迪士尼 (DIS) 2006 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the fiscal full year and fourth quarter 2006 Walt Disney earnings conference call.

美好的一天，女士們、先生們，歡迎參加華特迪士尼 2006 財年和第四季財報電話會議。

My name is Angela, and I'll be your coordinator for today. [OPERATOR INSTRUCTIONS].

我叫安琪拉，我將擔任你們今天的協調員。 [操作員說明]。

And now, I would like to turn the presentation over to your host for today's conference, Ms. Teri Klein, Vice President, Investor Relations.

現在，我想將演講交給今天會議的東道主，投資者關係副總裁 Teri Klein 女士。

Please proceed, ma'am.

請繼續，女士。

Thank you.

謝謝。

Hi, everyone and thank you for joining us.

大家好，感謝您加入我們。

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

請注意，為了您的方便，我們的投資者關係網站不僅會提供本次電話會議的重播，還會提供 MP3 文件和今天講話的存檔書面記錄。

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

與我們一起在伯班克的還有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 and then we'll open up the call to you for Q & A, so let me turn the call over to Bob and we'll get started.

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，所以讓我將電話轉給鮑勃（Bob），我們將開始。

Thank you, Teri, and good afternoon.

謝謝你，泰瑞，下午好。

I'm pleased to report that we have had a great year by just about every measure.

我很高興地向大家報告，從各方面來看，我們都度過了美好的一年。

We posted record revenues, record net income, record cash flow and record operating income for our 2006 fiscal year, bolstered by a strong fourth quarter performance.

由於強勁的第四季業績，我們 2006 財年的營收、淨利、現金流和營業收入均創歷史新高。

In doing so we delivered our fourth straight year of double digit earnings growth and continued to improve capital returns.

在此過程中，我們連續第四年實現兩位數的獲利成長，並持續提高資本回報。

Our performance is a tribute to a flourishing culture of creative excellence and a clear strategy executed by our strong Management team.

我們的業績是對蓬勃發展的卓越創意文化和強大管理團隊執行的明確策略的致敬。

The creation of high quality content, the use of technology to expand consumer access, and a focus on growing in international markets forms the core of our strategy.

創造高品質的內容、利用科技擴大消費者接觸範圍以及注重國際市場的成長構成了我們策略的核心。

We are also building a portfolio of digital assets to enhance and expand Disney's creative offerings.

我們也正在建立數位資產組合，以增強和擴展迪士尼的創意產品。

Our goal is to connect more directly with consumers and to have them connect more directly to us, and we are investing in new platforms making new alliances and pursuing new opportunities.

我們的目標是與消費者更直接地聯繫，並讓他們更直接地與我們聯繫，我們正在投資新平台，建立新聯盟並尋求新機會。

We believe our overall strategy can create a self- reinforcing cycle that produces great returns.

我們相信我們的整體策略可以創造一個自我強化的循環，產生巨大的回報。

Key franchises, both new and traditional, appear and reappear across different businesses, platforms, and markets, all along growing in new audiences of multiple generations.

重要的特許經營權，無論是新的還是傳統的，在不同的企業、平台和市場中不斷出現，並在多代新觀眾中不斷增長。

This was patently clear this year with the performance of Pirates of the Caribbean, Dead Man's Chest and all its ancillary businesses from video games to books and halloween costumes.

今年《加勒比海盜》、《聚魂箱》及其從電玩遊戲到書籍和萬聖節服裝的所有輔助業務的表現都清楚地表明了這一點。

In terms of global box office, Pirates is the number one movie of the year and the third biggest in history, crossing the $1 billion mark.

就全球票房而言，《海盜》是年度票房第一、史上第三大電影，突破了 10 億美元大關。

We expect the DVD and downloadable version available in time for Christmas, as well as Pirates 3, which opens May 25th, and a soon to be launched Pirates online multi player game to be successful additions towards becoming one of our biggest cross platform franchises.

我們預計DVD 和可下載版本將在聖誕節期間及時推出，《海盜3》（將於5 月25 日開放）以及即將推出的《海盜》線上多人遊戲將成功成為我們最大的跨平台特許經營遊戲之一。

While we are proud of our ability to build on an existing franchise like Pirates, we're equally enthusiastic about the long term prospects for some of our new creative properties, particularly at Disney Channel.

雖然我們對能夠在《海盜》等現有特許經營權的基礎上發展感到自豪，但我們同樣對我們一些新的創意產品的長期前景充滿熱情，特別是在迪士尼頻道。

High School Musical has set global performance records across multiple categories, including Billboard's best selling record of the year, the top selling TV home video release of 2006, and believe it or not, a New York Times Best Seller.

《歌舞青春》在多個類別中創下了全球演出記錄，包括 Billboard 年度最暢銷唱片、2006 年最暢銷的電視家庭視頻以及《紐約時報》暢銷書。

We expect High School Musical to assert itself as an even more powerful presence in the coming year.

我們預計《歌舞青春》將在未來一年發揮更強大的影響力。

There is a sequel movie, a national concert tour, thousands of licensed play performances in schools and drama clubs across the country, and a new merchandise line.

有續集電影、全國巡迴演唱會、在全國各地的學校和戲劇俱樂部進行的數千場授權戲劇表演，以及新的商品系列。

We're also impressed with the momentum of Hannah Montana, a hit Disney Channel show which yielded the first ever TV show soundtrack to debut at Number one on the Billboard Hot 200 where it remains for a second week.

《漢娜蒙塔娜》的勢頭也給我們留下了深刻的印象，這是迪士尼頻道的熱門節目，它產生了有史以來第一首電視節目原聲帶，在公告牌熱門200 強排行榜上首次亮相，並連續第二週排名第一。

Alongside these newcomers, some of our most beloved characters have also been retaining their vigor.

除了這些新人之外，我們最喜歡的一些角色也一直保持著活力。

Mickey is starring in Mickey Mouse Clubhouse, the top cable show among 2-5 year olds and in Kingdom Hearts Two, one of the years biggest selling video games.

米奇在《米老鼠俱樂部》（2-5 歲兒童最愛的有線電視節目）和《王國之心 2》（今年最暢銷的電玩遊戲之一）中擔任主角。

The Little Mermaid is also capturing the imagination off a new generation and since it's October 3rd debut, some 6 million units of the limited release DVD has been sold and we believe sales could exceed 10 million units worldwide.

《小美人魚》也吸引了新一代的想像力，自 10 月 3 日首次亮相以來，限量版 DVD 已售出約 600 萬張，我們相信全球銷量可能會超過 1000 萬張。

Since we made our movies available on the apple platform in mid September, almost half a million have been downloaded.

自從九月中旬我們在蘋果平台上推出電影以來，下載量已經接近五十萬。

This underlines the strength and uniqueness of our film library and indicates there is a consumer appetite for movie downloads that complements demand for DVDs.

這凸顯了我們電影庫的實力和獨特性，並表明消費者對電影下載的興趣與 DVD 的需求相輔相成。

We're also pleased with the Pixar integration.

我們對皮克斯的整合也很滿意。

It has spurred tremendous creative energy at the Disney Animation Studios and brought into our Company a wealth of talent in exciting new Pixar projects.

它激發了迪士尼動畫工作室的巨大創造力，並為我們公司帶來了令人興奮的皮克斯新項目的豐富人才。

I am sure that those of you who have already seen the trailer for next summer's Ratatouille can see why we think it will enthrall kids and adults alike, and speaking of Pixar, over 5 million Cars DVDs were sold in their first two days in stores, putting the DVD on track to be the industry's 2006 biggest seller in the U.S.

我相信那些已經看過明年夏天《料理鼠王》預告片的人一定能明白為什麼我們認為它會吸引孩子和成人，而說到皮克斯，汽車總動員DVD 在商店上市的前兩天就售出了超過500 萬張，使該 DVD 有望成為 2006 年美國該行業最暢銷的產品

Cars is already the number one animated movie of the year and the number two film in the domestic box office and we expect to see a holiday boost for Cars merchandise which has been one of our biggest lines of the year with retail sales around $1 billion.

《汽車總動員》已經是今年排名第一的動畫電影和國內票房排名第二的電影，我們預計《汽車總動員》商品將在假期期間出現增長，該商品一直是我們今年最大的產品線之一，零售額約10 億美元。

Our Parks and Resorts, we're coming off a highly successful 50th Anniversary Celebration and we expect continued strong attendance supported by several exciting new attractions.

我們的公園和度假村剛剛結束了一場非常成功的 50 週年慶典，我們預計在幾個令人興奮的新景點的支持下，遊客人數將繼續保持強勁。

And these include Expedition Everest and Animal Kingdom and the Finding Nemo submarine voyage at Disneyland which opens next summer.

其中包括珠穆朗瑪峰探險和動物王國探險，以及明年夏天在迪士尼樂園開放的海底總動員海底航行。

We're also encouraged by the enthusiastic early reaction to the Year of a Million Dreams campaign.

我們也對「百萬夢想年」活動的早期熱烈反應感到鼓舞。

At the same time, we're leveraging the creative skills and operational expertise of our Parks and Resorts team to expand new lines of related businesses and into new territories.

同時，我們正在利用公園和度假村團隊的創意技能和營運專業知識來拓展新的相關業務線並進入新的領域。

Interactive game publishing is another area in which we are bringing to life existing characters and developing new content that crosses multiple business lines, and we see tremendous opportunity in the fact that kids and tween games account for about half of the $17 billion annual video game market.

互動遊戲發行是我們賦予現有角色生命並開發跨多個業務線的新內容的另一個領域，我們看到了巨大的機遇，因為兒童和青少年遊戲約佔每年 170 億美元視頻遊戲市場的一半。

Our Kingdom Hearts game franchise alone has sold over 10 million copies globally, and we are increasing investment over the next several years to publish our own titles, the majority of which will be Disney branded.

光是我們的《王國之心》遊戲系列就已在全球售出超過 1000 萬份，並且我們將在未來幾年增加投資來發行我們自己的遊戲，其中大部分將採用迪士尼品牌。

The emphasis on great content and innovative application of technology at our Media Networks is both enhancing the consumer experience and allowing us to reach more people more often.

我們的媒體網路對精彩內容和技術創新應用的重視既增強了消費者體驗，也讓我們更頻繁地接觸更多人。

Over the last year, approximately 85 million of our TV shows , movies, and shorts have been played or downloaded on iTunes, DisneyChannel.Com and ABC.Com.

去年，我們約 8,500 萬部電視節目、電影和短片在 iTunes、DisneyChannel.Com 和 ABC.Com 上播放或下載。

At the same time, both networks, ABC, and the Disney Channel , have seen ratings increases.

