迪士尼 (DIS) 2025 Q4 法說會逐字稿

Good day and welcome to The Walt Disney Company fourth quarter 2025 financial results conference call. (Operator Instructions) Please note that today's event is being recorded. I would now like to turn the conference over to Carlos Gomez, Executive Vice President, Treasurer and Head of Investor Relations. Please go ahead.

各位朋友，大家好，歡迎參加華特迪士尼公司2025年第四季財務業績電話會議。（操作說明）請注意，今天的活動正在錄製中。現在我將把會議交給執行副總裁、財務主管兼投資者關係主管卡洛斯·戈麥斯先生。請繼續。

Good morning. It's my pleasure to welcome everyone to the Walt Disney Company's fourth quarter 2025 earnings call. Our press release, Form 10-K and management 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 年第四季財報電話會議。今天早上早些時候，我們發布了新聞稿、10-K 表格以及管理層準備好的發言稿，這些資料均可在我們的網站 www.disney.com/investors 上查閱。今天的電話會議將進行網路直播，會後我們將在網站上提供回放和文字記錄。

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

在開始之前，請注意我們投資者關係網站上關於前瞻性陳述的警示性聲明。今天的電話會議可能包含我們根據 1995 年《私人證券訴訟改革法案》的安全港條款所作的前瞻性陳述。

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.

這些前瞻性聲明，包括有關公司未來業務計劃、前景和財務業績的聲明，並非歷史事實，而是基於管理層對未來的假設，並受到風險和不確定性的影響，其中包括但不限於以下因素：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。

Refer to our Investor Relations website. The press release issued today and the risks and uncertainties described in our Form 10-K, subsequent Form 10-Qs 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 Investor Relations website.

請造訪我們的投資者關係網站。今天發布的新聞稿以及我們在 10-K 表格、後續 10-Q 表格和其他提交給美國證券交易委員會的文件中描述的風險和不確定性，可以了解更多關於可能導致結果與前瞻性聲明中的結果存在差異的因素和風險的信息。本次電話會議中提到的某些非GAAP指標與最可比較的GAAP指標的調節表，可在我們的投資者關係網站上找到。

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

今天早上和我一起接受採訪的有迪士尼執行長鮑勃·伊格爾，以及高級執行副總裁兼財務長休·約翰斯頓。在鮑伯開場白之後，我們將樂意回答大家的問題。

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

那麼，現在我將把電話交給鮑伯。

Thank you, Carlos, and good morning, everyone. This was another year of great progress as we strengthened the company by leveraging the value of our creative and brand assets and continue to make meaningful progress in our direct-to-consumer businesses, resulting in strong earnings growth for the company. Adjusted EPS for fiscal 2025 was up 19% from fiscal 2024. And over the past 3 fiscal years, we have delivered a 19% compound annual growth rate in adjusted EPS. Our strategy and portfolio of complementary businesses, coupled with a strong balance sheet, enable us to continue to grow adjusted EPS and free cash flow over time.

謝謝你，卡洛斯，大家早安。今年我們取得了巨大的進步，透過利用我們的創意和品牌資產的價值來增強公司實力，並在直接面向消費者的業務方面繼續取得實質進展，從而為公司帶來了強勁的盈利增長。2025 財年調整後每股盈餘比 2024 財年成長 19%。在過去的三個財政年度中，我們實現了調整後每股收益19%的複合年增長率。我們的策略和互補業務組合，加上強勁的資產負債表，使我們能夠隨著時間的推移繼續提高調整後每股收益和自由現金流。

For fiscal 2026, we expect to deliver double-digit adjusted EPS growth compared to the prior year. The expected growth in earnings and cash flow enable us to continue investing in our businesses and to increase our return of capital to shareholders. We are targeting $7 billion in share repurchases in 2026, double the $3.5 billion we repurchased in fiscal 2025. Also pleased to announce that the Board has declared a cash dividend of $1.50 per share, a 50% increase over $1 paid to shareholders in fiscal 2025.

我們預計 2026 財年調整後每股盈餘將比上年實現兩位數成長。預期獲利和現金流的成長使我們能夠繼續投資於我們的業務，並增加對股東的資本回報。我們的目標是在 2026 年回購 70 億美元的股票，是 2025 財年回購金額 35 億美元的兩倍。同時，董事會欣然宣布，該公司已宣布派發每股 1.50 美元的現金股息，比 2025 財年支付給股東的 1 美元股息增加 50%。

Before we take your questions, I'd like to touch on a few highlights from the quarter. First, our film studios. The summer's box office once again demonstrated the global and cross-generational appeal of our storytelling and IP. To date, Disney's live action Lilo & Stitch remains the highest grossing Hollywood film at the global box office this calendar year, and its success has extended across our interconnected businesses and consumer touch points.

在回答大家的問題之前，我想先簡單介紹一下本季的一些亮點。首先，是我們的電影製片廠。今年夏季的票房再次證明了我們的故事和智慧財產權具有全球性和跨世代的吸引力。截至目前，迪士尼真人版《星際寶貝》仍是今年全球票房最高的好萊塢電影，其成功已擴展到我們相互關聯的業務和消費者接觸點。

The film achieved 14.3 million views during its first five days on Disney+, becoming the second biggest Disney live action premier on the platform ever. Retail sales for Stitch from our Consumer Products business also continues to grow, eclipsing $4 billion in fiscal 2025. The popularity of this global phenomenon underscores the franchise's enduring strength and the effectiveness of our strategy to invest in popular stories and characters.

該片在 Disney+ 上線的前五天獲得了 1430 萬次觀看，成為該平台上迪士尼真人電影首映觀看量第二高的作品。來自我們消費品業務的 Stitch 零售額也持續成長，預計在 2025 財年將超過 40 億美元。這一全球現象的流行凸顯了該系列作品的持久生命力，以及我們投資熱門故事和角色的策略的有效性。

Over the past 2 years, our studios have delivered 4 global franchise hits that have earned more than $1 billion each. While no other Hollywood studio has achieved a single one during the same period.

過去兩年，我們的工作室推出了 4 部全球熱門系列電影，每部電影的票房都超過了 10 億美元。而同期其他好萊塢製片廠卻沒有任何一項成就。

Additionally, with the strong opening of Predator: Badlands, the biggest opening in the franchise's nearly 40-year history, the Walt Disney Studios has now crossed the $4 billion mark at the global box office for the fourth consecutive year.

此外，憑藉《鐵血戰士：荒野大鏢客》的強勁開局（該系列電影近 40 年歷史上首映票房最高），華特迪士尼影業已連續第四年全球票房突破 40 億美元大關。

Heading into the holiday season, we're excited to bring audiences Zootopia 2 and Avatar: Fire and Ash. Looking ahead, next year's slate includes numerous highly anticipated titles, such as the Devil Wears Prada 2, the Mandalorian and Grogu, Toy Story 5, the live action Moana and Avengers Dooms Day. We saw a strong viewership of our television content in Q4, fueled by series such as Alien Earth, FX's biggest premier ever on Disney+ and Hulu, Season 2 of High Potential, the number 1 original broadcast series across all platforms among adults 18 to 49.

