds.

廣播和我們的其他國內有線網絡將在第二季度受到約 3 億美元的不利影響，這主要是由於廣告方面的不利因素，以及較小程度上的附屬收入。國際渠道佔剩餘的 2 億美元的減少。這包括 BCCI 板球比賽的時間影響，與上一年相比增加了 8 場比賽，其他合同權利成本增加以及額外的頂線逆風。

And at Content Sales/Licensing and Other, operating results decreased versus the prior year by $114 million as higher theatrical results were more than offset by lower TV/SVOD operating income, higher overhead costs and a decrease in home entertainment operating income. These results came in below the guidance we gave in November, primarily due to softer-than-expected performance of certain theatrical releases. In the second quarter, we believe that Content Sales/Licensing and Other operating results will be roughly breakeven.

在內容銷售/許可和其他方面，經營業績較上年減少 1.14 億美元，原因是較高的影院業績被較低的電視/SVOD 營業收入、較高的間接費用和家庭娛樂營業收入的減少所抵消。這些結果低於我們在 11 月份給出的指引，這主要是由於某些影院上映的表現低於預期。第二季度，我們認為內容銷售/許可和其他經營業績將大致達到收支平衡。

Finally, before we conclude, I'd like to say a few words about our focus on allocating capital in a disciplined and balanced way. As Bob mentioned, over the years, we have invested in our businesses to drive growth and return meaningful capital to our shareholders. Despite the impact of COVID, which had a significant adverse impact on the company's free cash flow, our balance sheet is strong and supports ongoing investment in our businesses.

最後，在我們結束之前，我想就我們專注於以有紀律和平衡的方式分配資本說幾句話。正如 Bob 提到的那樣，多年來，我們對我們的業務進行了投資，以推動增長並將有意義的資本回報給我們的股東。儘管 COVID 的影響對公司的自由現金流產生了重大不利影響，但我們的資產負債表仍然強勁，並支持對我們業務的持續投資。

We still expect cash content spend company-wide to remain in the low $30 billion range for fiscal 2023. The longer-term content cost reductions referenced earlier in the call are not expected to impact this year's guidance range. We also continue to invest in our Parks and Experiences globally and in other capital projects across the enterprise and expect that fiscal 2023 capital expenditures will total approximately $6 billion. This is lower than our prior guide of $6.7 billion primarily due to decreases in CapEx on our domestic parks, reflecting, in part, some timing shifts.

我們仍然預計 2023 財年全公司的現金內容支出將保持在 300 億美元的低位範圍內。電話會議早些時候提到的長期內容成本削減預計不會影響今年的指導範圍。我們還繼續在全球範圍內投資於我們的公園和體驗以及整個企業的其他資本項目，預計 2023 財年的資本支出總額將約為 60 億美元。這低於我們之前的 67 億美元指南，這主要是由於我們國內公園的資本支出減少，部分反映了一些時間上的變化。

Like Bob mentioned, given our recovery from the pandemic, strong balance sheet and commitment to cost cutting, we believe we'll be on track to declare a modest dividend by the end of this calendar year. The amount will likely be a small fraction of our pre-COVID dividend with the intention to increase it over time as our earnings power grows. And in terms of our current outlook, as we sit here today, we still expect that revenue and segment operating income growth for this fiscal year will be in the high single-digit percentage range, and we look forward to updating you on our progress as we move forward.

正如 Bob 提到的那樣，鑑於我們從大流行病中復蘇、資產負債表強勁以及對削減成本的承諾，我們相信我們將有望在本日曆年年底宣布適度的股息。該金額可能只是我們 COVID 前股息的一小部分，目的是隨著我們盈利能力的增長而隨著時間的推移而增加。就我們目前的前景而言，正如我們今天坐在這裡，我們仍然預計本財年的收入和部門營業收入增長將處於高個位數百分比範圍內，我們期待著向您介紹我們的進展情況我們前進。

I'd also like to note that shortly after today's call, we will be posting a presentation on our Investor Relations website, which will summarize many of the themes that we are discussing here today. And with that, I'll turn it back to Alexia, and we would be happy to take your questions.

我還想指出，在今天的電話會議後不久，我們將在我們的投資者關係網站上發布一個演示文稿，其中將總結我們今天在這裡討論的許多主題。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）有了這個，操作員，我們準備好回答第一個問題。

(Operator Instructions) Today's first question comes from Jessica Reif Ehrlich with BofA Securities.

（操作員說明）今天的第一個問題來自美國銀行證券公司的 Jessica Reif Ehrlich。

Bob, as Christine said, it's great to have you back. It seems like a very different company than when you left, even though it was only a couple of years ago. Given the cyclical, but maybe, more importantly, the secular challenges across all of your businesses, linear film, content competition, et cetera. So in the restructuring, what do you think are the quick fixes? And what will take longer term to see the benefits of some of these actions? And on the $3 billion in cost cuts in content, is that largely fewer titles? And what does it mean for ultimate Direct-to-Consumer margins?

