迪士尼 (DIS) 2022 Q2 法說會逐字稿

Thank you for standing by, and welcome to The Walt Disney Company's Second Quarter 2022 Financial Results Conference Call. (Operator Instructions) Please be advised that this conference is being recorded. (Operator Instructions)

感謝您的支持，歡迎參加華特迪士尼公司 2022 年第二季度財務業績電話會議。 （操作員說明）請注意，本次會議正在錄製中。 （操作員說明）

I would now like to hand the conference over to your speaker today, Alexia Quadrani, Senior Vice President of Investor Relations. Please go ahead.

我現在想把會議交給你今天的演講者，投資者關係高級副總裁 Alexia Quadrani。請繼續。

Good afternoon. It's my pleasure to welcome everybody to The Walt Disney Company's Second Quarter 2022 Earnings Call. Our press release was issued about 25 minutes ago and is available on our website at www.disney.com/investors. Today's call is being webcast, and a replay and transcript will also be available on our website.

下午好。我很高興歡迎大家參加華特迪士尼公司 2022 年第二季度財報電話會議。我們的新聞稿大約在 25 分鐘前發布，可在我們的網站 www.disney.com/investors 上查閱。今天的電話會議正在進行網絡直播，我們的網站上也將提供重播和成績單。

Joining me for today's call are Bob Chapek, Disney's Chief Executive Officer; and Christine McCarthy, Senior Executive Vice President and Chief Financial Officer. Following comments from Bob and Christine, we will be happy to take some of your questions.

和我一起參加今天電話會議的還有迪士尼首席執行官 Bob Chapek；以及高級執行副總裁兼首席財務官 Christine McCarthy。根據 Bob 和 Christine 的評論，我們很樂意回答您的一些問題。

So with that, let me turn the call over to Bob to get started.

因此，讓我將電話轉給 Bob 開始。

Thanks, Alexia, and good afternoon, everyone. In Q2, Disney's employees and cast members continued to execute against our strategic priorities of storytelling excellence, innovation and audience focus, and I could not be more proud of what they've achieved. Our strong results this quarter, including fantastic performance at our domestic parks and continued growth at our streaming services along with the creative achievements of our content teams, once again proved that we are in a league of our own.

謝謝，Alexia，大家下午好。在第二季度，迪士尼的員工和演員繼續執行我們在講故事、創新和關注觀眾方面的戰略重點，我為他們所取得的成就感到無比自豪。我們本季度的強勁業績，包括我們國內公園的出色表現、流媒體服務的持續增長以及我們內容團隊的創造性成就，再次證明了我們在自己的聯盟中。

We have entertainment's most iconic brands and the world's favorite franchises, a high-quality creative pipeline that will continue to drive engagement and consumption and an unrivaled synergy machine with touch points that reach audiences across distribution channels, geographies and demographics, all of which come together to create a deep, emotional connection with audiences across generations. I'd like to share a few highlights from the quarter that illustrate these strengths, and then Christine will go through the details of our results.

我們擁有娛樂界最具標誌性的品牌和全球最受歡迎的特許經營權、將繼續推動參與度和消費的高品質創意渠道，以及無與倫比的協同機器，其接觸點跨越分銷渠道、地域和人口統計數據，所有這些都融合在一起與不同世代的觀眾建立深厚的情感聯繫。我想分享本季度的一些亮點來說明這些優勢，然後克里斯汀將詳細介紹我們的結果。

As I said, our domestic parks were a standout. They continue to fire on all cylinders, powered by strong demand coupled with customized and personalized guest experience enhancements that grew per capita spending by more than 40% versus 2019. Response to next-generation storytelling like Star Wars: Galactic Starcruiser has been phenomenal. In fact, guest ratings for this immersive experience, which opened March 1, are incredibly high and in line with our best-in-class offerings. Demand is strong, and we expect 100% utilization through the end of Q3.

正如我所說，我們的國內公園非常出色。他們繼續全力以赴，這得益於強勁的需求以及定制和個性化的賓客體驗增強，人均支出與 2019 年相比增長了 40% 以上。對《星球大戰：銀河星際巡洋艦》等下一代故事講述的反應非常出色。事實上，3 月 1 日開放的這種身臨其境體驗的客人評分非常高，符合我們一流的產品。需求強勁，我們預計到第三季度末利用率將達到 100%。

Looking ahead, we could not be more excited to officially welcome riders on Guardians of the Galaxy: Cosmic Rewind at Epcot on May 27. One of the longest indoor rollercoasters in the world, the attraction puts guests in the middle of an exciting adventure as they're called on to help the Guardians out of a jam. With our first-ever reverse launch and rotating cars that turn riders 360 degrees, guests won't miss a second of the story during our most immersive coaster experience yet.

展望未來，我們非常興奮地正式歡迎 5 月 27 日在 Epcot 舉辦的《銀河護衛隊：宇宙倒轉》的乘客。作為世界上最長的室內過山車之一，這個景點讓遊客置身於激動人心的冒險之中。 '被要求幫助監護人擺脫困境。憑藉我們有史以來第一次反向發射和旋轉汽車，讓騎手可以 360 度旋轉，在我們迄今為止最身臨其境的過山車體驗中，客人不會錯過任何一秒的故事。

At Disneyland Paris, we are thrilled to take the next step in our ambitious expansion plan: the opening of Avengers Campus this summer as part of the resort's 30th anniversary celebration. As Europe recovers from the pandemic, we've seen strong yield growth at Disneyland Paris and look forward to its continued recovery.

在巴黎迪士尼樂園，我們很高興在雄心勃勃的擴張計劃中邁出下一步：復仇者聯盟校園將於今年夏天開放，作為度假村 30 週年慶典的一部分。隨著歐洲從大流行中復蘇，我們看到巴黎迪士尼樂園的產量增長強勁，並期待其繼續復甦。

Another standout this quarter were our streaming services. We ended Q2 with more than 205 million total subscriptions after adding 9.2 million in the quarter. That includes 7.9 million Disney+ subscribers, keeping us on track to reach 230 million to 260 million Disney+ subscribers by fiscal '24. The growth of the platform since its launch reinforces its unique nature. Quite simply, we believe Disney+ is one of a kind, a service based on exceptional branded content with wide appeal across all 4 quadrants. It's certainly popular with families, but as a reminder, almost half of Disney+ subscribers are adults without kids.

本季度另一個突出的是我們的流媒體服務。在本季度增加了 920 萬之後，我們在第二季度結束時的總訂閱量超過了 2.05 億。其中包括 790 萬迪士尼 + 用戶，使我們有望在 24 財年達到 2.3 億至 2.6 億迪士尼 + 用戶。該平台自推出以來的發展加強了其獨特性。很簡單，我們相信 Disney+ 是獨一無二的，一種基於卓越品牌內容的服務，在所有 4 個像限都具有廣泛的吸引力。它當然很受家庭歡迎，但提醒一下，幾乎一半的 Disney+ 訂閱者是沒有孩子的成年人。

In recognition of Disney+'s unique ability to attract viewers from a range of demographic groups, we are selectively enhancing Disney+ with general entertainment titles designed to drive sign-ups amongst specific audiences and deepen engagement amongst those cohorts. A benefit of our incredible creative engines and decades of general entertainment excellence is that we can reach these demographics not only through the creation of original titles but also by shifting resources from across our content ecosystem, especially as consumer behavior continues to evolve.

鑑於 Disney+ 具有吸引不同人群觀眾的獨特能力，我們正在選擇性地增強 Disney+，推出旨在推動特定觀眾註冊並加深這些群體之間參與度的通用娛樂標題。我們令人難以置信的創意引擎和數十年來卓越的一般娛樂服務的一個好處是，我們不僅可以通過創建原創標題，還可以通過從我們的內容生態系統轉移資源，特別是隨著消費者行為的不斷發展，來接觸這些人口統計數據。

Our strategy is not just to fill our distribution pipelines but to be thoughtful with each asset to best position it amongst our various distribution options. For instance, Dancing with the Stars is a beloved show that has entertained viewers for more than 30 seasons on ABC and is a wonderful example of content that brings the whole family together. We recently announced Disney+ will be the series' new home starting this fall.

我們的戰略不僅僅是填補我們的分銷渠道，而是對每項資產進行深思熟慮，以使其在我們的各種分銷選項中處於最佳位置。例如，與星共舞是一部深受觀眾喜愛的節目，已經在 ABC 上為觀眾帶來了 30 多個賽季的娛樂，是一個將全家人聚集在一起的精彩內容示例。我們最近宣布，Disney+ 將從今年秋季開始成為該系列的新家。

Beyond targeting specific demos, we are equally enthusiastic about our growth potential in international markets. We currently have over 500 local original titles in various stages of development and production. 180 of those titles are slated to premiere this fiscal year, increasing to over 300 international originals per year in steady state. We believe these premium local originals, along with branded content with broad international appeal, will attract new subscribers and drive engagement.

除了針對特定的演示，我們同樣對我們在國際市場的增長潛力充滿熱情。我們目前擁有 500 多個處於不同開發和生產階段的本地原創遊戲。其中 180 部作品計劃在本財年首映，穩定狀態下每年將增至 300 多部國際原創作品。我們相信，這些優質的本地原創內容以及具有廣泛國際吸引力的品牌內容將吸引新的訂閱者並推動參與度。

One example in production is Nautilus from our EMEA team. Based on 20,000 Leagues Under the Sea, Nautilus is the origin story of the iconic submarine from the perspective of its mysterious commander, Captain Nemo. This is just one example of how our global network of creative hubs can develop and produce original content with worldwide appeal. And by the end of we plan to roll out Disney+ to 53 new markets across Europe, Africa and West Asia, starting with South Africa next week.

