迪士尼 (DIS) 2026 Q3 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 已於今天稍早發布，並可在我們的投資人關係（IR）網站上取得。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, legal and regulatory developments and the company's decisions.

這些前瞻性陳述（包括有關公司未來業務計畫、前景及財務表現者）並非歷史性陳述，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、營運與產業狀況、法律與監管發展，以及公司的決策等因素。

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 in this webcast to the most comparable GAAP measures is on the IR website.

有關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 IR 網站。

Good morning, everyone, and welcome to Walt Disney's fiscal third-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. We will begin today's call with prepared remarks from Josh. After Josh's remarks, we will take analyst questions.

各位早安，歡迎參加華特迪士尼（Walt Disney）會計年度第三季財報電話會議。感謝各位加入。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。我們將先由 Josh 發表事先準備的談話。在 Josh 的談話之後，我們將回答分析師提問。

And with that, let me turn it over to Josh.

接下來，我把時間交給 Josh。

Thanks, Ben, and good morning, everyone. This was an excellent quarter for us. And our Q3 results and reiterated full-year outlook show we're operating from a real position of strength. Total segment operating income came in ahead of our prior guidance, up 21% with total company revenue growth of 7%. And Disney experiences delivered record fiscal Q3 revenue and segment OI.

謝謝你，Ben，各位早安。這對我們而言是非常出色的一季。我們第三季（Q3）的業績以及重申的全年展望，顯示我們正以真正的強勢地位在營運。各事業部門合計的營業利益高於我們先前的指引，成長 21%，公司合併營收成長 7%。而迪士尼體驗（Disney Experiences）創下會計年度第三季營收與部門營業利益（segment OI）的新高紀錄。

Our core platforms, Disney Experiences, Disney+ and ESPN grew guests, users and audiences, respectively, versus the prior year quarter. We are executing well across our businesses and delivering on the back-half acceleration commitments we made to investors. And despite the continued macroeconomic uncertainty, we're on track to finish the year strong.

我們的核心平台——Disney Experiences、Disney+ 與 ESPN——相較去年同期，分別在來客、用戶與觀眾規模上成長。我們在各項業務上執行良好，並兌現我們對投資人所承諾的下半年加速成長目標。儘管總體經濟不確定性仍在延續，我們仍按計畫可望以強勁表現完成今年。

During my first five months as CEO, I've been focused on ensuring that we execute as one company around a unified strategy. And what we're seeing this quarter is proof that coordinating our franchises, sharing data and technology and building seamless fan experiences works. Disney's fundamental advantage is the depth of our fan relationships, and that translates directly to durable financial returns.

在我擔任執行長的前五個月，我一直專注於確保我們以一致的策略、作為一家公司來執行。而我們在本季所看到的成果，證明了協調我們的品牌系列（franchises）、共享數據與技術、並打造無縫的粉絲體驗是有效的。迪士尼的根本優勢在於我們與粉絲關係的深度，而這也直接轉化為可持續的財務回報。

Today, we find ourselves in an environment where consumers have more options than ever for their time. And yet our results show they keep choosing to spend their time with Disney. This success reflects our continued execution across our three strategic priorities: first, investing in creative excellence and world-class IP; second, leveraging technology to accelerate growth and drive returns; and third, deepening our direct relationships with fans by creating a more connected Disney experience.

今天，我們所處的環境是消費者在時間分配上擁有前所未有的更多選擇。然而，我們的結果顯示，他們仍持續選擇把時間花在迪士尼上。這項成功反映了我們在三大策略優先事項上的持續落實：第一，投資於創意卓越與世界級智慧財產（IP）；第二，運用科技加速成長並提升回報；第三，透過打造更緊密連結的迪士尼體驗，加深我們與粉絲的直接關係。

Anchoring these strategic priorities is our One Disney operating model, which will allow us to fully capture the value of our portfolio for both fans and shareholders. I'd like to highlight a few examples from the quarter that demonstrate how the strength of our consumer connections and the power of our IP are expanding our reach and our relevance.

支撐這些策略優先事項的是我們的「One Disney」營運模式，這將使我們能為粉絲與股東充分掌握我們投資組合的價值。我想強調本季的幾個例子，展現我們與消費者連結的強度，以及我們 IP 的力量如何擴大我們的觸及範圍與相關性。

First, we grew our global guests 4% year over year. with particular strength at Walt Disney World, while also benefiting from additional capacity at Disney Cruise Line. Forward bookings at Walt Disney World and Disney Cruise Line remain healthy.

第一，我們的全球來客人次年增 4%，其中華特迪士尼世界（Walt Disney World）表現尤為強勁，同時也受惠於迪士尼郵輪（Disney Cruise Line）新增運能。華特迪士尼世界與迪士尼郵輪的預訂量仍維持健康水準。

Second, the strength of our franchise IP was evident in the financial and cultural impact of Toy Story 5, which recently surpassed $1 billion at the global box office.

第二，我們品牌系列 IP 的強勁實力，從《玩具總動員 5》（Toy Story 5）在財務與文化層面的影響可見一斑；該片近期全球票房已突破 10 億美元。

And third, the unique passion of sports fandom drove over 100% growth in NBA finals and NHL post-season viewership across ESPN and ABC versus the prior season, making this the most viewed fiscal Q3 across ESPN, ESPN2 and ESPN on ABC since 2016.

第三，運動迷的獨特熱情帶動 NBA 總冠軍賽與 NHL 季後賽在 ESPN 與 ABC 的收視，相較上一季成長超過 100%，使本季成為自 2016 年以來 ESPN、ESPN2 與 ESPN on ABC 之間收視最高的會計年度第三季。

Let's dive deeper into our Q3 performance and our full-year outlook. Starting with Disney Experiences. We're proud of the growth that we've had this year, and we're investing to sustain that growth and over the lifetime of these projects delivered double-digit returns.

接下來讓我們更深入檢視第三季表現與全年展望。先從 Disney Experiences 開始。我們為今年所取得的成長感到自豪，並正持續投資以維持這股成長動能；而在這些專案的全生命週期中，我們也實現了兩位數的回報。

As always, we're being disciplined in our capital allocation with a focus on expanding our capacity around the world and driving incremental demand. The pipeline includes major attractions at every site, including Villains Land in Orlando and the Avengers Campus expansion in Anaheim, amongst others in the US and our previously announced cruise ship expansion.

一如既往，我們在資本配置上保持紀律，聚焦於在全球擴充產能並帶動增量需求。我們的專案管線包含各園區的重大新設施，包括奧蘭多的 Villains Land、安那翰的復仇者聯盟園區（Avengers Campus）擴建等美國項目，以及我們先前已宣布的郵輪擴張計畫。

At our studios, the blockbuster success of the latest Toy Story installment shows exactly why Disney is different from the competition and how our stories translate into recurring earnings power. The five Toy Story films have delivered over $4 billion in global box office and over 2 billion hours streamed on Disney+.

在我們的影業部門，最新一部《玩具總動員》作品的賣座成功，正好說明迪士尼為何不同於競爭對手，以及我們的故事如何轉化為可重複的獲利能力。《玩具總動員》五部電影全球票房合計超過 40 億美元，並在 Disney+ 上累計串流超過 20 億小時。

Across all retailers, Toy Story generates more than $1 billion in annual global retail sales and reaches fans across every Disney park and cruise ship, including four immersive lands, 19 attractions and two hotels. Now, that's the Disney flywheel in action. One powerful and enduring story told across theaters, streaming, retail and physical experiences.

在所有零售通路中，《玩具總動員》每年創造超過 10 億美元的全球零售銷售額，並透過每一座迪士尼樂園與郵輪觸及粉絲，包括四個沉浸式主題園區、19 項遊樂設施與兩間飯店。這就是迪士尼飛輪效應（Disney flywheel）的實際運作。一個強大且長青的故事，橫跨戲院、串流、零售與實體體驗來呈現。

That integration creates a structure no one else has been able to replicate. Even when our franchise films don't meet our box office expectations as with The Mandalorian and Grogu and the live action Moana, our investments in these core properties fuel other parts of our company.

這種整合打造出一種其他人無法複製的結構。即使我們的品牌系列電影未達票房預期，例如《曼達洛人與古古》（The Mandalorian and Grogu）以及真人版《海洋奇緣》（Moana），我們對這些核心資產的投資仍能帶動公司其他部分的成長。

The Mandalorian and Grogu drove healthy growth in retail sales for the Star Wars franchise and drew guests to the updated Millennium Falcon attraction at Disneyland and Walt Disney World and led to significant engagement in gaming as well. And the live action Moana is expected to be a strong title on Disney+, building on the success of the original film, which is one of the most streamed movies of all time.

《曼達洛人與古古》推動《星際大戰》（Star Wars）品牌系列的零售銷售穩健成長，並吸引遊客前往迪士尼樂園（Disneyland）與華特迪士尼世界更新後的千年鷹號（Millennium Falcon）遊樂設施，同時也在遊戲領域帶來顯著互動。而真人版《海洋奇緣》預期將成為 Disney+ 上的強勢作品，延續原版電影的成功；原版是史上串流播放量最高的電影之一。

Our ability to outperform our prior consolidated fiscal Q3 guidance and reiterate our full-year outlook despite the mixed box office performance demonstrates the strength of our diversified entertainment model. Of course, I'd be remiss not to acknowledge and congratulate everyone on this past weekend's record-breaking opening for Spider-Man.

在票房表現好壞不一的情況下，我們仍能優於先前的合併會計年度第三季指引並重申全年展望，這展現了我們多元化娛樂模式的韌性。當然，如果我不在此提及並祝賀大家在上週末《蜘蛛人》（Spider-Man）創下破紀錄的開片表現，那就太失禮了。

Congratulations to Sony, Kevin Feige and the Marvel Studios team. It's an unbelievable result. And it's one more example that audiences will turn out in force for great theatrical experiences. 65 years after his debut, Spider-Man remains one of the most popular characters through consumer products, parks and streaming. And this weekend, it's a great reminder of just how much strength this franchise still has and it goes without saying that the success of Spider-Man bodes well for our upcoming and highly anticipated Avengers Doomsday film.

