迪士尼 (DIS) 2023 Q4 法說會逐字稿

Good afternoon, and welcome to the Walt Disney Company Fiscal Full Year and Q4 2023 Financial Results Conference Call. (Operator Instructions) Please note this event is being recorded.

下午好，歡迎參加華特迪士尼公司全年財政和 2023 年第四季財務業績電話會議。 （操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Alexia Quadrani, Executive Vice President, Investor Relations. Please go ahead.

我現在想將會議交給投資人關係執行副總裁 Alexia Quadrani。請繼續。

Good afternoon. It's my pleasure to welcome everybody to the Walt Disney Company's Fourth 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 as well as the fourth quarter earnings presentation will all be made available on our website after the call.

午安.我很高興歡迎大家參加華特迪士尼公司 2023 年第四季財報電話會議。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路直播，重播和文字記錄以及第四季度收益演示將在電話會議結束後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執行長鮑勃·艾格 (Bob Iger)；臨時財務長 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，讓我把電話轉給鮑伯開始吧。

Thanks, Alexia, and good afternoon, everyone. Before we begin, this week, we announced that Hugh Johnston will be joining the Walt Disney Company as Senior Executive Vice President and Chief Financial Officer, after 34 years with PepsiCo. It's great to have Hugh joining Disney at this important moment for our company. I'd also like to thank Kevin Lansberry, who stepped into the CFO role on an interim basis earlier this year and has provided strong leadership in the month since. Kevin is returning to his role as CFO of our Disney Experiences segment, and you'll hear more from him in just a bit.

謝謝，亞歷克西婭，大家下午好。在我們開始之前，本週，我們宣布休·約翰斯頓 (Hugh Johnston) 在百事公司工作 34 年後，將加入華特迪士尼公司，擔任高級執行副總裁兼財務長。很高興休在我們公司的這個重要時刻加入迪士尼。我還要感謝凱文·蘭斯伯里 (Kevin Lansberry)，他於今年早些時候臨時擔任首席財務官，並在本月內提供了強有力的領導。凱文將重新擔任迪士尼體驗部門財務官，稍後您將聽到他的更多資訊。

Now let's turn to the quarter. Our results this quarter speak volumes about the underlying strength of our company and a remarkable amount of work we have accomplished this past year. Q4 adjusted earnings per share nearly tripled over the prior year. And all 3 of our businesses: Entertainment, Experiences and Sports saw significant increases in fourth quarter operating income compared to Q4 of fiscal '22.

現在讓我們轉向本季。我們本季的業績充分說明了我們公司的潛在實力以及我們去年完成的大量工作。第四季調整後每股盈餘幾乎是去年同期的三倍。與 22 財年第四季相比，我們的所有 3 個業務：娛樂、體驗和運動第四季營業收入均顯著成長。

The thorough restructuring of our company has enabled tremendous efficiencies, and we're on track to achieve roughly $7.5 billion in cost reductions, which is approximately $2 billion more than we targeted earlier this year. Our new structure also enabled us to greatly enhance their effectiveness, particularly in streaming, where we've created a more unified, cohesive and highly coordinated approach to marketing, pricing and programming. This has helped us improve operating results of our combined streaming businesses by approximately $1.4 billion from fiscal 2022 to fiscal 2023. And we remain confident that we will achieve profitability in Q4 of fiscal 2024.

我們公司的徹底重組提高了效率，我們預計將實現約 75 億美元的成本削減，比我們今年早些時候的目標高出約 20 億美元。我們的新結構也使我們能夠大大提高他們的效率，特別是在串流媒體領域，我們創建了一種更統一、有凝聚力和高度協調的行銷、定價和節目製作方法。這幫助我們從 2022 財年到 2023 財年將合併後的串流媒體業務的營運業績提高了約 14 億美元。我們仍然有信心在 2024 財年第四季實現盈利。

And most importantly, our new structure has restored creativity to the center of our company, and we certainly know from our now 100-year history that nothing is more important or critical to our success. Indeed, our strong creative accomplishments helped drive impressive growth in core Disney+ subs with nearly $7 million added in the quarter. This reflects the success of numerous popular titles to hit the platform, including Guardians of the Galaxy Volume 3, the Little Mermaid and Elemental, continuing the trend of our theatrical releases being some of the most watched content on Disney+.

最重要的是，我們的新結構使創造力重新回到了我們公司的中心，從我們現在 100 年的歷史中我們當然知道，沒有什麼比我們的成功更重要或更關鍵的了。事實上，我們強大的創意成就幫助推動核心 Disney+ 訂閱者的驚人成長，本季增加了近 700 萬美元。這反映了包括《銀河守護隊3》、《小美人魚》和《元素》在內的眾多熱門遊戲在該平台上取得的成功，延續了我們的院線電影成為Disney+ 上觀看次數最多的內容的趨勢。

Key originals also performed incredibly well across all our platforms, including Ahsoka on Disney+, the Kardashians, which is now our most viewed unscripted Hulu original series ever, and the spectacular Korean original series, Moving, which has become a breakout hit.

主要原創作品在我們所有平台上的表現也非常出色，包括Disney+ 上的阿索卡(Ahsoka)、卡戴珊家族(Kardashians)（目前是我們觀看次數最多的無劇本Hulu 原創劇集），以及精彩韓國的原創影集《移動》(Moving)，該影集已成為突破性熱門影集。

As I reflect on our achievement this past year, I'm mindful of the fact that a lot of time and effort was spent on fixing, both contending with certain decisions made in the recent past, and addressing the numerous challenges brought on by disruption and the pandemic. And while we still have work to do to continue improving results, our progress has allowed us to move beyond this period of fixing and begin building our businesses again.

當我回顧過去一年的成就時，我注意到我們花了大量的時間和精力來解決問題，既要應對最近做出的某些決定，又要解決顛覆和變革帶來的眾多挑戰。大流行。儘管我們仍有工作要做，以繼續改善業績，但我們的進步使我們能夠超越這段修復期，並重新開始建立我們的業務。

As we look forward, we are focusing on 4 key building opportunities that will be central to our success. And they are achieving significant and sustained profitability in our streaming business, building ESPN into the preeminent digital sports platform, improving the output and economics of our film studios and turbocharging growth in our experiences business. We have already made considerable progress on these 4 opportunities, and we will continue to move forward with a sense of purpose and urgency. I've articulated many of my thoughts about our strategic initiatives.

展望未來，我們將重點放在對我們成功至關重要的 4 個關鍵建設機會。他們在我們的串流媒體業務中實現了顯著且持續的盈利，將 ESPN 打造成卓越的數位體育平台，提高了我們電影製片廠的產出和經濟效益，並推動了我們體驗業務的成長。我們已經在這四個機會上取得了長足進展，我們將帶著目標和緊迫感繼續前進。我已經闡述了我對我們的策略舉措的許多想法。

So today, I want to discuss in more detail these 4 building opportunities as we enter this next phase. First is turning streaming into a profitable growth business. And I'm pleased to say our recent performance solidifies that we are on that path. In the 4 years since we launched Disney+, which generated roughly 10 million sign-ups in the first 24 hours alone, core Disney+ subscribers have now reached over $112 million as of the end of fiscal '23, including the nearly 7 million we gained this quarter. What's more, our ad-supported Disney+ products grew by approximately 2 million subscriptions in Q4 to a total of 5.2 million. In fact, more than 50% of Q4 new U.S. subscribers chose an ad-supported Disney+ product. And over the past 6 months, these AVOD subs spent 34% more time watching the service.

因此，今天，當我們進入下一階段時，我想更詳細地討論這 4 個建設機會。首先是將串流媒體轉變為有利可圖的成長業務。我很高興地說，我們最近的表現證實了我們正走在這條道路上。 In the 4 years since we launched Disney+, which generated roughly 10 million sign-ups in the first 24 hours alone, core Disney+ subscribers have now reached over $112 million as of the end of fiscal '23, including the nearly 7 million we gained this四分之一.此外，我們的廣告支援的 Disney+ 產品在第四季度的訂閱量增加了約 200 萬，達到 520 萬。事實上，超過 50% 的第四季新美國訂戶選擇了廣告支援的 Disney+ 產品。在過去 6 個月中，這些 AVOD 訂閱者觀看該服務的時間增加了 34%。

We have the best advertiser technology in the streaming business globally and we have just introduced new tools that will make this an even more attractive platform for advertisers much as we've done with Hulu.

我們擁有全球串流媒體業務中最好的廣告商技術，我們剛剛推出了新工具，這將使該平台成為對廣告商更具吸引力的平台，就像我們對 Hulu 所做的那樣。

And speaking of Hulu, we were pleased to announce last week that we will acquire the remaining stake in Hulu held by Comcast, which will further Disney streaming objectives. We remain on track to roll out a more unified 1 app experience domestically, making extensive general entertainment content available to bundle subscribers via Disney+.

