迪士尼 (DIS) 2023 Q3 法說會逐字稿

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

下午好，歡迎參加華特迪士尼公司 2023 年第三季度財務業績電話會議。 （操作員說明）另請注意今天的活動正在錄製中。

At this time, I'd like to turn the floor over to Alexia Quadrani, Executive Vice President of Investor Relations. Please go ahead.

現在，我想請投資者關係執行副總裁 Alexia Quadrani 發言。請繼續。

Good afternoon. It's my pleasure to welcome everybody to The Walt Disney Company's Third 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 年第三季度財報電話會議。我們的新聞稿於大約 25 分鐘前發布，可在我們的網站 www.disney.com/investors 上查看。今天的電話會議正在網絡直播，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 Kevin Lansberry, Interim Chief Financial Officer. Following comments from Bob and Kevin, we will be happy to take some of your questions.

與我一起參加今天電話會議的還有迪士尼首席執行​​官鮑勃·艾格 (Bob Iger)；臨時首席財務官 Kevin Lansberry。根據鮑勃和凱文的評論，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.

那麼，讓我把電話轉給鮑勃開始吧。

Thanks, Alexia, and good afternoon. In the 8 months since I returned, we've undertaken an unprecedented transformation at Disney, and this quarter's earnings reflect some of what we have accomplished.

謝謝，亞歷克西婭，下午好。在我回來後的 8 個月裡，我們在迪士尼進行了前所未有的轉型，本季度的收益反映了我們所取得的一些成就。

First, the company was completely restructured, restoring creativity to the center of our business. We made important management changes and efficiency improvements to create a more cost-effective, coordinated and streamlined approach to our operations. We aggressively reduced costs across the enterprise, and we're on track to exceed our initial goal of $5.5 billion in savings. And perhaps most importantly, we've improved our DTC operating income by roughly $1 billion in just 3 quarters as we continue to work toward achieving DTC profitability by the end of fiscal 2024.

首先，公司進行了徹底重組，將創造力恢復到我們業務的中心。我們進行了重要的管理變革和效率改進，以創建更具成本效益、協調和簡化的運營方法。我們積極降低整個企業的成本，並且有望超越最初節省 55 億美元的目標。也許最重要的是，我們繼續努力在 2024 財年末實現 DTC 盈利，從而在短短 3 個季度內將 DTC 營業收入提高了約 10 億美元。

I'm pleased with how much we've gotten done in such a short period of time, but I also know we have a lot more to do. Before I turn the call over to Kevin Lansberry, our Interim CFO, and I'd like to elaborate on the state of our company and the transformative work we are still undertaking.

我對我們在如此短的時間內完成的工作感到滿意，但我也知道我們還有很多工作要做。在我將電話轉給我們的臨時首席財務官 Kevin Lansberry 之前，我想詳細介紹一下我們公司的狀況以及我們仍在進行的變革工作。

As I've said before, our progress will not always be linear. But despite near-term headwinds, I'm incredibly confident in Disney's long-term trajectory because of the work we've done, the team we have in place and because of Disney's core intellectual property foundation.

正如我之前所說，我們的進步並不總是線性的。但儘管近期存在阻力，我對迪士尼的長期發展軌跡非常有信心，因為我們所做的工作、我們現有的團隊以及迪士尼的核心知識產權基礎。

Moving forward, I believe 3 businesses will drive the greatest growth and value creation over the next 5 years. They are our film studios, our parks business and streaming, all of which are inextricably linked to our brands and franchises.

展望未來，我相信 3 項業務將在未來 5 年內推動最大的增長和價值創造。它們是我們的電影製片廠、我們的公園業務和流媒體，所有這些都與我們的品牌和特許經營權有著千絲萬縷的聯繫。

Looking to Disney entertainment studios. We're focused on improving the quality of our films and on better economics, not just reducing the number of titles we release but also the cost per title. And we're maximizing the full impact of our titles by embracing the multiple distribution windows at our disposal, enabling consumers to access their content in multiple ways.

尋找迪士尼娛樂工作室。我們專注於提高電影質量和更好的經濟效益，不僅減少我們發行的影片數量，還減少每部影片的成本。我們通過利用多個發行窗口，使消費者能夠以多種方式訪問​​他們的內容，從而最大限度地發揮我們產品的全部影響力。

For example, Avatar: The Way of Water, which is now the third highest-grossing film of all time, is also on track to be the biggest-ever electronic home video release for Disney domestically. Certain other titles will be sold in the download-to-own window as well.

例如，《阿凡達：水道》現在是有史以來票房第三高的電影，也有望成為迪士尼在國內發行的有史以來最大的電子家庭視頻。某些其他遊戲也將在“下載擁有”窗口中出售。

By focusing on big franchises and tentpole films, we're able to generate interest in our existing library. For example, we're seeing tremendous engagement on Disney+ with the previous Guardians of the Galaxy films, the original Avatar and the first 4 Indiana Jones movies. But the value of our Disney entertainment studios and the reason this will be a key growth business for us extends far beyond our library and new releases. What sets Disney apart are the numerous ways we're able to reach consumers with the stories and characters they love, including in our parks and resorts.

通過專注於大片和熱門電影，我們能夠激發人們對現有圖書館的興趣。例如，我們看到迪士尼+上前幾部《銀河護衛隊》電影、《阿凡達》原版和前四部《奪寶奇兵》電影的參與度很高。但我們迪士尼娛樂工作室的價值以及這將成為我們關鍵增長業務的原因遠遠超出了我們的圖書館和新版本。迪士尼的與眾不同之處在於，我們能夠通過多種方式向消費者傳達他們喜愛的故事和角色，包括在我們的公園和度假村中。

We'll be opening new Frozen theme lands at Hong Kong Disneyland and Walt Disney Studios Park in Paris as well as the Zootopia theme land at Shanghai Disney Resort. And later down the road, we will be bringing an Avatar experience to Disneyland, reinforcing the unrivaled worldwide appeal of our brands and franchises.

我們將在香港迪士尼樂園和巴黎華特迪士尼影城開設新的《冰雪奇緣》主題樂園，並在上海迪士尼度假區開設《瘋狂動物城》主題樂園。稍後，我們將把阿凡達體驗帶到迪士尼樂園，增強我們的品牌和特許經營權在全球範圍內無與倫比的吸引力。

Our Parks and Experience segment overall has had an impressive streak and will continue to be a key growth engine for the company, even as we navigate the cycles that come with operating this business. Our Cruise Line in particular showed strong revenue and operating income growth in the third quarter. Current Q4 booked occupancy for our existing fleet of 5 ships is at 98%, and we will be expanding our fleet by adding 2 more ships in fiscal '25 and another in fiscal '26, nearly doubling our worldwide capacity.

我們的公園和體驗部門總體上取得了令人印象深刻的成績，並將繼續成為公司的關鍵增長引擎，即使我們在經營該業務所帶來的周期中也是如此。我們的郵輪公司在第三季度的收入和營業收入尤其表現出強勁的增長。目前，我們現有的5 艘船隊的第四季度預訂入住率為98%，我們將在25 財年再增加2 艘船，在26 財年再增加另一艘船，從而擴大我們的船隊規模，使我們的全球運力幾乎翻倍。

In addition to our Cruise Line, strong segment results for the quarter were driven by solid performance at our international parks, and we also saw continued strength at Disneyland Resort. Our Asia parks have been doing exceptionally well, reinforcing a clear opportunity for continued growth. Both Shanghai Disney Resort and Hong Kong Disneyland have experienced stronger-than-expected recoveries from the pandemic. And in Q3, they both grew meaningfully in revenue, operating income and attendance.

除了我們的遊輪公司外，本季度強勁的分部業績還受到我們國際公園的穩健業績推動，我們還看到迪士尼樂園度假區的持續強勁表現。我們的亞洲主題公園一直表現出色，為持續增長提供了明顯的機會。上海迪士尼度假區和香港迪士尼樂園的疫情復甦都強於預期。在第三季度，他們的收入、營業收入和出席人數都顯著增長。

We saw softer performance at Walt Disney World from the prior year, coming off our highly successful 50th anniversary celebration. Also as post-COVID pent-up demand continues to level off in Florida, local tax data shows evidence of some softening in several major Florida tourism markets. And the strong dollar is expected to continue tamping down international visitation to the state.

