There is perhaps no place that better embodies this company's extraordinary past or its limitless future than right here at Disneyland.

It's here among these fantastical lands, immersive attractions, and gateways to galaxies far, far away that our stories and characters come to life and the spirit of boundless creativity courses through every detail.

Disney is in the business of storytelling and nothing is more important to this company than creativity.

It was true nearly 70 years ago when Walt introduced the world to this very special place and it's true today.

When you think about it, our movies, shows, and theme parks are all really just different kinds of storytelling and our brands, including Disney, ESPN, ABC,

Pixar, Marvel, Lucasfilm, National Geographic,

FX, Searchlight, and more are part of a dynamic collection of businesses all pushing the envelope of creativity and innovation to tell great stories to the world.

At last year's annual meeting, we had just embarked on an important transformation to restore creativity to the center of our businesses and return Disney to a period of sustained growth.

As we gather today, we stand on a far more solid foundation, which has been fortified by our ambitious course of action over this past year.

We are once again building our businesses for growth.

As we demonstrated during our most recent earnings report, we have turned the corner and entered a new positive era for The Walt Disney Company.

Anchoring all of this work are four key building priorities.

We are reinvigorating creativity at our film studios.

We're on the path to achieving sustained profitability in streaming.

We're positioning ESPN for the future and turning it into the preeminent digital sports platform.

And we're turbocharging growth in our experiences business, including our domestic and international parks and our cruise line.

We're executing at a rapid pace and we're doing so from a position of renewed strength with tremendous optimism.

First, let's talk about our film and television studios, which are coming off a stellar award season.

Disney led the industry with 20 Oscar nominations, winning five, including Best Actress for Emma Stone's performance in Searchlight's Poor Things.

You received 27 Golden Globe nominations and won top prizes for Poor Things and FX's The Bear.

And at this year's Primetime Emmy Awards, we took home 37 wins, more than any other entertainment company.

As we continue to reinvigorate our film studios, we have an incredibly robust slate of upcoming theatrical releases.

And this year alone, audiences can look forward to Kingdom of the Planet of the Apes,

Deadpool and Wolverine,

Alien Romulus, and Mufasa, The Lion King.

Another big title coming to theaters this year is Pixar's Inside Out 2.

And today I'm pleased to share a special sneak peek.

The next three days could determine the next four years of our lives.

Oh, I think that's overstating things a bit.

Oh la la, Joy is so old school.

What?

Look, we all have a job to do.

You make Riley happy, sadness makes her sad, fear protects her from the scary stuff she can see, and my job is to protect her from the scary stuff she can't see.

I plan for the future.

Oh, I can show you.

You're gonna love this.

Oh, I was using that as a cup holder.

Our little girl's growing up so fast.

These girls are so cool.

We can't let her know we're excited.

I got this.

I could help. Thank you, not now.

Yeah, yeah.

That's not gonna haunt us for the rest of our lives at all.

No!

Let Operation New Riley begin.

Come on.

Riley needs us.

Have I ever steered you wrong before?

Ah!

Many times.

Inside Out 2 and the many emotions in Riley's teenage mind will arrive in theaters on June 14th.

In November, we will release our highly anticipated animated sequel to Moana, and today you're seeing an exclusive first look at artwork from the film.

Three years since her first voyage,

Moana is heading out on an epic journey to find and reconnect the people of the ocean.

We can't wait to take audiences on another amazing journey with Moana and Maui, and we are excited to confirm that both Auli'i Cravalho and Dwayne Johnson are back reprising their roles.

We're also looking forward to the live-action remake of the original film that's currently in development.

Moana remains an incredibly popular franchise.

In fact, the original film from 2016 recently crossed one billion hours streamed on Disney+, and was the most streamed movie of 2023 on any platform in the U.S.

It's just one of the many successful titles in our rich library of movies and shows on Disney+, a library that just got a lot bigger with the official launch of Hulu on Disney+, last week.

With our expansive collection of enduring classics and new hits available together in one place,

Disney+, truly has something for everyone.

And there's even more coming soon, including a new season of the hit show, The Bear.

Take a look at this exclusive clip from season three.

Our streaming strategy also extends into the world of sports, and ESPN continues to deliver meaningfully for the company.

ESPN recently announced an extension to their exclusive worldwide media rights agreement with a college football playoff through the 2031-32 season.

This solidifies ESPN as the home to all rounds of college football's premier post-season event, which will now incorporate an expanded 12-team playoff with 11 total games rather than a four-team bracket.

We believe in the power of sports and their unique ability to convene and engage audiences, and we're hard at work building ESPN into the preeminent digital sports destination to reach even more fans in innovative new ways.

