Disney 2023 Q1 Earnings Call
发布时间 2023-05-11 08:08:54 来源
Good day and welcome to the Walt Disney Company's second quarter, 2023 Financial Results Conference call. All participants will be in listen only mode. Should you need assistance, please signify conference specialists by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note the event is being recorded.
大家好，欢迎参加2023年沃尔特迪士尼公司第二季度财务业绩电话会议。所有参与者将在听模式下参加。如果需要帮助，请按*0键联系会议专员。在今天的演示结束后，有机会提问。如果要提问，请按电话键盘上的*1键。如果要撤回问题，请按*2键。请注意，本次事件正在录制。
I would now like to turn the conference over to Alexia Quadrone, Senior Vice President of Investor Relations. Please go ahead. Good afternoon. It's my pleasure to welcome everybody to the Walt Disney Company's second quarter, 2023 earnings call. Our press release was issued about 25 minutes ago and is available on our website at www.disney.com forward slash investors. Today's call is being webcast and the replay and transcript will also be made available on our website.
现在，我想将会议转交给投资者关系高级副总裁Alexia Quadrone，请开始。下午好。很高兴欢迎大家参加沃尔特迪斯尼公司2023年第二季度盈利电话会议。我们的新闻稿于25分钟前发布，并可在我们的网站www.disney.com/investors上获取。今天的电话会议正在网络直播，回放和文字记录也将在我们的网站上提供。
Joining me for today's call are Bob Eiger, Disney's Chief Executive Officer and Christine McCarthy, Senior Executive Vice President and Chief Financial Officer. Following comments from Bob and Christine, it will be happy to take some of your questions. So with that, let me turn the call over to Bob to get started.
今天的通话中，有迪士尼的首席执行官鲍勃·艾格和高级执行副总裁兼首席财务官克里斯汀·麦卡锡与我一同参加。在鲍勃和克里斯汀发表评论之后，我们很乐意回答您的一些问题。现在，我把话题交给鲍勃，开始讨论。
Thank you, Alexia and good afternoon everyone. Allow me to digress for a moment to congratulate Universal for the tremendous success of Super Mario Brothers. It certainly proves people love to be entertained in theaters around the world and it gives us reason to be optimistic about the movie business.
大家下午好，非常感谢Alexia。请允许我稍微离题一下，祝贺环球影业的《超级马里奥兄弟》取得了巨大的成功。这无疑证明了全球观众喜欢在影院里接受娱乐，同时也让我们对电影行业充满了乐观。
Now turning to our results. We're pleased with our accomplishments this quarter which are reflective of the strategic changes we've been making throughout our businesses. We're also proud of what we continued to deliver for consumers, from movies, to television, to sports news and our theme parks. A few recent highlights include Marvel Studios Guardians of the Galaxy Volume 3 which topped the global box office in its opening weekend with $289 million. The first round of the NBA playoffs was the most watched ever across Disney networks and we've been averaging 5 million viewers throughout the first 22 games up 15% versus the comparable point in last year's playoffs. ABC continued its run as the number one entertainment broadcast network for the fourth consecutive season and at our domestic parks we continued to improve the guest experience with our recent pricing changes and exciting new attractions including the reimagined Mickey's Tuntown at Disneyland and Tron Light Cycle Run at Walt Disney World.
现在，让我们来看看我们的成果。我们对这一季度的成绩感到满意，这反映了我们在各个业务领域进行的战略变革。我们也为我们为消费者持续提供的影片、电视节目、体育新闻和主题公园感到自豪。最近的几个亮点包括《漫威漫画守护者们3》在其首个周末以2.89亿美元的全球票房成为冠军；Disney网络播出的 NBA 季后赛首轮是历史上最受关注的，前 22 场比赛的平均观众人数为 500 万，比去年同期增长了 15%；ABC 电视台以第四个连续赛季成为最受欢迎的娱乐广播电视网络；我们的国内公园继续通过最新的定价策略和令人兴奋的新景点（包括在迪斯尼乐园重新设计的米老鼠小镇和在华特迪士尼世界推出的魔幻快轮）提高来宾的体验。
I've been back at the company for almost six months and in that time we've embarked on a significant transformation to strategically realign Disney for sustained growth and success. And please to say that the strategy we detailed last quarter is working. Our new organizational structure is returning authority and accountability to our creative leaders as well as allowing for a more efficient, coordinated and streamlined approach to our operations. The cost cutting initiatives are announced last quarter are well underway and we are on track to meet or exceed our target of $5.5 billion. We're delivering progress on the number of fronts including a reduction in streaming operating losses this quarter and I'm very optimistic about our direct to consumer business longer term.
我已经回到公司差不多六个月了，这段时间内我们着手进行了一项重要的改革，旨在为迪士尼实现持续增长和成功，我很高兴地说，上个季度我们详细说明的策略正在起作用。我们的新组织结构正在把权力和责任交还给我们的创意领袖，以及允许更高效、协调和简化的方法来操作。上个季度宣布的成本削减措施已经开始实施，我们正在按时或超过我们的55亿美元的目标迈进。我们正在在许多方面取得进展，包括本季度流媒体运营亏损的减少，我对我们的直接面向消费者业务长期非常乐观。
Combined our brands, franchises and robust library are a significant differentiator in the space and the meteoric subscriber growth we've seen since our launch three years ago only further reinforces that. As I think about our path forward in streaming we have a number of clear opportunities to further position our DTC business for success. First, as a significant step toward creating a growth business I'm pleased to announce that we will soon begin offering a one app experience domestically that incorporates our Hulu content via Disney Plus. While we continue to offer Disney Plus Hulu and ESPN Plus as standalone options this is a logical progression of our DTC offerings that will provide greater opportunities for advertisers while giving bundle subscribers access to more robust and streamlined content resulting in greater audience engagement and ultimately leading to a more unified streaming experience.
我们的品牌、特许经营权和强大的图书馆相结合，在这个领域中具有显著的差异化优势，而自我们三年前推出以来的爆发式用户增长更进一步证实了这一点。在考虑我们的流媒体服务未来发展的时候，我们有许多明确的机会来进一步为我们的DTC业务成功打造定位。首先，作为创造增长业务的重要一步，我很高兴地宣布我们将很快开始在国内推出一款应用程序，通过迪士尼加上将我们的Hulu内容整合在一起。虽然我们仍然提供迪士尼加和Hulu以及ESPN Plus的独立选择，但这是我们DTC产品线的一个合理进展，将为广告商提供更多机会，同时让包套餐订户访问更多强大、流畅的内容，从而提高受众的参与度，最终实现更统一的流媒体体验。
We will begin to roll out this one app offering by the end of the calendar year and we look forward to sharing more details in the future.
我们将在本年度结束前开始推出这个单一应用程序，并期待将来分享更多细节。
Despite the near term macro headwinds of the overall marketplace today the advertising potential of this combined platform is incredibly exciting and when you drill down into the details you can see why. Over 40% of our domestic advertising portfolio is addressable including streaming which we expect will continue to grow over time. We're also focused on the growth opportunity in programmatic advertising and we are well positioned to scale as the market improves and audiences continue to grow. We've added more than 1000 advertisers over the past year and now have 5000 advertisers across our streaming platforms with over a third buying advertising programmatically today. In addition we plan to launch our Ed Tier on Disney Plus in Europe by the end of this calendar year which will drive both increased inventory and revenue over the long term.
尽管当前市场存在宏观经济下行的挑战，但这个联合平台的广告潜力令人兴奋。当你深入研究细节时，就会明白为什么这样说。我们的国内广告组合中，超过40%是可寻址的，其中包括我们预计随着时间推移将继续增长的流媒体。我们还专注于程序化广告的增长机会，并且我们已经做好了随着市场改善和受众不断增长而扩大规模的准备。过去一年内，我们已经吸引了超过1,000个广告客户，现在我们在各种流媒体平台上拥有5000个广告客户，其中超过三分之一已经采用程序化方式购买广告。此外，我们计划在今年底在欧洲推出Disney Plus的Ed Tier，这将推动长期内的库存和收入增长。
The truth is we have only just begun to scratch the surface of what we can do with advertising on Disney Plus and I'm incredibly bullish on our longer term advertising positioning. Meanwhile the pricing changes we've already implemented have proven successful and we plan to set a higher price for our Ed free tier later this year to better reflect the value of our content offerings. As we look to the future we will continue optimizing our pricing model to reward loyalty and reduce churn to increase subscriber revenue for the premium Ed free tier and drive growth of subscribers who opt for the lower cost Ed supported option.
事实上，我们在Disney Plus上的广告只是刚刚开始探索，我非常看好我们的长期广告定位。同时，我们已经实施的定价变化已经被证明很成功，我们计划在今年晚些时候为我们的Ed免费层设置更高的价格，以更好地反映我们的内容提供的价值。随着我们展望未来，我们将继续优化我们的定价模型，以奖励忠诚度和减少流失，增加高级Ed免费层的订阅者收入，并推动选择更低成本Ed支持选项的订阅者增长。
Additionally I like to share a few other key areas where we see opportunities for improvements in our streaming business. First it's critical we rationalize the volume of content we're creating and what we're spending to produce our content. Second our legacy platforms enable us to expand our audiences and often augment our potential streaming success while at the same time allowing us to amortize our content costs across multiple windows. We also need to strike the right balance between our local and global programming as well as our platform and program marketing. Finally we must continue calibrating our investments in specific markets looking at the total addressable market and our food prospects and evaluating the profitability potential. All of these factors combined are why we are confident that we're on the right path for streaming long term profitability.