在我們非常成功的 50 週年慶祝活動之後，我們看到華特迪士尼世界的表現比去年更加疲軟。此外，隨著佛羅里達州疫情后被壓抑的需求繼續趨於平穩，當地稅收數據顯示佛羅里達州幾個主要旅遊市場出現疲軟的跡象。強勢美元預計將繼續抑制國際遊客對該州的訪問。

However, Walt Disney World is still performing well above pre-COVID levels, 21% higher in revenue and 29% higher in operating income compared to fiscal 2019, adjusting for Starcruiser accelerated depreciation. And following a number of recent changes we've implemented, we continue to see positive guest experience ratings in our theme parks, including Walt Disney World and positive indicators for guests looking to book future visits. This includes strong demand for our newly returned annual passes. We're making numerous investments globally to grow our parks business over the next 5 years, and I'm very optimistic about the future of this business over the long term.

然而，經星際巡洋艦加速折舊調整後，華特迪士尼世界的表現仍遠高於新冠疫情前的水平，與 2019 財年相比，收入增長了 21%，營業收入增長了 29%。在我們最近實施的一些變化之後，我們繼續在我們的主題公園（包括華特迪士尼世界）中看到積極的遊客體驗評級，以及希望預訂未來參觀的遊客的積極指標。這包括對我們新歸來的年票的強勁需求。我們正在全球範圍內進行大量投資，以在未來 5 年內發展我們的公園業務，從長遠來看，我對這項業務的未來非常樂觀。

The third area that will drive growth and value creation for Disney is our direct-to-consumer business. When you consider our path to profitability in streaming, it's important to remember where we started and how we've adapted based on what we've learned. We overachieved with massive subscriber growth for Disney+ out of the gate, and we leaned into a spending level to fuel subscriber growth, which had been the key measure of success for many. All of this happened while we were still determining the right strategies for pricing, marketing, content and specific international market investments.

推動迪士尼增長和價值創造的第三個領域是我們的直接面向消費者的業務。當您考慮我們在流媒體領域實現盈利的道路時，重要的是要記住我們從哪裡開始以及我們如何根據我們所學到的知識進行調整。我們的迪士尼+一開始就實現了巨大的用戶增長，並且我們傾向於通過支出水平來推動用戶增長，這對許多人來說是成功的關鍵衡量標準。所有這一切都發生在我們仍在確定定價、營銷、內容和特定國際市場投資的正確策略時。

However, since my return, we've reset the whole business around economics designed to deliver significant, sustained profitability. We're prioritizing the strength of our brands and franchises. We're rationalizing the volume of content we make, what we spend and what markets we invest in. We're deploying the technology necessary to both improve the user experience as well as the economics of this business. We're harnessing windowing opportunities, perfecting our pricing and marketing strategies, maximizing our enormous advertising potential, and we're making extensive Hulu content available to bundle subscribers via Disney+.

然而，自從我回來後，我們圍繞經濟學重新調整了整個業務，旨在提供顯著、持續的盈利能力。我們優先考慮我們的品牌和特許經營權的實力。我們正在合理化我們製作的內容量、我們的支出以及我們投資的市場。我們正在部署必要的技術，以改善用戶體驗以及該業務的經濟效益。我們正在利用窗口機會，完善我們的定價和營銷策略，最大限度地發揮我們巨大的廣告潛力，並且我們正在通過 Disney+ 向捆綁訂閱者提供廣泛的 Hulu 內容。

As I announced last quarter, we're moving closer toward a more unified one-app experience domestically to pair high-quality general entertainment with content from our popular brands and franchises for our bundle subscribers. It's a formula for success that we have already proven in international markets with our Star offering on Disney+.

正如我上季度宣布的那樣，我們正在向國內更加統一的單一應用程序體驗邁進，將高質量的一般娛樂與我們的熱門品牌和特許經營權的內容結合起來，為我們的捆綁訂閱者提供服務。這是我們的成功秘訣，我們已經通過 Disney+ 上的 Star 產品在國際市場上證明了這一點。

We see a future where consumers can access even more of the company's streaming content all in one place, resulting in higher user engagement, lower churn and greater opportunities for advertisers. We're also very optimistic about the long-term advertising potential of this business. Even amid a challenging ad market, this quarter, we began seeing early signs of improvement. And I'm pleased to announce that as of the end of Q3, we've signed up 3.3 million subscribers to our ad-supported Disney+ option. Since its inception, 40% of new Disney+ subscribers are choosing an ad-supported product.

我們預計未來消費者可以在一個地方訪問更多公司的流媒體內容，從而提高用戶參與度、降低流失率並為廣告商提供更多機會。我們也對這項業務的長期廣告潛力非常樂觀。即使在充滿挑戰的廣告市場中，本季度我們也開始看到改善的早期跡象。我很高興地宣布，截至第三季度末，我們已經有 330 萬訂閱者訂閱了由廣告支持的 Disney+ 選項。自推出以來，40% 的 Disney+ 新訂閱者選擇了廣告支持的產品。

On our pricing strategy, this year alone, we've raised prices in nearly 50 countries around the world to better reflect the value of our product offerings, and the impact on churn and retention has outperformed our expectations. Later today, we will release details regarding upcoming streaming price increases. And I'm pleased to share that our ad-supported Disney+ subscription offerings will become available in Canada and in select markets across Europe, beginning November 1, while a new ad-free bundled subscription plan featuring Disney+ and Hulu will be available in the U.S. on September 6.

在我們的定價策略上，僅今年一年，我們就在全球近 50 個國家/地區提高了價格，以更好地反映我們產品的價值，對客戶流失和保留的影響超出了我們的預期。今天晚些時候，我們將發布有關即將到來的流媒體價格上漲的詳細信息。我很高興地告訴大家，我們的廣告支持的 Disney+ 訂閱服務將於 11 月 1 日開始在加拿大和歐洲部分市場推出，而包含 Disney+ 和 Hulu 的新無廣告捆綁訂閱計劃也將在美國推出。 9月6日。

Maintaining access to our content for as broad an audience as possible is top of mind for us, which is why pricing for our stand-alone ad-supported Disney+ and Hulu offerings will remain unchanged. I'd also like to note that we are actively exploring ways to address account sharing and the best options for paying subscribers to share their accounts with friends and family. Later this year, we will begin to update our subscriber agreements with additional terms on our sharing policies, and we will roll out tactics to drive monetization sometime in 2024.

讓盡可能廣泛的受眾能夠訪問我們的內容是我們的首要任務，這就是為什麼我們的獨立廣告支持的 Disney+ 和 Hulu 產品的定價將保持不變。我還想指出的是，我們正在積極探索解決帳戶共享問題的方法以及付費訂閱者與朋友和家人共享帳戶的最佳選擇。今年晚些時候，我們將開始更新我們的訂戶協議，添加有關共享政策的附加條款，並且我們將在 2024 年的某個時候推出推動貨幣化的策略。

Our DTC ambitions also extend to our sports business. Taking our ESPN flagship channels direct-to-consumer is not a matter of if but when. And the team is hard at work looking at all components of this decision, including pricing and timing.

我們的 DTC 雄心還延伸到我們的體育業務。將我們的 ESPN 旗艦頻道直接面向消費者不是是否會發生的問題，而是何時發生的問題。該團隊正在努力研究這一決定的所有組成部分，包括定價和時間安排。

It's interesting to note that ratings continue to increase on ESPN's main linear channel even as cord cutting has accelerated. This rating strength creates tremendous advertising potential across the board. Our total domestic sports advertising revenue for linear and addressable is up 10% versus the prior year adjusted for comparability, which speaks to the fact that the sports business stands tall and remains a good value proposition.

