迪士尼 (DIS) 2025 Q2 法說會逐字稿

Good day, and welcome to The Walt Disney Company's second quarter 2025 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 2025 年第二季財務業績電話會議。（操作員指示）請注意，今天的活動正在被記錄。

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

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。先生，請繼續。

Good morning. It's my pleasure to welcome everyone to The Walt Disney Company's second quarter 2025 earnings call. 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. Today's call is being webcast, and a replay and transcript will 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 2025 年第二季財報電話會議。我們的新聞稿、表格 10-Q 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。今天的電話會議正在進行網路直播，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. 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. 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.

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示聲明。本次電話會議中的某些陳述，包括有關我們的預期、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。我們根據當時對未來的假設做出這些聲明，並且不承擔提供更新的任何義務。

Forward-looking statements are subject to risks and uncertainties. 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, execution risks, the market for advertising, our future financial performance, and legal and regulatory developments. 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.

前瞻性陳述受風險和不確定性的影響。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。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。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 表格、10-Q 表格和向美國證券交易委員會提交的其他文件中描述的風險和不確定性。

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

在我們的 IR 網站上可以找到本次電話會議中提到的某些非 GAAP 指標與最具可比性的 GAAP 指標的對帳表。

Joining me this morning are Bob Iger, Disney's Chief Executive Officer; and Hugh Johnston, Senior Executive Vice President and Chief Financial Officer. Following introductory remarks from Bob, we will be happy to take your questions.

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)；以及高級執行副總裁兼首席財務官休·約翰斯頓 (Hugh Johnston)。在鮑伯作開場發言之後，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。

In the 102-year history of The Walt Disney Company, there have been many defining moments and countless achievements. One such moment was the opening of Disneyland in 1955. Now 70 years later, having entertained 4 billion guests across six Disney theme park destinations around the world, we are celebrating another great moment in our storied history. I am joining you from the United Arab Emirates, where we just announced an agreement to bring a Disney Theme Park to Abu Dhabi.

在華特迪士尼公司102年的歷史中，有過許多決定性的時刻和無數的成就。其中一個時刻就是 1955 年迪士尼樂園的開幕。70 年過去了，我們已經在全球六個迪士尼主題樂園為 40 億遊客帶來了歡樂，我們正在慶祝我們傳奇歷史上的另一個偉大時刻。我來自阿拉伯聯合大公國，我們剛剛宣布了一項協議，將在阿布達比建立迪士尼主題樂園。

Disneyland Abu Dhabi will be authentically Disney and distinctly Emirati. It will serve as an oasis of extraordinary Disney entertainment for millions and millions of people in this crossroads of the world, connecting travelers from the Middle East and Africa, India, Asia, Europe and beyond.

阿布達比迪士尼樂園將是真正的迪士尼樂園，也是獨特的阿聯酋樂園。它將成為這個世界十字路口上數以百萬計人們的非凡迪士尼娛樂綠洲，連接來自中東和非洲、印度、亞洲、歐洲及其他地區的遊客。

This seventh Disney Theme Park resort will rise from the shores of this land in a spectacular fashion, blending wonderful Disney stories and characters with the cultures and tastes of this country and this region. It will combine contemporary architecture and cutting-edge technology with the timeless magic of Disney to offer guests deeply immersive experiences in unique and modern ways.

第七個迪士尼主題樂園度假區將以壯觀的方式在這片土地上崛起，將精彩的迪士尼故事和人物與這個國家和地區的文化和品味融為一體。它將現代建築和尖端技術與迪士尼永恆的魔法相結合，以獨特而現代的方式為遊客提供深度沉浸式體驗。

As part of our new strategic partnership with the Miral Group of Abu Dhabi, Disney will oversee design, license and our IP and provide operational expertise, while Miral will provide the capital, construction resources, and operational oversight. Our Imagineering team is already hard at work designing this large and very special destination that will become a source of joy and inspiration for generations to come.

作為我們與阿布達比 Miral 集團建立的新策略合作夥伴關係的一部分，迪士尼將負責監督設計、授權和我們的智慧財產權並提供營運專業知識，而 Miral 將提供資金、建設資源和營運監督。我們的幻想工程團隊已開始努力設計這個大型且非常特別的目的地，它將成為子孫後代的快樂和靈感來源。

This is my third visit to Abu Dhabi in the last nine months. And each time, I gain more appreciation and respect for the UAE government, the government of Abu Dhabi, for our partners at Miral and for the people and the culture of Abu Dhabi.

這是我九個月來第三次造訪阿布達比。每次，我都會對阿聯酋政府、阿布達比政府、我們在 Miral 的合作夥伴以及阿布達比的人民和文化產生更多的感激和尊重。

As we prepare to embark on this exciting new addition to our Experiences portfolio, we already have more expansion projects underway domestically and around the world than at any time in our history. That includes investing more than $30 billion in our theme parks in Florida and California to enhance our offerings, create jobs and support the US economy.

在我們準備推出這項令人興奮的新體驗產品組合之際，我們在國內和全球範圍內開展的擴展項目已經比歷史上任何時候都多。其中包括在佛羅裡達州和加利福尼亞州的主題樂園投資超過 300 億美元，以增強我們的服務、創造就業機會並支持美國經濟。

Our focus must always be on building for tomorrow as much as it is on managing for today. That eye to the future and driving growth is central to the important work we've done advancing our four strategic priorities, and looking at our second quarter results, we're making excellent progress.

我們必須始終把重點放在建設明天上，就像管理今天一樣。著眼未來、推動成長是我們推動四大策略重點的重要工作的核心，從第二季的業績來看，我們取得了顯著進展。

We had a very strong Q2 with adjusted EPS up 20% from the prior year, rounding out a solid first half of fiscal 2025.

我們第二季表現非常強勁，調整後每股盈餘較上年同期成長 20%，為 2025 財年上半年畫上了堅實的句點。

Our Experiences segment delivered strong results this quarter, driven by the outstanding performance from our domestic businesses. Investments in this segment have delivered impressive returns on invested capital, with returns from our Experiences businesses at all-time highs.

由於國內業務的出色表現，我們的體驗部門本季取得了強勁的業績。該領域的投資已帶來令人印象深刻的投資回報，其中體驗業務的回報率創歷史新高。

Experiences is obviously a critical business for Disney and also an important growth platform. Despite questions around any macroeconomic uncertainty or the impact of competition, I'm encouraged by the strength and resilience of our business as evidenced in these earnings and in the second-half bookings at Walt Disney World.

