“On an enterprise level, we continue to make good progress on our cost efficiency initiatives and remain positioned to exceed our $7.5 billion annualized target.”

In context

“ucts and the timing of Easter. Beyond these comparability related headwinds, the third quarter's results will be impacted by 3 additional factors, higher wage expenses, preopening expenses related to the Disney Treasure and Adventure Cruise ships as well as Disney Cruise Line's New Island Lookout Cay and some normalization of post-COVID demand. As it relates to demand, while consumers continue to travel in record numbers, and we are still seeing healthy demand, we are seeing some evidence of a global moderation from peak post-COVID travel. While pressures from wages, preopening costs and demand impacts are expected to persist in Q4, we do expect year-over-year experiences operating income growth to rebound significantly in the fourth quarter due to fewer comparability or timing factors. On an enterprise level, we continue to make good progress on our cost efficiency initiatives and remain positioned to exceed our $7.5 billion annualized target. We still expect to generate over $8 billion in free cash flow this fiscal year and the shareholder return goals we've previously spoken about are also still very much on track. We repurchased $1 billion of stock in the second quarter. We continue to position the company for long-term growth and profitability and are making tangible progress on generating compounding earnings and free cash flow growth, which will enable us to continue returning capital to shareholders. I'll now hand the call back to Alexia for Q&A. Alexia Quadrani: Thanks, Hugh. [Operator Instructions] And with that, operator, we're ready for the first question. Operator: [Operator Instructions] Today's first question comes from Steven Cahall with Wells Fargo. Steven Cahall: So first, thanks for that detail on Parks an”