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.

大家好，歡迎參加華特迪士尼公司2024年第一季財務業績電話會議。 （操作員指示）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.

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 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、文字記錄以及第一季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 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.

參加今天電話會議的還有迪士尼執行長鮑勃‧伊格爾 (Bob Iger) 和高級執行副總裁兼財務長休‧約翰斯頓 (Hugh Johnston)。鮑伯和休的發言結束後，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. 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，Alexia，大家下午好。就在一年前，我們制定了一項雄心勃勃的計劃，旨在重回持續成長和股東價值創造的軌道。我們上個季度的強勁表現表明，我們已經走出了困境，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，將串流媒體打造為一項盈利增長的業務，重振我們的電影工作室，並加速我們主題公園和體驗項目的成長。在深入探討業績之前，我首先要宣布一些重要消息，它們代表著我們向前邁出的重要且令人興奮的一步。

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，ESPN旗下所有頻道將直接面向消費者開放，這是我們與FOX和華納兄弟探索頻道（Warner Bros. Discovery）新成立的合資公司的一部分，該合資公司將於今年秋季推出一項全新的串流媒體體育服務。這項服務將整合所有這些公司旗下資產的內容，包括所有主要的職業運動聯盟和大學體育賽事。到2025年秋季，我們將推出獨立的ESPN串流服務，並配備創新的數位功能，打造一個與當今市場上任何現有服務都不同的一站式運動目的地。 ESPN還將在其陣容中增添一位體育巨星：教練尼克·薩班（Nick Saban）將於今年晚些時候加入ESPN，擔任現場評論員。

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.

我們很高興地宣布，我們將於11月推出《海洋奇緣》的動畫長片續集，加入即將上映的眾多院線影片陣容。我們也很高興地宣布，我們將與Epic Games建立令人興奮的合作關係，收購其少量股權，並推出一個開創性的全新遊戲和娛樂世界，將迪士尼備受喜愛的品牌和系列作品與廣受歡迎的《堡壘之夜》完美融合。

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, Disney+ 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額外派息，並將在2024財年啟動一項30億美元的股票回購計畫。哦，還有一件事。下個月，Disney+將成為泰勒絲歷史性演唱會電影《泰勒絲 | 時代巡迴演唱會（泰勒版）》的獨家串流平台。我稍後會與大家分享更多有關這些公告的信息，但顯而易見的是，我們去年進行的重要轉型正在取得成果。縱觀本季的業績，我們可以自信地說，我們的策略正在奏效。

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，分部營業利潤年增27%，調整後每股盈餘較去年同期成長23%。我們的娛樂串流業務營業利潤年增了86%，並有望在2024財年末實現合併後的串流業務盈利，並在此基礎上繼續保持強勁勢頭，在未來實現顯著的持續利潤率。迪士尼體驗業務在收入、營業利潤和營業利潤率方面均創下歷史新高。隨著我們繼續在公司範圍內尋找進一步的效率提升機會，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，首先要談談ESPN。 ESPN持續為公司帶來意義非凡的成果，並將成為未來的關鍵價值驅動力。 ESPN的國內體育業務持續成長。即使在充滿挑戰的線性格局下，ESPN在2023年仍然實現了整體觀眾人數的成長，並繼續刷新收視率紀錄。最終，我們的使命是將ESPN打造為卓越的數位運動品牌，觸達盡可能多的運動迷，並讓他們以更多方式以最適合自身需求的方式觀看喜愛的節目。

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.

其中一個途徑是透過我們昨天宣布的與福克斯和華納兄弟探索頻道合作，今年秋季推出的全新串流媒體體育服務。這項服務將以非獨家的方式整合我們旗下的體育頻道和直接面向消費者的服務組合，為消費者提供更多他們想看的體育節目。

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.

滿足消費者無縫存取體育內容聚合服務的需求對我們來說至關重要，這包括吸引那些不再使用有線電視和衛星電視的粉絲。這對 ESPN 來說是一個相當吸引人的商業方案，使我們能夠根據既定的市場價格來控制體育內容的單位經濟效益，就像我們為任何提供節目的串流媒體或線性服務所做的那樣。

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.

另一個令人興奮的選擇將於2025年秋季到來，屆時我們將把ESPN的全套頻道打造為一個獨立且高度互動的數位平台。消費者不僅可以觀看自己喜愛的賽事直播和攝影棚節目，還能享受ESPN BET和Fantasy Sports等引人入勝的數位整合功能、電商功能以及豐富的體育統計數據。我們相信，所有這些功能對年輕運動迷來說都將極具吸引力。此外，它還將擁有非常強大的個人化功能。

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 長期以來始終致力於為世界各地的體育迷提供服務，而這些舉措將增強 ESPN 兌現這一承諾的能力。如您所知，我們也與 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取得了進展，期待在不久的將來與您分享更多消息。

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，我們預計這將在提高參與度、降低用戶流失率和提升廣告潛力方面帶來巨大優勢。當我們推出獨立的 ESPN 服務時，我們也將像 Hulu 一樣，在 Disney+ 上為捆綁訂閱用戶提供 ESPN 服務。

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+ 上測試版的反應熱烈，遠超各項指標，我們期待著下個月的正式上線。這一切都是我們雄心勃勃的串流媒體策略的一部分，從收購 21 世紀福斯擴大我們龐大的內容庫和強大的創意人才庫，到推出 Disney+，成為百年內容的寶庫，再到全面控制 Hulu 並擴展我們的串流媒體服務以覆蓋更多受眾，再到我們在技術方面的重大投資，以及如今朝著 ESPN 串流媒體的未來邁出的重要一步。

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.