此外，我还想分享一些其他关键领域，在这些领域中我们看到了流媒体业务的改进机会。首先，关键在于理性化我们正在创造的内容数量和我们投入到内容制作中的资金。其次，我们的传统平台可以扩大我们的受众范围，并常常增强我们的流媒体成功潜力，同时允许我们将内容成本分摊到多个窗口。我们还需要在本地和全球节目制作以及平台和节目营销之间寻求合适的平衡。最后，我们必须继续校准我们在具体市场的投资，看总可寻址市场和我们的前景，并评估盈利潜力。所有这些因素的综合作用，使我们相信我们正在朝着长期盈利的流媒体道路上走向正确的方向。
The strength of our content the one app experience and the enormous advertising potential that comes with it. Rationalizing the volume of the content we make and what we're spending. Maximizing windowing opportunities. Re-calibrating our investments internationally. Perfecting our pricing model and consolidating our global streaming business under the leadership of Disney Entertainment, Co-chairman Alan Bergman and Dana Walden.
我们的内容实力是一款应用程序体验和随之而来的巨大广告潜力所在。我们需要理性地评估我们的内容量和开支状况。最大化窗口展示机会。重新调整我们在全球的投资。完善我们的定价模型，并将全球流媒体业务整合到迪士尼娱乐公司联席主席Alan Bergman和Dana Walden的领导下。
We're doing the essential work now to position our streaming business for sustained growth and success in the future.
我们正在进行必要的工作，以确保我们的流媒体业务在未来能够持续增长和取得成功。
Turning to our parks we see this business as a key growth driver for the company. This past quarter we've been especially pleased with the performance of our parks internationally. We have several international expansions underway that will allow our parks to continue to build capacity and drive longer term growth. At Disneyland Powers our Avengers campus has been a resounding success in its first year. And we have ongoing investment underway there including a frozen inspired land currently in development. Our Zootopia inspired expansion opens later this year at Shanghai Disney Resort. Irondale, the world of frozen expansion is set to open at Hong Kong Disneyland in the second half of 2023. And Tokyo Disney Resort, which is currently celebrating its 4th anniversary, will be opening the new frozen kingdom, Rapunzel's forest, and Peter Pan's Neverland in the coming year.
转向我们的公园，我们认为这是公司的一个关键的增长驱动因素。过去一个季度，我们对我们的国际公园的表现特别满意。我们正在进行几项国际扩张，这将允许我们的公园继续增加产能并推动长期增长。在迪士尼乐园动力上，我们的复仇者校园在第一年取得了巨大的成功。我们正在进行一项投资，包括正在开发的冰雪奇缘乐园。我们的疯狂动物城扩张计划将于今年晚些时候在上海迪士尼乐园开放。在2023年下半年，冰雪世界扩张将在香港迪士尼乐园开放。而目前正在庆祝其四周年的东京迪士尼度假区将在未来一年内开放新的冰雪王国，长发公主的森林和彼得·潘的梦幻岛。
Regarding our domestic parks we just announced additional changes coming in 2024 that will improve the experience for guests visiting Walt Disney World, including further expanding access for annual pass holders to visit on certain days without reservations, as well as removing the need for an additional reservation for guests with date-based tickets. This is just another example of how we're continuously listening to our guests in finding ways to improve their experiences. And we have a number of other growth and expansion opportunities at our parks and we're closely evaluating where it makes the most sense to direct future investments.
关于我们的国内公园，我们刚宣布将在2024年进行额外的改变，以提高游客在华特迪士尼世界的体验，包括更进一步扩大年度通行证持有者在某些日期内无需预订即可参观，并取消持有特定日期门票的客人需要额外预订的要求。这只是我们不断倾听客人意见，寻找改进方法的又一个例子。此外，我们在公园内还有许多增长和扩展机会，我们正在仔细评估，在哪些方面最有意义将未来投资引导。
Unyielding popularity of our world-class parks business and our unparalleled content powered by our brands and franchises is what sets Disney apart.
我们的世界级公园业务和由我们的品牌和特许经营权推动的无与伦比的内容的不屈不挠的受欢迎度是使迪士尼与众不同的特点。
From the very beginning 100 years ago our timeless stories and characters have been the key to our success and hold a special place in the hearts of generations of fans and families.
从100年前开始，我们永恒的故事和角色一直是我们成功的关键，并在粉丝和家庭的几代人心中占据着特殊的位置。
We're leaning into this across every segment of our business as illustrated with our strong summer slate of the Aschko releases including Disney's The Little Mermaid, Pixar's Elemental, and Lucasfilm's Indiana Jones and The Dial of Destiny.
我们在业务的每个领域都投入了力量，这一点体现在我们强大的夏季电影阵容上，其中包括迪士尼的《小美人鱼》、皮克斯的《元素》和卢卡斯影业的《印第安纳琼斯与命运之盘》。
As we've been looking at the structure of the company these past several months, what's become clear is that there is an enormous opportunity to harness our full potential by increasing alignment and coordination in marketing across our businesses. That's why I named Assad Ayaz our first ever chief brand officer in addition to his role as president of marketing for our studios.
在过去几个月我们一直在关注公司的结构，我们认识到增加市场部门的协调和统一精神会使我们的潜力得到充分发挥。因此，我任命Assad Ayaz为我们的首席品牌官，除了他在电影工作室中担任市场总裁的角色。
For years our businesses have been incredibly successful in marketing our content, experiences and products and now with greater integration of our touch points with consumers, especially streaming, we're able to be more efficient and more successful in reaching the right audiences with the right offerings from across our businesses.
多年来，我们的业务一直非常成功地推广了我们的内容、体验和产品，现在随着我们与消费者的接触点（尤其是流媒体）更加紧密地整合，我们能够更高效、更成功地向来自我们的各个业务的合适受众推广正确的产品和服务。
Disney means so much to so many people around the world. That's a privilege we take seriously and I know I speak for our terrific chairman, Alan, Dana, Jimmy and Josh, when I say that our goal is to continue finding innovative new ways that allow guests and audiences to have even deeper connections with us and that's why I'm so thrilled to be taking this more proactive approach to our brand and marketing work.
迪士尼对全世界的许多人来说意义重大。这是我们非常珍视的特权，我知道我们出色的主席艾伦、丹娜、吉米和乔什都与我一样，我们的目标是继续寻找创新新方法，让客人和观众与我们建立更深入的联系，这就是为什么我对于我们的品牌和营销工作采取更主动的方式感到非常兴奋。
With that I will turn things over to Christine.
我将把事情交给克里斯汀。
Thanks Bob and good afternoon everyone. Having certain items, fiscal second quarter, diluted earnings per share were 93 cents, a decrease of 15 cents versus the prior year, as improvements at DPEP and direct to consumer were more than offset by declines at our linear networks business.
大家下午好，感谢 Bob。在持有某些项目的情况下，本财季稀释后每股收益为 93 美分，相比去年同期下降了 15 美分，因为 DPEP 和直销业务的改善被我们的线性网络业务的下降所抵消。
As Bob mentioned, we are making excellent progress on our cost cutting initiatives and are on track to meet or exceed the efficiency targets we outlined last quarter. Thank you too, we took a restructuring charge of approximately $150 million, primarily related to severance. While we are continuing to refine our estimates, we currently expect to record additional severance charges of approximately $180 million over the remainder of this fiscal year, with a bulk of that additional charge expected in the third quarter.
正如Bob所提到的，我们在降低成本方面取得了很好的进展，并且正按照上个季度制定的效率目标计划或者超出计划的进展。谢谢大家的支持，我们进行了大约1.5亿美元的重组费用，主要是与裁员有关。尽管我们仍在不断完善估算，但我们目前预计在本财年剩余的时间里，我们将会再次进行约1.8亿美元的裁员费用，其中大部分额外费用预计会在第三季度发生。
We are in the process of reviewing the content on our DTC services to align with the strategic changes in our approach to content curation that you've heard Bob discuss. As a result, we will be removing certain content from our streaming platforms and currently expect to take an impairment charge of approximately $1.5 to $1.8 billion. The charge, which will not be recorded in our segment results, will primarily be recognized in the third quarter as we complete our review and remove the content. And going forward, we intend to produce lower volumes of content in alignment with this strategic shift.
我们正在审查我们的直接消费服务内容，以配合鲍勃讨论过的内容整合战略变化。因此，我们将会从我们的流媒体平台上移除某些内容，目前预计将会产生约1.5亿至1.8亿美元的减值损失。这笔损失将不会反映在我们的细分业绩中，主要会在我们完成审查并移除内容时在第三季度中认定。在此战略转型方向下，未来我们将会生产更少量的内容。
Now, to dive into our quarterly results by segment. Starting with our media and entertainment distribution business, a year over year decline in operating income was driven primarily by a $1 billion decrease at linear networks. DTC results improved versus the prior year and content sales licensing and other operating results in the second quarter declined modestly.
现在，我们来分别讨论我们每个季度的业绩成果。首先是我们的媒体和娱乐分销业务，年度运营收入下降主要是由于线性网络的收入减少了10亿美元。与去年相比，DTC业务的成绩有所改善，而第二季度的内容销售许可及其他运营结果则略微下降。
At linear networks, results were consistent with guidance given last quarter, driven by decreases of approximately $800 million at our domestic linear networks and $160 million at our international linear networks. Domestic results decreased at both cable and broadcasting. At cable, this was largely due to higher sports programming and production costs, which were driven by the timing of costs for the college football playoffs and the NFL we discussed last quarter.
