迪士尼 (DIS) 2017 Q1 法說會逐字稿

Welcome to The Walt Disney Company Q1 FY17 earnings conference call.

歡迎參加華特迪士尼公司 2017 財年第一季度收益電話會議。

My name is Victoria, and I will be your operator for today's call.

我的名字是 Victoria，我將是您今天電話的接線員。

(Operator Instructions)

（操作員說明）

Please note that this conference is being recorded.

請注意，此會議正在錄製中。

And I'll now turn the call over to your host, Lowell Singer, Senior Vice President of Investor Relations.

我現在將把電話轉給你的主持人，投資者關係高級副總裁 Lowell Singer。

Lowell, you may begin.

洛厄爾，你可以開始了。

Good afternoon, and welcome to The Walt Disney Company's first-quarter 2017 earnings call.

下午好，歡迎來到華特迪士尼公司 2017 年第一季度財報電話會議。

Our press release was issued about 25 minutes ago, and is available on our website at www.Disney.com/investors.

我們的新聞稿大約在 25 分鐘前發布，可在我們的網站 www.Disney.com/investors 上查閱。

Today's call is also being webcast, and we will post a transcript and a copy of the webcast to our website.

今天的電話會議也進行了網絡直播，我們將在我們的網站上發布文字記錄和網絡廣播的副本。

Joining me for today's call are Bob Iger, Disney's Chairman and Chief Executive Officer, and Christine McCarthy, Senior Executive Vice President and Chief Financial Officer.

和我一起參加今天電話會議的還有迪士尼董事長兼首席執行官鮑勃·艾格和高級執行副總裁兼首席財務官克里斯汀·麥卡錫。

Bob will lead off, followed by Christine, and then of course we will be happy to take your questions.

Bob 將首先發言，隨後是 Christine，然後我們當然很樂意回答您的問題。

With that, let me turn the call over to Bob and we can get started.

有了這個，讓我把電話轉給鮑勃，我們就可以開始了。

Thanks Lowell, and good afternoon.

謝謝洛厄爾，下午好。

We're very happy with our results for the quarter, and we continue to be extremely confident in our ability to drive significant long-term growth.

我們對本季度的業績感到非常滿意，並且我們繼續對我們推動顯著長期增長的能力充滿信心。

Coming off an historic performance last year, including more than $7.5 billion in global box office, we are thrilled with the continued success of our studio in the first quarter.

去年取得了歷史性的成績，包括超過 75 億美元的全球票房收入，我們對我們的工作室在第一季度的持續成功感到非常興奮。

All three films released by the studio in the quarter were global hits.

該工作室在本季度發行的所有三部電影都是全球熱門影片。

Marvel's Dr. Strange became the latest addition to Marvel Studio's winning streak, generating $670 million in global box office, and sending us into the new fiscal year with some great momentum.

漫威的奇異博士成為漫威工作室連勝的最新成員，創造了 6.7 億美元的全球票房，並以強勁的勢頭讓我們進入了新的財政年度。

We followed that success with Disney Animation's newest musical masterpiece, Moana, which has achieved total worldwide box office of $555 million, along with two Oscar nominations for outstanding animated feature and original song.

繼迪士尼動畫的最新音樂鉅作《海洋奇緣》取得成功之後，它的全球總票房已達 5.55 億美元，並憑藉出色的動畫長片和原創歌曲獲得兩項奧斯卡提名。

We're incredibly proud of this movie, as well as Zootopia, which topped $1 billion in box office, and also earned an Oscar nomination.

我們為這部電影以及票房突破 10 億美元並獲得奧斯卡提名的《瘋狂動物城》感到無比自豪。

Rogue One, our first standalone Star Wars story, also connected with audiences in a big way.

俠盜一號，我們的第一個獨立的星球大戰故事，也與觀眾產生了很大的聯繫。

It is our first $1 billion movie of the fiscal year, as well as our fourth $1 billion release in calendar 2016, further demonstrating the incredible strength of this franchise.

這是我們本財年第一部票房達到 10 億美元的電影，也是我們在 2016 年發行的第四部票房達到 10 億美元的電影，進一步展示了該系列影片令人難以置信的實力。

Star Wars: The Last Jedi, otherwise known as Episode VIII will open in December, and I just saw it last week, and it is a great next chapter in the iconic Skywalker family saga.

星球大戰：最後的絕地武士，也稱為第八集，將於 12 月上映，我上週才看到它，這是標誌性的天行者家族傳奇的偉大下一章。

It will be followed by our Han Solo origin film, which is just going into production.

接下來是我們的 Han Solo 原創電影，該電影剛剛投入製作。

Our studio's next release is our live-action Beauty and the Beast, premiering in March.

我們工作室的下一個版本是真人版《美女與野獸》，將於 3 月首映。

The anticipation and excitement around this movie is astonishing.

圍繞這部電影的期待和興奮是驚人的。

The first trailer drew more than 127 million online views in the first 24 hours, breaking the record held by Star Wars: The Force Awakens.

首支預告片在開播後的 24 小時內吸引了超過 1.27 億的在線瀏覽量，打破了《星球大戰：原力覺醒》保持的記錄。

And the trailer we released last week also generated more than 100 million views.

我們上週發布的預告片也產生了超過 1 億的瀏覽量。

The first week of ticket presales has also been very strong, reminiscent of presales of some of our biggest Marvel movies.

門票預售的第一周也非常強勁，讓人想起我們一些最大的漫威電影的預售。

After Beauty, we have Marvel's Guardians of the Galaxy: Volume 2, opening in May.

在 Beauty 之後，漫威的銀河護衛隊：第 2 卷將於 5 月上映。

It's another great Marvel film with even more of the fantastic action and humor that made the original Guardians such a breakout hit.

這是另一部偉大的漫威電影，具有更多精彩的動作和幽默感，使原版《守護者》大獲成功。

We'll follow that was another grand adventure, Pirates of the Caribbean: Dead Men Tell No Tales, in a new story that captures everything audiences have always loved about this franchise.

我們將跟隨那是另一場偉大的冒險，加勒比海盜：死無對證，在一個新故事中捕捉觀眾一直喜愛的關於這個系列的一切。

Pixar's Cars 3 will give fans an original twist on the world of Cars this summer, with a brand-new story and some great new characters.

皮克斯的汽車總動員 3 將在今年夏天為粉絲們帶來汽車總動員世界的原創轉折，其中包含全新的故事和一些出色的新角色。

And in November, we will release Coco, another brand-new original story from Pixar, as well as Marvel's Thor: Ragnarok, the best Thor so far, with a major crossover appearance by one of Marvel's most popular characters, The Hulk.

11 月，我們將發布另一部來自 Pixar 的全新原創故事《尋夢環遊記》，以及 Marvel 的《雷神：諸神黃昏》，迄今為止最好的雷神，漫威最受歡迎的角色之一綠巨人將跨界亮相。

One of our biggest success stories in 2016 came from parks and resorts, with the opening of Shanghai Disneyland.

2016 年，我們最大的成功案例之一來自公園和度假村，即上海迪士尼樂園的開業。

The park recently proved to be enormously popular with guests celebrating the Chinese New Year, operating at maximum capacity for virtually the entire holiday period.

事實證明，該公園最近非常受慶祝中國農曆新年的遊客歡迎，幾乎在整個假期期間都以最大容量運營。

With the year's two peak seasons now behind us, we have welcomed more than 7 million guests to date.

今年的兩個旺季已經過去，迄今為止，我們已經接待了超過 700 萬名客人。

We're thrilled with this performance, and could potentially exceed 10 million in total attendance by the resort's first anniversary.

我們對這一表現感到非常興奮，到度假村一周年時，總出席人數可能會超過 1000 萬。

The park's rapidly growing popularity, its extremely high levels of guest satisfaction, and the huge attendance during Chinese New Year add to our confidence in the resort's ability to reach breakeven in this fiscal year.

公園迅速增長的知名度、極高的客人滿意度以及農曆新年期間的大量遊客增加了我們對度假村在本財年實現收支平衡的能力的信心。

In our domestic parks, this year we will open a great addition to Disney's Animal Kingdom with a brand-new land called Pandora: The World of Avatar.

在我們的國內公園中，今年我們將為迪士尼動物王國增設一個全新的樂園，名為潘多拉：阿凡達世界。

Our Imagineers have brought the breathtaking world of Pandora to life, through astonishing feats of artistic genius and groundbreaking engineering.

我們的幻想工程師通過藝術天才和開創性工程的驚人壯舉，將令人嘆為觀止的潘多拉世界變為現實。

The result is an exquisite environment with phenomenal attractions, and today, I'm happy to announce this incredible new world will officially open on May 27.

