迪士尼 (DIS) 2025 Q1 法說會逐字稿

Good day, and welcome to The Walt Disney Company's first quarter 2025 financial results conference call.

您好，歡迎參加華特迪士尼公司 2025 年第一季財務業績電話會議。

(Operator Instructions) Please note, this event is being recorded.

（操作員指示）請注意，此事件正在記錄中。

I would now like to turn the conference over to Carlos Gomez, Executive Vice President, Treasurer and Head of Investor Relations.

現在，我想將會議交給執行副總裁、財務主管兼投資者關係主管 Carlos Gomez。

Please go ahead, sir.

先生，請繼續。

Good morning.

早安.

It's my pleasure to welcome everyone to The Walt Disney Company's first quarter 2025 earnings call.

我很高興歡迎大家參加華特迪士尼公司 2025 年第一季財報電話會議。

Our press release, Form 10-Q and management's posted prepared remarks were issued earlier this morning and are available on our website at www.disney.com/investors.

我們的新聞稿、10-Q 表和管理層發布的準備好的評論已於今天早上發布，可在我們的網站 www.disney.com/investors 上查閱。

Today's call is being webcast, and a replay and transcript will be made available on our website after the call.

今天的電話會議將進行網路直播，會議結束後，我們將在我們的網站上提供重播和文字記錄。

Before we begin, please take note of our cautionary statement regarding forward-looking statements on our Investor Relations website.

在我們開始之前，請注意我們投資者關係網站上關於前瞻性陳述的警告聲明。

Certain statements on this call, including those regarding our expectations, beliefs, plans, financial estimates and prospects, trends, outlook and guidance and other statements that are not historical may be forward-looking statements under the securities laws.

本次電話會議中的某些陳述，包括關於我們的預期、信念、計劃、財務估計和前景、趨勢、展望和指導的陳述以及其他非歷史性的陳述，根據證券法可能是前瞻性陳述。

We make these statements on the basis of our assumptions regarding the future at the time we make them and do not undertake any obligation to provide updates.

我們根據當時對未來的假設做出這些聲明，並不承擔任何提供更新的義務。

Forward-looking statements are subject to risks and uncertainties.

前瞻性陳述受風險和不確定性的影響。

Actual results may differ materially from the results expressed or implied in light of a variety of factors.

由於多種因素的影響，實際結果可能與明示或暗示的結果有重大差異。

These factors include, among others, economic or industry conditions, competition, execution risks, the market for advertising, our future financial performance and legal and regulatory developments.

這些因素包括但不限於經濟或行業狀況、競爭、執行風險、廣告市場、我們未來的財務表現以及法律和監管發展。

Refer to our IR 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 SEC for more information about key risk factors.

有關關鍵風險因素的更多信息，請參閱我們的 IR 網站、今天發布的新聞稿以及我們的 10-K 表、10-Q 表和向美國證券交易委員會提交的其他文件中所述的風險和不確定性。

A reconciliation of certain non-GAAP measures referred to on this call to most comparable GAAP measures can be found on our IR website.

本次電話會議中提及的某些非 GAAP 指標與大多數可比較 GAAP 指標的對帳表可在我們的 IR 網站上找到。

Joining me this morning are Bob Iger, Disney's Chief Executive Officer, and Hugh Johnston, Senior Executive Vice President and Chief Financial Officer.

今天早上與我一起出席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首席財務長休·約翰斯頓 (Hugh Johnston)。

Following introductory remarks from Bob, we will be happy to take your questions.

在鮑伯開場白之後，我們很樂意回答您的問題。

So with that, I will now turn the call over to Bob.

因此，我現在將電話轉給鮑伯。

Good morning.

早安.

Before we turn to our results this quarter, I want to take a moment to express our continued sympathies to all those affected by the devastating wildfires across Southern California, including our own employees, creative partners and so many others that we know and love.

在回顧本季的業績之前，我想花點時間向所有受到南加州毀滅性山火影響的人們表示持續的慰問，其中包括我們自己的員工、創意合作夥伴以及我們熟悉和喜愛的許多其他人。

Our company's roots run deep in Los Angeles, and we feel a strong sense of obligation to support the community that has helped make this company what it is today.

我們公司的根基在洛杉磯，我們強烈地感到有義務去支持幫助公司取得今天成就的社區。

I'm proud of the many ways our employees have stepped up to assist their neighbors in need, and Disney remains committed to helping with recovery efforts, while our community rebuilds from this tragedy.

我為我們的員工以多種方式幫助有需要的鄰居而感到自豪，而迪士尼也將繼續致力於幫助恢復工作，幫助我們的社區從這場悲劇中重建。

Moving on to the quarter.

進入本季。

Our results in Q1 demonstrate our creative and financial strength and they reflect the success of our strategic initiatives that we set in motion over the past two years.

第一季的業績證明了我們的創造力和財務實力，也反映了我們過去兩年實施的策略舉措的成功。

Clearly, one of the great highlights of the quarter was the performance of our film studios.

顯然，本季的一大亮點是我們電影製片廠的表現。

We had the top three movies of 2024 at the global box office, and I want to thank and congratulate our creative teams on such an incredible year.

我們擁有 2024 年全球票房排名前三的電影，我要感謝並祝賀我們的創意團隊度過瞭如此精彩的一年。

Looking at the rest of the calendar year, we have a lot more to come with an exciting slate of theatrical releases tied to some of our most popular IP.

展望今年剩餘時間，我們也將推出更多與一些最受歡迎的 IP 相關的令人興奮的院線上映作品。

On top of our studio's outstanding performance, we saw growth in streaming profitability, historic ratings at ESPN and the strong and enduring appeal of Disney's Experiences business.