恭喜索尼（Sony）、Kevin Feige 以及漫威影業（Marvel Studios）團隊。這是令人難以置信的成果。這也再次證明，只要是優秀的院線觀影體驗，觀眾就會踴躍進場。自首次登場 65 年以來，蜘蛛人仍是最受歡迎的角色之一，橫跨消費性產品、樂園與串流平台。而這個週末也再次提醒我們，這個品牌系列依然擁有多麼強大的實力；不言而喻，蜘蛛人的成功也為我們即將推出、備受期待的《復仇者聯盟：末日》（Avengers Doomsday）電影帶來正面助益。

The appeal of our IP across multiple consumer touch points is central to our strategy and Disney+ is the digital centerpiece for that. We're the only entertainment company with global scale in both the physical and digital worlds.

我們的 IP 在多個消費者接觸點的吸引力，是我們策略的核心，而 Disney+ 正是其中的數位核心樞紐。我們是唯一一家在實體與數位世界同時具備全球規模的娛樂公司。

During the quarter, we passed an important milestone in app unification allowing Hulu standalone and bundle subscribers to link profiles and manage subscriptions on Disney+. We delivered a 13% SVOD operating margin in fiscal Q3 and we remain on track for double-digit margins in fiscal '26, excluding the 53rd week impact.

本季期間，我們在 App 整合方面達成一個重要里程碑，使 Hulu 單獨訂閱與組合方案訂閱用戶可在 Disney+ 上連結個人檔案並管理訂閱。我們在 2025 財年第三季實現 13% 的 SVOD 營業利益率，且在排除第 53 週影響後，我們仍按計畫在 2026 財年達成雙位數利益率。

Now we still have work to do scaling Disney+ outside the US, and we're focused on driving growth and returns over the long term in under-monetized markets. Our strategy is clear: leverage regional relationships and bring local content on to Disney+ at scale, and that's how we'll grow internationally.

目前我們在美國以外擴大 Disney+ 規模方面仍有工作要做，我們聚焦於在長期於變現不足的市場推動成長與回報。我們的策略很清楚：善用區域合作關係，並以規模將在地內容導入 Disney+，這就是我們國際成長的方式。

Disney's long-term streaming strategy rests on two pillars: make the core streaming experience the best in the marketplace and connect our businesses into a single digital ecosystem. Beyond our films and series, Disney+ will continue to evolve, bringing together games, merchandise and other experiences while offering increased personalization, exclusivity and benefits for subscribers.

Disney 的長期串流策略建立在兩大支柱之上：打造市場上最佳的核心串流體驗，並將我們的業務連結成單一的數位生態系。除了電影與影集之外，Disney+ 將持續演進，整合遊戲、商品與其他體驗，同時為訂閱用戶提供更高程度的個人化、獨家內容與福利。

All of this is designed to deepen engagement, improve the value proposition, lower churn and most importantly, increase lifetime fan value. We expect to introduce elements of this expanded ecosystem beginning in spring of 2027. Disney+ provides the global reach to develop new fans and the consumer data to drive personalization, which are both core to our long-term strategy.

這一切的設計目的，是為了加深互動、提升價值主張、降低流失率，最重要的是提高粉絲終身價值。我們預期將自 2027 年春季起推出這個擴展生態系的部分要素。Disney+ 提供拓展新粉絲所需的全球觸及，以及推動個人化所需的消費者數據，兩者都是我們長期策略的核心。

That same strategy also extends to sports, where ESPN gives us another powerful way to deepen our relationship with fans. We've all witnessed the unparalleled power of live sports over the past few months. The NBA Finals between the champion, New York Knicks, and San Antonio Spurs were the highest-rated NBA finals in 28 years. And ESPN generated its most watched first half of the calendar year since 2012.

同樣的策略也延伸到體育領域，ESPN 為我們提供另一個強而有力的方式來深化與粉絲的關係。過去幾個月，我們都見證了現場體育賽事無與倫比的力量。由冠軍紐約尼克隊對上聖安東尼奧馬刺隊的 NBA 總決賽，創下 28 年來最高收視。此外，ESPN 也創下自 2012 年以來日曆年度上半年最高收視表現。

As we evolve Disney+, we'll continue to bring select premium sports events to the platform to both strengthen the service and drive upsell to the Trio bundle, our highest LTV product. At the same time, the ESPN remains the primary destination for daily sports content. Live sports aren't just a viewership play. They're a fan engagement and ecosystem play. When a sports fan engages with ESPN, Disney+, or our parks, their lifetime value increases.

隨著我們推進 Disney+ 的演進，我們將持續把部分精選的高端體育賽事帶到平台上，以強化服務並推動用戶升級至 Trio 組合方案——這是我們 LTV 最高的產品。同時，ESPN 仍將是每日體育內容的主要目的地。現場體育不只是收視的布局。它同時是粉絲互動與生態系的布局。當體育迷與 ESPN、Disney+ 或我們的樂園互動時，他們的終身價值就會提高。

Underpinning all of this work is our deep commitment to embracing emerging technology. Our company was founded on the convergence of creativity and breakthrough technology and continuing that tradition is a priority for me and this leadership team. That's why we're leveraging AI to bring the most innovative tools to our storytellers.

支撐所有這些工作的，是我們對擁抱新興科技的深度承諾。我們公司創立於創意與突破性科技的匯流之上，延續這項傳統是我與這個領導團隊的優先要務。因此，我們正運用 AI，為我們的說故事者帶來最具創新的工具。

As I've said before, AI isn't simply about efficiency. It's about enhancing a creative process that will always be human-centered, artist-driven and creator-led. AI lets us work faster and smarter, particularly in areas of pre and postproduction.

如我先前所說，AI 不僅僅是關於效率。它是為了強化一個永遠以人為本、由藝術家驅動、由創作者主導的創作流程。AI 讓我們能更快、更聰明地工作，特別是在前期製作與後期製作領域。

Our teams can personalize content and experiences for fans around the world at scale. And we're doing all of this while keeping human creativity at the center. AI amplifies what our storytellers can do. It doesn't replace them.

我們的團隊能以規模為全球粉絲提供個人化內容與體驗。而我們在做這一切的同時，仍將人類創意置於核心。AI 放大了我們說故事者的能力。它不會取代他們。

This efficiency matters financially too. When our teams work smarter, we can serve more people across our parks and digital platforms and do it more cost effectively. That frees up capital to reinvest aggressively in what drives long-term value: new content, and next-generation guest experiences as well as technology infrastructure that keeps Disney at the forefront of entertainment.

這種效率在財務上也很重要。當我們的團隊更聰明地工作時，我們就能在樂園與數位平台上服務更多人，並以更具成本效益的方式做到。這也釋放資本，使我們能更積極地再投資於驅動長期價值的項目：新內容、下一代賓客體驗，以及讓 Disney 保持在娛樂前沿的科技基礎設施。

To sum it all up, there is clarity of purpose inside this company right now. We know what Disney is, a storyteller with an unmatched ability to reach fans across every format and every geography. We know how technology amplifies that power. And we know that when we operate in an integrated fashion with speed, discipline and efficiency, we can create long-term shareholder value.

總結來說，公司內部目前對目標有清晰的共識。我們知道 Disney 是什麼——是一位說故事者，具備無可匹敵的能力，能跨越各種形式與各個地理區域觸及粉絲。我們知道科技如何放大這股力量。我們也知道，當我們以整合的方式運作，並兼具速度、紀律與效率時，就能創造長期股東價值。

With that in mind, let me turn the call back to Ben for analyst Q&A.

基於此，接下來我把電話交回給 Ben，進行分析師問答。

We're going to start our analyst questions on the Experiences segment. This is a question from Robert Fishman from MoffettNathanson. Now a few years into the $60 billion 10-year Parks CapEx investment cycle, can you provide an update on future revenue growth and long-term margin upside from expanding parks capacity plus the growing cruise ship fleet? How do you balance pricing versus volume growth for parks looking out over the next couple of years? Probably makes sense for you to take this Josh.

我們將從體驗（Experiences）部門開始分析師提問。這題來自 MoffettNathanson 的 Robert Fishman。在 600 億美元、為期 10 年的樂園資本支出（CapEx）投資週期進行數年之後，您能否更新一下：透過擴充樂園容量以及不斷成長的郵輪船隊，未來營收成長與長期利潤率上行空間如何？展望未來幾年，您如何在樂園定價與量的成長之間取得平衡？Josh，這題可能由你來回答比較合適。

Yeah, I'll take that. Okay. Well, thanks, Robert. These are great questions, particularly in light of the results that we just reported today and the solid returns that we're seeing in our business. And it probably makes sense just to start right there with Q3, a pretty clear demonstration of our ability to drive growth.

好的，我來回答。好。謝謝你，Robert。這些問題很棒，特別是考量到我們今天剛公布的業績，以及我們在業務中看到的穩健回報。我想從第三季開始談起會比較合理，這相當清楚地展現了我們推動成長的能力。

And we did this through investment in new initiatives. And of course, it's on the heels of our base business, which remains really strong. It was another record revenue quarter for the Experiences segment. Revenue was $10 billion. It's 10% above where we were in Q3 last year. And I know there was a fair amount of speculation about the strength of our domestic parks. Well, clearly, they were strong.

我們是透過投資新計畫來做到的。當然，這也是建立在我們依然非常強勁的基本盤業務之上。體驗部門再度創下單季營收新高。營收為 100 億美元。較去年第三季高出 10%。我知道外界對我們美國本土樂園的強勁程度有不少揣測。很明顯，它們表現強勁。

Outside the parks, we also saw expansion at Disney Cruise Line. We had the Disney Destiny and the Disney Adventure performing quite well. In Paris, over at Disneyland Paris, we expanded with the opening of World of Frozen, and that's been really well received by our guests. And then consumer products business, it also benefited from our theatrical slate.

在樂園之外，我們也看到 Disney Cruise Line 的擴張。Disney Destiny 與 Disney Adventure 的表現都相當不錯。在巴黎的 Disneyland Paris，我們隨著《冰雪奇緣世界》（World of Frozen）的開幕而擴建，賓客反應非常好。此外，消費性產品業務也受惠於我們的院線片單。

And then just from an OI and a margin perspective, the Experiences segment, again, delivered Q3 records, which was -- it was fueled by the strong revenue growth. And then on top of this, and this is really important, we delivered 4% global guest growth, and we had 3% attendance growth at our domestic parks. And on top of that, spending was up. We saw 4% growth in per cap spending at our domestic parks.

