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2023財年全年及第四季財務業績電話會議。 （操作員指示）請注意，本次會議正在錄製中。

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

現在，我想將會議交給投資人關係執行副總裁 Alexia Quadrani。請發言。

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。我們的新聞稿已於大約25分鐘前發布，可在我們的網站www.disney.com/investors上查閱。今天的電話會議將進行網路直播，會議結束後，會議重播、文字記錄以及第四季度財報簡報都將在我們的網站上發布。

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.

參加今天電話會議的還有迪士尼執行長鮑勃‧伊格爾 (Bob Iger) 和代理財務長凱文‧蘭斯伯里 (Kevin Lansberry)。鮑伯和凱文的發言結束後，我們很樂意回答大家的一些問題。

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

因此，讓我將電話轉給鮑伯來開始。

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，Alexia，大家下午好。本週，我們宣布休·約翰斯頓（Hugh Johnston）將加入華特迪士尼公司，擔任高級執行副總裁兼首席財務官，此前他在百事公司工作了34年。在公司這個重要時刻，休加入迪士尼，我們感到非常高興。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，並在此後的一個月裡展現了卓越的領導力。凱文將重返迪士尼體驗部門擔任財務官，稍後您將聽到他的更多消息。

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.

現在讓我們回顧一下本季。本季的業績充分展現了公司強大的實力，以及我們在過去一年中取得的卓越成就。第四季調整後每股盈餘較上年同期成長近兩倍。我們的三大業務：娛樂、體驗和體育，第四季度的營業收入均較2022財年第四季大幅成長。

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.

我們公司的全面重組極大地提高了效率，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。新的架構也使我們的效率得到了顯著提升，尤其是在串流媒體領域。我們在該領域建立了更統一、緊密和高度協調的營銷、定價和節目製作方式。這幫助我們合併後的串流媒體業務的營運表現從2022財年到2023財年提高了約14億美元。我們仍有信心在2024財年第四季獲利。

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，我們的新架構將創造力重新置於公司的核心。從我們百年的歷史中，我們深知沒有比這更能決定我們的成功。事實上，我們強大的創意成就推動了核心Disney+訂閱用戶數量的顯著成長，本季新增近700萬美元。這反映了許多熱門影片在該平台上的成功，包括《銀河守護隊3》、《小美人魚》和《元素俠》，延續了我們院線發行影片成為Disney+觀看次數最多的影片的趨勢。

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.

主要的原創作品在我們所有的平台上也表現得非常出色，包括 Disney+ 上的《阿索卡》、目前已成為我們有史以來觀看次數最多的 Hulu 原創非劇本劇集《卡戴珊一家》以及成為熱門的韓國原創劇集《動感》。

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.

回顧過去一年的成就，我深知我們投入了大量的時間和精力進行修復，既要應對近期做出的某些決策，也要應對混亂和疫情帶來的諸多挑戰。雖然我們仍需努力才能繼續提升業績，但這些進展使我們能夠渡過修復期，重新開啟業務發展之路。

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，我們將專注於四大關鍵建設機遇，它們將對我們的成功至關重要。這四大機會包括：實現串流媒體業務顯著且持續的盈利；將ESPN打造為卓越的數位體育平台；提升電影工作室的產出和經濟效益；以及加速體驗業務的成長。我們已經在這四大機會上取得了長足的進步，並將繼續以使命感和緊迫感向前邁進。我已經闡述了許多關於我們策略性舉措的想法。

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，我想更詳細地討論我們進入下一階段之際的四個建設機會。首先是將串流媒體轉變為獲利成長的業務。我很高興地說，我們最近的表現鞏固了我們正朝著這個方向前進。自從我們推出 Disney+ 以來的四年裡，Disney+ 僅在上線後的 24 小時內就吸引了約 1000 萬名註冊用戶。截至 23 財年末，Disney+ 核心訂閱用戶已超過 1.12 億美元，其中包括本季新增的近 700 萬名用戶。此外，我們廣告支援的 Disney+ 產品在第四季度增加了約 200 萬名訂閱用戶，總數達到 520 萬名。事實上，第四季超過 50% 的美國新訂閱用戶選擇了廣告支援的 Disney+ 產品。在過去 6 個月中，這些 AVOD 訂閱用戶觀看 Disney+ 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技術，我們剛剛推出了新工具，這將使該平台對廣告商更具吸引力，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的串流目標。我們將繼續在國內推出更統一的「一個應用程式」體驗，透過Disney+為捆綁訂閱用戶提供豐富的綜合娛樂內容。

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.

