迪士尼 (DIS) 2026 Q1 法說會逐字稿

Welcome to The Walt Disney Company first quarter 2026 financial results conference call. My name is Lauren, and I will be your moderator today. (Operator Instructions) Please note today's event is being recorded.

歡迎參加華特迪士尼公司2026年第一季財務業績電話會議。我叫勞倫，今天我將擔任主持人。（操作說明）請注意，今天的活動正在錄製中。

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

現在我將把電話交給執行副總裁、財務主管兼投資者關係主管卡洛斯·戈麥斯。請繼續。

Good morning. It's my pleasure to welcome everyone to The Walt Disney Company's first quarter 2026 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. Before we begin, please take note of our cautionary statement regarding forward-looking statements on our IR website.

早安.我很高興歡迎大家參加華特迪士尼公司 2026 年第一季財報電話會議。我們今天早上早些時候發布了新聞稿、10-Q 表格以及管理層事先準備好的發言稿，這些文件均可在我們的網站 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。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。

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

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。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，其中包括但不限於經濟、地緣政治、運營和行業狀況、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。有關可能導致實際結果與前瞻性聲明中所述結果存在差異的因素和風險的更多信息，請參閱我們的投資者關係網站、今天發布的新聞稿以及我們在 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。

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

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。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。

Following introductory remarks from Bob, we will be happy to take your questions. So with that, I will now turn the call over to Bob.

在鮑伯開場白之後，我們將樂意回答大家的問題。那麼，現在我將把電話交給鮑伯。

Thank you, Carlos, and good morning, everyone. We are pleased with the start of our fiscal year, and our achievements reflect the tremendous progress we've made. Beginning with our Entertainment segment, our film studios generated more than $6.5 billion at the global box office in calendar year 2025, making this our third biggest year ever and our ninth year as number one at the global box office over the past decade.

謝謝你，卡洛斯，大家早安。我們對本財年的開局感到滿意，我們的成就反映了我們所取得的巨大進步。從我們的娛樂部門開始，我們的電影工作室在 2025 年日曆年全球票房收入超過 65 億美元，這是我們有史以來第三高的年份，也是過去十年中我們第九次成為全球票房冠軍。

Avatar: Fire and Ash became our latest release to cross the $1 billion threshold, joining Zootopia 2 and Lilo & Stitch, to mark $3 billion titles in 2025. Zootopia 2 also became Hollywood's highest grossing animated film ever and one of the top 10 highest grossing films of all time, earning more than $1.7 billion, and firmly establishing itself as a popular new franchise. This builds on a rich legacy of both creative and box office success for Disney.

《阿凡達：火與灰》成為我們最新一部票房突破 10 億美元大關的作品，與《瘋狂動物城 2》和《星際寶貝》一起，使我們在 2025 年的票房總數達到了 30 億美元。《瘋狂動物城2》也成為好萊塢有史以來票房最高的動畫電影，並躋身有史以來票房最高的10部電影之列，收入超過17億美元，並穩固地確立了其作為熱門新系列的地位。這延續了迪士尼在創意和票房方面所取得的輝煌成就。

To date, $37 billion films have come from our studios, out of the 60 films that have hit this mark industry-wide. That's 4 times more than any other studio. Great storytelling generates value across our interconnected businesses, with hits like Zootopia 2 lifting viewership of related titles on Disney+ and fueling global interest in our parks and consumer products. The film also became the highest grossing foreign film of all time in China, where the franchise is an important driver of attendance at Shanghai Disneyland, with our Zootopia theme land, one of the most popular areas of the park.

迄今為止，我們電影公司出品的電影票房已達 370 億美元，而全行業僅有 60 部電影達到這一票房里程碑。這比其他任何工作室都多出 4 倍。精彩的故事能夠為我們相互關聯的業務創造價值，像《瘋狂動物城2》這樣的熱門影片提升了 Disney+ 上相關影片的觀看量，並激發了全球對我們的主題公園和消費品的興趣。該片也成為中國有史以來票房最高的外國電影，該系列電影是上海迪士尼樂園的重要客流量驅動力，其中「瘋狂動物城」主題園區是樂園中最受歡迎的區域之一。

Looking ahead to our upcoming slate, we are excited about numerous titles coming to theaters this year, including The Devil Wears Prada 2, The Mandalorian and Grogu, Toy Story 5, the live-action Moana, and Avengers: Doomsday.

展望即將上映的影片，我們非常興奮，今年將有多部影片登陸影院，包括《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：末日》。

Turning to streaming. Our performance in the quarter reflects the strength of our content and continued technology improvements. We're seeing encouraging results from our investment in local content as we continue our focus on international growth. We're also rolling out product enhancements to elevate the user experience on Disney+, and we're layering in additional ways to engage audiences by developing new vertical and short-form experiences, with plans to introduce a curated slate of story generated content on Disney+ following our recently announced licensing agreement with OpenAI.

轉向串流媒體。本季業績反映了我們內容的優勢和持續的技術進步。我們繼續專注於國際成長，並已從對本地內容的投資中看到了令人鼓舞的成果。我們也正在推出產品增強功能，以提升 Disney+ 的使用者體驗，並透過開發新的垂直和短影片體驗，增加更多吸引觀眾的方式。根據我們最近宣布的與 OpenAI 的授權協議，我們計劃在 Disney+ 上推出一系列精選的故事生成內容。

We also took a major step forward with the launch of ESPN Unlimited. And while still early days, we're pleased with the adoption and engagement we've seen with the new app. ESPN is the industry leader in sports, offering fans the most compelling portfolio of live sports, studio shows, and original content with multiple ways to watch. And in Q1, ESPN delivered outstanding ratings across our portfolio of live sports. Highlights include ESPN's most watched College Football regular season since 2011, with ABC achieving its best college football season since 2006.