迪士尼憑藉著無與倫比的規模和強大的廣告技術，在廣告領域也擁有精彩的表現。我們由廣告支持的Disney+服務開局良好。我們成功拓展了美國以外的市場，在歐洲、中東和非洲地區以及加拿大推出Disney+，並在第一季度將全球廣告客戶數量增至1000多家，較上線時增長了10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創作的精彩內容。 2023年，美國所有串流平台上播放量最高的十部電影中，有6部是我們創作的。我們一流的敘事方式持續為數百萬觀眾帶來歡樂。我們獲得了27項金球獎提名，並憑藉FX頻道的《熊》和探照燈頻道的《可憐的東西》榮獲最高獎項。在今年的黃金時段艾美獎頒獎典禮上，我們獲得了37項獎項，超過任何其他娛樂公司。此外，我們以20項提名領先奧斯卡頒獎典禮，奧斯卡頒獎典禮將於3月10日在ABC電視台播出。

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.

我們也為近期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》於去年12月在Disney+和Hulu首播，並成為當之無愧的熱門影集。在Disney+上線後，系列書籍重回《紐約時報》暢銷書排行榜榜首。我很高興地告訴大家，我們剛剛開播了第二季。熱門兒童動畫影集《布魯伊的藍》由美國迪士尼頻道和Disney+獨家播出，最近成為所有串流平台上播放量最高的節目。

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. And 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，我們將有一系列令人興奮的原創作品登陸 Disney+，包括漫威影業的《阿加莎》、盧卡斯影業的《骷髏幫》和《信徒》、皮克斯的《勝敗》等等。此外，本月晚些時候，Hulu 將在美國推出 FX 備受期待的傳奇影集《幕府將軍》。 3 月份，我們全球排名第一的串流影集《實習醫生格蕾》將全部季加入 Hulu 的龐大劇庫。下個月，當該劇回歸第 20 季時，Hulu 將成為觀看這部真正標誌性劇集當前季及所有前幾季的唯一平台。

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，過去一年，我們都見證了一個真正的文化現象——泰勒絲的創造力和純粹的力量。她的演唱會大片將於3月15日在Disney+上線，屆時將完整呈現她的演唱會，包括歌曲《cardigan》和4首額外的原聲歌曲，這些歌曲在影院版和數位版電影中均未收錄。我們相信，觀眾一定會喜歡在Disney+上隨時重溫激動人心的“泰勒·斯威夫特 | 時代巡迴演唱會（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.

說到我們的電影工作室。隨著我們持續激發創造力，我們擁有令人難以置信的強勁新片發行陣容。想想看，到2026年底，我們將發行哪些影片呢？今年，我們將推出《猩球崛起：終極王國》、《腦筋急轉彎2》、《死侍3》、《異形：羅慕路斯》和《獅子王：木法沙》。

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，我們將推出《海洋奇緣》的動畫長片續集。這部續集最初是作為系列電影開發的，但我們對它印象深刻，知道它值得在影院上映。 2016年上映的原版《海洋奇緣》電影最近在Disney+上的播放時長突破了10億小時，成為2023年美國各平台播放時長最高的電影。加上目前正在製作的原版電影真人版，《海洋奇緣》仍然是一部備受歡迎的系列電影。我們迫不及待在今年11月《海洋奇緣2》上映時，為大家帶來更多關於《海洋奇緣》和毛伊的故事。

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've 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年的院線電影。我們非常興奮地將為觀眾帶來《美國隊長：美麗新世界》、《神奇四俠》、《皮克斯的艾利歐》、《瘋狂動物城2》和《阿凡達3》。我們也對2026年及以後的上映充滿期待，包括《冰雪奇緣3》、自2019年以來的首部《玩具總動員》電影，以及一部將曼達洛人和格羅古首次搬上大銀幕的《星際大戰》新電影。這些影片不僅將觸及全球觀眾和影院，而且正如我們一直以來所展示的那樣，它們將成為我們全球串流媒體平台的重要支柱，推動訂閱量和參與度，同時繼續推動我們體驗業務的成長。畢竟，迪士尼真正與眾不同之處在於我們能夠將頂級IP轉化為頂級體驗，從而帶來顯著增長的獨特能力。

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。我們所有的主題樂園在第一季都實現了盈利，這為我們大力投資以加速該業務的成長奠定了堅實的基礎。香港迪士尼樂園新開幕的「冰雪世界」主題園區以及上海迪士尼度假區首個「瘋狂動物城」主題園區的遊客反應熱烈。正如我之前所說，隨著我們持續投資這項非凡的業務，我們還有許多尚未開發的故事等待在全球各地的主題樂園中呈現。

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 and worlds that they love in groundbreaking new ways.

