迪士尼 (DIS) 2025 Q3 法說會逐字稿

Good day, and welcome to The Walt Disney Company third quarter 2025 financial results conference call. (Operator Instructions) Please also note today's event is being recorded.

大家好，歡迎參加華特迪士尼公司 2025 年第三季財務業績電話會議。（操作員指示）另請注意，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.

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。請繼續。

Good morning. It's my pleasure to welcome everyone to The Walt Disney Company's third 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 年第三季財報電話會議。我們的新聞稿（10-Q 表格）以及管理層已發布的準備好的評論已於今天上午早些時候發布，可在我們的網站 www.disney.com/investors 上查閱。今天的電話會議將進行網路直播，會議結束後，重播和文字記錄將在我們的網站上提供。

Before we begin, please take note of our cautionary statement regarding forward-looking statements on our IR website. Today's call may include forward-looking statements that we make pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, including regarding the company's future business plans, prospects, and financial performance are not historical in nature and are based on management's assumptions regarding the future and are subject to risks and uncertainties, including, among other factors; economic, geopolitical, operating, and industry conditions, competition, execution risks, the market for advertising, our future financial performance, and legal and regulatory developments.

在我們開始之前，請注意我們 IR 網站上關於前瞻性陳述的警示聲明。今天的電話會議可能包括我們根據 1995 年《私人證券訴訟改革法案》的安全港條款所做的前瞻性陳述。這些前瞻性陳述，包括有關公司未來業務計劃、前景和財務業績的陳述，並非歷史性陳述，而是基於管理層對未來的假設，並受風險和不確定性的影響，包括但不限於經濟、地緣政治、營運和行業狀況、競爭、執行風險、廣告市場、我們未來的財務業績以及法律和監管發展等因素。

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 concerning factors and risks that could cause results to differ from those in the forward-looking statements. 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.

有關可能導致結果與前瞻性陳述不同的因素和風險的更多信息，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。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) 和高級執行副總裁兼財務長休‧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。

Thank you, Carlos, and good morning, everyone. Before we take your questions, I'd like to share some updates related to our strategic priorities, including a few exciting announcements. At a time of great change for our industry when a number of companies are contracting, we are operating from a position of strength and building across our company with a continued focus on quality and innovation. We are building on the creative success at our film studios, resulting in the continued emergence of popular new franchises at a level that is unparalleled in the industry.

謝謝你，卡洛斯，大家早安。在回答您的問題之前，我想分享一些與我們的策略重點相關的最新消息，包括一些令人興奮的公告。在我們行業發生巨大變化、許多公司都在收縮業務的時候，我們憑藉實力在運營，在整個公司範圍內進行建設，並持續關注品質和創新。我們正在鞏固電影工作室的創作成功，從而不斷推出業內無與倫比的熱門新系列電影。

We are building on Disney's value proposition in streaming by combining Hulu into Disney+ to create a unified app experience, featuring branded and general entertainment, news, and sports, resulting in a one-of-a-kind entertainment destination for subscribers. We are building ESPN into the preeminent digital sports platform with our highly anticipated direct-to-consumer sports offering, launching on August 21, and our just announced plans with the NFL that will expand ESPN's programming and content offerings for fans.

我們正在將 Hulu 與 Disney+ 整合，以迪士尼在串流媒體領域的價值主張為基礎，打造統一的應用體驗，以品牌和一般娛樂、新聞和體育為特色，為訂閱者打造獨一無二的娛樂目的地。我們正在將 ESPN 打造成為卓越的數位體育平台，我們備受期待的直接面向消費者的體育產品將於 8 月 21 日推出，我們剛剛宣布與 NFL 合作的計劃將擴大 ESPN 為球迷提供的節目和內容。

We're building on our best-in-class parks and experiences businesses with more expansions underway around the world than at any other time in our history.

我們正在打造一流的公園和體驗業務，在全球範圍內的擴張比我們歷史上任何時候都要多。

I'd like to dive deeper into the steps we're taking to drive growth for our company, beginning with our film studios. Our renewed momentum continued in Q3, adding to our popular brands and franchises and further demonstrating their ability to generate ongoing long-term value across our businesses. The live action Lilo & Stitch recently crossed the $1 billion mark at the worldwide box office, making a Hollywood's first film to reach that milestone this year and Disney's fourth billion-dollar film in just over a year. Lilo & Stitch is on track to become the company's second largest consumer products merchandise franchise this year, behind only Mickey Mouse, with more than 70% revenue growth compared to last year.

我想更深入地探討我們為推動公司發展所採取的措施，首先從我們的電影製片廠開始。我們的新勢頭在第三季度得以延續，增加了我們受歡迎的品牌和特許經營權，並進一步證明了它們為我們的業務創造持續長期價值的能力。真人版《星際寶貝》全球票房最近突破了 10 億美元大關，成為好萊塢今年第一部達到這一里程碑的電影，也是迪士尼一年多來第四部票房突破 10 億美元的電影。今年，《星際寶貝》有望成為該公司第二大消費品商品特許經營品牌，僅次於米老鼠，營收較去年同期成長 70% 以上。

Meanwhile, Marvel's Fantastic Four: First Steps opened to rave reviews two weeks ago, successfully launching this important franchise into the Marvel Cinematic Universe. And later in the calendar year, we will release more highly anticipated titles, including Zootopia 2 and Avatar: Fire and Ash.

與此同時，漫威的《神奇四俠：第一步》兩週前上映並獲得了熱烈好評，成功將這一重要係列電影推向了漫威電影宇宙。今年晚些時候，我們將發布更多備受期待的作品，包括《瘋狂動物城 2》和《阿凡達：火與灰燼》。

Turning to our streaming business. Today, we are announcing a major step forward in strengthening our streaming offering by fully integrating Hulu into Disney+. This will create an impressive package of entertainment, pairing the highest caliber brands and franchises, great general entertainment, kids programming, news industry-leading live sports content all in a single app. By creating a differentiated streaming offering, we will be providing subscribers tremendous choice, convenience, quality, and enhanced personalization while at the same time, continuing to grow profitability and margins in our entertainment streaming business through expected higher engagement, lower churn, operational efficiencies, and greater advertising revenue potential.

轉向我們的串流媒體業務。今天，我們宣布將 Hulu 完全整合到 Disney+，這是我們在加強串流媒體服務方面邁出的重要一步。這將創造一個令人印象深刻的娛樂套餐，將最高水準的品牌和特許經營權、偉大的綜合娛樂、兒童節目、新聞業領先的現場體育內容整合到一個應用程式中。透過創建差異化的串流媒體產品，我們將為訂閱者提供豐富的選擇、便利性、品質和增強的個人化，同時透過預期的更高參與度、更低的客戶流失率、營運效率和更大的廣告收入潛力，繼續提高娛樂串流媒體業務的盈利能力和利潤率。

As we detailed in our shareholder letter, Hulu will now become our global general entertainment brand. In the fall, it will replace the Star tile on Disney+ internationally. Over the coming months, we will be implementing improvements within the Disney+ app, including exciting new features and a more personalized homepage, all of which will culminate with unified Disney+ and Hulu streaming app experience that will be available to consumers next year.

