康卡斯特 (CMCSA) 2003 Q2 法說會逐字稿

Good day and welcome to the second-quarter earnings release conference call for Comcast Corporation.

美好的一天，歡迎參加康卡斯特公司第二季財報電話會議。

Today's call is being recorded.

今天的通話正在錄音。

At this time, for opening remarks and introductions, I would like to turn the call over to Executive Vice President Mr. John Alchin.

現在，我想將會議轉給執行副總裁約翰·阿爾欽 (John Alchin) 先生進行開場發言和介紹。

Thanks, operator, and welcome to our second-quarter 2003 earnings call.

感謝營運商，歡迎參加我們的 2003 年第二季財報電話會議。

Today, we are pleased to present you with our operating results for the second quarter and for each of our business segments; they are reporting an excellent quarter.

今天，我們很高興向您介紹我們第二季以及每個業務部門的經營業績；他們報告了一個出色的季度。

Before we proceed, I would like to refer everybody to our Safe Harbor disclaimer and remind you that this conference call may contain forward-looking statements subject to risks and uncertainties.

在我們繼續之前，我想請大家閱讀我們的安全港免責聲明，並提醒您，本次電話會議可能包含受風險和不確定性影響的前瞻性陳述。

Please refer to our 10-K for a list of the risks and uncertainties that could impact actual results.

請參閱我們的 10-K，以了解可能影響實際結果的風險和不確定性清單。

For opening remarks, I would like to pass to our CEO, Brian Roberts.

我想請我們的執行長 Brian Roberts 致開幕詞。

Thank you, John.

謝謝你，約翰。

Good morning.

早安.

We are thrilled with this quarter and the progress made on integrating AT&T Broadband.

我們對本季以及 AT&T 寬頻整合的進展感到非常興奮。

Almost every key metric is well ahead of our own schedule and the kind of expectations we had when we made the deal.

幾乎每個關鍵指標都遠遠超出了我們自己的計劃以及我們在達成交易時的預期。

As a result, we are raising guidance today on probably the two most critical metrics -- basic subscribers and operating cash flow.

因此，我們今天提高了可能是兩個最關鍵指標的指引——基本訂戶和營運現金流。

If you look at every key initiative, whether it's basic growth, cash flow, operating margin improvement, pace of system upgrades, each of those, new sales of high-speed Internet are taking place faster and the results are better than our early expectations.

如果你看看每一項關鍵舉措，無論是基本成長、現金流、營業利潤率改善、系統升級步伐，每一項，高速網路的新銷售都發生得更快，結果也好於我們早期的預期。

Basic subscribers grew 12,000 in the quarter, but as everyone knows, the second quarter is usually one of the low points in the year, if not the low point, for the seasonality of the cable business.

本季基本訂戶成長了 12,000 名，但眾所周知，對於有線電視業務的季節性而言，第二季即使不是一年中的低點，也通常是一年中的低點之一。

To actually have growth in the quarter is the first in several years for us.

對我們來說，本季真正成長是幾年來的第一次。

Last year, had the Company being combined on a pro forma basis, there was a loss of 133,000 in the second quarter.

去年，如果公司按預計合併，第二季虧損 133,000 美元。

That's a terrific and pretty important and impressive swing.

這是一個很棒、非常重要、令人印象深刻的揮桿。

The combined cash flow margin, 36.5 percent -- many of you know that when we first made the proposal for this idea, we were hoping to get there in several years, not in two quarters.

綜合現金流利潤率為 36.5%——你們很多人都知道，當我們第一次提出這個想法時，我們希望在幾年內實現這一目標，而不是兩個季度。

The AT&T systems are now at 32.3 percent margins versus 22.2 in the second quarter last year.

AT&T 系統目前的利潤率為 32.3%，而去年第二季為 22.2%。

Comcast historical systems have also enjoyed a great year, and the margins are up to 43 percent from 42.4.

康卡斯特歷史系統也度過了美好的一年，利潤率從 42.4% 升至 43%。

So, as good as these results are, you can say that obviously management can look at 32 percent to 43 percent and say there is still an opportunity and a long way to go.

因此，儘管這些結果很好，但你可以說，管理層顯然可以看到 32% 到 43% 的人，並說仍然有機會，而且還有很長的路要走。

As I mentioned, we thought it would take us three years initially, until 2005, to get this kind of cash flow improvement.

正如我所提到的，我們原以為最初需要三年時間，直到 2005 年，才能實現這種現金流量的改善。

We are now generating, for the entire company, nearly $300 per customer in EBITDA or in cash flow, 345 for Comcast historical, and 268 in the newly acquired systems.

現在，我們為整個公司為每位客戶帶來近 300 美元的 EBITDA 或現金流，為康卡斯特歷史公司帶來 345 美元，為新收購的系統帶來 268 美元。

Those systems are up 41 percent from $192 in the second quarter last year.

這些系統比去年第二季的 192 美元上漲了 41%。

We have not had an earnings call since our decision to sell QVC, so let me comment briefly on that.

自從我們決定出售 QVC 以來，我們還沒有召開過收益電話會議，所以讓我對此進行簡要評論。

It was a difficult, but I think, right decision for Comcast.

對康卡斯特來說，這是一個艱難的決定，但我認為這是正確的決定。

It allows us to reinforce our already strong balance sheet and position us for future growth opportunities.

它使我們能夠加強本已強勁的資產負債表，並為我們未來的成長機會做好準備。

We are very proud of the fact that we and Liberty together invested -- Comcast's share was $383 million in cash and QVC over the years, particularly in the 1995 buyout.

我們感到非常自豪的是，我們和 Liberty 共同投資，康卡斯特多年來持有的現金和 QVC 份額為 3.83 億美元，特別是在 1995 年的收購中。

The $7.9 billion that we're getting for our stake gives us a compound annual return of 37 percent on that cash investment.

我們透過股權獲得的 79 億美元現金投資的複合年回報率為 37%。

Since 1995, QVC's value has grown approximately 25 percent compounded.

自 1995 年以來，QVC 的價值複合成長了約 25%。

Some of the press has reported that we may be looking at other content assets, including Vivendi.

一些媒體報告說我們可能正在考慮其他內容資產，包括維旺迪。

Let me just take it now up front, and we're not going to take any questions on the matter because we can't.

讓我先說清楚，我們不會對此事提出任何問題，因為我們不能。

We can't comment, and have never commented on specific speculative transactions; what we have, I think, shown is a real discipline as both a buyer and seller, including QVC, Media One and AT&T Broadband.

我們無法發表評論，也從未評論過具體的投機交易；我認為，我們所展示的是作為買方和賣方的真正紀律，包括 QVC、Media One 和 AT&T Broadband。

We think we owe it to our shareholders to take advantage of the new platform and rapidly, radically changing balance sheet to look and evaluate new opportunities to see where the future is headed and to see how we can best create shareholder value, which is the number one motivator at Comcast, in the years ahead.

我們認為，我們有責任利用新平台和快速、徹底改變的資產負債表來尋找和評估新的機會，以了解未來的發展方向，並了解我們如何才能最好地創造股東價值，這是股東的責任.康卡斯特未來幾年的動力之一。

So no matter what we look at, we're going to continue to have the same financial discipline, the same commitment to paying down debt and balance-sheet leverage ratio improvements while keeping an eye on the future.

因此，無論我們如何看待，我們都將繼續保持相同的財務紀律，對償還債務和改善資產負債表槓桿率的承諾相同，同時關注未來。

And where that may take us, we just can't speculate.

我們無法推測這可能會帶我們走向何方。

I am very proud of how well the cable has functioned and the integration.

我對電纜的功能和整合效果感到非常自豪。

There is many, many details.

有很多很多細節。

Steve is going to take you through some of the highlights, but both the financial side of the Company and the operational side of the Company have really never been functioning better.

史蒂夫將帶您了解一些亮點，但公司的財務方面和公司的營運方面確實從未如此良好地運作過。

And I think this quarter, when you look at -- whether it's high-speed data, basic subs, margins, EBITDA -- this is a terrific moment in our Company's time.

我認為這個季度，無論是高速數據、基本訂閱、利潤率還是 EBITDA，這都是我們公司時代的一個了不起的時刻。

With that, let me kick it over to John.

那麼，讓我把它交給約翰。

Thanks, Brian.

謝謝，布萊恩。

I will review the consolidated results, then the material events of the second quarter and then move into the division results.

我將回顧合併業績，然後是第二季的重大事件，然後進入部門業績。

On a pro forma consolidated basis, we reported revenue up 10.2 percent to 5.7 billion, and cash flow up 32 percent to 1.83 billion.

在預計合併基礎上，我們報告營收成長 10.2%，達到 57 億美元，現金流成長 32%，達到 18.3 億美元。

Operating income for the three-month period was $611 million, a 28 percent increase over last year.

三個月期間的營業收入為 6.11 億美元，比去年增長 28%。

Our reported consolidated net loss of $22 million or 1 cent a share, as compared to a loss of 210 million last year in the same period, last year was driven primarily by non-operating items, principally losses on our AT&T investments.

我們報告的綜合淨虧損為 2,200 萬美元，即每股 1 美分，而去年同期的虧損為 2.1 億美元，去年主要是由非經營項目造成的，主要是我們 AT&T 投資的虧損。

Looking at the events that have impacted our balance sheet, debt at the end of the period was $26.7 billion, down from 27.2.

看看影響我們資產負債表的事件，期末債務為 267 億美元，低於 27.2 美元。

The $500 million reduction in total debt was due primarily to the proceeds obtained from the sale of our interest in the joint venture with Paul Allen, the proceeds of $728 million.

總債務減少 5 億美元，主要是因為出售我們與 Paul Allen 合資企業的權益而獲得的收益，即 7.28 億美元。

Our balance sheet is stronger than ever, and we are on track to report leverage ratios that will be stronger than we had when we announced the AT&T Broadband acquisition.

我們的資產負債表比以往任何時候都更強大，而且我們有望報告槓桿率，該比率將比我們宣布收購 AT&T Broadband 時的槓桿率更高。

And we continue to find opportunities and ways to pay down debt that is represented by our higher coupon debt securities.

我們繼續尋找機會和方法來償還以我們的高票息債務證券為代表的債務。

With respect to our AOL/Time Warner position, we continue to hold $1.5 billion of AOL securities and a 21 percent interest in Time Warner Cable.

就我們的 AOL/時代華納部位而言，我們繼續持有 15 億美元的 AOL 證券和時代華納有線 21% 的權益。

While these are non-strategic assets, we are very focused on and will pursue all avenues to monetarize these positions as efficiently as possible.

雖然這些是非戰略資產，但我們非常關注並將尋求一切途徑盡可能有效地將這些頭寸貨幣化。

We would obviously be open to any solutions that fit our strategic goals.

顯然，我們願意接受任何符合我們策略目標的解決方案。

A consensus of analysts estimates of the value of these assets, as well as our other partnership interests, exceeds $10 billion, which adds to our financial strength and flexibility.

分析師一致估計這些資產以及我們其他合作夥伴權益的價值超過 100 億美元，這增強了我們的財務實力和靈活性。

With respect to the QVC sale, on July 3, we announced the sale of our majority stake in QVC to Liberty Media for approximately $7.9 billion.

關於 QVC 的出售，7 月 3 日，我們宣布以約 79 億美元的價格將 QVC 的多數股權出售給 Liberty Media。

Upon closing, we will receive approximately 218 million shares of Liberty Media Series A common stock.

交易完成後，我們將獲得約 2.18 億股 Liberty Media A 系列普通股。

The remainder of the purchase price will be paid in the form of a three-year note bearing interest at LIBOR plus 150 basis points.

剩餘的購買價格將以三年期票據的形式支付，利息為 LIBOR 加 150 個基點。

We expect this transaction to close before year end, and at least one of the rating agencies, namely Moody's, has already raised their outlook on our debt securities to a stable position.

