康卡斯特 (CMCSA) 2015 Q4 法說會逐字稿

Good morning, ladies and gentlemen and welcome to Comcast's fourth-quarter and full-year 2015 earnings conference call.

女士們，先生們，早上好，歡迎參加康卡斯特 2015 年第四季度和全年財報電話會議。

At this time, all participants are in a listen-only mode.

此時，所有參與者都處於只聽模式。

Please note that this conference call is being recorded.

請注意，本次電話會議正在錄音中。

I will now turn the call over to Senior Vice President, Investor Relations, Mr. Jason Armstrong.

我現在將把電話轉給投資者關係高級副總裁 Jason Armstrong 先生。

Please go ahead, Mr. Armstrong.

請繼續，阿姆斯特朗先生。

Thank you, operator and welcome, everyone.

謝謝運營商，歡迎大家。

Joining me on this morning's call are Brian Roberts, Mike Cavanagh, Steve Burke and Neil Smit.

加入我今天上午的電話會議的還有 Brian Roberts、Mike Cavanagh、Steve Burke 和 Neil Smit。

Brian and Mike will make formal remarks and Steve and Neil will also be available for Q&A.

Brian 和 Mike 將發表正式講話，Steve 和 Neil 也將參加問答環節。

As always, let me now refer you to slide number 2, which contains our Safe Harbor disclaimer and remind you that this conference call may include forward-looking statements subject to certain risks and uncertainties.

與往常一樣，現在讓我請您參閱第 2 張幻燈片，其中包含我們的安全港免責聲明，並提醒您本次電話會議可能包括受某些風險和不確定性影響的前瞻性陳述。

In addition, in this call, we will refer to certain non-GAAP financial measures.

此外，在本次電話會議中，我們將參考某些非公認會計準則財務指標。

Please refer to our 8-K for the reconciliation of non-GAAP financial measures to GAAP.

請參閱我們的 8-K，了解非 GAAP 財務指標與 GAAP 的對賬情況。

With that, let me turn the call to Brian Roberts for his comments.

有了這個，讓我把電話轉給 Brian Roberts 徵求他的意見。

Brian.

布賴恩。

Thanks, Jason and good morning, everyone and thank you for joining us today.

謝謝，傑森，大家早上好，感謝您今天加入我們。

2015 was a terrific year for Comcast NBCUniversal and I couldn't be more pleased with the strong operational performance and financial results that we delivered both for the fourth quarter and for the full year.

2015 年對於 Comcast NBCUniversal 來說是非常棒的一年，我對我們在第四季度和全年交付的強勁運營業績和財務業績感到非常滿意。

Honestly, 2015 was not without its challenges, but instead of letting those challenges become real distractions, our Company pivoted and executed extremely well, particularly in the second half of the year.

老實說，2015 年並非沒有挑戰，但我們公司並沒有讓這些挑戰成為真正的分心，而是非常出色地進行了調整和執行，尤其是在下半年。

I am so proud of our resilience and leadership team for creating the momentum that is now driving us forward in 2016.

我為我們的韌性和領導團隊創造了推動我們在 2016 年前進的動力而感到非常自豪。

Neil Smit and Dave Watson and everyone at Comcast Cable is heroic in my mind for not only staying focused, but generating the best yearly video subscriber results that we've had in nine years and the best broadband subscriber results that we've had in eight years.

Neil Smit 和 Dave Watson 以及 Comcast Cable 的每個人在我心中都是英雄，他們不僅保持專注，而且創造了九年來最好的年度視頻用戶結果和八年來最好的寬帶用戶結果年。

We ended on a high note as our fourth-quarter video net additions were our strongest quarterly results since the first quarter of 2007.

我們以高調結束，因為我們第四季度的視頻淨增加量是我們自 2007 年第一季度以來最強勁的季度業績。

At the same time, we expertly balanced these great customer metrics with solid financial performance.

同時，我們巧妙地平衡了這些出色的客戶指標與穩健的財務業績。

At NBCUniversal, Steve and his team exceeded expectations once again.

在 NBCUniversal，史蒂夫和他的團隊再次超出預期。

We set new box office records, achieved number one ratings in broadcast from morning to primetime to late night, continued the outstanding progress in our theme parks and sustained healthy profits at cable networks.

我們創造了新的票房記錄，從早上到黃金時段到深夜的廣播收視率均排名第一，繼續在我們的主題公園取得顯著進展，並在有線電視網絡保持健康的利潤。

Altogether Comcast NBCUniversal made incredible strategic, operational and financial progress in 2015 and did this through a collaborative culture where our businesses are focused on strengthening themselves and each other.

Comcast NBCUniversal 在 2015 年總共取得了令人難以置信的戰略、運營和財務進展，並通過我們的企業專注於加強自身和彼此的協作文化實現了這一目標。

Overall, we grew revenue 8.3% in 2015 and operating cash flow by 7.7%.

總體而言，我們在 2015 年的收入增長了 8.3%，經營現金流增長了 7.7%。

We generated close to $9 billion in free cash flow and increased cash return to shareholders by over 40%.

我們產生了近 90 億美元的自由現金流，股東的現金回報增加了 40% 以上。

After reviewing our performance and outlook with our Board, we are announcing today our decision to raise our dividend by 10%, marking the eighth consecutive annual increase.

在與董事會審查了我們的業績和前景後，我們今天宣布我們決定將股息提高 10%，這標誌著連續第八年增長。

We also increased our stock repurchase authorization to $10 billion and we expect to repurchase $5 billion of stock in 2016.

我們還將股票回購授權增加到 100 億美元，預計 2016 年將回購 50 億美元的股票。

Comcast NBCUniversal is indeed a special company.

Comcast NBCUniversal 確實是一家特殊的公司。

This is a time of exciting change in media and technology and we're uniquely positioned.

這是一個令人興奮的媒體和技術變革時代，我們處於獨特的地位。

We have a diversified portfolio of businesses working well together and the best suite of products, content and experiences that we've ever had.

我們擁有多元化的業務組合，合作良好，並且擁有我們曾經擁有的最好的產品、內容和體驗套件。

So with that, let me talk about some of our specific achievements in 2015 and a few of the things that we're looking forward to in 2016 and beyond.

因此，讓我談談我們在 2015 年取得的一些具體成就，以及我們在 2016 年及以後期待的一些事情。

Starting with NBCUniversal, we've now fully doubled the operating cash flow since we announced the acquisition in 2009.

從 NBCUniversal 開始，自 2009 年宣布收購以來，我們的經營現金流已翻了一番。

In our TV business, we maintained our number one ranking in broadcast primetime and saw continued success in The Voice and Blacklist paired nicely with some new breakout hits, including Blindspot.

在我們的電視業務中，我們在廣播黃金時段保持了第一的排名，並且在 The Voice 和 Blacklist 中繼續取得成功，並與包括 Blindspot 在內的一些新的突破性熱門節目完美搭配。

In addition, we build on the strength of our Chicago franchise with our new show, Chicago Med.

此外，我們通過我們的新節目 Chicago Med 鞏固了我們在芝加哥的特許經營權。

Sunday Night Football remained TV's number one primetime show for the fifth year, grew viewership by 6% and completed the highest rated season in its history.

週日晚上足球連續第五年成為電視黃金時段的頭號節目，收視率增長了 6%，並完成了其歷史上收視率最高的賽季。

And as I mentioned, we exit 2015 with strength across all parts of the day with the Today Show, Nightly News and Late Night all number one in their respective categories.

正如我所提到的，我們在 2015 年的所有時段都表現強勁，今日秀、晚間新聞和深夜都在各自類別中排名第一。

NBC Sports Network had its most-watched year ever driven by NASCAR's debut and the continued growth of English Premier League and NHL.

由於 NASCAR 的首次亮相以及英超聯賽和 NHL 的持續增長，NBC 體育頻道迎來了有史以來收視率最高的一年。

USA's Mr. Robot just won the Golden Globe and the Critics' Choice Award for the best drama on television, a terrific accomplishment.

美國的機器人先生剛剛獲得了金球獎和評論家選擇獎的最佳電視劇獎，了不起的成就。

Congratulations to Bonnie Hammer and her team.

祝賀 Bonnie Hammer 和她的團隊。

Film had the best year in its history.

電影迎來了歷史上最好的一年。

Jurassic World, Furious 7, Minions and Fifty Shades of Grey, along with other titles, were hugely successful.

《侏羅紀世界》、《狂暴 7》、《小黃人》和《五十度灰》以及其他遊戲都取得了巨大的成功。

With $6 billion in worldwide box office receipts, two-thirds of which was international, and a strong and growing list of franchises, Universal Pictures is in a great position for ongoing success.

環球影業擁有 60 億美元的全球票房收入，其中三分之二是國際票房收入，以及強大且不斷增長的特許經營權名單，環球影業處於取得持續成功的絕佳位置。

And finally, theme parks had another outstanding year.

最後，主題公園又迎來了輝煌的一年。

We again grew revenues and operating cash flow double digits through our proven formula of new attractions complemented by additional hotel room capacity.

通過我們久經考驗的新景點公式以及額外的酒店客房容量，我們再次實現了收入和運營現金流兩位數的增長。

From Harry Potter to Transformers and Fast and Furious, our team at Universal Parks and Resorts has been on a fantastic run and there's plenty of growth on the horizon with our recent acquisition of a 51% stake in the park in Osaka, Japan, a new Harry Potter attraction opening in Hollywood, a new waterpark being built in Orlando, a brand-new park being designed for Beijing and our focus on increasing hotel room capacity.

從《哈利波特》到《變形金剛》和《速度與激情》，我們在環球公園和度假村的團隊一直表現出色，我們最近收購了日本大阪 51% 的樂園，這是一個新的哈利波特景點在好萊塢開幕，奧蘭多正在建設一個新的水上樂園，一個為北京設計的全新公園，我們專注於增加酒店客房容量。

At cable, I feel we stand out in the industry, delivering a healthy balance between solid improvements in subscriber metrics coupled with very strong financial performance.

