DIS
#Okay.
Thanks, <UNK>.
So let's talk about foreign exchange as we did give that information last quarter.
And as we mentioned at the time, we were fully hedged going into fiscal 2016.
So that estimate that we gave you of about $500 million impact year over year is still the right estimate looking forward to the year.
So there's no change on that, and the impact for fiscal 2015, it was a modest negative impact from what was originally given, but that's only because some of our businesses outperformed.
So, once again, we were fully hedged based on the estimates as we are going into a fiscal year.
On the table affiliate growth, we updated our three-year affiliate guidance on the last earnings call, and we don't intend to update it again.
We also aren't or we don't give annual guidance on affiliate revenue growth.
But I will remind you that the fiscal 2015 did benefit from the launch of the SEC network, and that is something that we will be comping against in fiscal 2016.
Okay.
Thanks, <UNK>.
Operator, next ,question please.
I'm not 100% sure, <UNK>, whether you are talking about making more or buying more.
Well, let's start, first of all, with I call it a making more of what we own already, meaning these great franchises and brands.
You know that you're making too much when either your quality is going down or the marketplace is telling you that there's fatigue or they've had enough.
We don't see that in any of the products that we are making or that you cited.
Pixar had one of its most successful releases ever with Inside Out and its most original this past year, and we're really excited about The Good Dinosaur, and of course, we have Finding Dory, the sequel to Nemo, next year as a for instance.
On Marvel, obviously Avengers 2: Age of Ultron did extremely well, did over $1.4 billion in global revenue, in global box office, and we've got Captain America 3: Civil War coming up this year and a pretty rich pipeline thereafter.
Of both sequels, things like Thor and Captain America, as I mentioned, and Ant-Man, but also original like Dr.
Strange for instance.
We like that balance.
Star Wars we're just getting into.
Obviously premature, but we are basically planning roughly a Star Wars release a year for the next six years.
Three of them part of the saga: VII, VIII and IX.
Three will be stand-alone films.
I think we have only announced two of those three.
Rogue One being the first, which comes out in December of 2016.
So we don't think we're oversaturated.
If anything, we think that we are very, very well balanced in terms of taking these products to market.
In terms of products that ---+ or franchises that we don't own, obviously I'm not going to comment on that.
Except I can say that with Disney, which has also never been stronger, by the way, just look at the Oscars that we've won for Frozen and Big Hero 6; the box office; the excitement about this movie Zootopia that is coming up, which I think is going to be a real sleeper hit, and that's coming up in actually first quarter, end of the first calendar quarter rather, of 2016.
I think with Disney and Pixar and Marvel and Lucas, Star Wars, we don't really have much of a need.
Our pipeline is pretty rich, the richest ever for us.
But we will be opportunistic.
If we see something that we feel is as attractive as the feathers have been, the leveragable cross markets across businesses over long periods of time, which is what we really consider a franchise, then we certainly have the capital structure to be able to take advantage of the opportunity.
Thanks, <UNK>.
Operator, next question, please.
Yes, thank you, <UNK>.
Yes, the margins, as you cited, were down at 16.9%.
That's actually 40 basis points, not 45, but who's counting.
But they were primarily due to the performance of Hong Kong Disneyland and also some preopening expenses at Shanghai Disneyland.
Domestically, talk about domestically, specifically, there were some year-over-year increases that impacted the margins, and one of those would have been the Magic Dry Dock, which is one of our cruise ships.
All right.
Thanks, <UNK>.
Operator, we have time for one more question.
Thank you, <UNK>, and thanks, again, everyone, for joining us today.
Note that a reconciliation of non-GAAP measures that were referred to on this call to equivalent GAAP measures can be found on our Investor Relations website.
I'll also remind you that certain statements on this call may constitute 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 variety of factors, including factors contained in our annual report on Form 10-K and in our other filings with the Securities and Exchange Commission.
Have a good afternoon, everyone.