同時，美國廣播公司（ABC）和迪士尼頻道這兩個電視網的收視率都有所上升。

By airing three of the top five shows on network television, ABC won the first six weeks of primetime in adults 18 to 49, the key sales demographic, marking its most competitive start to any TV season in nearly 30 years, and achieving the best season start of any broadcast network in seven years.

透過在網路電視上播出排名前五的節目中的三部，ABC 贏得了18 至49 歲成年人（關鍵銷售人群）黃金時段的前六週，標誌著近30 年來所有電視季中最具競爭力的開局，並取得了最佳季收視率任何廣播網絡都將在七年內啟動。

ABC has retained it's number one status on Sunday nights with the pairing of Desperate Housewives and our new success , Brothers & Sisters.

ABC 憑藉《絕望的主婦》和新成功的《兄弟姐妹》保持了周日晚間第一名的地位。

By moving Gray's Anatomy and adding new hit Ugly Betty to Thursdays, ABC ratings have jumped more than 150% among adults 18-49 on the night over the comparable night last season -- comparable point last season.

透過將《實習醫生格蕾》移至週四播出，並將新熱門《醜女貝蒂》移至週四播出，ABC 收視率在18 歲至49 歲的成年人中，當晚收視率比上一季的同期水平躍升了150% 以上，與上一季的情況相當。

In addition, approximately 12 million ABC TV programs have been purchased since October 2005, via iTunes downloads.

此外，自 2005 年 10 月以來，已透過 iTunes 下載購買了大約 1,200 萬個 ABC 電視節目。

Viewers are also able to watch six of our primetime shows for free on advertiser supported ABC.com, starting the day after they air on the network.

從電視播出後的第二天開始，觀眾還可以在廣告商支持的 ABC.com 上免費觀看我們的六場黃金時段節目。

There have been almost 19 million requests for these episodes since we made them available just six weeks ago.

自從我們六週前推出這些劇集以來，已有近 1,900 萬次請求觀看這些劇集。

The multiplatform strategy is reaching viewers in new ways that our cable networks as well, and in the fourth quarter, Disney Channel posted it's highest ever ratings for total day and for primetime with kids 6-11 and tweens 9-14, highlighting our strong slate of original programs, many of which have crossed over to other platforms like music and merchandising.

多平台策略正在以有線網路以外的新方式吸引觀眾，在第四季度，迪士尼頻道在6 至11 歲兒童和9 至14 歲青少年的全天和黃金時段創下了歷史最高收視率，凸顯了我們的強大實力原創節目，其中許多已經跨入音樂和商品推銷等其他平台。

Since June, 53 million shows have been played at DisneyChannel.Com, again illustrating that TV viewing and Web use can reinforce rather than cannibalize each other when you have a terrific product.

自 6 月以來，DisneyChannel.Com 已播放了 5,300 萬個節目，這再次說明，當您擁有出色的產品時，電視觀看和網路使用可以相互促進，而不是相互蠶食。

ESPN has evolved into a massive multimedia machine with Monday Night Football achieving all-time household audience records on cable.

ESPN 已發展成為大型多媒體機器，《週一橄欖球之夜》創下了有線電視家庭觀眾收視紀錄。

On October 23rd alone, 11.8 million households watched the New York Giants beat the Dallas Cowboys.

光是 10 月 23 日，就有 1,180 萬個家庭觀看了紐約巨人隊 (New York Giants) 擊敗達拉斯牛仔隊 (Dallas Cowboys) 的比賽。

ESPN led ratings for ad supported cable last month with an average 3.5 million primetime viewers and a grip on all key male demos.

上個月，ESPN 憑藉廣告支持的有線電視收視率領先，黃金時段平均有 350 萬觀眾，並且掌控了所有主要的男性節目。

It's success has also sent a surge of viewers to ESPN.com, and for the first eight weeks of Monday Night Football, we have averaged over 27 million page views each game day.

它的成功也為 ESPN.com 帶來了大批觀眾，在《週一橄欖球之夜》的前八週內，我們每個比賽日的頁面瀏覽量平均超過 2700 萬次。

Our efforts to harness digital technology on behalf of consumers has prompted substantial ongoing upgrades of the ESPN.Com and ABC.Com sites and we will take another big step forward early next year by launching an all new Disney.com, already a premier family destination on the Web.

我們代表消費者利用數位技術的努力推動了ESPN.Com 和ABC.Com 網站的持續大幅升級，我們將在明年初再向前邁出一大步，推出全新的Disney.com，該網站已經成為首要的家庭目的地在網路上。

Families will be able to enjoy a wide range of Disney content from shows to movies and games in a safe and friendly environment, and parents will be able to do everything from arrange of family get away at one of our parks or on one of our cruise ships to purchasing Disney products.

家庭將能夠在安全友好的環境中享受從表演到電影和遊戲的各種迪士尼內容，父母將能夠做一切事情，從安排家庭在我們的一個公園或在我們的遊輪上度假運送到購買迪士尼產品。

For kids it will be the ultimate in customizable Web networks where they can watch their favorite Disney shows, play new interactive online games like Pirates, chat with their friends and swap music play lists.

對於孩子們來說，這將是可自訂的網路網路的終極選擇，他們可以在其中觀看他們最喜歡的迪士尼節目、玩新的互動線上遊戲（如海盜）、與朋友聊天以及交換音樂播放清單。

The third element of our growth strategy is global expansion.

我們成長策略的第三個要素是全球擴張。

In emerging markets where disposable income is rising and mass communications infrastructure is growing, we made forceful strides last year to strengthen our market presence, particularly in India and China.

在可支配收入不斷增加、大眾通訊基礎設施不斷發展的新興市場，我們去年在加強市場佔有率方面取得了長足進步，特別是在印度和中國。

Hong Kong Disneyland is our anchor in China and earlier this year, the highly successful theatrical run of Lion King introduced Disney to a whole new audience in Shanghai.

香港迪士尼樂園是我們在中國的支柱，今年早些時候，《獅子王》大獲成功，將迪士尼帶到了上海的全新觀眾面前。

In addition, we're focusing on retail merchandising through the licensing of thousands of Disney corners at big box stores and through the fast growing mobile entertainment sector.

此外，我們也透過大型賣場數千個迪士尼角落的授權以及快速成長的行動娛樂產業專注於零售銷售。

To expand in India, we acquired a local kids channel, Hungama.

為了在印度擴張，我們收購了當地的兒童頻道 Hungama。

Disney Channels reached 30 million households and hold the largest share of the children's TV market and we also recently signed a distribution deal for our Consumer Products line.

迪士尼頻道覆蓋了 3000 萬個家庭，佔據了兒童電視市場的最大份額，我們最近也簽署了消費品系列的分銷協議。

Finally I'd like to emphasize our continued committment to financial discipline.

最後，我想強調我們對財務紀律的持續承諾。

Our improved return on invested capital is a direct result of combining creative excellence with a sharp focus on bottom line results.

我們投資資本回報率的提高是卓越創意與對利潤結果的高度關注相結合的直接結果。

Our emphasis on creative excellence serving the consumer and improving the environment at Disney had other benefits this past year as well.

去年，我們強調為消費者提供卓越創意並改善環境，這也為迪士尼帶來了其他好處。

In October, Business Week named Disney as the number one company for new college graduates to launch a career and we also recently announced that we are putting our brand and characters to work in favor of healthier food options for kids at our Parks and in our license Consumer Products here in the United States.

10 月，《商業周刊》將迪士尼評為最適合大學畢業生開啟職業生涯的第一家公司，我們最近還宣布，我們將利用我們的品牌和角色，為我們的公園和許可證中的孩子們提供更健康的食品選擇美國的消費品。

In coming months we look forward to rolling out that initiative globally as well.

在接下來的幾個月裡，我們期待在全球推出這項措施。

So we've made great progress in fulfilling the pledge made last Year that Disney would be admired for its performance, for the quality and integrity of our products and people, and for being modern, innovative, and willing to take intelligent risks.

因此，我們在履行去年所做的承諾方面取得了巨大進展，即迪士尼將因其業績、我們產品和人員的品質和誠信、以及現代化、創新和願意承擔明智的風險而受到讚賞。

We look forward to building on that pledge in 2007, and with that, I'd like to turn the call over to Tom Staggs to provide more detail on the quarter and the year.

我們期待在 2007 年繼續這項承諾，因此，我想將電話轉給 Tom Staggs，以提供有關本季和年度的更多詳細資訊。

Thank you, Bob.

謝謝你，鮑伯。

We began our 2006 fiscal year with a set of high goals and performance expectations, and it's a pleasure to report that we've exceeded them across-the-board.

我們以一系列高目標和績效期望開始 2006 財年，很高興地報告我們已經全面超越了這些目標。

We've discussed in the past that we used three key financial metrics in assessing our overall performance, and as a means of gauging how well our strategic initiatives are translating into delivering value to our shareholders.

我們過去曾討論過，我們使用三個關鍵財務指標來評估我們的整體業績，並作為衡量我們的策略舉措轉化為股東價值的方式。

They are earnings per share, ROIC and after-tax cash flow.

它們是每股收益、ROIC 和稅後現金流。

In 2006, we delivered earnings per share growth of 34%.

2006 年，我們的每股盈餘成長了 34%。

We boosted return on invested capital for the fourth year in a row and we delivered record after-tax cash flow from operations of over $6 billion and record after-tax free cash flow of over $4.7 billion.

我們連續第四年提高了投資資本回報率，我們的營運稅後現金流創歷史新高，超過 60 億美元，稅後自由現金流創歷史新高，超過 47 億美元。

Creative success and innovation, especially around branded products with franchise potential, are the critical factors that drive our Company's performance.

創造性的成功和創新，特別是圍繞具有特許經營潛力的品牌產品，是推動我們公司業績的關鍵因素。

The huge success of Pirates of the Caribbean, Narnia and Cars were obviously the highlights of our year at the Studio and we expect each of these properties to have a positive effect on our Company for years to come.

《加勒比海盜》、《納尼亞傳奇》和《汽車總動員》的巨大成功顯然是我們工作室今年的亮點，我們預計這些作品將在未來幾年對我們公司產生積極影響。

At our live action business, we've reduced our overall investment levels and sharpened our focus on a smaller number of releases.

在我們的真人電影業務中，我們降低了整體投資水平，並更加重視減少發行數量。

In feature animation, the incorporation of Pixar adds to our already unparalleled library of animated content.

在動畫長片方面，皮克斯的加入進一步豐富了我們已經無與倫比的動畫內容庫。

At home video, greater efficiency on our marketing and distribution drove improved results for both the quarter and the year.

在家庭影片方面，行銷和分銷效率的提高推動了本季和全年業績的改善。

At our Media Networks, ESPN delivered double digit growth in both revenue and operating profit for the Fourth Quarter and for the Year.