正如我們在股東信中詳細說明的那樣，Hulu 現在將成為我們的全球綜合娛樂品牌。今年秋季，它將在國際上取代 Disney+ 上的 Star 板塊。在接下來的幾個月裡，我們將對 Disney+ 應用程式進行改進，包括令人興奮的新功能和更個人化的主頁，所有這些都將最終實現統一的 Disney+ 和 Hulu 串流媒體應用體驗，並於明年向消費者推出。

The other key component of our streaming strategy is sports. And on August 21, we will launch ESPN's direct-to-consumer offering, making ESPN's full suite of networks and services directly available to fans for the first time. The enhanced ESPN app will be a sports fan's dream, with key new features planned for launch such as my view, enhanced personalization, integration of stats, betting, fantasy sports and commerce, and a personalized SportsCenter.

我們的串流媒體策略的另一個關鍵組成部分是體育。8 月 21 日，我們將推出 ESPN 的直接面向消費者服務，首次讓 ESPN 的全套網路和服務直接向粉絲開放。增強版 ESPN 應用程式將成為體育迷的夢想，計劃推出的主要新功能包括「我的觀點」、增強的個人化、統計數據整合、投注、夢幻體育和商業以及個性化的體育中心。

And fans with subscriptions to the Disney+, Hulu, and ESPN bundle will be able to watch ESPN content directly inside Disney+. In addition, yesterday, ESPN and the NFL announced plans for ESPN to acquire NFL Network and certain other media assets owned and controlled by the NFL. In exchange, the NFL will receive a 10% equity stake in ESPN. This announcement paves the way for the world's leading sports media brand and America's most popular sport to deliver an even more compelling experience for NFL fans in a way that only ESPN and Disney can.

訂閱 Disney+、Hulu 和 ESPN 套餐的粉絲將能夠直接在 Disney+ 內觀看 ESPN 內容。此外，昨天，ESPN和NFL宣布了ESPN收購NFL網路以及NFL擁有和控制的某些其他媒體資產的計劃。作為交換，NFL 將獲得 ESPN 10% 的股權。這項聲明為世界領先的體育媒體品牌和美國最受歡迎的運動鋪平了道路，使其能夠以只有 ESPN 和迪士尼才能做到的方式為 NFL 球迷提供更引人入勝的體驗。

Separately, ESPN and the NFL reached an agreement, which includes expanded NFL highlight rights within multiple fan engagement platforms and more interactive features for ESPN's DTC offering and the ESPN app, including betting and fantasy. ESPN will also gain the ability to sell and bundle NFL+ Premium, which includes NFL RedZone, to ESPN DTC subscribers, along with rights to additional non-exclusive preseason NFL games for its DTC offering, both starting in the 2025 season. And an additional agreement extends ESPN's NFL draft rights with the ability to stream ESPN and ABC's draft coverage on ESPN DTC, Hulu, and Disney+.

另外，ESPN 和 NFL 達成了一項協議，其中包括在多個球迷參與平台內擴大 NFL 精彩集錦版權，並為 ESPN 的 DTC 產品和 ESPN 應用程式提供更多互動功能，包括投注和幻想。ESPN 還將獲得向 ESPN DTC 訂閱用戶銷售和捆綁 NFL+ Premium（包括 NFL RedZone）的權利，以及在其 DTC 產品中觀看其他非獨家季前 NFL 比賽的權利，這兩項權利均從 2025 賽季開始。另外一項協議還擴展了 ESPN 的 NFL 選秀權，允許其在 ESPN DTC、Hulu 和 Disney+ 上播放 ESPN 和 ABC 的選秀報道。

We're also excited to announce that ESPN will be the exclusive home for WWE Premium Live Events, further expanding ESPN's rights portfolio, and we look forward to sharing more soon.

我們也很高興地宣布，ESPN 將成為 WWE 高級現場活動的獨家主場，進一步擴大 ESPN 的版權組合，我們期待很快分享更多資訊。

Looking to our Experiences segment. Expansion projects are underway across every one of our theme parks globally from a new World of Frozen Land opening at Disneyland Paris in 2026 and to the Villains and Cars-themed areas at Magic Kingdom to a Monsters, Inc., area at Disney's Hollywood Studios to an Avatar-themed destination at Disney California Adventure, in addition to a new theme park coming to Abu Dhabi.

看看我們的經驗部分。我們全球的每個主題樂園都在進行擴建項目，從 2026 年在巴黎迪士尼樂園開放的全新「冰雪世界」、到神奇王國的「惡棍」和「汽車」主題區、到迪士尼好萊塢影城的「怪獸電力公司」區域、到迪士尼加州冒險樂園的「阿凡達」主題目的地，此外還有即將在阿布扎比開放的新主題樂園。

And Disney Cruise Line continues to grow as we prepare for the launch of two new ships later this year, the Disney Destiny and the Disney Adventure, our largest ship ever and the first to be docked in Asia, bringing our fleet to a total of eight cruise ships operating around the globe.

迪士尼郵輪公司繼續發展壯大，我們準備在今年晚些時候推出兩艘新郵輪，即“迪士尼命運號”和“迪士尼冒險號”，這是我們迄今為止最大的郵輪，也是第一艘停靠在亞洲的郵輪，這將使我們在全球運營的郵輪船隊總數達到 8 艘。

Taken in their totality, our efforts across the entire company reinforce that Disney operates in a league of its own with a robust portfolio of growth businesses that work seamlessly together to generate value, supported by a deep library of beloved IP, and enabled with cutting-edge technology. With ambitious plans ahead for all of our businesses, we're not done building, and we remain optimistic about the company's trajectory.

整體而言，我們整個公司的努力都進一步證明，迪士尼擁有獨一無二的營運模式，擁有強勁的成長業務組合，這些業務無縫協作以創造價值，並以深厚的熱門知識產權庫為支撐，並採用尖端技術。我們對所有業務都制定了雄心勃勃的計劃，我們的建設工作尚未完成，我們對公司的發展軌跡仍然持樂觀態度。

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 to as many questions today as possible. 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回答問題。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)。

A lot of news to digest this morning. Bob, I guess I'd love to hear a little more on the NFL relationship. Clearly, strategically aligning with that league is good for ESPN. I think that's pretty obvious. But you gave up 10% of the network from a value point of view. How does this agreement and the content you're getting help Jimmy grow that business faster? Can you talk a little bit about how you see this playing out in terms of revenue growth, subscriber growth, and the benefits you think it means to the business?

