迪士尼 (DIS) 2026 Q2 法說會逐字稿

Our earnings release and Form 10-Q were issued earlier this morning and are available on our IR website. Our IR website includes a cautionary statement regarding forward-looking statements. Today's webcast may include forward-looking statements that we make pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

我們的財報新聞稿與 Form 10-Q 已於今天清晨稍早發布，並可於我們的投資人關係（IR）網站查閱。我們的 IR 網站包含有關前瞻性陳述的警示聲明。今日的網路直播可能包含我們依據 1995 年《私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）之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 and decisions and legal and regulatory developments.

這些前瞻性陳述（包括有關本公司未來業務計畫、前景及財務表現者）並非歷史事實，係基於管理層對未來的假設，且受風險與不確定性影響，包括但不限於經濟、地緣政治、營運及產業狀況與決策，以及法律與監管發展等因素。

Refer to our IR website, the earnings release and 10-Q issued today and the risks and uncertainties described in our Form 10-K and subsequent filings with the SEC for more information on risks that could cause results to differ. A reconciliation of certain non-GAAP measures referred to on this webcast to the most comparable GAAP measures is on our IR website.

如欲了解可能導致實際結果出現差異之風險的更多資訊，請參閱我們的 IR 網站、今日發布的財報新聞稿與 10-Q，以及我們的 Form 10-K 與其後向美國證券交易委員會（SEC）提交之文件中所述的風險與不確定性。本次網路直播中提及之若干非 GAAP 指標與最可比 GAAP 指標之調節表，已刊載於我們的 IR 網站。

Good morning. Welcome to The Walt Disney Company fiscal second quarter earnings call. Thank you for joining us. I'm Ben Swinburne, Executive Vice President of Investor Relations and Corporate Strategy. With me today are Josh D'Amaro, our Chief Executive Officer; and Hugh Johnston, our Chief Financial Officer.

各位早安。歡迎參加華特迪士尼公司（The Walt Disney Company）會計年度第二季財報電話會議。感謝各位與會。我是 Ben Swinburne，投資人關係與企業策略執行副總裁。今天與我一同出席的有：我們的執行長 Josh D'Amaro，以及我們的財務長 Hugh Johnston。

While we intend to keep our prepared remarks brief on future earnings calls, as this is Josh's first opportunity to speak to the investment community as CEO, we wanted to take the extra time for you to hear from him directly regarding his priorities for the company. You will notice that we've adjusted our earnings materials to shift our focus more toward The Walt Disney Company as a whole rather than its individual segments.

雖然我們打算在未來的財報電話會議中將事先準備的發言保持精簡，但由於這是 Josh 以執行長身分首次向投資社群發言，我們希望多花一些時間，讓各位能直接聽他說明對公司之優先事項。各位也會注意到，我們已調整本次財報資料，將焦點更多放在華特迪士尼公司整體，而非各個個別事業部門。

This is deliberate as we hope it helps explain why we believe the company is uniquely positioned, lays out our strategy and illustrates how our various business lines operate together. We also shifted to a shareholder letter this quarter with the intent of including all the information we hope is helpful to the financial markets in one place. After Josh's remarks, we will take questions from the analyst community. And with that, let me turn it over to Josh.

這是刻意為之，我們希望這能協助說明為何我們相信公司具備獨特的競爭定位、闡述我們的策略，並展示各條業務線如何協同運作。本季我們也改以致股東信的形式呈現，目的在於將我們希望對金融市場有幫助的所有資訊集中於同一處。在 Josh 發言後，我們將接受分析師社群的提問。接下來，讓我把時間交給 Josh。

Thank you, Ben. I want to begin by saying just how honored I am to be leading The Walt Disney Company. This is one of the world's truly great companies built over more than a century through powerful storytelling, constant innovation and a singular ability to forge deep emotional connections with audiences all around the world.

謝謝你，Ben。我想先說，能夠領導華特迪士尼公司，我深感榮幸。這是全球真正偉大的公司之一，歷經逾一個世紀，憑藉強大的敘事能力、持續的創新，以及與全球觀眾建立深厚情感連結的獨特能力而打造而成。

I step into this role with genuine appreciation, a strong sense of responsibility and real optimism about what lies ahead. I also want to express my gratitude to Bob Iger. Bob led Disney with extraordinary vision. He led it with discipline and ambition. And because of that leadership, this company stands on a strong foundation with real momentum. I'm fortunate to be leading a company with exceptional assets, talented leaders and a well-defined strategic direction.

我以真誠的感激、強烈的責任感，以及對未來的高度樂觀接下這個職務。我也想向 Bob Iger 表達感謝。Bob 以非凡的遠見領導迪士尼。他以紀律與企圖心帶領公司。也正因為他的領導，這家公司建立在堅實的基礎之上，並具備實質的動能。我很幸運能領導一家擁有卓越資產、優秀領導團隊與明確策略方向的公司。

My immediate focus is clear. We will execute with discipline against the plans and commitments we've already communicated to the market, staying focused on the priorities that we believe will unlock value for our shareholders. First, investing in the breakthrough creative storytelling that sets Disney apart, second, strengthening our streaming business through product and technology innovation, third, fully capturing the power of live sports as we continue building ESPN's direct-to-consumer business, and fourth, delivering on our bold growth plans at Disney Experiences.

我當前的重點非常明確。我們將以紀律執行先前已向市場溝通的計畫與承諾，並持續聚焦於我們相信能為股東釋放價值的優先事項。第一，投資於使迪士尼與眾不同的突破性創意敘事；第二，透過產品與技術創新強化我們的串流業務；第三，在持續打造 ESPN 直面消費者（DTC）業務的同時，充分掌握現場體育的力量；第四，落實迪士尼體驗（Disney Experiences）大膽的成長計畫。

At the same time, while we execute our current plan with focus and precision, we're actively laying the groundwork for Disney's next phase of growth. Disney is uniquely positioned in the entertainment industry. No other company reaches consumers to the same degree across both digital and physical environments. Our goal is to leverage that position to extend our reach, deepen engagement and generate greater value from our world-class intellectual property.

同時，在我們以專注與精準執行現行計畫之際，我們也正積極為迪士尼下一階段的成長奠定基礎。迪士尼在娛樂產業中具備獨特定位。沒有任何其他公司能在數位與實體環境中，以同等程度觸及消費者。我們的目標是運用這項優勢，擴大觸及、深化互動，並從我們世界級的智慧財產（IP）中創造更高價值。

To fully capture this opportunity, we'll embrace technology more aggressively and build a more connected consumer experience with Disney+ right at the center. However, this morning, I want to stay focused on execution, how it's showing up in our results today and what it means as we head into the back half of the year. In the second quarter, we grew revenue and total segment operating income 7% and 4%, respectively, relative to the prior year and outperformed our guidance for the quarter.

為了充分掌握這項機會，我們將更積極地擁抱科技，並打造更緊密連結的消費者體驗，而 Disney+ 將位於核心位置。不過今天早上，我想先聚焦在執行面：它如何反映在我們今天的業績中，以及在我們邁向下半年時代表什麼意義。在第二季，我們的營收與各事業部門合計營業利益分別較去年同期成長 7% 與 4%，並且優於我們對本季的指引。

The outperformance was driven by stronger-than-expected revenue growth. Let's turn to our operating results in the quarter, starting with streaming. Our focus remains consistent, improve the consumer experience, deepen engagement and continue building a healthy and more durable growth business. We made meaningful progress during the quarter on the platform itself with product enhancements that improve the Disney+ user experience.

這項優於預期的表現主要由高於預期的營收成長所帶動。接下來我們來看本季的營運成果，先從串流開始。我們的重點始終一致：改善消費者體驗、深化互動，並持續打造健康且更具韌性的成長型業務。本季我們在平台本身取得了實質進展，透過產品強化來提升 Disney+ 的使用者體驗。

We were pleased with our entertainment SVOD financial performance this quarter, notably the sequential acceleration in revenue growth from 11% in Q1 of '26 to 13% in Q2. Importantly, subscription revenue growth was driven by both rate and volume. Additionally, we saw double-digit advertising revenue growth compared to the prior year period.

我們對本季娛樂 SVOD 的財務表現感到滿意，尤其是營收成長率由 2026 會計年度第一季的 11% 連續加速至第二季的 13%。重要的是，訂閱營收成長同時由價格與用戶量所驅動。此外，與去年同期相比，我們也看到廣告營收達到雙位數成長。

We are highly focused on churn, and we continue to see the integrated Disney+ and Hulu experience benefiting retention. Disney+ has meaningful opportunity for growth internationally, and we're focused on scaling outside the US We are increasing our local content investments and early results, they're encouraging. While more work remains, we're pleased with the progress we're making in both the consumer experience and underlying economics.

我們高度關注退訂率（churn），並持續看到整合式 Disney+ 與 Hulu 體驗有助於提升留存。Disney+ 在國際市場仍有顯著成長機會，我們正聚焦於在美國以外擴大規模。我們正在增加本地內容投資，而初步成果令人鼓舞。雖然仍有更多工作要做，但我們對於在消費者體驗與底層經濟效益兩方面所取得的進展感到滿意。

Our IP remains central to our long-term streaming success, and we continue to invest in the great storytelling franchises and talent that define Disney and fuel our film and television content. Highlights in the quarter that demonstrated this focus included returning series High Potential and Paradise, along with our new limited series Love Story, John F. Kennedy Jr.

我們的 IP 仍是長期串流成功的核心，我們也持續投資於定義迪士尼、並驅動我們電影與電視內容的優秀敘事系列與人才。本季展現此一聚焦的亮點包括回歸影集《High Potential》與《Paradise》，以及我們全新的限定影集《Love Story, John F. Kennedy Jr.》。

and Carolyn Bessette. And we, of course, see the potential of the strategy in films like Zootopia 2, which not only generated $1.9 billion in global box office, but the franchise has now surpassed 1 billion hours streamed on Disney+. During the quarter, we released Pixar's Hoppers to critical success, a strong reminder of Pixar's track record of creating meaningful original IP that resonates with audiences all around the world. We are thrilled with last weekend's opening of The Devil Wears Prada 2.

