迪士尼 (DIS) 2023 Q2 法說會逐字稿

Good day, and welcome to the Walt Disney Company's Second Quarter 2023 Financial Results Conference Call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Alexia Quadrani, Senior Vice President of Investor Relations. Please go ahead.

美好的一天，歡迎參加華特迪士尼公司 2023 年第二季度財務業績電話會議。 （操作員說明）請注意，正在記錄此事件。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 Second 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 a 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 年第二季度財報電話會議。我們的新聞稿大約在 25 分鐘前發布，可在我們的網站 www.disney.com/investors 上查閱。今天的電話會議正在進行網絡直播，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.

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。

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. Allow me to digress for a moment to congratulate Universal for the tremendous success of Super Mario Bros. It certainly proves people love to be entertained in theaters around the world, and it gives us reason to be optimistic about the movie business.

謝謝 Alexia，大家下午好。請允許我說點題外話，祝賀環球公司在《超級馬里奧兄弟》中取得的巨大成功。這無疑證明了人們喜歡在世界各地的影院中獲得娛樂，這也讓我們有理由對電影業持樂觀態度。

Now turning to our results. We're pleased with our accomplishments this quarter, which are reflective of the strategic changes we've been making throughout our businesses. We're also proud of what we continue to deliver for consumers from movies to television to sports, news and our theme parks. A few recent highlights include Marvel Studios' Guardians of the Galaxy Volume 3, which topped the global box office in its opening weekend with $289 million. The first round of the NBA Playoffs was the most watched-ever across Disney networks, and we've been averaging 5 million viewers throughout the first 22 games, up 15% versus the comparable point in last year's playoffs.

現在轉向我們的結果。我們對本季度的成就感到滿意，這反映了我們在整個業務中所做的戰略變革。我們也為我們繼續為消費者提供的服務感到自豪，從電影到電視再到體育、新聞和我們的主題公園。最近的一些亮點包括漫威影業的《銀河護衛隊》第 3 卷，該片在首映週末以 2.89 億美元的票房榮登全球票房榜首。 NBA 季后賽第一輪是迪士尼網絡有史以來收視率最高的一次，在前 22 場比賽中，我們的平均觀眾人數達到 500 萬，與去年季后賽的可比點相比增長了 15%。

ABC continued its run as the #1 entertainment broadcast network for the fourth consecutive season. And at our domestic parks, we continued to improve the guest experience with our recent pricing changes and exciting new attractions, including the reimagined Mickey's Toontown at Disneyland and TRON Lightcycle / Run at Walt Disney World.

ABC 連續第四個賽季成為排名第一的娛樂廣播網絡。在我們的國內公園，我們通過最近的價格變化和令人興奮的新景點，包括迪士尼樂園重新設計的米奇卡通城和華特迪士尼世界的 TRON Lightcycle / Run，繼續改善遊客體驗。

I've been back in the company for almost 6 months, and in that time, we've embarked on a significant transformation to strategically realign Disney for sustained growth and success. I'm pleased to say that the strategy we detailed last quarter is working. Our new organizational structure is returning authority and accountability to our creative leaders as well as allowing for a more efficient, coordinated and streamlined approach to our operations.

我回到公司已經將近 6 個月了，在那段時間裡，我們已經著手進行重大轉型，從戰略上重新調整迪士尼，以實現持續增長和成功。我很高興地說，我們上個季度詳述的策略正在發揮作用。我們新的組織結構正在將權力和責任交還給我們富有創造力的領導者，並允許我們採用更高效、協調和簡化的運營方式。

The cost-cutting initiatives I announced last quarter are well underway, and we are on track to meet or exceed our target of $5.5 billion. We're delivering progress on a number of fronts, including a reduction in streaming operating losses this quarter, and I'm very optimistic about our direct-to-consumer business longer term. Combined, our brands, franchises and robust library are a significant differentiator in this space, and the meteoric subscriber growth we've seen since our launch 3 years ago only further reinforces that.

我上個季度宣布的削減成本計劃正在順利進行，我們有望實現或超過 55 億美元的目標。我們在許多方面都取得了進展，包括本季度流媒體運營虧損的減少，而且我對我們的長期直接面向消費者的業務非常樂觀。結合起來，我們的品牌、特許經營權和強大的圖書館是這個領域的一個重要差異化因素，而自 3 年前推出以來我們所看到的用戶迅速增長只會進一步加強這一點。

As I think about our path forward in streaming, we have a number of clear opportunities to further position our DTC business for success. First, as a significant step toward creating a growth business, I'm pleased to announce that we will soon begin offering a one-app experience domestically that incorporates our Hulu content via Disney+. And while we continue to offer Disney+, Hulu and ESPN+ as stand-alone options, this is a logical progression of our DTC offerings that will provide greater opportunities for advertisers, while giving bundle subscribers access to more robust and streamlined content, resulting in greater audience engagement and ultimately leading to a more unified streaming experience. We will begin to roll out this one-app offering by the end of the calendar year, and we look forward to sharing more details in the future.

當我思考我們在流媒體方面的前進道路時，我們有許多明確的機會來進一步定位我們的 DTC 業務以取得成功。首先，作為向創建增長業務邁出的重要一步，我很高興地宣布，我們將很快開始在國內提供單一應用體驗，通過 Disney+ 整合我們的 Hulu 內容。雖然我們繼續提供 Disney+、Hulu 和 ESPN+ 作為獨立選項，但這是我們 DTC 產品的合理髮展，它將為廣告商提供更多機會，同時讓捆綁訂閱者訪問更強大和簡化的內容，從而吸引更多觀眾參與並最終帶來更統一的流媒體體驗。我們將在日曆年年底開始推出這一單一應用產品，我們期待在未來分享更多細節。

Despite the near-term macro headwinds of the overall marketplace today, the advertising potential of this combined platform is incredibly exciting. And when you drill down into the details, you can see why. Over 40% of our domestic advertising portfolio is addressable, including streaming, which we expect will continue to grow over time.

儘管當今整體市場近期存在宏觀逆風，但這個組合平台的廣告潛力令人難以置信。當您深入了解細節時，您會明白原因。我們超過 40% 的國內廣告組合是可尋址的，包括流媒體，我們預計這將隨著時間的推移繼續增長。

We're also focused on the growth opportunity in programmatic advertising, and we are well positioned to scale as the market improves and audiences continue to grow. We've added more than 1,000 advertisers over the past year and now have 5,000 advertisers across our streaming platforms, with over 1/3 buying advertising programmatically today.

我們還專注於程序化廣告的增長機會，隨著市場的改善和受眾的持續增長，我們有能力擴大規模。在過去的一年裡，我們增加了 1,000 多家廣告商，現在我們的流媒體平台上有 5,000 家廣告商，其中超過 1/3 的廣告商今天以程序化方式購買廣告。

In addition, we plan to launch our ad tier on Disney+ in Europe by the end of this calendar year, which will drive both increased inventory and revenue over the long term. The truth is we have only just begun to scratch the surface of what we can do with advertising on Disney+, and I'm incredibly bullish on our longer-term advertising positioning.

此外，我們計劃在本日曆年年底之前在歐洲的 Disney+ 上推出我們的廣告層，這將在長期內推動庫存和收入的增長。事實上，我們才剛剛開始觸及迪士尼+廣告的皮毛，我非常看好我們的長期廣告定位。

Meanwhile, the pricing changes we've already implemented have proven successful, and we plan to set a higher price our ad-free tier later this year to better reflect the value of our content offerings. As we look to the future, we will continue optimizing our pricing model to reward loyalty and reduce churn, to increase subscriber revenue for the premium ad-free tier and drive growth of subscribers who opt for the lower cost ad-supported option.

與此同時，我們已經實施的定價變化已被證明是成功的，我們計劃在今年晚些時候為我們的無廣告層設定更高的價格，以更好地反映我們內容產品的價值。展望未來，我們將繼續優化我們的定價模型以獎勵忠誠度並減少流失，增加高級無廣告層的訂戶收入並推動選擇低成本廣告支持選項的訂戶的增長。

Additionally, I'd like to share a few other key areas where we see opportunities for improvements in our streaming business. First, it's critical we rationalize the volume of content we're creating and what we're spending to produce our content. Second, our legacy platforms enable us to expand our audiences and often augment our potential streaming success while, at the same time, allowing us to amortize our content costs across multiple windows. We also need to strike the right balance between our local and global programming as well as our platform and program marketing.

此外，我想分享一些其他關鍵領域，我們在這些領域看到了改進流媒體業務的機會。首先，我們必須合理化我們正在創建的內容量以及我們為製作內容所花費的資金。其次，我們的傳統平台使我們能夠擴大我們的觀眾群，並經常增加我們潛在的流媒體成功，同時，讓我們能夠在多個窗口中分攤我們的內容成本。我們還需要在我們的本地和全球節目以及我們的平台和節目營銷之間取得適當的平衡。

Finally, we must continue calibrating our investments in specific markets, looking at the total addressable market and ARPU prospects and evaluating the profitability potential. All of these factors combined are why we are confident that we're on the right path for streaming's long-term profitability, the strength of our content, the one-app experience and the enormous advertising potential that comes with it; rationalizing the volume of the content we make and what we're spending; maximizing windowing opportunities; recalibrating our investments internationally; perfecting our pricing model; and consolidating our global streaming business under the leadership of Disney Entertainment Co-Chairman, Alan Bergman and Dana Walden. We're doing the essential work now to position our streaming business for sustained growth and success in the future.