值此佳節之際，我們很高興能為觀眾帶來《瘋狂動物城2》和《阿凡達：火與灰》。展望未來，明年的片單包括許多備受期待的作品，如《穿著普拉達的女王2》、《曼達洛人》和《格羅古》、《玩具總動員5》、《海洋奇緣》真人版以及《復仇者聯盟2：末日》。第四季度，我們的電視內容獲得了強勁的收視率，這主要得益於《異星地球》（Alien Earth）等劇集，該劇是 FX 在 Disney+ 和 Hulu 上有史以來收視率最高的首播劇集；以及《高潛力》（High Potential）第二季，該劇在所有平台上 18 至 49 歲成年人中排名第一的原創劇集。

The Korean global hit Tempest and Season 34 of ABC's Dancing with the Stars, which made history as the only fall show to increase its overall audience for 6 straight weeks following a season premiere. Something that's never been achieved by any show since Nielsen began electronic measurement in 1991.

韓國全球熱門影集《暴風雨》和 ABC 電視台的《與星共舞》第 34 季創造了歷史，成為秋季級唯一一檔在首播後連續 6 週收視率持續增長的節目。這是自尼爾森公司 1991 年開始進行電子測量以來，沒有任何節目取得的成功。

And we have more highly anticipated titles to come over the next few months including new seasons of Paradise, the Secret Lives of Modern Wives, Percy Jackson the Olympians, American Idol and the revival of the comedy Scrubs. We're also excited to bring viewers Taylor Swift's End of an Era docuseries, as well as the concert film Taylor Swift, The Eras Tour: The Final Show.

在接下來的幾個月裡，我們將推出更多備受期待的作品，包括《天堂島疑雲》、《摩登太太的秘密生活》、《波西傑克森與奧林匹亞眾神》、《美國偶像》的新一季，以及喜劇《實習醫生風雲》的重啟版。我們也很高興能為觀眾帶來泰勒絲的紀錄片系列《時代終結》，以及演唱會電影《泰勒絲：時代巡迴演唱會：最後一場演出》。

In our Entertainment segment, our streaming business had another quarter of profit growth with operating income up 39% in Q4. For the full year, we hit $1.3 billion in operating income, up $1.2 billion from last year and $300 million ahead of our original guidance. That is a significant achievement when you consider that just three years ago, our DTC business was running a $4 billion operating loss.

在我們的娛樂業務板塊，串流媒體業務在第四季度再次實現利潤成長，營業收入成長了 39%。全年來看，我們的營業收入達到 13 億美元，比去年增加了 12 億美元，比我們最初的預期高出 3 億美元。考慮到僅僅三年前，我們的 DTC 業務還處於 40 億美元的營運虧損狀態，這的確是一項重大成就。

As we continue to build DTC into a core growth engine, we're rolling out a more unified app experience to better serve our consumers and unlock new value. In October, Hulu became our global general entertainment brand, and we continue to work to consolidate all of our entertainment content domestically within a single app, which will simplify the user experience highlight the full value of our bundles and unlock global marketing efforts.

隨著我們不斷將 DTC 打造成為核心成長引擎，我們正在推出更統一的應用程式體驗，以便更好地服務我們的消費者並釋放新的價值。10 月，Hulu 成為我們的全球綜合娛樂品牌，我們將繼續努力將國內所有娛樂內容整合到一個應用程式中，這將簡化用戶體驗，突顯我們套餐的全部價值，並釋放全球行銷潛力。

We're also expanding our international reach by investing strategically in our own originals and working with local studios to license content that brings more high-quality local storytelling to the platform. We're taking a disciplined approach to the markets we are prioritizing, and we have confidence in our long-term strategy.

我們也正在透過策略性地投資原創內容，並與當地工作室合作獲得內容授權，從而擴大我們的國際影響力，為平台帶來更多高品質的本地故事。我們對優先發展的市場採取了嚴謹的態度，並且對我們的長期策略充滿信心。

Turning to Sports. We ushered in a new era with the launch of ESPN's full direct-to-consumer service and enhanced the ESPN app, making ESPN's full suite of networks and services available directly for the first time. We're thrilled by the response from fans so far, especially to the upgraded ESPN app, which now includes features such as Multiview, SportsCenter For You, Catch Up to Live and tools like live game stats, betting, fantasy sports and commerce integration.

轉向體育。我們推出了 ESPN 的全面直接面向消費者的服務，開啟了一個新的時代，並增強了 ESPN 應用程序，首次直接向用戶提供 ESPN 的全套網絡和服務。我們對粉絲們目前的反應感到非常興奮，尤其是對升級後的 ESPN 應用，該應用現在包含多視圖、SportsCenter For You、Catch Up to Live 等功能，以及實時比賽統計數據、投注、夢幻體育和電商整合等工具。

Viewership of our industry-leading portfolio of live sports also remains robust with ratings across ESPN networks, including ESPN on ABC, finishing the quarter up 25% over the prior year quarter. In our Experiences segment, we delivered record operating income for both Q4 and the full year with operating income up 13% for the fourth quarter compared to the prior year and up 8% for the full year.

我們業界領先的體育直播節目組合的收視率也保持強勁，ESPN 旗下各頻道（包括 ABC 上的 ESPN）的收視率在本季度比上年同期增長了 25%。在我們的體驗業務部門，第四季和全年營業收入均創歷史新高，第四季營業收入比上年同期成長 13%，全年營業收入成長 8%。

We're looking forward to two new cruise ships joining our fleet in the coming months. The Disney Destiny, which sets sail next week and the Disney Adventure, which will become our first ship homeported in Asia when it launches in March.

我們期待在未來幾個月內有兩艘新的郵輪加入我們的船隊。迪士尼命運號將於下週啟航，而迪士尼冒險號將於 3 月下水，屆時它將成為我們第一艘以亞洲為母港的郵輪。

This will bring our fleet to a total of 8 cruise ships. And in the spring, we're excited to open a World of Frozen at Disneyland Paris. With expansion projects underway at every one of our theme parks five additional cruise ships scheduled for launch beyond fiscal '26 and a new theme park planned for Abu Dhabi, the strategic investments we are making now will help ensure our offerings remain best-in-class and appeal to audiences worldwide well into the future.

這將使我們的船隊總共擁有 8 艘郵輪。今年春天，我們非常興奮地宣布，巴黎迪士尼樂園將開設「冰雪奇緣世界」。我們所有主題樂園都在進行擴建項目，2026 財年以後還將推出五艘新的遊輪，並且計劃在阿布達比新建一座主題樂園。我們現在進行的策略性投資將有助於確保我們的產品和服務保持一流水平，並在未來很長一段時間內吸引全球觀眾。

Overall, this quarter caps another strong fiscal year for the company. We continue to execute across our strategic priorities as we build for the future deliver the very best in entertainment and create value to shareholders.

整體而言，本季為公司又一個強勁的財年畫上了圓滿的句號。我們將繼續推動各項策略重點工作，為未來發展奠定基礎，提供最優質的娛樂服務，並為股東創造價值。

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

那麼，我和休將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 get to as many analysts as possible today. And with that, Rocco, we are ready to take the first question.