但我們為消費者創造新機會的不僅僅是我們的主題樂園，讓他們與他們喜愛的角色和系列作品互動。我們與 Epic Games 的新合作將打造一個變革性的遊戲和娛樂世界，將迪士尼世界級的故事敘事融入 Epic 的文化現象《要塞英雄》，讓消費者能夠暢玩、觀看、創作並購買數位和實體商品。這標誌著迪士尼有史以來進軍電子遊戲領域的最大一步，並為成長和擴張提供了重要的機會。全新的沉浸式世界將讓粉絲釋放自己的創造力，以突破性的新方式體驗他們喜愛的迪士尼故事和世界。

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.

年輕觀眾尤其成為電子遊戲的巨大消費者。事實上，在千禧世代、Z世代和Alpha世代中，他們在螢幕平台上花費的大量時間都用於玩電子遊戲。迪士尼和Epic攜手打造的全新宇宙為我們提供了絕佳的機會，不僅讓我們能夠接觸到更多消費者，還能讓更多觀眾與迪士尼的標誌性品牌和系列建立聯繫，包括漫威、星際大戰等等。

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.

本季度，從運動、娛樂到體驗，我們各項業務煥然一新，為實現顯著成長和成功奠定了基礎。有鑑於此，隨著獲利和自由現金流持續成長，我們看到了提升股東回報的充足機會。我們目前的實力和對未來發展的信心，已促使我們上個月向股東派發了股利。我很高興地告訴大家，董事會宣布，我們下一筆將於7月派發的半年股息將比1月派發的上一筆股息高出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，我們計劃在本財年率先實現30億美元的目標。隨著我們繼續投資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將優先考慮股息支付和股票回購。我為公司取得的卓越成就感到自豪，並感謝一群經驗豐富的高階主管團隊，他們正在引領迪士尼走向未來。其中包括我們的新任財務長休·約翰斯頓，他已經證明自己是團隊的傑出成員。我們非常榮幸休能加入我們。

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

現在，我將向大家介紹我們本季的更多業績，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。我對這家不可思議的公司了解得越多，就越對未來的機會感到興奮。我期待繼續與鮑伯和我們的管理團隊合作，共同執行我們的策略，以實現顯著、持續、長期的獲利和自由現金流成長為目標。

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非常滿意。第一財季攤薄每股收益（不包括某些項目）較上年增長23%，達到1.22美元，分部營業利潤率增長350個基點，這反映了強勁的定價和營運費用削減。直接面向消費者、美國國內ESPN和體驗業務的營收和營業利潤均較上年成長。我們各業務部門的營業利潤均實現了良好的成長，部分原因在於我們在整個業務部門中持續推進的勤勉成本效率工作，第一季全公司銷售、行政和管理費用（SG&A）和其他營運費用節省超過5億美元就是明證。

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.

來看看我們各部門的業績。娛樂業務方面，第一季營業利潤成長逾一倍，這得益於直接面向消費者業務的顯著改善。娛樂業務直接面向消費者的營業利潤較上年同期成長約8.5億美元，較第四季成長近3億美元。得益於訂閱和廣告收入的成長，營收季增逾10%。第一季營業利潤優於公司在上次財報電話會議上給出的預期，這主要得益於費用支出方面的有利因素。

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 的訂閱用戶數量較第一季環比增加 120 萬，Disney+ 核心訂閱用戶數量較上季減少 130 萬，與先前的預期一致。這主要由於近期國內價格上漲以及全球夏季促銷活動結束導致的預期用戶流失率暫時上升。這些影響被第一季國內市場成長以及部分國際市場推出的強勁廣告層級淨增額部分抵銷。

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.

在美國，我們第一季的捆綁產品持續淨增，值得一提的是，其客戶流失率顯著低於我們的獨立產品。 Disney+ 核心 ARPU 環比成長 0.14 美元，去年同期成長 1.07 美元，主要得益於價格上漲。我們預計，由於價格上漲的持續效應，Disney+ 核心 ARPU 在第二季度將有所增長，但將 Charter 的 Spectrum TV Select 訂閱添加到 Disney+ 廣告層級的影響應該只能部分抵消這一增長。需要指出的是，所有符合資格的 Charter 訂閱用戶都將獲得報酬，這也將成為第二季 Disney+ 核心訂閱用戶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訂單量將在550萬至600萬之間。國內淨增訂單量預計將在750萬左右，主要得益於包機權益扣除客戶流失的影響。國際核心訂單量預計將小幅下降，這反映了某些批發交易的變化以及價格上漲對客戶流失率的影響略有上升。

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.

雖然訂閱用戶成長情況每個季度都會有所不同，但我們對長期訂閱用戶持續增長的前景充滿信心，這得益於我們內容陣容的全球持續實力、付費分享工作的推進、旨在改善內容推廣和發現能力的技術進步、提高參與度和降低流失率、將 Hulu 內容在 Disney+ 上提供捆綁訂閱的影響以及在國內既可以將捆綁服務合併時，我們將在拉丁美洲重複此策略；我們將繼續使用分層服務為訂閱用戶提供更多選擇。

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.