其中包括評論界和觀眾喜愛的作品，例如 Hulu 的《大樓裡的兇殺案》、《熊》、《阿伯特小學》，以及我們十多年來積累的豐富內容庫中的影片，其中包括《惡搞之家》等成人動畫佳作和《911》等長期熱門劇集，該劇第七季將轉至 ABC 播出。

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，Hulu 登陸 Disney+ 將提升用戶參與度、增加廣告機會、降低客戶流失率並降低獲客成本，進而提升我們的整體利潤率。我們將於 12 月推出捆綁訂閱用戶的測試版，讓家長有時間在 2024 年初春正式上線之前設定最適合其家庭的個人資料和家長監護功能。此外，透過實施更嚴格的帳戶共享標準，我們的串流媒體業務也擁有更多改進空間。儘管考慮到我們計劃推出的時間，我們預計要到 2025 年才能產生顯著影響。

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.

如今，我們重新調整了定價和行銷策略，積極專注於技術改進，合併了創意和發行團隊，並重拾卓越的創意，這些是我們創作內容的唯一動力。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，想像一下進一步結合 Disney+、Hulu 和 ESPN 串流體驗可以為我們公司和我們的消費者帶來哪些機會。

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（它已經是世界領先的運動品牌）轉型為卓越的數位運動平台，使我們能夠以引人入勝的新方式觸達粉絲，並將關鍵功能全面整合到我們主要的 ESPN 產品中。我們已經在快速推進這一進程，並正在探索戰略合作夥伴關係，以透過行銷、技術、分銷和附加內容等方面來推進我們的工作。

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，在線性產業明顯下滑的背景下，ESPN 的持續強勁表現彰顯了體育的價值和 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.

總體而言，我們的 ESPN 國內業務在 22 財年和 23 財年均實現了收入和營業利潤的成長。本財年，ESPN 的整體收視率創下了四年來的最高紀錄，同時在 18 至 49 歲年齡層的主要收視人群中也創下了同期的最高紀錄。

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均有所增長，全年保持了穩定的成長。在 ESPN 旗下各電視網中，公司在 2023 財年進一步提升了其本已處於行業領先地位的體育收視率份額。儘管整個媒體產業面臨挑戰，但我們仍然看到廣告銷售額保持穩定。

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，我們很高興為體育迷帶來這一引人注目的全新體驗。

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，我們將繼續評估旗下各線性網路的各項選擇，以期找到公司最佳的策略路徑，並實現股東價值最大化。然而，迄今為止，我們對該業務的評估發現了重要的長期成本控制機會，我們正在努力抓住這些機會，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，我想感謝ABC新聞台世界一流的記者和製作人。在過去幾個月裡，許多人冒著生命危險，在無休止的新聞週期中為觀眾提供最新資訊，並讓ABC連續11年位居網路新聞榜首。

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，我們需要加強電影工作室的創意產出，這能為整個公司創造價值。為了實現這一目標，我們將專注於支撐我們所有業務的核心品牌和系列作品，並減少整體產出，以便我們能夠專注於更少的項目並提高質量，同時繼續致力於打造新鮮且引人入勝的原創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.

我投入了相當多的時間在這上面，目標是提高回報，並始終追求超越觀眾對迪士尼所期望的卓越創意水平。

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，今年全球票房前十名中，我們有四部影片入圍，其中包括皮克斯的《元素》，該片全球票房近5億美元，同時也是今年Disney+平台上觀影人數最多的電影。 2023年，我們還有更多新片上映，包括漫威工作室的《漫威：奇蹟》（The Marvels），將於本週五上映，以及我們華特迪士尼動畫工作室的最新影片《Wish》，該片標誌著迪士尼公司成立100週年，將於11月22日起上映。

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 2024 年強勁的戲院上映，其中幾部電影與熱門系列電影有關，例如由金鋼狼主演的《死侍 3》、《猩球崛起：星際大戰》和《腦筋急轉彎 2》。此外，《木法沙：獅子王》以及《玩具總動員》、《冰雪奇緣》、《瘋狂動物城》和《阿凡達》系列的續集都在籌備中。

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為一項規模更大、更成功的現金流創造業務。公園和體驗業務整體仍保持成長勢頭，我們的產品組合管理得也非常出色。即使是華特迪士尼世界，雖然與前一年的數據相比存在很大差異，但與疫情前的水平相比，2019財年的收入和營業利潤分別增長了25%和30%以上。在過去五年中，我們美國本土公園的投資資本報酬率幾乎翻了一番，同時，我們整個體驗組合也實現了顯著成長。更不用說我們現在每個公園的遊客體驗評分都在提升。

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.