我們預計這項交易將在年底前完成，並且至少其中一個評級機構，即穆迪，已經將我們債務證券的前景上調至穩定。

QVC is consolidated in the second quarter, but will be reported as a discontinued operation in the third quarter of this year.

QVC 將在第二季進行合併，但將在今年第三季報告為終止營運。

Primarily as a result of the sizable tax gain that we have on the QVC sale, we currently estimate that total cash taxes for this year, primarily from the QVC gain and the Paul Allen put, will be between 1.2 and 1.6 billion.

主要由於我們在 QVC 出售中獲得了可觀的稅收收益，我們目前估計今年的現金稅總額（主要來自 QVC 收益和 Paul Allen 看跌期權）將在 120 至 16 億美元之間。

We still believe that we will not be a significant taxpayer until 2005.

我們仍然相信，直到 2005 年我們才能成為重要的納稅人。

Because of the pending sale of our 57 percent interest in QVC, I am going to restrict my comments on QVC's operation to a brief summary of the numbers.

由於我們即將出售 QVC 57% 的股權，我將把我對 QVC 營運的評論限制為對數字的簡要總結。

QVC's reporting revenue increased on a consolidated basis of 11 point -- sorry; increase of 11.3 percent to $1.1 billion and operating cash flow of 13.2 percent to $219 million.

QVC 的報告收入在綜合基礎上增加了 11 個百分點——抱歉；成長 11.3%，達到 11 億美元，營運現金流成長 13.2%，達到 2.19 億美元。

The increase in operating cash flow from the second quarter of last year is driven primarily by revenue growth and a 30 basis point increase in operating cash flow margins to 19.9 percent, up from 19.6 percent last year.

營運現金流較去年第二季成長主要是因為營收成長以及營運現金流利潤率增加 30 個基點至 19.9%，高於去年的 19.6%。

Although domestic results are lower than what QVC would have liked them have been, they are pleased with the international results, and expect to meet year-end consolidated guidance of high single-digit revenue growth and low double-digit cash flow growth for the year.

儘管國內業績低於 QVC 的預期，但他們對國際業績感到滿意，並預計今年將達到高單位數收入增長和低兩位數現金流增長的年底綜合指引。

Now, let's move on to the content business.

現在，讓我們轉向內容業務。

On a combined basis, our content and other businesses, which include our corporate overhead, generated revenue of $205 million, growth of 26.8 percent year over year.

綜合來看，我們的內容和其他業務（包括我們的公司管理費用）創造了 2.05 億美元的收入，年增 26.8%。

Operating cash flow was down $4 million compared to last year, primarily due to higher levels of corporate overhead offset by increased cash flow from our content businesses.

與去年相比，營運現金流減少了 400 萬美元，主要是由於我們的內容業務現金流增加抵消了公司管理費用的增加。

As you'll see in table four, in the footnote number four to that in the press release, our cable networks, including Comcast Spectacor, reported combined revenue of $220 million, up 22 percent from a year ago.

正如您將在表四、新聞稿的腳註四中看到的那樣，我們的有線電視網絡（包括 Comcast Spectacor）報告的綜合收入為 2.2 億美元，比一年前增長了 22%。

Cash flow was up even more, at 23 percent, to $69 million.

現金流量增幅更大，達到 6,900 萬美元，增幅為 23%。

The content group, net of the developing channels G4 and OLN produced revenue growth of almost 21 percent and cash flow growth of almost 35 percent, well ahead of our high single-digit revenues and mid- to high-teen operating cash flow guidance for the year.

在扣除發展中的通路 G4 和 OLN 後，內容集團的收入成長了近 21%，現金流成長了近 35%，遠高於我們的高單位數收入和中高青少年營運現金流指導。年。

E!, The Golf Channel and Comcast Spectacor each reported revenue growth above 17 percent and cash flow growth above 25 percent.

E!、高爾夫頻道和 Comcast Spectacor 均報告收入增長超過 17%，現金流增長超過 25%。

These impressive results reflect the increase in distribution and advertising revenues at each one of the cable channels, and additional playoff activity at Comcast Spectacor.

這些令人印象深刻的業績反映了每個有線頻道的發行和廣告收入的增加，以及 Comcast Spectacor 的額外季後賽活動。

E! had a fantastic second quarter, reporting the highest rated June, total day and prime-time delivery ever, fueled by new series launchings throughout the month.

呃！第二季的表現非常出色，六月的收視率、總日數和黃金時段的投放量創下歷史新高，這得益於整個月新系列的推出。

Golf Channel compared to build upon its core niche strength, with extensive coverage of the Masters, U.S.

相較之下，高爾夫頻道則以其核心利基優勢為基礎，廣泛報導美國大師賽。

Open and Anika Sorenstam's groundbreaking play at the BofA Colonial.

公開賽和阿尼卡·索倫斯坦 (Anika Sorenstam) 在美國銀行殖民地球場 (BofA Colonial) 的開創性比賽。

And G4 continues to expand its distribution.

而G4也持續擴大其發行範圍。

But a real special mention for OLN, even though this really relates to the third quarter, not the second quarter.

但真正要特別提及的是 OLN，儘管這確實與第三季有關，而不是第二季。

OLN's coverage of the Tour de France was outstanding, leading to record-breaking ratings for the network, as the tour ratings were more than double what they were a year ago.

OLN 對環法自行車賽的報導非常出色，創下了該網絡的收視率紀錄，環法自行車賽的收視率是一年前的兩倍多。

Now, let's move onto the cable division.

現在，讓我們進入電纜部門。

As Brian described, cable is reporting a fantastic quarter that is all about great execution on all fronts.

正如布萊恩所描述的，有線電視報告了一個出色的季度，這一切都與各方面的出色執行有關。

The list of accomplishments is nothing short of outstanding.

所取得的成就堪稱傑出。

First of all, the basic sub losses have now reverted to significant subscriber gains, and we are increasing our subscriber gains for the second time this year.

首先，基本的子用戶損失現在已經恢復為顯著的用戶收益，我們今年第二次增加了用戶收益。

Secondly, the acquired systems margins are up over 1,000 basis points, and we are increasing operating cash flow guidance by 100 million to a range of 6.3 to 6.4 billion.

其次，收購的系統利潤率提高了 1,000 個基點以上，我們將營運現金流指引增加 1 億至 6.3 至 64 億。

Thirdly, high-speed Internet subscriber net additions are up 33 percent year over year, and in addition, ARPU was up about 4 percent to $43.34, despite all the reports of increased competition.

第三，高速網路用戶淨增量年增 33%，此外，儘管所有報告都顯示競爭加劇，但 ARPU 仍成長約 4%，達到 43.34 美元。

We will meet our guidance of 1.6 million net adds for the year, to finish the year with at least 5.2 million high-speed Internet subscribers.

我們將達成今年淨增加 160 萬的目標，年底時高速網路用戶數量至少達到 520 萬人。

Fourthly, our rapidly expanding VOD and high-definition television footprints, or with those rapidly expanding footprints, our digital product is now more compelling to a larger potential audience, and more profitable as we drive average revenue per digital subscriber up almost 6 percent to $15.28.

第四，我們快速擴張的VOD 和高清電視足跡，或者說隨著這些快速擴張的足跡，我們的數位產品現在對更多的潛在受眾更具吸引力，並且隨著我們將每個數位訂戶的平均收入提高近6% 至15.28 美元，我們的利潤也會更高。

And again, we are reiterating our guidance of 950 to 1 million net adds for the year.

我們再次重申今年淨增加 9.5 至 100 萬的指導方針。

The last key point -- our rebuilds are well ahead of schedule, and we will rebuild approximately 50,000 miles of plant (ph) this year, 10 percent more than originally estimated but, equally importantly, for the same capital budgets that we announce at the beginning of the year.

最後一個關鍵點——我們的重建遠遠提前於計劃，今年我們將重建約50,000 英里的工廠(ph)，比最初估計的多10%，但同樣重要的是，我們在2017 年宣布的資本預算同。年初。

These are outstanding results, so let's look into them in some more detail.

這些都是非常出色的結果，所以讓我們更詳細地研究一下它們。

Pro forma revenue for the quarter was 4.4 billion, up 9.2 percent.

該季度預計營收為 44 億美元，成長 9.2%。

Pro forma operating cash flow, 1.6 billion, up 35.7 percent.

預計經營現金流16億元，年增35.7%。

Included in the second-quarter 2002 numbers, though, was a $100 million charge related to acquisition and employee terminations at AT&T Broadband.

不過，2002 年第二季的數據還包括與 AT&T Broadband 的收購和員工解僱相關的 1 億美元費用。

Excluding that one-time charge, operating cash flow grew 25 percent, still a spectacular result.

除去一次性費用，營運現金流成長了 25%，仍然是驚人的結果。

As Brian mentioned, operating cash flow margins for the second quarter grew over 700 basis points to 36.5 percent.

正如布萊恩所提到的，第二季的營運現金流利潤率成長了 700 個基點，達到 36.5%。

Obviously, the majority of the margin improvement came from our newly acquired systems, which improved, as I said before, over 1,000 basis points.

顯然，大部分利潤率改善來自我們新收購的系統，正如我之前所說，該系統改善了超過 1,000 個基點。

But while we focus on the tremendous achievements of the newly acquired systems, as Brian pointed out, we should not overlook the Comcast historical systems that continue to perform very strongly, with revenue up almost 11.5 percent, cash flow up 13 percent, and more impressively, annualized operating cash flow per sub of $345.

但是，正如布萊恩指出的那樣，雖然我們關注新收購系統所取得的巨大成就，但我們不應該忽視康卡斯特歷史系統，它們繼續表現強勁，收入增長了近11.5%，現金流增長了13 %，更令人印象深刻的是，每子年化營運現金流為 345 美元。

Due to the strong performance across all aspects of the cable operation in the first half of the year, we are raising 2003 guidance for operating cash flow to 6.2 -- sorry, from 6.2 to 6.3 by $100 million to $6.3 to $6.4 billion.

由於今年上半年電纜業務各方面的強勁表現，我們將 2003 年經營現金流指導值提高到 6.2——抱歉，從 6.2 到 6.3 提高了 1 億美元到 6.3 到 64 億美元。

Steve will outline initiatives that are yielding substantial positive results that cover all areas including headcount reduction, programming cost savings and other cost-saving initiatives.

史蒂夫將概述正在產生實質積極成果的舉措，這些舉措涵蓋所有領域，包括裁員、節省程式成本和其他成本節約舉措。

Total video revenue increased 5.1 percent in the quarter to just north of $3 billion, driven by basic rate increases and higher digital cable revenue, and offset by a significant decline of over 22 percent in pay-per-view revenue.

在基本費率成長和數位有線電視收入增加的推動下，本季視訊總收入成長了 5.1%，達到 30 億美元以上，但被按次付費收入大幅下降 22% 以上所抵消。

We have had the second consecutive quarter of positive basic subscriber growth, adding over 12,000 subscribers in the quarter.

我們連續第二季實現基本訂戶正成長，本季新增訂戶超過 12,000 名。

We gained 35,200 basic subscribers in the AT&T Broadband systems, as we continued to focus on markets with successful customer initiatives, which Steve will talk about in more detail.

隨著我們繼續專注於擁有成功客戶計劃的市場，我們在 AT&T 寬頻系統中獲得了 35,200 名基本用戶，史蒂夫將更詳細地討論這一點。

This growth represents a significant turnaround from the second quarter last year, when the same systems lost 123,000 subscribers.

這一成長與去年第二季度相比出現了重大轉變，當時同一系統失去了 123,000 名用戶。

In the first half of the year, we have added 69,000 net additions to basic subscribers, compared with a loss of 272,000 in the first half of last year.

今年上半年，我們的基本用戶淨增加6.9萬戶，而去年上半年則淨增加27.2萬戶。

This 340,000 subscriber turnaround is a tremendous accomplishment in such a short period of time, and we are well on our way to reaching the new goal we have of 125,000 to 150,000 net basic additions for the year.