體驗顯然是迪士尼的關鍵業務，也是重要的成長平台。儘管對宏觀經濟的不確定性或競爭的影響存在疑問，但我對我們業務的實力和韌性感到鼓舞，這從這些收益和華特迪士尼世界下半年的預訂量中可以看出。

Our Entertainment business, including movies, television series, news and sports, continues to generate strong growth. Our feature films continue to enjoy success at the global box office. Thunderbolts from Marvel Studios opened this past week, and it is currently the number one movie in the world and the best reviewed Marvel film in the last few years.

我們的娛樂業務，包括電影、電視劇、新聞和體育，持續保持強勁成長。我們的劇情片在全球票房上持續取得成功。漫威影業的《雷霆特工隊》於上週上映，目前是全球排名第一的電影，也是近年來評價最高的漫威電影。

We are also excited about our upcoming theatrical slate for the remainder of the calendar year, including the live action Lilo & Stitch, Pixar's Elio, Marvel's The Fantastic Four: First Steps, Freakier Friday, Zootopia 2 from Walt Disney Animation Studios, and the spectacular Avatar: Fire and Ash.

我們也對今年剩餘時間即將上映的電影感到興奮，包括真人版《星際寶貝》、皮克斯的《艾利歐》、漫威的《神奇四俠：最初的夢想》、《怪誕星期五》、華特迪士尼動畫工作室的《瘋狂動物城 2》以及驚悚片《降世神通：火與灰燼》。

We're also quite pleased with the performance of our general entertainment and news programming.

我們對綜合娛樂和新聞節目的表現也非常滿意。

Finally, sports viewership trends continue to be healthy. ESPN's Q2 prime time audience among the key 18 to 49 demographic was up 32%, making it ESPN's most watched Q2 in prime time ever, driven by ESPN's fantastic programming, including NFL and college football, the NCAA Women's Basketball Tournament and other exciting events, all of which is giving us optimism as we head into the upfront next week.

最後，體育收視率趨勢持續健康。ESPN 第二季度黃金時段在 18 至 49 歲主要受眾群體中的觀眾人數增長了 32%，成為 ESPN 有史以來黃金時段收視率最高的第二季度，這得益於 ESPN 的精彩節目，包括 NFL 和大學橄欖球、NCAA 女子籃球錦標賽和其他激動人心的賽事，所有這些都讓我們對下週的預賽充滿樂觀。

Meanwhile, we are only a few months away from the launch of ESPN's exciting new direct-to-consumer product offering and we look forward to sharing pricing and timing details very soon.

同時，距離 ESPN 令人興奮的全新直接面向消費者產品推出僅剩幾個月的時間，我們期待很快分享定價和時間細節。

Overall, our expansive portfolio of high-quality content and programming is enabling us to continue to grow revenue and profitability in our streaming business. Streaming remains a key priority and a core growth platform for Disney. And as we move forward, our improvements in the product will continue to enhance the user experience, increase engagement and reduce churn, thereby enabling us to grow the strategic business at an accelerated rate over time.

總體而言，我們廣泛的高品質內容和節目組合使我們能夠繼續增加串流媒體業務的收入和盈利能力。串流媒體仍然是迪士尼的首要任務和核心成長平台。隨著我們不斷前進，我們對產品的改進將繼續增強用戶體驗、提高參與度並減少客戶流失，從而使我們能夠隨著時間的推移以更快的速度發展戰略業務。

This has been an excellent first half of the fiscal year with strong results, powered by our disciplined and focused growth strategy. We remain confident about the direction of the company and optimistic about our outlook for the rest of the fiscal year.

由於我們嚴謹而專注的成長策略，本財年上半年取得了優異的成績，業績強勁。我們對公司的發展方向仍然充滿信心，並對本財年剩餘時間的前景持樂觀態度。

And with that, Hugh and I would be happy to take your questions.

好了，休和我很樂意回答你們的問題。

Thanks, Bob. As we transition to Q&A, we ask that you please try to limit yourselves to one question in order to help us get through as many analysts as possible today. And with that, operator, we are ready for the first question.

謝謝，鮑伯。當我們轉到問答環節時，我們要求您盡量將自己的問題限制在一個問題上，以幫助我們今天盡可能多地與分析師溝通。接線員，這樣我們就準備好回答第一個問題了。

(Operator Instructions) Ben Swinburne, Morgan Stanley.

（操作員指示）摩根士丹利的本‧斯溫伯恩 (Ben Swinburne)。

Bob, I want to pick up on the streaming commentary you just were talking about. Over the last year plus, you guys have been bringing more Hulu content and sports content into Disney+. You're bringing flagship in from a bundling perspective. I'm just wondering if you're seeing benefits to this broader content strategy within the Disney+ app, whether you look -- this is obviously a domestic comment, whether you look at engagement, sign-ups, et cetera.

鮑勃，我想談談你剛才談到的串流評論。在過去一年多的時間裡，你們為 Disney+ 帶來了更多 Hulu 內容和運動內容。您是從捆綁銷售的角度推出旗艦產品的。我只是想知道，無論您從參與度、註冊量等方面來看，您是否看到了 Disney+ 應用程式中這種更廣泛的內容策略的好處——這顯然是國內的評論。

Is the broadening out of Disney into other areas of content helping the business from a sign ups, churn, engagement point of view? And is there more ahead that you think can really drive the business?

從註冊量、流失率和參與度的角度來看，迪士尼向其他內容領域的拓展是否有助於業務發展？您認為未來是否還有更多因素能夠真正推動業務發展？

And I just wanted to ask Hugh, because I don't think it was in any of the prepared commentary. The three-year guidance, the double-digit earnings growth to '26 and '27, I assume all that is still in place off of the new '25 higher EPS base. Just wanted to make sure we had that correct. Thanks so much.

我只是想問休，因為我認為這不在任何準備好的評論中。三年指引、到 26 年和 27 年的兩位數盈利增長，我認為所有這些都仍然建立在新的 25 年更高 EPS 基礎上。只是想確保我們的理解正確。非常感謝。

Thanks, Ben. To answer your question specifically, the presence of Hulu embedded in Disney, basically from a user experience perspective, and the addition of sports content, is definitely having an impact, definitely having a positive impact. Not only is engagement up, but churn is down, and significantly. And as we look ahead, it's obviously our desire and, in fact, we're optimistic about being able to execute against it to turn the streaming business into a true growth business.

