迪士尼 (DIS) 2006 Q3 法說會逐字稿

Good day, ladies and gentlemen.

美好的一天，女士們先生們。

Thank you for standing by and welcome to the Walt Disney third-quarter 2006 earnings conference call.

感謝您的耐心等待並歡迎參加華特迪士尼公司 2006 年第三季財報電話會議。

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

我叫卡洛，我將擔任今天演講的協調員。

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

此時，我們所有的參與者都處於僅聽模式。

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

我們將在今天準備好的演講結束時安排問答環節。 （操作員說明）。

I would now like to turn the presentation over to your host for today's conference, Ms. Wendy Webb, Senior Vice President of Investor Relations and Shareholder Services.

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高級副總裁 Wendy Webb 女士。

Ma'am, you may proceed.

女士，您可以繼續了。

Thank you.

謝謝。

Good morning, and thanks for joining us.

早安，感謝您加入我們。

A quick note that is always and for your convenience our Investor Relations website will provide not only a replay of this call but also MP3 download capability and an archived written transcript of today's remarks.

為了您的方便，我們的投資者關係網站不僅提供本次電話會議的重播，還提供 MP3 下載功能以及今天講話的存檔書面記錄。

Here with us in Burbank this morning are Bob Iger, Disney's President and Chief Executive Officer and Tom Staggs, Senior Executive Vice President and Chief Financial Officer.

今天早上與我們一起在伯班克的是迪士尼總裁兼首席執行官鮑勃·艾格（Bob Iger）和高級執行副總裁兼首席財務官湯姆·斯塔格斯（Tom Staggs）。

Bob will lead off followed by Tom.

鮑勃將帶頭，湯姆緊隨其後。

Then we will open up the call to you for Q&A.

然後我們將向您撥打電話進行問答。

We will to our best to conclude the call before 9:15 AM Eastern time.

我們將盡力在東部時間上午 9:15 之前結束通話。

So let's get started.

那麼就讓我們開始吧。

Bob?

鮑伯？

Thank you, Wendy, and good morning.

謝謝你，溫迪，早安。

I am pleased to report that the strength of our earnings reflects solid performance across all of our segments.

我很高興地報告，我們的強勁盈利反映了我們所有部門的穩健業績。

While Tom will provide greater detail shortly, I'd like to briefly offer a couple of observations and some thoughts about where we see the Company going in the future.

雖然湯姆很快就會提供更多細節，但我想簡要地提供一些關於我們公司未來發展方向的觀察和想法。

On the last several earnings calls, we've discussed our continuing efforts to invest in the quality of our brands and content to best position Disney to deliver growth and shareholder value over the long term.

在過去的幾次財報電話會議上，我們討論了我們對品牌和內容品質的持續投資，以使迪士尼處於最佳位置，從而實現長期成長和股東價值。

Our current success is a direct outgrowth of this focus.

我們目前的成功是這項重點的直接成果。

Our results also demonstrate Disney's unique ability to capitalize on great content across multiple businesses, platforms and markets.

我們的結果也證明了迪士尼在跨多個業務、平台和市場中利用優質內容的獨特能力。

Some highlights -- Disney Pixar's 'Cars' is a great example of this ability.

一些亮點——迪士尼皮克斯的《汽車總動員》就是這種能力的一個很好的例子。

It's the number one animated movie of the year and ranks as the number two domestic movie of the year in total box office receipts. 'Cars' also was a major factor in our consumer products growth this quarter with our broadest merchandise presence of any properties since 'The Lion King.' 'Cars' is currently the number one boys property in the marketplace across all categories.

它是年度票房第一的動畫電影，並在年度總票房收入中排名第二的國產電影。 《汽車》也是我們本季消費品成長的一個主要因素，我們的商品種類是自《獅子王》以來最廣泛的。 「汽車總動員」目前是市場上所有類別中排名第一的男孩財產。

And at present we are putting our plans in place for aggressive programs for the holiday season to coincide with the film's release on DVD.

目前，我們正在製定積極的假期計劃，以配合電影 DVD 的發行。

And down the road, you shouldn't be surprised to see a 'Cars' based attraction at one or more of our theme parks around the world.

一路走來，如果您在我們世界各地的一個或多個主題公園看到以“汽車總動員”為主題的景點，您應該不會感到驚訝。

We see enormous potential for this entertainment property and believe it's enduring appeal, particularly among young boys, can generate significant returns for the Company over the long term.

我們看到了這個娛樂產業的巨大潛力，並相信它的持久吸引力，尤其是對年輕男孩的吸引力，能為公司帶來長期可觀的回報。

'The Chronicles of Narnia' has also proven to be an extremely important franchise for the Company on a global scale.

《納尼亞傳奇》也被證明是該公司在全球範圍內極為重要的特許經營權。

Due to the universal appeal of the Lion, the Witch and the Wardrobe, Narnia is tracking to be the number one DVD title of the year in the U.S. with strong sales in international markets as well.

由於《獅子、女巫和魔衣櫥》的普遍吸引力，《納尼亞傳奇》正在成為美國年度銷售第一的 DVD 影片，在國際市場上的銷售也很強勁。

Disney Channel's 'High School Musical' continues to set performance records across multiple categories, including Billboard's best-selling record of the year.

迪士尼頻道的《歌舞青春》繼續創下多個類別的表演記錄，其中包括公告牌年度最暢銷記錄。

In fact, we're seeing considerable strength in all video and music categories worldwide from this franchise and this title is now our biggest TV-based DVD title.

事實上，我們從這個系列中看到了全球所有視頻和音樂類別中的相當大的實力，而該遊戲現在是我們最大的電視 DVD 遊戲。

And lastly, though not a major factor in this quarter's results, Disney's enormously successful franchise. 'Pirates of the Caribbean - Dead Man's Chest,' which opened in theaters in July, is the number one movie of the year, crossing the $790 million mark in global box office receipts, including capturing the number one spot overseas for the fifth consecutive weekend. 'Pirates' has come to represent perhaps our biggest cross-platform franchise ever.

最後，儘管迪士尼的特許經營權取得了巨大成功，但這並不是本季業績的主要因素。 7 月上映的《加勒比海盜 - 聚魂箱》成為年度票房第一的電影，全球票房收入突破 7.9 億美元大關，其中連續第五個週末佔據海外票房第一的位置。 「海盜」可能是我們有史以來最大的跨平台系列遊戲的代表。

While allocating capital in the direction of creating high-quality entertainment experiences is our number one priority, we also are keenly focused on how to apply technology to both enhance the consumer experience and to use it as a tool to reach more people more often.

雖然將資本分配給創造高品質的娛樂體驗是我們的首要任務，但我們也非常關注如何應用科技來增強消費者體驗，並將其用作更頻繁地接觸更多人的工具。

Digital technology is transforming the production and distribution of media and entertainment content while globalization is opening new markets, unlocking new economic opportunity for us.

數位科技正在改變媒體和娛樂內容的生產和傳播，而全球化正在開闢新市場，為我們釋放新的經濟機會。

With the rise in new distribution platforms worldwide, we're launching new services to better meet the needs of our consumers, as well as introducing new business models to diversify our revenue streams.

隨著全球新分銷平台的興起，我們正在推出新服務以更好地滿足消費者的需求，並引入新的業務模式以使我們的收入來源多樣化。

These activities point to what is critical to all of our efforts, our focus on consumers.

這些活動顯示了我們所有努力的關鍵所在，即我們對消費者的關注。

With consumers continually gaining greater control over the consumption of media, we're committed to distributing our content on a well-timed well-priced basis, on platforms that offer a great consumer experience and an appropriate environment for our content.

隨著消費者不斷獲得對媒體消費的更大控制，我們致力於在提供良好消費者體驗和適當環境的平台上適時且價格合理地分發我們的內容。

We believe that changes in technology and demographics create new business opportunities for content owners and creators, many of which exist outside of traditional media and entertainment channels.

我們相信，科技和人口統計的變化為內容所有者和創作者創造了新的商機，其中許多機會存在於傳統媒體和娛樂管道之外。

So we see enormous potential for video-based Internet and mobile delivery content and intend to exploit new business opportunities to our advantage.

因此，我們看到了基於視訊的網路和行動交付內容的巨大潛力，並打算利用新的商機來發揮我們的優勢。

We're just launching Disney Mobile, the first comprehensive domestic mobile phone service specifically designed for families.

我們剛推出迪士尼移動，這是第一個專為家庭設計的綜合國內行動電話服務。

The initial product reviews have been extremely positive for our unique product, including being named Editor's Choice by PC Magazine.

最初的產品評論對我們獨特的產品非常積極，包括被 PC 雜誌評為編輯選擇獎。

With the opportunity we identified in the family segment of the market, we're optimistic that our national marketing, advertising and retail plans that begin this month, will drive great interest among parents, tweens and young teens in our service.

憑藉我們在家庭細分市場中發現的機會，我們樂觀地認為，本月開始的全國行銷、廣告和零售計劃將引起父母、青少年對我們服務的極大興趣。

Earlier this year, we launched Mobile ESPN, and while we are pleased with the quality and utility of this mobile content service, sales have been slower to develop than we had hoped.

今年早些時候，我們推出了行動 ESPN，雖然我們對這項行動內容服務的品質和實用性感到滿意，但銷售的成長速度比我們預期的要慢。

As a result, we made some broad changes in our marketing, selling and handset strategy to better position Mobile ESPN among targeted consumer groups.

因此，我們對行銷、銷售和手機策略進行了一些廣泛的改變，以便更好地在目標消費群體中定位 Mobile ESPN。

We think there is a great opportunity to extend ESPN branded content to mobile platforms as a way of connecting with our consumers whenever and wherever they are.

我們認為，這是將 ESPN 品牌內容擴展到行動平台的絕佳機會，作為隨時隨地與消費者聯繫的一種方式。

Over the long term, we will continue to exploit multiple business models in the mobile space to drive revenue and affinity among our core users.

從長遠來看，我們將繼續在行動領域開發多種商業模式，以提高收入和核心用戶之間的親和力。

Our commitment to extend the ESPN experience across multiple platforms is a key element of our strategy.

我們致力於跨多個平台擴展 ESPN 體驗，這是我們策略的關鍵要素。

The strength of our multimedia platform approach has been clearly demonstrated in the success we are experiencing in the cable upfront, where we are seeing strong demand in general with ESPN and Sports, with revenue and CPMs up while the majority of cable is flat to down relative to the prior year.

