Welcome to The Walt Disney Company's annual meeting of shareholders. Please welcome the Chairman of the Board and Executive Chairman, Bob Iger. Good morning, welcome to our Annual Shareholders Meeting. It's hard to believe a year has passed since we held our last meeting in person in Raleigh-Durham. As you recall, there was already growing concern about a virus that was just starting to spread across the globe. Now, with more than 500,000 American lives lost due to COVID-19 and over 2 million deaths worldwide, we grieve and also share in the concern for those who are ill or struggling in other ways as a result of the pandemic. Fortunately, there is good reason to be hopeful with the ongoing distribution of vaccines, and, like all of you, we look forward to better days ahead. For a company like ours that thrives on entertainment and generating happiness, it has been a very trying year. In fact, I think it's fair to say that this has been the most challenging year we've had in recent memory, if ever. The Walt Disney Company is incredibly resilient, and we're able to adapt in the face of crises or changing market dynamics and withstand even the toughest times, something I've witnessed repeatedly during my 47 years with the company. This is my last shareholders meeting after 16 years as either CEO or chairman. I will leave at the end of December with a strong sense of pride and a deep appreciation for the very special place Disney occupies in the hearts of people all over the world. Touching people's hearts was something Walt Disney always endeavored to do, and along those same lines, it was important for me that Disney be among the most admired companies in the world. I articulated that goal when I became CEO in 2005. I'm proud to say that we achieved it. I believe that's in large part because we've stayed true to our values and high standards. In today's fast, ever-changing world, managing a global brand to serve shareholders, consumers, and employees well can be very challenging. We have managed to achieve a delicate balance by doing what we think is right and having the courage to stand by our convictions. I can recall being on stage at my first annual meeting as CEO in March 2006. We were in Anaheim, California. I told our shareholders, "Creating quality entertainment is our number 1 priority at The Walt Disney Company today." That has held true every day since. The high quality of our storytelling is evident in everything we do, and I'm certain that will remain the case for the next 100 years and beyond. This also reflects our strong commitment to creating rich, diverse content that best represents the world we live in. We must continue to preserve a vibrant creative environment and attract and nurture diverse talent at all levels of our organization. While I'm proud that we've made meaningful progress in the area of diversity and inclusion, the fact is we've got a lot more work to do, and it will remain a top priority. As I look to the future, I'm confident we will continue to thrive and grow as long as we keep doing the things that have made us successful thus far, remaining agile and willing to adapt and innovate and never losing sight of what's most important. That is the unsurpassed quality of what we create for people around the world. I'm confident my successor, Bob Chapek, and the senior management team will adhere to the same principles. We look forward to giving you a glimpse at the exciting things in store in the coming months, and Bob will have more to say about this in a little bit. With respect to the agenda for today's meeting, our General Counsel, Alan Braverman, will conduct the business portion first, then the formal meeting will conclude, and Bob will make some remarks and take your questions. Before I hand it over to Alan, I'd like to take one final moment and acknowledge our independent directors, all of whom are here with us today. Starting with our Lead Director, Susan Arnold. In addition to Susan, we have Mary Barra, Safra Catz, Francis deSouza, Michael Froman, Mel Lagomasino, Mark Parker, and Derica Rice. We're grateful for their hard work and their support. Now I'll turn it over to Alan for the business portion of the meeting. Alan? Thank you, Bob. This meeting has been duly called and is being conducted in conformity with the laws of Delaware and the company's charter and bylaws. If you've already voted by proxy, you do not need to vote again now. If you haven't voted or if you want to change your vote, you may do so during this meeting by clicking on the voting link on the virtual meeting website and following the instructions there. Copies of the rules of the meeting were provided on the virtual meeting website. I would ask that everyone please respect those rules. We have five items on the agenda today, including two shareholder proposals. I will introduce each of the first three items. Shareholder representatives will present each of the shareholder proposals. The polls will close. We will hear a preliminary report from the Inspector of Election and adjourn the business portion of the meeting. The company has retained Broadridge Investor Communication Solutions as the Inspector of Election for this meeting. I would now like to introduce Belinda Massafra, a representative of Broadridge, and ask her to report on the number of outstanding shares present today and voting. Thank you, Mr. Braverman. As of the close of business on January 11, 2021, the record date for this meeting, there were 1,814,263,808 shares of common stock outstanding, each of which is entitled to one vote. There are at least 1,066,926,384 shares of common stock represented by proxy at this meeting, which represents at least 58% of the total number of shares entitled to vote. Thank you. Based on this report, I declare that a quorum is present and that this meeting is qualified to proceed and that the polls are now open. The first item is the election of 10 members of the board of directors. Each director holds office for a term of one year. Each of the current directors is nominated for election at this meeting. The board recommends a vote for the election of all of the nominees. The next item is ratification of the appointment of PricewaterhouseCoopers LLP as the company's independent registered accountants for the current fiscal year, as recommended by the audit committee of the board of