最後，我們必須繼續調整我們在特定市場的投資，著眼於整個可尋址市場和 ARPU 前景，並評估盈利潛力。所有這些因素結合在一起，就是為什麼我們有信心我們走在正確的道路上，以實現流媒體的長期盈利能力、我們內容的實力、單一應用程序體驗以及隨之而來的巨大廣告潛力；合理化我們製作的內容量和支出；最大化窗口機會；重新調整我們的國際投資；完善我們的定價模型；在迪士尼娛樂聯席主席艾倫·伯格曼和達娜·沃爾登的領導下鞏固我們的全球流媒體業務。我們現在正在進行必要的工作，以使我們的流媒體業務在未來實現持續增長和成功。

Turning to our parks. We see this business as a key growth driver for the company. This past quarter, we've been especially pleased with the performance of our parks internationally. We have several international expansions underway that will allow our parks to continue to build capacity and drive longer-term growth. At Disneyland Paris, our Avengers Campus has been a resounding success in its first year, and we have ongoing investment underway there, including a Frozen-inspired land currently in development.

轉向我們的公園。我們認為這項業務是公司的主要增長動力。上個季度，我們對我們公園在國際上的表現特別滿意。我們正在進行多項國際擴張，這將使我們的公園能夠繼續建設容量並推動長期增長。在巴黎迪士尼樂園，我們的複仇者聯盟校園在第一年就取得了巨大的成功，我們在那裡正在進行持續的投資，包括目前正在開發中的冰雪奇緣主題樂園。

Our Zootopia-inspired expansion opens later this year at Shanghai Disney Resort. Arendelle, The World of Frozen expansion, is set to open at Hong Kong Disneyland in the second half of 2023. And Tokyo Disney Resort, which is currently celebrating its 40th anniversary, will be opening the new Frozen Kingdom, Rapunzel's Forest and Peter Pan’s Never Land in the coming year.

我們以瘋狂動物城為靈感的擴展內容將於今年晚些時候在上海迪士尼度假區開放。 《冰雪奇緣》擴展包阿倫黛爾將於 2023 年下半年在香港迪士尼樂園開幕。而目前正在慶祝其成立 40 週年的東京迪士尼度假區將開放新的冰雪奇緣王國、長發公主的森林和小飛俠的永無止境來年落地。

Regarding our domestic parks, we just announced additional changes coming in 2024 that will improve the experience for guests visiting Walt Disney World, including further expanding access for annual pass holders to visit on certain days without reservations as well as removing the need for an additional reservation for guests with date-based tickets. This is just another example of how we're continuously listening to our guests and finding ways to improve their experiences.

關於我們的國內公園，我們剛剛宣布將於 2024 年進行的其他更改將改善遊客參觀華特迪士尼世界的體驗，包括進一步擴大年票持有人在特定日期無需預訂的訪問權限以及取消額外預訂的需要適用於持有日期票的客人。這只是我們如何不斷傾聽客人的意見並尋找改善他們體驗的方法的另一個例子。

And we have a number of other growth and expansion opportunities at our parks, and we're closely evaluating where it makes the most sense to direct future investments. The unyielding popularity of our world-class parks business and our unparalleled content, powered by our brands and franchises, is what sets Disney apart. From the very beginning 100 years ago, our timeless stories and characters have been the key to our success and hold a special place in the hearts of generations of fans and families.

我們的公園還有許多其他增長和擴張機會，我們正在密切評估將未來投資引導到哪裡最有意義。我們世界一流的公園業務的不屈不撓的受歡迎程度和我們無與倫比的內容，由我們的品牌和特許經營權提供支持，這使迪士尼與眾不同。從 100 年前開始，我們永恆的故事和角色一直是我們成功的關鍵，並在幾代粉絲和家庭的心中佔有特殊的地位。

We're leaning into this across every segment of our business, as illustrated with our strong summer slate of theatrical releases, including Disney's The Little Mermaid, Pixar's Elemental and Lucasfilm's Indiana Jones and the Dial of Destiny.

我們在業務的每個部分都傾向於這一點，正如我們夏季上映的強勁劇集所說明的那樣，包括迪士尼的小美人魚、皮克斯的元素和盧卡斯影業的奪寶奇兵和命運轉盤。

As we've been looking at the structure of the company these past several months, what's become clear is that there is an enormous opportunity to harness our full potential by increasing alignment and coordination in marketing across our businesses. That's why I named Asad Ayaz our first-ever Chief Brand Officer in addition to his role as President of Marketing for our studios. For years, our businesses have been incredibly successful in marketing our content, experiences and products. And now with greater integration of our touch points with consumers, especially streaming, we're able to be more efficient and more successful in reaching the right audiences with the right offerings from across our businesses.

過去幾個月我們一直在審視公司的結構，現在很清楚的是，通過加強我們業務之間營銷的一致性和協調，我們有巨大的機會來充分發揮我們的潛力。這就是為什麼我任命 Asad Ayaz 為我們有史以來第一位首席品牌官，以及他作為我們工作室營銷總裁的角色。多年來，我們的企業在營銷我們的內容、體驗和產品方面取得了令人難以置信的成功。現在，隨著我們與消費者的接觸點（尤其是流媒體）進一步整合，我們能夠更高效、更成功地通過我們各業務部門的合適產品吸引合適的受眾。

Disney means so much to so many people around the world. That's a privilege we take seriously. And I know I speak for our terrific Chairman, Alan, Dana, Jimmy and Josh, when I say that our goal is to continue finding innovative new ways that allow guests and audiences to have even deeper connections with us. And that's why I'm so thrilled to be taking this more proactive approach to our brand and marketing work.

迪士尼對世界各地的許多人來說意義重大。這是我們認真對待的特權。當我說我們的目標是繼續尋找創新的新方式，讓客人和觀眾與我們建立更深層次的聯繫時，我知道我代表我們了不起的主席 Alan、Dana、Jimmy 和 Josh。這就是為什麼我很高興能在我們的品牌和營銷工作中採用這種更積極主動的方法。

With that, I will turn things over to Christine.

有了這個，我會把事情交給克里斯汀。

Thanks, Bob, and good afternoon, everyone. Excluding certain items, fiscal second quarter diluted earnings per share were $0.93, a decrease of $0.15 versus the prior year, as improvements at DPEP and direct to consumer were more than offset by declines at our Linear Networks business. As Bob mentioned, we are making excellent progress on our cost-cutting initiatives and are on track to meet or exceed the efficiency targets we outlined last quarter.

謝謝鮑勃，大家下午好。排除某些項目，第二財季攤薄後每股收益為 0.93 美元，比上年同期減少 0.15 美元，這是因為 DPEP 和直接面向消費者的改善被我們的線性網絡業務的下滑所抵消。正如 Bob 所提到的，我們在削減成本計劃方面取得了巨大進展，並且有望達到或超過我們上個季度概述的效率目標。

During Q2, we took a restructuring charge of approximately $150 million, primarily related to severance. While we are continuing to refine our estimates, we currently expect to record additional severance charges of approximately $180 million over the remainder of this fiscal year, with the bulk of that additional charge expected in the third quarter. We are in the process of reviewing the content on our DTC services to align with the strategic changes in our approach to content curation that you've heard Bob discuss.

在第二季度，我們承擔了大約 1.5 億美元的重組費用，主要與遣散費有關。在我們繼續完善我們的估計的同時，我們目前預計將在本財年剩餘時間記錄大約 1.8 億美元的額外遣散費，其中大部分預計在第三季度發生。我們正在審查 DTC 服務上的內容，以與您聽到 Bob 討論過的內容管理方法的戰略變化保持一致。

As a result, we will be removing certain content from our streaming platforms and currently expect to take an impairment charge of approximately $1.5 billion to $1.8 billion. The charge, which will not be recorded in our segment results, will primarily be recognized in the third quarter as we complete our review and remove the content. And going forward, we intend to produce lower volumes of content in alignment with this strategic shift.

因此，我們將從我們的流媒體平台中刪除某些內容，目前預計將計提約 15 億至 18 億美元的減值費用。這筆費用不會記錄在我們的分部業績中，將主要在第三季度完成審查並刪除內容時確認。展望未來，我們打算根據這一戰略轉變生產更少的內容。

Now to dive into our quarterly results by segment. Starting with our media and entertainment distribution business, a year-over-year decline in operating income was driven primarily by a $1 billion decrease at Linear Networks. DTC results improved versus the prior year, and content sales, licensing and other operating results in the second quarter declined modestly.

現在按部門深入研究我們的季度業績。從我們的媒體和娛樂分銷業務開始，營業收入同比下降的主要原因是 Linear Networks 減少了 10 億美元。 DTC 業績較上年有所改善，第二季度的內容銷售、許可和其他運營業績略有下降。

At Linear Networks, results were consistent with guidance given last quarter, driven by decreases of approximately $800 million at our domestic Linear Networks and $160 million at our international Linear Networks. Domestic results decreased at both Cable and Broadcasting. At Cable, this was largely due to higher sports programming and production costs, which were driven by the timing of costs for the College Football Playoffs and the NFL we discussed last quarter, in addition to NBA contractual rate increases and higher sports production costs. Lower broadcasting results reflected decreases in advertising revenue across the ABC network and our owned television stations.