我們多媒體平台方法的優勢已經在我們在有線電視前期所取得的成功中得到了清晰的體現，我們看到ESPN 和體育頻道總體需求強勁，收入和每千次展示費用有所上升，而大多數有線電視相對持平甚至下降。到前一年。

Key drivers of our success are ESPN's Monday Night Football and college football, including ABC's Saturday Night Football, where advertisers are committing significant budgets to our multimedia platforms.

我們成功的關鍵驅動因素是 ESPN 的周一橄欖球之夜和大學橄欖球，包括 ABC 的周六橄欖球之夜，廣告商在我們的多媒體平台上投入了大量預算。

Based on our current projections, our multimedia strategy for our sports content will drive an increase in our non TV sales by well over 50% as compared to prior year.

根據我們目前的預測，我們的體育內容多媒體策略將推動我們的非電視銷售額比上一年增長 50% 以上。

At ABC, our multi-platform approach to content distribution also has led to increased ad revenue opportunities.

在 ABC，我們的多平台內容分發方法也帶來了廣告收入機會的增加。

With considerable growth in broadband penetration, ABC.com is now an ongoing important new platform for ABC dealers as they now have the opportunity to watch programs they may have missed on network TV.

隨著寬頻普及率的顯著增長，ABC.com 現在已成為 ABC 經銷商的一個重要的新平台，因為他們現在有機會觀看他們可能在網路電視上錯過的節目。

Providing viewers with this on-demand service speaks to both our willingness to embrace new technology platforms and our goal to diversify our revenue streams.

為觀眾提供這種點播服務既體現了我們擁抱新技術平台的意願，也體現了我們實現收入來源多元化的目標。

Advertisers are looking at the success of delivering programming via ABC.com as a means of forming a deeper relationship with consumers while we are better serving our viewers with our flexible service.

廣告主正在將透過 ABC.com 提供節目的成功視為與消費者建立更深層次關係的一種手段，同時我們也透過靈活的服務更好地為觀眾服務。

According to our research from our two-month trial, users who downloaded 5.7 million episodes on the service had an 87% recall of the advertising viewed, more than triple the average advertiser recall for normal TV ads.

根據我們對兩個月試驗的研究，在該服務上下載了 570 萬集的用戶對所觀看的廣告的回憶率為 87%，是廣告商對普通電視廣告的平均回憶度的三倍多。

Furthermore, the average age of our users on line is 29 years old, the target audience that advertisers covet.

此外，我們線上用戶的平均年齡為29歲，是廣告商覬覦的目標受眾。

We believe these strong results will encourage advertisers to innovate with us around this new platform and we believe the new source of revenue can contribute meaningfully to our bottom line over the long run.

我們相信這些強勁的業績將鼓勵廣告商圍繞這個新平台與我們一起創新，我們相信從長遠來看，新的收入來源可以為我們的利潤做出有意義的貢獻。

Turning to international markets, last month, 'The Lion King' stage play opened at the Shanghai Grand Theater, bringing our award-winning musical to China for the first time and great Disney-branded content to that market in an entirely new way.

轉向國際市場，上個月，舞台劇《獅子王》在上海大劇院上演，將我們屢獲殊榮的音樂劇首次引入中國，並將精彩的迪士尼品牌內容以全新的方式引入中國市場。

Also in Asia, two weeks ago, we acquired the children's television channel, Hungama TV, a 24-hour Hindi language entertainment channel for kids in India, to promote our long-term strategy to build the Disney brand and our businesses in this important region of the world.

同樣在亞洲，兩週前，我們收購了兒童電視頻道 Hungama TV，這是一個面向印度兒童的 24 小時印地語娛樂頻道，以促進我們在這一重要地區打造迪士尼品牌和業務的長期戰略世界的。

Next month in Hong Kong marks an important milestone for the Walt Disney Company, the one-year anniversary of the opening of Hong Kong Disneyland.

下個月，香港將迎來華特迪士尼公司的一個重要里程碑，即香港迪士尼樂園開幕一週年。

Tom Staggs and I, along with the Head of our Parks and Resorts, Jay Rasulo, just toured the new attractions that opened this summer.

我和湯姆·斯塔格斯以及公園和度假村負責人傑·拉蘇洛 (Jay Rasulo) 剛剛參觀了今年夏天開放的新景點。

These attractions are generating a great response from our guests and are contributing to increased attendance of the park.

這些景點引起了遊客的強烈反響，並有助於增加公園的參觀人數。

Our team in Hong Kong is focused on bolstering that momentum as we continue to refine our marketing and sales approach to this new market.

我們的香港團隊致力於增強這一勢頭，不斷完善針對這個新市場的營銷和銷售方式。

Having said that, the quality of our overall product and the high consumer satisfaction levels we're generating are encouraging and bode well for the long-term potential of Hong Kong Disneyland.

話雖如此，我們整體產品的品質和我們所產生的高消費者滿意度令人鼓舞，並預示著香港迪士尼樂園的長期潛力。

Hong Kong Disneyland remains an important building block of our strategy to build Disney in this region of the world.

香港迪士尼樂園仍然是我們在世界本地區建立迪士尼策略的重要組成部分。

Our emphasis on the Disney brand is common across our businesses.

我們對迪士尼品牌的重視在我們的各個業務中都很常見。

Recently, we announced a strategic shift at Walt Disney Studios, reflecting our long-term plan to produce more films under the Disney banner.

最近，我們宣布了華特迪士尼工作室的策略轉變，反映了我們在迪士尼旗下製作更多電影的長期計劃。

Going forward, Walt Disney Studios will produce and distribute approximately 10 Disney live-action and animated films a year and maybe two to three Touchstone films a year, representing a more focused approach.

展望未來，華特迪士尼影業每年將製作和發行約 10 部迪士尼真人電影和動畫電影，每年可能製作和發行兩到三部《試金石》電影，這代表了一種更有針對性的方法。

The depth and breath of great Disney movies range from 'Pirates of the Caribbean' to 'Cars' to 'Chronicles of Narnia.'

從《加勒比海盜》到《汽車總動員》再到《納尼亞傳奇》，迪士尼偉大電影的深度和氣息多種多樣。

Our new approach makes particular sense when you consider the above-market returns we have been able to earn on Disney-branded films.

當你考慮到我們在迪士尼品牌電影上獲得的高於市場的回報時，我們的新方法就特別有意義。

Furthermore, we believe this strategic shift ultimately will benefit the entire company as the universal appeal of titles under the Disney brand expands our global reach and provides far more significant opportunities for ancillary businesses.

此外，我們相信這項策略轉變最終將使整個公司受益，因為迪士尼品牌產品的普遍吸引力擴大了我們的全球影響力，並為輔助業務提供了更重要的機會。

In addition to this strategic shift towards Disney-branded films, we are also consolidating global movie marketing and distribution, which is an important step as we continue to adapt to the changing marketplace.

除了向迪士尼品牌電影的策略轉變外，我們還在整合全球電影行銷和發行，這是我們繼續適應不斷變化的市場的重要一步。

With this new strategy and global infrastructure in place, we have adapted our organization to best position this business for ongoing success.

隨著這項新策略和全球基礎設施的到位，我們對我們的組織進行了調整，以最好地定位這項業務，以取得持續的成功。

We are enjoying strong current financial results across our businesses.

我們的各個業務目前都享有強勁的財務表現。

As our strategic priorities are put into action, long-term financial performance will be the ultimate measure of our success.

隨著我們的策略重點付諸實施，長期財務表現將成為衡量我們成功的最終標準。

Through our creative capabilities, strategic direction, the strength of our senior management team and our willingness to evolve or change our business models or structures to best serve our consumers, we believe we are on track to deliver sustainable and valuable long-term growth.

憑藉我們的創造力、策略方向、高階管理團隊的實力以及我們發展或改變業務模式或結構以最好地服務消費者的意願，我們相信我們有望實現可持續且有價值的長期成長。

At the same time, we will not shy away from investment opportunities that require capital investment or dampen earnings per share in the short run, if we believe these initiatives will deliver attractive returns on our investment.

同時，如果我們相信這些舉措將為我們的投資帶來有吸引力的回報，我們就不會迴避需要資本投資或在短期內抑制每股盈餘的投資機會。

The Pixar acquisition is a great example of this type of investment.

收購皮克斯就是這類投資的一個很好的例子。

We are just a few months past the closing of the deal, but the creative resources, energy and enthusiasm generated by this combination is even greater than we expected.

距離交易完成僅幾個月，但此次合併所產生的創意資源、能量和熱情甚至超出了我們的預期。

We are also investing in video games business and will increase this investment next year.

我們也投資電玩業務，明年將增加投資。

We are doing so with a focus on Disney-branded titles with an eye toward capitalizing on and creating core franchises for the Company.

我們這樣做的重點是迪士尼品牌的遊戲，著眼於利用並為公司創造核心特許經營權。

We are also investing and further developing our Web presence across our major brands.

我們也投資並進一步發展我們主要品牌的網路形象。

With over $1.2 billion in Internet revenues projected this year, which includes our theme park packages, our businesses are becoming increasingly significant.

今年預計網路收入將超過 12 億美元，其中包括我們的主題樂園套餐，我們的業務變得越來越重要。

In addition, we believe there is a substantial upside from the Internet for rich branded content like ours and we intend to capture that upside.

此外，我們相信網路對於像我們這樣的豐富品牌內容具有巨大的優勢，我們打算抓住這一優勢。

In fiscal 2007, we will launch a wholly redesigned Disney.com that will capitalize on the unique strength of the Disney brand and content.

2007 財年，我們將推出經過全面重新設計的 Disney.com，該網站將充分利用迪士尼品牌和內容的獨特優勢。

This is in addition to our robust entertainment offerings from our other vertical sites, ESPN 360 and ABC.com.

這是我們其他垂直網站 ESPN 360 和 ABC.com 提供的強大娛樂產品的補充。

So across our entire portfolio, we will emphasize entertainment, commerce and community.

因此，在我們的整個產品組合中，我們將強調娛樂、商業和社區。

We also will continue to invest in our core Disney-branded content for television and other platforms around the world.

我們也將繼續投資於全球電視和其他平台的核心迪士尼品牌內容。

We see increased development of high-quality branded content to markets outside the United States as an important long-term brand and profit building opportunity for us.

我們認為，向美國以外市場增加高品質品牌內容的開發對我們來說是一個重要的長期品牌和利潤建立機會。

Creative and brand strength, the application of technology and globalization are the central elements of our strategy.

創意和品牌實力、科技應用和全球化是我們策略的核心要素。

We've made creative excellence and the focus on consumers the primary tenants of our approach and that orientation will help us adapt and innovate to the benefit of our shareholders for the long term, just as we have demonstrated with our quarterly results today.