今天早上有很多新聞要消化。鮑勃，我想我很想多聽聽 NFL 關係的一些看法。顯然，與該聯盟進行策略合作對 ESPN 來說是件好事。我認為這很明顯。但從價值角度來看，你放棄了 10% 的網路。這份協議和您獲得的內容如何幫助 Jimmy 更快地發展業務？您能否從收入成長、用戶成長以及對業務的益處方面談談您如何看待這項舉措？

And I just wanted to check with Hugh, is the '26 guidance that you've given in the past still intact, so double-digit EPS growth and low single-digit growth OI at sports, given all the stuff we learned today? Thank you very much.

我只是想和休確認一下，考慮到我們今天了解到的所有信息，您過去給出的 26 年指導是否仍然有效，即體育方面的每股收益將實現兩位數增長，而營業利潤將實現低個位數增長？非常感謝。

Ben, there are a number of aspects of these deals, and I say plural because there are two -- they are separate deals, one to license content and another to basically cover the asset exchange. Let me start with the fact that the result of these agreements will give ESPN more games, more NFL games than they've ever had before. Basically, there will be 28 windows for NFL games, which is an increase over what we've had before. Previously, there were 22. That obviously is of major significance in terms of both ESPN, but also in terms of the audience.

本，這些交易涉及多個方面，我說是複數，因為有兩個——它們是獨立的交易，一個是內容許可，另一個基本上涵蓋資產交換。首先我要說的是，這些協議的結果將為 ESPN 帶來比以往更多的比賽、更多的 NFL 比賽。基本上，NFL 比賽將有 28 個窗口期，這比以前有所增加。此前，該數字為 22。這對 ESPN 和觀眾來說顯然都具有重要意義。

We're basically giving ESPN -- we're giving NFL fans more opportunities to watch NFL games than they've ever had before. Because of the acquisition of the NFL Network, not only will we continue to distribute it from a linear perspective, but it will be fully essentially included in or ingested within the ESPN direct-to-consumer app. So those games, the seven games that are on -- will be on the NFL Network will all be part of ESPN's direct-to-consumer offering. I think that's obviously where the major value will come.

我們基本上為 ESPN —— 我們為 NFL 球迷提供了比以往更多的觀看 NFL 比賽的機會。由於收購了 NFL 網絡，我們不僅將繼續以線性方式分發它，而且它將完全包含在 ESPN 直接面向消費者的應用程式中或被吸收。因此，這些比賽，即將在 NFL 網路上播出的七場比賽，都將成為 ESPN 直接面向消費者的節目的一部分。我認為這顯然是主要價值的來源。

But in addition to that, there is a number of other elements, we're calling features and functionality that will improve the quality of the experience and actually grow the quality of experience of the fan on the ESPN app. And that includes smooth integration with fantasy, with betting, and a combination of our fantasy businesses, by the way, with stats, with the ability to basically personalize sports center with NFL highlights. I could go on and on a commerce opportunity off of the ESPN app to buy NFL merchandise.

但除此之外，還有許多其他元素，我們稱之為特性和功能，它們將改善體驗的質量，並真正提高 ESPN 應用程式上粉絲的體驗品質。這包括與幻想、投注的順利整合，以及我們的幻想業務與統計數據的結合，以及利用 NFL 精彩片段個性化體育中心的能力。我可以透過 ESPN 應用程式不斷尋找商業機會來購買 NFL 商品。

All of it added up, obviously, gives ESPN the opportunity to go forward with a more compelling app. But I should also note that from an economic perspective, even with this exchange of assets and the fact that the NFL obviously will be paid a dividend from ESPN's earnings, it will be accretive in the first year that after it closes. And I think that's significant. So that the revenue that we will derive from distributing the NFL Network and from distributing other NFL properties will obviously increase our revenue and increase our operating income for the ESPN business. That does not even factor in a potentially lower churn rate for the ESPN app once we go to market and once the NFL games are all included.

顯然，所有這些加在一起，讓 ESPN 有機會推出更具吸引力的應用程式。但我還應該指出，從經濟角度來看，即使進行了這種資產交換，而且 NFL 顯然會從 ESPN 的收益中獲得股息，但它在關閉後的第一年就會實現增值。我認為這很重要。因此，我們從分銷 NFL 網路和其他 NFL 資產中獲得的收入顯然會增加我們的收入並增加 ESPN 業務的營業收入。這甚至還沒有考慮到一旦我們進入市場並且包含所有 NFL 比賽後 ESPN 應用程式的潛在較低客戶流失率。

And obviously, there's advertising value as well. I probably could go on and on because -- but there are many different elements to this, but it's extremely exciting. I've talked about it being one of the most important steps ESPN has taken really since they went from half a season to a full season of the NFL back in 1987.

顯然，它還具有廣告價值。我可能還可以繼續說下去，因為——但這其中涉及許多不同的因素，但卻極其令人興奮。我曾說過，這是 ESPN 自 1987 年將 NFL 賽事從半個賽季改為完整賽季以來採取的最重要的舉措之一。

Yeah. Hey, Ben, it's Hugh. Just as a reminder, we try to stay pretty disciplined about doing guidance for the following year on the fourth quarter call. The one thing I would say is given we have the NFL deal and the WWE deal, if we had something of substance in terms of a change to that, we'd be sharing that with you right now. The fact that we're not sharing with that should tell you that we don't see it as materially different.

是的。嘿，本，我是休。提醒一下，我們會盡量在第四季電話會議上嚴格遵守對下一年的指導。我想說的是，鑑於我們與 NFL 和 WWE 都有合約，如果我們對這些合約做出實質性的改變，我們現在就會與你們分享。我們沒有分享這一事實，這表明我們並不認為這有實質的不同。

And as Bob noted, we feel great about the NFL deal. It likely won't close until the end of next calendar year, but it will be about a nickel accretive before purchase accounting. So we certainly feel good about the financials of the deal.

正如鮑勃所說，我們對與 NFL 的交易感到非常滿意。它可能要到明年年底才會結束，但在購買會計之前它將會增加大約五分錢。因此，我們對這筆交易的財務狀況當然感到滿意。

Thank you so much.

太感謝了。

Robert Fishman, MoffettNathanson.

羅伯特·菲什曼、莫菲特·納桑森。

Bob, can you talk more about how you can accelerate DTC growth by fully integrating Hulu into Disney+ and the related subscriber and advertising revenue opportunities? Just curious also, what does that mean for the future of Hulu as a stand-alone app?

鮑勃，您能否詳細談談如何透過將 Hulu 完全整合到 Disney+ 中來加速 DTC 成長以及相關的訂閱用戶和廣告收入機會？只是好奇，這對 Hulu 作為獨立應用程式的未來意味著什麼？

And then for Hugh, if I can just -- again, back to the guidance, the strong DTC profitability and raised full year guidance that we saw there, any updated thinking to your double-digit margin target there on DTC, especially with the opportunity to take out costs at Hulu now? Thank you.