鮑勃，正如克里斯汀所說，很高興你回來。這似乎是一家與您離開時截然不同的公司，儘管它只是幾年前的事情。考慮到週期性的，但也許更重要的是，您所有業務、線性電影、內容競爭等方面的長期挑戰。那麼在重組中，您認為速戰速決是什麼？需要更長時間才能看到其中一些行動的好處？在內容成本削減 30 億美元的情況下，標題是否大幅減少？這對直接面向消費者的最終利潤意味著什麼？

Jessica, thank you for welcoming me back. Let me take the second part of your question first. We are going to take a really hard look at the cost for everything that we make, both across television and film, because things, in a very competitive world, have just simply gotten more expensive. And that's something that is already underway here.

傑西卡，謝謝你歡迎我回來。讓我先回答你問題的第二部分。我們將認真審視我們製作的所有內容的成本，包括電視和電影，因為在競爭激烈的世界中，事情只會變得更加昂貴。這已經在這裡進行了。

In addition, we're going to look at the volume of what we make. And with that in mind, we're going to be fairly aggressive at better curation when it comes to general entertainment. Because when you think about it, general entertainment is generally undifferentiated as opposed to our core franchises and our brands, which, because of their differentiation and their quality, have delivered higher returns for us over the years. So we think we have an opportunity to, through more aggressive curation, to reduce some of our costs in the general entertainment side and, in general, in volume.

此外，我們將看看我們製造的產品的數量。考慮到這一點，在一般娛樂方面，我們將在更好的策劃方面相當積極。因為當你想到這一點時，與我們的核心特許經營權和我們的品牌相比，一般娛樂通常沒有差異化，因為它們的差異化和質量，多年來為我們帶來了更高的回報。因此，我們認為我們有機會通過更積極的策劃來降低我們在一般娛樂方面的一些成本，而且總體而言，在數量上。

In addition, the structure is now designed to place responsibility of all international programming and investment in content in the hands of 1 unit so that they can better decide the balance between what we make for global distribution and consumption and what we make for local distribution and consumption, with an eye toward possibly reducing expenses there as well as we balance better. Obviously, all designed to deliver the profitability that we talk about delivering by the end of '24.

此外，現在的結構旨在將所有國際節目製作和內容投資的責任交給 1 個單位，以便他們能夠更好地決定我們為全球發行和消費製作的內容與我們為本地分發和製作的內容之間的平衡。消費，著眼於可能減少那裡的開支以及我們更好地平衡。顯然，所有這些都是為了實現我們所說的到 24 年底實現的盈利能力。

In terms of your first question, I mean, indeed, it is -- times have changed, although, in retrospect, or in looking back at it, not in an extraordinary way. Obviously, it's gotten more competitive. The forces of disruption have only gotten greater. And there are certain things, certainly, as a residual of COVID, that have just gotten tougher from a macroeconomic perspective.

關於你的第一個問題，我的意思是，的確，時代變了，儘管現在回想起來，或者回顧過去，並沒有以非凡的方式。顯然，它變得更具競爭力。破壞的力量只會變得更大。當然，從宏觀經濟的角度來看，某些事情，作為 COVID 的殘餘，剛剛變得更加艱難。

That said, we're still a company that is focused on creativity at its highest form. I love the fact that we are relinking the creative side of our business with the distribution and the monetization side of our business. And I think by doing that, we'll see the impact of that reorganization fairly quickly.

也就是說，我們仍然是一家專注於最高形式創造力的公司。我喜歡這樣一個事實，即我們正在將我們業務的創意方面與我們業務的分銷和貨幣化方面重新聯繫起來。我認為通過這樣做，我們將很快看到重組的影響。

But when I think about the secular change that we're going through, generally speaking, I like our hand. We have an ability to balance how we take our product to market with legacy platforms, whether it's movie theaters or multichannel TV with, of course, the streamers. We have -- and by the way, that helps us in a number of fronts, including advertising, monetization, stronger marketing.

但當我想到我們正在經歷的長期變化時，一般來說，我喜歡我們的手。我們有能力平衡我們將產品推向市場與傳統平台的方式，無論是電影院還是多頻道電視，當然還有流媒體。我們有——順便說一句，這在很多方面幫助了我們，包括廣告、貨幣化、更強大的營銷。

And so I think that when you focus on the company's assets, in terms of our brands and our franchises, yes, it's a tough environment. But the combination of the restructuring and the fact that we've got these core brands, which, when we get right creatively, as we've seen time and time again, not only differentiates us but enables us to deliver fairly strong returns.

