迪士尼 (DIS) 2024 Q1 法說會逐字稿

Good day and welcome to The Walt Disney Company's First Quarter 2024 Financial Results Conference Call. (Operator Instructions) Please note, today's event is being recorded.

美好的一天，歡迎參加華特迪士尼公司 2024 年第一季財務業績電話會議。 （操作員說明）請注意，今天的活動正在錄製中。

I would now like to turn the conference over to Alexia Quadrani, 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 First Quarter 2024 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 first 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 2024 年第一季財報電話會議。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一季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 Hugh Johnston, Senior Executive Vice President and Chief Financial Officer. Following comments from Bob and Hugh, we'll 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)；休‧約翰斯頓 (Hugh Johnston)，資深執行副總裁兼財務長。根據鮑勃和休的評論，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. Just 1 year ago, we outlined an ambitious plan to return to a period of sustained growth and shareholder value creation. And our strong performance this past quarter demonstrates we have turned the corner and entered a new era.

謝謝，亞歷克西婭，大家下午好。就在一年前，我們制定了一項雄心勃勃的計劃，旨在重返持續成長和股東價值創造的時期。我們上個季度的強勁表現表明我們已經渡過了難關，進入了一個新時代。

As previously noted, we're focused on transitioning ESPN into the preeminent digital sports platform, building streaming into a profitable growth business, reinvigorating our film studios and turbocharging growth in our parks and experiences. Before we dive deeper into our results, let me start by making a number of significant announcements that represent important and exciting steps forward.

如前所述，我們致力於將 ESPN 轉型為卓越的數位體育平台，將串流媒體打造成盈利性增長業務，重振我們的電影工作室，並推動我們公園和體驗的成長。在我們深入探討我們的結果之前，讓我先發布一些重要的公告，這些公告代表著重要且令人興奮的進步。

First, we announced yesterday the full suite of ESPN's channels will now be available direct to consumer as part of a new joint venture with FOX and Warner Bros. Discovery to create a new streaming sports service launching this fall. This brings together content from all of these companies' combined assets, including all the major professional sports leagues and college sports. And in the fall of 2025, we'll be offering ESPN as a stand-alone streaming option with innovative digital features, creating a one-stop sports destination unlike anything available in the marketplace today. ESPN is also adding a sports icon to its lineup with Coach Nick Saban joining the network as an on-air commentator later this year.

首先，我們昨天宣布，作為與福克斯和華納兄弟探索頻道成立的新合資企業的一部分，ESPN 的全套頻道現在將直接向消費者開放，該合資企業將於今年秋季推出一項新的串流媒體體育服務。這匯集了所有這些公司合併資產的內容，包括所有主要的職業運動聯盟和大學運動。到 2025 年秋季，我們將提供 ESPN 作為具有創新數位功能的獨立串流媒體選項，打造不同於當今市場的一站式運動目的地。 ESPN 還在其陣容中增加了一名體育偶像，教練尼克·薩班 (Nick Saban) 將在今年晚些時候以直播評論員的身份加入該網絡。

We're excited to share that in November, we will release a feature-length animated sequel to Moana, which joins a very robust lineup of upcoming theatrical releases. We're also thrilled to share that we're entering into an exciting relationship with Epic Games, acquiring a small equity stake and launching a groundbreaking new games and entertainment universe that brings together Disney's beloved brands and franchises with the hugely popular Fortnite.

我們很高興地告訴大家，我們將在 11 月發布《莫阿娜》的長篇動畫續集，該續集加入了即將上映的強大影院陣容。我們也很高興地告訴大家，我們正在與Epic Games 建立令人興奮的合作關係，收購少量股權並推出突破性的新遊戲和娛樂世界，將迪士尼深受喜愛的品牌和特許經營權與廣受歡迎的《要塞英雄》結合在一起。

And I'm pleased to share that Disney's Board has declared an additional dividend and will be embarking on a $3 billion stock buyback program in fiscal '24. Oh, and one more thing. Next month, ESPN+ will become the exclusive streaming home of Taylor Swift's historic concert film, Taylor Swift | The Eras Tour (Taylor's Version). I'll be sharing more with you about these announcements momentarily, but what's clear is that the important transformation we undertook last year is bearing fruit. And looking at our results this quarter, we can say with confidence our strategy is working.

我很高興地告訴大家，迪士尼董事會已宣布追加股息，並將在 24 財年啟動 30 億美元的股票回購計畫。哦，還有一件事。下個月，ESPN+ 將成為泰勒絲歷史性演唱會電影《泰勒絲 |》的獨家串流媒體主頁。時代之旅（泰勒版本）。我將立即與您分享有關這些公告的更多信息，但顯而易見的是，我們去年進行的重要轉型正在取得成果。看看本季的業績，我們可以自信地說我們的策略正在發揮作用。

In Q1, segment operating income increased by 27%, and adjusted earnings per share rose 23% compared to prior year. We've improved our entertainment streaming operating income by a remarkable 86% year-over-year and remain poised to reach profitability in our combined streaming business by the end of fiscal '24 and build on our momentum to deliver significant sustained profit margins in the future. Disney's Experiences business generated all-time records in revenue, operating income and operating margin. And we are on track to meet or exceed $7.5 billion in cost savings as we continue to look for further efficiency opportunities across the company.

第一季度，分部營業收入較去年同期成長 27%，調整後每股盈餘較去年同期成長 23%。我們的娛樂串流營業收入較去年同期顯著提高了 86%，並有望在 24 財年末實現合併串流媒體業務的盈利，並在此基礎上繼續實現可觀的持續利潤率。迪士尼的體驗業務在收入、營業收入和營業利潤方面創造了歷史記錄。隨著我們繼續在整個公司範圍內尋求進一步提高效率的機會，我們預計將實現或超過 75 億美元的成本節約。

Diving deeper into our announcements, let's first talk about ESPN, which continues to deliver meaningfully for the company and will be a key value driver in the future. ESPN's domestic sports business continues to grow. And even amid a challenging linear landscape, ESPN increased its overall audience in calendar year 2023, and it continues to break records in ratings. Ultimately, our mission is to make ESPN into the preeminent digital sports brand, reaching as many sports fans as possible and giving them even more ways to access the programming they love in whatever way best suits their needs.

深入探討我們的公告，讓我們先談談 ESPN，它繼續為公司帶來有意義的成果，並將成為未來的關鍵價值驅動力。 ESPN國內體育業務持續成長。即使在充滿挑戰的線性格局中，ESPN 在 2023 日曆年的觀眾總數仍有所增加，並且收視率繼續打破記錄。最終，我們的使命是使 ESPN 成為卓越的數位運動品牌，覆蓋盡可能多的體育迷，並為他們提供更多方式以最適合他們需求的方式存取他們喜愛的節目。

One way will be through the new streaming sports service coming this fall that we announced yesterday in conjunction with FOX and Warner Bros. Discovery. This service will bring together our collective portfolios of sports channels and direct-to-consumer services on a nonexclusive basis, providing consumers with more of the sports they want in a single place.

一種方法是透過我們昨天與福克斯和華納兄弟探索頻道聯合宣布的今年秋季推出的新串流媒體體育服務。這項服務將在非排他性的基礎上整合我們的體育頻道和直接面向消費者的服務的集體組合，為消費者在一個地方提供更多他們想要的運動。

It's important for us to serve the needs of consumers looking for a seamless way to access an aggregated collection of sports-centric content, including capturing fans moving away from the full cable and satellite bundle. And it's an attractive business proposition for ESPN, allowing us to command per unit economics in line with established market rates for our sports content, just like we do with any streaming or linear service where we offer our programming.

對我們來說，滿足消費者的需求非常重要，他們尋求一種無縫方式來存取以體育為中心的聚合內容，包括吸引不再觀看完整的有線和衛星電視節目的粉絲。這對 ESPN 來說是一個有吸引力的商業主張，使我們能夠根據體育內容的既定市場價格來控制單位經濟效益，就像我們提供節目的任何串流媒體或線性服務一樣。

Another exciting option available to sports fans will come in the fall of 2025, when we make the full suite of ESPN's channels available as a stand-alone and highly interactive digital destination. Not only will consumers be able to stream their favorite live games and studio programming. They'll also have access to engaging digital integrations like ESPN BET and Fantasy Sports, e-commerce features and a deep array of sports stats, all of which we know will be incredibly compelling to younger sports fans in particular. It will also have very robust personalization features.

為體育迷提供的另一個令人興奮的選擇將於 2025 年秋季推出，屆時我們將提供全套 ESPN 頻道作為獨立且高度互動的數位目的地。消費者不僅能夠觀看他們最喜歡的現場遊戲和工作室節目。他們還可以存取 ESPN BET 和 Fantasy Sports 等引人入勝的數位整合、電子商務功能和一系列深入的體育統計數據，我們知道所有這些都將對年輕體育迷特別有吸引力。它還將具有非常強大的個性化功能。

ESPN has long prioritized its desire and ability to serve sports fans wherever they are, and these steps will strengthen ESPN's ability to deliver on that promise. And as you know, we've also engaged in productive conversations with potential content and marketing partners for ESPN. We've made progress towards securing deals, and we expect to have more to share with you in the near future.

ESPN 長期以來一直將其為體育迷提供服務的願望和能力放在首位，無論他們身在何處，這些步驟將增強 ESPN 兌現這一承諾的能力。如您所知，我們還與 ESPN 的潛在內容和行銷合作夥伴進行了富有成效的對話。我們在達成交易方面已經取得了進展，我們希望在不久的將來與您分享更多資訊。

We're excited to offer a more unified streaming experience, which we expect will deliver strong benefits in terms of higher engagement, lower churn and greater advertising potential. When we launch our stand-alone ESPN service, we will also make it available on Disney+ for bundle subscribers just as we've done for Hulu.