除了我們工作室的出色表現之外，我們還看到串流媒體盈利能力的增長、ESPN的歷史收視率以及迪士尼體驗業務強大而持久的吸引力。

Overall, we're very encouraged by our results this quarter, and we'll be happy to take your questions.

整體而言，我們對本季的業績感到非常鼓舞，我們很樂意回答您的問題。

Thanks, Bob.

謝謝，鮑伯。

(Operator Instructions) And with that, operator, we are ready to take the first question.

(操作員指示) 操作員，我們現在可以回答第一個問題了。

(Operator Instructions) Ben Swinburne, Morgan Stanley.

（操作員指示） 摩根士丹利的本‧斯溫伯恩 (Ben Swinburne)。

You guys have a lot going on in terms of platform enhancements this year at Disney+.

今年，你們在 Disney+ 平台增強方面做了很多工作。

I'm wondering, as Adam builds out his team, you work on password sharing, bundling ESPN in, what do you think will be the most impactful to driving that business?

我想知道，當亞當組建他的團隊時，你致力於密碼共享、捆綁 ESPN，你認為什麼對推動這項業務影響最大？

And what's realistic for investors to sort of -- in terms of timeline to expect kind of tangible results playing out in what we see in your reported numbers?

那麼，從時間表上看，對於投資者來說，能夠現實地期待從您報告的數字中看到實際的成果嗎？

And then I thought I would at least ask Hugh, if you could comment on the outlook for Experiences and Parks in particular, around the opening of Epic, there's probably no other question I get more than your ability to deliver on your guidance on the domestic parks front for the year.

然後我想我至少要問休，你是否可以評論一下 Epic 開業前後體驗和公園的前景，我被問到最多的問題可能就是你是否有能力在今年實現對國內公園方面的指導。

So any update there would be greatly appreciated.

因此，任何更新都將不勝感激。

Thanks for your question, Ben.

謝謝你的提問，本。

Regarding the timing of the different technological advances that Adam and his team are working on, they're actually starting to roll out already and will continue to move throughout the next 12 months, but we're not going to obviously stop at the end of the year.

至於亞當和他的團隊正在研究的不同技術進步的時間表，他們實際上已經開始推出並將在接下來的 12 個月內繼續推進，但我們顯然不會在年底停止。

I wouldn't really call out any one of them in terms of -- one of them having a greater impact than the others because it's a collection of them.

我不會真正指出其中任何一個人——其中一個的影響力比其他人的影響力更大，因為他們是一個集合。

You mentioned paid sharing, that's certainly one.

您提到了付費共享，這當然是其中之一。

Using technology more and more for personalization and essentially upping our game from an algorithm perspective, getting less out of our control or curation and more basically into the business of serving the consumer, what the consumer wants.

越來越多地使用技術來實現個人化，並從演算法的角度本質上提高我們的遊戲水平，減少不受我們的控製或策劃，更多地從根本上服務於消費者，滿足消費者的需求。

We've got some work to do internationally, particularly on the ad tier.

我們在國際上還有一些工作要做，特別是在廣告層面。

Ad tech is also something that we're working on, a variety of different AI initiatives going on and these -- we're also developing flagship.

我們也正在研究廣告技術，我們正在進行各種不同的人工智慧計劃，我們也在開發旗艦產品。

I'd say that of all of them, 1 of the things that we are very, very mindful of is that home screen or front screen or the first experience that consumers have has to be more dynamic.

我想說，在所有這些中，我們非常非常注意的一件事是主螢幕或前螢幕或消費者的第一個體驗必須更加動態。

Ours was elegant looking, but fairly static in nature.

我們的外觀優雅，但本質上相當靜態。

The more dynamic it is, the more people are drawn into it, the more people use it and the more people don't basically close the app out and go elsewhere.

它越有活力，就會吸引越多的人，越多的人使用它，而且越多的人不會關閉應用程式而去其他地方。

That's a big deal.

那是一件大事。

But a lot going on.

但還有很多事情發生。

We're still building his team out.

我們仍在組建他的團隊。

And I'd say that by the end of the year, there will be significant progress made, but we've already made some progress.

我想說，到今年年底，我們將會取得重大進展，但我們已經取得了一些進展。

We've made some progress already.

我們已經取得了一些進展。

Yeah, Ben, and I'll handle the Experiences question.

是的，本，我會處理有關經驗的問題。

Obviously, no change to the guide that we had previously provided.

顯然，我們之前提供的指南沒有任何變化。

We had said Experiences would be up six to eight on the year.

我們曾說過，今年的 Experiences 數量將增加 6 至 8 倍。

The strong Q1 increases our level of confidence in the guide, for sure.

強勁的 Q1 無疑增強了我們對該指南的信心。

It's obviously quite early, but we certainly feel good about the fact that we were able to power through with stronger performance than our expectations were for Q1.

顯然，現在還為時過早，但我們對能夠取得比第一季預期更強勁的業績感到非常高興。

In terms of the balance of the year, recall the easier comps for the Experiences business occur in the back half of the year, particularly in Q4.

就今年的平衡而言，回想一下，體驗業務的業績比較容易比較發生在今年下半年，特別是第四季。

In addition to that, we obviously have lots going on in terms of our ships coming or our ship coming on as of this quarter, which will support the results from Q2 going forward.

除此之外，我們本季的船舶到貨或船舶即將到貨方面顯然有很多事情要做，這將為第二季的業績提供支援。

And in addition to that, we -- as we built our plans, we did anticipate some small impact.

除此之外，我們在製定計劃時確實預料到了一些小的影響。

I think we have it effectively hedged in the guides that we've given to you.

