華納兄弟探索 (WBD) 2011 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the third quarter 2011 Discovery Communication, Inc.

女士們先生們，美好的一天，歡迎來到 Discovery Communication, Inc. 2011 年第三季度。

earnings conference call.

收益電話會議。

My name is Brian and I will be your operator for today's event.

我叫布賴恩，我將擔任今天活動的接線員。

At this time, all participant lines are muted and in listen-only mode.

此時，所有與會者線路都靜音並處於只聽模式。

However, we will be facilitating a question-and-answer session at the end of today's call and instructions will be provided at that time.

但是，我們將在今天的電話會議結束時安排問答環節，屆時將提供說明。

As a reminder, this call is being recorded for replay purposes.

提醒一下，此通話正在錄音以供重播。

I would like to now turn the call over to Mr.

我現在想把電話轉給先生。

Craig Felenstein, Senior Vice President - Investor Relations.

Craig Felenstein，投資者關係高級副總裁。

Please proceed, sir.

請繼續，先生。

Thank you, Brian.

謝謝你，布萊恩。

Good afternoon, everyone and welcome to Discovery Communication's third-quarter 2011 earnings call.

大家下午好，歡迎來到 Discovery Communication 的 2011 年第三季度財報電話會議。

Joining me today is -- David Zaslav, our President and Chief Executive Officer; Peter Liguori, our Chief Operating Officer; and Brad Singer, our Chief Financial Officer.

今天加入我的是——我們的總裁兼首席執行官 David Zaslav；我們的首席運營官 Peter Liguori；和我們的首席財務官 Brad Singer。

Hopefully you have all received our earnings release, but if not, feel free to access it on our website at www.DiscoveryCommunications.com.

希望你們都收到了我們的收益發布，但如果沒有，請隨時訪問我們的網站 www.DiscoveryCommunications.com。

On today's call, we will begin with some opening comments from David and Brad, after which we will open the call up for your questions.

在今天的電話會議上，我們將從 David 和 Brad 的一些開場白開始，然後我們將開始徵集大家的問題。

We urge you to please keep to 1 or 2 questions so we can accommodate as many folks as possible.

我們強烈建議您只提出 1 或 2 個問題，以便我們可以容納盡可能多的人。

Before we start, I would like to remind you that comments today regarding the Company's future business plans, prospects and financial performance are forward-looking statements that we make pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995.

在我們開始之前，我想提醒您，今天關於公司未來業務計劃、前景和財務業績的評論是我們根據 1995 年私人證券訴訟改革法案的安全港條款做出的前瞻性陳述。

These statements are made based on management's current knowledge and assumptions about future events and they involve risks and uncertainties that could cause actual results to differ materially from our expectations.

這些陳述是根據管理層對未來事件的當前知識和假設做出的，它們涉及可能導致實際結果與我們的預期存在重大差異的風險和不確定性。

In providing projections and other forward-looking statements, the Company disclaims any intent or obligation to update them.

在提供預測和其他前瞻性陳述時，公司不承擔更新它們的任何意圖或義務。

For additional information on important factors that could affect these expectations, please see our Form 10-K for the year ended December 31, 2010 and our subsequent filings made with the US Securities and Exchange Commission.

有關可能影響這些預期的重要因素的更多信息，請參閱我們截至 2010 年 12 月 31 日止年度的 10-K 表格以及我們隨後向美國證券交易委員會提交的文件。

With that, I'll turn it over to David.

有了這個，我會把它交給大衛。

Thanks, Craig.

謝謝，克雷格。

Good afternoon, everyone, and thanks for joining us.

大家下午好，感謝您加入我們。

Discovery's sustained financial momentum continued during the third quarter, as the power of our brands and the value of our content to viewers, distributors and advertisers, translated into double-digit revenue and adjusted OIBDA growth.

Discovery 的持續財務勢頭在第三季度繼續保持，因為我們品牌的力量和我們的內容對觀眾、分銷商和廣告商的價值轉化為兩位數的收入和調整後的 OIBDA 增長。

I discussed last quarter how Discovery's focused investment in content remains a strategic imperative.

我在上個季度討論了 Discovery 對內容的重點投資如何仍然是一項戰略要務。

The financial results we delivered this quarter demonstrate how strengthening our existing brands and building new genres creates value and drives organic growth.

我們本季度公佈的財務業績表明，加強現有品牌和打造新品類是如何創造價值並推動有機增長的。

Domestically, the appeal of our programming allowed us to continue to take advantage of the sustained strength in the ad market and begin to meaningfully leverage our 25-year programming library across emerging distribution platforms.

在國內，我們節目的吸引力使我們能夠繼續利用廣告市場的持續優勢，並開始在新興分發平台上有意義地利用我們 25 年的節目庫。

Internationally, our diverse content offerings and the unparalleled breadth and depth of our global distribution platform enabled us to capitalize on the continued rapid penetration of pay TV around the world, while also leveraging the strong ad environment.

在國際上，我們多樣化的內容產品和我們全球分銷平台無與倫比的廣度和深度使我們能夠利用付費電視在全球的持續快速滲透，同時也利用強大的廣告環境。

Demand for high quality programming has never been higher, with more platforms than ever before looking to distribute both current and library programming to consumers across multiple delivery mechanisms.

對高質量節目的需求從未如此高漲，越來越多的平台希望通過多種交付機制向消費者分發當前節目和圖書館節目。

There has never been a better time to be in the content business.

現在是從事內容業務的最佳時機。

People are watching more TV over multiple platforms and because we own almost all of our programming, Discovery is particularly well positioned to take advantage of these opportunities.

人們通過多個平台觀看更多電視節目，而且由於我們擁有幾乎所有的節目，Discovery 尤其有能力利用這些機會。

Our recently announced deal with NetFlix is a good example of this.

我們最近宣布的與 Netflix 的交易就是一個很好的例子。

We were able to generate significant value from library content, mostly 18-months plus old, while retaining flexibility with regards to our other distributors.

我們能夠從圖書館內容（大部分是 18 個月以上的內容）中獲得巨大價值，同時保持與其他分銷商相關的靈活性。

A significant portion of the revenues were recognized in the current quarter.

本季度確認了很大一部分收入。

But revenues from this transaction will continue to enhance our affiliate growth rates over the 2-year deal, as we deliver additional content and for an additional year if we exercise our option to extend.

但這項交易的收入將在 2 年的交易中繼續提高我們的附屬公司增長率，因為我們提供更多內容，如果我們行使我們的選擇權延長一年。

We have said all along that Discovery is platform agnostic with regards to distributing our content.

我們一直說 Discovery 在分發我們的內容方面與平台無關。

We will continue to explore additional opportunities where we could find good economics, flexibility in windowing our programming, and a strong brand environment where the trust and loyalty we have established with our audience across our portfolio can be recognized by the consumer.

我們將繼續探索更多的機會，在這些機會中我們可以找到良好的經濟效益、靈活的節目窗口，以及強大的品牌環境，讓我們在我們的產品組合中與觀眾建立的信任和忠誠度可以得到消費者的認可。

At the same time, we will be careful to protect the value that our content provides to our existing affiliate partners and will work with them to deliver high quality programming to an evolving customer base.

與此同時，我們將謹慎保護我們的內容為現有附屬合作夥伴提供的價值，並將與他們合作，為不斷發展的客戶群提供高質量的節目。

The bottom line is that we invest well over $800 million annually in content across our consolidated portfolio.

最重要的是，我們每年在綜合投資組合的內容上投資超過 8 億美元。

To that end, any relationship that revolves around our programming needs to ensure that we are receiving an appropriate return on that investment.

為此，任何圍繞我們的計劃展開的關係都需要確保我們從該投資中獲得適當的回報。

Our investment in content is not just paying off from leveraging new platforms and providers, but it is also facilitating growth from traditional revenue streams.

我們對內容的投資不僅從利用新平台和提供商中獲得回報，而且還促進了傳統收入流的增長。

As we discussed previously, Discovery is continually focused on strengthening our existing channels and building new brands.

正如我們之前所討論的，Discovery 一直專注於加強我們現有的渠道和打造新品牌。

The result is a diverse portfolio of networks that is enabling us to capitalize on the current strong global ad environment.

結果是多樣化的網絡組合使我們能夠利用當前強大的全球廣告環境。

There is no better example of this than ID, where our investment in content is directly translating into strong advertising gains.

沒有比 ID 更好的例子了，我們對內容的投資直接轉化為強勁的廣告收益。

ID was the biggest driver of our ad growth in this quarter, as viewership was up 50%, led by - Who the Bleep Did I Marry; Nightmare Next Door; and I Married a Mobster.

ID 是本季度我們廣告增長的最大推動力，因為收視率增長了 50%，主要是 - Who the Bleep Did I Marry；隔壁的噩夢；我嫁給了一個流氓。

ID remains the fastest growing cable network in America.

ID 仍然是美國增長最快的有線網絡。

It is the Number 1 network in terms of length of tune among adults 25 to 54, and for the year, it is a Top 10 rated network, a Top 10 rated network for women in America in total day.

就 25 至 54 歲成年人的曲調長度而言，它是排名第一的網絡，並且在這一年中，它是收視率前 10 名的網絡，全天美國女性收視率前 10 名的網絡。

We have more than doubled our investment in ID over the last 2 years, which has translated into a nearly 4-fold increase in ad dollars.

在過去的 2 年裡，我們在 ID 方面的投資增加了一倍多，這轉化為廣告收入增長了近 4 倍。

And ID still has a ton of room to grow as its CPM is not yet close to commensurate with the audience it is generating.

而且 ID 仍有很大的增長空間，因為它的每千次展示費用 (CPM) 尚未與其產生的受眾相稱。

At our flagship network, Discovery Channel, ratings this past quarter were led by Deadliest Catch, and the return of Sons of Guns whose second season delivered 35% viewership growth over season 1.

在我們的旗艦網絡探索頻道，上個季度的收視率最高的是 Deadliest Catch 和《槍之子》的回歸，其第二季的收視率比第一季增長了 35%。

While Catch was down year on year due to the record ratings it generated a year ago in its sixth season when Captain Phil passed away, it remains the Number 1 show for men on cable on Tuesday nights.

雖然 Catch 由於一年前菲爾船長去世後第六季創下收視紀錄而同比下降，但它仍然是周二晚上有線電視男性節目的第一名。

The fourth quarter has gotten off to a great start, with October viewership up 11%, and just this past Friday night, we brought back 2 big hits from a year ago, Gold Rush, and Flying Wild Alaska.

第四季開了個好頭，10 月份的收視率增長了 11%，就在上週五晚上，我們帶回了一年前的 2 部大熱門節目，淘金熱和狂野阿拉斯加。

And the results were excellent, despite going up against Game 7 of the World Series, with the premier of Gold Rush up 60% versus the premier a year ago.