就我們在付費共享方面看到的機會而言，從今年夏天開始，涉嫌不當共享的 Disney+ 帳戶將獲得新功能，允許其借用者自行訂閱。今年晚些時候，希望允許非家庭成員訪問的帳戶持有者將能夠額外付費將其添加到自己的帳戶中。

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，預計這些付費分享計畫要到2024年下半年才能帶來顯著效益，但我們希望透過我們優秀的內容觸達盡可能多的受眾。我們期待推出這項新功能，以提升整體用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，我們預計娛樂DTC業務的營收將環比成長，並預期營運虧損將與第一季基本持平。我們仍預期合併後的串流媒體業務將在2024財年第四季實現盈利，並且對我們打造強勁且可持續的串流媒體業務充滿信心，相信該業務將長期保持用戶增長，並最終實現兩位數的運營利潤率，我們完全相信該業務將成為公司盈利增長的關鍵驅動力。

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.

再來談談娛樂線性網路。第一季營業收入較上年同期下降的原因是廣告和聯營收入的下降，但節目製作成本的下降部分抵消了這一影響。國內廣告收入下降主要因為曝光量下降（包括罷工相關影響），以及與去年同期相比，我們自有電視台中期選舉相關的政治廣告投放量下降。

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.

第一季度，國內娛樂聯盟營收年減5%，這主要是因為資費上漲帶來的5個百分點的收益被用戶數量減少帶來的10個百分點的下降所抵銷。考慮到我們近期與Charter達成的協議導致部分網路停播，對用戶數量下降的影響接近7%。罷工相關影響降低了節目製作成本，我們也將持續致力於持續提升成本效率。

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.

內容銷售、授權及其他業務方面，由於本季戲院影片表現不佳，業績低於去年同期，且低於我們給出的預期。由於罷工導致製作延遲，我們第二季度沒有任何重要的新影院影片上映，預計本季內容銷售、授權及其他業務的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的強勁表現，體育營運收入較上年有所成長，但部分抵消了星空印度（Star India）業績下滑的影響，原因是ICC板球世界盃轉播權成本上升。 ESPN國內頻道的年增率主要得益於大學橄欖球季後賽轉播時間安排帶來的節目製作成本下降。

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.

第一季國內聯盟營收與去年同期持平，合約費率上漲帶來的6%的成長被訂閱用戶減少帶來的相應下降所抵銷。 ESPN本季國內廣告銷售額較去年同期下降2%，但經各種時間調整和一次性影響調整後，實現了中等個位數增長。我們看到的強勁成長讓我們有信心，傾力進軍體育領域將繼續為股東創造價值。

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.

截至第二季度，我們看到體育市場廣告需求持續健康，ESPN國內現金廣告銷售額較上年同期成長了兩位數個百分點。即使考慮到今年第二季CFP比賽時間的調整，以及一場額外的NFL分區賽，這一趨勢仍然穩健。

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，主題樂園及體驗項目營業收入年增10%，消費品業務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上海和香港主題樂園的出色表現、迪士尼郵輪的持續強勁成長以及遊戲業務《漫威蜘蛛人2》的成功。儘管華特迪士尼世界在去年舉辦了極為成功的50週年慶典，面臨巨大的成本壓力，且員工薪資上漲，但本季的利潤率仍比去年同期增長了50個基點以上。

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.

儘管第二季國內市場表現疲軟，我們仍對該部門的持續營收和利潤成長保持樂觀，並預計全年體驗業務的營運收入 (OI) 將保持強勁成長。我們計劃在未來10年內向該業務投資約600億美元，其中約70%將用於在全球逐步擴大產能，我們預計這將帶來豐厚的回報。

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.

正如鮑伯先前所提到的，就整個公司而言，我們仍有望在2024財政年度結束時達到或超過75億美元的年度化成本目標。我對目前的進展感到滿意。第一季的總支出較前一年下降了4%，我們不斷提升的效率是這項進展的關鍵因素。此外，我們仍有望在本財年實現約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，我們對所取得的進展以及由此引領我們從 2024 財年開始成為強大的現金產生器和盈利複合器的道路充滿信心。為此，我們預計 2024 財年全年每股收益（不包括某些項目）將比 2023 年增長至少 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.

鮑伯已經介紹了我們今年最新的股東回報計畫。正如他所說，我們計劃繼續投資於成長型業務，同時保持均衡且嚴謹的資本配置方式。

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

我們非常樂意回答您的問題。

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

謝謝。 （接線員指示）接線員，我們現在可以回答第一個問題了。

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

（操作員指示）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.

今晚你們有很多新聞可以分享。鮑勃，既然你先聊了體育，我想先問你一些體育方面的問題。你們在ESPN、新頻道套餐、旗艦頻道方面有很多進展，顯然你們正在討論。

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?

