迪士尼 (DIS) 2006 Q1 法說會逐字稿

Good day, ladies and gentlemen, thank you for standing by, and welcome to the Walt Disney first quarter 2006 earnings conference call. [OPERATOR INSTRUCTIONS] I would now like to turn the presentation over to your host for today's conference, Wendy Webb, Senior Vice President, Investor Relations and Shareholder Services.

美好的一天，女士們、先生們，感謝你們的耐心等待，歡迎參加華特迪士尼 2006 年第一季財報電話會議。 [操作員說明] 我現在想將簡報交給今天會議的主持人、投資者關係和股東服務部高級副總裁 Wendy Webb。

Please proceed, ma'am.

請繼續，女士。

Good afternoon, and thanks for joining us.

下午好，感謝您加入我們。

Hopefully by now all of you have seen two press releases from us, one regarding Disney's fiscal first quarter results and the other regarding the ABC Radio transaction.

希望現在大家都已經看到了我們的兩份新聞稿，一份是關於迪士尼第一財季業績的，另一份是關於 ABC 廣播電台交易的。

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

總裁兼執行長 Bob Iger 和高級執行副總裁兼財務長 Tom Staggs 出席了今天的電話會議。

Bob will lead off, followed by Tom, then we will open up the call to you for Q&A.

鮑勃（Bob）將帶頭，湯姆（Tom）緊隨其後，然後我們將向您開放電話進行問答。

We'll try our best to conclude the call before 5:30 p.m.

我們將盡力在下午 5:30 之前結束通話。

Eastern time so let's get started.

東部時間，讓我們開始吧。

Bob?

鮑伯？

Thanks, Wendy.

謝謝，溫迪。

Before I talk about our results I want to cover, excuse me, a few broad-ranging subjects.

抱歉，在談論我們的結果之前，我想先介紹一些廣泛的主題。

First, a week ago yesterday two journalists from ABC News were severely injured while covering the war in Iraq.

首先，一週前的昨天，美國廣播公司新聞部的兩名記者在報道伊拉克戰爭時受重傷。

And while I realize that thousands of people, American servicemen, other journalists are actually putting their lives on the line there, this one hit particularly close to home and so our thoughts go out to the families of Bob Woodruff and Doug Vogt.

雖然我意識到成千上萬的人、美國軍人和其他記者實際上正在那裡冒著生命危險，但這一事件尤其觸動了我的心，因此我們向鮑勃·伍德拉夫和道格·沃格特的家人表示哀悼。

Turning to Pixar, which obviously has occupied a tremendous amount of our time and has gotten a significant amount of attention, I want to say just a few things about it, some consistent with what was said earlier, some kind of a postscript on the announcement that was made.

談到皮克斯，它顯然佔據了我們大量的時間並獲得了大量的關注，我只想說幾件事，有些與之前所說的一致，有些是公告上的後記那是做的。

As you know, feature animation is clearly a cornerstone of the Walt Disney Company.

如你所知，動畫長片顯然是華特迪士尼公司的基石。

We talk about our primary strategic priority and that's creating great content so clearly buying Pixar is extremely consistent with that strategic priority.

我們談論我們的首要戰略重點，那就是創造精彩的內容，因此顯然購買皮克斯與該戰略重點極其一致。

And given the fact that they are so incredibly successful at feature animation, this fits extremely well with our company's strategic priorities generally speaking.

鑑於他們在動畫長片方面取得了令人難以置信的成功，這與我們公司的整體策略重點非常吻合。

We are very happy with the talent that comes along with this deal, led by Ed Catmull who will run animation for both Disney and Pixar and of course John Lassiter who is an incredibly talented director and John will also have a role as a creative advisor to Walt Disney Imagineering, putting his very talented eye on a lot of the creative activities at our parks.

我們對這筆交易帶來的人才感到非常滿意，由埃德·卡特穆爾（Ed Catmull）領導，他將為迪士尼和皮克斯負責動畫製作，當然還有約翰·拉西特（John Lassiter），他是一位非常有才華的導演，約翰還將擔任創意顧問華特迪士尼幻想工程將他的才華橫溢的目光投向了我們公園的許多創意活動。

We believe that the combination with Pixar provides us with great promise for the future across not just our studio business but a number of our businesses.

我們相信，與皮克斯的合併不僅為我們的工作室業務，也為我們的許多業務帶來了未來的美好前景。

Clearly it strengthens our asset portfolio, it improves our ability to attract and retain talent and it enhances the ability to deliver technically sophisticated and engaging content.

顯然，它增強了我們的資產組合，提高了我們吸引和留住人才的能力，並增強了提供技術複雜且引人入勝的內容的能力。

We're going to be releasing "Cars" the next film from Pixar on June 9.

我們將於 6 月 9 日上映皮克斯的下一部電影《汽車總動員》。

I'm pleased to say that we screened "Cars" for a number of people in Detroit over the weekend on the evening before the Super Bowl to rousing applause, so we're really excited about the release of that film and then "Ratatouille" will be the next Pixar release probably in the summer of 2007.

我很高興地說，我們在超級盃比賽前的周末為底特律的許多人放映了《汽車總動員》，贏得了熱烈的掌聲，所以我們對這部電影和《料理鼠王》的上映感到非常興奮皮克斯的下一個版本可能會在2007 年夏天發布。

Turning to my scripted remarks about our earnings, I mentioned earlier that creativity, innovation is our number one priority as a company from a strategic perspective.

談到我對我們收益的書面評論，我之前提到，從策略角度來看，創造力和創新是我們作為一家公司的首要任務。

Our other two priorities are applications technology to use to make our product better and also to enhance its distribution, and then of course growing the Company globally and a lot of things have happened at the Company against those strategic priorities since our last earnings release back in the latter part of 2005.

我們的另外兩個優先事項是應用技術，用於改進我們的產品並增強其分銷，然後當然是在全球範圍內發展公司，自從我們上次發布財報以來，公司發生了很多與這些戰略優先事項相關的事。2005 年下半年。

So our focus is on creativity and innovation, much of it behind the Disney brand which has led to strong consumer response across our businesses.

因此，我們的重點是創造力和創新，其中很大一部分是迪士尼品牌背後的，這在我們的業務中引起了消費者的強烈反響。

By directing more resources to producing Disney branded content we reinforce our overall brand strength in family entertainment and provide more opportunities to expand Disney in global markets.

透過投入更多資源來製作迪士尼品牌內容，我們增強了我們在家庭娛樂領域的整體品牌實力，並為迪士尼在全球市場的擴張提供了更多機會。

At the Walt Disney studios we released the first installment of the "Chronicles of Narnia, The Lion, the Witch and the Wardrobe" in partnership with Walden Media to great commercial success globally.

在華特迪士尼工作室，我們與 Walden Media 合作發行了《納尼亞傳奇、獅子、女巫和魔衣櫥》的第一部分，在全球取得了巨大的商業成功。

To date this film has become one of the largest grossing Disney live action films in history with worldwide box office of $649 million to date.

迄今為止，這部電影已成為迪士尼史上最賣座的真人電影之一，迄今為止全球票房達 6.49 億美元。

This box office result reflects the enormous franchise potential of this property which we expect will continue with the release of our second film in the series which called "Prince Caspian" and that's slated to hit theaters in December of 20007.

這一票房結果反映了該電影的巨大特許經營潛力，我們預計該潛力將隨著我們系列第二部電影《凱斯賓王子》的上映而繼續下去，該電影預計於2007 年12 月在影院上映。

Beyond the studio our video games unit experienced strong results with its Narnia offering last quarter, selling 2.2 million units at retail.

除了工作室之外，我們的電玩部門上季度的納尼亞遊戲也取得了強勁的業績，零售銷售達到 220 萬份。

And because it is part of our strategic shift to self-publishing we're capturing a much higher percentage of the gross receipts than we did under previous licensing relationships.

因為這是我們向自我出版策略轉變的一部分，所以我們獲得的總收入比例比之前的許可關係要高得多。

Again with universally appealing content driving Narnia, the long term potential of franchises like this for existing businesses like our parks and consumer products in addition to emerging businesses like the iPod and HD DVD is obviously significant.

同樣，隨著《納尼亞傳奇》的內容具有普遍吸引力，除了 iPod 和 HD DVD 等新興業務外，像這樣的特許經營權對於公園和消費產品等現有業務的長期潛力顯然是巨大的。

Our Media Networks Group continues to record strong performance driven by outstanding programming.

在出色的節目製作的推動下，我們的媒體網絡集團繼續取得強勁業績。

ABC tied for first place among adults 18 to 49 during the November sweeps due to the quality of its programming which is driving both critical and commercial success, series such as "Desperate Housewives," "Lost," "Grey's Anatomy," "Extreme Makeover: Home Edition" and more recently "Dancing with the Stars" demonstrate the value of great content and we own these scripted dramatic series which provide us with enormous opportunities to pursue new business models domestically and internationally, and by the way I thought we had a pretty good Super Bowl yesterday and the airing of "Grey's Anatomy" after the game had fantastic results.

ABC 在11 月的大掃除中在18 至49 歲成年人中並列第一，因為其節目質量推動了評論界和商業上的成功，例如《絕望主婦》、《迷失》、《實習醫生格蕾》、 《極限改造》等劇集：家庭版」和最近的「與星共舞」展示了精彩內容的價值，我們擁有這些有劇本的戲劇系列，它們為我們提供了在國內和國際上追求新商業模式的巨大機會，順便說一句，我認為我們有一個昨天的超級碗相當不錯，賽後播出的《實習醫生格蕾》也取得了極好的效果。

I didn't root for Seattle or Pittsburgh so I was rooting for the commercials and for the ABC spots and I was proud of the work that was done by both ABC in promoting its shows and by the Walt Disney Company particularly the spot about "I'm going to Disney World".

我不支持西雅圖或匹茲堡，所以我支持廣告和 ABC 廣告，我為 ABC 在宣傳其節目和華特迪士尼公司方面所做的工作感到自豪，特別是關於“我”的廣告。我要去迪士尼世界” 。

ESPN also enjoyed strong ratings during the quarter with the last week of the quarter becoming ESPN's highest rated week in history, underscoring the ongoing incredible appeal and value of the network to consumers, distributors and advertisers.

ESPN 在本季度也享有強勁的收視率，該季度的最後一周成為 ESPN 歷史上收視率最高的一周，突顯了該網絡對消費者、發行商和廣告商持續令人難以置信的吸引力和價值。

In all of 2005 the combined audience for ESPN's four most widely distributed networks reached a record high and we're very pleased to see fiscal 2006 is off to a solid start.

2005 年全年，ESPN 四個最廣泛分佈的網路的觀眾總數達到了歷史新高，我們很高興看到 2006 財年有了一個良好的開端。

However as strong as our first quarter was it is important to note that we're managing our businesses for the long term, not quarter by quarter.