我們很高興能夠提供更統一的串流體驗，我們預計這將在更高的參與度、更低的流失率和更大的廣告潛力方面帶來巨大的好處。當我們推出獨立的 ESPN 服務時，我們也將在 Disney+ 上向捆綁訂閱者提供該服務，就像我們為 Hulu 所做的那樣。

We've already seen an incredible response to the beta launch of Hulu on Disney+, which has far exceeded every metric, and we're looking forward to the full launch next month. This is all part of the ambitious streaming strategy we've been building, from our acquisition of 21st Century Fox that expanded our vast content library and strong pool of creative talent, to the launch of Disney+ as the home to a century of content, to securing full control of Hulu and expanding our streaming offerings to reach greater audiences, to our significant investments in technology and now taking significant steps toward ESPN's streaming future.

我們已經看到 Hulu 在 Disney+ 上的測試版發布獲得了令人難以置信的反響，遠遠超出了所有指標，我們期待下個月的全面發布。這是我們一直在製定的雄心勃勃的串流媒體策略的一部分，從收購 21 世紀福克斯擴大了我們龐大的內容庫和強大的創意人才庫，到推出 Disney+ 作為一個世紀的內容之家，確保對Hulu 的完全掌控並擴展我們的串流媒體產品以吸引更多觀眾，我們對科技進行了大量投資，現在正在朝著ESPN 的串流媒體未來邁出重要一步。

Disney also has a great advertising story to tell with unparalleled scale and very strong advertising technology, and our ad-supported Disney+ offering is off to a great start. We successfully expanded outside the U.S. with launches in EMEA and Canada and grew to over 1,000 global advertisers in the first quarter. That's a tenfold increase from launch.

迪士尼也擁有精彩的廣告故事，擁有無與倫比的規模和非常強大的廣告技術，而我們的廣告支援的 Disney+ 產品已經有了一個良好的開端。我們成功地將業務擴展到美國以外的地區，在歐洲、中東和非洲和加拿大推出產品，並在第一季成長到超過 1,000 家全球廣告商。這比發佈時增加了十倍。

More than anything, the success of our streaming services is a testament to the amazing content we create with 6 of the top 10 most streamed movies across all streaming platforms in the U.S. in 2023. Our best-in-class storytelling continues to entertain millions of people. We received 27 Golden Globe nominations and won top prizes for FX's The Bear and Searchlight's Poor Things. At this year's Primetime Emmy Awards, we took home 37 wins, more than any other entertainment company. And we lead the industry with 20 nominations heading into the Oscars, which will air on March 10 on ABC.

最重要的是，我們串流媒體服務的成功證明了我們透過2023 年美國所有串流媒體平台上串流播放量排名前10 的電影中的6 部創作了令人驚嘆的內容。我們一流的故事講述方式繼續為數百萬觀眾帶來歡樂人們。我們獲得了 27 項金球獎提名，並憑藉 FX 的《The Bear》和 Searchlight 的《Poor Things》贏得了最高獎項。在今年的黃金時段艾美獎頒獎典禮上，我們贏得了 37 項獎項，超過任何其他娛樂公司。我們在奧斯卡頒獎典禮上獲得 20 項提名，處於行業領先地位，奧斯卡頒獎典禮將於 3 月 10 日在 ABC 播出。

We're also proud of our recent Disney-branded programming successes. Percy Jackson and the Olympians, which premiered on both Disney+ and Hulu in December, has become a bona fide hit. Books from the series returned to the #1 slot on The New York Times Bestseller list following the debut of the Disney+ series. And I'm thrilled to share that we just picked up a second season. And the hit children's animated series Bluey, which is exclusive to the Disney Channel and Disney+ in the United States, was recently the #1 most streamed show across any streaming platform.

我們也為最近迪士尼品牌節目的成功感到自豪。 《波西傑克森與奧林匹亞眾神》於 12 月在 Disney+ 和 Hulu 上首播，現已成為真正的熱門電影。繼 Disney+ 系列首次亮相後，該系列書籍重返《紐約時報》暢銷書排行榜第一名。我很高興地告訴大家，我們剛剛完成了第二季。美國迪士尼頻道和 Disney+ 獨家播出的熱門兒童動畫影集《Bluey》最近成為所有串流平台上串流播放量第一的節目。

Looking ahead, we have an exciting slate of originals coming to Disney+, including Agatha from Marvel Studios, Skeleton Crew and The Acolyte from Lucasfilm, Win or Lose from Pixar and much more. Additionally, later this month, Hulu will launch FX's highly anticipated saga Shogun in the U.S. In March, all seasons of Grey's Anatomy, our #1 streamed title globally, will join our extensive library of titles on Hulu. When the show returns next month for its 20th season, Hulu will be the only place to see the current and all previous seasons of this truly iconic series.

展望未來，我們將在Disney+ 上推出一系列令人興奮的原創作品，包括漫威影業的《阿加莎》、盧卡斯影業的《骷髏船員》和《侍僧》、皮克斯的《贏或輸》等等。此外，本月晚些時候，Hulu 將在美國推出 FX 備受期待的傳奇將軍將軍。3 月份，我們全球排名第一的串流遊戲《實習醫生格蕾》的所有季節將加入我們在 Hulu 上的豐富遊戲庫。當該劇下個月回歸第 20 季時，Hulu 將是唯一可以觀看這個真正標誌性劇集的當前季和之前所有季的地方。

And speaking of icons, over the past year, we've all witnessed the creative genius and sheer power of a true cultural phenomenon, Taylor Swift. When her blockbuster concert film debuts on Disney+ on March 15, it will feature the concert in its entirety, including the song cardigan and 4 additional acoustic songs, which were not in the theatrical or digital purchase release of the film. We know audience are going to absolutely love the chance to relieve the electrifying Taylor Swift | The Eras Tour (Taylor's Version) whenever they want on Disney+.

說到偶像，在過去的一年裡，我們都見證了真正的文化現象泰勒絲的創造力和純粹的力量。當她的轟動一時的音樂會電影於3 月15 日在Disney+ 上首映時，它將完整展示這場音樂會，包括歌曲開衫和4 首額外的原聲歌曲，這些歌曲並未出現在電影的院線或數位購買版本中。我們知道觀眾絕對會喜歡這個機會來緩解令人興奮的泰勒絲|只要他們想在 Disney+ 上觀看《Eras Tour》（泰勒版）。

Turning to our film studios. We have an incredibly robust slate of new releases as we continue revitalizing our creativity. Just consider the lineup of titles we will release through the end of 2026. This year, we have Kingdom of the Planet of the Apes, Inside Out 2, Deadpool 3, Alien: Romulus and Mufasa: The Lion King.

轉向我們的電影製片廠。隨著我們不斷激發創造力，我們推出了大量令人難以置信的新版本。想想我們將在2026 年底之前發布的遊戲陣容吧。今年，我們有《猩球崛起2》、《頭腦特工隊2》、《死侍3》、《異形：羅慕路斯》和《木法沙：獅子王》。

As I mentioned at the top of the call, this November, we'll release a feature-length animated sequel to Moana. This was originally developed as a series, but we were impressed with what we saw, and we knew it deserved a theatrical release. The original Moana film from 2016 recently crossed 1 billion hours streamed on Disney+ and was the most streamed movie of 2023 on any platform in the U.S. Along with the live-action version of the original film that's currently in development, Moana remains an incredibly popular franchise, and we can't wait to give you more of Moana and Maui when Moana 2 comes to theaters this November.

正如我在電話會議開頭提到的，今年 11 月，我們將發布《莫阿娜》的長篇動畫續集。這最初是作為一個系列開發的，但我們對所看到的印象深刻，我們知道它值得在影院上映。 2016 年的原版《莫阿娜》電影最近在Disney+ 上的播放時長突破了10 億小時，成為2023 年美國所有平台上播放次數最多的電影。連同目前正在開發的原版電影的真人版，《莫阿娜》仍然是一部非常受歡迎的系列電影，當《莫阿娜2》今天11 月上映時，我們迫不及待地想為您提供更多有關《莫阿娜》和《毛伊島》的內容。

Looking to our 2025 theatrical slate. We're excited to bring audiences Captain America: Brave New World, Fantastic Four, Pixar's Elio, Zootopia 2 and Avatar 3. And we're already looking forward to 2026 and beyond with Frozen 3, the first Toy Story movie since 2019 and a new Star Wars movie that brings The Mandalorian and Grogu to the big screen for the very first time. These films will not only reach global audiences and theaters, but as we consistently demonstrated, they will become important anchors on our global streaming platforms, driving subscriptions and engagement while also continuing to fuel growth in our experiences business. After all, one of the things that truly sets Disney apart is our unique ability to turn top-quality IP into top-quality experiences, leading to significant growth.

展望 2025 年的戲劇片。我們很高興為觀眾帶來《美國隊長：美麗新世界》、《神奇四俠》、皮克斯的艾里奧、《瘋狂動物城2》和《阿凡達3》。我們已經對2026 年及以後的《冰雪奇緣3》充滿期待，這是自2019 年以來的第一部《玩具總動員》電影，也是新的星際大戰電影將曼達洛人和格羅古首次搬上大銀幕。這些電影不僅將吸引全球觀眾和影院，而且正如我們不斷證明的那樣，它們將成為我們全球串流媒體平台的重要支柱，推動訂閱和參與度，同時繼續推動我們體驗業務的成長。畢竟，真正讓迪士尼與眾不同的因素之一是我們將優質智慧財​​產權轉化為優質體驗的獨特能力，從而實現顯著成長。

That was certainly true this quarter. Every one of our parks was profitable in Q1, giving us an incredibly solid foundation to build upon as we invest significantly to turbocharge growth in this business. We've had a tremendous response from guests visiting our newly opened World of Frozen at Hong Kong Disneyland as well as our first-ever Zootopia land at Shanghai Disney Resort. And as I've said before, we also have so many untapped stories just waiting to be brought to life in our parks across the globe as we continue to invest in this extraordinary business.