結果非常好，儘管與世界系列賽第 7 場比賽進行了比賽，淘金熱的總理比一年前的總理上漲了 60%。

TLC grew primetime viewership 2% this quarter in its key women 25 to 54 demo, led by returning series Sister Wives, up 40% from last season, and What Not To Wear while continuing to own Friday nights where we are the Number 1 network for women with wedding programming, including Say Yes To the Dress, and Four Weddings.

本季度 TLC 在其 25 至 54 歲的主要女性演示中的黃金時段收視率增長了 2%，由回歸系列《妻子的姐姐》領銜，比上一季增長了 40%，同時繼續擁有周五晚上我們是第一網絡的參加婚禮節目的女性，包括對禮服說“是”和“四場婚禮”。

TLC's momentum has continued after the quarter, with October viewership up 6% in women, giving us some ratings momentum heading into the end of the year.

TLC 的勢頭在本季度後繼續保持，10 月份的女性收視率增長了 6%，這為我們在年底前提供了一些收視率動力。

Overall, our sustained investment in content has resulted in a domestic portfolio that is broader and deeper than it has ever been.

總的來說，我們對內容的持續投資使國內產品組合比以往任何時候都更廣泛、更深入。

The size and quality of the audiences we are delivering enable the Company to generate another quarter of double-digit ad growth, despite the 16% increase we delivered a year ago.

儘管我們一年前實現了 16% 的增長，但我們所提供的受眾規模和質量使公司能夠實現又一個四分之一的兩位數廣告增長。

I know many of you are concerned about the ad market going forward, and while it is still too early to comment on 2012, we have not seen any meaningful cancellations on options for next year, and current scatter demand and pricing for the fourth quarter remains strong.

我知道你們中的許多人都擔心未來的廣告市場，雖然現在對 2012 年發表評論還為時過早，但我們還沒有看到任何有意義的明年選項取消，目前分散的需求和第四季度的定價仍然存在強的。

The other area domestically where we are investing in content to build audiences and fill a creative white space is our joint ventures, OWN, The Hub and 3net.

我們在國內投資內容以建立受眾和填補創意空白的另一個領域是我們的合資企業 OWN、The Hub 和 3net。

In regards to OWN, Oprah is now the full-time CEO and along with her creative leadership team, we are working hard in developing content that will appeal to her target audiences.

關於 OWN，奧普拉現在是全職 CEO，與她的創意領導團隊一起，我們正在努力開發能夠吸引她的目標受眾的內容。

We're very pleased with the recent launches of The Rosie Show, Sweetie Pie's, and Oprah's Lifeclass, as well as a strong return of Lisa Ling's Our America.

我們對最近推出的 The Rosie Show、Sweetie Pie's 和 Oprah's Lifeclass 以及 Lisa Ling 的《我們的美國》強勢回歸感到非常高興。

Oprah is really starting to nurture her audience and we are building some meaningful audience growth and flow throughout the schedule.

奧普拉真的開始培養她的觀眾，我們正在建立一些有意義的觀眾增長和整個時間表的流動。

Oprah is on the air 5 nights a week at 8 o'clock with fresh content, and this past Friday, Oprah was on for 2 hours for a live event that was both on the network and Facebook and Oprah.com.

奧普拉每週 5 晚 8 點播出新鮮內容，上週五，奧普拉在網絡以及 Facebook 和 Oprah.com 上進行了 2 小時的現場直播。

She did it the Friday before as well, and she'll be doing it for the next few Fridays.

她之前的星期五也這樣做了，接下來的幾個星期五她也會這樣做。

Viewership of our new shows are up significantly from the network's previous levels, and the audience is starting to return regularly, building some nice momentum heading into 2012, when Oprah's next chapter launches in prime, along with a lot of new original series.

我們新節目的收視率比網絡以前的水平顯著上升，觀眾開始定期返回，在進入 2012 年時形成良好的勢頭，屆時奧普拉的下一章將在黃金時段推出，同時還會推出許多新的原創系列。

The Hub also has some nice momentum, delivering its best quarterly total day performance ever during the third quarter, among all key demographics, including 24% ratings growth from the third quarter a year ago among kids 2 to 11.

The Hub 也有一些不錯的勢頭，在所有關鍵人口統計數據中，第三季度實現了有史以來最好的季度總日表現，包括 2 至 11 歲兒童的收視率比去年第三季度增長了 24%。

And at 3net, we have worked with our partners at Sony and IMAX to develop the world's largest library of original 3D content.

在 3net，我們與 Sony 和 IMAX 的合作夥伴合作開發了世界上最大的原始 3D 內容庫。

And we're seeing positive growth signs for 3D television sales heading into the holiday season.

我們看到進入假日季節的 3D 電視銷售出現積極增長跡象。

Our early mover advantage in this emerging space should pay dividends, as consumer demand for in-home 3D experiences increase.

隨著消費者對家庭 3D 體驗需求的增加，我們在這個新興領域的先發優勢應該會帶來回報。

The momentum we are generating from our sustained investment in content is not limited to just our domestic channels.

我們從對內容的持續投資中產生的動力不僅限於我們的國內渠道。

As I mentioned earlier, Discovery's diverse content offerings internationally and the distribution we have built encompassing more than 210 countries and territories is delivering real growth today.

正如我之前提到的，Discovery 在全球範圍內提供的多樣化內容以及我們在 210 多個國家和地區建立的發行版如今正在實現真正的增長。

Our subscriber base internationally expanded by over 10% this past quarter, and that translated into double-digit affiliate revenue growth in local currency terms.

上個季度，我們的國際用戶群擴大了 10% 以上，這轉化為以當地貨幣計算的兩位數附屬收入增長。

We're seeing our fastest growth in Latin America, led by Brazil and Mexico, but there are other great examples of historically underpenetrated markets, delivering real growth across the globe in places like Hungary and Russia, and in Central and Eastern Europe, and in India, in Asia-Pacific.

我們看到我們在拉丁美洲增長最快，以巴西和墨西哥為首，但還有其他歷史上滲透率低的市場的很好例子，在匈牙利和俄羅斯等地以及中歐和東歐等地在全球範圍內實現了真正的增長，在印度，在亞太地區。

With our addressable audience expanding quickly, we remain focused on ramping up viewership and taking share by building out the content offering we're providing to this expanding subscriber base.

隨著我們的可尋址受眾迅速擴大，我們仍然專注於通過構建我們為這個不斷擴大的訂閱者群提供的內容來提高收視率和份額。

We are continually looking for ways to further bolster our programming, whether from internal development in partnership with our domestic networks and at our international production group, from sourcing and sharing programming among our international regions, from investing in local productions, and from acquiring content through third party distributors.

我們一直在尋找進一步加強我們節目製作的方法，無論是通過與我們的國內網絡和我們的國際製作團隊合作進行內部開發，在我們的國際區域之間採購和共享節目，投資於本地製作，還是通過通過第三方經銷商。

And this applies not only to our existing networks, but also for our new networks and brands that we are launching to capitalize on our market position and platform strength.

這不僅適用於我們現有的網絡，也適用於我們為利用我們的市場地位和平台實力而推出的新網絡和品牌。

We have talked previously about how we wanted to build TLC into the most widely distributed female network in the world and replicate our domestic strategy of delivering diversity to our affiliates and advertisers, by offering a strong female flagship to complement Discovery Channel.

我們之前已經討論過我們希望如何將 TLC 打造成世界上分佈最廣的女性網絡，並通過提供強大的女性旗艦來補充探索頻道，複製我們為附屬公司和廣告商提供多樣性的國內戰略。

Last year, we set a goal of 100 million homes by the end of 2011.

去年，我們制定了到 2011 年底擁有 1 億戶家庭的目標。

With recent launches across 46 countries in Africa and the debut across 38 countries in Latin America as well as in Finland today, we are pleased to have surpassed that mark well ahead of schedule.

隨著最近在非洲 46 個國家的推出以及今天在拉丁美洲 38 個國家和芬蘭的首次亮相，我們很高興提前超過了這一目標。

We are now in 171 countries and well over 100 million homes.

我們現在遍布 171 個國家和超過 1 億個家庭。

We were always confident about our distribution goals, considering the platform we have at our fingertips.

考慮到我們觸手可及的平台，我們始終對我們的分銷目標充滿信心。

But what has been equally as promising is that the programming is genuinely resonating with audiences around the globe.

但同樣令人鼓舞的是，節目真正引起了全球觀眾的共鳴。

After less than a year, we are the Number 1 female cable network in Poland, and we're the Number 8 network in all of Italy, which helped us generate big growth in Italy this quarter, even though the market only grew marginally.

不到一年後，我們成為波蘭排名第一的女性有線網絡，成為整個意大利排名第八的網絡，這幫助我們本季度在意大利實現了大幅增長，儘管市場僅略有增長。

TLC is not the only content asset we are aggressively building.

TLC 並不是我們正在積極構建的唯一內容資產。

In fact, over the last year alone, we have added more than 18 feeds across the globe.

事實上，僅去年一年，我們就在全球範圍內添加了超過 18 個訂閱源。

Our new initiatives have already created significant value, contributing approximately one-third of our ad growth internationally, and we will continue to be opportunistic in taking advantage of the unmatched platform we have assembled.

我們的新舉措已經創造了巨大的價值，為我們的國際廣告增長貢獻了大約三分之一，我們將繼續抓住機會，利用我們組裝的無與倫比的平台。

The combination of these more robust programming offerings, with the growing pay TV platforms globally, is resulting in substantial viewership gains, and sustained double-digit advertising growth.

這些更強大的節目產品與全球不斷增長的付費電視平台相結合，正在帶來可觀的收視率增長和持續的兩位數廣告增長。

Like the US, it is still too early to predict what happens in 2012 because of the macro environment.

與美國一樣，由於宏觀環境的原因，現在預測 2012 年會發生什麼還為時過早。

But short-term trends remain strong, and we expect to deliver further growth in the fourth quarter.

但短期趨勢依然強勁，我們預計第四季度將實現進一步增長。

Investing in Discovery's diverse set of businesses to capitalize on the organic growth potential inherent in our platform remains a strategic priority.

投資 Discovery 的多元化業務以利用我們平台固有的有機增長潛力仍然是戰略重點。

And we are thoughtfully allocating our resources among these various opportunities.

我們正在仔細地在這些不同的機會中分配我們的資源。

However, with a strong balance sheet and free cash flow of over $1 billion, we are also returning capital to shareholders.

然而，憑藉強勁的資產負債表和超過 10 億美元的自由現金流，我們也在向股東返還資本。

Since last November, we have returned over $1.4 billion in capital, including over $350 million this past quarter alone.

自去年 11 月以來，我們已返還超過 14 億美元的資本，其中僅上個季度就超過 3.5 億美元。

With over $1 billion still available under our buyback program, we will continue to return capital to shareholders aggressively, if we determine it is the best use of our balance sheet.

