迪士尼 (DIS) 2006 Q2 法說會逐字稿

Good day, ladies and gentlemen, thank you for standing by, and welcome to the Walt Disney Company fiscal year 2006 Q2 earnings conference call. My name is Carlo, and I will be your coordinator for today's presentation. At this time, all participants are in a listen-only mode. We will be facilitating a question-and-answer session towards the end of today's prepared remarks. [OPERATOR INSTRUCTIONS]. I would now like to turn the presentation over to your host for today's conference, Ms. Wendy Webb, Senior Vice President, Investor Relations and Shareholder Services. Please proceed, ma'am.

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公司 2006 財年第二季度收益電話會議。我叫卡洛，我將擔任今天演講的協調員。此時，所有參與者都處於只聽模式。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]。現在我想將演講交給今天會議的東道主，投資者關係和股東服務部高級副總裁 Wendy Webb 女士。請繼續，女士。

Thank you, and thanks for joining us today.

謝謝您，也謝謝您今天加入我們。

On the call with us this afternoon are Bob Iger, Disney's President and Chief Executive Officer; and Tom Staggs, Senior Executive Vice President and Chief Financial Officer. Bob will lead off followed by Tom, then we'll open the call to you for Q&A. We'll do our best to conclude the call before 2:30 p.m. Pacific Time. So let's get started.

今天下午與我們通話的是迪士尼總裁兼執行長鮑勃艾格 (Bob Iger)；以及資深執行副總裁兼財務長 Tom Staggs。鮑勃（Bob）將帶頭，湯姆（Tom）緊隨其後，然後我們將打開電話進行問答。我們將盡力在下午 2:30 之前結束通話。太平洋時間。那麼就讓我們開始吧。

Bob?

鮑伯？

Thanks, Wendy.

謝謝，溫迪。

We're pleased to be reporting strong quarterly earnings today and equally pleased with the operational, creative, and strategic momentum that continues at our Company. Since our last earnings report, we closed our deal with Pixar, we launched an exciting new digital initiative for a number of our ABC programs; The Chronicles of Narnia became our highest-grossing live action film of all-time, and we continue to capitalize on its creative and commercial success with its release on DVD; our thrilling new attraction, Expedition Everest, became an instant hit with our guests at Walt Disney World; and Disney Channel's hit sensation High School Musical continued to set records on-air and on music charts. These activities and many more reflect how Disney continues to advance our three company-wide strategic priorities -- creativity and innovation, the application of technology, and global expansion to drive growth and long-term shareholder value. I'm confident that we are on the right strategic course and I'm pleased our entire organization is implementing against our priorities. Disney's number one priority is to allocate capital in the direction of high-quality, branded content and to deliver it to consumers all over the world through both traditional and new distribution methods, directly or through strong relationships with third parties. Technology is presenting enormous opportunities for us to distribute content more efficiently and effectively worldwide to meet consumers' interests.

我們很高興今天報告強勁的季度收益，並且同樣對我們公司持續的營運、創意和策略勢頭感到滿意。自從我們發布上一份收益報告以來，我們與皮克斯完成了交易，我們為我們的許多 ABC 節目推出了一項令人興奮的新數位計劃；《納尼亞傳奇》成為我們有史以來票房最高的真人電影，我們將繼續利用其在創意和商業上的成功，推出 DVD 版本；我們令人興奮的新景點「珠穆朗瑪峰探險」立即受到華特迪士尼世界遊客的歡迎；迪士尼頻道的熱門歌曲《歌舞青春》繼續創下播出和音樂排行榜上的紀錄。這些活動以及更多活動反映了迪士尼如何繼續推進我們公司範圍內的三個策略重點——創造力和創新、技術應用以及全球擴張，以推動成長和長期股東價值。我相信我們正走在正確的策略道路上，我很高興我們整個組織正在按照我們的優先事項實施。迪士尼的首要任務是將資本分配給高品質的品牌內容，並透過傳統和新的分銷方式，直接或透過與第三方的牢固關係，將其交付給世界各地的消費者。科技為我們在全球範圍內更有效率地分發內容以滿足消費者的興趣提供了巨大的機會。

The Walt Disney Company is unique because Disney is the only true global brand in the entertainment business. This is a great competitive advantage for our company as platforms need leading brands to drive or sustain consumer adoption. Likewise, consumers seek out leading brands to cut through the clutter. New distribution platforms and consumer electronic devices for entertainment are hitting the market at a rapid pace. Whether through Apple's iPod, broadband internet services, digital cinema, new mobile services, or flat-panel HD televisions, Disney will continue to distribute its creative assets or creative new platform-specific content to best take advantage of emerging distribution mediums and consumer trends. And while we continue to respect and seek to create value for our current distribution partners, we also will move our array of creative assets onto emerging platforms to serve consumers who are accessing media in many new ways. When compelling opportunities arise, we are prepared to experiment strategically and invest wisely. Our focus on innovation and our willingness to experiment means we have to take some calculated risks. And though we may not succeed with every new initiative, we are testing new business models, striving to deepen our relationship with consumers and learning from our efforts in order to position ourselves as a true modern media company. Our recent decision to provide a number of ABC's top programs including Lost and Desperate Housewives on ABC.com, is a clear example of our strategic direction which we believe responds to consumer trends. By providing episodes of our top programs on ABC.com, we're extending the broadcast economic model to the Internet, as these programs are ad supported and free to consumers. For advertisers, this complementary platform provides another marketing opportunity which we think offers great potential for new revenue growth.

華特迪士尼公司是獨一無二的，因為迪士尼是娛樂產業唯一真正的全球品牌。這對我們公司來說是一個巨大的競爭優勢，因為平台需要領先品牌來推動或維持消費者的採用。同樣，消費者也會尋找領先品牌來擺脫混亂。新的娛樂分發平台和消費性電子設備正在快速進入市場。無論是透過蘋果的iPod、寬頻網路服務、數位影院、新的行動服務或平板高清電視，迪士尼都將繼續分銷其創意資產或創意新平台特定內容，以最好地利用新興的發行媒體和消費趨勢。在我們繼續尊重並尋求為現有發行合作夥伴創造價值的同時，我們也將把一系列創意資產轉移到新興平台上，為以多種新方式存取媒體的消費者提供服務。當出現引人注目的機會時，我們準備進行策略性試驗並明智地進行投資。我們對創新的關注和嘗試的意願意味著我們必須承擔一些經過計算的風險。儘管我們可能不會每項新舉措都取得成功，但我們正在測試新的商業模式，努力加深與消費者的關係，並從我們的努力中學習，以便將自己定位為真正的現代媒體公司。我們最近決定在 ABC.com 上提供一些 ABC 的頂級節目，包括《迷失與絕望的主婦》，這是我們戰略方向的一個明確例子，我們相信這一戰略方向響應了消費者趨勢。透過在 ABC.com 上提供我們的熱門節目劇集，我們將廣播經濟模式擴展到互聯網，因為這些節目由廣告支援且免費向消費者提供。對於廣告商來說，這個互補的平台提供了另一個行銷機會，我們認為這為新的收入成長提供了巨大的潛力。

On the creative front, I am pleased to report we closed our deal with Pixar last week. Nothing is more important than creativity to Disney's success and animation is Disney's creative center. As we said at the time of our Pixar announcement in January, this acquisition is designed to strengthen and grow animation and to insure our creative efforts are consistently great. I'm extremely encouraged by how smooth the transition and integration have been. Under the new leadership of Ed Catmull and John Lasseter, we expect both Disney and Pixar Animation to be vital and productive and to create long-term value through films that become enduring franchises, with stories and characters that will live forever in places and on platforms too vast to even imagine today. And, of course, we're looking forward to Steve Jobs' participation as a member of our Board. We're very excited about Pixar's next movie, Cars, which hits theaters in the U.S. on June 9th. The level of innovation reflected in this film is unlike anything audiences have experienced in the past, which is made all the more memorable thanks to the quality of Cars' storytelling and inventive characters. We believe this film has tremendous potential to be a classic franchise for our company over the long term.

在創意方面，我很高興地向大家報告，我們上週完成了與皮克斯的合作。對於迪士尼的成功來說，沒有什麼比創造力更重要的了，動畫是迪士尼的創意中心。正如我們在一月份發布皮克斯公告時所說，此次收購旨在加強和發展動畫，並確保我們的創意工作始終如一。過渡和整合的順利程度讓我深受鼓舞。在艾德卡特莫爾和約翰拉薩特的新領導下，我們預計迪士尼和皮克斯動畫將變得充滿活力和生產力，並透過成為持久特許經營權的電影創造長期價值，其中的故事和角色將永遠存在於地方和平台上今天的規模太大了，甚至無法想像。當然，我們期待史蒂夫·賈伯斯作為董事會成員參與其中。我們對皮克斯的下一部電影《賽車總動員》感到非常興奮，該片將於 6 月 9 日在美國上映。這部電影所體現的創新水平與觀眾過去經歷過的任何電影都不一樣，而汽車總動員的故事講述質量和富有創意的角色使這一點更加令人難忘。我們相信，從長遠來看，這部電影具有成為我們公司經典系列的巨大潛力。

Beyond Cars, the creative strength of Walt Disney studios will be highlighted in the coming months by the second feature film in our immensely popular pirates franchise Pirates of the Caribbean: Dead Man's Chest. This film is part of our fundamental strategy to invest in branded content. In addition, we're extremely enthusiastic about Tarzan, our fourth theatrical production on Broadway, which has its premiere tomorrow. Investment in quality entertainment extends across our business segments. Next week, ABC will unveil its fall schedule for its primetime lineup, signalling the start of the up-front sales market. Based on the quality of the programs developed for next season that we just screened, we're thrilled with ABC's potential this fall. Furthermore, we enter the up-front marketplace from a solid position due to the strength of our returning series, which deliver more upscale viewers than any other network, something advertisers covet. At ESPN, our schedule for next season is incredibly strong, and it now includes our premiere program, Monday Night Football; the addition of NASCAR, which is also on ABC, reflecting our commitment to offering the best in sports programming. And on the more immediate horizon, our combined sports platform of ESPN and ABC Sports will showcase the NBA Finals with the playoffs taking place this month and World Cup Soccer this summer.

