沉浸式翻譯

Case Study Report:
案例研究報告：

Disney Pixar Merger, More Than a Merger
迪士尼皮克斯合併，不僅僅是合併

A historic date, January 24, 2006, Disney announced its plan to acquire Pixar for a staggering $7.4 billion, in an all-stock deal. Disney’s purchase of the maker of the blockbuster films “Toy Story” and “Finding Nemo” would make Jobs Disney’s largest shareholder. Jobs, who owns more than half of Pixar’s shares and also heads Apple Computer Inc., will become a Disney director.
2006年1月24日，迪士尼宣布計劃以驚人的74億美元以全股票交易方式收購皮克斯。迪士尼收購了大片《玩具總動員》和《海底總動員》的製作方，這將使賈伯斯成為迪士尼的最大股東。賈伯斯擁有皮克斯一半以上的股份，同時也是蘋果電腦公司的負責人，他將成為迪士尼的董事。

Background
背景

Disney was the absolute king of cartoons and then the animation world by producing splendid features like Snow white and the seven dwarfs, Cinderella, Allice in wonderland, and so on.
迪士尼是卡通片的絕對之王，然後是動畫界，製作了白雪公主和七個小矮人、灰姑娘、愛麗絲夢遊仙境等精彩故事片。
However, the rise of Pixar as a game changer with 3D animation services and advanced rendering software made a serious warning to Disney’s empire. in 1991 Disney changed its hostile and competitive strategy into a more hospitable approach and made a historic deal with Pixar where $26 million was passed to the company.
然而，皮克斯憑藉 3D 動畫服務和高級渲染軟體成為遊戲規則改變者的崛起，對迪士尼帝國發出了嚴重警告。1991年，迪士尼將其敵對和競爭戰略轉變為更友好的方式，並與皮克斯達成了一項歷史易，將 2600 萬美元轉給了該公司。
With the unexpected success of Toy Story as the world’s first 3D feature film, Pixar literally surpassed all competitors.
隨著《玩具總動員》作為世界上第一部 3D 故事片的意外成功，皮克斯實際上超越了所有競爭對手。

when Bob Iger; CEO of Disney convinced Steve Jobs ,then he received $7.4 billion of Disney’s shares (Steve Jobs, beneficially owned approximately 51% of Pixar’s outstanding Common Stock as of May 2, 2005.)
當鮑勃·艾格（Bob Iger）;迪士尼首席執行官說服了史蒂夫賈伯斯，然後他獲得了74億美元的迪士尼股票（截至2005年5月2日，史蒂夫賈伯斯實益擁有皮克斯約51%的已發行普通股。）

Back to 2005
回到 2005 年

Disney’ CFO evaluated the Financial report of Pixar to provide insight information for CEO. If you are CFO, what kind of the financial ratios would you be provided and how you calculate the value of Pixar at April 2th,2005.
Disney 的 CFO 評估了 Pixar 的財務報告，為 CEO 提供了洞察資訊。如果你是首席財務官，你會得到什麼樣的財務比率，你如何計算皮克斯在 2005 年 4 月 2 日的價值。

PIXAR
皮克斯

BALANCE SHEETS
資產負債表

(Unaudited, in thousands, except share data)
（未經審計，以千計，共享數據除外）


	April 2, 4 月 2 日， 2005			January 1, 1 月 1 日， 2005
ASSETS
Cash and cash equivalents 現金和現金等價物	$	61,372		$	28,661
Investments 投資		814,691			826,123
Trade accounts receivable, net of allowance for doutbtful accounts of $177 as of April 2, 2005 and January 1, 2005 應收賬款，扣除截至 2005 年 4 月 2 日和 2005 年 1 月 1 日的 177 美元舊賬戶準備金		3,388			5,581
Receivable from Disney, net of reserve for returns and allowance for doubtful accounts of $7,511 and $3,479 as of April 2, 2005 and January 1, 2005, respectively 從 Disney 應收的應收賬款（扣除截至 2005 年 4 月 2 日和 2005 年 1 月 1 日的退貨準備金和呆賬準備金分別為 7,511 美元和 3,479 美元		179,495			68,074
Other receivables 其他應收賬款		9,872			8,307
Prepaid expenses and other assets 預付費用和其他資產		3,627			2,227
Deferred income taxes 遞延所得稅		81,115			70,424
Property and equipment, net 財產和設備，淨額		124,445			125,602
Capitalized film production costs, net 資本化電影製作成本，淨額		132,379			140,038

Total assets 總資產	$	1,410,384		$	1,275,037

LIABILITIES AND SHAREHOLDERS’ EQUITY 負債和股東權益
Accounts payable 應付帳款	$	1,629		$	5,392
Income taxes payable 應繳所得稅		52,946			14,077
Other accrued liabilities 其他應計負債		16,583			26,971
Unearned revenue 未實現的收入		8,840			8,502

Total liabilities 總負債		79,998			54,942

Commitments and contingencies 承諾和意外事件

Shareholders’ equity: 股東權益：
Preferred stock; no par value; 5,000,000 shares authorized, no shares issued and outstanding 優先股;無面值;5,000,000 股已授權股份，無已發行股份及流通股		—			—
Common stock; no par value; 200,000,000 shares authorized; 118,009,664 and 116,852,504 shares issued and outstanding as of April 2, 2005 and January 1, 2005, respectively 普通股;無面值;200,000,000 股授權;截至 2005 年 4 月 2 日和 2005 年 1 月 1 日，已發行股份分別為 118,009,664 股和 116,852,504 股		717,093			687,387
Accumulated other comprehensive loss 累計其他綜合損失		(3,513	)		(2,211	)
Retained earnings 留存收益		616,806			534,919