隨著 ESPN Unlimited 的推出，我們也向前邁出了重要一步。雖然目前還處於早期階段，但我們對這款新應用的普及率和用戶參與度感到滿意。ESPN是體育界的領導者，為體育迷提供最引人入勝的體育賽事直播、攝影棚節目和原創內容，並提供多種觀看方式。第一季度，ESPN旗下所有體育直播節目都取得了優異的收視率。亮點包括 ESPN 自 2011 年以來收視率最高的大學橄欖球常規賽，以及 ABC 自 2006 年以來收視率最高的大學橄欖球賽季。

Monday Night Football delivered its second-highest viewership in 20 years. And season to date, ESPN has delivered its third most watched NBA regular season ever. We also just closed our transaction with the NFL to acquire NFL Network and other media assets, including the linear rights to the League's popular RedZone channel, further bolstering ESPN's offering with an even richer content experience for football fans.

週一晚間橄欖球賽的收視率創下20年來第二高。截至目前，ESPN 已經播出了有史以來收視率第三高的 NBA 常規賽。我們剛剛完成了與 NFL 的交易，收購了 NFL Network 和其他媒體資產，包括聯盟熱門 RedZone 頻道的線性轉播權，這將進一步增強 ESPN 的產品，為橄欖球迷帶來更豐富的內容體驗。

Turning to our Experiences segment. We had a solid start to the fiscal year with quarterly revenue exceeding $10 billion for the first time. We have expansion projects underway at every one of our theme parks, and next month, we're excited to welcome guests to the new world of Frozen at the completely reimagined Disney Adventure World at Disneyland Paris. This milestone marks the beginning of a bold new era for Disneyland Paris, nearly doubling the size of the second park.

接下來是我們的「體驗分享」環節。本財年開局良好，季度營收首次突破 100 億美元。我們每個主題樂園都在進行擴建項目，下個月，我們將非常興奮地歡迎遊客來到經過全面改造的巴黎迪士尼樂園迪士尼冒險世界，體驗全新的冰雪奇緣世界。這一里程碑標誌著巴黎迪士尼樂園開啟了一個嶄新的時代，第二個樂園的面積幾乎翻了一番。

At Disney Cruise Line, we recently launched the Disney Destiny, which has received outstanding reviews from guests. We're also preparing for the launch of the Disney Adventure next month, which will be our first ship homeported in Asia, bringing immersive Disney storytelling to more people globally than ever before. Overall, our results this quarter reflect our hard work and strategic investments across each of our priorities, and I'm incredibly proud of all that we've accomplished over the past three years to set Disney on the path of continued growth, and I'm inspired and energized by the opportunities ahead for this wonderful company.

迪士尼郵輪公司最近推出了迪士尼命運號，該郵輪獲得了乘客們的一致好評。我們也在為下個月迪士尼冒險號的下水做準備，這將是我們第一艘以亞洲為母港的郵輪，將為全球比以往任何時候都更多的人帶來沉浸式的迪士尼故事體驗。總的來說，本季的業績反映了我們在每個優先事項上的辛勤工作和策略投資，我為過去三年我們為迪士尼持續成長所取得的成就感到無比自豪，我也為這家優秀公司未來的發展機會感到鼓舞和振奮。

With that, we will be happy to take your questions.

那麼，我們很樂意回答您的問題。

Thanks, Bob. As we transition to Q&A, we ask that you please try to limit yourselves to one question in order to get to as many questions as possible today. And with that, operator, we're ready for 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，以便今天能夠回答盡可能多的問題。好了，接線員，我們準備好回答第一個問題了。

Robert Fishman, MoffettNathanson.

Robert Fishman，MoffettNathanson。

Bob, you've made some significant IP deals for Disney over the years. So I'm wondering, as you watch from the sidelines the value being ascribed to Warner Bros. and HBO, does that change or impact any of your strategies to better monetize or unlock the value of all Disney's premium IP?

鮑勃，這些年來你為迪士尼促成了一些重要的智慧財產權交易。所以我想知道，當您在場邊觀察華納兄弟和 HBO 的價值時，這是否會改變或影響您更好地將迪士尼所有優質 IP 變現或釋放其價值的任何策略？

And then Hugh, if I can squeeze in a quick one. The absence of subscriber disclosure. Just wondering if you can help us better understand the drivers of SVOD's 13% subscription revenue growth? Any breakdown of US international? Or how you expect subscription and advertising revenue to trend over the rest of the year? Thank you.

然後，如果我能擠出一點時間，就跟休聊聊吧。未揭露用戶資訊。想請您幫助我們更了解SVOD訂閱收入成長13%的驅動因素？美國國際航線有詳細分類嗎？或者，您預計今年剩餘時間的訂閱和廣告收入將如何變化？謝謝。

Thanks, Robert. Look, if anything, the battle for control of Warner Bros. Discovery, I think should emphasize or cause investors to appreciate the tremendous value of our assets, particularly our IP, includes obviously all of our brands and our franchises. And also, let's not forget ESPN.

謝謝你，羅伯特。你看，如果說有什麼的話，那就是爭奪華納兄弟控制權的鬥爭。我認為，Discovery應該強調或促使投資者認識到我們資產的巨大價值，特別是我們的智慧財產權，這顯然包括我們所有的品牌和特許經營權。還有，別忘了ESPN。

The other thing I'm reminded of is the deal we did for Fox in many ways was ahead of its time. We knew that we would need more volume in terms of IP, and we did that deal -- actually announced in 2017, closed it at '19. And I also, as I look at it, I think it was extremely well priced, considering what's being offered for the Warner Bros. Discovery assets.