從營業利益（OI）與利潤率角度來看，體驗部門同樣再度創下第三季紀錄——主要由強勁的營收成長所帶動。此外，這點非常重要：我們實現了全球賓客人數 4% 成長，美國本土樂園入園人次成長 3%。同時，消費支出也上升。我們看到美國本土樂園的人均（per cap）消費成長 4%。

It's important, I think, to highlight that we're performing significantly better than our competition. And in doing that, delivering strong volume and per cap spending results. And to remind everyone, we're achieving this even during a period where there's a fair amount of macro uncertainty.

我認為重要的是要強調，我們的表現明顯優於競爭對手。並且在此過程中，交出強勁的客流量與人均消費成果。也提醒大家，我們是在宏觀環境仍存在相當不確定性的期間，依然達成這些表現。

So I guess when you think about it, the takeaway here, it's pretty clear; the consistent investments that we've made over time, combined with the fact that the experience Disney provides to its fans, it's truly differentiated and highly valued. And I think that should give you and the broader investment community confidence that we can -- we'll continue to grow over the years to come, especially as we continue to invest in our global capacity.

所以我想，當你仔細想想，這裡的重點其實很清楚；我們長期以來持續進行的投資，再加上迪士尼為粉絲所提供的體驗，確實具有高度差異化且備受重視。我認為這應該能讓各位以及更廣泛的投資社群對我們有信心：我們——未來幾年仍將持續成長，尤其是在我們持續投資全球產能之際。

Now in terms of future returns, having previously led this segment, I can also say that our capital investments, all of them, they grow through very, very rigorous evaluations and are supported by clear and well-defined return expectations. So looking forward, while we haven't provided a longer-term revenue or margin outlook for the segment, we did just this morning guide to the high end of our prior high single-digit OI growth for fiscal year '26, and that excludes the 53rd week.

至於未來的報酬，先前我曾領導這個事業部門，我也可以說，我們所有的資本投資都是經過非常、非常嚴謹的評估，並且有清楚且明確的報酬預期作為支撐。因此展望未來，雖然我們尚未提供該部門更長期的營收或利潤率展望，但我們今天早上剛剛指引：2026 會計年度的營業利益（OI）成長將落在先前所給「高個位數」成長指引的高端，且不包含第 53 週。

And this performance will be driven by the overall strength of our portfolio. So Robert, back to your specific question, we expect to balance both volume and yield, particularly as we're expanding through our capital plan, so that ultimately, we can serve more fans and make the experience, whether that's on land or on even more desirable. So I hope that's helpful.

而這項表現將由我們投資組合的整體強勁實力所帶動。所以，Robert，回到你具體的問題，我們預期會在量與價（收益率）之間取得平衡，特別是在我們依資本計畫擴張之際，最終讓我們能服務更多粉絲，並讓體驗——無論是在園區內或其他——變得更具吸引力。希望這對你有幫助。

Great. Another question on our capital plan and returns from Laura Martin at Needham. Hugh, I think, probably for you, when we think of return on invested capital on the Parks capital investment, are the ROICs on the early years CapEx higher than the later years? That is, are there declining returns as Disney spends more money? The idea is the earliest spending is low-hanging fruit.

很好。接下來是 Needham 的 Laura Martin 關於我們資本計畫與報酬的另一個問題。Hugh，我想這題可能適合你：當我們思考樂園資本投資的投入資本報酬率（ROIC）時，前幾年的資本支出（CapEx）ROIC 是否高於後期年度？也就是說，迪士尼花越多錢，報酬是否會遞減？概念是最早期的支出屬於「低垂的果實」。

Got it. Thanks for the question, Laura. Yeah, as Josh said, we greenlight projects that really are driven by two things. Number one, attractive returns on the project; and number two, they bring value to the guest experience. Our return on invested capital experiences has increased meaningfully over time, and we do expect strong returns into the future.

了解。謝謝你的問題，Laura。是的，如 Josh 所說，我們核准專案主要由兩件事驅動。第一，專案本身具備具吸引力的報酬；第二，它能為賓客體驗帶來價值。我們的投入資本報酬率表現隨時間已顯著提升，而且我們也預期未來仍將有強勁報酬。

You're right in observing that we are seeing the impact of those projects quickly with the Q3 global guest increasing at 4%, segment margin increasing for the quarter. So we certainly are seeing a positive impact. But you shouldn't expect to see the returns on projects deteriorate over time.

你觀察得沒錯，我們確實很快就看到這些專案的影響：第三季全球賓客人次成長 4%，本季部門利潤率也提升。所以我們確實看到正面影響。但你不應該預期這些專案的報酬會隨時間而惡化。

In fact, what drives the timing of those projects is much more around the operational needs that we have and the capacity of shipyards and things like that, more than it is just jamming all of the attractive return projects upfront.

事實上，決定這些專案時程的因素，更多是我們的營運需求，以及造船廠產能等因素，而不是把所有高報酬的專案一股腦都塞到前期。

So we did try to help you all in the shareholder letter and the link we provided to give you a little bit more sense of the sequencing of the projects that are out there on the horizon. But we feel good about the returns of these projects well into the future.

因此我們也嘗試在股東信以及我們提供的連結中，協助各位更了解未來專案在時間上的排序。但我們對這些專案在未來很長一段時間內的報酬仍然很有信心。

Thanks, Hugh. Question from Rich Greenfield at LightShed Partners. You've rolled out several new discount programs at US parks recently. There's an after 2:00 PM pricing at Walt Disney World, Anaheim resident pricing at Disneyland and a new evening access option. Are these designed to offset continued weakness in international visitation? Do they signal any increased concerns about attendance trends?

謝謝你，Hugh。下一題來自 LightShed Partners 的 Rich Greenfield。你們最近在美國樂園推出了幾項新的折扣方案。包括華特迪士尼世界下午 2 點後票價、迪士尼樂園的安那翰居民票價，以及新的夜間入園選項。這些是否是為了抵消國際旅客持續疲弱的情況？它們是否代表你們對入園人次趨勢有更多擔憂？

I give that one to you, Josh.

這題我交給你，Josh。

Okay. Thanks, Rich. Well, it actually seems like this is a pretty timely question, given our performance in Q3 and hopefully, the results and the answer that I'll give here can provide some comfort or at least some context that -- when you see promotions in the market, it's really -- it's not something to be concerned about or it shouldn't be a measure or gauge the health of our business.

好的。謝謝，Rich。嗯，考量到我們第三季的表現，這確實是個很即時的問題；也希望我接下來的回答，能帶來一些安心，或至少提供一些背景：當你在市場上看到促銷時，真的——不需要擔心，或不應把它當作衡量我們業務健康狀況的指標或尺度。

We've been deploying promotional offers regularly. And what they're really about is going after a targeted market segment to drive incremental value, and ultimately, make sure that we're making the best use of our assets and all of the capacity that we have available to us.

我們一直都會定期推出促銷方案。而它們真正的目的，是鎖定特定市場區隔以帶動增量價值，並最終確保我們能把資產以及可用產能做最有效的運用。

Now each of these programs, it's -- they're designed to reach a specific guest and that could be a value consumer, maybe we're going after a local resident, it might be a guest who's looking for some flexibility in how and when they visit. And this is really consistent with how our commercial strategy has evolved and been refined over time basically to deliver more curated and targeted offerings.

這些方案各自——都是為了觸及特定類型的賓客：可能是重視價格的消費者、可能是我們鎖定的在地居民，也可能是希望在造訪時間與方式上更有彈性的賓客。這也與我們商業策略隨時間演進並持續精進的方向一致，基本上就是提供更精準策劃、且更具針對性的產品組合。

Just a minute ago, I had mentioned that Q3 global guest increased 4% above Q3 '25, and that our domestic parks attendance was up 3% in Q3. And the strength was supported in large part by our sophisticated commercial tools, and inside of those tools are targeted discounts. And I think it's pretty clear that with 4% per cap growth, we're certainly not discounting our way to volume growth.

我剛剛提到，第三季全球賓客人次較 2025 年第三季成長 4%，而我們國內樂園第三季入園人次成長 3%。這樣的強勁表現，很大一部分是由我們成熟的商業工具所支撐，而這些工具之中就包含精準折扣。而且很明顯，隨著人均消費（per cap）成長 4%，我們絕對不是靠打折來換取人次成長。

Now Rich, you asked about our domestic parks specifically, and we did see strong domestic tourists and local resident growth and that growth helped offset continued international attendance softness, although we've seen some moderation in that regard.

另外，Rich，你特別問到我們的國內樂園；我們確實看到國內觀光客與在地居民的成長表現強勁，而這樣的成長有助於抵消國際入園人次持續偏弱的情況，雖然在這方面我們也看到一些趨緩。

Okay. Our last question on the Experiences side, from Barton Crockett at Rosenblatt Securities. Hugh, maybe you take this one. How is the variability in fuel costs and the volatility of conflict in the Middle East impacting Disney? Is there any impact on parks attendance, margin, the new Abu Dhabi Park development?

好的。體驗事業群的最後一題，來自 Rosenblatt Securities 的 Barton Crockett。Hugh，也許你來回答。燃油成本的變動，以及中東衝突的波動性，對迪士尼有何影響？是否會影響樂園入園人次、利潤率，以及阿布達比新樂園的開發？

Okay. Great. Thanks, Barton. I guess that's about a four-point question. So let me try to break it down a little bit for you. Look, first of all, at this time, you've seen it in the numbers, demand is strong across domestic parks and cruises. Consumer products also had a terrific quarter, benefiting from the IP strength we have.

好的。很好。謝謝你，Barton。我想這大概是四個面向的問題。所以我試著幫你拆解一下。你看，首先，就目前而言，你從數字也看得出來，國內樂園與郵輪的需求都很強勁。消費性產品也交出非常出色的一季，受惠於我們所擁有的 IP 實力。

Looking forward, the forward bookings of Walt Disney World are up nicely and the cruise line bookings also look very healthy as we look out through our book of business. That said, we're certainly not immune to the macros and in particular, fuel obviously touches the entire economy.