在有線電視，我覺得我們在行業中脫穎而出，在用戶指標的穩健改進與非常強勁的財務業績之間取得了健康的平衡。

In 2015, we added 666,000 customer relationships and that's an 86% improvement versus last year.

2015 年，我們增加了 666,000 個客戶關係，與去年相比提高了 86%。

And at the same time, we increased revenue per customer relationship a healthy 4.2% and grew operating cash flow 5.6%.

與此同時，我們將每個客戶關係的收入增長了 4.2%，運營現金流增長了 5.6%。

In 2015, we made improving customer service our main focus.

2015 年，我們將改善客戶服務作為主要工作重點。

I'm really pleased that as we sit here today, we are seeing great progress.

我真的很高興，當我們今天坐在這裡時，我們看到了巨大的進步。

In fact, we achieved significant improvements across the key metrics we use to track customer satisfaction with some of our best customer metrics in years.

事實上，我們使用多年來的一些最佳客戶指標跟踪客戶滿意度的關鍵指標取得了顯著改進。

We're going after each of the areas that have the most impact on the customer's experience.

我們正在關注對客戶體驗影響最大的每個領域。

In 2015, we also continued to take our new products to scale.

2015年，我們還繼續擴大我們的新產品規模。

Our voice remote is the latest example with 4 million activated since our launch just eight months ago.

我們的語音遙控器是最新的例子，自 8 個月前推出以來，已有 400 萬人激活。

The result of these investments is showing up in our subscriber trends where we're seeing notable improvements, particularly in reduced churn across all product categories.

這些投資的結果顯示在我們的訂戶趨勢中，我們看到了顯著的改善，特別是在所有產品類別的客戶流失率降低方面。

Business Services under Bill Stemper has now exceeded a $5 billion revenue run rate while maintaining a growth of 20%, which is remarkable.

Bill Stemper 領導下的商業服務現已超過 50 億美元的收入運行率，同時保持 20% 的增長，這非常了不起。

We recently launched into the enterprise segment and have some good early traction in this market to go along with the robust share gains in small and medium-sized businesses.

我們最近進入了企業領域，並在這個市場有一些良好的早期牽引力，以配合中小型企業的強勁份額增長。

Overall, our progress during 2015 sets up incredibly well to be successful in 2016 and beyond.

總體而言，我們在 2015 年取得的進展非常好，有望在 2016 年及以後取得成功。

In cable, we are aligned around a few critical top priorities.

在有線電視領域，我們圍繞幾個關鍵的首要任務保持一致。

The first is to continue our progress in transforming the customer experience, and as we've seen, our customers are responding to our efforts in a resounding way and we will keep pushing hard.

首先是我們在改變客戶體驗方面繼續取得進展，正如我們所看到的，我們的客戶正在以一種響亮的方式回應我們的努力，我們將繼續努力。

Second, we will focus on driving share growth through even better products, faster speeds and additional customer segmentation.

其次，我們將專注於通過更好的產品、更快的速度和更多的客戶細分來推動份額增長。

And finally, technology leadership will remain at the forefront as we enhance X1 and drive it deeper into our customer base, roll out DOCSIS 3.1 to deliver gigabit speeds at scale and continue to develop solutions for more targeted advertising.

最後，隨著我們增強 X1 並將其深入到我們的客戶群中，推出 DOCSIS 3.1 以大規模提供千兆位速度，並繼續開發更有針對性的廣告解決方案，技術領先地位將保持在最前沿。

At NBCUniversal, we feel great about our position and the range of opportunities ahead of us.

在 NBCUniversal，我們對自己的地位和擺在我們面前的機會範圍感到滿意。

We are proud to bring the 2016 Olympics in Rio to the American people, delivering the most comprehensive and technologically advanced Olympics in history.

我們很自豪能夠將 2016 年里約奧運會帶給美國人民，這是歷史上最全面、技術最先進的奧運會。

We are also excited to open a new Harry Potter attraction in Hollywood, add the Secret Life of Pets to Illumination's growing list of animated films, and this week's exciting announcement that NBC will now be the home to five Thursday night NFL games.

我們也很高興在好萊塢開設一個新的哈利波特景點，將寵物的秘密生活添加到 Illumination 不斷增長的動畫電影列表中，以及本周令人興奮的宣布，NBC 現在將成為五場週四晚上 NFL 比賽的舉辦地。

We continue to be entrepreneurial and look for ways to invest and grow, like our investments in Vox and BuzzFeed and our partnership with Atairos, Michael Angelakis' new venture, which recently launched with a talented team who are scouring the globe for smart investments.

我們繼續創業並尋找投資和發展的方式，例如我們對 Vox 和 BuzzFeed 的投資，以及我們與 Atairos 的合作夥伴關係，這是 Michael Angelakis 的新企業，最近由一支才華橫溢的團隊啟動，他們正在全球尋找明智的投資。

So on a final note, I'm excited about all the opportunities that lie ahead and believe we will approach them with the same level of operational excellence and financial discipline that has served us so well for more than five decades.

因此，最後一點，我對擺在面前的所有機會感到興奮，並相信我們將以同樣水平的卓越運營和財務紀律來接近它們，這已經為我們服務了 5 多年。

Mike, over to you.

邁克，交給你了。

Thanks, Brian and good morning, everybody.

謝謝，布賴恩，大家早上好。

Since Brian covered the terrific full-year results, let's go straight to the fourth quarter on slide 5. Adjusted revenue for the fourth quarter increased 7.6% and operating cash flow increased 4%.

由於布賴恩涵蓋了極好的全年業績，讓我們直接進入幻燈片 5 中的第四季度。第四季度調整後的收入增長了 7.6%，經營現金流增長了 4%。

As a reminder, the adjustments this quarter primarily reflect the exclusion of the partial quarter results of our acquisition of Universal Studios Japan.

提醒一下，本季度的調整主要反映了我們收購日本環球影城的部分季度業績的排除。

The overall growth in operating cash flow was primarily driven by high-speed data, video and Business Services at cable, and film and parks at NBCUniversal, which we'll go into in greater detail on the slides to come.

運營現金流的整體增長主要受到高速數據、有線電視的視頻和商業服務以及 NBCUniversal 的電影和公園的推動，我們將在接下來的幻燈片中更詳細地介紹這些內容。

Adjusted earnings per share for the fourth quarter was $0.81, a 5.2% increase compared to the fourth quarter of 2014.

第四季度調整後每股收益為 0.81 美元，與 2014 年第四季度相比增長 5.2%。

And free cash flow during the quarter decreased 6.3% to $1.6 billion and free cash flow per share of $0.64 declined 1.5% reflecting growth in operating cash flow and lower cash taxes, offset by higher capital expenditures and increased working capital.

本季度自由現金流下降 6.3% 至 16 億美元，每股自由現金流下降 1.5% 為 0.64 美元，反映了經營現金流的增長和較低的現金稅，但被資本支出增加和營運資本增加所抵消。

For the full year, we generated $8.9 billion of free cash flow, a 9.4% increase over last year's results and free cash flow per share of $3.55, a 13.8% increase.

全年，我們產生了 89 億美元的自由現金流，比去年的業績增長了 9.4%，每股自由現金流為 3.55 美元，增長了 13.8%。

Now let's review the results of our businesses in more detail starting with Cable Communications on slide 6. Cable Communications delivered a solid fourth quarter.

現在讓我們從幻燈片 6 上的有線通信開始更詳細地回顧我們的業務結果。有線通信在第四季度取得了穩健的業績。

Revenues increased 5.9% to $12 billion as we added 281,000 customer relationships, a 58% improvement compared to last year's fourth quarter, driven by growth in our two-product and three-product customers and reduction in churn across all products with video and high-speed data each improving churn for 23 consecutive months.

收入增長 5.9% 至 120 億美元，因為我們增加了 281,000 個客戶關係，與去年第四季度相比增長了 58%，這得益於我們的兩種產品和三種產品客戶的增長以及所有視頻和高品質產品的客戶流失率下降。速度數據均連續 23 個月改善流失率。

Total revenue per customer relationship reached $145 per month, a 3.5% increase that reflects the successful execution of our strategy that is focused on retaining customers, growing customer relationships and driving our value-added bundling strategy.

每個客戶關係的總收入達到每月 145 美元，增長 3.5%，這反映了我們成功執行了專注於留住客戶、發展客戶關係和推動我們的增值捆綁戰略的戰略。

Taking a closer look at our video business, fourth-quarter revenue increased 4.4%, reflecting rate adjustments and higher take rates of advanced services.

仔細觀察我們的視頻業務，第四季度收入增長了 4.4%，反映了費率調整和高級服務的更高采用率。

We ended the year with very strong video customer growth, adding 89,000 customers in the fourth quarter.

我們以非常強勁的視頻客戶增長結束了這一年，第四季度增加了 89,000 名客戶。

This is our best quarterly result in eight years, driven primarily by another quarter of improved churn.

這是我們八年來最好的季度業績，主要是由於另一個季度的客戶流失率有所改善。

Our churn results reflect improved customer support, better market segmentation and customer recognition of what we believe is the best video product on the market.

我們的流失結果反映了改進的客戶支持、更好的市場細分以及客戶對我們認為是市場上最好的視頻產品的認可。

We continue to make great progress rolling out X1 to new and existing customers, adding 1.1 million customers in the quarter, a 73% increase compared to last year.

我們繼續在向新客戶和現有客戶推出 X1 方面取得重大進展，本季度新增 110 萬客戶，與去年相比增長 73%。

X1 customers now represent about 30% of our total video customer base.

X1 客戶現在約占我們總視頻客戶群的 30%。

In addition, we continue to expand our TV Everywhere and On Demand choices.

此外，我們繼續擴大我們的 TV Everywhere 和 On Demand 選擇。

We now have 75,000 shows On Demand, 700 full season stacked series, which is up 50% from a year ago and 98 live streaming channels available outside the home.