結果是擁有非凡景點的精緻環境，今天，我很高興地宣布這個令人難以置信的新世界將於 5 月 27 日正式開放。

Additionally, our progress continues on Star Wars Lands, at Disneyland Resort and Walt Disney World, both of which will open in calendar 2019.

此外，我們在星球大戰樂園、迪士尼樂園度假區和華特迪士尼世界的進展仍在繼續，這兩個地方都將於 2019 年開放。

Turning to media networks, we continue to address a dynamic evolving media environment.

轉向媒體網絡，我們繼續應對不斷變化的媒體環境。

We are certainly well aware of the attention paid to ESPN, and were pleased with our implementation of strategies aimed at further strengthening ESPN's position, and expanding its growth opportunities.

我們當然很清楚人們對 ESPN 的關注，並對我們實施旨在進一步加強 ESPN 地位和擴大其增長機會的戰略感到高興。

As outlined in our last call these include launching ESPN on all new multi-channel services, including Sling TV, PlayStation Vue, DirecTV now, and the soon to be launched Hulu.

正如我們在上次電話會議中概述的那樣，這些包括在所有新的多頻道服務上啟動 ESPN，包括 Sling TV、PlayStation Vue、現在的 DirecTV，以及即將推出的 Hulu。

We're also continuing to invest in ESPN's industry-leading programming, and we're improving and growing ESPN's presence on mobile devices, with new and compelling apps.

我們還將繼續投資於 ESPN 行業領先的節目製作，我們正在通過引人注目的新應用程序改進和擴大 ESPN 在移動設備上的影響力。

We're also investing in technology platforms, to enable direct to consumer products.

我們還投資於技術平台，以實現直接面向消費者的產品。

And to that end, I have spent time with the team at BAMTech recently, and I'm very impressed and excited about the various initiatives being implemented to grow that business, and to leverage its capabilities for our media businesses.

為此，我最近在 BAMTech 的團隊中度過了一段時間，我對為發展該業務而實施的各種舉措以及利用其能力為我們的媒體業務所採取的各種舉措給我留下了深刻的印象和興奮。

Great content will continue to drive opportunities and growth in this changing environment, and given our incredible portfolio of high quality, in-demand branded content, we're extremely well-positioned to strategically and successfully navigate the dynamic marketplace, and generate value for our consumers and our shareholders over the long term.

偉大的內容將繼續在這個不斷變化的環境中推動機遇和增長，並且鑑於我們令人難以置信的高質量、按需品牌內容組合，我們處於非常有利的戰略地位，可以成功地在充滿活力的市場中導航，並為我們創造價值從長遠來看，消費者和我們的股東。

I'm going to let Christine take you through the details of the quarter, and then we will be happy to take your questions.

我將讓 Christine 帶您了解本季度的詳細信息，然後我們很樂意回答您的問題。

Christine?

克里斯汀？

Thanks Bob, and good afternoon, everyone.

謝謝鮑勃，大家下午好。

Earnings per share for the first quarter of FY17 were $1.55, which when adjusted for items affecting comparability, represents a decline of only 5% compared to Q1 last year.

2017 財年第一季度的每股收益為 1.55 美元，根據影響可比性的項目進行調整後，與去年第一季度相比僅下降 5%。

I will remind you, last year's first quarter was the best quarter in the Company's history.

我會提醒你，去年第一季度是公司歷史上最好的一個季度。

The year-over-year decline in earnings per share reflects this difficult comparison, especially in our studio and consumer products businesses.

每股收益的同比下降反映了這種艱難的比較，尤其是在我們的工作室和消費品業務中。

Due to the strength of Star Wars, and to a lesser extent, Frozen, during the first quarter last year.

由於星球大戰的實力，以及在較小程度上，去年第一季度的冰雪奇緣。

Parks and resorts had another strong quarter, with 6% revenue growth, and operating income growth of 13%, driven by increases in our domestic and international businesses.

公園和度假村在我們的國內和國際業務增長的推動下，又迎來了一個強勁的季度，收入增長 6%，營業收入增長 13%。

Results in the quarter include unfavorable impacts totaling about $70 million, due to Hurricane Matthew, which disrupted operations at Walt Disney World and resulted in the closure of our parks for about a day and a half, and the impact of one week of the winter holiday period falling in Q2 this year, whereas the entire holiday period fell in Q1 last year.

本季度的業績包括總計約 7000 萬美元的不利影響，原因是颶風馬修擾亂了華特迪士尼世界的運營並導致我們的公園關閉了大約一天半，以及寒假一周的影響今年第二季度下降，而去年第一季度整個假期下降。

We estimate these two items had an adverse impact on the year-over-year growth in operating income of about 7 percentage points.

我們估計這兩項對營業收入的同比增長產生了約 7 個百分點的不利影響。

Growth at our domestic operations was driven primarily by higher guest spending across our businesses, partially offset by lower attendance.

我們國內業務的增長主要是由我們業務中更高的客人支出推動的，部分被較低的出勤率所抵消。

Attendance at our domestic parks was down 5% in the quarter, reflecting a number of comparability factors: Last year's 60th anniversary celebration at Disneyland Resort, the impact of Hurricane Matthew, and the shift in timing of the winter holiday.

本季度我們國內公園的遊客人數下降了 5%，反映了一些可比性因素：去年在迪士尼樂園度假區舉行的 60 週年慶典、馬修颶風的影響以及寒假時間的變化。

We estimate these factors had an adverse impact on the year-over-year change in attendance of about 4 percentage points.

我們估計這些因素對出勤率的同比變化產生了約 4 個百分點的不利影響。

We continued to see very healthy spending at our domestic parks.

我們繼續在國內公園看到非常健康的支出。

Per capita spending was up 7% on higher admissions and food and beverage spending.

由於入場人數和餐飲支出增加，人均支出增長了 7%。

Per-room spending at our domestic hotels was up 3%, and occupancy was down modestly to 91%.

我們國內酒店的每間客房支出增長了 3%，入住率小幅下降至 91%。

So far this quarter, domestic resort reservations are comparable to prior-year levels, while booked rates are up 2%.

本季度到目前為止，國內度假村預訂量與去年同期水平相當，而預訂率上升了 2%。

Growth at our international parks was due to the opening of Shanghai Disney resort in Q3 of FY16, and improved results at Disneyland Paris and Hong Kong Disneyland.

我們國際公園的增長歸功於 2016 財年第三季度上海迪士尼度假區的開業，以及巴黎迪士尼樂園和香港迪士尼樂園業績的改善。

Shanghai Disney Resort is off to a strong start.

上海迪士尼度假區開局良好。

We continued to make great progress, and as Bob discussed, we're very encouraged by what we're seeing there so far.

我們繼續取得很大進展，正如 Bob 所討論的那樣，我們對目前所看到的情況感到非常鼓舞。

We feel great about the performance of our parks businesses during the first quarter.

我們對第一季度公園業務的表現感到滿意。

Segment operating margin was 24.4%, up 150 basis points over last year, and represents the highest margin for the segment since we began consolidating our international parks in 2004.

該部門的營業利潤率為 24.4%，比去年上升 150 個基點，是自 2004 年我們開始整合國際公園以來該部門的最高利潤率。

And that is despite an estimated 100 basis point headwind, due to the impact of Hurricane Matthew, and the timing of the winter holiday.

儘管由於颶風馬修的影響和寒假的時間，估計有 100 個基點的逆風。

At media networks, operating income was down 4% in the quarter, as growth in broadcasting was more than offset by a decline in cable.

在媒體網絡方面，本季度的營業收入下降了 4%，原因是廣播業務的增長被有線電視業務的下滑所抵消。

Lower cable results were driven by a decline at ESPN, where higher affiliate revenue was more than offset by an increase in programming and production expenses, and a decrease in advertising revenue.

較低的有線電視業績是由 ESPN 的下滑導致的，其中較高的附屬收入被編程和製作費用的增加以及廣告收入的減少所抵消。

Growth in ESPN's programming costs was due to our new NBA agreement and contractual rate increases for NFL programming, partially offset by lower programming costs for college football, due to the timing of the college football playoffs relative to our fiscal calendar.

ESPN 節目成本的增長是由於我們新的 NBA 協議和 NFL 節目的合同費率增加，部分被大學橄欖球季后賽相對於我們財政日曆的時間安排降低的大學橄欖球節目成本所抵消。

As you know, this year ESPN aired only three of the New Year's six bowl games during the first quarter, whereas it aired all six games during the first quarter last year.

如您所知，今年 ESPN 在第一季度僅播出了新年六場碗賽中的三場，而去年第一季度則播出了全部六場比賽。

ESPN's ad revenue was down 7% in the quarter.

