迪士尼 (DIS) 2005 Q4 法說會逐字稿

Good day ladies and gentlemen.

女士們先生們，美好的一天。

Thank you for standing by, and welcome to the Walt Disney's fourth quarter 2005 earnings conference call.

感謝您的耐心等待，並歡迎參加華特迪士尼 2005 年第四季財報電話會議。

My name is Carlo, and I will be your coordinator for today's presentation.

我叫卡洛，我將擔任今天演講的協調員。

At this time, all participants are in a listen-only mode.

此時，所有參與者都處於只聽模式。

We will be facilitating a question and answer session towards the end of today's prepared remarks. [OPERATOR INSTRUCTIONS]

我們將在今天準備好的演講結束時安排問答環節。 [操作員說明]

It is now my pleasure to turn the presentation over to your host for today's conference, Wendy Webb, Senior Vice President of Investor Relations and Shareholder Services.

現在我很高興將演講交給今天會議的主持人、投資者關係和股東服務高級副總裁溫迪韋伯 (Wendy Webb)。

Please proceed.

請繼續。

Thank you.

謝謝。

Good afternoon and thanks for joining us.

下午好，感謝您加入我們。

On the call with us today are Bob Iger, President and Chief Executive Officer, and Chief Financial Officer, Tom Staggs.

今天與我們通話的是總裁兼執行長鮑勃艾格 (Bob Iger) 以及財務長湯姆史塔格斯 (Tom Staggs)。

Bob will lead off followed by Tom.

鮑勃將帶頭，湯姆緊隨其後。

Let's get started.

讓我們開始吧。

Bob?

鮑伯？

Thanks, Wendy.

謝謝，溫迪。

I'm pleased to report that we achieved our goal of delivering double-digit EPS growth for the year, despite the challenges we faced in the studio in the fourth quarter.

我很高興地向大家報告，儘管我們在第四季度在工作室面臨挑戰，但我們還是實現了今年實現兩位數每股收益成長的目標。

Our continued strong performance this year, reflects how well-positioned the Company is for the future.

我們今年持續強勁的業績反映了公司對未來的定位。

I've been in my new role at Disney for just under two months, and during this time have been listening with great interest to the debate among various constituencies, about old media versus new media.

我在迪士尼擔任新職務不到兩個月，在此期間，我一直饒有興趣地聆聽不同群體之間關於舊媒體與新媒體的辯論。

What this debate highlights, is the simple fact that the world is changing, due in large part to advances in digital technology, that have led to an explosion in media, resulting in increases in content, distribution, and communication.

這場辯論強調了一個簡單的事實：世界正在發生變化，這在很大程度上要歸功於數位技術的進步，這導致了媒體的爆炸式增長，從而導致內容、發行和傳播的增加。

This is a global phenomenon, as we are seeing growth of mass media infrastructure, in both developed and emerging markets.

這是一個全球現象，因為我們看到已開發市場和新興市場的大眾媒體基礎設施都在成長。

Competition for the consumer remains fierce, as consumers with a limited amount of leisure time have significantly greater choice.

消費者的競爭仍然激烈，因為閒暇時間有限的消費者有更多的選擇。

Distribution methods and new more sophisticated consumer electronics devices are multiplying, offering consumers far more flexibility, customization, and control over how, when, and where they consume content.

分發方法和新的更複雜的消費性電子設備正在成倍增加，為消費者提供了更大的靈活性、客製化以及對消費內容的方式、時間和地點的控制。

With this dynamic in mind, we established three strategic priorities to meet the challenges of this era, to best position Disney to reach our goal of delivering long-term growth, and increased shareholder value.

考慮到這一動態，我們制定了三個策略重點來應對這個時代的挑戰，使迪士尼處於最佳位置，以實現我們實現長期成長和增加股東價值的目標。

And they are once again, driving creativity and innovation, applying technology, and global expansion.

他們再次推動創造力和創新、應用技術和全球擴張。

I would like to reinforce them, as they tie closely to our current performance, and will continue to serve as our roadmap for the future.

我想強調它們，因為它們與我們當前的業績密切相關，並將繼續作為我們未來的路線圖。

Nothing is more important to us than creativity.

對我們來說，沒有什麼比創造力更重要的了。

It's central to our growth over the long-term.

這是我們長期成長的核心。

Great creative content, whether a TV series, movie or theme park attraction is powering us today, and will continue to drive us into the future.

很棒的創意內容，無論是電視劇、電影還是主題樂園景點，都在為我們今天提供動力，並將繼續推動我們走向未來。

It is essential that our creative efforts remain vibrant, relevant, and to a large extent branded, most notably Disney and ESPN, as we believe demand for branded content will grow in a universe of choice.

我們的創意工作必須保持活力、相關性，並在很大程度上品牌化，尤其是迪士尼和 ESPN，因為我們相信對品牌內容的需求將在更多選擇中成長。

To that end, all of us are extremely pleased with the early results of feature animation's first all CGI film, 'Chicken Little.'

為此，我們所有人都對第一部全 CGI 動畫電影《小雞》的早期成果感到非常滿意。

However we recognize that this early success is only a first step.

然而我們認識到，這一早期成功只是第一步。

Animation is, and will remain, at the heart and soul of Disney.

動畫現在是、將來也將是迪士尼的核心與靈魂。

It provides the basis for cultivating enduring characters and franchises, that extend across our businesses, and as such developing high quality Disney animated films is our #1 creative pursuit, and thus investing in this business is essential.

它為培養持久的角色和特許經營權提供了基礎，這些角色和特許經營權延伸到我們的業務中，因此開發高品質的迪士尼動畫電影是我們的第一大創意追求，因此投資這項業務至關重要。

Our focus on creativity also includes attracting great talent, partnering with great talent, creating differentiated content designed specifically for new media platforms.

我們對創造力的關注還包括吸引優秀人才、與優秀人才合作、創造專為新媒體平台設計的差異化內容。

Delivering high quality content will enable us to occupy new technological space, and allow to us cross geographical borders.

提供高品質的內容將使我們能夠佔據新的技術空間，並允許我們跨越地理邊界。

Our growing publishing business at Starwave Mobile, our recent acquisition of Living Mobile, and ESPN’s 360 broadband product, are just a few strong examples of our creative efforts in this direction.

我們在 Starwave Mobile 不斷成長的出版業務、我們最近收購的 Living Mobile 以及 ESPN 的 360 寬頻產品，只是我們在這個方向上創意努力的幾個有力例子。

The application of technology is another priority.

技術的應用是另一個優先事項。

As new distribution platforms and consumer electronics devices penetrate our markets, we expect a voracious appetite for content, and in particular high quality branded content.

隨著新的分發平台和消費性電子設備滲透到我們的市場，我們預期人們對內容，特別是高品質的品牌內容會有巨大的需求。

No new platform, whether it is a consumer electronics device or a multichannel system, can penetrate a market and retain customers, without offering great content.

任何新平台，無論是消費性電子或多通路系統，都無法在不提供優質內容的情況下滲透市場並留住客戶。

This creates enormous opportunities for The Walt Disney Company.

這為華特迪士尼公司創造了巨大的機會。

We firmly believe in a platform-agnostic approach to distribution, as well as capturing a first mover position under the right circumstances.

我們堅信採用與平台無關的分銷方法，並在適當的情況下佔據先發位置。

We believe that the strength of our brands and content drives our first mover opportunities.

我們相信，我們的品牌和內容的實力推動了我們的先發機會。

And in turn affords our brands and content premiere positioning, pricing, instrumental marketing support, and platforms that promote strong brands to drive interest in their service.

反過來，為我們的品牌和內容提供首映定位、定價、有效的營銷支援以及推廣強大品牌以提高對其服務的興趣的平台。

Our recent deal with Apple, for both ABC and Disney channel programming is a great example of our approach.

我們最近與蘋果就 ABC 和迪士尼頻道節目達成的協議就是我們方法的一個很好的例子。

We have a long line of potential distribution partners interested in our content, while we undoubtedly will strike new deals, deals have to offer the right economics, an acceptable consumer proposition, strong protection for our IP, and an otherwise favorable environment for our content, which is what Apple provided.

我們有一長串對我們的內容感興趣的潛在發行合作夥伴，而我們無疑會達成新的交易，交易必須提供正確的經濟效益、可接受的消費者主張、對我們知識產權的強有力保護以及對我們的內容有利的環境，這是蘋果提供的。

We will not make deals for purposes of making headlines.

我們不會為了成為頭條新聞而進行交易。

Instead we are focused on getting our product into the marketplace on a well timed, well protected, and well priced basis.

相反，我們專注於讓我們的產品適時、受到良好保護且價格合理地進入市場。

Apple recently announced it sold 1 million video downloads in less than 20 days since the launch of its video service, noting that 'Desperate Housewives' and 'Lost' were among the top downloads, which is fitting proof that demand exists, and that consumers are willing to use new, legitimate distribution methods and devices, to access content in new ways.

蘋果最近宣布，自從推出影片服務以來，在不到20 天的時間裡，其影片下載量就突破了100 萬次，並指出《絕望的主婦》和《迷失》位居下載量榜首，這充分證明了需求的存在，以及消費者的需求。願意使用新的、合法的分發方法和設備，以新的方式存取內容。

Technology also powers creativity and innovation.

科技也為創造力和創新提供動力。

Across our Company, we are using technology to improve our product, and remain on the leading edge of entertainment offerings.

在我們整個公司，我們正在利用技術來改進我們的產品，並保持娛樂產品的領先優勢。

Our relationship with consumers is all-important, and we are committed to delivering the best consumer experience possible. 'Chicken Little' in digital 3D, ABC, and ESPN's wide array of programming in high-def, and our attraction 'Expedition Everest' that opens in Walt Disney World this spring, are excellent examples.

我們與消費者的關係至關重要，我們致力於提供盡可能最佳的消費者體驗。數位 3D 的「小雞」、ABC 和 ESPN 的各種高清節目，以及今年春天在華特迪士尼世界開放的景點「珠穆朗瑪峰探險」都是很好的例子。

Based on the positive consumer reaction to the 'Chicken Little' in 3D, we now plan to release 'Meet the Robinsons' in 3D format in fiscal '07.

基於消費者對 3D 版《小雞》的正面反應，我們現在計劃在 07 財年推出 3D 格式的《拜見羅賓遜一家》。

Applying technology to enhance our content and extend its description, enables us to get closer to our increasingly more sophisticated consumers worldwide.

應用技術來增強我們的內容並擴展其描述，使我們能夠更接近全球日益成熟的消費者。

Based on consumer demand, it is essential that we continuously reevaluate traditional business models and adapt accordingly.

基於消費者需求，我們必須不斷重新評估傳統商業模式並進行相應調整。

Our investments in ESPN Mobile and Disney Mobile are key examples of how we are placing bets on branded content and wireless services, to drive both a stronger connection with our consumers, as well as long-term returns.

我們對 ESPN Mobile 和 Disney Mobile 的投資是我們如何押注於品牌內容和無線服務的關鍵例子，以推動與消費者建立更牢固的聯繫並獲得長期回報。

This is one of the smartest things we can do as a Company, to be thoroughly in touch with our customers, in-tune with our markets, and on top of emerging trends.

作為一家公司，這是我們能做的最明智的事情之一，與我們的客戶保持充分聯繫，與我們的市場保持一致，並掌握新興趨勢。

Global expansion is the third prong of our strategic priorities, while globalization remains a challenge, we have tremendous opportunities to better penetrate international markets, both developed and emerging.

全球擴張是我們策略重點的第三個方面，雖然全球化仍然是一個挑戰，但我們有巨大的機會更好地滲透國際市場，無論是已開發市場還是新興市場。

In emerging markets, where disposable income is rising, and mass communications infrastructure is growing, we plan to aggressively expand our businesses.

在新興市場，可支配收入不斷增加，大眾通訊基礎設施不斷發展，我們計劃積極拓展業務。

With the opening of Hong Kong Disneyland in September, we now have an important driver for all Disney businesses in the region.

隨著香港迪士尼樂園於九月開幕，我們現在為該地區所有迪士尼業務提供了重要的推動力。

During its first two months of operation, the resort has achieved among the highest guest satisfaction scores we have ever seen, which points to the quality of our product, its word of mouth marketing potential, and its outlook over the long-term.