正如我們去年九月宣布的那樣，我們計劃在未來十年透過策略性投資來加速體驗業務的成長。鑑於我們豐富的智慧財產權、創新技術、可建造土地、無與倫比的創造力以及強勁的投資回報率，我們對新投資的潛力充滿信心。縱觀整個公司。

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.

如今，我們正從修復期邁向建設的新時代，專注於推動獲利成長和價值創造。我們擁有強勁的資產負債表，預計24財年的自由現金流將顯著改善，接近新冠疫情前的水平。迪士尼體驗業務憑藉其遍布全球的豐富產品，成為我們的關鍵差異化優勢，並繼續成為強勁的成長引擎，在過去五年中，其營業利潤率增長了近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 ESPN 向串流媒體轉型，並將更全面的綜合娛樂內容整合到 Disney+，我們將提供業界獨一無二的 DTC 內容。迪士尼的領導力和全球員工隊伍首屈一指。將所有這些優勢與我們無與倫比的高價值業務、品牌和資產組合以及我們整合管理的方式相結合，迪士尼將擁有強大的優勢，使我們在業界脫穎而出。

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.

本季度的業績證明了我們公司在過去一年中所做的工作，我對我們創造持久增長和股東價值以及鞏固迪士尼作為世界領先娛樂公司的地位的機會充滿信心。

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

說完這些，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，鮑伯。感謝您在電話會議開始時的友善致詞。過去幾個月，我很榮幸能夠擔任臨時財務長。我們熱烈歡迎休加入華特迪士尼公司，並期待未來與你們攜手共進。現在，讓我們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.

扣除特定項目後，第四財季每股攤薄收益較上年同期成長至0.82美元，全年每股攤薄收益為3.76美元。過去的一年是轉型與執行並存的一年，我們對目前的發展勢頭和取得的成果感到滿意，包括實現了2023財年收入和營業利潤均實現高個位數百分比增長的目標。

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「銀河星際巡洋艦號」加速折舊的影響，公司全年總收入成長7%，分部營業利益成長8%。由於我們在成本效率方面的努力以及基本財務表現的改善，全年自由現金流大幅增長，總額接近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，我們發布了根據新重組的部門結構調整後的財務報告。今天，我將逐一介紹娛樂、體育和體驗三個部門的第四季財務業績，並展望未來一年的前景。首先從娛樂部門開始。第四季營業利潤較去年同期成長超過8億美元，這得益於我們直銷業務的改善。

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.

我們在獲利和串流媒體業務的道路上繼續取得進展，第四季度娛樂DTC服務的營運虧損較上年同期減少近10億美元，環比減少8500萬美元，至4.2億美元。需要注意的是，我們的娛樂DTC業務業績不包括ESPN+，包括ESPN+在內的合併串流媒體業務，第四季營運虧損為3.87億美元，較去年同期改善略高於10億美元，較上季改善1.25億美元。

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.

正如鮑伯之前提到的，我們在過去一個季度增加了近700萬Disney+核心訂閱用戶，這反映了強勁的內容表現和我們全球夏季促銷活動的推動。 Disney+核心ARPU環比成長0.12美元，這得益於價格上漲和廣告收入的增加，但夏季促銷活動的影響部分抵消了這一增長。 Disney+廣告層級在第四季增加了約200萬訂閱用戶，本財年結束時訂閱用戶總數達到520萬人。我們預計，由於近期美國價格上漲以及夏季促銷活動結束導致的短暫用戶流失率上升，第一財季Disney+核心訂閱用戶數量將較第四財季略有下降。不過，我們預期訂閱用戶成長將在本財年後期反彈。

Growth in entertainment, D2C 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.

娛樂業務成長，第四季D2C廣告營收年增4%，部分抵銷了線性廣告收入的下滑。這一增長反映了Disney+的成長，而Hulu的業績則因政治和科技類廣告收入下降而下滑。我們仍預計合併後的串流媒體業務將在2024財年第四季實現盈利。儘管我們之前曾提到，我們預計季度間不會有線性成長。

While we expect entertainment D2C 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D2C業務的營運虧損將與第四季度基本持平，但由於ESPN+體育版權成本隨著NHL賽季的開始而上升，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，我們預計本財年後期將出現上升勢頭，這主要得益於價格上漲、國際廣告層級的推出以及用戶成長的全面實現。

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.

線性網路（現已剔除體育頻道）第四季營運利潤與去年持平，反映出廣告和關聯收入的下降，但這些收入基本上被行銷、節目製作成本的下降所抵消。廣告收入的下降主要源自於我們國內業務，主要是ABC和我們自己的電視台。

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.