以及 Carolyn Bessette。當然，我們也在《動物方城市 2》（Zootopia 2）等電影中看到了此策略的潛力；該片不僅創下全球票房 19 億美元，該系列在 Disney+ 上的累計串流時數也已突破 10 億小時。本季我們推出皮克斯（Pixar）的《Hoppers》，獲得影評肯定，再次強力證明皮克斯長期以來打造具意義、能與全球觀眾共鳴之原創 IP 的卓越紀錄。我們對上週末《穿著 Prada 的惡魔 2》（The Devil Wears Prada 2）的開片表現感到非常振奮。

And as we look ahead, we're excited about our upcoming film slate, including The Mandalorian & Grogu, Toy Story 5, the live-action Moana and Avengers Doomsday. When you look at our upcoming slate of franchise films, each has the potential to resonate with our fans well beyond its initial release, moving across platforms, experiences and products in a way that deepens engagement and extends reach over time.

展望未來，我們對即將推出的電影片單感到興奮，包括《曼達洛人與古古》（The Mandalorian & Grogu）、《玩具總動員 5》（Toy Story 5）、真人版《海洋奇緣》（Moana），以及《復仇者聯盟：末日》（Avengers Doomsday）。當你檢視我們即將推出的系列電影片單時，每一部都有潛力在首映之後仍持續與粉絲產生共鳴，並以跨平台、體驗與產品的方式延伸，隨時間推進深化互動並擴大觸及。

At Disney Experiences, we continue to demonstrate strength in the core business and make progress against our growth initiatives with strong revenue growth of 7% and segment operating income growth of 5% in the quarter. Both revenue and segment operating income were ahead of our prior expectations and represent second quarter records.

在迪士尼體驗（Disney Experiences）方面，我們持續展現核心業務的韌性，並在成長計畫上取得進展；本季營收強勁成長 7%，事業部門營業利益成長 5%。營收與事業部門營業利益皆高於我們先前的預期，並創下第二季紀錄。

Over the past few quarters, the team has successfully navigated known attendance headwinds, we are now starting to lap these headwinds and expect attendance trends at our domestic parks to improve in Q3 when compared to the results we reported for Q2 today. Since our last call, Disney Cruise Line launched the Disney Adventure, our first ship homeported in Asia.

過去幾季以來，團隊成功因應已知的入園人次逆風；我們現在開始進入與這些逆風「比較基期重疊」（lap）的階段，並預期相較於我們今天所公布的第二季結果，第三季美國本土園區的入園趨勢將有所改善。自上次電話會議以來，迪士尼郵輪（Disney Cruise Line）推出了 Disney Adventure，這是我們第一艘以亞洲為母港的郵輪。

And at Disneyland Paris, we opened World of Frozen as part of the reimagined Disney Adventure World. These are meaningful milestones that extend the reach of our brands to new markets and new fans around the world. The strong demand that we're seeing for these attractions reinforces our confidence in the long-term opportunity across our portfolio of experiential assets, parks, cruise line and immersive experiences alike.

而在巴黎迪士尼樂園，我們在重新構想的 Disney Adventure World 中開幕了「冰雪奇緣世界」。這些都是重要的里程碑，將我們品牌的觸角延伸至新市場，並觸及全球各地的新粉絲。我們看到這些景點的強勁需求，進一步強化了我們對於旗下體驗式資產組合（包括樂園、郵輪航線以及沉浸式體驗等）長期機會的信心。

We remain mindful of the near-term variability, but are also well positioned to benefit from sustained consumer demand for live entertainment at a scale unique to Disney. Speaking of the power of live, ESPN continues to build toward a stronger direct-to-consumer future. Enhancements to the ESPN app, including Multiview, Verts and SportsCenter for You are making the offering increasingly compelling for fans.

我們仍留意短期波動性，但也具備良好條件，得以受惠於消費者對現場娛樂的持續需求，而這種規模在迪士尼是獨一無二的。談到現場內容的力量，ESPN 也持續朝向更強大的直接面向消費者（DTC）未來邁進。ESPN App 的強化功能（包括 Multiview、Verts 以及 SportsCenter for You）正讓這項服務對粉絲而言愈來愈具吸引力。

As we manage this business in transition, we remain focused on serving sports fans in a way that fully captures the value of ESPN and live sports within Disney's broader direct-to-consumer offering. Looking at the first half of the fiscal year and our expectations for the second half, we're executing with focus, delivering against our stated commitments and investing in areas that we believe will drive long-term value.

在管理這項處於轉型中的業務時，我們仍專注於以能充分捕捉 ESPN 與現場運動在迪士尼更廣泛 DTC 產品中價值的方式來服務體育迷。回顧本財年前半段以及我們對下半年的預期，我們正專注執行、兌現既定承諾，並投資於我們相信能驅動長期價值的領域。

As we look ahead, my strategic priorities as CEO build directly on that foundation. Let me summarize my long-term perspective briefly here. First, creative excellence, it will remain at the center of everything that we do. Disney's greatest competitive advantage has always been the quality of our storytelling and the enduring connection our brands have with audiences all around the world.

展望未來，我作為執行長的策略優先事項將直接建立在這個基礎之上。我在此簡要總結我的長期觀點。第一，創意卓越將持續是我們一切工作的核心。迪士尼最大的競爭優勢始終在於我們敘事的品質，以及我們品牌與全球觀眾之間長久且深厚的連結。

Second, we have a real opportunity to deepen our direct relationship with our fans by creating a more connected Disney experience across streaming, sports, games and experiences with Disney+ playing an increasingly central role. Third, technology, it can be a powerful accelerant for Disney, improving the consumer experience across our business lines, driving operational efficiency and unlocking new possibilities for creativity, growth and returns.

第二，我們有真正的機會，透過打造更緊密連結的迪士尼體驗，在串流、體育、遊戲與各類體驗之間深化與粉絲的直接關係，而 Disney+ 將扮演愈來愈核心的角色。第三，科技可以成為迪士尼強而有力的加速器，改善各業務線的消費者體驗、提升營運效率，並為創意、成長與報酬開啟新的可能性。

To wrap up, our immediate priority is disciplined execution, but I'm equally energized about the opportunities ahead. Disney has iconic brands, extraordinary creative talent, powerful platforms and unmatched experiences. Our job is to execute with rigor, to invest with confidence and connect those strengths in ways that create lasting value for consumers and shareholders alike. With that, I'll turn it back over to Ben to begin our Q&A.

總結來說，我們眼前的首要任務是紀律執行，但我同樣對前方的機會感到振奮。迪士尼擁有標誌性品牌、卓越的創意人才、強大的平台以及無可匹敵的體驗。我們的工作是以嚴謹的態度執行、以信心投資，並以能為消費者與股東創造長期價值的方式把這些優勢連結起來。接下來我把時間交回給 Ben，開始我們的問答環節。

Thanks, Josh. We will now turn to questions from the analyst community. So our first question is from Sean Diffley from Morgan Stanley. This is for you, Josh, on strategic priorities. What are your three biggest priorities going forward? What are the biggest synergies between the businesses today? And any examples of how Disney can leverage learnings across its businesses?

謝謝你，Josh。我們現在開始接受分析師社群的提問。第一個問題來自摩根士丹利（Morgan Stanley）的 Sean Diffley。這題是問你，Josh，關於策略優先事項。你接下來三個最大的優先事項是什麼？目前各業務之間最大的綜效是什麼？以及是否能舉例說明迪士尼如何在各業務之間運用學習成果、相互借力？

Okay. Great. Thanks, Sean. I guess, first and foremost, what I'm focused on is executing on the priorities that we've already communicated to the market. And I think this group knows these. In fact, I just hit them in my prepared remarks. First, we're focused on creating best-in-class content. We're doing really well there. Second, we're strengthening our streaming businesses and driving top line growth and profitability as well.

好的。很好。謝謝你，Sean。我想，首先也是最重要的，我專注的是把我們已經對市場溝通過的優先事項執行到位。我想在座各位都知道這些。事實上，我剛剛在準備好的發言中也提到了。第一，我們專注於打造同級最佳的內容。我們在這方面做得非常好。第二，我們正在強化串流業務，並推動營收成長與獲利能力。

Third, we're continuing to take advantage of the growing power of live sports and build ESPN's direct-to-consumer business. And then, of course, we're turbocharging Disney Experiences all across the globe. While we're focused on executing these priorities, we're also starting to lay the groundwork for the next phase of growth.

第三，我們持續把握現場運動日益增強的影響力，並打造 ESPN 的直接面向消費者（DTC）業務。然後，當然，我們也正在全球各地全力加速迪士尼體驗事業（Disney Experiences）。在專注執行這些優先事項的同時，我們也開始為下一階段的成長奠定基礎。

And you're going to hear more about this over time, but maybe today, I'll just share some high-level thoughts on that. First, we're going to continue to build and fully leverage all of our IP. Of course, this starts with great storytelling. But the opportunity is going to be much broader than that. We'll invest in both existing franchises and new IP.

你們之後會陸續聽到更多相關內容，但今天我先分享一些高層次的想法。第一，我們將持續建構並充分運用我們所有的 IP（智慧財產）。當然，這一切始於精彩的說故事。但機會將遠不止於此。我們會投資於既有系列作品與新的 IP。

So that means building on brands like Toy Story, while also at the same time, creating new stories that connect with generations of fans across the globe. And the key here is fully harnessing that IP across the whole company. That's in film and streaming across our experiences and products and in games so that each of our successes, it compounds in value over time.

