A：For fiscal years, the expected growth in earnings is double-digit adjusted EPS growth compared to the prior year.

A：Upcoming highly anticipated titles include 'Zootopia II', 'Avatar 2', 'The Devil Wears Prada II', 'Mandalorian II', 'Toy Story 5', a live action 'Moana', and 'Avengers: Doomsday'.

A：In Q4, there was strong viewership of television content, with series like 'Alien Earth' on Fx, 'High Potential' on Hulu, and 'Dancing with the Stars' on ABC. The upcoming series include new seasons of 'Paradise', 'The Secret Lives of Mormon Wives', 'Percy Jackson', 'American Idol', and a revival of 'Scrubs'.

A：The sports segment delivered a record operating income for the quarter and the full year. With the launch of ESPN's full Direct to Consumer Service and the enhanced ESPN app, the response from fans has been positive, and viewership of live sports remains robust with ratings across ESPN networks being on par with the prior year.

A：Disney has announced the launch of the Disney Destiny next week and the Disney Adventure in March, which will be homeported in Asia. These developments bring the total number of cruise ships to eight. Additionally, expansion projects are underway at all of Disney's theme parks, with a new Frozen experience opening at Disneyland Paris. Furthermore, more cruise ships are scheduled for launch beyond fiscal 2023, and a new theme park is planned for Abu Dhabi.

A：The launch of the ESPN direct-to-consumer platform has been successful. It aimed to attract new users, including those without a multi-channel linear bundle subscription, and to offer existing subscribers an enhanced experience through the app. Substantial signups have been received for the 'ultimate' product, which appeals to cord-nevers and those interested in sports engagement but not in a traditional way. The app's features, like the sports center and algorithm, have been well-received, and it has also benefited advertisers with valuable data.

A：The new ESPN app is expected to positively impact the business outlook by attracting a new user base and allowing existing subscribers to engage more deeply with the platform. It is also anticipated to improve advertising revenue due to the valuable data provided to advertisers. Regarding cash flow, after adjusting for a significant tax swing, the company projects underlying growth, and the timing of tax payments contributed to the year-over-year increase in cash flow. Continued strong free cash flow growth is expected in the future, which allows flexibility in returning cash to shareholders.

A：Of the subscribers who have signed up for the new ESPN app, approximately 80% have also subscribed to the 'trio bundle' that includes Disney Plus and Hulu. This indicates a positive trend of customers opting for additional streaming services along with ESPN.

A：Disney is very encouraged by the upcoming studio slate, which includes highly anticipated films such as 'Avatar: The Way of Water,' 'Alita: Battle Angel,' and 'Black Adam,' among others. The company has strong expectations for the growth of its content offerings in the near future, with a particularly positive outlook for the rest of the year, which includes a mix of new releases and sequels that are anticipated to perform well.

A：The studio perceives strength in its current and upcoming film slate, as evidenced by the success of films in the fiscal year, including the $2 billion film 'Lilo and Stitch' and its strong consumption after release on the platform. The studio feels optimistic about the direction and future potential of its projects.

A：The overlap in Q1, particularly with the release of 'Avatar' at the end of the quarter, is affecting the studio's financial guidance and is a factor in ongoing negotiations with YouTube. The studio has built a hedge into its guidance, anticipating extended discussions and considering potential impacts on revenue due to subscriber shifts. However, the studio is not providing further details on ongoing negotiations.

A：Disney's strategy to achieve sustained double-digit DTC revenue growth involves focusing on subscriber engagement and advertising increases. The company aims to grow the top line of the business by double digits, driven by revenue growth and operating leverage. While not providing a specific revenue guide, Disney's objective is to increase revenue and margins beyond the current levels as it looks to the future.

A：Disney Plus is undergoing significant changes from a product and technology perspective, aiming for greater personalization and a more dynamic user experience. It has transformed Hulu into a global general entertainment brand and seeks to create a one-app experience for users. Disney Plus is also evolving into an engagement engine for theme parks, hotels, and cruises, and it will incorporate games through the agreement with Epic Games, providing a platform for gaming-related content.

