迪士尼 (DIS) 2001 Q2 法說會逐字稿

Good afternoon ladies and gentleman and welcome to the Walt Disney Company second quarter financial results conference call. At this time, all participants have been placed on a listen-only mode, and the floor will be open for questions and comments following the presentation. It is now my pleasure to turn the floor over to your host, Mrs. Wendy Webb, Senior Vice President of Investor Relations. Ma'am, you may begin.

女士們，先生們，下午好，歡迎參加華特迪士尼公司第二季度財務業績電話會議。目前，所有參與者都處於只聽模式，演講結束後將開放提問和評論。現在，我很高興將發言權交給您的主持人，投資者關係高級副總裁 Wendy Webb 夫人。女士，您可以開始了。

Thank-you. Good afternoon and thanks for joining us. On the call with me today to discuss Disney's second quarter earnings are Michael Eisner, Chairman and CEO; Bob Iger, Disney's President and COO; and Tom Staggs, Senior Executive Vice President and Chief Financial Officer. For today's call, Tom will lead off with his remarks, followed by Bob and Michael. Then we will open the call up to you for Q&A. We will try our best to conclude the call by 5:30 p.m. Eastern time. Today's discussion will focus on Disney's pro forma figures in order to enhance comparability with the prior year and to properly reflect among other things noted in the press release such factors as the consolidation into Walt Disney Company of the Walt Disney Internet Group, and the closing of the GO.com portal, as well as the impact of the film accounting change. Additionally, any net income and earnings per share figures covered on this call are before restructuring and impairment charges. These charges largely reflect the write-off of non-cash goodwill associated with the GO.com and Disney Store closure charges and other items tabulated on table C of today's press release. So, on that basis let's get started. Tom?

謝謝。下午好，感謝您加入我們。今天與我討論迪士尼第二季度收益的電話是董事長兼首席執行官邁克爾·艾斯納（Michael Eisner）； Bob Iger，迪士尼總裁兼首席運營官；以及高級執行副總裁兼首席財務官 Tom Staggs。對於今天的電話會議，湯姆將首先發表講話，然後是鮑勃和邁克爾。然後我們將打開電話給您進行問答。我們將盡力在下午 5:30 之前結束通話。東部時間。今天的討論將集中在迪士尼的備考數據上，以增強與上一年的可比性，並適當反映新聞稿中提到的其他因素，例如華特迪士尼互聯網集團併入華特迪士尼公司，以及關閉GO.com 門戶網站，以及電影會計變更的影響。此外，本次電話會議中涵蓋的任何淨收入和每股收益數據均未計入重組和減值費用。這些費用在很大程度上反映了與 GO.com 和迪士尼商店關閉費用以及今天新聞稿表 C 中列出的其他項目相關的非現金商譽的核銷。所以，在此基礎上，讓我們開始吧。湯姆?

Thank-you Wendy. Good afternoon. The company's result this quarter demonstrate the strength and diversity of Disney's asset base and revenue streams especially in light of the softer economy, and while we took a number of restructuring charges during the quarter, the vast majority of which were non-cash, these actions will help position us for strong earnings and cash flow over the long term. We indicated at the beginning of the year that the success of this year's film slate and home video releases could be an important swing factor in our results. That was certainly the case this quarter as upsides from the studio led our growth. On an overall basis for our second fiscal quarter, pro forma segment operating income was just over $1 billion, up 14% from the prior year despite a modest decline in revenues. This improvement was driven by higher margin business and continued cost containment in studio entertainment and improvements in our internet group as we continue to streamline our operations. Net income before the restructuring and impairment charges was up 33% to $391 million, delivering earnings per share of 19 cents, up 36% over the prior year and ahead of expectations. At the segment level, the soft ad market was the principal driver with a decline of 8% revenues and 9% operating income at Media Networks. Its impact was most pronounced on the broadcasting side with the ad market and somewhat disappointing ratings resulted in a 15% drop in revenues. However, at the ABC Television Network, the ad market and rating factors were more than offset by rigorous cost containment and by the lack of Super Bowl cost this year. At the station level, however, the absence of Super Bowl ad revenues resulted in a tough year-over-year comparison. Going into the next quarter, we are encouraged by the early success of our mid season replacement shows and continued strength of "Millionaire," which is still a top five show in total viewers, week in and week out. Additionally, while broadcasting results have fallen off from last year levels, it is important to note that compared to the second quarter of 1999, broadcasting has posted total operating [income] growth of roughly 23%, which is

謝謝你，溫迪。下午好。公司本季度的業績證明了迪士尼資產基礎和收入流的實力和多樣性，尤其是在經濟疲軟的情況下，雖然我們在本季度採取了一些重組費用，其中絕大多數是非現金費用，但這些行動從長遠來看，這將有助於我們獲得強勁的收益和現金流。我們在年初表示，今年電影和家庭視頻發行的成功可能是我們業績的重要搖擺因素。本季度肯定是這種情況，因為工作室的優勢引領了我們的增長。在我們第二財季的總體基礎上，儘管收入略有下降，但備考部門的營業收入略高於 10 億美元，比去年同期增長 14%。這種改善是由更高的利潤率業務和工作室娛樂的持續成本控制以及我們的互聯網集團的改進推動的，因為我們繼續精簡我們的運營。重組和減值費用前的淨收入增長 33% 至 3.91 億美元，每股收益為 19 美分，比上年增長 36%，超出預期。在細分市場層面，軟廣告市場是主要驅動因素，Media Networks 收入下降 8%，營業收入下降 9%。它的影響在廣告市場的廣播方面最為明顯，有些令人失望的收視率導致收入下降了 15%。然而，在 ABC 電視網，廣告市場和收視率因素被嚴格的成本控制和今年超級碗成本的缺乏所抵消。然而，在電視台層面，超級碗廣告收入的缺失導致了與去年同期相比的艱難對比。進入下個季度，我們對我們的季中替換節目的早期成功以及“百萬富翁”的持續實力感到鼓舞，這仍然是每周和每週的總觀眾人數前五名的節目。此外，雖然廣播結果與去年相比有所下降，但值得注意的是，與 1999 年第二季度相比，廣播的總營業 [收入] 增長了大約 23%，即

indicative of the improvements made in this business over the last couple of years. Our majority owned cable networks continue to perform strongly, delivering operating income of $319 million, a 9% increase over the prior year. At ESPN, our growing subscriber base and increased affiliate fees resulted in continued gains. Moreover, the ongoing conversion of the Disney Channel to a basic service, and the addition of more than 10 million subscribers worldwide since just last year were also key factors in this quarter's growth. Bear in mind that our newest cable offerings, including SoapNet and our most recently launched Disney channels in Brazil, Germany, Spanish-speaking Latin America, and Asia are not yet posting profits and should contribute meaningfully to our growth in years to come. Parks and Resorts' operating income was flat versus the prior year, at $331 million. We had indicated some softness in advance bookings in our last conference call which showed up in our Walt Disney World attendance this quarter. It is worth noting that the tremendous success of the Millennium Celebration throughout last year makes the year-over-year attendance comparison more difficult. Of course, the addition of Disney's California Adventure resulted in attendance gains at Disneyland Resort. However, the combination of pre-opening cost, soft economy, and poor weather on the West Coast dampened results somewhat at the Disneyland Resort. Nonetheless, guest spending increased again this quarter at both Disneyland and Walt Disney World, which contributed favorably to the results. While the economy may continue to impact our domestic parks, we are encouraged by strengthening visitation at Disney's California Adventure during the spring break period and by the number of out-of-state visitors coming to the new park. At Walt Disney World occupancies at our hotels remain very high. It is important to remember that these are the long-term assets whose fundamental appeal and value to our shareholders will not be materially diminished by short-term swings in the economy. Outside of the US, both Tokyo Disneyland and Disneyland Paris hosted record attendance for the quarter. This strong performance of the Disney parks outside the United States bodes well for the opening of our newest parks in Tokyo and Paris over the next 12

表明該業務在過去幾年中取得的進步。我們擁有多數股權的有線電視網絡繼續表現強勁，營業收入為 3.19 億美元，比上一年增長 9%。在 ESPN，我們不斷增長的用戶群和增加的附屬費用導致持續收益。此外，迪士尼頻道持續向基本服務轉型，以及自去年以來全球新增訂閱用戶超過 1000 萬，也是本季度增長的關鍵因素。請記住，我們最新的有線電視產品，包括 SoapNet 和我們最近在巴西、德國、講西班牙語的拉丁美洲和亞洲推出的迪斯尼頻道尚未公佈利潤，應該會對我們未來幾年的增長做出有意義的貢獻。 Parks and Resorts 的營業收入與去年持平，為 3.31 億美元。我們在上次電話會議中表示提前預訂有些疲軟，本季度我們的沃爾特迪斯尼世界出席人數也有所體現。值得注意的是，千禧慶典在去年全年取得的巨大成功使得年度出席人數比較變得更加困難。當然，迪士尼加州冒險樂園的加入增加了迪士尼樂園度假區的上座率。然而，開業前的成本、疲軟的經濟和西海岸惡劣的天氣共同影響了迪士尼樂園度假區的業績。儘管如此，本季度迪士尼樂園和華特迪士尼世界的遊客消費再次增加，這對業績做出了積極貢獻。雖然經濟可能會繼續影響我們的國內公園，但我們對春假期間迪士尼加州冒險樂園的遊客人數增加以及來到新公園的外州遊客數量感到鼓舞。在華特迪士尼世界，我們酒店的入住率仍然很高。重要的是要記住，這些是長期資產，其對我們股東的基本吸引力和價值不會因經濟的短期波動而大幅削弱。在美國以外，東京迪斯尼樂園和巴黎迪斯尼樂園在本季度的上座率均創歷史新高。美國以外迪士尼樂園的強勁表現預示著我們在東京和巴黎的最新樂園將在未來 12 年內開業