展望未來，華特迪士尼世界的預訂量明顯上升，而郵輪的預訂狀況，從我們的在手訂單來看也非常健康。話雖如此，我們當然也無法完全免疫於總體環境，尤其是燃油顯然會影響整體經濟。

As an example, we have seen a weaker consumer in Asia, in our parks in Shanghai and Hong Kong in Q3, and that's continuing in Q4. The good news is we do have a global portfolio. And as you saw in the announcement and heard from Josh, we now expect the Experiences segment to deliver a wide growth at the high end of the previously provided high single-digit growth guidance for the fiscal year, excluding the 53rd week.

舉例來說，我們在第三季於亞洲看到消費者較為疲弱，反映在上海與香港的樂園表現上，而這種情況在第四季仍在持續。好消息是，我們擁有全球化的投資組合。而且如同你在公告中所見、也聽 Josh 提到的，我們現在預期體驗事業群在本會計年度將交出落在先前所提供「高個位數」成長指引高端的成長表現（不含第 53 週）。

As it relates to Abu Dhabi, look, that new park is being designed with a long-term view. These are multiyear projects to put in place, and obviously, once we put them in place, they last decades and decades. We continue to believe in the strategic rationale behind the project, and we are fully committed to seeing that project through.

就阿布達比而言，你看，那座新園區是以長期視角來設計的。這些都是需要多年才能落地的專案，而且很明顯，一旦我們把它們建成，它們就會延續數十年、數十年。我們仍然相信該專案背後的策略性理由，並且我們完全致力於把這個專案做到底。

On the topic of fuel, specifically through the hedging program and the fuel efficiency initiatives that we have at the cruise line, we're really seeing very little impact from the fluctuations in the price of oil during the current year.

談到燃油，特別是透過避險計畫以及我們郵輪業務的燃油效率提升措施，我們確實看到在本年度油價波動對我們的影響非常小。

And then last but not least, while we're on these types of topics, tariffs. We had about $100 million of tariff refunds in the quarter at Disney Experiences, which hit segment OI with no impact on revenue. There'll be a smaller benefit if one at all in Q4. And the full-year impact will really be immaterial because the costs associated with those tariffs were actually in the first half of '26. So really nets to some -- basically nothing for the year.

然後最後但同樣重要的是，在談這類議題時，關稅。本季在迪士尼體驗業務，我們大約有1億美元的關稅退稅，這筆金額計入分部營業利益（OI），但對營收沒有影響。第四季即使有，受益也會更小。而全年影響其實將微不足道，因為與這些關稅相關的成本實際上是在26財年上半年發生的。所以整體來看——基本上對全年幾乎沒有影響。

Okay. Great. Now we're going to turn to questions on M&A, strategic priorities and capital allocation. I'll start with a question from Mike Morris at Guggenheim. Fiscal 2016 plans include at least $8 billion of share repurchases and approximately $24 billion of content spend.

好的。很好。接下來我們要轉到併購（M&A）、策略優先事項與資本配置的提問。我先從Guggenheim的Mike Morris的問題開始。2016財年的計畫包括至少80億美元的股票回購，以及約240億美元的內容支出。

How do you weigh the pace of the buyback against continued investment in content and experiences, capacity expansion? At what free cash flow or leverage threshold, does the buyback pace step up and should investors expect the current authorization to be fully deployed within fiscal '26?

你們如何權衡回購的節奏與持續投資內容與體驗、產能擴張之間的取捨？在什麼自由現金流或槓桿門檻下，回購節奏會加快？投資人是否應預期目前的授權會在26財年內全數執行完畢？

Obviously, we had an update on the buyback front in the letter this morning. So Hugh, why don't you take that one?

很明顯，我們今天早上在信函中已就回購方面提供了更新。所以Hugh，你來回答這題如何？

Great. Thanks for the question, Mike. As you well know, our company generates a lot of free cash flow, and we do have a very strong balance sheet. And we're not really looking to build cash, and we're not looking to delever the balance sheet meaningfully from here. We like where we sit in terms of leverage right now.

好的。謝謝你的問題，Mike。如你所知，我們公司產生大量自由現金流，而且我們的資產負債表非常強健。我們並不是真的想要累積現金，也不打算從現在起大幅去槓桿化資產負債表。就目前的槓桿水準而言，我們對現狀很滿意。

So the goal as a company is to both drive growth and to drive capital return to shareholders. And we actually have the capacity to do both. As we think about our capital allocation priorities, number one is always going to be investing back in the business to drive growth, and we're doing that.

因此，公司的目標是同時推動成長並提高對股東的資本回饋。而我們其實有能力兩者兼顧。在思考資本配置優先順序時，第一順位永遠是回投資於業務以推動成長，而我們正在這麼做。

Were (turbo) charging the experiences growth with our $9 billion of fiscal '26 CapEx. And you can see the results on that in terms of the accelerated growth we're seeing in that business. We also plan to grow content spending from the current levels over time.

我們正以26財年90億美元的資本支出（CapEx）為體驗業務的成長「加足馬力」。你也可以從該業務加速成長的成果中看到這點。我們也計畫隨時間推進，將內容支出從目前水準逐步提高。

We've talked about international, in particular, as being an opportunity where we think we can make a difference. On content, we're on track to spend $24 billion across the company this year. That's up modestly year over year.

我們談過國際市場，特別是我們認為能夠帶來改變的機會。在內容方面，我們今年全公司預計支出240億美元。這比去年同期小幅增加。

And then as we think about shareholder returns in that aspect of capital allocation, I'd certainly highlight two things. Number one is the semiannual dividend, which we've obviously been increasing. And number two, in terms of the share repurchase program, recall, we originally guided to about $7 billion in fiscal '26 and now we're up to at least $9 billion.

接著談到資本配置中的股東回饋，我想特別強調兩點。第一是半年配息，我們顯然一直在提高。第二是股票回購計畫；回想一下，我們原先對26財年的指引約為70億美元，現在提高到至少90億美元。

And the reason we're doing that is largely to utilize the cash that had been set aside previously for the OpenAI deal and now from the expected proceeds from the A+E transaction, which was announced overnight.

我們之所以這麼做，主要是為了運用先前為OpenAI交易預留的現金，以及昨晚宣布的A+E交易所預期取得的款項。

One thing I'll add, Mike. As Josh said, we're highly focused on operating with speed and agility and improving productivity and efficiency across the company so we can invest in accelerating growth. I will tell you that this work is ongoing as we look at meaningful reductions to cost including labor and SG&A, and we'll update you on progress as we move forward.

Mike，我再補充一點。如Josh所說，我們高度聚焦以更快速度與更高敏捷性運作，並在全公司提升生產力與效率，以便投資來加速成長。我可以告訴你，這項工作仍在進行中；我們正檢視包括人力與銷售、一般及行政費用（SG&A）在內的顯著成本削減，並會在後續推進時向各位更新進度。

Okay. Great. Josh, another question from Robert Fishman. I'll ask this to you. So with more strategic corporate actions taking place following Fox's Roku acquisition and Comcast announcing an NBCU spin-out, can you share updated thoughts on how Disney's portfolio of assets is positioned to compete against this changing media landscape? And do these moves by your peers impact your bundling strategies with FOX One and ESPN Unlimited or even potentially Peacock?

好的。很好。Josh，Robert Fishman還有一個問題。我把這題交給你。在Fox收購Roku、以及Comcast宣布將NBCU分拆之後，更多策略性公司行動正在發生；你能否分享對迪士尼資產組合如何定位、以在這個變動中的媒體環境中競爭的最新看法？你們同業的這些動作，是否會影響你們與FOX One和ESPN Unlimited，甚至可能與Peacock的綑綁策略？

Okay. All right. Great. Well, thanks, Robert. There's a lot going on in the space, so I figured this question, it might come up. I guess we'll start with the fact that each of the situations in your specific question is actually specific to the companies involved. And for us at Disney, I feel good about the fact that we're running our own playbook here, and it's working for us.

好的。好。很好。謝謝你，Robert。這個領域正在發生很多事，所以我想這個問題可能會被問到。我想先說，你問題中提到的每一種情況，其實都與各自公司本身的狀況高度相關。而對我們迪士尼而言，我很有信心的是，我們在走自己的策略路線，而且對我們有效。

In order for us to compete successfully in a media landscape that's changing so fast, we're clear on what we need to do, and that's invest in our core competitive advantages. And you're seeing that in our investments in content and streaming and in Experiences.

要在變化如此快速的媒體環境中成功競爭，我們很清楚自己需要做什麼，也就是投資於我們核心的競爭優勢。你可以從我們在內容、串流以及體驗業務上的投資看到這一點。

Our approach, and I've said this before, is to leverage our owned IP and own that direct consumer relationship through all of our platforms, whether that's Disney+ or Hulu, ESPN and even the parks for that matter. And I think that approach positions us to best monetize across Disney, across the entire ecosystem.

我們的做法——我以前也說過——是善用我們自有的IP，並透過所有平台掌握與消費者的直接關係，不論是Disney+或Hulu、ESPN，甚至就連樂園也是如此。我認為這樣的做法，讓我們能在整個迪士尼生態系中，以最佳方式實現變現。

We just fundamentally believe that owning that relationship, it gives us the data. It gives us the consumer insight, the pricing control to keep improving the value proposition over time.

我們從根本上相信，擁有這段關係能帶來數據。它帶來消費者洞察、定價掌控力，讓我們能隨時間持續提升價值主張。

But Robert, what your question highlights is that the streaming industry, it's consolidating through M&A and through a growing number of partnerships. And there's no individual deal that's really deterministic. I don't think of the industry outcome. And we don't see Comcast restructuring or Fox's acquisition of Roku as moves that will change our own strategic path.

不過Robert，你的問題凸顯的是：串流產業正透過併購（M&A）以及日益增加的合作夥伴關係而走向整併。而且沒有任何單一交易真的具有決定性。我不認為它會決定產業的最終走向。我們也不認為Comcast的重組或Fox收購Roku，會改變我們自身的策略路徑。

In fact, the way that I see it is there's actually opportunity in these developments. A more consolidated industry is really a better investment backdrop. And we have a long history of partnering and streaming, and we believe that we can just keep building on that.