根據我們的回購計劃，仍有超過 10 億美元可用，如果我們確定這是對我們資產負債表的最佳利用，我們將繼續積極向股東返還資本。

Discovery's sustained financial momentum throughout the first 3 quarters of 2011 speaks to the power of our brands, the enormity of our distribution platform, and the strength of the operating environment.

Discovery 在 2011 年前 3 季度的持續財務勢頭說明了我們品牌的力量、我們分銷平台的龐大性和運營環境的實力。

Our investment in further building out our brands and platforms around the globe puts us in a great position to take advantage of additional market share and deliver further value and sustainable growth to our shareholders.

我們投資於在全球範圍內進一步建設我們的品牌和平台，這使我們處於有利地位，可以利用更多的市場份額並為我們的股東帶來更多價值和可持續增長。

And with that, I will now turn the call over to Brad.

有了這個，我現在將把電話轉給布拉德。

Thanks, David.

謝謝，大衛。

Discovery continued to deliver robust revenue and adjusted OIBDA growth in the third quarter.

Discovery 在第三季度繼續提供強勁的收入和調整後的 OIBDA 增長。

As a favorable operating environment enabled us to enjoy double-digit global ad growth and strong international subscriber gains, while the strength of our content enabled us to enhance our domestic distribution revenues through an expanded digital licensing agreement.

由於有利的運營環境使我們能夠享受兩位數的全球廣告增長和強勁的國際用戶增長，而我們內容的實力使我們能夠通過擴大的數字許可協議增加我們的國內發行收入。

Total revenues increased 18% compared to the prior year, led equally by 19% revenue growth from each of our domestic and international operations.

與上一年相比，總收入增長了 18%，這同樣得益於我們國內和國際業務 19% 的收入增長。

Please note that the current quarter includes $77 million in revenues from our expanded licensing agreement with NetFlix and the prior year includes $19 million in revenues from the Discovery Health Network.

請注意，本季度包括我們與 Netflix 擴大許可協議的 7700 萬美元收入，上一年包括來自 Discovery Health Network 的 1900 萬美元收入。

Pro forma for the Discovery Health Network and excluding the incremental licensing revenues and currency fluctuations, our Company revenue growth was 10%.

Discovery Health Network 的備考，不包括增量許可收入和貨幣波動，我們公司的收入增長率為 10%。

Excluding currency fluctuations, our total operating expenses in the quarter increased 17% compared to the prior year, primarily due to $24 million of higher content impairment charges related to our US networks and $11 million of additional expense related to the expanded licensing agreement.

排除貨幣波動，我們本季度的總運營費用比上年同期增長 17%，這主要是由於與我們的美國網絡相關的 2400 萬美元內容減損費用增加以及與擴展許可協議相關的 1100 萬美元額外費用。

The increase also reflects the higher content amortization that we have highlighted previously, as well as the timing of marketing.

這一增長還反映了我們之前強調的更高的內容攤銷，以及營銷的時機。

As a result of our ability to generate strong global revenue growth, we increased our adjusted OIBDA 15% to $479 million compared to the prior year.

由於我們有能力產生強勁的全球收入增長，與上一年相比，我們將調整後的 OIBDA 增加了 15% 至 4.79 億美元。

Excluding the impact of foreign currency and the deconsolidation of Discovery Health, adjusted OIBDA increased 17%.

排除外彙的影響和 Discovery Health 的拆分，調整後的 OIBDA 增長了 17%。

Net income from continuing operations increased 48% to $238 million, reflecting the improved operating performance and incremental licensing revenue, offset by higher content impairment and amortization, as well as increased tax expense.

來自持續經營業務的淨收入增長 48% 至 2.38 億美元，反映了經營業績的改善和許可收入的增加，但被較高的內容減值和攤銷以及增加的稅費所抵消。

Our earnings per share increased 59%, faster than the pace of growth of our earnings due to the 7% reduction of our outstanding shares compared to the prior year from our share repurchase program.

我們的每股收益增長了 59%，快於我們的收益增長速度，這是由於我們的股票回購計劃使我們的流通股與上一年相比減少了 7%。

Our free cash flow decreased to $314 million in the third quarter compared to the prior year, due to the improvement in our operating performance being more than offset by the timing of certain working capital expenditures.

與去年同期相比，我們的自由現金流在第三季度減少至 3.14 億美元，這是由於我們經營業績的改善被某些營運資本支出的時間所抵消。

Please note the content licensing revenues recognized did not impact free cash flow in the third quarter.

請注意，確認的內容許可收入並未影響第三季度的自由現金流。

The payments from the licensing arrangement revenue recognized and to be recognized in the future will be received quarterly over the next 2 years.

已確認和未來將確認的許可安排收入付款將在未來 2 年內每季度收到一次。

Year to date, our free cash flow has increased over 70% to $718 million compared to 2010.

年初至今，與 2010 年相比，我們的自由現金流增長了 70% 以上，達到 7.18 億美元。

Turning to the operating units, our US operations delivered substantial revenue growth with revenues up 19% led by the 33% increase in our distribution revenue, primarily due to the incremental licensing revenues from our 2-year agreement.

談到運營部門，我們的美國業務實現了可觀的收入增長，收入增長了 19%，其中分銷收入增長了 33%，這主要是由於我們 2 年協議的許可收入增加。

A significant portion of the contract revenues are recognized at the front end of the contract corresponding with the delivery of content to our distribution partner.

合同收入的很大一部分是在與向我們的分銷合作夥伴交付內容相對應的合同前端確認的。

We anticipate recognizing the remaining revenues over the duration of the contract, as we continue to deliver content and expect that the agreement will add 200 basis points to 300 basis points of incremental growth to our domestic affiliate revenues prospectively.

我們預計將在合同期限內確認剩餘收入，因為我們將繼續提供內容，並預計該協議將使我們國內附屬公司收入的增量增長增加 200 個基點至 300 個基點。

Our revenue expectations do not include the optional third year of the contract.

我們的收入預期不包括可選的第三年合同。

Including the impact of the license agreement and Discovery Health, distribution revenue growth -- excluding, I'm sorry, the impact of the license agreement and Discovery Health -- distribution revenue growth was 5% and ad revenue growth over 11% compared to the prior year.

包括許可協議和 Discovery Health 的影響，分銷收入增長——抱歉，不包括許可協議和 Discovery Health 的影響——分銷收入增長 5%，廣告收入增長超過 11%去年。

The substantial ad growth was led by the strong performance of Investigation Discovery, as well as the sustained favorable pricing and demand environment.

廣告的大幅增長得益於 Investigation Discovery 的強勁表現，以及持續有利的定價和需求環境。

The attractive current market conditions continue to exist in 2011, and we anticipate our fourth quarter domestic ad sales performance to accelerate from the third quarter levels to a mid-teens increase pro forma for the impact of Discovery Health compared to the prior year.

具有吸引力的當前市場條件在 2011 年繼續存在，我們預計我們第四季度的國內廣告銷售業績將從第三季度的水平加速到與上一年相比 Discovery Health 影響的中等增長。

Our domestic operating expenses were up 33% from the prior year, with a significant portion of the increase due to the expected higher content amortization that we highlighted previously.

我們的國內運營費用比上一年增長了 33%，其中很大一部分增長是由於我們之前強調的預期更高的內容攤銷。

In addition, our cost of revenues increased $24 million from the higher content impairment charges, and $11 million related to our expanded licensing agreements.

此外，我們的收入成本因更高的內容減損費用而增加了 2400 萬美元，以及與我們擴大的許可協議相關的 1100 萬美元。

On a reported basis, domestic adjusted OIBDA increased 9% versus a year ago.

根據報告，國內調整後的 OIBDA 與一年前相比增長了 9%。

Excluding the impact of Discovery Health, the incremental content impairment charges and the expanded licensing revenue, adjusted OIBDA was flat with the prior year, which was consistent with our guidance on the last earnings call.

排除 Discovery Health 的影響、增量內容減值費用和擴大的許可收入，調整後的 OIBDA 與上一年持平，這與我們在上次財報電話會議上的指引一致。

We anticipate the resumption of double-digit domestic adjusted OIBDA in the fourth quarter.

我們預計第四季度國內調整後的 OIBDA 將恢復兩位數。

Turning to our international operations, our third quarter revenues grew 19%, driven by 20% advertising, and 20% affiliate growth.

談到我們的國際業務，我們第三季度的收入增長了 19%，這主要得益於 20% 的廣告收入和 20% 的聯盟增長。

Excluding the impact of favorable exchange rates, revenues increased 12%, led by a 16% increase in advertising, and complemented by a 13% increase in distribution compared to 2010.

排除有利匯率的影響，與 2010 年相比，收入增長 12%，廣告增長 16%，分銷增長 13%。

We enjoyed double-digit ad growth across all of our regions, with particular strength in Asia and Western Europe.

我們在所有地區都實現了兩位數的廣告增長，尤其是在亞洲和西歐。

Our strong advertising growth in Western and Eastern Europe was driven by the success of TLC and Real Time in markets such as Norway, the Netherlands, Italy, and Poland.

TLC 和 Real Time 在挪威、荷蘭、意大利和波蘭等市場的成功推動了我們在西歐和東歐的強勁廣告增長。

Our international distribution revenue growth was led by continued strong subscriber additions in our Latin American, Eastern European, and Asian-Pacific operations, with 11% year-on-year subscriber growth at our most fully distributed network, Discovery Channel.

我們的國際分銷收入增長主要得益於拉丁美洲、東歐和亞太地區業務持續強勁的用戶增長，我們最全面的分銷網絡探索頻道的用戶同比增長 11%。

Operating costs internationally were up 7%, excluding currency fluctuations, primarily due to higher content amortization, sales, commission, and personnel costs.

國際運營成本上升了 7%，不包括貨幣波動，這主要是由於更高的內容攤銷、銷售、佣金和人員成本。

Our international team continued to deliver strong OIBDA growth, up 20%, excluding the impact of foreign currency, while thoughtfully investing in key growth initiatives.

我們的國際團隊繼續實現強勁的 OIBDA 增長，增長了 20%，不包括外彙的影響，同時對關鍵增長計劃進行了深思熟慮的投資。

As we look forward to the end of 2011, we remain encouraged by the fact that the beneficial pricing and ad trends we have experienced throughout the year are continuing.

當我們期待 2011 年底時，我們仍然對我們全年所經歷的有利定價和廣告趨勢仍在繼續感到鼓舞。

As a result of our third-quarter performance and current conditions, we are raising our expectations for the full year 2011.

由於我們第三季度的業績和當前狀況，我們提高了對 2011 年全年的預期。

We anticipate revenues of $4.175 billion to $4.25 billion, adjusted OIBDA of $1.925 billion to $1.975 billion, and net income of $1.025 billion to $1.075 billion.

