“While domestic Parks and Experiences is expecting solid growth for the full year, that growth will be heavily back-end loaded due to continued challenging comparisons in the first half of the year from the 50th Anniversary at Walt Disney World in addition to wage inflation.”

In context

“22% in Q4, an increase of three percentage points versus the prior year. Our international operations continued their strong performance trend in the quarter with significant growth across all sites versus the prior year. Disney Cruise Line, Disney Vacation Club and Disneyland Resort also all saw strong year-over-year growth in both revenue and operating income, while Disney World operating results decreased, driven by the accelerated depreciation from the closure of the Galactic Starcruiser along with inflationary impacts and the continued comparison to the 50th Anniversary celebration in the prior year. Looking towards fiscal 2024, we anticipate robust annual operating income growth at Experiences to reflect continued strong performance at our International Parks and Disney Cruise Line. While domestic Parks and Experiences is expecting solid growth for the full year, that growth will be heavily back-end loaded due to continued challenging comparisons in the first half of the year from the 50th Anniversary at Walt Disney World in addition to wage inflation. We continue to be bullish on the long-term positioning of our Experiences business. As evidenced by our recent announcement, on significant investments we plan to make over the next 10 years to turbocharge growth in this area. We expect those investments to ramp up towards the back half of that 10-year period with more gradual increases in the first few years. As has been the case historically, CapEx for the parks are largely effectively self-funded, given the strong returns these investments generate over time and I would also note that a portion of the investments in our theme parks in Shanghai and Hong Kong is funded out of joint venture cash flows. Before we conclude and move to Q&A, there are a number of additional items I'd like to share for context on the year ahead. First on capit”