directors. David Johnson, a representative of PricewaterhouseCoopers, is here today to respond to any questions. The board recommends a vote for the ratification of the appointment of PricewaterhouseCoopers as the company's independent registered accountants for fiscal 2021. The next item is the advisory vote on executive compensation. We are seeking advisory shareholder approval of the compensation of our named executive officers, and the board recommends a vote for this proposal. The next item is a shareholder proposal by Mercy Investment Services, Inc., and co-filers. The full text of the proposal is set forth in the proxy statement. I understand that Lydia Kuykendal, a representative of the shareholder, is here to present this proposal, and I would like to invite her to do so. I would ask that she limit the presentation to five minutes at most. Thank you, Mr. Braverman. Can you hear me? This is the operator. We can hear you. Your line is coming through. Please proceed. Thank you very much. Thank you. I hereby move Proposal 4, asking our company to report on its state and federal lobbying expenditures, including indirect funding of lobbying through trade associations and social welfare groups. After January 6th, The Walt Disney Company announced it will not make political contributions in 2021 to lawmakers who voted to reject the certification of the electoral college votes. The question being asked is whether the changes that companies like Disney have made in response will be simply emergency measures to repair reputational damage or something more lasting. As a result, investors are asking companies to commit to corporate political responsibility by disclosing all dark money payments to third-party groups that use that money to influence policy. However, The Walt Disney Company does not issue a comprehensive report of its own direct lobbying. That data is scattered among federal and state regulators and is difficult to obtain. What we think that we know is that since 2010, Disney has spent nearly $43 million on federal lobbying. Disney's federal lobbying has been described as, quote, "So effective that the United States changed its copyright law twice, in 1976 and in 1998." There is also incomplete disclosure about spending at the state level, where our company also lobbies. Disney's lobbying in Florida has been described as the 800-pound gorilla protecting its cheese in the back rooms of city hall and state government. Disney is required to report its lobbying and already has all this information, so it could easily provide this to us, its shareholders. Additionally, Disney continues to argue that it has a high ranking in the CPA-Zicklin Index, a report that measures political contributions disclosures. However, this argument is misleading since the report looks at political contributions, which has nothing to do with lobbying disclosure, which is what proposal number four is all about. We also believe that Disney's trade association payments used for lobbying could pose reputational risks. For example, Disney signed an agreement to work with United Nations Environment to combat and raise awareness around climate change, yet the United States Chamber of Commerce, of which Disney is a member, undermines the Paris Agreement. For 2019, Disney paid somewhere between $250,001-$500,000 in dues to the chamber, of which 20% was used for lobbying. Disney also fails to disclose payments to 501(c)(4) social welfare organizations, which also lobby. For example, the Rule of Law Defense Fund is a social welfare group that helped organize the protest before the riot at the Capitol on January 6th, and it is the arm of the Republican Attorneys General Association. Does our company make contributions to groups like the Rule of Law Defense Fund? We have no way to know because Disney fails to disclose its contributions to these groups. Disclosure transparency is a safety mechanism for our company and its reputation. As we all know, quote, unquote, "What gets disclosed gets managed." Full disclosure of Disney's lobbying, including all third-party payments, will ensure proper oversight for our company's lobbying, and I urge stockholders to vote for this proposal. Thank you very much. Thank you. The board of directors has recommended a vote against this proposal for the reasons set out in the proxy statement. The next item is a shareholder proposal by James McRitchie. The full text of that proposal is set forth in the proxy statement. I understand that Mr. McRitchie is here to present this proposal, and I would like to invite him to do so. I would ask that he limit the presentation to five minutes at most. Thank you, Mr. Braverman. Disney's unsuccessful request to the SEC to prevent you from voting on this issue argued that it's unclear how including non-management employees in an initial list of director nominees would increase board diversity. Diversity, they argued, is about demography, not who you work for. The proposal cites plenty of academic research and benefits. Giving workers a formal voice allows companies to raise more capital, reduces turnover, leads to better-informed decision-making, better monitoring of management, and a longer-term focus. For example, the average tenure of Disney employees is nine years. Directors only last about six. Polling finds public support for workers on corporate boards. Why has there been such a push for board diversity? Here in California, we enacted laws requiring that publicly held companies include board members from underrepresented communities. There's a growing consensus that board diversity is imperative for a company's culture and public engagement. It improves financial performance. The legislature wasn't just motivated by profit. Fairness, inclusion, and a preference to take into account different perspectives, different worldviews also came into play. Given that reality, let's look at just one example. Mary Barra ensures some degree of diversity on the Disney board as a woman. Ms. Barra earns $21 million a year at GM and $320,000 at Disney. How well can she relate to the typical Disney customer? How close is her worldview to the median Disney employee, who earns $51,000? Let me note, that figure of $51,000 assumed all those furloughed employees last year continued to get paid, but they didn't. That figure came out of Fantasyland. Hopefully Tomorrowland will