本季確實如此。我們的每個公園在第一季都實現了盈利，這為我們大力投資以推動這項業務的成長奠定了極其堅實的基礎。參觀香港迪士尼樂園新開幕的《冰雪奇緣》世界以及上海迪士尼度假區首個瘋狂動物城的遊客都給了我們極大的迴響。正如我之前所說，隨著我們繼續投資這項非凡的業務，我們還有許多未開發的故事等待在全球各地的公園中重現。

But it's not just our parks where we're creating new opportunities for consumers to engage with the characters and franchises they love. Our new relationship with Epic Games will create a transformational games and entertainment universe that integrates Disney's world-class storytelling into Epic's cultural phenomenon, Fortnite, enabling consumers to play, watch, create and shop for both digital and physical goods. This marks Disney's biggest entry ever into the world of video games and offers significant opportunities for growth and expansion. The new immersive universe will allow fans to unleash their own creativity and experience the Disney stories in worlds that they love in groundbreaking new ways.

但我們不僅在公園裡為消費者創造新的機會來接觸他們喜愛的角色和特許經營權。我們與Epic Games 的新合作關係將創造一個變革性的遊戲和娛樂世界，將迪士尼世界級的故事講述融入Epic 的文化現象《堡壘之夜》中，讓消費者能夠玩、觀看、創造和購買數字和實體商品。這標誌著迪士尼有史以來最大規模地進入電玩世界，並提供了重要的成長和擴張機會。新的沉浸式宇宙將讓粉絲釋放自己的創造力，並以突破性的新方式在他們喜愛的世界中體驗迪士尼故事。

Younger audiences in particular are huge consumers of video games. In fact, among millennials, Gen Z and Gen Alpha, a significant amount of time spent on screen-based platforms is playing video games. This new universe from Disney and Epic provides us with a tremendous opportunity to not only meet more consumers where they are but to allow more audiences to cultivate a bond with Disney's iconic brands and franchises, including Marvel, Star Wars and much more.

年輕觀眾尤其是電玩遊戲的巨大消費者。事實上，在千禧世代、Z 世代和 Alpha 世代中，花在基於螢幕的平台上的大量時間是玩視訊遊戲。迪士尼和Epic 的這個新宇宙為我們提供了巨大的機會，不僅可以滿足更多消費者的需求，還可以讓更多觀眾與迪士尼的標誌性品牌和特許經營權（包括漫威、星際大戰等）建立聯繫。

Looking at the renewed strength of our businesses this quarter from sports to entertainment to experiences, the stage is now set for significant growth and success. In that regard, we see ample opportunity to increase shareholder returns as our earnings and free cash flow continue to grow. Our current position of strength and confidence in our path ahead already led us to pay a dividend to our shareholders last month. And I'm pleased to share that the Board declared that our next semiannual dividend to be paid in July will be 50% higher versus the last dividend paid in January.

縱觀本季我們從體育到娛樂再到體驗的業務的新實力，現在已經為顯著成長和成功做好了準備。在這方面，隨著我們的獲利和自由現金流持續成長，我們看到了增加股東回報的充足機會。我們目前的實力和對未來道路的信心已經使我們上個月向股東支付了股息。我很高興地告訴大家，董事會宣布我們將於 7 月支付的下一次半年度股息將比 1 月支付的上一次股息高出 50%。

The Board has also authorized the company to begin repurchasing shares for the first time since fiscal 2018, and we plan to start by targeting $3 billion this fiscal year. As we continue to invest in our growth businesses and maintain our strong balance sheet, we also expect to prioritize dividend payments and share repurchases in the coming years. I'm proud of our company's remarkable achievements, and I'm grateful to a deep bench of seasoned executives who are helping guide Disney into the future. And that includes Hugh Johnston, our new CFO, who has already proven to be an outstanding addition to the team. We feel very fortunate to have Hugh with us.

董事會也授權公司自 2018 財年以來首次開始回購股票，我們計畫本財年的目標是 30 億美元。隨著我們繼續投資於成長型業務並保持強勁的資產負債表，我們也預計在未來幾年優先考慮股息支付和股票回購。我為我們公司所取得的卓越成就感到自豪，也感謝一大批經驗豐富的高階主管，他們幫助引導迪士尼走向未來。其中包括我們的新任財務長休·約翰斯頓 (Hugh Johnston)，他已被證明是團隊中的傑出補充。我們感到非常幸運有休和我們在一起。

And now to take you through more of our results this quarter, I'll turn things over to Hugh.

現在，為了讓您了解我們本季的更多業績，我將把事情交給休。

Thanks, Bob. I joined Disney a little over 2 months ago. And the more I learn about this incredible company, the more excited I am about the opportunities ahead of us. I'm looking forward to continuing to partner with Bob and our management team as we execute on our strategy with the goal of delivering significant, consistent, long-term earnings and free cash flow growth.

謝謝，鮑伯。我兩個多月前加入迪士尼。我對這家令人難以置信的公司了解得越多，我對我們面前的機會就越興奮。我期待著繼續與鮑勃和我們的管理團隊合作，執行我們的策略，目標是實現顯著、一致、長期的收益和自由現金流成長。

We are very pleased with this quarter's financial results. Fiscal first quarter diluted earnings per share excluding certain items increased by 23% versus the prior year to $1.22, and segment operating margin increased by 350 basis points, reflecting both strong pricing and operating expense reductions. Both revenue and operating income at direct-to-consumer, domestic ESPN and Experiences all increased versus the prior year. And operating income across each of our business segments grew nicely, in part due to the diligent and ongoing cost efficiency work we're driving throughout our businesses as evidenced by the realization of over $500 million in SG&A and other operating expense savings across the enterprise in the first quarter.

我們對本季的財務業績感到非常滿意。第一財季稀釋後每股盈餘（不包括某些項目）較上年同期成長 23%，達到 1.22 美元，部門營業利潤率成長 350 個基點，反映出定價和營業費用的強勁下降。直接面向消費者、國內 ESPN 和體驗的收入和營業收入均較上年增長。我們每個業務部門的營業收入都實現了良好成長，部分原因是我們在整個業務中持續不懈地開展成本效率工作，這一點可以從2017 年整個企業的SG&A 和其他營運費用節省超過5 億美元來證明。第一季。

Moving to our results by segment. At Entertainment, first quarter operating income more than doubled driven by significant improvement at direct-to-consumer. Entertainment direct-to-consumer operating income improved by about $850 million versus the prior year and by nearly $300 million versus Q4. And revenue increased sequentially by over 10%, benefiting from higher subscription and advertising revenue. Operating income in the first quarter was better than the guidance the company gave in the last earnings call, primarily due to expense favorability.

轉向我們按細分市場劃分的結果。在娛樂領域，由於直接面向消費者的顯著改善，第一季營業收入成長了一倍以上。娛樂直接面向消費者的營業收入比前一年增加了約 8.5 億美元，比第四季增加了近 3 億美元。由於訂閱和廣告收入的增加，收入環比增長了 10% 以上。第一季的營業收入優於公司在上次財報電話會議中給予的指導，這主要是由於費用優惠。

Hulu subscribers increased by 1.2 million from Q4 to Q1, and Disney+ core subscribers decreased sequentially by 1.3 million, in line with prior guidance driven by the expected temporary uptick in churn given the recent domestic price increases as well as the end of the global summer promotion. Those impacts were partially offset by strong ad tier net adds due to domestic growth as well as the launch in certain international markets in the first quarter.

Hulu 訂閱者從第四季度到第一季度增加了 120 萬，Disney+ 核心訂閱者環比減少了 130 萬，這與由於近期國內價格上漲以及全球夏季促銷結束而預期流失率暫時上升所驅動的先前指引一致。這些影響被國內成長以及第一季在某些國際市場推出帶來的強勁廣告層淨增加所部分抵銷。

Domestically, we saw continued net additions to our bundled offerings in Q1, which, as a reminder, has significantly lower churn versus our stand-alone products. Disney+ core ARPU increased by $0.14 versus the prior quarter and by $1.07 versus the prior year driven primarily by price increases. We expect Disney+ core ARPU to increase in the second quarter due to the continued benefit of price increases, which should only be partially offset by the impact of adding Charter's Spectrum TV Select subs to the Disney+ ad tier. I'll note that we are being paid on all entitled Charter subs, which will also be a key driver of accelerated Disney+ core sub growth in Q2.

在國內，我們看到第一季的捆綁產品持續淨增加，提醒一下，與我們的獨立產品相比，捆綁產品的客戶流失率顯著降低。 Disney+ 核心 ARPU 較上一季增加 0.14 美元，較前一年增加 1.07 美元，主要是由於價格上漲。我們預計，由於價格上漲的持續好處，第二季 Disney+ 核心 ARPU 將增加，而將 Charter 的 Spectrum TV Select 訂閱服務添加到 Disney+ 廣告層的影響只會部分抵消這一影響。我要指出的是，我們正在向所有有資格的特許訂閱者付費，這也將成為第二季度迪士尼+核心訂閱者加速成長的關鍵驅動力。

We expect net adds of between 5.5 million and 6 million in the second quarter. Domestic net adds are expected to be in the 7.5 million range driven by Charter entitlements net of cannibalization. And international core subs are expected to decrease modestly, reflecting changes to certain wholesale deals and slightly elevated churn impacts from price increases.

我們預計第二季淨增人數將在 550 萬至 600 萬之間。受憲章權利（扣除蠶食）的推動，國內淨增人數預計將在 750 萬左右。國際核心潛艇預計將小幅下降，反映出某些批發交易的變化以及價格上漲造成的客戶流失影響略有上升。

While subscriber growth will vary from quarter-to-quarter, we are confident in our prospects for ongoing sub growth over the longer term driven by the continued global strength of our content slate, advancing our paid sharing efforts, technology advances that are intended to improve our content promotion and discovery capabilities, drive up engagement and lower churn, the impact of making Hulu content available on Disney+ for bundle subs, and continued adoption of the bundle domestically, which should both increase engagement and lower churn, a strategy we will repeat in Latin America this summer when we combine Disney+ and Star+; and our continued use of tiering to provide subscribers with more choices.

