迪士尼 (DIS) 2024 Q2 法說會逐字稿

Good day, and welcome to the Walt Disney Company's Second 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 年第二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 of 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 morning. It's my pleasure to welcome everybody to the Walt Disney Company's Second Quarter 2024 Earnings Call. Our press release was issued earlier this morning 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 second quarter earnings presentation will all be made available on our website after the call.

早安.我很高興歡迎大家參加華特迪士尼公司 2024 年第二季財報電話會議。我們的新聞稿於今天早上早些時候發布，可在我們的網站 www.disney.com/investors 上取得。今天的電話會議正在網路直播，重播和文字記錄以及第二季度收益演示將在電話會議結束後在我們的網站上提供。

Joining me for today's call are Bob Iger, Disney's Chief Executive Officer; and Hugh Johnston, Senior Executive Vice President and Chief Financial Officer. Following comments from Bob and Hugh, we will be happy to take some of your questions. So with that, let me turn the call over to Bob to get started.

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。那麼，讓我把電話轉給鮑伯開始吧。

Thank you, Alexia, and good morning, everyone. Our strong performance in Q2 demonstrates we are delivering on our strategic priorities while building for the future. Overall, this was another impressive quarter for us with adjusted earnings per share up 30% compared to prior year. And I'm pleased to say this outperformance raises our full year adjusted EPS growth target to 25%.

謝謝你，亞歷克西婭，大家早安。我們第二季的強勁表現表明我們正在實現我們的戰略重點，同時為未來而建立。總體而言，這對我們來說又是一個令人印象深刻的季度，調整後每股盈餘比去年同期成長了 30%。我很高興地說，這種優異的表現將我們全年調整後每股盈餘成長目標提高到 25%。

Our results were driven in large part by our Experiences segment and our streaming business, which achieved an important milestone with the entertainment portion of the streaming business, achieving profitability in the quarter. This is a testament to the turnaround we set in motion last year and the outstanding leadership of Disney Entertainment Co-Chairman, Alan Bergman and Dana Walden. It is particularly noteworthy when you consider we reported peak losses only 18 months ago.

我們的業績在很大程度上是由我們的體驗部門和串流媒體業務推動的，串流媒體業務的娛樂部分實現了一個重要的里程碑，在本季度實現了盈利。這證明了我們去年實現的扭虧為盈，以及迪士尼娛樂聯合主席艾倫·伯格曼和達納·瓦爾登的傑出領導力。考慮到我們僅在 18 個月前報告了虧損峰值，這一點尤其值得注意。

We also remain on track to reach profitability in our combined streaming businesses in Q4. We've said all along our path to profitability will not be linear. And while we are anticipating a softer third quarter due in large part to the seasonality of our India sports offerings, we fully expect streaming to be a growth driver for the company in the future and we have prioritized the steps necessary to achieve this.

我們仍有望在第四季度實現合併串流媒體業務的獲利。我們已經說過，我們的獲利之路不會是線性的。雖然我們預計第三季會出現疲軟，這在很大程度上是由於印度體育產品的季節性，但我們完全預計串流媒體將成為公司未來的成長動力，並且我們已經優先考慮了實現這一目標所需的步驟。

In March, we successfully launched Hulu on Disney+, bringing extensive general entertainment content to the platform for bundled subscribers, and we're encouraged by the early results. And by the end of this calendar year, we will be adding an ESPN title to Disney+ giving all U.S. subscribers access to select live games and studio programming within the Disney+ app. We see this as a first step to bring ESPN to Disney+ viewers as we ready the launch of our enhanced stand-alone ESPN streaming service in the fall of 2025.

今年 3 月，我們在 Disney+ 上成功推出了 Hulu，為該平台的捆綁訂閱用戶帶來了廣泛的一般娛樂內容，我們對早期結果感到鼓舞。到今年年底，我們將在 Disney+ 中添加 ESPN 標題，讓所有美國訂閱者都可以在 Disney+ 應用程式中觀看精選的現場遊戲和工作室節目。我們認為這是將 ESPN 帶給 Disney+ 觀眾的第一步，我們準備在 2025 年秋季推出增強型獨立 ESPN 串流服務。

The key to our success in streaming and what consistently brings consumers back for more is the array of exceptional content we produce that captivates audiences of all ages and backgrounds. Looking at our film studios. We have a number of highly anticipated theatrical releases arriving over the next few months, including Kingdom of the Planet of the Apes, which opens this Friday, as well as Pixar's Inside Out 2, Marvel's Deadpool and Wolverine and 20th Century Studios, Alien: Romulus, which are all slated for this summer.

我們在串流媒體領域取得成功以及不斷吸引消費者回味更多內容的關鍵是我們製作的一系列出色內容，這些內容吸引了各個年齡層和背景的觀眾。看看我們的電影製片廠。未來幾個月，我們將迎來多部備受期待的院線影片，包括本週五上映的《猩球崛起》、皮克斯的《腦筋急轉彎》、漫威的《死侍》和《金剛狼》以及20 世紀工作室的《異形：羅慕盧斯》 ，這些都計劃在今年夏天進行。

Later this year, we're looking forward to Moana 2 and Mufasa: The Lion King. And in 2025, our slate remains just as robust with Captain America: Brave New World, Fantastic Four, Elio, Zootopia 2 and Avatar 3. Our series also continued to resonate with audiences and critics alike. FX's Shogun has proven to be a global hit, with success on both linear and streaming. It's tracking as FX's most watched show ever on our streaming platforms, and it's driving the second largest number of sign-ups to our streaming services since 2022, behind only Black Panther: Wakanda Forever. This is a great example of how we are successfully reaching wider audiences with our combined linear and streaming ecosystem.

今年晚些時候，我們期待《莫阿娜 2》和《木法沙：獅子王》。到2025 年，我們的電影陣容依然強勁，包括《美國隊長：美麗新世界》、《神奇四俠》、《艾莉歐》、《瘋狂動物城2》和《阿凡達3》。繼續引起觀眾和評論家的共鳴。事實證明，FX 的《Shogun》在全球範圍內大受歡迎，在線上性和串流媒體上都取得了成功。它是 FX 串流平台上有史以來收視率最高的節目，並推動了我們自 2022 年以來串流媒體服務的第二大註冊人數，僅次於《黑豹：永遠的瓦幹達》。這是我們如何透過線性和串流媒體相結合的生態系統成功吸引更廣泛受眾的一個很好的例子。

In Q2, series that aired on linear networks accounted for 17 of the top 20 most viewed series on our streaming platforms with almost 3 billion hours of consumption. Our linear channels are deeply embedded in our direct-to-consumer strategy as they continue to deliver high-quality content that reaches demographics not captured on streaming alone, allowing us to broaden our audiences and leverage our unmatched content engine across an expansive base.

第二季度，在我們的串流平台上收視率最高的 20 部劇集中，線性網路播出的劇集佔據了 17 部，觀看時長接近 30 億小時。我們的線性頻道深深植根於我們的直接面向消費者的策略中，因為它們繼續提供高品質的內容，覆蓋僅透過串流媒體無法捕獲的受眾群體，使我們能夠擴大受眾範圍，並在廣泛的基礎上利用我們無與倫比的內容引擎。

Turning to ESPN. Sports continues to stand out when it comes to convening large audiences with recent big ratings wins across a variety of sports. ESPN had a fantastic April in terms of total day viewership, the highest April since 2012. For Primetime viewership, it was ESPN's highest April on record. The NCAA Women's Final Four in Cleveland was the most viewed on record and the championship between Iowa and South Carolina was ESPN's most viewed college basketball game ever, men's or women's.