Total shareholders’ equity 股東權益總額		1,330,386			1,220,095

Total liabilities and shareholders’ equity 負債總額和股東權益	$	1,410,384		$	1,275,037

See accompanying notes to financial statements.
見財務報表附注。

PIXAR
皮克斯

STATEMENTS OF INCOME
收入報表

(Unaudited, in thousands, except per share data)
（未經審計，以千計，每股數據除外）


	Quarter Ended 季度結束
	April 2, 4 月 2 日， 2005		April 3, 4 月 3 日， 2004
Revenue: 收入：
Film 影片	$	157,912	$	51,092
Software 軟體		3,332		2,732

Total revenue 總收入		161,244		53,824

Cost of revenue 收入成本		27,457		5,904

Gross profit 毛利		133,787		47,920

Operating expenses: 運營費用：
Research and development 研發		2,824		3,398
Sales and marketing 銷售和行銷		762		372
General and administrative 一般和管理		4,375		3,076

Total operating expenses 總運營費用		7,961		6,846

Income from operations 經營收入		125,826		41,074
Interest income and other 利息收入及其他		4,776		2,896

Income before income taxes 所得稅前收入		130,602		43,970
Income tax expense 所得稅費用		48,715		17,228

Net income 淨收入	$	81,887	$	26,742

Basic net income per share 每股基本凈利潤	$	0.70	$	0.24

Shares used in computing basic net income per share 用於計算每股基本凈收入的股份		117,328		111,582

Diluted net income per share 攤薄後每股凈收益	$	0.67	$	0.23

Shares used in computing diluted net income per share 用於計算攤薄后每股凈收入的股份		122,464		117,214

See accompanying notes to financial statements.
見財務報表附注。

PIXAR
皮克斯

STATEMENTS OF CASH FLOWS
現金流量表

(Unaudited, in thousands)
（未經審計，以千計）


	Quarter Ended 季度結束
	April 2, 4 月 2 日， 2005			April 3, 4 月 3 日， 2004
Cash flows from operating activities: 經營活動產生的現金流量：
Net income 淨收入	$	81,887		$	26,742
Adjustments to reconcile net income to net cash provided by operating activities: 對凈收入與經營活動提供的凈現金的對賬調整：
Depreciation and amortization 折舊和攤銷		2,467			1,764
Capitalized film production costs 資本化的電影製作成本		(18,873	)		(14,137	)
Amortization of capitalized film production costs 資本化電影製作成本的攤銷		26,842			5,812
Provision for return reserves and allowance for doubtful accounts, net 返還準備金和呆賬準備金，凈額		4,032			26,204
Income from warrant received in connection with license agreement 從與許可協議有關的認股權證中獲得的收入		(843	)		—
Warrants adjustment to fair value 認股證公允價值調整		(75	)		—
Loss (gain) on sales of investments 出售投資的損失（收益）		191			(648	)
Tax benefit from stock option exercises 股票期權行使的稅收優惠		12,627			10,955
Deferred income taxes 遞延所得稅		(9,852	)		—
Changes in operating assets and liabilities: 經營資產和負債的變化：
Trade accounts receivable 貿易應收賬款		2,193			685
Receivable from Disney 從 Disney 收款		(115,453	)		(26,443	)
Other receivables 其他應收賬款		(1,565	)		1,061
Prepaid expenses and other assets 預付費用和其他資產		(59	)		(1,302	)
Accounts payable 應付帳款		(3,763	)		507
Other accrued liabilities 其他應計負債		(10,388	)		(1,328	)
Income taxes payable 應繳所得稅		38,869			(26,016	)
Unearned revenue 未實現的收入		(85	)		(2,152	)

Net cash provided by operating activities 經營活動產生的現金凈額		8,152			1,704

Cash flows from investing activities: 投資活動產生的現金流量：
Purchases of property and equipment 購買財產和設備		(1,782	)		(1,899	)
Proceeds from sales of property and equipment 出售財產和設備所得		162			—
Proceeds from sales of investments 出售投資收益		134,963			315,658
Purchases of investments 購買投資		(125,863	)		(331,533	)

Net cash provided by (used in) investing activities 投資活動提供（用於）的現金凈額		7,480			(17,774	)

Cash flows from financing activities: 融資活動產生的現金流量：
Proceeds from exercised stock options 已行使股票期權的收益		17,079			20,148

Net cash provided by financing activities 融資活動提供的現金凈額		17,079			20,148

Net increase in cash and cash equivalents 現金和現金等價物的凈增長		32,711			4,078
Cash and cash equivalents at beginning of period 期初現金和現金等價物		28,661			48,320

Cash and cash equivalents at end of period 期末現金及現金等價物	$	61,372		$	52,398

Supplemental disclosure of cash flow information: 現金流量信息的補充披露：
Cash paid during the period for income taxes 所得稅期間支付的現金	$	6,200		$	33,875

Supplemental disclosure of non-cash investing and financing activities: 非現金投融資活動補充披露：
Warrant received in connection with license agreement 收到的與許可協定相關的授權	$	1,266		$	—

Loss on equipment disposals capitalized as film production costs 作為電影製作成本資本化的設備處置損失	$	(310	)	$	—

Unrealized loss on investments, net of tax benefits 未實現的投資虧損，扣除稅收優惠	$	(1,302	)	$	(376	)

See accompanying notes to financial statements.
見財務報表附注。