在營運的前兩個月裡，度假村獲得了我們所見過的最高的客人滿意度評分，這表明了我們產品的品質、口碑行銷潛力以及長期前景。

It's imperative that we continue to make strides to better reach, address and represent the diverse global markets we serve.

我們必須繼續取得進展，以更好地接觸、解決和代表我們所服務的多元化全球市場。

As we expand our businesses and brands into emerging markets, we are making strategic investments in local content.

隨著我們將業務和品牌拓展到新興市場，我們正在對本地內容進行策略性投資。

For instance, we are currently developing original Disney-branded movies in China, and plan to do the same in India.

例如，我們目前正在中國開發迪士尼品牌的原創電影，並計劃在印度做同樣的事情。

Financial performance will be the ultimate measure of our success as our strategic priorities are put into action.

隨著我們的策略重點付諸實施，財務表現將成為衡量我們成功與否的最終標準。

We intend to be disciplined in our approach to our current cost structure and our investments.

我們打算嚴格控制目前的成本結構和投資。

This investment approach extends not only to our internal development, but also to how we approach acquisitions.

這種投資方式不僅延伸到我們的內部發展，也延伸到我們如何進行收購。

As we have stated in the past, we do not feel the need to acquire assets just to get bigger, or simply to wade into new space.

正如我們過去所說，我們並不認為有必要收購資產只是為了擴大規模，或只是為了涉足新領域。

We are prepared to move wisely and quickly, in order to respond to rapid changes in the marketplace, in order to do so, we are placing greater authority while emphasizing accountability at the business unit level.

我們準備明智而迅速地採取行動，以應對市場的快速變化，為此，我們在業務部門層面賦予更大的權力，同時強調問責制。

I'm very realistic about the challenges that lie ahead for our Company, and I'm extremely enthusiastic about our creative capabilities, strategic direction, the strength of our senior management team, and our willingness to adapt or change our businesses or structure, to best serve our consumers and marketplace conditions.

我對我們公司面臨的挑戰非常現實，我對我們的創造力、策略方向、高階管理團隊的實力以及我們調整或改變我們的業務或結構的意願充滿熱情，最好地服務於我們的消費者和市場條件。

Adapting to new business conditions within an established company is never easy, but here at Disney it is a real priority.

在老牌公司內適應新的業務條件絕非易事，但在迪士尼，這是一個真正的優先事項。

We are making creative excellence and consumer focus our primary focal points, and that orientation will help us adapt and innovate to the benefit of our shareholders.

我們將卓越的創意和以消費者為中心作為我們的主要焦點，這種導向將幫助我們適應和創新，從而為股東帶來利益。

As we embark on the new fiscal year, we have considerable momentum across our businesses, thanks to continued success in Primetime at ABC, our tremendous portfolio of premiere sports programming across ESPN's now multi-media platforms, strong continued results for our worldwide 50th Anniversary celebration at our theme Parks and Resorts, and an exciting array of merchandise from Disney's Consumer Products division, ranging from our princess collection to video games.

隨著我們進入新的財年，我們的業務發展勢頭強勁，這要歸功於ABC 黃金時段的持續成功、我們在ESPN 現在的多媒體平台上提供的龐大的首播體育節目組合、我們全球50 週年慶典的持續強勁成果在我們的主題樂園和度假村，以及來自迪士尼消費品部門的一系列令人興奮的商品，從公主系列到電玩遊戲。

At the studio we are encouraged by the early box office results of 'Chicken Little' and believe we have great films on the horizon this year, including the first installment of the 'Chronicles of Narnia' and 'The Lion, the Witch, and the Wardrobe', Pixar's 'Cars' and 'Pirates of the Caribbean, Dead Man's Chest.'

在工作室，我們對《小雞》的早期票房成績感到鼓舞，並相信今年我們將推出精彩的電影，包括《納尼亞傳奇》第一部和《獅子、女巫和獅子》 《衣櫥》、皮克斯的《汽車總動員》和《加勒比海盜、聚魂箱》。

I want to ensure that Disney is admired for our performance, admired for the quality and integrity of out products and people, and admired because we are modern, innovative, willing to take risks, and not bound by old rules or outdated habits.

我想確保迪士尼因我們的表現而受到讚賞，因我們的產品和人員的品質和誠信而受到讚賞，並因為我們現代化、創新、願意承擔風險、不受舊規則或過時習慣的束縛而受到讚賞。

We must be user friendly for those who work for us, those who partner with us, and those who by our products and invest in our stock.

我們必須對那些為我們工作的人、與我們合作的人以及使用我們的產品並投資我們的股票的人提供用戶友好的服務。

Now I am going to turn the call over to Tom Staggs, our CFO, to provide more details on the quarter and the year.

現在我將把電話轉給我們的財務長湯姆·斯塔格斯 (Tom Staggs)，以提供有關本季度和年度的更多詳細資訊。

Tom?

湯姆？

Thank you, Bob.

謝謝你，鮑伯。

We continue to look at three key financial metrics, in assessing our Company's overall performance, and to gauge how well our strategic initiatives are translating to delivering value to our shareholders.

在評估公司的整體績效時，我們將繼續關註三個關鍵財務指標，並衡量我們的策略舉措在為股東創造價值方面的轉換程度。

These metrics are Earnings per Share, return on invested capital, and free cash flow.

這些指標是每股盈餘、投資資本報酬率和自由現金流。

For 2005 we delivered double-digit growth in EPS for the third year in a row.

2005 年，我們的每股盈餘連續第三年達到兩位數成長。

We improved our return on invested capital, again, for the third year in a row, and we delivered over $2.4 billion in free cash flow, after consolidation of our less than wholly-owned international parks.

在整合非全資國際園區後，我們連續第三年提高了投資資本報酬率，並交付了超過 24 億美元的自由現金流。

Media Networks has contributed greatly to our momentum quarter after quarter, and stands out as the biggest driver of our company's strong performance again this year.

媒體網絡為我們每季的發展勢頭做出了巨大貢獻，並再次成為我們公司今年強勁業績的最大推動力。

Perhaps the most gratifying aspects of Media Networks’ contribution has been ABC's resurgence, fueled by the success of shows like 'Desperate Housewives', 'Lost' and 'Gray's Anatomy.'

也許媒體網絡貢獻中最令人欣慰的方面是美國廣播公司的復興，這得益於《絕望主婦》、《迷失》和《實習醫生格蕾》等節目的成功。

As we projected the network reached profitability this year, and we are on our way to delivering further substantial improvement as positive trends are continuing into Q1 of 2006.

正如我們所預期的那樣，該網路今年將實現盈利，並且隨著積極的趨勢持續到 2006 年第一季度，我們將進一步實現大幅改善。

ABC's Adult 18-49 ratings are up another 5% over last season, and we are seeing strength in the ad market with scatter pricing for ABC, running high single-digit percentages above up front levels.

ABC 的 18-49 歲成人收視率比上一季又上升了 5%，我們看到廣告市場的強勁勢頭，ABC 的分散定價比前期水平高出個位數百分比。

At our television stations, Q4 advertising sales were up by roughly 2%, and advertising at our radio operations was up about 1%.

在我們的電視台，第四季的廣告銷售額成長了約 2%，廣播業務的廣告銷售額成長了約 1%。

So far this quarter pacings for TV stations and radio continue at about those same levels.

到目前為止，本季電視台和廣播電台的節奏仍保持在大致相同的水平。

In addition to improvement in our ad-based businesses, syndication sales of 'My Wife and Kids' boosted broadcasting operating profit by over $60 million in Q4.

除了基於廣告的業務有所改善外，《我的妻子和孩子》的聯合銷售使第四季度的廣播營運利潤增加了超過 6,000 萬美元。

And as Bob discussed, we continue to explore the potential for our shows on other platforms.

正如鮑伯所討論的，我們將繼續探索我們的節目在其他平台上的潛力。

This fall we have released last season's episodes of 'Desperate Housewives,' 'Alias' and 'Lost' on DVD, and I'm pleased to note that 'Lost' is on-track to sell 1.2 million units, making it the best-selling TV Drama on DVD for 2005.

今年秋天，我們發行了《絕望主婦》、《雙面女間諜》和《迷失》上一季的 DVD 版，我很高興地註意到，《迷失》有望售出 120 萬套，成為最好的 - 2005年銷售電視劇DVD。

We have a number of successful shows, that we should be able to offer through syndication including 'According to Jim' and 'Scrubs' in 2006, 'Desperate Housewives' and 'Lost' in 2008, and 'Gray's Anatomy' in 2009, we'll also explore further opportunities for ancillary platforms for these titles as well.

我們有許多成功的節目，我們應該能夠透過共同提供，包括2006 年的《吉姆的說法》和《實習醫生風雲》，2008 年的《絕望主婦》和《迷失》，以及2009 年的《實習醫生格蕾》，我們也將探索這些遊戲的輔助平台的進一步機會。

Based on current ratings and assuming consistent marketplace trends, these shows combined with the shows we've already sold, could add well over $1 billion in operating income to us over the next five years, across both traditional and new media platforms.

根據目前的收視率並假設市場趨勢一致，這些節目與我們已經售出的節目相結合，可以在未來五年內為我們在傳統媒體和新媒體平台上增加超過 10 億美元的營業收入。

Disney's commitment to investing in high quality family entertainment, is also generating gains in viewership at the Disney Channel, which is delivering strong prime time and total day ratings improvement across all its key demos.

迪士尼對投資高品質家庭娛樂的承諾也增加了迪士尼頻道的收視率，該頻道的所有關鍵演示都在黃金時段和全天收視率方面取得了強勁的進步。

Similarly, we are continuing to bolster programming at ABC Family with a wide variety of original reality shows, movies, and scripted series.

同樣，我們將繼續透過各種原創真人秀、電影和劇本系列節目來加強 ABC Family 的節目製作。

Although this investment dampens near term results, we believe our new shows provide the kind of quality, family-oriented content that draws and holds the audiences that attract advertisers.

儘管這項投資削弱了近期業績，但我們相信我們的新節目提供了優質的、面向家庭的內容，可以吸引並留住觀眾，從而吸引廣告商。

This was evident in Q4, as ABC Family again delivered double-digit growth, in both ad and affiliate revenue.

這在第四季度表現得很明顯，ABC Family 的廣告和聯盟行銷收入再次實現了兩位數的成長。

But the key driver of growth in cable once again was ESPN.

但有線電視成長的主要動力再次是 ESPN。

ESPN recorded double-digit increases in revenue and operating profit, for both the quarter and the year, even as we invested in new ventures like Mobile ESPN, ESPNU, and ESPN Deportes.

儘管我們投資了 Mobile ESPN、ESPNU 和 ESPN Deportes 等新企業，但 ESPN 本季和全年的營收和營業利潤均實現了兩位數成長。

Our fourth quarter was helped somewhat by the timing of revenue deferrals and recognition.

收入遞延和確認的時機對我們第四季有所幫助。

We have entered into significant multi-platform programming deals for ESPN including Monday Night Football, Major League Baseball, and World Cup Soccer.

我們已與 ESPN 簽訂了重要的多平台節目製作協議，包括《週一橄欖球之夜》、《美國職棒大聯盟》和《足球世界盃》。

We expect that this compelling programming will further enhance ESPN's relationship with fans, not only in the context of traditional media, but also across new media platforms, including broadband and wireless.

我們預計這一引人注目的節目將進一步加強 ESPN 與球迷的關係，不僅在傳統媒體領域，而且在包括寬頻和無線在內的新媒體平台上。

ESPN is positioning itself to deliver as sports fans look for enhanced and more convenient access to the best in live event coverage, sports news and information, fantasy updates, and more.

ESPN 的定位是滿足體育迷尋求增強且更方便地獲取最佳現場賽事報導、體育新聞和資訊、奇幻更新等內容的需求。

While we are obviously investing in extending ESPN’s position as a leading sports media brand across all platforms, we are also confident in our ability to deliver strong growth well into the future.

雖然我們顯然正在投資擴大 ESPN 作為所有平台的領先體育媒體品牌的地位，但我們也對我們在未來實現強勁增長的能力充滿信心。

We have the majority of our sports costs locked in through long-term rights deals.

我們的大部分體育成本都是透過長期版權交易鎖定的。

Similarly, we have subscriber rates locked in, or soon to be locked in, through long-term affiliate deals.

同樣，我們透過長期聯營交易鎖定或即將鎖定訂戶率。

As a result much of ESPN's economic model for the next several years is relatively predictable.