然後對於休來說，如果我可以的話——再次回到指導，我們看到的強勁的 DTC 盈利能力和提高的全年指導，您對 DTC 的兩位數利潤率目標有什麼最新的想法，特別是現在有機會降低 Hulu 的成本？謝謝。

I think the way to look at the combination is to start with the consumer. You're going to end up with a far better consumer experience when those apps are combined by combining all of the program assets of both apps, both card apps. And obviously, with an improved consumer experience comes the ability to lower churn, which is obviously something that we're very, very focused on and committed to doing.

我認為看待這種結合的方式是從消費者開始。當這兩個應用程式、這兩個卡應用程式的所有程式資產結合在一起時，您將獲得更好的消費者體驗。顯然，消費者體驗的改善可以降低客戶流失率，這顯然是我們非常關注並致力於做的事情。

We obviously will deliver efficiencies when these are together. They'll be on one tech stack as, for instance, one tech platform. We already sell the advertising together, but this will give our sales organization a chance to package them far more effectively than they have before.

當這些結合在一起時，我們顯然會提高效率。他們將採用一個技術堆疊，例如一個技術平台。我們已經一起銷售廣告，但這將使我們的銷售部門有機會比以前更有效地包裝它們。

I imagine down the road, it may give us some price elasticity as well that we haven't had before. And it also provides us with a tremendous bundling experience because when you have the one app that has a significant amount of all of the Disney and the other Disney-branded programming with the general entertainment programming bundled, for instance, with the ESPN direct-to-consumer app, I think you end up with a proposition from not only a consumer perspective, but also from our perspective that's far better than what we've had before.

我想將來它也許會為我們帶來一些以前從未有過的價格彈性。它還為我們提供了出色的捆綁體驗，因為當您擁有一個包含大量迪士尼和其他迪士尼品牌節目以及捆綁的一般娛樂節目的應用程序時，例如，與 ESPN 直接面向消費者的應用程序，我認為您最終不僅從消費者的角度，而且從我們的角度來看，都會得到一個比以前更好的提議。

Yeah. And Robert, no update on the guidance versus what we've talked about in the past. As I said, we'll talk about '26 guidance on the Q4 call, but no update on DTC at this point.

是的。羅伯特，與我們過去討論的內容相比，指導意見沒有更新。正如我所說，我們將在第四季度電話會議上討論 26 年的指導，但目前還沒有關於 DTC 的更新。

Michael Morris, Guggenheim.

麥可·莫里斯，古根漢。

So Hugh, I know you don't want to talk about '26 yet, but I have to ask, on the Experiences side, your guide for the fourth quarter implies that you'll be exiting the year at a high in terms of operating income growth. So as we look to fiscal '26, can you give us any preview on how to think about any puts or takes with respect to the rate of growth next year that might be informed by the fourth quarter guide?

所以休，我知道你還不想談論 26 年，但我必須要問一下，就經驗方面而言，你對第四季度的指導是否意味著你將在年底實現營業收入增長的高位。因此，當我們展望 26 財年時，您能否向我們提供一些預測，說明如何考慮第四季度指南可能告知的明年成長率的任何損失或收益？

And then secondly, on the stand-alone ESPN app, I think there's a perception and a fear that when you launch an app like this, it's sort of all or nothing with respect to how people sign up. But clearly, you're going to make it available to your pay TV partners as well. So I'm curious if you can talk about your expectations for engagement with the app from people who come from outside the ecosystem like cord cutters versus those inside and how it benefits you to have people who pay for pay TV to also engage with the app. Thank you.

其次，關於獨立的 ESPN 應用程序，我認為人們有一種看法和擔憂，即當你推出這樣的應用程式時，對於人們如何註冊來說，它是全有或全無的。但顯然，您也會將其提供給您的付費電視合作夥伴。所以我很好奇，您是否可以談談您對來自生態系統外部的人（例如剪線族）與生態系統內部的人使用該應用程式的期望，以及讓付費電視用戶也使用該應用程式對您有何好處。謝謝。

Okay. Let me talk about the '26. It'll, I'm sure, shock you, Michael, that I'm going to defer on talking about '26 until the Q4 call. The only thing I would remind you is we are launching a couple of ships at the tail end of this year and into next year. So we'll have the cost associated with launch on those in the earlier part of the year, which obviously impacts the line of business.

好的。讓我來談談'26。邁克爾，我確信，我將推遲討論 26 年的問題，直到第四季度電話會議，這會讓你感到震驚。我唯一要提醒您的是，我們將在今年年底和明年推出幾艘船。因此，我們將在今年稍早承擔與發布相關的成本，這顯然會影響業務線。

Regarding engagement, generally, with the deals and the ESPN app, look, we think it's all going to be additive. And as a reminder, our goal with ESPN is to basically reach sports fans as they choose to be reached. So if they choose to be reached through the ESPN app, great. If they choose to be reached through the Disney+ Hulu app, great. If they choose to be reached through cable, great. Our goal is to engage them where they are.

關於參與度，一般來說，透過交易和 ESPN 應用程序，我們認為這一切都將是附加的。提醒一下，我們對 ESPN 的目標基本上是按照體育迷的選擇來接觸他們。因此，如果他們選擇透過 ESPN 應用程式聯繫，那就太好了。如果他們選擇透過 Disney+ Hulu 應用程式聯繫，那就太好了。如果他們選擇透過有線電視聯繫，那就太好了。我們的目標是讓他們參與他們所在的地方。

And let me just add to that. If you don't mind, we're asked a lot about linear versus streaming. We're at a point, given the way we're operating our businesses where we don't really look at being in the linear business and the streaming business, we're in the television business. And what we're doing is we're giving our customers or our viewers a chance to watch our programming really, as Hugh just said, wherever they want.

讓我補充一下。如果您不介意的話，我們經常被問到有關線性和串流媒體的問題。鑑於我們的業務運作方式，我們目前並不真正考慮線性業務和串流媒體業務，我們專注於電視業務。我們所做的就是讓我們的客戶或觀眾有機會在任何他們想去的地方觀看我們的節目，正如休剛才所說的那樣。

If you're watching ABC primetime shows on the linear channel for great through a multi-television provider, fantastic. Or if you want to go to streaming and watch it on the Disney+ and Hulu app, that's fine as well. The same is true for National Geographic, for FX, for the Disney Channel. And that will also be true for ESPN.

如果您透過多電視提供商在線性頻道上觀看 ABC 黃金時段的精彩節目，那就太棒了。或者，如果您想透過串流媒體在 Disney+ 和 Hulu 應用程式上觀看，那也很好。對於國家地理、FX 頻道和迪士尼頻道也是如此。對於 ESPN 也是如此。

Now I will say that the features and functionality of the ESPN app will have more on them or in the app than obviously any linear channel can provide. It will really be a sports fans dream in terms of everything they'll be able to do and watch on that channel. There will also be a far greater volume of sports covered on the ESPN app than is covered on their linear channels.

現在我要說的是，ESPN 應用程式的特性和功能顯然比任何線性頻道所能提供的要多。就體育迷能夠透過該頻道觀看和做的一切而言，這確實是體育迷們的夢想。ESPN 應用程式上報告的體育賽事數量也將遠遠超過其線性頻道報告的數量。

But we are, generally speaking, as a company now operating these businesses completely as one, and that gives us an opportunity to not only run them more efficiently, but to aggregate sub fees and advertising revenue across a very, very broad range of television distribution platforms.

