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We've already demonstrated an aggressive approach to our content creation pipeline, accelerating the Disney+ debuts of Frozen 2, Pixar's Onward and Star Wars: The Rise of Skywalker. Most of those were closed in this third quarter. The Kahoot! And with that, Daniel, we are ready for the first question. We estimate the adverse impact of COVID-19-related disruption on our third quarter segment operating income was approximately $3 billion, net of cost mitigations. I'm wondering if you're thinking about using that on a regular basis globally on the Disney+ platform. Capital expenditures decreased from $3.6 billion to $3.3 billion driven by lower spending at our domestic parks and resorts primarily due to a decrease in spending on Star Wars: Galaxy’s Edge at both the Walt Disney World and Disneyland resorts, partially offset by higher spending on technology to support our direct-to-consumer services and on corporate facilities. This outperformance, along with lower-than-expected expenses at our international channels, contributed to the segment's overall operating loss of approximately $700 million, coming in better than our prior guidance. So, then the question is, how do we get it to the consumer? We have prioritized the health and safety of our cast members and guests and have instituted protocols that include: a mandatory mask policy, temperature screenings, increased cleaning and disinfecting as well as capacity restrictions to promote social distancing. For the current quarter, intangible asset amortization was $486 million, step-up amortization was $190 million and amortization of intangible assets related to TFCF equity investees was $7 million. So, can you maybe just explain a little bit behind -- your thinking behind that quantum of capital and what it might be used for? And Christine, you'll take the dividend question. These measures should be reviewed in conjunction with the relevant GAAP financial measures and are not presented as alternative measures of operating cash flow, diluted EPS or income from continuing operations before income taxes as determined in accordance with GAAP. And millions of fans are anxiously awaiting the highly anticipated second season of The Mandalorian in October. Coupled with that, you know, we've learned a lot with the launch of Disney+. - Get Report After the market closed on Tuesday, Feb. 4, 2020, the Walt Disney Corporation spoke on a live webcast at 4:30 p.m. EST about the earnings for the first fiscal quarter of 2020. And rather than simply rolling it into a free offering, we thought we would give, again, because we can test almost anything when you have your own platform, we thought we would give it a try to establish a new window, premier access window, to try to recapture some of that investment that we've got. Subscribers include those who receive the service through wholesale arrangements in which we receive a fee for the distribution of Disney+ to each subscriber to an existing content distribution tier. So let me just make a couple of comments on the dividend. Operator, next question, please. And I'd also like to mention, Shanghai has consistently been operating in that net positive contribution area as well. OK. Jessica, thank you for the questions. We further strengthened our capital position during the quarter by issuing $11 billion of term debt in May at highly attractive rates. No significant titles were released in the current quarter compared to the release of Avengers: Endgame, Aladdin and Dark Phoenix in the prior-year quarter. These results also reflect an adverse impact at our consumer products business due to the effects of COVID-19. At the end of the quarter, Disney+ had a paid subscriber base of 57.5 million, which, as Bob mentioned, has now grown to 60.5 million as of August 3. OK. As you may suspect, while we've had to slow down production and cease it altogether, in some cases, during the COVID time, we've been busy developing new content. I wanted to ask about the international general entertainment DTC launch, which, I think, is not a huge surprise that you're moving forward, although calendar '21, a bit earlier than we were expecting. And we feel confident that with the way that we see all of the sports going on right now, we feel confident that we're going to be able to reach that. Walt Disney Q3 2020 Earnings Call Aug 04, 2020, 4:30 p.m. As our global sub numbers continue to grow, we've also exceeded our internal subscriber projections in every major market we've launched thus far. Our last question comes from Steven Cahall with Wells Fargo. Thank you. Growth in TV/SVOD distribution results was due to the sale of content to Disney+ including library titles, Star Wars: The Rise of Skywalker and Onward. Many of these businesses have been closed consistent with government mandates or guidance. Equity in the income (loss) of investees increased $187 million, from a loss of $1 million to income of $186 million, primarily due to the comparison to an impairment of an investment in a cable channel at A+E Television Networks in the prior-year quarter. Following comments from Bob and Christine, we'll be happy to take some questions. Our Shanghai and Hong Kong resorts were also closed for part of the quarter with Shanghai reopening on May 11 and Hong Kong reopening on June 18. We ended the quarter with $23 billion in cash and continue to feel we are well positioned to navigate through this time of uncertainty and continue to invest in the long-term future growth of our businesses. We are announcing today that in most Disney+ markets, including the U.S., Canada, Australia, New Zealand and a number of countries in Western Europe, we will be offering Disney+ subscribers, the epic adventure Mulan on Disney+ on a premier access basis beginning September 4. While uncertainty still exists regarding the timing for reopening some of our businesses, we remain committed to creating high-quality experiences for all of our guests and are confident in our ability to generate long-term value through these assets. But what we plan to do is invest even more in our content in order to keep that machine cranked and going. So, I look at this as, as we all know, what kills the company is the lack of liquidity. On the Disney+, we absolutely are going after a bigger market of the number of subscribers as opposed to over-rotating to try to get to a profitability number, you know, much sooner than we thought. I think in terms of, you know, you being surprised that this isn't being launched, you know, under a different brand name, I think it's important to look at the differences in how we plan on going into the market. The discount is allocated to each service based on the relative retail price of each service on a standalone basis. Bob, why don't you take the production question for the fall? Thanks, again, everyone, for joining us, and have a great rest of the day. Our next question comes from Jason Bazinet with Citi. I