ESPN 的廣告收入在本季度下降了 7%。

The majority of the decline was due to the shift of the three bowl games out of Q1.

下降的主要原因是三場碗賽從第一季度移出。

So far this quarter, ESPN's ad sales are pacing up, compared to last year.

本季度到目前為止，與去年相比，ESPN 的廣告銷售正在加速增長。

At broadcasting, growth in operating income reflected higher affiliate revenue and lower programming costs at the ABC network.

在廣播方面，營業收入的增長反映了 ABC 網絡更高的附屬收入和更低的節目成本。

First-quarter ad revenue across our broadcasting business was roughly comparable to last year, as higher ad revenue at our owned TV stations was offset by lower ad revenue at the ABC network, where higher pricing was more than offset by a decrease in impressions.

我們廣播業務的第一季度廣告收入與去年大致相當，因為我們自有電視台較高的廣告收入被 ABC 網絡較低的廣告收入所抵消，ABC 網絡較高的定價被印象的減少所抵消。

Quarter-to-date, prime time scatter pricing at the ABC network is running over 25% above upfront levels.

本季度至今，ABC 網絡的黃金時段分散定價比前期水平高出 25% 以上。

Total media network's affiliate revenue was up 4% in the quarter, due to growth at both cable and broadcasting, as growth in rates was partially offset by lower subscribers and foreign exchange.

由於有線電視和廣播業務的增長，本季度媒體網絡的附屬公司總收入增長了 4%，因為費率的增長被較低的訂戶和外匯所部分抵消。

At consumer products and interactive media, as anticipated, operating income was down meaningfully in the first quarter, given the record-breaking quarter the segment delivered last year.

在消費品和互動媒體方面，正如預期的那樣，考慮到該部門去年交付的創紀錄的季度，第一季度的營業收入大幅下降。

The decline in operating income was driven by lower results at our merchandise licensing business, as sales of Rogue One, Finding Dory and Moana merchandise were more than offset by very strong sales of Star Wars and Frozen merchandise in Q1 last year.

營業收入下降的原因是我們的商品許可業務業績下降，因為去年第一季度星球大戰和冰雪奇緣商品的強勁銷售抵消了 Rogue One、Finding Dory 和 Moana 商品的銷售額。

The strength of Star Wars last year also created a tough comp in our games businesses during Q1, given the success of Star Wars: Battlefront last year, and no comparable title this year.

鑑於去年《星球大戰：前線》的成功，而今年沒有類似的遊戲，去年第一季度《星球大戰》的實力也為我們的遊戲業務創造了一個艱難的競爭。

Our studio had another outstanding quarter, and continues to deliver on both financial and creative fronts.

我們的工作室有另一個出色的季度，並繼續在財務和創意方面取得成功。

While operating income was lower in the first quarter compared to last year, keep in mind, Q1 FY16 was the best quarter ever for the studio, and Q1 of FY17 was the second-best quarter ever, with $842 million in operating income.

雖然第一季度的營業收入低於去年，但請記住，2016 財年第一季度是該工作室有史以來最好的一個季度，而 2017 財年第一季度是有史以來第二好的季度，營業收入為 8.42 億美元。

The decline in operating income was due to lower results in our home entertainment and theatrical businesses.

營業收入下降是由於我們的家庭娛樂和戲劇業務業績下降。

Lower home entertainment results reflected strong catalog unit sales in Q1 last year particularly the classic Star Wars titles and Frozen, compared to Q1 of this year.

與今年第一季度相比，較低的家庭娛樂業績反映出去年第一季度的目錄單位銷售強勁，尤其是經典的星球大戰遊戲和冰雪奇緣。

On the theatrical side, Q1 results benefited from the strong performance of Rogue One: A Star Wars Story, but that was more than offset by the exceptional performance of Star Wars: The Force Awakens, in the first quarter last year.

在影院方面，第一季度的業績得益於《俠盜一號：星球大戰外傳》的強勁表現，但這被去年第一季度《星球大戰：原力覺醒》的出色表現所抵消。

During the first quarter, we repurchased about 15 million shares for about $1.5 billion.

第一季度，我們以約 15 億美元的價格回購了約 1500 萬股股票。

Fiscal year to date, we have repurchased 22.2 million shares for approximately $2.2 billion, and as we have mentioned previously, we intend to repurchase between $7 billion and $8 billion for the year.

本財年迄今，我們已經以約 22 億美元的價格回購了 2220 萬股股票，正如我們之前提到的，我們打算在今年回購 70 億至 80 億美元的股票。

As we look to the second quarter, there are a couple of comparability items I want to highlight.

當我們展望第二季度時，我想強調幾個可比性項目。

At ESPN, the shift of the three college football playoff games into Q2 will drive an increase in ESPN's programming costs, compared to Q2 last year.

在 ESPN，與去年第二季度相比，將三場大學橄欖球季后賽轉移到第二季度將推動 ESPN 的節目製作成本增加。

Additionally, ESPN's programming costs will continue to reflect the first year of its new NBA rights deal.

此外，ESPN 的節目製作成本將繼續反映其新 NBA 轉播權協議的第一年。

In total, we estimate cable programming and production costs will be up about 16% in the second quarter, and that is in line with our expectation for an 8% increase for the full year.

總體而言，我們估計有線電視節目和製作成本在第二季度將增長約 16%，這符合我們對全年增長 8% 的預期。

At parks and resorts, Q2 results will benefit from one week of the winter holiday shifting into the quarter; however, the timing of the Easter holiday will negatively impact Q2 results, as this holiday period will fall entirely in Q3 this year, whereas it fell in Q2 last year.

在公園和度假村，第二季度的業績將受益於寒假進入本季度的一周；然而，復活節假期的時間將對第二季度的業績產生負面影響，因為這個假期將在今年第三季度完全下降，而去年第二季度則有所下降。

We estimate these two shifts will have a net adverse impact of about $50 million to operating income.

我們估計這兩個轉變將對營業收入產生約 5000 萬美元的淨不利影響。

And, at the studio, while we are incredibly excited for the release of Beauty and the Beast, I want to remind everyone it will be our only release in the quarter, so studio results will once again face a tough comparison to a very strong second quarter last year, which benefited from the strength of Star Wars: The Force Awakens and the release of Zootopia.

而且，在工作室，雖然我們對《美女與野獸》的發行感到無比興奮，但我想提醒大家，這將是我們本季度唯一的發行，因此工作室的業績將再次面臨與非常強勁的第二名的艱難比較去年第四季度，得益於《星球大戰：原力覺醒》和《瘋狂動物城》的上映。

Overall, we are pleased with our first-quarter results and with the start of the fiscal year.

總體而言，我們對第一季度的業績和本財年的開始感到滿意。

And with that, I'll now turn the call over to Lowell for Q&A.

有了這個，我現在將把電話轉給洛厄爾進行問答。

Okay Christine, thanks a lot.

好的，克里斯汀，非常感謝。

Operator, we're ready for the first question.

接線員，我們準備好了第一個問題。

(Operator Instructions)

（操作員說明）

Alexia Quadrani, JPMorgan.

Alexia Quadrani，摩根大通。

How should we think about the outlook to the consumer products business this year, given what you know about the studio slate or what we know about the studio slate?

考慮到您對工作室板塊的了解或我們對工作室板塊的了解，我們應該如何看待今年消費品業務的前景？

It looks very favorable from what we can see, with the princess character in Beauty and the Beast, and Cars and Spiderman.

從我們所看到的來看，它看起來非常受歡迎，有《美女與野獸》、《汽車總動員》和《蜘蛛俠》中的公主角色。

Any other growth drivers such as higher royalty rates or additional international territories that you see as opportunities?

您認為還有其他增長動力，例如更高的特許權使用費率或更多的國際領土嗎？

Any color on that would be great.

任何顏色都會很棒。

Alexia, this is Christine.

亞歷克西婭，這是克里斯汀。

I think the best way to look at the consumer products is, we had given you the outlook that they were going to be down for this first fiscal quarter, and they in fact were, but we expected them to have growth for the year, but most of that would be back-end loaded, and that is the case.

我認為看待消費品的最佳方式是，我們曾給過你們第一個財季的前景展望，事實上確實如此，但我們預計今年會有所增長，但其中大部分將由後端加載，事實就是如此。

So you should expect growth year over year for the second half, both third and fourth quarter.

因此，您應該預計下半年（第三季度和第四季度）同比增長。

The properties that really going to contribute to that are going to be Cars and Spiderman, and we expect that to be a strong back half of the year for consumer products.