我們現在有 75,000 個點播節目、700 個全季堆疊系列，比一年前增長了 50%，還有 98 個家庭以外的直播頻道。

Lastly, we're doing a better job segmenting the market, providing offers with more choice and appeal to new audiences that address multiple segments of the market.

最後，我們在細分市場方面做得更好，為解決市場多個細分市場的新受眾提供更多選擇和吸引力。

For example, we have increased our penetration of Hispanic households with targeted bicultural products and offers.

例如，我們通過有針對性的雙文化產品和優惠增加了對西班牙裔家庭的滲透。

The strong momentum in our high-speed data business continued.

高速數據業務繼續保持強勁勢頭。

Revenue increased 9.8% during the quarter, making it again the leading contributor to overall cable revenue growth, driven by an impressive increase in our customer base, as well as rate adjustments and an increasing number of customers taking higher-speed services.

本季度收入增長 9.8%，再次成為整體有線電視收入增長的主要貢獻者，這得益於我們客戶群的顯著增長，以及費率調整和越來越多的客戶使用高速服務。

We added 460,000 data customers during the quarter and 1.4 million during the full year with 77% of our customers receiving speeds of 50 megabits per second or greater.

我們在本季度增加了 460,000 個數據客戶，在全年增加了 140 萬個數據客戶，其中 77% 的客戶接收速度為每秒 50 兆比特或更高。

We have now added over 1 million high-speed data customers for 10 years in a row and we see significant room for growth ahead.

我們現在連續 10 年增加了超過 100 萬個高速數據客戶，我們看到了巨大的增長空間。

About 74% of our residential high-speed data customers now have one of our wireless gateways, which are also fueling our impressive growth in Wi-Fi hotspots that now number more than 13 million.

我們大約 74% 的住宅高速數據客戶現在擁有我們的無線網關之一，這也推動了我們現在超過 1300 萬個 Wi-Fi 熱點的驚人增長。

Voice revenues declined by 1.7% in the fourth quarter as customer additions were offset by a modest decline in ARPU.

由於客戶的增加被 ARPU 的小幅下降所抵消，語音收入在第四季度下降了 1.7%。

In the fourth quarter, we increased net customer additions by 139,000, a 13% increase versus a year ago.

在第四季度，我們增加了 139,000 名淨客戶，比一年前增加了 13%。

Business Services was once again a large contributor to cable revenue growth with revenue increasing 18.9% to $1.3 billion.

商業服務再次成為有線電視收入增長的主要貢獻者，收入增長 18.9% 至 13 億美元。

We have three engines of growth in Business Services each at a different stage of development -- small business, which has healthy market penetration and generates the majority of our revenue; mid-sized business where our market penetration is still less than 10%, but is growing at a higher rate; and our recently announced enterprise division that targets Fortune 1000 companies and is gaining traction with more than 20 large enterprise customers and multiple eight-figure deals already signed.

我們在商業服務方面擁有三個增長引擎，每個引擎都處於不同的發展階段——小型企業，具有健康的市場滲透率並產生了我們的大部分收入；市場滲透率仍低於 10%，但增長速度較快的中型企業；以及我們最近宣布的面向財富 1000 強公司的企業部門，並且正在吸引超過 20 家大型企業客戶和已經簽署的多項八位數的交易。

Business Services has strong positive momentum and continues to represent a large and attractive growth opportunity for the Company.

商業服務具有強勁的積極勢頭，並繼續為公司帶來巨大且有吸引力的增長機會。

Finally, cable advertising revenue declined 9.3% due to lower political revenue.

最後，由於政治收入下降，有線電視廣告收入下降了 9.3%。

Excluding political, our core cable advertising revenue increased 2.8% during the fourth quarter.

不包括政治因素，我們的核心有線電視廣告收入在第四季度增長了 2.8%。

Turning to slide 7, fourth-quarter Cable Communications operating cash flow increased 4.6% to $4.9 billion resulting in a margin of 40.9% compared to 41.4% in the fourth quarter of 2014 driven by higher expenses primarily related to the investments we are making to improve the customer experience and higher programming costs.

轉到幻燈片 7，第四季度有線電視通信運營現金流增長 4.6% 至 49 億美元，利潤率為 40.9%，而 2014 年第四季度的利潤率為 41.4%，主要與我們正在改進的投資相關的支出增加客戶體驗和更高的編程成本。

Fourth-quarter programming expense growth slowed to 4.7% reflecting the timing of programming renewals while the full year increased 7.1%.

第四季度節目費用增長放緩至 4.7%，反映出節目續訂的時間，而全年增長 7.1%。

As I said at a recent conference, the rate of programming expense growth will increase in 2016.

正如我在最近的一次會議上所說，2016 年編程費用的增長率將會增加。

We expect approximately 10% growth in programming costs for the year driven by several contract renewals beginning in the first quarter, as well as increases in retransmission consent fees and higher sports programming costs.

我們預計今年的節目成本將增長約 10%，這是由於從第一季度開始的幾份合同續簽，以及轉播許可費的增加和體育節目成本的增加。

In negotiating programming deals, we continue to value expanded content rights for our On Demand and TV Everywhere platforms.

在談判節目交易時，我們繼續重視我們的點播和 TV Everywhere 平台的擴展內容權利。

We are adding more content, out-of-home rights, stacking rights and back seasons ensuring we have the most compelling and competitive video product on the market.

我們正在添加更多內容、戶外權利、堆疊權利和後季，確保我們擁有市場上最引人注目和最具競爭力的視頻產品。

Non-programming expenses increased 8.1% for the quarter and 6.4% for the year.

本季度非編程費用增長 8.1%，全年增長 6.4%。

This growth reflects increased spending to improve the customer experience as we've added technicians and service personnel to strengthen our dispatch teams and operations and invested in training, tools and technology.

這一增長反映了為改善客戶體驗而增加的支出，因為我們增加了技術人員和服務人員以加強我們的派遣團隊和運營，並投資於培訓、工具和技術。

Metrics, including on-time appointments, call pickup time and new customer onboarding success rates are all trending in the right direction.

包括準時約會、電話接聽時間和新客戶入職成功率在內的指標都朝著正確的方向發展。

Finally, our outlook for 2016 cable operating margin is that it will be flat to down 50 basis points compared to 40.8% in 2015.

最後，我們對 2016 年有線電視運營利潤率的展望是，與 2015 年的 40.8% 相比，將持平至下降 50 個基點。

We expect programming and other expense growth will be offset through modest rate adjustments, growth in high-margin businesses like high-speed data and Business Services and cost efficiency improvements resulting from our X1 and customer experience initiatives, as well as general cost control efforts.

我們預計，節目和其他費用的增長將通過適度的費率調整、高速數據和商業服務等高利潤業務的增長以及我們的 X1 和客戶體驗計劃以及一般成本控制工作帶來的成本效率提高來抵消。

Now let's move on to NBCUniversal's results.

現在讓我們繼續討論 NBCUniversal 的結果。

On slide 8, you can see NBCUniversal delivered solid results in the fourth quarter as adjusted revenue increased 10.5% and operating cash flow increased 4.7% driven by strong results at film and the parks.

在幻燈片 8 中，您可以看到 NBCUniversal 在第四季度取得了穩健的業績，調整後的收入增長了 10.5%，經營現金流增長了 4.7%，這得益於電影和公園的強勁業績。

Cable networks revenue increased 3.4% and operating cash flow declined 1.9% to $894 million.

有線電視網絡收入增長 3.4%，運營現金流下降 1.9% 至 8.94 億美元。

Distribution revenue increased 6.8% and was positively impacted by higher affiliate fees associated with NASCAR on our NBC Sports Network during the quarter.

分銷收入增長 6.8%，並受到本季度 NBC 體育網絡上與 NASCAR 相關的更高會員費用的積極影響。

Advertising revenue declined a modest 0.3% as the positive contribution from NASCAR advertising and increased pricing from a strong scatter market were more than offset by ratings declines at some of our networks.

廣告收入小幅下降 0.3%，原因是 NASCAR 廣告的積極貢獻和來自強大分散市場的定價增加被我們一些網絡的收視率下降所抵消。

The decline in operating cash flow reflects the inclusion of NASCAR rights fees in the quarter that weren't present in last year's fourth quarter.

運營現金流的下降反映了該季度的 NASCAR 權利費用，而去年第四季度沒有出現這種情況。

Broadcast revenue increased 7% and operating cash flow declined 5.6% to $217 million.

廣播收入增長 7%，運營現金流下降 5.6% 至 2.17 億美元。

Advertising revenue increased 7% driven by solid ratings in primetime and strong ratings growth at NFL Sports and Telemundo, as well as a strong scatter market.

廣告收入增長了 7%，這得益於黃金時段的穩定收視率、NFL Sports 和 Telemundo 的強勁收視率增長，以及強大的分散市場。

This higher demand in the scatter market has continued into the first quarter.

分散市場的這種更高需求一直持續到第一季度。

Content licensing increased 35% primarily driven by straight to SVOD series produced by our studios like Master of None and Unbreakable Kimmy Schmidt, as well as an increase in production at our international studio.

內容許可增加了 35%，這主要是由於我們的工作室製作的直接 SVOD 系列，如 Master of None 和 Unbreakable Kimmy Schmidt，以及我們國際工作室的產量增加。

Last, retransmission revenue increased nearly 40% to $136 million and totaled $535 million for the full year.

最後，轉播收入增長近 40%，達到 1.36 億美元，全年總計 5.35 億美元。

We expect retransmission revenue to increase to $800 million in 2016.

我們預計 2016 年轉播收入將增至 8 億美元。

Total expenses increased 8% driven by the launch of mid-season shows.

由於季中節目的推出，總費用增加了 8%。

Film revenue increased 25.8% and operating cash flow increased 84.6% to $143 million.

電影收入增長 25.8%，經營現金流增長 84.6% 至 1.43 億美元。

Home entertainment revenue increased 75% driven by the strong performances of Minions and Jurassic World, partially offset by a 37.5% decline in theatrical revenue and higher operating costs during the quarter.