除了汽車總動員之外，華特迪士尼工作室的創意實力將在未來幾個月內透過我們廣受歡迎的海盜系列電影《加勒比海盜：聚魂棺》的第二部長片得到凸顯。這部電影是我們投資品牌內容的基本策略的一部分。此外，我們對百老匯第四部戲劇作品《人猿泰山》非常熱情，該節目將於明天首演。優質娛樂的投資延伸到我們的各個業務部門。下週，美國廣播公司將公佈其黃金時段的秋季節目表，這標誌著預售市場的開始。根據我們剛剛放映的下一季節目的質量，我們對 ABC 今年秋天的潛力感到興奮。此外，由於我們回歸系列的實力，我們以穩固的地位進入了前期市場，它比任何其他網絡都提供了更多的高端觀眾，這是廣告商所垂涎的。在 ESPN，我們下個賽季的日程安排非常豐富，現在包括我們的首播節目《週一橄欖球之夜》； NASCAR 也在 ABC 上播出，這體現了我們致力於提供最好的體育節目的承諾。在更不久的將來，我們的 ESPN 和 ABC Sports 聯合體育平台將展示本月舉行的 NBA 總決賽和季後賽以及今年夏天的足球世界盃。

Disney's future is guided by our focus on consumers and our strategic priorities. Over the past few years, we have made operational excellence a focal point to ensure that no matter the shift in macro forces, we are well-positioned to face market conditions. We know we need to be nimble, our businesses need to evolve quickly to changes in the environment, to maximize the value of our assets. And in a world where new technology, shifts in consumer behavior, and expanding global markets continue, we are designing a company to grow and flourish well into the future.

迪士尼的未來以我們對消費者的關注和我們的策略重點為指導。過去幾年，我們將卓越營運作為重點，以確保無論宏觀力量如何變化，我們都能處於有利地位以應對市場狀況。我們知道我們需要靈活，我們的業務需要快速發展以適應環境的變化，以最大限度地提高我們的資產價值。在新技術、消費者行為轉變和全球市場不斷擴大的世界中，我們正在設計一家能夠在未來不斷成長和繁榮的公司。

Now to provide more details on our performance, Tom Staggs, our CFO. Tom?

現在請我們的財務長 Tom Staggs 提供有關我們業績的更多詳細資訊。湯姆？

Thank you, Bob.

謝謝你，鮑伯。

Although our focus remains on managing and investing in our businesses for the long term, it's gratifying to report on the continued improvement in our results. One of the best examples of our long-term approach is parks and resorts. The substantial investments we made in the mid to late 90s helped solidify our strong competitive position in this business and allowed us to bring down our overall capital expenditures for the foreseeable future, even as we selectively invest in great new attractions like Expedition Everest. The benefit of that investment is also apparent in the attendance growth we've shown over the last several years, and in our current results. Excluding the impact of Euro Disney and Hong Kong Disneyland, theme park revenue in Q2 grew by more than 8% and operating profit increased 29%. Our year-over-year margins continued to improve as well. Despite Easter falling in Q3 this year versus Q2 in 2005, attendance increased at both our domestic park locations for the March quarter. At Walt Disney World, visitation increased by 3%, led by strong resident turn out due in part to the preopening of Expedition Everest. However, the shift in attendance mix towards resident visitors contributed to a modest decline in per capita spending at the Florida parks. Occupancies at Walt Disney World increased to 85%, and per room spending increased somewhat as well.

儘管我們的重點仍然是長期管理和投資我們的業務，但我們很高興能夠報告我們業績的持續改善。我們長期策略的最佳例子之一是公園和度假村。我們在90 年代中後期進行的大量投資有助於鞏固我們在該行業的強大競爭地位，並使我們能夠在可預見的未來降低總體資本支出，即使我們有選擇地投資於珠穆朗瑪峰探險等偉大的新景點。這項投資的好處在過去幾年的參觀人數增長以及我們目前的表現中也很明顯。剔除歐洲迪士尼和香港迪士尼樂園的影響，第二季主題樂園收入成長超過8%，營業利益成長29%。我們的同比利潤率也持續提高。儘管與 2005 年第二季度相比，今年第三季的復活節有所下降，但我們國內兩個公園地點的三月份季度的遊客人數有所增加。華特迪士尼世界的遊客量增加了 3%，部分原因是珠穆朗瑪峰探險活動提前開放，遊客人數強勁。然而，遊客結構向居民遊客的轉變導致佛羅裡達公園的人均支出略有下降。華特迪士尼世界的入住率增加至 85%，每間客房的支出也增加。

At the Disneyland resort, the positive response to our 50th Anniversary Celebration has continued to exceed our expectations. Attendance grew by 15% in the second quarter with per capita spending growing by high single digit percentages. Occupancies improved by almost 9 percentage points to over 88%. Looking ahead, we're seeing continued strength at our domestic parks as combined room reservations on the books are pacing high single digits ahead of the prior year for Q3. The third quarter should reflect the benefit of the timing of Easter, but it's also worth noting that on May 5th we overlapped last year's start of the 50th Anniversary which will make comparisons more challenging, especially at Disneyland.

在迪士尼樂園度假區，我們對 50 週年慶典的積極反應繼續超出了我們的預期。第二季出席人數增加了 15%，人均支出以高個位數百分比增加。入住率提高了近 9 個百分點，達到 88% 以上。展望未來，我們看到國內公園的持續強勁勢頭，因為第三季的預訂房間總數比去年同期高出個位數。第三季應該反映出復活節時間的好處，但也值得注意的是，5 月 5 日我們與去年 50 週年紀念日的開始時間重疊，這將使比較更具挑戰性，尤其是在迪士尼樂園。

Now, the increase in the gasoline prices does not appear to be directly affecting our theme park business. In fact, over the years, fuel costs have not had a demonstrable effect on our attendance. As much as no one likes to pay more at the pump, the incremental incremental increase in a family's vacation budget due to higher gas prices is relatively small in relation to the overall cost of a vacation. For the average American travelling by car, a $1 increase per gallon would result in increase of about $40 for the trip as a whole. The impact is also relatively modest for those visitors arriving by air. So, unless the increase in oil prices meaningfully impacts consumer confidence and spending, we would not expect to see gas prices have a large affect on our parks this summer. Our overall theme park results were dampened somewhat by performance at Disneyland Paris, where volumes and spending were down in the second quarter in part due to the timing of Easter. However, for Q3, the benefit of Easter and the opening of Buzz Lightyear are having a positive effect on trends as both bookings and attendance are currently running meaningfully ahead of last year.

現在，汽油價格的上漲似乎並沒有直接影響我們的主題樂園業務。事實上，多年來，燃料成本並沒有對我們的出席率產生明顯的影響。儘管沒有人願意在加油時支付更多費用，但與假期的總成本相比，由於汽油價格上漲而導致的家庭假期預算的增量相對較小。對於普通美國人駕車旅行來說，每加侖增加 1 美元將導致整個行程增加約 40 美元。對於乘飛機抵達的遊客來說，影響也相對較小。因此，除非油價上漲對消費者信心和支出產生重大影響，否則我們預計今年夏天天然氣價格不會對我們的園區產生重大影響。我們的整體主題樂園業績受到巴黎迪士尼樂園業績的一定影響，第二季的遊客量和支出下降，部分原因是復活節的時間。然而，對於第三季度來說，復活節的好處和巴斯光年的開幕對趨勢產生了積極的影響，因為目前的預訂和上座率都明顯高於去年。

Theme parks are among our longest-term investment propositions. And after only seven months of operations, it is a bit premature to try to judge results at Hong Kong Disneyland. The property continues to generate high satisfaction for our guests, however, we have also seen greater seasonality in attendance than we'd hoped to see. We learned a great about this market and continue to do so. Hong Kong Disneyland is launching several new marketing and promotional initiatives, and with three new attractions opening this summer, we believe the elements are in place to increase attendance there. Our attendance target for year one is still 5.6 million, but hitting that goal will depend in part on the success of these initiatives.

主題樂園是我們最長期的投資主張之一。經過短短七個月的運營，現在就判斷香港迪士尼樂園的業績還為時過早。這家酒店繼續為我們的客人帶來很高的滿意度，但是，我們也發現到場人數的季節性比我們希望看到的要大。我們對這個市場有了深入的了解，並將繼續這樣做。香港迪士尼樂園正在推出多項新的行銷和促銷活動，隨著三個新景點於今年夏天開業，我們相信增加遊客數量的要素已經到位。我們第一年的出席人數目標仍然是 560 萬人，但實現這一目標將部分取決於這些措施的成功。

Media networks was the biggest driver of our profit growth again in Q2. Our broadcasting results led the way in this segment, as primetime ratings and a solid ad market drove substantial gains at the ABC network. Primetime CPMs for Q2 were double-digit percentages above up-front levels, and current CPMs for Q3 are also up double digits. We produce and own many of ABC's most successful shows, as well as some that air on other networks. And the upside from these shows in syndication can be substantial. Based on current ratings and assuming continued strength in the marketplace, the shows we've already sold, plus shows like Lost and Grey's Anatomy, should contribute well over $1 billion in operating income across both traditional and new media platforms over the next five years.

媒體網路再次成為第二季獲利成長的最大推動力。我們的廣播業績在這一領域處於領先地位，黃金時段收視率和穩健的廣告市場推動了 ABC 網路的大幅成長。第二季黃金時段每千次曝光費用比前期水準高出兩位數百分比，第三季目前每千次曝光費用也上漲了兩位數。我們製作並擁有 ABC 的許多最成功的節目，以及一些在其他網絡上播出的節目。這些節目聯合組織的好處可能是巨大的。根據目前的收視率並假設市場持續強勁，我們已經售出的節目，加上《迷失》和《實習醫生格蕾》等節目，在未來五年內將為傳統媒體和新媒體平台貢獻超過10 億美元的營業收入。

At our TV station group, we saw double digit growth in ad revenues in Q2, due primarily to the Super Bowl. So far in the June quarter, ad pacings at our stations are up mid single digits versus last year. Q2 ad sales at our radio business were off modestly versus last year and are slightly below prior years so far in Q3. On the cable side, total operating profit was up 5%. The underlying results, though, are more positive than this growth rate might suggest since ESPN's carriage agreements cause us to defer a little over $30 million more revenue in Q2 of this year than we did in Q2 of 2005. For the first two quarters of the fiscal year, our year-over-year increase in revenue deferrals totals $137 million. And we will recognize this revenue in the second half of this year. In addition, ESPN results this is quarter with impacted by roughly $25 million in losses associated with the startup of ESPN Mobile phone initiative. Disney Channel's creative success continued to show in the ratings in Q2, with all key demos up strong double digit percentages. In March we took an important step in the expansion of the Disney brand and programming in the UK with the new BSkyB distribution deal. Under that agreement, Disney Channel and Playhouse Disney will move to the basic tier, dramatically increasing their reach, which will now total over 9 million homes in the UK. The switch from a premium to basic tier will dampen international cable profits for 2006, but this move should strengthen our overall business in the long term as it has in the U.S.