但總體而言，作為一家公司，我們現在將這些業務完全作為一個整體來運營，這不僅使我們有機會更有效地運營它們，而且還可以在非常廣泛的電視發行平台上匯總訂閱費和廣告收入。

Thank you. Appreciate it.

謝謝。非常感謝。

Steven Cahall, Wells Fargo.

富國銀行的史蒂文·卡霍爾 (Steven Cahall)。

So first on Experiences, I think fiscal year-to-date OI is up about 7%, and you raised the guidance to 8%. Hugh, I think on CNBC this morning, you were talking about the strong domestic per caps, which accelerated nicely in the quarter. So could you give us a little color as to what you're seeing in both domestic parks and cruises that's driving some of that acceleration into the fiscal fourth quarter? It sounds like things there are pretty good, but there's always a little bit of economic uncertainty.

首先就經驗而言，我認為本財年迄今的 OI 上漲了約 7%，而您將預期提高到了 8%。休，我想您今天早上在 CNBC 上談到了國內人均消費支出強勁增長的情況，這一增長在本季度得到了良好的加速。那麼，您能否向我們稍微介紹一下國內公園和遊輪方面的情況，這些情況推動了第四財季的成長？聽起來那裡的情況相當不錯，但總是存在一些經濟不確定性。

And then a different fiscal '26 question that maybe you can address. So you have some new sports rights coming on. How do we think about overall cash content spend next year? My guess is sports are going to be going up with things like WWE. And then, of course, content is the lifeblood of the company. So any good way to think about content spend as we look out for the next 12 months or so? Thank you.

然後是另一個有關 26 財年的問題，也許您可以回答。因此您將獲得一些新的體育權利。我們如何看待明年的整體現金內容支出？我猜測體育運動將會隨著 WWE 等賽事而不斷進步。當然，內容是公司的命脈。那麼，當我們展望未來 12 個月左右時，有什麼好方法可以考慮內容支出嗎？謝謝。

Yeah. A couple of things. In terms of Experiences, obviously, we really have a terrific portfolio of Experiences businesses. As I mentioned this morning, Walt Disney World just had a record Q3 revenue number as we emerge from last quarter. So we certainly feel great about that.

是的。有幾件事。就體驗而言，顯然我們確實擁有出色的體驗業務組合。正如我今天早上提到的，華特迪士尼世界剛剛在上個季度取得了創紀錄的第三季收入。因此我們對此感到非常高興。

In addition to that, the Disneyland Paris business, we expect to do very well. As a reminder, we have some easier overlaps due to the Olympics last year. But in addition to those laps, the business is performing strongly.

除此之外，我們預期巴黎迪士尼樂園的業務將會表現得非常好。提醒一下，由於去年奧運會，我們的一些重疊比較容易實現。但除了這些圈數之外，業務表現強勁。

China, as we've noted on past calls, is a little bit challenged, not so much from an attendance perspective, but from a per caps perspective as there's some stress with the China consumer. And then in addition to that, the cruise ships are doing extremely well right now. Forward bookings look great, and we're running at very high occupancies in terms of the cruise ships.

正如我們在過去的電話會議中所指出的，中國面臨一些挑戰，這並不是從出席人數的角度來看，而是從人均角度來看，因為中國消費者面臨一些壓力。除此之外，遊輪目前的狀況非常好。預訂情況看起來很棒，我們的遊輪入住率非常高。

In terms of thinking about bookings for Experiences for the fourth quarter, right now, they're up about 6%. So we certainly feel positively about that as well. As regards to cash content spend for '26, I know you're going to be shocked at this, but I'm going to defer on talking about that until the Q4 call.

就第四季體驗預訂量而言，目前已成長約 6%。所以我們對此也抱持正面的看法。至於 26 年的現金內容支出，我知道您會對此感到震驚，但我將推遲到第四季度電話會議再談論這個問題。

Jessica Reif Ehrlich, Bank of America.

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

One follow-up on Experiences and then maybe move on to content. So on Experiences, I know everyone is trying to get some guidance for next year, but you do have a ship launching in Singapore, a large ship. Can you talk about how you see the impact on that moving to another region, another side of the world and how you think about the impact of that ship on pretty much all of Disney's businesses? And then on content, you've given positive commentary, but the guide indicates very tough fourth quarter. Can you talk a little bit about the ins and outs of what you see in content in the year ahead?

對經驗進行一次跟進，然後可能轉向內容。因此，就經驗而言，我知道每個人都想為明年獲得一些指導，但你確實有一艘船在新加坡下水，一艘大船。您能否談談您如何看待將其轉移到另一個地區、世界另一端的影響，以及您如何看待這艘船對迪士尼幾乎所有業務的影響？然後在內容方面，您給出了積極的評論，但指南表明第四季度非常艱難。能否稍微談談您對未來一年內容的看法？

Regarding the ship in Singapore, launching out of Singapore, Jessica, that's the biggest ship that we've ever built. And to give some perspective, our big ships today sail with about 4,000 passengers each. This will sail with about 7,000 passengers. We've said in previous calls that sales when we went to the market and started selling trips on this ship were extremely robust, sold out very, very quickly over, I think, the first two quarters of operation. This will give us an opportunity to basically sell or float the Disney brand in all of its glory into a region that we think has huge Disney brand affinity and it creates a huge opportunity for us.

至於新加坡的船，傑西卡，這是我們建造的最大的船，它將從新加坡下水。舉個例子，我們今天的大船每艘載有大約 4,000 名乘客。該船將搭載約 7,000 名乘客。我們在之前的電話會議中說過，當我們進入市場並開始銷售這艘船的旅行時，銷售情況非常強勁，我認為在運營的前兩個季度很快就銷售一空。這將使我們有機會將迪士尼品牌的全部魅力出售或推廣到我們認為具有巨大迪士尼品牌吸引力的地區，這為我們創造了巨大的機會。

It's a floating essentially ambassador for the Disney brand because if you've been on any one of our ships, particularly the new ones, we effectively use our IP built into the entire experience. And so I think this will create a great opportunity for us in Asia, but particularly in Southeast Asia.

它本質上是迪士尼品牌的水上大使，因為如果你曾經乘坐過我們的任何一艘船，特別是新船，你會發現我們有效地將我們的智慧財產權融入整個體驗中。因此我認為這將為我們在亞洲，特別是東南亞創造巨大的機會。

Jessica, yeah, and regarding your question on content, I assume you're asking generally about CSLO and entertainment in Q4. The thing I would remind you of is we will be overlapping Inside Out 2 from last year, which is obviously a tough comp. But all of that is considered in the guide that we gave you of $585 million for the overall company for the year.