由於《小黃人》和《侏羅紀世界》的強勁表現，家庭娛樂收入增長了 75%，部分被本季度影院收入下降 37.5% 和運營成本上升所抵消。

This was the most profitable year in Universal's history with full-year operating cash flow increasing 74% to $1.2 billion.

這是環球公司歷史上利潤最高的一年，全年經營現金流增長 74% 至 12 億美元。

While our 2016 slate is not as large and will be a difficult comparison to 2015, we're excited about our strategic slate of core franchises, sequels and animated films.

雖然我們 2016 年的計劃沒有那麼大，而且與 2015 年相比也很難比較，但我們對我們的核心特許經營權、續集和動畫電影的戰略計劃感到興奮。

Theme parks adjusted revenue increased 15.5% and operating cash flow increased 12.3%.

主題公園調整後收入增長 15.5%，經營現金流增長 12.3%。

Both our Orlando and Hollywood parks delivered higher attendance and healthy per capita spending growth, partially fueled by a record Halloween Horror Nights at both parks.

我們的奧蘭多和好萊塢公園都實現了更高的出勤率和健康的人均支出增長，部分原因是這兩個公園的萬聖節恐怖之夜都創下了紀錄。

Even more promising, despite having lapped the opening of Harry Potter Diagon Alley two quarters ago, Orlando continued to deliver healthy growth.

更有希望的是，儘管奧蘭多在兩個季度前已經完成了哈利波特對角巷的開幕，但仍繼續實現健康增長。

In 2016, we look forward to the opening of Harry Potter in Hollywood and delivering on our plans to integrate Universal Studios Japan into our already strong parks portfolio.

2016 年，我們期待哈利波特在好萊塢的開幕，並實現我們將日本環球影城整合到我們已經強大的公園組合中的計劃。

Now let's move to slide 9 to review our consolidated and segment capital expenditures.

現在讓我們轉到幻燈片 9 來回顧我們的合併和細分資本支出。

Consolidated capital expenditures increased 18.6% to $2.6 billion in the fourth quarter and 14.5% to $8.5 billion for the full year.

第四季度合併資本支出增長 18.6% 至 26 億美元，全年增長 14.5% 至 85 億美元。

At Cable Communications, capital expenditures increased 10.2% to $2.1 billion for the fourth quarter and 14.3% to $7 billion for the year.

Cable Communications 第四季度的資本支出增長 10.2% 至 21 億美元，全年增長 14.3% 至 70 億美元。

This growth reflects higher spending on our customer premises equipment, including X1 and wireless gateways, increased investment in network infrastructure to increase network capacity, as well as the continued investment to expand Business Services.

這一增長反映了我們對客戶駐地設備（包括 X1 和無線網關）的支出增加、對網絡基礎設施的投資增加以提高網絡容量，以及對擴展業務服務的持續投資。

In 2016, we will continue to invest in each of these areas as they are driving positive results in our business.

2016 年，我們將繼續在這些領域進行投資，因為它們正在推動我們的業務取得積極成果。

As a result, cable CapEx as a percent of cable revenue is expected to remain flat to 2015 at approximately 15%.

因此，有線電視資本支出佔有線電視收入的百分比預計到 2015 年將保持在大約 15% 的水平。

At NBCUniversal, fourth-quarter CapEx increased 65.2% to $557 million and full year increased 13.5% to $1.4 billion.

在 NBCUniversal，第四季度資本支出增長 65.2% 至 5.57 億美元，全年增長 13.5% 至 14 億美元。

Increased investment at theme parks was the primary driver of the quarterly and yearly increases and in the fourth quarter, we acquired land adjacent to one of our theme parks for $130 million.

增加對主題公園的投資是季度和年度增長的主要驅動力，在第四季度，我們以 1.3 億美元收購了我們其中一個主題公園附近的土地。

In 2016, NBCUniversal's capital investment plan is expected to increase approximately 10%, reflecting the consolidation of Universal Studios Japan and continued investment in theme parks.

2016年，NBC環球的資本投資計劃預計增加約10%，反映日本環球影城的整合以及對主題公園的持續投資。

Investments in our theme parks are clearly generating strong returns as they drive increased attendance and per capita spending.

對我們主題公園的投資顯然正在產生強勁的回報，因為它們推動了遊客人數和人均支出的增加。

I'll now finish on slide 10 with capital returns.

我現在以資本回報結束幻燈片 10。

In 2015, we returned $9.2 billion to shareholders composed of $2.4 billion in dividends and $6.75 billion in share repurchases.

2015 年，我們向股東返還了 92 億美元，其中包括 24 億美元的股息和 67.5 億美元的股票回購。

As you can see on the left side of the slide, Comcast has a great track record of consistently returning capital to shareholders.

正如您在幻燈片左側看到的那樣，康卡斯特在持續向股東返還資本方面有著良好的記錄。

The compound annual growth rate in our dividend from 2009 to 2015 was 24.4% versus 10% for the S&P 500.

從 2009 年到 2015 年，我們股息的複合年增長率為 24.4%，而標準普爾 500 指數為 10%。

Looking ahead, it is a high priority for us to continue this record of great total capital returns.

展望未來，我們的首要任務是繼續保持這一巨大的總資本回報記錄。

This will be achieved by balancing three elements.

這將通過平衡三個要素來實現。

First, the healthy annual return of capital to shareholders, which, for 2016, is the eighth consecutive annual increase in the dividend to $1.10 per share together with a plan to buy back $5 billion of stock over the course of the year.

首先，為股東帶來健康的年度資本回報，這是 2016 年連續第八年將股息增至每股 1.10 美元，併計劃在年內回購 50 億美元的股票。

The second element to balance is investment in our business to profitably grow the long-term earnings capacity of the Company.

平衡的第二個因素是投資於我們的業務，以盈利地增加公司的長期盈利能力。

This includes a significant CapEx investment that I covered on the last slide.

這包括我在上一張幻燈片中介紹的一項重大資本支出投資。

It also includes the deployment of capital to enhance our existing businesses through relatively modest business development efforts such as the Vox and BuzzFeed digital investments and the Japan park deal that we did in 2015.

它還包括通過相對適度的業務發展努力（例如 Vox 和 BuzzFeed 數字投資以及我們在 2015 年完成的日本公園交易）部署資本以增強我們現有的業務。

And lastly, it includes exploring contiguous growth opportunities as we were doing in both a variety of ways, including through Michael Angelakis' new fund.

最後，它包括探索連續增長機會，就像我們以多種方式進行的那樣，包括通過邁克爾·安吉拉基斯的新基金。

As we set our capital return plan for the year, we earmark some capital for the whole basket of these types of situations, but we consider each situation on its own financial merits.

在製定年度資本回報計劃時，我們會為這些類型的整個一攬子情況預留一些資金，但我們會根據其自身的財務優勢考慮每種情況。

And since I know it's on many of your minds, we will be filing to participate in the upcoming forward spectrum auction, but I also want to be clear that the $5 billion in planned 2016 buybacks will not be reduced in the event that we acquire some spectrum in the auction.

由於我知道你們很多人都在想，我們將申請參加即將舉行的前向頻譜拍賣，但我也想明確一點，如果我們獲得一些頻譜拍賣。

The third and final element of our balanced capital plan is the very important maintenance of a strong balance sheet to protect the Company in times of economic and market stress and position us to potentially capitalize on opportunities to create value in such times such as we did with the NBCU transaction.

我們平衡資本計劃的第三個也是最後一個要素是非常重要的維持強大的資產負債表，以在經濟和市場壓力時期保護公司，並使我們有可能在這樣的時期利用創造價值的機會，例如我們所做的NBCU 交易。

As will begin what has thus far been a very volatile 2016, we are well-positioned with our leverage at around 2 times.

由於 2016 年迄今為止非常不穩定，我們將處於有利位置，我們的槓桿率約為 2 倍。

With that, I'm done with the slides.

至此，我完成了幻燈片。

I hope everyone has a good sense for how pleased we are with the fourth-quarter and full-year 2015 results, as well as our momentum as we head into 2016.

我希望每個人都清楚我們對 2015 年第四季度和全年業績的滿意程度，以及我們進入 2016 年的勢頭。

Now I will turn it back to Jason to lead the Q&A.

現在我將把它交給 Jason 來領導問答環節。

Thanks, Mike.

謝謝，邁克。

Brent, let's open up the call for questions, please.

布倫特，讓我們開始提問吧。

Thank you.

謝謝你。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions).

（操作員說明）。

Craig Moffett, MoffettNathanson.

克雷格·莫菲特，莫菲特·內森森。

Good morning and thanks.

早上好，謝謝。

So Mike, one quick clarification first and then a question for Neil.

所以邁克，先快速澄清一下，然後問尼爾一個問題。

Mike, you just said a moment ago that your share repurchases wouldn't be conditional on participation in the auction.

邁克，您剛才說過，您的股票回購不會以參與拍賣為條件。

If you participate in the auction, but don't find the prices attractive enough and end up not buying in the auction, would that suggest that you might actually increase your share repurchases?

如果你參加了拍賣，但發現價格不夠有吸引力，最終沒有在拍賣中購買，這是否意味著你實際上可能會增加股票回購？

And then for Neil, you just announced yesterday your first markets for DOCSIS 3.1.

然後對於 Neil，您昨天剛剛宣布了 DOCSIS 3.1 的第一個市場。

I was wondering if you could give us any color on whether you plan to offer that as a standard product or as a premium product going forward and if you've got anything that you can talk about with respect to how you might price it for consumers.

我想知道您是否可以就您是否計劃將其作為標準產品或作為高級產品提供給我們任何顏色，以及您是否有任何可以談論的關於如何為消費者定價的信息.

So you hit it right on the auction.

所以你在拍賣會上就成功了。

We just said that we're going to take a paddle in the auction, which means we're going to evaluate, consider and may purchase, but only if we think the price is right after we do our evaluation of what's available.