在我們的媒體網絡，ESPN 第四季和全年的營收和營業利潤均實現了兩位數的成長。

ESPN's ratings were up by 22% in households for total day and 20% for primetime in Q4, led by the success of Monday Night Football, which is generating significant ratings gains and double digit CPM increases versus last year's Sunday night games.

在《週一橄欖球之夜》的成功帶動下，第四季度ESPN 全天家庭收視率提高了22%，黃金時段提高了20%，與去年週日夜間比賽相比，該節目收視率大幅提升，每千次曝光費用(CPM) 成長了兩位數。

In the Fourth Quarter, we also recognized $87 million more in deferred affiliate revenues at ESPN than we did in Q4 last year.

在第四季度，我們也確認了 ESPN 的遞延附屬收入比去年第四季增加了 8,700 萬美元。

Our Media Networks results were dampened somewhat in the fourth quarter, largely because of launch costs for Disney Mobile and a a $32 million impairment charge for FCC licenses primarily associated with our ESPN radio stations; however for the year, ABC's rating success led to substantial growth and operating income at the network making it the biggest contributor to Broadcasting's 31% growth in 2006.

我們的媒體網絡業績在第四季度有所下降，主要是因為迪士尼移動的啟動成本以及主要與我們的 ESPN 廣播電台相關的 FCC 許可證的 3200 萬美元減值費用；然而，今年 ABC 的收視率成功帶來了該網絡的大幅增長和營業收入，使其成為廣播電視 2006 年 31% 增長的最大貢獻者。

We're seeing solid scatter sales for the network again in Q1 with primetime CPM's pacing ahead of 2006 up front levels by low to mid single digits, which is generally consistent with what we saw last quarter as well.

我們在第一季再次看到該網路的穩定分散銷售，黃金時段 CPM 的速度比 2006 年的前期水平高出低至中個位數，這與我們上季度看到的情況大體一致。

At our Television Stations, Q4 ad sales were up by low single digits, but so far in the December quarter, TV station ad sales are up by double digit percentages, spurred by political advertising.

在我們的電視台，第四季度廣告銷售額成長了較低的個位數，但截至 12 月季度，在政治廣告的推動下，電視台廣告銷售額成長了兩位數百分比。

At our Theme Parks outstanding results again provided evidence of a significant, sustainable competitive advantage we have nurtured and reinforced in this business.

我們主題樂園的出色表現再次證明了我們在這項業務中培養和加強的顯著、可持續的競爭優勢。

Parks ended 2006 with operating profit up 30% and margins up 240 basis points to 15.5% on a consolidated basis.

2006 年底，Parks 的綜合營業利潤成長了 30%，利潤率成長了 240 個基點，達到 15.5%。

Excluding the effect of consolidating Disneyland Resort Paris and Hong Kong Disneyland Resort, margin increased to just over 19%.

剔除合併巴黎迪士尼樂園度假區及香港迪士尼樂園度假區的影響，利潤率增至略高於 19%。

Given the success of the 50th Anniversary Celebration in Q4 of last year, our combined domestic Parks attendance came in flat for the quarter and the 7% decline at Disneyland was offset by an increase of 5% at Walt Disney World; however guest spending at both our East and West Coast Parks grew by 4%.

鑑於去年第四季 50 週年慶典的成功，本季我們國內公園的總遊客量持平，迪士尼樂園 7% 的下降被華特迪士尼世界 5% 的成長所抵消；然而，東海岸公園和西海岸公園的遊客支出均增加了 4%。

Disneyland Resort occupancies were off somewhat to a still strong 92% while occupancies at Walt Disney World increased to 83%.

迪士尼樂園度假區的入住率下降，仍高達 92%，而華特迪士尼世界的入住率則上升至 83%。

Per room spending increased by 5% at both our Disneyland and Walt Disney World Resorts.

我們的迪士尼樂園和華特迪士尼世界度假區的每間客房支出均增加了 5%。

Looking ahead, rooms on the books at our combined domestic Parks are trending in line with the prior Year for the December quarter, which is encouraging given that we had record holiday attendance during this quarter last Year.

展望未來，我們合併後的國內公園的預訂房間趨勢與去年 12 月季度的趨勢一致，考慮到我們去年本季度的假日遊客人數創歷史新高，這一點令人鼓舞。

Results at our international theme Parks in Q4 reflected increased attendance and guest spending at Disneyland Resort Paris as well as a full quarter of operations at Hong Kong Disneyland versus two weeks in the prior year.

我們的國際主題樂園第四季的業績反映了巴黎迪士尼樂園度假區的遊客人數和遊客支出以及香港迪士尼樂園整個季度的營運情況（與去年同期的兩週相比）有所增加。

At Consumer Products, we again delivered meaningful gains in our merchandise licensing business.

在消費品領域，我們的商品授權業務再次取得了有意義的成果。

The strength of our Cars, Princess, and Pirates line helped drive double digit increases in earned royalties for the year, which is a key indicator of a thriving licensing business.

我們的《賽車總動員》、《公主》和《海盜》系列的實力推動了今年所賺取的版稅實現了兩位數的成長，這是授權業務蓬勃發展的關鍵指標。

As expected our ramp up of development spending in video games dampened our overall Consumer Products performance.

正如預期的那樣，我們在電玩開發支出的增加削弱了我們的整體消費產品表現。

Our performance in 2006 set a high bar, but we go into 2007 with a great foundation and confidence that our strong operating performance will continue.

我們 2006 年的業績樹立了很高的標準，但我們帶著良好的基礎和信心進入 2007 年，我們強勁的經營業績將繼續下去。

More importantly, we will invest more in programming and other initiatives that we are optimistic can drive longer term performance and capital returns.

更重要的是，我們將更投入於我們樂觀地認為可以推動長期績效和資本回報的項目和其他舉措。

As we've discussed in the past, our goal at the highlight for you the key swing factors that could impact our performance rather than give specific earnings guidance for any particular quarter or year.

正如我們過去所討論的，我們的目標是向您強調可能影響我們業績的關鍵波動因素，而不是為任何特定季度或年度提供具體的盈利指導。

Bob talked about our strategy of creating and leveraging strong content across different businesses and platforms and in 2007, our business will reflect this approach.

Bob 談到了我們跨不同業務和平台創建和利用強大內容的策略，2007 年我們的業務將體現這種方法。

At our Studio, for example, we have the Q1 release of Pirates Two and Cars on DVD, as we continue to capitalize on the success of these hit films.

例如，在我們的工作室，我們在第一季發布了《海盜二號》和《汽車總動員》的 DVD 版，我們將繼續利用這些熱門電影的成功。

The two most notable theatrical releases for next year in terms of both investment and expectations are our third installment of Pirates of the Caribbean and the new Disney/Pixar film, Ratatouille, both of which come out next summer.

就投資和預期而言，明年最引人注目的兩部院線電影是我們的第三部《加勒比海盜》和迪士尼/皮克斯的新電影《料理鼠王》，這兩部影片都將於明年夏天上映。

Other key titles in our 2007 slate include Deja Vu from producer Jerry Bruckheimer, and starring Denzel Washington, which comes out in two weeks, Wild Hogs coming this spring with Tim Allen and John Travolta, and our next Disney feature animation release Meet the Robinsons opening at the end of March.

2007 年名單中的其他重要作品包括由製片人傑裡·布魯克海默(Jerry Bruckheimer) 製作、由丹澤爾·華盛頓(Denzel Washington) 主演的《似曾相識》(Deja Vu)，該片將在兩週內推出；《野豬》(Wild Hogs) 將在今年春天與蒂姆艾倫(Tim Allen) 和約翰屈伏塔(John Travolta) 合作推出；以及我們的下一部迪士尼動畫長片《拜見羅賓遜一家》(Meet the Robinsons open)三月底。

Our outlook for Consumer Products also anticipates that the popularity of the Pirates and Cars properties, added to existing franchise like Princess, Mickey, and Pooh, will drive another year of robust growth in earned royalties, however we expect that a $70 million decrease in minimum guarantee recognition in fiscal '07 versus what we recognize in 2006 will make comparisons difficult for the segment overall.

我們對消費品的展望也預計，《海盜》和《汽車總動員》系列作品的受歡迎程度，以及《公主》、《米奇》和《小熊維尼》等現有特許經營權的增加，將推動所賺取的特許權使用費又一年強勁增長，但我們預計最低特許權使用費將減少7,000 萬美元。07 財年的擔保確認與我們 2006 年的確認相比，將使整個細分市場難以進行比較。

In media nets, assuming continued strength in the ad market and our ratings, we believe we could generate solid profitability growth led once again by ESPN and the ABC network.

在媒體網絡方面，假設廣告市場和我們的收視率持續走強，我們相信我們可以在 ESPN 和 ABC 網路的帶領下再次實現穩健的獲利成長。

We've already taken steps to fortify ESPN's lineup with Monday Night Football and our NASCAR event coverage begins in February.

我們已經採取措施透過週一橄欖球之夜來強化 ESPN 的陣容，而我們的 NASCAR 賽事報告將從 2 月開始。

We will also continue to invest in our creative pipeline and with this in mind, in 2007, we're allocating resources to new content development at our Disney Channels around the world and ABC Family as well as the new digital initiatives like Disney Mobile and Disney.com.

我們也將繼續投資於我們的創意管道，考慮到這一點，2007 年，我們將分配資源用於全球迪士尼頻道和 ABC Family 的新內容開發，以及迪士尼移動和迪士尼等新的數字計劃。 .com。

In total, we believe our internet and download revenues could total approximately approximately $700 million in fiscal '07.

總的來說，我們相信 07 財年我們的網路和下載收入總計約為 7 億美元。

As Bob indicated, we are increasing our investment in video games with roughly 30% more in development spending expected in fiscal 2007 than in 2006.

正如鮑伯所指出的，我們正在增加對電玩遊戲的投資，預計 2007 財年的開發支出將比 2006 年增加約 30%。

Video games represents an important long term growth opportunity for us with the potential for very attractive returns on our investment, and looking ahead we are targeting an increase in our annual video game development and investment to roughly $350 million over the next five to seven years.

電玩遊戲對我們來說是一個重要的長期成長機會，具有非常有吸引力的投資回報潛力，展望未來，我們的目標是在未來五到七年內將年度電玩開發和投資增加到大約3.5 億美元。

At our Parks, we believe that the Year of a Million Dreams celebration can help drive attendance across our properties.

在我們的公園，我們相信「百萬夢想年」慶祝活動有助於提高我們公園的遊客數量。

With the strength of our ad sets in competitive position and given a positive economic climate, we remain confident in our ability to deliver continued growth at our Parks business.

憑藉我們廣告組的競爭優勢以及積極的經濟環境，我們對實現公園業務持續增長的能力仍然充滿信心。

We will also see an approximately $190 million decrease in pension and post-retirement medical expense next year due to the increase in the discount rate used in calculating these expenses.