轉向 ESPN。體育在吸引大量觀眾方面繼續脫穎而出，最近在各種體育賽事中取得了巨大的收視率勝利。就總日收視率而言，ESPN 4 月表現出色，是自 2012 年以來最高的 4 月收視率。在克利夫蘭舉行的NCAA 女子四強賽是有史以來收視率最高的一場，愛荷華州和南卡羅來納州之間的錦標賽是ESPN 有史以來收視率最高的大學籃球比賽，無論是男子還是女子比賽。

We also saw record-breaking ratings for the WNBA draft. Monday Night Football had its most watched season since 2000, and the NFL postseason also broke viewership records. The divisional playoff game between the Houston Texans and Baltimore Ravens was ESPN's most watched NFL game ever with 32.4 million viewers. Looking at our experiences business, which remained an impressive financial driver in the quarter, we are focused on turbocharging growth with a number of long-term strategic investments.

我們還看到了 WNBA 選秀的破紀錄收視率。 《週一橄欖球之夜》創下了自 2000 年以來收視率最高的賽季，NFL 季後賽也打破了收視記錄。休士頓德州人隊與巴爾的摩烏鴉隊之間的分區季後賽比賽是 ESPN 有史以來收視率最高的 NFL 比賽，共有 3,240 萬觀眾觀看。看看我們的體驗業務，該業務在本季度仍然是令人印象深刻的財務驅動力，我們專注於透過多項長期策略投資來推動成長。

That includes our Disneyland Forward initiative the first step in our expansion plans at Disneyland Resort, which received unanimous preliminary approval by the Anaheim City Council last month. This was a significant milestone and the final vote is expected to take place this evening. We're incredibly excited for the many potential new stories our guests could experience at Walt's original theme park including the much anticipated opportunity to bring Avatar to Disneyland.

其中包括我們的迪士尼樂園前進計劃，這是我們迪士尼樂園度假區擴張計劃的第一步，該計劃上個月獲得了阿納海姆市議會的一致初步批准。這是一個重要的里程碑，最終投票預計將於今晚進行。我們對客人可以在華特原創主題樂園體驗許多潛在的新故事感到無比興奮，其中包括備受期待的將阿凡達帶到迪士尼樂園的機會。

When you consider all of our businesses as a whole, from entertainment, to sports, to experiences, it's clear that no one has what Disney has. The turnaround and growth initiatives we set in motion last year have continued to yield positive results, and we are executing against our ambitious strategic priorities with both speed and determination.

當你把我們所有的業務作為一個整體來考慮時，從娛樂到體育，再到體驗，很明顯沒有人擁有迪士尼所擁有的東西。我們去年啟動的扭虧為盈和成長舉措繼續取得積極成果，我們正在以速度和決心執行雄心勃勃的戰略重點。

To walk you through more of our results from the quarter, I will now turn things over to Hugh.

為了讓您了解本季的更多業績，我現在將把事情交給休。

Thanks, Bob. Diluted earnings per share, excluding certain items, for the second fiscal quarter were $1.21 and reflect the second quarter in a row of strong double-digit percentage year-over-year earnings growth. We also met or exceeded all of our financial guidance for the quarter. And as Bob mentioned, we are now targeting adjusted EPS growth of 25% for the full year.

謝謝，鮑伯。第二財季的稀釋每股盈餘（不包括某些項目）為 1.21 美元，反映出第二季獲利較去年同期連續強勁兩位數百分比成長。我們也達到或超過了本季的所有財務指引。正如鮑伯所提到的，我們現在的目標是全年調整後每股盈餘成長 25%。

At our Entertainment segment, second quarter operating income increased by over 70% versus prior year, driven by direct-to-consumer. Entertainment DTC revenue increased 2% sequentially and 13% year-over-year and generated operating income of $47 million. These results exceeded our guidance primarily due to expense savings. Core Disney+ subscribers increased by $6.3 million in the quarter, reflecting nearly 8 million additions domestically driven by charter entitlements and a slight loss internationally from the impacts of wholesale deal changes and price increases.

在我們的娛樂部門，在直接面向消費者的推動下，第二季營業收入比去年同期成長了 70% 以上。娛樂 DTC 營收季增 2%，年增 13%，營業收入達 4,700 萬美元。這些結果超出了我們的指導，主要是因為節省了費用。本季 Disney+ 核心訂戶增加了 630 萬美元，其中國內因包機權益增加了近 800 萬，而國際上則因批發交易變化和價格上漲的影響而略有減少。

Disney+ core ARPU increased sequentially by 6% or $0.44 reflecting price increases for the domestic premium tier as well as international ARPU growth, partially offset by lower ad supported ARPU domestically, driven by dilution from charter entitlements. And the recent Charter deal also drove Disney+ ad tier subscriber growth in the quarter. We ended Q2 with 22.5 million ad tier subscribers globally. We are pleased with the progress we're making in streaming, although as we said before, the path to long-term profitability is not a linear one.

Disney+ 核心 ARPU 環比增長 6%（即 0.44 美元），反映出國內高端品牌價格上漲以及國際 ARPU 增長，但部分被包機權益稀釋推動的國內廣告支持 ARPU 下降所抵消。最近的特許交易也推動了本季 Disney+ 廣告層用戶的成長。截至第二季末，我們在全球擁有 2,250 萬廣告級訂閱者。我們對串流媒體領域的進展感到滿意，儘管正如我們之前所說，實現長期盈利的道路並不是線性的。

On that note, we are forecasting a loss for entertainment DTC in the third quarter, the vast majority of which is due to Disney+ Hotstar's ICC Cricket rights. We also do not expect to see core subscriber growth at Disney+ in the third quarter, but anticipate sub growth will return in Q4.

就此而言，我們預計第三季娛樂 DTC 將出現虧損，其中絕大多數是由於 Disney+ Hotstar 的 ICC 板球轉播權造成的。我們預計 Disney+ 在第三季不會出現核心用戶成長，但預計次成長將在第四季回歸。

As Bob mentioned, we continue to expect our combined streaming businesses to be profitable in the fourth quarter and expect further improvements in profitability in fiscal 2025. At Entertainment linear networks, a decrease in operating income versus the prior year was primarily driven by lower affiliate and advertising revenue domestically and lower affiliate revenue internationally. And at content sales, licensing and other lower Q2 results versus the prior year reflect the absence of significant theatrical releases in the quarter.

正如鮑伯所提到的，我們仍然預計合併後的串流媒體業務將在第四季度實現盈利，並預計 2025 財年的盈利能力將進一步提高。在內容銷售、授權和其他第二季業績與去年相比較低的情況下，反映出該季度沒有重要的院線上映。

For Q3, we expect this business to generate modestly positive operating income, an improvement over the prior quarter and prior year. Moving to sports. Second quarter operating income decreased slightly versus the prior year, driven primarily by a decrease at ESPN, offset by improved results at Star India sports. As expected, at ESPN, lower results at the domestic business reflects higher programming and production costs from the timing of an additional college football playoff game in the quarter versus the prior year, which were only partially offset by higher ad revenue.