在 Linear Networks，結果與上個季度給出的指導一致，這是由於我們的國內 Linear Networks 減少了約 8 億美元，國際 Linear Networks 減少了 1.6 億美元。有線和廣播的國內業績均有所下降。在 Cable，這主要是由於更高的體育節目和製作成本，這是由我們上個季度討論的大學橄欖球季后賽和 NFL 的成本時間驅動的，此外還有 NBA 合同費率的增加和更高的體育製作成本。較低的廣播結果反映了 ABC 網絡和我們自有電視台的廣告收入下降。

Second quarter domestic Linear Networks affiliate revenue decreased by 2% from the prior year, driven by a 6 point decline from fewer subscribers, partially offset by 3 points of growth from contractual rate increases. Rate growth was adversely impacted by 1 percentage point from the timing of revenue recognition from certain non-owned TV stations. Second quarter domestic linear advertising revenue declined 10% year-over-year, although ESPN ad revenue was up 2% or flat when adjusted for certain noncomparable items, including CFP timing.

第二季度國內 Linear Networks 附屬公司收入較上年同期下降 2%，原因是訂戶減少導致收入下降 6 個百分點，部分被合同費率增長帶來的 3 個百分點的增長所抵消。從某些非自有電視台的收入確認時間起，費率增長受到 1 個百分點的不利影響。第二季度國內線性廣告收入同比下降 10%，儘管 ESPN 廣告收入在針對某些不可比項目（包括 CFP 時間）進行調整後增長 2% 或持平。

The sports advertising marketplace is currently stable, with quarter-to-date ESPN domestic linear cash ad sales pacing up. However, the overall entertainment advertising marketplace has been challenging. While the weakness has moderated somewhat, we anticipate that some softness may continue into the back half of the fiscal year. But as Bob mentioned, we are optimistic about our ability to continue to be a leader in advertising throughout the business cycle, particularly as it relates to our capabilities in addressable and programmatic. And we look forward to sharing more details at our upfront presentation next week.

體育廣告市場目前穩定，本季度至今 ESPN 國內線性現金廣告銷售正在加速。然而，整個娛樂廣告市場一直充滿挑戰。雖然疲軟有所緩和，但我們預計這種疲軟可能會持續到本財年的下半年。但正如 Bob 所提到的，我們對我們在整個商業周期中繼續成為廣告領導者的能力感到樂觀，特別是因為它與我們在可尋址和程序化方面的能力有關。我們期待在下週的前期演示中分享更多細節。

International Channels operating income decreased versus the prior year, driven by lower advertising revenue, partially offset by lower programming costs.

國際頻道營業收入較上年有所下降，原因是廣告收入下降，部分被節目成本下降所抵消。

Moving on to direct to consumer. Operating losses improved sequentially by approximately $400 million versus Q1. During the second quarter, Disney+ core subscribers grew modestly with over 600,000 net additions. For international, subs increased by close to 1 million, while domestic subs declined slightly in the quarter from continued impacts from the price increase. Domestic ARPU increased sequentially by 20%, reflecting strong subscription revenue growth. And while the softness we saw in Q2 domestic Disney+ net adds may linger into Q3, we do expect core sub growth to rebound in Q4.

繼續直接面向消費者。與第一季度相比，營業虧損環比減少了約 4 億美元。第二季度，Disney+ 核心用戶溫和增長，淨增超過 60 萬。就國際而言，訂閱量增加了近 100 萬，而國內訂閱量在本季度因價格上漲的持續影響而略有下降。國內 ARPU 環比增長 20%，反映訂閱收入增長強勁。雖然我們在第二季度看到的國內 Disney+ 淨增加的疲軟可能會持續到第三季度，但我們確實預計核心子增長將在第四季度反彈。

At ESPN+ and Hulu, subscribers increased slightly over the prior quarter. ARPU at Hulu was impacted by lower per-subscriber advertising revenue, in line with the comments we made last quarter regarding near-term softness in the addressable advertising space. DTC expenses, including programming and production costs and SG&A, declined in the second quarter versus Q1. Our direct-to-consumer operating results in Q2 outperformed our guidance by about $200 million, due in part to timing shifts of marketing expenses driven by recent slate changes at Disney+ and Hulu. The shift of some of those costs into the third quarter will contribute to Q3 DTC operating losses widening by approximately $100 million versus Q2.

在 ESPN+ 和 Hulu，訂戶比上一季度略有增加。 Hulu 的 ARPU 受到每位訂戶廣告收入下降的影響，這與我們上個季度對可尋址廣告空間近期疲軟的評論一致。與第一季度相比，第二季度的 DTC 支出（包括編程和製作成本以及 SG&A）有所下降。我們在第二季度的直接面向消費者的經營業績比我們的指導高出約 2 億美元，部分原因是迪士尼+ 和 Hulu 最近的名單變化推動了營銷費用的時間轉移。其中一些成本轉移到第三季度將導致第三季度 DTC 運營虧損比第二季度擴大約 1 億美元。

As we have noted before, the path will not be linear as the strategic changes and improvements we're executing on take time to deliver, but we remain confident in our long-term trajectory, with continued opportunities to further improve results given our content, duration strategy, planned price increases, expanding our relationships with our advertisers and our ongoing disciplined approach to costs.

正如我們之前指出的那樣，由於我們正在執行的戰略變革和改進需要時間才能交付，因此路徑不會是線性的，但我們對我們的長期軌跡仍然充滿信心，根據我們的內容，我們將繼續有機會進一步改進結果，持續時間策略、計劃的價格上漲、擴大我們與廣告商的關係以及我們持續的成本控制方法。

At Content Sales/Licensing and Other, we generated a $50 million loss in the quarter, a bit shy of our prior guidance that results would be roughly breakeven. Lower results in the second quarter versus the prior year were due to a decrease in TV/SVOD distribution results, partially offset by improved theatrical distribution results due to the continued success of Avatar: The Way of Water.

在內容銷售/許可和其他方面，我們在本季度產生了 5000 萬美元的虧損，略低於我們之前的指導，即結果大致為盈虧平衡。第二季度的業績低於去年同期是由於電視/SVOD 發行業績下降，部分被由於《阿凡達：水之道》的持續成功而改善的影院發行業績所抵消。

In the fiscal third quarter, we anticipate this business' operating results will decline by $150 million to $200 million versus the prior year, driven primarily by timing of the marketing of theatrical releases with key titles, Elemental, and Indiana Jones and the Dial of Destiny, not premiering until very late in the quarter.

在第三財季，我們預計該業務的經營業績將比上年下降 1.5 億美元至 2 億美元，這主要是受主要影片《元素》、《奪寶奇兵》和《命運之鐘》等院線上映時間的推動。 , 直到本季度末才首映。

Moving on to Parks, Experiences and Products. Operating income increased by over 20% versus the prior year to $2.2 billion, with increases at both international and domestic parks and experiences, partially offset by lower merchandise licensing results at consumer products.

轉到公園、體驗和產品。營業收入比上一年增長 20% 以上，達到 22 億美元，國際和國內公園和體驗的收入均有所增加，部分被消費品的商品許可結果下降所抵消。

Our international parks were a bright spot this quarter with strong year-over-year operating income growth driven by higher attendance and improved financial results at Shanghai Disney Resort, Disneyland Paris and Hong Kong Disneyland Resort. At domestic parks and experiences, operating income increased 10% versus the prior year, driven primarily by the continued post-pandemic recovery of our cruise line, partially offset by a comparison to a gain from a real estate sale in the prior year.

我們的國際公園是本季度的一個亮點，由於上海迪士尼度假區、巴黎迪士尼樂園和香港迪士尼樂園度假區的遊客人數增加和財務業績改善，營業收入實現了強勁的同比增長。在國內公園和體驗中，營業收入比上一年增長了 10%，這主要是由於我們的遊輪在大流行後持續復甦，部分被上一年房地產銷售收益的比較所抵消。

Q2 domestic parks operating income came in slightly below the prior year but was still up over 50% versus 2019. Results generally reflect the cost pressures we cited in last quarter's earnings call, including wage increases, costs associated with new guest offerings and other inflationary cost impacts. Domestic year-over-year increases in attendance and per capita spending were 7% and 2%, respectively. Per cap growth was more moderate this quarter as we are comparing against the first full quarter of offering Genie+ and Lightning Lane at both parks in the prior year.

第二季度國內公園營業收入略低於上一年，但仍比 2019 年增長了 50% 以上。結果通常反映了我們在上一季度的財報電話會議中提到的成本壓力，包括工資增長、與新客人相關的成本和其他通貨膨脹成本影響。國內游客人數和人均消費同比分別增長 7% 和 2%。本季度的人均增長較為溫和，因為我們與去年在兩個公園提供 Genie+ 和 Lightning Lane 的第一個完整季度進行比較。

Domestic parks and experiences operating margins were comparable to the prior year once adjusted for the impact of the prior year's real estate sale. Please keep in mind that in the back half of this fiscal year, there will be an unfavorable comparison against the prior year's incredibly successful 50th anniversary celebration at Walt Disney World. We typically see some moderation in demand as we lap these types of events, and third quarter-to-date performance has been in line with those historical trends. This comparison, coupled with inflationary cost pressures, including from a new union agreement, is expected to drive a modest adverse impact to domestic parks and experiences operating margins in the third quarter compared to the prior year. However, we expect the contribution from continued strong performance at our international parks in Q3 to result in DPEP segment level operating margins that are slightly higher than the prior year. DPEP will continue to be a growth business for our company, and we will manage all of these factors in line with our enduring focus on our guests.