第四季國內娛樂聯盟收入較上年同期下降 4%，原因是訂戶數量減少導致收入下降 6 個百分點，以及憲章停播導致收入下降 1.5 個百分點，但費率上漲導致收入下降約 4 個百分點，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，我們仍然致力於長期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.

內容銷售、授權許可及其他營運業績較上年同期下降，是由於影院業績下滑，但家庭娛樂業績成長部分抵消了這一影響。我們目前預計第一季營運利潤將大致達到損益平衡，與前一年持平。

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.

再來看看我們的運動業務。第四季營業收入年增14%。業績成長主要得益於我們國內ESPN業務的推動，這得益於節目製作成本的降低。 ESPN的訂閱收入成長得益於定價和訂閱用戶的成長以及行銷成本的降低，但部分被聯盟收入的下降所抵消。

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.

節目製作成本的下降反映了十大聯盟的缺席。 ESPN第四季的國內線性廣告收入較去年同期成長了1%。儘管十大聯盟缺席，但《憲章》在競爭激烈的市場中依然表現不俗。

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.

第四季度，國內聯盟營收年減略低於5%，其中5.5個百分點的成長源自於費率提高帶來的成長，但被訂閱用戶減少約7.5個百分點以及憲章停播帶來的2個百分點的負面影響所抵銷。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，全年收入和營業利潤均實現了成長。這些業績讓我們更加堅信，即使在產業面臨挑戰的情況下，體育仍能為公司創造價值。

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，體驗部門方面。第四季營運表現較去年同期成長超過30%，較2019財年成長27%。該部門第四季營運利潤率為22%，較去年同期成長3個百分點。我們的國際業務在本季延續了強勁的業績趨勢，所有園區的業績均較去年同期顯著成長。迪士尼郵輪、迪士尼度假俱樂部和迪士尼樂園度假區的收入和營運利潤也都實現了強勁的同比增長。

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出現下滑，原因包括銀河星際巡洋艦關閉導致折舊加速，通貨膨脹的影響，以及與前一年 50 週年慶典的持續對比。

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，廣告體驗業務也將反映出我們國際主題樂園和迪士尼郵輪系列的持續強勁表現。雖然國內主題樂園和體驗業務預計全年將穩健成長，但由於華特迪士尼世界50週年慶典上半年業績持續疲軟，以及薪資上漲，這一成長將受到後期因素的嚴重限制。

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.

我們持續看好體驗業務的長期發展。我們近期宣布，計劃在未來十年內進行重大投資，以加速該領域的成長，這充分證明了這一點。我們預計這些投資將在十年期的後半段逐步增加，並在最初幾年逐步增加。

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.

正如以往的情況一樣，鑑於這些投資長期來看會帶來豐厚的回報，公園的資本支出基本上都是自籌資金。我還想指出，我們在上海和香港主題樂園的部分投資資金來自合資公司的現金流。

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.

在結束並進入問答環節之前，我還想分享一些關於未來一年的背景資訊。首先，關於資本支出。 2023財年的資本支出總額約為50億美元，與前一年大致持平，並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，較2023財年增加約10億美元，主要得益於「體驗」業務支出的增加。 2024財年的「體驗」業務資本支出將與2019財年的水平更加接近，其中包括我們在2025財年和2026財年推出三艘新郵輪之前的郵輪業務支出。

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，我們全公司內容支出為270億美元，符合預期，較前一年減少約30億美元，因為我們大幅削減了娛樂內容支出。由於我們持續致力於提高內容支出效率，加上罷工和體育賽事付款時間的影響，我們預計2024財年內容總支出約為250億美元，較2023財年減少20億美元。要注意的是，體育賽事版權目前占我們全公司內容支出的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.

我們年度娛樂現金內容支出削減目標現為45億美元（不包括罷工影響和體育賽事轉播權），此前為30億美元。我們預計該目標將在2024財年以現金方式實現，但由於攤銷時間安排，大部分節省的資金可能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.

在成本節約和精簡營運方面，我們已裁減了超過8000個職位。雖然我們目前不打算進一步大規模裁員，但我們正在採取實際有效的措施，持續降低公司整體成本。

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.

我們已將公司總銷售、行政及行政管理費用（SG&A）及其他營運費用的年度化效率目標從先前的25億美元（包括罷工影響）提高至30億美元。其中約20億美元的效率提昇在2023財年實現。當然，我們也看到了全年通貨膨脹和與數量相關的成本增加，包括內容攤銷的增加以及與國際主題公園和遊輪運營擴張相關的成本，這些成本受到上一年關閉和運營能力受限的影響。

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.