另一件讓我印象深刻的事情是，我們當初與福斯達成的協議在許多方面都具有前瞻性。我們知道我們需要更多的智慧財產權，我們也達成了這筆交易——實際上是在 2017 年宣布的，並在 2019 年完成的。而且，從我的角度來看，考慮到華納兄弟公司提供的條件，我認為它的定價非常合理。發現資產。

We have a great hand as I look across, for instance, what our experiences business is currently building. I think more than anything, it illustrates the value of that IP beyond the big screen. But you also have to look at what we've done on the big screen with $6 billion movies just in the last two years and $37 billion movies over time. Those throw off a tremendous amount of value and very long-term value.

例如，縱觀我們的體驗業務目前正在建立的內容，我們擁有非常強大的優勢。我認為，這更體現了該IP在大銀幕之外的價值。但你也必須看看我們在大銀幕上的成就，光是在過去兩年裡，電影票房就達到了 60 億美元，而隨著時間的推移，電影票房累積達到了 370 億美元。這些都能產生巨大的價值，而且是長期的價值。

As of -- just as, for instance, the lift on Disney+ that Zootopia 2 and Avatar: Fire and Ash have created is enormous in terms of first streams and in terms of hours engagement. And I already talked about our parks, but we're opening Frozen Land in Paris in just a couple of months. We obviously have Star Wars presence. The Zootopia Land in Shanghai is enormous in terms of both its size and its value. The percentage of people that go to Shanghai Disneyland just to go to Zootopia Land, is very, very high.

就目前而言，例如，《瘋狂動物城2》和《阿凡達：火與灰》在 Disney+ 上帶來的提升，無論是在首次播放量還是在用戶參與時長方面，都是巨大的。我之前已經談到過我們的主題樂園，但我們將在幾個月後在巴黎開設冰雪樂園。我們顯然有《星際大戰》的元素。上海瘋狂動物城無論從規模或價值來看都非常巨大。專門為了去瘋狂動物城而前往上海迪士尼樂園的遊客比例非常非常高。

So I think we have a great hand. I don't really feel that we have a need to buy more IP. We're just going to continue to create our own. And we've got an unbelievable bedrock of stories already told to grow from.

所以我覺得我們手氣很好。我並不覺得我們有必要購買更多智慧財產權。我們將繼續創造屬於我們自己的作品。我們已經擁有大量精彩的故事素材，可以以此為基礎不斷發展壯大。

Okay. And then Robert, on the subscription side, revenue growth was driven by a couple of factors. First, of course, was pricing. Second, both North America and international growth. And third was bundling, the duo, the trio, and the Max bundle is all doing well and driving both engagement and revenue realization.

好的。羅伯特表示，在訂閱方面，收入成長是由幾個因素驅動的。首先，當然是價格問題。其次，北美和國際市場均呈現成長態勢。第三點是捆綁銷售，雙人套餐、三人套餐和 Max 套餐都表現良好，提高了用戶參與度和收入。

Steven Cahall, Wells Fargo.

史蒂文‧卡哈爾，富國銀行。

So Hugh, last quarter, there was a lot of focus on the domestic park trends. It looks like you saw some improvement there, maybe even a bit of a snapback at attendance and per caps domestically. Could you give us any more color on how Walt Disney World did within there? I think you've spoken to some specific trends there more recently. And any commentary on the bookings pacing to the extent that you think that's a helpful indicator of where demand goes from here?

所以休，上個季度我們非常關注國內公園的發展趨勢。看起來你們那邊有所改善，國內的觀眾人數和人均數據甚至可能有所回升。能否詳細介紹一下華特迪士尼世界在那裡的表現？我認為你最近已經談到了一些具體的趨勢。您能否就目前的預訂速度發表一些看法？您認為這是否能有效指示未來的需求走向？

And then just on the guidance, a couple of detailed questions there. No mention of fiscal '27 adjusted EPS growth in the earnings release. Should we assume that's something that's still double digit or something that you're going to revisit? And same question on CapEx. Thank you.

然後，關於指導意見，還有幾個詳細的問題。財報中並未提及2027財年調整後每股盈餘成長情形。我們應該假設這個數字仍然是兩位數，還是你會重新思考？資本支出方面也存在同樣的問題。謝謝。

Sure, Steve. A couple of notes on that. One, Walt Disney World had a very good quarter, obviously, benefited from the overlap of the hurricane. But in addition to that, saw strong attendance performance as well as strong pricing performance.

當然可以，史蒂夫。關於這一點，有幾點需要說明。第一，華特迪士尼世界本季業績非常好，顯然受惠於颶風帶來的衝擊。但除此之外，觀眾人數和票價表現也十分強勁。

As far as bookings for the full year, bookings are up 5% for the full year, weighted more toward the back half. So certainly, trending very positively in that regard. And then last, regarding '27 guidance. No update on that. You should assume that we're not changing any of that, or we would have an update. So no change there.

就全年預訂量而言，全年預訂量增加了 5%，其中下半年的預訂量成長更為顯著。所以，從這方面來看，趨勢確實非常正面。最後，關於 2027 年的指導。目前還沒有相關進展。你應該假設我們不會改變任何內容，否則我們會發布更新。所以這方面沒有變化。

Jessica Reif Ehrlich, Bank of America.

傑西卡·雷夫·埃爾利希，美國銀行。

So one for Bob and one operational. Bob, when you took over for -- you're coming towards the end, I should start with that, towards the end of your rein as CEO. And when you took over from Michael Eisner, you quickly took many steps that had a huge impact on profit growth for years. And like just two examples were moving Monday Night Football from ABC to ESPN, so you had a dual revenue stream for the first time, and then making piece with Steve Jobs and obviously acquiring -- subsequently of acquiring Pixar. So as you prepare to hand over the reins, do you see any areas your successor can really kind of jump start that would really drive the business for the long-term?