根據上一年房地產銷售的影響進行調整後，國內公園和體驗的營業利潤率與上一年相當。請記住，在本財年的下半年，與上一年在華特迪士尼世界舉辦的極其成功的 50 週年慶典相比，情況將不盡如人意。當我們處理這些類型的事件時，我們通常會看到需求有所緩和，而第三季度迄今的表現與這些歷史趨勢一致。這種比較，加上通脹成本壓力，包括來自新工會協議的壓力，預計將對國內公園產生適度的不利影響，並在第三季度與去年同期相比實現營業利潤率。然而，我們預計第三季度我們國際公園的持續強勁表現將導致 DPEP 細分市場的營業利潤率略高於上一年。 DPEP 將繼續成為我們公司的增長業務，我們將根據我們對客人的持久關注來管理所有這些因素。

Before we conclude, I would like to note a couple of items related to our expectations for the total company this year. For fiscal 2023, cash content spend company-wide is expected to remain roughly comparable to last year, excluding any potential impact from the writers' strike. And we expect that fiscal 2023 capital expenditures will total approximately $5.6 billion. This is lower than our prior guide of $6 billion, largely due to timing of projects at DPEP as well as lower technology spend at DMED.

在我們結束之前，我想指出幾個與我們今年對整個公司的期望相關的項目。對於 2023 財年，全公司的現金內容支出預計將與去年大致持平，不包括作家罷工的任何潛在影響。我們預計 2023 財年的資本支出總額將約為 56 億美元。這低於我們先前指導的 60 億美元，這主要是由於 DPEP 的項目時間安排以及 DMED 的技術支出較低。

We still expect fiscal 2023 revenue and operating income to grow in the high single-digit percentage range. There are still many moving pieces, including macroeconomic factors, the state of the global advertising market and content timing shifts, which could impact our plans and expectations for the back half of this year. But as Bob mentioned earlier, we are incredibly optimistic about the long-term value-creation opportunities that the changes we are currently executing on can generate for our company, and we look forward to keeping you updated on our progress.

我們仍然預計 2023 財年的收入和營業收入將在高個位數百分比範圍內增長。仍有許多變化因素，包括宏觀經濟因素、全球廣告市場狀況和內容時間變化，這可能會影響我們對今年下半年的計劃和預期。但正如 Bob 之前提到的，我們對我們目前正在執行的變革可以為我們公司帶來的長期價值創造機會非常樂觀，我們期待讓您了解我們的最新進展。

And with that, I will turn the call over to Alexia for Q&A.

有了這個，我將把電話轉給 Alexia 進行問答。

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) And our first question will come from Ben Swinburne of Morgan Stanley.

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

Bob, I wanted to ask you about what you learned on sort of 2 topics over the last several months. One is around the price increase on Disney+. You've sort of commented that you think it went well. Obviously, we can see the subscriber trends. And you sound optimistic that the company can continue to drive ARPU over time. If you can just talk a little bit about what you've seen in the customer base and reaction and engagement that gives you confidence around pricing power for Disney+ looking ahead.

鮑勃，我想問你在過去幾個月裡你在兩個主題上學到了什麼。一個是圍繞 Disney+ 的價格上漲。你有點評論說你認為它進展順利。顯然，我們可以看到訂戶趨勢。你聽起來很樂觀，認為公司可以隨著時間的推移繼續推動 ARPU。如果你能談談你在客戶群中看到的情況以及反應和參與度，這會讓你對 Disney+ 的未來定價能力充滿信心。

And then a similar question around the cost rationalization and reorg at the company now that you're sort of deep into that. What have you learned about the opportunity for that to drive better financial results for the company? And Christine sort of teased it that there might be more opportunities that maybe exceed expectations, but do you think there's more to do, I guess, is the short question on the cost side.

然後是關於公司成本合理化和重組的類似問題，因為你已經深入了解了。您從中了解到哪些機會可以為公司帶來更好的財務業績？ Christine 有點戲弄它說可能會有更多的機會可能超出預期，但你認為還有更多的事情要做，我想，這是成本方面的簡短問題。

Thanks, Ben. On the first question regarding price increases, first, we were pleasantly surprised that the loss of subs due to what was a substantial increase in pricing for the non-ad-supported Disney+ product was de minimis. It was some loss, but it was relatively small. That leads us to believe that we, in fact, have pricing elasticity. With that in mind, I think one of the things that we not only have discovered but that we believe we have to do is that we've got to widen the delta between the ad-free service and add the non-ad-supported service because we clearly would like to drive more subs to the ad-supported service, which we did in the quarter by the way, the obvious reason, because the ARPU potential of the ad service Disney+.

謝謝，本。關於第一個關於價格上漲的問題，首先，令我們驚喜的是，由於無廣告支持的 Disney+ 產品的價格大幅上漲導致的訂閱量損失微乎其微。這是一些損失，但相對較小。這使我們相信我們實際上具有定價彈性。考慮到這一點，我認為我們不僅已經發現而且我們認為我們必須做的事情之一是我們必須擴大無廣告服務和添加非廣告支持服務之間的差異因為我們顯然希望為廣告支持的服務吸引更多訂閱者，順便說一句，我們在本季度這樣做了，原因很明顯，因為廣告服務 Disney+ 的 ARPU 潛力。

And in fact, as we look to this upfront and after careful and considerable discussion with our sales team led by Rita Ferro, we see that there's going to be a substantial growth in digital advertising in this upfront, I mean, quite substantial, suggesting for the obvious reason because digital advertising is so attractive to advertisers that there's an opportunity for us to really lean in to ad supported and again, raising our prices on the ad free, keeping the prices on the ad supported relatively modest, maybe perhaps no increases, increasing the delta, driving more subs in a higher ARPU direction. So we're heartened by it, and we are optimistic. And that is one of the strategies that we believe will help lead us ultimately to profitability and growth, along with the second thing that you mentioned, which is the cost rationalization. And I'll tag team with Christine on this.

事實上，當我們著眼於這一前期，並在與我們由 Rita Ferro 領導的銷售團隊進行仔細和大量的討論後，我們看到，在這一前期，數字廣告將會大幅增長，我的意思是，相當可觀，建議原因很明顯，因為數字廣告對廣告商非常有吸引力，我們有機會真正依靠廣告支持，並再次提高我們的免費廣告價格，保持廣告支持的價格相對適中，也許不會增加，增加增量，在更高的 ARPU 方向上驅動更多的訂閱者。所以我們對此感到鼓舞，我們很樂觀。這是我們認為將幫助我們最終實現盈利和增長的戰略之一，以及您提到的第二件事，即成本合理化。我將與 Christine 一起標記團隊。

Clearly, we -- as she mentioned, we're on a path to meeting or exceeding $5.5 billion in growth -- sorry, in cost reductions that we mentioned last quarter. That comes in 2 categories: content spend and SG&A. I'm going to let Christine handle the SG&A. But on content spend, we said at the time, most of that will come starting in '24 and leading in -- and into '25 because we were committed to so much content already in '23. I'll let Christine handle the timing of the SG&A reductions and what potential impact that would have. Clearly, again, the price increases, the -- pushing more viewers -- sorry, more subscribers to the ad supported and the cost containment are among the things we're doing to get to profitability.

很明顯，我們 - 正如她提到的那樣，我們正在實現或超過 55 億美元的增長 - 抱歉，我們上個季度提到的成本削減。這分為兩類：內容支出和 SG&A。我打算讓 Christine 處理 SG&A。但在內容支出方面，我們當時表示，其中大部分將從 24 年開始，並領先於 25 年，因為我們在 23 年就已經投入了大量內容。我會讓 Christine 處理 SG&A 削減的時間安排以及這會產生什麼潛在影響。很明顯，再次，價格上漲——推動更多的觀眾——抱歉，更多的訂閱者支持的廣告和成本控制是我們為盈利所做的事情之一。

Ben, I'll just further elaborate on some of the SG&A progress that we've had. And thanks for picking up that I did tease that by saying that we would need to exceed our targets of $2.5 billion. But as we've gotten into this, there's been great cooperation throughout the entire company, which has been really rewarding because we're looking at this. And of course, there's the reality of headcount reductions, and we're going through those. But there's also other things that we're finding more and more opportunities on eliminating redundancies, looking at ways to become more effective by utilizing resources, people and other resources across other businesses.

本，我將進一步詳細說明我們在 SG&A 方面取得的一些進展。感謝您接受我確實開玩笑說我們需要超過 25 億美元的目標。但是當我們進入這個領域時，整個公司都進行了很好的合作，這真的很有意義，因為我們正在研究這個問題。當然，還有裁員的現實，我們正在經歷這些。但還有其他事情，我們發現越來越多的機會消除冗餘，尋找通過利用其他企業的資源、人員和其他資源來提高效率的方法。

But we're really leaning into all the opportunities. There's technology, which we've also seen a lot of good progress. Some of it will be -- and I say some will be realized in the balance of this year, really at the end of the fiscal year, but the real impact is going to help us in '24. But once again, since we're all into it, I think, once again, having it be company-wide and having it be something that all of our business leaders have embraced, we're looking for a real comprehensive look throughout the SG&A buckets.

但我們真的在抓住所有機會。還有技術，我們也看到了很多好的進步。其中一些會——我說有些會在今年的餘額中實現，實際上是在財政年度末，但真正的影響將在 24 年幫助我們。但再一次，既然我們都投入其中，我想，再一次，讓它在全公司範圍內，並讓它成為我們所有業務領導者都接受的東西，我們正在尋找一個真正全面的整個 SG&A 的外觀水桶。

And one more thing to add to that, Ben. We launched Disney+ in many, many markets around the world, including many very low ARPU markets. And not only did we launch in those markets, we spend a lot of money on marketing in those markets and we spend money on local content. So as we rationalize this business and we head in the direction of profitability, clearly, we're looking at opportunities to reduce expenses in those markets where the revenue potential just isn't there.