雖然訂戶成長因季度而異，但我們對長期持續的子成長前景充滿信心，這得益於我們內容板的持續全球實力、推進我們的付費共享工作以及旨在改善的技術進步。我們的內容推廣和發現能力，提高參與度和降低流失率，在Disney+ 上為捆綁訂閱者提供Hulu 內容的影響，以及在國內繼續採用捆綁包，這應該會提高參與度和降低流失率，我們將在今年夏天，拉丁美洲將迪士尼+和明星+結合；我們繼續使用分層為訂閱者提供更多選擇。

As it relates to the opportunity we see on paid sharing, beginning this summer, Disney+ accounts suspected of improper sharing will be presented with new capabilities to allow their borrowers to start their own subscriptions. Later this calendar year, account holders who want to allow access to individuals from outside their household will be able to add them to their accounts for an additional fee.

由於這與我們在付費共享上看到的機會有關，從今年夏天開始，涉嫌不當共享的 Disney+ 帳戶將獲得新功能，允許借款人開始自己的訂閱。今年晚些時候，想要允許家庭以外的個人存取的帳戶持有人將能夠將他們添加到自己的帳戶中，但需支付額外費用。

While we are still in the early days and don't expect notable benefits from these paid sharing initiatives until the back half of calendar 2024, we want to reach as large an audience as possible with our outstanding content. And we're looking forward to rolling out this new functionality to improve the overall customer experience and grow our subscriber base.

雖然我們仍處於早期階段，並且預計在 2024 年下半年之前這些付費共享舉措不會帶來顯著收益，但我們希望透過我們的出色內容吸引盡可能多的受眾。我們期待推出這項新功能，以改善整體客戶體驗並擴大我們的用戶群。

For Q2, we are expecting revenue at Entertainment DTC to grow sequentially and anticipate that operating losses will be relatively in line with the first quarter. We still expect to reach profitability at our combined streaming businesses in Q4 of fiscal 2024 and have never been more confident about our path to creating a strong and sustainable streaming business with growing subscribers over the long term, and ultimately, double-digit operating margins, a business which we fully expect to be a key earnings growth driver for the company.

對於第二季度，我們預計 Entertainment DTC 的營收將環比成長，並預期營運虧損將與第一季相對一致。我們仍然預計在2024 財年第四季度我們的合併串流媒體業務將實現盈利，並且對我們創建強大且可持續的串流媒體業務以及長期不斷增長的訂戶並最終實現兩位數營業利潤率的道路充滿信心，我們完全預期這項業務將成為公司獲利成長的關鍵動力。

Moving on to Entertainment Linear Networks. The decrease in the first quarter operating income versus the prior year was due to lower advertising and affiliate revenues partially offset by lower programming and production costs. Lower domestic advertising revenue was driven primarily by lower impressions, including from strike-related impacts in addition to an adverse comparison to the prior year midterm-related political advertising at our owned stations.

轉向娛樂線性網路。第一季營業收入較上年同期下降的原因是廣告和聯營公司收入下降，部分被節目和製作成本下降所抵消。國內廣告收入下降主要是由於印象數下降，包括與罷工相關的影響以及與上一年中期相關政治廣告在我們擁有的電視台的不利比較。

Domestic entertainment affiliate revenue decreased by 5% in the first quarter versus the prior year as a 5-point benefit from higher rates was more than offset by a 10-point decline from fewer subscribers. Adjusted for the noncarriage of certain networks at Charter as a result of our recent deal, the sub decline impact was closer to 7%. Lower programming and production costs benefited from strike-related impacts, and we also remain focused on driving ongoing cost efficiencies.

第一季國內娛樂聯營公司營收與去年同期相比下降了 5%，因為費率提高帶來的 5 個百分點的收益被訂戶減少帶來的 10 個百分點的下降所抵銷。由於我們最近的交易，對 Charter 某些網路的停運進行了調整，次降影響接近 7%。與罷工相關的影響使節目製作和製作成本降低，我們也持續致力於提高持續的成本效率。

At content sales, licensing and other, results came in lower versus the prior year and below the guidance we provided due to the performance of theatrical titles in the quarter. We do not have any new key theatrical releases in Q2 due to production delays stemming from the strikes and expect content sales, licensing and other operating income to come in roughly breakeven for the quarter.

在內容銷售、許可和其他方面，由於本季度戲劇作品的表現，結果低於上年，低於我們提供的指導。由於罷工導致製作延遲，我們在第二季度沒有任何新的重要影院上映，預計本季內容銷售、授權和其他營運收入將大致實現盈虧平衡。

Sports operating income improved versus the prior year due to strength at ESPN, partially offset by lower results at Star India driven by higher rights costs from airing of the ICC Cricket World Cup. At domestic ESPN, year-over-year growth was driven largely by a decrease in programming and production costs from the timing of College Football Playoff games.

由於 ESPN 的強勢，體育運營收入較上年有所改善，但因轉播國際板球世界杯轉播權成本上升而導致 Star India 業績下降，部分抵消了這一影響。在國內 ESPN，年成長主要是由於大學橄欖球季後賽的時間安排導致的節目和製作成本的下降。

Domestic affiliate revenue in Q1 was comparable to the prior year as an increase of 6% from higher contractual rates was offset by a commensurate decrease from fewer subscribers. ESPN domestic ad sales in the quarter were down 2% versus the prior year but up mid-single digits when adjusted for various timing shifts and onetime impacts. The strength we are seeing gives us confidence that leaning into sports will continue to create value for our shareholders.

第一季的國內聯盟收入與前一年相當，合約費率上升導致 6% 的成長，但訂閱者減少帶來的相應下降抵消了這一增長。 ESPN 本季的國內廣告銷售額比上年同期下降 2%，但根據各種時間變化和一次性影響進行調整後，增幅達到中個位數。我們所看到的實力讓我們相信，投身運動將繼續為我們的股東創造價值。

Second quarter to date, we are seeing continued healthy advertising demand in the sports marketplace with domestic ESPN cash ad sales pacing up double-digit percentage points versus the prior year. The trend is still solid even when adjusted for the CFP timing shift of an additional game as well as an extra NFL divisional game in Q2 this year.

迄今為止的第二季度，我們看到體育市場的廣告需求持續健康，國內 ESPN 現金廣告銷售額比上一年增長了兩百分點。即使根據今年第二季額外一場比賽以及一場額外的 NFL 分區賽的 CFP 時間變化進行調整，這一趨勢仍然穩固。

Our Experiences business posted strong Q1 results with year-over-year operating income growth of 10% at parks and experiences and 4% at consumer products. Record-setting results this quarter were primarily driven by our performance at Shanghai and Hong Kong theme parks, continued strength at Disney Cruise Line and the success of Marvel's Spider-Man 2 at our games business. And segment margins expanded by over 50 basis points versus the prior year, an achievement delivered despite tough comparisons at Walt Disney World coming off its highly successful 50th anniversary celebration in the prior year and significant cost pressures driven by wage increases.

我們的體驗業務第一季業績強勁，園區和體驗業務的營業收入年增 10%，消費品業務的營業收入較去年同期成長 4%。本季創紀錄的業績主要得益於我們在上海和香港主題樂園的業績、迪士尼郵輪的持續強勁以及漫威蜘蛛人 2 在我們遊戲業務上的成功。與前一年相比，該部門的利潤率增長了50 個基點以上，儘管華特迪士尼世界在上一年的50 週年慶典上取得了巨大成功，並且工資上漲帶來了巨大的成本壓力，但仍取得了這一成績。

We remain optimistic about the segment's continued top line and profit growth, notwithstanding the tough comps domestically in Q2, and we still expect robust OI growth at Experiences for the full year. We plan to invest approximately $60 billion into the business over the next 10 years, of which approximately 70% is earmarked for incremental capacity-expanding investments around the globe, which we expect to generate attractive returns.

儘管第二季國內競爭情況嚴峻，但我們對該細分市場的持續營收和利潤增長仍持樂觀態度，並且我們仍預計全年體驗業務的 OI 增長強勁。我們計劃在未來10年向該業務投資約600億美元，其中約70%專門用於全球增量產能擴張投資，我們預計這些投資將產生可觀的回報。

On a total company basis, as Bob mentioned earlier, we are still on pace to meet or exceed our $7.5 billion annualized cost target by the end of fiscal 2024. I'm pleased with how this is tracking so far. Total expenses in Q1 were down 4% versus the prior year, and the efficiencies we've been realizing are a key contributor to that progress. And we are also still on track to generate about $8 billion in free cash flow this fiscal year.

正如鮑伯之前提到的，從整個公司的角度來看，我們仍然預計在 2024 財年末達到或超過 75 億美元的年化成本目標。我對迄今為止的進展感到滿意。第一季的總支出比前一年下降了 4%，我們所實現的效率是這項進展的關鍵貢獻者。本財年我們仍有望創造約 80 億美元的自由現金流。

Putting all this together, we are confident in the progress we are making and the path it puts us on to become a strong cash generator and earnings compounder starting in fiscal 2024. To that end, we expect full year fiscal 2024 earnings per share excluding certain items to increase by at least 20% versus 2023 to approximately $4.60.

綜上所述，我們對我們正在取得的進展以及它使我們從2024 財年開始成為強大的現金創造者和盈利複合者的道路充滿信心。為此，我們預計2024 財年全年每股收益（不包括某些特定項目）與 2023 年相比，商品價格至少增加 20%，達到約 4.60 美元。

You already heard from Bob about our updated plans for shareholder returns this year. And as he mentioned, we intend to continue investing in our growth businesses while also maintaining a balanced and disciplined approach to capital allocation.

您已經從鮑伯那裡聽說了我們今年更新的股東回報計劃。正如他所提到的，我們打算繼續投資於我們的成長型業務，同時保持平衡和嚴格的資本配置方法。

And with that, we're happy to take your questions.

因此，我們很樂意回答您的問題。

Thank you. (Operator Instructions) And with that, operator, we're ready for the first question.

謝謝。 （操作員說明）操作員，我們已經準備好回答第一個問題了。

(Operator Instructions) Today's first question comes from Ben Swinburne with Morgan Stanley.