我們已經將卓越的創意和對消費者的關注作為我們方法的主要租戶，這種導向將幫助我們適應和創新，以造福股東的長期利益，正如我們今天的季度業績所證明的那樣。

So now I'll turn the call over to Tom to offer more specifics on our performance, particularly with regard to our strong financial results.

因此，現在我將把電話轉給湯姆，提供更多有關我們業績的細節，特別是我們強勁的財務表現。

Tom?

湯姆？

The results we've posted for the quarter and the year to date are obviously gratifying.

我們發布的本季和今年迄今的結果顯然令人欣喜。

As Bob mentioned, they demonstrate the strength of our coordinated approach to leveraging content across our lines of business.

正如鮑伯所提到的，它們展示了我們在跨業務線中利用內容的協調方法的優勢。

They also evidence our conviction, that creative excellence and financial discipline are compatible and complementary objectives for our Company.

它們也證明了我們的信念，即卓越的創意和財務紀律是我們公司的兼容且互補的目標。

We're now three-quarters of the way through our 2006 fiscal year and are well on our way to delivering our fourth straight year of double-digit earnings growth.

2006 財年現已過去四分之三，並有望連續第四年實現兩位數的獲利成長。

In fact, in those first three quarters, we earned approximately the same in net income as we did for all of last year.

事實上，在前三個季度，我們的淨利潤與去年全年的淨利潤大致相同。

We also expect that the strong earnings will help us deliver our highest level of free cash flow in the Company's history.

我們也預期強勁的獲利將幫助我們實現公司歷史上最高水準的自由現金流。

And the increases we're seeing are broad-based.

我們看到的成長是廣泛的。

At Parks and Resorts, consolidated revenue in Q3 grew by 11%, operating income increased to 26% and we improved margins by more than 200 basis points.

在園區及度假村，第三季綜合收入成長了 11%，營業收入成長至 26%，利潤率提高了 200 多個基點。

Walt Disney World attendants increased by 7% with growth across all guest segments, led by roughly 10% growth in both resident and international attendants.

華特迪士尼世界的遊客人數增加了 7%，所有遊客群體均有所增長，其中居民和國際遊客人數增加了約 10%。

Per capita spending came in just above last year.

人均支出略高於去年。

A number of factors contributed to our success in the quarter, including the strong guest response to our newest Florida attraction, 'Expedition Everest,' continued positive reaction to Disney's Magical Express and Magic Your Way and the timing of the Easter holiday.

許多因素促成了我們在本季度的成功，包括遊客對我們佛羅裡達州最新景點“珠穆朗瑪峰探險”的強烈反響、對迪士尼神奇快車和神奇你的方式的持續積極反應以及復活節假期的時間安排。

Our Florida hotel occupancy increased by 5 percentage points to 92% and per room spending was up 8%.

我們佛羅裡達州的飯店入住率成長了 5 個百分點，達到 92%，每間客房的支出增加了 8%。

Disneyland resorts attendance was up slightly for the quarter and we saw continued strength in guest spending, which increased by high single digits.

本季迪士尼樂園度假區的遊客人數略有​​上升，我們看到遊客支出持續強勁，增幅高達個位數。

These increases were in spite of the challenging comparisons of the successful launch of the 50th Anniversary Celebration last year.

儘管與去年成功推出 50 週年慶典相比，這些成長仍具有挑戰性。

At our West Coast hotels, occupancies were over 96% and per-room spending increased by 7%.

我們西海岸的飯店入住率超過 96%，每間客房的消費增加了 7%。

Looking ahead, our room reservations for the September quarter at our domestic resorts are running high single digit percentages ahead of last year.

展望未來，我們國內度假村九月季度的客房預訂量比去年高出個位數百分比。

However, for Q4, we will be comping against the strong quarter we had last year, especially at Disneyland Resorts.

然而，對於第四季度，我們將與去年的強勁季度進行比較，尤其是在迪士尼樂園度假區。

At this point and barring unforeseen events. we expect that overall attendants at our domestic parks will come in at or around the levels we saw in Q4 of last year.

此時，除非發生不可預見的事件。我們預計國內公園的整體遊客數量將達到或接近去年第四季的水平。

Attendance was also up strongly at Disneyland Resort Paris, helped by the Easter shift.

在復活節期間，巴黎迪士尼樂園度假區的遊客人數也大幅增加。

We also saw a favorable response in the quarter to new local marketing programs and to the opening of the new Buzz Lightyear Laser Blast attraction in April.

本季我們也看到了對新的本地行銷計劃以及 4 月新的巴斯光年雷射爆炸景點開幕的良好反響。

At Media Networks, cable operating profit was up 15% this past quarter, driven by higher affiliate revenue due in large measure to increased rates at ESPN.

在 Media Networks，上個季度的有線電視營業利潤成長了 15%，這主要是由於 ESPN 費率的提高而導致聯營收入增加。

We also recognized higher deferred affiliate revenues, resulting in net benefit of approximately $65 million for the quarter versus last year.

我們也確認了更高的遞延聯營收入，導致本季的淨收益比去年增加了約 6,500 萬美元。

In Q4, we expect to recognize approximately 85 million more in deferred revenue than we did in Q4 of last year.

在第四季度，我們預計將比去年第四季多確認約 8,500 萬美元的遞延收入。

ESPN finished Q3 with ratings up double digits in all key demos, with the NBA playoffs, Major League Baseball, World Cup Soccer, and Sports Center driving increased viewership.

ESPN 在第三季結束時，所有關鍵演示的收視率均上升了兩位數，其中 NBA 季後賽、美國職棒大聯盟、足球世界盃和體育中心的收視率不斷上升。

At ESPN2, coverage of The World Cup drove double-digit ratings increases, making June the most viewed month ever for that network.

ESPN2 對世界盃的報導推動了收視率兩位數的成長，使 6 月成為該網絡有史以來收視率最高的月份。

ESPN successfully leveraged World Cup coverage across all of its platforms, generating significant traffic for each of them.

ESPN 成功地利用了其所有平台上的世界盃報道，為每個平台產生了大量流量。

As we look ahead to Q4 for ESPN, it's worth noting that we start the new Monday Night Football contract in September and we expect that roughly 25% of the first year's amortization will fall into Q4.

當我們展望 ESPN 第四季度時，值得注意的是，我們從 9 月開始簽訂新的周一橄欖球之夜合同，我們預計第一年攤銷的大約 25% 將落入第四季度。

At our other cable nets, we're continuing to invest in programming that is building our brands and our distribution opportunities.

在我們的其他有線電視網，我們繼續投資於打造我們的品牌和分銷機會的節目。

This is especially evident at the Disney Channel, where hits like Hannah Montana, The Sweet Life of Zack and Cody, and of course 'High School Musical' drove strong double-digit increases in ratings across all key demos.

這在迪士尼頻道尤其明顯，《漢娜·蒙塔娜》、《查克和科迪的甜蜜生活》等熱門影片，當然還有《歌舞青春》，推動所有關鍵演示的收視率強勁兩位數增長。

The phenomenal popularity of 'High School Musical' has enabled us to take advantage of both established and new distribution technologies, not only Media Networks, but across the Company.

《歌舞青春》的驚人受歡迎使我們能夠利用現有的和新的發行技術，不僅是媒體網絡，而且是整個公司。

DVD sales of 'High School Musical' passed the 2 million mark in Q3, soundtrack sales are strong, as Bob mentioned, and the title is number one in its 12th week on The New York Times Paperback Best Seller list.

《歌舞青春》的DVD 銷量在第三季度突破了200 萬張大關，原聲帶銷量強勁，正如鮑勃提到的那樣，該劇在《紐約時報》平裝本暢銷書排行榜上連續第12 週排名第一。

On the Broadcasting side, we saw strong top-line growth at the network, and in Q3, ABC again saw scattered CPMs that were double-digit percentages above last year's upfront.

在廣播方面，我們看到該網絡的收入強勁增長，而在第三季度，ABC 再次看到分散的每千次展示費用，比去年的預付款高出兩位數百分比。

For Q4 to date, scatter prices are high single-digit percentages above those upfront levels.

迄今為止，第四季的分散價格比前期水準高出個位數百分比。

Broadcasting operating profit was down overall, however, due to higher programming costs at the network driven by our dramas, greater investment in pilots at the TV studio and increased investment in new digital initiatives, including Disney Mobile.

然而，廣播營運利潤總體下降，原因是我們的電視劇推動網路節目成本上升、對電視演播室試點的投資增加以及對包括迪士尼移動在內的新數位計畫的投資增加。

Our Television Station group had a solid June quarter, with Q3 ad sales up mid single digits.

我們的電視台集團在六月季度表現強勁，第三季廣告銷售額成長了中個位數。

So far this quarter, station pacings are roughly in line with last year.

本季到目前為止，車站節奏與去年大致一致。

Ad sales at our radio group were down mid single digits in Q3, reflecting a soft radio marketplace.

第三季度，我們無線電集團的廣告銷售額下降了中個位數，反映軟無線電市場。

We're seeing similar pacings so far in Q4.

到目前為止，我們在第四季度看到了類似的節奏。

Looking forward to the network, our enthusiasm for ABC's fall schedule has been reinforced by advertisers' reactions during the recent upfront.

展望該網絡，我們對 ABC 秋季節目表的熱情因廣告商在最近前期的反應而得到加強。

ABC achieved the highest increase in CPMs of any network, with overall CPMs growth of 3 to 4% and total primetime commitments of 2.3 billion.

ABC 的每千次曝光費用 (CPM) 增幅是所有電視網中最高的，整體每千次曝光費用 (CPM) 增幅為 3% 到 4%，黃金時段的總承諾量達到 23 億。

If we can further improve our ratings momentum off of last year, we think our prospects in the scatter market are very promising.

如果我們能夠在去年的基礎上進一步提高我們的評級勢頭，我們認為我們在分散市場的前景非常光明。

We also held back our new media opportunities, such as MyABC.com in order to sell them in the scatter market, which should serve us well as the year unfolds.

我們還保留了新媒體機會，例如 MyABC.com，以便在分散市場上出售它們，這應該會在今年為我們帶來好處。

Studio Entertainment proved to be our best year-over-year performer for the quarter.

事實證明，Studio Entertainment 是我們本季同比表現最好的公司。

DVD sales were strong with worldwide DVD units growing 9% to over 69 million units, led by the 'Chronicles of Narnia,' which sold over 18 million units.