在如此短的時間內實現 34 萬名訂閱用戶的周轉是一項巨大的成就，我們正在順利實現今年基本淨增加 125,000 至 150,000 名的新目標。

However, I would remind everybody that the third quarter will be seasonally slow, probably flat to down a couple of 1,000, as we had seen in the past.

不過，我要提醒大家的是，第三季將出現季節性放緩，可能會持平甚至下降 1,000 人，正如我們過去所看到的那樣。

But we expect to have a tremendous fourth quarter, as we have in the past.

但我們預計第四季度將會表現出色，就像過去一樣。

On the digital cable product, average revenue per subscriber for digital subscribers increased almost 6 percent year over year to $15.28.

在數位有線產品方面，數位訂戶的平均收入年增近 6%，達到 15.28 美元。

We added 162,000 digital subscribers during the second quarter, in line with the first quarter.

第二季我們增加了 162,000 名數位訂閱用戶，與第一季持平。

We're showing a slower rate of net additions this year, as we reprice and repackage the newly acquired -- the digital offering in the newly acquired systems.

由於我們對新收購的產品重新定價和重新包裝——新收購系統中的數位產品，今年我們的淨增加速度有所放緩。

As you will hear from Steve in a little while, we are focusing heavily on the profitability of the digital offering rather than unit growth.

正如您稍後會從史蒂夫那裡聽到的那樣，我們將重點關注數位產品的盈利能力，而不是單位增長。

We finished the second quarter with 6.95 million digital subscribers, up 19 percent from where we reported a year ago.

第二季結束時，我們的數位訂閱用戶數量為 695 萬，比去年同期成長 19%。

Digital subscriber penetration is now at 32.5 percent.

數位用戶滲透率目前為 32.5%。

The next phase of the digital rollout that enhances the offering with video-on-demand and high-definition television, is well underway.

下一階段的數位化部署正在順利進行，該階段將增強視訊點播和高清電視的服務。

At the end of the second quarter, 54 percent of our subscriber base can now get high-definition television, including major markets among the newly acquired systems such as Seattle, Chicago and Boston.

截至第二季末，我們 54% 的用戶群現在可以觀看高清電視，其中包括西雅圖、芝加哥和波士頓等新收購系統的主要市場。

By the end of the year, we expect to increase its availability to 65 percent of our total subscriber base.

到今年年底，我們預計將其可用性提高到總用戶群的 65%。

Video-on-demand at the end of the second quarter was available to 20 percent of our subscriber base, with nearly all of that availability in the Comcast systems.

第二季末，我們 20% 的用戶群可以觀看視訊點播，其中幾乎所有內容都可以在康卡斯特系統中觀看。

As we look to roll out the Philadelphia version of video-on-demand to newly acquired systems over the second half of the year, including to areas such as Boston, Atlanta and Pittsburgh.

我們希望在今年下半年向新收購的系統推出費城版本的視訊點播，包括波士頓、亞特蘭大和匹茲堡等地區。

By year end, we expect to have video-on-demand availability to 50 percent of all of our subscriber base, and we are reaffirming our digital guidance at between 950 to 1 million net adds for the year.

到年底，我們預計將有 50% 的訂戶提供視訊點播服務，並且我們重申今年的數位指導目標為淨增加 950 至 100 萬。

And what a great quarter it was, as well, for our high-speed Internet service.

對於我們的高速網路服務來說，這個季度也是一個非常好的季度。

In the face of a lot of reported increased competition, we added 351,000 high-speed Internet customers in a seasonally slow quarter, a 33 percent improvement in our year-over-year subscriber net additions.

面對大量報導競爭加劇，我們在季節性放緩的季度增加了 351,000 名高速網路客戶，用戶淨增量年增了 33%。

We finished the quarter with 4.4 million high-speed Internet subscribers, up fully 50 percent from last year.

本季結束時，我們擁有 440 萬高速網路用戶，比去年成長了 50%。

This represents a penetration rate now approaching 14 percent, exactly -- 13.7 percent.

這表明滲透率現已接近 14%，確切地說是 13.7%。

But the same time, and equally importantly, average revenue per subscriber for high-speed Internet subscriptions was up 3.6 percent to $43.34.

但同時，同樣重要的是，每個高速網路訂閱用戶的平均收入成長了 3.6%，達到 43.34 美元。

And sequentially, we are up 50 cents from the $42.80 which we reported at the end of the first quarter.

接下來，我們比第一季末報告的 42.80 美元上漲了 50 美分。

Year to date, we have added just about 770,000 subscribers, and we are about halfway to our 1.6 million net add goal for the year.

今年迄今為止，我們僅增加了約 77 萬訂戶，距離今年 160 萬淨增加目標的一半左右。

Our core video business has been historically seasonal, and we are seeing a little bit of seasonality in the high-speed data subscription just following the same pattern as the core video business.

我們的核心視訊業務在歷史上一直是季節性的，我們發現高速資料訂閱有一點季節性，遵循與核心視訊業務相同的模式。

So we have a number of initiatives that Steve is going to outline for the second quarter, and we continue to grow the footprint to which this product is available; we will be adding about 1,300 new retail locations in the second half of the year, and we remain confident that we will reach or exceed our goal of 5.2 million data subs for the end of the year.

因此，史蒂夫將在第二季度概述我們的一系列舉措，並且我們將繼續擴大該產品的覆蓋範圍；我們將在今年下半年新增約 1,300 個新零售點，我們仍然有信心在年底達到或超過 520 萬個數據訂閱者的目標。

Moving on to telephony, in the quarter, we saw a net loss of 52,000 subscribers.

轉向電話業務，本季我們的用戶淨流失 52,000 名。

By year end, we expect to be closer to the bottom end of the range of our guidance, which was to lose between a flat position to 150,000 current subscribers for the year.

到年底，我們預計將接近我們指導範圍的下限，即今年現有訂戶數量持平至 15 萬名。

Our focus has been on profitability, and we continue to improve the quality of the subscriber base rather than focusing on unit growth.

我們的重點一直是獲利能力，我們不斷提高用戶群的質量，而不是關注數量成長。

Steve well discuss the success that we have had in taking costs out of the phone business.

史蒂夫將討論我們在降低電話業務成本方面所取得的成功。

We have seen a marked improvement in bad debt, and telephony bad debt is now 40 percent lower than it was a year ago.

我們看到壞帳情況顯著改善，電話壞帳現在比一年前減少了 40%。

With respect to advertising sales, we are reporting advertising revenue growth of 8.3 percent.

在廣告銷售方面，我們報告廣告收入成長了 8.3%。

We are seeing 10 percent growth in the historical Comcast properties compared with high growth in the -- 7.3 percent growth in the newly acquired systems.

我們看到康卡斯特歷史資產成長了 10%，而新收購的系統則成長了 7.3%。

These results reflect ongoing success of the Comcast market-linked product.

這些結果反映了康卡斯特市場相關產品的持續成功。

Our regional fiber interconnect.

我們的區域光纖互連。

Today we have interconnect in about two-thirds of the markets that we serve.

如今，我們所服務的大約三分之二的市場都實現了互連。

In the second quarter, our local advertising business, which accounts for about 47 percent of new business, grew 3 percent.

第二季度，佔新業務約47%的本地廣告業務成長了3%。

Regional and national accounts, which account for about 43 percent of our business, grew fully 17 percent.

占我們業務約 43% 的區域和國家客戶成長了 17%。

So, as you can see, we are really reaping the benefits from our interconnect strategy.

因此，正如您所看到的，我們確實從我們的互連策略中獲益。

And the last point I would like to cover is that of the upgrade and CapEx.

我想談的最後一點是升級和資本支出。

During the second quarter, we rebuilt 16,000 miles of plant to finish the quarter with 89 percent of our footprint available with two-way digital and high-speed data service.

在第二季度，我們重建了 16,000 英里的工廠，到本季結束時，89% 的工廠都可提供雙向數位和高速數據服務。

Our newly acquired systems are now 85 percent two-way.

我們新收購的系統現在 85% 是雙向的。

That's up from 80 percent at the end of the first quarter.

這比第一季末的 80% 有所上升。

In the first half of the year, we have upgraded over 28,000 miles of plant, and we continue to expect that we will be 94 percent upgraded to two-way plant by the end of the year.

今年上半年，我們已經升級了超過 28,000 英里的工廠，我們仍然預計到年底，94% 的工廠將升級為雙向工廠。

We now expect to upgrade approximately 50,000 miles of plant this year, up from our original estimate of 46,000 miles, but we expect, as I said at the beginning of the call, to meet our rebuild guidance of approximately $1.3 billion and total CapEx guidance of $4 billion for the year.

我們現在預計今年將升級約 50,000 英里的工廠，高於我們最初估計的 46,000 英里，但正如我在電話會議開始時所說，我們預計將達到約 13 億美元的重建指導和總資本支出指導全年40億美元。

The rebuilds are moving ahead faster than we had anticipated.

重建工作的進展速度比我們預期的還要快。

We have completed major areas like Portland and twin cities ahead of time, and by year end, expect to complete other major centers such as Boston, Pittsburgh and Dallas.

我們已提前完成波特蘭、雙城等主要地區的建設，預計年底前完成波士頓、匹茲堡、達拉斯等其他主要中心區域的建設。

So in every respect, this has been a terrific quarter, with our exceeding all of our operational expectations and beating all original timing estimates.

因此，從各個方面來看，這都是一個了不起的季度，我們超越了所有營運預期，並超越了所有最初的時間估計。

With this, let me pass over to Steve for further detail on the cable operations.

說到這裡，讓我向史蒂夫詢問有關電纜操作的更多細節。

Thank you, John.

謝謝你，約翰。

Now, with two full quarters under our belts, I think it's fair to say we are off to a very solid start.

現在，我們已經完成了兩個完整季度的任務，我認為可以公平地說，我們已經有了一個非常堅實的開始。

If you go back to a year ago, that was really the time when we put together our business plan for integrating AT&T Broadband.

如果你回到一年前，那確實是我們制定整合 AT&T 寬頻業務計畫的時候。

Given the size and complexity of the challenge, we figured that a three-year time period was the right objective for us to accomplish the integration.

考慮到挑戰的規模和複雜性，我們認為三年時間是我們完成整合的正確目標。

We are now about eight months into it, and I would say we are about halfway complete in the task of integrating the two companies.

我們現在已經進行了大約八個月，我想說我們整合兩家公司的任務已經完成了一半。

If you measure it by margin, if you measure it by some of the new product and basic subscriber change, we are about halfway there.

如果你用利潤來衡量，如果你用一些新產品和基本訂戶變化來衡量，我們大約已經完成一半了。

And obviously, if somebody had told us a year ago that we would gain subs in the second quarter this year, or that we would be $100 million ahead of plan, or that we would have the QVC resolution or (indiscernible) resolution, we would have said that all seems too optimistic to believe.

顯然，如果有人一年前告訴我們，我們將在今年第二季度獲得訂閱者，或者我們將比計劃提前 1 億美元，或者我們將通過 QVC 決議或（難以辨認的）決議，我們會剛才所說的一切似乎都過於樂觀而令人難以置信。

So we really feel like we are in very good shape.

所以我們真的感覺我們的狀態非常好。

An interesting qualitative example of the kind of good fortune we are having is a year ago, we looked around for a corporate spokesperson to introduce Comcast to the 13.5 million AT&T subscribers, and we picked Lance Armstrong.

一個有趣的定性例子說明了我們所擁有的這種好運，一年前，我們四處尋找一位公司發言人來向1350 萬AT&T 用戶介紹康卡斯特，最後我們選擇了蘭斯·阿姆斯特朗(Lance Armstrong)。

So I think the stars are aligning a little bit here, and we feel very good about the way things are going.

所以我認為這裡的星星有點對齊，我們對事情的進展方式感覺非常好。

At the same time we were putting together our plan and transferring 150 people into the AT&T systems a year ago, we also announced that we would have seven key priorities for 2003 for the cable business.