事實上，我的看法是，這些發展反而帶來機會。更為整併的產業，其實是更好的投資環境。我們在合作與串流方面有很長的歷史，我們相信可以在此基礎上持續深化。

And of course, we're going to look at every distribution opportunity on its merits. And we'll always assess whether it's consistent with our strategy of owning the consumer relationship. We're unique and where I'd point you, if you want the real differentiator, it's our ability to segment the marketplace through bundling in a way that I don't think our competitors can really do, at least domestically.

當然，我們會就每一個發行／通路機會本身的優點來評估。我們也會一向檢視它是否符合我們「擁有消費者關係」的策略。我們的獨特之處——如果你想要真正的差異化——在於我們能透過綑綁（bundling）來細分市場的能力，我認為至少在美國國內，我們的競爭對手很難做到。

When we look at customers who have been with us for a similar length of time, retention improves the further up that ladder they go, from a single product up to a dual bundle to the Trio bundle. And I think we're in a good position. We have a good hand to play and I like where we sit.

當我們觀察與我們合作時間相近的客戶時，隨著他們在那個階梯上往上走，留存率會提升——從單一產品到雙品組合，再到 Trio 組合。我認為我們處於有利位置。我們手上有一副好牌可打，我也喜歡我們目前所處的位置。

Question from Kannan Venkateshwar with Barclays. You reaffirmed double-digit adjusted EPS growth from -- for fiscal '26 and fiscal '27 and the flywheel narrative is that content feeds both parks and streaming. With a couple of high-profile titles underperforming, how much of that reaffirmed earnings growth is dependent on content-driven downstream value versus the more capacity-driven pieces, things like Experiences, building out crews, and the direct-to-consumer margin ramp? Hugh, do you want to take that one?

來自巴克萊（Barclays）的 Kannan Venkateshwar 提問。你們重申在 2026 會計年度與 2027 會計年度將維持調整後 EPS 的雙位數成長，而飛輪敘事是內容同時帶動樂園與串流。在幾部高知名度作品表現不如預期的情況下，你們重申的獲利成長有多少是依賴內容驅動的下游價值，相較於更偏產能驅動的部分，例如體驗業務（Experiences）、擴建郵輪船隊，以及直接面向消費者（DTC）利潤率的爬坡？Hugh，你要回答這題嗎？

Sure. And thanks for the question, Kannan. Look, theatrical performance is important to us, of course, and we certainly aspire to deliver consistent financial results for our films. But the nature of the film industry is such that it is more of a portfolio game.

當然。也謝謝你的提問，Kannan。你看，院線表現對我們當然很重要，我們也確實希望電影能交出穩定一致的財務成果。但電影產業的本質使然，它更像是一場投資組合的遊戲。

The good news for us is our diversified business helps us basically cover the volatility that comes out of the film business. The results today, I think, in a lot of ways, illustrate that the growth drivers for the company right now are experiences in streaming, right?

對我們而言的好消息是，我們多元化的業務基本上能夠吸收電影業務帶來的波動。我認為今天的結果在很多方面都說明了，公司目前的成長驅動因素是體驗業務與串流，對吧？

Underpinning those growth drivers are clearly the IP, but the theatrical window in a lot of ways is it's just one data point. And the real value of that IP is the cumulative benefit of decades long storytelling and our ability to take that IP and play it into the entirety of the Disney flywheel.

支撐這些成長驅動因素的顯然是 IP，但院線窗口在很多方面其實只是其中一個數據點。而該 IP 的真正價值，在於數十年長期敘事所累積的綜效，以及我們把這些 IP 佈局到整個迪士尼飛輪各環節的能力。

Now I'm going to move some questions on our direct-to-consumer strategy, first from David Karnovsky at JPMorgan. Josh, I'll ask this one to you. Can you update on where things stand with the Disney+ and Hulu integration and what consumer-facing or back-end enhancements are outstanding?

接下來我會轉到一些關於我們直接面向消費者策略的問題，首先是摩根大通（JPMorgan）的 David Karnovsky。Josh，我把這題交給你。你能更新一下 Disney+ 與 Hulu 整合目前的進展，以及還有哪些面向消費者或後端的強化尚未完成嗎？

And David's follow-up is Hulu, through add-ons like HBO Max and Starz serves as a platform for other entertainment services. Do you foresee a similar role for Disney+?

David 的追問是：Hulu 透過像 HBO Max 與 Starz 這類加購項目，作為其他娛樂服務的平台。你是否預期 Disney+ 也會扮演類似角色？

Great. Okay. Thanks, David. It's actually a timely question given the key milestones that we reach between Disney+ and Hulu in the quarter, in this most recent quarter. So now, Hulu subscribers can link their profiles and watch history on Disney+. We're also getting much more personalized and unified experience.

很好。好的。謝謝你，David。這其實是個很應景的問題，因為在本季、也就是最近這一季，我們在 Disney+ 與 Hulu 之間達成了幾個關鍵里程碑。現在，Hulu 訂戶可以在 Disney+ 上連結他們的個人檔案與觀看紀錄。我們也正在提供更個人化且更一致的體驗。

There's still work to be done on unifying the tech stacks between the legacy standalone services as well as on integrating what have historically been disparate data sets. And by the end of this calendar year, subscribers, they'll be able to see live TV and add-ons in addition to new features rolling out.

在把既有的獨立服務之間的技術堆疊（tech stacks）統一，以及整合過去彼此分散的資料集方面，仍有工作要做。而在今年曆年年底前，訂戶將能看到直播電視與加購項目，並且會有更多新功能陸續上線。

I think you've maybe seen this one of our more recent features is Verts. It will be strengthened by the new deal that we have with TikTok, which will bring more curated feeds and fan-created content right on to Disney+. So I'm pretty excited about that.

我想你們可能看過我們最近推出的一個功能叫 Verts。它也會因為我們與 TikTok 的新合作而更強化，該合作會把更多精選動態與粉絲創作內容直接帶到 Disney+ 上。所以我對此相當期待。

And David, yeah, you're right that Hulu is an efficient platform for other entertainment services, some that have been part of the Hulu value proposition to partners and consumers for years now. And we do think that Disney+ can be an aggregator of third-party services and that we can do this both through bundles and add-ons.

而且 David，你說得沒錯，Hulu 一直以來都是其他娛樂服務的高效率平台，其中有些多年來就是 Hulu 對合作夥伴與消費者的價值主張之一。我們也確實認為 Disney+ 可以成為第三方服務的聚合平台，而且我們可以透過組合方案與加購項目來做到這點。

And with Disney+, this is an opportunity on a global basis as well. I mean given, number one, our history in current Hulu add-on offerings; and number two, our DTC scale. We're one of a very short list that's well positioned for aggregation.

而對 Disney+ 而言，這也是一個全球性的機會。我的意思是，第一，我們在現有 Hulu 加購方案上的經驗；第二，我們 DTC 的規模。我們是少數幾家非常具備聚合優勢的業者之一。

I'd flag in particularly the Disney+, Hulu, HBO Max bundle. This is a very popular bundle and it works well for both us and Warner Bros. Discovery, and it's very sticky. The churn on the bundle is significantly lower than our Hulu or Disney+ standalone products when we look at similar 10-year cohorts.

我特別想指出 Disney+、Hulu、HBO Max 的組合方案。這是一個非常受歡迎的組合，對我們與華納兄弟探索（Warner Bros. Discovery）雙方都運作良好，而且黏著度很高。而且它非常黏。當我們看相近的 10 年期同批用戶（cohorts）時，該組合的流失率顯著低於我們的 Hulu 或 Disney+ 單獨產品。

So I feel good about where we are from an integration standpoint and feel like these opportunities for bundling will be out there for us and will certainly help us from a churn and engagement perspective. So thanks for the question, David.

所以從整合的角度來看，我對目前的進展感到樂觀，也覺得這些綁定組合的機會會持續存在，並且肯定能在降低流失與提升互動方面幫助我們。所以謝謝你的提問，David。

Okay. From Peter Supino at Wolfe, maybe Hugh, want to take this one. You've called ESPN a strategic asset. When will ESPN direct-to-consumer have enough subscribers to materially boost traffic to Disney+?

好的。接下來是 Wolfe 的 Peter Supino，或許 Hugh 你來回答。你曾稱 ESPN 是一項策略性資產。ESPN 的直接面向消費者服務要到何時才會有足夠的訂戶，能夠實質性地提升導流到 Disney+ 的流量？

Yeah. Thanks for the question, Peter. First and foremost, it's worth highlighting that sports segment today is growing when you look at the guidance that we have for the year, which excludes the 53rd week. Now when we think about ESPN, we tend to think about two things.

是的。謝謝你的提問，Peter。首先值得強調的是，從我們對今年的指引來看（不含第 53 週），體育業務板塊目前正在成長。當我們思考 ESPN 時，我們通常會想到兩件事。

Number one is we want to be the place where the consumer comes for sports, right? We talk about ESPN meeting the sports fan anytime, anywhere. And in doing so, what we do is we focus on ESPN's contribution to the overall business and healthy consolidated earnings growth that we expect to deliver to shareholders.

第一，我們希望成為消費者觀看體育內容的首選之地，對吧？我們談到 ESPN 要在任何時間、任何地點滿足體育迷。而在這樣做的同時，我們會聚焦於 ESPN 對整體業務的貢獻，以及我們預期能為股東帶來的健康合併獲利成長。

Now how material will sports be to viewership on Disney+? You really have to think about it from a consumer segmentation perspective, okay? The Trio bundle, including ESPN Unlimited or the traditional MVPD subscription are the best options for big sports fans like me and Josh and Ben.

那麼體育內容對 Disney+ 的觀看量會有多大的實質影響？你必須從消費者分眾的角度來思考，好嗎？Trio 組合（包含 ESPN Unlimited）或傳統 MVPD 訂閱，對像我、Josh 和 Ben 這樣的重度體育迷而言，是最好的選擇。

Go Red Sox. (laughter)

紅襪加油。（笑聲）

So our strategy on Disney+ is to bring additional sports content to Disney+ users and to drive additional upsell into Disney+, Hulu and the ESPN Unlimited bundle. You can expect us to lean in in all of these areas. We have the most trusted brand in sports with the most comprehensive rights portfolio, and we are operating from an absolute position of strength with ESPN.