DVD 銷售強勁，全球 DVD 銷售成長 9%，超過 6,900 萬張，其中《納尼亞傳奇》銷量超過 1,800 萬張。

Home video also benefited from lower distribution costs and fewer returns.

家庭影片也受益於較低的分銷成本和較少的回報。

We generated very solid box office results from our theatrical slate this quarter, led by 'Cars' and we benefited from less expensive Miramax titles versus the prior year.

在《汽車總動員》的帶領下，本季我們的院線票房表現非常強勁，我們也受惠於比前一年更便宜的米拉麥克斯電影。

Our success of the Studio directly influences results in consumer products and that was certainly the case this quarter.

我們工作室的成功直接影響消費產品的業績，本季的情況確實如此。

Licensing operating income was up by more than 35%, due in large measure to the performance of 'Cars' and 'Pirates' merchandise.

授權營業收入成長了 35% 以上，這在很大程度上歸功於「汽車總動員」和「海盜」商品的表現。

This leveraging of successful film titles in other segments is an important factor in the shift to Disney-branded films.

對其他領域的成功電影作品的利用是轉向迪士尼品牌電影的一個重要因素。

At Buena Vista Games, we were successful with a number of Disney-branded licensed and self-produced titles, including 'Pirates of the Caribbean,' 'Narnia' and 'Cars,' although our increased investment and title development dampened results somewhat as we invest for future growth in this business.

在Buena Vista Games，我們成功推出了多款迪士尼品牌的授權和自製遊戲，包括《加勒比海盜》、《納尼亞傳奇》和《汽車總動員》，儘管我們增加的投資和遊戲開發在一定程度上削弱了業績，因為我們投資該業務的未來成長。

Our fundamental goal is to allocate our capital in areas where we think we can generate attractive growth and returns for our shareholders.

我們的根本目標是將我們的資本配置到我們認為可以為股東帶來有吸引力的成長和回報的領域。

At the same time, we continue to evaluate our existing portfolio of assets.

同時，我們繼續評估現有的資產組合。

With this in mind, we recently entered into an agreement to sell our noncontrolling 50% interest in 'Us Weekly' for roughly $300 million and we expect that deal to close this fall.

考慮到這一點，我們最近簽訂了一項協議，以大約 3 億美元的價格出售我們所持有的《Us Weekly》非控股 50% 的權益，我們預計該交易將於今年秋天完成。

The magazine has been managed superbly by Jann Wenner and his team and as a result, the roughly $40 million investment we made in this asset in 2001 has generated an outstanding return.

該雜誌在 Jann Wenner 和他的團隊的精心管理下，我們 2001 年對該資產的約 4000 萬美元投資產生了豐厚的回報。

We are also continuing to return shareholder capital to our shareholders in the form of both dividends and share repurchase.

我們也繼續以股利和股票回購的形式向股東返還股東資本。

During the third quarter, we repurchased approximately 80 million Disney shares for a little under $2.4 billion.

第三季度，我們以略低於 24 億美元的價格回購了約 8,000 萬股迪士尼股票。

Taking into account the shares we purchased since the end of the quarter through the market close yesterday, we had bought in nearly 220 million shares this fiscal year at a cost of roughly $6.2 billion.

考慮到我們自本季末到昨天收盤時購買的股票，本財年我們已購買了近 2.2 億股，成本約為 62 億美元。

Looking ahead to fiscal 2007, the [key one] home video release of both 'Cars' and 'Pirates' will be important determinants of studio results, as will the theatrical release of Pirates 3 next May and Ratatouille later in the summer.

展望2007 財年，《汽車總動員》和《海盜》的[關鍵]家庭視頻發行將成為工作室業績的重要決定因素，明年5 月上映的《海盜3》和夏季晚些時候上映的《料理鼠王》也是如此。

In October, we launched the Where Dreams Come True marketing campaign for our theme parks around the world, which we think can continue to drive demand for Disney Vacations coming off our highly successful 50th Anniversary Celebration.

10 月，我們為世界各地的主題樂園推出了「夢想成真」行銷活動，我們認為該活動可以在我們非常成功的 50 週年慶典之後繼續推動對迪士尼度假的需求。

At ABC, the performance of our new schedule will play an important part in our efforts to continue the resurgence of this business.

在 ABC，新時間表的執行將在我們繼續復興這項業務的努力中發揮重要作用。

And of course at both ABC and our cable nets, the strength of the ad market could be an important swing factor.

當然，對於 ABC 和我們的有線電視網來說，廣告市場的實力可能是一個重要的搖擺因素。

In Consumer Products, we will invest significantly over the next 12 to 24 months to ramp up our product and design capabilities and merchandised licensing, in order to further our efforts in direct-to-retail and other key account initiatives.

在消費品領域，我們將在未來 12 至 24 個月內進行大量投資，以提高我們的產品和設計能力以及商品許可，以進一步加強我們在直接零售和其他大客戶計劃方面的努力。

And as Bob mentioned briefly, we will continue to invest in new digital and international initiatives across the Company.

正如鮑勃簡要提到的，我們將繼續投資於整個公司的新數位和國際計劃。

We're pleased with the trends we're seeing across the Company and we think they reflect our efforts to adapt to changes in the media business, best serve our customers and invest wisely for future growth, while closely managing our existing businesses.

我們對整個公司所看到的趨勢感到滿意，我們認為它們反映了我們在密切管理現有業務的同時，為適應媒體業務的變化、最好地服務我們的客戶、明智地投資以實現未來的成長所做的努力。

Even as we innovate for the future, our primary goals remain unchanged and straightforward, to provide outstanding and differentiated content to consumers around the world while delivering increased value for our Company's owners.

即使我們為未來進行創新，我們的主要目標仍然保持不變且簡單，即為世界各地的消費者提供出色且差異化的內容，同時為公司所有者提供更高的價值。

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

至此，我們很樂意回答幾個問題。

Thanks, Tom.

謝謝，湯姆。

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).

（操作員說明）。

Anthony Noto, Goldman Sachs.

安東尼·諾托，高盛。

Bob and Tom, Bob, you had mentioned that the Company achieved $1.2 billion of Internet revenue and that included bookings for the parks.

鮑勃和湯姆，鮑勃，您提到公司實現了 12 億美元的網路收入，其中包括公園的預訂量。

I was wondering if you could give us that number without the parks and in your view, how well do you think you monetize all the engagement you have with users through any digital distribution channel, whether it's the Internet or mobile, vis-a-vis where it can be long term.

我想知道您是否可以在沒有公園的情況下給我們這個數字，在您看來，您認為透過任何數位分銷管道（無論是互聯網還是行動管道）與用戶的所有互動貨幣化效果如何？它可以是長期的。

And then Tom, you mentioned a number of factors that would impact 2007 and be important for us to consider.

然後，湯姆，您提到了一些會影響 2007 年並且值得我們考慮的重要因素。

Do you still feel comfortable with double-digit operating income growth in 2007?

您對 2007 年兩位數的營業收入成長還滿意嗎？

Thank you.

謝謝。

The first question on the Internet revenues, the theme park packages are a little over half of that number.

關於網路收入的第一個問題，主題樂園套餐僅佔該數字的一半多一點。

So we're north of $500 million of Internet revenues, excluding the theme park packages.

因此，不包括主題樂園套餐在內，我們的網路收入超過 5 億美元。

But obviously that's a big part of the business.

但顯然這是業務的重要組成部分。

In terms of how well we are, in effect, monetizing our connection with our consumers on these new media platforms, it's just tip of the iceberg, as I see it.

事實上，就我們在這些新媒體平台上與消費者的聯繫貨幣化的情況而言，在我看來，這只是冰山一角。

We are really focused on creating environments that are more conducive to both the consumers and to advertisers,-- Disney.com, ESPN, ABC.

我們真正致力於創造更有利於消費者和廣告商的環境—Disney.com、ESPN、ABC。

I mentioned in my remarks that we're working on a relaunch of Disney.com and actually it's very, very extensive.

我在演講中提到，我們正在努力重新啟動 Disney.com，實際上它的範圍非常非常廣泛。

We expect that some time toward the end of this calendar year, we will relaunch that site with extremely compelling opportunities on the video side, on the commerce side, on the community side, and think that will be the first of what I think will be a number of significant steps to better monetize our presence with our consumers or our ability to, in effect, exploit the experience on a Company-wide basis.

我們預計，在今年年底的某個時候，我們將重新啟動該網站，在視頻方面、商業方面、社區方面提供極具吸引力的機會，並認為這將是我認為的第一個採取了一系列重要措施，以更好地利用我們在消費者中的影響力或我們實際上在全公司範圍內利用這種體驗的能力。

You asked about 2007.

你問的是2007年的事。

We're not giving guidance on 2007 specifically; in fact, in general, we're not big fans of specific guidance year by year.

我們不會具體給出 2007 年的指導；事實上，總的來說，我們並不熱衷於逐年提供具體指導。

But you wanted to talk a little bit about the swing factors.

但你想談談搖擺因素。

We're obviously in the middle of the budget season right now here, and, so, we're in the middle of having 2007 take shape in terms of where we specifically think it will come out.

顯然，我們現在正處於預算季節中期，因此，就我們具體認為的結果而言，我們正處於 2007 年的中期階段。

But I think that in broad measure, given sort of the way that the market reacts to guidance, our opinion is this -- we're best talking about swing factors and letting you all come up with your best estimate of where things will come out.

但我認為，從廣義上講，考慮到市場對指引的反應方式，我們的觀點是——我們最好談論波動因素，讓大家對事情的結果做出最好的估計。

And Tom mentioned a number of those factors in his remarks and if you so -- I certainly support Tom's comments about guidance.

湯姆在他的演講中提到了許多這些因素，如果你這麼認為——我當然支持湯姆關於指導的評論。

If you are thinking about Disney in fiscal '07, you obviously have to consider the fact that we've got 'Cars' and 'Pirates' DVDs coming out, two of the most successful movies of the year, maybe the number one and number two most successful movie of the year, with great opportunities.

如果你在考慮07財年的迪士尼，你顯然必須考慮這樣一個事實：我們已經推出了《汽車總動員》和《海盜》DVD，這是今年最成功的兩部電影，也許是第一名和第二名。年度最成功的兩部電影，機會巨大。

You also have continued aggressive merchandise platform for both of those properties, that should last well into '07, particularly with the release of Pirates 3, which comes out on Memorial Day weekend.

您還為這兩個產品繼續提供積極的商品平台，這種情況應該會持續到 07 年，特別是在陣亡將士紀念日週末發布的《海盜 3》之後。

On the ABC front, they had quite a decent upfront in an overall marketplace that was just okay.