我們預計收入為 41.75 億美元至 42.5 億美元，調整後的 OIBDA 為 19.25 億美元至 19.75 億美元，淨收入為 10.25 億美元至 10.75 億美元。

With our strength in balance sheet and strong operating performance, we continue to return capital to our shareholders through the execution of our share repurchase program.

憑藉我們強大的資產負債表和強勁的經營業績，我們繼續通過執行股票回購計劃向股東返還資本。

Our first priority is to invest our capital in our core business to enhance our shareholders' returns.

我們的首要任務是將資本投資於我們的核心業務，以提高股東回報。

To the extent we have not found opportunities with attractive financial returns, we are utilizing the cash on our balance sheet, as well as the cash we generate from operations to repurchase our shares.

在某種程度上，我們沒有找到具有吸引力的財務回報的機會，我們正在利用資產負債表上的現金以及我們從運營中產生的現金來回購我們的股票。

We repurchased $355 million of our Class C shares during the quarter and since inception, we have bought back over $930 million under our share repurchase program in addition to the repurchase of $500 million of preferred Class C shares.

我們在本季度回購了 3.55 億美元的 C 類股票，自成立以來，除了回購 5 億美元的 C 類優先股外，我們還根據股票回購計劃回購了超過 9.3 億美元。

I hope everyone's enjoying the return of Gold Rush on Discovery, as well as the return of Next Great Baker on TLC and Disappeared on ID.

我希望每個人都喜歡 Discovery 上回歸的淘金熱，以及 TLC 上 Next Great Baker 和 ID 上的 Disappeared 的回歸。

And please tune in on the 12, to Pit Bulls & Parolees on Animal Planet.

請在 12 日收看動物星球上的鬥牛犬和假釋犯。

David, Peter and I will now be happy to take your questions.

大衛、彼得和我現在很樂意回答您的問題。

(Operator Instructions) John Janedis, UBS.

（操作員說明）瑞銀集團的 John Janedis。

David, I know it's early, but with YouTube's announcement last week that they had launched a fair amount of original content, it would seem as though the barriers transferred for distribution of that content have been lowered, and I guess I'm wondering, is that as potential a move in this direction?

大衛，我知道現在還早，但隨著 YouTube 上周宣布他們已經推出了大量原創內容，似乎已經降低了分發這些內容的障礙，我想我想知道，是這可能是朝這個方向邁出的一步嗎？

How does it change the way you think about programming investment if at all, and does it make the launch of newer networks like Velocity more challenging in theory?

它如何改變您對編程投資的看法（如果有的話），它是否會使 Velocity 等較新網絡的推出在理論上更具挑戰性？

Well, YouTube has been very successful over the years and we've been able to grow our channels very effectively and build our brands at the same time that people are enjoying content on YouTube and on a lot of other platforms.

好吧，YouTube 多年來一直非常成功，我們能夠非常有效地發展我們的頻道並建立我們的品牌，同時人們在 YouTube 和許多其他平台上享受內容。

Since we own all of our content, our strategy remains the same.

由於我們擁有所有內容，因此我們的策略保持不變。

Quality content, strong characters, great stories, and then we have the opportunity to take that on to all kinds of different platforms, including what we just did now with NetFlix, a new window, that's primarily 18 months and older.

高質量的內容、強大的人物、精彩的故事，然後我們有機會把它帶到各種不同的平台上，包括我們現在用 Netflix 所做的，一個新窗口，主要是 18 個月或更早。

So as long as we continue to build our brands and tell great stories, we feel like we're really in a growth mode.

因此，只要我們繼續打造我們的品牌並講述精彩的故事，我們就會覺得我們真的處於增長模式。

Okay.

好的。

Just quickly on Oprah, can you give us the update in terms of the investment there?

快點上奧普拉，你能告訴我們那裡投資的最新情況嗎？

Sure.

當然。

We added approximately $12 million to the balance of our investment during the quarter.

本季度我們的投資餘額增加了大約 1200 萬美元。

$8 million was funded and $5 million was accrued interest.

800 萬美元的資金和 500 萬美元的應計利息。

David Bank, RBC Capital Markets.

大衛銀行，RBC 資本市場。

Two questions.

兩個問題。

The first one is, when you look at advertising growth domestically in terms of what you're seeing in 3Q versus 4Q, how big are the differences in drivers at the kind of pricing -- pricing versus ratings level as drivers for 3Q versus 4Q?

第一個是，當你根據你在第三季度和第四季度看到的情況來看國內廣告增長時，定價驅動因素的差異有多大——定價與收視率水平作為第三季度和第四季度的驅動因素？

Could you talk about that a little bit?

你能談談嗎？

And secondly, you took a -- some accelerated amortization, a programming write-down in the third quarter on the domestic stuff -- on the domestic division.

其次，你對國內部門進行了一些加速攤銷，第三季度對國內業務進行了編程減記。

And of any of the companies in the space, you guys probably monetize your content most across international territories.

在該領域的任何一家公司中，你們可能在國際領土上通過內容獲利最多。

Why was the write-down restricted to the domestic side?

為什麼減記僅限於境內？

Thanks.

謝謝。

Sure.

當然。

David, it's Brad.

大衛，是布拉德。

I'll take the question you had pricing versus ratings.

我將回答您提出的定價與評級的問題。

The majority of the increase of both the third and fourth quarter is due to pricing, as well as a little bit more on sellout.

第三季度和第四季度的大部分增長是由於定價，以及更多的銷售。

Ratings are basically a wash between the two quarters in terms of their contribution, so it's more a marketplace-driven environment.

就他們的貢獻而言，評級基本上是兩個季度之間的洗禮，因此它更像是一個市場驅動的環境。

With regard to the question on where the impairment charge is, if you look at our year-to-date impairment, because of the nature of our business' content and -- it is an uneven in how impairments recognize this when assets no longer have a full value.

關於減值費用在哪裡的問題，如果你看一下我們年初至今的減值，因為我們業務內容的性質 - 當資產不再具有減值時，減值如何確認這一點是不平衡的一個完整的價值。

And so, year to date, we've impaired about $40 million of content in 2011 and year to date in 2010, it's been about $40 million.

因此，今年迄今，我們在 2011 年和 2010 年迄今已減損了約 4000 萬美元的內容，約為 4000 萬美元。

So, it's just the timing of those in which quarter they fall is uneven.

所以，這只是他們在哪個季度下跌的時間不均衡。

But year to date, they are about the same.

但今年迄今為止，它們大致相同。

With regard to domestic international, it was primarily domestic this time.

關於國內國際，這次主要是國內。

International has a lot of the same, utilizes some of the same assets, and when they feel, and they evaluate their assets, they look at the values and whether it still is meaningful to them and they can generate revenues off it.

國際有很多相同的東西，使用一些相同的資產，當他們感覺到並評估他們的資產時，他們會查看價值以及它是否對他們仍然有意義，並且他們可以從中產生收入。

So that decision's made every single quarter as we look through our portfolios.

因此，當我們審視我們的投資組合時，每個季度都會做出這個決定。

Michael Nathanson, Nomura.

邁克爾·內桑森，野村證券。

I have one for David and one for Brad.

我有一份給大衛，一份給布拉德。

Dave, let me start with you first.

戴夫，讓我先從你開始。

I know over the years you really thought about how do you work with online distributors like NetFlix.

我知道這些年來你真的想過如何與像 Netflix 這樣的在線發行商合作。

I wondered, what went on in your head to do the deal now?

我想知道，你現在腦子裡在想什麼來做這筆交易？

What kind of things were you seeing about your ratings or maybe how your distributors reacted to other people's deals?

您看到了哪些有關您的評級的信息，或者您的經銷商對其他人的交易有何反應？

So what made you get larger with the NetFlix versus kind of where you guys were before and has your thinking changed on that subject?

那麼，是什麼讓你們在 Netflix 上變得更大，而不是你們以前的樣子，你們在這個問題上的想法改變了嗎？

Okay.

好的。

Well, we were always very anxious to figure how out how to monetize our library in a meaningful way.

好吧，我們總是非常急於弄清楚如何以有意義的方式通過我們的圖書館獲利。

We didn't see a business model that really worked.

我們沒有看到真正有效的商業模式。

So NetFlix has gotten some meaningful scale.

所以 Netflix 已經獲得了一些有意義的規模。

And the idea of creating a new window of primarily 18 months and older really plays to our sweet spot, because we have all this content; we own all of the content.

創建一個主要面向 18 個月及以上的新窗口的想法確實符合我們的最佳選擇，因為我們擁有所有這些內容；我們擁有所有內容。

The deal is not exclusive, so it gives us an opportunity to play in the same way with anybody else with that same window.

這筆交易不是排他性的，所以它讓我們有機會以同樣的方式與擁有相同窗口的其他人一起玩。

It's not international.

這不是國際的。

We did domestic only, because although NetFlix and other type players are expanding around the world, we're taking a hard look at where it makes sense.

我們只在國內進行，因為儘管 Netflix 和其他類型的播放器正在全球範圍內擴張，但我們正在認真研究哪些地方有意義。

The economics were strong, and we were able to work with NetFlix in getting some concessions on branding, which we thought the environment was important to us, we were able to get some of that.

經濟實力很強，我們能夠與 Netflix 合作，在品牌方面做出一些讓步，我們認為環境對我們很重要，我們能夠得到其中的一些。

When you put it all together, it's a big net positive for us in that we have all of this content, we know how valuable it is, and doing a deal with NetFlix that recognizes that value gives us some additional meaningful economics.

當你把所有這些放在一起時，這對我們來說是一個巨大的淨積極因素，因為我們擁有所有這些內容，我們知道它有多麼有價值，並且與 Netflix 達成交易，認識到這種價值給我們帶來了一些額外的有意義的經濟效益。

We're going to look and see how that plays out.

我們將看看結果如何。

We have flexibility in terms of content that's on there.

我們在內容方面具有靈活性。

We'll see how people consume it.

我們看看人們會如何消費它。

But we were also -- created some flexibility in the deal in that it's a 2-year deal with a 1-year option on our side.

但我們也 - 在交易中創造了一些靈活性，因為這是一份為期 2 年的交易，我們這邊有 1 年的選擇權。

And so the hope is that NetFlix does well and that this creates a whole new window for us that's very effective.

因此，希望 Netflix 做得好，這為我們創造了一個非常有效的全新窗口。

It also -- we don't think it's going to interfere with our ability to continue to monetize our content and our brands in a very meaningful way in the traditional cable area.

它還 - 我們認為它不會干擾我們在傳統有線電視領域以非常有意義的方式繼續通過我們的內容和品牌獲利的能力。

And then we have this additional window coming up of TV Everywhere, which represents newer content, both streamed content on other platforms and newer content.