有趣的是，儘管掐線速度加快，但 ESPN 主要線性頻道的收視率仍在持續上升。這種評級優勢創造了全面的巨大廣告潛力。經過可比性調整後，我們的國內線性和可尋址體育廣告總收入比上一年增長了 10%，這說明體育業務地位穩固，仍然是一個良好的價值主張。

We believe in the power of sports and the unique ability to convene and engage audiences. Yesterday, it was announced that ESPN has entered into an exclusive licensing arrangement with PENN Entertainment to further extend the ESPN brand into the growing sports betting marketplace. This licensing deal will offer a compelling new experience for sports fans that will enhance consumer engagement. We're excited to offer this to the many fans who have long been asking for it.

我們相信體育的力量以及召集和吸引觀眾的獨特能力。昨天，ESPN 宣布與 PENN Entertainment 達成獨家授權安排，以進一步將 ESPN 品牌擴展到不斷增長的體育博彩市場。這項授權協議將為體育迷提供引人注目的新體驗，從而提高消費者的參與度。我們很高興能為長期以來一直要求它的粉絲提供這個。

Overall, we're considering potential strategic partnerships for ESPN, looking at distribution, technology, marketing and content opportunities where we retain control of ESPN. We've received notable interest from many different entities, and we look forward to sharing more details at a later date when we're further along in this process.

總體而言，我們正在考慮與 ESPN 建立潛在的戰略合作夥伴關係，尋找我們保留對 ESPN 控制權的發行、技術、營銷和內容機會。我們已經收到了來自許多不同實體的顯著興趣，我們期待著稍後在這一過程取得進一步進展時分享更多細節。

Looking to our broader linear business. While linear remains highly profitable for Disney today, the trends being fueled by cord cutting are unmistakable. And as I've stated before, we are thinking expansively and considering a variety of strategic options. However, we're fortunate to have an array of extremely productive television studios that we will rely on to continue providing exceptional content for audiences well into the future.

展望我們更廣泛的線性業務。儘管迪士尼如今的線性業務仍然保持著高額利潤，但剪線所推動的趨勢是顯而易見的。正如我之前所說，我們正在廣泛思考並考慮各種戰略選擇。然而，我們很幸運擁有一系列極其高效的電視工作室，我們將依靠它們在未來繼續為觀眾提供卓越的內容。

And speaking of the content we create, I'd like to say a few words about the ongoing strikes. Nothing is more important to this company than its relationships with the creative community, and that includes actors, writers, animators, directors and producers. I have deep respect and appreciation for all those who are vital to the extraordinary creative engine that drives this company and our industry. And it is my fervent hope that we quickly find solutions to the issues that have kept us apart these past few months, and I am personally committed to working to achieve this result.

說到我們創建的內容，我想就正在進行的罷工說幾句話。對於該公司來說，沒有什麼比與創意社區（包括演員、作家、動畫師、導演和製片人）的關係更重要的了。我對所有對推動公司和行業的非凡創意引擎至關重要的人表示深深的敬意和讚賞。我熱切希望我們能夠迅速找到解決過去幾個月使我們分歧的問題的辦法，我個人致力於實現這一結果。

In closing, I returned to Disney in November and have agreed to stay on longer because there is more to accomplish before our transformation is complete and because I want to ensure a successful transition for my successor. In spite of a challenging environment in the near term, I'm overwhelmingly bullish about Disney's future for the reasons I shared at the beginning of this call. The work we've done over these past 8 months are core foundation of creative excellence and iconic brands and franchises and because of the unrivaled talent we have at every level here at Disney. I have the highest confidence in our leadership team today, and I'm enormously proud of the ways each of them is helping steer the company through this moment of great change.

最後，我於 11 月回到迪士尼，並同意停留更長時間，因為在我們完成轉型之前還有更多工作要做，而且我想確保我的繼任者成功過渡。儘管短期內面臨充滿挑戰的環境，但我對迪士尼的未來非常看好，原因正如我在本次電話會議開始時分享的那樣。我們過去 8 個月所做的工作是卓越創意和標誌性品牌和特許經營的核心基礎，這也是因為我們在迪士尼的各個層面都擁有無與倫比的人才。我對今天我們的領導團隊充滿信心，我對他們每個人幫助引導公司度過這一偉大變革時刻的方式感到非常自豪。

And with that, I'll turn things over to Kevin.

有了這個，我會把事情交給凱文。

Thanks, Bob. It's good to be here. And good afternoon, everyone. Our fiscal third quarter diluted earnings per share, excluding certain items, were $1.03, a decrease of $0.06 versus the prior year. In the coming months, we will be presenting recast financials in line with our new reorganized segments: Disney Entertainment, ESPN, and Parks Experiences and Products. So today will be the last earnings call where we will discuss our numbers under the existing structure.

謝謝，鮑勃。很高興來到這裡。大家下午好。我們第三財季的攤薄每股收益（不包括某些項目）為 1.03 美元，比上年減少 0.06 美元。在接下來的幾個月中，我們將根據我們新重組的部門（迪士尼娛樂、ESPN 以及公園體驗和產品）展示重新調整的財務數據。因此，今天將是最後一次財報電話會議，我們將在現有結構下討論我們的數字。

Now turning to this quarter's results. Starting off with direct-to-consumer. As Bob referenced earlier, we've improved direct-to-consumer operating results by $1 billion in just 3 quarters. For Q3, operating losses improved by approximately $150 million versus the prior quarter and by approximately $550 million versus the prior year. These results outperformed the guidance we gave on the last earnings call largely due to lower-than-expected expenses, including from realizing SG&A savings sooner than initially expected.

現在轉向本季度的業績。從直接面向消費者開始。正如鮑勃之前提到的，我們在短短 3 個季度內將直接面向消費者的運營業績提高了 10 億美元。第三季度，運營虧損較上一季度減少約 1.5 億美元，較上年減少約 5.5 億美元。這些結果超出了我們在上次財報電話會議上給出的指導，這主要是由於費用低於預期，包括比最初預期更早實現SG＆A節省。

Disney+ core subscribers grew by nearly 800,000 during the third quarter, in line with the commentary we made at our last earnings call, with international growth more than offsetting modest domestic net losses. As Bob mentioned, our progress will vary from quarter-to-quarter, and we are more focused on overall economics versus pure sub growth. But currently, we do expect that in the fourth quarter, we will see core Disney+ net adds rebound with growth both domestically and internationally.

Disney+ 核心訂閱用戶在第三季度增長了近 80 萬，這與我們在上次財報電話會議上的評論一致，國際增長足以抵消國內適度的淨虧損。正如鮑勃提到的，我們的進展會因季度而異，我們更關注整體經濟而不是純粹的子增長。但目前，我們確實預計，在第四季度，我們將看到核心迪士尼+淨增加量隨著國內和國際的增長而反彈。

Disney+ core ARPU increased sequentially by $0.11 driven by higher per subscriber advertising revenue domestically as well as price increases in certain international markets. With over 40% of gross adds opting for the ad tier, the domestic Disney+ ad tier is continuing to improve our ARPU. And we look forward to the additional market launches announced today, which should serve as a stepping stone on our path to profitability.

由於國內每位訂戶廣告收入增加以及某些國際市場價格上漲，Disney+ 核心 ARPU 環比增長 0.11 美元。由於超過 40% 的總增加選擇了廣告層，國內 Disney+ 廣告層正在繼續提高我們的 ARPU。我們期待今天宣布的更多市場推出，這應該成為我們盈利之路上的墊腳石。

Disney+ Hotstar subscribers declined this quarter as we adjusted our product from one centered around the IPL to one more balanced with other sports and entertainment offerings. I would also note that this business with its significantly lower ARPU compared to core Disney+ is not a material component of our overall D2C financial results. We will therefore continue to focus our commentary on the core Disney+ product.

Disney+ Hotstar 訂閱者本季度有所下降，因為我們將產品從以 IPL 為中心的產品調整為與其他體育和娛樂產品更加平衡的產品。我還要指出的是，與核心 Disney+ 相比，這項業務的 ARPU 明顯較低，並不是我們整體 D2C 財務業績的重要組成部分。因此，我們將繼續將評論重點放在迪士尼+核心產品上。

Hulu and ESPN+ subscribers were roughly comparable to Q2. Hulu remained profitable in the third quarter with advertising revenue increasing versus the second quarter, benefiting sequentially from a higher sell-through rate. In Q4, we expect D2C ad revenue to continue to benefit from higher advertiser demand at Hulu as well as from the ramp-up of the Disney+ ad tier.

