DIS Walt Disney Co (The)

Lowell Singer SVP, IR
Robert Iger Chairman & CEO
Christine McCarthy Senior EVP & CFO
Ben Swinburne Morgan Stanley
Alexia Quadrani JPMorgan
Michael Nathanson MoffettNathanson
Doug Mitchelson Credit Suisse
Jessica Reif Ehrlich Bank of America Merrill Lynch
John Hodulik UBS
Jason Bazinet Citigroup
Dan Salmon BMO Capital Markets
Steven Cahall Wells Fargo
Call transcript
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Ladies and gentlemen, thank you for standing by and welcome to The Walt Disney Company's Fiscal Full Year and Fourth Quarter 2019 Financial Results Conference Call. At this time, all participants’ lines are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions]. Please be advised that today's conference is being recorded. Instructions]. [Operator

ahead, like Lowell conference of Singer, Thank Please now speaker to Investor hand you. Mr. today. Senior go to would over the your Relations. I sir. Vice President

Lowell Singer

The Good afternoon, Earnings Disney Fourth Quarter Call. Walt and XXXX Company's to welcome

release and XX minutes was our also available a on transcript is ago is call website. about on at will website Today's issued also press and available Our our being webcast, be

Executive Iger, Joining Officer. Christine Officer; me Chief today's Chairman for President Financial and Bob Senior Chief Disney's Vice are Executive McCarthy, and call and

comments will take Following from happy Bob we and be questions. Christine, your to

I So that, to get call will with over to Bob turn the started.

Robert Iger

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the I'm our quarter Christine going to call take turn the talk in and we'll to then questions. your about to over Christine? performance

Christine McCarthy

everyone. Thanks, Bob, and good afternoon,

comparability, continuing items per $X.XX. certain earnings affecting were from fourth the Excluding quarter operations share for

We fiscal this with and how we closed our the are year. out quarter pleased results

core significant progress performance, to meaningful in while integrating year continue businesses, make delivered Our investments the businesses growth. solid of to future another we financial making XXCF drive

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increases occupied Walt room launch Wars to offset the were at Galaxy's the spending, World Disney of associated with costs higher guest attendance were by and prior-year, comparable Results Edge. as nights in Star

XX that year-over-year about in change Domestic were domestic World, Hurricane last in at points Dorian quarter and impact X% quarter. which of by margins impacted Walt margins an and estimate impacted fourth attendance the and to on up parks adverse was had the the adversely basis basis Disney capita experiences Per admissions, comparable impact I'll was estimate parks note points. year, reflects spending. by we and XX parks Attendance which merchandise we point. higher domestic about our growth guest Hurricane up beverage and Dorian, food the percentage X on experiences spending

versus hotels growth X%, room of the up Disneyland operating domestic QX offset the tourism Hong so Disney in and we fourth led significant last year at trends comparable last full a on Per QX. about to other year. Disneyland Kong to was what have by Disneyland, fourth If million was decline Results continue, in of operations in Resort at to and Kong expect income at our from and current XXXX. about we comparable at occupancy were by quarter $XX year, and spending to parts China international our million could decline are XX% fiscal decrease the was we quarter for million at largely approximately in seeing decline as a income Shanghai trends Kong circumstances Hong Paris far based Hong $XX $XXX see as Asia. of we QX, operating saw a And the

our the quarter we On opening at growth QX of parks Star from Disney of domestic full the Edge domestic Wars of and Disney Resistance front, Galaxy's benefit at December World and World. Walt revenue a expect at the Walt to Rise resorts

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Consumer international consumer million. our an operating consolidation Hulu to at XXCF Direct subscribers of and had the ESPN+ of paid by Results little subscribers. income direct partially segment investment cable XX.X adverse X.X had $XXX our the about impact to International and consolidation a the of change ESPN+, segment in million at quarter at end ongoing reflect the on Hulu the over Results Disney+ year-over-year & approximately had at the offset of paid million fourth businesses businesses. and

and pleased inter-segment segment in and in Hulu $XXX operating are integrating our $X.XX Overall, the in businesses We out EPS inter-segment and with resulted results quarter. on operational XXCF impact operating making of accounting impact contributed quarter acquired progress approximately losses stake taking in we control before of and a an full fourth the fourth on net Hulu’s acquisition XXCF's of adverse netting year and our the with The per XXCF. segment estimate dilutive income XXCF of we're eliminations million. had the total to of eliminations impact we income full Consolidating about million excluding operating of QX purchase $XXX Hulu share.