說到 Hulu，我們上週很高興地宣布，我們將收購康卡斯特持有的 Hulu 剩餘股份，這將進一步推進迪士尼串流目標。我們仍然致力於在國內推出更統一的 1 應用程式體驗，透過 Disney+ 為捆綁訂閱者提供廣泛的一般娛樂內容。

That includes critical and audience favorites like Hulu's Only Murders in the Building, The Bear, Abbott Elementary as well as titles from our extensive content library built over a decade, including adult animation standouts like Family Guy and long-running hit series like 911, which is moving to ABC for season 7.

其中包括備受好評和觀眾喜愛的《Hulu's Only Murders in the Building》、《The Bear》、《Abbott Elementary》，以及我們十多年來建立的廣泛內容庫中的作品，其中包括《惡搞之家》等成人動畫傑出作品和《911》等長篇熱門影集，第七季將轉戰 ABC。

We expect that Hulu on Disney+ will result in increased engagement, greater advertising opportunities, lower churn and reduced customer acquisition costs thereby increasing our overall margins. We will launch a beta version for bundled subscribers in December, giving parents time to set up profiles and parental controls that work best for their families ahead of the official launch in early spring 2024. Also, we have additional opportunities for improvement in our streaming business that will come from implementing stronger standards around account sharing. Although given the timing of our planned rollout, we don't expect a meaningful impact until 2025.

我們預計 Disney+ 上的 Hulu 將提高參與度、增加廣告機會、降低客戶流失率並降低客戶獲取成本，從而提高我們的整體利潤。我們將於 12 月為捆綁訂閱者推出測試版，讓家長有時間在 2024 年早春正式推出之前設置最適合其家庭的個人資料和家長控制。此外，我們還有其他改進串流媒體業務的機會這將來自於圍繞帳戶共享實施更嚴格的標準。儘管考慮到我們計劃推出的時間，但我們預計要到 2025 年才會產生有意義的影響。

Now that we have realigned our pricing and marketing strategies, focused aggressively on getting the technology right, merged our creative and distribution teams and restored creative excellence is our singular motivating priority with the content we create. We are bullish about the future of our streaming business.

現在，我們已經重新調整了定價和行銷策略，積極專注於正確使用技術，合併了我們的創意和發行團隊並恢復了卓越的創意，這是我們創作內容的唯一激勵優先事項。我們對串流媒體業務的未來充滿信心。

And as you consider the components and the future of that business, just imagine the opportunities that have further combined Disney+, Hulu and ESPN streaming experience could offer us as a company and our consumers.

當您考慮該業務的組成部分和未來時，想像進一步結合 Disney+、Hulu 和 ESPN 串流體驗可以為我們公司和消費者帶來的機會。

Another core building opportunity is taking ESPN, which is already the world's leading sports brand and turning it into the preeminent digital sports platform, allowing us to reach fans in compelling new ways and fully integrating key features into our primary ESPN offering. We're already moving quickly down this path, and we are exploring strategic partnerships to help advance our efforts through marketing, technology, distribution and additional content.

另一個核心建立機會是將ESPN（已經是世界領先的運動品牌）轉變為卓越的數位運動平台，使我們能夠以引人注目的新方式接觸粉絲，並將關鍵功能完全整合到我們的主要ESPN 產品中。我們已經沿著這條道路快速前進，並且正在探索策略合作夥伴關係，以透過行銷、技術、發行和附加內容來幫助推進我們的努力。

As we continue to develop our streaming business, the continued strength of ESPN relative to the backdrop of notable linear industry declines demonstrates the value of sports and the power of the ESPN brand.

隨著我們繼續發展串流媒體業務，在行業線性顯著下滑的背景下，ESPN 的持續強勢體現了體育的價值和 ESPN 品牌的力量。

Overall, our domestic ESPN business grew in revenue and operating income in both fiscal '22 and in fiscal '23. This fiscal year also saw the network delivered its best overall viewership in 4 years and its highest viewership in the key 18 to 49 demographic in the same time period.

整體而言，我們的國內 ESPN 業務在 22 財年和 23 財年的營收和營業收入均有所成長。本財年，該網絡也實現了 4 年來最好的整體收視率，以及同期 18 至 49 歲關鍵人群的最高收視率。

ESPN viewership was up in each of the 4 quarters as well, maintaining steady success throughout the entire year. Across ESPN networks, the company increased its already industry-leading share of sports viewership in fiscal '23, and we continue to see stability in ad sales despite challenges facing the broader media industry.

ESPN 的收視率在四個季度中均有所上升，全年保持穩定的成功。在整個 ESPN 網路中，該公司在 23 財年增加了其本已處於行業領先地位的體育收視份額，儘管更廣泛的媒體行業面臨挑戰，但我們仍然看到廣告銷售保持穩定。

ESPN BET will launch next week through our agreement with Penn Entertainment, and we are excited to bring sports fans this compelling new experience.

ESPN BET 將於下週透過我們與 Penn Entertainment 達成的協議推出，我們很高興能為體育迷帶來這種引人入勝的新體驗。

Regarding our broader linear business, we continue to evaluate options for each of our linear networks with the goal of identifying the best strategic path for the company and maximizing shareholder value. However, our review of the business thus far has uncovered significant long-term cost opportunities, which we're implementing while continuing to deliver high-quality content.

關於我們更廣泛的線性業務，我們繼續評估每個線性網路的選項，目標是確定公司的最佳策略路徑並最大化股東價值。然而，迄今為止我們對業務的審查發現了重大的長期成本機會，我​​們正在實施這些機會，同時繼續提供高品質的內容。

Speaking of which, I'd like to acknowledge the world-class journalists and producers at ABC News. Over the past few months, many have risked their lives to keep our audiences informed during relentless news cycles and made ABC #1 in network news for the 11th consecutive year.

說到這裡，我要向美國廣播公司新聞部的世界級記者和製片人表示感謝。在過去的幾個月裡，許多人冒著生命危險讓我們的觀眾了解無情的新聞週期，並連續 11 年使 ABC 成為網路新聞第一名。

Next is the need to strengthen the creative output of our film studio which generates value throughout the entire company. To achieve this, we are focusing heavily on the core brands and franchises that fuel all of our businesses and reducing output overall to enable us to concentrate on fewer projects and improve quality, while continuing our effort around the creation of fresh and compelling original IP.

接下來是需要加強我們電影工作室的創意輸出，為整個公司創造價值。為了實現這一目標，我們專注於為我們所有業務提供動力的核心品牌和特許經營權，並減少整體產出，使我們能夠專注於更少的項目並提高質量，同時繼續努力創造新鮮且引人注目的原廠IP。

I'm devoting considerably more of my time to this with the goal of improving returns always seeking to exceed the level of creative excellence audiences expect from Disney.

我在這方面投入了相當多的時間，目標是提高回報，始終力求超越觀眾對迪士尼的卓越創意水平的期望。

Meanwhile, we have 4 of the top 10 highest grossing films of the global box office this year, including Pixar's Elemental, which has grossed nearly $0.5 billion worldwide in addition to being the most viewed film released this year on Disney+. We have more new releases still to come in calendar year '23, including The Marvels from Marvel studio, which will be released this Friday and Wish our newest film from Walt Disney Animation Studios which marks our company's 100th anniversary and will be in theaters beginning November 22.

同時，今年全球票房收入最高的10 部電影中，有4 部佔據了我們的席位，其中包括皮克斯的《元素》，該片在全球票房收入近5 億美元，同時也是今年在Disney+ 上上映的觀看次數最多的電影。 23 日曆年我們還有更多新片上映，包括將於本週五上映的Marvel 工作室的《Marvels》，並祝華特迪士尼動畫工作室推出的最新電影標誌著我們公司成立100 週年，並將於11 月開始在戲院上映22.

We're also looking forward to our strong theatrical slate in '24, with several films tied to popular franchises like Deadpool 3 featuring Wolverine, Kingdom of the Planet Apes and Inside Out 2. Additionally, Mufasa: The Lion King and sequels from our Toy Story, Frozen, Zootopia and Avatar franchises are all in the works.

我們也期待著24 年的強勢上映，其中有幾部與流行系列相關的電影，例如以金剛狼為主角的《死侍3》、《猩球王國》和《頭腦特工隊2》。此外，還有《木法沙：獅子王》和《玩具》的續集《故事》、《冰雪奇緣》、《瘋狂動物城》和《阿凡達》系列都在製作中。

Finally, we have an opportunity to build Disney experiences into an even bigger and more successful cash flow generation business. Parks and Experiences overall remains a growth story and we are managing our portfolio exceptionally well. Even in the case of Walt Disney World, where we have a tough comparison to the prior year, when you look at this year's numbers compared to pre-pandemic levels, in fiscal '19, we have seen growth in revenue and operating income of over 25% and 30%, respectively. Over the last 5 years, return on invested capital has nearly doubled in our domestic parks and we have seen sizable increases over that same time frame across the total experiences portfolio as well. Not to mention the improved guest experience ratings we're now seeing at every one of our parks.