您能否為我們簡單介紹一下這一切的背景？您是如何看待這些不同的產品的？它們是否針對不同的市場領域？您在這兩者之間優先考慮的是什麼？實際上，對於迪士尼股東來說，在運動領域取得成功意味著什麼？我們如何從財務和策略角度來看待這個問題？

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.

我想知道您能否更新一下今年的支出成長。我認為你們上個季度的預期是2024年整體略有成長。看來你們的儲蓄計畫進展順利。如果您能提供任何更新，我們將不勝感激。

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。請容許我重複幾句老生常談。但如你所知，ESPN始終致力於為體育迷提供有效服務，無論他們身在何處。因此，我們一直在採取的、今天宣布的以及將繼續採取的所有措施，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.

想想現今的環境，線性電視顯然面臨一些挑戰，競爭更加激烈，既爭奪觀眾的時間，尤其是在體育領域。 ESPN在2023年取得了非常好的成績，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已經成功地實現了他們的首要目標。他們有效地接觸了體育迷，這就是為什麼廣告商、分銷商、體育聯盟和組織覺得他們必須成為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.

展望未來，我們顯然會關注以下幾點：第一，多通路生態系的現況；第二，人們在媒體上投入的時間和金錢。你必須有效地為他們提供服務。我們長期以來一直在強調，ESPN走向直接面向消費者的方向是不可避免的，我們也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.

這其實不是第一步，而是第二步。第一步是幾年前推出ESPN+，其實相當成功。第二步是找到合作夥伴，透過應用程式分發相當於多頻道、以體育為中心的內容。所以，第一，我們很好地服務了體育迷。第二，我們與合作夥伴合作。第三，我們採用更現代的方式。這次我們不是採用有線和衛星電視，而是採用應用程式。

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 for 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步，因為我們知道有很多人從未訂閱過多頻道電視。這讓他們有機會以比大包套餐更有吸引力的價格訂閱。其次，有些人已經離開了多頻道生態系統，因為他們不想以高昂的價格訂閱所有頻道。這基本上是一種與那些不再屬於多頻道生態系統的用戶維持或建立關係的方式。

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.

下一步，我們今天宣布，大概會在2025年8月推出ESPN旗艦產品。我說的是獨立運營，但最終會與Hulu和Disney+捆綁銷售。那將是一款非常沉浸式、明顯以體育為中心的應用，它將擁有FOX、Turner、時代華納和Discovery等平台所不具備的功能，例如集成投注、集成夢幻體育賽事，可能還會有一些銷售部門或商品功能，當然，還會深入挖掘統計數據，並實現高度定制化和個性化。這也是我們推出的另一個與運動迷互動的功能。

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.

我現在無法告訴你它最終會如何融入這一切，但這將是一個漸進的過程。我們還沒有真正討論過它會如何運作——除了與我們自己的服務捆綁之外，它還會如何捆綁。但我認為，對我們來說，在這個遷移過程中，成功的關鍵在於保持ESPN在體育界的整體地位，維護粉絲對ESPN的熱愛，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.

好的。本，我來談談成本方面。你說得對。過去我們討論過營運費用較去年同期略有成長。但從第一季開始，我們的成本管理勢頭明顯強勁。團隊正在不懈地尋找進一步降低成本的機會，既可以重新投資於業務，延續我們現有的成長勢頭，也可以實現利潤率成長，最終達到獲利水準。淨利潤指引與我們之前所說的相比沒有變化。我們的業績至少應該能達到我們先前承諾的指引，即營運費用較去年同期略有成長。

Our next question today comes from Michael Nathanson with MoffettNathanson.

我們今天的下一個問題來自 MoffettNathanson 的 Michael Nathanson。

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?

鮑勃，我想問你一個問題。休，我想問你一個問題。鮑勃，回答本的問題，我們仍然有點好奇，Hulu + Live 的長期發展前景如何，對吧？它已經停止成長了。 YouTube 的規模是它的兩倍。說到你們未來的產品，它和你們剛剛宣布的 ESPN 和體育捆綁服務有什麼關係？

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，您也透露了一些消息，串流媒體的利潤率目標是達到兩位數。您能為我們提供一個實現這目標的時間表嗎？或者您認為哪些因素會在未來幾年推動你們實現兩位數的利潤率？

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.

如你所知，Hulu + Live 更體現了 Hulu 更大、更豐富的電視頻道捆綁服務——就像市面上許多其他服務一樣，如果你訂閱了 Hulu，它恰好會整合或附加到 Hulu 上。所以，在某種程度上，我想你可能會認為，Hulu + Live 直接與 Hulu + Live 競爭，但它不會與 Hulu 競爭，因為它將與 Hulu 捆綁在一起。所以，如果你是 Hulu 的訂閱用戶，並且想要這項新的體育服務，你可以將其作為 Hulu 的附加組件購買。

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.

我們認為，這確實是一個利好消息，因為考慮到Disney+和Hulu在3月份完成測試後就會整合，而且目前已經處於測試階段，再加上新合資公司提供的眾多體育項目，這在降低Hulu用戶流失率和提升用戶參與度方面非常有吸引力。因此，我們認為這對Hulu來說是一個巨大的利好。

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.