我們剛剛說過，我們將在拍賣中拍拍，這意味著我們將評估、考慮並可能購買，但前提是我們在評估可用商品後認為價格合適。

As far as what we do in the buyback, if we don't buy, we will just wait to see how -- that'll be deep in the year and if there's a change of view on what we think our capacity is, at that stage, we'll come back and update you then.

至於我們在回購中所做的事情，如果我們不購買，我們將等著看 - 這將在今年很深，如果我們認為我們的產能發生變化，在那個階段，我們會回來更新你。

Concerning DOCSIS 3.1, as you know, we announced five cities yesterday and we haven't priced the rollout yet, but the great thing about DOCSIS 3.1, it's a very efficient way to deliver gigabit speeds and we'll be rolling it out on a widespread basis over the course of the next few years.

關於 DOCSIS 3.1，如您所知，我們昨天宣布了五個城市，我們還沒有為推出定價，但 DOCSIS 3.1 的優點是，它是提供千兆速度的一種非常有效的方式，我們將推出它未來幾年的廣泛基礎。

Great.

偉大的。

Thanks, Neil.

謝謝，尼爾。

Jessica Reif-Cohen, Bank of America.

傑西卡·賴夫-科恩，美國銀行。

Thank you.

謝謝你。

I guess a couple things.

我猜有幾件事。

First, on the FCC initiative, the set-top box initiative, could you give us your views -- given the importance of the set-top box, not just rental fees, but also data analytics, how do you see that progressing?

首先，關於 FCC 倡議，機頂盒倡議，你能不能給我們你的看法——考慮到機頂盒的重要性，不僅僅是租金，還有數據分析，你如何看待它的進展？

Well, I think it's premature to comment on this since a proposal has not even been seen yet.

好吧，我認為現在評論這個還為時過早，因為還沒有看到提案。

We believe that generally speaking in a dynamic environment that's rapidly changing, technology mandates just don't work very well, but we'll continue to -- we look forward to seeing the proposal and we'll work with the Chairman and his office to come up with what's best for the customers and the consumers.

我們認為，總體而言，在瞬息萬變的動態環境中，技術要求並不能很好地發揮作用，但我們將繼續——我們期待看到該提案，我們將與主席及其辦公室合作想出對客戶和消費者最好的東西。

And then on the video bundle, you had great video numbers and broadband, but the video numbers tell a really different story than what we've seen in the market, post the media meltdown since August.

然後在視頻捆綁包中，您擁有出色的視頻號碼和寬帶，但視頻號碼講述的故事與我們在市場上看到的完全不同，因為自 8 月以來媒體崩潰。

Can you give us your view from both sides of the Company on how you see the video bundle evolving over the next three to five years?

您能否從公司雙方就您如何看待視頻捆綁包在未來三到五年內的發展發表您的看法？

Well, we feel very good about the video numbers.

好吧，我們對視頻號碼感覺很好。

They are the best in nine years, the best quarter in eight years.

他們是九年來最好的，八年來最好的一個季度。

I think part of it is X1, which is a real game-changer.

我認為其中一部分是 X1，它是真正的遊戲規則改變者。

60% of our subs got X1 in the net new adds and new connects.

我們 60% 的訂閱者在新添加和新連接中獲得了 X1。

We have a great TV Everywhere proposal where 34% of our customers are using some form of TV Everywhere and the viewing hours on dotcom and mobile combined are up about 20%, so they are watching more.

我們有一個很棒的 TV Everywhere 提案，其中 34% 的客戶正在使用某種形式的 TV Everywhere，並且在 dotcom 和移動設備上的觀看時間加起來增加了約 20%，因此他們觀看的次數更多。

I think we're segmenting the market better, getting the best customers and getting them to stay longer.

我認為我們正在更好地細分市場，獲得最好的客戶並讓他們停留更長時間。

And we're improving the customer experience.

我們正在改善客戶體驗。

We're developing new channels, stores, MDUs, the On Campus product we're segmenting better.

我們正在開發新的渠道、商店、MDU，以及我們正在更好地細分的校園產品。

So we feel good about the video numbers and the progress.

所以我們對視頻數量和進展感覺很好。

I think churn is the one thing that I would add to that and all that adds up with each of the products having a decrease in churn.

我認為流失是我要添加的一件事，所有這些加起來就是每種產品的流失減少。

I don't know if, Steve, on the NBCUniversal side, we --.

我不知道，史蒂夫，在 NBCUniversal 方面，我們是否——。

I think if you have great channels with great products like the Olympics or the NFL, or Mr. Robot on USA, your channels are going to stay in the bundle and it's going to continue to be a very good business for a very long time.

我認為，如果您擁有出色的頻道，擁有出色的產品，例如奧運會或 NFL，或者美國的 Mr. Robot，那麼您的頻道將保持捆綁銷售，並且將在很長一段時間內繼續成為一項非常好的業務。

Can I just follow up on NBC, the land acquisition?

我可以跟進 NBC 的土地徵用嗎？

Given the IRRs on theme parks, which are really impressive, could you talk about the usage of the land and timing?

鑑於主題公園的內部收益率確實令人印象深刻，您能否談談土地的使用和時間安排？

Well, I think it's a little early for that.

好吧，我認為這還為時過早。

We just closed on the deal this quarter.

我們本季度剛剛完成了這筆交易。

We got 475 acres, so we have a lot of land to work with and we have some ideas, but we don't have firm plans at this point.

我們有 475 英畝，所以我們有很多土地可以使用，我們有一些想法，但我們目前還沒有確定的計劃。

One of the great things about universal theme parks and we've seen this now in different geographies, there's a long lead time, a lot of smart planning, understanding what attractions work, but it all starts by having the ability to do that and so this land, we think, is really a wonderful strategic acquisition and it's long term down the road, I think.

通用主題公園的一大優點，我們現在已經在不同的地區看到了這一點，準備時間很長，有很多明智的規劃，了解哪些景點有效，但這一切都始於有能力做到這一點等等我們認為，這片土地確實是一次很棒的戰略收購，而且我認為它是長期的。

Ben Swinburne, Morgan Stanley.

本·斯威本，摩根士丹利。

Thanks.

謝謝。

I have a question back on wireless and then some maybe housekeeping for Mike.

我有一個關於無線的問題，然後是 Mike 的一些家務。

Brian, I don't know if you'd comment, but you are obviously planning to at least participate in the auction.

布賴恩，我不知道你是否會發表評論，但你顯然打算至少參加拍賣。

You have a large Wi-Fi footprint out there.

您在那裡有很大的 Wi-Fi 足跡。

You have the MVNO.

你有 MVNO。

Can you talk a little bit about where your head is at on wireless broadly?

你能談談你在無線方面的主要關注點嗎？

Like where is all this headed?

就像這一切都將走向何方？

Have you figured that out yet, or is it still very much a dynamic situation?

您是否已經弄清楚了，或者它仍然是一個動態的情況？

And Mike, I don't know if you'd help us as we think about that free cash flow number.

邁克，我不知道你是否會在我們考慮自由現金流數字時幫助我們。

You said $9 billion for 2015 and we think about that for 2016.

你說 2015 年需要 90 億美元，我們會考慮 2016 年的情況。

I don't know if you want to help us on things like cash taxes, working cap and maybe the intangibles, which are numbers that factor in to how we think about I guess this year.

我不知道您是否想在現金稅、營運上限以及無形資產等問題上為我們提供幫助，我猜這些數字會影響我們對今年的看法。

Thank you, both.

謝謝你倆。

I think you put your finger on it.

我想你把手指放在上面了。

We have a lot of assets in the Company and, Neil, feel free to join on this answer, but really all we're doing today is saying, we'll, as Mike called it, take a paddle in the auction to see if there's an opportunity for the Company to be rewarded in that auction with something that we think has strategic value.

我們在公司有很多資產，尼爾，請隨時加入這個答案，但實際上我們今天所做的只是說，正如邁克所說，我們將在拍賣中划槳，看看是否公司有機會在那次拍賣中獲得我們認為具有戰略價值的東西。

And in the past, that has proved to be not only a moneymaker, but given us more strategic flexibility and we want to know if that's the case this time.

在過去，事實證明這不僅是賺錢的工具，而且給了我們更多的戰略靈活性，我們想知道這次是否如此。

Beyond that, I don't think it's any more than that and it's a free option, if you will, to get a paddle and see what the values are and how much capacity.

除此之外，我認為僅此而已，如果您願意，它是一個免費的選擇，可以得到一個槳，看看值是多少以及容量有多大。

It's a very complicated auction, as you know.

如您所知，這是一個非常複雜的拍賣。

It's not clear exactly what's for sale and exactly yet and all that has to be determined, but you have to make this decision now and so we're making it.

目前尚不清楚究竟要出售什麼，確切地說還有所有必須確定的，但你必須現在做出這個決定，所以我們正在做出決定。

Right.

對。

I would just add we're filing to retain the option to participate in the forward auctions, which we expect to occur sometime in late spring or early summer and we have these what we believe are very valuable assets in the mobile space, 28 million customer relationships, 13.3 million hotspots -- Wi-Fi hotspots.

我只想補充一點，我們正在申請保留參與遠期拍賣的選擇權，我們預計這將在春末或初夏的某個時候發生，我們擁有這些我們認為在移動領域非常有價值的資產，2800 萬客戶關係，1330 萬個熱點——Wi-Fi 熱點。

So they are assets that we want to leverage and we're testing and learning.

所以它們是我們想要利用的資產，我們正在測試和學習。

On free cash flow, I think we covered a little bit the guidance we give or the outlook we give for the momentum we've got in the businesses and CapEx, which I hit.

在自由現金流方面，我認為我們涵蓋了一些我們給出的指導或我們對我們在業務和資本支出中獲得的動力的展望，這是我所擊中的。

The other parts of free cash flow, we'll see some headwinds as we usually do in an Olympics year.

自由現金流的其他部分，我們會看到一些逆風，就像我們通常在奧運會年所做的那樣。

It's one of our best properties, obviously and we're going to make money on it, but, on a cash basis, we will advance funds to the Olympic Committee during the year, so it will be a year-over-year negative on the cash flow side to the tune of maybe $0.5 billion.