真正為此做出貢獻的屬性將是汽車和蜘蛛俠，我們預計這將成為消費產品的強勁後半年。

Just a bigger picture question, I was going to ask on the studio side, you had such a stellar performance obviously, and so many home runs, particularly when some of your peers have had a bit of a slump.

只是一個更大的問題，我打算在工作室方面問，你顯然有如此出色的表現，還有這麼多本壘打，特別是當你的一些同齡人有點低迷時。

I guess with the slate ahead, I don't want to jinx it, it looks equally impressive.

我想前面的石板，我不想把它搞砸，它看起來同樣令人印象深刻。

What gives us the confidence that this is more reflective of the assets you own and the franchises you have invested in versus a positive streak that you are going through?

是什麼讓我們相信這更能反映您擁有的資產和您投資的特許經營權，而不是您正在經歷的積極趨勢？

I think, if you look at the record, Alexia, since we bought Pixar, which was a decade ago, we have made about 30 films under Pixar and Disney Animation, because John Lasseter and Ed Catmull took over that, and then Marvel and Star Wars are Lucasfilm.

我想，如果你看看記錄，亞歷克西婭，自從十年前我們收購了皮克斯以來，我們已經在皮克斯和迪士尼動畫公司的領導下製作了大約 30 部電影，因為約翰·拉塞特和埃德·卡特穆爾接手了，然後是漫威和星空戰爭是盧卡斯影業。

Those films have averaged about $900 million in global box office, so we're not -- I'm sorry, about $800 million in global box office.

這些電影的全球票房平均約為 9 億美元，所以我們不是——對不起，全球票房約為 8 億美元。

So we don't think that there is a coincidence to this.

所以我們認為這不是巧合。

And while obviously because we're dealing in a creative business, there is risk associated.

雖然很明顯，因為我們從事的是創意業務，但存在相關風險。

We think that we have done a really great job of derisking the business, and that is a combination of the franchises we have an obviously the stories that we are mining, but also the talent that we have at the Company or that we are attracting to the Company, to make those films.

我們認為我們在降低業務風險方面做得非常好，這是我們擁有的特許經營權的組合，顯然是我們正在挖掘的故事，還有我們在公司擁有的人才或我們正在吸引的人才公司，製作那些電影。

And we have a lot of visibility into the early part of the next decade of the film slate, and we feel great about the projects that have been chosen and the progress that has been made on them.

我們對電影名單下一個十年的早期部分有很多了解，我們對已選擇的項目以及在這些項目上取得的進展感到非常滿意。

Thank you very much.

非常感謝。

Michael Nathanson, MoffettNathanson.

邁克爾·內森森，莫菲特·內森森。

I have two.

我有兩個。

First Bob and then Christine.

首先是鮑勃，然後是克里斯汀。

Bob I wonder if you can comment any story that was in the Journal yesterday that you may exceed your contract past 2018?

鮑勃，我想知道你是否可以評論昨天《華爾街日報》上關於你可能超過 2018 年合同的任何故事？

What's the second question?

第二個問題是什麼？

Before you ask the second one, when I targeted 2018 as the year that I was going to leave the Company, that was a very personal decision.

在你問第二個問題之前，當我將 2018 年定為我要離開公司的那一年時，那是一個非常個人化的決定。

But I think as you know, I've been with this company for 43 years have actually been CEO for almost a dozen years, and I'm going to do what is in the best interest at this Company, which is something the Board is clearly going to help determine.

但我認為，如你所知，我在這家公司工作了 43 年，實際上擔任首席執行官近十二年，我將做符合這家公司最大利益的事情，這是董事會的事情顯然要去幫助確定。

While I am confident that my successor is going to be chosen on a timely basis, and chosen well, if it is in the best interest of the Company for me to extend my term, I am open to that.

雖然我相信我的繼任者將被及時選出，而且選得很好，但如果我延長任期符合公司的最佳利益，我對此持開放態度。

But there's nothing specific to announce at this point.

但目前沒有什麼具體要宣布的。

We have a good strong succession process underway.

我們正在進行良好的強有力的繼任過程。

The Board is engaged in this, as I have said before, on a regular basis, and the absence of any announcements or specifics about it should in no way indicate otherwise.

正如我之前所說，董事會定期參與此事，沒有任何公告或相關細節不應以任何方式表示其他情況。

Thanks, Bob.

謝謝，鮑勃。

Then, for Christine, in the press release, it said the parks and resort costs were flat in the quarter, and looks like there were some cost initiatives.

然後，對於克里斯汀來說，在新聞稿中，它說公園和度假村的成本在本季度持平，並且看起來有一些成本舉措。

Can you tell us what you have done to control costs in the parks, and how sustainable is low single digit cost inflation this year?

您能否告訴我們您為控制公園成本做了哪些工作，以及今年低個位數成本通脹的可持續性如何？

The parks, as you saw the margins in my comments, 24.4% operating margin, that is not only for the domestic operations, but that is for the global segment.

公園，正如你在我的評論中看到的利潤率，24.4% 的營業利潤率，這不僅適用於國內業務，也適用於全球業務。

They have done a really good job on many fronts, and very importantly, is their cost control.

他們在很多方面都做得非常好，非常重要的是他們的成本控制。

That has been through ongoing cost initiatives throughout their businesses, and they have offset the normal increases that we would get through inflation and wage increases.

這是通過他們整個企業持續的成本舉措實現的，他們抵消了通貨膨脹和工資增長帶來的正常增長。

I think you can expect continued cost management in the parks, and continued strong margins.

我認為你可以期待公園的持續成本管理，以及持續強勁的利潤率。

Okay, thanks.

好的謝謝。

Jessica Reif Cohen, Bank of America Merrill Lynch.

傑西卡賴夫科恩，美銀美林。

Two questions.

兩個問題。

One, the press release states that Hulu results were in line with a year ago.

第一，新聞稿稱 Hulu 的業績與一年前持平。

Can you discuss the ramp into its launch, and overall expectations for this and other over the top services?

您能否討論其發布的進展情況，以及對該服務和其他頂級服務的總體期望？

As part of that Bob, I remember you saying that you were bullish on ESPN's outlook for subs in the last call.

作為 Bob 的一部分，我記得你說過你在上次電話中看好 ESPN 的潛艇前景。

Is that because of new services, or more due to better penetration by distributors like Comcast X1?

這是因為新服務，還是更多是因為 Comcast X1 等分銷商的滲透率更高？

First of all on Hulu, as you know, they have announced they are going to launch an over the top MVPD service.

如您所知，首先在 Hulu 上，他們宣布將推出超頂級 MVPD 服務。

They have not been specific about a date.

他們沒有具體說明日期。

It's in private beta, and it will go into more broad beta relatively soon.

它處於私人測試階段，並且很快就會進入更廣泛的測試階段。

They have negotiated deals with a variety of different program or channel owners, and so far, in terms of what we have seen of the product, we're encouraged by it, in terms of its user interface and actually have a lot of faith in it from a technological perspective, as well.

他們已經與各種不同的程序或頻道所有者談判達成交易，到目前為止，就我們所看到的產品而言，我們對它的用戶界面感到鼓舞，並且實際上對它有很大的信心從技術角度來看，也是如此。

To the second part of the question, my confidence in ESPN is due to a number of things, but clearly, the deals that we have done with new platform owners, mostly over the top, have already yielded some nice gains from those services in subs, but they are not right now being counted fully by Nielsen.

對於問題的第二部分，我對 ESPN 的信心來自於很多因素，但很明顯，我們與新平台所有者達成的交易（主要是頂級交易）已經從訂閱服務中獲得了一些不錯的收益，但尼爾森目前並未對它們進行全面統計。

We have also done a deal with Hulu, and we have done a deal with another entity that has not been announced, and we are in discussions with others.

我們還與 Hulu 達成了交易，我們還與另一個尚未宣布的實體達成了交易，我們正在與其他人進行討論。

So it seems like we are on the cusp of some significant growth for new entrants in the multi-channel marketplace.

因此，對於多渠道市場的新進入者來說，我們似乎正處於一些顯著增長的風口浪尖。

What we like about them is they are mobile friendly, or mobile first.

我們喜歡它們的地方在於它們對移動設備友好，或者說移動設備優先。

Their user interfaces tend to be very strong, and their pricing is priced substantially lower than the expanded basic bundle that most of the MVPDs are offering.

他們的用戶界面往往非常強大，而且他們的定價遠低於大多數 MVPD 提供的擴展基本捆綁包。

That obviously, we think, gives us a chance to both attract consumers that may not sign up for a multi-channel service, or hold consumers into multi-channel subscriptions.

我們認為，這顯然讓我們有機會吸引可能不會註冊多渠道服務的消費者，或者讓消費者訂閱多渠道服務。

And then lastly, what is really important is the deals that we have negotiated for distribution, particularly for ESPN, are to be in all subs or all households launched.