months and our increasing geographic diversification in this business. As I have said, the studio was our biggest driver of growth in the second quarter, delivering operating income of $164 million, more than tripling last year's figure. Our home video and DVD business was the biggest factor in this success. The direct-to-video release of "Lady and the Tramp II," which is on its way to selling more than 6 million units in United States, is the most successful direct-to-video release since our "Lion King" sequel "Simba's Pride." The growth of DVD is also improving both our current results and our outlook for the segment as Bob will discuss in a moment. On the theatrical side, our results also compared favorably to last year. The highlight of the quarter was the performance of "Recess" which generated domestic box-office gross more than 3 times its production cost. "Recess" is a good example of the kind of high return, value adding film projects that we will continue to look for at the studio. In consumer products, Disney Interactive posted continued growth, resulting from the successful release of PlayStation titles such as "Aladdin" and "Emperor's New Groove" and our PC-based "Mickey and Pooh learning series." This success coupled with aggressive cost control helped the segment deliver operating profit of $90 million, 30% improvement over the prior year. Michael and Bob will discuss the progress that we are making in positioning this segment for long-term growth. We are pleased with the year-over-year comparisons in the quarter. Not included in this pro forma figure for Consumer Products [are] roughly [$50] million in restructuring cost associated with closures of approximately 70 Disney stores. As we said last quarter, we currently plan to close 100 stores in United States, bringing our domestic Disney store count to roughly 400 over the next 4 years. We are also proceeding with our store redesign efforts and are encouraged by the performance of 2 prototype stores which continue to show sales gains that are some 20 percentage points greater than rest of the chain. Our internet businesses posted improved results in the quarter as we continue to generate strong traffic across all our branded properties. Although our overall internet advertising revenues were down somewhat, our traffic performance coupled with our strategy to sell integrated sponsorships across our sites

月以及我們在該業務中不斷增加的地域多元化。正如我所說，該工作室是我們第二季度增長的最大推動力，實現了 1.64 億美元的營業收入，是去年的三倍多。我們的家庭視頻和 DVD 業務是此次成功的最大因素。 《淑女與流浪漢 II》的視頻直接發布，即將在美國銷售超過 600 萬部，是自我們的《獅子王》續集以來最成功的視頻直接發布。辛巴的驕傲。” DVD 的增長也改善了我們目前的業績和我們對該細分市場的展望，鮑勃稍後將討論。在戲劇方面，我們的成績也優於去年。本季度的亮點是《深夜》的表現，其國內票房收入是其製作成本的 3 倍以上。 “Recess”是我們將繼續在工作室尋找的高回報、增值電影項目的一個很好的例子。在消費產品方面，迪士尼互動持續增長，這得益於成功發布了 PlayStation 遊戲，例如“阿拉丁”和“皇帝的新槽”以及我們基於 PC 的“米奇和小熊維尼學習系列”。這一成功加上積極的成本控制幫助該部門實現了 9000 萬美元的營業利潤，比上一年提高了 30%。 Michael 和 Bob 將討論我們在定位該細分市場以實現長期增長方面所取得的進展。我們對本季度的同比比較感到滿意。不包括在消費品的這個預估數字中[是] 大約 [50] 百萬美元的重組成本，與關閉大約 70 家迪士尼商店相關。正如我們上個季度所說，我們目前計劃在美國關閉 100 家商店，在未來 4 年內使我們國內的迪士尼商店數量達到約 400 家。我們還在繼續進行門店重新設計工作，並且對 2 家原型店的表現感到鼓舞，它們繼續顯示出比其他連鎖店高出約 20 個百分點的銷售增長。我們的互聯網業務在本季度公佈了改善的業績，因為我們繼續在我們所有的品牌資產中產生強勁的流量。儘管我們的整體互聯網廣告收入有所下降，但我們的流量表現加上我們在網站上銷售綜合贊助的策略

have increased advertising revenues at our Enhanced TV, Disney, and ESPN branded sites. Overall, we're showing resilience in a soft advertising market, and we are pleased to see that we are increasing market share. Internet Group operating losses narrowed by 49% overall due to the elimination of cost associated with toysmart.com and increased efficiencies across our web-based businesses. During the quarter, the company also purchased $31 million of Disney stock bringing our total repurchases during the year to over $250 million, leaving a purchase authorization remaining of just over 385 million shares at the end of the second quarter. We are pleased with the company's overall second quarter performance and particularly the success of our studio entertainment division. Looking ahead, we are mindful that the continued softness in the economy could lead to difficult comparisons in our theme park and media networks businesses, but taking into account these short-term concerns, we still expect to deliver growth for the fiscal year 2001 in the single digit range although continued upside from our theatrical and home video releases for the balance of the year could push our growth into doubles digits. Despite uncertainty regarding the economic environment in the near and medium term, we believe that this setting can create opportunities for companies like Disney. Our strong balance sheet and growing cash flow allow us to take advantage of potential investment or acquisitions opportunities that may arise. At the same time, we will continue to manage our businesses to maximize the long-term earnings, [_______________] earnings, cash flow, and capital returns. With that, let me turn the call over to Bob Iger to discuss further, our business unit performance.

在我們的增強型電視、迪士尼和 ESPN 品牌網站上增加了廣告收入。總體而言，我們在疲軟的廣告市場中表現出韌性，我們很高興看到我們正在增加市場份額。由於消除了與 toysmart.com 相關的成本以及提高了我們基於網絡的業務的效率，互聯網集團的整體運營虧損縮小了 49%。在本季度，該公司還購買了 3100 萬美元的迪士尼股票，使我們在本年度的總回購量超過 2.5 億美元，在第二季度末剩餘的購買授權略高於 3.85 億股。我們對公司第二季度的整體表現感到滿意，尤其是我們工作室娛樂部門的成功。展望未來，我們注意到經濟的持續疲軟可能導致我們的主題公園和媒體網絡業務難以進行比較，但考慮到這些短期擔憂，我們仍預計 2001 財年在個位數範圍，儘管我們在今年餘下時間的戲劇和家庭視頻發行繼續上漲，可能會將我們的增長推向兩位數。儘管近期和中期的經濟環境存在不確定性，但我們認為這種情況可以為迪士尼等公司創造機會。我們強大的資產負債表和不斷增長的現金流使我們能夠利用可能出現的潛在投資或收購機會。同時，我們將繼續管理我們的業務，以最大限度地提高長期收益、[_______________] 收益、現金流和資本回報。有了這個，讓我把電話轉給 Bob Iger 來進一步討論我們業務部門的表現。

Thank-you Tom. Operating a more efficient enterprise in a period of economic downturn is critical for the Walt Disney Company. One of the aggressive steps we have taken to substantially lower cost throughout our organization includes a difficult decision to reduce our workforce, divesting our interest in nonstrategic or under-performing assets, focusing on strategic sourcing initiatives, consolidating accounting and finance functions, managing our production process more tightly by producing fewer and lower budget live action films. These actions are part of a wide range of strategic initiatives designed to help us reach our goals for growth and profitability while ensuring our businesses retain their industry leadership and continue to surpass creative expectations. At the studio, although we plan to produce big event theatricals when the property is worth the risk as is the case, "Pearl Harbor." We have reduced our average theatrical motion picture production budget and will continue to be disciplined in this area. That having been said, quality will not be compromised. Recent success of Miramax/Dimension's "Spy Kids" and "Bridget Jones' Diary" and last fall's theatrical release, "Remember The Titans," are great examples of this strategy. "Titans," in particular, was an exceptional film which further extended the Disney brand in live action and was produced on a more modest financial budget which makes profitability achievable at realistic box-office targets. "Titans" was extremely strong at the box-office, and as Tom mentioned, its DVD video release is proving as significant. Also on home entertainment, our direct-to-video titled "Lady and the Tramp II" has become one of our top selling direct-to-video titles following its mid second quarter release. "102 Dalmatians" is tracking above "Titans" which hit the streets two weeks earlier. The success of these titles targeted to kids, bodes well for the future home entertainment release of films such as "Spy Kids." DVD represents an opportunity for growth of substantial magnitude for the Walt Disney

謝謝你，湯姆。在經濟低迷時期經營一家更高效的企業對華特迪士尼公司來說至關重要。我們為大幅降低整個組織的成本而採取的一項積極措施包括做出艱難的決定，即裁減勞動力、剝離我們對非戰略性或表現不佳的資產的興趣、專注於戰略採購計劃、整合會計和財務職能、管理我們的生產通過製作更少和更低預算的真人電影來更緊密地處理流程。這些行動是一系列戰略舉措的一部分，旨在幫助我們實現增長和盈利目標，同時確保我們的業務保持行業領先地位並繼續超越創意預期。在工作室，雖然我們計劃在值得冒險的情況下製作大型活動戲劇，例如“珍珠港”。我們已經減少了我們的平均影院電影製作預算，並將繼續在這方面受到紀律處分。話雖如此，質量不會受到影響。 Miramax/Dimension 的“Spy Kids”和“Bridget Jones' Diary”最近的成功以及去年秋天的劇場版“Remember The Titans”就是這種策略的很好的例子。尤其是《泰坦》，它是一部出色的電影，它進一步擴展了迪士尼品牌的真人秀，並且在更適度的財務預算下製作，使得在現實的票房目標下實現盈利。 《泰坦》的票房非常強勁，正如湯姆所說，它的 DVD 視頻發行也被證明同樣重要。同樣在家庭娛樂方面，我們名為“Lady and the Tramp II”的直播視頻在第二季度中期發布後已成為我們最暢銷的直播視頻遊戲之一。 “102 斑點狗”正在追踪兩週前上街的“泰坦”。這些針對兒童的影片的成功，預示著未來家庭娛樂電影的發行，例如“間諜兒童”。 DVD 為華特迪士尼公司提供了一個大幅增長的機會