最後，我們有機會將迪士尼體驗打造成更大、更成功的現金流生成業務。總體而言，公園和體驗業務仍然是一個成長的故事，我們對我們的投資組合的管理非常好。即使以華特迪士尼世界為例，我們與前一年進行了嚴格的比較，當你將今年的數字與大流行前的水平進行比較時，在19 財年，我們看到收入和營業收入的增長超過分別為 25% 和 30%。在過去 5 年裡，我們國內公園的投資資本報酬率幾乎翻了一番，我們也看到了整個體驗組合在同一時期內的大幅成長。更不用說我們現在在每個公園看到的遊客體驗評級的提高。

As we announced in September, we plan to turbocharge growth in our experiences business through strategic investments over the next decade. Given our wealth of IP innovative technology, buildable land, unmatched creativity and strong returns on invested capital, we're confident about the potential from our new investments. Looking at the company as a whole.

正如我們在 9 月宣布的那樣，我們計劃在未來十年透過策略性投資來推動體驗業務的成長。鑑於我們豐富的智慧財產權創新技術、可建造土地、無與倫比的創造力和強勁的投資回報，我們對新投資的潛力充滿信心。從公司整體來看。

Today, we are focused on driving profitable growth and value creation as we move from a period of fixing to a new era of building. We have a strong balance sheet, and we expect free cash flow to significantly improve in fiscal '24, approaching pre-COVID levels. Disney's Experiences business with its expansive offerings around the world is a key differentiator and remains a powerful growth engine expanding operating margins by nearly 300 basis points over the past 5 years.

今天，隨著我們從修復時期轉向新的建設時代，我們專注於推動獲利成長和價值創造。我們擁有強大的資產負債表，我們預計 24 財年的自由現金流將顯著改善，接近新冠疫情爆發前的水平。迪士尼的體驗業務在全球範圍內提供廣泛的服務，是一個關鍵的差異化因素，並且仍然是一個強大的成長引擎，在過去 5 年中將營業利潤率擴大了近 300 個基點。

As we transition ESPN to a streaming future, and more fully integrate general entertainment content into Disney+, we will have a DTC offering unlike any other in the industry. And Disney's leadership and workforce around the world are second to none. When you combine all of that with our unrivaled portfolio of valuable businesses, brands and assets and the way we manage them together, Disney has a strong hand that differentiates us from others in the industry.

隨著我們將 ESPN 過渡到串流媒體未來，並將一般娛樂內容更全面地整合到 Disney+ 中，我們將擁有與業內其他任何產品不同的 DTC 產品。迪士尼在全球的領導力和員工隊伍是首屈一指的。當你將所有這些與我們無與倫比的有價值的業務、品牌和資產組合以及我們共同管理它們的方式結合起來時，迪士尼就擁有了使我們區別於業內其他公司的強大實力。

Our results this quarter are a testament to the work we've done across the company this past year, and I'm bullish about the opportunities we have to create lasting growth and shareholder value and to strengthen Disney's position as the world's leading entertainment company.

我們本季的業績證明了我們在過去一年中在整個公司所做的工作，我看好我們創造持久增長和股東價值並加強迪士尼作為世界領先娛樂公司的地位的機會。

And with that, I will turn things over to Kevin.

有了這個，我會把事情交給凱文。

Thank you, Bob. I appreciate your kind words at the outset of the call. It's been an honor serving as Interim CFO these past few months. We are excited to welcome Hugh to The Walt Disney Company, and I look forward to working with both of you on all this ahead. Now to dive into this quarter's results.

謝謝你，鮑伯。我感謝您在通話開始時所說的客氣話。在過去的幾個月裡擔任臨時財務長是我的榮幸。我們很高興歡迎休加入華特迪士尼公司，我期待在未來的這一切上與你們合作。現在深入了解本季的業績。

Diluted earnings per share, excluding certain items, increased versus the prior year to $0.82 in the fiscal fourth quarter and $3.76 for the full fiscal year. This past year has been marked by both transformation and execution, and we are pleased with the momentum we are building and the results we've realized, including meeting our guide of high single-digit percentage growth in both revenue and operating income for fiscal 2023.

不包括某些項目的稀釋每股收益與去年同期相比，第四財季增至 0.82 美元，整個財年增至 3.76 美元。過去的一年以轉型和執行為標誌，我們對我們正在建立的勢頭和所取得的成果感到滿意，包括達到我們關於 2023 財年收入和營業收入高個位數百分比增長的指導方針。

Total company revenues for the year increased 7% and segment operating income grew by 8%, excluding the impact of accelerated depreciation from the Galactic Starcruiser. And free cash flow for the year increased substantially, totaling close to $5 billion, driven by the work we've been doing on the cost efficiency front and by improvement in our underlying financial results.

剔除銀河星際巡洋艦加速折舊的影響，全年公司總收入成長 7%，分部營業收入成長 8%。在我們在成本效率方面所做的工作以及我們基本財務表現的改善的推動下，今年的自由現金流大幅增加，總計接近 50 億美元。

A few weeks ago, we published our recast financials aligned to our newly reorganized segment structure. Today, I'll be walking through the fourth quarter's financial results for each of our 3 segments, Entertainment, Sports and Experiences, and I'll also provide some color for the year ahead. Starting off with Entertainment. Q4 operating income grew by over $800 million versus the prior year quarter, driven by improvement in our direct-to-consumer business.

幾週前，我們發布了與新重組的部門結構一致的重組財務數據。今天，我將逐一介紹我們娛樂、體育和體驗這三個部門的第四季度財務業績，並且我還將為未來一年提供一些資訊。從娛樂開始。在我們直接面向消費者業務改善的推動下，第四季營業收入較上年同期成長超過 8 億美元。

We continue to make headway on our path to profitability and streaming with fourth quarter operating losses at our entertainment DTC services improving by nearly $1 billion versus the prior year or $85 million sequentially to $420 million. Note that our entertainment direct-to-consumer results exclude ESPN+, including ESPN+ our combined streaming businesses and an operating loss in the fourth quarter of $387 million, a year-over-year improvement of a little over $1 billion and a sequential improvement of $125 million.

我們繼續在盈利和串流媒體之路上取得進展，第四季度娛樂 DTC 服務的營運虧損比去年同期減少了近 10 億美元，即 8,500 萬美元，達到 4.2 億美元。請注意，我們的娛樂直接面向消費者的業績不包括 ESPN+，其中包括 ESPN+ 我們的合併串流媒體業務以及第四季度營運虧損 3.87 億美元，同比改善略高於 10 億美元，環比改善 125 美元百萬。

As Bob noted earlier, we added nearly 7 million Disney+ core subs over the past quarter, reflecting strong content performance and our global summer promotion. Disney+ core ARPU increased sequentially by $0.12, driven by pricing increases and higher advertising revenue, partially offset by the impact of the summer promotion. The Disney+ ad tier added approximately 2 million subs during the fourth quarter and ended the fiscal year with 5.2 million subscribers. We anticipate core Disney+ subscribers in fiscal Q1 will decline slightly versus Q4 due to the expected temporary uptick in churn from the recent U.S. price increases as well as from the end of the summer promotion. However, we expect to see sub growth rebound later in the fiscal year.

正如鮑伯之前指出的，我們在過去一個季度增加了近 700 萬個 Disney+ 核心訂閱者，反映出強勁的內容表現和我們的全球夏季促銷活動。受定價上漲和廣告收入增加的推動，Disney+ 核心 ARPU 環比增長 0.12 美元，但部分被夏季促銷的影響所抵消。 Disney+ 廣告層在第四季增加了約 200 萬訂閱者，到本財年結束時訂閱者數量為 520 萬。我們預計第一財季的迪士尼+核心訂閱用戶將較第四季略有下降，原因是美國近期價格上漲以及夏季促銷結束導致用戶流失率預計會暫時上升。然而，我們預計本財年晚些時候將出現次成長反彈。

Growth in entertainment, B2C advertising revenue of 4% in Q4 versus the prior year, partially offset linear ad declines. The growth reflects an increase at Disney+, while Hulu results declined due to lower political and technology category advertising. We continue to expect to reach profitability at our combined streaming businesses in Q4 of fiscal 2024. Although as we have mentioned in the past, we don't expect linear progress from quarter-to-quarter.

第四季娛樂、B2C 廣告收入較去年同期成長 4%，部分抵銷了線性廣告的下降。這一增長反映了 Disney+ 的成長，而 Hulu 的業績則因政治和科技類別廣告的減少而下降。我們繼續預期我們的合併串流媒體業務將在 2024 財年第四季實現盈利。儘管正如我們過去提到的，我們預計季度與季度之間不會出現線性進展。

While we expect entertainment B2C operating losses in Q1 to be generally in line with Q4 due to higher sports rights costs at ESPN+ aligned with the start of the NHL season. We anticipate a modest sequential decline in Q1 for the combined streaming business. But as we have also said previously, we anticipate upward momentum later in the fiscal year to be driven by realizing the full impact of price increases, the launch of the ad tier internationally and subscriber growth.