謝謝，本。具體回答你的問題，從用戶體驗的角度來看，Hulu 嵌入迪士尼，以及增加體育內容，肯定會產生影響，肯定會產生積極的影響。不僅參與度上升，客戶流失率也顯著下降。展望未來，這顯然是我們的願望，事實上，我們對能夠實現這一願望並將串流媒體業務轉變為真正的成長業務感到樂觀。

And as we see it, there are three ways to do it. One is what we've just talked about, which is to continue to put Disney+ and Hulu together as a user experience. You'll see more of that in the months ahead. In addition, we plan, when we launched ESPN direct-to-consumer, to be really smart about bundling that. And for those that bundle, the experience will be fully integrated. That will be another big step.

我們認為，有三種方法可以實現這一點。一個是我們剛才講到的，就是繼續把Disney+和Hulu結合起來當作使用者體驗。在接下來的幾個月裡，你會看到更多這樣的情況。此外，我們計劃在推出 ESPN 直接面向消費者的服務時，非常巧妙地進行捆綁銷售。對於那些捆綁服務的使用者來說，體驗將會完全整合。這將是又一大步。

So when you consider the Disney brands that are part of Disney+, the general entertainment that's part of Hulu and the volume, and then the live sports that will be part of the experience, in a way, there's nothing like it in the streaming world. It's unrivaled in terms of quality, in terms of volume, and just -- and in terms of variety. We're very excited about it.

因此，當你考慮到 Disney+ 中包含的迪士尼品牌、Hulu 中包含的綜合娛樂內容以及其數量，以及將成為體驗一部分的體育賽事直播時，在某種程度上，串流媒體世界中沒有什麼能與之相比。就品質、數量和種類而言，它都是無與倫比的。我們對此感到非常興奮。

Two other pillars of growth for that business will be technology. We're also hard at work and improving our -- basically the tech side of that business. We've taken a lot of steps already, including paid sharing, which we're just kicking in with Hulu. That's also starting to work. A lot more in terms of personalization and customization. A lot on the ad tech side. And much more coming. I was just taken through a road map for the rest of the year. So we're not talking about many years. We're talking about near term where the technology improvements to the platforms will be significant.

該業務的另外兩個成長支柱是技術。我們也在努力工作並改進我們的業務——基本上是該業務的技術方面。我們已經採取了很多措施，包括付費共享，我們剛剛與 Hulu 合作推出這項服務。這也開始發揮作用了。在個人化和客製化方面還有很多。廣告技術方面有很多。更多內容即將推出。我剛剛看完了今年剩餘時間的路線圖。所以我們談的並不是很多年。我們正在談論近期平台技術的重大改進。

And of course, the third pillar of growth will be investment in content, particularly outside the United States where we know that we need to invest more in local content. And we've already started that process. It takes time, and you know we don't really end up booking those costs until the shows air. But we're already starting to develop more aggressively in markets -- in very, very targeted markets outside the United States.

當然，第三個成長支柱是對內容的投資，特別是在美國以外，我們知道我們需要在本地內容上投入更多。我們已經啟動了這一進程。這需要時間，而且你知道，直到節目播出時我們才會真正計算出這些費用。但我們已經開始更積極地開拓市場——在美國以外非常有針對性的市場。

Ben, this is Hugh. Obviously, the guide that we announced for this year, which was $5.30, we've now taken to $5.75. The long-term guide remains intact, what we announced before, no change to that.

本，這是休。顯然，我們今年宣布的指導價是 5.30 美元，現在已經調整為 5.75 美元。長期指南保持不變，我們之前宣布的沒有任何變化。

Steven Cahall, Wells Fargo.

富國銀行的史蒂文·卡霍爾 (Steven Cahall)。

YeAH. First, just congratulations on Abu Dhabi. I was wondering if you could speak a little more on how you settled specifically on this location and this partner. I mean, Yas Island is really exciting already with the track and Ferrari World and the Emirate has a lot in infrastructure. But there are a lot of choices in the region. So maybe you could just think about what audience you're going after and how this particular location is best suited for those purposes.

是的。首先，我要祝賀阿布達比。我想知道您是否可以再詳細談談您是如何選擇這個地點和合作夥伴的。我的意思是，亞斯島已經非常令人興奮，擁有賽道和法拉利世界，而且酋長國擁有許多基礎設施。但該地區有很多選擇。所以也許你可以考慮一下你想要吸引什麼樣的受眾，以及這個特定的地點如何最適合這些目的。

And then just a second question on parks. I think domestic park margins were up 110 basis points in the quarter. I think you said that cruise is margin accretive. I was just wondering if you could help us think through the margin improvement you saw at domestic. Was that mostly due to cruise mix? Were underlying domestic park margins up as well? Just thinking about that as we forecast this longer term. Thank you.

然後是關於公園的第二個問題。我認為本季國內公園的利潤率上漲了 110 個基點。我認為您說過巡航可以增加利潤。我只是想知道您是否可以幫助我們思考您在國內看到的利潤率提高。這主要是因為遊輪組合嗎？國內公園的基本利潤率是否也上升了？我們在進行長期預測時就考慮到了這一點。謝謝。

Yeah. This is Hugh. So in terms of the margins on the Parks business, that's a combination of all of the businesses. So we have certainly seen margin accretion in the Parks and Experiences side as well, not just the impact of cruise.

是的。這是休。因此，就公園業務的利潤率而言，這是所有業務的綜合結果。因此，我們當然也看到了公園和體驗的利潤成長，而不僅僅是遊輪的影響。

And then on the Abu Dhabi question, which is a good question, Steven, because we did study the region very carefully and we know that we had many opportunities. Obviously, building a theme park in a location is a huge endorsement of that location. It speaks volumes in terms of the ability of that location to sustain the Disney Theme Park.

然後關於阿布達比的問題，史蒂文，這是一個很好的問題，因為我們確實非常仔細地研究了這個地區，我們知道我們有很多機會。顯然，在某個地方建造主題公園是對該地方的巨大認可。這充分說明了該地點維持迪士尼主題樂園的能力。

I should start really with an overview of the Middle East. It was very obvious to us that there were many people that -- basically hundreds of millions in the world that are income qualified, where a trip to one of our six locations was pretty lengthy in nature and expensive. And so we felt the best way, obviously, to reach those people is to basically bring our product to them.