然而，儘管我們的第一季表現強勁，但值得注意的是，我們正在長期管理我們的業務，而不是逐季度管理我們的業務。

And this means our decision-making in some instances may challenge well established business models or practices in the near term so that benefits can be captured over the long run.

這意味著我們在某些​​情況下的決策可能會在短期內挑戰既定的商業模式或實踐，以便從長遠來看能夠獲得利益。

And the Apple iPod deal that was announced during the quarter is a clear example of our vision for the digital future.

本季宣布的 Apple iPod 交易是我們對數位未來願景的明確例證。

Our relationship with Apple positions our company in the forefront of emerging distribution platforms that satisfy people's demand for our content in an entirely new way and given our first mover position with Apple and the strength of our ABC Disney channel and ESPN content our long form programming is among the top video purchases at the iTunes store.

我們與Apple 的關係使我們公司處於新興發行平台的前沿，這些平台以全新的方式滿足人們對我們內容的需求，並考慮到我們與Apple 的先行者地位以及我們ABC 迪士尼頻道和ESPN 內容的實力，我們的長格式節目是是 iTunes 商店中購買次數最多的影片之一。

With over 2.5 million downloads to date.

迄今下載量已超過 250 萬次。

Our early success clearly illustrates how valuable content is when married with great platforms and great consumer electronics.

我們早期的成功清楚地表明了內容與優秀平台和消費性電子產品結合的價值。

Distributing our content on iTunes also was the right deal for Disney based on the platform's environment and protection for our content, the economics of the deal, and the consumer experience, all of which remain key factors as we look to new means to apply technology to extend the distribution for our content.

基於平台的環境和對我們內容的保護、交易的經濟性以及消費者體驗，在iTunes 上分發我們的內容對迪士尼來說也是正確的交易，所有這些仍然是關鍵因素，因為我們尋求新的方法將科技應用於擴大我們內容的分發範圍。

And while these results are encouraging we believe the real benefits of our leadership position will likely be realized in the future when handheld wireless devices will be more widely adopted and we strike new deals that potentially yield a major additive revenue stream for our content.

雖然這些結果令人鼓舞，但我們相信，當手持無線設備得到更廣泛的採用，並且我們達成新交易，可能為我們的內容帶來主要的附加收入來源時，我們的領導地位的真正好處可能會在未來實現。

You should look for us to be active in this area.

您應該尋找我們在這一領域的活躍人士。

Along these lines, we're furthering our multi-platform approach to extending the ESPN brand with our MVNO initiative, mobile ESPN which began its wide national launch yesterday on the Super Bowl.

沿著這些思路，我們正在進一步推進我們的多平台方法，透過我們的 MVNO 計劃（行動 ESPN）來擴展 ESPN 品牌，該計劃於昨天在超級碗比賽中開始在全國範圍內推出。

Mobile ESPN is the first mobile phone offering with Internet access designed to meet the specific needs of sports fans by giving each fan real time access to personalized scores, stats, breaking news, audio, and video highlights and unique ESPN content.

Mobile ESPN 是首款具有網路存取功能的手機產品，旨在滿足體育迷的特定需求，讓每個球迷即時存取個人化的比分、統計數據、突發新聞、音訊和視訊集錦以及獨特的ESPN 內容。

We do not take responsibility for putting any marriages in jeopardy with this phone in the marketplace.

我們不承擔因這款手機在市場上銷售而導致任何婚姻受到威脅的責任。

This venture also is an important step in the direction of getting closer to our consumers as we will have a direct relationship with our mobile ESPN users versus through a distributor.

這項合資企業也是我們朝更貼近消費者方向邁出的重要一步，因為我們將與行動 ESPN 用戶建立直接關係，而不是透過經銷商。

In addition to diversifying our overall revenue mix at ESPN this relationship opens the door to significant opportunities to market new products and services directly to our consumers based on their interests and generate new revenue streams well into the future.

除了使 ESPN 的整體收入組合多樣化之外，這種關係還為我們根據消費者的興趣直接向他們推銷新產品和服務並在未來產生新的收入來源提供了重要機會。

An important component of ESPN's ongoing success is our ability to deliver fans the best in sports programming.

ESPN 持續成功的一個重要組成部分是我們為粉絲提供最好的體育節目的能力。

And to that end, ESPN, along with ABC Sports struck a content-rich agreement with NASCAR in December and extended their long-term relationship with World Cup soccer.

為此，ESPN 與 ABC Sports 於 12 月與 NASCAR 達成了內容豐富的協議，並延長了與世界盃足球賽的長期合作關係。

In a competitive environment where rights fees are on the rise it's critical that we are selective and strategic in our approach to content acquisition.

在版權費用不斷上漲的競爭環境中，我們在內容取得方法上具有選擇性和策略性至關重要。

In addition, it's essential we serve our fans with great sports programming when and where they want it.

此外，我們必須隨時隨地為球迷提供精彩的體育節目。

ESPN is a brand that extends across multiple platforms from TV to print to broadband and wireless, therefore our programming deals include a broad array of rights to provide content to power all these businesses.

ESPN 是一個跨多個平台的品牌，從電視到印刷品再到寬頻和無線，因此我們的節目交易包括提供內容以推動所有這些業務的廣泛權利。

Disney also ended the quarter on a high note in our parks segment with our domestic resorts setting a record for holiday season attendance.

迪士尼在本季末的園區業務也表現出色，我們的國內度假勝地創下了假期季節遊客人數紀錄。

This was due to the strength of our industry-leading theme parks propelled by the ongoing excitement of our 50th anniversary celebration which continues throughout this fiscal year.

這是由於我們行業領先的主題公園的實力，以及我們在本財年持續舉辦的 50 週年慶典的持續興奮所推動的。

Going forward we're enhancing our parks with innovative entertainment experiences in a balanced and measured way that keeps capital expenditures manageable while driving increased attendance and higher margins.

展望未來，我們將以平衡和謹慎的方式透過創新的娛樂體驗來增強我們的公園，使資本支出保持可控，同時推動增加遊客量和提高利潤。

Furthermore, by having John Lassiter as the principal creative advisor to lend his expertise to the creation of new attractions worldwide we will be in a stronger position to more fully develop our franchises from the movie screen to a more immersive 3D entertainment experience at our parks.

此外，透過讓John Lassiter 擔任首席創意顧問，利用他的專業知識在全球範圍內創建新景點，我們將處於更有利的地位，能夠更全面地開發我們的特許經營權，從電影屏幕到公園中更身臨其境的3D 娛樂體驗。

For its full quarter of operation Hong Kong Disneyland experienced very strong attendance during this December holiday period and extremely successful results for last week's Chinese New Year holiday including four consecutive days in which the park was sold out.

就其整個季度的運作而言，香港迪士尼樂園在今年 12 月假期期間的遊客量非常高，而上週的農曆新年假期也取得了非常成功的業績，包括連續四天門票全部售空。

With guest satisfaction measurements at Hong Kong Disneyland resort extremely high, we have a strong basis to build affinity for the Disney brand in the region.

香港迪士尼樂園度假區的賓客滿意度極高，我們擁有堅實的基礎，可以在該地區建立迪士尼品​​牌的親和力。

And our efforts are not limited to the park.

而我們的努力並不僅限於公園。

We also are increasing our investment in local content with our recent announcement of our first Disney branded live action film produced entirely on the mainland in partnership with China film as well as further content development through our consumer products and wireless offerings.

我們也增加了對本地內容的投資，最近宣布與中國電影合作製作第一部完全在大陸製作的迪士尼品牌真人電影，並透過我們的消費產品和無線產品進一步開發內容。

Lastly, as discussed in the past, our radio business is among the best managed in the industry and has generated great results.

最後，正如過去所討論的，我們的無線電業務是業內管理最好的業務之一，並且取得了巨大的成果。

However, given our strategic priorities, the merger of these assets with Citadel Broadcasting makes sense for Disney.

然而，考慮到我們的策略重點，將這些資產與 Citadel Broadcasting 合併對迪士尼來說是有意義的。

Together ABC Radio and Citadel Broadcasting are a perfect strategic fit that will create one of the country's largest radio station groups.

ABC 廣播電台和 Citadel 廣播公司是完美的策略配合，將創造美國最大的廣播電台集團之一。

Our proposed combination of the ABC Radio business with Citadel Broadcasting underscores our commitment to maximizing the value of our assets for shareholders while focusing our capital and management resources toward our core businesses.

我們提議將 ABC 廣播電台業務與 Citadel Broadcasting 合併，這突顯了我們致力於為股東實現資產價值最大化，同時將我們的資本和管理資源集中到我們的核心業務上。

Looking to the future, we continue to carefully monitor and analyze consumer behavior and new technology developments to assess how best to evolve our businesses, either by adapting current business models or creating entirely new ones.

展望未來，我們將繼續仔細監控和分析消費者行為和新技術發展，以評估如何最好地發展我們的業務，無論是透過調整當前的業務模式還是創建全新的業務模式。

More and more consumers are demanding content across multiple platforms and to drive growth we know it is essential that we deliver our content on well-priced and well-timed basis to our customers globally.

越來越多的消費者需要跨多個平台的內容，為了推動成長，我們知道必須以合理的價格和及時的方式向全球客戶提供我們的內容。

Although it's difficult to predict what models will prevail in a digital world, as a company we won't let traditional practices get in the way of best serving the interests and demands of our consumers and we're committed to innovation and experimentation as is relates to new media developments.

儘管很難預測哪種模式將在數位世界中盛行，但作為一家公司，我們不會讓傳統做法妨礙最好地服務於消費者的利益和需求，並且我們致力於相關的創新和實驗到新媒體的發展。

This means we fully understand the value of taking intelligent risks when a compelling new opportunity arises, just as we did with Apple's iTunes.

這意味著我們充分理解當出現引人注目的新機會時承擔明智風險的價值，就像我們對蘋果公司的 iTunes 所做的那樣。

We do not intend to watch consumer behavior change while our business models lag.

我們不想看到消費者行為發生變化，而我們的商業模式卻落後。

In closing, we believe that adopting a consumer-focused, long-term approach is the best way to manage and grow our businesses and deliver strong and consistent returns on invested capital.

最後，我們相信，採用以消費者為中心的長期方法是管理和發展我們的業務以及提供強勁且一致的投資資本回報的最佳方式。

It enables us to keep our eye on the horizon, thereby building real growth and creating true value in the years to come.

它使我們能夠放眼未來，從而在未來幾年實現真正的成長並創造真正的價值。

And now to provide the financial details, Tom Staggs.

現在提供財務詳細信息，湯姆·斯塔格斯。

Thanks, Bob.