生產中的一個例子是我們 EMEA 團隊的 Nautilus。基於 20,000 海底聯盟，鸚鵡螺是從其神秘指揮官尼莫船長的角度來看標誌性潛艇的起源故事。這只是我們的全球創意中心網絡如何開發和製作具有全球吸引力的原創內容的一個例子。到年底，我們計劃將 Disney+ 推廣到歐洲、非洲和西亞的 53 個新市場，下週從南非開始。

Before leaving Disney+, I want to mention our recently announced plans to introduce an ad-supported subscription offering in the U.S. by the end of the calendar year and internationally in 2023. Expanding Disney+ access through multiple price points is a win for consumers and advertisers. Of course, all of our success is rooted in great content. Our general entertainment team continued its string of phenomenal series with Hulu's Pam & Tommy and The Dropout. And while not in the quarter, we could not be happier with the performance of The Kardashians, more great general entertainment content is ahead, like the second season of Only Murders in the Building on Hulu and the record-breaking 19th season of ABC's Grey's Anatomy.

在離開 Disney+ 之前，我想提一下我們最近宣布的計劃，即在日曆年年底之前在美國推出廣告支持的訂閱服務，並在 2023 年在全球推出。通過多個價格點擴大 Disney+ 的訪問權限對消費者和廣告商來說都是一個勝利。當然，我們所有的成功都植根於精彩的內容。我們的綜合娛樂團隊繼續了 Hulu 的 Pam & Tommy 和 The Dropout 的一系列非凡系列。雖然不是在本季度，但我們對卡戴珊的表現感到非常滿意，更多精彩的一般娛樂內容即將到來，比如 Hulu 大樓裡的只有謀殺案第二季和美國廣播公司實習醫生格蕾破紀錄的第 19 季.

This quarter, our studios earned 6 Academy awards, including Best Animated Feature for Walt Disney Animation Studios, Encanto; and Best Documentary Feature for Onyx Collective and Searchlight Pictures Summer of Soul. Pixar Animation Studios' Turning Red premiered on March 11 on Disney+ and became the fastest title to reach 200 million hours viewed on the platform. The Disney+ original series Star Wars: The Book of Boba Fett drew positive reaction from audiences, and Marvel's Moon Knight continue the studio's impressive track record.

本季度，我們的工作室獲得了 6 項奧斯卡獎，其中包括華特迪士尼動畫工作室的最佳動畫長片 Encanto； Onyx Collective 和 Searchlight Pictures Summer of Soul 的最佳紀錄片。皮克斯動畫工作室的《變紅》於 3 月 11 日在 Disney+ 首映，成為該平台上觀看時間最快達到 2 億小時的影片。迪士尼+ 原創系列《星球大戰：波巴·費特之書》引起了觀眾的積極反響，漫威的《月亮騎士》延續了該工作室令人印象深刻的往績。

Looking ahead, our studios will continue to deliver high-quality content at scale with an exciting array of series and films coming to all of our distribution channels. In fact, our slate for the remainder of this year is incredibly strong with titles like Obi-Wan Kenobi, Ms. Marvel, Lightyear, Thor: Love and Thunder, Black Panther: Wakanda Forever and the long-anticipated Avatar: The Way of Water.

展望未來，我們的工作室將繼續大規模提供高質量的內容，並通過我們所有的發行渠道推出一系列令人興奮的系列和電影。事實上，我們今年餘下時間的陣容非常強大，包括 Obi-Wan Kenobi、Ms. Marvel、Lightyear、Thor: Love and Thunder、Black Panther: Wakanda Forever 和期待已久的 Avatar: The Way of Water .

Finally, I must mention the phenomenal success of Marvel's Doctor Strange in the Multiverse of Madness, which opened to roughly $450 million worldwide this past weekend. Domestically, it was the second-highest opening of the pandemic era and the 11th highest opening of all time. Our strategy of distribution flexibility has worked well for us, and these fantastic results are another sign of our ability to succeed no matter of the platform.

最後，我必須提到漫威的奇異博士在瘋狂多元宇宙中的驚人成功，上週末在全球範圍內開放了大約 4.5 億美元。在國內，這是大流行時代的第二高開度，也是有史以來第11高開度。我們的分銷靈活性策略對我們來說效果很好，這些出色的結果是我們在任何平台上都能取得成功的另一個標誌。

That success extends to sports. ESPN viewership was notably strong for the quarter across both live events and studio programming with ratings up double digits, and we remain encouraged by how fans are engaging with sports content coming out of the pandemic. Opening weekend of the NBA Playoffs was the most viewed in the past decade, and the ratings have been fantastic with over 4.3 million average viewers through 20 games on ABC and ESPN. Our groundbreaking NHL deal is unique in its exposure across ESPN, ESPN+, ABC and Hulu, culminating with the Stanley Cup Playoffs, which began on May 2. In fact, the combination of the NHL and NBA Playoffs going on simultaneously kicks off an exciting stretch of championship programming that also includes Wimbledon, the NCAA Women's and Men's College World Series, UFC, Boxing and more.

這種成功延伸到體育。本季度 ESPN 的收視率在現場賽事和演播室節目中都非常強勁，收視率都達到了兩位數，我們仍然對球迷們如何參與大流行中的體育內容感到鼓舞。 NBA 季后賽開幕週末是過去十年中收視率最高的周末，收視率非常高，通過 ABC 和 ESPN 的 20 場比賽，平均收視率超過 430 萬。我們開創性的 NHL 交易在 ESPN、ESPN+、ABC 和 Hulu 中的曝光率是獨一無二的，最終於 5 月 2 日開始的斯坦利杯季后賽達到高潮。事實上，NHL 和 NBA 季后賽的結合同時開始了一個激動人心的階段冠軍節目還包括溫布爾登、NCAA 女子和男子大學世界系列賽、UFC、拳擊等。

Coming off the success of Monday Night Football with Peyton and Eli, we recently debuted our new season-long MLB alternative broadcast, KayRod Cast with Michael Kay and Alex Rodriguez. And we began the inaugural season of PGA TOUR Live on ESPN+, featuring over 4,000 hours of live golf coverage from 35 tournaments.

繼 Peyton 和 Eli 在《週一足球之夜》取得成功之後，我們最近推出了新的賽季長的 MLB 替代廣播，與 Michael Kay 和 Alex Rodriguez 合作的 KayRod Cast。我們在 ESPN+ 上開始了 PGA TOUR Live 的首個賽季，包括來自 35 場比賽的 4,000 多個小時的現場高爾夫報導。

Before I hand it over to Christine, I want to say a few words about our unique synergy machine or franchise flywheel, if you prefer. What sets Disney apart is our ability to reach people with our uniquely engaging content across an array of touch points to make our portfolio of businesses and brands a bigger part of their lives. This enables us to not only create new franchises like Encanto, but to also build on existing IP across our lines of business.

在我把它交給 Christine 之前，我想對我們獨特的協同機器或特許經營飛輪說幾句話，如果你願意的話。迪士尼的與眾不同之處在於，我們能夠通過一系列接觸點的獨特引人入勝的內容吸引人們，使我們的業務和品牌組合成為他們生活中更重要的一部分。這使我們不僅能夠創建像 Encanto 這樣的新特許經營權，而且還能夠在我們的業務線中建立現有 IP。

One example of this is our Toy Story franchise, which was created almost 3 decades ago with the release of the first film in 1995 and which is now brought to life across distribution platforms, geographies, businesses and time. In our parks, we've built a portfolio of 4 immersive Toy Story lands with more than 20 attractions and live character interactions available around the world as well as 2 themed hotels. The franchise is the cornerstone of Disney+ with all 4 feature-length films as well as the original short series, Forky Asks a Question, exclusively available on the service. And nearly 30 years after the film debuted, Toy Story is still a key consumer products franchise, generating over $1 billion in annual retail sales. And in just a few weeks, Pixar's Lightyear will tell the origin story of everyone's favorite space ranger when it hits theaters on June 17.

這方面的一個例子是我們的《玩具總動員》特許經營權，它創建於大約 3 年前，於 1995 年發行了第一部電影，現在跨發行平台、地域、業務和時間得以實現。在我們的公園中，我們建立了 4 個身臨其境的玩具總動員樂園，其中包括 20 多個景點和世界各地的現場角色互動以及 2 家主題酒店。該特許經營權是 Disney+ 的基石，擁有全部 4 部長片以及原創短片系列，Forky Asks a Question，該服務獨家提供。在電影上映近 30 年後，《玩具總動員》仍然是一個重要的消費品特許經營權，年零售額超過 10 億美元。在短短幾週內，皮克斯的光年將在 6 月 17 日上映時講述每個人最喜歡的太空遊俠的起源故事。

Of course, Toy Story is just one of our many franchises, but it illustrates our unparalleled ability to bring stories to life in more ways for more people in more places. In fact, our franchise library and capabilities will continue to set us apart even further as we bring our IP to life through next-generation storytelling that is more integrated and connected across consumer touch points.

當然，《玩具總動員》只是我們眾多特許經營權之一，但它展示了我們以更多方式為更多地方的更多人帶來故事的無與倫比的能力。事實上，我們的特許經營庫和能力將繼續讓我們更加與眾不同，因為我們通過更集成和跨消費者接觸點連接的下一代故事講述方式將我們的 IP 變為現實。

As we look to our second century, that's our mission: to transform entertainment by combining extraordinary storytelling with innovative technology to create an even larger, more connected and magical Disney universe for families and fans around the world.

展望第二個世紀，這就是我們的使命：通過將非凡的故事講述與創新技術相結合來改變娛樂方式，為世界各地的家庭和粉絲創造一個更大、更緊密和更神奇的迪斯尼世界。

With that, I'll hand it over to Christine.