本，還有一件事要補充。我們在全球許多市場推出了 Disney+，包括許多 ARPU 非常低的市場。我們不僅在這些市場推出產品，還在這些市場上投入大量資金進行營銷，並在本地內容上投入資金。因此，當我們對這項業務進行合理化並朝著盈利的方向前進時，很明顯，我們正在尋找機會減少那些沒有收入潛力的市場的開支。

The next question comes from Phil Cusick of JPMorgan.

下一個問題來自摩根大通的 Phil Cusick。

Great to see the parks doing so well. Christine, can you dig into the contribution from Shanghai and where that is relative pre-COVID into its potential? And Bob, Florida is such a big part of the value of the company, but you have this political issue that only seems to get more press. It seems like you're stuck with this fight. So how should investors think about the risk, both the near-term and long-term business for Disney?

很高興看到公園做得這麼好。克莉絲汀，你能否深入挖掘上海的貢獻以及相對於 COVID 之前的潛力？鮑勃，佛羅里達州是公司價值的重要組成部分，但你有這個政治問題似乎只會得到更多的關注。看來你被困在這場戰鬥中了。那麼投資者應該如何考慮迪士尼近期和長期業務的風險呢？

Phil, yes, let me address our results at Shanghai. They were incredibly positive this quarter. We've been really gratified to see the bounce back from the pandemic closures that we had. We're not going to get into too many specifics but suffice it to say that the business is doing extremely well on both an attendance and a per cap basis. We see that momentum continuing. And we also have some new attractions. We've talked about Zootopia coming later this year. And we believe that, that is going to drive even further attendance and spending at the park. But Shanghai is doing extremely well, and we've been really gratified to see that bounce back. Like I said, it was closed for quite a long period of time during the pandemic.

Phil，是的，讓我談談我們在上海的成果。他們本季度非常積極。我們真的很高興看到我們從大流行病關閉中恢復過來。我們不打算討論太多細節，但足以說明該業務在出勤率和人均基礎上都做得非常好。我們看到這種勢頭仍在繼續。我們也有一些新的景點。我們已經討論過今年晚些時候推出的 Zootopia。我們相信，這將進一步推動公園的出勤率和消費。但上海的表現非常好，我們真的很高興看到這種反彈。就像我說的，它在大流行期間關閉了很長一段時間。

Regarding Florida, I got a few things I want to say about that, Phil. First of all, I think the case that we filed last month made our position, and the fact's very clear. And that's really that this is about one thing and one thing only, and that's retaliating against us for taking a position about pending legislation. And we believe that in us taking that position, we are merely exercising our right to free speech.

關於佛羅里達州，菲爾，我有幾件事想說。首先，我認為我們上個月提交的案子表明了我們的立場，事實非常清楚。這真的是關於一件事，而且只是一件事，這是對我們對未決立法採取立場的報復。我們相信，我們採取這一立場只是在行使我們的言論自由權。

Also, this is not about special privileges or a level playing field or Disney in any way using its leverage around the state of Florida. But since there's been a lot said about special districts and the arrangement that we had, I want to set the record straight on that, too.

此外，這與特權或公平競爭環境或迪士尼以任何方式利用其在佛羅里達州的影響力無關。但由於已經有很多關於特區和我們的安排的說法，我也想就此澄清一下。

There are about 2,000 special districts in Florida, and most were established to foster investment and development, where we were one of them. It basically made it easier for us and others, by the way, to do business in Florida. And we built a business that employs, as we've said before, over 75,000 people and attracts tens of millions of people to the state. So while it's easy to say that the Reedy Creek special district that was established for us over 50 years ago benefited us, it's misleading to not also consider how much Disney benefited the state of Florida.

佛羅里達州大約有 2,000 個特區，大多數是為了促進投資和發展而設立的，我們就是其中之一。順便說一句，它基本上讓我們和其他人更容易在佛羅里達做生意。正如我們之前所說，我們建立的企業僱傭了超過 75,000 名員工，並吸引了數千萬人來到該州。因此，雖然可以很容易地說 50 多年前為我們建立的蘆葦溪特區使我們受益，但如果不考慮迪士尼為佛羅里達州帶來了多少好處，就會產生誤導。

And we're also -- we're not the only company operating a special district. I mentioned 2000, the Daytona Speedway, it has one. So do The Villages, which is a prominent retirement community, and there are countless others. So the goal here is leveling the playing -- if the goal is leveling the playing field, then a uniform application of the law or government oversight of special districts needs to occur or be applied to all special districts.

而且我們也是 - 我們不是唯一一家經營特區的公司。我提到過 2000，代托納賽道，它有一個。 The Villages 也是如此，它是一個著名的退休社區，還有無數其他社區。所以這裡的目標是公平競爭——如果目標是公平競爭，那麼就需要統一適用法律或政府對特區的監督，或適用於所有特區。

There's also a false narrative that we've been fighting to protect tax breaks as part of this. But in fact, we're the largest taxpayer in Central Florida, paying over $1.1 billion in state and local taxes last year alone. And we pay more taxes, specifically more real estate taxes as a result of that special district. And we all know there was no concerted effort to do anything to dismantle what was once called Reedy Creek special district until we spoke out on the legislation. So this is plainly a matter of retaliation while the rest of the Florida special districts continue operating basically as they were.

還有一種錯誤的說法是，我們一直在努力保護稅收減免，以此作為其中的一部分。但事實上，我們是佛羅里達州中部最大的納稅人，僅去年一年就繳納了超過 11 億美元的州稅和地方稅。由於那個特區，我們支付了更多的稅，特別是更多的房地產稅。而且我們都知道，在我們就立法發表意見之前，沒有任何一致的努力來拆除曾經被稱為 Reedy Creek 特區的地方。因此，這顯然是一種報復行為，而佛羅里達州的其他特區則基本照常運作。

And I think it's also important for us to say our primary goal has always been to be able to continue to do exactly what we've been doing there, which investing in Florida. We're proud of the tourism industry that we created, and we want to continue delivering the best possible experience for guests going forward. We never wanted or -- and we certainly never expected to be in the position of having to defend our business interests in Federal Court, particularly having such a terrific relationship with the state, as we've had for more than 50 years.

而且我認為對我們來說也很重要的是，我們的主要目標始終是能夠繼續做我們在那裡一直在做的事情，即在佛羅里達州投資。我們為我們創造的旅遊業感到自豪，我們希望繼續為未來的客人提供最好的體驗。我們從來不想——而且我們當然也從來沒想過要在聯邦法院捍衛我們的商業利益，尤其是與國家有著如此良好的關係，就像我們 50 多年來一直保持的那樣。

And as I mentioned on our shareholder call, we have a huge opportunity to continue to invest in Florida. I noted that our plans were to invest $17 billion over the next 10 years, which is what the state should want us to do. We operate responsibly. We pay our fair share of taxes. We employ thousands of people. And by the way, we pay them above the minimum wage, substantially above the minimum wage dictated by the state of Florida, and we also provide them with great benefits and free education.

正如我在股東電話會議上提到的那樣，我們有巨大的機會繼續投資佛羅里達州。我注意到我們的計劃是在未來 10 年投資 170 億美元，這是國家應該希望我們做的。我們負責任地經營。我們繳納公平份額的稅款。我們僱用了數千人。順便說一句，我們付給他們的工資高於最低工資，大大高於佛羅里達州規定的最低工資，我們還為他們提供巨大的福利和免費教育。

So I'm going to finish what is obviously kind of a long answer by asking one question. Does the state want us to invest more, employ more people and pay more taxes or not? Thanks.

因此，我將通過提出一個問題來結束顯然有點冗長的回答。國家要我們多投資、多僱人、多交稅嗎？謝謝。

The next question comes from Michael Nathanson of MoffettNathanson.

下一個問題來自 MoffettNathanson 的 Michael Nathanson。

I have 2. Bob, first for you is what do you think the impact of the slowdown in your DTC content spending will have on global subscriber growth? And then what does the move to one app in the U.S. offers a solution? And Christine, any help on future cash content spending? You said this year is flat. Is this the peak year, and then we start seeing declines from this year? Any help there on future cash content spending would be helpful.

我有 2. Bob，首先你認為 DTC 內容支出放緩會對全球用戶增長產生什麼影響？那麼在美國遷移到一個應用程序會提供什麼解決方案？ Christine，對未來的現金支出有什麼幫助嗎？你說今年平淡。今年是高峰年，然後我們開始看到從今年開始下降嗎？對未來現金支出的任何幫助都會有所幫助。

Michael, when we launched the service, let me remind everyone, it was only 3.5 years ago. So we're still a start-up in many ways. The goal was, as you know, global subs. And we wanted to flood the so-called digital shelves with as much content as possible to achieve obviously as much sub growth as possible.

邁克爾，當我們推出這項服務時，讓我提醒大家，那隻是 3.5 年前。所以我們在很多方面仍然是一家初創公司。如您所知，目標是全球潛艇。我們想用盡可能多的內容充斥所謂的數字貨架，以實現盡可能多的子增長。

And now as we grow the business in terms of the global footprint, we realized that we made a lot of content that is not necessarily driving sub growth. And we're getting much more surgical about what it is we make. So as we look to reduce content spend, we're looking to reduce it in a way that should not have any impact at all on subs. We believe that there's an opportunity for us to focus more on real sub drivers.