在 ABC 方面，他們在整個市場中擁有相當不錯的前期資金，這還可以。

They ended up selling roughly flat to last year in terms of total dollars with some CPM increases.

他們最終的銷售額與去年大致持平，但每千次曝光費用有所增加。

They used less inventory to do so, so they certainly have the inventory to capitalize on scatter.

他們使用較少的庫存來做到這一點，因此他們當然有庫存來利用分散。

They also have great upscale demographics and they did not sell their digital packages to ABC Streaming, specifically because they felt there was real demand there and it would help drive scatter.

他們還擁有大量的高端人口，他們沒有將數位套餐出售給 ABC Streaming，特別是因為他們認為那裡有真正的需求，這將有助於推動分散。

We had a good development season at ABC.

我們在 ABC 度過了一個良好的發展季節。

They have some strong returning shows.

他們有一些強勢回歸的節目。

Desperate Housewives in particular is going to be in better shape than it was last year.

尤其是《絕望主婦》的狀況將比去年更好。

So that's another factor.

這是另一個因素。

At the parks, we've talked a lot about the impact of the 50th, but in general, the parks have some momentum, primarily because they've got great product.

在公園裡，我們已經談論了很多關於 50 世紀的影響，但總的來說，公園有一些動力，主要是因為它們有很棒的產品。

What we have introduced into the marketplace in the last couple of years has been very strong and this Year of a Million Dreams has gotten great response on the Internet.

過去幾年我們向市場推出的產品非常強勁，今年的「百萬夢想年」在網路上得到了巨大的迴響。

And then lastly, Consumer Products, while we are investment spending on the video game side and to strengthen our overall licensing efforts, they have some great opportunities, as I said at the beginning, with 'Cars' and 'Pirates' and licensing in general.

最後，消費產品，雖然我們在視頻遊戲方面進行投資並加強我們的整體許可工作，但正如我在一開始所說的那樣，他們在“汽車”和“海盜”以及一般許可方面有一些巨大的機會。

So I think that's what you have to think about when you think about Disney for '07.

所以我認為當你想到 07 年的迪士尼時，你必須考慮這一點。

Thanks.

謝謝。

We'll take the next question, please.

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 couple questions.

謝謝，有幾個問題。

Just on that last scene there in terms of '07, I think that in spite of fantastic earnings from you all, the market for investor worry is focused as much as anything on theme parks.

就 07 年的最後一幕而言，我認為儘管你們所有人都獲得了可觀的收入，但投資者擔憂的市場與主題樂園一樣重要。

I guess the thought being that you have really tough comps next year.

我想你明年的比賽會非常艱難。

Maybe Bob or Tom, could you just expand a little bit more on that?

也許是鮑伯或湯姆，你能再詳細說明一下嗎？

How much leverage in the model is there as we go into next year in terms of pricing leverage if attendance is flat, as you talked about for the fourth quarter.

正如您在第四季度談到的那樣，如果出席人數持平，那麼當我們進入明年的定價槓桿時，模型中的槓桿有多大。

Do you need attendance growth to really drive a good bottom-line there, or will flat attendance be good enough in terms of being able to drive better pricing from rooms and food and beverage.

您是否需要增加出席人數才能真正推動那裡的良好利潤，或者就能夠推動客房和餐飲的更好定價而言，持平的出席人數是否足夠好？

That was one question.

這是一個問題。

A second question was, Bob, just wondering as you grow out your Internet business and you look at how you get there, do you all ever think about or consider a big Internet partner, a Yahoo! or a Google to really get on one of these horses to ride in terms of building out the traffic that you can drive through these concept sites.

第二個問題是，鮑勃，我想知道，當你發展你的互聯網業務時，你看看你是如何實現這一目標的，你們是否曾經想過或考慮過一個大型互聯網合作夥伴，即雅虎！或者Google真正騎上一匹馬來增加你可以通過這些概念網站的流量。

Thanks.

謝謝。

So just a couple of thoughts on parts, Bill, first.

比爾，首先我想談談關於零件的一些想法。

The parts model is, I think as you were pointing out, a model that has a fair amount of leverage, incremental attendees for a fair amount of profitability to the bottom line.

我認為，正如您所指出的，零件模型是一種具有相當大的槓桿作用、增量參與者的模型，可以為底線帶來相當大的盈利能力。

Having said that, I think one of the most important factors that we will be looking at next year will be consumer confidence, consumer spending in the economy.

話雖如此，我認為我們明年要關注的最重要因素之一將是消費者信心、經濟中的消費者支出。

And I don't want to make predictions about that -- you all can do that.

我不想對此做出預測——你們都可以做到。

But, to the extent that those factors cooperate, we really like the way the theme parks are positioned overall.

但是，就這些因素的配合而言，我們真的很喜歡主題樂園的整體定位方式。

They're a unique experience; they stand alone in terms of a theme park brand in the mind of the consumer.

它們是一次獨特的體驗；在消費者心目中，它們是獨一無二的主題樂園品牌。

And as I said, I think we're really quite well-positioned.

正如我所說，我認為我們確實處於有利位置。

I think that what we do on pricing, what we do on packaging, what we do on marketing, will be impacted by what we see in the economy.

我認為我們在定價、包裝、行銷方面所做的工作都會受到我們在經濟中所看到的影響。

But in my mind, that is -- and I don't fault anyone for it -- a relatively short-term focus.

但在我看來，這是一個相對短期的焦點，我不會因此而責怪任何人。

We think the theme parks are extremely well-positioned with a great competitive advantage out into the future.

我們認為主題樂園處於非常有利的位置，在未來具有巨大的競爭優勢。

And so when I think of the theme parks out three, five, seven, ten years, we continue to see a business that we think will generate significant free cash flow for the Company, attractive growth opportunities, to the extent we see a growing economy, and a business that we can sustain that competitive edge and earn great returns.

因此，當我想到三年、五年、七年、十年後的主題樂園時，我們繼續看到一項我們認為將為公司帶來大量自由現金流、有吸引力的成長機會的業務，只要我們看到經濟不斷成長，以及我們能夠保持競爭優勢並獲得豐厚回報的業務。

So I guess that would be the most I would say on the theme parks.

所以我想這將是我對主題樂園說的最多的話。

We like the marketing program, promotion that they're getting underway in October.

我們喜歡他們十月開始的行銷計劃和促銷活動。

I think that it resonates very well with consumers and Wishes and Dreams are central to help people think about our theme parks and we're hopeful that call to action really works with people.

我認為它與消費者產生了很好的共鳴，願望和夢想是幫助人們思考我們的主題樂園的核心，我們希望號召性用語能真正與人們產生共鳴。

One other point on that, Bill, before I answer the second part of your question.

比爾，在我回答你問題的第二部分之前，還有一點。

When we raise prices, particularly for the single day ticket, it tends to get a fair amount of attention, as the price increase that we just announced at Walt Disney World did.

當我們提高價格時，特別是單日票，往往會引起相當多的關注，就像我們剛剛在華特迪士尼世界宣布的價格上漲那樣。

In reality, a relatively small percentage of the people who go to Walt Disney World buy a single-day ticket.

事實上，去華特迪士尼世界的人中購買單日票的人比例相對較小。

What we're really trying to do is really trying to guide behavior into a more multi-day ticket approach and multi-day stay.

我們真正想做的是引導人們採取更多的多日門票方式和多日住宿。

So you can now buy multi-day access to Walt Disney World whether you're a local resident or a nonlocal resident, for somewhere in the neighborhood of 30 to $40 a day.

因此，無論您是當地居民還是非當地居民，現在您都可以購買華特迪士尼世界的多日門票，每天花費約 30 至 40 美元。

So what we're really trying to do is -- and Magic Your Way really accomplished a lot of this -- is we're trying to extend length of stay, attract more people to stay longer, than obviously for the single day and it's been relatively successful.

所以我們真正想做的是——Magic Your Way 確實在這方面取得了很大的成就——我們正在努力延長停留時間，吸引更多的人停留更長時間，比單日停留的時間明顯更長，這是都比較成功。

That is really what our focus is rather than simple price increases.

這確實是我們關注的重點，而不是簡單的價格上漲。

On the Internet side, you asked about whether we would consider partnerships with Yahoo! and Google. in reality, we have a number of initiatives with both.

在網路方面，您問我們是否會考慮與雅虎合作。和谷歌。事實上，我們在這兩方面都採取了一些措施。

We have a number of discussions with both.

我們與雙方進行了多次討論。

We have discussed broad, sweeping partnerships with one of the big broad aggregators or portals.

我們已經與大型聚合商或門戶網站之一討論了廣泛、全面的合作夥伴關係。

But for the most part, those discussions have ultimately resulted in conclusion on both parts that it doesn't necessarily make sense.

但在大多數情況下，這些討論最終得出的結論是，這不一定有意義。

One of the big issues that we have when we enter into these discussions is, who controls the advertising and who owns the customer.

當我們進行這些討論時，我們面臨的重大問題之一是，誰控制廣告以及誰擁有客戶。

We believe because of the strength of our brands and the strength of our creativity that we have opportunities to do both that we don't necessarily have to share with any third parties either our advertising revenue or our relationship with the customer.

我們相信，由於我們品牌的優勢和創造力的優勢，我們有機會做到這兩點，而我們不一定必須與任何第三方分享我們的廣告收入或我們與客戶的關係。

And while we believe that there are opportunistic ways that we could get involved with all the portals in sort of specific or more narrow ways, I don't think you should really think that we're going to end up in a broad, sweeping partnership with one because our opportunities without them are pretty significant.

雖然我們相信，我們可以透過機會主義的方式，以某種特定或更狹隘的方式參與所有門戶網站，但我認為你不應該真的認為我們最終會建立廣泛、全面的合作夥伴關係與一個，因為沒有他們我們的機會是相當重要的。

Thanks.

謝謝。

We'll take the next question, please.

我們將回答下一個問題。

Lowell Singer, Cowen and Co.

洛厄爾辛格、考恩公司

Bob, I think you had made a comment earlier about video game investment going up next year.

鮑勃，我想你早些時候曾評論過明年視頻遊戲投資將會增加。

I'm wondering if you can quantify that and can you just give us some sense as to how you guys are thinking about the video game business over the long term, how you arrived at the build versus buy decision and ultimately how big you think that business can be.

我想知道您是否可以量化這一點，您能否告訴我們一些關於您們如何長期考慮視頻遊戲業務、您如何做出構建與購買決策以及最終您認為該業務有多大的信息？生意還可以。

We're not going to get specific in terms of how much our investment will go up.