因此，我們在 Disney+ 上的策略，是為 Disney+ 用戶帶來更多體育內容，並推動更多升級導向 Disney+、Hulu 與 ESPN Unlimited 的組合方案。你可以預期我們會在所有這些領域加大投入。我們擁有體育領域最受信賴的品牌與最全面的轉播權利組合，而我們在 ESPN 上正處於絕對的優勢地位。

Hugh, there's always next season. (laughter) All right. A question from Steven Cahall from Wells Fargo. I think Josh should take this one. Disney has achieved scale in direct-to-consumer revenues, but scaling margins has been harder, plus growing engagement is a challenge against competitors that have far more content volume.

Hugh，總還有下一個球季。（笑聲）好。接下來是來自富國銀行（Wells Fargo）的 Steven Cahall 的問題。我想 Josh 應該來回答這題。迪士尼在直接面向消費者營收方面已達到規模，但擴大利潤率更困難，而且在競爭對手擁有遠高於我們的內容量之下，提升互動也是一項挑戰。

What do you need to see at direct-to-consumer to reinforce that streaming is the best strategy? Alternatively, how do you think about going back to a content licensing model, so Disney can be more streamlined to focus on creativity and experiences?

你需要在直接面向消費者業務看到什麼，才能強化「串流是最佳策略」的論點？或者，你如何看待回到內容授權模式，讓迪士尼能更精簡、把重心放在創意與體驗上？

Okay. Thanks, Steve. By the way, we appreciated your thoughtful note on the subject a few weeks back. Let me try to address the streaming versus licensing question. I'll do that head on, and then I'll talk about what we're looking for to validate our view.

好的。謝謝你，Steve。順帶一提，我們很感謝你幾週前就這個主題寫下的深思熟慮的備註。我先嘗試回應串流與授權的問題。我會正面回答，然後再談談我們要看到哪些訊號來驗證我們的觀點。

First, there shouldn't be much of a debate about whether streaming can be a highly attractive business with fairly recurring and predictable revenue growth as well as the high incremental margins that we're looking for. Netflix has shown that that's possible.

首先，關於串流是否能成為一門極具吸引力的業務，其收入成長相當具經常性與可預測性，並且具備我們所追求的高增量利潤率，應該不太需要爭論。Netflix 已經證明這是可能的。

Now we've been at it globally for just about six years now. And if you were to compare where we are today at our revenue scale, compared to where Netflix was at a similar revenue scale. We actually -- we look quite similar in terms of margins.

而我們在全球推進這件事至今大約六年。如果你把我們今天的營收規模，拿來和 Netflix 在相近營收規模時的狀況相比。我們其實——我們在利潤率方面看起來相當類似。

But your question isn't really about streaming as a business, but more whether Disney can continue scaling. And listen, I believe the answer is absolutely yes. Beyond our confidence in the financial model, we strongly believe that a large global user base is strategic to ensuring that we're able to drive longer-term growth, especially as new technology cycles emerge like AI and the consumer touch points that our streaming platforms provide, they give us a global user base to communicate with.

但你的問題其實不是在問串流作為一門生意，而更在於 Disney 是否能持續擴張規模。而且聽著，我相信答案絕對是可以。除了我們對財務模型的信心之外，我們也堅信龐大的全球用戶基礎具有策略性價值，能確保我們推動更長期的成長，特別是當像 AI 這樣的新技術週期出現時，而我們串流平台所提供的消費者觸點，讓我們擁有可溝通的全球用戶基礎。

And importantly, a critical first-party data set that will enable personalization and continued product innovation and it establishes a foundation that we can build new revenue streams on top of over time. And this is only possible through a direct-to-consumer relationship inside a wholly controlled and branded environment.

而且很重要的是，一套關鍵的第一方資料集，將使個人化與持續的產品創新成為可能，並建立一個基礎，讓我們能隨時間在其上打造新的營收來源。而這只有在一個完全受控且具品牌的環境中，透過直接面向消費者的關係才能做到。

As we look to make Disney+ the -- I've said this before, the digital centerpiece of our relationships with fans, we're just playing a different game. It's an opportunity that's unique to us. The shift to a purely licensing model, it could sacrifice all of that strategic value.

當我們希望把 Disney+ 打造成——我以前說過——我們與粉絲關係的數位核心時，我們其實是在玩一個不同的遊戲。這是我們獨有的機會。轉向純授權模式，可能會犧牲所有這些策略價值。

Content licensing is, by nature, it's a lumpy business. It's subject to supply and demand dynamics in the marketplace at a given time. I mean it's not to say that there isn't a role for content licensing. We do license some content to third parties today. But exiting direct-to-consumer for licensing exclusively would likely lead to both inferior strategic and financial positions for our company and our shareholders.

內容授權本質上是一門波動較大的生意。它會受到特定時間點市場供需動態的影響。我的意思不是說內容授權沒有其角色。我們今天也確實把部分內容授權給第三方。但若退出直接面向消費者、改為只做授權，可能會讓公司與股東在策略與財務上都處於較不利的位置。

The last part of your question, what do we need to see to validate that our strategy is working? The nature of technology, as we spoke about last quarter, is that many small and incremental improvements, they're going to compound over time, and we're focused on that approach.

你問題的最後一部分：我們需要看到什麼，才能驗證我們的策略正在奏效？如同我們上季談到的，科技的本質是許多小幅、漸進式的改善會隨時間累積放大，而我們正專注於這種做法。

It requires some patience, which we acknowledge, it can be challenging. But here are three observations that hopefully will give you a sense of what we're tracking and why we feel encouraged. Internationally, those subscribers that watch our international originals, they churn far less than those that don't.

這需要一些耐心，我們也承認這可能很具挑戰。但以下三點觀察，希望能讓你了解我們在追蹤什麼，以及為何我們感到受到鼓舞。在國際市場，那些觀看我們國際原創內容的訂戶，其流失率遠低於沒有觀看的人。

Our Trio bundle, including Disney+, Hulu and ESPN Unlimited in the US It's the lowest churn base that we have when we look at similar 10-year cohorts. And finally, we're seeing broader engagement benefits when we can tie directly back to product improvements over the past year. So there's a lot of good going on there. I know this is a long answer, but hopefully, it helps address your question.

我們在美國的 Trio 組合包，包含 Disney+、Hulu 與 ESPN Unlimited，是我們在觀察相似的 10 年期同群（cohort）時，流失率最低的基礎。最後，我們也看到更廣泛的互動提升，而這些提升可以直接回溯到過去一年產品改進所帶來的效果。所以那裡有很多正面的進展。我知道這回答很長，但希望能解答你的問題。

Okay. Great. Hugh, anything to add to that?

好的。很棒。Hugh，還有什麼要補充的嗎？

Okay. Terrific. I've said enough.

好的。太好了。我已經說得夠多了。

Yeah. Last question on the streaming front. The industry is investing -- sorry, this is from Michael Ling at Goldman Sachs. The industry is investing against free streaming products at an accelerated pace, again, calling out Fox and Roku announced transaction. When you talk about the merits of fast channels and whether Disney would consider doing more of that as a top of funnel for Disney+ paid or as a standalone product?

是的。關於串流的最後一個問題。產業正在加速投資——抱歉，這題來自高盛的 Michael Ling。產業正以加快的速度投資免費串流產品，再次點名 Fox 與 Roku 公布的交易。當你談到 FAST 頻道的優點時，以及 Disney 是否會考慮做更多這類產品，作為 Disney+ 付費的漏斗頂端（top of funnel），或作為獨立產品？

Josh, you want to take that one?

Josh，你要回答這題嗎？

Yeah. I got it. So thanks, Michael. Yeah, we're exploring a free product for consumers, one that will allow us to accomplish several goals and hopefully do that efficiently. First, we see it as a way to expand our reach to a customer segment that's more price-sensitive and expanding our reach, as we've talked about before, one of our strategic priorities.

好。我來。謝謝你，Michael。是的，我們正在探索一個面向消費者的免費產品，讓我們能達成幾個目標，並希望能有效率地做到。首先，我們把它視為擴大觸及一個對價格更敏感的客群的方法；而擴大觸及，如同我們之前談過的，是我們的策略優先事項之一。

Second, unlike a lot of our AVOD competitors, we're fairly well sold, meaning more inventory would actually help us accelerate our ad revenue growth. And then finally, as you mentioned in your question, a free offering could help us drive top-of-funnel Disney+ subscriber growth. So nothing specific to announce today, but definitely something that we're considering.

第二，與許多 AVOD 競爭對手不同，我們的廣告庫存銷售狀況相當不錯，也就是說，更多的庫存反而能幫助我們加速廣告營收成長。最後，如你在問題中提到的，免費方案也可能幫助我們推動 Disney+ 訂戶在漏斗頂端的成長。所以今天沒有具體可宣布的內容，但這確實是我們正在考慮的方向。

Okay. It's a good actually segue to an advertising question next from Jessica Reif Ehrlich at BofA. Hugh, you want to take this? You have what appears to be an extremely strong hand in advertising for the coming year given your sports portfolio, the Super Bowl, political, et cetera, across your platforms. Can you provide color on tone, trends, the upfront, et cetera?

好的。這其實是個很好的銜接，接下來是一個廣告相關的問題，來自美銀的 Jessica Reif Ehrlich。Hugh，你要回答嗎？鑑於你們的體育資產組合、超級盃、政治廣告等，跨平台來看，你們在明年的廣告業務似乎握有非常強的牌。你能否提供一些市場氛圍、趨勢、前期採購（upfront）等方面的補充說明？

Yeah, absolutely. Thanks for the advertising question, Jessica. Look, overall, we're pleased with the upfront results, really driven by the unmatched live events calendar that we have, including the Super Bowl, the College Football National Championship, the Grammys, the Oscars, we really have a tremendous calendar coming up.