因此，ESPN 未來幾年的大部分經濟模型都是相對可預測的。

Of course, ESPN's growth going forward could be impacted by the ad market, and depends in part, on the success of our new platform and program initiatives.

當然，ESPN 的未來成長可能會受到廣告市場的影響，部分取決於我們新平台和計畫舉措的成功。

However, given the health we are seeing in sports advertising and ESPN's proven ability to deliver against key demographics, we feel comfortable with our ability to deliver double-digit average annual profit growth through 2009.

然而，考慮到我們在體育廣告領域所看到的健康狀況以及 ESPN 已證明能夠針對關鍵人群提供服務的能力，我們對 2009 年實現兩位數的平均年利潤增長的能力感到滿意。

At our theme parks, we have also invested to reinforce the significant competitive advantage we have in this business, and the growth in our results provides evidence of our growing return on that investment.

在我們的主題樂園，我們也進行了投資，以加強我們在該業務中的顯著競爭優勢，而我們業績的成長證明了我們的投資回報不斷增長。

At Disneyland Resorts, our 50th anniversary celebration is resonating strongly with our guests, as a good example of how we can get leverage out of our existing asset base, through innovative marketing campaigns and less capital-intensive entertainment experiences.

在迪士尼樂園度假區，我們的 50 週年慶典引起了客人的強烈共鳴，這是我們如何透過創新的行銷活動和資本密集度較低的娛樂體驗，充分利用現有資產基礎的一個很好的例子。

Attendance at Disneyland for Q4 grew by 15% versus last year.

第四季迪士尼樂園的參觀人數比去年增加了 15%。

With each guest segment up double digits.

每位客人的數量都增加了兩位數。

West Coast occupancies increased by roughly 7 percentage points to almost 97%.

西海岸的入住率增加了約 7 個百分點，達到近 97%。

At Walt Disney World we also saw positive trends.

在華特迪士尼世界，我們也看到了正面的趨勢。

Total Walt Disney World attendance grew by more than 10% for the quarter, led by resident and international visitation.

在居民和國際遊客的帶動下，本季華特迪士尼世界的總遊客量增加了 10% 以上。

We experienced only a small number of cancellations as a result of this year's Hurricanes Katrina, Rita, and Wilma.

由於今年的卡崔娜颶風、麗塔颶風和威爾瑪颶風，我們只經歷了少量取消。

Walt Disney World occupancies rose to 77%.

華特迪士尼世界的入住率上升至 77%。

Per room spending and per capita spending for our domestic parks rose by 4% and 3% respectively, led by strength at Disneyland.

在迪士尼樂園的帶動下，國內樂園的每間客房支出和人均支出分別增加了 4% 和 3%。

Looking ahead, rooms on the books at our domestic parks for Q1, are trending above prior year by mid single-digit percentages.

展望未來，我們國內公園第一季的預訂客房數量將比去年同期成長中個位數百分比。

Two years ago, we laid out our goal of returning to 20% margins for our parks operations by the end of 2008.

兩年前，我們制定了 2008 年底將公園營運利潤率恢復到 20% 的目標。

Providing progress updates on this margin goal on an apples-to-apples basis, has become a bit complicated, given that we are now required to consolidate our partially owned parks internationally, and we have begun expensing of employee stock options.

鑑於我們現在需要在國際上整合我們部分擁有的園區，並且我們已經開始支出員工股票選擇權，因此在同類基礎上提供此利潤率目標的進展變得有點複雜。

Excluding the effect of consolidating our international parks and impact of stock option expense, margins for theme parks for the year increased by 220 basis points to 17.3%.

剔除國際園區整合的影響力和股票選擇權費用的影響，今年主題樂園的利潤率成長了 220 個基點，達到 17.3%。

As long as the travel and tourism market remains healthy, we continue to expect to meet our margin target through a combination of higher volumes, higher asset utilization, productivity gains, and tight cost control.

只要旅行和旅遊市場保持健康，我們就繼續期望透過增加銷售量、提高資產利用率、提高生產力和嚴格的成本控制來實現我們的利潤目標。

In addition, our high margin "flanker" businesses, such as Disney Cruise Line and Disney Vacation Club, should help us meat our goal.

此外，我們的高利潤「側翼」業務，例如迪士尼遊輪公司和迪士尼度假俱樂部，應該有助於我們實現我們的目標。

Our studio results were disappointing.

我們工作室的結果令人失望。

During our last earnings call, I highlighted several potential performance issues that could impact our studio performance in Q4.

在我們上次的財報電話會議上，我強調了幾個可能影響我們工作室第四季業績的潛在業績問題。

These included the release of six more Miramax films this quarter than the prior year, when Miramax results were relatively strong.

其中包括本季比前一年多發行了六部米拉麥克斯電影，當時米拉麥克斯的業績相對強勁。

In addition to the marketing and amortization costs associated with the release, a number of these titles failed to deliver at the box office.

除了與發行相關的行銷和攤銷成本之外，其中許多影片未能取得票房成績。

The Touchstone title 'Dark Water' also performed poorly.

Touchstone 的作品《Dark Water》也表現不佳。

We are seeing very strong results from 'Flight Plan,' but released this picture late in the quarter.

我們看到《飛行計劃》取得了非常強勁的業績，但這張照片是在本季末發布的。

We also experienced weaker than expected worldwide sales for our home video product this past quarter, especially on the direct to video side, where 'Tarzan II' and 'Lilo and Stitch II' performed below our expectations.

上個季度，我們的家庭視訊產品的全球銷售也低於預期，特別是在直接視訊方面，《人猿泰山 II》和《星際寶貝 II》的表現低於我們的預期。

Our results have also been impacted by a challenging marketplace overall.

我們的業績也受到整體充滿挑戰的市場的影響。

So far this year box office for the U.S. is down 9%.

今年到目前為止，美國票房下降了 9%。

In home video, more and more titles are competing for shelf space and consumer attention.

在家庭錄影帶領域，越來越多的影片正在爭奪貨架空間和消費者的注意力。

The ratio of DVD sales to box office for theatrical titles has dropped by roughly 10% this year.

今年，戲劇電影的 DVD 銷量與票房之比下降了約 10%。

TV series on DVD has become the fastest growing segment of the overall DVD business, up an estimated 30% compared to 2004.

DVD 電視劇已成為整個 DVD 業務中成長最快的部分，預計比 2004 年成長 30%。

In fact of the nearly 10,000 new titles released so far this year, only 413 have been theatrical titles.

事實上，今年迄今發行的近萬部新片中，只有 413 部是院線影片。

By contrast there have been nearly 1500 new TV titles released on DVD so far this year, including 499 complete season boxed sets.

相比之下，今年迄今已經發行了近 1500 部新電視節目的 DVD 版本，其中包括 499 部完整季盒裝劇集。

While we've had success with our TV product on DVD this year, our historic television library is modest relative to a number of other media companies, and thus our home video results have not been bolstered by DVD sales to any great extent.

雖然今年我們的 DVD 電視產品取得了成功，但與許多其他媒體公司相比，我們歷史悠久的電視庫規模不大，因此我們的家庭視訊業績並沒有在很大程度上受到 DVD 銷售的推動。

We are addressing studio performance issues by trimming costs, managing our production and marketing budgets even more closely, and allocating capital resources to those film projects, that we believe will yield the greatest returns on investment, not just the highest box office results.

我們正在透過削減成本、更嚴格地管理我們的製作和行銷預算以及將資本資源分配給那些我們相信將產生最大投資回​​報而不僅僅是最高票房結果的電影項目來解決工作室績效問題。

At Consumer Products, we registered nice gains in our merchandise licensing business where earned royalties increased by 8% for the year.

在消費品領域，我們的商品授權業務取得了可觀的收益，今年獲得的特許權使用費增加了 8%。

However our near term ramp up in development spending for video games, somewhat dampened operating profit for the quarter and the year.

然而，我們近期電玩開發支出的增加，在一定程度上削弱了本季和當年的營業利潤。

Taken as a whole, this year's results give us reason to be very optimistic about continuing our growth in 2006 and beyond.

總體而言，今年的業績使我們有理由對 2006 年及以後的持續成長感到非常樂觀。

We said last year that we are not inclined to give specific earnings projections for any given year or quarter.

我們去年曾表示，我們不傾向於對任何特定年份或季度給予具體的獲利預測。

Since we're a content driven company, we will naturally tend to see quarter to quarter volatility, driven by strength and timing of our releases.

由於我們是一家內容驅動型公司，因此我們自然會看到季度與季度之間的波動，這是由我們的發布強度和時間推動的。

Our goal is to manage not for quarterly earnings, but for long-term growth and shareholder value.

我們的目標不是為了季度收益而管理，而是為了長期成長和股東價值。

In fact, our goal is to deliver average annual double-digit growth in earnings through at least 2008, off the strong base we set in 2004.

事實上，我們的目標是在 2004 年設定的堅實基礎上，至少到 2008 年實現年均兩位數收入成長。

Barring any unforeseen downturn in the economic climate for our businesses.

除非我們的企業經濟環境出現任何不可預見的衰退。

And our 2006 results should be consistent with this target.

而我們2006年的結果應該與這個目標是一致的。

Our further goal is to couple this growth with attractive returns on invested capital and strong cash flow.

我們的進一步目標是將這種成長與有吸引力的投資資本回報和強勁的現金流結合在一起。

For 2006, we expect our growth to be heavily weighted toward the latter half of the year, due in large measure to the timing of our theatrical and home video releases, and the deferral of affiliate revenue recognition at ESPN.

對於 2006 年，我們預計我們的成長將主要集中在下半年，這在很大程度上是由於我們的院線和家庭影片發布的時間安排以及 ESPN 聯營公司收入確認的推遲。

For Q1 alone, we currently expect to defer recognition of more than $100 million of ESPN affiliate revenue into the latter half of the fiscal year.

僅就第一季而言，我們目前預計將超過 1 億美元的 ESPN 附屬收入推遲到本財年下半年確認。

At the studio, the lower performance of our recent theatrical slates will have a carry over affect into 2006, as those films move through the home video and TV windows, particularly in the early part of the year.

在工作室，我們最近上映的影院上映的較低表現將會對 2006 年產生影響，因為這些電影會透過家庭視訊和電視窗口播放，特別是在今年年初。

There are also several swing factors that will influence our full year 2006 performance.

還有一些波動因素會影響我們 2006 年全年的表現。

Media networks should post solid growth again in fiscal 2006, as this year's successful up front sales efforts for our various ad supported networks, growing affiliate fees in cable, and continued improvement in ratings performance at ABC, should all contribute to our bottom line.

媒體網絡在2006 財年應該會再次實現穩健增長，因為今年我們各種廣告支持網絡的成功前期銷售工作、有線電視聯屬費用的增長以及ABC 收視率表現的持續改善，都應該有助於我們的盈利。

Of course changes in the strength of the ad market, as well as ABC ratings for the balance of the year, including our mid season lineup, remain important swing factors.

當然，廣告市場實力的變​​化以及今年剩餘時間的 ABC 收視率（包括我們的季中陣容）仍然是重要的搖擺因素。

At our parks, our success is linked to continued health in consumer spending in general, and to travel and tourism in particular.

在我們的公園，我們的成功與消費者支出的持續健康發展有關，特別是與旅行和旅遊業有關。

We look for continued improvement in attendance and occupancy in 2006, driven by the ongoing Disneyland 50th Anniversary celebration, and the opening of 'Expedition Everest' at Walt Disney World this spring.

在正在進行的迪士尼樂園 50 週年慶典以及今年春天在華特迪士尼世界開幕的「珠穆朗瑪峰探險」的推動下，我們預計 2006 年的遊客量和入住率將繼續改善。

We will also benefit from a full year of operations and the absence of preopening costs at Hong Kong Disneyland.

我們還將受益於香港迪士尼樂園全年營運以及無需支付開業前費用。

At the studio, our 2006 film slate is offer to a solid start with 'Chicken Little.'

在工作室，我們 2006 年的電影片單以《小雞》開始。

We have three of the most anticipated films of the year, starting with the first installment of 'Chronicles of Narnia,' which we are releasing in three weeks with our partners at Walden Media.

我們有今年最受期待的三部電影，首先是《納尼亞傳奇》的第一部，我們將在三週內與 Walden Media 的合作夥伴一起發行這部電影。

The next release from Pixar 'Cars,' opens in June and 'Pirates of the Caribbean, Dead Man's Chest' follows in July.