很明顯，這是我們最好的房產之一，我們會在上面賺錢，但是，在現金基礎上，我們將在年內向奧委會預支資金，所以這將是同比負增長現金流方面可能達到 5 億美元。

And the intangible, the software it follows suit with CapEx in cable.

而無形的，它與電纜中的資本支出相匹配的軟件。

Okay, thank you.

好的謝謝。

John Hodulik, UBS.

瑞銀的約翰·霍杜利克。

A couple quick questions on the video side, maybe for Neil.

關於視頻方面的幾個快速問題，也許是針對尼爾的。

First of all, it looks like, Neil, you lost about 35,000 subs.

首先，看起來，尼爾，你失去了大約 35,000 個訂閱者。

A lot of improvement over last year.

比去年進步很多。

At the same time, a lot of the drivers sound like we're just starting to see these things come to fruition.

同時，很多司機聽起來我們才剛剛開始看到這些事情取得成果。

There's a lot more runway to go.

還有很多跑道要走。

Is it reasonable to assume that you're going to grow subs next year, first of all?

首先，假設您將在明年增長潛艇是否合理？

And then second of all, the improvement this quarter came with a nice stepup in ARPU as well.

其次，本季度的改善伴隨著 ARPU 的大幅提升。

So are you finding that, given all the value you're adding to the bundle with all the stacking rights and TV Everywhere options, are you finding it easier to get price increases through as people are recognizing the value of the product and it continues to improve?

那麼，您是否發現，鑑於您通過所有堆疊權利和 TV Everywhere 選項添加到捆綁包中的所有價值，您是否發現隨著人們認識到產品的價值並且它繼續上漲，價格上漲變得更容易提升？

Just trying to get a sense of how we should look at that going forward as well.

只是想了解我們應該如何看待未來。

Thanks.

謝謝。

I think I'd look at it through two lenses.

我想我會通過兩個鏡頭來看待它。

One is we have what we believe is the best product out there in X1 and that's helping to drive ARPU because you are getting more VOD views, 40% more VOD views, you are getting lower churn.

一是我們擁有我們認為是 X1 中最好的產品，這有助於推動 ARPU，因為您獲得了更多的 VOD 觀看次數，增加了 40% 的 VOD 觀看次數，您的客戶流失率降低了。

You are getting more DVR -- 50% more DVR usage or subs and you're getting additional outlets.

您將獲得更多的 DVR——DVR 的使用量或訂閱量增加了 50%，並且您獲得了更多的出口。

So all that drives ARPU.

所以所有這些都推動了 ARPU。

That's positive.

這是積極的。

I think the other things we're doing in the business in segmenting and driving channel performance and bundling effectively and targeting customers is improving the throughput of the subs and then we're retaining them for longer and a lot of that is better customer experience, targeting better subs and getting them the right package.

我認為我們在業務中在細分和推動渠道性能以及有效捆綁和瞄準客戶方面所做的其他事情是提高潛艇的吞吐量，然後我們將它們保留更長時間，其中很多是更好的客戶體驗，瞄準更好的潛艇並為他們提供正確的包裹。

We're segmenting with different offers for different customers.

我們為不同的客戶提供不同的優惠。

On Campus is an example; Internet Plus is an example; Stream is an example of a product that we're targeting at a specific segment.

在校園裡就是一個例子；互聯網+就是一個例子； Stream 是我們針對特定細分市場的產品示例。

So we're giving them the product they want at the right price and we're retaining and we're servicing them well and retaining them longer.

因此，我們以合適的價格為他們提供他們想要的產品，我們正在保留他們，我們正在為他們提供良好的服務並保留他們更長的時間。

Got it.

知道了。

Thanks.

謝謝。

Vijay Jayant, Evercore ISI.

Vijay Jayant，Evercore ISI。

Thanks.

謝謝。

Also for Neil, any color you can give us where you are on your trajectory with some of the segmented skinny products and how much runway do we have there, at least very broadly to your carried minimums?

同樣對於 Neil，您可以通過一些分段的緊身產品向我們提供您在軌跡上的任何顏色，以及我們在那裡有多少跑道，至少非常廣泛地達到您的最低限度？

And second, on an IP-only product, I know you have a low-end proposition in the market, some of your peers have talked about rolling that out in the next year.

其次，關於純 IP 產品，我知道你在市場上有一個低端的主張，你的一些同行已經談到在明年推出它。

Is that something you think could be a good strategy going forward?

你認為這會是一個好的戰略嗎？

Thanks.

謝謝。

Concerning the skinny bundles, they are actually a very small percentage of our overall video customer base and we do feel we have room with the programmers and the penetration rates.

關於瘦包，它們實際上只占我們整個視頻客戶群的一小部分，我們確實覺得我們在程序員和滲透率方面有空間。

In the fourth quarter, 75% of [the year over year improvement in] (corrected by company after the call) our video adds were at the higher-end packages.

在第四季度，我們視頻添加的 75% [同比改進]（在電話會議後由公司更正）是高端套餐。

So I don't want to overstate the significance of skinny bundles.

所以我不想誇大瘦包的重要性。

The Stream product we just rolled out in a few markets in Boston and Chicago.

我們剛剛在波士頓和芝加哥的幾個市場推出了 Stream 產品。

It's probably too early to say what it will turn into over time, but we feel good about the usage and good about the product.

現在說隨著時間的推移它會變成什麼可能還為時過早，但我們對產品的使用和產品感覺良好。

It's a good value proposition for the customer and we'll continue to roll it out to other markets.

這對客戶來說是一個很好的價值主張，我們將繼續將其推廣到其他市場。

Great.

偉大的。

Thank you.

謝謝你。

Jason Bazinet, Citi.

花旗銀行的傑森·巴茲內特。

I have a question for Mr. Roberts.

我有一個問題要問羅伯茨先生。

Given your past success in M&A, the lean balance sheet that you have, the more muted, maybe, buyback relative to your cash flow, a lot of investors in meetings that we're in put on the radar screen more transformative M&A in wireless, in the Internet space, European cable.

鑑於您過去在併購方面的成功，您擁有的精益資產負債表，相對於您的現金流而言，回購可能更加溫和，我們正在關注的會議中的很多投資者都在雷達屏幕上進行更具變革性的無線併購，在互聯網領域，歐洲有線電視。

Do you think that's a misguided notion, or is that something that investors should think about in terms of the realm of possibilities for the next year?

你認為這是一個被誤導的概念，還是投資者應該考慮明年的可能性範圍？

Well, thanks for the broad way you asked the question and I will give you an answer that I think covers a lot of territory.

好吧，感謝您提出問題的廣泛方式，我會給您一個我認為涵蓋很多領域的答案。

It's always amazing to us, sometimes almost humorous, but none of this is ever humorous, what we read about ourselves in every possible M&A scenario that gets invented.

這對我們來說總是令人驚奇，有時幾乎是幽默的，但這些都不是幽默的，我們在每一個可能的併購場景中讀到的關於我們自己的內容。

And in many cases, it's literally that, just invented.

在許多情況下，它實際上是剛剛發明的。

And we're always trying to remain focused on some core principles.

我們一直在努力專注於一些核心原則。

First of all, really like the company we have right now and I think we've said that consistently and nothing has changed in that view.

首先，真的很喜歡我們現在擁有的公司，我認為我們一直這麼說，而且這種觀點沒有任何改變。

If anything, I think we feel better about our mix of assets, NBCUniversal, doubling the cash flow in the five years since we bought it.

如果有的話，我認為我們對我們的資產組合 NBCUniversal 感覺更好，自我們購買它以來的五年內現金流翻了一番。

I think we bought it right, but we've operated it even better.

我認為我們買對了，但我們操作得更好。

And so I sit there and look at those scenarios and many others that have been suggested and there's nothing we feel we have to do.

所以我坐在那裡，看看那些場景和許多其他已經建議的場景，我們覺得我們沒有什麼需要做的。

At the same time, Mike Cavanagh and the team that he is building are always looking to see if there's ways we can grow shareholder value and look for new opportunities as the markets evolve.

與此同時，邁克·卡瓦納和他正在建立的團隊一直在尋找我們是否有辦法提高股東價值，並隨著市場的發展尋找新的機會。

But sitting here today, our plan of record in 2016 is to execute on a business plan, stay focused and I don't feel the need that we need to go and change the face of our Company.

但是今天坐在這裡，我們在 2016 年的記錄計劃是執行業務計劃，保持專注，我認為我們不需要去改變公司的面貌。

I think we're in a wonderful, unique position at the cross-section of two industries and we're leading the way in both.

我認為我們在兩個行業的交叉領域處於一個美妙而獨特的位置，我們在這兩個行業都處於領先地位。

Thank you very much.

非常感謝你。

Brett Feldman, Goldman Sachs.

布雷特·費爾德曼，高盛。

Thanks.

謝謝。

Earlier when Mike was talking about programming costs for 2016, he noted that one of the reasons why the rate of programming cost is going up is that you're getting more rights and you talked about examples of that such as stacking.

早些時候，當 Mike 談到 2016 年的編程成本時，他指出編程成本上升的原因之一是您獲得了更多權利，並且您談到了諸如堆疊之類的示例。

So two follow-up questions on that.

所以有兩個後續問題。

The first is does your expanded rights package in some of these new agreements allow you more flexibility to put together different channel programs?

首先是您在這些新協議中的擴展權利包是否允許您更靈活地組合不同的頻道節目？

Meaning you're paying a bit more and maybe you could put together skinnier bundles on a broader basis as a result of that.

這意味著你要多付一點錢，也許你可以因此在更廣泛的基礎上把更瘦的捆綁在一起。

And then, in general, how close are you to getting the expanded rights across all of your programming agreements with the concept of the question being, once you get to the point where you feel comfortable with your stacking rights and your TV Everywhere rights and anything else across most of your agreements, is that a point at which the rate of programming costs growth might be a bit slower than what we're going to see this year?