所以我認為，當你關注公司的資產時，就我們的品牌和特許經營權而言，是的，這是一個艱難的環境。但是重組和我們擁有這些核心品牌的事實相結合，當我們創造性地做對時，正如我們一次又一次看到的那樣，不僅使我們與眾不同，而且使我們能夠提供相當可觀的回報。

And our next question comes from Ben Swinburne with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Ben Swinburne。

Bob, I'm sure one reaction you'll get today from all this news is the future of television, I think, is viewed as being streamed, with linear obviously declining. I'm sure you generally agree with that trend. So how do you think about that, about your strategy as you've laid out today in the context of that, to make sure you're maximizing the returns globally of the franchises that you've built?

鮑勃，我敢肯定你今天從所有這些新聞中得到的一個反應是電視的未來，我認為，被視為流媒體，線性明顯下降。我相信您大體上同意這種趨勢。那麼，您如何看待這一點，以及您今天在此背景下制定的戰略，以確保您在全球範圍內最大化您所建立的特許經營權的回報？

And then I was just wondering, maybe, Christine, on the Parks business, really strong margins this quarter, really kind of the return to the kind of incremental margins we're used to seeing. Didn't sound like there was anything onetime. I just wanted to ask if this quarter is sort of emblematic of kind of how you see the rest of the year playing out from a trend point of view.

然後我只是想知道，也許，克里斯汀，在公園業務上，本季度的利潤率真的很高，真的是回到了我們過去看到的那種增量利潤率。聽上去好像什麼都沒有。我只是想問一下，從趨勢的角度來看，這個季度是否有點像徵著你如何看待今年餘下時間的表現。

Thanks, Ben. Nice to hear from you. I've been watching this very carefully for a long time. And what I'm talking about is the impact of technology is basically creating a huge authority shift from the producer and the distributor to the consumer. And as that authority has shifted, it's made the traditional business more complicated, more -- to more challenging. And when you think about what streaming is, and we talked about this a lot as it related to multichannel TV, it is the ultimate à la carte proposition for the consumer.

謝謝，本。很高興聽到你的消息。我已經非常仔細地觀察了很長時間。我所說的是技術的影響基本上是創造了從生產者和分銷商到消費者的巨大權力轉移。隨著權力的轉移，傳統業務變得更加複雜、更具挑戰性。當你想到流媒體是什麼時，我們就它與多頻道電視相關進行了很多討論，這是消費者的終極選擇。

It gives the consumer so much more authority than they ever had before. Because in reality, it gives them the ability to watch programs, not channels, not even bundles when you think about it. And because you're signing up in most cases for a 1-month subscription, you can sign up for 1 program, pay a relatively small amount of money and then end up basically unsubscribing. That's tremendous change.

它賦予消費者比以往任何時候都多的權力。因為在現實中，它讓他們能夠觀看節目，而不是頻道，當你想到它時甚至不是捆綁包。而且因為在大多數情況下您註冊的是 1 個月的訂閱，您可以註冊 1 個程序，支付相對少量的錢，然後基本上取消訂閱。這是巨大的變化。

And I think what's going on right now is that as the linear business continues to erode, we've been basically eyes wide open on that. Christine commented about some of the challenges related to that, the streaming business, which I believe is the future and has been growing, is not delivering basically the kind of profitability or bottom line results that the linear business delivered for us over a few decades.

而且我認為現在正在發生的事情是，隨著線性業務繼續受到侵蝕，我們基本上對此睜大了眼睛。 Christine 評論了與此相關的一些挑戰，我認為流媒體業務是未來並且一直在增長，但基本上沒有提供線性業務幾十年來為我們提供的那種盈利能力或底線結果。

And so we're in a very interesting transition period, but one I think is inevitably heading towards streaming. So what we're -- the way we're basically contending with it, and we've alluded to it today already, is that -- and this, I think, is also directly related to our restructuring. We're going to rebalance a bit because those linear channels and movie theaters, too, still can provide us with significant amount of monetization capability. They enable us to amortize the cost better over multiple platforms and create some marketing cloud.

所以我們正處於一個非常有趣的過渡期，但我認為這個過渡期不可避免地會轉向流媒體。所以我們——我們基本上與之抗衡的方式，我們今天已經提到過，是——我認為，這也與我們的重組直接相關。我們將重新平衡一些，因為那些線性頻道和電影院也仍然可以為我們提供大量的貨幣化能力。它們使我們能夠在多個平台上更好地分攤成本並創建一些營銷雲。

When you think about it, Abbott Elementary airs on ABC, then it goes to Hulu. The demographic difference in age is tremendous. It's like 60 years old or around, I'm estimating, at ABC and then the 30s on Hulu. That's a perfect example how the linear platforms, while they still have an audience and could help us monetize, can still be used effectively, and we have that ability.