對於第三季度，我們預計該業務將產生適度的正營業收入，比上一季和去年有所改善。轉向體育運動。第二季營業收入與去年同期相比略有下降，主要是因為 ESPN 的收入下降，但被 Star India sports 的業績改善所抵消。正如預期的那樣，ESPN 國內業務的較低業績反映了本季度與上一年相比增加的一場大學橄欖球季後賽的時間安排帶來的更高的節目和製作成本，但廣告收入的增加僅部分抵銷了這一成本。

Domestic affiliate revenue also decreased in the quarter. ESPN domestic ad sales increased by more than 20% versus the prior year or high single digits when adjusted for the college football playoff timing shift of an additional game as well as a new NFL divisional playoff game in Q2 of this year. Q3 to date, we are seeing healthy demand driven by the NBA playoffs and domestic ESPN cash ad sales are pacing up.

本季國內聯營公司營收也有所下降。 ESPN 國內廣告銷售額比前一年增長了20% 以上，在根據今年第二季度的大學橄欖球季後賽附加比賽以及新的NFL 分區季後賽時間調整進行調整後，增幅達到了高個位數。到目前為止，第三季度，我們看到 NBA 季後賽推動了健康的需求，而且國內 ESPN 現金廣告銷售正在加快。

At Star, higher results in Q2 versus the prior year include the impact of a decrease in programming and production costs attributable to the nonrenewal of BCCI cricket rights. Looking ahead, note that we are currently expecting to incur linear ICC rights expense at Star India in Q3. At Experiences, second quarter revenue grew 10%, operating income grew 12%, and segment margins expanded by 60 basis points versus the prior year. Parks and Experiences OI increased by 13% year-over-year and consumer products OI increased by 7%.

Star 的第二季業績較上一年有所提高，其中包括由於 BCCI 板球版權不續簽而導致節目製作和製作成本下降的影響。展望未來，請注意，我們目前預計 Star India 在第三季將產生線性 ICC 版權費用。 Experiences 第二季營收成長 10%，營業收入成長 12%，部門利潤率較上年成長 60 個基點。公園與體驗 OI 年成長 13%，消費品 OI 成長 7%。

Strong international Parks growth was driven by Hong Kong Disneyland Resort while Walt Disney World and the Cruise business both contributed to domestic growth. At Disneyland, despite growing attendance and per capita spend, results declined year-over-year due to cost inflation including from higher labor expenses. We continue to expect robust operating income growth that experiences for the full year. However, third quarter OI is expected to come in roughly comparable to the prior year.

國際園區的強勁成長由香港迪士尼樂園度假區推動，而華特迪士尼世界和遊輪業務均對國內成長做出了貢獻。在迪士尼樂園，儘管遊客數量和人均支出不斷增加，但由於勞動成本上升等成本上漲，業績年減。我們繼續預計全年營業收入將強勁成長。然而，第三季的 OI 預計將與去年大致相當。

Several noncomparable or timing-related items are expected to adversely impact Q3 results, including timing of media and tech expenses, noncomparable items in the prior year at consumer products and the timing of Easter. Beyond these comparability related headwinds, the third quarter's results will be impacted by 3 additional factors, higher wage expenses, preopening expenses related to the Disney Treasure and Adventure Cruise ships as well as Disney Cruise Line's New Island Lookout Cay and some normalization of post-COVID demand.

預計一些不可比較或與時間相關的項目將對第三季度的業績產生不利影響，包括媒體和技術費用的時間安排、上一年消費產品的不可比較項目以及復活節的時間安排。除了這些與可比性相關的不利因素之外，第三季度的業績還將受到3 個額外因素的影響：工資費用上漲、與迪士尼寶藏和冒險遊輪以及迪士尼遊輪公司的新島觀景島相關的開業前費用以及疫情後的一些正常化要求。

As it relates to demand, while consumers continue to travel in record numbers, and we are still seeing healthy demand, we are seeing some evidence of a global moderation from peak post-COVID travel. While pressures from wages, preopening costs and demand impacts are expected to persist in Q4, we do expect year-over-year experiences operating income growth to rebound significantly in the fourth quarter due to fewer comparability or timing factors.

就需求而言，雖然消費者的出行人數繼續創紀錄，而且我們仍然看到健康的需求，但我們看到一些證據表明，全球疫情後出行高峰有所放緩。儘管來自工資、開業前成本和需求影響的壓力預計將在第四季度持續存在，但我們確實預計，由於可比性或時間因素較少，第四季度營業收入同比增長將大幅反彈。

On an enterprise level, we continue to make good progress on our cost efficiency initiatives and remain positioned to exceed our $7.5 billion annualized target. We still expect to generate over $8 billion in free cash flow this fiscal year and the shareholder return goals we've previously spoken about are also still very much on track. We repurchased $1 billion of stock in the second quarter. We continue to position the company for long-term growth and profitability and are making tangible progress on generating compounding earnings and free cash flow growth, which will enable us to continue returning capital to shareholders.

在企業層面，我們繼續在成本效率計劃方面取得良好進展，並有望超過 75 億美元的年化目標。我們仍然預計本財年將產生超過 80 億美元的自由現金流，而我們之前談到的股東回報目標仍然非常順利。我們在第二季回購了 10 億美元的股票。我們繼續將公司定位為長期成長和獲利能力，並在實現複合收益和自由現金流成長方面取得實際進展，這將使我們能夠繼續向股東返還資本。

I'll now hand the call back to Alexia for Q&A.

我現在將把電話轉回給 Alexia 進行問答。

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

謝謝，休。 （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 Steven Cahall with Wells Fargo.

（操作員說明）今天的第一個問題來自富國銀行的 Steven Cahall。

So first, thanks for that detail on Parks and Experiences and what you expect in the third quarter. I just wanted to dig into some of those demand comments a little more. So as you start to lap some of the post-COVID rebound, what's your expectation for attendance maybe at the domestic level and at the global level as you start to exit fiscal '24 and into '25?

首先，感謝您提供有關公園和體驗的詳細資訊以及您對第三季的期望。我只是想進一步深入研究其中一些需求評論。因此，當您開始經歷新冠疫情後的一些反彈時，當您開始退出 24 財年並進入 25 財年時，您對國內和全球層面的出席人數有何期望？

Do you think things will continue to be stable? Or are any of those softening trends sufficient that you expect attendance to have any kind of year-on-year declines? And then on the DTC side of things, Hugh, I think you've talked about a double-digit operating margin as the aspiration. I was wondering if you could just give us any timing as to when we can expect those types of margins? And maybe you could speak to the underlying performance of DTC excluding Hotstar since I think you're going to be consolidating that next year?

您認為事情會繼續穩定嗎？或者這些疲軟趨勢中的任何一個是否足以讓您預計出席人數會出現同比下降？然後在 DTC 方面，Hugh，我想您已經談到了兩位數的營業利潤率作為願望。我想知道您是否可以給我們任何時間來說明我們何時可以預期這些類型的利潤？也許您可以談談不包括 Hotstar 的 DTC 的基本表現，因為我認為您明年會整合這一點？

Great. Steve, happy to weigh in on both of those. First, in terms of attendance, what we're basically communicating is relative to the post-COVID highs, things are tending to normalize. The Parks business did 10% growth in the quarter. And obviously, that's an extremely high revenue number. That said, we still see in the bookings that we look ahead towards indicate healthy growth in the business.

偉大的。史蒂夫很高興對這兩個問題發表看法。首先，就出席率而言，我們基本上傳達的訊息是相對於新冠疫情後的高點而言，情況正在趨於正常化。公園業務本季成長了 10%。顯然，這是一個非常高的收入數字。儘管如此，我們仍然看到未來的預訂表明業務的健康成長。

So we still certainly feel good about the opportunities for continued strong growth. In addition to that, just to comment a bit more on the timing. As I mentioned on the intro, we do have some onetime expenses occurring in Q3. If we were to back out one-timers both for Q3 and Q4, we expect OI for the quarter to be in the mid- to high single-digit range for Q3 and to be double digit for Q4.