Company. DVD penetration, both sell-through and rental, has grown substantially in recent periods. As a company, we intend to capture market share by implementing key release and marketing strategies such as worldwide release dates, enhanced entertainment experiences through supplemental programming, sell-through pricing, collector's sets for library properties, and promotion to capitalize on the opportunity that this growth represents. In the fiscal second quarter, the media network segment continued to be an important source of cash flow while adapting to changes in the advertising marketplace relative to the prior year. Media Networks flourished in 2000 as a result of an exceptionally robust advertising market which was busted by the new category of dot com business and the performance success of the programming phenomenon "Who Wants To Be A Millionaire." Although ABC Television Network sales are down in 2001 relative to sales in 2000, we still anticipate that revenues will significantly exceed 1999 levels. In addition, advertising rates in the scatter market are showing growth with rates for prime-time advertising up double-digit percentages over rates in the upfront market. Our mid season programs also show [promised] with "What About Joan," starring Joan Cusack, ranking in the top 25 prime-time programs and consistently outperforming its regular competition by an average of 27% to 75% and "My Wife and Kids," starring Damon Wayans winning its time periods by as much as 18% and 34% among young adults. Furthermore, our prime-time development includes tremendous talent both in front off and behind the camera such as Jason Alexander, Steven [_______________], John [_______________], [_______________], and Sally Field just to name a few. Turning to ABC's owned television and radio stations, the significant decline in dot com advertising also adversely impacted our television and radio station businesses. However, the radio networks have shown improved sales results in comparison to the

公司。 DVD 的滲透率，無論是銷售還是出租，在最近幾個時期都大幅增長。作為一家公司，我們打算通過實施關鍵的發行和營銷策略來獲取市場份額，例如全球發行日期、通過補充節目增強娛樂體驗、銷售定價、圖書館財產的收藏家套裝以及利用這一機會的促銷活動。增長代表。在第二財季，媒體網絡部分繼續成為現金流的重要來源，同時適應廣告市場相對於上一年的變化。媒體網絡在 2000 年蓬勃發展，原因是廣告市場異常強勁，網絡業務的新類別和節目現象“誰想成為百萬富翁”的成功打破了這一市場。儘管 ABC 電視網絡 2001 年的銷售額相對於 2000 年的銷售額有所下降，但我們仍然預計收入將大大超過 1999 年的水平。此外，散播市場的廣告費率正在增長，黃金時段的廣告費率比前期市場的費率高出兩位數。我們的季中節目還展示了[承諾] 由瓊·庫薩克主演的《瓊怎麼樣》，在黃金時段的前 25 名節目中排名前 25 位，並且持續以平均 27% 到 75% 的優勢超過常規比賽，以及“我的妻子和孩子” ”，由達蒙·韋恩斯主演，在年輕人中贏得了高達 18% 和 34% 的時間段。此外，我們的黃金時段發展包括在鏡頭前和鏡頭後的巨大人才，例如傑森亞歷山大、史蒂文 [______________]、約翰 [______________]、[_______________] 和莎莉菲爾德，僅舉幾例。談到 ABC 旗下的電視台和廣播電台，網絡廣告的大幅下降也對我們的電視台和廣播電台業務產生了不利影響。然而，與無線網絡相比，無線網絡的銷售業績有所改善

fiscal second quarter last year, and despite a decline in the size of the TV station advertising marketplace and network performance concerns, ABC's owned TV stations have maintained their share of their market with six of our own TV stations in the top US markets ranking #1 from sign-on to sign-off. To offset the soft ad market, ESPN has made significant progress in its cost cutting efforts in its production and programming costs. With the increased production of original sports programming versus license rights programming, ESPN is in a stronger position to manage programming cost on a long-term basis. In both the financial and performance perspective, we are extremely pleased with the results of ESPN's new series "The Life" and ESPN2's "2-Minute Drill." Both programs are delivering solid ratings among men 18 to 34, improving time period performances. It is also worth noting that in many cases, our average in-house programming cost per rating point is well under half the cost of our license programming. Our equity interest cable networks, Lifetime, A&E, History Channel, and E! are largely on target with regards to sales, but nonetheless are identified expense reductions to deal with potential shortfalls in ad revenue. The Disney Channel, following its conversion from a premium service to basic, now reaches more than 85.5 million homes worldwide, an increase of 14% over last year. Another wholly-owned program service, Toon Disney, had over 20 million homes at the end of the quarter, a 79% increase over the prior year. On April 2nd, 2001, SoapNet became the 44th basic cable network metered by Nielsen Media Research and quickly rose among the [top-end] audience delivery of the Nielsen [metered] cable universe. The growth in these cable services reflects the important new agreements struck with cable operators, including Time Warner and [_______________]. Brand extension was extremely important to our company

去年第二財季，儘管電視台廣告市場的規模和網絡性能問題有所下降，但 ABC 旗下的電視台仍保持其市場份額，其中 6 家我們自己的電視台在美國頂級市場排名第一從簽到簽到。為了抵消軟廣告市場的影響，ESPN 在削減製作和節目成本方面的努力取得了重大進展。隨著原創體育節目與許可權節目製作的增加，ESPN 在長期管理節目成本方面處於更有利的地位。從財務和績效的角度來看，我們對 ESPN 的新系列“The Life”和 ESPN2 的“2-Minute Drill”的結果感到非常滿意。這兩個節目都在 18 至 34 歲的男性中提供了可靠的收視率，從而提高了時間段的表現。還值得注意的是，在許多情況下，我們每個評級點的平均內部編程成本遠低於我們許可編程成本的一半。我們的股權有線電視網絡、Lifetime、A&E、History Channel 和 E！在銷售方面基本達到目標，但仍然確定了費用削減以應對廣告收入的潛在短缺。迪士尼頻道從優質服務轉變為基本服務後，現已覆蓋全球超過 8550 萬戶家庭，比去年增長 14%。另一家全資項目服務公司 Toon Disney 在本季度末擁有超過 2000 萬戶家庭，比上年增長 79%。 2001 年 4 月 2 日，SoapNet 成為第 44 個由 Nielsen Media Research 計量的基礎有線電視網絡，並迅速躋身尼爾森 [計量] 有線電視領域的 [高端] 觀眾行列。這些有線電視服務的增長反映了與時代華納和 [_______________] 等有線電視運營商達成的重要新協議。品牌延伸對我們公司非常重要

and an important source of growth. Our decision to close Go.com during the quarter enables our internet enterprise to focus on building new businesses by leveraging the Disney, ABC, and ESPN brands using the unique attributes of the internet, interactivity, community, and personalization. In addition, we continue to concentrate on distribution through all delivery systems. Disney Consumer Products has signed a number of important deals as it implements its new licensing strategies. In toys, we're pleased with our alignment with Hasbro whose "Monsters Inc." product line has gotten rave reviews from buyers at the recent toy fair. In the apparel we have signed direct-to-retail agreements with H&M, Tesco, Lindex, Kmart, JC Penny, and Pre-Natal. We are also in final stage negotiations with several other retailers. In Hardlines, we have signed a noncarbonated beverage deal with Minute Maid, a division of Coca-Cola, to roll out a line of Disney branded juice, water, and milk drinks, and we're also in advanced discussions with a number of leading food companies to launch other Disney branded food products for kids and parents, which are brand appropriate and represent engines for future growth. Disney Interactive's performance, as Tom mentioned, continues to be strong with revenue and operating income increasing dramatically over the past year. In our theme parks and resorts, Tom discussed our near-term challenges, but bear in mind that our business cycle is long-term. Looking forward, our plans include a major celebration at Walt Disney World entitled "100 years of magic" commemorating the 100th anniversary of Walt Disney's birth. Increased marketing support for Disneyland and Disney's California Adventure this summer, new hotels, most notably the remarkable Animal Kingdom Lodge at Walt Disney World and new parks in Tokyo later this year, Paris next year, and Hong Kong within another 5 years. In the meantime, we're experienced at managing theme park costs, especially in adapting our work force to meet market demand while maintaining a high standard of guest service and safety. Despite the weakened economy, the Disney Cruise Line is

和重要的增長來源。我們在本季度關閉 Go.com 的決定使我們的互聯網企業能夠利用互聯網、交互性、社區和個性化的獨特屬性，利用迪士尼、ABC 和 ESPN 品牌專注於建立新業務。此外，我們繼續專注於通過所有交付系統進行分銷。迪士尼消費品在實施新的授權策略時簽署了多項重要協議。在玩具方面，我們很高興與孩之寶的“怪物公司”保持一致。產品線在最近的玩具展上得到了買家的好評。在服裝方面，我們與 H&M、Tesco、Lindex、Kmart、JC Penny 和 Pre-Natal 簽署了直接零售協議。我們也在與其他幾家零售商進行最後階段的談判。在 Hardlines，我們已與可口可樂的一個部門 Minute Maid 簽署了一項非碳酸飲料協議，以推出一系列迪士尼品牌的果汁、水和牛奶飲料，我們還與一些領先的公司進行深入討論食品公司為兒童和父母推出其他迪士尼品牌食品，這些產品適合品牌並代表未來增長的引擎。正如湯姆所說，迪士尼互動的表現繼續強勁，過去一年的收入和營業收入大幅增長。在我們的主題公園和度假村，湯姆討論了我們近期面臨的挑戰，但請記住，我們的商業周期是長期的。展望未來，我們的計劃包括在華特迪士尼世界舉辦一場名為“魔法 100 年”的大型慶祝活動，以紀念華特迪士尼誕辰 100 週年。今年夏天增加了對迪士尼樂園和迪士尼加州冒險樂園的營銷支持，新酒店，尤其是沃爾特迪斯尼世界非凡的動物王國旅館，以及今年晚些時候在東京、明年巴黎和未來 5 年內在香港開設的新公園。與此同時，我們在管理主題公園成本方面經驗豐富，特別是在調整我們的員工以滿足市場需求的同時保持高標準的賓客服務和安全。儘管經濟疲軟，迪士尼郵輪公司

performing very well with strong bookings and rates. In addition, California hotel bookings are high for the summer month, an important note considering that we just added 750 new hotel rooms or 50% more room nights. Today at the Walt Disney company, we believe we are in a much stronger position relative to the impact of a softer economy because we are taking necessary steps to reduce cost in a short term, manage expenses over the long term, and set strategies to sustain growth in the years ahead and now, I would like to turn the call over to Michel Eisner. Michael?