有了這個，我會把它交給克里斯汀。

Thanks, Bob, and good afternoon, everyone. Excluding certain items, diluted earnings per share for the fiscal second quarter were $1.08, an increase of $0.29 versus the prior year quarter. We continue to be pleased with our financial results with total segment operating income increasing by 50% versus the prior year quarter and by over 80% year-to-date. Our Parks, Experiences and Products segment continued to show strong signs of growth and recovery as operating income increased by nearly $2.2 billion year-over-year to approximately $1.8 billion. Growth was primarily driven by our domestic parks, which were open for the entire quarter. In the prior year, Walt Disney World was open, but Disneyland was closed for the entire quarter.

謝謝，鮑勃，大家下午好。不計某些項目，第二財季攤薄後每股收益為 1.08 美元，比去年同期增加 0.29 美元。我們繼續對我們的財務業績感到滿意，總部門營業收入與去年同期相比增長了 50%，今年迄今增長了 80% 以上。我們的公園、體驗和產品部門繼續顯示出強勁的增長和復蘇跡象，營業收入同比增長近 22 億美元，達到約 18 億美元。增長主要是由我們在整個季度開放的國內公園推動的。在前一年，華特迪士尼世界是開放的，但迪士尼樂園整個季度都關閉了。

We continue to be pleased with the overall demand and attendance trends at our domestic parks. In fact, there were many days in the quarter where we saw demand exceed 2019 levels. However, we are continuing to control attendance through our reservation system with an eye on delivering a quality guest experience. As Bob mentioned earlier, per capita guest spending at our domestic parks increased by over 40% versus Q2 of fiscal 2019 and by 20% versus Q2 of fiscal 2021 with increases across the board on admissions, food and beverage and merchandise.

我們繼續對國內公園的整體需求和參觀人數趨勢感到滿意。事實上，本季度有很多天我們看到需求超過了 2019 年的水平。但是，我們將繼續通過我們的預訂系統控制出勤率，著眼於提供優質的賓客體驗。正如 Bob 之前提到的，我們國內公園的人均遊客支出與 2019 財年第二季度相比增長了 40% 以上，與 2021 財年第二季度相比增長了 20%，入場、餐飲和商品的全面增長。

Looking ahead to the third quarter. Our forward-looking demand pipeline at both Walt Disney World and Disneyland remains robust. And while attendance from international visitation is still in the early days of recovery, we are beginning to see some improvements. We are also thrilled that as of the end of March, all of our domestic resorts are now open, a major milestone as we continue to move through the impacts of the pandemic.

展望第三季度。我們在華特迪士尼世界和迪士尼樂園的前瞻性需求渠道仍然強勁。雖然國際訪問的出勤率仍處於恢復初期，但我們開始看到一些改善。我們也很高興，截至 3 月底，我們所有的國內度假村現已開放，這是我們繼續克服大流行影響的一個重要里程碑。

At our international parks, operating results improved versus the prior year due to growth at Disneyland Paris, which was open in Q2 and closed during the prior year quarter. This was partially offset by lower results at Hong Kong Disneyland and Shanghai Disney, both of which were impacted by COVID-related closures in the quarter.

在我們的國際公園，由於巴黎迪斯尼樂園的增長，經營業績較上年有所改善，該樂園於第二季度開放並於去年同期關閉。這部分被香港迪士尼樂園和上海迪士尼的較低業績所抵消，這兩家公司都受到本季度與 COVID 相關的關閉的影響。

Consumer Products operating income increased in the quarter, reflecting higher sales of merchandise based on several of our iconic franchises, including Mickey and Minnie, Spider-Man, Star Wars and Disney Princess.

本季度消費品營業收入增加，反映了基於我們的幾個標誌性特許經營權的商品銷售增加，包括米奇和米妮、蜘蛛俠、星球大戰和迪士尼公主。

Moving on to the Media & Entertainment Distribution segment. Second quarter operating income decreased by approximately $900 million versus the prior year as revenue growth of about $1.2 billion, primarily driven by Direct-to-Consumer was more than offset by higher expenses, including programming and production expenses at Linear Networks and Direct-to-Consumer, which came roughly in line with the guidance we gave last quarter. At our Linear Networks business, operating income in the quarter was $2.8 billion or roughly flat versus the prior year as modest growth at our domestic channels was offset by a decline at our international channels.

轉到媒體和娛樂分銷部門。第二季度營業收入較上年減少約 9 億美元，主要由直接面向消費者推動的約 12 億美元的收入增長被更高的支出（包括線性網絡和 Direct-to-消費者，這與我們上個季度給出的指導大致一致。在我們的線性網絡業務中，本季度的營業收入為 28 億美元，與上一年基本持平，因為我們國內渠道的適度增長被我們國際渠道的下滑所抵消。

Domestically, higher operating income at Broadcasting was partially offset by lower results at Cable. Broadcasting results benefited year-over-year from affiliate revenue growth in addition to higher advertising revenue due to the timing of the Academy Awards, which aired in Q2 this year versus Q3 last year. These impacts were partially offset by higher programming and production costs also driven by the timing of the Academy Awards.

在國內，廣播業務較高的營業收入被有線電視的較低業績部分抵消。與去年第三季度相比，今年第二季度與去年第三季度相比，奧斯卡頒獎典禮的時間安排導致廣告收入增加，此外，廣播結果也受益於聯盟收入的增長。這些影響被奧斯卡頒獎典禮的時間推動的更高的節目和製作成本部分抵消。

At Cable, lower operating income versus the prior year was primarily due to an increase in programming and production costs. The largest component of the increased cost was driven by 4 additional NFL games versus the prior year, consisting of 3 regular season games as well as the return of the Pro Bowl. These impacts were partially offset by growth in cable advertising and affiliate revenue. Advertising revenue at ESPN increased by over 30% in the quarter, and third quarter-to-date domestic cash advertising sales at ESPN are currently pacing up significantly benefiting from a return to a pre-COVID NBA schedule that is driving increased viewership and pricing. Total domestic affiliate revenue increased by 5% in the quarter. This was primarily driven by 7 points of growth from higher rates, partially offset by a 3-point decline due to a decrease in subscribers.

在 Cable，與上一年相比，營業收入下降的主要原因是節目和製作成本的增加。成本增加的最大部分是由於與上一年相比增加了 4 場 NFL 比賽，包括 3 場常規賽以及職業碗的回歸。這些影響被有線廣告和附屬收入的增長部分抵消。本季度 ESPN 的廣告收入增長了 30% 以上，ESPN 迄今為止第三季度的國內現金廣告銷售目前正顯著受益於恢復到 COVID 之前的 NBA 賽程，這推動了收視率和定價的增加。本季度國內分支機構總收入增長了 5%。這主要是由較高的費率帶來的 7 個增長點推動的，部分被訂閱者減少導致的 3 個點的下降所抵消。

Operating income at our international channels decreased versus the prior year, driven by lower affiliate revenue and an increase in programming and production costs, partially offset by advertising revenue growth. At Direct-to-Consumer, operating losses widened to almost $900 million due to higher losses at Disney+ and ESPN+ and lower operating income at Hulu. The higher losses at our DTC services were largely driven by higher programming and production expenses, in line with what we noted in our guidance last quarter.

我們國際頻道的營業收入較上年有所下降，原因是附屬收入下降以及節目和製作成本增加，但部分被廣告收入增長所抵消。由於 Disney+ 和 ESPN+ 的虧損增加以及 Hulu 的運營收入下降，直接面向消費者的運營虧損擴大至近 9 億美元。我們 DTC 服務的較高損失主要是由較高的節目和製作費用推動的，這與我們在上個季度的指導中指出的一致。

At Disney+, programming and production costs grew along with marketing and technology costs to support our growth around the world, partially offset by higher subscription revenue. We ended the quarter with nearly 138 million global paid Disney+ subscribers, reflecting close to 8 million net additions from Q1. A little over half of those net adds were from Disney+ Hotstar, which benefited from the start of the new IPL season towards the end of the second quarter. Internationally, excluding Disney+ Hotstar, we added over 2 million paid subscribers versus the first quarter with Latin America being the strongest contributor, driven by growth of the Combo+ offering.

在 Disney+，節目和製作成本隨著營銷和技術成本的增長而增長，以支持我們在全球的增長，部分被訂閱收入的增加所抵消。截至本季度末，我們擁有近 1.38 億全球付費 Disney+ 訂戶，反映出第一季度淨增加近 800 萬。超過一半的淨增加來自 Disney+ Hotstar，它受益於第二季度末新 IPL 賽季的開始。在國際上，不包括 Disney+ Hotstar，與第一季度相比，我們增加了超過 200 萬付費用戶，其中拉丁美洲是最強勁的貢獻者，這得益於 Combo+ 產品的增長。

Domestically, net adds of approximately 1.5 million reflect in part the success of tentpole content releases, including Turning Red and Moon Knight as well as the strength of our bundled and multiproduct offerings. ESPN+ ended Q2 with 22.3 million paid subscribers, a net increase of about 1 million versus Q1. Operating results decreased compared to the prior year due to higher sports programming costs and lower pay-per-view income, partially offset by subscription revenue growth. And at Hulu, which ended the second quarter with 45.6 million paid subscribers, higher subscription and advertising revenues versus the prior year were more than offset by higher programming and production, marketing and technology costs.

在國內，大約 150 萬的淨增加部分反映了 tentpole 內容髮布的成功，包括 Turning Red 和 Moon Knight 以及我們捆綁和多產品產品的實力。 ESPN+ 在第二季度結束時擁有 2230 萬付費用戶，比第一季度淨增加約 100 萬。由於較高的體育節目成本和較低的按次付費收入，經營業績較上年有所下降，部分被訂閱收入增長所抵消。在第二季度結束時擁有 4560 萬付費用戶的 Hulu，與去年相比，訂閱和廣告收入的增加被更高的節目和製作、營銷和技術成本所抵消。

Moving on to content sales, licensing and other. Results decreased by approximately $300 million versus the prior year, driven by lower TV and SVOD results, which we discussed in our guidance last quarter, in addition to a decrease in home entertainment results. As a reminder, these impacts are deliberately aligned with our strategic decision to utilize our content on our own direct-to-consumer services.