由於計算這些費用時使用的折現率增加，我們明年還將看到退休金和退休後醫療費用減少約 1.9 億美元。

The biggest portion of that reduction will benefit the Parks.

其中最大的一部分將有利於公園。

Our Pixar transaction closed more than halfway through fiscal 06, meaning we'll see a substantially greater dilutive effect from that deal in fiscal '07.

我們的皮克斯交易在 06 財年過半時完成，這意味著我們將在 07 財年看到該交易帶來更大的稀釋效應。

A portion of which will be offset by our share repurchases.

其中一部分將被我們的股票回購所抵銷。

We had about $0.05 per share in favorable tax impacts in 2006 that we do not expect to recur in 2007 related to the declining Fiske-ETI benefit that we've discussed in prior disclosures.

2006 年，我們每股獲得了大約 0.05 美元的有利稅收影響，我們預計 2007 年不會再出現這種影響，這與我們在之前的披露中討論過的 Fiske-ETI 收益下降有關。

With regard to our pending radio transaction, we've had discussions regarding possible modifications to the agreement to facilitate Citadel's post-closing financing.

關於我們懸而未決的無線電交易，我們已經討論了可能對協議進行修改的問題，以促進 Citadel 的交割後融資。

We would now anticipate closing the transaction in the first half of calendar Year 2007.

我們現在預計將在 2007 年上半年完成交易。

Upon completion of the transaction, the portion of our radio assets involved will be treated as discontinued operations.

交易完成後，我們涉及的部分無線電資產將被視為終止營運。

Accordingly, financial results for the assets included in the deal would be excluded for all periods.

因此，交易中所含資產的財務表現將被排除在所有期間。

These assets represented roughly $0.04 of our 2006 EPS.

這些資產約占我們 2006 年每股收益的 0.04 美元。

Our cash flow generation in fiscal 2006 was extraordinary and it reflects our committment to maximizing the cash efficiency of our operations and our balance sheet.

2006 財年我們產生的現金流量非常出色，這反映了我們對最大限度提高營運和資產負債表現金效率的承諾。

This year we generated after-tax free cash flow per share well above after-tax earnings per share.

今年，我們產生的每股稅後自由現金流遠高於每股稅後盈餘。

Although we will continue to generate substantial after-tax free cash flow, that disparity is unlikely to continue.

儘管我們將繼續產生大量稅後自由現金流，但這種差距不太可能持續下去。

Much of the difference comes from our move to decrease our overall investment in live action film, the timing of certain spending and amortization expenses, and timing and improvements in our working capital.

大部分差異來自於我們減少對真人電影的整體投資、某些支出和攤銷費用的時間安排以及我們營運資金的時間安排和改善的舉措。

In 2007, we also expect an increase in our overall capital expenditures in the neighborhood of 400 to $500 million, roughly half of this increase will occur at theme Parks and the majority of the rest will be related to digital initiatives at Media Networks.

2007 年，我們也預期整體資本支出將增加 4 億至 5 億美元左右，其中約一半的成長將發生在主題樂園，其餘的大部分將與媒體網路的數位計畫有關。

In past earnings calls we've laid out our priorities for investing cash flow.

在過去的財報電話會議中，我們已經列出了投資現金流的優先事項。

Our first choice is to invest in existing or new business opportunities that can generate growth and strong returns.

我們的首選是投資於能夠產生成長和豐厚回報的現有或新的商業機會。

Our second preference is to use cash for share repurchase and dividends, and is likely that our free cash flow will afford us the opportunity to continue returning capital in this way.

我們的第二個偏好是使用現金進行股票回購和股息，而我們的自由現金流可能會讓我們有機會繼續以這種方式返還資本。

In 2006, our strong cash flow and financial position allowed us to aggressively repurchase our stock.

2006年，我們強勁的現金流和財務狀況使我們能夠積極回購股票。

At the time the Pixar transaction we indicated that we would be aggressive in buying our stock and we are well ahead of the pace we set at that time.

在皮克斯交易時，我們表示我們將積極購買我們的股票，並且我們遠遠領先當時設定的步伐。

During the year, we repurchased 243 million shares of Disney stock for $6.9 billion, with 96 million of those shares purchased in the fourth quarter.

年內，我們以 69 億美元回購了 2.43 億股迪士尼股票，其中 9,600 萬股是在第四季購買的。

In fact, over roughly the last two years, we have repurchased nearly $10 billion worth of our stock, while at the same time, strengthening our financial position.

事實上，大約在過去兩年裡，我們回購了價值近 100 億美元的股票，同時增強了我們的財務狀況。

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

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

We also target modest sustainable dividend increases and we will recommend that the Board continue that pattern when it meets at the end of this month.

我們也以適度可持續的股息成長為目標，我們將建議董事會在本月底召開會議時繼續這種模式。

In 2006, our efforts resulted in unquestionable success.

2006年，我們的努力取得了無可爭議的成功。

We're obviously pleased with those results but we are by no means complacent.

我們顯然對這些結果感到滿意，但我們絕不自滿。

In fact, we are more focused than ever on continuing to extend and capitalize on our Company's strengths to deliver growth and value to our shareholders in fiscal 2007 and beyond, and now we would be happy to take a few questions.

事實上，我們比以往任何時候都更加重視繼續擴展和利用我們公司的優勢，以便在 2007 財年及以後為我們的股東帶來成長和價值，現在我們很樂意回答一些問題。

Thanks, Tom.

謝謝，湯姆。

So Operator we are ready to take the first question, please.

接線員，我們準備好回答第一個問題了。

[OPERATOR INSTRUCTIONS].Your first question will come from the line of Anthony Noto with Goldman Sachs.

[操作員說明]。您的第一個問題將來自高盛的 Anthony Noto。

Please proceed.

請繼續。

Thank you very much.

非常感謝。

Tom, in the swing factors that you mentioned you didn't mention syndication revenue and in the past you've talked about $1 billion of syndication revenue over five years.

湯姆，在您提到的搖擺因素中，您沒有提到銀團收入，而過去您曾談到五年內銀團收入達到 10 億美元。

Could you just talk about how this impacts the spread between '07 and the subsequent years?

您能談談這對 07 年及隨後幾年的傳播有何影響嗎？

And then Bob, at our conference in September, you had talked about the Disney.Com initiative.

然後鮑勃，在我們 9 月的會議上，您談到了 Disney.Com 計劃。

Could you talk about the progress you've made against that and what it may launch and what the prospects are in 2007?

您能談談您在這方面取得的進展以及可能推出的內容以及 2007 年的前景嗎？

Thank you.

謝謝。

Anthony, with regard to syndication, we have said that the shows that we have on the air and that we own, we did expect to generate over $1 billion in contribution to earnings to operating income over the five year period and we still believe that to be the case.

安東尼，關於聯合組織，我們已經說過，我們播放的和我們擁有的節目確實預計在五年內為營業收入帶來超過 10 億美元的貢獻，我們仍然相信，就這樣吧。

We have a large amount of availability in 2006.

2006年我們有大量的可用空間。

We've probably got a little bit less availability in 2007 so I don't think that it's, it's not a ramp up year to year that we would project at this point but I think you will see strong syndication contributions across the period over the next four or five years anyway.

2007 年我們的可用性可能會有所下降，所以我不認為我們此時預計會逐年增加，但我認為您會看到在此期間的強大聯合貢獻無論如何，未來四五年。

Regarding Disney.Com, a rather extensive project is under way that began mid year, mid calendar year and should conclude some time after the first of the year that will result in a relaunch of the site that's going to have extremely robust features in shopping, television, movies, travel, music, social networking and community.

關於Disney.Com，一個相當廣泛的項目正在進行中，該項目於年中開始，應該在年初後的某個時候結束，這將導致該網站的重新啟動，該網站將在購物方面具有極其強大的功能，電視、電影、旅行、音樂、社交網路和社區。

It will be highly customizable, particularly for a different demographic groups, extremely robust in terms of its ability to support new media, and basically, state-of-the-art in terms of general features and utilities.

它將是高度可自訂的，特別是對於不同的人口群體，在支援新媒體的能力方面極其強大，並且在一般功能和實用程式方面基本上是最先進的。

I'm extremely excited about the progress.

我對所取得的進展感到非常興奮。

It's been a companywide effort.

這是全公司的共同努力。

All the business units are behind it.

所有的業務部門都在背後支持。

It's going to offer consumers fairly deep and convenient or seem less experience on all things Disney and we'll be revealing more of its features and all of the details some time after the New Year.

它將為消費者提供相當深入和方便的迪士尼所有東西的體驗，或者看起來更少的體驗，我們將在新年後的某個時間透露它的更多功能和所有細節。

Great.

偉大的。

Thank you.

謝謝。

We'll take the next question, please?

我們來回答下一個問題，好嗎？

Your next question will come from the line of Doug Mitchelson with Deutsche Bank Securities.

您的下一個問題將來自德意志銀行證券公司的道格·米切爾森 (Doug Mitchelson)。

Please proceed.

請繼續。

Thank you very much, my questions are on ESPN but I was also wondering if anything has changed since last quarter regarding the impact on Disney or the potential options at Pixar from prior to it's acquisition?

非常感謝，我的問題是關於 ESPN，但我也想知道自上季度以來對迪士尼的影響或皮克斯收購之前皮克斯的潛在選擇是否發生了任何變化？

But looking at ESPN, just two clarifications we look out to '07.

但看看 ESPN，我們只關注 07 年的兩個澄清。

You added Nascar programming again this Year.

今年您再次加入了納斯卡節目。

Wondering how much the impact on cost might be and how the amortization schedule for that contract will look, and as you are headed towards the finish line potentially with negotiations with Comcast, should we expect any change in the base rate charge for ESPN or just a change in how fast its rate grows going forward and should we expect another round of affiliate revenue deferrals as the new contracts are assigned?

想知道對成本的影響有多大，以及該合約的攤銷時間表將如何，當您與康卡斯特的談判可能接近終點線時，我們是否應該預期ESPN 的基本費率費用會發生任何變化，或者只是一個變化？未來成長率的變化以及隨著新合約的分配，我們是否應該期待另一輪附屬公司收入延期？

Doug, that was a three in one question.

道格，這是一個三合一的問題。

You were asked by the operator only to ask one question!

接線員只要求您問一個問題！

With regard to your first question, it's been widely reported in the press that many companies received inquiries from the SEC and the Justice Department related to stock option grant practices and we too have received such inquiries related to stock option grants at Pixar prior to the acquisition, and our Board is conducting an independent review of them; however as we previously said we aren't aware of any basis under which stock options that were issued by Pixar would have a material impact on our financial statements.