現在，隨著我們在全球足跡方面發展業務，我們意識到我們製作的很多內容不一定會推動子增長。而且我們正在對我們所做的事情進行更多的手術。因此，當我們希望減少內容支出時，我們希望以一種不應該對訂閱者產生任何影響的方式來減少它。我們相信我們有機會更多地關注真正的副駕駛員。

And one interesting example, and I should also throw marketing in too, where when you make a lot of content, everything needs to be marketed. You're spending a lot of money marketing things that are not going to have an impact on the bottom line, except negatively due to the marketing costs.

還有一個有趣的例子，我也應該加入營銷，當你製作大量內容時，一切都需要營銷。你花了很多錢營銷不會對底線產生影響的東西，除了由於營銷成本而產生的負面影響。

One thing we also know is that our films, those that are released theatrically, big tentpole movies in particular are great sub drivers. But we were spreading our marketing costs so thin that we were not allocating enough money to even market them when they came on the service, as witnessed by the ones that are coming up, including Avatar, Little Mermaid, Guardians of the Galaxy, Indiana Jones, Elemental, et cetera, where we actually believe we have an opportunity to lean into those more, put the right marketing dollars against it, allocate more from -- basically away from programming that was not driving any subs at all.

我們還知道的一件事是，我們的電影，那些在院線上映的電影，尤其是大型的支柱電影是很好的次要驅動因素。但我們分攤的營銷成本如此之低，以至於我們甚至沒有分配足夠的資金來在服務推出時進行營銷，正如即將推出的服務所見證的那樣，包括阿凡達、小美人魚、銀河護衛隊、印第安納瓊斯，元素等等，我們實際上相信我們有機會更多地投入其中，投入正確的營銷資金，分配更多 - 基本上遠離根本沒有驅動任何潛艇的節目。

So I guess this is part of the maturation process. As we grow into a business that we had never been in, we're learning a lot more about it. Specifically, we're learning a lot more about how our content behaves on the service and what it is consumers want.

所以我想這是成熟過程的一部分。隨著我們成長為一個我們從未涉足過的企業，我們正在學習更多關於它的知識。具體來說，我們正在更多地了解我們的內容在服務上的表現以及消費者想要什麼。

Michael, I'll address your question on content spend. As you know, this is an area that Bob is spending a lot of time working with our creative teams on. But when you think about that $30 billion overall and Bob's targeted a annualized saving in the $3 billion range, I just want to remind everyone that the sports component of that amount is now over 30% just due to the contractual rate increases that we've had in our contract rights, our sports rights.

邁克爾，我會回答你關於內容支出的問題。如您所知，這是 Bob 花費大量時間與我們的創意團隊合作的領域。但是當你考慮到這 300 億美元的總額以及 Bob 的目標是每年節省 30 億美元時，我只想提醒大家，由於我們已經提高了合同費率，現在這筆金額的體育部分已經超過 30%擁有我們的合同權利，我們的體育權利。

The other thing is in fiscal '23, we said that we're going to be roughly comparable to last year. Remember, last year, we came in slightly below $30 billion, and this estimate does not include any potential impacts from the writers' strike. So we have not estimated that because that's a new development, and we haven't really quantified what that would be because we don't know how long it's going to last. But in general, what we're really doing is looking at a lower volume of content, as I mentioned in my comments. And Bob is once again going through all of the development slates and really looking at not only our Disney branded but also a more curated approach to our general entertainment content.

另一件事是在 23 財年，我們說過我們將與去年大致相當。請記住，去年我們的收入略低於 300 億美元，而且這一估計不包括編劇罷工的任何潛在影響。所以我們沒有估計，因為這是一個新的發展，我們還沒有真正量化那會是什麼，因為我們不知道它會持續多久。但總的來說，正如我在評論中提到的那樣，我們真正在做的是查看較少的內容。 Bob 再次審視所有的開發計劃，真正關注的不僅是我們的迪士尼品牌，還有我們的一般娛樂內容的更精心策劃的方法。

The next question comes from Jessica Reif Ehrlich of BofA Securities.

下一個問題來自美國銀行證券的 Jessica Reif Ehrlich。

Bob, you mentioned that in the upfront, you will take a bigger share -- I mean, you'll lean heavily into digital with AVOD. I'm just wondering, in the face of accelerating pay-TV universe decline, is that enough to offset linear losses? Or when will it be enough to offset linear losses and start to drive growth? And in the sub-universe decline thought, just wondering if you can give us your updated thoughts on ESPN and how it transitions or when it transitions to ESPN+.

鮑勃，你在前期提到過，你將佔據更大的份額——我的意思是，你將通過 AVOD 大力依賴數字技術。我只是想知道，面對付費電視領域的加速衰退，這是否足以抵消線性損失？或者什麼時候才能抵消線性損失並開始推動增長？在次宇宙衰落的想法中，只是想知道您是否可以向我們提供您對 ESPN 的最新想法以及它如何過渡或何時過渡到 ESPN+。

Well, I'll address the ESPN first. We haven't really changed our position regarding basically migrating ESPN's flagship service as a direct-to-consumer streaming platform. We think there's an inevitability to that, but it's a huge decision for us to make, and we know that we've got to get it right, both in terms of pricing and timing. And obviously, that has not only a direct impact on the linear channels, but it will have an even greater impact on it if we were to do that.

好吧，我會先解決 ESPN。我們並沒有真正改變我們的立場，即基本上將 ESPN 的旗艦服務遷移為直接面向消費者的流媒體平台。我們認為這是不可避免的，但這對我們來說是一個重大決定，而且我們知道我們必須在定價和時間安排方面做對。顯然，這不僅對線性渠道有直接影響，而且如果我們這樣做，將會對其產生更大的影響。

What we see going on at Linear Networks, as you know, I'm not saying anything that you don't know, is we're seeing both sub declines and advertising weakness. And it's created worrisome circumstance for us because it's obviously having such a negative impact on the economics of that business. And that's forcing us to take a look at the cost structure of those channels, which ultimately comes down probably more than anything to spending on programming.

正如你所知，我們在 Linear Networks 看到的情況，我並不是在說你不知道的任何事情，我們看到的是子下降和廣告疲軟。這給我們帶來了令人擔憂的情況，因為它顯然對該企業的經濟產生瞭如此負面的影響。這迫使我們審視這些渠道的成本結構，最終可能更多地歸結為節目支出。

The decline in the business is, by the way, something that we predicted starting in 2015, '16, which is why we got into the streaming business to begin with. But the declines that we're seeing put even more pressure on us to turn that streaming business into a profitable growth business for us. And that's why all of the steps that we're taking, both in terms of the organizational structure, the cost reductions, the marketing changes, the changes in how we program the -- lean into advertising. We've also, by the way, Jessica, we've invested a fair amount in the technology needed to serve advertisers digitally much more effectively with automated sales functionality and delivering in a very, very granular way exactly what advertisers want.

順便說一句，我們從 2015 年 16 年就預測到了業務的下滑，這就是我們開始涉足流媒體業務的原因。但我們看到的下滑給我們帶來了更大的壓力，要求我們將流媒體業務轉變為有利可圖的增長業務。這就是為什麼我們正在採取的所有步驟，無論是在組織結構、成本降低、營銷變化，還是我們編程方式的變化方面——都傾向於廣告。順便說一句，傑西卡，我們已經在技術上投入了大量資金，通過自動化銷售功能更有效地為廣告商提供數字服務，並以非常非常精細的方式提供廣告商想要的東西。

So we're very bullish about leaning into digital advertising. We're bullish about how we're positioned there. We're bullish about Disney+ and Hulu and that combination by the way. We think that by making Hulu available as a one-app experience, we'll increase engagement and increase our opportunity in terms of serving digital ads and growing our advertising business. So all things are kind of connected, ESPN to the long-term health of the bundle, the growth and the need to grow streaming as a reaction to the deterioration of linear businesses and of course, all the steps that we've been taking to get to profitability.

所以我們非常看好數字廣告。我們看好我們在那裡的定位。順便說一句，我們看好 Disney+ 和 Hulu 以及它們的組合。我們認為，通過將 Hulu 作為一種應用程序體驗提供，我們將提高參與度並增加我們在提供數字廣告和發展我們的廣告業務方面的機會。所以所有的事情都是有聯繫的，ESPN 與捆綁的長期健康、增長和增長流媒體的需求作為對線性業務惡化的反應，當然，我們一直在採取的所有步驟獲得盈利。

The next question comes from Kannan Venkateshwar of Barclays.

下一個問題來自巴克萊銀行的 Kannan Venkateshwar。

Bob, on Hulu, the revenues of Hulu make it one of the biggest streaming businesses around, and it's also one of the oldest services around, but it doesn't seem to be profitable despite the scale. And it sounds like you've made up your mind on buying the rest of Hulu based on the announcement of the combination with Disney+. Does this combination allow you to change the cost structure of Hulu by maybe dropping content spending or the number of titles on Hulu and raising price because it's now a single service? So any color on your plans with Hulu would be much appreciated.

鮑勃，在 Hulu 上，Hulu 的收入使其成為周圍最大的流媒體業務之一，它也是周圍最古老的服務之一，但儘管規模龐大，但它似乎並沒有盈利。根據與 Disney+ 合併的公告，聽起來你已經下定決心購買 Hulu 的其餘部分。這種組合是否允許您通過降低內容支出或 Hulu 上的標題數量以及提高價格來改變 Hulu 的成本結構，因為它現在是一項服務？因此，您對 Hulu 計劃的任何顏色都將不勝感激。

And Christine, on the parks, could you help us scale the recent -- the impact of the recent wage increases in Florida and how that might impact the year? And historically, the business has delivered mid-single digit or better revenue growth and EBITDA growth faster than that. You now have a number of cruise ships, more attractions, higher price but also higher costs. So could you help us think about the growth algorithm going forward more broadly?