Hulu 和 ESPN+ 訂戶數量與第二季度大致相當。 Hulu 在第三季度保持盈利，廣告收入較第二季度有所增長，連續受益於更高的售出率。第四季度，我們預計 D2C 廣告收入將繼續受益於 Hulu 廣告商需求的增加以及 Disney+ 廣告層的提升。

As we work toward achieving D2C profitability by the end of fiscal 2024, we don't necessarily expect the progress to be linear each quarter as the impacts of the transformative work we are doing take time to realize. We expect to see more meaningful improvement in our D2C losses by middle of fiscal 2024. These expectations and plans remain subject to all of the risks and assumptions we previously identified and are noting here today, which will require close and ongoing assessment. But we remain encouraged by the early results we've already realized and are optimistic about our path ahead.

當我們努力在 2024 財年底實現 D2C 盈利能力時，我們不一定期望每個季度的進展都是線性的，因為我們正在進行的變革工作的影響需要時間才能實現。我們預計到2024 財年中期，我們的D2C 損失將得到更有意義的改善。這些預期和計劃仍然受到我們之前確定並今天在此指出的所有風險和假設的影響，這將需要密切和持續的評估。但我們仍然對已經實現的早期成果感到鼓舞，並對我們未來的道路感到樂觀。

Moving on to our content sales line of business. Operating results declined by a little over $200 million versus the prior year. Lower results in the third quarter versus the prior year were due to lower TV/SVOD and theatrical results. For Q4, we expect this business to generate operating losses up to $100 million worse than last year's fourth quarter.

繼續我們的內容銷售業務。經營業績比上年下降略多於 2 億美元。第三季度業績較上年同期下降是由於電視/SVOD 和影院業績下降。對於第四季度，我們預計該業務將比去年第四季度產生高達 1 億美元的運營虧損。

And at Linear Networks, operating income declined versus the prior year by $580 million driven by declines at both domestic and international channels. The decrease at domestic channels was driven by lower advertising and affiliate revenue and by higher programming and production costs driven by the NBA and the new Formula One agreement.

在 Linear Networks，由於國內和國際渠道的下滑，營業收入較上年下降了 5.8 億美元。國內頻道的收入下降是由於廣告和聯營收入減少，以及 NBA 和新的一級方程式協議導致的節目和製作成本增加。

While domestic linear advertising revenue declined year-over-year, ESPN ad revenue increased by 4%, demonstrating the relative strength of sports. Quarter-to-date, ESPN domestic linear cash ad sales are pacing down, reflecting in part the absence of the Big Ten this year. It's worth noting, however, that the absence of the Big Ten is expected to drive overall operating income favorability in Q4 versus the prior year. The fourth quarter will also hold 1 additional Monday night football game versus the prior year.

雖然國內線性廣告收入同比下降，但 ESPN 廣告收入卻增長了 4%，顯示了體育運動的相對優勢。本季度至今，ESPN 國內線性現金廣告銷售正在放緩，部分反映了今年十大廣告公司的缺席。然而，值得注意的是，十大巨頭的缺席預計將推動第四季度的整體營業收入與上一年相比更加有利。與去年相比，第四季度還將額外舉行一場週一晚上的橄欖球比賽。

Linear advertising continues to see impacts from market softness. While sports is healthy, entertainment continues to face headwinds. Note that we expect D2C advertising year-over-year growth to partially offset linear declines in the fourth quarter.

線性廣告繼續受到市場疲軟的影響。雖然體育運動是健康的，但娛樂業仍然面臨阻力。請注意，我們預計 D2C 廣告同比增長將部分抵消第四季度的線性下降。

And we wrap this year's upfront with overall volume roughly in line with the prior year. Growth in addressable revenue increased, representing over 40% of the total upfront volume, and sports pricing is up single digits across the board.

我們對今年的預付款進行了總結，總體數量與去年大致一致。可尋址收入增長增加，佔預付款總額的 40% 以上，體育賽事定價全面上漲個位數。

Domestic Linear Networks affiliate revenue decreased by 2% from the prior year due to a 6-point decline from fewer subscribers, partially offset by 4 points of growth from contractual rate increases. International channels operating income decreased versus the prior year driven by lower advertising revenue, and to a lesser extent, an unfavorable foreign exchange impact.

由於訂戶減少導致國內 Linear Networks 聯營公司收入下降 6 個百分點，較上年下降 2%，但部分被合同費率增長 4 個百分點所抵消。由於廣告收入減少以及不利的外匯影響，國際頻道的營業收入較上年有所下降。

Our Parks, Experiences and Products portfolio of businesses continues to be an earnings and free cash flow growth driver for the company with both revenue and operating income increasing by more than 10% versus the prior year. International parks continued its strong growth trend with year-over-year operating income increasing at all our international sites, but most significantly at Shanghai Disney, which saw record highs from a revenue, OI and margin perspective.

我們的公園、體驗和產品業務組​​合繼續成為公司盈利和自由現金流增長的推動力，收入和營業收入比上一年增長了 10% 以上。國際樂園繼續保持強勁的增長趨勢，我們所有國際園區的營業收入均同比增長，但上海迪士尼的營業收入最為顯著，從收入、OI 和利潤率的角度來看，該公司的營業收入均創下歷史新高。

At domestic Parks and Experiences, operating income was up 24% versus prepandemic results in fiscal '19, but declined 13% versus the prior year. In addition to the inflationary cost pressures we have discussed on prior calls and some of the near-term headwinds at Walt Disney World that Bob mentioned earlier, results reflect an approximately $100 million accelerated depreciation charge related to the closure of the Galactic Starcruiser. These drivers were partially offset by favorable performance at our Cruise Line and at the Disneyland Resort.

在國內公園和體驗中心，2019 財年的營業收入比疫情前增長了 24%，但比上一年下降了 13%。除了我們在之前的電話會議中討論過的通貨膨脹成本壓力以及鮑勃之前提到的華特迪士尼世界的一些近期不利因素之外，結果還反映出與銀河星際巡洋艦關閉相關的約1 億美元的加速折舊費用。這些驅動因素被我們的郵輪公司和迪士尼樂園度假區的良好表現部分抵消。

While Walt Disney World results were down year-over-year, as Bob mentioned, operating income was nearly 30% higher versus 2019 when adjusting for the Starcruiser accelerated depreciation. Domestic parks attendance grew slightly year-over-year, reflecting comparisons against last year's strong trends coming out of the 50th anniversary at Walt Disney World. Per cap spending was comparable to the prior year with contributions from pricing, Genie+ and higher food and beverage spend offset by attendance composition changes and lower merchandise spend.

正如鮑勃提到的，雖然華特迪士尼世界的業績同比下降，但在對星際巡洋艦加速折舊進行調整後，營業收入比 2019 年增長了近 30%。國內公園的遊客量同比略有增長，反映出與去年華特迪士尼世界 50 週年紀念日的強勁趨勢相比。人均支出與上一年相當，定價、Genie+ 和較高的餐飲支出的貢獻被出席人數構成的變化和較低的商品支出所抵消。

Excluding the impact of the Starcruiser accelerated depreciation, domestic Parks and Experiences operating margins in Q3 were roughly 3 percentage points below the prior year, and DPEP margins were slightly higher than the prior year.

剔除星際巡洋艦加速折舊的影響，第三季度國內公園和體驗運營利潤率比去年同期下降約3個百分點，DPEP利潤率略高於去年同期。

We continue to expect some moderation in demand at our domestic parks as we compare against our highly successful 50th anniversary celebration at Walt Disney World and the burn-off of pent-up demand persists, while elevated travel costs are impacting international visitation. We are also seeing continued cost pressures in the fourth quarter, predominantly from labor wage rate growth, coupled with $150 million of remaining accelerated depreciation for the Galactic Starcruiser.