在我們的電視台集團，第二季的廣告收入實現了兩位數的成長，這主要歸功於超級盃比賽。到目前為止，在六月季度，我們電視台的廣告投放速度比去年成長了中個位數。我們廣播業務第二季的廣告銷售額與去年相比略有下降，第三季迄今略低於往年。電纜方面，總營業利潤成長了 5%。不過，基本結果比這一成長率所暗示的更為積極，因為 ESPN 的轉播協議導致我們今年第二季的收入比 2005 年第二季多了 3000 萬美元多一點。在本財年的前兩個季度，我們的營收遞延年增了 1.37 億美元。我們將在今年下半年確認這項收入。此外，ESPN 本季業績受到 ESPN 行動電話計畫啟動相關的約 2500 萬美元損失的影響。迪士尼頻道的創意成功繼續體現在第二季的收視率中，所有關鍵演示的百分比均實現了兩位數的強勁增長。三月份，我們透過新的 BSkyB 發行協議，在英國迪士尼品牌和節目擴張方面邁出了重要一步。根據該協議，迪士尼頻道和迪士尼劇院將轉向基本層，從而大幅擴大其覆蓋範圍，目前英國家庭總數已超過 900 萬戶。從高級到基本層的轉變將削弱 2006 年的國際電纜利潤，但從長遠來看，這項舉措應該會加強我們的整體業務，就像在美國一樣。

At the studio, as anticipated, we faced difficult home video comparisons to last year's March quarter which included the DVD release of The Incredibles. Nonetheless, lower distribution costs Miramax and the continued strong performance of Chronicles of Narnia helped soften this be decline. Looking ahead at the studio, we expect to see strong improvement in the second half of the year, with the key swing factors, of course, being what have become two of the most anticipated films of the year, Cars and Pirates of the Caribbean: Dead Man's Chest.

正如預期的那樣，在工作室，我們面臨著與去年 3 月季度的家庭影片進行艱難的比較，其中包括《超人特攻隊》的 DVD 發行。儘管如此，米拉麥克斯發行成本的降低以及《納尼亞傳奇》的持續強勁表現幫助緩解了這一下滑趨勢。展望工作室，我們預計下半年將出現強勁改善，其中關鍵的搖擺因素當然是今年最受期待的兩部電影《汽車總動員》和《加勒比海盜》：死人的箱子。

In consumer products, licensing profits fell short of prior-year levels due to the recognition of higher guarantee shortfall payments last year. At Buena Vista Games, investment spending dampened profit for the quarter, but we're pleased with our progress here and see video games as another area where we can leverage our brands, content, and creative strength to generate future growth. We recently released the sequel to King of Hearts for PlayStation2 and have sold more than 1 million units in just four weeks. The success of the King of Hearts titles helps demonstrate the potential appeal of Disney's brand and characters in this market. As we look ahead to the balance of the year for consumer products, Cars and Pirates will likely prove to be the most important swing factors in this segment, as well.

在消費品領域，由於去年擔保缺口付款增加，授權利潤低於上年水準。在Buena Vista Games，投資支出削弱了本季度的利潤，但我們對我們在此方面取得的進展感到滿意，並將視頻遊戲視為我們可以利用我們的品牌、內容和創意實力來實現未來增長的另一個領域。我們最近發布了 PlayStation2 版《King of Hearts》的續作，在短短四週內就銷售超過了 100 萬份。《紅心國王》系列的成功有助於展示迪士尼品牌和角色在這個市場上的潛在吸引力。當我們展望今年消費產品的平衡時，汽車和海盜也可能被證明是該領域最重要的搖擺因素。

Although our free cash flow for the second quarter was helped by the timing of certain payments and other working capital items, our focus over the last five years on generating increased cash flow from our businesses has obviously paid off. As we continue to deliver strong cash flow, we will look to reinvest in those areas where we think we can properly grow and generate strong returns for our shareholders. At the same time, we also expect to continue returning value to our investors through dividends and share repurchase. Although we've been limited in our ability to buy back shares due to the pendency of the Pixar transaction, since we announced the deal in January, we have repurchased more than 28 million shares of Disney stock for roughly $800 million. We are increasing our pace of share repurchase now that the transaction is completed, consistent with repurchase targets we set earlier this year. We're now in the process of analyzing the purchase accounting for our Pixar transaction, but putting aside any one-time impacts and depending on the level of success we see with Cars, we anticipate that this transaction will result in roughly $0.10 of earnings dilution this year, with that impact being distributed nearly equally between Q3 and Q4. Given our strong earnings results thus far, and assuming continued strength in the climate for our businesses, we look forward to delivering our fourth straight year of double digit earnings growth even taking into account this Pixar-related dilution.

儘管我們第二季的自由現金流得益於某些付款和其他營運資金項目的時間安排，但我們過去五年致力於從業務中增加現金流的重點顯然已經得到了回報。隨著我們繼續提供強勁的現金流，我們將尋求對那些我們認為可以適當成長並為股東帶來豐厚回報的領域進行再投資。同時，我們也預期透過股利和股票回購繼續為投資者回報價值。儘管由於皮克斯交易懸而未決，我們回購股票的能力受到限制，但自從我們一月份宣布這項交易以來，我們已經以大約 8 億美元的價格回購了超過 2800 萬股迪士尼股票。交易完成後，我們正在加快股票回購的步伐，這與我們今年稍早設定的回購目標一致。我們現在正在分析皮克斯交易的購買會計，但拋開任何一次性影響，根據我們在汽車總動員方面看到的成功程度，我們預計這筆交易將導致大約 0.10 美元的收益稀釋今年，這種影響在第三季和第四季之間幾乎平均分佈。鑑於我們迄今為止強勁的盈利業績，並假設我們的業務環境持續強勁，即使考慮到皮克斯相關的股權稀釋，我們也期待連續第四年實現兩位數的盈利增長。

We're pleased with the trends we're see ago cross the Company. Our core businesses are healthy and growing, and we're successfully leveraging our creative assets, our strong brands and our relationship with consumers in innovative ways to take advantage of the evolving media marketplace around the world. We're confident that through continued creative and technological innovation, we can further enhance our financial performance and create lasting value for our shareholders.

我們對之前在整個公司看到的趨勢感到滿意。我們的核心業務健康發展並不斷發展，我們正在以創新的方式成功地利用我們的創意資產、強大的品牌以及與消費者的關係，以利用全球不斷發展的媒體市場。我們相信，透過持續的創意和技術創新，我們能夠進一步提高我們的財務業績，並為股東創造持久的價值。

Now, we'd be happy to take a few questions.

現在，我們很樂意回答幾個問題。

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

謝謝，湯姆。我們準備好回答第一個問題了，接線生。

[OPERATOR INSTRUCTIONS]. Anthony Noto, Goldman Sachs.

[操作員說明]。安東尼·諾托，高盛。

Thank you. Tom, a question on costs and then, Bob, a question on revenue. On the cost side, there's several businesses that are still operating below what we would call normalized levels -- the theme parks, studio, as well as consumer products. I was wondering if you could give us a perspective on some potential cost rationalizations that could get margins back even above where they were at normalized levels such as rationalization of brand or distribution systems. And then, Bob, the recent initiative out at ABC with ABC.com, what are the early signs that you're seeing there and how could you exploit that more significantly in the near term while the long-term opportunity looks pretty large? Thanks.

謝謝。湯姆，一個關於成本的問題，然後，鮑勃，一個關於收入的問題。在成本方面，有幾項業務的運作仍低於我們所說的正常水準——主題樂園、工作室以及消費品。我想知道您是否能為我們提供一些潛在成本合理化的觀點，這些合理化可以使利潤率恢復到正常水平之上，例如品牌或分銷系統的合理化。然後，鮑勃，最近 ABC 與 ABC.com 推出的舉措，您看到的早期跡像是什麼？在長期機會看起來相當大的情況下，您如何在短期內更有效地利用這一舉措？謝謝。

Anthony, on the margin and cost side, you mentioned theme parks, which is an area where we've seen steady increase in our margins and a lot of that is happening through tight cost controls by our parks operators and they continue to focus on that issue. We've talked about our goals for improving margins over time. We're on track vis-a-vis those goals and I think you'll continue to see margin improvement there. The other areas you mentioned, the studio, the -- one of the things that we hope to accomplish as we really focus our activities at studio on Disney-branded items is to lead to more consistency and higher margins overall. We haven't set a number that is the target publicly. But that's another area where we hope to see margin improvement. We've also got margin improvement potential at our consumer products business but I hasten to add that as our video games business grows there, as we're self-publishing, self-publishing's a lower margin activity than licensing. We think the overall profitability will grow, but even as we improve the rest of consumer products in terms of margins largely through having licensed the bulk of the Disney stores, the games business, even in success, will come in at lower margins overall. And then, in media networks, it's really about balancing programming costs and overhead, which we're aggressively focused on doing. But at the same time, we think it's important that we continue to invest in the programming. You've seen that in the figures so far this year.