謝謝你，鮑伯。在進入問答環節之際，請各位盡量將問題限制在一個問題內，以便今天能夠盡可能多地與分析師交流。那麼，羅科，我們準備回答第一個問題。

(Operator Instructions)

（操作說明）

Ben Swinburne, Morgan Stanley.

本‧斯溫伯恩，摩根士丹利。

Thank you. Good morning. Bob, I think we've been talking about ESPN going direct-to-consumer for, I don't know, it feels like a decade or so now. And you've got the product in the market. I know it's not been a ton of time, but I'm wondering if you could share a little bit about what you've learned so far in terms of adoption, engagement, anything interesting in terms of what kind of packages people are attracted to?

謝謝。早安.鮑勃，我覺得我們討論 ESPN 直接面向消費者的模式已經有十年左右的時間了。你們的產品已經推出市場了。我知道時間還不長，但我很想知道您能否分享一下您目前在用戶採納、參與度方面了解到的情況，以及人們會被哪些類型的套餐所吸引？

And really the question is, does this product kind of change the outlook in any meaningful way for the business as you look out over the longer term?

真正的問題是，從長遠來看，這款產品是否會以任何有意義的方式改變企業的前景？

And I just want to ask Hugh on the cash from operations guidance that you provided, with the $1.7 billion cash tax swing, if I sort of adjust for that, I'm getting kind of underlying growth of well over 20%. So is there anything else we should be thinking about? Maybe it's the One Big Beautiful Bill tax benefits or anything else in the cash outlook that suggests such a strong cash flow year in 2026.

我想問休，關於你提供的經營現金流指引，考慮到 17 億美元的現金稅收波動，如果我對此進行調整，我得到的潛在增長率將超過 20%。那麼，還有其他需要考慮的事情嗎？或許是「一項偉大的法案」帶來的稅收優惠，又或許是現金流前景中的其他因素，預示著 2026 年將出現如此強勁的現金流。

Ben, I'll take the first part of your question. The ESPN launch has been a real success for a number of reasons. First of all, what we said about to do was to attract basically new users people who had either been subscribers to the multichannel linear bundle or people who had not but wanted to engage more with ESPN and we've done extremely well in that regard, signing up essentially new users.

本，我來回答你問題的第一部分。ESPN的推出取得了巨大的成功，原因有很多。首先，我們所說的要做的事情是吸引新用戶，包括已經訂閱了多頻道線性套餐的用戶，以及那些沒有訂閱但想要更多參與 ESPN 的用戶。在這方面，我們做得非常好，基本上已經註冊了新用戶。

The other thing we wanted to do is we wanted to give people who wanted to stay in the multichannel linear bundle, a chance to use the app and to engage with us more deeply because the app is so many more features than the linear channels do. And the authentication rate of people who are already subscribers has been very, very encouraging.

我們還想讓那些想繼續使用多頻道線性套餐的用戶有機會使用應用程序，並與我們進行更深入的互動，因為應用程式的功能比線性頻道多得多。現有訂閱用戶的認證率非常非常令人鼓舞。

Third, we ended up signing up a substantial number of subscribers to the -- what we call the ultra product, or the Ultimate ESPN product, which is essentially mostly attracting cord nevers, people who want to engage with sports, but maybe they don't want to engage as deeply as those that get linear channels and those that have subscribed to the main app. So it's been very successful in that regard.

第三，我們最終獲得了大量訂閱用戶，他們訂閱了我們稱之為“超級產品”或“終極 ESPN 產品”的產品，該產品主要吸引的是從未訂閱過有線電視的用戶，他們想要參與體育賽事，但可能不想像那些訂閱了線性頻道和主應用程序的用戶那樣深入參與。所以從這個角度來看，它非常成功。

We're encouraged that people have found all the new features and are using them, particularly the sports center for you and what we call Verts, which is essentially just vertical sports highlights. And the algorithm seems to be working as well. I know it's working for me where if you watch certain videos on ESPN and particularly if you click like, then your feed is populated by sports news and sports highlights that you are more interested in.

我們很高興看到大家發現了所有的新功能並正在使用它們，特別是體育中心和我們稱之為 Verts 的功能，它本質上就是垂直體育精彩集錦。演算法似乎也運作良好。我知道這種方法對我有效：如果你在 ESPN 上觀看某些視頻，特別是如果你點擊“喜歡”，那麼你的信息流就會被你更感興趣的體育新聞和體育精彩集錦所填充。

So I guess in almost every way you look at it, it is working -- it's also working for advertisers because obviously, there's real value in the data that we provide advertisers on the direct-to-consumer platform. And so we're attracting both more advertising and new advertisers to the service. And we look ahead, we believe that we've created a product that is very, very consumer friendly, very advertiser-friendly and actually works both for the traditional distribution ecosystem and for what I'll call the DTC ecosystem, if there is such a thing. So we're very, very encouraged.

所以我覺得無論從哪個角度來看，它都是有效的——對廣告商來說也是有效的，因為很明顯，我們在直接面向消費者的平台上向廣告商提供的數據具有真正的價值。因此，我們正在為這項服務吸引更多的廣告和新的廣告商。展望未來，我們相信我們已經創造了一款對消費者非常友好、對廣告商非常友好的產品，並且實際上既適用於傳統分銷生態系統，也適用於我稱之為 DTC 生態系統的產品（如果真有這種生態系統的話）。所以我們感到非常非常鼓舞。

I think it's a very positive step for the future of ESPN because while nothing necessarily provides future proof concepts or circumstances for a business that is constantly changing, but this certainly is a step in the direction of solidifying ESPN's future going forward.

我認為這對 ESPN 的未來來說是一個非常積極的舉措，因為雖然對於一個不斷變化的企業來說，沒有什麼能保證未來萬無一失，但這無疑是朝著鞏固 ESPN 未來發展的一步。

The last thing that I'll say is the great thing about the app is the incredible variety of sports that you can access on it. So where the linear channels provide obviously, live sports and studio programming, more along the lines of the traditional sports television. The new app uses a chance to engage with thousands and thousands more sports events over the year. And I think that's not only a sports fans delight. But I think overall, it's about as consumer-friendly as it gets.

最後我想說的是，這款應用程式最棒的地方在於它提供了種類繁多的運動項目。因此，線性頻道顯然提供的是現場體育賽事和演播室節目，更接近傳統的體育電視節目。這款新應用程式利用這一機會，讓用戶一年內可以參與成千上萬場體育賽事。我認為這不僅僅是體育迷的樂趣。但我認為總體而言，它對消費者來說已經非常友善了。

Okay, Ben. Yes, and I'll take the question on cash flow. You're right. If you adjust for tax, we're up about 28% year-over-year. Because of the timing on tax payments, the reported number is closer to 7%, driven by a couple of things. Number 1, obviously, OI growth is quite strong. Number 2, we've been investing for a couple of years, and we've now sort of leveled off in terms of those levels of investment.