我認為我們在提供給您的指南中已經對此進行了有效的規避。

So overall, level of confidence in the Experiences guide is high.

因此整體而言，對體驗指南的信任度很高。

Robert Fishman, MoffettNathanson.

羅伯特·菲什曼、莫菲特·納森森。

Bob, now that DirecTV and Comcast have launched their skinnier bundles and Hulu Live, fubo planning their own, do you expect these skinnier bundles at current pricing to change the trajectory of cord-cutting?

鮑勃，現在 DirecTV 和 Comcast 已經推出了各自的精簡套餐，Hulu Live 和 fubo 也在計劃推出自己的套餐，您是否預計這些以當前價格提供的精簡套餐會改變有線電視用戶取消有線電視服務的軌跡？

And if not, what else on the pricing or product side do you plan with Fubo that you couldn't accomplish with just Hulu Live?

如果沒有，那麼在定價或產品方面，您對 Fubo 還有什麼計劃，而這些是僅透過 Hulu Live 無法實現的？

And then if I could just take a step back, after the Fubo deal and shutting down Venu, can you discuss Disney's overall sports or broader streaming strategy with the potential for consumer confusion from all the different options, including the upcoming ESPN flagship launch?

然後，如果我可以退一步來說，在 Fubo 交易和關閉 Venu 之後，您能否討論一下迪士尼的整體體育或更廣泛的串流媒體策略，以及所有不同選擇（包括即將推出的 ESPN 旗艦產品）可能給消費者帶來困惑的可能性？

The goal all along, Robert, as it relates to ESPN, is to make ESPN as accessible as possible and in as many ways as possible to the consumer.

羅伯特，就 ESPN 而言，他的一貫目標是讓消費者盡可能透過多種方式觀看 ESPN。

Some will want to consume it just through an app, some will want to consume it as part of, I'll call it, the more traditional expanded basic bundle.

有些人只想透過應用程式使用它，有些人希望將其作為（我稱之為）更傳統的擴展基本捆綁包的一部分來使用它。

Some will migrate in the direction of skinnier bundles or sports bundles only.

有些人只會朝較瘦的捆綁或運動捆綁的方向遷移。

I can't predict whether the emergence of these skinnier bundles is going to have a material impact on cord-cutting or not, except to say that we plan to take advantage of the emergence of these bundles because it is a great way to distribute ESPN.

我無法預測這些精簡套餐的出現是否會對有線電視用戶剪線產生實質影響，但我只能說，我們計劃利用這些套餐的出現，因為這是分發 ESPN 的好方法。

And look, what essentially happened is after the decision was made and we started to implement the launch of Venu, the emergence of the skinnier bundles surfaced, and Venu's basically looked redundant to us.

你看，本質上發生的事情是，在我們做出決定並開始實施 Venu 的推出之後，更精簡的捆綁包出現了，而 Venu 對我們來說基本上是多餘的。

And so this was a great opportunity for us to make ESPN available to multiple skinny bundles and then to actually merge the Hulu Live and the Fubo, essentially channel business, as one.

所以這對我們來說是一個絕佳的機會，我們可以將 ESPN 提供給多個精簡套餐，然後將 Hulu Live 和 Fubo（本質上是頻道業務）合併為一個。

Because, frankly, while we like being in that business, it wasn't a core business to Hulu.

因為，坦白說，雖然我們喜歡從事這項業務，但它並不是 Hulu 的核心業務。

This gives us the ability to actually enhance the Hulu Live experience because the combination of the combined entity when it's approved will spend more time, put more resources into the user interface and essentially making the former Hulu Live experience better for consumers.

這使我們能夠真正增強 Hulu Live 體驗，因為合併後的實體在獲得批准後將投入更多時間、更多資源到使用者介面上，從本質上為消費者提供更好的 Hulu Live 體驗。

In terms of our sports strategy.

就我們的體育策略而言。

I've touched on some of it, and that is make ESPN available however the consumer wants it, wherever the consumer wants it.

我已經談到其中的一些內容，那就是讓 ESPN 以消費者想要的任何方式、在消費者想要的任何地方提供。

Some will want to consume it as part of a linear channel.

有些人希望將其作為線性渠道的一部分來消費。

But we're obviously leaning into the development of what is now called flagship, which is essentially ESPN with multiple, multiple elements to it or multiple essentially enhancements and, of course, the inclusion ultimately of some form of betting and fantasy and a high degree of customization and personalization and essentially, a much bigger offering in terms of product programming than the linear channels currently offer.

但我們顯然傾向於開發現在所謂的旗艦產品，它本質上是 ESPN，但添加了多個元素或多個本質上的增強功能，當然，最終會包含某種形式的投注和幻想以及高度定制和個性化，並且本質上在產品節目方面比線性頻道目前提供的內容要多得多。

The plan will be to launch it sometime toward the -- in the fall of this year.

該計劃將於今年秋季某個時候推出。

And we're actually quite excited about it because, first of all, it gives us an opportunity to bundle it with Disney+ and Hulu, and then we will get really smart and strategic about pricing there, but it gives consumers the option of basically just staying in a sports-only experience or combining it with their other services.

我們對此感到非常興奮，因為首先，它使我們有機會將其與 Disney+ 和 Hulu 捆綁在一起，然後我們將在那裡制定非常聰明和有策略的定價，但它為消費者提供了選擇，基本上是只保留體育體驗或將其與其他服務相結合。

And if they happen to subscribe to Disney+ and Hulu, then they can experience ESPN flagship in a 1-app experience, which will be both convenient from a subscription perspective and also convenient from a user perspective.