關於你的第一個問題，媒體廣泛報道稱，許多公司收到了美國證券交易委員會和司法部有關股票期權授予做法的詢問，我們也收到了與皮克斯收購前的股票期權授予相關的此類詢問，而我們的董事會正在對它們進行獨立審查；然而，正如我們之前所說，我們不知道皮克斯發行的股票選擇權是否會對我們的財務報表產生重大影響。

Tom will handle your question about NASCAR.

湯姆將處理您有關 NASCAR 的問題。

Before he does, on Comcast, we are in final stage of the negotiations.

在他這樣做之前，在康卡斯特，我們正處於談判的最後階段。

It's actually possible that a deal could be signed within the next week and the details are at this point not something we're going to disclose except that what we've said in the past in terms of general rate structure remains.

事實上，協議有可能在下週內簽署，目前我們不會透露細節，但我們過去所說的整體利率結構仍然保留。

I'm actually really pleased with where we are because I think this gives us the ability with Comcast to expand our businesses together and points to what I think is going to be a very healthy relationship in the future.

事實上，我對我們目前的處境感到非常滿意，因為我認為這使我們能夠與康卡斯特共同拓展我們的業務，並表明我認為未來將建立非常健康的關係。

It's clear that their investment in technology, not just in their standard business but in their new businesses, particularly broadband and in phone service area, provide us with significant opportunities as the owner of great brands and great content to really expand our relationship with them and to provide services to their customers that's going to be great for both companies.

很明顯，他們對技術的投資，不僅是對標準業務的投資，而且是對新業務的投資，特別是寬頻和電話服務領域的投資，為我們作為偉大品牌和精彩內容的所有者提供了重要的機會，可以真正擴大我們與他們的關係，為客戶提供服務，這對兩家公司來說都是好事。

So, we're really looking forward to concluding the deal and really looking to a future I think is going to be pretty interesting.

因此，我們真的很期待完成這筆交易，並真正展望未來，我認為這將會非常有趣。

With regard to Nascar, I'd anticipate at this point that the accounting treatment for Nascar will like football, be a gradual increase over time.

關於納斯卡，我預計納斯卡的會計處理將像足球一樣，隨著時間的推移逐漸增加。

The payment stream for Nascar has modest increases and the amortization will therefore mirror the payment stream.

納斯卡的付款流略有增加，因此攤銷將反映付款流。

I think one thing to bear in mind is that we have a big chunk of the Nascar season in fiscal 2007 but not a whole season.

我認為需要記住的一件事是，2007 財年我們有很大一部分納斯卡賽季，但不是整個賽季。

Thanks.

謝謝。

We're ready for the next question, please?

我們準備好回答下一個問題了嗎？

Your next question will come from the line of Jessica Reif Cohen with Merrill Lynch.

您的下一個問題將來自美林證券的傑西卡·賴夫·科恩。

Please proceed.

請繼續。

Thanks.

謝謝。

I would like to follow-up on something Bob said and then ask my question.

我想跟進鮑勃所說的事情，然後問我的問題。

So I hope the first one doesn't count.

所以我希望第一個不算數。

Bob, what you just said about Comcast, could you do an exclusive -- it sounds really interesting.

鮑勃，你剛才談到康卡斯特，你能做一個獨家報道嗎——聽起來真的很有趣。

Can you do anything exclusive meaning no other provider can have what you will offer them?

您能否做一些獨家的事情，意味著其他提供者無法擁有您所提供的服務？

Well, as you know, Jessica, the general approach has been to pursue non-exclusive relationships with distributors, but I think I'm just going to contradict that a little bit.

嗯，正如你所知，傑西卡，一般的方法是追求與分銷商的非排他性關係，但我想我只是要稍微反駁一下這一點。

You should think about our relationship with these distributors in a way that might be analagous with our relationship with mass retailers in that we do business with all of them and that in general the overall relationship is not exclusive, but we create products that are unique to each relationship, in effect exclusive that give these retailers the ability to sell things that others can't sell.

您應該以類似於我們與大眾零售商的關係的方式來考慮我們與這些分銷商的關係，因為我們與所有這些分銷商都有業務往來，並且一般來說，整體關係不是排他性的，但我們創造的產品是獨特的實際上，每種關係都具有排他性，使這些零售商能夠銷售其他零售商無法銷售的產品。

So, a good example of that would be the classic Pooh line that we have with target where they have some exclusivity but we sell Pooh products to all mass retailers.

因此，一個很好的例子就是我們與 Target 合作的經典 Pooh 系列，他們擁有一定的排他性，但我們向所有大眾零售商銷售 Pooh 產品。

And so I think what you could think about in terms of Comcast is that access to our main products, ESPN, the Disney Channel, et cetera, will be non-exclusive, but the possibility of creating something that's unique just to that relationship with Comcast that they could use as a differentiator is something that we're going to explore.

因此，我認為您對康卡斯特的看法是，對我們的主要產品、ESPN、迪士尼頻道等的訪問將是非排他性的，但有可能創造出與康卡斯特的關係獨有的東西我們將探索他們可以用作差異化因素的東西。

Thank you.

謝謝。

Okay here is my question.

好的，這是我的問題。

On Disney Channel, you have had really an incredible amount of hits over the last few years.

在迪士尼頻道上，過去幾年的點擊確實令人難以置信。

Are you prohibited by your cable contracts from offering advertising?

您的有線電視合約是否禁止您提供廣告？

I mean, given the ratings growth, would you reconsider that if you can and the amount of number one music titles in the last couple of months have also been astounding.

我的意思是，考慮到收視率的增長，你是否會重新考慮一下，如果可以的話，過去幾個月排名第一的音樂作品的數量也令人震驚。

Can you break out that music number?

你能說出那個音樂號碼嗎？

The Disney Channel carriage agreements which particularly when we close Comcast and we eventually get Time-Warner done , are all long term deals, and they do preclude us from selling advertising in a traditional way.

迪士尼頻道的運輸協議，特別是當我們關閉康卡斯特並最終完成時代華納時，都是長期協議，它們確實阻止我們以傳統方式銷售廣告。

They do give us the ability to creating some relationship with sponsors that I'll call PBS-type advertising.

它們確實使我們能夠與贊助商建立某種關係，我將其稱為 PBS 類型的廣告。

We're not really considering changing that structure because the fee structure that we've negotiated for the channel is rather significant, and we like the fact that it's in effect a guarantee that doesn't fall prey to competitive issues or the ups and downs of an advertising market; however, given the success that we've had with Disney Channel programming and given how incredibly successful our efforts on new media platforms are turning out, particularly DisneyChannel.Com and ultimately Disney.Com, we have the ability on those services to convert usage to advertising, and we're starting to see some, a very very exciting trend in that regard.

我們並沒有真正考慮改變這種結構，因為我們為該管道協商的費用結構相當重要，而且我們喜歡這樣一個事實：它實際上是一種保證，不會成為競爭問題或起伏的犧牲品廣告市場；然而，鑑於我們在迪士尼頻道節目方面取得的成功，以及我們在新媒體平台上的努力所取得的令人難以置信的成功，特別是DisneyChannel.Com 和最終的Disney.Com，我們有能力將這些服務的使用轉化為廣告，我們開始看到這方面的一些非常非常令人興奮的趨勢。

That's also true, by the way, at ABC.Com where we're growing our advertising very very nicely in our streaming on ABC .Com.

順便說一句，在 ABC.Com 也是如此，我們在 ABC.Com 的串流媒體中非常非常好地發展廣告。

So when we look to the Disney Channel again we see basically status quo with no advertising but a pretty high rate structure compared to the rest of the business, and then basically using content fairly aggressively on new media platforms to grow revenue in that direction.

因此，當我們再次審視迪士尼頻道時，我們基本上看到了現狀，沒有廣告，但與其他業務相比，費率結構相當高，然後基本上在新媒體平台上相當積極地使用內容，以朝這個方向增加收入。

On music, I'll let Tom talk to the numbers, but one of the things that's very exciting particularly as we focus on the Disney brand and the kind of programming that we're creating is that we're creating business opportunities that go well beyond the platform that the product is originally created for.

在音樂方面，我會讓湯姆談談數字，但非常令人興奮的一件事是，特別是當我們專注於迪士尼品牌和我們正在創建的節目類型時，我們正在創造進展順利的商機超出了產品最初創建的平台。

Obviously that was true with Pirates which was a theme park attraction and look what it's done with that, but something like Hannah Montana or So Raven or Suite Life of Zack and Cody, a number of other programs, High School Musical a great example of that, a product that we find we have the ability with the Disney brand essentially to exploit in many many different ways and music is one way and the success this past year has been extraordinary and we're really focused on growing that in the future.

顯然，《海盜》是一個主題公園景點，看看它做了什麼，但像《漢娜·蒙塔娜》、《所以烏鴉》或《扎克和科迪的頂級生活》等許多其他節目，《歌舞青春》就是一個很好的例子。 ，我們發現我們有能力與迪士尼品牌本質上以許多不同的方式利用這一產品，而音樂是其中一種方式，過去一年的成功是非凡的，我們真正專注於在未來發展這一點。

We think we have created a very interesting formula to be successful in music, and it's Disney branded and I think there's some interesting opportunities there.

我們認為我們已經創造了一個非常有趣的在音樂領域取得成功的公式，它是迪士尼品牌的，我認為那裡有一些有趣的機會。

Yes, I think that music has become more important to us and Bob Covello and his team have done a great job of building up that business.

是的，我認為音樂對我們來說變得更加重要，鮑勃·科維洛和他的團隊在建立這項業務方面做得非常出色。

It's less than 10% of the growth at the Studio was represented by the growth in music so it's still a relatively small piece of the Studio but it's an important piece and as Bob said one that we hope to grow over time.

音樂的增長只佔工作室增長的不到10%，所以它仍然是工作室的一個相對較小的部分，但它是一個重要的部分，正如鮑勃所說，我們希望隨著時間的推移而增長。

There's also a great synergy when it comes to music between the Disney Channel, when it comes to music between the Disney Channel, Disney.Com, Radio Disney and the Disney phone and it will be very very robust music offerings that in effect tie into one another across all of those platforms.

迪士尼頻道、迪士尼網、迪士尼廣播電台和迪士尼手機之間的音樂也存在著巨大的協同作用，這將是非常非常強大的音樂產品，實際上與一個產品緊密結合。所有這些平台上的另一個。

Great.

偉大的。

Thanks.

謝謝。

We're ready for the next question, please?

我們準備好回答下一個問題了嗎？

Your next question will come from the line of Kathy Styponias.

您的下一個問題將來自凱西·斯蒂波尼亞斯（Kathy Styponias）。

Please proceed.

請繼續。

Thank you.

謝謝。

Tom I'm wondering if you can just break out for us from 06- '07 what you expect to spend incrementally for both video games and for Disney Mobile.