謝謝，鮑伯。

As Bob mentioned the ABC Radio group represents a great set of assets.

正如鮑伯所提到的，ABC 廣播電台集團代表著大量資產。

And under John Hare and his team this business has consistently delivered industry leading performance.

在 John Hare 和他的團隊的領導下，該公司始終保持領先的業界。

Last year ABC Radio generated $200 million in operating profit for us.

去年，ABC 廣播電台為我們創造了 2 億美元的營業利潤。

That said, we believe we've got the right strategic partner and an efficient deal structure that allows us to optimize the value of this business for our shareholders.

也就是說，我們相信我們擁有合適的策略夥伴和有效的交易結構，使我們能夠為股東優化這項業務的價值。

As part of the transaction, we anticipate leveraging the ABC Radio business and retaining the proceeds from that 1.4 to $1.65 billion borrowing.

作為交易的一部分，我們預計將利用 ABC 廣播電台業務並保留 140 至 16.5 億美元借款的收益。

In addition, our shareholders will receive stock in the radio business that will equate to approximately 52% of Citadel's total post transaction shares.

此外，我們的股東將獲得無線電業務的股票，相當於 Citadel 交易後總股份的約 52%。

We'll distribute this new stock to our shareholders either through a spin or a split off depending on market conditions at the time the deal closes.

我們將根據交易結束時的市場狀況，透過分拆或分拆將這些新股票分配給我們的股東。

The combination of debt that we expect to raise on the ABC Radio entity and the stock we will receive based on Citadel's current price comes to roughly $2.7 billion.

我們預計向 ABC Radio 實體籌集的債務以及根據 Citadel 目前的價格將收到的股票總計約為 27 億美元。

Assuming that we receive regulatory approvals and a positive IRS ruling we expect the transaction to close sometime this fall.

假設我們獲得監管部門的批准和美國國稅局的積極裁決，我們預計該交易將在今年秋天的某個時候完成。

The ABC Radio and Pixar transactions are obviously separate decisions and events but the two transactions are evidence of our focus on allocating capital towards our strategic priorities and especially those endeavors that can enhance our long term competitive advantages.

ABC 廣播電台和皮克斯的交易顯然是不同的決策和事件，但這兩項交易證明了我們專注於將資本分配給我們的戰略優先事項，特別是那些能夠增強我們長期競爭優勢的努力。

The benefit of this capital allocation approach is also illustrated by our theme parks' performance, where investments we have made in new hotels, attractions, and entertainment most recently in connection with our 50th anniversary celebration are paying off.

我們主題樂園的表現也說明了這種資本配置方法的好處，我們最近在慶祝 50 週年慶典時對新酒店、景點和娛樂設施的投資正在獲得回報。

Our parks' performance in Q1 which included record holiday attendance was a highlight of the quarter.

我們的公園在第一季的表現（包括創紀錄的假日遊客人數）是本季的一大亮點。

On a fully consolidated basis theme parks' revenues were up 13% and profits rose 51% with double-digit increases coming at both our domestic and partially owned international resorts.

在完全合併的基礎上，主題樂園的收入成長了 13%，利潤成長了 51%，我們的國內和部分擁有的國際度假村均實現了兩位數的成長。

The 50th anniversary celebration is resonating especially well at the Disneyland resort where attendance for the quarter was up 18%.

50 週年慶祝活動在迪士尼樂園度假區引起了特別強烈的反響，該季度的參觀人數增加了 18%。

We saw increases in each guest segment with local and domestic visitation both up by more than 20%.

我們看到每個客人群體都有所增長，本地和國內遊客均增長了 20% 以上。

Per capita spending at our Disneyland parks was also up by 18%.

迪士尼樂園的人均支出也增加了 18%。

On the hotel side West Coast occupancies increased by over 6 percentage points to roughly 96%.

在飯店方面，西海岸的入住率增加了 6 個百分點以上，達到約 96%。

And per room spending grew by 11%.

每間客房的支出增加了 11%。

At Walt Disney World we also saw positive trends, attendance grew by 5% for the quarter led by 15% growth in international visitation.

在華特迪士尼世界，我們也看到了積極的趨勢，本季遊客量增加了 5%，其中國際遊客量增加了 15%。

Per capita spending at our Florida parks rose by 3%.

佛羅裡達州公園的人均支出增加了 3%。

Hotel occupancy was up modestly to 83%, with per room spending up 9% due primarily to increased room rates.

飯店入住率小幅上升至 83%，每間客房的支出增加 9%，主要是由於房價上漲。

Looking ahead, rooms on the books at our domestic parks for Q2 are trending slightly ahead of last year, however, it's worth noting that the later timing of Easter this year results in eight fewer vacation days in Q2 this year than last.

展望未來，第二季國內樂園預訂房間數略高於去年，但值得注意的是，今年復活節時間推遲，導致今年第二季假期天數比去年減少八天。

As Bob mentioned Hong Kong Disneyland also contributed to this quarter's favorable performance, especially since last year at this time we were recording preopening expenses for Hong Kong that dampened our results.

正如鮑勃所提到的，香港迪士尼樂園也為本季度的良好業績做出了貢獻，特別是自去年這個時候我們記錄了香港的開業前費用，這削弱了我們的業績。

At Media Networks the continued creative success at the ABC network in Q1 is showing in viewership as well as financial results.

在媒體網絡方面，ABC 網路在第一季的持續創意成功體現在收視率和財務表現上。

For Q1 primetime revenues were more than 35% above Q1 last year driven by ABC's strong ratings, last year's -- last spring's successful upfront and scatter CPMs that were up high single digits versus up front levels.

第一季黃金時段的營收比去年第一季成長了 35% 以上，這得益於 ABC 強勁的收視率、去年春季成功的預付費用和分散 CPM，與預付費用相比提高了高個位數。

The ad market has remained strong so far in Q2 where we're seeing CPMs trending low double digits ahead of upfront pricing.

到目前為止，第二季廣告市場依然強勁，我們看到每千次曝光費用在預付費用之前呈現兩位數低點趨勢。

Ad sales at our TV stations increased by 3% for the December quarter and for Q2 so far our TV stations are pacing 8% ahead of last year driven by Super Bowl ad sales.

在超級盃廣告銷售的推動下，我們電視台的廣告銷售在 12 月季度增長了 3%，而在第二季度到目前為止，我們的電視台的廣告銷售比去年同期增長了 8%。

Our cable networks continue to deliver robust ratings and we saw double digit growth in ad revenue at both ESPN and ABC Family in Q1.

我們的有線電視網持續提供強勁的收視率，第一季 ESPN 和 ABC Family 的廣告收入均達到兩位數成長。

Total revenue for the cable group was up only modestly as ESPN's carriage agreements caused us to defer more than 100 million more in affiliate revenue from Q1 versus what we deferred last year.

該有線電視集團的總收入僅小幅增長，因為 ESPN 的轉播協議導致我們從第一季推遲了比去年推遲的 1 億多美元的附屬收入。

As the preeminent brand in sports media, ESPN continues to build value for our shareholders.

作為體育媒體領域的卓越品牌，ESPN 持續為我們的股東創造價值。

The March quarter for ESPN has gotten off to a good start with this year's college bowl season and ad sales so far in Q2 at ESPN are running mid-single digit percentages ahead of the prior year.

ESPN 的三月季度在今年的大學碗賽季中取得了良好的開局，並且 ESPN 第二季度的廣告銷售額目前已比去年同期增長了中個位數百分比。

At our other cable channels we continue to invest in programming and we're seeing this investment pay off in solid ratings even though that spending has dampened current results somewhat.

在我們的其他有線頻道，我們繼續投資於節目製作，並且我們看到這種投資在穩定的收視率上得到了回報，儘管這些支出在一定程度上削弱了當前的業績。

For calendar 2005 the Disney channel is rated the number one basic cable network in prime time with kids 6 to 11 and tweens 9 to 14 for the third consecutive year.

2005 年，迪士尼頻道連續第三年被評為黃金時段 6 至 11 歲兒童和 9 至 14 歲青少年的第一大基本有線電視網絡。

At ABC Family, as I mentioned, we generated double digit ad growth again in Q1 although our programming investment more than offset those gains.

正如我所提到的，在 ABC Family，我們在第一季再次實現了兩位數的廣告成長，儘管我們的節目投資遠遠抵消了這些收益。

At the studio, as anticipated we faced difficult comparisons to last year's December quarter which included the theatrical release of "The Incredibles" and "National Treasure" and a relatively stronger slate of home video releases.

在工作室，正如預期的那樣，我們面臨著與去年 12 月季度的艱難比較，其中包括《超人特攻隊》和《國家寶藏》的院線發行以及相對較強的家庭錄影帶發行。

Those differences showed up in our financial results.

這些差異體現在我們的財務表現上。

Nonetheless Q1 was a success creatively for Disney branded titles in the studio, led by the tremendous performance of "Chronicles of Narnia" and strong results from "Chicken Little".

儘管如此，在《納尼亞傳奇》的出色表現和《小雞》的強勁表現的帶動下，工作室的迪士尼品牌遊戲在第一季還是取得了創造性的成功。

We believe that two of Disney's key advantages are the strength of our brands and our ability to leverage successful content across a range of businesses.

我們相信迪士尼的兩個關鍵優勢是我們品牌的實力以及我們在一系列業務中利用成功內容的能力。

These advantages were evident in consumer products this quarter where operating profit at Buena Vista Games increased substantially in Q1 due to the success of games based on the "Chronicles of Narnia" and "Chicken Little".

這些優勢在本季的消費產品中表現得很明顯，由於《納尼亞傳奇》和《小雞》遊戲的成功，Buena Vista Games 第一季的營業利潤大幅增加。

We're pleased with our progress in video games and see this business as another area where we can leverage our brands and content to generate future growth.

我們對視頻遊戲方面的進展感到滿意，並將該業務視為我們可以利用我們的品牌和內容來實現未來成長的另一個領域。

The start of fiscal 2006 has been exciting and gratifying for us in many ways and going forward we believe we are well positioned to continue delivering growth and improving returns for our shareholders.

2006 財年伊始，我們在許多方面都感到興奮和滿意，展望未來，我們相信我們已做好充分準備，能夠繼續為股東帶來成長和提高回報。

With that goal in mind, I'd like to touch on some of the key drivers and swing factors that will likely impact the rest of the year.

考慮到這一目標，我想談談可能會影響今年剩餘時間的一些關鍵驅動因素和波動因素。

As we mentioned during our last earnings call we expect our growth in fiscal 2006 to be heavily weighted toward the latter half of the year, due in large measure to a number of factors that will impact our second quarter.