繼續進行內容銷售、許可等。由於電視和 SVOD 業績下降（我們在上個季度的指導中討論過），以及家庭娛樂業績下降，結果與上一年相比減少了約 3 億美元。提醒一下，這些影響是故意與我們在我們自己的直接面向消費者的服務上利用我們的內容的戰略決策相一致的。

Before I touch on a few things that we'd like you to keep in mind for the back half of the fiscal year, I'll quickly note 2 other relevant items for the second quarter. We recognized a revenue reversal of $1 billion related to the early termination of content licensing agreements with a customer in order to make that content available on our own direct-to-consumer services. Because substantially all of the consideration we received was recognized as revenue at the time that content was originally made available in previous years, we've recorded amounts to terminate the agreement net of remaining amounts of deferred revenue as a revenue reversal.

在我談到我們希望您在本財年下半年記住的一些事情之前，我將快速指出第二季度的其他兩個相關項目。我們確認了與提前終止與客戶的內容許可協議相關的 10 億美元的收入逆轉，以便在我們自己的直接面向消費者的服務上提供該內容。由於我們收到的幾乎所有對價都在前幾年最初提供內容時確認為收入，因此我們已將終止協議的金額扣除遞延收入的剩餘金額後記錄為收入轉回。

Finally, a note on the impact of some tax-related items on our Q2 EPS. Our diluted earnings per share, excluding certain items of $1.08, includes an adverse impact of approximately $0.11 due to the impact of higher effective tax rate on foreign earnings, including the impact of a recent change in U.S. tax regulations. It's worth mentioning that while our annual effective tax rate has generally been correlated with the U.S. statutory rate, there are many complex puts and takes in any given period, which can lead to these variances quarter-to-quarter. And we currently expect the full year tax rate could remain somewhat elevated above the U.S. statutory rate.

最後，關於一些稅收相關項目對我們第二季度每股收益的影響的說明。我們的攤薄每股收益（不包括 1.08 美元的某些項目）包括約 0.11 美元的不利影響，這是由於較高的有效稅率對外國收益的影響，包括最近美國稅收法規變化的影響。值得一提的是，雖然我們的年度有效稅率通常與美國法定稅率相關，但在任何特定時期內都有許多複雜的看跌期權和收益，這可能導致這些季度之間的差異。我們目前預計全年稅率可能仍高於美國法定稅率。

Now as it relates to the third quarter and the second half of fiscal 2022. At DPEP, closures at our Asia theme parks could adversely impact operating income in the third quarter by up to approximately $350 million versus the prior year. As a reminder, Hong Kong Disneyland was closed for the first 3 weeks of the quarter, Shanghai Disney has been closed quarter-to-date, and we do not yet have visibility to a reopening date.

現在，它與 2022 財年第三季度和下半年有關。在 DPEP，我們亞洲主題公園的關閉可能會對第三季度的營業收入產生不利影響，與去年相比高達約 3.5 億美元。提醒一下，香港迪士尼樂園在本季度的前 3 週關閉，上海迪士尼本季度迄今已關閉，我們尚無法確定重新開放的日期。

As we continue to strategically prioritize leveraging our content for our own services, we expect content sales, licensing and other operating results to decrease in the third quarter by approximately $150 million to $200 million versus the prior year. The expected decrease is primarily driven by declines in content licensing along with a continued decline in home entertainment results.

隨著我們繼續戰略性地優先利用我們自己的服務的內容，我們預計第三季度的內容銷售、許可和其他運營結果將比去年減少約 1.5 億美元至 2 億美元。預期的下降主要是由於內容許可的下降以及家庭娛樂結果的持續下降。

Direct-to-Consumer programming and production costs in Q3 are expected to increase by more than $900 million year-over-year, reflecting higher original content expense at Disney+ and Hulu, increased sports rights costs and higher programming fees at Hulu Live. At Disney+, while we still expect higher net adds in the second half of the year versus the first half, it's worth mentioning that we did have a stronger-than-expected first half of the year. Additionally, note that some of the Eastern European markets we're launching in towards the end of Q3, including Poland, are in regions being impacted by geopolitical factors.

第三季度直接面向消費者的節目和製作成本預計將同比增加超過 9 億美元，這反映了 Disney+ 和 Hulu 的原創內容費用增加、體育版權成本增加以及 Hulu Live 的節目費用增加。在 Disney+，雖然我們仍然預計下半年的淨增加值高於上半年，但值得一提的是，我們上半年的業績確實強於預期。此外，請注意，我們在第三季度末推出的一些東歐市場，包括波蘭，正處於受地緣政治因素影響的地區。

As it relates to content spend, we previously stated that we expect fiscal year 2022 cash content spend to total as much as $33 billion. We've adjusted that amount to as much as $32 billion to reflect a slightly slower cadence of spending than anticipated during the first half of the year. Note that we are still expecting a strong content slate in the back half of the year. And as Bob mentioned, we are confident in our long-term subscriber guidance of 230 million to 260 million Disney+ subs by fiscal 2024. We also still expect that Disney+ will achieve profitability in fiscal 2024.

由於與內容支出有關，我們之前曾表示，我們預計 2022 財年的現金內容支出總額將高達 330 億美元。我們已將此金額調整為高達 320 億美元，以反映今年上半年的支出節奏略低於預期。請注意，我們仍然預計今年下半年的內容會很強勁。正如鮑勃所提到的，我們對到 2024 財年 2.3 億至 2.6 億迪士尼+訂閱者的長期訂戶指導充滿信心。我們還預計迪士尼+將在 2024 財年實現盈利。

And with that, I'll turn it back to Alexia, and we would be happy to take your questions.

有了這個，我會把它轉回給 Alexia，我們很樂意回答你的問題。

Thank you, Christine. We are happy to be back here in person for this call, but to make it easier, I will help direct the questions. (Operator Instructions) And with that, operator, we're ready for the first question.

謝謝你，克里斯汀。我們很高興親自回到這裡參加這次電話會議，但為了方便起見，我將幫助提出問題。 （操作員說明）然後，操作員，我們準備好回答第一個問題了。

Your first question is from Brett Feldman with Goldman Sachs.

您的第一個問題來自高盛的 Brett Feldman。

Bob touched on pricing to some degree during his comments. So I thought we could come back to that. One of the questions we've been getting is, how do you think about the right cadence for revisiting pricing on Disney+ really when you can take price higher? It just seems like there's a lot of factors that would go into that, including the fact you'll be launching a new ad-supported tier. You're putting a lot more content onto the service. You've seen some increased competition. And obviously, there's some inflationary pressures, and I'm just not quite sure if you put all that to a pot what that yields in terms of how you're thinking about pricing.

鮑勃在評論中在某種程度上談到了定價。所以我想我們可以回到那個。我們得到的一個問題是，當您可以提高價格時，您如何看待重新審視 Disney+ 定價的正確節奏？似乎有很多因素會影響到這一點，包括您將推出一個新的廣告支持層。您在服務上添加了更多內容。你已經看到一些競爭加劇。顯然，存在一些通脹壓力，我只是不太確定你是否把所有這些都放在一個罐子裡，就你對定價的看法而言，這會產生什麼結果。

All right. Thank you. As you know, we launch with an extremely attractive opening price point on Disney+, and we've been very comfortable with the price-value relationship that we've offered. And as you know, as we increase our content investment, we believe that that's going to give us the ability to adjust our price by -- and still, at the same time, maintain that strong value proposition.

好的。謝謝你。如您所知，我們在 Disney+ 上以極具吸引力的開盤價推出，我們對我們提供的價格-價值關係感到非常滿意。如您所知，隨著我們增加內容投資，我們相信這將使我們能夠通過 - 同時仍然保持強大的價值主張來調整我們的價格。

You mentioned the Disney+ ad tier I think this is going to give us the ability to reach an even more broad audience as we expand Disney+ across multiple price points. And using some of our other services, we can see the additive nature of an ad-driven service that enables us to keep the price lower. Of course, that's made up for by the additional revenue that we would get per user on the advertising spending. So we believe that we can sort of move up and cascade up our net price over time given the tremendous value that we started with and the increased price-value relationship of all the new content, but we're pretty bullish about that. Thank you.

您提到了 Disney+ 廣告層，我認為隨著我們將 Disney+ 擴展到多個價位，這將使我們能夠接觸到更廣泛的受眾。使用我們的其他一些服務，我們可以看到廣告驅動服務的附加性質，使我們能夠保持較低的價格。當然，這可以通過我們從每位用戶的廣告支出中獲得的額外收入來彌補。因此，鑑於我們一開始的巨大價值以及所有新內容的價格-價值關係增加，我們相信隨著時間的推移，我們可以向上移動並逐步提升我們的淨價格，但我們對此非常看好。謝謝你。

Next question is from Ben Swinburne with Morgan Stanley.

下一個問題來自摩根士丹利的 Ben Swinburne。

A question and if I can, Alexia, just a clarification from the prepared remarks. On parks, as you know, you'll start to lap some really strong significant double-digit per-capita growth as you move through the rest of the summer and into the fall. And I'm just wondering, particularly given how focused everybody is on the economy and inflation, the consumer, if you're seeing any signs that would suggest that you're going to see substantial deceleration or even maybe not grow your per capita growth at the domestic parks. Just be curious on how you're thinking about the full year and as you lap these comparisons.

一個問題，如果可以的話，Alexia，只是對準備好的評論的澄清。如您所知，在公園裡，隨著夏季剩餘時間進入秋季，您將開始獲得一些非常強勁的顯著的人均兩位數增長。我只是想知道，特別是考慮到每個人對經濟和通貨膨脹、消費者的關注程度，如果你看到任何跡象表明你將看到大幅減速甚至可能不會增長你的人均增長在國內公園。只是好奇你如何看待全年以及在進行這些比較時。

And then I just wanted to come back, Christine, on the second half net adds. Are you still expecting a stronger second half at Disney+ than the first half and you're just calling out that maybe the relative comparison won't be as pronounced? I just wanted to make sure I understood what you -- we understood what you were saying.