湯姆 我想知道您是否可以為我們列出從 06 年到 07 年您預計在視頻遊戲和迪士尼手機上增加的支出。

I know you said you expect to spend an incremental $350 million but that's over the next 5 to 7 years.

我知道您說過預計將增加 3.5 億美元的支出，但那是在未來 5 到 7 年內的事情。

What kind of impact should we expect in the coming year?

我們預計來年會產生什麼樣的影響？

Thanks.

謝謝。

Sure.

當然。

I mentioned in the prepares remarks we would be up about 30% in spending in 2007 and video games and that's up from 2006 around 100 million so it's about a $30 million increase in the development spend there and as you know, Kathy, we amortize the development spend as it's incurred, and so that will dampen the profits at games and Consumer Products as a whole because a lot of what they're spending on is for future release post-2007 so that has an impact.

我在準備發言中提到，我們2007 年在電玩遊戲方面的支出將增加約30%，比2006 年增加了約1 億美元，因此開發支出增加了約3000 萬美元，正如你所知，凱西，我們攤銷開發支出在發生時就會減少，這將削弱遊戲和消費品的整體利潤，因為他們的大部分支出都是為了 2007 年之後的未來發布，因此會產生影響。

With Mobile I think the thing to think about is we are ramping up the spending at Disney Mobile.

對於移動，我認為需要考慮的是我們正在增加迪士尼移動的支出。

It just launched late this Year but it will be when you look at the Media Networks line as a whole it will be offset by the decreased spending at ESPN Mobile because we've transitioned that into a part of our licensing business, so that won't be a driver of year-over-year increased spend on a combined basis in Mobile.

它剛剛在今年年底推出，但當你把媒體網路產品線作為一個整體來看時，它會被ESPN Mobile 支出的減少所抵消，因為我們已經將其轉變為我們授權業務的一部分，所以這不會」成為行動領域綜合支出較去年成長的推動力。

And Kathy, since you brought up games, what we're trying to accomplish is to basically build a Disney branded game business and we have been buying or building developers.

凱西，自從你提出遊戲以來，我們正在努力實現的目標是基本上建立迪士尼品​​牌的遊戲業務，並且我們一直在購買或建立開發商。

We actually just announced yesterday a developer that will be located in Salt Lake City called Fall Line that's going to be focused on making Disney branded product for the new Nintendo Wii platform as well as the Nintendo DS platform.

事實上，我們昨天剛剛宣布，位於鹽湖城的一家名為 Fall Line 的開發人員將專注於為新的任天堂 Wii 平台以及任天堂 DS 平台製作迪士尼品牌產品。

I mentioned in my remarks that a very large portion of the games business is kid and tween business and we have a huge number of Disney assets, both new and what I'll call library assets that we can exploit in games, Kingdom Hearts is certainly a great example of that with all of the activity for Pirates and ultimately all of the things we'll be able to do in animation so our goal is ultimately to end up with a significant games business and we believe we'll be able to do so by deploying the strategy that we've been deploying these last few years which is essentially build organically and make opportunistic relatively low cost acquisitions versus being in the market to buy a large existing game publisher.

我在演講中提到，遊戲業務的很大一部分是兒童和青少年業務，我們擁有大量迪士尼資產，包括新資產和我所說的我們可以在遊戲中利用的庫資產，《王國之心》無疑是海盜的所有活動以及最終我們能夠在動畫中做的所有事情就是一個很好的例子，因此我們的目標最終是獲得重要的遊戲業務，我們相信我們能夠做到因此，透過部署我們過去幾年一直在部署的策略，該戰略本質上是有機構建的，並進行機會主義相對低成本的收購，而不是在市場上收購現有的大型遊戲發行商。

Great thanks.

萬分感謝。

Ready for the next question, please?

準備好回答下一個問題了嗎？

And your next question will come from the line of Michael Nathanson with Bernstein.

你的下一個問題將來自邁克爾·內桑森（Michael Nathanson）和伯恩斯坦（Bernstein）的對話。

Please proceed.

請繼續。

Thanks.

謝謝。

I have one for Tom.

我有一份給湯姆。

Tom, you mentioned that you would spend $400 million more in CapEx theme Parks this Year.

湯姆，您提到今年您將在主題樂園的資本支出上增加 4 億美元。

And I wonders where is that investment going and should we assume this is a new level of spending that will continue or is is it incremental?

我想知道這些投資將流向何處，我們是否應該假設這是一個新的支出水平，並將繼續下去，還是增量？

The 4 to $500 million increase is actually for overall capital expenditures so I'm glad you asked that the so we can clarify it in case wasn't clear before so that's total Company and roughly half of that increase is at theme Parks and predominantly that's spending on new attractions as you would suspect and the theme park capital expenditures domestically were only a little bit over over $600 million so I would expect that the run rate of those numbers to be a little bit higher than that.

4 至5 億美元的增長實際上是用於總體資本支出，所以我很高興你問這個問題，這樣我們就可以澄清這一點，以防之前不清楚，所以這是公司總額，大約一半的增長是在主題樂園，主要是正如您所懷疑的那樣，新景點的支出以及國內主題樂園的資本支出僅略高於 6 億美元，因此我預計這些數字的運行率會比這個數字略高一些。

As we said before, we expect spending at our domestic Parks to be meaningfully under $1 billion as vague as that might be and I think that the trend that you're seeing here gets us back up but comfortably under that $1 billion mark.

正如我們之前所說，我們預計國內公園的支出將明顯低於 10 億美元，儘管這可能很模糊，但我認為您在這裡看到的趨勢使我們回到了 10 億美元的大關。

The biggest piece of the remainder of that capital expenditure increase is really on new media initiatives, ESPN taking up a big chunk of that as we continue to invest in its cross platform capabilities as Bob discussed in his comments.

剩餘的資本支出成長中最大的一部分實際上是新媒體計劃，ESPN 佔據了其中很大一部分，因為我們繼續投資於其跨平台功能，正如鮑勃在他的評論中所討論的那樣。

Great, thanks.

萬分感謝。

Ready for the next question, please?

準備好回答下一個問題了嗎？

[OPERATOR INSTRUCTIONS].

[操作員說明]。

Your next question comes from the line of Aryeh Bourkoff with UBS.

您的下一個問題來自瑞銀集團的 Aryeh Bourkoff。

Please proceed.

請繼續。

Thanks very much.

非常感謝。

Good afternoon, guys.

下午好，夥計們。

Just one, can you confirm that for fiscal '07 you're targeting double digit operating income growth at ESPN?

只是一個問題，您能否確認 ESPN 07 財年的營業收入成長目標是兩位數？

I know you do have some costs with the sports, but can you achieve that and then secondly for Bob, can you talk about which areas of digital media revenue you mentioned the numbers in '07 are you most excited about in terms of breaking out some of the key components of that digital media revenue number?

我知道你確實在體育方面付出了一些成本，但是你能實現這一點嗎？其次，鮑勃，你能談談你提到的 07 年數字媒體收入的哪些領域是你最興奮的嗎？該數字媒體收入數字的關鍵組成部分是什麼？

Thanks.

謝謝。

You know, we've said in the past we're targeting double digit growth for ESPN on average from 2004-2009, and you know, we purposely speak in terms of average growth rates because year over year variables are hard to predict over the long run, and we don't like to give guidance in the first place, so we give it somewhat begrudgingly, but having said all of that, we expect another year of strong growth from ESPN in 2007 that is generally consistent with that overall goal.

您知道，我們過去曾說過，我們的目標是 2004 年至 2009 年 ESPN 的平均增長率達到兩位數，您知道，我們特意用平均增長率來說話，因為很難預測從長遠來看，我們不喜歡先給出指導，所以我們有點不情願地給出指導，但話雖如此，我們預計2007 年ESPN 又將強勁增長，這與總體目標基本一致。

And in terms of the growth in our digital media business in '07, we're expecting growth to come in multiple directions from downloads and streams, from advertising support experiences, to purchases, and I'm not going to point at any one aspect that might grow faster than the others except that we believe we'll see significant growth.

就我們07年數位媒體業務的成長而言，我們預計成長將出現在多個方向，從下載和串流媒體、從廣告支援體驗到購買，我不會指出任何一個方面除非我們相信我們會看到顯著的成長，否則它可能會比其他國家成長得更快。

I mentioned a number of numbers in my opening remarks.

我在開場白中提到了一些數字。

To put it in perspective, just on the advertising side, ABC, which has been streaming shows really since May but they did it for a month in May and they have been at it regularly since September, has experienced over 19 million streams requested of six television programs, and we've assembled a group of about 36 different advertisers to sponsor those shows, one advertiser per show, and the CPM rate, now admittedly it's early, is four to five times the CPM rate and delivery of adults 18-49 in primetime which is a rather significant number and that comes because one, there is a rich rich demographic associated with it, younger, higher income, but secondly, the recall rates of advertising are tremendous.

從角度來看，僅在廣告方面，ABC 從5 月份開始就一直在串流媒體播放節目，但他們在5 月份進行了一個月，並且自9 月份以來一直定期播放，並且已經收到了超過1,900 萬次串流媒體請求，來自6 個國家。電視節目，我們聚集了大約36 個不同的廣告商來贊助這些節目，每個節目一個廣告商，而CPM 率（現在承認還為時過早）是CPM 率和18-49 歲成人投放的四到五倍在黃金時段，這是一個相當重要的數字，這是因為，一是有與之相關的豐富人口，更年輕，收入更高，但其次，廣告的回憶率是巨大的。

We said after the May experiment that over 85% of the people that watch the streams remember the advertiser that was in those streams and that obviously provides advertisers with value that is just tremendous and so we believe particularly as we buildout our capability, ABC.Com, ESPN.Com, Disney.Com , that the ability to grow advertising online for these media assets is significant, and at the same time, we've done extremely well on the iTunes platform and we've launched on two other movie platforms and given some of the announcements made this past week, and given some of the announcements made this past week, we believe we'll have opportunities to sell movies and television shows on many other new platforms and since those deals are not exclusive and we're taking basically a platform agnostic approach, our growth in what I'll call purchases is going to increase substantially too.

我們在5 月的實驗之後表示，超過85% 的觀看串流媒體的人都記得這些串流媒體中的廣告商，這顯然為廣告商提供了巨大的價值，因此我們相信，特別是當我們增強我們的能力時，ABC.Com 、ESPN.Com、Disney.Com 認為，為這些媒體資產增加線上廣告的能力非常重要，同時，我們在iTunes 平台上做得非常好，我們已經在另外兩個電影平台上推出了鑑於上週發布的一些公告，以及上週發布的一些公告，我們相信我們將有機會在許多其他新平台上銷售電影和電視節目，並且由於這些交易不是排他性的，我們基本上採取與平台無關的方法，我們所謂的購買量的成長也將大幅增加。

And lastly, the aspect of these cable deals that we're excited about is video-on-demand, for both movies and television shows.