表現非常好，預訂量和價格都很高。此外，加利福尼亞州的夏季酒店預訂量很高，考慮到我們剛剛增加了 750 間新酒店客房或增加了 50% 的房晚，這是一個重要的注意事項。今天，在華特迪士尼公司，我們相信相對於經濟疲軟的影響，我們處於更有利的位置，因為我們正在採取必要措施在短期內降低成本，管理長期開支，並製定戰略以維持未來幾年和現在的增長，我想把電話轉給米歇爾·艾斯納。邁克爾?

Thank-you Bob. An economic slowdown is never good news, but it does not affect all companies equally. At Disney, current sluggishness of the American economy represents an opportunity to build for the future. With this in mind, so far in 2001, we have opened Disney's California Adventure which will be a long-term asset that drives long-term earnings and value growth. We have revamped our internet strategy to put our energies toward our strengths in our category leading branded sites. We have made the difficult decision to reduce our labor force to more efficiently deal with near-term economic realities while contributing to cost containment over the long term. We have released our best-selling made-for-video title in two years "Lady and the Tramp II," which further demonstrates the dynamic value of our library of films and characters. We have seen the DVD market start to hit critical mass as almost every one of our DVD titles has gone on to solidly exceed sales expectations and projections, and we have released a breakout film hit "Spy Kids," which is produced on a moderate budget and is likely to be a true franchise for Dimension Films. In fact, "Spy Kids" and the Miramax film "Bridget Jones' Diary" gave us and them the #1 and 2 slots at the box-office this week. In the months ahead, we will continue to put out great entertainment product, which has the potential to drive bottom-line growth regardless of the overall economy's performance, such as the upcoming film releases, "Pearl Harbor," "Atlantis," and "Monsters, Inc." A "100 Years of Magic" event at Walt Disney World which starts in the fall and a fantastic new theme park Tokyo DisneySea which opens in Japan in September. Furthermore, because our company continues to have a healthy balance sheet, the current

謝謝鮑勃。經濟放緩絕不是好消息，但它不會平等地影響所有公司。在迪士尼，美國經濟目前的低迷代表著為未來建設的機會。考慮到這一點，到 2001 年為止，我們開設了迪斯尼加州冒險樂園，這將是一項推動長期收益和價值增長的長期資產。我們已經改進了我們的互聯網戰略，將我們的精力集中在我們的領先品牌網站上。我們做出了艱難的決定，即減少勞動力以更有效地應對近期經濟現實，同時有助於長期控製成本。我們推出了兩年來最暢銷的視頻製作作品“Lady and the Tramp II”，這進一步展示了我們電影和角色庫的動態價值。我們已經看到 DVD 市場開始達到臨界質量，因為我們幾乎每一個 DVD 影片都繼續穩步超過銷售預期和預測，我們已經發行了一部突破性的電影《間諜兒童》，它的製作預算適中並且很可能成為 Dimension Films 的真正特許經營權。事實上，“間諜孩子”和米拉麥克斯電影“布里奇特瓊斯的日記”給了我們和他們本週票房第一和第二的位置。未來幾個月，我們將繼續推出出色的娛樂產品，無論整體經濟表現如何，這些產品都有潛力推動利潤增長，例如即將上映的電影《珍珠港》、《亞特蘭蒂斯》和《怪物公司。”華特迪士尼世界的“魔法 100 年”活動將於秋季開始，而夢幻般的新主題公園東京迪士尼海洋將於 9 月在日本開幕。此外，由於我們公司繼續擁有健康的資產負債表，目前

economic climate may present us with potential acquisition opportunities as some attractive overvalued enterprises are becoming attractively fairly valued enterprises, but we will continue to resist the temptation to make a splashy acquisition that makes headlines, but ultimately doesn't make sense. Creation of shareholder value is our overriding criterion as we review any acquisition candidates. So in the worse case economic scenario, Disney should still be a solidly profitable company in the near term and should be stronger than ever when things rebound, but the worse case scenario is not the most likely scenario. The economy may turn around at any time, and when it does, we believe, we will be well positioned to be among the first to feel its benefits. In the meantime, Disney's executive management committee will continue to manage, shape, and grow the extraordinary assets of our company as skillfully as possible, working to create dynamic new opportunities, within a cost effective financial box. For example, during the second quarter, Disney consumer products reached an agreement, Coca Cola's Minute Maid unit, as Bob just mentioned, to market healthy children's beverages globally under that Disney brand. This is a multiple and mutually advantageous relationship that helps Minute Maid enter new market categories, but helps us expand the Disney brand in appropriate ways. Then, there is the SoapNet that we talked about. SoapNet is the number one in basic cable among women, 24 to 54, and the number two among women, 18 to 49. In the last 6 months, its numbers of subscribers has nearly doubled from 4.5 to 8.5 million people, and most of this has been achieved by airing programming that we completely own and is already thoroughly profitable. [And its hard], what I'm outlining is really nothing

經濟環境可能會為我們提供潛在的收購機會，因為一些有吸引力的被高估的企業正在成為具有吸引力的公平估值企業，但我們將繼續抵制誘惑，進行一次引人注目的收購，儘管它成為頭條新聞，但最終沒有意義。在我們審查任何收購候選人時，創造股東價值是我們的首要標準。因此，在最壞的經濟情況下，迪士尼在短期內仍應是一家穩定盈利的公司，並且在經濟反彈時應該比以往任何時候都更強大，但最壞的情況並不是最有可能發生的情況。經濟隨時可能出現好轉，我們相信，一旦出現好轉，我們將處於最先感受到其好處的位置。與此同時，迪士尼的執行管理委員會將繼續盡可能巧妙地管理、塑造和發展我們公司的非凡資產，努力在具有成本效益的財務框架內創造充滿活力的新機會。例如，在第二季度，迪士尼消費品達成了一項協議，可口可樂的美汁源部門，正如 Bob 剛才提到的，以迪士尼品牌在全球銷售健康兒童飲料。這是一種多重互利的關係，有助於美汁源進入新的市場類別，但有助於我們以適當的方式擴展迪士尼品牌。然後是我們談到的 SoapNet。 SoapNet 在 24 至 54 歲的女性中排名第一，在 18 至 49 歲的女性中排名第二。在過去 6 個月中，其訂戶數量幾乎翻了一番，從 4.5 人增加到 850 萬人，其中大部分已經通過播出我們完全擁有並且已經完全盈利的節目來實現。 [而且很難]，我所概述的實際上什麼都不是

new. Disney's success has always been built on the creation of great new entertainment products and the effective leveraging and extension of products we already own. In addition, this proven formula for success, we add a dedication to cost efficiencies, focus on driving for higher returns on the capital we invest, and maintain the financial flexibility to take advantage of opportunities that may present themselves. We have every reason to believe that regardless of economic fluctuations, this approach will achieve growth in an absolute sense and relative to our peers and most important, would generate value for our shareholders for years to come.

新的。迪士尼的成功始終建立在創造出色的新娛樂產品以及有效利用和擴展我們已經擁有的產品之上。此外，這個行之有效的成功公式，我們增加了對成本效率的貢獻，專注於推動我們投資的資本獲得更高的回報，並保持財務靈活性以利用可能出現的機會。我們完全有理由相信，無論經濟波動如何，這種方法都將實現絕對意義上的增長，並且相對於我們的同行而言，最重要的是，它將在未來幾年為我們的股東創造價值。

Thank-you Michael. Now let's move on to the Q&A. Operator, we are ready to take the first question.

謝謝你邁克爾。現在讓我們繼續進行問答。接線員，我們準備回答第一個問題。

Thank-you. The floor is now open for questions. If you do have a question or comment, please press the numbers 1 followed by 4 on your touch-tone phone. If at any point your question has been answered, you may remove yourself from the queue by pressing the pound key. We do ask that while you pose your question, will you please pick up your handset to provide optimum sound quality. Once again ladies and gentlemen, that is 1 followed by 4. Thank-you. Our first question or comment is coming from Chris Dixon of UBS. Please state your question or comment.