想想看，Abbott Elementary 在 ABC 上播出，然後轉到 Hulu。年齡的人口差異是巨大的。我估計在 ABC 大約有 60 歲左右，然後在 Hulu 上有 30 多歲。這是一個很好的例子，線性平台雖然仍然有觀眾並且可以幫助我們獲利，但仍然可以有效地使用，而我們有這種能力。

And so we're going to monitor it very carefully. We're not in any way stepping away from streaming. It remains our #1 priority. It is, in many respects, our future, but we're not going to abandon the linear or the traditional platforms while they can still be a benefit to us and our shareholders.

因此，我們將非常仔細地監控它。我們不會以任何方式離開流媒體。它仍然是我們的第一要務。在許多方面，這是我們的未來，但我們不會放棄線性或傳統平台，因為它們仍然可以為我們和我們的股東帶來好處。

So Ben, great to hear your voice, and I'll address the Parks question. So as I mentioned in my comments, we were really thrilled with the performance of parks in the quarter. There were no onetime items to call out. But the one thing I would mention is, in previous quarters, we had mentioned that the recovery from the pandemic in our International Parks was lagging Domestic. And in this quarter, we had very strong performance, especially year-over-year from Disneyland Paris.

所以本，很高興聽到你的聲音，我將解決帕克斯的問題。因此，正如我在評論中提到的那樣，我們對本季度公園的表現感到非常興奮。沒有一次性物品可以調用。但我要提到的一件事是，在前幾個季度，我們曾提到我們的國際公園從大流行中恢復的速度落後於國內。在本季度，我們的表現非常強勁，尤其是巴黎迪士尼樂園的同比表現。

We had the opening of Avengers Campus over there in July, and that is incredibly popular in driving attendance. And we also have a new hotel that was actually an old hotel that was redone into the art of Marvel. Again, very popular and attracting a lot of consumers to come out and experience that.

我們在 7 月份在那裡開設了 Avengers Campus，這在吸引觀眾方面非常受歡迎。我們還有一家新酒店，它實際上是一家舊酒店，被重做為漫威的藝術。同樣，非常受歡迎，吸引了很多消費者前來體驗。

The other thing I mentioned was the strength at our royalty stream from Disneyland in Tokyo. And the other thing, not to forget, is this quarter, our first quarter, of the year is seasonally one of our strongest when you look at it relative to other quarters. But the year-over-year comparison, it was an improvement, and we feel great about our business going forward.

我提到的另一件事是我們來自東京迪士尼樂園的版稅流的實力。另一件事，不要忘記，與其他季度相比，本季度是我們一年中最強勁的季度之一。但與去年同期相比，這是一個進步，我們對未來的業務感到非常滿意。

Our Next question today comes from Michael Nathanson at SVB MoffetNathanson.

我們今天的下一個問題來自 SVB MoffetNathanson 的 Michael Nathanson。

Welcome back, Bob. I have 2. The first is, when you go back to the second investment day you had for streaming, the company increased their TAM forecast, their investment spending and kind of vision for Disney+. Now that you've returned with more data and time, what's the vision for Disney+? You don't want to give us long-term targets, I get that. But what is the product vision? Is it a more narrow vision? Any type of long-term size of the investment and also profitability case of D+ will be helpful.

歡迎回來，鮑勃。我有 2 個。第一個是，當你回到流媒體投資的第二天時，該公司增加了他們的 TAM 預測、他們的投資支出和對 Disney+ 的某種願景。現在您帶著更多的數據和時間回來了，Disney+ 的願景是什麼？你不想給我們長期目標，我明白了。但產品願景是什麼？這是一個更狹隘的視野嗎？任何類型的長期投資規模以及 D+ 的盈利案例都會有所幫助。

And then on linear, to Ben's question, a big part of the cost structure are sports costs. You've signed a ton of them lately. But when you think about going forward, can you help us understand, what will change going forward on sports rights investment in terms of must-have and not necessarily must-have?

然後線性地，對於本的問題，成本結構的很大一部分是體育成本。你最近簽了很多。但是當你考慮未來時，你能幫助我們理解，在必須擁有和不一定必須擁有方面，體育權利投資的未來會發生什麼變化？

Well, the second question, as you know, we've locked in a number of deals already, including some of the biggest ones, which is in college football with the SEC as well as with the NFL. The one that's looming is the NBA. I know that's on people's minds, which is a product that we've enjoyed having and hope to continue to enjoy having. Because not only it's volume, but it's quality.

