“Cash content spend totaled $30 billion in fiscal 2022, and we continue to expect it to be in the low $30 billion range for fiscal 2023.”

In context

“national markets. And at Disney+ Hotstar, we are currently expecting that subscribers will decline in Q1 due to the absence of the IPL, but we do expect to see some stabilization in Q2. I’ll note that our Direct-to-Consumer expectations are built on certain assumptions around subscriber additions based on the attractiveness of our future content, churn expectations for our upcoming price increases, the financial impact of the Disney+ ad tier and price increases and our ability to quickly execute on cost rationalization while preserving revenue, all of which, while based on extensive internal analysis as well as recent experience provides a layer of uncertainty in our outlook. Before we conclude, there are a couple of other items I would like to mention around our fiscal 2023 expectations. Cash content spend totaled $30 billion in fiscal 2022, and we continue to expect it to be in the low $30 billion range for fiscal 2023. Capital expenditures totaled nearly $5 billion in fiscal 2022, in line with our expectations, and we currently expect that CapEx will increase in fiscal 2023 to a total of $6.7 billion, driven by higher spend across the enterprise. Putting this all together, assuming we do not see a meaningful shift in the macroeconomic climate, we currently expect total company’s fiscal 2023 revenue and segment operating income to both grow at a high single-digit percentage rate versus fiscal 2022. We are confident about the opportunities we see to continue to transform our business for the next 100 years and look forward to sharing our progress with you all throughout 2023. And with that, I’ll turn it back to Alexia, and we would be happy to take your questions. Alexia Quadrani: Thanks, Christine. [Oper”