謝謝。現在可以提問了。如果您有任何問題或意見，請在您的按鍵式電話上按數字 1 和 4。如果在任何時候您的問題已得到解答，您可以按井號鍵將自己從隊列中刪除。我們確實要求，當您提出問題時，請拿起您的手機以提供最佳音質。女士們，先生們，再次是 1，然後是 4。謝謝。我們的第一個問題或評論來自瑞銀的克里斯·迪克森。請陳述您的問題或意見。

Thank-you very much. Gentlemen, could you please walk through where you are on your restructuring in terms of cutting back and headcounts and some of the comments this morning as relates to the animation division?

非常感謝。先生們，能否請您介紹一下你們在裁員和裁員方面的重組情況以及今天早上與動畫部門有關的一些評論？

Yes Chris, this is Bob talking. As you know, we announced a few weeks ago, our goal to reduce staff by approximately 4000 people, beginning with what we call a voluntary separation plan. We are in the middle of that voluntary plan, and we cannot disclose the number of people who have already stepped up, but we are pleased with number and believe that when we get past this cycle, we will be well on our way to achieve our goal. As relates to animation, the animation unit of the studio and the studio itself is part of the overall company's plan to reduce staff. In fact, all of our units are participating in this, and the goal there is consistent with the goal that we have for all company divisions, and that's to reduce staff. Specifically in that area, there are other opportunities to reduce cost because of the general slowdown in competition which is widely known across the industry and has already been reported on.

是的，克里斯，這是鮑勃在說話。如您所知，我們在幾週前宣布了裁員約 4000 人的目標，首先是我們所謂的自願離職計劃。我們正處於自願計劃的中間，我們無法透露已經加緊行動的人數，但我們對數字感到滿意，並相信當我們度過這個週期時，我們將順利實現我們的目標目標。就動畫而言，工作室的動畫部門和工作室本身是公司整體裁員計劃的一部分。事實上，我們所有的單位都在參與其中，那裡的目標和我們對公司所有部門的目標是一致的，那就是減少人員。特別是在該領域，由於競爭普遍放緩，這在整個行業中廣為人知並且已經被報導，因此還有其他降低成本的機會。

I think, I might as well just say about animation, our animation company is in excellent shape, both the feature animation and the television animation. Our slate is locked till 2006. We know every movie that's being made, in production, and whether its 2 dimensional animation or 3 dimensional animation with us or with Pixar. We couldn't feel more comfortable about it. The fact of the matter is that the enormous competition that started after "Lion King" was opened and a very strong increase in the cost of making animated movies basically because they are 100% labor intensive, because that competition has lessened, we are able to improve already, and already profitable business by looking at the cost of that labor, both in the amount of time we spend on an animated movie and on the number of people and the cost of each person. So we're very optimistic about animation. And the next 3 releases, as you know, we have "Atlantis" this summer, followed by "Monsters", followed by Treasure Planet next summer, all of which are less expensive than their predecessors and equal to or better than their predecessors creatively. So we're pretty excited about animation, and we are pretty pleased with ourselves, which is [how I get] to say, and we are managing it financially, as well as creatively.

我想，我還是說動畫吧，我們的動畫公司無論是長篇動畫還是電視動畫都做得很好。我們的名單鎖定到 2006 年。我們知道每部電影正在製作、製作中，以及我們或皮克斯的 2 維動畫或 3 維動畫。我們對此感到再舒服不過了。事實是，《獅子王》開播後開始的巨大競爭和動畫電影製作成本的大幅上漲，基本上是因為它們是100%的勞動密集型，因為競爭減少了，我們能夠通過查看勞動力成本（包括我們花在動畫電影上的時間量以及人數和每個人的成本）來改善已經盈利的業務。所以我們非常看好動畫。而接下來的3個版本，如你所知，今年夏天我們有《亞特蘭蒂斯》，其次是《怪物》，然後是明年夏天的寶藏星球，所有這些都比他們的前輩便宜，在創意上等於或優於他們的前輩。所以我們對動畫感到非常興奮，我們對自己非常滿意，這就是[我怎麼說]，我們在財務上和創造性地管理它。

Okay, next question please.

好的，請下一個問題。

Thank-you. Our next question is coming from Richard Simon of Goldman. Please state your question or comment.

謝謝。我們的下一個問題來自高盛的理查德西蒙。請陳述您的問題或意見。

Yeah, I had a question, and that basically revolves around how you did it so well in filmed entertainment and the consumer products, especially the latter. Is there any way you can give us guidance on that, on where to [_______________] consumer products?

是的，我有一個問題，這基本上圍繞著你如何在電影娛樂和消費產品方面做得如此出色，尤其是後者。您有什麼方法可以在這方面給我們指導，在哪裡 [_______________] 消費品？

There are a lot of reasons, not the least of which is that we've had quality products. We do have a very valuable library, so you are able to make "Lady and the Tramp II," and direct-to-video has a knowledge in the marketplace and inexpensive because it was made by our television animation group and did extremely well. Our theatrical movies did well, like "Recess." We took a television property that's on ABC, [_______________] Synergy on Saturday morning. We made a fairly inexpensive movie that did extremely well. I mentioned in my comments, I think both my associates mentioned it too, we've been talking about this for a couple of years. DVD is really happening. We've exceeded our expectations in DVD. As you know, the studio is made up of not only theatrical, live action, and animation, but it's also made up of home video and pay television, and all of this, and frankly, we had no movies that came out, that we were off, that I am aware of. We had no disaster, so to speak. We had no write downs. [Passing] comparison to the last couple of years, we've had some mildly financial embarrassments, not creative ones, but some financial ones, and so Peter Schneider and his group are managing this business more efficiently and quite creatively.

有很多原因，其中最重要的是我們擁有優質的產品。我們確實有一個非常有價值的圖書館，所以你可以製作“Lady and the Tramp II”，並且直接視頻在市場上具有知識並且價格低廉，因為它是由我們的電視動畫組製作的並且做得非常好。我們的院線電影表現不錯，比如《Recess》。星期六早上，我們在 ABC [_______________] Synergy 上拍攝了一個電視節目。我們製作了一部相當便宜的電影，效果非常好。我在評論中提到過，我想我的兩個同事也提到過，我們已經討論了幾年了。 DVD 真的在發生。我們在 DVD 方面超出了我們的預期。如你所知，工作室不僅由戲劇、真人秀和動畫組成，而且還由家庭視頻和付費電視組成，所有這些，坦率地說，我們沒有上映的電影，我們關閉，我知道。我們沒有災難，可以這麼說。我們沒有任何記錄。 [通過] 與過去幾年相比，我們遇到了一些輕微的財務尷尬，不是創造性的，而是一些財務上的尷尬，所以彼得施耐德和他的團隊正在更有效地管理這項業務，而且很有創意。

Yeah, we did. One of the things we said to watch for in terms of potential upsides was home video and DVD in particular and then certain titles, "Titans" on home video and "Recess," which we had talked about as a very low cost film that if it hit, could have a great profit impact. With regard to consumer products, Richard, I would tell you that licensing in the stores are pretty much on track with what we told you to expect, meaning, they weren't the drivers of this increase in this last quarter although both Bob and Michael talked about some of the steps that we have been taking, so we're on course there. The interactive group had some good titles that performed strongly. That had a nice impact for us, and they had put in some cost restructuring efforts that we started to feel in the quarter, and that helped us to a decent amount as well. So, you know, we had mentioned that we would expect the comparisons to start to get a little bit better in consumer products. This is perhaps a little earlier to have a quarter like this. We're still working through. It will still take its time on licensing and the stores. We're certainly pleased with the continued growth of our interactive group which is one where we look for continued growth in the future.

是的，我們做到了。我們說要注意的潛在好處之一是家庭視頻和 DVD，然後是某些標題，家庭視頻中的“泰坦”和“休會”，我們曾將其視為一部成本非常低的電影，如果它受到打擊，可能會產生很大的利潤影響。關於消費品，Richard，我會告訴你，商店的許可與我們告訴你的預期基本一致，這意味著，儘管 Bob 和 Michael 都不是這一季度增長的驅動力談到了我們一直在採取的一些步驟，所以我們正在那裡。互動組有一些表現強勁的好標題。這對我們產生了很好的影響，他們已經投入了一些成本重組工作，我們在本季度開始感受到，這也幫助我們取得了可觀的數量。所以，你知道，我們已經提到我們希望消費產品的比較開始變得更好。有這樣的季度可能還早一點。我們還在努力。它仍然需要時間來獲得許可和商店。我們當然對我們的互動小組的持續增長感到高興，這是我們期待未來持續增長的一個小組。

Although we are not [sitting here] projecting too much about the future, I can't help myself here. I have seen "Pearl Harbor." We had a screening in Denver, and it's one of those nice things that comes along, not that often, but I have no idea whether it will perform a dollar. I know it's fabulous, and I liked it. So, I don't know if I protected myself by saying, it won't perform a dollar, but I think there is upside there. Now I'm getting ill looks from all my associates and say I shouldn't be doing this [_______________], but it's still good.

儘管我們[坐在這裡]對未來沒有過多的預測，但在這裡我還是忍不住。我看過《珍珠港》。我們在丹佛進行了一場放映，這是一個很好的事情，不是經常出現，但我不知道它是否會產生一美元。我知道它很棒，我喜歡它。所以，我不知道我是否通過說它不會執行一美元來保護自己，但我認為那裡有好處。現在，我的所有同事都對我不利，並說我不應該這樣做 [_______________]，但它仍然很好。

Okay, next question please.

好的，請下一個問題。

Thank-you. Our next question is coming form Jill Krutick of Salomon Smith Barney. Please state your question or comment.