我應該先概述一下中東。我們非常清楚，世界上有許多人——基本上有數億人——的收入符合要求，但前往我們的六個地點之一的行程相當漫長且昂貴。因此，我們認為，接觸這些人的最好方法顯然就是將我們的產品帶給他們。

Interestingly enough, as an aside, when we decided to build a cruise ship and put it in Singapore, which will not launch until the end of the year, we put it on sale just a few months ago, and the first quarter sold out in a matter of days, for instance. So there's clearly a desire to engage -- of consumers to engage with Disney in a wide region, that is actually distanced enough from our other locations. So that we don't really view this as in any way cannibalistic to the places we already operate.

有趣的是，順便說一句，當我們決定建造一艘遊輪並將其停泊在新加坡時，該遊輪要到年底才會下水，我們在幾個月前就將其出售，例如，第一季度在幾天內就銷售一空。因此，消費者顯然希望在廣闊的地區與迪士尼互動，而這些地區實際上與我們的其他地點有足夠遠的距離。因此，我們並不認為這會對我們已在營運的地區造成任何損害。

Then when you look at Abu Dhabi and the UAE, I mentioned these statistics earlier today. We talk about it being a crossroads of the world. [500 million] income qualified people live within four hours. 120 million people will come through Dubai and Abu Dhabi this year alone. Abu Dhabi estimates that 39 million tourists will visit Abu Dhabi by 2030. That says a lot.

然後當你看看阿布達比和阿聯酋時，我今天早些時候提到了這些統計數據。我們說它是世界的十字路口。 [5億] 符合收入條件的人口居住在四小時內。光是今年，就有1.2億人次經由杜拜和阿布達比抵達。阿布達比預計，到2030年將有3,900萬遊客造訪阿布達比。這說明了很多問題。

Then as we started to really dig deeper into Abu Dhabi specifically and engage with our partners, obviously, capital was not an issue, but in addition to that, they've demonstrated a number of things that were really important to us. One, a real appreciation of quality and innovation and appreciation of the arts and creativity and a huge commitment to new technology. And we were impressed with all of that.

然後，當我們開始真正深入研究阿布達比並與我們的合作夥伴接觸時，顯然，資金不是問題，但除此之外，他們也展示了一些對我們來說非常重要的東西。一是真正欣賞品質和創新，欣賞藝術和創造力，並對新技術有巨大的投入。這一切給我們留下了深刻的印象。

We also looked at what they've already built between The Louvre, that's already built, The Guggenheim, which is going up, and incredible other experiences, the architecture here as well. And everywhere we looked, we basically were convinced that this was a perfect place for us.

我們還參觀了已經建成的羅浮宮、正在建造的古根漢美術館以及其他令人難以置信的建築。無論我們怎麼看，我們都確信這對我們來說是一個完美的地方。

And then in Miral, our partners, we immediately bonded with them in many respects, spoke the same language. Basically, we both have a real appreciation of our history and our legacy. But moving forward and being forward-thinking and innovating is also part of our, basically, our DNA.

然後在 Miral，我們的合作夥伴，我們在許多方面立即與他們建立了聯繫，並說著相同的語言。基本上，我們都真正欣賞我們的歷史和遺產。但前進、具有前瞻性思維和創新基本上也是我們 DNA 的一部分。

And so it was very, very clear to us that of all of the places that we could choose from, there didn't seem to be any place that was better than this. And one of the reasons why I came together so quickly is because of how convinced we became, particularly after engaging with our partners, that this was the right choice.

因此，我們非常清楚，在所有我們可以選擇的地方中，似乎沒有比這裡更好的地方了。我之所以這麼快就達成一致，原因之一是我們都堅信，特別是在與合作夥伴接觸之後，這是一個正確的選擇。

Robert Fishman, MoffettNathanson.

羅伯特·菲什曼、莫菲特·納桑森。

Bob, the studio has clearly delivered many hits over the past year. I'm wondering if you could just share a little bit more about your excitement for the upcoming theatrical slate and how that will generate the additional long-term value for Disney and the multiplier effect that you talked about in your prepared comments.

鮑勃，工作室在過去的一年裡顯然推出了許多熱門作品。我想知道您是否可以再多分享一下您對即將上映的電影的興奮之情，以及這將如何為迪士尼創造額外的長期價值以及您在準備好的評論中談到的乘數效應。

And on a related note, with the Thunderbolts opening, what is your confidence that Marvel can still be a significant driver to that Disney flywheel with its renewed focus on theatrical and putting out less scripted series on Disney+?

順便問一下，隨著《雷霆特工隊》的開播，您是否有信心漫威能夠繼續成為迪士尼飛輪的重要推動力，因為迪士尼重新將重點放在影院上，並在 Disney+ 上推出較少劇本的系列劇？

Thanks, Robert. I have a lot of confidence in our upcoming slate. Let me just list some of the films that are coming out. We have Lilo & Stitch coming out on Memorial Day weekend. That's the live-action version. Tracking is enormous. I've seen the movie a few times. I can endorse it wholeheartedly. I have a lot of confidence there.

謝謝，羅伯特。我對我們即將推出的計劃充滿信心。讓我列出一些即將上映的電影。《星際寶貝》將於陣亡將士紀念日週末上映。這就是真人版。追蹤工作量龐大。我看過這部電影幾次了。我可以全心全意地支持它。我對此很有信心。

Pixar Elio in June. Then we have The Fantastic Four in July. And then TRON, Zootopia, and Avatar to finish out the calendar year. That's quite a lineup. And then next year, Avengers, Mandalorian, Toy Story, and Moana live action.

六月的皮克斯艾利奧。然後我們將在七月觀看《神奇四俠》。然後是《電子世界爭霸戰》、《瘋狂動物城》和《阿凡達》來結束這一年。陣容相當強大。明年，《復仇者聯盟》、《曼達洛人》、《玩具總動員》和《海洋奇緣》將上映真人版。

So we have a slate in the next 1.5 years that, not only have a lot of confidence in, but it's as strong as any slate that I've seen in a long time since well, in 2019, I think, was our best year. It's as strong as anything I've seen since then. So great confidence.

因此，我們對未來 1.5 年的計劃不僅充滿信心，而且和我很久以來見過的任何計劃一樣強勁，因為我認為 2019 年是我們最好的一年。它和我從那時起見過的任何東西一樣強大。如此大的信心。

And look, I've talked about Marvel a lot. We all know that, in our zeal to flood our streaming platform with more content, that we turn to all of our creative engines, including Marvel, and have them produce a lot more. We've also learned over time that quantity does not necessarily beget quality.