預計剩餘的節支將在2024財年末實現。我們2024財年的支出基數預計僅比上一財年略有增加。這些效率提升和罷工成本的節省將基本上抵消本財年計劃的銷售成長和通貨膨脹。

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.

正如鮑伯先前宣布的，加上新的45億美元現金內容支出削減目標和30億美元的支出目標，我們的年度總目標將達到75億美元。所有這些因素，加上我們各項基礎業務的持續成長和改善，預計將在下一個財年帶來約80億美元的自由現金流，年成長顯著，並接近疫情前的水平。

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，加上我們強勁的資產負債表，將使我們在未來年底能夠更好地實現投資和股東回報目標。為此，我們將建議董事會在今年年底前宣布派發股息。

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，但隨著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，我們確實看到未來有充足的機會繼續增加股東回報，我們期待在未來分享更多。

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

說完這些，我將把電話轉回給 Alexia 進行問答。

Thanks, Kevin. (Operator Instructions)

謝謝，凱文。 （操作員指示）

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

接線員，現在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.

第一個問題來自 MoffettNathanson 的 Michael Nathanson。

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。我有兩個問題想問你。這是你在簽署特許迪士尼協議後第一次召開財報電話會議。退一步來說，這份協議之後對迪士尼最重要的影響是什麼？然後，既然這在某種程度上已經成為未來新交易的模板，你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，關於電影工作室，你們的第一個電影工作室——你們的電影內容週期是我們見過的最新的。所以我想知道，你認為這次的電影片單出了什麼問題？在列出三大優先事項時，你的首要任務是什麼？但為了未來修復片單，你具體會做什麼呢？

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Charter，首先，正如我們在達成交易時所說，我們認為這對我們來說是一筆很棒的交易。我也認為這對Charter來說也是一筆很棒的交易。這其實並沒有對我們的策略產生太大影響，因為從交易本身來看，它實際上反映了我們的策略重點，那就是串流媒體。

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Charter整體協議的一部分，Disney+的發行協議正是如此。因此，它傾向於我們的串流媒體優先事項，而這項策略不會對現狀產生太大影響。我認為，目前在通路方面有任何整合的機會都是好事。

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，很高興您剛才提到了我們出色的表現。首先，讓我們回顧一下最近的情況。過去一年，我們確實有四部非常出色的作品進入了前十名，其中《阿凡達》當然是其中的佼佼者，但我們也取得了其他一些成功。話雖如此，當我回顧我們工作室的整體產出時，很明顯，疫情給每個人，包括我們，都帶來了創作上的挑戰。

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，疫情爆發時，我們傾向於大幅增加製作量。我一直認為，數量對品質的影響實際上可能是負面的。我認為情況確實如此。我們失去了一些專注力。因此，我們與工作室才華橫溢的團隊合作，正在尋求並努力鞏固，這意味著減少製作量，更專注於品質。我們所有人都在擼起袖子加油乾，包括我自己。我們顯然擁有優秀的資產，以及從我們擁有或購買的資產中可以講述的精彩故事。

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.

我對未來的片單非常樂觀，我們將在一些非常熱門作品的強勁續集和一些優秀的原創內容之間取得平衡，例如感恩節週末上映的《Wish》。所以我對我們的發展方向感到滿意，但我也意識到，從品質角度來看，我們的表現並沒有達到我們為自己設定的標準。

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

我們的下一個問題來自富國銀行的 Steven Cahall。

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?

首先談談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的。鮑勃，我想您最近幾個季度一直在談論您對串流媒體盈利能力的信心。所以我不是在尋求指導，而是我們能否設想一下，DTC在實現損益平衡之後會是什麼樣子，因為這才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?

那麼，就 ESPN 而言，正如我們思考您想要打造的那個卓越的體育平台。很多人已經用行動表明他們不參與捆綁銷售。您如何看待將某些產品更快地推向市場，例如以高價位推出，同時又不擾亂捆綁銷售，只是為了看看那些剪線族或從未使用過有線電視的人是否有需求？

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.

我先談第二部分。 ESPN 直接面向消費者的計劃是嘗試實現所謂的“軟著陸”，即繼續將其作為捆綁套餐的一部分提供給那些希望繼續使用捆綁套餐或認為捆綁套餐仍然有價值的用戶。同時，我們也將以 DTC 的形式，真正實現點播。

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.

