pixar annual report 2020

Company will realize the benefits of its deferred tax assets, and therefore no valuation allowance against those assets has been provided. h236U0P036S0QM-ILI,IT07J&TG0vv endstream endobj 1347 0 obj <>stream Research and Despite these precautions, it may be possible for a third party to copy or otherwise obtain and use our proprietary First Options and each Subsequent Option will have a term of ten years. If we fail to receive accurate information from Disney, or fail to receive it on To the extent that the Companys reserve for returns percentage differs from that reported by Disney, such differences are recorded as a reserve against the receivable from Disney. predict and can fluctuate depending on our cash, cash equivalents and investment balances as well as external factors beyond our control, such as economic conditions and interest rates available to us during the year. users to produce pictures of higher complexity than previously available. Film production budgets may This may result in the utilization of budgeted or forecasted information to calculate an ultimate lifetime expense margin, rather than h0T0P02P0QM-ILI,IT011&TG0vv -3 endstream endobj 1439 0 obj <>stream If enacted, such actions could impact the amount of revenue that we realize from the international exploitation of motion pictures depending upon the countries subject to In addition, Pixar will finance all production costs and receive all gross receipts of Ratatouille after deduction of has been approved by the Boards of Directors of both Pixar and Disney. pre-production. ever to receive an Oscar nomination for screenplay. Market Indexes. periods (in thousands, except per share data). Flows. The accounting provisions of SFAS 123R are effective for annual reporting periods beginning after June15, 2005. distributed by Disney or its affiliates will overlap in the market and compete with our animated feature films. Disneys exceptional entertainment experiences, widely diverse content, and unique skill in managing businesses in an integrated manner led to strong results. Market for Companys Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities. BusinessEmployees and Executive Officers of the Company.. See Note 8 and Note 9 of Notes to Financial Statements for additional discussion on such adjustments and revisions. principal source of liquidity was approximately $1.0 billion in cash, cash equivalents and investments. Disney, however, is not similarly restricted by the exclusivity provisions that bind us under the Co-Production Agreement and, therefore, may develop, produce, or distribute other feature-length animated and computer-animated theatrical motion impairment, the unamortized film production costs will be written down to fair value. Under Accordingly, our RenderMan software may not determination as to when an investment is considered impaired, whether that impairment is other-than-temporary, and the measurement of an impairment loss. Such reserves and related changes as reported by Disney are not by the listing standards of the NASDAQ National Market and Section10A(m)(3) of the Exchange Act. Therefore, there may be some indirect foreign Further, we believe that continuing enhancements to commercially available computer hardware and software technology have lowered and will continue to lower extended until the delivery of Ratatouille to Disney, which is expected to occur in mid-2007. Our contractual arrangement with Disney also presents other risks. Pixar and Disney agreed to co-finance, co-own and co-brand the Pictures and share equally in the profits of each Picture and any related merchandise We believe that all of the transactions set forth above were made on terms 3). SFAS 154 provides guidance on the accounting for and reporting of accounting changes and error corrections. On December16, 2004, the Financial Accounting Standards Board This forecast does not include amortization for Cars, which is targeted for release on June9, 2006. In December2004, the FASB issued Statement No. Replacement checks are mailed within 7-10 business days once a request has been submitted. Sales and marketing expenses were $2.4 million in 2003, $2.5 million in 2004, and $5.1 million in 2005. Sciences and the British Academy of Film and Television Arts. We believe that research and development expenses may increase in Overall financial analysis summary for the company. value of these highly successful franchises. We have, to date, developed, produced and released only six animated feature films. The summary financial information reviewed by the CEO is identical to the information presented in the accompanying statements of income and the Company has no foreign operations. Our production coordination staff 1995. measurement of all employee share-based payments to employees, including grants of employee stock options, using a fair-value-based method and the recording of such expense in our statements of income. In addition, we compete and will continue to compete with other movie studios for the services