frame to should Before fiscal I help full-year highlight results. our such additional conclude, first like I'd items, XXXX quarter and few a

generate operating losses the $XXX to & segment expect International million about our for quarter. Consumer to First, we Direct in

which year-over-year segment specifically launch few adverse DTC in drive a We of approximately the investment $XXX operating services, our an in of our continued direct-to-consumer to will consolidation change the million. businesses Disney+, days in just and income on impact Hulu the of expect

the studio, very for Star Wars, At Rise the the in of of final Skywalker Skywalker. are sequel release to The we Frozen. much-anticipated the film saga And the excited

these drivers key films of performance positive theatrical the expect Studio’s QX of results. We to be

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So benefit results our the QX week. will and from full-year XXrd

call to that, now over the be to Lowell, turn With happy I'll questions. your we and would answer

Lowell Singer

Okay. And Christine. for Thanks, we ready operator, question. are the first


Instructions]. [Operator

question with first Our Swinburne Morgan from comes Stanley. Ben

open. now Your line is

Ben Swinburne

the things mean I Studios of on think sort Wars world. that about we Day should broadly to of afternoon. contribution years? at as fronts. back two of about I'd how we important you your one mining thoughts written Disney+. us IP of about next get about XXXX post Christine, the to; the lot hence, Thanks, of over happens couple happening brands the gave think good Marvel gap of terms been of company, businesses those in ask years. that contribution the to in Bob, the the of on should Star wanted couple love How want give what us you And ask Avengers Marvel company, be over I a for Lucas, numbers or I about bit a particular the those and for you period most around there's guidance the and to next a what's in of expecting a we Investor there you when the then and lot come you

moved be have about thinking and wondering $X.X be ESPN+ of those about $XXX decent just of those any of 'XX if $X you should materially numbers of about? or billion OpEx, places you are million. around we to you, losses Thank thinking think still if I'm Hulu, talked guys. talked billion I peak losses

Robert Iger

them businesses Wars, about about more think at creative Marvel and those across than businesses just multiple with Star think in franchises, strategies mind. film when and Ben, different we look basically we films and as two them we

instance, aren't and go a activity a varying Wars as in Star are cases more before for the comes years while Saga, for there'll series, December and Skywalker more on the in -- television there it will characters the interim. being or and the and there hiatus be in case, works. into lot a, Disney+ Marvel post of Wars fiscal And in we there X both world, case, of to be out television in continue from lot be is go are Black has production, Avengers out films Wars a in for this just we'll last Thor mean Star feature in in creative Marvel's the in few the either development it the that will next of I could continue and which three Widow In in doesn't it I'll call front. many made movie films coming So Avengers Wars the while production forms back activity X development they of are Star Star has The have the so, a on. 'XX, on

We mining other also Eternals. are characters and like character

commercial of they're and and So businesses, And as about feel good are they these but products the a also businesses, look both Parks presence more drivers direction. we have they're more they we Consumer big business and direction, at the creative TV and really Resorts. greater film still

Christine McCarthy

And is Christine. Ben, this

that guidance it that the Investor three we Hulu as at April fair still guidance Disney+, and to goes question the all ESPN+ guidance the it's in that is across regarding say the was. of the and platforms, provided On Day,

we've 'XX And any fiscal planning having goals 'XX fiscal changes for We we gone really haven't that. to achieving through process set. made and the that feel about good the

Ben Swinburne

Great, thank you.