皮克斯的下一部電影《汽車總動員》將於 6 月上映，《加勒比海盜：聚魂箱》將於 7 月上映。

Of these four films, we expect 'Chicken Little' and 'Narnia' to also be released in home video during our fiscal 2006.

在這四部電影中，我們預計《小雞》和《納尼亞傳奇》也將在 2006 財年以家庭錄影帶發行。

In addition we have several other films that despite somewhat lever investment levels than the four films I just named, they could have a real impact on results.

此外，我們還有其他幾部電影，儘管投資水平比我剛才提到的四部電影有所槓桿，但它們可能會對結果產生真正的影響。

These include Casanova, Shaggy Dog, Guardian, and Invincible.

其中包括《Casanova》、《Shaggy Dog》、《Guardian》和《Invincible》。

Of course no one can predict box office performance with certainty, but we look for improved results for 2006 as a whole, driven by a better performing theatrical slate, as well as lower spending at Miramax.

當然，沒有人能夠準確地預測票房表現，但我們期待 2006 年整體業績有所改善，這得益於影院表現更好以及米拉麥克斯支出的減少。

In addition theatrical and home video market dynamics, especially pricing and sell through ratios, will be key determinants for our studio performance.

此外，劇院和家庭視訊市場動態，尤其是定價和銷售比率，將是我們工作室業績的關鍵決定因素。

At Consumer Products, we expect to see continued growth in our earned royalties.

在消費品領域，我們預計我們所賺取的特許權使用費將持續成長。

However our results will be dampened by roughly $100 million in investment in video games.

然而，我們的業績將因約 1 億美元的電玩投資而受到影響。

That's more than double our spending in 2005.

這是我們 2005 年支出的兩倍多。

In 2006 a number of our video game titles are based on some of our bigger studio releases, like 'Chronicles of Narnia' and 'Pirates' and the performance of these key titles could meaningfully impact our results.

2006 年，我們的許多視頻遊戲都基於我們一些較大的工作室發行的作品，例如“納尼亞傳奇”和“海盜”，這些關鍵遊戲的表現可能會對我們的業績產生重大影響。

Earlier this year we announced our Mobile ESPN and Disney Mobile initiatives, the first wireless phone services specifically targeted to sports fans and families respectively.

今年早些時候，我們宣布了 Mobile ESPN 和 Disney Mobile 計劃，這是第一個專門針對體育迷和家庭的無線電話服務。

These initiatives will expand our mobile revenue streams to include all components from voice to creative content to data, and we believe that these initiatives could represent a substantial opportunity for the Company.

這些措施將擴大我們的行動收入來源，涵蓋從語音到創意內容再到數據的所有組成部分，我們相信這些措施可能為公司帶來巨大的機會。

In 2006 we expect to fund more than $130 million in losses to launch these new services.

2006 年，我們預計將彌補超過 1.3 億美元的損失來推出這些新服務。

Bear in mind however, that due to customer acquisition costs each new subscriber represents an initial deficit.

但請記住，由於客戶獲取成本，每個新訂戶都代表初始赤字。

Therefore in the early years, the more successful we are, the greater the start up loses we will incur.

所以在早期，我們越成功，創業時的損失就越大。

However with our strong Disney and ESPN brands, we think we can build a strong profitable customer base over time, that justifies and generates an attractive return on this initial investment.

然而，憑藉我們強大的迪士尼和 ESPN 品牌，我們認為隨著時間的推移，我們可以建立強大的盈利客戶群，這證明了這一初始投資的合理性並產生了有吸引力的回報。

We will continue to allocate capital towards areas like these, that we think make strategic sense, and which offer potential for long-term growth, and value creation for our shareholders.

我們將繼續向這些我們認為具有戰略意義、為股東提供長期成長和價值創造潛力的領域配置資本。

One of our primary considerations in evaluating investments is prospective market size.

我們評估投資的主要考慮因素之一是預期市場規模。

For example the market for PC, console and handheld games was over $17 billion last year, and it continues to grow rapidly.

例如，去年 PC、遊戲機和掌上型遊戲市場規模超過 170 億美元，並且持續快速成長。

The mobile voice and data market is obviously huge, and even modest market share for MVNO can translate into significant incremental revenue to our Company.

行動語音和數據市場顯然是巨大的，即使 MVNO 的市場份額不大，也可以為我們公司帶來可觀的增量收入。

But potential market size isn't enough.

但潛在的市場規模還不夠。

We also consider whether or not we can possess and sustain a competitive advantage in that business, and therefore ultimately deliver excess returns on our investment, and given the strength of our brands and content, we feel we have the potential to deliver meaningful value with these initiatives.

我們還考慮我們是否能夠在該業務中擁有並維持競爭優勢，從而最終為我們的投資帶來超額回報，並且考慮到我們品牌和內容的實力，我們認為我們有潛力透過這些提供有意義的價值倡議。

Along with profitable reinvestment, returning cash to shareholders remains an important part of our capital plan.

除了有利可圖的再投資之外，向股東返還現金仍然是我們資本計畫的重要組成部分。

Disney has paid dividends to shareholders continuously for the last 49 years.

迪士尼在過去 49 年持續向股東派息。

Last year we increased the dividend to $0.24 per share, and anticipate moderate sustained increases in the dividend going forward.

去年，我們將股息提高至每股 0.24 美元，並預計未來股息將持續溫和成長。

In addition, since August of 2004, we have invested over $3.7 billion to purchase nearly 150 million shares of Disney stock.

此外，自2004年8月以來，我們已投資超過37億美元購買了近1.5億股迪士尼股票。

Our purchase activity not only reflects our discipline in returning cash to shareholders, but also our confidence in our ability to grow shareholder value over time.

我們的收購活動不僅反映了我們向股東返還現金的紀律，也反映了我們對隨著時間的推移增加股東價值的能力的信心。

Given the ongoing changes in the media business, it's imperative that we continue to closely manage our existing businesses even as we innovate for the future.

鑑於媒體業務不斷變化，我們必須在為未來創新的同時繼續密切管理現有業務。

At the same time, our primary goals are straightforward, to deliver outstanding and differentiated content to consumers when they want it, where they want it, and how they want it, while also delivering increased value for our investors.

同時，我們的主要目標也很簡單，即在消費者需要的時間、地點、方式向他們提供出色且差異化的內容，同時為我們的投資者提供更高的價值。

With that I will turn it back to Wendy for some Q&A.

接下來我會將其轉回給溫迪進行一些問答。

Thank you, Tom.

謝謝你，湯姆。

We are ready to take the first question, operator.

我們準備好回答第一個問題了，接線生。

Thank you, ma'am. [OPERATOR INSTRUCTIONS] Our first question is from the line of Anthony Noto with Goldman Sachs.

謝謝你，女士。 [操作員說明] 我們的第一個問題來自高盛的 Anthony Noto。

Thank you very much.

非常感謝。

I was wondering if you can comment on the outlook for home video at an industry level for growth in 2006.

我想知道您是否可以對 2006 年家庭影片產業的成長前景發表評論。

Clearly this year has been impacted by a number of different transitions, in terms of the mix, as well as the growth of DVD players.

顯然，今年在產​​品組合以及 DVD 播放器的成長方面受到了許多不同轉變的影響。

As you look into '06, not particularly focused on the performance of any one film, how do you see the industry sort of trending?

當你回顧 06 年時，並沒有特別關注任何一部電影的表現，你如何看待這個行業的趨勢？

And then second question is, 'Chicken Little' looks like it could finish over $160 million in domestic box office, considering that you own 100% of that film and its distribution, could you earn a profit near what you've received from the typical collaboration with Pixar?

第二個問題是，《小雞小雞》的國內票房看起來可能會超過 1.6 億美元，考慮到你 100% 擁有這部電影及其發行權，你能獲得接近典型電影收入的利潤嗎？與皮克斯合作？

Thanks.

謝謝。

Well, let me, this is Bob, Anthony, I will comment about the home video market.

好吧，讓我來，我是鮑勃，安東尼，我將評論一下家庭視頻市場。

While I'm not certain I'm going to answer your question fully about the outlook for '06, I will just say a few things about what we are seeing in the market today, which we believe will continue into '06.

雖然我不確定我是否會完全回答您關於 06 年前景的問題，但我只想就我們今天在市場上看到的情況說幾句話，我們相信這種情況將持續到 06 年。

First of all it seems like what I will call the top titles, meaning the highest grossing movie, box office movies seem to be a little less vulnerable in the marketplace, meaning they are converting at a better rate, in terms of number of DVDs sold per U.S. box office.

首先，我所說的頂級影片，即票房收入最高的電影，在市場上似乎不太容易受到影響，這意味著它們的轉換率更高，就售出的 DVD 數量而言根據美國票房。

That positions us fairly well with movies like 'Chicken Little' and 'Narnia' and 'Cars' and 'Pirates,' even though the videos in 'Cars' and 'Pirates' won't hit until our fiscal '07.

這使我們在《小雞小雞》、《納尼亞傳奇》、《汽車總動員》和《海盜》等電影中處於相當有利的位置，儘管《汽車總動員》和《海盜》中的視頻要到我們的07 財年才會上映。

We believe that the continued glut of products in the marketplace, will I guess continue in '06, meaning there are just going to be more and more titles released, although a lot of what you are seeing in television were titles that have never been released before, so we are seeing a little bit of a balloon, that at some point will start to de38.

我們相信，市場上產品的持續過剩，我猜會在 06 年繼續下去，這意味著將會發布越來越多的遊戲，儘管您在電視上看到的許多遊戲都是從未發布過的之前，所以我們看到了一個小氣球，在某個時候會開始de38。

But I think we are going to see continued increase in number of titles in the marketplace, which causes a tremendous amount of competition not just for shelf space, but for consumer spend.

但我認為我們將看到市場上的圖書數量持續增加，這不僅會導致貨架空間的巨大競爭，還會導致消費者支出的激烈競爭。

What we are doing, is we are taking a hard look at our marketing expense.

我們正在做的是，我們正在認真審視我們的行銷費用。

We are also considering reducing the number of titles we put into the marketplace from a variety of directions, basically to better contend with the marketplace conditions.

我們也考慮從各個方向減少投放市場的遊戲數量，主要是為了更好地應對市場狀況。

The other thing that is a great unknown, is what the ultimate impact of the new DVD format will have on the business, although you will see less of that in '06.

另一件非常未知的事情是新的 DVD 格式將對業務產生什麼最終影響，儘管在 06 年你會看到較少的影響。

With PlayStation 2, I'm sorry, PlayStation 3 coming on the market, and some other new hardware and some new software being released in the marketplace, certainly through the latter end of '06, it's possible you are going to see some changes in the marketplace dynamics, but again I think they will be limited, in terms of their impact on '06.

抱歉，隨著 PlayStation 2 的推出，PlayStation 3 的上市，以及市場上發布的其他一些新硬體和新軟體，當然到 06 年底，您可能會看到一些變化市場動態，但我再次認為，就其對06 年的影響而言，它們將是有限的。

Tom, you want to add to that at all?

湯姆，你想補充一下嗎？

No, I think that's right.

不，我認為這是對的。

I think the important thing is that big titles still seem to cut through and sell through quite well.

我認為重要的是，大作品似乎仍然很受歡迎並且銷量很好。

And we hope to see that continue, especially given the lineup that we have got for the year.

我們希望看到這種情況繼續下去，特別是考慮到我們今年的陣容。

Chicken Little, Tom, you want to address the profitability question?

小雞，湯姆，你想解決獲利問題嗎？

We are not predicting what it's going to do in the end, in terms of box office, so it might be premature to answer your question.

我們不會預測它最終會在票房方面做什麼，所以現在回答你的問題可能還為時過早。

Right, I think it's early for us to make any predictions about where it will be.

是的，我認為我們現在對它的位置做出任何預測還為時過早。

We are obviously very pleased with the performance, and hope it continues the pace.

我們顯然對錶現非常滿意，並希望它能繼續保持這樣的步伐。

To your point, obviously we own 100% of Chicken Little so 100% of the upside from a successful film comes to us, which is great. 'Chicken Little' has a ways to go before the total profits to our Company will match some of the most successful Pixar titles, but it's certainly a great first step in that direction, and certainly an affirmation of the Company's ability to create a CG film that is embraced by audiences, so we are very pleased.