我認為我們對 Hulu + Live 可能產生的影響持現實態度，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.

邁克爾，我來回答關於DTC獲利能力達到兩位數的問題。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。從某種程度上來說，這應該不會讓投資人感到意外，因為我們的目標一直是打造我所認為的優秀業務。

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.

好的企業是什麼樣的？首先，它的用戶數量不斷增長；其次，它的利潤率誘人，我們將其定義為兩位數。所以，我知道從某種意義上來說，這的確是新聞，但從某種意義上來說，這不應該是新聞，因為我們一直都想打造一個在這方面表現優秀的企業。

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.

至於我們如何實現這一目標，這在許多方面實際上與我們從過去到現在的歷程相似。首先，我們將增加訂閱用戶數量。其次，你會看到一定程度的定價。這兩件事可能與過去幾年的情況類似，或許平衡略有不同，但大致相同。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。所有這些支出的成長速度都會略低——低於收入成長率。

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.

至於我們如何實現訂閱用戶成長的具體細節，我認為有幾件事。首先，付費分享對我們來說是一個機會。我們的競爭對手顯然已經利用了這個機會，而這個機會就擺在我們面前。我們在接下來的幾個月裡會採取一些非常具體的行動，我之前也提到過，這將在一定程度上使我們在今年下半年以及明年受益匪淺。其次，我們計劃推出的捆綁產品將降低用戶流失率。第三，國際市場仍然是我們的一個成長機會。

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.

所以，如果把所有這些部分放在一起，我們做的很多事情其實和之前做的差不多，只是策略略有不同，最終達到了我們所謂的良好業務水平。目前我們不會設定具體的時間表。其中一些將由市場驅動。但要知道，我們有一種緊迫感，想要達到這個目標，這可能是我們經營業務的方式。我們會有緊迫感，但只是為了實現良好、可持續的業務。

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

今天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.

你們今晚討論的內容太豐富了。所以我想問一個問題和兩個後續問題。你宣布了——或者說休，這是我第一次聽到你這麼說——在公園方面，你提出的未來10年600億美元資本支出中的70%——抱歉，70%將用於增加容量，也就是說，超過400億美元將用於新建公園和景點。能透露一下時間和地點嗎？有人猜測你可能會在佛羅裡達州開設第五個園區。

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?

然後我想跟進一下您之前提到的幾個問題。一個是關於打擊付費分享的，這個問題出現了兩次。您有估算過借款用戶的數量嗎？關於體育合資公司，您計劃如何吸引非付費電視用戶訂閱這項聽起來可能很昂貴的體育服務，同時又不大幅減少傳統付費電視用戶（這些用戶實際上會省錢）的數量？比方說，您打算如何避免蠶食傳統付費電視用戶？

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.

好的。你問了很多關於不同主題的問題。我先來談談公園興建的時間和地點。我們已經在努力確定新的投資方向和內容。

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.

您幾乎可以得出結論，它們將遍布各地，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，並且在一個顯然對我們極為有利的業務中，我們可能會擴大視野，至少在未來十年內朝這個方向發展。

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?

我不會給你太多時間概念，只是說我們正在努力構思和建立這些項目。我們計劃在2025年開始運營，並且每年都會有節奏地增加投資和產能。我會讓休負責付費分享業務。休？

Yes.

是的。

On the sports service and the pricing, I think the way you have to look at it is, 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：體育服務對消費者來說將比他們必須購買的大型捆綁套餐（才能收看相同的有線電視和衛星電視頻道）便宜得多。同樣，體育服務的設計有兩個目的。首先，我們相信有很多體育迷想在電視上觀看體育節目，但又不想訂閱大型有線電視和衛星電視捆綁套餐。因此，我們認為這將為我們帶來增值。

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，消費者要么已經放棄捆綁服務，因為它對他們的服務品質不佳，要么他們可能會放棄，我們希望確保也能抓住這些消費者。因此，我們認為這整個計劃，一方面，由於成本低廉，對體育迷來說是個好主意；另一方面，鑑於目前市場的動態，對我們來說肯定也是利好消息。

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。潔西卡，我來處理付費分享的問題。我們已經估算好了規模。我現在不想透露具體的數字，因為這些數字顯然只是粗略的估計。可以肯定地說，我們以百分比計算的機會，可能與我們競爭對手的用戶群相比，並沒有太大的差異。

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.

為了實現這一目標，我們採取了一些措施。首先，我們對美國、加拿大和部分市場的使用者語言進行了一些調整，以便我們能夠真正利用付費分享的機會。其次，我們認為目前正在進行免費分享的帳戶將在今年夏天收到通知，我們將為他們提供機會，允許其借款人開始新的訂閱。

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.

今年晚些時候，我們還會有一些帳戶持有者希望允許更多人從家庭外部存取他們的帳戶。他們可以存取帳戶，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，我們需要採取一系列戰術行動來利用我們認為擺在我們面前的相當大的機會，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 Steven Cahall。

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?