正如我們在上次財報電話會議中提到的，我們預計 2006 財年的成長將主要集中在下半年，這在很大程度上是由於許多影響我們第二季的因素。

At ESPN we expect to defer a little over $40 million more in revenue from Q2 until later in the year versus what we deferred last year.

在 ESPN，我們預計將比去年推遲的收入從第二季度推遲到今年晚些時候，多一點略高於 4000 萬美元。

At ABC the Super Bowl will generate a net operating loss of approximately $20 million given the impacts at both the network and our stations.

考慮到對電視網和電視台的影響，超級盃比賽將為 ABC 帶來約 2000 萬美元的淨營運損失。

In consumer products, you should recall that in last year's March quarter we booked $40 million for the recognition of license guarantee revenues from Mattel which together with our increased investment in video games will create difficult comparisons for this segment in Q2.

在消費產品方面，您應該記得，在去年3 月的季度，我們從Mattel 預訂了4000 萬美元用於確認許可保證收入，再加上我們對視頻遊戲的投資增加，將在第二季度對該細分市場進行比較。

At the studio, fiscal 2006 will benefit from a solid creative start with "Chicken Little" to be released on home video on March 21, and "Narnia" to be released on home video on April 4, however in Q2 home video comparisons will be challenging again as Q2 of last year included the release of "The Incredibles" which was the best selling video title of 2005 plus "Bambi" and "The Village".

在工作室，2006 財年將受益於紮實的創意開端，《小雞小雞》將於3 月21 日在家庭視頻中發布，《納尼亞傳奇》將於4 月4 日在家庭視頻中發布，但在第二季度家庭錄影帶比較將去年第二季度，《超人特攻隊》（The Incredibles）的發行再次帶來了挑戰，該影片是2005 年最暢銷的錄影帶作品，另外還有《小鹿斑比》 （Bambi）和《村莊》（The Village）。

Beyond Q2, we look forward to two of the most anticipated films of the year including "Cars" which opens on June 9, and "Pirates of the Caribbean - Dead Man's Chest" on July 7.

第二季之後，我們期待今年最受期待的兩部電影，包括 6 月 9 日上映的《汽車總動員》和 7 月 7 日上映的《加勒比海盜 - 聚魂箱》。

Of course, no one can predict box office performance with certainty and market dynamics could impact our studio performance but overall we expect meaningfully improved results for 2006 due to 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，而且市場動態可能會影響我們工作室的表現，但總體而言，由於影院表現更好以及米拉麥克斯的支出減少，我們預計2006 年的業績將顯著改善。

In the second half of the fiscal year we expect robust growth driven by a successful summer at our studio, continued momentum at ABC and ongoing strong visitation at our theme parks.

我們預計，在本財年下半年，我們工作室的成功暑期、ABC 的持續發展勢頭以及主題公園的持續強勁客流量將帶來強勁增長。

The fundamental growth at ESPN coupled with recognition of the revenues deferred in the first half of the year will have a significant positive impact on the second half as well.

ESPN 的基本成長加上上半年遞延收入的確認也將對下半年產生重大正面影響。

With so many positive prospects ahead, and barring a change in our outlook for the economy we look forward to delivering our fourth straight year of double digit earnings growth in fiscal 2006.

展望未來，除非我們對經濟前景做出改變，否則我們期待 2006 財年連續第四年兩位數的獲利成長。

Assuming continued strength in the climate for our businesses we also remain confident in our ability to deliver double digit compound average EPS growth through at least 2008 off the strong base we established in 2004.

假設我們的業務環境持續強勁，我們仍然有信心在 2004 年建立的堅實基礎上至少到 2008 年實現兩位數複合平均每股收益增長。

Consistent with our confidence in the future the Disney Board recently increased our total available share repurchase authorization to 400 million shares.

與我們對未來的信心一致，迪士尼董事會最近將我們可用的股票回購授權總額增加到 4 億股。

Given our current expectations we intend to repurchase in excess of $5 billion worth of Disney shares over the next 12 months and target buying as many shares as we're issuing in the Pixar transaction by the end of fiscal 2007.

鑑於我們目前的預期，我們打算在未來 12 個月內回購價值超過 50 億美元的迪士尼股票，並計劃在 2007 財年末購買與皮克斯交易中發行的股票一樣多的股票。

In the December quarter we repurchased 49 million shares at a cost of roughly $1.2 billion.

在 12 月這個季度，我們回購了 4,900 萬股股票，成本約 12 億美元。

This is an exciting time for our company.

對我們公司來說，這是一個令人興奮的時刻。

We're taking bold steps to create powerful, high quality content, and new opportunities to distribute that content.

我們正在採取大膽的步驟來創建強大的、高品質的內容，以及分發這些內容的新機會。

At the same time we remain focused on operational excellence and efficiency and most importantly on building on the unique relationship that we enjoy with our customers while creating lasting value for our shareholders.

同時，我們仍然專注於卓越營運和效率，最重要的是建立我們與客戶享有的獨特關係，同時為股東創造持久價值。

With that I'll turn the call over to Wendy for Q&A.

之後我會將電話轉給溫迪進行問答。

We're ready to take the first question, operator.

我們準備好回答第一個問題了，接線生。

[OPERATOR INSTRUCTIONS] And our first question is from the line of William Drewry with Credit Suisse.

[操作員說明] 我們的第一個問題來自瑞士信貸銀行的 William Drewry。

Hi, thank you.

嗨，謝謝你。

Just two questions.

只有兩個問題。

One, could you talk about, Tom, what the total incremental investment spending will be this year for the MVNO?

第一，Tom，您能談談今年 MVNO 的增量投資支出總額是多少嗎？

And also for video games?

也適用於電玩遊戲？

And then also wondering if you could talk further as you get to the second half of the year you still sound pretty bullish on the parks.

然後你還想知道，到了下半年，你是否可以進一步談談，你聽起來仍然對公園非常樂觀。

Should we expect to see incremental margin growth at the theme parks as you continue to price up and also see volume gains as well?

隨著價格的持續上漲，我們是否應該看到主題樂園的利潤率不斷增長，並且銷售量也有所增長？

Sure.

當然。

So with the -- with regard to MVNO, we had said at the outset of the year that we expected in excess of $130 million of investment spending at MVNO.

因此，關於 MVNO，我們在年初曾表示，我們預計 MVNO 的投資支出將超過 1.3 億美元。

My gut right now is that it will be something a little north of that, although it's difficult to know until we've launched both products but I would expect a number somewhat higher than that expectation at the beginning of the year.

我現在的直覺是，它會比這個數字稍高一些，儘管在我們推出這兩種產品之前很難知道，但我預計這個數字會比年初的預期要高一些。

With regard to video games, we'll be spending over $100 million in development of video games which is roughly a doubling versus what we spent last year.

在電玩遊戲方面，我們將花費超過 1 億美元用於電玩遊戲的開發，這大約是去年支出的兩倍。

And then with regard to parks, we do expect margin growth for the year as a whole.

然後就公園而言，我們確實預計全年利潤率會成長。

And obviously in the first quarter we took a good step in that direction.

顯然，在第一季度，我們朝這個方向邁出了一大步。

The 50th anniversary has really been a powerful celebration for us.

50 週年對我們來說確實是個意義重大的慶祝活動。

And we assume that that will continue to work.

我們假設這將繼續發揮作用。

And therefore it bodes well for the parks for the remainder of the year.

因此，這對今年剩餘時間的公園來說是個好兆頭。

Thank you.

謝謝。

We'll take the next question please.

我們將回答下一個問題。

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, good afternoon.

謝謝，下午好。

Two questions, first, Bob, can you talk a little about what you think ABC needs to do in preparation for the upfront?

有兩個問題，首先，鮑勃，你能談談你認為 ABC 需要做哪些前期準備嗎？

It seems like you've had some nice successes this year, you've also had a couple shows that have gotten off to good starts and faded a bit and I'm wondering what the key steps are they need to take?

看來你們今年取得了一些不錯的成功，你們也有幾場節目開局良好，但後來有些衰退，我想知道他們需要採取哪些關鍵步驟？

And Tom can you talk a little bit about the domestic international split at theme parks?

湯姆，你能談談主題樂園的國內國際分裂嗎？

I notice you didn't put that data up in the release and I'm wondering if that is something you'll continue to release and if you can give us that data on the call, that will be helpful, thanks.

我注意到您沒有將這些數據放在發布中，我想知道您是否會繼續發布這些數據，如果您可以在電話會議上向我們提供這些數據，那將會很有幫助，謝謝。

Well, right now ABC is experiencing double-digit increases over the upfront and everyday part and primetime is running in the neighborhood of 11 to 12%.

嗯，現在 ABC 的前期和日常部分正在經歷兩位數的增長，黃金時段的增長在 11% 到 12% 左右。

And we believe that what's driving it is the deliverance of great upscale demographics.

我們相信，推動這一趨勢的是大量高端人口的釋放。

So ABC for instance is the number one network in households with income of 75 grand, households with income of 100 grand, four years of college, et cetera and so on.

例如，ABC 是收入 75 格蘭特的家庭、收入 100 格蘭特的家庭、四年大學等等的第一網絡。

And while a lot of the shows that are on ABC, particularly "Home Makeover" and "Dancing with the Stars" are kind of universal in appeal.

儘管 ABC 的許多節目，尤其是《家居改造》和《與星共舞》，都具有普遍的吸引力。

What ABC has managed to do, primarily by programming quality programs is to deliver demos that advertisers feel they must have.

ABC 所做的主要是透過製作高品質的節目來提供廣告商認為他們必須擁有的演示。

And so in speaking with the ABC sales group, they are extremely bullish about where they will stand in the upfront.

因此，在與 ABC 銷售團隊交談時，他們對自己的領先地位非常樂觀。

Now it's still early to predict what the upfront is going to look like.

現在預測前期的情況還為時過早。

But they at least feel great about how they are positioned going into the upfront.

但他們至少對自己在前線的定位感覺很好。

They basically are at the front of the line when it comes to getting calls from sponsors seeking to buy spots, again because of the upscale demos and it doesn't hurt to have shows that are getting as much attention for their quality like "Lost" and "Desperate Housewives" and I -- so I think they're in great shape.

當涉及到尋求購買席位的贊助商的電話時，他們基本上處於最前面，這也是因為高檔演示，並且擁有像“迷失”這樣因其質量而受到關注的節目也沒有什麼壞處還有《絕望的主婦》和我－所以我認為他們狀態很好。

And I -- if we can add to that which, I'm hopeful with a few of the shows that we've got coming up, that will be icing on the cake.

我——如果我們能補充一點，我希望我們即將推出的一些節目，那將是錦上添花。

Lowell, the -- I wasn't sure whether you were asking about the international parks operations or international attendance so I guess I'll give you a two for.