一年前，我們在製定計劃並將 150 名員工轉移到 AT&T 系統的同時，我們也宣布 2003 年有線電視業務將有七個關鍵優先事項。

You have heard all of these priorities before on previous calls, and part of the point of these priorities is they don't change.

您之前在先前的電話會議中已經聽說過所有這些優先事項，而這些優先事項的部分要點是它們不會改變。

We repeat them every chance we get.

我們一有機會就重複這些內容。

All of our management understands these are the priorities.

我們所有的管理階層都明白這些是優先事項。

We're not going to change them every quarter or even every year.

我們不會每個季度甚至每年都改變它們。

These are really the way that we are running the business, and what I would like to do is post you on how we are executing against these seven priorities.

這些確實是我們經營業務的方式，我想做的是向您介紹我們如何執行這七個優先事項。

To refresh your memory, the seven priorities are improving cash flow, turning around the basic sub loss, accelerating the rebuilds, accelerating the launch and rollout of high-speed data, improving the profitability of the digital and pay business, improving the efficiency and profitability of the telephone business by concentrating on costs and not units, and of course, improving customer service.

回憶一下，七個優先事項分別是改善現金流、扭轉基本子虧損、加快重建、加快高速數據的推出和推廣、提高數位和支付業務的盈利能力、提高效率和盈利能力電話業務的重點是成本而不是單位，當然還有改善客戶服務。

In terms of cash flow, our goal was to increase cash flow about 25 percent, from 5 billion to 6.2 to 6.3.

在現金流方面，我們的目標是增加現金流25%左右，從50億到6.2到6.3。

Based on the first six months, we are on track to beat that goal by about $100 million.

根據前六個月的情況，我們預計以約 1 億美元的價格超額完成這一目標。

I think the variance to our plan exists on both the revenue side and the cost side, but is primarily on the cost side.

我認為我們的計劃在收入方面和成本方面都存在差異，但主要是在成本方面。

Our two biggest costs are headcount and programming.

我們最大的兩項成本是人員編制和程式設計。

Let me update you where we are on both of those.

讓我向您更新我們在這兩方面的進展。

We told you on the last call that we thought we could reduce headcount by about 5,000 people -- 1,500 heads in Denver and about 3,500 heads in the field.

我們在上次電話中告訴您，我們認為可以減少約 5,000 人——丹佛 1,500 人，現場約 3,500 人。

The Denver reduction is complete.

丹佛減持已完成。

We have transferred payroll and benefits and a lot of the residual activity in Denver has slowed down, so the 1,500 headcount reduction in Denver is now behind us, which left 3,500 headcount reduction in the field.

我們已經轉移了工資和福利，而且丹佛的許多剩餘活動已經放緩，因此丹佛的 1,500 名裁員現在已經成為過去，這使得現場減少了 3,500 名員工。

The field number now looks more like the reduction will be 5,500 instead of 3,500.

現在的字段數看起來更像是減少 5,500 個而不是 3,500 個。

And the reduction is coming out of both our own headcount and a reduction in full-time equivalent headcount in contractors.

減少的原因包括我們自己的員工人數和承包商全職等效員工人數的減少。

In fact, in some areas of the business, we are transferring contract work in-house, so we're not actually reducing 5,500 of our own heads in the field, but the financial impact is the same.

事實上，在業務的某些領域，我們正在將合約工作轉移到內部，因此我們實際上並沒有減少 5,500 名現場人員，但財務影響是相同的。

So, in effect, in the field, we are cutting about 40 percent more heads than we told you we were about three months ago.

因此，實際上，在現場，我們砍掉的人頭數量比大約三個月前告訴您的要多 40%。

The good news is that these cuts have not affected service, and I believe our service is better than it was before.

好消息是，這些削減並沒有影響服務，而且我相信我們的服務比以前更好。

Most of these cuts came from functions that had no customer interaction, and I believe we have eliminated a lot of bureaucracy.

這些削減大部分來自沒有客戶互動的職能，我相信我們已經消除了許多官僚主義。

We have reduced workloads, increased efficiencies.

我們減少了工作量，提高了效率。

So these cuts are really designed to get us back to where the headcount should be, and are not in any way affecting the service that our customers receive.

因此，這些裁員實際上是為了讓我們回到應有的員工人數，並且不會以任何方式影響我們的客戶所獲得的服務。

Moving onto programming, our goal for the year was to reduce our programming costs $270 million.

說到節目製作，我們今年的目標是減少 2.7 億美元的節目製作成本。

I think, in our minds, there's no question we will meet that goal.

我認為，在我們看來，毫無疑問我們會實現這一目標。

The question is how much we will exceed that goal.

問題是我們會超出這個目標多少。

There are a lot of moving pieces, and I think it's going to take some time for us to be more precise with the exact number.

有很多變動的部分，我認為我們需要一些時間才能更準確地了解確切的數字。

But I think it's fair to say that so far, our negotiations with the programmers have been handled in a professional way, behind closed doors, without any major interference with the service that we provide to our customers, and we are securing rights for things like SVOD and high-definition television, which in fact enhance the programming that we are offering our customers.

但我認為可以公平地說，到目前為止，我們與程式設計師的談判都是以專業的方式、閉門進行的，沒有對我們向客戶提供的服務造成任何重大干擾，並且我們正在確保諸如此類的權利SVOD 和高清電視實際上增強了我們為客戶提供的節目。

So the two big cost items in a cable company, headcount and programming, I think are both in very good shape.

因此，我認為有線電視公司的兩大成本項目——員工數量和節目製作——都處於非常好的狀態。

And other cost areas such as the telephone business, which I'll update you on, the high-speed data network, what we pay for digital set-top boxes -- really, in almost every aspect of the business, as we scale the business and start to manage our costs more aggressively, we're seeing results that are ahead of what we expected.

還有其他成本領域，例如電話業務（我將向您通報最新情況）、高速數據網路、我們為數位機上盒支付的費用——實際上，隨著我們規模的擴大，幾乎在業務的每個方面。業務並開始更積極地管理我們的成本，我們看到的結果超出了我們的預期。

As those of you who follow the business know well, there is real momentum in a cable business.

正如那些關注該行業的人所熟知的那樣，有線電視行業有著真正的發展勢頭。

Once the run rates go positive to plan or go negative to plan, there is a tremendous amount of momentum and inertia, and we feel very pleased that we are off on the positive side in terms of cash flow run rates, and expect those to continue as we go through the year and carry into 2004, as well.

一旦運行率達到計劃的正值或達到計劃的負值，就會產生巨大的動力和慣性，我們對現金流運行率處於積極的一面感到非常高興，並預計這種情況會持續下去當我們走過這一年並進入2004 年時。

Second priority -- basic subscribers.

第二優先級－基本訂戶。

I think the single biggest surprise to our management team is how fast the basic subscriber situation has turned around.

我認為對我們的管理團隊來說最大的驚喜是基本訂戶狀況的轉變速度有多快。

For the first half, to swing from -270,000 for the combined two companies to +69,000, to us, is remarkable.

上半年，兩家公司合併後的銷售額從-270,000 增加到我們的+69,000，這是非常了不起的。

And gaining subscribers in the second quarter, I think, was almost unthinkable when we put our plan together.

我認為，當我們制定計劃時，在第二季度獲得訂閱者幾乎是不可想像的。

The basic subscriber situation, as important as it is fundamentally and economically, I think, is about as good an indication of the health of your relationship with your customers as you can find.

我認為，基本訂戶狀況無論從根本上或經濟上都很重要，是您與客戶關係健康狀況的最佳指標。

If you think about it, if your customers are happy, it goes without saying they are more likely to stay with the company.

如果你想一想，如果你的客戶感到高興，那麼不言而喻，他們更有可能留在公司。

So, to address this kind of subscriber loss this quickly and gain subscribers, we think, bodes well for the health of the business in many ways.

因此，我們認為，能夠如此迅速地解決這種用戶流失問題並獲得用戶，在許多方面都預示著業務的健康發展。

And really, this turnaround is the result of literally thousands of decisions.

事實上，這種轉變其實是數千個決定的結果。

It's a hard-to-believe number, but we process 200 million phone calls a year.

這是一個令人難以置信的數字，但我們每年處理 2 億通電話。

And if you think of all of those relationships, 5 million or thereabouts connects and disconnects a year, each of those transactions is an opportunity to do a good job or to not do a good job.

如果你考慮所有這些關係，每年有 500 萬左右的關係建立和斷開，那麼每一次交易都是做好或不做好工作的機會。

And those are the things which really, at a field level, change the business for the better or for the worse.

這些都是在現場層級真正改變業務的因素，無論是好是壞。

If you look at this quarter, the real star, in terms of gaining subscribers, was the AT&T Broadband side of the house, which gained about 35,000 subscribers.

如果你看看本季度，在獲得用戶方面，真正的明星是 AT&T 寬頻部門，它獲得了約 35,000 名用戶。

There are a number of reasons why this happened.

發生這種情況的原因有很多。

I think the first and most important is, it is a clear priority in the Company.

我認為首先也是最重要的是，這是公司明確的優先事項。

If you take any of our executives, and hopefully most of our employees, and say what is the most important thing this year, they will say gaining basic subscribers.

如果你讓我們的任何一位主管，希望是我們的大多數員工，說出今年最重要的事情是什麼，他們會說獲得基本訂閱者。

It's a priority in our incentives, in our budgeting, in our messaging, employee communications, everything else.

這是我們的激勵措施、預算、訊息傳遞、員工溝通以及其他一切的優先事項。

Local marketing was another very important part of this turnaround.

本地行銷是這項轉變的另一個非常重要的部分。

Our marketing -- the messaging in our messaging is basic subscribers, high-speed data.

我們的行銷－我們的訊息傳遞是基本訂閱者、高速數據。

It is not telephone, and that obviously has a big change in the business.

它不是電話，這顯然會為業務帶來很大的改變。

Satellite win back program is continuing to yield positive results.

衛星贏回計畫正在繼續取得積極成果。

Tap audit program -- we found certain areas of the AT&T business which have had very high effective (ph) service.

Tap 審計計劃－我們發現 AT&T 業務的某些領域擁有非常有效率的服務。

We have gone in and done audits, and gained back subscribers through that.

我們已經介入並進行了審核，並透過此重新獲得了訂閱者。

We launched a Hispanic marketing campaign.

我們發起了西班牙裔行銷活動。

Many of the areas that we serve have very large Hispanic populations, and Echostar in particular had very aggressive Hispanic marketing programs.

我們服務的許多地區都有大量西班牙裔人口，尤其是 Echostar 制定了非常積極的西班牙裔行銷計劃。

We are competing door-to-door and doing very well, and of course, we have retention teams in all the call centers.

我們正在挨家挨戶地競爭，而且做得非常好，當然，我們在所有呼叫中心都有保留團隊。

We are pleased with the quality of the subscribers that we are gaining.

我們對我們所獲得的訂閱者的品質感到滿意。

The level of discounting is actually lower in most areas of the business than it was a year ago, on the AT&T Broadband side.

實際上，AT&T 寬頻方面的大部分業務領域的折扣水準都低於一年前。

These are subscribers that are paying us what they ought to be paying as.

這些訂閱者向我們支付了他們應得的費用。

We believe ultimately that's good for the business, because they will be less likely to churn, and we will be less likely to have to do truck rolls (ph) and we'll save on the cost side.

我們相信這最終對業務有利，因為他們流失的可能性較小，我們也不太可能需要上門服務（ph），我們將節省成本。

So these are solid gains in subscribers, and we are very pleased that.

因此，訂閱者數量大幅增加，我們對此感到非常高興。

If you look at the guidance that we have now of 125,000 subscriber gain to 150,000 gain for the year, versus a loss last year of over 400,000 subscribers, the swing is over 500,000 subscribers.