我們不會具體說明我們的投資將增加多少。

One of things that we're managing here in terms of increased investment is our own creative capabilities.

我們在增加投資方面正在管理的事情之一是我們自己的創造力。

So simply increasing investment is not what we're really interested in unless we really believe we've got the ability to create at a high level.

因此，簡單地增加投資並不是我們真正感興趣的，除非我們真的相信我們有能力進行高水準的創造。

In terms of what we are thinking overall, you have to one, focus on the fact that about 80% of our output will be Disney branded and about 80% of that will be derivative of product that has already been created for other businesses or other platforms at the Company.

就我們的整體想法而言，你必須專注於這樣一個事實：我們約 80% 的產出將是迪士尼品牌，其中約 80% 將是已經為其他企業或其他公司創造的產品的衍生產品。公司平台。

So we intend to mine fully mindfully basically our known entities and our strong brand.

因此，我們打算充分利用我們已知的實體和強大的品牌。

What we really see in that business is an opportunity to grow significantly in the sort of kids and tweens direction, as opposed to what I'll call the core gamer direction.

我們在該業務中真正看到的是在兒童和青少年方向上顯著增長的機會，而不是我所說的核心玩家方向。

In terms of license versus build, I don't think you'll see 100% build because there are still some interesting opportunities to license in part to take advantage of some of the creative capabilities elsewhere that we don't have.

就許可與構建而言，我認為您不會看到 100% 的構建，因為仍然存在一些有趣的機會進行許可，以利用我們在其他地方不具備的一些創意能力。

That said, when you have a successful game, you're far better off if you built it yourself than if you've licensed it.

也就是說，當你擁有一款成功的遊戲時，你自己製作它比獲得許可要好得多。

So, I think a significant portion of what we do in the video games business will be internally created and fully owned and controlled.

因此，我認為我們在電玩業務中所做的很大一部分將是內部創建、完全擁有和控制的。

But we don't rule out the possibility of continuing to be in business with third parties on a licensing basis.

但我們不排除在許可的基礎上繼續與第三方開展業務的可能性。

We're also going to continue to look for opportunities to buy talent, and to buy developers.

我們也將繼續尋找購買人才和開發人員的機會。

We have done some of that in the last couple of years.

過去幾年我們已經做了一些這樣的事。

We're continuing to look carefully at that.

我們正在繼續仔細研究這一點。

There's been a fair amount of vertical integration in that direction and there are fewer developers available, which is probably one of the few things that could get in the way of us building ourselves at a faster pace.

在這個方向上有相當多的垂直整合，而且可用的開發人員較少，這可能是阻礙我們以更快的速度建立自己的少數因素之一。

Again, it goes back to what I said at the beginning, that is managing our investment to in some form conform to what our creative capabilities are.

再一次，這又回到了我一開始所說的，即管理我們的投資，以某種形式符合我們的創造力。

And again, looking for franchise opportunities.

再次，尋找特許經營機會。

Thanks.

謝謝。

We'll take the next question, please.

我們將回答下一個問題。

Doug Mitchelson, Deutsche Bank.

道格·米切爾森，德意志銀行。

Nice numbers.

不錯的數字。

First, I was wondering given a few articles yesterday, whether past options grant practices with Pixar would have any material impact on your Company.

首先，我想知道昨天的幾篇文章，皮克斯過去的選擇權授予做法是否會對貴公司產生任何重大影響。

I just can't imagine that it would but if you have any comment, that would be helpful.

我只是無法想像它會發生，但如果您有任何評論，那將會有所幫助。

Second, in the vein of hope for the best but plan for the worst, have you prepared the cost structure of the parks in case of a slowdown in attendance given the structural uncertainty in the consumer economy?

第二，本著往好的方面想、做最壞的打算，考慮到消費經濟的結構性不確定性，在遊客減少的情況下，您是否準備好園區的成本結構？

And specifically for the September quarter, if you think attendance will be around flat, what does cost growth look like for the domestic parks?

特別是對於九月季度，如果您認為遊客量將持平，那麼國內公園的成本增長情況如何？

Thanks.

謝謝。

Thanks, Doug.

謝謝，道格。

It's obviously inappropriate for us to comment on Pixar's stock option grants, which are awarded for the Disney acquisition.

我們對皮克斯的股票選擇權授予發表評論顯然是不合適的，這些股票選擇權是為收購迪士尼而授予的。

But having said that and to your point, we aren't aware of any basis under which stock options that were issued by Pixar would have a material impact on our financials.

但話雖如此，就您的觀點而言，我們不知道皮克斯發行的股票選擇權有任何依據會對我們的財務狀況產生重大影響。

Obviously, we amortize stock options, but other than that.

顯然，我們攤銷股票選擇權，但除此之外。

With regard to the cost structure of the parks, there is a fair amount of flexibility in the cost structure of the parks.

從園區的成本結構來看，園區的成本結構具有相當的彈性。

I would say that when we're talking about a fiscal fourth quarter, that tends to be a relatively high attendance quarter for us.

我想說，當我們談論第四財季時，這對我們來說往往是一個相對較高的出勤季度。

We had a very good quarter last year and when we think of attendance being flat this year, I think that corresponds with a strong level of attendance.

去年我們度過了一個非常好的季度，當我們想到今年的出勤率持平時，我認為這與強勁的出勤率相對應。

So that's not a situation where I would be overtly pushing the parks to slash costs.

因此，在這種情況下，我不會公開推動公園削減成本。

I think that they are -- they seek to operate efficiently and do a good job of that.

我認為他們是——他們尋求高效運作並做得很好。

They will to the extent that they think the situation warrants, react as they have in the past, to take action on the cost side, but you know, the long-term is best served in making sure that even if they do that, the Disney experience and Disney promise to consumers comes through.

他們會在他們認為情況需要的情況下，像過去那樣做出反應，在成本方面採取行動，但你知道，從長遠來看，最好的做法是確保即使他們這樣做，迪士尼體驗和迪士尼對消費者的承諾得以兌現。

So I think they've got a good sense of how to balance that.

所以我認為他們很清楚如何平衡這一點。

It is a cost base that as we continue to grow attendance and we think over time, you're going to see low single digit growth in attendance over the long haul with the parks, we do get leverage out of that and I think there is an opportunity there.

這是一個成本基礎，隨著我們繼續增加參觀人數，我們認為隨著時間的推移，您將看到公園的長期參觀人數以低個位數增長，我們確實從中獲得了槓桿作用，我認為那裡有一個機會。

Tom, you made a good point at the beginning.

湯姆，你一開始就說得很好。

We had record attendance at a domestic parks last Christmas season.

去年聖誕節期間，我們在國內公園的參觀人數創下了紀錄。

And duplicating that this year would be a feat that we would be very pleased with.

今年複製這項壯舉將是我們非常滿意的壯舉。

Exactly.

確切地。

Thank you.

謝謝。

Next question, please.

請下一個問題。

Jessica Reif Cohen, Merrill Lynch.

傑西卡·雷夫·科恩，美林證券。

Two questions.

兩個問題。

Bob, you said that ESPN Mobile was disappointing.

鮑勃，你說 ESPN Mobile 令人失望。

What do you need to see to make the decision to continue to invest or cut your losses?

您需要看到什麼才能做出繼續投資或減少損失的決定？

And can you give us a range of investment losses for fiscal '06 and expectations for '07?

您能給我們介紹 06 財年的投資損失範圍和 07 財年的預期嗎？

The second question relates to that Internet revenue, the 500 million plus of non theme park revenue.

第二個問題涉及網路收入，即非主題樂園收入5億多。

Tom, can you break down the revenue by advertising subscription and content and tell us if there is any bottom-line contribution?

湯姆，您能否按廣告訂閱和內容細分收入，並告訴我們是否有任何底線貢獻？

Thanks.

謝謝。

To your first question, I was fairly specific in the last quarterly earnings announcement about ESPN Mobile and I will repeat some of the things that I said.

對於你的第一個問題，我在關於 ESPN Mobile 的上一季收益公告中相當具體，我將重複我說過的一些事情。

We launched this about -- it's only about six months old.

我們推出這個產品大約只有六個月的時間。

And there are issues that we had to deal with in terms of our retail strategy, our overall marketing approach, our pricing approach, as well as the quality of the handset.

我們必須處理零售策略、整體行銷方法、定價方法以及手機品質方面的問題。

So there were a number of issues that clearly were a factor in the rather disappointing sales.

因此，有許多問題顯然是導致銷售相當令人失望的因素。

We addressed all of them.

我們對所有這些問題都進行了討論。

We have increased our retail outlets by about 500.

我們增加了約 500 個零售店。

We've just introduced a new handset, which is RAZR-like in nature, Samsung manufactured;

我們剛剛推出了一款新手機，本質上與 RAZR 類似，由三星製造；

I think it's called an ACE.

我認為這就是所謂的ACE。

We've completely changed our marketing and we have reduced our pricing.

我們徹底改變了行銷方式，並降低了定價。

Our investment in '06 was approximately $150 million.

我們 06 年的投資約為 1.5 億美元。

We're not going to get specific at all about '07.

我們不會具體介紹 07 年的情況。

What we know is that ESPN works on the platform in that the product itself and the experience for the consumer is quite positive.

我們所知道的是，ESPN 在該平台上運作的原因是產品本身和消費者的體驗都非常積極。

And so ESPN's presence in mobile platforms is a given into the future.

因此，ESPN 在行動平台上的存在是未來的必然。

Under what circumstance or in what model, it's really too soon to tell.

在什麼情況下或在什麼模式下，現在說還為時過早。

We're going to continue to evaluate this very carefully.

我們將繼續非常仔細地評估這一點。

And I'm not going to get specific in terms of the timing of a decision or what factors we have to see, but I will say again that the results, at least initially, even though it's only been six months, were disappointing and we're monitoring this carefully.

我不會具體說明決定的時間或我們必須看到的因素，但我會再說一遍，結果是令人失望的，至少在最初，儘管只有六個月的時間。我們正在仔細監控此事。

Jessica, you asked about Internet revenue breakdown.

傑西卡，您詢問了網路收入的細分。

It's about a third, a third, a third, between advertising, paid content and commerce.

廣告、付費內容和商業之間的比例大約是三分之一、三分之一、三分之一。

Thank you, next question, please.

謝謝，請下一個問題。

Kathy Styponias, Prudential.

凱西‧斯蒂波尼亞斯，保誠集團。

A question on your studio strategy.