所以我們希望它能以兩種方式服務消費者：傳統方式和新方式。至於最終會如何融合，最終會是哪些消費者留在捆綁套餐裡，哪些會離開。我們對此並不擔心。實際上，隨著我們對ESPN未來發展模式的調整，我們發現在某些情況下，它將繼續作為捆綁套餐的一部分出售。

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，關於DTC的發展軌跡，我們不會給出具體的說明——除了我們關於在2024年底實現盈利的預期之外，我們不會給出任何指導。但我們已經具備了將其轉化為真正成長業務的基礎。最近宣布收購Hulu剩餘股份只是其中之一。

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+的付費服務價格，非廣告客戶的支援率約為27%。現在下結論還為時過早，但一年前我們已經大幅提高了這些價格，而且用戶流失率極低。因此，我們覺得還有提升空間，尤其是在我們提升Disney+服務品質之後。

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.

整體而言，我們的定價策略比以往更加成熟，在全球範圍內也更加協調。為了發展這項業務，我們採取了更明智的定價策略。捆綁銷售是另一個例子。我接下來會繼續討論Disney+和Hulu的捆綁銷售，以及ESPN的捆綁銷售機會。

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，無論是在帳戶共享方面，還是在降低客戶獲取成本和流失率、降低行銷費用和提高利潤率方面。這是其中的一部分。廣告是其中一個重要的組成部分。我們沒有提高Disney+廣告主支援服務的定價，廣告主支援服務與付費服務之間的差額更大，因為我們喜歡從雙方獲得的ARPU值。所以我們對這項業務的潛力非常看好。

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.

想想我們即將擁有的串流資產組合，Hulu、Disney+ 和 ESPN，這可是非常非常強大的。去年 12 月，我們推出了 Hulu 和 Disney+ 的測試版。我們對此感到非常滿意。事實上，我昨天就看了一些示範版本。

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，以便我們可以在很大程度上幫助父母做好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 節目。

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，我們將在三月底全面推出它。我認為我們在提升銷售能力和提高參與度方面有機會。我們發現，捆綁銷售可以降低客戶流失率。再次強調，所有這些措施都是為了最終將其打造成一項偉大的業務。

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「一站式」的串流媒體營運模式。我們之前有多個部門，現在只有一個，由Dana Walden和Alan Bergman負責全球營運。他們在全球範圍內組建了一支全新的高階管理團隊來管理這些資產。我們的工作更加協調一致，包括平衡市場支出、本地支出以及我所說的全球支出。

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.

最近我們真正欣賞到的一件事是我們大片的表現，也就是我們服務上所謂的「一口價」電影，《元素俠》就是其中一部，《銀河守護隊3》是另一部，《小美人魚》是第三部。這些電影的票房數據非常可觀。這對我們來說是一個優勢，尤其是在與Netflix等巨頭競爭時，Netflix堪稱黃金標準。

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，透過更多地關注這些電影，並在提升品質的同時，我們能夠減少在劇集上的支出和投資。我們相信，這種電影和劇集之間支出的平衡，為我們提供了提高利潤率和業務成長的機會。

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

我們的下一個問題來自摩根士丹利的 Ben Swinburne。

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的評論，因為這部分內容非常有趣，也很新穎。 Bob，我想問你關於美國運動業務和ESPN的情況。現金流方面，自由現金流80億美元，資本支出60億美元，營運現金流達140億美元。我想，自2018年以來，你還沒有見過這麼高的數字。

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.

我只是想知道，您是否認為您可以在這種現金內容支出水平上維持和發展您的公司，我認為凱文說的是 2500 萬美元，因為這肯定可以讓您在已經高於人們對 2024 年的預期的基礎上真正增加自由現金流。

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?

希望以上解釋能幫助你。說到體育方面，人們認為ESPN面臨有線電視用戶「掐線」等等的困境。你顯然對ESPN抱有遠大的願景，認為它能夠隨著時間的推移而發展壯大。能不能談談你對發展體育業務的看法？你認為在線性、數位和其他輔助服務之間，你的運動業務能夠隨著時間的推移而成長嗎？因為這會是另一個你肯定會超越預期的領域？

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.