最後，我們對這些有線電視交易感到興奮的方面是電影和電視節目的視訊點播。

On the movies side, there will be purchases and on the TV side, it will be a combination of advertiser supported and purchased, and again we think we've got some interesting opportunities to raise revenue both from a pay-per-view experience as well as from an advertiser experience.

在電影方面，將會有購買，在電視方面，這將是廣告商支援和購買的結合，我們再次認為，我們有一些有趣的機會來透過按次付費體驗來提高收入，例如以及廣告商的經驗。

Great thank you.

太好了謝謝。

Next question, please?

請下一個問題？

The next question will come from the line of Lowell Singer with Cowen & Co. Please proceed.

下一個問題將來自 Cowen & Co. 的 Lowell Singer。請繼續。

Thanks.

謝謝。

Tom I just have two quick modeling questions.

湯姆，我有兩個簡單的建模問題。

Can you talk a little about what you ex expecting your tax rate to be in '07 and do you expect a similar pattern of deferrals at ESPN as we've seen the last two years?

您能談談您前任對 07 年稅率的預期嗎？您是否預計 ESPN 會出現與我們過去兩年看到的類似的延期模式？

Thanks.

謝謝。

Sure.

當然。

I think that as I mentioned, the Fisk ETI benefits which deals with extra territorial income, those are being sunset, and so the biggest driver that you should look for in change over the tax rate over this year is really what amounts to about $0.05 share that comes from this that we saw in 2006 that we will not see in 2007, and so that will be the biggest driver to change as you can imagine, that drives up the rate by several points.

我認為，正如我所提到的，Fisk ETI 福利涉及域外收入，這些福利正在日落，因此您應該在今年稅率變化中尋找的最大驅動因素實際上是大約 0.05 美元的份額這是我們在2006 年看到的，而在2007 年我們不會看到的，因此，正如你可以想像的那樣，這將是最大的變化驅動因素，它將比率提高幾個百分點。

We also had some settlements of prior tax matters as we broke out in our 10-Q and so that has an impact as well so you'll see an increase in the tax rate.

當我們在 10-Q 爆發時，我們也對先前的稅務問題進行了一些解決，因此這也會產生影響，因此您會看到稅率的增加。

It's a bit early in the year to predict an exact rate but something closer to that 37% range we've talked about in the past as being about where we would come out.

今年預測準確的比率還為時過早，但更接近我們過去討論過的 37% 的範圍，即我們的結果。

I'm sorry, you asked about ESPN deferral.

抱歉，您詢問了 ESPN 延期的問題。

Well, because of growth in the affiliate rates and the fact that we're looking at, we've got new contracts to be signed and this can vary depending on when we might complete the discussions with Comcast and with Time-Warner, sitting here today, I would expect that roughly $180 million more in revenue would be deferred from the first half of the year to the second half of the year than we deferred in fiscal 2006.

好吧，由於聯營費率的增長以及我們正在考慮的事實，我們需要簽署新合同，這可能會有所不同，具體取決於我們何時完成與康卡斯特和時代華納的討論，坐在這裡今天，我預計今年上半年到下半年的營收將比2006 財年的營收多約1.8 億美元。

So that gives you a rough order of magnitude that could impact by the time of the deals.

因此，這給了你一個粗略的數量級，可能會受到交易時間的影響。

Thanks, next question please?

謝謝，請問下一個問題嗎？

Your next question will come from the line of David Miller of Sanders, Morris, Harris, Please proceed.

你的下一個問題將來自桑德斯、莫里斯、哈里斯的大衛米勒，請繼續。

Yes, hi.

是的，嗨。

Congratulations on the stellar results.

祝賀取得了優異的成績。

Tom, two brief questions for you.

湯姆，有兩個簡短的問題想問你。

Children's place, I believe will begin to pay royalties to Disney in the second anniversary of the closing of that deal which I think is the current quarter, so if you could refresh my memory as to what the formula of that is, that would be great, and then at this point, given where Disney stock is and given where the current market conditions, are you favoring a spinoff or a split off or a combination of both with regard to Radio SpinCo?

我相信兒童樂園將在該交易完成兩週年之際（我認為是當前季度）開始向迪士尼支付特許權使用費，因此，如果您能讓我回憶起該交易的公式是什麼，那就太好了，然後在這一點上，考慮到迪士尼的股票狀況和當前的市場狀況，您是否贊成對Radio SpinCo 進行分拆、分拆或兩者結合？

Thanks very much.

非常感謝。

With regard to The Children's Place, you're right.

關於兒童之家，你是對的。

The royalty holiday does sunset this year and as they've disclosed in their documentation the base business has a 5% royalty to it, online revenues are royalty at 10% so we haven't made any predictions about what that comes out to be and of course they are ramping up into an important holiday season so it would be premature for me to do that anyway and with radio I guess the core of your question is spin versus split.

版稅假期今年確實結束了，正如他們在文件中披露的那樣，基礎業務有 5% 的版稅，在線收入是 10% 的版稅，所以我們還沒有對結果做出任何預測，當然，他們正在進入一個重要的假期季節，所以對我來說這樣做還為時過早，對於廣播，我想你問題的核心是旋轉與分裂。

We said that when we get down to near the closing of that transaction, we would make a final determination on the spin versus split.

我們說過，當我們接近交易結束時，我們將對分拆還是分拆做出最終決定。

And I don't want to make too big a deal out of it.

我不想小題大作。

We'll make a decision at that point in time.

我們將在那時做出決定。

Either one we're distributing the value of that business to our shareholders on a very tax efficient basis, tax treatment is basically the same, and so either way, it's a very efficient way to distribute the value of that business and that deal, so we think that it will make the decision down the road.

無論哪種方式，我們都在非常節稅的基礎上將該業務的價值分配給我們的股東，稅收待遇基本上是相同的，因此無論哪種方式，這都是分配該業務和該交易的價值的一種非常有效的方式，所以我們認為它將在未來做出決定。

Thank you.

謝謝。

Next question, please?

請下一個問題？

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

您的下一個問題將來自雷曼兄弟的 Vijay Jayant。

Please proceed.

請繼續。

Thanks.

謝謝。

Tom, in terms of your hotels given your occupancy is pretty high, when do you start thinking about expanding in rooms and how much before they sort of come on line do you need to plan for that and if I may on a second question, on Pirates of the Caribbean given they were firm together, is the cost in '07 versus the third movie compared to the one in 06, is it equal, is it proportionally higher in one year over the other?

湯姆，就你們的酒店而言，鑑於你們的入住率相當高，你們什麼時候開始考慮擴大房間，以及在它們上線之前你們需要為此做好多少計劃，我是否可以回答第二個問題，關於鑑於《加勒比海盜》的合作非常牢固，07 年第三部電影的成本與06 年的成本相比是否相等？一年中的成本是否比另一年成比例更高？

Thanks.

謝謝。

In terms of your first question, we haven't announced any additional expansion of rooms.

關於你的第一個問題，我們還沒有宣布額外擴建房間的消息。

We did announce an expansion of our vacation clubs, but that's a different business.

我們確實宣布了度假俱樂部的擴張，但那是另一回事。

As you mentioned we had an excellent year from an occupancy perspective.

正如您所提到的，從入住率的角度來看，我們度過了非常出色的一年。

In fact, and I found this to be very interesting fact.

事實上，我發現這是一個非常有趣的事實。

We have the largest on site population in Orlando as a percent of the total Orlando hotel occupancy in 2006 and so we're obviously utilizing our investment in hotels quite well.

2006 年，我們在奧蘭多擁有最多的酒店入住人數，佔奧蘭多酒店總入住率的百分比，因此我們顯然很好地利用了我們在酒店方面的投資。

We'll take a wait and see approach in terms of further expansion.

對於進一步擴張，我們將採取觀望態度。

We've been focused a lot on the family suites business and we added about 200 family suites to a hotel called the All Star in Orlando.

我們非常關注家庭套房業務，並在奧蘭多一家名為 All Star 的酒店中增加了約 200 間家庭套房。

They've done extremely well.

他們做得非常好。

We're going to look for opportunities to buildout more family suites because of the trends we're seeing in that business but at the moment no definitive plans to build no new hotel capacity.

由於我們在該行業看到的趨勢，我們將尋找機會建造更多的家庭套房，但目前還沒有明確的計劃不建造新的酒店容量。

Again we had a great year this past year and helped a lot by the 50th anniversary.

去年我們再次度過了美好的一年，並在 50 週年紀念日之前提供了許多幫助。

We believe heavily in our Year of a Million Dreams, but no immediate need now to add more capacity.

我們堅信我們的百萬夢想年，但現在不需要立即增加更多產能。

And the other thing I want to point out is one of the things we've done in terms of growth is we've taken market share, obviously, and a lot of that has to do with the strategy that we put in place a couple of years ago which was both a pricing strategy and strategy that had us adding on all kinds of essentially new benefits to guests who were staying in on property hotels versus off property hotels.

我想指出的另一件事是，我們在成長方面所做的事情之一是我們已經佔據了市場份額，顯然，這在很大程度上與我們制定的策略有關幾年前，這既是一種定價策略，又是一種讓我們為入住飯店飯店和飯店外飯店的客人增加各種本質上新的福利的策略。

That occupancy factor that I mentioned earlier is clearly a result of a strategy that is definitely working.

我之前提到的入住率顯然是一項確實有效的策略的結果。

Yes.

是的。

I think that's an important thing I would have added is that we were successful in bringing people on property, so new hotels is something we study but as Bob said we'll continue to study it and make the move when and if the time is right.

我認為我要補充的一件重要的事情是，我們成功地吸引了人們入住酒店，因此新酒店是我們研究的內容，但正如鮑勃所說，我們將繼續研究它，並在時機成熟時採取行動。

With regard to Pirates Two versus Pirates Three, which comes as no surprise Pirates Two was an expensive film and Pirates Three will also be an expensive film.

關於《海盜二》與《海盜三》，毫不意外《海盜二》是一部昂貴的電影，《海盜三》也將是一部昂貴的電影。

We studiously avoid giving out the exact numbers.

我們刻意避免給出確切的數字。

Pirates Three will be somewhat more expensive than Pirates Two but the good news really is that Jerry Bruckheimer, Gore Verbinski, and Bruce Hendricks, who manage production, do a great job making sure that spending adds up on the screen, and that really showed up in Pirates Two, and we think it will show up again in Pirates Three so we think it's money well spent and we're kind of looking forward to this summer.

《海盜三》的成本會比《海盜二》貴一些，但好消息是，管理製作的傑裡·布魯克海默、戈爾·維賓斯基和布魯斯·亨德里克斯做得很好，確保了銀幕上的支出增加，這一點確實得到了體現。在《海盜二》中，我們認為它會在《海盜三》中再次出現，所以我們認為這筆錢花得值，我們有點期待今年夏天。

Great, thank you.