所以一個給鮑勃，一個用於運營。鮑勃，你接任的時候——你應該說你快要卸任了，我應該從這一點開始，你作為執行長的任期快要結束了。當你接替麥可艾斯納時，你迅速採取了許多措施，這些措施對多年的利潤成長產生了巨大影響。舉兩個例子，把周一晚間橄欖球賽從 ABC 轉移到 ESPN，這樣你就第一次有了雙重收入來源，然後與史蒂夫·喬布斯合作，顯然隨後收購了皮克斯。因此，在您準備交接工作之際，您認為您的繼任者可以在哪些方面真正著手推進，從而真正推動業務的長期發展？

And then I guess, just on an operational level, you mentioned that you just closed your deal with NFL, how do you see the relationship and the business evolving with the NFL, including the likely early renewal you guys may be a year later? Not sure.

然後，我想，就營運層面而言，您提到您剛剛與 NFL 達成協議，您如何看待與 NFL 的關係和業務發展，包括一年後您可能提前續約的情況？沒有把握。

Well, Jessica, first of all, thank you for noting some of the steps that I took when I became CEO. That's a long time ago. And I'm certainly proud of those as I am proud of a lot of the other things that we did thereafter. I think what is noteworthy is that when I came back three years ago, I had a tremendous amount that needed fixing. But anyone who runs a company also knows that it can't just be about fixing.

傑西卡，首先感謝你注意到我擔任執行長後採取的一些步驟。那都是很久以前的事了。我當然為這些成就感到自豪，就像我為我們之後所做的許多其他事情感到自豪一樣。我認為值得注意的是，三年前我回來的時候，有很多事情需要解決。但經營公司的人都知道，事情不能只停留在解決問題的層面。

It has to be about preparing a company for its future and really putting place -- taking steps to create opportunities for growth. So while I don't want to really either start get too nostalgic or spend too much time on possible transition or the probable transition.

關鍵在於為公司的未來做好準備，真正地佈置——採取措施創造成長機會。所以，我既不想太懷舊，也不想花太多時間去思考可能的過渡或高機率的過渡。

The good news is that the company is in much better shape today than it was three years ago because we have done a lot of fixing. But we've also put in place a number of opportunities, including the investment across our Experiences business to essentially expand in every location that we do business and on the high seas. I also believe that in a world that changes as much as it does, that in some form or another, trying to preserve the status quo was a mistake, and I'm certain that my successor will not do that.

好消息是，由於我們做了很多整改工作，公司現在的狀況比三年前好得多。但我們也創造了許多機會，包括對我們的體驗業務進行投資，以便在我們開展業務的每個地方以及公海上進行擴張。我也認為，在一個日新月異的世界裡，試圖維持現狀無論如何都是一個錯誤，我確信我的繼任者不會這麼做。

So they'll be handed, I think, a good hand in terms of the strength of the company, a number of opportunities to grow and also the expectation that in a world that changes, you also have to continue to change and evolve as well. Your second question regarding the NFL, we're really happy that we were able to close it when we did. That enables us to get started sooner than we actually had anticipated. And so the upcoming NFL season, which will end in ESPN's first Super Bowl is a huge opportunity for ESPN, not only in terms of its ability to manage the NFL Network and RedZone, but also with more NFL inventory. And we know how valuable that is and how valuable it will be, particularly for ESPN's streaming business.

我認為，就公司實力而言，他們會得到很好的支持，有很多發展機會，同時也面臨這樣的期望：在一個不斷變化的世界裡，你也必須不斷改變和發展。關於NFL的第二個問題，我們很高興能夠及時解決它。這使我們能夠比預期更早開始工作。因此，即將到來的 NFL 賽季，將以 ESPN 的首屆超級碗收官，這對 ESPN 來說是一個巨大的機遇，不僅體現在其管理 NFL Network 和 RedZone 的能力上，還體現在其擁有更多的 NFL 轉播資源上。我們知道這有多寶貴，而且將來也會有多麼寶貴，尤其對於 ESPN 的串流業務而言。

I'm not going to comment at all about the future of ESPN's relationship with the NFL, except to say that the NFL has an opt out in the current agreement in 2030. And I think it's just premature to speculate what might happen at that point.

我不會對 ESPN 與 NFL 未來關係發表任何評論，只想說 NFL 在目前的協議中擁有 2030 年退出的權利。我認為現在就猜測屆時可能會發生什麼事還為時過早。

Thomas Yeh, Morgan Stanley.

Thomas Yeh，摩根士丹利。

Quick one on the streaming side. I wanted to ask about the progress on new bundle initiatives. I think you mentioned the pace of ESPN Unlimited sign-ups. Are you seeing the uptake coming through maybe less on the bundled side versus the authenticated PTV side? And what's expected to drive that next leg of adoption?

關於串流媒體方面，簡單提一下。我想了解一下新捆綁計劃的進展。我想你提到了ESPN Unlimited的註冊速度。您是否注意到捆綁銷售方面的用戶成長可能不如認證付費電視 (PTV) 方面？那麼，推動下一階段普及的因素是什麼呢？

And then if you could give us an update on the plans around the Hulu integration and the key steps that you plan to take this year on that front, that would be helpful. Thank you.

如果您能向我們介紹一下 Hulu 整合計劃的最新進展，以及您今年計劃在這方面採取的關鍵步驟，那就太好了。謝謝。

Thomas, look, we've made huge progress turning the streaming business into a profitable business, developing the technology tools to improve both the user experience and to improve results and also developing programming across the globe. And I think it sets the business up to lean into accelerated growth that you'll probably be hearing about more in the future.

Thomas，你看，我們在將串流媒體業務轉變為盈利業務方面取得了巨大進步，開發了技術工具來改善用戶體驗和提高效果，並在全球範圍內開發節目。我認為這為企業實現加速成長奠定了基礎，未來你可能會聽到更多關於加速成長的消息。

The things you have to look at in terms of the components of growth are: one, continuing to deliver exceptional content, particularly on the international front; two, advancing the technology improvements that I just cited; three, answering your question, delivering a unified app experience; and then the fourth would be introducing new features such as vertical videos, Sora-generated content, et cetera, which we've talked about. So far, the integrated experience that we've already offered with Disney+ and Hulu has resulted in a reduction in churn. And the same is true for the bundle with ESPN that the bundled subscribers churn out less.