雖然我們預計第一季娛樂 B2C 營運虧損將與第四季基本持平，因為 ESPN+ 的體育版權成本隨著 NHL 賽季的開始而增加。我們預計第一季合併後的串流媒體業務將出現小幅環比下滑。但正如我們之前所說，我們預計本財年晚些時候的上升勢頭將受到價格上漲、國際廣告層的推出以及用戶成長的全面影響的推動。

At linear networks, which now excludes our sports channels, fourth quarter operating income was flat to the prior year, reflecting lower advertising and affiliated revenues which were generally offset by a decrease in marketing and programming and production costs. Advertising revenue declines were driven by our domestic business, primarily at ABC and our own TV stations.

在線性網路（現在不包括我們的體育頻道），第四季度營業收入與前一年持平，反映出廣告和附屬收入減少，但行銷、節目和製作成本的減少通常抵消了這一損失。廣告收入下降是由我們的國內業務（主要是美國廣播公司和我們自己的電視台）推動的。

Domestic entertainment affiliate revenue decreased by 4% in the fourth quarter versus the prior year due to a 6-point decline from fewer subscribers and a 1.5 point adverse impact from the Charter blackout, partially offset by a roughly 4-point impact from higher rates.

第四季國內娛樂聯營公司營收較上年同期下降4%，原因是訂戶減少導致收入下降6 個百分點，以及憲章停電造成1.5 個百分點的不利影響，但費率上漲約4 個百分點的影響部分抵消了這一影響。

As Bob mentioned, we remain focused on driving additional cost efficiencies in this business over the long term.

正如鮑伯所提到的，從長遠來看，我們仍然致力於提高該業務的成本效率。

Content sales, licensing and other lower operating results versus the prior year were due to lower theatrical results, partially offset by higher home entertainment results. We currently expect that first quarter operating income will be roughly breakeven and comparable to prior year.

與前一年相比，內容銷售、授權和其他營運業績下降是由於影院業績下降，但部分被家庭娛樂業績上升所抵消。我們目前預計第一季營業收入將大致達到損益兩平，與去年同期相當。

Moving to our Sports segment. Q4 operating income increased by 14% versus the prior year. Results were driven by our domestic ESPN business from lower programming and production costs. Growth in subscription revenue at ESPN due to both pricing and sub growth and lower marketing costs, partially offset by lower affiliate revenue.

轉到我們的體育部分。第四季營業收入較上年增長 14%。業績是由我們的國內 ESPN 業務較低的節目和製作成本推動的。 ESPN 訂閱收入的成長歸因於定價和訂閱成長以及行銷成本的降低，但部分被聯盟收入的降低所抵消。

The decrease in programming and production costs reflect the absence of the Big Ten. In domestic, ESPN linear advertising revenue increased by 1% in the fourth quarter versus the prior year. Despite the absence of the Big Ten, the Charter blackout in a highly competitive marketplace.

節目製作和製作成本的下降反映出十大巨頭的缺席。在國內，ESPN第四季線性廣告營收較去年同期成長1%。儘管沒有十大巨頭，但憲章在競爭激烈的市場中還是停電了。

Domestic affiliate revenue decreased by a little less than 5% in Q4 versus the prior year, as 5.5 points of growth from higher rates were offset by adverse impacts of approximately 7.5 points from fewer subscribers and 2 points from the Charter blackout. As Bob referenced earlier, it's worth noting that ESPN's domestic business grew both full year revenue and operating income in each of the last 2 years. These results give us confidence in our belief that sports has the power to drive value for the company even in the face of challenging industry headwinds.

第四季國內聯營公司營收與前一年相比下降了略低於5%，費率上漲帶來的5.5 個百分點的成長被訂戶減少約7.5 個百分點和包機停電造成的2 個百分點的不利影響所抵消。正如鮑勃之前提到的，值得注意的是 ESPN 的國內業務在過去兩年中每年的全年收入和營業收入均有所增長。這些結果讓我們相信，即使面對充滿挑戰的產業逆風，運動也有能力為公司帶來價值。

Finally, at Experiences. Fourth quarter operating results increased by over 30% versus the prior year quarter and 27% versus fiscal '19. Operating margins at the segment were 22% in Q4, an increase of 3 percentage points versus the prior year. Our international operations continued their strong performance trend in the quarter with significant growth across all sites versus the prior year. Disney Cruise Line, Disney Vacation Club and Disneyland Resort also all saw strong year-over-year growth in both revenue and operating income.

最後，在體驗中。第四季營運表現比去年同期成長了 30% 以上，比 19 財年成長了 27%。第四季該部門的營業利潤率為 22%，比去年同期成長了 3 個百分點。我們的國際業務在本季持續保持強勁的業績趨勢，所有站點均較上年顯著成長。迪士尼郵輪公司、迪士尼度假俱樂部和迪士尼樂園度假區的收入和營業收入也都實現了同比強勁增長。

At Walt Disney World, operating results decreased, driven by the accelerated depreciation from the closure of the Galactic Starcruiser, along with inflationary impacts and the continued comparison to the 50th anniversary celebration in the prior year.

華特迪士尼世界的經營業績下降，因為銀河星際巡洋艦關閉導致加速貶值，加上通貨膨脹的影響以及與去年的 50 週年慶典的持續比較。

Looking towards fiscal 2024, we anticipate robust annual operating income growth, ad experiences to reflect continued strong performance at our international parks and Disney Cruise Line. While domestic parks and experiences is expecting solid growth for the full year, that growth will be heavily back-end loaded due to continued challenging comparisons in the first half of the year from the 50th anniversary at Walt Disney World in addition to wage inflation.

展望 2024 財年，我們預期年度營業收入將強勁成長，廣告體驗將反映我們的國際園區和迪士尼遊輪公司持續強勁的業績。雖然國內公園和體驗預計全年將實現穩健增長，但由於今年上半年華特迪士尼世界50 週年紀念日以及工資上漲等因素導致上半年的持續挑戰性比較，這種增長將承受沉重的後端負擔。

We continue to be bullish on the long-term positioning of our experiences business. As evidenced by our recent announcement on significant investments we plan to make over the next 10 years to turbocharge growth in this area. We expect those investments to ramp up towards the back half of that 10-year period with more gradual increases in the first few years.

我們繼續看好體驗業務的長期定位。正如我們最近宣布的重大投資所證明的那樣，我們計劃在未來 10 年內進行重大投資，以推動該領域的成長。我們預計這些投資將在這十年的後半段逐漸增加，並在最初幾年逐漸增加。

As has been the case historically, CapEx for the parks are largely effectively self-funded given the strong returns these investments generate over time. And I would also note that a portion of the investments in our theme parks in Shanghai and Hong Kong is funded out of joint venture cash flows.

與歷史上的情況一樣，鑑於這些投資隨著時間的推移會產生豐厚的回報，公園的資本支出基本上是有效的自籌資金。我還要指出的是，我們在上海和香港的主題樂園的部分投資是由合資企業現金流提供的。

Before we conclude and move to Q&A, there are a number of additional items I'd like to share for context on the year ahead. First, on capital expenditures. Fiscal 2023 CapEx totaled approximately $5 billion, roughly comparable to the prior year and in line with our most recent guidance. And we expect CapEx in fiscal 2024 to total $6 billion, an increase of approximately $1 billion versus fiscal 2023, driven by higher spend Experiences. CapEx Experiences in fiscal 2024 will look more comparable to fiscal 2019 levels and includes spend at our cruise business ahead of the launch of 3 new ships in fiscal 2025 and 2026.

在我們結束並進行問答之前，我想分享一些額外的內容，以了解未來一年的背景。首先，關於資本支出。 2023 財年資本支出總額約 50 億美元，與前一年大致相當，且符合我們最新的指引。我們預計 2024 財年的資本支出總額將達到 60 億美元，比 2023 財年增加約 10 億美元，這主要是由於體驗支出增加。 2024 財年的資本支出經驗將與 2019 財年的水平更具可比性，其中包括 2025 財年和 2026 財年推出 3 艘新船之前我們的郵輪業務支出。

Our enterprise-wide content spend in fiscal 2023 was $27 billion, in line with our guidance and about $3 billion below the prior year as we significantly reduced our spend on entertainment content. As a result of our continued work to be more efficient in our content spend, in addition to impacts from the strikes and the timing of sports payments we expect total content spend in fiscal 2024 to be approximately $25 billion, which is a decrease of $2 billion versus 2023. Note that Sports rights now account for over 40% of our enterprise-wide content spend.

2023 財年，我們的企業範圍內容支出為 270 億美元，與我們的指導一致，比前一年減少約 30 億美元，因為我們大幅減少了娛樂內容支出。由於我們持續努力提高內容支出效率，除了罷工和體育支付時間表的影響外，我們預計 2024 財年的總內容支出約為 250 億美元，減少了 20 億美元與2023 年相比。請注意，體育版權目前占我們企業範圍內容支出的40% 以上。

Our annualized entertainment cash content spend reduction target is now $4.5 billion, excluding strike impacts and sports rights versus $3 billion previously. We expect this to be realized on a cash basis in fiscal 2024, although it will take a few years for the bulk of these savings to be reflected in the P&L due to the timing of amortization.