在直线网络方面，本季度的业绩符合先前的指引，主要是由于国内直线网络下降了大约8亿美元，国际直线网络下降了1.6亿美元。有线电视和广播业务的业绩都出现下滑。在有线电视方面，主要是因为高昂的体育节目和制作成本，其中还包括我们上个季度讨论的大学橄榄球锦标赛和美国职业橄榄球联盟等成本的时间安排。
In addition to NBA contractual rate increases and higher sports production costs, lower broadcasting results reflected decreases in advertising revenue across the ABC network and our own television stations. Second quarter domestic linear network affiliate revenue decreased by 2% from the prior year, driven by a 6-point decline from fewer subscribers partially offset by 3 points of growth from contractual rate increases.
除了NBA合同费用的增加和更高的体育制作成本外，较低的广播效果反映了ABC网络和我们自己电视台的广告收入下降。第二季度国内线性网络附属收入与上年同期相比下降了2％，其中由于订户减少导致的6点下降部分抵消了合同费用增加3点的增长。
Rate growth was adversely impacted by 1 percentage point from the timing of revenue recognition from certain non-owned TV stations. Second quarter domestic linear advertising revenue declined 10% year over year, although ESPN ad revenue was up 2% or flat when adjusted for certain non-comparable items, including CFP timing.
由于某些非所有电视台收入确认的时机，增长率受到了1个百分点的不利影响。第二季度国内线性广告收入同比下降了10％，尽管ESPN广告收入同比增长了2％，或者在考虑某些不可比项目（包括CFP时间）后持平。
The sports advertising marketplace is currently stable, with quarter to date ESPN domestic linear cash ad sales pacing up. However, the overall entertainment advertising marketplace has been challenging. All the weakness has moderated somewhat, we anticipate that some softness may continue into the back half of the fiscal year.
目前，体育广告市场比较稳定，ESPN国内线性现金广告销售的季度步伐也有所加快。不过，整个娱乐广告市场一直处于挑战状态。虽然所有的不利因素都有所减弱，但我们预计在财年后半段还可能会继续出现一些弱势。
But as Bob mentioned, we are optimistic about our ability to continue to be a leader in advertising throughout the business cycle, particularly as it relates to our capabilities in addressable and programmatic. And we look forward to sharing more details at our upfront presentation next week.
正如Bob所说，我们对自己在整个商业周期中继续成为广告领域的领先者的能力感到乐观，特别是在可寻址和程序化广告方面的能力。我们期待在下周的推介会议上分享更多细节。
Social channels operating income decreased versus the prior year, driven by lower advertising revenue partially offset by lower programming costs.
与前一年相比，社交渠道的营收有所下降，主要是由于广告收入减少，但部分抵消了较低的编程成本。
Moving on to the director consumer, operating losses improved sequentially by approximately $400 million versus Q1. During the second quarter, Disney plus core subscribers grew modestly with over 600,000 net additions. More international subs increased by close to 1 million. While domestic subs declined slightly in the quarter from continued impacts from the price increase, domestic RPU increased sequentially by 20%, reflecting strong on subscription revenue growth. And while the softness we saw in Q2 domestic Disney plus net ads may linger into Q3, we do expect core sub growth to rebound in Q4.
对于消费者方面，我们的运营亏损表现在第二季度有所改善，较一季度减少了约4亿美元。在这个季度中，Disney+的核心订阅用户略有增长，净增加约60万人。而国际用户增加了近100万人。尽管由于价格上涨，本国用户略微减少，在本季度中，每位用户平均收入环比增长了20%，反映出订阅收入强劲增长。虽然我们在第二季度看到的Disney+本国用户净增长的疲软可能会延续到第三季度，但我们预计核心用户将在第四季度进行反弹增长。
At ESPN plus in Hulu, subscribers increased slightly over the prior quarter. Our Poo at Hulu was impacted by lower per subscriber advertising revenue in line with the comments we made last quarter regarding near-term softness in the addressable advertising space. GTC expenses, including programming and production costs, and SGNA declined in the second quarter versus Q1.
在Hulu的ESPN Plus，订阅人数略有增加。我们在Hulu的广告业绩受到了影响，每个订户的广告收入下降，这与我们上一季度对可寻址广告空间近期疲软的评论一致。在第二季度，GTC费用，包括编程和制作成本以及SGNA，较Q1有所下降。
Our director consumer operating results in Q2 outperformed our guidance by about $200 million due in part to timing shifts of marketing expenses driven by recent slate changes at Disney plus in Hulu. The shift of some of those costs into the third quarter will contribute to Q3 DTC operating losses widening by approximately $100 million versus Q2. As we have noted before, the path will not be linear. As the strategic changes and improvements we're executing on take time to deliver. But we remain confident in our long-term trajectory, with continued opportunities to further improve results given our content, duration strategy, planned price increases, expanding our relationships with our advertisers, and our ongoing discipline approach to costs.
我们在Q2的消费者运营结果表现超出了我们的指导预期约2亿美元，这部分归因于迪士尼加和Hulu的最新内容变化而导致的营销支出时间偏移。这些成本的部分转移到第三季度将导致Q3直接消费业务运营损失扩大约1亿美元，而不是Q2。正如我们以前所指出的，这条道路不会是线性的，因为我们正在执行的战略变化和改进需要时间来实现。但我们对我们的长期轨迹仍然充满信心，鉴于我们的内容、持续时间策略、计划的价格上涨、与广告客户的扩展关系以及我们对成本的持续自律方法，我们仍然有更多的机会进一步改善业绩。
At content sales licensing another, we generated a $50 million loss in the quarter, bit shy of our prior guidance that results would be roughly break even. Lower results in the second quarter versus the prior year were due to a decrease in TBS-LOD distribution results, partially offset by improved theatrical distribution results due to the continued success of Avatar, the way of water. In the fiscal third quarter, we anticipate this business's operating results will decline by $150 to $200 million versus a prior year, driven primarily by timing of the marketing of theatrical releases with key titles, elemental, and Indiana Jones and the Dial of Destiny, not premiering until very late in the quarter.
在版权销售业务方面，我们在季度中产生了5,000万美元的亏损，低于我们之前的指导预期接近盈亏平衡的结果。与去年同期相比，第二季度的低成绩是由于TBS-LOD 发布的结果下降，部分抵消了由于《阿凡达》和《水的方式》的持续成功而提高的剧院分销结果。在财政第三季度，我们预计这个业务的运营结果将比去年下降1.5亿到2亿美元，主要原因是受到了剧院发行的推销时间与关键标题的制约，如《元素》和《印第安纳琼斯与命运之盘》直到季度末才会首映。
Moving on to parks, experiences, and products, operating income increased by over 20% versus the prior year to $2.2 billion, with increases at both international and domestic parks and experiences, partially offset by lower merchandise licensing results at consumer products.
就公园、体验和产品方面而言，运营收入较去年同期增长了20%以上，达到22亿美元，国际和国内的公园和体验都有所增长，但消费品授权的销售额较低，部分抵消了这一增长。
Our international parks were a bright spot this quarter, with strong year-over-year operating income growth driven by higher attendance and improved financial results as Shanghai Disney Resort, Disneyland Paris, and Hong Kong Disneyland Resort.
我们的国际公园在本季度中表现出色，由于上海迪士尼度假区、巴黎迪士尼度假区和香港迪士尼乐园的高出勤率和改善的财务业绩，实现了强劲的年同比营业收入增长。
At domestic parks and experiences, operating income increased 10% versus the prior year, driven primarily by the continued post-pandemic recovery of our cruise line, partially offset by a comparison to a gain from a real estate sale in the prior year. Due to domestic parks operating income came in slightly below the prior year, but was still up over 50% versus 2019. Results generally reflect the cost pressures we cited in last quarter's earnings call, including wage increases, costs associated with new guest offerings, and other inflationary cost impacts.
在国内公园和体验方面，营业收入比去年同期增长了10%，主要是由于我们的邮轮持续后疫情恢复带来的推动，部分抵消了前一年的房地产出售收益比较。由于国内公园的营业收入略低于去年，但与2019年相比仍增长了50%以上。结果一般反映了我们在上一季度收益电话中提到的成本压力，包括工资增加、新客人提供所涉及的成本以及其他通货膨胀成本影响。
Public year-over-year increases in attendance and per capita spending were 7% and 2% respectively. Per capita growth was more moderate this quarter, as we are comparing against the first full quarter of offering Genie Plus and Lightning Lane at both parks in the prior year. Domestic parks and experiences operating margins were comparable to the prior year, one suggested for the impact of the prior year's real estate sale.
公园的参观人数和人均消费同比增长分别为7%和2%。这个季度的人均增长率较为适中，因为我们正在与前一年两个公园都开始提供Genie Plus和闪电通道的第一个完整季度进行比较。国内公园和体验的营业利润率与去年持平，其中一部分是由于去年房地产销售的影响所导致的。
Please keep in mind that in the back half of this fiscal year there will be an unfavorable comparison against the prior year's incredibly successful 50th anniversary celebration at Walt Disney World. We typically see some moderation in demand as we lap these types of events, and third quarter-day performance has been in line with those historical trends.
请记住，本财政年度的后半段将与前一年在华特迪士尼世界举行的令人难以置信的50周年庆典进行不利比较。我们通常会在这些活动结束后看到一些需求的缓和，第三季度的业绩也符合这些历史趋势。
This comparison coupled with inflationary cost pressures, including from a new union agreement, is expected to drive a modest adverse impact to domestic parks and experiences operating margins in the third quarter compared to the prior year. However, we expect the contribution from continued strong performance at our international parks in Q3 to result in de-pept segment-level operating margins that are slightly higher than the prior year. De-pept will continue to be a growth business for our company, and we will manage all of these factors in line with our enduring focus on our guests.