那麼，第二個問題，正如你所知，我們已經鎖定了一些交易，包括一些最大的交易，這是與 SEC 以及與 NFL 的大學橄欖球交易。迫在眉睫的是NBA。我知道這是人們的想法，這是我們喜歡並希望繼續享受的產品。因為它不僅是數量，而且是質量。

ESPN has been selective in the rights that they bought. I've had long conversations about this with Jimmy Pitaro, and we've got some decisions that we have to make coming up, not on something -- not on anything particularly large, but on a few things. And we're simply going to have to get more selective. ESPN+ actually has grown nicely for us, and it's shown us that the ESPN brand can be enjoyed and can be expressed well as a streaming brand. And I think that we are going to continue to look at that as a potential pivot for ESPN away from the linear business. But we're not going to do that precipitously. We're not going to do that until it really makes sense from an economic perspective.

ESPN 在購買轉播權時是有選擇性的。我已經與 Jimmy Pitaro 就此進行了長時間的對話，我們已經做出了一些我們必須做出的決定，但不是關於某些事情——不是關於任何特別大的事情，而是關於一些事情。我們只需要變得更有選擇性。 ESPN+ 實際上對我們來說發展得很好，它向我們展示了 ESPN 品牌可以作為一個流媒體品牌來享受和表達。我認為我們將繼續將其視為 ESPN 擺脫線性業務的潛在支點。但我們不會倉促地這樣做。在從經濟角度真正有意義之前，我們不會這樣做。

On the first part of your question, what either what's changed or where are we headed from what was the second Investor Day, I think a few things. First of all, we were, as a company, in a global arms race for subscribers. And it was -- the number of subscribers that have become kind of the primary measurement of success not only here in the company, but among in the investment community.

關於你問題的第一部分，從第二個投資者日開始，發生了什麼變化或我們將走向何方，我想一些事情。首先，作為一家公司，我們在全球範圍內展開了一場爭奪訂戶的軍備競賽。它是——訂閱者的數量已經成為衡量成功的主要標準，不僅在公司，而且在投資界。

And in our zeal to go after subscribers, I think we might have gotten a bit too aggressive in terms of our promotion, and we are going to take a look at that. I listed a number of things on the call. That's one of them. I talked about pricing as well. That's another, where we really have to look at, are we pricing correctly? It's interesting, as Christine noted, we took our pricing up substantially on Disney+, and we didn't suffer any de minimis. We only suffered a de minimis loss of subs.

在我們追求訂戶的熱情中，我認為我們在促銷方面可能有點過於激進，我們將對此進行研究。我在電話中列出了很多事情。那就是其中之一。我也談到了定價。那是另一個我們真正需要關注的地方，我們的定價是否正確？有趣的是，正如克里斯汀指出的那樣，我們在 Disney+ 上大幅提高了定價，而且我們沒有遭受任何微不足道的影響。我們只遭受了最低限度的潛艇損失。

That tells us something. It may also tell us that the promotion to chase subs that we've been fairly aggressive at globally wasn't absolutely necessary. So pricing is definitely one thing. Promotion, obviously, is tied to that. It's also obvious to us is we can't get the profitability and turn this into a growth business without growing subs. So while we're taking off the table sub guidance, we're still going to look to grow subs. We just want to grow quality subs that are loyal and where we actually have an ability to continue to price effectively to those subs.

這告訴了我們一些事情。它也可能告訴我們，我們在全球範圍內一直相當積極的追逐潛艇的促銷活動並不是絕對必要的。所以定價絕對是一回事。顯然，晉升與此有關。對我們來說也很明顯，如果沒有增長的訂閱者，我們就無法獲得盈利並將其轉變為增長業務。因此，雖然我們取消了表子指南，但我們仍將尋求增加子數。我們只想培養忠誠的優質訂閱者，並且我們實際上有能力繼續有效地為這些訂閱者定價。

In addition, we're going to lean more into our franchises, our core franchises and our brands. I talked about curation and general entertainment. We have to be better at curating the Disney and the Pixar and the Marvel and the Star Wars of it all as well. And of course, reduce costs on everything that we make because, while we're extremely proud of what's on the screen, it's gotten to a point where it's extraordinarily expensive. And we want all the quality. We want the quality on the screen, but we have to look at what they cost us.

此外，我們將更多地依賴我們的特許經營權、我們的核心特許經營權和我們的品牌。我談到了策展和一般娛樂。我們必須更好地策劃迪士尼、皮克斯、漫威和星球大戰。當然，降低我們製造的一切成本，因為雖然我們對屏幕上的內容感到非常自豪，但它已經到了非常昂貴的地步。我們想要所有的質量。我們想要屏幕上的質量，但我們必須看看他們花了我們多少錢。

So we're going to continue to go after subs, but we're going to be more judicious about how we do that. we're going to look carefully at pricing. We're going to reduce costs, both in content and of course, infrastructure. There's a lot that we're getting out there. Marketing is another area, where we're going to try to rebalance marketing of the platform versus marketing of the programs.