如果他們剛好訂閱了 Disney+ 和 Hulu，那麼他們就可以在 1 個應用程式的體驗中體驗 ESPN 旗艦產品，這從訂閱的角度和用戶的角度來說都很方便。

So we're bullish.

因此我們持樂觀態度。

The other thing I want to mention about ESPN, because I know that others have gotten -- other streamers are getting into the sports game, is we have the advantage of not only a menu of sports and sports programming that no one else has, but we're on 365 days a year, 24 hours a day.

關於 ESPN，我還想提一下另外一件事，因為我知道其他人也已經進入了體育領域，我們的優勢在於，我們不僅有其他人所沒有的體育菜單和體育節目，而且我們一年 365 天、每天 24 小時都在播放。

So if you're a sports fan, it's not about one day of on boxing event or one day of football, it's about sports every single day of the year and every hour of the day.

所以如果你是個運動迷，你關注的不是某一天的拳擊比賽或某一天的足球比賽，而是一年中每一天、每天每小時的運動。

And that's a pretty compelling consumer proposition.

這是一個非常引人注目的消費者主張。

John Hodulik, UBS.

瑞銀的 John Hodulik。

Great.

偉大的。

And maybe some questions for Hugh.

也許還有一些問題想問休。

Hugh, can you update us on the cost-cutting initiatives and how far along you are?

休，您可否向我們介紹一下削減成本的舉措以及進度如何？

And along with that, it looks like from the Q that you guys trimmed the content budget to $23 billion from $24 billion.

同時，從季度問責來看，你們將內容預算從 240 億美元削減至 230 億美元。

Just what's behind that?

這背後到底是什麼狀況？

And was that -- is that related to the fires in LA or just some changes to the overall budget?

這是否與洛杉磯火災有關，或者只是整體預算的一些變化？

And then lastly, I have to ask, you have guidance for high single-digit earnings growth for the year started out with earnings growth of over 40% in the first quarter here.

最後，我必須問，您是否預計今年的獲利將實現高個位數成長，而今年第一季的獲利成長率已超過 40%。

Can you just talk a little bit about cadence of earnings growth as we look out through the rest of the year?

能否簡單談談今年剩餘時間的獲利成長節奏？

Sure.

當然。

Happy to.

很開心。

That's quite a few questions, but I'll take a good whack at them.

問題有點多，但我會認真回答的。

First, in terms of cost-cutting.

首先，在削減成本方面。

As a company, we're focused constantly on identifying opportunities that -- where we're spending money perhaps less efficiently and looking for opportunities to do it more efficiently.

作為一家公司，我們始終專注於尋找機會——我們花錢的地方可能效率較低，並尋找更有效率的機會。

That's not a once-a-year thing, that's not a once-a-month thing, that's something that we do every day of the year.

這不是一年一次的事情，也不是每個月一次的事情，而是我們一年中每天都會做的事情。

It's part of what a good management team does, and we do think we're a good management team in that regard.

這是優秀管理團隊所做工作的一部分，從這個方面來說，我們確實認為我們是一支優秀的管理團隊。

So we're going to continue to identify opportunities to redeploy money in order to make the company both higher growth and ultimately more profitable.

因此，我們將繼續尋找重新部署資金的機會，以使公司實現更高的成長並最終實現更高的利潤。

Regarding your question on the guide overall, obviously, the results were certainly in excess of expectations in the first quarter.

關於你關於整體指引的問題，顯然，第一季的業績肯定超乎預期。

It certainly gives us confidence an even higher level of covenants than we probably even had before as we get into the balance of the year.

當我們進入今年的平衡期時，它無疑給了我們比以前更高水準的契約信心。

At the same time, given the rapidly evolving macro environment, we think it would be premature at this point to change the guidance.

同時，鑑於宏觀環境正在快速變化，我們認為目前改變指導方針還為時過早。

That said, to the degree that the business momentum and the business performance justifies it, we're certainly not a management team that's afraid of overdelivering if, in fact, that is where the business takes us.

話雖如此，只要業務發展動能和業務表現能夠證明這一點，我們絕對不是一個害怕超額完成任務的管理團隊，如果事實上業務需要我們這樣做的話。

So generally speaking, feel better about the balance of the year, when we started out the year, feeling very, very positive way about it.

所以總體來說，我們對今年的平衡感覺更好，當我們開始新的一年時，我們對此感覺非常非常積極。

Jessica Reif Ehrlich, Bank of America.

美國銀行的傑西卡·賴夫·埃利希 (Jessica Reif Ehrlich)。

I guess, two things.

我想，有兩件事。

One, on the NBA, can you talk about how you view the path to profitability in the new contract given the weaker season to-date ratings and obviously, the step-up next season?

第一，關於 NBA，考慮到本賽季迄今為止的收視率較低，以及下個賽季的收視率明顯上升，您能否談談您如何看待新合約的盈利之路？

And then on DTC, maybe we could drill down a little bit on how you're thinking about subscriber drivers.

然後關於 DTC，也許我們可以深入了解您如何看待訂閱者驅動因素。

Bob, you mentioned password sharing crackdown.

鮑勃，您提到了打擊密碼共享。

How do you think about the TAM with the potential subscriber impact?

您如何看待 TAM 對潛在使用者的影響？

Obviously, some great films coming onto the platform later this year.

顯然，今年稍後將會有一些精彩的電影登陸該平台。

And then how important is news to the overall product offer?

那麼新聞對於整體產品供應有多重要呢？

In the NBA, we don't talk about profitability for any one of our licensed sports packages.

在 NBA，我們不會談論任何一個授權運動套餐的獲利能力。

We obviously believe in the NBA long term.