然而，此次比较加上通货膨胀的成本压力，包括一项新的工会协议，预计会对国内公园和体验业务在第三季度相对于去年同期的经营利润产生轻微不利影响。然而，我们预计在Q3国际公园持续强劲表现的贡献将导致de-pept部门级别的经营利润略高于去年同期。de-pept将继续成为我们公司的增长业务，我们将根据我们对客人的持久关注来管理所有这些因素。
Before we conclude, I would like to note a couple of items related to our expectations for the total company this year. For fiscal 2023, cash content spend company-wide is expected to remain roughly comparable to last year, excluding any potential impacts from the Ryder strike. And we expect that fiscal 2023 capital expenditures will total approximately $5.6 billion. This is lower than our prior guide of $6 billion, largely due to timing of projects at de-pept, as well as lower technology spend at de-med. We still expect fiscal 2023 revenue and operating income to grow in the high single-digit percent of range.
在我们总结前，我想提及几个关于今年总公司预期的事项。我们预计到 2023 财年，整个公司的现金支出将与去年大致相似，不包括任何可能由利得罗罢工产生的影响。我们预计 2023 财年的资本支出总额将达到约 56 亿美元。这比我们之前的指南 60 亿美元要低，主要是由于去皮减肥项目的项目时间和去医项目的技术支出降低。我们仍预计 2023 财年的收入和营业利润将在高个位数增长范围内增长。
There are still many moving pieces, including macroeconomic factors, the state of the global advertising market, and content timing shifts, which could impact our plans and expectations for the back half of this year. But as Bob mentioned earlier, we are incredibly optimistic about the long-term value creation opportunities that the changes we are currently executing on can generate for our company, and we look forward to keeping you updated on our progress. And with that, I will turn the call over to Alexia for Q&A.
尽管还有许多变动的部分，包括宏观经济因素、全球广告市场的状况和内容时机的变化，这些都可能影响我们今年下半年的计划和期望。但正如Bob之前提到的，我们对正在进行的变革所带来的长期价值创造机会非常乐观，并期待着向您更新我们的进展。现在，我将把电话交给Alexia进行问答环节。
Thanks, Christine. As we transition to Q&A, we ask you to please try to limit yourself to one question in order to help us get as many analysis possible today. And with that operator, we're ready for the first question. We will now begin the question and answer session.
谢谢，克里斯汀。在我们进入问答环节前，请尽量只提一个问题，以帮助我们今天尽可能地进行多项分析。接下来，操作员，请开始第一个问题。我们现在将开始问答环节。
To ask a question, you may press star then one on your telephone keypad. If you are using a speaker phone, please pick up your handset before pressing the keys. To withdraw your question, please press star then two.
如果您想提问，请按下电话键盘上的星号和数字键1。如果您正在使用免提电话，请在按键之前先拿起听筒。如果您想撤销您的问题，请按下星号和数字键2。
Our first question will come from Ben Flynnborn of Morgan Stanley. Thank you. Good afternoon. Bob, I wanted to ask you about what you learned on sort of two topics over the last several months. One is around the price increase on Disney+. You've sort of commented that you think it went well. Obviously, we can see the subscriber trends. And you sound optimistic that the company can continue to drive our pullover times. You just talk a little bit about what you've seen in the customer base and reaction and engagement that gives you confidence around pricing power for Disney plus looking ahead.
我们的第一个问题来自摩根士丹利的本·弗林伯恩。谢谢。下午好，鲍勃，我想问您在过去几个月中学到了两个话题的相关内容。其中之一是有关Disney+的价格上涨。您已经发表了您的看法，认为这一举措非常成功。显然，我们可以看到订阅趋势。您似乎对公司继续推动我们回购计划充满信心。您能否简单谈谈您在客户基础和反应方面看到的情况，以及关于Disney+未来定价权的信心来源？
And then a similar question around the cost rationalization and reorg at the company now that you're deep into that. What have you learned about the opportunity for that to drive better financial results for the company? And Christine sort of teased it that there might be more opportunities that may be exceed expectations. But do you think there's more to do, I guess, is the short question on the cost side. Thank you very much.
现在您已经深入了解公司的成本理性化和组织重组，那么关于这一点，还有类似的问题。您对此机会有什么学习？这是否有助于推动公司获得更好的财务业绩？克里斯汀暗示可能会有更多的机会超出预期。但我猜想，您认为成本方面是否还有更多需要做的事情？非常感谢。
Thanks, Ben. On the first question regarding price increases first, we were pleasantly surprised that the loss of subs due to what was a substantial increase in pricing for the non-ad supported Disney plus product was de minimis. It was some loss, but it was relatively small. That leads us to believe that we impact have pricing elasticity. With that in mind, I think one of the things that we not only have discovered, but that we believe we have to do is that we've got to widen the delta between the ad free service and the non-ad supported service.
谢谢，本。关于第一个问题关于价格上涨，我们感到惊喜的是，由于非广告支持的Disney Plus产品价格的相当大幅度上涨导致的用户流失很小，虽然确实有损失，但规模相对较小。这让我们相信我们具有一定的价格弹性。考虑到这一点，我们不仅发现，而且相信我们应该做的一件事情，就是要扩大无广告服务和非广告支持服务之间的差距。
Because we clearly would like to drive more subs to the ad supported service, which we did in the quarter, by the way. The obvious reason, because of the R-Poo potential of the ad service, Disney plus. In fact, as we look to this upfront, and after careful and considerable discussion with our sales team led by Rita Farrow, we see that there's going to be a substantial growth in digital advertising in this upfront, quite substantial, suggesting for the obvious reason because digital advertising is so attractive to advertisers that there's an opportunity for us to really lean into ad supported. Again, raising our prices on the ad free, keeping the prices on the ad supported relatively modest, maybe perhaps no increases, increasing the delta driving more subs in a higher R-Poo direction.
因为我们显然希望将更多用户引至广告支持服务。这是我们在上季度所做的事情。明显的原因是，迪士尼加上广告服务的潜在收益值得期待。实际上，我们认为在此领域，数字广告市场会有非常显著的增长，这从我们与由Rita Farrow领导的销售团队进行的仔细而深入的讨论中可以看出。这意味着显而易见的原因是数字广告对广告商非常具有吸引力，这为我们提供了一个真正倚靠广告支持业务的机会。因此，我们将提高广告免费阶段价格，同时将广告支持阶段的价格保持相对较低，或许不会有涨价，增加差额，推动更多用户向更高的Roo方向发展。
We're heartened by it, and we're optimistic. That is one of the strategies that we believe will help lead us ultimately to profitability and growth. Along with the second thing that you mentioned, which is the cost rationalization, and I'll tag team with Christine on this.
我们对此感到鼓舞，并持乐观态度。这是我们认为将最终帮助我们实现盈利和增长的策略之一。除了你提到的第二件事，即成本合理化，我会与克里斯汀合作解决这个问题。
Clearly, as she mentioned, we're on a path to meeting or exceeding the 5.5 billion in cost reductions that we mentioned last quarter. That comes in two categories, content spend and S-GNA. I'm going to let Christine handle the S-GNA, but on the content spend, we said at the time, most of that will come starting in 24 and leading into 25 because we were committed to so much content already in 23.
显然她提到的，我们正在朝着达到或超过上个季度提到的55亿美元的成本削减目标的路上前进。这分为两个类别，即内容支出和S-GNA。我让克里斯汀处理S-GNA，但在内容支出方面，我们当时表示大部分削减将从2024年开始，一直延续到2025年，因为我们在2023年已经承诺了如此多的内容。
I'll let Christine handle the timing of the S-GNA reductions and what potential impact that would have. Clearly, again, the price increases. Pushing more viewers, more subscribers to the ad supported and the cost containment are among the things we're doing to get the profitability.
我会让克里斯汀处理S-GNA削减的时间和可能的影响。显然，这会导致价格上涨。我们正在推动更多的观众和订阅者转向广告支持，并采取控制成本的措施来获得盈利。
Yeah, hi, Ben. I'll just further elaborate on some of the S-GNA progress that we've had. Thanks for picking up that. I did tease that by saying that we would need to receive our targets of 2.5 billion. As we've gotten into this, this has been great cooperation throughout the entire company, which has been really rewarding because we're looking at this.
嗨，Ben。我想进一步说明我们在S-GNA方面取得的一些进展。感谢你接电话。我之前说过我们需要达到25亿的目标，现在跟你详细说一下。我们已经开始合作了，整个公司都表现得很出色，这让我们感到非常满意，因为我们正在朝着目标前进。
Of course, there's the reality of headcount reductions and we're going through those. There's also other things that we're finding more and more opportunities on eliminating redundancies, looking at ways to become more effective by utilizing resources, people and other resources across other businesses. But we're really leaning into all the opportunities.
当然，人数减少的现实情况我们正在经历。另外，我们正在越来越多地发现消除冗余的机会，探索利用跨业务的资源、人力和其他资源更有效的方法。但我们真正倾向于抓住所有机会。
There's technology, which we've also seen a lot of good progress. Some of it will be, and I say some, will be realized in the balance of this year, really at the end of the fiscal year. But the real impact is going to help us in 24. But once again, since we're all into it, I think once again, having it be company-wide and having, you know, it be something that all of our business leaders have embraced, we're looking for a real comprehensive look throughout the S-GNA buckets.
我们现在已经看到了很多技术方面的良好进展。其中一些技术将在年底前落地。这些技术的真正影响将在24年发挥作用。然而，由于我们都已经投入了大量精力，我认为仍需要全公司的参与，并让所有业务领导人都积极推动，以实现对S-GNA各方面的全面审视。
And one more thing to add to that, Ben. We launched Disney Plus in many, many markets around the world, including many, very low arpour markets. And not only did we launch in those markets, but we spent a lot of money on marketing in those markets, and we spent money on local content. So as we rationalize this business, and we head in the direction of profitability, clearly we're looking at opportunities to reduce expenses in those markets where the revenue potential just isn't there.