然後，一般來說，一旦您對堆疊權利和 TV Everywhere 權利和任何東西感到滿意，您離獲得所有節目協議的擴展權利有多近？在您的大多數協議中，在這一點上，編程成本的增長速度可能會比我們今年看到的要慢一些嗎？

Thanks.

謝謝。

Well, most of the difference between Q4 and what we're projecting for 2015 is just timing of when contracts renew or terminate.

嗯，第四季度與我們對 2015 年的預測之間的大部分差異只是合同續籤或終止的時間。

So that's point one.

這就是第一點。

We do feel that we get a wide set of rights, including stacking rates, as you mentioned, in and out of home rights, in some cases, digital rights.

正如您所提到的，我們確實認為我們獲得了廣泛的權利，包括堆疊率，進出家庭權利，在某些情況下，數字權利。

So we've increased our rights and it does give us more flexibility in terms of how we package.

所以我們增加了我們的權利，它確實在我們如何打包方面給了我們更多的靈活性。

Each contract is a little bit different, but we -- as you can see from our different offerings, I mentioned Internet Plus, Stream, Watchable.

每個合同都有點不同，但我們——正如你從我們的不同產品中看到的那樣，我提到了 Internet Plus、Stream、Watchable。

We're innovating in the packaging area to get customers a package that's appropriate to them and whether it's streamed or delivered in a linear fashion, we're getting increasing rights and more flexibility.

我們正在包裝領域進行創新，為客戶提供適合他們的包裝，無論是流式傳輸還是以線性方式交付，我們都獲得了越來越多的權利和更大的靈活性。

And we work together with the programmers to define the best value.

我們與程序員一起定義最佳價值。

And then just with regards to the second part, do you feel like you've done a lot of that work, or do you think it's something that's going to be ongoing for a period of time?

然後就第二部分而言，您是否覺得您已經完成了很多工作，或者您認為這將持續一段時間？

I think it's going to be ongoing.

我認為這將持續下去。

I think the video marketplace is very dynamic now.

我認為視頻市場現在非常活躍。

There's a lot of competition and I think the programmers recognize this as do the distributors and we work together to -- we trial things all the time and we're working in both the programming packaging space, as well as the advanced advertising space to deliver more value via more targeted advertising.

有很多競爭，我認為程序員和分銷商一樣認識到這一點，我們共同努力——我們一直在嘗試，我們在編程打包空間和高級廣告空間中工作通過更有針對性的廣告獲得更多價值。

So it's an ongoing conversation.

所以這是一個持續的對話。

Great.

偉大的。

Thanks for the color.

謝謝你的顏色。

Anthony DiClemente, Nomura.

安東尼·迪克萊門特，野村。

Thanks for taking my questions.

感謝您提出我的問題。

I have two for Steve.

我有兩個給史蒂夫。

Steve, can you just share with us please the strategic thinking on licensing the five Thursday night football games and how that NFL contract will work its way into the NBCU financials this year?

史蒂夫，你能和我們分享一下關於授權五場週四晚上足球比賽的戰略思考，以及今年 NFL 合同將如何進入 NBCU 的財務狀況嗎？

And then, secondly, the distribution revenue growth at the cable networks is 6.8% in the quarter.

其次，有線電視網絡的分銷收入在本季度增長了 6.8%。

Just wondering if you can give us -- kind of break down that number in terms of what was the affiliate rate increase per sub and then what's the subscriber volume underneath that number and is that a sustainable type of growth rate going forward into 2016?

只是想知道您是否可以給我們 - 將這個數字分解為每個訂閱者的附屬費率增長，然後該數字之下的訂戶數量是多少，這是一種可持續的增長率，直到 2016 年？

Thank you.

謝謝你。

Let me answer the second question first.

我先回答第二個問題。

We had a slight decline in the number of subscribers that was overmatched by a series of rate increases.

我們的訂閱人數略有下降，但被一系列的費率上漲所抵消。

It's going to be lumpy quarter-by-quarter and year-by-year on the affiliate side, but -- and this is probably on the low end of what you can see in the future -- but it will be lumpy.

在附屬機構方面，它將逐季和逐年波動，但是——這可能是你未來可以看到的低端——但它會是波動的。

On the NFL, the number one show on television is Sunday Night Football and is a very, very important part of our business.

在 NFL，電視上排名第一的節目是周日足球之夜，這是我們業務中非常非常重要的一部分。

Football is profitable for us now.

足球現在對我們有利可圖。

It will be profitable for us after the Thursday night deal and the ability to have these 24 football games, which will be 24 of the highest rated nights of the year, is very, very valuable for a marketer that wants to reach a broad audience.

在周四晚上的交易之後，這對我們來說將是有利可圖的，並且能夠擁有這 24 場足球比賽，這將是一年中收視率最高的 24 個晚上，對於想要接觸廣泛受眾的營銷人員來說，這是非常非常有價值的。

In fact, getting more valuable all the time as the world continues to fragment.

事實上，隨著世界繼續分裂，它一直在變得更有價值。

So we're very happy that we were selected.

所以我們很高興我們被選中。

The NFL has put their faith in our team and our broadcast and we're delighted about it.

NFL 對我們的球隊和我們的廣播充滿信心，我們對此感到高興。

It's really the best programming, most powerful programming on television and we got it at a very fair rate.

這真的是最好的節目，最強大的電視節目，我們以非常公平的速度得到了它。

Thanks very much.

非常感謝。

Marci Ryvicker, Wells Fargo.

Marci Ryvicker，富國銀行。

Thanks.

謝謝。

I have two questions.

我有兩個問題。

The first one is for Neil.

第一個是給尼爾的。

We know about the tough comp in equipment charges as it relates to ARPU for 2016 verses 2015.

我們知道 2016 年和 2015 年與 ARPU 相關的設備費用的艱難補償。

But can you talk about maybe other rate increases in cable and how it might compare to 2015 in terms of magnitude and timing?

但是，您能否談談有線電視的其他增長率以及與 2015 年相比在幅度和時間方面的情況？

And then the second question is for Steve.

然後第二個問題是給史蒂夫的。

It was mentioned that scatter remains strong in Q1 and we're starting to read about a slowdown in auto, but it sounds like you are not feeling any of this yet.

有人提到，第一季度的分散性仍然很強，我們開始了解到汽車行業的放緩，但聽起來你還沒有感覺到任何這種情況。

I guess is that a correct statement, and is there anything anecdotal about auto specifically that you are hearing?

我想這是一個正確的陳述，您是否聽說過有關汽車的軼事？

Thanks.

謝謝。

Concerning rates and equipment, we'll continue with the accelerated X1 rollout.

關於價格和設備，我們將繼續加快 X1 的推出。

We're putting out 40,000 boxes a day, which, if you do the rough math, it'll get us in the range of 50% of the footprint covered by the end of the year.

我們每天生產 40,000 個盒子，如果你粗略計算一下，到年底我們的足跡將達到 50%。

In terms of capital intensity, we said it would be around 15%, so I think that trend will continue.

在資本密集度方面，我們說會在 15% 左右，所以我認為這種趨勢會持續下去。

We are investing behind things we know are good investments like X1 and I think that's the basic story.

我們正在投資我們所知道的良好投資，例如 X1，我認為這就是基本故事。

We are investing behind Business Services, behind Wi-Fi advanced routers, DOCSIS 3.1 and these are all things that I think you can see from the sub numbers in the financial results, we're balancing well the investment, as well as the return.

我們正在投資商業服務、Wi-Fi 高級路由器、DOCSIS 3.1，這些都是我認為您可以從財務結果中的子數字中看到的所有內容，我們正在很好地平衡投資和回報。

So I think the scatter market is as strong as it's been any time in recent memory and when we went through the upfront, we were wondering -- everybody was wondering -- is more money going to digital and is that depressing the upfront or are advertisers just waiting.

因此，我認為分散市場與最近記憶中的任何時候一樣強勁，當我們進行前期研究時，我們想知道——每個人都想知道——更多的錢會流向數字化，這會抑制前期還是廣告商只是等待。

And it now appears given that scatter has been strong now so consistently that a lot of advertisers were waiting and placing their money later.

現在看來，鑑於分散性一直如此強勁，以至於許多廣告商都在等待並稍後投入資金。

I don't think there's anything to worry about in terms of the automotive side of the scatter market.

我認為分散市場的汽車方面沒有什麼可擔心的。

I think the whole market is very strong.

我認為整個市場非常強勁。

Automotive should be very strong.

汽車應該很強大。

And the good news is we're now in February and we're getting closer and closer to the upfront.

好消息是我們現在是二月，我們越來越接近前期。

So I think there are reasons to be optimistic about the trajectory for the upfront process.

因此，我認為有理由對前期流程的發展軌跡持樂觀態度。

Great.

偉大的。

Thank you.

謝謝你。

Bryan Kraft, Deutsche Bank.

德意志銀行的布萊恩·卡夫。

I have a two-part question on dynamic ad insertion.

我有一個關於動態廣告插入的兩部分問題。

Comcast has been one of the biggest proponents of a targeted dynamic ad insertion model going back to really before you owned NBCU.

Comcast 一直是定向動態廣告插入模型的最大支持者之一，這種模型可以追溯到您擁有 NBCU 之前。

Can you talk about NBCUniversal's strategy for reaching households beyond the Canoe partners, beyond those big cable companies?

您能否談談 NBCUniversal 在 Canoe 合作夥伴之外、那些大型有線電視公司之外的家庭戰略？

And also, secondly, Canoe placed about 11 billion impressions last year, so it was almost double 2014, but still a pretty small percentage of TV ad impressions in your footprint.

其次，Canoe 去年的展示次數約為 110 億次，幾乎是 2014 年的兩倍，但在您的足跡中仍然只佔電視廣告展示次數的一小部分。

Can you help us understand at this point what the impediments are to really scaling the platform more on the On Demand side and also can you talk about what it would take to extend the dynamic ad insertion platform to linear viewing as well?