就你的觀點而言，顯然我們擁有《小雞》 100% 的股份，因此一部成功電影的 100% 收益都歸我們所有，這很棒。在我們公司的總利潤能夠與皮克斯一些最成功的作品相媲美之前，《小雞小雞》還有很長的路要走，但這無疑是朝這個方向邁出的偉大的第一步，當然也是對公司製作CG 電影能力的肯定。受到觀眾的歡迎，所以我們很高興。

Let's also not forget that Chicken Little's average box office is somewhere in the 275 million range.

我們也不要忘記，《小雞小雞》的平均票房約 2.75 億美元。

Pixar.

皮克斯。

Pixar's in U.S. box, so even though 'Chicken Little' is doing quite well, we are not predicting it's going to get anywhere close to that level.

皮克斯在美國上映，所以儘管《小雞》的表現相當不錯，但我們並不預測它會達到那個水平。

To that point.

到那時。

Profits aren't necessarily linear with box office performance, so the higher the box office performance, sometimes you get a little bit of a multiplier effect, so we will continue to keep our fingers crossed, and we are pleased with where that's going.

利潤不一定與票房表現呈線性關係，因此票房表現越高，有時會獲得一點乘數效應，因此我們將繼續祈禱，我們對進展感到滿意。

Our next question is from the line of William Drewry with Credit Suisse First Boston.

我們的下一個問題來自瑞士信貸第一波士頓公司的 William Drewry。

Sir, if your phone is muted?

先生，您的手機靜音了嗎？

Maybe we can come back to Bill Drury.

也許我們可以回到比爾·德魯裡。

Next question is from the line of Jason Bazinet with Citigroup.

下一個問題來自花旗集團的 Jason Bazinet。

A longer term question for Mr. Iger, if you look out beyond maybe even '07, how important of a strategic priority is it for you to accelerate the top line, from some of the trends we've seen more recently?

艾格先生的一個長期問題是，如果您展望 07 年後的情況，從我們最近看到的一些趨勢來看，加速營收成長對您來說有多重要？

Well, our priority is both to accelerate the top line, and run the company more efficiently.

好吧，我們的首要任務是加速營收成長，並更有效地經營公司。

I'm not sure that one necessarily takes priority over the other, and top line acceleration is going to vary with our businesses.

我不確定其中一個是否一定優先於另一個，頂線加速將因我們的業務而異。

We obvious very well some businesses whose top line is thoroughly reliant on creative output.

我們很清楚地看到一些企業的收入完全依賴創意產出。

We have other businesses that are a little bit more mature in nature, like the broadcasting business, where it becomes even more vital to manage the bottom line, or the expense side.

我們還有其他本質上較成熟的業務，例如廣播業務，管理利潤或費用方面變得更加重要。

One of the reasons why we are focused on investing in creativity, and then applying technology to not only strengthen the creative output, but to distribute it more efficiently and then to globalize, is so that we can further diversify our revenue streams.

我們專注於創造力投資，然後應用技術不僅加強創意產出，而且更有效地分配它，然後實現全球化，原因之一是這樣我們可以進一步實現收入來源多元化。

The notion of applying technology to distribute our content in more ways, is designed mostly to grow top line.

應用技術以更多方式分發我們的內容的概念主要是為了增加收入。

And to be closer or more in-touch with our consumers, which we believe in the end will also help us grow the top line.

與消費者建立更密切的聯繫，我們相信最終也將有助於我們增加收入。

I'm not sure we put one necessarily ahead of the other.

我不確定我們是否一定要把其中一個放在另一個之前。

This is a Company that is very focused on strategic growth initiatives.

這是一家非常注重策略成長計畫的公司。

Those obviously are designed to grow top lines, why we are investing in new platforms and growing businesses, like wireless and video games, and we are confident that ultimately they will pay off nicely for the Company.

這些顯然是為了增加收入，這就是我們投資新平台和發展業務（例如無線和視訊遊戲）的原因，我們相信它們最終將為公司帶來豐厚回報。

But it's going to take a few years for them to have a real impact on top line growth.

但它們需要幾年時間才能對營收成長產生真正的影響。

Okay.

好的。

Thank you very much.

非常感謝。

Thank you.

謝謝。

We will take another question, please.

我們將提出另一個問題。

Our next question is from the line of Doug Mitchelson with Deutsche Bank.

我們的下一個問題來自德意志銀行的道格·米切爾森。

Thank you very much.

非常感謝。

Bob, you talked about investing heavily in animation.

鮑勃，你談到了對動畫的大力投資。

Does that include investing in or acquiring other animation studios, or were you talking about just an ever greater focus on the internal production?

這是否包括投資或收購其他動畫工作室，或者您只是在談論更加關注內部製作？

Well, neither.

嗯，都不是。

I was saying simply that I believe, in terms of all the Company's creative endeavors or pursuits, nothing is more important than animation.

我只是簡單地說，我相信，就公司所有的創意努力或追求而言，沒有什麼比動畫更重要的了。

If you look at the history of the Company, and Walt built the Company on animation, the great strides the Company made, and successes in the late 80s through the mid 90s another great example of how animation really powered significant growth of the Company, not just at the studio but across all of our businesses, which is why we believe that allocating capital in that direction, and getting the creative process right is vital to us.

如果你看看公司的歷史，沃爾特以動畫為基礎建立了公司，公司取得的巨大進步以及在80 年代末到90 年代中期的成功是動畫如何真正推動公司顯著增長的另一個很好的例子，而不是不僅在工作室，而且在我們所有的業務中，這就是為什麼我們相信朝這個方向分配資本以及正確地進行創意流程對我們至關重要。

We actually believe that our ability to cross technological platforms or geographical borders, will also be enhanced if we get animation right, and then lastly the impact overall on the perception of the Disney company and the Disney brand, will grow or improve if our animation is right, because that is such a significant impact on people's impression of Disney.

我們實際上相信，如果我們的動畫製作得當，我們跨越技術平台或地理邊界的能力也將得到增強，最後，如果我們的動畫製作得當，對迪士尼公司和迪士尼品牌的整體影響將會增長或改善。是的，因為這對人們對迪士尼的印像有很大的影響。

I'm not specifying whether we will grow organically or through acquisition.

我沒有具體說明我們是透過有機成長還是透過收購來實現成長。

I'm simply saying that it's a priority of ours to get animation right.

我只是說，我們的首要任務是製作正確的動畫。

And I don't believe I necessarily need to elaborate on how we do that, other than what I've already said.

除了我已經說過的內容之外，我認為我不一定需要詳細說明我們如何做到這一點。

Our next question is from the line of Lowell Singer with SG Cowen.

我們的下一個問題來自 Lowell Singer 和 SG Cowen。

Thanks.

謝謝。

Bob, I have two questions.

鮑勃，我有兩個問題。

First, can you talk more broadly about acquisition priorities?

首先，您能更廣泛地談談收購優先事項嗎？

Clearly content‘s a focus.

顯然內容是焦點。

What sorts of businesses interest you on the acquisition side?

您在收購方面對哪些類型的企業感興趣？

And second, you guys clearly led the way on this pay-per-download model.

其次，你們顯然在這種按次下載付費模式上處於領先地位。

Some of the other networks and some of the cable networks have followed.

其他一些網路和一些有線網路也緊隨其後。

Should we read into that at all, with regard to who you think the networks are regarding their concern about the impact of DVRs on the ad market, or do you think we are still not really close to that inflection point?

我們是否應該對此進行深入研究，您認為電視網絡對 DVR 對廣告市場的影響表示擔憂，還是您認為我們還沒有真正接近這個拐點？

Thanks.

謝謝。

Well, the second question first.

嗯，先說第二個問題。

What you should read into, at least from our perspective, I cannot talk about really our competitors, that we are very much in-tune with what we believe the consumer is doing on the consumer wants.

你應該讀到的內容，至少從我們的角度來看，我不能真正談論我們的競爭對手，我們與我們相信消費者正在按照消費者的需求做的事情非常一致。

We believe given the power of technology today, the consumer has more authority and power than ever before and is using it, and is willing to pay a price, to gain access to content that they want, in effect pay for either quality or convenience, or both.

我們相信，鑑於當今技術的力量，消費者比以往任何時候都擁有更多的權威和權力，並且正在使用它，並且願意付出一定的代價來獲得他們想要的內容，實際上是為了品質或便利而付費，或兩者。

And so what we are really saying is, that it's imperative for us, to not force content onto, or to not relegate content to the traditional, to its traditional boundaries, because the consumer doesn't really care about those boundaries, and to make sure that the content is available under the right circumstances, which means well priced, well timed to market, and also well protected from an IP perspective.

因此，我們真正想說的是，我們必須不要將內容強加於傳統，或者將內容降級到傳統的傳統邊界，因為消費者並不真正關心這些邊界，並且要使確保內容在適當的情況下可用，這意味著價格合理、上市時機適中，從智慧財產權角度也得到了良好的保護。

I said in my comments we are not going to make just any deal, we are going to make the right deal for the Company, and what Apple provided us was the right deal on all of those levels.

我在評論中說過，我們不會達成任何交易，我們會為公司達成正確的交易，而蘋果為我們提供的在所有這些層面上都是正確的交易。

By the way including with the fact that when you think about intellectual property protection, one of the things that they are very good at, is if content or intellectual property is stolen from their system, they have the technological and the financial wherewithal and the resolve to basically fix the problem, which essentially means you can't put your product on just any platform, or be partnered with any entity.

順便說一句，當你考慮到智慧財產權保護時，他們非常擅長的事情之一是，如果內容或智慧財產權從他們的系統中被盜，他們擁有技術和財務資金以及決心從根本上解決問題，這本質上意味著您不能將您的產品放在任何平台上，或與任何實體合作。

Some recent announcement about content being on some peer-to-peer sites, as a for instance, and I'm not necessarily negative on that, but you have got to be really careful that you are in business with an entity that is going to be willing to go after the pirates, if their system has been hacked.

例如，最近關於某些點對點網站上的內容的一些公告，我不一定對此持否定態度，但您必須非常小心，因為您正在與一個將要如果盜版者的系統遭到黑客攻擊，則願意追捕他們。

Again, I'm not sure other than saying we are going to follow the consumer, and thus basically follow the consumer spending power, I'm not sure that there's any other message than the one that we've given.

再說一次，我不確定除了說我們將跟隨消費者，從而基本上跟隨消費者的消費能力之外，我不確定除了我們給出的資訊之外還有其他資訊。

So the first question about acquisition, our focus in acquisition is likely to be content.

所以關於收購的第一個問題，我們收購的重點可能是內容。

That's what we essentially do for a living as a Company.

這就是我們作為一家公司的主要謀生手段。

I think you can conclude that the content has in all likelihood got to be consistent with the values of the Company in a sense, and so we are not necessarily going to buy an on line gambling company, would be a good example of that, but I don't think we can be any more specific than that right now.

我認為你可以得出這樣的結論：內容很可能在某種意義上與公司的價值觀一致，因此我們不一定會購買線上賭博公司，這就是一個很好的例子，但是我認為我們現在無法比這更具體了。

We believe that content is king in this world.

我們相信內容為王。

Thanks to all the opportunities that technology is providing, both content creators and consumers.

感謝科技為內容創作者和消費者提供的所有機會。

And so if we were to acquire it would likely to be in that direction.

因此，如果我們要收購它，很可能會朝著這個方向發展。

Also just going back to your question about DVRs, I think it's really too early to tell the penetration of DVRs is roughly what, 10% of U.S. households, and I know that there was a flurry of activity over that, because of a panel discussion in New York this week.

另外，回到您關於 DVR 的問題，我認為現在判斷 DVR 的普及率大約是 10% 的美國家庭還為時過早，而且我知道由於小組討論，對此有一系列的活動本週在紐約。

Again, I just think it's too early to tell.

再說一遍，我認為現在下結論還為時過早。

I think it's a powerful tool for customers, but it also may end up being a powerful tool for content providers, because it's going to result in more consumption.

我認為這對客戶來說是一個強大的工具，但它最終也可能成為內容提供者的強大工具，因為它將帶來更多的消費。

Your next question is from the line of Vijay Jayant with Lehman Brothers.

你的下一個問題來自雷曼兄弟的 Vijay Jayant。

I have two questions.

我有兩個問題。

First, Tom, you talked about margins in Team Fox approaching 20% by '09, but net of your pension costs, do you think you can see margin improvement in '06?