因此，我們仍然對持續強勁成長的機會感到滿意。除此之外，我想對時間安排進行更多評論。正如我在介紹中提到的，我們確實在第三季發生了一些一次性費用。如果我們在第三季和第四季都取消一次性投資，我們預計第三季的 OI 將處於中高個位數範圍，而第四季將達到兩位數。

So certainly feel like the Parks business is still doing very, very well. Obviously, we've got the best in the business in terms of product and people still have a strong desire to basically go on vacation and come to see us.

所以我當然感覺公園業務仍然做得非常非常好。顯然，我們在產品方面擁有業內最好的產品，人們仍然強烈渴望去度假並來看我們。

With regard to DTC margins, a couple of comments on that. First, our goal with this business is to make it a great growth business with healthy margins, right? We want both, not one versus the other. We've got a lot of levers that give us strong reasons to believe that there's good growth in front of us, whether it's the great programming we have, whether it's higher engagement through bundling. And we've got examples of that coming in Latin America as well as adding the sports tile, the ESPN tile to our Disney+ offering.

關於 DTC 利潤，有幾點評論。首先，我們對這項業務的目標是使其成為一個具有健康利潤率的巨大成長業務，對吧？我們兩者都想要，而不是兩者對立。我們擁有很多槓桿，讓我們有充分的理由相信我們面前有良好的成長，無論是我們擁有出色的節目，還是透過捆綁獲得更高的參與度。我們有拉丁美洲的例子，以及將體育板塊、ESPN 板塊添加到我們的 Disney+ 產品中。

And obviously, we've already added Hulu. In addition to that, password sharing remains an opportunity. We're just getting started on reducing distribution costs or an opportunity and leveraging technology for direct-to-consumer marketing as well as recommendation engines, which help both on the revenue and cost side. And ultimately, we'll get to building out the international business even more strongly.

顯然，我們已經添加了 Hulu。除此之外，密碼共享仍然是一個機會。我們剛開始降低分銷成本或機會，並利用科技進行直接面向消費者的行銷以及推薦引擎，這對收入和成本都有幫助。最終，我們將更有力地發展國際業務。

So from the perspective of building the business, it will be a combination of both managing costs more tightly but also growth, which will allow us to leverage the cost structure we have right now. And we feel very, very positively about that. Specific timing, I'm not going to comment on for margins. I don't like to get ahead of the next year until we get to the next year.

因此，從建立業務的角度來看，這將是更嚴格地管理成本和成長的結合，這將使我們能夠利用現有的成本結構。我們對此感到非常非常積極。具體時間，我不會評論利潤。在我們進入下一年之前，我不喜歡提前談論下一年。

And in addition to that, from a competitive perspective, I'd rather not give my competitors the pathway and exactly how and when we're going to achieve the margin goals we're looking to achieve. But overall, business is in great shape, and we feel good about the growth prospects.

除此之外，從競爭的角度來看，我寧願不向我的競爭對手提供途徑以及我們將如何以及何時實現我們希望實現的利潤目標。但總體而言，業務狀況良好，我們對成長前景感到樂觀。

And our next question comes from Ben Swinburne with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Ben Swinburne。

Two questions. Bob, on ESPN, there's obviously a lot of focus on the NBA. You've got a lot going on in terms of new product launches, rights packages coming up. You sound as bullish as ever on sort of pivoting this business. Can you just talk about the next kind of 12 to 18 months and what we think -- what do you think ESPN looks like a couple of years from now?

兩個問題。鮑勃，ESPN 顯然非常關注 NBA。在新產品發布、版權包即將推出方面，你們有很多事情要做。您聽起來一如既往地樂觀地推動這項業務的發展。您能談談接下來的 12 到 18 個月以及我們的想法嗎？

And specifically, if you think you can grow this business from an OI point of view, while navigating what is clearly a still inflationary sports rights environment? And then I would love to just get your perspective on sort of the health of the IP at your studios. I know we've talked about this a lot since you've come back into the CEO role. But you -- specifically a lot of Marvel content coming, both on TV and film over the next couple of years. That's an area investors are particularly focused on. How are you feeling about the sort of pipeline on the Marvel side specifically and whether you think this IP is being reinvigorated to the extent you'd like it to be?

具體來說，如果您認為您可以從 OI 的角度發展這項業務，同時應對顯然仍然通膨的體育版權環境？然後我很想聽聽你們對你們工作室知識產權健康狀況的看法。我知道自從您重新擔任執行長以來我們已經多次討論過這個問題。但你——特別是未來幾年將在電視和電影中出現大量漫威內容。這是投資者特別關注的領域。您對漫威的具體開發流程有何看法？

Thanks, Ben. First on ESPN. I think you have to start in terms of projecting the next 12 to 18 months and also considering where it might go from an OI perspective, as it transitions more to a digital business. You have to look at today and the ratings success of ESPN's phenomenal menu of sports product or the ratings success of live sports in general across the business.

謝謝，本。首先是 ESPN。我認為你必須從預測未來 12 到 18 個月開始，並從 OI 的角度考慮它可能會走向何方，因為它更多地向數位業務過渡。你必須看看今天 ESPN 非凡的體育產品菜單的收視率成功，或者整個行業直播體育賽事的收視率成功。

I mean what you saw with obviously the women's NCAA basketball championships. But across the board, I mentioned in my comments, what the April numbers look like, highest April on record as it for instance, in Primetime at ESPN. So I see sports continuing basically to shine in a world where there's just considerably more choice. Live matters. The other thing that's really important is the engagement that live generates. And I mentioned in my comments, which we haven't really talked about much.

我的意思是你在 NCAA 女子籃球錦標賽上看到的情況。但總的來說，我在評論中提到了 4 月份的數據，例如 ESPN 黃金時段有記錄的最高 4 月份數據。所以我認為運動在一個有更多選擇的世界基本上會繼續發光發熱。活著很重要。另一件真正重要的事情是現場產生的參與。我在評論中提到過，但我們並沒有真正談論太多。

And I guess a lot of attention has been on the JV that we announced as well as on flagship, which has taken ESPN direct at the end of '25. But at the end of this year, we're going to put an ESPN tile on Disney+ which will have a modest amount of programming, but it's a start in terms of essentially conditioning the audience or subscribers to Disney+ and Hulu, the fact that sports is going to be there. And it also will help us in terms of overall engagement with our bundle.

我想很多人的注意力都集中在我們宣布的合資公司以及旗艦產品上，該產品已於 25 年底直接接收 ESPN。但今年年底，我們將在 Disney+ 上添加 ESPN 板塊，其中包含少量節目，但從本質上調整 Disney+ 和 Hulu 的觀眾或訂戶而言，這是一個開始，事實上，體育節目將會在那裡。它還將有助於我們提高捆綁包的整體參與度。

As I look ahead, I think ESPN is going to make a pivot toward digital, but without abandoning linear. So it will remain on linear if people want to get ESPN and its different channels through a cable or a satellite subscription, that's fine. And if they want to pivot smoothly because there will be many different access points to get the digital product to ESPN Digital. They can do so as part of a bundle with other sports services. They can do so directly from ESPN with the ESPN app or they can do it as part of a bundle with our own services. So I feel very bullish about it.