然後我只是想回來，克里斯汀，在下半場網補充道。您是否仍然期望 Disney+ 的下半年比上半年更強勁，而您只是在呼籲相對比較可能不會那麼明顯？我只是想確保我理解你的意思——我們理解你在說什麼。

Bob, why don't you take the first half and then Christine can follow up?

鮑勃，你為什麼不上半場，然後克里斯汀可以跟進？

Okay. So we continue to see really strong demand, and we're encouraged by the trends that we're seeing, particularly as we're going to get some improvements to international visitation. But we're controlling our attendance, as Christine mentioned in her comments, using our reservation system to optimize the guest experience. But that domestic yield strategy, and we're also seeing it in Paris, is really exceeding our expectations.

好的。因此，我們繼續看到非常強勁的需求，我們對所看到的趨勢感到鼓舞，特別是因為我們將在國際訪問方面得到一些改善。但正如克里斯汀在評論中提到的那樣，我們正在控制我們的出勤率，使用我們的預訂系統來優化客人體驗。但是，我們在巴黎也看到了這種國內收益率策略，確實超出了我們的預期。

If you remember, last quarter, we mentioned that we had some high hopes for it, but we were seeing well above what we had anticipated. Well, I'm happy to say that in Q2 we're even, as you say, we're lapping those numbers again even higher. So we're very, very encouraged by the continuation of the trends that we're seeing in terms of the number of people. For example, that sign-up for Genie+, plus the willingness to come to our parks with our balanced reservation system, which really helps us sort of manage our price per day, if you will.

如果你還記得，上個季度，我們提到我們對它寄予厚望，但我們看到的遠高於我們的預期。好吧，我很高興地說，在第二季度，正如你所說，我們再次將這些數字拉得更高。因此，我們對我們在人數方面看到的趨勢的延續感到非常非常鼓舞。例如，Genie+ 的註冊，以及通過我們平衡的預訂系統來我們公園的意願，如果您願意的話，這確實有助於我們管理每天的價格。

So that domestic yield strategy has really structurally allowed us to increase that per-capita spending meaningfully without having to rely solely on raising ticket prices, and we don't see any end in sight for that.

因此，國內收益策略確實在結構上使我們能夠有意義地增加人均支出，而不必僅僅依靠提高票價，而且我們看不到任何結束的跡象。

Great. Ben, your question on net adds for the second half of the year. We still do expect an increase over the first half. However, the first half came in better than expected, so that delta that we had initially anticipated may not be as large. But we still do expect an increase in the second half to exceed the first half.

偉大的。 Ben，你在網上的問題增加了下半年的內容。我們仍然預計上半年會有所增長。然而，上半年的表現好於預期，因此我們最初預期的增量可能沒有那麼大。但我們仍然預計下半年的增幅將超過上半年。

Michael Nathanson with MoffettNathanson.

邁克爾·內森森與莫菲特·內森森。

I have 2. First would be, Bob, it seems that the equity markets are now focused on, kind of, the cost to achieve subscriber growth and maybe not just focused on the sub numbers as much as the cost to achieve. So I wonder, given the rising content costs you're seeing in things like sports and competition around the globe, how do you measure maybe the need to drive shareholder returns versus attaining those sub targets that were laid out in 2020? And how do you -- and how and when will you determine what the ROIC would be on maybe the next 100 million subs versus the first 100 million subs?

我有 2 個。首先是，鮑勃，股票市場現在似乎在某種程度上關注實現訂戶增長的成本，而不僅僅是關注子數量和實現成本一樣多。所以我想知道，鑑於您在全球體育和比賽等領域看到的內容成本不斷上升，您如何衡量推動股東回報與實現 2020 年制定的子目標的需求？你如何——以及你將如何以及何時確定 ROIC 可能是下一個 1 億訂閱者還是前 1 億訂閱者？

And then, Christine, can you talk a bit about any type of incremental margins at the parks? Very strong so far, halfway through the year. Any type of inflation on the parks that could limit maybe the margin growth we've seen at this point?

然後，克里斯汀，你能談談公園裡任何類型的增量利潤嗎？到目前為止非常強勁，今年過半。公園的任何類型的通貨膨脹可能會限制我們目前看到的利潤率增長？

So as you know, we're very carefully watching our content growth -- content cost growth. And we reaffirmed, as you heard earlier, our targets, our guidance on both subs and on profitability. So we think they move together. It's obviously a balancing act, but we believe that great content is going to drive our subs, and those subs then in scale will drive our profitability. So we don't see them as necessarily counter. We see them as sort of consistent with the overall approach that we've laid out.

如您所知，我們非常仔細地觀察我們的內容增長——內容成本增長。正如您之前聽到的那樣，我們重申了我們的目標，我們對潛艇和盈利能力的指導。所以我們認為它們是一起移動的。這顯然是一種平衡行為，但我們相信精彩的內容將推動我們的訂閱量，而那些規模龐大的訂閱量將推動我們的盈利能力。所以我們並不認為它們必然是相反的。我們認為它們與我們制定的整體方法是一致的。

We're extremely happy with the content that we've got both across the general entertainment option, which frankly is -- you heard that 50% of our subs are families without kids. And so at the same time, that relative content expenditure is a little cheaper than our typical franchise expenditure on a per-program basis. So even though we're adding a lot of content both in local, international markets and as well in the general entertainment area, it doesn't come at the per-title level, if you will, that we've been seeing sort of to date on our general franchise films.

我們對我們在一般娛樂選項中獲得的內容感到非常滿意，坦率地說，您聽說我們 50% 的訂閱者是沒有孩子的家庭。同時，相對的內容支出比我們在每個節目基礎上的典型特許經營支出要便宜一些。因此，即使我們在本地、國際市場以及一般娛樂領域都添加了大量內容，但如果你願意的話，它並沒有出現在每個標題級別，我們已經看到了迄今為止，我們的一般特許經營電影。

That said, we're balancing all 3. And we're very confident that going forward, we're going to hit both of those sub guidance and profitability guidance by bringing in the cost at a reasonable level relative to their ability to attract and retain our subs.

也就是說，我們正在平衡這三個方面。我們非常有信心，在未來，我們將通過將成本控制在相對於其吸引和保留我們的潛艇。

Michael, on the parks margins, as Bob said, we feel really good about the consumer demand and what we're seeing in the forward-looking bookings and everything else in the attendance levels. So we feel good about that portion of margins. The one that is more challenging is what we face with inflation. But we do pay close attention to all the recent inflationary pressures, and it covers everything from merchandise to food and beverage.

邁克爾，在公園的邊緣，正如鮑勃所說，我們對消費者的需求以及我們在前瞻性預訂中所看到的以及出席水平的其他所有方面感覺非常好。所以我們對那部分利潤感覺很好。更具挑戰性的是我們面臨的通貨膨脹。但我們確實密切關注近期所有的通脹壓力，它涵蓋了從商品到食品和飲料的方方面面。

I'll give you an example of something -- for those, we are actually always looking at mitigating impacts of rising costs. But I'll give you a good example of one that we are executing on, and that is the increased cost in fuel. We have a very robust fuel hedging program at Walt Disney World, and that reduces risk and minimizes volatility, reduces volatility in the cost of fuel. And so that -- while we suspended that program while the parks were shut, we have reopened that program and we are doing what we can to minimize the impact on that particular cost.

我會給你一個例子——對於那些，我們實際上一直在尋找減輕成本上升的影響。但我會給你一個我們正在執行的一個很好的例子，那就是燃料成本的增加。我們在華特迪士尼世界有一個非常強大的燃料對沖計劃，可以降低風險並最大限度地減少波動，減少燃料成本的波動。因此，雖然我們在公園關閉期間暫停了該計劃，但我們已經重新開放了該計劃，並且我們正在盡我們所能將對該特定成本的影響降至最低。

We do have the labor impacts. Rising wages is something everybody is dealing with and a tighter labor market. On the supply chain, our business isn't immune to the global supply chain challenges. And to the extent we experience any product availability impacts given strong demand that we're seeing, we're working with our suppliers to diversify some of our suppliers, and we're also working with shippers to expedite time to receive those through shipping.

我們確實有勞工影響。工資上漲是每個人都在處理的事情，也是勞動力市場趨緊的問題。在供應鏈上，我們的業務也不能倖免於全球供應鏈的挑戰。鑑於我們看到的強勁需求，如果我們遇到任何產品可用性影響，我們正在與我們的供應商合作，以使我們的一些供應商多樣化，我們還與托運人合作，以加快通過運輸接收這些產品的時間。

But right now, it's very difficult to accurately forecast the potential financial impact due to the fluidity of the situation. But you can trust that we are fully aware of it, and we're working hard to mitigate any pressure on the margins.

但目前，由於形勢的流動性，很難準確預測潛在的財務影響。但是您可以相信我們完全意識到這一點，並且我們正在努力減輕對利潤的任何壓力。

Jessica Reif Ehrlich with Bank of America.

美國銀行的傑西卡·雷夫·埃利希。

I have one big question, one multipart. Can you -- with the upfronts coming next week, can you give us some -- any color on how you're thinking about what this year's upfront will be like given changes in measurement, multiple platforms that you're selling across and, of course, the economy?

我有一個大問題，一個多部分。你能 - 下週即將到來的預付款，你能給我們一些 - 任何關於你如何考慮今年預付款的顏色，考慮到測量的變化，你銷售的多個平台，當然，經濟？

And staying with the theme on -- given your upcoming rollout of the AVOD platform for Disney+, you already have Hulu ad inventory, and as you're adding Disney+, do you think this will grow the pie overall for Disney advertising dollars? Or will this ultimately just drive share shift from traditional broadcast linear?