我們的年度娛樂現金內容支出削減目標現在為 45 億美元，不包括罷工影響和體育版權，而之前為 30 億美元。我們預計這一目標將在 2024 財年以現金為基礎實現，儘管由於攤銷時間的原因，大部分節省的資金需要幾年時間才能反映在損益表中。

On the topic of cost savings and streamlining our operations, we have eliminated over 8,000 roles. And while we are not currently planning to make further large-scale reductions to our workforce, we are taking significant concrete steps to continue addressing the cost basis of the overall company.

在節省成本和簡化營運方面，我們裁減了 8,000 多個職位。雖然我們目前不打算進一步大規模裁員，但我們正在採取重要的具體步驟，繼續解決整個公司的成本基礎問題。

We have increased our annualized efficiency target for total company SG&A and other operating expenses to $3 billion versus $2.5 billion previously, including the strike impacts. Approximately $2 billion of these efficiencies were achieved in fiscal 2023. Naturally, we also saw inflation and volume-related cost increases throughout the year, including higher content amortization and costs related to expanded operations at international parks and cruise, which were impacted by closures and limited operating capacity in the prior year.

我們已將公司 SG&A 和其他營運支出總額的年化效率目標從先前的 25 億美元提高到 30 億美元，其中包括罷工的影響。其中約20 億美元的效率是在2023 財年實現的。當然，我們全年也看到了通貨膨脹和與數量相關的成本增加，包括更高的內容攤銷以及與國際公園和遊輪擴大運營相關的成本，這些成本受到關閉和遊輪的影響。去年營運能力有限。

The remainder of these savings are expected to be achieved by the end of fiscal 2024. Our expense base in fiscal 2024 is expected to only increase slightly versus the prior year. As these efficiencies and strike savings will mostly offset the year's planned volume-related growth and inflation.

其餘的節省預計將在 2024 財年末實現。我們 2024 財年的費用基礎預計將僅比前一年略有增加。由於這些效率和罷工節省將大部分抵消今年計劃的與數量相關的增長和通貨膨脹。

Adding the new $4.5 billion cash content spend reduction target to the $3 billion expense target brings our total annualized target to $7.5 billion, as Bob announced earlier. All of these factors, in addition to continued growth and improvement across our underlying businesses are expected to come together over the coming fiscal year to result in free cash flow generation of roughly $8 billion, a significant year-over-year increase and approaching levels we last achieved pre-pandemic.

正如鮑伯早些時候宣布的那樣，在 30 億美元的支出目標中加上新的 45 億美元的現金內容支出削減目標，使我們的年化總目標達到 75 億美元。所有這些因素，加上我們基礎業務的持續增長和改善，預計將在下一財年共同產生約 80 億美元的自由現金流，同比大幅增長，接近我們的水平大流行前最後實現的目標。

This continued robust free cash flow growth, alongside our strong balance sheet will position us well to address our investments and shareholder return goals for the year end going forward. To that end, we will be recommending to the Board that they declare a dividend by the end of this calendar year.

持續強勁的自由現金流成長以及強勁的資產負債表將使我們能夠很好地實現未來年底的投資和股東回報目標。為此，我們將建議董事會在本日曆年年底前宣布股息。

While this will be just the starting point, we do see ample opportunity continue to increase shareholder returns in the future as our earnings and free cash flow grow in the form of increased dividends or share buybacks and we look forward to sharing more as we move ahead.

雖然這只是一個起點，但我們確實看到未來有足夠的機會繼續增加股東回報，因為我們的收益和自由現金流以增加股息或股票回購的形式增長，我們期待在前進的過程中分享更多。

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

然後，我會將電話轉回 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。

The first question will come from Michael Nathanson with MoffettNathanson.

第一個問題將由邁克爾·內森森和莫菲特·內森森提出。

Hey, Bob. I have 2 quick ones for you. This is your first earnings call post the Charter Disney agreement. So stepping back, what are the most important impacts to Disney after that agreement? And then how will you manage the company differently now that, that is kind of the template going forward for new deals?

嘿，鮑伯。我有 2 個快速的給你。這是迪士尼特許協議後您的第一次財報電話會議。那麼退一步來說，協議之後對迪士尼最重要的影響是什麼？既然這是新交易的模板，那麼您將如何以不同的方式管理公司？

And secondly, on film studio, your first -- you had the most recent content cycle on film we've ever seen. So I wonder, what do you think is ailing the film slate this time around? And what are your priorities to fixing it as you lay out some of your top 3 priorities, but what are you doing in particular to fix film slate going forward?

其次，在電影製片廠，您的第一個——您擁有我們所見過的最新電影內容週期。所以我想知道，你認為這次的電影有問題嗎？當你列出你的前 3 個優先事項時，你解決這個問題的優先事項是什麼，但你特別在做什麼來解決未來的電影清單？

Thanks, Michael. Regarding Charter, first of all, as we said when we did the deal, we think it's a great deal for us. I also think it's a great deal for Charter. It doesn't really change things much in terms of our strategy because when you look at the deal, it actually ended up reflecting exactly what our strategic priorities are. That is streaming.

謝謝，麥可。關於查特，首先，正如我們在達成交易時所說的那樣，我們認為這對我們來說是一筆很棒的交易。我也認為這對查特來說是一筆很大的交易。它並沒有真正改變我們的策略，因為當你審視這筆交易時，它實際上最終準確地反映了我們的戰略重點是什麼。那就是串流。

And the distribution agreement for Disney+ as part of the overall Charter deal does just that. So it leans into our streaming priorities and that strategy doesn't change things much. Have any opportunity to consolidate a bit on the channel side is, I think, a good thing at this point.

作為整體特許交易一部分的迪士尼+分銷協議正是做到了這一點。因此，它傾向於我們的串流媒體優先事項，並且該策略不會改變太多事情。我認為，目前有機會在通路方面進行一些鞏固是一件好事。

In terms of the studio, nice of you to mentioned just, what our great run. First of all, let's put things in perspective recently. We did have 4 really strong titles in 4 of the top 10 in the past year, led by Avatar, of course, but there are other successes, too. That said, as I have looked at our overall output, meaning the studio, it's clear that the pandemic created a lot of challenges creatively for everybody, including for us.

就工作室而言，您很好地提到了我們的出色表現。首先，讓我們回顧一下最近發生的事情。去年，我們確實有 4 個真正強大的遊戲進入了前 10 名中的 4 個，當然，以《阿凡達》為首，但也有其他成功的作品。也就是說，當我查看我們的整體產出（即工作室）時，很明顯，這種流行病給每個人（包括我們）帶來了許多創造性的挑戰。

In addition, at the time the pandemic hit, we were leaning into a huge increase in how much we were making. And I've always felt that quantity can be actually a negative when it comes to quality. And I think that's exactly what happened. We lost some focus. And so working with the talented team at the studio, we're looking to -- and working to consolidate, meaning make less, focus more on quality. We're all rolling up our sleeves, including myself to do just that. We have obviously great assets, great stories to tell from the assets that we either have or that we purchased.

此外，在疫情爆發時，我們的收入正傾向於大幅增加。我一直認為數量對於質量來說實際上可能是負面的。我認為這正是發生的事情。我們失去了一些焦點。因此，我們希望與工作室的才華橫溢的團隊合作，並努力進行整合，這意味著減少生產，更專注於品質。我們都在捲起袖子，包括我自己來做到這一點。顯然，我們擁有豐富的資產，可以從我們擁有或購買的資產中講述精彩的故事。

And I feel really optimistic about the slate going forward, which is going to be a balance between some really strong sequels to some very, very popular titles as well as some good original content, starting with Wish, which comes out Thanksgiving weekend. So I feel good about the direction we're headed, but I'm mindful of the fact that our performance from a quality perspective wasn't really up to the standards that we set for ourselves.

我對未來的計劃感到非常樂觀，這將是一些非常非常受歡迎的遊戲的一些非常強大的續集和一些優秀的原創內容之間的平衡，從感恩節週末推出的《Wish》開始。因此，我對我們前進的方向感到滿意，但我注意到，從品質角度來看，我們的表現並沒有真正達到我們為自己設定的標準。

Our next question will come from Steven Cahall with Wells Fargo.

我們的下一個問題將來自富國銀行的史蒂文·卡霍爾。

So first on DTC. I mean, pricing is about to step up. You announced the cost-cutting program, some of which might be a DTC or Hulu. And Bob, I think for a couple of quarters, you've just been talking about how confident you are in streaming profitability. So I'm not asking for guidance, but is there any way for us to just frame what DTC can look like beyond breakeven since that's really the biggest driver of earnings growth and value creation?

首先是 DTC。我的意思是，定價即將上漲。您宣布了成本削減計劃，其中一些可能是 DTC 或 Hulu。鮑勃，我認為在幾個季度中，您一直在談論您對串流媒體盈利能力的信心。因此，我並不是在尋求指導，但我們是否有任何方法可以框架 DTC 超越盈虧平衡的樣子，因為這確實是獲利成長和價值創造的最大驅動力？

And then on the ESPN side, just as we think about that preeminent sports platform that you're looking to build. So many folks have already voted with their feet to be outside of the bundle. How do you think about putting something into the market more quickly, maybe at a high price point that doesn't disrupt the bundle just to see if the cord cutters or cord nevers have some demand?