我先回答關於ESPN的問題。有意思，我剛剛看了數據。 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，而是擁有約4400萬粉絲的排名第一的品牌，這是一個令人難以置信的數據。我們相信ESPN在美國是一個非常受歡迎且需求量很大的產品，而且獨一無二。我們認為，選擇ESPN是明智之舉，因為它擁有獨特的品質、如此受歡迎以及如此高的盈利能力。

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，當我們將其引入直接面向消費者的模式時，我們有機會透過與能夠為我們提供行銷、技術支援、客戶獲取幫助的科技公司或能夠為我們提供更多內容的體育聯盟合作來增強我們的優勢。就這麼簡單。我們對此非常樂觀。

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，如果我們袖手旁觀，把ESPN單獨作為線性捆綁服務的一部分，我們最終會知道會是什麼樣子。這肯定不會為我們帶來成長，因為基本上，多頻道訂閱用戶數量持續下降。所以，這確實是一種逆轉這一趨勢的方法，繼續讓它成為多頻道捆綁服務的一部分，同時讓它以點播的形式提供，實際上，就是把一個非常受歡迎的產品放到用戶面前，並通過我之前描述的方式，盡可能地加強它。就這麼簡單。

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.

說到公司目前的基石，我們認為有四大基石。其中之一顯然是整體串流媒體業務——另一個我們已經討論過的基石是公園和度假村，以及加速其成長。第三個基石是我之前提到的，那就是讓工作室基本上恢復到疫情之前的成功水準。第四個基石是將ESPN打造成一個卓越的數位體育平台。

Kevin, you take free cash flow.

凱文，你獲得了自由現金流。

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，我們對2024年的現金流狀況感到很滿意。看看我們同比的增速就知道了。內容支出的下降顯然是其中的一部分，但我們基礎業務的持續成長和改善也是其中的一個重要因素，我們一直在實施的年度效率目標也是如此。所以，這些因素推動了我們現金流的年比大幅改善。

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

我們的下一個問題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，我想知道您能否就廣告業務以及目前的現狀，給我們一些整體看法。我們知道，資金正在湧入零售媒體網絡之類的領域。但作為一家公司，您在AVOD（視訊點播）上的獲利能力，與線性廣告相比，能達到多少呢？或許您能談談您對線性廣告現況的看法。

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?

然後談到印度市場，它一直是持續虧損的市場，挑戰巨大。能談談您對印度市場最終走向的看法嗎？您是持有印度市場嗎？是合資經營嗎？還是退出印度市場？

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，正在獲利。但我們知道，該業務的其他部分對我們和其他公司來說都面臨挑戰。我們正在進行探索，我稱之為「廣泛探索」。我知道我以前說過，這總是會給我帶來麻煩。但我們正在考慮在那裡的選擇。我們有機會增強實力。印度現在可能是世界上人口最多的國家，或者可能仍然僅次於中國，即將超過中國。我們希望繼續留在這個市場。

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——但我們也在考慮能否明顯增強實力，提高獲利水準。就廣告業務而言，我們實際上發現線性廣告比我們預期的要強一些。它的恢復程度不如我們所希望的。這仍然是一個挑戰，但不像以前那麼糟糕了。所以我們看到了一些輕微的改善。實際上，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，廣告業務有所改善。我們發現可尋址廣告的需求明顯旺盛。我之前接受採訪時提到，我們現在已經部署了一些工具，我們正在使用Disney+上的工具為廣告商提供更精準的定位，這些工具已經開始發揮作用。整體而言，體育業務表現非常強勁。

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，當我們審視當前的廣告市場時，雖然它並不像我們所希望的那樣強勁，但肯定也不像某些人想像的那麼糟糕，而且它對我們有利。

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.

就AVOD而言，新平台為廣告主提供的工具顯然正是他們所尋求的。這些平台是廣告商的夢想。我們知道，數據越多，細節越多，我們能提供的背景資訊越多，我們能提供的精準定位越多，我們的業績就越好。 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，甚至可以說是最好的。

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.

所以實際上，Hulu 和 Disney+ 的結合，加上我們部署的一些工具，將使我們能夠實現混合 CPM，提升參與度，增加廣告收入。因此，我們對自己在廣告市場的媒體地位非常樂觀。

Our next question will come from John Hodulik with UBS.

我們的下一個問題來自瑞銀的 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.

太好了。首先，我想跟進Ben的問題。 Bob，考慮到RSN模式的變化，ESPN是否有機會增加本地體育賽事的轉播權，或增加在美國以外發行的體育賽事轉播權？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，華納兄弟最近透過授權部分主打內容（也就是DC宇宙）給Netflix，引起了一些新聞。您認為迪士尼可以採取這種做法嗎？或者可以更傾向於這種做法——至少比現在做得更多，而不會削弱迪士尼品牌或Disney+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.