所以我們將繼續追求潛艇，但我們將更加明智地對待我們的做法。我們將仔細研究定價。我們將降低內容成本，當然還有基礎設施成本。我們有很多東西要出去。營銷是另一個領域，我們將嘗試重新平衡平台營銷與程序營銷。

Nielsen came out with something a few weeks ago that was stunning to us, and that was that 10 of the top 15 movies streamed in the United States in 2022 were ours. On that list was Moana and Zootopia and Frozen, but also Turning Red and Encanto. That suggests to us that our brands and franchises work extremely well in streaming. I mentioned how Wakanda Forever has done as well.

幾週前，尼爾森得出了令我們震驚的結果，那就是 2022 年在美國播放的前 15 部電影中有 10 部是我們的。名單上有海洋奇緣、瘋狂動物城和冰雪奇緣，還有變紅和魔法使者。這向我們表明，我們的品牌和特許經營權在流媒體方面運作得非常好。我也提到了 Wakanda Forever 的表現。

So core brands and franchises, more efficient pricing, getting better in marketing, being a little bit more judicious at promotion, all of those things is how we believe we're going to get to turn the streaming business to a growth business. And one other thing, the streaming business is going to continue to grow, albeit at the expense of linear programming, but consumption of television is not decreasing, it's actually going up.

因此，核心品牌和特許經營權、更有效的定價、更好的營銷、更明智的促銷，所有這些都是我們相信我們將如何將流媒體業務轉變為增長業務的方式。還有一件事，流媒體業務將繼續增長，儘管以犧牲線性節目為代價，但電視消費並沒有減少，實際上還在上升。

And our next question today comes from Philip Cusick with JPMorgan.

我們今天的下一個問題來自摩根大通的 Philip Cusick。

Bob, following up on Michael, there's been a lot of talk in the last year about whether Disney should keep, spin, sell or trade ESPN. With it now as a stand-alone segment, can you give us your view on the future of Disney and Sports, in particular, and maybe TV in general? How integral is ESPN to the company's future?

鮑勃，繼邁克爾之後，去年有很多關於迪士尼是否應該保留、剝離、出售或交易 ESPN 的討論。現在它作為一個獨立的部分，你能告訴我們你對迪士尼和體育的未來的看法，特別是對電視的未來嗎？ ESPN 對公司的未來有多重要？

Thank you, Phil. We are fairly certain that when we created the structure and broke ESPN out on its own that it would lead to questions like this. We did not do it for that purpose, actually. ESPN is a differentiator for this company. It's the best sports brand in television. It's one of the best sports brand in sports. It continues to create real value for us.

謝謝你，菲爾。我們相當確定，當我們創建結構並自行打破 ESPN 時，它會導致這樣的問題。實際上，我們並不是為了那個目的而做的。 ESPN 是這家公司的差異化因素。它是電視中最好的運動品牌。它是體育界最好的運動品牌之一。它繼續為我們創造真正的價值。

It is going through some, obviously, challenging times because of what's happened in linear programming. But the brand of ESPN is very healthy, and the programming of ESPN is very healthy. We just have to figure out how to monetize it in a disrupting and a continuing -- or disrupting world. That's it. But we're not engaged in any conversations right now or considering a spin-off of ESPN. That had been done, by the way, in my absence. And I'm told the company concluded after exploring it very carefully that it wasn't something the company wanted to do.

顯然，由於線性規劃中發生的事情，它正在經歷一些充滿挑戰的時期。但是 ESPN 的品牌非常健康，ESPN 的節目也非常健康。我們只需要弄清楚如何在一個破壞性和持續性或破壞性的世界中將其貨幣化。就是這樣。但我們現在沒有進行任何對話，也沒有考慮分拆 ESPN。順便說一下，這是在我不在的情況下完成的。我被告知公司在非常仔細地探索之後得出結論，這不是公司想要做的事情。

And our next question today comes from Doug Mitchelson with Credit Suisse.

我們今天的下一個問題來自瑞士信貸的 Doug Mitchelson。

I'll let my welcome back, Bob comment. Bob, there's some investor skepticism that theme park per caps and margins are elevated due to post-pandemic benefits that might expire. I'm curious, in your view, does the theme park division still have healthy growth prospects from here, especially after a pretty good quarter this quarter? And what do you see as the major growth drivers of theme parks going forward?

鮑勃評論，我會歡迎回來。鮑勃，有些投資者懷疑主題公園的人均上限和利潤率會因大流行後福利可能到期而升高。我很好奇，在你看來，主題公園部門是否仍然有健康的增長前景，尤其是在本季度表現不錯之後？您認為主題公園未來的主要增長動力是什麼？

Nice to hear your voice again, Doug. We've been through many of these calls in the past. Well, the answer is yes on the theme parks in terms of their growth. I'm very, very bullish about our parks, and not just because of the COVID recovery. But to start with, demand on the parks is extraordinary right now. Now we could lean into that demand easily by letting more people in and by more aggressively pricing. We don't think either would be smart. Because we let more people in is going to reduce guest experience. That's certainly not what we want.