與華特迪士尼世界 50 週年慶祝活動取得的巨大成功相比，我們仍然預計國內公園的需求將有所放緩，被壓抑的需求持續消失，而旅行成本的上升正在影響國際遊客量。我們還看到第四季度持續的成本壓力，主要來自勞動力工資增長，加上銀河星際巡洋艦剩餘的 1.5 億美元加速折舊。

However, we still expect all-in Q4 operating margins at DPEP to exceed the prior year due to the ongoing strength of recovery at our international parks and Cruise Line. Putting this all together, excluding the impact of accelerated depreciation for the Starcruiser, we are still expecting full year total company revenue and segment operating income to grow at a high single-digit percentage rate versus the prior year.

然而，由於我們的國際公園和郵輪公司的持續復甦，我們仍然預計 DPEP 第四季度的總營業利潤率將超過去年同期。綜上所述，排除星際巡洋艦加速折舊的影響，我們仍然預計全年公司總收入和分部營業收入將比上年以高個位數百分比增長。

We currently expect fiscal 2023 content spend to come in at approximately $27 billion, which is lower than we previously guided due to lower spend on produced content, in part due to the writers' and actors' strikes. We now expect capital expenditures for the year to total $5 billion. This is lower than our prior guide primarily due to spending timing shifts for various projects across the enterprise.

我們目前預計 2023 財年的內容支出約為 270 億美元，低於我們之前的指導，因為製作內容的支出減少，部分原因是編劇和演員的罷工。我們現在預計今年的資本支出總額將達到 50 億美元。這低於我們之前的指南，主要是因為整個企業各個項目的支出時間發生了變化。

In the midst of the transformative work we have been doing, we are prioritizing long-term free cash flow growth and have generated $1.6 billion of free cash flow in the third quarter. Our balance sheet remains strong with our single A credit ratings reflecting that strength. We have made significant progress deleveraging coming out of the pandemic, and we continue to approach capital allocation in a disciplined and balanced manner, prioritizing investments to generate future growth while also keeping an eye towards shareholder returns.

在我們一直在進行的變革工作中，我們優先考慮長期自由現金流增長，並在第三季度產生了 16 億美元的自由現金流。我們的資產負債表仍然強勁，我們的單一 A 信用評級反映了這一實力。疫情過後，我們的去槓桿化工作取得了重大進展，我們繼續以嚴謹、平衡的方式進行資本配置，優先投資以創造未來增長，同時關注股東回報。

And to that point, as we've mentioned before, we still expect to be in a position to recommend that the Board declared a modest dividend by the end of this calendar year with the intention to recommend increased shareholder returns over time as our earnings and free cash flow power grows.

就這一點而言，正如我們之前提到的，我們仍然希望能夠建議董事會在本日曆年年底前宣布適度股息，目的是建議隨著時間的推移增加股東回報，因為我們的收益和自由現金流能力增長。

And with that, I will turn it back over to Alexia for Q&A.

接下來，我會將其轉回給 Alexia 進行問答。

Thanks, Kevin. (Operator Instructions)

謝謝，凱文。 （操作員說明）

And with that, operator, we're ready for the first question.

接線員，我們已經準備好回答第一個問題了。

(Operator Instructions) Our first question comes from Phil Cusick from JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Phil Cusick。

Bob, the linear business is clearly under pressure, and you made it clear recently that all options are being considered. I'm curious, though, what the practical considerations are of separating assets like ABC, National Geographic or others from both ESPN or sports or integrated or from Hulu, which is kind of the next-generation distribution platform. Can you talk about that? And then second, can we assume that most of those TV assets have been fully depreciated?

鮑勃，線性業務顯然面臨壓力，而且您最近明確表示正在考慮所有選擇。不過，我很好奇，將 ABC、國家地理或其他內容與 ESPN、體育、綜合或 Hulu（下一代發行平台）分開的實際考慮因素是什麼。你能談談嗎？其次，我們是否可以假設大部分電視資產已完全折舊？

Clearly, if we are to do anything significant in terms of, call it, strategic direction to the linear nets, we have to keep in mind the need for content to ultimately fuel our DTC businesses, notably and as you mentioned Hulu. So anything that is to be done would be done with an eye toward maintaining a rich flow of content to fuel our growth business, and that will be streaming.

顯然，如果我們要做任何重大的事情，稱之為線性網絡的戰略方向，我們必須牢記內容的需要，以最終推動我們的 DTC 業務，特別是正如你提到的 Hulu。因此，要做的任何事情都應該著眼於維持豐富的內容流，以推動我們的業務增長，而這將是流媒體。

There's obviously complexity as it relates to decoupling the linear nets from ESPN, but nothing that we feel we can't contend with if we were to ultimately create strategic realignment.

顯然，將線性網絡與 ESPN 解耦是很複雜的，但如果我們最終要進行戰略調整，我們認為沒有什麼是我們無法應對的。

And Phil, this is Kevin. With respect to the assets, these have been around for quite a while at this point, and we're not going to comment specifically on where they sit from a depreciation standpoint.

菲爾，這是凱文。就資產而言，這些資產目前已經存在相當長一段時間了，我們不會從折舊的角度具體評論它們的位置。

Our next question comes from Jessica Reif Ehrlich from BofA.

我們的下一個問題來自美國銀行的 Jessica Reif Ehrlich。

Bob, maybe just a follow-up on your prepared remarks and film being core strategic. Can you share with us how you plan to improve the performance and maybe the time frame or create more original content? Just give us more color. And then a follow-up to something you said on DTC and password crackdown, is this a fiscal '24 full year? Like will you be done by the end of the year? And is it on a global basis? How many password sharers do you think there are on your platform?

鮑勃，也許只是您準備好的言論和電影核心戰略的後續行動。您能否與我們分享您計劃如何提高性能以及時間框架或創建更多原創內容？只是給我們更多的色彩。然後是您關於 DTC 和密碼打擊所說的後續內容，這是 24 財年的全年嗎？比如你會在年底完成嗎？是在全球範圍內進行的嗎？您認為您的平台上有多少個密碼共享者？

So the second part of your question, Jessica, regarding password sharing, we are -- we already have the technical capability to monitor much of this. And I'm not going to give you a specific number, except to say that it's significant. What we don't know, of course, is as we get to work on this, how much of the password sharing as we basically eliminate it will convert to growth in subs. Obviously, we believe there will be some, but we're not speculating.

所以，傑西卡，你問題的第二部分，關於密碼共享，我們——我們已經擁有監控其中大部分內容的技術能力。我不會給你一個具體的數字，只是說它很重要。當然，我們不知道的是，當我們開始解決這個問題時，我們基本上消除了密碼共享，有多少會轉化為訂閱者的增長。顯然，我們相信會有一些，但我們不是猜測。

What we are saying, though, is that in calendar '24, we're going to get at this issue. And so while it is likely you'll see some impact in calendar '24, it's possible that we won't be complete or the work will not be completed within the calendar year. But we certainly have established this as a real priority. And we actually think that there's an opportunity here to help us grow our business.

不過，我們要說的是，在 24 年日曆中，我們將解決這個問題。因此，雖然您可能會在 24 日曆年看到一些影響，但我們可能不會完成或工作不會在日曆年內完成。但我們確實已將其確定為真正的優先事項。事實上，我們認為這裡有機會幫助我們發展業務。

Regarding our studio performance, let's put things in perspective a little bit. The studio has had a tremendous run over the last decade, perhaps the greatest run that any studio has ever had with multiple billion-dollar hits and -- including, by the way, too, that were relatively recent, were one, in particular, Avatar: The Way of Water. And we also had a pretty strong performance with Guardians of the Galaxy 3, which has done, I think, approximately $850 million in global box office.

關於我們工作室的表現，讓我們稍微客觀地看待一下事情。該工作室在過去十年中取得了巨大的成功，也許是任何工作室有史以來最偉大的一次，票房收入達數十億美元，而且——順便說一句，也包括相對較新的，特別是，頭像：水之道。我們的《銀河護衛隊 3》也取得了相當強勁的表現，我認為該片的全球票房約為 8.5 億美元。

That said, the performance of some of our recent films has definitely been disappointing, and we don't take that lightly. And as you'd expect, we're very focused on improving the quality and the performance of the films that we've got coming up. It's something that I'm working closely with the studio on. I'm personally committed to spending more time and attention on that as well.