安東尼，在利潤和成本方面，您提到了主題公園，這是一個我們的利潤穩步增長的領域，其中許多是透過我們的公園運營商嚴格的成本控製而發生的，他們繼續關注這一點問題。我們已經討論了隨著時間的推移提高利潤率的目標。我們正在朝著這些目標邁進，我認為您將繼續看到利潤率的提高。你提到的其他領域，工作室，我們希望完成的事情之一是，當我們真正將工作室的活動集中在迪士尼品牌產品上時，我們希望實現的目標之一是帶來更高的一致性和更高的整體利潤。我們還沒有公開設定一個目標數字。但這是我們希望看到利潤率改善的另一個領域。我們的消費產品業務也有提高利潤的潛力，但我必須補充一點，隨著我們的電玩業務的成長，由於我們是自助出版，自助出版的利潤率比授權活動要低。我們認為整體獲利能力將會成長，但即使我們主要透過獲得大部分迪士尼商店的授權來提高其餘消費品的利潤率，遊戲業務即使取得了成功，總體利潤率也會較低。然後，在媒體網絡中，真正的問題是平衡節目成本和開銷，這是我們積極致力於做的事情。但同時，我們認為繼續投資節目製作也很重要。您已經在今年迄今為止的數據中看到了這一點。

And regarding ABC.com, Anthony, the long-term potential that's in many respects is already being proven to us in our early results. And I'm not prepared to give you numbers per se in terms of the number of downloads, although we're pleased so far with the traffic. But what's clear is that this is a very, very simple user interface and a very satisfactory user experience. The second thing is clear, which is one of the motivations behind doing this, is that this is a product that advertisers are very interested in and are really happy with. And I think what this portends is, a real integrated sales process where the network sells not just the initial platform on broadcast television, but the new platforms on things like ABC.com, and elsewhere. What I find really interesting is just how great the experience is not just as a consumer but I believe as an advertiser. I watched Desperate Housewives from Sunday night this morning on my office computer on ABC.com. I hadn't seen it. While I was prepping for earnings, I had a little time, so I watched and I was amazed at not only how good the quality of the video was, but how easy it was to find. And then when the commercial came up, which in this case was for Tylenol, it was very effective. It was a standard commercial but when you move the cursor over Tylenol boxes it gave you more information about each product without slowing down the commercial itself. And I would image than for a sponsor, that would be of great interest because you're in effect adding to the value of the commercial without necessarily asking the customer to do anything more in terms of time or activity. So, I really believe long-term, that this is going to be an important part of our business. And it's going to generate a lot more business because not only will it attract consumers, but it's a great opportunity to offer to advertisers who may want a little bit more from their web experience than banner ads and page search.

至於 ABC.com，安東尼，我們的早期結果已經在許多方面證明了其長期潛力。我不准備向您提供下載數量本身的數字，儘管到目前為止我們對流量感到滿意。但可以明確的是，這是一個非常非常簡單的使用者介面和非常令人滿意的使用者體驗。第二件事很明確，這是這樣做的動機之一，這是廣告商非常感興趣且非常滿意的產品。我認為這預示著一個真正的綜合銷售流程，網路不僅銷售廣播電視上的初始平台，還銷售 ABC.com 等其他地方的新平台。我發現真正有趣的是，這種體驗不僅作為消費者，而且我相信作為廣告商也是如此。今天早上我在辦公室電腦上在 ABC.com 上觀看了周日晚上的《絕望主婦》。我沒看到。當我準備盈利時，我有一點時間，所以我觀看了，我不僅驚訝於視頻的質量有多好，而且很容易找到。然後當廣告出現時（在本例中是泰諾），它非常有效。這是一個標準的廣告，但是當您將遊標移到泰諾盒子上時，它會為您提供有關每種產品的更多信息，而不會減慢廣告本身的速度。我想，對於贊助商來說，這會很有趣，因為你實際上增加了廣告的價值，而不必要求客戶在時間或活動方面做更多的事情。因此，我真的相信從長遠來看，這將成為我們業務的重要組成部分。它將產生更多的業務，因為它不僅會吸引消費者，而且對於那些可能希望從橫幅廣告和頁面搜尋之外獲得更多網路體驗的廣告商來說，這是一個很好的機會。

Great, thank you.

太好了謝謝。

Thanks. We'll take the next question please.

謝謝。我們將回答下一個問題。

Jessica Reif Cohen, Merrill Lynch.

傑西卡·雷夫·科恩，美林證券。

Thank you. On -- along the lines of the -- of ABC.com, Bob, could you discuss your outlook for the up-front? Do you think it will be different? Will it include a digital offering, and if it will, will it slow the process down? And separately, could you discuss now that you've closed Pixar, where you are in terms of sequels and how you expect to ramp up overall animation?

謝謝。在 ABC.com 上，鮑勃，您能談談您對前期的展望嗎？你認為情況會有所不同嗎？它會包括數位產品嗎？如果會的話，會減慢這個過程嗎？另外，您能否討論一下皮克斯現在已經關閉了，您在續集方面的進展以及您希望如何提高整體動畫水平？

Sure. Regarding the up-front, we're focused on ABC's up-front, not the overall marketplace. The reason for that is, we see ABC being incredibly well-positioned going to this up-front, and ABC does expect to grow revenue nicely in this up-front. And that's due to the quality and diversity of its schedule, the fact that as I mentioned in my remarks, they're delivering tremendous upscale demographics, the number of shows they have in the top 10 and also the strength of ABC's new development, which is fantastic. They had a development year that was very, very solid. Probably the richest that I've seen in a long time. Now, it's always about execution when these shows go on the air. But the choices that ABC has in both comedy and drama are very deep. As it relates to integrated sales and the exploitation of new platforms like ABC.com, there will be more deals cut this year in the up-front than in the past that do factor in new platforms. But the sense that we get is that it will not slow the process down at all. And I would imagine the up-front will open right after Memorial Day weekend. But we don't see it complicating things at all, partially because we've already put product in the marketplace and so rather than talking about something that's purely speculative in nature, we've already created a real demonstration and that goes a long way, which is one of the reasons why ABC decided to launch when it did is so that when we talk about this in the up-front, advertisers already know what the product is.

當然。關於前期，我們關注的是 ABC 的前期，而不是整個市場。原因是，我們認為 ABC 在這方面處於非常有利的位置，而 ABC 確實希望在這方面能很好地增加收入。這是由於其節目表的品質和多樣性，正如我在發言中提到的，他們提供了巨大的高端人口統計數據、排名前十的節目數量以及 ABC 新發展的實力，這太棒了。他們度過了非常非常紮實的發展年。可能是我很久以來見過的最富有的人了。現在，當這些節目播出時，最重要的是執行力。但ABC在喜劇和戲劇方面的選擇都非常深入。由於它涉及綜合銷售和 ABC.com 等新平台的開發，因此今年預先達成的涉及新平台的交易將比過去更多。但我們得到的感覺是，它根本不會減慢這個過程。我想前期會在陣亡將士紀念日週末之後開放。但我們不認為這會讓事情變得複雜，部分原因是我們已經將產品投放市場，所以我們不是在談論純粹是推測性的東西，而是已經創建了一個真正的演示，這有很長的路要走，這就是 ABC 決定推出的原因之一，這樣當我們預先談論這個產品時，廣告商就已經知道該產品是什麼。

As it relates to Pixar, you asked a question first about sequels. The only sequel that we have in the production at this point, and it's in early stages, Toy Story 3. We're in discussions about -- about sequels to other films, but there's nothing more to say about that. In terms of volume, we're really being careful here in terms of predicting just how much volume -- or how much output you'll get out of Disney and Pixar Animation because the goal really is quality. We're looking to greenlight films that we believe should be made. And release them when we believe they're ready. So far, we've got only 3 films that we've announced dates for, Cars, the obvious one which comes out this June. Early next year, we have A Day with the Robinsons and then that will be followed by Ratatouille. Toy Story 3 and American Dog are both in production, as are many other projects but we're not making any firm announcements about what those projects are or when they will be released.

由於涉及皮克斯，你首先問了一個關於續集的問題。目前我們正在製作的唯一續集《玩具總動員 3》還處於早期階段。我們正在討論其他電影的續集，但對此沒有更多可說的了。就數量而言，我們在預測迪士尼和皮克斯動畫的數量或產出方面確實非常謹慎，因為目標實際上是品質。我們正在尋求批准我們認為應該製作的電影。當我們相信他們準備好了時就釋放他們。到目前為止，我們隻公佈了 3 部影片的上映日期，《汽車總動員》，其中最明顯的一部將於今年 6 月上映。明年初，我們將舉辦《羅賓遜一家的一天》，然後是《料理鼠王》。《玩具總動員 3》和《美國狗》以及許多其他項目都在製作中，但我們沒有就這些項目是什麼或何時發布發布任何明確的公告。

Thank you.

謝謝。

Thank you. We'll take the next question, please.

謝謝。我們將回答下一個問題。

Doug Mitchelson, Deutsche Bank Securities.

道格·米切爾森，德意志銀行證券。

Thank you very much. Two part question on theme parks. First, in comments on Hong Kong Disneyland I was hoping you could give us a sense of if Hong Kong falls short of your first-year expectations are there any consequences? Then on domestic parks you talked about [inaudible] 50th anniversary marketing. How do you plan to grow attendance in '07 when - the 50th anniversary --

非常感謝。關於主題樂園的兩部分問題。首先，在對香港迪士尼樂園的評論中，我希望您能給我們一個了解，如果香港達不到您第一年的期望，會有什麼後果嗎？然後在國內公園，您談到了[聽不清楚] 50 週年紀念行銷。您打算如何增加 07 年 50 週年紀念日的出席人數——

Doug, Tom will answer the question about Hong Kong that you asked. But before he does, let me make, say a few things about Hong Kong. First of all, I really believe this is a great asset that's going to create real long-term value for the Company. And you can't really look at it in snapshot form where 7 months in to its run, which hopefully will last forever. We know as Tom said in his remarks, guest satisfaction is very high. We've seen no problem at all with price value relationship. We clearly have a lot to learn about the market and we're evaluating a number of issues. There's more seasonality, as Tom pointed out, than we expected. And overall I don't think our marketing efforts have been as effective as they could be. But I'm confident we're going to figure this out and rise above the challenges and end up with a solid asset that'f going to be a real linchpin for growth in the marketplace for the Company for decades to come, which is one of the reasons why we built it. In terms of growing the domestic parks in '07 and beyond, or beyond the 50th Anniversary, there are so many things we believe we'll be able to do to create growth. Some in a more traditional direction by adding attractions. But because we're pretty focused on growing our return on invested capital and we're not currently planning on opening any new gates, we believe that we'll continue to be judicious about new attractions and creative about new attractions. And I think Everest is a great example of that. We've had over 1.5 million people ride that attraction. Since it's opened, Animal Kingdom has shot up from I think the number 4 to the number 2 park in attendance. And it's a great example of what one attraction can do in terms of improving our business.