展望未來，我認為 ESPN 將轉向數位化，但不會放棄線性。因此，如果人們想透過有線或衛星訂閱收看 ESPN 及其不同頻道，它將保持線性，這很好。如果他們想要順利轉型，因為將有許多不同的接入點將數位產品提供給 ESPN Digital。他們可以將其作為與其他體育服務捆綁的一部分。他們可以透過 ESPN 應用程式直接從 ESPN 執行此操作，也可以將其作為與我們自己的服務捆綁的一部分來執行。所以我對此非常看好。

You also have to look at the menu of sports rights that ESPN has bought and Hugh did a good job describing this on the air this morning in one of his interviews. First of all, we've locked up long-term deals with significant sports organizations. That includes college football championships, all the NCAA championships and the NFL. We're confident or optimistic we're going to end up with an NBA deal that will be long term in our best interest and the best interest of our subscribers.

你還必須看看 ESPN 購買的體育賽事轉播權清單，休在今天早上的一次採訪中很好地描述了這一點。首先，我們已經與重要的體育組織簽訂了長期協議。其中包括大學橄欖球錦標賽、所有 NCAA 錦標賽和 NFL。我們對最終達成一項 NBA 協議充滿信心或樂觀，這將長期符合我們的最佳利益和訂閱者的最佳利益。

And then you look at all the studio product, there's really nothing like ESPN in the sports world and their hand is solid for the next decade. So I feel I'm very bullish, smooth transition to digital, multiple touch points for the consumer, quality programming and sports in general live being very, very attractive in terms of its programming.

然後你看看所有的演播室產品，在體育界確實沒有什麼能比得上 ESPN，他們的手在接下來的十年裡都是穩固的。所以我覺得我非常看好，向數位化的平穩過渡，消費者的多個接觸點，高品質的節目和體育直播在節目方面非常非常有吸引力。

IP at the studio. I've talked a lot about this, as you know. We feel great about the slate coming up, including 3 of the big movies that we have with Planet of the Apes this weekend. Followed by Inside Out 2, which is a great film. And then Deadpool, you mentioned Marvel Ben, in -- coming in July. And then the end of the year, we've got -- we have Alien in the end of the summer, and then we've got Moana 2 and Mufasa at the end of the year.

工作室的IP。如你所知，我已經談過很多關於這個問題的了。我們對即將上映的電影感到非常高興，其中包括本週末與《猩球崛起》合作的三部大片。接下來是《腦筋急轉彎2》，這是一部很棒的電影。然後《死侍》，你提到了《漫威本》，將於 7 月上映。然後到了年底，我們在夏末推出了《異形》，然後在年底推出了《莫阿娜 2》和《木法沙》。

We've been working hard with the studio to reduce output and focus more on quality. That's particularly true with Marvel. I know you mentioned television shows. Some of what is coming up is a vestige of basically a desire in the past to increase volume. We're slowly going to decrease volume and go to probably about 2 TV series a year instead of what had become 4 and reduce our film output from maybe 4 a year to 2 to the maximum 3.

我們一直在與工作室努力減少產量並更加重視品質。對於漫威來說尤其如此。我知道你有提到電視節目。即將發生的一些事情基本上是過去增加銷售的願望的遺跡。我們將慢慢減少產量，每年拍攝大約 2 部電視劇，而不是原來的 4 部，並將我們的電影產量從每年 4 部減少到 2 部，最多 3 部。

And we're working hard on what that path is. We've got a couple of good films in '25. And then we're heading to more Avengers, which we're extremely excited about. So -- and overall, I feel great about the slate. It's something, as you know, that I've committed to spending more and more time on. The team is, I think, one that I have tremendous confidence in. And the IP that we're mining, including all the sequels that we're doing is second to none. So I feel really good about what's coming up.

我們正在努力探索這條道路。 25 年我們有幾部好電影。然後我們將迎來更多的《復仇者聯盟》，對此我們感到非常興奮。所以，總的來說，我對這塊石板感覺很好。如你所知，我已承諾在這方面投入越來越多的時間。我認為，我對這個團隊充滿信心 我們正在挖掘的智慧財產權，包括我們正在製作的所有續集，都是首屈一指的。所以我對即將發生的事情感覺非常好。

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

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

I will also have 2 different topics. First, on I guess, advertising, direct-to-consumer. Can you give us your thoughts going into the upfront, particularly with the integration of the Trade Desk and Google's TV 360? How does that impact advertising? And any comment you can give us on pivot sharing, like when will you implement it in multitude of borrowers or sharers?

我還將有兩個不同的主題。首先，我想是直接面對消費者的廣告。您能否告訴我們您對前期的想法，特別是對於 Trade Desk 和 Google TV 360 的整合？這對廣告有何影響？您可以就樞軸共享向我們提供任何評論，例如您何時會在眾多藉款人或共享者中實施它？

And then last thing on DTC, but ESPN+ lost subs, which was a little surprising. Can you give us some color on what happened there? And then turning to Sports. Bob, you mentioned the confidence of getting the NBA for a long-term contract. But I guess everybody is expecting that you'll pay a lot more, probably get fewer games. Is there any comment that you can give us on your outlook for profitability with the new contract? And will the inclusion of the NBA negotiations open the door to strategic investment?

然後 DTC 的最後一件事是 ESPN+ 失去了替補，這有點令人驚訝。您能為我們介紹一下那裡發生的事情嗎？然後轉向體育。鮑勃，你提到了獲得NBA長期合約的信心。但我想每個人都期望你花更多的錢，得到的遊戲可能會更少。您對新合約的獲利前景有何評論？ NBA談判的納入是否會打開戰略投資的大門？

Sure. I'll take that. Thanks for the question, Jessica. I think that was 2 questions, parts A through E if I captured it correctly. In terms of advertising, generally speaking, the advertising market is pretty healthy right now as we head into the upfront. Certainly, live and sports are playing out very well. And in addition to that, we feel good about the offering we have, particularly in terms of the premium offerings that we have, both in sports as well as with the Disney+ offering.

當然。我會接受的。謝謝你的提問，潔西卡。如果我正確地理解的話，我認為這是 2 個問題，從 A 部分到 E 部分。就廣告而言，一般來說，當我們進入前期階段時，廣告市場目前相當健康。當然，現場直播和體育比賽都進展順利。除此之外，我們對我們擁有的產品感到滿意，特別是在我們擁有的優質產品方面，無論是在體育領域還是在迪士尼+產品方面。

The challenge, obviously, in the advertising market right now is there's a lot more supply in the market, largely as a result of one of our competitors entering the ad tier. But that said, I think generally speaking, we feel like we're in a better place than we were a year ago, and we have healthy momentum across nearly all the categories. Auto may be one exception and maybe to some degree, electronics as well. But by and large, demand is out there, and it's pretty high.

顯然，目前廣告市場面臨的挑戰是市場上的供應增加了很多，這主要是由於我們的競爭對手之一進入了廣告領域。但話雖如此，我認為總的來說，我們感覺我們的處境比一年前更好，而且我們幾乎在所有類別上都有健康的動力。汽車可能是個例外，也許在某種程度上，電子產品也是如此。但總的來說，需求是存在的，而且相當高。

So we lap our way out of the supply increase, I think we're going to be in a good spot as we enter next year. Password sharing beginning next month, in very select markets. We're starting to go after people who are sharing passwords improperly. And that will roll out in earnest or across the globe in September. We feel quite bullish about it. Obviously, we're heartened by the results that Netflix has delivered in their password sharing initiative and believe that it will be one of the contributors to growth, as you noted, going forward.