还有一件事情要补充，本。我们在世界许多市场上推出了Disney Plus，其中包括许多ARPU非常低的市场。我们不仅在这些市场推出了产品，而且在这些市场上花了很多钱进行营销，并且还投资了本地内容。因此，当我们理性化这项业务并朝着盈利的方向前进时，显然我们正在寻找机会在那些收益潜力不在的市场上削减支出。
Thanks. Thank you both.
谢谢。谢谢你们俩。
这句话表达了感恩之情，向两位人表达感谢。尽可能用简单易懂的方式表达，以便被其他人理解。
Hi. Hi. Great to see you. The next question comes from Phil. Two-sick of JP Morgan. Please go ahead.
嗨，你好。很高兴见到你。下一个问题来自JP摩根的菲尔。请说。
Hi. Great to see you in the park soon. So, well, Christine, can you dig into the contribution from Shanghai and the public company, and where that is relative pre-COVID into its potential? And Bob Florida is such a big part of the value of the company, but you have this political issue that only seems to get more press. It seems like you're stuck with this fight.
嗨，很高兴很快在公园见到你。话说，克里斯汀，你能详细了解一下上海和上市公司的贡献以及与COVID前相比的潜力吗？而对于这家公司的价值而言，弗罗里达州是非常重要的一部分，但是你们似乎陷入了这场只会引起更多关注的政治问题中。感觉你们陷入了斗争无法自拔。
So how should investors think about the risk, both the near term and long term business for Disney? Thank you.
那么投资者应该如何考虑迪士尼的风险，无论是短期还是长期业务？谢谢。
Hi, Phil. Yeah, let me address our results, Sean. Hi. They were incredibly positive this quarter. We've been really gratified to see the bounce back from the pandemic closures that we had. We're not going to get into too many specifics, but suffice it to say that the businesses doing extremely well on both an attendance and a per-cap basis.
嗨，菲尔。是的，让我谈谈我们的业绩，肖恩。你好。这个季度我们的业绩非常出色。我们非常感激我们经历疫情关闭后的反弹。我们不会谈太多细节，但足以说明业务在观众和人均收入方面都表现非常出色。
We see that momentum continuing, and we also have some new attractions. We've talked about Zootopia coming later this year, and we believe that that is going to drive even further attendance and spending at the park. But Shanghai is doing extremely well, and we've been really gratified to see that bounce back. Like I said, it was closed for quite a long period of time during the pandemic.
我们看到动力持续增长，我们也有一些新的吸引力。我们已经谈论过《疯狂动物城》将在今年晚些时候上映，我们相信这将进一步推动公园的参观量和消费。但是上海的情况非常好，我们很欣慰地看到其回弹。就像我所说的，它在疫情期间关闭了相当长的时间。
Regarding Florida, I got a few things I want to say about that, Phil. First of all, I think the case that we filed last month made our position in the facts very clear. And that's really that this is about one thing and one thing only, and that's retaliating against this for taking a position about pending legislation. And we believe that in us taking that position, we are merely exercising our right to free speech.
关于佛罗里达州，我有几件事想对你说，菲尔。首先，我认为我们上个月提起的案件已经非常清晰地阐明了我们的立场和事实。实际上，这只是关于一件事，那就是对我们因表达对待未决立法的立场而进行报复。我们认为，在表达我们的立场时，我们只是在行使我们的言论自由权利。
Also this is not about special privileges or a level playing field or Disney in any way using its leverage around the state of Florida. But since it's been a lot said about special districts and the arrangement that we had, I want to set the record straight on that too. There are about 2000 special districts in Florida, and most were established to foster investment and development, where we were one of them.
这句话的意思是，这并不是关于特权或公平竞争或迪士尼在佛罗里达州利用其影响力的事。但由于有许多关于特别行政区和我们所拥有的安排的说法，我也想在这方面澄清一下。佛罗里达州有大约2000个特别行政区，其中大多数都是为了促进投资和发展而设立的，我们也是其中之一。
It basically made it easier for us and others, by the way, to do business in Florida. And we built a business that employees, as we've said before, over 75,000 people and attracts tens of millions of people to the state. So while it's easy to say that the really creek special district that was established for us over 50 years ago, benefited us, it's misleading to not also consider how much Disney benefited the state of Florida. And we're also not the only company operating a special district. I mentioned 2000, the day's tone of speedway, it has one, so do the villages, which is a prominent retirement community and their countless others. So the goal here is leveling the playing, if the goal is leveling the playing field, then a uniform application of the law or government oversight of special districts needs to occur or be applied to all special districts. There's also a false narrative that we've been fighting to protect tax breaks as part of this. But in fact, we're the largest taxpayer in central Florida, paying over 1.1 billion in state and local taxes last year alone. And we pay more taxes, specifically more real estate taxes, as a result of that special district. And we all know there was no concerted effort to do anything to dismantle what was once called really creek special district until we spoke out on the legislation. So this is plainly a matter of retaliation while the rest of the Florida special districts continue operating basically as they were. And I think it's also important for us to say our primary goal has always been to be able to continue to do exactly what we've been doing there, which investing in Florida. We're proud of the tourism industry that we created. And we want to continue delivering the best possible experience for guests going forward. We never wanted or and we certainly never expected to be in the position of having to defend our business interests in federal court, particularly having such a terrific relationship with the state as we've had for more than 50 years. And as I mentioned on our shareholder call, we have a huge opportunity to continue to invest in Florida. I noted that our plans were to invest 17 billion over the next 10 years, which is what the state should want us to do. We operate responsibly. We pair fair share taxes. We employ thousands of people. And by the way, we pay them above the minimum wage substantially, above the minimum wage dictated by the state of Florida. We also provide them with great benefits and free education. So I'm going to finish what is obviously kind of a long answer by asking one question. Is the state want us to invest more, employ more people, and pay more taxes or not? Thanks.
这基本上使我们和其他人更容易在佛罗里达州经商。我们建立了一家公司，过去已经雇用了超过75,000人，并吸引了数千万人来到这个州。因此，虽然很容易说50多年前为我们建立的Really Creek特别区有利于我们，但不考虑迪士尼对佛罗里达州的贡献是误导的。我们也不是唯一经营特殊地区的公司。我提到了Daytona Speedway和一个著名的退休社区“村庄”，以及其他无数特殊地区。因此，如果目标是打破这个局面，就需要对所有特殊地区进行统一的法律应用或政府监管。还有一种错误的说法是，我们一直在努力维护税收减免。但事实上，我们是中佛罗里达州最大的纳税人，仅去年就缴纳了11亿美元的州和地方税款。由于这个特殊区，我们支付更多的税，特别是房地产税。我们都知道在我们发言反对该法案之前，没有任何明确的努力去摧毁Once Call Really Creek特别区。所以，这显然是一种报复，而佛罗里达州的其他特殊区继续像过去一样运作。我们的主要目标始终是继续在佛罗里达州投资。我们为我们创造的旅游业感到自豪，并希望继续为客人提供最好的体验。我们从未希望或预料到会处于为捍卫我们的商业利益而在联邦法院辩护的位置，特别是我们和该州保持了超过50年的良好关系。正如我在我们的股东电话会议上提到的那样，我们有巨大的机会继续投资佛罗里达州。我指出，我们的计划是在未来10年投资170亿美元，这正是该州希望我们做的。我们经营负责任，我们支付公平的税款，我们雇用数千人。我们为他们支付高于佛罗里达州规定的最低工资的薪资，并为他们提供优厚的福利和免费教育。因此，我要用一个问题结束这个明显有些冗长的回答。该州是否希望我们投资更多、雇用更多人并缴纳更多税款？谢谢。
Thanks, Bob. Happy the next question, please.
谢谢，鲍勃。接下来的问题，请问。
The next question comes from Michael, Nathanson of Moppet, Nathanson. Please go ahead. Thanks.
下一个问题来自于Moppet, Nathanson的Michael Nathanson，请发问。谢谢。
I have two. Bob, first few is, where is the impact of the slowdown in your GTC content spending will have on global subscriber growth? And then what does the move to one app in the US offers a solution? And Christine, any help on future cash content spending? You said this year is flat. Is this the peak year? And then we start seeing the decline from this year. Any help there? I think you should cash content spending will be helpful. Thanks.
我有两个问题。Bob，首先是，在你们GTC内容支出减缓的影响下，全球订阅增长会受到多大的影响？接着，美国推出一款应用将提供哪些解决方案？Christine，你能对未来的现金内容支出提供一些帮助吗？你说今年是平稳的，这是峰值年吗？然后我们会从今年开始看到下降吗？我认为现金内容支出会有所帮助。谢谢。
简单易读版：
我有两个问题。Bob，你们GTC内容支出减缓会对全球订阅增长造成多大影响？美国推出的一款应用会提供什么解决方案？Christine，未来的现金内容支出会怎么样？你说今年不会变化，是不是以后会有下降趋势？我认为现金内容支出很重要。谢谢。
Michael, when we launched the service, let me remind everyone it was only three and a half years ago. So we're still a startup in many ways. The goal was, you know, global subs. And we wanted to flood the so-called digital shelves with as much content as possible to achieve, obviously, as much sub-growth as possible. And now, as we grow the business in terms of the global footprint, we realized that we made a lot of content that is not necessarily driving sub-growth. And we're getting much more surgical about what it is we make. So as we look to reduce content spend, we're looking to reduce it in a way that should not have any impact at all on subs. We believe that there's an opportunity for us to focus more on real sub-drivers.