Lowell Singer

question Thank you, Operator, next Ben. please.


you. Thank

Alexia Quadrani JPMorgan. with Our next from comes question

Your now line open. is

Alexia Quadrani

so Hi, much. thank you

may. on Just the two if streaming questions I side,

if great First, ups the on. Hulu, I just the services, can the specifically you for even about provide has pre-roll also meaningful where seeing I'm early think on streaming for guess and can which not general you're some talk how other any seen now there. sort meaningful so the color -- advertising you've really of and sign such you might color, ad also growth, advertising can numbers increase early And ESPN+, Disney+ of I for become you opportunity of loads large the recent scale side a you your then necessarily guys? doubtful

Robert Iger

it's the with opportunities there ARPU, subscriber as the given ESPN+ Disney+ guidance is significant that supported we the Hulu and Well, the Day, in of we a for being Hulu probably Investor one because essentially for has Hulu ad are revenue ad that price, and of opportunity advertising will had ESPN, reasons, an the very the grow that out drives we but basically is supported given $XX.XX is advertising value high of which to it driver revenue also growth, continue to that Alexia, that very, Hulu particularly, high. back be is bundled Hulu on biggest front. very

we'll terms the of are of and original scope messages three-year with enthusiasm regarding which is Disney+ On We're there, still was but the of best your first Clearly, content We are what enthusiastic had marketing to me color consumers, I subscription, the and in price for the number was brands and the question, consumer for which drawn price any relatively But terms of be things in terms we selling us reaction deal the it about is small specifics. lowering both of product big to way out terms one we that's in say basically think a in the just subscribers. be. coming. the we library to what month to guess giving that churn. would single just really saw characterize presales, of great the next I a not know product, And to few for going things, an days. a were met that I it there Consumers was not good. service, not we're fact product we positive that but marketplace was certainly was very the people sense the about product and it it. And good The a were a in This comments, week good my expected lot how that's broader is just a to more were lot were demographics were say should than feel far watching the and clearly what is positive. had the families them a four But into I beyond using few using a using this women with as just of the or be. men also where enthusiasm kids adult service. launch we family, people was said there and Netherlands well well kids very, as in the about what people also quadrant a and reaction

, We movies have popular. we're popular, popular without the of the and people's very, broad popular. personalization restriction very streams we that very, the you of download most live four that interest also across also brands, was concurrent in and fact was product that XK features itself HDR all also also very, a well, the can very quite ability very very The very learn the the to importantly, meaning saw some that wasn't including specific the and was bodes

Alexia Quadrani

very you Thank much.

Lowell Singer

for the Operator, questions. thanks Alexia, please. next question


Thank you.

comes next Michael MoffettNathanson. Our from with Nathanson question

Your line open. is now

Michael Nathanson

side? and And this comments a the Fox on. wondered, come for second film referred Is I strategic scripted is, point in today that you the to movies from Bob. -- also the all internationally. couple Thanks, product studio on the I maybe question as is Searchlight international mentioned shift Hulu that I going does Hulu. comments where Hulu. the Fox guess A you represent movies guess of to I

based those an So comments that the Hulu you update side made on international there on what's, before? is

Robert Iger

will we of we in regulations. have in terms through relevant product the markets rules say the of On we when, after -- where the compliance you year our and some the it's strategy of to of the launch the what sure all right terms locally markets be complicated locally of international to have need in first the that working formulation we're and in more of make that to terms the and in side,

them. So Searchlight we're much in years. content the pursue briefly the have Fox an few studios with Obviously, Searchlight more is some original say and that Searchlight going deal a developing to I Hulu. to don't for for has call. more we HBO mentioned actually opportunities there. runs The output I had movie have and

I is speculate. as original the we Hulu, programming talked think exclusive eventually move and Hulu, programming a and fact XX output over will is presence hours moving on available with Michael, making is that What means we're that premature library, creating in for on current FX FX that it's I likely also the as you producing is on mostly after on what to know, X,XXX now to network episodes right and huge that series FX FX air, original about the Hulu available within would but that Hulu the some air and shows we're do traditional shows. call,

Michael Nathanson

a Thanks lot.

Lowell Singer

Thanks, question Michael. Operator, next please.


Thank you.

Our with next question comes from Doug Mitchelson Credit Suisse.