因此，我們已經擺脫了供應增加的困境，我認為明年進入時我們將處於有利位置。密碼共享將從下個月開始，在特定市場進行。我們開始追查那些以不當方式分享密碼的人。這將於 9 月正式或在全球範圍內推出。我們對此感到非常樂觀。顯然，我們對 Netflix 在密碼共享計劃中所取得的成果感到鼓舞，並相信它將成為未來成長的貢獻者之一，正如您所指出的。

I think it's also important to note, look, Netflix is, in many respects, the gold standard when it comes to streaming. But what I mean by that is if you look at programming, we stack up really well. We have a great lineup and quality of programming across not just ESPN and Disney+, but also Hulu. What we're building is the technology that Netflix has had in place and has been building for well over a decade to improve the business from a bottom line perspective. And that starts with password sharing, but it's all the things that Hugh mentioned as well.

我認為值得注意的是，看，Netflix 在許多方面都是串流媒體的黃金標準。但我的意思是，如果你看看編程，你會發現我們的表現非常好。我們不僅在 ESPN 和 Disney+ 上，而且在 Hulu 上都擁有出色的陣容和高品質的節目。我們正在建立的是 Netflix 十多年來一直在建立的技術，旨在從盈利角度改善業務。這從密碼共享開始，但這也是休提到的所有事情。

So I feel good about this being a necessary and very, very productive next step in terms of rolling out the technology that we need to get to the double-digit margins that he has talked about. Lastly, in terms of the NBA, I'm really not going to comment about profitability or about the cost of the package except to say, as we've said before, we continue to look at the NBA, not only as a premium sports product but is a sports product that has growth ahead of it. Obviously, with great demographics. We feel really good about the potential package that we will end up with in terms of it basically enabling ESPN to continue to shine in the television sports business.

因此，就推出我們達到他所說的兩位數利潤率所需的技術而言，我認為這是一個必要且非常有成效的下一步。最後，就 NBA 而言，我真的不會評論盈利能力或套餐成本，只是說，正如我們之前所說，我們將繼續關注 NBA，而不僅僅是將其視為一項優質體育賽事產品而是一種具有超前增長的體育產品。顯然，人口統計數據龐大。我們對最終獲得的潛在方案感到非常滿意，因為它基本上使 ESPN 能夠繼續在電視體育業務中大放異彩。

And I think it would be -- I won't say anything more about it at this point. If and when there's an announcement, we'll give more details.

我想，現在我不會再多說什麼了。如果有公告，我們將提供更多詳細資訊。

And then last on your question around the timing on ESPN+ subscriptions. That's normal seasonality. That's one of the challenges when you look at things from 1 quarter to the next, the seasonality tends to get ignored, but the end of college football season, we do typically see a decline. So nothing out of the ordinary there.

最後是關於 ESPN+ 訂閱時間的問題。這是正常的季節性。當你從一個季度到下一個季度觀察事情時，這是挑戰之一，季節性往往會被忽視，但在大學橄欖球賽季結束時，我們通常會看到下降。所以那裡沒有什麼不尋常的。

Our next question comes from Robert Fishman with MoffettNathanson.

我們的下一個問題來自羅伯特·菲什曼和莫菲特·內桑森。

One for Bob and one for Hugh, if I can. Bob, back to sports, just maybe more broadly, as you think about which sports rights to invest in, how important is securing global rights to drive the international growth for ESPN or even Disney+ as part of your analysis to drive returns to combat the sports rights increases?

如果可以的話，一份給鮑勃，一份給休。鮑勃，回到體育，也許更廣泛地說，當您考慮投資哪些體育賽事轉播權時，確保全球轉播權對於推動 ESPN 甚至 Disney+ 的國際增長有多重要，作為您分析推動體育賽事回報的一部分權利增加？

And then for Hugh, as a follow-up to the theatrical slate that Bob was speaking about before, can you just help investors think about the Disney studio profit potential and success and maybe even relative to pre-COVID peak levels?

然後，對於休來說，作為鮑勃之前談到的影院名單的後續行動，你能否幫助投資者思考迪士尼工作室的利潤潛力和成功，甚至可能相對於新冠疫情前的峰值水平？

I'll start on the sports question. We have selective rights -- international rights for sports of the sports properties that we've licensed largely for the United States. We also have an array of sports rights in Latin America, many of them came with the acquisition of 20th Century Fox. We're being selective about adding international rights right now where possible, where the opportunity exists, we're doing so. But we're not investing heavily at this point in growing international rights, except again, where we can buy them along with the rights that we're licensing for the United States.

我將從體育問題開始。我們擁有選擇性權利－我們主要為美國授權的體育產業的國際體育權利。我們在拉丁美洲還擁有一系列體育賽事轉播權，其中許多是透過收購 20 世紀福斯公司獲得的。我們現在正在選擇性地添加國際權利，只要有可能，只要有機會，我們就會這樣做。但目前我們並沒有在增加國際版權方面投入大量資金，除非我們可以將它們與我們為美國許可的版權一起購買。

It's an opportunity for us to plant the seeds of more growth for ESPN outside the United States, but we're walking before we run in that regard.

這是我們為 ESPN 在美國以外的地區播下更多成長種子的機會，但在這方面我們還沒有開始行動。

And then, Robert, to answer your question about studio profitability, as I look back, studio profitability has got some cyclicality to it. And we certainly feel very good about the upcoming slate. That business should get back to profitability, and we certainly feel good about it being a healthy, profitable business over time. Beyond that, I don't want to get into quarterly guidance on a subcomponent of one of our segments. So it's just getting a little bit too low into the details.

然後，羅伯特，回答你關於工作室獲利能力的問題，我回顧一下，工作室的獲利能力有一定的周期性。我們當然對即將推出的石板感覺非常好。該業務應該會恢復盈利，隨著時間的推移，我們當然對它成為一項健康、盈利的業務感到滿意。除此之外，我不想討論我們某個細分市場的子組成部分的季度指引。所以細節有點太低了。

And our next question comes from Kannan Venkateshwar with Barclays.

我們的下一個問題來自巴克萊銀行的 Kannan Venkateshwar。

In terms of the theme park business, maybe Hugh or Bob, if you could talk about the growth framework, which anchors your CapEx plan, it's obviously a pretty significant plan over the next decade. And the business has grown over mid-single digits for a very long period of time. How much upside do you see to this trajectory over the investment horizon?

就主題公園業務而言，也許休或鮑勃，如果您可以談論支撐您的資本支出計劃的成長框架，那麼這顯然是未來十年的一個相當重要的計劃。而且該業務在很長一段時間內都以中個位數成長。您認為這軌跡在投資期間內有多大的上升空間？

And then, Bob, from a succession planning perspective, you've obviously been highly engaged with the Board on this. Could you talk about what your goal is in terms of the hand off? What do you hope to achieve in your tenure before the next CEO takes over?

然後，鮑勃，從繼任計劃的角度來看，您顯然在這方面與董事會高度互動。能談談您在交接方面的目標是什麼嗎？在下一任執行長接任之前，您希望在您的任期內實現什麼目標？

Okay. I'll take the first one. Regarding the investment in the parks, you know the financials of that business well. It's a 25-plus margin business and has been for an extended period of time, has terrifically high guest satisfaction scores, which create layers of advantage, would suggest we should be able to sustain high margins and high returns on investment. With the business with that profile, you invest in it. We know there are lots of opportunities to continue to grow attendance, both domestically and internationally.