然後在 ESPN 方面，正如我們考慮您想要建立的卓越體育平台。很多人已經用腳投票決定不參與捆綁。您如何考慮更快地將某種產品投入市場，也許以較高的價格點，不會擾亂捆綁銷售，只是為了看看剪線鉗或電線是否永遠不會有一些需求？

I'll take the second part first. Our plan when we bring ESPN direct to consumer, which is inevitable, which is going to happen, and we're planning for it, is to try -- have what I'll call a soft landing, which is continue to make it available as part of the bundle for those people that want to remain in the bundle or people who feel that the bundle still has value to them. And at the same time, to make it available on a true a la carte basis in DTC form.

我先講第二部分。當我們把 ESPN 直接帶給消費者時，我們的計劃是嘗試——實現我所說的軟著陸，即繼續提供它，這是不可避免的，這將會發生，我們正在為此做計劃。對於那些想要留在捆綁包中或認為捆綁包對他們仍然有價值的人來說，作為捆綁包的一部分。同時，以 DTC 形式提供真正的單點服務。

So it is our hope that it will serve basically, the consumer in 2 ways, in the traditional way and in a new way. And we'll obviously see in terms of where we end up the blend of basically consumers that stay in the bundle and those that leave. We're not concerned about it. And actually, as we model basically ESPN into the future, we see that in some cases, it will continue to be sold as part of the bundle.

因此，我們希望它基本上能夠以兩種方式服務消費者：傳統方式和新方式。顯然，我們會看到最終留在捆綁包中的消費者和離開捆綁包的消費者的混合情況。我們不關心這個。實際上，當我們基本上以 ESPN 為未來模型時，我們發現在某些情況下，它將繼續作為捆綁包的一部分出售。

On the first -- to the first question, the trajectory of DTC, we're not going to get specific -- we're not giving any guidance beyond our guidance about becoming profitable at the end of '24. But the building blocks are in place to turn this into a real growth business for us. And the recent announcement about purchasing the remaining stake in Hulu is just one of those building blocks.

關於第一個問題，即 DTC 的發展軌跡，我們不會具體說明，除了 24 年底實現盈利的指導之外，我們不會提供任何指導。但基礎設施已經到位，可以將其轉變為我們真正的成長業務。最近關於購買 Hulu 剩餘股份的公告只是其中之一。

On the pricing side, we did take Disney+ prices up for the premium service, the nonadvertisers supported by about 27%. It's still really early to tell, but we had taken those prices up significantly a year earlier and churn was de minimis. So we felt we had the room, particularly as we improved quality on the Disney+ service.

在定價方面，我們確實提高了 Disney+ 優質服務的價格，非廣告商支持了約 27%。現在下結論還為時過早，但我們在一年前就大幅提高了價格，而且客戶流失率微乎其微。所以我們覺得我們有足夠的空間，特別是當我們提高了 Disney+ 服務的品質時。

Where overall, our strategy regarding pricing is more sophisticated, more coordinated across the world than it had been before. And as we look at growing that business, a smarter approach to pricing is one. Bundling is another. I'm going to come back to the bundle between Disney+ and Hulu and then the opportunity to bundle ESPN.

總體而言，我們的定價策略比以前更加複雜，在全球範圍內更加協調。當我們考慮發展該業務時，更明智的定價方法就是其中之一。捆綁是另一回事。我將回到 Disney+ 和 Hulu 之間的捆綁，然後是 ESPN 捆綁的機會。

Clearly, we've got technology improvements in the works, whether it comes to account sharing, or whether it comes to basically lowering customer acquisition costs and churn and lowering marketing expenses and growing margins. That's part of it. Advertising is a strong component of that. We did not take pricing up for Disney+ advertiser-supported services and the delta between the advertisers supported and the premium service is wider because we like the ARPU that we get basically from both sides. So we feel really good about the potential of this business.

顯然，我們正在進行技術改進，無論是帳戶共享，還是從根本上降低客戶獲取成本和客戶流失，以及降低行銷費用和增加利潤。這是其中的一部分。廣告是其中的重要組成部分。我們沒有對迪士尼+廣告商支援的服務進行定價，廣告商支援的服務與優質服務之間的差異更大，因為我們喜歡基本上從雙方獲得的 ARPU。因此，我們對這項業務的潛力感到非常滿意。

And look, if you think about the portfolio of streaming assets that we will have, Hulu, Disney+ and ESPN, that's a very, very strong hand. In December, we launched a beta version of Hulu and Disney+ combined. We feel really good about that. I saw some -- basically some demos of that just yesterday, as a matter of fact.

看，如果你考慮我們將擁有的串流資產組合，Hulu、Disney+ 和 ESPN，那是非常非常強的牌。 12 月，我們推出了 Hulu 和 Disney+ 組合的測試版。我們對此感覺非常好。事實上，我昨天就看到了一些——基本上是一些演示。

We are basically putting it in beta so that we can prepare parents largely to basically implement parental controls because you'll be able to access Hulu programming on the same app.

我們基本上將其置於測試階段，以便我們可以讓家長做好基本實施家長監護的準備，因為您將能夠在同一個應用程式上存取 Hulu 程式設計。

And then in late March, we'll launch it basically in full form. And I think we have opportunities in terms of upsell capabilities in terms of increasing engagement. We found that where we bundled, we lower churn. And again, these are steps that are all taken to ultimately turn this into a great business.

然後在三月下旬，我們將基本上以完整的形式推出它。我認為我們在增加銷售能力和提高參與度方面有機會。我們發現，在捆綁銷售的地方，我們可以降低客戶流失率。再說一遍，這些步驟都是為了最終將其變成一項偉大的業務而採取的。

Lastly, in terms of cost reductions, we created basically a one world approach to streaming. We had multiple organizations before. We now have one, run globally by Dana Walden and Alan Bergman. They have created an entirely new senior management team across the globe to manage these assets. We're doing so much more cohesively, including, by the way, balancing spending in market, local spending and what I'll call global spending.

最後，在降低成本方面，我們基本上創建了一種單一世界的串流媒體方法。我們之前有多個組織。我們現在擁有一個由達納·瓦爾登 (Dana Walden) 和艾倫·伯格曼 (Alan Bergman) 在全球運營的機構。他們在全球範圍內組建了全新的高階管理團隊來管理這些資產。順便說一句，我們的工作更加團結，包括平衡市場支出、本地支出和我所說的全球支出。

One thing that we have recently really come to appreciate is the performance of our big title films, the so-called Pay 1 window films on the service, Elemental is one, Guardians of the Galaxy 3 was another, Little Mermaid, the third. The numbers are huge. That's a differentiator for us, certainly when it comes to competing with Netflix, for instance, which is the gold standard.

我們最近真正欣賞的一件事是我們的大片的表現，即服務上所謂的Pay 1 窗膜，《元素》是其中之一，《銀河守護隊3》是另一部，《小美人魚》是第三部。數字是巨大的。這對我們來說是一個差異化因素，尤其是在與 Netflix 競爭時，Netflix 是黃金標準。

But by leaning more into some of those films and while we improve the quality of them, gives us the ability to dial back a bit on some of the spending and investment in series. And that blend of spending between films and series, we believe gives an opportunity to increase our margins and grow the business.

但是，透過更多地關注其中一些電影，並在提高它們的品質的同時，我們能夠稍微減少一些系列電影的支出和投資。我們相信，電影和電視劇之間的支出混合為我們提供了增加利潤和發展業務的機會。

Our next question will come from Ben Swinburne with Morgan Stanley.

我們的下一個問題將由摩根士丹利的本‧斯威本 (Ben Swinburne) 提出。

I want to come back to the free cash flow commentary because that's pretty interesting and new. And also ask you, Bob, about your U.S. Sports business and ESPN. So on cash flow, $8 billion of free cash flow, $6 billion of CapEx, getting to $14 billion of cash from operations. You haven't been done a number like that, I think, since 2018.

我想回到自由現金流評論，因為這非常有趣且新穎。鮑勃，也要問您的美國體育業務和 ESPN 的情況。因此，在現金流方面，80 億美元的自由現金流，60 億美元的資本支出，從營運中獲得 140 億美元的現金。我想，自 2018 年以來，你還沒有做過這樣的數字。

And I'm just trying to understand if you think you can sustain and grow your company at that level of cash content spend, I think Kevin said $25 million because that certainly allows you to really grow free cash flow from a base that's already higher than people were expecting in 2024.

我只是想了解你是否認為你可以在現金支出水平上維持和發展你的公司，我認為凱文說的是 2500 萬美元，因為這肯定能讓你真正從已經高於人們期待 2024 年。

Hopefully, that made sense. And then on the sports side, people think about ESPN as a network facing cord cutting, et cetera. You clearly have a vision there that you think can grow over time. Can you talk a little bit about how you think about growing the sports business? Do you think you can between linear and digital and other ancillary services sort of grow your sports business over time because that would be another area where you'd certainly outperform expectations?