（操作員說明）今天的第一個問題來自摩根士丹利的 Ben Swinburne。

You guys had a lot of news for us to chew on tonight. I wanted to maybe start, Bob, asking you about sports since you led with that. You guys have a lot going on with ESPN, new channels package, flagship, obviously having conversations. Can you kind of put it all into context for us and how you're sort of thinking about these different products and whether they address different parts of the market and what your sort of priorities are between the 2? And really, what are we -- what is success for Disney shareholders in sport? How do we think about that kind of financially and strategically?

今晚你們有很多新聞值得我們細細咀嚼。鮑勃，我想先向您詢問有關體育的問題，因為您是帶頭的。你們與 ESPN、新頻道套餐、旗艦產品有很多進展，顯然正在進行對話。您能否為我們介紹一下這一切，以及您如何看待這些不同的產品，它們是否針對市場的不同部分，以及您在這兩者之間的優先事項是什麼？事實上，我們是什麼——迪士尼股東在運動領域的成功是什麼？我們如何從財務和策略角度來考慮這種情況？

And I was just wondering if you had an update for us on expense growth this year. I think you guys guided to slight growth overall in '24 last quarter. It seems like you're on track with your savings program. So any update to that would be appreciated.

我只是想知道您是否向我們介紹了今年費用增長的最新情況。我認為你們在 24 世紀上個季度的指導下實現了總體小幅增長。您的儲蓄計劃似乎已步入正軌。因此，對此的任何更新將不勝感激。

Thanks, Ben. Permit me to throw a couple of cliches your way. But as you know, ESPN has always aimed to serve the sports fan effectively no matter where the sports fan is. And so all of the steps that we've been taking and that we announced today and that we will continue to take are aimed at doing just that.

謝謝，本。請容許我向您拋出一些陳腔濫調。但如您所知，ESPN 始終致力於有效地服務體育迷，無論體育迷身在何處。因此，我們一直在採取的、我們今天宣布的以及我們將繼續採取的所有步驟都是為了實現這一目標。

And when you think about today's environment where you've obviously got some challenges in linear TV, a lot more competition, both for people's time and just specifically in sports, and you think about the fact that ESPN finished '23 in really good shape, ratings continue to rise. Sports is still an advertiser's delight. You have to consider that ESPN has been successful in what their primary goal was. They're reaching sports fans effectively, which is why advertisers and distributors and sports leagues and organizations feel they have to kind of be part of or partnered with ESPN.

當你想到今天的環境時，你顯然在線性電視方面遇到了一些挑戰，更多的競爭，無論是對人們的時間還是特別是在體育方面，並且你會想到ESPN 以非常好的狀態完成了23年這一事實，收視率持續上升。體育仍然是廣告商的最愛。你必須考慮到 ESPN 已經成功實現了他們的主要目標。他們正在有效地接觸體育迷，這就是為什麼廣告商、分銷商、體育聯盟和組織認為他們必須成為 ESPN 的一部分或與 ESPN 合作。

As we look to the future, we're obviously mindful of, one, the state of the multichannel ecosystem; two, where people are spending their time and their money with media. And you have to basically serve them effectively there. We've been saying for a long time that taking ESPN in the direct-to-consumer direction was inevitable and that we were looking for partners to do so.

當我們展望未來時，我們顯然會注意到，第一，多通路生態系的狀態；第二，多通路生態系的現況。第二，人們把時間和金錢花在媒體上。你必須在那裡有效地為他們提供服務。很長一段時間以來，我們一直在說，將 ESPN 推向直接面向消費者的方向是不可避免的，我們正在尋找合作夥伴來實現這一目標。

This is really not a first step. It's a second step. The first step was launching ESPN+ some years ago, which has actually been quite successful. The second step is finding these partners to distribute basically the equivalent of a multichannel, sports-centric tier via app. So one, we're serving sports fans well. Two, we're doing it with partners. Three, we're doing it in a more modern way. Rather than cable and satellite in this case, it's app based.

這確實不是第一步。這是第二步。第一步是幾年前推出 ESPN+，其實非常成功。第二步是找到這些合作夥伴透過應用程式分發基本上相當於多通路、以體育為中心的層。第一，我們為體育迷提供了良好的服務。第二，我們正在與合作夥伴一起這樣做。第三，我們正在以更現代的方式來做這件事。在這種情況下，它不是有線和衛星，而是基於應用程式。

And that's a big step for us because we know that there are a number of people who have never signed up for multichannel television. This gives them a chance to do so at a price point that will be obviously more attractive than the big fat bundle. Two, there are people who have left that ecosystem because they didn't want all those channels or that cost. And this is a way of basically preserving a relationship or creating one with those that are no longer part of the multichannel ecosystem.

這對我們來說是一大進步，因為我們知道有很多人從未註冊過多頻道電視。這讓他們有機會以明顯比大包更有吸引力的價格來做到這一點。第二，有些人離開了這個生態系統，因為他們不想要所有這些管道或成本。這是一種基本上與不再屬於多通路生態系統的人保持關係或建立關係的方式。

The next step after this, and we announced today that we'll launch it in probably August of '25, is to bring out ESPN flagship. I say on its own, but it will be bundled ultimately with Hulu and Disney+. And that will be a very, very immersive, very obviously sports-centric app, which will have features that this combination with FOX and with Turner -- Time -- Warner Discovery will not have such as integrated betting, integrated fantasy, likely to have some sales arm or merchandise capabilities, obviously, deep dive into stats and high degree of customization and personalization. Again, another kind of feature that we'll bring out to engage with sports fans.

在此之後的下一步，我們今天宣布，我們將在 25 年 8 月推出它，是推出 ESPN 旗艦版。我說的是它自己，但它最終將與 Hulu 和 Disney+ 捆綁在一起。這將是一個非常、非常身臨其境、非常明顯以體育為中心的應用程序，它將具有與福克斯和特納時代華納探索頻道的組合所沒有的功能，例如綜合投注、綜合幻想，可能會有顯然，一些銷售部門或商品能力深入研究統計數據以及高度客製化和個人化。同樣，我們將推出另一種與體育迷互動的功能。

I can't tell you right now how that ultimately will fit into all of this, except it will be a progression. We haven't really talked much about how it will be -- further how it will be bundled except with our own services. But I think success will be, for us, in this basically migration, would be to maintain ESPN's position in sports in general and the affinity that its fans have with ESPN and the attractiveness of ESPN to advertisers and sports leagues. That simple.

我現在無法告訴你這最終將如何適應所有這一切，除非這將是一個進步。我們還沒有真正討論過它將如何——進一步討論除了我們自己的服務之外它將如何捆綁。但我認為，對我們來說，在這次基本遷移中，成功將是維持 ESPN 在體育界的整體地位、其粉絲與 ESPN 的親和力以及 ESPN 對廣告商和體育聯盟的吸引力。就這麼簡單。

Right. I'll take the cost side, Ben. You're right. In the past, we've talked about slight growth in operating expenses year-over-year. We obviously have terrific momentum on cost management coming out of the first quarter. And the team is relentlessly looking for further opportunities to drive cost savings, both to reinvest back in the business to continue the growth momentum that we have as well as deliver margin growth to the bottom line. Net no change in guidance versus what we said previously. We should do at least as well as the guidance we previously committed to, which was slight growth in operating expenses year-over-year.

正確的。我會考慮成本方面，本。你說得對。過去，我們曾討論過營運費用較去年同期略有成長。顯然，第一季我們在成本管理方面有著強勁的勢頭。團隊正在不懈地尋找進一步的機會來推動成本節約，既可以對業務進行再投資，以繼續我們現有的成長勢頭，又可以實現利潤成長。與我們之前所說的相比，淨指導沒有改變。我們至少應該做到我們之前承諾的指導，即營運費用同比略有增長。

Our next question today comes from Michael Nathanson with MoffettNathanson.

今天我們的下一個問題來自 Michael Nathanson 和 MoffettNathanson。

One for you, Bob. One for you, Hugh. Bob, in answer to Ben's question, we're still kind of wondering, how does Hulu + Live fit into the long-term picture here, right? It stopped growing. YouTube is twice the size. When you think about the future of your offerings, how does that fit into what you just announced with direct over-the-top ESPN and then sports bundle?

給你一份，鮑伯。休，一份給你的。 Bob，在回答 Ben 的問題時，我們仍然想知道 Hulu + Live 如何適應這裡的長期前景，對嗎？它停止生長了。 YouTube 的大小是其兩倍。當您思考您的產品的未來時，這與您剛剛宣布的直接頂級 ESPN 和體育捆綁包有何關係？

And then for Hugh, you broke some news, too, with a double-digit margin target for streaming. Any help on a timetable that gets us there? Or what factors do you think will drive you from here to double digits in the next couple of years?

然後，對於休，你也透露了一些消息，串流媒體的利潤目標是兩位數。有什麼幫助可以幫助我們制定時間表嗎？或者您認為哪些因素會讓您在未來幾年內達到兩位數？

As you know, Hulu + Live more reflects the bigger, fatter bundle of television channels of -- like many other services that are out there. It just happens to be integrated or attached to Hulu if you subscribe to it. So this, in a way, I guess, you'd argue, competes with Hulu + Live directly but it doesn't compete with Hulu because this will be bundled with Hulu. So if you're a Hulu subscriber and you want to get this new sports service, you can buy that as an add-on to Hulu.

如您所知，與許多其他服務一樣，Hulu + Live 更多地反映了更大、更豐富的電視頻道捆綁。如果您訂閱它，它恰好會整合或附加到 Hulu。因此，在某種程度上，我想，你可能會說，它與 Hulu + Live 直接競爭，但它不會與 Hulu 競爭，因為它將與 Hulu 捆綁在一起。因此，如果您是 Hulu 訂戶並且想要獲得這項新的體育服務，您可以將其作為 Hulu 的附加服務購買。

And as we see it, that's a real positive because if you consider the fact that Disney+ and Hulu will be together once we come out of beta in March, already together in beta, and then you add a sports feature with so many sports that this new joint venture will offer, that's very, very compelling in terms of reducing churn for Hulu and increasing engagement. So we look at this as a huge positive for Hulu.