洛厄爾，我不確定您是否在詢問國際公園的運營或國際遊客數量，所以我想我會給您兩分。

The -- at Walt Disney World international attendance was up in the mid-teens sort of area.

華特迪士尼世界的國際遊客人數上升到了十幾歲左右。

And so we continue to see nice growth there.

因此，我們繼續看到那裡的良好成長。

Disneyland it was up mid-to high, well, high single digits international attendance so, again, strong although the greatest growth at Disneyland was really in domestic attendance and residents as I had mentioned.

迪士尼樂園的國際遊客人數達到了中高，嗯，高個位數，所以再次強勁，儘管迪士尼樂園最大的增長實際上是國內遊客和居民，正如我所提到的。

The -- with regard to the international operations, if you just look at the consolidated income statement you'd see a little over $400 million in revenues coming from Euro Disney and Hong Kong Disneyland and about $16 million impact to the operating profit line, again, $388 million of expenses.

關於國際業務，如果你只看一下合併損益表，你會發現歐洲迪士尼和香港迪士尼樂園的收入略高於 4 億美元，並對營業利潤線產生了約 1600 萬美元的影響。 ，3.88 億美元的開支。

So that will give you a sense on the drivers there.

這樣你就能對那裡的司機有個了解。

So, as I mentioned in the prepared remarks, we saw very strong double digit growth from the domestic parks and then that was aided by the improvements that we saw in the international parks as well.

因此，正如我在準備好的發言中提到的那樣，我們看到國內公園實現了非常強勁的兩位數增長，而這也得益於我們在國際公園中看到的改善。

We'll take the next question, please.

我們將回答下一個問題。

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

我們的下一個問題來自德意志銀行證券公司的 Doug Mitchelson。

Thank you very much.

非常感謝。

Bob, you mentioned that sports rights fees are on the rise and Disney needs to be selective and the cable network segment revenue growth slowed a bit to 9% after you add back the 105 million ESPN deferral.

鮑勃，您提到體育賽事轉播費正在上漲，迪士尼需要有所選擇，並且在您加上 1.05 億 ESPN 延期收入後，有線電視網絡部門的收入增長略有放緩至 9%。

So with slowing revenue and rising costs investors are worried that ESPN might not be able to grow profits next year.

因此，隨著收入放緩和成本上升，投資者擔心 ESPN 明年可能無法實現利潤成長。

Any clarity you could provide as to ESPN's growth prospects next year?

您能透露一下 ESPN 明年的成長前景嗎？

Yes, we're still looking for double digit growth from ESPN, not just the next year but in the next few years.

是的，我們仍然希望 ESPN 實現兩位數的成長，不僅是明年，而且是未來幾年。

We have been aggressive but selective in the rights that we've gone after.

我們在追求的權利方面一直積極進取，但也有選擇性。

And the fact that we've done eight year deals for the NFL and NASCAR and World Cup soccer and also we have baseball, basically positions ESPN to use this great programming and when you couple it with the NBA by the way to really strengthen the brand and as ESPN's subscription fees continue to rise, and their brand strength grows because of the affinity to all of these great program acquisitions we actually believe that we'll be able to grow advertising by delivering better ratings.

事實上，我們已經與NFL、NASCAR 和世界盃足球賽簽訂了八年合約，而且我們還擁有棒球賽事，這基本上使ESPN 能夠使用這個出色的節目，並且當你將其與NBA 結合起來時，可以真正強化品牌隨著ESPN 的訂閱費不斷上漲，並且由於對所有這些出色的節目收購的吸引力，他們的品牌實力不斷增強，我們實際上相信，我們將能夠透過提供更好的收視率來增加廣告收入。

And the ratings for ESPN last year as I mentioned in my remarks were quite strong.

正如我在發言中提到的，去年 ESPN 的收視率非常高。

So double digit growth is what we're anticipating from ESPN.

因此，我們對 ESPN 的預期是兩位數的成長。

And we're pleased with how they're positioned both from a programming perspective, from a brand perspective, and in terms of their use of new technology.

我們對他們從程式角度、品牌角度以及新技術的使用方面的定位感到滿意。

Yes.

是的。

The one thing I'd add to that is with regard to ESPN growth, I think there had been some concern, we talked about ESPN growth that would be -- that would average double digits through 2009 and to exactly what Bob was saying just so people understand, if we thought that one of those years was going to be dramatically off that pace, we would try to indicate that in our guidance.

我要補充的一件事是關於 ESPN 的增長，我認為存在一些擔憂，我們討論了 ESPN 的增長——到 2009 年平均將達到兩位數，這正是鮑勃所說的人們明白，如果我們認為其中某一年的增速將大幅落後，我們將嘗試在我們的指導下指出這一點。

So I -- it would be exactly what Bob said, we still believe that the way those years will roll out will be generally consistent with that pace, depending, of course, on the relative strength of advertising and the other impacts during the course of those years.

所以我——這正是鮑勃所說的，我們仍然相信那些年推出的方式將與這個速度基本一致，當然，這取決於廣告的相對強度和過程中的其他影響。那些年。

We'll take the next question please.

我們將回答下一個問題。

Our next question is from the line of Anthony Noto with Goldman Sachs.

我們的下一個問題來自高盛的安東尼·諾托。

Thank you, very much.

非常感謝。

Bob and Tom two questions, first, Bob, strategically do you see ABC as strategically important today as it was in the past and if so what could have caused that to change for it to not be as strategically important as it has been in the past?

鮑勃和湯姆有兩個問題，首先，鮑勃，從戰略上講，您認為ABC 今天的戰略重要性與過去一樣嗎？如果是這樣，是什麼導致了這種情況發生變化，使其不再像過去那樣具有戰略重要性？

And then, Tom, I was wondering if you could update us on the home video market?

然後，湯姆，我想知道您能否為我們介紹家庭視訊市場的最新情況？

I know that was a lot of comments that you had back in the September time frame and I was wondering when we may see a bottoming on what the current trends are both for the Walt Disney Company and then sort of at the industry level?

我知道您在 9 月的時間範圍內收到了很多評論，我想知道我們什麼時候可以看到華特迪士尼公司以及行業層面的當前趨勢觸底？

Thanks.

謝謝。

Well, first of all, Anthony, I would be remiss if I did not congratulate you on the birth of your twins.

好吧，首先，安東尼，如果我不祝賀你雙胞胎的出生，那就是我的失職。

That's what I would call true double digit growth.

這就是我所說的真正的兩位數成長。

So congratulations.

所以恭喜你。

Rather than talking about, I realize I'm going to be a little bit evasive on the question, the strategic value of ABC past versus current or future, let me talk about current or future.

我意識到我會在這個問題上有點迴避，而不是談論 ABC 過去與當前或未來的戰略價值，讓我談談當前或未來。

Because ABC has been kind of part of different companies over the years.

因為多年來 ABC 一直是不同公司的一部分。

I believe that ABC Television, and that is the network combined with the television stations is a very valuable strategic asset for the Company.

我相信ABC電視台，也就是與電視台結合的網絡，對公司來說是非常寶貴的策略資產。

And what it does, is it enables us through the reach that those stations and the network provide in combination to basically invest in great content and then to use that content not just on those platforms but on new platforms technologically, iTunes a perfect example, iPod but also to grow the Company outside the United States.

它的作用是，它使我們能夠透過這些電台和網路結合提供的影響力，基本上投資於精彩的內容，然後不僅在這些平台上，而且在新的技術平台上使用這些內容，iTunes 就是一個完美的例子，iPod也致力於在美國以外的地區發展公司。

And so when "Desperate Housewives" launches in China for me that's a great step from a strategic perspective.

因此，當《絕望的主婦》在中國上映時，對我來說，從戰略角度來看這是邁出的一大步。

And so we're looking really at a kind of three-prong brand approach for the Company.

因此，我們正在真正為公司尋找一種三管齊下的品牌方法。

And that's Disney, which is clearly, first and foremost in our minds in terms of value, ESPN obviously a huge profit driver and a very, very important brand for the Company long term, and then ABC Television.

這就是迪士尼，在我們心目中，就價值而言，它顯然是最重要的，ESPN 顯然是一個巨大的利潤驅動因素，也是公司長期非常重要的品牌，然後是 ABC 電視台。

And the reason I'm saying television is I'm differentiating it from ABC Radio.

我之所以說電視是為了將它與 ABC 廣播電台區分開來。

Our intention is to focus on these core assets of the Company and to use our capital allocated aggressively to basically build up the Company's portfolio of great programs and then exploit them aggressively outside the U.S. and on new platforms domestically.

我們的目的是專注於公司的這些核心資產，並利用我們積極分配的資本從根本上建立公司的偉大項目組合，然後在美國境外和國內新平台上積極利用它們。

With regard to the question on home video, I think that clearly our total units were down somewhat for the quarter, which drove the tougher comparisons.

關於家庭影片的問題，我認為本季我們的總銷量顯然有所下降，這推動了更嚴格的比較。

But if you look at the -- and that had really to do with the slate that we had out there in the marketplace for the quarter.

但如果你看一下——這確實與我們本季市場上的石板有關。

If you look at industry conversion rates, they actually looked to us like they improved modestly in the fourth calendar, our first fiscal quarter.

如果你看一下行業轉換率，我們實際上認為它們在第四個日曆（我們的第一個財政季度）中略有改善。

And so we're cautiously optimistic about that.

因此我們對此持謹慎樂觀的態度。

Last year the overall home video market was roughly flat with the prior year, and it looks like the first quarter was not inconsistent with that sort of a trend.

去年整個家庭視訊市場與去年基本持平，第一季似乎與這種趨勢並不不一致。

So overall the market seems reasonably stable and conversions are up a little bit.

因此，總體而言，市場似乎相當穩定，轉換率略有上升。

Our quarter suffered a bit because of the slate that we had out there.

由於我們現有的石板，我們的季度受到了一些影響。

And just to add to that, I'm actually bullish about next generation DVD.

除此之外，我實際上看好下一代 DVD。

I realize that it's going to go through some -- a bit of a challenge period because of the competing platforms and the fact that we have to penetrate the market with new players and new software or movies.

我意識到，由於競爭平台的存在，以及我們必須用新玩家、新軟體或電影打入市場這一事實，它將經歷一些——有點挑戰的時期。

But seeing it, I saw it at CES, the Consumer Electronics Show and I've seen a fair amount of demos here at the Disney lot recently, when you watch one of our movies or a TV show on a high definition DVD it is a great experience.

但看到它，我在 CES（消費電子展）上看到了它，最近我在迪士尼展館看到了相當多的演示，當你在高清 DVD 上觀看我們的電影或電視節目時，它很棒的經歷。

And I have to think that that's going to be, one, good for our business because of the obvious and it is also going to be great for consumers.