希望這是有道理的。然後在體育方面，人們認為 ESPN 是一個面臨斷線等問題的網絡。您顯然有一個願景，並且您認為該願景可以隨著時間的推移而不斷成長。能談談您對發展運動業務的看法嗎？您是否認為隨著時間的推移，您可以透過線性服務、數位服務和其他輔助服務來發展您的體育業務，因為這將是您肯定會超越預期的另一個領域？

I'll take the question about ESPN first. Interesting, I just saw statistics. ESPN is the #1 brand on TikTok, not the #1 sports brand, not the #1 media brand, the #1 brand with about 44 million followers, which is an incredible statistic. ESPN is a very popular high in-demand product in the United States and unique, we believe. And we feel leaning into it is the smart thing to do because of its unique quality and how popular it is and how profitable it has been.

我先回答ESPN的問題。有趣的是，我剛剛看到了統計數據。 ESPN 是 TikTok 上排名第一的品牌，不是排名第一的體育品牌，也不是排名第一的媒體品牌，排名第一的品牌擁有約 4400 萬粉絲，這是一個令人難以置信的統計數據。我們相信，ESPN 是美國非常受歡迎的高需求產品，而且是獨一無二的。我們覺得投資它是明智之舉，因為它具有獨特的品質、受歡迎程度和獲利能力。

We believe we have an opportunity there as we bring it in the direct-to-consumer direction to strengthen our hand when we do that by partnering with either tech companies that can provide us with marketing, technology support, customer acquisition help or sports leagues that can provide us with more content. It's that simple. We're actually quite bullish about it.

我們相信，我們在這方面有機會，因為我們將其帶入直接面向消費者的方向，透過與可以為我們提供行銷、技術支援、客戶獲取幫助的科技公司或可以為我們提供行銷、技術支援、客戶獲取協助的科技公司或運動聯盟合作來增強我們的實力。可以為我們提供更多的內容。就是這麼簡單。我們實際上對此非常樂觀。

And frankly, if we were to just sit back and leave ESPN alone kind of as part of the linear bundle, we know ultimately, where that would bring us. It certainly wouldn't bring us in a growth direction because it basically, the continued decrease in multichannel subscribers. So this is a way to really buck that trend, continue to allow it to be part of the multichannel bundle, but also make it available on an a la carte basis basically of taking a very popular product, in fact, and make it available and possibly strengthening it by doing what I described earlier. It's that simple.

坦白說，如果我們只是袖手旁觀，讓 ESPN 成為線性捆綁的一部分，我們最終知道這會為我們帶來什麼。它肯定不會為我們帶來成長方向，因為它基本上是多通路訂戶的持續減少。因此，這是一種真正扭轉這一趨勢的方法，繼續允許它成為多通路捆綁的一部分，但實際上也可以在點菜的基礎上提供它，基本上是採用非常受歡迎的產品，並使其可用和可能透過做我之前描述的事情來加強它。就是這麼簡單。

And when you think about the building blocks of the company, which right now, we believe there are 4, one of them obviously is streaming overall -- another one we've talked about, which is Park and Resorts and turbocharging that growth. The third I talked about earlier, which is returning the studio to basically, the level of success that we became used to before the pandemic. And the fourth is turning ESPN into a preeminent digital sports platform.

當你想到公司的組成部分時，我們認為目前有 4 個組成部分，其中一個顯然是整體串流媒體 - 我們已經討論過的另一個是公園和度假村，並推動了成長。我之前談到的第三個，就是讓工作室基本上恢復到我們在大流行之前已經習慣的成功水平。第四個目標是將 ESPN 打造成卓越的數位體育平台。

Kevin, you take free cash flow.

凱文，你拿自由現金流。

Yes. Ben, with respect to cash flow, we do feel good about where we are ending up in '24 from a content spend perspective. And when you take a look at how we're getting to that year-over-year. Lower content spend is clearly part of it, but continued growth and improvement our underlying business is also a huge component of that, as is the annualized efficiency targets that we've all implemented. So those things are driving a significant amount of year-over-year improvement in our cash flow.

是的。 Ben，就現金流而言，從內容支出的角度來看，我們確實對 24 年的最終結果感到滿意。當你看到我們逐年實現這一目標的情況。較低的內容支出顯然是其中的一部分，但我們基礎業務的持續成長和改​​進也是其中的一個重要組成部分，我們都實施了年度效率目標。因此，這些因素正在推動我們的現金流量較去年同期大幅改善。

Our next question will come from Jessica Reif Ehrlich with BofA Securities.

我們的下一個問題將來自美國銀行證券公司的 Jessica Reif Ehrlich。

Bob, I was just wondering if you could give us your sort of holistic view on advertising and what's going on, I mean we know money is going into like retail media networks and things like that. But how much can you, as a company make up on AVOD versus what's going on with linear? And maybe you can give us your view on what is going on with linear view.

鮑勃，我只是想知道您是否可以向我們提供您對廣告和正在發生的事情的整體看法，我的意思是我們知道資金正在進入零售媒體網絡之類的領域。但是，作為一家公司，與線性的情況相比，您能在 AVOD 上彌補多少？也許您可以向我們提供您對線性視圖發生情況的看法。

And then on India, been notably challenging market consistent money loser. Can you talk about how your view of kind of ultimately, where that winds up, do you own it? Do you JV it? Do you exit the market?

然後在印度，一直是市場上持續虧損的國家。能談談你對最終結果的看法嗎？你合資嗎？你退出市場嗎？

Jessica, first of all, in India, our linear business actually does quite well, it's making money. But we know that other parts of that business are challenged for us and for others. And we are looking, I'll call it expansively. I know I've said this before, it always gets me in trouble. But we're considering our options there. We have an opportunity to strengthen our hand. It is now maybe the most populous country in the world or maybe just still second to China and about to pass them. We'd like to stay in that market.

傑西卡，首先，在印度，我們的線性業務實際上做得很好，它正在賺錢。但我們知道，該業務的其他部分對我們和其他人來說都面臨挑戰。我們正在尋找，我將其稱為廣泛的。我知道我以前說過這句話，它總是給我帶來麻煩。但我們正在考慮我們的選擇。我們有機會增強我們的實力。現在它可能是世界上人口最多的國家，或者可能仍然僅次於中國，並且即將超過它們。我們想留在那個市場。

And -- but we're also looking to see whether we can strengthen our hand obviously, improve the bottom line. In terms of advertising, we are actually finding that linear is a little bit stronger than we had expected it would be. It's not back as much as we would like. It's still a challenge, but it's not as bad as it had been. So we've seen some slight improvement. Actually, the tech sector is still somewhat weak.

而且——但我們也在尋找是否可以明顯增強我們的牌力，提高底線。在廣告方面，我們實際上發現線性比我們預期的要強一些。它並沒有像我們希望的那樣恢復。這仍然是一個挑戰，但不像以前那麼糟糕。所以我們看到了一些輕微的改進。事實上，科技業仍然有些疲軟。

But in general, overall, advertising has improved. We're finding obviously great demand for addressable advertising. I noted on an interview I did earlier, that we've now put tools in place, so we're using tools on Disney+ to provide advertisers with better targeting, they're starting to work. And in general, sports has been very, very strong.

但整體而言，廣告業有所改善。我們發現可尋址廣告的需求顯然很大。我在之前的一次採訪中指出，我們現在已經部署了工具，因此我們正在使用 Disney+ 上的工具為廣告商提供更好的定位，它們已經開始發揮作用。總的來說，體育運動一直非常非常強大。

So as we look at the advertising marketplace right now, while it's not as strong as we would like it to be, it's certainly not as bad as some people think it is, and it's working for us.

因此，當我們審視現在的廣告市場時，雖然它沒有我們希望的那麼強大，但它肯定沒有一些人想像的那麼糟糕，而且它對我們來說很有效。

On AVOD, look, it's very, very clear that the tools that the new platforms provide advertisers are exactly what the advertisers are looking for. Those platforms are an advertiser's dream. And we know that the more data, the more detail, we can be more context, the more targeting we can provide, the better off we'll be. Hulu had an extremely robust advertising engine we actually -- we've got one of the best in the business, if not the best.

在AVOD上，你看，非常非常清楚，新平台為廣告主提供的工具正是廣告主正在尋找的。這些平台是廣告商的夢想。我們知道，數據越多，細節越多，我們就能了解更多背景，我們能提供的目標越多，我們的境況就會越好。 Hulu 擁有極其強大的廣告引擎，實際上，我們擁有業內最好的廣告引擎之一，即使不是最好的。

And so actually, that combination of Hulu and Disney+ with some of the tools that we put in place is going to give us the ability to have a blended CPM, grow engagement, grow advertising. So we're quite bullish about our position media-wise in an advertising marketplace.