瞧，我已經談論過很多關於漫威的事情了。我們都知道，為了為我們的串流平台注入更多內容，我們求助於包括漫威在內的所有創意引擎，並讓它們製作更多內容。隨著時間的推移，我們也認識到數量並不一定能帶來品質。

And frankly, we've all admitted to ourselves that we lost a little focus by making too much. And by bringing Marvel -- by consolidating a bit and having Marvel focus much more on their films, we believe it will result in better quality. And I think the first and best example is Thunderbolts. So we feel very good about that. Thank you.

坦白說，我們都承認，我們因為做得太多而失去了注意力。透過對漫威進行整合，讓漫威更加專注於自己的電影，我們相信這將帶來更好的品質。我認為第一個也是最好的例子就是 Thunderbolts。因此我們對此感到非常高興。謝謝。

Jessica Reif Ehrlich, BofA Securities.

傑西卡‧賴夫‧艾利希 (Jessica Reif Ehrlich)，美國銀行證券公司。

Maybe switching gears to advertising. Bob, you mentioned in your prepared remarks that you're optimistic regarding the upfront. Can you give us like some comments on what you're seeing in the market, the move to programmatic? Is it having an impact on your share of market, sports? And then I think the advertising was lower in Disney+. So maybe you could give us the color on what's going on.

也許會轉向廣告。鮑勃，你在準備好的發言中提到你對前期工作持樂觀態度。您能否就您在市場上看到的程序化趨勢發表一些評論？這對你們的體育市佔率有影響嗎？然後我認為 Disney+ 的廣告較少。所以也許您可以告訴我們到底發生了什麼事。

And then just a follow-up on Abu Dhabi. Since you're not putting capital in, is there any ownership or is this simply a royalty?

然後是關於阿布達比的後續報導。既然您沒有投入資本，那麼是否存在所有權，或者這只是一種特許權使用費？

I'll start on the Abu Dhabi question, and I'll let Hugh pick up your question on advertising. It is all their capital, and we will get a royalty. So there is an ownership. We own our IP and license it to them, is essentially the arrangement. We're responsible for design and development. And we will be involved significantly in oversight of their operations, basically to ensure that the Disney experience, meaning the Disney Theme Park experience, is up to the level that we offer in the other six locations that we operate.

我先從阿布達比的問題開始，然後讓休來回答你關於廣告的問題。這都是他們的資本，我們會得到特許權使用費。因此存在所有權。我們擁有自己的智慧財產權並將其授權給他們，本質上就是這種安排。我們負責設計和開發。我們將大力監督他們的運營，主要是為了確保迪士尼體驗，即迪士尼主題公園體驗，達到我們在其他六個運營地點提供的水平。

By the way, we're not concerned about that at all. They've already demonstrated a commitment to quality in that regard. But this is essentially a license arrangement but with considerable involvement of us. So although they will operate it, we will have employees embedded in the organization with them to help them operate a Disney Theme Park, basically the quality level that everybody is used to.

順便說一句，我們根本不擔心這件事。他們已經展示了對這方面品質的承諾。但這本質上是一種許可安排，但我們有相當多的參與。因此，儘管他們將負責運營，但我們會派遣員工融入他們的組織，幫助他們經營迪士尼主題樂園，基本上達到大家都習慣的品質水準。

Hey, Jessica. Just to follow up on the advertising question. Right now, the advertising market is quite healthy for us. Live sports, as you know, is doing extremely well, and you see that in the ESPN numbers where advertising for the quarter was up over 20%.

嘿，潔西卡。只是想跟進一下廣告問題。目前，廣告市場對我們來說相當健康。眾所周知，現場體育賽事表現非常出色，您可以從 ESPN 的數據中看到，本季的廣告收入成長了 20% 以上。

In addition to that, we continue as we go into the upfront season to see robust demand for our advertising. So I know there's lots of concern from a consumer perspective and what that might mean for advertisers. But right now, in particular, restaurants and healthcare are -- have considerable demand for advertising.

除此之外，隨著進入銷售旺季，我們繼續看到市場對我們的廣告的強勁需求。因此，我知道從消費者的角度來看有很多擔憂，以及這對廣告商意味著什麼。但目前，餐廳和醫療保健對廣告的需求尤其大。

The one place that obviously is -- continues to be a bit more challenged is on the DTC side. Not driven by demand, but driven by supply as we have new entrants into that marketplace. But that said, there's still strong demand there for Disney advertising as well.

顯然，繼續面臨更大挑戰的就是 DTC 方面。不是由需求驅動，而是由供應驅動，因為我們有新進入者進入該市場。但話雖如此，那裡對迪士尼廣告的需求仍然強勁。

Overall, you may recall back at the beginning of the year, we indicated that our advertising growth would be up consistent with what we saw last year, which was 3%. We now expect it to be in excess of what we indicated back at the beginning of the year. So overall, the advertisers are certainly demanding what we can offer.

總體而言，您可能還記得，在年初，我們曾表示，我們的廣告成長將與去年的 3% 保持一致。我們現在預計它將超過我們年初所預測的水平。所以總的來說，廣告商肯定對我們提供的產品有要求。

David Karnovsky, JPMorgan.

摩根大通的戴維卡諾夫斯基。

Bob, just on ESPN flagship, as you move towards the launch, interested to understand better the approach from a programming standpoint, how you do the necessary critical mass of both sports rights and shoulder programming in a more tech-driven interface, how is that different from linear?

鮑勃，剛才談到 ESPN 旗艦節目，隨著節目的推出，我們有興趣從節目製作的角度更好地了解這種方法，如何在一個更加技術驅動的界面中完成體育轉播權和肩部節目製作的必要關鍵環節，這與線性節目有什麼不同？

And then just given the importance of some of the features you'll roll out like betting and fantasy, how do you think about wanting to keep subscribers in that ecosystem versus giving them the option of consuming their flagship subscription through Disney+?

考慮到您將推出的一些功能（例如投注和幻想）的重要性，您如何看待讓訂閱者留在該生態系統中，而不是讓他們選擇透過 Disney+ 消費他們的旗艦訂閱？

First of all, to the last point, if you are a subscriber of linear ESPN, you will automatically get what I know we've been referring to as ESPN flagship. By the way, it will not be called that. And next week, Jimmy Pitaro plans to reveal not only the name but he'll also talk about our pricing strategy.

首先，關於最後一點，如果您是線性 ESPN 的訂閱者，您將自動獲得我所知道的我們一直提到的 ESPN 旗艦產品。順便說一句，它不會被這樣稱呼。下週，Jimmy Pitaro 不僅計劃透露名稱，還將談論我們的定價策略。

But the plan would be to basically be somewhat agnostic from a subscriber perspective so that we can still do our best to preserve the multichannel ecosystem, but at the same time, obviously, we want to grow our DTC business. The difference is that the ESPN linear service will -- if that's all the consumer chooses to watch, will not have the bells and whistles in those additional features that the DTC service will have. But again, we're giving the consumer the option of consuming both.