然後我們在 TV Everywhere 出現了這個額外的窗口，它代表更新的內容，包括其他平台上的流媒體內容和更新的內容。

Now, we haven't done any broad deals with operators on that yet, and under our existing deals, no distributors have the right to take our 13 channels onto TV Everywhere, but that's another window that we think could be advantageous, because it's measured and it's authenticated and it presents another opportunity.

現在，我們還沒有與運營商就此達成任何廣泛的交易，根據我們現有的交易，沒有任何分銷商有權將我們的 13 個頻道帶到 TV Everywhere，但這是我們認為可能有利的另一個窗口，因為它經過衡量它已經過身份驗證，它提供了另一個機會。

So all of these opportunities for content deployment with good economics and value, I think presents an opportunity for real growth for us.

因此，所有這些具有良好經濟性和價值的內容部署機會，我認為為我們提供了真正增長的機會。

Can I follow-up on that?

我可以跟進嗎？

Probably go to Brad, does that third window of selling TV Everywhere, do you think this kind of sets principles in place that there is a separate value you guys have crystallized for your programming?

可能去布拉德，第三個窗口銷售電視無處不在，你認為這種設定原則是否存在你們為你的節目具體化的單獨價值？

Is that what you're alluding to here?

這就是你在這裡暗示的嗎？

Well, we have always felt that our content is valuable, and the fact that we have a very good relationship with our distributors, that relationship provides for our content to be provided through to the TV set.

好吧，我們一直覺得我們的內容很有價值，而且我們與分銷商的關係非常好，這種關係使我們的內容可以通過電視機提供。

And so to the extent that offering our content on other platforms or being able to have a catch-up of 1 month, 2 months or 3 months of some of the best stuff on all of our channels is -- we think could be a real value to consumers.

因此，在某種程度上，在其他平台上提供我們的內容，或者能夠在我們所有頻道上追趕 1 個月、2 個月或 3 個月的一些最好的東西——我們認為這可能是一個真正的對消費者的價值。

The distributors are very focused on providing it, because they believe it could provide real value as well, and for us, we're very supportive of it.

分銷商非常專注於提供它，因為他們相信它也可以提供真正的價值，而對我們來說，我們非常支持它。

We just feel like we need to get value and how we define value will come through in the negotiations.

我們只是覺得我們需要獲得價值，而我們如何定義價值將在談判中通過。

Okay.

好的。

And to Brad, in the fourth quarter, what percentage of your inventory is from the upfront versus what the third quarter looked like?

對布拉德來說，在第四季度，你的庫存中有多少來自前期庫存與第三季度的庫存相比？

So is there a meaningful step up in inventory allocation to the upfront in the fourth quarter?

那麼，第四季度前期庫存分配是否有有意義的增加？

It is slightly more in the fourth quarter than in the third quarter.

第四季度略高於第三季度。

And does that drive more of the pricing?

這會推動更多的定價嗎？

Is that helpful in pricing?

這對定價有幫助嗎？

It is helpful to the pricing, but the scatter market prems are also fairly robust in the fourth quarter, very consistent levels with the third quarter in sort of the percent of premiums.

這對定價有幫助，但分散的市場預付款在第四季度也相當強勁，與第三季度的保費百分比水平非常一致。

Jessica Reif Cohen, Merrill Lynch.

傑西卡賴夫科恩，美林證券。

I just wanted to clarify something on the NetFlix deal.

我只是想澄清一些關於 Netflix 交易的事情。

Were the costs only $11 million, the close costs that you highlighted in the release, or were there other costs, I mean is it possible that the margin was 86%?

成本僅為 1100 萬美元，即您在新聞稿中強調的關閉成本，還是有其他成本，我的意思是利潤率有可能達到 86% 嗎？

That was the cost that we allocated, Jessica.

這是我們分配的成本，傑西卡。

We took a portion of our existing programming assets on our balance sheet and we allocated an expense related to it, to the risk.

我們在資產負債表上提取了一部分現有的編程資產，並將與之相關的費用分配給了風險。

Okay, and I mean, Brad, how should we think about ongoing costs?

好的，我的意思是，布拉德，我們應該如何考慮持續成本？

You had the impairment charge, but you said -- you had it last year as well.

你有減值費用，但你說 - 你去年也有。

Just as we look forward, how should we think about margins, particularly in the US side of the business?

正如我們期待的那樣，我們應該如何考慮利潤率，尤其是在美國業務方面？

Can you just give us some color on kind of the cost pressures you're seeing?

你能給我們一些關於你所看到的成本壓力的顏色嗎？

Sure.

當然。

If you look at the US, this quarter was a little bit of an aberration because you had a catch-up of amortization.

如果你看看美國，這個季度有點反常，因為你有一個攤銷的追趕。

So now you're going to have the amortization for the programming, costs or costs of revenues grow roughly in line with our cash spend, which is going to be in the 7%, 8%ish range is where our cash spend has been in content.

因此，現在您將對節目、成本或收入成本進行攤銷，其增長與我們的現金支出大致一致，這將在 7% 左右，8% 左右的範圍是我們的現金支出一直在的範圍內容。

In terms of our SG&A costs, we have swapped some marketing costs from the first quarter into the third quarter of this year, so overall, our SG&A have been growing in the low single digits.

就我們的 SG&A 成本而言，我們已經將一些營銷成本從第一季度轉移到今年第三季度，因此總體而言，我們的 SG&A 一直以較低的個位數增長。

So from a domestic point of view, that's been about the run rate, of how we've been running.

所以從國內的角度來看，這與我們的運行速度有關。

Okay, and one last question.

好的，還有最後一個問題。

When do your new affiliate deals start to roll through?

您的新會員交易何時開始生效？

David just talked about TV Everywhere, which are part of your next, I guess next contract negotiations.

David 剛剛談到了 TV Everywhere，這是你下一個，我想下一個合同談判的一部分。

Can you just talk about how you're feeling about kind of the affiliate?

你能談談你對附屬公司的感覺嗎？

It sounds like there's going to be increased value for TV Everywhere, but is the timing 2012, or is it much later?

聽起來 TV Everywhere 的價值會增加，但時間是 2012 年，還是更晚？

It really depends.

這真的取決於。

Our -- we don't have any big deals coming up until the end of 2012, and then they kind of lay in from 2012 forward.

我們的 - 我們在 2012 年底之前沒有任何大交易，然後他們從 2012 年開始就開始了。

The idea of doing something nearer term on TV Everywhere are discussions that we're having.

我們正在討論近期在 TV Everywhere 上做一些事情的想法。

The distributors are very keen to roll out TV Everywhere.

分銷商非常熱衷於推出 TV Everywhere。

We're participating in a number of the tests.

我們正在參與一些測試。

And whether we do them or not will depend on how quickly they can deploy it and we can get it measured.

我們是否這樣做將取決於他們部署它的速度以及我們可以對其進行衡量的速度。

Today, it is measured on the computer, but it's not measured on pads.

今天，它是在計算機上測量的，但不是在墊上測量的。

So how quickly can it get measured?

那麼它能多快被測量呢？

And how quickly could we in the content business come up with the right valuation between us and the distributors so that we can provide it?

我們在內容業務中能多快在我們和分銷商之間提出正確的估值以便我們能夠提供它？

On a worst case basis, it would be likely dealt with as part of a renewal at that later date.

在最壞的情況下，它可能會在晚些時候作為續約的一部分進行處理。

And there's the possibility it might happen before.

而且它有可能發生在以前。

Jason Bazinet, Citi.

傑森·巴齊內特，花旗銀行。

I just had a quick question on ratings.

我只是有一個關於收視率的快速問題。

While the ID ratings are quite good, there is some concern I think on The Street about your flagship network Discovery having some ratings declines.

雖然 ID 收視率相當不錯，但我認為 The Street 擔心您的旗艦網絡 Discovery 收視率有所下降。

Do you mind just spending a second and sort of highlighting the 1 or 2 shows that have caused the ratings decline and sort of the prospect over the next 12 months?

你介意花點時間強調一下導致收視率下降的 1 或 2 個節目以及未來 12 個月的前景嗎？

Okay, just to give you a sense, first, October has been quite strong for us.

好吧，為了給你一個感覺，首先，十月對我們來說非常強勁。

We're up about 11% in the aggregate for October.

我們 10 月份的總漲幅約為 11%。

And so we come into the quarter with some good momentum.

因此，我們以良好的勢頭進入本季度。

We just launched on Friday 2 shows for us that have been very strong, Gold Rush and Flying Wild Alaska.

我們剛剛在周五為我們推出了 2 個非常強大的節目，Gold Rush 和 Flying Wild Alaska。

The piece that hurt us really a little bit is some year-over-year comparative data, and that's that Deadliest Catch actually did very well when you look at it versus any other year.

真正對我們造成一點傷害的是一些年度比較數據，那就是 Deadliest Catch 與其他任何一年相比實際上表現非常好。

It was on par or showed growth.

它持平或顯示增長。

But the sixth season had one of the very popular captains actually got sick and passed away, and so there was a huge spike.

但是第六季有一位非常受歡迎的隊長真的生病去世了，所以出現了一個巨大的飆升。

So there was a little bit of a CAGR issue with that and then we have Friday nights where we do survival programming, which was Man Vs Wild, Dual Survival, and it was -- for a portion of the year, we do Gold Rush and for a portion of the year, we do our Survival.

所以這有一點複合年增長率問題，然後我們在周五晚上進行生存編程，即 Man Vs Wild，Dual Survival，而且 - 在一年中的一部分時間裡，我們進行淘金熱和在一年中的一部分時間裡，我們進行生存活動。

The Friday night just wasn't working as well this year.

今年的周五晚上不太好。

And we haven't figured out yet exactly why.

我們還沒有弄清楚到底是為什麼。

We're talking to the audience, but more importantly, we've now rolled in Flying Wild Alaska and Gold Rush and Friday night right now is looking up and better.

我們正在與觀眾交談，但更重要的是，我們現在已經在 Flying Wild Alaska 和 Gold Rush 中滾動，週五晚上現在正在尋找更好的。

And so we'll have to figure out what we do with Friday night and whether we go back to Survival.

所以我們必須弄清楚我們在周五晚上做什麼，以及我們是否回到生存。

Richard Greenfield, BTIG.

BTIG 的理查德·格林菲爾德。

Two pieces.

兩塊。

One, just a follow-up on Michael's question earlier, when you think about the amount of value you got for NetFlix, it would seem like you and many others in your peer group are starting to sell pretty aggressively to NetFlix catalog content.

第一，只是邁克爾之前問題的後續行動，當你考慮你從 Netflix 獲得的價值時，你和你的同行組中的許多其他人似乎開始非常積極地銷售 Netflix 目錄內容。

When you think about how many hours in a day there are to watch programming, either you're getting a great deal and NetFlix is overpaying, or people are going to start watching more and more content, older content instead of watching newer content when it's airing live or when it's on a DVR, watching live plus 3.