這意味著在延伸《玩具總動員》等品牌的同時，也創造能與全球各世代粉絲產生連結的新故事。關鍵在於，讓這些 IP 在整個公司範圍內被充分運用。涵蓋電影與串流、我們的體驗與產品，以及遊戲，讓每一次成功都能隨時間推移而複利式地累積價值。

Then second, I think we have a real opportunity to deepen our direct relationships with our fans, and we can do this by creating a much more connected Disney experience, and we'll do that across streaming and sports and games and experiences. And we'll put Disney+ right at the middle, playing an increasingly central role. And then third, technology.

第二，我認為我們有真正的機會深化與粉絲的直接關係；我們可以透過打造更緊密連結的迪士尼體驗來做到這點，並在串流、體育、遊戲與各類體驗之間推進。我們會把 Disney+ 放在正中央，讓它扮演愈來愈核心的角色。第三，科技。

I think it can be a real powerful accelerant for Disney. I think it can improve the consumer experience across our businesses. It will certainly drive operational efficiency for us and then unlock brand-new possibilities for creativity, for growth and returns. And then when you step back and you put all that together, our next phase of growth, it will be centered on creative excellence.

我認為科技可以成為迪士尼非常強大的加速器。它能改善我們各項業務的消費者體驗。它也必然能提升我們的營運效率，並為創意、成長與報酬解鎖全新的可能性。當你退一步把這些整合起來看，我們下一階段的成長將以創意卓越為核心。

It will be a more connected fan experience, and we'll use technology as an accelerant. But I just want to be clear, as I said, in the immediate term, I'm staying focused on delivering against the priorities that we currently have in motion. But thanks for the question.

它將是一個更緊密連結的粉絲體驗，而我們會以科技作為加速器。但我想說清楚的是，如同我所說，短期內我仍會專注於兌現我們目前已在推動的優先事項。謝謝你的提問。

Great. Thank you, Sean. Thank you, Josh. We're going to now turn to three questions on our direct-to-consumer streaming strategy. First question is from Michael Ng from Goldman Sachs. Probably for you, Josh. The success in the parks was built on driving per capita and attendance through high-touch immersive storytelling.

很好。謝謝你，Sean。謝謝你，Josh。接下來我們將進入三個關於直接面向消費者（DTC）串流策略的問題。第一個問題來自高盛（Goldman Sachs）的 Michael Ng。可能是問你，Josh。樂園的成功是透過高互動、沉浸式的敘事來提升人均消費與入園人次所建立的。

As you take the helm of the company, how do you replicate this high LTV model within Disney+? Specifically, does Disney+ become less a video repository and more of an interactive hub, including merchandise, park access and games integration?

當你接掌公司時，你要如何在 Disney+ 內複製這種高 LTV（終身價值）模式？具體而言，Disney+ 是否會從較偏向影片內容庫，轉變為更具互動性的樞紐，包含商品、樂園權益與遊戲整合？

Okay. Well, thanks, Michael. I guess I'll start, lifetime value is something that we're focused on across the whole enterprise. And you start with our fan base. Disney has the world's most passionate and loyal fans. It's something, if you go to our theme parks, you see it all the time. They're a high-touch, high LTV business. And our biggest fans, they come off and they tend to be repeat visitors.

好的。謝謝你，Michael。我想我先從「終身價值」談起，這是我們在整個企業層面都在關注的指標。而起點是我們的粉絲基礎。迪士尼擁有全世界最熱情、最忠誠的粉絲。如果你去我們的主題樂園，你會一直看到這點。那是一個高互動、LTV 很高的業務。而我們最忠實的粉絲往往會成為回訪的常客。

Now a large number of our park visitors, they're also Disney+ subscribers, but there are there are millions of Disney+ subscribers who aren't regular park visitors. And so this is where we're focused. Our parks, they're essentially the physical center piece of the company.

目前有相當多的樂園遊客同時也是 Disney+ 訂戶，但也有數以百萬計的 Disney+ 訂戶並不是固定的樂園訪客。因此這就是我們聚焦的地方。我們的樂園基本上是公司的實體核心樞紐。

And similarly, we're building Disney+ to serve as the immersive interactive digital center piece of the company. And in the long term, what you'll see is those pieces of the company become increasingly connected. And when we do this well, which we will, the lifetime value equation, it starts to change fundamentally.

同樣地，我們正在打造 Disney+，讓它成為公司的沉浸式、互動式數位核心樞紐。長期來看，你會看到公司這些部分之間的連結愈來愈緊密。當我們把這件事做好——而我們會做到——終身價值的方程式將從根本上開始改變。

A fan who watches a Disney film, for example, or visits a park or plays a game and buys our merchandise, it's not just a subscriber, they're in a relationship with the company, one that spans years and can generate value across every part of our business. And that's the model that we're building toward right now.

例如，一位觀看迪士尼電影、造訪樂園或玩遊戲並購買我們周邊商品的粉絲，他不只是訂閱用戶；他是在與公司建立一段關係，一段可延續多年、並能在我們業務的每個部分創造價值的關係。而這正是我們目前正在打造、並朝之邁進的模式。

Great. We're now going to take a question from David Karnovsky from JPMorgan. Again, I think for you, Josh. As you think about Disney+ domestically, what path do you see to organically grow engagement? How do you think about this in terms of your own content, but also through making the platform a portal through which third parties can distribute programming?

很好。接下來我們要請摩根大通（JPMorgan）的 David Karnovsky 提問。同樣地，我想這題是給你，Josh。當你思考 Disney+ 在美國本土市場時，你認為要如何透過自然方式提升互動參與度？你如何看待這件事：一方面是自有內容，另一方面則是把平台打造為第三方可透過其分發節目的入口？

Okay. A lot in there. Thanks, David, for the question. So I'm happy to talk about engagement. I think you asked domestically, but it's truly around the world. I'll start with maybe something that's obvious. It's a competitive streaming marketplace out there right now. But despite that, we saw an increase in engagement in the quarter. And then when we look ahead, our key drivers for engagement growth they include content and product enhancements.

好的。這裡面有很多內容。謝謝你，David，提出這個問題。我很樂意談談互動參與度。我知道你問的是美國本土，但其實這是全球性的議題。我先從一個可能很明顯的點開始。目前串流市場競爭非常激烈。但即便如此，我們在本季仍看到互動參與度提升。展望未來，我們推動互動參與度成長的關鍵驅動因素包括內容與產品強化。

On the content side, we're obviously going to continue to deliver exceptional content, not just the popular franchise films, but across television and live sports and general entertainment and international local programming as well.

在內容面，我們當然會持續提供卓越內容，不僅是受歡迎的系列／品牌電影，也涵蓋電視、直播體育、綜合娛樂，以及國際在地內容。

On the product side, our team is really focused on improvements that reduce user friction that allow more intuitive discovery for our subscribers and help users decide what to watch and to decide sooner. So you think of it like a visual homepage, easier navigation, more personalized recommendations. There's a good example of this in our video and browse initiative that launched in the United States back in January.

在產品面，我們團隊非常專注於改善以降低使用者摩擦，讓訂閱者能更直覺地探索內容，並協助使用者更快決定要看什麼。你可以把它想像成：更具視覺化的首頁、更容易的導覽、更個人化的推薦。我們在今年 1 月於美國推出的影片與瀏覽（video and browse）計畫，就是一個很好的例子。

And what it does is it lets subscribers preview content directly while still browsing so they don't have to click in and out of titles. So yes, our tech team is making some really nice strides here, always learning and they're iterating and doing a lot of experimentation.

它的作用是讓訂閱者在瀏覽的同時就能直接預覽內容，因此不必在不同片名之間反覆點進點出。所以是的，我們的技術團隊在這方面取得了很不錯的進展；他們持續學習、反覆迭代，並進行大量實驗。

And then engagement, of course, is critical to reducing churn on the service. All of the opportunities that we have to drive value at this company, reducing churn, Disney+ might be the single most significant opportunity that we have. And so it's probably not surprising that I'm pushing the entire organization to prioritize against that goal.

當然，互動參與度對於降低服務退訂率至關重要。在公司所有能推動價值的機會中，降低退訂率方面，Disney+ 可能是我們最重要的單一機會。因此，我推動整個組織把這個目標列為優先事項，應該也不令人意外。

And then on third-party distribution, I guess that I'd position it as we're selective, but we're not closed off. The right partnerships, whether it be on content or distribution, they have to strengthen the Disney+ experience and then deepen that fan relationship.

至於第三方分發，我會這樣定位：我們會有選擇性，但並非封閉。合適的合作夥伴關係，不論是在內容或分發上，都必須強化 Disney+ 的體驗，並進一步深化那段粉絲關係。

And our bundling approach inside of Disney, I think it's a good example of how that works well. It drives lower churn, drives higher engagement than any of the services if they were just on their own. So we'll continue to evaluate those opportunities through that specific lens.

而我們在迪士尼內部的綑綁（bundle）策略，我認為就是一個運作良好的例子。相較於各服務單獨運作，它能帶來更低的退訂率、也帶來更高的互動參與度。因此，我們會持續用這個特定視角來評估相關機會。

Okay. Next question is from Rich Greenfield at LightShed Partners. I think this is for you, Josh. You recently stated Disney+ will continue to evolve beyond the traditional streaming service to become the digital center piece of the company, a portal that connects stories, experiences, games, films and more in entirely new ways.

好的。下一題來自 LightShed Partners 的 Rich Greenfield。我想這題是給你，Josh。你最近表示，Disney+ 將持續演進，超越傳統串流服務，成為公司的數位核心（digital center piece），一個以全新方式連結故事、體驗、遊戲、電影等的入口。

Rich's questions are, he's curious what you mean by digital centerpiece. Does it imply a shift away from third-party licensing distribution to drive engagement with Disney+. How do you think about the trade-offs of reach and exposure on third-party platforms versus keeping content exclusive to Disney's streaming platforms? And then the last piece is how do you reconcile Disney+ as the digital centerpiece with your Epic Games partnership that will place a Disney universe into Fortnite?