我們顯然對 NBA 的長遠發展充滿信心。

It's a great sport.

這是一項很棒的運動。

We think it's a growth sport.

我們認為這是一項成長運動。

We don't really look at ratings year-to-year that carefully.

我們實際上並不會如此仔細地關注每年的評級。

First of all, it's not even -- we haven't even seen half a season, but we're not distracted by it in any sense what's happening ratings-wise the NBA this season at all.

首先，我們甚至還沒有看完半個賽季，但我們絲毫沒有被本賽季 NBA 收視率的波動所影響。

We're happy to have it for now 11 more years including the final 10 of those years.

我們很高興它還能再延續 11 年，包括最後 10 年。

And it will be -- it is and will continue to be a marquee part of ESPN's offering.

它將是並將繼續是 ESPN 提供的服務中的一個重要組成部分。

In terms of subscribers, we believe that in order for us to grow subscribers, it's really a combination of things.

就訂閱用戶而言，我們認為，要增加訂閱用戶，就需要多種因素的結合。

We have to continue to make great product, films and television series.

我們必須繼續製作優秀的產品、電影和電視劇。

We clearly have demonstrated, over the last couple of years, the ability to do that and we are confident that we will deliver on a consistent basis, high-quality films and television over the long run.

過去幾年來，我們已經清楚地證明了我們有能力做到這一點，並且我們有信心，我們將長期持續地提供高品質的電影和電視。

Second.

第二。

You need really strong technology, and this is where we have -- as we have said very publicly, we had a lot of work to do.

你需要真正強大的技術，這就是我們所擁有的——正如我們公開表示的那樣，我們還有很多工作要做。

And while we've made progress already in some ways, we're just getting started.

雖然我們在某些​​方面已經取得了進展，但我們才剛開始。

The only way you succeed in global streaming, both from a subscription perspective and a profitability perspective, is with a great combination of high-quality product with volume and technology.

無論從訂閱角度或獲利角度來看，在全球串流媒體中取得成功的唯一途徑是將高品質的產品與數量和技術完美結合。

And we feel if you look at all the competitors that are in that space, we're very well positioned to both grow subs and grow profits over the long run and actually over the next few years, where we've already demonstrated the ability to make this a much more economically attractive business and with the technology that we've got in place, combined with the success of our content, we actually are bullish about our ability to grow subs, too.

我們認為，如果你看看這個領域的所有競爭對手，你會發現我們完全有能力在長期內增加訂閱量和增加利潤，事實上，在未來幾年裡，我們已經證明了我們有能力使這成為一個更具經濟吸引力的業務，憑藉我們現有的技術，加上我們內容的成功，我們對增加訂閱量的能力也非常有信心。

And Jessica, the only thing I would add to Bob's comments are we gave you guidance in terms of the -- of ESPN for next year, we knew all of the aspects of the NBA contract when we made that deal and there is nothing that is changing in our mind in that regard.

傑西卡，我想對鮑勃的評論進行補充的唯一一點是，我們為您提供了有關 ESPN 明年的指導，我們在達成協議時了解了 NBA 合約的所有方面，因此我們不會在這方面做出任何改變。

And one last thing you asked about news.

最後您問到的是關於新聞的問題。

We like the opportunity to make room for our news output, both the ABC News output and the output of our local stations as part of the app experience.

我們很高興有機會為我們的新聞輸出騰出空間，無論是 ABC 新聞輸出還是我們當地電台的輸出，作為應用程式體驗的一部分。

With improved technology, we're now offering live streams on the Disney+ Hulu app and news will -- does occupy one of those streams and it will continue to be a feature of our overall Disney+ and Hulu offering.

隨著技術的進步，我們現在在 Disney+ Hulu 應用程式上提供直播，新聞將佔據其中一個串流，並且它將繼續成為我們整體 Disney+ 和 Hulu 產品的功能。

And it's also something that differentiates us from some of the others in the space.

這也是我們與該領域其他公司的區別之一。

Michael Ng, Goldman Sachs.

高盛的 Michael Ng。

I just wanted to follow up on your comments, Bob, about streaming and news.

鮑勃，我只是想跟進你關於串流媒體和新聞的評論。

Could you talk a little bit about your decision to add the Sportscenter Daily Show to Disney+ instead of ESPN flagship?

您能否談談將《體育中心每日秀》添加到 Disney+ 而不是 ESPN 旗艦節目的決定？

And with streams and SC+, the investments in live content, what have you found to be the benefit of live as it relates to gross adds and churn and streaming?

那麼，透過串流媒體和 SC+，以及對直播內容的投資，您發現直播相對於總添加量、流失率和串流媒體有什麼好處？

And could you expand a little bit about the competitive advantage that Disney has in producing and distributing live relative to some other streaming services?

您能否稍微闡述一下迪士尼在直播製作和發行方面相對於其他串流媒體服務的競爭優勢？

Well, I think we've all seen the benefit of Live.

好吧，我想我們都看到了 Live 的好處。

Just look at ESPN's ratings, as for instance, or talk to anyone in the advertising business.

例如，只要看看 ESPN 的收視率，或與廣告業的任何人交談即可。

Live is extremely attractive.

現場直播非常有吸引力。

And we have the benefit, as I said earlier, of having live programming every day of the week, every day of the year or every week of the year.

而且正如我之前所說的，我們的優勢在於每週每天、每年每天或每年每週都有現場直播節目。

And so I think that as we provide our consumers with a one-app experience, Live will be a major component of basically our growth -- the growth in that business.

因此我認為，當我們為消費者提供單一應用體驗時，Live 將成為我們業務成長的主要組成部分。

It will contribute to the growth in that business for us.