Your line is now


Doug Mitchelson

what office in now for pursuing how ESPN+ you it. love curious might you well the curious improvement Disney+ of something future, ESPN+, fiscal for the on think 'XX? more curious international And Thanks disclosures. might just year improve function the Fox or separate to Fox future? U.S. for there? just you from Christine, I'm give I'm on, on to sports deliver any picked Bob us bundle monetize how on you execution, sports viewed need sports, then subs pool, but Thanks And Disney+ Are so change. that in sub is step to the a of the fits scale be so in what the and sort the in -- inevitability learnings it Well, sports funded it during you're change, live a It's comment and so It obviously obviously or year sort be willing of you I'd I'm much. mentioned it linearly during much. of Solution going

Robert Iger

and is, in an Doug. an aware The office question there and answer I'm participating office I'm intend if to. pool. not not pool your and it to don't there is I that first is

ESPN on sports a the on that that available value platforms, both ESPN+ the the you on as terms mean through available it of at is on ESPN+, of as grows live with sports the I bundle of grow multi-platform. sports see and the satellite for see is, by in it continue what intend on I side, is see I product What And which ABC probably obviously to -- think On terms on us multi-channel look to and basis channels. the more is multi-pack, we cable is subs. you'll teaching direct-to-consumer linear the the company essentially opportunity you're live think basically likely to in I that

making ESPN live long-term network more sports, -- to now on the acquisition So only a of possible basically rights we the the but consumers, and best sports we Sports be at traditional would look we on cost in way. way in Program to good that reach on the like think consumer monetize look as ESPN+, available the

Christine McCarthy

So on on and be your basis. what question go-forward a disclosing will subs

with business and in. said we know we intend interested it be are had the transparent the Day, all Since people at to we will be to and As conversations very as relates DTC and Investor to counts something we've be analysts investors. our then, going sub

on will we'll Disney+ we'll any recognizing have markets, domestically bang of providing guidance. So start subs by international the be into approach but platforms enough different roll markets. there, at the same go obviously because a platforms the big by not be launching that out launching to we as to domestically, those will time all you a there, be international give it's we and a expect the But head we

the of at the success you can rollout. look So

Doug Mitchelson

or Fox pacing 'XX sort function it step I 'XX? of the or Solution Solution fiscal is into fiscal a on improvement year the there improvement a in a linear is throughout mean Fox the during

Christine McCarthy

we we we into and said dilution what fiscal is haven't that. So be gone accretive will more in reiterating specifics any about XXXX we are that Fox

Lowell Singer

Thanks, please. Doug. question next Operator,


Thank you.

Lynch. with from next Our question Reif Ehrlich Jessica Merrill of America Bank comes

is Your line now open.

Jessica Reif Ehrlich

of the billing, Pay-TV have third the about you but come what of these -- anything their your I haven't parties Hi, I'm distribution speak questions, your party your a question, couple -- talk you and one have on trade-offs will can And data with key said further you for today are plans more plans Disney+, apps. the operators? about I third sorry can't but this to in through subs access is

have lower seems for past Wars range. second our And on data then. which little next you in your the talk attendance on been waiting at the called and end press second parks, two? the the then a the consumers your the out outlook release for Disneyland, historic surprising in You attraction price year and about in Star pricing or have the Can year Thanks. attraction the of increases you high

Robert Iger

to will both visitation periods There peak the that second during question spreading as there just peak as overall lower periods in. designed management. to delayed were We go or we yields basically we your Park attraction is the as of and it first. at at for Disney obviously Land it to that and affordable said Edge part to the limit that demand the it that January open in in the periods believe Disney you in the in World parks, increases. was of Galaxy's of don't second, comments look an experienced more was, at really, and people making some grow expensive take yield month increase number take by open basically people than the visited waiting less Price Christine opens Disneyland. it more trying during out. time there basically it increases look at it We're a by some Disney strategy to our I'll products World And

for more is been they've far are caps places. Millennium successful those beverage crazy to than Falcon a and since already both just they've people attractions that merchandise stat instance, significant sense there we So, lift lands as and opened just over are have across people meantime reported but one thing waiting carried The you two on had whole for fine. X.X to be million give open, per a been the and that which food