Rich 的問題是：他想了解你所說的「數位核心」是什麼意思。這是否意味著，為了提升 Disney+ 的互動參與度，你們會從第三方授權分發轉向？你如何權衡：在第三方平台上的觸及與曝光，與將內容維持為迪士尼串流平台獨家之間的取捨？最後一點是，你如何將 Disney+ 作為數位核心的概念，與你們和 Epic Games 的合作（將迪士尼宇宙置入《Fortnite》）相互協調？

Okay. Great question. And it's -- I think as I'm listening to that, it's really 3 questions. So I'm going to take them in turn here. So first, digital centerpiece means Disney+ becomes the primary relationship between Disney and its fans, the place where everything comes together, entertainment, sports, experiences, all that converges.

好的。很好的問題。而且——我在聽的時候覺得，這其實是 3 個問題。所以我會依序回答。首先，「數位核心」的意思是：Disney+ 成為迪士尼與粉絲之間的主要關係連結點，是所有事物匯聚之處——娛樂、體育、體驗等，一切在此交會。

So it's less about a product. It's more about how we're -- it's a strategic posture essentially. On third-party licensing, we've always distinguished between franchise IP and general entertainment. So franchise and branded IP stays on the platform and general entertainment, that library content can find audiences elsewhere, and that's -- it's been working pretty well for us financially.

因此，這比較不是在談一個產品。而更是在談我們的——本質上是一種策略姿態。至於第三方授權，我們一直都會區分系列／品牌 IP 與綜合娛樂內容。系列與品牌 IP 會留在平台上；而綜合娛樂的庫存內容可以在其他地方找到觀眾——而且就財務面而言，這對我們運作得相當不錯。

And then on your question about Epic Games and its relation to our Disney ecosystem. I think -- so Disney+ is the hub, but the hub needs spokes. Epic gives us an interactive, a gaming-native environment to reach audiences that we don't currently own, and by the way, particularly younger audiences. So think of this as acquisition and engagement feeding the centerpiece, not necessarily competing with it.

再來是你關於 Epic Games 以及它與我們迪士尼生態系關係的問題。我認為——Disney+ 是樞紐（hub），但樞紐需要輻條（spokes）。Epic 提供我們一個互動式、以遊戲為原生的環境，讓我們觸及目前不在我們掌握範圍內的受眾，順帶一提，尤其是更年輕的受眾。所以你可以把這視為：以獲客與互動來反哺這個核心，而不一定是在與它競爭。

The road map runs from near-term streaming optimization and content investment through medium-term interactivity, things like vertical video, personalized ESPN, the parks' AI work, all the way to a longer-term single point of contact with our fans that drives lifetime value across everything that we're doing. The through line here is going to be the same, own that fan relationship. So thanks for the question, Rich.

我們的路線圖，從短期的串流最佳化與內容投資，延伸到中期的互動性——例如直式影片、個人化 ESPN、樂園的 AI 工作——一直到更長期：與粉絲建立單一接觸點，推動我們所做一切的終身價值（lifetime value）。這條主軸會是一樣的：掌握那段粉絲關係。所以謝謝你的提問，Rich。

Okay. We're now going to move to three questions on Disney Experiences. So I think for Hugh, a question from Sean Diffley at Morgan Stanley. On core US parks trends, can you unpack the international visitation and Epic-related headwinds that you are seeing and if they are sequentially better or worse over the last few quarters?

好的。接下來我們要進入關於迪士尼體驗（Disney Experiences）的三個問題。我想這題是給 Hugh：來自摩根士丹利（Morgan Stanley）的 Sean Diffley。就美國核心樂園趨勢而言，你能否拆解一下你們看到的國際旅客到訪與 Epic 相關的不利因素（headwinds），以及相較於過去幾季，這些因素是逐季改善還是惡化？

Got it. Thanks for the question, Sean. Answering directly, we expect international visitation and Epic-related headwinds to ease in the coming quarters as we begin to lap both of those impacts. Q2 Experiences results came in ahead of our prior guidance despite the fact that these headwinds did have some impact in the quarter on segment OI, which was up 5% and attendance in domestic parks, which was down 1%.

了解。謝謝你的提問，Sean。直接回答：我們預期國際旅客到訪與 Epic 相關的不利因素，將在接下來幾季逐步緩解，因為我們將開始進入與這兩項影響相比的「基期消化」（lap）階段。儘管這些不利因素在本季確實對分部營業利益（segment OI，年增 5%）以及美國本土樂園入園人次（年減 1%）造成一些影響，但第二季體驗事業的結果仍優於我們先前的指引。

While Q2 bore the full impact of those headwinds, excluding just the international visitation impact at domestic parks attendance would have grown. Despite this, our revenue growth for the quarter was 7% in Experiences and the lack of flow-through to operating income this quarter was driven primarily by preopening costs for World of Frozen and the Adventure, which we won't be incurring, obviously, in the second half of the year.

第二季承受了這些不利因素的完整影響；若僅排除國際旅客到訪對美國本土樂園入園人次的影響，入園人次本來會呈現成長。儘管如此，本季體驗事業營收仍成長 7%；而本季營收成長未能相應反映到營業利益（缺乏 flow-through），主要是因為《冰雪奇緣世界》（World of Frozen）與 Adventure 的開幕前成本（preopening costs），而這些成本在下半年顯然不會再發生。

We recognize that domestic attendance is an important metric for investors, and we're focused on it as well. However, as you know, we're investing to grow our global footprint, including plans to expand the cruise line fleet from 8 currently to 13 ships by 2031.

我們理解，美國本土入園人次對投資人而言是一項重要指標，我們也同樣重視。不過，如你所知，我們正在投資以擴大全球版圖，包括計畫在 2031 年前將郵輪船隊由目前的 8 艘擴增至 13 艘。

So tying our guest demand to our capital plans more directly, global guests, which aggregates domestic and international parks attendance along with passenger cruise days, grew more than 2% in Q2. The good news is, as we look forward, we expect growth to improve in the back half, and our forward bookings are very encouraging as we look to the rest of the year.

因此，為了讓旅客需求與我們的資本計畫更直接連結，全球旅客數（將美國本土與國際樂園入園人次，加上郵輪乘客日數加總）在第二季成長超過 2%。好消息是，展望未來，我們預期下半年成長將有所改善；而我們對今年剩餘期間的前瞻訂位（forward bookings）也感到非常鼓舞。

Great. Another question. This is from Steven Cahall from Wells Fargo. Hugh, have you picked up any change in behavior at domestic or international parks due to the increased price of oil, gasoline? How are you managing around these risks? And at this point, do you anticipate any shift to your adjusted EPS growth guidance for fiscal '26 or fiscal '27 due to the macro factors?

很好。下一個問題。這題來自富國銀行（Wells Fargo）的 Steven Cahall。Hugh，因為油價、汽油價格上升，你是否觀察到國內或國際樂園的消費者行為有任何改變？你們如何管理這些風險？另外，就目前而言，基於總體因素，你是否預期 2026 會計年度或 2027 會計年度的調整後 EPS 成長指引會有任何變動？

Thanks, Steve. No, we haven't seen any change in consumer behavior from elevated gas prices thus far and aren't currently seeing a material impact on the remainder of the fiscal year based on forward bookings. Disney World bookings are pacing up strongly. And even with our 40% increase in cruise capacity, booked occupancy remains in line with the prior year.

謝謝你，Steve。沒有，截至目前我們尚未看到因汽油價格偏高而導致的消費者行為改變；而且根據前瞻預訂情況，我們目前也沒有看到對本會計年度剩餘期間造成實質影響。迪士尼世界（Disney World）的預訂進度強勁成長。即使我們郵輪運能增加了 40%，已預訂的入住率仍與去年同期一致。

However, we're mindful of the macro uncertainty consumers are facing, and we're not immune to the impacts, including how a significant further rise in fuel prices from current levels could eventually lead to changes in consumer behavior.

不過，我們也留意到消費者面臨的總體不確定性，我們並非不受影響；其中包括若燃料價格自目前水準再大幅上升，最終可能導致消費者行為出現變化。

If that possibility were to occur, each business has levers in place to make adjustments in order to help offset those kinds of macro pressures. So as we communicated in our letter, we expect 12% growth of adjusted EPS for fiscal '26 and double-digit growth of adjusted EPS for fiscal '27, both excluding the impact of the 53rd week.

若那種情況真的發生，各個業務都有可運用的調整槓桿，以便進行調整來協助抵消這類總體壓力。因此，如同我們在信函中所溝通的，我們預期 2026 會計年度調整後 EPS 成長 12%，以及 2027 會計年度調整後 EPS 以雙位數成長；兩者皆不包含第 53 週的影響。

Great. Maybe over to you, Josh, kind of last question on Experiences. So looking for an update -- this is from Rick Prentiss at Raymond James. Looking for an update on capital expenditure investment program. What are you most excited about? What have you learned from the recent openings of the World of Frozen at Disneyland Paris? When can we expect the investments to drive an inflection upward in attendance at the parks?

很好。也許把問題交給你，Josh，算是體驗（Experiences）業務的最後一題。這題來自 Raymond James 的 Rick Prentiss，想請你更新一下——資本支出投資計畫的最新進展。你最期待的是哪些部分？你們從巴黎迪士尼樂園（Disneyland Paris）近期「冰雪奇緣世界」（World of Frozen）的開幕中學到了什麼？我們何時可以期待這些投資帶動樂園入園人次出現向上的拐點？

Okay. Great. Well, first, I'm excited about a lot. So thanks for the question, Rick. The capital investments that we're making to create these new experiences based on our most popular IP, they're obviously an important part of our strategy to continue growing our Experiences business.

好的。很好。首先，我期待的事情很多。所以謝謝你的問題，Rick。我們為了打造這些以最受歡迎的 IP 為基礎的新體驗所進行的資本投資，顯然是我們持續推動體驗業務成長策略中的重要一環。

And these investments, they're diversifying our portfolio and allowing us to reach a lot more Disney fans. I was at the opening of World of Frozen in Paris in March. And if you get an opportunity to go and see it, you can understand why the guest response has been so great.