也就是說，我們最近的一些電影的表現確實令人失望，我們不會掉以輕心。正如您所期望的，我們非常注重提高即將推出的電影的質量和性能。這是我正在與工作室密切合作的事情。我個人也致力於在這方面投入更多的時間和精力。

Our next question comes from Ben Swinburne from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Ben Swinburne。

Bob, we've -- the press is out with the price increase information for later this year tonight. I'm just wondering now that you've been through one Disney+ price increase here in the U.S. and multiple Hulu and ESPN increases sort of how you're thinking about the pricing power of the product as you go into these even more significant increases and whether you think you can hold your customer base as you raise prices.

鮑勃，我們已經——今晚媒體發布了今年晚些時候的漲價信息。我現在只是想知道，您在美國經歷了一次 Disney+ 價格上漲，以及 Hulu 和 ESPN 的多次價格上漲，當您進入這些更顯著的價格上漲時，您是如何考慮產品的定價能力的？您是否認為在提高價格時可以保留客戶群。

And obviously, some big news with ESPN Bet. Why now? And why PENN? Can you just talk about your vision or Jimmy's vision for the ESPN product over time that stems from this announcement and other thoughts on ESPN's future?

顯然，ESPN Bet 發布了一些重大新聞。為什麼現在？為什麼是佩恩？您能否談談您或 Jimmy 對 ESPN 產品的長期願景（源於此公告以及對 ESPN 未來的其他想法）？

Ben, as you know, I think as we've said before, we took a pretty significant price increase at Disney+ sometime late in calendar '22. And we really didn't see significant churn or loss of subs because of that, which was actually heartening. It's important to note, though, that the price increase that we've just announced is a price increase for the premium product or the non-advertiser-supported product. We're actually keeping the advertiser-supported product flat in terms of prices. That's being done for a reason.

Ben，如您所知，我認為正如我們之前所說，我們在 22 日曆年末的某個時候對 Disney+ 進行了相當大的價格上漲。我們確實沒有看到因此而出現的潛艇大幅流失或損失，這實際上令人振奮。但值得注意的是，我們剛剛宣布的價格上漲是針對優質產品或非廣告商支持的產品的價格上漲。實際上，我們使廣告商支持的產品在價格方面保持不變。這樣做是有原因的。

Obviously, as has been noted by Kevin in his remarks, the advertising marketplace for streaming is picking up. It's more healthy than the advertising marketplace for linear television. We believe in the future of advertising on our streaming platforms, both Disney+ and Hulu. And we're obviously trying with our pricing strategy to migrate more subs to the advertiser-supported tier.

顯然，正如凱文在講話中指出的那樣，流媒體廣告市場正在復蘇。它比線性電視的廣告市場更健康。我們相信我們的流媒體平台（Disney+ 和 Hulu）上廣告的未來。顯然，我們正在嘗試通過定價策略將更多訂閱者遷移到廣告商支持的層。

It also should be noted, as I think I mentioned in my remarks, that a substantial amount of new subscribers to Disney+ are signing up for the ad-supported tier, which suggests that the pricing is working for us in that regard. So we're looking at this very carefully.

還應該指出的是，正如我在發言中提到的那樣，Disney+ 的大量新訂閱者正在註冊廣告支持層，這表明在這方面定價對我們有利。所以我們正在非常仔細地研究這個問題。

One thing I think that I should also note is that we grew this business really fast, really before we even understood what our pricing strategy should be or could be. And we're really just getting at, and I'd say in the last 6 months, the pricing strategy that's really aimed at enabling us to improve the bottom line ultimately to turn this into a growth business and as a component of that, obviously, to grow subs.

我認為我還應該注意的一件事是，我們的業務增長速度非常快，甚至在我們了解我們的定價策略應該是什麼或可能是什麼之前。我想說的是，在過去 6 個月裡，我們確實剛剛開始製定定價策略，其真正目的是使我們能夠提高利潤，最終將其轉變為增長業務，並作為其中的一個組成部分，顯然，增長潛艇。

And on the ESPN?

ESPN 上呢？

On ESPN bet, you say why now? Well, we've been in discussions with a number of entities over a fairly long period of time. It's something that we've wanted to accomplish, obviously, because we believe there's an opportunity here to significantly grow engagement with ESPN consumers, particularly young consumers.

在 ESPN 的賭注上，你說為什麼現在呢？嗯，我們已經與許多實體進行了相當長一段時間的討論。顯然，這是我們一直想要實現的目標，因為我們相信這裡有機會顯著提高與 ESPN 消費者（尤其是年輕消費者）的互動。

And PENN, why PENN? Because PENN stepped up in a very aggressive way and made an offer to us that was better than any of the competitive offers by far. And we like the fact that PENN is going to use this as a growth engine for their business. And we actually believe and trust in their ability to -- in this partnership to grow their business nicely while we grow ours.

還有佩恩，為什麼是佩恩？因為 PENN 以非常積極的方式挺身而出，向我們提供了比迄今為止任何競爭性報價都要好的報價。我們喜歡 PENN 將以此作為其業務增長引擎的事實。我們實際上相信並相信他們有能力在這種合作夥伴關係中很好地發展他們的業務，同時我們也發展我們的業務。

Our next question comes from Michael Nathanson from MoffettNathanson.

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

Bob, I have a few, if you could. One is, given the thinking you've done about the future of Disney, why doesn't it make sense to create 2 Disney companies: one focused on parks, CP, Disney+ and then the studio IP that drives that flywheel, and then one on everything else? So why not make a clean break?

鮑勃，如果可以的話，我有一些。一是，考慮到你對迪士尼未來的思考，為什麼創建兩家迪士尼公司沒有意義：一家專注於公園、CP、迪士尼+，然後是驅動飛輪的工作室 IP，然後是一家在其他一切上？那麼為什麼不徹底決裂呢？

And then secondly, on ESPN, you've been talking about partnerships. I wonder if you have a vision for the streaming content vision of ESPN that's different than the linear one we see, perhaps a sports funded with other networks or with lead partnership. So can you just expand on how the product will look differently down the road in streaming than it does now linear one?

其次，在 ESPN 上，您一直在談論合作夥伴關係。我想知道您對 ESPN 的流媒體內容願景是否有與我們看到的線性內容不同的願景，也許是與其他網絡或主要合作夥伴資助的體育賽事。那麼，您能否詳細說明該產品在流媒體領域與現在的線性產品有何不同？

Michael, on the first part, I'm not going to comment on the future structure of the company or the asset makeup of the company. As I've said, we're looking at strategic options both for ESPN and for the Linear Networks, obviously, addressing all the challenges that those businesses are facing. I'm looking forward to reading your thesis on it. Maybe you'll give us some ideas about it, but I'm not going to make any comments about it right now.

邁克爾，第一部分，我不會評論公司未來的結構或公司的資產構成。正如我所說，我們正在為 ESPN 和線性網絡尋找戰略選擇，顯然是為了解決這些企業面臨的所有挑戰。我期待著閱讀您的論文。也許你會給我們一些關於它的想法，但我現在不會對此發表任何評論。

Regarding the second question and ESPN, the strategic partnerships that we're looking to create and that we're actually in discussions about are aimed at accomplishing a few things: one, content, meaning increasing the content that ESPN offers; and two, possibly, I'll call it distribution and marketing support. And it's possible that we'll be able to do both as -- and this is all being done with an eye toward the inevitability of taking the SPN flagship over the top.

關於第二個問題和ESPN，我們正在尋求建立和實際上正在討論的戰略合作夥伴關係旨在完成幾件事：一是內容，意味著增加ESPN提供的內容；二是內容。第二，我可能會將其稱為分銷和營銷支持。我們有可能能夠同時做到這兩點——而這一切都是為了不可避免地超越 SPN 旗艦。

So when we look ahead and we see a business that will be a direct -- primarily a direct-to-consumer business, we obviously have an eye toward how much content do we need in order to make that a successful business. That obviously ties to what the pricing model need to be and actually, how much distribution support we need. We benefited greatly from the distribution support in the old business model from cable and satellite.