這將有助於我們的業務成長。

What we did with ESPN and the Sports Center show that you mentioned is we put us in ESPN tile, as we call it, or presence on the home screen of Disney+ that was in part designed to increase engagement for Disney+ Hulu subscribers, gives them something to see on a daily basis.

您提到的 ESPN 和體育中心節目，我們將其放入了 ESPN 磁貼中（我們這樣稱呼它），或者放在 Disney+ 的主螢幕上，部分目的是為了增加 Disney+ Hulu 用戶的參與度，讓他們每天都能看一些內容。

And obviously, as we've talked today, engage -- growing engagement is critical, particularly to lowering churn.

顯然，正如我們今天所談到的，提高參與度至關重要，特別是對於降低客戶流失。

It also gives us the ability to use it as an introductory offer, sort of an introductory ESPN digital offer.

我們還能夠將其用作介紹性優惠，類似於 ESPN 數位介紹優惠。

And ultimately, when flagship is launched, people who use the ESPN tile will have an opportunity to subscribe to a flagship right from that tile.

最終，當旗艦產品推出時，使用 ESPN 模組的人將有機會直接從該模組訂閱旗艦產品。

And if they do subscribe to it, then it becomes a completely integrated app experience with Disney+ and Hulu.

如果他們確實訂閱了，那麼它將成為與 Disney+ 和 Hulu 完全整合的應用程式體驗。

So it's there to improve but to do two things: to benefit Disney+ Hulu, and it's also there to ultimately benefit ESPN flagship.

因此，它可以改進，但可以做兩件事：使 Disney+ Hulu 受益，最終也使 ESPN 旗艦受益。

David Karnovsky, JPMorgan.

摩根大通的戴維‧卡諾夫斯基 (David Karnovsky)。

With Experiences, I wanted to see if you could provide any color on the Disney Treasure launch, how the early returns look relative to expectations and the read-throughs for the launches later this calendar year?

透過體驗，我想看看您是否可以提供有關「迪士尼寶藏」發布會的任何信息，以及早期回報相對於預期如何以及今年晚些時候發布的解讀？

And then just sticking with parks, maybe you could discuss the rollout of Lightning Lane Premier, which I think you recently expanded access for, what type of take rates are you observing on the product and how is that impacting other spending buckets or the overall experience?

然後繼續談論公園，也許您可以討論 Lightning Lane Premier 的推出，我認為您最近擴大了其訪問權限，您觀察到該產品的收費率是什麼樣的，以及這對其他支出範圍或整體體驗有何影響？

Yeah.

是的。

Disney Treasurer is off to spectacular start.

迪士尼財務主管的開局非常出色。

Certainly, in terms of selling out the rooms, we've done terrifically well.

當然，從售房情況來看，我們的業績非常出色。

The feedback and guest experience, high percentage of people are rating it excellent, very much in line with the rest of our ships, and this is just sort of in the initial cruises.

從回饋和客人體驗來看，大部分人都給予了它優秀的評價，與我們其他船隻的評價非常一致，而且這只是在最初的巡航中。

So I feel terrific about that.

我對此感覺非常好。

As we've said before, our expectation is for the shift to be profitable in the first quarter and the first quarter is in the water.

正如我們之前所說，我們預計該轉變將在第一季實現盈利，但第一季的業績卻出現了下滑。

And frankly, that is very much our expectation from here going forward.

坦白說，這正是我們今後的期望。

So feel great about that one.

所以對此感覺很棒。

Lighting Lane, we're launching that product.

Lighting Lane，我們正在推出該產品。

But remember, it is a premium product, it is a product that we are learning how to use.

但請記住，它是一款優質產品，是我們正在學習如何使用的產品。

So we are marketing it very gently initially.

因此我們最初會非常謹慎地進行行銷。

It's very much in line with our expectations, but we are moving slowly with that product in order to make it a great experience both for the purchasers of Lightning Lane and for the rest of our guests in the park.

它完全符合我們的預期，但我們正在緩慢地推進該產品，以便為 Lightning Lane 的買家和公園裡的其他客人帶來絕佳的體驗。

So feel great about it.

所以感覺很棒。

It's going to build over time, but it's certainly very much early days.

它會隨著時間的推移而逐漸建立，但現在肯定還處於早期階段。

Michael Morris, Guggenheim.

古根漢的邁克爾·莫里斯。

Two questions about your outlook.

關於您的觀點有兩個問題。

First, at Experiences, Hugh, on the fourth quarter call, you mentioned that bookings in the back half of the year were positive at that point in time.

首先，休，在第四季的電話會議上，您提到當時下半年的預訂量是正面的。

I'm wondering if you can give us an update there?

我想知道您是否能提供我們最新動態？

Are they still positive?

他們還抱持著正面態度嗎？

Do you have any more visibility?

您還有更多可見性嗎？

How has that trended?

趨勢如何？

And then my second question is on direct-to-consumer.

我的第二個問題是關於直接面向消費者的。

You had a really strong first quarter.

你們的第一季表現非常強勁。

I think you grew about $400 million year-over-year on operating profit, and your guide only implies about $100 million a quarter for the next three quarters.

我認為您的營業利潤同比增長了約 4 億美元，而您的指導僅意味著未來三個季度每季度的營業利潤約為 1 億美元。

So can you talk a little bit about what goes into that outlook, what the puts and takes are maybe on investment that would have that growth slower for the balance of the year?

那麼，您能否稍微談談這種前景的看法，以及投資的利弊，這些因素可能會導致今年餘下時間的經濟成長放緩？

Yeah, happy to cover both of those.