好的。我就拿第一個。關於公園的投資，您很了解該企業的財務狀況。這是一項利潤率超過 25 的業務，並且已經持續了很長一段時間，擁有非常高的客戶滿意度分數，這創造了多層優勢，表明我們應該能夠維持高利潤率和高投資回報率。對於具有這種特徵的業務，您可以對其進行投資。我們知道，無論是國內還是國際，都有很多機會繼續增加參觀人數。

And the cruise business, frankly, is one that has an enormous number of opportunities for us over time. And that is why we're leaning, we're heavily into that business. So we're not investing capital, obviously, to achieve poor returns. We expect to get excellent returns out of the business, in particular in cruises, given the margin profile of the business, and the fact that it's got the highest guest satisfaction scores in the company. This leads just to conclude, this is a business with a lot of runway left in it, and that will deliver great returns to our shareholders.

坦白說，隨著時間的推移，郵輪業務將為我們帶來大量機會。這就是我們傾向於並大力投入該業務的原因。因此，顯然我們投資資本並不是為了獲得低報酬。考慮到該業務的利潤狀況以及該業務在公司中獲得最高的客人滿意度這一事實，我們希望從該業務中獲得豐厚的回報，特別是在遊輪方面。由此得出的結論是，這是一項還有很多發展空間的業務，將為我們的股東帶來豐厚的回報。

Regarding succession, Kannan, as we've said before, the Board is heavily engaged in the process and has appointed a succession planning committee that is meeting on a regular basis to not just discuss, but also to manage the process, I'm confident that they will choose the right person at the right time. And that to the extent that I can, we'll participate in the smooth transition.

關於繼任問題，Kannan，正如我們之前所說，董事會積極參與這一流程，並任命了一個繼任計劃委員會，該委員會定期舉行會議，不僅進行討論，而且還管理這一流程，我有信心他們會在正確的時間選擇正確的人。我們將盡我所能參與​​平穩過渡。

Our next question comes from John Hodulik with UBS.

我們的下一個問題來自瑞銀集團 (UBS) 的約翰‧霍杜利克 (John Hodulik)。

Bob, engagement on Disney+ has been declining a bit based on the Nielsen gauge data, although I guess it's ticked up a bit here recently at Hulu. But ESPN tile definitely makes sense, but can you talk about efforts to boost viewership on the platform, including the revamp of the technology and maybe the UI that you referenced last quarter? When should we expect to see these benefits or that technology rolled out? Anything you can tell us about engagement for users on the new combined Disney+ Hulu platform?

鮑勃，根據尼爾森測量數據，Disney+ 的參與度一直在下降，儘管我猜最近 Hulu 的參與度有所上升。但 ESPN 板塊肯定是有道理的，但您能否談談為提高平台收視率所做的努力，包括技術的改進，也許還有您上季度提到的用戶界面？我們什麼時候可以看到這些好處或技術的推出？關於新的 Disney+ Hulu 聯合平台上的用戶參與度，您有什麼可以告訴我們的嗎？

So that's one, I guess, with multiple parts. And then following up on ESPN+, again, you lost subs again this quarter. What's the plan for that service once the flagship platform is launched next fall?

我想這是一個由多個部分組成的整體。然後根據 ESPN+ 的報道，本季你又失去了替補球員。明年秋季旗艦平台推出後，該服務的計畫是什麼？

John, I'm happy to talk about engagement a little bit on the platform. As I mentioned earlier, the things that we believe drive engagement and still represents significant incremental opportunity for us is number one, programming, having terrific programming is obviously the leading factor. And with what we've been introducing recently, whether it's Shogun, whether it's The Bear over the next couple of years on the TV side. And obviously, the terrific movie slate that's right in front of us.

約翰，我很高興在平台上談論參與度。正如我之前提到的，我們認為能夠推動參與度並且仍然為我們帶來重大增量機會的事情是第一，編程，擁有出色的編程顯然是主導因素。我們最近介紹的內容，無論是幕府將軍，或是未來幾年電視方面的熊。顯然，精彩的電影就在我們面前。

As we window it into the streaming service, we think that's going to do great things for engagement. In addition to that, things like recommendation engines, obviously, increase engagement because people are getting more of a sense of what it is that they want to watch based on the suggestions that we make. In addition to that, we do see bundling as an opportunity. Sports bundling, which is why we're putting the ESPN Taiwan. In Latin America, we're combining all into the Disney+ app. Again, all this is geared towards driving engagement.

當我們將其納入串流媒體服務時，我們認為這將對提高參與度產生很大的幫助。除此之外，推薦引擎之類的東西顯然可以提高參與度，因為人們根據我們提出的建議更加了解他們想看什麼。除此之外，我們確實將捆綁視為一個機會。體育捆綁，這就是我們把 ESPN 台灣放上來的原因。在拉丁美洲，我們將所有內容整合到 Disney+ 應用程式中。同樣，所有這一切都是為了提高參與度。

So overall, you can be confident we've got laser focused on driving engagement because we know it leads to subscriber satisfaction and it leads to lower churn over time.

因此，總的來說，您可以相信我們已經專注於提高參與度，因為我們知道這會提高訂戶滿意度，並隨著時間的推移降低客戶流失率。

And John, your second question was about our strategy for ESPN+ once we launch flagship? Was that the question?

約翰，你的第二個問題是關於我們推出旗艦產品後的 ESPN+ 策略？是這個問題嗎？

Yes, exactly. I mean is that going to remain a separate service sort of alongside the sort of full blown ESPN streaming service once that's launched next year?

對，就是這樣。我的意思是，明年推出後，這是否仍將是一項獨立的服務，與成熟的 ESPN 串流服務並存？

The plan is if you buy ESPN flagship, then you'll get all the ESPN+ programming in it. If you do not want that, then you can buy ESPN+ on its own. In addition, if you -- our current plan is that with the tile that we're putting on, the combined Disney+ Hulu app, the ESPN tile, you'll be able -- if you're an ESPN+ subscriber, you'll be able to get ESPN+ through that tile.

計劃是，如果您購買 ESPN 旗艦版，那麼您將獲得其中的所有 ESPN+ 節目。如果您不想這樣做，那麼您可以單獨購買 ESPN+。此外，如果您——我們目前的計劃是，使用我們正在放置的圖塊，合併的 Disney+ Hulu 應用程式、ESPN 圖塊，您將能夠——如果您是 ESPN+ 訂戶，您將能夠透過該板塊收看ESPN+。

Our next question comes from David Karnovsky with JPMorgan.

我們的下一個問題來自摩根大通的大衛卡諾夫斯基。

Maybe following up on the studio commentary from earlier. As you noted, your upcoming slate is a number of sequels and that's a strategy where you've had a lot of success in the past. But as you look out over the medium term, how do you think about the balance of leaning on established franchises versus investment in new IP? And then separately, when we look at your summer releases, there are several films from 20th Century Fox IP. So I wanted to see what opportunity you think there is to bring more titles from the Fox library to the forefront?

也許是對工作室早些時候的評論的後續。正如您所指出的，您即將推出的作品包括許多續集，這是您過去取得了巨大成功的策略。但從中期來看，您如何看待依賴現有特許經營權與投資新智慧財產權之間的平衡？然後，當我們單獨查看你們的夏季上映影片時，有幾部來自 20 世紀福斯 IP 的電影。所以我想看看您認為有什麼機會可以將福克斯圖書館的更多書籍帶到最前線？

We're going to balance sequels with originals, particularly in animation. We had gone through a period where our original films in animation, both Disney and Pixar were dominating. We're now swinging back a bit to lean on sequels. And so we've talked, as you know, about Toy Story and obviously, Inside Out this summer. I just think that right now, given the competition and the overall movie marketplace that actually, there's a lot of value in sequels, obviously, because they're known, and it takes less in terms of marketing.