最後，真正重要的是我們為分發而協商的交易，特別是針對 ESPN 的交易，將在所有訂閱者或所有家庭中啟動。

These are light packages that offer us 100% penetration from those packages.

這些是輕型包裝，可為我們提供 100% 的滲透率。

We think that this wave that we are seeing is really a signal of what is to come, and what the future will be.

我們認為，我們所看到的這一波浪潮確實預示著即將發生的事情以及未來將會怎樣。

And the other thing I think it's really good about this is that, if we end up with a world where the $40 to $50 a month package becomes more and more popular, that means that some consumers may obviously take the savings that they may have from that, and spend it on other things, or save it.

另一件我認為這真的很好的事情是，如果我們最終得到一個每月 40 到 50 美元的套餐變得越來越流行的世界，這意味著一些消費者顯然可能會從中獲得節省。那個，然後把它花在其他事情上，或者把它存起來。

It also could mean they spend it on other video services, and some of those services are services that we might offer.

這也可能意味著他們將其花在其他視頻服務上，其中一些服務是我們可能提供的服務。

We talk about going with our own direct to consumer product, it is possible that the first product that goes into the marketplace will be in effect add-on or adjunct product that consumers can buy on top of what is their normal multi-channel package.

我們談論直接面向消費者的產品，第一個進入市場的產品可能實際上是附加產品或附屬產品，消費者可以在他們正常的多渠道包裝之上購買。

So if the multi-channel package is less expensive, consumers you could argue, could have more spendable income, or more money to spend on other video services, whether it is Netflix, whether it's Hulu, or whether it is other Disney-owned products that we are selling direct to the consumer.

因此，如果多頻道套餐更便宜，消費者可能會有更多的可支配收入，或者更多的錢可以花在其他視頻服務上，無論是 Netflix、Hulu，還是迪士尼旗下的其他產品我們直接向消費者銷售。

I also want to say one other thing, Jessica.

我還想說一件事，傑西卡。

I mentioned it in my remarks but I was at BAMTech a couple of weeks ago, and the quality of that technology has just blown us away, and the potential that we believe that has for us is enormous.

我在發言中提到了它，但幾週前我在 BAMTech，這項技術的質量讓我們大吃一驚，我們相信它對我們的潛力是巨大的。

We have, as you know, we have invested so that we own a third.

如您所知，我們已經進行了投資，因此我們擁有三分之一。

We have a path to control.

我們有一條路可以控制。

We're extremely excited about the prospects of what BAM is going to be doing near-term.

我們對 BAM 近期將要做的事情的前景感到非常興奮。

We will be launching a direct to consumer sports service sometime in probably calendar 2017, but we're also very excited about what the potential of this is long-term, both for the Company and for third parties who could use the product, because the technological side of it is so strong, in ways that are value-enhancing for them as well.

我們可能會在 2017 年的某個時候推出一項直接面向消費者的體育服務，但我們也對它的長期潛力感到非常興奮，無論是對公司還是對可以使用該產品的第三方來說，因為它的技術方面是如此強大，對他們來說也是增值的方式。

Can you just the advertising implications, because you have so much direct to consumer, and so much data on the users?

你能不能只考慮廣告影響，因為你有這麼多直接面向消費者的信息，以及這麼多關於用戶的數據？

One of the things that impressed me a lot from the BAMTech meeting that I had is what the potential is for them to use data to increase or to generate great revenue from advertising.

BAMTech 會議給我留下深刻印象的一件事是，他們有可能使用數據來增加或從廣告中產生大量收入。

Something that we don't have today, in part because a lot of our distribution comes through third parties, so we don't get access to that information.

我們今天沒有的東西，部分原因是我們的很多分發都是通過第三方進行的，所以我們無法訪問這些信息。

Great, thank you.

太好了謝謝。

Benjamin Swinburne, Morgan Stanley.

本傑明·斯威本，摩根士丹利。

Bob, last quarter you talked about, both on the earnings call and I think at some conferences, digital distribution as a question mark, and something that the company was thinking about strategically.

鮑勃，上個季度你在財報電話會議上和我認為在一些會議上談到了數字分銷作為一個問號，以及公司正在戰略考慮的事情。

You had DisneyLife in the market in a few regions, you made the BAMTech investment.

你在幾個地區的市場上有 DisneyLife，你投資了 BAMTech。

But how are you thinking about the distribution side of the business strategically?

但是您如何從戰略上考慮業務的分銷方面？

Do you think there is acquisitions you need to make to get ESPN where it needs to be, or in ABC long term?

你認為你需要進行收購才能讓 ESPN 達到它需要的位置，或者在 ABC 的長期發展中？

Do you find watching the market evolve, and make your move from there?

您是否發現觀察市場的發展並從那裡採取行動？

Any updated thoughts on how you're thinking about the M&A landscape and distribution assets?

關於您如何看待併購格局和分銷資產的任何最新想法？

And I'll sneak one in on the parks, for either you or Christine.

我會在公園偷偷帶一個給你或克里斯汀。

Any help in thinking about Avatar Land, and sizing the opportunity?

對考慮 Avatar Land 和把握機會有幫助嗎？

I'm trying to get a sense for how big of a needle mover that might be for the business, with when that opens in May?

我正在嘗試了解這對企業的推動力有多大，五月份什麼時候開業？

I will take the second question first.

我先回答第二個問題。

On Avatar Land, which as I said earlier, will open on May 27.

正如我之前所說，阿凡達樂園將於 5 月 27 日開放。

This is a very big land, with an extremely unique design and architecture, because it really does make you feel as though you are in Pandora, the great world that Jim Cameron created.

這是一片非常廣闊的土地，擁有極其獨特的設計和建築，因為它確實讓你感覺彷彿置身於潘多拉，吉姆卡梅隆創造的偉大世界。

And an e-ticket attraction that we have ever built.

以及我們曾經建造的電子門票景點。

And it's sizable, the whole experience is sizable, and it is an add-on to Animal Kingdom, which has always been a good park, but has never been a full-day experience.

而且規模大，整個體驗規模大，是動物王國的附加物，一直是個不錯的樂園，但從來沒有全天的體驗。

So we included, we added within the last year a nighttime safari experience, and some other entertainment.

所以我們包括，我們在去年增加了夜間野生動物園體驗，以及其他一些娛樂活動。

And by adding this, we're going to be turning what is our fourth gate, the last one to be opened in Orlando, into a much fuller experience, and that gives it a lot of potential.

通過添加這個，我們將把我們的第四扇門，也就是最後一扇在奧蘭多打開的門，變成一個更完整的體驗，這給了它很大的潛力。

It is also the biggest new land that we have opened in Florida in a very long time, and I think that is good for the whole business down there.

這也是我們很長一段時間以來在佛羅里達州開闢的最大的新土地，我認為這對那裡的整個業務都有好處。

To the extent that we can know this, we really believe that in the coming years, that the interest in Avatar is only going to grow as those movies enter the marketplace.

就我們所知，我們真的相信在未來幾年，隨著這些電影進入市場，人們對阿凡達的興趣只會增加。

We can't quantify it, but we think this is big potential.

我們無法對其進行量化，但我們認為這是巨大的潛力。

The first question, we don't really believe we need to make any acquisitions to accomplish what we need to do on the digital side.

第一個問題，我們真的不相信我們需要進行任何收購來完成我們在數字方面需要做的事情。

In reality, we believe that the best approach to doing well in a world that is disruptive, in a world that has far more digital distribution, is to have great content, and tell great stories.

事實上，我們認為，在一個具有顛覆性的世界中，在一個擁有更多數字分佈的世界中，要想做好事，最好的方法就是擁有精彩的內容，講述精彩的故事。

And that includes ESPN by the way.

順便說一句，這包括 ESPN。

So if anything, I think the most important thing for ESPN is to continue to support and nurture their program offerings.

因此，如果有的話，我認為對 ESPN 來說最重要的事情就是繼續支持和培育他們的節目。

Second to that, you have to be willing to either create or experience some disruption, as we migrate from what has been a more traditionally distributed world, to a more modern or more nontraditional distribution world.

其次，隨著我們從更傳統的分佈式世界遷移到更現代或更非傳統的分佈式世界，你必須願意創造或經歷一些破壞。

Some of that we're going to end up doing to ourselves, meaning, we understand that there is disruption, but we believe we have two be a disruptor too, and the investment in Bam, which is significant, from a variety of different perspectives, is aimed at doing just that.