是的，當然。謝謝你的廣告問題，Jessica。整體而言，我們對 upfront 的結果感到滿意，主要是由我們無可匹敵的直播活動行事曆所帶動，包括超級盃、NCAA 大學美式足球全國冠軍賽、葛萊美獎、奧斯卡，我們接下來真的有非常強大的活動檔期。

In terms of a couple of numbers, total volume commitments were up double digits versus last year. Sports volumes were up low teens, and we are very, very pleased to announce that we have sold out the Super Bowl inventory.

就幾個數字而言，總體承諾量相較去年呈現兩位數成長。體育類的量成長約在十位數低段（low teens），而且我們非常、非常高興地宣布，超級盃的廣告庫存已全數售罄。

Now overall, the current tone I would have is to characterize -- the market is healthy in sports, which obviously plays to our strength heading into the fall. But at the same time, competitive in streaming, especially given the growth of supply in the marketplace. That supply, of course, is creating some pricing pressure for us and for others, what you saw in our SVOD and sales growth rate this quarter.

整體來看，我會用這樣的語氣來形容——體育市場很健康，這顯然在進入秋季時強化了我們的優勢。但同時，串流市場競爭激烈，尤其是在市場供給增加的情況下。當然，這些供給也為我們以及其他業者帶來一些價格壓力，這也是你在本季我們 SVOD 與銷售成長率中所看到的。

Across international, especially in EMEA, we're seeing real demand for Disney+ as we expand our ad tier and we optimize the sell-through in our growth markets. From a categories perspective, as is typically the case, it's a bit of a mix. We're seeing good momentum in healthcare, in financial services and in the political categories, while telecom and restaurants and CPG are displaying some softness, as you would expect with the consumer environment is there.

在國際市場方面，特別是在 EMEA，我們看到 Disney+ 的實質需求，因為我們擴大廣告方案（ad tier），並在成長市場優化銷售穿透率（sell-through）。就產業類別而言，如同通常的情況，組合有些混合。我們在醫療保健、金融服務與政治類別看到良好動能；而電信、餐飲與民生消費品（CPG）則顯示出一些疲弱，這也符合你對當前消費環境的預期。

Our next topic is on AI and technology. This is from Sean Diffley at Morgan Stanley. How is AI being used in filmmaking at Disney today? How can we think about cost savings across different film types? Or is it more of a velocity accelerator and creativity unleash? Josh, would you give that one to you?

我們下一個主題是 AI 與科技。這題來自摩根士丹利的 Sean Diffley。AI 目前在迪士尼的電影製作中是如何被運用的？我們該如何思考在不同類型影片之間的成本節省？或者它更像是加速產出速度、釋放創意的催化劑？Josh，你願意回答這題嗎？

Yeah, I'll take that one. So thanks, Sean. Yeah, I mean, you're spot on. We're using AI strategically across not only our studios, but across the whole enterprise. And we're doing that to gain efficiency, to be faster, to accelerate velocity and unleash creativity inside of Disney.

好，我來回答。謝謝你，Sean。是的，我的意思是，你說得非常到位。我們正以策略性的方式運用 AI，不僅在我們的影業工作室，也涵蓋整個企業。我們這麼做是為了提升效率、加快速度、加速產出節奏，並在迪士尼內部釋放創意。

And we look at our studios as technology leaders in content production. And this goes back -- like this goes back to Walt over a century ago. We've always pushed the cutting edge of innovation in our storytelling. We've done this at ILM, Industrial Light of Magic, at Pixar, Disney Research Studios, Walt Disney Imagineering. And basically, we're building upon years of machine learning by now innovating with the AI tools.

我們也把旗下工作室視為內容製作的科技領導者。而這可以追溯到——可以追溯到一個多世紀前的華特。我們一直在敘事創新上推動最前沿的技術。我們在 ILM（Industrial Light of Magic，工業光魔）、皮克斯、迪士尼研究工作室、華特迪士尼幻想工程（Imagineering）都做到了這點。基本上，我們是在多年機器學習的基礎上，進一步用 AI 工具持續創新。

And with AI, it's, of course, not just about efficiency. We use it first and foremost to enhance the creative process. That creative process, by the way, will always be human-centered. It will always be artist-driven and creator led. We've cultivated the world's richest portfolio of IP and production experience across now a century of filmmaking. And this gives us a huge advantage over our peers that I don't think there's any other entrant that could come in and quickly replicate.

而談到 AI，當然不只是效率。我們首先、也是最重要地，是用它來強化創作流程。順帶一提，那個創作流程永遠會以人為核心。永遠會由藝術家驅動、由創作者主導。我們在一個世紀的電影製作歷程中，累積了全球最豐富的 IP 與製作經驗組合。這讓我們相較同業擁有巨大優勢，我不認為有任何其他新進者能夠在短時間內快速複製。

So I'll call out a few important examples across our business, start with our studio. We're leveraging AI across core technical processes throughout our production pipeline to increase our ability to get films to market in a speedier fashion. It's letting us expand the number of titles that we can offer in 3D basically, making more of our films available in premium formats, which as we know are highly demanded; letting us bring visual effects to more shots where it would have been previously difficult or maybe even not economically viable; and lets us accelerate processes like rendering and things like denoising, which is reducing the time it takes to complete shots.

我點出幾個在我們業務中很重要的例子，先從影業工作室開始。我們在製作流程管線中的核心技術環節廣泛運用 AI，以提升我們更快把電影推向市場的能力。它讓我們基本上能擴大可提供 3D 的片單數量，讓更多影片能以高階格式上映，而我們都知道這些格式需求很高；也讓我們能把視覺特效用在更多鏡頭上——過去可能很難做到，甚至在經濟上不可行；同時也讓我們加速像是算圖（rendering）與去噪（denoising）等流程，縮短完成鏡頭所需的時間。

In our streaming business, AI is helping us improve personalization on Disney+, and it allows us to further enhance our recommendation engine. And this is really important. Our technology, advertising and marketing teams, they're also exploring gen AI-powered creative and they've implemented ad delivery in this format.

在我們的串流業務方面，AI 正協助我們改善 Disney+ 的個人化體驗，並讓我們進一步強化推薦引擎。這點非常重要。我們的技術、廣告與行銷團隊也在探索由生成式 AI 驅動的創意，並已在這種形式中導入廣告投放。

ESPN, I think, is doing a really nice job. They've done a lot in this space. And they have three goals that map to their AI workflows. First, fan engagement, including the recently launched SportsCenter for You. If you haven't tried that, you should. It's fantastic. They're looking at revenue growth, including brand-new ad formats, and obviously, productivity as well across initiatives like live captioning and highlight clipping, which they're doing a great job of.

我認為 ESPN 做得非常好。他們在這個領域做了很多。他們有三個目標對應到他們的 AI 工作流程。第一是球迷互動，包括最近推出的 SportsCenter for You。如果你還沒試過，你應該試試看。真的很棒。他們也在看營收成長，包括全新的廣告形式；當然還有生產力提升，例如即時字幕與精彩片段剪輯等計畫，他們做得非常出色。

And then on the Experiences side, we clearly understand how much a Disney vacation means to our fans. And we're using AI to reduce some of the complexities that come along with planning and booking a trip to one of our parks while making that whole experience specifically tailored to what our guests want. So there's a lot going on in this space, and our teams are going to continue to push across the company. It's a pretty exciting time for us.

接著在體驗（Experiences）方面，我們非常清楚迪士尼假期對粉絲有多重要。我們正運用 AI 來降低規劃與預訂前往我們樂園旅行時所伴隨的一些複雜度，同時讓整體體驗更貼近、並量身打造符合賓客想要的內容。所以這個領域正在發生很多事，我們的團隊也會持續在全公司推進。對我們來說，這是一個相當令人振奮的時刻。

Okay. Next question is from Bryan Kraft at Deutsche Bank. Again, I think Josh probably for you. You've discussed making Disney a more agile and technology-enabled organization and have been investing in technology. Where have you seen success thus far? And where do you see the most upside from further investment in tech?

好的。下一題來自德意志銀行的 Bryan Kraft。同樣地，我想 Josh 可能適合回答。你談到要讓迪士尼成為更敏捷、以科技賦能的組織，並且一直在投資科技。到目前為止你在哪些地方看到成效？而在進一步投資科技方面，你認為最大的上行空間在哪裡？

Okay. Thanks, Bryan. It's actually a pretty good follow-up to the prior question on AI because we do think more broadly about the overall impact of technology and innovation can have across all of our workflows and across all of our earnings base. One area that's an enterprise-wide priority for me and our whole team is data unification.

好的。謝謝你，Bryan。這其實是對前一題 AI 的很好的延伸，因為我們更廣泛地思考科技與創新對我們所有工作流程、以及整體獲利基礎可能帶來的影響。有一個對我和整個團隊而言、全企業層級的優先事項，就是資料整合。

Large companies with multiple businesses, especially ones that have been built over time through a series of acquisitions, they often end up with disparate data sets that sometimes don't talk to each other, and we're putting real resources behind fixing that. So essentially, we're unifying our consumer data across the entire company, so that we can serve our fans better and then drive lifetime value.

大型公司若擁有多元業務，尤其是隨時間透過一連串併購建立起來的公司，往往最後會有彼此分散的資料集，有時候甚至無法互通；我們正投入實質資源來解決這個問題。所以本質上，我們正在把全公司的消費者資料加以整合，讓我們能更好地服務粉絲，並進一步提升終身價值（lifetime value）。

There are very few companies in the world with the breadth and richness of data that Disney has across parks and streaming and studios and consumer products. Almost nobody else can connect to fans experience the way that we can, and unifying that data, it actually lets us use it.

全球很少有公司能像迪士尼一樣，擁有橫跨樂園、串流、影業工作室與消費性產品的廣度與豐富度資料。幾乎沒有其他人能像我們這樣把粉絲體驗串聯起來；而把資料整合起來，實際上就能讓我們把它用起來。

We're also investing pretty aggressively in technology that creates better experiences for our guests in our parks and our cruise ships. Our research and development labs are developing next-generation robotics that can interact with guests in personal and emotional ways, not just in functional ways. And in Imagineering, our teams are using AI tools that let our imagineers design more ambitious, more exciting experiences for fans around the world, and they're doing it a lot faster than they could do it before.