但該計劃基本上從訂閱者的角度看是有點不可知的，這樣我們仍然可以盡力維護多通路生態系統，但與此同時，顯然我們希望發展我們的 DTC 業務。不同之處在於，如果消費者只選擇觀看 ESPN 線性服務，那麼該服務將不會具備 DTC 服務所具有的附加功能。但同樣，我們為消費者提供了同時消費兩種產品的選擇。

From a critical mass perspective, we have obviously an unrivaled portfolio of licensed sports on ESPN and an unrivaled portfolio of studio programming and shoulder programming, the bulk of which will be on the linear service and, of course, on flagship, quote-unquote, flagship. At some point, I've got to stop using that work.

從臨界質量的角度來看，我們顯然在 ESPN 上擁有無與倫比的授權體育節目組合，以及無與倫比的演播室節目和肩部節目組合，其中大部分將在線性服務中，當然，在旗艦，所謂的旗艦中。在某些時候，我必須停止使用這項工作。

That said, what we've already been doing and what we'll continue to do is give consumers of Disney+ and Hulu, a taste of live sports on that service so that we have an opportunity to upsell them on the Disney DTC service, which obviously is a priority of ours. And again, that service will have many more features than the linear service will have.

話雖如此，我們已經在做的事情以及我們將繼續做的事情是讓 Disney+ 和 Hulu 的消費者體驗到該服務上的體育直播，這樣我們就有機會向他們推銷迪士尼 DTC 服務，這顯然是我們的首要任務。而且，該服務將比線性服務具有更多的功能。

So I know -- and this, when we launch, will be much simpler perhaps that I'm even describing. We're going to limit the number of SKUs. We're going to make it very, very clear what is what, meaning what you get when you just watch linear, what you get when you sign up to Disney DTC.

所以我知道——當我們推出時，這也許會比我描述的要簡單得多。我們將限制 SKU 的數量。我們會非常非常清楚地說明什麼是什麼，也就是說，當您觀看線性節目時您會得到什麼，當您註冊 Disney DTC 時您會得到什麼。

And I think the most important thing is that, if you are a subscriber of Disney+ and Hulu and ESPN DTC -- I should have said ESPN, not Disney -- if you're a subscriber all three, you'll have a seamless experience there. They'll be completely ultimately integrated or embedded into the service. And that, I think, is a real plus from a consumer experience perspective.

我認為最重要的是，如果你是 Disney+、Hulu 和 ESPN DTC 的訂閱者——我應該說 ESPN，而不是 Disney——如果你同時訂閱了這三個平台，你將獲得無縫的體驗。它們最終將完全整合或嵌入到服務中。我認為，從消費者體驗的角度來看，這是一個真正的優勢。

Michael Morris, Guggenheim.

麥可·莫里斯，古根漢。

I wanted to ask a couple more questions about the Experiences segment and specifically about the outlook there. So you had a strong fiscal second quarter. You didn't change the full year growth guidance. So can you provide an update on what you're seeing in the demand environment in the US in particular and whether that changed from the end of the last quarter?

我想再問幾個有關體驗部分的問題，特別是關於那裡的前景。所以你們的第二財季表現強勁。您沒有改變全年成長預期。那麼，您能否提供您所看到的美國需求環境的最新情況，以及這種情況與上個季度末相比是否有所變化？

Also, the growth rate, the implied growth rate, in the back half of the year is for double-digit operating income growth. As you look into fiscal '26, is there a reason that that double-digit growth isn't something that can continue? I know you've spoken to high single digits in the past in '26, so wondering if there's any upside there.

此外，下半年的成長率，隱含成長率，是兩位數的營業收入成長。當您展望 26 財年時，兩位數的成長速度是否無法持續下去？我知道您過去在 26 年曾談到過高個位數，所以想知道那裡是否有任何好處。

And then just finally, on international, you noted the -- some softness in demand in China. And the question is, is that getting worse? And how much of a headwind may that be going forward? Thank you.

最後，在國際方面，您注意到中國的需求已疲軟。問題是，情況會變得更糟嗎？那麼，這在未來會造成多大的阻力呢？謝謝。

Okay. Michael, Hugh here. I think that was three questions, but I'll give my best to remember them all and answer.

好的。邁克爾，我是休。我認為那是三個問題，但我會盡力記住所有問題並回答。

In terms of the first piece, the outlook, the outlook is actually still quite strong for the Experiences business. Bookings right now for Walt Disney World for the third quarter are up 4%, and that's with about what we would say is about 80% in. And then for the fourth quarter, bookings are up 7%. That's probably somewhere between 50% and 60% in at this point. So certainly, looking very optimistic, and that was part of what factored into our change in the guidance going forward.

就第一部分，即前景而言，體驗業務的前景實際上仍然相當強勁。目前，華特迪士尼世界第三季的預訂量增加了 4%，我們認為這一數字大約為 80%。第四季的預訂量增加了 7%。目前這個比例大概在 50% 到 60% 之間。因此，當然看起來非常樂觀，這也是我們未來指導方針改變的部分因素。

In terms of your question on international, it's not getting any worse. And again, just to reiterate what Josh mentioned on CNBC, attendance is actually still quite good. It's just per cap spending isn't quite as high -- in China, correct. Because the Chinese consumer, as we know, is a bit challenged. So from that perspective, certainly feel good about the fact that we still have the engagement. Consumers are tightening their belts a little bit in that particular market, and that's what you're seeing flow through there.

關於您提到的國際問題，情況並沒有變得更糟。再次重申喬希在 CNBC 上提到的內容，出席率實際上仍然相當高。只是人均支出沒有那麼高──在中國，沒錯。因為我們知道，中國消費者面臨一些挑戰。因此從這個角度來看，我們仍然保持著合作關係，這當然讓我們感到高興。在那個特定的市場中，消費者正在勒緊褲帶，這就是你所看到的趨勢。

In terms of expectations for '26 -- for first '25. The only thing I would say is we guided to 6% to 8%. Given the numbers that we're seeing, we're probably going to be at the higher end of that for the Experiences business for this year. And then for '26 and beyond, I'm not going to comment on that at this point. We'll do guidance on '26 when we get to '26. I'm not going to provide any further color on that until we get to that point, other than what I had mentioned earlier, which is the guidance in terms of growth rates remains intact.