我們最終將對自己做一些事情，這意味著，我們知道存在破壞，但我們相信我們也有兩個是破壞者，從各種不同的角度來看，對 Bam 的投資意義重大, 旨在做到這一點。

We have to be careful, because we have existing agreements and existing relationships, and a lot of value still being reaped from the traditional distribution relationships, but I can tell you that it is our full intent to go out there aggressively with digital offerings direct to the consumer, for ESPN and other Disney branded properties.

我們必須小心，因為我們有現有的協議和現有的關係，並且仍然可以從傳統的分銷關係中獲得很多價值，但我可以告訴你，我們的全部意圖是積極地通過數字產品直接進入市場消費者，用於 ESPN 和其他迪士尼品牌資產。

Helpful, thank you.

有幫助，謝謝。

Anthony DiClemente, Nomura.

Anthony DiClemente，野村證券。

Just to keep the ball rolling on the BAMTech meeting, Bob, just curious what came out of that meeting in terms of specific sports content that would be included in it.

鮑勃，為了讓 BAMTech 會議順利進行，他只是好奇那次會議會包含哪些具體的體育內容。

You previously mentioned you had a lot of digital rights already.

您之前提到您已經擁有很多數字版權。

Do you still it is not necessary to go out and acquire incremental digital rights for it?

你還沒有必要去為它獲取增量數字版權嗎？

And then following on to Ben's question, once it launches do you think would make sense for you to go partner with a big Internet platform, in order to help distribute that product?

然後繼續回答 Ben 的問題，一旦它發布，您認為與大型互聯網平台合作以幫助分銷該產品對您來說是否有意義？

If I may, one for Christine please.

如果可以的話，請給克里斯汀一份。

Christine, on the quarter, what was the underlying affiliate fee growth rate for the cable network segment?

克里斯汀，在本季度，有線網絡部分的基本附屬費用增長率是多少？

And also, you mentioned the timing shifts of the college football games in the quarter for the cable net segment.

此外，您還提到了本季度有線網絡部分大學橄欖球比賽的時間變化。

What was the underlying ad growth or decline, if you normalize out those timing shifts in the quarter?

如果您將本季度的這些時間變化標準化，那麼潛在的廣告增長或下降是多少？

Thank you.

謝謝你。

Wow, okay.

哇，好吧。

Multi-pronged question.

多管齊下的問題。

BAMTech has already licensed a number of digital rights to sporting events, and we have licensed at ESPN a number of them.

BAMTech 已經獲得了一些體育賽事的數字版權許可，我們在 ESPN 也獲得了其中的一些許可。

We bring to the table a fair amount of rights that can be added to the rights that they have, and we are a minority shareholder right now, so I want to be careful, but our strong sense is as partners and as part owners, is that we're going to continue to go out on behalf of the entity, and license more content to that entity.

我們帶來了相當數量的權利，可以增加他們擁有的權利，我們現在是少數股東，所以我要小心，但我們強烈的感覺是作為合作夥伴和部分所有者，是我們將繼續代表該實體走出去，並向該實體許可更多內容。

But they are going to start off with, I think a wide array of pretty attractive sports that come from both what they have licensed and what we have licensed.

但他們將從開始，我認為來自他們獲得許可和我們獲得許可的各種非常有吸引力的運動。

When you see it all together, in some of the early, I will call it concepts, you realize that there is a lot there, and a lot more than anyone else has.

當你一起看到它時，在一些早期，我會稱之為概念，你會意識到那裡有很多，而且比任何人都多得多。

I actually, think there will be continued opportunities.

實際上，我認為會有持續的機會。

In terms of distribution, do they need to enter into an agreement with a third-party entrant?

在分銷方面，他們是否需要與第三方進入者簽訂協議？

I will leave that to BAM ultimately to address, maybe at a time when they are ready to launch the product.

我最終會把這個問題留給 BAM 來解決，也許是在他們準備好推出產品的時候。

I don't think it would be appropriate for me to speak on their behalf.

我認為我代表他們發言不合適。

Anthony, on your drivers of the affiliate revenue in the quarter, as I said in my comments, the affiliate revenue growth was 4%.

安東尼，正如我在評論中所說，關於本季度聯盟收入的驅動因素，聯盟收入增長了 4%。

That was, rates impacted it by 7%, subs were a 2 point drag, and FX was a 1 point drag.

也就是說，利率對其產生了 7% 的影響，潛艇拖累了 2 點，外匯拖累了 1 點。

That is for media networks overall.

這適用於整個媒體網絡。

These trends are consistent with the trends that we have had in recent quarters, so it is really no change.

這些趨勢與我們最近幾個季度的趨勢一致，因此確實沒有變化。

On advertising, as it relates to ESPN, the ad revenue was down 7% in the quarter.

在與 ESPN 相關的廣告方面，本季度廣告收入下降了 7%。

The biggest driver of that was the shift in the college football playoff games, 3Q into 2Q.

其中最大的驅動因素是大學橄欖球季后賽的轉變，從第 3 季度到第 2 季度。

You also had some ratings decline in SportsCenter and that was in part due to fewer programming hours for SportsCenter.

您在 SportsCenter 的收視率也有所下降，部分原因是 SportsCenter 的節目時間減少了。

Also, and we talked about this last conference call for earnings, was declines in Monday Night Football ratings.

此外，我們談到了上次的收益電話會議，週一晚上的足球收視率下降。

But when you look at 2Q pacings, they are up, even when you adjust for the college football playoffs, which did have the most significant impact in 1Q.

但是，當您查看 2Q 節奏時，即使您針對大學橄欖球季后賽進行了調整，它們也會上升，這確實對 1Q 產生了最顯著的影響。

Todd Juenger, Sanford Bernstein.

托德·朱恩格，桑福德·伯恩斯坦。

I'll try to keep it to one for Bob, and one Christine.

我會盡量保持一個給 Bob，一個給 Christine。

Bob, I'd love your current thoughts on the business of kids television.

鮑勃，我很想知道你目前對兒童電視業務的看法。

I know there's lots of different ways to count audiences.

我知道有很多不同的方法可以計算觀眾人數。

It looks to us like conventionally defined audiences on your linear kids networks are down pretty significantly over multiple years.

在我們看來，您的線性兒童網絡上傳統定義的受眾在多年內大幅下降。

You are not alone in that, it seems to for most kids networks.

在這方面您並不孤單，對於大多數兒童網絡來說似乎都是如此。

I just wonder as you process that, and especially thinking about direct to consumer offerings, what you take from that, in terms of thinking about that business, and how that looks in the future?

我只是想知道，當你處理這個問題時，尤其是考慮直接面向消費者的產品時，你從中得到了什麼，在考慮該業務方面，以及它在未來的樣子？

Christine, a quick one for you, caught our eye, believe it or not, it looked like there is maybe an extra $1 billion of cash contribution from the pension.

不管你信不信，Christine 很快就吸引了我們的眼球，看起來養老金可能額外提供了 10 億美元的現金。

It caused me to think, it was probably worthwhile asking you, in a rising rate environment, a couple of things.

這讓我想到，在利率上升的環境下，問你幾件事可能是值得的。

How that might affect the pension expense that rolls through the parks, and its impact on margins?

這可能會如何影響公園的養老金支出及其對利潤率的影響？

And how it might affect cash contributions?

它會如何影響現金捐助？

And if there is anything else we need to think about that, after seeing that $1 billion number.

在看到 10 億美元的數字後，如果還有什麼我們需要考慮的。

Thanks.

謝謝。

Todd, first question on kids programming, you are right.

托德，關於兒童節目的第一個問題，你是對的。

We have seen a decline ratings-wise in kids viewing overall on linear channels.

我們發現兒童在線性頻道上的整體收視率有所下降。

I don't want to speak for the industry, but I will speak for Disney.

我不想為行業說話，但我會為迪士尼說話。

I think that is a result of a couple of things.

我認為這是幾件事的結果。

One, I will call it a bit of an off cycle in terms of programming, and two, proliferation kids programming in a variety of other places.

第一，就編程而言，我會稱之為有點不合時宜；第二，在其他各種地方進行兒童編程的激增。

To the first part of the answer, we have just debuted a show called Mickey Mouse Roadster Racers, that has done extremely well.

對於答案的第一部分，我們剛剛推出了一個名為 Mickey Mouse Roadster Racers 的節目，效果非常好。

We have a Tangled series that is hitting soon, and a product cycle over the next year to two years, that we felt great about.

我們有一個即將上映的魔發奇緣系列，以及未來一年到兩年的產品週期，我們對此感覺很好。

We think that the ratings are likely to improve with the addition of some new shows that we think creatively are very strong.

我們認為，隨著一些我們認為創造性很強的新節目的加入，收視率可能會提高。

In addition to that, I think we stand a chance of doing really well, no matter what the environment is from a disruption perspective, because of that name Disney, and what it means to the consumer, and I think that will result in a couple of things.