我必須認為，第一，這對我們的業務有利，因為顯而易見，對消費者也有好處。

It is something I think that is going to ignite the marketplace.

我認為這將點燃市場。

And I think the DVD side of it, even though we're programming a lot of live programming and HDTV, I think the DVD side is going to go a long way to stimulate penetration of HD in general in the marketplace.

我認為 DVD 方面，儘管我們正在製作大量現場節目和 HDTV，但我認為 DVD 方面將在很大程度上刺激 HD 在市場上的滲透。

We'll take the next question, please.

我們將回答下一個問題。

Our next question is from the line of Aryeh Bourkoff with UBS.

我們的下一個問題來自瑞銀集團的 Aryeh Bourkoff。

Yes, good afternoon or good evening, just a few questions.

是的，下午好或晚上好，只有幾個問題。

One, I was wondering for the film division could you give us a breakdown of the performance in the quarter, particularly theatrical versus home video and within home video maybe a breakdown between new releases and library titles?

第一，我想知道電影部門能否給我們提供本季度表現的詳細信息，特別是院線與家庭視頻以及家庭視頻中的新版本和圖書館影片之間的詳細信息？

And secondly, I was wondering if you could give us an update on the cable networks in particular ESPN's negotiations with Comcast and Time Warner?

其次，我想知道您能否向我們介紹有線電視網絡的最新情況，特別是 ESPN 與康卡斯特和時代華納的談判情況？

I have the impression that it was close but just looking for an update there.

我的印像是它很接近，但只是在那裡尋找更新。

And then lastly, any sort of Internet assets out there that you are looking at or targeting for enhancing the growth profile of that division?

最後，您正在考慮或瞄準哪些類型的網路資產來增強該部門的成長狀況？

Thanks.

謝謝。

Well, what I will say about the breakdown at the studio is that the biggest driver of the year-over-year change came in the theatrical area, but we also saw lower results at domestic home video, international home video was up just a little bit.

Well, what I will say about the breakdown at the studio is that the biggest driver of the year-over-year change came in the theatrical area, but we also saw lower results at domestic home video, international home video was up just a little位元.

The -- with regard to the home video marketplace we had nice -- very strong results from Cinderella which compared reasonably well to "Aladdin" last year and so those are the biggest pieces of the library.

關於家庭錄影帶市場，我們從《灰姑娘》中獲得了非常強勁的結果，與去年的《阿拉丁》相比，這些結果相當不錯，因此這些是該庫中最大的部分。

But -- but there was, greater depth in the new releases this last year than there were this year.

但是，去年的新版本比今年更有深度。

And so that was a bigger part of the driver there.

所以這是驅動程式的一個更大的部分。

On the cable front a lot of details have already been worked out between Time Warner and Comcast and Disney but there's still some details to go.

在有線電視方面，時代華納、康卡斯特和迪士尼之間已經制定了許多細節，但仍有一些細節需要解決。

Because we're talking about long term deals with many moving parts in a world that technology is making more and more complex, there are some pretty interesting issues on the table in terms of the role of the distributor versus the role of the programmer.

因為我們正在討論的是技術使世界變得越來越複雜的許多移動部件的長期交易，所以在分銷商的角色與程式設計師的角色方面存在一些非常有趣的問題。

And while I'm a little bit frustrated at the pace, because it's just taken a long time, I'm not concerned about the ultimate outcome.

雖然我對這個速度有點沮喪，因為它花了很長時間，但我並不擔心最終結果。

What about Internet?

互聯網呢？

I don't think we would -- sorry, we wouldn't comment about anything specific we'd be looking at in the Internet category.

我認為我們不會——抱歉，我們不會對我們在網路類別中關注的任何具體內容發表評論。

We obviously are fairly aware of developments in that business.

我們顯然相當了解該業務的發展。

And consider a lot of possibilities.

並考慮很多可能性。

And that's an ongoing process.

這是一個持續的過程。

Yes.

是的。

I think what we said in the past is that we were open to that, to acquisitions along those lines.

我認為我們過去所說的是我們對此持開放態度，對類似的收購持開放態度。

And we really would be looking for reach in audiences that we think are consistent and comparable to -- or compatible with our existing operations and that are leverageable across the range of content activities that we have but, as Bob said, I don't think we'd point out anything in particular at this point.

我們確實會尋找我們認為一致且可比較的受眾群體，或者與我們現有的運營兼容，並且可以在我們擁有的各種內容活動中發揮作用，但正如鮑勃所說，我不認為此時我們會特別指出任何事情。

We'll take the next question then please.

那我們將回答下一個問題。

Our next question is from the line of Jessica Reif Cohen with Merrill Lynch.

我們的下一個問題來自美林證券的傑西卡·雷夫·科恩。

Hi, thank you.

嗨，謝謝你。

A couple of questions.

有幾個問題。

On animation could you just work through again what the expectations would be for Disney animation per annum versus Pixar?

關於動畫，您能否再次計算迪士尼動畫與皮克斯動畫每年的期望是什麼？

Like at what point will Pixar actually ramp up -- it sounds like '07 for sure is one film, so just wondering when you really expect them to be, if ever, two films a year.

就像皮克斯會在什麼時候真正崛起一樣——聽起來 07 年肯定是一部電影，所以只是想知道你什麼時候真正期望它們每年兩部電影（如果有的話）。

And then on the kind of divestiture front, did -- Bob you mentioned that TV stations are kind of hand-to-hand with the network but you have ten stations versus everybody else's -- significantly larger station group.

然後在剝離方面，鮑勃，你提到電視台與電視網是一種肉搏戰，但你有十個電視台，與其他人相比，電視台集團要大得多。

Do you think you have enough?

你覺得你夠了嗎？

Sounds like you need to keep them, but do you think you have enough stations?

聽起來你需要保留它們，但你認為你有足夠的電台嗎？

And then finally given the success of Hong Kong just wondering if there's any movement on another China location, another theme park?

最後，考慮到香港的成功，我想知道中國的另一個地點、另一個主題樂園是否有任何動向？

Right.

正確的。

Okay.

好的。

Let's see.

讓我們來看看。

Theme park first, nothing to report there.

首先是主題樂園，沒什麼好報告的。

By the way, Jessica, I congratulated Anthony, I would be remiss if I didn't congratulate you on the birth of a new Disney princess, Vanessa, so congratulations.

順便說一句，傑西卡，我祝賀安東尼，如果我不祝賀你新的迪士尼公主凡妮莎的誕生，那就是我的失職，所以恭喜你。

On theme parks we've had ongoing discussions, ongoing and ongoing and ongoing with the Chinese Government about a park in Shanghai, and nothing new to report there.

關於主題樂園，我們與中國政府就上海的一個公園進行了持續不斷的討論，沒有什麼新的報道可以報道。

The TV station side, we have ten stations.

電視台方面，我們有十個電視台。

They -- most of them are in great markets, well, they're all in great markets, some of them are in bigger markets than others and they are powerhouses in terms of ratings, performance and also economically.

他們中的大多數都在偉大的市場中，嗯，他們都在偉大的市場中，其中一些比其他的市場更大，而且他們在收視率、績效和經濟方面都是強大的。

And while I think it would be nice to have more we don't feel it is essential and every time we've looked at potential acquisitions in that space we felt that the prices being paid were just a little bit too high, and since our relationship with our affiliate base is relatively healthy there doesn't seem to be a need to own or control more.

雖然我認為擁有更多的產品會很好，但我們不認為這是必要的，每次我們考慮該領域的潛在收購時，我們都覺得支付的價格有點太高了，因為我們的價格與我們的聯盟基地的關係相對健康，似乎沒有必要擁有或控制更多。

The first question on Pixar and Disney animation, we're not being all that specific in terms of numbers except to say that the goal is to release approximately two films a year.

關於皮克斯和迪士尼動畫的第一個問題，我們並沒有具體說明數字，只是說目標是每年發行約兩部電影。

There will be some ebb and flow in that regard as we focus on ultimately when the deal closes on the sequels that we're -- that we plan to make.

當我們最終關注我們計劃製作的續集的交易完成時，這方面會有一些起伏。

We expect, for instance, when the deal closes that Pixar will take over the production of "Toy Story 3".

例如，我們預計交易完成後，皮克斯將接手《玩具總動員3》的製作。

And we know that there will be some other development activity at Pixar in terms of sequels.

我們知道皮克斯在續集方面還會有一些其他的開發活動。

And we are going to focus on quality, particularly in this space.

我們將關注質量，尤其是在這個領域。

It's incredibly important.

這非常重要。

And while I think we'll be satisfied with quantity, the quantity that we produce, the focus is making sure particularly because these films tend to have such an impact on people's perception and the Disney brand that we're making the right films and releasing them at the right time.

雖然我認為我們會對數量、我們製作的數量感到滿意，但重點是確保特別是因為這些電影往往會對人們的看法和迪士尼品牌產生如此大的影響，我們正在製作正確的電影並發行他們在正確的時間。

We'll take the next question please.

我們將回答下一個問題。

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

我們的下一個問題來自保誠集團的凱西‧史蒂波尼亞斯 (Kathy Styponias)。

Hi, thanks.

你好謝謝。

I have a couple questions as well.

我也有幾個問題。

First Tom if you can potentially or possibly clarify with the ABC Radio transaction, does it or does it not include the ABC Radio networks?

首先，湯姆，如果您可以潛在地或可能澄清 ABC 廣播電台交易，它是否包括 ABC 廣播電台網絡？

Second, Bob, I'm wondering if you can give us a sense -- basically monetizing content over new platforms is a key strategic priority for Disney.

其次，鮑勃，我想知道你是否能給我們一個感覺——基本上，透過新平台將內容貨幣化是迪士尼的關鍵策略重點。

So I was wondering if you can give us a sense of how much you're currently generating in revenues from these types of platforms and how big you think these could grow over the next three to five years?

所以我想知道您能否讓我們了解一下您目前從這些類型的平台上獲得了多少收入，以及您認為這些平台在未來三到五年內會增長多少？

And then finally, with respect to rights as it relates to your film library for areas like broadband, does your agreement with Starz preclude you from putting certain titles of your catalog titles to make them available on iTunes or is it considered a completely different animal?

最後，關於與您的電影庫有關的寬頻等領域的權利，您與 Starz 的協議是否阻止您將目錄中的某些影片放在 iTunes 上，或者它是否被視為完全不同的動物？

Thanks.

謝謝。

Well, on the first question, the proposed combination with Citadel does include the ABC Radio networks and formats.

嗯，關於第一個問題，與 Citadel 的擬議合併確實包括 ABC 廣播網絡和格式。

And with regard to ABC News content it's by way of a license agreement whereby they would for at least ten years be the -- distributing on terrestrial broadcast radio the ABC News content.