潔西卡，是的，關於你關於內容的問題，我假設你一般問的是第四季的 CSLO 和娛樂問題。我想提醒你的是，我們將與去年的《腦筋急轉彎 2》重疊，這顯然是一個艱難的比較。但這一切都已考慮在我們給出的全年公司整體收入 5.85 億美元的指導中。

David Karnovsky, JPMorgan.

摩根大通的戴維卡諾夫斯基。

I wanted to follow up on your comments regarding theatrical franchises. Disney has had great success recently with sequels and reboots. I'm interested, though, in how you think about launching new IP into today's exhibition market. Is it a fair comment that that's a tougher proposition than in the past? And then separately for Hugh, it might be early, but can you discuss or even quantify potential tax benefits at Disney from the Big Beautiful Bill and return of 100% bonus depreciation? Thanks.

我想跟進您關於戲劇特許經營的評論。迪士尼最近憑藉續集和翻拍片獲得了巨大的成功。不過，我感興趣的是，您如何看待將新 IP 引入當今的展覽市場。可以公平地評論說，這個提議比過去更艱難嗎？然後對於休來說，可能還為時過早，但您能否討論甚至量化迪士尼從《大美麗法案》和 100% 獎金折舊回報中獲得的潛在稅收優惠？謝謝。

Thank you, David. We continue to be focused on creating new IP. Obviously, that's of great value to us long term. But we also know that the popularity of our older IP remains significant and the opportunities to either produce sequels or to basically bring them forward in a more modern way as we've done or convert what was previously animation to live action like we're doing with Moana in 2026. It's just a great opportunity for the company and supports our franchise.

謝謝你，大衛。我們將繼續專注於創造新的 IP。顯然，這對我們的長遠利益來說具有重大價值。但我們也知道，我們的舊 IP 仍然很受歡迎，並且有機會製作續集，或者像我們所做的那樣以更現代的方式將其向前推進，或者將以前的動畫改編成真人版，就像我們在 2026 年對《海洋奇緣》所做的那樣。這對公司來說是一個很好的機會，並且支持我們的特許經營。

So I wouldn't say that we've got a priority one way or the other. Our priority is to put out great movies that ultimately resonate with consumers. And the more we can find and develop original property, the better, of course. We are developing original property under the 20th Century Fox banner and under the Searchlight banner. And look, you could even argue that Marvel continues to mine its library of characters for original property, even though, for instance, there have been Fantastic Four movies before. We kind of consider the one that we did an original property in many respects because we're introducing those characters to people who were not familiar with them at all.

所以我不會說我們有什麼優先權。我們的首要任務是推出最終能引起消費者共鳴的優秀電影。當然，我們找到並開發原始財產越多越好。我們正在以 20 世紀福斯和探照燈的名義開發原創作品。而且，你甚至可以說，漫威仍在繼續挖掘其角色庫以尋找原創作品，儘管之前已經有《神奇四俠》電影。在很多方面，我們都將自己製作的作品視為原創作品，因為我們將這些角色介紹給了那些完全不熟悉他們的人。

Yeah, I got that. And regarding tax, I assume you're asking about the impact of OB3. Basically, from a book tax perspective, it won't have any material impact on the company. From a cash perspective, it will be a positive to us. And again, we'll talk about that more on the Q4 call. But we do expect a positive cash tax impact, which obviously benefits us from a cash flow perspective.

是的，我明白了。關於稅收，我假設您問的是 OB3 的影響。基本上，從帳面稅的角度來看，它不會對公司產生任何重大影響。從現金角度來看，這對我們來說是有利的。再次強調，我們將在第四季電話會議上進一步討論這個問題。但我們確實預期現金稅收會產生正面影響，從現金流的角度來看，這顯然對我們有利。

John Hodulik, UBS.

瑞銀的約翰·霍杜利克（John Hodulik）。

Maybe just following up on the ESPN launch. Given the attractive pricing for the service from an ESPN DTC bundle standpoint, can the launch of the ESPN platform accelerate growth on the D2C side, either from a subscriber standpoint or from an engagement standpoint? Thanks.

也許只是跟進 ESPN 的發布。從 ESPN DTC 捆綁的角度來看，該服務的定價很有吸引力，那麼 ESPN 平台的推出能否從訂閱者的角度或參與度的角度加速 D2C 方面的成長？謝謝。

The answer is absolutely. We won't predict exactly how much. But for $29.99, you can get Disney+, Hulu, and ESPN, which is an incredible, incredible bargain for the consumer. And we would hope that that will enable us to grow our sub base. Additionally, with ESPN and all of its programming bundled with Hulu and Disney+, we fully expect that engagement will increase as well, which we know is one of the key ways that you can reduce churn.

答案是肯定的。我們無法預測具體數字。但只需 29.99 美元，您就可以獲得 Disney+、Hulu 和 ESPN，這對消費者來說是一筆非常划算的交易。我們希望這將使我們能夠擴大我們的子基地。此外，隨著 ESPN 及其所有節目與 Hulu 和 Disney+ 捆綁，我們完全預期參與度也會提高，我們知道這是減少客戶流失的關鍵方法之一。

So we're very excited about those prospects. The other thing we haven't even touched upon is that with the NFL deal, we have the ability to bundle NFL+ Premium service, which includes RedZone digitally, and we'll bundle that with the trio bundle of Disney+, Hulu, and ESPN and with ESPN, and that's also an opportunity to lower churn, increase engagement across the -- basically the apps that we'll be selling.

因此，我們對這些前景感到非常興奮。我們還沒有談到的另一件事是，透過與 NFL 達成的交易，我們可以捆綁 NFL+ Premium 服務，其中包括數位版 RedZone，並將其與 Disney+、Hulu 和 ESPN 的三重捆綁服務以及 ESPN 捆綁在一起，這也是一個降低客戶流失率、提高參與度的機會——基本上就是我們將要銷售的應用程式。

Great. Thank you.

偉大的。謝謝。

Kutgun Maral, Evercore ISI.

Kutgun Maral，Evercore ISI。

I had a follow-up on the Cruise Line, I mean, not just the Disney Adventure, but more broadly about the business where you've laid out a transformational road map with the fleet set to double over the coming years. It feels like we're nearing a major inflection point, particularly with the Treasure launched last December and both the Destiny and Adventure coming online later this calendar year. As we work through trying to better understand the financial implications, can you help frame the opportunity ahead? I'm not trying to tease out 2026 guidance, and I understand that it might be too early to give specifics and that there are still unknowns around pricing, maybe cannibalization and margins.

我對郵輪公司進行了跟踪，我的意思是，不僅僅是迪士尼冒險樂園，而是更廣泛地關注郵輪業務，您已經制定了轉型路線圖，計劃在未來幾年內將郵輪船隊規模翻一番。感覺我們正在接近一個重要的轉折點，特別是去年 12 月推出的“寶藏”以及今年晚些時候上線的“命運”和“冒險”。當我們努力更好地理解財務影響時，您能幫助我們掌握未來的機會嗎？我並不是想預測 2026 年的指引，而且我知道現在給出具體細節可能還為時過早，而且在定價、蠶食和利潤率方面仍然存在未知數。

And I'm not sure if we should look at the current fleet's economics per ship or maybe state room and apply them to what you have coming ahead. But the point is more that even with conservative assumptions, the potential operating income contributions look quite meaningful. So I would appreciate any views you could share. Thank you.