事實上，Hulu 和 Disney+ 與我們部署的一些工具的結合將使我們能夠實現混合每千次曝光費用、提高參與度、增加廣告。因此，我們非常看好我們在廣告市場中的媒體地位。

Our next question will come from John Hodulik with UBS.

我們的下一個問題將來自瑞銀集團的 John Hodulik。

Great. Maybe first, a follow-up to Ben's question. Bob, is there an opportunity for ESPN to add local sports rights given what's happening to the RSN model or potentially add sports rights to be distributed outside the U.S.? That's the first question.

偉大的。也許首先，跟進本的問題。鮑勃，考慮到 RSN 模式的情況，ESPN 是否有機會增加本地體育賽事轉播權，或者可能增加在美國境外分發的體育賽事轉播權？這是第一個問題。

And then second question is Warner Bros. basically made some news recently by licensing some of their -- what would be considered some of their tentpole content, their DC universe to Netflix. Is that something you think that Disney can do or can lean into more -- at least more so than you're doing now without diluting the Disney brand or the Disney+ growth prospects?

第二個問題是華納兄弟最近透過向 Netflix 授權他們的一些主力內容、他們的 DC 宇宙，基本上製造了一些新聞。您認為迪士尼可以做或可以在這方面做更多的事情嗎？至少比您現在所做的更多，而不會削弱迪士尼品牌或迪士尼+的成長前景？

Good questions, John. Thank you. We've actually been licensing content to Netflix and are going to continue to. We're actually in discussions with them now about some opportunities. But I wouldn't expect that we will license our core brands to them. Those are real, obviously, competitive advantages for us and differentiators. Disney, Pixar, Marvel, Star Wars, for instance, all doing very, very well on our platform. And I don't see why just to basically to chase bucks, we should do that when they are really, really important building blocks to the current and future of our streaming business.

好問題，約翰。謝謝。事實上，我們一直在向 Netflix 授權內容，並將繼續這樣做。實際上我們現在正在與他們討論一些機會。但我不希望我們將我們的核心品牌授權給他們。顯然，這些對我們和差異化企業來說都是真正的競爭優勢。例如，迪士尼、皮克斯、漫威、星際大戰都在我們的平台上表現得非常非常好。我不明白為什麼只是為了追逐金錢，我們應該這樣做，因為它們對於我們串流媒體業務的當前和未來確實非常重要。

Regarding local sports, the technology that we will have for ESPN DTC will give us the ability to provide local sports in a pretty robust way, basically what the RSNs are doing. But we're not really aiming to do so by taking on significant risk. So if we can find the right kind of business arrangements and partnerships, I think we'll look very seriously at providing local sports as part of the platform. But again, not if it results in us taking on too much risk.

關於本地體育賽事，我們為 ESPN DTC 所擁有的技術將使我們能夠以相當強大的方式提供本地體育賽事，基本上就像 RSN 正在做的那樣。但我們並不是真的打算透過承擔重大風險來實現這一目標。因此，如果我們能夠找到合適的業務安排和合作夥伴關係，我認為我們將非常認真地考慮將當地體育運動作為該平台的一部分。但同樣，如果這會導致我們承擔過多的風險，那就不會了。

We have time for one more question.

我們還有時間再問一個問題。

Our final question will come from Phil Cusick with JPMorgan.

我們的最後一個問題將由摩根大通的菲爾·庫斯克提出。

Bob, first follow-up on ESPN, clearly a big priority, can you give us some update on types of potential ESPN partners and what the hurdles might be to get those partnerships announced? And then second, maybe if you could dig into the recent trends of parks, there's been some noise on pricing, but what have you seen from consumer demand, both in Orlando and around the country? And how do you think that Walt Disney World is doing versus the overall Orlando market?

鮑勃，ESPN 的第一個後續行動，顯然是一個重要的優先事項，您能給我們一些有關潛在 ESPN 合作夥伴類型的最新信息以及宣布這些合作夥伴關係可能會遇到的障礙嗎？其次，也許如果您能深入研究公園的最新趨勢，您會發現定價方面存在一些噪音，但是您從奧蘭多和全國各地的消費者需求中看到了什麼？與整個奧蘭多市場相比，您認為華特迪士尼世界的表現如何？

The first question.

第一個問題。

First question was on your conversation.

第一個問題是關於你們的談話。

Sorry. Sorry, Phil. I was listening to your second question. I forgot your first one. Senior moment. What basically we've been saying and what we've been exploring is that as we prepare to take ESPN and direct-to-consumer direction, we believe that we have opportunities to strengthen our hand with entities that either provide us with technology, marketing support for instance, or companies or entities, I should say, that can provide us with more content.

對不起。對不起，菲爾。我正在聽你的第二個問題。我忘了你的第一個。高年級時刻。基本上，我們一直在說和一直在探索的是，當我們準備採取 ESPN 和直接面向消費者的方向時，我們相信我們有機會透過為我們提供技術、行銷的實體來增強我們的實力。例如，我應該說，支持，或公司或實體，可以為我們提供更多內容。

We feel we have an excellent hand, by the way, and could do it without that, but why not explore strengthening our hand. And so since I noted that we were interested in this back in July, we've engaged with a number of different entities. I can say that there's significant interest out there.

順便說一句，我們覺得我們有一手出色的牌，沒有它也能做到，但為什麼不探索加強我們的牌。因此，自從我在 7 月指出我們對此感興趣以來，我們已經與許多不同的實體進行了接觸。我可以說，人們對此很感興趣。

There are obviously complexities to it, but not complexities, there were -- not hurdles that are so high that we can't jump over them. And we're going to continue to explore it. And I would imagine we'll have more to say about this in the coming months. But I don't want to say much more right now, except again, there's serious interest out there. And I think there's a path or a path to deals, but we're working through them. And obviously, as soon as they are completed, we'll let everybody know.

顯然它很複雜，但並不是複雜，而是有──不是高到我們無法跨越的障礙。我們將繼續探索它。我想在接下來的幾個月裡我們會對此有更多的討論。但我現在不想說太多，除非再次強調，人們對此很感興趣。我認為有一條或一條達成交易的途徑，但我們正在努力解決它們。顯然，一旦完成，我們就會讓所有人知道。

You want to take the consumer demand question.

您想回答消費者需求問題。

Yes. So with respect to the parks, and I think we've talked about it in our prepared remarks, with respect to Walt Disney World and just we're lapping the 50th there. So we're going to continue to have a little bit of that lapping effect that will continue for a little bit as we go through Q1.

是的。因此，關於公園，我想我們已經在準備好的演講中討論了關於華特迪士尼世界的問題，我們正在那裡取得第 50 名。因此，我們將繼續產生一點重疊效應，這種效應將在我們經歷第一季時持續一段時間。

But as I look out at the other domestic businesses, especially, Disneyland continues to look exceptionally strong, as does Disney Cruise Line. So bookings at all of those continue to be very, very strong going forward. So domestically, we feel good and internationally, we feel pretty good. So we're not really seeing anything in terms of an economic hangover.

但當我觀察其他國內企業時，尤其是迪士尼樂園和迪士尼遊輪公司仍然看起來異常強勁。因此，所有這些的預訂量在未來仍然非常非常強勁。所以在國內，我們感覺很好，在國際上，我們感覺也很好。因此，我們並沒有真正看到任何經濟後遺症。

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 we refer to on this call to the 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，我們在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 and other statements that are not historical in nature may constitute forward-looking statements under the securities laws. We make these statements on the basis of our views and assumptions regarding future events and business performance at the time we make them, and we do not undertake any obligation to update these statements.

我還想提醒您，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、指導或預期的陳述以及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，並且我們不承擔更新這些陳述的任何義務。

Forward-looking statements are subject to a number of risks and uncertainties and actual results may differ materially from the results expressed or implied in light of a variety of factors. These factors include, among others, economic or industry conditions, competition and execution risk, including in connection with our business plans, organizational structure and operating changes, cost savings, future financial performance, including expectations and drivers of growth, and our DTC content and how it is made available on our platforms, subscriber, advertising and revenue growth and profitability.

前瞻性陳述受到許多風險和不確定性的影響，實際結果可能因多種因素而與明示或暗示的結果有重大差異。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、組織結構和營運變化、成本節約、未來財務業績（包括成長的預期和驅動因素）以及我們的 DTC 內容和它如何在我們的平台上提供、訂閱者、廣告以及收入成長和獲利能力。

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 recent work stoppages. Churn expectations, the financial impact of Disney+ ad tier and price increases, our ability to quickly execute on cost rationalization while preserving revenue and macroeconomic conditions, all of which, while based on extensive internal analysis as well as recent experience provide a layer of uncertainty in our outlook.

特別是，我們對 DTC 獲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，這可能會受到與最近停工相關的額外風險的影響。客戶流失預期、迪士尼+廣告層級和價格上漲的財務影響、我們在保持收入和宏觀經濟狀況的同時快速執行成本合理化的能力，所有這些基於廣泛的內部分析和最近的經驗，都提供了一層不確定性。我們的展望。

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

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

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

我們要感謝您加入我們，並祝福大家有個愉快的一天。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。