謝謝。我們的下一個問題來自 Salomon Smith Barney 的 Jill Krutick。請陳述您的問題或意見。

Thank-you. Good afternoon. I was hoping you could potentially address revenue growth, the revenue outlook for the company. What you anticipate for the second half of the year. Should we expect a resumption of revenue growth in the second half of the year? And secondly, if you could address on the theme park side, what type of contingency plans might be put into place to stem any further reduction in operating income outlook for the second half? Thank-you.

謝謝。下午好。我希望你能解決收入增長問題，即公司的收入前景。您對下半年的預期。我們是否應該期望在下半年恢復收入增長？其次，如果您可以在主題公園方面解決問題，可能會實施哪種應急計劃來阻止下半年營業收入前景進一步下降？謝謝。

Jill, this is Bob. I'll start on your question regarding revenue focused on our advertiser-supported businesses. As you know, we have been experiencing a softness throughout this fiscal year. We thought actually after the first quarter that some of it was due to the Olympics, the uneasiness over the presidential elections, but clearly, we were wrong, and the softness continued throughout this past quarter. We are still seeing softness. We are not necessarily projecting it to get any worse, but we don't see signs of recovery yet, and that's one of the reasons why we are focused as we are on our cost cutting initiatives, not just in the advertiser-supported businesses, but particularly in the advertiser-supported businesses. The comment that Tom made earlier that the networks' performance this quarter was staged by the fact that we are very attentive on the cost side, and that's only going to continue.

吉爾，這是鮑勃。我將首先回答您關於以我們的廣告商支持的業務為重點的收入的問題。如您所知，我們在整個財政年度都經歷了疲軟。我們實際上在第一季度之後認為其中一些是由於奧運會，對總統選舉的不安，但顯然，我們錯了，並且在過去的這個季度中持續疲軟。我們仍然看到柔軟。我們不一定預計情況會變得更糟，但我們還沒有看到復甦的跡象，這就是我們專注於削減成本計劃的原因之一，而不僅僅是廣告商支持的業務，但尤其是在廣告商支持的業務中。湯姆早些時候發表的評論說，網絡本季度的表現是由於我們非常關注成本方面的事實，而且這種情況只會繼續下去。

By the way, this is the time that it's very good to have the capital cities, cost conscious half of our company, that we acquired in 1995 because Disney was at its tremendous revenue growth since 1984 and hadn't spent the kind of attention that we are now spending on the cost sides, kind of a legacy of Dan Burke and Tom Murphy, which Bob and the ABC people understand well, and it has been an effective process, and it does have a lot of rewards to it.

順便說一句，這是一個非常好的時候，我們在 1995 年收購了省會城市，我們公司的一半成本意識很強，因為迪士尼自 1984 年以來一直處於巨大的收入增長階段，並且沒有像以往那樣受到關注。我們現在花費在成本方面，這是 Dan Burke 和 Tom Murphy 的遺產，Bob 和 ABC 的人對此非常了解，這是一個有效的過程，並且確實有很多回報。

But again on the revenue side, it's too soon to predict what the upfront will look like. I have a general sense that there is a lot of [posturing] going on right now from the advertisers which is the case every year. I think that there is a chance that the upfront actually could be better than last year, but again, it's a little too early to tell, and we are more focused now on our product because there is little we can do about sales until the upfront actually begins. So, I think the bottom line on the advertising side is I think the softness will continue. I don't believe it will get worse, and I am hopeful that things will start to turn around at the later part of the year, but I don't see signs of that yet. Tom, you can address the theme park side.

但同樣在收入方面，現在預測前期會是什麼樣子還為時過早。我有一種普遍的感覺，現在廣告商正在做很多[姿態]，每年都是如此。我認為前期實際上可能比去年更好，但是現在說還為時過早，我們現在更專注於我們的產品，因為在前期我們對銷售幾乎無能為力實際開始。所以，我認為廣告方面的底線是我認為這種疲軟將持續下去。我不相信情況會變得更糟，我希望事情會在今年晚些時候開始好轉，但我還沒有看到任何跡象。湯姆，你可以解決主題公園方面的問題。

Without going into too much detail on specific actions at the theme parks, only because I don't think that is necessarily appropriate. We will continue to do it. They have been doing in the last quarter, making sure that they have got the right amount of cash in the park to manage the amount of traffic in the park and still provide excellent guest service and make sure everybody has a positive experience in the parks. We will make sure that, as you know, labor is one of the big variable costs there, so we will make sure that we manage the incremental labor costs to meet the demand that is out there. One of the nice things, one of the things we talked about earlier in the year is that even though you see some softness in bookings due to the economy, we continue to have very strong occupancies at our hotels, and part of the strategy that we have been following for last 10 years to bring more people on property helps to mute the impact of these kinds of economic downturns. And [perhaps] the opening, just to remind you that, [maybe, we should have] managed through this and have theme parks poised to get back under their growth trajectory is something that we pay close attention to, and we've been able to do that before, and we've got experienced management in the parks. I think we'll do that again.

沒有對主題公園的具體行動進行太多詳細說明，只是因為我認為這不一定合適。我們將繼續這樣做。他們在上個季度一直在做，確保他們在公園裡有適量的現金來管理公園的交通量，同時仍然提供出色的賓客服務，並確保每個人在公園裡都有積極的體驗。如您所知，我們將確保勞動力是最大的可變成本之一，因此我們將確保我們管理增量勞動力成本以滿足現有需求。一件好事，我們在今年早些時候談到的一件事情是，儘管您看到由於經濟原因導致預訂量有所疲軟，但我們酒店的入住率仍然很高，這也是我們戰略的一部分在過去的 10 年裡，我們一直在關注讓更多的人購買房產，這有助於減輕這類經濟衰退的影響。 [也許] 開幕，只是為了提醒您，[也許，我們應該] 設法度過這個難關，讓主題公園準備好回到它們的增長軌跡是我們密切關注的事情，我們已經能夠以前這樣做，我們在公園裡有經驗豐富的管理人員。我想我們會再做一次。

People delay their vacation because of fear of economic slowdown. They almost inevitably just delay it a year, and after these slowdowns end, we have such an enormous rebounds in our parks, and then with the cost structure [_______________] reduced, it should help us, as I would say in my comments, come out of whatever it is in a strong way.

由於擔心經濟放緩，人們推遲了假期。他們幾乎不可避免地只是推遲了一年，在這些放緩結束後，我們的公園有瞭如此巨大的反彈，然後隨著成本結構 [_______________] 的降低，它應該對我們有所幫助，正如我在評論中所說，來以一種強有力的方式擺脫它。

And it's not on the cost side, Jill, just to be clear. There are [things] that we do on the marketing side, some special events side, some things that we don't want to avail though it's time to avail them, but some special activities [now certainly] will be going in the parks. We think, we can drive some demand in this environment.

吉爾，這不是在成本方面，只是要清楚。我們在營銷方面做了一些[事情]，一些特殊活動方面，一些我們不想利用的事情，雖然現在是時候利用它們了，但是一些特殊的活動[現在肯定]會在公園裡進行。我們認為，我們可以在這種環境下推動一些需求。

Okay. Next question please.

好的。請下一個問題。

Thank-you. Our next question is coming from Scott Davis of First Union Securities. Please state your question or comment.

謝謝。我們的下一個問題來自 First Union Securities 的 Scott Davis。請陳述您的問題或意見。

Yes, thank-you. As you guys know better than anybody, it's important to balance focused on costs with making the right investments going forwards. So along those lines, can you add a little more color on your investments in development spending at the network on programming? A qualitative answer would be fine. Maybe a quantitative answer, maybe in terms of a percentage over last year, would be even better. And then second, could you be a little more specific in your attendance of Walt Disney World, not the specific number, but is it down, low single digits, high single digits? Thank-you.

是的，謝謝。正如你們比任何人都知道的那樣，平衡關注成本和進行正確的投資是很重要的。因此，沿著這些思路，您能否為您在網絡編程開發支出上的投資增加一點色彩？一個定性的答案會很好。也許一個定量的答案，也許就去年的百分比而言，會更好。其次，您能否更具體地說明您參加沃爾特迪斯尼世界的情況，不是具體數字，而是下降，低個位數，高個位數？謝謝。

We wouldn't comment on what we are spending on development except I would tell you from now, almost 2 decades of experience, that I don't think there is a direct correlation between what you spend on development and how well you do on it. We are extremely encouraged by what we have seen already from our prime-time group in development and looking forward to screening our [pilots] in a couple of weeks.

我們不會評論我們在開發上的花費，除非我從現在開始告訴你，近 2 年的經驗，我認為你在開發上的花費與你在開發上的表現之間沒有直接關係.我們已經從我們黃金時段的開發團隊中看到的東西讓我們感到非常鼓舞，並期待在幾週內篩選我們的 [飛行員]。

I can say from 3 decades of working in the television network, we have been told [_______________] that it is the absolute best development, most creative, best hours, best comedies that we have ever had. Now, I will tell you that. I will also tell you that I have been told that every year for the last 30 years. So, I am not sure it will come to pass although it looks like between the 3 shows that went on the air recently that all have high potential going forward, plus the development, plus our event programming that we know about, plus the strength of our daytime schedule, including [the view] on all those shows and serials and the strength of our news. I think that the unbelievable strength of our own television stations and Steven Bornstein coming in now to run our television operation. We are feeling pretty good about the way that's set up.