是的，很高興能涵蓋這兩個面向。

Hitting on DTC first.

首先擊中 DTC。

As I mentioned, it's obviously an evolving environment.

正如我所提到的，這顯然是一個不斷發展的環境。

Our expectations are for the business to do terrifically well.

我們期望業務能夠取得優異成績。

We made $300 million in the quarter.

本季我們的獲利為 3 億美元。

For the full year, our expectation is to be a little over $1 billion.

我們預計全年收入將略高於 10 億美元。

So we obviously still have some work to do, but we're out of the blocks very, very quickly.

因此，顯然我們還有一些工作要做，但我們很快就擺脫了困境。

As I mentioned earlier in this call, we're certainly not afraid to overdeliver if the business momentum gives us that, but that's something to be seen.

正如我之前在電話會議中提到的那樣，如果業務勢頭允許，我們當然不怕超額完成任務，但這還有待觀察。

It's premature to be thinking about raising guidance, in my opinion, after just one quarter results.

在我看來，僅僅公佈一個季度的業績後就考慮提高業績預期還為時過早。

And the second question was -- in terms of -- the bookings, I'm sorry.

第二個問題是關於預訂的問題，抱歉。

I should have written that down.

我應該把它寫下來。

Basically, we are further into the curve, but the messaging is exactly the same as I gave you last quarter.

基本上，我們已經進一步進入曲線，但訊息傳遞的內容與我上個季度給你的內容完全相同。

Bookings are up in the summer right now.

目前夏季的預訂量正在上升。

So certainly feeling positive.

所以肯定感覺很正面。

And obviously, we have more demand given that we're 90 days later.

顯然，考慮到已經過了 90 天，我們的需求會更多。

So certainly, the outlook is good in that regard.

因此從這方面來看，前景無疑是好的。

But as always, we're going to take a view at this point that it's premature to be changing guide in that regard, but off to a great start in Experiences.

但與往常一樣，我們現在認為，改變這方面的指南還為時過早，但在體驗方面已經有了良好的開端。

Bryan Kraft, Deutsche Bank.

德意志銀行的布萊恩·克拉夫特（Bryan Kraft）。

So I had one on sports and then just a follow-up.

因此我先討論一下體育運動，然後再進行後續討論。

So first, on sports, you're obviously going to see a step-up in rights costs for the NBA next year, but you've guided to low single-digit OI growth in fiscal '26 on top of 13% growth this year.

首先，在運動方面，你顯然會看到明年 NBA 的版權成本上升，但你預計 26 財年的 OI 成長率將達到個位數的低值，而今年的成長率將達到 13%。

So I just wanted to ask if we should be thinking about some offset and other sports rights coming out of the business to offset the NBA increase or if the fiscal '26 growth is more a function of the OI growth from flagship or a big improvement in pay-TV sub declines because of smaller priced -- lower-priced small sports and news packages?

所以，我只想問一下，我們是否應該考慮從業務中拿出一些抵消和其他體育權利來抵消 NBA 的增長，或者 26 財年的增長是否更多地取決於旗艦產品的 OI 增長，或者付費電視用戶數下降的大幅改善，因為價格較低——價格較低的小型體育和新聞套餐？

So just trying to get underneath of the drivers of that strength.

所以只是試著去了解這種力量的驅動因素。

And then secondly, just on Disney+, if you could talk about the outlook for Disney+ subscriber growth this year, I think you're guiding to essentially flat subs through the end of 2Q.

其次，僅就 Disney+ 而言，如果您可以談談今年 Disney+ 用戶成長的前景，我認為您預計到第二季末用戶數量將基本持平。

What are you expecting in the second half of the year directionally?

您對下半年的方向性預期是什麼？

And what are some of the key factors that are shaping the outlook for the rest of the year?

那麼，影響今年剩餘時間經濟前景的關鍵因素有哪些呢？

Yeah.

是的。

So in terms of ESPN and the NBA, obviously, there are a lot of variables that go into ESPN's P&L, including the advertising market for live sports, which is obviously very, very strong.

因此，就 ESPN 和 NBA 而言，顯然，ESPN 的損益表有很多變量，其中包括現場體育賽事的廣告市場，這顯然非常非常強勁。

It's also in terms of aggregate cost management, not just rights costs for the entire business and Jimmy and the team do a phenomenal job managing their costs and that's a tailwind.

這也是就整體成本管理而言，而不僅僅是整個業務的權利成本，而 Jimmy 和團隊在管理成本方面做得非常出色，這是一個順風。

And then in addition to that, we're going to look at everything else that's out there, and we'll make decisions that are reflective of the discipline that I think this team has shown in terms of what we're looking at in rights going forward.

除此之外，我們還將考慮其他所有情況，並做出能夠反映紀律的決定，我認為，在未來的權利問題上，這個團隊已經表現出了紀律性。

So I'll leave it at that.

所以我不再談論這個了。

But as I said earlier in the call, we mentioned low single digits next year.

但正如我早些時候在電話會議中所說，我們提到明年的成長幅度將低於個位數。

We're still very much committed to that based on the aggregate of all of those inputs.

基於所有這些投入的總和，我們仍然非常致力於這一點。

In terms of outlook for DTC subscribers, our expectation is to grow them for the year.

就 DTC 用戶前景而言，我們預計今年 DTC 用戶數量將會成長。

So given we're basically sort of slightly up in the first quarter, we'll be similar in the second quarter.

因此，考慮到我們在第一季基本上略有成長，第二季的情況也會類似。

Our expectation is, particularly as paid sharing starts to take hold, and as we add more of the movie slate that we produced in the back half of '24 into the streaming service in '25, we think that content will drive sub growth as well.