當您考慮一天中有多少小時觀看節目時，要么您得到了很多而 NetFlix 出價過高，要么人們將開始觀看越來越多的內容，較舊的內容而不是觀看較新的內容。直播或當它在 DVR 上時，觀看直播加 3。

Just wondering, how you think about that trade-off.

只是想知道，您如何看待這種權衡。

Do you actually worry about a significant shift of viewership from live to either a season delayed or multiple seasons delayed because there's great programming being made available on a delayed basis on NetFlix and the risk/reward there.

你真的擔心收視率從現場直播到延遲一季或多季延遲的重大轉變，因為在 NetFlix 上延遲提供了很棒的節目，以及那裡的風險/回報。

And then two, Brad, could you give us an update on what Oprah financials look like?

然後是兩個，布拉德，你能給我們介紹一下奧普拉財務狀況的最新情況嗎？

I know you talked about your investment.

我知道你談到了你的投資。

Is there a way to think about the actual financial side of what Oprah is generating, or what OWN is doing today in totality?

有沒有辦法考慮 Oprah 正在產生的實際財務方面，或者 OWN 今天正在做的事情？

Thanks.

謝謝。

Rich, I'll take the first one.

Rich，我要第一個。

On NetFlix, candidly, nobody knows.

坦率地說，在 Netflix 上，沒有人知道。

What we do know is so far, and this isn't our first foray with NetFlix.

我們所知道的是到目前為止，這不是我們第一次涉足 Netflix。

We had a deal with them where they had some of our content.

我們與他們達成協議，他們擁有我們的一些內容。

We couldn't find through our research any discernible degradation.

我們無法通過我們的研究發現任何明顯的退化。

In fact, NetFlix homes, the people that consume a lot of content on NetFlix were over indexing in terms of how they consumed TV and how they consume us.

事實上，Netflix 家庭，那些在 Netflix 上消費大量內容的人，在他們如何消費電視以及如何消費我們方面過度索引。

But that's just directional.

但這只是方向性的。

We -- there isn't enough data out there.

我們——那裡沒有足夠的數據。

When I ran syndication in the cable group at NBC, on the syndication side, there was some thinking that hey when you syndicate a show, then the ratings of the original's is going to go down.

當我在 NBC 的有線電視組經營聯合組織時，在聯合組織方面，有人認為嘿，當你聯合一個節目時，原版的收視率就會下降。

Well in many cases, in most cases, we found that when we syndicated the shows, that -- and then we brought back the originals, that the ratings went up.

好吧，在很多情況下，在大多數情況下，我們發現當我們聯合演出時，然後我們帶回原件，收視率就會上升。

Is that going to happen now with NetFlix?

Netflix 現在會發生這種情況嗎？

We don't know.

我們不知道。

We have older seasons of shows, so if somebody watches an older season of Gold Rush or an older season of Deadliest Catch, is that going to get them more excited about coming back in and watching more of our shows?

我們有較舊的劇季，所以如果有人觀看較舊的淘金熱季或較舊的 Deadliest Catch 季，這是否會讓他們更加興奮地回來觀看我們的更多節目？

We don't know.

我們不知道。

We're going to watch it.

我們會去看的。

We're going to look at it, we're going to get as much data as we can.

我們將對其進行研究，我們將獲得盡可能多的數據。

Our inclination is that this will not be a degradation issue, but we do -- one of the reasons why we provided this flexibility of a one-way extension after 2 years is, one, 2 years is up before any of our deals come up, so we can take a look at how is this affecting us, and, two, it gives us a chance that if we find that it's going very well, to just very cleanly optionally pick up the next year.

我們的傾向是，這不會是一個退化問題，但我們確實是——我們在 2 年後提供這種單向延期的靈活性的原因之一是，在我們的任何交易出現之前，1、2 年已經到了，所以我們可以看看這對我們有何影響，而且，第二，它給了我們一個機會，如果我們發現它進展順利，就可以非常乾淨地選擇性地選擇明年。

So we're going to see.

所以我們要看看。

And we'll keep you posted.

我們會及時通知您。

Rich, just following up on your Oprah question, while we don't disclose the financials of any of our joint ventures, it is negative cash flow, so we are still funding it.

Rich，只是跟進你的奧普拉問題，雖然我們沒有披露任何合資企業的財務狀況，但它是負現金流，所以我們仍在為其提供資金。

And in our equity pick up line, and we did pick up a small loss related to it and so this is the 2 financial elements I would point to.

在我們的股權回升線中，我們確實出現了與之相關的小額虧損，所以這是我要指出的兩個財務要素。

Is there any way to think about though, kind of where -- maybe just update us, where is distribution today in terms of total subscribers?

有沒有什麼方法可以考慮，比如在哪裡——也許只是更新我們，今天的總訂戶分佈在哪裡？

And is there any like high level revenue number to think about just -- there's some way obviously you're really not getting any value in your EPS at the moment from the OWN Network, but obviously, there is a substantial value.

是否有任何類似的高水平收入數字需要考慮 - 顯然你目前確實沒有從 OWN 網絡中獲得任何 EPS 價值，但顯然有很大的價值。

Is there any way you can kind of help us think about that value?

你有什麼辦法可以幫助我們思考這個價值嗎？

Well, we don't disclose total revenues.

好吧，我們不透露總收入。

So at this point, it's still primarily advertising-driven, is the revenue streams.

所以在這一點上，它仍然主要是廣告驅動的，是收入來源。

But our way to think of it is, you have got 2 tent poles, which is -- we have the advertisers that have been supportive and have re-upped.

但我們的思考方式是，你有 2 根帳篷桿，也就是說——我們有一直支持並重新增加的廣告商。

We have distributors, a number of them we've done deals with, and there is a number we haven't yet.

我們有分銷商，其中一些我們已經與之達成交易，還有一些我們還沒有。

And the challenge for us right now is putting really good content that nourishes the brand, that goes at -- that drives the Oprah brand and really supports this idea of living your best life.

我們現在面臨的挑戰是投放真正好的內容來滋養品牌，推動奧普拉品牌發展，真正支持過上最美好生活的理念。

So what we're putting on the air now, Oprah's doing Lifeclass every day at 8 o'clock.

所以我們現在播出的是，奧普拉每天 8 點都在做 Lifeclass。

In that time period, we're up 125% versus last year.

在那段時間裡，我們比去年增長了 125%。

We've got fresh content with Rosie every day at 7 o'clock.

每天七點鐘，我們都有Rosie的新鮮內容。

That's up 65%.

增加了 65%。

We have a lot of activity on Oprah.com.

我們在 Oprah.com 上有很多活動。

We have over 3 million streams in the Lifeclass, and what we're getting is this feedback of, okay, I get it.

我們在 Lifeclass 中有超過 300 萬個流，我們得到的是這樣的反饋，好吧，我明白了。

We have our content that's on brand, whether it be Lisa Ling or Sweetie Pie's, this is -- we're starting to swing in a positive direction in terms of getting people to spend time with us.

我們有我們的品牌內容，無論是 Lisa Ling 還是 Sweetie Pie 的，這是——我們開始朝著積極的方向發展，讓人們花時間和我們在一起。

And like we said all along, this is going to take us some time.

就像我們一直說的，這需要我們一些時間。

In January, Oprah herself will launch with more of an entertainment-type show, which is Oprah's Next Chapter, a broader appeal-type show.

一月份，奧普拉本人將推出更多娛樂類型的節目，即奧普拉的下一章，這是一個更廣泛的吸引力類型的節目。

Then we have a lot of other development.

然後我們還有很多其他的發展。

But those are the 3 pieces.

但那些是3件。

Continue to drive the advertising, the advertisers that are with us, and have been supporting work over the next couple of years on the distribution subscriber side, but most importantly, nourish the audience that loves the Oprah brand, the great brand that we've gotten behind that we have so much confidence in.

繼續推動廣告，與我們一起的廣告商，並在未來幾年一直支持分銷訂閱者方面的工作，但最重要的是，滋養熱愛奧普拉品牌的觀眾，我們擁有的偉大品牌落後於我們非常有信心。

Spencer Wang, Credit Suisse.

斯賓塞·王，瑞士信貸。

Two questions.

兩個問題。

First, for Brad, I just wanted to clarify how we should think about the NetFlix revenue stream in the subsequent quarters to 3Q.

首先，對於布拉德，我只想澄清我們應該如何考慮 Netflix 在隨後幾個季度至第三季度的收入流。

That 200 basis point to 300 basis point I think uplift to US affiliate revenue -- is that going to be relatively ratable over the rest of the term of the deal, or will it be lumpier, just depending on the timing of when shows are made available?

我認為這 200 個基點到 300 個基點對美國附屬公司收入的提升——是在交易的剩餘期限內相對穩定，還是會更不穩定，這取決於演出的時間安排可用的？

And is 85% a good kind of margin assumption, like you saw in third quarter?

85% 的利潤率假設是否像您在第三季度看到的那樣？

And then maybe the second question for David or perhaps Peter, if the NBA lockout persists longer, do you guys envision that would have a positive impact to some of your more male-skewing networks?

然後也許是大衛或彼得的第二個問題，如果 NBA 停擺持續更長時間，你們是否認為這會對你們的一些更偏向男性的網絡產生積極影響？

Thank you.

謝謝你。

Okay, Spencer, with regard to your question on NetFlix, it will be the 200 basis points and 300 basis points will be on average.

好的，斯賓塞，關於你關於 Netflix 的問題，平均是 200 個基點和 300 個基點。

So it will be lumpier as we do deliver product.

因此，當我們交付產品時，它會變得更加笨拙。

And the margin assumption, again, will be lumpier depending on what that asset mix.

同樣，保證金假設將根據資產組合的不同而變得更加笨拙。

But it should be within that relevant range.

但它應該在那個相關範圍內。

Thanks, Brian.

謝謝，布萊恩。

Look, on the NBA front, male audience available is an opportunity for us.

看，在 NBA 方面，男性觀眾對我們來說是一個機會。

We do have an overlap with sports viewership.

我們確實與體育收視率有重疊。

It should work out to our advantage, but we're taking a wait and see attitude.

它應該對我們有利，但我們持觀望態度。

Peter do you think that, that's helping you in the fourth quarter at all yet?

彼得，你認為這在第四節對你有幫助嗎？

There's not a lot of that in our numbers.

我們的數字中沒有很多。

Yes, it's not on the advertising activity front, no.

是的，這不是在廣告活動方面，不是。

Ben Swinburne, Morgan Stanley.

本·斯威本，摩根士丹利。

Brad, going back to program amortization growth, we haven't seen the details.

布拉德，回到計劃攤銷增長，我們還沒有看到細節。

I don't know if the Q is out, but it seemed like it accelerated a decent amount in the third quarter from the first half.

我不知道 Q 是否出局，但它似乎在第三季度比上半年加速了相當多的速度。

You mentioned the catch up.