關於您的工作室策略的問題。

How the strategy pans out, obviously, is going to depend upon the cost of the films that you put out as well as how well they do in the box office.

顯然，該策略的實施方式將取決於您發行的電影的成本以及它們的票房表現。

But I was wondering, Tom, if you can give us a sense of, given the cost reductions that you have announced, specifically the headcount, would it be fair to assume that reduces your cost structure at the studio by about 100 million?

但我想知道，湯姆，您能否讓我們了解一下，考慮到您宣布的成本削減，特別是人員數量，假設工作室的成本結構減少約 1 億是否公平？

And then the second question I had is you guys did a great job of articulating what factors we should take into consideration for ABC next year on the top line.

我的第二個問題是，你們在闡明我們明年應該在 ABC 的營收方面考慮哪些因素方面做得非常出色。

I was wondering if you can talk a little bit about the cost side in terms of what we should expect in programming cost increases, especially in light of the fact that you no longer have Monday Night Football on the schedule.

我想知道您是否可以談談我們在節目成本增加方面應該預期的成本方面，特別是考慮到您的日程安排中不再有周一橄欖球之夜這一事實。

Thanks.

謝謝。

Sure, Kathy.

當然，凱西。

With regard to the studio strategy, it is safe to assume that -- we obviously are -- the point is that we will have a lower cost base.

關於工作室策略，可以肯定地假設——我們顯然是這樣——關鍵是我們將擁有更低的成本基礎。

As you know, many of the costs of the studio are capitalized into the films and then they come through the film.

如你所知，製片廠的許多成本都資本化到電影中，然後透過電影來實現。

So I'm not speaking of timing, but your estimate of $100 million is in the right ballpark for what we think the net effect will be in that regard.

所以我不是說時機，但您對 1 億美元的估計對於我們認為在這方面的淨效應來說是正確的。

With regard to ABC prime time costs, I think the best way to look at it is that we expect to be roughly flat with regard to costs per prime time hour.

關於 ABC 黃金時段的成本，我認為最好的看待方式是，我們預計每個黃金時段的成本大致持平。

And I say that because Monday Night Football did skew it some.

我這麼說是因為《週一橄欖球之夜》確實有些扭曲。

So if you take Monday Night Football out of the mix, the overall number is down somewhat.

因此，如果您將週一橄欖球之夜排除在外，那麼總數會有所下降。

But if you think about cost per prime time hour that we're programming with entertainment programming, that's relatively flat year over year based on our current estimate of where the schedule will come out.

但如果你考慮我們正在製作的娛樂節目的每個黃金時段的成本，根據我們目前對時間表的估計，這一數字與去年同期相比相對持平。

Thank you.

謝謝。

We'll take the next question, please.

我們將回答下一個問題。

Imran Khan, JPMorgan.

伊姆蘭汗，摩根大通。

A couple of questions.

有幾個問題。

Number one, I think, Bob, you talked about that you want to be the principal of advertising relationship and making partnership with Internet doesn't make sense.

第一，我認為鮑勃，你談到你想成為廣告關係的主體，與網路建立合作關係是沒有意義的。

I was wondering if your sales force stays well equipped to sell the Internet properties or are you planning to hire a separate sales force to sell the Internet properties, because 80% recall is pretty interesting.

我想知道您的銷售人員是否有足夠的能力來銷售網路資產，或者您是否計劃僱用一支單獨的銷售人員來銷售網路資產，因為 80% 的召回率非常有趣。

Secondly, Tom, you know in the past you've talked about double-digit operating profit growth for ESPN.

其次，湯姆，您知道您過去曾談論過 ESPN 的兩位數營業利潤成長。

I was wondering, do you think it will be primarily driven by revenue or you see some cost cutting opportunities as well?

我想知道，您認為這主要是由收入驅動的，還是您也看到了一些削減成本的機會？

On the first question, Imran, first of all, we do have some opportunities with some of the big Internet players that we are pursuing.

關於第一個問題，伊姆蘭，首先，我們確實與我們正在追求的一些大型網路公司有一些機會。

And I actually support that wholeheartedly.

我實際上全心全意地支持這一點。

I just don't believe that you should consider us doing a, or expect us to do, a broad sweeping partnership in some form.

我只是認為您不應該考慮或期望我們以某種形式建立廣泛的合作夥伴關係。

In terms of our sales capabilities, we think we have excellent sales capabilities to sell in this space.

就我們的銷售能力而言，我們認為我們在這個領域擁有出色的銷售能力。

One of the most interesting experiences we've had is at ESPN, where the growth of multi-platform packages and sales has been rather significant.

我們最有趣的經歷之一是在 ESPN，那裡的多平台套餐和銷售量的成長相當顯著。

It's interesting because particularly in this upfront, it's a real factor.

這很有趣，因為特別是在這方面，這是一個真正的因素。

ESPN is finding that the strength of its brand as well as its ability to provide advertisers with multi-platform opportunities is of great value to them.

ESPN 發現其品牌實力以及為廣告商提供多平台機會的能力對他們來說具有巨大價值。

So we really believe that we do have the sales capability.

所以我們確實相信我們確實有銷售能力。

At ABC, the online experience was essentially to sell ads in video that was being basically made available to consumers on a different platform and the skills involved in selling those wasn't that different than the skills involved in selling traditional media.

在 ABC，線上體驗本質上是在影片中銷售廣告，這些廣告基本上是在不同平台上向消費者提供的，銷售這些廣告所涉及的技能與銷售傳統媒體所涉及的技能沒有太大不同。

That said, we are adding to our sales staff in order to essentially contend with these opportunities, adding some expertise and essentially we're very focused on basically getting better at selling advertising on a multi-platform basis.

也就是說，我們正在增加銷售人員，以便從根本上應對這些機會，增加一些專業知識，從本質上講，我們非常專注於在多平台的基礎上更好地銷售廣告。

I am confident that there is a tremendous opportunity in both online video and in mobile video.

我相信線上影片和行動影片都存在巨大的機會。

And that that is going to create revenue generating opportunities that are in some cases advertiser generated, in some cases subscription generated, in other cases on a video-on-demand basis.

這將創造創收機會，這些機會在某些情況下是由廣告商產生的，在某些情況下是透過訂閱產生的，在其他情況下是透過隨選視訊產生的。

With regard to ESPN, when we think about ESPN growth, it is absolutely a combination of revenue growth and we've got affiliate contracts in place for the majority of our subs and expect to complete other agreements in the not distant future, but also that we get some leverage on the cost line.

就 ESPN 而言，當我們考慮 ESPN 的成長時，這絕對是收入成長的結合，我們已經為大多數潛艇簽訂了附屬合同，並預計在不久的將來完成其他協議，而且我們在成本線上獲得了一些槓桿作用。

Having said that, we have entered into some new rights agreements.

話雖如此，我們已經簽署了一些新的權利協議。

We think they're quite valuable and will help secure ESPN for the future.

我們認為它們非常有價值，將有助於確保 ESPN 的未來安全。

But between the NFL, Major League Baseball, NASCAR, etc., and some of the other important rights that we have secured, that will have an impact on their cost structure.

但在 NFL、美國職棒大聯盟、納斯卡車賽等以及我們已獲得的其他一些重要權利之間，這將對他們的成本結構產生影響。

And George Bodenheimer and his team are very focused on leveraging their existing cost base to make sure that they're efficiently delivering profitability to the bottom line, even as we invest to build the business.

喬治·博登海默 (George Bodenheimer) 和他的團隊非常注重利用現有的成本基礎，以確保他們能夠有效地實現盈利，即使我們投資建設業務也是如此。

So over time, once we absorb those sports costs, you'll see us focused on margin improvement from there as well.

因此，隨著時間的推移，一旦我們吸收了這些運動成本，您就會看到我們也專注於利潤率的提高。

So it's both sides of the coin.

所以這是硬幣的兩面。

We'll take next question, please.

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。

A two-part question on ESPN.

ESPN 上的一個由兩部分組成的問題。

Maybe if you could talk just about what kind of ratings you are expecting from Monday Night Football and if you're putting out any sort of guarantees around that?

也許你能談談你對週一橄欖球之夜的收視率有何期望，以及你是否對此做出了任何形式的保證？

And secondly, I would expect that given the product with Monday Night Football, that it's an opportune time to start of shore up the negotiations with Time Warner and Comcast on the affiliate deals, and sort of update on that.

其次，我預計，考慮到《週一橄欖球之夜》的產品，現在是開始加強與時代華納和康卡斯特關於附屬交易的談判以及相關更新的最佳時機。

And what are the dates that we should keep in mind in terms of when those things actually start to expire?

就這些東西實際開始過期的日期而言，我們應該記住哪些日期？

And then lastly, Tom, if you could give us an update on the radio sale?

最後，湯姆，您能為我們介紹一下收音機銷售的最新情況嗎？

That would be great.

那太好了。

Thank you.

謝謝。

I'm not going to get specific in terms of Monday night football rate increases at ESPN, except that there has been real strong interest among advertisers for Monday Night Football on ESPN.

我不會具體說明 ESPN 週一橄欖球之夜的收視率上漲情況，除非廣告商對 ESPN 的周一橄欖球之夜有著濃厚的興趣。

And I mentioned a few times today that their cable upfront has been -- the upfront for ESPN has been quite strong.

我今天多次提到他們的有線電視預付費用——ESPN 的預付費用相當強大。

We are in ongoing discussions with Time Warner and Comcast.

我們正在與時代華納和康卡斯特進行持續討論。

You don't have to in any way worry about the expiration of contracts.

您不必以任何方式擔心合約到期。

In reality, we are extending what was longer-term agreements, long-term agreements, with both of them.

事實上，我們正​​在與他們雙方延長長期協議。

There are a number of moving parts in this negotiation.

這次談判中有許多變動的部分。

A lot has to do with digital media and a new world that we are in and it gets pretty complicated.

這與數位媒體和我們所處的新世界有很大關係，而且它變得非常複雜。

But the discussions have been -- continue to be productive.

但討論仍然富有成效。

I sound like a broken record.

我聽起來就像一張破唱片。

I probably said that in the last couple of earnings calls.

我可能在最近幾次財報電話會議上這麼說過。

But they are complicated discussions but productive discussions and not at all contentious.

但它們是複雜的討論，但富有成效的討論，而且根本沒有爭議。

And Tom, you were -- on radio.

湯姆，你在廣播中。

On radio, we're working through the process.

在廣播方面，我們正在完成整個過程。

My best guess is still that the deal would close by the end of the calendar year.