be different. Mary Barra's worldview and the worldview of other directors is closer to that of our CEO, who earned $14 million for 10 months worth of work, than it is to our employees, our customers, or our communities. It's ironic that Disney matches the charitable contributions of board members of up to $50,000 a year. Ms. Barra, for example, turned $50,000 into $100,000 for her favorite charity. Remember, employees earn $51,000 only by pretending they actually got paid while they were furloughed. Disney appears very charitable to board members, but not to employees. Proposal 5 would simply encourage Disney to start with a more diversified slate of candidates, even if the board ultimately nominates directors with the same background it does today. Think about it. Isn't it likely that a Disney employee will bring more fresh insights to the board than another director with $60 million in assets? My proposal was an opening move. I would have withdrawn it if the board had agreed to any significant step to increase workers' voice. A worker on the board, a workforce advisory panel, or a designated director to be a liaison with workers could institutionalize ongoing dialogue. An employee stock ownership plan with trustees elected by employees could have real influence on board composition. Any of these changes would engage and empower workers, leading to a better place to work and a more profitable company. Instead, our board refused to negotiate and sought to exclude the proposal. Thankfully, that bad faith legal maneuver was denied. This proposal is an opening move. I'm interested in hearing from other shareholders, especially Disney employees. Email me at J.M.@corpgov.net. That's J.M.@C-O-R-P-G-O-V.net. If you haven't voted in favor of Proposal 5, please do so now. Thank you. Thank you. The board of directors has recommended a vote against this proposal for the reasons set out in the proxy statement. The polls will now close, and I would ask the inspector of election to give us her report based on the proxies received by the opening of the polls at today's meeting. Inspector, may we have your preliminary report? Thank you, Mr. Braverman. For Item 1, the election of directors, we have received proxies for each director, representing at least 92% of the votes cast. For Item 2, ratification of the appointment of PricewaterhouseCoopers, we have received proxies, 86% of shares voting to approve the appointment. For Item 3, relating to executive compensation, we have received proxies for 68% of shares voting to approve the resolution, 31% voting against the resolution, and 1% abstaining. For Item 4, relating to lobbying disclosure, we have received proxies for 33% of shares voting to approve the proposal, 66% voting against the proposal, and 1% abstaining. For Item 5, relating to inclusion of non-management employees on director nominee candidate lists, we have received proxies for 6% of shares voting to approve the proposal, 93% voting against the proposal, and 1% abstaining. That concludes my report, Mr. Braverman. Thank you. Based on that report and subject to the counting of ballots presented at the meeting and final confirmation of voting results by the Inspector of Election, I declare that all of the nominees for election to the board have been duly elected, that the appointment of PricewaterhouseCoopers has been duly ratified, that the advisory resolution on executive compensation is approved, and that neither of the shareholder proposals was approved. The final vote results will be included in the Form 8-K that will be filed within four business days of this meeting. That concludes the business portion of the meeting, which is now adjourned. Now please welcome the Chief Executive Officer of The Walt Disney Company, Bob Chapek. Thanks, Alan, and hello, everyone. I want to take the opportunity to welcome all of you to our first virtual meeting. I look forward to updating you on many of our accomplishments over the past year and also sharing with you some of the exciting things we're hard at work on. Before we proceed, you heard Bob say that this will be his last annual meeting, and I want to take a moment to express my deep appreciation for his incredible leadership and mentorship, and I also want to say how truly grateful I am for the opportunities he's given me and for his faith in me. Bob has led this company to amazing heights over the years, and I look forward to continuing to build on his remarkable legacy. I know it's been a tough year for everyone. When I assumed the role of CEO in late February of 2020, none of us could have imagined how profoundly the virus would change the world and our way of life. It's also had a significant impact on businesses. Ours is no exception. However, once again, we've demonstrated our resiliency during an incredibly challenging period. In fact, we've more than persevered under some really unusual and difficult circumstances. That is a testament, first and foremost, to the hard work, flexibility and dedication of our employees. They've done an amazing job, and I could not be more grateful and proud of them. Over the past year, despite the multitude of obstacles, we've remained focused and taken a number of strategic and deliberate steps that have positioned our company for greater long-term growth. The incredible success of Disney+ in just its first year prompted us to accelerate our pivot to a DTC-first business model. We reorganized our media and entertainment businesses, separating content creation from distribution to align accountabilities in order to better support our DTC growth strategy and increase shareholder value. The enormous success of Disney+, which has now surpassed 100 million subscribers, has inspired us to be even more ambitious and to significantly increase our investment in the development of high-quality content. We have an impressive number of new episodic series, feature films, documentaries, and specials coming to the service in the next few years. In fact, we set a target of 100-plus new titles per year, and this includes Disney Animation, Disney Live Action, Marvel, Star Wars, and National Geographic. Our direct-to-consumer business is the company's top priority, and our robust pipeline of content will continue to fuel its growth. We're also incredibly excited about what we've accomplished with Hulu and ESPN+. Two weeks ago, we