正如我們所看到的，這是一個真正的積極因素，因為如果你考慮到一旦我們在三月結束測試版，Disney+和Hulu就會在一起，並且已經在測試版中，然後你添加了一個包含如此多運動的體育功能，新的合資企業將在減少 Hulu 流失和提高參與度方面提供非常非常引人注目的服務。所以我們認為這對 Hulu 來說是一個巨大的正面因素。

I think -- we're realistic about Hulu + Live in terms of the impact this could have, but that Hulu + Live is certainly a nice, important feature of our Hulu business, but the critical part of that business is Hulu itself.

我認為，就Hulu + Live 可能產生的影響而言，我們對Hulu + Live 的態度是現實的，但Hulu + Live 無疑是我們Hulu 業務的一個很好的、重要的功能，但該業務的關鍵部分是Hulu 本身。

Michael, I'll take the question on DTC profitability in double digit. Yes. I know we -- for the first time, we put out that our objective is to get to double-digit margins. In some ways, it probably shouldn't be a surprise to investors because the goal has always been to build what I would characterize as a good business. What does a good business look like? Number one, it's got growing subscribers; and number two, it has attractive margins, which we're defining as double digits. So I know in a sense it's news, but in a sense, it shouldn't be news because we've always wanted to build a good business in that regard.

邁克爾，我將回答有關 DTC 兩位數盈利能力的問題。是的。我知道我們——這是我們第一次提出我們的目標是實現兩位數的利潤率。從某些方面來說，這對投資者來說可能並不奇怪，因為我們的目標始終是建立我所說的優秀企業。好的企業是什麼樣的？第一，它的訂閱者不斷成長；第二，它具有有吸引力的利潤，我們將其定義為兩位數。所以我知道從某種意義上說這是新聞，但從某種意義上說，它不應該是新聞，因為我們一直希望在這方面建立良好的業務。

In terms of how we get there, it's really in many ways the way that we've gotten from where we were to the point we're at right now. Number one, we're going to grow subscribers. Number two, you'll see some level of pricing. And both of those things will probably be similar to what you've seen over the last couple of years, maybe a slightly different balance but roughly similar. And then we'll actually get some leverage out of marketing spend, content and technology spend. All of those will grow a little bit less -- at a lesser rate than the rate of revenue growth.

就我們如何實現這一目標而言，從很多方面來說，這實際上是我們從原來的位置到現在所處的階段的方式。第一，我們要增加訂戶。第二，你會看到一定程度的定價。這兩件事可能與您在過去幾年中看到的類似，也許平衡略有不同，但大致相似。然後我們實際上會從行銷支出、內容和技術支出中獲得一些槓桿作用。所有這些的成長速度都會比收入成長率低一些。

In terms of the specifics on how do we get there with sub growth, I think it will be a couple of things. Number one, paid sharing is an opportunity for us. It's one that our competitor has obviously taken advantage of and one that sits in front of us. And we've got some very specific actions that we're taking in the next couple of months, which I discussed earlier, which will benefit us to some degree in the back half of this year and very much next year. Number two, we'll see lower churn with the bundles that we're looking to put out. Number three, international remains a growth opportunity for us.

就我們如何實現次級成長的具體細節而言，我認為這將是幾件事。第一，付費分享對我們來說是一個機會。這是我們的競爭對手顯然已經利用的優勢，也是眼前的優勢。我們將在接下來的幾個月中採取一些非常具體的行動，我之前已經討論過這些行動，這將在一定程度上使我們在今年下半年和明年受益匪淺。第二，我們會看到我們想要推出的捆綁包的流失率較低。第三，國際化仍然是我們的成長機會。

So if you put all of those pieces together, it's kind of doing a lot of what we've been doing with maybe some slightly different tactics to get to a level that, again, we would characterize as a good business. Not going to put a specific time frame on that right now. Some of that is going to be driven by the marketplace. Just know that we feel a sense of urgency in getting there, and that's probably the way we're going to operate the business. We'll feel urgency, but only to get to a good, sustainable business.

因此，如果你把所有這些部分放在一起，那就是我們做了很多我們一直在做的事情，可能採取了一些略有不同的策略，以達到我們再次將其描述為良好業務的水平。現在不會給出具體的時間框架。其中一些將由市場驅動。只要知道我們有一種實現這一目標的迫切感，這可能是我們經營業務的方式。我們會感到緊迫，但只是為了實現良好的、可持續的業務。

Our next question today comes from Jessica Reif Ehrlich with Bank of America Securities.

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

You guys covered so much ground tonight. So I have 1 question and 2 follow-ups. You announced -- or Hugh, for the first time, I've heard you say this, that in parks, 70% of the $60 billion in CapEx that you outlined over the next 10 years, like -- I'm sorry, that 70% of that will go to incremental capacity, so like over $40 billion in new parks and attractions. Can you give us some color on timing and location? There's been speculation that you may open a fifth gate in Florida.

你們今晚涵蓋了很多內容。所以我有 1 個問題和 2 個後續問題。你宣布——或者休，我第一次聽到你這麼說，你在未來 10 年概述的 600 億美元資本支出中，有 70% 用於公園，就像——對不起，其中70% 將用於增量容量，例如超過400 億美元用於新公園和景點。您能給我們一些關於時間和地點的資訊嗎？有人猜測你可能會在佛羅裡達打開第五扇門。

And then just a follow-up to a couple of things you said. One on paid sharing crackdown, which came up twice. Have you sized the number of borrowers? And on the sports JV, how do you plan to attract nonpay TV subs to what sounds like it might be an expensive sports service without a significant decrease in traditional pay TV subs who would actually save money? Like how do you not cannibalize?

然後是您所說的幾件事的後續行動。其中一項是關於打擊付費共享的，該問題出現了兩次。您確定了借款人的數量嗎？在體育合資企業中，您計劃如何吸引非付費電視訂閱者使用聽起來可能很昂貴的體育服務，而不顯著減少實際上可以省錢的傳統付費電視訂閱者？例如你如何不蠶食？

Okay. You asked a lot of questions on a lot of different subjects. I'll take the first one on park's timing and location. We're already hard at work at basically determining where we're going to place our new investments and what they will be. You can pretty much conclude that they'll be all over, meaning every single one of our locations will be the beneficiary of increased investment and thus increased capacity, including on the high seas, where we're currently building 3 more ships, and in a business that is obviously, extremely positive to us, we may look expansively, at least in the next decade in that direction.

好的。您就許多不同的主題提出了很多問題。我將選擇第一個關於公園的時間和地點的問題。我們已經在努力從根本上確定我們將在哪裡進行新投資以及投資內容。你幾乎可以得出這樣的結論：這些都將結束，這意味著我們的每個地點都將受益於增加的投資，從而增加產能，包括在公海上，我們目前正在建造另外 3 艘船，並且在對我們來說顯然非常積極的業務，我們可能會放寬視野，至少在未來十年朝這個方向發展。

I'm not going to really give you much more of a sense of timing, except that we're hard at work at getting these things basically conceived and built. And we've got a menu of things that we'll basically start opening in '25, and there'll be a cadence every year of additional -- basically additional investment and increased capacity. I'll let Hugh take care of the paid sharing. Hugh?

我不會真正給你更多的時間感，除了我們正在努力讓這些東西基本上構思和建造。我們已經制定了一份清單，基本上將在 25 年開始開放，並且每年都會有額外的節奏——基本上是額外的投資和增加的產能。我會讓休負責付費共享。休？

Yes.

是的。

On the sports service and the pricing, I think the way you have to look at it as the sports service is going to be substantially less expensive to consumers than the big bundle that they'd have to buy to get those same channels on cable and satellite. And again, designed for 2 things. One, we believe there are a number of sports fans out there that want to watch sports on television but didn't want to sign up to the big cable and satellite bundle. And so we think they will be accretive to us.

關於體育服務和定價，我認為你必須這樣看待它，因為對於消費者來說，體育服務將比他們必須購買的大捆綁包便宜得多才能在有線和電視上觀看相同的頻道。衛星。再說一遍，設計有兩件事。第一，我們相信有很多體育迷想在電視上觀看體育比賽，但不想訂閱大型有線電視和衛星電視套餐。因此我們認為它們將為我們帶來增值。

We also believe that either consumers have left the bundle because it wasn't serving them well or they may leave the bundle, and we want to make sure that we grab them, too. So we view this whole thing as, one, being a good proposition for sports fans because of the cost and certainly being positive for us because of the dynamics in the marketplace right now.

我們也認為，消費者要么因為捆綁包沒有為他們提供良好的服務而離開捆綁包，要么他們可能會離開捆綁包，而我們希望確保我們也抓住他們。因此，我們認為這整件事，第一，由於成本原因，對體育迷來說是一個很好的建議，而且由於目前市場的動態，對我們來說肯定是積極的。

Okay. And Jessica, I'll handle the paid sharing question. We have sized it. I don't want to put a specific number out there right now because these numbers are obviously rough estimates anyway. Suffice to say that the opportunity that we see on a percentage basis probably isn't all that dramatically different from what our competitor has found in terms of their subscriber base.

好的。傑西卡，我將處理付費共享問題。我們已經確定了它的大小。我現在不想公佈具體數字，因為無論如何這些數字顯然都是粗略估計。可以說，我們以百分比為基礎看到的機會可能與我們的競爭對手在用戶群方面發現的機會並沒有太大不同。

In terms of getting at it, there's a couple of actions that we've taken in order to do that. Number one, we have some -- made some changes to the user language that we have in the U.S., Canada and certain markets so that we'll actually have the opportunity to act on the paid sharing opportunity. Number two, the accounts that we think are doing unpaid sharing right now will get communication this summer, and we'll give them opportunities to allow their borrowers to start new subscriptions. And then later this year, we'll actually also have account holders who want to allow further individuals to access their accounts from outside the household. They'll be able to access the account, but they'll be able to do so for an additional fee.