至於 ABC 新聞內容，這是透過許可協議的方式，根據該協議，他們將在至少十年內 - 在地面廣播電台上分發 ABC 新聞內容。

It's possible that ABC News would be elsewhere via a different mechanism.

ABC 新聞可能會透過不同的機制出現在其他地方。

To the two questions about really content over new platforms, we don't get into much detail about the agreement with Starz publicly but I can tell you that we have the ability to make available to the public on a VOD basis movies that are also available through the Starz platform.

對於關於新平台上的真實內容的兩個問題，我們不會公開詳細介紹與 Starz 的協議，但我可以告訴您，我們有能力以 VOD 方式向公眾提供也可以觀看的電影通過 Starz 平台。

In a period of time actually before the Starz window kicks in, again on a VOD basis.

實際上是在 Starz 視窗啟動之前的一段時間內，再次以視訊點播的方式進行。

In terms of monetizing content over new platforms, and how high or how big that could be, my sense is that it can be very big and very high.

就新平台上的內容貨幣化以及可能達到的高度或規模而言，我的感覺是它可能非常大、​​非常高。

I can't -- we're not going to be specific about it.

我不能——我們不會具體說明這一點。

We're already starting to see some relatively decent revenue flow from some of the activity in this space.

我們已經開始從這個領域的一些活動中看到一些相對不錯的收入流。

I think today that -- while we say they are significant, like, 2.5 million downloads on iTunes, in reality it's still baby steps as these new devices and these new platforms penetrate the market.

我認為今天——雖然我們說它們很重要，例如 iTunes 上的 250 萬次下載，但實際上，隨著這些新設備和新平台滲透到市場，這仍然只是初級階段。

It's clear that consumers are going to use new platforms and new devices to access content all over the world.

顯然，消費者將使用新平台和新設備來存取世界各地的內容。

And the more they do that, the more opportunities we have to move that content on new platforms to these consumers.

他們做得越多，我們就越有機會將新平台上的內容轉移給這些消費者。

In some cases it will be incremental revenue to the Company and in other cases it won't be.

在某些情況下，這將為公司帶來增量收入，而在其他情況下則不會。

What is clear, and this is something we're learning from the iTunes experience, is that people will pay for the convenience of either gaining access to content that they missed before or for mobility.

我們從 iTunes 的經驗中了解到，很明顯的是，人們會為了獲得他們之前錯過的內容或移動性的便利性而付費。

Very, very clear.

非常非常清楚。

And I think you're going to see that pattern continue.

我認為你會看到這種模式繼續下去。

Particularly as new generations of people move into the marketplace that are much more used to adopting these new technology platforms than their parents' generations were.

特別是當新一代人進入市場時，他們比父輩更習慣採用這些新科技平台。

So I'm very, very bullish.

所以我非常非常看好。

It speaks volumes in my opinion about great content but it's also important that we put that content out on the right platform and that means not only well-timed and well priced to market but a platform that provides us with a very user friendly environment, user friendly for the consumer, user friendly for the program provider, one that really respects the value of intellectual property and one that generally speaking we feel has a really good chance of succeeding.

在我看來，它充分說明了優秀的內容，但同樣重要的是，我們將這些內容發佈到正確的平台上，這不僅意味著適時且定價合理，而且還意味著該平台為我們提供了一個非常用戶友好的環境，用戶對消費者友好，對程式提供者用戶友好，真正尊重知識產權的價值，而且一般來說我們認為很有可能成功。

We could make dozens of deals in this area right now but quite frankly, a lot of entities that are coming forward are providing us with opportunities that we feel will be short lived because we don't think their platforms are going to survive.

我們現在可以在這一領域達成數十筆交易，但坦白說，許多正在挺身而出的實體正在為我們提供機會，我們認為這些機會是短暫的，因為我們認為他們的平台無法生存。

Next question please.

請下一個問題。

Our next question is from the line of Michael Nathanson with Sanford Bernstein.

我們的下一個問題來自邁克爾·內桑森 (Michael Nathanson) 和桑福德·伯恩斯坦 (Sanford Bernstein)。

Thanks, I have one for Bob and one for Tom.

謝謝，我有一份給鮑勃，一份給湯姆。

Bob, I was wondering, (technical difficulty) what impact do you think the new NFL Network is going to have on ESPN ratings and advertising?

鮑勃，我想知道，（技術難度）你認為新的 NFL 網路將對 ESPN 收視率和廣告產生什麼影響？

And then for Tom, when I look at your income from affiliates line it was down year-over-year and cable networks is a big part of that.

然後，對於湯姆來說，當我查看您來自聯營公司的收入時，它逐年下降，而有線網路是其中的重要組成部分。

So if you could just give me some color on what happened in the quarter?

那麼您能否給我一些關於本季發生的事情的資訊？

I think it's -- in all likelihood the NFL on -- the NFL channel is not going to have any impact on ESPN ratings or advertising.

我認為 NFL 頻道很可能不會對 ESPN 的收視率或廣告產生任何影響。

ESPN will have "Monday Night Football."

ESPN 將播出“週一橄欖球之夜”。

It will be extremely well programmed and positioned and promoted on the ESPN platform and so I'm sure that ESPN is going to do quite well with it.

它將在 ESPN 平台上進行非常好的編程、定位和推廣，所以我確信 ESPN 會做得很好。

And the eight games that are on the NFL channel or network which I -- obviously will have great value to that network I don't see impacting ESPN negatively at all.

NFL 頻道或網路上播放的八場比賽顯然對該網路具有巨大價值，我認為這不會對 ESPN 產生任何負面影響。

With regard to the equity and affiliates line, the biggest part of that decrease -- far and away actually the biggest part of that decrease is in various channels, many of them international where we own minority stakes.

就股權和附屬公司而言，下降的最大部分——實際上，下降的最大部分是在各種管道，其中許多是我們擁有少數股權的國際管道。

The big channels, A&E, History Channel, Lifetime and E! had slightly softer results year-over-year but not -- but weren't different by very much at all.

大頻道、A&E、歷史頻道、Lifetime 和 E！與去年同期相比，業績稍顯疲軟，但也沒有太大差異。

So the -- at the end of the day we're still very comfortable with where those channels sit, and the fundamentals underneath them.

因此，歸根結底，我們仍然對這些管道的位置及其背後的基本原理感到非常滿意。

We'll take the next question, please.

我們將回答下一個問題。

Our next question is from the line of Douglas Shapiro with Banc of America Securities.

我們的下一個問題來自美國銀行證券公司的道格拉斯·夏皮羅。

Okay, thanks.

好的謝謝。

Also one for Tom and Bob.

也是給湯姆和鮑伯的。

I -- it may be obvious but Tom, I'm just wondering should we assume that this 1.4 to 1.65 billion is already earmarked for the buybacks that you've already disclosed?

我——這可能是顯而易見的，但是湯姆，我只是想知道我們是否應該假設這 140 至 16.5 億美元已經指定用於您已經披露的回購？

And then for Bob, you mentioned that you don't intend to let existing business models stand in the way as consumer tastes change.

然後，對於鮑勃，您提到您不打算讓現有的商業模式阻礙消費者品味的變化。

I was just wondering if maybe besides the iTunes deal you can talk about more specifically what you might see on the horizon and maybe more specifically with regards to windows?

我只是想知道，除了 iTunes 交易之外，您是否可以更具體地談談您可能會看到什麼，或者更具體地談談 Windows？

Thanks.

謝謝。

Well, with regard to -- we haven't earmarked those funds for anything other than operating the businesses and reinvestment in the business.

嗯，關於——我們沒有將這些資金指定用於經營業務和再投資業務以外的任何用途。

The share repurchase decision is one that we've made separate and apart from the transaction.

股票回購決定是我們獨立於交易之外所做的決定。

We obviously take into account our overall liquidity and debt position when making those decisions.

在做出這些決定時，我們顯然會考慮我們的整體流動性和債務狀況。

But the -- I think the -- those specific funds we haven't earmarked at one specific place or another.

但是——我認為——我們沒有在某個特定地方指定專款。

In terms of other deals that we're looking at, there are many.

就我們正在考慮的其他交易而言，還有很多。

We're really looking at everything.

我們確實正在關註一切。

Some I think that will be quite significant.

有些我認為這將非常重要。

But I don't want to really get that much more specific.

但我不想說得更具體。

In terms of windows, it comes down to one very obvious thing.

就窗戶而言，這歸結為一件非常明顯的事情。

I hate to sound cliched but we're watching consumer behavior change right before our eyes and technology is causing that.

我不想聽起來很陳腔濫調，但我們正在親眼目睹消費者行為的變化，而科技正在導致這種變化。

And yet a lot of these businesses are very wedded to old business models and practices and habits and relationships and it behooves the whole industry to really look at what consumers are doing and how they are changing and not let these other models get in the way of it.

然而，這些企業中的許多企業都非常固守舊的商業模式、做法、習慣和關係，整個行業有必要真正關註消費者在做什麼以及他們正在如何改變，而不是讓這​​些其他模式妨礙他們的發展。它。

It's tricky because you are putting relationships on the line.

這很棘手，因為你要把人際關係置於危險之中。

In some cases we're putting current business models on the line and so there's risk associated with it and we're trying to find a balance.

在某些情況下，我們會將當前的商業模式置於危險之中，因此存在與之相關的風險，我們正在努力找到平衡。

I know that I have been fairly outspoken on the subject of windows.

我知道我在 Windows 問題上一直相當直言不諱。

I actually believe that you are going to see a fair amount of change in windowing of product, whether it is movies or television product. iTunes is one example of that.

我實際上相信，無論是電影還是電視產品，您都會在產品視窗中看到相當大的變化。 iTunes 就是其中一個例子。

Where it is going to come, when it is going to come, I'm not 100% sure except I believe that there's an inevitability to it.

它會在哪裡、何時會到來，我不能百分之百確定，除非我相信它是不可避免的。

The other thing that I really hope is that when it comes to the theatrical window for motion pictures, it's clear that that window creates a lot of value.

我真正希望的另一件事是，當談到電影的戲院窗口時，很明顯地該窗口創造了很多價值。

That the experience of going to a great movie in a great theater on a big screen is a memorable experience.

在大劇院的大螢幕上觀看精彩電影的經歷是一次難忘的經歷。

And we'd like that to continue.

我們希望這種情況能夠持續下去。

But the world is getting a lot more competitive than ever before.

但世界的競爭比以往任何時候都更加激烈。

People's experiences watching these movies in the home has changed a lot thanks to these new technologies, big flat screen TV's and HD television.

由於這些新技術、大螢幕平面電視和高清電視，人們在家中觀看這些電影的體驗發生了很大變化。

And so I think the industry has to pay heed and make sure in a more competitive market that we're serving the consumer better, either by getting product to market faster or by making the initial experience better.