successfully launched our new international general entertainment offering, Star, in Europe, Canada, Australia, New Zealand, and Singapore. Star is home to thousands of hours of movies and television from our various studios, along with Star-branded exclusive originals and local programming tailored to those specific markets. The response from our consumers has been overwhelmingly positive in every market we have launched. We're also excited to be launching the standalone service, Star+, in Latin America this summer, and Disney+ with Star included in other markets later in the year. Delivering consumer choice, value, and convenience is a key focus, and we're constantly looking for ways to improve the consumer experience. As such, I am pleased to share that ESPN+ on Hulu, which we first mentioned at our Investor Day presentation in December, will launch tomorrow. Viewers who subscribe to both Hulu and ESPN+ will now be able to watch all the content available on ESPN+, including thousands of live sporting events, original shows, series, and documentaries without leaving the Hulu environment. By this summer, they'll also be able to purchase ESPN+ pay-per-view events from the Hulu platform. On the creative side, we're fortunate to have some of the best teams in the business, and that's reflected in the tremendous appeal and success of our one-of-a-kind content across our various platforms, streaming, linear, and theatrical. Last week, our films were honored with five Golden Globe Awards, including Pixar's Soul, which won for Best Animated Feature and Best Original Score. Nomadland, which won Best Motion Picture Drama and Best Director Motion Picture. Chloé Zhao made history as the first female director to win the top prize for Best Drama. Andra Day won for the Best Performance by an Actress in a Motion Picture Drama for the Hulu original, The United States vs. Billie Holiday. I hope you've all had an opportunity to see our latest family entertainment achievement, Disney Animation Studios' Raya and the Last Dragon, which we released last week in theaters and on Disney+ via Premier Access to great acclaim and social buzz. As we've said, we believe it's important to put the consumer in charge and let them decide when and how they want to enjoy our films, particularly as we navigate our way through the pandemic. We're really excited about the full slate of films we have in store this year. Next up is Marvel's highly anticipated spy thriller, Black Widow, featuring an all-star cast that includes Oscar nominee Scarlett Johansson, currently set for release in theaters on May 7th. I know Marvel fans have been looking forward to this film for a long time, and I promise you it's well worth the wait. It's absolutely fantastic. One of the most anticipated films of 2021 is Steven Spielberg's adaptation of the classic Broadway musical, West Side Story. Due to COVID, we've had to postpone the film's release for a year, and now it's expected to premiere in theaters on December 10. We can't wait for you to see it. It's phenomenal. We've also made a number of significant changes in how we manage and operate other parts of our company, particularly our theme parks and consumer products businesses. We believe these and other adjustments will best position us to operate most effectively now and in a post-COVID environment. I'm proud that where we've been able to reopen our parks with limited capacity and strict health and safety protocols in place, we've done so successfully, and guests have consistently demonstrated a willingness and desire to visit. We have earned our guests' trust by being transparent about our protocols for operating responsibly, which then builds further confidence as we reopen closed facilities and expand operations for other sites currently under significant capacity constraints. Fortunately, there's been a decline in new COVID-19 cases nationwide since January. With the addition of a third vaccine, we anticipate a greater number of people being vaccinated in a shorter timeframe. Here in California, we're encouraged by the positive trends we're seeing, and we're hopeful they'll continue to improve, and we'll be able to reopen our parks to guests with limited capacity by late April. We look forward to publicizing an opening date in the coming weeks. While last week's announcement stated that theme parks may open starting on April 1st, the fact is it will take some time to get them ready for our guests. This includes recalling more than 10,000 furloughed cast and retraining them to be able to operate according to the State of California's new requirements. I am pleased to say that the response has been great thus far. Our cast members are excited to get back to work, and this is also good news for the Anaheim community, which depends on Disneyland for jobs and business generated by visitors. Overall, we're encouraged by the pent-up demand we're seeing, both in the U.S. and internationally, and we're confident it will continue to grow as restrictions ease. Consumers' increasing willingness to travel makes us even more optimistic about the year ahead. At our parks and resorts, we're moving forward with a number of projects that push the boundaries of innovation, storytelling, and the overall guest experience. At Walt Disney World, preparations are well underway for the 50th anniversary celebration. As part of the re-imagining of Epcot, we're hard at work on two brand-new attractions, the highly anticipated Marvel-themed rollercoaster, Guardians of the Galaxy: Cosmic Rewind, and Remy's Ratatouille Adventure, which I'm pleased to announce will open to guests on October 1st in the France Pavilion. As you may have seen, work is also underway on the all-new spectacular nighttime show, Harmonious, and I am especially excited about the upcoming new Star Wars: Galactic Starcruiser hotel. It is truly unlike anything anyone has done before. At Disneyland Resort, the highly anticipated new Marvel-themed land, Avengers Campus, is currently scheduled to open later this year at Disney California Adventure. Guests will be able to sling webs like Spider-Man and see him soar through the air right before their eyes. We're also moving forward on a number of new projects at our international parks, including the multi-year re-imagining of Disneyland Paris, which will feature three new themed areas, starting with