迈克尔，当我们推出这项服务时，我想提醒大家，那只是三年半之前的事情。因此，在许多方面上，我们仍然是初创公司。我们的目标是尽可能拥有全球订阅者，并希望尽可能涌入所谓的数字货架，以实现尽可能多的订阅增长。而现在，随着我们在全球范围内扩展业务，我们意识到我们已经制作了许多并不一定能推动订阅增长的内容。因此，我们正在更加精细地考虑我们所制作的内容。我们希望在减少内容支出时，不会对订阅产生任何影响。我们相信，有机会让我们更加专注于真正推动订阅的内容。
And one interesting example, and I should also throw marketing in too, where when you make a lot of content, everything needs to be marketed. You're spending a lot of money marketing things that are not going to have an impact on the bottom line, except negatively, due to the marketing costs. One thing we also know is that our films, those that are released theatrically, big tentful movies in particular, are great sub-drivers. But we were spreading our marketing costs so thin that we were not allocating enough money to even market them when they came on the service, as witnessed by the ones that are coming up, including Avatar, Little Mermaid, Guardians of the Galaxy, Indiana Jones, Elemental, etc., where we actually believe we have an opportunity to lean into those more, put the right marketing dollars against it, allocate more from, basically away from, programming that was not driving any subs at all.
有一个有趣的例子，也是我应该提到营销的地方，当你制作大量内容时，所有内容都需要营销。你花费了很多钱来营销那些对最终收益没有影响（除了负面影响），由于营销成本过高。我们也知道，我们的电影，特别是那些在影院上映的大篷车电影，是很好的增加订阅人数的因素。但我们把营销成本分散得太薄，以至于我们在这些电影上市时甚至没有分配足够的资金来进行营销，就像即将推出的电影，包括《阿凡达》、《小美人鱼》、《银河护卫队》、《印第安纳琼斯》、《元素》等，我们实际上认为我们有机会做得更好一些，通过对其进行正确的营销投入更多的资金，从没有增加订阅的编程中分配更多的资金。
So I guess this is part of the maturation process. As we grow into a business that we had never been in, we're learning a lot more about it, specifically we're learning a lot more about how our content behaves on the service, and what are these consumers want?
所以我想这是成熟过程的一部分。随着我们成长为一个我们从未接触过的业务，我们正在学习更多关于它的知识，特别是关于我们的内容在服务上的表现以及这些消费者想要什么？
Hi, Michael. I'll address your question on content spend. As you know, this is an area that Bob is spending a lot of time working with our creative teams on. But when you think about that $30 billion overall in Bob's targeted, a annualized saving in the $3 billion range, I just want to remind everyone that the sports component of that amount is now over 30 percent, you know, just due to the contractual rate increases that we've had in our contract rights, our sports rights.
嗨，迈克尔。我来回答你对内容开支的问题。正如你所知，鲍勃正在花费很多时间与我们的创意团队一起工作，但当你考虑到鲍勃的目标总额为300亿美元时，年度节约大约30亿美元。我只是想提醒大家，在这个数额中，体育组成部分已经超过30％，这是由于我们合同权利和体育版权的合同费用增加所致。
The other thing is in fiscal 23, we said that we're going to be roughly comparable to last year. Remember last year we came in slightly below 30 billion, and this estimate does not include any potential impacts from the writer's strike. So we have not estimated that because that's a new development and we haven't really quantified what that would be because we don't know how long it's going to last. But in general, what we're really doing is looking at a lower volume of content, as I mentioned in my comments, and Bob is once again going through all of the development slates, they're really looking at not only our Disney branded, but also a more curated approach to our general entertainment content.
另外一件事是在财政23年，我们说我们的业绩将与去年大致相当。请记得，去年我们的业绩略低于300亿美元，这个估计并没有包括任何潜在的作家罢工的影响。所以我们没有估计这个，因为这是一个新的情况，我们也没有真正量化它会有什么影响，因为我们不知道它会持续多久。但总的来说，我们真正做的是看着更少的内容出版，正如我在我的评论中提到的那样，鲍勃再次审核了我们所有的开发计划，他们不仅关注迪士尼品牌，而且还采取更加精选的方法来处理我们的一般娱乐内容。
Operator, next question please. The next question comes from Jessica Reis, her luck of BSA securities. Please go ahead. Thank you. Bob, you mentioned that in the upfront you will take a bigger share, or I mean, you'll lean heavily into digital or avod. I'm just wondering, in the face of accelerating, pay TV, universe decline, is that enough to accept many or losses, or when will it be enough to accept many or losses and start to drive growth? And in the sub-universe decline thought, just wondering if you can give us your updated thoughts on ESPN and how it transitions or when it transitions to ESPN plus.
操作员，请下一个问题。下一个问题来自BSA证券的杰西卡·莱斯。请发言。谢谢。鲍勃，你提到在预付款方面，你将会占据更大的份额，或者说你将会更加重视数字或AVOD。我只是想知道，在付费电视普及下降的情况下，这是否足够承受许多损失，或者什么时候才足够承受许多损失并开始推动增长？在子宇宙下降的思考中，只是想知道你能否给我们更新一下关于ESPN的想法，以及它何时转向ESPN Plus。
Well, I'll address the ESPN first. We haven't really changed our position regarding basically migrating ESPN's flagship service as a direct to consumer or streaming platform. We think there's an inevitability to that, but it's a huge decision for us to make, and we know that we've got to get it right both in terms of pricing and timing. And obviously, that has not only a direct impact on the linear channels, but it will have an even greater impact on it if we were to do that.
首先，我想谈谈ESPN。我们基本上没有改变关于将ESPN的旗舰服务迁移到直接消费或流媒体平台的立场。我们认为这是不可避免的，但这对我们来说是一个巨大的决定，我们知道我们必须在定价和时间方面做出正确的选择。显然，这不仅对线性频道直接产生影响，而且在我们决定这样做时会产生更大的影响。
What we see going on in linear networks is, you know, I'm not saying anything that you don't know, is we're seeing both sub-declines and advertising weakness. And it's created, you know, worrisome circumstance for us because it's obviously having such a negative impact on the economics of that business. And that's forcing us to take a look at the cost structure of those channels, which ultimately comes down probably more than anything, just spending on programming. But the client of the business is, by the way, something that we predicted starting in 2015-16, which is why we got into the streaming business to begin with. But the declines that we're seeing, you know, put even more pressure on us to turn that streaming business into a profitable growth business for us.
在线性网络中，我们看到的是，我并没有说出你不知道的事情，我们看到的是下降和广告的弱点。这已经给我们带来了令人担忧的情况，因为它对该业务的经济产生了如此消极的影响。这迫使我们审视这些频道的成本结构，最终可能会归结为节目支出。但业务的客户端，顺便说一下，这是我们在2015年至2016年预测的，这就是我们开始涉足流媒体业务的原因。但我们所看到的下滑情况，使我们更加努力地把流媒体业务转变为我们的盈利增长业务。
And that's why all of the steps that we're taking, both in terms of the organizational structure, the cost reductions, the marketing changes, the changes in how we program the average for being into advertising. We've also, by the way, Jessica, we've invested a fair amount in the technology needed to serve advertisers digitally much more effectively with automated sales functionality and delivering in a very, very granular way exactly what advertisers want. So we're very bullish about leaning into digital advertising. We're bullish about how we're positioned there. We're bullish about Disney Plus and Hulu and that combination, by the way.
因此，我们采取的所有措施，包括组织结构、成本削减、市场营销变化、以及如何将平均价格投放到广告中的变化，都是出于这个原因。顺便说一下，Jessica，我们在数字广告服务方面投入了大量技术，以更有效地通过自动化销售功能为广告客户服务，并以非常细致的方式提供他们所需要的。因此，我们对数字广告非常乐观，对我们在这个领域的定位也非常乐观。我们对Disney Plus和Hulu的组合也非常乐观。
We think that by making Hulu available as a one app experience, we'll increase engagement and increase our opportunity in terms of serving digital ads and growing our advertising business. All things are kind of connected, ESPN to the long term health of the bundle, the growth and the need to grow streaming as a reaction to the deterioration of linear businesses and of course all the steps that we've been taking to get to profitability.
我们认为通过将Hulu作为一个应用程序提供，我们将增加用户的参与度，同时为数字广告服务和广告业务的增长提供更多的机会。所有这些事情都是相互连接的，ESPN对于捆绑业务的长期健康、对流媒体业务增长和作为线性业务恶化的反应的需求以及为实现盈利所采取的所有步骤。
All right, operator, next question, please. The next question comes from Kenan Ben-Khotha, the Teshwar of Barclays. Please go ahead. Thank you. Bob and Hulu, the revenues of Hulu make it one of the biggest streaming businesses around and it's also one of the older services around but it doesn't seem to be profitable despite the scale and sound like you've made up your mind on buying the rest of Hulu based on the announcement of the combination with Disney Plus.
好的，接线员，下一个问题请。下一个问题来自巴克莱的特什瓦尔肯恩贝克萨。请发问。谢谢。鲍勃和胡鲁，Hulu的收入使其成为最大的流媒体业务之一，并且它也是最老的服务之一，但似乎尽管规模很大，但不盈利，并且听起来您已经决定购买Hulu的剩余股份，基于与迪士尼加的合并的宣布。
Does this combination allow you to change the cost structure of Hulu by maybe dropping content spending or the number of titles on Hulu and raising price because it's now a single service? So any color on your plans with Hulu would be much appreciated.
这种组合是否让你有可能通过减少Hulu的内容支出或减少在Hulu上的影片数量并提高价格来改变其成本结构呢？因此，对于你在Hulu方面的计划的任何信息都将非常感激。
And Christine on the parks, could you help us clear the impact of the recent wage increases in Florida and how that might impact the year? And historically the business has delivered mid-singly, which is a better revenue growth and EBITDA growth faster than that.