而這些投資正在讓我們的組合更多元，也讓我們能觸及更多迪士尼粉絲。我在 3 月參加了巴黎「冰雪奇緣世界」的開幕。如果你有機會去看看，就會明白為什麼賓客的反應如此熱烈。

I mean it's completely transformed our second gate at Disneyland Paris. And we have so much more of this coming around the world, and the investments are working hard for us. I'll say that while we haven't officially announced opening dates for some of our other major attractions that are coming, we have more projects underway around the globe than at any time in our history.

我的意思是，它徹底改造了巴黎迪士尼樂園的第二園區。而且我們在全球還有更多類似項目即將推出，這些投資正為我們帶來很大的效益。我想說的是，雖然我們尚未正式公布其他一些即將到來的大型主題設施的開幕日期，但我們目前在全球推進中的專案數量，已是公司史上任何時期最多。

So we're being very ambitious and very aggressive on this front. In '26, most of our forecasted CapEx and experiences includes the new ship and the ramp of major new expansions at Walt Disney World in Orlando, Disneyland in Anaheim and at our Shanghai Disney Resort. And then when we think about the next decade, the majority of our CapEx is earmarked for investments that are expanding our capacity.

因此，我們在這方面非常有企圖心，也非常積極進取。在 2026 年，我們預估的大部分資本支出與體驗投資，包含新郵輪，以及在奧蘭多華特迪士尼世界（Walt Disney World）、安那翰迪士尼樂園（Disneyland）與上海迪士尼度假區（Shanghai Disney Resort）等地的大型新擴建計畫的加速推進。而當我們展望未來十年時，我們的大部分資本支出都已規劃用於擴充產能的投資。

Our business has a solid track record of generating great returns and driving long-term earnings and cash flow growth. And each one -- and this is important, each one of these investments is individually justified and designed to entertain guests for literally generations to come. I think it's worth noting that we also have a few exciting expansions underway using what we're calling a capital-light model.

我們的業務在創造優異報酬、並推動長期獲利與現金流成長方面，有著扎實的歷史紀錄。而且每一項——這點很重要——每一項投資都各自具備充分的合理性，並被設計成能在未來好幾個世代持續娛樂賓客。我也想指出，我們還有幾個令人振奮的擴建案正在進行中，採用的是我們所稱的「輕資本」（capital-light）模式。

So we've got a new cruise ship with the Oriental Land Company in Japan and a new theme park in Abu Dhabi with our partner, Miral. And then finally, when we look forward, demand is healthy. We're expecting attendance at our domestic parks in Q3 compared to the prior year period to show improvement compared to the 1% decline that we have reported in Q2. And this will happen as headwinds related to international visitation stabilize and we begin to lap the opening of that big universe.

例如，我們與日本的東方樂園公司（Oriental Land Company）合作打造一艘新郵輪，並與合作夥伴 Miral 在阿布達比打造一座新的主題樂園。最後，展望未來，需求依然健康。我們預期第三季美國本土樂園的入園人次相較去年同期將有所改善，優於我們在第二季所報告的 1% 下滑。這將在與國際旅客相關的逆風趨於穩定、以及我們開始度過（lap）那個大型宇宙開幕所帶來的比較基期後發生。

Great. We have two questions now on the content front. I think, Josh, this one is probably from you. This is from Jessica Reif Ehrlich from Bank of America. Josh, some of Disney's greatest growth years were driven by original IP from Disney, Pixar and Marvel. Can you provide color on how you plan to supercharge your content division? What changes should we expect now that content is unified under Dana Walden?

很好。接下來有兩個關於內容（content）的問題。Josh，我想這題應該是問你的。這題來自美國銀行（Bank of America）的 Jessica Reif Ehrlich。Josh，迪士尼一些成長最強勁的年份，是由迪士尼、皮克斯與漫威的原創 IP 所驅動。你能否補充說明你們打算如何為內容部門加速增長（supercharge）？在內容統一由 Dana Walden 領導之後，我們應該期待哪些改變？

Okay. Thanks, Jessica. This morning, you heard me talk about how creativity is absolutely central to the execution of our strategy. And we're focused on investing in IP that really breaks through and that builds those fan connections and endures. And as you heard me say this morning, Zootopia is a prime example of this.

好的。謝謝你，Jessica。今天早上你聽到我談到，創意絕對是我們執行策略的核心。我們專注於投資那些真正能夠脫穎而出、建立粉絲連結並且經得起時間考驗的 IP。正如我今天早上所說，《動物方城市》（Zootopia）就是一個很好的例子。

we understand the importance of investing in existing franchises, but then also taking creative risks to build brand-new ones. And I think the studio team is all over that. You take Hoppers as an example. So this is original IP from Pixar, great critical reception.

我們理解投資既有系列的重要性，但同時也要承擔創意風險，打造全新的系列。我認為製片廠團隊在這方面做得非常到位。以《Hoppers》為例。這是皮克斯的原創 IP，口碑與影評表現都很出色。

And we're pleased with how fans have embraced the film and all the new characters that come along with it. And just think about this relative to original films. Pixar alone has released 8 original films since 2017. The films like Coco and Soul and Elemental. And when you step back and think about it, that's more than all of the other major non-Disney animation competitors combined during that same period.

我們也很高興看到粉絲如何擁抱這部電影，以及隨之而來的所有新角色。而且如果把它放在原創電影的脈絡下來看，光是皮克斯自 2017 年以來就推出了 8 部原創電影。像是《可可夜總會》（Coco）、《靈魂急轉彎》（Soul）以及《元素方城市》（Elemental）。退一步來看，這個數量比同一期間所有其他主要非迪士尼動畫競爭對手加總還要多。

So in an industry that's changed so much since the pandemic area -- pandemic era, I should say, we've continued to make bets on original stories and characters. And I think the team is doing a really great job continuing to push here. And then, Jessica, you asked about Dana Walden as well. As you know, we consolidated our creative engines and distribution under Disney Entertainment.

因此，在一個自疫情期間——我應該說自疫情時代——以來變化巨大的產業中，我們仍持續押注原創故事與角色。我認為團隊在持續推進這方面做得非常好。另外，Jessica，你也問到 Dana Walden。如你所知，我們已將創意引擎與發行整合至 Disney Entertainment 之下。

And we did this to streamline operations to unlock synergies where we could and to accelerate decision-making and sharpen our strategic focus. And Dana is already moving on this. She's -- she, I think, is uniquely suited to lead this new organization.

我們這麼做是為了精簡營運、在可行之處釋放綜效，並加速決策、強化策略聚焦。而 Dana 已經在推動這些工作。她——我認為——非常適合領導這個新組織。

She has a long track record of running high-performing creative businesses. And under her leadership, we're starting to break down silos. We're prioritizing investment and maintaining the quality audiences expect from Disney. And a lot has already happened in what is it, six weeks, she's already made moves that signal what's ahead. We centralized television programming within Disney Entertainment DTC.

她在經營高績效創意業務方面有著長期且亮眼的紀錄。在她的領導下，我們開始打破部門藩籬。我們正在優先配置投資，同時維持觀眾對迪士尼所期待的品質。而且在短短六週左右的時間裡，已經發生了很多事；她已經採取了一些行動，釋放出未來方向的訊號。我們已將電視節目編排集中到 Disney Entertainment DTC 之下。

So we're programming for Disney+ and Hulu while being smart about windowing content to linear so that we can expand reach and maximize monetization. And we also integrated our games business into Disney Entertainment.

因此，我們為 Disney+ 與 Hulu 進行內容編排，同時也會更聰明地安排內容上線窗口（windowing）到線性電視，以便擴大觸及並將變現效益最大化。我們也把遊戲業務整合進 Disney Entertainment。

And this creates new opportunities to cross-promote franchises and use games to extend storytelling and ultimately develop new IP. So essentially, Dana is making sure that every decision we make in content from development all the way through how we distribute that it's optimized for the fan and for the long-term strength of our brands.

而這也創造了新的機會，能夠交叉推廣各個系列，並利用遊戲延伸敘事，最終開發新的 IP。因此，本質上，Dana 正在確保我們在內容方面所做的每一項決策——從開發一路到我們如何發行與分發——都能為粉絲最佳化，並強化我們品牌的長期實力。

Okay. A question from Jason Bazinet at Citi. I think this is also for you, Josh. Does Disney believe there is a secular shift towards short-form and user-generated content? And if so, how can Disney capitalize on this shift?

好的。接下來是來自花旗（Citi）的 Jason Bazinet 的問題。我想這題也是問你，Josh。迪士尼是否認為市場正出現一個長期結構性轉變，朝向短影音與使用者生成內容（UGC）？如果是，迪士尼要如何把握這個轉變？

Okay. Thanks, Jason. The short answer is yes. It's something that we're seeing and we're actively leaning into. So short-form and creative content, they've exploded in the past few years. And it's an area we're focused on because we have deeply committed fans who they love our brands and our franchises and characters, and they want to engage with them in this new way.

好的。謝謝你，Jason。簡短的答案是：是的。這是我們正在看到的趨勢，而且我們也正積極投入。因此，短影音與創意內容在過去幾年爆發式成長。我們之所以聚焦在這個領域，是因為我們擁有高度投入的粉絲；他們熱愛我們的品牌、系列與角色，也希望以這種新的方式與它們互動。

And this is specifically important when we think about Gen Alpha, obviously, the newest generation of Disney fans. So what we're doing is we're experimenting with short-form content in a variety of ways. You saw it -- maybe some of you saw it in our creators collection initiative, which brought Predator and Lilo & Stitch creator-led videos to our streaming platforms, and we're going to continue to advance that work in the months ahead.

而當我們想到 Alpha 世代（Gen Alpha）——顯然是最新一代的迪士尼粉絲——這點尤其重要。所以我們正在以多種方式試驗短影音內容。你們可能有些人看過我們的創作者合輯（creators collection）計畫，將《終極戰士》（Predator）與《星際寶貝》（Lilo & Stitch）等由創作者主導的影片帶到我們的串流平台上；接下來幾個月我們也會持續推進這項工作。

We're also really focused on making sure that our IP shows up in relevant ways across social platforms. Probably not surprisingly, our brands have an enormous following with people around the world, everything from short-form video to music videos, podcasts and the like. And then we're adjusting our own products to reflect the way consumers want to interact with our content.