好的，本。是的，我會回答有關現金流的問題。你說得對。如果扣除稅收因素，我們年增約 28%。由於稅款繳納時間的原因，實際公佈的數字接近 7%，這主要受以下因素影響。第一，很明顯，OI成長非常強勁。第二，我們已經投資了幾年，現在我們的投資水準已經趨於穩定。

That's something that we think you can look forward to in the out years, continued strong free cash flow growth from Disney, which obviously gives us a lot of flexibility in terms of the ability to return cash to shareholders, which was evidenced today by the doubling in the share repurchase and the 50% increase in the dividend. So we feel very good about the free cash flow growth going forward.

我們認為，未來幾年大家可以期待的是，迪士尼將繼續保持強勁的自由現金流增長，這顯然讓我們在向股東返還現金方面擁有很大的靈活性，今天股票回購翻倍和股息增長 50% 就證明了這一點。因此，我們對未來的自由現金流成長非常有信心。

The next question Carlos.

下一個問題，卡洛斯。

Before we take the next question, Carlos, I just want to add something to the question that Ben Swinburne asked about ESPN. One of the things that we're also very encouraged by is the fact that of the subscribers that have signed up to the new app, a substantial number of them, about 80% have signed up to what we call the trio bundle, which includes Disney+ and Hulu.

卡洛斯，在回答下一個問題之前，我想補充一下本·斯溫伯恩提出的關於 ESPN 的問題。令我們倍感鼓舞的是，在註冊新應用程式的用戶中，有相當一部分（約 80%）註冊了我們稱為「三合一套餐」的服務，其中包括 Disney+ 和 Hulu。

Thanks, Bob, and thanks, Ben, operator, next question, please.

謝謝鮑勃，也謝謝本，接線員，請問下一個問題。

Steven Cahall, Wells Fargo.

史蒂文‧卡哈爾，富國銀行。

So just on content. You had a pretty strong last couple of years in general entertainment. Bob, you talked about some of the things like Alien Earth, FX that have done really well. As we look into this year for the studio, I mean it's big slate with Avatar and Moana, you're off to a little bit stronger or a softer start, I think, implied in the guide for the first quarter. So I was wondering if you could just talk a little bit about what kind of growth you think you can do at the studio this year or over the next couple of years?

所以，就內容而言。過去幾年你在娛樂界發展得相當不錯。鮑勃，你談到了一些像《異形地球》和《特效》這樣非常成功的作品。展望工作室今年的發展，我的意思是，今年片單很長，有《阿凡達》和《海洋奇緣》兩部影片，開局可能會比較強勁，也可能比較平淡，我認為這從第一季的業績指南中可以看出來。所以我想問您能否簡單談談您認為工作室今年或未來幾年可以取得怎樣的發展？

And then, Hugh, just a tactical one. Given the ongoing carriage dispute with [YouTube TV], have you provisioned anything in the EPS guidance for a sustained blackout? Or is the economic impact actually more minimal because you think those folks would resubscribe elsewhere, including maybe the ESPN app.

然後，休，只是個戰術上的。鑑於與 [YouTube TV] 持續的傳輸糾紛，你們在每股收益預期中是否已為持續的傳輸中斷預留了任何資金？或者，經濟影響實際上更小，因為你認為這些人會在其他地方重新訂閱，包括 ESPN 應用程式。

Hugh, I'll take the first part of the question. Steven, thank you. We're very encouraged by the studio slate that is coming up. We have a premier of Zootopia 2 tonight. That is our Thanksgiving release. And then we finished the calendar year with Avatar: Fire and Ash. Obviously, we have very high hopes for that.

休，我來回答問題的第一部分。史蒂文，謝謝你。我們對即將推出的工作室專案感到非常鼓舞。今晚我們將首映《瘋狂動物城2》。這是我們的感恩節特輯。然後，我們以《降世神通：火與灰》結束了這一年。顯然，我們對此寄予厚望。

If you look at the slate for the rest of the year, it's about as strong as it's been in a while, maybe stronger than it's been in a while, including the Mandalorian, Toy Story 5, live action Moana and then we're going to finish the calendar year with Avengers DoomsDay. So we are very bullish on the slide ahead. As we look at the slate well into '27 and into '28, we feel that we've got similar strength to the strength that I just described for fiscal and calendar year '26.

看看今年剩下的時間裡有哪些電影上映，你會發現它們和近幾年一樣精彩，甚至可能比近幾年還要精彩，其中包括《曼達洛人》、《玩具總動員5》、真人版《海洋奇緣》，然後我們將以《復仇者聯盟2：末日》來結束這一年。所以我們非常看好接下來的下跌趨勢。當我們展望 2027 年和 2028 年的計劃時，我們感覺我們擁有與我剛才描述的 2026 財年和日曆年類似的實力。

Obviously, not every film works. We know that. We've been around long enough to understand that. But if you look back at the year and you look at the fact that we've already crossed substantial global box office level. We feel that we had some real strength, $2 billion films in the fiscal year, the biggest film of the year fiscal 2025 and calendar 2025 to date, which was Lilo & Stitch, which also had tremendous, tremendous consumption when it went on the platform.

顯然，並非每一部電影都能成功。我們知道這一點。我們經歷過足夠長的時間，足以明白這一點。但回顧這一年，你會發現我們已經突破了相當可觀的全球票房紀錄。我們感覺我們擁有一些真正的實力，本財年上映的電影票房達到 20 億美元，2025 財年和 2025 年迄今為止最大的電影是《星際寶貝》，該片在平台上的播放量也非常非常驚人。

So we feel good about the direction of the studio, both the current slate that's coming up and what it looks like in the future.

因此，我們對工作室的發展方向感到滿意，無論是即將推出的項目，還是未來的發展前景。

Right. And Steven, just to add to Bob's comments. In terms of Q1, that's more about what we're overlapping rather than the slate for the year itself, just the timing of the overlap, particularly with Avatar coming at the very end of Q1 is what's driving the guide that we shared with you all.

正確的。史蒂文，我補充一下鮑伯的評論。就第一季而言，這更多的是指我們有哪些影片上映時間重疊，而不是全年的影片計劃本身，只是重疊的時間安排，特別是《阿凡達》安排在第一季末上映，這才是我們與大家分享的這份指南的驅動因素。

As it relates to the discussions with YouTube, Obviously, I'm not going to comment much on ongoing negotiations that are live right now. The only thing I would say is, in terms of our guidance, we built a hedge into that with the expectation that these discussions could go for a little while.

至於與 YouTube 的討論，顯然，我不會對目前正在進行的談判發表太多評論。我唯一想說的是，就我們的指導方針而言，我們已經預留了對沖空間，因為預計這些討論可能會持續一段時間。

In terms of the dollar impacts, Keep in mind, there's two pieces to it. There's the piece that we're not getting paid for and then the piece that we're picking up by virtue of subscribers moving elsewhere. So -- but beyond that, I don't want to comment because it is a live negotiation right now. Thanks Steve.

就美元的影響而言，請記住，這其中包含兩個方面。一部分內容我們沒有領到報酬，另一部分內容是因為訂閱用戶轉移到其他地方而由我們接手的。所以——但除此之外，我不想發表評論，因為目前談判仍在進行中。謝謝你，史蒂夫。

Operator, next question please.

操作員，請問下一個問題？

Robert Fishman, MoffetNathanson.