道格、湯姆將回答你提出的有關香港的問題。但在他發言之前，讓我先談談香港的一些事。首先，我堅信這是一筆龐大的資產，將為公司創造真正的長期價值。而且你無法真正以快照形式查看它的運行 7 個月，希望它會永遠持續下去。我們知道，正如湯姆在演講中所說，客人滿意度非常高。我們發現價格價值關係沒有任何問題。顯然，我們對市場還有很多東西需要了解，並且我們正在評估許多問題。正如湯姆指出的那樣，季節性因素比我們預期的要多。總的來說，我認為我們的行銷工作並沒有達到應有的效果。但我相信，我們將解決這個問題，克服挑戰，最終獲得一項堅實的資產，這將成為公司未來幾十年市場成長的真正關鍵，這是我們建造它的原因。就 07 年及以後或 50 週年紀念日之後國內公園的發展而言，我們相信我們能夠做很多事情來創造成長。有些透過增加景點而朝著更傳統的方向發展。但由於我們非常注重提高投資資本回報率，而且目前不打算開設任何新的大門，因此我們相信我們將繼續對新景點保持明智，並對新景點發揮創意。我認為珠穆朗瑪峰就是一個很好的例子。已有超過 150 萬人搭乘該景點。自開業以來，動物王國的遊客數量從我認為的第四名躍升至第二名。這是一個很好的例子，說明了一個景點可以為我們的業務帶來多大的改善。

Beyond that, as you know, we're doing a lot of things, some that are pricing-oriented from a strategic perspective, some that involve other things like moving more people on property from off-property hotels, extending length of stay. That all seems to be working nicely. Again, the ability to check your bags and not have to show up at baggage claim, but they show up at your hotel if you're staying with us. We're doing a lot more targeted marketing from a demographic perspective. There are all kinds of other initiatives under way that we think are not only going to be able to grow margins but grow business.

除此之外，如您所知，我們正在做很多事情，有些是從戰略角度以定價為導向的，有些涉及其他事情，例如將更多的人從酒店外轉移到酒店內，延長住宿時間。這一切似乎運作得很好。再次強調，您可以托運行李，而不必出現在行李提取處，但如果您入住我們飯店，行李就會出現在您的飯店。我們正在從人口統計角度進行更有針對性的行銷。我們正在採取各種其他舉措，我們認為這些舉措不僅能夠增加利潤，而且能夠發展業務。

The other thing that I want to note is that we have seen incredible growth in our Vacation Club business. This is a business where we have roughly 2,000 units open at this point, and I would imagine we'll end up building substantially more in the years ahead. Our CAGR on this business is roughly 20%, and we have really high returns on invested capital. It's a great way to strengthen our relationship with core consumers, and I think it's going to provide us with some pretty interesting growth in the years to come. And so in general, on the theme park business, while the 50th Anniversary clearly worked, it's certainly not the end or the peak of our business performance there. And I think we've got a lot of room to grow.

我想指出的另一件事是，我們的度假俱樂部業務取得了令人難以置信的成長。目前，我們在該業務中開設了大約 2,000 個單位，我想我們最終會在未來幾年內建造更多單位。我們在這項業務上的複合年增長率約為 20%，而且我們的投資資本回報率非常高。這是加強我們與核心消費者關係的好方法，我認為它將在未來幾年為我們帶來一些非常有趣的成長。總的來說，就主題樂園業務而言，雖然 50 週年紀念顯然發揮了作用，但這肯定不是我們業務業績的終點或頂峰。我認為我們還有很大的成長空間。

Doug, with regard to Hong Kong, as you might expect, and based your question, I guess you do expect, Hong Kong Disneyland has debt in its capital structure. It's a much more conservative capital structure than, say, they have over in Paris. But that debt does have certain covenants. Those covenants apply to about 30% or around $290 million of their current debt. So as you can see, it's a modest portion of debt overall. We're certainly hopeful that the initiatives Hong Kong Disneyland has announced and put in place, the new attractions and the promotions, will allow them to meet the 5.6 million in attendance target. If they should fall short, it could trigger the covenants, but I think you should bear in mind that Hong Kong Disneyland is in a very strong financial position with great liquidity. And so I would expect that if necessary, Hong Kong Disneyland would be able to achieve whatever accommodations are required from the lending banks but that would take that conversation if we come to that point in time. As Bob mentioned, we're focused on the long term, but I think from a short-term standpoint, this is a company with good liquidity, strong current cash balances and they're in a stable financial position from my perspective. With regard to '07 in particular, just to add on to Bob's point, I think -- we have said in the past that we think there's room to grow our attendance from here. The growth -- the attendance at Disneyland in particular, perhaps is a little bit above that trend line right now. But I think you'll see our ability over the long term to continue to grow attendance at a reasonable rate. So we're quite optimistic about where that business goes over time.

道格，關於香港，正如你所預料的那樣，根據你的問題，我想你確實預料到，香港迪士尼樂園的資本結構中有債務。這是一個比巴黎的資本結構保守得多的資本結構。但這筆債務確實有某些契約。這些契約適用於其當前債務的約 30%，約 2.9 億美元。正如您所看到的，這只是整體債務的一小部分。我們當然希望香港迪士尼樂園宣布和實施的舉措、新景點和促銷活動能夠幫助他們實現 560 萬人次的遊客量目標。如果他們未能達到要求，可能會觸發契約，但我認為你應該記住，香港迪士尼樂園的財務狀況非常強勁，流動性很強。因此，我預計，如果有必要，香港迪士尼樂園將能夠滿足貸款銀行所要求的任何便利，但如果我們到了那個時間點，那就需要進行對話了。正如鮑伯所提到的，我們專注於長期，但我認為從短期角度來看，這是一家流動性良好、當前現金餘額強勁的公司，並且從我的角度來看，他們的財務狀況穩定。特別是關於 07 年，我想補充鮑伯的觀點——我們過去曾說過，我們認為從這裡開始我們的出席人數還有空間。這種增長——尤其是迪士尼樂園的遊客人數——可能略高於目前的趨勢線。但我認為，從長遠來看，您會看到我們有能力繼續以合理的速度增加出席人數。因此，我們對該業務隨著時間的推移而發展非常樂觀。

Thank you, we'll take the next question, please.

謝謝您，我們將回答下一個問題。

William Drewry, Credit Suisse.

瑞士信貸銀行的威廉·德魯裡。

Thanks a lot. Two quick questions. One, just wondering with the ratings growth at Disney Channel's been fantastic and obviously, you've got some new franchises you've established there including you mentioned High School Musical. Just wondering what the monetization opportunities are with that, without the advertising platform that you have with the other networks and just wondering how you can grow the profits and expand the margins there. And then secondly, just wondering, Bob, with the deals that you've got under your belt now done, any outlook you can give us in terms of potential M&A activity and any kind of assets that you might be interested in tucking into the portfolio going forward? Thanks

多謝。兩個簡單的問題。一，只是想知道迪士尼頻道的收視率增長非常出色，顯然，您在那裡建立了一些新的特許經營權，包括您提到的《歌舞青春》。只是想知道在沒有其他網路的廣告平台的情況下，獲利機會是什麼，只是想知道如何增加利潤並擴大利潤。其次，鮑勃，我想知道您現在已經完成的交易，您可以向我們提供有關潛在併購活動的任何展望以及您可能有興趣納入投資組合的任何類型的資產向前走？謝謝

One of the things that I like about both the ABC business and the Disney Channel business is that these are platforms that generate enough revenue to not only impact the bottom line positively, but fuel our investment in high-quality branded content that we can then use on new platforms like ABC.com or Disney.com or iTunes iPod or that we can use internationally. And so I talked in my remarks about a focus on investing in branded content. The Disney Channel is just that. We are using the channel to create new franchises for the Company or to strengthen older ones. As a for instance, this past weekend, we premiered a new Mickey Mouse program for kids 2 to 5 and it had really strong ratings on Friday night and on Saturday and Sunday morning. It's a CGI version of Mickey Mouse, with really -- a nice interactive feature and a learning component, and we think this is a great way to add a little luster to a character that's obviously got a lot of value. And that's probably a great example of what the channel can do. High School Musical is clearly a phenomenon, and we are looking to use its success in a variety of ways from music to merchandising with deals at things like The Limited. But we're also looking to produce it in original form in other markets such as India and Latin America with an all-Latin American or an all-Indian cast. Again, just examples of when you have a successful platform, what you can do in terms of investing in content that creates long-term value. In terms -- and clearly with that, we'll be able to monetize it. We're also growing the channels outside the United States. Tom mentioned in his remarks going to basic service on Sky in the UK. We've added new markets over the years. We launched in India a year ago December. We hope one day to launch in China. The stronger this programming gets, the better off we are in terms of extending it globally. And penetrating markets with the Disney branded content more deeply.

我喜歡 ABC 業務和迪士尼頻道業務的原因之一是，這些平台能夠產生足夠的收入，不僅可以對利潤產生積極影響，而且可以推動我們對高品質品牌內容的投資，然後我們可以使用這些內容在ABC .com 或Disney.com 或iTunes iPod 等新平台上或我們可以在國際上使用的平台上。因此，我在演講中談到了要專注於投資品牌內容。迪士尼頻道就是這樣。我們正在利用該管道為公司創建新的特許經營權或加強舊的特許經營權。舉個例子，上週末，我們為 2 至 5 歲的孩子首播了一個新的米老鼠節目，它在周五晚上以及週六和周日早上的收視率非常高。它是米老鼠的 CGI 版本，具有非常好的互動功能和學習組件，我們認為這是為顯然具有許多價值的角色增添一點光彩的好方法。這可能是該頻道可以做什麼的一個很好的例子。《歌舞青春》顯然是一種現象，我們希望透過各種方式利用它的成功，從音樂到商品推銷，例如 The Limited 等。但我們也希望在印度和拉丁美洲等其他市場以原版形式製作，演員陣容全為拉丁美洲或印度。再說一次，這只是當你擁有一個成功的平台時，你可以在投資創造長期價值的內容方面做些什麼的例子。顯然，我們將能夠將其貨幣化。我們也正在擴大美國以外的通路。湯姆在演講中提到英國天空電視台的基本服務。多年來我們增加了新市場。一年前的 12 月，我們在印度推出了這款產品。我們希望有一天能在中國推出。這個程式越強大，我們在全球範圍內擴展它的情況就越好。並利用迪士尼品牌內容更深入滲透市場。

In terms of the second part of your question, Bill, in terms of M&A activity, we obviously -- we can't comment on anything particular except to point you back in the direction of our balance sheet, which is incredibly strong. Just look at our cash flow generation in the 6 months to date which has been quite good. And our current debt levels and I think it's safe to assume that if we see an opportunity to invest, whether it's to buy or to build from scratch, we've got ample opportunity from a financial perspective to do that.