首先，Tom，您談到到 09 年 Fox 團隊的利潤率接近 20%，但扣除您的退休金成本，您認為 06 年您能看到利潤率改善嗎？

And second is there any way we could ex out the Miramax numbers, and sort of show what the studio would have done on a going forward basis?

其次，我們有什麼辦法可以排除米拉麥克斯的數據，並展示工作室未來會做什麼？

Well, with regard to margins at the parks, yes, I do expect to see margin improvement in 2006, and I think as you point out, we have to absorb some pension and post retirement medical increases in 2006, and for the Company as a whole, that's in the neighborhood of $150 million.

嗯，關於公園的利潤率，是的，我確實預計2006 年的利潤率會有所改善，而且我認為正如您所指出的，我們必須在2006 年吸收一些養老金和退休後醫療費用的增加，對於公司來說，作為總共約為 1.5 億美元。

And you should assume that 70% or so of that ends up at the theme parks, just given the size of the employee base there.

考慮到那裡的員工基礎規模，你應該假設其中 70% 左右最終會流向主題樂園。

Having said that, and even taking that into account, we are looking to expand margins further in '07, as we continue along our goal to reach the 20% that we talked about.

話雖如此，甚至考慮到這一點，我們仍希望在 07 年進一步擴大利潤率，因為我們將繼續實現我們談到的 20% 的目標。

I think the best thing that I can probably tell you, in terms of the Studio Entertainment business, I'm not sure that isolating Miramax gives you a normalization.

我認為我可以告訴你的最好的事情是，就演播室娛樂業務而言，我不確定隔離米拉麥克斯是否會讓你正常化。

It was the biggest driver of year-over-year change for the quarter.

這是本季同比變化的最大推動因素。

And in the neighborhood of a couple hundred million dollars of change quarter-over-quarter.

每季的變化約為幾億美元。

And so that gives you a sense of how much that impact was.

這樣你就可以了解這種影響有多大。

When we think about Miramax going forward, remember that Miramax a number of years back, had some good years and did contribute to the studio, less so in the more recent years.

當我們思考米拉麥克斯的未來時，請記住，米拉麥克斯在幾年前曾有過一些美好的歲月，並且確實為工作室做出了貢獻，但近年來的情況有所減少。

But we are looking to bring down our investments dramatically in Miramax, and really get back to where we were before, so we think that it can be a positive contributor to our profitability, and our returns at the studio as we go forward.

但我們希望大幅減少對米拉麥克斯的投資，並真正回到之前的水平，因此我們認為，隨著我們的發展，這可以對我們的盈利能力和工作室的回報做出積極的貢獻。

Thank you.

謝謝。

We will take the next question, please.

我們將回答下一個問題。

Our next question is from the line of William Drewry with Credit Suisse First Boston.

我們的下一個問題來自瑞士信貸第一波士頓公司的 William Drewry。

Thanks very much.

非常感謝。

A couple of questions.

有幾個問題。

One, Tom, you talked about Hong Kong Disneyland being a positive swing factor.

第一，湯姆，你談到香港迪士尼樂園是一個正面的搖擺因素。

I was wondering if you could quantify what that impact could be for fiscal 2006?

我想知道您能否量化這種影響對 2006 財年的影響？

Then also wondering on the video game business, you are doubling the investment, but is there any possibility that, if there's a hit or two that drives it that it could be profitable at all in fiscal 2006, or is that something that is further out?

然後還想知道視頻遊戲業務，您將投資加倍，但是是否有可能，如果有一兩次成功推動它，那麼它可能在 2006 財年實現盈利，或者是更遙遠的事情？

And just a question for Bob, just wondering where you are on the Pixar negotiations and specifically on the sequels to the library that you've already greenlighted, I'm wondering if you are full speed ahead on starting production on those?

我想問鮑勃一個問題，只是想知道你在皮克斯談判中的進展，特別是你已經批准的圖書館的續集，我想知道你是否正在全速開始製作這些作品？

Thank you.

謝謝。

Okay.

好的。

So I think to be helpful on Hong Kong, we are not going to make any predictions about Hong Kong profitability for 2006 yet.

因此，我認為為了對香港有所幫助，我們暫時不會對香港 2006 年的獲利能力做出任何預測。

It's very, very early after the opening of Hong Kong.

現在距離香港開放還非常非常早。

I think the most helpful thing I can mention, is that the rough order of magnitude of impact from Hong Kong, in terms of 2005, because of the preopening, et cetera, on the consolidated operating income line was about $100 million.

我認為我能提到的最有幫助的事情是，就 2005 年而言，由於預開放等原因，香港對綜合營業收入線的影響的粗略數量級約為 1 億美元。

So that gives you a sense of what that swing factor can be, just on the basis of going from preopening to the operations of the park.

因此，僅根據公園從預先開放到營運的過程，您就可以了解波動因素是什麼。

As for video games we do have some important titles out there.

至於視頻遊戲，我們確實有一些重要的遊戲。

I'm not ready to predict what those titles will do, but Narnia title looks very, very strong, and certainly if those blow out, they can have a real impact.

我還沒準備好預測這些遊戲會做什麼，但《納尼亞傳奇》的遊戲看起來非常非常強大，當然，如果這些遊戲大受歡迎，它們會產生真正的影響。

Recall though that we expense all production costs for home video as it's incurred.

但請記住，我們將家庭影片的所有製作成本在發生時支出。

We don't capitalize those expenses.

我們不會將這些費用資本化。

It's a more conservative approach to doing the accounting.

這是一種較保守的會計方法。

And so because of that, the production work, we are doing for releases this year, and for releases that will come later, are the expenses are flowing through the income statement in 2006.

因此，我們為今年的發布所做的製作工作，以及稍後發布的發布，費用都計入 2006 年的損益表。

That will make it quite difficult for the video game business to necessarily overcome that.

這將使視頻遊戲業務很難克服這一問題。

It’s certainly not impossible, but I think that for this year, you should expect that the incremental investment in video games, will as we said, dampen the growth of Consumer Products somewhat.

這當然不是不可能的，但我認為今年，你應該預料到電玩遊戲的增量投資將在一定程度上抑制消費品的成長。

Regarding Pixar, Steve Jobs is his earnings comments last week, said that we were in deep discussions, and it was their goal to resolve things by the end of the year, and I don't really think there's any need for me to add any flavor to that, except to say that I believe in Cars, which John Lassiter is directing, we have a great movie on our hands, and regardless of what happens in terms of the relationship, we are going to have a fantastic summer with Pixar, because I really believe it's going to be a classic in the true sense of the word.

關於皮克斯，史蒂夫·賈伯斯在上週的財報評論中表示，我們正在深入討論，他們的目標是在年底前解決問題，我真的認為沒有必要添加任何內容。對此，除了說我相信約翰·拉西特執導的《汽車總動員》之外，我們手頭上有一部很棒的電影，無論關係如何，我們都將與皮克斯度過一個美妙的夏天，因為我真的相信這將成為真正意義上的經典。

As relates to sequels, we've said that we were in the process of making Toy Story 3.

至於續集，我們說過我們正在製作《玩具總動員 3》。

It's actually in pretty early stage production.

它實際上處於相當早期的生產階段。

There's been some development on some of the other sequels.

其他一些續集也有了一些進展。

But not what I will call full production.

但不是我所說的全面生產。

And if we were to do a deal with them, obviously the goal would be for them to make sequels to some of these films, and we would have to redirect some of our efforts if that were the case, but that wouldn't necessarily be a bad thing.

如果我們要與他們達成協議，顯然目標是讓他們製作其中一些電影的續集，如果是這樣的話，我們將不得不重新調整我們的一些努力，但這不一定是一件壞事。

But again I'm not going to add anything more, in terms of where things stand in the talks themselves.

但就談判本身的情況而言，我不會再補充任何內容。

Our next question is from the line of David Miller with Sanders Morris Harris.

我們的下一個問題來自大衛·米勒和桑德斯·莫里斯·哈里斯。

Hi, Tom, a couple questions for you.

嗨，湯姆，有幾個問題想問你。

On the $0.03 charge with regard to the write off of the Delta Airlines lease, are there any accelerated tax payments that are baked into that $0.03 charge, or is that just if you will, an organic charge just related to the lease?

關於註銷達美航空租賃的 0.03 美元費用，是否有任何加速稅款被納入該 0.03 美元費用中，或者只是與租賃相關的有機費用？

And then also I believe you guys are just surpassing the $40 million sublevel for SOAPnet, if I'm not mistaken Tom, you guys have doubled your advertising base on that cable network over the last year to 18 months.

而且我相信你們剛剛超過了 SOAPnet 的 4000 萬美元級別，如果我沒記錯的話，Tom，你們在過去一年裡已經將有線網絡上的廣告基礎增加了一倍，達到 18 個月。

Can you quantify what the operating income contribution was for SOAPnet in the quarter?

您能否量化本季 SOAPnet 的營業收入貢獻是多少？

Thanks very much.

非常感謝。

Well, with regards to the Delta Airlines write down, that was just over $100 million.

就達美航空的減記而言，剛超過 1 億美元。

There are tax payments that are, potential tax payments that are associated with that lease.

有一些稅金是與該租賃相關的潛在稅金。

The timing of those tax payments are dependent upon the disposition of the lease in bankruptcy.

這些稅款的繳納時間取決於破產時租賃的處置。

And so that will likely impact our cash flow in 2006.

因此這可能會影響我們 2006 年的現金流。

It could be 2007, but my best guess today is 2006.

可能是 2007 年，但我今天最好的猜測是 2006 年。

Those tax payments are somewhat larger than the after tax charge, the book charge as you know the booked, accounting books don't necessarily track exactly the tax books for investments like this.

這些稅款比稅後費用、帳簿費用稍大一些，正如您所知道的那樣，會計帳簿不一定準確追蹤此類投資的稅簿。

And so I think you should think of the tax overhang on the Delta lease, as being something in the neighborhood of 80 to $90 million that could hit in 2006, or shortly thereafter, depending on the disposition of that lease.

因此，我認為您應該考慮達美租約的稅負，大約為 80 至 9000 萬美元，可能會在 2006 年或不久後達到，具體取決於該租約的處置。

With regard to SOAPnet, you're right, SOAPnet is up to nearly 44 million households, and that obviously puts it in a better position vis-a-vis advertisers.

關於 SOAPnet，您是對的，SOAPnet 涵蓋了近 4400 萬個家庭，這顯然使其相對於廣告商處於更好的位置。

SOAPnet did not have a meaningful impact on the quarter, in terms of operating profit contribution, but it is reaching that inflection point, where we are hopeful, that it will start to contribute at a higher level going forward.

就營業利潤貢獻而言，SOAPnet 對本季沒有重大影響，但它正在達到轉折點，我們希望它將開始在更高水平上做出貢獻。

We are investing in some of the programming there, and that's part of the reason that the impact wasn't as great as you might have expected, but we do think this channel can have an impact in the years ahead, and so we are very pleased with the fact that it continues to grow, and it continues to grow its revenues quite nicely.

我們正在投資那裡的一些節目，這也是影響力沒有你預期的那麼大的部分原因，但我們確實認為這個頻道可以在未來幾年產生影響，所以我們非常對其持續增長感到高興，並且其收入繼續成長得相當不錯。

Michael Nathanson with Sanford Bernstein.

邁克爾·內森森和桑福德·伯恩斯坦。

Two, first to Tom or Bob, if I was to see you buy more sports rights, say at ESPN, baseball playoffs, or NASCAR, would you be comfortable still with your double-digit guidance for operating income going forward?

第二，首先對湯姆或鮑伯來說，如果我看到你們購買更多的體育賽事轉播權，例如在ESPN、棒球季後賽或NASCAR，你們是否仍然對未來兩位數的營業收入指導感到滿意？

First of all, we are not going make any assumptions, in terms of what's bought or not, but we are predicting double-digit increases for ESPN going forward.

首先，我們不會對購買或不購買的內容做出任何假設，但我們預測 ESPN 未來將有兩位數的成長。

Tom, I don't know how far out we said --

湯姆，我不知道我們說的有多遠——

From '05 through '09, anyway.

無論如何，從 05 年到 09 年。

And I think it's safe to assume that if ESPN makes any additional commitments on programming without being specific as to, in terms of which ones they might make, that guidance would continue.