Avengers Campus, currently under construction. Shanghai Disneyland will celebrate its fifth anniversary this year, and work continues at the park on the first-ever Zootopia-themed land. Hong Kong Disneyland recently unveiled the Castle of Magical Dreams as part of the kickoff of the resort's 15th-anniversary celebration. At Tokyo Disney Resort, the largest expansion ever for Tokyo DisneySea is underway. Fantasy Springs, as it's called, will feature new areas and attractions inspired by the worlds of Frozen, Tangled, and Peter Pan's Never Land and is set to open in 2023. Finally, Disney Cruise Line's continuing with the construction of the fleet's fifth cruise ship, Disney Wish, with a maiden voyage scheduled for summer of 2022. On other fronts, during a year that was largely absent live sports due to COVID, our team at ESPN has done a remarkable job of finding ways to deliver compelling programming to fans with unique offerings ranging from critically acclaimed docuseries to live coverage of the NBA season from the now legendary bubble we created at Walt Disney World to the first-ever virtual NFL draft. In this unprecedented news year, our great local and national ABC News teams have done an absolutely outstanding job of reporting on the pandemic, the push for social justice, the election, and more. Good Morning America and World News Tonight with David Muir continue to hold the top spots as the nation's number one morning show and evening newscast. Our teams have accomplished a lot over the past year, and we're optimistic for the future. We believe our company is well-positioned to further grow our businesses and increase shareholder value. You don't have to take my word for it. One of the surest measures of market confidence is our stock price, which has gone from a COVID low of $79 in March of last year to a record high in excess of $200 this week. Before I take your questions, I want to say a few words about an area that is very important to us, and that is social responsibility. We just issued our annual CSR report, which details the extensive work that's been done across the company over the past year. The report is available on our corporate website. During this year when so many people have been struggling as a result of the pandemic, we're especially grateful to have been able to support the communities we live and operate in. Among the ways we've contributed, we provided nearly $27 million in in-kind support, including direct assistance to those most in need. We've harnessed the reach of our various platforms to support large-scale fundraising efforts and to provide critical information, including up-to-date advice from medical experts on how to protect against the virus. Since mid-January, we've provided space at Disneyland for one of Southern California's major vaccine distribution sites, where to date, more than 140,000 doses have been administered. While most wishes have been postponed due to the pandemic, we've worked closely with the Make-A-Wish Foundation and have found creative ways to deliver magic to as many Wish kids as possible. At Disney, we've long maintained a strong commitment to environmental stewardship, and we're committed to building on that legacy. This year, I'm pleased to say we met our 2020 environmental goals and announced a slate of new, ambitious goals for 2030, designed to further reduce our environmental impact and help protect the planet. Among the targets we set, achieving net zero emissions for our direct operations, zero waste to landfill for our wholly owned and operated parks and resorts, and a reduction in our environmental impact through sustainable design features in buildings. This past year, the Disney Conservation Fund celebrated its 25th anniversary. During its tenure, it has directed more than $100 million to support nonprofit organizations around the world, helping to protect wildlife and the habitats they depend on, from butterflies to sea turtles, coral reefs to rainforests, and we look forward to continuing to support these critical efforts. Finally, in this year where the evils of racism and social injustice have been at the forefront of our nation's consciousness, we have taken meaningful steps towards greater representation and inclusion. Last June, I outlined a multifaceted plan to bring about needed changes across our company. Part of this important work, we've launched a number of new initiatives, including two new councils, one chaired by me and the other by Bob Iger. The goal of all of our endeavors is to ensure that our workforce and our creative content reflect the rich diversity of our audiences, storytellers, and the world that we live in. Bob said earlier, while we have made progress, there's still much more to be done. Before we open it up for questions, let me just say how truly grateful we are for your continued enthusiasm and support for The Walt Disney Company. We cannot wait for life to return back to some semblance of normal so we can see you back in our parks, enjoying the magic and wonder of Disney and having fun together. Thank you again, now we'll be happy to answer your questions. Thank you, Mr. Chapek. During today's question- and- answer session, your questions will be taken over the phone. Please limit to one question per shareholder and your remarks to two minutes, and be prepared to ask a different question if your original question has already been answered. Mr. Chapek, today's first question comes from Cori Borgstadt out of Peoria, Arizona. Please go ahead. Hi, my name is Cori, and I'm a shareholder from Arizona. First, I want to thank you, Mr. Iger, for your wonderful leadership for the past 16 years. I've been attending the meetings for 14 years, and I will miss you very much. Secondly, my Girl Scout troop just finished its cookie sale, and we plan to use some of the funds to rent a theater to see Raya and the Last Dragon, like we have done with several other Disney and Pixar movies through the years. Our local theater chain told us that they were not getting to show the film because they couldn't work out a deal with The Walt Disney Company. My question is, how does The Walt Disney Company decide which theaters get to show the films it releases? One quick little request this year is please release Mulan and Soul to theaters so everyone can see them on the big screen. They are amazing films. Well, thank