如果你看看我們現在的指導，今年訂閱者數量增加 125,000 至 150,000 名，而去年訂閱者數量減少了 400,000 多，那麼波動幅度超過 500,000 名訂閱者。

And if you value a subscriber at $4,000 a subscriber, in effect, that swing in basic subscribers is worth over $2 billion in market value.

如果您以每位訂戶 4,000 美元的價格估價，那麼基本訂戶的波動實際上價值超過 20 億美元的市場價值。

And I think all of us understand how important that is to the Company, and really consider this the biggest success of the management team.

我認為我們所有人都明白這對公司有多重要，並真正認為這是管理團隊最大的成功。

Moving onto the third priority, which is rebuilds, our goal, which we announced at close, was to fully rebuild the AT&T systems by year end '04.

談到第三個優先事項，即重建，我們在結束時宣布的目標是在 04 年底之前完全重建 AT&T 系統。

When you translate that to miles, that's 65,000 miles that we need to rebuild.

如果將其換算為里程，我們需要重建 65,000 英里。

If you then say, let's do two-thirds or thereabouts of that mileage in the first year and a third in the second year, that equates to our budget of 46,000 miles this year.

如果你說，讓我們在第一年完成該里程的三分之二左右，在第二年完成三分之一，這相當於我們今年 46,000 英里的預算。

We've rebuilt 16,000 miles in the second quarter alone, and year to date have rebuilt 28,000 miles, which is an easy number to say on a call like this, but involves a tremendous amount of work.

光是第二季我們就重建了 16,000 英里，今年迄今已重建了 28,000 英里，在這樣的電話會議上說起來很容易，但涉及大量工作。

It compares to a combined rebuild number for the two companies last year of less than 7,000 miles, so we have ramped up the rebuild activity fourfold versus last year.

相比之下，去年兩家公司的重建總里程不到 7,000 英里，因此我們將重建活動比去年增加了四倍。

Rebuilds put a tremendous amount of pressure on local management teams and call centers, technical teams.

重建給當地管理團隊、呼叫中心、技術團隊帶來了巨大的壓力。

It is a real distraction, and to be able to rebuild at a rate which is probably unequaled in the history of the cable business, and add basic subscribers and add cash flow, is a real testament to our team that things are going so smoothly.

這確實讓人分心，能夠以有線電視行業歷史上可能無與倫比的速度進行重建，並增加基本訂戶和現金流，這對我們的團隊來說是一個真正的證明，一切進展順利。

Moving onto the fourth priority, high-speed data, it seems like every other week there is a different announcement made by the telephone companies about the DSL business.

轉向第四個優先事項，即高速數據，電話公司似乎每隔一周就會發布有關 DSL 業務的不同公告。

Let me assure you we take each of these announcements very seriously, but so far don't see anything on the horizon that changes our excitement for us business, or that we feel necessitates a change in our strategy.

讓我向您保證，我們非常認真地對待每項公告，但到目前為止，沒有看到任何會改變我們對業務的興奮感的事情，或者我們認為有必要改變我們的策略。

The 350,000 subscriber number for the quarter was a strong showing.

本季 35 萬名訂戶數量表現強勁。

We are now, as John mentioned, 765,000 subscribers or thereabouts for the first half.

正如約翰所提到的，我們現在上半年的訂閱者數量約為 765,000 名。

That is significantly ahead of the budget that we set for ourselves.

這大大超出了我們為自己設定的預算。

If we increase our adds in the second half by 5 percent, we will hit the guidance number of 5.2 million, and we feel quite confident that's going to happen.

如果我們下半年的新增人數增加 5%，我們將達到 520 萬的指導數字，我們對此充滿信心。

During the quarter, we had a number of things going on in the high-speed data business that went smoothly, but required a significant amount of attention.

本季度，我們在高速數據業務方面發生了許多事情，進展順利，但需要大量關注。

We converted people who had the ATTBI homepage and e-mail over to Comcast.net during the quarter.

我們本季將擁有 ATTBI 主頁和電子郵件的使用者轉至 Comcast.net。

We also -- many of the systems where AT&T Broadband was not charging high-speed data, only subs, incrementally if they did not take the video high-speed data bundle -- many of the systems got that price increase during the second quarter, which probably cost us some subscribers, but we are very confident in the second half of the year and should accelerate from the pace that we had in the first half of the year.

我們也——許多 AT&T 寬頻不收取高速數據費用的系統，如果不採用視訊高速數據捆綁，則只收取訂閱費用——許多系統在第二季度都漲價了，這可能會讓我們失去一些訂戶，但我們對下半年非常有信心，應該會比上半年加快腳步。

Also, as John mentioned, we talk a lot about units.

另外，正如約翰所提到的，我們談論了很多關於單位的內容。

But the fact that our ARPU went up during the quarter, we think, is significant.

但我們認為，本季 ARPU 上升的事實意義重大。

I would not expect ARPU to increase in the third or fourth quarter, but we have such a large base now that the promotional discounting the we are doing, I don't think, is going to make a very measurable dent in the number, and it should stay well over $40 per subscriber.

我不認為 ARPU 在第三或第四季度會增加，但我們現在擁有如此大的基數，我認為我們正在進行的促銷折扣不會對數字產生非常可觀的影響，並且每個訂閱者的費用應該遠高於40 美元。

Our strategy is to not reduce price.

我們的策略是不降價。

We think the price point is fair, if you consider the alternative being a second line and an AOL account.

如果您考慮使用第二條線和 AOL 帳戶作為替代方案，我們認為價格是公平的。

The price point is fair for the value that we're delivering.

對於我們提供的價值來說，價格點是公平的。

We still have very strong market share.

我們仍然擁有非常強大的市場份額。

An easy way to look at it -- if we gained 350,000 subscribers during the quarter and Verizon gained 101,000 subscribers, they did so on a bigger footprint than we have.

一個簡單的方法是，如果我們在本季度增加了 35 萬名用戶，而 Verizon 增加了 101,000 名用戶，那麼他們的覆蓋範圍就比我們更大。

So I think that is a directional indication that we're still doing quite well in the marketplace, and we think some of that is due to marketing and hustling.

所以我認為這是一個方向性的跡象，表明我們在市場上仍然表現得很好，我們認為其中部分原因是行銷和推銷。

But a lot of it is due to having a better, more reliable platform.

但這很大程度是因為擁有更好、更可靠的平台。

And our goal, rather than reducing price, is to try to leverage that platform in any way we can.

我們的目標不是降低價格，而是嘗試以任何方式利用平台。

We are particularly excited about retail.

我們對零售業感到特別興奮。

We have 3,200 retail stores right now in our footprint, which is about double what we had last year as a combined company.

目前，我們擁有 3,200 家零售店，大約是去年合併後公司數量的兩倍。

That number should go to 3,800 by the end of the year, and for example, we added 700 Radio Shack stores just last month.

到今年年底，這個數字應該會達到 3,800 家，例如，我們上個月就增加了 700 家 Radio Shack 商店。

And when you add these stores, each store does a certain amount of units per week like clockwork; it's a tremendous benefit to the business.

當你添加這些商店時，每個商店每週都會像發條一樣生產一定數量的商品；這對企業來說是一個巨大的優勢。

DSL, by and large, cannot reliably distribute through retail, because obviously, to distribute through retail, the retailer has you know if you have an address, whether you can get service or not.

總的來說，DSL 無法透過零售可靠地進行分發，因為顯然，要透過零售進行分發，零售商需要知道您是否有地址，是否可以獲得服務。

And so far, DSL can't do that, so that's a competitive point of difference.

到目前為止，DSL 還無法做到這一點，因此這是一個競爭點。

Also, quite recently, we signed a deal with Dell that will allow anybody buying a computer with Dell to automatically know whether that person is in the Comcast footprint and get set up for high-speed data and generate the order directly to us.

此外，最近，我們與戴爾簽署了一項協議，允許任何從戴爾購買電腦的人自動知道該人是否在康卡斯特足跡中，並設置高速數據並直接向我們生成訂單。

So we talk about retail points of distribution as being stores, but I think the Dell deal is an excellent example of using other distribution mechanisms to accelerate our business, again in a way that is hard for DSL to do.

因此，我們將零售分銷點稱為商店，但我認為戴爾交易是使用其他分銷機制來加速我們業務的一個很好的例子，同樣以 DSL 難以做到的方式。

The second area that we would like to leverage regarding our platform is speed, and we're looking very careful increasing our speed from 1.5 down to 3 down, and we're testing that in several markets.

關於我們的平台，我們希望利用的第二個領域是速度，我們正在非常謹慎地將速度從 1.5 降低到 3 降低，並且我們正在多個市場進行測試。

It is not a major increase in cost, and we think that is a way to continue to refine our product and improve it.

這並不是成本的大幅增加，我們認為這是繼續完善我們的產品並改進它的一種方法。

The third idea for increasing the value side of the equation is what we provide in terms of portal and services.

增加等式價值的第三個想法是我們在入口網站和服務方面提供的內容。

We improved our portal, did a new launch of our portal the first of July.

我們改進了入口網站，並於 7 月 1 日推出了新的入口網站。

We are working on another new launch for this fall, and we have a lot of applications that we're very excited about -- video chat.

我們正在努力在今年秋天推出另一款新產品，我們有很多令我們非常興奮的應用程式——視訊聊天。

We have something called The Wheel, which is a way to show video clips in a very creative, user-friendly way.

我們有一種叫做「The Wheel」的東西，這是一種以非常有創意、用戶友好的方式展示影片剪輯的方式。

Our Wi-Fi tests are going very well, so I think Wi-Fi is something that we're going to be expanding, all with an eye to working on the value side of the equation and further improving our product.

我們的 Wi-Fi 測試進展順利，所以我認為 Wi-Fi 是我們將要擴展的東西，所有這些都是著眼於等式的價值方面並進一步改進我們的產品。

When you then go to promotions, the vast majority of our systems now are running 1995 promotions for either three or six months, depending on local competition.

當您進行促銷活動時，我們的絕大多數系統現在都在運行 1995 年的促銷活動，為期三個月或六個月，具體取決於當地的競爭情況。

We think it's smart to do those promotions for a period of time and then bring the price right back up to where it should be after the promotions are over.

我們認為，明智的做法是先進行一段時間的促銷活動，然後在促銷結束後將價格恢復到應有的水平。

And those, of course, are going well.

當然，這些進展順利。

We have one particular promotion that worked quite well in the mid-Atlantic area that we call it Instant Install, where we run cross-channel spots that say, wouldn't you like to have a high-speed data connection?

我們有一項特別的促銷活動，在大西洋中部地區效果很好，我們稱之為“即時安裝”，我們在那裡運行跨渠道廣告，說“您不想擁有高速數據連接嗎？”

If you call us today, we will install your service today.

如果您今天致電我們，我們今天將為您安裝服務。

And it's gotten a tremendous response in the mid-Atlantic region.

它在大西洋中部地區引起了巨大反響。

Interestingly, the majority of people do not want the install that day.

有趣的是，大多數人並不希望當天進行安裝。

If they do, we currier a modem to their house, but the majority of people say I like the fact that I could do it today if I wanted to.

如果他們這樣做了，我們就會送一個調變解調器，但大多數人說我喜歡這樣一個事實：如果我願意的話，我今天就可以做到這一點。

But why don't you set up the installation for two days from now, or just mail me the modem in a regular service timeframe.

但為什麼不從現在起兩天內進行安裝，或在常規服務時間內將調變解調器郵寄給我。

One of the reasons why we like this promotion is because in most areas, DSL's installation windows are out many, many days.

我們喜歡這次促銷活動的原因之一是因為在大多數地區，DSL 的安裝窗口已經關閉了很多很多天了。

So this is a great way for us to leverage the fact that our technology is such that we can do an instant install, and hammer home the fact and get the fact out in the marketplace that our network is better and we can instantly install if a customer so chooses.