我認為可以肯定的是，如果 ESPN 對節目做出任何額外的承諾，但沒有具體說明他們可能會做出哪些承諾，那麼該指導將繼續下去。

Do you have a second question, Michael?

你還有第二個問題嗎，麥可？

Okay, we will take the next question, please.

好的，我們將回答下一個問題。

Our next question is from the line of Kathy Styponias with Prudential Equity.

我們的下一個問題來自 Prudential Equity 的 Kathy Styponias。

I had a couple of questions as well.

我也有幾個問題。

Bob you said you were able to strike the right deal with Apple, with respect to video downloads, and I know you can't talk about the economics very much, but could you give a sense of how you were thinking about the price point for the downloads, as it compares to, say, ad revenue per viewer?

鮑勃，你說你能夠在視頻下載方面與蘋果達成正確的協議，我知道你不能太多地談論經濟問題，但你能否說明一下你是如何考慮視頻下載的價格點的？下載量，例如與每位觀眾的廣告收入相比？

Is it something leaves you just as well off, better, worse than, say, you lose that viewer on a regular basis, especially in light of recent announcement made by Magna Global, where they are saying basically they are only going to pay for live ratings not for DVR viewers.

是否有什麼東西會讓你過得更好，或者更糟，比方說，你經常失去觀眾，特別是考慮到麥格納全球最近發布的公告，他們說基本上他們只會為直播付費收視率不適用於DVR 觀眾。

And then the second question is you own 100% of 'Chicken Little.'

第二個問題是你擁有「小雞」100%的股份。

Can you give us a sense of what the economics might look like on 'Chronicles of Narnia' since you have a partner there?

既然你在《納尼亞傳奇》中有合作夥伴，可以為我們介紹《納尼亞傳奇》中的經濟狀況嗎？

Thanks.

謝謝。

We actually spent a lot of time thinking about the pricing on the iPod platform, and we also considered what impact if any, it might have on primary viewing, and we concluded that while what iPod is offering is a wonderful experience, and I urge everybody to check it out, because the quality is sensational, we did not believe people would opt to watch programming on iPod, instead of, or in place of watching it on what I will call a large screen experience via multichannel distributors, or via an antenna.

事實上，我們花了很多時間考慮iPod 平台的定價，我們也考慮了它可能對主要觀看產生的影響（如果有的話），我們得出的結論是，雖然iPod 提供的是美妙的體驗，但我敦促大家為了檢查一下，因為質量非常好，我們不相信人們會選擇在 iPod 上觀看節目，而不是通過多渠道分發器或天線在我所說的大屏幕體驗上觀看節目。

So in other words, we actually believe that this is for the most part incremental consumption.

換句話說，我們實際上認為這大部分是增量消費。

These are people are buying these episodes are buying them because of convenience, because they were not able to watch some of their favorite programs for whatever reason, and would not have watched them.

這些人購買這些劇集是因為方便，因為他們出於某種原因無法觀看一些他們喜歡的節目，也不會觀看它們。

So what we are doing is giving them an opportunity to catch up, or to watch more episodes than they would have.

因此，我們正在做的就是給他們一個追趕的機會，或觀看比他們更多的劇集。

So we actually are viewing the revenue that we are getting as incremental revenue, and not in any way as revenue that cannibalizes primary consumption, which goes back to the point about pricing.

因此，我們實際上將獲得的收入視為增量收入，而不是以任何方式蠶食初級消費的收入，這可以追溯到定價問題。

As we looked at the Apple platform, we really view it as what I will call a high quality, very convenient, mobile small screen play.

當我們審視蘋果平台時，我們確實將其視為我所說的高品質、非常方便的行動小螢幕遊戲。

It's possible as some point, we will enter into similar arrangements on other platforms, but for what I will call a large screen experience, and I think there when you consider large screen experience, you have to consider the impact that has on primary viewing, because it's possible that could be less incremental than the smaller screen platform.

在某種程度上，我們可能會在其他平台上進行類似的安排，但是對於我所說的大螢幕體驗，我認為當你考慮大螢幕體驗時，你必須考慮對主要觀看的影響，因為它可能比較小螢幕平台的增量更少。

I also happen to believe that we should charge more for large screen experience than for small screen experience, and while we haven't entered into these deals, and so it would be premature to suggest what we would charge, I'm speaking just on behalf of the Walt Disney Company, I actually believe that we are going to offer the convenience of sort of that window, or convenience in terms of giving people an opportunity to watch programs they could not have watched before, on a large screen that we are delivering even more value under that circumstance, than we are on the Apple platform, and thus we should charge accordingly.

我也碰巧認為，我們應該對大螢幕體驗收取比小螢幕體驗更高的費用，雖然我們還沒有達成這些交易，所以現在提出我們的收費還為時過早，我只是在談論我代表華特迪士尼公司，實際上相信我們將提供類似窗口的便利，或者讓人們有機會在我們現在的大屏幕上觀看他們以前無法觀看的節目。在這種情況下，我們比在蘋果平台上提供的價值還要多，因此我們應該相應地收費。

Regarding Narnia, we are not getting specific at all about the economics.

關於納尼亞，我們根本沒有具體討論經濟問題。

We've got a good partnership with Walden Media on this.

我們在這方面與 Walden Media 建立了良好的合作關係。

They deserve a lot of credit for buying the rights to not only this book, but to other C.S.

他們不僅購買了本書的版權，還購買了其他 C.S. 書的版權，值得稱讚。

Lewis books, as part of the Narnia Chronicles.

路易斯的書籍，作為納尼亞傳奇的一部分。

They had some real vision in that regard, and we think the partnership is a good one.

他們在這方面有一些真正的願景，我們認為這種夥伴關係是好的。

We also believe the movie is a great one, and regardless of the fact that we've got a partnership, we think this will be a real success for the Company over the long-term, because we think it will spawn more movies of this series, and ultimately become a very, very valuable franchise for us.

我們也相信這部電影是一部偉大的電影，無論我們是否建立了合作夥伴關係，我們認為這對公司來說都是真正的成功，因為我們認為它將催生更多這樣的電影系列，並最終成為我們非常非常有價值的系列。

I think that's right.

我認為這是對的。

The right way to think of it is, it's a partnership, and basically a 50/50 partnership.

正確的思考方式是，這是一種夥伴關係，基本上是 50/50 的夥伴關係。

It's obviously a film that we have a fair amount invested in, and the good news is that we think the value really shows up on the screen, and can be one of those films that breaks through, so we are quite hopeful.

這顯然是一部我們投入相當多的資金的電影，好消息是我們認為它的價值真正體現在銀幕上，並且可以成為那些突破性的電影之一，所以我們非常有希望。

I think you should assume that there could be some nice positive impact, I would look for it in the latter part of the year in home video, not necessarily in the first quarter when we put it out, but actually it's one of the films we are most excited about.

我認為你應該假設這可能會產生一些不錯的積極影響，我會在今年下半年的家庭視頻中尋找它，不一定是在我們推出它的第一季度，但實際上這是我們的電影之一最興奮的是。

Our next question is from the line of Tuna Amobi with Standard & Poor's Equity.

我們的下一個問題來自金槍魚阿莫比與標準普爾股票公司的聯繫。

Thank you, good afternoon.

謝謝你，下午好。

Bob, on the Internet strategy, I was wondering if you can articulate how you see your Internet strategy, in terms of advertising?

鮑勃，關於網路策略，我想知道您是否能闡明您如何看待廣告方面的網路策略？

Are you likely to focus more on branded display, and how do you see the opportunity for paid search?

您可能更關注品牌展示？您如何看待付費搜尋的機會？

And in paid content, should we expect that you are going to focus more on direct to consumer, or are you working with the content aggregators?

在付費內容方面，我們是否應該期望您更專注於直接面向消費者，或者您是否與內容聚合商合作？

And related to that, Tom, on the Internet and wireless business, I understand that you for the fiscal '04, you had roughly $300 million in revenues, with approximately 40 million in operating margins.

與此相關的是，湯姆，在網路和無線業務方面，我了解到您在 04 財年的收入約為 3 億美元，營業利潤約為 4000 萬美元。

My question is, I was expecting actually high 20s growth for fiscal '05.

我的問題是，我預計 05 財年實際上會出現 20 多歲的高成長。

So did you achieve that target, and how do you see the combined Internet and wireless business doing in fiscal '06 and beyond?

那麼您是否達成了該目標？您如何看待 06 財年及以後的網路和無線業務合併後的表現？

I'm actually looking for perhaps $1 billion in revenues by 2010.

我實際上希望到 2010 年收入可能達到 10 億美元。

I would like to confirm if that's realistic, and also to confirm that that business, those numbers exclude video games.

我想確認這是否現實，並確認該業務的這些數字不包括視頻遊戲。

Thank you very much.

非常感謝。

This is Bob, I don't mean to sounds impertinent.

我是鮑勃，我無意顯得無禮。

I think you asked us ten questions, and we should charge, maybe, for more than one.

我想你問了我們十個問題，也許我們應該對不只一個問題收費。

I will start with the first, which is our Internet strategy.

我先從第一個開始，這是我們的網路策略。

For the most part our strategy has been to take our brands on to the Internet, and actually we are doing quite well in that regard, particularly with Disney and ESPN, where we are #1 in their categories, family and sports.

在很大程度上，我們的策略是將我們的品牌推向互聯網，實際上我們在這方面做得相當好，特別是與迪士尼和 ESPN，我們在它們的類別、家庭和體育方面排名第一。

We are working hard at not only expanding content into sort of a branded Internet environment, but we are also working to expand things like community and direct to consumer relationships, et cetera, and so on.

我們不僅努力將內容擴展到某種品牌網路環境，而且還努力擴展社群和直接面向消費者關係等內容。

And we are going to continue to do that.

我們將繼續這樣做。

We are also obviously creating product not just for what I will call Internet consumption but for wireless consumption, again branded content, so far has been our priority.

顯然，我們創造的產品不僅是為了我所說的網路消費，也是為了無線消費，同樣是品牌內容，到目前為止一直是我們的首要任務。

I don't rule out either adding more brands, either creating them organically, or potentially acquiring, but for now the direction of the Company is to take our what I will call traditional media brands, and move them as successfully and as deeply as we possibly can into new media space.

我不排除添加更多品牌，或有機地創建它們，或潛在地收購，但目前公司的方向是採用我所說的傳統媒體品牌，並像我們一樣成功和深入地推動它們可能可以進入新媒體空間。

In terms of whether we go -- paid search was your second question.

至於我們是否去——付費搜尋是你的第二個問題。

We had an opportunity at one point, where we owned Infoseek, which is a pretty good search engine, which was part of what we became our go portal.

我們曾經有過一次機會，我們擁有 Infoseek，這是一個非常好的搜尋引擎，它是我們成為 Go 入口網站的一部分。

We got out of that business.

我們退出了那個行業。

I think we would be hard pressed to play catch up with the likes of Yahoo! and Google in paid search, and while it's possible that we will offer some maybe in the video search direction, I think it's unlikely for us to be what I will call a real competitor to them in that particular direction.

我認為我們很難趕上雅虎這樣的公司！和Google在付費搜尋方面，雖然我們可能會在影片搜尋方向提供一些服務，但我認為我們不太可能成為他們在那個特定方向上的真正競爭對手。

As relates to paid content, through aggregators or direct to consumer, I think thanks to technology, you will see a real blend, because we will have an ability to do both.

至於付費內容，透過聚合器或直接面向消費者，我認為借助技術，您將看到真正的融合，因為我們有能力做到這兩點。

We actually like the relationship we have with aggregators or intermediaries, because they invest a lot in capital, to create the necessary infrastructure to reach consumers.

實際上，我們喜歡與聚合商或中介機構的關係，因為他們投入了大量資本，以創建接觸消費者所需的基礎設施。

In some cases they provide us with either up front guarantees, or an environment that is a healthy environment for us to sell our content within.

在某些情況下，他們為我們提供了預先的保證，或為我們提供了一個健康的環境來銷售我們的內容。

But I think you will end up seeing both.

但我認為你最終會看到兩者。

Tom, I am going to let you answer the other five questions.

湯姆，我將讓你回答其他五個問題。

Well, Tuna, tempted as I am to sign Steve Wadsworth up for a really big number, we haven't made a specific projection, and I think that we won't today, because the nature of our initiatives here, are still somewhat organic.