我不確定我們是否應該研究目前船隊每艘船或每間客艙的經濟狀況，並將其應用到未來的發展中。但更重要的是，即使按照保守的假設，潛在的營業收入貢獻看起來也相當可觀。因此，如果您能分享任何觀點，我將非常感激。謝謝。

Hugh, I'll let you handle the economic side of that question. Let me just point out a few, I think, salient points regarding the expansion of the cruise ship line. First of all, we've discovered that many of the people who sell on our current ships have such a great experience that they are the first to want to sell on our new ships. So interestingly enough, what we're getting is, in effect, repeat visitation onto new ships. So we're building a bigger base of consumers, it's also one of the best experiences that we offer across our experiences business. So that's one way to look at it.

休，我讓你來處理這個問題的經濟面。我想指出一些有關遊輪航線擴張的突出要點。首先，我們發現許多在我們現有船隻上銷售的人都有豐富的經驗，因此他們是第一批想在我們的新船上銷售的人。有趣的是，我們實際上得到的是再次訪問新船。因此，我們正在建立更大的消費者基礎，這也是我們在整個體驗業務中提供的最佳體驗之一。這是一種看待這個問題的方式。

The other way to look at it, as I referenced with regard to Singapore, is that there are many destinations in the world that we haven't visited, and this gives us an opportunity to not only bring our brand to those destinations to attract customers from those regions who may want to sail in their region. And so by expanding, we feel we expand the business in terms of our access to people around the world. And we also give people who have sailed on our current shifts and opportunity to sail again but with a different experience because they're on a new ship.

另一種看法是，正如我所提到的新加坡，世界上有許多我們尚未去過的目的地，這為我們提供了一個機會，不僅可以將我們的品牌帶到這些目的地，還可以吸引那些可能想要在其地區航行的顧客。因此，透過擴張，我們感覺我們在接觸世界各地人們方面擴大了業務。我們也為曾經在我們當前班次上航行過的人們提供再次航行的機會，但由於他們乘坐的是新船，因此會擁有不同的體驗。

Right. And from a financial perspective, the best way to think about it, I think, really is in the multiyear guidance that we gave you back last fall for the Experiences business. Obviously, we don't break out cruise ships, but we did contemplate all of the builds that we had coming on as a part of providing that guidance.

正確的。從財務角度來看，我認為最好的思考方式實際上是我們去年秋天為體驗業務提供的多年指導。顯然，我們不會單獨建造遊輪，但我們確實考慮了所有即將建造的遊輪，作為提供指導的一部分。

The thing I can tell you in addition to that is, and as Bob noted, our cruise ships continue to be incredibly well received. As we sit here today, we're already basically half booked out for all of next year, and the newer ships are even higher in that regard. So we feel terrific from the perspective consumer receptivity to our new offerings.

除此之外，我可以告訴你的是，正如鮑伯所說，我們的遊輪繼續受到熱烈歡迎。當我們今天坐在這裡時，明年全年的預訂量基本上已經預訂了一半，而新船的預訂量甚至更高。因此，從消費者對我們新產品的接受度來看，我們感到非常高興。

Peter Supino, Wolfe Research.

沃爾夫研究公司的彼得‧蘇皮諾 (Peter Supino)。

I wondered if you could comment on engagement trends regarding of your existing subscribers on Disney+ and Hulu and how your current DTC strategies could contribute to those trends? And then a related longer-term question, not a 2026 guidance question. Your DTC segment reported 6% operating margins. As DTC surpasses your 10% margin objective, is there an opportunity to accelerate DTC content spending for the sake of market share over the long run? Thank you.

我想知道您是否可以評論一下 Disney+ 和 Hulu 上現有訂閱用戶的參與趨勢，以及您目前的 DTC 策略如何促進這些趨勢的發展？然後是一個相關的長期問題，而不是 2026 年的指導問題。您的 DTC 部門報告的營業利潤率為 6%。由於 DTC 的利潤率超過了您的 10% 目標，是否有機會為了長期的市佔率而加速 DTC 內容支出？謝謝。

Well, I'll take the first part. Maybe I'll take the second, too. When we combine -- when we gave people an opportunity to have a more seamless experience between Disney+ and Hulu, we saw engagement increasing. And we would hope that when we take this next step, which is basically full integration that, that engagement will go up even more. In addition to that, we've implemented a number of technological improvements that are designed to increase engagement. And we're really pleased with what we're seeing already, but we also know that it's still a work in progress, and we have a lot more work to do.

好吧，我選擇第一部分。也許我也會選第二個。當我們結合起來時——當我們讓人們有機會在 Disney+ 和 Hulu 之間獲得更無縫的體驗時，我們看到參與度在增加。我們希望，當我們採取下一步行動，也就是全面整合時，這種參與度將進一步提高。除此之外，我們也實施了一系列旨在提高參與度的技術改進。我們對目前所看到的結果感到非常滿意，但我們也知道這項工作仍在進行中，我們還有很多工作要做。

For instance, just the strength of our recommendation engine. We're also experimenting like crazy, where we're basically trying different elements out on consumers and getting data back from them in order to figure out what works the best. That includes basically the homepage experience and basically what they see when they open up an app.

例如，我們的推薦引擎的優勢。我們也在瘋狂地進行實驗，基本上就是在消費者身上嘗試不同的元素，並從他們那裡獲取數據，以找出最有效的方法。這基本上包括主頁體驗以及他們打開應用程式時看到的內容。

In addition, we've added streams, which was a technological advancement. There are some great streams you can watch, I think, (inaudible) some five seasons or whatever it is of The Simpsons on one stream as a for instance, that's also something that increases engagement. There's an ABC news stream that you can watch. So there's some news on all the time on the service.

此外，我們還添加了流，這是一項技術進步。我認為，你可以在一些很棒的串流媒體上觀看（聽不清楚）《辛普森家庭》的五季或任何內容，例如，這也可以增加參與度。您可以觀看 ABC 新聞流。因此，有關該服務一直都有一些新聞。

So what we're basically doing is by one, combining them, we hope to increase engagement more. Two, with all the technological advances, we're increase -- we will increase engagement more. In addition to that, as it relates to content spend, I'd say that from a domestic perspective, you shouldn't expect that we need to increase the spend on content significantly. Where we believe we should be investing is to grow our international businesses.