因此，我認為該行業必須注意並確保在競爭更加激烈的市場中，我們能夠更好地為消費者提供服務，無論是透過更快地將產品推向市場還是透過改善初始體驗。

And so I think when it comes to movies, I think it would be important for the whole industry to make sure that the movie going experience is enhanced, it's one of the reasons why we're as supportive of digital cinema as we are, that that is a great experience and it is preserved because ultimately if it is not that is when there will be that much more pressure on windows.

因此，我認為，就電影而言，確保增強觀影體驗對於整個行業來說非常重要，這也是我們如此支持數位電影的原因之一，這是一次很棒的體驗，它被保留下來，因為最終如果不是這樣，窗戶就會承受更大的壓力。

We'll take the next question, please.

我們將回答下一個問題。

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

我們的下一個問題來自桑德斯莫里斯哈里斯集團的大衛米勒。

Yes, hi.

是的，嗨。

Bob, two specific questions for you.

鮑勃，有兩個具體問題想問你。

In your conference call with Steve Jobs a couple of weeks ago, I'm not certain that the question was answered regarding the fate of Disney's current CGI slate, post "Chicken Little", which obviously includes "American Dog", "Rapunzel Unbraided" et cetera.

在幾週前你與史蒂夫·喬布斯的電話會議中，我不確定關於迪士尼當前CGI 板的命運的問題得到了回答，《小雞》之後，其中顯然包括《美國狗》、《長發公主》等等。

Projects that you guys gave major lip service to at last year's analyst meeting.

你們在去年的分析師會議上口頭上大肆宣揚的專案。

What is the fate of those projects exactly?

這些項目的命運究竟如何？

Do you see outsourcing those to Pixar?

您認為將這些外包給皮克斯嗎？

Or do you see keeping them in-house as, call it Disney-owned projects?

或者您認為將它們保留在內部，稱為迪士尼擁有的項目？

And then also with regard to "Monday Night Football" next year there are some reports that Al Michaels may not want to join Joe Theisman in the ESPN booth this fall, and instead prefers to stay with John Madden which I believe he's going to NBC in that Sunday night package.

還有關於明年的《週一橄欖球之夜》，有報導稱阿爾·邁克爾斯可能不想在今年秋天和喬·泰斯曼一起出現在ESPN 展位上，而更願意和約翰·馬登在一起，我相信他將在NBC 播出那個週日晚上的套餐。

Just given your sports background with the old cap cities, number one does this matter and, number two, do you see this at all affecting CPMs and ad rates going into the June cable upfront?

考慮到您在舊大城市的體育背景，第一，這很重要，第二，您認為這是否會影響 6 月份有線電視前期的每千次展示費用和廣告費率？

Thanks very much.

非常感謝。

Well, I thought we did answer the question, the first question you asked, the intention is to release "A Day with the Robinsons" sometime next Christmas season and then a year later "American Dog" and we don't intend, unless there are unforeseen circumstances to change the release schedule for those films.

好吧，我想我們確實回答了這個問題，你問的第一個問題，我們的目的是在明年聖誕節的某個時候發行《羅賓遜一家的一天》，然後一年後發行《美國狗》，我們不打算這樣做，除非有是因為不可預見的情況而改變這些電影的上映時間表。

Once the deal closes John Lassiter and Ed Catmull will take a good look at everything we've got in animation, both films that are in production and our development slate, and under their leadership they'll make decisions about ultimately what gets made and when it gets released.

交易完成後，約翰·拉西特和艾德·卡特穆爾將仔細審視我們在動畫方面的一切，包括正在製作的電影和我們的開發計劃，在他們的領導下，他們將決定最終製作什麼以及何時製作它被釋放。

One of the things that is obviously attractive to us about this deal is that the talent at Pixar, including John and Ed, and the technology, can be applied in a variety of different ways to the pursuits of Disney animation.

這筆交易對我們明顯有吸引力的一件事是，皮克斯的人才，包括約翰和艾德，以及技術，可以以各種不同的方式應用於迪士尼動畫的追求。

And when you think about the Pixar deal you have to think about it in terms of movies themselves, in three specific categories.

當你考慮皮克斯的交易時，你必須從電影本身的角度來考慮，分為三個特定類別。

One, the fact that we will own 100% of the Pixar films, starting with "Cars" should the deal close in time, which we hope it will.

第一，如果交易及時完成，我們將擁有 100% 的皮克斯電影，從《汽車總動員》開始，我們希望如此。

Two, it's all -- in all likelihood it will be Pixar that will be making the sequels and since they made the original films we like the fact that they will be making the sequels, we think that's the right place to make them by the right people.

第二，很可能皮克斯將製作續集，因為他們製作了原創電影，我們喜歡他們將製作續集的事實，我們認為這是正確的地方來製作它們人們。

And then, three, the talents of John Lassiter and Ed Catmull and others when applied to Disney animation should improve our prospects for our Disney films.

第三，約翰拉西特、艾德卡特穆爾和其他人的才華應用於迪士尼動畫應該會改善我們迪士尼電影的前景。

Now on top of all of that is the impact of great animation on the Company because animation is such a wave maker for this company, either perception of the brand or the ability to exploit it across so many platforms.

現在最重要的是偉大的動畫對公司的影響，因為動畫對於這家公司來說是一個浪潮製造者，無論是對品牌的認知還是在如此多的平台上利用它的能力。

So all of this is still kind of up in the air in terms of what gets released when except for the two films, but we're very, very bullish about the prospects at Disney animation going forward with Pixar and under the leadership of Ed and John.

因此，除了這兩部電影之外，所有這一切仍然懸而未決，但我們非常非常看好迪士尼動畫與皮克斯在艾德和皮克斯的領導下的前景。約翰。

In terms of Al Michaels he just finished the Super Bowl yesterday where I thought he did a great job.

就艾爾邁克爾斯而言，他昨天剛剛完成了超級碗比賽，我認為他做得很好。

I worked with Al for years at ABC Sports, he is a friend and a neighbor and I don't -- his future with the Company is under George Bodenheimer who runs sports for the Company, I, and any decisions that are made regarding Al will be made by George and there's nothing more I can really say about that.

我和Al 在ABC Sports 工作了很多年，他是朋友和鄰居，但我不是——他在公司的未來是在喬治·博登海默(George Bodenheimer) 的領導下，喬治·博登海默(George Bodenheimer ) 負責公司的體育工作，我以及有關Al 的任何決定將由喬治製作，對此我無話可說。

We have time for just one more question, operator.

我們還有時間再問一個問題，接線生。

And our last question is from the line of Spencer Wang with JP Morgan.

我們的最後一個問題來自摩根大通的 Spencer Wang。

Thanks, good afternoon.

謝謝，下午好。

Two quick questions, Bob can you just -- some broadcasters have been getting cash for retrans, can you just walk us through your current thinking about using the ABC stations for that?

兩個簡單的問題，鮑勃，你能不能——一些廣播公司已經通過重播獲得現金，你能向我們介紹一下你目前關於使用 ABC 電台的想法嗎？

And then secondly Tom CapEx in the quarter was about 200 million.

其次，湯姆本季的資本支出約為 2 億美元。

Is that a good run rate for the year?

今年的運作率是否良好？

Thanks?

謝謝？

We give MSO's the opportunity to pay cash for retrans and basically to do retrans deals only.

我們為 MSO 提供支付現金進行重轉的機會，並且基本上只進行重轉交易。

And in almost all cases they opt for an omnibus deal that includes distribution of all of our other content, in some cases in new technologies.

幾乎在所有情況下，他們都會選擇綜合交易，其中包括分發我們所有其他內容，在某些情況下還包括新技術。

The relationship that we've managed to strike with these MSO's is, I think, beneficial to both sides economically and otherwise, we've managed to grow our businesses, both the multiple system operator business and cable and satellite business as well as the program business.

我認為，我們與這些 MSO 建立的關係對雙方經濟和其他方面都有利，我們成功發展了我們的業務，包括多系統運營商業務、有線和衛星業務以及節目商業。

And I don't want to comment about what others are doing, but we like the way our negotiations have unfolded in the past and are unfolding in the future where we're actually getting value from retransmissions but it's coming in another form.

我不想評論其他人在做什麼，但我們喜歡我們的談判在過去和未來展開的方式，我們實際上從轉播中獲得價值，但它以另一種形式出現。

And whether in the future there will be a time when there's a charge directly for it by us, I'm not 100% sure.

而且未來是否會出現我們直接收費的狀況，我也不是100%確定。

It's certainly possible.

這當然是可能的。

But by and large we're quite comfortable with the balance that we've struck with these operators.

但總的來說，我們對與這些營運商達成的平衡感到非常滿意。

With regard to capital expenditures, you may have noticed that our domestic parks were down in terms of their capital spending by about $50 million in Q1 this year versus Q1 of last year.

關於資本支出，大家可能已經注意到，我們國內的園區今年第一季的資本支出比去年第一季下降了約5,000萬美元。

Part of that was timing.

部分原因在於時機。

I think that the best assumption right now is that for our domestic theme parks the capital expenditures for the year as a whole will be not that different than what you saw for the year as a whole last year.

我認為現在最好的假設是，對於我們國內的主題樂園來說，全年的資本支出與去年全年的資本支出不會有太大不同。

Of course the international parks will be down considerably having finished the initial build out of the Hong Kong park, as we told you to anticipate.

當然，正如我們告訴您的那樣，在完成香港公園的初步建設後，國際公園的規模將大幅下降。

So I think the best way to think of it is -- think about it is taking our domestic operations, capital expenditures will be up a bit at Media Networks so for the year overall we might be up little bit in capital there and then we'll be down with our international parks operations for the year as a whole.

所以我認為最好的思考方式是——考慮一下我們的國內業務，媒體網絡的資本支出將會有所增加，因此全年我們的資本支出可能會有所增加，然後我們'我們全年的國際公園運營將會下降。

So that puts you a little bit above the run rate you saw in the first quarter due to the timing on the theme parks domestically.

因此，由於國內主題公園的時間安排，這使您的運行率略高於第一季的運行率。

Thanks for joining us today.

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.

我還想提醒您，今天的新聞稿和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 undertake 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，管理層不承擔更新這些聲明的任何義務。

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.

這些陳述受到許多風險和不確定性的影響，實際結果可能會因多種因素而與明示或暗示的結果有重大差異，這些因素包括我們的10-K 表格年度報告和我們向證券公司提交的其他文件中所包含的因素和交易委員會。

This concludes today's conference call.

今天的電話會議到此結束。

Ladies and gentlemen, we thank you for your participation in today's conference.

女士們、先生們，我們感謝你們參加今天的會議。

This concludes your presentation and you may now disconnect.

您的演示到此結束，您現在可以斷開連接了。