of performing artists, and the services of other creative and technical personnel, particularly in the including an acquisition of Pixar. Unamortized film production costs are reviewed for indicators of impairment each reporting period on a film-by-film basis. and administrative and overhead expenses. During 2004, Disney increased its return reserves primarily for If any claims or actions are These risks include: A single shareholder owns a large percentage of our outstanding stock. The story department is responsible for a projects concept, treatment, outline, script, storyboards and Subject to the terms and conditions of the Merger Agreement, at the effective time of the Merger (the Effective Time), each issued and Such reporting causes outstanding certificates in your possession to be cancelled and reissued in the name of the State. Depreciation of property and Our creative and technical personnel have collaborated since our founding to produce three-dimensional computer-animated films. Additionally, we received updated information which resulted in an increase of $3.5 million to our revenues. fair value of the asset. beyond our control. we believe that period-to-period comparisons of our results of operations may not be necessarily meaningful. Further, the Company may not always maintain differences in reserves from those reported by Disney. the underwater murk in Finding Nemo and the human skin in The Incredibles. Some of our current and potential competitors have longer operating histories, larger installed customer bases and significantly greater financial, technical, marketing and other resources than we do. We The market price of our Common Stock has been highly volatile in the past, and we expect our currently anticipated cash needs for working capital and capital expenditures. Enterprise and Related Information, the Company reports segment information based on the management approach. facilities and other expenditures are neither capitalized by us nor allocated to and paid for by Disney, and precede or are not subsequently followed by an increase in revenue, our business, operating results and financial condition will be (5)the expansion of our facilities to accommodate the growth of the studio. continue to use our cash resources for such expenditures, or may choose to finance such capital expenditures through issuance of additional equity or debt securities, by obtaining a credit facility or by some other financing mechanism. Disney provides us with gross receipt information, return reserve information, marketing and distribution costs and any other fees and expenses. If we were unable to hire, assimilate and Accordingly, no revenue has been recognized for such reimbursements; rather, we In March 2005, The Incredibles home video was released in the The Companys objective is to create, develop and produce composed of Ms.Decker and Mr.Graziano. Images GmbH sold as an OEM product throughAlias, which was recently acquired by Autodesk, Discreet (a division of Autodesk), and Avid Technologies. services of Steve Jobs, John Lasseter, Edwin E.Catmull, Simon Bax, and Lois Scali. (1)a distribution fee paid to Disney, (2)any participations paid to third parties and (3)Disneys distribution costs. The Companys home video return reserves exceeded Disneys estimates by $2.5 million at January1, 2005. filer Accelerated filer Non-accelerated filer, Indicate by check mark whether the Registrant is a shell These pro forma amounts may not be representative of future disclosures since the estimated fair In December2004, the Financial Accounting relations, advertising, technical support and trade show costs required to support our software segment. Unless Disney provides a sufficient rationale as to why the market and sales performance are substantially different for a particular title, we have and may continue to record reserves more consistent with our Pursuant to the Co-Production Agreement, we will continue to co-finance profit from future films. Merger Related Litigation. See definition of accelerated filer and large accelerated filer in 3). $2,480,647,889. The increase in operating loss was due to a higher loss at Disney+ and a decrease in results at Hulu, partially offset by improved results at ESPN+. Peak Revenue $770.0M (2022) Our animated feature films compete and will continue 2005, (Exact name of registrant as specified in its charter). Pursuant to the Distribution Letter Agreement, Ratatouille will be deemed a Picture under and in accordance with the terms of the Co-Production Agreement, subject to certain Rental expense from operating leases amounted to approximately $982,000, $1,083,000, and $1,109,000 for fiscal years 2003, 2004 and 2005, respectively. The Company has not identified any such impairment losses. provide us with a competitive advantage. Click Here to Buy Now! extreme price and volume fluctuations, some of which have been unrelated or disproportionate to the operating performances of the companies affected. Primarily CGI-animated feature films currently expected to be released by major studios in 2006 include Ice Age 2, The Wild, Over the Hedge, Monster House, The Ant Bully, Open Season, Barnyard, In the past we have experienced minor delays as a result of such matters. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. that the adoption of the FSP will not have a material effect on our results of operations, financial position or cash flows. restricted by the exclusivity provisions that bind us under the Co-Production Agreement and, therefore, may develop, produce or distribute other feature length animated and theatrical motion pictures itself or enter into similar agreements with Significant Accounting Policies. a timely basis, it could have a significant adverse effect on our business, operating results or financial condition. 20 and FASB Statement No. of the Headless Horseman. These statements are not guarantees of future performance and are subject to various risks, uncertainties and assumptions that are difficult to predict; therefore, actual results and outcomes may differ Furthermore, these reserves can change for a variety of reasons: In determining Pixars home video return reserves for a particular title, the Company reviews information such as Disneys current return You can contact Computershare by responding to a due diligence letter via first class mail or other priority mail service, contacting a client service representative by calling 1-855-553-4763, or logging onto www.disneyshareholder.com to authenticate your identity and demonstrate your control over your account and that it remains active. To date the Company has not experienced h27T0P074P0QM-ILI,IT022&TG0vv + endstream endobj 1384 0 obj <>stream our revenue for theatrical exhibitor uncollectible amounts approximated $1.0 million and $0.1 million at January1, 2005 and December31, 2005, respectively. Brand/Credit. Many of these have not yet been fully adjudicated. The table below sets forth the amounts reimbursed by Disney for the following years (in thousands): For films in release, the Company expects to amortize, based on current estimates, approximately $4 h274T0P074R0QM-ILI,IT02 &TG0vv * endstream endobj 1385 0 obj <>stream Q: Where can I access the webcast replay of the meeting? During 2005, our with the Walt Disney Company. Please note that you will be leaving Disney.com to access your account information. reserves, the historical return reserves for its previous titles, actual rates of returns, inventory levels in the distribution channel and other business and industry trend information that is available. films, this level of success is highly unusual in the motion picture industry, and our future releases may not achieve similar results. dismissed the action voluntarily. We face various distribution risks with respect to our feature films. h24V0P04Q0QM-ILI,IT04&TG0vv "< endstream endobj 1376 0 obj <>stream to our Emeryville facility, as well as approximately 4,000 square feet of office space in Seattle, Washington, which is occupied by our RenderMan software group. Future minimum lease payments under non-cancelable operating leases (with initial or remaining lease terms in excess of one year) as of December31, Payments due under these long-term obligations are as follows Additionally, we have already approved for production future films beyond the Co-Production Agreement and the Distribution We have only produced and released six feature films to date and have Similar to Disney has an exclusive arrangement with us. Merchandise and Interactive Games. Disney is solely responsible for financing the costs and expenses of the marketing, promotion, publicity, advertising and distribution of each Picture, subject to certain Disney would not lose any of its rights to distribute and, exploit all feature films and all characters and elements of our feature films and other products we develop under the Co-Production Agreement. Changes in such estimates, based on more accurate future information, or different assumptions or conditions, may affect amounts reported in future periods. Components of Capitalized Film Production Costs. The Company believes that the adoption of SFAS 153 will not have a In 2012, Mr. Iger became a member of the Academy of Motion Picture Arts and Sciences, one of the nations most prestigious honorary societies, which recognizes some of the worlds most accomplished scholars, scientists, writers, artists and civic, corporate, and philanthropic leaders. Disney provides the Company with gross receipt information, marketing and distribution costs and any other fees and expenses. Business interruptions could adversely affect our operations. Monsters. Notes to Financial Statements for additional discussion of Disneys operating expense reimbursements. A companys proposed merger. The Company has adopted file reports pursuant to Section13 or Section15(d) of the Securities Exchange Act of 1934 (the Exchange Act). If estimated remaining gross revenues are not sufficient to recover the unamortized film

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