好吧，金槍魚，雖然我很想以一個非常大的數字簽下史蒂夫·沃茲沃斯，但我們還沒有做出具體的預測，我認為我們今天不會，因為我們在這裡舉措的性質仍然有些有機。

We do think there's a fair amount of upside.

我們確實認為有相當大的上升空間。

We've seen nice growth in our wireless business in particular.

我們尤其看到了無線業務的良好成長。

We continue to see nice growth in our Internet advertising, and we think there's a great deal of potential.

我們繼續看到網路廣告的良好成長，我們認為有很大的潛力。

We just did a small albeit acquisition of a company called Living Mobile in Europe, that we think can put us in the business in a bigger way in mobile applications, and we are clearly looking to grow that business.

我們剛剛對歐洲一家名為 Living Mobile 的公司進行了小規模收購，我們認為這可以讓我們在行動應用領域獲得更大的業務，而且我們顯然正在尋求發展該業務。

We tends to shy away from revenue driven growth rates, because you can always buy revenue, and that's not what we intend to do.

我們傾向於迴避收入驅動的成長率，因為你總是可以購買收入，但這不是我們打算做的。

We think that our collection of branded properties, provides a nucleus around which we can build a business which drives substantial revenues in mobile and wireless, in traditional Internet, and in things like multi-player games, et cetera, and we have got initiatives working against each of those areas.

我們認為，我們的品牌資產集合為我們提供了一個核心，圍繞這個核心我們可以建立一項業務，在移動和無線、傳統互聯網以及多人遊戲等領域帶來可觀的收入，並且我們已經採取了一些可行的措施針對每個領域。

We think it's going to be a substantial business, although I'm not looking to make a specific prediction, or sign Steve up for a specific number at this point.

我們認為這將是一項重要的業務，儘管我目前不打算做出具體的預測，也不打算與史蒂夫簽約以獲得具體的數字。

Next question, Doug Shapiro with Banc of America Securities.

下一個問題是美國銀行證券公司的 Doug Shapiro。

Can you hear me now?

你聽得到我嗎？

Yes.

是的。

Okay.

好的。

One that's kind of picayune, and maybe one that's more philosophical.

一種是皮卡尤恩式的，也許是一種更具哲學性的。

First one, I was wondering if you can quantify the amount of the deferred revenue recognition at ESPN in the quarter, compared to last year?

首先，我想知道您是否可以量化本季 ESPN 與去年相比遞延收入確認的金額？

The other one, which might sounds a little bit out there, but Bob, just in light of the soft spot market and changes in the affiliate compensation in the last couple of years, and your continued efforts, or maybe accelerated efforts to be agnostic to distribution, I'm just wondering if it still makes sense to own TV stations?

另一個，這可能聽起來有點遙遠，但是鮑勃，鑑於過去幾年的疲軟市場和聯屬營銷人員薪酬的變化，以及您的持續努力，或者可能加速努力，以不可知論發行，我只是想知道擁有電視台是否仍然有意義？

Sure, with regard to the change in deferred revenue recognition Q4 '04 to Q4 '05, that's a little bit under $50 million, in terms of the net year-over-year impact.

當然，就年比淨影響而言，2004 年第 4 季至 05 年第 4 季遞延收入確認的變化略低於 5,000 萬美元。

So if that's helpful.

所以如果這有幫助的話。

On the TV station side, while I recognize that broadcast television stations are in a way distributors, we actually view them more as content creators.

在電視台方面，雖然我認識到廣播電視台在某種程度上是發行商，但我們實際上更將它們視為內容創作者。

A local news brand, particularly on an ABC station has real value in the marketplace, as does their syndicated programming that they carry.

當地的新聞品牌，尤其是 ABC 電視台的新聞品牌，及其所承載的聯合節目在市場上具有真正的價值。

A number of our stations carry Oprah, as a for instance, and lastly the value they create for the television network, which we believe is a real engine to fund the creation of great product with application across multiple platforms and territories.

例如，我們的許多電視台都播放奧普拉的節目，最後還有他們為電視網絡創造的價值，我們相信這是一個真正的引擎，可以為跨多個平台和地區應用的偉大產品的創造提供資金。

So we believe in the local television station business, particularly the people who run our local television stations, and the results that they've been delivering for quite a long period of time, and we believe they will continue to deliver.

因此，我們相信當地電視台的業務，特別是那些經營我們當地電視台的人，以及他們在相當長一段時間內所取得的成果，我們相信他們將繼續取得成果。

Next question is from the line of Alan Gould with Natexis Bleichroeder.

下一個問題來自 Alan Gould 和 Natexis Bleichroeder。

Thank you.

謝謝。

Tom, in your remarks on ESPN you said most of the affiliate fees have been locked in, or you said they were about to be locked in.

湯姆，在 ESPN 的演講中，您說大部分的聯盟費用已被鎖定，或者您說它們即將被鎖定。

Can you update us on the potential deals with Comcast and Time-Warner?

您能否向我們介紹與康卡斯特和時代華納潛在交易的最新情況？

Sure, to some extent.

當然，在某種程度上是。

The conversations are continuing.

對話仍在繼續。

We have substantial agreements, and while we are not going to make a specific prediction on when they will be finalized, we feel quite good about our ability to finalize them, consistent with all the guidance we've been giving you.

我們已經達成了實質協議，雖然我們不會對何時最終敲定做出具體預測，但我們對敲定這些協議的能力感到非常滿意，這與我們向您提供的所有指導是一致的。

I'm assuming it's more than just an ESPN deal, it's probably a bigger deal between the two entities, is must carry, anything else like that thrown into this sort of deal?

我假設這不僅僅是 ESPN 的交易，這可能是兩個實體之間更大的交易，是必須進行的，還有其他類似的交易嗎？

It does involve multiple outlets, and must carry to some extent, you're right, that's part of the reason that it's a long, complicated negotiation, but we are in good shape.

它確實涉及多個管道，並且必須在某種程度上進行，你是對的，這就是這是一場漫長而複雜的談判的部分原因，但我們狀況良好。

They are both what I’ll call omnibus deals, that also include a variety of digital media content, and some new content.

它們都是我所說的綜合交易，其中還包括各種數位媒體內容和一些新內容。

We've distributed, just for instance ESPN 360, the broadband ESPN offering through some multichannel systems, and that's also on the table in these deals.

我們已經透過一些多頻道系統分發了寬頻 ESPN 產品（例如 ESPN 360），這也正在這些交易中考慮。

We have time for just one more question, operator.

我們還有時間再問一個問題，接線生。

Our final question is from the line of Richard Greenfield with Fulcrum Global Partners.

我們的最後一個問題來自 Fulcrum Global Partners 的 Richard Greenfield。

Hi, Bob, a question in terms of technology, and how you think about content.

嗨，鮑勃，一個關於技術的問題，以及你如何看待內容。

As you look at the greater number of distribution outlets for your content, it would seem like owning your content in all respects, or fully controlling your contents is becoming increasingly important.

當您看到越來越多的內容分發管道時，似乎在各個方面擁有您的內容或完全控制您的內容變得越來越重要。

In that sense, does it make sense for you either to own Pixar outright, or to seek to walk away, and actually just focus on your own production, essentially what I'm getting at, is how do you think about distributing someone else's content, given where technology is driving the number of distribution outlets?

從這個意義上說，對你來說，要么完全擁有皮克斯，要么尋求離開，實際上只專注於自己的製作，這是否有意義，我的本質是，你如何看待分發別人的內容考慮到技術在哪些面向推動了分銷網點的數量？

And lastly if you could comment on, over the course of the past 12 months when you look at the DVD environment that you talked about, how is the hand drawn animation fairing, things like 'Bambi,' and some of your other hand drawn titles, how is that doing relative to the CGI titles that you've worked on?

最後，如果您能評論一下，在過去 12 個月中，當您查看您談到的 DVD 環境時，手繪動畫整流罩、“小鹿斑比”之類的東西以及您其他的一些手繪標題如何？ ，相對於您所製作的CGI 遊戲來說，這表現如何？

What are you seeing, in terms of the impact on your library?

您認為這對您的圖書館有何影響？

Thanks.

謝謝。

I will start with the second question.

我從第二個問題開始。

I'm a strong believer in the quality of movies, not necessarily the genre or the style in which they are made.

我堅信電影的質量，而不一定是電影的類型或風格。

A good movie is a good movie whether it's a romantic comedy or an action adventure, whether it’s a hand drawn animated film, or whether it's a 3D film.

好電影就是好電影，無論是愛情喜劇還是動作冒險片，無論是手繪動畫片，還是3D片。

As a for instance we put 'Chicken Little' out this past fall, a movie that's -- I'm sorry, not 'Chicken Little,' 'Cinderella', sorry.

舉個例子，我們去年秋天推出了《小雞》，這部電影是——對不起，不是《小雞》，而是《灰姑娘》，抱歉。

A move that's 55 years old, and not only is a beautiful film, but it's doing quite well in the marketplace, and I think that's a fitting example of how quality stories and characters and a good look, whether it's hand drawn or not, are going to break through in a relatively competitive marketplace.

這是一部已有55 年歷史的電影，不僅是一部美麗的電影，而且在市場上表現也相當不錯，我認為這是一個恰當的例子，說明高品質的故事和角色以及漂亮的外觀，無論是手繪的還是非手繪的，都是如何實現的。才能在競爭相對激烈的市場中取得突破。

As to your question about, essentially it was about Pixar, but it was really about owning content versus being a distributor.

至於你的問題，本質上是關於皮克斯的，但實際上是關於擁有內容而不是成為發行商。

I'm not going to be specific about Pixar, except to say that you are going to see a blend of sorts at this Company, because even though our primary focus on allocating capital to create content that we own, we obviously have to be somewhat judicious in nature in that regard.

我不會具體介紹皮克斯，只是說你將在這家公司看到各種混合體，因為儘管我們主要關注分配資本來創建我們擁有的內容，但我們顯然必須在某種程度上在這方面本質上是明智的。

We don't necessarily need to own everything.

我們不一定需要擁有一切。

The Television network is a good example of this.

電視網就是一個很好的例子。

Just because we are doing extremely well with 'Desperate Housewives' and 'Lost' and 'Gray's Anatomy' , et cetera, and so on, a goal to own 100% of our content while that might be nice, would result in a significant investment and a lot more risk.

僅僅因為我們在《絕望主婦》、《迷失》和《實習醫生格蕾》等方面做得非常好，擁有我們 100% 內容的目標雖然可能很好，但會帶來大量投資以及更多的風險。

And we are not sure that being that aggressive is necessary, and I guess the same would be true in movies.

我們不確定這種侵略性是否必要，我想在電影中也是如此。

I think if a good movie comes along that's made by a third party, and we have an opportunity to either partner with them like Walden, or as we've done with Pixar, or to become a distributor of what is again a very fine movie, I'm not sure there's anything wrong with that.

我認為，如果第三方製作了一部好電影，我們就有機會像《瓦爾登湖》那樣與他們合作，或者像我們與皮克斯那樣合作，或者成為一部非常優秀的電影的發行商，我不確定這有什麼問題。

I imagine you will see a balance or a blend.

我想你會看到一種平衡或混合。

Thanks again for joining us today.

再次感謝您今天加入我們。

Note that a reconciliation of non-GAAP measures referred to in this call to equivalent GAAP measures, can be found on our Investor Relations Website.

請注意，本次電話會議中提到的非公認會計原則措施與同等公認會計原則措施的調節可以在我們的投資者關係網站上找到。

Let me also remind you that certain statements in today's press release and on this conference call, may constitute forward-looking statements under the Securities laws.

我還要提醒您，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規定的前瞻性陳述。

These statements were made on the basis of management’s views and assumptions regarding future events and business performance, as of the time the statements were made, and management does not under take any obligation to update these statements.

這些聲明是基於管理層對截至聲明發佈時的未來事件和業務績效的看法和假設而做出的，管理層不承擔任何更新這些聲明的義務。

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 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.

這些陳述存在許多風險和不確定性，實際結果可能與根據各種因素（包括我們的 10(K) 年度報告和其他文件中所明示或暗示的因素）與證券交易委員會之間存在重大差異。

This concludes Disney's fiscal year end 2005 conference call.

迪士尼 2005 財年終了的電話會議到此結束。

We thank you for your participation in today's conference.

我們感謝您參加今天的會議。

This does conclude the presentation, and you may now disconnect.

簡報到此結束，您現在可以斷開連線。