你提到了追趕。

I guess I'm surprised a little bit about the quarter to quarter volatility.

我想我對季度間的波動性感到有點驚訝。

I don't know if you could comment a little bit more on just for what happened there, and then you had mentioned high singles going forward.

我不知道你是否可以就那裡發生的事情發表更多評論，然後你提到了未來的高單打。

Do you expect that to be pretty smooth as you move through the next, I don't know, 3 to 4 quarters?

您是否希望在接下來的 3 到 4 個季度中順利進行？

Ben, the Q will be filed tomorrow morning, so you'll have it then.

本，Q 將在明天早上提交，所以你到時候就可以拿到了。

With regard to the amortization, it's been fairly consistent how it stepped up throughout the year.

關於攤銷，它在全年的增長方式相當一致。

It's been almost a sequential $10 million greater each quarter domestically and it was consistent with our guidance exactly how we laid it out.

在國內，每個季度幾乎連續增加 1000 萬美元，這與我們的指導方針完全一致。

So at this point, you're at a much more now normalized moving into the fourth quarter going forward and that will be that kind of high, 7%, 8%ish growth rate of cost to revs.

所以在這一點上，你現在正處於一個更加正常化的第四季度，而且這將是那種高的，7%，8% 左右的成本增長率。

Okay, and then just maybe a question for the team and whoever wants to answer it.

好的，然後可能只是給團隊和任何想回答的人提個問題。

The licensing revenues you've generated here from NetFlix, I mean, there's not a lot of businesses out there that can generate 80% incremental revenues.

你在這裡從 Netflix 獲得的許可收入，我的意思是，沒有多少企業可以產生 80% 的增量收入。

I know everyone's sort of trying to figure out how real this all is, but does this entice you to spend more on programming because you've just -- you're seeing sort of new windows being created right in front of you, most of which deal with sort of building a library of content that's pretty powerful, at least on the online front, and then you mentioned TV Everywhere, it's sort of all tied together to powerful programming.

我知道每個人都在試圖弄清楚這一切的真實性，但這是否會誘使您在編程上花更多的錢，因為您剛剛——您看到在您面前創建了一些新窗口，大部分它涉及建立一個非常強大的內容庫，至少在在線方面，然後你提到了 TV Everywhere，它有點與強大的編程聯繫在一起。

You guys have -- you've always said that the best return on capital investment opportunity you have is your own programming.

你們有——你們總是說你們擁有的最好的資本投資回報機會是你們自己的編程。

It seems like that's never been more true.

這似乎從未如此真實。

And then sort of an absolutely contradictory comment I would love to get your thoughts on, is one of the numbers in the NetFlix investor letter that kind of scared me a little bit was the 8% contribution margin they talked about on streaming.

然後是一個完全矛盾的評論，我很想听聽你的想法，是 Netflix 投資者信中的一個數字，讓我有點害怕的是他們在流媒體上談論的 8% 的邊際收益。

I think a lot of us feel like there's more NetFlix out there.

我想我們很多人都覺得那裡有更多的 Netflix。

We always talk about Amazon, who started to do some business, but how do you guys think about the opportunity set beyond NetFlix, given sort of all the moving pieces out there on online distribution, sort of touching on Rich's question, but sort of adding more to it?

我們總是談論亞馬遜，它開始做一些生意，但你們如何看待 Netflix 之外的機會，考慮到在線發行方面的所有變化，有點觸及 Rich 的問題，但有點增加更多嗎？

On the investment in programming, we don't really see this -- the new window really doesn't play into our focus.

關於對編程的投資，我們並沒有真正看到這一點——新窗口確實沒有成為我們關注的焦點。

Our focus is really investment, -- it be thoughtful, and we have a very kind of rigid investment base focus on how we spend money on content, and it's all on success.

我們的重點是真正的投資——要深思熟慮，我們有一個非常嚴格的投資基礎，專注於我們如何在內容上花錢，而這一切都是為了成功。

So we're spending more money on ID.

所以我們在 ID 上花費了更多的錢。

We're spending more money on Science, because it's growing.

我們在科學上投入更多資金，因為它在增長。

We spent more money on TLC because we were able to drive it around the world.

我們在 TLC 上花了更多的錢，因為我們能夠在世界各地駕駛它。

So where we can see growth, we're going to continue to invest in our content, and you've seen a meaningful increase in that investment.

因此，在我們可以看到增長的地方，我們將繼續投資於我們的內容，並且您已經看到該投資顯著增加。

On the new platforms, we've always been platform agnostic.

在新平台上，我們始終與平台無關。

We're about quality content that satisfies curiosity that we can take around the world and put on any platform.

我們致力於滿足好奇心的優質內容，我們可以將這些內容帶到世界各地並放在任何平台上。

We held back on the web because we just didn't see the model.

我們在網絡上有所保留，因為我們只是沒有看到模型。

So we are rooting for a lot of -- we're rooting for NetFlix.

所以我們支持很多——我們支持 Netflix。

It's an attractive platform.

這是一個有吸引力的平台。

We're also rooting for a lot of the other players that are getting into this space, because it provides more value for us, more bites, more people that can see our content, more economics that we can get for our content.

我們也支持許多進入這個領域的其他參與者，因為它為我們提供了更多的價值，更多的叮咬，更多的人可以看到我們的內容，我們可以從我們的內容中獲得更多的經濟效益。

So for us, this is just another manifestation of the fact that it's a good time to be in the content business, particularly if you own your content.

所以對我們來說，這只是另一個事實的體現，即現在是從事內容業務的好時機，特別是如果你擁有自己的內容。

Anthony DiClemente, Barclays Capital.

安東尼迪克萊門特，巴克萊資本。

I just have one question for the team.

我只有一個問題要問團隊。

It has to do with the guidance for reacceleration in ad revenue growth.

它與廣告收入增長重新加速的指導有關。

It seems to imply a pretty robust pricing in the spot market.

這似乎意味著現貨市場的定價相當穩健。

I'm just trying to square away in my own mind, how much of this is advertiser demand, and how much of it is scarcity of supply across the system?

我只是想在自己的腦海中劃清界限，其中有多少是廣告商的需求，又有多少是整個系統的供應短缺？

A couple of the other questions alluded to that.

其他幾個問題也提到了這一點。

But if I look across cable TV, it's not just Discovery but there are a lot of other of your competitors that are suffering from ratings declines.

但如果我看有線電視，不僅是探索頻道，還有很多其他競爭對手都在遭受收視率下降的困擾。

And so I just, I think back to where we were for the broadcast networks a number of years ago, where viewership was declining, but pricing increases were making up for that because the more and more audience fragments, the harder and harder it is to reach a mass media audience.

所以我只是，我回想起幾年前廣播網絡的情況，收視率在下降，但價格上漲彌補了這一點，因為越來越多的觀眾碎片，越來越難接觸大眾媒體受眾。

Therefore the higher and higher and higher an ad buyer would pay for that CPM in order to reach that audience.

因此，廣告購買者為接觸該受眾而支付的 CPM 會越來越高。

I wonder if we're getting you to that point in the world of cable television.

我想知道我們是否讓您在有線電視領域達到了這一點。

And so I just wonder if you could, on a near-term basis, comment on whether it's demand versus supply scarcity on 4Q pricing and then longer term, maybe talk about the possibility of that longer-term trend.

所以我只是想知道你是否可以在短期內評論第四季度定價的需求與供應短缺，然後是長期，也許可以談談這種長期趨勢的可能性。

Thanks a lot.

非常感謝。

Okay.

好的。

Well, just in terms of a macro point, year to date across our domestic platform, we're up a little bit more than 3%.

好吧，就宏觀點而言，年初至今我們國內平台的漲幅略高於 3%。

In the past several years, we've invested more in content, but we've been able to grow market share.

在過去的幾年裡，我們在內容上投入了更多，但我們已經能夠擴大市場份額。

We're convinced that we're going to be able to continue to grow market share domestically and around the world.

我們堅信，我們將能夠繼續擴大國內和全球的市場份額。

Let me have Brad speak to the specifics of the scatter market and the economics.

讓我讓布拉德談談分散市場和經濟學的細節。

A big piece of it, Anthony, is that it's happened pretty much over the last couple of years, that as broadcast viewership declines, that it provides -- the broadcasters end up either out of sale or with less inventory.

安東尼，其中很大一部分是過去幾年發生的很多事情，隨著廣播收視率的下降，它提供了——廣播公司最終要么停售，要么庫存減少。

And that presents some significant pressure in a positive way for us in the, on the cable content side of the business.

這對我們在業務的有線內容方面帶來了一些積極的壓力。

And it has happened.

它已經發生了。

That doesn't mean it's going to happen in the fourth quarter or in the first quarter of next year, but it has happened and if broadcast continues to decline, that presents a real opportunity, particularly where broadcast is still on a CPM basis garnering 35% or more increases in terms of CPI differential between broadcast and cable.

這並不意味著它會在第四季度或明年第一季度發生，但它已經發生了，如果廣播繼續下降，那將是一個真正的機會，特別是在廣播仍以每千次展示費用為基礎獲得 35 的情況下廣播和有線電視之間的 CPI 差異增加 % 或更多。

So if there is head wind in a market where there's no longer sub growth, it's the CPM differential between broadcast and cable, particularly in environments where on a regular basis, cable, including Discovery on a Friday night could be beating broadcast networks and still trading at a discount.

因此，如果在一個不再有次級增長的市場中存在逆風，那就是廣播和有線電視之間的 CPM 差異，特別是在定期的環境中，包括週五晚上的 Discovery 在內的有線電視可能會擊敗廣播網絡並且仍在交易打折。

Anthony, to answer your question with demand or scarcity, if you think about the fourth quarter where you're building off a higher upfront base, so you're starting off a high single-digit, low double-digit increase and then you're taking premiums to that increase.

安東尼，以需求或稀缺來回答你的問題，如果你考慮第四季度你正在建立一個更高的前期基礎，那麼你開始了一個高個位數，低兩位數的增長然後你'正在為這一增長收取溢價。

So that provides you with a little bit more acceleration from where you were in the third quarter.

因此，與第三季度相比，這為您提供了更多的加速。

Scarcity may play some role in that and it's in the spot market, but you're also building off just a higher absolute base of pricing.

稀缺性可能在這方面發揮了一定作用，它在現貨市場上，但你也在建立一個更高的絕對定價基礎。

Does that make sense?

那有意義嗎？

Yes, it does.

是的，它確實。

Tuna Amobi, Standard & Poor's.

金槍魚 Amobi，標準普爾。

I have a few as well, if I may.

如果可以的話，我也有一些。

So the first question is on ID.

所以第一個問題是關於ID。

I think it was David that recently alluded to just about 30% of the audience, just knowing that they have ID, which is mind boggling when you think about the upside on the other 70%.