因此，我們基本上所做的就是將它們結合起來，我們希望能夠進一步提高參與度。第二，隨著科技的進步，我們將進一步提高參與度。除此之外，就內容支出而言，我想說，從國內角度來看，你不應該期望我們需要大幅增加內容支出。我們認為我們應該投資的地方是發展我們的國際業務。

So one, we're going to brand the general entertainment from Star to Hulu across the world, for instance. Two, these technological advancements will obviously help in markets where our engagement has not been as high as they need to be. Three, we probably will invest in very selected markets internationally where we really feel there's a potential to grow our bottom line, to grow subs, to grow advertising revenue, and to grow our bottom line.

例如，我們將在全球範圍內為從 Star 到 Hulu 的綜合娛樂品牌打上品牌烙印。其次，這些技術進步顯然將有助於那些我們參與度尚未達到所需水準的市場。第三，我們可能會在國際上精選一些市場進行投資，我們確實認為這些市場有潛力增加我們的利潤、增加訂閱量、增加廣告收入以及增加我們的利潤。

Yeah. And the only thing I'll add to Bob's comments are -- look, our objective with this business is to maximize OI over time through a growth-oriented strategy, not through cost management, although we'll manage cost effectively, but through growing this business, we have a significant opportunity in the US to grow through higher engagement. And internationally, we have a significant penetration opportunity. As we grow engagement and reduce churn in the US, that presents opportunities from a marketing spend perspective some of which can be basically reinvested into international content.

是的。我對鮑勃的評論唯一要補充的是——你看，我們這項業務的目標是透過成長導向策略，隨著時間的推移最大化 OI，而不是透過成本管理，儘管我們會有效地管理成本，但透過發展這項業務，我們在美國有一個重大的機會，透過更高的參與度來實現成長。在國際上，我們擁有巨大的滲透機會。隨著我們在美國增加參與度並減少客戶流失，從行銷支出的角度來看，這帶來了機會，其中一些基本上可以重新投資於國際內容。

And our intent is to do that through a rifle-shot approach with specific markets. So we intend to be deep rather than broad in terms of the way that we do that in a number of markets around the world. As a result of that, I would tell you, we certainly don't intend to stop at 10% margin. We think there's still lots of margin opportunity once we hit double digits, but we're going to do it through a growth-oriented strategy, not through a cost-oriented strategy.

我們的目的是透過針對特定市場的快速射擊方式來實現這一目標。因此，我們打算在全球多個市場中深入開展業務，而不是廣泛地開展業務。因此，我想告訴你，我們當然不打算停留在 10% 的利潤率。我們認為，一旦達到兩位數，仍然有很多利潤機會，但我們將透過以成長為導向的策略，而不是以成本為導向的策略來實現這一目標。

Mike Ng, Goldman Sachs.

高盛的 Mike Ng。

I just have one on domestic theme park trends. The per caps in the quarter were up 8% year over year. I think that was the best growth in over two years. I was just wondering if you could talk about whether the per cap growth was impacted by the mix of attendance between local, out-of-state, international? And were there any divergent attendance trends between those cohorts of domestic park patrons just given the noise around competitive park openings and international visitation to the United States?

我只是對國內主題樂園的趨勢有一個了解。本季人均營收年增 8%。我認為這是兩年多來最好的成長。我只是想知道您是否可以談談人均成長是否受到本地、州外和國際遊客混合因素的影響？考慮到公園開放競爭激烈以及國際遊客到訪美國的現象，國內公園遊客群體的訪問趨勢是否存在差異？

Yeah. Mike, in terms of the mix of visitors, that's obviously one of the factors that plays into per caps. That said, the ones that you mentioned specifically, international, nothing material going on there. It's always going to be a mix of sort of local versus visitors from elsewhere. And there isn't a particularly material trend that's worth trying to model or worth trying to note.

是的。麥克，就遊客組成而言，這顯然是影響人均遊客數量的因素之一。話雖如此，但您特別提到的那些國際事件並沒有實質進展。這裡總是會混合有當地人和來自其他地方的遊客。而且，並沒有一個特別值得模仿或值得注意的物質趨勢。

Overall, we feel good certainly about the per caps. But frankly, we feel good about the attendance as well. In light of the fact that there's a competitive offering in the marketplace, the fact that attendance came in as well as it did is something that we feel terrific about. So overall, as we've talked about in the past, the intent is to grow through both increased attendance and increased per caps in a balanced way, and I expect that's what we're going to continue to do.

整體而言，我們對人均數據感到滿意。但坦白說，我們對出席人數也感到滿意。鑑於市場上存在競爭性產品，我們對出席人數如此之多感到非常高興。所以總的來說，正如我們過去所討論的那樣，我們的目的是透過增加上座率和增加人均收入來平衡地實現成長，我希望這也是我們將繼續做的事情。

Thank you.

謝謝。

Operator, one question, last question.

接線員，一個問題，最後一個問題。

Kannan Venkateshwar, Barclays.

巴克萊銀行的 Kannan Venkateshwar。

Bob, with respect to the sports offering, in terms of your go-to-market strategy, what we see right now, how close is that to the potential end state? And is there an opportunity maybe to tier the product now that you have products like RedZone, for instance, as a pay-per-view offering or a separate tier or even bundling with others like FOX launching their own sports offering, for instance, is that an opportunity for you to bundle other sports offerings in the market and consolidate streaming more broadly?

鮑勃，關於體育產品，就您的市場進入策略而言，我們現在看到的距離潛在的最終狀態有多近？現在您已經有了像 RedZone 這樣的產品，那麼是否有機會對產品進行分層，例如作為按次付費產品或單獨的層級，或者甚至與 FOX 等其他公司捆綁推出自己的體育產品，例如，這是否是您捆綁市場上的其他體育產品並更廣泛地整合流媒體的機會？

Yes. We believe there may be opportunities for us to bundle other companies' sports offerings. We've actually had some discussions with some other companies on doing just that. Nothing to report on that. But obviously, we're not only interested in growing engagement and growing our own subs, but we're interested in serving consumers better as well.

是的。我們相信我們可能有機會捆綁其他公司的體育產品。事實上，我們已經與其他一些公司就此進行討論。對此沒有什麼可報告的。但顯然，我們不僅對提高參與度和增加我們自己的訂閱量感興趣，而且我們也對更好地服務消費者感興趣。

And the more sports can be offered in one destination for the consumer or ease of -- if we can improve the ease of use for consumers, ease of finding things because as a devoted sports fan, I often have to work to try to find where -- what platform sports are on. If we can help consumers in that regard, we're certainly going to try.

如果我們能夠提高消費者的易用性，方便他們找到想要的內容，那麼就可以在一個目的地為消費者提供更多的體育項目，因為作為一個忠實的體育迷，我經常需要努力尋找體育平台。如果我們能夠在這方面幫助消費者，我們肯定會努力。

Okay. Thanks, everyone, for the questions. We want to thank you again for joining us this morning and wish everyone a good rest of the day.

好的。謝謝大家的提問。我們再次感謝您今天早上的參與，並祝大家今天過得愉快。

Thank you. This concludes the conference call. You may now disconnect your lines.

謝謝。電話會議到此結束。現在您可以斷開線路了。