就對 26 年的期望而言——首先是 25 年。我唯一想說的是，我們預計成長率將達到 6% 至 8%。從我們看到的數字來看，我們今年的體驗業務可能會達到更高的水平。對於 26 年及以後的情況，我現在不打算對此發表評論。當我們到達 26 時，我們將對 26 做出指導。在到達那個點之前，除了我之前提到的，即增長率方面的指導保持不變之外，我不會提供任何進一步的細節。

Michael Ng, Goldman Sachs.

高盛的 Michael Ng。

Just two on Experiences. First, just with Disney Treasure hitting the second full quarter -- or excuse me, the second quarter of operations. I was wondering if you could talk about key learnings from the Cruise launch so far and anything there that helps to inform expectations or strategy around the upcoming launch of Disney Adventure and Disney Destiny.

僅談兩點經驗。首先，迪士尼寶藏系列剛剛進入第二個完整季度——或者不好意思，是第二季度的運營。我想知道您是否可以談談迄今為止從郵輪發布中獲得的主要經驗，以及任何有助於為即將推出的迪士尼冒險號和迪士尼命運號提供預期或策略的資訊。

And just as a Parks follow-up, I was just wondering if you could talk a little bit about the international visitation to domestic parks and if you're seeing any changes there. Thank you very much.

作為公園的後續問題，我只是想知道您是否可以談談國際遊客參觀國內公園的情況，以及您是否看到那裡發生了任何變化。非常感謝。

I'll take the cruise ship, you take the rest. On the cruise ship side, as we've expanded, we've embedded in our ships even more Disney intellectual property and at a higher quality level. And the ratings for The Treasure are just sky high. People just love that ship and for good reason. And obviously, the shifts that are coming will take full advantage of everything that The Treasure has taken advantage of and then some. And so we feel great about that business.

我坐遊輪，你坐剩下的。在遊輪方面，隨著我們的擴張，我們在遊輪上嵌入了更多的迪士尼智慧財產權，並且品質水準更高。《寶藏》的收視率非常高。人們就是喜歡那艘船，而且理由充分。顯然，即將到來的轉變將充分利用《寶藏》所利用的一切，甚至更多。因此我們對這項業務感到非常滿意。

It has been a great way for us to bring the Disney experience to more consumers around the world. As noted earlier on the call, the experience we've had in putting the ship that will sail at Singapore on [sail] as a -- for instance. And so we see that business becoming a growth driver for the segment over the next three to four years as more ships are deployed.

這對我們來說是一個將迪士尼體驗帶給全球更多消費者的絕佳方式。正如之前在電話中提到的那樣，我們在將即將在新加坡起航的船隻投入使用方面擁有的經驗是——例如。因此，隨著更多船舶的部署，我們預計該業務將成為未來三到四年該領域的成長動力。

Yeah. And Michael, in terms of the attendance -- international attendance at the domestic parks, we've indicated in the past that that number has not gotten back to pre-COVID levels, but it is still in the double digits. We've seen a bit of an impact, but it's literally like, in terms of the mix, 1% to 1.5%. And what I would expect going forward is something similar to that. The good news is we're clearly more than making up for it with domestic attendance. So attendance at the parks has been terrific.

是的。邁克爾，就遊客人數而言——國內公園的國際遊客人數，我們過去曾表示，這一數字尚未恢復到疫情之前的水平，但仍保持著兩位數。我們已經看到了一些影響，但就混合而言，它實際上就像 1% 到 1.5%。我期望未來也會出現類似的事情。好消息是，我們顯然透過國內觀眾人數彌補了這一不足。因此，公園的遊客數量非常多。

Kannan Venkateshwar, Barclays.

巴克萊銀行的 Kannan Venkateshwar。

Maybe to Bob, on the park side, with the Abu Dhabi Park announcement, and you also have a long-term plan in place for the segment as a whole, are there other opportunities in other locations around the world? I mean, now you have a presence in Singapore, you now have a presence in Abu Dhabi. So is there more opportunity for you to expand that footprint further as you look out longer term? So some thoughts on that would be great.

也許對鮑伯來說，在公園方面，隨著阿布達比公園的宣布，並且您也為整個部分制定了長期計劃，那麼在世界其他地方還有其他機會嗎？我的意思是，現在你們在新加坡有業務，現在在阿布達比有業務。那麼，從長遠來看，您是否有更多機會進一步擴大影響力？因此，對此有一些想法會很好。

And then, Hugh, on the streaming side, when we think about operating leverage going forward, is that largely a function of revenue growth? Or is there also a cost opportunity as you align these platforms and, as Bob mentioned, there might be fewer SKUs going forward, and so does that also provide some kind of a cost opportunity where we see margins have declined? Thanks.

然後，休，在串流媒體方面，當我們考慮未來的營運槓桿時，這主要是收入成長的函數嗎？或者，當您調整這些平台時是否也存在成本機會，並且正如鮑勃提到的那樣，未來的 SKU 可能會更少，那麼這是否也提供了某種成本機會，我​​們看到利潤率已經下降？謝謝。

Kannan, thanks for your question. We just announced Abu Dhabi, now you're asking for more already. So thank you. With this as our seventh location we feel that once it opens, it gives us the ability to be far more effective at reaching basically the world's population than we've been before. And while I'm not going to rule out the possibility of another location, there's nothing that's really being planned near term to actually build another park in what would be an eighth location.

Kannan，謝謝你的提問。我們剛剛宣布了阿布達比，現在你們已經要求更多了。所以謝謝你。這是我們的第七個地點，我們認為，一旦它開放，它將使我們有能力比以前更有效地接觸到全世界的人口。雖然我不會排除在其他地點建造公園的可能性，但近期並沒有計劃在第八個地點建造另一個公園。

However, I want to remind you that when we talked about a year ago about turbocharging that business, with investment in capital, because the return on invested capital has been so stellar, we are continuing on that trajectory. And to remind everyone, and it's tied to the kind of deal that we made in Abu Dhabi, we're planning to invest approximately $30 billion to expand Florida and California, which obviously is a vote of confidence in those locations.

然而，我想提醒大家，一年前我們談到要透過資本投資來推動業務發展，由於投資資本的回報率非常高，我們將繼續沿著這一軌跡發展。提醒大家的是，這與我們在阿布達比達成的協議有關，我們計劃投資約 300 億美元來擴大佛羅裡達州和加州，這顯然是對這些地區的信任投票。

But in addition, those will be highly accretive from a job perspective as well. And we're also investing to expand in every other location that we operate. So obviously, a bullish belief in the business itself. With Abu Dhabi, as I said, and with the addition of the cruise ships, we're making ourselves very accessible to hundreds of millions of more people than we were in the past.