並保持主題不變-鑑於您即將推出迪士尼+的AVOD平台，您已經擁有Hulu廣告庫存，並且隨著您添加迪士尼+，您認為這會增加迪士尼廣告收入的整體份額嗎？或者這最終會推動傳統廣播線性的份額轉移？

Is it incremental or not? How are you thinking about that? And how much do you think that having an ad-supported service will increase overall TAM for subscribers?

是增量還是不增量？你是怎麼想的？您認為擁有廣告支持的服務會在多大程度上增加訂閱者的整體 TAM？

Okay. Let's see. I'm going to take the first part first. We're expecting a very positive reaction from advertisers overall. And as you suggest, this is a combination of our excitement around the Disney+ ad tier. They have been asking for this for years. And we also expect Hulu, as you know, which has been very strong for us at the same time, to be a key contributor of our performance at the upfront this year.

好的。讓我們來看看。我先講第一部分。我們期待廣告商的整體反應非常積極。正如您所建議的，這是我們對 Disney+ 廣告層的興奮的結合。他們多年來一直在要求這個。正如你所知，我們也希望 Hulu，同時對我們來說非常強大，將成為我們今年前期業績的關鍵貢獻者。

The other thing is that sports are going to continue to be in high demand. And so with the advertisers, we focused on the right deals that we've made over the past few years as well as our robust slate of original content shows and studio shows and original content games.

另一件事是，體育運動將繼續受到高需求。因此，對於廣告商，我們專注於我們在過去幾年中達成的正確交易，以及我們強大的原創內容節目、工作室節目和原創內容遊戲。

In terms of sort of the growing-the-pie idea, we believe that the value proposition of advertising with Disney+ is only enhanced with our addition of an ad-supported tier on Disney+. So we believe it's good for the consumer because it's going to give us another entry price point, but it's also going to be great for the advertisers. Our advertisers increasingly are looking for multiple platforms to reach a broader reach. And we think that as a company, we're going to provide that given our portfolio of streaming and our Linear Networks. So I think we're creating more avenues, both for consumer choice and for comprehensive advertising solutions, for our advertising customers at the same time.

就蛋糕的增長理念而言，我們認為，只有通過在 Disney+ 上添加廣告支持層，Disney+ 廣告的價值主張才會得到增強。因此，我們認為這對消費者有利，因為它將為我們提供另一個入門價格點，但對廣告商來說也將是一件好事。我們的廣告客戶越來越多地尋找多個平台來擴大覆蓋範圍。我們認為，作為一家公司，鑑於我們的流媒體和線性網絡產品組合，我們將提供這一點。因此，我認為我們正在為我們的廣告客戶同時為消費者選擇和綜合廣告解決方案創造更多途徑。

From Steven Cahall with Wells Fargo.

來自富國銀行的 Steven Cahall。

Just 2. Maybe first, Bob, what's holding you back from making ESPN+ a fully a la carte sports network? Disney historically has always been more aggressive in the pivot to streaming than some of the peers. We've already seen some of the peers put a lot of their key sports like the NFL on to streaming. You talked a lot about how much the bundle is working with Disney+ and Hulu. So just really wondering how you're thinking about all the content you've got on ESPN+ and what it would take to make that fully a la carte and drive the DTC strategy even harder.

只是 2。也許首先，鮑勃，是什麼阻礙了你讓 ESPN+ 成為一個完全點菜的體育網絡？從歷史上看，迪士尼在轉向流媒體方面一直比一些同行更具侵略性。我們已經看到一些同行將他們的許多關鍵運動（如 NFL）放到流媒體上。您談了很多關於該捆綁包與 Disney+ 和 Hulu 的合作程度。所以真的想知道你是如何考慮你在 ESPN+ 上獲得的所有內容的，以及如何才能完全做到點菜並推動 DTC 戰略更加努力。

And then Christine, I have asked this before, so I'm just going to try again. Of the $32 billion in content spend, any help in sizing maybe how much of that is either general entertainment or local content?

然後克里斯汀，我以前問過這個，所以我要再試一次。在 320 億美元的內容支出中，是否有助於確定其中有多少是一般娛樂內容或本地內容？

Okay. So as you know, on all of our Linear Networks, they're huge cash generators for us. So to some extent, we're doing a really good job of chopping down some of the debt that we've had to accumulate due to either acquisition or through the COVID challenge. And so the hesitancy to move too fast away from those is really a cash flow situation that I think puts our company in a healthier overall situation.

好的。如您所知，在我們所有的線性網絡中，它們都是我們的巨大現金發生器。因此，在某種程度上，我們在減少由於收購或 COVID 挑戰而不得不積累的一些債務方面做得非常好。因此，猶豫過快擺脫這些實際上是一種現金流狀況，我認為這使我們的公司處於更健康的整體狀況。

At the same time, we're very conscious of our ability to go more aggressively into the DTC area of ESPN. And so what we're doing is sort of putting one foot on the dock, if you will, and one foot on the boat right now. But we know that at some point when it's going to be good for our shareholders, we'll be able to fully go into an ESPN DTC offering the way that you described. And we fully believe that there is a business model there for us that's going to enable us to regain growth on ESPN+ in a full DTC expression. But at that point, obviously, that will have ramifications on immediate cash flow that we get from our legacy Linear Networks.

同時，我們非常清楚我們有能力更積極地進入 ESPN 的 DTC 領域。所以我們正在做的就是把一隻腳放在碼頭上，如果你願意的話，現在一隻腳放在船上。但我們知道，在某些時候，當它對我們的股東有利時，我們將能夠完全進入 ESPN DTC，提供您所描述的方式。我們完全相信，有一種商業模式可以讓我們在 ESPN+ 上以完整的 DTC 形式重新獲得增長。但到那時，顯然，這將對我們從傳統線性網絡中獲得的即時現金流產生影響。

Okay. Steve, to answer your question on that $32 billion of content spend and where it's going, remember back when we talked about that initially, we talked about it being about 1/3 in sports. That still remains. And when you think about the balance of that $32 billion, a meaningful amount of it will be enterprise-wide content budget that will be dedicated into investments into the general entertainment content that we can leverage across all of our various distribution platforms. When we say that, we mean linear, theatrical as well as direct-to-consumer.

好的。史蒂夫，要回答你關於 320 億美元內容支出及其去向的問題，請記住，當我們最初談論這個時，我們談到它大約是體育的 1/3。那仍然存在。當你考慮到這 320 億美元的餘額時，其中相當一部分將是企業範圍內的內容預算，這些預算將專門用於投資於我們可以在所有各種分發平台上利用的一般娛樂內容。當我們這麼說時，我們指的是線性的、戲劇的以及直接面向消費者的。

And as I mentioned earlier, our world-class creative teams are focused on creating content that will drive subscriber growth in targeted segments and deeper engagement across the platform. This includes leveraging our existing intellectual property. Also, we're intent on creating new franchises. You saw that in Encanto and investing in general entertainment, local language content and sports rights.

正如我之前提到的，我們世界級的創意團隊專注於創造內容，以推動目標細分市場的訂戶增長和整個平台的更深入參與。這包括利用我們現有的知識產權。此外，我們打算創建新的特許經營權。你在 Encanto 看到了這一點，並投資於一般娛樂、當地語言內容和體育權利。

I just want to -- even though you didn't ask about local language content, I do want to give you some perspective because we haven't provided this previously. But as Bob mentioned, we have about 500 shows in the pipeline for local content outside of the U.S. or English speaking. When you look at that 500, I'll give you some broad breakdowns. In the Asia Pacific region, including Southeast Asia, of that 500, 140 is in that region; in EMEA, it's 150; in India, it's 100; and in Latin America, it's 200. So we haven't given that before, but I think that also kind of breaks it up in the various regions that we are in outside of the U.S.

我只是想 -- 即使你沒有詢問本地語言內容，我也想給你一些觀點，因為我們以前沒有提供過這個。但正如鮑勃所提到的，我們有大約 500 個節目正在籌備中，用於美國以外的本地內容或英語。當您查看那 500 個時，我會給您一些廣泛的細分。在包括東南亞在內的亞太地區，這 500 家中有 140 家在該地區；在 EMEA，為 150；在印度，是 100；而在拉丁美洲，它是 200。所以我們之前沒有給出過，但我認為這在我們在美國以外的各個地區也有區別。

Next question is from Kannan Venkateshwar with Barclays.

下一個問題來自巴克萊銀行的 Kannan Venkateshwar。

A couple, if I could. So Bob, first, I guess, when we think about the streaming goal, if we are really looking at 240 million subs at the midpoint, with the new ad-supported streaming service, what proportion of the base do you expect will be on that tier versus normal premium tier, especially given the fact that now you may have to do more than 50 million subs a year to get to that goal given the trend lines for this year? So that would be the first one.

一對，如果可以的話。所以鮑勃，首先，我想，當我們考慮流媒體目標時，如果我們真的在中點看到 2.4 億訂閱者，使用新的廣告支持的流媒體服務，你期望的基礎比例是多少等級與普通高級等級相比，特別是考慮到現在您可能必須每年完成超過 5000 萬次訂閱才能實現這一目標，因為今年的趨勢線？所以這將是第一個。

And secondly, I don't think Disney has been able to release a movie in China since 2019. If you could just help us understand what the roadblocks there are and when we could see some change in that process?

其次，我認為迪士尼自 2019 年以來一直無法在中國發行電影。您能否幫助我們了解存在哪些障礙以及我們何時可以看到該過程中的一些變化？

Okay. I'm going to start with China. And the situation there has been very fluid, and as you probably guess, very complicated both from a business standpoint and from a political standpoint. But as you know, we've got a long record of success and a strong fan base for our brands and franchises in this market. And our most recent releases were Death on the Nile and Encanto. And we'll continue to submit our films for release.