我可以說，在電視網絡工作了 3 年，我們被告知 [_______________]，這是我們所擁有的絕對最好的發展、最有創意、最好的時間、最好的喜劇。現在，我會告訴你。我還要告訴你，在過去的 30 年裡，我每年都被告知。所以，我不確定它是否會實現，儘管看起來在最近播出的 3 個節目之間都有很大的發展潛力，加上我們所知道的發展，加上我們所知道的活動節目，再加上我們白天的日程安排，包括所有這些節目和連續劇的[觀點]以及我們新聞的力量。我認為我們自己的電視台和史蒂文·伯恩斯坦的令人難以置信的力量現在進來經營我們的電視業務。我們對設置的方式感覺很好。

Scott, on the question with regard to theme park attendance. As you know, we tend not to give out theme park attendance numbers or growth rates, and it's not [a decoy. It's] because that's such a small part of the overall picture, partially I think as this quarter demonstrates. I am not sure it does much good, as we have said. We had seen some softness in bookings. It wasn't an amount that got us overly alarmed. We continue to see that sort of trend. So, to the extent that it got to the point where we thought it was really off of where we see it today, I suppose we might come back and talk about it, but at this point and that's as much as we should say on it.

斯科特，關於主題公園出勤率的問題。如您所知，我們往往不會給出主題公園的遊客人數或增長率，這不是[誘餌。這是]因為這只是整體情況的一小部分，我認為部分原因正如本季度所展示的那樣。正如我們所說，我不確定它是否有多大好處。我們在預訂中看到了一些疲軟。這不是讓我們過度驚慌的數額。我們繼續看到這種趨勢。所以，在某種程度上，我們認為它真的與我們今天看到的不一樣，我想我們可能會回來討論它，但在這一點上，這就是我們應該說的.

Thanks. Next question please.

謝謝。請下一個問題。

Thank-you. Our next question is coming from Richard Bilotti of Morgan Stanley. Please state your question or comments.

謝謝。我們的下一個問題來自摩根士丹利的 Richard Bilotti。請陳述您的問題或意見。

Good afternoon. [Slowing] down on the studio for a second, the results there seem to be supported by your revived home video strategy. Could you speak specifically to, now that you have the 29 gold titles out there, has that had a positive impact on your market share in the VHS segment? And also, you mentioned DVD. Are you capturing the same share of the DVD sell-through market that you've historically taken in the VHS sell-through market. In other words, are you, does it not matter to you which format that you are selling, so the impact of the gold program, and how do you compare on VHS versus DVD sell-through?

下午好。 [放慢速度] 在演播室稍等片刻，那裡的結果似乎得到了您復興的家庭視頻策略的支持。您能否具體談談，既然您已經擁有 29 種金牌作品，這是否對您在 VHS 領域的市場份額產生了積極影響？而且，你提到了 DVD。您在 DVD 銷售市場中的份額是否與您過去在 VHS 銷售市場中的份額相同。換句話說，您是否對您銷售的格式無關緊要，那麼黃金計劃的影響，以及您如何比較 VHS 與 DVD 的銷售量？

You are asking a multiple point question here, but let me do it in reverse. We have a title a year for the next 10 years that has been kept off the shelf. Starting this fall, we will be releasing Snow White, and we will be releasing it exclusively for the first 2 months on DVD in a double disk box with a lot of additional material never before seen, including a new version of "Some Day My Prince Will Come" recently last week sung by Barbara Streisand. The following year, we have, I will just go that far, we have "Beauty and the Beast," and that will follow a large format IMAX, if you will, theatrical release over Christmas of "Beauty and the Beast" with an additional scene animated that was not animated in the movie, but ended up being in the Broadway Show, which will be [that] and a lot of other things which will be promotioned for the fall release on DVD and VHS, and that will be the first one that had a complete 10 year window, although there were sequels to it, "[Bells] Christmas" and things like that. So, we look forward to these titles and their resurgence, and the resurgence of our library. As far as the rest of the library that is out and what you are calling the gold collection as opposed to the platinum collection, I think it's too early for us to tell. We have been very pleased with how they've done. Over time, we may take one or two of them and pull them off the shelf if this other process of resting it works. So, it's still too early to really give you an absolute definitive answer, and that last piece was on.

你在這裡問一個多點問題，但讓我反過來做。在接下來的 10 年裡，我們每年都有一個頭銜，它一直被擱置。從今年秋天開始，我們將發行《白雪公主》，我們將在前 2 個月以雙盤盒的 DVD 形式獨家發行它，其中包含許多前所未見的附加材料，包括新版本的《有一天我的王子》 Will Come”上週由芭芭拉史翠珊演唱。第二年，我們有，我會走那麼遠，我們有《美女與野獸》，如果你願意，那將是大型 IMAX 電影，如果你願意的話，《美女與野獸》在聖誕節期間上映，另外還有一部電影中沒有動畫的場景動畫，但最終出現在百老匯演出中，這將是 [that] 以及許多其他內容將在 DVD 和 VHS 的秋季發行中進行宣傳，這將是第一個有一個完整的 10 年窗口，儘管它有續集，“[Bells] Christmas”之類的東西。因此，我們期待這些書名及其複興，以及我們圖書館的複興。至於圖書館的其餘部分，以及你所說的黃金收藏而不是鉑金收藏，我認為現在說還為時過早。我們對他們的表現感到非常滿意。隨著時間的推移，如果其他休息過程有效，我們可能會採取其中一兩個並將它們從架子上拉下來。所以，現在給你一個絕對明確的答案還為時過早，最後一篇文章已經開始了。

In terms of the share of the DVD market, we obviously are very encouraged by our recent success, and we've named them, "Titans" and "Lady And The Tramp II" were just a couple of examples. Obviously, the early adopters of DVD tended to be more interested in live action titles, male oriented titles, titles like "Matrix." As DVD has penetrated the market to a greater extent, now in roughly 15 million homes, we believe by the way, that could easily double by the early part of 2002. Clearly, we are getting a lot of consumers who are more interested in a more general product, and that's one of the reason why we're seeing these early successes with Disney-branded titles or kids and family titles. So that, we believe, bodes extremely well, not just for the platinum titles, Michael mentioned a few, but for the Disney library in general, both old titles and new titles that we release. So, we actually think that we're going to able to easily maintain share of that marketplace consistent with the share that we've had before or maybe even slightly better if you add the impact of the platinum collection, but that had not necessarily been the case with the early adopters, but as I said, that's changing already.

就 DVD 市場的份額而言，我們顯然對我們最近的成功感到非常鼓舞，我們將它們命名為“泰坦”和“小姐與流浪漢 II”只是其中的幾個例子。顯然，DVD 的早期採用者往往對真人電影、面向男性的遊戲、像“黑客帝國”這樣的遊戲更感興趣。隨著 DVD 進入市場的程度越來越大，現在大約有 1500 萬戶家庭，順便說一下，我們相信到 2002 年初，這個數字很容易翻一番。顯然，我們越來越多的消費者對 DVD 更感興趣。更通用的產品，這就是為什麼我們看到迪士尼品牌的遊戲或兒童和家庭遊戲的這些早期成功的原因之一。因此，我們相信，這預示著非常好的預兆，不僅是對於白金遊戲，邁克爾提到了一些，而且對於整個迪士尼圖書館，我們發布的舊遊戲和新遊戲都是如此。因此，我們實際上認為，我們將能夠輕鬆地保持該市場的份額與我們之前的份額一致，或者如果加上鉑金收藏的影響，甚至可能會稍微好一些，但這並不一定是早期採用者的情況，但正如我所說，這種情況已經發生了變化。

We're encouraged [_______________] about our library because you know we went through it once on VHS, almost once, we still have a [_______________] and a few others, but almost all of it, is using the library to do direct-to-video sequels, and we've done several whether it is "101 Dalmatians" or whether it is "Lady and the Tramp II" with "Simba's Pride," and they seem to be holding up incredibly well, so the library is very, very powerful for us still.

我們對我們的圖書館感到鼓舞 [_______________]，因為您知道我們在 VHS 上經歷過一次，幾乎一次，我們仍然有 [_______________] 和其他一些人，但幾乎所有這些，都在使用圖書館進行直接- to-video 續集，我們已經拍了好幾部，無論是《101 斑點狗》還是《淑女與流浪漢 II》和《辛巴的驕傲》，它們的表現似乎都非常好，所以圖書館非常，對我們來說仍然非常強大。

We're ready for the next question, please.

請準備好下一個問題。

Thank-you. Our next question is coming from David Londoner of ABN Amro. Please state your question or comment.

謝謝。我們的下一個問題來自荷蘭銀行的 David Londoner。請陳述您的問題或意見。

I was just curious about some of the below the line stuff. Corporate and shared expenses are up a little bit. We thought it would be down, and net interest expense was down pretty sharply, and I thought it would be up. It shows you how good we are. Any comments?

我只是對線下的一些東西感到好奇。公司和共享費用略有上升。我們認為它會下降，淨利息費用下降得相當厲害，我認為它會上升。它告訴你我們有多好。任何意見？

Corporate and shared expenses were up principally due to actually almost solely due to costs associated with the Disney Club, which is our company wide customer relationship management marketing effort, and so there is a startup cost associated with that, that we're taking at the corporate line. At this point, those aren't being allocated out. And the interest expense line, of course, came down. [In large measures], we were about 50% floating in the quarter. We took advantage of the rate reductions, and our net debt reduced slightly during the quarter. So, we're not getting a positive impact on both sides there.

公司和分攤費用的增加主要是由於實際上幾乎完全是由於與迪士尼俱樂部相關的成本，這是我們公司範圍內的客戶關係管理營銷工作，因此我們正在承擔與此相關的啟動成本企業線。在這一點上，那些沒有被分配出去。當然，利息支出線下降了。 [在很大程度上]，我們在本季度浮動了大約 50%。我們利用了降息的機會，我們的淨債務在本季度略有減少。因此，我們並沒有對雙方都產生積極影響。

Okay. Next question please.