you, Cori, for your question. This is Bob Chapek. We agree with you that Raya is a fantastic film, and the audience scores universally have been really spectacular. We're thrilled what our creative teams have been able to come up with Raya. In terms of what films playing what theaters, that's really a function of the exhibitors that own those theaters and whether or not they agree to the terms that The Walt Disney Company lays out in terms of the economics for those particular theaters. We hope that all theaters would agree to play Disney films, but in the cases that they chose not to, we've been able to make our films available also on Disney+ under the Premier Access window. One way or another, we've got the guarantee that our consumers and our viewers and fans like yourself can see our films whether the local theater's playing that film or not. We hope to be able to, in the future, have all theaters playing all Disney films. Thank you. Okay. Thank you, sir. Next question, please. Yes, sir. Today's next question comes from Matt Dobrovolsky out of Florida. Please go ahead. Thank you. Hi, Bob. My name is Matt Dobrovolsky. I've been a shareholder now for almost 20 years now. I'm so thankful that my dad had actually purchased this stock for me all those years ago. I'm also thankful to be a current cast member at the Walt Disney World Resort, so I'm very grateful for that. Bob, first off, thank you for navigating the company throughout this difficult year. I know it's been a rough year for all businesses, and I personally believe that Disney has done the best that they could possibly do, and I thank you so much for that. My question specifically regards to Disney Cruise Line. If you have any updates on the restart of the ships as well as possibly the proposed health and safety standards for the ship? Thanks again. Thank you, Matt. Thank you for being a cast member that makes magic for our guests, and also thank you for being such a longstanding Disney shareholder. We're very anxious to get our Disney Cruise Line business back up and running. As you know, the cruise industry had been quite hit hard by COVID, and as of right now, we don't have any definitive information in terms of when we'll be able to reopen up our cruise lines. We're anticipating that with some luck and the increase of the number of vaccinations out there and the encouraging trends that we're seeing, that maybe by this fall, we might be able to have some limited operations of our cruise ships, but that's all going to depend on the incidence of the virus and the vaccination of the general public. We look forward, though, when we do open up, to using the very same disciplined guidelines that we've used in our parks to safely reopen and use those same guidelines on the Disney Cruise Line. We hope to have you as a guest on our ships when we are able to reopen. Thank you. Next question. Yes, sir. Our next question today comes from Matt Norcross from High Point, North Carolina. Please go ahead. Hey, Bob. This is Matt from High Point, North Carolina. I have been a shareholder since I was a kid and am a 2012 alumni at the Disney College Program. The specific park I worked for is Disney's Hollywood Studios in Orlando at Walt Disney World, and my question is specifically about the College Program. Do you have any idea when students will be able to apply for it, and if so, when will the specific date be? Do you know? Matt, we don't have a specific date yet. As you know, the whole Disney College Program was put on hold with the pandemic. The Disney College Program is a tremendous asset, not only to The Walt Disney Company, but to train folks like yourself and all of our cast members that make magic for our guests every day. We hope to be able to reinstate that once some of the constraints on the number of guests that we can actually put into our parks starts to ease up with the pandemic as it starts to resolve itself. Hopefully, by the end of the year, we'll be back in business with our Disney College Program, but we have no specifics that we can give. Next, please. Yes, sir. Mr. Chapek, your next question comes from Justin Dickerson from Los Angeles, California. Please go ahead. Hi, Mr. Chapek and Mr. Iger. Thanks for taking my question. I'm a Disney shareholder and a former Disney cast member acquired from Fox. Congratulations on all that you have achieved over the past year, including the growth of Disney+ and your Premier Access releases. Mr. Chapek, you've had a remarkable and unprecedented first year as CEO of The Walt Disney Company. I remember it was a year ago, almost to the day, March 13th, that we first started working from home and got busy on these Premier Access releases first starting with Frozen 2. What are some of the biggest lessons that you've learned in your first year? Thank you. Well, thank you for your question, Justin. I think one of the things I've learned is the tremendous resiliency of Disney cast members. Basically, our Disney cast members have found a way, whether it's ESPN with all the constraints that they've had to operate with over the past year in terms of not being able to have live sporting events but still finding compelling programming to create during those down days, to ABC News figuring out how to broadcast from home, how to operate safely in the field and achieve number 1 status both for the evening news and for the morning day part, all the way to our theme parks creating the Disney bubble for the NBA and finding ways to operate that are responsible, but at the same time return as many people back to work as possible and also being there for our guests, of course. Really the resiliency and creativity that our cast members have, it's just been nothing short of remarkable. I also say that I think the fact that we have a tremendous opportunity now going forward to bring this country back together and unite people under a common vision of Disney magic and what's good with this world. We've had a lot of challenges with social issues as well as the pandemic, and I think we can all agree on some things, and some of those things are the power of Disney in the world to unite us all under some common themes. That's what I'd say. Thank you for your question. Our next question today, Mr. Chapek, comes from David Almasi from Alexandria, Virginia. Please go ahead. Hi there. It's clear that there's a new blacklist