因此，當我們展望未來並看到一項將是直接業務（主要是直接面向消費者的業務）時，我們顯然會關注需要多少內容才能使其成為一項成功的業務。這顯然與定價模型的需要以及實際上我們需要多少分銷支持有關。我們從有線和衛星舊業務模式的分銷支持中受益匪淺。

Obviously, when you go DTC, you're kind of doing it on your own or maybe not or maybe there's an opportunity with another entity to help in that regard. So we're basically looking quite expansively. I must say we're extremely encouraged with all the interest that we've had already in this regard. And I think it's safe to assume, as we ultimately turn this into a streaming business, while we have a phenomenal hand right now better than anyone else in terms of the content that ESPN offers that -- we believe that adding more content in under economical circumstances might be a wise thing.

顯然，當您進行 DTC 時，您需要自己做，也可能不做，或者可能有機會與其他實體在這方面提供幫助。所以我們基本上是在非常廣泛地尋找。我必須說，我們對這方面已經產生的興趣感到非常鼓舞。我認為可以有把握地假設，因為我們最終將其轉變為流媒體業務，而就ESPN 提供的內容而言，我們現在比其他任何人都擁有更好的能力——我們相信，在經濟實惠的情況下添加更多內容情況可能是明智之舉。

Our next question comes from Steven Cahall from Wells Fargo.

我們的下一個問題來自富國銀行的史蒂文·卡霍爾。

Bob, you said you're now on track to exceed that initial goal of $5.5 billion in cost savings, and DTC came in ahead in the quarter. As you think about the future of this business long term and getting to kind of the price and cost structure that you're aiming for, do you have any expectations for longer-term DTC margins? It just seems like you're meaningfully below where Netflix was at a similar revenue scale. So I'm wondering how you think about that 15% or 20% margin level as that business gets above $20 billion in revenue this year.

Bob，您說過您現在有望超越 55 億美元成本節約的初始目標，而 DTC 在本季度領先。當您長期考慮該業務的未來並確定您所期望的價格和成本結構時，您對 DTC 的長期利潤率有什麼期望嗎？看起來你明顯低於 Netflix 類似收入規模的水平。所以我想知道，當該業務今年的收入超過 200 億美元時，您如何看待 15% 或 20% 的利潤水平。

And then just secondly, as a follow-up, given that you have the Hulu put coming up next year, what are your thoughts on your ability to fund that transaction as we head into that time horizon?

其次，作為後續行動，考慮到明年你將推出 Hulu，當我們進入這個時間範圍時，你對你為該交易提供資金的能力有何看法？

Our streaming business is still actually very young. In fact, it's not even 4 years old. It launched in November of 2019. And we love to have the margins that Netflix has. They've accomplished those margins, though, over a substantially longer period of time, and they've done so because they figured out how to really carefully balance their investment in programming with their pricing strategy and what they spend in marketing.

我們的流媒體業務實際上還很年輕。事實上，它還不到4歲。它於 2019 年 11 月推出。我們喜歡擁有 Netflix 那樣的利潤。不過，他們在相當長的一段時間內實現了這些利潤，他們這樣做是因為他們找到瞭如何真正謹慎地平衡節目投資、定價策略以及營銷支出的方法。

Because we're new at all of this, we actually have not really achieved the kind of balance we know we need to achieve in terms of cost savings and pricing and money spent on marketing. And of course, all the other things that we're looking at from a technological perspective that grows engagement with our customers, for instance, recommendation engines would be one example of that, that have the ability to improve performance or obviously grow consumption.

因為我們在這方面是新手，所以實際上我們還沒有真正實現我們所知道的在成本節約、定價和營銷資金方面需要實現的平衡。當然，我們從技術角度看待的所有其他事物，例如推薦引擎，都是這樣的一個例子，它能夠提高性能或明顯增加消費。

So I would say that -- and I obviously have to -- I can't emphasize enough the time that we spent and the effort that we spent on managing costs. We've done a tremendous job in a very, very short period of time of exceeding the cost reductions that we said we were going to achieve, and that's obviously a major step in the direction of improving our margins. Pricing, as we've talked about earlier on this call and in our comments, is another way to do that. Password sharing is another way to do that. Getting the technology in place to grow engagement, the advertising side of this business is another.

因此，我想說——而且我顯然必須如此——我對我們在成本管理上花費的時間和精力的強調再怎麼強調也不為過。我們在非常非常短的時間內完成了巨大的工作，超出了我們所說的將要實現的成本削減目標，這顯然是我們在提高利潤率方面邁出的重要一步。正如我們之前在本次電話會議和評論中所討論的那樣，定價是實現這一目標的另一種方式。密碼共享是另一種方法。利用技術來提高參與度，這項業務的廣告方面是另一回事。

So I'm reasonably optimistic and hopeful that we will be improving our margins in this business significantly over the next few years. But I'm not going to make any further predictions in that except -- the good news is that we know how much work we have to do. We know the work that we have to do as well.

因此，我相當樂觀並希望我們將在未來幾年內顯著提高這項業務的利潤率。但我不會對此做出任何進一步的預測，除非——好消息是我們知道我們必須做多少工作。我們也知道我們必須做的工作。

And Steven, I'll answer the question with respect to Hulu put. So the -- I'll remind everyone that the floor to that put is about $9.2 billion. We're very comfortable with our current liquidity position. We've got about $11.5 billion of cash on our balance sheet. We about $10.5 billion worth of revolving credit facilities and commercial paper. And so we -- and we're going to have plenty of future cash flow to help fund all of this going forward.

史蒂文，我將回答有關 Hulu put 的問題。因此，我要提醒大家，該看跌期權的下限約為 92 億美元。我們對當前的流動性狀況非常滿意。我們的資產負債表上有大約 115 億美元的現金。我們擁有價值約 105 億美元的循環信貸額度和商業票據。因此，我們將擁有充足的未來現金流來為未來的所有這些工作提供資金。

I would also like to note that from a balance sheet perspective, we've got a strong single A credit rating that reflects the strength that we see in our balance sheet. We made significant progress recently, deleveraging coming out of the pandemic. We're prioritizing free cash flow as a company. And we're being really disciplined and smart about how we go about allocating capital across the company.

我還想指出，從資產負債表的角度來看，我們擁有強大的 A 級信用評級，這反映了我們在資產負債表中看到的實力。最近，我們在擺脫疫情影響的去槓桿化方面取得了重大進展。作為一家公司，我們優先考慮自由現金流。我們在如何在整個公司分配資本方面非常自律且明智。

And last but not least, as I noted in my prepared remarks, we hope to still be in a position -- or we plan to still be in a position at the end of this year to recommend to the Board of Directors that we put a modest dividend out.

最後但並非最不重要的一點是，正如我在準備好的發言中指出的那樣，我們希望仍然能夠——或者我們計劃在今年年底仍然能夠向董事會建議我們將適度派發股息。

Our next question comes from Kannan Venkateshwar from Barclays.

我們的下一個問題來自巴克萊銀行的 Kannan Venkateshwar。

So Bob, I mean, on the ESPN side, you've spoken about the need for partners. Could you talk a little bit about the priorities when you look at partners? Is it more in the form of direct capital infusion or maybe some kind of reach on the distribution side when it comes to streaming? What are the objectives you're really solving for?

鮑勃，我的意思是，在 ESPN 方面，您談到了對合作夥伴的需求。您能談談您在尋找合作夥伴時的優先事項嗎？在流媒體方面，更多的是直接資本注入的形式，還是分銷方面的某種影響力？您真正要解決的目標是什麼？

And then, Kevin, maybe as a follow-up to the guidance, just triangulating between some of the segment guidance that you just gave and trends in the first 3 quarters. The full year high single-digit guide in the operation is obviously great. But it will need more acceleration in Q4 than we've seen in the first 3 quarters of OI. So if you could just talk through what the drivers of that acceleration, that would be helpful.