Robert Fishman，MoffetNathanson。

Bob, as we think about Disney+ as a portal to all things Disney, can you talk about the future road map and how subscribers will be able to use Disney+ as a super app for not only Hulu and ESPN that you start to talk about, but also engage with your parks and other assets.

鮑勃，既然我們都把 Disney+ 看作是通往迪士尼一切事物的門戶，你能談談未來的發展路線圖嗎？訂閱用戶將如何將 Disney+ 當作超級應用，不僅可以像你剛才提到的那樣訪問 Hulu 和 ESPN，還可以與你的主題樂園和其他資源互動？

And then Hugh, do you see a path ahead for sustained double-digit DTC revenue growth through a combination of subscriber engagement and advertising increases. Thank you.

那麼，休，你認為透過提高用戶參與度和增加廣告收入，能否實現持續兩位數的 DTC 收入成長？謝謝。

Thanks, Robert. First of all, regarding Disney+, we're in the midst of rolling out the biggest and the most significant changes from a product perspective, from a technology perspective, since we launched the service in 2019. And we're really encouraged because it's enabling greater personalization, resulting in a product that's just more dynamic, more engaging and it basically is working.

謝謝你，羅伯特。首先，關於 Disney+，我們正在推出自 2019 年推出該服務以來，從產品角度和技術角度來看最大、最重要的變革。我們感到非常鼓舞，因為它能夠實現更高的個人化，從而打造出更具活力、更具吸引力的產品，而且它確實奏效了。

And as I mentioned in my remarks, we've turned Hulu into a global general entertainment brand, which we think is going to create more awareness and basically create closer alignment with our US product.

正如我在演講中提到的，我們已經將 Hulu 打造成了一個全球性的綜合娛樂品牌，我們認為這將提高品牌知名度，並從根本上與我們在美國的產品更加緊密地結合起來。

So as we look ahead, these things are obviously all designed to create a one-app experience. But we also see, particularly with the deployment of AI, the opportunity to use Disney+, as you suggested, as a portal to all things Disney. There's clearly an opportunity for commerce. There's an opportunity to use it as an engagement engine for people who want to go to our theme parks, want to stay at our hotels and want to enjoy our cruises, our cruise ships.

展望未來，這些顯然都是為了打造單一應用程式體驗而設計的。但我們也看到，尤其是在人工智慧的應用下，正如您所建議的那樣，有機會將 Disney+ 用作通往迪士尼一切事物的門戶。這顯然存在商業機會。我們有機會將其用作吸引顧客的引擎，吸引那些想去我們主題樂園、想入住我們飯店、想體驗我們遊輪之旅的人。

And obviously, there's a huge opportunity for games and the investment that we made and the agreement that we reached with Epic Games, while that will largely be on their platform gives us an opportunity to integrate a number of game-like features into Disney+.

顯然，遊戲領域蘊藏著巨大的機遇，我們所做的投資以及與 Epic Games 達成的協議，雖然主要將在他們的平台上進行，但也讓我們有機會將許多類似遊戲的功能整合到 Disney+ 中。

The other thing that we're really excited about that AI is going to give us the ability to do is to provide users of Disney+ with a much more engaged experience, including the ability for them to create user-generated content and to consume user-generated content, mostly short form from others.

人工智慧將賦予我們另一項令我們非常興奮的能力，那就是為 Disney+ 用戶提供更具互動性的體驗，包括讓他們能夠創建用戶生成內容和消費用戶生成內容，其中大部分是其他人的短視頻。

So a lot going on. We're pleased that the progress that we've already made from a technology perspective. We've made some great hires by the way, in the last year in that regard, including Adam Smith, who's also brought in some real talent. And the opportunity here, we think, is enormous in terms of increasing our engagement with Disney fans across the world.

事情很多。我們很高興在技術方面已經取得了進展。順便說一句，過去一年裡，我們在這方面招募了一些非常優秀的人才，包括亞當史密斯，他也帶來了一些真正的人才。我們認為，這其中蘊藏著巨大的機遇，可以增加我們與世界各地迪士尼粉絲的互動。

Okay. And Robert, regarding your question on DTC, a couple of comments. Number one, obviously, we guided you to the double-digit margins as we've been talking about in the past and as was expected coming into the year. Number two, in no way are we going to get there through cost cutting. The way we're going to get there is through revenue growth and driving operating leverage through the business.

好的。羅伯特，關於你提出的DTC問題，我有幾點要補充說明。第一，很顯然，我們引導你們實現了兩位數的利潤率，正如我們過去一直在談論的那樣，也正如年初所預期的那樣。第二，我們絕不可能透過削減成本來達成這個目標。我們將透過收入成長和提高業務營運槓桿來實現這一目標。

We didn't give a specific revenue guide, but our objective and our aspiration is very much to be growing the top line of that business by double digits as we did on an apples-to-apples basis in Q4 that's what we're looking to do going forward is to grow the top line double digits.

我們沒有給出具體的營收預期，但我們的目標和願望是，像第四季一樣，在同等條件下實現兩位數的營收成長。這就是我們未來努力的方向，即實現兩位數的營收成長。

And again, as a reminder, and as we've discussed in the past, getting beyond '26, we're certainly looking to gain margin in chunks, not in basis points as we think beyond '26 and into the future. We think this is a terrific business that's really going to be super strategic for the Walt Disney Company and is going to be a growth driver for us for many years to come.

再次提醒大家，正如我們過去討論過的，展望 2026 年之後，我們當然希望逐步提高利潤率，而不是逐個基點地提高利潤率，因為我們考慮的是 2026 年之後以及未來。我們認為這是一個非常棒的業務，對華特迪士尼公司來說具有非常重要的戰略意義，並且將在未來很多年裡成為我們的成長動力。

Thanks Robert. Operator, next question, please.

謝謝你，羅伯特。接線員，請問下一個問題？

Jessica Reif Ehrlich, Bank of America Securities.

傑西卡·雷夫·埃爾利希，美國銀行證券。

I got a couple of things. One, you've grown content via both building and buying. And clearly, if we're going to see M&A and media in the coming year with a lot of moving pieces across the industry, some being just some companies being broken up. So I'm just wondering, do you see any role for Disney? And if not, any concern that you'll see a stronger competitor coming out of all of this?

我買了一些東西。第一，你透過自建和購買兩種方式累積了內容。顯然，如果我們要在未來一年看到併購和媒體產業發生很多變化，其中一些變化可能意味著一些公司將被拆分。所以我想知道，你認為迪士尼能扮演什麼角色？如果沒有，您是否擔心會出現更強大的競爭對手？

And then secondly, on advertising, could you maybe go a little bit under the covers. There are a lot of things going on in DTC and linear, both entertainment and sports. Could you give us some color on your outlook for fiscal '26?

其次，關於廣告，您能否稍微深入地談談？DTC 和傳統電視領域，包括娛樂和體育方面，都發生了很多事情。能否簡單介紹一下您對2026財年的展望？

First, part of the question Hugh. (multiple speakers) Go ahead.

首先，休，這是問題的一部分。（多人發言）請講。

So Jessica, on M&A, a couple of things. Number one, obviously, we don't comment on M&A specifically. That said, with what's happening in the industry right now, Bob and the team really built the IP portfolio that we have over the last decade, whether it was the Fox acquisition or Lucas or Pixar So we actually feel like we've got a great portfolio, and we don't need to do anything. From that perspective, I think we'll let this play out.