punishing conservatives in the entertainment industry. Disney+ actors Pedro Pascal and Gina Carano tweeted similar analogies of current political events to Nazi Germany, yet only Carano, who was considered a conservative, was fired from "The Mandalorian." Regarding Disney and a blacklist, this is the way? Well, thank you for your question. I don't really see Disney as characterizing itself as left-leaning or right-leaning, yet instead standing for values that are universal, values of respect, values of decency, values of integrity, and values of inclusion. We seek to have not only how we operate, but the content that we make reflective of the rich diversity of the world that we live in. I think that's a world that we all should live in harmony and peace. Thank you for your question. Next question, please. Thank you, sir. Our next question comes from Howard Ratliff from Fort Worth, Texas. Please go ahead. Hi. Hello, this is Howard Ratliff. I'm a shareholder. Can you hear me? Yes, sir. Yes. First of all, I'd like to congratulate the Disney+ on the release of the "Hamilton" production. I thought it was a groundbreaking piece of work that will truly stand the test of time and move the whole Disney+ experience forward. Congratulations on that. I was very proud upon viewing of that production. It was truly an amazing feat and experience for my family as well. My question is regarding renewable energy and its place in the Disney, especially the property holdings of Disney, where we have a large amount of footprint and infrastructure that requires power, lighting, and so forth. You mentioned, Bob, about some of the goals that Disney has placed for 2030 and I wanted to know if Disney is considering making even bolder initiatives in regard of application of renewable energy and combating climate change in the future. Thank you for your question, Howard, and yes, as you referenced, we've achieved our 2020 goals that we set out a few years back, and we've published 2030 goals, including net zero emissions by 2030. I should say that included in that are some substantial efforts to increase the number of solar fields that we have operating at Walt Disney World in Orlando. As you know, we've got some enormous solar fields that are providing, I believe it's about 50% of the electricity needed to run our facility in Orlando. Our new ships, there was a reference to our new ship called Disney Wish. We have two more right after that, and they all use liquid natural gas as a power source. As you know, the supply chain of that is just getting going, so it was a pretty bold move for us to do this in anticipation of the supply chain of that fuel being actually available. I think we're on the leading edge of the wave, if you will, towards trying to operate responsibly in terms of environment with renewable energy and lower carbon footprint. We're very proud of what we've done, but you're right, we can do more, and we'll continue to do that. We've got a new lead for our CSR activities inside the company, and she'll be working hard to make sure that we have an energy source and a point of focus on this going forward. Howard, thank you for your question. Next question, please. Thank you, sir. Our next question today comes from George Gazzo out of San Antonio, Texas. Please go ahead. Greetings and salutations. Are you guys looking at firing Kathleen Kennedy or asking her to resign and promote somebody like Filoni or Favreau or both as a co-counsel? Thank you for your question, George. We've been absolutely thrilled that we can have the kind of creative talent in our company, the likes of Kathy Kennedy to run Lucas, and we look forward to having Kathy directing the activities of the entire Lucasfilm organization for many years to come. Thank you for your question. Next question, please. Thank you, sir. Our next question today comes from Chris DeHoro from Orlando, Florida. Please go ahead. Hi. Yes, thanks a lot to Bob Iger for all your service and years with the company. I'm a 32-year cast member and shareholder of the company, and I just wanted to thank you for this year, let you know what a wonderful opportunity it is. I work at Disney's Hollywood Studios, and I opened Disney's Hollywood Studios, the Indiana Jones Show. The last couple of years, I was able to work on shows that deal with a lot of the public shows. Right now, I'm doing the cavalcade at the Studios, and I got to do the snow fall at the Disney Springs this Christmas season, and it's really great, the stuff that we are offering to our guests. I'm also an Aspire person, I want to thank you guys for all the support you've given Aspire. I'm wanting to do a job just for personal growth. My question is this: I like to see more smaller shows. I know it's hard with the pandemic and stuff. We just rehearsed two viewings of Donald Duck and Chip and Dale that just opened at the studios this week. I just wanted to let you know that I think it's really valuable for us to do more smaller shows that have more people involved in it and would like to know if there's any more plans for that. Thanks. Thank you, Chris. Thank you for being a cast member and for being part of Disney Aspire. As you know, we're very proud of Disney Aspire in terms of giving our cast a chance to go ahead and get further education that's funded by the company. We're really proud of that and glad you could participate. One of the drawbacks of, obviously, the pandemic in terms of our limited reopening is that the number of actual shows that we can have are greatly diminished because of social distancing. We're still trying to figure out exactly as we scale back up our operations at our park, our entertainment, how those will look going forward in the future, because right now, we're obviously trying to limit contact with guests and with each other. We're working on it. We're trying to figure that out, and we appreciate your input. Thank you very much for your question. Next question, please. Yes, sir, Mr. Chapek. Our next question comes from Harvey Lee from San Francisco, California. Please go ahead. Hello, this is Harvey. First of all, I've been a shareholder for over 20 years with Disney and appreciate the work you and your management has done during this last year and the increase in shareholder value. My question is, I noticed on the board of directors that there isn't any representation from the