比爾，就你問題的第二部分而言，就併購活動而言，我們顯然不能對任何特別的事情發表評論，除了向你指出我們的資產負債表的方向，這是非常強大的。看看我們迄今為止 6 個月的現金流量就知道，這已經相當不錯了。我們目前的債務水平，我認為可以安全地假設，如果我們看到投資機​​會，無論是購買還是從頭開始建設，從財務角度來看，我們有足夠的機會做到這一點。

Thank you. We'll take the next question, please.

謝謝。我們將回答下一個問題。

Jason Bazinet, Citigroup.

傑森·巴齊內特，花旗集團。

Hi, thanks so much. I have maybe a naive question about the ABC.com experiment. On the website, it mentions using or viewing episodes online for free over a 2-month period. Are we do infer that it's possible that you'll, if the results don't come in according to expectations, that you'll tear it down or put in -- put on different content than is on there now? Or do you plan on charging for content after the June 30th timeframe?

你好，非常感謝。我對 ABC.com 的實驗可能有一個天真的問題。在網站上，它提到在兩個月內免費在線使用或觀看劇集。我們是否確實推斷，如果結果不符合預期，您可能會將其拆除或添加與現在不同的內容？或者您計劃在 6 月 30 日之後對內容收費嗎？

Well, I think that is an evolving platform. And there are a number of possibilities, but from the early experience that we've had, I think it's safe to assume that some form of free to the consumer experience will continue that is advertiser supported. The only reason we may have signalled that some of this could be short-lived is that we're going to -- we could cycle out these programs and put others in. And we may be somewhat limited in terms of some of our -- some initial technical issues in terms of the number of programs that we can provide. But I can tell you that as we see it, this is not an experiment. This is -- we're in this for the long run. And as I said in my remarks earlier in responding to Anthony Noto, this is working. It's a great opportunity for us to not only grow our business, but to provide consumers with a chance to watch programs they may have missed on ABC. Which is what a number of these new initiatives are designed to do. Grow the Company, strengthen the relationship with the consumer, add incremental consumption in effect by creating a convenience that viewers have never had before.

嗯，我認為這是一個不斷發展的平台。可能性有很多，但從我們早期的經驗來看，我認為可以肯定的是，廣告商支援的某種形式的免費消費者體驗將繼續下去。我們可能已經暗示其中一些可能是短暫的唯一原因是我們將 - 我們可以循環淘汰這些計劃並放入其他計劃。在我們可以提供的程序數量方面，我們可能會在一些初步技術問題上受到一些限制。但我可以告訴你，正如我們所見，這不是一個實驗。從長遠來看，我們會這樣做。正如我之前在回應安東尼·諾托時所說的那樣，這是有效的。這對我們來說是一個很好的機會，不僅可以發展我們的業務，還可以為消費者提供觀看他們可能錯過的 ABC 節目的機會。這正是許多新措施的目的。發展公司，加強與消費者的關係，透過創造觀眾從未有過的便利性來增加增量消費的效果。

That's great. Thank you.

那太棒了。謝謝。

Thanks, we'll take the next question, please.

謝謝，我們將回答下一個問題。

Aryeh Bourkoff, UBS.

阿耶·布爾科夫（Aryeh Bourkoff），瑞銀集團。

Thanks, good afternoon. Just a few quick ones if I could. I think before you had disclosed a digital or Internet revenue number around $500 million. I was wondering if that's right. If you could give us an update on that, especially as you really pursue these initiatives. Second of all, maybe an update on the MVNO strategy and the cost, and maybe what the subsidy is currently on the phones? And lastly, what your plans are for the E Entertainment stake. Thanks.

謝謝，下午好。如果可以的話，就幾個快速的。我想您之前曾披露過大約 5 億美元的數字或網路收入數字。我想知道這是否正確。如果您能為我們提供最新情況，特別是當您真正追求這些舉措時。其次，也許是關於 MVNO 策略和成本的更新，也許目前手機的補貼是多少？最後，您對 E Entertainment 股份的計劃是什麼。謝謝。

Sure. The -- first of all, Internet revenues we had said earlier in the year that we expected that Internet revenues this year would exceed $500 million we're still very comfortable that number. The one thing that I would hasten to add, though, is that that is a net number not including the commerce if you will from the theme parks. In other words, that's just the internet revenues based on the advertising and the pay content, et cetera. If you added in the theme park packages that we're selling online, you'd actually get a number over $1 billion. But $500,000 of internet revenues is still a good number. With regard to the MVNOs, we've said that we're going to spend in excess of $130 million on starting up this business. I expect that -- I continue to expect that to be true. It's very early going so I would hesitate to sort of qualify what we've seen so far, other than to say that we're still at it. The MVNO launches this summer and we're hopeful for its success. But you should expect that those initiatives continue apace and we're continuing to watch them and we'll keep an eye on them as we go.

當然。首先，我們在今年稍早說過，我們預計今年的網路收入將超過 5 億美元，我們仍然對這個數字感到非常滿意。不過，我要趕緊補充的一件事是，如果你願意的話，這是一個淨數字，不包括主題樂園的商業。換句話說，這只是基於廣告和付費內容等的網路收入。如果加上我們在線上銷售的主題樂園套餐，您實際上會獲得超過 10 億美元的數字。但 50 萬美元的網路收入仍然是一個不錯的數字。關於 MVNO，我們說過我們將花費超過 1.3 億美元來啟動這項業務。我期望——我繼續期望這是真的。現在還為時過早，所以我會猶豫是否要對我們迄今為止所看到的進行限定，除了說我們仍在努力之外。MVNO 將在今年夏天推出，我們對它的成功充滿希望。但你應該預料到這些舉措將繼續快速發展，我們將繼續關注它們，我們將隨時關注它們。

The third one, Aryeh, we're not going to comment on the disposition of our stake in E. I'm not even sure whether we've said anything publicly to begin with. But it's not something that we have anything to add to. I will say one more thing about the MVNO, Tom mentioned it's still early. The initial results were a little bit lower than we had hoped but we've changed our pricing approach. We've strengthened and redirected our marketing, we're expanding our presence of retail. So it's clear that the jury is still out. But we also had some work to do in terms of redirecting some of the efforts.

第三個，Aryeh，我們不會對我們在 E 的股份的處置發表評論。我什至不確定我們是否一開始就公開說過任何話。但這不是我們可以添加的東西。關於 MVNO，我還要再說一件事，Tom 提到現在還太早。最初的結果比我們希望的要低一些，但我們改變了定價方法。我們加強並調整了我們的行銷策略，我們正在擴大我們的零售業務。所以很明顯，陪審團還沒有定論。但在調整一些工作方向方面我們還需要做一些工作。

Thank you, we'll take the next question, please.

謝謝您，我們將回答下一個問題。

David Miller, Sanders Morris Harris.

大衛米勒、桑德斯莫里斯哈里斯。

Yes. Hi. Good afternoon. Tom, a couple questions for you. On the radio Spinco transaction, at this point today, are you favoring a spinoff or a split-off or a combination of both? Would love to know what you're thinking there. And then also on the studio line, the 147 million that you guys did in operating income looks pretty stealth relative to the revenue number. Was that driven mostly by Narnia and sell-through, or were you guys just a little bit more stealth on expenses than you usually are? Thanks very much.

是的。你好。午安.湯姆，有幾個問題想問你。關於廣播 Spinco 交易，目前此刻，您是傾向於分拆還是分拆，還是兩者兼而有之？很想知道你在那裡想什麼。然後在工作室方面，你們的 1.47 億營業收入相對於收入數字來說看起來相當隱密。這主要是由納尼亞和銷售推動的，還是你們在開支上比平常更隱密？非常感謝。

I'm not sure I know what the word stealth means in that context, but the -- on the radio spin or split, we haven't made the decision yet, so I wouldn't say that we've got a leaning one way or the other, either way. Obviously, the stock, if and when we close that deal is distributed to our shareholders by one mechanism or the other. We're going to have to look at market conditions as we get closer to that date. And so I don't really want to comment much further on that. With regard to the studio profitability -- well, there's nothing stealth, put it that way. The bottom line is that we had less favorable results with regard to home video as you no doubt expected because of Incredibles last year. The Narnia home video release is really a Q3 item so it's not figuring dramatically into this year. We had many fewer Miramax releases in the current quarter and that led to an improvement on the theatrical line that might have been better than you might have anticipated and that could have impacted the point of view. And also, we had year-over-year favorable comparisons with regard to our television distribution because of the slate that we had available for television this year. So it's pretty consistent with what we expected. I think that the good news is that Narnia theatrically continued to perform quite well and that did soften the decline that we had expected a bit. But other than that, the quarter's relatively straightforward.

我不確定我知道隱身這個詞在這種情況下意味著什麼，但是——關於無線電旋轉或分裂，我們還沒有做出決定，所以我不會說我們有一個傾斜的決定方式或其他方式，無論哪種方式。顯然，如果我們完成交易，股票就會透過一種機製或另一種機制分配給我們的股東。隨著日期的臨近，我們將不得不關注市場狀況。所以我真的不想對此發表更多評論。至於工作室的獲利能力——好吧，這麼說吧，沒有什麼秘密可言。重點是，由於去年的《超人特攻隊》，我們在家庭影片方面的成績並不如您所預期的那麼好。《納尼亞傳奇》家庭錄影帶的發布實際上是第三季的項目，因此今年不會有太大影響。本季我們上映的米拉麥克斯影片數量減少了很多，這導致了院線的改進，這可能比您預期的要好，並且可能會影響觀點。此外，由於今年我們提供的電視節目單，我們在電視發行方面取得了同比有利的比較。所以這與我們的預期非常一致。我認為好消息是《納尼亞傳奇》在戲劇上繼續表現良好，這確實緩解了我們預期的下滑。但除此之外，本季相對簡單。

Okay. Thank you.