但除此之外，從就業角度來看，這些也將具有很高的增值作用。我們也正在投資擴大我們經營的其他所有地區。顯然，我們對業務本身抱持樂觀的信念。正如我所說，有了阿布達比和遊輪的加入，與過去相比，我們可以更方便地接觸數億人。

And so we're going to focus on this right now and the other investments that we're making. And as I said, I'm not ruling out the possibility of another location, but it's not exactly something that's a priority right now for us.

因此，我們現在將重點關注這一點以及我們正在進行的其他投資。正如我所說，我並不排除在其他地點開設門市的可能性，但這並不是我們目前的首要任務。

Hey, Kannan. I'll handle the streaming question. While your point is exactly right, with a business that is going to have the growth that we have expectations for in the streaming business, there will clearly be leverage that just comes out of the revenue growth itself. But in addition to that, we absolutely have opportunities to reduce costs.

嘿，Kannan。我會處理串流媒體問題。雖然你的觀點完全正確，但對於串流媒體業務而言，如果能夠實現我們所期望的成長，那麼收入成長本身顯然將帶來槓桿作用。但除此之外，我們絕對有機會降低成本。

So the answer is both. We can certainly do it on the G&A side. And especially as we start to add more to the product, both in terms of the technology side of the product where we will be investing and in terms of the content that's delivered, whether it's bringing ESPN on and the additional content that we've been bringing in through bundling, we certainly expect to get operating leverage out of marketing over time. I wouldn't say that initially, especially as we launch ESPN, but over time, we would expect to get leverage out of the marketing line as well.

所以答案是兩者皆有。我們當然可以在 G&A 方面做到這一點。尤其是當我們開始在產品中添加更多內容時，無論是在我們將要投資的產品技術方面，還是在提供的內容方面，無論是引入 ESPN 還是我們透過捆綁引入的額外內容，我們當然希望隨著時間的推移從行銷中獲得營運槓桿。一開始我不會這麼說，特別是在我們推出 ESPN 的時候，但隨著時間的推移，我們也希望從行銷線中獲得槓桿作用。

So put those two together, yeah, I do expect some flow from top to bottom. We will use some of that to invest back in the business, perhaps in some international content, but I would also expect some of those cost reductions to go straight to the bottom line as well to give us accelerated margin growth.

所以把這兩者放在一起，是的，我確實希望有一些從上到下的流動。我們將利用其中一部分資金重新投資於業務，或許是投資一些國際內容，但我也希望其中一些成本削減也能直接影響利潤，加速我們的利潤成長。

Thanks, Kannan. Operator, we have time for one last question.

謝謝，Kannan。接線員，我們還有時間回答最後一個問題。

Peter Supino, Wolfe Research.

沃爾夫研究公司的彼得‧蘇皮諾 (Peter Supino)。

Question back on Experiences. You mentioned $30 billion of expansion capital for Florida and California. And I wondered if that is -- if we're defining expansion in terms of attendance, is that capital that will enable more people to visit the park? And more broadly, how do you think about your incremental return on capital on expansions in your Experiences segment? Thanks.

重新詢問經驗。您提到了為佛羅裡達州和加利福尼亞州提供 300 億美元的擴張資金。我想知道，如果我們以遊客人數來定義擴建，那麼這筆資金是否能讓更多的人來參觀公園？更廣泛地說，您如何看待體驗部門擴張所帶來的增量資本報酬率？謝謝。

The guest experience is obviously paramount to us. It's very, very critical. And with that in mind, we actually -- with the governor, we actually limit the number of people that we let in because we don't want to decrease the guest experience.

客人的體驗對我們來說顯然至關重要。這非常非常關鍵。考慮到這一點，我們實際上——與州長一起，我們實際上限制了進入的人數，因為我們不想降低客人的體驗。

So as we look to expand, not only do we look to take advantage of the property that we have and the intellectual property that we have, but we look to add capacity so that we can let more people in without in any way impacting negatively the guest experience. And that's true really every place that we operate. It's really important to us.

因此，當我們尋求擴張時，我們不僅希望利用我們擁有的財產和智慧財產權，而且還希望增加容量，以便我們可以容納更多的人，而不會以任何方式對客人體驗產生負面影響。在我們經營的每個地方都是如此。這對我們來說真的很重要。

And we're blessed with the fact that we have more available land, and we certainly have a lot of intellectual property to be mined, and we've made announcements that are pretty specific about what we're building, Villains Land and the Cars Land in Florida as a for instance, Pandora in California, Coco in California. I could go on and on.

我們很幸運，擁有更多的可用土地，而且我們確實有很多知識產權可以挖掘，我們已經發布了關於我們正在建設的項目的非常具體的公告，例如佛羅裡達州的 Villains Land 和 Cars Land，加利福尼亞州的 Pandora，加利福尼亞州的 Coco。我還可以繼續說下去。

And in terms of the return on invested capital, we've actually hit record levels in terms of return on invested capital in the business. And actually, when I returned to Disney back in 2022 and talked to Josh Tomorrow, who runs the segment about this, and he showed me what the returns on invested capital had been in the then recent past, more like pre-COVID, it was extremely impressive.

就投資資本回報率而言，我們的業務投資資本回報率實際上已經達到了創紀錄的水平。事實上，當我在 2022 年回到迪士尼並與負責該部門的喬希·托莫羅 (Josh Tomorrow) 交談時，他向我展示了當時近期（更像是新冠疫情之前）的投資資本回報率，這非常令人印象深刻。

And as we look to -- as we determine how we allocate our capital as a company, obviously, we want to allocate it in a direction that -- where the returns are stellar. And this is one way that we do that. So I think that says it all really.

當我們考慮——當我們決定如何分配公司資本時，顯然，我們希望將其分配到能夠帶來豐厚回報的方向。這是我們這樣做的一個方法。所以我認為這確實說明了一切。

Thanks, Peter, and thanks, everyone, for your questions today. We want to thank you for joining us and wish everyone a good rest of the day.

謝謝彼得，也謝謝大家今天提出的問題。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. We appreciate your attendance today. You may now disconnect your lines. Thank you.

謝謝。今天的電話會議到此結束。我們感謝您今天的出席。現在您可以斷開線路了。謝謝。