A：Disney does not typically comment on M&A specifically but acknowledges the current industry landscape. The company feels confident in its existing portfolio of intellectual properties built over the decade, which includes the acquisitions of Fox, Lucas, and Pixar. Disney is not expected to make significant moves in M&A, choosing to observe the outcomes of competitors' moves instead.

A：Disney's outlook on advertising for the upcoming fiscal year indicates growth, with sports being particularly strong. DTC advertising has been impacted by supply entering the market, but there has been an improvement in CPms. Linear advertising is dependent on subscriber growth. Despite political advertising overlapping in the first quarter of 2026, the company anticipates advertising growth in the following year.

A：The drivers of the segment in fiscal 26 include big investments in cruise, expected to be a meaningful contributor to growth, particularly in the second half of the year. There will also be a combination of pricing and attendance growth. Revenue and margin expansion are both contributing factors to the guided growth.

A：The NBA investment is anticipated to be positive and to drive growth over time, especially in the latter half of the year. The rights costs associated with the NBA will initially cause some bumpiness in the year, but the second half is expected to show significant growth. The NBA's scale and appeal to advertisers make it strategically beneficial for the company.

A：Advanced bookings for Disney Parks are up 3% in the first quarter, which is a positive sign and indicates that demand is currently trending well.

A：Subscribers that bundle Disney Plus and Hulu or bundle all three services have lower churn rates compared to those who only subscribe to one app. Approximately 80% of new ESPN service subscribers are buying the triple bundle, which is a positive sign for future churn rates. Bundling has also been shown to lower churn when combined with other offerings, such as the Max bundle with Discovery+ in the United States.

A：Domestic parks attendance in the fourth quarter was in line with expectations and was not considered light. The attendance was impacted by competition and factors specific to the Florida market but did not significantly impact consumer demand. The rest of the competition in Florida saw a more pronounced impact.

A：Demand for the cruise business is very strong despite adding significant capacity. Utilization rates are in line with past experiences, with all added capacity being filled quickly. While specific details on cruise margins are not disclosed, the business is very attractive with good pricing, high guest satisfaction scores, and origins that are highly profitable.

A：The impact of the extra week in 2026 on guidance for fiscal year 27 was not quantified in the provided text. However, it was mentioned that the company would provide clean guidance for the year and that on an underlying basis, it would help quantify the impacts of the extra week. The expectation for double-digit EPS growth in fiscal year 27 was also mentioned but without adjusting for the 53rd week comp.

A：The company expects to grow revenue at an attractive rate with the aspiration to achieve double digits in the DTC business. They plan to invest at a reasonable level in content, with a focus on international markets to grow the international business. There will also be investments in product and technology. The company anticipates P&L leverage, where expenses will grow less quickly than revenue, leading to margin growth. Regarding the 53rd week, the value will be determined by Q4, and the company will share details with investors, aiming to grow double digits off that.

A：The company has had productive conversations with AI companies and seeks to protect the value of their IP while exploring opportunities to use AI technology to enhance consumer engagement. They are encouraged by ongoing discussions and emphasize the importance of protecting IP with new technology. They also see opportunities to deploy AI for efficiency and cost savings not just in production but across the company, including in data mining and engagement with cast members, employees, guests, and customers. Generative AI is viewed as a tool to create efficiency and provide dynamic platforms for consumer creation.

A：The company is committed to maintaining consumer service uninterrupted and has proposed a deal that is equal to or better than what other large distributors have agreed to. They are working tirelessly to close the deal and restore their channels to the platform, prioritizing a deal that reflects the value they deliver, which YouTube and Alphabet acknowledge is greater than any other provider. The company is attempting to close the deal in a timely manner to ensure consumers can access their content through the platform.