好的。謝謝。

Thanks, we'll take the next question, please.

謝謝，我們將回答下一個問題。

Jeff Logsdon, Harris Nesbitt.

傑夫·洛格斯登，哈里斯·內斯比特。

Thank you. Bob, could you maybe give us an overview on companies thinking about digital cinema, seems that that's coming to the forefront now on the exhibition side. And then any quick comments about the impact that the elections might have, either in the up-front market or in the scatter market as we go into the fall?

謝謝。鮑勃，您能給我們介紹一下考慮數位電影的公司嗎？看來數位電影現在在展覽方面已經走到了最前沿。然後，當我們進入秋季時，對選舉可能產生的影響（無論是在前期市場還是在分散市場）有何快速評論？

Well, we're big believers in digital cinema because anything that either eases our ability to get product to the market or ultimately makes the consumer experience better in movie theaters is something we support. As many of you on the line know, it's been complicated. There -- it's deemed expensive by many and there are a variety of issues the industry is contending with. But in the end, I think it's inevitable and I'm confident that ultimately we'll see enough penetration into the marketplace to make a difference. In terms of elections, this is something that we see mostly local stations, at least to date, there's been some nice heightened activity in some markets, particularly in California, where there's primary election in June and for the governor -- governorship of California. And that is, resulted in some uptick and there's also some interesting activity politically in New York and Pennsylvania. So we're not quantifying it at this point. But our stations are starting to see positive impact from that.

嗯，我們是數位電影的忠實擁護者，因為任何能夠簡化我們將產品推向市場的能力或最終使消費者在電影院獲得更好體驗的事情都是我們支持的。正如你們在線上的許多人都知道的那樣，事情很複雜。許多人認為它的成本很高，而且這個行業也面臨著各種各樣的問題。但最終，我認為這是不可避免的，我相信最終我們會看到足夠的滲透率來產生影響。在選舉方面，我們主要在地方電視台看到這種情況，至少到目前為止，一些市場的活動有所加強，特別是在加利福尼亞州，那裡將在六月舉行初選，並選舉州長——加利福尼亞州州長。也就是說，導致了一些上升，並且在紐約和賓夕法尼亞州也有一些有趣的政治活動。所以我們目前還沒有量化它。但我們的電台已開始看到由此產生的正面影響。

Great, thanks.

萬分感謝。

Thank you, we'll take the next question, please.

謝謝您，我們將回答下一個問題。

Kathy Styponias, Prudential.

凱西‧斯蒂波尼亞斯，保誠集團。

Hi, thank you. I have two questions as well. Tom, could -- with the new NFL amortization coming up in fiscal year '07 after the September quarter, could you talk a little bit about how you might plan to amortize that contract, whether it'll be straight line or whether it will be on an accelerated basis? If it's on a straight-line basis, how should we think about the increase that we'll see in the amortization cost, some of that should surely be offset by much greater profitability on Monday night on ABC. And then the second question is, I think I saw that you purchased a radio station from The New York Times in the New York market. I assume that that's going to be somehow put into the -- either split or spin of the radio assets? Thanks.

嗨，謝謝你。我也有兩個問題。湯姆，隨著新的 NFL 攤銷將在 07 財年 9 月季度之後實施，您能否談談您計劃如何攤銷該合同，無論是直線攤銷還是在加速的基礎上？如果是直線計算，我們應該如何考慮攤銷成本的增加，其中一些肯定會被美國廣播公司週一晚上更大的獲利能力所抵消。然後第二個問題是，我想我看到你在紐約市場上從《紐約時報》購買了一個廣播電台。我認為這將以某種方式放入無線電資產的分割或旋轉中？謝謝。

I'm sorry, with regard to the NFL, one thing to point out is that the season starts during our fiscal 2006. So the next contract actually starts in the fourth quarter of this year, and we'll see some impact from that during that quarter. I'd also just point out one thing and that is that -- I hope ESPN has announced -- I think they've announced that they're going to do a double-header for the first night of Monday Night Football. And because that's a double-header on Monday night, the amortization goes based on the number of games. So it actually moves some amortization that would have been in 2007 into 2006 because we end up with an extra game in 2006, but the guys at ESPN are -- the folks at ESPN are very -- actually excited about being able to kick off with that double-header on Monday night. The amortization schedule, I think the best way to think about it is it's going to follow the payment schedule basically. And you should think of that in terms of low single-digit kind of percentage increases year-over-year in the amortization. So it's not straight line but it's a very modest slope to the amortization. So -- and with regard to radio in New York, that, I think you're just referring to a station option that we had that was picked up through a station that we had operated previously. And it doesn't change the equation for us or for Citadel one way or the other.

很抱歉，關於 NFL，需要指出的一件事是賽季在 2006 財年開始。因此，下一份合約實際上將於今年第四季開始，我們將在該季度看到一些影響。我還想指出一件事，那就是——我希望 ESPN 已經宣布——我認為他們已經宣布他們將在周一橄欖球之夜的第一晚進行兩場比賽。由於週一晚上是兩場比賽，因此攤銷將根據比賽數量進行。因此，它實際上將 2007 年的一些攤銷轉移到了 2006 年，因為我們最終在 2006 年多了一場比賽，但是 ESPN 的人們——ESPN 的人們非常——實際上對能夠以周一晚上的兩場比賽。攤銷時間表，我認為最好的考慮方式是基本上遵循付款時間表。你應該從攤銷中逐年增長的低個位數百分比的角度來考慮這一點。所以它不是直線，但攤銷的斜率非常適中。因此，關於紐約的廣播電台，我認為您只是指我們擁有的一個電台選項，該選項是透過我們之前運營的電台接收的。它不會以某種方式改變我們或 Citadel 的方程式。

Thank you. We'll take the next question, please.

謝謝。我們將回答下一個問題。

Tuna Amobi, Standard & Poor's Equity.

鮪魚阿莫比，標準普爾股票。

Thank you very much. My question is for Bob. On the ABC.com, I was wondering why you chose to go with a free model at the onset as opposed to perhaps some kind of a combination subscription and ad supported. And I think you alluded to technical issues possibly by the end of these experiments. I was wondering why would you consider a technology partner if you find that such issues become paramount? And if you could also comment on your overall strategy for the online -- for the online experiment that would be helpful. Thank you.

非常感謝。我的問題是問鮑伯的。在 ABC.com 上，我想知道為什麼你們一開始就選擇免費模式，而不是某種訂閱和廣告支援的組合。我認為你在這些實驗結束時可能提到了技術問題。我想知道如果您發現這類問題變得至關重要，為什麼您還要考慮技術合作夥伴？如果您也可以評論您的線上整體策略 - 對於線上實驗，這將會有所幫助。謝謝。

Well, I think you're going to see evolution of a number of different models, and this is just one that we've gone with. The reason we went with it is that we've already -- we created what I'll call a VOD model with iTunes that's been incredibly successful. We've had over 5 million downloads of ABC and Disney shows since we launched in October. And we feel really good about that direction, and we wanted to get a sense for what kind of advertiser interest there was. And it was -- it was pretty obvious to us early on that the advertiser interest in this was high. And that it was only going to get higher. And so we thought if we took a commercially supported product out there that the best approach initially would be not to charge consumers for it and to have it more resemble what's available on air.

嗯，我想你會看到許多不同模型的演變，而這只是我們已經採用的一個。我們這樣做的原因是我們已經——我們創建了我稱之為 iTunes 的 VOD 模型，該模型非常成功。自 10 月推出以來，ABC 和迪士尼節目的下載量已超過 500 萬次。我們對這個方向感覺非常好，我們想了解廣告商的興趣類型。我們很早就意識到廣告商對此的興趣很高。而且它只會變得更高。因此，我們認為，如果我們推出一款商業支援的產品，那麼最初最好的方法就是不向消費者收取費用，並使其與廣播中的產品更加相似。

In terms of the technology part, the only thing I was really referring to is this is streaming video. It's actually technically not a download if I called it that, I didn't mean to. It doesn't ever live on your hard drive. And because it's -- we're using this technology, it requires an ample amount of bandwidth which is available to us, but there's also a cost associated with it. Although I'll put in the reasonable category at least in our initial offering. But the more shows you offer, the more consumption, the more bandwidth you'll need. I'm not -- we're not against using a technology partner, but I don't believe that's really what we need here. The technology that we've deployed is working extremely well. We just may look for different ways to move product to consumers. As a for instance, Warner Brothers announced something yesterday that's going to use BitTorrent, and while I'm not necessarily advocating using BitTorrent, the whole notion of using a peer-to-peer sharing mechanism to move content is one that we have been very interested in, and actually have been working on ourselves. And it's just, again, one of the issues. What's the most efficient way to move content to consumers in high-quality basis under economic circumstances that make sense?

就技術部分而言，我唯一真正指的是串流影片。從技術上講，它實際上不是下載，如果我這麼稱呼它，我不是故意的。它永遠不會存在於您的硬碟上。因為我們正在使用這項技術，所以它需要我們可用的充足頻寬，但也有與之相關的成本。儘管我至少會在我們的初始產品中將其歸類為合理類別。但您提供的節目越多，消耗就越多，您需要的頻寬就越多。我不——我們不反對使用技術合作夥伴，但我不認為這真的是我們所需要的。我們部署的技術運作得非常好。我們可能只是尋找不同的方式將產品轉移給消費者。舉個例子，華納兄弟昨天宣布將使用 BitTorrent，雖然我不一定提倡使用 BitTorrent，但使用點對點共享機制來移動內容的整個概念是我們一直非常重視的。對我們自己感興趣，並且實際上一直在為我們自己努力。這又只是問題之一。在合理的經濟環境下，將高品質內容傳送給消費者最有效的方式是什麼？

In terms of the overall online strategy, the focus of the Company is to really build out ABC.com, Disney.com, and ESPN.com in many respects to be what I'll call networks of the future, that offer multiple services. In Disney's case, whether it's commerce or viewing or games or music; ESPN's case, just go to -- find ESPN 360 and you'll see what I mean. A lot of customization, regionalization, ways that you can really interact with your favorite sports teams and your favorite players. And in ABC's case, we're already showing you a glimpse of the future, which we've pretty quickly made the present. I really think that we've got opportunities here to take advantage of current trends and -- on the Internet, which is growth in advertising, growth in consumption, real -- the popularity of features like user-created videos or community functionality or communications, all with an underpinning of great creativity and strong brands. And so as you look at the Company's future in this space, you have to focus first on ABC, ESPN and Disney. And what follows, we're not 100% sure, but this is definitely the focus.