從成長的組成部分來看，你需要考慮以下幾點：第一，繼續提供卓越的內容，尤其是在國際領域；第二，推進我剛才提到的技術改進；第三，回答你的問題，提供統一的應用程序體驗；第四，引入新功能，例如豎屏視頻、Sora 生成的內容等等，我們已經討論過這些功能。到目前為止，我們透過 Disney+ 和 Hulu 提供的整合體驗已經降低了用戶流失率。與 ESPN 捆綁套餐的情況也類似，捆綁套餐的訂閱用戶流失率較低。

And we know that reducing churn is a critical component to improving the bottom line or creating growth. And so we are hard at work on the technology front to create the one-app experience, even though consumers will always be able to get -- buy Disney+ or Hulu on its own. But by and large, we believe the great majority of consumers will buy both, and it will be a fully integrated experience. I would guess that that would be coming sometime at the end of the calendar year.

我們知道，降低客戶流失率是提高利潤或成長的關鍵因素。因此，我們正在技術方面努力打造單一應用程式體驗，儘管消費者始終可以單獨獲取——購買 Disney+ 或 Hulu。但總的來說，我們相信絕大多數消費者都會購買這兩款產品，這將帶來完全整合的體驗。我估計那應該會在年底的時候發生。

David Karnovsky, JPMorgan.

David Karnovsky，摩根大通。

With the OpenAI agreement, Bob, can you discuss how you plan to curate and deploy user-generated AI content across your platforms? Would this be entirely for vertical video? And then what would be your expectation for how a ramp in AI content might impact the downstream demand or relationship for new programming or archive from your franchises?

Bob，鑑於你與 OpenAI 達成了協議，你能否談談你計劃如何在你的平台上策劃和部署用戶生成的 AI 內容？這是否完全適用於垂直螢幕視訊？那麼，您認為人工智慧內容的快速成長會對貴公司旗下新節目或經典節目的下游需求或關係產生怎樣的影響？

Well, good question. First of all, what the deal actually covers is a license agreement between ourselves and OpenAI to enable people to prompt Sora to create 30-second videos of about 250 of our characters that do not include a human voice or face. And that's a three-year agreement that we are getting paid for.

問得好。首先，這項協議實際上涵蓋了我們與 OpenAI 之間的一項許可協議，該協議允許人們引導 Sora 創建大約 250 個我們角色的 30 秒視頻，這些視頻不包含人聲或人臉。這是一份為期三年的協議，我們會收到相應的報酬。

In addition, we will have the ability to use those videos, those Sora created videos in a curated form on Disney+. We have, for a while, wanted to include or add a feature on Disney+ as ESPN did, by the way, in its new offering that is both user-generated, but more importantly, short form, ESPN to short form, because we have obviously noticed the huge growth in short-form and user-generated content on other platforms such as YouTube.

此外，我們還將能夠在 Disney+ 上以精選形式使用這些視頻，也就是 Sora 創作的那些視頻。我們一直想在 Disney+ 上添加一項功能，就像 ESPN 在其新服務中所做的那樣，這項功能既可以是用戶生成的內容，但更重要的是，可以是短視頻，從 ESPN 到短視頻，因為我們顯然注意到 YouTube 等其他平台上短視頻和用戶生成的內容有了巨大的增長。

So what this deal does is by giving us the ability to curate what has been basically created by Sora onto Disney+ is it jump starts our ability to have short-form video on Disney+. Additionally, it's our hope that we will use the Sora tools to enable subscribers of Disney+ to create short-form videos on our platform through Sora. And so it's all, I think, a positive step in terms of adding a feature that we believe will greatly enhance engagement.

所以這項交易的意義在於，它使我們能夠將 Sora 創作的內容整理到 Disney+ 上，從而加快我們在 Disney+ 上發布短片的速度。此外，我們希望利用 Sora 工具，讓 Disney+ 的訂閱用戶能夠透過 Sora 在我們的平台上建立短影片。因此，我認為，就增加這項我們相信將大大提高用戶參與度的功能而言，這都是一個積極的步驟。

The second part of your question about its impact on other programming, the answer is I don't really see that it will have any impact at all. We view AI as having a number of, obviously, possible advantages or opportunities for the company.

關於你問題的第二部分，即它對其他程式設計的影響，我的回答是，我真的不認為它會產生任何影響。我們認為人工智慧顯然能為公司帶來許多潛在的優勢或機會。

One is as a tool to help the creative process, so creativity. Another is productivity, which is simply being more efficient. And the third, I'll call connectivity, which is creating basically a more intimate relationship with the consumer, enabling the consumer and enabling us with the consumer just to have a more engaged, more effective relationship.

一是作為輔助創作過程的工具，即創造力。另一個面向是生產力，也就是提高效率。第三點，我稱之為連結性，它基本上是與消費者建立更親密的關係，使消費者能夠與我們和消費者建立更積極、更有效的關係。

Kannan Venkateshwar, Barclays.

Kannan Venkateshwar，巴克萊銀行。

So Hugh, maybe one for you in terms of drag of -- on the streaming business. I mean, you've been investing in this business, both in terms of unifying the interface and as well as international content and so on. Would be good to understand how much of a drag this is? And to that extent, how much operating leverage could be extracted out of it as you go into next year and beyond?

所以休，也許你可以談談串流媒體產業面臨的困境。我的意思是，你們一直在投資這項業務，包括統一介面、國際內容等等。最好能了解這會造成多大的阻礙？那麼，從這個意義上講，展望明年及以後，你能從中獲得多少經營槓桿效應？

And then, Bob, from your perspective, as you plan your transition, do you think the org structure is more or less in place in terms of leaders of different divisions, and how the company has operated on a day-to-day basis? Or is that something that's also part of the transition plan, to the extent you can share? Thank you.