鮑勃，你在發言中提到了很多內容。看起來營運真的開始恢復活力了。但我認為公司的命脈永遠是工作室的產出。它推動著公司文化的形成。我想你之前說過你在這個領域投入了大量時間。你是否覺得內容現在也像營運一樣出現了轉機？如果是這樣，你認為我們什麼時候能看到重新關注工作室產出帶來的一些成果？

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一個問題是，你預計最終會為Hulu支付多少錢。我想知道你對這個結果或情況的時機有什麼看法。與此相關，我認為超過75億美元的成本節省有點新。我很好奇你從哪裡找到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，我對工作室的現狀感到很滿意。別忘了，去年工作室確實取得了一些真正的成功。這並不是說我們沒有拍過一些不成功、令人失望的電影，但我們也取得了一些巨大的成功，像是《銀河守護隊》續集和《阿凡達》，它們分別在222年底和23財年上映。

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.

我之前一直強調，數量有時會損害品質。我們急於大幅提升數量，部分原因是為了吸引更多全球用戶訂閱我們的串流媒體平台，導致一些工作室略微失去了重心。所以我們採取的第一步就是減少數量。我們減少了作品的產出，尤其是漫威作品。

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.

當你修復或處理電影中的這些問題時，你會做三件事。你會積極主動地確保你正在製作的電影能夠更加出色。有時你會放棄一些你不相信的項目。當然，你會把一些你真正相信、更有信心的新項目放進製作流程中。我們正在做所有這些事情。

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，我還觀察到，有時管理創造力的最佳方式是建立良好的合作關係。我已經與公司真正管理創造力的人員建立了良好的合作關係，包括工作室的艾倫·伯格曼、電視部門的達納·沃爾登以及ESPN的吉米·皮塔羅。我和艾倫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結出碩果，而且現在已經開始結出碩果了。

We're very bullish about the films coming out. We mentioned Inside 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 has had 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.

我們對即將上映的電影非常看好。我們提到了《腦筋急轉彎2》，也談到了《死侍》和《人猿星球》電影。我們對此感到很興奮。當然，年底我們會有《獅子王》前傳《木法沙》。我們對《海洋奇緣》的加入感到非常興奮，它是2023年美國所有串流平台上排名第一的電影，在Disney+上的播放時間超過10億小時。這部電影將於11月上映。然後我提到了我們之後的計劃。

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系列電影，其中一些我們感覺很棒，像是《玩具總動員》——當然還有《星際大戰》。我們也討論過《阿凡達》。漫威未來開始專注於一些實力雄厚的系列電影，但我就此打住。考慮到目前的環境，以及吸引人們走出家門去看電影的難度，選擇那些人們熟悉的系列電影其實是明智之舉。所以我們還有很多工作要做。我們不會固步自封，也不會袖手旁觀。我們正在努力，但我對目前的發展軌跡感到相當滿意。

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.

對。史蒂夫，從我的角度來看，關於Hulu的收購時間安排，我們有一個非常清晰的流程。這個過程需要一些時間，這取決於評估業務所需的工作量。我預計在年底之前，我們應該能夠解決這個問題並最終完成。

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，各方面都相當均衡。你通常會發現，當一家公司開始著手降低成本時，一旦動能開始增強，人們往往會發現更多機會。這讓我們對業績數字充滿信心，至少能夠達到甚至超過預期。所以，沒有哪個領域是特定的。這既包括內容方面，也包括銷售、一般及行政費用 (SG&A)。我認為，我們在更嚴格地管理費用方面勢頭強勁，這對投資者來說是個好消息。

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

今天的下一個問題來自德意志銀行的布萊恩‧克拉夫特。

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?

鑑於關於捆綁和分銷的討論如此之多，我想請您分享一下Charter將Disney+整合到其付費電視節目層級中的看法。能否談談實際使用Disney+的使用者比例，或是相對於Disney+一般訂閱用戶的參與度？最後，隨著協議到期，您是否認為這種模式是您希望與其他付費電視經銷商效仿的？

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。現在還為時過早。他們直到一月才真正開始向訂閱用戶介紹這項服務，而且並沒有立即全面推出。所以我們看到的一些數據令人鼓舞，但我需要注意的是，由於現在還為時過早，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會在其他多通路經銷商身上看到。這對我們雙方來說似乎是雙贏的。這對我們來說顯然很重要，因為它讓我們能夠接觸到更多他們的客戶，而對他們來說，將這項服務與他們的多通路客戶捆綁在一起也很重要。所以我認為——再說一次，我認為你會看到更多這方面的消息，但現在還為時過早。等我們下個季度了解更多資訊後，可能會有更多消息透露。

Operator, we have time for 1 more question.

接線員，我們還有時間再回答一個問題。

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

我們今天的下一個——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，關於體育合資公司的後續問題，您是如何確信這項服務的推出不會加速“掐線”現象，也不會對您的業務以及更廣泛的業務造成經濟拖累的？您預計這會如何影響您與經銷合作夥伴的續約談判？這是我的第一個問題。

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?