我認為是大衛最近提到了大約 30% 的觀眾，只知道他們有身份證，當你想到其他 70% 的好處時，這是令人難以置信的。

So I guess the question is, as you now kind of approach full distribution on ID, are there any international markets perhaps where you see that this crime formula can be successfully exported or replicated either, kind of on a stand-alone basis or perhaps in joint venture with a local partner?

所以我想問題是，當你現在有點接近 ID 的完全分發時，是否有任何國際市場你可以看到這種犯罪公式可以成功地導出或複制，在某種程度上是獨立的，或者可能是在與當地合作夥伴合資？

Yes.

是的。

We -- ID, we have already begun to roll it out outside of the US.

我們 - ID，我們已經開始在美國以外推出它。

We're finding some meaningful success and we do plan on accelerating that.

我們正在尋找一些有意義的成功，我們確實計劃加速實現這一目標。

Whether we do it by ourselves or whether we do it in some markets with a local partner to provide more local content, we haven't determined that yet.

是我們自己做，還是在某些市場與當地合作夥伴一起做，以提供更多本地內容，我們還沒有確定。

We tend to like to do it ourselves.

我們往往喜歡自己做。

We have a very good recipe.

我們有一個很好的食譜。

Our content is strong.

我們的內容很強大。

Our library is strong.

我們的圖書館很強大。

We've already tested it in a number of markets and it's working.

我們已經在多個市場對其進行了測試，並且它正在發揮作用。

And so we think that over time, it could be a very nice leg for us to build on what's already a very robust international platform, which, as you can see from this quarter, continues to accelerate and grow for us, which is a big differentiator, our international business.

因此，我們認為，隨著時間的推移，這對我們來說可能是一個非常好的基礎，可以在已經非常強大的國際平台上進行構建，正如您從本季度看到的那樣，該平台對我們來說將繼續加速和發展，這是一個很大的差異化因素，我們的國際業務。

And the fact that ID works well, it joins Animal Planet, Science, and Discovery as being channels that we could really amortize over bigger markets in the longer term.

事實上，ID 運作良好，它與動物星球、科學和發現一起成為我們可以在長期內真正分攤到更大市場的渠道。

Okay.

好的。

Separately, with regard to the education business, I think the past year since it seems like a fair number of acquirers, potential acquirers looking to do some deals in that segment.

另外，關於教育業務，我認為過去一年似乎有相當數量的收購方，潛在的收購方希望在該領域進行一些交易。

Is there any reason why Discovery needs be in that education business at this time, or is this perhaps a good time to try to monetize that asset and kind of get, take what you can get?

是否有任何理由說明 Discovery 此時需要進入該教育行業，或者這是否是嘗試將該資產貨幣化並獲得收益的好時機，盡你所能？

We've -- our education business is profitable.

我們 - 我們的教育業務是有利可圖的。

We're the leader in digital content into the classroom.

我們是將數字內容帶入課堂的領導者。

If there's a computer in the classroom, we reach 95% of that.

如果教室裡有電腦，我們可以達到 95%。

It's a very gated community in that if you wanted to try and replicate that distribution, you would have to go school district by school district to do it.

這是一個非常封閉的社區，如果您想嘗試複製該分佈，則必須逐個學區進行。

So it's a very valuable path into teachers and into the classroom.

因此，這是進入教師和進入課堂的非常有價值的途徑。

The economics aren't compelling, but the ability to reach and make an impression on both teachers and students throughout America is strong.

經濟學並不引人注目，但影響全美教師和學生並給他們留下深刻印象的能力很強。

It also has been a nice lead horse for us in terms of STEM.

就 STEM 而言，它對我們來說也是一匹很好的領頭羊。

We're working very effectively with Dr.

我們與 Dr. 的合作非常有效。

Holdren and with Obama with respect to STEM; we're a leader in science, and with Secretary Duncan.

霍爾德倫和奧巴馬在 STEM 方面；我們是科學領域的領導者，還有鄧肯部長。

And we're finding that being in education also helps us around the world.

我們發現接受教育也對我們在世界各地有所幫助。

A lot of what we own in education is not -- 80% of it is not our actual video content.

我們在教育領域擁有的很多東西都不是——其中 80% 不是我們實際的視頻內容。

It's curriculum-based science, social studies, and education material.

它是基於課程的科學、社會研究和教育材料。

And so when we go around the world being able to have a discussion about where we are with digital content and the ability -- we provide, we find that often it's a helper.

因此，當我們環遊世界，能夠討論我們在數字內容和能力方面的進展時——我們提供，我們發現它通常是一個幫手。

So net-net, it's good for us to be in that business.

所以淨淨，對我們來說從事這項業務有好處。

It feels good to be in the business, and I think it helps us.

從事這項業務感覺很好，我認為這對我們有幫助。

Alan Gould, Evercore Partners.

Evercore Partners 的艾倫·古爾德 (Alan Gould)。

I've got two questions.

我有兩個問題。

David, what is the size of your library?

大衛，你的圖書館有多大？

And what's the number of hours you licensed to NetFlix?

您許可給 Netflix 的小時數是多少？

And, Brad, could you just give us scatter versus scatter for the 3Q and how that's pacing for 4Q?

而且，布拉德，你能告訴我們第三季度的分散與分散以及第四季度的節奏嗎？

We don't disclose the numbers.

我們不透露這些數字。

We have a 25-year library.

我們有一個 25 年的圖書館。

We own almost all of it.

我們幾乎擁有它的全部。

And in terms of the percentage that was in this NetFlix deal, the percentage isn't large.

就 Netflix 交易中的百分比而言，這個百分比並不大。

But we tried to be thoughtful with NetFlix as to what content we put on there to provide value to the users.

但我們試圖與 Netflix 深思熟慮，考慮我們放在那裡的哪些內容可以為用戶提供價值。

So there's a lot that isn't in there.

所以有很多東西不在那裡。

All of it's non-exclusive, as I said.

正如我所說，所有這些都是非排他性的。

Brad?

布拉德？

Sure with regard to scatter to scatter, it really depends on networks.

當然，關於分散到分散，它確實取決於網絡。

It's usually high single digits to double to teens, even low 20%s depending on which network when you compare year on year scatter, and that trend is somewhat similar scatter to scatter in the fourth quarter.

它通常是高個位數翻倍到十幾歲，甚至低 20%s，具體取決於您比較同比分散時的網絡，並且這種趨勢與第四季度的分散有點相似。

Michael Morris, Davenport.

邁克爾·莫里斯，達文波特。

Two questions.

兩個問題。

First, on the international side, double-digit ad growth in Western Europe, certainly very impressive, particularly in light of the health of the economy over there and what we're seeing in general in the ad marketplace.

首先，在國際方面，西歐的兩位數廣告增長肯定非常令人印象深刻，特別是考慮到那裡的經濟健康狀況以及我們在廣告市場上看到的總體情況。

Can you talk in a little more detail about -- I'm just trying to figure out going forward what this can look like.

你能否更詳細地談談——我只是想弄清楚這會是什麼樣子。

How much of that is share shift into pay TV, how much of it is you being able to roll out incremental channels?

其中有多少份額轉移到付費電視，有多少是您能夠推出增量頻道？

A little more detail on pricing versus units there would be helpful.

關於定價與單位的更多細節會有所幫助。

And then on ID we've seen the ratings growth for quite a number of quarters now.

然後在 ID 上，我們已經看到了很多季度的收視率增長。

But this is the first time at least that I can recall that you've really highlighted the financial power that you're seeing in that.

但至少這是我第一次記得你真的強調了你在其中看到的財務實力。

What happened in the third quarter to kind of kick that into gear?

第三節發生了什麼讓這種情況開始發揮作用？

And when we look at that guidance for ad growth in the fourth quarter, how much is ID contributing to that and how much of it is still your Big 2 networks?

當我們查看第四季度廣告增長的指導時，ID 對此做出了多少貢獻，其中有多少仍然是您的 Big 2 網絡？

Let me take the first.

讓我拿第一個。

ID is in there.

身份證在裡面

It's not that significant.

這並不重要。

The thing -- the opportunity for ID is that the CPM is still quite low, and we've been working very hard, Joe Abruzzese and his team.

事情 - ID 的機會是 CPM 仍然很低，我們一直在努力工作，Joe Abruzzese 和他的團隊。

We have a team selling just ID.

我們有一個團隊只賣身份證。

There's really nothing that's happened.

真的什麼都沒發生。

It continues to grow.

它繼續增長。

When we look at the fact that it's the Number 10 network in America, when you look in terms of all day rating, it's very powerful in terms of its reach and the amount of time people are spending with it.

當我們看到它是美國排名第 10 的網絡這一事實時，當您查看全天收視率時，它在影響範圍和人們花在它身上的時間方面非常強大。

So we have focused hard on how do we drive that CPM?

所以我們一直專注於我們如何推動 CPM？

I would say we're in the second inning of that.

我會說我們正處於第二局。

So we think we just have a lot of growth left on that asset.

所以我們認為我們在該資產上還有很多增長。

On international, in Western Europe, it was mostly market share.

在國際上，在西歐，主要是市場份額。

I'm going to let Brad speak to it.

我要讓布拉德發言。

But we launched a women's platform in Italy called Real Time, and it's the Number 8 channel in all of Italy.

但我們在意大利推出了一個名為 Real Time 的女性平台，它是整個意大利的第八大頻道。

And so by gaining market share, by launching, whether it be TLC or Real Time or ID, in some of those markets, we've been able to gain some share and then monetize that.

因此，通過獲得市場份額，通過推出，無論是 TLC 還是實時或 ID，在其中一些市場中，我們已經能夠獲得一些份額，然後將其貨幣化。

But Brad can give more specifics.

但布拉德可以提供更多細節。

Yes, with regard -- it really was share shifting.

是的，關於 - 這確實是份額轉移。

Italy was a big part of that, as well as TLC in the other countries I mentioned.

意大利是其中的重要組成部分，還有我提到的其他國家的 TLC。

We also -- it also was a pretty good environment for pay TV in terms of price for most of the markets.

我們也 - 就大多數市場的價格而言，這也是付費電視的一個非常好的環境。

I think the one hot market I would highlight that was not as favorable was the UK, and it is our largest market.

我認為我要強調的一個不太受歡迎的熱門市場是英國，它是我們最大的市場。

That offset a little bit of the growth that we are seeing in Western Europe.

這抵消了我們在西歐看到的一點點增長。

It was a combination of the elements that you walked through.

它是您所經歷的元素的組合。

Thank you, everybody, for joining us.

謝謝大家加入我們。

If you have any follow-up questions, feel free to give us a call.

如果您有任何後續問題，請隨時致電我們。

Ladies and gentlemen, that concludes today's conference call.

女士們，先生們，今天的電話會議到此結束。

You may now disconnect your lines, and have a wonderful day.

您現在可以斷開線路，度過美好的一天。