好的。請下一個問題。

Thank-you. Our next question is coming from Jessica Reeve Cohen of Merrill Lynch. Please state your question or comment.

謝謝。我們的下一個問題來自美林證券的傑西卡·里夫·科恩。請陳述您的問題或意見。

Thank-you. Two quick questions on consumer products. Are there any one-time payments from these direct-to-retail deals or any kind of guarantees?

謝謝。關於消費品的兩個快速問題。這些直接零售交易是否有一次性付款或任何類型的保證？

Yes.

是的。

And, sorry?

對不起？

Guarantees [_______________].

保證 [_______________]。

Alright, the second question is on films. You had obviously a great quarter in both theatrical and video, including DVDs. Why was revenue down?

好的，第二個問題是關於電影的。很明顯，你在戲劇和視頻（包括 DVD）方面都取得了不錯的成績。為什麼收入下降了？

What is the last query?

最後一個查詢是什麼？

Why was the revenue down?

為什麼收入下降了？

Yeah, why was revenue down?

是啊，為什麼收入下降了？

I'll take the first part, on the direct-to-retail deals. There are upfront payments in many of these deals, as well as guarantees, but we haven't taken them yet because these deals are, they've just been signed and will, in effect, actually begin in the ensuing months, but in most cases, there are upfront payments and in all cases, there are guarantees.

我將參加第一部分，關於直接零售交易。許多此類交易以及擔保都有預付款，但我們還沒有接受，因為這些交易剛剛簽署，實際上將在接下來的幾個月內開始，但在大多數情況下情況下，有預付款，在所有情況下，都有保證。

On the video revenue question, Jessica, it's largely driven by theatrical. Last year we had some rather large, rather expensive theatrical releases, "Mission to Mars" being the biggest. That generated a decent amount of revenue at the box office, but in fact, cost enough so that they actually were an impairment to the bottom line. This year, the big performers, "Recess," very inexpensive, drove good box-office, not as much as "Mission to Mars," but profitability obviously well in excess of "Mission to Mars." So, that's part of the reason to get that margin swing.

關於視頻收入問題，傑西卡，很大程度上是由戲劇推動的。去年我們有一些相當大、相當昂貴的影院上映，“火星任務”是最大的。這在票房上產生了可觀的收入，但實際上，成本足以使它們實際上是對底線的損害。今年，大片《Recess》非常便宜，票房不錯，不及《火星任務》，但盈利能力明顯超過《火星任務》。所以，這就是導致利潤率波動的部分原因。

Okay. We'll take one last question please.

好的。請回答最後一個問題。

Thank-you, our next question is coming from Dave Miller of Sutro. Please state your question or comment.

謝謝，我們的下一個問題來自 Sutro 的 Dave Miller。請陳述您的問題或意見。

Yeah. Hey guys. Question with regard to California Adventure. I know we had some weather problems here in Los Angeles in February, but in general, at least thus far, the response to the new park seems to be okay, not great, but okay. Given the park's smaller size, and the fact that there are far less [_______________] rides relative to Disneyland next door, at what point, do you consider a price decrease to stimulate attendance? And I have a followup question if that's okay.

是的。大家好。關於加州冒險的問題。我知道我們二月份在洛杉磯遇到了一些天氣問題，但總的來說，至少到目前為止，對新公園的反應似乎還不錯，不是很好，但還不錯。鑑於公園的規模較小，而且相對於隔壁的迪士尼樂園，[_______________] 遊樂設施要少得多，您在什麼時候會考慮降低價格以刺激遊客人數？如果可以，我有一個後續問題。

Why don't you give the followup question at the same time?

你為什麼不同時給出後續問題？

Okay. With regard to the upfront, in preparation for a possible strike, some of the other broadcast networks are talking about preparing two different presentations to media buyers. Do you guys have two different slates, and if so, assuming there is no resolution to the strike in the next three weeks, which one do you plan on presenting on May 15? Thank-you.

好的。關於前期，為準備可能的罷工，其他一些廣播網絡正在討論為媒體購買者準備兩種不同的演示。你們有兩個不同的名單嗎？如果是這樣，假設在接下來的三週內罷工沒有解決方案，你計劃在 5 月 15 日展示哪一個？謝謝。

I'll do the first and Bob can do the second. We're very pleased with Disney's California Adventure. All of the research, the [exit] research is incredibly strong. It's a hair below Disneyland, which of course is off the charts. The issue other than, yes, weather issues, and we opened it at a time that we knew would be slow. People coming to Disney's California Adventure from outside packages, buy the three-day package. People in the market, in Los Angeles, have not yet been kind of trained to take the three-day package. We have a significant plan which, Paul Pressler will kill me if I announce, for the summer which we think we will ensure that Disney's California Adventure will be a smash. Hope he is listening because he has to deliver it. Creatively, it is strong. Now, you have to understand, we did the Disney MGM studios in Florida. It had much less capacity than the Magic Kingdom did down here. It took a while to take off the Animal Kingdom down here as well. We added capacity to each of these parks as time went on. We did not want to build them too big on opening day. We wanted to grow [into them], and I'm very enthusiastic about the exit-polling and the plans going forward. It's very, very early. I remember stories about when [_______________] opened between Thanksgiving and Christmas and disappointed some people, they thought the sky was falling, and it didn't, and the same thing happened in Europe in the opening in the spring, waiting for summer to come. So, I think, the jury is not out creatively. The jury is out circulation wise,

我會做第一個，鮑勃可以做第二個。我們對迪士尼的加州冒險樂園非常滿意。所有的研究，[退出]研究都非常強大。這是迪斯尼樂園下面的一根頭髮，這當然不在圖表之列。是的，除了天氣問題之外的問題，我們在我們知道會很慢的時候打開它。從外面的套餐來迪士尼加州冒險樂園的人，購買三天套餐。洛杉磯市場上的人還沒有接受過接受三天套餐的培訓。我們有一個重要的計劃，如果我宣布，Paul Pressler 會殺了我，我們認為這個夏天我們將確保迪士尼的加州冒險樂園大獲成功。希望他在聽，因為他必須交付它。創造性地，它是強大的。現在，你必須明白，我們在佛羅里達州做了迪士尼米高梅工作室。它的容量比這裡的魔法王國少得多。這裡的動物王國也需要一段時間才能起飛。隨著時間的推移，我們為每個公園增加了容量。我們不想在開幕當天把它們建得太大。我們想成長為[成為他們]，我對退出投票和未來的計劃非常熱情。非常非常早。我記得在感恩節和聖誕節之間 [_______________] 開幕的故事讓一些人感到失望，他們認為天要塌了，但事實並非如此，同樣的事情發生在歐洲春天的開幕，等待夏天的到來.所以，我認為，陪審團並沒有創造性地出局。陪審團是明智的，

and I think we have to wait till summer. As far as pricing, it's going to be priced basically at the same price, which is our history, as Disneyland, but there are customers, excuse me, local discounts that we do. We sell multiple day tickets. We are creative with our media, but we think that the quality is of the level of Disneyland, and we will probably hold that same price.

我認為我們必須等到夏天。就定價而言，它的定價基本與迪士尼樂園相同，這是我們的歷史，但有客戶，對不起，我們提供當地折扣。我們出售多日票。我們的媒體很有創意，但我們認為質量是迪士尼樂園的水平，我們可能會保持同樣的價格。

As it relates to the question about the schedule we present in May and a possible work stoppage, we have made a decision that we're going to put up on the board that day, the best possible schedule we've got. We'll deal with labor-related issues accordingly, should they transpire. [_______________] sort of under gag order in terms of discussing that in detail because the negotiations are going on. I'm actually optimistic that things are going get resolved, and it's not something in terms of a strike that we're really going to have to deal with. [_______________]

由於它與我們在 5 月份提出的時間表和可能的停工有關的問題，我們已做出決定，我們將在當天將其提交給董事會，這是我們所擁有的最佳時間表。如果他們發生，我們將相應地處理與勞工相關的問題。 [_______________] 就詳細討論而言，由於談判正在進行中，因此有點受到限制。實際上，我對事情會得到解決持樂觀態度，而且這不是我們真正必須處理的罷工問題。 [_______________]

Financially, by the way, our company is not at risk financially during this period.

在財務上，順便說一句，我們公司在此期間沒有財務風險。

And the goal is to put the best schedule together and to go after the most amount of revenue in the upfront and deal with the other issues should they actually occur at some other time.

目標是將最佳時間表放在一起，並在前期爭取最多的收入，並在其他時間實際發生時處理其他問題。

Okay, thanks for joining us today. Let me remind you that certain statements in today's press release and on this conference call may constitute forward-looking statements under the securities laws. These statements are subject to a number of risks and uncertainties, and actual results may differ materially from those expressed or implied in light of future decisions by the company and by market, economic, competitive, and technological developments beyond the company's control. Let me also remind you that all the statements made on this call are statements as of today's date based upon information available as of today's date. The company does not assume any responsibility to update this information in the future. This concludes Disney's conference call regarding its second quarter earnings.

好的，感謝您今天加入我們。讓我提醒您，今天的新聞稿和本次電話會議中的某些陳述可能構成證券法下的前瞻性陳述。這些陳述受到許多風險和不確定性的影響，實際結果可能與公司未來決策以及公司無法控制的市場、經濟、競爭和技術發展所表達或暗示的結果存在重大差異。讓我還提醒您，本次電話會議上的所有聲明都是基於今天可用信息的截至今天的聲明。本公司不承擔未來更新此信息的任何責任。迪士尼關於其第二季度收益的電話會議到此結束。