love that you guys are always conservative with the capital, and recognize you said it was a low-cost of debt in terms of the latest capital raise. Cheyne Gateley/VIP. Thank you. The impact of the pandemic on people's lives, our communities, businesses, and way of life has been devastating, and we remain deeply appreciative of the healthcare workers, researchers, community leaders and everyone doing their part to get us through this difficult period. Netflix fell short of its own guidance for earnings per share and subscriber growth in the third quarter, Global subscribers totaled 195.15 million … Disney reports mixed Q3 earnings. Thanks, Bob, and good afternoon, everyone. Is that the template to think about globally? And so those are kind of meaningless numbers right now. I have two for you, Lowell. Results in the prior-year nine-month period includes the consolidation of TFCF Corporation (TFCF) and Hulu LLC (Hulu) for the period March 20, 2019 through June 29, 2019, whereas the current year results of TFCF and Hulu are included for the full nine month period. And these require us to reenter into production, but it's such a priority that we're hopeful that this will be coming shortly to enable us to, again, not only sustain but continue to grow. ... Disney documented earnings for its fiscal 3rd quarter of 2020 soon after the bell on Tuesday as it continues to experience the influence of the coronavirus pandemic on sectors like its parks business enterprise. And as we transition to the Q&A, let me note that since we are not physically together this afternoon, I will do my best to moderate by directing your questions to the appropriate executive. Our Asia parks and resorts were closed for a portion of the current quarter, as Shanghai Disney Resort re-opened in May and Hong Kong Disneyland Resort re-opened in late June (Hong Kong Disneyland Resort closed again in July). Disney's FY20 Q3 Earnings (8/4/20) | Page 2 | WDWMAGIC - Unofficial Walt Disney World discussion forums. And I'm happy to announce that we will also be rolling out Disney+ Hotstar on September 5 in Indonesia, one of the world's most populous countries. And the first thing is is that Hulu aggregates third-party content while this will not. The tremendous success of Disney+ in less than a year clearly establishes us as a major force in the global direct-to-consumer space. From 'Black Widow's new release date to a third season of 'The Mandalorian,' here's why fans should live stream Disney's 2020 investor day. Primarily reflects the impairment of an investment in a cable channel at A+E Television Networks. We've got of course the Mandalorian 2, which we've announced is coming in October, but we've also got a slew of Marvel content that's going to be coming that we're very excited about. See the discussion on page 2 and on pages 10 through 13. OK. Alexia, thanks. Tax benefit/expense is determined using the tax rate applicable to the individual item. And with that, I'll turn the call over to Lowell, and we will be happy to take your questions. And the good news is, as I mentioned in my opening comments, is that we're going to have a chance to learn from this and to see whether that makes sense. When I became CEO in February, I emphasized that we will continue to pursue bold innovation, thoughtful risk-taking and the creative storytelling that is the lifeblood of The Walt Disney Company. Christine McCarthy -- Senior Executive Vice President and Chief Financial Officer. I think you've done a little bit of that in the U.K. with some channels, but could that become a bigger possibility in other markets now that you've written down this asset? The increase in program sales income was driven by sales of The Simpsons, Modern Family and The Politician, partially offset by higher programming and production costs due a timing impact from new accounting guidance. Is there an alternative state of the world where ESPN could go direct to consumers? Operator, I think we have time for one more question today. Operator, next question, please. And as it relates to sort of pricing and occupancy of the hotel, it's really – like, there's so many hotels that are not yet reopened. With the closure and phased reopening of Disney theme parks around the world, the continued limbo when it comes to the still-closed Disneyland, the controversy around Disney’s biggest movie release, and many more effects of the global health crisis; the Walt Disney Company earnings results for 2020 could be surprising.. It's a little bit delayed from a typical calendar schedule. In addition, we have delayed, or in some cases, shortened or cancelled theatrical releases and suspended stage play performances at Studio Entertainment and have experienced an adverse impact on advertising sales at Media Networks and Direct-to-Consumer & International. And they were primarily in APAC and in EMEA. OK. Sure. And also, in parks, as you've heard from us, there is considerable costs that have been put in place to achieve safety and health measures. Let me also remind you that certain statements on this call, including financial estimates or statements about our plans, expectations, beliefs or business prospects may constitute forward-looking statements under the securities laws. These impairment charges reflect the underperformance of these assets due to COVID-19 as well as the impact of our accelerated push into direct-to-consumer streaming services in the midst of declines in our international MVPD subscriber base. First, Bob, you talked a bit about some of the new program you're going to have on the Disney+ platform in the fall. But that's where it was – that's where the channels were closed. The stock jumped around on the news of the report but was down more than 2% after hours following the earnings … In general, wholesale arrangements have a lower average monthly revenue per paid subscriber than subscribers that we acquire directly or through third party platforms like Apple. Thanks for the question. So -- and the other thing is we do have debt maturities coming up. Disney reported mixed results for its Q2 2020 earnings after the bell on Tuesday. So that was not -- you had to be an NTT DOCOMO subscriber in order to have that ability. That said, we find it very interesting to be able to take a new offering, our premier access offering, to consumers at that $29.99 price and learn from it and see what happens not only in terms of the uptake of the number of subscribers that we get on the platform but the actual number of transactions on the Disney+ platform that we get on that PVOD offering. Wdwmagic Premium Membership, ads, and inspiring interpretation of the ACC Network, which has been the initial of! Studio Entertainment revenues for the quarter synergy, the Walt Disney world: Investments in parks, resorts other! 'S just a concern, but you have n't been in the television... And programming costs, partially offset by a decrease in sales to parties! 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