克里斯汀，在公園裡，你能幫助我們擴大最近——佛羅里達州最近工資上漲的影響，以及這對今年的影響嗎？從歷史上看，該業務實現了中個位數或更好的收入增長，而 EBITDA 增長速度更快。你現在遊輪多了，景點多了，價格也高了，成本也高了。那麼你能幫助我們更廣泛地思考增長算法嗎？

Kannan, as you know, we have a contractual arrangement with Comcast that will enable them to put their share of Hulu back to us in early 2024 -- starting in early 2024, as, I guess, further right that we have to call their share from them. And it's not really been fully determined what will happen in that regard, except that as we look more and more at the growth of that or the future of our streaming business -- and I mentioned at the first earnings call that I did after I came back that everything was on the table. And in fact, everything was on the table. But I've now had another 3 months to really study this carefully and figure out what is the best path for us to grow this business. And it's clear that a combination of the content that is on Disney+ with general entertainment is a very positive -- is a very strong combination from a subscriber perspective, from a subscriber acquisition, subscriber retention perspective and also from an advertisers perspective.

Kannan，如你所知，我們與 Comcast 有一項合同安排，這將使他們能夠在 2024 年初將他們在 Hulu 的份額還給我們——從 2024 年初開始，我想，更正確的是我們必須稱他們的份額為從他們。在這方面還沒有完全確定會發生什麼，除了隨著我們越來越多地關注流媒體業務的增長或未來——我在我來後的第一次財報電話會議上提到一切都擺在桌面上了。事實上，一切都擺在桌面上。但我現在還有 3 個月的時間來仔細研究這個問題，並找出什麼是我們發展這項業務的最佳途徑。很明顯，Disney+ 上的內容與一般娛樂的結合是非常積極的——從訂閱者的角度、從訂閱者獲取、訂閱者保留的角度以及從廣告商的角度來看，這是一個非常強大的組合。

So where we are headed is for one experience that would have general entertainment and Disney+ content together for every reasons that I just described. How that ultimately unfolds is, to some extent, in the hands of Comcast and in the hands of basically a conversation or a negotiation that we have with them. I don't want to be, in any way, predictive in terms of when or how that ends up. I can say, we've had some conversations with them already. They've been cordial, and they're aimed at being constructive. But I can't tell you, and I can't really say where they end up, only to say that there seems to be real value in having general entertainment combined with Disney+. And if ultimately, Hulu is that solution, that's -- we're bullish about that.

因此，出於我剛才描述的各種原因，我們的目標是獲得一種將一般娛樂和迪士尼+內容結合在一起的體驗。在某種程度上，這最終如何展開取決於康卡斯特，基本上取決於我們與他們進行的對話或談判。我不想以任何方式預測何時或如何結束。我可以說，我們已經與他們進行了一些對話。他們一直很親切，他們的目標是建設性的。但我不能告訴你，我也不能真正說出它們最終會走向何方，只能說將一般娛樂與 Disney+ 相結合似乎具有真正的價值。如果最終 Hulu 是解決方案，那就是——我們對此持樂觀態度。

Kannan, let me address your question on park's earnings growth and the outlook there. So I think it's -- the way I would phrase this is we do expect a really solid year overall for our domestic parks. That being said, we also expect increased costs. And we alluded to that in our first quarter earnings call. And they're really coming from a few areas most predominantly. One is wages with the new union contract coupled with inflationary trends. We do have some new guest offerings, so there's some incremental operating expenses that come along with those. And we also have the operational support for adding a fifth cruise ship to our cruise line fleet. I think you all know that we launched the Wish back last fall.

Kannan，讓我回答你關於 park 的盈利增長和前景的問題。所以我認為這是 - 我要表達的方式是我們確實希望我們的國內公園在整體上表現出色。話雖這麼說，我們也預計成本會增加。我們在第一季度的財報電話會議上提到了這一點。他們實際上主要來自幾個地區。一是新工會合同的工資加上通貨膨脹趨勢。我們確實有一些新的客戶服務，因此隨之而來的是一些增量運營費用。我們還擁有運營支持，可以為我們的遊輪船隊增加第五艘遊輪。我想你們都知道我們去年秋天推出了 Wish。

So we continue to look at ways to address cost management. The team down there has done a great job throughout the pandemic and then coming out of the pandemic, but they utilize a variety of tactics to mitigate potential margin pressures and downside risk across the segments. And some of the levers that they can utilize to really address it are by looking at capacity. In some of our new attractions, they increased the footprint or increased capacity so we can open up the valve a little bit more on attendance and with some new attractions that are more based on newer IP, so that will get more people not only coming in but wanting to come in and enjoy the experience while they're there.

因此，我們繼續尋找解決成本管理的方法。那裡的團隊在整個大流行期間都做得很好，然後從大流行中走出來，但他們利用各種策略來減輕各細分市場的潛在利潤壓力和下行風險。他們可以利用的一些槓桿來真正解決這個問題是通過查看容量。在我們的一些新景點中，他們增加了佔地面積或增加了容量，因此我們可以更多地打開閥門，增加一些更多基於新 IP 的新景點，這樣不僅可以吸引更多人進來但想進來享受他們在那裡的體驗。

And we also are really continuing to focus on meeting our customer needs there. But we think that this is a growth business for us. We've said so in the past. And I do just want to give a call out to our cruise business. That business, as you know, was the most impacted. And we had talked about that. That was going to be the last business to come back from the closures during the pandemic. But that business has come back incredibly strongly over the last year -- or this fiscal year. And even looking out to the balance of our fiscal year, we're very encouraged by what we're seeing there and the reception to not only our new ship but also our legacy ships within the fleet.

我們也確實繼續專注於滿足那裡的客戶需求。但我們認為這對我們來說是一項增長業務。我們過去曾這樣說過。我只想談談我們的郵輪業務。如您所知，那項業務受到的影響最大。我們已經談過了。這將是在大流行期間從關閉中恢復過來的最後一家企業。但該業務在過去一年或本財年恢復得非常強勁。甚至展望我們財政年度的餘額，我們對在那裡看到的情況以及不僅對我們的新船而且對我們船隊中的舊船的接待都感到非常鼓舞。

The next question comes from Michael Morris of Guggenheim.

下一個問題來自古根海姆的邁克爾莫里斯。

I wanted to ask one on direct-to-consumer advertising. And I'd love to hear any early details you can share about the Disney+ with the advertising product. It wasn't mentioned as a driver, and I realize it's early, but would love to hear any early takes there and thoughts about how that might pace over the course of the year.

我想問一個關於直接面向消費者的廣告。我很想听聽您可以與廣告產品分享有關 Disney+ 的任何早期細節。它沒有作為驅動程序被提及，我意識到現在還為時過早，但很想听聽任何早期的報導，以及關於它在一年中可能如何發展的想法。

And then second, Bob, I'd love to ask about artificial intelligence, clearly, a very hot topic right now and a technology that seems like it could be pretty impactful to your business, both your ability to use it, but also just given how much intellectual property you have to protect, something that could be a threat as well. So love any takes that you can share on how that would impact the business over time.

其次，Bob，我很想問一下關於人工智能的問題，很明顯，這是一個非常熱門的話題，而且這項技術似乎對你的業務有很大的影響，無論是你使用它的能力，還是剛剛給出的您必須保護多少知識產權，這也可能是一種威脅。所以喜歡任何你可以分享的關於隨著時間的推移將如何影響業務的鏡頭。

I think actually, Michael, I'm looking forward to a time where maybe AI does earnings calls for me. You probably -- you wouldn't know the difference perhaps. Maybe they'd be better. I don't know.

我想實際上，邁克爾，我期待著有一天人工智能可能會為我做收益電話。你可能——你可能不知道其中的區別。也許他們會更好。我不知道。

I'd use AI to ask the questions, too.

我也會使用 AI 來提問。

It's pretty clear that AI developments represent some pretty interesting opportunities for us and some substantial benefits. In fact, we're already starting to use AI to create some efficiencies and ultimately to better serve consumers. Getting closer to the customer is something that is a real goal of ours. And we think that AI will provide some great opportunities to do that. But it's also clear that AI is going to be highly disruptive, and it could be extremely difficult to manage, particularly from an IP management perspective.

很明顯，人工智能的發展為我們帶來了一些非常有趣的機會和一些實質性的好處。事實上，我們已經開始使用人工智能來提高效率，並最終更好地為消費者服務。更貼近客戶是我們真正的目標。我們認為人工智能將提供一些很好的機會來做到這一點。但同樣清楚的是，人工智能將具有高度顛覆性，而且管理起來可能極其困難，尤其是從知識產權管理的角度來看。

I can tell you that our legal team is working overtime already to try to come to grips with what could be some of the challenges here. And we're certainly not the only ones. I think this is across not only our industry but industries. So I'd have to say, overall, I'm bullish about the prospects because I think they'll create efficiencies and ways for us to basically provide better services to customers. On the other hand, I think that there's a lot we're going to have to contend with that will be quite disruptive and quite challenging. Getting more specific is not something I really am prepared to do right now.