我們也相當積極地投資科技，以在我們的樂園與郵輪上為賓客創造更好的體驗。我們的研發實驗室正在開發下一代機器人，能以更個人化、情感化的方式與賓客互動，而不只是功能性的互動。在幻想工程（Imagineering）方面，我們的團隊正在使用 AI 工具，讓想像工程師能設計更宏大、更令人興奮的體驗，提供給全球粉絲，而且速度比以前快得多。

That same discipline, it's showing up, as I've talked about in our studios. We're using technology to drive efficiency throughout the production process so that we can direct more of our resources to what actually matters, and that's the quality of our storytelling. So I guess, if you put it simply, we're focused on becoming a more effective, more agile, more innovative company in everything that we do at Disney and technology is the connective tissue that makes all of that possible.

同樣的紀律也體現在——如我談到的——我們的影業工作室。我們運用科技在整個製作流程中提升效率，讓我們能把更多資源投入真正重要的事情，也就是敘事品質。所以如果簡單說，我們專注於在迪士尼所做的一切中，成為更有效率、更敏捷、更具創新力的公司，而科技就是讓這一切成為可能的連結組織。

All right. We're going to take some questions from some of the news this morning on our TikTok announcement. Couple of questions, one from Jessica Reif Ehrlich, one from Sean Diffley. I think the punchline is essentially how do we define success? How does this agreement sort of fit into our strategy overall at Disney+?

好。我們接下來要回答一些今天早上新聞中、關於我們 TikTok 公告的問題。有幾個問題，一個來自 Jessica Reif Ehrlich，一個來自 Sean Diffley。我想重點基本上是：我們如何定義成功？這項協議在整體上如何融入我們在 Disney+ 的策略？

Yeah, this is a big announcement for us this morning and an important one as well. TikTok is a platform where millions and millions of creators are coming to discover new IP to create new content. And we know specifically with Disney, we have -- some of our biggest fans are creating their own stories, they're discovering new content. They're sharing their love of the brand.

是的，這是我們今天早上的一項重大公告，也同樣非常重要。TikTok 是一個平台，數以百萬計的創作者來到這裡發掘新的 IP、創作新的內容。而我們也知道，特別是在迪士尼——我們有一些最忠實的粉絲正在創作他們自己的故事、發掘新的內容。他們在分享他們對品牌的熱愛。

And it's important for us as the Disney company to be out there with the fans, making sure that they're seeing us, they're engaging with us. And at the same time, we're now going to have the ability to port some of the best content from TikTok over into Disney+.

對我們迪士尼公司而言，重要的是要走到粉絲面前，確保他們看得到我們、也能與我們互動。同時，我們現在也將具備把 TikTok 上一些最優質的內容導入 Disney+ 的能力。

You've heard us talk about Verts in the past. And this is going to be an opportunity now to have that native TikTok content come over to Disney+. And so our biggest fans on Disney+ will now be able to engage regularly. And essentially, what that does is it creates a more complete experience on Disney+, and it's a stickier app, people stay around for longer.

你們過去聽我們談過 Verts。而這將成為一個機會，讓原生的 TikTok 內容能夠來到 Disney+。因此，我們在 Disney+ 上最忠實的粉絲，現在就能更 नियमित地參與互動。而本質上，這會在 Disney+ 上打造更完整的體驗，讓這個 App 更具黏著度，使用者停留時間更長。

And obviously, that benefits our whole ecosystem then, people discovering more of our content and participating more with the Disney company. So this is a -- it's a pretty big deal for us and very much in line with our long-term strategies on streaming.

而顯然，這也會進一步讓我們整個生態系受益，讓更多人發掘我們的內容，並更深入地參與迪士尼公司的各項體驗。所以這對我們而言是一件相當重大的事，也非常符合我們在串流方面的長期策略。

Great. And then a couple on the Parks results. Sean Diffley from Morgan Stanley, thanks us for the additional disclosure on cruise launches. You're welcome, Sean. How much visibility and confidence do you have in those timelines? Maybe I'll throw that one to you, Hugh.

很好。接著有幾個關於樂園業務表現的問題。摩根士丹利的 Sean Diffley 感謝我們就郵輪下水提供更多揭露。不客氣，Sean。你們對這些時程有多高的能見度與信心？也許我把這題交給你，Hugh。

Yeah. Sean, thanks for the question. We are actually highly, highly confident in those timelines. The ships that will be coming in from here forward are ships that are very consistent with the way we have traditionally built ships sort of from scratch ourselves. We had the slot; the manufacturer of the shipbuilder is highly reliable in terms of building them out. So from that perspective, we certainly feel extremely confident that we will hit the timelines.

是的。Sean，謝謝你的提問。我們其實對這些時程非常、非常有信心。從現在起將交付的船舶，建造方式與我們過去一貫從零開始自行打造船舶的方式非常一致。我們已取得船塢檔期；造船廠在建造交付方面也非常可靠。因此，就這點而言，我們確實非常有信心能如期達成。

Great. And then a question from Robert Fishman at MoffatNathanson also on Parks. Can you frame how much of Walt Disney World growth is from your organic investments versus a snapback from the initial attendance headwinds from Epic opening last year?

很好。接著是 MoffatNathanson 的 Robert Fishman 也針對樂園提問。你能否說明一下，華特迪士尼世界的成長有多少來自你們的有機投資，多少是因為去年 Epic 開幕造成初期入園逆風後的回彈？

Looking ahead with all your new experiences coming in the portfolio, how can that continue to -- can that continue to deliver double-digit returns? We talked about returns already, but maybe you guys could just talk about the sort of underlying drivers in the business that we're seeing versus kind of easy comps?

展望未來，隨著你們投資組合中有這麼多新體驗陸續推出，這是否仍能持續帶來雙位數報酬？我們已談過報酬，但也許你們可以談談，我們看到的業務基本面驅動因素，究竟是來自實質動能，還是比較基期較容易？

Yeah. No, happy to talk about that. And Robert, you may recall last year when there was a lot of concern about this, we were not terribly concerned about it. And we had put out some forecast. And frankly, our forecast were extremely accurate on that front in terms of the impact of the Epic park. So credit to the Parks team for doing that so effectively.

是的。很樂意談這個。Robert，你可能還記得去年大家對這件事非常擔心，但我們其實沒有那麼擔心。我們也提出了一些預測。坦白說，就 Epic 樂園影響而言，我們的預測非常準確。所以要肯定樂園團隊在這方面做得非常到位。

The consequence of that, of course, is right now, it's almost entirely driven by our own organic actions. The investments that we're making in the business, the marketing executions, all of what we're doing to drive attendance growth, in particular, in the domestic market. So we certainly feel very, very good about that.

當然，其結果就是目前的成長幾乎完全由我們自身的有機作為所驅動。我們在業務上的投資、行銷執行，以及我們為推動入園人次成長所做的一切，特別是在美國本土市場。因此，我們對此確實感到非常、非常有信心。

All right. We have a question from Batya Levi at UBS. Experience is OI now expected to come in at the high end of our high single-digit growth guidance for the year, excluding the 53rd week. Batya is asking, is this just the tariff refunds in terms of the higher guidance or core outperformance? Hugh, you want to take that?

好的。接著是 UBS 的 Batya Levi 提問。體驗事業（Experiences）的營業利益（OI）目前預期將落在我們今年「高個位數成長」指引的高端（不含第 53 週）。Batya 想問：這個較高的指引只是因為關稅退稅，還是核心表現超預期？Hugh，你要回答嗎？

Yeah. Thanks for the question, Batya. No, in fact, tariffs really have nothing to do. Everything that's happened in tariffs, the tariffs we paid were in the first two quarters of this year, and the refund was in the third quarter. We -- if there's anything in the fourth quarter, we expect it to be immaterial. So for the full year, essentially tariffs have zero impact.

好的。謝謝你的問題，Batya。不是的，事實上關稅幾乎沒有影響。今年前兩季我們支付了關稅，而退稅是在第三季。我們——如果第四季還有任何相關影響，我們預期也不具重大性。因此就全年而言，關稅基本上是零影響。

Instead, what's driving the performance is actually a terrific execution by the Parks team, both from the perspective of the domestic parks, and certainly, Paris is doing well as well. So -- and the cruise ships, of course, are driving strong growth.

相反地，推動表現的是樂園團隊出色的執行力，包含美國本土樂園的表現，當然巴黎也表現良好。此外，郵輪業務也帶動了強勁成長。

We feel great about the attendance growth. We feel great about the per caps were receiving and we think we're competing effectively in the marketplace, and that's why we're doing so well.

我們對入園人次成長感到非常振奮。我們對人均消費（per caps）的表現也很有信心，並且認為我們在市場上的競爭相當有效，這也是我們表現如此出色的原因。

Okay. That was our last question. To close out the call I'm going to hand it back to Josh.

好的。這是我們最後一個問題。接下來為了結束本次電話會議，我把時間交回給 Josh。

Well, thanks, Ben, and thank you all for the time this morning. I think you can see in our results and here in our answers to your questions that we believe we are uniquely positioned in the global entertainment industry. We have clear growth drivers and experiences in streaming and unmatched breadth and depth of IP. In an increasingly fragmented attention economy, consumers are choosing to spend their time with us across our core platforms: Experiences, Disney+ and ESPN.

謝謝你，Ben，也謝謝各位今天早上的時間。我想你們可以從我們的業績，以及我們對各位提問的回答中看出，我們相信自己在全球娛樂產業中具備獨特的定位。我們在串流方面有明確的成長驅動因素與體驗，並擁有無可匹敵、廣度與深度兼具的智慧財產（IP）。在注意力經濟日益碎片化的環境下，消費者選擇在我們的核心平台上投入時間：體驗事業（Experiences）、Disney+ 與 ESPN。

Finally, we're delivering on the financial commitments that we've made to the market. We look forward to continuing to engage with the investment community and our shareholders, including on our fiscal Q4 earnings call scheduled for November. Thanks, everyone.

最後，我們正在履行我們對市場所做出的財務承諾。我們期待持續與投資社群及股東互動，包括在預定於 11 月舉行的本公司會計年度第四季（Q4）財報電話會議上。謝謝大家。