我們也非常專注於確保我們的 IP 能以相關且合適的方式出現在各個社群平台上。不意外地，我們的品牌在全球擁有龐大的追隨者，內容形式涵蓋短影音、音樂影片、Podcast 等等。此外，我們也在調整自家產品，以反映消費者希望如何與我們的內容互動。

You probably saw that we recently introduced vertical video on Disney+. And we're still in early days here, but it's already driving deeper engagement. In fact, we did the same thing on our ESPN app and the early performance of the ESPN Verts, it's been really promising. So I think across the board on our platforms, on social and how we're building our products, we're trying to meet fans where they are and on terms that make sense to them. But it's a great question. Thanks, Jason.

你們可能看到我們最近在 Disney+ 推出了直式影片。我們仍處於早期階段，但它已經帶來更深度的互動。事實上，我們也在 ESPN App 做了同樣的事，而 ESPN Verts 的早期表現相當令人振奮。所以我認為，無論是在我們的平台上、在社群上，或是在我們打造產品的方式上，我們都在努力於粉絲所在之處與他們相遇，並以對他們而言合理的方式提供內容。不過這是個很棒的問題。謝謝你，Jason。

Okay. Thank you. A question on the NFL for Hugh. The NFL appears intent on reopening -- excuse me, this is from David Karnovsky from JPMorgan. The NFL appears intent on reopening media rights deals. Given Disney and ESPN have guaranteed programming through the 2030 season, how do you weigh the opportunity to engage with the league now versus sitting on your existing deal until the opt-outs?

好的。謝謝。接下來是一題關於 NFL、問 Hugh 的問題。這題來自摩根大通（JPMorgan）的 David Karnovsky。NFL 似乎有意重新開啟——抱歉——重新開啟媒體轉播權合約的談判。鑑於迪士尼與 ESPN 已確保到 2030 賽季都有保證節目內容，你們如何權衡：現在就與聯盟互動的機會，與等到現有合約的選擇退出條款（opt-outs）再行處理之間的取捨？

Thanks, David. Our relationship with the NFL is as broad and as deep as it's ever been, and we're excited looking ahead to the upcoming NFL season with the NFL Network and with RedZone linear now part of our distribution portfolio on top of Monday Night Football and broader NFL coverage.

謝謝你，David。我們與 NFL 的關係廣度與深度都達到歷來最高水準；展望即將到來的 NFL 賽季，我們也非常期待，因為 NFL Network 與 RedZone 的線性頻道如今也已納入我們的發行版圖，並且是在《週一夜美式足球》（Monday Night Football）以及更廣泛的 NFL 報導之外的新增內容。

To get to your question specifically, we haven't yet engaged with the league on early renewal conversations, but we're not dogmatic about the process, and we're always willing to have a conversation with the NFL in an effort to find new opportunities for growth.

針對你的問題，我們目前尚未與聯盟就提前續約展開對話，但我們不會僵化地看待流程；我們也始終願意與 NFL 進行討論，以尋找新的成長機會。

We expect to be in the business with the league for years to come. And we'll, of course, evaluate this deal as we would any deal with discipline and a focus on driving value for Disney shareholders. In that regard, we're really looking forward to our year of the Super Bowl and all that it can bring to both football fans and Disney shareholders in the coming year.

我們預期未來多年都會與聯盟持續合作。當然，我們也會像評估任何交易一樣，以紀律與為迪士尼股東創造價值為核心來評估這份合約。就此而言，我們非常期待我們主辦超級盃（Super Bowl）的那一年，以及它在來年能為美式足球迷與迪士尼股東帶來的一切。

Okay. All right. Our next topic, we have two questions on technology. This is from Robert Fishman from MoffettNathanson. This is directed at you, Josh.

好的。好。下一個主題，我們有兩個關於科技的問題。這題來自 MoffettNathanson 的 Robert Fishman。這題是問你，Josh。

Okay.

好的。

Given your second priority of embracing technology, should investors expect to see any differences in the ways technology is already being used at the company and across your streaming services? Are there specific improvements or metrics like higher Disney+ engagement that we should use to judge success?

鑑於你們的第二項優先事項是擁抱科技，投資人是否應該預期公司以及各個串流服務在使用科技的方式上會出現任何差異？是否有特定的改善項目或衡量指標（例如 Disney+ 更高的互動度）可用來判斷成功與否？

Okay. Great. Thanks, Robert. Yes, embracing emerging technologies is one of the three priorities that we laid out in our shareholder letter this morning. So it's something that every part of our company is squarely focused on. That focus is on both our internal operations as well as our customer-facing areas across each of our business segments.

好的。很好。謝謝你，Robert。是的，擁抱新興科技是我們今天早上在致股東信中提出的三大優先事項之一。因此，公司每個部門都明確聚焦在這件事上。這個聚焦同時涵蓋我們的內部營運，以及面向客戶的領域，並橫跨我們各個業務部門。

In terms of what will be visible to you, maybe a couple of examples. First, you'll see a greater level of interactive entertainment for Disney+ subscribers. Second, you'll see more personalized content feeds across all of our streaming services. And that personalization effort, it's already starting. It's something that I use all the time as a big sports fan is SportsCenter for You.

就你們可見的部分而言，我舉幾個例子。第一，你們會看到 Disney+ 訂戶可享有更高程度的互動式娛樂。第二，你們會看到我們所有串流服務都會有更個人化的內容動態（feeds）。而這項個人化的工作其實已經開始了。我自己身為重度體育迷，經常使用的一個功能就是「SportsCenter for You」。

I hope some of you are using it. You can kind of think of it like your own personalized SportsCenter, where each day, you get automatically curated content related to the teams and sports that are most interesting to you with all the familiar ESPN anchor voices narrating it. The goal with all of this is to drive higher engagement, obviously, which in turn supports greater retention and then ultimately delivers on the bottom line for our shareholders.

希望你們有些人也在用。你可以把它想成你自己的個人化 SportsCenter：每天都會自動為你策展與你最感興趣的球隊與運動相關的內容，並由大家熟悉的 ESPN 主播聲音來旁白。這一切的目標當然是提升互動度，進而支持更高的留存率，並最終在財務面為我們的股東帶來成果。

And then we have a question also on technology from Laura Martin at Needham. Probably each of you may want to chime in here. Where is Disney integrating generative AI to lower costs and accelerate revenue growth today? And what's on the road map to keep growing AI benefits to Disney shareholders?

接著我們還有一題同樣關於科技的問題，來自 Needham 的 Laura Martin。你們每位可能都想在這裡補充一下。迪士尼目前在哪些地方整合生成式 AI，以降低成本並加速營收成長？而在路線圖上，接下來要如何持續擴大 AI 對迪士尼股東的效益？

Okay. So Hugh, maybe we split this one up if you're good with that. Laura, as I touched on in the last question, we look at advanced technologies, including AI, as a meaningful long-term opportunity for us at Disney. At the same time, we're committed to implementing AI in a way that keeps human creativity at the center of everything that we do and of course, respects creators and the tremendous value of our own intellectual property.

好的。Hugh，如果你同意的話，也許我們把這題分開回答。Laura，正如我在上一題提到的，我們將包含 AI 在內的先進科技視為迪士尼一項重要的長期機會。同時，我們也致力於以一種能讓人類創意始終位於我們所做一切核心的位置來導入 AI；當然也要尊重創作者，以及我們自身智慧財產權的巨大價值。

And when we think about AI specifically, there's a lot of opportunity here. I'll take three categories or so, and then Hugh, I'll hand it to you, and you can talk about some additional ones. First, we want Disney to remain a leader in the use of technology to enhance creativity.

而當我們特別談到 AI 時，這裡有很多機會。我先談大概三個類別，然後 Hugh 我再交給你，你可以再補充其他面向。第一，我們希望迪士尼在運用科技提升創意這件事上，持續保持領先。

This is -- it's just part of our legacy going all the way back to when Walt was pioneering synchronized sound and Steamboat Willie, and it moves all the way through to Pixar's advanced computer animation and then even recently in series like the Mandalorian on Disney+.

這——這本來就是我們的傳承，可追溯到華特（Walt）當年開創同步音效與《汽船威利》（Steamboat Willie）的時代，一路延伸到皮克斯（Pixar）的先進電腦動畫，甚至到近年 Disney+ 上的影集《曼達洛人》（The Mandalorian）。

And when we do this right, will be the place where I think the best talent works because they'll have access to the deepest catalog of beloved characters with opportunities to tell new stories and even the potential to innovate in content production using all the latest technology, including AI. Now for our shareholders, we see AI as a potential driver of improved returns over time, which will -- it will include making the production process more efficient and increasing the volume of content that we actually put out.

而當我們把這件事做對時，我認為我們會成為最優秀人才最想來工作的地方，因為他們能接觸到最深厚、最受喜愛的角色資產庫，並擁有講述新故事的機會，甚至有可能運用包含 AI 在內的最新科技，在內容製作上持續創新。就股東而言，我們認為 AI 有潛力在時間推移下帶來更好的報酬，這將——其中包括讓製作流程更有效率，並提高我們實際推出的內容量。

In streaming, specifically, we've got a lot of work going on to develop really like a hyper-personalized recommendation engine across Disney+ and ESPN. And then we're implementing AI to enhance our ad targeting capabilities, letting our partners develop and execute truly dynamic brand messaging.