好的。我將從中國開始。而且那裡的情況非常不穩定，正如您可能猜到的那樣，無論從商業角度還是從政治角度來看，都非常複雜。但如您所知，我們在這個市場上的品牌和特許經營權擁有悠久的成功記錄和強大的粉絲群。我們最近發布的是《尼羅河上的死亡》和《Encanto》。我們將繼續提交我們的電影以供發行。

And it's worth noting, I think, though, that at the time that we're having some difficulty in getting our films in China that Doctor Strange did extraordinary. We've just crossed $500 million in less than a week without this market. So we're pretty confident that even without China, if it were to be that we continue to have difficulties in getting titles in there, that it doesn't really preclude our success given the relatively lower take rate that we get on the box office in China than we do across the rest of the world.

值得一提的是，我認為，當時我們在中國上映電影時遇到了一些困難，奇異博士的表現非常出色。在沒有這個市場的情況下，我們在不到一周的時間內就突破了 5 億美元。所以我們非常有信心，即使沒有中國，如果我們仍然難以在中國獲得電影，考慮到我們獲得的票房相對較低的票房率，這並不會真正妨礙我們的成功在中國比我們在世界其他地方做的多。

Christine, do you want to talk about streaming?

Christine，你想談談流媒體嗎？

Sure. On streaming, right now, we have not disclosed a mix or expected mix of an ad-supported tier. So we don't have any additional details on that product, and that includes pricing as well. But when we expand Disney+ across multiple price points with this new Disney+ ad tier, we are able to reach an even broader audience, and we'll create more avenues for consumer choice. And this is a consistent theme that you've heard from us, having the consumer be our North Star.

當然。在流媒體方面，目前，我們尚未披露廣告支持層的組合或預期組合。因此，我們沒有關於該產品的任何其他詳細信息，其中也包括定價。但是，當我們通過這個新的 Disney+ 廣告層將 Disney+ 擴展到多個價位時，我們能夠接觸到更廣泛的受眾，我們將為消費者選擇創造更多途徑。這是您從我們那裡聽到的一致主題，讓消費者成為我們的北極星。

We'll continue to evaluate what makes sense for the service, our brand and our core principle of providing consumers with the maximum flexibility and choice. So we expect the advertising revenue we earn will contribute positively to our ARPU as we look to achieve our long-term profitability goals.

我們將繼續評估對服務、我們的品牌和我們為消費者提供最大靈活性和選擇的核心原則的意義。因此，我們預計我們賺取的廣告收入將對我們的 ARPU 做出積極貢獻，因為我們希望實現我們的長期盈利目標。

Question is from Philip Cusick with JPMorgan.

問題來自摩根大通的 Philip Cusick。

I have a couple of follow-ups, if I can. On parks, can you talk about where the parks are -- the U.S. parks are in terms of staffing and cost as well as the potential for upside or not in those domestic attendance numbers for customers?

如果可以的話，我有幾個後續行動。關於公園，你能談談公園在哪裡嗎？美國的公園在人員配備和成本方面，以及在國內游客人數方面是否有上升的潛力？

And then, Bob, if I can go back to your comment on ESPN going all online someday. I think most of us expect us to happen eventually. Clearly, that will be a huge change in the P&L at both DTC and linear. When that happens, does the overall profitability of the company take a hit for a year or 2? And how does the long-term sports on ESPN+ model work? And what's the structure of that versus what we've seen in the past of a purely linear model?

然後，鮑勃，如果有一天我可以回到你對 ESPN 全部上線的評論。我想我們大多數人都希望我們最終會發生。顯然，這將是 DTC 和線性損益表的巨大變化。當這種情況發生時，公司的整體盈利能力會受到一年或兩年的打擊嗎？ ESPN+ 模式上的長期體育運動是如何運作的？與我們過去看到的純線性模型相比，它的結構是什麼？

Christine, do you want to start with the first question? And then Bob second.

克里斯汀，你想從第一個問題開始嗎？然後是鮑勃。

Sure. On our parks business, we're obviously extremely pleased with our domestic parks operations and how they have come back robustly. But on domestic attendance, we are -- we could, but we're choosing to limit attendance using our reservation system. And once again, that goes back to us trying to balance demand and attendance throughout the year, not have days when consumers in the parks aren't enjoying the experience. So attendance is something that we're controlling, but we're doing it to have a better consumer experience.

當然。在我們的公園業務方面，我們顯然對我們的國內公園業務以及它們如何強勁復甦感到非常滿意。但是在國內出勤方面，我們是——我們可以，但我們選擇使用我們的預訂系統來限制出勤率。再一次，這可以追溯到我們試圖平衡全年的需求和出勤率，而不是公園裡的消費者不享受這種體驗的日子。因此，出勤率是我們正在控制的事情，但我們這樣做是為了獲得更好的消費者體驗。

And some of the things that we've brought back, we will continue to with additional capacity. But some capacity that we just brought back in April were things like the character meet-and-greets at our domestic parks. And we also brought back in April our Nighttime Spectaculars at the Disneyland Resort. And we'll also be opening a new attraction at Walt Disney World, Guardians of the Galaxy: Cosmic Rewind at the end of this month on Memorial Day weekend, and that is all new capacity, and we're really looking forward to having our guests experience that.

我們帶回的一些東西，我們將繼續增加容量。但我們剛剛在 4 月份帶回的一些容量是我們國內公園的角色見面會。我們還在四月份帶回了我們在迪士尼樂園度假區的夜間奇觀。我們還將在本月底陣亡將士紀念日週末在沃爾特迪斯尼樂園、銀河護衛隊：宇宙倒帶開放一個新景點，這是全新的容量，我們真的很期待我們的客人體驗到。

Okay. And on the ESPN question, we're not ready to share the specifics of our model in terms of how long it would take for us to reach profitability on that or the impact that it would have on our linear business. But I would emphasize that we're only going to do it if it's accretive to our shareholder value when it comes time to actually pull the trigger. But I can tell you that it will be the ultimate fan offering that will appeal to super fans that really love sports. And I think there's nobody but ESPN that, frankly, could actually pull that off.

好的。關於 ESPN 的問題，我們還沒有準備好分享我們模型的細節，比如我們需要多長時間才能實現盈利，或者它對我們的線性業務的影響。但我要強調的是，只有在真正扣動扳機的時候，它才能增加我們的股東價值，我們才會這樣做。但我可以告訴你，這將是吸引真正熱愛運動的超級粉絲的終極粉絲產品。而且我認為，坦率地說，除了 ESPN 之外，沒有人能真正做到這一點。

But we don't have a lot of specifics when it comes to structure. But we do believe that because sports is so powerful, in fact, in the last quarter, 46 of the top 50 most viewed programs on linear TV were sports. And obviously, ESPN dominates that. And I do believe that sports is the third leg of our domestic offerings in terms of our DTC offerings, and right now, that expression is through the bundle. And I think that could become very powerful for us going forward in the future.

但是在結構方面，我們沒有很多細節。但我們確實認為，由於體育如此強大，事實上，在上個季度，線性電視上收視率最高的 50 個節目中有 46 個是體育節目。顯然，ESPN 佔據了主導地位。而且我確實相信，就我們的 DTC 產品而言，體育是我們國內產品的第三站，而現在，這種表達方式是通過捆綁銷售的。我認為這對我們未來的發展可能會變得非常強大。

From Doug Mitchelson with Crédit Suisse.

來自瑞士信貸的 Doug Mitchelson。

So I guess 2 questions, if I could. Bob, you've continued to suggest a lot of confidence in Disney+ guidance. Can you talk about trends for churn and engagement for Disney+? And I'm not sure if you're willing to share how much of Disney+ viewing is new content versus library, just thinking as more and more new content starts to show up and ramp.

所以我猜2個問題，如果可以的話。鮑勃，你一直對 Disney+ 的指導充滿信心。您能談談 Disney+ 的流失和參與度趨勢嗎？而且我不確定您是否願意分享 Disney+ 的觀看量是新內容還是圖書館，只是想隨著越來越多的新內容開始出現和增加。

And then separately, and maybe this is for Christine, Alexia, you'll let me know. But I'm just curious what you think the international fee park margin potential because it peaked at 16% in fiscal '19. I think we're getting a pretty good idea that the domestic theme parks is going to be very, very profitable. But international is still a bit of a mystery. I know you've got some parks closed and there's some disruption, but you also have a good idea of what you're seeing in the U.S., how you could apply that overseas and what you've done with the cost structure during the pandemic. And also, if you look back at fiscal '19, sorry for making the question a little bit longer, but Hong Kong was shut down for part of the year; China was, what, in year 3. So I'm just curious if those international margins, do we think about the getting closer and closer to U.S. margins over time?

然後分開，也許這是給克里斯汀的，亞歷克西亞，你會告訴我的。但我只是好奇你認為國際收費公園的利潤率潛力如何，因為它在 19 財年達到了 16% 的峰值。我認為我們得到了一個很好的想法，即國內主題公園將非常非常有利可圖。但國際仍然有點神秘。我知道你們已經關閉了一些公園並且存在一些中斷，但你們也很清楚自己在美國看到的情況、如何將其應用到海外以及在大流行期間如何處理成本結構.而且，如果你回顧一下 '19 財年，很抱歉讓這個問題變得更長一點，但香港在今年的部分時間裡被關閉了；中國是，什麼，在第 3 年。所以我只是好奇，如果這些國際利潤率，我們是否會考慮隨著時間的推移越來越接近美國的利潤率？

Bob, Why don't you take the first half and then Christine can follow up on parks.

鮑勃，你為什麼不上半場，然後克里斯汀可以跟進公園。

Okay. In terms of our confidence in Disney+ guidance, as you probably know, we have a tremendous amount of data that we get on our DCC (sic) [DTC] platforms, things like the first view, what's the first view that somebody watches when they first come on to our platform, which is a pretty good proxy for maybe why they signed up. There's also the amount of time spent, the engagement scores and then, of course, the churn, information that you sort of look at.