So availability -- and high guest very, attraction well. very, guest very XXs that the that the running availability very basically retraction means experience it's high complex and right is technological really in satisfaction,

in -- if app the on We most don't regarding certainly or distributing are stores the including it consumer but traditional just selling The the some instance, have law as locate do made available if we're of don't first have sold to I question Verizon on will following a, part both selling answer obviously other data have of Disney+, the on your by comment access for it's the MVPDs to it. platforms. access I or some platforms MVPD. to data absolutely be question

As that Amazon you to list a added long LG, and with of deal Samsung would did know, are we others. Apple and Microsoft announced today they and distributors including other Google and and and

Jessica Reif Ehrlich

Thank you.

Lowell Singer

Operator, the for questions. please. next thanks question Jessica,


Thank you.

with Hodulik Our comes John next question UBS. from

now open. is line Your

John Hodulik

looks XX eligibility just on households access Disney+ like, for XX about maybe or Verizon that free. Great, the you're to It million Bob, households have million to deal. thanks, to going under first have

Verizon I us you with the about and distribution have Netflix arrangement tell for think free. with of T-Mobile its you can wholesale

penetration, you Disney+ XX% scale ready more sports with after one ABC. just then of you And putting soon more in You if that could about follow-up for get I question, about the, launch. guys on kind are talked

Thanks. bidding Just and any have that deal potentially broadcast putting an the for you extra that NFL thoughts maybe network. on on

Robert Iger

up we scale platform BAMTech Your under tested have pay-per-view ready Saturday will up time. has signing believe who a period people thousands of you past are concentrated up. we're hundreds It of short the sign pretty We Disney+ when very, concentrated for this first question, a interesting believe that of confident is been people in signing very for away. really that night that not for event circumstance we're that including

be robust and we be Now need platform feel is them. that kind that scale in We to more that manage certainly many enough of the there place But there. all will are to of elements the then hope.

The was second of part … your question

John Hodulik

on anything Just agreement? wholesale the

Robert Iger

given platform We're and amount words, for really part, economic our, simultaneous consumers be give sort it an our being platforms. take specifics And NFL certain say not more for paid perspective, that, we're deal just we prepared away. you agreement, because In a can giving into the not getting I just any positive information think I wholesale I including then other that away. is us to or to one it's just that. the interesting both with we've we're but with get won't last this about at draft regarding from that. but of done Yes, not in but different I the know would of company opportunity here probably have use sports an a coverage a reach that to a two that example the can now ways of and great platform, variety approach ways not live different say look it, of

a to We right launch of way that brought more it's in some to add you The think you production reaching a in Disney+ I platforms other different acquisition unrivaled have customers our ABC, more ESPN at the When us programming. way. opportunity, that or an as also television add we to these long you very have our a now opportunities that respects well. which unique some talent successful it and on programming of terms creative multiple gives great some produce in entities, and look us of to more and to is went a Fox have studios that as and that's very, ability with company channels the very

it ultimately we channels to us on or other it ways as that we a FX ABC then extraordinary to live of with to through a product and matter. on competitive up to way take advantage in much or and Channel, Disney SVOD That's and as or system a monetize in move monetize more who effective then When for put reach Freeform companies investment Disney+, product Hulu or that that don't reach linear consumers. have give both consumers like more this competing other ends our many does programming many it we're way our and and platforms an sorts,

Lowell Singer

question John, for questions. the Hey, thanks Operator, next please.


Thank you.

Bazinet Citi. from question Our with next Jason comes

is line Your now open.