Christine，你能帮我们澄清佛罗里达州最近的工资涨幅对公园的影响，以及这可能对今年的影响吗？历史上，公司一直保持中等增长，这是更好的收入增长和EBITDA增长更快。
You now have a number of pro ships, more attractions, higher price but also higher cost. So could you help us think about the growth algorithm going forward more broadly? Thank you.
您现在拥有更多专业船只，更多吸引力，更高的价格，但也有更高的成本。因此，您能否帮助我们更广泛地思考未来的增长算法？谢谢。
Kenan, as you know, we have a contract for arrangement with Comcast that will enable them to put their share of Hulu back to us in early 2024. Starting in early 2024 is a, I guess, further right that we have to call their share from them.
Kenan，如你所知，我们与Comcast签订了一项协议，使他们能够在2024年初将他们的Hulu股份归还给我们。从2024年初开始，我们有权要求他们归还他们的股份。
And it's not really been fully determined what will happen in that regard except that as we look more and more at the growth of our or the future of our streaming business, and I mentioned that the first earnings call that I did after I came back that everything was on the table.
就这方面尚未完全确定会发生什么，除了我们越来越关注流媒体业务的发展和未来，我在重返公司后首次进行的财报电话中提到，一切都是可能的。
And in fact, everything was on the table. I've now had another three months to really study this carefully and figure out what is the best path for us to grow this business. And it's clear that a combination of the content that is on Disney Plus with general entertainment is a very strong combination.
实际上，一切都在讨论的范畴内。现在，我又有了三个月的时间来认真研究，找出什么是我们发展这个业务的最佳路径。很明显，在 Disney Plus 上的内容与一般娱乐的结合是一种非常强大的组合。
From a subscriber perspective, from a subscriber acquisition, subscriber retention perspective, and also from an advertiser's perspective. So where we are headed is for one experience that would have general entertainment and Disney Plus content together for the reasons that I just described.
从订阅者的角度、订阅者获取、订阅者保留以及广告商的角度来看，我们正在朝着一个共同娱乐和Disney Plus内容相结合的体验方向发展，这是基于我刚才提到的原因。
How that ultimately unfolds is to some extent in the hands of Comcast, and in the hands of basically a conversation or a negotiation that we have with them. I don't want to be in any way predictive in terms of when or how that ends up.
最终的结果在一定程度上掌握在康卡斯特的手中，以及我们与他们进行的谈判或协商的手中。我不想对这个结果何时或以何方式到来进行任何预测。
I can say we've had some conversations with them already. They've been cordial and they're aimed at being constructive, but I can't tell you and I can't really say where they end up only to say that there seems to be real value in having general entertainment combined with Disney Plus. And ultimately, Hulu is that solution. That's where we're bullish about that.
我可以说我们已经和他们进行了一些对话。他们非常友善，目的是建设性的，但我不能告诉你，也不能确定我们最终会达成什么协议。只能说，将通用娱乐与Disney Plus结合起来似乎会带来真正的价值。最终，Hulu就是这个解决方案。这也是我们看好Hulu的原因。
Hi, Kenan. Let me address your question on Park's Erning's growth and the outlook there. So I think the way I would phrase this is we do expect a really solid year overall for our domestic parks.
你好，肯南。让我回答一下你关于帕克·厄宁的增长和前景的问题。我认为我可以这样表述，我们确实预计我们国内公园的整体表现将非常出色。
That being said, we also expect increased costs. We alluded to that in our first quarter earnings call. They're really coming from a few areas most predominately. One is wages with a new union contract, coupled with inflationary trends.
话虽如此，我们也预计成本将会增加。我们在第一季度的盈利电话会议中提到了这一点。这些成本主要来自几个方面。其中一个是新的工会合同中的工资提升，另一个则是通货膨胀趋势。
We do have some new guest offerings, so there's some incremental operating expenses that come along with those. We also have the operational support for adding a fifth cruise ship to our cruise line fleet. I think you all know that we launched the Wishback last fall.
我们确实有一些新的客人服务项目，所以随之而来的便是一些递增的运营开销。我们还需要提供运营支持，以便将第五艘游轮加入我们的游轮船队。我想你们都知道，我们在去年秋季推出了“回愿”号。
So we continue to look at ways to address cost management. The team down there has done a great job throughout the pandemic and then coming out of the pandemic, but they utilize a variety of tactics to mitigate potential margin pressures and downside risk across the segments.
因此，我们继续寻找应对成本管理的方法。在疫情期间以及疫情结束后，我们的团队一直做得非常出色，但他们采用了各种策略来减轻不同部分面临的潜在利润压力和下行风险。
And some of the levers that they can utilize to really address it are by looking at capacity. Some of our new attractions, they increase the footprint or increase capacity so we can open up the valve a little bit more on attendance and with some new attractions that are more based on newer IP, so that will get more people not only coming in but wanting to come in and enjoy the experience while they're there.
他们可以利用一些杠杆来解决这个问题，其中之一是通过关注容量来解决。我们的一些新景点，它们增加了占地面积或增加了容量，因此我们可以进一步放开出席名额，并且有一些新景点是基于新的知识产权，这将吸引更多的人来参观，并且让他们在那里享受到更多的体验。
And we also are really continuing to focus on meeting our customer needs there. But we think that this is a growth business for us. We've said so in the past. And I do just want to give a call out to our cruise business.
我们也在真正努力地专注于满足我们客户在那里的需求。但是，我们认为这对我们是一个增长业务。我们过去曾说过。而且我想特别提一下我们的游轮业务。
That business, as you know, was the most impacted. We had talked about that that was going to be the last business to come back from the closures during the pandemic, but that business has come back incredibly strongly over the last year, this fiscal year.
正如你所知，那个企业受到了最大的冲击。我们曾经讨论过，在疫情期间关闭后，那将是最后一个回归的企业，但是在过去的财年中，那个企业强劲回归了。
And even looking out to the balance of our fiscal year, we're very encouraged by what we're seeing there and the reception to not only our new ship but also our legacy ships within the fleet.
甚至在关注我们财政年度的余额时，我们对我们所看到的情况以及对我们整个舰队中的新船以及传统船只的接受程度深感鼓舞。
Operator, next question, please.
操作员，下一个问题，请。
这句话的意思是让操作员继续提问下一个问题，表明对当前问题已经了解清楚或是需要更多时间思考和处理。
The next question comes from Michael Morris of Guggenheim. Please go ahead.
下一个问题来自高盛的Michael Morris， 请提出您的问题。
Thank you. Good afternoon. What are the ones on direct consumer advertising? And I'd love to hear any early details you can share about the Disney Plus with the advertising product.
谢谢。下午好。您对直接面向消费者广告有什么看法？我很想听听关于迪士尼+广告产品的早期细节。
You know, it wasn't mentioned as a driver and I realized it's early, but I would love to hear any early takes there and thoughts about how that might pace over the course of the year. And then second, Bob, I'd love to ask about artificial intelligence, clearly a very hot topic right now and a technology that seems like it could be pretty impactful to your business, both your ability to use it, but also just given how much intellectual property you have to protect something that could be a threat as well. So love any takes that you can share on how that would impact the business over time.
你知道，虽然这没有被提及为驱动因素，我意识到现在还比较早，但我很想听听早期的看法，以及关于这个因素在今年的发展趋势。其次，Bob，我很想问一下关于人工智能的问题，这是目前非常热门的话题，以一种技术，似乎会对你的业务产生相当大的影响，无论是你使用它的能力，还是因为你需要保护大量的知识产权，所以这也可能是一种威胁。所以非常希望能够分享一些你对它如何会影响业务的看法。
Thank you. I think at Gigi, Michael, I'm looking forward to a time where maybe AI does earnings calls for me. You probably wouldn't know the difference, perhaps. And maybe they'd be better, I don't know. I'd use AI to ask the questions, too. It's pretty clear that AI developments represent some pretty interesting opportunities for us and some substantial benefits. In fact, we're already starting to use AI to create some efficiencies and ultimately to better serve consumers, getting closer to the customer is something that is a real goal of ours.
谢谢。我认为在Gigi、Michael这样的时候，也许将来人工智能能替我进行财报电话会议。或许你们甚至察觉不到区别，也许AI做得更好，我不确定。我会用AI来发问。很明显，AI的发展代表了一些相当有趣的机遇和实质性的好处。事实上，我们已经开始使用AI来创造一些效率，最终更好地为消费者服务，接近客户是我们的真正目标。
And we think that AI will provide some great opportunities to do that, but it's also clear that AI is going to be highly disruptive. And it could be extremely difficult to manage, particularly from an IP management perspective. I can tell you that our legal team is working overtime already to try to come to grips with what could be some of the challenges here. And we're certainly not the only ones. I think this is across not only our industry, but industries. So I'd have to say overall, I'm bullish about the prospects because they think they'll create efficiencies and waste for us to basically provide better services to customers. On the other hand, I think that there's a lot we're going to have to contend with that will be quite disruptive and quite challenging.