就整體線上策略而言，該公司的重點是在許多方面真正打造 ABC.com、Disney.com 和 ESPN.com，成為我所說的提供多種服務的未來網路。就迪士尼而言，無論是商業、觀看、遊戲或音樂；ESPN 的案例，只需找到 ESPN 360，您就會明白我的意思。大量的客製化、區域化以及讓你可以真正與你最喜歡的運動隊伍和你最喜歡的球員互動的方式。在 ABC 的例子中，我們已經向您展示了未來的一瞥，我們很快就把它變成了現在。我真的認為我們有機會利用當前的趨勢——在互聯網上，廣告的增長，消費的增長，真正的——用戶創建的視頻或社區功能或通信等功能的流行，所有這些都以偉大的創造力和強大的品牌為基礎。因此，當你展望公司在這一領域的未來時，你必須先專注於 ABC、ESPN 和迪士尼。接下來的事情，我們不能百分之百確定，但這絕對是重點。

Thank you.

謝謝。

We'll take the next question, please.

我們將回答下一個問題。

Michael Nathanson, Sanford Bernstein.

麥可·內桑森，桑福德·伯恩斯坦。

Thanks. I have two for Tom and they're more of a housekeeping nature. Tom, firstly, can you give me some more detail on the Pixar dilution? You talk about $0.10. Is that reflective of increased share count, or is there a step-up in amortization? So can you give me some more color on that?

謝謝。我為湯姆準備了兩個，它們更多的是看家的性質。湯姆，首先，你能給我一些關於皮克斯稀釋的更多細節嗎？你說的是 0.10 美元。這是否反映了股票數量的增加，或者攤銷是否有增加？那你能給我更多的顏色嗎？

Sure. Do you have another question?

當然。你還有其他問題想問嗎？

Yes. The second one was cable network revenue growth. It was pretty strong this quarter. I wonder if you can break it out by affiliate fees and advertising and how is the current quarter pacing in advertising?

是的。第二個是有線電視網收入成長。本季的表現非常強勁。我想知道您是否可以透過聯盟費用和廣告來細分，當前季度的廣告節奏如何？

Sure. With regard to Pixar dilution, the biggest driver far and away in Pixar dilution is the additional shares outstanding if you take a look at that. The -- they're -- we're going to the purchase accounting now, as I mentioned earlier, and you should assume that the bulk of the purchase price will be allocated to non-amortizable good will. And that will be -- that amount -- that good will that won't be amortized will be between, call it 5.5 and $6 billion in that general vicinity as we go through it. The rest is allocated to the various assets and are amortized over their respective lives, based on the accounting rules. So -- but it's really share count that is the issue. And so, as you can see, when you think about, you've got a $7.4 billion purchase price, a little over $1 billion of that is attributable to cash and then the lion's share -- the vast lion's share of the net is really going to good will, which won't be amortized.

當然。關於皮克斯的稀釋，如果你看一下的話，皮克斯稀釋的最大驅動因素是額外的已發行股票。正如我之前提到的，我們現在要進行購買會計，您應該假設大部分購買價格將分配給不可攤銷的商譽。這將是——這個數額——不會被攤銷的善意將在我們經歷的大致範圍內，稱之為 5.5 到 60 億美元之間。其餘的分配給各種資產，並根據會計規則在各自的使用壽命內攤銷。所以——但真正的問題是股票數量。因此，正如您所看到的，當您考慮一下時，您會發現74 億美元的購買價格，其中略高於10 億美元的資金來自現金，然後是最大的份額——網絡的最大份額實際上是轉入善意，不會攤提。

Okay. And you've assumed that the buyback will -- that your $0.10 includes the buybacks?

好的。您是否假設回購將 — 您的 0.10 美元包括回購？

Well, the -- the $0.10 a share of dilution, for those on the phone, the buybacks that we do right now don't have a very big impact on EPS for this year because obviously you use average shares outstanding in calculating EPS. So the $0.10 dilution won't be impacted much by buybacks, but that is the -- that's the gross number.

嗯，每股0.10 美元的稀釋，對於那些打電話的人來說，我們現在進行的回購不會對今年的每股收益產生很大的影響，因為顯然你在計算每股收益時使用的是平均已發行股票。因此，0.10 美元的稀釋不會受到回購的太大影響，但這就是總數。

Okay.

好的。

The -- on the cable net revenue growth, the biggest driver was affiliate fees, far and away, for that business, even when you take into account the deferral. And we continue to see a pretty good ad market for cable. I wouldn't say -- it's not as strong as we're seeing in primetime, but it's reasonable. There's softness in spots, but I think that it's still overall a decent market.

在有線電視淨收入成長方面，最大的推動力是該業務的附屬費用，即使考慮到延期也是如此。我們繼續看到有線電視廣告市場相當不錯。我不會說——它不像我們在黃金時段看到的那麼強大，但它是合理的。雖然有些地方有些疲軟，但我認為總體而言仍然是一個不錯的市場。

Okay. And was first quarter kind of mid single digits, do you think, in ad growth of cable? Is that a fair assumption?

好的。您認為第一季有線電視廣告成長是否達到中位數個位數？這是一個公平的假設嗎？

Well -- you mean the quarter we just ended?

嗯——你是指我們剛結束的季度？

Right, yes.

對，是的。

Well, the -- yes. I mean, single digits, yes. Mid single digits. Remember, far and away our biggest advertising is driven by ESPN, right? Because we've got Disney Channel domestically not ad supported and then others have advertising revenue. But are modest in comparison to ESPN.

嗯，是的。我的意思是，個位數，是的。中個位數。請記住，我們最大的廣告無疑是由 ESPN 推動的，對吧？因為我們國內的迪士尼頻道不支援廣告，然後其他頻道有廣告收入。但與 ESPN 相比還算溫和。

Thanks, Michael. We have time for just one more question, operator.

謝謝，麥可。我們還有時間再問一個問題，接線生。

Douglas Shapiro, Banc of America Securities.

道格拉斯‧夏皮羅，美國銀行證券公司。

Thanks a lot. I had two pretty quick ones, as well. The first one is, Tom, I was just wondering if you could quantify the production and syndication contribution to the TV line in the quarter which you allude to in the release. And the second one is, I guess, more conceptual. I was just wondering if you could comment, if you have any theory, I guess, why the declining dollar is -- does not seem to be driving international attendance any more than it is.

多謝。我也有兩個很快的。第一個是，湯姆，我只是想知道您是否可以量化您在發布中提到的季度對電視線的製作和聯合貢獻。我想第二個比較概念化。我只是想知道你是否可以發表評論，如果你有任何理論，我猜，為什麼美元貶值似乎並沒有比現在更多地推動國際觀眾人數。

Well, I think that we had seen very strong improvements in international attendance year-over-year for the last couple of years. And we continue to see strength in international attendance. You're right in surmising that it wasn't the big driver this year -- sorry, this quarter at Walt Disney World, international attendance was up only modestly versus the prior year, and, now, some of that again is the timing of Easter that's factoring into that equation. And so, I still think that there's some benefit from the dollar in terms of what we see in international attendance. But I'm not making any predictions on sort of where that goes from here. But I think you'll see us grow all segments over time.

嗯，我認為過去幾年我們看到國際觀眾數量逐年大幅增加。我們繼續看到國際觀眾的力量。你的猜測是對的，這不是今年的主要推動力——抱歉，本季度在華特迪士尼世界，國際遊客數量與去年相比僅略有上升，而現在，其中一些又是時機復活節也是這個等式中的一個因素。因此，我仍然認為，就我們在國際比賽中看到的情況而言，美元有一些好處。但我不會對接下來的發展做出任何預測。但我認為隨著時間的推移，你會看到我們所有的細分市場都在成長。

Tom, I don't think to the point you made, you can't really look at it in terms of the quarter. It's really because of Easter. Because it's peak travel period for international travelers.

湯姆，我認為就你所說的觀點而言，你不能真正從季度的角度來看待它。確實是因為復活節。因為現在是國際旅客的旅遊高峰期。

That's right.

這是正確的。

And we did see with 20% growth in international attendance in fiscal '05, at Walt Disney World, that's pretty significant.

我們確實看到 05 財年華特迪士尼世界的國際遊客數量增加了 20%，這是相當顯著的。

It is.

這是。

And while I don't know whether I would attribute it all to the declining dollar, that obviously was a factor. And we think the year in general is going to be fairly positive for Walt Disney World in terms of international attendance.

雖然我不知道是否會將這一切歸因於美元貶值，但這顯然是一個因素。我們認為，就國際遊客數量而言，今年華特迪士尼世界總體上將相當樂觀。

I would think so, yes. With regard to the TV distribution line, we talked about that a little bit on the call, that was a meaningful contributor in the quarter. It was less than $50 million, but I think it -- but it obviously made a difference.

我想是的，是的。關於電視發行線，我們在電話會議上談到了一點，這是本季度的一個有意義的貢獻者。雖然不到 5000 萬美元，但我認為——但它顯然產生了影響。

Okay, great. Thank you very much.

好的，太好了。非常感謝。

Thanks again for joining us today. Note that a reconciliation of non-GAAP measures referred to on this call to equivalent GAAP measures can be found on our investor relations website. 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. 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. 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. This concludes today's second quarter conference call.

再次感謝您今天加入我們。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。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。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。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。今天的第二季電話會議到此結束。

Ladies and gentlemen, we thank you for your participation in today's conference. This concludes the presentation, and you may now disconnect.

女士們、先生們，我們感謝你們參加今天的會議。簡報到此結束，您現在可以斷開連線。