太好了謝謝。

Next question, please?

請下一個問題？

Your next question will come from the line of Spencer Wang with Bear Stearns.

您的下一個問題將來自貝爾斯登的 Spencer Wang。

Please proceed.

請繼續。

Thanks, good afternoon.

謝謝，下午好。

Just one question on advertising.

只是一個關於廣告的問題。

Tom, if I take out the $171 million in deferred affiliate revenues, looks like the organic revenue growth was 6 to 7%, so the affiliate revenues were up low double digits.

Tom，如果我除去 1.71 億美元的遞延聯盟收入，看起來有機收入成長率為 6% 到 7%，因此聯盟收入成長了兩位數。

Does that mean that ad revenues were up flat and low single digits and similarly on Broadcasting, why was revenue growth only 1.4%?

這是否意味著廣告收入成長持平且較低個位數，廣播業也是如此，為什麼營收成長僅為 1.4%？

Thanks.

謝謝。

Well, I think if you're looking at a couple different things there.

好吧，我想如果你正在看一些不同的事情。

One is that now in the fourth quarter there was $87 million more recognized in deferred revenues than there was in the prior year and so i think the organic revenue growth might be a little higher than the one that you said and we've talked about the fact that they are moderating growth rates but also the fact we're confident in our ability to translate the growth rates we'll see in continued strong results at ESPN so I feel pretty good about that overall.

一是現在第四季的遞延收入比上一年多了 8700 萬美元，所以我認為有機收入成長可能比你所說的要高一點，我們已經討論過事實上，他們正在放緩成長率，而且我們對將成長率轉化為ESPN 持續強勁業績的能力充滿信心，所以我對整體感覺非常好。

So I think we're in good shape there.

所以我認為我們在那裡狀況良好。

Broadcasting, as a whole in terms of revenue growth, I think one of the most important things to remember is that there was Monday Night Football in the Year and in the fourth quarter last year and the fourth quarter this year did not have Monday Night Football on ABC so Monday Night Football comes with a lot of revenues but a lot of costs so that makes the year-over-year revenue comparison difficult.

廣播，作為一個整體，就收入增長而言，我認為要記住的最重要的事情之一是，今年有周一橄欖球之夜，而去年第四季度和今年第四季度沒有周一橄欖球之夜在美國廣播公司(ABC) 上，《週一橄欖球之夜》的收入很高，但成本也很高，因此很難進行同比收入比較。

Great, thank you.

太好了謝謝。

We'll take the next question, please?

我們來回答下一個問題，好嗎？

Your next question will come from the line of Imran Khan with JP Morgan.

您的下一個問題將來自摩根大通的伊姆蘭汗 (Imran Khan)。

Please proceed.

請繼續。

Yes, hi, thank you.

是的，嗨，謝謝。

One question for Bob and one question for Tom.

一個問題問鮑勃，一個問題問湯姆。

So, Bob, you talked about that 0.5 million film download on iPod.

Bob，您談到了 iPod 上 50 萬部電影的下載量。

It's being reported that Wal-Mart and Target are a little uncomfortable with your iPod initiatives.

根據報道，沃爾瑪和塔吉特對你們的 iPod 舉措感到有點不舒服。

I was wondering have you heard anything from them and if so how you tried to balance that with the very high margin business that you generate from Wal-Mart and Target and secondly, Tom, you had a very strong margin -- strong ratings on ABC.

我想知道你有沒有從他們那裡聽到任何消息，如果有的話，你如何試圖平衡這一點與你從沃爾瑪和塔吉特產生的非常高的利潤業務，其次，湯姆，你有非常高的利潤－美國廣播公司的高評級。

I was wondering, can you give us some color, how should we think about ABC margins?

我想知道，您能給我們一些說明嗎，我們該如何考慮 ABC 利潤率？

Thank you.

謝謝。

In general, our relationship with mass retail is actually very strong which is evidenced by with our growing DVD business as well as our growth in our Consumer Products business, and we're in a lot of discussions with a lot of different retailers about their own digital download capabilities and we actually expect to cooperate with them when they launch such services.

總的來說，我們與大眾零售的關係實際上非常牢固，我們不斷增長的 DVD 業務以及消費品業務的增長證明了這一點，並且我們正在與許多不同的零售商就他們自己的業務進行大量討論數位下載功能，我們實際上希望在他們推出此類服務時與他們合作。

Clearly, the digital download initiatives particularly movies have created some tension over issues like pricing and windowing, but we ultimately believe that that tension is going to dissipate over time as we learn more about how the business is impacting the consumer.

顯然，數位下載計劃（尤其是電影）在定價和窗口等問題上造成了一些緊張局勢，但我們最終相信，隨著我們更多地了解業務如何影響消費者，這種緊張局勢將隨著時間的推移而消失。

I also want to emphasize that Disney's presence at mass retail is sizeable.

我還想強調迪士尼在大眾零售領域的影響力相當大。

It comes in many different forms, and in general, we've seen great growth both in our direct to licensing relationships with mass retail and our relationships through third party licensees at mass retail.

它有多種不同的形式，總的來說，我們在與大眾零售的直接許可關係以及透過大眾零售的第三方被授權人的關係方面都看到了巨大的成長。

The sale of Disney DVDs at mass retail is very very very robust these days.

如今，迪士尼 DVD 在大眾零售店的銷售非常非常強勁。

If you look interestingly enough at the last year and if you look at the top ten video titles, a number of them were Disney, Narnia clearly was one of them, and so was Little Mermaid but Bambi and Lady and the Tramp were in that number as well, and so the Disney DVD business at retail is in good shape.

如果你仔細看看去年的十大錄像作品，你會發現其中有很多是迪士尼的，《納尼亞傳奇》顯然是其中之一，《小美人魚》也是其中之一，但《小鹿斑比》和《小姐與流浪漢》也在其中。同樣，迪士尼 DVD 零售業務也狀況良好。

We haven't seen any impact by the way that is negative or cannibalistic from our download experience and actually believe that we're growing market share rather than moving business from one platform to the other.

我們還沒有看到我們的下載體驗產生任何負面或同類相食的影響，並且實際上相信我們正在擴大市場份額，而不是將業務從一個平台轉移到另一個平台。

Have we had discussions?

我們有討論過嗎？

Yes, absolutely.

是的，一點沒錯。

In general though I think our relationship with these retailers is in good shape.

總的來說，我認為我們與這些零售商的關係狀況良好。

With regard to ABC margins, I think I'd offer up a couple things to think about.

關於 ABC 的利潤率，我想我會提出一些值得考慮的事情。

Number one as I mentioned before, Monday Night Football came off of the network, and that's important obviously from a revenue standpoint, because and from a margin standpoint because we lost money on Monday Night Football on the network, and last year we also had the Super Bowl and I think the way to think about the Super Bowl is that it had a bunch of revenue associated with it that when you combine the network and the television stations, that was offset by the rights costs.

第一，正如我之前提到的，《週一橄欖球之夜》從網路上消失了，從收入的角度來看，這顯然很重要，因為從利潤的角度來看，我們在網路上的《週一橄欖球之夜》上賠了錢，去年我們也有超級碗，我認為思考超級碗的方式是，它有大量與之相關的收入，當你將網絡和電視台結合起來時，這些收入被版權成本所抵消。

The other thing I'd mention is that we had a good results in the up front.

我要提到的另一件事是我們在前期取得了不錯的成績。

We continue to have strong ratings and so far, we've had a robust spot market so that all bodes well and the other piece of the equation is I think that if you look at programming costs, the average cost per hour of entertainment programming for ABC and primetime should be about even this year as versus last year and so that's going to give you, all those combined gives you the opportunity for strong margin improvement at ABC this year.

我們繼續擁有強勁的收視率，到目前為止，我們已經擁有了一個強勁的現貨市場，因此一切都預示著良好的結果，另一個等式是我認為如果你看看節目成本，每小時娛樂節目的平均成本今年 ABC 和黃金時段的表現應該與去年持平，因此，所有這些加起來將為您帶來今年 ABC 利潤率大幅提高的機會。

Great, thank you.

太好了謝謝。

We have time for just one more question.

我們還有時間再問一個問題。

And your final question will come from the line of Jason Bazinet with Citigroup.

你的最後一個問題將來自花旗集團的 Jason Bazinet。

Please proceed.

請繼續。

Thanks so much.

非常感謝。

Given the appreciation on your share price over the last year or so, i was wondering if there's been any change in thinking in terms of your preference for dividends over share repurchases at all?

考慮到您的股價在過去一年左右的升值，我想知道您對股息而非股票回購的偏好是否發生了任何變化？

Thanks so much.

非常感謝。

Well, we still like both, by the way, and I think you should expect us, as I mentioned, to recommend increased dividend to the Board.

好吧，順便說一句，我們仍然喜歡兩者，我認為您應該期望我們，正如我所提到的，向董事會建議增加股息。

It's of course for them to consider and determine, but I think you should also expect us to continue to be buyers of our stock despite the run up given our outlook for long term value growth.

當然，這是由他們考慮和決定的，但我認為，儘管考慮到我們對長期價值成長的前景，但我認為你也應該期望我們繼續成為我們股票的買家，儘管股價上漲。

We don't tend to be short-term stock watchers.

我們不傾向於做短期股票觀察者。

We would like to think about our value in long term basis, and I think that that makes us very comfortable today with the continued repurchase program and our strong cash flow.

我們希望從長遠角度考慮我們的價值，我認為這讓我們今天對持續的回購計劃和強勁的現金流感到非常滿意。

Great, thank you.

太好了謝謝。

Well, thank you again for joining us today.

好的，再次感謝您今天加入我們。

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

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

Let me also remind you that certain statements on this Conference Call may constitute forward-looking statements under the securities laws.

我還想提醒您，本次電話會議中的某些陳述可能構成證券法規定的前瞻性陳述。

These statements were made on the basis of Management's views and assumptions regarding future events and business performance as of the time the statements were made and Management does not undertake any obligation to update these statements.

這些報表是根據管理階層對截至報表發佈時的未來事件和業務績效的觀點和假設而做出的，管理階層不承擔更新這些報表的任何義務。

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.

這些陳述存在許多風險和不確定性，實際結果可能與各種因素（包括我們10-K 表格年度報告以及我們向證券和證券交易委員會提交的其他文件中所包含的因素）明示或暗示的結果存在重大差異。外匯委員會。

This concludes Disney's Fiscal Fiscal Year End 2006 Conference Call.

迪士尼 2006 財年終財年電話會議到此結束。

Thank you.

謝謝。

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 does conclude the presentation and you may now disconnect.

簡報到此結束，您現在可以斷開連線。

Good day.

再會。