我们认为AI将为我们提供一些非常好的机会，但很明显，AI也将具有高度的破坏性。从知识产权管理角度来看，这可能极为困难。我可以告诉你，我们的法律团队已经在加班加点努力解决可能出现的一些挑战。我们肯定不是唯一一个这样做的。我认为这不仅是我们产业，而是各个产业都面临的问题。因此，总体上，我对前景感到乐观，因为我认为它们将为我们创造效率和节省，以为客户提供更好的服务。另一方面，我认为我们将不得不应对许多会带来极大破坏性和挑战的问题。
Getting more specific is not something I really prepared to do right now. And I will take the Disney Plus ad tear question for you. As you know, we launched back in December. So we've just begun to scratch the surface of what we can really do on advertising on Disney Plus. And we look at this as an incredible opportunity for longer term advertising positioning. Just to remind everyone, we do have a lighter ad load on Disney Plus versus what we have on Hulu. And also, notwithstanding the very challenging macroeconomic advertising market, we're still seeing our consumers come into the not only existing, but also new signups come into that ad tear. So we're very encouraged by that.
目前，我并没有准备更加详细地阐述。对于你提出的迪士尼+广告折扣问题，我会回答你。如你所知，我们于去年12月推出，所以我们才刚刚开始探索在迪士尼+上进行广告投放的可能性。我们认为这是一个长期广告定位的难得机会。需要提醒大家的是，与Hulu相比，我们在迪士尼+上的广告负荷更轻。虽然宏观经济广告市场非常具有挑战性，但我们仍然看到消费者不仅继续使用现有服务，而且还有新用户选择注册。因此我们非常鼓舞。
As Bob has mentioned previously, we have invested a lot in our ad tear technology and our data platforms were really providing state-of-the-art programmatic and addressable ad tools to our advertisers. So those are also investments that we've made and we believe are going to pay off not only today, but position us well for the future as some ad market overall gets stronger. The other thing I just want to mention is we will be launching the ad tear on Disney Plus in Europe by the end of this calendar year. So that will be another platform that will have or another offering that will have for consumers outside of the U.S.
正如Bob之前所提到的，我们在广告撕裂技术方面投资了很多，并且我们的数据平台真正提供了最先进的程序化和可寻址广告工具给我们的广告客户。因此，这些也是我们所做的投资，并且我们相信不仅今天会有回报，而且会使我们更好地影响未来整个广告市场的发展。另一件我想要提到的是，我们将在今年年底在欧洲推出Disney Plus的广告撕裂功能。这将是我们为美国以外的消费者提供的另一种选择。
Operator, we have time for one more question. Operator, one last question, please. The last question comes from Doug Mitchellson of Credit Sweat. Please go ahead. Thanks so much. Just stuck me in good afternoon. Bob, integrating Hulu into the Disney Plus app is intriguing. So I wanted to continue that conversation. When Disney Plus was launched, you noted consumers should not have to buy through your entertainment content to get the Marvel and Star Wars and Disney and Pixar content. You thought at the time having separate services to give consumers choice was the right approach. You will have multiple services to give consumer choice.
操作员，我们有时间再问一个问题。操作员，请再回答一个问题。最后一个问题来自Credit Sweat的Doug Mitchellson。请继续。非常感谢。下午好。Bob，将Hulu整合到迪士尼加应用程序中十分有趣。因此，我希望继续这个谈话。当迪士尼加发布时，您指出消费者不应该通过您的娱乐内容购买漫威、星球大战、迪士尼和皮克斯的内容。当时您认为，为消费者提供选择的不同服务是正确的方法。您将有多个服务来为消费者提供选择。
The answer is yes, but you want the efficiency and flexibility of a single app. That would suggest that Disney Plus is finally turning into a platform. I'm just curious if you see the opportunity broadened the number of subscriptions that can live on that Disney Plus platform or if you can expand the monetization of that platform in other ways while maintaining a premium experience for consumers. And I guess that one for Christine is fiscal 3Q, the peak for streaming losses. Thank you, Bob.
答案是肯定的，但你希望能够使用一个高效灵活的应用程序。这意味着Disney Plus终于正在变成一个平台。我只是好奇你是否看到了机会，扩大可以存在于Disney Plus平台上的订阅数量，或者在保持消费者高端体验的同时以其他方式扩大该平台的变现。而对于克里斯汀来说，我猜测你是在问第三财季，流媒体损失的峰值时间。谢谢，鲍勃。
We on the integrated app experience that we announced today, that's for consumers that have subscribed to both services for now. So another word is it's taking what we call the dual bundle and putting it together in one experience, which is obviously good for consumers, why have to close out one app and open another one. So it becomes a one app experience. We also think that it will benefit basically consumption in general, lower turn, be more attractive. It's just an all in one. It's a bigger platform, basically more content than it offered before. Outside the United States, we created that with Star, which doesn't have all the programming of Hulu. It has a significant amount and it's working quite well. And it's one of the reasons why we're going to launch that as an average supported platform as Christine mentioned. So I think to answer your question, we're bullish about an app that goes well beyond the Disney Plus branded content and includes general entertainment, which I maybe at one point I called undifferentiated, that was a little harsh. But it includes quality curated general entertainment for the purpose of growing advertising, growing subscriber fees, growing engagement, growing a lessening churn, and to address one part of your question, reducing costs.
今天我们宣布了整合应用体验，这是为那些现在已经订阅了两项服务的消费者打造的。换句话说，它将我们所称的笔记本套餐放在一个体验中，这对消费者来说显然是好的，为什么要关闭一个应用再打开另一个应用。因此，它变成了单一应用体验。我们认为，这将有利于消费者的消费，降低流失率，更具吸引力。它只是一个全能应用。它是一个更大的平台，基本上比以前提供的内容更多。在美国以外，我们与Star合作创建了这个应用，它没有Hulu的所有节目，但有相当数量的节目，而且运行得非常好。这也是为什么我们将其作为支持广告平台的一个平台推出的原因之一。因此，回答你的问题，我们对一个超越迪士尼加品牌内容的应用充满信心，包括普遍的娱乐内容，我可能曾经称为没有区别性，那有点过分了。这包括高质量的普遍娱乐内容，旨在增加广告、订阅费用、提高用户参与度、减少流失率，并回答你问题的一部分，降低成本。
Hi, Doug. And I'll answer your question on the direct to consumer losses and the peak losses. Just to remind everyone, we did say, and it is the case, that we had peak losses in direct to consumer in the fourth quarter of 22. That was the quarter that we reported in November. So what you've seen since then is we improved on a sequential linked quarter basis. You've seen a $400 million improvement in Q1, another $400 million improvement in Q2. In my comments, I did say that Q3, it would widen out by $100 million because of the timing of some releases and particularly the marketing of those releases. But that will be an aberration because it's not a linear path, but we will be improving significantly from 22 peak losses in Q4 through the balance of fiscal 23. So you should assume that what you saw back in Q4 was the peak loss and we have improved for the next two quarters. There will be that one little blip in Q3 and then we expect to be back on the path for the balance of the fiscal year.
嗨，道格。我将回答你有关直销消费者损失和峰值损失的问题。提醒大家一下，我们确实在2022年第四季度出现了直销消费者峰值亏损，这是我们在11月份报告的季度。所以，从那时起，你们看到的是我们在顺序衔接的季度基础上的改善。你们已经看到了Q1$400 million的改善，Q2又有$400 million的改善。我在评论中说过，由于一些发布和特别是即将发布的产品的市场营销时机，Q3的亏损将会扩大$100 million, 但这只是一个偏差，因为这不是线性的路径，但我们将从22年Q4的顶峰损失开始，在整个2023财年的余下时间里实现显著改善。因此，你应该认为你在Q4看到的是峰值损失，我们已经在接下来的两个季度内有所进步。Q3将有一个小小的闪失，但我们期望在财年的余下时间里回到正常的路径上。
Very helpful. Thank you. Thanks. Okay, thanks for the question.
非常有帮助。谢谢。谢谢。好的，感谢你的问题。
I want to thank everyone for joining us today. Note that a reconciliation of non-GAP measures that were referred to on this call to equivalent to GAP measures can be found on our investor relations website. Let me also remind you that certain statements on this call, including financial estimates or statements about our plans, guidance or expectations or other statements that are not historical in nature, may constitute forward-looking statements on the security flaws. We make these statements on the basis of our abuse and assumptions regarding future events and business performance at the time we make them.
我想感谢今天所有参与的人。请注意，在本次电话会议中提到的非普遍会计准则（non-GAP）措施与普遍会计准则相当的对应措施，可以在我们的投资人关系网站上找到。我还要提醒大家，本次电话会议中的某些声明，包括财务预估或关于我们计划、指导或预期的声明或其他非历史性质的语言，可能构成对安全漏洞的前瞻性声明。我们在做出这些声明时，基于我们对未来事件和业务表现的滥用和假设。
We do not undertake any obligations to update these statements. We are looking statements subject to a number of risk and uncertainties and actual results may differ materially from the results expressed or implied in light of a variety of factors including economic or industry conditions and execution risks, including in connection with our organizational structure and operating changes, cost savings and DPC business plans with relating to content, subscriber and revenue growth and profitability. For more information about the key risk factors, please refer to our investor relations website, the press release issue today and the risk and uncertainties described in our form PEMK, form PENQ and other filings for the Securities and Exchange Commission.
我们不承担更新这些声明的责任。我们的前瞻性声明面临许多风险和不确定性，实际结果可能因多种因素如经济或行业状况，组织架构和经营变化、成本节约和关于内容、用户和收入增长以及盈利能力的DPC业务计划的执行风险等而产生实质性差异。如需了解关键风险因素的更多信息，请参阅我们的投资者关系网站、今天发布的新闻稿以及我们提交给证券交易委员会的PEMK表格、PENQ表格和其他申报材料中描述的风险和不确定性。
We want to thank you for joining us today and wish everyone a good rest of the day. Conference is now concluded. Thank you for attending today's presentation and you may now disconnect.
我们要感谢您今天的参与，并祝大家今天余下的时间愉快。会议现在结束了。感谢您参加今天的演示，您现在可以断开连接了。