Asian community. I was just wondering, is there future consideration for that since you do have a lot of properties in Asia and other Asian countries? Thank you, Harvey, for your question. Thank you for being a shareholder for 20 years. We always seek diversity in all aspects of The Walt Disney Company, the content we create, our cast members, and our board of directors. We've got quite a diverse board right now. As we add new board members, we obviously will look to fill that out and make sure that we have representation from all ethnicities and different social groups. Thank you for your question, Harvey. Next question, please. Yes, sir. Our next question comes from John Taylor L. Williams from Sanford, North Carolina. Please go ahead. Yes. Thank you for taking my question. This has been a challenging year, and I appreciate the skill of the board and the executives of the company. My family has owned shares of Disney for several decades. My question is, what are your plans to restore the dividend? Okay. Thank you for your question. As you know, the last two dividends, granted on a six-month basis, have been deferred due to, obviously, the situation, not knowing when the pandemic was going to end and to ensure the financial stability of the company, and also given the necessary increased investment behind content behind Disney+. That is not a statement, though, of what we anticipate doing long term. We believe that as part of our capital allocation plan, the dividend is important for our shareholders, and we'd like to get back to doing that at some point, depending on our ability to claw our way back from the pandemic. No statement on what our next move's going to be, but we'd like to be able to restore that at some point in the future. Thank you for your question. Next question, please. Yes, sir. Our next question today comes from Philip Berman from New York, New York. Please go ahead. Philip Berman, portfolio manager and shareholder. I just have one question. Now that Disney has grown to become a giant behemoth in the media business under the helm of Robert Iger, I want to know whether you have given any consideration to following the strategy of other chairmen in the media business, which is to spin off divisions that could stand alone on their own independently and produce earnings with a separate board, a separate management, or if Disney was to spin off just a portion of each of the divisions and retain ownership in part of? Thank you for your question, Philip. Philip, we look at a lot of different options in terms of how we could be managing our business and the assets of our business, including potential spinoffs and options like that would increase shareholder value. We have nothing to announce today, but that is a regular part of what we do as we examine ways to operate more efficiently and more effectively and use the shareholders' assets to their best and most optimal use. Thank you very much for your question. Next question, please. Yes, sir. Mr. Chapek, our next question comes from David Grant from Winnipeg, Manitoba. Please go ahead. Mr. Grant, your line is open, sir. It appears that Mr. Grant's line is not reactive, so we will go to our next question, and that's from Katherine Stovall from Massachusetts. Please go ahead. Hi, my name is Katherine Stovall. I have been fortunate enough to be a lifetime shareholder. I know a question was already asked about the Disney College Program. I have a much more specific question. As a college student myself, I would love to apply for the Disney College Program. Unfortunately, I will be aging out of the program soon. I want to know if there are going to be any extensions or exceptions made for students who may have missed their opportunity to start working for a company who many of us have dreamed about working for all of our lives. Thank you. Well, thank you for your love of the company and your affinity for the program. That's a really good question. It's not something that we've contemplated. I can assure you that we will look into essentially, I guess, a sort of a grandfathering in of folks who have aged out of that program because they haven't had the opportunity over the last year. That's an excellent suggestion, and I will commit to you that we will follow up on that and make some sort of announcement on that. Thank you very much. Let's take one last question. Absolutely, sir. Today's final question comes from Michael Heller from New York, New York. Please go ahead. Hi there. Thank you very much for leading the company through the pandemic. I wanted to ask about Disney+, which I think is absolutely hands down the best streaming service out there. What are you guys doing in terms of cybersecurity to prevent really the stealing of that intellectual property and unwarranted access over in Asia? Thank you for your question, Michael. We have a small army of people that spend every waking hour trying to make sure that the very valuable data that is entrusted to us for these direct-to-consumer services are kept private and are held responsibly so that it does not get into the hands of bad actors. It is something that we spend a lot of time on. We realize the trust that you and others, all of our 100 million Disney+ subscribers, put in our hands when they decide to sign up. We continue to try to improve and get better and better to protect that data for everybody's best interest. Thank you very much for your question. Operator? Yes, sir. This concludes our question and answer session. I'd like to turn the conference back over to you, Mr. Chapek, for your final remarks. All right. With that, I'd like to thank everybody for joining us today, and now I'm going to hand it over to Lowell Singer to close the meeting. Certain statements made here, including statements about our plans or expectations, and other statements that are not historical in nature, may constitute forward-looking statements under the securities laws. We make these statements on the basis of our views and assumptions regarding future events 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 variety of factors, including factors contained in our annual report on Form 10-K, quarterly reports on Form 10-Q, and in our other filings with the Securities and Exchange Commission. Thank you for joining us today. Thank you for attending today's presentation. You may now disconnect.