那麼，鮑勃，從你的角度來看，在你計劃過渡期間，你認為組織結構是否已經基本到位，包括各部門的領導層以及公司的日常運作？或者，如果您可以透露的話，這是否也是過渡計劃的一部分？謝謝。

Hugh, I'll take the second part, and then I'll give it to you on the org structure. One of the things that I did when I came back three years ago was to reorganize the company. And the primary goal was to create more accountability on the streaming side. Our studio and our television organization basically spent the most money, obviously, generating content for streaming. And I felt strongly that those people that were investing the most needed to have much more skin in the game in terms of the impact of their spending on the bottom line.

休，第二部分我來做，然後我會把組織架構部分交給你。三年前我回來後做的第一件事就是重整公司。而主要目標是提高串流媒體方面的問責制。很顯然，我們的工作室和電視機構把大部分資金都花在了製作串流內容上。我強烈認為，那些投資最多的人需要更多地了解他們的支出對公司獲利的影響。

And so by putting streaming in the hands of Alan Bergman and Dana Walden, those that run our movie and TV business globally, there was a direct connection between their investments and ultimately, the bottom line of the streaming business.

因此，將串流媒體業務交給艾倫·伯格曼和達納·沃爾登這兩位負責我們全球電影和電視業務的人，他們的投資與最終串流媒體業務的盈利之間就建立了直接聯繫。

Three years ago, that business, I think it lost about $1.5 billion in the last quarter before I came back, and I think almost $4 billion last year. And you see the results this quarter. And what we've managed to do in the last year where it's making more than $1 billion, and we're on a path to turning into a far better business, that reorganization worked. I can't -- I'm not going to speak for my successor in terms of how the company will be organized, but I do believe strongly that it's very important that any organization that's created is created with an eye toward creating and maintaining accountability.

三年前，那家公司在我回來之前的最後一個季度虧損了約 15 億美元，去年虧損了近 40 億美元。本季的結果已經顯現。在過去一年裡，我們實現了超過 10 億美元的收入，並且正在朝著成為更好的企業的方向發展，這說明重組是成功的。我不能——我不會代表我的繼任者談論公司將如何組織，但我堅信，任何新創建的組織都必須著眼於建立和維護問責制，這一點非常重要。

Okay. And I'll jump in on the streaming question. You're right in that we were certainly investing in the business. At one point a few years ago, in fact, we were losing $1 billion a quarter. That number improved substantially. Bob laid out a goal for us to return or to get streaming to profitability, and then to get it to double-digit margins.

好的。我來談談串流媒體的問題。你說得對，我們確實對這項業務進行了投資。事實上，幾年前我們一度每季虧損 10 億美元。這個數字有了顯著改善。鮑伯為我們設定了一個目標，那就是讓串流媒體業務恢復獲利，然後達到兩位數的利潤率。

Recall last year, we got it to a 5% margin, and we stated we have a goal this year and guidance this year to achieve a 10% margin. In terms of the quarter, we delivered 12% revenue growth and about a little over 50% earnings growth. So from that perspective, we are driving a lot of operating leverage out of the business. And we would certainly expect to continue to drive operating leverage going forward even while we invest in international content and invest in technology to make the product better.

回顧去年，我們實現了 5% 的利潤率，今年的目標是實現 10% 的利潤率。本季度，我們的營收成長了 12%，獲利成長略高於 50%。因此從這個角度來看，我們正在從業務中消除大量的營運槓桿。我們當然希望在未來繼續提高營運槓桿，同時投資國際內容和技術以改善產品。

The balancing act, of course, is we want to continue to grow at a rapid rate while driving operating leverage. We talked last call on -- about a goal of achieving double-digit revenue growth. And in fact, we did do that on the first quarter, and that's something we aspire to continue to do.

當然，關鍵在於如何在保持快速成長的同時提高營運槓桿。我們上次通話時談到了實現兩位數營收成長的目標。事實上，我們在第一季就做到了這一點，這也是我們希望繼續努力的方向。

Michael Morris, Guggenheim.

麥可莫里斯，古根漢美術館。

I wanted to ask first about the Entertainment segment and just maybe unpack the drivers a little bit of the second quarter guidance for comparable operating income. And then, of course, the full year getting to double digits, certainly with the acceleration in the back half. Can you just talk about what's different in 2Q, and then how that will change in the back half of the year for the guide?

我想先問一下娛樂業務板塊的情況，並稍微分析一下第二季可比營業收入預期背後的驅動因素。當然，全年最終會達到兩位數，尤其是在下半年加速成長的情況下。您能否談談第二季度有哪些不同之處，以及這些不同之處在下半年的業績指南中將如何變化？

And then on the Sports segment, if I could, the 4% decline from fewer subscribers is clearly a meaningful improvement from the 7% to 8% that you had in prior periods. Was that all driven by the launch of the ESPN streaming service? Or are you seeing any improvement in the bundle trend as well? Thank you.

至於體育板塊，如果可以的話，我想說，訂閱用戶減少導致的 4% 的下降，顯然比之前 7% 到 8% 的下降幅度有了顯著改善。這一切都是由ESPN串流服務的推出所推動的嗎？或者，您也觀察到捆綁銷售趨勢有所改善？謝謝。

Sure. Happy to talk about both of those. The big difference in terms of entertainment and the quarters is really around the various product launches we have. On the network side, Q2, we have a couple of shows launching versus nothing to speak of last year. So from that standpoint, that's what's driving the change.

