Bob Iger: We are already doing some licensing with Netflix and we’re looking selectively at other possibilities. I don’t want to declare that it’s a direction we’ll go more aggressively or not, but we certainly are taking a look at it and being expansive in our thinking about it. We had previously thought that exclusivity, meaning our own product on our own platforms, had huge value. It definitely does have some value. But as you know, we’re also watching as some studios have licensed content to third-party streamers, and that creates more traction, more awareness and in effect it increases not only the value of the content from a financial perspective, but just in terms of traction. So, we’re going to — we’re looking at it with an open mind, but I don’t think you should expect that we’ll do a significant amount of it.
Alexia Quadrani: Okay. Thanks for the questions, and I want to thank everyone for joining us today. Note that a reconciliation of non-GAAP measures that we referred to on this call to the most comparable GAAP measures can be found on our Investor Relations website. Let me also remind you that certain statements on this call, including financial estimates or statements about our plans, guidance or expectations and drivers, including future revenues, profitability, DTC subscribers, free cash flow, adjusted EPS and capital allocation and other statements that are not historical in nature may constitute as forward-looking statements under the securities laws. We make these statements on the basis of our views and assumptions regarding future events and business performance at the time we make them, and we do not undertake any obligation to update these statements.
Forward-looking statements are subject to a number of risks and uncertainties, and actual results may differ materially from the results expressed or implied in light of a number of factors. These factors include, among others, economic or industry conditions, competition and execution risks, including in connection with our business plans, potential strategic transactions and our content, cost savings, the market for advertising, our future financial performance and legal and regulatory developments. In particular, our expectations regarding DTC profitability, subscriber levels and ARPU are built on certain assumptions around subscriber additions based on the future strength of our content slate, churn expectations, the financial impact of Disney+’s ad tier, pricing decisions, bundling and availability of Hulu on Disney+, technological advances and paid sharing efforts, our ability to continue to rationalize cost while preserving revenue and macroeconomic conditions, all of which, while based on extensive internal analysis as well as recent experience, provide a layer of uncertainty in our outlook.
For more information about key risk factors, please refer to our Investor Relations website, the press release issued today, the risks and uncertainties described in our Form 10-K, Form 10-Q and other filings with the Securities and Exchange Commission. We want to thank you for joining us, and wish everyone a good rest of the day.
Operator: The conference has now concluded. We thank you all for participating in today’s call. You may now disconnect your lines, and have a wonderful day.