One way we will do this is through the joint venture we announced earlier this year, in conjunction with Fox and Warner Brothers Discovery, to create a new streaming service that brings together our collective portfolios of sports channels.

This new service will provide consumers with more of the sports they want in a single place, including content from all the major professional sports leagues and college sports.

Then in the fall of 2025, we will make the full suite of ESPN's channels available as a standalone and highly interactive digital destination.

This will give consumers the ability to stream their favorite live games and studio programming and take advantage of an immersive, customizable sports experience that includes betting, fantasy sports, e-commerce, and more.

And just as we've done with Hulu, this standalone ESPN service will be available on Disney+, for bundle subscribers, creating an even more unified streaming experience.

Overall, our current and future direct-to-consumer offerings are a clear differentiator for the company in a very competitive landscape.

We remain poised to reach profitability in our combined streaming business by the end of this fiscal year and deliver significant, sustained growth in the future.

We have the most valuable brands and franchises, a deep library of popular titles built over the last 100 years, powerful content engines, multiple consumer touchpoints, and the best advertiser technology in the streaming business globally.

And no one has the breadth of what Disney has when it comes to streaming.

Another key growth business and a clear differentiator for the company is our experiences business, and we're constantly seeking creative new ways to turn our IP into top-quality experiences.

That even further with our recently announced relationship with Epic Games to create a games and entertainment universe that brings together our brands and franchises with Epic's cultural phenomenon, Fortnite.

Younger audiences in particular are huge consumers of video games, and this new universe will give players the opportunity to forge even greater connections with Disney.

Turning to our parks, we continue to deliver experiences like no other for guests around the world while generating enormous growth for the company.

Last November, we opened World of Frozen at Hong Kong Disneyland, and the response from guests has been tremendous.

And we're looking forward to bringing a Frozen-themed land to Disneyland Paris.

Meanwhile, at Shanghai Disney Resort, the opening of Zootopia in December has been met with equally rave reviews, becoming the most successful expansion since the park's opening.

And this June, Fantasy Springs will open at Tokyo DisneySea, immersing guests in the stories of Frozen, Tangled, and Peter Pan in the largest expansion of the Tokyo Disney Resort to date.

With such a deep well of untapped IP and buildable land, there are so many experiences that have yet to be brought to our parks around the world.

And we plan to turbocharge growth in this sector with a robust amount of strategic investment.

And right here at Disneyland, we're pleased to have reached an exciting milestone as our ambitious Disneyland Forward initiative goes before the Anaheim City Council for final approval later this month.

We're thrilled about many potential new stories that our guests could experience at Walt's original theme park, including the opportunity to embark on all new Avatar adventures with a visit to the world of Pandora.

You've heard me mention before our intention to bring Avatar to Disneyland, and our Imagineers have been hard at work dreaming up what guests might expect.

And today I'm excited to give you a first look at the creative inspiration for this possible new destination.

It was Walt himself who said that Disneyland will never be completed.

It will continue to grow as long as there is imagination left in the world.

Those words continue to ring true, both here at Disneyland and in every Disney park around the world.

Walt also understood the power storytelling has to connect us all to one another.

And our company, like our storytelling, has always been a force for good in the world.

And that's why Disney is dedicated to conducting our businesses with clarity of purpose and a deep sense of integrity, as we strive to have a positive impact in the communities in which we operate.

This includes our efforts to bring joy and comfort to children's hospitals around the world.

Our Heroes Work Here initiative, which has resulted in the hiring of more than 13,000 veterans since 2012.

Disney Aspire, which covers tuition for eligible hourly and part-time Disney employees, recently celebrated its fifth anniversary with more than 15,000 enrolled employees.

And our longstanding relationship with Make-A-Wish.

Disney remains the number one wish granter in the world, having granted more than 150,000 wishes to children facing critical illness.

All of this ongoing work is part of our overarching commitment to being a responsible citizen of the world.

It is a true privilege to lead this remarkable company at this pivotal moment.

And I wanna personally thank our employees and cast members around the world for their passion and dedication, for their enduring commitment to excellence, and for their ability to adapt and innovate through periods of great change.

Disney and Make-A-Wish inspire me every day I come to work, and I am truly grateful to them.

I've often said that one of the greatest attributes of Disney is the mere fact that people expect so much from us.

What will they think of next, you might hear someone say, or only Disney can do that.

We welcome that challenge because it motivates us and energizes us to always be bold in everything we do, and to always be ready for new challenges.

Our plans are ambitious, our strategy is working, and our future is bright.

So on behalf of all of us at Disney, we're grateful to you, our shareholders, for your continued support and belief in this amazing company and its extraordinary future.

Thank you.