我的副手鮑勃，您在任職期間見證了電子遊戲策略的多次迭代。您能否進一步談談為什麼投資 Epic Games 對您來說是正確的選擇？產品可能會是什麼樣子？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。我先回答問題的第二部分。是的，你說得對。我們在電子遊戲領域嘗試過很多方向。實際上，對我們來說最成功的是授權。我們授權的系列遊戲價值高達90億美元，包括去年最成功的電子遊戲《蜘蛛人》系列。

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，我和負責我們體驗業務的喬希·達馬羅（Josh D'Amaro）以及他實際負責遊戲的高管肖恩·肖普托（Sean Shoptaw）聊了聊。他們給我看的其中一件事——實際上，他們給我看的第一件事就是人口趨勢。當我看到Z世代、Alpha世代，甚至千禧世代，以及他們在電子遊戲上花費的總媒體螢幕時間時，我感到非常震驚，這幾乎等同於他們在電視和電影上花費的時間。我得出的結論是，我們必須進入這個領域，而且必須盡快以非常引人注目的方式進入這個領域。

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》的合作，我們了解到，當我們的一些角色和系列作品在《要塞英雄》中得到體現或亮相時，就已經取得了成功。我們認識Epic的Tim Sweeney，因為我們參與過——我記得他參與了我們2017年的加速器計畫。所以我見了Tim，Josh和他的團隊開始討論，我們能否打造一個類似《堡壘之夜》的巨型迪士尼世界，與《堡壘之夜》並存並完全互聯，讓大家可以玩我們製作的遊戲，也可以創作自己的遊戲，還可以觀看。

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，或者我們甚至可能利用這個平台來分發我們的一些內容，讓人們可以互動，最終實現某種形式的購物和其他形式的創作。顯然，我們有機會購買數位商品，但也許在某個時候，也會有實體商品。我認為，考慮到人口趨勢以及《要塞英雄》的成功，順便說一句，隨著他們回歸本源，他們正經歷一個客戶滿意度和增長都極高的時代。

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.

Fortnite 的表現確實非常引人注目。我們認為，就像我們將電影和電視中的 IP 融入主題樂園一樣，這也是在遊戲中實現這一目標的絕佳方式。對我們來說，透過 15 億美元的投資，我們既能與他們共同參與遊戲，又能加強合作關係，因為我們都參與其中，同時還能建立一個不會為公司帶來太大風險的世界。因此，我們認為，從商業創投的角度來看，這在許多方面都是最佳選擇，對於那些喜歡在電子遊戲中與我們的角色互動的消費者來說，這無疑是一個絕佳的選擇。所以我真的非常興奮。

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.

第二點，或者說你第一個問題的第一部分，加速「掐線」現象。請瞭解，我們在這個新的合資企業中獲得的通路收入，將與我們在多通路生態系中獲得的通路收入水準相等。所以，如果消費者從多通路生態系統轉移到新管道，那麼我們獲得的——當然，這些管道的收入——與我們在多通路生態系統中獲得的收入是相同的。

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在這個新的捆綁套餐中。但坦白說，如果你看看我們公司，看看我們在Hulu上推出的FX頻道、在Disney+上推出的迪士尼頻道以及在Disney+上推出的國家地理頻道，你就會發現我們確實非常有能力應對多頻道生態系統將面臨的持續挑戰。

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.

雖然這些頻道的退訂用戶增多可能會給我們帶來一些微不足道的經濟影響，但我們在所有這些頻道上都有現有的內容，或者最終在Hulu和Disney+上線的內容作為後盾。所以對我們來說，風險非常低，實際上，正如我之前所說，從簽約那些從未訂閱過捆綁套餐或可能不再需要捆綁套餐的體育迷的角度來看，這可能會給我們帶來相當大的收益。

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。感謝您的提問。也感謝各位今天的參與。請注意，本次電話會議中提到的非公認會計準則 (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 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.

我還要提醒您，本次電話會議中的某些聲明，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聲明，包括未來收入、盈利能力、DTC 用戶、自由現金流、調整後的每股收益和資本配置以及其他非歷史性質的聲明，可能構成證券法規定的前瞻性聲明。

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聲明，我們不承擔任何更新這些聲明的義務。

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 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.

前瞻性陳述受多種風險和不確定因素影響，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、潛在策略交易和內容相關的風險）、成本節約、廣告市場或未來財務表現以及法律和監管發展。

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.

具體而言，我們對 DTC 盈利能力、用戶水平和 ARPU 的預期是建立在圍繞用戶增加的某些假設之上的，這些假設基於我們未來內容陣容的實力、客戶流失預期、Disney+ 廣告層級和價格上漲的財務影響、Hulu 的捆綁和可用性對 Disney+的影響、技術進步和付費共享努力、我們在保持收入和宏觀經濟條件的同時繼續執行成本合理化的能力，所有這些，雖然基於廣泛的內部分析以及最近的經驗，但也為我們的前景帶來了一層不確定性。

For more information about key risk factors, please refer to our Investor Relations website, the press release issued today 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.

我們感謝您的參與，並祝福大家今天過得愉快。

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。現在您可以掛斷電話，祝您有美好的一天。