好的。就我們對 Disney+ 指導的信心而言，您可能知道，我們在 DCC (sic) [DTC] 平台上獲得了大量數據，例如第一視角，人們觀看時的第一視角是什麼首先來到我們的平台，這可能是他們註冊的一個很好的代理。還有花費的時間量、參與度分數，當然還有流失率，你可以看到的信息。

And we've said this before in past earnings calls, but we're extraordinarily pleased with the low churn that we see, particularly given the bundle. The bundle is really efficient in terms of churn. And that gives us a lot of bullishness when it comes to the idea of bigger offerings from Disney.

我們之前在過去的財報電話會議中說過這一點，但我們對我們看到的低流失率感到非常滿意，特別是考慮到捆綁銷售。該捆綁包在客戶流失方面非常有效。當談到迪士尼提供更大產品的想法時，這給了我們很多樂觀。

So as we sort of take each of these elements, when we get a new piece of content, we'll look at first view, we'll look at engagement, we'll look at the amount of time they spend on it. And we can model. We can do a lot of modeling. And that modeling suggests that in addition to things like local market content, new content coming online, both in terms of general entertainment and from franchises as well as new markets being added that, that Disney+ guidance is going to be very achievable for us both in terms of the sub adds and in terms of the operating performance.

因此，當我們採用這些元素中的每一個時，當我們獲得一條新內容時，我們將查看第一個視圖，我們將查看參與度，我們將查看他們在其上花費的時間。我們可以建模。我們可以做很多建模。而且該模型表明，除了本地市場內容，新內容上線，無論是在一般娛樂方面還是來自特許經營權以及添加的新市場，迪士尼+的指導對我們雙方來說都是非常可實現的子條款和經營業績方面。

Okay. On international theme parks, Doug, on Asia, I think it's really too early for us to tell. And as you heard in my comments, we said that we could see a negative impact of Hong Kong and Shanghai of $350 million in the next quarter, so just keep that in mind.

好的。關於國際主題公園，Doug，關於亞洲，我認為現在說還為時過早。正如你在我的評論中聽到的那樣，我們說過下一季度我們可能會看到香港和上海的負面影響為 3.5 億美元，所以請記住這一點。

But it is a bit of a tale of 2 cities. I can give you some very positive trends we're seeing out of Disneyland Paris. So just like domestically, we're seeing very strong yield growth at Disneyland Paris. And we're looking forward to its continued recovery, particularly with the recent launch of their 30th anniversary celebration.

但這有點像2個城市的故事。我可以給你一些我們在巴黎迪斯尼樂園看到的非常積極的趨勢。因此，就像在國內一樣，我們看到巴黎迪士尼樂園的產量增長非常強勁。我們期待它的持續復甦，尤其是最近推出的 30 週年慶典。

Avengers Campus, that's the first new themed area of our multiyear expansion that we've talked about previously for DLP, that will open this summer. And what has already opened is the -- one of our large hotels over there, the New York Hotel, has been re-themed in a Marvel theme and Avengers theme. So that's very exciting. And our guests love staying there.

復仇者聯盟校園，這是我們之前為 DLP 討論過的多年擴張的第一個新主題區域，將於今年夏天開放。已經開業的是——我們在那邊的大型酒店之一，紐約酒店，已經重新以漫威主題和復仇者聯盟為主題。所以這非常令人興奮。我們的客人喜歡住在那裡。

So I think it's -- what we're seeing in Paris gives me hope. Hope is not a strategy, but it gives me hope that our other parks in Asia will see that same rebound when their COVID-related headwinds abate.

所以我認為這是——我們在巴黎看到的一切給了我希望。希望不是一種策略，但它讓我希望，當與 COVID 相關的逆風減弱時，我們在亞洲的其他公園也會看到同樣的反彈。

If I could just follow up, maybe the simple way to put it is, you've talked about the potential for higher park margins than previous peak. Would that apply to both domestic parks, and separately, international parks longer term?

如果我可以跟進，也許簡單的說法是，你已經談到了公園利潤率比之前的峰值更高的潛力。這是否適用於國內公園和單獨的國際公園？

Well, Doug, we've said it for domestic. I -- we're not going to update that for international. There's just too much uncertainty with the region in Asia that has 2 of our parks right now.

好吧，道格，我們已經為國內說了。我 - 我們不會為國際更新它。目前擁有我們兩個公園的亞洲地區存在太多不確定性。

From Michael Morris with Guggenheim.

來自古根海姆的邁克爾·莫里斯。

I have a couple on this advertising tier we're talking about for Disney+. My first is, can you share anything else on what remains to be done prior to the rollout, the implementation of that advertising tier? Are there assets you need to acquire? Or what are you building or anything like that given the pieces that you do already have in place through your ownership of Hulu, et cetera? So I'm curious about the advertising infrastructure.

我在我們正在談論的迪士尼+的這個廣告層上有幾個。我的第一個問題是，您能否分享在推出之前還有哪些工作要做，即廣告層的實施？您是否需要收購資產？或者，鑑於您通過擁有 Hulu 等已經擁有的部分，您正在構建什麼或類似的東西？所以我對廣告基礎設施很好奇。

And then the second, you touched on this a little bit, Christine, but I'm curious if you can share any more relative sizing of the ARPU potential of the ad-supported service. Given that Disney+ is still half the price of Netflix domestically, I'm curious if ad-supported ARPU could actually be higher than where you are right now and if this does present a catalyst for you to raise price on the ad-free service.

然後是第二個，克里斯汀，你稍微談到了這一點，但我很好奇你是否可以分享更多關於廣告支持服務的 ARPU 潛力的相對規模。鑑於 Disney+ 在國內的價格仍然是 Netflix 的一半，我很好奇廣告支持的 ARPU 是否真的會比你現在的水平更高，以及這是否會成為你提高無廣告服務價格的催化劑。

Bob, why don't you start and then Christine can finish.

鮑勃，你為什麼不開始，然後克里斯汀可以結束。

Okay. We're in really good shape in terms of being able to meet our timing with our Disney+ ad tier. And that's largely because we're already doing it. The combination of our ESPN+, streaming tech stack and our experience in Hulu and the software, we think that our current advertising capabilities really substantially prepare us to already bring this tier into operations. So there's nothing that we need to go acquire or, frankly, even in any significant way developing anything new. And that's due to the ongoing investments in technology that we've made over time to increasingly automate much of this process. And we've been looking forward to this for a while. So this is something that's well-greased, if you will. And our teams are hard at work at making that become a reality.

好的。就能夠滿足我們的 Disney+ 廣告層的時機而言，我們處於非常好的狀態。這主要是因為我們已經在這樣做了。結合我們的 ESPN+、流媒體技術堆棧以及我們在 Hulu 和軟件方面的經驗，我們認為我們當前的廣告能力確實為我們已經將這一層投入運營做好了充分的準備。因此，我們不需要去獲取任何東西，或者坦率地說，即使以任何重要的方式開發任何新的東西。這是由於我們隨著時間的推移對技術的持續投資，以使這一過程的大部分自動化程度越來越高。我們期待這個已經有一段時間了。因此，如果您願意的話，這是一種很好的潤滑。我們的團隊正在努力使這成為現實。

So on the incremental information you had touched pm our ad-supported tier. At this time, we haven't announced a price point for it. So we're not going to do that today. But we will continue to evaluate what makes sense for the service in terms of pricing. And I will say that you can look to our experience with Hulu and their ad-supported tier. We believe that this will contribute to ARPU. And we look at it as certainly something additive that will work towards achieving our long-term profitability goals.

因此，關於您在我們的廣告支持層中觸及的增量信息。目前，我們還沒有公佈它的價格點。所以我們今天不打算這樣做。但我們將繼續評估在定價方面對服務的意義。我會說你可以看看我們在 Hulu 和他們的廣告支持層上的體驗。我們相信這將有助於提高 ARPU。我們將其視為肯定會有助於實現我們的長期盈利目標的添加劑。

Okay. Thanks for the question, and I want to thank everyone for joining us today. Note that a reconciliation of non-GAAP measures that were referred to on this call to equivalent GAAP measures can be found on our Investor Relations website.

好的。感謝您提出問題，我要感謝大家今天加入我們。請注意，可以在我們的投資者關係網站上找到本次電話會議中提到的非 GAAP 措施與等效 GAAP 措施的對賬。

Let me also remind you that certain statements on this call, including financial estimates or statements about our plans, guidance, expectations, beliefs or business prospects or other statements that are not historic in nature, may constitute forward-looking statements under the securities laws. We make these statements on the basis of our views and assumptions regarding future events and business performance at the time we make them, and we do not undertake any obligation to update these statements. Forward-looking statements are subject to a number of risks and uncertainties, and actual results may differ materially from the results expressed or implied in light of a variety of factors.

我還要提醒您，本次電話會議上的某些陳述，包括財務估計或關於我們的計劃、指導、預期、信念或業務前景的陳述或其他非歷史性陳述，可能構成證券法下的前瞻性陳述。我們根據我們在做出這些陳述時對未來事件和業務績效的看法和假設做出這些陳述，我們不承擔更新這些陳述的任何義務。前瞻性陳述受許多風險和不確定性的影響，實際結果可能與根據各種因素明示或暗示的結果存在重大差異。

For more information about such factors, please refer to our Investor Relations website and the press release issued today as well as the risks and uncertainties described in our annual report on Form 10-K, quarterly reports on Form 10-Q and other filings with the Securities and Exchange Commission.

有關此類因素的更多信息，請參閱我們的投資者關係網站和今天發布的新聞稿以及我們的 10-K 表格年度報告、10-Q 表格季度報告和其他提交給證券交易委員會。

We want to thank you for joining us today and wish everyone a good rest of the day.

我們要感謝您今天加入我們，並祝大家度過美好的一天。