為了實現這一目標，我們採取了一些行動。第一，我們對美國、加拿大和某些市場的使用者語言進行了一些更改，以便我們實際上有機會對付費共享機會採取行動。第二，我們認為現在正在進行無償共享的帳戶將在今年夏天得到溝通，我們將給他們機會讓借款人開始新的訂閱。今年晚些時候，我們實際上還會有帳戶持有人希望允許更多個人從家庭外部存取他們的帳戶。他們將能夠存取該帳戶，但需要支付額外費用。

So we've got a number of tactical actions to take in order to take advantage of what we think is a pretty good sized opportunity in front of us, and it's one of the things that gives us confidence in our subscriber growth numbers.

因此，我們需要採取許多戰術行動，以便利用我們認為擺在我們面前的一個相當大的機會，這也是讓我們對使用者成長數量充滿信心的因素之一。

And our next question comes from Steven Cahall with Wells Fargo.

我們的下一個問題來自富國銀行的史蒂文·卡霍爾。

So Bob, you mentioned a lot of content in your remarks. It seems like the operations are really starting to hum again. But I think the lifeblood of the company is always going to be the studio output. It drives so much culture. I think that's an area you've said that you've been spending a lot of time on. Do you feel like the content is also now turning the corner like you've seen in the operations? And if so, when do you think we might see some of the results of that renewed focus on the studio output?

那麼鮑勃，您在演講中提到了很多內容。看來行動真的又開始活躍起來了。但我認為公司的命脈始終是工作室的產出。它推動瞭如此多的文化。我認為這是您所說的您花費了大量時間的領域。您是否覺得內容現在也像您在營運中看到的那樣出現了好轉？如果是這樣，您認為我們什麼時候可以看到重新關注工作室輸出的一些結果？

And then, Hugh, I think the inevitable question with the buyback announcement is what you expect you might end up ultimately paying for Hulu. Just wondering if you have any sense on the timing of that outcome or situation. And related to that, I think the exceed $7.5 billion in savings was a bit new. Curious just where you found those extra buckets of cost savings.

然後，休，我認為回購公告不可避免的問題是你預計最終可能會為 Hulu 支付什麼費用。只是想知道您是否知道該結果或情況的時間表。與此相關的是，我認為超過 75 億美元的節省有點新鮮。很好奇您在哪裡發現了這些額外的成本節省。

Steven, I feel great about where we are with the studio. Let's not lose sight of the fact that in the last year, the studio had some real success, not to suggest that we didn't have some films that were not successful that we were really disappointed in, but we also had some great success, too, with the Guardians sequel and Avatar at the end of calendar '22 but part of fiscal '23.

史蒂文，我對我們工作室的現狀感覺很好。我們不要忽視這樣一個事實，去年工作室取得了一些真正的成功，並不是說我們沒有製作一些不成功的電影，讓我們感到非常失望，但我們也取得了一些巨大的成功，同樣，《護衛隊》續集和《阿凡達》將在22 日曆年結束時推出，但會在23 財年推出。

One of the things that I've been saying before is that volume sometimes can be detrimental to quality. And in our zeal to greatly increase volume, partially tied to wanting to chase more global subs for our streaming platform, some of our studios lost a little focus. So the first step that we've taken is that we've reduced volume. We've reduced output, particularly in Marvel.

我之前說過的一件事是，數量有時可能會損害品質。由於我們熱衷於大幅增加銷量，部分原因是希望為我們的串流平台爭取更多的全球訂閱者，我們的一些工作室失去了一點焦點。因此，我們採取的第一步是減少數量。我們減少了產量，尤其是漫威的產量。

When you fix or when you address these issues with -- in movies, you do 3 things. You get aggressive at making sure the films you're making can be even better. Sometimes you kill projects you don't believe in. And of course, you put new things in the pipeline that you do believe in, that you have much more confidence in. And we're doing all of that.

當你修復或解決這些問題時——在電影中，你做了三件事。你會積極地確保你正在製作的電影能夠變得更好。有時你會取消你不相信的項目。當然，你會在你確實相信的、你更有信心的管道中放入新的東西。我們正在做所有這些。

I've also observed over the years that managing creativity sometimes is best done with great partnerships. And I have established great partnerships with the people at our company that really manage creativity, Alan Bergman with the studio, Dana Walden on the television side, Jimmy Pitaro at ESPN. And the partnership that Alan and I have is a strong one, and we believe that the time that I'm now devoting to this and the attention that the 2 of us are giving this business not only will bear fruit, but it's already starting to.

多年來我也觀察到，管理創造力有時最好是透過良好的合作關係來完成。我與我們公司真正管理創意的人員建立了良好的合作關係，包括工作室的艾倫·伯格曼、電視方面的達納·瓦爾登、ESPN 的吉米·皮塔羅。艾倫和我的合作關係非常牢固，我們相信我現在投入的時間以及我們兩人對這項業務的關注不僅會取得成果，而且已經開始了。

We're very bullish about the films coming out. We mentioned Insight Out 2, and we talked about Deadpool and the Planet of the Apes film. We feel good about that. Obviously, the end of the calendar year, we've got Mufasa, prequel to Lion King. We are very excited about the addition of Moana, which was the #1 streamed movie of -- across all streamers in the U.S. in '23 and is at over 1 billion hours of consumption on Disney+. And that's now going to be released in November. And then I mentioned what we're doing after that.

我們非常看好電影的上映。我們提到了《洞察2》，也談到了《死侍》和《猩球崛起》電影。我們對此感覺很好。顯然，今年年底，我們迎來了《獅子王》前傳《木法沙》。我們對《莫阿娜》的加入感到非常興奮，它是 23 年美國所有串流媒體上排名第一的串流媒體電影，在 Disney+ 上的觀看時長超過 10 億小時。該產品將於 11 月發布。然後我提到了我們之後要做的事情。

I'd say we're leaning a little bit more into sequels and franchises, some that we feel great about, like Toy Story is -- for instance, obviously, Star Wars. Avatar, we've talked about. Marvel is starting to focus on some of its stronger franchises going forward, but I'll leave it at that. And I think given the environment and given what it takes to get people out of their homes to see a film, doing that, leaning on franchises that are familiar is actually a smart thing. So we've got work to do still. We're not resting on our laurels or sitting on our hands. We're working hard at it, but I feel quite good about the trajectory.

我想說的是，我們更傾向於續集和特許經營權，其中一些我們感覺很棒，例如《玩具總動員》——例如，顯然是《星際大戰》。阿凡達，我們已經討論過了。漫威開始將重點放在一些更強大的特許經營權上，但我就到此為止。我認為考慮到目前的環境以及讓人們走出家門看電影所需的條件，依靠熟悉的特許經營權實際上是一件明智的事情。所以我們還有工作要做。我們不會固步自封，也不會坐以待斃。我們正在努力，但我對發展軌跡感覺很好。

Right. And Steve, from my perspective, regarding Hulu timing on that, we've got a pretty clearly defined process. That process is going to take a little bit of time based on the work that needs to go into valuing the business. I would expect before we get to the end of the year that we should have this figured out and closed.

正確的。史蒂夫，從我的角度來看，關於 Hulu 的時間安排，我們有一個非常明確的流程。根據評估業務所需的工作，該過程將需要一些時間。我希望在年底之前我們應該解決這個問題並解決這個問題。

Regarding cost savings, it's pretty well spread out across the board. One of the things you tend to find is when a company goes on a cost effort, once you start to build momentum on that, people tend to find additional opportunities. And that's what gives us the confidence around the numbers to at least meet if not exceed them. So no one specific area. It's content side as well as the SG&A side. And I think we just have momentum on managing our expenses more tightly, which is great news, I think, for investors.

關於成本節約，它在各個方面都得到了很好的體現。你往往會發現的一件事是，當一家公司進行成本努力時，一旦你開始在此基礎上建立動力，人們往往會找到更多機會。這讓我們對數字充滿信心，即使不超過，至少也能達到目標。所以沒有一個特定的區域。這是內容方面以及SG&A 方面。我認為我們有動力更嚴格地管理我們的開支，我認為這對投資者來說是個好消息。

And our next question today comes from Bryan Kraft with Deutsche Bank.

今天我們的下一個問題來自德意志銀行的 Bryan Kraft。

Since there's so much discussion about bundling and distribution, I was wondering if I could ask you if you could share any observations related to Charter integrating Disney+ into its pay TV programming tiers. Is there anything you could say about the percentage of customers actually using it or engagement levels relative to the average Disney+ subscriber? And maybe lastly, do you think that this is a model that you'd like to replicate with other pay TV distributors over time as your agreements come up for renewal?

由於關於捆綁和分發的討論如此之多，我想知道是否可以詢問您是否可以分享與 Charter 將 Disney+ 整合到其付費電視節目層相關的任何觀察結果。關於實際使用它的客戶百分比或相對於平均 Disney+ 訂戶的參與度，您有什麼可以說的嗎？也許最後，您是否認為隨著時間的推移，隨著您的協議需要續簽，您願意與其他付費電視發行商複製這種模式？

Thanks, Bryan. It's really early. They didn't start introducing this to their subscribers really until January, and they didn't roll it all out right away. And so we're seeing some stats on this that are somewhat encouraging, but I want to be careful that because it's early, we're not sure whether those trends will continue or not.

謝謝，布萊恩。確實還早啊他們直到一月才真正開始向訂閱者介紹這項功能，而且也沒有立即全部推出。因此，我們看到了一些令人鼓舞的統計數據，但我要小心，因為現在還為時過早，我們不確定這些趨勢是否會持續下去。

I do think that this kind of arrangement is one that we'll likely see with other multichannel distributors. It seemed like it was a win-win for both of us. Important to us, obviously, because it gives us access to more of their customers and important to them in terms of bundling this service with their multichannel customers. So I think it's -- again, I think you'll see more in this direction, but too early yet. We may have more to say about this next quarter when we know a lot more.