在串流方面，具體來說，我們正在投入大量工作，開發一個真正高度個人化的推薦引擎，橫跨 Disney+ 與 ESPN。接著我們也在導入 AI 以強化廣告定向能力，讓合作夥伴能夠開發並執行真正動態的品牌訊息傳遞。

If I move over to the Experiences side, we see a significant opportunity to make it easier for families to plan their trip, to optimize all of their time with us and to personalize their experience. A Disney vacation means a lot to our fans, and we're using AI to reduce the complexities around planning and booking a trip and trying to make that whole experience specifically tailored to what our guests want most. So a fair amount going on there. But Hugh, I know.

如果我轉到體驗事業這一側，我們看到一個顯著的機會：讓家庭更容易規劃行程、最佳化他們與我們相處的所有時間，並且個人化他們的體驗。迪士尼假期對我們的粉絲意義重大，我們正運用 AI 來降低規劃與預訂旅程的複雜度，並嘗試讓整個體驗能夠特別貼近賓客最想要的內容。所以那邊也有相當多事情在進行。不過 Hugh，我知道。

I'll jump in on the last couple, sure. On workforce productivity, we're focused across several areas. One of the ones I find particularly interesting is an initiative to implement precision labor demand forecasting across our theme parks. We think that one has the potential to create a better guest experience, a better employment experience and also better cost management for the company.

我來接著回答最後幾個，當然可以。在勞動力生產力方面，我們聚焦在幾個領域。其中一個我覺得特別有意思的是：在我們的主題樂園推動「精準人力需求預測」的計畫。我們認為這有潛力帶來更好的賓客體驗、更好的員工就業體驗，同時也能讓公司在成本管理上做得更好。

So we're very excited about that. And then on enterprise operations, as is true with really many, many companies, the pathways to both drive efficiency and reduce costs are really quite numerous across the enterprise.

所以我們對此非常興奮。至於企業營運，和許許多多公司一樣，在整個企業範圍內，提升效率與降低成本的途徑其實非常多。

Last, Laura, you didn't specifically ask, but we do see our Experiences business as well positioned structurally in a world of rising AI-driven content. We think it may end up increasing even more the value consumers place on authentic real-life experiences to go with those that they are close to like we deliver across the parks and resorts every day.

最後，Laura，你雖然沒有特別問到，但我們確實認為，在 AI 驅動內容日益增加的世界裡，我們的體驗事業在結構上也處於有利位置。我們認為，這可能會進一步提升消費者對真實、線下體驗的重視程度，與他們所熟悉、而我們每天在樂園與度假區所提供的體驗相互呼應。

Great. Okay. We're going to now take two questions on the portfolio of assets at The Walt Disney Company. I think these are probably both for Hugh. So this is from Robert Fishman at MoffettNathanson. How do you view the importance of ESPN and linear networks through the lens of your priorities to create -- to drive creativity, quality and global scale as a company?

很好。好的。接下來我們要就華特迪士尼公司的資產組合提兩個問題。我想這兩題大概都是問 Hugh 的。這題來自 MoffettNathanson 的 Robert Fishman。從你們「推動創意、品質與全球規模」的公司優先事項角度來看，你如何看待 ESPN 與線性網路的重要性？

Yes. That's a great question, Robert, and obviously, one that we hear a lot. So I'm going to try to be as clear as I can in the answer on this. We do understand that there is a lot of focus on linear entertainment assets and ESPN. So I'll explain our view here.

是的。Robert，這是個很好的問題，而且顯然也是我們經常被問到的。所以我會盡量把答案講得清楚。我們確實理解市場對線性娛樂資產與 ESPN 有很高的關注度。我來說明我們的看法。

Let me start with linear entertainment cable networks and make 3 points. First, these networks are better thought of as brands with studios that produce content like The Bear or a Shogun, and we monetize that content across multiple distribution platforms. Separating those monetization platforms into discrete businesses is highly complex and in our view, unlikely to create incremental value for shareholders, especially given where linear networks are valued in today's marketplace.

我先從線性娛樂有線電視網路談起，提出三點。第一，這些網路更適合被視為「品牌」以及製作內容的工作室（例如《大熊餐廳》或《幕府將軍》），而我們會在多個發行平台上將這些內容變現。把這些變現平台切割成各自獨立的事業非常複雜；在我們看來，這不太可能為股東創造額外價值，尤其考量到當前市場對線性網路的估值水準。

Second, we're managing a monetization transition of these brands, and we are actually far down that migration path. We're generating more revenue at Disney Entertainment in streaming than in linear, more than double if we look at it in this most recent quarter.

第二，我們正在管理這些品牌的變現轉型，而且實際上我們在這條遷移路徑上已經走得很深。在 Disney Entertainment，我們來自串流的營收已經高於線性，若看最近一季，甚至超過兩倍。

So the linear earnings base is becoming smaller and smaller every quarter within our P&L. Finally, yes, linear revenues are declining, but Disney Entertainment as a segment is growing nicely. Our guidance continues for double-digit segment OI growth this fiscal year, excluding the 53rd week. So with all the cord-cutting pressure we're all aware of, Disney Entertainment is actually one of the faster-growing media businesses out there, and we're actually very, very proud of that.

因此，線性獲利基礎在我們的損益表中每一季都在變得更小。最後，沒錯，線性營收正在下滑，但 Disney Entertainment 作為一個事業部門正穩健成長。我們對本會計年度的指引仍是事業部門營業利益（OI）雙位數成長（不含第 53 週）。所以在大家都知道的剪線（cord-cutting）壓力下，Disney Entertainment 其實是成長較快的媒體業務之一，而我們也對此非常、非常自豪。

Turning to sports in totality. We view ABC as strategically connected when we think about ESPN and sports in general. Sports is admittedly a separate discussion and that it is much earlier in its monetization transition, having just launched Unlimited last year.

再談整體運動業務。當我們思考 ESPN 與運動整體時，我們認為 ABC 在策略上是相互連結的。運動確實是另一個議題，因為它的變現轉型還早得多，畢竟我們去年才剛推出 Unlimited。

However, when we look at the marketplace for streaming in our competitive set, Netflix, Prime Video, YouTube, Paramount+, all of them are increasing their position in live sports. Sports rights are expensive and can be dilutive without scale, but we have scale in our most important market, the US, and the biggest sports media brand in the world in ESPN.

不過，當我們觀察競爭同業的串流市場時，Netflix、Prime Video、YouTube、Paramount+ 等都在提升他們在直播運動上的布局。運動轉播權很昂貴，若沒有規模可能會稀釋獲利，但我們在最重要的市場——美國——具備規模，而且 ESPN 是全球最大的運動媒體品牌。

We view sports as a key part of our programming strategy and ESPN as an important contributor to our distribution portfolio. For sure, we have to continue to work through this economic transition for ESPN while also better leveraging it for our overall business. As we do this, we will continue to deliver healthy consolidated earnings growth for shareholders.

我們將運動視為節目策略的關鍵一環，而 ESPN 也是我們發行組合的重要貢獻者。當然，我們必須持續推進 ESPN 的經濟轉型，同時也要更好地把它運用在整體業務上。在此過程中，我們將持續為股東帶來健康的合併獲利成長。

More broadly, when it comes to capital allocation, we're always assessing and looking to maximize shareholder value of our portfolio. That is our responsibility to shareholders, and we will continue to do that in the future.

更廣泛地說，在資本配置方面，我們一直在評估並尋求最大化我們資產組合的股東價值。這是我們對股東的責任，我們未來也會持續這麼做。

Okay. Great. Thank you, Hugh. Next, on the portfolio, can you expand on the One Disney strength as it relates to your sports businesses and general entertainment assets? Specifically, how do those businesses fit into a Disney-focused paradigm that is strong across both entertainment and experiences? Are there any elements of the company that you would consider noncore in the context of One Disney? And I apologize, this is from Mike Morris at Guggenheim.

好的。很好。謝謝你，Hugh。下一題同樣關於資產組合：你能否就 One Disney 的優勢，說明它與你們的運動業務及一般娛樂資產之間的關聯？具體而言，這些業務如何融入以迪士尼為核心、同時在娛樂與體驗兩端都很強的典範？在 One Disney 的脈絡下，公司是否有任何你會視為非核心的元素？抱歉，這題來自 Guggenheim 的 Mike Morris。

Sure, Mike. We do see One Disney as an important priority for the company. It really is more than a strategic headline. It's about how we create, distribute, engage and monetize our stories and brands across the company in a way that increases the lifetime value of our consumers and drives compounding returns for our bottom line and thus for our shareholders.

當然，Mike。我們確實把 One Disney 視為公司的重要優先事項。它不只是策略上的一句口號。它關乎我們如何在公司內部以一種方式來創作、發行、互動並將我們的故事與品牌變現，進而提高消費者的終身價值，並為我們的獲利底線帶來複利式回報，從而回饋股東。

It's also about how we operate as a company, less a portfolio of assets and more a set of connected businesses that are focused on the fan, the consumer with an enterprise-wide lens toward engagement and lifetime value. Turning to what is more of a portfolio optimization question. As I mentioned earlier, the entertainment networks are better thought of as brands with studios that produce content that we distribute across our platforms with the intent to increase reach and engagement.

它也關乎我們如何作為一家公司來運作：與其說是一個資產組合，不如說是一組彼此連結、以粉絲與消費者為中心的業務，並以全企業視角聚焦互動與終身價值。回到更偏向資產組合優化的問題。如我先前提到的，娛樂網路更適合被視為擁有工作室的品牌，製作內容後在我們的平台上發行，目的在於提升觸及與互動。

And at ESPN, we have the biggest sports media brand in the world, as I mentioned earlier. That now includes even more NFL content. In fact, I think it's the most we've ever had from the NFL, which is being made accessible to consumers across all distribution platforms and devices.

而在 ESPN，如我先前提到的，我們擁有全球最大的運動媒體品牌。其中現在也包含更多 NFL 內容。事實上，我認為這是我們歷來擁有最多的 NFL 內容，並且讓消費者能在所有發行平台與裝置上取得。

And Mike, to your question on noncore assets, know that we're always evaluating the merits of our brands, org structure and business priorities to deliver long-term value for our shareholders. If there is a compelling case to consider strategic alternatives for any noncore assets, you can reasonably conclude that, a, we've already looked at it, and b, we'll continue to do so in the future as the marketplace and our businesses evolve.