傑西卡，關於併購，有幾點需要說明。首先，很顯然，我們不會對併購活動本身發表評論。話雖如此，就目前行業的發展狀況而言，鮑勃和他的團隊在過去十年裡確實打造了我們現有的知識產權組合，無論是收購福克斯，還是收購盧卡斯影業或皮克斯，所以我們感覺我們擁有一個很棒的組合，我們不需要再做任何事情了。從這個角度來看，我認為我們應該讓事情順其自然。

In terms of other competitors, we'll see how the various moves play out. But we like the hand that we have right now. So I wouldn't expect us to participate in making any significant moves.

至於其他競爭對手，我們將拭​​目以待各種措施的後續發展。但我們對目前的情況很滿意。所以我不認為我們會參與任何重大舉措。

As it relates to the advertising side, what you saw for the year for us last year was advertising grew 5%. Sports was particularly strong. DTC obviously has had supply coming into the market. That said, we did see CPMs improve at Disney over the last two quarters. So we feel like that's trending in the right direction.

就廣告方面而言，去年我們的廣告收入成長了 5%。體育板塊表現特別強勁。DTC產品顯然已經有大量供應進入市場。儘管如此，我們確實看到迪士尼在過去兩個季度的 CPM 有所改善。所以我們認為這正朝著正確的方向發展。

And then from a linear perspective, obviously, that's driven by what happens with subscribers. Going forward, we do expect advertising growth going into '26 as well. despite the fact that we're overlapping political advertising in the first quarter of '26.

從線性角度來看，這顯然是由訂閱用戶數量的變化所驅動的。展望未來，我們預計2026年廣告業務仍將維持成長，儘管2026年第一季與政治廣告市場重疊。

Thanks, Jessica. Operator, next question, please.

謝謝你，潔西卡。接線員，請問下一個問題？

Michael Morris, Guggenheim.

麥可莫里斯，古根漢美術館。

I wanted to ask you first on the Experiences business. Can you talk a little bit more about the drivers of the segment into fiscal '26, in the context of that high single-digit operating income growth that you guided to? So how are demand currently trending? And how much of the guided growth comes from revenue as opposed to margin expansion in the coming year?

我想先問你一些關於體驗業務方面的問題。您能否再詳細談談該業務板塊在 2026 財年的發展驅動因素，並結合您先前預測的高個位數營業收入成長目標進行分析？那麼，目前的需求趨勢如何？未來一年，預期成長中有多少來自營收成長，又有多少來自利潤率擴張？

And if I could ask one on the sports side. You talked about some of the content-driven cost pressure in the second and third quarters of the year. I would assume that comes from the NBA investment. Can you talk a bit about how the NBA investment is positive for you and will drive your growth over time? Thank you.

如果可以的話，我想問一位體育方面的問題。您談到了今年第二季和第三季內容驅動型成本壓力的一些問題。我猜想這筆錢來自NBA的投資。您能否談談NBA的投資對貴公司有哪些正面影響，以及它將如何隨著時間的推移推動貴公司的發展？謝謝。

Okay. Yes. Happy to jump in on both of those. In terms of the Experiences business and drivers for '26, obviously, we've made big investments in cruise. And we're expecting cruise to be a meaningful contributor to growth of experiences during the course of the year, particularly in the second half as we get past the launch costs and some of the dry docks that we have in the first half of the year.

好的。是的。我很樂意參與這兩個項目。就體驗業務和 2026 年的發展動力而言，顯然，我們在郵輪業務方面進行了大量投資。我們預計郵輪業務將在今年內為體驗業務的成長做出重要貢獻，尤其是在下半年，因為我們將克服上半年的啟動成本和一些乾船塢維修費用。

Number two, obviously, we're always going to have a combination of some pricing and some attendance growth. So certainly feel positive about that. And then obviously, with the slate that we have coming on the film side, consumer products ought to be a meaningful contributor as well. As far as sports goes from the perspective of the NBA because of the timing of the rights cost, it does create a little bit of bumpiness during the course of the year. Again, the latter half is where we'll really see material growth in ESPN.

第二，很顯然，我們總是會面臨價格上漲和客流量成長的雙重挑戰。所以，對此一定要抱持正面的態度。顯然，就我們即將上映的電影而言，消費品也應該會做出重要的貢獻。就體育賽事而言，從 NBA 的角度來看，由於版權費用的時間安排，這確實會在一年中造成一些波動。同樣，ESPN 真正實現實質成長的時間點將是後半段。

And then in terms of NBA being a contributor, the NBA is obviously a phenomenal property. We were fortunate enough to get out in front of that and create an attractive deal both for the NBA and for ourselves. It obviously, like a lot of other live sports attracts audience. And in the case of the NBA like the NFL, attracts scale audience which obviously is super attractive to advertisers and therefore is strategically beneficial to us as well.

至於NBA的貢獻，NBA顯然是一個非常了不起的產業。我們很幸運地搶佔了先機，為 NBA 和我們自己都達成了一項有吸引力的協議。顯然，它和其他許多現場體育賽事一樣，吸引了大量觀眾。而像 NBA 和 NFL 一樣，都能吸引大量觀眾，這顯然對廣告商極具吸引力，因此對我們來說也具有戰略意義。

If I could follow up. Can you share anything about what you're seeing on the demand side currently domestically for the parks in terms of advanced bookings or per caps?

如果可以的話，我想跟進一下。您能否分享一下目前國內公園的需求情況，例如提前預訂或人均消費情況？

Yeah, yeah. Sorry, I forgot to answer that portion of your question. Bookings are up 3% in the first quarter. So we feel good about that, and they're also up for the year. So feel good about where demand is ramping.

是啊是啊。抱歉，我忘了回答你問題的那一部分。第一季預訂量成長了3%。所以我們對此感到滿意，而且他們今年的業績也有所提升。所以，對需求成長的地區感到樂觀吧。

Great, thank you, Hugh.

太好了，謝謝你，休。

Yes, all right, thanks. Mike operator, next question please.

好的，謝謝。麥克風操作員，請問下一個問題？

Kannan Venkateshwar, Barclays.

Kannan Venkateshwar，巴克萊銀行。

Bob, any interest from you on becoming a broader bundler of streaming. You already have ESPN and Disney+ and Hulu bundle. And of course, you also have the FOX One. And it feels like there's an opportunity here for Disney to maybe emerge as a new form of bundler, which nobody in the industry appears to have attempted yet. So any thoughts on that would be great.

鮑勃，你對成為更廣泛的串流媒體捆綁商感興趣嗎？您已經擁有 ESPN、Disney+ 和 Hulu 的捆綁套餐。當然，還有FOX One頻道。感覺迪士尼或許有機會轉型成為一種新型態的捆綁銷售商，而業界似乎還沒有人嘗試過這種模式。所以，大家有什麼想法嗎？

And then just to understand the impact of ESPN bundling on Disney+ and Hulu a little bit better. Anything you can share with respect to maybe the churn benefits or any kind of subscriber acquisition cost tailwinds that you saw in the quarter? What do you expect going forward potentially from that?