然後，凱文，也許作為指導的後續行動，只是在您剛剛提供的一些細分指導和前三個季度的趨勢之間進行三角測量。全年高個位數的運行指引顯然是偉大的。但第四季度需要比 OI 前三個季度更多的加速。因此，如果您能談談加速的驅動因素是什麼，那將會有所幫助。

Kannan, we're not necessarily looking for cash infusion when it comes to partners. We're looking for partners that are going to help ESPN successfully transition to a DTC model. And that, as I've said, can come in the form of either content or distribution and marketing support or both.

Kannan，當談到合作夥伴時，我們不一定要尋求現金注入。我們正在尋找能夠幫助 ESPN 成功過渡到 DTC 模式的合作夥伴。正如我所說，這可以以內容或發行和營銷支持或兩者兼而有之的形式出現。

And Kannan, can you repeat your second question, please?

Kannan，你能重複一下你的第二個問題嗎？

So in terms of the guidance for high single-digit OI growth, just triangulating between the trends in the first 3 quarters and some of the segment guidance in the quarter, it seems to imply growth in the fourth quarter will be higher for OI. And so I just wanted to understand what the drivers of that acceleration.

因此，就 OI 高個位數增長的指導而言，只要將前 3 季度的趨勢與本季度的一些細分市場指導進行三角測量，似乎就意味著 OI 第四季度的增長將會更高。所以我只是想了解這種加速的驅動因素是什麼。

Yes. Kannan, there's very significant growth across our direct-to-consumer business and at our Parks and Experiences business also. So those 2 businesses predominantly are the big growth drivers as you begin to look at relative to the prior year where we're getting that kind of growth.

是的。 Kannan，我們的直接面向消費者業務以及公園和體驗業務也取得了非常顯著的增長。因此，當你開始考慮相對於上一年我們獲得的這種增長時，這兩項業務主要是巨大的增長動力。

Our next question comes from Brett Feldman from Goldman Sachs.

我們的下一個問題來自高盛的布雷特·費爾德曼。

So I'm curious how your experience with Disney+ Hotstar shape your view on your long-term international streaming strategy. Are you thinking about maybe exiting those markets or any markets and maybe focusing more on content licensing or partnerships? And is it essential that you reshape that international strategy in any way to meet your long-term profitability objectives?

所以我很好奇您在 Disney+ Hotstar 的經歷如何影響您對長期國際流媒體戰略的看法。您是否正在考慮退出這些市場或任何市場，並可能更多地關注內容許可或合作夥伴關係？為了實現長期盈利目標，您是否必須以任何方式重塑國際戰略？

We actually have been looking at multiple markets around the world with an eye toward prioritizing those that are going to help us turn this business into a profitable business. What that basically means is there are some markets that we will invest less in local programming but still maintain the service. There are some markets that we may not have a service at all. And there are others that we'll consider, I'll call it, high-potential markets where we'll invest nicely for local programming, marketing and basically full-service content in those markets.

實際上，我們一直在關注世界各地的多個市場，著眼於優先考慮那些能夠幫助我們將這項業務轉變為盈利業務的市場。這基本上意味著，在某些市場上，我們將減少對本地節目的投資，但仍會維持服務。有些市場我們可能根本沒有服務。我們還會考慮其他一些，我稱之為高潛力市場，我們將在這些市場上大力投資本地節目、營銷和基本的全方位服務內容。

Basically, what I'm saying is not all markets are created equal. And in terms of our march to profitability, one of the ways we believe we're going to do that is by creating priorities internationally.

基本上，我想說的是並非所有市場都是平等的。就我們邁向盈利的進程而言，我們認為實現這一目標的方法之一就是在國際上製定優先事項。

Our next question comes from Michael Morris from Guggenheim.

我們的下一個問題來自古根海姆的邁克爾·莫里斯。

So on the theme of considering options for Disney, there was an article published recently that speculated that the entire company could be sold to a larger technology company. So Bob, my straightforward question is, do you see a plausible scenario where the entire company would be sold?

因此，關於考慮迪士尼的選擇這一主題，最近發表了一篇文章，推測整個公司可以出售給一家更大的科技公司。鮑勃，我直截了當的問題是，您認為出售整個公司的情況是否可行？

Maybe a bit more broadly, though, when you think of maximum value of the Disney enterprise, do you think that can be achieved by being more aligned with a single technology partner? Or is that value maximized through partnering with a variety of tech platforms?

不過，也許更廣泛一點，當您考慮迪士尼企業的最大價值時，您認為這可以通過與單一技術合作夥伴更加一致來實現嗎？或者通過與各種技術平台合作來最大化該價值？

And if I could just sneak one in on the PENN Gaming announcement. Does it -- will you forego advertising partnerships with all other betting or sports gaming partners? And if so, how much impact will that have in exchange for building value in this partnership?

如果我能偷偷看一下 PENN Gaming 的公告就好了。您會放棄與所有其他博彩或體育遊戲合作夥伴的廣告合作夥伴關係嗎？如果是這樣，這會對在這種夥伴關係中創造價值產生多大的影響？

I -- Michael, I just am not going to speculate about the potential for Disney to be acquired by any company, whether a technology company or not. Obviously, anyone who want to speculate about these things would have to immediately consider the global regulatory environment. I'll say no more than that. It's just -- it's not something that we obsess about.

我——邁克爾，我只是不會猜測任何公司（無論是否是科技公司）收購迪士尼的潛力。顯然，任何想要猜測這些事情的人都必須立即考慮全球監管環境。我僅此而已。只是——這不是我們所痴迷的事情。

Great. And then, Michael, with respect to any foregone economics or no longer accepting advertising from other gaming companies, I don't see us in a position where we'll ever be in that situation.

偉大的。然後，邁克爾，關於任何放棄的經濟或不再接受其他遊戲公司的廣告，我認為我們不會處於這種情況。

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

好的。謝謝你的提問，我要感謝大家今天加入我們。請注意，本次電話會議中提到的非公認會計原則措施與同等公認會計原則措施的調節可以在我們的投資者關係網站上找到。

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 that we make them, and we do not undertake any obligation to update these statements. Forward-looking statements are subject to a number of risks and uncertainties, and actual results may differ materially from the results expressed or implied in light of a variety of factors.

我還想提醒您，本次電話會議中的某些陳述，包括財務估計或有關我們的計劃、指導或預期的陳述或其他非歷史性的陳述，可能構成證券法規定的前瞻性陳述。我們根據我們做出這些聲明時對未來事件和業務績效的看法和假設做出這些聲明，並且我們不承擔更新這些聲明的任何義務。前瞻性陳述存在許多風險和不確定性，考慮到多種因素，實際結果可能與明示或暗示的結果存在重大差異。

These factors include economic or industry conditions, competition and execution risks, including in connection with our business plans, organizational structure and operating changes, cost savings, earnings expectations and drivers of growth and our DTC content and how it's made available on our platform; subscriber, advertising and revenue growth and profitability. In particular, our expectations regarding DTC profitability are built on certain assumptions around subscriber additions based on the availability and attractiveness of our future content, which is subject to additional risks related to ongoing work stoppages, 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 our recent experience, provide a layer of uncertainty in our outlook.

這些因素包括經濟或行業狀況、競爭和執行風險，包括與我們的業務計劃、組織結構和運營變化、成本節約、盈利預期和增長驅動因素以及我們的DTC 內容及其在我們平台上的提供方式有關的風險；用戶、廣告和收入增長以及盈利能力。特別是，我們對DTC 盈利能力的預期是建立在基於我們未來內容的可用性和吸引力的訂戶增加的某些假設之上的，這會受到與持續停工、流失預期、迪士尼+廣告層的財務影響相關的額外風險的影響和價格上漲，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，雖然基於廣泛的內部分析以及我們最近的經驗，但都給我們的前景帶來了一層不確定性。

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

有關關鍵風險因素的更多信息，請參閱我們的投資者關係網站、今天發布的新聞稿以及我們向美國證券交易委員會提交的表格10-K、表格10-Q 和其他文件中描述的風險和不確定性。

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

我們要感謝大家加入我們，並祝大家度過愉快的一天。

Ladies and gentlemen, with that, we'll conclude today's conference call and presentation. Thank you for joining. You may now disconnect your lines.

女士們先生們，我們今天的電話會議和演示就到此結束。感謝您的加入。您現在可以斷開線路。