因此，對我們來說，這是一個很好的方式來利用我們的技術，我們可以進行即時安裝，並強調這一事實，並在市場上宣傳我們的網路更好，如果有的話，我們可以立即安裝。顧客如此選擇。

So our strategy, we think, is the right one.

因此，我們認為我們的策略是正確的。

We're going to continue to compete very aggressively, like the hand we have, and are very much excited with the growth prospects for this business many years into the future.

我們將繼續非常積極地競爭，就像我們現有的手一樣，並對這項業務未來多年的成長前景感到非常興奮。

Moving on to priority number five, digital and pay, to refresh your memory, our plan here is to increase the profitability of these businesses.

接下來是第五個優先事項，數字和支付，為了刷新您的記憶，我們的計劃是提高這些業務的盈利能力。

We think that AT&T was under pricing digital, was under pricing the pay business, in some instances losing money on HBO, losing money on digital.

我們認為 AT&T 低估了數位業務的定價，低估了付費業務的定價，在某些情況下，在 HBO 上虧損，在數位業務上虧損。

So what we have done is tried to take the pricing of these businesses to where they should be, and also work on cost reductions.

因此，我們所做的就是努力將這些業務的定價調整到應有的水平，並致力於降低成本。

We think the right way to look at digital and pay is together.

我們認為看待數位化和支付的正確方式是結合在一起。

About 32 percent of our customers take digital; about a 42 percent take some kind of premium service or digital.

約 32% 的客戶採用數位化方式；大約 42% 的人選擇某種優質服務或數位服務。

And when you do the math, three-quarters or thereabouts of our customers take digital and pay.

如果你算一下，我們大約有四分之三的客戶會選擇數位化方式並進行付款。

So it really, I think, is appropriate to look at these two businesses together.

因此，我認為，將這兩項業務放在一起考慮確實是合適的。

Let me start with Digital -- if you take the improvement -- this is all in the release.

讓我從數字開始——如果你採取改進的話——這一切都在發布中。

If you take the improvement in our revenues per sub of 82 cents and the improvement in our cost per sub of 83 cents per month, you get a monthly profit improvement or cash flow improvement per sub of $1.65.

如果您將每個子項目的收入提高了 82 美分，並將每個子項目的成本提高了 83 美分，則每個子項目的每月利潤或現金流量將提高 1.65 美元。

If you multiply $1.65 times 7 million subscribers times 12 months, that's an improvement in the profitability of our digital business of over $125 million a year.

如果將 1.65 美元乘以 700 萬訂閱者，再乘以 12 個月，我們數位業務的獲利能力將每年提高超過 1.25 億美元。

If you then move to the pay business for the quarter, our pay profitability was up over $50 million.

如果您轉向本季的薪酬業務，我們的薪酬獲利能力將超過 5,000 萬美元。

If you annualize that, that's about $200 million a year.

如果按年計算，每年約為 2 億美元。

So if you take the digital business and the pay business and you combine them, so far, we have improved the annual profitability over $300 million a year.

因此，如果你把數位業務和支付業務結合起來，到目前為止，我們的年獲利能力已經提高了超過 3 億美元。

As we move to the second half of the year, we want to keep that profitability in the business, and see no reason why that won't happen and perhaps improve it at some level.

當我們進入今年下半年時，我們希望保持業務的盈利能力，並且認為沒有理由不會發生這種情況，並可能在某種程度上提高它。

But now, really concentrate more on digital growth, leveraging free video-on-demand, leveraging high-definition television, starting to roll out PVRs and really get the digital business growing at a rate that's higher than the first half of the business.

但現在，真正更專注於數位成長，利用免費視訊點播，利用高畫質電視，開始推出PVR，真正讓數位業務以高於上半年的速度成長。

So we are changing gears slightly from improving cash flow to concentrating on units again in digital and pay.

因此，我們正在稍微改變方向，從改善現金流轉向再次專注於數位和支付領域。

Moving on to priority number six, telephony, our goal with telephony has been for this year and for next year to improve efficiency and profitability, not expand units.

轉到第六個優先事項，電話，我們今年和明年的電話目標是提高效率和盈利能力，而不是擴大單位。

In fact, we have lost a little over 70,000 units during the first half.

事實上，上半年我們損失了 7 萬多台。

Our plan was to lose, during the first half, about 100,000 units, so we lost less than plan.

我們的計劃是在上半年損失約 100,000 單位，所以我們的損失比計劃要少。

But the real focus of our team is improving the efficiency of the business, getting the error rates down to where they should be, dramatically improving bad debt and trying to take some costs out of the business.

但我們團隊的真正重點是提高業務效率，將錯誤率降低到應有的水平，大幅改善壞帳並試圖降低業務成本。

We now believe that we have improved the cost structure since the deal closed by about $200 million.

我們現在相信，自交易完成以來，我們已經將成本結構改善了約 2 億美元。

And so, by any measure, any conservative accounting and allocation measure, the telephone business is now above breakeven, which is where we wanted it to be, and we are hard at work with IP phone trials and trying to get IP phone ready for expansion in the second half of '04 and into '05.

因此，無論採取任何措施，任何保守的會計和分配措施，電話業務現在都高於盈虧平衡，這正是我們想要的，我們正在努力進行 IP 電話試驗，並努力讓 IP 電話為擴展做好準備04年下半年到05年。

If you move onto the final priority, customer service, priority number seven, we opened four call centers and expanded four more call centers during the first six months of the year, which is a tremendous undertaking.

如果你轉向最後一個優先事項，客戶服務，第七個優先事項，我們在今年的前六個月開設了四個呼叫中心並擴大了四個呼叫中心，這是一項艱鉅的任務。

We have hired over 2,000 people; they have been hired, trained, they are on the phones now.

我們已經僱用了 2,000 多名員工；他們已經被雇用、接受培訓，現在正在打電話。

We're bringing more video calls back in-house.

我們正在將更多視訊通話帶回內部。

I think it's fair to say we have done more work on the customer service and call center side in the last six months than we did in the last two years at Comcast -- it's a tremendous undertaking, and it's all with our goal to incur those costs this year to get that work behind us this year and have all video calls for the X AT&T systems back in-house by the end of '03, and we will beat that target.

我認為可以公平地說，過去六個月我們在客戶服務和呼叫中心方面所做的工作比過去兩年在康卡斯特所做的還要多——這是一項艱鉅的任務，我們的目標就是實現這些目標今年我們將花費今年的成本來完成這項工作，並在 03 年底之前將 X AT&T 系統的所有視訊通話恢復到內部，我們將實現這一目標。

Meanwhile, while we are doing that, we had an 83 percent calls answered within 30 seconds service level, despite the rebuilds, despite the new initiatives, despite the new call centers.

同時，儘管我們進行了重建，儘管採取了新的舉措，儘管建立了新的呼叫中心，但我們還是在 30 秒服務等級內接聽了 83% 的電話。

And that 83 percent for us is a high watermark for the combined company over the last three or four years.

對我們來說，83% 是合併後公司在過去三、四年的高水位。

So, in summary, if you look at each of these areas, the seven key priorities, we are ahead of where we thought we would be.

因此，總而言之，如果你看看這些領域中的每一個，即七個關鍵優先事項，我們就領先於我們的預期。

I think that's a result of moving quickly and decisively, which was our decision a year ago, developing clear priorities and sticking to them, making should that people understand that these priorities are not going to change for a while, and also making sure that these priorities are embraced by our employees.

我認為這是我們一年前做出的決定，迅速而果斷地採取行動，制定明確的優先事項並堅持執行，讓人們明白這些優先事項暫時不會改變，並確保這些優先事項在一段時間內不會改變。我們的員工都擁護優先事項。

I think we have been hardened by the enthusiasm that we see from the AT&T Broadband employees.

我認為 AT&T 寬頻員工的熱情讓我們變得堅強起來。

Many of these employees were with Continental and TCI, and I think they understand that our plan makes sense.

其中許多員工都曾在大陸集團和 TCI 工作，我認為他們明白我們的計劃是有意義的。

They would rather gain subscribers than lose subscribers.

他們寧願增加訂戶也不願失去訂戶。

They now feel like they are on a team that has the ability to win, and that the direction is the right direction.

他們現在感覺自己身處一支有能力獲勝的球隊，而且方向是正確的。

So I think all of that is moving very well.

所以我認為所有這些都進展順利。

As we move from the integration process to what we call optimization and go after the next 8 or 10 margin points in the AT&T systems, I don't think we should forget the fact that we are excited about some of the underlying fundamentals of the cable business.

當我們從整合過程轉向所謂的最佳化並追求 AT&T 系統中接下來的 8 或 10 個裕度點時，我認為我們不應該忘記這樣一個事實：我們對電纜的一些基本原理感到興奮商業。

John touched on advertising.

約翰談到了廣告。

We remain very bullish on the advertising business.

我們仍然非常看好廣告業務。

We were up 8.3 percent for the quarter, would have liked to see that be double-digit.

我們本季上漲了 8.3%，我們希望看到兩位數的成長。

When you break that down, we had a very healthy increase on the regional and national side of about 15 to 17 percent.

細分來看，我們在地區和國家方面實現了約 15% 至 17% 的健康成長。

It was the local side that dragged us down; we were at the 3 to 4 percent level on the local side.

是當地方面拖了我們的後腿。我們在當地處於 3% 到 4% 的水平。

We think that business will improve.

我們認為業務將會改善。

Next year's an even-numbered election year, so we should look in the second half of the year and into next year at a buoyancy in the ad market which should help us, and remain fully committed to the idea that the advertising business is a real growth opportunity for us.

明年是偶數選舉年，所以我們應該在下半年和明年看到廣告市場的繁榮，這應該對我們有所幫助，並繼續完全致力於廣告業務是一個真正的理念。我們的成長機會。

VOD -- we remain very bullish on VOD.

視訊點播——我們仍然非常看好視訊點播。

All the numbers look great, and we are expanding it as quickly as we can.

所有數字看起來都很棒，我們正在盡快擴大規模。

PVRs -- we have a test in Alexandria, Virginia that is going very well.

PVR—我們在維吉尼亞州亞歷山大進行了一次測試，進展順利。

Others, such as Time Warner, are ahead of us on PVRs, but we are equally excited and we have seen the light and believe that VOD and PVRs are complementary, and a big part of our future.

其他公司，例如時代華納，在 PVR 方面領先於我們，但我們同樣感到興奮，我們已經看到了曙光，並相信 VOD 和 PVR 是互補的，並且是我們未來的重要組成部分。

Of course, high-definition television -- we have over 100,000 high-definition television customers already, and that number is going very rapidly.

當然，還有高清電視——我們已經擁有超過 10 萬名高清電視客戶，而且這個數字成長得非常快。

We think that provides us some of measure of competitive exclusivity on the local levels.

我們認為這為我們提供了一些在當地的競爭排他性措施。

So we are positive about that business.

所以我們對該業務持正面態度。

And then, if you stand back, I think one of the things that the last eight months have shown us, as we've gotten to know the AT&T system a little, is that there may be some areas where there is more upside on the AT&T side of the house than on the Comcast side of the house.

然後，如果你退後一步，我認為過去八個月向我們展示的一件事，正如我們對 AT&T 系統有了一些了解一樣，是，在某些領域可能存在更多的上升空間。 AT&T 一側的房子比Comcast 一側的房子要多。

I think basic subscribers is one area, but the fact of the matter is, as we get to know those systems better, I think we're going to find some positive surprises on the AT&T side that we hadn't planned on.

我認為基本訂戶是一個領域，但事實是，隨著我們更好地了解這些系統，我認為我們會在 AT&T 方面發現一些我們沒有計劃到的積極驚喜。

As a final point, I don't think any of us feel like we are done by any means.

最後一點，我不認為我們任何人都覺得我們已經完成了。

We still have a lot of work to do.

我們還有很多工作要做。

The integration section was a success, but optimization in some ways is going to be harder.