當然。我很樂意談論這兩個話​​題。娛樂和住宿方面最大的區別在於我們推出的各種產品。在電視網絡方面，第二季我們有幾個節目即將推出，而去年同期幾乎沒有任何新節目。所以從這個角度來看，這就是推動改變的因素。

In the back half of the year, we have a really strong theatrical slate between Devil Wears Prada 2, Mandalorian and Grogu, and Toy Story 5 and live-action Moana. So it's really that that's driving the big differences. And of course, that slate is terrific, both from an operating performance in the current year, but also with that new IP sets us up well for both consumer products and for the parks downstream.

今年下半年，我們有一系列非常強大的院線電影上映，包括《穿著普拉達的女王2》、《曼達洛人》和《格羅古》，以及《玩具總動員5》和真人版《海洋奇緣》。所以，這才是造成巨大差異的真正原因。當然，這份計畫非常棒，不僅體現在今年的營運表現上，而且憑藉著新的智慧財產權，也為我們未來的消費產品和主題樂園發展奠定了良好的基礎。

So let me just add that both Zootopia 2 and Avatar: Fire and Ash will also be on the streaming service at some point between now and the end of the year. And I referenced this earlier, but first streams on Disney+ for the prior Zootopia and Avatar movies approached 1 million first streams. And second, the number of hours consumed of the first Zootopia movie and the first and second Avatar movies is in the hundreds of -- I think it's a couple -- almost a couple of hundred million new houThanskrs consumed. And so when you look at putting those two films on Disney+ between now and the end of the fiscal year, obviously, that's going to have significant value for the streaming service.

我還要補充一點，《瘋狂動物城2》和《阿凡達：火與灰》也將在今年年底前的某個時間上線串流服務。我之前也提到過，之前的《瘋狂動物城》和《阿凡達》電影在 Disney+ 上的首播量接近 100 萬次。其次，第一部《瘋狂動物城》電影和第一部、第二部《阿凡達》電影的觀影時長累計達到了數億——我想是幾億——將近兩億小時。因此，考慮到從現在到本財年結束這段時間裡，將這兩部電影上線 Disney+，顯然這對串流媒體服務來說具有重大價值。

John Hodulik, UBS.

瑞銀集團的約翰‧霍杜利克。

Just a couple of quick ones. First, a follow-up on the Sora commentary. Bob, when do you envision the user-generated content showing up on the Disney+ platform? When can we expect to see that? And do you expect over time it to grow beyond the 30-second videos in the current agreement?

就簡單問幾個問題。首先，對 Sora 的評論進行後續說明。鮑勃，你預期用戶生成內容何時會在 Disney+ 平台上出現？我們什麼時候能看到這種情況？您是否預期隨著時間的推移，視訊時長會超過目前協議中規定的 30 秒？

And then a follow-up for Hugh. The letter calls out lack of visibility on international visitation in the parks, I guess, despite the 5% increase in bookings. Just is that international visitation? Is that incremental to what we've been seeing? And then any color you can give us on bookings for the adventure would be great, too. Thanks.

然後是休的後續報道。我猜，這封信指出公園國際遊客數量缺乏透明度，儘管預訂量增加了 5%。那算是國際探視嗎？這與我們之前看到的情況相比，是新增的嗎？如果您能在預訂行程時提供任何顏色選項，那就太好了。謝謝。

John, we're not being specific about Sora timing. We're working through all the technical details of that. I imagine it will be sometime in fiscal 2026. And for now, we're sticking to the 30-second limit on videos created down the road, not sure, but we're not really focused on that at this point.

約翰，我們還沒有具體確定索拉出現的時間。我們正在研究所有技術細節。我估計會在2026財年的某個時候。目前，我們仍然堅持對未來製作的影片執行 30 秒的限制，雖然還不確定，但我們目前還沒有真正關注這一點。

Right. And in terms of international visitation, because international visitors do tend to stay in Disney hotels less, we do have a bit less visibility on that front. That said, we were able to read it from other indicators. And as a result of that, we pivoted our marketing and sales efforts, promotional as well as marketing efforts to a more domestic audience, and we're able to keep attendance rates high from that perspective.

正確的。至於國際遊客數量，由於國際遊客入住迪士尼飯店的次數相對較少，因此我們在這方面的了解也相對較少。也就是說，我們能夠從其他指標解讀出這一點。因此，我們將行銷和銷售工作、推廣和行銷工作轉向了國內市場，從這個角度來看，我們能夠保持較高的出席率。

Peter Supino, Wolfe Research.

Peter Supino，Wolfe Research。

On the subject of the Entertainment segment disclosure change, I wondered if you could help us understand how the new disclosure aligns better with how you think about that business' future, and how you think about managing it, what it allows you to do or communicate differently that makes your life and ours better? Thank you.

關於娛樂業務板塊披露變更的問題，我想請您幫助我們了解一下，新的披露方式如何更好地契合您對該業務未來發展的看法，以及您如何看待管理該業務，它能讓您以哪些不同的方式做事或溝通，從而讓您和我們的生活變得更好？謝謝。

Sure. Happy to talk about that. Look, the reality of it is we manage the entertainment business as a single entity. The notion of talking about linear networks separate from streaming, separate from theatrical, I think really creates a lot of complexity that's just not reflective of the reality.

當然。我很樂意談論這個話題。事實上，我們把娛樂產業當作一個整體來管理。我認為，將線性網路與串流媒體、與戲院分開來談論，會造成很多複雜性，而這些複雜性並不能反映現實。

If you think about the networks versus streaming, really what that is is a product of consumers choosing to pivot from one form of distribution channel to another form of distribution channel. So for us to kind of get into a lot of depth in terms of what's happening there, I don't think it's terribly informative to investors. And it's not reflective of the way that we create or distribute content. We create content, and we basically put it across all of our distribution channels. So I think it's just a level of nuance that may have been relevant in the past but just isn't relevant anymore, and that's why we made the change.