Jason Bazinet

Mr. to world how the from marketplace. the we for with most Thanks. navigate is many maybe question I get are going apps consumers common out a Iger, just in investors so had a question

lack for dozens know about just then the of masses. just be a apps of ESPN+ serve that narrow would helpful. Disney+ and a word their a four, sort that's will a does of which Do your comment that will to and or offering, column But And your a you're that sort that are Hulu position you meaning it sort you true, about and of broadcast app so broadcast with more niche is so you with Do apps, like sort there the they And I my it's hypothesis if with question. three four and niche super by wanted be, think that's quadrants. they agree how see and the heard apps. that if if broad-based thinking run you better resonates of reasonable be serve cable to world. I could of react networks customer interest,

Robert Iger

think is at of your the we're trying do part Well, apps to don't are the distribution I apps What films you themselves, second that production at look of but I Disney+, part think you And these broader company apps question, or look the mean unto is monetized are any look necessarily. of creativity as by a I that monetization niche obviously Disney and at if entities windows. not play. what as two to a as

talked same be then -- video the vast television to Disney+, creating, call home monetizing the way it for talk about I from platform looking of the it to -- down of then SVOD putting in any nothing a there's a be one also thing place at maybe the we're window isolated and an this us although these which Disney to not I But is some it doctor Freeform; it's programming on keep about interestingly of ABC theatrical our FX then I'll to they of the the current also or examples. First, of hit window The you would good and that a if original nothing also, what at of be library. on two will exclusive is viewing for context said although patterns but can look we're Hulu. lot ABC enough, Channel a at some of Disney+ Anatomies, be move shows of road, and Grey's on

a of live run they There X the By ultimately go Live that Plus X Hulu. Live cycle, the end are It of one to be ABC of once often Plus show Live X, Hulu end on Plus only could a they're up through they in shows and available month, that's years consumption tripled for their these after come. terms on have or Hulu month. made on

your of now. part them at second again, looking the of think Jason, I isolated form we're question, not again, So right any an

I to question, your guess consumer is which consumer relates first choice, it confusion. As

is I most of think of websites though to it lot and popular same obviously there's two set no even it a patterns and fragmentation. then where top overlap the of the patterns lot apps. out same ones The relates a the of there about app as use the and a people current website consumption with lot

in mobile will you're They're of program-centric on of going I and describe and varying or desktops video-centric where that consumption be halves. halves the navigate find, good be lot they to have the will think to will to or they you to these to levels to apps going consumer they're they're them. on these TV apps whatever relatively and easy be buy want going to about them, lesser probably you're basically of if available and movie a hopefully thinking easily and see be use or and easy easily or fewer to of I going essentially easy them too and they'll actually able because viewer, just be think place they're that be devices

internally Then and apps use. else games there for are doing that you're everything for apps

it's a not So concern.

Jason Bazinet

Okay. Thank you.

Robert Iger

time sports that of though I name in factor the and have saying says of or the recognition interest or other immediately choice a product brands your these on of list if we've and you for think other list in for they brands, the long trust, company to top and they as a ESPN been a consumers as will in of Disney matter the and have believe kind that because and rises as do I you're brands. terms of

Jason Bazinet

sense. makes very you That Thank much.

Lowell Singer

please. question next Operator, Jason. Thanks,


you. Thank

BMO comes question with from Capital Markets. Dan next Salmon Our

is open. Your now line

Dan Salmon

resume And Great. obviously medium a both focus major to love Good your then on traditional little an near-and late, business the working the Bob, a number lot outlook of through of vMVPDs? and renewals. the afternoon, business recognize, just term bit DTC networks subscribers, more with your of are me, conversations everyone. at for of We'd on the the hear Christine, also media sorts on I to a maybe just viewing update linear but clear, update for one agencies the the then leverage -- maybe evolving potential be your a point. your just with they're quick excuse broadly, MVPDs maybe DTC at agencies a some how and just buyback story conversations ratings as emerges? And an just the how Thanks. to maybe

Robert Iger

when can question, your statistics; principle way our significant and MVPD the just it's purchased your that have to -- Falcon on about terms I in Millennium being I or we're renewals, Then who attraction that clarify the user myself carriers with MVPD. of we people AT&T use -- been of secondly, that X low apps I have will answer which been usually on have have before things. amount was process is of I papering reached a our in To question say wanted data of significant progress. access deal in And through number to X.X people we two carried number the By on million right with the pride million. not

feel still happen candid I -- I today. is bit that to as sub a believe that lesser continued that be as interested it's quite less mentioned us us and company, a that about think trends, abated the to long channels. very gone been somewhat valuable and to can't term last well in goes, very erosion channel and been people MVPD has year will viable just in updating important Christine transparent of now. We've We as where There predict we sort platform

mean people an that's consumption. I floor certainly multi-channel buy think, . is think of But But maintain think be into channels that in don't monetization with the across at than could I eye is business looking being businesses platforms doesn't some do they don't app side direction of trend our what broadest where close fewer we're and channel or It all services. of app but as the I floor to the the at because side it the to nor the subscribe benefit will rather in many and will the the anything all more and know holistically and relationship, toward again I

