“And we expect CapEx in fiscal 2024 to total $6 billion, an increase of approximately $1 billion versus fiscal 2023, driven by higher spend at Experiences.”

In context

“nts 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 capital expenditures, fiscal 2023 CapEx totaled approximately $5 billion, roughly comparable to the prior year and in line with our most recent guidance. And we expect CapEx in fiscal 2024 to total $6 billion, an increase of approximately $1 billion versus fiscal 2023, driven by higher spend at Experiences. CapEx at Experiences in fiscal 2024 will look more comparable to fiscal 2019 levels and includes spend at our Cruise business ahead of the launch of three new ships in fiscal 2025 and 2026. Our enterprise-wide content spend in fiscal 2023 was $27 billion, in line with our guidance and about $3 billion below the prior year as we significantly reduced our spend on entertainment content. As a result of our continued work to be more efficient in our content spend, in addition to impacts from the strikes and the timing of sports payments, we expect total content spend in fiscal 2024 to be approximately $25 billion, which is a decrease of $2 billion versus 2023. Note that sports rights now account for over 40% of our enterprise-wide content spend. Our annualized entertainment cash content spend”