然後，我想更深入了解 ESPN 捆綁銷售對 Disney+ 和 Hulu 的影響。關於本季觀察到的用戶流失率下降或用戶獲取成本降低等方面的利多因素，您能否分享一下？你認為未來可能會出現什麼變化？

So I'll answer both parts of your question. First of all, as it relates specifically to ESPN bundling, what we found is that subscribers that bundle, either the bundle Disney+ and Hulu or subscribers that bundle Disney+, Hulu and ESPN are healthier subscribers in the sense that the churn rates are lower than the subscriber that only subscribe to one app.

所以我會回答你問題的兩個部分。首先，就 ESPN 捆綁訂閱而言，我們發現，捆綁訂閱 Disney+ 和 Hulu 的用戶，或者捆綁訂閱 Disney+、Hulu 和 ESPN 的用戶，其用戶流失率低於只訂閱一個應用程式的用戶，因此他們的用戶健康狀況更好。

So I mentioned earlier the fact that about 80% of all the subscribers to the new ESPN service are actually buying the Trio or the triple bundle. That's a very positive sign for us In terms of lowering churn into the future. We've also found that bundling with others, for instance, we've been bundling with MAX in the United States, also has a lower -- an effect of lowering churn.

我之前提到過，大約 80% 的新 ESPN 服務訂閱用戶實際上購買的是 Trio 或三合一套餐。這對我們來說是一個非常正面的訊號，有助於我們未來降低客戶流失率。我們也發現，與其他產品捆綁銷售，例如，我們在美國與 MAX 進行捆綁銷售，也能降低客戶流失率。

And we've expressed the desire to do more bundling with other companies and have been in discussions on and off with other companies about doing just that. So typically, the opportunity to bundle definitely -- to bundle more exists. And we also have proven that it works both for us in terms of our subscribers and also for the subscribers that we attract for the bundling entity.

我們已經表達了與其他公司進行更多捆綁銷售的願望，並且一直在與其他公司就此進行斷斷續續的討論。所以通常情況下，捆綁銷售的機會肯定存在——可以捆綁更多商品。我們也已經證明，無論對於我們的訂閱用戶，還是對於我們為捆綁銷售實體吸引的訂閱用戶，這種方法都有效。

If you were to ask the folks at Warner Bros. Discovery about the impact of the MAX bundle on them, they would tell you that they've signed up a substantial number of subscribers thanks to the bundle with us.

如果你去問華納兄弟公司的人，他們會告訴你：在了解 MAX 套餐對他們的影響後，他們會告訴你，多虧了我們的套餐，他們已經註冊了大量的訂戶。

Thanks, Kannan. Operator, next question.

謝謝你，坎南。操作員，下一個問題。

John Hodulik, UBS.

瑞銀集團的約翰‧霍杜利克。

A quick follow-up on the parks business and then a question on cruises. It looks like domestic parks attendance was a little light in the fourth quarter. Hugh, is that driven by sort of competition, macro? Or are there any other factors that may have accounted for that?

快速跟進公園業務，然後問了一個關於郵輪的問題。第四季國內公園的遊客數量似乎略顯不足。休，這是由某種宏觀競爭所驅動的嗎？或者有其他因素可能導致這種情況嗎？

And then, on the cruise side, just comment on overall demand for the cruise business. And if you could you remind us how do the margins improve as compared to overall margins in the parks business? And what should be the impact on that segment as that business grows as fast as it's slated to over the next several years?

然後，在郵輪方面，請對郵輪業務的整體需求發表一些評論。請問，與公園業務的整體利潤率相比，公園業務的利潤率是如何提高的？如果該業務在未來幾年內按計劃快速成長，那麼這對該細分市場會產生什麼影響？

In terms of the demand, demand was -- I wouldn't characterize it as light. It basically came in, in line with our expectations. We've talked about Epic in the past, in particular, is something that we knew was going to be a factor in domestic parks and in fact, was very much in line with our expectations. If anything, it seems to be, in fact, impacting the rest of the competition down in Florida, more that it's impacting us. From a consumer perspective, we certainly feel good about it.

就需求而言，我不會用「低迷」來形容它。基本上，它符合我們的預期。我們過去曾討論過 Epic，特別是我們知道它將成為國內公園的一個重要因素，事實上，它非常符合我們的預期。如果有什麼影響的話，那就是它似乎對佛羅裡達州的其他參賽隊伍產生了更大的影響，而不是對我們的影響。從消費者的角度來看，我們當然對此感到滿意。

In terms of demand for cruise, very, very strong despite the fact that we've added as much capacity as we have. Our utilization rates are in line with what we've seen in the past. So we're filling all of that capacity as quickly as we can add it.

儘管我們已經增加了大量的運力，但郵輪的需求仍然非常非常強勁。我們的利用率與以往的情況一致。所以我們正在盡一切努力盡快填滿所有新增產能。

Regarding margins, we don't really talk about specifics on cruise margins. That's not a disclosed item. But obviously, it's a very attractive business. We're capable of pricing at a good level. The guest satisfaction scores are higher than basically anything else in the company. So the margins in that business, as you would imagine, are quite attractive. Thanks.

關於利潤率，我們通常不討論郵輪利潤率的具體細節。那不是已披露的項目。但很顯然，這是一項非常有吸引力的生意。我們有能力製定合理的價格。顧客滿意度評分高於公司其他任何方面。因此，正如你所想，該行業的利潤率相當可觀。謝謝。

Thanks, John. Operator, next question please.

謝謝你，約翰。操作員，請問下一個問題？

Kutgun Maral, Evercore ISI.

Kutgun Maral，Evercore ISI。

Two, if I could. First on direct-to-consumer. I was hoping you could share some of the puts and takes on the cost side in 2026, especially as you continue to invest in technology and programming. But I didn't know if there is some maybe cost savings associated with integrating the tech stack, for example, that we should be mindful of.

如果可以的話，我希望有兩個。首先是直接面向消費者。我希望您能分享一下您對 2026 年成本的看法，尤其是在您繼續投資技術和程式設計的情況下。但我不知道整合技術堆疊是否會帶來一些成本節約，例如，我們應該注意這一點。

And then Hugh, just a housekeeping one, if I could, around the 53rd week thank you for providing a clean guidance for the year on an underlying basis. With that, can you help quantify the impact of the extra week to this year? And as we look to fiscal would the expectation be that you could grow EPS double digits again, even without adjusting for the 53rd week comp? Thank you.

然後，休，如果可以的話，我想補充一點，大約在第 53 週，感謝你為今年提供了清晰的、基於基本面的指導。那麼，您能否幫忙量化一下今年多出的一週所帶來的影響呢？展望未來財年，即使不考慮第 53 週的比較數據，您是否預期每股盈餘能夠再次達到兩位數成長？謝謝。

Yeah. First on DTC. It's really consistent with what we've talked about in the past. So we expect to grow revenue at an attractive rate. As I mentioned earlier in the call, our aspiration is to be double digits in that business.