約翰，問得好。謝謝。我們實際上一直在向Netflix授權內容，並且還會繼續這樣做。我們現在正在與他們討論一些合作機會。但我並不期待我們會把核心品牌授權給他們。這些顯然是我們真正的競爭優勢和差異化因素。例如，迪士尼、皮克斯、漫威、《星際大戰》等等，它們在我們的平台上都表現得非常出色。我不認為我們這樣做只是為了賺錢，因為它們是我們串流媒體業務當前和未來非常重要的基石。

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，我們為 ESPN DTC 部署的技術將使我們能夠以相當穩健的方式提供本地體育賽事，基本上與 RSN 的做法相同。但我們並不打算透過承擔巨大風險來實現這一目標。因此，如果我們能找到合適的商業安排和合作夥伴關係，我認為我們會認真考慮將本地體育賽事作為平台的一部分。但同樣，如果這會導致我們承擔過多風險，我們不會這麼做。

We have time for one more question.

我們還有時間再回答一個問題。

Our final question will come from Phil Cusick with JPMorgan.

我們的最後一個問題來自摩根大通的 Phil Cusick。

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，首先是關於ESPN的後續問題，這顯然是重中之重。您能否介紹一下ESPN潛在的合作夥伴類型，以及宣布這些合作可能面臨的障礙？其次，能否深入了解近期主題樂園的趨勢？雖然定價方面存在一些爭議，但您從奧蘭多乃至全美各地的消費者需求來看，情況如何？您認為華特迪士尼世界與奧蘭多整體市場相比表現如何？

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.

抱歉，菲爾。我剛剛在聽你的第二個問題，忘了你的第一個問題了。我有點兒老了。我們一直在說，也一直在探索的是，當我們準備轉向ESPN和直接面向消費者的方向時，我們相信我們有機會與那些為我們提供技術、營銷支援等實體，或者應該說，能夠為我們提供更多內容的公司或實體，加強我們的力量。

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，我們覺得自己手上有一把好手，即使沒有那把也能做到，但為什麼不嘗試增強我們的力量呢？自從我7月份表示對此感興趣以來，我們已經與許多不同的實體進行了接觸。我可以說，大家對此非常感興趣。

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.

這顯然很複雜，但並非難以克服的障礙。我們將繼續探索。我想在接下來的幾個月裡我們會有更多消息要透露。但我現在不想透露太多，但我想再次強調，市場上確實存在著濃厚的興趣。我認為有一條途徑，或者說一條達成交易的途徑，但我們正在努力。當然，一旦交易完成，我們會立即告知所有人。

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。關於主題樂園，我想我們在準備好的演講稿中已經討論過了，關於華特迪士尼世界，我們現在已經接近50個主題樂園了。所以，我們將繼續感受到這種重疊效應，而這種效應會在第一季持續一段時間。

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.

但當我關注其他國內業務時，尤其是迪士尼樂園和迪士尼郵輪，它們的表現依然異常強勁。因此，未來所有這些業務的預訂量都將持續非常強勁。國內業務表現良好，國際業務也相當不錯。因此，我們並沒有真正感受到任何經濟後遺症的影響。

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。感謝您的提問，也感謝各位今天的參與。請注意，本次電話會議中引用的非公認會計準則 (Non-GAAP) 指標與公認會計準則 (GAAP) 指標的對帳表，可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.

我還要提醒您，本次電話會議中的某些陳述，包括財務估計或關於我們計劃、指引或預期的陳述，以及其他非歷史性的陳述，根據證券法，可能構成前瞻性陳述。我們根據當時對未來事件和業務表現的看法和假設做出這些陳述，我們不承擔任何更新這些陳述的義務。

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.

前瞻性陳述受多種風險和不確定性因素影響，實際結果可能與因多種因素而明示或暗示的結果有重大差異。這些因素包括但不限於經濟或行業狀況、競爭和執行風險（包括與我們的業務計劃、組織架構和營運變化、成本節約、未來財務業績（包括預期和成長動力）、我們的DTC內容及其在我們平台上的呈現方式、用戶、廣告和收入增長以及盈利能力相關的風險）。

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.

具體而言，我們對DTC獲利能力的預期建立在基於未來內容的可用性和吸引力而對用戶成長的某些假設之上，而這些假設又可能受到近期停工帶來的額外風險的影響。流失率預期、Disney+廣告層級和價格上漲帶來的財務影響、我們在維持收入和宏觀經濟狀況的同時快速實施成本合理化的能力，所有這些雖然基於廣泛的內部分析以及近期經驗，但也為我們的前景帶來了一定程度的不確定性。

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、我們的 10-K 表 10-Q 表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.

我們感謝您的參與，並祝福大家今天過得愉快。

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。您可以斷開連線了。