除此之外，我認為我們有機會做得很好，無論從顛覆性的角度來看環境如何，因為迪士尼這個名字，以及它對消費者的意義，我認為這將導致一對夫婦東西的。

Greater demand to license our product, on other direct to consumer platforms, Hulu and Netflix examples of that, and also the possibility of us taking Disney-branded television programming direct to the consumer.

在其他直接面向消費者的平台上，例如 Hulu 和 Netflix 的例子，以及我們將迪士尼品牌的電視節目直接面向消費者的可能性，對我們產品的許可需求越來越大。

That is what we are doing in the UK with DisneyLife.

這就是我們在英國與 DisneyLife 所做的事情。

It is a combination of movies, television programming, and then other Disney properties like digital books and music, for instance.

它是電影、電視節目以及其他迪士尼資產（例如數字書籍和音樂）的組合。

We're still in what I will call an experimental stage, because we have been learning more and more about technology platform, churn rates, pricing, those sorts of things, but we do know that we have a brand and the product behind it to be able to take it direct to consumer.

我們仍處於我稱之為試驗階段的階段，因為我們對技術平台、客戶流失率、定價以及諸如此類的事情了解得越來越多，但我們確實知道我們有一個品牌和它背後的產品能夠直接帶給消費者。

I think as we look at the future of our kids programming, we look at it in all likelihood, as probably a blend of linear channels, some third-party licensing arrangements, and also direct to consumer properties.

我認為，當我們展望兒童節目的未來時，我們很可能會將其視為線性頻道、一些第三方許可安排以及直接面向消費者財產的混合體。

And this is not just for the United States.

這不僅僅適用於美國。

I had an interesting meeting with our country manager in India recently, where we owned a number of channels.

我最近與我們在印度的國家/地區經理進行了一次有趣的會面，我們在那裡擁有許多渠道。

He was talking about the opportunities there from Netflix and Amazon, and discussing the possibility of licensing more to them.

他談到了來自 Netflix 和亞馬遜的機會，並討論了向他們授予更多許可的可能性。

The other thing, by the way, you have to think about, is some of that licensing does not have to be off network.

順便說一句，您必須考慮的另一件事是，某些許可不一定非要在網絡之外。

It can be original programming, as we have done with Netflix and Marvel.

它可以是原創節目，就像我們對 Netflix 和 Marvel 所做的那樣。

The demand for Disney is huge from the consumer perspective, and from a distribution perspective.

從消費者的角度和分銷的角度來看，對迪士尼的需求是巨大的。

And again we're seeing, I think, a world where disruption is definitely on the table and real, but it's not something that we feel is daunting in terms of the task ahead.

我認為，我們又一次看到了一個顛覆肯定擺在桌面上並且真實存在的世界，但就未來的任務而言，這並不是我們認為令人生畏的事情。

Todd, to answer your question on pension.

托德，回答你關於養老金的問題。

As you saw, the first page of our press release on the first table, we showed cash from operations, you saw it down pretty significantly from a year ago, but if you account for that, if you adjust for the $1.3 billion of pension contribution that we made in the quarter, it more than offsets that decline.

正如你所見，我們新聞稿的第一頁在第一張桌子上，我們顯示了來自運營的現金，你看到它比一年前大幅下降，但如果你考慮到這一點，如果你調整 13 億美元的養老金繳款我們在本季度取得的成就足以抵消這一下降。

You mentioned rising rates, and rising rates will definitely benefit our pension going forward.

你提到利率上升，利率上升肯定有利於我們未來的養老金。

In our 10-Q, I believe the 10-Q had explicitly stated that for each 100 basis point increase in the discount rate, our pension liability would decreased by about $2.4 billion.

在我們的 10-Q 中，我相信 10-Q 已經明確指出貼現率每增加 100 個基點，我們的養老金負債將減少約 24 億美元。

That being said, rising rates are certainly going to benefit us.

話雖如此，利率上升肯定會讓我們受益。

As it relates to pension expense for the year, we don't expect to change from what we had talked about in our last conference call, and after this $1.3 billion that we put in, in the first quarter, there shouldn't be any meaningful contributions for the balance of the year.

由於它與今年的養老金支出有關，我們預計不會改變我們在上次電話會議中談到的內容，而且在我們投入的這 13 億美元之後，第一季度應該不會有任何變化為今年剩餘時間做出有意義的貢獻。

Thanks, fantastic.

謝謝，太棒了。

John Janedis, Jefferies.

約翰·簡迪斯，傑富瑞。

Another quick follow-up at the parks.

公園的另一個快速跟進。

I think you have increased ticket prices in February the last couple of years.

我認為你們在過去幾年的 2 月份提高了票價。

You are going to lap the demand-based pricing model in a couple of weeks, and with Pandora opening, is there maybe a near-term opportunity to further increase single or multi-day ticket prices?

您將在幾週內採用基於需求的定價模式，隨著 Pandora 的開放，近期是否有進一步提高單日或多日票價的機會？

Yes.

是的。

Nothing to announce at this point, but we do take ticket pricing up on typically an annual basis, and we do so in a variety of different ways.

目前沒有什麼可宣布的，但我們通常每年都會提高票價，而且我們會以多種不同的方式進行。

Sometimes it is redesign the packages.

有時它是重新設計包。

Remember that in Florida, that most of our attendance is multi-day in nature, so the single day, including when take pricing increases is less important than when we take single-day pricing up in California.

請記住，在佛羅里達州，我們的大部分出勤本質上都是多天的，因此單日，包括何時提價不如我們在加利福尼亞州提價時重要。

We're not prepared to make any specific comments about what is in store in that regard.

我們不准備就這方面的內容髮表任何具體評論。

Thanks, Bob.

謝謝，鮑勃。

Maybe separately, I thought it was interesting that units delivered were up at ESPN and down at ABC.

也許分開來看，我認為有趣的是，交付的單位在 ESPN 上升而在 ABC 下降。

There's clearly been a lot of discussion around inventory across the industry.

顯然，整個行業圍繞庫存進行了大量討論。

So as you look at your strategy this year, is there a flex to add units to ESPN, if some of the programming or ratings are soft?

因此，當您審視您今年的策略時，如果某些節目或收視率不高，是否可以靈活地向 ESPN 添加單位？

And is there a concerted effort to reduce units at ABC?

是否有共同努力減少 ABC 的單位？

I think that on the ABC site, the reason there weren't as many units sold is that they were using units for audience deficiencies or make goods.

我認為在 ABC 網站上，沒有那麼多單位售出的原因是他們使用單位來彌補觀眾不足或製造商品。

I think that in general, there is probably too much commercial interruption in television.

我認為一般來說，電視中的廣告插播可能太多了。

It is a subject that has been discussed both on the ESPN front and on the ABC front, and it is something we will continue to look at.

這是一個在 ESPN 和 ABC 前線都討論過的話題，我們將繼續關注它。

Particularly when you have got entrants in the marketplace that are offering programming that are not commercially interrupted.

特別是當您的市場進入者提供的節目沒有商業中斷時。

Thanks, Bob.

謝謝，鮑勃。

Jason Bazinet, Citi.

傑森·巴齊內特，花旗銀行。

I had one question for Mr. Iger.

我有一個問題要問艾格先生。

As it relates to BAMTech, as a minority holder, you have got baseball that owns a stake, and also the hockey league NHL as a minority holder, as well.

就 BAMTech 而言，作為少數股東，您擁有擁有股份的棒球，以及作為少數股東的冰球聯盟 NHL。

Can you just spend a minute and talk about the strategic implication of having leagues having an equity stake in that entity with you?

您能否花一分鐘時間與您談談讓聯盟持有該實體股權的戰略意義？

I think it is obvious, in the sense that the equity position, particularly the one you cited, the hockey position, came with an agreement to license product to BAMTech.

我認為這是顯而易見的，從某種意義上說，股權地位，尤其是你提到的那個，曲棍球地位，伴隨著一項將產品許可給 BAMTech 的協議。

While I don't necessarily believe that means that the future will result in more owners coming in, although again, I don't want to speak for BAM, that could potentially be on the table.

雖然我不一定相信這意味著未來會有更多的所有者加入，但我不想代表 BAM 發言，這可能會擺在桌面上。

I do want to say though, that our agreement with BAM to take the stake that we took, does give us a path to control.

不過，我確實想說，我們與 BAM 達成的接受我們持有的股份的協議確實為我們提供了控制的途徑。

And where it is premature for us to discuss whether we will exercise that right or not.