我們的預期是，特別是隨著付費共享開始流行，並且隨著我們將更多在24年下半年製作的電影添加到25年的串流媒體服務中，我們認為內容也將推動訂閱量的成長。

And I'll add to what Hugh said.

我要補充一下休所說的話。

We actually are very pleased with where we are sub-wise, for Disney+ and Hulu.

事實上，我們對 Disney+ 和 Hulu 的子業務表現非常滿意。

As you know, we took prices up significantly, fairly recently and expected the churn would be significantly greater.

如您所知，我們最近大幅提高了價格，並預期客戶流失率會大幅上升。

And it turned out we delivered numbers that were better than we had expected.

事實證明，我們的業績超出了預期。

So the combination of Disney+ and Hulu, actually, we grew subs modestly in the quarter.

因此，Disney+ 和 Hulu 的結合實際上使得我們本季的訂閱用戶數量實現了小幅增長。

Now while we did that, we also are implementing, as we talked earlier, these technological advances or enhancements that will enable us to lower churn and continue to grow subs.

現在，在我們這樣做的同時，正如我們之前所說的，我們也在實施這些技術進步或增強，這將使我們能夠降低客戶流失率並繼續增加訂閱量。

And we also have a great product pipeline coming.

我們還將推出一系列出色的產品。

So we're bullish about our ability to turn streaming not just into the profitable business than it is today, but into a growth business for the company due to the combination of all these things, and that includes the ability to successfully bundle both for the consumer and for our shareholder, Disney+ Hulu and ultimately, ESPN.

因此，我們對自己的能力充滿信心，我們不僅能將串流媒體轉變為今天的盈利業務，而且能將其轉變為公司的一項增長業務，這得益於所有這些因素的結合，其中包括成功地為消費者和我們的股東 Disney+ Hulu 以及 ESPN 進行捆綁的能力。

Kannan Venkateshwar, Barclays.

巴克萊銀行的 Kannan Venkateshwar。

Maybe on ESPN flagship, Bob.

也許是在 ESPN 旗艦店上，鮑伯。

Just in terms of the vision that you have for the product and the objectives with that service, is this to basically further grow the sports business relative to where it is today or is it more to preserve existing profitability and preserve the ecosystem as it is today?

就您對產品的願景和服務的目標而言，這基本上是相對於現在進一步發展體育業務，還是更多地保持現有的盈利能力並維持現有的生態系統？

It would be great to get your thoughts on that.

我很想聽聽您對此的想法。

And then maybe another one on just the industry-wide consolidation efforts that we have seen.

然後也許還有一個關於我們所看到的全行業整合努力的問題。

If there is an effort to roll up cable networks across the industry, would there be any interest from your end potentially to participate in that with some of your smaller networks?

如果有計劃整合整個行業的有線電視網絡，您是否有興趣帶領一些較小的網絡參與其中？

Let me just make a quick comment about the linear networks.

讓我簡單評論一下線性網路。

We actually are at a point where the linear networks in our company are not a burden at all.

事實上，我們公司現在已經處於這樣的狀態：線性網路根本不是一個負擔。

They're actually an asset.

它們實際上是一種資產。

We are programming them, and we are funding them at levels that actually give us the ability to enhance our overall television business, that obviously includes and leans into streaming, which, let's face it, is really the future of the television business.

我們正在對它們進行編程，並為它們提供資金，這些資金實際上使我們能夠增強我們的整體電視業務，這顯然包括並傾向於串流媒體，讓我們面對現實吧，這才是電視業務的真正未來。

So while I won't rule out the possibility of some of the smaller networks in some form or another being configured differently in terms of how we bring in the market, maybe even ownership, but we're not -- right now, we actually feel good about the hand that we have and the manner in which we're managing both the linear and the streaming businesses across the board at Disney.

因此，雖然我不會排除一些小型網路以某種形式在如何引入市場甚至所有權方面進行不同配置的可能性，但我們不會——現在，我們實際上對我們所擁有的以及我們管理迪士尼的線性和串流媒體業務的方式感到滿意。

Regarding flagship, it's pretty clear that young viewers, I guess you call them, or young consumers, are leaning more and more into streaming experiences, both fixed televisions on walls and mobile devices.

關於旗艦，很明顯，年輕觀眾（我想你這樣稱呼他們）或年輕消費者越來越傾向於串流體驗，包括牆上的固定電視和行動裝置。

And the more ESPN can be present for a new generation of consumers with a product that serves them really well, the better off ESPN's business is.

ESPN 越能為新一代消費者提供真正適合他們的產品，ESPN 的業務就會越好。

So flagship is not really designed to preserve a business, it's designed to grow a business in a market that's evolving or changing right before our eyes.

因此，旗艦店的真正設計目的並非是為了保住業務，而是為了在我們眼前不斷發展或變化的市場中發展業務。

So we're extremely, extremely excited by what's coming and bullish about it because we think it's not only a good business proposition, but it's a sports fan's dream.

因此，我們對即將發生的事情感到非常興奮，並對此充滿信心，因為我們認為這不僅是一個很好的商業提議，也是體育迷的夢想。

Thanks, Kannan, and thanks, everyone, for your questions this morning.

謝謝，Kannan，也謝謝大家今天早上提出的問題。

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

我們感謝您的加入，並祝福大家有個愉快的一天。

Thank you.

謝謝。

This concludes today's conference call.

今天的電話會議到此結束。

We thank you all for attending today's presentation.

我們感謝大家參加今天的演講。

You may now disconnect your lines, and have a wonderful day.

現在您可以斷開連接，享受美好的一天。