我們將平衡續集和原作，尤其是動畫方面。我們經歷了一段時期，迪士尼和皮克斯的原創動畫電影佔據主導地位。我們現在有點偏向續集。如你所知，我們已經討論了《玩具總動員》，當然還有今年夏天的《腦筋急轉彎》。我只是認為，現在，考慮到競爭和整個電影市場，實際上，續集顯然有很大的價值，因為它們眾所周知，而且在行銷方面花費更少。

In terms of Marvel specifically, it implies there too. We actually have both Thunderbolts as if for instance, is coming up in 2025 as an original. And then, of course, we mentioned Deadpool this summer, which is a sequel. And I talked about Avengers and Captain America is coming out in 2025. It will just be a balance, which we think is right.

具體就漫威而言，這也意味著那裡。我們實際上擁有兩款 Thunderbolt，就好像 2025 年將作為原創產品一樣。當然，今年夏天我們也提到了《死侍》的續集。我談到《復仇者聯盟》和《美國隊長》將於 2025 年上映。

In terms of 20th Century Fox, we continue to look at the library to see what can be mined. I mentioned Alien earlier. We talked about Avatar 3, which is coming, obviously, Planet of the Apes where there might be more opportunity pending the success of the film to do more. I don't think we'll necessarily lean into the library, but we'll continue to look opportunistically at it.

就20世紀福斯而言，我們繼續查看圖書館，看看可以挖掘什麼。我之前提到過外星人。我們談到了《阿凡達 3》，顯然，《猩球崛起》即將上映，在電影成功之前，可能會有更多機會去做更多事情。我認為我們不一定會依賴圖書館，但我們會繼續機會主義地看待它。

Our next question comes from Michael Morris at Guggenheim.

我們的下一個問題來自古根漢的麥可莫里斯。

Two questions. First, can you expand or give us an update on the charter partnership. You mentioned a couple of times. I know it was the first quarter of that kind of new relationship or at least new structure. So the questions are, how did that subscriber base perform from an engagement perspective? How was churn? Did the quarter reflect the full impact at this point from a financial perspective? And is this a template that you do expect to use more frequently going forward?

兩個問題。首先，您能否擴展或向我們介紹包機合作夥伴關係的最新情況。你提到過幾次。我知道這是這種新關係或至少是新結構的第一季。那麼問題是，從參與度的角度來看，該訂閱者群的表現如何？客戶流失狀況如何？該季度是否從財務角度反映了此時的全部影響？您是否希望未來更頻繁地使用此範本？

So that's the first topic. And then second, I wanted to ask about licensing content. And what your view is or your updated view of licensing your content off-platform? What the growth opportunity is there and whether you kind of look at the so-called Netflix effect is something you could benefit from by licensing off platform or whether you want to create that effect yourselves on your own platform and keep content in-house?

這就是第一個主題。其次，我想詢問有關許可內容的問題。您對平台外內容授權的看法或最新看法是什麼？那裡有什麼成長機會？

Yes. I'll take the first question on this. Look, it's very early days, obviously, in terms of the Charter deal. During the quarter, it was only in place for a couple of months. That said, we're happy with it so far. We obviously have gotten added subscribers. And in addition to that, cannibalization has not been very high. And overall, the engagement has been good. So as for it being a template for the future, I don't think I would go to that level. Each of these deals in many ways has to be architected to the specific needs of the partner as well as our needs.

是的。我將回答第一個問題。顯然，就憲章協議而言，現在還處於早期階段。在本季度，它只實施了幾個月。也就是說，到目前為止我們對此感到滿意。顯然我們已經增加了訂戶。除此之外，蠶食率也不是很高。整體而言，參與度很好。至於說它是未來的模板，我認為我不會達到那個水平。這些交易中的每一項都必須在許多方面根據合作夥伴以及我們的具體需求進行設計。

So I don't think I would think of it as a template for the future, but it's been a successful deal for us and for Charter. So we feel good about it.

因此，我認為我不會將其視為未來的模板，但對於我們和 Charter 來說，這都是一筆成功的交易。所以我們對此感覺良好。

We are already doing some licensing with Netflix, and we're looking selectively at other possibilities. I don't want to declare that it's a direction will go more aggressively or not, but we certainly are taking a look at it and being expansive in our thinking about it. We had previously thought that exclusivity, meaning our own product and our own platforms had huge value. It does -- definitely does have some value.

我們已經與 Netflix 進行了一些許可，並且正在選擇性地尋找其他可能性。我不想宣布這個方向是否會更加積極，但我們確實正在研究它並廣泛思考它。我們以前認為排他性意味著我們自己的產品和我們自己的平台具有巨大的價值。它確實有一定的價值。

But as you know, we're also watching as some studios of licensed content to third-party streamers, and that then creates more traction, more awareness. In effect, increases not only the value of the content from a financial perspective, but just in terms of traction. So we're looking at it with an open mind. But I don't think you should expect that we'll do a significant amount of it.

但如您所知，我們也關註一些工作室向第三方串流媒體提供授權內容，從而創造更多吸引力和知名度。實際上，不僅從財務角度增加了內容的價值，而且從吸引力方面也增加了內容的價值。所以我們以開放的心態看待它。但我認為你不應該期望我們會做大量的事情。

Okay. Thanks for the questions, 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 most comparable GAAP measures can be found on our Investor Relations website. 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 as forward-looking statements under the securities laws.

好的。感謝大家提出問題，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最具可比性的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。我還想提醒您，本次電話會議中的某些陳述，包括財務估計或有關我們的計劃、指導或預期和驅動因素的陳述，包括未來收入、盈利能力、DTC 訂戶自由現金流、調整後每股收益和資本分配以及其他不屬於我們的陳述。

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. 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 number of factors. These factors include, among others, economic or industry conditions, competition and execution risks, including in connection with our business plans, potential strategic transactions and our content cost savings, the market for advertising, our future financial performance and legal and regulatory developments.

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。前瞻性陳述受到許多風險和不確定性的影響，考慮到許多因素，實際結果可能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、潛在的策略交易和我們的內容成本節約、廣告市場、我們未來的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 the future strength of our content slate, churn expectations, the financial impact of Disney+ ad tier, pricing decisions, bundling and availability of Hulu on Disney+, technological advances and paid sharing efforts, our ability to continue to rationalize costs 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+ 廣告層的財務影響、定價決策、Hulu 的捆綁和可用性迪士尼+、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合理化成本的能力，所有這些，同時基於廣泛的內部分析和最近的經驗，給我們的前景帶來了一層不確定性。

For more information about key risk factors, please refer to our Investor Relations website. The press release issued today. The risks and uncertainties described in our Form 10-K, Form 10-Q and other filings with the Securities and Exchange Commission. We want to thank you for joining us and wish everyone a good rest of the day.

有關主要風險因素的更多信息，請參閱我們的投資者關係網站。今天發布的新聞稿。我們向美國證券交易委員會提交的 10-K 表、10-Q 表和其他文件中所述的風險和不確定性。我們要感謝您加入我們，並祝福大家有個愉快的一天。

The conference has now concluded. We thank you all for participating in today's call. You may now disconnect your lines, and have a wonderful day.

會議現已結束。我們感謝大家參加今天的電話會議。您現在可以斷開線路，度過美好的一天。