如果你仔細想想電視網和串流媒體之間的區別，你會發現這實際上是消費者選擇從一種分銷管道轉向另一種分銷管道的結果。因此，如果我們深入探討那裡發生的事情，我認為這對投資者來說並沒有太大的參考價值。但這並不能反映我們創作或分發內容的方式。我們創作內容，然後基本上透過我們所有的分發管道進行發布。所以我認為這只是過去可能很重要但現在已經不重要的一個細微差別，這就是我們做出改變的原因。

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

謝謝你，彼得。操作員，我們還有最後一個問題。

Jason Bazinet, Citi.

Jason Bazinet，花旗集團。

Just had a question for Mr. Iger. When you first became CEO, I remember investors would lament your parks business as the worst business in the portfolio. And now when I chat with investors, everyone says, oh, the majority of Disney is really the parks business, 60%-odd of the EBIT.

我有個問題想問艾格先生。我記得你剛擔任執行長時，投資人總是抱怨你的公園業務是投資組合中最糟糕的業務。現在我和投資者聊天時，每個人都說，哦，迪士尼的大部分利潤其實是主題樂園業務，佔息稅前利潤的 60% 左右。

My question is, you've got sort of two vectors going on. You are in the early stages of the streaming pivot. You're showing good progress there. But on the other hand, you've been committed to invest a lot of capital in the Experiences business. If you went out 5 years, 7 years, 10 years, pick your horizon, do you think the EBIT mix will be more balanced at Disney going forward? Or do you think it will still be an Experiences-driven company in terms of the quantum of profits? Thanks.

我的問題是，你這裡似乎有兩個向量在運作。你正處於串流媒體轉型初期。你在這方面取得了不錯的進展。但另一方面，你們一直致力於在體驗業務上投入大量資金。如果展望未來 5 年、7 年、10 年，你認為迪士尼未來的息稅前利潤組成會更加平衡嗎？或者你認為就利潤規模而言，它仍然會是一家以體驗為導向的公司嗎？謝謝。

Yeah. Thanks, Jason. Look, if you go all the way back to 2005 when I became CEO, the return on invested capital in the then Parks and Resorts business was not impressive and actually not acceptable. And we also had not that much building in progress, meaning there wasn't much expansion, but maybe for good reason because the return on invested capital was so low. As we added IP to our stable, including Pixar in '06 and Marvel in '09 and Lucasfilm Star Wars in '12 and ultimately, 20th Century Fox, we gained access to intellectual property that had real value in terms of Parks and Resorts and enabled us to lean into more capital spending because of the confidence level we had in improving returns on invested capital due to the popularity of that IP.

是的。謝謝你，傑森。你看，如果追溯到 2005 年我擔任執行長的時候，當時公園和度假村業務的投資回報率並不理想，實際上也無法接受。而且我們當時也沒有太多在建項目，這意味著擴張並不多，但這或許是有原因的，因為投資報酬率太低了。隨著我們不斷將智慧財產權納入旗下，包括 2006 年的皮克斯、2009 年的漫威、2012 年的盧卡斯影業《星際大戰》，以及最終的 20 世紀福斯，我們獲得了在主題樂園和度假村方面具有真正價值的智慧財產權，並且由於這些智慧財產權的受歡迎程度，我們有信心提高投資報酬率，因此我們能夠加大資本。

And when you look at the footprint of the business today, it's never been more broad or more diverse. And the projects that we have underway are going to make it even more so. As I said, we're expanding in every place we operate. And additionally, having been in Abu Dhabi just two weeks ago, I was reminded how great the potential is to build in that part of the world because not only is it strategically located to reach a huge population that has never visited our parks, but it will be built in one of the most modern and technologically advanced ways. So as I look ahead, I actually am very, very bullish on that business and its ability to grow because of everything that I just cited.

而當你審視當今的商業版圖時，你會發現它從未像現在這樣廣泛和多元化。我們正在進行的項目將使這種情況更加明顯。正如我所說，我們在所有營運地區都在擴張。此外，就在兩週前我去了阿布達比，這讓我再次意識到在世界那個地區進行建設的潛力是多麼巨大，因為它不僅地理位置優越，可以覆蓋從未參觀過我們公園的大量人口，而且還將以最現代化、技術最先進的方式進行建設。展望未來，基於我剛才提到的所有因素，我對這家企業及其發展能力非常非常看好。

In addition, though, because of what Hugh said about the trajectory of our streaming business and what we know is in the pipeline in our movie business and also looking back just a few years when our movie business was suffering from COVID and the streaming business was obviously not an acceptable place, it's clear that the future of both of those businesses or let's call it our entertainment business is also bright, and it's going to grow.

此外，鑑於休傑克曼對我們串流業務發展軌蹟的展望，以及我們對電影業務未來發展方向的了解，再加上回顧幾年前電影業務受新冠疫情影響而流媒體業務顯然還不景氣，很明顯，這兩個業務的未來，或者說我們娛樂業務的未來，都是光明的，而且將會發展壯大。

So we have a healthy competition now at our company in terms of which of those two businesses is going to essentially prevail as the number one driver of profitability for the company, but I'm confident that both have that ability, meaning both have the ability to grow nicely into the future, given all the investments that we've made and the trajectory that we're on.

所以，我們公司現在正面臨一場良性競爭，雙方都在爭奪這兩項業務中哪一項將成為公司獲利能力的第一驅動力。但我相信這兩項業務都有這個能力，也就是說，鑑於我們已經進行的所有投資和我們目前的發展軌跡，這兩項業務都有能力在未來實現良好的成長。

Thanks, Jason, and thanks to everyone for your questions today. We wish you all a good rest of the day. Take care.

謝謝傑森，也謝謝大家今天提出的問題。祝大家今天剩下的時間過得愉快。小心。

This concludes today's call. Thank you for joining, everyone. You may now disconnect your lines.

今天的電話會議到此結束。謝謝大家的參與。現在您可以斷開線路了。