我可以告訴你，我們的法律團隊已經加班加點地努力應對這裡可能存在的一些挑戰。我們當然不是唯一的。我認為這不僅涉及我們的行業，而且涉及整個行業。所以我不得不說，總的來說，我看好前景，因為我認為他們會創造效率和方式，讓我們基本上為客戶提供更好的服務。另一方面，我認為我們將不得不面對很多具有破壞性和挑戰性的問題。變得更具體並不是我現在真正準備做的事情。

Mike, I will take the Disney+ ad tier question for you. As you know, we launched back in December, so we've just begun to scratch the surface of what we can really do on advertising on Disney+. And we look at this as an incredible opportunity for longer-term advertising positioning.

邁克，我會為你回答迪士尼+廣告等級的問題。如您所知，我們於 12 月推出，因此我們才剛剛開始觸及我們在 Disney+ 上真正可以做的廣告的表面。我們將此視為長期廣告定位的絕佳機會。

Just to remind everyone, we do have a lighter ad load on Disney+ versus what we have on Hulu. And also notwithstanding the very challenging macroeconomic advertising market, we're still seeing our consumers come into the -- not only existing but also new sign-ups come into that ad tier. So we're very encouraged by that.

提醒大家，與 Hulu 相比，我們在 Disney+ 上的廣告負載確實更輕。而且儘管宏觀經濟廣告市場非常具有挑戰性，我們仍然看到我們的消費者進入 - 不僅是現有的而且還有新的註冊進入該廣告層。所以我們對此感到非常鼓舞。

As Bob has mentioned previously, we have invested a lot in our ad tier technology and our data platforms. We're really providing state-of-the-art programmatic and addressable ad tools to our advertisers. So those are also investments that we've made and we believe are going to pay off not only today but position us well for the future as the ad market overall gets stronger.

正如 Bob 之前提到的，我們在廣告層技術和數據平台上投入了大量資金。我們確實在為我們的廣告商提供最先進的程序化和可尋址廣告工具。因此，這些也是我們所做的投資，我們相信不僅會在今天得到回報，而且隨著廣告市場整體變得更強大，我們也會為未來做好準備。

The other thing I just want to mention is we will be launching the ad tier on Disney+ in Europe by the end of this calendar year. So that will be another platform that we'll have or another offering that we'll have for consumers outside of the U.S.

我只想提的另一件事是，我們將在本日曆年年底之前在歐洲的 Disney+ 上推出廣告層。因此，這將是我們將擁有的另一個平台或我們將為美國以外的消費者提供的另一種產品。

Last question comes from Doug Mitchelson of Credit Suisse.

最後一個問題來自瑞士信貸的 Doug Mitchelson。

Bob, integrating Hulu into the Disney+ app is intriguing, so I wanted to continue that conversation. When Disney+ was launched, you noted consumers should not have to buy through your entertainment content to get the Marvel and Star Wars and Disney and Pixar content. And you thought at the time having separate services to give consumers choice was the right approach. Is that still the right approach, to have multiple services to give consumer choice? And if the answer is yes, but you want the efficiency and flexibility of a single app, that would suggest that Disney+ is finally turning into a platform. And I'm just curious if you see the opportunity to broaden the number of subscriptions that can live on that Disney+ platform or if you can expand the monetization of that platform in other ways, while maintaining a premium experience for consumers. And if I could add one for Christine, is fiscal 3Q the peak for streaming losses?

鮑勃，將 Hulu 整合到 Disney+ 應用程序中很有趣，所以我想繼續那個對話。當 Disney+ 推出時，您指出消費者不應該通過購買您的娛樂內容來獲得 Marvel 和 Star Wars 以及 Disney 和 Pixar 的內容。你認為當時有單獨的服務給消費者選擇是正確的方法。這仍然是正確的方法嗎，讓消費者選擇多種服務？如果答案是肯定的，但你想要單個應用程序的效率和靈活性，那就表明 Disney+ 終於變成了一個平台。我很好奇你是否有機會擴大 Disney+ 平台上的訂閱數量，或者你是否可以通過其他方式擴大該平台的貨幣化，同時為消費者保持優質體驗。如果我可以為 Christine 添加一個，第三財季是流媒體損失的高峰期嗎？

we -- on the integrated app experience that we announced today, that's for consumers that have subscribed to both services for now. So in other words, it's taking what we call the dual bundle and putting it together in one experience, which is obviously good for consumers. Why I have to close out one app and open another one? So it becomes a one-app experience. We also think that it will benefit basically consumption and general lower churn be more attractive. It's just an all-in-one. It's a bigger platform, basically more content than it offered before.

我們 - 關於我們今天宣布的集成應用程序體驗，這是針對目前已訂閱這兩種服務的消費者。所以換句話說，它採用了我們所謂的雙捆綁並將其整合到一種體驗中，這顯然對消費者有利。為什麼我必須關閉一個應用程序並打開另一個應用程序？所以它變成了一個應用程序體驗。我們還認為，這將有利於基本消費和普遍較低的流失率，更具吸引力。它只是一個一體機。這是一個更大的平台，基本上比以前提供的內容更多。

Outside the United States, we created that with Star, which doesn't have all the programming of Hulu, but it has a significant amount, and it's working quite well. And it's one of the reasons why we're going to launch that as an advertiser-supported platform as Christine mentioned.

在美國以外，我們用 Star 創建了它，它沒有 Hulu 的所有節目，但數量可觀，而且運行良好。正如 Christine 提到的那樣，這也是我們將其作為廣告商支持的平台推出的原因之一。

So I think to answer your question, we're bullish about an app that goes well beyond the Disney+-branded content and includes general entertainment, which maybe at one point I called undifferentiated. That was a little harsh. But that includes quality curated general entertainment for the purpose of growing advertising, growing subscriber fees, growing engagement, growing a lessening churn, and to address one part of your question, reducing costs.

所以我想回答你的問題，我們看好一款應用程序，它遠遠超出迪士尼+品牌的內容，包括一般娛樂，也許在某個時候我稱之為無差異化。這有點苛刻。但這包括優質策劃的一般娛樂活動，目的是增加廣告、增加訂戶費用、增加參與度、減少流失，並解決你問題的一部分，降低成本。

I'll answer your question on the direct-to-consumer losses and the peak losses. Just to remind everyone, we did say, and it is the case, that we had peak losses in direct to consumer in the fourth quarter of '22. That was the quarter that we reported in November. So what you've seen since then is we improved on a sequential linked-quarter basis. You've seen a $400 million improvement in Q1, another $400 million improvement in Q2.

我將回答您關於直接面向消費者的損失和峰值損失的問題。只是為了提醒大家，我們確實說過，而且確實如此，我們在 22 年第四季度直接面向消費者的損失達到了峰值。那是我們在 11 月份報告的季度。所以你從那時起看到的是我們在連續鏈接季度的基礎上進行了改進。你已經看到第一季度增加了 4 億美元，第二季度又增加了 4 億美元。

In my comments, I did say that Q3, it would widen out by $100 million because of the timing of some releases and particularly, the marketing of those releases. But we -- that will be an aberration because it's not a linear path, but we will be improving significantly from '22 peak losses in Q4 through the balance of fiscal '23. So you should assume that what you saw back in Q4 was the peak loss, and we have improved for the next 2 quarters. There'll be that one little blip in Q3, and then we expect to be back on the path for the balance of the fiscal year.

在我的評論中，我確實說過第三季度，由於某些發布的時間，特別是這些發布的營銷，它會擴大 1 億美元。但我們 - 這將是一種偏差，因為它不是一條線性路徑，但我們將從第四季度的 22 峰值損失到 23 財年的平衡顯著改善。所以你應該假設你在第四季度看到的是峰值損失，我們在接下來的兩個季度有所改善。第三季度會有一個小波動，然後我們預計會在本財政年度的餘額中回到正軌。

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

好的。謝謝你的問題。我要感謝大家今天加入我們。請注意，可以在我們的投資者關係網站上找到本次電話會議中提到的非 GAAP 措施與等效 GAAP 措施的對賬。

Let me also remind you that certain statements on this call, including financial estimates or statements about our plans, guidance or expectations or other statements that are not historical in nature may constitute forward-looking statements under the securities laws. We make these statements on the basis of our views and assumptions regarding future events and business performance at the time we make them. We do not undertake any obligations to update these statements. Forward-looking statements are subject to a number of risks and uncertainties, and actual results may differ materially from the results expressed or implied in light of a variety of factors, including economic or industry conditions and execution risks, including in connection with our organizational structure and operating changes, cost savings and DTC business plans relating to content, subscriber and revenue growth and profitability.

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、指導或預期的陳述，或其他非歷史性質的陳述，可能構成證券法下的前瞻性陳述。我們根據我們在做出這些陳述時對未來事件和業務績效的看法和假設做出這些陳述。我們不承擔更新這些聲明的任何義務。前瞻性陳述受多種風險和不確定因素的影響，實際結果可能與明示或暗示的結果存在重大差異，原因包括經濟或行業狀況和執行風險，包括與我們的組織結構有關的各種因素以及與內容、訂戶和收入增長及盈利能力相關的運營變更、成本節約和 DTC 業務計劃。

For more information about the key risk factors, please refer to our Investor Relations website; the press release issued today; and the risks and uncertainties described in our Form 10-K, Form 10-Q and other filings with the Securities and Exchange Commission.

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；以及我們向美國證券交易委員會提交的 10-K 表格、10-Q 表格和其他文件中描述的風險和不確定性。

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

我們要感謝您今天加入我們，並祝大家今天休息愉快。

Conference has now concluded. Thank you for attending today's presentation, and you may now disconnect.

會議現已結束。感謝您參加今天的演講，您現在可以斷開連接了。