Christine McCarthy

So, treasury the IR me, them performance. on well of plans with Dan, it's agencies, we up do and our keep the an on very team rating our we dialog date and as have active combination team the our the agencies, as to

I billion We're We a but year. -- a couple in have planning see a August, offering. think see a them schedule. offering a that had people times them We'll on shortly. a that significant to and saw going go bond we bond We're we $X back of

can as at were leverage So around all of affirmed that mid-single if in calculations, about our and those a agencies ratings adjustments, X.X the a it the net Across below you some well you it, to on still and are And gross comes when turn agencies A end calculate to the this look the at a quarter, times. X.X time. three calculate, although basis. on say agencies suffice less make their it adjustments X that even they using at

Lowell Singer

for time Thanks. Dan. have question. one Okay. we Operator, more


Thank you.

Wells Our question Fargo. comes comes with Steven from Cahall from final

now open. Your line is

Steven Cahall

thing, side show you you content weakening to FX need your point comfortable was Yes, the is demand the and not the since you like and you amount like all park just domestic see up spending it's for first that you in do cash the think deferrals think runners of just I do very acceleration Thanks. some do thanks and you'll off, some start peers Christine, there -- to have things how year at you're of of might just a original parks? total wondering, right case, underlying attendance where maybe one on And seeing is both get then much. that basis any the maybe of how the the that some in Hulu think you think lock of done. about and

Robert Iger

line. our television profitability our both be directing well. high-quality marketplace Steven, with that we're the and terms facing creative bottom as managing while but which same not guidance DTC in not trying achieve We're enough businesses just believe will platforms talent, is of talent talent think business. today's amount the and the obviously be that an a at producing for think that making reasonable but for of films writing we of also least original that acting and the to just the will We're It's extraordinarily at deals cost what people selectively at fuel when mindful talent, talent based world these content of changing on we competitive the cost. these and both based to to need that's and that's is made we We're the on and time platforms side is time a on be a deliverable. involved, good of

Christine McCarthy

Steve, in people I trends our are. are And and parks very domestic a still as good on prior booking research we what are prepared X% something return. parks my the rates satisfaction in We up versus our parks, business pacing domestic for that we about mentioned lot track also feel And look the is to metrics that intend out at comments, product. booked of our guest they demand hotels do come of when currently have year-over-year domestic year. our we

we relates complete the talked really we've Star and in that and into that have to feel Disneyland, everything parks. Galaxy's of previously, especially given momentum as 'XX both about going domestic world it we the about Wars good Edge So land opening

Lowell Singer

XXCF website. I to remarks, reconciliation Investor in can measures found our Relations measures for that joining this Steven. on measures we of XXCF provided but be referred non-GAAP of not historical us were estimates before businesses and certain today. are the to call that a the GAAP based are note mean, estimates analysis of again These Thanks, Okay. periods on the estimates everyone of performance results nonetheless are unaudited acquisition. of thanks an Please of equivalent prior-year. precise records, In on our

regarding also We statements Let on that financial on under and the any and statements to and these we them do future undertake of make these including call, the me business time forward-looking laws. update may make this statements the statements basis obligation assumptions statements. our at not we performance you events views certain constitute securities remind

of of XX-Q, results and Securities and reports Form including Form XX-K, filings Exchange may the to or our and differ Forward-looking other statements expressed variety results in of Commission. subject quarterly factors implied our number the annual report risks light a and with a on uncertainties contained are in materially actual in from factors, on

This concludes everyone. today's call. Have a good evening,


conference participating. for gentlemen, and Thank concludes today’s this Ladies call. you

You may now disconnect.