很高興再次聽到你的聲音，道格。我們過去經歷過許多這樣的電話。嗯，就主題公園的增長而言，答案是肯定的。我非常非常看好我們的公園，這不僅僅是因為 COVID 的恢復。但首先，目前對公園的需求非常大。現在，我們可以通過讓更多人加入並通過更積極的定價來輕鬆滿足這種需求。我們認為兩者都不聰明。因為我們讓更多的人進來會減少客人的體驗。那當然不是我們想要的。

And in fact, if you looked at our results this past holiday season, we actually reduced capacity, certainly improved guest experience, and we're able to maintain profit -- not just profitability, but a very, very successful or robust bottom line. We're going to continue to look at opportunities like that, which is essentially to simply get more creative in terms of managing the capacity that we have.

事實上，如果你看看我們過去假期的業績，我們實際上減少了產能，當然改善了客人體驗，而且我們能夠保持利潤——不僅僅是盈利能力，而是非常非常成功或穩健的底線。我們將繼續尋找這樣的機會，這基本上是為了在管理我們擁有的能力方面變得更有創意。

I'm going to come back to that in terms of growth, but let me also address the pricing side. It's clear that some of our pricing initiatives were alienating to consumers. I've always believed, by the way, that accessibility is a core value of the Disney brand. We were not perceived to be as accessible or as affordable to many segments as we probably should have been.

我將在增長方面回到這一點，但讓我也談談定價方面的問題。很明顯，我們的一些定價舉措正在疏遠消費者。順便說一句，我一直相信無障礙是迪士尼品牌的核心價值。許多細分市場認為我們並不像我們應該的那樣容易接近或負擔得起。

So after basically paying heed to what we were hearing, we started to address it. And the steps that we took were actually -- were very, very positive. We got really great reaction to it. In addition, and it's tied to this is that we've put in place just basically more flexibility for the consumer in terms of how much it cost them to go.

因此，在基本上註意了我們所聽到的內容之後，我們開始著手解決它。我們採取的步驟實際上是非常非常積極的。我們對此反應非常好。此外，與此相關的是，我們基本上為消費者在花費多少方面提供了更大的靈活性。

And interestingly enough, if you look at the increase of the core ticket, let's say, at Disneyland, it has not really increased that much, maybe slightly ahead of inflation over the last few years. But one of the things that was interesting to me and coming in and examining our pricing is, we are making that available to people for only 15 days a year. So if you look at our new pricing strategy, we made it available, I think, it was 50 days a year. So we greatly increased accessibility to our lowest price, and it is really well received.

有趣的是，如果你看一下核心門票的增長，比方說，在迪士尼樂園，它並沒有真正增長那麼多，可能略高於過去幾年的通貨膨脹率。但是讓我感興趣的一件事是，我進來檢查我們的定價是，我們每年只向人們提供 15 天。因此，如果您查看我們的新定價策略，我認為我們每年提供 50 天。因此，我們以最低的價格大大提高了可訪問性，並且非常受歡迎。

So we're going to manage capacity very, very carefully. Some of that, by the way, has enabled us to essentially shift mix to -- from annual pass holders to people who may come just once in a lifetime or once. They tend to be good customers of ours because of their per cap spending when they're there. That's really helpful. Some of the things that we put in place to manage basically annual pass holders was done to help us manage capacity without having doing too much damage to the bottom line.

因此，我們將非常、非常謹慎地管理容量。順便說一句，其中一些使我們能夠從根本上改變組合——從年票持有者到一生只來一次或一次的人。他們往往是我們的好客戶，因為他們在那裡時的人均支出。這真的很有幫助。我們為管理年票持有人而採取的一些措施是為了幫助我們管理容量，而不會對底線造成太大損害。

Lastly, we have learned that when we invest in increasing capacity, the Star Wars Lands would be a good example of that, Pandora was a great example of that, we can grow our business. In fact, if you look at the results when we put Pandora and Animal Kingdom from year-to-year, they were stunning in terms of how many more people visited Animal Kingdom. I mentioned on the call that we're going to bring a version of Avatar to Disneyland. We have other opportunities as well. I've talked to Josh D'Amaro about this very recently, like this morning, again, to really look at all the great franchises of the company and see where we can invest in them in the parks to increase capacity while -- by preserving guest satisfaction.

最後，我們了解到，當我們投資增加產能時，星球大戰大陸就是一個很好的例子，潘多拉就是一個很好的例子，我們可以發展我們的業務。事實上，如果你看看我們把潘多拉和動物王國逐年放在一起的結果，它們在參觀動物王國的人數方面是驚人的。我在電話中提到我們將把一個版本的阿凡達帶到迪斯尼樂園。我們還有其他機會。我最近和 Josh D'Amaro 談過這個問題，就像今天早上一樣，再次真正審視公司所有偉大的特許經營權，看看我們可以在公園的哪些地方投資它們以增加容量，同時 - 通過保留客人滿意。

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 our final question comes from Steven Cahall with Wells Fargo.