我最好的猜測仍然是該交易將在今年年底前完成。

Thanks.

謝謝。

We will take the next question, please.

我們將回答下一個問題。

Tuna Amobi, Standard & Poor's.

金槍魚阿莫比，標準普爾。

One question for Bob and one for Tom.

一個問題問鮑勃，一個問題問湯姆。

Bob, on the digital strategy, given that social networking is one of the fastest-growing segments of the Internet, it seems to me that Disney is particularly well-positioned to kind of play this space.

鮑勃，關於數位策略，鑑於社交網路是網路成長最快的部分之一，在我看來，迪士尼特別適合在這個領域發揮作用。

And with your inclination to not enter into partnerships with some of the larger Internet companies, how then do you see yourself monetizing this space, given that it seems to fit quite nicely with what you're doing in video games and your target for online video and mobile video?

由於您傾向於不與一些較大的互聯網公司建立合作夥伴關係，那麼您如何看待自己通過這個領域獲利，因為它似乎非常適合您在視頻遊戲中所做的事情以及您的在線視頻目標和移動影片?

That's question number one.

這是第一個問題。

And for Tom, I would just like to clarify that the 500 million Internet revenues, does that include those three shows that you had mentioned in the past, Desperate Housewives, Lost and Gray's Anatomy?

至於湯姆，我想澄清一下，5億的網路收入，是否包括你過去提到的《絕望主婦》、《迷失》和《實習醫生格蕾》這三部劇？

And are you still looking for those shows to provide about 1 billion in operating income over the next five years?

您還在尋找那些在未來五年內提供約10億營業收入的節目嗎？

And if you can also provide for those shows, the revenue impact that you expect, would be helpful.

如果您也可以為這些節目提供資金，那麼您所期望的收入影響將會有所幫助。

Thank you very much.

非常感謝。

I took -- for the first part of your question, to essentially be focused on community elements of our digital strategy.

對於你問題的第一部分，我認為主要關注我們數位策略的社群元素。

And we are aggressively adding community facets or elements to our three, what will be our three primary sites, Disney.com, which will include Disney Channel, ABC.com and ESPN.com.

我們正在積極為我們的三個主要網站 Disney.com 添加社區面向或元素，其中將包括迪士尼頻道、ABC.com 和 ESPN.com。

There's a significant amount of both creative and technical work being done there and ultimately advertising.

那裡正在進行大量的創意和技術工作，並最終進行廣告工作。

ESPN, for instance, thinks it has a tremendous opportunity to create essentially community experiences for people around sports, specific sports teams, geographic regions, games, particularly online fantasy games.

例如，ESPN 認為它有巨大的機會為體育、特定運動隊伍、地理區域、遊戲（尤其是線上幻想遊戲）的人們創造本質上的社區體驗。

On the ABC side, there are already examples of community, particularly around soap operas, but they're growing their capability to create those experiences for all of their programming.

在 ABC 方面，已經有社區的例子，特別是肥皂劇方面的社區，但他們正在增強為所有節目創造這些體驗的能力。

And certainly on the Disney side, for family entertainment and all kinds of other opportunities, they are significant.

當然，在迪士尼方面，對於家庭娛樂和各種其他機會來說，它們意義重大。

So I think the primary focus right now in terms of what we're doing with the Internet is one, increase or improve creativity in general, that includes a lot of online and mobile video, or create better opportunities for advertisers.

因此，我認為目前我們在互聯網上所做的事情的主要焦點是，總體上增加或提高創造力，包括大量在線和移動視頻，或者為廣告商創造更好的機會。

And then the third part would be community functionality.

第三部分是社區功能。

With regard to -- the Internet revenues that we're talking about do include the downloads.

關於——我們談論的網路收入確實包括下載量。

The downloads haven't been a major revenue driver yet.

下載量尚未成為主要的收入驅動力。

I think there is a fair amount of upside there.

我認為那裡有相當大的上升空間。

So while they factor into the north of $500 million that we were talking about, I think there is more upside there as we go further in that business.

因此，雖然他們考慮到我們正在談論的 5 億美元以上，但我認為，隨著我們在該業務上的進一步發展，還有更多的上升空間。

So we're pretty excited about where that might take us.

因此，我們對這可能會帶我們走向何方感到非常興奮。

Yes, we still feel that the next five years will see about $1 billion in profitability from the syndication business, given the shows that we have out there.

是的，考慮到我們現有的節目，我們仍然認為未來五年聯合業務的盈利能力將達到約 10 億美元。

And so, our perspective there remains pretty robust.

因此，我們的觀點仍然相當穩健。

The Internet download business could become a major contributor to overall when we think of syndication and post television, first television window business there as well.

當我們想到聯合組織和電視後，以及第一個電視窗口業務時，互聯網下載業務可能成為整體的主要貢獻者。

Thank you.

謝謝。

We'll take the next question, please.

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。

Congratulations on the stellar results.

祝賀取得了優異的成績。

Bob, just one simple question.

鮑勃，只是一個簡單的問題。

Obviously, Pirates 2 and 'Cars' will be both analog and Blu-ray DVD events in fiscal Q1 of 2007.

顯然，《海盜 2》和《汽車總動員》將在 2007 財年第一季同時推出模擬版和藍光 DVD 版。

Yet, as you know, player penetration within the Blu-ray market is obviously pretty limited at this point.

然而，如您所知，目前藍光市場的播放器滲透率顯然相當有限。

Are you going to be using these titles as levers to expand the market?

您打算使用這些遊戲作為擴大市場的槓桿嗎？

And do you see -- I guess I'm trying to get at what, if anything, do you see doing to help expand the market using these two titles as levers?

你看到了嗎——我想我想知道你認為可以採取什麼措施（如果有的話）來利用這兩款遊戲作為槓桿來幫助擴大市場？

Thanks very much.

非常感謝。

Eventually, 'Cars' and 'Pirates' will obviously be released in the Blu-ray format.

最終，《汽車總動員》和《海盜》顯然將以藍光格式發行。

Although we have, in the initial array of movies that will be made available, I guess, (multiple speakers) will be the fourth quarter of '06 and early first quarter of '07, and they're not part of it because their releases come a little bit later.

雖然我們有，在最初的一系列電影中，我想（多個發言者）將是 06 年第四季度和 07 年第一季度初，並且它們不屬於其中，因為它們的發行晚一點來。

I believe that they will help.

我相信他們會有所幫助。

In the end, you need a few things in terms of platform penetration.

最後，在平台滲透方面您需要一些東西。

You obviously need great hardware and you need great software.

顯然，您需要出色的硬件，也需要出色的軟體。

It's still really early, obviously, in the life of the next generation DVD, to predict, I think, in all likelihood, adoption of next gen DVD formats will be slower to market than the first generation DVD format or standard def DVD, which was obviously rather dramatic.

顯然，在下一代 DVD 的生命週期中，現在還為時過早，我認為，預測下一代 DVD 格式的採用很可能會比第一代 DVD 格式或標準清晰度 DVD 慢。顯然相當戲劇化。

But long term, I really believe in the value of high-definition television in general, whether you're watching it in effect out there or through a multi-channel provider or whether you're watching it on a disk that you've purchased.

但從長遠來看，我確實相信高清電視的整體價值，無論您是在現場還是透過多頻道提供者觀看它，或者無論您是在購買的磁碟上觀看它。

We have time for just one more question, operator.

我們還有時間再問一個問題，接線生。

Spencer Wang, Bear Stearns.

史賓塞·王，貝爾斯登。

Just a question on the theme parks.

只是關於主題樂園的問題。

Tom, you mentioned that room reservations are up high single digits but you expect attendance to be flattish.

湯姆，您提到房間預訂量上升了高個位數，但您預計出席人數將持平。

Can you just give us some color on the disconnect there?

你能給我們一些關於那裡脫節的顏色嗎？

Is that local visitation or just overall traffic into Anaheim and Orlando?

這是當地的訪問量還是只是阿納海姆和奧蘭多的整體流量？

Also, Tom, ESPN, you guys have talked about double-digit EBIT growth.

另外，Tom、ESPN，你們談到了兩位數的息稅前利潤成長。

Do you expect that in fiscal '07 given the incremental NFL amortization?

鑑於 NFL 攤銷增量，您預計 07 財年會出現這種情況嗎？

Thank you.

謝謝。

Thank you, Spencer.

謝謝你，史賓塞。

With regard to the room reservations, the booked versus attendance.

關於房間預訂，預訂量與出席率。

I'd make a couple of observations.

我會提出一些觀察。

One is that this quarter that we're currently in was particularly strong at Disneyland and that's where the 50th Anniversary was really getting into full swing.

一是我們目前所處的這個季度迪士尼樂園表現尤為強勁，而這正是 50 週年紀念活動真正全面展開的地方。

So if you look at the attendance there, I would expect that to be a difficult feat to match for the fourth quarter.

因此，如果你看看那裡的上座率，我預計這將是第四季度難以匹敵的壯舉。

We also had a very strong quarter at Walt Disney World.

華特迪士尼世界的季度表現也非常強勁。

Now room reservations on the books include both those sort of new individuals, who we have attracted to marketplace.

現在，預訂的房間包括我們吸引到市場的新人。

It also includes individuals who might be staying on property as a result of our marketing campaigns, who last year might have been staying off property.

它還包括因我們的行銷活動而可能留在酒店內的個人，而去年他們可能一直住在酒店外。

And so when we try to sort of [sift] through all that and figure out where that leads to overall attendance, and our best guess right now is about flat with last year.

因此，當我們試圖對所有這些進行排序並找出導致整體出席率的因素時，我們現在最好的猜測與去年持平。

You know, we've purposely shied away from giving specific yearly projections for ESPN.

你知道，我們故意迴避對 ESPN 進行具體的年度預測。

What we had said about ESPN, I believe, was that we expected on average double-digit growth.

我相信，我們對 ESPN 的預期是平均兩位數的成長。

As Bob mentioned and I mentioned, we are not giving specific guidance for 2007 at this point in time, nor are we inclined to do so.

正如鮑伯和我所提到的，我們目前沒有、也無意提供 2007 年的具體指引。

But we feel very good about where ESPN sits and we feel good about ESPN making good on the growth promises that we've made in the past.

但我們對 ESPN 的現狀感到非常滿意，並且對 ESPN 兌現我們過去所做的成長承諾感到滿意。

Thanks, again, for joining us today.

再次感謝您今天加入我們。

Note that a reconciliation of non-GAAP measures referred to on 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 third-quarter conference call.

今天的第三季電話會議到此結束。

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。

Good day.

再會。