是的。DTC首發。這和我們過去討論的內容非常一致。因此，我們預計營收將以可觀的速度成長。正如我之前在電話會議中提到的，我們的目標是在該業務領域取得兩位數的份額。

In terms of then the line items underneath, we'll obviously continue to invest at a reasonable level in content, leaning a bit more towards the international side as we identify opportunities in specific markets to grow the international business where we have a big opportunity.

至於以下的各項支出，我們顯然會繼續在內容方面進行合理的投資，並隨著我們在特定市場發現發展國際業務的機會，在國際業務方面投入更多資源，因為我們在這些市場擁有巨大的發展機會。

In addition to that, we'll be investing in product. So the technology area will get some level of investment as well. And obviously, as we put the two businesses together, there's opportunities to do a bit of savings on SG&A.

除此之外，我們還將投資產品。因此，科技領域也將獲得一定程度的投資。顯然，當我們把兩家公司合併在一起時，就有機會在銷售、一般及行政費用上節省一些開支。

That said, I would expect P&L leverage. In other words, expenses growing less quickly than revenue across all of those items, which is how we drive the margin growth that we would expect to see.

也就是說，我預期會存在損益槓桿效應。換句話說，所有這些項目的支出成長速度都低於收入成長速度，這就是我們實現預期利潤成長的方式。

In terms of the 53rd week, again, I would expect us to figure out as we get to Q4, what the 53rd week is worth. And then as we determine that as we have in the past 2 times, we've had the 53rd week, we would share something on that with investors, and we'd look to grow double digits off of that.

至於第 53 週，我預計到了第四季度，我們就能弄清楚第 53 週的價值了。然後，當我們確定（就像過去兩次一樣）已經達到第 53 週時，我們會與投資者分享一些相關信息，並希望在此基礎上實現兩位數的增長。

All right, thanks, Kutgun. Operator, we have time for one more question.

好的，謝謝你，庫特根。操作員，我們還有時間再問一個問題。

David Karnovsky, JPMorgan.

David Karnovsky，摩根大通。

Bob, you noted generative AI earlier, but it sounded primarily as a use case within your apps, and I'm wondering how you view the opportunity or risk to license out content or IP to some of the emerging video creation platforms? And then just relatedly, as it pertains to production costs over time, what role do you see for generative AI to drive cost efficiencies in the business.

鮑勃，你之前提到了生成式人工智慧，但聽起來主要是指在你的應用程式中的一個用例，我想知道你如何看待將內容或智慧財產權授權給一些新興的影片創作平台的機會或風險？另外，就長期生產成本而言，您認為生成式人工智慧在提高企業成本效益方面能發揮什麼作用？

Very good question. We've been in some interesting conversations with some of the AI companies, and I would characterize some of them as quite productive conversations as well seeking to not only protect value of our IP and of our creative engines, but also to seek opportunities for us to use their technology to create more engagement with consumers. And we feel encouraged by some of the discussions that we're having. It's obviously imperative for us to protect our IP using -- with this new technology.

問得好。我們與一些人工智慧公司進行了一些有趣的對話，其中一些對話也頗具成效，我們不僅尋求保護我們的智慧財產權和創意引擎的價值，還尋求機會利用他們的技術來增強與消費者的互動。我們對正在進行的一些討論感到鼓舞。顯然，利用這項新技術來保護我們的智慧財產權對我們來說至關重要。

And we've been pretty engaged on that subject with a number of entities and hopeful that ultimately, we'll be able to reach some agreement or the industry or the company -- on its own with some of these entities that would, in fact, reflect our need to protect the IP.

我們一直在與許多實體就此問題進行深入探討，並希望最終能夠與其中一些實體達成某種協議，以真正反映我們保護智慧財產權的需求。

We also -- as we look ahead, we see opportunities in terms of efficiency and effectiveness by deploying AI, not just in the production process, but really across our company as we engage with our cast members and our employees, but also our guests and our customers. There are opportunities, as Hugh talked about earlier, about what I'll call the office and creating efficiency there. There are great opportunities in terms of our collection of data and our mining of data.

展望未來，我們看到了透過部署人工智慧來提高效率和效果的機會，不僅在生產過程中，而且在我們公司的各個方面，包括與演員和員工的互動，以及與客人和客戶的互動。正如休之前提到的那樣，在辦公室（我稱之為辦公室）以及提高辦公室效率方面，存在著一些機會。我們在資料收集和資料探勘方面擁有巨大的機會。

And I'd say above all else, there's phenomenal opportunities to deploy AI across our direct-to-consumer platforms, both to provide tools that make the platforms more dynamic and more sticky with consumers, but also to give consumers the opportunity to create on our platforms.

而且我認為最重要的是，人工智慧在我們的直接面向消費者的平台上有著巨大的應用機會，不僅可以提供工具使平台更具活力，更能吸引消費者，還可以讓消費者有機會在我們的平台上創作。

I also -- before we end the call, Carlos, I just want to say one thing because I know there was reference to where we are with YouTube. And I just want to end the call because we've been so engaged in this over the last few weeks, by kind of giving an overall summary of just where things stand.

卡洛斯，在我們結束通話之前，我還想說一件事，因為我知道剛才提到了我們與 YouTube 的合作現狀。我想結束這通通話，因為在過去的幾周里，我們一直在積極討論這個問題，所以我想對目前的情況做一個總體總結。

First of all, obviously, we care deeply about our consumer. And our priority has always been to remain on their service without interruption to close a deal on a timely basis so that interruption does not occur. The deal that we have proposed is equal to or better than what other large distributors have already agreed to.

首先，很顯然，我們非常關心我們的消費者。我們的首要任務始終是保持服務不中斷，以便及時完成交易，避免中斷情況。我們提出的方案不遜於甚至優於其他大型經銷商已經達成的協議。

So we're not trying to really break any new ground. And while we've been working tirelessly to close this deal and restore our to the platform, it's also imperative that we make sure that we agree to a deal that reflects the value that we deliver, which both YouTube, by the way, and Alphabet, have told us is greater than the value of any other provider.

所以我們並不是想真正開拓什麼新領域。雖然我們一直在不懈地努力完成這項交易，並將我們的內容恢復到該平台上，但同樣重要的是，我們要確保我們達成的協議能夠反映出我們所創造的價值，順便說一句，YouTube 和 Alphabet 都告訴我們，我們的價值大於任何其他提供者。

So we're not trying to break new ground. The offer that's on the table is commensurate with deals that we've already struck with actually distributors that are larger than they are. We're trying really hard, as I said, working tirelessly to close this deal, and we're hopeful that we'll be able to do so on a timely enough basis to at least give consumers the opportunity to access our content over their platform.

所以我們並不是想開拓新領域。目前擺在桌面上的報價與我們已經與規模更大的分銷商達成的協議是相符的。正如我所說，我們正在竭盡全力，不懈地完成這項交易，我們希望能夠及時完成，至少讓消費者有機會透過他們的平台存取我們的內容。

Thanks, Bob, and thanks to everyone for your questions. We wish you all a good day.

謝謝鮑勃，也謝謝大家的提問。祝大家今天過得愉快。

Thank you. That concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines and have a wonderful day.

謝謝。今天的電話會議到此結束。感謝各位蒞臨今天的報告會。現在您可以斷開線路了，祝您有美好的一天。