在這一點上，您能否幫助我們了解在按需方面真正擴展平台的障礙是什麼，您能否談談將動態廣告插入平台也擴展到線性查看需要什麼？

Thank you.

謝謝你。

Steve, why don't I start and then hand it over to you if you have any additional comments.

史蒂夫，如果你有任何其他意見，我為什麼不開始然後把它交給你。

We believe there is a real opportunity in the linear space to do some of the things that the digital space does so well such as measurements and targeting and we have done a few acquisitions, FreeWheel and Visible World, that fit into building that platform that delivers from targeted advertising both from the demand side, as well as the sales side, making it easier for the customers to deliver their ads.

我們相信線性空間有一個真正的機會來做一些數字空間做得很好的事情，比如測量和定位，我們已經完成了一些收購，FreeWheel 和 Visible World，這適合構建能夠提供的平台來自需求方和銷售方的定向廣告，使客戶更容易投放廣告。

We have Visible World, which delivers the targeting system.

我們有 Visible World，它提供了目標系統。

We have set-top box data, which can power it and we think we've -- we're still building the platform, but we're delivering value as it is to a number of programmers.

我們擁有可以為其提供動力的機頂盒數據，我們認為我們已經——我們仍在構建平台，但我們正在為許多程序員提供價值。

I think that concerning Canoe, it's an integral part of delivering the dynamic ad insertion and I think we're -- one of the other things we're working on is what's the right ad load in VOD and can we improve the ad targeting and delivery of that system.

我認為關於 Canoe，它是提供動態廣告插入不可或缺的一部分，我認為我們正在做的另一件事是 VOD 中正確的廣告負載，我們能否改進廣告定位和該系統的交付。

Steve, do you want to add anything?

史蒂夫，你想補充什麼嗎？

I think broadly what advertisers are talking about in almost every single discussion is how to use the data that they are accustomed to getting from when they place a digital buy, how to get that with a television buy.

我認為廣告商在幾乎每一次討論中都在廣泛談論的是如何使用他們習慣於從他們進行數字購買時獲得的數據，如何通過電視購買獲得這些數據。

And if anything, I think the pendulum is swinging a little bit back toward traditional television advertising, putting a 30-second spot on television.

如果有的話，我認為鍾擺正在向傳統的電視廣告傾斜一點，在電視上放置 30 秒的廣告。

Obviously, the Nirvana is to have nationwide addressability.

顯然，涅槃是具有全國性的可尋址性。

I think that's years away and difficult to cobble together for all the obvious reasons.

我認為那是幾年後的事情，而且由於所有明顯的原因很難拼湊起來。

But, in the interim, we have a whole variety of products that we have right now in the market that take advantage of set-top box data and other information overlaid on top of our shows and existing ratings data so that we can go to advertisers and say we have more eyeballs than anybody else in America, than any other company in America and we can inform your purchases of those eyeballs, we think, as well or better than anyone else.

但是，在此期間，我們目前在市場上擁有各種各樣的產品，這些產品利用機頂盒數據和其他信息疊加在我們的節目和現有收視率數據之上，以便我們可以接觸廣告商並說我們比美國任何其他公司擁有更多的眼球，比美國任何其他公司都多，我們可以告知您購買這些眼球的信息，我們認為，與其他任何人一樣或更好。

So it's not like we're waiting for addressability, but obviously addressability is a final end state, which I think is going to make television advertising that much more valuable.

因此，我們並不是在等待可尋址性，但顯然可尋址性是最終狀態，我認為這將使電視廣告更有價值。

Great, thank you.

太好了謝謝。

Mike McCormack, Jefferies.

邁克麥科馬克，傑富瑞。

Neil, maybe just a quick comment on very strong broadband adds, what you are seeing out there.

尼爾，也許只是對非常強大的寬帶添加的快速評論，您所看到的。

Was it a reduction in churn, better gross adds, a combination of the two?

是客戶流失減少、總增加量增加還是兩者的結合？

Any particular markets where you had more success than normal?

您在任何特定市場取得了比平常更多的成功？

And then maybe just the follow-up on Wi-Fi hotspots and handoff.

然後可能只是 Wi-Fi 熱點和切換的後續行動。

Can you just give us an update on what you're seeing from a customer experience standpoint on handoff technology and quality of service?

您能否從客戶體驗的角度向我們介紹您在交接技術和服務質量方面的最新情況？

Thanks.

謝謝。

Concerning the HSD numbers, I think that it was strong delivery across the board.

關於 HSD 數字，我認為這是全面的強勁交付。

Almost every market had indexed higher on connects, but the biggest driver was disconnects or churn and that was across the board in the business, not just HSD.

幾乎每個市場的連接指數都較高，但最大的驅動因素是斷開連接或客戶流失，這在整個業務中都是如此，而不僅僅是 HSD。

So I think there's still room for growth.

所以我認為還有增長的空間。

70% of America has broadband and there's room for growth within the sector and we feel we've got the best, fastest Wi-Fi in the household and we can deliver a great experience.

美國 70% 的人擁有寬帶，該行業還有增長空間，我們認為我們擁有家庭中最好、最快的 Wi-Fi，我們可以提供出色的體驗。

We are rolling out DOCSIS 3.1 and I think it's going to be a good business for us going forward.

我們正在推出 DOCSIS 3.1，我認為這對我們未來來說將是一項很好的業務。

Concerning the Wi-Fi hotspots, people are connecting who use it about five times a day and the average session is over 25 minutes.

關於 Wi-Fi 熱點，人們每天使用它大約 5 次連接，平均會話時間超過 25 分鐘。

So we're seeing consistent usage.

所以我們看到了一致的使用。

We build out the public spots based on the usage trends we see and I think concerning the handoff between Wi-Fi and cellular, there is some technology out there.

我們根據我們看到的使用趨勢建立公共場所，我認為關於 Wi-Fi 和蜂窩網絡之間的切換，那裡有一些技術。

The question is whether you'd need to do the handoff or not and how seamless it would be, but we are looking at technology in that space as well.

問題是您是否需要進行切換以及切換的無縫程度，但我們也在研究該領域的技術。

Let me just add to that that one of the things I think we did really well over the last few years was have our technology team, led by Tony Werner and others, really see around the bend, see Wi-Fi, make an investment so our definition of broadband is totally different today than it was five years ago for what you get as a consumer and I think that goes back into whether we can do something creative in the future, whether that's involving spectrum or Wi-Fi or some of the existing relationships we've got.

讓我補充一點，我認為過去幾年我們做得非常好的一件事是讓我們的技術團隊，由托尼·沃納和其他人領導，真正看到拐點，看到 Wi-Fi，進行投資，所以今天我們對寬帶的定義與五年前作為消費者所獲得的完全不同，我認為這可以追溯到我們未來是否可以做一些有創意的事情，無論是涉及頻譜、Wi-Fi 還是某些我們現有的關係。

So as I sum up, I think about the fact that 2015, amazing year.

所以我總結了一下，我想到了 2015 年，這是一個了不起的一年。

I think these numbers across the board -- I thank all our colleagues -- stand out in industry because it's not just great subscriber numbers, but it's also strong financial, cash flow and growth.

我認為這些數字全面——我感謝我們所有的同事——在行業中脫穎而出，因為這不僅是出色的訂戶數量，而且還包括強勁的財務、現金流和增長。

Doubling the cash flow at NBC since the acquisition is a real milestone that we're pleased with and I think we're better together and that both sides of the Company are more informed.

自收購以來，NBC 的現金流翻了一番，這是一個真正的里程碑，我們很高興，我認為我們在一起會更好，公司雙方都更了解情況。

We have a collaborative culture, not only strengthening each other, but strengthening ourselves and together I think that makes Comcast NBCUniversal very unique.

我們有一種協作的文化，不僅相互加強，而且加強我們自己和一起，我認為這使得康卡斯特 NBCUniversal 非常獨特。

And as we thought about return of shareholder capital, we increased it 40% in 2015.

當我們考慮股東資本回報時，我們在 2015 年將其提高了 40%。

We are reinvesting in the business first and foremost, things like Japan and Vox and BuzzFeed.

我們首先對業務進行再投資，比如日本、Vox 和 BuzzFeed。

Our dividend has increased since 2009 on an almost 25% compounded growth rate, 10% for the S&P 500.

自 2009 年以來，我們的股息以近 25% 的複合增長率增加，標準普爾 500 指數為 10%。

So we think we continue to return capital, but we also want to use the growth that we've got to play offense with things like X1 and the kind of things we've been talking about in the call.

所以我們認為我們會繼續返還資本，但我們也希望利用我們必須的增長來進攻 X1 和我們在電話中一直在談論的那種事情。

And I think we're doing that well and mostly giving customers what they want and that cultural shift, which really, Neil, you started in the second half of the year is paying dividends.

而且我認為我們做得很好，主要是為客戶提供他們想要的東西和文化轉變，實際上，尼爾，你在今年下半年開始的，正在帶來紅利。

So thank you for your support.

所以感謝您的支持。

We look forward to a great 2016.

我們期待著美好的 2016 年。

Thanks, Brian and thanks, everyone, for joining us today.

謝謝，Brian，謝謝大家今天加入我們。

Brent, back to you.

布倫特，回到你身邊。

Thank you.

謝謝你。

We have no further questions at this time.

目前我們沒有其他問題。

There will be a replay available of today's call starting at 11:30 AM Eastern Time.

東部時間上午 11:30 開始將重播今天的電話會議。

It will run through Wednesday, February 10 at midnight Eastern Time.

它將持續到東部時間 2 月 10 日星期三午夜。

The dial-in number is 855-859-2056 and the conference ID number is 9896818.

撥入號碼為 855-859-2056，會議 ID 號碼為 9896818。

A recording of the conference call will also be available on the Company's website beginning at 11:30 AM Eastern Time.

電話會議的錄音也將在東部時間上午 11:30 開始在公司網站上提供。

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.

你們都可以斷開連接。