我確實認為這種安排很可能在其他多通路經銷商中看到。看起來這對我們雙方來說都是雙贏的。顯然，這對我們很重要，因為它使我們能夠接觸到更多的客戶，對於他們將這項服務與多通路客戶捆綁在一起也很重要。所以我認為，我想你會在這個方向上看到更多，但還為時過早。當我們了解更多時，我們可能會在下個季度對此有更多的說法。

And our next -- our final question today comes from Michael Morris with Guggenheim.

我們的下一個——今天的最後一個問題來自古根漢的邁克爾·莫里斯。

One follow-up on the sports JV first, and that's how did you get comfortable that the availability of the service won't drive accelerated cord-cutting and become an economic drag on your business and the business more broadly? And how do you expect this to impact your renewal discussions with your distribution partners? That's my first.

首先是關於體育合資企業的一個後續行動，這就是您如何放心地認為該服務的可用性不會加速剪線並成為您的業務和更廣泛的業務的經濟拖累？您預計這會對您與經銷合作夥伴的續約討論產生什麼影響？這是我的第一次。

And then my second, Bob, you've seen several iterations of the video game strategy during your tenure. Can you talk a little bit more about why this investment in Epic Games is the right move for you here and what a product might look like and when that may come to market?

然後我的第二位，鮑勃，在您任職期間，您已經看到了電子遊戲策略的多次迭代。您能否多談談為什麼對 Epic Games 的投資對您來說是正確的舉措以及產品可能會是什麼樣子以及何時上市？

Sure. Let me take the second part of the question first. Yes, you're right. We've tried our hand at video games in a number of different directions. And actually, the one that ended up being the most successful for us was the license. And in fact, we've licensed, I think, $9 billion franchises, including the Spider-Man franchise, which is the most successful video game last year.

當然。讓我先回答問題的第二部分。你是對的。我們已經在多個不同的方向嘗試過視頻遊戲。事實上，最終對我們來說最成功的是許可證。事實上，我認為我們已經授權了 90 億美元的特許經營權，其中包括去年最成功的電玩遊戲《蜘蛛人》特許經營權。

After I came back, I sat down with Josh D'Amaro, who runs our Experiences business, and his executive who actually manages games, Sean Shoptaw. And one of the things they showed me -- actually, the first thing they showed me were demographic trends. And when I saw Gen Z and Gen Alpha and even millennials and I saw the amount of time they were spending in terms of their total media screen time on video games, it was stunning to me, equal to what they spend on TV and movies. And the conclusion I reached was we have to be there, and we have to be there as soon as we possibly can in a very compelling way.

回來後，我與負責我們體驗業務的 Josh D'Amaro 以及他負責實際管理遊戲的高管 Sean Shoptaw 坐在一起。他們向我展示的內容之一——實際上，他們向我展示的第一件事是人口趨勢。當我看到Z 世代和Alpha 世代，甚至千禧世代，我看到他們在電玩遊戲上花費的媒體螢幕總時間時，這對我來說是驚人的，相當於他們在電視和電影上花費的時間。我得出的結論是我們必須到達那裡，而且我們必須盡快以非常引人注目的方式到達那裡。

We knew through our relationship with Fortnite that there was already success when some of our characters and franchises were expressed or showed up in Fortnite. And we knew Tim Sweeney at Epic because we were involved -- he was involved in our Accelerator program, I think, in 2017. And so I met with Tim, and Josh and his team started a discussion about what if we create a gigantic Disney World a la Fortnite that could live next to Fortnite and be completely interconnected with it, a world where people could play games that we create, could create their own games, could watch.

透過與《要塞英雄》的關係，我們知道，當我們的一些角色和特許經營權在《要塞英雄》中表達或出現時，就已經取得了成功。我們認識 Epic 的 Tim Sweeney 是因為我們參與了——我想他在 2017 年參與了我們的加速器計劃。所以我會見了 Tim，Josh 和他的團隊開始討論如果我們創建一個巨大的迪士尼會怎樣。 《堡壘之夜》的世界可以與《要塞英雄》毗鄰並與其完全互聯，在這個世界裡，人們可以玩我們創建的遊戲，可以創建自己的遊戲，可以觀看。

You can imagine the creation of short-form videos or may -- we may even use the platform to actually distribute some of our content, also the people that could interact with one another, and ultimately, some form of shopping as well and other forms of creation. Obviously, there'll be some -- there are the opportunities to buy digital goods, but maybe even at some point, physical goods. And I just think that given the demographic trends and given the success of Fortnite -- and by the way, they're experiencing really a great era of both customer satisfaction and growth as they return to some of their roots.

你可以想像短影片的創作，或者可能——我們甚至可以使用該平台來實際分發我們的一些內容，以及可以相互互動的人們，最終還有某種形式的購物和其他形式的創造。顯然，會有一些購買數位商品的機會，但甚至可能在某個時候購買實體商品。我只是認為，考慮到人口趨勢和《要塞英雄》的成功，順便說一句，他們正在經歷一個真正的客戶滿意度和成長的偉大時代，因為他們回歸了一些根源。

The numbers at Fortnite have been really compelling. And we just think this is -- just as we take our IP from our movies and our television and have them expressed in our parks, this is a great way to do it in games. And for us, it's a way to have skin in the game with them with the investment of $1.5 billion, strengthen a partnership because we have skin in the game, but also build a world where we're actually not creating too much risk for the company. So as we see it, this is the best of all worlds in many respects from a business venture perspective and certainly great for consumers who love to interact with our characters already in video game format. So I'm actually really thrilled about it.

《要塞英雄》的數據非常引人注目。我們只是認為這是——就像我們從電影和電視中獲取知識產權並在我們的公園中表達它們一樣，這是在遊戲中實現這一點的好方法。對我們來說，這是一種透過15 億美元的投資與他們共同參與的方式，加強夥伴關係，因為我們有共同利益，而且還建立了一個我們實際上不會給他們帶來太多風險的世界。公司。因此，正如我們所見，從商業風險的角度來看，這在許多方面都是世界上最好的，對於喜歡與電子遊戲格式中的角色互動的消費者來說當然很棒。所以我真的對此感到非常興奮。

And the second -- or the first part of your first question, accelerating cord-cutting. Understand that we're going to get paid in this new joint venture for our channels at a level that's commensurate with the level that we get paid for those channels in the multichannel ecosystem. And so if a consumer moves out of that and then into this, then what we get paid for our -- certainly, these channels that are in it is equal to what we get paid there.

第二個問題——或者第一個問題的第一部分——加速「掐線」。了解我們在這家新合資企業中為我們的管道獲得的報酬水平將與我們在多通路生態系統中為這些管道獲得的報酬水平相稱。因此，如果消費者從這個管道轉移到這個管道，那麼我們從這些管道中獲得的報酬當然就等於我們在那裡得到的報酬。

We have some other channels that are not part of this new bundle. But frankly, if you look at our company and you look at what we've done with FX on Hulu, with the Disney Channel on Disney+, with National Geographic on Disney+, we're really very well positioned to withstand, basically, the continued challenges that the multichannel ecosystem will have.

我們還有一些其他頻道不屬於這個新捆綁包。但坦白說，如果你看看我們公司，看看我們在Hulu 上的FX、Disney+ 上的迪士尼頻道、Disney+ 上的國家地理頻道所做的事情，你就會發現，基本上，我們確實處於非常有利的地位，可以承受持續的多通路生態系統將面臨的挑戰。

And while there might be some de minimis economic impact on us with more cord-cutting for those channels, we're backstopped in all of those channels with the content that exists or that we ultimately put on Hulu and Disney+. So it's -- for us, it's very low risk and actually, as I talked earlier, potentially quite accretive to us in terms of signing up sports fans that have never signed up for the bundle or they may no longer want it.

雖然這些頻道的更多掐線可能會對我們產生一些微乎其微的經濟影響，但我們在所有這些頻道中都得到了現有內容或我們最終放在 Hulu 和 Disney+ 上的內容的支持。所以對我們來說，這是非常低的風險，實際上，正如我之前所說，對於我們簽約從未註冊過該捆綁包或他們可能不再想要該捆綁包的體育迷來說，這可能會帶來相當大的收益。

Okay. Thanks for the question. And I want to thank everyone for joining us today. Note that a reconciliation of non-GAAP measures that were referred to on this call to 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，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 drivers, including future revenues, profitability, DTC subscribers, free cash flow, adjusted EPS and capital allocation 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，包括財務估計或有關我們的計劃、指導或預期和驅動因素的陳述，包括未來收入、盈利能力、DTC 訂戶、自由現金流、調整後每股盈餘和資本分配以及其他陳述非歷史性質，可能構成證券法規定的前瞻性聲明。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 risks, including in connection with our business plan, potential strategic transactions and our content, cost savings, the market for advertising or future financial performance and legal and regulatory developments.

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、潛在策略交易和我們的內容、成本節約、廣告市場或未來財務表現以及法律和監管發展有關的風險。

In particular, our expectations regarding DTC profitability, subscriber levels and ARPU are built on certain assumptions around subscriber additions based on future strength of our content slate, churn expectations, the financial impact of the Disney+ ad tier and price increases, the impact of bundling and availability of Hulu on Disney+, technological advances and paid sharing efforts, our ability to continue to 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、訂戶水準和ARPU 的預期是建立在有關訂戶增加的某些假設之上的，這些假設基於我們內容板的未來實力、流失預期、Disney+ 廣告層和價格上漲的財務影響、捆綁和銷售的影響。Hulu 在Disney+ 上的可用性、技術進步和付費共享努力、我們在保持收入和宏觀經濟狀況的同時繼續執行成本合理化的能力，所有這些都基於廣泛的內部分析和最近的經驗，提供了一層不確定性在我們的展望中。

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

有關關鍵風險因素的更多信息，請參閱我們的投資者關係網站、今天發布的新聞稿以及我們向美國證券交易委員會提交的10-K 表、10-Q 表和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。

Thank you. This concludes today's conference call. You may now disconnect your lines and have a wonderful day.

謝謝。今天的電話會議到此結束。您現在可以斷開線路並度過美好的一天。