Mike，至於你問到的非核心資產，請理解我們一直在評估我們品牌、組織架構與業務優先事項的利弊，以便為股東創造長期價值。如果對任何非核心資產存在一個有說服力的理由去考慮策略性替代方案，你可以合理推論：a，我們已經看過了；b，隨著市場與我們的業務演進，我們未來也會持續評估。

Thanks. And then moving to a question from Steven Cahall at Wells Fargo on efficiency. I think for you, Hugh. It appears that one of the early initiatives is to increase efficiency, including some recently announced workforce reductions. How big is the opportunity as you take a fresh look at the operations? Where is there the most room for improvement? And should we think about efficiency gains as falling to the bottom line or being reinvested into areas of growth like content or technology spend?

謝謝。接著是一題來自 Wells Fargo 的 Steven Cahall，關於效率。我想這題是問你，Hugh。看起來你們早期的其中一項舉措是提升效率，包括近期宣布的一些人力縮減。當你們以全新角度檢視營運時，機會有多大？哪裡有最大的改善空間？我們應該把效率提升視為直接反映到獲利底線，還是會再投資到內容或技術支出等成長領域？

Great. Thanks, Steve. These are always difficult exercises for the organization, but let me assure you, this management team is acutely focused on this. At a high level, however, we're working towards driving efficiency and rightsizing our organization for the state of the business today and where we want to go over time, and second, shifting more of our expense base into areas that we expect to drive growth.

很好。謝謝你，Steve。這些對組織而言一向是艱難的工作，但我想向各位保證，這個管理團隊正高度專注於此。不過從高層次來看，我們正致力於提升效率，並依據當前業務狀況以及我們希望隨時間推進的方向，對組織進行適當規模調整；其次，將更多的費用基礎轉移到我們預期能帶動成長的領域。

That's content and technology. The most recent example you cited is a part of our push to unified enterprise marketing organization. And the recent staff reductions reflect a deliberate shift toward a more agile, technologically enabled and resilient workforce.

也就是內容與科技。你提到的最近一個例子，是我們推動建立統一的企業行銷組織的一部分。而近期的人員縮減，反映出我們有意朝向更敏捷、以科技賦能且更具韌性的勞動力結構轉型。

We aren't going to size the opportunity or rank order the areas that we're focused on, in part because this is an ongoing exercise and a muscle we're building for the company. We want to build the culture of efficiency, and we want to fund growth opportunities from within the existing expense base. Across the company, we're aligning structures, capabilities and talent to what the business needs next.

我們不會去估算機會規模或對我們聚焦的領域做優先順序排序，部分原因是這是一項持續進行的工作，也是我們正在為公司鍛鍊的一項能力。我們希望建立效率文化，並希望在既有的費用基礎內部為成長機會提供資金。在全公司範圍內，我們正將組織架構、能力與人才配置，對齊業務下一步所需。

We're simplifying where we can while investing where it matters most, and we're using technology to fundamentally change how work gets done. We have been and will continue to look for these types of opportunities to redeploy capital, both financial and human, to areas we see driving the highest returns for shareholders.

我們在可行之處進行簡化，同時在最重要的地方加大投資，並運用科技從根本上改變工作的完成方式。我們一直在、也將持續尋找這類機會，重新部署資本——包括財務資本與人力資本——到我們認為能為股東帶來最高回報的領域。

Okay. We have time for two more questions or two more analysts asking questions, and these are focused on our second quarter results that we just released in our outlook. So I think a few, Hugh, that are worth hitting from David Karnovsky from JPMorgan. starting with on the sports OI guidance.

好的。我們還有時間再回答兩個問題，或再讓兩位分析師提問，這些問題聚焦在我們剛在展望中發布的第二季結果。所以我想有幾個問題，Hugh，值得回應，來自摩根大通（JPMorgan）的 David Karnovsky，先從體育業務的 OI 指引談起。

So that is now mid-single digits which includes the NFL Network transaction. Can you help quantify if the change from the prior commentary up low single digits, is that all NFL Network? And any comment on what drove the stronger second quarter sports results versus our guidance?

目前這已是中個位數成長，其中包含 NFL Network 交易。你能否協助量化一下，與先前提到的低個位數成長相比，這個變動是否全部都來自 NFL Network？另外，能否評論一下，第二季體育業務結果為何會比我們的指引更強？

Sure. As a reminder, the prior guidance of low single-digit increase was before the NFL transaction, as you probably know, but just in case. So yes, the primary change here is incorporating the NFL transaction. Regarding the quarter, sports OI in Q2 came in a little bit better than expected simply because our revenues came in slightly ahead and programming fees slightly under, but really small variances to each.

當然。提醒一下，先前的低個位數成長指引是在 NFL 交易之前提出的，你應該知道，但以防萬一。所以是的，這裡的主要變動是納入 NFL 交易。至於本季，第二季體育業務 OI 略優於預期，主要是因為我們的營收略高於預期，而節目製作/播映費用略低於預期，但兩者的差異其實都很小。

Okay. And then David asked, is there any additional detail Hugh, you can give us around the 53rd week impact by segment?

好的。接著 David 問，Hugh，你能否就第 53 週對各分部的影響提供更多細節？

Yes. It really impacts all of our segments to a degree. So we wouldn't want to be overly precise on that. But think about it as essentially one 53rd or a little bit less than 2% benefit on our full year revenues. Then we had some modest margin uplift given some of the fixed costs that are accrued over the course of the year. So a bit of an uplift overall, it delivers about 4%.

可以。它在某種程度上會影響我們所有分部。因此我們不想在這方面說得過於精確。但你可以把它視為：在全年營收上，基本上多出一個第 53 週，帶來約略不到 2% 的利多。此外，由於部分固定成本是在全年期間攤提/計提，我們的利潤率也有一些溫和的提升。因此整體有一定幅度的上行，約帶來 4% 的貢獻。

No, thank you. Okay. And then lastly, on the parks side, what drove the better-than-expected top line, which was up 6% relative to the guidance we provided. And any indicators that give you confidence on domestic attendance or international parks and any macro impact to consider?

不，謝謝你。好的。最後，在樂園業務方面，營收端（top line）為何會優於預期，較我們提供的指引高出 6%？另外，有哪些指標讓你對美國本土入園人次或國際樂園更有信心？以及是否有任何需要考量的總體經濟影響？

Sure. The outperformance really came from core parks' revenue and it was broad-based. Admissions were stronger, food and beverage, merch, really, everything came in a little bit stronger than expected. So revenues really came in nicely.

當然。超預期主要來自核心樂園的營收，而且是全面性的。門票收入更強，餐飲、商品銷售——基本上各項都比預期略強。所以營收表現確實相當不錯。

Nothing unusual to call out other than a bit better on the top line than we thought earlier in the quarter. Right now, we're not seeing any macro weakness to point to, including at the international parks. We also obviously have the benefit of the Paris World of Frozen opening. So feel very, very good there.

沒有什麼特別異常需要指出，除了營收端比我們在本季稍早預期的更好一些。目前我們沒有看到任何可指向的總體經濟疲弱跡象，國際樂園也一樣。我們當然也受惠於巴黎「冰雪奇緣世界」（World of Frozen）的開幕。所以我們對那邊的表現感到非常、非常有信心。

Okay. Great. And then I think our last question is coming from John Hodulik from UBS. So John asks about the cadence of SVOD entertainment margins now that we've hit double digits here in the second quarter Hugh.

好的。很好。接著我想我們最後一個問題來自瑞銀（UBS）的 John Hodulik。John 問的是，在第二季 SVOD 娛樂業務利潤率已達到兩位數之後，接下來利潤率的節奏/走勢會如何，Hugh？

Okay. Yes. Thanks for noticing, John. We're proud to hit double digits this quarter. Look, we're focused on driving top line growth. And you noticed in the letter where we're investing. So we want to keep growing this business profitably, but we're focused on the long term and making sure we maximize what Disney+ can be for this company over time, as you heard Josh discuss at length today. We had previously talked earlier about accelerating revenue growth in that business, and we feel terrific about the fact that we have, in fact, been able to do so.

好的。是的。謝謝你注意到這點，John。我們很自豪本季達到兩位數。你看，我們的重點是推動營收成長。而你也在信中看到我們投資的方向。因此我們希望在獲利的前提下持續擴大這項業務，但我們著眼於長期，確保隨時間推進能最大化 Disney+ 對公司所能帶來的價值，正如你今天聽到 Josh 詳細談到的。我們先前也談過要加速該業務的營收成長，而我們對於確實已能做到這一點感到非常振奮。

Great. That's all the time we have this morning. Thank you for your time. To close this out, I'm going to hand it over to Josh.

很好。今天上午我們的時間就到這裡。謝謝各位撥冗。最後，我把時間交給 Josh。

Thanks, Ben, and thanks, everyone, for your time this morning. We realized that we packed a lot of information into a new format, both on the call and in the letter. With this being my first earnings call as CEO, we felt that it was important to spend the extra time laying out our strategy and then, of course, taking your questions.

謝謝你，Ben，也謝謝各位今天上午的時間。我們知道，無論是在電話會議上或在信中，我們都以新的形式塞進了大量資訊。由於這是我擔任 CEO 後的第一次法說會，我們認為有必要多花一些時間闡述我們的策略，當然也包括回答各位的問題。

We also felt it was important to discuss our results with more of a unified approach rather than focusing on individual segments. I'll conclude by saying that I look forward to engaging with the investment community and our shareholders in the future, including on our fiscal Q3 earnings call in August. Thanks for joining today, everybody.

我們也認為，以更一致、整體性的方式來討論我們的業績，而不是聚焦在個別分部，是很重要的。最後我想說，我期待未來能與投資社群以及我們的股東持續互動，包括在 8 月的會計年度第三季（Q3）法說會上。謝謝大家今天的參與。