我們的最後一個問題來自富國銀行的 Steven Cahall。

I'll ask you a question that we've asked Christine a lot over the last year, which is you made the comment about ESPN+ expressing some success in streaming and sports. And there's probably now about 40 million homes who've decided to not be in the bundle. So what do you need to see out there in the linear world to decide that an ESPN à la carte sports service in streaming should be the big leap for Disney?

我會問你一個問題，我們在過去的一年裡問過克里斯汀很多次，那就是你對 ESPN+ 表示在流媒體和體育方面取得了一些成功的評論。現在可能有大約 4000 萬戶家庭決定不參與捆綁。那麼，您需要在線性世界中看到什麼才能決定流媒體中的 ESPN 單點體育服務應該成為迪士尼的一大飛躍？

And then just a small one. You mentioned about how a lot of content can amortize in places other than streaming. You talked a lot today about cost cutting. Should we think about licensing as also being a potential sort of big profit pool over the next few years?

然後只是一個小的。你提到了很多內容可以在流媒體以外的地方攤銷。你今天談了很多關於削減成本的事情。我們是否應該將許可視為未來幾年潛在的巨大利潤池？

I'll take the second part first, Steve. Yes. The answer to the second part is yes. Now when you say big, I don't know yet. We're not really there. But when we bought Fox, we greatly enhanced our television production and film production capabilities, bringing into the company great talent in both the movie and the TV side.

我先講第二部分，史蒂夫。是的。第二部分的答案是肯定的。現在當你說大的時候，我還不知道。我們不是真的在那裡。但是當我們收購福克斯時，我們大大增強了我們的電視製作和電影製作能力，為公司帶來了電影和電視方面的優秀人才。

As I've talked about getting more aggressive at curating general entertainment, by the way, we're not getting out of that business, but we're going to curate it more. We have opportunities using the great talent that we have to create for third parties, and we're going to look at that very seriously. I actually think there's a nice opportunity to create a growth business for the company, but it's way too soon to predict what that can be.

順便說一句，正如我所說的要更加積極地策劃一般娛樂活動，我們不會退出該業務，但我們會更多地策劃它。我們有機會利用我們必須為第三方創造的優秀人才，我們將非常認真地看待這一點。事實上，我認為這是一個為公司創造增長業務的好機會，但現在預測它會是什麼還為時過早。

Regarding ESPN and when we might make the shift, if you're asking me is the shift inevitable? The answer is yes, but I'm not going to give you any sense of when that could be because we have to do it obviously at a time that really makes sense for the bottom line. And we're just not there yet. And that's not just about how many subscribers we could get, it's also about what is the pricing power of ESPN, which obviously ties to the menu of sports that they've licensed.

關於 ESPN 以及我們何時可能做出轉變，如果你問我這種轉變是不可避免的嗎？答案是肯定的，但我不會告訴你什麼時候可以，因為我們必須在對底線真正有意義的時候顯然地這樣做。而我們只是還沒有。這不僅關乎我們可以獲得多少訂戶，還關乎 ESPN 的定價權，這顯然與他們獲得許可的體育項目有關。

Okay. Thanks for the question. I want to thank everyone for joining today. Note that a reconciliation of our non-GAAP measures that were referred to on this call to the equivalent GAAP measures can be found in our Investor Relations website.

好的。謝謝你的問題。我要感謝大家今天的加入。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我們的非 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 new security 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，以及其他非歷史性的陳述，可能構成新證券法下的前瞻性陳述。我們根據我們對未來事件和業務績效的看法和假設做出這些陳述，我們不承擔更新這些陳述的任何義務。

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 economic or industry factors, execution risk, including in connection with our organizational structure and operating changes, cost savings and efficiencies, workforce reductions and DTC business plans relating to content, future subscribers and revenue growth and profitability.

前瞻性陳述受多種風險和不確定因素的影響，實際結果可能與明示或暗示的結果存在重大差異，原因包括經濟或行業因素、執行風險，包括與我們的組織結構相關的因素和運營變化、成本節約和效率、裁員以及與內容、未來訂戶以及收入增長和盈利能力相關的 DTC 業務計劃。

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

有關主要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、我們的 10-K 表格、10-Q 表格和提交給美國證券交易委員會的其他文件中描述的風險和不確定性。我們要感謝大家加入我們，並祝大家今天休息愉快。

Thank you. Today's conference has now concluded. We thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful day.

謝謝。今天的會議到此結束。感謝大家出席今天的演講。您現在可以斷開線路，度過美好的一天。