整合部分是成功的，但某些方面的最佳化將會更加困難。

It's always harder to get the last part of the margin improvement, the last part of rollout in new products, et cetera.

獲得利潤率改善的最後一部分、新產品推出的最後一部分等等總是比較困難。

So we have turned our sites to the 2004 budgeting process, which starts in earnest in about four or five weeks.

因此，我們已將網站轉向 2004 年預算編制流程，該流程將在大約四到五週後正式開始。

Our teams are hard at work putting that together, and with margins at 32 percent, we are not satisfied those margins -- we would like to see those margins get up as close to, if not hitting, 40 percent as fast as we possibly can.

我們的團隊正在努力將其整合在一起，利潤率為 32％，但我們對這些利潤並不滿意 - 我們希望看到這些利潤盡可能快地增長到接近（如果沒有達到）40％ 。

So I think, as you see us go into the second half of this year and 2004, you're going to see the same kind of enthusiasm and focus on execution that you've seen over the last 6 to 18 months.

因此，我認為，當您看到我們進入今年下半年和 2004 年時，您將看到與過去 6 至 18 個月相同的熱情和對執行的關注。

Thanks a lot, Steve.

非常感謝，史蒂夫。

Just before we open up for Q&A, to comply with the new SEC definitions, let me clarify that when Brian referred to EBITDA in his comments, he was referring to operating cash flow as defined in table eight of our press release.

在我們開始問答之前，為了遵守 SEC 的新定義，讓我澄清一下，當 Brian 在評論中提到 EBITDA 時，他指的是我們新聞稿表八中定義的營運現金流。

With that, operator, could be please open up for Q&A?

那麼，營運商可以開放問答嗎？

(CALLER INSTRUCTIONS).

（來電者說明）。

Arie Burkoff (ph), UBS Warburg.

Arie Burkoff（博士），瑞銀華寶。

With the improved subscriber numbers continuing to show forth in the second quarter here on the positive side, are you seeing more of these customers take data?

隨著第二季度用戶數量的成長繼續呈現出積極的一面，您是否看到更多的這些客戶獲取數據？

In other words, what's the data sell?

換句話說，數據賣什麼？

And I would assume that a good portion of these AT&T subs have not had data offered to them before.

我認為這些 AT&T 子系統中的很大一部分以前沒有向他們提供過資料。

I'm trying to get a sense of how the data selling is pacing second quarter and even into the July quarter -- July month.

我試圖了解第二季甚至七月季度（七月）的數據銷售進度。

That's a good question.

這是個好問題。

We have increased what we call online selling, which was running in the low 20's, is now running at about 30 percent, which we think is a very important number.

我們增加了所謂的線上銷售，之前的比例在 20% 左右，現在約為 30%，我們認為這是一個非常重要的數字。

If you think about our Company, we have 5 million or thereabouts connects a year, and if you can have 30 percent of those people take high-speed data, you get 1.5 million gross adds just from that.

如果你想想我們公司，我們每年有 500 萬個左右的連接，如果你能讓其中 30% 的人獲取高速數據，那麼你就可以從中獲得 150 萬個總增量。

So we don't see that being disproportionately high in AT&T systems, but we have put a tremendous amount of focus on trying to get that number as high as possible.

因此，我們認為 AT&T 系統中的這個數字並不高得離譜，但我們投入了大量精力來努力使該數字盡可能高。

Our feeling is the most efficient way to get a digital or high-speed data customer is to sell that person on the phone, so that's been a real focus, and something that I think augers well for the future.

我們的感覺是，獲得數位或高速數據客戶的最有效方法是透過電話向客戶推銷，所以這是一個真正的焦點，我認為這對未來有很好的預示。

Jessica Reif Cohen (ph), Merrill Lynch.

傑西卡·賴夫·科恩（博士），美林證券。

Your balance sheet is in great shape, obviously, but could you discuss your plans for the Liberty stake that you'll receive from QVC, as well as options that you have to monetarize Time Warner Cable, since that IPO is now on indefinite hold?

顯然，您的資產負債表狀況良好，但您能否討論一下您將從 QVC 獲得的 Liberty 股份的計劃，以及您必須將時代華納有線貨幣化的選項，因為該 IPO 現在無限期擱置？

I think that our desire with all these stakes is to figure out how to be tax efficient, if possible, and how to not feel a sense of urgency (indiscernible) that would cause you to have some sort of fire sale.

我認為，我們對所有這些利害關係的願望是弄清楚如何在可能的情況下提高稅收效率，以及如何不感到緊迫感（難以辨別），這會導致你進行某種甩賣。

And I think, in each of the situations there are different answers, but basically driven by that philosophy.

我認為，每種情況都有不同的答案，但基本上都是由這種哲學驅動的。

There is no urgency to do anything with the Liberty stake, but it's not a strategic asset.

目前並不急於對 Liberty 股份採取任何行動，但它不是一項戰略資產。

Over some period of time, it's our intention to use the proceeds to pay down debt.

在一段時間內，我們打算用所得款項來償還債務。

I will update you that all things are proceeding ahead, hopefully, and we will maintain our target of closing that this year.

我將向您通報最新情況，希望所有事情都在順利進行，我們將維持今年完成這一目標的目標。

As to Time Warner, I don't know what I can add to what has been said.

至於時代華納，我不知道我還能補充什麼。

We have the opportunity to request an IPO, if we so wanted to, but at the same time, we have been open to a dialogue, which we would rather do privately rather than publicly, as to ways to take that very substantial financial asset of the Company and turn it into cash or other operating businesses if that is in both parties' interest.

如果我們願意的話，我們有機會要求首次公開募股，但與此同時，我們一直願意進行對話，我們寧願私下而不是公開進行對話，以討論如何獲取該公司這一非常大的金融資產。如果符合雙方利益，則將其轉化為現金或其他經營業務。

I want to be clear that it's a fully liquid right, and it's our desire to find a way to exit, as soon as practicable, at least some portion of the stake.

我想澄清的是，這是一項完全流動的權利，我們希望找到一種方法，在可行的情況下盡快退出，至少退出部分股權。

Laura Warner, Credit Suisse First Boston.

勞拉‧沃納 (Laura Warner)，瑞士信貸第一波士頓公司。

Just a question on the basic subscriber growth on the Comcast side.

只是關於康卡斯特方面基本用戶成長的問題。

I understand first quarter was a little light, second quarter was down a little more than we expected.

據我所知，第一季的情況有點清淡，第二季的下降幅度比我們預期的要多一些。

Can you talk a little bit about what you are seeing on the traditional Comcast side of the business through the first half, and how you expect that to potentially change in the back half of the year?

您能否談談您在上半年看到的康卡斯特傳統業務方面的情況，以及您預計下半年情況可能會發生怎樣的變化？

Or should we continue to expect to see the rate of year-over-year growth slow as we head into 2004?

或者，當我們進入 2004 年時，我們是否應該繼續預期同比增長率會放緩？

I think it's going to pick up in the second half of the year.

我認為下半年會回升。

There were some seasonal adjustments, and some sort of mechanical things that went on last year.

去年發生了一些季節性調整和一些機械性的事情。

So we are not overly concerned.

所以我們並不過度擔心。

I will say, on the margin, that we have put a lot of energy and effort and management talent and marketing spending concentration on the AT&T side, and that may, on the margin, be affecting basic subs, but we fully expect to gain basic subscribers on the Comcast side at a rate that would be a reasonable rate, had the AT&T deal not been done.

我會說，在邊際上，我們在 AT&T 方面投入了大量的精力和精力以及管理人才和營銷支出，這可能會在邊際上影響基本的訂閱者，但我們完全期望獲得基本的訂閱如果AT&T 交易沒有完成的話，康卡斯特方面的訂戶價格將是一個合理的價格。

And if you'll recall, in the first quarter we had a lot of systems where there were troop movements to Iraq, so some of that should come back.

如果你還記得的話，在第一季度，我們有很多系統向伊拉克派遣了部隊，所以其中一些應該會回來。

So we feel pretty comfortable about the second half of the year.

所以我們對下半年感到非常滿意。

Richard Bilotti, Morgan Stanley.

理查‧比洛蒂，摩根士丹利。

Brian, at the time of the analysts' meeting, you mentioned a philosophical change in Comcast from being oriented to being a technology follower to going on offense and being a technology leader.

Brian，在分析師會議上，您提到康卡斯特的理念發生了轉變，從技術追隨者轉向進攻並成為技術領導者。

Certainly, the balance sheet and the implementation of the integration of AT&T now really provides you with the opportunity to play offense.

當然，現在AT&T的資產負債表和整合的實施確實為你提供了進攻的機會。

So could you compare and contrast IP telephony versus interactive video, meaning VOD and PVRs, in terms of which one has a bigger impact to your company, which one has a better ROIC, which one you want to do first, which one has better bundling aspects, the whole nine yards?

那麼，您能否比較和對比IP 電話與互動式視訊（即VOD 和PVR），哪一種對您的公司影響更大、哪一種具有更好的投資回報率、您想先使用哪一種、哪一種具有更好的捆綁功能方面，全九碼？

And which one gives you the opportunity to play more often?

哪一個讓您有機會更頻繁地玩遊戲？

And do that all in 90 seconds.

並在 90 秒內完成這一切。

Let me just say that what has made the cable business so extraordinary for the 20 years I have been at it, and Ralph (ph) has been at it for 20 years plus that -- is that it keeps reinventing itself.

我只想說，我和拉爾夫（Ralph）在這20年裡，有線電視產業之所以如此非凡，是因為它不斷地自我改造。

I can't think of any better business, as I am now having conversations with individuals as recently as yesterday who want to join the Company, whether technology experts, programming experts or people who can enhance the great team we have already got.

我想不出還有什麼更好的生意了，因為昨天我正在與那些想要加入公司的人進行對話，無論是技術專家、程式設計專家還是能夠增強我們現有的優秀團隊的人。

This is an exciting place to be part of.

這是一個令人興奮的地方。

And it's precisely -- it's a better answer to step back and say -- how many businesses can sit here and say 10 years from now I know one thing will be for sure -- most people will be watching television and getting it from cable.

確切地說，退一步來說，這是一個更好的答案，有多少企業可以坐在這裡說，從現在開始的10 年後，我知道有一件事是肯定的：大多數人將透過有線電視觀看電視。

Most people will now get their high-speed Internet through Comcast, and hopefully we will be able to take that same leadership position in personal video recorders, high-definition television, video-on-demand and, clearly, in IP phone.

大多數人現在將透過康卡斯特獲得高速互聯網，希望我們能夠在個人錄影機、高清電視、視訊點播以及 IP 電話領域佔據同樣的領導地位。

And there is no business -- and therefore, I would argue, no company -- better situated to exploit that future.

沒有任何企業——因此，我認為也沒有任何公司——能夠更好地開拓這個未來。

And we have said to ourselves, and I think what you are referring to is that we wanted to remain extremely focused to make this deal not just work but work extremely well, and to say that this not only was a deal of a lifetime but was actually a great buy.

我們已經對自己說過，我認為你指的是我們希望保持高度專注，使這筆交易不僅有效，而且效果非常好，並且說這不僅是一生難忘的交易，而且是實際上是一個很好的選擇。

It was actually a great deal for the shareholders, not just to change the Company.

這對股東來說實際上是一件大事，而不僅僅是改變公司。

But if you can do the kind of results that Steve and John just talked about, we did a great deal.

但如果你能做到史蒂夫和約翰剛才談到的那種結果，我們就做了很多事。

And so you put it all together, the second opportunity -- the raison d'etre -- will be to answer those questions, and there is no way to answer them today.

所以你把這一切放在一起，第二個機會——存在的理由——將是回答這些問題，而今天沒有辦法回答它們。

I think each will stand on its own.

我認為每個人都會獨立存在。

We don't have to do one at the exclusion of another; we have a fantastic balance sheet, and everything we have been saying for over five years is that new ideas will be success-based capital if that the network will be able to be capable of handling all of those services without another major rebuild.