我們現在討論是否會行使該權利還為時過早。

But I should say that if we were to exercise that right, when we can, it is still quite possible that there will be minority shareholders, if that is in a way a quid pro quo to having access to their content.

但我應該說，如果我們要行使這項權利，那麼在我們可以的時候，仍然很有可能會有少數股東，如果這是在某種程度上獲得他們的內容的交換條件的話。

Does that make sense?

那有意義嗎？

It does.

確實如此。

Can I just ask a follow-up?

我可以問後續嗎？

It seems like at some level, it fundamentally changes your relationship with the leagues, in that in the past you would buy sports rights and then resell them to the pay TV distributors, and now it seems like your equity incentive some more aligned in a way?

似乎在某種程度上，它從根本上改變了你與聯盟的關係，因為在過去你會購買體育轉播權，然後將其轉售給付費電視分銷商，而現在你的股權激勵似乎在某種程度上更加一致？

Is that fair?

這公平嗎？

I think there is a yes and a no to that.

我認為對此有肯定和否定之分。

I think it will be both.

我認為兩者都會。

We don't see ourselves getting out what I'll call the linear ESPN multi-channel service for a while.

我們暫時看不到自己推出我稱之為線性 ESPN 多頻道服務的內容。

We do see ourselves, as I mentioned, adding through BAMTech a direct to consumer proposition, that will in all likelihood include a lot of sports.

正如我提到的，我們確實看到自己通過 BAMTech 添加了一個直接面向消費者的提議，這很可能包括很多運動。

Sports from some entities that we license content from, for ESPN, baseball is actually one example of that.

我們許可內容的某些實體的體育運動，對於 ESPN，棒球實際上就是其中一個例子。

I do not think it fundamentally changes the relationship.

我認為這不會從根本上改變這種關係。

I think, I guess it is, in a way, creates a different form of partnership, but I don't think that is necessarily a bad thing.

我想，我想這在某種程度上創造了一種不同形式的伙伴關係，但我認為這不一定是壞事。

I think it is a good thing.

我認為這是一件好事。

Thank you very much.

非常感謝。

David Miller, Loop Capital Markets.

戴維·米勒，Loop Capital Markets。

Bob, just another quick question on the ESPN direct to consumer offering, using the BAMTech technology.

鮑勃，這是另一個關於 ESPN 直接面向消費者的問題，使用 BAMTech 技術。

I would assume that you will probably have this out by maybe July or August or so, so any kind of hint on timing would be great.

我假設你可能會在 7 月或 8 月左右完成這個，所以任何關於時間的暗示都會很好。

And then how do you see pricing this?

然後你如何看待這個定價？

Do you see pricing it like CBS All Access, and doing what they have done, or do you see perhaps pricing it lower than that, and taking a Starbucks point of view of pricing it low, and then getting people hooked into it, and then raising the price later?

你是否看到它像 CBS All Access 那樣定價，並做他們已經做過的事情，或者你看到它的定價可能低於它，並從星巴克的角度來看，將其定價低，然後讓人們迷上它，然後以後漲價？

Any thought on pricing would be helpful.

任何關於定價的想法都會有所幫助。

Thanks so much.

非常感謝。

First of all, I am hooked on Starbucks by the way, so maybe I guess I have fallen prey to that strategy.

首先，順便說一句，我迷上了星巴克，所以我想我可能已經成為這種策略的犧牲品。

I just can't comment about pricing.

我只是不能評論定價。

It has been discussed with BAM, but I really can't comment about that, nor can I comment about the specifics of, in terms of the time of launch, except to say that the goal is to launch the platform sometime in 2017.

已經與 BAM 討論過，但我真的不能對此發表評論，也不能評論具體的發佈時間，只能說目標是在 2017 年的某個時候發布該平台。

Okay, and then, Christine, if I could sneak one in, I apologize, my audio faded out.

好吧，然後，克里斯汀，如果我能偷偷進來，我道歉，我的音頻消失了。

Did you happen to say in your prepared remarks where ABC scatter stands at this time in terms of scatter spreads relative to up front?

您是否碰巧在您準備好的評論中說，此時 ABC 散點相對於前期的散點分佈而言是什麼？

Thanks a lot.

非常感謝。

Quarter-to-date scatter pricing is over 25% above upfront.

本季度至今的分散定價比前期高出 25% 以上。

Wonderful.

精彩的。

Thank you so much.

太感謝了。

Operator, we have time for one more question.

接線員，我們還有時間再問一個問題。

Bryan Kraft, Deutsche Bank.

布賴恩卡夫，德意志銀行。

Had a question on the parks.

有一個關於公園的問題。

I think Christine, you said that attendance was down 1% excluding the one-timers and the timing factors.

我想克莉絲汀，你說不包括一次性和時間因素，出席率下降了 1%。

I just want to ask, is this, would you say weaker demand, or is there something else at play here?

我只想問，這是需求疲軟，還是有其他因素在起作用？

And as we think about the normal attendance levels going forward, should we think about those as being flattish, except for, of course, the timing of holiday periods?

當我們考慮未來的正常出勤率時，我們是否應該認為這些水平持平，當然，假期的時間除外？

I also wanted to ask about use of cash.

我還想問一下現金的使用。

Under operating activities there was a large use of cash in accounts payables and other liabilities.

在經營活動中，應付賬款和其他負債中大量使用現金。

I just wanted to see if you could help us understand what was driving that?

我只是想看看您是否可以幫助我們了解是什麼驅動了它？

I didn't know if that was partly the pension contribution.

我不知道那是不是養老金的一部分。

Thank you.

謝謝你。

On the parks, as you noted, we did have a lot of comparability factors, and once again, there is a lapping of Hurricane Matthew and also the impact of the shift in the holiday period.

正如您所指出的，在公園方面，我們確實有很多可比性因素，而且還有馬修颶風的侵襲以及假期期間轉變的影響。

We also, as was noted previously on the call, we did introduce seasonal pricing a year ago, and we are seeing some shift in some of our demand, to try to smooth attendance over those peak demand periods, so I don't think you should read too much into the attendance.

正如之前在電話會議上指出的那樣，我們也確實在一年前引入了季節性定價，我們看到我們的一些需求發生了一些變化，試圖在那些需求高峰期平穩出勤率，所以我不認為你應該過多地了解出勤率。

Over the same period that you are noting, we have also seen strong increases in per capita spending.

在您提到的同一時期，我們還看到人均支出強勁增長。

It was up 7% in the quarter which we gave you, and so that has more than offset the impact of the attendance decline.

我們給你的那個季度增長了 7%，這足以抵消出勤率下降的影響。

We also have some new offerings, as Bob mentioned, Avatar, there's also Guardians of the Galaxy coming this summer at Disneyland Resort in Anaheim.

我們也有一些新產品，正如鮑勃提到的，阿凡達，今年夏天在阿納海姆的迪斯尼樂園度假區還有銀河護衛隊。

We think these new offerings are going to stimulate future demand, and I do not think you should read too much into this one quarter.

我們認為這些新產品將刺激未來的需求，我認為您不應該對這一季度進行過多解讀。

On the change in payables, that decline is related to the pension plan contribution of $1.3 billion.

關於應付賬款的變化，下降與 13 億美元的養老金計劃供款有關。

Okay, great.

好，太棒了。

Thank you.

謝謝你。

Thank you Bryan, and thanks again everyone for joining us today.

謝謝 Bryan，再次感謝大家今天加入我們。

Note that a reconciliation of non-GAAP measures that were referred to on this call to equivalent GAAP measures can be found on our investor relations website.

請注意，可以在我們的投資者關係網站上找到本次電話會議中提到的非 GAAP 措施與等效 GAAP 措施的對賬。

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

我還要提醒您，根據證券法，本次電話會議的某些陳述可能構成前瞻性陳述。

We make these statements on the basis of our views and assumptions regarding future events and business performance at the time we make them, and we do not undertake any obligation to update these statements.

我們根據我們對未來事件和業務績效的看法和假設做出這些陳述，我們不承擔更新這些陳述的任何義務。

Forward-looking statements are subject to a number of risks and uncertainties, and actual results may differ materially from the results expressed or implied in light of a variety of factors, including factors contained in our annual report on Form 10-K, and our other filings with the Securities and Exchange Commission.

前瞻性陳述受多種風險和不確定因素的影響，實際結果可能與明示或暗示的結果存在重大差異，原因多種多樣，包括我們 10-K 表格年度報告中包含的因素，以及我們的其他因素向證券交易委員會備案。

This concludes today's call.

今天的電話會議到此結束。

Have a good afternoon, everyone.

大家下午好。

Thank you, ladies and gentlemen.

謝謝你們，女士們，先生們。

This concludes this call.

本次通話到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。