我們不必在排除另一件事的情況下做某事；我們擁有出色的資產負債表，五年多來我們一直在說的是，如果網路能夠在不進行另一次重大重建的情況下處理所有這些服務，那麼新想法將成為基於成功的資本。

There's nothing that you mentioned, or nothing that I see, that changes that statement, so we are as bullish as we have ever been.

你提到的任何事情，或者我看到的任何事情都不會改變這一說法，所以我們一如既往地樂觀。

Yes, it's got some competition in DSL and satellite, and the business is more complicated.

是的，它在DSL和衛星方面有一些競爭，而且業務更複雜。

But we are better management than we were in the past, our folks are showing their ability to scale and grow with the Company.

但我們的管理比過去更好，我們的員工正在展示他們與公司一起擴展和成長的能力。

You couldn't ask for more.

你不能要求更多了。

Naraj Gupta (ph), Smith Barney.

納拉吉·古普塔（Naraj Gupta）（博士），美邦。

I guess the Dell deal has been talked about a little bit, and Steve, you alluded to it.

我想戴爾的交易已經被討論過一些，史蒂夫，你也提到過。

Can you tell us a little bit more about it, in terms of whether or not it's exclusive, and how does it exactly work on, more specifically?

您能告訴我們更多關於它的資訊嗎？更具體地說，它是否是排他性的，以及它到底是如何運作的？

And then, secondly --

然後，第二點——

I thought it was one question, Naraj.

我以為這是個問題，納拉吉。

Is it one?

是一個嗎？

I'm sorry.

對不起。

Go ahead, Steve, and I'll just stay quiet.

繼續吧，史蒂夫，我會保持安靜。

The Dell deal is not exclusive.

戴爾的交易並不是排他性的。

The way it works is a customer calls Dell or goes on the Internet to get their Dell account, and we have linked databases so that the Dell database knows if the customer resides in a Comcast rebuild 2A area.

它的工作方式是客戶致電戴爾或上網獲取他們的戴爾帳戶，我們有連結的資料庫，以便戴爾資料庫知道客戶是否居住在康卡斯特重建 2A 區域。

If so, there's a prompt.

如果是這樣，會有提示。

And then the Dell computer would -- the person would say, I'm interested in this service.

然後戴爾計算機會——那個人會說，我對這項服務感興趣。

We would pay Dell a one-time commission, one-time payment that's commensurate with the kind of payments that we pay other retailers.

我們將向戴爾支付一次性佣金，一次性付款，與我們向其他零售商支付的費用相當。

We would then get a notification that Naraj Gupta bought a Dell Computer and wants a Comcast high-speed connection, and we would fulfill the order.

然後我們會收到一條通知，Naraj Gupta 購買了一台戴爾電腦並想要康卡斯特高速連接，我們將履行訂單。

My understanding is that this is the first cable company to do a deal with Dell, and I think our marketing team deserves a lot of kudos, because we have always been dreaming about the day when you have a cable-ready PC.

我的理解是，這是第一家與戴爾達成交易的有線電視公司，我認為我們的行銷團隊值得很多榮譽，因為我們一直夢想著有一天您可以擁有一台可連接電纜的 PC。

And it's just really easy to get up and going, and I think we are getting there.

起身走動真的很容易，我想我們正在實現這一目標。

So we look forward to you moving into Comcast territory so we can make this happened, Naraj.

因此，我們期待您進入康卡斯特領域，以便我們能夠實現這一目標，Naraj。

Craig Musser (ph), Sanford Bernstein.

克雷格·穆瑟（博士），桑福德·伯恩斯坦。

Brian, I know you can't comment directly on the Vivendi deal, but can you talk generally about your aspirations in content, as you look forward, and where that fits in your relative priorities?

布萊恩，我知道你不能直接評論維旺迪交易，但你能否概括地談談你對內容的期望，以及你對未來的展望，以及它在你的相對優先事項中的位置？

For example, you talked about the opportunity to monetize the AOL stake.

例如，您談到了將 AOL 股份貨幣化的機會。

But given your druthers, would you be paying down debt ahead of acquiring content?

但考慮到您的建議，您會在獲取內容之前償還債務嗎？

Would you be acquiring content before you acquire operating systems?

您會在購買作業系統之前購買內容嗎？

Where do you see content in the overall list of priorities?

您在整體優先事項清單中的哪裡看到內容？

We have successfully managed to avoid answering questions like that for 20 years;

20 年來，我們成功地避免回答此類問題；

I'm not sure we're going to change.

我不確定我們會改變。

I think, if you were to describe Comcast, I would hope to believe that we continue to be opportunistic and hopefully skillful, but that's your judgment, in picking and choosing as the business market evolves.

我想，如果你要描述康卡斯特，我希望相信我們仍然是機會主義的，希望是技術精湛的，但這是你的判斷，隨著商業市場的發展而做出選擇。

Business is not static, so we have made no secret for a long time that as we have opportunistically been able to have a way to build content or to build cable distribution that we were going to pursue both.

業務不是一成不變的，因此我們很長​​一段時間以來都毫不掩飾，因為我們已經有機地能夠找到一種方法來構建內容或建立有線電視分發，我們將同時追求這兩者。

My sense is there were 21 million -- 22 million households who get their content from Comcast, with content being an important part of the Company, in terms of $4 billion a year in costs, plus -- more than all of our tens of thousands of employees.

我的感覺是，有2,100 萬至2,200 萬個家庭從康卡斯特獲取內容，內容是公司的重要組成部分，每年的成本為40 億美元，加上──比我們所有的數萬家庭還要多。的員工。

With the tremendous success that companies have had building value in the content arena and the ability to look at technological shifts like video-on-demand and high-definition television, we should opportunistically be looking for ways to improve the Company's future prospects.

隨著公司在內容領域取得了巨大的成功，創造了價值，並且有能力關注視訊點播和高清電視等技術變革，我們應該抓住機會尋找改善公司未來前景的方法。

And some of that will be obvious, some of that won't be obvious.

其中有些是顯而易見的，有些則不明顯。

And we have done some things in the past that -- where we felt we thought there was opportunity, and I think our track record has been pretty good.

我們過去做了一些事情——我們認為我們認為有機會，而且我認為我們的記錄非常好。

I can't comment today on any specific opportunity.

今天我無法對任何具體機會發表評論。

I think we have said from the beginning that the ability to create new value from this platform is unprecedented and should be something that we should be working on.

我想我們從一開始就說過，透過這個平台創造新價值的能力是前所未見的，應該是我們該努力的事。

So hopefully, that gives you some answer, vague though it is.

希望這能給你一些答案，儘管它很模糊。

Finally, I would say paying off debt, investment-grade ratings, improving investment ratings from the rating agencies are all part of the strategy when you put the Company's picture together.

最後，我想說，當你把公司的情況放在一起時，償還債務、投資等級評級、提高評級機構的投資評級都是策略的一部分。

Do not forget, in addition to the TWE (ph) position that was talked about, there are several partnerships in other properties.

不要忘記，除了我們談到的 TWE (ph) 職位外，還有其他物業的多個合作夥伴。

Some analysts, as John said, have had valuations all over -- $8 to $10 billion or more, on a variety of those assets.

正如約翰所說，一些分析師對各種資產的估值從 800 到 100 億美元甚至更高。

So I think we have put ourselves in a very enviable position, not just looking to do things for the sake of it -- our track record is to build shareholder value.

因此，我認為我們已經將自己置於一個非常令人羨慕的位置，而不僅僅是為了實現目的而做事——我們的記錄是建立股東價值。

And I continue to believe we don't have to do anything.

我仍然相信我們不需要做任何事。

It's the first time in a long time that we could say we feel that way genuinely, and it will only be if we think it's value-creating to the shareholders.

這是我們很長一段時間以來第一次真正有這樣的感覺，而且只有當我們認為這能為股東創造價值時才會如此。

Operator, can we take two more questions, please?

接線員，我們可以再問兩個問題嗎？

Douglas Shapiro (ph), Banc of America.

道格拉斯·夏皮羅（博士），美國銀行。

Maybe this is for John;

也許這是給約翰的；

I don't know.

我不知道。

But what do you think is your ideal level of leverage?

但您認為理想的槓桿水平是多少？

At what point do you think you run the risk of becoming under-levered?

您認為什麼時候您面臨槓桿率不足的風險？

I think Brian answered that, to some degree, in what the just said, in that maintaining our investment-grade rating with the rating agencies is something that we are very focused on, opportunistically paying down higher-coupon debt and refinancing it in with lower capital that we have access to at this point in time, is all part and parcel of the same program.

我認為布萊恩在某種程度上回答了剛才所說的，維持評級機構的投資級評級是我們非常關注的事情，機會主義地償還較高息票債務並以較低息票對其進行再融資。我們目前可以獲得的資本是同一計劃的重要組成部分。

And, as I said in the opening, we fully expect that we are well and truly on track to reach leverage levels that are below what we had when we announced the deal.

而且，正如我在開場白中所說，我們完全期望我們能夠真正實現槓桿水平低於我們宣布交易時的槓桿水平。

Let me just add that I think John is being modest.

讓我補充一點，我認為約翰很謙虛。

He and the Treasury Department, as great as the operational execution has been, the Treasury Department has done an incredible job this year.

他和財政部，儘管業務執行非常出色，但財政部今年的工作卻令人難以置信。

We played the interest rate ups and downs that come from day to day, and as rates have come down, we have now put in place long-term facilities, we have stretched out the maturities of the Company, completely paid off the bridge loan.

我們經歷了日復一日的利率上下波動，隨著利率的下降，我們現在已經到位了長期融資，我們延長了公司的期限，完全還清了過橋貸款。

I think we have approximately a $5 billion cushion with in-place long-term credit facilities, and we have stretched out the maturities significantly for the Company while, obviously, taking advantage of historically low interest rates.

我認為我們擁有大約 50 億美元的緩衝和長期信貸安排，而且我們已經大大延長了公司的期限，同時顯然利用了歷史低利率。

It's done, and it has been fantastic execution.

它已經完成了，而且執行得非常出色。

Raymond Katz, Bear Stearns.

雷蒙德‧卡茨，貝爾斯登。

Could you shed some light on what you're thinking about your buy-sell arrangements on the Houston partnership, the Kansas City partnership, that both trigger, if I can use that word, this year?

您能否透露一下您對今年休士頓合作夥伴關係和堪薩斯城合作夥伴關係的買賣安排的看法，如果我可以使用這個詞的話，這兩者都會觸發？

No.

不。

Those are the facts, as I understand it.

據我了解，這些都是事實。

And we have always tried to negotiate those kinds of things privately.

我們一直試圖私下談判這類事情。

I will repeat what I said previously, which is that we don't believe long term that we want to be in a nonconsolidated position for assets such as that.

我將重複我之前所說的，即我們認為從長遠來看，我們不希望此類資產處於非合併狀態。

Either you try to buy or you try to sell, and it's not doing much for us in the financial results that we are reporting today, and yet they are beautiful businesses growing just as well as the rest of the cable industry, and maybe better.

要么你嘗試購買，要么你嘗試出售，這對我們今天報告的財務業績沒有多大作用，但它們是美麗的企業，與有線電視行業的其他企業一樣成長，甚至更好。

Thank you all.

謝謝你們。

There will be a replay immediately following today's conference call.

今天的電話會議結束後將立即進行重播。

It will run through tomorrow night at midnight Central time.

它將持續到明晚中部時間午夜。

The dial-in number is 630-652-3000, and the pass code is 740-4164.

撥入號碼為 630-652-3000，密碼為 740-4164。

A recording of the conference call will also be available on the Company's Website beginning at 12.30 PM today.

從今天中午 12 點 30 分開始，電話會議的錄音也將在公司網站上發布。

This concludes today's teleconference.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may all disconnect.

你們都可以斷開連線。

(CONFERENCE CALL CONCLUDED)

（電話會議結束）